Intrinsic value of Gray Television - GTN

Previous Close

$15.50

  Intrinsic Value

$33.37

stock screener

  Rating & Target

str. buy

+115%

Previous close

$15.50

 
Intrinsic value

$33.37

 
Up/down potential

+115%

 
Rating

str. buy

We calculate the intrinsic value of GTN 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 1.1

 

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, %
  36.01
  15.20
  14.18
  13.26
  12.44
  11.69
  11.02
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
Revenue, $m
  812
  935
  1,068
  1,210
  1,360
  1,519
  1,687
  1,862
  2,046
  2,239
  2,439
  2,648
  2,865
  3,091
  3,325
  3,569
  3,822
  4,086
  4,360
  4,644
  4,941
  5,249
  5,570
  5,904
  6,253
  6,616
  6,996
  7,392
  7,805
  8,237
  8,688
Variable operating expenses, $m
 
  659
  745
  838
  936
  1,039
  1,149
  1,263
  1,383
  1,509
  1,639
  1,727
  1,869
  2,016
  2,169
  2,328
  2,493
  2,665
  2,844
  3,029
  3,223
  3,424
  3,633
  3,851
  4,079
  4,316
  4,563
  4,821
  5,091
  5,373
  5,667
Fixed operating expenses, $m
 
  34
  35
  36
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  47
  48
  49
  50
  51
  53
  54
  55
  57
  58
  60
  61
  63
  64
  66
  68
  69
Total operating expenses, $m
  610
  693
  780
  874
  972
  1,076
  1,187
  1,302
  1,423
  1,550
  1,681
  1,770
  1,913
  2,061
  2,216
  2,376
  2,542
  2,715
  2,895
  3,082
  3,277
  3,479
  3,690
  3,909
  4,139
  4,377
  4,626
  4,885
  5,157
  5,441
  5,736
Operating income, $m
  202
  243
  288
  337
  388
  442
  500
  560
  623
  689
  757
  877
  952
  1,029
  1,110
  1,193
  1,280
  1,371
  1,464
  1,562
  1,664
  1,770
  1,880
  1,995
  2,115
  2,240
  2,370
  2,506
  2,648
  2,797
  2,952
EBITDA, $m
  284
  365
  420
  480
  543
  610
  680
  754
  832
  912
  997
  1,085
  1,176
  1,271
  1,370
  1,473
  1,579
  1,690
  1,806
  1,926
  2,050
  2,180
  2,316
  2,457
  2,604
  2,757
  2,917
  3,084
  3,259
  3,441
  3,632
Interest expense (income), $m
  76
  90
  103
  121
  141
  162
  184
  207
  232
  257
  284
  312
  341
  371
  403
  435
  469
  504
  541
  579
  619
  660
  703
  748
  794
  843
  893
  946
  1,001
  1,058
  1,118
Earnings before tax, $m
  106
  153
  185
  215
  247
  280
  316
  352
  391
  431
  473
  565
  611
  658
  707
  758
  811
  866
  923
  983
  1,045
  1,110
  1,177
  1,247
  1,321
  1,397
  1,477
  1,560
  1,647
  1,738
  1,833
Tax expense, $m
  44
  41
  50
  58
  67
  76
  85
  95
  106
  116
  128
  153
  165
  178
  191
  205
  219
  234
  249
  265
  282
  300
  318
  337
  357
  377
  399
  421
  445
  469
  495
Net income, $m
  62
  112
  135
  157
  180
  205
  230
  257
  285
  315
  345
  413
  446
  480
  516
  553
  592
  632
  674
  718
  763
  810
  859
  911
  964
  1,020
  1,078
  1,139
  1,202
  1,269
  1,338

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  325
  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
  2,783
  2,835
  3,237
  3,666
  4,122
  4,604
  5,111
  5,644
  6,201
  6,783
  7,391
  8,023
  8,681
  9,365
  10,076
  10,815
  11,583
  12,381
  13,211
  14,074
  14,971
  15,906
  16,878
  17,892
  18,948
  20,050
  21,199
  22,399
  23,651
  24,960
  26,328
Adjusted assets (=assets-cash), $m
  2,458
  2,835
  3,237
  3,666
  4,122
  4,604
  5,111
  5,644
  6,201
  6,783
  7,391
  8,023
  8,681
  9,365
  10,076
  10,815
  11,583
  12,381
  13,211
  14,074
  14,971
  15,906
  16,878
  17,892
  18,948
  20,050
  21,199
  22,399
  23,651
  24,960
  26,328
Revenue / Adjusted assets
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
Average production assets, $m
  1,563
  1,801
  2,056
  2,329
  2,618
  2,924
  3,247
  3,585
  3,939
  4,309
  4,695
  5,097
  5,515
  5,949
  6,401
  6,870
  7,358
  7,865
  8,392
  8,940
  9,511
  10,104
  10,722
  11,366
  12,037
  12,737
  13,467
  14,229
  15,025
  15,856
  16,725
Working capital, $m
  386
  70
  80
  91
  102
  114
  126
  140
  153
  168
  183
  199
  215
  232
  249
  268
  287
  306
  327
  348
  371
  394
  418
  443
  469
  496
  525
  554
  585
  618
  652
Total debt, $m
  1,757
  2,018
  2,380
  2,766
  3,177
  3,610
  4,067
  4,546
  5,048
  5,572
  6,119
  6,688
  7,280
  7,896
  8,536
  9,201
  9,892
  10,610
  11,357
  12,133
  12,941
  13,782
  14,657
  15,570
  16,520
  17,512
  18,546
  19,626
  20,753
  21,931
  23,162
Total liabilities, $m
  2,290
  2,551
  2,913
  3,299
  3,710
  4,143
  4,600
  5,079
  5,581
  6,105
  6,652
  7,221
  7,813
  8,429
  9,069
  9,734
  10,425
  11,143
  11,890
  12,666
  13,474
  14,315
  15,190
  16,103
  17,053
  18,045
  19,079
  20,159
  21,286
  22,464
  23,695
Total equity, $m
  493
  283
  324
  367
  412
  460
  511
  564
  620
  678
  739
  802
  868
  937
  1,008
  1,082
  1,158
  1,238
  1,321
  1,407
  1,497
  1,591
  1,688
  1,789
  1,895
  2,005
  2,120
  2,240
  2,365
  2,496
  2,633
Total liabilities and equity, $m
  2,783
  2,834
  3,237
  3,666
  4,122
  4,603
  5,111
  5,643
  6,201
  6,783
  7,391
  8,023
  8,681
  9,366
  10,077
  10,816
  11,583
  12,381
  13,211
  14,073
  14,971
  15,906
  16,878
  17,892
  18,948
  20,050
  21,199
  22,399
  23,651
  24,960
  26,328
Debt-to-equity ratio
  3.564
  7.120
  7.350
  7.550
  7.710
  7.840
  7.960
  8.060
  8.140
  8.210
  8.280
  8.340
  8.390
  8.430
  8.470
  8.510
  8.540
  8.570
  8.600
  8.620
  8.640
  8.660
  8.680
  8.700
  8.720
  8.730
  8.750
  8.760
  8.770
  8.790
  8.800
Adjusted equity ratio
  0.068
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  62
  112
  135
  157
  180
  205
  230
  257
  285
  315
  345
  413
  446
  480
  516
  553
  592
  632
  674
  718
  763
  810
  859
  911
  964
  1,020
  1,078
  1,139
  1,202
  1,269
  1,338
Depreciation, amort., depletion, $m
  82
  122
  132
  143
  155
  167
  180
  194
  209
  224
  239
  207
  224
  242
  260
  279
  299
  320
  341
  363
  387
  411
  436
  462
  489
  518
  547
  578
  611
  645
  680
Funds from operations, $m
  208
  234
  267
  300
  335
  372
  411
  452
  494
  538
  585
  620
  670
  722
  776
  833
  891
  952
  1,015
  1,081
  1,150
  1,221
  1,295
  1,373
  1,453
  1,538
  1,625
  1,717
  1,813
  1,913
  2,018
Change in working capital, $m
  1
  9
  10
  11
  11
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
Cash from operations, $m
  207
  224
  257
  290
  324
  360
  398
  438
  480
  524
  570
  604
  654
  705
  759
  814
  872
  932
  995
  1,060
  1,127
  1,198
  1,271
  1,347
  1,427
  1,510
  1,597
  1,688
  1,782
  1,881
  1,984
Maintenance CAPEX, $m
  0
  -64
  -73
  -84
  -95
  -106
  -119
  -132
  -146
  -160
  -175
  -191
  -207
  -224
  -242
  -260
  -279
  -299
  -320
  -341
  -363
  -387
  -411
  -436
  -462
  -489
  -518
  -547
  -578
  -611
  -645
New CAPEX, $m
  -44
  -238
  -255
  -273
  -290
  -306
  -322
  -338
  -354
  -370
  -386
  -402
  -418
  -435
  -452
  -469
  -488
  -507
  -527
  -548
  -570
  -593
  -618
  -644
  -671
  -700
  -730
  -762
  -796
  -831
  -869
Cash from investing activities, $m
  -479
  -302
  -328
  -357
  -385
  -412
  -441
  -470
  -500
  -530
  -561
  -593
  -625
  -659
  -694
  -729
  -767
  -806
  -847
  -889
  -933
  -980
  -1,029
  -1,080
  -1,133
  -1,189
  -1,248
  -1,309
  -1,374
  -1,442
  -1,514
Free cash flow, $m
  -272
  -77
  -71
  -67
  -60
  -52
  -43
  -32
  -20
  -6
  9
  12
  29
  46
  65
  85
  105
  126
  148
  170
  194
  218
  242
  268
  294
  321
  349
  378
  408
  439
  471
Issuance/(repayment) of debt, $m
  556
  261
  362
  386
  410
  434
  457
  479
  502
  524
  547
  569
  592
  616
  640
  665
  691
  718
  747
  777
  808
  841
  876
  912
  951
  991
  1,034
  1,080
  1,128
  1,178
  1,231
Issuance/(repurchase) of shares, $m
  0
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  501
  265
  362
  386
  410
  434
  457
  479
  502
  524
  547
  569
  592
  616
  640
  665
  691
  718
  747
  777
  808
  841
  876
  912
  951
  991
  1,034
  1,080
  1,128
  1,178
  1,231
Total cash flow (excl. dividends), $m
  228
  188
  291
  320
  350
  381
  414
  447
  482
  518
  555
  581
  621
  662
  705
  750
  796
  844
  895
  947
  1,002
  1,058
  1,118
  1,180
  1,245
  1,313
  1,384
  1,458
  1,535
  1,617
  1,702
Retained Cash Flow (-), $m
  -64
  -115
  -40
  -43
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -106
  -110
  -115
  -120
  -125
  -131
  -137
Prev. year cash balance distribution, $m
 
  325
  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
 
  397
  250
  277
  304
  333
  363
  394
  426
  460
  495
  518
  555
  594
  634
  676
  719
  765
  812
  861
  912
  965
  1,021
  1,079
  1,139
  1,202
  1,269
  1,338
  1,410
  1,486
  1,565
Discount rate, %
 
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
 
  362
  206
  203
  198
  190
  179
  166
  152
  136
  120
  101
  86
  72
  59
  47
  37
  28
  21
  15
  11
  8
  5
  3
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1

Gray Television, Inc. is a television broadcast company. The Company owns and operates television stations and digital assets in various markets across the United States. As of February 21, 2017, the Company owned and/or operated television stations in 54 television markets broadcasting over 200 separate programming streams, including 37 affiliates of the CBS Network (CBS), 29 affiliates of the NBC Network (NBC), 20 affiliates of the ABC Network (ABC) and 15 affiliates of the FOX Network (FOX). In addition to a primary broadcast channel, each of its stations can also broadcast additional secondary digital channels within a market by utilizing the same bandwidth, but with different programming from the primary channel. The Company also broadcasts local news/weather channels in certain of its existing markets. Along with affiliations with ABC, CBS and FOX, the Company's secondary channels are affiliated with various smaller networks and program services.

FINANCIAL RATIOS  of  Gray Television (GTN)

Valuation Ratios
P/E Ratio 18.1
Price to Sales 1.4
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 5.4
Price to Free Cash Flow 6.9
Growth Rates
Sales Growth Rate 36%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 83.3%
Cap. Spend. - 3 Yr. Gr. Rate 12.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 356.4%
Total Debt to Equity 356.4%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 3.2%
Ret/ On T. Cap. - 3 Yr. Avg. 3.2%
Return On Equity 13.4%
Return On Equity - 3 Yr. Avg. 16.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 41.5%
Gross Margin - 3 Yr. Avg. 40.9%
EBITDA Margin 32.5%
EBITDA Margin - 3 Yr. Avg. 35.1%
Operating Margin 24.9%
Oper. Margin - 3 Yr. Avg. 25.9%
Pre-Tax Margin 13.1%
Pre-Tax Margin - 3 Yr. Avg. 13.3%
Net Profit Margin 7.6%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate 41.5%
Eff/ Tax Rate - 3 Yr. Avg. 40.8%
Payout Ratio 0%

GTN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GTN stock intrinsic value calculation we used $812 million for the last fiscal year's total revenue generated by Gray Television. The default revenue input number comes from 2016 income statement of Gray Television. 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 GTN stock valuation model: a) initial revenue growth rate of 15.2% 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 9.8%, whose default value for GTN is calculated based on our internal credit rating of Gray Television, 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 Gray Television.
    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 GTN stock the variable cost ratio is equal to 71.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $33 million in the base year in the intrinsic value calculation for GTN 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 5.1% for Gray Television.

Corporate tax rate of 27% is the nominal tax rate for Gray Television. 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 GTN 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 GTN are equal to 192.5%.

Life of production assets of 24.6 years is the average useful life of capital assets used in Gray Television 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 GTN is equal to 7.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $493 million for Gray Television - 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 71.613 million for Gray Television 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 Gray Television at the current share price and the inputted number of shares is $1.1 billion.

RELATED COMPANIES Price Int.Val. Rating
SSP E.W. Scripps C 17.69 18.77  hold
SBGI Sinclair Broad 30.75 33.37  hold
NXST Nexstar Media 61.25 653.81  str.buy
EVC Entravision Co 5.30 4.48  hold
CBS CBS Cl B 58.92 74.22  buy
DIS Walt Disney 99.40 104.06  hold
GCI Gannett 9.65 24.40  str.buy
FOXA 21st Century F 27.50 30.06  hold

COMPANY NEWS

▶ 5 Stocks With Strong Earnings and Revenue Growth   [Sep-25-17 12:39PM  GuruFocus.com]
▶ 6 Stocks Trading Below Peter Lynch Value   [Sep-22-17 03:12PM  GuruFocus.com]
▶ Stocks Showing Rising Market Leadership: Gray Television Earns 85 RS Rating   [Sep-20-17 03:00AM  Investor's Business Daily]
▶ New Strong Buy Stocks for September 8th   [Sep-08-17 10:31AM  Zacks]
▶ Gray Television posts 2Q profit   [Aug-09-17 12:00AM  Associated Press]
▶ Gray Reports Record Operating Results   [Aug-08-17 06:59AM  PR Newswire]
▶ REPEAT/Gabelli & Companys Broadcasting Symposium   [Aug-02-17 07:00AM  Business Wire]
▶ Gabelli & Companys Broadcasting Symposium   [Jul-20-17 07:00AM  Business Wire]
▶ Netflix (NFLX) Jumps: Stock Rises 13.5%   [Jul-19-17 08:46AM  Zacks]
▶ 5 Stocks to Gain on New Analyst Coverage   [Jun-15-17 08:24AM  Zacks]
▶ Gray Names Four New General Managers   [Jun-06-17 04:10PM  PR Newswire]
▶ Stocks Open Mixed On Earnings, Economic Data   [09:47AM  Investor's Business Daily]
▶ Gray Television posts 1Q profit   [07:39AM  Associated Press]
▶ Gray Reports Record Operating Results   [06:45AM  PR Newswire]
▶ ETFs with exposure to Gray Television, Inc. : May 2, 2017   [May-02-17 04:06PM  Capital Cube]
▶ Gray Appoints Four New General Managers   [Mar-10-17 10:30AM  PR Newswire]
▶ Gray Television posts 4Q profit   [07:29AM  Associated Press]
▶ Gray Reports Record Operating Results   [06:55AM  PR Newswire]
▶ Gray Completes Refinancing Of Senior Credit Facility   [Feb-07-17 04:31PM  PR Newswire]
Financial statements of GTN
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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