Intrinsic value of Gentex - GNTX

Previous Close

$17.43

  Intrinsic Value

$28.83

stock screener

  Rating & Target

str. buy

+65%

  Value-price divergence*

-27%

Previous close

$17.43

 
Intrinsic value

$28.83

 
Up/down potential

+65%

 
Rating

str. buy

 
Value-price divergence*

-27%

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

We calculate the intrinsic value of GNTX 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 5.0

 

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, %
  8.74
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
Revenue, $m
  1,679
  1,877
  2,086
  2,305
  2,535
  2,774
  3,024
  3,285
  3,556
  3,838
  4,131
  4,436
  4,752
  5,081
  5,423
  5,778
  6,148
  6,533
  6,934
  7,351
  7,786
  8,240
  8,713
  9,207
  9,723
  10,262
  10,825
  11,414
  12,030
  12,674
  13,348
Variable operating expenses, $m
 
  1,138
  1,261
  1,390
  1,525
  1,667
  1,814
  1,968
  2,128
  2,294
  2,467
  2,616
  2,802
  2,996
  3,198
  3,407
  3,626
  3,852
  4,089
  4,335
  4,592
  4,859
  5,138
  5,430
  5,734
  6,051
  6,384
  6,731
  7,094
  7,474
  7,872
Fixed operating expenses, $m
 
  155
  159
  163
  167
  171
  175
  179
  184
  189
  193
  198
  203
  208
  213
  219
  224
  230
  236
  241
  247
  254
  260
  266
  273
  280
  287
  294
  301
  309
  317
Total operating expenses, $m
  1,167
  1,293
  1,420
  1,553
  1,692
  1,838
  1,989
  2,147
  2,312
  2,483
  2,660
  2,814
  3,005
  3,204
  3,411
  3,626
  3,850
  4,082
  4,325
  4,576
  4,839
  5,113
  5,398
  5,696
  6,007
  6,331
  6,671
  7,025
  7,395
  7,783
  8,189
Operating income, $m
  512
  585
  666
  752
  843
  937
  1,035
  1,138
  1,244
  1,355
  1,471
  1,622
  1,747
  1,876
  2,011
  2,152
  2,298
  2,451
  2,609
  2,775
  2,947
  3,127
  3,315
  3,511
  3,716
  3,930
  4,154
  4,389
  4,634
  4,891
  5,160
EBITDA, $m
  601
  687
  777
  871
  970
  1,073
  1,181
  1,294
  1,411
  1,532
  1,659
  1,791
  1,928
  2,070
  2,218
  2,372
  2,533
  2,700
  2,873
  3,055
  3,244
  3,441
  3,647
  3,862
  4,087
  4,321
  4,567
  4,824
  5,093
  5,374
  5,669
Interest expense (income), $m
  0
  6
  8
  10
  11
  13
  15
  17
  19
  22
  24
  26
  29
  31
  34
  37
  40
  43
  46
  49
  53
  56
  60
  64
  68
  72
  76
  81
  86
  91
  96
Earnings before tax, $m
  511
  578
  659
  743
  831
  924
  1,020
  1,120
  1,225
  1,334
  1,447
  1,595
  1,718
  1,845
  1,977
  2,115
  2,259
  2,408
  2,563
  2,725
  2,895
  3,071
  3,255
  3,447
  3,648
  3,858
  4,078
  4,308
  4,548
  4,800
  5,064
Tax expense, $m
  163
  156
  178
  201
  224
  249
  275
  303
  331
  360
  391
  431
  464
  498
  534
  571
  610
  650
  692
  736
  782
  829
  879
  931
  985
  1,042
  1,101
  1,163
  1,228
  1,296
  1,367
Net income, $m
  348
  422
  481
  542
  607
  674
  745
  818
  894
  974
  1,056
  1,165
  1,254
  1,347
  1,444
  1,544
  1,649
  1,758
  1,871
  1,990
  2,113
  2,242
  2,376
  2,517
  2,663
  2,817
  2,977
  3,145
  3,320
  3,504
  3,697

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  724
  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
  2,310
  1,773
  1,970
  2,177
  2,393
  2,620
  2,856
  3,102
  3,358
  3,624
  3,901
  4,188
  4,487
  4,798
  5,121
  5,456
  5,805
  6,169
  6,547
  6,941
  7,352
  7,781
  8,228
  8,694
  9,181
  9,690
  10,222
  10,778
  11,359
  11,968
  12,604
Adjusted assets (=assets-cash), $m
  1,586
  1,773
  1,970
  2,177
  2,393
  2,620
  2,856
  3,102
  3,358
  3,624
  3,901
  4,188
  4,487
  4,798
  5,121
  5,456
  5,805
  6,169
  6,547
  6,941
  7,352
  7,781
  8,228
  8,694
  9,181
  9,690
  10,222
  10,778
  11,359
  11,968
  12,604
Revenue / Adjusted assets
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
Average production assets, $m
  780
  873
  970
  1,072
  1,179
  1,290
  1,406
  1,528
  1,654
  1,785
  1,921
  2,063
  2,210
  2,363
  2,522
  2,687
  2,859
  3,038
  3,224
  3,418
  3,621
  3,831
  4,052
  4,281
  4,521
  4,772
  5,034
  5,307
  5,594
  5,893
  6,207
Working capital, $m
  1,005
  323
  359
  396
  436
  477
  520
  565
  612
  660
  711
  763
  817
  874
  933
  994
  1,057
  1,124
  1,193
  1,264
  1,339
  1,417
  1,499
  1,584
  1,672
  1,765
  1,862
  1,963
  2,069
  2,180
  2,296
Total debt, $m
  186
  224
  273
  324
  377
  433
  491
  552
  615
  681
  750
  821
  894
  971
  1,051
  1,134
  1,220
  1,310
  1,403
  1,501
  1,602
  1,708
  1,818
  1,933
  2,054
  2,179
  2,311
  2,448
  2,592
  2,742
  2,899
Total liabilities, $m
  399
  438
  487
  538
  591
  647
  705
  766
  829
  895
  964
  1,035
  1,108
  1,185
  1,265
  1,348
  1,434
  1,524
  1,617
  1,715
  1,816
  1,922
  2,032
  2,147
  2,268
  2,393
  2,525
  2,662
  2,806
  2,956
  3,113
Total equity, $m
  1,910
  1,335
  1,483
  1,639
  1,802
  1,973
  2,151
  2,336
  2,529
  2,729
  2,937
  3,154
  3,379
  3,613
  3,856
  4,109
  4,371
  4,645
  4,930
  5,227
  5,536
  5,859
  6,195
  6,547
  6,913
  7,297
  7,697
  8,116
  8,554
  9,012
  9,491
Total liabilities and equity, $m
  2,309
  1,773
  1,970
  2,177
  2,393
  2,620
  2,856
  3,102
  3,358
  3,624
  3,901
  4,189
  4,487
  4,798
  5,121
  5,457
  5,805
  6,169
  6,547
  6,942
  7,352
  7,781
  8,227
  8,694
  9,181
  9,690
  10,222
  10,778
  11,360
  11,968
  12,604
Debt-to-equity ratio
  0.097
  0.170
  0.180
  0.200
  0.210
  0.220
  0.230
  0.240
  0.240
  0.250
  0.260
  0.260
  0.260
  0.270
  0.270
  0.280
  0.280
  0.280
  0.280
  0.290
  0.290
  0.290
  0.290
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.310
Adjusted equity ratio
  0.748
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  348
  422
  481
  542
  607
  674
  745
  818
  894
  974
  1,056
  1,165
  1,254
  1,347
  1,444
  1,544
  1,649
  1,758
  1,871
  1,990
  2,113
  2,242
  2,376
  2,517
  2,663
  2,817
  2,977
  3,145
  3,320
  3,504
  3,697
Depreciation, amort., depletion, $m
  89
  102
  110
  119
  127
  136
  146
  156
  166
  177
  188
  169
  181
  194
  207
  220
  234
  249
  264
  280
  297
  314
  332
  351
  371
  391
  413
  435
  459
  483
  509
Funds from operations, $m
  470
  525
  591
  661
  734
  811
  891
  974
  1,060
  1,151
  1,245
  1,334
  1,435
  1,541
  1,650
  1,764
  1,883
  2,007
  2,136
  2,270
  2,410
  2,556
  2,708
  2,868
  3,034
  3,208
  3,390
  3,580
  3,779
  3,987
  4,205
Change in working capital, $m
  -1
  34
  36
  38
  39
  41
  43
  45
  47
  48
  50
  52
  54
  57
  59
  61
  64
  66
  69
  72
  75
  78
  81
  85
  89
  93
  97
  101
  106
  111
  116
Cash from operations, $m
  471
  490
  555
  623
  695
  769
  848
  929
  1,014
  1,102
  1,194
  1,281
  1,381
  1,484
  1,591
  1,703
  1,819
  1,941
  2,067
  2,198
  2,335
  2,478
  2,627
  2,783
  2,945
  3,115
  3,293
  3,479
  3,673
  3,876
  4,089
Maintenance CAPEX, $m
  0
  -64
  -72
  -80
  -88
  -97
  -106
  -115
  -125
  -136
  -146
  -157
  -169
  -181
  -194
  -207
  -220
  -234
  -249
  -264
  -280
  -297
  -314
  -332
  -351
  -371
  -391
  -413
  -435
  -459
  -483
New CAPEX, $m
  -128
  -93
  -97
  -102
  -107
  -112
  -116
  -121
  -126
  -131
  -136
  -142
  -147
  -153
  -159
  -165
  -172
  -179
  -186
  -194
  -202
  -211
  -220
  -230
  -240
  -251
  -262
  -274
  -286
  -300
  -314
Cash from investing activities, $m
  -251
  -157
  -169
  -182
  -195
  -209
  -222
  -236
  -251
  -267
  -282
  -299
  -316
  -334
  -353
  -372
  -392
  -413
  -435
  -458
  -482
  -508
  -534
  -562
  -591
  -622
  -653
  -687
  -721
  -759
  -797
Free cash flow, $m
  220
  334
  386
  442
  500
  561
  625
  693
  763
  836
  912
  982
  1,065
  1,150
  1,239
  1,331
  1,427
  1,527
  1,631
  1,740
  1,852
  1,970
  2,093
  2,221
  2,354
  2,494
  2,640
  2,792
  2,952
  3,118
  3,293
Issuance/(repayment) of debt, $m
  -48
  46
  49
  51
  54
  56
  58
  61
  63
  66
  68
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
  106
  110
  115
  120
  126
  131
  137
  144
  150
  157
Issuance/(repurchase) of shares, $m
  -76
  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  
  -124
  46
  49
  51
  54
  56
  58
  61
  63
  66
  68
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
  106
  110
  115
  120
  126
  131
  137
  144
  150
  157
Total cash flow (excl. dividends), $m
  96
  379
  435
  493
  554
  617
  684
  753
  826
  901
  980
  1,053
  1,138
  1,227
  1,319
  1,414
  1,514
  1,617
  1,725
  1,837
  1,954
  2,076
  2,203
  2,336
  2,475
  2,620
  2,771
  2,929
  3,095
  3,269
  3,450
Retained Cash Flow (-), $m
  -187
  -141
  -148
  -156
  -163
  -171
  -178
  -185
  -193
  -200
  -208
  -217
  -225
  -234
  -243
  -253
  -263
  -274
  -285
  -297
  -309
  -323
  -337
  -351
  -367
  -383
  -400
  -419
  -438
  -458
  -479
Prev. year cash balance distribution, $m
 
  716
  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
 
  955
  287
  337
  390
  447
  506
  568
  633
  701
  772
  837
  913
  993
  1,075
  1,161
  1,251
  1,343
  1,440
  1,540
  1,645
  1,753
  1,867
  1,985
  2,108
  2,236
  2,371
  2,511
  2,657
  2,810
  2,971
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  915
  263
  293
  321
  346
  367
  384
  396
  403
  405
  397
  390
  378
  361
  341
  318
  292
  265
  237
  209
  181
  155
  130
  107
  87
  69
  54
  41
  31
  22
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

Gentex Corporation designs, develops, manufactures, and markets automatic-dimming rearview mirrors and electronics for the automotive industry; dimmable aircraft windows for the aviation industry; and commercial smoke alarms and signaling devices for the fire protection industry worldwide. It offers automotive products, including interior and exterior electrochromic automatic-dimming rearview mirrors, automotive electronics, and interior and exterior non-automatic-dimming rearview mirrors with electronic features for automotive passenger cars, light trucks, pick-up trucks, sport utility vehicles, and vans for original equipment manufacturers, tier one automotive mirror manufacturers, and various aftermarket and accessory customers. The company also provides photoelectric smoke detectors and alarms, audible and visual signaling alarms, photoelectric smoke detectors and electrochemical carbon monoxide alarms, electrochemical carbon monoxide detectors and alarms, and bells and speakers for use in fire detection systems in office buildings, hotels, and other commercial and residential establishments. Gentex Corporation sells its fire protection products directly, as well as through sales managers and manufacturer representative organizations to fire protection and security product distributors, electrical wholesale houses, and original equipment manufacturers of fire protection systems. The company was founded in 1974 and is headquartered in Zeeland, Michigan.

FINANCIAL RATIOS  of  Gentex (GNTX)

Valuation Ratios
P/E Ratio 14.4
Price to Sales 3
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 10.6
Price to Free Cash Flow 14.6
Growth Rates
Sales Growth Rate 8.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 26.7%
Cap. Spend. - 3 Yr. Gr. Rate 18%
Financial Strength
Quick Ratio 91
Current Ratio 0
LT Debt to Equity 9.3%
Total Debt to Equity 9.7%
Interest Coverage 0
Management Effectiveness
Return On Assets 15.6%
Ret/ On Assets - 3 Yr. Avg. 15.4%
Return On Total Capital 17.2%
Ret/ On T. Cap. - 3 Yr. Avg. 16.9%
Return On Equity 19.2%
Return On Equity - 3 Yr. Avg. 19.5%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 39.8%
Gross Margin - 3 Yr. Avg. 39.4%
EBITDA Margin 35.7%
EBITDA Margin - 3 Yr. Avg. 35.6%
Operating Margin 30.5%
Oper. Margin - 3 Yr. Avg. 29.7%
Pre-Tax Margin 30.4%
Pre-Tax Margin - 3 Yr. Avg. 30.2%
Net Profit Margin 20.7%
Net Profit Margin - 3 Yr. Avg. 20.8%
Effective Tax Rate 31.9%
Eff/ Tax Rate - 3 Yr. Avg. 31.2%
Payout Ratio 29%

GNTX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GNTX stock intrinsic value calculation we used $1679 million for the last fiscal year's total revenue generated by Gentex. The default revenue input number comes from 2016 income statement of Gentex. 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 GNTX stock valuation model: a) initial revenue growth rate of 11.8% 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 4.3%, whose default value for GNTX is calculated based on our internal credit rating of Gentex, 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 Gentex.
    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 GNTX stock the variable cost ratio is equal to 60.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $151 million in the base year in the intrinsic value calculation for GNTX 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 Gentex.

Corporate tax rate of 27% is the nominal tax rate for Gentex. 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 GNTX 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 GNTX are equal to 46.5%.

Life of production assets of 12.2 years is the average useful life of capital assets used in Gentex 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 GNTX is equal to 17.2%. 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 - $1910 million for Gentex - 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 284.651 million for Gentex 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 Gentex at the current share price and the inputted number of shares is $5.0 billion.

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COMPANY NEWS

▶ ETFs with exposure to Gentex Corp. : July 31, 2017   [Jul-31-17 04:45PM  Capital Cube]
▶ Gentex misses Street 2Q forecasts   [Jul-21-17 08:54PM  Associated Press]
▶ Gentex Falls Just Short of Expectations   [05:16PM  Motley Fool]
▶ Ben Axler: See up to a 80% downside in Gentex shares   [Jul-13-17 04:47PM  CNBC Videos]
▶ ETFs with exposure to Gentex Corp. : July 3, 2017   [Jul-03-17 03:14PM  Capital Cube]
▶ ETFs with exposure to Gentex Corp. : June 22, 2017   [Jun-22-17 03:46PM  Capital Cube]
▶ Gentex Announces Increase in Quarterly Cash Dividend   [May-18-17 05:00PM  GlobeNewswire]
▶ Gentex Drives a Solid Quarter   [Apr-24-17 04:55PM  Motley Fool]
▶ Gentex tops Street 1Q forecasts   [Apr-21-17 08:09AM  Associated Press]
▶ These Stocks Show a Change of Direction   [Apr-10-17 02:00PM  TheStreet.com]
▶ ETFs with exposure to Gentex Corp. : April 5, 2017   [Apr-05-17 04:50PM  Capital Cube]
▶ 5 Small-Cap Stocks to Buy in April   [07:34AM  Motley Fool]
▶ AIX: Gentex promotes its dimmable windows   [Apr-03-17 07:26AM  Flightglobal]
▶ Gentex Announces Quarterly Cash Dividend   [Mar-06-17 09:30AM  GlobeNewswire]
▶ ETFs with exposure to Gentex Corp. : February 2, 2017   [Feb-02-17 01:31PM  Capital Cube]
▶ Gentex Reflects on a Light Quarter   [Jan-27-17 09:04PM  at Motley Fool]
▶ Hedge Funds Are Betting On Gentex Corporation (GNTX)   [Dec-07-16 10:55AM  at Insider Monkey]
▶ Gentex Announces Quarterly Cash Dividend   [Nov-30-16 08:00AM  Marketwired]
▶ Gentex Keeps Growing As Light-Vehicle Production Falls   [Oct-22-16 05:40PM  at Motley Fool]
▶ 3 Stocks to Help Fund Your Retirement   [Sep-07-16 05:45PM  at Motley Fool]
▶ Gentex Announces Quarterly Cash Dividend   [Aug-31-16 08:00AM  Marketwired]
Stock chart of GNTX Financial statements of GNTX
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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