Intrinsic value of Granite Construction - GVA

Previous Close

$49.40

  Intrinsic Value

$47.59

stock screener

  Rating & Target

hold

-4%

  Value-price divergence*

+802%

Previous close

$49.40

 
Intrinsic value

$47.59

 
Up/down potential

-4%

 
Rating

hold

 
Value-price divergence*

+802%

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

We calculate the intrinsic value of GVA 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 1.9

 

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, %
  6.07
  6.60
  6.44
  6.30
  6.17
  6.05
  5.94
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
Revenue, $m
  2,515
  2,681
  2,854
  3,033
  3,220
  3,415
  3,618
  3,830
  4,051
  4,281
  4,522
  4,773
  5,036
  5,310
  5,597
  5,898
  6,212
  6,541
  6,885
  7,246
  7,624
  8,020
  8,435
  8,870
  9,327
  9,805
  10,306
  10,832
  11,384
  11,963
  12,570
Variable operating expenses, $m
 
  2,555
  2,719
  2,890
  3,067
  3,253
  3,446
  3,647
  3,857
  4,076
  4,305
  4,538
  4,788
  5,049
  5,322
  5,608
  5,907
  6,219
  6,547
  6,890
  7,250
  7,626
  8,021
  8,434
  8,868
  9,323
  9,800
  10,300
  10,824
  11,375
  11,952
Fixed operating expenses, $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
Total operating expenses, $m
  2,422
  2,555
  2,719
  2,890
  3,067
  3,253
  3,446
  3,647
  3,857
  4,076
  4,305
  4,538
  4,788
  5,049
  5,322
  5,608
  5,907
  6,219
  6,547
  6,890
  7,250
  7,626
  8,021
  8,434
  8,868
  9,323
  9,800
  10,300
  10,824
  11,375
  11,952
Operating income, $m
  92
  126
  135
  144
  153
  162
  172
  183
  194
  205
  217
  235
  247
  261
  275
  290
  305
  321
  338
  356
  375
  394
  415
  436
  458
  482
  507
  532
  559
  588
  618
EBITDA, $m
  156
  175
  186
  198
  210
  223
  236
  250
  264
  279
  295
  311
  329
  346
  365
  385
  405
  427
  449
  473
  497
  523
  550
  579
  609
  640
  672
  707
  743
  781
  820
Interest expense (income), $m
  13
  12
  15
  18
  21
  24
  27
  31
  35
  38
  42
  46
  51
  55
  60
  65
  70
  75
  81
  87
  93
  100
  107
  114
  121
  129
  137
  146
  155
  164
  174
Earnings before tax, $m
  96
  114
  120
  126
  132
  138
  145
  152
  159
  167
  175
  188
  197
  206
  215
  225
  235
  246
  257
  269
  281
  294
  308
  322
  337
  353
  369
  386
  405
  424
  443
Tax expense, $m
  30
  31
  32
  34
  36
  37
  39
  41
  43
  45
  47
  51
  53
  56
  58
  61
  64
  66
  69
  73
  76
  79
  83
  87
  91
  95
  100
  104
  109
  114
  120
Net income, $m
  57
  84
  88
  92
  96
  101
  106
  111
  116
  122
  127
  137
  144
  150
  157
  164
  172
  180
  188
  196
  205
  215
  225
  235
  246
  258
  270
  282
  295
  309
  324

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  501
  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
  1,733
  1,314
  1,398
  1,486
  1,578
  1,673
  1,773
  1,876
  1,985
  2,098
  2,215
  2,339
  2,467
  2,602
  2,742
  2,890
  3,044
  3,205
  3,374
  3,550
  3,736
  3,930
  4,133
  4,346
  4,570
  4,804
  5,050
  5,307
  5,578
  5,861
  6,159
Adjusted assets (=assets-cash), $m
  1,232
  1,314
  1,398
  1,486
  1,578
  1,673
  1,773
  1,876
  1,985
  2,098
  2,215
  2,339
  2,467
  2,602
  2,742
  2,890
  3,044
  3,205
  3,374
  3,550
  3,736
  3,930
  4,133
  4,346
  4,570
  4,804
  5,050
  5,307
  5,578
  5,861
  6,159
Revenue / Adjusted assets
  2.041
  2.040
  2.041
  2.041
  2.041
  2.041
  2.041
  2.042
  2.041
  2.041
  2.042
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
Average production assets, $m
  406
  432
  459
  488
  518
  550
  583
  617
  652
  689
  728
  768
  811
  855
  901
  950
  1,000
  1,053
  1,109
  1,167
  1,228
  1,291
  1,358
  1,428
  1,502
  1,579
  1,659
  1,744
  1,833
  1,926
  2,024
Working capital, $m
  559
  78
  83
  88
  93
  99
  105
  111
  117
  124
  131
  138
  146
  154
  162
  171
  180
  190
  200
  210
  221
  233
  245
  257
  270
  284
  299
  314
  330
  347
  365
Total debt, $m
  244
  284
  341
  400
  462
  526
  594
  664
  737
  813
  892
  976
  1,062
  1,153
  1,248
  1,347
  1,451
  1,560
  1,674
  1,793
  1,918
  2,049
  2,187
  2,331
  2,481
  2,640
  2,805
  2,979
  3,162
  3,353
  3,554
Total liabilities, $m
  847
  887
  944
  1,003
  1,065
  1,129
  1,197
  1,267
  1,340
  1,416
  1,495
  1,579
  1,665
  1,756
  1,851
  1,950
  2,054
  2,163
  2,277
  2,396
  2,521
  2,652
  2,790
  2,934
  3,084
  3,243
  3,408
  3,582
  3,765
  3,956
  4,157
Total equity, $m
  886
  427
  454
  483
  513
  544
  576
  610
  645
  682
  720
  760
  802
  846
  891
  939
  989
  1,042
  1,096
  1,154
  1,214
  1,277
  1,343
  1,412
  1,485
  1,561
  1,641
  1,725
  1,813
  1,905
  2,002
Total liabilities and equity, $m
  1,733
  1,314
  1,398
  1,486
  1,578
  1,673
  1,773
  1,877
  1,985
  2,098
  2,215
  2,339
  2,467
  2,602
  2,742
  2,889
  3,043
  3,205
  3,373
  3,550
  3,735
  3,929
  4,133
  4,346
  4,569
  4,804
  5,049
  5,307
  5,578
  5,861
  6,159
Debt-to-equity ratio
  0.275
  0.660
  0.750
  0.830
  0.900
  0.970
  1.030
  1.090
  1.140
  1.190
  1.240
  1.280
  1.320
  1.360
  1.400
  1.430
  1.470
  1.500
  1.530
  1.550
  1.580
  1.600
  1.630
  1.650
  1.670
  1.690
  1.710
  1.730
  1.740
  1.760
  1.780
Adjusted equity ratio
  0.313
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  57
  84
  88
  92
  96
  101
  106
  111
  116
  122
  127
  137
  144
  150
  157
  164
  172
  180
  188
  196
  205
  215
  225
  235
  246
  258
  270
  282
  295
  309
  324
Depreciation, amort., depletion, $m
  64
  49
  51
  54
  57
  60
  64
  67
  71
  74
  78
  77
  81
  85
  90
  95
  100
  105
  111
  117
  123
  129
  136
  143
  150
  158
  166
  174
  183
  193
  202
Funds from operations, $m
  19
  132
  139
  146
  154
  161
  170
  178
  187
  196
  206
  214
  225
  236
  247
  259
  272
  285
  299
  313
  328
  344
  361
  378
  396
  415
  435
  457
  479
  502
  526
Change in working capital, $m
  -54
  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
  15
  15
  16
  17
  18
Cash from operations, $m
  73
  127
  134
  141
  148
  156
  164
  172
  180
  189
  199
  207
  217
  228
  239
  250
  263
  275
  289
  303
  317
  333
  349
  365
  383
  402
  421
  441
  463
  485
  508
Maintenance CAPEX, $m
  0
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -174
  -183
  -193
New CAPEX, $m
  -91
  -26
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -81
  -85
  -89
  -93
  -98
Cash from investing activities, $m
  -96
  -67
  -71
  -75
  -79
  -83
  -88
  -92
  -98
  -102
  -108
  -113
  -119
  -125
  -131
  -138
  -146
  -153
  -160
  -169
  -178
  -187
  -196
  -206
  -216
  -227
  -239
  -251
  -263
  -276
  -291
Free cash flow, $m
  -23
  61
  63
  66
  69
  73
  76
  80
  83
  87
  91
  94
  98
  102
  107
  112
  117
  122
  128
  134
  140
  146
  153
  160
  167
  174
  182
  191
  199
  209
  218
Issuance/(repayment) of debt, $m
  -15
  55
  57
  59
  62
  64
  67
  70
  73
  76
  80
  83
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  144
  151
  158
  166
  174
  182
  191
  201
Issuance/(repurchase) of shares, $m
  -5
  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  
  -19
  55
  57
  59
  62
  64
  67
  70
  73
  76
  80
  83
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  144
  151
  158
  166
  174
  182
  191
  201
Total cash flow (excl. dividends), $m
  -43
  115
  120
  126
  131
  137
  143
  150
  156
  163
  171
  177
  185
  193
  202
  211
  221
  231
  242
  253
  265
  277
  290
  303
  318
  333
  348
  365
  382
  400
  419
Retained Cash Flow (-), $m
  -47
  -27
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -88
  -92
  -97
Prev. year cash balance distribution, $m
 
  486
  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
 
  574
  93
  97
  101
  106
  111
  116
  121
  127
  132
  137
  143
  150
  156
  163
  171
  179
  187
  196
  205
  214
  224
  234
  245
  256
  268
  281
  294
  308
  322
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  551
  85
  84
  83
  82
  80
  78
  76
  73
  69
  65
  61
  57
  52
  48
  43
  39
  34
  30
  26
  22
  19
  15
  12
  10
  8
  6
  5
  3
  2
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

Granite Construction Incorporated operates as a heavy civil contractor and a construction materials producer in the United States. The company operates through three segments: Construction, Large Project Construction, and Construction Materials. The Construction segment undertakes various construction projects focusing on new construction and improvement of streets, roads, highways, bridges, site work, underground, power-related facilities, utilities, and other infrastructure projects. This segment serves federal agencies, state departments of transportation, county and city public works departments, school districts and developers, and utilities, as well as the private owners of industrial, commercial, and residential sites. The Large Project Construction segment focuses on large, complex infrastructure projects, including highways, mass transit facilities, bridges, tunnels, waterway locks and dams, pipelines, canals, power-related facilities, water-related facilities, utilities, and airport infrastructure, as well as provides bid-build, design-build, and construction management/general contractor contracts to various state departments of transportation, local transit authorities, utilities, and federal agencies. The Construction Materials segment mines and processes aggregates; and produces and sells construction materials to contractors, landscapers, manufacturers of products requiring aggregate materials, retailers, homeowners, farmers, and brokers. The company also performs site preparation and infrastructure services for residential development, energy development, commercial and industrial sites, and other facilities; and provides construction management professional services. Granite Construction Incorporated was founded in 1922 and is headquartered in Watsonville, California.

FINANCIAL RATIOS  of  Granite Construction (GVA)

Valuation Ratios
P/E Ratio 34.3
Price to Sales 0.8
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 26.8
Price to Free Cash Flow -108.7
Growth Rates
Sales Growth Rate 6.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 106.8%
Cap. Spend. - 3 Yr. Gr. Rate 15.6%
Financial Strength
Quick Ratio 33
Current Ratio 0.2
LT Debt to Equity 25.8%
Total Debt to Equity 27.5%
Interest Coverage 8
Management Effectiveness
Return On Assets 3.9%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 5.1%
Ret/ On T. Cap. - 3 Yr. Avg. 4.3%
Return On Equity 6.6%
Return On Equity - 3 Yr. Avg. 5.7%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 12%
Gross Margin - 3 Yr. Avg. 11.8%
EBITDA Margin 6.9%
EBITDA Margin - 3 Yr. Avg. 6.9%
Operating Margin 3.7%
Oper. Margin - 3 Yr. Avg. 3.7%
Pre-Tax Margin 3.8%
Pre-Tax Margin - 3 Yr. Avg. 3.5%
Net Profit Margin 2.3%
Net Profit Margin - 3 Yr. Avg. 2%
Effective Tax Rate 31.3%
Eff/ Tax Rate - 3 Yr. Avg. 33.6%
Payout Ratio 36.8%

GVA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GVA stock intrinsic value calculation we used $2515 million for the last fiscal year's total revenue generated by Granite Construction. The default revenue input number comes from 2016 income statement of Granite Construction. 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 GVA stock valuation model: a) initial revenue growth rate of 6.6% 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 4.3%, whose default value for GVA is calculated based on our internal credit rating of Granite Construction, 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 Granite Construction.
    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 GVA stock the variable cost ratio is equal to 95.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for GVA 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 5.2% for Granite Construction.

Corporate tax rate of 27% is the nominal tax rate for Granite Construction. 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 GVA 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 GVA are equal to 16.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Granite Construction 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 GVA is equal to 2.9%. 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 - $886 million for Granite Construction - 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 38.362 million for Granite Construction 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 Granite Construction at the current share price and the inputted number of shares is $1.9 billion.

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COMPANY NEWS

▶ Granite Construction misses 2Q profit forecasts   [Aug-01-17 10:54PM  Associated Press]
▶ Granite Reports Second Quarter 2017 Results   [06:55AM  Business Wire]
▶ Granite Publishes 2016 Sustainability Update   [Jul-13-17 05:32PM  Business Wire]
▶ [$$] Granite Construction to See Infrastructure Bump Up   [Jun-01-17 12:01PM  Barrons.com]
▶ Granite Construction reports 1Q loss   [May-02-17 07:05AM  Associated Press]
▶ Granite Reports First Quarter 2017 Results   [06:55AM  Business Wire]
▶ The rally in infrastructure stocks has stalled   [Apr-12-17 12:59PM  Business Insider]
▶ Company News for April 10, 2017   [Apr-10-17 10:42AM  Zacks]
▶ Construction Stocks Rise On Big Infrastructure Deal In California   [Apr-07-17 04:46PM  Investor's Business Daily]
▶ Jeff Auxier Buys Cerner, Yum China and Granite Construction   [Mar-01-17 12:29PM  GuruFocus.com]
▶ Agency plans to award Mexico border wall contracts by April   [Feb-24-17 11:06PM  Associated Press]
▶ Granite Appoints Three New Members to Board of Directors   [Feb-10-17 09:06PM  Business Wire]
▶ Granite Construction Declares Quarterly Dividend   [Feb-09-17 04:05PM  Business Wire]
▶ Tutor Perini Price Target Hiked 10%: What You Need to Know   [Dec-29-16 01:12PM  at Motley Fool]
▶ Make America's Airports Great Again   [Dec-20-16 02:07PM  at Forbes]
▶ Granite Construction Declares Quarterly Dividend   [Dec-08-16 04:45PM  Business Wire]
▶ Granite Construction CEO: We'll Build a Wall If Asked   [Nov-18-16 03:14PM  at Bloomberg]
Stock chart of GVA Financial statements of GVA
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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