Intrinsic value of General Communication Cl A - GNCMA

Previous Close

$40.50

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-301%

Previous close

$40.50

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-301%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of GNCMA 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 1.4

 

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, %
  -4.60
  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
  934
  953
  975
  1,000
  1,028
  1,059
  1,093
  1,130
  1,171
  1,214
  1,261
  1,310
  1,364
  1,420
  1,480
  1,544
  1,612
  1,684
  1,759
  1,839
  1,924
  2,013
  2,107
  2,206
  2,311
  2,421
  2,537
  2,659
  2,787
  2,922
  3,064
Variable operating expenses, $m
 
  888
  908
  931
  956
  985
  1,016
  1,050
  1,086
  1,126
  1,168
  1,189
  1,237
  1,289
  1,343
  1,401
  1,463
  1,528
  1,597
  1,669
  1,746
  1,827
  1,912
  2,002
  2,097
  2,197
  2,302
  2,412
  2,529
  2,651
  2,780
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
  855
  888
  908
  931
  956
  985
  1,016
  1,050
  1,086
  1,126
  1,168
  1,189
  1,237
  1,289
  1,343
  1,401
  1,463
  1,528
  1,597
  1,669
  1,746
  1,827
  1,912
  2,002
  2,097
  2,197
  2,302
  2,412
  2,529
  2,651
  2,780
Operating income, $m
  78
  64
  66
  69
  71
  74
  77
  81
  84
  89
  93
  121
  126
  132
  137
  143
  149
  156
  163
  170
  178
  186
  195
  204
  214
  224
  235
  246
  258
  271
  284
EBITDA, $m
  272
  258
  264
  271
  278
  287
  296
  306
  317
  329
  341
  355
  369
  385
  401
  418
  437
  456
  476
  498
  521
  545
  571
  597
  626
  656
  687
  720
  755
  791
  830
Interest expense (income), $m
  85
  87
  78
  81
  83
  87
  90
  94
  99
  103
  108
  114
  120
  126
  132
  139
  147
  155
  163
  172
  181
  191
  202
  212
  224
  236
  249
  262
  277
  292
  307
Earnings before tax, $m
  1
  -23
  -12
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  7
  7
  6
  5
  4
  2
  1
  0
  -2
  -3
  -5
  -6
  -8
  -10
  -12
  -14
  -16
  -19
  -21
  -24
Tax expense, $m
  5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  2
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -4
  -23
  -12
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  5
  5
  4
  3
  3
  2
  1
  0
  -2
  -3
  -5
  -6
  -8
  -10
  -12
  -14
  -16
  -19
  -21
  -24

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  19
  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
  2,066
  2,089
  2,137
  2,192
  2,254
  2,322
  2,397
  2,479
  2,567
  2,662
  2,765
  2,874
  2,990
  3,115
  3,247
  3,387
  3,535
  3,692
  3,858
  4,034
  4,219
  4,415
  4,621
  4,839
  5,068
  5,309
  5,563
  5,830
  6,112
  6,407
  6,719
Adjusted assets (=assets-cash), $m
  2,047
  2,089
  2,137
  2,192
  2,254
  2,322
  2,397
  2,479
  2,567
  2,662
  2,765
  2,874
  2,990
  3,115
  3,247
  3,387
  3,535
  3,692
  3,858
  4,034
  4,219
  4,415
  4,621
  4,839
  5,068
  5,309
  5,563
  5,830
  6,112
  6,407
  6,719
Revenue / Adjusted assets
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
Average production assets, $m
  1,481
  1,511
  1,546
  1,585
  1,630
  1,679
  1,734
  1,793
  1,857
  1,925
  1,999
  2,078
  2,163
  2,253
  2,348
  2,449
  2,557
  2,670
  2,790
  2,917
  3,051
  3,193
  3,342
  3,499
  3,665
  3,839
  4,023
  4,216
  4,420
  4,634
  4,859
Working capital, $m
  46
  41
  42
  43
  44
  46
  47
  49
  50
  52
  54
  56
  59
  61
  64
  66
  69
  72
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
  120
  126
  132
Total debt, $m
  1,485
  1,322
  1,366
  1,415
  1,470
  1,532
  1,599
  1,673
  1,752
  1,838
  1,930
  2,028
  2,133
  2,245
  2,364
  2,490
  2,624
  2,765
  2,915
  3,073
  3,239
  3,415
  3,601
  3,797
  4,003
  4,220
  4,449
  4,689
  4,942
  5,209
  5,489
Total liabilities, $m
  2,043
  1,880
  1,924
  1,973
  2,028
  2,090
  2,157
  2,231
  2,310
  2,396
  2,488
  2,586
  2,691
  2,803
  2,922
  3,048
  3,182
  3,323
  3,473
  3,631
  3,797
  3,973
  4,159
  4,355
  4,561
  4,778
  5,007
  5,247
  5,500
  5,767
  6,047
Total equity, $m
  23
  209
  214
  219
  225
  232
  240
  248
  257
  266
  276
  287
  299
  311
  325
  339
  354
  369
  386
  403
  422
  441
  462
  484
  507
  531
  556
  583
  611
  641
  672
Total liabilities and equity, $m
  2,066
  2,089
  2,138
  2,192
  2,253
  2,322
  2,397
  2,479
  2,567
  2,662
  2,764
  2,873
  2,990
  3,114
  3,247
  3,387
  3,536
  3,692
  3,859
  4,034
  4,219
  4,414
  4,621
  4,839
  5,068
  5,309
  5,563
  5,830
  6,111
  6,408
  6,719
Debt-to-equity ratio
  64.565
  6.330
  6.390
  6.450
  6.520
  6.600
  6.670
  6.750
  6.830
  6.900
  6.980
  7.060
  7.130
  7.210
  7.280
  7.350
  7.420
  7.490
  7.550
  7.620
  7.680
  7.740
  7.790
  7.850
  7.900
  7.950
  8.000
  8.040
  8.090
  8.130
  8.170
Adjusted equity ratio
  0.002
  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
  -4
  -23
  -12
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  5
  5
  4
  3
  3
  2
  1
  0
  -2
  -3
  -5
  -6
  -8
  -10
  -12
  -14
  -16
  -19
  -21
  -24
Depreciation, amort., depletion, $m
  194
  194
  198
  202
  207
  213
  219
  225
  233
  240
  249
  234
  243
  253
  264
  275
  287
  300
  314
  328
  343
  359
  376
  393
  412
  431
  452
  474
  497
  521
  546
Funds from operations, $m
  185
  171
  186
  190
  195
  200
  206
  212
  218
  225
  233
  239
  248
  257
  267
  278
  289
  301
  313
  326
  340
  354
  369
  385
  402
  419
  438
  457
  478
  500
  522
Change in working capital, $m
  -15
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
Cash from operations, $m
  200
  170
  185
  189
  194
  199
  204
  210
  217
  223
  231
  237
  246
  255
  265
  275
  286
  298
  310
  323
  336
  350
  365
  381
  397
  415
  433
  452
  472
  494
  516
Maintenance CAPEX, $m
  0
  -166
  -170
  -174
  -178
  -183
  -189
  -195
  -201
  -209
  -216
  -225
  -234
  -243
  -253
  -264
  -275
  -287
  -300
  -314
  -328
  -343
  -359
  -376
  -393
  -412
  -431
  -452
  -474
  -497
  -521
New CAPEX, $m
  -232
  -30
  -35
  -40
  -45
  -49
  -54
  -59
  -64
  -69
  -74
  -79
  -84
  -90
  -95
  -101
  -107
  -114
  -120
  -127
  -134
  -141
  -149
  -157
  -166
  -174
  -184
  -193
  -203
  -214
  -225
Cash from investing activities, $m
  -227
  -196
  -205
  -214
  -223
  -232
  -243
  -254
  -265
  -278
  -290
  -304
  -318
  -333
  -348
  -365
  -382
  -401
  -420
  -441
  -462
  -484
  -508
  -533
  -559
  -586
  -615
  -645
  -677
  -711
  -746
Free cash flow, $m
  -27
  -26
  -20
  -24
  -29
  -34
  -39
  -44
  -49
  -54
  -59
  -67
  -72
  -78
  -84
  -90
  -96
  -103
  -110
  -118
  -126
  -134
  -143
  -152
  -162
  -172
  -182
  -193
  -205
  -217
  -230
Issuance/(repayment) of debt, $m
  -7
  -150
  43
  49
  55
  61
  67
  73
  80
  86
  92
  98
  105
  112
  119
  126
  134
  141
  150
  158
  167
  176
  186
  196
  206
  217
  229
  241
  253
  266
  280
Issuance/(repurchase) of shares, $m
  -59
  214
  16
  17
  18
  19
  21
  22
  23
  24
  26
  5
  7
  8
  10
  11
  13
  15
  17
  19
  22
  24
  27
  30
  33
  36
  40
  43
  47
  51
  55
Cash from financing (excl. dividends), $m  
  20
  64
  59
  66
  73
  80
  88
  95
  103
  110
  118
  103
  112
  120
  129
  137
  147
  156
  167
  177
  189
  200
  213
  226
  239
  253
  269
  284
  300
  317
  335
Total cash flow (excl. dividends), $m
  -7
  39
  40
  42
  45
  47
  49
  52
  54
  56
  58
  37
  39
  42
  45
  47
  50
  53
  56
  59
  63
  66
  70
  74
  78
  82
  86
  90
  95
  100
  105
Retained Cash Flow (-), $m
  65
  -214
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -26
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -22
  -24
  -27
  -30
  -33
  -36
  -40
  -43
  -47
  -51
  -55
Prev. year cash balance distribution, $m
 
  6
  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
 
  -170
  24
  25
  26
  28
  29
  30
  31
  32
  33
  26
  28
  30
  31
  33
  35
  37
  39
  40
  41
  42
  43
  44
  45
  45
  46
  47
  48
  50
  51
Discount rate, %
 
  13.60
  14.28
  14.99
  15.74
  16.53
  17.36
  18.23
  19.14
  20.09
  21.10
  22.15
  23.26
  24.42
  25.64
  26.93
  28.27
  29.69
  31.17
  32.73
  34.37
  36.08
  37.89
  39.78
  41.77
  43.86
  46.05
  48.36
  50.78
  53.31
  55.98
PV of cash for distribution, $m
 
  -149
  18
  16
  15
  13
  11
  9
  8
  6
  5
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  44.2
  43.9
  43.5
  43.2
  42.8
  42.4
  42.0
  41.6
  41.2
  40.9
  40.8
  40.7
  40.6
  40.4
  40.3
  40.1
  40.0
  39.8
  39.6
  39.4
  39.2
  38.9
  38.7
  38.4
  38.1
  37.8
  37.6
  37.3
  37.0
  36.6

General Communication, Inc. is a holding company. The Company, together with its subsidiaries, is a communications provider with operations primarily in the State of Alaska. The Company provides a range of wireless, data, video, voice and managed services to residential customers, businesses, governmental entities, and educational and medical institutions primarily in Alaska under its GCI brand. The Company operates through two segments: Wireless and Wireline. The Company's Wireless segment provides wholesale wireless services to wireless carriers. The Company's Wireline segment offers services and products under two customer groups, such as consumer and business services. Its fiber network employs digital transmission technology over its fiber optic facilities, which include digital undersea fiber optic cable systems linking its Alaska terrestrial networks to the networks of other carriers.

FINANCIAL RATIOS  of  General Communication Cl A (GNCMA)

Valuation Ratios
P/E Ratio -362.5
Price to Sales 1.6
Price to Book 63
Price to Tangible Book
Price to Cash Flow 7.2
Price to Free Cash Flow -45.3
Growth Rates
Sales Growth Rate -4.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 22.1%
Cap. Spend. - 3 Yr. Gr. Rate 4.4%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 6400%
Total Debt to Equity 6456.5%
Interest Coverage 1
Management Effectiveness
Return On Assets -17.1%
Ret/ On Assets - 3 Yr. Avg. -3.7%
Return On Total Capital -0.3%
Ret/ On T. Cap. - 3 Yr. Avg. -0.5%
Return On Equity -7.2%
Return On Equity - 3 Yr. Avg. -7.6%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 29.2%
Gross Margin - 3 Yr. Avg. 32.1%
EBITDA Margin 30%
EBITDA Margin - 3 Yr. Avg. 29.4%
Operating Margin 8.5%
Oper. Margin - 3 Yr. Avg. 10.3%
Pre-Tax Margin 0.1%
Pre-Tax Margin - 3 Yr. Avg. 1.6%
Net Profit Margin -0.4%
Net Profit Margin - 3 Yr. Avg. -0.7%
Effective Tax Rate 500%
Eff/ Tax Rate - 3 Yr. Avg. 173.9%
Payout Ratio 0%

GNCMA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GNCMA stock intrinsic value calculation we used $934 million for the last fiscal year's total revenue generated by General Communication Cl A. The default revenue input number comes from 2016 income statement of General Communication 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 GNCMA 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 13.6%, whose default value for GNCMA is calculated based on our internal credit rating of General Communication 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 General Communication 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 GNCMA stock the variable cost ratio is equal to 93.3%.

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 GNCMA 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 5.9% for General Communication Cl A.

Corporate tax rate of 27% is the nominal tax rate for General Communication 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 GNCMA 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 GNCMA are equal to 158.6%.

Life of production assets of 8.9 years is the average useful life of capital assets used in General Communication 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 GNCMA is equal to 4.3%. 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 - $23 million for General Communication 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 35.68 million for General Communication 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 General Communication Cl A at the current share price and the inputted number of shares is $1.4 billion.

RELATED COMPANIES Price Int.Val. Rating
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CTL CenturyLink 18.54 38.63  str.buy
FTR Frontier Commu 11.81 47.60  str.buy
HCOM Hawaiian Telco 29.81 6.26  str.sell
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COMPANY NEWS

▶ General Communication Suffers a Sales Slump   [Aug-03-17 09:15PM  Motley Fool]
▶ General Communication reports 2Q loss   [01:57AM  Associated Press]
▶ GCI REPORTS SECOND QUARTER 2017 FINANCIAL RESULTS   [Aug-02-17 04:08PM  GlobeNewswire]
▶ GCI to Announce Second Quarter 2017 Earnings   [Jul-10-17 02:50PM  PR Newswire]
▶ General Communication Loses Subscribers Prior to Merger   [May-05-17 02:19PM  Motley Fool]
▶ General Communication reports 1Q loss   [05:02AM  Associated Press]
▶ GCI REPORTS FIRST QUARTER 2017 FINANCIAL RESULTS   [May-03-17 04:12PM  GlobeNewswire]
▶ SEC Issues Asset Freeze Against Insider Traders   [Apr-18-17 12:25PM  24/7 Wall St.]
▶ GCI to Announce First Quarter 2017 Earnings   [Apr-10-17 05:07PM  PR Newswire]
▶ Why John Malone's QVC Could Be Worth 25% More   [Apr-05-17 07:52PM  TheStreet.com]
▶ Company News for April 05, 2017   [11:22AM  Zacks]
▶ GCI REPORTS FOURTH QUARTER 2016 FINANCIAL RESULTS   [Mar-01-17 04:39PM  GlobeNewswire]
▶ GCI to Announce Fourth Quarter 2016 Earnings   [Feb-07-17 01:48PM  PR Newswire]
▶ Is Actua Corp (ACTA) a Good Stock to Buy?   [Dec-13-16 03:01AM  at Insider Monkey]
▶ GCI REPORTS THIRD QUARTER 2016 FINANCIAL RESULTS   [Nov-02-16 04:33PM  GlobeNewswire]
▶ Insider Acquires Shares of General Communication   [Oct-13-16 01:41PM  Gurufocus]
▶ GCI Announces Third Quarter 2016 Earnings   [Oct-12-16 04:44PM  PR Newswire]
▶ General Communication posts 2Q profit   [Aug-02-16 07:08PM  AP]
▶ GCI Announces Second Quarter 2016 Earnings   [Jul-12-16 05:37PM  PR Newswire]
Financial statements of GNCMA
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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