Intrinsic value of Gentex - GNTX

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$20.47

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$20.47

 
Intrinsic value

$20.33

 
Up/down potential

-1%

 
Rating

hold

 
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*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 5.9

 

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, %
  8.74
  3.40
  3.56
  3.70
  3.83
  3.95
  4.06
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
Revenue, $m
  1,679
  1,736
  1,798
  1,864
  1,936
  2,012
  2,094
  2,181
  2,273
  2,371
  2,475
  2,585
  2,701
  2,824
  2,954
  3,091
  3,235
  3,387
  3,548
  3,717
  3,894
  4,082
  4,278
  4,486
  4,704
  4,933
  5,174
  5,427
  5,693
  5,973
  6,267
Variable operating expenses, $m
 
  1,054
  1,091
  1,130
  1,172
  1,217
  1,266
  1,317
  1,371
  1,429
  1,490
  1,524
  1,593
  1,666
  1,742
  1,823
  1,908
  1,998
  2,092
  2,192
  2,297
  2,407
  2,523
  2,645
  2,774
  2,909
  3,051
  3,200
  3,357
  3,523
  3,696
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
  1,209
  1,250
  1,293
  1,339
  1,388
  1,441
  1,496
  1,555
  1,618
  1,683
  1,722
  1,796
  1,874
  1,955
  2,042
  2,132
  2,228
  2,328
  2,433
  2,544
  2,661
  2,783
  2,911
  3,047
  3,189
  3,338
  3,494
  3,658
  3,832
  4,013
Operating income, $m
  512
  527
  548
  572
  597
  624
  653
  685
  718
  754
  792
  863
  905
  951
  999
  1,049
  1,103
  1,160
  1,220
  1,283
  1,350
  1,421
  1,495
  1,574
  1,657
  1,744
  1,836
  1,933
  2,034
  2,142
  2,255
EBITDA, $m
  601
  624
  648
  673
  701
  732
  764
  798
  835
  875
  917
  961
  1,008
  1,058
  1,111
  1,167
  1,227
  1,289
  1,355
  1,425
  1,499
  1,577
  1,659
  1,745
  1,836
  1,932
  2,033
  2,139
  2,251
  2,369
  2,494
Interest expense (income), $m
  0
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
Earnings before tax, $m
  511
  521
  542
  564
  589
  616
  644
  675
  708
  743
  780
  850
  892
  936
  983
  1,033
  1,085
  1,141
  1,200
  1,262
  1,328
  1,397
  1,470
  1,547
  1,628
  1,713
  1,803
  1,898
  1,998
  2,103
  2,213
Tax expense, $m
  163
  141
  146
  152
  159
  166
  174
  182
  191
  200
  211
  229
  241
  253
  265
  279
  293
  308
  324
  341
  358
  377
  397
  418
  439
  463
  487
  512
  539
  568
  598
Net income, $m
  348
  380
  395
  412
  430
  450
  470
  493
  517
  542
  569
  620
  651
  683
  718
  754
  792
  833
  876
  921
  969
  1,020
  1,073
  1,129
  1,188
  1,250
  1,316
  1,385
  1,458
  1,535
  1,616

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
  1,639
  1,698
  1,761
  1,828
  1,900
  1,977
  2,059
  2,147
  2,239
  2,337
  2,441
  2,551
  2,667
  2,789
  2,919
  3,055
  3,199
  3,350
  3,510
  3,677
  3,854
  4,040
  4,236
  4,442
  4,658
  4,885
  5,125
  5,376
  5,640
  5,918
Adjusted assets (=assets-cash), $m
  1,586
  1,639
  1,698
  1,761
  1,828
  1,900
  1,977
  2,059
  2,147
  2,239
  2,337
  2,441
  2,551
  2,667
  2,789
  2,919
  3,055
  3,199
  3,350
  3,510
  3,677
  3,854
  4,040
  4,236
  4,442
  4,658
  4,885
  5,125
  5,376
  5,640
  5,918
Revenue / Adjusted assets
  1.059
  1.059
  1.059
  1.058
  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
  807
  836
  867
  900
  936
  974
  1,014
  1,057
  1,103
  1,151
  1,202
  1,256
  1,313
  1,374
  1,437
  1,504
  1,575
  1,650
  1,728
  1,811
  1,898
  1,989
  2,086
  2,187
  2,294
  2,406
  2,524
  2,647
  2,778
  2,914
Working capital, $m
  1,005
  299
  309
  321
  333
  346
  360
  375
  391
  408
  426
  445
  465
  486
  508
  532
  556
  583
  610
  639
  670
  702
  736
  772
  809
  848
  890
  933
  979
  1,027
  1,078
Total debt, $m
  186
  191
  205
  221
  238
  255
  274
  295
  316
  339
  363
  389
  416
  445
  475
  507
  541
  576
  613
  653
  694
  738
  784
  832
  883
  937
  993
  1,052
  1,114
  1,179
  1,248
Total liabilities, $m
  399
  405
  419
  435
  452
  469
  488
  509
  530
  553
  577
  603
  630
  659
  689
  721
  755
  790
  827
  867
  908
  952
  998
  1,046
  1,097
  1,151
  1,207
  1,266
  1,328
  1,393
  1,462
Total equity, $m
  1,910
  1,234
  1,278
  1,326
  1,377
  1,431
  1,489
  1,551
  1,616
  1,686
  1,760
  1,838
  1,921
  2,008
  2,100
  2,198
  2,300
  2,409
  2,523
  2,643
  2,769
  2,902
  3,042
  3,190
  3,344
  3,507
  3,679
  3,859
  4,048
  4,247
  4,456
Total liabilities and equity, $m
  2,309
  1,639
  1,697
  1,761
  1,829
  1,900
  1,977
  2,060
  2,146
  2,239
  2,337
  2,441
  2,551
  2,667
  2,789
  2,919
  3,055
  3,199
  3,350
  3,510
  3,677
  3,854
  4,040
  4,236
  4,441
  4,658
  4,886
  5,125
  5,376
  5,640
  5,918
Debt-to-equity ratio
  0.097
  0.150
  0.160
  0.170
  0.170
  0.180
  0.180
  0.190
  0.200
  0.200
  0.210
  0.210
  0.220
  0.220
  0.230
  0.230
  0.230
  0.240
  0.240
  0.250
  0.250
  0.250
  0.260
  0.260
  0.260
  0.270
  0.270
  0.270
  0.280
  0.280
  0.280
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
  380
  395
  412
  430
  450
  470
  493
  517
  542
  569
  620
  651
  683
  718
  754
  792
  833
  876
  921
  969
  1,020
  1,073
  1,129
  1,188
  1,250
  1,316
  1,385
  1,458
  1,535
  1,616
Depreciation, amort., depletion, $m
  89
  97
  99
  102
  104
  107
  111
  114
  117
  121
  125
  99
  103
  108
  113
  118
  123
  129
  135
  142
  148
  156
  163
  171
  179
  188
  197
  207
  217
  228
  239
Funds from operations, $m
  470
  477
  495
  514
  535
  557
  581
  607
  634
  663
  694
  719
  754
  791
  830
  872
  916
  962
  1,011
  1,063
  1,118
  1,175
  1,236
  1,300
  1,367
  1,438
  1,513
  1,592
  1,675
  1,763
  1,855
Change in working capital, $m
  -1
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  32
  34
  36
  37
  39
  41
  44
  46
  48
  51
Cash from operations, $m
  471
  485
  484
  502
  522
  544
  567
  592
  618
  646
  676
  700
  734
  770
  808
  848
  891
  936
  984
  1,034
  1,087
  1,143
  1,202
  1,264
  1,330
  1,399
  1,472
  1,549
  1,629
  1,715
  1,804
Maintenance CAPEX, $m
  0
  -64
  -66
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -99
  -103
  -108
  -113
  -118
  -123
  -129
  -135
  -142
  -148
  -156
  -163
  -171
  -179
  -188
  -197
  -207
  -217
  -228
New CAPEX, $m
  -121
  -27
  -29
  -31
  -33
  -36
  -38
  -40
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -107
  -112
  -118
  -124
  -130
  -137
Cash from investing activities, $m
  -251
  -91
  -95
  -100
  -104
  -110
  -115
  -120
  -126
  -133
  -138
  -145
  -153
  -160
  -168
  -177
  -185
  -194
  -204
  -214
  -225
  -235
  -248
  -259
  -272
  -286
  -300
  -315
  -331
  -347
  -365
Free cash flow, $m
  220
  394
  389
  403
  418
  434
  452
  471
  492
  514
  538
  555
  581
  610
  640
  672
  706
  742
  780
  820
  863
  907
  955
  1,005
  1,058
  1,113
  1,172
  1,234
  1,299
  1,367
  1,440
Issuance/(repayment) of debt, $m
  -48
  13
  14
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
  44
  46
  48
  51
  53
  56
  59
  62
  65
  69
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
  13
  14
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
  44
  46
  48
  51
  53
  56
  59
  62
  65
  69
Total cash flow (excl. dividends), $m
  96
  407
  403
  418
  435
  452
  471
  492
  514
  537
  562
  580
  608
  638
  670
  704
  740
  777
  817
  860
  904
  951
  1,001
  1,053
  1,108
  1,167
  1,228
  1,293
  1,361
  1,433
  1,508
Retained Cash Flow (-), $m
  -187
  -40
  -44
  -47
  -51
  -54
  -58
  -62
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -103
  -108
  -114
  -120
  -126
  -133
  -140
  -147
  -155
  -163
  -171
  -180
  -189
  -199
  -209
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
 
  1,082
  360
  371
  384
  398
  413
  430
  448
  467
  488
  502
  526
  551
  578
  607
  637
  669
  703
  739
  778
  818
  861
  906
  953
  1,004
  1,057
  1,113
  1,172
  1,234
  1,299
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
 
  1,038
  329
  323
  316
  308
  300
  290
  280
  268
  256
  238
  224
  210
  194
  178
  162
  146
  130
  114
  99
  85
  71
  59
  49
  39
  31
  24
  18
  13
  10
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 16.9
Price to Sales 3.5
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 12.5
Price to Free Cash Flow 16.8
Growth Rates
Sales Growth Rate 8.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 23.5%
Cap. Spend. - 3 Yr. Gr. Rate 17.1%
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 3.4% 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 286.451 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 $5.9 billion.


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COMPANY NEWS

▶ 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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