Intrinsic value of Teleflex - TFX

Previous Close

$249.86

  Intrinsic Value

$85.76

stock screener

  Rating & Target

str. sell

-66%

Previous close

$249.86

 
Intrinsic value

$85.76

 
Up/down potential

-66%

 
Rating

str. sell

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

We calculate the intrinsic value of TFX 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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 11.3

 

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, %
  3.20
  3.20
  3.38
  3.54
  3.69
  3.82
  3.94
  4.04
  4.14
  4.23
  4.30
  4.37
  4.44
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
Revenue, $m
  1,868
  1,928
  1,993
  2,064
  2,140
  2,221
  2,309
  2,402
  2,502
  2,607
  2,719
  2,838
  2,964
  3,097
  3,238
  3,387
  3,543
  3,709
  3,883
  4,067
  4,260
  4,464
  4,678
  4,904
  5,141
  5,391
  5,654
  5,930
  6,220
  6,525
  6,846
Variable operating expenses, $m
 
  1,598
  1,648
  1,701
  1,759
  1,822
  1,888
  1,960
  2,035
  2,116
  2,202
  2,165
  2,261
  2,362
  2,469
  2,583
  2,702
  2,828
  2,961
  3,101
  3,249
  3,404
  3,568
  3,740
  3,921
  4,111
  4,312
  4,522
  4,744
  4,976
  5,221
Fixed operating expenses, $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
Total operating expenses, $m
  1,568
  1,598
  1,648
  1,701
  1,759
  1,822
  1,888
  1,960
  2,035
  2,116
  2,202
  2,165
  2,261
  2,362
  2,469
  2,583
  2,702
  2,828
  2,961
  3,101
  3,249
  3,404
  3,568
  3,740
  3,921
  4,111
  4,312
  4,522
  4,744
  4,976
  5,221
Operating income, $m
  300
  330
  345
  362
  380
  400
  420
  442
  466
  491
  518
  674
  704
  735
  769
  804
  841
  880
  922
  965
  1,011
  1,060
  1,110
  1,164
  1,220
  1,280
  1,342
  1,407
  1,476
  1,549
  1,625
EBITDA, $m
  417
  522
  539
  558
  579
  601
  625
  650
  677
  706
  736
  768
  802
  838
  876
  917
  959
  1,004
  1,051
  1,101
  1,153
  1,208
  1,266
  1,327
  1,392
  1,459
  1,530
  1,605
  1,683
  1,766
  1,853
Interest expense (income), $m
  44
  36
  38
  40
  43
  45
  48
  51
  55
  58
  62
  66
  70
  74
  79
  84
  89
  95
  101
  107
  113
  120
  127
  135
  143
  151
  160
  169
  179
  189
  200
Earnings before tax, $m
  246
  294
  307
  322
  338
  354
  372
  391
  411
  433
  456
  608
  634
  661
  689
  720
  752
  785
  821
  858
  898
  939
  983
  1,029
  1,077
  1,128
  1,182
  1,238
  1,297
  1,359
  1,425
Tax expense, $m
  8
  79
  83
  87
  91
  96
  100
  106
  111
  117
  123
  164
  171
  178
  186
  194
  203
  212
  222
  232
  242
  254
  265
  278
  291
  305
  319
  334
  350
  367
  385
Net income, $m
  237
  215
  224
  235
  246
  259
  272
  286
  300
  316
  333
  444
  463
  482
  503
  525
  549
  573
  599
  627
  655
  686
  718
  751
  787
  824
  863
  904
  947
  992
  1,040

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  544
  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
  3,891
  3,455
  3,572
  3,698
  3,834
  3,981
  4,138
  4,305
  4,483
  4,673
  4,874
  5,087
  5,312
  5,551
  5,803
  6,069
  6,350
  6,647
  6,959
  7,288
  7,635
  8,000
  8,384
  8,788
  9,214
  9,661
  10,132
  10,627
  11,147
  11,694
  12,268
Adjusted assets (=assets-cash), $m
  3,347
  3,455
  3,572
  3,698
  3,834
  3,981
  4,138
  4,305
  4,483
  4,673
  4,874
  5,087
  5,312
  5,551
  5,803
  6,069
  6,350
  6,647
  6,959
  7,288
  7,635
  8,000
  8,384
  8,788
  9,214
  9,661
  10,132
  10,627
  11,147
  11,694
  12,268
Revenue / Adjusted assets
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
Average production assets, $m
  1,456
  1,502
  1,552
  1,607
  1,667
  1,730
  1,799
  1,871
  1,949
  2,031
  2,118
  2,211
  2,309
  2,413
  2,522
  2,638
  2,760
  2,889
  3,025
  3,168
  3,319
  3,477
  3,644
  3,820
  4,005
  4,200
  4,404
  4,619
  4,845
  5,083
  5,333
Working capital, $m
  755
  407
  421
  435
  451
  469
  487
  507
  528
  550
  574
  599
  625
  654
  683
  715
  748
  783
  819
  858
  899
  942
  987
  1,035
  1,085
  1,137
  1,193
  1,251
  1,312
  1,377
  1,444
Total debt, $m
  1,033
  901
  956
  1,015
  1,079
  1,148
  1,222
  1,300
  1,384
  1,472
  1,567
  1,667
  1,772
  1,884
  2,003
  2,127
  2,259
  2,398
  2,545
  2,699
  2,862
  3,033
  3,213
  3,403
  3,602
  3,812
  4,033
  4,265
  4,509
  4,765
  5,035
Total liabilities, $m
  1,752
  1,620
  1,675
  1,734
  1,798
  1,867
  1,941
  2,019
  2,103
  2,191
  2,286
  2,386
  2,491
  2,603
  2,722
  2,846
  2,978
  3,117
  3,264
  3,418
  3,581
  3,752
  3,932
  4,122
  4,321
  4,531
  4,752
  4,984
  5,228
  5,484
  5,754
Total equity, $m
  2,139
  1,834
  1,897
  1,964
  2,036
  2,114
  2,197
  2,286
  2,381
  2,481
  2,588
  2,701
  2,821
  2,948
  3,081
  3,223
  3,372
  3,529
  3,695
  3,870
  4,054
  4,248
  4,452
  4,667
  4,893
  5,130
  5,380
  5,643
  5,919
  6,209
  6,515
Total liabilities and equity, $m
  3,891
  3,454
  3,572
  3,698
  3,834
  3,981
  4,138
  4,305
  4,484
  4,672
  4,874
  5,087
  5,312
  5,551
  5,803
  6,069
  6,350
  6,646
  6,959
  7,288
  7,635
  8,000
  8,384
  8,789
  9,214
  9,661
  10,132
  10,627
  11,147
  11,693
  12,269
Debt-to-equity ratio
  0.483
  0.490
  0.500
  0.520
  0.530
  0.540
  0.560
  0.570
  0.580
  0.590
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
  0.710
  0.720
  0.730
  0.740
  0.740
  0.750
  0.760
  0.760
  0.770
  0.770
Adjusted equity ratio
  0.477
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  237
  215
  224
  235
  246
  259
  272
  286
  300
  316
  333
  444
  463
  482
  503
  525
  549
  573
  599
  627
  655
  686
  718
  751
  787
  824
  863
  904
  947
  992
  1,040
Depreciation, amort., depletion, $m
  117
  192
  194
  196
  199
  202
  205
  208
  211
  214
  218
  94
  99
  103
  108
  113
  118
  123
  129
  135
  142
  149
  156
  163
  171
  179
  188
  197
  207
  217
  228
Funds from operations, $m
  427
  407
  419
  431
  445
  460
  476
  493
  511
  531
  551
  538
  561
  585
  611
  638
  667
  697
  729
  762
  797
  834
  873
  914
  958
  1,003
  1,051
  1,101
  1,154
  1,210
  1,268
Change in working capital, $m
  19
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  55
  58
  61
  64
  68
Cash from operations, $m
  408
  394
  405
  417
  429
  443
  458
  474
  490
  508
  527
  513
  535
  557
  581
  607
  634
  662
  692
  723
  756
  791
  828
  867
  908
  950
  996
  1,043
  1,093
  1,145
  1,200
Maintenance CAPEX, $m
  0
  -62
  -64
  -66
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -91
  -94
  -99
  -103
  -108
  -113
  -118
  -123
  -129
  -135
  -142
  -149
  -156
  -163
  -171
  -179
  -188
  -197
  -207
  -217
New CAPEX, $m
  -53
  -46
  -51
  -55
  -59
  -64
  -68
  -73
  -77
  -82
  -87
  -93
  -98
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -151
  -159
  -167
  -176
  -185
  -195
  -205
  -215
  -226
  -238
  -250
Cash from investing activities, $m
  -57
  -108
  -115
  -121
  -128
  -135
  -142
  -150
  -157
  -165
  -174
  -184
  -192
  -203
  -213
  -224
  -235
  -247
  -259
  -272
  -286
  -301
  -316
  -332
  -348
  -366
  -384
  -403
  -423
  -445
  -467
Free cash flow, $m
  351
  286
  290
  295
  301
  308
  316
  324
  333
  343
  353
  330
  342
  355
  369
  383
  399
  415
  433
  451
  470
  491
  513
  535
  559
  585
  612
  640
  669
  700
  733
Issuance/(repayment) of debt, $m
  -43
  51
  55
  59
  64
  69
  74
  78
  84
  89
  94
  100
  106
  112
  118
  125
  132
  139
  147
  154
  163
  171
  180
  190
  200
  210
  221
  232
  244
  256
  270
Issuance/(repurchase) of shares, $m
  9
  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 from financing (excl. dividends), $m  
  -60
  51
  55
  59
  64
  69
  74
  78
  84
  89
  94
  100
  106
  112
  118
  125
  132
  139
  147
  154
  163
  171
  180
  190
  200
  210
  221
  232
  244
  256
  270
Total cash flow (excl. dividends), $m
  264
  337
  345
  355
  365
  377
  389
  402
  417
  432
  448
  430
  448
  467
  487
  508
  531
  554
  579
  605
  633
  662
  693
  725
  759
  795
  832
  872
  913
  957
  1,003
Retained Cash Flow (-), $m
  -130
  -56
  -62
  -67
  -72
  -78
  -83
  -89
  -95
  -101
  -107
  -113
  -120
  -127
  -134
  -141
  -149
  -157
  -166
  -175
  -184
  -194
  -204
  -215
  -226
  -238
  -250
  -263
  -276
  -290
  -305
Prev. year cash balance distribution, $m
 
  361
  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
 
  641
  283
  287
  293
  299
  306
  314
  322
  331
  341
  317
  328
  340
  353
  367
  381
  397
  413
  431
  449
  468
  489
  510
  533
  557
  582
  609
  637
  667
  698
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  615
  259
  250
  241
  232
  222
  212
  201
  190
  179
  150
  140
  129
  119
  108
  97
  86
  76
  66
  57
  48
  41
  33
  27
  22
  17
  13
  10
  7
  5
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Teleflex Incorporated is a provider of medical technology products. The Company designs, develops, manufactures and supplies single-use medical devices used by hospitals and healthcare providers for diagnostic and therapeutic procedures in critical care and surgical applications. The Company operates through six segments: Vascular North America; Anesthesia North America; Surgical North America; Europe, the Middle East and Africa (EMEA); Asia, and Original Equipment Manufacturer (OEM). The Company's products include oxygen therapy products, aerosol therapy products, spirometry products, and ventilation management products, which are offered under Hudson RCI brand. As of December 31, 2016, it manufactured its products at approximately 30 manufacturing sites, with manufacturing operations located in the Czech Republic, Germany, Malaysia, Mexico and the United States. Its all others businesses include single-use respiratory, urology and cardiac care products, as well as capital equipment.

FINANCIAL RATIOS  of  Teleflex (TFX)

Valuation Ratios
P/E Ratio 46.5
Price to Sales 5.9
Price to Book 5.1
Price to Tangible Book
Price to Cash Flow 27
Price to Free Cash Flow 31
Growth Rates
Sales Growth Rate 3.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.1%
Cap. Spend. - 3 Yr. Gr. Rate -3.7%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 39.7%
Total Debt to Equity 48.3%
Interest Coverage 7
Management Effectiveness
Return On Assets 7.2%
Ret/ On Assets - 3 Yr. Avg. 6.8%
Return On Total Capital 7.6%
Ret/ On T. Cap. - 3 Yr. Avg. 7.3%
Return On Equity 11.4%
Return On Equity - 3 Yr. Avg. 11.3%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 53.3%
Gross Margin - 3 Yr. Avg. 52.2%
EBITDA Margin 21.8%
EBITDA Margin - 3 Yr. Avg. 21.5%
Operating Margin 16.1%
Oper. Margin - 3 Yr. Avg. 16.2%
Pre-Tax Margin 13.2%
Pre-Tax Margin - 3 Yr. Avg. 12.9%
Net Profit Margin 12.7%
Net Profit Margin - 3 Yr. Avg. 12.1%
Effective Tax Rate 3.3%
Eff/ Tax Rate - 3 Yr. Avg. 6.6%
Payout Ratio 24.9%

TFX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TFX stock intrinsic value calculation we used $1868 million for the last fiscal year's total revenue generated by Teleflex. The default revenue input number comes from 2016 income statement of Teleflex. 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 TFX stock valuation model: a) initial revenue growth rate of 3.2% 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 4.3%, whose default value for TFX is calculated based on our internal credit rating of Teleflex, 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 Teleflex.
    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 TFX stock the variable cost ratio is equal to 83.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for TFX 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 4.2% for Teleflex.

Corporate tax rate of 27% is the nominal tax rate for Teleflex. 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 TFX 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 TFX are equal to 77.9%.

Life of production assets of 23.4 years is the average useful life of capital assets used in Teleflex 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 TFX is equal to 21.1%. 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 - $2139 million for Teleflex - 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 45.051 million for Teleflex 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 Teleflex at the current share price and the inputted number of shares is $11.3 billion.

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COMPANY NEWS

▶ US troops get freeze-dried plasma for battlefield bloodshed   [Nov-30-17 04:07PM  Associated Press]
▶ ETFs with exposure to Teleflex, Inc. : November 17, 2017   [Nov-17-17 01:03PM  Capital Cube]
▶ Does Teleflex Incorporateds (TFX) PE Ratio Warrant A Sell?   [Nov-10-17 08:35AM  Simply Wall St.]
▶ ETFs with exposure to Teleflex, Inc. : November 2, 2017   [Nov-02-17 12:37PM  Capital Cube]
▶ Teleflex beats Street 3Q forecasts   [06:55AM  Associated Press]
▶ Teleflex Announces Quarterly Dividend   [06:45AM  Business Wire]
▶ Teleflex Reports Third Quarter 2017 Results   [06:30AM  Business Wire]
▶ ETFs with exposure to Teleflex, Inc. : October 23, 2017   [Oct-23-17 11:08AM  Capital Cube]
▶ ETFs with exposure to Teleflex, Inc. : October 10, 2017   [Oct-10-17 11:51AM  Capital Cube]
▶ Teleflex Incorporated Completes Acquisition of NeoTract   [Oct-02-17 04:01PM  Business Wire]
▶ 5 Companies Hit 52-Week Highs   [Sep-19-17 12:23PM  GuruFocus.com]
▶ Cramer Remix: The wrong reason to buy Nvidia   [Sep-18-17 07:22PM  CNBC Videos]
▶ Corporate News Blog - Teleflex to Acquire NeoTract   [Sep-07-17 07:10AM  ACCESSWIRE]
▶ Stocks With Rising Composite Ratings: Teleflex   [03:00AM  Investor's Business Daily]
▶ $1.1B deal: Teleflex buys Calif. medical device maker   [Sep-06-17 09:20AM  American City Business Journals]
▶ Teleflex Incorporated to Acquire NeoTract   [06:45AM  Business Wire]
▶ Teleflex tops Street 2Q forecasts   [Aug-03-17 08:13AM  Associated Press]
▶ Teleflex Announces Quarterly Dividend   [06:45AM  Business Wire]
▶ Teleflex Reports Second Quarter 2017 Results   [06:30AM  Business Wire]
▶ MedTech Stocks to Top Q2 Estimates   [Jul-27-17 11:50AM  Zacks]
▶ ETFs with exposure to Teleflex, Inc. : July 10, 2017   [Jul-10-17 03:19PM  Capital Cube]
▶ ETFs with exposure to Teleflex, Inc. : June 20, 2017   [Jun-20-17 03:19PM  Capital Cube]
▶ Eaton Vance Worldwide Health Sciences Fund Adds 4 Companies   [May-17-17 04:30PM  GuruFocus.com]
▶ Teleflex, Inc. Value Analysis (NYSE:TFX) : May 11, 2017   [May-11-17 07:40PM  Capital Cube]
▶ Teleflex Announces Quarterly Dividend   [06:30AM  Business Wire]
▶ Teleflex beats Street 1Q forecasts   [May-04-17 06:50AM  Associated Press]
▶ Teleflex Reports First Quarter 2017 Results   [06:30AM  Business Wire]
Financial statements of TFX
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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