Intrinsic value of W.R. Grace - GRA

Previous Close

$67.74

  Intrinsic Value

$56.86

stock screener

  Rating & Target

hold

-16%

  Value-price divergence*

+1776%

Previous close

$67.74

 
Intrinsic value

$56.86

 
Up/down potential

-16%

 
Rating

hold

 
Value-price divergence*

+1776%

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

We calculate the intrinsic value of GRA 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 4.6

 

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, %
  -1.78
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
Revenue, $m
  1,599
  1,753
  1,913
  2,080
  2,253
  2,434
  2,622
  2,817
  3,020
  3,231
  3,450
  3,677
  3,914
  4,161
  4,418
  4,685
  4,964
  5,254
  5,557
  5,873
  6,204
  6,549
  6,909
  7,286
  7,680
  8,092
  8,523
  8,975
  9,447
  9,942
  10,461
Variable operating expenses, $m
 
  305
  329
  354
  380
  408
  436
  466
  496
  528
  562
  557
  592
  630
  669
  709
  751
  795
  841
  889
  939
  991
  1,046
  1,103
  1,162
  1,225
  1,290
  1,358
  1,430
  1,505
  1,583
Fixed operating expenses, $m
 
  1,206
  1,237
  1,268
  1,299
  1,332
  1,365
  1,399
  1,434
  1,470
  1,507
  1,544
  1,583
  1,623
  1,663
  1,705
  1,747
  1,791
  1,836
  1,882
  1,929
  1,977
  2,026
  2,077
  2,129
  2,182
  2,237
  2,293
  2,350
  2,409
  2,469
Total operating expenses, $m
  1,433
  1,511
  1,566
  1,622
  1,679
  1,740
  1,801
  1,865
  1,930
  1,998
  2,069
  2,101
  2,175
  2,253
  2,332
  2,414
  2,498
  2,586
  2,677
  2,771
  2,868
  2,968
  3,072
  3,180
  3,291
  3,407
  3,527
  3,651
  3,780
  3,914
  4,052
Operating income, $m
  166
  241
  347
  458
  574
  694
  821
  952
  1,089
  1,232
  1,381
  1,577
  1,739
  1,909
  2,086
  2,271
  2,465
  2,668
  2,880
  3,103
  3,336
  3,580
  3,837
  4,106
  4,388
  4,685
  4,996
  5,324
  5,668
  6,029
  6,409
EBITDA, $m
  266
  359
  472
  590
  714
  843
  977
  1,118
  1,264
  1,416
  1,575
  1,741
  1,914
  2,095
  2,284
  2,481
  2,688
  2,903
  3,129
  3,366
  3,614
  3,874
  4,146
  4,432
  4,732
  5,048
  5,378
  5,726
  6,091
  6,474
  6,878
Interest expense (income), $m
  0
  55
  64
  73
  82
  92
  102
  112
  123
  135
  146
  158
  171
  184
  198
  212
  227
  243
  259
  276
  293
  312
  331
  351
  372
  394
  417
  441
  466
  492
  520
Earnings before tax, $m
  166
  186
  283
  385
  491
  603
  719
  840
  966
  1,098
  1,235
  1,418
  1,568
  1,724
  1,888
  2,059
  2,238
  2,425
  2,622
  2,827
  3,043
  3,269
  3,506
  3,755
  4,016
  4,291
  4,580
  4,883
  5,202
  5,537
  5,889
Tax expense, $m
  59
  50
  76
  104
  133
  163
  194
  227
  261
  296
  334
  383
  423
  466
  510
  556
  604
  655
  708
  763
  822
  883
  947
  1,014
  1,084
  1,159
  1,237
  1,318
  1,404
  1,495
  1,590
Net income, $m
  94
  136
  207
  281
  359
  440
  525
  613
  705
  801
  902
  1,035
  1,145
  1,259
  1,378
  1,503
  1,634
  1,770
  1,914
  2,064
  2,221
  2,386
  2,559
  2,741
  2,932
  3,133
  3,343
  3,564
  3,797
  4,042
  4,299

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  91
  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
  2,912
  3,192
  3,484
  3,788
  4,104
  4,433
  4,776
  5,131
  5,501
  5,884
  6,284
  6,699
  7,130
  7,579
  8,047
  8,534
  9,041
  9,571
  10,123
  10,699
  11,300
  11,928
  12,585
  13,271
  13,988
  14,739
  15,525
  16,347
  17,208
  18,110
  19,055
Adjusted assets (=assets-cash), $m
  2,821
  3,192
  3,484
  3,788
  4,104
  4,433
  4,776
  5,131
  5,501
  5,884
  6,284
  6,699
  7,130
  7,579
  8,047
  8,534
  9,041
  9,571
  10,123
  10,699
  11,300
  11,928
  12,585
  13,271
  13,988
  14,739
  15,525
  16,347
  17,208
  18,110
  19,055
Revenue / Adjusted assets
  0.567
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
Average production assets, $m
  924
  1,013
  1,106
  1,202
  1,302
  1,407
  1,515
  1,628
  1,745
  1,867
  1,994
  2,126
  2,263
  2,405
  2,553
  2,708
  2,869
  3,037
  3,212
  3,395
  3,586
  3,785
  3,993
  4,211
  4,439
  4,677
  4,926
  5,187
  5,461
  5,747
  6,047
Working capital, $m
  174
  175
  191
  208
  225
  243
  262
  282
  302
  323
  345
  368
  391
  416
  442
  469
  496
  525
  556
  587
  620
  655
  691
  729
  768
  809
  852
  897
  945
  994
  1,046
Total debt, $m
  1,584
  1,828
  2,082
  2,348
  2,624
  2,911
  3,210
  3,520
  3,843
  4,178
  4,527
  4,889
  5,266
  5,658
  6,066
  6,491
  6,934
  7,396
  7,878
  8,381
  8,906
  9,454
  10,027
  10,626
  11,253
  11,908
  12,594
  13,312
  14,064
  14,851
  15,676
Total liabilities, $m
  2,543
  2,787
  3,041
  3,307
  3,583
  3,870
  4,169
  4,479
  4,802
  5,137
  5,486
  5,848
  6,225
  6,617
  7,025
  7,450
  7,893
  8,355
  8,837
  9,340
  9,865
  10,413
  10,986
  11,585
  12,212
  12,867
  13,553
  14,271
  15,023
  15,810
  16,635
Total equity, $m
  369
  405
  442
  481
  521
  563
  606
  652
  699
  747
  798
  851
  906
  963
  1,022
  1,084
  1,148
  1,215
  1,286
  1,359
  1,435
  1,515
  1,598
  1,685
  1,777
  1,872
  1,972
  2,076
  2,185
  2,300
  2,420
Total liabilities and equity, $m
  2,912
  3,192
  3,483
  3,788
  4,104
  4,433
  4,775
  5,131
  5,501
  5,884
  6,284
  6,699
  7,131
  7,580
  8,047
  8,534
  9,041
  9,570
  10,123
  10,699
  11,300
  11,928
  12,584
  13,270
  13,989
  14,739
  15,525
  16,347
  17,208
  18,110
  19,055
Debt-to-equity ratio
  4.293
  4.510
  4.710
  4.880
  5.030
  5.170
  5.290
  5.400
  5.500
  5.590
  5.670
  5.750
  5.810
  5.880
  5.940
  5.990
  6.040
  6.090
  6.130
  6.170
  6.210
  6.240
  6.270
  6.310
  6.330
  6.360
  6.390
  6.410
  6.440
  6.460
  6.480
Adjusted equity ratio
  0.099
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  94
  136
  207
  281
  359
  440
  525
  613
  705
  801
  902
  1,035
  1,145
  1,259
  1,378
  1,503
  1,634
  1,770
  1,914
  2,064
  2,221
  2,386
  2,559
  2,741
  2,932
  3,133
  3,343
  3,564
  3,797
  4,042
  4,299
Depreciation, amort., depletion, $m
  100
  118
  125
  133
  140
  148
  157
  166
  175
  184
  194
  165
  175
  186
  198
  210
  222
  235
  249
  263
  278
  293
  310
  326
  344
  363
  382
  402
  423
  445
  469
Funds from operations, $m
  339
  254
  332
  414
  499
  588
  682
  779
  880
  986
  1,096
  1,200
  1,320
  1,445
  1,576
  1,713
  1,856
  2,006
  2,163
  2,327
  2,499
  2,680
  2,869
  3,068
  3,276
  3,495
  3,725
  3,967
  4,220
  4,487
  4,768
Change in working capital, $m
  48
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  38
  39
  41
  43
  45
  47
  50
  52
Cash from operations, $m
  291
  238
  316
  397
  482
  570
  663
  759
  860
  964
  1,074
  1,177
  1,296
  1,421
  1,550
  1,686
  1,828
  1,977
  2,132
  2,295
  2,466
  2,645
  2,833
  3,030
  3,237
  3,454
  3,682
  3,921
  4,173
  4,438
  4,716
Maintenance CAPEX, $m
  0
  -72
  -79
  -86
  -93
  -101
  -109
  -117
  -126
  -135
  -145
  -155
  -165
  -175
  -186
  -198
  -210
  -222
  -235
  -249
  -263
  -278
  -293
  -310
  -326
  -344
  -363
  -382
  -402
  -423
  -445
New CAPEX, $m
  -117
  -89
  -93
  -96
  -100
  -104
  -109
  -113
  -117
  -122
  -127
  -132
  -137
  -143
  -148
  -155
  -161
  -168
  -175
  -183
  -191
  -199
  -208
  -218
  -228
  -238
  -249
  -261
  -273
  -286
  -300
Cash from investing activities, $m
  -355
  -161
  -172
  -182
  -193
  -205
  -218
  -230
  -243
  -257
  -272
  -287
  -302
  -318
  -334
  -353
  -371
  -390
  -410
  -432
  -454
  -477
  -501
  -528
  -554
  -582
  -612
  -643
  -675
  -709
  -745
Free cash flow, $m
  -64
  78
  145
  215
  288
  365
  445
  529
  616
  707
  802
  891
  995
  1,103
  1,216
  1,334
  1,457
  1,587
  1,722
  1,864
  2,012
  2,168
  2,331
  2,503
  2,683
  2,872
  3,070
  3,279
  3,498
  3,728
  3,971
Issuance/(repayment) of debt, $m
  -594
  244
  255
  265
  276
  287
  299
  310
  323
  335
  348
  362
  377
  392
  408
  425
  443
  462
  482
  503
  525
  548
  573
  599
  627
  655
  686
  718
  752
  787
  825
Issuance/(repurchase) of shares, $m
  -178
  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  
  7
  244
  255
  265
  276
  287
  299
  310
  323
  335
  348
  362
  377
  392
  408
  425
  443
  462
  482
  503
  525
  548
  573
  599
  627
  655
  686
  718
  752
  787
  825
Total cash flow (excl. dividends), $m
  -60
  322
  399
  480
  564
  652
  744
  839
  939
  1,042
  1,151
  1,253
  1,371
  1,495
  1,624
  1,759
  1,900
  2,048
  2,204
  2,366
  2,537
  2,716
  2,904
  3,102
  3,309
  3,527
  3,756
  3,997
  4,250
  4,516
  4,795
Retained Cash Flow (-), $m
  -161
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -95
  -100
  -104
  -109
  -115
  -120
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
 
  285
  362
  442
  524
  610
  700
  794
  892
  994
  1,100
  1,201
  1,317
  1,438
  1,564
  1,697
  1,836
  1,981
  2,134
  2,293
  2,461
  2,636
  2,821
  3,015
  3,218
  3,432
  3,656
  3,892
  4,140
  4,401
  4,675
Discount rate, %
 
  10.90
  11.45
  12.02
  12.62
  13.25
  13.91
  14.61
  15.34
  16.10
  16.91
  17.75
  18.64
  19.57
  20.55
  21.58
  22.66
  23.79
  24.98
  26.23
  27.54
  28.92
  30.37
  31.89
  33.48
  35.15
  36.91
  38.76
  40.69
  42.73
  44.87
PV of cash for distribution, $m
 
  257
  292
  314
  326
  328
  321
  306
  285
  259
  231
  199
  169
  141
  114
  91
  70
  53
  39
  27
  19
  13
  8
  5
  3
  2
  1
  1
  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

W. R. Grace & Co. produces and sells specialty chemicals and materials worldwide. It operates through two segments, Grace Catalysts Technologies and Grace Materials Technologies. The Grace Catalysts Technologies segment offers fluid catalytic cracking (FCC) catalysts for the production of transportation fuels, such as gasoline and diesel fuels, and other petroleum-based products; FCC additives; and hydro processing catalysts used in process reactors to upgrade heavy oils into lighter products. This segment also provides polyolefin catalysts and catalyst supports for the production of polypropylene and polyethylene thermoplastic resins; and chemical catalysts used in various industrial, environmental, and consumer applications, as well as gas-phase polypropylene process technology to manufacture polypropylene products. The Grace Materials Technologies segment offers silica-based and silica-alumina-based materials for use in coatings, consumer, industrial, and pharmaceutical applications. W. R. Grace & Co. was founded in 1854 and is headquartered in Columbia, Maryland.

FINANCIAL RATIOS  of  W.R. Grace (GRA)

Valuation Ratios
P/E Ratio 49.2
Price to Sales 2.9
Price to Book 12.5
Price to Tangible Book
Price to Cash Flow 15.9
Price to Free Cash Flow 26.6
Growth Rates
Sales Growth Rate -1.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.7%
Cap. Spend. - 3 Yr. Gr. Rate -5.6%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 408.4%
Total Debt to Equity 429.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.9%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 4.3%
Ret/ On T. Cap. - 3 Yr. Avg. 9.5%
Return On Equity 32.6%
Return On Equity - 3 Yr. Avg. 47.4%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 41%
Gross Margin - 3 Yr. Avg. 39.6%
EBITDA Margin 16.6%
EBITDA Margin - 3 Yr. Avg. 28.6%
Operating Margin 10.4%
Oper. Margin - 3 Yr. Avg. 9.4%
Pre-Tax Margin 10.4%
Pre-Tax Margin - 3 Yr. Avg. 9.4%
Net Profit Margin 5.9%
Net Profit Margin - 3 Yr. Avg. 10.1%
Effective Tax Rate 35.5%
Eff/ Tax Rate - 3 Yr. Avg. 20.1%
Payout Ratio 38.3%

GRA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GRA stock intrinsic value calculation we used $1599 million for the last fiscal year's total revenue generated by W.R. Grace. The default revenue input number comes from 2016 income statement of W.R. Grace. 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 GRA stock valuation model: a) initial revenue growth rate of 9.6% 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 10.9%, whose default value for GRA is calculated based on our internal credit rating of W.R. Grace, 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 W.R. Grace.
    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 GRA stock the variable cost ratio is equal to 17.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1177 million in the base year in the intrinsic value calculation for GRA 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 W.R. Grace.

Corporate tax rate of 27% is the nominal tax rate for W.R. Grace. 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 GRA 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 GRA are equal to 57.8%.

Life of production assets of 12.9 years is the average useful life of capital assets used in W.R. Grace 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 GRA is equal to 10%. 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 - $369 million for W.R. Grace - 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 68.102 million for W.R. Grace 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 W.R. Grace at the current share price and the inputted number of shares is $4.6 billion.

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COMPANY NEWS

▶ ETFs with exposure to W.R. Grace & Co. : August 15, 2017   [Aug-15-17 04:16PM  Capital Cube]
▶ W.R. Grace beats 2Q profit forecasts   [Jul-27-17 08:25PM  Associated Press]
▶ Grace Announces Quarterly Dividend   [05:02AM  GlobeNewswire]
▶ Grace Reports Second Quarter 2017 Results   [05:00AM  GlobeNewswire]
▶ ETFs with exposure to W.R. Grace & Co. : July 4, 2017   [Jul-04-17 02:59PM  Capital Cube]
▶ W.R. Grace Enters New Agreement with Valliscor   [Jul-03-17 10:05AM  Market Realist]
▶ ETFs with exposure to W.R. Grace & Co. : June 19, 2017   [Jun-19-17 03:25PM  Capital Cube]
▶ Why Albemarles Dividend Yield Has Taken a Tumble   [Jun-09-17 12:35PM  Market Realist]
▶ W.R. Grace beats 1Q profit forecasts   [06:14AM  Associated Press]
▶ Grace Announces Quarterly Dividend   [06:02AM  GlobeNewswire]
▶ Grace Reports First Quarter 2017 Results   [06:00AM  GlobeNewswire]
▶ Grace Announces Release Date for First Quarter 2017 Results   [Apr-05-17 09:00AM  GlobeNewswire]
▶ W.R. Grace Signs Contract with Dongguan Grand Resource   [Feb-21-17 12:10PM  Market Realist]
▶ W.R. Grace fourth-quarter earnings beat estimates   [11:05AM  at bizjournals.com]
▶ Should You Buy Avnet, Inc. (AVT)?   [Dec-08-16 02:11AM  at Insider Monkey]
▶ Is W.R. Grace & Co. (GRA) A Good Stock To Buy?   [Nov-25-16 07:12AM  at Insider Monkey]
▶ Grace to Present at Baird 2016 Global Industrial Conference   [Nov-01-16 04:05PM  GlobeNewswire]
▶ W.R. Grace earnings soar, beat Wall Street estimates   [Oct-26-16 12:05PM  at bizjournals.com]
▶ Grace Announces Quarterly Dividend   [06:05AM  GlobeNewswire]
▶ Grace Reports Third Quarter 2016 Results   [06:00AM  GlobeNewswire]
▶ Grace Announces Release Date for Third Quarter 2016 Results   [Oct-05-16 04:05PM  GlobeNewswire]
▶ Grace to Participate in Upcoming Investor Conferences   [Sep-06-16 04:05PM  GlobeNewswire]
Stock chart of GRA Financial statements of GRA
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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