Intrinsic value of Tecnoglass - TGLS

Previous Close

$8.65

  Intrinsic Value

$8.74

stock screener

  Rating & Target

hold

+1%

Previous close

$8.65

 
Intrinsic value

$8.74

 
Up/down potential

+1%

 
Rating

hold

We calculate the intrinsic value of TGLS 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 0001), $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 0.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  32.40
  29.66
  27.19
  24.97
  22.98
  21.18
  19.56
  18.11
  16.79
  15.62
  14.55
  13.60
  12.74
  11.96
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
Revenue, $m
  416
  540
  687
  858
  1,055
  1,279
  1,529
  1,806
  2,109
  2,438
  2,793
  3,173
  3,577
  4,005
  4,457
  4,931
  5,428
  5,947
  6,489
  7,054
  7,641
  8,253
  8,888
  9,548
  10,234
  10,947
  11,688
  12,459
  13,261
  14,095
Variable operating expenses, $m
  350
  453
  575
  718
  882
  1,069
  1,277
  1,508
  1,760
  2,035
  2,327
  2,643
  2,980
  3,336
  3,712
  4,107
  4,521
  4,954
  5,405
  5,876
  6,365
  6,874
  7,403
  7,953
  8,525
  9,119
  9,736
  10,378
  11,046
  11,741
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
  350
  453
  575
  718
  882
  1,069
  1,277
  1,508
  1,760
  2,035
  2,327
  2,643
  2,980
  3,336
  3,712
  4,107
  4,521
  4,954
  5,405
  5,876
  6,365
  6,874
  7,403
  7,953
  8,525
  9,119
  9,736
  10,378
  11,046
  11,741
Operating income, $m
  66
  87
  111
  140
  173
  210
  252
  298
  349
  404
  467
  530
  597
  669
  744
  824
  907
  993
  1,084
  1,178
  1,276
  1,378
  1,484
  1,595
  1,709
  1,828
  1,952
  2,081
  2,215
  2,354
EBITDA, $m
  96
  124
  158
  197
  243
  294
  352
  415
  485
  561
  642
  730
  823
  921
  1,025
  1,134
  1,248
  1,368
  1,492
  1,622
  1,757
  1,898
  2,044
  2,196
  2,354
  2,518
  2,688
  2,865
  3,050
  3,242
Interest expense (income), $m
  0
  22
  32
  44
  58
  75
  94
  116
  140
  167
  196
  228
  263
  300
  339
  381
  424
  470
  519
  569
  622
  676
  733
  793
  854
  918
  985
  1,054
  1,126
  1,201
  1,279
Earnings before tax, $m
  44
  54
  67
  81
  98
  116
  136
  158
  182
  207
  238
  267
  298
  330
  364
  399
  436
  475
  515
  557
  600
  645
  692
  740
  791
  843
  898
  955
  1,014
  1,075
Tax expense, $m
  12
  15
  18
  22
  26
  31
  37
  43
  49
  56
  64
  72
  80
  89
  98
  108
  118
  128
  139
  150
  162
  174
  187
  200
  214
  228
  242
  258
  274
  290
Net income, $m
  32
  40
  49
  59
  71
  85
  99
  115
  133
  151
  174
  195
  217
  241
  266
  291
  318
  347
  376
  406
  438
  471
  505
  540
  577
  616
  655
  697
  740
  785

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  620
  805
  1,023
  1,279
  1,573
  1,906
  2,279
  2,691
  3,143
  3,634
  4,163
  4,729
  5,331
  5,969
  6,642
  7,348
  8,089
  8,863
  9,671
  10,512
  11,388
  12,299
  13,246
  14,230
  15,252
  16,315
  17,419
  18,568
  19,762
  21,006
Adjusted assets (=assets-cash), $m
  620
  805
  1,023
  1,279
  1,573
  1,906
  2,279
  2,691
  3,143
  3,634
  4,163
  4,729
  5,331
  5,969
  6,642
  7,348
  8,089
  8,863
  9,671
  10,512
  11,388
  12,299
  13,246
  14,230
  15,252
  16,315
  17,419
  18,568
  19,762
  21,006
Revenue / Adjusted assets
  0.671
  0.671
  0.672
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
Average production assets, $m
  239
  309
  393
  492
  605
  733
  876
  1,035
  1,208
  1,397
  1,601
  1,818
  2,050
  2,295
  2,554
  2,825
  3,110
  3,408
  3,718
  4,042
  4,378
  4,729
  5,093
  5,471
  5,864
  6,273
  6,697
  7,139
  7,598
  8,076
Working capital, $m
  172
  223
  284
  355
  437
  529
  633
  748
  873
  1,009
  1,156
  1,314
  1,481
  1,658
  1,845
  2,041
  2,247
  2,462
  2,686
  2,920
  3,164
  3,417
  3,680
  3,953
  4,237
  4,532
  4,839
  5,158
  5,490
  5,835
Total debt, $m
  366
  502
  664
  853
  1,071
  1,317
  1,593
  1,898
  2,233
  2,596
  2,987
  3,406
  3,852
  4,324
  4,822
  5,345
  5,893
  6,466
  7,063
  7,686
  8,334
  9,008
  9,709
  10,437
  11,193
  11,980
  12,797
  13,647
  14,531
  15,451
Total liabilities, $m
  459
  595
  757
  946
  1,164
  1,410
  1,686
  1,991
  2,326
  2,689
  3,080
  3,499
  3,945
  4,417
  4,915
  5,438
  5,986
  6,559
  7,156
  7,779
  8,427
  9,101
  9,802
  10,530
  11,287
  12,073
  12,890
  13,740
  14,624
  15,544
Total equity, $m
  161
  209
  266
  333
  409
  496
  592
  700
  817
  945
  1,082
  1,229
  1,386
  1,552
  1,727
  1,911
  2,103
  2,304
  2,514
  2,733
  2,961
  3,198
  3,444
  3,700
  3,966
  4,242
  4,529
  4,828
  5,138
  5,461
Total liabilities and equity, $m
  620
  804
  1,023
  1,279
  1,573
  1,906
  2,278
  2,691
  3,143
  3,634
  4,162
  4,728
  5,331
  5,969
  6,642
  7,349
  8,089
  8,863
  9,670
  10,512
  11,388
  12,299
  13,246
  14,230
  15,253
  16,315
  17,419
  18,568
  19,762
  21,005
Debt-to-equity ratio
  2.270
  2.400
  2.500
  2.570
  2.620
  2.660
  2.690
  2.710
  2.730
  2.750
  2.760
  2.770
  2.780
  2.790
  2.790
  2.800
  2.800
  2.810
  2.810
  2.810
  2.810
  2.820
  2.820
  2.820
  2.820
  2.820
  2.830
  2.830
  2.830
  2.830
Adjusted equity ratio
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  32
  40
  49
  59
  71
  85
  99
  115
  133
  151
  174
  195
  217
  241
  266
  291
  318
  347
  376
  406
  438
  471
  505
  540
  577
  616
  655
  697
  740
  785
Depreciation, amort., depletion, $m
  30
  37
  47
  57
  70
  84
  100
  117
  136
  157
  176
  200
  225
  252
  281
  310
  342
  374
  409
  444
  481
  520
  560
  601
  644
  689
  736
  785
  835
  888
Funds from operations, $m
  62
  77
  96
  117
  141
  169
  199
  232
  269
  308
  350
  395
  443
  493
  546
  602
  660
  721
  784
  850
  919
  990
  1,065
  1,142
  1,222
  1,305
  1,391
  1,481
  1,575
  1,672
Change in working capital, $m
  42
  51
  61
  71
  82
  93
  104
  115
  126
  136
  147
  157
  167
  177
  187
  196
  206
  215
  224
  234
  243
  253
  263
  273
  284
  295
  307
  319
  332
  345
Cash from operations, $m
  19
  26
  35
  46
  60
  76
  95
  118
  143
  172
  203
  238
  275
  316
  359
  406
  454
  506
  560
  617
  676
  737
  802
  868
  938
  1,010
  1,085
  1,162
  1,243
  1,327
Maintenance CAPEX, $m
  -20
  -26
  -34
  -43
  -54
  -66
  -81
  -96
  -114
  -133
  -154
  -176
  -200
  -225
  -252
  -281
  -310
  -342
  -374
  -409
  -444
  -481
  -520
  -560
  -601
  -644
  -689
  -736
  -785
  -835
New CAPEX, $m
  -59
  -71
  -84
  -98
  -113
  -128
  -143
  -159
  -174
  -189
  -203
  -218
  -232
  -245
  -259
  -272
  -285
  -298
  -311
  -324
  -337
  -350
  -364
  -378
  -393
  -409
  -425
  -442
  -459
  -478
Cash from investing activities, $m
  -79
  -97
  -118
  -141
  -167
  -194
  -224
  -255
  -288
  -322
  -357
  -394
  -432
  -470
  -511
  -553
  -595
  -640
  -685
  -733
  -781
  -831
  -884
  -938
  -994
  -1,053
  -1,114
  -1,178
  -1,244
  -1,313
Free cash flow, $m
  -59
  -71
  -83
  -96
  -107
  -118
  -128
  -137
  -144
  -150
  -154
  -156
  -156
  -155
  -151
  -147
  -141
  -133
  -125
  -115
  -105
  -94
  -82
  -70
  -57
  -43
  -29
  -15
  -1
  14
Issuance/(repayment) of debt, $m
  113
  136
  162
  189
  217
  246
  276
  305
  334
  363
  391
  419
  446
  472
  498
  523
  548
  573
  598
  623
  648
  674
  701
  728
  757
  786
  817
  850
  884
  920
Issuance/(repurchase) of shares, $m
  8
  8
  8
  7
  5
  2
  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  
  121
  144
  170
  196
  222
  248
  276
  305
  334
  363
  391
  419
  446
  472
  498
  523
  548
  573
  598
  623
  648
  674
  701
  728
  757
  786
  817
  850
  884
  920
Total cash flow (excl. dividends), $m
  62
  73
  87
  101
  115
  130
  147
  168
  190
  214
  237
  263
  290
  317
  346
  376
  407
  439
  473
  507
  543
  580
  619
  658
  700
  743
  788
  835
  883
  934
Retained Cash Flow (-), $m
  -40
  -48
  -57
  -66
  -76
  -87
  -97
  -107
  -118
  -128
  -138
  -147
  -157
  -166
  -175
  -184
  -193
  -201
  -210
  -219
  -228
  -237
  -246
  -256
  -266
  -276
  -287
  -299
  -311
  -323
Prev. year cash balance distribution, $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 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
  22
  26
  30
  34
  39
  43
  51
  61
  73
  86
  100
  116
  133
  152
  171
  192
  215
  238
  263
  288
  315
  343
  372
  403
  434
  467
  501
  536
  573
  611
Discount rate, %
  9.50
  9.98
  10.47
  11.00
  11.55
  12.12
  12.73
  13.37
  14.04
  14.74
  15.47
  16.25
  17.06
  17.91
  18.81
  19.75
  20.74
  21.77
  22.86
  24.01
  25.21
  26.47
  27.79
  29.18
  30.64
  32.17
  33.78
  35.47
  37.24
  39.10
PV of cash for distribution, $m
  20
  21
  22
  22
  22
  22
  22
  22
  22
  22
  20
  19
  17
  15
  13
  11
  9
  7
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  97.7
  95.8
  94.5
  93.5
  93.0
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8

Tecnoglass Inc., through its subsidiaries, manufactures and sells architectural glass and windows for the residential and commercial construction industries in North, Central, and South America. The company offers soft coat, laminated/thermo-laminated, thermo-acoustic, tempered, silk-screened, curved, and digital print glass. It also produces, exports, imports, and markets aluminum products, such as profiles, rods, bars, plates, tubes, and other hardware used in the manufacture of architectural glass settings, including windows, doors, spatial separators, and similar products. In addition, the company provides floating facades, windows and doors, commercial display windows, hurricane-proof windows, automatic doors, bathroom dividers, photovoltaic structures, and other components of architectural systems. Tecnoglass Inc. markets and sells its products under the Tecnoglass, ES Windows, and Alutions brands through internal sales representatives and independent sales representatives, as wells as directly to distributors. The company was founded in 1984 and is headquartered in Barranquilla, Colombia. Tecnoglass Inc.operates as a subsidiary of Energy Holding Corporation.

FINANCIAL RATIOS  of  Tecnoglass (TGLS)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

TGLS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TGLS stock intrinsic value calculation we used $314.456 million for the last fiscal year's total revenue generated by Tecnoglass. The default revenue input number comes from 0001 income statement of Tecnoglass. 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 TGLS stock valuation model: a) initial revenue growth rate of 32.4% 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 9.5%, whose default value for TGLS is calculated based on our internal credit rating of Tecnoglass, 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 Tecnoglass.
    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 TGLS stock the variable cost ratio is equal to 84.4%.

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 TGLS 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 8.8% for Tecnoglass.

Corporate tax rate of 27% is the nominal tax rate for Tecnoglass. 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 TGLS 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 TGLS are equal to 57.3%.

Life of production assets of 9.1 years is the average useful life of capital assets used in Tecnoglass 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 TGLS is equal to 41.4%. 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 - $121.665 million for Tecnoglass - 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 37.042 million for Tecnoglass 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 Tecnoglass at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Tecnoglass: 3Q Earnings Snapshot   [10:23AM  Associated Press]
▶ Top Ranked Growth Stocks to Buy for October 5th   [Oct-05-18 11:27AM  Zacks]
▶ Tecnoglass and Schüco Announce a New Strategic Alliance   [Sep-24-18 07:00AM  GlobeNewswire]
▶ Tecnoglass Declares Dividend for Third Quarter 2018   [Sep-07-18 07:00AM  GlobeNewswire]
▶ Top Ranked Growth Stocks to Buy for August 27th   [Aug-27-18 09:40AM  Zacks]
▶ Tecnoglass: 2Q Earnings Snapshot   [09:38AM  Associated Press]
▶ Tecnoglass Inc. to Host Earnings Call   [08:00AM  ACCESSWIRE]
▶ Tecnoglass: 1Q Earnings Snapshot   [May-09-18 08:24AM  Associated Press]
▶ Beat Benchmark Treasury Yield With 5 Top Stocks   [Apr-25-18 07:11AM  Zacks]
▶ Tecnoglass (TGLS) is Oversold: Can It Recover?   [Apr-20-18 08:54AM  Zacks]
▶ Tecnoglass posts 4Q profit   [07:39AM  Associated Press]
▶ 5 Great Breakout Stocks Offering Superlative Returns   [Jan-29-18 01:40PM  InvestorPlace]
▶ Top Ranked Income Stocks to Buy for January 9th   [Jan-09-18 08:55AM  Zacks]
▶ Tecnoglass posts 3Q profit   [Nov-14-17 07:09AM  Associated Press]
▶ Tecnoglass reports 2Q loss   [Aug-11-17 10:17PM  Associated Press]
▶ Tecnoglass posts 1Q profit   [May-12-17 07:15AM  Associated Press]
▶ 5 Cheap Value Stocks Flaunting Low PEG Ratio   [Apr-24-17 09:48AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for March 30th   [Mar-30-17 12:29PM  Zacks]

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