Intrinsic value of Green Plains - GPRE

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$19.55

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of GPRE 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 0.8

 

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, %
  15.00
  25.90
  23.81
  21.93
  20.24
  18.71
  17.34
  16.11
  15.00
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
Revenue, $m
  3,411
  4,294
  5,317
  6,483
  7,795
  9,253
  10,858
  12,607
  14,498
  16,527
  18,691
  20,988
  23,414
  25,967
  28,644
  31,446
  34,372
  37,421
  40,597
  43,900
  47,335
  50,904
  54,613
  58,468
  62,475
  66,640
  70,972
  75,479
  80,170
  85,055
  90,145
Variable operating expenses, $m
 
  3,989
  4,934
  6,013
  7,226
  8,574
  10,058
  11,675
  13,423
  15,299
  17,300
  19,406
  21,649
  24,009
  26,485
  29,075
  31,780
  34,600
  37,536
  40,590
  43,766
  47,066
  50,496
  54,060
  57,764
  61,616
  65,621
  69,788
  74,126
  78,643
  83,349
Fixed operating expenses, $m
 
  154
  158
  162
  166
  170
  174
  178
  183
  187
  192
  197
  202
  207
  212
  217
  223
  228
  234
  240
  246
  252
  258
  265
  271
  278
  285
  292
  299
  307
  315
Total operating expenses, $m
  3,319
  4,143
  5,092
  6,175
  7,392
  8,744
  10,232
  11,853
  13,606
  15,486
  17,492
  19,603
  21,851
  24,216
  26,697
  29,292
  32,003
  34,828
  37,770
  40,830
  44,012
  47,318
  50,754
  54,325
  58,035
  61,894
  65,906
  70,080
  74,425
  78,950
  83,664
Operating income, $m
  92
  152
  225
  309
  404
  510
  626
  754
  892
  1,040
  1,199
  1,386
  1,564
  1,751
  1,948
  2,154
  2,369
  2,593
  2,827
  3,070
  3,323
  3,586
  3,859
  4,143
  4,439
  4,746
  5,066
  5,398
  5,745
  6,106
  6,482
EBITDA, $m
  176
  266
  362
  472
  596
  734
  887
  1,054
  1,234
  1,428
  1,634
  1,854
  2,086
  2,331
  2,587
  2,855
  3,136
  3,428
  3,733
  4,050
  4,379
  4,722
  5,078
  5,448
  5,833
  6,234
  6,650
  7,083
  7,534
  8,004
  8,494
Interest expense (income), $m
  38
  35
  50
  67
  86
  109
  133
  160
  190
  222
  256
  293
  331
  372
  415
  460
  508
  557
  609
  662
  718
  776
  836
  899
  964
  1,031
  1,102
  1,175
  1,251
  1,330
  1,413
Earnings before tax, $m
  38
  117
  175
  242
  317
  401
  493
  593
  702
  819
  943
  1,093
  1,232
  1,379
  1,532
  1,693
  1,861
  2,036
  2,218
  2,408
  2,605
  2,810
  3,023
  3,245
  3,475
  3,715
  3,964
  4,224
  4,494
  4,776
  5,069
Tax expense, $m
  8
  32
  47
  65
  86
  108
  133
  160
  190
  221
  255
  295
  333
  372
  414
  457
  502
  550
  599
  650
  703
  759
  816
  876
  938
  1,003
  1,070
  1,140
  1,213
  1,289
  1,369
Net income, $m
  11
  85
  128
  177
  232
  293
  360
  433
  513
  598
  688
  798
  900
  1,006
  1,119
  1,236
  1,359
  1,486
  1,619
  1,758
  1,902
  2,051
  2,207
  2,369
  2,537
  2,712
  2,894
  3,083
  3,281
  3,486
  3,701

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  304
  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
  2,506
  2,772
  3,433
  4,185
  5,032
  5,974
  7,010
  8,139
  9,359
  10,669
  12,067
  13,549
  15,115
  16,763
  18,492
  20,301
  22,190
  24,158
  26,208
  28,341
  30,558
  32,863
  35,257
  37,746
  40,332
  43,021
  45,818
  48,727
  51,756
  54,910
  58,196
Adjusted assets (=assets-cash), $m
  2,202
  2,772
  3,433
  4,185
  5,032
  5,974
  7,010
  8,139
  9,359
  10,669
  12,067
  13,549
  15,115
  16,763
  18,492
  20,301
  22,190
  24,158
  26,208
  28,341
  30,558
  32,863
  35,257
  37,746
  40,332
  43,021
  45,818
  48,727
  51,756
  54,910
  58,196
Revenue / Adjusted assets
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
  1.549
Average production assets, $m
  1,051
  1,323
  1,638
  1,997
  2,401
  2,850
  3,344
  3,883
  4,465
  5,090
  5,757
  6,464
  7,211
  7,998
  8,822
  9,685
  10,586
  11,526
  12,504
  13,521
  14,579
  15,678
  16,821
  18,008
  19,242
  20,525
  21,859
  23,247
  24,692
  26,197
  27,765
Working capital, $m
  406
  537
  665
  810
  974
  1,157
  1,357
  1,576
  1,812
  2,066
  2,336
  2,623
  2,927
  3,246
  3,581
  3,931
  4,296
  4,678
  5,075
  5,488
  5,917
  6,363
  6,827
  7,309
  7,809
  8,330
  8,871
  9,435
  10,021
  10,632
  11,268
Total debt, $m
  1,109
  1,152
  1,553
  2,011
  2,526
  3,098
  3,728
  4,414
  5,156
  5,953
  6,803
  7,704
  8,656
  9,658
  10,709
  11,809
  12,957
  14,154
  15,401
  16,697
  18,045
  19,446
  20,902
  22,415
  23,988
  25,623
  27,323
  29,092
  30,934
  32,851
  34,849
Total liabilities, $m
  1,644
  1,686
  2,087
  2,545
  3,060
  3,632
  4,262
  4,948
  5,690
  6,487
  7,337
  8,238
  9,190
  10,192
  11,243
  12,343
  13,491
  14,688
  15,935
  17,231
  18,579
  19,980
  21,436
  22,949
  24,522
  26,157
  27,857
  29,626
  31,468
  33,385
  35,383
Total equity, $m
  863
  1,087
  1,346
  1,641
  1,973
  2,342
  2,748
  3,190
  3,669
  4,182
  4,730
  5,311
  5,925
  6,571
  7,249
  7,958
  8,698
  9,470
  10,274
  11,110
  11,979
  12,882
  13,821
  14,796
  15,810
  16,864
  17,961
  19,101
  20,288
  21,525
  22,813
Total liabilities and equity, $m
  2,507
  2,773
  3,433
  4,186
  5,033
  5,974
  7,010
  8,138
  9,359
  10,669
  12,067
  13,549
  15,115
  16,763
  18,492
  20,301
  22,189
  24,158
  26,209
  28,341
  30,558
  32,862
  35,257
  37,745
  40,332
  43,021
  45,818
  48,727
  51,756
  54,910
  58,196
Debt-to-equity ratio
  1.285
  1.060
  1.150
  1.230
  1.280
  1.320
  1.360
  1.380
  1.410
  1.420
  1.440
  1.450
  1.460
  1.470
  1.480
  1.480
  1.490
  1.490
  1.500
  1.500
  1.510
  1.510
  1.510
  1.510
  1.520
  1.520
  1.520
  1.520
  1.520
  1.530
  1.530
Adjusted equity ratio
  0.386
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  11
  85
  128
  177
  232
  293
  360
  433
  513
  598
  688
  798
  900
  1,006
  1,119
  1,236
  1,359
  1,486
  1,619
  1,758
  1,902
  2,051
  2,207
  2,369
  2,537
  2,712
  2,894
  3,083
  3,281
  3,486
  3,701
Depreciation, amort., depletion, $m
  84
  114
  137
  163
  192
  225
  261
  300
  342
  387
  436
  468
  523
  580
  639
  702
  767
  835
  906
  980
  1,056
  1,136
  1,219
  1,305
  1,394
  1,487
  1,584
  1,685
  1,789
  1,898
  2,012
Funds from operations, $m
  25
  200
  265
  340
  424
  518
  621
  733
  854
  985
  1,124
  1,266
  1,422
  1,586
  1,758
  1,938
  2,126
  2,321
  2,525
  2,737
  2,958
  3,187
  3,426
  3,674
  3,931
  4,199
  4,478
  4,768
  5,070
  5,385
  5,712
Change in working capital, $m
  -58
  110
  128
  146
  164
  182
  201
  219
  236
  254
  271
  287
  303
  319
  335
  350
  366
  381
  397
  413
  429
  446
  464
  482
  501
  521
  541
  563
  586
  611
  636
Cash from operations, $m
  83
  218
  137
  194
  260
  335
  420
  514
  618
  731
  853
  979
  1,119
  1,267
  1,423
  1,588
  1,760
  1,940
  2,128
  2,325
  2,529
  2,741
  2,962
  3,192
  3,430
  3,678
  3,936
  4,204
  4,483
  4,774
  5,076
Maintenance CAPEX, $m
  0
  -76
  -96
  -119
  -145
  -174
  -207
  -242
  -281
  -324
  -369
  -417
  -468
  -523
  -580
  -639
  -702
  -767
  -835
  -906
  -980
  -1,056
  -1,136
  -1,219
  -1,305
  -1,394
  -1,487
  -1,584
  -1,685
  -1,789
  -1,898
New CAPEX, $m
  -58
  -272
  -315
  -359
  -404
  -449
  -494
  -539
  -582
  -625
  -667
  -707
  -747
  -786
  -825
  -863
  -901
  -939
  -978
  -1,017
  -1,058
  -1,099
  -1,142
  -1,187
  -1,234
  -1,283
  -1,334
  -1,388
  -1,445
  -1,505
  -1,568
Cash from investing activities, $m
  -573
  -348
  -411
  -478
  -549
  -623
  -701
  -781
  -863
  -949
  -1,036
  -1,124
  -1,215
  -1,309
  -1,405
  -1,502
  -1,603
  -1,706
  -1,813
  -1,923
  -2,038
  -2,155
  -2,278
  -2,406
  -2,539
  -2,677
  -2,821
  -2,972
  -3,130
  -3,294
  -3,466
Free cash flow, $m
  -490
  -131
  -274
  -284
  -289
  -288
  -281
  -267
  -246
  -217
  -182
  -145
  -97
  -42
  19
  85
  157
  234
  315
  401
  491
  585
  684
  786
  891
  1,001
  1,115
  1,232
  1,354
  1,480
  1,610
Issuance/(repayment) of debt, $m
  481
  347
  401
  458
  515
  573
  630
  686
  742
  796
  850
  901
  952
  1,002
  1,051
  1,100
  1,148
  1,197
  1,246
  1,297
  1,348
  1,401
  1,456
  1,513
  1,573
  1,635
  1,700
  1,769
  1,841
  1,918
  1,998
Issuance/(repurchase) of shares, $m
  -4
  8
  131
  121
  106
  85
  57
  23
  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  
  446
  355
  532
  579
  621
  658
  687
  709
  742
  796
  850
  901
  952
  1,002
  1,051
  1,100
  1,148
  1,197
  1,246
  1,297
  1,348
  1,401
  1,456
  1,513
  1,573
  1,635
  1,700
  1,769
  1,841
  1,918
  1,998
Total cash flow (excl. dividends), $m
  -44
  216
  128
  174
  226
  285
  349
  420
  497
  579
  667
  756
  855
  960
  1,070
  1,185
  1,305
  1,431
  1,562
  1,698
  1,839
  1,986
  2,139
  2,299
  2,464
  2,636
  2,815
  3,001
  3,195
  3,397
  3,608
Retained Cash Flow (-), $m
  -65
  -224
  -259
  -295
  -332
  -369
  -406
  -443
  -478
  -514
  -548
  -581
  -614
  -646
  -678
  -709
  -740
  -772
  -804
  -836
  -869
  -903
  -939
  -975
  -1,014
  -1,054
  -1,096
  -1,141
  -1,187
  -1,236
  -1,288
Prev. year cash balance distribution, $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 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
 
  0
  0
  0
  0
  0
  0
  0
  18
  66
  120
  175
  242
  314
  392
  476
  565
  659
  758
  862
  970
  1,083
  1,201
  1,323
  1,450
  1,582
  1,719
  1,861
  2,008
  2,161
  2,320
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  8
  25
  40
  49
  57
  61
  62
  60
  56
  50
  44
  37
  30
  24
  18
  14
  10
  7
  5
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  99.0
  87.3
  79.4
  74.1
  70.7
  68.9
  68.2
  68.2
  68.2
  68.2
  68.2
  68.2
  68.2
  68.2
  68.2
  68.2
  68.2
  68.2
  68.2
  68.2
  68.2
  68.2
  68.2
  68.2
  68.2
  68.2
  68.2
  68.2
  68.2
  68.2

Green Plains Inc. produces, markets, and distributes ethanol in the United States and internationally. The company operates through four segments: Ethanol Production; Agribusiness and Energy Services; Food and Food Ingredients; and Partnership. The Ethanol Production segment produces and sells ethanol, distiller grains, and corn oil. The Agribusiness and Energy Services segment engages in grain handling and storage activities; and commodity marketing business, which purchases, markets, sells, and distributes ethanol, distiller grains, and corn oil, as well as crude oil, grain, natural gas, and other commodities in various markets. This segment also provides grain drying and storage services to grain producers. The Food and Food Ingredients segment purchases and sells feeder cattle to meat processors; and produces and sells white distilled vinegar and various specialty vinegar primarily to the food industry participants, including branded food companies, private label food manufacturers, and companies serving the foodservice channel, as well as for industrial uses. The Partnership segment provides fuel storage and transportation services. As of December 31, 2016, it owned 39 ethanol storage facilities; 8 fuel terminal facilities; and approximately 3,100 leased railcars fleet. The company was formerly known as Green Plains Renewable Energy, Inc. and changed its name to Green Plains Inc. in May 2014. Green Plains Inc. was founded in 2004 and is headquartered in Omaha, Nebraska.

FINANCIAL RATIOS  of  Green Plains (GPRE)

Valuation Ratios
P/E Ratio 68.2
Price to Sales 0.2
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 9
Price to Free Cash Flow 30
Growth Rates
Sales Growth Rate 15%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7.9%
Cap. Spend. - 3 Yr. Gr. Rate 23.7%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 90.7%
Total Debt to Equity 128.5%
Interest Coverage 2
Management Effectiveness
Return On Assets 1.9%
Ret/ On Assets - 3 Yr. Avg. 4.9%
Return On Total Capital 0.6%
Ret/ On T. Cap. - 3 Yr. Avg. 4.3%
Return On Equity 1.3%
Return On Equity - 3 Yr. Avg. 8.7%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 8.7%
Gross Margin - 3 Yr. Avg. 9.5%
EBITDA Margin 4.7%
EBITDA Margin - 3 Yr. Avg. 6.6%
Operating Margin 2.7%
Oper. Margin - 3 Yr. Avg. 4.5%
Pre-Tax Margin 1.1%
Pre-Tax Margin - 3 Yr. Avg. 3.2%
Net Profit Margin 0.3%
Net Profit Margin - 3 Yr. Avg. 1.8%
Effective Tax Rate 21.1%
Eff/ Tax Rate - 3 Yr. Avg. 28.5%
Payout Ratio 336.4%

GPRE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GPRE stock intrinsic value calculation we used $3411 million for the last fiscal year's total revenue generated by Green Plains. The default revenue input number comes from 2016 income statement of Green Plains. 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 GPRE stock valuation model: a) initial revenue growth rate of 25.9% 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 7.5%, whose default value for GPRE is calculated based on our internal credit rating of Green Plains, 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.
    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 GPRE stock the variable cost ratio is equal to 93%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $150 million in the base year in the intrinsic value calculation for GPRE 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 4.3% for Green Plains.

Corporate tax rate of 27% is the nominal tax rate for Green Plains. 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 GPRE 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 GPRE are equal to 30.8%.

Life of production assets of 13.8 years is the average useful life of capital assets used in Green Plains 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 GPRE is equal to 12.5%. 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 - $863 million for Green Plains - 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 39.766 million for Green Plains 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 at the current share price and the inputted number of shares is $0.8 billion.


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COMPANY NEWS

▶ ETFs with exposure to Green Plains, Inc. : June 15, 2017   [Jun-15-17 02:05PM  Capital Cube]
▶ Green Plains Completes Cargill Feed Yard Acquisition   [May-16-17 04:33PM  GlobeNewswire]
▶ Can Green Plains Be a Growth Stock?   [11:45AM  Motley Fool]
▶ Green Plains Declares Quarterly Cash Dividend   [May-09-17 04:45PM  GlobeNewswire]
▶ Here's Why Green Plains Rose As Much As 11.7% Today   [May-02-17 04:31PM  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]
▶ Official: Fire still burning hours after Iowa derailment   [Mar-10-17 07:07PM  Associated Press]
▶ Why The Ethanol Industry Should Fear President Trump   [Jan-22-17 06:27PM  at Forbes]
▶ Becker: Trump Will Be Good for Ethanol Industry   [Dec-27-16 10:24AM  at Bloomberg]
▶ Growth-stock speculators need to tap the brakes here   [Dec-23-16 01:32PM  at MarketWatch]
▶ Is Renewable Energy Set To Bounce Back In 2017?   [11:30AM  at Insider Monkey]
▶ Value stocks are where investors should be right now   [Dec-21-16 02:47AM  at MarketWatch]
▶ Is Intellia Therapeutics Inc (NTLA) A Good Stock To Buy?   [Dec-12-16 08:33PM  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]
Stock chart of GPRE Financial statements of GPRE Annual reports of GPRE
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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