Intrinsic value of Graham - GHM

Previous Close

$25.48

  Intrinsic Value

$16.82

stock screener

  Rating & Target

sell

-34%

Previous close

$25.48

 
Intrinsic value

$16.82

 
Up/down potential

-34%

 
Rating

sell

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 0001), $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 0.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  41.70
  38.03
  34.73
  31.75
  29.08
  26.67
  24.50
  22.55
  20.80
  19.22
  17.80
  16.52
  15.37
  14.33
  13.40
  12.56
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
Revenue, $m
  110
  152
  204
  269
  347
  440
  548
  672
  811
  967
  1,139
  1,327
  1,531
  1,751
  1,985
  2,235
  2,498
  2,776
  3,068
  3,373
  3,693
  4,026
  4,372
  4,733
  5,108
  5,498
  5,904
  6,325
  6,763
  7,218
Variable operating expenses, $m
  101
  139
  188
  247
  319
  403
  502
  615
  743
  885
  1,042
  1,214
  1,401
  1,602
  1,816
  2,044
  2,286
  2,540
  2,807
  3,086
  3,378
  3,683
  4,000
  4,330
  4,673
  5,030
  5,401
  5,786
  6,187
  6,603
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
  101
  139
  188
  247
  319
  403
  502
  615
  743
  885
  1,042
  1,214
  1,401
  1,602
  1,816
  2,044
  2,286
  2,540
  2,807
  3,086
  3,378
  3,683
  4,000
  4,330
  4,673
  5,030
  5,401
  5,786
  6,187
  6,603
Operating income, $m
  9
  12
  17
  22
  29
  37
  46
  57
  68
  82
  97
  113
  130
  149
  169
  190
  213
  236
  261
  287
  314
  343
  372
  403
  435
  468
  503
  538
  576
  614
EBITDA, $m
  12
  16
  22
  29
  37
  47
  59
  72
  87
  104
  122
  142
  164
  188
  213
  240
  268
  298
  329
  362
  396
  432
  469
  508
  548
  590
  633
  678
  725
  774
Interest expense (income), $m
  0
  0
  1
  2
  3
  5
  7
  10
  13
  16
  20
  25
  29
  34
  40
  46
  53
  59
  67
  74
  82
  91
  100
  109
  118
  128
  139
  149
  161
  172
  184
Earnings before tax, $m
  9
  11
  15
  19
  24
  29
  36
  44
  52
  61
  72
  84
  96
  109
  123
  138
  153
  170
  187
  205
  224
  243
  263
  285
  307
  329
  353
  378
  403
  430
Tax expense, $m
  2
  3
  4
  5
  6
  8
  10
  12
  14
  17
  20
  23
  26
  29
  33
  37
  41
  46
  50
  55
  60
  66
  71
  77
  83
  89
  95
  102
  109
  116
Net income, $m
  6
  8
  11
  14
  17
  21
  26
  32
  38
  45
  53
  61
  70
  80
  90
  100
  112
  124
  136
  149
  163
  177
  192
  208
  224
  240
  258
  276
  295
  314

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
  146
  202
  272
  359
  463
  587
  731
  895
  1,082
  1,290
  1,519
  1,770
  2,042
  2,334
  2,647
  2,980
  3,331
  3,702
  4,091
  4,498
  4,924
  5,367
  5,830
  6,311
  6,811
  7,331
  7,872
  8,433
  9,017
  9,624
Adjusted assets (=assets-cash), $m
  146
  202
  272
  359
  463
  587
  731
  895
  1,082
  1,290
  1,519
  1,770
  2,042
  2,334
  2,647
  2,980
  3,331
  3,702
  4,091
  4,498
  4,924
  5,367
  5,830
  6,311
  6,811
  7,331
  7,872
  8,433
  9,017
  9,624
Revenue / Adjusted assets
  0.753
  0.752
  0.750
  0.749
  0.749
  0.750
  0.750
  0.751
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
Average production assets, $m
  34
  47
  63
  83
  107
  135
  168
  206
  249
  297
  350
  408
  470
  538
  610
  686
  767
  852
  942
  1,036
  1,134
  1,236
  1,342
  1,453
  1,568
  1,688
  1,812
  1,942
  2,076
  2,216
Working capital, $m
  2
  3
  4
  6
  8
  10
  12
  15
  18
  21
  25
  29
  34
  39
  44
  49
  55
  61
  67
  74
  81
  89
  96
  104
  112
  121
  130
  139
  149
  159
Total debt, $m
  16
  38
  65
  98
  138
  185
  240
  303
  375
  454
  542
  638
  742
  854
  974
  1,101
  1,236
  1,378
  1,527
  1,683
  1,846
  2,016
  2,193
  2,377
  2,569
  2,768
  2,975
  3,190
  3,414
  3,646
Total liabilities, $m
  56
  77
  104
  137
  177
  225
  280
  343
  414
  494
  582
  678
  782
  894
  1,014
  1,141
  1,276
  1,418
  1,567
  1,723
  1,886
  2,056
  2,233
  2,417
  2,609
  2,808
  3,015
  3,230
  3,453
  3,686
Total equity, $m
  90
  125
  168
  221
  286
  362
  451
  552
  667
  796
  937
  1,092
  1,260
  1,440
  1,633
  1,838
  2,055
  2,284
  2,524
  2,775
  3,038
  3,312
  3,597
  3,894
  4,203
  4,523
  4,857
  5,203
  5,563
  5,938
Total liabilities and equity, $m
  146
  202
  272
  358
  463
  587
  731
  895
  1,081
  1,290
  1,519
  1,770
  2,042
  2,334
  2,647
  2,979
  3,331
  3,702
  4,091
  4,498
  4,924
  5,368
  5,830
  6,311
  6,812
  7,331
  7,872
  8,433
  9,016
  9,624
Debt-to-equity ratio
  0.180
  0.300
  0.380
  0.440
  0.480
  0.510
  0.530
  0.550
  0.560
  0.570
  0.580
  0.580
  0.590
  0.590
  0.600
  0.600
  0.600
  0.600
  0.600
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
Adjusted equity ratio
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  6
  8
  11
  14
  17
  21
  26
  32
  38
  45
  53
  61
  70
  80
  90
  100
  112
  124
  136
  149
  163
  177
  192
  208
  224
  240
  258
  276
  295
  314
Depreciation, amort., depletion, $m
  3
  4
  5
  7
  8
  10
  13
  15
  19
  22
  25
  29
  34
  39
  44
  49
  55
  61
  68
  75
  82
  89
  97
  105
  113
  121
  130
  140
  149
  159
Funds from operations, $m
  9
  12
  16
  20
  26
  32
  39
  47
  57
  67
  78
  90
  104
  118
  134
  150
  167
  185
  204
  224
  245
  266
  289
  312
  337
  362
  388
  416
  444
  473
Change in working capital, $m
  1
  1
  1
  1
  2
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
Cash from operations, $m
  9
  11
  15
  19
  24
  30
  37
  45
  53
  63
  74
  86
  99
  113
  128
  144
  161
  179
  198
  217
  238
  259
  281
  304
  328
  353
  379
  406
  434
  463
Maintenance CAPEX, $m
  -2
  -2
  -3
  -5
  -6
  -8
  -10
  -12
  -15
  -18
  -21
  -25
  -29
  -34
  -39
  -44
  -49
  -55
  -61
  -68
  -75
  -82
  -89
  -97
  -105
  -113
  -121
  -130
  -140
  -149
New CAPEX, $m
  -10
  -13
  -16
  -20
  -24
  -28
  -33
  -38
  -43
  -48
  -53
  -58
  -63
  -67
  -72
  -77
  -81
  -85
  -90
  -94
  -98
  -102
  -106
  -111
  -115
  -120
  -124
  -129
  -134
  -140
Cash from investing activities, $m
  -12
  -15
  -19
  -25
  -30
  -36
  -43
  -50
  -58
  -66
  -74
  -83
  -92
  -101
  -111
  -121
  -130
  -140
  -151
  -162
  -173
  -184
  -195
  -208
  -220
  -233
  -245
  -259
  -274
  -289
Free cash flow, $m
  -3
  -4
  -5
  -6
  -6
  -6
  -6
  -5
  -4
  -2
  0
  3
  7
  12
  18
  24
  31
  39
  47
  56
  65
  75
  86
  97
  109
  121
  133
  147
  160
  174
Issuance/(repayment) of debt, $m
  16
  21
  27
  33
  40
  47
  55
  63
  71
  80
  88
  96
  104
  112
  120
  127
  135
  142
  149
  156
  163
  170
  177
  184
  192
  199
  207
  215
  224
  232
Issuance/(repurchase) of shares, $m
  20
  26
  33
  40
  47
  55
  62
  70
  77
  83
  89
  94
  98
  101
  103
  105
  105
  105
  104
  102
  99
  96
  93
  89
  85
  80
  76
  71
  66
  60
Cash from financing (excl. dividends), $m  
  36
  47
  60
  73
  87
  102
  117
  133
  148
  163
  177
  190
  202
  213
  223
  232
  240
  247
  253
  258
  262
  266
  270
  273
  277
  279
  283
  286
  290
  292
Total cash flow (excl. dividends), $m
  33
  44
  55
  67
  81
  96
  111
  127
  144
  161
  177
  193
  209
  225
  241
  256
  271
  285
  299
  314
  328
  342
  356
  370
  385
  400
  416
  432
  449
  467
Retained Cash Flow (-), $m
  -26
  -34
  -43
  -53
  -64
  -76
  -89
  -102
  -115
  -128
  -142
  -155
  -168
  -181
  -193
  -205
  -217
  -229
  -240
  -251
  -263
  -274
  -285
  -297
  -309
  -321
  -333
  -346
  -360
  -374
Prev. year cash balance distribution, $m
  39
  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
  46
  9
  11
  14
  17
  20
  23
  26
  29
  32
  35
  38
  42
  45
  48
  51
  54
  57
  59
  62
  65
  68
  71
  74
  76
  79
  83
  86
  89
  93
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
  44
  8
  10
  11
  13
  14
  15
  16
  17
  17
  17
  16
  16
  15
  14
  13
  12
  10
  9
  8
  7
  6
  5
  4
  3
  2
  2
  1
  1
  1
Current shareholders' claim on cash, %
  88.7
  79.3
  71.5
  65.2
  59.9
  55.5
  51.9
  48.7
  46.1
  43.8
  41.9
  40.2
  38.8
  37.6
  36.5
  35.6
  34.7
  34.0
  33.4
  32.8
  32.4
  32.0
  31.6
  31.3
  31.0
  30.7
  30.5
  30.4
  30.2
  30.1

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 49.6
Price to Sales 2.7
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 20.7
Price to Free Cash Flow 20.7
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 $77.534 million for the last fiscal year's total revenue generated by Graham. The default revenue input number comes from 0001 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 41.7% 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 92.3%.

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 5.4% 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 30.7%.

Life of production assets of 13.9 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 2.2%. 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 - $103.349 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 9.831 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 $0.3 billion.

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COMPANY NEWS

▶ Graham: Fiscal 2Q Earnings Snapshot   [07:33AM  Associated Press]
▶ Graham Corporation Declares Quarterly Cash Dividend   [Nov-07-18 04:15PM  Business Wire]
▶ Small Caps: Trading Strategies and Tactics   [Nov-06-18 04:06PM  GuruFocus.com]
▶ Graham Holdings: 3Q Earnings Snapshot   [08:55AM  Associated Press]
▶ Sidoti & Co. CEO on oil and manufacturing opportunities   [Oct-09-18 08:46AM  CNBC Videos]
▶ Graham Corporation to Host Earnings Call   [Aug-03-18 09:00AM  ACCESSWIRE]
▶ Graham: Fiscal 1Q Earnings Snapshot   [06:37AM  Associated Press]
▶ Graham Corporation Increases Quarterly Cash Dividend   [Aug-02-18 04:15PM  Business Wire]
▶ Graham Holdings: 2Q Earnings Snapshot   [Aug-01-18 08:43AM  Associated Press]
▶ Should You Be Holding Graham Holdings Company (NYSE:GHC)?   [Jun-23-18 10:48AM  Simply Wall St.]
▶ Is Graham Corporation (NYSE:GHM) Undervalued?   [Jun-08-18 08:44AM  Simply Wall St.]
▶ Wired News - Ryerson to Buy Central Steel & Wire Co.   [Jun-07-18 07:25AM  ACCESSWIRE]
▶ Graham: Fiscal 4Q Earnings Snapshot   [May-31-18 06:54AM  Associated Press]
▶ Graham Corporation Declares Quarterly Cash Dividend   [May-30-18 04:15PM  Business Wire]
▶ Graham's Earnings Preview   [03:49PM  Benzinga]
▶ Here's What Doubled Graham Holdings Earnings   [May-03-18 12:40PM  Motley Fool]
▶ Graham Holdings: 1Q Earnings Snapshot   [May-02-18 08:48AM  Associated Press]
▶ 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]
▶ Graham reports 3Q loss   [Feb-01-18 07:25AM  Associated Press]
▶ Graham Corporation Declares Quarterly Cash Dividend   [Jan-31-18 04:15PM  Business Wire]
▶ John Rogers Comments on Graham Holdings Co.   [Jan-18-18 05:59PM  GuruFocus.com]
▶ 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]

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