Intrinsic value of Terex - TEX

Previous Close

$48.80

  Intrinsic Value

$5.78

stock screener

  Rating & Target

str. sell

-88%

Previous close

$48.80

 
Intrinsic value

$5.78

 
Up/down potential

-88%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of TEX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -32.10
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
  5.01
  5.01
  5.01
  5.01
Revenue, $m
  4,443
  4,674
  4,916
  5,170
  5,436
  5,715
  6,007
  6,314
  6,636
  6,973
  7,327
  7,699
  8,089
  8,498
  8,927
  9,377
  9,850
  10,346
  10,867
  11,414
  11,987
  12,590
  13,222
  13,886
  14,582
  15,314
  16,082
  16,888
  17,734
  18,623
  19,556
Variable operating expenses, $m
 
  3,556
  3,738
  3,930
  4,131
  4,342
  4,562
  4,794
  5,037
  5,292
  5,559
  5,814
  6,108
  6,417
  6,741
  7,081
  7,438
  7,813
  8,206
  8,619
  9,052
  9,507
  9,985
  10,486
  11,012
  11,564
  12,144
  12,753
  13,392
  14,063
  14,767
Fixed operating expenses, $m
 
  1,273
  1,305
  1,337
  1,371
  1,405
  1,440
  1,476
  1,513
  1,551
  1,590
  1,630
  1,670
  1,712
  1,755
  1,799
  1,844
  1,890
  1,937
  1,986
  2,035
  2,086
  2,138
  2,192
  2,246
  2,303
  2,360
  2,419
  2,480
  2,542
  2,605
Total operating expenses, $m
  4,591
  4,829
  5,043
  5,267
  5,502
  5,747
  6,002
  6,270
  6,550
  6,843
  7,149
  7,444
  7,778
  8,129
  8,496
  8,880
  9,282
  9,703
  10,143
  10,605
  11,087
  11,593
  12,123
  12,678
  13,258
  13,867
  14,504
  15,172
  15,872
  16,605
  17,372
Operating income, $m
  -148
  -155
  -127
  -98
  -66
  -32
  5
  44
  86
  130
  178
  255
  310
  369
  431
  497
  568
  643
  724
  809
  900
  997
  1,099
  1,208
  1,324
  1,447
  1,577
  1,716
  1,863
  2,018
  2,183
EBITDA, $m
  -51
  -77
  -47
  -15
  20
  57
  96
  139
  184
  233
  284
  340
  399
  462
  529
  600
  676
  757
  843
  934
  1,031
  1,134
  1,244
  1,360
  1,484
  1,615
  1,753
  1,901
  2,057
  2,222
  2,397
Interest expense (income), $m
  96
  89
  99
  110
  122
  134
  146
  159
  173
  187
  203
  219
  235
  253
  271
  290
  311
  332
  354
  378
  402
  428
  455
  484
  513
  545
  578
  612
  648
  687
  726
Earnings before tax, $m
  -271
  -244
  -226
  -208
  -187
  -165
  -141
  -116
  -87
  -57
  -24
  37
  75
  116
  160
  207
  257
  311
  369
  431
  498
  568
  644
  725
  811
  902
  1,000
  1,104
  1,214
  1,332
  1,457
Tax expense, $m
  -78
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  10
  20
  31
  43
  56
  69
  84
  100
  116
  134
  153
  174
  196
  219
  244
  270
  298
  328
  360
  393
Net income, $m
  -176
  -244
  -226
  -208
  -187
  -165
  -141
  -116
  -87
  -57
  -24
  27
  55
  85
  117
  151
  188
  227
  270
  315
  363
  415
  470
  529
  592
  659
  730
  806
  886
  972
  1,063

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  429
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  5,007
  4,814
  5,063
  5,324
  5,598
  5,886
  6,187
  6,503
  6,834
  7,182
  7,546
  7,929
  8,330
  8,752
  9,194
  9,657
  10,144
  10,655
  11,192
  11,755
  12,345
  12,966
  13,617
  14,300
  15,018
  15,771
  16,562
  17,392
  18,264
  19,179
  20,140
Adjusted assets (=assets-cash), $m
  4,578
  4,814
  5,063
  5,324
  5,598
  5,886
  6,187
  6,503
  6,834
  7,182
  7,546
  7,929
  8,330
  8,752
  9,194
  9,657
  10,144
  10,655
  11,192
  11,755
  12,345
  12,966
  13,617
  14,300
  15,018
  15,771
  16,562
  17,392
  18,264
  19,179
  20,140
Revenue / Adjusted assets
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
Average production assets, $m
  359
  379
  398
  419
  440
  463
  487
  511
  538
  565
  594
  624
  655
  688
  723
  760
  798
  838
  880
  925
  971
  1,020
  1,071
  1,125
  1,181
  1,240
  1,303
  1,368
  1,436
  1,508
  1,584
Working capital, $m
  1,294
  925
  973
  1,024
  1,076
  1,132
  1,189
  1,250
  1,314
  1,381
  1,451
  1,524
  1,602
  1,683
  1,768
  1,857
  1,950
  2,049
  2,152
  2,260
  2,374
  2,493
  2,618
  2,749
  2,887
  3,032
  3,184
  3,344
  3,511
  3,687
  3,872
Total debt, $m
  1,576
  1,741
  1,932
  2,132
  2,342
  2,562
  2,793
  3,035
  3,289
  3,555
  3,834
  4,128
  4,435
  4,758
  5,096
  5,452
  5,825
  6,216
  6,627
  7,058
  7,511
  7,986
  8,484
  9,008
  9,558
  10,135
  10,740
  11,376
  12,044
  12,745
  13,481
Total liabilities, $m
  3,522
  3,687
  3,878
  4,078
  4,288
  4,508
  4,739
  4,981
  5,235
  5,501
  5,780
  6,074
  6,381
  6,704
  7,042
  7,398
  7,771
  8,162
  8,573
  9,004
  9,457
  9,932
  10,430
  10,954
  11,504
  12,081
  12,686
  13,322
  13,990
  14,691
  15,427
Total equity, $m
  1,485
  1,126
  1,185
  1,246
  1,310
  1,377
  1,448
  1,522
  1,599
  1,681
  1,766
  1,855
  1,949
  2,048
  2,151
  2,260
  2,374
  2,493
  2,619
  2,751
  2,889
  3,034
  3,186
  3,346
  3,514
  3,690
  3,876
  4,070
  4,274
  4,488
  4,713
Total liabilities and equity, $m
  5,007
  4,813
  5,063
  5,324
  5,598
  5,885
  6,187
  6,503
  6,834
  7,182
  7,546
  7,929
  8,330
  8,752
  9,193
  9,658
  10,145
  10,655
  11,192
  11,755
  12,346
  12,966
  13,616
  14,300
  15,018
  15,771
  16,562
  17,392
  18,264
  19,179
  20,140
Debt-to-equity ratio
  1.061
  1.550
  1.630
  1.710
  1.790
  1.860
  1.930
  1.990
  2.060
  2.120
  2.170
  2.220
  2.280
  2.320
  2.370
  2.410
  2.450
  2.490
  2.530
  2.570
  2.600
  2.630
  2.660
  2.690
  2.720
  2.750
  2.770
  2.800
  2.820
  2.840
  2.860
Adjusted equity ratio
  0.231
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -176
  -244
  -226
  -208
  -187
  -165
  -141
  -116
  -87
  -57
  -24
  27
  55
  85
  117
  151
  188
  227
  270
  315
  363
  415
  470
  529
  592
  659
  730
  806
  886
  972
  1,063
Depreciation, amort., depletion, $m
  97
  77
  80
  83
  86
  89
  92
  95
  99
  102
  106
  84
  89
  93
  98
  103
  108
  113
  119
  125
  131
  138
  145
  152
  160
  168
  176
  185
  194
  204
  214
Funds from operations, $m
  615
  -166
  -147
  -125
  -102
  -77
  -50
  -20
  11
  45
  82
  111
  143
  178
  214
  254
  296
  341
  389
  440
  495
  553
  615
  681
  751
  826
  906
  991
  1,080
  1,176
  1,277
Change in working capital, $m
  248
  46
  48
  50
  53
  55
  58
  61
  64
  67
  70
  74
  77
  81
  85
  89
  94
  98
  103
  108
  114
  119
  125
  131
  138
  145
  152
  160
  168
  176
  185
Cash from operations, $m
  367
  -212
  -195
  -175
  -155
  -132
  -108
  -81
  -53
  -22
  12
  38
  66
  97
  129
  164
  202
  242
  286
  332
  381
  434
  490
  550
  613
  681
  754
  831
  913
  1,000
  1,093
Maintenance CAPEX, $m
  0
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -89
  -93
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -138
  -145
  -152
  -160
  -168
  -176
  -185
  -194
  -204
New CAPEX, $m
  -73
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -69
  -72
  -76
Cash from investing activities, $m
  -12
  -69
  -71
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -116
  -122
  -128
  -134
  -141
  -148
  -155
  -163
  -171
  -180
  -189
  -199
  -208
  -219
  -230
  -241
  -254
  -266
  -280
Free cash flow, $m
  355
  -280
  -265
  -250
  -233
  -214
  -194
  -172
  -148
  -122
  -93
  -73
  -50
  -25
  2
  30
  61
  94
  130
  168
  209
  254
  301
  351
  405
  463
  524
  590
  659
  734
  813
Issuance/(repayment) of debt, $m
  -189
  179
  191
  200
  210
  220
  231
  242
  254
  266
  279
  293
  307
  323
  339
  355
  373
  391
  411
  431
  453
  475
  499
  524
  550
  577
  606
  636
  668
  701
  736
Issuance/(repurchase) of shares, $m
  -83
  300
  285
  269
  252
  233
  212
  189
  165
  138
  110
  63
  39
  14
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -270
  479
  476
  469
  462
  453
  443
  431
  419
  404
  389
  356
  346
  337
  339
  355
  373
  391
  411
  431
  453
  475
  499
  524
  550
  577
  606
  636
  668
  701
  736
Total cash flow (excl. dividends), $m
  65
  199
  210
  219
  229
  238
  249
  260
  271
  283
  296
  283
  297
  312
  340
  386
  434
  486
  541
  600
  662
  729
  799
  875
  955
  1,040
  1,130
  1,226
  1,327
  1,435
  1,549
Retained Cash Flow (-), $m
  392
  -300
  -285
  -269
  -252
  -233
  -212
  -189
  -165
  -138
  -110
  -90
  -94
  -99
  -103
  -109
  -114
  -120
  -125
  -132
  -138
  -145
  -152
  -160
  -168
  -176
  -185
  -194
  -204
  -214
  -225
Prev. year cash balance distribution, $m
 
  415
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  314
  -74
  -50
  -23
  6
  37
  70
  106
  145
  186
  193
  203
  213
  237
  277
  320
  366
  415
  468
  524
  584
  647
  715
  787
  863
  945
  1,031
  1,123
  1,221
  1,324
Discount rate, %
 
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
 
  291
  -63
  -39
  -16
  4
  21
  35
  46
  54
  59
  52
  45
  39
  35
  32
  29
  25
  22
  18
  14
  11
  9
  6
  5
  3
  2
  1
  1
  1
  0
Current shareholders' claim on cash, %
  100
  90.8
  83.3
  77.0
  71.8
  67.5
  63.9
  61.1
  58.8
  57.0
  55.7
  55.0
  54.6
  54.4
  54.4
  54.4
  54.4
  54.4
  54.4
  54.4
  54.4
  54.4
  54.4
  54.4
  54.4
  54.4
  54.4
  54.4
  54.4
  54.4
  54.4

Terex Corporation is a manufacturer of lifting and material processing products and services that deliver lifecycle solutions. The Company has three business segments: Aerial Work Platforms (AWP), Cranes and Materials Processing (MP). It delivers lifecycle solutions to a range of industries, including the construction, infrastructure, manufacturing, shipping, utility, quarrying and mining industries. The AWP segment designs, manufactures, services and markets aerial work platform equipment, telehandlers and light towers. The AWP segment's products are used by its customers to construct and maintain industrial, commercial and residential buildings and facilities, and for other commercial operations, as well as in a range of infrastructure projects. The Cranes segment's products are used by its customers for construction and manufacturing facilities, among others. The MP segment's products are used by its customers in construction, infrastructure and recycling projects.

FINANCIAL RATIOS  of  Terex (TEX)

Valuation Ratios
P/E Ratio -29.1
Price to Sales 1.2
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 14
Price to Free Cash Flow 17.4
Growth Rates
Sales Growth Rate -32.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -29.8%
Cap. Spend. - 3 Yr. Gr. Rate -2.5%
Financial Strength
Quick Ratio 31
Current Ratio 0.5
LT Debt to Equity 105.2%
Total Debt to Equity 106.1%
Interest Coverage -2
Management Effectiveness
Return On Assets -2%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital -5.2%
Ret/ On T. Cap. - 3 Yr. Avg. 2.2%
Return On Equity -10.5%
Return On Equity - 3 Yr. Avg. 4.1%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 17%
Gross Margin - 3 Yr. Avg. 19%
EBITDA Margin -1.8%
EBITDA Margin - 3 Yr. Avg. 4.3%
Operating Margin -3.3%
Oper. Margin - 3 Yr. Avg. 2.6%
Pre-Tax Margin -6.1%
Pre-Tax Margin - 3 Yr. Avg. 0.5%
Net Profit Margin -4%
Net Profit Margin - 3 Yr. Avg. 0.9%
Effective Tax Rate 28.8%
Eff/ Tax Rate - 3 Yr. Avg. 25.6%
Payout Ratio -17%

TEX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TEX stock intrinsic value calculation we used $4443 million for the last fiscal year's total revenue generated by Terex. The default revenue input number comes from 2016 income statement of Terex. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TEX stock valuation model: a) initial revenue growth rate of 5.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.8%, whose default value for TEX is calculated based on our internal credit rating of Terex, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Terex.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TEX stock the variable cost ratio is equal to 76.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1242 million in the base year in the intrinsic value calculation for TEX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.7% for Terex.

Corporate tax rate of 27% is the nominal tax rate for Terex. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TEX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TEX are equal to 8.1%.

Life of production assets of 7.4 years is the average useful life of capital assets used in Terex operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TEX is equal to 19.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1485 million for Terex - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 84.612 million for Terex is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Terex at the current share price and the inputted number of shares is $4.1 billion.

RELATED COMPANIES Price Int.Val. Rating
MNTX Manitex Intern 10.00 5.09  sell
CMCO Columbus McKin 42.91 87.95  str.buy
MTW Manitowoc 39.36 114.45  str.buy

COMPANY NEWS

▶ Chevron Leads These Five Industrial Stocks Trading Near Buy Points   [Dec-11-17 04:15PM  Investor's Business Daily]
▶ ETFs with exposure to Terex Corp. : November 27, 2017   [Nov-27-17 03:56PM  Capital Cube]
▶ How Financially Strong Is Terex Corporation (TEX)?   [Nov-04-17 11:09AM  Simply Wall St.]
▶ Terex beats Street 3Q forecasts   [Oct-31-17 04:09PM  Associated Press]
▶ Terex Announces Third Quarter 2017 Results   [04:00PM  Business Wire]
▶ Terex Announces Quarterly Dividend   [Oct-11-17 04:41PM  Business Wire]
▶ Activist Mick McGuire's best idea   [06:00AM  CNBC Videos]
▶ AGCO or Terex: Which Stock Should You Buy?   [Sep-14-17 05:57PM  Zacks]
▶ ETFs with exposure to Terex Corp. : September 14, 2017   [Sep-13-17 09:07PM  Capital Cube]
▶ Mick Maguire says Terex is his best idea   [05:04PM  CNBC Videos]
▶ Terex Authorizes New Share Repurchase Program   [Sep-06-17 08:59AM  Business Wire]
▶ Terex Completes Sale of Shares of Konecranes Plc   [Sep-05-17 06:57PM  Business Wire]
▶ Is Terex (TEX) Stock a Solid Choice Right Now?   [Aug-31-17 08:58AM  Zacks]
▶ Terex Corp. Value Analysis (NYSE:TEX) : August 29, 2017   [Aug-28-17 09:39PM  Capital Cube]
▶ Terex Announces Re-Pricing of Term Loan   [Aug-17-17 10:35AM  Business Wire]
▶ Why Manitowoc Company Stock Just Jumped 15%   [Aug-02-17 04:04PM  Motley Fool]
▶ Terex tops Street 2Q forecasts   [Aug-01-17 06:23PM  Associated Press]
▶ Terex Announces Second Quarter 2017 Results   [04:05PM  Business Wire]
▶ Why Terex (TEX) Stock Might be a Great Pick   [Jul-31-17 08:42AM  Zacks]
▶ Terex Announces Quarterly Dividend   [Jul-13-17 04:43PM  Business Wire]
▶ 3 Growth Stocks for Enterprising Investors   [Jun-18-17 01:15PM  Motley Fool]
▶ Terex Corporation Authorizes New Share Repurchase Program   [May-30-17 09:13AM  Business Wire]
▶ 3 Top Construction Machinery Stocks to Buy in 2017   [May-23-17 06:06PM  Motley Fool]
Financial statements of TEX
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