Intrinsic value of Griffon - GFF

Previous Close

$21.95

  Intrinsic Value

$12.42

stock screener

  Rating & Target

sell

-43%

  Value-price divergence*

-12%

Previous close

$21.95

 
Intrinsic value

$12.42

 
Up/down potential

-43%

 
Rating

sell

 
Value-price divergence*

-12%

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

We calculate the intrinsic value of GFF 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 1.0

 

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, %
  -2.93
  2.40
  2.66
  2.89
  3.10
  3.29
  3.46
  3.62
  3.76
  3.88
  3.99
  4.09
  4.18
  4.27
  4.34
  4.41
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
Revenue, $m
  1,957
  2,004
  2,057
  2,117
  2,183
  2,254
  2,333
  2,417
  2,508
  2,605
  2,709
  2,820
  2,938
  3,063
  3,196
  3,337
  3,486
  3,643
  3,810
  3,985
  4,171
  4,366
  4,572
  4,789
  5,017
  5,258
  5,511
  5,777
  6,057
  6,352
  6,662
Variable operating expenses, $m
 
  1,903
  1,953
  2,008
  2,069
  2,136
  2,209
  2,288
  2,372
  2,463
  2,560
  2,627
  2,737
  2,854
  2,977
  3,109
  3,247
  3,394
  3,549
  3,713
  3,885
  4,067
  4,259
  4,461
  4,674
  4,898
  5,134
  5,382
  5,643
  5,917
  6,206
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
  1,854
  1,903
  1,953
  2,008
  2,069
  2,136
  2,209
  2,288
  2,372
  2,463
  2,560
  2,627
  2,737
  2,854
  2,977
  3,109
  3,247
  3,394
  3,549
  3,713
  3,885
  4,067
  4,259
  4,461
  4,674
  4,898
  5,134
  5,382
  5,643
  5,917
  6,206
Operating income, $m
  104
  101
  105
  109
  113
  118
  124
  129
  136
  142
  149
  193
  201
  210
  219
  228
  239
  249
  261
  273
  285
  299
  313
  328
  343
  360
  377
  395
  415
  435
  456
EBITDA, $m
  174
  182
  187
  192
  198
  205
  212
  220
  228
  237
  246
  256
  267
  278
  290
  303
  317
  331
  346
  362
  379
  397
  415
  435
  456
  478
  501
  525
  550
  577
  605
Interest expense (income), $m
  44
  45
  46
  48
  50
  52
  55
  57
  60
  63
  67
  70
  74
  78
  82
  87
  91
  96
  102
  107
  113
  120
  126
  133
  140
  148
  156
  165
  174
  183
  193
Earnings before tax, $m
  53
  56
  58
  61
  63
  66
  69
  72
  75
  79
  83
  123
  127
  132
  137
  142
  147
  153
  159
  165
  172
  179
  187
  195
  203
  212
  221
  231
  241
  252
  263
Tax expense, $m
  23
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  33
  34
  36
  37
  38
  40
  41
  43
  45
  46
  48
  50
  53
  55
  57
  60
  62
  65
  68
  71
Net income, $m
  30
  41
  43
  44
  46
  48
  50
  52
  55
  58
  60
  90
  93
  96
  100
  103
  107
  112
  116
  121
  126
  131
  136
  142
  148
  155
  161
  168
  176
  184
  192

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  73
  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
  1,782
  1,750
  1,797
  1,849
  1,906
  1,969
  2,037
  2,111
  2,190
  2,275
  2,366
  2,463
  2,566
  2,675
  2,791
  2,914
  3,045
  3,182
  3,327
  3,481
  3,643
  3,813
  3,993
  4,182
  4,382
  4,592
  4,813
  5,045
  5,290
  5,547
  5,818
Adjusted assets (=assets-cash), $m
  1,709
  1,750
  1,797
  1,849
  1,906
  1,969
  2,037
  2,111
  2,190
  2,275
  2,366
  2,463
  2,566
  2,675
  2,791
  2,914
  3,045
  3,182
  3,327
  3,481
  3,643
  3,813
  3,993
  4,182
  4,382
  4,592
  4,813
  5,045
  5,290
  5,547
  5,818
Revenue / Adjusted assets
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
  1.145
Average production assets, $m
  606
  619
  636
  654
  674
  697
  721
  747
  775
  805
  837
  871
  908
  947
  988
  1,031
  1,077
  1,126
  1,177
  1,232
  1,289
  1,349
  1,413
  1,480
  1,550
  1,625
  1,703
  1,785
  1,872
  1,963
  2,058
Working capital, $m
  463
  423
  434
  447
  461
  476
  492
  510
  529
  550
  572
  595
  620
  646
  674
  704
  736
  769
  804
  841
  880
  921
  965
  1,010
  1,059
  1,109
  1,163
  1,219
  1,278
  1,340
  1,406
Total debt, $m
  937
  947
  984
  1,025
  1,070
  1,119
  1,173
  1,231
  1,294
  1,361
  1,433
  1,509
  1,590
  1,677
  1,768
  1,865
  1,968
  2,077
  2,191
  2,312
  2,440
  2,575
  2,716
  2,866
  3,023
  3,189
  3,363
  3,547
  3,740
  3,943
  4,156
Total liabilities, $m
  1,371
  1,381
  1,418
  1,459
  1,504
  1,553
  1,607
  1,665
  1,728
  1,795
  1,867
  1,943
  2,024
  2,111
  2,202
  2,299
  2,402
  2,511
  2,625
  2,746
  2,874
  3,009
  3,150
  3,300
  3,457
  3,623
  3,797
  3,981
  4,174
  4,377
  4,590
Total equity, $m
  411
  369
  379
  390
  402
  415
  430
  445
  462
  480
  499
  520
  541
  564
  589
  615
  642
  671
  702
  734
  769
  805
  843
  882
  925
  969
  1,016
  1,065
  1,116
  1,171
  1,228
Total liabilities and equity, $m
  1,782
  1,750
  1,797
  1,849
  1,906
  1,968
  2,037
  2,110
  2,190
  2,275
  2,366
  2,463
  2,565
  2,675
  2,791
  2,914
  3,044
  3,182
  3,327
  3,480
  3,643
  3,814
  3,993
  4,182
  4,382
  4,592
  4,813
  5,046
  5,290
  5,548
  5,818
Debt-to-equity ratio
  2.280
  2.560
  2.590
  2.630
  2.660
  2.690
  2.730
  2.760
  2.800
  2.840
  2.870
  2.900
  2.940
  2.970
  3.000
  3.030
  3.060
  3.090
  3.120
  3.150
  3.170
  3.200
  3.220
  3.250
  3.270
  3.290
  3.310
  3.330
  3.350
  3.370
  3.390
Adjusted equity ratio
  0.198
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  30
  41
  43
  44
  46
  48
  50
  52
  55
  58
  60
  90
  93
  96
  100
  103
  107
  112
  116
  121
  126
  131
  136
  142
  148
  155
  161
  168
  176
  184
  192
Depreciation, amort., depletion, $m
  70
  81
  82
  83
  85
  87
  88
  90
  92
  94
  97
  63
  66
  69
  72
  75
  78
  82
  85
  89
  93
  98
  102
  107
  112
  118
  123
  129
  136
  142
  149
Funds from operations, $m
  84
  122
  125
  128
  131
  135
  138
  143
  147
  152
  157
  153
  159
  165
  171
  178
  186
  193
  201
  210
  219
  229
  239
  249
  261
  272
  285
  298
  311
  326
  341
Change in working capital, $m
  -20
  10
  11
  13
  14
  15
  16
  18
  19
  21
  22
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
  62
  65
Cash from operations, $m
  104
  112
  113
  115
  117
  119
  122
  125
  128
  131
  135
  129
  134
  138
  143
  148
  154
  160
  166
  173
  180
  187
  195
  204
  212
  222
  231
  242
  252
  264
  276
Maintenance CAPEX, $m
  0
  -44
  -45
  -46
  -47
  -49
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -98
  -102
  -107
  -112
  -118
  -123
  -129
  -136
  -142
New CAPEX, $m
  -91
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -74
  -78
  -82
  -87
  -91
  -96
Cash from investing activities, $m
  -94
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -90
  -95
  -99
  -105
  -110
  -116
  -121
  -127
  -133
  -139
  -146
  -153
  -162
  -169
  -178
  -186
  -196
  -205
  -216
  -227
  -238
Free cash flow, $m
  10
  55
  52
  51
  49
  48
  47
  47
  46
  45
  45
  34
  34
  34
  34
  33
  33
  33
  33
  33
  33
  34
  34
  34
  35
  35
  35
  36
  36
  37
  38
Issuance/(repayment) of debt, $m
  87
  33
  37
  41
  45
  50
  54
  58
  63
  67
  72
  76
  81
  86
  92
  97
  103
  109
  115
  121
  128
  135
  142
  149
  157
  166
  174
  183
  193
  203
  213
Issuance/(repurchase) of shares, $m
  -65
  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  
  18
  33
  37
  41
  45
  50
  54
  58
  63
  67
  72
  76
  81
  86
  92
  97
  103
  109
  115
  121
  128
  135
  142
  149
  157
  166
  174
  183
  193
  203
  213
Total cash flow (excl. dividends), $m
  30
  87
  89
  92
  95
  98
  101
  105
  108
  112
  116
  111
  115
  120
  125
  130
  136
  142
  148
  154
  161
  168
  176
  184
  192
  201
  210
  219
  229
  240
  251
Retained Cash Flow (-), $m
  20
  -8
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -54
  -57
Prev. year cash balance distribution, $m
 
  50
  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
 
  129
  79
  81
  83
  85
  87
  89
  92
  94
  97
  90
  94
  97
  101
  104
  109
  113
  117
  122
  127
  132
  138
  144
  150
  156
  163
  170
  178
  186
  194
Discount rate, %
 
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
 
  118
  65
  59
  54
  48
  43
  38
  33
  28
  24
  18
  15
  12
  9
  7
  6
  4
  3
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
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

Griffon Corporation is a management and holding company that conducts business through its subsidiaries. The Company operates through three segments: Home & Building Products (HBP), Telephonics Corporation (Telephonics) and Clopay Plastic Products Company, Inc. (PPC). The HBP segment consists of two companies: The AMES Companies, Inc. (AMES) and Clopay Building Products Company, Inc. (CBP). AMES is a provider of non-powered landscaping products for homeowners and professionals. CBP is a manufacturer and marketer of residential, commercial and industrial garage doors to professional dealers and home center retail chains. The Telephonics segment designs, develops and manufactures integrated information, communication and sensor system solutions for military and commercial markets across the world. The PPC segment is engaged in the development and production of embossed, laminated and printed specialty plastic films used in a range of hygienic, healthcare and industrial applications.

FINANCIAL RATIOS  of  Griffon (GFF)

Valuation Ratios
P/E Ratio 33
Price to Sales 0.5
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 9.5
Price to Free Cash Flow 76.3
Growth Rates
Sales Growth Rate -2.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 23%
Cap. Spend. - 3 Yr. Gr. Rate 7.3%
Financial Strength
Quick Ratio 3
Current Ratio 0.4
LT Debt to Equity 222.4%
Total Debt to Equity 228%
Interest Coverage 2
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 2.2%
Return On Total Capital 2.3%
Ret/ On T. Cap. - 3 Yr. Avg. 1.6%
Return On Equity 7.1%
Return On Equity - 3 Yr. Avg. 4.7%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 24.2%
Gross Margin - 3 Yr. Avg. 23.6%
EBITDA Margin 8.5%
EBITDA Margin - 3 Yr. Avg. 7.6%
Operating Margin 5.3%
Oper. Margin - 3 Yr. Avg. 4.1%
Pre-Tax Margin 2.7%
Pre-Tax Margin - 3 Yr. Avg. 1.7%
Net Profit Margin 1.5%
Net Profit Margin - 3 Yr. Avg. 1.1%
Effective Tax Rate 43.4%
Eff/ Tax Rate - 3 Yr. Avg. 60.1%
Payout Ratio 30%

GFF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GFF stock intrinsic value calculation we used $1957 million for the last fiscal year's total revenue generated by Griffon. The default revenue input number comes from 2016 income statement of Griffon. 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 GFF stock valuation model: a) initial revenue growth rate of 2.4% 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 9.8%, whose default value for GFF is calculated based on our internal credit rating of Griffon, 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 Griffon.
    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 GFF stock the variable cost ratio is equal to 95%.

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 GFF 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 4.9% for Griffon.

Corporate tax rate of 27% is the nominal tax rate for Griffon. 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 GFF 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 GFF are equal to 30.9%.

Life of production assets of 13.8 years is the average useful life of capital assets used in Griffon 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 GFF is equal to 21.1%. 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 - $411 million for Griffon - 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 47.388 million for Griffon 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 Griffon at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ ETFs with exposure to Griffon Corp. : October 18, 2017   [Oct-18-17 09:46AM  Capital Cube]
▶ ETFs with exposure to Griffon Corp. : October 3, 2017   [Oct-03-17 11:15AM  Capital Cube]
▶ Griffon Corporation Completes Acquisition of ClosetMaid®   [Oct-02-17 10:45AM  Business Wire]
▶ Griffon Corporation Amends ClosetMaid® Purchase Agreement   [Sep-26-17 04:01PM  Business Wire]
▶ ETFs with exposure to Griffon Corp. : August 4, 2017   [Aug-03-17 08:23PM  Capital Cube]
▶ Griffon posts 3Q profit   [01:05AM  Associated Press]
▶ Griffon Corporation Announces Third Quarter Results   [Aug-02-17 04:05PM  Business Wire]
▶ ETFs with exposure to Griffon Corp. : July 4, 2017   [Jul-04-17 02:57PM  Capital Cube]
▶ ETFs with exposure to Griffon Corp. : June 22, 2017   [Jun-22-17 03:45PM  Capital Cube]
▶ Griffon posts 2Q profit   [May-05-17 05:02AM  Associated Press]
▶ Griffon Corporation Declares Quarterly Dividend   [May-04-17 04:21PM  Business Wire]
▶ Griffon Corp. Value Analysis (NYSE:GFF) : April 27, 2017   [Apr-27-17 04:51PM  Capital Cube]
▶ The AMES Companies® Releases 2017 Spring Gardening Tips   [Apr-12-17 08:53AM  PR Newswire]
▶ Griffon posts 1Q profit   [Jan-31-17 08:08AM  Associated Press]
▶ Is Griffon Corporation (GFF) A Good Stock to Buy?   [07:26AM  at Insider Monkey]
Financial statements of GFF
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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