Intrinsic value of Generac Holdings - GNRC

Previous Close

$45.28

  Intrinsic Value

$33.48

stock screener

  Rating & Target

sell

-26%

  Value-price divergence*

-14%

Previous close

$45.28

 
Intrinsic value

$33.48

 
Up/down potential

-26%

 
Rating

sell

 
Value-price divergence*

-14%

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

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

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 2.9

 

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
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
Revenue, $m
  1,444
  1,554
  1,668
  1,786
  1,909
  2,038
  2,171
  2,309
  2,453
  2,604
  2,760
  2,923
  3,093
  3,270
  3,455
  3,649
  3,851
  4,062
  4,282
  4,513
  4,755
  5,008
  5,272
  5,549
  5,840
  6,144
  6,462
  6,796
  7,146
  7,513
  7,898
Variable operating expenses, $m
 
  1,182
  1,263
  1,348
  1,436
  1,528
  1,623
  1,722
  1,825
  1,932
  2,044
  2,090
  2,212
  2,339
  2,471
  2,609
  2,754
  2,905
  3,063
  3,228
  3,401
  3,581
  3,771
  3,969
  4,176
  4,394
  4,622
  4,861
  5,111
  5,373
  5,649
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
  1,327
  1,411
  1,500
  1,592
  1,688
  1,787
  1,890
  1,997
  2,108
  2,224
  2,275
  2,402
  2,533
  2,670
  2,813
  2,963
  3,120
  3,283
  3,453
  3,632
  3,818
  4,014
  4,218
  4,431
  4,655
  4,890
  5,136
  5,393
  5,662
  5,945
Operating income, $m
  203
  228
  256
  286
  318
  350
  384
  420
  456
  495
  535
  648
  691
  737
  785
  835
  887
  942
  1,000
  1,060
  1,123
  1,189
  1,259
  1,332
  1,408
  1,488
  1,573
  1,661
  1,754
  1,851
  1,954
EBITDA, $m
  257
  321
  352
  384
  417
  451
  487
  525
  564
  604
  647
  691
  737
  786
  837
  890
  945
  1,003
  1,064
  1,127
  1,194
  1,264
  1,338
  1,415
  1,495
  1,580
  1,669
  1,763
  1,861
  1,964
  2,072
Interest expense (income), $m
  42
  40
  45
  49
  54
  59
  64
  69
  74
  80
  86
  92
  98
  105
  112
  119
  127
  135
  143
  152
  161
  170
  180
  190
  201
  213
  225
  237
  250
  264
  278
Earnings before tax, $m
  156
  187
  212
  237
  264
  292
  321
  351
  382
  415
  449
  556
  593
  632
  673
  716
  761
  808
  857
  909
  963
  1,019
  1,079
  1,141
  1,207
  1,276
  1,348
  1,424
  1,504
  1,588
  1,676
Tax expense, $m
  57
  51
  57
  64
  71
  79
  87
  95
  103
  112
  121
  150
  160
  171
  182
  193
  205
  218
  231
  245
  260
  275
  291
  308
  326
  344
  364
  385
  406
  429
  452
Net income, $m
  99
  137
  155
  173
  193
  213
  234
  256
  279
  303
  328
  406
  433
  461
  491
  523
  555
  590
  626
  663
  703
  744
  788
  833
  881
  931
  984
  1,040
  1,098
  1,159
  1,223

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
  1,933
  2,074
  2,222
  2,375
  2,534
  2,700
  2,872
  3,051
  3,238
  3,433
  3,635
  3,847
  4,068
  4,298
  4,538
  4,789
  5,052
  5,326
  5,614
  5,914
  6,228
  6,558
  6,902
  7,263
  7,641
  8,038
  8,453
  8,889
  9,345
  9,824
Adjusted assets (=assets-cash), $m
  1,795
  1,933
  2,074
  2,222
  2,375
  2,534
  2,700
  2,872
  3,051
  3,238
  3,433
  3,635
  3,847
  4,068
  4,298
  4,538
  4,789
  5,052
  5,326
  5,614
  5,914
  6,228
  6,558
  6,902
  7,263
  7,641
  8,038
  8,453
  8,889
  9,345
  9,824
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
  489
  525
  563
  601
  642
  684
  727
  773
  820
  869
  921
  974
  1,030
  1,088
  1,149
  1,213
  1,279
  1,349
  1,422
  1,498
  1,577
  1,661
  1,748
  1,839
  1,935
  2,036
  2,141
  2,251
  2,367
  2,488
Working capital, $m
  342
  345
  370
  397
  424
  452
  482
  513
  545
  578
  613
  649
  687
  726
  767
  810
  855
  902
  951
  1,002
  1,056
  1,112
  1,170
  1,232
  1,296
  1,364
  1,435
  1,509
  1,587
  1,668
  1,753
Total debt, $m
  1,053
  1,115
  1,227
  1,343
  1,463
  1,589
  1,719
  1,855
  1,997
  2,144
  2,297
  2,457
  2,623
  2,797
  2,979
  3,168
  3,366
  3,573
  3,789
  4,016
  4,252
  4,500
  4,759
  5,031
  5,315
  5,613
  5,926
  6,253
  6,596
  6,956
  7,333
Total liabilities, $m
  1,461
  1,523
  1,635
  1,751
  1,871
  1,997
  2,127
  2,263
  2,405
  2,552
  2,705
  2,865
  3,031
  3,205
  3,387
  3,576
  3,774
  3,981
  4,197
  4,424
  4,660
  4,908
  5,167
  5,439
  5,723
  6,021
  6,334
  6,661
  7,004
  7,364
  7,741
Total equity, $m
  401
  410
  440
  471
  503
  537
  572
  609
  647
  686
  728
  771
  816
  862
  911
  962
  1,015
  1,071
  1,129
  1,190
  1,254
  1,320
  1,390
  1,463
  1,540
  1,620
  1,704
  1,792
  1,884
  1,981
  2,083
Total liabilities and equity, $m
  1,862
  1,933
  2,075
  2,222
  2,374
  2,534
  2,699
  2,872
  3,052
  3,238
  3,433
  3,636
  3,847
  4,067
  4,298
  4,538
  4,789
  5,052
  5,326
  5,614
  5,914
  6,228
  6,557
  6,902
  7,263
  7,641
  8,038
  8,453
  8,888
  9,345
  9,824
Debt-to-equity ratio
  2.626
  2.720
  2.790
  2.850
  2.910
  2.960
  3.000
  3.050
  3.090
  3.120
  3.160
  3.190
  3.220
  3.240
  3.270
  3.290
  3.320
  3.340
  3.360
  3.370
  3.390
  3.410
  3.420
  3.440
  3.450
  3.470
  3.480
  3.490
  3.500
  3.510
  3.520
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
  137
  155
  173
  193
  213
  234
  256
  279
  303
  328
  406
  433
  461
  491
  523
  555
  590
  626
  663
  703
  744
  788
  833
  881
  931
  984
  1,040
  1,098
  1,159
  1,223
Depreciation, amort., depletion, $m
  54
  94
  95
  97
  99
  101
  103
  105
  107
  109
  112
  44
  46
  49
  52
  54
  57
  61
  64
  67
  71
  75
  79
  83
  87
  92
  96
  101
  107
  112
  118
Funds from operations, $m
  297
  230
  250
  270
  292
  314
  337
  361
  386
  412
  440
  449
  479
  510
  543
  577
  613
  650
  689
  731
  774
  819
  866
  916
  968
  1,023
  1,081
  1,141
  1,204
  1,271
  1,341
Change in working capital, $m
  44
  24
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  64
  68
  71
  74
  78
  81
  85
Cash from operations, $m
  253
  206
  225
  244
  264
  285
  307
  330
  354
  379
  405
  413
  441
  471
  502
  534
  568
  603
  640
  679
  720
  763
  808
  855
  904
  956
  1,010
  1,067
  1,127
  1,190
  1,256
Maintenance CAPEX, $m
  0
  -22
  -23
  -25
  -27
  -29
  -30
  -32
  -34
  -37
  -39
  -41
  -44
  -46
  -49
  -52
  -54
  -57
  -61
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -107
  -112
New CAPEX, $m
  -30
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -54
  -56
  -58
  -61
  -64
  -66
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -116
  -121
Cash from investing activities, $m
  -106
  -57
  -59
  -62
  -66
  -69
  -72
  -76
  -79
  -84
  -88
  -92
  -98
  -102
  -107
  -113
  -118
  -123
  -131
  -137
  -143
  -151
  -158
  -166
  -174
  -183
  -192
  -201
  -211
  -223
  -233
Free cash flow, $m
  147
  150
  166
  182
  199
  217
  235
  254
  274
  295
  317
  321
  344
  369
  395
  422
  450
  479
  510
  543
  577
  612
  649
  689
  730
  773
  818
  865
  915
  967
  1,022
Issuance/(repayment) of debt, $m
  -37
  108
  112
  116
  121
  125
  131
  136
  141
  147
  153
  160
  167
  174
  181
  189
  198
  207
  216
  226
  237
  248
  259
  272
  284
  298
  312
  327
  343
  360
  377
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
  108
  112
  116
  121
  125
  131
  136
  141
  147
  153
  160
  167
  174
  181
  189
  198
  207
  216
  226
  237
  248
  259
  272
  284
  298
  312
  327
  343
  360
  377
Total cash flow (excl. dividends), $m
  -49
  257
  277
  298
  320
  342
  366
  390
  416
  442
  470
  480
  511
  543
  576
  611
  648
  686
  727
  769
  813
  860
  909
  960
  1,014
  1,071
  1,130
  1,193
  1,258
  1,327
  1,399
Retained Cash Flow (-), $m
  65
  -30
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -97
  -101
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
 
  249
  247
  267
  287
  308
  330
  354
  378
  403
  429
  437
  466
  496
  527
  560
  595
  631
  668
  708
  750
  793
  839
  887
  938
  990
  1,046
  1,104
  1,166
  1,230
  1,298
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
 
  227
  204
  198
  189
  179
  166
  153
  138
  123
  108
  90
  77
  64
  53
  42
  33
  26
  19
  14
  10
  7
  5
  3
  2
  1
  1
  0
  0
  0
  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 28.7
Price to Sales 2
Price to Book 7.1
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow 12.7
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 7.6% 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 63.747 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 $2.9 billion.

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COMPANY NEWS

▶ 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]
▶ Generac Completes Acquisition of MOTORTECH   [Jan-03-17 08:30AM  GlobeNewswire]
▶ Generac Holdings Inc. (GNRC)Hedge Funds Are Snapping Up   [Dec-05-16 05:47AM  at Insider Monkey]
▶ Generac To Acquire Motortech   [Nov-28-16 08:30AM  GlobeNewswire]
▶ Generac Rides a Stormy Summer to Success   [09:45AM  at Motley Fool]
▶ Generac Reports Third Quarter 2016 Results   [06:00AM  GlobeNewswire]
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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