Viad Corp operates as an experiential services company in the United States, Canada, the United Kingdom, continental Europe, and the United Arab Emirates.
The last earnings update was 53 days ago.
Discounted Cash Flow Calculation for DB:DIL1 using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for
is arrived at by discounting future cash flows to their present value using the 2 stage method.
We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
DB:DIL1 DCF 1st Stage: Next 10 year cash flow forecast
Amount off the current price
is available for.
Share price is
vs Future cash flow value of
Current Discount Checks
to be considered undervalued it must be available for at least 20% below the
current price. Less than 40% is even better.
Viad's share price is below the future cash flow value, and at a moderate discount (> 20%).
Viad's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.
The amount the stock market is willing to pay for
is considered below, and whether this is a fair price.
Price based on past earnings
Viad's earnings available for a low price, and how does
this compare to other companies in the same industry?
Viad's earnings are expected to grow significantly at over 20% yearly.
Viad's revenue is expected to grow by 6.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can
be gauged below. We look back 3 years and see if they were any good at
predicting what actually occurred. We also show the highest and lowest estimates
looking forward to see if there is a wide range.
Viad's performance over the past 5 years by checking for:
Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the
industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the
past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent
earnings report. Some checks require at least 3 or 5 years worth of data.
has a total score of
3/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Management is one of the most important areas of a company. We look at
unreasonable CEO compensation, how long the team and board of directors have
been around for and insider trading.
TENURE AS CEO
Mr. Steven W. Moster, also known as Steve, has been the Chief Executive Officer and President of Viad Corp since December 4, 2014. Mr. Moster served as the President of Marketing & Events Group at Viad Corp since August 14, 2015. Mr. Moster has been the President of Global Experience Specialists, Inc., a subsidiary of Viad Corp since November 1, 2010 and serves as its Chief Executive Officer. He served as Group President of Marketing & Events at Viad Corp from May 2011 to December 04, 2014. He served as the Chief Sales and Marketing Officer and Executive Vice President of Products & Services at Global Experience Specialists, Inc., from August 2008 to February 1, 2010, where he led double-digit revenue growth from non-exclusive (or discretionary) exhibitor products and services such as furnishings and exhibits, installation and dismantling and logistics. He first joined GES in 2004 as Vice President of exhibit furnishings. He served as Vice President, Products and Services of GES from April 2005 to April 2006 and Executive Vice President, Products and Services from April 2006 to August 2008. He served as an Engagement Manager at McKinsey & Company from 2000 to 2004, where he worked with a broad set of clients to create and implement growth strategies and implement Lean manufacturing processes. Mr. Moster has been Vice Chairman and Director of Center for Exhibition Industry Research since December 1, 2015. He has been a Director of Viad Corp. and Global Experience Specialists (GES) Limited since December 03, 2014. Mr. Moster has been an advocate of superior customer service through the GES National Servicenter(R) and developed creative solutions for clients leading to new sales wins. Mr. Moster has a Bachelor of Engineering from Vanderbilt University and an Master of Business Administration from the Tuck School of Business at Dartmouth College.
Steve's compensation has been consistent with company performance over the past year.
Steve's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure
Average tenure and age of the
management team in years:
The tenure for the Viad management team is about average.
CEO, President & Director
Chief Financial Officer
Chief Accounting Officer
President of Pursuit
Chief Information Officer
General Counsel & Corporate Secretary
Chief Human Resource Officer
President of GES North America
President of GES EMEA
Board of Directors Tenure
Average tenure and age of the
board of directors in years:
The tenure for the Viad board of directors is about average.
Viad Corp operates as an experiential services company in the United States, Canada, the United Kingdom, continental Europe, and the United Arab Emirates. It operates in two business groups, GES and Pursuit. The company offers event planning and production, look and feel design, layout and floor plan designs, furnishings and carpet, show traffic analysis, marketing and strategy, electrical distribution, cleaning, plumbing, overhead and booth rigging, and material handling services; and signage products and common area structures. It also provides creative design and strategy, integrated marketing and pre/post event communications, data analytics and insights, event surveys, return on investment analysis, online management tools, attendee/exhibit booth traffic analysis, staff training, logistics/transportation, storage/refurbishment of exhibits, installation and dismantling labor, and tradeshow program management services. In addition, the company offers custom exhibit design/construction, portable/modular exhibits and design, and graphics and signage products; event technology services, including event accommodation solutions, registration and data analytics, and event management tools; and audio-visual services, such as video and lighting production, digital studio, entertainment and talent coordination, projection mapping, and computer rental and support services. Further, it owns and operates hotels and lodges, recreational attractions, food and beverage, and retail facilities; provides ground transportation services comprising sightseeing tour, airport shuttle, and seasonal charter motor coach services, as well as offers corporate and event management services for meetings, conferences, incentive travel, sports, and special events. The company was founded in 1914 and is headquartered in Phoenix, Arizona.
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