Intrinsic value of Viad - VVI

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$44.55

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$44.55

 
Intrinsic value

$42.56

 
Up/down potential

-4%

 
Rating

hold

 
Value-price divergence* premium content

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

We calculate the intrinsic value of VVI 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 0.9

 

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, %
  10.65
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,205
  1,229
  1,257
  1,290
  1,326
  1,366
  1,410
  1,458
  1,510
  1,566
  1,626
  1,691
  1,759
  1,832
  1,910
  1,992
  2,080
  2,172
  2,270
  2,373
  2,482
  2,597
  2,719
  2,847
  2,981
  3,123
  3,273
  3,430
  3,595
  3,770
  3,953
Variable operating expenses, $m
 
  943
  965
  989
  1,016
  1,046
  1,079
  1,115
  1,153
  1,195
  1,240
  1,263
  1,314
  1,369
  1,427
  1,488
  1,553
  1,622
  1,695
  1,773
  1,854
  1,940
  2,031
  2,126
  2,227
  2,333
  2,444
  2,562
  2,686
  2,816
  2,952
Fixed operating expenses, $m
 
  221
  227
  233
  238
  244
  250
  257
  263
  270
  276
  283
  290
  298
  305
  313
  321
  329
  337
  345
  354
  363
  372
  381
  391
  400
  410
  421
  431
  442
  453
Total operating expenses, $m
  1,136
  1,164
  1,192
  1,222
  1,254
  1,290
  1,329
  1,372
  1,416
  1,465
  1,516
  1,546
  1,604
  1,667
  1,732
  1,801
  1,874
  1,951
  2,032
  2,118
  2,208
  2,303
  2,403
  2,507
  2,618
  2,733
  2,854
  2,983
  3,117
  3,258
  3,405
Operating income, $m
  69
  64
  66
  68
  72
  76
  81
  87
  94
  101
  110
  144
  155
  166
  178
  191
  206
  221
  238
  255
  274
  295
  316
  339
  364
  390
  418
  447
  479
  512
  547
EBITDA, $m
  112
  115
  117
  120
  124
  129
  135
  142
  150
  158
  168
  179
  190
  203
  217
  232
  248
  265
  284
  303
  325
  347
  371
  397
  424
  453
  484
  517
  552
  588
  627
Interest expense (income), $m
  6
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  30
  31
  33
  35
  38
  40
  42
  45
Earnings before tax, $m
  65
  56
  58
  60
  63
  66
  71
  76
  82
  89
  97
  130
  140
  150
  161
  173
  186
  201
  216
  232
  250
  268
  288
  310
  332
  357
  382
  410
  439
  470
  503
Tax expense, $m
  22
  15
  16
  16
  17
  18
  19
  21
  22
  24
  26
  35
  38
  41
  44
  47
  50
  54
  58
  63
  67
  72
  78
  84
  90
  96
  103
  111
  118
  127
  136
Net income, $m
  42
  41
  42
  44
  46
  48
  52
  55
  60
  65
  70
  95
  102
  110
  118
  127
  136
  146
  157
  169
  182
  196
  210
  226
  243
  260
  279
  299
  320
  343
  367

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  21
  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
  870
  866
  886
  909
  934
  963
  994
  1,028
  1,064
  1,104
  1,146
  1,191
  1,240
  1,291
  1,346
  1,404
  1,466
  1,531
  1,600
  1,672
  1,749
  1,830
  1,916
  2,006
  2,101
  2,201
  2,306
  2,417
  2,534
  2,657
  2,786
Adjusted assets (=assets-cash), $m
  849
  866
  886
  909
  934
  963
  994
  1,028
  1,064
  1,104
  1,146
  1,191
  1,240
  1,291
  1,346
  1,404
  1,466
  1,531
  1,600
  1,672
  1,749
  1,830
  1,916
  2,006
  2,101
  2,201
  2,306
  2,417
  2,534
  2,657
  2,786
Revenue / Adjusted assets
  1.419
  1.419
  1.419
  1.419
  1.420
  1.418
  1.419
  1.418
  1.419
  1.418
  1.419
  1.420
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
Average production assets, $m
  288
  294
  301
  308
  317
  327
  337
  349
  361
  374
  389
  404
  420
  438
  457
  476
  497
  519
  543
  567
  593
  621
  650
  680
  713
  746
  782
  820
  859
  901
  945
Working capital, $m
  -171
  -17
  -18
  -18
  -19
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
Total debt, $m
  249
  238
  250
  263
  278
  294
  312
  332
  353
  376
  401
  427
  455
  485
  517
  550
  586
  624
  664
  706
  751
  798
  847
  899
  955
  1,013
  1,074
  1,138
  1,206
  1,277
  1,352
Total liabilities, $m
  512
  502
  514
  527
  542
  558
  576
  596
  617
  640
  665
  691
  719
  749
  781
  814
  850
  888
  928
  970
  1,015
  1,062
  1,111
  1,163
  1,219
  1,277
  1,338
  1,402
  1,470
  1,541
  1,616
Total equity, $m
  357
  364
  372
  382
  392
  404
  417
  432
  447
  464
  481
  500
  521
  542
  565
  590
  616
  643
  672
  702
  735
  769
  805
  843
  882
  924
  969
  1,015
  1,064
  1,116
  1,170
Total liabilities and equity, $m
  869
  866
  886
  909
  934
  962
  993
  1,028
  1,064
  1,104
  1,146
  1,191
  1,240
  1,291
  1,346
  1,404
  1,466
  1,531
  1,600
  1,672
  1,750
  1,831
  1,916
  2,006
  2,101
  2,201
  2,307
  2,417
  2,534
  2,657
  2,786
Debt-to-equity ratio
  0.697
  0.660
  0.670
  0.690
  0.710
  0.730
  0.750
  0.770
  0.790
  0.810
  0.830
  0.850
  0.870
  0.890
  0.910
  0.930
  0.950
  0.970
  0.990
  1.010
  1.020
  1.040
  1.050
  1.070
  1.080
  1.100
  1.110
  1.120
  1.130
  1.140
  1.160
Adjusted equity ratio
  0.396
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  42
  41
  42
  44
  46
  48
  52
  55
  60
  65
  70
  95
  102
  110
  118
  127
  136
  146
  157
  169
  182
  196
  210
  226
  243
  260
  279
  299
  320
  343
  367
Depreciation, amort., depletion, $m
  43
  50
  51
  52
  52
  53
  54
  55
  56
  57
  58
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  69
  73
  76
  80
Funds from operations, $m
  87
  91
  93
  95
  98
  101
  106
  110
  116
  122
  129
  129
  138
  147
  156
  167
  178
  190
  203
  217
  232
  248
  265
  284
  303
  324
  345
  369
  393
  419
  447
Change in working capital, $m
  -13
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
Cash from operations, $m
  100
  158
  93
  96
  98
  102
  106
  111
  117
  123
  130
  130
  139
  148
  157
  168
  179
  192
  205
  219
  234
  250
  267
  285
  305
  326
  347
  371
  396
  422
  450
Maintenance CAPEX, $m
  0
  -24
  -25
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -73
  -76
New CAPEX, $m
  -50
  -6
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
Cash from investing activities, $m
  -245
  -30
  -32
  -33
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -56
  -59
  -61
  -64
  -67
  -71
  -74
  -77
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -115
  -120
Free cash flow, $m
  -145
  128
  62
  62
  64
  66
  68
  71
  75
  79
  84
  82
  88
  95
  102
  110
  118
  127
  137
  148
  160
  172
  186
  200
  215
  231
  249
  267
  286
  307
  329
Issuance/(repayment) of debt, $m
  121
  10
  12
  13
  15
  16
  18
  20
  21
  23
  25
  26
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  64
  68
  71
  75
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  
  120
  10
  12
  13
  15
  16
  18
  20
  21
  23
  25
  26
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  64
  68
  71
  75
Total cash flow (excl. dividends), $m
  -28
  138
  73
  76
  78
  82
  86
  91
  96
  102
  108
  108
  116
  124
  134
  143
  154
  165
  177
  190
  204
  219
  235
  252
  270
  289
  310
  331
  354
  378
  404
Retained Cash Flow (-), $m
  -34
  -7
  -8
  -10
  -11
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -54
Prev. year cash balance distribution, $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 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
 
  131
  65
  66
  68
  70
  73
  76
  80
  85
  90
  89
  96
  103
  111
  119
  128
  138
  149
  160
  172
  185
  199
  214
  230
  247
  265
  285
  305
  327
  350
Discount rate, %
 
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
 
  125
  58
  56
  53
  51
  49
  47
  45
  43
  41
  36
  34
  32
  29
  27
  24
  21
  19
  16
  14
  12
  10
  8
  6
  5
  4
  3
  2
  1
  1
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

Viad Corp provides experiential services in the exhibition and events, and travel and recreation industries primarily in the United States, Canada, the United Kingdom, Germany, the Netherlands, and the United Arab Emirates. It operates through three segments: Marketing & Events U.S., Marketing & Events International, and Travel & Recreation Group. Its services include general event management, planning and consultation, concept design and layout, carpeting and flooring, online management tools, show traffic analysis, marketing and strategy, overhead rigging and booth rigging, graphics and signage, decorating products and accessories, custom graphics, and common area structures, as well as cleaning, and temporary electrical, lighting, and plumbing. The company also provides material handling services, creative design and strategy, integrated marketing, event surveys, return on investment analysis, online management tools, attendee and exhibit booth traffic analysis, staff training, logistics and freight-forwarding, storage and refurbishment of exhibits, booth furnishings, carpeting, in-house installation and dismantling, and tradeshow program management, as well as custom exhibit design and construction, and portable and modular exhibits and design. In addition, it offers event accommodations services; audio-visual solutions, including digital design and content, media production, content testing, equipment rental, staging, and creative services; corporate and consumer event services; congresses and conferences; and event registration and data intelligence services. Further, the company provides tourism products and services, including hospitality, attractions, package tour operations, and transportation services; and owns and operates hotels and lodges. Viad Corp was founded in 1914 and is headquartered in Phoenix, Arizona.

FINANCIAL RATIOS  of  Viad (VVI)

Valuation Ratios
P/E Ratio 21.6
Price to Sales 0.8
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow 18.1
Growth Rates
Sales Growth Rate 10.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 66.7%
Cap. Spend. - 3 Yr. Gr. Rate 6.8%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 20.7%
Total Debt to Equity 69.7%
Interest Coverage 12
Management Effectiveness
Return On Assets 5.9%
Ret/ On Assets - 3 Yr. Avg. 6.2%
Return On Total Capital 8%
Ret/ On T. Cap. - 3 Yr. Avg. 8.7%
Return On Equity 12.4%
Return On Equity - 3 Yr. Avg. 11.9%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 7.1%
Gross Margin - 3 Yr. Avg. 5.9%
EBITDA Margin 9.5%
EBITDA Margin - 3 Yr. Avg. 7.8%
Operating Margin 5.7%
Oper. Margin - 3 Yr. Avg. 4.5%
Pre-Tax Margin 5.4%
Pre-Tax Margin - 3 Yr. Avg. 4.2%
Net Profit Margin 3.5%
Net Profit Margin - 3 Yr. Avg. 3.6%
Effective Tax Rate 33.8%
Eff/ Tax Rate - 3 Yr. Avg. 20.9%
Payout Ratio 19%

VVI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VVI stock intrinsic value calculation we used $1205 million for the last fiscal year's total revenue generated by Viad. The default revenue input number comes from 2016 income statement of Viad. 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 VVI stock valuation model: a) initial revenue growth rate of 2% 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 5.3%, whose default value for VVI is calculated based on our internal credit rating of Viad, 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 Viad.
    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 VVI stock the variable cost ratio is equal to 76.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $216 million in the base year in the intrinsic value calculation for VVI 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 Viad.

Corporate tax rate of 27% is the nominal tax rate for Viad. 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 VVI 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 VVI are equal to 23.9%.

Life of production assets of 11.8 years is the average useful life of capital assets used in Viad 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 VVI is equal to -1.4%. 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 - $357 million for Viad - 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 20.509 million for Viad 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 Viad at the current share price and the inputted number of shares is $0.9 billion.


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COMPANY NEWS

▶ Viad Corp Board to Initiate Search for New Director   [Apr-10-17 05:00PM  Business Wire]
▶ Viad Corp Schedules First Quarter 2017 Earnings Call   [Apr-03-17 04:25PM  Business Wire]
▶ GES Invites EXHIBITORLIVE Attendees to Relax and Refocus   [Mar-07-17 02:21PM  PR Newswire]
▶ Dax Callner Joins GES as Chief Strategy Officer - Events   [Feb-23-17 12:14PM  PR Newswire]
▶ Viad Corp Declares Quarterly Dividend   [10:35AM  Business Wire]
▶ Trend Tracker 2017: The Year of the Intelligent Event   [Feb-02-17 01:57PM  PR Newswire]
▶ Got A Minute? Go To Mars: A Virtual Reality Journey   [Jan-30-17 04:11PM  PR Newswire]
▶ Viad Corp Hotel Suffers Fire Damage   [Dec-30-16 04:05PM  Business Wire]
▶ Viad Corp Acquires FlyOver Canada Attraction   [Dec-29-16 01:06PM  Business Wire]
▶ Is Viad Corp (VVI) Going to Burn These Hedge Funds?   [Dec-08-16 11:53AM  at Insider Monkey]
▶ The Banff Gondola Wins Two Top Project Awards   [Dec-07-16 06:00PM  Business Wire]
▶ GES at Expo! Expo! - It's All About... YOU!   [Dec-05-16 03:42PM  PR Newswire]
▶ Viad Corp Declares Quarterly Dividend   [Dec-01-16 09:45AM  Business Wire]
▶ [$$] KT Capital Sells ON Event Services to Viad   [Oct-18-16 02:24PM  at The Wall Street Journal]
▶ Viad Corp Schedules Third Quarter 2016 Earnings Call   [Oct-03-16 08:30AM  PR Newswire]
▶ GES Adds Experienced Marketing Professionals to its Team   [Sep-15-16 10:30AM  PR Newswire]
▶ Viad Corp Declares Quarterly Dividend   [Aug-24-16 09:30AM  PR Newswire]
▶ Viad Corp Schedules Second Quarter 2016 Earnings Call   [Jul-05-16 08:30AM  PR Newswire]
▶ Nicholas Mirabile Joins GES' Epic Events Team   [Jun-28-16 11:34AM  PR Newswire]
▶ Viad Corp to Host Analyst Meeting June 15, 2016   [Jun-02-16 08:00AM  PR Newswire]
▶ Larry Harrison Joins GES as General Manager of Toronto   [May-25-16 12:28PM  PR Newswire]
▶ Viad Corp Declares Quarterly Dividend   [May-19-16 11:48AM  PR Newswire]
▶ Viad Corp to Host Analyst Meeting June 15, 2016   [May-10-16 04:30PM  PR Newswire]
▶ Viad Corp Announces First Quarter Earnings Call   [Apr-04-16 08:30AM  PR Newswire]
▶ Viad Corp Streamlines Corporate Development Efforts   [Mar-24-16 05:41PM  at noodls]
Stock chart of VVI Financial statements of VVI
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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