Intrinsic value of GNC Holdings Cl A - GNC

Previous Close

$4.87

  Intrinsic Value

$7.03

stock screener

  Rating & Target

buy

+44%

Previous close

$4.87

 
Intrinsic value

$7.03

 
Up/down potential

+44%

 
Rating

buy

We calculate the intrinsic value of GNC 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 0.3

 

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, %
  -5.33
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,540
  2,591
  2,650
  2,719
  2,795
  2,880
  2,973
  3,074
  3,184
  3,302
  3,428
  3,564
  3,708
  3,862
  4,026
  4,200
  4,384
  4,579
  4,785
  5,002
  5,232
  5,475
  5,731
  6,000
  6,284
  6,583
  6,898
  7,230
  7,579
  7,946
  8,332
Variable operating expenses, $m
 
  2,220
  2,271
  2,329
  2,394
  2,466
  2,545
  2,631
  2,724
  2,824
  2,932
  3,030
  3,152
  3,283
  3,423
  3,570
  3,727
  3,892
  4,067
  4,252
  4,448
  4,654
  4,871
  5,101
  5,342
  5,596
  5,864
  6,146
  6,443
  6,755
  7,083
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
  2,732
  2,220
  2,271
  2,329
  2,394
  2,466
  2,545
  2,631
  2,724
  2,824
  2,932
  3,030
  3,152
  3,283
  3,423
  3,570
  3,727
  3,892
  4,067
  4,252
  4,448
  4,654
  4,871
  5,101
  5,342
  5,596
  5,864
  6,146
  6,443
  6,755
  7,083
Operating income, $m
  -192
  371
  380
  390
  401
  414
  428
  443
  460
  477
  496
  534
  556
  579
  604
  630
  657
  686
  717
  750
  784
  821
  859
  900
  942
  987
  1,034
  1,084
  1,136
  1,191
  1,249
EBITDA, $m
  -132
  431
  441
  452
  465
  479
  495
  512
  530
  549
  570
  593
  617
  643
  670
  699
  729
  762
  796
  832
  871
  911
  954
  998
  1,046
  1,096
  1,148
  1,203
  1,261
  1,322
  1,386
Interest expense (income), $m
  48
  53
  44
  45
  47
  49
  51
  53
  56
  58
  61
  65
  68
  72
  75
  80
  84
  89
  93
  99
  104
  110
  116
  122
  129
  136
  144
  152
  160
  169
  178
Earnings before tax, $m
  -233
  317
  336
  345
  355
  365
  377
  390
  404
  419
  435
  470
  488
  507
  528
  550
  573
  598
  624
  651
  680
  711
  743
  777
  813
  851
  891
  932
  976
  1,023
  1,071
Tax expense, $m
  53
  86
  91
  93
  96
  99
  102
  105
  109
  113
  117
  127
  132
  137
  143
  149
  155
  161
  168
  176
  184
  192
  201
  210
  220
  230
  240
  252
  264
  276
  289
Net income, $m
  -286
  232
  245
  252
  259
  267
  275
  285
  295
  306
  318
  343
  356
  370
  386
  402
  419
  436
  455
  476
  497
  519
  543
  567
  594
  621
  650
  681
  713
  747
  782

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  34
  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
  2,056
  2,063
  2,110
  2,164
  2,225
  2,293
  2,367
  2,447
  2,535
  2,629
  2,730
  2,837
  2,953
  3,075
  3,206
  3,344
  3,490
  3,645
  3,809
  3,983
  4,166
  4,359
  4,563
  4,777
  5,003
  5,242
  5,492
  5,756
  6,034
  6,326
  6,634
Adjusted assets (=assets-cash), $m
  2,022
  2,063
  2,110
  2,164
  2,225
  2,293
  2,367
  2,447
  2,535
  2,629
  2,730
  2,837
  2,953
  3,075
  3,206
  3,344
  3,490
  3,645
  3,809
  3,983
  4,166
  4,359
  4,563
  4,777
  5,003
  5,242
  5,492
  5,756
  6,034
  6,326
  6,634
Revenue / Adjusted assets
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
  1.256
Average production assets, $m
  950
  969
  991
  1,017
  1,045
  1,077
  1,112
  1,150
  1,191
  1,235
  1,282
  1,333
  1,387
  1,445
  1,506
  1,571
  1,640
  1,712
  1,789
  1,871
  1,957
  2,048
  2,143
  2,244
  2,350
  2,462
  2,580
  2,704
  2,834
  2,972
  3,116
Working capital, $m
  478
  466
  477
  489
  503
  518
  535
  553
  573
  594
  617
  641
  668
  695
  725
  756
  789
  824
  861
  900
  942
  985
  1,032
  1,080
  1,131
  1,185
  1,242
  1,301
  1,364
  1,430
  1,500
Total debt, $m
  1,540
  1,245
  1,288
  1,337
  1,392
  1,452
  1,519
  1,592
  1,670
  1,755
  1,846
  1,943
  2,046
  2,157
  2,274
  2,398
  2,530
  2,670
  2,818
  2,974
  3,138
  3,312
  3,495
  3,688
  3,892
  4,106
  4,332
  4,570
  4,820
  5,083
  5,359
Total liabilities, $m
  2,151
  1,856
  1,899
  1,948
  2,003
  2,063
  2,130
  2,203
  2,281
  2,366
  2,457
  2,554
  2,657
  2,768
  2,885
  3,009
  3,141
  3,281
  3,429
  3,585
  3,749
  3,923
  4,106
  4,299
  4,503
  4,717
  4,943
  5,181
  5,431
  5,694
  5,970
Total equity, $m
  -95
  206
  211
  216
  223
  229
  237
  245
  253
  263
  273
  284
  295
  308
  321
  334
  349
  365
  381
  398
  417
  436
  456
  478
  500
  524
  549
  576
  603
  633
  663
Total liabilities and equity, $m
  2,056
  2,062
  2,110
  2,164
  2,226
  2,292
  2,367
  2,448
  2,534
  2,629
  2,730
  2,838
  2,952
  3,076
  3,206
  3,343
  3,490
  3,646
  3,810
  3,983
  4,166
  4,359
  4,562
  4,777
  5,003
  5,241
  5,492
  5,757
  6,034
  6,327
  6,633
Debt-to-equity ratio
  -16.211
  6.040
  6.100
  6.180
  6.250
  6.340
  6.420
  6.500
  6.590
  6.680
  6.760
  6.850
  6.930
  7.010
  7.090
  7.170
  7.250
  7.320
  7.400
  7.470
  7.530
  7.600
  7.660
  7.720
  7.780
  7.830
  7.890
  7.940
  7.990
  8.030
  8.080
Adjusted equity ratio
  -0.064
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -286
  232
  245
  252
  259
  267
  275
  285
  295
  306
  318
  343
  356
  370
  386
  402
  419
  436
  455
  476
  497
  519
  543
  567
  594
  621
  650
  681
  713
  747
  782
Depreciation, amort., depletion, $m
  60
  60
  61
  62
  64
  65
  67
  68
  70
  72
  74
  59
  61
  64
  66
  69
  72
  75
  79
  82
  86
  90
  94
  99
  104
  108
  114
  119
  125
  131
  137
Funds from operations, $m
  194
  292
  307
  314
  323
  332
  342
  353
  365
  378
  392
  402
  417
  434
  452
  471
  491
  512
  534
  558
  583
  609
  637
  666
  697
  730
  764
  800
  838
  877
  919
Change in working capital, $m
  -14
  9
  11
  12
  14
  15
  17
  18
  20
  21
  23
  24
  26
  28
  29
  31
  33
  35
  37
  39
  41
  44
  46
  49
  51
  54
  57
  60
  63
  66
  69
Cash from operations, $m
  208
  283
  296
  302
  309
  317
  325
  335
  345
  357
  369
  377
  391
  406
  422
  439
  458
  477
  497
  519
  542
  566
  591
  618
  646
  676
  707
  740
  775
  811
  850
Maintenance CAPEX, $m
  0
  -42
  -43
  -44
  -45
  -46
  -47
  -49
  -51
  -52
  -54
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -99
  -104
  -108
  -114
  -119
  -125
  -131
New CAPEX, $m
  -60
  -19
  -22
  -25
  -29
  -32
  -35
  -38
  -41
  -44
  -47
  -51
  -54
  -58
  -61
  -65
  -69
  -73
  -77
  -81
  -86
  -91
  -96
  -101
  -106
  -112
  -118
  -124
  -130
  -137
  -144
Cash from investing activities, $m
  -22
  -61
  -65
  -69
  -74
  -78
  -82
  -87
  -92
  -96
  -101
  -107
  -113
  -119
  -125
  -131
  -138
  -145
  -152
  -160
  -168
  -177
  -186
  -195
  -205
  -216
  -226
  -238
  -249
  -262
  -275
Free cash flow, $m
  186
  222
  231
  233
  235
  239
  243
  248
  254
  260
  267
  270
  279
  288
  298
  308
  320
  332
  345
  359
  373
  389
  405
  422
  441
  460
  481
  502
  525
  549
  575
Issuance/(repayment) of debt, $m
  79
  -282
  43
  49
  55
  61
  67
  73
  79
  85
  91
  97
  104
  110
  117
  124
  132
  140
  148
  156
  165
  174
  183
  193
  204
  214
  226
  238
  250
  263
  277
Issuance/(repurchase) of shares, $m
  -229
  91
  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  
  -153
  -191
  43
  49
  55
  61
  67
  73
  79
  85
  91
  97
  104
  110
  117
  124
  132
  140
  148
  156
  165
  174
  183
  193
  204
  214
  226
  238
  250
  263
  277
Total cash flow (excl. dividends), $m
  33
  31
  274
  282
  290
  300
  310
  320
  332
  345
  358
  367
  382
  398
  415
  433
  451
  471
  492
  514
  538
  562
  588
  616
  644
  675
  706
  740
  775
  812
  851
Retained Cash Flow (-), $m
  564
  -322
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
Prev. year cash balance distribution, $m
 
  21
  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
 
  -270
  269
  276
  284
  293
  302
  312
  323
  335
  348
  356
  371
  386
  402
  419
  437
  456
  476
  497
  520
  543
  568
  594
  622
  651
  681
  714
  747
  783
  820
Discount rate, %
 
  14.00
  14.70
  15.44
  16.21
  17.02
  17.87
  18.76
  19.70
  20.68
  21.72
  22.80
  23.94
  25.14
  26.40
  27.72
  29.10
  30.56
  32.09
  33.69
  35.38
  37.15
  39.00
  40.95
  43.00
  45.15
  47.41
  49.78
  52.27
  54.88
  57.63
PV of cash for distribution, $m
 
  -237
  204
  180
  156
  133
  113
  94
  77
  62
  49
  37
  28
  21
  15
  11
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

GNC Holdings, Inc. is a specialty retailer of health, wellness and performance products, which include protein, performance supplements, weight management supplements, vitamins, herbs and greens, wellness supplements, health and beauty, food and drink and other general merchandise. The Company's operations consist of purchasing raw materials, formulating and manufacturing products and selling the finished products. It operates in three segments: U.S. and Canada, International and Manufacturing/Wholesale. Its U.S. and Canada segment generates revenues primarily from sales of products to customers at its Company-owned stores in the United States, Canada and Puerto Rico, through its Websites, GNC.com and LuckyVitamin.com. Its International segment generates revenue primarily to its international franchisees. Its Manufacturing/Wholesale segment comprises its manufacturing operations in South Carolina and its wholesale partner relationships.

FINANCIAL RATIOS  of  GNC Holdings Cl A (GNC)

Valuation Ratios
P/E Ratio -1.2
Price to Sales 0.1
Price to Book -3.5
Price to Tangible Book
Price to Cash Flow 1.6
Price to Free Cash Flow 2.3
Growth Rates
Sales Growth Rate -5.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 30.4%
Cap. Spend. - 3 Yr. Gr. Rate 3.7%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity -1607.4%
Total Debt to Equity -1621.1%
Interest Coverage -4
Management Effectiveness
Return On Assets -9.9%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital -17%
Ret/ On T. Cap. - 3 Yr. Avg. 2%
Return On Equity -152.9%
Return On Equity - 3 Yr. Avg. -28.2%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 33.9%
Gross Margin - 3 Yr. Avg. 35.8%
EBITDA Margin -4.9%
EBITDA Margin - 3 Yr. Avg. 10.1%
Operating Margin -7.6%
Oper. Margin - 3 Yr. Avg. 7.7%
Pre-Tax Margin -9.2%
Pre-Tax Margin - 3 Yr. Avg. 6.1%
Net Profit Margin -11.3%
Net Profit Margin - 3 Yr. Avg. 2.2%
Effective Tax Rate -22.7%
Eff/ Tax Rate - 3 Yr. Avg. 16%
Payout Ratio -19.2%

GNC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GNC stock intrinsic value calculation we used $2540 million for the last fiscal year's total revenue generated by GNC Holdings Cl A. The default revenue input number comes from 2016 income statement of GNC Holdings 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 GNC stock valuation model: a) initial revenue growth rate of 2% 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 14%, whose default value for GNC is calculated based on our internal credit rating of GNC Holdings 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 GNC Holdings 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 GNC stock the variable cost ratio is equal to 85.7%.

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 GNC 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 3.5% for GNC Holdings Cl A.

Corporate tax rate of 27% is the nominal tax rate for GNC Holdings 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 GNC 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 GNC are equal to 37.4%.

Life of production assets of 22.7 years is the average useful life of capital assets used in GNC Holdings 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 GNC is equal to 18%. 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 - $-95 million for GNC Holdings 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 68.469 million for GNC Holdings 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 GNC Holdings Cl A at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Why GNC Holdings, Inc. Plunged 18.4% in November   [Dec-05-17 10:00AM  Motley Fool]
▶ GNC cancels funding plans, seeks alternatives   [Dec-04-17 01:40PM  Associated Press]
▶ [$$] GNC Hires Adviser---Again---to Explore Alternatives   [08:51AM  The Wall Street Journal]
▶ GNC cancels funding plans, seeks alternatives   [08:51AM  Associated Press]
▶ GNC Holdings Inc Is Losing the Battle And the War   [Nov-28-17 11:56AM  InvestorPlace]
▶ Is It Time To Buy GNC Holdings Inc (GNC)?   [06:09AM  Simply Wall St.]
▶ [$$] Companies to Watch - Nov. 13, 2017   [Nov-13-17 01:16PM  The Wall Street Journal]
▶ Why GNC Holdings Stock Fell 22.6% in October   [Nov-12-17 04:45PM  Motley Fool]
▶ GNC Announces Proposed Senior Secured Notes Offering   [Nov-08-17 08:30AM  PR Newswire]
▶ Why GNC Shares Got Crushed Today   [Oct-26-17 12:07PM  Motley Fool]
▶ GNC misses 3Q profit forecasts   [08:00AM  Associated Press]
▶ GNC Holdings Makes Deal for Major Indian Expansion   [Oct-11-17 09:47AM  Investopedia]
▶ [$$] TSG Consumer Partners Buying LuckyVitamin From GNC   [Oct-06-17 02:42PM  The Wall Street Journal]
▶ New boss at Jegs coming in with e-commerce experience   [Oct-04-17 12:20PM  American City Business Journals]
▶ Is Rite Aid (NYSE:RAD) the Perfect Amazon Snack?   [Sep-25-17 03:33PM  InvestorPlace]
▶ Supplement store to file for bankruptcy   [Sep-07-17 12:55PM  American City Business Journals]
▶ [$$] GNC Picks Rite-Aid Stores Chief as New CEO   [Sep-06-17 09:57AM  The Wall Street Journal]
▶ GNC names former Rite Aid Stores CEO to lead company   [09:20AM  American City Business Journals]
▶ GNC Holdings names Ken Martindale CEO   [08:53AM  Associated Press]
▶ GNC Names Ken Martindale Permanent CEO   [08:20AM  PR Newswire]
▶ Stressed? This Virginia startup thinks it has the solution.   [Aug-16-17 03:20PM  American City Business Journals]
▶ GNC beats 2Q profit forecasts   [01:44AM  Associated Press]
▶ NIH selection propels Cardax towards expansion   [Jun-20-17 09:30PM  American City Business Journals]
▶ Bullish Sign: These 11 CEOs Bought Their Stock   [Jun-19-17 11:20AM  Investopedia]
▶ ETFs with exposure to GNC Holdings, Inc. : June 15, 2017   [Jun-15-17 02:03PM  Capital Cube]
▶ Snap Returns To The Top Of Short-Seller Favorites   [Jun-06-17 04:05PM  Benzinga]
▶ ETFs with exposure to GNC Holdings, Inc. : May 18, 2017   [May-18-17 01:45PM  Capital Cube]
▶ Story Stocks from Briefing.com   [May-17-17 12:10PM  Briefing.com]
▶ GNC Stock Rises as CEO Moran Buys Shares   [11:14AM  TheStreet.com]
Financial statements of GNC
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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