Intrinsic value of Granite Construction - GVA

Previous Close

$52.71

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$52.71

 
Intrinsic value

$45.79

 
Up/down potential

-13%

 
Rating

hold

 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

*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 2.1

 

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, %
  6.07
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
Revenue, $m
  2,515
  2,663
  2,818
  2,980
  3,148
  3,324
  3,508
  3,700
  3,901
  4,111
  4,331
  4,561
  4,802
  5,055
  5,319
  5,596
  5,886
  6,190
  6,509
  6,843
  7,194
  7,561
  7,947
  8,351
  8,775
  9,220
  9,687
  10,177
  10,691
  11,231
  11,797
Variable operating expenses, $m
 
  2,538
  2,685
  2,839
  2,999
  3,166
  3,341
  3,524
  3,715
  3,915
  4,124
  4,337
  4,566
  4,806
  5,057
  5,321
  5,597
  5,886
  6,189
  6,507
  6,840
  7,189
  7,556
  7,941
  8,344
  8,767
  9,211
  9,677
  10,166
  10,679
  11,217
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
  2,538
  2,685
  2,839
  2,999
  3,166
  3,341
  3,524
  3,715
  3,915
  4,124
  4,337
  4,566
  4,806
  5,057
  5,321
  5,597
  5,886
  6,189
  6,507
  6,840
  7,189
  7,556
  7,941
  8,344
  8,767
  9,211
  9,677
  10,166
  10,679
  11,217
Operating income, $m
  92
  125
  133
  141
  149
  158
  167
  176
  186
  197
  207
  224
  236
  248
  261
  275
  289
  304
  320
  336
  354
  372
  391
  410
  431
  453
  476
  500
  525
  552
  580
EBITDA, $m
  156
  190
  202
  213
  225
  238
  251
  265
  279
  294
  310
  326
  343
  361
  380
  400
  421
  443
  465
  489
  514
  541
  568
  597
  627
  659
  693
  728
  765
  803
  844
Interest expense (income), $m
  13
  12
  14
  17
  20
  23
  26
  29
  32
  36
  39
  43
  47
  51
  56
  60
  65
  70
  75
  81
  86
  92
  99
  105
  112
  120
  127
  135
  144
  153
  162
Earnings before tax, $m
  96
  114
  119
  124
  129
  135
  141
  147
  154
  161
  168
  181
  189
  197
  206
  215
  224
  234
  245
  256
  267
  279
  292
  305
  319
  334
  349
  365
  382
  399
  418
Tax expense, $m
  30
  31
  32
  33
  35
  37
  38
  40
  42
  43
  45
  49
  51
  53
  56
  58
  61
  63
  66
  69
  72
  75
  79
  82
  86
  90
  94
  99
  103
  108
  113
Net income, $m
  57
  83
  87
  90
  94
  99
  103
  108
  112
  117
  123
  132
  138
  144
  150
  157
  164
  171
  179
  187
  195
  204
  213
  223
  233
  244
  255
  266
  279
  292
  305

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
  1,305
  1,381
  1,460
  1,542
  1,629
  1,719
  1,813
  1,911
  2,014
  2,122
  2,235
  2,353
  2,477
  2,606
  2,742
  2,884
  3,033
  3,189
  3,353
  3,525
  3,705
  3,893
  4,092
  4,299
  4,517
  4,746
  4,986
  5,238
  5,503
  5,780
Adjusted assets (=assets-cash), $m
  1,232
  1,305
  1,381
  1,460
  1,542
  1,629
  1,719
  1,813
  1,911
  2,014
  2,122
  2,235
  2,353
  2,477
  2,606
  2,742
  2,884
  3,033
  3,189
  3,353
  3,525
  3,705
  3,893
  4,092
  4,299
  4,517
  4,746
  4,986
  5,238
  5,503
  5,780
Revenue / Adjusted assets
  2.041
  2.041
  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
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
Average production assets, $m
  406
  429
  454
  480
  507
  535
  565
  596
  628
  662
  697
  734
  773
  814
  856
  901
  948
  997
  1,048
  1,102
  1,158
  1,217
  1,279
  1,344
  1,413
  1,484
  1,560
  1,639
  1,721
  1,808
  1,899
Working capital, $m
  559
  77
  82
  86
  91
  96
  102
  107
  113
  119
  126
  132
  139
  147
  154
  162
  171
  180
  189
  198
  209
  219
  230
  242
  254
  267
  281
  295
  310
  326
  342
Total debt, $m
  244
  278
  329
  382
  438
  496
  557
  621
  687
  757
  829
  906
  985
  1,069
  1,156
  1,248
  1,344
  1,444
  1,550
  1,660
  1,776
  1,898
  2,025
  2,159
  2,299
  2,446
  2,601
  2,763
  2,933
  3,111
  3,299
Total liabilities, $m
  847
  881
  932
  985
  1,041
  1,099
  1,160
  1,224
  1,290
  1,360
  1,432
  1,509
  1,588
  1,672
  1,759
  1,851
  1,947
  2,047
  2,153
  2,263
  2,379
  2,501
  2,628
  2,762
  2,902
  3,049
  3,204
  3,366
  3,536
  3,714
  3,902
Total equity, $m
  886
  424
  449
  474
  501
  529
  559
  589
  621
  655
  690
  726
  765
  805
  847
  891
  937
  986
  1,036
  1,090
  1,145
  1,204
  1,265
  1,330
  1,397
  1,468
  1,543
  1,621
  1,702
  1,788
  1,879
Total liabilities and equity, $m
  1,733
  1,305
  1,381
  1,459
  1,542
  1,628
  1,719
  1,813
  1,911
  2,015
  2,122
  2,235
  2,353
  2,477
  2,606
  2,742
  2,884
  3,033
  3,189
  3,353
  3,524
  3,705
  3,893
  4,092
  4,299
  4,517
  4,747
  4,987
  5,238
  5,502
  5,781
Debt-to-equity ratio
  0.275
  0.660
  0.730
  0.810
  0.870
  0.940
  1.000
  1.050
  1.110
  1.160
  1.200
  1.250
  1.290
  1.330
  1.360
  1.400
  1.430
  1.470
  1.500
  1.520
  1.550
  1.580
  1.600
  1.620
  1.650
  1.670
  1.690
  1.700
  1.720
  1.740
  1.760
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
  83
  87
  90
  94
  99
  103
  108
  112
  117
  123
  132
  138
  144
  150
  157
  164
  171
  179
  187
  195
  204
  213
  223
  233
  244
  255
  266
  279
  292
  305
Depreciation, amort., depletion, $m
  64
  65
  68
  72
  76
  80
  84
  88
  93
  97
  102
  102
  107
  113
  119
  125
  132
  138
  146
  153
  161
  169
  178
  187
  196
  206
  217
  228
  239
  251
  264
Funds from operations, $m
  19
  148
  155
  162
  170
  178
  187
  196
  205
  215
  225
  234
  245
  257
  269
  282
  295
  309
  324
  340
  356
  373
  391
  409
  429
  450
  471
  494
  518
  543
  569
Change in working capital, $m
  -54
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
Cash from operations, $m
  73
  163
  151
  158
  165
  173
  182
  190
  199
  209
  219
  227
  238
  250
  262
  274
  287
  301
  315
  330
  346
  362
  380
  398
  417
  437
  458
  480
  503
  527
  553
Maintenance CAPEX, $m
  0
  -56
  -60
  -63
  -67
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -132
  -138
  -146
  -153
  -161
  -169
  -178
  -187
  -196
  -206
  -217
  -228
  -239
  -251
New CAPEX, $m
  -91
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -91
Cash from investing activities, $m
  -96
  -79
  -85
  -89
  -94
  -98
  -104
  -109
  -115
  -121
  -127
  -134
  -141
  -148
  -156
  -164
  -172
  -181
  -189
  -200
  -209
  -220
  -231
  -243
  -255
  -268
  -281
  -296
  -311
  -326
  -342
Free cash flow, $m
  -23
  83
  66
  69
  72
  75
  78
  81
  84
  88
  91
  94
  98
  102
  106
  110
  115
  120
  125
  131
  136
  142
  148
  155
  162
  169
  176
  184
  193
  201
  210
Issuance/(repayment) of debt, $m
  -15
  49
  51
  53
  56
  58
  61
  64
  66
  70
  73
  76
  80
  83
  87
  92
  96
  101
  105
  111
  116
  122
  127
  134
  140
  147
  154
  162
  170
  178
  187
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
  49
  51
  53
  56
  58
  61
  64
  66
  70
  73
  76
  80
  83
  87
  92
  96
  101
  105
  111
  116
  122
  127
  134
  140
  147
  154
  162
  170
  178
  187
Total cash flow (excl. dividends), $m
  -43
  132
  117
  122
  127
  133
  138
  144
  151
  157
  164
  170
  177
  185
  193
  202
  211
  221
  231
  241
  252
  264
  276
  289
  302
  316
  331
  346
  363
  380
  398
Retained Cash Flow (-), $m
  -47
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -59
  -61
  -64
  -68
  -71
  -74
  -78
  -82
  -86
  -90
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
 
  594
  93
  96
  101
  105
  109
  114
  119
  124
  129
  133
  139
  145
  151
  158
  165
  172
  180
  188
  196
  205
  215
  224
  235
  245
  256
  268
  281
  294
  307
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
 
  570
  85
  84
  83
  81
  79
  77
  74
  71
  68
  63
  59
  55
  51
  46
  42
  37
  33
  29
  25
  21
  18
  15
  12
  10
  7
  6
  4
  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 36.6
Price to Sales 0.8
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 28.6
Price to Free Cash Flow -116
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 5.9% 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 7.2 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 39.649 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 $2.1 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
FLR Fluor 51.32 168.40  str.buy
STRL Sterling Const 9.51 18.71  str.buy
SUM Summit Materia 25.66 27.26  hold
ACM AECOM 34.21 35.92  hold
TPC Tutor Perini 30.85 11.21  str.sell
VMC Vulcan Materia 120.88 52.50  str.sell
MLM Martin Mariett 220.19 277.04  buy
JEC Jacobs Enginee 54.92 56.47  hold
KBR KBR 14.05 65.55  str.buy

COMPANY NEWS

▶ 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]
▶ Granite Reports Third Quarter 2016 Results   [06:55AM  Business Wire]
▶ Granite Construction Declares Quarterly Dividend   [Sep-08-16 05:06PM  Business Wire]
▶ Granite Reports Second Quarter 2016 Results   [06:55AM  Business Wire]
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.