Intrinsic value of W.R. Grace - GRA

Previous Close

$71.50

  Intrinsic Value

$59.00

stock screener

  Rating & Target

hold

-17%

  Value-price divergence*

+422%

Previous close

$71.50

 
Intrinsic value

$59.00

 
Up/down potential

-17%

 
Rating

hold

 
Value-price divergence*

+422%

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

We calculate the intrinsic value of GRA 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 4.9

 

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, %
  -1.78
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
Revenue, $m
  1,599
  1,759
  1,926
  2,100
  2,282
  2,471
  2,667
  2,872
  3,084
  3,304
  3,534
  3,772
  4,020
  4,277
  4,546
  4,825
  5,116
  5,419
  5,735
  6,065
  6,409
  6,769
  7,144
  7,536
  7,947
  8,376
  8,825
  9,294
  9,786
  10,301
  10,840
Variable operating expenses, $m
 
  306
  331
  357
  385
  413
  443
  474
  506
  540
  574
  571
  608
  647
  688
  730
  774
  820
  868
  918
  970
  1,024
  1,081
  1,141
  1,203
  1,268
  1,336
  1,407
  1,481
  1,559
  1,641
Fixed operating expenses, $m
 
  1,206
  1,237
  1,268
  1,299
  1,332
  1,365
  1,399
  1,434
  1,470
  1,507
  1,544
  1,583
  1,623
  1,663
  1,705
  1,747
  1,791
  1,836
  1,882
  1,929
  1,977
  2,026
  2,077
  2,129
  2,182
  2,237
  2,293
  2,350
  2,409
  2,469
Total operating expenses, $m
  1,433
  1,512
  1,568
  1,625
  1,684
  1,745
  1,808
  1,873
  1,940
  2,010
  2,081
  2,115
  2,191
  2,270
  2,351
  2,435
  2,521
  2,611
  2,704
  2,800
  2,899
  3,001
  3,107
  3,218
  3,332
  3,450
  3,573
  3,700
  3,831
  3,968
  4,110
Operating income, $m
  166
  247
  358
  475
  598
  726
  859
  998
  1,144
  1,295
  1,453
  1,657
  1,828
  2,007
  2,195
  2,390
  2,594
  2,808
  3,031
  3,265
  3,510
  3,767
  4,036
  4,319
  4,615
  4,926
  5,252
  5,595
  5,955
  6,333
  6,731
EBITDA, $m
  266
  365
  484
  609
  740
  876
  1,018
  1,166
  1,321
  1,482
  1,650
  1,826
  2,008
  2,199
  2,398
  2,606
  2,823
  3,051
  3,288
  3,537
  3,798
  4,070
  4,357
  4,656
  4,971
  5,301
  5,648
  6,011
  6,393
  6,795
  7,216
Interest expense (income), $m
  0
  53
  61
  70
  80
  90
  100
  110
  121
  133
  145
  157
  170
  183
  197
  212
  227
  242
  259
  276
  294
  312
  332
  352
  373
  395
  418
  443
  468
  494
  522
Earnings before tax, $m
  166
  194
  297
  405
  518
  636
  759
  888
  1,022
  1,162
  1,308
  1,500
  1,658
  1,824
  1,997
  2,178
  2,367
  2,565
  2,773
  2,989
  3,217
  3,455
  3,705
  3,967
  4,242
  4,531
  4,834
  5,152
  5,487
  5,839
  6,208
Tax expense, $m
  59
  52
  80
  109
  140
  172
  205
  240
  276
  314
  353
  405
  448
  493
  539
  588
  639
  693
  749
  807
  869
  933
  1,000
  1,071
  1,145
  1,223
  1,305
  1,391
  1,481
  1,576
  1,676
Net income, $m
  94
  142
  217
  296
  378
  464
  554
  648
  746
  848
  955
  1,095
  1,211
  1,332
  1,458
  1,590
  1,728
  1,873
  2,024
  2,182
  2,348
  2,522
  2,705
  2,896
  3,097
  3,307
  3,529
  3,761
  4,006
  4,262
  4,532

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  91
  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
  2,912
  3,102
  3,397
  3,704
  4,024
  4,358
  4,704
  5,064
  5,439
  5,828
  6,232
  6,652
  7,089
  7,544
  8,017
  8,510
  9,023
  9,557
  10,115
  10,697
  11,304
  11,938
  12,600
  13,292
  14,015
  14,772
  15,564
  16,392
  17,259
  18,167
  19,118
Adjusted assets (=assets-cash), $m
  2,821
  3,102
  3,397
  3,704
  4,024
  4,358
  4,704
  5,064
  5,439
  5,828
  6,232
  6,652
  7,089
  7,544
  8,017
  8,510
  9,023
  9,557
  10,115
  10,697
  11,304
  11,938
  12,600
  13,292
  14,015
  14,772
  15,564
  16,392
  17,259
  18,167
  19,118
Revenue / Adjusted assets
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
Average production assets, $m
  924
  1,017
  1,113
  1,214
  1,319
  1,428
  1,542
  1,660
  1,782
  1,910
  2,042
  2,180
  2,323
  2,472
  2,627
  2,789
  2,957
  3,132
  3,315
  3,506
  3,704
  3,912
  4,129
  4,356
  4,593
  4,841
  5,101
  5,372
  5,656
  5,954
  6,266
Working capital, $m
  174
  176
  193
  210
  228
  247
  267
  287
  308
  330
  353
  377
  402
  428
  455
  482
  512
  542
  574
  606
  641
  677
  714
  754
  795
  838
  882
  929
  979
  1,030
  1,084
Total debt, $m
  1,584
  1,752
  2,010
  2,278
  2,558
  2,850
  3,153
  3,467
  3,795
  4,135
  4,488
  4,855
  5,237
  5,634
  6,048
  6,478
  6,927
  7,394
  7,881
  8,390
  8,920
  9,474
  10,053
  10,658
  11,290
  11,952
  12,644
  13,368
  14,126
  14,919
  15,751
Total liabilities, $m
  2,543
  2,711
  2,969
  3,237
  3,517
  3,809
  4,112
  4,426
  4,754
  5,094
  5,447
  5,814
  6,196
  6,593
  7,007
  7,437
  7,886
  8,353
  8,840
  9,349
  9,879
  10,433
  11,012
  11,617
  12,249
  12,911
  13,603
  14,327
  15,085
  15,878
  16,710
Total equity, $m
  369
  391
  428
  467
  507
  549
  593
  638
  685
  734
  785
  838
  893
  951
  1,010
  1,072
  1,137
  1,204
  1,274
  1,348
  1,424
  1,504
  1,588
  1,675
  1,766
  1,861
  1,961
  2,065
  2,175
  2,289
  2,409
Total liabilities and equity, $m
  2,912
  3,102
  3,397
  3,704
  4,024
  4,358
  4,705
  5,064
  5,439
  5,828
  6,232
  6,652
  7,089
  7,544
  8,017
  8,509
  9,023
  9,557
  10,114
  10,697
  11,303
  11,937
  12,600
  13,292
  14,015
  14,772
  15,564
  16,392
  17,260
  18,167
  19,119
Debt-to-equity ratio
  4.293
  4.480
  4.700
  4.880
  5.050
  5.190
  5.320
  5.430
  5.540
  5.630
  5.720
  5.790
  5.860
  5.930
  5.990
  6.040
  6.090
  6.140
  6.180
  6.220
  6.260
  6.300
  6.330
  6.360
  6.390
  6.420
  6.450
  6.470
  6.500
  6.520
  6.540
Adjusted equity ratio
  0.099
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  94
  142
  217
  296
  378
  464
  554
  648
  746
  848
  955
  1,095
  1,211
  1,332
  1,458
  1,590
  1,728
  1,873
  2,024
  2,182
  2,348
  2,522
  2,705
  2,896
  3,097
  3,307
  3,529
  3,761
  4,006
  4,262
  4,532
Depreciation, amort., depletion, $m
  100
  118
  126
  134
  142
  150
  159
  168
  178
  187
  198
  169
  180
  192
  204
  216
  229
  243
  257
  272
  287
  303
  320
  338
  356
  375
  395
  416
  438
  462
  486
Funds from operations, $m
  339
  260
  343
  429
  520
  615
  713
  816
  924
  1,036
  1,153
  1,264
  1,391
  1,523
  1,662
  1,806
  1,957
  2,116
  2,281
  2,454
  2,635
  2,825
  3,025
  3,234
  3,453
  3,683
  3,924
  4,178
  4,444
  4,724
  5,018
Change in working capital, $m
  48
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  38
  39
  41
  43
  45
  47
  49
  51
  54
Cash from operations, $m
  291
  244
  326
  412
  502
  596
  694
  796
  903
  1,014
  1,130
  1,240
  1,366
  1,498
  1,635
  1,778
  1,928
  2,085
  2,249
  2,421
  2,601
  2,789
  2,987
  3,194
  3,412
  3,640
  3,879
  4,131
  4,395
  4,672
  4,964
Maintenance CAPEX, $m
  0
  -72
  -79
  -86
  -94
  -102
  -111
  -120
  -129
  -138
  -148
  -158
  -169
  -180
  -192
  -204
  -216
  -229
  -243
  -257
  -272
  -287
  -303
  -320
  -338
  -356
  -375
  -395
  -416
  -438
  -462
New CAPEX, $m
  -117
  -93
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -127
  -132
  -138
  -143
  -149
  -155
  -161
  -168
  -175
  -183
  -191
  -199
  -208
  -217
  -227
  -237
  -248
  -259
  -272
  -284
  -298
  -312
Cash from investing activities, $m
  -355
  -165
  -176
  -187
  -199
  -211
  -225
  -238
  -252
  -265
  -280
  -296
  -312
  -329
  -347
  -365
  -384
  -404
  -426
  -448
  -471
  -495
  -520
  -547
  -575
  -604
  -634
  -667
  -700
  -736
  -774
Free cash flow, $m
  -64
  80
  151
  225
  303
  384
  469
  558
  651
  748
  849
  944
  1,054
  1,168
  1,288
  1,413
  1,544
  1,681
  1,824
  1,974
  2,130
  2,295
  2,467
  2,647
  2,837
  3,036
  3,245
  3,464
  3,694
  3,936
  4,191
Issuance/(repayment) of debt, $m
  -594
  245
  258
  269
  280
  291
  303
  315
  327
  340
  353
  367
  382
  397
  413
  430
  448
  467
  487
  508
  531
  554
  579
  605
  632
  661
  692
  724
  758
  794
  831
Issuance/(repurchase) of shares, $m
  -178
  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  
  7
  245
  258
  269
  280
  291
  303
  315
  327
  340
  353
  367
  382
  397
  413
  430
  448
  467
  487
  508
  531
  554
  579
  605
  632
  661
  692
  724
  758
  794
  831
Total cash flow (excl. dividends), $m
  -60
  325
  408
  493
  583
  675
  772
  873
  978
  1,088
  1,202
  1,311
  1,436
  1,566
  1,702
  1,844
  1,992
  2,148
  2,311
  2,482
  2,661
  2,849
  3,046
  3,252
  3,469
  3,697
  3,936
  4,188
  4,452
  4,730
  5,022
Retained Cash Flow (-), $m
  -161
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -95
  -100
  -104
  -109
  -114
  -120
Prev. year cash balance distribution, $m
 
  14
  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
 
  303
  371
  455
  542
  633
  729
  828
  931
  1,039
  1,151
  1,258
  1,381
  1,508
  1,642
  1,782
  1,928
  2,081
  2,241
  2,409
  2,584
  2,769
  2,962
  3,165
  3,378
  3,602
  3,837
  4,083
  4,343
  4,616
  4,902
Discount rate, %
 
  10.90
  11.45
  12.02
  12.62
  13.25
  13.91
  14.61
  15.34
  16.10
  16.91
  17.75
  18.64
  19.57
  20.55
  21.58
  22.66
  23.79
  24.98
  26.23
  27.54
  28.92
  30.37
  31.89
  33.48
  35.15
  36.91
  38.76
  40.69
  42.73
  44.87
PV of cash for distribution, $m
 
  273
  299
  324
  337
  340
  334
  319
  297
  271
  241
  208
  177
  148
  120
  95
  73
  55
  40
  29
  20
  13
  9
  5
  3
  2
  1
  1
  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

W. R. Grace & Co. (Grace) is engaged in the production and sale of specialty chemicals and specialty materials. The Company operates in two segments: Grace Catalysts Technologies and Grace Materials Technologies. The Grace Catalysts Technologies segment includes catalysts and related products and technologies used in refining, petrochemical and other chemical manufacturing applications. The Grace Materials Technologies segment includes specialty materials, including silica-based and silica-alumina-based materials, used in coatings, consumer, industrial, and pharmaceutical applications. It Grace Catalysts Technologies segment produces and sells catalysts and related products and technologies used in refining, petrochemical and other chemical manufacturing applications, including Fluid catalytic cracking catalysts (FCC), Hydroprocessing catalysts (HPC), and Polyolefin catalysts and catalyst supports.

FINANCIAL RATIOS  of  W.R. Grace (GRA)

Valuation Ratios
P/E Ratio 52
Price to Sales 3.1
Price to Book 13.2
Price to Tangible Book
Price to Cash Flow 16.8
Price to Free Cash Flow 28.1
Growth Rates
Sales Growth Rate -1.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.7%
Cap. Spend. - 3 Yr. Gr. Rate -5.6%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 408.4%
Total Debt to Equity 429.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.9%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 4.3%
Ret/ On T. Cap. - 3 Yr. Avg. 9.5%
Return On Equity 32.6%
Return On Equity - 3 Yr. Avg. 47.4%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 41%
Gross Margin - 3 Yr. Avg. 39.6%
EBITDA Margin 16.6%
EBITDA Margin - 3 Yr. Avg. 28.6%
Operating Margin 10.4%
Oper. Margin - 3 Yr. Avg. 9.4%
Pre-Tax Margin 10.4%
Pre-Tax Margin - 3 Yr. Avg. 9.4%
Net Profit Margin 5.9%
Net Profit Margin - 3 Yr. Avg. 10.1%
Effective Tax Rate 35.5%
Eff/ Tax Rate - 3 Yr. Avg. 20.1%
Payout Ratio 38.3%

GRA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GRA stock intrinsic value calculation we used $1599 million for the last fiscal year's total revenue generated by W.R. Grace. The default revenue input number comes from 2016 income statement of W.R. Grace. 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 GRA stock valuation model: a) initial revenue growth rate of 10% 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 10.9%, whose default value for GRA is calculated based on our internal credit rating of W.R. Grace, 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 W.R. Grace.
    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 GRA stock the variable cost ratio is equal to 17.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1177 million in the base year in the intrinsic value calculation for GRA 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 W.R. Grace.

Corporate tax rate of 27% is the nominal tax rate for W.R. Grace. 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 GRA 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 GRA are equal to 57.8%.

Life of production assets of 12.9 years is the average useful life of capital assets used in W.R. Grace 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 GRA is equal to 10%. 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 - $369 million for W.R. Grace - 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 68.408 million for W.R. Grace 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 W.R. Grace at the current share price and the inputted number of shares is $4.9 billion.

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COMPANY NEWS

▶ Grace Obtains License for Drug Delivery from Formac   [Oct-16-17 11:36AM  Market Realist]
▶ Grace Announces Release Date for Third Quarter 2017 Results   [Oct-05-17 09:00AM  GlobeNewswire]
▶ Whats Wall Streets View of W.R. Grace?   [Sep-22-17 03:36PM  Market Realist]
▶ Grace Donates $100,000 to Hurricane Harvey Relief   [Sep-07-17 09:00AM  GlobeNewswire]
▶ Grace to Participate in Upcoming Investor Conferences   [Sep-05-17 09:00AM  GlobeNewswire]
▶ Albemarle Annouces 3Q17 Dividend   [09:35AM  Market Realist]
▶ ETFs with exposure to W.R. Grace & Co. : August 15, 2017   [Aug-15-17 04:16PM  Capital Cube]
▶ W.R. Grace beats 2Q profit forecasts   [Jul-27-17 08:25PM  Associated Press]
▶ Grace Announces Quarterly Dividend   [05:02AM  GlobeNewswire]
▶ Grace Reports Second Quarter 2017 Results   [05:00AM  GlobeNewswire]
▶ ETFs with exposure to W.R. Grace & Co. : July 4, 2017   [Jul-04-17 02:59PM  Capital Cube]
▶ W.R. Grace Enters New Agreement with Valliscor   [Jul-03-17 10:05AM  Market Realist]
▶ ETFs with exposure to W.R. Grace & Co. : June 19, 2017   [Jun-19-17 03:25PM  Capital Cube]
▶ Why Albemarles Dividend Yield Has Taken a Tumble   [Jun-09-17 12:35PM  Market Realist]
▶ W.R. Grace beats 1Q profit forecasts   [06:14AM  Associated Press]
▶ Grace Announces Quarterly Dividend   [06:02AM  GlobeNewswire]
▶ Grace Reports First Quarter 2017 Results   [06:00AM  GlobeNewswire]
▶ Grace Announces Release Date for First Quarter 2017 Results   [Apr-05-17 09:00AM  GlobeNewswire]
▶ W.R. Grace Signs Contract with Dongguan Grand Resource   [Feb-21-17 12:10PM  Market Realist]
▶ W.R. Grace fourth-quarter earnings beat estimates   [11:05AM  at bizjournals.com]
▶ Should You Buy Avnet, Inc. (AVT)?   [Dec-08-16 02:11AM  at Insider Monkey]
▶ Is W.R. Grace & Co. (GRA) A Good Stock To Buy?   [Nov-25-16 07:12AM  at Insider Monkey]
▶ Grace to Present at Baird 2016 Global Industrial Conference   [Nov-01-16 04:05PM  GlobeNewswire]
Financial statements of GRA
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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