Intrinsic value of General Communication Cl A - GNCMA

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$36.22

  Intrinsic Value

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  Value-price divergence*

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*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 1.2

 

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
  999
  1,022
  1,048
  1,077
  1,110
  1,146
  1,185
  1,227
  1,273
  1,321
  1,374
  1,429
  1,489
  1,552
  1,619
  1,690
  1,765
  1,844
  1,928
  2,017
  2,110
  2,209
  2,313
  2,422
  2,537
  2,659
  2,787
  2,921
  3,063
  3,211
Variable operating expenses, $m
 
  841
  860
  882
  906
  932
  962
  994
  1,028
  1,066
  1,106
  1,124
  1,170
  1,219
  1,270
  1,325
  1,383
  1,445
  1,510
  1,578
  1,651
  1,727
  1,808
  1,893
  1,983
  2,077
  2,177
  2,281
  2,391
  2,507
  2,629
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
  841
  860
  882
  906
  932
  962
  994
  1,028
  1,066
  1,106
  1,124
  1,170
  1,219
  1,270
  1,325
  1,383
  1,445
  1,510
  1,578
  1,651
  1,727
  1,808
  1,893
  1,983
  2,077
  2,177
  2,281
  2,391
  2,507
  2,629
Operating income, $m
  78
  157
  161
  166
  172
  177
  184
  191
  199
  207
  216
  249
  259
  270
  282
  294
  307
  320
  335
  350
  366
  383
  401
  420
  439
  460
  482
  506
  530
  556
  583
EBITDA, $m
  272
  340
  348
  357
  367
  378
  390
  404
  418
  434
  450
  468
  487
  507
  529
  551
  576
  601
  628
  657
  687
  719
  752
  788
  825
  864
  906
  949
  995
  1,043
  1,094
Interest expense (income), $m
  85
  85
  79
  82
  85
  88
  92
  95
  100
  104
  109
  114
  120
  126
  133
  140
  147
  155
  163
  171
  180
  190
  200
  211
  222
  234
  247
  260
  274
  288
  304
Earnings before tax, $m
  1
  73
  82
  84
  87
  90
  92
  96
  99
  103
  107
  135
  139
  144
  149
  154
  160
  166
  172
  178
  185
  193
  200
  209
  217
  226
  236
  246
  256
  267
  279
Tax expense, $m
  5
  20
  22
  23
  23
  24
  25
  26
  27
  28
  29
  36
  38
  39
  40
  42
  43
  45
  46
  48
  50
  52
  54
  56
  59
  61
  64
  66
  69
  72
  75
Net income, $m
  -4
  53
  60
  62
  63
  65
  67
  70
  72
  75
  78
  98
  102
  105
  109
  113
  117
  121
  125
  130
  135
  141
  146
  152
  159
  165
  172
  179
  187
  195
  204

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
  1,977
  2,023
  2,075
  2,133
  2,198
  2,269
  2,346
  2,430
  2,520
  2,617
  2,720
  2,830
  2,948
  3,073
  3,205
  3,346
  3,495
  3,652
  3,818
  3,993
  4,179
  4,374
  4,580
  4,796
  5,025
  5,265
  5,518
  5,784
  6,065
  6,359
Adjusted assets (=assets-cash), $m
  2,047
  1,977
  2,023
  2,075
  2,133
  2,198
  2,269
  2,346
  2,430
  2,520
  2,617
  2,720
  2,830
  2,948
  3,073
  3,205
  3,346
  3,495
  3,652
  3,818
  3,993
  4,179
  4,374
  4,580
  4,796
  5,025
  5,265
  5,518
  5,784
  6,065
  6,359
Revenue / Adjusted assets
  0.456
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
Average production assets, $m
  1,481
  1,479
  1,513
  1,552
  1,595
  1,644
  1,697
  1,755
  1,817
  1,885
  1,957
  2,034
  2,117
  2,205
  2,298
  2,397
  2,502
  2,614
  2,731
  2,856
  2,987
  3,125
  3,271
  3,425
  3,587
  3,758
  3,938
  4,127
  4,326
  4,536
  4,756
Working capital, $m
  46
  67
  68
  70
  72
  74
  77
  79
  82
  85
  89
  92
  96
  100
  104
  108
  113
  118
  124
  129
  135
  141
  148
  155
  162
  170
  178
  187
  196
  205
  215
Total debt, $m
  1,485
  1,302
  1,343
  1,389
  1,442
  1,500
  1,564
  1,634
  1,709
  1,790
  1,877
  1,970
  2,069
  2,175
  2,288
  2,407
  2,533
  2,667
  2,809
  2,958
  3,116
  3,283
  3,458
  3,644
  3,839
  4,044
  4,261
  4,488
  4,728
  4,980
  5,245
Total liabilities, $m
  2,043
  1,780
  1,821
  1,867
  1,920
  1,978
  2,042
  2,112
  2,187
  2,268
  2,355
  2,448
  2,547
  2,653
  2,766
  2,885
  3,011
  3,145
  3,287
  3,436
  3,594
  3,761
  3,936
  4,122
  4,317
  4,522
  4,739
  4,966
  5,206
  5,458
  5,723
Total equity, $m
  23
  198
  202
  207
  213
  220
  227
  235
  243
  252
  262
  272
  283
  295
  307
  321
  335
  349
  365
  382
  399
  418
  437
  458
  480
  502
  527
  552
  578
  606
  636
Total liabilities and equity, $m
  2,066
  1,978
  2,023
  2,074
  2,133
  2,198
  2,269
  2,347
  2,430
  2,520
  2,617
  2,720
  2,830
  2,948
  3,073
  3,206
  3,346
  3,494
  3,652
  3,818
  3,993
  4,179
  4,373
  4,580
  4,797
  5,024
  5,266
  5,518
  5,784
  6,064
  6,359
Debt-to-equity ratio
  64.565
  6.580
  6.640
  6.700
  6.760
  6.830
  6.890
  6.960
  7.030
  7.100
  7.170
  7.240
  7.310
  7.380
  7.440
  7.510
  7.570
  7.630
  7.690
  7.750
  7.800
  7.860
  7.910
  7.960
  8.000
  8.050
  8.090
  8.130
  8.170
  8.210
  8.250
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
  53
  60
  62
  63
  65
  67
  70
  72
  75
  78
  98
  102
  105
  109
  113
  117
  121
  125
  130
  135
  141
  146
  152
  159
  165
  172
  179
  187
  195
  204
Depreciation, amort., depletion, $m
  194
  183
  187
  191
  195
  201
  206
  213
  219
  227
  234
  219
  228
  237
  247
  258
  269
  281
  294
  307
  321
  336
  352
  368
  386
  404
  423
  444
  465
  488
  511
Funds from operations, $m
  185
  236
  246
  252
  259
  266
  274
  282
  292
  302
  312
  317
  329
  342
  356
  370
  386
  402
  419
  437
  456
  477
  498
  521
  544
  569
  595
  623
  652
  683
  715
Change in working capital, $m
  -15
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
Cash from operations, $m
  200
  227
  245
  251
  257
  264
  271
  280
  289
  298
  309
  314
  325
  338
  352
  366
  381
  397
  414
  432
  451
  470
  491
  514
  537
  561
  587
  615
  643
  673
  705
Maintenance CAPEX, $m
  0
  -156
  -159
  -163
  -167
  -172
  -177
  -182
  -189
  -195
  -203
  -210
  -219
  -228
  -237
  -247
  -258
  -269
  -281
  -294
  -307
  -321
  -336
  -352
  -368
  -386
  -404
  -423
  -444
  -465
  -488
New CAPEX, $m
  -232
  -29
  -34
  -39
  -44
  -48
  -53
  -58
  -63
  -67
  -72
  -77
  -83
  -88
  -93
  -99
  -105
  -111
  -118
  -124
  -131
  -138
  -146
  -154
  -162
  -171
  -180
  -189
  -199
  -210
  -220
Cash from investing activities, $m
  -227
  -185
  -193
  -202
  -211
  -220
  -230
  -240
  -252
  -262
  -275
  -287
  -302
  -316
  -330
  -346
  -363
  -380
  -399
  -418
  -438
  -459
  -482
  -506
  -530
  -557
  -584
  -612
  -643
  -675
  -708
Free cash flow, $m
  -27
  42
  52
  49
  46
  44
  42
  40
  38
  36
  34
  26
  24
  23
  21
  20
  18
  17
  15
  14
  12
  11
  9
  8
  6
  5
  3
  2
  0
  -1
  -3
Issuance/(repayment) of debt, $m
  -7
  -87
  41
  47
  53
  58
  64
  70
  75
  81
  87
  93
  99
  106
  112
  119
  126
  134
  142
  150
  158
  167
  176
  185
  195
  206
  216
  228
  240
  252
  265
Issuance/(repurchase) of shares, $m
  -59
  155
  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  
  20
  68
  41
  47
  53
  58
  64
  70
  75
  81
  87
  93
  99
  106
  112
  119
  126
  134
  142
  150
  158
  167
  176
  185
  195
  206
  216
  228
  240
  252
  265
Total cash flow (excl. dividends), $m
  -7
  -46
  93
  96
  99
  102
  105
  109
  113
  117
  121
  119
  124
  128
  133
  139
  144
  150
  157
  163
  170
  177
  185
  193
  202
  210
  220
  230
  240
  251
  262
Retained Cash Flow (-), $m
  65
  -125
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
Prev. year cash balance distribution, $m
 
  15
  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
 
  0
  88
  91
  93
  96
  98
  101
  104
  108
  111
  109
  112
  117
  121
  126
  130
  136
  141
  147
  153
  159
  166
  173
  180
  188
  196
  204
  213
  223
  233
Discount rate, %
 
  12.40
  13.02
  13.67
  14.35
  15.07
  15.83
  16.62
  17.45
  18.32
  19.24
  20.20
  21.21
  22.27
  23.38
  24.55
  25.78
  27.07
  28.42
  29.84
  31.33
  32.90
  34.55
  36.27
  38.09
  39.99
  41.99
  44.09
  46.29
  48.61
  51.04
PV of cash for distribution, $m
 
  0
  69
  62
  54
  47
  41
  35
  29
  24
  19
  14
  11
  9
  6
  5
  3
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5
  82.5

General Communication, Inc. provides communication services under the GCI brand in Alaska. It operates through two segments, Wireless and Wireline. The Wireless segment offers wholesale wireless services and products that provide network transport and access to company’s wireless network for wireless carriers. This segment sells its products through direct contact marketing. The Wireline segment offers a range of retail wireless, data, video, and voice services to residential customers; retail wireless, data, video, and voice services to businesses, governmental entities, and educational institutions; and wholesale data and voice services to common carrier customers, as well as advertising services on its broadcast television stations and cable network. This segment also provides managed broadband services, including Internet, data network, and managed services to rural schools and health organizations; and regulated voice services to residential and commercial customers in rural communities primarily in Southwest Alaska. The Wireline segment sells its services through call center, direct mail and television advertising, Internet and local media advertising, and retail stores. General Communication, Inc. also sells wireless handsets to retail customers. As of December 31, 2015, the company had 227,800 wireless subscribers, 140,000 cable modem subscribers, and 133,000 basic video subscribers. General Communication, Inc. was founded in 1979 and is based in Anchorage, Alaska.

FINANCIAL RATIOS  of  General Communication Cl A (GNCMA)

Valuation Ratios
P/E Ratio -324.2
Price to Sales 1.4
Price to Book 56.4
Price to Tangible Book
Price to Cash Flow 6.5
Price to Free Cash Flow -40.5
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 $979 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 12.4%, 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 84.3%.

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 6.1% 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 148.1%.

Life of production assets of 9.3 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 6.7%. 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 - $88 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 33.53 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 $1.2 billion.


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COMPANY NEWS

▶ 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]
▶ GCI Announces First Quarter 2016 Earnings   [Apr-14-16 01:27PM  PR Newswire]
▶ GCI REPORTS FOURTH QUARTER 2015 FINANCIAL RESULTS   [Mar-02-16 04:07PM  GlobeNewswire]
Stock chart of GNCMA Financial statements of GNCMA Annual reports 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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