Intrinsic value of Green Plains - GPRE

Previous Close

$17.25

  Intrinsic Value

$9.05

stock screener

  Rating & Target

sell

-48%

  Value-price divergence*

-106%

Previous close

$17.25

 
Intrinsic value

$9.05

 
Up/down potential

-48%

 
Rating

sell

 
Value-price divergence*

-106%

*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 0.7

 

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
  18.60
  17.24
  16.02
  14.91
  13.92
  13.03
  12.23
  11.50
  10.85
  10.27
  9.74
  9.27
  8.84
  8.46
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
Revenue, $m
  3,411
  4,045
  4,743
  5,503
  6,323
  7,204
  8,142
  9,138
  10,189
  11,295
  12,455
  13,668
  14,935
  16,255
  17,630
  19,060
  20,547
  22,092
  23,698
  25,366
  27,101
  28,904
  30,779
  32,730
  34,761
  36,877
  39,080
  41,378
  43,774
  46,274
  48,884
Variable operating expenses, $m
 
  3,759
  4,404
  5,106
  5,865
  6,679
  7,547
  8,467
  9,439
  10,462
  11,534
  12,638
  13,809
  15,030
  16,301
  17,623
  18,998
  20,426
  21,911
  23,454
  25,057
  26,725
  28,459
  30,263
  32,141
  34,096
  36,134
  38,258
  40,474
  42,785
  45,199
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
  3,913
  4,562
  5,268
  6,031
  6,849
  7,721
  8,645
  9,622
  10,649
  11,726
  12,835
  14,011
  15,237
  16,513
  17,840
  19,221
  20,654
  22,145
  23,694
  25,303
  26,977
  28,717
  30,528
  32,412
  34,374
  36,419
  38,550
  40,773
  43,092
  45,514
Operating income, $m
  92
  133
  182
  235
  293
  355
  422
  492
  567
  646
  729
  834
  924
  1,019
  1,117
  1,220
  1,326
  1,437
  1,553
  1,673
  1,797
  1,927
  2,062
  2,203
  2,350
  2,502
  2,661
  2,827
  3,001
  3,182
  3,371
EBITDA, $m
  176
  242
  306
  376
  452
  534
  622
  715
  813
  916
  1,025
  1,139
  1,258
  1,382
  1,511
  1,645
  1,785
  1,930
  2,082
  2,239
  2,402
  2,572
  2,749
  2,933
  3,125
  3,325
  3,534
  3,751
  3,978
  4,215
  4,462
Interest expense (income), $m
  38
  35
  45
  57
  70
  84
  99
  114
  131
  149
  168
  187
  208
  229
  251
  275
  299
  324
  350
  377
  405
  434
  465
  497
  529
  564
  599
  637
  675
  716
  758
Earnings before tax, $m
  38
  98
  136
  178
  223
  271
  323
  378
  436
  497
  561
  646
  717
  790
  866
  945
  1,028
  1,114
  1,203
  1,296
  1,392
  1,493
  1,597
  1,706
  1,820
  1,938
  2,062
  2,191
  2,325
  2,466
  2,613
Tax expense, $m
  8
  27
  37
  48
  60
  73
  87
  102
  118
  134
  151
  175
  193
  213
  234
  255
  277
  301
  325
  350
  376
  403
  431
  461
  491
  523
  557
  592
  628
  666
  705
Net income, $m
  11
  72
  99
  130
  163
  198
  236
  276
  318
  363
  409
  472
  523
  576
  632
  690
  750
  813
  878
  946
  1,016
  1,090
  1,166
  1,246
  1,329
  1,415
  1,505
  1,599
  1,698
  1,800
  1,907

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
  2,612
  3,062
  3,552
  4,082
  4,650
  5,256
  5,899
  6,578
  7,292
  8,041
  8,824
  9,642
  10,494
  11,382
  12,305
  13,265
  14,262
  15,299
  16,376
  17,496
  18,660
  19,870
  21,130
  22,441
  23,807
  25,229
  26,713
  28,259
  29,874
  31,559
Adjusted assets (=assets-cash), $m
  2,202
  2,612
  3,062
  3,552
  4,082
  4,650
  5,256
  5,899
  6,578
  7,292
  8,041
  8,824
  9,642
  10,494
  11,382
  12,305
  13,265
  14,262
  15,299
  16,376
  17,496
  18,660
  19,870
  21,130
  22,441
  23,807
  25,229
  26,713
  28,259
  29,874
  31,559
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
  1,246
  1,461
  1,695
  1,948
  2,219
  2,508
  2,814
  3,138
  3,479
  3,836
  4,210
  4,600
  5,007
  5,430
  5,871
  6,328
  6,804
  7,299
  7,813
  8,347
  8,902
  9,480
  10,081
  10,706
  11,358
  12,037
  12,744
  13,482
  14,252
  15,056
Working capital, $m
  406
  506
  593
  688
  790
  900
  1,018
  1,142
  1,274
  1,412
  1,557
  1,709
  1,867
  2,032
  2,204
  2,383
  2,568
  2,762
  2,962
  3,171
  3,388
  3,613
  3,847
  4,091
  4,345
  4,610
  4,885
  5,172
  5,472
  5,784
  6,111
Total debt, $m
  1,109
  1,054
  1,328
  1,626
  1,948
  2,293
  2,662
  3,053
  3,465
  3,899
  4,355
  4,831
  5,328
  5,846
  6,386
  6,947
  7,531
  8,137
  8,768
  9,423
  10,103
  10,811
  11,547
  12,313
  13,110
  13,940
  14,805
  15,707
  16,648
  17,629
  18,654
Total liabilities, $m
  1,644
  1,588
  1,862
  2,160
  2,482
  2,827
  3,196
  3,587
  3,999
  4,433
  4,889
  5,365
  5,862
  6,380
  6,920
  7,481
  8,065
  8,671
  9,302
  9,957
  10,637
  11,345
  12,081
  12,847
  13,644
  14,474
  15,339
  16,241
  17,182
  18,163
  19,188
Total equity, $m
  863
  1,024
  1,200
  1,392
  1,600
  1,823
  2,061
  2,312
  2,579
  2,858
  3,152
  3,459
  3,780
  4,114
  4,462
  4,823
  5,200
  5,591
  5,997
  6,419
  6,858
  7,315
  7,789
  8,283
  8,797
  9,332
  9,890
  10,471
  11,078
  11,710
  12,371
Total liabilities and equity, $m
  2,507
  2,612
  3,062
  3,552
  4,082
  4,650
  5,257
  5,899
  6,578
  7,291
  8,041
  8,824
  9,642
  10,494
  11,382
  12,304
  13,265
  14,262
  15,299
  16,376
  17,495
  18,660
  19,870
  21,130
  22,441
  23,806
  25,229
  26,712
  28,260
  29,873
  31,559
Debt-to-equity ratio
  1.285
  1.030
  1.110
  1.170
  1.220
  1.260
  1.290
  1.320
  1.340
  1.360
  1.380
  1.400
  1.410
  1.420
  1.430
  1.440
  1.450
  1.460
  1.460
  1.470
  1.470
  1.480
  1.480
  1.490
  1.490
  1.490
  1.500
  1.500
  1.500
  1.510
  1.510
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
  72
  99
  130
  163
  198
  236
  276
  318
  363
  409
  472
  523
  576
  632
  690
  750
  813
  878
  946
  1,016
  1,090
  1,166
  1,246
  1,329
  1,415
  1,505
  1,599
  1,698
  1,800
  1,907
Depreciation, amort., depletion, $m
  84
  109
  124
  141
  160
  179
  200
  222
  246
  270
  296
  305
  333
  363
  393
  425
  459
  493
  529
  566
  605
  645
  687
  731
  776
  823
  872
  924
  977
  1,033
  1,091
Funds from operations, $m
  25
  180
  224
  271
  322
  377
  436
  498
  564
  633
  706
  777
  856
  939
  1,026
  1,115
  1,209
  1,306
  1,407
  1,512
  1,621
  1,735
  1,853
  1,976
  2,104
  2,238
  2,377
  2,523
  2,675
  2,833
  2,998
Change in working capital, $m
  -58
  79
  87
  95
  103
  110
  117
  124
  131
  138
  145
  152
  158
  165
  172
  179
  186
  193
  201
  209
  217
  225
  234
  244
  254
  264
  275
  287
  300
  313
  326
Cash from operations, $m
  83
  101
  137
  176
  220
  267
  319
  374
  433
  495
  561
  625
  698
  774
  854
  937
  1,023
  1,113
  1,206
  1,303
  1,404
  1,509
  1,619
  1,732
  1,851
  1,974
  2,102
  2,236
  2,375
  2,520
  2,672
Maintenance CAPEX, $m
  0
  -76
  -90
  -106
  -123
  -141
  -161
  -182
  -204
  -227
  -252
  -278
  -305
  -333
  -363
  -393
  -425
  -459
  -493
  -529
  -566
  -605
  -645
  -687
  -731
  -776
  -823
  -872
  -924
  -977
  -1,033
New CAPEX, $m
  -58
  -195
  -215
  -234
  -253
  -271
  -289
  -307
  -324
  -341
  -357
  -374
  -390
  -407
  -423
  -440
  -458
  -476
  -495
  -514
  -534
  -555
  -578
  -601
  -626
  -651
  -679
  -708
  -738
  -770
  -804
Cash from investing activities, $m
  -573
  -271
  -305
  -340
  -376
  -412
  -450
  -489
  -528
  -568
  -609
  -652
  -695
  -740
  -786
  -833
  -883
  -935
  -988
  -1,043
  -1,100
  -1,160
  -1,223
  -1,288
  -1,357
  -1,427
  -1,502
  -1,580
  -1,662
  -1,747
  -1,837
Free cash flow, $m
  -490
  -171
  -169
  -164
  -156
  -145
  -131
  -115
  -95
  -73
  -48
  -26
  3
  34
  68
  103
  140
  178
  219
  261
  304
  349
  396
  444
  495
  546
  600
  656
  714
  773
  835
Issuance/(repayment) of debt, $m
  481
  249
  274
  298
  322
  346
  368
  391
  413
  434
  455
  476
  497
  518
  540
  561
  584
  606
  630
  655
  681
  708
  736
  766
  797
  830
  865
  902
  941
  981
  1,025
Issuance/(repurchase) of shares, $m
  -4
  89
  77
  62
  45
  25
  2
  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  
  446
  338
  351
  360
  367
  371
  370
  391
  413
  434
  455
  476
  497
  518
  540
  561
  584
  606
  630
  655
  681
  708
  736
  766
  797
  830
  865
  902
  941
  981
  1,025
Total cash flow (excl. dividends), $m
  -44
  167
  182
  197
  211
  225
  239
  276
  317
  361
  407
  450
  500
  552
  607
  664
  723
  785
  849
  916
  985
  1,057
  1,132
  1,210
  1,292
  1,377
  1,465
  1,558
  1,654
  1,755
  1,860
Retained Cash Flow (-), $m
  -65
  -161
  -176
  -192
  -208
  -223
  -238
  -252
  -266
  -280
  -294
  -307
  -321
  -334
  -348
  -362
  -376
  -391
  -406
  -422
  -439
  -456
  -475
  -494
  -514
  -535
  -558
  -581
  -606
  -633
  -661
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
 
  7
  6
  5
  3
  2
  1
  24
  51
  81
  113
  143
  179
  218
  259
  302
  347
  394
  443
  493
  546
  601
  657
  716
  778
  841
  907
  976
  1,048
  1,122
  1,199
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
 
  6
  5
  4
  3
  2
  1
  12
  23
  32
  38
  40
  42
  42
  41
  38
  34
  30
  25
  21
  17
  13
  10
  7
  5
  4
  3
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  88.5
  80.9
  75.9
  72.9
  71.5
  71.4
  71.4
  71.4
  71.4
  71.4
  71.4
  71.4
  71.4
  71.4
  71.4
  71.4
  71.4
  71.4
  71.4
  71.4
  71.4
  71.4
  71.4
  71.4
  71.4
  71.4
  71.4
  71.4
  71.4
  71.4

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 60.2
Price to Sales 0.2
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 8
Price to Free Cash Flow 26.5
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 18.6% 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 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 $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Now's the Time to Buy These Stocks   [Aug-19-17 11:32AM  Motley Fool]
▶ Green Plains Declares Quarterly Cash Dividend   [Aug-16-17 04:30PM  GlobeNewswire]
▶ 5 Strong Sell Stocks the Market Gave Up On   [Aug-10-17 02:38PM  Zacks]
▶ Green Plains reports 2Q loss   [Jul-31-17 10:27PM  Associated Press]
▶ Green Plains Partners misses Street 2Q forecasts   [10:06PM  Associated Press]
▶ New Strong Sell Stocks for July 26th   [Jul-26-17 09:22AM  Zacks]
▶ 3 Growth Stocks I'd Buy Right Now   [Jul-21-17 06:05AM  Motley Fool]
▶ ETFs with exposure to Green Plains, Inc. : July 7, 2017   [Jul-07-17 02:57PM  Capital Cube]
▶ Green Plains: Buy the Dip?   [Jun-28-17 07:52AM  Motley Fool]
▶ ETFs with exposure to Green Plains, Inc. : June 26, 2017   [Jun-26-17 04:04PM  Capital Cube]
▶ 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
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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