Intrinsic value of Green Plains - GPRE

Previous Close

$19.10

  Intrinsic Value

$6.38

stock screener

  Rating & Target

str. sell

-67%

  Value-price divergence*

-69%

Previous close

$19.10

 
Intrinsic value

$6.38

 
Up/down potential

-67%

 
Rating

str. sell

 
Value-price divergence*

-69%

*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
  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
  3,411
  3,479
  3,559
  3,651
  3,753
  3,867
  3,992
  4,128
  4,275
  4,434
  4,604
  4,786
  4,980
  5,187
  5,407
  5,640
  5,887
  6,149
  6,425
  6,718
  7,026
  7,352
  7,696
  8,058
  8,439
  8,841
  9,264
  9,709
  10,178
  10,671
  11,189
Variable operating expenses, $m
 
  3,235
  3,309
  3,394
  3,489
  3,594
  3,709
  3,835
  3,971
  4,118
  4,275
  4,425
  4,605
  4,796
  4,999
  5,215
  5,443
  5,685
  5,941
  6,211
  6,497
  6,798
  7,115
  7,450
  7,803
  8,174
  8,565
  8,977
  9,410
  9,866
  10,345
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
  3,389
  3,467
  3,556
  3,655
  3,764
  3,883
  4,013
  4,154
  4,305
  4,467
  4,622
  4,807
  5,003
  5,211
  5,432
  5,666
  5,913
  6,175
  6,451
  6,743
  7,050
  7,373
  7,715
  8,074
  8,452
  8,850
  9,269
  9,709
  10,173
  10,660
Operating income, $m
  92
  90
  92
  95
  99
  103
  109
  115
  121
  129
  137
  164
  174
  184
  196
  208
  221
  235
  250
  267
  284
  302
  322
  343
  365
  388
  413
  440
  468
  498
  529
EBITDA, $m
  176
  186
  190
  195
  201
  208
  216
  225
  235
  246
  258
  271
  285
  300
  316
  334
  353
  373
  394
  417
  441
  466
  494
  523
  553
  586
  620
  657
  695
  736
  779
Interest expense (income), $m
  38
  35
  36
  37
  39
  40
  42
  44
  47
  49
  52
  55
  58
  61
  65
  68
  72
  76
  81
  85
  90
  96
  101
  107
  113
  119
  126
  133
  141
  149
  157
Earnings before tax, $m
  38
  56
  57
  58
  60
  63
  66
  70
  74
  79
  85
  109
  116
  123
  131
  140
  149
  159
  170
  181
  194
  207
  221
  236
  252
  269
  287
  306
  327
  349
  372
Tax expense, $m
  8
  15
  15
  16
  16
  17
  18
  19
  20
  21
  23
  30
  31
  33
  35
  38
  40
  43
  46
  49
  52
  56
  60
  64
  68
  73
  78
  83
  88
  94
  100
Net income, $m
  11
  41
  41
  42
  44
  46
  48
  51
  54
  58
  62
  80
  85
  90
  96
  102
  109
  116
  124
  132
  141
  151
  161
  172
  184
  196
  210
  224
  239
  255
  271

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
  2,246
  2,298
  2,357
  2,423
  2,497
  2,577
  2,665
  2,760
  2,862
  2,972
  3,090
  3,215
  3,349
  3,490
  3,641
  3,801
  3,970
  4,148
  4,337
  4,536
  4,746
  4,968
  5,202
  5,448
  5,707
  5,981
  6,268
  6,570
  6,889
  7,223
Adjusted assets (=assets-cash), $m
  2,202
  2,246
  2,298
  2,357
  2,423
  2,497
  2,577
  2,665
  2,760
  2,862
  2,972
  3,090
  3,215
  3,349
  3,490
  3,641
  3,801
  3,970
  4,148
  4,337
  4,536
  4,746
  4,968
  5,202
  5,448
  5,707
  5,981
  6,268
  6,570
  6,889
  7,223
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
  1,072
  1,096
  1,124
  1,156
  1,191
  1,230
  1,271
  1,317
  1,366
  1,418
  1,474
  1,534
  1,598
  1,665
  1,737
  1,813
  1,894
  1,979
  2,069
  2,164
  2,264
  2,370
  2,482
  2,599
  2,723
  2,853
  2,990
  3,135
  3,287
  3,446
Working capital, $m
  406
  435
  445
  456
  469
  483
  499
  516
  534
  554
  575
  598
  623
  648
  676
  705
  736
  769
  803
  840
  878
  919
  962
  1,007
  1,055
  1,105
  1,158
  1,214
  1,272
  1,334
  1,399
Total debt, $m
  1,109
  832
  863
  899
  939
  984
  1,033
  1,086
  1,144
  1,206
  1,273
  1,345
  1,421
  1,502
  1,588
  1,680
  1,777
  1,879
  1,988
  2,103
  2,224
  2,352
  2,487
  2,629
  2,778
  2,936
  3,102
  3,277
  3,461
  3,654
  3,858
Total liabilities, $m
  1,644
  1,366
  1,397
  1,433
  1,473
  1,518
  1,567
  1,620
  1,678
  1,740
  1,807
  1,879
  1,955
  2,036
  2,122
  2,214
  2,311
  2,413
  2,522
  2,637
  2,758
  2,886
  3,021
  3,163
  3,312
  3,470
  3,636
  3,811
  3,995
  4,188
  4,392
Total equity, $m
  863
  880
  901
  924
  950
  979
  1,010
  1,045
  1,082
  1,122
  1,165
  1,211
  1,260
  1,313
  1,368
  1,427
  1,490
  1,556
  1,626
  1,700
  1,778
  1,861
  1,948
  2,039
  2,136
  2,237
  2,344
  2,457
  2,576
  2,700
  2,832
Total liabilities and equity, $m
  2,507
  2,246
  2,298
  2,357
  2,423
  2,497
  2,577
  2,665
  2,760
  2,862
  2,972
  3,090
  3,215
  3,349
  3,490
  3,641
  3,801
  3,969
  4,148
  4,337
  4,536
  4,747
  4,969
  5,202
  5,448
  5,707
  5,980
  6,268
  6,571
  6,888
  7,224
Debt-to-equity ratio
  1.285
  0.940
  0.960
  0.970
  0.990
  1.010
  1.020
  1.040
  1.060
  1.080
  1.090
  1.110
  1.130
  1.140
  1.160
  1.180
  1.190
  1.210
  1.220
  1.240
  1.250
  1.260
  1.280
  1.290
  1.300
  1.310
  1.320
  1.330
  1.340
  1.350
  1.360
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
  41
  41
  42
  44
  46
  48
  51
  54
  58
  62
  80
  85
  90
  96
  102
  109
  116
  124
  132
  141
  151
  161
  172
  184
  196
  210
  224
  239
  255
  271
Depreciation, amort., depletion, $m
  84
  96
  98
  100
  102
  105
  107
  111
  114
  117
  121
  107
  111
  116
  121
  126
  131
  137
  143
  150
  157
  164
  172
  180
  188
  197
  207
  217
  227
  238
  250
Funds from operations, $m
  25
  137
  139
  142
  146
  151
  156
  162
  168
  175
  183
  187
  196
  206
  216
  228
  240
  253
  267
  282
  298
  315
  333
  352
  372
  394
  416
  440
  466
  493
  521
Change in working capital, $m
  -58
  9
  10
  11
  13
  14
  16
  17
  18
  20
  21
  23
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
  59
  62
  65
Cash from operations, $m
  83
  128
  129
  131
  133
  137
  140
  145
  150
  155
  162
  164
  171
  180
  189
  199
  209
  221
  233
  246
  260
  274
  290
  307
  325
  343
  364
  385
  407
  431
  456
Maintenance CAPEX, $m
  0
  -76
  -78
  -79
  -81
  -84
  -86
  -89
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -131
  -137
  -143
  -150
  -157
  -164
  -172
  -180
  -188
  -197
  -207
  -217
  -227
  -238
New CAPEX, $m
  -58
  -21
  -25
  -28
  -32
  -35
  -38
  -42
  -45
  -49
  -52
  -56
  -60
  -64
  -68
  -72
  -76
  -81
  -85
  -90
  -95
  -100
  -106
  -112
  -117
  -124
  -130
  -137
  -144
  -152
  -160
Cash from investing activities, $m
  -573
  -97
  -103
  -107
  -113
  -119
  -124
  -131
  -137
  -144
  -151
  -159
  -167
  -175
  -184
  -193
  -202
  -212
  -222
  -233
  -245
  -257
  -270
  -284
  -297
  -312
  -327
  -344
  -361
  -379
  -398
Free cash flow, $m
  -490
  31
  27
  23
  20
  18
  16
  14
  12
  11
  10
  5
  5
  5
  5
  6
  7
  9
  10
  12
  15
  17
  20
  24
  27
  31
  36
  41
  46
  52
  59
Issuance/(repayment) of debt, $m
  481
  27
  31
  36
  40
  45
  49
  53
  58
  62
  67
  71
  76
  81
  86
  92
  97
  103
  109
  115
  121
  128
  135
  142
  150
  158
  166
  175
  184
  193
  203
Issuance/(repurchase) of shares, $m
  -4
  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  
  446
  27
  31
  36
  40
  45
  49
  53
  58
  62
  67
  71
  76
  81
  86
  92
  97
  103
  109
  115
  121
  128
  135
  142
  150
  158
  166
  175
  184
  193
  203
Total cash flow (excl. dividends), $m
  -44
  57
  58
  59
  61
  62
  65
  67
  70
  73
  77
  76
  81
  86
  92
  98
  104
  111
  119
  127
  136
  145
  155
  166
  177
  189
  202
  216
  230
  246
  262
Retained Cash Flow (-), $m
  -65
  -17
  -20
  -23
  -26
  -29
  -32
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -82
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -131
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
 
  40
  38
  36
  35
  34
  33
  33
  33
  33
  34
  30
  32
  34
  36
  39
  42
  45
  49
  53
  58
  63
  68
  74
  80
  87
  95
  103
  112
  121
  131
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
 
  37
  33
  28
  25
  22
  19
  17
  15
  13
  11
  9
  8
  7
  6
  5
  4
  3
  3
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
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

Green Plains Inc. is an ethanol producer. The Company owns and operates assets throughout the ethanol value chain, including upstream, with grain handling and storage through its ethanol production facilities, and downstream, with marketing and distribution services. It operates through four segments: Ethanol Production, Agribusiness and Energy Services, Food and Food Ingredients, and Partnership. The ethanol production segment includes production of ethanol, distillers grains and corn oil. The agribusiness and energy services segment includes grain procurement. The food and food ingredients segment includes a cattle feedlot operation. The Company's master limited partnership, Green Plains Partners LP (the partnership), provides fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses.

FINANCIAL RATIOS  of  Green Plains (GPRE)

Valuation Ratios
P/E Ratio 66.6
Price to Sales 0.2
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 8.8
Price to Free Cash Flow 29.3
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 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 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 42.602 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.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ 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]
▶ 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]
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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