Intrinsic value of Graham Holdings - GHC

Previous Close

$553.35

  Intrinsic Value

$633.64

stock screener

  Rating & Target

hold

+15%

  Value-price divergence*

-28%

Previous close

$553.35

 
Intrinsic value

$633.64

 
Up/down potential

+15%

 
Rating

hold

 
Value-price divergence*

-28%

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

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 2013), $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 3.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2013(a)
   2014
   2015
   2016
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  0.93
  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
  3,488
  3,558
  3,640
  3,733
  3,838
  3,954
  4,082
  4,221
  4,372
  4,534
  4,708
  4,894
  5,093
  5,304
  5,529
  5,767
  6,020
  6,288
  6,571
  6,869
  7,185
  7,518
  7,869
  8,240
  8,630
  9,040
  9,473
  9,928
  10,407
  10,911
  11,442
Variable operating expenses, $m
 
  3,370
  3,445
  3,530
  3,626
  3,732
  3,848
  3,975
  4,112
  4,259
  4,418
  4,459
  4,640
  4,832
  5,037
  5,254
  5,485
  5,728
  5,986
  6,258
  6,546
  6,849
  7,169
  7,507
  7,862
  8,236
  8,630
  9,045
  9,482
  9,941
  10,424
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
  3,142
  3,370
  3,445
  3,530
  3,626
  3,732
  3,848
  3,975
  4,112
  4,259
  4,418
  4,459
  4,640
  4,832
  5,037
  5,254
  5,485
  5,728
  5,986
  6,258
  6,546
  6,849
  7,169
  7,507
  7,862
  8,236
  8,630
  9,045
  9,482
  9,941
  10,424
Operating income, $m
  346
  188
  195
  203
  213
  223
  234
  247
  260
  274
  290
  435
  453
  472
  492
  513
  536
  559
  584
  611
  639
  669
  700
  733
  768
  804
  843
  883
  926
  971
  1,018
EBITDA, $m
  611
  465
  476
  488
  502
  517
  534
  552
  571
  593
  615
  640
  666
  693
  723
  754
  787
  822
  859
  898
  939
  983
  1,029
  1,077
  1,128
  1,182
  1,238
  1,298
  1,360
  1,426
  1,495
Interest expense (income), $m
  36
  28
  31
  35
  39
  44
  49
  55
  61
  68
  75
  83
  92
  101
  110
  120
  131
  142
  154
  167
  181
  195
  210
  226
  242
  260
  279
  298
  319
  340
  363
Earnings before tax, $m
  301
  159
  164
  168
  173
  179
  185
  192
  199
  206
  215
  352
  361
  371
  382
  393
  405
  417
  430
  444
  458
  474
  490
  507
  525
  544
  564
  585
  607
  630
  655
Tax expense, $m
  110
  43
  44
  45
  47
  48
  50
  52
  54
  56
  58
  95
  98
  100
  103
  106
  109
  113
  116
  120
  124
  128
  132
  137
  142
  147
  152
  158
  164
  170
  177
Net income, $m
  237
  116
  119
  123
  126
  131
  135
  140
  145
  151
  157
  257
  264
  271
  279
  287
  295
  304
  314
  324
  335
  346
  358
  370
  383
  397
  412
  427
  443
  460
  478

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,092
  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
  5,811
  4,814
  4,925
  5,052
  5,194
  5,351
  5,524
  5,712
  5,916
  6,135
  6,371
  6,622
  6,891
  7,177
  7,481
  7,804
  8,146
  8,508
  8,891
  9,296
  9,723
  10,173
  10,649
  11,150
  11,677
  12,233
  12,819
  13,435
  14,083
  14,765
  15,483
Adjusted assets (=assets-cash), $m
  4,719
  4,814
  4,925
  5,052
  5,194
  5,351
  5,524
  5,712
  5,916
  6,135
  6,371
  6,622
  6,891
  7,177
  7,481
  7,804
  8,146
  8,508
  8,891
  9,296
  9,723
  10,173
  10,649
  11,150
  11,677
  12,233
  12,819
  13,435
  14,083
  14,765
  15,483
Revenue / Adjusted assets
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
Average production assets, $m
  1,587
  1,619
  1,656
  1,699
  1,746
  1,799
  1,857
  1,921
  1,989
  2,063
  2,142
  2,227
  2,317
  2,413
  2,516
  2,624
  2,739
  2,861
  2,990
  3,126
  3,269
  3,421
  3,581
  3,749
  3,926
  4,113
  4,310
  4,517
  4,735
  4,965
  5,206
Working capital, $m
  768
  -327
  -335
  -343
  -353
  -364
  -376
  -388
  -402
  -417
  -433
  -450
  -469
  -488
  -509
  -531
  -554
  -578
  -604
  -632
  -661
  -692
  -724
  -758
  -794
  -832
  -872
  -913
  -957
  -1,004
  -1,053
Total debt, $m
  451
  498
  556
  623
  698
  782
  873
  973
  1,080
  1,196
  1,321
  1,454
  1,596
  1,748
  1,909
  2,079
  2,260
  2,452
  2,654
  2,868
  3,094
  3,333
  3,584
  3,849
  4,128
  4,422
  4,732
  5,058
  5,401
  5,762
  6,141
Total liabilities, $m
  2,500
  2,547
  2,605
  2,672
  2,747
  2,831
  2,922
  3,022
  3,129
  3,245
  3,370
  3,503
  3,645
  3,797
  3,958
  4,128
  4,309
  4,501
  4,703
  4,917
  5,143
  5,382
  5,633
  5,898
  6,177
  6,471
  6,781
  7,107
  7,450
  7,811
  8,190
Total equity, $m
  3,311
  2,268
  2,320
  2,379
  2,446
  2,520
  2,602
  2,690
  2,786
  2,890
  3,001
  3,119
  3,246
  3,381
  3,524
  3,676
  3,837
  4,007
  4,188
  4,378
  4,579
  4,792
  5,016
  5,251
  5,500
  5,762
  6,038
  6,328
  6,633
  6,954
  7,292
Total liabilities and equity, $m
  5,811
  4,815
  4,925
  5,051
  5,193
  5,351
  5,524
  5,712
  5,915
  6,135
  6,371
  6,622
  6,891
  7,178
  7,482
  7,804
  8,146
  8,508
  8,891
  9,295
  9,722
  10,174
  10,649
  11,149
  11,677
  12,233
  12,819
  13,435
  14,083
  14,765
  15,482
Debt-to-equity ratio
  0.136
  0.220
  0.240
  0.260
  0.290
  0.310
  0.340
  0.360
  0.390
  0.410
  0.440
  0.470
  0.490
  0.520
  0.540
  0.570
  0.590
  0.610
  0.630
  0.660
  0.680
  0.700
  0.710
  0.730
  0.750
  0.770
  0.780
  0.800
  0.810
  0.830
  0.840
Adjusted equity ratio
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  237
  116
  119
  123
  126
  131
  135
  140
  145
  151
  157
  257
  264
  271
  279
  287
  295
  304
  314
  324
  335
  346
  358
  370
  383
  397
  412
  427
  443
  460
  478
Depreciation, amort., depletion, $m
  265
  277
  281
  285
  289
  294
  299
  305
  311
  318
  325
  204
  213
  221
  231
  241
  251
  262
  274
  287
  300
  314
  328
  344
  360
  377
  395
  414
  434
  455
  478
Funds from operations, $m
  215
  394
  400
  407
  416
  425
  434
  445
  456
  469
  482
  461
  476
  492
  509
  527
  547
  567
  588
  611
  635
  660
  686
  714
  744
  775
  807
  842
  878
  916
  956
Change in working capital, $m
  -113
  -6
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
Cash from operations, $m
  328
  400
  408
  416
  425
  435
  446
  458
  470
  484
  498
  478
  495
  512
  530
  549
  570
  591
  614
  638
  664
  690
  719
  748
  779
  812
  847
  883
  922
  962
  1,004
Maintenance CAPEX, $m
  0
  -146
  -149
  -152
  -156
  -160
  -165
  -170
  -176
  -182
  -189
  -197
  -204
  -213
  -221
  -231
  -241
  -251
  -262
  -274
  -287
  -300
  -314
  -328
  -344
  -360
  -377
  -395
  -414
  -434
  -455
New CAPEX, $m
  -224
  -32
  -37
  -43
  -48
  -53
  -58
  -63
  -68
  -74
  -79
  -85
  -90
  -96
  -102
  -109
  -115
  -122
  -129
  -136
  -144
  -152
  -160
  -168
  -177
  -187
  -197
  -207
  -218
  -229
  -241
Cash from investing activities, $m
  -25
  -178
  -186
  -195
  -204
  -213
  -223
  -233
  -244
  -256
  -268
  -282
  -294
  -309
  -323
  -340
  -356
  -373
  -391
  -410
  -431
  -452
  -474
  -496
  -521
  -547
  -574
  -602
  -632
  -663
  -696
Free cash flow, $m
  303
  223
  222
  222
  222
  222
  223
  224
  226
  227
  230
  197
  200
  203
  206
  210
  214
  218
  223
  228
  233
  239
  245
  251
  258
  265
  273
  281
  289
  298
  308
Issuance/(repayment) of debt, $m
  -240
  50
  59
  67
  75
  83
  91
  100
  108
  116
  125
  133
  142
  151
  161
  171
  181
  192
  203
  214
  226
  238
  251
  265
  279
  294
  310
  326
  343
  361
  380
Issuance/(repurchase) of shares, $m
  -4
  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  
  -242
  50
  59
  67
  75
  83
  91
  100
  108
  116
  125
  133
  142
  151
  161
  171
  181
  192
  203
  214
  226
  238
  251
  265
  279
  294
  310
  326
  343
  361
  380
Total cash flow (excl. dividends), $m
  58
  273
  281
  289
  297
  305
  314
  324
  333
  344
  354
  330
  342
  354
  367
  381
  395
  410
  426
  442
  459
  477
  496
  516
  537
  559
  582
  607
  632
  659
  687
Retained Cash Flow (-), $m
  -714
  -46
  -52
  -60
  -67
  -74
  -81
  -89
  -96
  -103
  -111
  -119
  -127
  -135
  -143
  -152
  -161
  -171
  -180
  -191
  -201
  -212
  -224
  -236
  -249
  -262
  -276
  -290
  -305
  -321
  -338
Prev. year cash balance distribution, $m
 
  1,089
  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
 
  1,316
  228
  229
  230
  231
  233
  235
  237
  240
  243
  212
  216
  220
  224
  229
  234
  239
  245
  251
  258
  265
  272
  280
  289
  297
  307
  317
  327
  338
  349
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
 
  1,262
  209
  199
  189
  179
  169
  159
  148
  138
  128
  101
  92
  84
  75
  67
  59
  52
  45
  39
  33
  27
  23
  18
  15
  12
  9
  7
  5
  4
  3
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

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 17.3
Price to Sales 1.2
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 12.5
Price to Free Cash Flow 39.3
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 $3488 million for the last fiscal year's total revenue generated by Graham Holdings. The default revenue input number comes from 2013 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 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 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 94.8%.

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 6.3% 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%.

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 45.5%.

Life of production assets of 10.9 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 -9.2%. 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 - $3311 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 5.609 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 $3.1 billion.

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COMPANY NEWS

▶ Graham Holdings Company Declares Regular Quarterly Dividend   [Sep-14-17 10:13AM  Business Wire]
▶ Jonathan Tepperman Named Editor-In-Chief of Foreign Policy   [Aug-22-17 10:00AM  Business Wire]
▶ Graham posts 1Q profit   [Aug-04-17 09:37PM  Associated Press]
▶ Kaplan Keeps Holding Graham Holdings Back   [Aug-03-17 09:57AM  Motley Fool]
▶ Graham Holdings posts 2Q profit   [Aug-02-17 11:05PM  Associated Press]
▶ ETFs with exposure to Graham Holdings Co. : July 24, 2017   [Jul-24-17 04:06PM  Capital Cube]
▶ ETFs with exposure to Graham Holdings Co. : July 14, 2017   [Jul-14-17 02:33PM  Capital Cube]
▶ ETFs with exposure to Graham Holdings Co. : June 13, 2017   [Jun-13-17 12:32PM  Capital Cube]
▶ Graham posts 4Q profit   [06:54AM  Associated Press]
▶ ETFs with exposure to Graham Holdings Co. : May 18, 2017   [May-18-17 01:45PM  Capital Cube]
▶ Graham Holdings CEO Tim OShaughnessy buys another D.C. home   [May-09-17 02:12PM  American City Business Journals]
▶ Jack Markell Elected a Director of Graham Holdings Company   [May-04-17 04:30PM  Business Wire]
▶ Graham Holdings Sees Earnings Sink   [May-03-17 08:42PM  Motley Fool]
▶ Graham Holdings posts 1Q profit   [08:38AM  Associated Press]
▶ [$$] Purdue University to Acquire Kaplan University   [12:56AM  The Wall Street Journal]
▶ Graham Holdings just sold Kaplan University to Purdue for $1   [Apr-27-17 05:40PM  American City Business Journals]
▶ These Greater Washington companies may be most affected by Trump's tax reform   [Apr-26-17 03:39PM  American City Business Journals]
▶ 2 Incredibly Cheap Dividend Stocks to Buy Now   [Apr-25-17 01:40PM  Motley Fool]
▶ Dev Bootcamp Celebrates 5th Anniversary   [11:37AM  Business Wire]
▶ These 2 Media Stocks Owned by Warren Buffett Are Great Buys   [Mar-06-17 07:00AM  TheStreet.com]
▶ Trump Bump Grows Into Subscription Surge   [Mar-02-17 02:43PM  at TheStreet]
▶ Graham Holdings Hangs Tough Despite Education Weakness   [Feb-24-17 06:22PM  at Motley Fool]
▶ Graham Holdings Company Declares Regular Quarterly Dividend   [Feb-16-17 09:36AM  Business Wire]
Financial statements of GHC
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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