Intrinsic value of Acuity Brands - AYI

Previous Close

$162.17

  Intrinsic Value

$151.26

stock screener

  Rating & Target

hold

-7%

  Value-price divergence*

-19%

Previous close

$162.17

 
Intrinsic value

$151.26

 
Up/down potential

-7%

 
Rating

hold

 
Value-price divergence*

-19%

*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 6.9

 

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
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
Revenue, $m
  3,291
  3,446
  3,609
  3,780
  3,961
  4,151
  4,352
  4,562
  4,784
  5,017
  5,262
  5,519
  5,790
  6,075
  6,374
  6,688
  7,018
  7,365
  7,730
  8,113
  8,515
  8,938
  9,382
  9,848
  10,338
  10,853
  11,393
  11,960
  12,556
  13,182
  13,839
Variable operating expenses, $m
 
  2,862
  2,993
  3,131
  3,276
  3,429
  3,590
  3,759
  3,937
  4,124
  4,321
  4,433
  4,651
  4,879
  5,119
  5,372
  5,637
  5,916
  6,209
  6,516
  6,840
  7,179
  7,536
  7,910
  8,304
  8,717
  9,151
  9,606
  10,085
  10,588
  11,116
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
  2,943
  3,076
  3,216
  3,363
  3,518
  3,682
  3,853
  4,033
  4,223
  4,422
  4,537
  4,757
  4,988
  5,231
  5,486
  5,754
  6,036
  6,332
  6,642
  6,969
  7,312
  7,672
  8,049
  8,447
  8,863
  9,301
  9,760
  10,243
  10,750
  11,282
Operating income, $m
  475
  502
  532
  564
  598
  633
  670
  709
  750
  794
  840
  983
  1,033
  1,087
  1,143
  1,202
  1,264
  1,329
  1,398
  1,470
  1,546
  1,626
  1,710
  1,799
  1,892
  1,989
  2,092
  2,200
  2,313
  2,433
  2,558
EBITDA, $m
  538
  624
  655
  689
  723
  760
  799
  840
  883
  928
  976
  1,026
  1,079
  1,134
  1,193
  1,254
  1,319
  1,387
  1,459
  1,534
  1,613
  1,696
  1,784
  1,876
  1,973
  2,074
  2,181
  2,294
  2,412
  2,536
  2,666
Interest expense (income), $m
  33
  33
  39
  45
  51
  57
  64
  72
  79
  87
  96
  105
  114
  124
  134
  145
  157
  169
  181
  195
  209
  223
  239
  255
  272
  290
  308
  328
  349
  370
  393
Earnings before tax, $m
  445
  469
  494
  520
  547
  575
  606
  638
  671
  707
  744
  878
  919
  963
  1,008
  1,057
  1,107
  1,161
  1,217
  1,276
  1,338
  1,403
  1,472
  1,544
  1,620
  1,700
  1,784
  1,872
  1,965
  2,062
  2,165
Tax expense, $m
  154
  127
  133
  140
  148
  155
  164
  172
  181
  191
  201
  237
  248
  260
  272
  285
  299
  313
  329
  344
  361
  379
  397
  417
  437
  459
  482
  505
  531
  557
  585
Net income, $m
  291
  343
  360
  379
  399
  420
  442
  465
  490
  516
  543
  641
  671
  703
  736
  771
  808
  847
  888
  931
  977
  1,024
  1,074
  1,127
  1,183
  1,241
  1,302
  1,367
  1,434
  1,506
  1,580

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
  2,655
  2,780
  2,912
  3,052
  3,198
  3,352
  3,515
  3,685
  3,865
  4,054
  4,252
  4,461
  4,680
  4,910
  5,153
  5,407
  5,674
  5,955
  6,250
  6,560
  6,886
  7,228
  7,587
  7,965
  8,361
  8,777
  9,214
  9,674
  10,156
  10,662
Adjusted assets (=assets-cash), $m
  2,535
  2,655
  2,780
  2,912
  3,052
  3,198
  3,352
  3,515
  3,685
  3,865
  4,054
  4,252
  4,461
  4,680
  4,910
  5,153
  5,407
  5,674
  5,955
  6,250
  6,560
  6,886
  7,228
  7,587
  7,965
  8,361
  8,777
  9,214
  9,674
  10,156
  10,662
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
  548
  574
  601
  630
  660
  692
  725
  761
  798
  837
  878
  921
  966
  1,013
  1,063
  1,116
  1,171
  1,229
  1,290
  1,354
  1,421
  1,492
  1,566
  1,644
  1,726
  1,811
  1,902
  1,996
  2,096
  2,200
Working capital, $m
  650
  248
  260
  272
  285
  299
  313
  328
  344
  361
  379
  397
  417
  437
  459
  482
  505
  530
  557
  584
  613
  644
  676
  709
  744
  781
  820
  861
  904
  949
  996
Total debt, $m
  355
  416
  479
  547
  617
  692
  770
  853
  939
  1,030
  1,126
  1,227
  1,333
  1,444
  1,562
  1,685
  1,814
  1,950
  2,092
  2,242
  2,400
  2,565
  2,739
  2,921
  3,113
  3,314
  3,526
  3,748
  3,981
  4,226
  4,483
Total liabilities, $m
  1,288
  1,349
  1,412
  1,480
  1,550
  1,625
  1,703
  1,786
  1,872
  1,963
  2,059
  2,160
  2,266
  2,377
  2,495
  2,618
  2,747
  2,883
  3,025
  3,175
  3,333
  3,498
  3,672
  3,854
  4,046
  4,247
  4,459
  4,681
  4,914
  5,159
  5,416
Total equity, $m
  1,660
  1,306
  1,368
  1,433
  1,501
  1,574
  1,649
  1,729
  1,813
  1,902
  1,994
  2,092
  2,195
  2,303
  2,416
  2,535
  2,660
  2,792
  2,930
  3,075
  3,228
  3,388
  3,556
  3,733
  3,919
  4,114
  4,318
  4,533
  4,759
  4,997
  5,246
Total liabilities and equity, $m
  2,948
  2,655
  2,780
  2,913
  3,051
  3,199
  3,352
  3,515
  3,685
  3,865
  4,053
  4,252
  4,461
  4,680
  4,911
  5,153
  5,407
  5,675
  5,955
  6,250
  6,561
  6,886
  7,228
  7,587
  7,965
  8,361
  8,777
  9,214
  9,673
  10,156
  10,662
Debt-to-equity ratio
  0.214
  0.320
  0.350
  0.380
  0.410
  0.440
  0.470
  0.490
  0.520
  0.540
  0.560
  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
  0.810
  0.820
  0.830
  0.840
  0.850
  0.850
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
  343
  360
  379
  399
  420
  442
  465
  490
  516
  543
  641
  671
  703
  736
  771
  808
  847
  888
  931
  977
  1,024
  1,074
  1,127
  1,183
  1,241
  1,302
  1,367
  1,434
  1,506
  1,580
Depreciation, amort., depletion, $m
  63
  122
  123
  124
  126
  127
  129
  131
  132
  134
  136
  43
  45
  48
  50
  52
  55
  58
  61
  64
  67
  70
  73
  77
  81
  85
  89
  94
  98
  103
  108
Funds from operations, $m
  340
  464
  484
  504
  525
  547
  571
  596
  622
  650
  679
  684
  716
  750
  786
  824
  863
  905
  949
  995
  1,043
  1,094
  1,148
  1,204
  1,264
  1,326
  1,391
  1,460
  1,533
  1,609
  1,689
Change in working capital, $m
  -6
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  19
  20
  22
  23
  24
  25
  26
  28
  29
  30
  32
  34
  35
  37
  39
  41
  43
  45
  47
Cash from operations, $m
  346
  453
  472
  491
  512
  534
  557
  581
  606
  633
  661
  666
  697
  730
  765
  801
  840
  880
  923
  967
  1,014
  1,064
  1,116
  1,171
  1,228
  1,289
  1,353
  1,419
  1,490
  1,564
  1,641
Maintenance CAPEX, $m
  0
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -81
  -85
  -89
  -94
  -98
  -103
New CAPEX, $m
  -84
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -90
  -95
  -100
  -105
Cash from investing activities, $m
  -705
  -50
  -53
  -55
  -59
  -61
  -65
  -67
  -71
  -74
  -78
  -82
  -86
  -90
  -96
  -100
  -105
  -110
  -116
  -122
  -128
  -134
  -141
  -147
  -155
  -163
  -171
  -179
  -189
  -198
  -208
Free cash flow, $m
  -359
  404
  419
  436
  454
  472
  492
  513
  535
  559
  583
  583
  611
  639
  669
  701
  735
  770
  807
  846
  887
  930
  975
  1,023
  1,073
  1,126
  1,182
  1,240
  1,301
  1,366
  1,434
Issuance/(repayment) of debt, $m
  3
  61
  64
  67
  71
  74
  78
  82
  87
  91
  96
  101
  106
  111
  117
  123
  129
  136
  143
  150
  157
  165
  174
  183
  192
  201
  211
  222
  233
  245
  257
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
  61
  64
  67
  71
  74
  78
  82
  87
  91
  96
  101
  106
  111
  117
  123
  129
  136
  143
  150
  157
  165
  174
  183
  192
  201
  211
  222
  233
  245
  257
Total cash flow (excl. dividends), $m
  -321
  464
  483
  503
  524
  547
  571
  596
  622
  650
  679
  684
  717
  751
  786
  824
  864
  906
  950
  996
  1,044
  1,095
  1,149
  1,206
  1,265
  1,327
  1,393
  1,462
  1,535
  1,611
  1,691
Retained Cash Flow (-), $m
  -300
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -93
  -98
  -103
  -108
  -113
  -119
  -125
  -132
  -138
  -145
  -153
  -160
  -168
  -177
  -186
  -195
  -205
  -215
  -226
  -237
  -249
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
 
  818
  421
  438
  456
  475
  495
  516
  538
  561
  586
  587
  614
  643
  673
  705
  739
  774
  811
  851
  892
  935
  981
  1,029
  1,079
  1,132
  1,188
  1,247
  1,309
  1,374
  1,442
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
 
  784
  385
  381
  375
  368
  359
  348
  336
  323
  307
  279
  262
  244
  226
  207
  188
  168
  149
  131
  113
  97
  81
  67
  55
  44
  35
  27
  20
  15
  11
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. is a provider of lighting solutions for commercial, institutional, industrial, infrastructure and residential applications throughout North America and other international markets. The Company operates through North American segment. The Company offers a portfolio of indoor and outdoor lighting and building management solutions for commercial, institutional, industrial, infrastructure and residential applications. The portfolio of lighting solutions include lighting products utilizing fluorescent, light emitting diode (LED), organic LED (OLED), high intensity discharge, metal halide, and incandescent light sources to illuminate a number of applications. The solutions portfolio of the Company also includes modular wiring, LED drivers, sensors, glass and inverters sold primarily to original equipment manufacturers (OEMs). Its lighting and building management solutions are marketed under various brand names, including Lithonia Lighting and Holophane.

FINANCIAL RATIOS  of  Acuity Brands (AYI)

Valuation Ratios
P/E Ratio 24.4
Price to Sales 2.2
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 20.5
Price to Free Cash Flow 27.1
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 4.7% 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 42.376 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 $6.9 billion.

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COMPANY NEWS

▶ Mylan: S&P 500s Top Gainer on October 4   [10:40AM  Market Realist]
▶ Acuity Brands tops 4Q profit forecasts   [08:42AM  Associated Press]
▶ 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]
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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