Intrinsic value of Greif Cl A - GEF

Previous Close

$53.04

  Intrinsic Value

$71.81

stock screener

  Rating & Target

buy

+35%

Previous close

$53.04

 
Intrinsic value

$71.81

 
Up/down potential

+35%

 
Rating

buy

We calculate the intrinsic value of GEF 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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.45
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
Revenue, $m
  3,638
  3,984
  4,344
  4,720
  5,110
  5,517
  5,939
  6,378
  6,835
  7,309
  7,802
  8,314
  8,847
  9,402
  9,980
  10,581
  11,208
  11,862
  12,544
  13,256
  14,000
  14,776
  15,588
  16,436
  17,324
  18,252
  19,224
  20,241
  21,306
  22,421
  23,590
Variable operating expenses, $m
 
  3,545
  3,858
  4,184
  4,523
  4,875
  5,242
  5,623
  6,019
  6,430
  6,858
  7,214
  7,677
  8,158
  8,660
  9,182
  9,726
  10,293
  10,885
  11,503
  12,148
  12,822
  13,526
  14,262
  15,032
  15,838
  16,681
  17,563
  18,488
  19,455
  20,469
Fixed operating expenses, $m
 
  127
  130
  132
  135
  138
  141
  144
  148
  151
  154
  158
  161
  165
  168
  172
  176
  180
  183
  187
  192
  196
  200
  205
  209
  214
  218
  223
  228
  233
  238
Total operating expenses, $m
  3,366
  3,672
  3,988
  4,316
  4,658
  5,013
  5,383
  5,767
  6,167
  6,581
  7,012
  7,372
  7,838
  8,323
  8,828
  9,354
  9,902
  10,473
  11,068
  11,690
  12,340
  13,018
  13,726
  14,467
  15,241
  16,052
  16,899
  17,786
  18,716
  19,688
  20,707
Operating income, $m
  272
  312
  357
  404
  452
  503
  556
  611
  668
  728
  789
  942
  1,009
  1,079
  1,152
  1,228
  1,307
  1,390
  1,476
  1,566
  1,660
  1,759
  1,862
  1,970
  2,082
  2,201
  2,324
  2,454
  2,590
  2,733
  2,882
EBITDA, $m
  393
  627
  692
  760
  831
  905
  982
  1,062
  1,145
  1,232
  1,322
  1,415
  1,513
  1,614
  1,720
  1,830
  1,945
  2,064
  2,190
  2,320
  2,457
  2,599
  2,749
  2,905
  3,068
  3,239
  3,418
  3,606
  3,802
  4,008
  4,224
Interest expense (income), $m
  76
  58
  70
  83
  97
  111
  126
  141
  157
  173
  190
  208
  226
  246
  266
  286
  308
  331
  354
  379
  404
  431
  459
  488
  519
  551
  584
  619
  656
  694
  735
Earnings before tax, $m
  200
  254
  286
  320
  355
  392
  430
  470
  511
  554
  599
  734
  783
  833
  886
  941
  999
  1,059
  1,122
  1,187
  1,256
  1,327
  1,402
  1,481
  1,563
  1,650
  1,740
  1,835
  1,934
  2,038
  2,147
Tax expense, $m
  67
  69
  77
  86
  96
  106
  116
  127
  138
  150
  162
  198
  211
  225
  239
  254
  270
  286
  303
  321
  339
  358
  379
  400
  422
  445
  470
  495
  522
  550
  580
Net income, $m
  119
  185
  209
  234
  259
  286
  314
  343
  373
  405
  437
  536
  571
  608
  647
  687
  729
  773
  819
  867
  917
  969
  1,024
  1,081
  1,141
  1,204
  1,270
  1,339
  1,412
  1,488
  1,568

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  142
  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
  3,232
  3,538
  3,858
  4,192
  4,539
  4,900
  5,275
  5,665
  6,070
  6,491
  6,929
  7,384
  7,857
  8,350
  8,863
  9,397
  9,954
  10,535
  11,141
  11,773
  12,433
  13,123
  13,844
  14,597
  15,385
  16,210
  17,072
  17,976
  18,922
  19,912
  20,950
Adjusted assets (=assets-cash), $m
  3,090
  3,538
  3,858
  4,192
  4,539
  4,900
  5,275
  5,665
  6,070
  6,491
  6,929
  7,384
  7,857
  8,350
  8,863
  9,397
  9,954
  10,535
  11,141
  11,773
  12,433
  13,123
  13,844
  14,597
  15,385
  16,210
  17,072
  17,976
  18,922
  19,912
  20,950
Revenue / Adjusted assets
  1.177
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
Average production assets, $m
  1,285
  2,267
  2,472
  2,685
  2,908
  3,139
  3,379
  3,629
  3,889
  4,159
  4,439
  4,731
  5,034
  5,350
  5,678
  6,021
  6,378
  6,750
  7,138
  7,543
  7,966
  8,408
  8,869
  9,352
  9,857
  10,385
  10,938
  11,517
  12,123
  12,758
  13,423
Working capital, $m
  307
  -131
  -143
  -156
  -169
  -182
  -196
  -210
  -226
  -241
  -257
  -274
  -292
  -310
  -329
  -349
  -370
  -391
  -414
  -437
  -462
  -488
  -514
  -542
  -572
  -602
  -634
  -668
  -703
  -740
  -778
Total debt, $m
  977
  1,175
  1,391
  1,616
  1,851
  2,095
  2,349
  2,612
  2,886
  3,171
  3,467
  3,774
  4,094
  4,427
  4,774
  5,136
  5,512
  5,905
  6,314
  6,741
  7,188
  7,654
  8,141
  8,651
  9,183
  9,741
  10,324
  10,935
  11,574
  12,244
  12,945
Total liabilities, $m
  2,221
  2,392
  2,608
  2,833
  3,068
  3,312
  3,566
  3,829
  4,103
  4,388
  4,684
  4,991
  5,311
  5,644
  5,991
  6,353
  6,729
  7,122
  7,531
  7,958
  8,405
  8,871
  9,358
  9,868
  10,400
  10,958
  11,541
  12,152
  12,791
  13,461
  14,162
Total equity, $m
  1,011
  1,146
  1,250
  1,358
  1,471
  1,587
  1,709
  1,835
  1,967
  2,103
  2,245
  2,392
  2,546
  2,705
  2,872
  3,045
  3,225
  3,413
  3,610
  3,814
  4,028
  4,252
  4,485
  4,729
  4,985
  5,252
  5,531
  5,824
  6,131
  6,452
  6,788
Total liabilities and equity, $m
  3,232
  3,538
  3,858
  4,191
  4,539
  4,899
  5,275
  5,664
  6,070
  6,491
  6,929
  7,383
  7,857
  8,349
  8,863
  9,398
  9,954
  10,535
  11,141
  11,772
  12,433
  13,123
  13,843
  14,597
  15,385
  16,210
  17,072
  17,976
  18,922
  19,913
  20,950
Debt-to-equity ratio
  0.966
  1.020
  1.110
  1.190
  1.260
  1.320
  1.370
  1.420
  1.470
  1.510
  1.540
  1.580
  1.610
  1.640
  1.660
  1.690
  1.710
  1.730
  1.750
  1.770
  1.780
  1.800
  1.820
  1.830
  1.840
  1.850
  1.870
  1.880
  1.890
  1.900
  1.910
Adjusted equity ratio
  0.286
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  119
  185
  209
  234
  259
  286
  314
  343
  373
  405
  437
  536
  571
  608
  647
  687
  729
  773
  819
  867
  917
  969
  1,024
  1,081
  1,141
  1,204
  1,270
  1,339
  1,412
  1,488
  1,568
Depreciation, amort., depletion, $m
  121
  315
  335
  357
  379
  402
  426
  451
  477
  504
  532
  473
  503
  535
  568
  602
  638
  675
  714
  754
  797
  841
  887
  935
  986
  1,039
  1,094
  1,152
  1,212
  1,276
  1,342
Funds from operations, $m
  297
  500
  544
  591
  639
  688
  740
  794
  851
  909
  970
  1,009
  1,075
  1,143
  1,215
  1,289
  1,367
  1,448
  1,532
  1,621
  1,713
  1,810
  1,911
  2,016
  2,127
  2,243
  2,364
  2,491
  2,624
  2,764
  2,910
Change in working capital, $m
  -8
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -23
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
Cash from operations, $m
  305
  512
  556
  603
  651
  702
  754
  809
  866
  925
  986
  1,026
  1,092
  1,162
  1,234
  1,309
  1,388
  1,469
  1,555
  1,644
  1,738
  1,835
  1,938
  2,044
  2,156
  2,273
  2,396
  2,525
  2,659
  2,800
  2,948
Maintenance CAPEX, $m
  0
  -207
  -227
  -247
  -269
  -291
  -314
  -338
  -363
  -389
  -416
  -444
  -473
  -503
  -535
  -568
  -602
  -638
  -675
  -714
  -754
  -797
  -841
  -887
  -935
  -986
  -1,039
  -1,094
  -1,152
  -1,212
  -1,276
New CAPEX, $m
  -106
  -196
  -205
  -214
  -222
  -231
  -240
  -250
  -260
  -270
  -280
  -292
  -303
  -316
  -329
  -342
  -357
  -372
  -388
  -405
  -423
  -442
  -462
  -483
  -505
  -528
  -553
  -579
  -606
  -635
  -665
Cash from investing activities, $m
  -90
  -403
  -432
  -461
  -491
  -522
  -554
  -588
  -623
  -659
  -696
  -736
  -776
  -819
  -864
  -910
  -959
  -1,010
  -1,063
  -1,119
  -1,177
  -1,239
  -1,303
  -1,370
  -1,440
  -1,514
  -1,592
  -1,673
  -1,758
  -1,847
  -1,941
Free cash flow, $m
  215
  108
  125
  142
  161
  180
  200
  221
  243
  266
  290
  290
  316
  343
  370
  399
  429
  460
  492
  525
  560
  597
  635
  675
  716
  759
  805
  852
  902
  953
  1,008
Issuance/(repayment) of debt, $m
  -68
  207
  216
  225
  235
  244
  254
  264
  274
  285
  296
  308
  320
  333
  347
  361
  376
  393
  410
  427
  446
  466
  487
  509
  533
  557
  583
  611
  639
  670
  702
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -77
  207
  216
  225
  235
  244
  254
  264
  274
  285
  296
  308
  320
  333
  347
  361
  376
  393
  410
  427
  446
  466
  487
  509
  533
  557
  583
  611
  639
  670
  702
Total cash flow (excl. dividends), $m
  138
  316
  341
  368
  395
  424
  454
  485
  517
  551
  585
  598
  636
  676
  717
  760
  805
  852
  901
  953
  1,007
  1,063
  1,122
  1,184
  1,249
  1,317
  1,388
  1,463
  1,541
  1,623
  1,709
Retained Cash Flow (-), $m
  -64
  -98
  -104
  -108
  -112
  -117
  -122
  -126
  -131
  -136
  -142
  -147
  -153
  -160
  -166
  -173
  -180
  -188
  -196
  -205
  -214
  -223
  -234
  -244
  -255
  -267
  -280
  -293
  -306
  -321
  -336
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
 
  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
 
  217
  237
  259
  283
  307
  332
  358
  386
  414
  444
  451
  483
  516
  551
  587
  625
  664
  705
  748
  793
  840
  889
  940
  994
  1,050
  1,108
  1,170
  1,235
  1,302
  1,373
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  206
  212
  217
  220
  221
  219
  216
  210
  202
  193
  172
  161
  148
  135
  121
  107
  93
  80
  68
  56
  46
  37
  29
  22
  17
  12
  9
  6
  4
  3
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

Greif, Inc. is a producer of industrial packaging products and services. The Company's segments are Rigid Industrial Packaging & Services; Paper Packaging & Services; Flexible Products & Services, and Land Management. The Rigid Industrial Packaging & Services segment is engaged in the production and sale of rigid industrial packaging products, and services, such as container life cycle management, filling, logistics, warehousing and other packaging services. The Paper Packaging & Services segment is engaged in the production and sale of containerboard, corrugated sheets, corrugated containers and other corrugated products. The Flexible Products & Services segment is engaged in the production and sale of flexible intermediate bulk containers and related services on a global basis. The Land Management segment is involved in the management and sale of timber. As of October 31, 2016, the Company had operations in over 45 countries.

FINANCIAL RATIOS  of  Greif Cl A (GEF)

Valuation Ratios
P/E Ratio 21.3
Price to Sales 0.7
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 8.3
Price to Free Cash Flow 12.8
Growth Rates
Sales Growth Rate 9.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5.4%
Cap. Spend. - 3 Yr. Gr. Rate -11.5%
Financial Strength
Quick Ratio 5
Current Ratio 0.1
LT Debt to Equity 93.7%
Total Debt to Equity 96.6%
Interest Coverage 4
Management Effectiveness
Return On Assets 5.3%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 6%
Ret/ On T. Cap. - 3 Yr. Avg. 4.3%
Return On Equity 12.2%
Return On Equity - 3 Yr. Avg. 8.8%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 19.7%
Gross Margin - 3 Yr. Avg. 19.6%
EBITDA Margin 10.9%
EBITDA Margin - 3 Yr. Avg. 8.6%
Operating Margin 7.5%
Oper. Margin - 3 Yr. Avg. 6.5%
Pre-Tax Margin 5.5%
Pre-Tax Margin - 3 Yr. Avg. 4.3%
Net Profit Margin 3.3%
Net Profit Margin - 3 Yr. Avg. 2.5%
Effective Tax Rate 33.5%
Eff/ Tax Rate - 3 Yr. Avg. 41%
Payout Ratio 83.2%

GEF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GEF stock intrinsic value calculation we used $3638 million for the last fiscal year's total revenue generated by Greif Cl A. The default revenue input number comes from 2017 income statement of Greif Cl A. 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 GEF stock valuation model: a) initial revenue growth rate of 9.5% 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 5.6%, whose default value for GEF is calculated based on our internal credit rating of Greif Cl A, 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 Greif Cl A.
    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 GEF stock the variable cost ratio is equal to 89.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $124 million in the base year in the intrinsic value calculation for GEF 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 6% for Greif Cl A.

Corporate tax rate of 27% is the nominal tax rate for Greif Cl A. 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 GEF 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 GEF are equal to 56.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Greif Cl A 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 GEF is equal to -3.3%. 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 - $1048 million for Greif Cl A - 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 48 million for Greif Cl A 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 Greif Cl A at the current share price and the inputted number of shares is $2.5 billion.

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COMPANY NEWS

▶ Is Greif (GEF) a Great Value Stock Right Now?   [Aug-01-18 11:59PM  Zacks]
▶ Dividend Stocks Investors Love   [Jun-18-18 09:02AM  Simply Wall St.]
▶ Greif Class A to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ Greif: Fiscal 2Q Earnings Snapshot   [Jun-06-18 04:36PM  Associated Press]
▶ Greif Reports Second Quarter 2018 Results   [04:16PM  Business Wire]
▶ Greif Q2 Earnings Preview   [07:43AM  Benzinga]
▶ Greif, Inc. Declares Second Quarter 2018 Dividends   [Jun-05-18 01:50PM  Business Wire]
▶ Top Dividend Picks For The Day   [Apr-13-18 09:02AM  Simply Wall St.]
▶ Top NYSE Dividend Paying Companies   [Mar-13-18 09:02AM  Simply Wall St.]
▶ Greif Class A to Host Earnings Call   [Mar-01-18 06:55AM  ACCESSWIRE]
▶ Greif posts 1Q profit   [Feb-28-18 04:43PM  Associated Press]
▶ Greif misses 1Q profit forecasts   [04:37PM  Associated Press]
▶ Greif Reports First Quarter 2018 Results   [04:15PM  Business Wire]
▶ Greif, Inc. Declares First Quarter 2018 Dividends   [Feb-27-18 01:45PM  Business Wire]
▶ Top NasdaqGS Materials Dividend Payers   [Feb-11-18 01:02PM  Simply Wall St.]
▶ Value-Adding Dividend Stocks To Buy Now   [08:02AM  Simply Wall St.]
▶ NYSE Materials Dividend Stock Picks   [Dec-31-17 01:02PM  Simply Wall St.]
▶ ETFs with exposure to Greif, Inc. : December 26, 2017   [Dec-26-17 11:34AM  Capital Cube]
▶ Company News For Dec 8, 2017   [Dec-08-17 10:14AM  Zacks]
▶ Greif Class B to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ Is Greif Inc (GEF) A Sell At Its Current PE Ratio?   [Dec-06-17 06:51PM  Simply Wall St.]
▶ Greif posts 4Q profit   [05:13PM  Associated Press]
▶ Greif beats Street 4Q forecasts   [05:03PM  Associated Press]
▶ Greif, Inc. Declares Fourth Quarter 2017 Dividends   [Dec-05-17 02:12PM  Business Wire]
▶ You Should Diversify With These Dividend Stocks   [Oct-31-17 09:02AM  Simply Wall St.]
▶ ETFs with exposure to Greif, Inc. : October 30, 2017   [Oct-30-17 11:51AM  Capital Cube]
▶ Greif, Inc. Value Analysis (NYSE:GEF) : October 16, 2017   [Oct-16-17 10:07AM  Capital Cube]
▶ IBD Rating Upgrades: Greif Shows Improved Technical Strength   [03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Greif, Inc. : September 7, 2017   [Sep-07-17 01:10PM  Capital Cube]
▶ Greif Shows Improved Relative Price Performance; Still Shy Of Benchmark   [Sep-06-17 03:00AM  Investor's Business Daily]
▶ Greif posts 3Q profit   [08:04PM  Associated Press]
▶ Greif tops Street 3Q forecasts   [08:03PM  Associated Press]
▶ Greif Reports Third Quarter 2017 Results   [Aug-30-17 04:15PM  Business Wire]
Financial statements of GEF
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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