Intrinsic value of Greif Cl A - GEF

Previous Close

$63.21

  Intrinsic Value

$48.40

stock screener

  Rating & Target

sell

-23%

Previous close

$63.21

 
Intrinsic value

$48.40

 
Up/down potential

-23%

 
Rating

sell

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

We calculate the intrinsic value of GEF 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 3.2

 

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, %
  -8.10
  13.80
  12.92
  12.13
  11.42
  10.77
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
Revenue, $m
  3,324
  3,783
  4,271
  4,789
  5,336
  5,911
  6,514
  7,144
  7,802
  8,488
  9,201
  9,944
  10,716
  11,518
  12,351
  13,218
  14,118
  15,054
  16,028
  17,041
  18,095
  19,194
  20,338
  21,531
  22,776
  24,074
  25,430
  26,846
  28,326
  29,873
  31,490
Variable operating expenses, $m
 
  3,571
  4,023
  4,501
  5,006
  5,537
  6,093
  6,675
  7,283
  7,916
  8,575
  9,182
  9,894
  10,635
  11,405
  12,204
  13,036
  13,900
  14,799
  15,735
  16,708
  17,723
  18,779
  19,881
  21,030
  22,229
  23,481
  24,789
  26,155
  27,583
  29,077
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
  3,098
  3,571
  4,023
  4,501
  5,006
  5,537
  6,093
  6,675
  7,283
  7,916
  8,575
  9,182
  9,894
  10,635
  11,405
  12,204
  13,036
  13,900
  14,799
  15,735
  16,708
  17,723
  18,779
  19,881
  21,030
  22,229
  23,481
  24,789
  26,155
  27,583
  29,077
Operating income, $m
  226
  211
  249
  288
  330
  374
  421
  469
  519
  572
  627
  762
  821
  883
  947
  1,013
  1,082
  1,154
  1,228
  1,306
  1,387
  1,471
  1,559
  1,650
  1,746
  1,845
  1,949
  2,058
  2,171
  2,290
  2,414
EBITDA, $m
  354
  381
  430
  482
  537
  595
  656
  719
  785
  854
  926
  1,001
  1,078
  1,159
  1,243
  1,330
  1,421
  1,515
  1,613
  1,715
  1,821
  1,932
  2,047
  2,167
  2,292
  2,423
  2,559
  2,702
  2,851
  3,007
  3,169
Interest expense (income), $m
  0
  34
  44
  56
  67
  80
  93
  106
  121
  136
  151
  167
  184
  202
  220
  239
  258
  279
  300
  322
  345
  369
  394
  420
  447
  475
  504
  535
  567
  601
  636
Earnings before tax, $m
  141
  177
  204
  233
  263
  295
  328
  363
  399
  436
  476
  595
  637
  681
  727
  774
  824
  875
  928
  984
  1,042
  1,102
  1,165
  1,231
  1,299
  1,370
  1,445
  1,522
  1,604
  1,689
  1,778
Tax expense, $m
  66
  48
  55
  63
  71
  80
  89
  98
  108
  118
  128
  161
  172
  184
  196
  209
  222
  236
  251
  266
  281
  298
  315
  332
  351
  370
  390
  411
  433
  456
  480
Net income, $m
  75
  129
  149
  170
  192
  215
  239
  265
  291
  319
  347
  434
  465
  497
  531
  565
  601
  639
  678
  718
  761
  805
  850
  898
  948
  1,000
  1,055
  1,111
  1,171
  1,233
  1,298

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  104
  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
  3,153
  3,470
  3,919
  4,394
  4,896
  5,423
  5,976
  6,554
  7,158
  7,787
  8,442
  9,123
  9,831
  10,567
  11,331
  12,126
  12,952
  13,811
  14,704
  15,634
  16,601
  17,609
  18,659
  19,754
  20,895
  22,087
  23,331
  24,630
  25,987
  27,406
  28,890
Adjusted assets (=assets-cash), $m
  3,049
  3,470
  3,919
  4,394
  4,896
  5,423
  5,976
  6,554
  7,158
  7,787
  8,442
  9,123
  9,831
  10,567
  11,331
  12,126
  12,952
  13,811
  14,704
  15,634
  16,601
  17,609
  18,659
  19,754
  20,895
  22,087
  23,331
  24,630
  25,987
  27,406
  28,890
Revenue / Adjusted assets
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
Average production assets, $m
  1,317
  1,498
  1,691
  1,897
  2,113
  2,341
  2,579
  2,829
  3,090
  3,361
  3,644
  3,938
  4,243
  4,561
  4,891
  5,234
  5,591
  5,961
  6,347
  6,748
  7,166
  7,601
  8,054
  8,526
  9,019
  9,533
  10,070
  10,631
  11,217
  11,830
  12,470
Working capital, $m
  253
  227
  256
  287
  320
  355
  391
  429
  468
  509
  552
  597
  643
  691
  741
  793
  847
  903
  962
  1,022
  1,086
  1,152
  1,220
  1,292
  1,367
  1,444
  1,526
  1,611
  1,700
  1,792
  1,889
Total debt, $m
  1,026
  1,270
  1,587
  1,922
  2,276
  2,649
  3,039
  3,447
  3,873
  4,318
  4,780
  5,261
  5,761
  6,280
  6,820
  7,381
  7,964
  8,571
  9,201
  9,857
  10,540
  11,252
  11,993
  12,766
  13,572
  14,413
  15,291
  16,209
  17,167
  18,169
  19,216
Total liabilities, $m
  2,206
  2,450
  2,767
  3,102
  3,456
  3,829
  4,219
  4,627
  5,053
  5,498
  5,960
  6,441
  6,941
  7,460
  8,000
  8,561
  9,144
  9,751
  10,381
  11,037
  11,720
  12,432
  13,173
  13,946
  14,752
  15,593
  16,471
  17,389
  18,347
  19,349
  20,396
Total equity, $m
  947
  1,020
  1,152
  1,292
  1,439
  1,594
  1,757
  1,927
  2,104
  2,289
  2,482
  2,682
  2,890
  3,107
  3,331
  3,565
  3,808
  4,060
  4,323
  4,596
  4,881
  5,177
  5,486
  5,808
  6,143
  6,493
  6,859
  7,241
  7,640
  8,057
  8,494
Total liabilities and equity, $m
  3,153
  3,470
  3,919
  4,394
  4,895
  5,423
  5,976
  6,554
  7,157
  7,787
  8,442
  9,123
  9,831
  10,567
  11,331
  12,126
  12,952
  13,811
  14,704
  15,633
  16,601
  17,609
  18,659
  19,754
  20,895
  22,086
  23,330
  24,630
  25,987
  27,406
  28,890
Debt-to-equity ratio
  1.083
  1.240
  1.380
  1.490
  1.580
  1.660
  1.730
  1.790
  1.840
  1.890
  1.930
  1.960
  1.990
  2.020
  2.050
  2.070
  2.090
  2.110
  2.130
  2.140
  2.160
  2.170
  2.190
  2.200
  2.210
  2.220
  2.230
  2.240
  2.250
  2.250
  2.260
Adjusted equity ratio
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  75
  129
  149
  170
  192
  215
  239
  265
  291
  319
  347
  434
  465
  497
  531
  565
  601
  639
  678
  718
  761
  805
  850
  898
  948
  1,000
  1,055
  1,111
  1,171
  1,233
  1,298
Depreciation, amort., depletion, $m
  128
  169
  181
  194
  207
  220
  235
  250
  266
  282
  299
  239
  257
  276
  296
  317
  339
  361
  385
  409
  434
  461
  488
  517
  547
  578
  610
  644
  680
  717
  756
Funds from operations, $m
  338
  299
  330
  364
  399
  436
  474
  515
  557
  601
  647
  673
  722
  774
  827
  883
  940
  1,000
  1,062
  1,127
  1,195
  1,265
  1,339
  1,415
  1,495
  1,578
  1,665
  1,756
  1,851
  1,950
  2,053
Change in working capital, $m
  37
  28
  29
  31
  33
  34
  36
  38
  39
  41
  43
  45
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
  78
  81
  85
  89
  93
  97
Cash from operations, $m
  301
  271
  301
  333
  366
  401
  438
  477
  517
  560
  604
  628
  676
  726
  777
  831
  886
  944
  1,004
  1,067
  1,132
  1,199
  1,270
  1,343
  1,420
  1,500
  1,584
  1,671
  1,762
  1,857
  1,956
Maintenance CAPEX, $m
  0
  -80
  -91
  -103
  -115
  -128
  -142
  -156
  -171
  -187
  -204
  -221
  -239
  -257
  -276
  -296
  -317
  -339
  -361
  -385
  -409
  -434
  -461
  -488
  -517
  -547
  -578
  -610
  -644
  -680
  -717
New CAPEX, $m
  -112
  -181
  -194
  -205
  -217
  -228
  -239
  -250
  -261
  -272
  -283
  -294
  -306
  -318
  -330
  -343
  -357
  -371
  -386
  -401
  -418
  -435
  -453
  -472
  -493
  -514
  -537
  -561
  -586
  -613
  -641
Cash from investing activities, $m
  -25
  -261
  -285
  -308
  -332
  -356
  -381
  -406
  -432
  -459
  -487
  -515
  -545
  -575
  -606
  -639
  -674
  -710
  -747
  -786
  -827
  -869
  -914
  -960
  -1,010
  -1,061
  -1,115
  -1,171
  -1,230
  -1,293
  -1,358
Free cash flow, $m
  276
  10
  17
  25
  34
  45
  58
  71
  85
  101
  117
  114
  132
  151
  171
  191
  212
  234
  257
  281
  305
  330
  356
  383
  411
  439
  469
  500
  532
  565
  599
Issuance/(repayment) of debt, $m
  -160
  296
  317
  336
  354
  372
  390
  408
  426
  444
  462
  481
  500
  520
  540
  561
  583
  606
  631
  656
  683
  711
  741
  773
  806
  841
  878
  917
  958
  1,002
  1,048
Issuance/(repurchase) of shares, $m
  -5
  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  
  -174
  296
  317
  336
  354
  372
  390
  408
  426
  444
  462
  481
  500
  520
  540
  561
  583
  606
  631
  656
  683
  711
  741
  773
  806
  841
  878
  917
  958
  1,002
  1,048
Total cash flow (excl. dividends), $m
  96
  307
  333
  360
  389
  418
  448
  479
  512
  545
  580
  594
  632
  670
  710
  752
  796
  841
  888
  937
  988
  1,042
  1,097
  1,156
  1,217
  1,280
  1,347
  1,417
  1,490
  1,566
  1,647
Retained Cash Flow (-), $m
  69
  -125
  -132
  -140
  -147
  -155
  -163
  -170
  -177
  -185
  -193
  -200
  -208
  -216
  -225
  -234
  -243
  -252
  -263
  -273
  -284
  -296
  -309
  -322
  -336
  -350
  -366
  -382
  -399
  -417
  -436
Prev. year cash balance distribution, $m
 
  52
  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
 
  233
  201
  221
  241
  263
  285
  309
  334
  360
  387
  394
  423
  454
  486
  519
  553
  588
  625
  664
  704
  745
  789
  834
  881
  930
  981
  1,035
  1,091
  1,149
  1,210
Discount rate, %
 
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
 
  218
  174
  176
  176
  174
  170
  164
  156
  147
  136
  118
  107
  95
  84
  72
  61
  51
  41
  33
  26
  20
  15
  11
  8
  5
  4
  2
  2
  1
  1
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

Greif, Inc. is a producer of industrial packaging products and services. The Company's segments are Rigid Industrial Packaging & Services; Paper Packaging & Services; Flexible Products & Services, and Land Management. The Rigid Industrial Packaging & Services segment is engaged in the production and sale of rigid industrial packaging products, and services, such as container life cycle management, filling, logistics, warehousing and other packaging services. The Paper Packaging & Services segment is engaged in the production and sale of containerboard, corrugated sheets, corrugated containers and other corrugated products. The Flexible Products & Services segment is engaged in the production and sale of flexible intermediate bulk containers and related services on a global basis. The Land Management segment is involved in the management and sale of timber. As of October 31, 2016, the Company had operations in over 45 countries.

FINANCIAL RATIOS  of  Greif Cl A (GEF)

Valuation Ratios
P/E Ratio 40.3
Price to Sales 0.9
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 10
Price to Free Cash Flow 16
Growth Rates
Sales Growth Rate -8.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -35.6%
Cap. Spend. - 3 Yr. Gr. Rate -5%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 102.9%
Total Debt to Equity 108.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. 2.3%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3.5%
Return On Equity 7.6%
Return On Equity - 3 Yr. Avg. 7.3%
Asset Turnover 1
Profitability Ratios
Gross Margin 20.6%
Gross Margin - 3 Yr. Avg. 19.4%
EBITDA Margin 8.1%
EBITDA Margin - 3 Yr. Avg. 7.5%
Operating Margin 6.8%
Oper. Margin - 3 Yr. Avg. 6%
Pre-Tax Margin 4.2%
Pre-Tax Margin - 3 Yr. Avg. 3.7%
Net Profit Margin 2.3%
Net Profit Margin - 3 Yr. Avg. 2.1%
Effective Tax Rate 46.8%
Eff/ Tax Rate - 3 Yr. Avg. 54.1%
Payout Ratio 132%

GEF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GEF stock intrinsic value calculation we used $3324 million for the last fiscal year's total revenue generated by Greif Cl A. The default revenue input number comes from 2016 income statement of Greif Cl A. 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 GEF stock valuation model: a) initial revenue growth rate of 13.8% 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 7.1%, whose default value for GEF is calculated based on our internal credit rating of Greif Cl A, 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 Greif Cl A.
    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 GEF stock the variable cost ratio is equal to 94.7%.

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 GEF 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 Greif Cl A.

Corporate tax rate of 27% is the nominal tax rate for Greif Cl A. 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 GEF 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 GEF are equal to 39.6%.

Life of production assets of 16.5 years is the average useful life of capital assets used in Greif Cl A 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 GEF is equal to 6%. 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 - $947 million for Greif Cl A - 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 50.557 million for Greif Cl A 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 Greif Cl A at the current share price and the inputted number of shares is $3.2 billion.

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COMPANY NEWS

▶ Company News For Dec 8, 2017   [Dec-08-17 10:14AM  Zacks]
▶ Greif Class B to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ Is Greif Inc (GEF) A Sell At Its Current PE Ratio?   [Dec-06-17 06:51PM  Simply Wall St.]
▶ Greif posts 4Q profit   [05:13PM  Associated Press]
▶ Greif beats Street 4Q forecasts   [05:03PM  Associated Press]
▶ Greif, Inc. Declares Fourth Quarter 2017 Dividends   [Dec-05-17 02:12PM  Business Wire]
▶ You Should Diversify With These Dividend Stocks   [Oct-31-17 09:02AM  Simply Wall St.]
▶ ETFs with exposure to Greif, Inc. : October 30, 2017   [Oct-30-17 11:51AM  Capital Cube]
▶ Greif, Inc. Value Analysis (NYSE:GEF) : October 16, 2017   [Oct-16-17 10:07AM  Capital Cube]
▶ IBD Rating Upgrades: Greif Shows Improved Technical Strength   [03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Greif, Inc. : September 7, 2017   [Sep-07-17 01:10PM  Capital Cube]
▶ Greif Shows Improved Relative Price Performance; Still Shy Of Benchmark   [Sep-06-17 03:00AM  Investor's Business Daily]
▶ Greif posts 3Q profit   [08:04PM  Associated Press]
▶ Greif tops Street 3Q forecasts   [08:03PM  Associated Press]
▶ Greif Reports Third Quarter 2017 Results   [Aug-30-17 04:15PM  Business Wire]
▶ Greif, Inc. Declares Third Quarter 2017 Dividends   [Aug-29-17 02:37PM  Business Wire]
▶ Greif, Inc. Value Analysis (NYSE:GEF) : July 31, 2017   [Jul-31-17 06:11PM  Capital Cube]
▶ Greif can do 'virtually any deal we can find,' execs say at NYSE   [Jun-30-17 11:23AM  American City Business Journals]
▶ Greif, Inc. Announces Highlights of 2017 Investor Day   [Jun-28-17 04:15PM  Business Wire]
▶ ETFs with exposure to Greif, Inc. : June 13, 2017   [Jun-13-17 12:31PM  Capital Cube]
▶ After-hours buzz: GEF, MYL & more   [Jun-07-17 05:37PM  CNBC]
▶ Greif posts 2Q profit   [04:44PM  Associated Press]
▶ Greif misses Street 2Q forecasts   [04:23PM  Associated Press]
▶ Greif Reports Second Quarter 2017 Results   [04:10PM  Business Wire]
▶ Greif, Inc. Declares Second Quarter 2017 Dividends   [Jun-06-17 01:47PM  Business Wire]
▶ Greif, Inc. Value Analysis (NYSE:GEF) : April 21, 2017   [Apr-21-17 03:31PM  Capital Cube]
▶ Greif posts 1Q profit   [Mar-01-17 04:39PM  Associated Press]
▶ Greif misses 1Q profit forecasts   [04:36PM  Associated Press]
▶ Greif Reports First Quarter 2017 Results   [04:15PM  Business Wire]
▶ Greif, Inc. Declares First Quarter 2017 Dividends   [Feb-28-17 01:33PM  Business Wire]
▶ Greif, Inc. Announces Date for Investor Day 2017   [Feb-15-17 04:15PM  Business Wire]
Financial statements of GEF
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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