Intrinsic value of Acuity Brands - AYI

Previous Close

$142.35

  Intrinsic Value

$165.58

stock screener

  Rating & Target

hold

+16%

Previous close

$142.35

 
Intrinsic value

$165.58

 
Up/down potential

+16%

 
Rating

hold

We calculate the intrinsic value of AYI 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 2017), $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 6.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
Revenue, $m
  3,733
  3,970
  4,217
  4,474
  4,741
  5,020
  5,311
  5,615
  5,932
  6,263
  6,609
  6,971
  7,349
  7,744
  8,158
  8,591
  9,044
  9,519
  10,017
  10,538
  11,084
  11,656
  12,256
  12,885
  13,545
  14,237
  14,962
  15,724
  16,522
  17,360
Variable operating expenses, $m
  2,963
  3,142
  3,329
  3,524
  3,726
  3,938
  4,158
  4,388
  4,628
  4,879
  5,006
  5,280
  5,566
  5,866
  6,179
  6,507
  6,851
  7,211
  7,587
  7,982
  8,396
  8,829
  9,284
  9,760
  10,260
  10,784
  11,334
  11,910
  12,515
  13,150
Fixed operating expenses, $m
  206
  211
  216
  220
  225
  230
  235
  240
  246
  251
  257
  262
  268
  274
  280
  286
  292
  299
  305
  312
  319
  326
  333
  341
  348
  356
  364
  372
  380
  388
Total operating expenses, $m
  3,169
  3,353
  3,545
  3,744
  3,951
  4,168
  4,393
  4,628
  4,874
  5,130
  5,263
  5,542
  5,834
  6,140
  6,459
  6,793
  7,143
  7,510
  7,892
  8,294
  8,715
  9,155
  9,617
  10,101
  10,608
  11,140
  11,698
  12,282
  12,895
  13,538
Operating income, $m
  564
  617
  672
  730
  790
  852
  918
  986
  1,058
  1,133
  1,346
  1,428
  1,514
  1,604
  1,698
  1,797
  1,901
  2,010
  2,124
  2,243
  2,369
  2,501
  2,639
  2,784
  2,937
  3,097
  3,265
  3,442
  3,627
  3,822
EBITDA, $m
  871
  935
  1,001
  1,071
  1,143
  1,219
  1,298
  1,380
  1,466
  1,557
  1,651
  1,750
  1,853
  1,961
  2,075
  2,193
  2,318
  2,449
  2,586
  2,729
  2,880
  3,038
  3,204
  3,378
  3,561
  3,753
  3,955
  4,167
  4,389
  4,622
Interest expense (income), $m
  34
  32
  40
  48
  55
  64
  72
  81
  91
  100
  110
  121
  132
  144
  156
  169
  182
  196
  210
  225
  241
  258
  276
  294
  313
  333
  355
  377
  400
  424
  450
Earnings before tax, $m
  531
  577
  624
  674
  726
  780
  837
  896
  958
  1,022
  1,225
  1,296
  1,370
  1,448
  1,530
  1,616
  1,705
  1,799
  1,898
  2,002
  2,111
  2,225
  2,345
  2,471
  2,603
  2,742
  2,888
  3,042
  3,203
  3,372
Tax expense, $m
  143
  156
  169
  182
  196
  211
  226
  242
  259
  276
  331
  350
  370
  391
  413
  436
  460
  486
  513
  541
  570
  601
  633
  667
  703
  740
  780
  821
  865
  910
Net income, $m
  388
  421
  456
  492
  530
  569
  611
  654
  699
  746
  894
  946
  1,000
  1,057
  1,117
  1,179
  1,245
  1,314
  1,386
  1,461
  1,541
  1,624
  1,712
  1,804
  1,901
  2,002
  2,109
  2,220
  2,338
  2,462

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  3,088
  3,284
  3,488
  3,700
  3,922
  4,152
  4,393
  4,644
  4,907
  5,180
  5,466
  5,766
  6,078
  6,405
  6,748
  7,106
  7,481
  7,874
  8,285
  8,716
  9,168
  9,641
  10,137
  10,658
  11,203
  11,776
  12,376
  13,005
  13,666
  14,359
Adjusted assets (=assets-cash), $m
  3,088
  3,284
  3,488
  3,700
  3,922
  4,152
  4,393
  4,644
  4,907
  5,180
  5,466
  5,766
  6,078
  6,405
  6,748
  7,106
  7,481
  7,874
  8,285
  8,716
  9,168
  9,641
  10,137
  10,658
  11,203
  11,776
  12,376
  13,005
  13,666
  14,359
Revenue / Adjusted assets
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
Average production assets, $m
  1,721
  1,830
  1,944
  2,062
  2,186
  2,314
  2,449
  2,589
  2,735
  2,887
  3,047
  3,213
  3,388
  3,570
  3,761
  3,960
  4,169
  4,388
  4,618
  4,858
  5,110
  5,373
  5,650
  5,940
  6,244
  6,563
  6,898
  7,249
  7,617
  8,003
Working capital, $m
  -71
  -75
  -80
  -85
  -90
  -95
  -101
  -107
  -113
  -119
  -126
  -132
  -140
  -147
  -155
  -163
  -172
  -181
  -190
  -200
  -211
  -221
  -233
  -245
  -257
  -270
  -284
  -299
  -314
  -330
Total debt, $m
  439
  522
  609
  700
  794
  892
  995
  1,102
  1,213
  1,330
  1,452
  1,579
  1,713
  1,852
  1,998
  2,150
  2,310
  2,477
  2,653
  2,836
  3,029
  3,230
  3,442
  3,664
  3,896
  4,140
  4,395
  4,664
  4,945
  5,240
Total liabilities, $m
  1,315
  1,399
  1,486
  1,576
  1,671
  1,769
  1,871
  1,978
  2,090
  2,207
  2,329
  2,456
  2,589
  2,729
  2,874
  3,027
  3,187
  3,354
  3,529
  3,713
  3,905
  4,107
  4,319
  4,540
  4,773
  5,016
  5,272
  5,540
  5,822
  6,117
Total equity, $m
  1,772
  1,885
  2,002
  2,124
  2,251
  2,383
  2,522
  2,666
  2,816
  2,974
  3,138
  3,309
  3,489
  3,677
  3,873
  4,079
  4,294
  4,519
  4,756
  5,003
  5,262
  5,534
  5,819
  6,118
  6,431
  6,759
  7,104
  7,465
  7,844
  8,242
Total liabilities and equity, $m
  3,087
  3,284
  3,488
  3,700
  3,922
  4,152
  4,393
  4,644
  4,906
  5,181
  5,467
  5,765
  6,078
  6,406
  6,747
  7,106
  7,481
  7,873
  8,285
  8,716
  9,167
  9,641
  10,138
  10,658
  11,204
  11,775
  12,376
  13,005
  13,666
  14,359
Debt-to-equity ratio
  0.250
  0.280
  0.300
  0.330
  0.350
  0.370
  0.390
  0.410
  0.430
  0.450
  0.460
  0.480
  0.490
  0.500
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.580
  0.590
  0.600
  0.610
  0.610
  0.620
  0.620
  0.630
  0.640
Adjusted equity ratio
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  388
  421
  456
  492
  530
  569
  611
  654
  699
  746
  894
  946
  1,000
  1,057
  1,117
  1,179
  1,245
  1,314
  1,386
  1,461
  1,541
  1,624
  1,712
  1,804
  1,901
  2,002
  2,109
  2,220
  2,338
  2,462
Depreciation, amort., depletion, $m
  307
  318
  329
  341
  354
  366
  380
  394
  408
  424
  305
  321
  339
  357
  376
  396
  417
  439
  462
  486
  511
  537
  565
  594
  624
  656
  690
  725
  762
  800
Funds from operations, $m
  695
  739
  785
  833
  884
  936
  991
  1,048
  1,108
  1,170
  1,199
  1,267
  1,339
  1,414
  1,493
  1,575
  1,662
  1,752
  1,848
  1,947
  2,052
  2,162
  2,277
  2,398
  2,525
  2,658
  2,798
  2,945
  3,100
  3,262
Change in working capital, $m
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
Cash from operations, $m
  699
  744
  790
  838
  889
  941
  996
  1,054
  1,114
  1,176
  1,206
  1,274
  1,346
  1,422
  1,501
  1,584
  1,670
  1,761
  1,857
  1,957
  2,062
  2,173
  2,288
  2,410
  2,537
  2,671
  2,812
  2,960
  3,115
  3,278
Maintenance CAPEX, $m
  -162
  -172
  -183
  -194
  -206
  -219
  -231
  -245
  -259
  -273
  -289
  -305
  -321
  -339
  -357
  -376
  -396
  -417
  -439
  -462
  -486
  -511
  -537
  -565
  -594
  -624
  -656
  -690
  -725
  -762
New CAPEX, $m
  -104
  -109
  -114
  -118
  -123
  -129
  -134
  -140
  -146
  -153
  -159
  -167
  -174
  -182
  -191
  -200
  -209
  -219
  -229
  -240
  -252
  -264
  -277
  -290
  -304
  -319
  -335
  -351
  -368
  -386
Cash from investing activities, $m
  -266
  -281
  -297
  -312
  -329
  -348
  -365
  -385
  -405
  -426
  -448
  -472
  -495
  -521
  -548
  -576
  -605
  -636
  -668
  -702
  -738
  -775
  -814
  -855
  -898
  -943
  -991
  -1,041
  -1,093
  -1,148
Free cash flow, $m
  434
  462
  493
  525
  559
  594
  631
  669
  709
  750
  757
  803
  851
  901
  953
  1,008
  1,065
  1,126
  1,189
  1,255
  1,325
  1,398
  1,474
  1,555
  1,639
  1,728
  1,821
  1,919
  2,022
  2,130
Issuance/(repayment) of debt, $m
  82
  84
  87
  91
  94
  98
  103
  107
  112
  117
  122
  127
  133
  139
  146
  153
  160
  167
  175
  184
  192
  202
  211
  222
  232
  244
  256
  268
  281
  295
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  82
  84
  87
  91
  94
  98
  103
  107
  112
  117
  122
  127
  133
  139
  146
  153
  160
  167
  175
  184
  192
  202
  211
  222
  232
  244
  256
  268
  281
  295
Total cash flow (excl. dividends), $m
  516
  546
  580
  616
  653
  692
  733
  776
  820
  867
  879
  930
  984
  1,040
  1,099
  1,160
  1,225
  1,293
  1,364
  1,439
  1,517
  1,599
  1,686
  1,777
  1,872
  1,972
  2,077
  2,187
  2,303
  2,425
Retained Cash Flow (-), $m
  -106
  -113
  -117
  -122
  -127
  -132
  -138
  -144
  -151
  -157
  -164
  -172
  -179
  -188
  -196
  -206
  -215
  -225
  -236
  -247
  -259
  -272
  -285
  -299
  -313
  -328
  -345
  -361
  -379
  -398
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
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  53
  56
  59
  62
  65
  69
  72
  76
  80
  84
  89
  93
  98
  103
  108
  114
  120
  126
  132
Cash available for distribution, $m
  409
  433
  463
  494
  526
  560
  595
  632
  670
  710
  715
  759
  804
  852
  902
  955
  1,010
  1,067
  1,128
  1,191
  1,258
  1,328
  1,401
  1,478
  1,559
  1,643
  1,732
  1,826
  1,924
  2,027
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
  393
  397
  403
  407
  408
  406
  402
  395
  385
  372
  340
  324
  306
  286
  265
  243
  220
  197
  174
  151
  130
  110
  92
  75
  61
  48
  37
  28
  21
  15
Current shareholders' claim on cash, %
  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

Acuity Brands, Inc. is a provider of lighting solutions for commercial, institutional, industrial, infrastructure and residential applications throughout North America and other international markets. The Company operates through North American segment. The Company offers a portfolio of indoor and outdoor lighting and building management solutions for commercial, institutional, industrial, infrastructure and residential applications. The portfolio of lighting solutions include lighting products utilizing fluorescent, light emitting diode (LED), organic LED (OLED), high intensity discharge, metal halide, and incandescent light sources to illuminate a number of applications. The solutions portfolio of the Company also includes modular wiring, LED drivers, sensors, glass and inverters sold primarily to original equipment manufacturers (OEMs). Its lighting and building management solutions are marketed under various brand names, including Lithonia Lighting and Holophane.

FINANCIAL RATIOS  of  Acuity Brands (AYI)

Valuation Ratios
P/E Ratio 18.5
Price to Sales 1.7
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 18.9
Price to Free Cash Flow 23.9
Growth Rates
Sales Growth Rate 6.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20.2%
Cap. Spend. - 3 Yr. Gr. Rate 13.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 21.4%
Total Debt to Equity 21.4%
Interest Coverage 16
Management Effectiveness
Return On Assets 11.8%
Ret/ On Assets - 3 Yr. Avg. 11.4%
Return On Total Capital 15.9%
Ret/ On T. Cap. - 3 Yr. Avg. 15.1%
Return On Equity 19.4%
Return On Equity - 3 Yr. Avg. 18.7%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 42.3%
Gross Margin - 3 Yr. Avg. 42.7%
EBITDA Margin 17.2%
EBITDA Margin - 3 Yr. Avg. 16.4%
Operating Margin 14.8%
Oper. Margin - 3 Yr. Avg. 14.4%
Pre-Tax Margin 14.1%
Pre-Tax Margin - 3 Yr. Avg. 13.4%
Net Profit Margin 9.2%
Net Profit Margin - 3 Yr. Avg. 8.7%
Effective Tax Rate 34.7%
Eff/ Tax Rate - 3 Yr. Avg. 34.9%
Payout Ratio 7.1%

AYI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AYI stock intrinsic value calculation we used $3505 million for the last fiscal year's total revenue generated by Acuity Brands. The default revenue input number comes from 2017 income statement of Acuity Brands. 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 AYI stock valuation model: a) initial revenue growth rate of 6.5% 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 AYI is calculated based on our internal credit rating of Acuity Brands, 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 Acuity Brands.
    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 AYI stock the variable cost ratio is equal to 79.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $202 million in the base year in the intrinsic value calculation for AYI 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 9.1% for Acuity Brands.

Corporate tax rate of 27% is the nominal tax rate for Acuity Brands. 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 AYI stock is equal to 0.8%.

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 AYI are equal to 46.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Acuity Brands 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 AYI is equal to -1.9%. 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 - $1666 million for Acuity Brands - 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 43 million for Acuity Brands 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 Acuity Brands at the current share price and the inputted number of shares is $6.1 billion.

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COMPANY NEWS

▶ Facebook and Juniper Networks skid while Acuity surges   [Jul-03-18 04:07PM  Associated Press]
▶ What Happened in the Stock Market Today   [02:02PM  Motley Fool]
▶ Acuity Brands: Fiscal 3Q Earnings Snapshot   [08:47AM  Associated Press]
▶ 3 Things to Watch in the Stock Market This Holiday Week   [Jul-02-18 07:38AM  Motley Fool]
▶ Acuity Brands, Inc. Declares Quarterly Dividend   [Jun-29-18 03:02PM  GlobeNewswire]
▶ At US$0120.43, Is Acuity Brands Inc (NYSE:AYI) A Buy?   [Jun-21-18 11:12AM  Simply Wall St.]
▶ [$$] Acuity Brands Acquires IOTA Engineering   [May-01-18 06:22PM  The Wall Street Journal]
▶ New Strong Sell Stocks for April 10th   [Apr-10-18 07:48AM  Zacks]
▶ Acuity Brands misses 2Q profit forecasts   [08:51AM  Associated Press]
▶ Acuity Brands, Inc. Declares Quarterly Dividend   [Mar-29-18 04:17PM  GlobeNewswire]
▶ Primecap Management's Biggest New 4th Quarter Buys   [Feb-13-18 04:13PM  GuruFocus.com]
▶ Acuity Brands builds on its analytics portfolio with latest acquisition   [Feb-12-18 12:35PM  American City Business Journals]
▶ Lucid to join Acuity Brands   [10:27AM  GlobeNewswire]
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