Intrinsic value of Granite Construction - GVA

Previous Close

$62.38

  Intrinsic Value

$105.56

stock screener

  Rating & Target

str. buy

+69%

Previous close

$62.38

 
Intrinsic value

$105.56

 
Up/down potential

+69%

 
Rating

str. buy

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

We calculate the intrinsic value of GVA 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 2.5

 

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, %
  6.07
  26.10
  23.99
  22.09
  20.38
  18.84
  17.46
  16.21
  15.09
  14.08
  13.17
  12.36
  11.62
  10.96
  10.36
  9.83
  9.34
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.51
  6.36
  6.23
  6.10
  5.99
Revenue, $m
  2,515
  3,171
  3,932
  4,801
  5,779
  6,868
  8,068
  9,376
  10,791
  12,310
  13,932
  15,654
  17,473
  19,388
  21,397
  23,500
  25,696
  27,985
  30,369
  32,849
  35,428
  38,108
  40,894
  43,788
  46,796
  49,924
  53,176
  56,560
  60,082
  63,750
  67,571
Variable operating expenses, $m
 
  3,021
  3,744
  4,570
  5,501
  6,536
  7,677
  8,920
  10,266
  11,711
  13,253
  14,884
  16,614
  18,435
  20,346
  22,345
  24,433
  26,610
  28,877
  31,235
  33,687
  36,236
  38,884
  41,636
  44,497
  47,470
  50,563
  53,780
  57,129
  60,616
  64,250
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
  2,422
  3,021
  3,744
  4,570
  5,501
  6,536
  7,677
  8,920
  10,266
  11,711
  13,253
  14,884
  16,614
  18,435
  20,346
  22,345
  24,433
  26,610
  28,877
  31,235
  33,687
  36,236
  38,884
  41,636
  44,497
  47,470
  50,563
  53,780
  57,129
  60,616
  64,250
Operating income, $m
  92
  150
  188
  231
  279
  332
  391
  455
  525
  600
  679
  769
  859
  953
  1,052
  1,155
  1,263
  1,375
  1,493
  1,614
  1,741
  1,873
  2,010
  2,152
  2,300
  2,454
  2,613
  2,780
  2,953
  3,133
  3,321
EBITDA, $m
  156
  227
  281
  343
  413
  491
  577
  670
  772
  880
  996
  1,119
  1,249
  1,386
  1,530
  1,680
  1,837
  2,001
  2,172
  2,349
  2,533
  2,725
  2,924
  3,131
  3,346
  3,570
  3,803
  4,045
  4,296
  4,559
  4,832
Interest expense (income), $m
  13
  12
  23
  36
  51
  68
  87
  107
  130
  154
  180
  208
  238
  269
  302
  337
  373
  411
  450
  491
  534
  578
  624
  672
  722
  773
  827
  883
  941
  1,002
  1,065
Earnings before tax, $m
  96
  139
  165
  194
  227
  264
  304
  348
  395
  445
  499
  561
  621
  684
  750
  818
  890
  965
  1,043
  1,124
  1,208
  1,295
  1,386
  1,480
  1,578
  1,680
  1,786
  1,897
  2,012
  2,131
  2,256
Tax expense, $m
  30
  37
  44
  52
  61
  71
  82
  94
  107
  120
  135
  151
  168
  185
  202
  221
  240
  261
  282
  303
  326
  350
  374
  400
  426
  454
  482
  512
  543
  575
  609
Net income, $m
  57
  101
  120
  142
  166
  193
  222
  254
  288
  325
  364
  410
  453
  499
  547
  597
  650
  704
  761
  820
  882
  945
  1,012
  1,081
  1,152
  1,227
  1,304
  1,385
  1,468
  1,556
  1,647

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  501
  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
  1,733
  1,554
  1,927
  2,352
  2,832
  3,365
  3,953
  4,594
  5,287
  6,032
  6,826
  7,670
  8,561
  9,499
  10,484
  11,514
  12,590
  13,712
  14,880
  16,095
  17,358
  18,671
  20,036
  21,454
  22,928
  24,460
  26,054
  27,712
  29,438
  31,234
  33,107
Adjusted assets (=assets-cash), $m
  1,232
  1,554
  1,927
  2,352
  2,832
  3,365
  3,953
  4,594
  5,287
  6,032
  6,826
  7,670
  8,561
  9,499
  10,484
  11,514
  12,590
  13,712
  14,880
  16,095
  17,358
  18,671
  20,036
  21,454
  22,928
  24,460
  26,054
  27,712
  29,438
  31,234
  33,107
Revenue / Adjusted assets
  2.041
  2.041
  2.040
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
  2.041
Average production assets, $m
  406
  511
  633
  773
  930
  1,106
  1,299
  1,509
  1,737
  1,982
  2,243
  2,520
  2,813
  3,121
  3,445
  3,783
  4,137
  4,506
  4,889
  5,289
  5,704
  6,135
  6,584
  7,050
  7,534
  8,038
  8,561
  9,106
  9,673
  10,264
  10,879
Working capital, $m
  559
  92
  114
  139
  168
  199
  234
  272
  313
  357
  404
  454
  507
  562
  621
  681
  745
  812
  881
  953
  1,027
  1,105
  1,186
  1,270
  1,357
  1,448
  1,542
  1,640
  1,742
  1,849
  1,960
Total debt, $m
  244
  446
  697
  985
  1,308
  1,669
  2,065
  2,498
  2,966
  3,468
  4,005
  4,574
  5,176
  5,809
  6,473
  7,169
  7,895
  8,652
  9,441
  10,261
  11,114
  12,000
  12,921
  13,879
  14,874
  15,908
  16,983
  18,103
  19,267
  20,480
  21,744
Total liabilities, $m
  847
  1,049
  1,300
  1,588
  1,911
  2,272
  2,668
  3,101
  3,569
  4,071
  4,608
  5,177
  5,779
  6,412
  7,076
  7,772
  8,498
  9,255
  10,044
  10,864
  11,717
  12,603
  13,524
  14,482
  15,477
  16,511
  17,586
  18,706
  19,870
  21,083
  22,347
Total equity, $m
  886
  505
  626
  764
  920
  1,094
  1,285
  1,493
  1,718
  1,960
  2,219
  2,493
  2,782
  3,087
  3,407
  3,742
  4,092
  4,456
  4,836
  5,231
  5,641
  6,068
  6,512
  6,973
  7,452
  7,950
  8,468
  9,006
  9,567
  10,151
  10,760
Total liabilities and equity, $m
  1,733
  1,554
  1,926
  2,352
  2,831
  3,366
  3,953
  4,594
  5,287
  6,031
  6,827
  7,670
  8,561
  9,499
  10,483
  11,514
  12,590
  13,711
  14,880
  16,095
  17,358
  18,671
  20,036
  21,455
  22,929
  24,461
  26,054
  27,712
  29,437
  31,234
  33,107
Debt-to-equity ratio
  0.275
  0.880
  1.110
  1.290
  1.420
  1.530
  1.610
  1.670
  1.730
  1.770
  1.810
  1.840
  1.860
  1.880
  1.900
  1.920
  1.930
  1.940
  1.950
  1.960
  1.970
  1.980
  1.980
  1.990
  2.000
  2.000
  2.010
  2.010
  2.010
  2.020
  2.020
Adjusted equity ratio
  0.313
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  57
  101
  120
  142
  166
  193
  222
  254
  288
  325
  364
  410
  453
  499
  547
  597
  650
  704
  761
  820
  882
  945
  1,012
  1,081
  1,152
  1,227
  1,304
  1,385
  1,468
  1,556
  1,647
Depreciation, amort., depletion, $m
  64
  76
  93
  113
  135
  159
  186
  215
  247
  281
  317
  350
  391
  434
  478
  525
  575
  626
  679
  735
  792
  852
  914
  979
  1,046
  1,116
  1,189
  1,265
  1,344
  1,426
  1,511
Funds from operations, $m
  19
  177
  214
  255
  301
  352
  408
  469
  535
  606
  681
  760
  844
  933
  1,026
  1,123
  1,224
  1,330
  1,440
  1,555
  1,674
  1,798
  1,926
  2,060
  2,199
  2,343
  2,493
  2,649
  2,812
  2,981
  3,158
Change in working capital, $m
  -54
  19
  22
  25
  28
  32
  35
  38
  41
  44
  47
  50
  53
  56
  58
  61
  64
  66
  69
  72
  75
  78
  81
  84
  87
  91
  94
  98
  102
  106
  111
Cash from operations, $m
  73
  158
  191
  229
  272
  320
  373
  431
  494
  562
  634
  710
  791
  877
  967
  1,062
  1,161
  1,264
  1,371
  1,483
  1,599
  1,720
  1,845
  1,976
  2,111
  2,252
  2,399
  2,551
  2,710
  2,875
  3,047
Maintenance CAPEX, $m
  0
  -56
  -71
  -88
  -107
  -129
  -154
  -180
  -210
  -241
  -275
  -312
  -350
  -391
  -434
  -478
  -525
  -575
  -626
  -679
  -735
  -792
  -852
  -914
  -979
  -1,046
  -1,116
  -1,189
  -1,265
  -1,344
  -1,426
New CAPEX, $m
  -91
  -105
  -122
  -140
  -158
  -175
  -193
  -211
  -228
  -245
  -261
  -277
  -293
  -308
  -323
  -339
  -354
  -369
  -384
  -399
  -415
  -432
  -448
  -466
  -484
  -504
  -524
  -545
  -567
  -590
  -615
Cash from investing activities, $m
  -96
  -161
  -193
  -228
  -265
  -304
  -347
  -391
  -438
  -486
  -536
  -589
  -643
  -699
  -757
  -817
  -879
  -944
  -1,010
  -1,078
  -1,150
  -1,224
  -1,300
  -1,380
  -1,463
  -1,550
  -1,640
  -1,734
  -1,832
  -1,934
  -2,041
Free cash flow, $m
  -23
  -3
  -2
  2
  7
  16
  27
  40
  57
  76
  98
  121
  148
  178
  210
  245
  282
  321
  361
  404
  449
  496
  545
  595
  648
  702
  759
  817
  878
  941
  1,006
Issuance/(repayment) of debt, $m
  -15
  217
  252
  287
  324
  360
  397
  433
  468
  503
  536
  569
  602
  633
  664
  695
  726
  757
  788
  820
  853
  886
  921
  957
  995
  1,034
  1,076
  1,119
  1,165
  1,213
  1,264
Issuance/(repurchase) of shares, $m
  -5
  4
  1
  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  
  -19
  221
  253
  287
  324
  360
  397
  433
  468
  503
  536
  569
  602
  633
  664
  695
  726
  757
  788
  820
  853
  886
  921
  957
  995
  1,034
  1,076
  1,119
  1,165
  1,213
  1,264
Total cash flow (excl. dividends), $m
  -43
  218
  251
  289
  331
  376
  423
  473
  525
  578
  634
  690
  750
  811
  875
  940
  1,008
  1,078
  1,150
  1,225
  1,302
  1,382
  1,466
  1,553
  1,643
  1,737
  1,834
  1,936
  2,043
  2,154
  2,270
Retained Cash Flow (-), $m
  -47
  -105
  -121
  -138
  -156
  -173
  -191
  -208
  -225
  -242
  -258
  -274
  -290
  -305
  -320
  -335
  -350
  -365
  -380
  -395
  -411
  -427
  -444
  -461
  -479
  -498
  -518
  -539
  -561
  -584
  -608
Prev. year cash balance distribution, $m
 
  486
  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
 
  599
  129
  151
  175
  202
  232
  264
  299
  336
  376
  416
  460
  506
  555
  605
  658
  713
  770
  830
  891
  956
  1,022
  1,092
  1,164
  1,239
  1,316
  1,398
  1,482
  1,570
  1,662
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
 
  574
  119
  131
  144
  157
  169
  179
  187
  193
  197
  198
  196
  193
  186
  178
  167
  155
  142
  128
  113
  99
  85
  72
  59
  48
  38
  30
  23
  17
  13
Current shareholders' claim on cash, %
  100
  99.7
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6

Granite Construction Incorporated is a heavy civil contractor and construction materials producer in the United States. The Company operates through three segments: Construction, Large Project Construction and Construction Materials. The Company operates across the nation, serving both public and private sector clients. Within the public sector, it concentrates on heavy-civil infrastructure projects, including the construction of streets, roads, highways, mass transit facilities, airport infrastructure, bridges, trenchless and underground utilities, power-related facilities, water and wastewater facilities, utilities, tunnels, dams and other infrastructure-related projects. Within the private sector, the Company offers site preparation and infrastructure services for residential development, energy development, commercial and industrial sites, and other facilities, as well as provides construction management professional services.

FINANCIAL RATIOS  of  Granite Construction (GVA)

Valuation Ratios
P/E Ratio 43.4
Price to Sales 1
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 33.9
Price to Free Cash Flow -137.3
Growth Rates
Sales Growth Rate 6.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 106.8%
Cap. Spend. - 3 Yr. Gr. Rate 15.6%
Financial Strength
Quick Ratio 33
Current Ratio 0.2
LT Debt to Equity 25.8%
Total Debt to Equity 27.5%
Interest Coverage 8
Management Effectiveness
Return On Assets 3.9%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 5.1%
Ret/ On T. Cap. - 3 Yr. Avg. 4.3%
Return On Equity 6.6%
Return On Equity - 3 Yr. Avg. 5.7%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 12%
Gross Margin - 3 Yr. Avg. 11.8%
EBITDA Margin 6.9%
EBITDA Margin - 3 Yr. Avg. 6.9%
Operating Margin 3.7%
Oper. Margin - 3 Yr. Avg. 3.7%
Pre-Tax Margin 3.8%
Pre-Tax Margin - 3 Yr. Avg. 3.5%
Net Profit Margin 2.3%
Net Profit Margin - 3 Yr. Avg. 2%
Effective Tax Rate 31.3%
Eff/ Tax Rate - 3 Yr. Avg. 33.6%
Payout Ratio 36.8%

GVA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GVA stock intrinsic value calculation we used $2515 million for the last fiscal year's total revenue generated by Granite Construction. The default revenue input number comes from 2016 income statement of Granite Construction. 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 GVA stock valuation model: a) initial revenue growth rate of 26.1% 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 GVA is calculated based on our internal credit rating of Granite Construction, 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 Granite Construction.
    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 GVA stock the variable cost ratio is equal to 95.3%.

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 GVA 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 5.2% for Granite Construction.

Corporate tax rate of 27% is the nominal tax rate for Granite Construction. 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 GVA 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 GVA are equal to 16.1%.

Life of production assets of 7.2 years is the average useful life of capital assets used in Granite Construction 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 GVA is equal to 2.9%. 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 - $886 million for Granite Construction - 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 39.772 million for Granite Construction 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 Granite Construction at the current share price and the inputted number of shares is $2.5 billion.

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COMPANY NEWS

▶ Putting Your Money into Infrastructure   [Dec-08-17 01:40PM  CNBC Videos]
▶ Granite Construction Declares Quarterly Dividend   [Dec-07-17 06:16PM  Business Wire]
▶ Granite Construction Clears Key Benchmark, Hitting 80-Plus RS Rating   [Nov-03-17 03:00AM  Investor's Business Daily]
▶ Granite Construction beats Street 3Q forecasts   [07:03AM  Associated Press]
▶ Granite Reports Third Quarter 2017 Results   [06:55AM  Business Wire]
▶ Granite Construction Declares Quarterly Dividend   [Sep-13-17 05:33PM  Business Wire]
▶ Stocks With Rising Relative Strength: Granite Construction   [03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: Granite Construction   [Sep-06-17 03:00AM  Investor's Business Daily]
▶ Nasdaq, Small Caps Lead; The Stock Group Harvey Is Lifting   [Aug-31-17 12:09PM  Investor's Business Daily]
▶ This Is Why Trump's Speech in Arizona Was Over the Top   [Aug-23-17 03:30PM  TheStreet.com]
▶ Granite Construction misses 2Q profit forecasts   [Aug-01-17 10:54PM  Associated Press]
▶ Granite Reports Second Quarter 2017 Results   [06:55AM  Business Wire]
▶ Granite Publishes 2016 Sustainability Update   [Jul-13-17 05:32PM  Business Wire]
▶ [$$] Granite Construction to See Infrastructure Bump Up   [Jun-01-17 12:01PM  Barrons.com]
▶ Granite Construction reports 1Q loss   [May-02-17 07:05AM  Associated Press]
▶ Granite Reports First Quarter 2017 Results   [06:55AM  Business Wire]
Financial statements of GVA
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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