Intrinsic value of Gentex - GNTX

Previous Close

$20.37

  Intrinsic Value

$19.34

stock screener

  Rating & Target

hold

-5%

Previous close

$20.37

 
Intrinsic value

$19.34

 
Up/down potential

-5%

 
Rating

hold

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

We calculate the intrinsic value of GNTX 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 5.8

 

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, %
  8.74
  2.10
  2.39
  2.65
  2.89
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
Revenue, $m
  1,679
  1,714
  1,755
  1,802
  1,854
  1,911
  1,974
  2,042
  2,116
  2,195
  2,281
  2,372
  2,469
  2,572
  2,681
  2,798
  2,921
  3,051
  3,189
  3,335
  3,488
  3,650
  3,821
  4,001
  4,191
  4,391
  4,601
  4,823
  5,056
  5,301
  5,559
Variable operating expenses, $m
 
  1,042
  1,066
  1,093
  1,124
  1,158
  1,195
  1,235
  1,279
  1,325
  1,376
  1,399
  1,456
  1,517
  1,581
  1,650
  1,722
  1,799
  1,881
  1,966
  2,057
  2,153
  2,253
  2,360
  2,472
  2,589
  2,714
  2,844
  2,982
  3,126
  3,278
Fixed operating expenses, $m
 
  155
  159
  163
  167
  171
  175
  179
  184
  189
  193
  198
  203
  208
  213
  219
  224
  230
  236
  241
  247
  254
  260
  266
  273
  280
  287
  294
  301
  309
  317
Total operating expenses, $m
  1,167
  1,197
  1,225
  1,256
  1,291
  1,329
  1,370
  1,414
  1,463
  1,514
  1,569
  1,597
  1,659
  1,725
  1,794
  1,869
  1,946
  2,029
  2,117
  2,207
  2,304
  2,407
  2,513
  2,626
  2,745
  2,869
  3,001
  3,138
  3,283
  3,435
  3,595
Operating income, $m
  512
  518
  531
  546
  563
  583
  604
  628
  654
  681
  712
  775
  810
  847
  887
  929
  974
  1,022
  1,073
  1,127
  1,184
  1,244
  1,308
  1,375
  1,446
  1,522
  1,601
  1,685
  1,773
  1,866
  1,964
EBITDA, $m
  601
  614
  628
  645
  665
  686
  710
  736
  765
  796
  829
  865
  904
  945
  989
  1,036
  1,086
  1,138
  1,194
  1,254
  1,317
  1,383
  1,453
  1,528
  1,606
  1,689
  1,776
  1,868
  1,966
  2,068
  2,176
Interest expense (income), $m
  0
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  13
  14
  14
  15
  16
  17
  19
  20
  21
  22
  24
  25
  27
  28
  30
  32
  34
  36
Earnings before tax, $m
  511
  512
  524
  539
  556
  575
  596
  619
  644
  672
  701
  764
  798
  834
  873
  915
  959
  1,006
  1,055
  1,108
  1,164
  1,223
  1,286
  1,352
  1,421
  1,495
  1,573
  1,655
  1,741
  1,832
  1,928
Tax expense, $m
  163
  138
  142
  146
  150
  155
  161
  167
  174
  181
  189
  206
  215
  225
  236
  247
  259
  272
  285
  299
  314
  330
  347
  365
  384
  404
  425
  447
  470
  495
  521
Net income, $m
  348
  373
  383
  394
  406
  420
  435
  452
  470
  490
  512
  558
  582
  609
  637
  668
  700
  734
  770
  809
  850
  893
  938
  987
  1,038
  1,091
  1,148
  1,208
  1,271
  1,337
  1,408

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  724
  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
  2,310
  1,619
  1,657
  1,701
  1,750
  1,805
  1,864
  1,929
  1,998
  2,073
  2,154
  2,239
  2,331
  2,428
  2,532
  2,642
  2,758
  2,881
  3,011
  3,149
  3,294
  3,447
  3,608
  3,778
  3,958
  4,146
  4,345
  4,554
  4,774
  5,006
  5,249
Adjusted assets (=assets-cash), $m
  1,586
  1,619
  1,657
  1,701
  1,750
  1,805
  1,864
  1,929
  1,998
  2,073
  2,154
  2,239
  2,331
  2,428
  2,532
  2,642
  2,758
  2,881
  3,011
  3,149
  3,294
  3,447
  3,608
  3,778
  3,958
  4,146
  4,345
  4,554
  4,774
  5,006
  5,249
Revenue / Adjusted assets
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
Average production assets, $m
  780
  797
  816
  838
  862
  889
  918
  950
  984
  1,021
  1,060
  1,103
  1,148
  1,196
  1,247
  1,301
  1,358
  1,419
  1,483
  1,551
  1,622
  1,697
  1,777
  1,861
  1,949
  2,042
  2,140
  2,243
  2,351
  2,465
  2,585
Working capital, $m
  1,005
  295
  302
  310
  319
  329
  340
  351
  364
  378
  392
  408
  425
  442
  461
  481
  502
  525
  549
  574
  600
  628
  657
  688
  721
  755
  791
  830
  870
  912
  956
Total debt, $m
  186
  186
  195
  206
  218
  232
  246
  262
  280
  298
  318
  339
  362
  386
  411
  439
  467
  498
  530
  564
  600
  637
  677
  719
  764
  810
  859
  911
  965
  1,022
  1,083
Total liabilities, $m
  399
  400
  409
  420
  432
  446
  460
  476
  494
  512
  532
  553
  576
  600
  625
  653
  681
  712
  744
  778
  814
  851
  891
  933
  978
  1,024
  1,073
  1,125
  1,179
  1,236
  1,297
Total equity, $m
  1,910
  1,219
  1,248
  1,281
  1,318
  1,359
  1,404
  1,452
  1,505
  1,561
  1,622
  1,686
  1,755
  1,829
  1,907
  1,989
  2,077
  2,170
  2,268
  2,371
  2,480
  2,596
  2,717
  2,845
  2,980
  3,122
  3,272
  3,429
  3,595
  3,769
  3,953
Total liabilities and equity, $m
  2,309
  1,619
  1,657
  1,701
  1,750
  1,805
  1,864
  1,928
  1,999
  2,073
  2,154
  2,239
  2,331
  2,429
  2,532
  2,642
  2,758
  2,882
  3,012
  3,149
  3,294
  3,447
  3,608
  3,778
  3,958
  4,146
  4,345
  4,554
  4,774
  5,005
  5,250
Debt-to-equity ratio
  0.097
  0.150
  0.160
  0.160
  0.170
  0.170
  0.180
  0.180
  0.190
  0.190
  0.200
  0.200
  0.210
  0.210
  0.220
  0.220
  0.220
  0.230
  0.230
  0.240
  0.240
  0.250
  0.250
  0.250
  0.260
  0.260
  0.260
  0.270
  0.270
  0.270
  0.270
Adjusted equity ratio
  0.748
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  348
  373
  383
  394
  406
  420
  435
  452
  470
  490
  512
  558
  582
  609
  637
  668
  700
  734
  770
  809
  850
  893
  938
  987
  1,038
  1,091
  1,148
  1,208
  1,271
  1,337
  1,408
Depreciation, amort., depletion, $m
  89
  96
  98
  99
  101
  104
  106
  109
  111
  114
  118
  90
  94
  98
  102
  107
  111
  116
  122
  127
  133
  139
  146
  153
  160
  167
  175
  184
  193
  202
  212
Funds from operations, $m
  470
  470
  480
  493
  507
  523
  541
  560
  582
  605
  630
  648
  677
  707
  740
  774
  811
  850
  892
  936
  983
  1,032
  1,084
  1,139
  1,197
  1,259
  1,323
  1,392
  1,464
  1,540
  1,619
Change in working capital, $m
  -1
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
Cash from operations, $m
  471
  463
  473
  485
  498
  513
  530
  549
  569
  591
  615
  632
  660
  689
  721
  754
  790
  828
  868
  911
  956
  1,004
  1,055
  1,108
  1,165
  1,224
  1,287
  1,354
  1,424
  1,497
  1,575
Maintenance CAPEX, $m
  0
  -64
  -65
  -67
  -69
  -71
  -73
  -75
  -78
  -81
  -84
  -87
  -90
  -94
  -98
  -102
  -107
  -111
  -116
  -122
  -127
  -133
  -139
  -146
  -153
  -160
  -167
  -175
  -184
  -193
  -202
New CAPEX, $m
  -128
  -17
  -19
  -22
  -24
  -27
  -29
  -32
  -34
  -37
  -40
  -42
  -45
  -48
  -51
  -54
  -57
  -61
  -64
  -68
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -120
Cash from investing activities, $m
  -251
  -81
  -84
  -89
  -93
  -98
  -102
  -107
  -112
  -118
  -124
  -129
  -135
  -142
  -149
  -156
  -164
  -172
  -180
  -190
  -198
  -208
  -218
  -230
  -241
  -253
  -265
  -278
  -292
  -307
  -322
Free cash flow, $m
  220
  382
  389
  396
  405
  416
  428
  442
  457
  473
  492
  503
  524
  547
  572
  598
  626
  656
  688
  722
  758
  796
  836
  879
  924
  972
  1,022
  1,075
  1,131
  1,191
  1,253
Issuance/(repayment) of debt, $m
  -48
  8
  10
  11
  12
  13
  15
  16
  17
  19
  20
  21
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
Issuance/(repurchase) of shares, $m
  -76
  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  
  -124
  8
  10
  11
  12
  13
  15
  16
  17
  19
  20
  21
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
Total cash flow (excl. dividends), $m
  96
  390
  398
  407
  418
  429
  443
  458
  474
  492
  511
  524
  547
  571
  597
  625
  655
  687
  720
  756
  794
  834
  876
  921
  968
  1,018
  1,071
  1,127
  1,186
  1,248
  1,313
Retained Cash Flow (-), $m
  -187
  -25
  -29
  -33
  -37
  -41
  -45
  -49
  -52
  -56
  -61
  -65
  -69
  -73
  -78
  -83
  -88
  -93
  -98
  -104
  -109
  -115
  -122
  -128
  -135
  -142
  -150
  -157
  -166
  -174
  -183
Prev. year cash balance distribution, $m
 
  716
  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
 
  1,081
  369
  374
  381
  389
  398
  409
  422
  436
  451
  460
  478
  498
  519
  543
  567
  594
  622
  652
  684
  718
  754
  793
  833
  876
  921
  969
  1,020
  1,074
  1,130
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
 
  1,037
  338
  326
  313
  301
  289
  276
  264
  250
  236
  218
  204
  189
  174
  159
  144
  129
  115
  100
  87
  74
  63
  52
  42
  34
  27
  21
  16
  12
  9
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

Gentex Corporation designs and manufactures automatic-dimming rearview mirrors and electronics for the automotive industry, dimmable aircraft windows for the aviation industry, and commercial smoke alarms and signaling devices for the fire protection industry. The Company's business segment involves designing, developing, manufacturing and marketing interior and exterior automatic-dimming automotive rearview mirrors that utilize electrochromic technology to dim in proportion to the amount of headlight glare from trailing vehicle headlamps. Within this business segment, the Company also designs, develops and manufactures various electronics that are features to the interior and exterior automotive rearview mirrors, as well as interior visors, overhead consoles, and other locations in the vehicle. The Company ships its products to all of the automotive producing regions across the world, which it supports with various sales, engineering and distribution locations across the world.

FINANCIAL RATIOS  of  Gentex (GNTX)

Valuation Ratios
P/E Ratio 16.8
Price to Sales 3.5
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 12.4
Price to Free Cash Flow 17.1
Growth Rates
Sales Growth Rate 8.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 26.7%
Cap. Spend. - 3 Yr. Gr. Rate 18%
Financial Strength
Quick Ratio 91
Current Ratio 0
LT Debt to Equity 9.3%
Total Debt to Equity 9.7%
Interest Coverage 0
Management Effectiveness
Return On Assets 15.6%
Ret/ On Assets - 3 Yr. Avg. 15.4%
Return On Total Capital 17.2%
Ret/ On T. Cap. - 3 Yr. Avg. 16.9%
Return On Equity 19.2%
Return On Equity - 3 Yr. Avg. 19.5%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 39.8%
Gross Margin - 3 Yr. Avg. 39.4%
EBITDA Margin 35.7%
EBITDA Margin - 3 Yr. Avg. 35.6%
Operating Margin 30.5%
Oper. Margin - 3 Yr. Avg. 29.7%
Pre-Tax Margin 30.4%
Pre-Tax Margin - 3 Yr. Avg. 30.2%
Net Profit Margin 20.7%
Net Profit Margin - 3 Yr. Avg. 20.8%
Effective Tax Rate 31.9%
Eff/ Tax Rate - 3 Yr. Avg. 31.2%
Payout Ratio 29%

GNTX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GNTX stock intrinsic value calculation we used $1679 million for the last fiscal year's total revenue generated by Gentex. The default revenue input number comes from 2016 income statement of Gentex. 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 GNTX stock valuation model: a) initial revenue growth rate of 2.1% 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 GNTX is calculated based on our internal credit rating of Gentex, 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 Gentex.
    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 GNTX stock the variable cost ratio is equal to 60.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $151 million in the base year in the intrinsic value calculation for GNTX 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 Gentex.

Corporate tax rate of 27% is the nominal tax rate for Gentex. 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 GNTX 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 GNTX are equal to 46.5%.

Life of production assets of 12.2 years is the average useful life of capital assets used in Gentex 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 GNTX is equal to 17.2%. 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 - $1910 million for Gentex - 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 285.346 million for Gentex 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 Gentex at the current share price and the inputted number of shares is $5.8 billion.

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COMPANY NEWS

▶ Is There Now An Opportunity In Gentex Corporation (GNTX)?   [Dec-06-17 11:11AM  Simply Wall St.]
▶ ETFs with exposure to Gentex Corp. : November 27, 2017   [Nov-27-17 01:54PM  Capital Cube]
▶ ETFs with exposure to Gentex Corp. : November 17, 2017   [Nov-17-17 11:59AM  Capital Cube]
▶ 3 Unknown, but Amazing, Dividend Stocks   [06:00AM  Motley Fool]
▶ ETFs with exposure to Gentex Corp. : November 7, 2017   [Nov-07-17 10:18AM  Capital Cube]
▶ Gentex Declines on North American Weakness   [Oct-20-17 09:21PM  Motley Fool]
▶ Gentex meets 3Q profit forecasts   [08:07AM  Associated Press]
▶ ETFs with exposure to Gentex Corp. : October 9, 2017   [Oct-09-17 11:35AM  Capital Cube]
▶ ETFs with exposure to Gentex Corp. : September 25, 2017   [Sep-25-17 10:38AM  Capital Cube]
▶ 6 Stocks Trading Below Peter Lynch Value   [Sep-22-17 03:12PM  GuruFocus.com]
▶ ETFs with exposure to Gentex Corp. : September 13, 2017   [Sep-13-17 06:24PM  Capital Cube]
▶ Gentex Corporation Announces Officer Promotion   [Aug-22-17 09:30AM  GlobeNewswire]
▶ ETFs with exposure to Gentex Corp. : July 31, 2017   [Jul-31-17 04:45PM  Capital Cube]
▶ Gentex misses Street 2Q forecasts   [Jul-21-17 08:54PM  Associated Press]
▶ Gentex Falls Just Short of Expectations   [05:16PM  Motley Fool]
▶ Ben Axler: See up to a 80% downside in Gentex shares   [Jul-13-17 04:47PM  CNBC Videos]
▶ ETFs with exposure to Gentex Corp. : July 3, 2017   [Jul-03-17 03:14PM  Capital Cube]
▶ ETFs with exposure to Gentex Corp. : June 22, 2017   [Jun-22-17 03:46PM  Capital Cube]
▶ Gentex Announces Increase in Quarterly Cash Dividend   [May-18-17 05:00PM  GlobeNewswire]
▶ Gentex Drives a Solid Quarter   [Apr-24-17 04:55PM  Motley Fool]
▶ Gentex tops Street 1Q forecasts   [Apr-21-17 08:09AM  Associated Press]
▶ These Stocks Show a Change of Direction   [Apr-10-17 02:00PM  TheStreet.com]
▶ ETFs with exposure to Gentex Corp. : April 5, 2017   [Apr-05-17 04:50PM  Capital Cube]
▶ 5 Small-Cap Stocks to Buy in April   [07:34AM  Motley Fool]
▶ AIX: Gentex promotes its dimmable windows   [Apr-03-17 07:26AM  Flightglobal]
▶ Gentex Announces Quarterly Cash Dividend   [Mar-06-17 09:30AM  GlobeNewswire]
▶ ETFs with exposure to Gentex Corp. : February 2, 2017   [Feb-02-17 01:31PM  Capital Cube]
▶ Gentex Reflects on a Light Quarter   [Jan-27-17 09:04PM  at Motley Fool]
Financial statements of GNTX
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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