Intrinsic value of Acuity Brands - AYI

Previous Close

$183.38

  Intrinsic Value

$143.53

stock screener

  Rating & Target

sell

-22%

  Value-price divergence*

+54%

Previous close

$183.38

 
Intrinsic value

$143.53

 
Up/down potential

-22%

 
Rating

sell

 
Value-price divergence*

+54%

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

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

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 7.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  21.57
  3.50
  3.65
  3.78
  3.91
  4.02
  4.11
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
Revenue, $m
  3,291
  3,406
  3,531
  3,664
  3,807
  3,960
  4,123
  4,296
  4,480
  4,675
  4,882
  5,101
  5,332
  5,576
  5,833
  6,105
  6,391
  6,693
  7,011
  7,346
  7,698
  8,069
  8,459
  8,870
  9,301
  9,755
  10,233
  10,734
  11,262
  11,816
  12,398
Variable operating expenses, $m
 
  2,831
  2,930
  3,038
  3,153
  3,276
  3,406
  3,546
  3,693
  3,850
  4,016
  4,097
  4,282
  4,478
  4,685
  4,903
  5,133
  5,376
  5,631
  5,900
  6,183
  6,481
  6,794
  7,124
  7,471
  7,835
  8,219
  8,622
  9,045
  9,490
  9,958
Fixed operating expenses, $m
 
  81
  83
  85
  87
  89
  92
  94
  96
  99
  101
  104
  106
  109
  112
  114
  117
  120
  123
  126
  129
  133
  136
  139
  143
  146
  150
  154
  158
  162
  166
Total operating expenses, $m
  2,816
  2,912
  3,013
  3,123
  3,240
  3,365
  3,498
  3,640
  3,789
  3,949
  4,117
  4,201
  4,388
  4,587
  4,797
  5,017
  5,250
  5,496
  5,754
  6,026
  6,312
  6,614
  6,930
  7,263
  7,614
  7,981
  8,369
  8,776
  9,203
  9,652
  10,124
Operating income, $m
  475
  495
  517
  541
  567
  595
  625
  657
  691
  727
  765
  900
  943
  988
  1,036
  1,087
  1,141
  1,197
  1,257
  1,319
  1,386
  1,455
  1,529
  1,606
  1,688
  1,773
  1,864
  1,959
  2,059
  2,164
  2,274
EBITDA, $m
  538
  616
  639
  665
  692
  721
  752
  785
  821
  858
  898
  940
  985
  1,032
  1,082
  1,135
  1,191
  1,249
  1,311
  1,377
  1,446
  1,519
  1,595
  1,676
  1,761
  1,850
  1,944
  2,043
  2,147
  2,256
  2,371
Interest expense (income), $m
  33
  33
  37
  42
  47
  52
  57
  63
  70
  76
  83
  91
  99
  107
  116
  126
  135
  146
  157
  168
  181
  193
  207
  221
  236
  252
  268
  286
  304
  323
  343
Earnings before tax, $m
  445
  462
  480
  500
  521
  543
  568
  594
  621
  650
  681
  809
  844
  881
  920
  962
  1,005
  1,051
  1,100
  1,151
  1,205
  1,262
  1,322
  1,385
  1,452
  1,522
  1,595
  1,673
  1,755
  1,841
  1,931
Tax expense, $m
  154
  125
  130
  135
  141
  147
  153
  160
  168
  176
  184
  218
  228
  238
  248
  260
  271
  284
  297
  311
  325
  341
  357
  374
  392
  411
  431
  452
  474
  497
  521
Net income, $m
  291
  337
  350
  365
  380
  397
  414
  433
  453
  475
  497
  591
  616
  643
  672
  702
  734
  767
  803
  840
  880
  921
  965
  1,011
  1,060
  1,111
  1,165
  1,221
  1,281
  1,344
  1,410

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  413
  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
  2,948
  2,624
  2,720
  2,823
  2,933
  3,051
  3,177
  3,310
  3,452
  3,602
  3,761
  3,930
  4,108
  4,296
  4,494
  4,703
  4,924
  5,156
  5,401
  5,659
  5,931
  6,216
  6,517
  6,833
  7,166
  7,516
  7,883
  8,270
  8,676
  9,103
  9,552
Adjusted assets (=assets-cash), $m
  2,535
  2,624
  2,720
  2,823
  2,933
  3,051
  3,177
  3,310
  3,452
  3,602
  3,761
  3,930
  4,108
  4,296
  4,494
  4,703
  4,924
  5,156
  5,401
  5,659
  5,931
  6,216
  6,517
  6,833
  7,166
  7,516
  7,883
  8,270
  8,676
  9,103
  9,552
Revenue / Adjusted assets
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
  1.298
Average production assets, $m
  524
  542
  561
  583
  605
  630
  656
  683
  712
  743
  776
  811
  848
  887
  927
  971
  1,016
  1,064
  1,115
  1,168
  1,224
  1,283
  1,345
  1,410
  1,479
  1,551
  1,627
  1,707
  1,791
  1,879
  1,971
Working capital, $m
  650
  245
  254
  264
  274
  285
  297
  309
  323
  337
  352
  367
  384
  401
  420
  440
  460
  482
  505
  529
  554
  581
  609
  639
  670
  702
  737
  773
  811
  851
  893
Total debt, $m
  355
  400
  449
  501
  557
  617
  681
  748
  820
  897
  978
  1,063
  1,154
  1,249
  1,350
  1,456
  1,568
  1,686
  1,811
  1,942
  2,080
  2,225
  2,378
  2,538
  2,707
  2,885
  3,072
  3,268
  3,474
  3,691
  3,919
Total liabilities, $m
  1,288
  1,333
  1,382
  1,434
  1,490
  1,550
  1,614
  1,681
  1,753
  1,830
  1,911
  1,996
  2,087
  2,182
  2,283
  2,389
  2,501
  2,619
  2,744
  2,875
  3,013
  3,158
  3,311
  3,471
  3,640
  3,818
  4,005
  4,201
  4,407
  4,624
  4,852
Total equity, $m
  1,660
  1,291
  1,338
  1,389
  1,443
  1,501
  1,563
  1,629
  1,698
  1,772
  1,851
  1,933
  2,021
  2,113
  2,211
  2,314
  2,423
  2,537
  2,657
  2,784
  2,918
  3,058
  3,206
  3,362
  3,526
  3,698
  3,879
  4,069
  4,269
  4,479
  4,699
Total liabilities and equity, $m
  2,948
  2,624
  2,720
  2,823
  2,933
  3,051
  3,177
  3,310
  3,451
  3,602
  3,762
  3,929
  4,108
  4,295
  4,494
  4,703
  4,924
  5,156
  5,401
  5,659
  5,931
  6,216
  6,517
  6,833
  7,166
  7,516
  7,884
  8,270
  8,676
  9,103
  9,551
Debt-to-equity ratio
  0.214
  0.310
  0.340
  0.360
  0.390
  0.410
  0.440
  0.460
  0.480
  0.510
  0.530
  0.550
  0.570
  0.590
  0.610
  0.630
  0.650
  0.660
  0.680
  0.700
  0.710
  0.730
  0.740
  0.760
  0.770
  0.780
  0.790
  0.800
  0.810
  0.820
  0.830
Adjusted equity ratio
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  291
  337
  350
  365
  380
  397
  414
  433
  453
  475
  497
  591
  616
  643
  672
  702
  734
  767
  803
  840
  880
  921
  965
  1,011
  1,060
  1,111
  1,165
  1,221
  1,281
  1,344
  1,410
Depreciation, amort., depletion, $m
  63
  121
  122
  123
  125
  126
  127
  128
  130
  131
  133
  40
  42
  44
  46
  48
  50
  52
  55
  58
  60
  63
  66
  69
  73
  76
  80
  84
  88
  93
  97
Funds from operations, $m
  340
  458
  473
  488
  505
  522
  541
  562
  583
  606
  631
  631
  658
  687
  717
  750
  784
  820
  858
  898
  940
  984
  1,031
  1,081
  1,133
  1,187
  1,245
  1,305
  1,369
  1,436
  1,507
Change in working capital, $m
  -6
  8
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  34
  36
  38
  40
  42
Cash from operations, $m
  346
  450
  464
  479
  494
  511
  530
  549
  570
  592
  616
  615
  641
  669
  699
  730
  763
  798
  835
  874
  915
  958
  1,003
  1,051
  1,101
  1,155
  1,210
  1,269
  1,331
  1,396
  1,465
Maintenance CAPEX, $m
  0
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -58
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -88
  -93
New CAPEX, $m
  -84
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -93
Cash from investing activities, $m
  -705
  -44
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -114
  -119
  -125
  -131
  -138
  -145
  -152
  -160
  -168
  -176
  -186
Free cash flow, $m
  -359
  407
  417
  430
  443
  457
  473
  489
  507
  526
  546
  542
  565
  589
  614
  641
  670
  700
  732
  766
  801
  838
  878
  919
  963
  1,010
  1,058
  1,109
  1,163
  1,220
  1,280
Issuance/(repayment) of debt, $m
  3
  45
  49
  52
  56
  60
  64
  68
  72
  76
  81
  86
  90
  95
  101
  106
  112
  118
  124
  131
  138
  145
  153
  161
  169
  178
  187
  196
  206
  217
  228
Issuance/(repurchase) of shares, $m
  14
  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  
  42
  45
  49
  52
  56
  60
  64
  68
  72
  76
  81
  86
  90
  95
  101
  106
  112
  118
  124
  131
  138
  145
  153
  161
  169
  178
  187
  196
  206
  217
  228
Total cash flow (excl. dividends), $m
  -321
  452
  466
  482
  499
  517
  537
  557
  579
  602
  627
  628
  655
  684
  715
  748
  782
  818
  856
  897
  939
  984
  1,031
  1,080
  1,132
  1,187
  1,245
  1,306
  1,370
  1,437
  1,508
Retained Cash Flow (-), $m
  -300
  -44
  -47
  -51
  -54
  -58
  -62
  -66
  -70
  -74
  -78
  -83
  -88
  -92
  -98
  -103
  -109
  -114
  -121
  -127
  -134
  -141
  -148
  -156
  -164
  -172
  -181
  -190
  -200
  -210
  -221
Prev. year cash balance distribution, $m
 
  413
  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
 
  821
  419
  431
  445
  459
  475
  492
  509
  528
  549
  545
  568
  592
  617
  645
  673
  704
  736
  770
  805
  843
  883
  925
  969
  1,015
  1,064
  1,116
  1,170
  1,227
  1,287
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  787
  383
  375
  366
  356
  345
  332
  318
  304
  288
  259
  242
  225
  207
  189
  171
  153
  136
  119
  102
  87
  73
  61
  49
  39
  31
  24
  18
  13
  10
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Acuity Brands, Inc. designs, produces, and distributes various lighting solutions and services for commercial, institutional, industrial, infrastructure, and residential applications in North America and internationally. The company offers lighting and controls products and solutions, including recessed, surface, and suspended lighting; down, decorative, emergency and exit, track, daylighting, special-us, street and roadway, parking garage, and underwater lighting; area pedestrian, flood, and decorative site lighting; landscape lighting; occupancy sensors; photo controls; relay panels; architectural dimming panels; and integrated lighting controls systems. It also provides modular wiring products, light emitting diode drivers, glass products, and inverters; and services across applications that primarily relate to monitoring and controlling lighting systems through network technologies and the commissioning of control systems. The company markets its products under the Lithonia Lighting, Holophane, Peerless, Gotham, Mark Architectural Lighting, Winona Lighting, Healthcare Lighting, Hydrel, American Electric Lighting, Carandini, Antique Street Lamps, Sunoptics, RELOC Wiring Solutions, eldoLED, Distech Controls, and Acuity Controls brand names. It serves electrical distributors, retail home improvement centers, electric utilities, utility distributors, national accounts, U.S. government and municipalities, lighting showrooms, original equipment manufacturers, and energy service companies. The company sells through independent sales agents, electrical wholesalers, and sales representatives, as well as through a network of distribution centers, regional warehouses, and commercial warehouses. Acuity Brands, Inc. was founded in 2001 and is headquartered in Atlanta, Georgia.

FINANCIAL RATIOS  of  Acuity Brands (AYI)

Valuation Ratios
P/E Ratio 27.6
Price to Sales 2.4
Price to Book 4.8
Price to Tangible Book
Price to Cash Flow 23.2
Price to Free Cash Flow 30.6
Growth Rates
Sales Growth Rate 21.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 47.4%
Cap. Spend. - 3 Yr. Gr. Rate 15.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 21.4%
Total Debt to Equity 21.4%
Interest Coverage 14
Management Effectiveness
Return On Assets 11.7%
Ret/ On Assets - 3 Yr. Avg. 10.7%
Return On Total Capital 15.6%
Ret/ On T. Cap. - 3 Yr. Avg. 13.9%
Return On Equity 19.3%
Return On Equity - 3 Yr. Avg. 17.7%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 43.6%
Gross Margin - 3 Yr. Avg. 42.3%
EBITDA Margin 16.4%
EBITDA Margin - 3 Yr. Avg. 15.4%
Operating Margin 14.4%
Oper. Margin - 3 Yr. Avg. 13.6%
Pre-Tax Margin 13.5%
Pre-Tax Margin - 3 Yr. Avg. 12.4%
Net Profit Margin 8.8%
Net Profit Margin - 3 Yr. Avg. 8.1%
Effective Tax Rate 34.6%
Eff/ Tax Rate - 3 Yr. Avg. 34.6%
Payout Ratio 7.9%

AYI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AYI stock intrinsic value calculation we used $3291 million for the last fiscal year's total revenue generated by Acuity Brands. The default revenue input number comes from 2016 income statement of Acuity Brands. 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 AYI stock valuation model: a) initial revenue growth rate of 3.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for AYI is calculated based on our internal credit rating of Acuity Brands, 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 Acuity Brands.
    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 AYI stock the variable cost ratio is equal to 83.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $79 million in the base year in the intrinsic value calculation for AYI 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 9.3% for Acuity Brands.

Corporate tax rate of 27% is the nominal tax rate for Acuity Brands. 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 AYI 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 AYI are equal to 15.9%.

Life of production assets of 20.3 years is the average useful life of capital assets used in Acuity Brands 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 AYI is equal to 7.2%. 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 - $1660 million for Acuity Brands - 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 42.383 million for Acuity Brands 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 Acuity Brands at the current share price and the inputted number of shares is $7.8 billion.

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COMPANY NEWS

▶ ETFs with exposure to Acuity Brands, Inc. : July 31, 2017   [Jul-31-17 04:26PM  Capital Cube]
▶ ETFs with exposure to Acuity Brands, Inc. : July 4, 2017   [Jul-04-17 02:36PM  Capital Cube]
▶ 3 Best-Performing Stocks in June   [09:02AM  Motley Fool]
▶ Company News for June 30, 2017   [10:43AM  Zacks]
▶ Acuity Brands beats Street 3Q forecasts   [Jun-29-17 11:57PM  Associated Press]
▶ The Hot Stock: Acuity Brands Jumps 10%   [04:27PM  Barrons.com]
▶ Story Stocks from Briefing.com   [12:07PM  Briefing.com]
▶ Acuity Brands, Inc. Declares Quarterly Dividend   [Jun-27-17 04:08PM  GlobeNewswire]
▶ ETFs with exposure to Acuity Brands, Inc. : June 15, 2017   [Jun-15-17 01:11PM  Capital Cube]
▶ A LED Stock That Shines   [May-23-17 06:30AM  Forbes]
▶ New Strong Sell Stocks for May 5th   [May-05-17 10:12AM  Zacks]
▶ Acuity Brands, Inc. Licenses Technology from Vital Vio, Inc   [May-04-17 08:16AM  GlobeNewswire]
▶ New Strong Sell Stocks for May 2nd   [May-02-17 10:35AM  Zacks]
▶ 7 of the Worst-Performing Stocks in Gurus' Portfolios   [Apr-14-17 06:08PM  GuruFocus.com]
▶ Market Has Lacked Visual Acuity   [02:40PM  GuruFocus.com]
▶ Acuity Brands Stock Trades Ex-Dividend Wednesday   [Apr-09-17 05:46PM  Investopedia]
▶ ETFs with exposure to Acuity Brands, Inc. : April 7, 2017   [Apr-07-17 03:54PM  Capital Cube]
▶ First Quarter Analysis: Winners and Losers in Industrials   [Apr-05-17 01:25PM  Investopedia]
▶ Acuity Brands Price Target Cut at Canaccord   [12:05PM  TheStreet.com]
▶ Company News for April 05, 2017   [11:22AM  Zacks]
▶ What Happened in the Stock Market Today   [05:11PM  Motley Fool]
▶ 20 companies that have met a high bar this earnings season   [Feb-18-17 08:28AM  at MarketWatch]
▶ Acuity Brands Trades Ex-Dividend Thursday   [Jan-19-17 03:25PM  at Investopedia]
Stock chart of AYI Financial statements of AYI
Valuation of Stocks

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

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