Intrinsic value of Viad - VVI

Previous Close

$43.40

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$43.40

 
Intrinsic value

$610.91

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

*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
  35.30
  32.27
  29.54
  27.09
  24.88
  22.89
  21.10
  19.49
  18.04
  16.74
  15.56
  14.51
  13.56
  12.70
  11.93
  11.24
  10.61
  10.05
  9.55
  9.09
  8.68
  8.32
  7.98
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
Revenue, $m
  1,205
  1,630
  2,156
  2,794
  3,550
  4,434
  5,449
  6,598
  7,885
  9,307
  10,865
  12,556
  14,378
  16,327
  18,401
  20,597
  22,911
  25,343
  27,891
  30,554
  33,333
  36,227
  39,239
  42,372
  45,629
  49,013
  52,530
  56,185
  59,984
  63,934
  68,043
Variable operating expenses, $m
 
  1,243
  1,636
  2,112
  2,677
  3,337
  4,095
  4,954
  5,915
  6,977
  8,141
  9,379
  10,739
  12,195
  13,744
  15,384
  17,113
  18,930
  20,833
  22,822
  24,897
  27,059
  29,309
  31,649
  34,081
  36,609
  39,236
  41,966
  44,803
  47,754
  50,823
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
  1,464
  1,863
  2,345
  2,915
  3,581
  4,345
  5,211
  6,178
  7,247
  8,417
  9,662
  11,029
  12,493
  14,049
  15,697
  17,434
  19,259
  21,170
  23,167
  25,251
  27,422
  29,681
  32,030
  34,472
  37,009
  39,646
  42,387
  45,234
  48,196
  51,276
Operating income, $m
  69
  166
  293
  449
  635
  852
  1,103
  1,388
  1,707
  2,060
  2,448
  2,894
  3,348
  3,834
  4,352
  4,900
  5,478
  6,085
  6,722
  7,387
  8,082
  8,806
  9,559
  10,342
  11,157
  12,004
  12,884
  13,798
  14,749
  15,738
  16,767
EBITDA, $m
  112
  224
  363
  531
  732
  967
  1,239
  1,547
  1,892
  2,274
  2,693
  3,149
  3,639
  4,165
  4,724
  5,317
  5,942
  6,599
  7,287
  8,006
  8,757
  9,539
  10,354
  11,201
  12,081
  12,996
  13,948
  14,936
  15,964
  17,033
  18,145
Interest expense (income), $m
  6
  8
  14
  22
  31
  42
  54
  69
  85
  104
  124
  146
  170
  196
  224
  254
  285
  319
  353
  390
  428
  468
  509
  552
  597
  644
  692
  742
  795
  849
  905
Earnings before tax, $m
  65
  158
  279
  427
  604
  811
  1,049
  1,319
  1,622
  1,957
  2,324
  2,748
  3,178
  3,638
  4,127
  4,646
  5,192
  5,767
  6,368
  6,998
  7,654
  8,338
  9,050
  9,790
  10,560
  11,360
  12,192
  13,056
  13,955
  14,890
  15,862
Tax expense, $m
  22
  43
  75
  115
  163
  219
  283
  356
  438
  528
  627
  742
  858
  982
  1,114
  1,254
  1,402
  1,557
  1,719
  1,889
  2,067
  2,251
  2,443
  2,643
  2,851
  3,067
  3,292
  3,525
  3,768
  4,020
  4,283
Net income, $m
  42
  115
  204
  312
  441
  592
  766
  963
  1,184
  1,428
  1,696
  2,006
  2,320
  2,656
  3,013
  3,391
  3,790
  4,210
  4,649
  5,108
  5,587
  6,087
  6,606
  7,147
  7,709
  8,293
  8,900
  9,531
  10,187
  10,869
  11,579

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
  1,149
  1,520
  1,969
  2,502
  3,124
  3,840
  4,650
  5,556
  6,559
  7,657
  8,849
  10,132
  11,506
  12,968
  14,515
  16,146
  17,860
  19,656
  21,532
  23,490
  25,530
  27,653
  29,861
  32,156
  34,541
  37,019
  39,595
  42,272
  45,056
  47,952
Adjusted assets (=assets-cash), $m
  849
  1,149
  1,520
  1,969
  2,502
  3,124
  3,840
  4,650
  5,556
  6,559
  7,657
  8,849
  10,132
  11,506
  12,968
  14,515
  16,146
  17,860
  19,656
  21,532
  23,490
  25,530
  27,653
  29,861
  32,156
  34,541
  37,019
  39,595
  42,272
  45,056
  47,952
Revenue / Adjusted assets
  1.419
  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
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
Average production assets, $m
  288
  390
  515
  668
  849
  1,060
  1,302
  1,577
  1,884
  2,224
  2,597
  3,001
  3,436
  3,902
  4,398
  4,923
  5,476
  6,057
  6,666
  7,302
  7,966
  8,658
  9,378
  10,127
  10,905
  11,714
  12,555
  13,428
  14,336
  15,280
  16,262
Working capital, $m
  -171
  -23
  -30
  -39
  -50
  -62
  -76
  -92
  -110
  -130
  -152
  -176
  -201
  -229
  -258
  -288
  -321
  -355
  -390
  -428
  -467
  -507
  -549
  -593
  -639
  -686
  -735
  -787
  -840
  -895
  -953
Total debt, $m
  249
  402
  617
  878
  1,187
  1,548
  1,963
  2,433
  2,959
  3,540
  4,177
  4,868
  5,613
  6,410
  7,257
  8,155
  9,101
  10,095
  11,136
  12,225
  13,360
  14,543
  15,775
  17,055
  18,386
  19,770
  21,207
  22,701
  24,254
  25,868
  27,548
Total liabilities, $m
  512
  666
  881
  1,142
  1,451
  1,812
  2,227
  2,697
  3,223
  3,804
  4,441
  5,132
  5,877
  6,674
  7,521
  8,419
  9,365
  10,359
  11,400
  12,489
  13,624
  14,807
  16,039
  17,319
  18,650
  20,034
  21,471
  22,965
  24,518
  26,132
  27,812
Total equity, $m
  357
  483
  638
  827
  1,051
  1,312
  1,613
  1,953
  2,334
  2,755
  3,216
  3,716
  4,256
  4,833
  5,446
  6,096
  6,781
  7,501
  8,255
  9,044
  9,866
  10,723
  11,614
  12,541
  13,505
  14,507
  15,548
  16,630
  17,754
  18,923
  20,140
Total liabilities and equity, $m
  869
  1,149
  1,519
  1,969
  2,502
  3,124
  3,840
  4,650
  5,557
  6,559
  7,657
  8,848
  10,133
  11,507
  12,967
  14,515
  16,146
  17,860
  19,655
  21,533
  23,490
  25,530
  27,653
  29,860
  32,155
  34,541
  37,019
  39,595
  42,272
  45,055
  47,952
Debt-to-equity ratio
  0.697
  0.830
  0.970
  1.060
  1.130
  1.180
  1.220
  1.250
  1.270
  1.290
  1.300
  1.310
  1.320
  1.330
  1.330
  1.340
  1.340
  1.350
  1.350
  1.350
  1.350
  1.360
  1.360
  1.360
  1.360
  1.360
  1.360
  1.370
  1.370
  1.370
  1.370
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
  115
  204
  312
  441
  592
  766
  963
  1,184
  1,428
  1,696
  2,006
  2,320
  2,656
  3,013
  3,391
  3,790
  4,210
  4,649
  5,108
  5,587
  6,087
  6,606
  7,147
  7,709
  8,293
  8,900
  9,531
  10,187
  10,869
  11,579
Depreciation, amort., depletion, $m
  43
  58
  69
  82
  97
  115
  136
  159
  185
  214
  245
  254
  291
  331
  373
  417
  464
  513
  565
  619
  675
  734
  795
  858
  924
  993
  1,064
  1,138
  1,215
  1,295
  1,378
Funds from operations, $m
  87
  174
  273
  394
  538
  707
  901
  1,122
  1,369
  1,642
  1,942
  2,260
  2,611
  2,986
  3,386
  3,809
  4,254
  4,723
  5,214
  5,727
  6,263
  6,820
  7,401
  8,005
  8,633
  9,286
  9,964
  10,669
  11,402
  12,164
  12,957
Change in working capital, $m
  -13
  -6
  -7
  -9
  -11
  -12
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
Cash from operations, $m
  100
  246
  280
  403
  549
  719
  916
  1,138
  1,387
  1,662
  1,964
  2,284
  2,637
  3,014
  3,415
  3,839
  4,287
  4,757
  5,250
  5,764
  6,301
  6,861
  7,443
  8,049
  8,679
  9,333
  10,013
  10,720
  11,455
  12,220
  13,015
Maintenance CAPEX, $m
  0
  -24
  -33
  -44
  -57
  -72
  -90
  -110
  -134
  -160
  -189
  -220
  -254
  -291
  -331
  -373
  -417
  -464
  -513
  -565
  -619
  -675
  -734
  -795
  -858
  -924
  -993
  -1,064
  -1,138
  -1,215
  -1,295
New CAPEX, $m
  -50
  -102
  -126
  -152
  -181
  -211
  -243
  -275
  -307
  -340
  -372
  -404
  -435
  -466
  -496
  -525
  -553
  -581
  -609
  -636
  -664
  -692
  -720
  -749
  -778
  -809
  -841
  -874
  -908
  -944
  -982
Cash from investing activities, $m
  -245
  -126
  -159
  -196
  -238
  -283
  -333
  -385
  -441
  -500
  -561
  -624
  -689
  -757
  -827
  -898
  -970
  -1,045
  -1,122
  -1,201
  -1,283
  -1,367
  -1,454
  -1,544
  -1,636
  -1,733
  -1,834
  -1,938
  -2,046
  -2,159
  -2,277
Free cash flow, $m
  -145
  120
  122
  207
  311
  436
  583
  753
  946
  1,163
  1,403
  1,660
  1,947
  2,257
  2,588
  2,942
  3,316
  3,712
  4,127
  4,563
  5,019
  5,494
  5,990
  6,505
  7,042
  7,600
  8,180
  8,783
  9,409
  10,061
  10,738
Issuance/(repayment) of debt, $m
  121
  174
  215
  260
  309
  361
  415
  470
  526
  581
  637
  691
  745
  797
  848
  897
  946
  994
  1,041
  1,088
  1,136
  1,183
  1,231
  1,281
  1,331
  1,383
  1,437
  1,494
  1,553
  1,615
  1,680
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
  174
  215
  260
  309
  361
  415
  470
  526
  581
  637
  691
  745
  797
  848
  897
  946
  994
  1,041
  1,088
  1,136
  1,183
  1,231
  1,281
  1,331
  1,383
  1,437
  1,494
  1,553
  1,615
  1,680
Total cash flow (excl. dividends), $m
  -28
  294
  337
  467
  621
  797
  998
  1,223
  1,472
  1,744
  2,040
  2,351
  2,691
  3,053
  3,436
  3,839
  4,263
  4,706
  5,169
  5,651
  6,154
  6,677
  7,221
  7,786
  8,373
  8,983
  9,617
  10,277
  10,962
  11,675
  12,417
Retained Cash Flow (-), $m
  -34
  -126
  -156
  -189
  -224
  -261
  -300
  -340
  -381
  -421
  -461
  -501
  -539
  -577
  -614
  -650
  -685
  -720
  -754
  -788
  -822
  -857
  -892
  -927
  -964
  -1,002
  -1,041
  -1,082
  -1,124
  -1,169
  -1,216
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
 
  168
  181
  279
  397
  536
  698
  883
  1,091
  1,323
  1,579
  1,851
  2,152
  2,476
  2,822
  3,189
  3,577
  3,986
  4,415
  4,863
  5,332
  5,820
  6,329
  6,859
  7,409
  7,982
  8,577
  9,195
  9,838
  10,506
  11,201
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
 
  160
  162
  235
  313
  392
  471
  546
  614
  671
  716
  744
  760
  759
  744
  714
  672
  620
  561
  497
  432
  367
  306
  249
  198
  154
  117
  87
  63
  44
  30
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
Price to Sales 0.7
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 8.8
Price to Free Cash Flow 17.6
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 35.3% 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 20.38 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.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
PCLN Priceline Grou 1,863.90 prem.  prem.
TRIP TripAdvisor 39.07 prem.  prem.

COMPANY NEWS

▶ 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]
▶ 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]
Stock chart of VVI Financial statements of VVI Annual reports 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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.