Intrinsic value of Natural Grocers by Vitamin Cottage - NGVC

Previous Close

$6.17

  Intrinsic Value

$13.04

stock screener

  Rating & Target

str. buy

+111%

  Value-price divergence*

+18%

Previous close

$6.17

 
Intrinsic value

$13.04

 
Up/down potential

+111%

 
Rating

str. buy

 
Value-price divergence*

+18%

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

We calculate the intrinsic value of NGVC 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 0.1

 

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, %
  12.96
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
Revenue, $m
  706
  766
  828
  893
  961
  1,031
  1,104
  1,179
  1,258
  1,340
  1,425
  1,514
  1,606
  1,702
  1,803
  1,907
  2,016
  2,130
  2,249
  2,373
  2,503
  2,639
  2,781
  2,930
  3,085
  3,248
  3,419
  3,598
  3,785
  3,981
  4,187
Variable operating expenses, $m
 
  730
  789
  851
  915
  982
  1,052
  1,124
  1,199
  1,277
  1,358
  1,442
  1,530
  1,621
  1,717
  1,816
  1,920
  2,029
  2,142
  2,260
  2,384
  2,513
  2,649
  2,790
  2,938
  3,093
  3,256
  3,426
  3,604
  3,791
  3,987
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
  685
  730
  789
  851
  915
  982
  1,052
  1,124
  1,199
  1,277
  1,358
  1,442
  1,530
  1,621
  1,717
  1,816
  1,920
  2,029
  2,142
  2,260
  2,384
  2,513
  2,649
  2,790
  2,938
  3,093
  3,256
  3,426
  3,604
  3,791
  3,987
Operating income, $m
  20
  36
  39
  42
  45
  49
  52
  56
  60
  63
  67
  72
  77
  81
  86
  91
  96
  102
  107
  113
  119
  126
  133
  140
  147
  155
  163
  172
  181
  190
  200
EBITDA, $m
  46
  54
  59
  63
  68
  73
  78
  83
  89
  95
  101
  107
  114
  120
  127
  135
  143
  151
  159
  168
  177
  187
  197
  207
  218
  230
  242
  254
  268
  281
  296
Interest expense (income), $m
  0
  2
  3
  3
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
Earnings before tax, $m
  17
  34
  36
  39
  42
  45
  48
  51
  54
  57
  61
  65
  68
  72
  76
  80
  85
  89
  94
  99
  105
  110
  116
  122
  128
  135
  141
  149
  156
  164
  172
Tax expense, $m
  6
  9
  10
  11
  11
  12
  13
  14
  15
  15
  16
  17
  18
  20
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  44
  47
Net income, $m
  11
  25
  27
  29
  31
  33
  35
  37
  39
  42
  44
  47
  50
  53
  56
  59
  62
  65
  69
  72
  76
  80
  85
  89
  93
  98
  103
  109
  114
  120
  126

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
  282
  302
  326
  352
  378
  406
  435
  464
  495
  528
  561
  596
  632
  670
  710
  751
  794
  839
  886
  934
  986
  1,039
  1,095
  1,154
  1,215
  1,279
  1,346
  1,416
  1,490
  1,567
  1,648
Adjusted assets (=assets-cash), $m
  278
  302
  326
  352
  378
  406
  435
  464
  495
  528
  561
  596
  632
  670
  710
  751
  794
  839
  886
  934
  986
  1,039
  1,095
  1,154
  1,215
  1,279
  1,346
  1,416
  1,490
  1,567
  1,648
Revenue / Adjusted assets
  2.540
  2.536
  2.540
  2.537
  2.542
  2.539
  2.538
  2.541
  2.541
  2.538
  2.540
  2.540
  2.541
  2.540
  2.539
  2.539
  2.539
  2.539
  2.538
  2.541
  2.539
  2.540
  2.540
  2.539
  2.539
  2.539
  2.540
  2.541
  2.540
  2.541
  2.541
Average production assets, $m
  163
  176
  191
  205
  221
  237
  254
  271
  289
  308
  328
  348
  369
  392
  415
  439
  464
  490
  517
  546
  576
  607
  640
  674
  710
  747
  786
  827
  871
  916
  963
Working capital, $m
  30
  28
  31
  33
  36
  38
  41
  44
  47
  50
  53
  56
  59
  63
  67
  71
  75
  79
  83
  88
  93
  98
  103
  108
  114
  120
  127
  133
  140
  147
  155
Total debt, $m
  59
  72
  86
  100
  115
  130
  146
  163
  180
  198
  217
  237
  257
  278
  300
  323
  347
  372
  398
  425
  454
  484
  515
  548
  582
  618
  655
  694
  735
  779
  824
Total liabilities, $m
  156
  168
  182
  196
  211
  226
  242
  259
  276
  294
  313
  333
  353
  374
  396
  419
  443
  468
  494
  521
  550
  580
  611
  644
  678
  714
  751
  790
  831
  875
  920
Total equity, $m
  127
  133
  144
  155
  167
  179
  192
  205
  219
  233
  248
  263
  280
  296
  314
  332
  351
  371
  391
  413
  436
  459
  484
  510
  537
  565
  595
  626
  659
  693
  729
Total liabilities and equity, $m
  283
  301
  326
  351
  378
  405
  434
  464
  495
  527
  561
  596
  633
  670
  710
  751
  794
  839
  885
  934
  986
  1,039
  1,095
  1,154
  1,215
  1,279
  1,346
  1,416
  1,490
  1,568
  1,649
Debt-to-equity ratio
  0.465
  0.540
  0.600
  0.640
  0.690
  0.730
  0.760
  0.790
  0.820
  0.850
  0.880
  0.900
  0.920
  0.940
  0.960
  0.970
  0.990
  1.000
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
  1.090
  1.100
  1.110
  1.120
  1.120
  1.130
Adjusted equity ratio
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  11
  25
  27
  29
  31
  33
  35
  37
  39
  42
  44
  47
  50
  53
  56
  59
  62
  65
  69
  72
  76
  80
  85
  89
  93
  98
  103
  109
  114
  120
  126
Depreciation, amort., depletion, $m
  26
  18
  20
  21
  23
  24
  26
  28
  29
  31
  33
  35
  37
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  67
  71
  75
  79
  83
  87
  92
  96
Funds from operations, $m
  13
  43
  46
  50
  53
  57
  61
  65
  69
  73
  77
  82
  87
  92
  97
  103
  108
  114
  121
  127
  134
  141
  148
  156
  164
  173
  182
  191
  201
  211
  222
Change in working capital, $m
  -16
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
Cash from operations, $m
  29
  41
  44
  47
  51
  54
  58
  62
  66
  70
  74
  79
  83
  88
  93
  99
  104
  110
  116
  122
  129
  136
  143
  151
  159
  167
  176
  185
  194
  204
  215
Maintenance CAPEX, $m
  0
  -16
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -92
New CAPEX, $m
  -54
  -14
  -14
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
Cash from investing activities, $m
  -54
  -30
  -32
  -34
  -37
  -38
  -41
  -42
  -45
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -114
  -120
  -126
  -132
  -139
Free cash flow, $m
  -25
  11
  12
  13
  15
  16
  17
  19
  21
  22
  24
  26
  27
  29
  31
  33
  35
  38
  40
  42
  45
  47
  50
  53
  56
  59
  62
  65
  68
  72
  76
Issuance/(repayment) of debt, $m
  27
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  26
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
Total cash flow (excl. dividends), $m
  1
  24
  26
  27
  29
  31
  33
  36
  38
  40
  43
  45
  48
  50
  53
  56
  59
  63
  66
  69
  73
  77
  81
  85
  90
  94
  99
  104
  110
  115
  121
Retained Cash Flow (-), $m
  -12
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
Prev. year cash balance distribution, $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
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
 
  18
  15
  16
  18
  19
  21
  22
  24
  26
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
  51
  53
  56
  59
  63
  66
  69
  73
  77
  81
  85
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
 
  17
  14
  14
  15
  15
  15
  15
  15
  15
  15
  14
  13
  13
  12
  11
  10
  9
  8
  7
  6
  6
  5
  4
  3
  3
  2
  2
  1
  1
  1
Current shareholders' claim on cash, %
  100
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  100.0
  100.0
  100.0
  100.0
  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
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  100.0

Natural Grocers by Vitamin Cottage, Inc., together with its subsidiaries, operates natural and organic groceries, and dietary supplement retail stores in the United States. Its stores offer natural and organic grocery products, such as organic produce; bulk food and private label products; dry, frozen, and canned groceries; meat and seafood products; dairy products, dairy substitutes, and eggs; prepared foods; bread and baked products; and beverages. The company’s stores also provide private label dietary supplements; body care products comprising cosmetics, skin care, hair care, fragrance, and personal care products containing natural and organic ingredients; pet care and food products; household and general merchandise, including cleaning supplies, paper products, dish and laundry soap, and other common household products; and books and handouts. As of February 1, 2017, it operated 132 stores in 19 states. The company operates its retail stores under the Natural Grocers by Vitamin Cottage trademark. Natural Grocers by Vitamin Cottage, Inc. was founded in 1955 and is headquartered in Lakewood, Colorado.

FINANCIAL RATIOS  of  Natural Grocers by Vitamin Cottage (NGVC)

Valuation Ratios
P/E Ratio 12.6
Price to Sales 0.2
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 4.8
Price to Free Cash Flow -5.5
Growth Rates
Sales Growth Rate 13%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 45.9%
Cap. Spend. - 3 Yr. Gr. Rate 6.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 46.5%
Total Debt to Equity 46.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 6.7%
Return On Total Capital 6.7%
Ret/ On T. Cap. - 3 Yr. Avg. 10.1%
Return On Equity 9.1%
Return On Equity - 3 Yr. Avg. 12.7%
Asset Turnover 2.7
Profitability Ratios
Gross Margin 28.6%
Gross Margin - 3 Yr. Avg. 29%
EBITDA Margin 6.1%
EBITDA Margin - 3 Yr. Avg. 7.2%
Operating Margin 3%
Oper. Margin - 3 Yr. Avg. 4.1%
Pre-Tax Margin 2.4%
Pre-Tax Margin - 3 Yr. Avg. 3.6%
Net Profit Margin 1.6%
Net Profit Margin - 3 Yr. Avg. 2.2%
Effective Tax Rate 35.3%
Eff/ Tax Rate - 3 Yr. Avg. 38.2%
Payout Ratio 0%

NGVC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NGVC stock intrinsic value calculation we used $706 million for the last fiscal year's total revenue generated by Natural Grocers by Vitamin Cottage. The default revenue input number comes from 2016 income statement of Natural Grocers by Vitamin Cottage. 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 NGVC stock valuation model: a) initial revenue growth rate of 8.5% 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 NGVC is calculated based on our internal credit rating of Natural Grocers by Vitamin Cottage, 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 Natural Grocers by Vitamin Cottage.
    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 NGVC 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 NGVC 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 Natural Grocers by Vitamin Cottage.

Corporate tax rate of 27% is the nominal tax rate for Natural Grocers by Vitamin Cottage. 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 NGVC 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 NGVC are equal to 23%.

Life of production assets of 10 years is the average useful life of capital assets used in Natural Grocers by Vitamin Cottage 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 NGVC is equal to 3.7%. 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 - $127 million for Natural Grocers by Vitamin Cottage - 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 21.597 million for Natural Grocers by Vitamin Cottage 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 Natural Grocers by Vitamin Cottage at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating
WFM Whole Foods Ma 41.73 28.30  sell
SFM Sprouts Farmer 23.87 29.15  buy
KR Kroger 22.61 29.60  buy
NUTR Nutraceutical 41.75 27.42  sell
VSI Vitamin Shoppe 5.75 39.64  str.buy
WMT Wal-Mart Store 79.71 72.08  hold

COMPANY NEWS

▶ Natural Grocers is Hiring in Heber City, Utah   [Jul-27-17 12:00PM  PR Newswire]
▶ What Nutrition Professionals Recommend for Summer Skin   [Jun-13-17 02:53PM  PR Newswire]
▶ Natural Grocers to Open New Iowa City Store on June 21   [Jun-06-17 04:34PM  PR Newswire]
▶ Natural Grocers to Open New Portland Store on June 7   [Jun-01-17 05:48PM  PR Newswire]
▶ Amazon rolling out same-day grocery delivery in Denver   [May-24-17 10:25AM  American City Business Journals]
▶ Whole Foods Has Wasted So Much Time   [May-11-17 10:11AM  TheStreet.com]
▶ Natural Grocers misses Street 2Q forecasts   [May-04-17 07:05PM  Associated Press]
▶ Natural Grocers is Hiring in Iowa City   [Apr-18-17 11:03AM  PR Newswire]
▶ Natural Grocers is Hiring in Denver   [Mar-29-17 03:40PM  PR Newswire]
▶ Natural Grocers is Hiring in Boulder   [Feb-23-17 09:07AM  PR Newswire]
▶ Kombucha on Tap at Natural Grocers   [Feb-16-17 12:51PM  PR Newswire]
▶ LD Micro Index Reconstitution as of February 1, 2017   [Feb-01-17 09:45AM  Accesswire]
▶ Specialty grocer preps for second San Antonio location   [Jan-05-17 04:05PM  at bizjournals.com]
▶ Natural Grocers Brings 18 New Jobs to South Jordan, Utah   [Dec-22-16 09:07AM  PR Newswire]
▶ Retail Roundup: Ramen, steak and upscale barbecue   [Nov-22-16 04:10PM  at bizjournals.com]
▶ Natural Grocers Brings 18 New Jobs to Longview, TX   [Nov-01-16 02:40PM  PR Newswire]
▶ Natural Grocers Brings 18 New Jobs to Ogden, Utah   [Oct-13-16 10:07AM  PR Newswire]
▶ Natural Grocers to Open New Tucson Store on September 20   [Sep-13-16 11:13AM  PR Newswire]
▶ Natural Grocers Brings 18 New Jobs to Cedar Rapids, Iowa   [Sep-07-16 10:03AM  PR Newswire]
▶ Natural Grocers Wants to Be Your Organic Headquarters   [Aug-24-16 04:06PM  PR Newswire]
▶ Natural Grocers Brings 18 New Jobs to Liberty, Missouri   [Aug-19-16 11:50AM  PR Newswire]
Stock chart of NGVC Financial statements of NGVC
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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