Intrinsic value of McGrath RentCorp - MGRC

Previous Close

$45.36

  Intrinsic Value

$10.39

stock screener

  Rating & Target

str. sell

-77%

Previous close

$45.36

 
Intrinsic value

$10.39

 
Up/down potential

-77%

 
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

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 1.1

 

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, %
  4.69
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
Revenue, $m
  424
  453
  483
  514
  546
  580
  615
  652
  690
  730
  772
  815
  861
  908
  957
  1,009
  1,063
  1,120
  1,180
  1,242
  1,307
  1,375
  1,447
  1,521
  1,600
  1,682
  1,768
  1,859
  1,954
  2,053
  2,158
Variable operating expenses, $m
 
  366
  390
  415
  441
  468
  497
  526
  557
  589
  622
  654
  690
  729
  768
  810
  853
  899
  946
  996
  1,049
  1,103
  1,161
  1,221
  1,284
  1,350
  1,419
  1,492
  1,568
  1,648
  1,731
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
  366
  390
  415
  441
  468
  497
  526
  557
  589
  622
  654
  690
  729
  768
  810
  853
  899
  946
  996
  1,049
  1,103
  1,161
  1,221
  1,284
  1,350
  1,419
  1,492
  1,568
  1,648
  1,731
Operating income, $m
  79
  87
  93
  99
  105
  112
  119
  126
  134
  141
  150
  161
  170
  179
  189
  199
  210
  221
  233
  245
  258
  272
  286
  301
  316
  332
  349
  367
  386
  406
  426
EBITDA, $m
  160
  173
  185
  197
  209
  222
  236
  250
  264
  280
  296
  312
  330
  348
  367
  387
  407
  429
  452
  476
  500
  527
  554
  583
  613
  644
  677
  712
  748
  786
  826
Interest expense (income), $m
  12
  11
  13
  15
  17
  19
  21
  23
  25
  28
  30
  32
  35
  38
  41
  44
  47
  50
  54
  57
  61
  65
  69
  73
  78
  83
  88
  93
  98
  104
  110
Earnings before tax, $m
  67
  75
  79
  84
  88
  93
  98
  103
  108
  114
  120
  129
  135
  142
  148
  156
  163
  171
  179
  188
  197
  207
  217
  227
  238
  250
  262
  274
  288
  302
  316
Tax expense, $m
  29
  20
  21
  23
  24
  25
  26
  28
  29
  31
  32
  35
  36
  38
  40
  42
  44
  46
  48
  51
  53
  56
  59
  61
  64
  67
  71
  74
  78
  81
  85
Net income, $m
  38
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  94
  98
  103
  108
  114
  119
  125
  131
  137
  144
  151
  158
  166
  174
  182
  191
  200
  210
  220
  231

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
  1,204
  1,284
  1,367
  1,453
  1,543
  1,637
  1,734
  1,836
  1,942
  2,052
  2,168
  2,289
  2,415
  2,546
  2,684
  2,828
  2,979
  3,137
  3,302
  3,476
  3,657
  3,847
  4,046
  4,255
  4,474
  4,703
  4,944
  5,196
  5,461
  5,739
Adjusted assets (=assets-cash), $m
  1,127
  1,204
  1,284
  1,367
  1,453
  1,543
  1,637
  1,734
  1,836
  1,942
  2,052
  2,168
  2,289
  2,415
  2,546
  2,684
  2,828
  2,979
  3,137
  3,302
  3,476
  3,657
  3,847
  4,046
  4,255
  4,474
  4,703
  4,944
  5,196
  5,461
  5,739
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
  1,049
  1,119
  1,191
  1,266
  1,344
  1,426
  1,511
  1,599
  1,692
  1,788
  1,889
  1,994
  2,104
  2,218
  2,338
  2,464
  2,595
  2,733
  2,877
  3,028
  3,186
  3,352
  3,525
  3,707
  3,898
  4,098
  4,307
  4,527
  4,758
  5,000
Working capital, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
Total debt, $m
  326
  376
  428
  482
  538
  597
  657
  721
  787
  856
  928
  1,003
  1,082
  1,164
  1,250
  1,339
  1,433
  1,531
  1,634
  1,742
  1,855
  1,973
  2,096
  2,226
  2,362
  2,504
  2,654
  2,811
  2,975
  3,147
  3,328
Total liabilities, $m
  734
  784
  836
  890
  946
  1,005
  1,065
  1,129
  1,195
  1,264
  1,336
  1,411
  1,490
  1,572
  1,658
  1,747
  1,841
  1,939
  2,042
  2,150
  2,263
  2,381
  2,504
  2,634
  2,770
  2,912
  3,062
  3,219
  3,383
  3,555
  3,736
Total equity, $m
  394
  420
  448
  477
  507
  539
  571
  605
  641
  678
  716
  757
  799
  843
  889
  937
  987
  1,040
  1,095
  1,153
  1,213
  1,276
  1,343
  1,412
  1,485
  1,561
  1,641
  1,725
  1,814
  1,906
  2,003
Total liabilities and equity, $m
  1,128
  1,204
  1,284
  1,367
  1,453
  1,544
  1,636
  1,734
  1,836
  1,942
  2,052
  2,168
  2,289
  2,415
  2,547
  2,684
  2,828
  2,979
  3,137
  3,303
  3,476
  3,657
  3,847
  4,046
  4,255
  4,473
  4,703
  4,944
  5,197
  5,461
  5,739
Debt-to-equity ratio
  0.827
  0.890
  0.950
  1.010
  1.060
  1.110
  1.150
  1.190
  1.230
  1.260
  1.300
  1.330
  1.350
  1.380
  1.410
  1.430
  1.450
  1.470
  1.490
  1.510
  1.530
  1.550
  1.560
  1.580
  1.590
  1.600
  1.620
  1.630
  1.640
  1.650
  1.660
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
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  94
  98
  103
  108
  114
  119
  125
  131
  137
  144
  151
  158
  166
  174
  182
  191
  200
  210
  220
  231
Depreciation, amort., depletion, $m
  81
  87
  92
  98
  104
  110
  117
  124
  131
  138
  146
  151
  160
  168
  177
  187
  197
  208
  219
  230
  242
  255
  268
  282
  297
  312
  328
  345
  362
  381
  400
Funds from operations, $m
  165
  142
  150
  159
  169
  178
  188
  199
  210
  221
  233
  245
  258
  272
  286
  301
  316
  333
  350
  368
  386
  406
  426
  448
  470
  494
  519
  545
  572
  601
  631
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
  142
  150
  159
  169
  178
  188
  199
  210
  221
  233
  245
  258
  272
  286
  301
  316
  333
  350
  368
  386
  406
  427
  448
  471
  494
  519
  545
  572
  601
  631
Maintenance CAPEX, $m
  0
  -79
  -84
  -89
  -95
  -101
  -108
  -114
  -121
  -128
  -135
  -143
  -151
  -160
  -168
  -177
  -187
  -197
  -208
  -219
  -230
  -242
  -255
  -268
  -282
  -297
  -312
  -328
  -345
  -362
  -381
New CAPEX, $m
  -90
  -67
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -92
  -96
  -101
  -105
  -110
  -115
  -120
  -126
  -131
  -138
  -144
  -151
  -158
  -166
  -174
  -182
  -191
  -200
  -210
  -220
  -231
  -242
Cash from investing activities, $m
  -60
  -146
  -153
  -161
  -170
  -179
  -190
  -199
  -210
  -220
  -231
  -244
  -256
  -270
  -283
  -297
  -313
  -328
  -346
  -363
  -381
  -400
  -421
  -442
  -464
  -488
  -512
  -538
  -565
  -593
  -623
Free cash flow, $m
  82
  -4
  -3
  -2
  -2
  -1
  -1
  0
  1
  1
  2
  1
  2
  2
  3
  3
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  8
Issuance/(repayment) of debt, $m
  -55
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
  79
  82
  86
  90
  94
  98
  103
  108
  113
  118
  124
  130
  136
  142
  149
  157
  164
  172
  181
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
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
  79
  82
  86
  90
  94
  98
  103
  108
  113
  118
  124
  130
  136
  142
  149
  157
  164
  172
  181
Total cash flow (excl. dividends), $m
  24
  46
  49
  52
  54
  57
  60
  63
  67
  70
  74
  77
  80
  84
  89
  93
  98
  102
  107
  113
  118
  124
  130
  136
  143
  150
  157
  164
  172
  181
  189
Retained Cash Flow (-), $m
  -14
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60
  -63
  -66
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -97
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
 
  20
  21
  23
  24
  26
  28
  29
  31
  33
  35
  36
  38
  40
  43
  45
  47
  50
  52
  55
  58
  60
  63
  67
  70
  73
  77
  80
  84
  88
  92
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
 
  19
  18
  18
  18
  18
  17
  17
  16
  15
  14
  12
  11
  10
  9
  8
  6
  5
  4
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
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

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 28.6
Price to Sales 2.6
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 7.7
Price to Free Cash Flow 20.9
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 6.8% 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 24.03 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 $1.1 billion.

RELATED COMPANIES Price Int.Val. Rating
MINI Mobile Mini 33.75 9.81  str.sell
RCII Rent-A-Center 10.43 0.99  str.sell
AAN Aaron's In 42.74 48.36  hold
URI United Rentals 144.40 193.42  buy
HEES H&E Equipment 28.79 10.13  str.sell

COMPANY NEWS

▶ 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]
▶ McGrath RentCorp Declares Quarterly Dividend   [Jun-08-16 04:01PM  GlobeNewswire]
▶ McGrath RentCorp Annual Meeting Audio Webcast   [Jun-06-16 04:01PM  GlobeNewswire]
▶ McGrath RentCorp Grows in Q1 Despite Weakness in Energy   [May-04-16 11:31AM  at Motley Fool]
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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