Intrinsic value of Griffin Industrial Realty - GRIF

Previous Close

$36.82

  Intrinsic Value

$4.46

stock screener

  Rating & Target

str. sell

-88%

  Value-price divergence*

-57%

Previous close

$36.82

 
Intrinsic value

$4.46

 
Up/down potential

-88%

 
Rating

str. sell

 
Value-price divergence*

-57%

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

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
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  31
  50
  77
  115
  166
  235
  323
  433
  568
  731
  924
  1,147
  1,403
  1,691
  2,012
  2,365
  2,751
  3,169
  3,618
  4,098
  4,607
  5,146
  5,713
  6,308
  6,931
  7,581
  8,260
  8,966
  9,702
  10,466
  11,260
Variable operating expenses, $m
 
  16
  25
  37
  54
  76
  104
  140
  184
  236
  298
  371
  453
  546
  650
  764
  889
  1,024
  1,169
  1,324
  1,488
  1,662
  1,845
  2,037
  2,239
  2,449
  2,668
  2,896
  3,134
  3,380
  3,637
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
  31
  41
  53
  71
  93
  121
  158
  202
  255
  317
  391
  473
  567
  671
  786
  911
  1,047
  1,192
  1,348
  1,513
  1,687
  1,871
  2,063
  2,266
  2,477
  2,697
  2,925
  3,164
  3,411
  3,668
Operating income, $m
  6
  18
  36
  61
  96
  142
  201
  275
  367
  476
  606
  757
  929
  1,124
  1,341
  1,580
  1,840
  2,123
  2,426
  2,750
  3,095
  3,459
  3,842
  4,244
  4,665
  5,105
  5,563
  6,041
  6,538
  7,055
  7,592
EBITDA, $m
  15
  33
  58
  95
  144
  210
  294
  401
  531
  689
  874
  1,090
  1,336
  1,614
  1,924
  2,265
  2,638
  3,042
  3,476
  3,939
  4,431
  4,951
  5,499
  6,073
  6,675
  7,303
  7,959
  8,641
  9,351
  10,090
  10,857
Interest expense (income), $m
  5
  6
  9
  15
  23
  34
  49
  68
  92
  121
  155
  197
  244
  299
  361
  430
  505
  588
  677
  774
  876
  985
  1,101
  1,222
  1,349
  1,483
  1,622
  1,767
  1,919
  2,076
  2,240
Earnings before tax, $m
  1
  13
  27
  46
  73
  107
  152
  207
  275
  356
  451
  560
  685
  825
  980
  1,150
  1,335
  1,535
  1,749
  1,977
  2,218
  2,473
  2,741
  3,022
  3,316
  3,622
  3,941
  4,274
  4,619
  4,979
  5,352
Tax expense, $m
  0
  3
  7
  12
  20
  29
  41
  56
  74
  96
  122
  151
  185
  223
  265
  311
  360
  414
  472
  534
  599
  668
  740
  816
  895
  978
  1,064
  1,154
  1,247
  1,344
  1,445
Net income, $m
  1
  9
  19
  34
  53
  78
  111
  151
  201
  260
  329
  409
  500
  602
  715
  840
  975
  1,120
  1,277
  1,443
  1,619
  1,805
  2,001
  2,206
  2,420
  2,644
  2,877
  3,120
  3,372
  3,634
  3,907

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
  318
  491
  735
  1,066
  1,504
  2,067
  2,775
  3,644
  4,689
  5,922
  7,354
  8,991
  10,838
  12,895
  15,162
  17,637
  20,316
  23,195
  26,270
  29,535
  32,987
  36,621
  40,436
  44,429
  48,599
  52,948
  57,477
  62,189
  67,089
  72,181
Adjusted assets (=assets-cash), $m
  199
  318
  491
  735
  1,066
  1,504
  2,067
  2,775
  3,644
  4,689
  5,922
  7,354
  8,991
  10,838
  12,895
  15,162
  17,637
  20,316
  23,195
  26,270
  29,535
  32,987
  36,621
  40,436
  44,429
  48,599
  52,948
  57,477
  62,189
  67,089
  72,181
Revenue / Adjusted assets
  0.156
  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
  0.156
Average production assets, $m
  169
  270
  418
  625
  907
  1,279
  1,758
  2,360
  3,099
  3,988
  5,037
  6,255
  7,647
  9,217
  10,967
  12,895
  15,000
  17,279
  19,728
  22,343
  25,120
  28,056
  31,147
  34,391
  37,787
  41,334
  45,033
  48,885
  52,893
  57,060
  61,391
Working capital, $m
  10
  -24
  -37
  -55
  -80
  -114
  -156
  -210
  -275
  -354
  -447
  -555
  -679
  -818
  -974
  -1,145
  -1,332
  -1,534
  -1,751
  -1,983
  -2,230
  -2,491
  -2,765
  -3,053
  -3,355
  -3,669
  -3,998
  -4,340
  -4,696
  -5,065
  -5,450
Total debt, $m
  110
  189
  305
  468
  689
  982
  1,358
  1,831
  2,411
  3,109
  3,933
  4,890
  5,983
  7,216
  8,591
  10,105
  11,758
  13,548
  15,471
  17,525
  19,706
  22,012
  24,440
  26,988
  29,655
  32,441
  35,346
  38,372
  41,519
  44,792
  48,194
Total liabilities, $m
  133
  212
  328
  491
  712
  1,005
  1,381
  1,854
  2,434
  3,132
  3,956
  4,913
  6,006
  7,239
  8,614
  10,128
  11,781
  13,571
  15,494
  17,548
  19,729
  22,035
  24,463
  27,011
  29,678
  32,464
  35,369
  38,395
  41,542
  44,815
  48,217
Total equity, $m
  91
  106
  163
  244
  354
  499
  686
  921
  1,210
  1,557
  1,966
  2,442
  2,985
  3,598
  4,281
  5,034
  5,855
  6,745
  7,701
  8,722
  9,806
  10,952
  12,158
  13,425
  14,750
  16,135
  17,579
  19,082
  20,647
  22,273
  23,964
Total liabilities and equity, $m
  224
  318
  491
  735
  1,066
  1,504
  2,067
  2,775
  3,644
  4,689
  5,922
  7,355
  8,991
  10,837
  12,895
  15,162
  17,636
  20,316
  23,195
  26,270
  29,535
  32,987
  36,621
  40,436
  44,428
  48,599
  52,948
  57,477
  62,189
  67,088
  72,181
Debt-to-equity ratio
  1.209
  1.790
  1.870
  1.920
  1.950
  1.970
  1.980
  1.990
  1.990
  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
  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
  9
  19
  34
  53
  78
  111
  151
  201
  260
  329
  409
  500
  602
  715
  840
  975
  1,120
  1,277
  1,443
  1,619
  1,805
  2,001
  2,206
  2,420
  2,644
  2,877
  3,120
  3,372
  3,634
  3,907
Depreciation, amort., depletion, $m
  9
  14
  22
  33
  48
  68
  94
  126
  165
  212
  268
  333
  407
  490
  583
  686
  798
  919
  1,049
  1,188
  1,336
  1,492
  1,657
  1,829
  2,010
  2,199
  2,395
  2,600
  2,813
  3,035
  3,265
Funds from operations, $m
  7
  24
  42
  67
  101
  146
  204
  277
  366
  472
  597
  742
  907
  1,092
  1,299
  1,525
  1,773
  2,040
  2,326
  2,632
  2,956
  3,298
  3,658
  4,035
  4,430
  4,843
  5,273
  5,720
  6,186
  6,670
  7,173
Change in working capital, $m
  0
  -9
  -13
  -18
  -25
  -33
  -43
  -53
  -66
  -79
  -93
  -108
  -124
  -139
  -155
  -171
  -187
  -202
  -217
  -232
  -247
  -261
  -274
  -288
  -301
  -315
  -328
  -342
  -356
  -370
  -384
Cash from operations, $m
  7
  33
  55
  85
  126
  180
  247
  330
  431
  551
  690
  850
  1,030
  1,232
  1,454
  1,697
  1,959
  2,242
  2,543
  2,864
  3,202
  3,558
  3,932
  4,323
  4,732
  5,158
  5,601
  6,062
  6,541
  7,039
  7,557
Maintenance CAPEX, $m
  0
  -9
  -14
  -22
  -33
  -48
  -68
  -94
  -126
  -165
  -212
  -268
  -333
  -407
  -490
  -583
  -686
  -798
  -919
  -1,049
  -1,188
  -1,336
  -1,492
  -1,657
  -1,829
  -2,010
  -2,199
  -2,395
  -2,600
  -2,813
  -3,035
New CAPEX, $m
  -19
  -101
  -147
  -207
  -282
  -372
  -479
  -602
  -739
  -889
  -1,049
  -1,218
  -1,392
  -1,570
  -1,749
  -1,928
  -2,105
  -2,279
  -2,449
  -2,615
  -2,777
  -2,936
  -3,091
  -3,244
  -3,396
  -3,547
  -3,699
  -3,852
  -4,008
  -4,167
  -4,331
Cash from investing activities, $m
  -17
  -110
  -161
  -229
  -315
  -420
  -547
  -696
  -865
  -1,054
  -1,261
  -1,486
  -1,725
  -1,977
  -2,239
  -2,511
  -2,791
  -3,077
  -3,368
  -3,664
  -3,965
  -4,272
  -4,583
  -4,901
  -5,225
  -5,557
  -5,898
  -6,247
  -6,608
  -6,980
  -7,366
Free cash flow, $m
  -10
  -78
  -107
  -144
  -189
  -241
  -300
  -365
  -433
  -503
  -571
  -636
  -695
  -745
  -786
  -815
  -832
  -835
  -825
  -801
  -763
  -713
  -651
  -578
  -493
  -399
  -296
  -185
  -67
  59
  191
Issuance/(repayment) of debt, $m
  21
  79
  116
  163
  221
  293
  376
  473
  580
  698
  824
  956
  1,094
  1,233
  1,374
  1,514
  1,653
  1,790
  1,923
  2,054
  2,181
  2,306
  2,428
  2,548
  2,667
  2,786
  2,905
  3,025
  3,148
  3,273
  3,402
Issuance/(repurchase) of shares, $m
  -3
  30
  38
  47
  57
  67
  76
  84
  88
  87
  80
  66
  43
  11
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  18
  109
  154
  210
  278
  360
  452
  557
  668
  785
  904
  1,022
  1,137
  1,244
  1,374
  1,514
  1,653
  1,790
  1,923
  2,054
  2,181
  2,306
  2,428
  2,548
  2,667
  2,786
  2,905
  3,025
  3,148
  3,273
  3,402
Total cash flow (excl. dividends), $m
  8
  32
  47
  66
  90
  118
  152
  191
  235
  282
  333
  387
  442
  499
  588
  699
  822
  955
  1,099
  1,253
  1,418
  1,592
  1,777
  1,970
  2,174
  2,387
  2,609
  2,840
  3,081
  3,332
  3,592
Retained Cash Flow (-), $m
  4
  -40
  -58
  -81
  -110
  -145
  -187
  -235
  -288
  -347
  -410
  -475
  -543
  -613
  -683
  -753
  -822
  -890
  -956
  -1,021
  -1,084
  -1,146
  -1,207
  -1,266
  -1,326
  -1,385
  -1,444
  -1,504
  -1,564
  -1,627
  -1,691
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
 
  17
  -11
  -15
  -20
  -27
  -35
  -44
  -54
  -65
  -76
  -88
  -101
  -114
  -95
  -53
  0
  65
  143
  232
  334
  446
  570
  704
  848
  1,002
  1,165
  1,336
  1,517
  1,705
  1,902
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
 
  16
  -9
  -12
  -14
  -17
  -19
  -21
  -22
  -23
  -23
  -22
  -21
  -19
  -12
  -5
  0
  4
  6
  7
  7
  7
  6
  5
  4
  3
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  81.8
  69.7
  61.1
  54.9
  50.3
  46.8
  44.2
  42.3
  40.8
  39.8
  39.2
  38.9
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8

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 185.9
Price to Sales 6
Price to Book 2
Price to Tangible Book
Price to Cash Flow 26.6
Price to Free Cash Flow -15.5
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 60% 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 5.103 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 3.07  str.buy
HD Home Depot 164.22 103.28  sell

COMPANY NEWS

▶ 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]
▶ Griffin Announces Closing on Mortgage Loan   [09:18AM  GlobeNewswire]
▶ 10-Q for Griffin Land & Nurseries, Inc.   [Jul-12  08:09PM  at Company Spotlight]
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.

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