Intrinsic value of Graham - GHM

Previous Close

$21.56

  Intrinsic Value

$13.23

stock screener

  Rating & Target

sell

-39%

Previous close

$21.56

 
Intrinsic value

$13.23

 
Up/down potential

-39%

 
Rating

sell

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

We calculate the intrinsic value of GHM 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 0.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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, %
  2.22
  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
  92
  94
  96
  98
  101
  104
  108
  111
  115
  120
  124
  129
  134
  140
  146
  152
  159
  166
  173
  181
  190
  198
  208
  217
  228
  238
  250
  262
  275
  288
  302
Variable operating expenses, $m
 
  87
  89
  91
  93
  96
  99
  103
  106
  110
  114
  118
  123
  128
  134
  139
  146
  152
  159
  166
  174
  182
  190
  199
  209
  219
  229
  240
  252
  264
  277
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
  85
  87
  89
  91
  93
  96
  99
  103
  106
  110
  114
  118
  123
  128
  134
  139
  146
  152
  159
  166
  174
  182
  190
  199
  209
  219
  229
  240
  252
  264
  277
Operating income, $m
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
EBITDA, $m
  9
  10
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
Earnings before tax, $m
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  11
  11
  12
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
Tax expense, $m
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
Net income, $m
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16

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
  152
  81
  82
  85
  87
  90
  92
  96
  99
  103
  107
  111
  115
  120
  125
  131
  136
  142
  149
  156
  163
  170
  178
  187
  195
  205
  214
  225
  236
  247
  259
Adjusted assets (=assets-cash), $m
  79
  81
  82
  85
  87
  90
  92
  96
  99
  103
  107
  111
  115
  120
  125
  131
  136
  142
  149
  156
  163
  170
  178
  187
  195
  205
  214
  225
  236
  247
  259
Revenue / Adjusted assets
  1.165
  1.160
  1.171
  1.153
  1.161
  1.156
  1.174
  1.156
  1.162
  1.165
  1.159
  1.162
  1.165
  1.167
  1.168
  1.160
  1.169
  1.169
  1.161
  1.160
  1.166
  1.165
  1.169
  1.160
  1.169
  1.161
  1.168
  1.164
  1.165
  1.166
  1.166
Average production assets, $m
  33
  33
  34
  35
  36
  37
  38
  39
  41
  42
  44
  46
  47
  49
  51
  54
  56
  59
  61
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  102
  107
Working capital, $m
  79
  6
  6
  6
  7
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
Total debt, $m
  0
  1
  2
  3
  4
  5
  6
  8
  10
  11
  13
  15
  17
  20
  22
  25
  28
  30
  34
  37
  40
  44
  48
  52
  56
  60
  65
  70
  75
  81
  87
Total liabilities, $m
  37
  39
  40
  41
  42
  43
  44
  46
  48
  49
  51
  53
  55
  58
  60
  63
  66
  68
  72
  75
  78
  82
  86
  90
  94
  98
  103
  108
  113
  119
  125
Total equity, $m
  114
  42
  43
  44
  45
  46
  48
  50
  51
  53
  55
  58
  60
  62
  65
  68
  71
  74
  77
  81
  84
  88
  92
  97
  101
  106
  111
  117
  122
  128
  134
Total liabilities and equity, $m
  151
  81
  83
  85
  87
  89
  92
  96
  99
  102
  106
  111
  115
  120
  125
  131
  137
  142
  149
  156
  162
  170
  178
  187
  195
  204
  214
  225
  235
  247
  259
Debt-to-equity ratio
  0.000
  0.020
  0.040
  0.060
  0.080
  0.110
  0.130
  0.160
  0.190
  0.210
  0.240
  0.270
  0.290
  0.320
  0.340
  0.370
  0.390
  0.410
  0.430
  0.460
  0.480
  0.500
  0.520
  0.530
  0.550
  0.570
  0.590
  0.600
  0.620
  0.630
  0.640
Adjusted equity ratio
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
Depreciation, amort., depletion, $m
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
Funds from operations, $m
  16
  8
  8
  8
  8
  8
  9
  9
  9
  9
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
Change in working capital, $m
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Cash from operations, $m
  12
  7
  8
  8
  8
  8
  8
  9
  9
  9
  9
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
Maintenance CAPEX, $m
  0
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
New CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
Cash from investing activities, $m
  7
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -10
  -10
Free cash flow, $m
  19
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  10
  10
  10
  11
Issuance/(repayment) of debt, $m
  0
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
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
  0
Cash from financing (excl. dividends), $m  
  0
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
Total cash flow (excl. dividends), $m
  18
  6
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  17
Retained Cash Flow (-), $m
  -5
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
Prev. year cash balance distribution, $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
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
 
  78
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
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
 
  75
  5
  4
  4
  4
  4
  4
  3
  3
  3
  3
  2
  2
  2
  2
  2
  1
  1
  1
  1
  1
  1
  1
  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

Graham Corporation designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. The Company designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. It is a nuclear code accredited fabrication and specialty machining company. It supplies components used inside reactor vessels and outside containment vessels of nuclear power facilities. Its equipment is found in applications, such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. For the defense industry, its equipment is used in nuclear propulsion power systems for the United States Navy. The Company's products are used in a range of industrial process applications in energy markets, including petroleum refining, defense, chemical and petrochemical processing, power generation/alternative energy and other.

FINANCIAL RATIOS  of  Graham (GHM)

Valuation Ratios
P/E Ratio 42
Price to Sales 2.3
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 17.5
Price to Free Cash Flow 17.5
Growth Rates
Sales Growth Rate 2.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 3.4%
Ret/ On Assets - 3 Yr. Avg. 5.9%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. 7.7%
Return On Equity 4.5%
Return On Equity - 3 Yr. Avg. 7.7%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 23.9%
Gross Margin - 3 Yr. Avg. 26.9%
EBITDA Margin 9.8%
EBITDA Margin - 3 Yr. Avg. 13.3%
Operating Margin 7.6%
Oper. Margin - 3 Yr. Avg. 10.3%
Pre-Tax Margin 7.6%
Pre-Tax Margin - 3 Yr. Avg. 11.3%
Net Profit Margin 5.4%
Net Profit Margin - 3 Yr. Avg. 7.7%
Effective Tax Rate 28.6%
Eff/ Tax Rate - 3 Yr. Avg. 31.2%
Payout Ratio 60%

GHM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GHM stock intrinsic value calculation we used $92 million for the last fiscal year's total revenue generated by Graham. The default revenue input number comes from 2017 income statement of Graham. 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 GHM 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 GHM is calculated based on our internal credit rating of Graham, 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.
    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 GHM stock the variable cost ratio is equal to 92.4%.

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 GHM 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 Graham.

Corporate tax rate of 27% is the nominal tax rate for Graham. 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 GHM 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 GHM are equal to 35.3%.

Life of production assets of 19.8 years is the average useful life of capital assets used in Graham 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 GHM is equal to 6.5%. 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 - $114 million for Graham - 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 9.769 million for Graham 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 at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Graham Corporation Awarded $6.4 Million in Orders   [Nov-21-17 06:30AM  Business Wire]
▶ Phone booth Wi-Fi provider Intersection clinches $150 million in funding   [Nov-08-17 12:20PM  American City Business Journals]
▶ Graham Holdings Suffers From Broadcast Woes   [Nov-03-17 09:35AM  Motley Fool]
▶ Graham Holdings posts 3Q profit   [Nov-01-17 08:39AM  Associated Press]
▶ ETFs with exposure to Graham Corp. : October 30, 2017   [Oct-30-17 11:52AM  Capital Cube]
▶ Graham Corporation to Host Earnings Call   [Oct-25-17 07:25AM  ACCESSWIRE]
▶ Graham posts 2Q profit   [06:39AM  Associated Press]
▶ Graham Corporation Declares Quarterly Cash Dividend   [Oct-24-17 04:15PM  Business Wire]
▶ Graham posts 1Q profit   [Aug-04-17 09:37PM  Associated Press]
▶ Graham Corporation Declares Quarterly Cash Dividend   [Aug-03-17 04:15PM  Business Wire]
▶ Kaplan Keeps Holding Graham Holdings Back   [09:57AM  Motley Fool]
▶ Graham Holdings posts 2Q profit   [Aug-02-17 11:05PM  Associated Press]
▶ ETFs with exposure to Graham Corp. : June 30, 2017   [Jun-30-17 02:56PM  Capital Cube]
▶ ETFs with exposure to Graham Corp. : June 9, 2017   [Jun-09-17 01:33PM  Capital Cube]
▶ Graham posts 4Q profit   [Jun-01-17 06:54AM  Associated Press]
▶ Graham Corporation Declares Quarterly Cash Dividend   [May-31-17 04:15PM  Business Wire]
▶ Graham Holdings CEO Tim OShaughnessy buys another D.C. home   [May-09-17 02:12PM  American City Business Journals]
▶ 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]
▶ 2 Incredibly Cheap Dividend Stocks to Buy Now   [Apr-25-17 01:40PM  Motley Fool]
▶ These 2 Media Stocks Owned by Warren Buffett Are Great Buys   [Mar-06-17 07:00AM  TheStreet.com]
▶ Graham Holdings Hangs Tough Despite Education Weakness   [Feb-24-17 06:22PM  Motley Fool]
▶ Graham Holdings posts 4Q profit   [08:52AM  Associated Press]
▶ Graham posts 3Q profit   [06:36AM  Associated Press]
▶ Graham Corporation Declares Quarterly Cash Dividend   [Jan-31-17 04:15PM  GlobeNewswire]
▶ How Graham Corporation (GHM) Stacks Up Against Its Peers   [Dec-14-16 10:11PM  at Insider Monkey]
▶ Should You Avoid Graham Holdings Co (GHC)?   [Dec-02-16 04:53PM  at Insider Monkey]
▶ Graham Corporation Declares Quarterly Cash Dividend   [Oct-31-16 04:15PM  GlobeNewswire]
Financial statements of GHM
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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