Intrinsic value of Gentex - GNTX

Previous Close

$20.21

  Intrinsic Value

$21.21

stock screener

  Rating & Target

hold

+5%

  Value-price divergence*

-7%

Previous close

$20.21

 
Intrinsic value

$21.21

 
Up/down potential

+5%

 
Rating

hold

 
Value-price divergence*

-7%

*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
  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
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
Revenue, $m
  1,679
  1,755
  1,834
  1,919
  2,008
  2,101
  2,200
  2,304
  2,414
  2,530
  2,651
  2,779
  2,914
  3,055
  3,204
  3,361
  3,525
  3,698
  3,880
  4,071
  4,272
  4,483
  4,705
  4,938
  5,182
  5,440
  5,710
  5,993
  6,291
  6,604
  6,933
Variable operating expenses, $m
 
  1,065
  1,112
  1,162
  1,215
  1,270
  1,328
  1,390
  1,454
  1,522
  1,594
  1,639
  1,718
  1,802
  1,890
  1,982
  2,079
  2,181
  2,288
  2,401
  2,519
  2,644
  2,775
  2,912
  3,056
  3,208
  3,367
  3,534
  3,710
  3,894
  4,088
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
  1,220
  1,271
  1,325
  1,382
  1,441
  1,503
  1,569
  1,638
  1,711
  1,787
  1,837
  1,921
  2,010
  2,103
  2,201
  2,303
  2,411
  2,524
  2,642
  2,766
  2,898
  3,035
  3,178
  3,329
  3,488
  3,654
  3,828
  4,011
  4,203
  4,405
Operating income, $m
  512
  534
  563
  594
  626
  661
  697
  735
  776
  819
  864
  942
  992
  1,045
  1,101
  1,160
  1,222
  1,288
  1,356
  1,429
  1,505
  1,586
  1,670
  1,759
  1,853
  1,952
  2,056
  2,165
  2,280
  2,401
  2,528
EBITDA, $m
  601
  632
  664
  698
  734
  771
  811
  854
  899
  946
  996
  1,048
  1,103
  1,162
  1,223
  1,288
  1,357
  1,429
  1,504
  1,584
  1,668
  1,757
  1,850
  1,948
  2,051
  2,159
  2,273
  2,393
  2,519
  2,652
  2,792
Interest expense (income), $m
  0
  6
  7
  7
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  19
  20
  21
  23
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
  44
  46
Earnings before tax, $m
  511
  528
  556
  586
  618
  652
  687
  725
  764
  806
  851
  928
  977
  1,029
  1,084
  1,142
  1,202
  1,266
  1,334
  1,405
  1,480
  1,558
  1,641
  1,729
  1,820
  1,917
  2,019
  2,126
  2,238
  2,357
  2,481
Tax expense, $m
  163
  143
  150
  158
  167
  176
  186
  196
  206
  218
  230
  251
  264
  278
  293
  308
  325
  342
  360
  379
  399
  421
  443
  467
  491
  518
  545
  574
  604
  636
  670
Net income, $m
  348
  386
  406
  428
  451
  476
  502
  529
  558
  589
  621
  677
  713
  751
  791
  833
  878
  924
  974
  1,026
  1,080
  1,138
  1,198
  1,262
  1,329
  1,399
  1,474
  1,552
  1,634
  1,720
  1,811

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
  1,657
  1,732
  1,812
  1,896
  1,984
  2,078
  2,176
  2,280
  2,389
  2,504
  2,624
  2,751
  2,885
  3,026
  3,174
  3,329
  3,492
  3,664
  3,844
  4,034
  4,233
  4,443
  4,663
  4,894
  5,136
  5,391
  5,659
  5,941
  6,236
  6,546
Adjusted assets (=assets-cash), $m
  1,586
  1,657
  1,732
  1,812
  1,896
  1,984
  2,078
  2,176
  2,280
  2,389
  2,504
  2,624
  2,751
  2,885
  3,026
  3,174
  3,329
  3,492
  3,664
  3,844
  4,034
  4,233
  4,443
  4,663
  4,894
  5,136
  5,391
  5,659
  5,941
  6,236
  6,546
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
  816
  853
  892
  934
  977
  1,023
  1,072
  1,123
  1,176
  1,233
  1,292
  1,355
  1,421
  1,490
  1,563
  1,639
  1,720
  1,804
  1,893
  1,987
  2,085
  2,188
  2,296
  2,410
  2,529
  2,655
  2,787
  2,925
  3,071
  3,224
Working capital, $m
  1,005
  302
  316
  330
  345
  361
  378
  396
  415
  435
  456
  478
  501
  526
  551
  578
  606
  636
  667
  700
  735
  771
  809
  849
  891
  936
  982
  1,031
  1,082
  1,136
  1,192
Total debt, $m
  186
  195
  214
  234
  254
  276
  299
  323
  349
  376
  404
  434
  466
  499
  533
  570
  608
  649
  691
  736
  782
  832
  883
  938
  995
  1,055
  1,118
  1,184
  1,253
  1,326
  1,403
Total liabilities, $m
  399
  409
  428
  448
  468
  490
  513
  537
  563
  590
  618
  648
  680
  713
  747
  784
  822
  863
  905
  950
  996
  1,046
  1,097
  1,152
  1,209
  1,269
  1,332
  1,398
  1,467
  1,540
  1,617
Total equity, $m
  1,910
  1,248
  1,304
  1,364
  1,428
  1,494
  1,565
  1,639
  1,717
  1,799
  1,885
  1,976
  2,072
  2,173
  2,278
  2,390
  2,507
  2,630
  2,759
  2,895
  3,038
  3,188
  3,345
  3,511
  3,685
  3,868
  4,060
  4,261
  4,473
  4,696
  4,929
Total liabilities and equity, $m
  2,309
  1,657
  1,732
  1,812
  1,896
  1,984
  2,078
  2,176
  2,280
  2,389
  2,503
  2,624
  2,752
  2,886
  3,025
  3,174
  3,329
  3,493
  3,664
  3,845
  4,034
  4,234
  4,442
  4,663
  4,894
  5,137
  5,392
  5,659
  5,940
  6,236
  6,546
Debt-to-equity ratio
  0.097
  0.160
  0.160
  0.170
  0.180
  0.180
  0.190
  0.200
  0.200
  0.210
  0.210
  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
  0.280
  0.280
  0.280
  0.280
  0.280
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
  386
  406
  428
  451
  476
  502
  529
  558
  589
  621
  677
  713
  751
  791
  833
  878
  924
  974
  1,026
  1,080
  1,138
  1,198
  1,262
  1,329
  1,399
  1,474
  1,552
  1,634
  1,720
  1,811
Depreciation, amort., depletion, $m
  89
  98
  101
  104
  107
  111
  115
  119
  123
  127
  132
  106
  111
  116
  122
  128
  134
  141
  148
  155
  163
  171
  179
  188
  198
  207
  218
  228
  240
  252
  264
Funds from operations, $m
  470
  483
  507
  532
  558
  587
  616
  648
  681
  716
  753
  783
  824
  868
  913
  961
  1,012
  1,065
  1,122
  1,181
  1,243
  1,308
  1,377
  1,450
  1,526
  1,607
  1,691
  1,780
  1,874
  1,972
  2,076
Change in working capital, $m
  -1
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  44
  46
  49
  51
  54
  57
Cash from operations, $m
  471
  470
  493
  517
  543
  570
  599
  630
  662
  696
  732
  761
  801
  843
  888
  934
  984
  1,036
  1,090
  1,148
  1,208
  1,272
  1,339
  1,410
  1,484
  1,563
  1,645
  1,731
  1,822
  1,918
  2,019
Maintenance CAPEX, $m
  0
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -141
  -148
  -155
  -163
  -171
  -179
  -188
  -198
  -207
  -218
  -228
  -240
  -252
New CAPEX, $m
  -128
  -36
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -54
  -57
  -59
  -63
  -66
  -69
  -73
  -77
  -80
  -85
  -89
  -93
  -98
  -103
  -108
  -114
  -120
  -126
  -132
  -139
  -146
  -153
Cash from investing activities, $m
  -251
  -100
  -104
  -109
  -114
  -121
  -126
  -132
  -139
  -146
  -153
  -160
  -169
  -177
  -185
  -195
  -205
  -214
  -226
  -237
  -248
  -261
  -274
  -287
  -302
  -318
  -333
  -350
  -367
  -386
  -405
Free cash flow, $m
  220
  370
  389
  408
  429
  450
  473
  497
  523
  550
  579
  601
  633
  666
  702
  740
  779
  821
  865
  911
  960
  1,011
  1,065
  1,122
  1,182
  1,245
  1,312
  1,382
  1,455
  1,533
  1,614
Issuance/(repayment) of debt, $m
  -48
  17
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
  37
  38
  40
  42
  45
  47
  49
  52
  54
  57
  60
  63
  66
  69
  73
  77
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
  17
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
  37
  38
  40
  42
  45
  47
  49
  52
  54
  57
  60
  63
  66
  69
  73
  77
Total cash flow (excl. dividends), $m
  96
  388
  408
  428
  449
  472
  496
  522
  549
  577
  607
  631
  664
  699
  737
  776
  818
  861
  907
  956
  1,007
  1,060
  1,117
  1,177
  1,239
  1,305
  1,375
  1,448
  1,525
  1,606
  1,691
Retained Cash Flow (-), $m
  -187
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -91
  -96
  -101
  -106
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -174
  -183
  -192
  -202
  -212
  -222
  -234
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
 
  1,050
  351
  368
  386
  405
  426
  448
  471
  495
  521
  540
  568
  599
  631
  665
  700
  738
  778
  820
  864
  910
  959
  1,011
  1,065
  1,123
  1,183
  1,246
  1,313
  1,383
  1,457
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
 
  1,007
  321
  320
  318
  314
  309
  302
  294
  284
  273
  256
  243
  228
  212
  195
  178
  161
  143
  126
  110
  94
  80
  66
  54
  44
  35
  27
  20
  15
  11
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 16.7
Price to Sales 3.5
Price to Book 3
Price to Tangible Book
Price to Cash Flow 12.3
Price to Free Cash Flow 17
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 4.5% 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 285.953 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

▶ 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]
▶ Hedge Funds Are Betting On Gentex Corporation (GNTX)   [Dec-07-16 10:55AM  at Insider Monkey]
▶ Gentex Announces Quarterly Cash Dividend   [Nov-30-16 08:00AM  Marketwired]
▶ Gentex Keeps Growing As Light-Vehicle Production Falls   [Oct-22-16 05:40PM  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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