Intrinsic value of Acuity Brands - AYI

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$177.15

  Intrinsic Value

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  Value-price divergence*

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$177.15

 
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*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 7.5

 

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
  15.50
  14.45
  13.51
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.30
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
Revenue, $m
  3,291
  3,801
  4,350
  4,938
  5,563
  6,224
  6,921
  7,653
  8,421
  9,222
  10,058
  10,930
  11,836
  12,779
  13,759
  14,777
  15,836
  16,936
  18,079
  19,268
  20,505
  21,792
  23,132
  24,527
  25,982
  27,499
  29,081
  30,732
  32,456
  34,258
  36,140
Variable operating expenses, $m
 
  3,148
  3,589
  4,061
  4,563
  5,094
  5,654
  6,242
  6,858
  7,502
  8,174
  8,779
  9,507
  10,264
  11,051
  11,869
  12,719
  13,603
  14,521
  15,476
  16,469
  17,503
  18,579
  19,700
  20,869
  22,087
  23,358
  24,684
  26,069
  27,516
  29,027
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
  3,229
  3,672
  4,146
  4,650
  5,183
  5,746
  6,336
  6,954
  7,601
  8,275
  8,883
  9,613
  10,373
  11,163
  11,983
  12,836
  13,723
  14,644
  15,602
  16,598
  17,636
  18,715
  19,839
  21,012
  22,233
  23,508
  24,838
  26,227
  27,678
  29,193
Operating income, $m
  475
  572
  678
  792
  913
  1,041
  1,176
  1,318
  1,466
  1,622
  1,784
  2,047
  2,223
  2,406
  2,596
  2,794
  2,999
  3,213
  3,435
  3,666
  3,906
  4,156
  4,416
  4,688
  4,971
  5,265
  5,573
  5,894
  6,230
  6,580
  6,947
EBITDA, $m
  538
  697
  807
  925
  1,051
  1,184
  1,325
  1,472
  1,627
  1,789
  1,957
  2,133
  2,316
  2,506
  2,704
  2,910
  3,123
  3,345
  3,576
  3,817
  4,067
  4,327
  4,598
  4,880
  5,174
  5,481
  5,801
  6,135
  6,484
  6,849
  7,230
Interest expense (income), $m
  33
  33
  52
  72
  93
  116
  140
  165
  192
  220
  249
  279
  311
  344
  378
  414
  451
  490
  530
  571
  615
  660
  706
  755
  806
  859
  914
  972
  1,032
  1,095
  1,160
Earnings before tax, $m
  445
  539
  627
  720
  820
  925
  1,036
  1,152
  1,274
  1,402
  1,535
  1,768
  1,912
  2,062
  2,218
  2,380
  2,548
  2,723
  2,905
  3,094
  3,291
  3,496
  3,710
  3,933
  4,165
  4,407
  4,659
  4,923
  5,198
  5,486
  5,787
Tax expense, $m
  154
  146
  169
  194
  221
  250
  280
  311
  344
  378
  414
  477
  516
  557
  599
  643
  688
  735
  784
  836
  889
  944
  1,002
  1,062
  1,124
  1,190
  1,258
  1,329
  1,403
  1,481
  1,562
Net income, $m
  291
  394
  458
  526
  598
  675
  756
  841
  930
  1,023
  1,120
  1,291
  1,396
  1,505
  1,619
  1,737
  1,860
  1,988
  2,121
  2,259
  2,403
  2,552
  2,708
  2,871
  3,040
  3,217
  3,401
  3,594
  3,795
  4,005
  4,224

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
  2,928
  3,352
  3,804
  4,286
  4,795
  5,332
  5,896
  6,487
  7,105
  7,749
  8,420
  9,119
  9,845
  10,600
  11,385
  12,200
  13,048
  13,928
  14,844
  15,797
  16,789
  17,821
  18,896
  20,017
  21,185
  22,404
  23,677
  25,005
  26,393
  27,843
Adjusted assets (=assets-cash), $m
  2,535
  2,928
  3,352
  3,804
  4,286
  4,795
  5,332
  5,896
  6,487
  7,105
  7,749
  8,420
  9,119
  9,845
  10,600
  11,385
  12,200
  13,048
  13,928
  14,844
  15,797
  16,789
  17,821
  18,896
  20,017
  21,185
  22,404
  23,677
  25,005
  26,393
  27,843
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
  604
  692
  785
  884
  990
  1,100
  1,217
  1,339
  1,466
  1,599
  1,738
  1,882
  2,032
  2,188
  2,350
  2,518
  2,693
  2,875
  3,064
  3,260
  3,465
  3,678
  3,900
  4,131
  4,372
  4,624
  4,886
  5,161
  5,447
  5,746
Working capital, $m
  650
  274
  313
  356
  401
  448
  498
  551
  606
  664
  724
  787
  852
  920
  991
  1,064
  1,140
  1,219
  1,302
  1,387
  1,476
  1,569
  1,665
  1,766
  1,871
  1,980
  2,094
  2,213
  2,337
  2,467
  2,602
Total debt, $m
  355
  555
  770
  1,000
  1,244
  1,503
  1,776
  2,062
  2,363
  2,676
  3,004
  3,345
  3,699
  4,068
  4,452
  4,850
  5,265
  5,695
  6,143
  6,608
  7,092
  7,596
  8,120
  8,666
  9,236
  9,829
  10,448
  11,095
  11,770
  12,474
  13,211
Total liabilities, $m
  1,288
  1,488
  1,703
  1,933
  2,177
  2,436
  2,709
  2,995
  3,296
  3,609
  3,937
  4,278
  4,632
  5,001
  5,385
  5,783
  6,198
  6,628
  7,076
  7,541
  8,025
  8,529
  9,053
  9,599
  10,169
  10,762
  11,381
  12,028
  12,703
  13,407
  14,144
Total equity, $m
  1,660
  1,441
  1,649
  1,872
  2,109
  2,359
  2,623
  2,901
  3,192
  3,496
  3,813
  4,143
  4,486
  4,844
  5,215
  5,601
  6,002
  6,419
  6,853
  7,303
  7,772
  8,260
  8,768
  9,297
  9,848
  10,423
  11,023
  11,649
  12,302
  12,985
  13,699
Total liabilities and equity, $m
  2,948
  2,929
  3,352
  3,805
  4,286
  4,795
  5,332
  5,896
  6,488
  7,105
  7,750
  8,421
  9,118
  9,845
  10,600
  11,384
  12,200
  13,047
  13,929
  14,844
  15,797
  16,789
  17,821
  18,896
  20,017
  21,185
  22,404
  23,677
  25,005
  26,392
  27,843
Debt-to-equity ratio
  0.214
  0.380
  0.470
  0.530
  0.590
  0.640
  0.680
  0.710
  0.740
  0.770
  0.790
  0.810
  0.820
  0.840
  0.850
  0.870
  0.880
  0.890
  0.900
  0.900
  0.910
  0.920
  0.930
  0.930
  0.940
  0.940
  0.950
  0.950
  0.960
  0.960
  0.960
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
  394
  458
  526
  598
  675
  756
  841
  930
  1,023
  1,120
  1,291
  1,396
  1,505
  1,619
  1,737
  1,860
  1,988
  2,121
  2,259
  2,403
  2,552
  2,708
  2,871
  3,040
  3,217
  3,401
  3,594
  3,795
  4,005
  4,224
Depreciation, amort., depletion, $m
  63
  125
  129
  133
  138
  144
  149
  155
  161
  167
  174
  86
  93
  100
  108
  116
  124
  133
  142
  151
  161
  171
  181
  192
  204
  215
  228
  241
  254
  268
  283
Funds from operations, $m
  340
  518
  586
  659
  737
  819
  905
  996
  1,091
  1,190
  1,294
  1,376
  1,489
  1,605
  1,727
  1,853
  1,984
  2,121
  2,262
  2,410
  2,563
  2,723
  2,890
  3,063
  3,244
  3,432
  3,629
  3,834
  4,049
  4,273
  4,507
Change in working capital, $m
  -6
  37
  40
  42
  45
  48
  50
  53
  55
  58
  60
  63
  65
  68
  71
  73
  76
  79
  82
  86
  89
  93
  96
  100
  105
  109
  114
  119
  124
  130
  136
Cash from operations, $m
  346
  608
  547
  617
  692
  771
  855
  943
  1,036
  1,133
  1,234
  1,314
  1,423
  1,537
  1,656
  1,780
  1,908
  2,041
  2,180
  2,324
  2,474
  2,630
  2,793
  2,962
  3,139
  3,323
  3,515
  3,715
  3,925
  4,143
  4,372
Maintenance CAPEX, $m
  0
  -26
  -30
  -34
  -39
  -44
  -49
  -54
  -60
  -66
  -72
  -79
  -86
  -93
  -100
  -108
  -116
  -124
  -133
  -142
  -151
  -161
  -171
  -181
  -192
  -204
  -215
  -228
  -241
  -254
  -268
New CAPEX, $m
  -84
  -80
  -87
  -93
  -99
  -105
  -111
  -116
  -122
  -127
  -133
  -139
  -144
  -150
  -156
  -162
  -168
  -175
  -182
  -189
  -197
  -205
  -213
  -222
  -231
  -241
  -252
  -263
  -274
  -286
  -299
Cash from investing activities, $m
  -705
  -106
  -117
  -127
  -138
  -149
  -160
  -170
  -182
  -193
  -205
  -218
  -230
  -243
  -256
  -270
  -284
  -299
  -315
  -331
  -348
  -366
  -384
  -403
  -423
  -445
  -467
  -491
  -515
  -540
  -567
Free cash flow, $m
  -359
  501
  430
  490
  554
  622
  695
  773
  854
  939
  1,029
  1,096
  1,194
  1,295
  1,400
  1,510
  1,624
  1,742
  1,866
  1,994
  2,127
  2,265
  2,409
  2,559
  2,715
  2,878
  3,048
  3,225
  3,410
  3,603
  3,804
Issuance/(repayment) of debt, $m
  3
  200
  215
  230
  245
  259
  273
  287
  300
  314
  327
  341
  355
  369
  384
  399
  414
  430
  447
  465
  484
  504
  524
  546
  569
  594
  619
  646
  675
  705
  737
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
  200
  215
  230
  245
  259
  273
  287
  300
  314
  327
  341
  355
  369
  384
  399
  414
  430
  447
  465
  484
  504
  524
  546
  569
  594
  619
  646
  675
  705
  737
Total cash flow (excl. dividends), $m
  -321
  701
  645
  719
  798
  881
  968
  1,059
  1,154
  1,253
  1,356
  1,437
  1,548
  1,664
  1,784
  1,909
  2,038
  2,173
  2,313
  2,459
  2,611
  2,769
  2,934
  3,106
  3,285
  3,472
  3,667
  3,871
  4,085
  4,308
  4,541
Retained Cash Flow (-), $m
  -300
  -194
  -208
  -223
  -237
  -251
  -264
  -278
  -291
  -304
  -317
  -330
  -344
  -357
  -371
  -386
  -401
  -417
  -433
  -451
  -469
  -488
  -508
  -529
  -551
  -575
  -600
  -626
  -654
  -683
  -713
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
 
  920
  437
  497
  562
  631
  704
  782
  863
  949
  1,039
  1,107
  1,205
  1,307
  1,412
  1,523
  1,637
  1,756
  1,880
  2,008
  2,142
  2,281
  2,426
  2,576
  2,733
  2,897
  3,068
  3,245
  3,431
  3,625
  3,827
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
 
  882
  400
  432
  462
  489
  511
  528
  540
  545
  545
  526
  514
  497
  474
  447
  416
  382
  346
  309
  272
  236
  201
  169
  139
  113
  89
  70
  53
  40
  29
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 26.6
Price to Sales 2.4
Price to Book 4.7
Price to Tangible Book
Price to Cash Flow 22.4
Price to Free Cash Flow 29.6
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 15.5% 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 $7.5 billion.


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COMPANY NEWS

▶ 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]
▶ What Happened in the Stock Market Today   [04:48PM  at Motley Fool]
▶ The Biggest Loser: Acuity Brands Falls 14.7%   [04:47PM  at Barrons.com]
▶ Why Acuity Brands, Inc. Stock Fell 19% Today   [12:42PM  at Motley Fool]
▶ [$$] Acuity Reports Soft Demand Leads to Weak Sales   [09:20AM  at The Wall Street Journal]
▶ Acuity Brands, Inc. Declares Quarterly Dividend   [Jan-06-17 02:41PM  GlobeNewswire]
▶ The Biggest Loser: Acuity Brands Tumbles 5.6%   [Dec-20-16 04:09PM  at Barrons.com]
▶ Acuity Brands CEO, Associates Honored (AYI)   [Nov-28-16 05:03PM  at Investopedia]
Stock chart of AYI Financial statements of AYI Annual reports 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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