Intrinsic value of Viad - VVI

Previous Close

$55.70

  Intrinsic Value

$106.45

stock screener

  Rating & Target

str. buy

+91%

Previous close

$55.70

 
Intrinsic value

$106.45

 
Up/down potential

+91%

 
Rating

str. buy

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 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, %
  10.65
  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
  1,205
  1,334
  1,469
  1,610
  1,758
  1,911
  2,071
  2,238
  2,410
  2,590
  2,777
  2,971
  3,173
  3,382
  3,600
  3,827
  4,064
  4,310
  4,566
  4,834
  5,113
  5,404
  5,707
  6,025
  6,357
  6,703
  7,066
  7,445
  7,842
  8,258
  8,693
Variable operating expenses, $m
 
  1,022
  1,123
  1,228
  1,338
  1,453
  1,573
  1,697
  1,826
  1,960
  2,100
  2,219
  2,370
  2,526
  2,689
  2,859
  3,035
  3,219
  3,411
  3,610
  3,819
  4,036
  4,263
  4,500
  4,748
  5,007
  5,278
  5,561
  5,857
  6,168
  6,493
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
  1,243
  1,350
  1,461
  1,576
  1,697
  1,823
  1,954
  2,089
  2,230
  2,376
  2,502
  2,660
  2,824
  2,994
  3,172
  3,356
  3,548
  3,748
  3,955
  4,173
  4,399
  4,635
  4,881
  5,139
  5,407
  5,688
  5,982
  6,288
  6,610
  6,946
Operating income, $m
  69
  91
  119
  150
  181
  214
  248
  284
  321
  360
  401
  468
  512
  558
  606
  656
  708
  762
  819
  878
  940
  1,005
  1,073
  1,144
  1,218
  1,296
  1,378
  1,463
  1,553
  1,648
  1,747
EBITDA, $m
  112
  143
  175
  208
  242
  278
  316
  355
  396
  438
  483
  529
  577
  627
  679
  733
  790
  849
  911
  976
  1,043
  1,114
  1,188
  1,266
  1,347
  1,432
  1,521
  1,614
  1,712
  1,815
  1,923
Interest expense (income), $m
  6
  8
  10
  12
  14
  16
  18
  20
  23
  25
  28
  30
  33
  36
  39
  42
  46
  49
  52
  56
  60
  64
  68
  72
  77
  82
  87
  92
  97
  103
  109
Earnings before tax, $m
  65
  83
  110
  138
  167
  198
  230
  264
  299
  335
  373
  438
  479
  522
  567
  614
  662
  713
  766
  822
  880
  941
  1,005
  1,071
  1,141
  1,214
  1,291
  1,372
  1,456
  1,545
  1,638
Tax expense, $m
  22
  22
  30
  37
  45
  53
  62
  71
  81
  90
  101
  118
  129
  141
  153
  166
  179
  193
  207
  222
  238
  254
  271
  289
  308
  328
  349
  370
  393
  417
  442
Net income, $m
  42
  60
  80
  101
  122
  145
  168
  193
  218
  245
  272
  320
  350
  381
  414
  448
  483
  521
  559
  600
  642
  687
  733
  782
  833
  886
  943
  1,001
  1,063
  1,128
  1,196

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
  940
  1,035
  1,135
  1,239
  1,347
  1,460
  1,577
  1,699
  1,825
  1,957
  2,094
  2,236
  2,384
  2,537
  2,697
  2,864
  3,037
  3,218
  3,406
  3,603
  3,808
  4,022
  4,246
  4,480
  4,724
  4,979
  5,247
  5,527
  5,819
  6,126
Adjusted assets (=assets-cash), $m
  849
  940
  1,035
  1,135
  1,239
  1,347
  1,460
  1,577
  1,699
  1,825
  1,957
  2,094
  2,236
  2,384
  2,537
  2,697
  2,864
  3,037
  3,218
  3,406
  3,603
  3,808
  4,022
  4,246
  4,480
  4,724
  4,979
  5,247
  5,527
  5,819
  6,126
Revenue / Adjusted assets
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.418
  1.419
  1.418
  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
  1.419
  1.419
  1.419
Average production assets, $m
  288
  319
  351
  385
  420
  457
  495
  535
  576
  619
  664
  710
  758
  808
  860
  915
  971
  1,030
  1,091
  1,155
  1,222
  1,291
  1,364
  1,440
  1,519
  1,602
  1,689
  1,779
  1,874
  1,974
  2,078
Working capital, $m
  -171
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -34
  -36
  -39
  -42
  -44
  -47
  -50
  -54
  -57
  -60
  -64
  -68
  -72
  -76
  -80
  -84
  -89
  -94
  -99
  -104
  -110
  -116
  -122
Total debt, $m
  249
  281
  336
  394
  454
  517
  583
  651
  721
  795
  871
  950
  1,033
  1,118
  1,208
  1,300
  1,397
  1,498
  1,602
  1,712
  1,826
  1,945
  2,069
  2,199
  2,334
  2,476
  2,624
  2,779
  2,941
  3,111
  3,289
Total liabilities, $m
  512
  545
  600
  658
  718
  781
  847
  915
  985
  1,059
  1,135
  1,214
  1,297
  1,382
  1,472
  1,564
  1,661
  1,762
  1,866
  1,976
  2,090
  2,209
  2,333
  2,463
  2,598
  2,740
  2,888
  3,043
  3,205
  3,375
  3,553
Total equity, $m
  357
  395
  435
  477
  520
  566
  613
  662
  713
  767
  822
  879
  939
  1,001
  1,066
  1,133
  1,203
  1,276
  1,352
  1,431
  1,513
  1,599
  1,689
  1,783
  1,881
  1,984
  2,091
  2,204
  2,321
  2,444
  2,573
Total liabilities and equity, $m
  869
  940
  1,035
  1,135
  1,238
  1,347
  1,460
  1,577
  1,698
  1,826
  1,957
  2,093
  2,236
  2,383
  2,538
  2,697
  2,864
  3,038
  3,218
  3,407
  3,603
  3,808
  4,022
  4,246
  4,479
  4,724
  4,979
  5,247
  5,526
  5,819
  6,126
Debt-to-equity ratio
  0.697
  0.710
  0.770
  0.830
  0.870
  0.910
  0.950
  0.980
  1.010
  1.040
  1.060
  1.080
  1.100
  1.120
  1.130
  1.150
  1.160
  1.170
  1.190
  1.200
  1.210
  1.220
  1.220
  1.230
  1.240
  1.250
  1.250
  1.260
  1.270
  1.270
  1.280
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
  60
  80
  101
  122
  145
  168
  193
  218
  245
  272
  320
  350
  381
  414
  448
  483
  521
  559
  600
  642
  687
  733
  782
  833
  886
  943
  1,001
  1,063
  1,128
  1,196
Depreciation, amort., depletion, $m
  43
  52
  55
  58
  61
  64
  67
  71
  74
  78
  82
  60
  64
  69
  73
  78
  82
  87
  92
  98
  104
  109
  116
  122
  129
  136
  143
  151
  159
  167
  176
Funds from operations, $m
  87
  113
  135
  159
  183
  209
  235
  263
  292
  322
  354
  380
  414
  450
  487
  525
  566
  608
  652
  698
  746
  796
  849
  904
  962
  1,022
  1,086
  1,152
  1,222
  1,295
  1,372
Change in working capital, $m
  -13
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
Cash from operations, $m
  100
  115
  137
  161
  185
  211
  238
  266
  295
  325
  357
  383
  417
  453
  490
  529
  569
  611
  655
  702
  750
  800
  853
  908
  966
  1,027
  1,091
  1,157
  1,227
  1,301
  1,378
Maintenance CAPEX, $m
  0
  -24
  -27
  -30
  -33
  -36
  -39
  -42
  -45
  -49
  -52
  -56
  -60
  -64
  -69
  -73
  -78
  -82
  -87
  -92
  -98
  -104
  -109
  -116
  -122
  -129
  -136
  -143
  -151
  -159
  -167
New CAPEX, $m
  -50
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -99
  -104
Cash from investing activities, $m
  -245
  -55
  -59
  -64
  -68
  -73
  -77
  -82
  -86
  -92
  -97
  -102
  -108
  -114
  -121
  -127
  -134
  -141
  -148
  -156
  -165
  -174
  -182
  -192
  -201
  -212
  -223
  -234
  -246
  -258
  -271
Free cash flow, $m
  -145
  59
  78
  97
  117
  139
  161
  184
  208
  233
  260
  280
  308
  338
  369
  401
  435
  470
  507
  545
  585
  627
  671
  717
  765
  815
  868
  924
  982
  1,043
  1,107
Issuance/(repayment) of debt, $m
  121
  53
  55
  58
  60
  63
  65
  68
  71
  73
  76
  79
  82
  86
  89
  93
  97
  101
  105
  109
  114
  119
  124
  130
  136
  142
  148
  155
  162
  170
  178
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
  53
  55
  58
  60
  63
  65
  68
  71
  73
  76
  79
  82
  86
  89
  93
  97
  101
  105
  109
  114
  119
  124
  130
  136
  142
  148
  155
  162
  170
  178
Total cash flow (excl. dividends), $m
  -28
  113
  133
  155
  178
  201
  226
  252
  279
  307
  336
  359
  391
  424
  458
  494
  532
  571
  612
  655
  699
  746
  795
  847
  901
  957
  1,016
  1,079
  1,144
  1,213
  1,284
Retained Cash Flow (-), $m
  -34
  -38
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -83
  -86
  -90
  -94
  -98
  -103
  -107
  -112
  -117
  -123
  -129
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
 
  75
  93
  113
  134
  156
  179
  203
  228
  254
  281
  302
  331
  362
  394
  427
  462
  498
  536
  575
  617
  660
  705
  753
  802
  855
  909
  966
  1,026
  1,090
  1,156
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
 
  71
  83
  95
  106
  114
  121
  125
  128
  129
  127
  121
  117
  111
  104
  96
  87
  77
  68
  59
  50
  42
  34
  27
  21
  17
  12
  9
  7
  5
  3
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 is an international experiential services company. The Company operates through two main business groups: GES, which is a live event service provider to some of the visible and influential events and global brands, and Pursuit, which is a collection of destination travel experiences. GES conducts its operations through two geographical segments: GES U.S., which has full-service operations in exhibition market in the United States, including Las Vegas, Nevada; Chicago, Illinois; Orlando, Florida; New York, New York, and Los Angeles, California, and GES International, which had full-service operations at many of the event destinations and venues. In addition, GES offers clients a full suite of audio-visual services. Pursuit is composed of four lines of business: Hospitality (including food and beverage services and retail operations); Attractions (including food and beverage services and retail operations); Transportation, and Travel Planning.

FINANCIAL RATIOS  of  Viad (VVI)

Valuation Ratios
P/E Ratio 26.9
Price to Sales 0.9
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 11.3
Price to Free Cash Flow 22.6
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 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 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 20.395 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 $1.1 billion.

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COMPANY NEWS

▶ Viad Corp Announces Planned Expansion of FlyOver Concept   [Nov-06-17 04:00AM  Business Wire]
▶ Viad Corp. Value Analysis (NYSE:VVI) : November 1, 2017   [Nov-01-17 01:25PM  Capital Cube]
▶ Viad posts 3Q profit   [Oct-26-17 06:04PM  Associated Press]
▶ Viad Corp Reports 2017 Third Quarter Results   [04:10PM  Business Wire]
▶ Viad Corp to Host Earnings Call   [12:10PM  ACCESSWIRE]
▶ Viad Corp Schedules Third Quarter 2017 Earnings Call   [Oct-03-17 07:01PM  Business Wire]
▶ Viad Corp Declares Quarterly Dividend   [Aug-16-17 06:21PM  Business Wire]
▶ Viad Corp Delivers Strong Growth in 2017 Second Quarter   [Jul-27-17 04:10PM  Business Wire]
▶ Scott Irvine Joins GES as General Manager of Toronto   [Jul-26-17 10:30AM  GlobeNewswire]
▶ Viad Corp Schedules Second Quarter 2017 Earnings Call   [Jul-05-17 04:58PM  Business Wire]
▶ Viad Corp Declares Quarterly Dividend   [May-18-17 10:00AM  Business Wire]
▶ ETFs with exposure to Viad Corp. : May 11, 2017   [May-11-17 05:45PM  Capital Cube]
▶ Viad beats 1Q profit forecasts   [Apr-27-17 06:14PM  Associated Press]
▶ 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]
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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