Intrinsic value of Gray Television - GTN

Previous Close

$13.85

  Intrinsic Value

$31.76

stock screener

  Rating & Target

str. buy

+129%

  Value-price divergence*

+85%

Previous close

$13.85

 
Intrinsic value

$31.76

 
Up/down potential

+129%

 
Rating

str. buy

 
Value-price divergence*

+85%

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

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 1.0

 

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
  16.70
  15.53
  14.48
  13.53
  12.68
  11.91
  11.22
  10.60
  10.04
  9.53
  9.08
  8.67
  8.30
  7.97
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
  5.55
Revenue, $m
  812
  948
  1,095
  1,253
  1,423
  1,603
  1,794
  1,995
  2,207
  2,428
  2,660
  2,901
  3,153
  3,415
  3,687
  3,970
  4,264
  4,570
  4,887
  5,218
  5,561
  5,918
  6,290
  6,677
  7,080
  7,500
  7,938
  8,395
  8,872
  9,369
  9,890
Variable operating expenses, $m
 
  667
  763
  866
  977
  1,094
  1,219
  1,350
  1,488
  1,632
  1,783
  1,892
  2,056
  2,227
  2,405
  2,589
  2,781
  2,981
  3,188
  3,403
  3,627
  3,860
  4,103
  4,355
  4,618
  4,892
  5,178
  5,476
  5,787
  6,111
  6,451
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
  701
  798
  902
  1,013
  1,131
  1,257
  1,389
  1,528
  1,673
  1,825
  1,935
  2,100
  2,272
  2,452
  2,637
  2,830
  3,031
  3,239
  3,456
  3,681
  3,915
  4,160
  4,413
  4,678
  4,953
  5,241
  5,540
  5,853
  6,179
  6,520
Operating income, $m
  202
  247
  298
  352
  410
  472
  537
  606
  679
  755
  834
  966
  1,052
  1,142
  1,235
  1,333
  1,434
  1,539
  1,648
  1,762
  1,880
  2,002
  2,130
  2,263
  2,402
  2,547
  2,698
  2,855
  3,019
  3,191
  3,370
EBITDA, $m
  284
  370
  432
  498
  570
  646
  726
  811
  900
  993
  1,091
  1,193
  1,299
  1,409
  1,524
  1,643
  1,767
  1,896
  2,030
  2,170
  2,315
  2,466
  2,623
  2,786
  2,956
  3,134
  3,319
  3,512
  3,713
  3,924
  4,144
Interest expense (income), $m
  76
  90
  109
  130
  153
  177
  203
  230
  259
  290
  321
  355
  389
  426
  463
  502
  543
  585
  629
  675
  722
  771
  823
  876
  932
  989
  1,050
  1,113
  1,178
  1,247
  1,318
Earnings before tax, $m
  106
  158
  189
  222
  257
  295
  334
  376
  419
  465
  513
  611
  663
  716
  772
  830
  891
  954
  1,019
  1,087
  1,158
  1,231
  1,308
  1,388
  1,471
  1,557
  1,648
  1,742
  1,841
  1,944
  2,052
Tax expense, $m
  44
  43
  51
  60
  69
  80
  90
  101
  113
  126
  138
  165
  179
  193
  209
  224
  241
  258
  275
  293
  313
  332
  353
  375
  397
  420
  445
  470
  497
  525
  554
Net income, $m
  62
  115
  138
  162
  188
  215
  244
  274
  306
  339
  374
  446
  484
  523
  564
  606
  650
  696
  744
  793
  845
  899
  955
  1,013
  1,074
  1,137
  1,203
  1,272
  1,344
  1,419
  1,498

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
  3,180
  3,674
  4,206
  4,775
  5,380
  6,020
  6,696
  7,405
  8,149
  8,925
  9,736
  10,580
  11,459
  12,372
  13,322
  14,309
  15,335
  16,401
  17,509
  18,661
  19,859
  21,107
  22,405
  23,758
  25,167
  26,637
  28,170
  29,770
  31,441
  33,186
Adjusted assets (=assets-cash), $m
  2,458
  3,180
  3,674
  4,206
  4,775
  5,380
  6,020
  6,696
  7,405
  8,149
  8,925
  9,736
  10,580
  11,459
  12,372
  13,322
  14,309
  15,335
  16,401
  17,509
  18,661
  19,859
  21,107
  22,405
  23,758
  25,167
  26,637
  28,170
  29,770
  31,441
  33,186
Revenue / Adjusted assets
  0.330
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
Average production assets, $m
  1,563
  1,824
  2,107
  2,413
  2,739
  3,086
  3,454
  3,841
  4,248
  4,674
  5,120
  5,585
  6,069
  6,573
  7,097
  7,642
  8,208
  8,797
  9,408
  10,044
  10,705
  11,392
  12,108
  12,853
  13,629
  14,437
  15,280
  16,160
  17,078
  18,036
  19,037
Working capital, $m
  417
  107
  124
  142
  161
  181
  203
  225
  249
  274
  301
  328
  356
  386
  417
  449
  482
  516
  552
  590
  628
  669
  711
  754
  800
  847
  897
  949
  1,002
  1,059
  1,118
Total debt, $m
  1,757
  2,135
  2,549
  2,995
  3,473
  3,981
  4,518
  5,085
  5,680
  6,304
  6,955
  7,635
  8,344
  9,081
  9,847
  10,644
  11,472
  12,333
  13,227
  14,157
  15,123
  16,129
  17,175
  18,265
  19,400
  20,582
  21,815
  23,102
  24,444
  25,846
  27,310
Total liabilities, $m
  2,290
  2,668
  3,082
  3,528
  4,006
  4,514
  5,051
  5,618
  6,213
  6,837
  7,488
  8,168
  8,877
  9,614
  10,380
  11,177
  12,005
  12,866
  13,760
  14,690
  15,656
  16,662
  17,708
  18,798
  19,933
  21,115
  22,348
  23,635
  24,977
  26,379
  27,843
Total equity, $m
  493
  512
  591
  677
  769
  866
  969
  1,078
  1,192
  1,312
  1,437
  1,567
  1,703
  1,845
  1,992
  2,145
  2,304
  2,469
  2,641
  2,819
  3,004
  3,197
  3,398
  3,607
  3,825
  4,052
  4,289
  4,535
  4,793
  5,062
  5,343
Total liabilities and equity, $m
  2,783
  3,180
  3,673
  4,205
  4,775
  5,380
  6,020
  6,696
  7,405
  8,149
  8,925
  9,735
  10,580
  11,459
  12,372
  13,322
  14,309
  15,335
  16,401
  17,509
  18,660
  19,859
  21,106
  22,405
  23,758
  25,167
  26,637
  28,170
  29,770
  31,441
  33,186
Debt-to-equity ratio
  3.564
  4.170
  4.310
  4.420
  4.520
  4.600
  4.660
  4.720
  4.760
  4.800
  4.840
  4.870
  4.900
  4.920
  4.940
  4.960
  4.980
  5.000
  5.010
  5.020
  5.030
  5.040
  5.050
  5.060
  5.070
  5.080
  5.090
  5.090
  5.100
  5.110
  5.110
Adjusted equity ratio
  0.068
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  62
  115
  138
  162
  188
  215
  244
  274
  306
  339
  374
  446
  484
  523
  564
  606
  650
  696
  744
  793
  845
  899
  955
  1,013
  1,074
  1,137
  1,203
  1,272
  1,344
  1,419
  1,498
Depreciation, amort., depletion, $m
  82
  123
  134
  147
  160
  174
  189
  205
  221
  239
  257
  227
  247
  267
  289
  311
  334
  358
  382
  408
  435
  463
  492
  522
  554
  587
  621
  657
  694
  733
  774
Funds from operations, $m
  208
  238
  272
  308
  347
  389
  433
  479
  527
  578
  631
  673
  730
  790
  852
  917
  984
  1,054
  1,126
  1,202
  1,280
  1,362
  1,447
  1,535
  1,628
  1,724
  1,824
  1,929
  2,038
  2,152
  2,271
Change in working capital, $m
  1
  15
  17
  18
  19
  20
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  37
  39
  40
  42
  44
  46
  47
  49
  52
  54
  56
  59
Cash from operations, $m
  207
  222
  255
  291
  328
  369
  411
  456
  503
  553
  605
  646
  702
  761
  822
  885
  951
  1,019
  1,090
  1,164
  1,241
  1,321
  1,405
  1,492
  1,582
  1,676
  1,775
  1,877
  1,984
  2,096
  2,213
Maintenance CAPEX, $m
  0
  -64
  -74
  -86
  -98
  -111
  -125
  -140
  -156
  -173
  -190
  -208
  -227
  -247
  -267
  -289
  -311
  -334
  -358
  -382
  -408
  -435
  -463
  -492
  -522
  -554
  -587
  -621
  -657
  -694
  -733
New CAPEX, $m
  -44
  -261
  -283
  -305
  -326
  -347
  -368
  -387
  -407
  -426
  -446
  -465
  -484
  -504
  -524
  -545
  -566
  -588
  -611
  -636
  -661
  -688
  -715
  -745
  -776
  -809
  -843
  -880
  -918
  -958
  -1,001
Cash from investing activities, $m
  -479
  -325
  -357
  -391
  -424
  -458
  -493
  -527
  -563
  -599
  -636
  -673
  -711
  -751
  -791
  -834
  -877
  -922
  -969
  -1,018
  -1,069
  -1,123
  -1,178
  -1,237
  -1,298
  -1,363
  -1,430
  -1,501
  -1,575
  -1,652
  -1,734
Free cash flow, $m
  -272
  -102
  -102
  -100
  -96
  -90
  -82
  -72
  -60
  -46
  -31
  -27
  -9
  10
  30
  52
  74
  97
  121
  146
  172
  199
  226
  255
  284
  314
  345
  376
  409
  443
  478
Issuance/(repayment) of debt, $m
  556
  378
  414
  446
  477
  508
  538
  567
  595
  624
  652
  680
  708
  737
  767
  797
  828
  861
  894
  930
  967
  1,006
  1,046
  1,089
  1,135
  1,183
  1,233
  1,286
  1,343
  1,402
  1,464
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  501
  378
  414
  446
  477
  508
  538
  567
  595
  624
  652
  680
  708
  737
  767
  797
  828
  861
  894
  930
  967
  1,006
  1,046
  1,089
  1,135
  1,183
  1,233
  1,286
  1,343
  1,402
  1,464
Total cash flow (excl. dividends), $m
  228
  275
  312
  346
  381
  418
  456
  495
  536
  577
  621
  653
  699
  747
  797
  848
  902
  958
  1,016
  1,076
  1,139
  1,204
  1,273
  1,344
  1,418
  1,496
  1,578
  1,663
  1,752
  1,845
  1,943
Retained Cash Flow (-), $m
  -64
  -73
  -80
  -86
  -92
  -97
  -103
  -109
  -114
  -120
  -125
  -130
  -136
  -141
  -147
  -153
  -159
  -165
  -172
  -178
  -185
  -193
  -201
  -209
  -218
  -227
  -237
  -247
  -258
  -269
  -281
Prev. year cash balance distribution, $m
 
  54
  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
 
  257
  233
  260
  290
  320
  353
  386
  421
  458
  496
  522
  563
  606
  650
  696
  743
  793
  844
  898
  953
  1,011
  1,072
  1,135
  1,201
  1,269
  1,341
  1,416
  1,494
  1,576
  1,662
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
 
  234
  191
  191
  188
  183
  174
  163
  150
  136
  120
  102
  88
  74
  60
  49
  38
  29
  22
  16
  11
  8
  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

Gray Television, Inc., a television broadcast company, owns and/or operates television stations and digital assets in the United States. As of February 26, 2016, it owns and operates television stations in 50 television markets broadcasting 180 program streams comprising 35 channels affiliated with the CBS Network, 26 channels affiliated with the NBC Network, 19 channels affiliated with the ABC Network, and 13 channels affiliated with the FOX Network. The company was formerly known as Gray Communications Systems, Inc. and changed its name to Gray Television, Inc. in August 2002. Gray Television, Inc. was founded in 1897 and is headquartered in Atlanta, Georgia.

FINANCIAL RATIOS  of  Gray Television (GTN)

Valuation Ratios
P/E Ratio 16.2
Price to Sales 1.2
Price to Book 2
Price to Tangible Book
Price to Cash Flow 4.9
Price to Free Cash Flow 6.2
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 0.4
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 16.7% 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 11.3%. 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 70.588 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 $1.0 billion.

RELATED COMPANIES Price Int.Val. Rating
SSP E.W. Scripps C 18.00 18.33  hold
SBGI Sinclair Broad 29.70 72.88  str.buy
NXST Nexstar Media 60.00 1,047.35  str.buy
EVC Entravision Co 5.65 3.92  sell
CBS CBS Cl B 64.80 43.61  sell
DIS Walt Disney 100.70 105.74  hold
GCI Gannett 8.18 50.68  str.buy
FOXA 21st Century F 27.26 51.02  str.buy

COMPANY NEWS

▶ 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]
▶ Gray Television thanks three top execs with $4 million   [Jan-22-17 10:10AM  at bizjournals.com]
▶ Gray Television Reaches Long-Term Agreement With Dish   [Jan-17-17 08:13PM  PR Newswire]
▶ Dish Network Decides To Drop Gray Television Stations   [Jan-16-17 04:40PM  PR Newswire]
▶ Should You Avoid Gray Television, Inc. (GTN)?   [Dec-02-16 01:55PM  at Insider Monkey]
Stock chart of GTN 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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