Intrinsic value of Gannett - GCI

Previous Close

$9.75

  Intrinsic Value

$11.99

stock screener

  Rating & Target

buy

+23%

Previous close

$9.75

 
Intrinsic value

$11.99

 
Up/down potential

+23%

 
Rating

buy

We calculate the intrinsic value of GCI 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 1.1

 

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, %
  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
  3,209
  3,283
  3,368
  3,462
  3,567
  3,682
  3,808
  3,944
  4,090
  4,247
  4,415
  4,594
  4,785
  4,987
  5,203
  5,431
  5,672
  5,927
  6,197
  6,482
  6,782
  7,099
  7,433
  7,785
  8,155
  8,546
  8,956
  9,388
  9,843
  10,321
Variable operating expenses, $m
  3,115
  3,184
  3,264
  3,353
  3,452
  3,561
  3,679
  3,807
  3,945
  4,093
  4,164
  4,333
  4,513
  4,704
  4,907
  5,122
  5,349
  5,590
  5,844
  6,113
  6,396
  6,695
  7,010
  7,342
  7,691
  8,059
  8,447
  8,854
  9,283
  9,734
Fixed operating expenses, $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 operating expenses, $m
  3,115
  3,184
  3,264
  3,353
  3,452
  3,561
  3,679
  3,807
  3,945
  4,093
  4,164
  4,333
  4,513
  4,704
  4,907
  5,122
  5,349
  5,590
  5,844
  6,113
  6,396
  6,695
  7,010
  7,342
  7,691
  8,059
  8,447
  8,854
  9,283
  9,734
Operating income, $m
  95
  99
  104
  109
  115
  122
  129
  137
  145
  154
  251
  261
  272
  284
  296
  309
  323
  337
  353
  369
  386
  404
  423
  443
  464
  486
  509
  534
  560
  587
EBITDA, $m
  333
  341
  349
  359
  370
  382
  395
  409
  424
  440
  458
  476
  496
  517
  540
  563
  588
  615
  643
  672
  703
  736
  771
  807
  846
  886
  929
  974
  1,021
  1,071
Interest expense (income), $m
  10
  19
  21
  23
  25
  28
  30
  33
  37
  40
  44
  48
  53
  58
  63
  68
  74
  80
  86
  93
  100
  108
  116
  124
  133
  143
  153
  163
  174
  186
  198
Earnings before tax, $m
  76
  78
  81
  84
  88
  91
  95
  100
  104
  110
  203
  208
  214
  221
  228
  235
  243
  251
  259
  268
  278
  288
  298
  309
  321
  333
  346
  360
  374
  390
Tax expense, $m
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  55
  56
  58
  60
  61
  63
  66
  68
  70
  72
  75
  78
  81
  84
  87
  90
  94
  97
  101
  105
Net income, $m
  55
  57
  59
  61
  64
  67
  70
  73
  76
  80
  148
  152
  157
  161
  166
  172
  177
  183
  189
  196
  203
  210
  218
  226
  234
  243
  253
  263
  273
  284

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
  2,622
  2,682
  2,751
  2,829
  2,914
  3,009
  3,111
  3,222
  3,341
  3,470
  3,607
  3,753
  3,909
  4,075
  4,251
  4,437
  4,634
  4,842
  5,063
  5,295
  5,541
  5,800
  6,073
  6,360
  6,663
  6,982
  7,317
  7,670
  8,042
  8,432
Adjusted assets (=assets-cash), $m
  2,622
  2,682
  2,751
  2,829
  2,914
  3,009
  3,111
  3,222
  3,341
  3,470
  3,607
  3,753
  3,909
  4,075
  4,251
  4,437
  4,634
  4,842
  5,063
  5,295
  5,541
  5,800
  6,073
  6,360
  6,663
  6,982
  7,317
  7,670
  8,042
  8,432
Revenue / Adjusted assets
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
  1.224
Average production assets, $m
  1,473
  1,507
  1,546
  1,589
  1,637
  1,690
  1,748
  1,810
  1,877
  1,949
  2,026
  2,109
  2,196
  2,289
  2,388
  2,493
  2,603
  2,721
  2,844
  2,975
  3,113
  3,258
  3,412
  3,573
  3,743
  3,922
  4,111
  4,309
  4,518
  4,737
Working capital, $m
  -42
  -43
  -44
  -45
  -46
  -48
  -50
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -116
  -122
  -128
  -134
Total debt, $m
  386
  423
  464
  511
  563
  620
  681
  748
  821
  898
  981
  1,069
  1,164
  1,264
  1,370
  1,482
  1,601
  1,727
  1,860
  2,001
  2,149
  2,305
  2,470
  2,644
  2,827
  3,019
  3,222
  3,435
  3,660
  3,896
Total liabilities, $m
  1,584
  1,620
  1,662
  1,709
  1,760
  1,817
  1,879
  1,946
  2,018
  2,096
  2,179
  2,267
  2,361
  2,461
  2,567
  2,680
  2,799
  2,925
  3,058
  3,198
  3,347
  3,503
  3,668
  3,841
  4,024
  4,217
  4,420
  4,633
  4,857
  5,093
Total equity, $m
  1,038
  1,062
  1,090
  1,120
  1,154
  1,191
  1,232
  1,276
  1,323
  1,374
  1,428
  1,486
  1,548
  1,614
  1,683
  1,757
  1,835
  1,918
  2,005
  2,097
  2,194
  2,297
  2,405
  2,519
  2,638
  2,765
  2,898
  3,037
  3,185
  3,339
Total liabilities and equity, $m
  2,622
  2,682
  2,752
  2,829
  2,914
  3,008
  3,111
  3,222
  3,341
  3,470
  3,607
  3,753
  3,909
  4,075
  4,250
  4,437
  4,634
  4,843
  5,063
  5,295
  5,541
  5,800
  6,073
  6,360
  6,662
  6,982
  7,318
  7,670
  8,042
  8,432
Debt-to-equity ratio
  0.370
  0.400
  0.430
  0.460
  0.490
  0.520
  0.550
  0.590
  0.620
  0.650
  0.690
  0.720
  0.750
  0.780
  0.810
  0.840
  0.870
  0.900
  0.930
  0.950
  0.980
  1.000
  1.030
  1.050
  1.070
  1.090
  1.110
  1.130
  1.150
  1.170
Adjusted equity ratio
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  55
  57
  59
  61
  64
  67
  70
  73
  76
  80
  148
  152
  157
  161
  166
  172
  177
  183
  189
  196
  203
  210
  218
  226
  234
  243
  253
  263
  273
  284
Depreciation, amort., depletion, $m
  238
  242
  245
  250
  255
  260
  266
  272
  279
  287
  207
  215
  224
  234
  244
  254
  266
  278
  290
  304
  318
  332
  348
  365
  382
  400
  419
  440
  461
  483
Funds from operations, $m
  293
  299
  305
  311
  319
  327
  336
  345
  356
  367
  355
  367
  381
  395
  410
  426
  443
  461
  479
  499
  520
  543
  566
  590
  616
  644
  672
  703
  734
  768
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
Cash from operations, $m
  294
  300
  306
  313
  320
  328
  337
  347
  357
  369
  357
  370
  383
  397
  413
  429
  446
  464
  483
  503
  524
  547
  570
  595
  621
  649
  678
  708
  740
  774
Maintenance CAPEX, $m
  -147
  -150
  -154
  -158
  -162
  -167
  -172
  -178
  -185
  -192
  -199
  -207
  -215
  -224
  -234
  -244
  -254
  -266
  -278
  -290
  -304
  -318
  -332
  -348
  -365
  -382
  -400
  -419
  -440
  -461
New CAPEX, $m
  -30
  -34
  -39
  -43
  -48
  -53
  -58
  -62
  -67
  -72
  -77
  -82
  -88
  -93
  -99
  -105
  -111
  -117
  -124
  -131
  -138
  -145
  -153
  -162
  -170
  -179
  -189
  -198
  -209
  -220
Cash from investing activities, $m
  -177
  -184
  -193
  -201
  -210
  -220
  -230
  -240
  -252
  -264
  -276
  -289
  -303
  -317
  -333
  -349
  -365
  -383
  -402
  -421
  -442
  -463
  -485
  -510
  -535
  -561
  -589
  -617
  -649
  -681
Free cash flow, $m
  117
  115
  113
  111
  110
  108
  107
  106
  106
  105
  81
  81
  80
  80
  80
  81
  81
  81
  82
  82
  83
  84
  84
  85
  86
  88
  89
  90
  92
  93
Issuance/(repayment) of debt, $m
  31
  36
  42
  47
  52
  57
  62
  67
  72
  77
  83
  88
  94
  100
  106
  113
  119
  126
  133
  141
  148
  156
  165
  174
  183
  193
  203
  213
  224
  236
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  
  31
  36
  42
  47
  52
  57
  62
  67
  72
  77
  83
  88
  94
  100
  106
  113
  119
  126
  133
  141
  148
  156
  165
  174
  183
  193
  203
  213
  224
  236
Total cash flow (excl. dividends), $m
  148
  152
  155
  158
  162
  165
  169
  173
  178
  182
  164
  169
  175
  180
  187
  193
  200
  207
  215
  223
  231
  240
  249
  259
  269
  280
  292
  304
  316
  329
Retained Cash Flow (-), $m
  -21
  -24
  -27
  -31
  -34
  -37
  -41
  -44
  -47
  -51
  -54
  -58
  -62
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -103
  -108
  -114
  -120
  -126
  -133
  -140
  -147
  -155
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
  127
  128
  128
  127
  128
  128
  129
  129
  130
  132
  109
  111
  113
  115
  117
  119
  122
  125
  127
  131
  134
  137
  141
  145
  149
  154
  159
  164
  169
  175
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
  122
  117
  111
  105
  99
  93
  87
  81
  75
  69
  52
  47
  43
  39
  34
  30
  26
  23
  20
  17
  14
  11
  9
  7
  6
  4
  3
  3
  2
  1
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

Gannett Co., Inc. is a media company. The Company operates as a newspaper publisher in the United States. As of December 25, 2016, it owned ReachLocal, Inc. (ReachLocal), a digital marketing solutions company; the USA TODAY NETWORK (made up of USA TODAY including digital sites and affiliates (USAT) and 109 local media organizations in 34 states in the United States and Guam), and Newsquest Media Group Ltd. (Newsquest), the Company's subsidiary operating in the United Kingdom. The Company's segments include Publishing, ReachLocal, and a Corporate and Other category. The publishing segment comprises the USA TODAY NETWORK and Newsquest. Its publishing operations also include commercial printing and distribution, marketing and data services. It also reaches small and medium sized businesses with digital marketing solutions principally through ReachLocal. ReachLocal is focused on local businesses and on providing a total digital marketing solution.

FINANCIAL RATIOS  of  Gannett (GCI)

Valuation Ratios
P/E Ratio 20.8
Price to Sales 0.4
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow 10.4
Growth Rates
Sales Growth Rate 5.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.1%
Cap. Spend. - 3 Yr. Gr. Rate 2.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 46.7%
Total Debt to Equity 46.7%
Interest Coverage 8
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. 5.7%
Return On Total Capital 4.6%
Ret/ On T. Cap. - 3 Yr. Avg. 12.8%
Return On Equity 5.5%
Return On Equity - 3 Yr. Avg. 13.1%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 36.6%
Gross Margin - 3 Yr. Avg. 37%
EBITDA Margin 6.9%
EBITDA Margin - 3 Yr. Avg. 9.9%
Operating Margin 2.6%
Oper. Margin - 3 Yr. Avg. 5.6%
Pre-Tax Margin 2.2%
Pre-Tax Margin - 3 Yr. Avg. 5.9%
Net Profit Margin 1.7%
Net Profit Margin - 3 Yr. Avg. 4.5%
Effective Tax Rate 19.7%
Eff/ Tax Rate - 3 Yr. Avg. 22.8%
Payout Ratio 175.5%

GCI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GCI stock intrinsic value calculation we used $3146.48 million for the last fiscal year's total revenue generated by Gannett. The default revenue input number comes from 0001 income statement of Gannett. 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 GCI 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 4.3%, whose default value for GCI is calculated based on our internal credit rating of Gannett, 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 Gannett.
    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 GCI stock the variable cost ratio is equal to 97.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for GCI 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 5.4% for Gannett.

Corporate tax rate of 27% is the nominal tax rate for Gannett. 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 GCI 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 GCI are equal to 45.9%.

Life of production assets of 9.8 years is the average useful life of capital assets used in Gannett 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 GCI is equal to -1.3%. 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 - $1017.395 million for Gannett - 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 112.93 million for Gannett 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 Gannett at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ 10 Dividend Stocks That Make the Grade   [Nov-09-18 03:01PM  InvestorPlace]
▶ Gannett Co. (GCI) Tops Q3 Earnings Estimates   [Nov-08-18 08:25AM  Zacks]
▶ Gannett Co.: 3Q Earnings Snapshot   [07:42AM  Associated Press]
▶ Gannett Reports Third Quarter Results   [06:55AM  Business Wire]
▶ Gannett Declares Regular Quarterly Dividend   [Oct-17-18 04:15PM  Business Wire]
▶ 'The New Buffettology': Case Studies, Part 2   [Sep-28-18 05:33PM  GuruFocus.com]
▶ 'The New Buffettology': Buffett's Key Metrics, Part 2   [Sep-26-18 06:50PM  GuruFocus.com]
▶ Does Gannett Co Incs (NYSE:GCI) PE Ratio Warrant A Sell?   [Sep-04-18 08:54AM  Simply Wall St.]
▶ Cash Flow Test Functions Like Airport Security   [Aug-27-18 04:03PM  GuruFocus.com]
▶ Gannett Co., Inc. to Host Earnings Call   [08:00AM  ACCESSWIRE]
▶ Gannett Co.: 2Q Earnings Snapshot   [07:05AM  Associated Press]
▶ Gannett Reports Second Quarter Results   [06:55AM  Business Wire]
▶ Stocks Trend Higher On Impressive Earnings   [Aug-07-18 10:13AM  Zacks]
▶ Stay Away! 3 Dividend Stocks That Are Yield Traps   [Jul-27-18 07:50PM  Motley Fool]
▶ Gannett Declares Regular Quarterly Dividend   [Jul-25-18 04:15PM  Business Wire]
▶ The spiraling down of the daily newspaper: Circulation declines, layoffs continue   [Jul-11-18 07:00AM  American City Business Journals]
▶ Gannett Completes Acquisition of WordStream   [Jul-02-18 04:15PM  Business Wire]
▶ What Is Gannett Co Incs (NYSE:GCI) Share Price Doing?   [Jun-23-18 10:55AM  Simply Wall St.]
▶ The College Board taking its Reston space back from Appian   [May-22-18 12:11PM  American City Business Journals]
▶ Gannett to buy Boston digital marketing firm for $130M   [May-11-18 09:00AM  American City Business Journals]
▶ [$$] Gannett to Acquire WordStream for $130 Million in Cash   [May-10-18 07:40AM  The Wall Street Journal]
▶ Gannett to Participate at Upcoming Investor Conferences   [May-09-18 04:15PM  Business Wire]
▶ Company News For May 8, 2018   [09:53AM  Zacks]
▶ 10 Gannett Co Inc Earnings Highlights for Q1   [May-07-18 01:19PM  InvestorPlace]
▶ Gannett Co.: 1Q Earnings Snapshot   [07:38AM  Associated Press]
▶ Is Gannett Co Inc. (NYSE:GCI) Undervalued?   [07:31AM  Simply Wall St.]
▶ Gannett Co., Inc. to Host Earnings Call   [07:30AM  ACCESSWIRE]
▶ Gannett Reports First Quarter Results   [06:55AM  Business Wire]
▶ Derby-Pie maker is suing Courier Journal here's why   [May-04-18 02:12PM  American City Business Journals]
▶ 4 Dirt Cheap Dividends Paying Up To 11.8%   [Apr-28-18 08:30AM  Forbes]
▶ 4 Dividend Stocks I'd Never Buy   [Apr-27-18 08:15AM  Motley Fool]
▶ 'Arizona Republic' names new executive editor   [Apr-23-18 05:27PM  American City Business Journals]
▶ 4 Beaten Down Stocks That Offer Value   [Apr-20-18 11:59AM  TheStreet.com]
▶ USA TODAY NETWORK Celebrates Three Pulitzer Wins   [Apr-16-18 06:22PM  Business Wire]
▶ That's the Way the Tronc Bounces   [03:07PM  Bloomberg]
▶ Maribel Perez Wadsworth Named USA TODAY Publisher   [Apr-05-18 07:30AM  Business Wire]

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