Intrinsic value of Viad - VVI

Previous Close

$51.27

  Intrinsic Value

$78.53

stock screener

  Rating & Target

str. buy

+53%

Previous close

$51.27

 
Intrinsic value

$78.53

 
Up/down potential

+53%

 
Rating

str. buy

We calculate the intrinsic value of VVI 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 1.0

 

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, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  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
Revenue, $m
  1,333
  1,364
  1,399
  1,438
  1,482
  1,530
  1,582
  1,638
  1,699
  1,764
  1,834
  1,908
  1,987
  2,072
  2,161
  2,256
  2,356
  2,462
  2,574
  2,692
  2,817
  2,949
  3,087
  3,234
  3,388
  3,550
  3,720
  3,900
  4,089
  4,287
Variable operating expenses, $m
  771
  788
  808
  829
  853
  880
  909
  940
  974
  1,010
  1,015
  1,056
  1,100
  1,147
  1,196
  1,249
  1,304
  1,363
  1,425
  1,490
  1,559
  1,632
  1,709
  1,790
  1,875
  1,965
  2,059
  2,158
  2,263
  2,373
Fixed operating expenses, $m
  458
  468
  478
  489
  499
  510
  522
  533
  545
  557
  569
  582
  594
  608
  621
  635
  649
  663
  677
  692
  708
  723
  739
  755
  772
  789
  806
  824
  842
  861
Total operating expenses, $m
  1,229
  1,256
  1,286
  1,318
  1,352
  1,390
  1,431
  1,473
  1,519
  1,567
  1,584
  1,638
  1,694
  1,755
  1,817
  1,884
  1,953
  2,026
  2,102
  2,182
  2,267
  2,355
  2,448
  2,545
  2,647
  2,754
  2,865
  2,982
  3,105
  3,234
Operating income, $m
  104
  108
  113
  120
  129
  139
  151
  165
  180
  197
  250
  270
  293
  317
  344
  373
  403
  436
  472
  510
  550
  593
  640
  689
  741
  796
  855
  917
  983
  1,054
EBITDA, $m
  179
  183
  190
  198
  208
  220
  234
  249
  266
  285
  306
  329
  354
  382
  411
  442
  476
  513
  552
  593
  638
  685
  735
  789
  846
  906
  970
  1,038
  1,110
  1,186
Interest expense (income), $m
  6
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  24
  25
  27
  29
  31
  33
  35
  37
  39
  42
  45
  47
  50
  54
  57
  60
  64
  68
Earnings before tax, $m
  93
  96
  101
  107
  115
  124
  135
  148
  162
  178
  229
  248
  269
  292
  317
  344
  373
  404
  437
  473
  511
  552
  595
  641
  690
  743
  798
  857
  920
  986
Tax expense, $m
  25
  26
  27
  29
  31
  34
  37
  40
  44
  48
  62
  67
  73
  79
  86
  93
  101
  109
  118
  128
  138
  149
  161
  173
  186
  200
  215
  231
  248
  266
Net income, $m
  68
  70
  73
  78
  84
  91
  99
  108
  118
  130
  167
  181
  197
  213
  232
  251
  272
  295
  319
  345
  373
  403
  434
  468
  504
  542
  583
  626
  671
  720

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
  938
  960
  984
  1,012
  1,043
  1,076
  1,113
  1,153
  1,196
  1,241
  1,290
  1,343
  1,399
  1,458
  1,521
  1,587
  1,658
  1,733
  1,811
  1,895
  1,982
  2,075
  2,173
  2,276
  2,384
  2,498
  2,618
  2,744
  2,877
  3,017
Adjusted assets (=assets-cash), $m
  938
  960
  984
  1,012
  1,043
  1,076
  1,113
  1,153
  1,196
  1,241
  1,290
  1,343
  1,399
  1,458
  1,521
  1,587
  1,658
  1,733
  1,811
  1,895
  1,982
  2,075
  2,173
  2,276
  2,384
  2,498
  2,618
  2,744
  2,877
  3,017
Revenue / Adjusted assets
  1.421
  1.421
  1.422
  1.421
  1.421
  1.422
  1.421
  1.421
  1.421
  1.421
  1.422
  1.421
  1.420
  1.421
  1.421
  1.422
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
Average production assets, $m
  467
  477
  490
  503
  519
  535
  554
  573
  595
  617
  642
  668
  696
  725
  756
  790
  825
  862
  901
  942
  986
  1,032
  1,081
  1,132
  1,186
  1,242
  1,302
  1,365
  1,431
  1,501
Working capital, $m
  -25
  -26
  -27
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -71
  -74
  -78
  -81
Total debt, $m
  219
  231
  244
  259
  275
  293
  313
  334
  357
  381
  408
  436
  465
  497
  531
  566
  604
  644
  686
  730
  777
  827
  879
  934
  991
  1,052
  1,116
  1,184
  1,255
  1,330
Total liabilities, $m
  501
  512
  526
  540
  557
  575
  594
  616
  638
  663
  689
  717
  747
  779
  812
  848
  885
  925
  967
  1,012
  1,059
  1,108
  1,160
  1,215
  1,273
  1,334
  1,398
  1,465
  1,536
  1,611
Total equity, $m
  437
  447
  459
  472
  486
  502
  519
  537
  557
  578
  601
  626
  652
  679
  709
  740
  773
  807
  844
  883
  924
  967
  1,012
  1,060
  1,111
  1,164
  1,220
  1,279
  1,341
  1,406
Total liabilities and equity, $m
  938
  959
  985
  1,012
  1,043
  1,077
  1,113
  1,153
  1,195
  1,241
  1,290
  1,343
  1,399
  1,458
  1,521
  1,588
  1,658
  1,732
  1,811
  1,895
  1,983
  2,075
  2,172
  2,275
  2,384
  2,498
  2,618
  2,744
  2,877
  3,017
Debt-to-equity ratio
  0.500
  0.520
  0.530
  0.550
  0.570
  0.580
  0.600
  0.620
  0.640
  0.660
  0.680
  0.700
  0.710
  0.730
  0.750
  0.770
  0.780
  0.800
  0.810
  0.830
  0.840
  0.850
  0.870
  0.880
  0.890
  0.900
  0.920
  0.930
  0.940
  0.950
Adjusted equity ratio
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  68
  70
  73
  78
  84
  91
  99
  108
  118
  130
  167
  181
  197
  213
  232
  251
  272
  295
  319
  345
  373
  403
  434
  468
  504
  542
  583
  626
  671
  720
Depreciation, amort., depletion, $m
  75
  76
  77
  78
  79
  81
  82
  84
  86
  88
  57
  59
  62
  64
  67
  70
  73
  76
  80
  83
  87
  91
  96
  100
  105
  110
  115
  121
  127
  133
Funds from operations, $m
  142
  146
  150
  156
  163
  171
  181
  192
  204
  218
  224
  240
  258
  278
  298
  321
  345
  371
  399
  429
  460
  494
  530
  568
  609
  652
  698
  746
  798
  852
Change in working capital, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
Cash from operations, $m
  143
  146
  151
  157
  164
  172
  182
  193
  206
  219
  225
  242
  260
  279
  300
  323
  347
  373
  401
  431
  463
  496
  533
  571
  612
  655
  701
  750
  801
  856
Maintenance CAPEX, $m
  -41
  -41
  -42
  -43
  -45
  -46
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -115
  -121
  -127
New CAPEX, $m
  -9
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -70
Cash from investing activities, $m
  -50
  -52
  -54
  -57
  -60
  -63
  -65
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -140
  -147
  -154
  -162
  -170
  -178
  -187
  -197
Free cash flow, $m
  94
  94
  96
  100
  104
  110
  117
  124
  134
  144
  146
  159
  173
  188
  205
  223
  242
  263
  286
  310
  335
  363
  393
  424
  458
  493
  531
  572
  615
  660
Issuance/(repayment) of debt, $m
  10
  12
  13
  15
  16
  18
  20
  21
  23
  25
  26
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  67
  71
  75
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  
  10
  12
  13
  15
  16
  18
  20
  21
  23
  25
  26
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  67
  71
  75
Total cash flow (excl. dividends), $m
  104
  106
  109
  114
  120
  128
  136
  146
  156
  168
  172
  187
  203
  220
  238
  258
  280
  303
  328
  354
  382
  413
  445
  479
  516
  554
  595
  639
  686
  735
Retained Cash Flow (-), $m
  -8
  -10
  -11
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
Prev. year cash balance distribution, $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 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
  96
  96
  98
  101
  106
  112
  119
  127
  136
  147
  150
  163
  177
  192
  209
  227
  247
  268
  291
  315
  341
  369
  399
  431
  465
  501
  540
  580
  624
  670
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
  92
  87
  85
  84
  82
  81
  80
  79
  78
  77
  71
  69
  67
  65
  61
  58
  54
  49
  45
  40
  35
  31
  26
  22
  18
  15
  12
  9
  7
  5
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

Viad Corp is an international experiential services company. The Company operates through two main business groups: GES, which is a live event service provider to some of the visible and influential events and global brands, and Pursuit, which is a collection of destination travel experiences. GES conducts its operations through two geographical segments: GES U.S., which has full-service operations in exhibition market in the United States, including Las Vegas, Nevada; Chicago, Illinois; Orlando, Florida; New York, New York, and Los Angeles, California, and GES International, which had full-service operations at many of the event destinations and venues. In addition, GES offers clients a full suite of audio-visual services. Pursuit is composed of four lines of business: Hospitality (including food and beverage services and retail operations); Attractions (including food and beverage services and retail operations); Transportation, and Travel Planning.

FINANCIAL RATIOS  of  Viad (VVI)

Valuation Ratios
P/E Ratio 24.8
Price to Sales 0.9
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 10.4
Price to Free Cash Flow 20.8
Growth Rates
Sales Growth Rate 10.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 66.7%
Cap. Spend. - 3 Yr. Gr. Rate 6.8%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 20.7%
Total Debt to Equity 69.7%
Interest Coverage 12
Management Effectiveness
Return On Assets 5.9%
Ret/ On Assets - 3 Yr. Avg. 6.2%
Return On Total Capital 8%
Ret/ On T. Cap. - 3 Yr. Avg. 8.7%
Return On Equity 12.4%
Return On Equity - 3 Yr. Avg. 11.9%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 7.1%
Gross Margin - 3 Yr. Avg. 5.9%
EBITDA Margin 9.5%
EBITDA Margin - 3 Yr. Avg. 7.8%
Operating Margin 5.7%
Oper. Margin - 3 Yr. Avg. 4.5%
Pre-Tax Margin 5.4%
Pre-Tax Margin - 3 Yr. Avg. 4.2%
Net Profit Margin 3.5%
Net Profit Margin - 3 Yr. Avg. 3.6%
Effective Tax Rate 33.8%
Eff/ Tax Rate - 3 Yr. Avg. 20.9%
Payout Ratio 19%

VVI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VVI stock intrinsic value calculation we used $1306.965 million for the last fiscal year's total revenue generated by Viad. The default revenue input number comes from 0001 income statement of Viad. 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 VVI stock valuation model: a) initial revenue growth rate of 2% 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 VVI is calculated based on our internal credit rating of Viad, 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 Viad.
    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 VVI stock the variable cost ratio is equal to 57.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $448 million in the base year in the intrinsic value calculation for VVI 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 Viad.

Corporate tax rate of 27% is the nominal tax rate for Viad. 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 VVI 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 VVI are equal to 35%.

Life of production assets of 11.3 years is the average useful life of capital assets used in Viad 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 VVI is equal to -1.9%. 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 - $429.131 million for Viad - 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 20.326 million for Viad 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 Viad at the current share price and the inputted number of shares is $1.0 billion.

RELATED COMPANIES Price Int.Val. Rating
TRIP TripAdvisor 63.20 22.31  str.sell

COMPANY NEWS

▶ Viad: 3Q Earnings Snapshot   [06:47PM  Associated Press]
▶ Viad Corp Reports 2018 Third Quarter Results   [04:10PM  Business Wire]
▶ Is Viad Corp (NYSE:VVI) A Financially Sound Company?   [Oct-12-18 12:02PM  Simply Wall St.]
▶ Viad Corp Schedules Third Quarter 2018 Earnings Call   [Oct-04-18 06:45AM  Business Wire]
▶ GES Welcomes Dr. David Bell to CEIR Predict   [Sep-12-18 03:14PM  PR Newswire]
▶ Viad Corp Declares Quarterly Dividend   [Aug-22-18 04:30PM  Business Wire]
▶ Denise M. Coll Joins Viad Corp Board of Directors   [Aug-21-18 07:00AM  Business Wire]
▶ Viad Corp to Present at the 2018 Midwest IDEAS Conference   [Aug-16-18 11:04PM  Business Wire]
▶ GES Creativity and Commitment to the Industry Honored   [Aug-14-18 01:15PM  PR Newswire]
▶ Viad Corp Delivers Solid 2018 Second Quarter Results   [Jul-26-18 04:08PM  Business Wire]
▶ GES Adds Three Experienced Marketers   [Jul-19-18 12:56PM  PR Newswire]
▶ Viad Corp Schedules Second Quarter 2018 Earnings Call   [Jul-09-18 07:00AM  Business Wire]
▶ Banffs Mount Royal Hotel Reopens After 2016 Fire   [Jun-29-18 12:17PM  Business Wire]
▶ GES Events Recognized by MAXI Awards and Ad Age   [Jun-14-18 12:20PM  PR Newswire]
▶ GES Wins Prestigious 2018 Gold Quill Award   [Jun-13-18 10:02AM  PR Newswire]
▶ Viad Corp to Present at Upcoming Investor Conferences   [May-29-18 04:10PM  Business Wire]
▶ Viad Corp Declares Quarterly Dividend   [May-17-18 07:00AM  Business Wire]
▶ Viad: 1Q Earnings Snapshot   [Apr-26-18 06:59PM  Associated Press]
▶ Viad Corp Schedules First Quarter 2018 Earnings Call   [Apr-06-18 07:00AM  Business Wire]
▶ Viad Corp Declares Quarterly Dividend   [Feb-28-18 07:00AM  Business Wire]
▶ GES Tackles Event Measurement with New Offering   [Feb-20-18 10:30AM  PR Newswire]
▶ Viad reports 4Q loss   [Feb-08-18 05:43PM  Associated Press]
▶ Viad Corp to Host Earnings Call   [01:50PM  ACCESSWIRE]
▶ 9 Small-Cap Stocks to Buy for 2018   [Dec-19-17 03:03PM  InvestorPlace]
▶ Virginia Henkels to Join Viad Corp Board of Directors   [Nov-30-17 07:00AM  Business Wire]
▶ Viad Corp Declares Quarterly Dividend   [Nov-29-17 06:58PM  Business Wire]
▶ ETFs with exposure to Viad Corp. : November 20, 2017   [Nov-20-17 01:34PM  Capital Cube]
▶ Viad Corp Announces Planned Expansion of FlyOver Concept   [Nov-06-17 04:00AM  Business Wire]
▶ Viad Corp. Value Analysis (NYSE:VVI) : November 1, 2017   [Nov-01-17 01:25PM  Capital Cube]
▶ Viad posts 3Q profit   [Oct-26-17 06:04PM  Associated Press]
▶ Viad Corp Reports 2017 Third Quarter Results   [04:10PM  Business Wire]
▶ Viad Corp to Host Earnings Call   [12:10PM  ACCESSWIRE]
▶ Viad Corp Schedules Third Quarter 2017 Earnings Call   [Oct-03-17 07:01PM  Business Wire]
▶ Viad Corp Declares Quarterly Dividend   [Aug-16-17 06:21PM  Business Wire]
▶ Viad Corp Delivers Strong Growth in 2017 Second Quarter   [Jul-27-17 04:10PM  Business Wire]
▶ Scott Irvine Joins GES as General Manager of Toronto   [Jul-26-17 10:30AM  GlobeNewswire]
▶ Viad Corp Schedules Second Quarter 2017 Earnings Call   [Jul-05-17 04:58PM  Business Wire]
▶ Viad Corp Declares Quarterly Dividend   [May-18-17 10:00AM  Business Wire]
▶ ETFs with exposure to Viad Corp. : May 11, 2017   [May-11-17 05:45PM  Capital Cube]
▶ Viad beats 1Q profit forecasts   [Apr-27-17 06:14PM  Associated Press]
▶ Viad Corp Board to Initiate Search for New Director   [Apr-10-17 05:00PM  Business Wire]
▶ Viad Corp Schedules First Quarter 2017 Earnings Call   [Apr-03-17 04:25PM  Business Wire]

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