Intrinsic value of Gannett - GCI

Previous Close

$9.45

  Intrinsic Value

$24.08

stock screener

  Rating & Target

str. buy

+155%

  Value-price divergence*

-38%

Previous close

$9.45

 
Intrinsic value

$24.08

 
Up/down potential

+155%

 
Rating

str. buy

 
Value-price divergence*

-38%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 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, %
  5.62
  3.50
  3.65
  3.78
  3.91
  4.02
  4.11
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
Revenue, $m
  3,047
  3,154
  3,269
  3,392
  3,525
  3,667
  3,817
  3,978
  4,148
  4,329
  4,520
  4,722
  4,936
  5,162
  5,401
  5,652
  5,917
  6,197
  6,491
  6,801
  7,127
  7,471
  7,832
  8,212
  8,612
  9,032
  9,474
  9,938
  10,427
  10,940
  11,479
Variable operating expenses, $m
 
  2,968
  3,074
  3,188
  3,310
  3,440
  3,578
  3,726
  3,882
  4,048
  4,224
  4,340
  4,537
  4,745
  4,964
  5,195
  5,439
  5,695
  5,966
  6,251
  6,551
  6,866
  7,198
  7,548
  7,915
  8,301
  8,707
  9,134
  9,583
  10,055
  10,550
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
  2,968
  2,968
  3,074
  3,188
  3,310
  3,440
  3,578
  3,726
  3,882
  4,048
  4,224
  4,340
  4,537
  4,745
  4,964
  5,195
  5,439
  5,695
  5,966
  6,251
  6,551
  6,866
  7,198
  7,548
  7,915
  8,301
  8,707
  9,134
  9,583
  10,055
  10,550
Operating income, $m
  79
  185
  195
  205
  215
  227
  239
  252
  266
  280
  296
  382
  399
  418
  437
  457
  479
  501
  525
  550
  577
  604
  634
  664
  697
  731
  767
  804
  844
  885
  929
EBITDA, $m
  212
  342
  355
  368
  382
  398
  414
  431
  450
  470
  490
  512
  535
  560
  586
  613
  642
  672
  704
  738
  773
  810
  849
  891
  934
  980
  1,028
  1,078
  1,131
  1,187
  1,245
Interest expense (income), $m
  10
  20
  23
  27
  31
  36
  40
  45
  50
  56
  62
  68
  75
  82
  89
  97
  105
  114
  123
  132
  142
  153
  164
  176
  188
  201
  215
  230
  245
  261
  277
Earnings before tax, $m
  66
  165
  171
  177
  184
  191
  199
  207
  215
  225
  234
  314
  325
  336
  348
  361
  374
  388
  402
  418
  434
  451
  469
  488
  508
  529
  551
  574
  599
  624
  651
Tax expense, $m
  13
  45
  46
  48
  50
  52
  54
  56
  58
  61
  63
  85
  88
  91
  94
  97
  101
  105
  109
  113
  117
  122
  127
  132
  137
  143
  149
  155
  162
  169
  176
Net income, $m
  53
  121
  125
  130
  134
  140
  145
  151
  157
  164
  171
  229
  237
  245
  254
  263
  273
  283
  294
  305
  317
  330
  343
  357
  371
  386
  402
  419
  437
  456
  475

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  114
  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
  2,845
  2,826
  2,929
  3,040
  3,159
  3,285
  3,421
  3,564
  3,717
  3,879
  4,050
  4,232
  4,423
  4,626
  4,839
  5,065
  5,302
  5,553
  5,816
  6,094
  6,387
  6,694
  7,018
  7,358
  7,717
  8,093
  8,489
  8,905
  9,343
  9,803
  10,286
Adjusted assets (=assets-cash), $m
  2,731
  2,826
  2,929
  3,040
  3,159
  3,285
  3,421
  3,564
  3,717
  3,879
  4,050
  4,232
  4,423
  4,626
  4,839
  5,065
  5,302
  5,553
  5,816
  6,094
  6,387
  6,694
  7,018
  7,358
  7,717
  8,093
  8,489
  8,905
  9,343
  9,803
  10,286
Revenue / Adjusted assets
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
Average production assets, $m
  1,100
  1,138
  1,180
  1,225
  1,273
  1,324
  1,378
  1,436
  1,498
  1,563
  1,632
  1,705
  1,782
  1,864
  1,950
  2,040
  2,136
  2,237
  2,343
  2,455
  2,573
  2,697
  2,827
  2,965
  3,109
  3,261
  3,420
  3,588
  3,764
  3,949
  4,144
Working capital, $m
  32
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -112
  -117
  -122
  -128
  -133
  -139
  -146
  -153
  -160
  -167
  -175
  -184
  -192
  -202
  -211
  -222
  -233
  -244
  -256
  -268
  -282
  -295
  -310
Total debt, $m
  400
  469
  544
  625
  711
  804
  902
  1,007
  1,118
  1,236
  1,361
  1,493
  1,632
  1,780
  1,935
  2,099
  2,272
  2,454
  2,646
  2,849
  3,061
  3,285
  3,521
  3,769
  4,030
  4,304
  4,592
  4,895
  5,214
  5,548
  5,900
Total liabilities, $m
  1,988
  2,057
  2,132
  2,213
  2,299
  2,392
  2,490
  2,595
  2,706
  2,824
  2,949
  3,081
  3,220
  3,368
  3,523
  3,687
  3,860
  4,042
  4,234
  4,437
  4,649
  4,873
  5,109
  5,357
  5,618
  5,892
  6,180
  6,483
  6,802
  7,136
  7,488
Total equity, $m
  857
  769
  797
  827
  859
  894
  930
  970
  1,011
  1,055
  1,102
  1,151
  1,203
  1,258
  1,316
  1,378
  1,442
  1,510
  1,582
  1,658
  1,737
  1,821
  1,909
  2,001
  2,099
  2,201
  2,309
  2,422
  2,541
  2,666
  2,798
Total liabilities and equity, $m
  2,845
  2,826
  2,929
  3,040
  3,158
  3,286
  3,420
  3,565
  3,717
  3,879
  4,051
  4,232
  4,423
  4,626
  4,839
  5,065
  5,302
  5,552
  5,816
  6,095
  6,386
  6,694
  7,018
  7,358
  7,717
  8,093
  8,489
  8,905
  9,343
  9,802
  10,286
Debt-to-equity ratio
  0.467
  0.610
  0.680
  0.760
  0.830
  0.900
  0.970
  1.040
  1.110
  1.170
  1.240
  1.300
  1.360
  1.410
  1.470
  1.520
  1.580
  1.630
  1.670
  1.720
  1.760
  1.800
  1.840
  1.880
  1.920
  1.960
  1.990
  2.020
  2.050
  2.080
  2.110
Adjusted equity ratio
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  53
  121
  125
  130
  134
  140
  145
  151
  157
  164
  171
  229
  237
  245
  254
  263
  273
  283
  294
  305
  317
  330
  343
  357
  371
  386
  402
  419
  437
  456
  475
Depreciation, amort., depletion, $m
  133
  157
  160
  163
  167
  171
  175
  179
  184
  189
  194
  130
  136
  142
  149
  156
  163
  171
  179
  187
  196
  206
  216
  226
  237
  249
  261
  274
  287
  301
  316
Funds from operations, $m
  151
  277
  285
  293
  301
  310
  320
  330
  341
  353
  365
  359
  373
  388
  403
  419
  436
  454
  473
  493
  513
  535
  558
  583
  608
  635
  664
  693
  724
  757
  792
Change in working capital, $m
  -15
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
Cash from operations, $m
  166
  280
  288
  296
  305
  314
  324
  335
  346
  358
  370
  365
  379
  394
  409
  426
  443
  461
  481
  501
  522
  545
  568
  593
  619
  647
  675
  706
  738
  771
  806
Maintenance CAPEX, $m
  0
  -84
  -87
  -90
  -93
  -97
  -101
  -105
  -110
  -114
  -119
  -125
  -130
  -136
  -142
  -149
  -156
  -163
  -171
  -179
  -187
  -196
  -206
  -216
  -226
  -237
  -249
  -261
  -274
  -287
  -301
New CAPEX, $m
  -60
  -38
  -42
  -45
  -48
  -51
  -54
  -58
  -61
  -65
  -69
  -73
  -77
  -82
  -86
  -91
  -96
  -101
  -106
  -112
  -118
  -124
  -130
  -137
  -144
  -152
  -160
  -168
  -176
  -185
  -195
Cash from investing activities, $m
  -519
  -122
  -129
  -135
  -141
  -148
  -155
  -163
  -171
  -179
  -188
  -198
  -207
  -218
  -228
  -240
  -252
  -264
  -277
  -291
  -305
  -320
  -336
  -353
  -370
  -389
  -409
  -429
  -450
  -472
  -496
Free cash flow, $m
  -353
  158
  160
  161
  164
  166
  169
  172
  175
  178
  182
  167
  172
  176
  181
  186
  192
  197
  204
  210
  217
  224
  232
  240
  249
  258
  267
  277
  288
  299
  310
Issuance/(repayment) of debt, $m
  400
  69
  75
  81
  86
  92
  98
  105
  111
  118
  125
  132
  140
  147
  156
  164
  173
  182
  192
  202
  213
  224
  236
  248
  261
  274
  288
  303
  318
  335
  352
Issuance/(repurchase) of shares, $m
  -32
  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  
  364
  69
  75
  81
  86
  92
  98
  105
  111
  118
  125
  132
  140
  147
  156
  164
  173
  182
  192
  202
  213
  224
  236
  248
  261
  274
  288
  303
  318
  335
  352
Total cash flow (excl. dividends), $m
  11
  227
  235
  242
  250
  258
  267
  276
  286
  296
  307
  299
  311
  323
  336
  350
  365
  380
  396
  412
  430
  448
  468
  488
  509
  532
  555
  580
  606
  633
  662
Retained Cash Flow (-), $m
  202
  -26
  -28
  -30
  -32
  -35
  -37
  -39
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -84
  -88
  -93
  -97
  -102
  -108
  -113
  -119
  -125
  -131
Prev. year cash balance distribution, $m
 
  114
  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
 
  315
  207
  212
  218
  224
  230
  237
  245
  252
  260
  250
  259
  268
  278
  289
  300
  312
  324
  337
  350
  365
  380
  395
  412
  429
  448
  467
  487
  508
  531
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
 
  302
  189
  184
  179
  174
  167
  160
  153
  145
  136
  119
  110
  102
  93
  85
  76
  68
  60
  52
  45
  38
  31
  26
  21
  17
  13
  10
  8
  6
  4
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

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 20.1
Price to Sales 0.4
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 6.4
Price to Free Cash Flow 10.1
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 $3047 million for the last fiscal year's total revenue generated by Gannett. The default revenue input number comes from 2016 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 3.5% 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 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 94.2%.

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% 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 36.1%.

Life of production assets of 13.1 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 -2.7%. 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 - $857 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 115.48 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

▶ Gannett Declares Regular Quarterly Dividend   [Oct-18-17 04:10PM  Business Wire]
▶ Stock Market News For Oct 5, 2017   [Oct-05-17 10:49AM  Zacks]
▶ Gannett Closes Majority Investment in Grateful Ventures   [Oct-04-17 08:00AM  Business Wire]
▶ Google to help news publishers   [Oct-02-17 10:11AM  Yahoo Finance Video]
▶ Is It The Right Time To Buy Gannett Co Inc (GCI)?   [Sep-19-17 05:33PM  Simply Wall St.]
▶ Daniel Bernard named Barrons senior vice president   [Sep-14-17 11:33AM  MarketWatch]
▶ More newspaper job cuts at Gannett   [Sep-08-17 06:25PM  American City Business Journals]
▶ Tronc Buys NY Daily News in Bet on New York Market   [Sep-05-17 06:25AM  24/7 Wall St.]
▶ ETFs with exposure to Gannett Co., Inc. : August 29, 2017   [Aug-29-17 07:14PM  Capital Cube]
▶ Receive Over 7% in Dividend Yield From Gannett   [Aug-21-17 05:16PM  GuruFocus.com]
▶ Gannett Co., Inc. misses Street 2Q forecasts   [Aug-04-17 03:15AM  Associated Press]
▶ Why Gannett Should Take Another Stab at Tronc   [Jul-24-17 11:23AM  TheStreet.com]
▶ Gannett Declares Regular Quarterly Dividend   [Jul-20-17 08:04PM  Business Wire]
▶ The Tennessean picks buyer for high-profile downtown property   [12:30PM  American City Business Journals]
▶ Gannett Announces Appointment of New Board Member   [Jul-05-17 06:30AM  Business Wire]
▶ 2 Top Newspaper Stocks to Buy in 2017   [Jun-15-17 06:30PM  Motley Fool]
▶ Tegna completes its Cars.com spinoff   [Jun-01-17 04:21PM  American City Business Journals]
▶ ETFs with exposure to Gannett Co., Inc. : May 29, 2017   [May-29-17 12:46PM  Capital Cube]
▶ Women CEOs earned more last year, but few were in top job   [May-24-17 06:53AM  Associated Press]
▶ The 2 Best Dividend Stocks in Newspapers   [May-22-17 08:44AM  Motley Fool]
▶ Journal Sentinel property buyer acquires Press-Gazette, Northwestern offices   [May-19-17 01:10PM  American City Business Journals]
▶ ETFs with exposure to Gannett Co., Inc. : May 18, 2017   [May-18-17 01:44PM  Capital Cube]
▶ [$$] Chicago Tribune Owner Makes Bid to Buy Sun-Times   [12:32AM  The Wall Street Journal]
▶ [$$] Chicago Tribune Owner Makes Bid to Buy Sun-Times   [12:01AM  The Wall Street Journal]
▶ USA Today owner Gannett warns workers of possible breach   [May-02-17 05:37PM  Associated Press]
▶ Gannett sees 11% drop in same-paper revenue, 18% slide in print ads   [Apr-26-17 03:05PM  American City Business Journals]
▶ Can Gannett Post $3.2 Billion in Revenue This Year?   [Apr-17-17 06:40AM  24/7 Wall St.]
Financial statements of GCI
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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