Intrinsic value of Kona Grill - KONA

Previous Close

$2.30

  Intrinsic Value

$0.91

stock screener

  Rating & Target

str. sell

-61%

  Value-price divergence*

-16%

Previous close

$2.30

 
Intrinsic value

$0.91

 
Up/down potential

-61%

 
Rating

str. sell

 
Value-price divergence*

-16%

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

We calculate the intrinsic value of KONA 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 0.0

 

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, %
  18.88
  15.40
  14.36
  13.42
  12.58
  11.82
  11.14
  10.53
  9.97
  9.48
  9.03
  8.63
  8.26
  7.94
  7.64
  7.38
  7.14
  6.93
  6.73
  6.56
  6.40
  6.26
  6.14
  6.02
  5.92
  5.83
  5.75
  5.67
  5.60
  5.54
  5.49
Revenue, $m
  170
  196
  224
  254
  286
  320
  356
  394
  433
  474
  517
  561
  608
  656
  706
  758
  812
  868
  927
  988
  1,051
  1,117
  1,185
  1,257
  1,331
  1,409
  1,490
  1,574
  1,662
  1,754
  1,851
Variable operating expenses, $m
 
  202
  231
  262
  295
  330
  366
  405
  445
  488
  532
  577
  625
  675
  726
  780
  836
  893
  954
  1,016
  1,081
  1,149
  1,220
  1,293
  1,370
  1,449
  1,533
  1,620
  1,710
  1,805
  1,904
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
  191
  202
  231
  262
  295
  330
  366
  405
  445
  488
  532
  577
  625
  675
  726
  780
  836
  893
  954
  1,016
  1,081
  1,149
  1,220
  1,293
  1,370
  1,449
  1,533
  1,620
  1,710
  1,805
  1,904
Operating income, $m
  -21
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -18
  -19
  -20
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -39
  -41
  -43
  -46
  -48
  -51
  -54
EBITDA, $m
  -7
  5
  6
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  17
  18
  19
  21
  22
  24
  25
  27
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
Interest expense (income), $m
  0
  1
  1
  2
  2
  3
  3
  4
  4
  5
  6
  6
  7
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
Earnings before tax, $m
  -22
  -7
  -8
  -9
  -11
  -12
  -14
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -34
  -36
  -39
  -41
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -79
Tax expense, $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
Net income, $m
  -22
  -7
  -8
  -9
  -11
  -12
  -14
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -34
  -36
  -39
  -41
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -79

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  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
  0
Total assets, $m
  108
  120
  137
  156
  175
  196
  218
  241
  265
  290
  316
  343
  372
  401
  432
  464
  497
  531
  567
  604
  643
  683
  725
  769
  814
  862
  911
  963
  1,017
  1,073
  1,132
Adjusted assets (=assets-cash), $m
  104
  120
  137
  156
  175
  196
  218
  241
  265
  290
  316
  343
  372
  401
  432
  464
  497
  531
  567
  604
  643
  683
  725
  769
  814
  862
  911
  963
  1,017
  1,073
  1,132
Revenue / Adjusted assets
  1.635
  1.633
  1.635
  1.628
  1.634
  1.633
  1.633
  1.635
  1.634
  1.634
  1.636
  1.636
  1.634
  1.636
  1.634
  1.634
  1.634
  1.635
  1.635
  1.636
  1.635
  1.635
  1.634
  1.635
  1.635
  1.635
  1.636
  1.634
  1.634
  1.635
  1.635
Average production assets, $m
  93
  107
  122
  138
  156
  174
  194
  214
  235
  258
  281
  305
  330
  357
  384
  412
  442
  472
  504
  537
  572
  607
  645
  684
  724
  766
  810
  856
  904
  954
  1,007
Working capital, $m
  -10
  -15
  -17
  -19
  -22
  -24
  -27
  -30
  -33
  -36
  -39
  -43
  -46
  -50
  -54
  -58
  -62
  -66
  -70
  -75
  -80
  -85
  -90
  -96
  -101
  -107
  -113
  -120
  -126
  -133
  -141
Total debt, $m
  27
  38
  50
  63
  77
  92
  108
  125
  142
  160
  179
  198
  219
  240
  262
  285
  309
  334
  360
  387
  414
  443
  474
  505
  538
  572
  608
  645
  684
  725
  767
Total liabilities, $m
  77
  87
  99
  112
  126
  141
  157
  174
  191
  209
  228
  247
  268
  289
  311
  334
  358
  383
  409
  436
  463
  492
  523
  554
  587
  621
  657
  694
  733
  774
  816
Total equity, $m
  32
  33
  38
  43
  49
  55
  61
  67
  74
  81
  88
  96
  104
  112
  120
  129
  139
  148
  158
  169
  179
  191
  202
  214
  227
  240
  254
  269
  284
  299
  316
Total liabilities and equity, $m
  109
  120
  137
  155
  175
  196
  218
  241
  265
  290
  316
  343
  372
  401
  431
  463
  497
  531
  567
  605
  642
  683
  725
  768
  814
  861
  911
  963
  1,017
  1,073
  1,132
Debt-to-equity ratio
  0.844
  1.120
  1.300
  1.460
  1.580
  1.690
  1.780
  1.850
  1.920
  1.980
  2.030
  2.070
  2.110
  2.150
  2.180
  2.210
  2.230
  2.250
  2.270
  2.290
  2.310
  2.330
  2.340
  2.360
  2.370
  2.380
  2.390
  2.400
  2.410
  2.420
  2.430
Adjusted equity ratio
  0.269
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -22
  -7
  -8
  -9
  -11
  -12
  -14
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -34
  -36
  -39
  -41
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -79
Depreciation, amort., depletion, $m
  14
  11
  12
  14
  16
  17
  19
  21
  24
  26
  28
  31
  33
  36
  38
  41
  44
  47
  50
  54
  57
  61
  64
  68
  72
  77
  81
  86
  90
  95
  101
Funds from operations, $m
  35
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  8
  9
  10
  10
  11
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
Change in working capital, $m
  14
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
Cash from operations, $m
  21
  6
  7
  7
  7
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
Maintenance CAPEX, $m
  0
  -9
  -11
  -12
  -14
  -16
  -17
  -19
  -21
  -24
  -26
  -28
  -31
  -33
  -36
  -38
  -41
  -44
  -47
  -50
  -54
  -57
  -61
  -64
  -68
  -72
  -77
  -81
  -86
  -90
  -95
New CAPEX, $m
  -42
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
Cash from investing activities, $m
  -42
  -23
  -26
  -28
  -31
  -34
  -36
  -39
  -42
  -46
  -49
  -52
  -56
  -59
  -63
  -66
  -70
  -75
  -79
  -83
  -88
  -93
  -98
  -103
  -108
  -114
  -121
  -127
  -134
  -140
  -147
Free cash flow, $m
  -21
  -17
  -19
  -22
  -24
  -26
  -28
  -31
  -33
  -36
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -119
Issuance/(repayment) of debt, $m
  27
  12
  12
  13
  14
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
  42
Issuance/(repurchase) of shares, $m
  -11
  11
  13
  14
  16
  18
  20
  22
  24
  26
  28
  30
  32
  35
  37
  40
  43
  46
  49
  52
  55
  58
  62
  65
  69
  73
  77
  81
  86
  91
  95
Cash from financing (excl. dividends), $m  
  16
  23
  25
  27
  30
  33
  36
  39
  41
  44
  47
  50
  52
  56
  59
  63
  67
  71
  75
  79
  83
  87
  92
  96
  102
  107
  113
  118
  125
  132
  137
Total cash flow (excl. dividends), $m
  -6
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
Retained Cash Flow (-), $m
  31
  -11
  -13
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -35
  -37
  -40
  -43
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -81
  -86
  -91
  -95
Prev. year cash balance distribution, $m
 
  3
  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
 
  -3
  -7
  -8
  -10
  -11
  -13
  -14
  -16
  -18
  -19
  -21
  -23
  -25
  -28
  -30
  -32
  -34
  -37
  -40
  -42
  -45
  -48
  -51
  -54
  -58
  -61
  -65
  -68
  -72
  -76
Discount rate, %
 
  6.40
  6.72
  7.06
  7.41
  7.78
  8.17
  8.58
  9.01
  9.46
  9.93
  10.42
  10.95
  11.49
  12.07
  12.67
  13.31
  13.97
  14.67
  15.40
  16.17
  16.98
  17.83
  18.72
  19.66
  20.64
  21.67
  22.76
  23.89
  25.09
  26.34
PV of cash for distribution, $m
 
  -3
  -6
  -7
  -7
  -8
  -8
  -8
  -8
  -8
  -8
  -7
  -7
  -6
  -6
  -5
  -4
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  64.7
  42.0
  27.4
  18.0
  11.8
  7.8
  5.2
  3.5
  2.3
  1.5
  1.0
  0.7
  0.5
  0.3
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Kona Grill, Inc. engages in the ownership and operation of polished casual dining restaurants in the United States and Puerto Rico. The company’s restaurants offer prepared food comprising American food, various appetizers and entrees, and sushi; and alcoholic beverages, such as wines, specialty cocktails, and beers. It operates restaurants under the Kona Grill brand name. As of December 19, 2016, the company owned and operated 45 restaurants in 23 states of the United States and Puerto Rico. Kona Grill, Inc. is based in Scottsdale, Arizona.

FINANCIAL RATIOS  of  Kona Grill (KONA)

Valuation Ratios
P/E Ratio -1.1
Price to Sales 0.1
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 1.1
Price to Free Cash Flow -1.1
Growth Rates
Sales Growth Rate 18.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 10.5%
Cap. Spend. - 3 Yr. Gr. Rate 24.6%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 81.3%
Total Debt to Equity 84.4%
Interest Coverage 0
Management Effectiveness
Return On Assets -21%
Ret/ On Assets - 3 Yr. Avg. -8.2%
Return On Total Capital -36.1%
Ret/ On T. Cap. - 3 Yr. Avg. -13.9%
Return On Equity -46.3%
Return On Equity - 3 Yr. Avg. -17.3%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 36.5%
Gross Margin - 3 Yr. Avg. 37.6%
EBITDA Margin -4.7%
EBITDA Margin - 3 Yr. Avg. 2.1%
Operating Margin -12.4%
Oper. Margin - 3 Yr. Avg. -4.8%
Pre-Tax Margin -12.9%
Pre-Tax Margin - 3 Yr. Avg. -5%
Net Profit Margin -12.9%
Net Profit Margin - 3 Yr. Avg. -5.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -8.3%
Payout Ratio 0%

KONA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KONA stock intrinsic value calculation we used $170 million for the last fiscal year's total revenue generated by Kona Grill. The default revenue input number comes from 2016 income statement of Kona Grill. 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 KONA stock valuation model: a) initial revenue growth rate of 15.4% 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 6.4%, whose default value for KONA is calculated based on our internal credit rating of Kona Grill, 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 Kona Grill.
    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 KONA stock the variable cost ratio is equal to 102.9%.

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 KONA 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 3.5% for Kona Grill.

Corporate tax rate of 27% is the nominal tax rate for Kona Grill. 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 KONA 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 KONA are equal to 54.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Kona Grill 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 KONA is equal to -7.6%. 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 - $32 million for Kona Grill - 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 8.809 million for Kona Grill 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 Kona Grill at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ ETFs with exposure to Kona Grill, Inc. : August 4, 2017   [Aug-03-17 08:38PM  Capital Cube]
▶ Kona Grill Announces the Launch of its New Cocktail Menu   [Aug-02-17 11:00AM  GlobeNewswire]
▶ This restaurant stock is down big after earnings miss, could close locations   [Aug-01-17 12:50PM  American City Business Journals]
▶ Kona Grill reports 2Q loss   [Jul-31-17 10:06PM  Associated Press]
▶ New Strong Sell Stocks for July 26th   [Jul-26-17 09:22AM  Zacks]
▶ ETFs with exposure to Kona Grill, Inc. : June 6, 2017   [Jun-06-17 11:44AM  Capital Cube]
▶ ETFs with exposure to Kona Grill, Inc. : May 26, 2017   [May-26-17 01:14PM  Capital Cube]
▶ ETFs with exposure to Kona Grill, Inc. : May 15, 2017   [May-15-17 04:01PM  Capital Cube]
▶ Kona Grill reports 1Q loss   [May-08-17 05:44PM  Associated Press]
▶ ETFs with exposure to Kona Grill, Inc. : May 2, 2017   [May-02-17 04:15PM  Capital Cube]
▶ ETFs with exposure to Kona Grill, Inc. : April 17, 2017   [Apr-17-17 12:56PM  Capital Cube]
▶ ETFs with exposure to Kona Grill, Inc. : April 5, 2017   [Apr-05-17 05:00PM  Capital Cube]
▶ Kona Grill reports 4Q loss   [05:42PM  Associated Press]
▶ LD Micro Index Reconstitution as of February 1, 2017   [Feb-01-17 09:45AM  Accesswire]
▶ ETFs with exposure to Kona Grill, Inc. : January 11, 2017   [Jan-11-17 12:57PM  Capital Cube]
▶ Kona Grill Announces the Launch of its New Seasonal Menu   [Nov-30-16 11:00AM  GlobeNewswire]
▶ Kona Grill Opens in Winter Park, Florida   [Nov-21-16 02:43PM  GlobeNewswire]
▶ Kona Grill Opens in Huntsville, AL   [Oct-17-16 11:00AM  GlobeNewswire]
▶ Kona Grill Upsizes Secured Credit Facilities to $60,000,000   [Oct-12-16 02:00PM  GlobeNewswire]
▶ Kona Grill Opens in Waikiki, HI   [Sep-14-16 11:48AM  GlobeNewswire]
▶ Kona Grill Announces Adoption of Stockholder Rights Plan   [Sep-06-16 06:26PM  GlobeNewswire]
▶ Kona Grill Opens in Franklin, TN   [Aug-08-16 01:54PM  GlobeNewswire]
▶ Kona Grill Announces the Launch of its New Seasonal Menu   [Jul-20-16 11:00AM  GlobeNewswire]
▶ Kona Grill Opens in Fairfax, VA   [Jun-28-16 11:00AM  GlobeNewswire]
▶ Kona Grill Opens in Minnetonka, MN   [Jun-13-16 01:41PM  GlobeNewswire]
▶ [$$] Two REITs to Outperform   [May-31-16 11:13AM  at Barrons.com]
▶ Kona Grill Announces the Launch of its New Seasonal Menu   [Apr-20-16 11:00AM  GlobeNewswire]
Stock chart of KONA Financial statements of KONA
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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