Intrinsic value of Acuity Brands - AYI

Previous Close

$126.74

  Intrinsic Value

$175.46

stock screener

  Rating & Target

buy

+38%

Previous close

$126.74

 
Intrinsic value

$175.46

 
Up/down potential

+38%

 
Rating

buy

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 0001), $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 5.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
Revenue, $m
  3,712
  3,928
  4,153
  4,387
  4,633
  4,889
  5,157
  5,437
  5,730
  6,036
  6,357
  6,693
  7,044
  7,413
  7,799
  8,203
  8,627
  9,071
  9,537
  10,025
  10,538
  11,075
  11,639
  12,230
  12,850
  13,501
  14,184
  14,900
  15,652
  16,442
Variable operating expenses, $m
  2,950
  3,114
  3,285
  3,463
  3,649
  3,843
  4,046
  4,259
  4,481
  4,713
  4,822
  5,076
  5,343
  5,623
  5,915
  6,222
  6,543
  6,880
  7,234
  7,604
  7,993
  8,400
  8,828
  9,276
  9,747
  10,240
  10,758
  11,302
  11,872
  12,471
Fixed operating expenses, $m
  203
  208
  212
  217
  222
  227
  232
  237
  242
  247
  253
  258
  264
  270
  276
  282
  288
  294
  301
  308
  314
  321
  328
  335
  343
  350
  358
  366
  374
  382
Total operating expenses, $m
  3,153
  3,322
  3,497
  3,680
  3,871
  4,070
  4,278
  4,496
  4,723
  4,960
  5,075
  5,334
  5,607
  5,893
  6,191
  6,504
  6,831
  7,174
  7,535
  7,912
  8,307
  8,721
  9,156
  9,611
  10,090
  10,590
  11,116
  11,668
  12,246
  12,853
Operating income, $m
  558
  606
  655
  708
  762
  819
  879
  941
  1,007
  1,075
  1,282
  1,358
  1,437
  1,520
  1,608
  1,699
  1,795
  1,896
  2,002
  2,114
  2,231
  2,353
  2,483
  2,618
  2,760
  2,910
  3,067
  3,233
  3,406
  3,588
EBITDA, $m
  739
  790
  842
  897
  955
  1,015
  1,078
  1,144
  1,213
  1,286
  1,362
  1,441
  1,525
  1,613
  1,705
  1,801
  1,903
  2,009
  2,121
  2,238
  2,362
  2,491
  2,627
  2,770
  2,920
  3,078
  3,244
  3,418
  3,601
  3,793
Interest expense (income), $m
  34
  32
  39
  46
  53
  61
  69
  77
  86
  95
  104
  114
  124
  135
  146
  158
  170
  183
  197
  211
  226
  242
  258
  275
  293
  312
  332
  353
  375
  398
  422
Earnings before tax, $m
  526
  567
  609
  654
  701
  750
  802
  856
  912
  972
  1,169
  1,234
  1,302
  1,374
  1,450
  1,529
  1,612
  1,700
  1,791
  1,888
  1,989
  2,095
  2,207
  2,325
  2,448
  2,578
  2,714
  2,858
  3,008
  3,166
Tax expense, $m
  142
  153
  165
  177
  189
  203
  216
  231
  246
  262
  316
  333
  352
  371
  391
  413
  435
  459
  484
  510
  537
  566
  596
  628
  661
  696
  733
  772
  812
  855
Net income, $m
  384
  414
  445
  478
  512
  548
  585
  625
  666
  709
  853
  901
  951
  1,003
  1,058
  1,116
  1,177
  1,241
  1,308
  1,378
  1,452
  1,530
  1,611
  1,697
  1,787
  1,882
  1,981
  2,086
  2,196
  2,311

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
  3,070
  3,249
  3,435
  3,629
  3,832
  4,044
  4,265
  4,497
  4,739
  4,993
  5,258
  5,536
  5,827
  6,131
  6,451
  6,785
  7,136
  7,503
  7,888
  8,292
  8,716
  9,160
  9,627
  10,116
  10,629
  11,167
  11,732
  12,324
  12,946
  13,599
Adjusted assets (=assets-cash), $m
  3,070
  3,249
  3,435
  3,629
  3,832
  4,044
  4,265
  4,497
  4,739
  4,993
  5,258
  5,536
  5,827
  6,131
  6,451
  6,785
  7,136
  7,503
  7,888
  8,292
  8,716
  9,160
  9,627
  10,116
  10,629
  11,167
  11,732
  12,324
  12,946
  13,599
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
  1,002
  1,060
  1,121
  1,185
  1,251
  1,320
  1,392
  1,468
  1,547
  1,630
  1,716
  1,807
  1,902
  2,001
  2,106
  2,215
  2,329
  2,449
  2,575
  2,707
  2,845
  2,990
  3,142
  3,302
  3,469
  3,645
  3,830
  4,023
  4,226
  4,439
Working capital, $m
  353
  373
  394
  417
  440
  464
  490
  517
  544
  573
  604
  636
  669
  704
  741
  779
  820
  862
  906
  952
  1,001
  1,052
  1,106
  1,162
  1,221
  1,283
  1,347
  1,416
  1,487
  1,562
Total debt, $m
  431
  507
  586
  669
  755
  846
  940
  1,039
  1,142
  1,250
  1,363
  1,481
  1,605
  1,735
  1,871
  2,013
  2,163
  2,319
  2,483
  2,655
  2,836
  3,025
  3,224
  3,432
  3,651
  3,880
  4,121
  4,373
  4,638
  4,916
Total liabilities, $m
  1,308
  1,384
  1,463
  1,546
  1,632
  1,723
  1,817
  1,916
  2,019
  2,127
  2,240
  2,358
  2,482
  2,612
  2,748
  2,890
  3,040
  3,196
  3,360
  3,533
  3,713
  3,902
  4,101
  4,309
  4,528
  4,757
  4,998
  5,250
  5,515
  5,793
Total equity, $m
  1,762
  1,865
  1,972
  2,083
  2,199
  2,321
  2,448
  2,581
  2,720
  2,866
  3,018
  3,178
  3,345
  3,519
  3,703
  3,895
  4,096
  4,307
  4,528
  4,760
  5,003
  5,258
  5,526
  5,806
  6,101
  6,410
  6,734
  7,074
  7,431
  7,806
Total liabilities and equity, $m
  3,070
  3,249
  3,435
  3,629
  3,831
  4,044
  4,265
  4,497
  4,739
  4,993
  5,258
  5,536
  5,827
  6,131
  6,451
  6,785
  7,136
  7,503
  7,888
  8,293
  8,716
  9,160
  9,627
  10,115
  10,629
  11,167
  11,732
  12,324
  12,946
  13,599
Debt-to-equity ratio
  0.240
  0.270
  0.300
  0.320
  0.340
  0.360
  0.380
  0.400
  0.420
  0.440
  0.450
  0.470
  0.480
  0.490
  0.510
  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
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
  384
  414
  445
  478
  512
  548
  585
  625
  666
  709
  853
  901
  951
  1,003
  1,058
  1,116
  1,177
  1,241
  1,308
  1,378
  1,452
  1,530
  1,611
  1,697
  1,787
  1,882
  1,981
  2,086
  2,196
  2,311
Depreciation, amort., depletion, $m
  181
  184
  187
  190
  193
  196
  199
  203
  206
  210
  79
  83
  88
  92
  97
  102
  107
  113
  119
  125
  131
  138
  145
  152
  160
  168
  176
  185
  195
  205
Funds from operations, $m
  565
  597
  631
  667
  704
  743
  784
  827
  872
  919
  932
  984
  1,038
  1,095
  1,155
  1,218
  1,284
  1,354
  1,426
  1,503
  1,583
  1,667
  1,756
  1,849
  1,947
  2,050
  2,158
  2,271
  2,391
  2,516
Change in working capital, $m
  20
  20
  21
  22
  23
  24
  25
  27
  28
  29
  30
  32
  33
  35
  37
  38
  40
  42
  44
  46
  49
  51
  54
  56
  59
  62
  65
  68
  71
  75
Cash from operations, $m
  545
  577
  610
  645
  681
  719
  759
  801
  844
  890
  902
  952
  1,005
  1,060
  1,119
  1,180
  1,244
  1,311
  1,382
  1,456
  1,534
  1,616
  1,703
  1,793
  1,888
  1,988
  2,093
  2,203
  2,319
  2,441
Maintenance CAPEX, $m
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -88
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -131
  -138
  -145
  -152
  -160
  -168
  -176
  -185
  -195
New CAPEX, $m
  -55
  -58
  -61
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -120
  -126
  -132
  -138
  -145
  -152
  -160
  -167
  -176
  -184
  -193
  -203
  -213
Cash from investing activities, $m
  -99
  -104
  -110
  -115
  -121
  -127
  -133
  -140
  -147
  -154
  -162
  -170
  -178
  -187
  -196
  -206
  -216
  -227
  -239
  -251
  -263
  -276
  -290
  -305
  -319
  -336
  -352
  -369
  -388
  -408
Free cash flow, $m
  447
  472
  500
  530
  560
  592
  626
  661
  698
  736
  740
  782
  827
  873
  922
  974
  1,027
  1,084
  1,143
  1,206
  1,271
  1,340
  1,413
  1,489
  1,568
  1,652
  1,741
  1,833
  1,931
  2,033
Issuance/(repayment) of debt, $m
  74
  76
  79
  83
  86
  90
  94
  99
  103
  108
  113
  118
  124
  130
  136
  142
  149
  157
  164
  172
  180
  189
  199
  208
  219
  229
  241
  253
  265
  278
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  
  74
  76
  79
  83
  86
  90
  94
  99
  103
  108
  113
  118
  124
  130
  136
  142
  149
  157
  164
  172
  180
  189
  199
  208
  219
  229
  241
  253
  265
  278
Total cash flow (excl. dividends), $m
  521
  548
  580
  612
  647
  683
  720
  760
  801
  844
  853
  901
  951
  1,003
  1,058
  1,116
  1,177
  1,241
  1,308
  1,378
  1,452
  1,530
  1,611
  1,697
  1,787
  1,882
  1,981
  2,086
  2,196
  2,311
Retained Cash Flow (-), $m
  -97
  -102
  -107
  -112
  -116
  -122
  -127
  -133
  -139
  -146
  -152
  -159
  -167
  -175
  -183
  -192
  -201
  -211
  -221
  -232
  -243
  -255
  -268
  -281
  -294
  -309
  -324
  -340
  -357
  -375
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
  424
  446
  473
  501
  530
  561
  593
  627
  662
  699
  701
  741
  784
  828
  875
  924
  976
  1,030
  1,086
  1,146
  1,209
  1,274
  1,344
  1,416
  1,493
  1,573
  1,657
  1,746
  1,839
  1,937
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
  407
  408
  412
  413
  411
  407
  401
  392
  380
  366
  333
  316
  298
  278
  257
  235
  212
  190
  167
  146
  125
  106
  88
  72
  58
  46
  36
  27
  20
  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 16.5
Price to Sales 1.5
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 16.8
Price to Free Cash Flow 21.3
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 $3505.1 million for the last fiscal year's total revenue generated by Acuity Brands. The default revenue input number comes from 0001 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 5.9% 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 79.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $199 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%.

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 27%.

Life of production assets of 21.7 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 9.5%. 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 - $1665.6 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 40.181 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 $5.1 billion.

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COMPANY NEWS

▶ Why Acuity Brands Stock Plummeted Today   [05:01PM  Motley Fool]
▶ What Happened in the Stock Market Today   [04:38PM  Motley Fool]
▶ Acuity Brands: Fiscal 4Q Earnings Snapshot   [09:30AM  Associated Press]
▶ Acuity Brands Q4 Earnings Preview   [Oct-02-18 02:03PM  Benzinga]
▶ 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]

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