Intrinsic value of W.R. Grace - GRA

Previous Close

$67.26

  Intrinsic Value

$35.74

stock screener

  Rating & Target

sell

-47%

Previous close

$67.26

 
Intrinsic value

$35.74

 
Up/down potential

-47%

 
Rating

sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  6.20
  6.08
  5.97
  5.87
  5.79
  5.71
  5.64
  5.57
  5.52
  5.46
  5.42
  5.38
  5.34
  5.31
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
Revenue, $m
  1,599
  1,698
  1,801
  1,909
  2,021
  2,138
  2,260
  2,388
  2,521
  2,660
  2,805
  2,957
  3,116
  3,282
  3,457
  3,639
  3,830
  4,030
  4,239
  4,459
  4,689
  4,930
  5,183
  5,449
  5,727
  6,019
  6,325
  6,646
  6,983
  7,336
  7,707
Variable operating expenses, $m
 
  296
  312
  328
  345
  363
  381
  401
  421
  442
  464
  448
  472
  497
  523
  551
  580
  610
  642
  675
  710
  746
  785
  825
  867
  911
  957
  1,006
  1,057
  1,110
  1,167
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
  1,502
  1,549
  1,596
  1,644
  1,695
  1,746
  1,800
  1,855
  1,912
  1,971
  1,992
  2,055
  2,120
  2,186
  2,256
  2,327
  2,401
  2,478
  2,557
  2,639
  2,723
  2,811
  2,902
  2,996
  3,093
  3,194
  3,299
  3,407
  3,519
  3,636
Operating income, $m
  166
  195
  253
  313
  377
  443
  514
  588
  666
  748
  834
  965
  1,061
  1,163
  1,270
  1,383
  1,503
  1,629
  1,762
  1,902
  2,051
  2,207
  2,373
  2,547
  2,731
  2,926
  3,131
  3,347
  3,576
  3,817
  4,072
EBITDA, $m
  266
  311
  373
  438
  507
  579
  654
  734
  818
  906
  999
  1,098
  1,201
  1,310
  1,425
  1,546
  1,674
  1,809
  1,952
  2,102
  2,261
  2,428
  2,605
  2,791
  2,988
  3,195
  3,414
  3,645
  3,889
  4,146
  4,417
Interest expense (income), $m
  0
  53
  58
  64
  69
  75
  82
  88
  95
  102
  110
  118
  126
  135
  144
  153
  163
  173
  184
  195
  207
  219
  232
  246
  260
  275
  291
  308
  325
  343
  362
Earnings before tax, $m
  166
  143
  195
  250
  307
  368
  432
  499
  570
  645
  724
  847
  935
  1,029
  1,127
  1,230
  1,340
  1,456
  1,578
  1,707
  1,844
  1,988
  2,140
  2,301
  2,471
  2,650
  2,840
  3,040
  3,251
  3,474
  3,710
Tax expense, $m
  59
  38
  53
  67
  83
  99
  117
  135
  154
  174
  196
  229
  253
  278
  304
  332
  362
  393
  426
  461
  498
  537
  578
  621
  667
  716
  767
  821
  878
  938
  1,002
Net income, $m
  94
  104
  142
  182
  224
  269
  315
  365
  416
  471
  529
  619
  683
  751
  823
  898
  978
  1,063
  1,152
  1,246
  1,346
  1,451
  1,562
  1,680
  1,804
  1,935
  2,073
  2,219
  2,373
  2,536
  2,708

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
  2,995
  3,177
  3,367
  3,565
  3,771
  3,986
  4,211
  4,446
  4,691
  4,947
  5,215
  5,496
  5,789
  6,096
  6,418
  6,754
  7,107
  7,477
  7,864
  8,270
  8,696
  9,142
  9,610
  10,100
  10,615
  11,155
  11,721
  12,316
  12,939
  13,593
Adjusted assets (=assets-cash), $m
  2,821
  2,995
  3,177
  3,367
  3,565
  3,771
  3,986
  4,211
  4,446
  4,691
  4,947
  5,215
  5,496
  5,789
  6,096
  6,418
  6,754
  7,107
  7,477
  7,864
  8,270
  8,696
  9,142
  9,610
  10,100
  10,615
  11,155
  11,721
  12,316
  12,939
  13,593
Revenue / Adjusted assets
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
Average production assets, $m
  924
  982
  1,041
  1,103
  1,168
  1,236
  1,306
  1,380
  1,457
  1,537
  1,621
  1,709
  1,801
  1,897
  1,998
  2,103
  2,214
  2,329
  2,450
  2,577
  2,710
  2,850
  2,996
  3,149
  3,310
  3,479
  3,656
  3,841
  4,036
  4,240
  4,455
Working capital, $m
  174
  170
  180
  191
  202
  214
  226
  239
  252
  266
  281
  296
  312
  328
  346
  364
  383
  403
  424
  446
  469
  493
  518
  545
  573
  602
  632
  665
  698
  734
  771
Total debt, $m
  1,584
  1,659
  1,818
  1,984
  2,156
  2,337
  2,525
  2,721
  2,926
  3,141
  3,365
  3,599
  3,844
  4,101
  4,369
  4,650
  4,944
  5,253
  5,576
  5,914
  6,269
  6,641
  7,031
  7,440
  7,869
  8,319
  8,790
  9,285
  9,805
  10,350
  10,922
Total liabilities, $m
  2,543
  2,618
  2,777
  2,943
  3,115
  3,296
  3,484
  3,680
  3,885
  4,100
  4,324
  4,558
  4,803
  5,060
  5,328
  5,609
  5,903
  6,212
  6,535
  6,873
  7,228
  7,600
  7,990
  8,399
  8,828
  9,278
  9,749
  10,244
  10,764
  11,309
  11,881
Total equity, $m
  369
  377
  400
  424
  449
  475
  502
  531
  560
  591
  623
  657
  692
  729
  768
  809
  851
  896
  942
  991
  1,042
  1,096
  1,152
  1,211
  1,273
  1,337
  1,406
  1,477
  1,552
  1,630
  1,713
Total liabilities and equity, $m
  2,912
  2,995
  3,177
  3,367
  3,564
  3,771
  3,986
  4,211
  4,445
  4,691
  4,947
  5,215
  5,495
  5,789
  6,096
  6,418
  6,754
  7,108
  7,477
  7,864
  8,270
  8,696
  9,142
  9,610
  10,101
  10,615
  11,155
  11,721
  12,316
  12,939
  13,594
Debt-to-equity ratio
  4.293
  4.400
  4.540
  4.680
  4.800
  4.920
  5.030
  5.130
  5.220
  5.310
  5.400
  5.480
  5.550
  5.620
  5.690
  5.750
  5.810
  5.870
  5.920
  5.970
  6.020
  6.060
  6.100
  6.140
  6.180
  6.220
  6.250
  6.290
  6.320
  6.350
  6.380
Adjusted equity ratio
  0.099
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  94
  104
  142
  182
  224
  269
  315
  365
  416
  471
  529
  619
  683
  751
  823
  898
  978
  1,063
  1,152
  1,246
  1,346
  1,451
  1,562
  1,680
  1,804
  1,935
  2,073
  2,219
  2,373
  2,536
  2,708
Depreciation, amort., depletion, $m
  100
  115
  120
  125
  130
  135
  141
  146
  152
  159
  165
  132
  140
  147
  155
  163
  172
  181
  190
  200
  210
  221
  232
  244
  257
  270
  283
  298
  313
  329
  345
Funds from operations, $m
  365
  220
  262
  307
  354
  404
  456
  511
  569
  630
  694
  751
  823
  898
  977
  1,061
  1,150
  1,243
  1,342
  1,446
  1,556
  1,672
  1,795
  1,924
  2,060
  2,204
  2,356
  2,517
  2,686
  2,865
  3,053
Change in working capital, $m
  74
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  35
  37
Cash from operations, $m
  291
  210
  252
  296
  343
  392
  444
  498
  555
  616
  679
  736
  807
  881
  960
  1,043
  1,131
  1,223
  1,321
  1,424
  1,533
  1,648
  1,769
  1,897
  2,032
  2,175
  2,326
  2,485
  2,653
  2,830
  3,016
Maintenance CAPEX, $m
  0
  -72
  -76
  -81
  -86
  -91
  -96
  -101
  -107
  -113
  -119
  -126
  -132
  -140
  -147
  -155
  -163
  -172
  -181
  -190
  -200
  -210
  -221
  -232
  -244
  -257
  -270
  -283
  -298
  -313
  -329
New CAPEX, $m
  -117
  -58
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -116
  -121
  -127
  -133
  -139
  -146
  -153
  -161
  -169
  -177
  -186
  -195
  -204
  -214
Cash from investing activities, $m
  -355
  -130
  -136
  -143
  -151
  -159
  -167
  -175
  -184
  -193
  -203
  -214
  -224
  -236
  -248
  -260
  -273
  -288
  -302
  -317
  -333
  -349
  -367
  -385
  -405
  -426
  -447
  -469
  -493
  -517
  -543
Free cash flow, $m
  -64
  80
  116
  153
  193
  234
  277
  323
  372
  422
  476
  522
  582
  645
  712
  783
  857
  936
  1,019
  1,107
  1,200
  1,298
  1,402
  1,512
  1,628
  1,750
  1,879
  2,016
  2,160
  2,312
  2,473
Issuance/(repayment) of debt, $m
  -594
  152
  159
  166
  173
  180
  188
  196
  205
  214
  224
  234
  245
  256
  268
  281
  294
  308
  323
  339
  355
  372
  390
  409
  429
  450
  472
  495
  519
  545
  572
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
  152
  159
  166
  173
  180
  188
  196
  205
  214
  224
  234
  245
  256
  268
  281
  294
  308
  323
  339
  355
  372
  390
  409
  429
  450
  472
  495
  519
  545
  572
Total cash flow (excl. dividends), $m
  -60
  232
  275
  319
  366
  414
  466
  520
  577
  637
  700
  757
  827
  902
  981
  1,064
  1,152
  1,244
  1,342
  1,446
  1,555
  1,670
  1,792
  1,921
  2,056
  2,200
  2,351
  2,511
  2,679
  2,857
  3,045
Retained Cash Flow (-), $m
  -161
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -42
  -44
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -79
  -82
Prev. year cash balance distribution, $m
 
  14
  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
 
  224
  252
  295
  341
  388
  438
  491
  547
  606
  668
  723
  792
  865
  942
  1,023
  1,109
  1,200
  1,296
  1,397
  1,504
  1,617
  1,736
  1,862
  1,995
  2,135
  2,283
  2,439
  2,604
  2,779
  2,963
Discount rate, %
 
  11.10
  11.66
  12.24
  12.85
  13.49
  14.17
  14.88
  15.62
  16.40
  17.22
  18.08
  18.98
  19.93
  20.93
  21.98
  23.08
  24.23
  25.44
  26.71
  28.05
  29.45
  30.92
  32.47
  34.09
  35.80
  37.59
  39.47
  41.44
  43.51
  45.69
PV of cash for distribution, $m
 
  201
  202
  209
  210
  206
  198
  186
  171
  154
  136
  116
  98
  81
  66
  52
  40
  30
  22
  16
  11
  7
  5
  3
  2
  1
  1
  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

W. R. Grace & Co. (Grace) is engaged in the production and sale of specialty chemicals and specialty materials. The Company operates in two segments: Grace Catalysts Technologies and Grace Materials Technologies. The Grace Catalysts Technologies segment includes catalysts and related products and technologies used in refining, petrochemical and other chemical manufacturing applications. The Grace Materials Technologies segment includes specialty materials, including silica-based and silica-alumina-based materials, used in coatings, consumer, industrial, and pharmaceutical applications. It Grace Catalysts Technologies segment produces and sells catalysts and related products and technologies used in refining, petrochemical and other chemical manufacturing applications, including Fluid catalytic cracking catalysts (FCC), Hydroprocessing catalysts (HPC), and Polyolefin catalysts and catalyst supports.

FINANCIAL RATIOS  of  W.R. Grace (GRA)

Valuation Ratios
P/E Ratio 48.9
Price to Sales 2.9
Price to Book 12.5
Price to Tangible Book
Price to Cash Flow 15.8
Price to Free Cash Flow 26.4
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 6.2% 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 11.1%, 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 67.874 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

▶ W. R. Grace & Co. to Host Earnings Call   [Feb-08-18 06:50AM  ACCESSWIRE]
▶ W.R. Grace reports 4Q loss   [06:25AM  Associated Press]
▶ Grace to Increase Dividend 14 Percent   [06:02AM  GlobeNewswire]
▶ Baltimore-area companies feel the effects of stock market plunge   [Feb-06-18 04:53PM  American City Business Journals]
▶ Grace Wins Sherwin-Williams Certified Supplier Award   [Jan-25-18 04:47PM  GlobeNewswire]
▶ Analyzing Albemarles Short Interest Trend   [Jan-08-18 07:33AM  Market Realist]
▶ Albemarle and W.R. Grace in a Definitive Agreement   [Dec-19-17 07:52AM  Market Realist]
▶ Grace to Acquire Polyolefin Catalysts Business   [Dec-14-17 05:00PM  GlobeNewswire]
▶ W.R. Grace Signs a Spree of New Contracts   [Dec-04-17 11:08AM  Market Realist]
▶ Why Albemarles Dividend Yield Is on a Free Fall   [Nov-30-17 09:50AM  Market Realist]
▶ Albemarles 4Q17 Dividend: When Will It Pay?   [08:16AM  Market Realist]
▶ Did W R Grace & Co (GRA) Create Value For Shareholders?   [Nov-24-17 02:15PM  Simply Wall St.]
▶ Grace to Present at Citi 2017 Basic Materials Conference   [Nov-21-17 09:00AM  GlobeNewswire]
▶ W.R. Grace Hikes Silica-Based Product Prices   [Nov-13-17 11:32AM  Market Realist]
▶ Grace to Host 2018 Investor Day   [Nov-10-17 09:00AM  GlobeNewswire]
▶ W.R. Grace CEO Fred Festa to step down   [Nov-03-17 10:20AM  American City Business Journals]
▶ Grace to Present at Baird 2017 Global Industrial Conference   [Oct-31-17 09:00AM  GlobeNewswire]
▶ W. R. Grace & Co. to Host Earnings Call   [Oct-25-17 06:20AM  ACCESSWIRE]
▶ W.R. Grace beats 3Q profit forecasts   [06:09AM  Associated Press]
▶ Grace Announces Quarterly Dividend   [06:01AM  GlobeNewswire]
▶ Grace Reports Third Quarter 2017 Results   [06:00AM  GlobeNewswire]
▶ New Strong Sell Stocks for October 24th   [Oct-24-17 08:57AM  Zacks]
▶ Grace Obtains License for Drug Delivery from Formac   [Oct-16-17 11:36AM  Market Realist]
▶ Grace Announces Release Date for Third Quarter 2017 Results   [Oct-05-17 09:00AM  GlobeNewswire]
▶ Whats Wall Streets View of W.R. Grace?   [Sep-22-17 03:36PM  Market Realist]
▶ Grace Donates $100,000 to Hurricane Harvey Relief   [Sep-07-17 09:00AM  GlobeNewswire]
▶ Grace to Participate in Upcoming Investor Conferences   [Sep-05-17 09:00AM  GlobeNewswire]
▶ Albemarle Annouces 3Q17 Dividend   [09:35AM  Market Realist]
▶ 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]
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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