Intrinsic value of Griffin Industrial Realty - GRIF

Previous Close

$37.35

  Intrinsic Value

$4.55

stock screener

  Rating & Target

str. sell

-88%

Previous close

$37.35

 
Intrinsic value

$4.55

 
Up/down potential

-88%

 
Rating

str. sell

We calculate the intrinsic value of GRIF 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 0.2

 

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, %
  10.71
  42.90
  39.11
  35.70
  32.63
  29.87
  27.38
  25.14
  23.13
  21.31
  19.68
  18.21
  16.89
  15.70
  14.63
  13.67
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.79
Revenue, $m
  31
  44
  62
  84
  111
  144
  183
  230
  283
  343
  410
  485
  567
  656
  752
  855
  965
  1,081
  1,203
  1,332
  1,466
  1,607
  1,754
  1,907
  2,067
  2,233
  2,405
  2,584
  2,770
  2,964
  3,165
Variable operating expenses, $m
 
  14
  20
  27
  36
  47
  59
  74
  91
  111
  133
  157
  183
  212
  243
  276
  312
  349
  389
  430
  474
  519
  567
  616
  668
  721
  777
  835
  895
  957
  1,022
Fixed operating expenses, $m
 
  15
  16
  16
  17
  17
  17
  18
  18
  19
  19
  20
  20
  21
  21
  22
  22
  23
  23
  24
  25
  25
  26
  26
  27
  28
  29
  29
  30
  31
  31
Total operating expenses, $m
  25
  29
  36
  43
  53
  64
  76
  92
  109
  130
  152
  177
  203
  233
  264
  298
  334
  372
  412
  454
  499
  544
  593
  642
  695
  749
  806
  864
  925
  988
  1,053
Operating income, $m
  6
  15
  26
  40
  59
  81
  107
  138
  173
  213
  259
  309
  364
  424
  488
  557
  631
  709
  791
  877
  968
  1,063
  1,162
  1,265
  1,372
  1,484
  1,600
  1,720
  1,845
  1,976
  2,111
EBITDA, $m
  15
  27
  44
  65
  91
  122
  160
  204
  255
  313
  378
  450
  528
  614
  706
  805
  911
  1,022
  1,140
  1,264
  1,393
  1,529
  1,670
  1,818
  1,971
  2,131
  2,297
  2,470
  2,649
  2,835
  3,029
Interest expense (income), $m
  5
  6
  8
  12
  17
  23
  30
  38
  48
  59
  72
  87
  103
  120
  139
  160
  182
  205
  230
  256
  284
  313
  343
  374
  407
  441
  477
  514
  552
  592
  633
Earnings before tax, $m
  1
  9
  18
  28
  42
  58
  77
  99
  125
  154
  186
  222
  261
  303
  349
  397
  449
  503
  561
  621
  684
  750
  819
  890
  965
  1,042
  1,123
  1,206
  1,293
  1,384
  1,478
Tax expense, $m
  0
  2
  5
  8
  11
  16
  21
  27
  34
  42
  50
  60
  70
  82
  94
  107
  121
  136
  151
  168
  185
  203
  221
  240
  261
  281
  303
  326
  349
  374
  399
Net income, $m
  1
  7
  13
  21
  30
  42
  56
  73
  91
  112
  136
  162
  191
  221
  255
  290
  328
  367
  409
  453
  499
  548
  598
  650
  704
  761
  820
  881
  944
  1,010
  1,079

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  25
  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
  224
  284
  395
  536
  711
  923
  1,176
  1,472
  1,812
  2,198
  2,631
  3,110
  3,636
  4,207
  4,822
  5,482
  6,184
  6,927
  7,711
  8,535
  9,399
  10,302
  11,244
  12,226
  13,248
  14,311
  15,416
  16,565
  17,758
  18,998
  20,287
Adjusted assets (=assets-cash), $m
  199
  284
  395
  536
  711
  923
  1,176
  1,472
  1,812
  2,198
  2,631
  3,110
  3,636
  4,207
  4,822
  5,482
  6,184
  6,927
  7,711
  8,535
  9,399
  10,302
  11,244
  12,226
  13,248
  14,311
  15,416
  16,565
  17,758
  18,998
  20,287
Revenue / Adjusted assets
  0.156
  0.155
  0.157
  0.157
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
Average production assets, $m
  169
  242
  336
  456
  605
  785
  1,000
  1,252
  1,541
  1,870
  2,238
  2,645
  3,092
  3,578
  4,102
  4,662
  5,259
  5,891
  6,558
  7,259
  7,994
  8,762
  9,564
  10,399
  11,268
  12,172
  13,112
  14,088
  15,103
  16,158
  17,254
Working capital, $m
  10
  -21
  -30
  -40
  -54
  -70
  -89
  -111
  -137
  -166
  -199
  -235
  -275
  -318
  -364
  -414
  -467
  -523
  -582
  -644
  -710
  -778
  -849
  -923
  -1,000
  -1,081
  -1,164
  -1,251
  -1,341
  -1,434
  -1,532
Total debt, $m
  110
  167
  241
  335
  452
  594
  763
  960
  1,188
  1,446
  1,735
  2,055
  2,406
  2,787
  3,198
  3,639
  4,108
  4,604
  5,128
  5,679
  6,256
  6,859
  7,488
  8,144
  8,827
  9,537
  10,275
  11,042
  11,839
  12,668
  13,529
Total liabilities, $m
  133
  190
  264
  358
  475
  617
  786
  983
  1,211
  1,469
  1,758
  2,078
  2,429
  2,810
  3,221
  3,662
  4,131
  4,627
  5,151
  5,702
  6,279
  6,882
  7,511
  8,167
  8,850
  9,560
  10,298
  11,065
  11,862
  12,691
  13,552
Total equity, $m
  91
  94
  131
  178
  236
  307
  390
  489
  602
  730
  874
  1,033
  1,207
  1,397
  1,601
  1,820
  2,053
  2,300
  2,560
  2,834
  3,120
  3,420
  3,733
  4,059
  4,398
  4,751
  5,118
  5,499
  5,896
  6,307
  6,735
Total liabilities and equity, $m
  224
  284
  395
  536
  711
  924
  1,176
  1,472
  1,813
  2,199
  2,632
  3,111
  3,636
  4,207
  4,822
  5,482
  6,184
  6,927
  7,711
  8,536
  9,399
  10,302
  11,244
  12,226
  13,248
  14,311
  15,416
  16,564
  17,758
  18,998
  20,287
Debt-to-equity ratio
  1.209
  1.770
  1.840
  1.880
  1.910
  1.940
  1.950
  1.960
  1.970
  1.980
  1.990
  1.990
  1.990
  2.000
  2.000
  2.000
  2.000
  2.000
  2.000
  2.000
  2.000
  2.010
  2.010
  2.010
  2.010
  2.010
  2.010
  2.010
  2.010
  2.010
  2.010
Adjusted equity ratio
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1
  7
  13
  21
  30
  42
  56
  73
  91
  112
  136
  162
  191
  221
  255
  290
  328
  367
  409
  453
  499
  548
  598
  650
  704
  761
  820
  881
  944
  1,010
  1,079
Depreciation, amort., depletion, $m
  9
  13
  18
  24
  32
  42
  53
  67
  82
  99
  119
  141
  164
  190
  218
  248
  280
  313
  349
  386
  425
  466
  509
  553
  599
  647
  697
  749
  803
  859
  918
Funds from operations, $m
  7
  20
  31
  45
  63
  84
  110
  139
  173
  212
  255
  303
  355
  412
  473
  538
  607
  681
  758
  840
  925
  1,014
  1,106
  1,203
  1,304
  1,408
  1,517
  1,630
  1,748
  1,870
  1,997
Change in working capital, $m
  0
  -6
  -8
  -11
  -13
  -16
  -19
  -22
  -26
  -29
  -33
  -36
  -40
  -43
  -46
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -97
Cash from operations, $m
  7
  26
  39
  56
  76
  100
  129
  162
  199
  241
  288
  339
  395
  455
  519
  588
  660
  737
  817
  902
  990
  1,082
  1,178
  1,277
  1,381
  1,489
  1,600
  1,717
  1,838
  1,963
  2,094
Maintenance CAPEX, $m
  0
  -9
  -13
  -18
  -24
  -32
  -42
  -53
  -67
  -82
  -99
  -119
  -141
  -164
  -190
  -218
  -248
  -280
  -313
  -349
  -386
  -425
  -466
  -509
  -553
  -599
  -647
  -697
  -749
  -803
  -859
New CAPEX, $m
  -19
  -73
  -94
  -120
  -149
  -181
  -215
  -251
  -290
  -329
  -368
  -408
  -447
  -486
  -524
  -561
  -597
  -632
  -667
  -701
  -735
  -768
  -801
  -835
  -869
  -904
  -940
  -977
  -1,015
  -1,055
  -1,096
Cash from investing activities, $m
  -17
  -82
  -107
  -138
  -173
  -213
  -257
  -304
  -357
  -411
  -467
  -527
  -588
  -650
  -714
  -779
  -845
  -912
  -980
  -1,050
  -1,121
  -1,193
  -1,267
  -1,344
  -1,422
  -1,503
  -1,587
  -1,674
  -1,764
  -1,858
  -1,955
Free cash flow, $m
  -10
  -56
  -68
  -82
  -97
  -113
  -128
  -143
  -157
  -169
  -180
  -188
  -193
  -195
  -195
  -191
  -185
  -175
  -163
  -148
  -131
  -111
  -90
  -67
  -41
  -15
  13
  43
  73
  105
  138
Issuance/(repayment) of debt, $m
  21
  57
  74
  94
  117
  142
  169
  198
  227
  258
  289
  320
  351
  381
  411
  440
  469
  497
  524
  551
  577
  603
  629
  656
  683
  710
  738
  767
  797
  828
  861
Issuance/(repurchase) of shares, $m
  -3
  22
  24
  26
  28
  28
  28
  26
  22
  16
  8
  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  
  18
  79
  98
  120
  145
  170
  197
  224
  249
  274
  297
  320
  351
  381
  411
  440
  469
  497
  524
  551
  577
  603
  629
  656
  683
  710
  738
  767
  797
  828
  861
Total cash flow (excl. dividends), $m
  8
  23
  30
  38
  47
  57
  68
  80
  92
  104
  117
  133
  158
  186
  217
  249
  284
  322
  361
  402
  446
  492
  540
  589
  641
  695
  751
  810
  870
  934
  999
Retained Cash Flow (-), $m
  4
  -28
  -37
  -47
  -58
  -70
  -84
  -98
  -113
  -128
  -144
  -159
  -174
  -190
  -204
  -219
  -233
  -247
  -260
  -274
  -287
  -300
  -313
  -326
  -339
  -353
  -367
  -381
  -396
  -412
  -428
Prev. year cash balance distribution, $m
 
  25
  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
 
  19
  -7
  -9
  -11
  -13
  -16
  -18
  -21
  -24
  -27
  -27
  -16
  -3
  12
  30
  51
  75
  101
  129
  159
  192
  227
  263
  302
  342
  385
  429
  474
  522
  571
Discount rate, %
 
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
 
  18
  -6
  -7
  -7
  -8
  -9
  -9
  -9
  -8
  -8
  -7
  -3
  -1
  2
  3
  4
  4
  4
  4
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  86.2
  76.7
  69.9
  65.0
  61.5
  58.9
  57.1
  55.8
  55.1
  54.9
  54.9
  54.9
  54.9
  54.9
  54.9
  54.9
  54.9
  54.9
  54.9
  54.9
  54.9
  54.9
  54.9
  54.9
  54.9
  54.9
  54.9
  54.9
  54.9
  54.9

Griffin Industrial Realty, Inc. is engaged in real estate business. The Company is principally engaged in developing, managing and leasing industrial/warehouse properties and office/flex properties. As of November 30, 2016, the Company owned 33 buildings comprising approximately 3,297,000 square feet that was 93% leased. As of November 30, 2016, approximately 87% of its owned square footage was industrial/warehouse space, with the balance principally office/flex space. As of November 30, 2016, approximately 96% of its industrial/warehouse space was leased and approximately 74% of its office/flex space was leased. As of November 30, 2016, in NE Tradeport, the Company held the rights to 795,000 square feet available for development under the State Traffic Certificate (STC), which was related to four approved building sites on approximately 70 acres and an approved addition to one of its existing buildings.

FINANCIAL RATIOS  of  Griffin Industrial Realty (GRIF)

Valuation Ratios
P/E Ratio 188.6
Price to Sales 6.1
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 26.9
Price to Free Cash Flow -15.7
Growth Rates
Sales Growth Rate 10.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -38.7%
Cap. Spend. - 3 Yr. Gr. Rate 3.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 120.9%
Total Debt to Equity 120.9%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.8%
Ret/ On Assets - 3 Yr. Avg. 1.5%
Return On Total Capital 0.5%
Ret/ On T. Cap. - 3 Yr. Avg. -0%
Return On Equity 1.1%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 71%
Gross Margin - 3 Yr. Avg. 68.5%
EBITDA Margin 48.4%
EBITDA Margin - 3 Yr. Avg. 45.5%
Operating Margin 19.4%
Oper. Margin - 3 Yr. Avg. 14%
Pre-Tax Margin 3.2%
Pre-Tax Margin - 3 Yr. Avg. 0.9%
Net Profit Margin 3.2%
Net Profit Margin - 3 Yr. Avg. -0.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 33.3%
Payout Ratio 200%

GRIF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GRIF stock intrinsic value calculation we used $31 million for the last fiscal year's total revenue generated by Griffin Industrial Realty. The default revenue input number comes from 2016 income statement of Griffin Industrial Realty. 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 GRIF stock valuation model: a) initial revenue growth rate of 42.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.3%, whose default value for GRIF is calculated based on our internal credit rating of Griffin Industrial Realty, 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 Griffin Industrial Realty.
    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 GRIF stock the variable cost ratio is equal to 32.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $15 million in the base year in the intrinsic value calculation for GRIF 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 5% for Griffin Industrial Realty.

Corporate tax rate of 27% is the nominal tax rate for Griffin Industrial Realty. 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 GRIF 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 GRIF are equal to 545.2%.

Life of production assets of 18.8 years is the average useful life of capital assets used in Griffin Industrial Realty 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 GRIF is equal to -48.4%. 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 - $91 million for Griffin Industrial Realty - 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 5.001 million for Griffin Industrial Realty 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 Griffin Industrial Realty at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
SHOS Sears Hometown 1.90 2.98  str.buy
HD Home Depot 182.58 104.26  sell

COMPANY NEWS

▶ Griffin Announces Fiscal 2017 Fourth Quarter Leasing   [Dec-11-17 09:47AM  GlobeNewswire]
▶ Griffin Announces 2017 Annual Dividend   [Nov-15-17 09:27AM  GlobeNewswire]
▶ Griffin Announces Lease Agreement   [Oct-23-17 09:13AM  GlobeNewswire]
▶ Griffin posts 3Q profit   [Oct-10-17 09:54AM  Associated Press]
▶ Griffin Announces Mortgage Loan Refinancing   [Sep-25-17 09:10AM  GlobeNewswire]
▶ Griffin Announces Fiscal 2017 Third Quarter Leasing   [Sep-13-17 09:11AM  GlobeNewswire]
▶ Griffin Announces Closing on Mortgage Loan   [Aug-31-17 09:08AM  GlobeNewswire]
▶ Griffin Announces Closing on Land Purchase   [Aug-25-17 08:51AM  GlobeNewswire]
▶ Griffin Announces Closing on Land Sale   [Aug-07-17 09:17AM  GlobeNewswire]
▶ Griffin Announces Mortgage Loan Refinancing   [Jul-17-17 11:36AM  GlobeNewswire]
▶ Griffin posts 2Q profit   [Jul-07-17 07:44PM  Associated Press]
▶ Griffin Announces Fiscal 2017 Second Quarter Leasing   [Jun-14-17 10:02AM  GlobeNewswire]
▶ Griffin Announces Closing on Building Acquisition   [Jun-12-17 09:51AM  GlobeNewswire]
▶ Griffin Announces Agreement for Building Acquisition   [May-23-17 09:18AM  GlobeNewswire]
▶ Griffin Announces Closing on Land Sale   [May-01-17 09:50AM  GlobeNewswire]
▶ Griffin reports 1Q loss   [Apr-07-17 10:06AM  Associated Press]
▶ Griffin Announces Closing on Mortgage Loan   [09:44AM  GlobeNewswire]
▶ Griffin posts 4Q profit   [Feb-10-17 12:06PM  Associated Press]
▶ Griffin Announces Agreement for Land Sale   [10:02AM  GlobeNewswire]
▶ Griffin Announces Closing on Mortgage Loan   [11:40AM  GlobeNewswire]
▶ Griffin Announces Annual Dividend   [04:17PM  GlobeNewswire]
▶ Griffin Announces Extension of Credit Line   [09:43AM  GlobeNewswire]
▶ Griffin Announces Stock Repurchase Program   [09:00AM  GlobeNewswire]
▶ Griffin Announces Annual Dividend   [10:29AM  GlobeNewswire]
▶ Griffin Announces Closing on Mortgage Loan   [10:23AM  GlobeNewswire]
Financial statements of GRIF
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.