Intrinsic value of Generac Holdings - GNRC

Previous Close

$51.64

  Intrinsic Value

$79.65

stock screener

  Rating & Target

str. buy

+54%

Previous close

$51.64

 
Intrinsic value

$79.65

 
Up/down potential

+54%

 
Rating

str. buy

We calculate the intrinsic value of GNRC 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, %
  9.64
  22.50
  20.75
  19.18
  17.76
  16.48
  15.33
  14.30
  13.37
  12.53
  11.78
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.82
Revenue, $m
  1,444
  1,769
  2,136
  2,546
  2,998
  3,492
  4,027
  4,603
  5,218
  5,872
  6,564
  7,293
  8,058
  8,859
  9,696
  10,569
  11,478
  12,424
  13,408
  14,431
  15,493
  16,598
  17,746
  18,939
  20,179
  21,470
  22,813
  24,212
  25,669
  27,187
  28,771
Variable operating expenses, $m
 
  1,336
  1,598
  1,891
  2,214
  2,568
  2,950
  3,362
  3,802
  4,270
  4,765
  5,216
  5,763
  6,336
  6,934
  7,559
  8,209
  8,886
  9,589
  10,321
  11,081
  11,870
  12,691
  13,544
  14,432
  15,355
  16,315
  17,316
  18,358
  19,444
  20,576
Fixed operating expenses, $m
 
  145
  148
  152
  156
  160
  164
  168
  172
  176
  180
  185
  190
  194
  199
  204
  209
  215
  220
  225
  231
  237
  243
  249
  255
  261
  268
  275
  282
  289
  296
Total operating expenses, $m
  1,241
  1,481
  1,746
  2,043
  2,370
  2,728
  3,114
  3,530
  3,974
  4,446
  4,945
  5,401
  5,953
  6,530
  7,133
  7,763
  8,418
  9,101
  9,809
  10,546
  11,312
  12,107
  12,934
  13,793
  14,687
  15,616
  16,583
  17,591
  18,640
  19,733
  20,872
Operating income, $m
  203
  289
  390
  503
  628
  764
  913
  1,073
  1,244
  1,426
  1,619
  1,892
  2,105
  2,329
  2,562
  2,806
  3,060
  3,324
  3,599
  3,885
  4,182
  4,491
  4,812
  5,145
  5,492
  5,854
  6,230
  6,621
  7,030
  7,455
  7,899
EBITDA, $m
  257
  386
  492
  611
  743
  887
  1,044
  1,212
  1,392
  1,584
  1,787
  2,001
  2,226
  2,461
  2,707
  2,964
  3,231
  3,510
  3,799
  4,100
  4,413
  4,738
  5,077
  5,428
  5,794
  6,174
  6,570
  6,983
  7,413
  7,861
  8,328
Interest expense (income), $m
  42
  40
  53
  67
  83
  101
  121
  142
  164
  188
  214
  241
  270
  300
  331
  364
  398
  434
  471
  509
  549
  591
  634
  679
  726
  775
  825
  878
  933
  990
  1,050
Earnings before tax, $m
  156
  249
  337
  435
  544
  663
  792
  931
  1,080
  1,238
  1,405
  1,651
  1,836
  2,029
  2,231
  2,442
  2,662
  2,891
  3,128
  3,375
  3,632
  3,900
  4,177
  4,466
  4,766
  5,079
  5,404
  5,743
  6,097
  6,465
  6,849
Tax expense, $m
  57
  67
  91
  118
  147
  179
  214
  251
  292
  334
  379
  446
  496
  548
  602
  659
  719
  780
  845
  911
  981
  1,053
  1,128
  1,206
  1,287
  1,371
  1,459
  1,551
  1,646
  1,746
  1,849
Net income, $m
  99
  181
  246
  318
  397
  484
  578
  680
  788
  904
  1,025
  1,205
  1,340
  1,481
  1,629
  1,783
  1,943
  2,110
  2,284
  2,464
  2,652
  2,847
  3,049
  3,260
  3,479
  3,708
  3,945
  4,193
  4,451
  4,719
  5,000

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  67
  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
  1,862
  2,200
  2,657
  3,166
  3,728
  4,343
  5,009
  5,725
  6,490
  7,304
  8,164
  9,071
  10,022
  11,019
  12,060
  13,146
  14,276
  15,453
  16,677
  17,949
  19,271
  20,644
  22,072
  23,555
  25,099
  26,704
  28,375
  30,114
  31,926
  33,815
  35,784
Adjusted assets (=assets-cash), $m
  1,795
  2,200
  2,657
  3,166
  3,728
  4,343
  5,009
  5,725
  6,490
  7,304
  8,164
  9,071
  10,022
  11,019
  12,060
  13,146
  14,276
  15,453
  16,677
  17,949
  19,271
  20,644
  22,072
  23,555
  25,099
  26,704
  28,375
  30,114
  31,926
  33,815
  35,784
Revenue / Adjusted assets
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
Average production assets, $m
  455
  557
  673
  802
  944
  1,100
  1,268
  1,450
  1,644
  1,850
  2,068
  2,297
  2,538
  2,791
  3,054
  3,329
  3,616
  3,914
  4,224
  4,546
  4,880
  5,228
  5,590
  5,966
  6,356
  6,763
  7,186
  7,627
  8,086
  8,564
  9,063
Working capital, $m
  342
  393
  474
  565
  665
  775
  894
  1,022
  1,158
  1,304
  1,457
  1,619
  1,789
  1,967
  2,153
  2,346
  2,548
  2,758
  2,977
  3,204
  3,440
  3,685
  3,940
  4,204
  4,480
  4,766
  5,065
  5,375
  5,698
  6,036
  6,387
Total debt, $m
  1,053
  1,326
  1,685
  2,087
  2,530
  3,014
  3,539
  4,103
  4,706
  5,347
  6,025
  6,740
  7,489
  8,275
  9,095
  9,951
  10,842
  11,769
  12,733
  13,736
  14,777
  15,859
  16,984
  18,154
  19,370
  20,635
  21,951
  23,322
  24,750
  26,238
  27,790
Total liabilities, $m
  1,461
  1,734
  2,093
  2,495
  2,938
  3,422
  3,947
  4,511
  5,114
  5,755
  6,433
  7,148
  7,897
  8,683
  9,503
  10,359
  11,250
  12,177
  13,141
  14,144
  15,185
  16,267
  17,392
  18,562
  19,778
  21,043
  22,359
  23,730
  25,158
  26,646
  28,198
Total equity, $m
  401
  466
  563
  671
  790
  921
  1,062
  1,214
  1,376
  1,548
  1,731
  1,923
  2,125
  2,336
  2,557
  2,787
  3,027
  3,276
  3,535
  3,805
  4,085
  4,377
  4,679
  4,994
  5,321
  5,661
  6,015
  6,384
  6,768
  7,169
  7,586
Total liabilities and equity, $m
  1,862
  2,200
  2,656
  3,166
  3,728
  4,343
  5,009
  5,725
  6,490
  7,303
  8,164
  9,071
  10,022
  11,019
  12,060
  13,146
  14,277
  15,453
  16,676
  17,949
  19,270
  20,644
  22,071
  23,556
  25,099
  26,704
  28,374
  30,114
  31,926
  33,815
  35,784
Debt-to-equity ratio
  2.626
  2.840
  2.990
  3.110
  3.200
  3.270
  3.330
  3.380
  3.420
  3.450
  3.480
  3.500
  3.520
  3.540
  3.560
  3.570
  3.580
  3.590
  3.600
  3.610
  3.620
  3.620
  3.630
  3.640
  3.640
  3.640
  3.650
  3.650
  3.660
  3.660
  3.660
Adjusted equity ratio
  0.203
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  99
  181
  246
  318
  397
  484
  578
  680
  788
  904
  1,025
  1,205
  1,340
  1,481
  1,629
  1,783
  1,943
  2,110
  2,284
  2,464
  2,652
  2,847
  3,049
  3,260
  3,479
  3,708
  3,945
  4,193
  4,451
  4,719
  5,000
Depreciation, amort., depletion, $m
  54
  97
  102
  109
  115
  123
  131
  139
  148
  158
  168
  109
  120
  132
  145
  158
  171
  185
  200
  215
  231
  248
  265
  283
  301
  321
  341
  361
  383
  406
  430
Funds from operations, $m
  297
  278
  348
  426
  512
  607
  709
  819
  937
  1,062
  1,194
  1,314
  1,460
  1,614
  1,774
  1,941
  2,115
  2,296
  2,484
  2,680
  2,883
  3,094
  3,314
  3,543
  3,781
  4,028
  4,286
  4,554
  4,834
  5,125
  5,429
Change in working capital, $m
  44
  72
  81
  91
  100
  110
  119
  128
  137
  145
  154
  162
  170
  178
  186
  194
  202
  210
  218
  227
  236
  245
  255
  265
  275
  287
  298
  310
  323
  337
  352
Cash from operations, $m
  253
  206
  267
  335
  412
  497
  590
  691
  800
  916
  1,040
  1,152
  1,291
  1,436
  1,588
  1,747
  1,913
  2,086
  2,265
  2,453
  2,647
  2,849
  3,059
  3,278
  3,505
  3,742
  3,988
  4,244
  4,510
  4,788
  5,078
Maintenance CAPEX, $m
  0
  -22
  -26
  -32
  -38
  -45
  -52
  -60
  -69
  -78
  -88
  -98
  -109
  -120
  -132
  -145
  -158
  -171
  -185
  -200
  -215
  -231
  -248
  -265
  -283
  -301
  -321
  -341
  -361
  -383
  -406
New CAPEX, $m
  -30
  -103
  -116
  -129
  -142
  -156
  -169
  -181
  -194
  -206
  -218
  -230
  -241
  -252
  -264
  -275
  -286
  -298
  -310
  -322
  -335
  -348
  -362
  -376
  -391
  -407
  -423
  -441
  -459
  -478
  -499
Cash from investing activities, $m
  -106
  -125
  -142
  -161
  -180
  -201
  -221
  -241
  -263
  -284
  -306
  -328
  -350
  -372
  -396
  -420
  -444
  -469
  -495
  -522
  -550
  -579
  -610
  -641
  -674
  -708
  -744
  -782
  -820
  -861
  -905
Free cash flow, $m
  147
  82
  125
  174
  232
  297
  369
  450
  538
  633
  735
  825
  941
  1,063
  1,192
  1,327
  1,469
  1,616
  1,770
  1,930
  2,097
  2,270
  2,450
  2,637
  2,832
  3,034
  3,244
  3,462
  3,690
  3,927
  4,173
Issuance/(repayment) of debt, $m
  -37
  319
  360
  401
  443
  484
  525
  564
  603
  641
  678
  714
  750
  785
  820
  856
  891
  927
  964
  1,002
  1,042
  1,082
  1,125
  1,169
  1,216
  1,265
  1,316
  1,371
  1,428
  1,488
  1,552
Issuance/(repurchase) of shares, $m
  -148
  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  
  -196
  319
  360
  401
  443
  484
  525
  564
  603
  641
  678
  714
  750
  785
  820
  856
  891
  927
  964
  1,002
  1,042
  1,082
  1,125
  1,169
  1,216
  1,265
  1,316
  1,371
  1,428
  1,488
  1,552
Total cash flow (excl. dividends), $m
  -49
  401
  484
  576
  675
  781
  894
  1,014
  1,141
  1,274
  1,413
  1,539
  1,691
  1,848
  2,012
  2,183
  2,360
  2,543
  2,734
  2,932
  3,138
  3,352
  3,575
  3,807
  4,048
  4,299
  4,560
  4,833
  5,118
  5,415
  5,725
Retained Cash Flow (-), $m
  65
  -86
  -97
  -108
  -119
  -130
  -141
  -152
  -162
  -172
  -182
  -192
  -202
  -211
  -221
  -230
  -240
  -249
  -259
  -270
  -280
  -291
  -303
  -315
  -327
  -340
  -354
  -369
  -384
  -400
  -418
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
 
  335
  388
  468
  556
  651
  753
  862
  978
  1,101
  1,230
  1,347
  1,489
  1,637
  1,792
  1,953
  2,120
  2,294
  2,475
  2,663
  2,858
  3,061
  3,272
  3,492
  3,721
  3,958
  4,206
  4,464
  4,734
  5,015
  5,308
Discount rate, %
 
  9.50
  9.98
  10.47
  11.00
  11.55
  12.12
  12.73
  13.37
  14.04
  14.74
  15.47
  16.25
  17.06
  17.91
  18.81
  19.75
  20.74
  21.77
  22.86
  24.01
  25.21
  26.47
  27.79
  29.18
  30.64
  32.17
  33.78
  35.47
  37.24
  39.10
PV of cash for distribution, $m
 
  306
  320
  347
  366
  377
  379
  373
  359
  338
  311
  277
  244
  211
  178
  147
  119
  93
  71
  53
  39
  27
  19
  12
  8
  5
  3
  2
  1
  1
  0
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

Generac Holdings Inc. (Generac) is a designer and manufacturer of power generation equipment and other engine powered products. The Company serves the residential, light commercial, industrial, oil and gas, and construction markets. Its segments include Domestic and International. The Domestic segment includes the Generac business. The International segment includes the Ottomotores UK, Tower Light SRL and PR Industrial S.r.l acquisitions. It designs and manufactures light towers, which provide temporary lighting for various end markets; commercial and industrial mobile heaters used in the oil and gas, construction and other industrial markets, and a product line of outdoor power equipment for residential and commercial use. It designs, manufactures, sources and modifies engines, alternators, transfer switches and other components necessary for its products. It classifies products into three categories: Residential products, Commercial & Industrial products, and Other products.

FINANCIAL RATIOS  of  Generac Holdings (GNRC)

Valuation Ratios
P/E Ratio 32.7
Price to Sales 2.2
Price to Book 8.1
Price to Tangible Book
Price to Cash Flow 12.8
Price to Free Cash Flow 14.5
Growth Rates
Sales Growth Rate 9.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -3.2%
Cap. Spend. - 3 Yr. Gr. Rate -0.7%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 251.1%
Total Debt to Equity 262.6%
Interest Coverage 5
Management Effectiveness
Return On Assets 6.9%
Ret/ On Assets - 3 Yr. Avg. 7.9%
Return On Total Capital 6.7%
Ret/ On T. Cap. - 3 Yr. Avg. 7.7%
Return On Equity 22.8%
Return On Equity - 3 Yr. Avg. 27.5%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 35.6%
Gross Margin - 3 Yr. Avg. 35.3%
EBITDA Margin 17.5%
EBITDA Margin - 3 Yr. Avg. 18.6%
Operating Margin 14.1%
Oper. Margin - 3 Yr. Avg. 15.7%
Pre-Tax Margin 10.8%
Pre-Tax Margin - 3 Yr. Avg. 12.6%
Net Profit Margin 6.9%
Net Profit Margin - 3 Yr. Avg. 8.3%
Effective Tax Rate 36.5%
Eff/ Tax Rate - 3 Yr. Avg. 35.1%
Payout Ratio 0%

GNRC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GNRC stock intrinsic value calculation we used $1444 million for the last fiscal year's total revenue generated by Generac Holdings. The default revenue input number comes from 2016 income statement of Generac Holdings. 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 GNRC stock valuation model: a) initial revenue growth rate of 22.5% 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 9.5%, whose default value for GNRC is calculated based on our internal credit rating of Generac Holdings, 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 Generac Holdings.
    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 GNRC stock the variable cost ratio is equal to 76.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $141 million in the base year in the intrinsic value calculation for GNRC 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 4% for Generac Holdings.

Corporate tax rate of 27% is the nominal tax rate for Generac Holdings. 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 GNRC 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 GNRC are equal to 31.5%.

Life of production assets of 21.1 years is the average useful life of capital assets used in Generac Holdings 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 GNRC is equal to 22.2%. 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 - $401 million for Generac Holdings - 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 62.601 million for Generac Holdings 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 Generac Holdings at the current share price and the inputted number of shares is $3.2 billion.

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COMPANY NEWS

▶ Generac Shows Rising Price Performance With Jump To 81 RS Rating   [Jan-18-18 03:00AM  Investor's Business Daily]
▶ Generac Clears Technical Benchmark, Hitting 80-Plus RS Rating   [Jan-04-18 03:00AM  Investor's Business Daily]
▶ Should You Buy Generac Holdings Inc (NYSE:GNRC)?   [Dec-25-17 03:45PM  Simply Wall St.]
▶ New Strong Buy Stocks for November 6th   [Nov-06-17 08:51AM  Zacks]
▶ Generac third-quarter sales boosted by hurricanes, organic growth   [Nov-01-17 06:35PM  American City Business Journals]
▶ Generac Holdings beats Street 3Q forecasts   [06:09AM  Associated Press]
▶ Generac Reports Third Quarter 2017 Results   [06:00AM  GlobeNewswire]
▶ Stocks With Rising Relative Price Strength: Generac   [Sep-18-17 03:00AM  Investor's Business Daily]
▶ Why Generac Holdings Inc (GNRC) Could Be A Buy   [Sep-13-17 05:37PM  Simply Wall St.]
▶ Stocks Flashing Renewed Technical Strength: Generac   [03:00AM  Investor's Business Daily]
▶ S&P 500 Futures Jump: 4 Hurricane Stocks To Watch; Apple Is The X Factor   [Sep-11-17 07:15AM  Investor's Business Daily]
▶ Generac CEO helping power hurricane hit regions   [Sep-08-17 12:36PM  Fox Business Videos]
▶ Stocks Showing Improving Market Leadership: Generac Earns 82 RS Rating   [Sep-07-17 03:00AM  Investor's Business Daily]
▶ Generac Holdings tops Street 2Q forecasts   [Aug-02-17 11:07PM  Associated Press]
▶ Generac Reports Second Quarter 2017 Results   [06:00AM  GlobeNewswire]
▶ Generac Holdings Poised to Generate Upside   [Jun-29-17 04:00PM  TheStreet.com]
▶ Generac Generates Stronger Sales, Weaker Earnings   [Apr-27-17 08:44AM  Motley Fool]
▶ Generac Holdings meets 1Q profit forecasts   [08:18AM  Associated Press]
▶ Generac Reports First Quarter 2017 Results   [06:00AM  GlobeNewswire]
▶ Hurricane Risks Anything But Average   [Apr-10-17 03:37PM  PR Newswire]
▶ Pressure Washing That Doesn't Waste The Weekend   [Mar-29-17 06:21PM  PR Newswire]
▶ Generac Powers Up on Hurricane, Winter Weather   [Feb-14-17 09:27AM  Motley Fool]
Financial statements of GNRC
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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