Intrinsic value of Gannett - GCI

Previous Close

$10.38

  Intrinsic Value

$11.58

stock screener

  Rating & Target

hold

+12%

Previous close

$10.38

 
Intrinsic value

$11.58

 
Up/down potential

+12%

 
Rating

hold

We calculate the intrinsic value of GCI 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  5.62
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
Revenue, $m
  3,047
  3,250
  3,363
  3,484
  3,615
  3,756
  3,906
  4,066
  4,236
  4,417
  4,609
  4,812
  5,027
  5,254
  5,494
  5,747
  6,015
  6,296
  6,593
  6,906
  7,236
  7,583
  7,948
  8,332
  8,736
  9,161
  9,607
  10,077
  10,571
  11,090
  11,636
Variable operating expenses, $m
 
  3,153
  3,259
  3,374
  3,498
  3,630
  3,772
  3,922
  4,083
  4,254
  4,434
  4,538
  4,741
  4,955
  5,182
  5,421
  5,673
  5,938
  6,218
  6,513
  6,824
  7,151
  7,496
  7,858
  8,239
  8,640
  9,061
  9,504
  9,970
  10,460
  10,974
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,968
  3,153
  3,259
  3,374
  3,498
  3,630
  3,772
  3,922
  4,083
  4,254
  4,434
  4,538
  4,741
  4,955
  5,182
  5,421
  5,673
  5,938
  6,218
  6,513
  6,824
  7,151
  7,496
  7,858
  8,239
  8,640
  9,061
  9,504
  9,970
  10,460
  10,974
Operating income, $m
  79
  97
  104
  110
  118
  126
  134
  144
  153
  164
  174
  274
  286
  299
  312
  327
  342
  358
  375
  393
  412
  431
  452
  474
  497
  521
  546
  573
  601
  631
  662
EBITDA, $m
  212
  379
  392
  406
  421
  437
  455
  474
  493
  514
  537
  560
  586
  612
  640
  669
  701
  733
  768
  804
  843
  883
  926
  970
  1,018
  1,067
  1,119
  1,174
  1,231
  1,292
  1,355
Interest expense (income), $m
  10
  19
  22
  25
  28
  32
  35
  39
  44
  48
  53
  58
  64
  69
  75
  82
  88
  96
  103
  111
  119
  128
  137
  147
  157
  168
  179
  191
  204
  217
  231
Earnings before tax, $m
  66
  78
  82
  86
  90
  94
  99
  104
  110
  115
  121
  216
  222
  230
  237
  245
  254
  263
  272
  282
  292
  303
  315
  327
  340
  353
  367
  382
  397
  414
  431
Tax expense, $m
  13
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  58
  60
  62
  64
  66
  68
  71
  73
  76
  79
  82
  85
  88
  92
  95
  99
  103
  107
  112
  116
Net income, $m
  53
  57
  60
  62
  66
  69
  72
  76
  80
  84
  89
  157
  162
  168
  173
  179
  185
  192
  199
  206
  213
  221
  230
  239
  248
  258
  268
  279
  290
  302
  315

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  114
  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
  2,845
  2,655
  2,747
  2,847
  2,954
  3,069
  3,191
  3,322
  3,461
  3,609
  3,765
  3,931
  4,107
  4,293
  4,489
  4,696
  4,914
  5,144
  5,387
  5,642
  5,912
  6,195
  6,493
  6,807
  7,137
  7,484
  7,849
  8,233
  8,637
  9,061
  9,507
Adjusted assets (=assets-cash), $m
  2,731
  2,655
  2,747
  2,847
  2,954
  3,069
  3,191
  3,322
  3,461
  3,609
  3,765
  3,931
  4,107
  4,293
  4,489
  4,696
  4,914
  5,144
  5,387
  5,642
  5,912
  6,195
  6,493
  6,807
  7,137
  7,484
  7,849
  8,233
  8,637
  9,061
  9,507
Revenue / Adjusted assets
  1.116
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
Average production assets, $m
  1,100
  1,937
  2,004
  2,077
  2,155
  2,239
  2,328
  2,423
  2,525
  2,633
  2,747
  2,868
  2,996
  3,131
  3,274
  3,425
  3,585
  3,753
  3,930
  4,116
  4,312
  4,519
  4,737
  4,966
  5,206
  5,460
  5,726
  6,006
  6,300
  6,610
  6,935
Working capital, $m
  32
  -370
  -383
  -397
  -412
  -428
  -445
  -464
  -483
  -504
  -525
  -549
  -573
  -599
  -626
  -655
  -686
  -718
  -752
  -787
  -825
  -864
  -906
  -950
  -996
  -1,044
  -1,095
  -1,149
  -1,205
  -1,264
  -1,327
Total debt, $m
  400
  406
  461
  521
  586
  655
  729
  808
  892
  982
  1,076
  1,177
  1,283
  1,395
  1,513
  1,638
  1,770
  1,909
  2,056
  2,210
  2,373
  2,544
  2,724
  2,913
  3,113
  3,322
  3,543
  3,775
  4,019
  4,275
  4,544
Total liabilities, $m
  1,988
  1,604
  1,659
  1,719
  1,784
  1,853
  1,927
  2,006
  2,090
  2,180
  2,274
  2,375
  2,481
  2,593
  2,711
  2,836
  2,968
  3,107
  3,254
  3,408
  3,571
  3,742
  3,922
  4,111
  4,311
  4,520
  4,741
  4,973
  5,216
  5,473
  5,742
Total equity, $m
  857
  1,051
  1,088
  1,127
  1,170
  1,215
  1,264
  1,315
  1,371
  1,429
  1,491
  1,557
  1,626
  1,700
  1,777
  1,859
  1,946
  2,037
  2,133
  2,234
  2,341
  2,453
  2,571
  2,696
  2,826
  2,964
  3,108
  3,260
  3,420
  3,588
  3,765
Total liabilities and equity, $m
  2,845
  2,655
  2,747
  2,846
  2,954
  3,068
  3,191
  3,321
  3,461
  3,609
  3,765
  3,932
  4,107
  4,293
  4,488
  4,695
  4,914
  5,144
  5,387
  5,642
  5,912
  6,195
  6,493
  6,807
  7,137
  7,484
  7,849
  8,233
  8,636
  9,061
  9,507
Debt-to-equity ratio
  0.467
  0.390
  0.420
  0.460
  0.500
  0.540
  0.580
  0.610
  0.650
  0.690
  0.720
  0.760
  0.790
  0.820
  0.850
  0.880
  0.910
  0.940
  0.960
  0.990
  1.010
  1.040
  1.060
  1.080
  1.100
  1.120
  1.140
  1.160
  1.170
  1.190
  1.210
Adjusted equity ratio
  0.272
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  53
  57
  60
  62
  66
  69
  72
  76
  80
  84
  89
  157
  162
  168
  173
  179
  185
  192
  199
  206
  213
  221
  230
  239
  248
  258
  268
  279
  290
  302
  315
Depreciation, amort., depletion, $m
  133
  281
  288
  295
  303
  312
  320
  330
  340
  351
  362
  287
  300
  313
  327
  343
  358
  375
  393
  412
  431
  452
  474
  497
  521
  546
  573
  601
  630
  661
  694
Funds from operations, $m
  151
  338
  348
  358
  369
  380
  393
  406
  420
  435
  451
  444
  462
  481
  501
  522
  544
  567
  591
  617
  645
  673
  703
  735
  769
  804
  841
  879
  920
  963
  1,008
Change in working capital, $m
  -15
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -54
  -56
  -59
  -62
Cash from operations, $m
  166
  350
  361
  372
  384
  396
  410
  424
  440
  456
  473
  467
  486
  507
  528
  550
  574
  599
  625
  653
  682
  713
  745
  779
  815
  852
  891
  933
  976
  1,022
  1,070
Maintenance CAPEX, $m
  0
  -188
  -194
  -200
  -208
  -215
  -224
  -233
  -242
  -252
  -263
  -275
  -287
  -300
  -313
  -327
  -343
  -358
  -375
  -393
  -412
  -431
  -452
  -474
  -497
  -521
  -546
  -573
  -601
  -630
  -661
New CAPEX, $m
  -60
  -61
  -67
  -73
  -78
  -84
  -89
  -95
  -101
  -108
  -114
  -121
  -128
  -135
  -143
  -151
  -159
  -168
  -177
  -186
  -196
  -207
  -218
  -229
  -241
  -253
  -266
  -280
  -294
  -309
  -325
Cash from investing activities, $m
  -519
  -249
  -261
  -273
  -286
  -299
  -313
  -328
  -343
  -360
  -377
  -396
  -415
  -435
  -456
  -478
  -502
  -526
  -552
  -579
  -608
  -638
  -670
  -703
  -738
  -774
  -812
  -853
  -895
  -939
  -986
Free cash flow, $m
  -353
  101
  100
  99
  98
  97
  97
  96
  96
  96
  95
  72
  72
  72
  72
  72
  72
  73
  73
  74
  74
  75
  76
  76
  77
  78
  79
  80
  81
  83
  84
Issuance/(repayment) of debt, $m
  400
  51
  56
  60
  65
  69
  74
  79
  84
  89
  95
  100
  106
  112
  118
  125
  132
  139
  147
  154
  163
  171
  180
  190
  199
  210
  221
  232
  244
  256
  269
Issuance/(repurchase) of shares, $m
  -32
  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  
  364
  51
  56
  60
  65
  69
  74
  79
  84
  89
  95
  100
  106
  112
  118
  125
  132
  139
  147
  154
  163
  171
  180
  190
  199
  210
  221
  232
  244
  256
  269
Total cash flow (excl. dividends), $m
  11
  152
  155
  159
  163
  166
  171
  175
  180
  185
  190
  172
  178
  184
  190
  197
  204
  212
  220
  228
  237
  246
  256
  266
  277
  288
  300
  312
  325
  339
  353
Retained Cash Flow (-), $m
  202
  -34
  -36
  -39
  -42
  -45
  -49
  -52
  -55
  -58
  -62
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -96
  -101
  -107
  -112
  -118
  -124
  -131
  -137
  -145
  -152
  -160
  -168
  -177
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  19
  19
  20
  21
  22
  23
  23
  24
  25
  27
  28
  29
  30
  32
  33
  34
  36
  38
  40
  41
  43
  45
  48
  50
  52
  55
  58
  60
  63
  67
Cash available for distribution, $m
 
  118
  119
  119
  120
  121
  122
  123
  125
  126
  128
  106
  108
  110
  113
  115
  118
  121
  124
  127
  130
  134
  138
  142
  146
  150
  155
  160
  165
  171
  177
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
 
  113
  109
  104
  99
  94
  89
  83
  78
  73
  67
  50
  46
  42
  38
  34
  30
  26
  23
  20
  17
  14
  11
  9
  7
  6
  5
  3
  3
  2
  1
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

Gannett Co., Inc. is a media company. The Company operates as a newspaper publisher in the United States. As of December 25, 2016, it owned ReachLocal, Inc. (ReachLocal), a digital marketing solutions company; the USA TODAY NETWORK (made up of USA TODAY including digital sites and affiliates (USAT) and 109 local media organizations in 34 states in the United States and Guam), and Newsquest Media Group Ltd. (Newsquest), the Company's subsidiary operating in the United Kingdom. The Company's segments include Publishing, ReachLocal, and a Corporate and Other category. The publishing segment comprises the USA TODAY NETWORK and Newsquest. Its publishing operations also include commercial printing and distribution, marketing and data services. It also reaches small and medium sized businesses with digital marketing solutions principally through ReachLocal. ReachLocal is focused on local businesses and on providing a total digital marketing solution.

FINANCIAL RATIOS  of  Gannett (GCI)

Valuation Ratios
P/E Ratio 22.1
Price to Sales 0.4
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 7.1
Price to Free Cash Flow 11.1
Growth Rates
Sales Growth Rate 5.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.1%
Cap. Spend. - 3 Yr. Gr. Rate 2.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 46.7%
Total Debt to Equity 46.7%
Interest Coverage 8
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. 5.7%
Return On Total Capital 4.6%
Ret/ On T. Cap. - 3 Yr. Avg. 12.8%
Return On Equity 5.5%
Return On Equity - 3 Yr. Avg. 13.1%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 36.6%
Gross Margin - 3 Yr. Avg. 37%
EBITDA Margin 6.9%
EBITDA Margin - 3 Yr. Avg. 9.9%
Operating Margin 2.6%
Oper. Margin - 3 Yr. Avg. 5.6%
Pre-Tax Margin 2.2%
Pre-Tax Margin - 3 Yr. Avg. 5.9%
Net Profit Margin 1.7%
Net Profit Margin - 3 Yr. Avg. 4.5%
Effective Tax Rate 19.7%
Eff/ Tax Rate - 3 Yr. Avg. 22.8%
Payout Ratio 175.5%

GCI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GCI stock intrinsic value calculation we used $3146 million for the last fiscal year's total revenue generated by Gannett. The default revenue input number comes from 2016 income statement of Gannett. 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 GCI stock valuation model: a) initial revenue growth rate of 3.3% 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 GCI is calculated based on our internal credit rating of Gannett, 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 Gannett.
    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 GCI stock the variable cost ratio is equal to 97.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for GCI 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 5.4% for Gannett.

Corporate tax rate of 27% is the nominal tax rate for Gannett. 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 GCI stock is equal to 0.6%.

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 GCI are equal to 59.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Gannett 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 GCI is equal to -11.4%. 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 - $1017 million for Gannett - 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 112 million for Gannett 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 Gannett at the current share price and the inputted number of shares is $1.2 billion.

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COMPANY NEWS

▶ Gannett Co., Inc. to Host Earnings Call   [08:00AM  ACCESSWIRE]
▶ Gannett Co.: 2Q Earnings Snapshot   [07:05AM  Associated Press]
▶ Gannett Reports Second Quarter Results   [06:55AM  Business Wire]
▶ Stocks Trend Higher On Impressive Earnings   [Aug-07-18 10:13AM  Zacks]
▶ Stay Away! 3 Dividend Stocks That Are Yield Traps   [Jul-27-18 07:50PM  Motley Fool]
▶ Gannett Declares Regular Quarterly Dividend   [Jul-25-18 04:15PM  Business Wire]
▶ The spiraling down of the daily newspaper: Circulation declines, layoffs continue   [Jul-11-18 07:00AM  American City Business Journals]
▶ Gannett Completes Acquisition of WordStream   [Jul-02-18 04:15PM  Business Wire]
▶ What Is Gannett Co Incs (NYSE:GCI) Share Price Doing?   [Jun-23-18 10:55AM  Simply Wall St.]
▶ The College Board taking its Reston space back from Appian   [May-22-18 12:11PM  American City Business Journals]
▶ Gannett to buy Boston digital marketing firm for $130M   [May-11-18 09:00AM  American City Business Journals]
▶ [$$] Gannett to Acquire WordStream for $130 Million in Cash   [May-10-18 07:40AM  The Wall Street Journal]
▶ Gannett to Participate at Upcoming Investor Conferences   [May-09-18 04:15PM  Business Wire]
▶ Company News For May 8, 2018   [09:53AM  Zacks]
▶ 10 Gannett Co Inc Earnings Highlights for Q1   [May-07-18 01:19PM  InvestorPlace]
▶ Gannett Co.: 1Q Earnings Snapshot   [07:38AM  Associated Press]
▶ Is Gannett Co Inc. (NYSE:GCI) Undervalued?   [07:31AM  Simply Wall St.]
▶ Gannett Co., Inc. to Host Earnings Call   [07:30AM  ACCESSWIRE]
▶ Gannett Reports First Quarter Results   [06:55AM  Business Wire]
▶ Derby-Pie maker is suing Courier Journal here's why   [May-04-18 02:12PM  American City Business Journals]
▶ 4 Dirt Cheap Dividends Paying Up To 11.8%   [Apr-28-18 08:30AM  Forbes]
▶ 4 Dividend Stocks I'd Never Buy   [Apr-27-18 08:15AM  Motley Fool]
▶ 'Arizona Republic' names new executive editor   [Apr-23-18 05:27PM  American City Business Journals]
▶ 4 Beaten Down Stocks That Offer Value   [Apr-20-18 11:59AM  TheStreet.com]
▶ USA TODAY NETWORK Celebrates Three Pulitzer Wins   [Apr-16-18 06:22PM  Business Wire]
▶ That's the Way the Tronc Bounces   [03:07PM  Bloomberg]
▶ Maribel Perez Wadsworth Named USA TODAY Publisher   [Apr-05-18 07:30AM  Business Wire]
▶ Gannett Declares Regular Quarterly Dividend   [Feb-28-18 04:20PM  Business Wire]
▶ Two Stocks With Big Swings Tuesday   [03:31PM  GuruFocus.com]
▶ Gannett Co., Inc. reports 4Q loss   [07:15AM  Associated Press]
▶ Gannett Co., Inc. to Host Earnings Call   [07:15AM  ACCESSWIRE]
▶ Gannett Announces Annual Meeting Date   [Feb-16-18 11:00AM  Business Wire]
▶ 'Arizona Republic' editor named editor-in-chief at 'USA TODAY'   [Feb-14-18 04:55PM  American City Business Journals]
Financial statements of GCI
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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