Intrinsic value of Graham Holdings - GHC

Previous Close

$564.50

  Intrinsic Value

$662.50

stock screener

  Rating & Target

hold

+17%

Previous close

$564.50

 
Intrinsic value

$662.50

 
Up/down potential

+17%

 
Rating

hold

We calculate the intrinsic value of GHC 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 2017), $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 3.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.40
  4.46
  4.51
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
Revenue, $m
  2,706
  2,827
  2,954
  3,089
  3,231
  3,382
  3,540
  3,707
  3,882
  4,068
  4,262
  4,467
  4,683
  4,910
  5,149
  5,400
  5,664
  5,942
  6,233
  6,540
  6,862
  7,201
  7,557
  7,931
  8,323
  8,736
  9,169
  9,625
  10,103
  10,605
Variable operating expenses, $m
  2,369
  2,467
  2,571
  2,681
  2,797
  2,919
  3,048
  3,184
  3,327
  3,478
  3,473
  3,640
  3,816
  4,001
  4,195
  4,400
  4,615
  4,841
  5,079
  5,328
  5,591
  5,867
  6,157
  6,461
  6,781
  7,117
  7,470
  7,841
  8,231
  8,640
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
  2,369
  2,467
  2,571
  2,681
  2,797
  2,919
  3,048
  3,184
  3,327
  3,478
  3,473
  3,640
  3,816
  4,001
  4,195
  4,400
  4,615
  4,841
  5,079
  5,328
  5,591
  5,867
  6,157
  6,461
  6,781
  7,117
  7,470
  7,841
  8,231
  8,640
Operating income, $m
  337
  360
  383
  408
  435
  463
  492
  523
  555
  590
  790
  828
  868
  910
  954
  1,001
  1,049
  1,101
  1,155
  1,212
  1,271
  1,334
  1,400
  1,469
  1,542
  1,619
  1,699
  1,783
  1,872
  1,965
EBITDA, $m
  680
  711
  743
  777
  813
  850
  890
  932
  976
  1,023
  1,072
  1,123
  1,178
  1,235
  1,295
  1,358
  1,424
  1,494
  1,568
  1,645
  1,726
  1,811
  1,900
  1,994
  2,093
  2,197
  2,306
  2,420
  2,541
  2,667
Interest expense (income), $m
  36
  34
  40
  46
  53
  61
  68
  76
  85
  94
  103
  113
  124
  135
  146
  158
  171
  185
  199
  214
  230
  246
  263
  282
  301
  321
  342
  364
  387
  412
  438
Earnings before tax, $m
  304
  320
  337
  355
  374
  394
  416
  438
  462
  486
  677
  704
  733
  764
  796
  829
  865
  902
  941
  982
  1,025
  1,071
  1,119
  1,169
  1,221
  1,277
  1,335
  1,396
  1,460
  1,527
Tax expense, $m
  82
  86
  91
  96
  101
  106
  112
  118
  125
  131
  183
  190
  198
  206
  215
  224
  233
  244
  254
  265
  277
  289
  302
  316
  330
  345
  360
  377
  394
  412
Net income, $m
  222
  233
  246
  259
  273
  288
  303
  320
  337
  355
  494
  514
  535
  557
  581
  605
  631
  658
  687
  717
  749
  782
  817
  853
  892
  932
  974
  1,019
  1,066
  1,115

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
  5,068
  5,294
  5,532
  5,785
  6,051
  6,332
  6,629
  6,941
  7,270
  7,617
  7,982
  8,366
  8,770
  9,195
  9,643
  10,113
  10,607
  11,127
  11,673
  12,247
  12,851
  13,485
  14,151
  14,851
  15,587
  16,359
  17,171
  18,023
  18,919
  19,860
Adjusted assets (=assets-cash), $m
  5,068
  5,294
  5,532
  5,785
  6,051
  6,332
  6,629
  6,941
  7,270
  7,617
  7,982
  8,366
  8,770
  9,195
  9,643
  10,113
  10,607
  11,127
  11,673
  12,247
  12,851
  13,485
  14,151
  14,851
  15,587
  16,359
  17,171
  18,023
  18,919
  19,860
Revenue / Adjusted assets
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
Average production assets, $m
  1,791
  1,871
  1,956
  2,045
  2,139
  2,239
  2,343
  2,454
  2,570
  2,693
  2,822
  2,957
  3,100
  3,251
  3,409
  3,575
  3,750
  3,933
  4,127
  4,330
  4,543
  4,767
  5,003
  5,250
  5,510
  5,783
  6,070
  6,371
  6,688
  7,021
Working capital, $m
  -487
  -509
  -532
  -556
  -582
  -609
  -637
  -667
  -699
  -732
  -767
  -804
  -843
  -884
  -927
  -972
  -1,020
  -1,070
  -1,122
  -1,177
  -1,235
  -1,296
  -1,360
  -1,428
  -1,498
  -1,572
  -1,650
  -1,732
  -1,818
  -1,909
Total debt, $m
  579
  673
  772
  877
  988
  1,105
  1,228
  1,358
  1,495
  1,639
  1,791
  1,951
  2,119
  2,296
  2,482
  2,677
  2,883
  3,099
  3,327
  3,565
  3,816
  4,080
  4,357
  4,649
  4,955
  5,276
  5,614
  5,968
  6,341
  6,732
Total liabilities, $m
  2,108
  2,202
  2,302
  2,407
  2,517
  2,634
  2,758
  2,888
  3,025
  3,169
  3,321
  3,480
  3,648
  3,825
  4,011
  4,207
  4,413
  4,629
  4,856
  5,095
  5,346
  5,610
  5,887
  6,178
  6,484
  6,805
  7,143
  7,498
  7,870
  8,262
Total equity, $m
  2,959
  3,091
  3,231
  3,378
  3,534
  3,698
  3,871
  4,054
  4,246
  4,448
  4,662
  4,886
  5,122
  5,370
  5,631
  5,906
  6,195
  6,498
  6,817
  7,152
  7,505
  7,875
  8,264
  8,673
  9,103
  9,554
  10,028
  10,526
  11,049
  11,598
Total liabilities and equity, $m
  5,067
  5,293
  5,533
  5,785
  6,051
  6,332
  6,629
  6,942
  7,271
  7,617
  7,983
  8,366
  8,770
  9,195
  9,642
  10,113
  10,608
  11,127
  11,673
  12,247
  12,851
  13,485
  14,151
  14,851
  15,587
  16,359
  17,171
  18,024
  18,919
  19,860
Debt-to-equity ratio
  0.200
  0.220
  0.240
  0.260
  0.280
  0.300
  0.320
  0.340
  0.350
  0.370
  0.380
  0.400
  0.410
  0.430
  0.440
  0.450
  0.470
  0.480
  0.490
  0.500
  0.510
  0.520
  0.530
  0.540
  0.540
  0.550
  0.560
  0.570
  0.570
  0.580
Adjusted equity ratio
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  222
  233
  246
  259
  273
  288
  303
  320
  337
  355
  494
  514
  535
  557
  581
  605
  631
  658
  687
  717
  749
  782
  817
  853
  892
  932
  974
  1,019
  1,066
  1,115
Depreciation, amort., depletion, $m
  343
  351
  360
  369
  378
  388
  398
  409
  421
  433
  282
  296
  310
  325
  341
  357
  375
  393
  413
  433
  454
  477
  500
  525
  551
  578
  607
  637
  669
  702
Funds from operations, $m
  565
  585
  606
  628
  651
  676
  702
  729
  758
  788
  776
  810
  845
  882
  922
  963
  1,006
  1,052
  1,100
  1,150
  1,203
  1,258
  1,317
  1,378
  1,443
  1,510
  1,581
  1,656
  1,735
  1,817
Change in working capital, $m
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -90
Cash from operations, $m
  585
  606
  629
  652
  677
  703
  730
  759
  790
  822
  811
  847
  884
  923
  965
  1,008
  1,054
  1,102
  1,152
  1,205
  1,261
  1,319
  1,381
  1,445
  1,513
  1,585
  1,659
  1,738
  1,821
  1,907
Maintenance CAPEX, $m
  -171
  -179
  -187
  -196
  -205
  -214
  -224
  -234
  -245
  -257
  -269
  -282
  -296
  -310
  -325
  -341
  -357
  -375
  -393
  -413
  -433
  -454
  -477
  -500
  -525
  -551
  -578
  -607
  -637
  -669
New CAPEX, $m
  -76
  -80
  -84
  -89
  -94
  -99
  -105
  -110
  -116
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -175
  -184
  -193
  -203
  -213
  -224
  -236
  -247
  -260
  -273
  -287
  -301
  -317
  -333
Cash from investing activities, $m
  -247
  -259
  -271
  -285
  -299
  -313
  -329
  -344
  -361
  -380
  -398
  -418
  -439
  -460
  -483
  -507
  -532
  -559
  -586
  -616
  -646
  -678
  -713
  -747
  -785
  -824
  -865
  -908
  -954
  -1,002
Free cash flow, $m
  337
  347
  357
  367
  378
  389
  402
  414
  428
  442
  413
  429
  445
  463
  481
  501
  521
  543
  566
  589
  615
  641
  669
  698
  728
  760
  794
  830
  867
  906
Issuance/(repayment) of debt, $m
  92
  94
  99
  105
  111
  117
  123
  130
  137
  144
  152
  160
  168
  177
  186
  196
  206
  216
  227
  239
  251
  264
  277
  291
  306
  321
  338
  355
  373
  391
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  
  92
  94
  99
  105
  111
  117
  123
  130
  137
  144
  152
  160
  168
  177
  186
  196
  206
  216
  227
  239
  251
  264
  277
  291
  306
  321
  338
  355
  373
  391
Total cash flow (excl. dividends), $m
  430
  441
  456
  472
  489
  506
  525
  544
  565
  586
  565
  589
  614
  640
  668
  697
  727
  759
  793
  828
  866
  905
  946
  989
  1,034
  1,082
  1,132
  1,184
  1,239
  1,297
Retained Cash Flow (-), $m
  -124
  -132
  -140
  -147
  -156
  -164
  -173
  -182
  -192
  -202
  -213
  -224
  -236
  -248
  -261
  -275
  -289
  -304
  -319
  -335
  -352
  -370
  -389
  -409
  -430
  -451
  -474
  -498
  -523
  -549
Prev. year cash balance distribution, $m
  79
  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
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
  35
  37
  38
  40
Cash available for distribution, $m
  385
  309
  317
  325
  333
  342
  352
  362
  373
  384
  352
  364
  378
  392
  406
  422
  438
  456
  474
  493
  513
  534
  557
  580
  605
  631
  658
  686
  716
  748
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
  369
  283
  276
  267
  258
  248
  238
  226
  214
  201
  167
  155
  144
  131
  119
  107
  95
  84
  73
  63
  53
  44
  36
  30
  24
  18
  14
  11
  8
  6
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

Graham Holdings Company is a diversified education and media company. The Company's operations include educational services; television broadcasting; online, print and local television (TV) news; social-media advertising services; home health and hospice care, and manufacturing. The Company's segments include Kaplan Higher Education (KHE), Kaplan Test Preparation (KTP), Kaplan International, television broadcasting and other businesses. KHE consists of Kaplan University. Kaplan University provides a range of certificate, diploma and degree programs. Kaplan's KHE division consists primarily of Kaplan University. KTP includes test preparation businesses in pre-college, graduate, health and bar review, as well as businesses in new economy skills training and in career advising. Kaplan International (KI) operates businesses in Europe and the Asia Pacific region. Its other businesses include operations of The Slate Group LLC, which publishes online magazine and additional Websites. _tck('aft');

FINANCIAL RATIOS  of  Graham Holdings (GHC)

Valuation Ratios
P/E Ratio 17.6
Price to Sales 1.2
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 12.7
Price to Free Cash Flow 40.1
Growth Rates
Sales Growth Rate 0.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2.8%
Cap. Spend. - 3 Yr. Gr. Rate -1.7%
Financial Strength
Quick Ratio 364
Current Ratio 0.2
LT Debt to Equity 13.5%
Total Debt to Equity 13.6%
Interest Coverage 9
Management Effectiveness
Return On Assets 4.8%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 6.7%
Ret/ On T. Cap. - 3 Yr. Avg. 4.8%
Return On Equity 8%
Return On Equity - 3 Yr. Avg. 5.8%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 55.1%
Gross Margin - 3 Yr. Avg. 55.2%
EBITDA Margin 17.3%
EBITDA Margin - 3 Yr. Avg. 15.8%
Operating Margin 9.9%
Oper. Margin - 3 Yr. Avg. 8.2%
Pre-Tax Margin 8.6%
Pre-Tax Margin - 3 Yr. Avg. 6.8%
Net Profit Margin 6.8%
Net Profit Margin - 3 Yr. Avg. 4.6%
Effective Tax Rate 36.5%
Eff/ Tax Rate - 3 Yr. Avg. 43.7%
Payout Ratio 0.4%

GHC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GHC stock intrinsic value calculation we used $2592 million for the last fiscal year's total revenue generated by Graham Holdings. The default revenue input number comes from 2017 income statement of Graham Holdings. 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 GHC stock valuation model: a) initial revenue growth rate of 4.4% 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 4.3%, whose default value for GHC is calculated based on our internal credit rating of Graham Holdings, 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 Graham Holdings.
    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 GHC stock the variable cost ratio is equal to 87.8%.

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 GHC 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 6.9% for Graham Holdings.

Corporate tax rate of 27% is the nominal tax rate for Graham Holdings. 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 GHC stock is equal to 0.4%.

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 GHC are equal to 66.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Graham Holdings 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 GHC is equal to -18%. 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 - $2915 million for Graham Holdings - 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 6 million for Graham Holdings 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 Graham Holdings at the current share price and the inputted number of shares is $3.4 billion.

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COMPANY NEWS

▶ Graham: Fiscal 1Q Earnings Snapshot   [Aug-03-18 06:37AM  Associated Press]
▶ Graham Holdings: 2Q Earnings Snapshot   [Aug-01-18 08:43AM  Associated Press]
▶ Kaplan Closes Acquisition of College for Financial Planning   [Jul-12-18 09:42AM  Business Wire]
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▶ [$$] Supreme Court of the bible belts dreams   [06:00AM  Financial Times]
▶ Should You Be Holding Graham Holdings Company (NYSE:GHC)?   [Jun-23-18 10:48AM  Simply Wall St.]
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▶ [$$] The Roman decadence of American politics   [Jun-15-18 06:15AM  Financial Times]
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▶ [$$] US healthcare to provide Democrats with Trump weapon   [Jun-10-18 02:04AM  Financial Times]
▶ Is Graham Corporation (NYSE:GHM) Undervalued?   [Jun-08-18 08:44AM  Simply Wall St.]
▶ [$$] FT Health: An urgent need to invest in mental health   [Jun-07-18 09:36PM  Financial Times]
▶ Graham: Fiscal 4Q Earnings Snapshot   [May-31-18 06:54AM  Associated Press]
▶ Graham's Earnings Preview   [May-30-18 03:49PM  Benzinga]
▶ Graham Holdings Company Declares Regular Quarterly Dividend   [May-03-18 03:07PM  Business Wire]
▶ Graham Holdings: 1Q Earnings Snapshot   [May-02-18 08:48AM  Associated Press]
▶ [$$] Comey taps in to huge demand for Trump books   [Apr-17-18 12:33AM  Financial Times]
▶ [$$] Comey book escalates attacks on Trump   [08:05AM  Financial Times]
▶ [$$] FT business books of the month: April edition   [Apr-12-18 08:26AM  Financial Times]
▶ [$$] In Case You Missed It: Inflation   [08:17AM  Financial Times]
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▶ [$$] Donald Trumps war on Jeff Bezos is more than just bluster   [Apr-04-18 07:57AM  Financial Times]
▶ [$$] Amazon strengthens DC defences   [01:51AM  Financial Times]
▶ Curtis and DeWitte Named CEOs of Graham Healthcare Group   [Apr-03-18 04:23PM  Business Wire]
▶ Graham Holdings seals the deal on $1 sale of Kaplan   [Mar-30-18 01:30PM  American City Business Journals]
▶ [$$] FT Health: The art of public health messaging   [Mar-28-18 09:07PM  Financial Times]
▶ Andrew Sollinger Named Publisher of Foreign Policy   [Mar-26-18 11:35AM  Business Wire]
▶ [$$] Fast Europe Open: Italy, eurozone inflation data   [Mar-16-18 01:57AM  Financial Times]
▶ [$$] Trump doubles down on Canada deficit claim   [Mar-14-18 10:44PM  Financial Times]
▶ [$$] Porn actress drama raises risks for Trump   [Mar-13-18 04:46AM  Financial Times]
▶ Purdue University Receives HLC Approval for Purdue Global   [Mar-05-18 03:58PM  Business Wire]
▶ [$$] How healthy are your online conversations?   [Mar-02-18 09:07PM  Financial Times]
▶ [$$] Do we still need community banks?   [07:51AM  Financial Times]
▶ [$$] FT Health: Orphan diseases move into the spotlight   [Mar-01-18 08:19PM  Financial Times]
▶ [$$] Opinion today: Forever Xi   [01:10AM  Financial Times]
▶ [$$] Are there good types of populism?   [Feb-27-18 05:22AM  Financial Times]
▶ [$$] Opinion today: A contest of sick systems   [01:09AM  Financial Times]
▶ Tax Reform Masks Earnings Declines at Graham Holdings   [Feb-26-18 09:30AM  Motley Fool]
▶ Graham Holdings posts 4Q profit   [Feb-23-18 05:43PM  Associated Press]
▶ [$$] Opinion today: The personal finance data trap   [Feb-22-18 01:00AM  Financial Times]
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