Intrinsic value of McGrath RentCorp - MGRC

Previous Close

$50.52

  Intrinsic Value

$5.64

stock screener

  Rating & Target

str. sell

-89%

Previous close

$50.52

 
Intrinsic value

$5.64

 
Up/down potential

-89%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as MGRC.

We calculate the intrinsic value of MGRC 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, %
  4.69
  10.70
  10.13
  9.62
  9.16
  8.74
  8.37
  8.03
  7.73
  7.45
  7.21
  6.99
  6.79
  6.61
  6.45
  6.30
  6.17
  6.06
  5.95
  5.86
  5.77
  5.69
  5.62
  5.56
  5.51
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
Revenue, $m
  424
  469
  517
  567
  619
  673
  729
  787
  848
  911
  977
  1,045
  1,116
  1,190
  1,267
  1,347
  1,430
  1,516
  1,607
  1,701
  1,799
  1,901
  2,008
  2,120
  2,237
  2,359
  2,486
  2,620
  2,759
  2,906
  3,059
Variable operating expenses, $m
 
  379
  418
  457
  499
  542
  588
  635
  683
  734
  787
  839
  896
  955
  1,017
  1,081
  1,147
  1,217
  1,289
  1,365
  1,443
  1,526
  1,611
  1,701
  1,795
  1,893
  1,995
  2,102
  2,214
  2,331
  2,454
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
  345
  379
  418
  457
  499
  542
  588
  635
  683
  734
  787
  839
  896
  955
  1,017
  1,081
  1,147
  1,217
  1,289
  1,365
  1,443
  1,526
  1,611
  1,701
  1,795
  1,893
  1,995
  2,102
  2,214
  2,331
  2,454
Operating income, $m
  79
  90
  99
  109
  119
  130
  141
  153
  165
  177
  190
  207
  221
  235
  250
  266
  283
  300
  317
  336
  355
  376
  397
  419
  442
  466
  491
  518
  545
  574
  604
EBITDA, $m
  160
  180
  198
  217
  237
  258
  279
  302
  325
  349
  374
  400
  428
  456
  485
  516
  548
  581
  615
  651
  689
  728
  769
  812
  857
  903
  952
  1,003
  1,057
  1,113
  1,171
Interest expense (income), $m
  12
  11
  14
  17
  20
  23
  26
  30
  33
  37
  41
  45
  49
  53
  58
  62
  67
  72
  78
  83
  89
  95
  101
  107
  114
  121
  129
  136
  144
  153
  162
Earnings before tax, $m
  67
  79
  85
  92
  99
  107
  115
  123
  131
  140
  149
  162
  172
  182
  192
  204
  215
  227
  240
  253
  267
  281
  296
  311
  328
  345
  363
  381
  401
  421
  443
Tax expense, $m
  29
  21
  23
  25
  27
  29
  31
  33
  35
  38
  40
  44
  46
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  84
  89
  93
  98
  103
  108
  114
  120
Net income, $m
  38
  57
  62
  67
  73
  78
  84
  90
  96
  102
  109
  118
  125
  133
  141
  149
  157
  166
  175
  185
  195
  205
  216
  227
  239
  252
  265
  278
  293
  307
  323

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  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
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,128
  1,248
  1,375
  1,507
  1,645
  1,789
  1,938
  2,094
  2,256
  2,424
  2,599
  2,780
  2,969
  3,165
  3,369
  3,582
  3,803
  4,033
  4,273
  4,523
  4,784
  5,057
  5,341
  5,638
  5,949
  6,273
  6,612
  6,967
  7,339
  7,728
  8,135
Adjusted assets (=assets-cash), $m
  1,127
  1,248
  1,375
  1,507
  1,645
  1,789
  1,938
  2,094
  2,256
  2,424
  2,599
  2,780
  2,969
  3,165
  3,369
  3,582
  3,803
  4,033
  4,273
  4,523
  4,784
  5,057
  5,341
  5,638
  5,949
  6,273
  6,612
  6,967
  7,339
  7,728
  8,135
Revenue / Adjusted assets
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
Average production assets, $m
  983
  1,088
  1,198
  1,313
  1,433
  1,558
  1,689
  1,824
  1,965
  2,112
  2,264
  2,422
  2,587
  2,758
  2,935
  3,120
  3,313
  3,514
  3,723
  3,941
  4,168
  4,405
  4,653
  4,912
  5,182
  5,465
  5,761
  6,070
  6,393
  6,732
  7,087
Working capital, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
Total debt, $m
  326
  405
  487
  573
  663
  756
  854
  955
  1,061
  1,170
  1,284
  1,402
  1,525
  1,653
  1,785
  1,924
  2,068
  2,218
  2,374
  2,537
  2,707
  2,884
  3,069
  3,262
  3,465
  3,676
  3,897
  4,128
  4,370
  4,623
  4,888
Total liabilities, $m
  734
  813
  895
  981
  1,071
  1,164
  1,262
  1,363
  1,469
  1,578
  1,692
  1,810
  1,933
  2,061
  2,193
  2,332
  2,476
  2,626
  2,782
  2,945
  3,115
  3,292
  3,477
  3,670
  3,873
  4,084
  4,305
  4,536
  4,778
  5,031
  5,296
Total equity, $m
  394
  436
  480
  526
  574
  624
  676
  731
  787
  846
  907
  970
  1,036
  1,105
  1,176
  1,250
  1,327
  1,408
  1,491
  1,579
  1,670
  1,765
  1,864
  1,968
  2,076
  2,189
  2,308
  2,432
  2,561
  2,697
  2,839
Total liabilities and equity, $m
  1,128
  1,249
  1,375
  1,507
  1,645
  1,788
  1,938
  2,094
  2,256
  2,424
  2,599
  2,780
  2,969
  3,166
  3,369
  3,582
  3,803
  4,034
  4,273
  4,524
  4,785
  5,057
  5,341
  5,638
  5,949
  6,273
  6,613
  6,968
  7,339
  7,728
  8,135
Debt-to-equity ratio
  0.827
  0.930
  1.010
  1.090
  1.150
  1.210
  1.260
  1.310
  1.350
  1.380
  1.420
  1.440
  1.470
  1.500
  1.520
  1.540
  1.560
  1.580
  1.590
  1.610
  1.620
  1.630
  1.650
  1.660
  1.670
  1.680
  1.690
  1.700
  1.710
  1.710
  1.720
Adjusted equity ratio
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  38
  57
  62
  67
  73
  78
  84
  90
  96
  102
  109
  118
  125
  133
  141
  149
  157
  166
  175
  185
  195
  205
  216
  227
  239
  252
  265
  278
  293
  307
  323
Depreciation, amort., depletion, $m
  81
  90
  99
  108
  117
  127
  138
  149
  160
  172
  184
  194
  207
  221
  235
  250
  265
  281
  298
  315
  333
  352
  372
  393
  415
  437
  461
  486
  511
  539
  567
Funds from operations, $m
  165
  147
  161
  175
  190
  206
  222
  238
  256
  274
  293
  312
  332
  353
  375
  398
  422
  447
  473
  500
  528
  558
  588
  620
  654
  689
  726
  764
  804
  846
  890
Change in working capital, $m
  23
  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 operations, $m
  142
  147
  161
  175
  190
  206
  222
  239
  256
  274
  293
  312
  332
  353
  376
  398
  422
  447
  473
  500
  528
  558
  588
  621
  654
  689
  726
  764
  804
  846
  890
Maintenance CAPEX, $m
  0
  -79
  -87
  -96
  -105
  -115
  -125
  -135
  -146
  -157
  -169
  -181
  -194
  -207
  -221
  -235
  -250
  -265
  -281
  -298
  -315
  -333
  -352
  -372
  -393
  -415
  -437
  -461
  -486
  -511
  -539
New CAPEX, $m
  -90
  -105
  -110
  -115
  -120
  -125
  -130
  -136
  -141
  -146
  -152
  -158
  -164
  -171
  -178
  -185
  -193
  -201
  -209
  -218
  -227
  -237
  -248
  -259
  -270
  -283
  -296
  -309
  -324
  -339
  -355
Cash from investing activities, $m
  -60
  -184
  -197
  -211
  -225
  -240
  -255
  -271
  -287
  -303
  -321
  -339
  -358
  -378
  -399
  -420
  -443
  -466
  -490
  -516
  -542
  -570
  -600
  -631
  -663
  -698
  -733
  -770
  -810
  -850
  -894
Free cash flow, $m
  82
  -36
  -36
  -36
  -35
  -34
  -33
  -32
  -31
  -30
  -28
  -27
  -26
  -24
  -23
  -21
  -20
  -18
  -17
  -16
  -14
  -13
  -12
  -10
  -9
  -8
  -7
  -6
  -5
  -4
  -3
Issuance/(repayment) of debt, $m
  -55
  79
  82
  86
  90
  94
  97
  101
  105
  109
  114
  118
  123
  128
  133
  138
  144
  150
  156
  163
  170
  177
  185
  193
  202
  211
  221
  231
  242
  253
  265
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  
  -58
  79
  82
  86
  90
  94
  97
  101
  105
  109
  114
  118
  123
  128
  133
  138
  144
  150
  156
  163
  170
  177
  185
  193
  202
  211
  221
  231
  242
  253
  265
Total cash flow (excl. dividends), $m
  24
  42
  46
  50
  55
  59
  64
  69
  74
  80
  86
  91
  97
  103
  110
  117
  124
  131
  139
  147
  156
  164
  173
  183
  193
  203
  214
  225
  237
  249
  262
Retained Cash Flow (-), $m
  -14
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -99
  -104
  -108
  -113
  -118
  -124
  -130
  -136
  -142
Prev. year cash balance distribution, $m
 
  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
  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
 
  1
  2
  4
  7
  9
  12
  15
  18
  21
  25
  27
  31
  35
  39
  43
  47
  51
  55
  60
  65
  69
  74
  79
  84
  90
  95
  101
  107
  114
  120
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
 
  1
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  3
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  2
  2
  1
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
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  100.0
  100.0
  100.0
  100.0
  100.0
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  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

McGrath RentCorp is a diversified business-to-business rental company. The Company operates through four business segments: modular building and portable storage segment (Mobile Modular); electronic test equipment segment (TRS-RenTelco); a subsidiary providing containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (Adler Tanks), and a subsidiary classroom manufacturing business selling modular buildings used primarily as classrooms in California (Enviroplex). The Mobile Modular business segment includes Mobile Modular Portable Storage division. As of December 31, 2016, the Company's TRS-RenTelco rented and sold electronic test equipment nationally and internationally from three facilities located in Grapevine, Texas (the Dallas facility), Dollard-des-Ormeaux, Canada (the Montreal facility) and Bangalore, Karnataka, India (the Bangalore facility). Adler Tanks purchases tanks and boxes from various manufacturers located throughout the country.

FINANCIAL RATIOS  of  McGrath RentCorp (MGRC)

Valuation Ratios
P/E Ratio 31.8
Price to Sales 2.9
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 8.5
Price to Free Cash Flow 23.3
Growth Rates
Sales Growth Rate 4.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -35.7%
Cap. Spend. - 3 Yr. Gr. Rate -9.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 82.7%
Total Debt to Equity 82.7%
Interest Coverage 7
Management Effectiveness
Return On Assets 3.9%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 5.1%
Ret/ On T. Cap. - 3 Yr. Avg. 5.6%
Return On Equity 9.8%
Return On Equity - 3 Yr. Avg. 10.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 43.4%
Gross Margin - 3 Yr. Avg. 43.9%
EBITDA Margin 37.7%
EBITDA Margin - 3 Yr. Avg. 39.4%
Operating Margin 18.6%
Oper. Margin - 3 Yr. Avg. 19.5%
Pre-Tax Margin 15.8%
Pre-Tax Margin - 3 Yr. Avg. 17%
Net Profit Margin 9%
Net Profit Margin - 3 Yr. Avg. 10%
Effective Tax Rate 43.3%
Eff/ Tax Rate - 3 Yr. Avg. 41%
Payout Ratio 63.2%

MGRC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MGRC stock intrinsic value calculation we used $424 million for the last fiscal year's total revenue generated by McGrath RentCorp. The default revenue input number comes from 2016 income statement of McGrath RentCorp. 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 MGRC stock valuation model: a) initial revenue growth rate of 10.7% 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 6.4%, whose default value for MGRC is calculated based on our internal credit rating of McGrath RentCorp, 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 McGrath RentCorp.
    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 MGRC stock the variable cost ratio is equal to 80.9%.

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 MGRC 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 McGrath RentCorp.

Corporate tax rate of 27% is the nominal tax rate for McGrath RentCorp. 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 MGRC 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 MGRC are equal to 231.7%.

Life of production assets of 12.5 years is the average useful life of capital assets used in McGrath RentCorp 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 MGRC is equal to -0.2%. 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 - $394 million for McGrath RentCorp - 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 24.053 million for McGrath RentCorp 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 McGrath RentCorp at the current share price and the inputted number of shares is $1.2 billion.

RELATED COMPANIES Price Int.Val. Rating
MINI Mobile Mini 37.10 9.26  str.sell
RCII Rent-A-Center 11.70 0.98  str.sell
AAN Aaron's In 42.08 86.90  str.buy
URI United Rentals 183.67 191.79  hold
HEES H&E Equipment 40.62 14.05  str.sell

COMPANY NEWS

▶ Top Services Dividend Yielding Stocks To Profit From   [Dec-28-17 02:02PM  Simply Wall St.]
▶ McGrath RentCorp Declares Quarterly Dividend   [Dec-06-17 05:28PM  GlobeNewswire]
▶ Stocks With Rising Composite Ratings: McGrath RentCorp   [Nov-07-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to McGrath RentCorp : November 3, 2017   [Nov-03-17 12:21PM  Capital Cube]
▶ McGrath posts 3Q profit   [Oct-31-17 06:16PM  Associated Press]
▶ McGrath RentCorp to Host Earnings Call   [09:40AM  ACCESSWIRE]
▶ McGrath RentCorp Declares Quarterly Dividend   [Sep-20-17 04:01PM  GlobeNewswire]
▶ Top Ranked Income Stocks to Buy for August 30th   [Aug-30-17 09:06AM  Zacks]
▶ McGrath posts 2Q profit   [Aug-02-17 11:09PM  Associated Press]
▶ ETFs with exposure to McGrath RentCorp : June 15, 2017   [Jun-15-17 02:34PM  Capital Cube]
▶ McGrath RentCorp Declares Quarterly Dividend   [Jun-07-17 04:00PM  GlobeNewswire]
▶ ETFs with exposure to McGrath RentCorp : June 1, 2017   [Jun-01-17 01:57PM  Capital Cube]
▶ McGrath RentCorp Sees Future Getting Brighter   [May-03-17 07:31PM  Motley Fool]
▶ McGrath posts 1Q profit   [May-02-17 05:24PM  Associated Press]
▶ Dividend Growth Stocks Raising The Bar   [Mar-06-17 09:28AM  Insider Monkey]
▶ Dividend Growth Stocks Raising The Bar   [09:28AM  at Insider Monkey]
▶ McGrath RentCorp Sees Some Bright Spots in 2017   [Mar-01-17 03:36PM  Motley Fool]
▶ McGrath RentCorp Announces Leadership Change   [04:01PM  GlobeNewswire]
▶ McGrath RentCorp (MGRC): Are Hedge Funds Right About This Stock?   [Dec-12-16 09:17AM  at Insider Monkey]
▶ McGrath RentCorp Declares Quarterly Dividend   [Dec-07-16 04:15PM  GlobeNewswire]
▶ McGrath RentCorp Declares Quarterly Dividend   [Sep-21-16 04:01PM  GlobeNewswire]
Financial statements of MGRC
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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