Intrinsic value of Green Plains Partners Un - GPP

Previous Close

$20.05

  Intrinsic Value

$3.17

stock screener

  Rating & Target

str. sell

-84%

Previous close

$20.05

 
Intrinsic value

$3.17

 
Up/down potential

-84%

 
Rating

str. sell

We calculate the intrinsic value of GPP 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 0.6

 

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, %
  103.92
  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
  104
  106
  109
  111
  114
  118
  122
  126
  130
  135
  140
  146
  152
  158
  165
  172
  179
  187
  196
  205
  214
  224
  235
  246
  257
  270
  282
  296
  310
  325
  341
Variable operating expenses, $m
 
  16
  17
  17
  18
  18
  19
  19
  20
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  42
  45
  47
  49
Fixed operating expenses, $m
 
  33
  34
  34
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
  62
  64
  65
  67
Total operating expenses, $m
  44
  49
  51
  51
  53
  54
  56
  57
  59
  60
  62
  63
  65
  67
  69
  71
  74
  76
  78
  80
  83
  86
  89
  91
  95
  98
  102
  104
  109
  112
  116
Operating income, $m
  59
  57
  58
  60
  62
  64
  66
  69
  72
  75
  78
  83
  87
  91
  96
  101
  106
  112
  118
  124
  131
  138
  146
  154
  163
  172
  181
  191
  202
  213
  225
EBITDA, $m
  64
  62
  63
  65
  67
  69
  71
  74
  77
  80
  84
  88
  92
  97
  102
  107
  112
  118
  124
  131
  138
  146
  154
  162
  171
  181
  191
  201
  212
  224
  237
Interest expense (income), $m
  2
  5
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
Earnings before tax, $m
  57
  52
  56
  57
  59
  61
  63
  66
  69
  72
  75
  80
  84
  88
  92
  97
  102
  108
  113
  120
  126
  133
  140
  148
  156
  165
  174
  184
  194
  205
  217
Tax expense, $m
  0
  14
  15
  16
  16
  17
  17
  18
  19
  19
  20
  22
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  45
  47
  50
  52
  55
  59
Net income, $m
  57
  38
  41
  42
  43
  45
  46
  48
  50
  52
  55
  58
  61
  64
  67
  71
  75
  79
  83
  87
  92
  97
  102
  108
  114
  120
  127
  134
  142
  150
  158

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1
  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
  94
  95
  97
  100
  102
  105
  109
  113
  117
  121
  126
  131
  136
  141
  147
  154
  161
  168
  175
  183
  192
  201
  210
  220
  230
  241
  253
  265
  278
  291
  305
Adjusted assets (=assets-cash), $m
  93
  95
  97
  100
  102
  105
  109
  113
  117
  121
  126
  131
  136
  141
  147
  154
  161
  168
  175
  183
  192
  201
  210
  220
  230
  241
  253
  265
  278
  291
  305
Revenue / Adjusted assets
  1.118
  1.116
  1.124
  1.110
  1.118
  1.124
  1.119
  1.115
  1.111
  1.116
  1.111
  1.115
  1.118
  1.121
  1.122
  1.117
  1.112
  1.113
  1.120
  1.120
  1.115
  1.114
  1.119
  1.118
  1.117
  1.120
  1.115
  1.117
  1.115
  1.117
  1.118
Average production assets, $m
  26
  26
  27
  27
  28
  29
  30
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  73
  76
  80
  84
Working capital, $m
  5
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
Total debt, $m
  137
  64
  66
  69
  71
  74
  77
  80
  84
  88
  92
  96
  101
  106
  112
  117
  123
  130
  137
  144
  151
  159
  168
  177
  186
  196
  206
  217
  229
  241
  254
Total liabilities, $m
  158
  85
  87
  90
  92
  95
  98
  101
  105
  109
  113
  117
  122
  127
  133
  138
  144
  151
  158
  165
  172
  180
  189
  198
  207
  217
  227
  238
  250
  262
  275
Total equity, $m
  -64
  9
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  31
Total liabilities and equity, $m
  94
  94
  97
  100
  102
  106
  109
  112
  117
  121
  126
  130
  136
  141
  148
  153
  160
  168
  176
  183
  191
  200
  210
  220
  230
  241
  252
  264
  278
  291
  306
Debt-to-equity ratio
  -2.141
  6.790
  6.840
  6.890
  6.950
  7.010
  7.070
  7.130
  7.200
  7.260
  7.330
  7.390
  7.450
  7.520
  7.580
  7.630
  7.690
  7.750
  7.800
  7.850
  7.900
  7.950
  8.000
  8.040
  8.090
  8.130
  8.170
  8.210
  8.240
  8.280
  8.310
Adjusted equity ratio
  -0.699
  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
  57
  38
  41
  42
  43
  45
  46
  48
  50
  52
  55
  58
  61
  64
  67
  71
  75
  79
  83
  87
  92
  97
  102
  108
  114
  120
  127
  134
  142
  150
  158
Depreciation, amort., depletion, $m
  5
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
Funds from operations, $m
  61
  43
  46
  47
  48
  50
  52
  53
  56
  58
  61
  63
  66
  69
  73
  77
  81
  85
  89
  94
  99
  105
  110
  116
  123
  130
  137
  144
  152
  161
  170
Change in working capital, $m
  -1
  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
  1
  1
  1
  1
Cash from operations, $m
  62
  43
  46
  47
  48
  50
  51
  53
  55
  58
  60
  63
  66
  69
  73
  76
  80
  85
  89
  94
  99
  104
  110
  116
  122
  129
  136
  144
  152
  160
  169
Maintenance CAPEX, $m
  0
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
New CAPEX, $m
  -91
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
Cash from investing activities, $m
  -153
  -3
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -11
  -11
  -11
  -12
  -12
  -12
  -13
  -14
  -15
Free cash flow, $m
  -91
  39
  41
  42
  44
  45
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  73
  77
  81
  85
  90
  95
  100
  105
  111
  117
  124
  131
  138
  146
  154
Issuance/(repayment) of debt, $m
  129
  -73
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
Issuance/(repurchase) of shares, $m
  0
  36
  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  
  75
  -37
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
Total cash flow (excl. dividends), $m
  -16
  2
  43
  45
  46
  48
  50
  52
  54
  56
  59
  61
  64
  68
  71
  75
  79
  83
  87
  92
  97
  103
  108
  114
  121
  127
  134
  142
  150
  158
  167
Retained Cash Flow (-), $m
  136
  -74
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Prev. year cash balance distribution, $m
 
  1
  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
 
  -71
  43
  44
  46
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  74
  78
  82
  87
  91
  96
  102
  107
  113
  120
  126
  133
  141
  149
  157
  166
Discount rate, %
 
  10.20
  10.71
  11.25
  11.81
  12.40
  13.02
  13.67
  14.35
  15.07
  15.82
  16.61
  17.45
  18.32
  19.23
  20.20
  21.21
  22.27
  23.38
  24.55
  25.77
  27.06
  28.42
  29.84
  31.33
  32.90
  34.54
  36.27
  38.08
  39.99
  41.98
PV of cash for distribution, $m
 
  -64
  35
  32
  29
  26
  24
  21
  18
  16
  13
  11
  9
  8
  6
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Green Plains Partners LP provides fuel storage and transportation services. The Company owns, operates, develops and acquires ethanol and fuel storage facilities, terminals, transportation assets, and other related assets and businesses. The Company's parent company is Green Plains Inc. (Green Plains). The Company was formed by Green Plains, a vertically integrated ethanol producer, to support its marketing and distribution activities as its primary downstream logistics provider. The Company's ethanol storage assets are the principal method of storing ethanol produced at its parent's ethanol production plants. Ethanol can be distributed from its storage facilities to bulk terminals through truck, railcar or barge. As of December 31, 2016, the Company owned or leased 39 ethanol storage facilities and approximately 56 acres of land. As of December 31, 2016, its storage tanks were located at or near its parent's 17 ethanol production plants in Indiana and Illinois, among others

FINANCIAL RATIOS  of  Green Plains Partners Un (GPP)

Valuation Ratios
P/E Ratio 11.2
Price to Sales 6.1
Price to Book -10
Price to Tangible Book
Price to Cash Flow 10.3
Price to Free Cash Flow -22
Growth Rates
Sales Growth Rate 103.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4450%
Cap. Spend. - 3 Yr. Gr. Rate 146.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity -214.1%
Total Debt to Equity -214.1%
Interest Coverage 30
Management Effectiveness
Return On Assets 62.1%
Ret/ On Assets - 3 Yr. Avg. 22.4%
Return On Total Capital 74.5%
Ret/ On T. Cap. - 3 Yr. Avg. 27.3%
Return On Equity 1425%
Return On Equity - 3 Yr. Avg. 477.4%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 61.5%
EBITDA Margin - 3 Yr. Avg. -6.2%
Operating Margin 57.7%
Oper. Margin - 3 Yr. Avg. -24.2%
Pre-Tax Margin 54.8%
Pre-Tax Margin - 3 Yr. Avg. -27.7%
Net Profit Margin 54.8%
Net Profit Margin - 3 Yr. Avg. -0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 1.6%
Payout Ratio 0%

GPP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GPP stock intrinsic value calculation we used $104 million for the last fiscal year's total revenue generated by Green Plains Partners Un. The default revenue input number comes from 2016 income statement of Green Plains Partners Un. 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 GPP 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 10.2%, whose default value for GPP is calculated based on our internal credit rating of Green Plains Partners Un, 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 Green Plains Partners Un.
    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 GPP stock the variable cost ratio is equal to 15.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $32 million in the base year in the intrinsic value calculation for GPP 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 Green Plains Partners Un.

Corporate tax rate of 27% is the nominal tax rate for Green Plains Partners Un. 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 GPP 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 GPP are equal to 24.5%.

Life of production assets of 7.3 years is the average useful life of capital assets used in Green Plains Partners Un 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 GPP is equal to 3.8%. 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 - $-64 million for Green Plains Partners Un - 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 31.813 million for Green Plains Partners Un 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 Green Plains Partners Un at the current share price and the inputted number of shares is $0.6 billion.

RELATED COMPANIES Price Int.Val. Rating
GPRE Green Plains 19.30 6.56  str.sell
PEIX Pacific Ethano 5.00 43.78  str.buy
REX Rex American R 91.07 102.00  hold

COMPANY NEWS

▶ Green Plains Partners Increases Quarterly Distribution   [Oct-19-17 05:00PM  GlobeNewswire]
▶ 3 Top Small-Cap Stocks to Buy in October   [Oct-04-17 07:45AM  Motley Fool]
▶ Should You Sell Green Plains Inc (GPRE) At $20.15?   [Oct-02-17 07:07PM  Simply Wall St.]
▶ Don't Wait to Buy These 3 Dividend Stocks   [Sep-10-17 11:13AM  Motley Fool]
▶ 3 Incredibly Cheap Energy Stocks Right Now   [Aug-27-17 07:33AM  Motley Fool]
▶ Now's the Time to Buy These Stocks   [Aug-19-17 11:32AM  Motley Fool]
▶ 5 Strong Sell Stocks the Market Gave Up On   [Aug-10-17 02:38PM  Zacks]
▶ Here's Why Green Plains Partners LP Rose 10.7% in July   [Aug-03-17 08:48AM  Motley Fool]
▶ Green Plains reports 2Q loss   [Jul-31-17 10:27PM  Associated Press]
▶ Green Plains Partners misses Street 2Q forecasts   [10:06PM  Associated Press]
▶ Green Plains Partners Increases Quarterly Distribution   [Jul-20-17 04:30PM  GlobeNewswire]
▶ Sink or Swim: Malls fail despite upgrades   [Jul-05-17 02:12PM  Yahoo Finance Video]
▶ Green Plains: Buy the Dip?   [Jun-28-17 07:52AM  Motley Fool]
▶ Green Plains CEO Sees Havoc in Icahn Ethanol Plan   [May-17-17 09:39AM  Bloomberg]
▶ Can Green Plains Be a Growth Stock?   [May-16-17 11:45AM  Motley Fool]
▶ Green Plains reports 1Q loss   [May-01-17 05:38PM  Associated Press]
▶ Green Plains Partners misses Street 1Q forecasts   [05:34PM  Associated Press]
▶ Green Plains Power Pattern Projects New Highs   [Apr-03-17 07:00AM  TheStreet.com]
▶ Green Plains to Present at the 29th Annual ROTH Conference   [Mar-13-17 09:50AM  GlobeNewswire]
▶ Becker: Trump Will Be Good for Ethanol Industry   [Dec-27-16 10:24AM  at Bloomberg]
▶ Is Renewable Energy Set To Bounce Back In 2017?   [Dec-23-16 11:30AM  at Insider Monkey]
▶ Is Intellia Therapeutics Inc (NTLA) A Good Stock To Buy?   [Dec-12-16 08:33PM  at Insider Monkey]
▶ Is Ardelyx Inc (ARDX) A Good Stock To Buy Right Now?   [Dec-10-16 02:34PM  at Insider Monkey]
▶ With 'Selling Pressure Overdone,' Green Plains Is Now a Buy   [Dec-06-16 01:47PM  at Barrons.com]
▶ Mitel Networks Corp (MITL): 73% Surge in Hedge Fund Ownership   [Nov-28-16 11:26PM  at Insider Monkey]
▶ Green Plains Declares Quarterly Cash Dividend   [Nov-16-16 04:15PM  GlobeNewswire]
Financial statements of GPP
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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