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Griffon Corp
GFF
Metal Doors, Sash, Frames, Moldings & Trim
Mkt Cap
$3.221BPE
16.31Debt
$1.612BCash
$123MEV
$4.71BFCF
$370.9MP/E Ratio
16.31Debt
$1.612BCash
$123MEV
$4.71BFCF
$370.9MCharts data: {"Earnings":[{"time":"2014-09-29","value":-177000},{"time":"2015-09-29","value":34289000},{"time":"2016-09-29","value":30010000},{"time":"2017-09-29","value":14912000},{"time":"2018-09-29","value":125678000},{"time":"2019-09-29","value":37287000},{"time":"2020-09-29","value":53429000},{"time":"2021-09-29","value":79211000},{"time":"2022-09-29","value":-191558000},{"time":"2023-09-29","value":77617000}],"Sales":[{"time":"2014-09-29","value":1991811000},{"time":"2015-09-29","value":2016032000},{"time":"2016-09-29","value":1957161000},{"time":"2017-09-29","value":1524997000},{"time":"2018-09-29","value":1977918000},{"time":"2019-09-29","value":2209289000},{"time":"2020-09-29","value":2407522000},{"time":"2021-09-29","value":2270626000},{"time":"2022-09-29","value":2848488000},{"time":"2023-09-29","value":2685183000}],"Net Margins":[{"time":"2014-09-29","value":-0.00008886385304629806},{"time":"2015-09-29","value":0.017008162568848115},{"time":"2016-09-29","value":0.01533343450027872},{"time":"2017-09-29","value":0.009778379891894869},{"time":"2018-09-29","value":0.06354055122608723},{"time":"2019-09-29","value":0.016877375481433168},{"time":"2020-09-29","value":0.022192528251039866},{"time":"2021-09-29","value":0.034885093361918695},{"time":"2022-09-29","value":-0.0672490107032222},{"time":"2023-09-29","value":0.02890566490254109}],"Assets":[{"time":"2014-09-29","value":1820361000},{"time":"2015-09-29","value":1731433000},{"time":"2016-09-29","value":1782096000},{"time":"2017-09-29","value":1873541000},{"time":"2018-09-29","value":2084890000},{"time":"2019-09-29","value":2074939000},{"time":"2020-09-29","value":2456017000},{"time":"2021-09-29","value":2604685000},{"time":"2022-09-29","value":2816474000},{"time":"2023-09-29","value":2418879000}],"Stockholders Equity":[{"time":"2014-09-29","value":532027000},{"time":"2015-09-29","value":430525000},{"time":"2016-09-29","value":410947000},{"time":"2017-09-29","value":398808000},{"time":"2018-09-29","value":474391000},{"time":"2019-09-29","value":477763000},{"time":"2020-09-29","value":700151000},{"time":"2021-09-29","value":807158000},{"time":"2022-09-29","value":477570000},{"time":"2023-09-29","value":315244000}],"ROE":[{"time":"2014-09-29","value":-0.00033268988228041057},{"time":"2015-09-29","value":0.07964461994076999},{"time":"2016-09-29","value":0.0730264486661297},{"time":"2017-09-29","value":0.03739142645082345},{"time":"2018-09-29","value":0.26492492479832036},{"time":"2019-09-29","value":0.07804497208867157},{"time":"2020-09-29","value":0.07631068155297929},{"time":"2021-09-29","value":0.09813568099430348},{"time":"2022-09-29","value":-0.4011097849529912},{"time":"2023-09-29","value":0.24621245765185062}],"ROA":[{"time":"2014-09-29","value":0.042938735778233},{"time":"2015-09-29","value":0.0588004271606236},{"time":"2016-09-29","value":0.05859280308131549},{"time":"2017-09-29","value":0.0368430688199511},{"time":"2018-09-29","value":0.04766582409623529},{"time":"2019-09-29","value":0.0675894568466832},{"time":"2020-09-29","value":0.06312171291973956},{"time":"2021-09-29","value":0.06549083670386247},{"time":"2022-09-29","value":-0.06712897047869074},{"time":"2023-09-29","value":0.08139596895917489}]}
Griffon Corporation, through its subsidiaries, provides consumer and professional, and home and building products in the United States, Europe, Canada, Australia, and internationally. Its Consumer and Professional Products segment manufactures and markets long-handled tools and landscaping products for homeowners and professionals; wood and wire closet organization, general living storage, and wire garage storage products to home center retail chains, mass merchandisers, and direct-to builder professional installers; wheelbarrows and lawn carts; snow, striking, and hand tools; planters and lawn accessories; garden hoses; and pruners, loppers, shears, and other tools, as well as cleaning products for professional, home, and industrial use. It also designs and sells residential, industrial, and commercial fans under the Hunter Fan and Casablanca brand names The company's Home & Building Products segment manufactures and markets residential and commercial garage doors for professional dealers and various home center retail chains; and rolling steel door and grille products for commercial, industrial, institutional, and retail uses. It sells its products under the True Temper, AMES, ClosetMaid, Clopay, Ideal, Holmes, CornellCookson, Garant, Harper, UnionTools, Westmix, Cyclone, Southern Patio, Northcote Pottery, Nylex, Hills, Kelkay, Tuscan Path, La Hacienda, Kelso, Dynamic Design, Apta, Quatro Design, Razor-Back, Jackson, Darby, Trojan, Supercraft, NeverLeak, Maximum Load, SuperSlide, ShelfTrack, MasterSuite, Suite Symphony, ExpressShelf, Style+, and SpaceCreations brand names. The company was formerly known as Instrument Systems Corporation and changed its name to Griffon Corporation in June 1992. Griffon Corporation was founded in 1774 and is headquartered in New York, New York.
DCF
Discounted Cash Flow Valuation of Griffon Corp
Value
Growth
%
%
Discount
%
%
Multiple
| g\r | +10% | +11% | +12% | +13% | +14% |
|---|---|---|---|---|---|
| 0% | 10 | 9 | 8 | 8 | 7 |
| +1% | 11 | 10 | 9 | 8 | 8 |
| +2% | 13 | 11 | 10 | 9 | 8 |
| +3% | 14 | 13 | 11 | 10 | 9 |
| +4% | 17 | 14 | 12 | 11 | 10 |
| Years | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | TV |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FCF | $370.9M | $482.2M | $613.5M | $763.4M | $928.9M | $1.104B | $1.282B | $1.453B | $1.607B | $1.732B | $1.818B | $18.18B |
| DCF | $419.3M | $463.9M | $502M | $531.1M | $549M | $554.3M | $546.3M | $525.2M | $492.2M | $449.4M | $4.494B | |
| Value | $9.527B | |||||||||||
In the chart Earnings are multiplied by this value.
Earnings Growth 18%
Earnings Stability 27%
Competitiveness and MOAT
High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.
| Years | 09-2015 | 09-2016 | 09-2017 | 09-2018 | 09-2019 | 09-2020 | 09-2021 | 09-2022 | 09-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 1.7% | 1.5% | 0.98% | 6.4% | 1.7% | 2.2% | 3.5% | -6.7% | 2.9% | 7.5% |
| ROA | 5.9% | 5.9% | 3.7% | 4.8% | 6.8% | 6.3% | 6.5% | -6.7% | 8.1% | 16% |
| ROE | 8% | 7.3% | 3.7% | 26% | 7.8% | 7.6% | 9.8% | -40% | 25% | 98% |
What is the average Net Margin?
The average Net Margin over the past 5 years is +1.65%.
What is the trend of Net Margin?
The trend of Net Margin over the past 5 years is -1.18%.
What is the average Return on Assets (ROA)?
The average ROA over the past 5 years is +4.3%.
What is the trend of Return on Assets (ROA)?
The trend of ROA over the past 5 years is -0.67%.
What is the average Return on Equity (ROE)?
The average ROE over the past 5 years is +6.04%.
What is the trend of Return on Equity (ROE)?
The trend of ROE over the past 5 years is -4.31%.
Safety & Stabiliy
Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.
| Years | 09-2015 | 09-2016 | 09-2017 | 09-2018 | 09-2019 | 09-2020 | 09-2021 | 09-2022 | 09-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt FCF | 348.75 | 64.27 | 70.60 | 70.38 | 16.40 | 12.20 | 31.48 | 96.00 | 4.07 | 4.35 |
| Debt Equity | 2.04 | 2.37 | 2.52 | 2.42 | 2.35 | 1.53 | 1.33 | 3.37 | 4.76 | 7.97 |
| MIN | ||||||||||
| Graham Stability | - | - | 70% | 100% | 66% | 90% | 100% | -340% | - | -340% |
What is the Debt/FCF?
The Debt/FCF trailing twelve month is 4.35.
What is the trend of Debt/FCF?
The trend of Debt/FCF over the past 5 years is -2.10.
What is the Graham’s Stability?
Graham’s Stability measure stands at -3.38.
Growth
Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.
| Years | 09-2016 | 09-2018 | 09-2020 | 09-2022 | Trend |
|---|---|---|---|---|---|
| Revenue | 4.6% | 6.3% | 3.7% | -5.7% | 1.2% |
| Net Income | 15% | -9.2% | 13% | - | -6.5% |
| Stockholders Equity | -3.7% | -7.8% | -23% | -34% | -1.7% |
| FCF | 58% | 87% | 61% | 2.1K% | 120% |
What is the 5 year Revenue CAGR?
The Revenue CAGR over the past 5 years is +6.3%.
What is the trend of Revenue growth?
The trend of Revenue growth rate over the past 5 years is +1.16%.
What is the 5 year Earnings CAGR?
The Earnings CAGR over the past 5 years is -9.19%.
What is the trend of Earnings growth?
The trend of Earnings growth rate over the past 5 years is -6.53%.
What is the 5 year Equity CAGR?
The Equity CAGR over the past 5 years is -7.85%.
What is the trend of Equity growth?
The trend of Equity growth rate over the past 5 years is -1.74%.
What is the 5 year FCF CAGR?
The FCF CAGR over the past 5 years is +86.52%.
What is the trend of FCF growth?
The trend of FCF growth rate over the past 5 years is +116.18%.