Teradata Corp Valuation – August 2018 $TDC

Company Profile (excerpt from Reuters): Teradata Corporation, incorporated on March 27, 2007, is a provider of analytic data platforms, analytic applications and related services. The Company’s segments include Americas region (North America and Latin America) and International region (Europe, Middle East, Africa, Asia Pacific and Japan). The Company’s offerings include analytics solutions, ecosystem architecture consulting and hybrid cloud solutions. These solutions include software and hardware technology components, such as data warehousing, big data, and tools for data integration, data discovery and business intelligence.

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of TDC – August 2018

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $4,724,002,779 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.68 Fail
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end -69.13% Fail
6. Moderate PEmg Ratio PEmg < 20 95.85 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 7.29 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 1.68 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.74 Pass
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Fail
5. Earnings Growth EPSmg greater than 5 years ago Fail

 

Stage 2: Determination of Intrinsic Value

EPSmg $0.40
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade F
MG Value based on 3% Growth $5.85
MG Value based on 0% Growth $3.43
Market Implied Growth Rate 43.68%
Current Price $38.66
% of Intrinsic Value N/A

Teradata Corporation does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, insufficient earnings stability or growth over the last ten years, and the poor dividend history, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the lack of earnings stability or growth over the last five years, and the lack of dividends. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after seeing its EPSmg (normalized earnings) decline from $2.26 in 2014 to an estimated $0.4 for 2018. This level of demonstrated earnings growth does not support the market’s implied estimate of 43.68% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Teradata Corporation revealed the company was trading above its Graham Number of $12.21. The company does not pay a dividend. Its PEmg (price over earnings per share – ModernGraham) was 95.85, which was above the industry average of 53.7. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-1.49.

Teradata Corporation scores quite poorly in the ModernGraham grading system, with an overall grade of F.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$1.49
Graham Number $12.21
PEmg 95.85
Current Ratio 1.68
PB Ratio 7.29
Current Dividend $0.00
Dividend Yield 0.00%
Number of Consecutive Years of Dividend Growth 0

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 3/1/2018
Total Current Assets $1,530,000,000
Total Current Liabilities $913,000,000
Long-Term Debt $456,000,000
Total Assets $2,355,000,000
Intangible Assets $529,000,000
Total Liabilities $1,711,000,000
Shares Outstanding (Diluted Average) 121,400,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $1.21
Dec2017 -$0.53
Dec2016 $0.95
Dec2015 -$1.53
Dec2014 $2.33
Dec2013 $2.27
Dec2012 $2.44
Dec2011 $2.05
Dec2010 $1.77
Dec2009 $1.46
Dec2008 $1.39
Dec2007 $1.10
Dec2006 $1.06
Dec2005 $1.14
Dec2004 $0.76
Dec2003 $0.50

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $0.40
Dec2017 $0.23
Dec2016 $0.84
Dec2015 $1.03
Dec2014 $2.26
Dec2013 $2.15
Dec2012 $2.00
Dec2011 $1.71
Dec2010 $1.47
Dec2009 $1.29
Dec2008 $1.17
Dec2007 $1.01
Dec2006 $0.88
Dec2005 $0.68
Dec2004 $0.39
Dec2003 $0.17

Recommended Reading:

Other ModernGraham posts about the company

5 of the Worst Stocks to Invest In – February 2017
Teradata Corp Valuation – January 2017 $TDC
Teradata Corporation Analysis – September 2015 Update $TDC
The 6 Best Stocks For Value Investors This Week – 6/13/15
Teradata Corporation Analysis – June 2015 Update $TDC

Other ModernGraham posts about related companies

Silicon Laboratories Inc Valuation – August 2018 $SLAB
Itron Inc Valuation – July 2018 $ITRI
Celestica Inc Valuation – July 2018 $TSE-CLS
Ciena Corp Valuation – July 2018 $CIEN
iRobot Corp Valuation – July 2018 $IRBT
ScanSource Inc Valuation – July 2018 $SCSC
Cognex Corp Valuation – July 2018 $CGNX
Sanmina Corp Valuation – July 2018 $SANM
II-VI Inc Valuation – July 2018 $IIVI
CEVA Inc Valuation – July 2018 $CEVA

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Teradata Corp Valuation – January 2017 $TDC

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – January 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Teradata Corporation (TDC) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Teradata Corporation (Teradata) is a provider of analytic data platforms, marketing and analytic applications, and related services. The Company’s analytic data platforms consist of software, hardware and related business consulting and support services for data warehousing, and big data analytics. It operates in two segments: data and analytics, and marketing applications. Its services include a range of offerings, such as consulting to help organizations design, optimize and manage their analytic and big data environments, either on-premise or in the cloud. Its value-added consulting services provide expertise in data architecture services, cloud, private cloud, managed services and related installation services. In addition to its consulting services it offers a set of support services. Teradata operates from various locations within the United States with the primary locations being Dayton, Ohio; Johns Creek (Atlanta), Georgia, and Rancho Bernardo (San Diego), California.

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Downloadable PDF version of this valuation:

ModernGraham Valuation of TDC – January 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $3,824,916,408 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.20 Pass
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end -52.66% Fail
6. Moderate PEmg Ratio PEmg < 20 32.86 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 4.08 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 2.20 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.66 Pass
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Fail
5. Earnings Growth EPSmg greater than 5 years ago Fail

Stage 2: Determination of Intrinsic Value

EPSmg $0.88
MG Growth Estimate -4.25%
MG Value $1.03
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth $12.76
MG Value based on 0% Growth $7.48
Market Implied Growth Rate 12.18%
Current Price $28.92
% of Intrinsic Value 2819.16%

Teradata Corporation does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the insufficient earnings stability or growth over the last ten years, the poor dividend history, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the lack of earnings stability or growth over the last five years, and the lack of dividends. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after seeing its EPSmg (normalized earnings) decline from $2 in 2012 to an estimated $0.88 for 2016. This level of demonstrated earnings growth does not support the market’s implied estimate of 12.18% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Teradata Corporation revealed the company was trading above its Graham Number of $13.15. The company does not pay a dividend. Its PEmg (price over earnings per share – ModernGraham) was 32.86, which was below the industry average of 38.13, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $1.03.

Teradata Corporation scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) $1.03
Graham Number $13.15
PEmg 32.86
Current Ratio 2.20
PB Ratio 4.08
Current Dividend $0.00
Dividend Yield 0.00%
Number of Consecutive Years of Dividend Growth 0

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Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 9/1/2016
Total Current Assets $1,517,000,000
Total Current Liabilities $688,000,000
Long-Term Debt $545,000,000
Total Assets $2,314,000,000
Intangible Assets $602,000,000
Total Liabilities $1,382,000,000
Shares Outstanding (Diluted Average) 131,600,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $1.07
Dec2015 -$1.53
Dec2014 $2.33
Dec2013 $2.27
Dec2012 $2.44
Dec2011 $2.05
Dec2010 $1.77
Dec2009 $1.46
Dec2008 $1.39
Dec2007 $1.10
Dec2006 $1.06
Dec2005 $1.14
Dec2004 $0.76
Dec2003 $0.50

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $0.88
Dec2015 $1.03
Dec2014 $2.26
Dec2013 $2.15
Dec2012 $2.00
Dec2011 $1.71
Dec2010 $1.47
Dec2009 $1.29
Dec2008 $1.17
Dec2007 $1.01
Dec2006 $0.88
Dec2005 $0.68
Dec2004 $0.39
Dec2003 $0.17

Recommended Reading:

Other ModernGraham posts about the company

Teradata Corporation Analysis – September 2015 Update $TDC
The 6 Best Stocks For Value Investors This Week – 6/13/15
Teradata Corporation Analysis – June 2015 Update $TDC
5 Undervalued Companies for the Enterprising Investor Near 52 Week Lows – May 2015
23 Companies in the Spotlight This Week – 3/9/15

Other ModernGraham posts about related companies

Akamai Technologies Inc Valuation – January 2017 $AKAM
Motorola Solutions Inc Valuation – December 2016 $MSI
Science Applications International Corp Valuation – Initial Coverage $SAIC
Acxiom Corporation Valuation – November 2016 $ACXM
ACI Worldwide Inc Valuation – November 2016 $ACIW
Equinix Inc Valuation – August 2016 $EQIX
Qualcomm Inc Valuation – August 2016 $QCOM
Verisign Inc Valuation – August 2016 $VRSN
Akamai Technologies Inc Valuation – August 2016 $AKAM
Motorola Solutions Inc Valuation – August 2016 $MSI

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Teradata Corporation Analysis – September 2015 Update $TDC

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Most Undervalued Companies for the Defensive Investor – August 2015.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Teradata Corporation (TDC) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Teradata Corporation (Teradata) is a provider of analytic data platforms, marketing and analytic applications, and related services. The Company’s analytic data platforms consist of software, hardware, and related business consulting and support services for data warehousing, and big data analytics. The Company operates in two segments: data and analytics, and marketing applications. The Company’s software and hardware products include Teradata Database Software, Teradata Workload-Specific Platforms, Teradata Aster Discovery Platform, Teradata Portfolio for Hadoop, Teradata QueryGrid and Teradata Marketing Applications. Its service offerings include Teradata Business Consulting Services, Teradata Technology and Implementation Services, Teradata Cloud Services, Teradata Managed Services, Teradata Marketing Services, Teradata Customer Support Services and Training Services.

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To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Here is a free sample valuation pdf, and here is a post detailing what can be found within each individual company’s valuation.

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Downloadable PDF version of this valuation:

ModernGraham Valuation of TDC – September 2015

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 Pass
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end Fail
6. Moderate PEmg Ratio PEmg < 20 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 Fail
Score
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 Pass
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Fail
5. Earnings Growth EPSmg greater than 5 years ago Fail

Stage 2: Determination of Intrinsic Value

EPSmg $1.37
MG Growth Estimate -2.95%
MG Value $3.57
Opinion Overvalued
MG Value based on 3% Growth $19.87
MG Value based on 0% Growth $11.65
Market Implied Growth Rate 6.49%
Current Price $29.44
% of Intrinsic Value 825.10%

Teradata Corporation does not qualify for either the Enterprising Investor or the more conservative Defensive Investor.  The Defensive Investor is concerned with the insufficient earnings growth or stability over the last ten years, the lack of dividends, and the high PEmg and PB ratios.  The Enterprising Investor is concerned with the lack of earnings growth or stability over the last five years and the lack of dividends.  As a result, all value investors following the ModernGraham approach based on Benjamin Graham’s methods should explore other opportunities or proceed with a cautious speculative attitude.

As for a valuation, the company appears to be overvalued after seeing its EPSmg (normalized earnings) decline from $1.71 in 2011 to an estimated $1.37 for 2015.  This level of demonstrated earnings growth does not support the market’s implied estimate of 6.49% annual earnings growth over the next 7-10 years.  As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value below the price.

The next part of the analysis is up to individual investors, and requires discussion of the company’s prospects.  What do you think?  What value would you put on Teradata Corporation (TDC)?  Where do you see the company going in the future?  Is there a company you like better?  Leave a comment on our Facebook page or mention @ModernGraham on Twitter to discuss.

Stage 3: Information for Further Research

TDC Charts September 2015

Net Current Asset Value (NCAV) $0.20
Graham Number #NUM!
PEmg 21.48
Current Ratio 2.08
PB Ratio 3.52
Dividend Yield 0.00%
Number of Consecutive Years of Dividend Growth 0

 

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Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Total Current Assets $1,577,000,000
Total Current Liabilities $757,000,000
Long-Term Debt $585,000,000
Total Assets $2,735,000,000
Intangible Assets $897,000,000
Total Liabilities $1,549,000,000
Shares Outstanding (Diluted Average) 141,900,000

Earnings Per Share History

Next Fiscal Year Estimate -$0.50
Dec14 $2.33
Dec13 $2.27
Dec12 $2.44
Dec11 $2.05
Dec10 $1.77
Dec09 $1.46
Dec08 $1.39
Dec07 $1.10
Dec06 $1.06
Dec05 $1.14
Dec04 $0.76
Dec03 $0.50

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $1.37
Dec14 $2.26
Dec13 $2.15
Dec12 $2.00
Dec11 $1.71
Dec10 $1.47
Dec09 $1.29
Dec08 $1.17
Dec07 $1.01
Dec06 $0.88
Dec05 $0.68
Dec04 $0.39
Dec03 $0.17

Recommended Reading:

Other ModernGraham posts about the company

The 6 Best Stocks For Value Investors This Week – 6/13/15
Teradata Corporation Analysis – June 2015 Update $TDC
5 Undervalued Companies for the Enterprising Investor Near 52 Week Lows – May 2015
23 Companies in the Spotlight This Week – 3/9/15
Teradata Corporation Quarterly Valuation – March 2015 $TDC

Other ModernGraham posts about related companies

Akamai Technologies Inc. Analysis – August 2015 Update $AKAM
Total System Services Inc. Analysis – August 2015 Update $TSS
Acxiom Corporation Analysis – Initial Coverage $ACXM
ACI Worldwide Inc. Analysis – Initial Coverage $ACIW
Motorola Solutions Inc. Analysis – July 2015 Update $MSI
Qualcomm Inc. Analysis – July 2015 Update $QCOM
Cognizant Technology Solutions Corp Analysis – July 2015 Update $CTSH
Equinix Inc. Analysis – Initial Coverage $EQIX
Infosys Analysis – June 2015 Update $INFY
Verisign Inc. Analysis – 2015 Update $VRSN

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to read our full disclaimer.

 

Teradata Corporation Analysis – June 2015 Update $TDC

TeradataLogoVerticalTeradata Corporation (TDC) may intrigue many investors simply because it has dropped in price relative to the market over the last month, making it somewhat attractive based on its price alone. That said, Benjamin Graham, the father of value investing, taught that the most important aspect to consider is whether the company is trading at a discount relative to its intrinsic value. It is through a thorough fundamental analysis that the investor is able to determine a potential investment’s merits. Here’s an updated look at how Teradata Corporation fares in the ModernGraham valuation model.

This model is inspired by the teachings of Benjamin Graham and considers numerous metrics intended to help the investor reduce risk levels. The first part of the analysis is to determine whether the company is suitable for the very conservative Defensive Investor or the less conservative Enterprising Investor, who is willing to spend a greater amount of time conducting further research.

In addition, Graham strongly suggested that investors avoid speculation in order to remove the subjective elements of emotion. This is best achieved by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another. By using the ModernGraham method, one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.

TDC Chart

TDC data by YCharts

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Defensive Investor – Must pass at least 6 of the following 7 tests: Score = 4/7

  1. Adequate Size of Enterprise – Market capitalization of at least $2 billion – PASS
  2. Sufficiently Strong Financial Condition – Current ratio greater than 2 – FAIL
  3. Earnings Stability – Positive earnings per share for at least 10 straight years – PASS
  4. Dividend Record – Has paid a dividend for at least 10 straight years – FAIL
  5. Earnings Growth – Earnings per share has increased by at least one-third over the last 10 years, using three-year averages at the beginning and end of the period – PASS
  6. Moderate PEmg (price over normalized earnings) ratio – PEmg is less than 20 – PASS
  7. Moderate Price to Assets – PB ratio is less than 2.5 or PB x PEmg is less than 50 – FAIL

Enterprising Investor – Must pass at least 4 of the following 5 tests, or be suitable for a Defensive Investor: Score = 4/5

  1. Sufficiently Strong Financial Condition, Part 1 – Current ratio greater than 1.5 – PASS
  2. Sufficiently Strong Financial Condition, Part 2 – Debt-to-Net Current Assets ratio less than 1.1 – PASS
  3. Earnings Stability – Positive earnings per share for at least 5 years – PASS
  4. Dividend Record – Currently pays a dividend – FAIL
  5. Earnings Growth – EPSmg greater than that 5 years ago – PASS

Valuation Summary

Key Data

Recent Price $39.15
MG Value $41.46
MG Opinion Fairly Valued
Value Based on 3% Growth $32.83
Value Based on 0% Growth $19.24
Market Implied Growth Rate 4.40%
NCAV -$0.46
PEmg 17.29
Current Ratio 1.87
PB Ratio 4.00

Balance Sheet – March 2015

Current Assets $1,591,000,000
Current Liabilities $850,000,000
Total Debt $593,000,000
Total Assets $3,103,000,000
Intangible Assets $1,243,000,000
Total Liabilities $1,659,000,000
Outstanding Shares 147,700,000

Earnings Per Share

2015 (estimate) $2.18
2014 $2.33
2013 $2.27
2012 $2.44
2011 $2.05
2010 $1.77
2009 $1.46
2008 $1.39
2007 $1.10
2006 $1.06
2005 $1.14

Earnings Per Share – ModernGraham

2015 (estimate) $2.26
2014 $2.26
2013 $2.15
2012 $2.00
2011 $1.71
2010 $1.47

Dividend History

Teradata does not pay a dividend.

Competitive Comparison

Teradata is much more attractive as an investment than some of its competitors. For example, a ModernGraham valuation of International Business Machines (NYSE:IBM) indicates the company is not suitable for either the Defensive Investor or the Enterprising Investor.

Conclusion

Teradata Corporation is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned by the low current ratio, lack of dividends, and the high PB ratio, while the Enterprising Investor is only concerned with the lack of dividends. Therefore, all Enterprising Investors should feel very comfortable proceeding with the next stage of the analysis, which is a determination of an estimate of intrinsic value.

From a valuation side of things, the company has grown its EPSmg (normalized earnings) from $1.71 in 2011 to an estimated $2.26 for 2015. This level of demonstrated growth is in line with the market’s implied estimate for earnings growth of 4.4% over the next 7-10 years.

The company’s recent earnings history shows an average annual growth in EPSmg of around 6.5%. The ModernGraham valuation model reduces such a rate to a more conservative figure, assuming some slowdown will occur, but still returns an estimate of intrinsic value falling within a margin of safety relative to the current price, indicating Teradata Corporation is fairly valued at the present time.

Disclaimer:  The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  Logo taken from Wikipedia for the sole purpose of identifying the company; this article is not affiliated with the company in any manner.

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Teradata Corporation Quarterly Valuation – March 2015 $TDC

TeradataLogoVertical

Teradata Corporation should satisfy the Enterprising Investor but not the Defensive Investor. The Defensive Investor is concerned with the low current ratio, lack of dividends and the high PB ratio. The Enterprising Investor is only concerned by the lack of dividends. Therefore, Enterprising Investors should feel very comfortable proceeding to the next part of the analysis, which is a determination of the company’s intrinsic value.

From a valuation side of things, the company has grown its EPSmg (normalized earnings) from $1.47 in 2010 to $2.26 for 2014. This is a strong and impressive level of demonstrated growth, which is in line with the market’s implied estimate for earnings growth of 5.49% over the next 7-10 years. The ModernGraham valuation model, therefore, returns an estimate of intrinsic value falling within a margin of safety relative to the current price, indicating the company is fairly valued at the present time.

Be sure to check out previous ModernGraham valuations of Teradata Corporation (TDC) for a greater perspective!

Read the full valuation on Seeking Alpha!

TDC Chart

TDC data by YCharts

Disclaimer: The author did not hold a position in The Coca-Cola Company (KO) at the time of publication and had no intention of changing that position within the next 72 hours. Logo taken from Wikipedia for the sole purpose of identifying the company; this article is not affiliated with the company in any manner.

Teradata Corporation Quarterly Valuation – December 2014 $TDC

TeradataLogoVertical

Teradata fares quite well in the ModernGraham model, and is suitable for Enterprising Investors. The Defensive Investor is concerned with the low current ratio, lack of dividends, and the high PB ratio, while the Enterprising Investor is only initially concerned by the lack of dividends. As a result, Enterprising Investors should feel very comfortable proceeding to the next part of the analysis, which is a determination of the company’s intrinsic value.

When it comes to that valuation, it is critical to consider the company’s earnings history. In this case, the company has grown its EPSmg (normalized earnings) from $1.47 in 2010 to an estimated $2.43 for 2014. This is a fairly strong level of demonstrated growth which is well above the market’s implied estimate for 4.92% earnings growth over the next 7-10 years. Here, the historical growth in EPSmg over the last five years is around 12.93% per year, so the market is expecting a very significant drop in earnings growth. The ModernGraham valuation model reduces the historical growth to a more conservative figure, assuming that some slowdown will occur, but it may be unrealistic that the company would see such a significant slowdown in growth over the long term. Therefore, the model returns an estimate of intrinsic value above the current price, indicating the company is significantly undervalued at the present time.

Be sure to check out previous ModernGraham valuations of Teradata Corporation greater perspective.

Read the full valuation on Seeking Alpha!

TDC Chart

TDC data by YCharts

Disclaimer:  The author did not hold a position in Teradata Corporation (TDC) or in any other company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  Logo taken from Wikipedia for the sole purpose of identifying the company; this article is not affiliated with the company in any manner.

Teradata Corporation Quarterly Stock Valuation – September 2014 $TDC

TeradataLogoVerticalBenjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 5 Undervalued Companies for the Enterprising Investor.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a specific look at how Teradata Corporation (TDC) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Teradata Corporation (Teradata) is engaged in analytic data solutions, including integrated data warehousing, big data analytics and business applications. Its data data warehousing solutions are consisted of software, hardware, and related business consulting and support services. Its analytic technologies then transform that data into actionable information. It serves customers across a range of industries globally ranging from small departmental and corporate implementations to data warehouses and marketing applications. Teradata operates from four main locations in the United States: Dayton, Ohio; Johns Creek (Atlanta), Georgia; Rancho Bernardo (San Diego), California; and Indianapolis, Indiana. Effective July 16, 2014, Teradata Corp acquired Revelytix Inc, a Sparks-based software development company. Effective July 17, 2014, Teradata Corp acquired Hadapt Inc, a Cambridge-based provider of adaptive analytical platform.
TDC Chart

TDC data by YCharts

Defensive Investor – must pass at least 6 of the following 7 tests: Score = 4/7

  1. Adequate Size of Enterprise – market capitalization of at least $2 billion – PASS
  2. Sufficiently Strong Financial Condition – current ratio greater than 2 – FAIL
  3. Earnings Stability – positive earnings per share for at least 10 straight years – PASS
  4. Dividend Record – has paid a dividend for at least 10 straight years – FAIL
  5. Earnings Growth – earnings per share has increased by at least 1/3 over the last 10 years using 3 year averages at beginning and end of period – PASS
  6. Moderate PEmg ratio – PEmg is less than 20 – PASS
  7. Moderate Price to Assets – PB ratio is less than 2.5 or PB x PEmg is less than 50 – FAIL

Enterprising Investor – must pass at least 4 of the following 5 tests or be suitable for a defensive investor: Score = 4/5

  1. Sufficiently Strong Financial Condition, Part 1 – current ratio greater than 1.5 – PASS
  2. Sufficiently Strong Financial Condition, Part 2 – Debt to Net Current Assets ratio less than 1.1 – PASS
  3. Earnings Stability – positive earnings per share for at least 5 years – PASS
  4. Dividend Record – currently pays a dividend – FAIL
  5. Earnings growth – EPSmg greater than 5 years ago – PASS

Valuation Summary

Key Data:

Recent Price $45.67
MG Value $62.42
MG Opinion Undervalued
Value Based on 3% Growth $34.19
Value Based on 0% Growth $20.04
Market Implied Growth Rate 5.43%
NCAV $2.34
PEmg 19.37
Current Ratio 1.93
PB Ratio 3.81

Balance Sheet – 6/30/2014

Current Assets $1,637,000,000
Current Liabilities $846,000,000
Total Debt $225,000,000
Total Assets $3,136,000,000
Intangible Assets $1,272,000,000
Total Liabilities $1,274,000,000
Outstanding Shares 155,400,000

Earnings Per Share

2014 (estimate) $2.62
2013 $2.27
2012 $2.44
2011 $2.05
2010 $1.77
2009 $1.46
2008 $1.39
2007 $1.10
2006 $1.06
2005 $1.14
2004 $0.76

Earnings Per Share – ModernGraham

2014 (estimate) $2.36
2013 $2.15
2012 $2.00
2011 $1.71
2010 $1.47
2009 $1.29

Dividend History

Teradata does not pay a dividend.

Conclusion:

Teradata qualifies for the Enterprising Investor but not the Defensive Investor.  The Defensive Investor is concerned by the low current ratio, lack of dividend payments, and the high PB ratio, while the Enterprising Investor’s only initial concern is the lack of dividends.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with research into the company and comparing it to other opportunities.  As for a valuation, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $1.47 in 2010 to an estimated $2.36 for 2014.  This level of demonstrated growth outpaces the market’s implied estimate of 5.43% earnings growth and leads the ModernGraham valuation model, based on Benjamin Graham’s formula, to return an estimate of intrinsic value above the price.

Be sure to check out the previous ModernGraham valuations of Teradata Corporation (TDC) for more perspective!

The next part of the analysis is up to individual investors, and requires discussion of the company’s prospects.  What do you think?  What value would you put on Teradata Corporation (TDC)?  Where do you see the company going in the future?  Is there a company you like better?  Leave a comment on our Facebook page or mention @ModernGraham on Twitter to discuss.

Disclaimer:  The author did not hold a position in Teradata Corporation (TDC) or in any other company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  Logo taken from Wikipedia for the sole purpose of identifying the company; this article is not affiliated with the company in any manner.

 

Teradata Corporation June 2014 Quarterly Valuation $TDC

TeradataLogoVerticalBenjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 5 Undervalued Companies with a High Beta.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a specific look at how Teradata Corporation (TDC) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Teradata Corporation (Teradata) is engaged in analytic data solutions, including integrated data warehousing, big data analytics and business applications. The Company’s data data warehousing solutions are consisted of software, hardware, and related business consulting and support services. Its solutions integrate an organization’s departmental and enterprise-wide data about customers, financials and operations into a single integrated data warehouse. Its analytic technologies then transform that data into actionable information. The Company serves customers across a range of industries globally ranging from small departmental and corporate implementations to data warehouses and marketing applications. Teradata operates from four main locations in the United States: Dayton, Ohio; Johns Creek (Atlanta), Georgia; Rancho Bernardo (San Diego), California; and Indianapolis, Indiana. In June 2012, the Company acquired eCircle.

TDC Chart

TDC data by YCharts

Defensive Investor – must pass at least 6 of the following 7 tests: Score = 4/7

  1. Adequate Size of Enterprise – market capitalization of at least $2 billion – PASS
  2. Sufficiently Strong Financial Condition – current ratio greater than 2 – FAIL
  3. Earnings Stability – positive earnings per share for at least 10 straight years – PASS
  4. Dividend Record – has paid a dividend for at least 10 straight years – FAIL
  5. Earnings Growth – earnings per share has increased by at least 1/3 over the last 10 years using 3 year averages at beginning and end of period – PASS
  6. Moderate PEmg ratio – PEmg is less than 20 – PASS
  7. Moderate Price to Assets – PB ratio is less than 2.5 or PB x PEmg is less than 50 – FAIL

Enterprising Investor – must pass at least 4 of the following 5 tests or be suitable for a defensive investor: Score = 4/5

  1. Sufficiently Strong Financial Condition, Part 1 – current ratio greater than 1.5 – PASS
  2. Sufficiently Strong Financial Condition, Part 2 – Debt to Net Current Assets ratio less than 1.1 – PASS
  3. Earnings Stability – positive earnings per share for at least 5 years – PASS
  4. Dividend Record – currently pays a dividend – FAIL
  5. Earnings growth – EPSmg greater than 5 years ago – PASS

Valuation Summary

Key Data:

Recent Price $41.89
MG Value $61.92
MG Opinion Undervalued
Value Based on 3% Growth $34.09
Value Based on 0% Growth $19.99
Market Implied Growth Rate 4.66%
NCAV $2.09
PEmg 17.82
Current Ratio 1.88
PB Ratio 3.57

Balance Sheet – 3/31/2014

Current Assets $1,659,000,000
Current Liabilities $882,000,000
Total Debt $240,000,000
Total Assets $3,178,000,000
Intangible Assets $1,283,000,000
Total Liabilities $1,329,000,000
Outstanding Shares 157,700,000

Earnings Per Share

2014 (estimate) $2.60
2013 $2.27
2012 $2.44
2011 $2.05
2010 $1.77
2009 $1.46
2008 $1.39
2007 $1.10
2006 $1.06
2005 $1.14
2004 $0.76

Earnings Per Share – ModernGraham

2014 (estimate) $2.35
2013 $2.15
2012 $2.00
2011 $1.71
2010 $1.47
2009 $1.29

Conclusion:

Teradata Corporation is suitable for the Enterprising Investor but not the Defensive Investor.  The Defensive Investor has concerns with the low current ratio, the lack of dividend payments, and the high price-to-book ratio.  The Enterprising Investor’s only concern is the lack of dividend payments.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company and its competitors including a review of ModernGraham’s valuation of International Business Machines (IBM) and ModernGraham’s valuation of Oracle Corp (ORCL).  As for a valuation, the company appears undervalued after growing its EPSmg (normalized earnings) from $1.47 in 2010 to an estimated $2.35 for 2014.  This demonstrated growth is greater than the market’s implied estimated 4.66% earnings growth and leads the ModernGraham valuation model to return an estimate of intrinsic value above the market price.

The next part of the analysis is up to individual investors, and requires discussion of the company’s prospects.  What do you think?  What value would you put on Teradata Corporation (TDC)?  Where do you see the company going in the future?  Is there a company you like better?  Leave a comment on our Facebook page or mention @ModernGraham on Twitter to discuss.

Be sure to review the previous ModernGraham Valuations of Teradata Corporation (TDC)!

Disclaimer:  The author did not hold a position in Teradata Corporation (TDC) or any other company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.

Logo taken from wikipedia; this article is not affiliated with the company in any manner.

Teradata Corporation (TDC) Quarterly Valuation

TeradataLogoVerticalBenjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a specific look at how Teradata Corporation fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Teradata Corporation (Teradata) is engaged in analytic data solutions, including integrated data warehousing, big data analytics and business applications. The Company’s data data warehousing solutions are consisted of software, hardware, and related business consulting and support services. Its solutions integrate an organization’s departmental and enterprise-wide data about customers, financials and operations into a single integrated data warehouse. Its analytic technologies then transform that data into actionable information. The Company serves customers across a range of industries globally ranging from small departmental and corporate implementations to data warehouses and marketing applications. Teradata operates from four main locations in the United States: Dayton, Ohio; Johns Creek (Atlanta), Georgia; Rancho Bernardo (San Diego), California; and Indianapolis, Indiana. In June 2012, the Company acquired eCircle.

TDC Chart

TDC data by YCharts

Defensive Investor – must pass at least 6 of the following 7 tests: Score = 4/7

  1. Adequate Size of Enterprise – market capitalization of at least $2 billion – PASS
  2. Sufficiently Strong Financial Condition – current ratio greater than 2 – PASS
  3. Earnings Stability – positive earnings per share for at least 10 straight years – PASS
  4. Dividend Record – has paid a dividend for at least 10 straight years – FAIL
  5. Earnings Growth – earnings per share has increased by at least 1/3 over the last 10 years using 3 year averages at beginning and end of period – PASS
  6. Moderate PEmg ratio – PEmg is less than 20 – FAIL
  7. Moderate Price to Assets – PB ratio is less than 2.5 or PB x PEmg is less than 50 – FAIL

Enterprising Investor – must pass at least 4 of the following 5 tests or be suitable for a defensive investor: Score = 4/5

  1. Sufficiently Strong Financial Condition, Part 1 – current ratio greater than 1.5 – PASS
  2. Sufficiently Strong Financial Condition, Part 2 – Debt to Net Current Assets ratio less than 1.1 – PASS
  3. Earnings Stability – positive earnings per share for at least 5 years – PASS
  4. Dividend Record – currently pays a dividend – FAIL
  5. Earnings growth – EPSmg greater than 5 years ago – PASS

Valuation Summary

Key Data:

Recent Price $45.92
MG Value $60.94
MG Opinion Fairly Valued
Value Based on 3% Growth $31.18
Value Based on 0% Growth $18.28
Market Implied Growth Rate 6.43%
NCAV $2.03
PEmg 21.35
Current Ratio 2.01
PB Ratio 3.94

Balance Sheet – 12/31/2013

Current Assets $1,563,000,000
Current Liabilities $776,000,000
Total Debt $248,000,000
Total Assets $3,096,000,000
Intangible Assets $1,290,000,000
Total Liabilities $1,239,000,000
Outstanding Shares 159,300,000

Earnings Per Share

2013 $2.27
2012 $2.44
2011 $2.05
2010 $1.77
2009 $1.46
2008 $1.39
2007 $1.10
2006 $1.06
2005 $1.14
2004 $0.76

Earnings Per Share – ModernGraham 

2013 $2.15
2012 $2.00
2011 $1.71
2010 $1.47
2009 $1.29
2008 $1.17

 

Conclusion:

Teradata Corporation appears suitable for the Enterprising Investor but not the Defensive Investor due to the lack of dividend payments and the high PEmg and PB ratios.  The Enterprising Investor’s only concern is the lack of dividend payments, which is not enough of a concern by itself to eliminate the company from potential investment.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company.  Such research should include comparison to other opportunities such as through a review of ModernGraham’s valuation of International Business Machines (IBM) and ModernGraham’s valuation of Oracle (ORCL).  From a valuation perspective, the company appears fairly valued, having grown its EPSmg (normalized earnings) from $1.29 in 2009 to $2.15 for 2013.  This is a solid level of growth that supports the market’s implied estimate of earnings growth in the amount of 6.43%, leading the ModernGraham valuation model to return an estimate of intrinsic value that falls within a margin of safety in relation to the price.

The next part of the analysis is up to individual investors, and requires discussion of the company’s prospects.  What do you think?  What value would you put on Teradata Corporation (TDC)?  Where do you see the company going in the future?  Is there a company you like better?  Leave a comment on our Facebook page or mention @ModernGraham on Twitter to discuss.

If you like our valuations, why not check out ModernGraham Stocks & Screens?  It’s a great way to review the valuations while screening for things like low PE ratio, undervalued companies, etc.!

Disclaimer:  The author did not hold a position in Teradata Corporation (TDC) or any of the other companies listed in this article at the time of publication and had no intention of changing that position within the next 72 hours.

Logo taken from the Wikipedia; this article is not affiliated with the company in any manner.

CTS Corporation Valuation – August 2018 $CTS

Company Profile (excerpt from Reuters): CTS Corporation, incorporated on February 8, 1929, is a global manufacturer of sensors, electronic components and actuators. The Company designs, manufactures and sells a line of sensors, electronic components and actuators primarily to original equipment manufacturers (OEMs) for the transportation, industrial, medical, information technology, defense and aerospace, and communications markets. The Company operates manufacturing facilities in North America, Asia and Europe. The Company’s products perform specific electronic functions for a given product family and are intended for use in customer assemblies. The Company’s products consist principally of sensors and actuators used in passenger or commercial vehicles; electronic components used in communications infrastructure, information technology and other high-speed applications; switches and potentiometers supplied to multiple markets, and fabricated piezoelectric materials and substrates used primarily in medical, industrial, defense and aerospace, and information technology markets.

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of CTS – August 2018

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $1,204,377,645 Fail
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.21 Pass
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 1177.27% Pass
6. Moderate PEmg Ratio PEmg < 20 42.85 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 3.36 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 2.21 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.45 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

 

Stage 2: Determination of Intrinsic Value

EPSmg $0.85
MG Growth Estimate 12.26%
MG Value $28.10
Opinion Overvalued
MG Grade C
MG Value based on 3% Growth $12.33
MG Value based on 0% Growth $7.23
Market Implied Growth Rate 17.17%
Current Price $36.45
% of Intrinsic Value 129.73%

CTS Corporation is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the small size, insufficient earnings stability over the last ten years, and the high PEmg and PB ratios. The Enterprising Investor has no initial concerns. As a result, all Enterprising Investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Overvalued after growing its EPSmg (normalized earnings) from $0.47 in 2014 to an estimated $0.85 for 2018. This level of demonstrated earnings growth does not support the market’s implied estimate of 17.17% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into CTS Corporation revealed the company was trading above its Graham Number of $17.81. The company pays a dividend of $0.16 per share, for a yield of 0.4% Its PEmg (price over earnings per share – ModernGraham) was 42.85, which was below the industry average of 53.7, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $1.59.

CTS Corporation receives an average overall rating in the ModernGraham grading system, scoring a C.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) $1.59
Graham Number $17.81
PEmg 42.85
Current Ratio 2.21
PB Ratio 3.36
Current Dividend $0.16
Dividend Yield 0.44%
Number of Consecutive Years of Dividend Growth 0

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 6/1/2018
Total Current Assets $232,060,000
Total Current Liabilities $105,146,000
Long-Term Debt $57,000,000
Total Assets $542,553,000
Intangible Assets $134,614,000
Total Liabilities $178,793,000
Shares Outstanding (Diluted Average) 33,564,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $1.35
Dec2017 $0.43
Dec2016 $1.03
Dec2015 $0.21
Dec2014 $0.78
Dec2013 -$0.12
Dec2012 $0.59
Dec2011 $0.60
Dec2010 $0.63
Dec2009 -$1.01
Dec2008 $0.81
Dec2007 $0.66
Dec2006 $0.63
Dec2005 $0.53
Dec2004 $0.53
Dec2003 $0.36
Dec2002 -$0.54
Dec2001 -$1.61
Dec2000 $2.92
Dec1999 $1.80
Dec1998 $1.28

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $0.85
Dec2017 $0.56
Dec2016 $0.58
Dec2015 $0.37
Dec2014 $0.47
Dec2013 $0.25
Dec2012 $0.40
Dec2011 $0.32
Dec2010 $0.23
Dec2009 $0.13
Dec2008 $0.68
Dec2007 $0.59
Dec2006 $0.47
Dec2005 $0.21
Dec2004 $0.14
Dec2003 $0.16
Dec2002 $0.30

Recommended Reading:

Other ModernGraham posts about the company

6 Best Stocks for Value Investors This Week – 3/11/17
CTS Corporation Valuation – Initial Coverage $CTS

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Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

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