Intrinsic value of Grand Canyon Education - LOPE

Previous Close

$124.84

  Intrinsic Value

$71.94

stock screener

  Rating & Target

sell

-42%

Previous close

$124.84

 
Intrinsic value

$71.94

 
Up/down potential

-42%

 
Rating

sell

We calculate the intrinsic value of LOPE 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 0001), $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 6.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
Revenue, $m
  1,057
  1,143
  1,233
  1,326
  1,422
  1,523
  1,627
  1,736
  1,849
  1,967
  2,089
  2,216
  2,349
  2,487
  2,632
  2,782
  2,939
  3,103
  3,275
  3,454
  3,642
  3,838
  4,043
  4,257
  4,482
  4,717
  4,964
  5,222
  5,493
  5,777
Variable operating expenses, $m
  580
  627
  677
  728
  781
  836
  893
  953
  1,015
  1,079
  1,146
  1,216
  1,289
  1,365
  1,444
  1,527
  1,613
  1,703
  1,797
  1,895
  1,998
  2,106
  2,218
  2,336
  2,459
  2,588
  2,724
  2,865
  3,014
  3,170
Fixed operating expenses, $m
  164
  167
  171
  175
  178
  182
  186
  190
  195
  199
  203
  208
  212
  217
  222
  227
  232
  237
  242
  247
  253
  258
  264
  270
  276
  282
  288
  294
  301
  307
Total operating expenses, $m
  744
  794
  848
  903
  959
  1,018
  1,079
  1,143
  1,210
  1,278
  1,349
  1,424
  1,501
  1,582
  1,666
  1,754
  1,845
  1,940
  2,039
  2,142
  2,251
  2,364
  2,482
  2,606
  2,735
  2,870
  3,012
  3,159
  3,315
  3,477
Operating income, $m
  313
  348
  385
  423
  463
  505
  548
  593
  640
  688
  739
  792
  848
  906
  966
  1,029
  1,095
  1,164
  1,236
  1,312
  1,391
  1,474
  1,561
  1,652
  1,747
  1,847
  1,952
  2,063
  2,178
  2,300
EBITDA, $m
  372
  412
  454
  498
  543
  590
  639
  690
  743
  798
  856
  916
  979
  1,044
  1,113
  1,184
  1,259
  1,337
  1,419
  1,504
  1,594
  1,688
  1,786
  1,889
  1,997
  2,110
  2,229
  2,354
  2,484
  2,622
Interest expense (income), $m
  1
  4
  5
  7
  8
  10
  11
  13
  15
  17
  19
  21
  23
  25
  27
  30
  32
  35
  38
  40
  43
  46
  50
  53
  57
  60
  64
  68
  73
  77
  82
Earnings before tax, $m
  310
  343
  379
  415
  454
  493
  535
  578
  623
  670
  719
  770
  823
  878
  936
  997
  1,060
  1,126
  1,196
  1,268
  1,344
  1,424
  1,507
  1,595
  1,687
  1,783
  1,884
  1,990
  2,101
  2,218
Tax expense, $m
  84
  93
  102
  112
  122
  133
  144
  156
  168
  181
  194
  208
  222
  237
  253
  269
  286
  304
  323
  342
  363
  384
  407
  431
  455
  481
  509
  537
  567
  599
Net income, $m
  226
  251
  276
  303
  331
  360
  390
  422
  455
  489
  525
  562
  601
  641
  683
  728
  774
  822
  873
  926
  981
  1,039
  1,100
  1,164
  1,231
  1,302
  1,375
  1,453
  1,534
  1,619

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  1,300
  1,406
  1,516
  1,631
  1,750
  1,873
  2,002
  2,135
  2,274
  2,419
  2,569
  2,726
  2,889
  3,059
  3,237
  3,422
  3,615
  3,817
  4,028
  4,249
  4,479
  4,720
  4,973
  5,237
  5,513
  5,803
  6,106
  6,423
  6,756
  7,105
Adjusted assets (=assets-cash), $m
  1,300
  1,406
  1,516
  1,631
  1,750
  1,873
  2,002
  2,135
  2,274
  2,419
  2,569
  2,726
  2,889
  3,059
  3,237
  3,422
  3,615
  3,817
  4,028
  4,249
  4,479
  4,720
  4,973
  5,237
  5,513
  5,803
  6,106
  6,423
  6,756
  7,105
Revenue / Adjusted assets
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
Average production assets, $m
  966
  1,045
  1,127
  1,212
  1,300
  1,392
  1,487
  1,587
  1,690
  1,797
  1,909
  2,026
  2,147
  2,273
  2,405
  2,543
  2,687
  2,837
  2,993
  3,157
  3,328
  3,508
  3,695
  3,891
  4,097
  4,312
  4,537
  4,773
  5,021
  5,280
Working capital, $m
  -210
  -227
  -245
  -264
  -283
  -303
  -324
  -345
  -368
  -391
  -416
  -441
  -467
  -495
  -524
  -554
  -585
  -618
  -652
  -687
  -725
  -764
  -804
  -847
  -892
  -939
  -988
  -1,039
  -1,093
  -1,150
Total debt, $m
  94
  121
  150
  180
  211
  243
  276
  311
  347
  385
  424
  464
  507
  551
  597
  645
  696
  748
  803
  860
  920
  983
  1,049
  1,117
  1,189
  1,264
  1,343
  1,426
  1,512
  1,603
Total liabilities, $m
  338
  366
  394
  424
  455
  487
  520
  555
  591
  629
  668
  709
  751
  795
  842
  890
  940
  992
  1,047
  1,105
  1,165
  1,227
  1,293
  1,362
  1,433
  1,509
  1,587
  1,670
  1,757
  1,847
Total equity, $m
  962
  1,040
  1,122
  1,207
  1,295
  1,386
  1,481
  1,580
  1,683
  1,790
  1,901
  2,017
  2,138
  2,264
  2,395
  2,532
  2,675
  2,825
  2,981
  3,144
  3,315
  3,493
  3,680
  3,875
  4,080
  4,294
  4,518
  4,753
  5,000
  5,258
Total liabilities and equity, $m
  1,300
  1,406
  1,516
  1,631
  1,750
  1,873
  2,001
  2,135
  2,274
  2,419
  2,569
  2,726
  2,889
  3,059
  3,237
  3,422
  3,615
  3,817
  4,028
  4,249
  4,480
  4,720
  4,973
  5,237
  5,513
  5,803
  6,105
  6,423
  6,757
  7,105
Debt-to-equity ratio
  0.100
  0.120
  0.130
  0.150
  0.160
  0.180
  0.190
  0.200
  0.210
  0.210
  0.220
  0.230
  0.240
  0.240
  0.250
  0.250
  0.260
  0.260
  0.270
  0.270
  0.280
  0.280
  0.280
  0.290
  0.290
  0.290
  0.300
  0.300
  0.300
  0.300
Adjusted equity ratio
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  226
  251
  276
  303
  331
  360
  390
  422
  455
  489
  525
  562
  601
  641
  683
  728
  774
  822
  873
  926
  981
  1,039
  1,100
  1,164
  1,231
  1,302
  1,375
  1,453
  1,534
  1,619
Depreciation, amort., depletion, $m
  59
  64
  69
  74
  80
  85
  91
  97
  103
  110
  116
  124
  131
  139
  147
  155
  164
  173
  183
  193
  203
  214
  225
  237
  250
  263
  277
  291
  306
  322
Funds from operations, $m
  285
  315
  345
  377
  411
  445
  481
  519
  558
  599
  641
  685
  731
  780
  830
  883
  938
  995
  1,055
  1,118
  1,184
  1,253
  1,326
  1,402
  1,481
  1,565
  1,652
  1,744
  1,840
  1,941
Change in working capital, $m
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
Cash from operations, $m
  302
  332
  363
  396
  430
  465
  502
  540
  580
  622
  665
  711
  758
  807
  859
  913
  969
  1,028
  1,089
  1,154
  1,222
  1,292
  1,367
  1,444
  1,526
  1,611
  1,701
  1,795
  1,894
  1,998
Maintenance CAPEX, $m
  -54
  -59
  -64
  -69
  -74
  -79
  -85
  -91
  -97
  -103
  -110
  -116
  -124
  -131
  -139
  -147
  -155
  -164
  -173
  -183
  -193
  -203
  -214
  -225
  -237
  -250
  -263
  -277
  -291
  -306
New CAPEX, $m
  -76
  -79
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -112
  -116
  -121
  -126
  -132
  -138
  -144
  -150
  -157
  -164
  -171
  -179
  -187
  -196
  -205
  -215
  -225
  -236
  -247
  -259
Cash from investing activities, $m
  -130
  -138
  -146
  -154
  -162
  -171
  -180
  -190
  -200
  -210
  -222
  -232
  -245
  -257
  -271
  -285
  -299
  -314
  -330
  -347
  -364
  -382
  -401
  -421
  -442
  -465
  -488
  -513
  -538
  -565
Free cash flow, $m
  172
  194
  218
  242
  268
  294
  322
  351
  380
  412
  444
  478
  513
  550
  588
  628
  670
  714
  760
  808
  858
  910
  965
  1,023
  1,083
  1,146
  1,213
  1,282
  1,355
  1,432
Issuance/(repayment) of debt, $m
  27
  28
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  75
  79
  83
  87
  91
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  27
  28
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  75
  79
  83
  87
  91
Total cash flow (excl. dividends), $m
  199
  222
  246
  272
  299
  326
  355
  385
  417
  449
  483
  519
  556
  594
  634
  676
  720
  766
  815
  865
  918
  973
  1,031
  1,091
  1,155
  1,222
  1,292
  1,365
  1,442
  1,523
Retained Cash Flow (-), $m
  -75
  -78
  -82
  -85
  -88
  -91
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -131
  -137
  -143
  -149
  -156
  -163
  -171
  -178
  -187
  -195
  -205
  -214
  -224
  -235
  -246
  -258
Prev. year cash balance distribution, $m
  99
  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
  223
  143
  165
  187
  211
  235
  260
  286
  314
  342
  372
  403
  435
  468
  503
  539
  577
  617
  659
  702
  747
  795
  844
  896
  950
  1,007
  1,067
  1,130
  1,196
  1,265
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
  214
  131
  143
  154
  163
  170
  176
  179
  180
  179
  177
  172
  165
  157
  148
  137
  126
  114
  101
  89
  77
  66
  55
  46
  37
  29
  23
  17
  13
  10
Current shareholders' claim on cash, %
  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

Grand Canyon Education, Inc. is engaged in the provision of postsecondary education. The Company is a regionally accredited university. The Company offers the degrees, including Doctor of Education, Doctor of Business Administration, Doctor of Nursing Practice, Doctor of Philosophy, Education Specialist, Master of Divinity, Master of Arts, Master of Education, Master of Business Administration and Master of Public Administration, Master of Public Health, Master of Science, Bachelor of Arts, Bachelor of Science, and a range of programs for its degrees. It also offers certificate programs, which consist of a series of courses focused on a particular area of study for both the post-baccalaureate and post-graduate students. The Company offers its ground-based programs to students through three 15-week semesters in a calendar year and to online students in courses that generally range from 5 to 16 weeks throughout the calendar year.

FINANCIAL RATIOS  of  Grand Canyon Education (LOPE)

Valuation Ratios
P/E Ratio 39.8
Price to Sales 6.8
Price to Book 7.7
Price to Tangible Book
Price to Cash Flow 27.2
Price to Free Cash Flow -282.7
Growth Rates
Sales Growth Rate 12.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 9.6%
Cap. Spend. - 3 Yr. Gr. Rate 20.8%
Financial Strength
Quick Ratio 3
Current Ratio 0.5
LT Debt to Equity 8.5%
Total Debt to Equity 12.7%
Interest Coverage 237
Management Effectiveness
Return On Assets 15.1%
Ret/ On Assets - 3 Yr. Avg. 15.8%
Return On Total Capital 19.1%
Ret/ On T. Cap. - 3 Yr. Avg. 20.7%
Return On Equity 21.5%
Return On Equity - 3 Yr. Avg. 24.2%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 57.3%
Gross Margin - 3 Yr. Avg. 57.7%
EBITDA Margin 32.4%
EBITDA Margin - 3 Yr. Avg. 31.5%
Operating Margin 27.1%
Oper. Margin - 3 Yr. Avg. 26.8%
Pre-Tax Margin 27%
Pre-Tax Margin - 3 Yr. Avg. 26.6%
Net Profit Margin 17.1%
Net Profit Margin - 3 Yr. Avg. 16.7%
Effective Tax Rate 36.9%
Eff/ Tax Rate - 3 Yr. Avg. 37.5%
Payout Ratio 0%

LOPE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LOPE stock intrinsic value calculation we used $974.134 million for the last fiscal year's total revenue generated by Grand Canyon Education. The default revenue input number comes from 0001 income statement of Grand Canyon Education. 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 LOPE stock valuation model: a) initial revenue growth rate of 8.5% 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 LOPE is calculated based on our internal credit rating of Grand Canyon Education, 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 Grand Canyon Education.
    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 LOPE stock the variable cost ratio is equal to 54.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $160 million in the base year in the intrinsic value calculation for LOPE 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 5.4% for Grand Canyon Education.

Corporate tax rate of 27% is the nominal tax rate for Grand Canyon Education. 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 LOPE 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 LOPE are equal to 91.4%.

Life of production assets of 16.4 years is the average useful life of capital assets used in Grand Canyon Education 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 LOPE is equal to -19.9%. 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 - $985.951 million for Grand Canyon Education - 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 48.227 million for Grand Canyon Education 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 Grand Canyon Education at the current share price and the inputted number of shares is $6.0 billion.

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COMPANY NEWS

▶ 3 Companies Hit 52-Week Lows on Earnings   [Nov-13-18 09:30PM  Motley Fool]
▶ Why Grand Canyon Education Stock Gained 11% in October   [Nov-12-18 01:59PM  Motley Fool]
▶ Grand Canyon Education: 3Q Earnings Snapshot   [05:31PM  Associated Press]
▶ Grand Canyon Education reports first earnings following sale of GCU   [04:49PM  American City Business Journals]
▶ College executives see improvement in Arizona's educational reputation   [08:00AM  American City Business Journals]
▶ How nonprofit status is opening doors for Grand Canyon University   [Oct-31-18 04:45PM  American City Business Journals]
▶ At US$119, Is Grand Canyon Education Inc (NASDAQ:LOPE) A Buy?   [Sep-01-18 10:09AM  Simply Wall St.]
▶ Grand Canyon Education: 2Q Earnings Snapshot   [05:08PM  Associated Press]
▶ GCU officials react to criticism of lower property tax payments   [Jul-23-18 10:26AM  American City Business Journals]
▶ New Strong Sell Stocks for July 19th   [Jul-19-18 07:30AM  Zacks]
▶ This Phoenix university sold for $853.1M in nonprofit bid   [Jul-02-18 10:23AM  American City Business Journals]
▶ 7 GARP Stocks to Scoop Up for Maximum Returns   [Jun-28-18 09:50AM  Zacks]
▶ EXCLUSIVE: Grand Canyon University has $120M on its construction plate this summer   [Jun-08-18 03:00AM  American City Business Journals]
▶ These 5 Stocks Boast Impressive Interest Coverage Ratio   [May-31-18 12:00PM  InvestorPlace]
▶ Add These 5 GARP Stocks to Your Kitty for Maximum Returns   [May-29-18 02:20PM  InvestorPlace]
▶ 6 GARP Stocks to Scoop Up for Maximum Returns   [May-14-18 11:55AM  InvestorPlace]
▶ Grand Canyon Education: 1Q Earnings Snapshot   [May-02-18 06:16PM  Associated Press]
▶ How Grand Canyon University is quietly growing its STEM program   [Apr-25-18 09:42AM  American City Business Journals]
▶ This university is taking space formerly occupied by University of Phoenix   [Apr-23-18 04:54PM  American City Business Journals]
▶ GCU gets accreditor blessing to revert to nonprofit status   [Mar-07-18 04:58PM  American City Business Journals]
▶ Grand Canyon Education beats 4Q profit forecasts   [Feb-21-18 05:51PM  Associated Press]
▶ Grand Canyon University unveils plans for seeking nonprofit status   [Jan-11-18 01:40PM  American City Business Journals]

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