Intrinsic value of Great Lakes Dredge&Dock - GLDD

Previous Close

$5.25

  Intrinsic Value

$0.66

stock screener

  Rating & Target

str. sell

-88%

  Value-price divergence*

-35%

Previous close

$5.25

 
Intrinsic value

$0.66

 
Up/down potential

-88%

 
Rating

str. sell

 
Value-price divergence*

-35%

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

We calculate the intrinsic value of GLDD 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 0.3

 

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, %
  -10.39
  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
  768
  783
  801
  822
  845
  871
  899
  929
  963
  998
  1,037
  1,078
  1,121
  1,168
  1,217
  1,270
  1,326
  1,384
  1,447
  1,513
  1,582
  1,655
  1,733
  1,814
  1,900
  1,991
  2,086
  2,186
  2,292
  2,403
  2,519
Variable operating expenses, $m
 
  713
  729
  747
  768
  791
  817
  844
  874
  906
  940
  969
  1,008
  1,050
  1,094
  1,142
  1,192
  1,245
  1,301
  1,360
  1,422
  1,488
  1,558
  1,631
  1,708
  1,790
  1,875
  1,965
  2,060
  2,160
  2,265
Fixed operating expenses, $m
 
  56
  58
  59
  61
  62
  64
  65
  67
  69
  70
  72
  74
  76
  78
  80
  82
  84
  86
  88
  90
  92
  95
  97
  99
  102
  105
  107
  110
  113
  115
Total operating expenses, $m
  753
  769
  787
  806
  829
  853
  881
  909
  941
  975
  1,010
  1,041
  1,082
  1,126
  1,172
  1,222
  1,274
  1,329
  1,387
  1,448
  1,512
  1,580
  1,653
  1,728
  1,807
  1,892
  1,980
  2,072
  2,170
  2,273
  2,380
Operating income, $m
  15
  14
  15
  15
  16
  17
  19
  20
  22
  24
  26
  37
  39
  42
  45
  49
  52
  56
  60
  65
  70
  75
  80
  86
  92
  99
  106
  114
  121
  130
  139
EBITDA, $m
  78
  76
  78
  80
  82
  85
  88
  92
  96
  100
  105
  110
  115
  122
  128
  135
  142
  150
  159
  168
  177
  187
  198
  209
  222
  234
  248
  262
  277
  293
  310
Interest expense (income), $m
  27
  28
  29
  30
  31
  33
  34
  36
  38
  40
  42
  44
  47
  50
  52
  55
  58
  62
  65
  69
  73
  77
  82
  86
  91
  96
  102
  108
  114
  120
  127
Earnings before tax, $m
  -14
  -14
  -14
  -15
  -15
  -16
  -16
  -16
  -16
  -16
  -16
  -8
  -8
  -7
  -7
  -7
  -6
  -6
  -5
  -4
  -4
  -3
  -2
  0
  1
  2
  4
  6
  8
  10
  12
Tax expense, $m
  -6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  2
  2
  3
  3
Net income, $m
  -8
  -14
  -14
  -15
  -15
  -16
  -16
  -16
  -16
  -16
  -16
  -8
  -8
  -7
  -7
  -7
  -6
  -6
  -5
  -4
  -4
  -3
  -2
  0
  1
  2
  3
  4
  6
  7
  9

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  11
  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
  894
  900
  921
  945
  971
  1,001
  1,033
  1,068
  1,106
  1,147
  1,191
  1,239
  1,289
  1,342
  1,399
  1,460
  1,524
  1,591
  1,663
  1,739
  1,818
  1,903
  1,992
  2,085
  2,184
  2,288
  2,397
  2,513
  2,634
  2,762
  2,896
Adjusted assets (=assets-cash), $m
  883
  900
  921
  945
  971
  1,001
  1,033
  1,068
  1,106
  1,147
  1,191
  1,239
  1,289
  1,342
  1,399
  1,460
  1,524
  1,591
  1,663
  1,739
  1,818
  1,903
  1,992
  2,085
  2,184
  2,288
  2,397
  2,513
  2,634
  2,762
  2,896
Revenue / Adjusted assets
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.871
  0.870
  0.871
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
Average production assets, $m
  424
  432
  442
  453
  466
  480
  495
  512
  530
  550
  571
  594
  618
  643
  671
  700
  730
  763
  797
  833
  872
  912
  955
  1,000
  1,047
  1,097
  1,149
  1,205
  1,263
  1,324
  1,388
Working capital, $m
  127
  121
  123
  127
  130
  134
  138
  143
  148
  154
  160
  166
  173
  180
  187
  196
  204
  213
  223
  233
  244
  255
  267
  279
  293
  307
  321
  337
  353
  370
  388
Total debt, $m
  394
  404
  419
  437
  456
  478
  501
  527
  555
  584
  617
  651
  688
  727
  768
  812
  859
  908
  960
  1,015
  1,074
  1,135
  1,200
  1,268
  1,340
  1,416
  1,496
  1,580
  1,668
  1,761
  1,859
Total liabilities, $m
  646
  656
  671
  689
  708
  730
  753
  779
  807
  836
  869
  903
  940
  979
  1,020
  1,064
  1,111
  1,160
  1,212
  1,267
  1,326
  1,387
  1,452
  1,520
  1,592
  1,668
  1,748
  1,832
  1,920
  2,013
  2,111
Total equity, $m
  248
  244
  250
  256
  263
  271
  280
  290
  300
  311
  323
  336
  349
  364
  379
  396
  413
  431
  451
  471
  493
  516
  540
  565
  592
  620
  650
  681
  714
  748
  785
Total liabilities and equity, $m
  894
  900
  921
  945
  971
  1,001
  1,033
  1,069
  1,107
  1,147
  1,192
  1,239
  1,289
  1,343
  1,399
  1,460
  1,524
  1,591
  1,663
  1,738
  1,819
  1,903
  1,992
  2,085
  2,184
  2,288
  2,398
  2,513
  2,634
  2,761
  2,896
Debt-to-equity ratio
  1.589
  1.660
  1.680
  1.710
  1.730
  1.760
  1.790
  1.820
  1.850
  1.880
  1.910
  1.940
  1.970
  2.000
  2.030
  2.050
  2.080
  2.110
  2.130
  2.160
  2.180
  2.200
  2.220
  2.240
  2.260
  2.280
  2.300
  2.320
  2.340
  2.350
  2.370
Adjusted equity ratio
  0.268
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -8
  -14
  -14
  -15
  -15
  -16
  -16
  -16
  -16
  -16
  -16
  -8
  -8
  -7
  -7
  -7
  -6
  -6
  -5
  -4
  -4
  -3
  -2
  0
  1
  2
  3
  4
  6
  7
  9
Depreciation, amort., depletion, $m
  63
  62
  63
  64
  66
  68
  70
  72
  74
  76
  79
  73
  76
  79
  83
  86
  90
  94
  98
  103
  108
  113
  118
  123
  129
  135
  142
  149
  156
  163
  171
Funds from operations, $m
  31
  48
  49
  49
  51
  52
  54
  56
  58
  60
  63
  66
  69
  72
  76
  80
  84
  88
  93
  98
  104
  110
  116
  123
  130
  137
  145
  153
  162
  171
  180
Change in working capital, $m
  -8
  2
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
Cash from operations, $m
  39
  45
  46
  46
  47
  48
  49
  51
  53
  55
  57
  59
  62
  65
  68
  72
  75
  79
  84
  88
  93
  99
  104
  111
  117
  123
  130
  138
  145
  154
  162
Maintenance CAPEX, $m
  0
  -52
  -53
  -55
  -56
  -57
  -59
  -61
  -63
  -65
  -68
  -71
  -73
  -76
  -79
  -83
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -118
  -123
  -129
  -135
  -142
  -149
  -156
  -163
New CAPEX, $m
  -84
  -8
  -10
  -11
  -13
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
Cash from investing activities, $m
  -73
  -60
  -63
  -66
  -69
  -71
  -74
  -78
  -81
  -85
  -89
  -94
  -97
  -102
  -106
  -112
  -117
  -122
  -128
  -134
  -141
  -148
  -156
  -163
  -170
  -179
  -187
  -197
  -207
  -217
  -227
Free cash flow, $m
  -34
  -15
  -17
  -20
  -22
  -24
  -25
  -27
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -46
  -48
  -49
  -51
  -52
  -54
  -56
  -58
  -60
  -62
  -64
  -66
Issuance/(repayment) of debt, $m
  37
  12
  15
  17
  19
  21
  24
  26
  28
  30
  32
  34
  37
  39
  41
  44
  47
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  84
  88
  93
  98
Issuance/(repurchase) of shares, $m
  1
  19
  20
  21
  22
  24
  25
  26
  27
  27
  28
  21
  21
  22
  23
  23
  24
  24
  25
  25
  25
  25
  26
  26
  26
  26
  27
  27
  27
  27
  28
Cash from financing (excl. dividends), $m  
  31
  31
  35
  38
  41
  45
  49
  52
  55
  57
  60
  55
  58
  61
  64
  67
  71
  73
  77
  80
  83
  86
  91
  94
  98
  102
  107
  111
  115
  120
  126
Total cash flow (excl. dividends), $m
  -3
  16
  18
  19
  20
  22
  23
  24
  25
  27
  28
  21
  22
  24
  25
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  46
  49
  51
  54
  57
  60
Retained Cash Flow (-), $m
  4
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -27
  -27
  -28
  -21
  -21
  -22
  -23
  -23
  -24
  -24
  -25
  -25
  -25
  -25
  -26
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -36
Prev. year cash balance distribution, $m
 
  9
  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
 
  6
  -2
  -2
  -2
  -2
  -2
  -1
  -1
  -1
  0
  0
  1
  2
  3
  4
  5
  6
  7
  9
  10
  12
  14
  16
  17
  18
  19
  20
  21
  22
  23
Discount rate, %
 
  9.60
  10.08
  10.58
  11.11
  11.67
  12.25
  12.86
  13.51
  14.18
  14.89
  15.64
  16.42
  17.24
  18.10
  19.01
  19.96
  20.96
  22.00
  23.10
  24.26
  25.47
  26.75
  28.08
  29.49
  30.96
  32.51
  34.13
  35.84
  37.63
  39.51
PV of cash for distribution, $m
 
  6
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  94.4
  88.9
  83.5
  78.3
  73.4
  68.7
  64.2
  60.1
  56.2
  52.6
  50.2
  47.9
  45.8
  43.7
  41.8
  40.0
  38.3
  36.7
  35.3
  33.9
  32.6
  31.4
  30.3
  29.3
  28.4
  27.5
  26.6
  25.9
  25.1
  24.5

Great Lakes Dredge & Dock Corporation is a provider of dredging services. The Company provides dredging services in the East, West and Gulf Coasts of the United States and around the world. It operates in two segments: Dredging Operations, which involves enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock, and Environmental & Remediation Operations, which provides construction services on soil, water and sediment for clients in both the public and private sectors. It has interest in Amboy Aggregates, which is involved in mining sand from the entrance channel to New York Harbor for providing sand and aggregate for use in road and building construction, and for clean land fill; Lower Main Street Development, LLC (Lower Main), which is engaged in land development and sale business, and TerraSea Environmental Solutions (TerraSea), which is engaged in the environmental services business.

FINANCIAL RATIOS  of  Great Lakes Dredge&Dock (GLDD)

Valuation Ratios
P/E Ratio -40
Price to Sales 0.4
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 8.2
Price to Free Cash Flow -7.1
Growth Rates
Sales Growth Rate -10.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.5%
Cap. Spend. - 3 Yr. Gr. Rate 4.6%
Financial Strength
Quick Ratio 6
Current Ratio 0.9
LT Debt to Equity 158.1%
Total Debt to Equity 158.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.8%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital -1.3%
Ret/ On T. Cap. - 3 Yr. Avg. -0.2%
Return On Equity -3.2%
Return On Equity - 3 Yr. Avg. -0.5%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 11.2%
Gross Margin - 3 Yr. Avg. 11.3%
EBITDA Margin 9.9%
EBITDA Margin - 3 Yr. Avg. 9.7%
Operating Margin 2%
Oper. Margin - 3 Yr. Avg. 2.6%
Pre-Tax Margin -1.8%
Pre-Tax Margin - 3 Yr. Avg. -0.6%
Net Profit Margin -1%
Net Profit Margin - 3 Yr. Avg. -0.2%
Effective Tax Rate 42.9%
Eff/ Tax Rate - 3 Yr. Avg. -19%
Payout Ratio 0%

GLDD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GLDD stock intrinsic value calculation we used $768 million for the last fiscal year's total revenue generated by Great Lakes Dredge&Dock. The default revenue input number comes from 2016 income statement of Great Lakes Dredge&Dock. 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 GLDD 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 9.6%, whose default value for GLDD is calculated based on our internal credit rating of Great Lakes Dredge&Dock, 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 Great Lakes Dredge&Dock.
    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 GLDD stock the variable cost ratio is equal to 91%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $55 million in the base year in the intrinsic value calculation for GLDD 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 7.2% for Great Lakes Dredge&Dock.

Corporate tax rate of 27% is the nominal tax rate for Great Lakes Dredge&Dock. 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 GLDD 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 GLDD are equal to 55.1%.

Life of production assets of 8.1 years is the average useful life of capital assets used in Great Lakes Dredge&Dock 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 GLDD is equal to 15.4%. 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 - $248 million for Great Lakes Dredge&Dock - 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 62.642 million for Great Lakes Dredge&Dock 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 Great Lakes Dredge&Dock at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
ORN Orion Group Ho 7.17 1.39  str.sell
LAYN Layne Christen 12.93 0.87  str.sell
EEI Ecology&Enviro 12.20 13.60  hold
LNG Cheniere Energ 47.72 0.68  str.sell
USDP USD Partners 11.40 6.42  sell
CBI Chicago Bridge 16.20 0.64  str.sell
VSR Versar 0.480 0.93  hold

COMPANY NEWS

▶ Great Lakes CEO Provides Business Update   [Oct-06-17 09:00AM  GlobeNewswire]
▶ Great Lakes Dredge & Dock posts 2Q loss   [Aug-02-17 09:39PM  Associated Press]
▶ Great Lakes Reports Second Quarter Results   [08:00AM  GlobeNewswire]
▶ Infrastructure Has a Shaky Foundation   [May-21-17 10:00AM  TheStreet.com]
▶ Great Lakes Dredge & Dock posts 1Q loss   [08:06AM  Associated Press]
▶ Great Lakes Reports First Quarter Results   [08:00AM  GlobeNewswire]
▶ Great Lakes Dredge & Dock posts 4Q loss   [Feb-22-17 08:23AM  Associated Press]
▶ Great Lakes Reports Year-End Results   [08:00AM  GlobeNewswire]
▶ Great Lakes Announces Changes to Board of Directors   [Jan-26-17 06:48AM  GlobeNewswire]
▶ Great Lakes Executes $250 Million Revolving Credit Facility   [Jan-06-17 05:00PM  GlobeNewswire]
▶ Great Lakes Announces Management and Board Transitions   [Jan-04-17 06:01PM  GlobeNewswire]
▶ [$$] Privet Wants to Stir Up Great Lakes Dredge & Dock   [Dec-03-16 12:01AM  at Barrons.com]
▶ Great Lakes Reports Third Quarter Results   [08:00AM  GlobeNewswire]
▶ Five Cheap Industrial Stocks that Captured Smart Moneys Attention   [Oct-09-16 04:39PM  at Insider Monkey]
▶ Great Lakes Reports Year-End Results   [08:00AM  GlobeNewswire]
Financial statements of GLDD
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.