Intrinsic value of Gray Television - GTN

Previous Close

$17.55

  Intrinsic Value

$17.94

stock screener

  Rating & Target

hold

+2%

Previous close

$17.55

 
Intrinsic value

$17.94

 
Up/down potential

+2%

 
Rating

hold

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

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, %
  36.01
  7.40
  7.16
  6.94
  6.75
  6.57
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
Revenue, $m
  812
  872
  935
  999
  1,067
  1,137
  1,210
  1,286
  1,365
  1,447
  1,533
  1,623
  1,716
  1,813
  1,915
  2,021
  2,132
  2,249
  2,370
  2,497
  2,630
  2,769
  2,915
  3,068
  3,227
  3,395
  3,571
  3,755
  3,948
  4,150
  4,362
Variable operating expenses, $m
 
  617
  658
  700
  744
  790
  838
  887
  939
  993
  1,049
  1,058
  1,119
  1,183
  1,249
  1,319
  1,391
  1,467
  1,546
  1,629
  1,715
  1,806
  1,901
  2,001
  2,105
  2,214
  2,329
  2,449
  2,575
  2,707
  2,845
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
  651
  693
  736
  780
  827
  876
  926
  979
  1,034
  1,091
  1,101
  1,163
  1,228
  1,296
  1,367
  1,440
  1,517
  1,597
  1,682
  1,769
  1,861
  1,958
  2,059
  2,165
  2,275
  2,392
  2,513
  2,641
  2,775
  2,914
Operating income, $m
  202
  221
  242
  263
  286
  310
  334
  359
  386
  414
  442
  521
  552
  585
  619
  655
  693
  732
  773
  816
  860
  908
  957
  1,008
  1,063
  1,119
  1,179
  1,241
  1,307
  1,376
  1,448
EBITDA, $m
  284
  338
  363
  390
  418
  447
  477
  509
  541
  575
  611
  648
  687
  727
  769
  813
  859
  908
  958
  1,011
  1,066
  1,124
  1,185
  1,248
  1,315
  1,385
  1,458
  1,535
  1,616
  1,700
  1,789
Interest expense (income), $m
  76
  90
  94
  103
  112
  121
  131
  141
  152
  163
  174
  186
  199
  211
  225
  239
  254
  269
  286
  302
  320
  339
  358
  378
  399
  422
  445
  469
  495
  522
  550
Earnings before tax, $m
  106
  131
  148
  161
  174
  188
  203
  218
  234
  251
  268
  335
  354
  374
  394
  416
  439
  462
  487
  513
  540
  569
  599
  630
  663
  698
  734
  772
  812
  854
  898
Tax expense, $m
  44
  35
  40
  43
  47
  51
  55
  59
  63
  68
  72
  90
  96
  101
  106
  112
  118
  125
  132
  139
  146
  154
  162
  170
  179
  188
  198
  208
  219
  230
  242
Net income, $m
  62
  96
  108
  117
  127
  137
  148
  159
  171
  183
  196
  244
  258
  273
  288
  304
  320
  337
  356
  375
  394
  415
  437
  460
  484
  509
  536
  563
  593
  623
  655

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
  2,643
  2,832
  3,029
  3,233
  3,446
  3,667
  3,897
  4,136
  4,386
  4,646
  4,917
  5,200
  5,495
  5,804
  6,126
  6,462
  6,814
  7,182
  7,567
  7,970
  8,391
  8,833
  9,296
  9,780
  10,288
  10,820
  11,378
  11,963
  12,576
  13,219
Adjusted assets (=assets-cash), $m
  2,458
  2,643
  2,832
  3,029
  3,233
  3,446
  3,667
  3,897
  4,136
  4,386
  4,646
  4,917
  5,200
  5,495
  5,804
  6,126
  6,462
  6,814
  7,182
  7,567
  7,970
  8,391
  8,833
  9,296
  9,780
  10,288
  10,820
  11,378
  11,963
  12,576
  13,219
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
  1,679
  1,799
  1,924
  2,054
  2,189
  2,329
  2,475
  2,628
  2,786
  2,951
  3,124
  3,303
  3,491
  3,687
  3,891
  4,105
  4,329
  4,562
  4,807
  5,063
  5,331
  5,611
  5,905
  6,213
  6,535
  6,873
  7,228
  7,599
  7,989
  8,397
Working capital, $m
  386
  65
  70
  75
  80
  85
  91
  96
  102
  109
  115
  122
  129
  136
  144
  152
  160
  169
  178
  187
  197
  208
  219
  230
  242
  255
  268
  282
  296
  311
  327
Total debt, $m
  1,757
  1,845
  2,016
  2,193
  2,377
  2,568
  2,767
  2,974
  3,190
  3,414
  3,648
  3,892
  4,147
  4,413
  4,690
  4,980
  5,283
  5,600
  5,931
  6,277
  6,640
  7,019
  7,417
  7,833
  8,269
  8,726
  9,205
  9,707
  10,233
  10,785
  11,364
Total liabilities, $m
  2,290
  2,378
  2,549
  2,726
  2,910
  3,101
  3,300
  3,507
  3,723
  3,947
  4,181
  4,425
  4,680
  4,946
  5,223
  5,513
  5,816
  6,133
  6,464
  6,810
  7,173
  7,552
  7,950
  8,366
  8,802
  9,259
  9,738
  10,240
  10,766
  11,318
  11,897
Total equity, $m
  493
  264
  283
  303
  323
  345
  367
  390
  414
  439
  465
  492
  520
  550
  580
  613
  646
  681
  718
  757
  797
  839
  883
  930
  978
  1,029
  1,082
  1,138
  1,196
  1,258
  1,322
Total liabilities and equity, $m
  2,783
  2,642
  2,832
  3,029
  3,233
  3,446
  3,667
  3,897
  4,137
  4,386
  4,646
  4,917
  5,200
  5,496
  5,803
  6,126
  6,462
  6,814
  7,182
  7,567
  7,970
  8,391
  8,833
  9,296
  9,780
  10,288
  10,820
  11,378
  11,962
  12,576
  13,219
Debt-to-equity ratio
  3.564
  6.980
  7.120
  7.240
  7.350
  7.450
  7.550
  7.630
  7.710
  7.780
  7.850
  7.920
  7.970
  8.030
  8.080
  8.130
  8.180
  8.220
  8.260
  8.300
  8.330
  8.360
  8.400
  8.430
  8.460
  8.480
  8.510
  8.530
  8.550
  8.580
  8.600
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
  96
  108
  117
  127
  137
  148
  159
  171
  183
  196
  244
  258
  273
  288
  304
  320
  337
  356
  375
  394
  415
  437
  460
  484
  509
  536
  563
  593
  623
  655
Depreciation, amort., depletion, $m
  82
  117
  122
  127
  132
  137
  143
  149
  155
  162
  168
  127
  134
  142
  150
  158
  167
  176
  185
  195
  206
  217
  228
  240
  253
  266
  279
  294
  309
  325
  341
Funds from operations, $m
  208
  213
  229
  244
  259
  275
  291
  308
  326
  345
  364
  371
  393
  415
  438
  462
  487
  513
  541
  570
  600
  632
  665
  700
  737
  775
  815
  857
  902
  948
  997
Change in working capital, $m
  1
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  13
  13
  14
  14
  15
  16
Cash from operations, $m
  207
  208
  225
  239
  254
  270
  286
  303
  320
  339
  358
  365
  386
  407
  430
  454
  479
  505
  532
  560
  590
  622
  654
  689
  725
  762
  802
  843
  887
  933
  981
Maintenance CAPEX, $m
  0
  -64
  -68
  -73
  -78
  -83
  -89
  -95
  -101
  -107
  -113
  -120
  -127
  -134
  -142
  -150
  -158
  -167
  -176
  -185
  -195
  -206
  -217
  -228
  -240
  -253
  -266
  -279
  -294
  -309
  -325
New CAPEX, $m
  -44
  -116
  -120
  -125
  -130
  -135
  -140
  -146
  -152
  -159
  -165
  -172
  -180
  -188
  -196
  -205
  -214
  -224
  -234
  -245
  -256
  -268
  -281
  -294
  -308
  -323
  -338
  -354
  -371
  -390
  -408
Cash from investing activities, $m
  -479
  -180
  -188
  -198
  -208
  -218
  -229
  -241
  -253
  -266
  -278
  -292
  -307
  -322
  -338
  -355
  -372
  -391
  -410
  -430
  -451
  -474
  -498
  -522
  -548
  -576
  -604
  -633
  -665
  -699
  -733
Free cash flow, $m
  -272
  29
  36
  41
  46
  51
  56
  62
  68
  73
  79
  72
  79
  85
  92
  99
  107
  114
  122
  130
  139
  148
  157
  167
  177
  187
  198
  210
  222
  234
  247
Issuance/(repayment) of debt, $m
  556
  88
  170
  177
  184
  191
  199
  207
  216
  225
  234
  244
  255
  266
  277
  290
  303
  317
  331
  346
  363
  380
  397
  416
  436
  457
  479
  502
  526
  552
  579
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
  88
  170
  177
  184
  191
  199
  207
  216
  225
  234
  244
  255
  266
  277
  290
  303
  317
  331
  346
  363
  380
  397
  416
  436
  457
  479
  502
  526
  552
  579
Total cash flow (excl. dividends), $m
  228
  118
  207
  218
  230
  242
  255
  269
  283
  298
  313
  317
  333
  351
  370
  389
  410
  431
  453
  477
  502
  527
  555
  583
  613
  644
  677
  712
  748
  786
  826
Retained Cash Flow (-), $m
  -64
  -96
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
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
 
  346
  188
  198
  210
  221
  233
  246
  259
  273
  287
  289
  305
  322
  339
  357
  376
  396
  417
  438
  461
  485
  510
  537
  564
  593
  624
  656
  690
  725
  762
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
 
  315
  154
  146
  136
  126
  115
  104
  92
  81
  70
  57
  48
  39
  32
  25
  19
  15
  11
  8
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9

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 20.5
Price to Sales 1.6
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 6.1
Price to Free Cash Flow 7.8
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 7.4% 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 89.552 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 $1.6 billion.

RELATED COMPANIES Price Int.Val. Rating
SSP E.W. Scripps C 16.17 18.79  buy
SBGI Sinclair Broad 39.85 33.22  hold
NXST Nexstar Media 81.00 673.86  str.buy
EVC Entravision Co 7.35 22.41  str.buy
CBS CBS Cl B 58.25 50.68  hold
DIS Walt Disney 111.10 106.44  hold
GCI Gannett 12.16 22.94  str.buy
FOXA 21st Century F 37.31 51.72  buy

COMPANY NEWS

▶ Gray Announces Record-Setting Audience Rankings   [Jan-18-18 03:15PM  PR Newswire]
▶ What CBS Stands to Gain by Settling Its Dispute with DISH   [Jan-15-18 09:00AM  Market Realist]
▶ Gray Television Meets 80-Plus Relative Strength Rating Benchmark   [Jan-12-18 03:00AM  Investor's Business Daily]
▶ Gray Television Earns Technical Rating Upgrade   [Jan-10-18 03:00AM  Investor's Business Daily]
▶ Stocks Showing Rising Market Leadership: Gray Television Earns 82 RS Rating   [Dec-15-17 03:00AM  Investor's Business Daily]
▶ Gray Television Sees IBD RS Rating Climb To 72   [Dec-05-17 03:00AM  Investor's Business Daily]
▶ Gray Television Prices Public Offering of Common Stock   [Nov-29-17 07:15PM  PR Newswire]
▶ Gray Television meets 3Q profit forecasts   [07:49AM  Associated Press]
▶ Gray Reports Record Operating Results   [06:59AM  PR Newswire]
▶ Stocks To Watch Ahead Of Earnings: Gray Television   [Oct-30-17 03:00AM  Investor's Business Daily]
▶ 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]
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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