Intrinsic value of Tennant - TNC

Previous Close

$59.49

  Intrinsic Value

$35.84

stock screener

  Rating & Target

sell

-40%

Previous close

$59.49

 
Intrinsic value

$35.84

 
Up/down potential

-40%

 
Rating

sell

We calculate the intrinsic value of TNC 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 1.1

 

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, %
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
Revenue, $m
  1,082
  1,165
  1,250
  1,339
  1,432
  1,528
  1,628
  1,732
  1,840
  1,953
  2,070
  2,192
  2,320
  2,453
  2,592
  2,737
  2,888
  3,047
  3,212
  3,386
  3,567
  3,756
  3,955
  4,163
  4,381
  4,609
  4,848
  5,098
  5,361
  5,637
Variable operating expenses, $m
  987
  1,060
  1,135
  1,213
  1,295
  1,379
  1,467
  1,558
  1,654
  1,753
  1,820
  1,928
  2,040
  2,157
  2,279
  2,406
  2,540
  2,679
  2,825
  2,977
  3,136
  3,303
  3,478
  3,660
  3,852
  4,052
  4,263
  4,483
  4,714
  4,956
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
  987
  1,060
  1,135
  1,213
  1,295
  1,379
  1,467
  1,558
  1,654
  1,753
  1,820
  1,928
  2,040
  2,157
  2,279
  2,406
  2,540
  2,679
  2,825
  2,977
  3,136
  3,303
  3,478
  3,660
  3,852
  4,052
  4,263
  4,483
  4,714
  4,956
Operating income, $m
  95
  105
  115
  126
  137
  149
  161
  173
  186
  200
  250
  265
  280
  296
  313
  330
  349
  368
  388
  409
  431
  454
  477
  503
  529
  556
  585
  616
  647
  680
EBITDA, $m
  164
  177
  190
  203
  217
  232
  247
  263
  279
  296
  314
  333
  352
  372
  393
  415
  438
  462
  487
  514
  541
  570
  600
  632
  665
  699
  736
  774
  814
  855
Interest expense (income), $m
  1
  46
  53
  60
  68
  75
  83
  91
  100
  109
  118
  128
  138
  148
  159
  170
  182
  195
  208
  221
  235
  250
  266
  282
  299
  317
  335
  355
  375
  397
  419
Earnings before tax, $m
  48
  52
  55
  58
  62
  66
  69
  73
  78
  82
  122
  127
  132
  137
  142
  148
  154
  160
  167
  173
  180
  188
  195
  204
  212
  221
  230
  240
  250
  261
Tax expense, $m
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  33
  34
  36
  37
  38
  40
  42
  43
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  68
  71
Net income, $m
  35
  38
  40
  43
  45
  48
  51
  54
  57
  60
  89
  93
  96
  100
  104
  108
  112
  117
  122
  126
  132
  137
  143
  149
  155
  161
  168
  175
  183
  191

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
  1,073
  1,154
  1,239
  1,327
  1,419
  1,514
  1,613
  1,716
  1,823
  1,935
  2,051
  2,173
  2,299
  2,431
  2,569
  2,712
  2,863
  3,020
  3,184
  3,355
  3,535
  3,723
  3,920
  4,126
  4,342
  4,568
  4,805
  5,053
  5,313
  5,586
Adjusted assets (=assets-cash), $m
  1,073
  1,154
  1,239
  1,327
  1,419
  1,514
  1,613
  1,716
  1,823
  1,935
  2,051
  2,173
  2,299
  2,431
  2,569
  2,712
  2,863
  3,020
  3,184
  3,355
  3,535
  3,723
  3,920
  4,126
  4,342
  4,568
  4,805
  5,053
  5,313
  5,586
Revenue / Adjusted assets
  1.008
  1.010
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
Average production assets, $m
  262
  282
  303
  324
  346
  370
  394
  419
  445
  473
  501
  531
  561
  594
  627
  662
  699
  737
  777
  819
  863
  909
  957
  1,007
  1,060
  1,115
  1,173
  1,234
  1,297
  1,364
Working capital, $m
  171
  184
  198
  212
  226
  241
  257
  274
  291
  308
  327
  346
  367
  388
  410
  432
  456
  481
  508
  535
  564
  594
  625
  658
  692
  728
  766
  806
  847
  891
Total debt, $m
  432
  490
  549
  611
  675
  742
  812
  884
  959
  1,038
  1,119
  1,205
  1,293
  1,386
  1,483
  1,583
  1,689
  1,799
  1,914
  2,035
  2,161
  2,293
  2,431
  2,576
  2,727
  2,886
  3,052
  3,227
  3,409
  3,601
Total liabilities, $m
  753
  810
  870
  932
  996
  1,063
  1,132
  1,205
  1,280
  1,358
  1,440
  1,525
  1,614
  1,707
  1,803
  1,904
  2,010
  2,120
  2,235
  2,355
  2,482
  2,614
  2,752
  2,896
  3,048
  3,207
  3,373
  3,547
  3,730
  3,922
Total equity, $m
  320
  344
  369
  396
  423
  451
  481
  511
  543
  577
  611
  647
  685
  724
  765
  808
  853
  900
  949
  1,000
  1,053
  1,109
  1,168
  1,229
  1,294
  1,361
  1,432
  1,506
  1,583
  1,665
Total liabilities and equity, $m
  1,073
  1,154
  1,239
  1,328
  1,419
  1,514
  1,613
  1,716
  1,823
  1,935
  2,051
  2,172
  2,299
  2,431
  2,568
  2,712
  2,863
  3,020
  3,184
  3,355
  3,535
  3,723
  3,920
  4,125
  4,342
  4,568
  4,805
  5,053
  5,313
  5,587
Debt-to-equity ratio
  1.350
  1.420
  1.490
  1.550
  1.600
  1.650
  1.690
  1.730
  1.770
  1.800
  1.830
  1.860
  1.890
  1.910
  1.940
  1.960
  1.980
  2.000
  2.020
  2.040
  2.050
  2.070
  2.080
  2.090
  2.110
  2.120
  2.130
  2.140
  2.150
  2.160
Adjusted equity ratio
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  35
  38
  40
  43
  45
  48
  51
  54
  57
  60
  89
  93
  96
  100
  104
  108
  112
  117
  122
  126
  132
  137
  143
  149
  155
  161
  168
  175
  183
  191
Depreciation, amort., depletion, $m
  69
  72
  75
  77
  80
  83
  86
  90
  93
  96
  64
  68
  72
  76
  80
  85
  90
  95
  100
  105
  111
  117
  123
  129
  136
  143
  150
  158
  166
  175
Funds from operations, $m
  105
  110
  115
  120
  125
  131
  137
  143
  150
  156
  153
  161
  168
  176
  184
  193
  202
  211
  221
  232
  242
  254
  265
  278
  291
  304
  319
  333
  349
  366
Change in working capital, $m
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  38
  40
  42
  44
Cash from operations, $m
  92
  97
  101
  106
  111
  116
  121
  127
  132
  138
  135
  141
  148
  155
  162
  170
  178
  186
  195
  204
  214
  224
  234
  245
  256
  268
  281
  294
  308
  322
Maintenance CAPEX, $m
  -31
  -34
  -36
  -39
  -42
  -44
  -47
  -50
  -54
  -57
  -61
  -64
  -68
  -72
  -76
  -80
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -158
  -166
New CAPEX, $m
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
Cash from investing activities, $m
  -50
  -54
  -57
  -61
  -64
  -67
  -71
  -75
  -80
  -84
  -89
  -94
  -99
  -104
  -110
  -115
  -122
  -128
  -135
  -142
  -149
  -157
  -165
  -173
  -182
  -191
  -201
  -211
  -222
  -233
Free cash flow, $m
  42
  43
  44
  46
  47
  48
  50
  51
  53
  54
  46
  48
  49
  51
  53
  55
  56
  58
  60
  63
  65
  67
  69
  72
  74
  77
  80
  83
  86
  89
Issuance/(repayment) of debt, $m
  56
  57
  60
  62
  64
  67
  70
  72
  75
  78
  82
  85
  89
  93
  97
  101
  105
  110
  115
  121
  126
  132
  138
  145
  152
  159
  166
  174
  183
  192
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  56
  57
  60
  62
  64
  67
  70
  72
  75
  78
  82
  85
  89
  93
  97
  101
  105
  110
  115
  121
  126
  132
  138
  145
  152
  159
  166
  174
  183
  192
Total cash flow (excl. dividends), $m
  97
  100
  104
  107
  111
  115
  119
  123
  128
  132
  128
  133
  138
  144
  149
  155
  162
  169
  176
  183
  191
  199
  208
  217
  226
  236
  246
  257
  269
  281
Retained Cash Flow (-), $m
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -71
  -74
  -78
  -81
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
  74
  76
  79
  81
  84
  87
  90
  93
  96
  99
  93
  97
  100
  104
  108
  113
  117
  122
  127
  132
  137
  143
  149
  155
  162
  168
  176
  183
  191
  199
Discount rate, %
  7.70
  8.09
  8.49
  8.91
  9.36
  9.83
  10.32
  10.83
  11.38
  11.95
  12.54
  13.17
  13.83
  14.52
  15.25
  16.01
  16.81
  17.65
  18.53
  19.46
  20.43
  21.45
  22.52
  23.65
  24.83
  26.07
  27.38
  28.75
  30.18
  31.69
PV of cash for distribution, $m
  69
  65
  62
  58
  54
  49
  45
  41
  36
  32
  25
  22
  19
  16
  13
  10
  8
  7
  5
  4
  3
  2
  1
  1
  1
  0
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Current shareholders' claim on cash, %
  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

Tennant Company is engaged in designing, manufacturing and marketing of cleaning solutions. The Company's segments are Americas; Europe, Middle East, Africa, and Asia Pacific. The Company offers a range of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, specialty surface coatings and asset management solutions. Its products are used in various types of environments, including retail establishments, distribution centers, factories and warehouses, public venues such as arenas and stadiums, office buildings, schools and universities, hospitals and clinics, parking lots and streets. The Company markets and sells its products under various brands: Tennant, Nobles, Green Machines, Alfa Uma Empresa Tennant, IRIS, Orbio IPC, IPC Foma, IPC Eagle, IPC Gansow, ICA, Vaclensa, Portotecnica, Sirio and Soteco, Ready System, Euromop, and Pulex.

FINANCIAL RATIOS  of  Tennant (TNC)

Valuation Ratios
P/E Ratio 22.4
Price to Sales 1.3
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 18.1
Price to Free Cash Flow 33.9
Growth Rates
Sales Growth Rate -0.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8%
Cap. Spend. - 3 Yr. Gr. Rate 12.5%
Financial Strength
Quick Ratio 19
Current Ratio 0
LT Debt to Equity 11.8%
Total Debt to Equity 12.9%
Interest Coverage 67
Management Effectiveness
Return On Assets 10.6%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 15.9%
Ret/ On T. Cap. - 3 Yr. Avg. 14.6%
Return On Equity 17.7%
Return On Equity - 3 Yr. Avg. 16.1%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 43.5%
Gross Margin - 3 Yr. Avg. 43.1%
EBITDA Margin 10.5%
EBITDA Margin - 3 Yr. Avg. 10%
Operating Margin 8.5%
Oper. Margin - 3 Yr. Avg. 7.9%
Pre-Tax Margin 8.2%
Pre-Tax Margin - 3 Yr. Avg. 7.6%
Net Profit Margin 5.8%
Net Profit Margin - 3 Yr. Avg. 5.3%
Effective Tax Rate 28.8%
Eff/ Tax Rate - 3 Yr. Avg. 30.6%
Payout Ratio 29.8%

TNC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TNC stock intrinsic value calculation we used $1003.066 million for the last fiscal year's total revenue generated by Tennant. The default revenue input number comes from 0001 income statement of Tennant. 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 TNC stock valuation model: a) initial revenue growth rate of 7.9% 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 7.7%, whose default value for TNC is calculated based on our internal credit rating of Tennant, 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 Tennant.
    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 TNC stock the variable cost ratio is equal to 91.5%.

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 TNC 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 12.3% for Tennant.

Corporate tax rate of 27% is the nominal tax rate for Tennant. 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 TNC 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 TNC are equal to 24.2%.

Life of production assets of 7.8 years is the average useful life of capital assets used in Tennant 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 TNC is equal to 15.8%. 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 - $296.503 million for Tennant - 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 18.074 million for Tennant 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 Tennant at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ Tennant: 3Q Earnings Snapshot   [08:57AM  Associated Press]
▶ Tennant Company to Webcast Third Quarter Conference Call   [Oct-10-18 09:00AM  Business Wire]
▶ Is Tennant Company (NYSE:TNC) A Good Dividend Stock?   [Sep-25-18 03:38PM  Simply Wall St.]
▶ Tennant Company Declares Regular Quarterly Cash Dividend   [Aug-15-18 05:00PM  Business Wire]
▶ Tennant: 2Q Earnings Snapshot   [09:03AM  Associated Press]
▶ Tennant Company to Webcast Second Quarter Conference Call   [Jul-12-18 08:45AM  Business Wire]
▶ Tennant (TNC): Moving Average Crossover Alert   [Apr-30-18 09:15AM  Zacks]
▶ Tennant Company Declares Regular Quarterly Cash Dividend   [Apr-25-18 05:00PM  Business Wire]
▶ Tennant Company Starts 2018 on a Strong Note   [Apr-23-18 02:41PM  Motley Fool]
▶ Tennant: 1Q Earnings Snapshot   [08:55AM  Associated Press]
▶ Tennant Company to Webcast First Quarter Conference Call   [Apr-09-18 08:45AM  Business Wire]
▶ Company Profile for Tennant Company   [Mar-20-18 09:48AM  Business Wire]
▶ Tennant Company Predicts Faster Growth in 2018   [Feb-22-18 02:43PM  Motley Fool]
▶ Tennant reports 4Q loss   [09:37AM  Associated Press]
▶ Should You Sell Tennant Company (NYSE:TNC) At This PE Ratio?   [Feb-21-18 01:08PM  Simply Wall St.]
▶ Tennant Company Declares Regular Quarterly Cash Dividend   [Feb-15-18 05:00PM  Business Wire]
▶ Tennant Company to Webcast Fourth Quarter Conference Call   [Feb-08-18 09:00AM  Business Wire]
▶ ETFs with exposure to Tennant Co. : December 18, 2017   [Dec-18-17 04:33PM  Capital Cube]
▶ Activist Tennant investor pushes a merger with rival Nilfisk   [Dec-14-17 11:32AM  American City Business Journals]
▶ ETFs with exposure to Tennant Co. : November 16, 2017   [Nov-16-17 12:06PM  Capital Cube]
▶ Tennant Company Declares Regular Quarterly Cash Dividend   [Nov-09-17 05:00PM  Business Wire]
▶ Tennant Co. Value Analysis (NYSE:TNC) : November 6, 2017   [Nov-06-17 01:21PM  Capital Cube]
▶ Tennant Company Lowers Its Profit Outlook   [Nov-02-17 06:23PM  Motley Fool]
▶ Tennant posts 3Q profit   [09:03AM  Associated Press]
▶ ETFs with exposure to Tennant Co. : October 25, 2017   [Oct-25-17 10:14AM  Capital Cube]
▶ Tennant Company to Webcast Third Quarter Conference Call   [Oct-19-17 08:45AM  Business Wire]
▶ ETFs with exposure to Tennant Co. : October 6, 2017   [Oct-06-17 11:08AM  Capital Cube]
▶ Tennant Company Declares Regular Quarterly Cash Dividend   [Aug-17-17 05:00PM  Business Wire]
▶ Tennant Co. Value Analysis (NYSE:TNC) : August 17, 2017   [Aug-16-17 10:54PM  Capital Cube]
▶ Tennant reports 2Q loss   [12:30AM  Associated Press]

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