Intrinsic value of Ansys - ANSS

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$108.00

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$108.00

 
Intrinsic value

$88.97

 
Up/down potential

-18%

 
Rating

hold

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

We calculate the intrinsic value of ANSS 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 9.2

 

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, %
  4.77
  7.50
  7.25
  7.02
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.78
  5.71
  5.64
  5.57
  5.51
  5.46
  5.42
  5.38
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
Revenue, $m
  988
  1,062
  1,139
  1,219
  1,302
  1,389
  1,479
  1,572
  1,670
  1,771
  1,877
  1,987
  2,102
  2,222
  2,347
  2,478
  2,615
  2,757
  2,907
  3,063
  3,227
  3,398
  3,577
  3,765
  3,961
  4,167
  4,383
  4,609
  4,846
  5,095
  5,356
Variable operating expenses, $m
 
  533
  562
  592
  623
  655
  689
  724
  761
  799
  839
  747
  790
  835
  882
  931
  982
  1,036
  1,092
  1,151
  1,212
  1,276
  1,344
  1,414
  1,488
  1,565
  1,647
  1,732
  1,821
  1,914
  2,012
Fixed operating expenses, $m
 
  113
  116
  118
  121
  124
  128
  131
  134
  137
  141
  144
  148
  152
  155
  159
  163
  167
  172
  176
  180
  185
  189
  194
  199
  204
  209
  214
  220
  225
  231
Total operating expenses, $m
  612
  646
  678
  710
  744
  779
  817
  855
  895
  936
  980
  891
  938
  987
  1,037
  1,090
  1,145
  1,203
  1,264
  1,327
  1,392
  1,461
  1,533
  1,608
  1,687
  1,769
  1,856
  1,946
  2,041
  2,139
  2,243
Operating income, $m
  376
  417
  462
  509
  558
  609
  662
  717
  775
  835
  897
  1,096
  1,164
  1,236
  1,310
  1,388
  1,469
  1,554
  1,643
  1,737
  1,834
  1,937
  2,044
  2,156
  2,274
  2,398
  2,527
  2,663
  2,806
  2,956
  3,113
EBITDA, $m
  446
  562
  609
  657
  706
  758
  813
  869
  927
  989
  1,052
  1,119
  1,188
  1,261
  1,337
  1,416
  1,499
  1,586
  1,676
  1,771
  1,871
  1,975
  2,085
  2,199
  2,319
  2,445
  2,577
  2,716
  2,861
  3,014
  3,174
Interest expense (income), $m
  1
  0
  2
  3
  5
  7
  8
  10
  12
  14
  17
  19
  21
  23
  26
  29
  31
  34
  37
  40
  44
  47
  51
  55
  58
  63
  67
  71
  76
  81
  86
Earnings before tax, $m
  380
  417
  460
  506
  553
  602
  653
  707
  762
  820
  881
  1,078
  1,143
  1,212
  1,284
  1,359
  1,438
  1,520
  1,606
  1,696
  1,790
  1,889
  1,993
  2,102
  2,216
  2,335
  2,460
  2,592
  2,730
  2,875
  3,027
Tax expense, $m
  114
  112
  124
  137
  149
  163
  176
  191
  206
  221
  238
  291
  309
  327
  347
  367
  388
  410
  434
  458
  483
  510
  538
  567
  598
  630
  664
  700
  737
  776
  817
Net income, $m
  266
  304
  336
  369
  404
  440
  477
  516
  557
  599
  643
  787
  835
  885
  937
  992
  1,050
  1,110
  1,172
  1,238
  1,307
  1,379
  1,455
  1,534
  1,617
  1,705
  1,796
  1,892
  1,993
  2,098
  2,209

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  823
  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
  2,801
  2,128
  2,283
  2,443
  2,610
  2,783
  2,963
  3,151
  3,346
  3,549
  3,761
  3,982
  4,212
  4,453
  4,704
  4,966
  5,240
  5,526
  5,825
  6,138
  6,466
  6,809
  7,168
  7,544
  7,938
  8,351
  8,783
  9,237
  9,712
  10,210
  10,733
Adjusted assets (=assets-cash), $m
  1,978
  2,128
  2,283
  2,443
  2,610
  2,783
  2,963
  3,151
  3,346
  3,549
  3,761
  3,982
  4,212
  4,453
  4,704
  4,966
  5,240
  5,526
  5,825
  6,138
  6,466
  6,809
  7,168
  7,544
  7,938
  8,351
  8,783
  9,237
  9,712
  10,210
  10,733
Revenue / Adjusted assets
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
Average production assets, $m
  256
  275
  295
  316
  337
  360
  383
  407
  432
  459
  486
  515
  544
  575
  608
  642
  677
  714
  753
  793
  836
  880
  926
  975
  1,026
  1,079
  1,135
  1,194
  1,255
  1,320
  1,387
Working capital, $m
  630
  -207
  -222
  -238
  -254
  -271
  -288
  -307
  -326
  -345
  -366
  -387
  -410
  -433
  -458
  -483
  -510
  -538
  -567
  -597
  -629
  -663
  -697
  -734
  -772
  -813
  -855
  -899
  -945
  -994
  -1,044
Total debt, $m
  0
  46
  92
  140
  190
  242
  296
  352
  411
  472
  535
  602
  671
  743
  818
  897
  979
  1,065
  1,155
  1,249
  1,347
  1,450
  1,557
  1,670
  1,788
  1,912
  2,042
  2,178
  2,321
  2,470
  2,627
Total liabilities, $m
  592
  639
  685
  733
  783
  835
  889
  945
  1,004
  1,065
  1,128
  1,195
  1,264
  1,336
  1,411
  1,490
  1,572
  1,658
  1,748
  1,842
  1,940
  2,043
  2,150
  2,263
  2,381
  2,505
  2,635
  2,771
  2,914
  3,063
  3,220
Total equity, $m
  2,208
  1,490
  1,598
  1,710
  1,827
  1,948
  2,074
  2,206
  2,342
  2,485
  2,633
  2,787
  2,949
  3,117
  3,293
  3,476
  3,668
  3,868
  4,078
  4,297
  4,526
  4,766
  5,018
  5,281
  5,557
  5,846
  6,148
  6,466
  6,798
  7,147
  7,513
Total liabilities and equity, $m
  2,800
  2,129
  2,283
  2,443
  2,610
  2,783
  2,963
  3,151
  3,346
  3,550
  3,761
  3,982
  4,213
  4,453
  4,704
  4,966
  5,240
  5,526
  5,826
  6,139
  6,466
  6,809
  7,168
  7,544
  7,938
  8,351
  8,783
  9,237
  9,712
  10,210
  10,733
Debt-to-equity ratio
  0.000
  0.030
  0.060
  0.080
  0.100
  0.120
  0.140
  0.160
  0.180
  0.190
  0.200
  0.220
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.280
  0.290
  0.300
  0.300
  0.310
  0.320
  0.320
  0.330
  0.330
  0.340
  0.340
  0.350
  0.350
Adjusted equity ratio
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  266
  304
  336
  369
  404
  440
  477
  516
  557
  599
  643
  787
  835
  885
  937
  992
  1,050
  1,110
  1,172
  1,238
  1,307
  1,379
  1,455
  1,534
  1,617
  1,705
  1,796
  1,892
  1,993
  2,098
  2,209
Depreciation, amort., depletion, $m
  70
  146
  147
  148
  149
  150
  151
  152
  153
  154
  155
  23
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  55
  58
  61
Funds from operations, $m
  362
  450
  483
  517
  552
  589
  628
  668
  709
  753
  798
  809
  859
  910
  964
  1,020
  1,079
  1,141
  1,206
  1,273
  1,344
  1,418
  1,496
  1,577
  1,663
  1,752
  1,846
  1,945
  2,048
  2,157
  2,270
Change in working capital, $m
  5
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -51
Cash from operations, $m
  357
  437
  498
  532
  568
  606
  645
  686
  728
  773
  819
  831
  881
  934
  989
  1,046
  1,106
  1,169
  1,235
  1,304
  1,376
  1,451
  1,531
  1,614
  1,701
  1,792
  1,888
  1,989
  2,094
  2,205
  2,321
Maintenance CAPEX, $m
  0
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
New CAPEX, $m
  -12
  -20
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -59
  -61
  -64
  -68
Cash from investing activities, $m
  -32
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -53
  -55
  -57
  -61
  -63
  -67
  -70
  -73
  -77
  -81
  -85
  -90
  -94
  -98
  -104
  -109
  -114
  -119
  -126
Free cash flow, $m
  325
  406
  466
  499
  533
  569
  606
  645
  685
  727
  771
  781
  829
  879
  931
  985
  1,042
  1,102
  1,165
  1,230
  1,298
  1,370
  1,445
  1,524
  1,607
  1,694
  1,785
  1,880
  1,980
  2,085
  2,196
Issuance/(repayment) of debt, $m
  0
  46
  46
  48
  50
  52
  54
  56
  59
  61
  64
  66
  69
  72
  75
  79
  82
  86
  90
  94
  98
  103
  108
  113
  118
  124
  130
  136
  143
  149
  157
Issuance/(repurchase) of shares, $m
  -283
  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  
  -279
  46
  46
  48
  50
  52
  54
  56
  59
  61
  64
  66
  69
  72
  75
  79
  82
  86
  90
  94
  98
  103
  108
  113
  118
  124
  130
  136
  143
  149
  157
Total cash flow (excl. dividends), $m
  38
  452
  512
  547
  583
  621
  660
  701
  744
  788
  835
  847
  898
  951
  1,006
  1,064
  1,124
  1,188
  1,254
  1,324
  1,397
  1,473
  1,553
  1,637
  1,725
  1,818
  1,914
  2,016
  2,123
  2,235
  2,352
Retained Cash Flow (-), $m
  -14
  -105
  -108
  -112
  -117
  -121
  -126
  -131
  -137
  -142
  -148
  -155
  -161
  -168
  -176
  -183
  -192
  -200
  -210
  -219
  -229
  -240
  -251
  -263
  -276
  -289
  -303
  -317
  -333
  -349
  -366
Prev. year cash balance distribution, $m
 
  823
  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
 
  1,170
  404
  435
  466
  499
  534
  570
  607
  646
  686
  692
  736
  782
  830
  880
  933
  988
  1,045
  1,105
  1,167
  1,233
  1,302
  1,374
  1,449
  1,529
  1,612
  1,699
  1,790
  1,886
  1,987
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
 
  1,121
  370
  378
  384
  387
  387
  385
  379
  371
  360
  329
  314
  297
  279
  258
  237
  215
  192
  170
  148
  128
  108
  90
  74
  59
  47
  36
  28
  21
  15
Current shareholders' claim on cash, %
  100
  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

ANSYS, Inc. develops and markets engineering simulation software and services used by engineers, designers, researchers, and students in the aerospace and defense, automotive, industrial equipment, electronics, biomedical, energy, materials and chemical processing, and semiconductors industries and academia worldwide. The company offers ANSYS Workbench, a framework upon which the company’s engineering simulation technologies are built; ANSYS Engineering Knowledge Manager, a solution for simulation-based process and data management challenges; and high-performance computing product suite that delivers cross-physics parallel processing capabilities for simulation software. It also offers geometry handling solutions; meshing technology that transforms a physical model into a mathematical model; structural analysis product suite for product design and optimization; explicit dynamics product suite that simulates events; and composite analysis and optimization technology, as well as customization services. In addition, the company provides fluids product suite that enables modeling of fluid flow and other related physical phenomena; electronics product suite that provides field simulation software for designing electronic and electromechanical products; and power analysis and optimization software suite. Further, it offers system simulation capability, a collaborative environment; ANSYS multiphysics software that enables to simulate interactions between structures, heat transfer, fluids, and electronics in a unified engineering simulation environment; AIM, a single-window application integrating structural fluids and electromagnetics simulation; SCADE, a solution for embedded software simulation and code production; 3-D direct modeling technology providing a CAD-neutral environment; and academic product suite with a portfolio of academic products based on associate, research, and teaching. The company was founded in 1970 and is headquartered in Canonsburg, Pennsylvania.

FINANCIAL RATIOS  of  Ansys (ANSS)

Valuation Ratios
P/E Ratio 34.8
Price to Sales 9.4
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 25.9
Price to Free Cash Flow 26.8
Growth Rates
Sales Growth Rate 4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25%
Cap. Spend. - 3 Yr. Gr. Rate -16.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 381
Management Effectiveness
Return On Assets 9.6%
Ret/ On Assets - 3 Yr. Avg. 9.4%
Return On Total Capital 12.1%
Ret/ On T. Cap. - 3 Yr. Avg. 11.8%
Return On Equity 12.1%
Return On Equity - 3 Yr. Avg. 11.8%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 85.2%
Gross Margin - 3 Yr. Avg. 84.4%
EBITDA Margin 45.6%
EBITDA Margin - 3 Yr. Avg. 46%
Operating Margin 38.1%
Oper. Margin - 3 Yr. Avg. 37.6%
Pre-Tax Margin 38.5%
Pre-Tax Margin - 3 Yr. Avg. 37.8%
Net Profit Margin 26.9%
Net Profit Margin - 3 Yr. Avg. 27%
Effective Tax Rate 30%
Eff/ Tax Rate - 3 Yr. Avg. 28.6%
Payout Ratio 0%

ANSS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ANSS stock intrinsic value calculation we used $988 million for the last fiscal year's total revenue generated by Ansys. The default revenue input number comes from 2016 income statement of Ansys. 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 ANSS stock valuation model: a) initial revenue growth rate of 7.5% 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 ANSS is calculated based on our internal credit rating of Ansys, 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 Ansys.
    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 ANSS stock the variable cost ratio is equal to 51.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $110 million in the base year in the intrinsic value calculation for ANSS 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 3.5% for Ansys.

Corporate tax rate of 27% is the nominal tax rate for Ansys. 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 ANSS 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 ANSS are equal to 25.9%.

Life of production assets of 22.7 years is the average useful life of capital assets used in Ansys 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 ANSS is equal to -19.5%. 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 - $2208 million for Ansys - 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 85.431 million for Ansys 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 Ansys at the current share price and the inputted number of shares is $9.2 billion.


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COMPANY NEWS

▶ ETFs with exposure to ANSYS, Inc. : April 5, 2017   [Apr-05-17 04:18PM  Capital Cube]
▶ Ansys beats Street 4Q forecasts   [Feb-22-17 06:44PM  Associated Press]
▶ ANSYS Announces winner of 2017 hall of fame competition   [Jan-25-17 07:10AM  PR Newswire]
▶ ANSYS, Inc. (ANSS): Are Hedge Funds Right About This Stock?   [Dec-06-16 03:41PM  at Insider Monkey]
▶ ANSYS, HLRS And Cray Set New Supercomputing Record   [Nov-15-16 07:10AM  PR Newswire]
▶ ANSYS acquires KPIT medini Technologies   [07:10AM  PR Newswire]
▶ Ansys names new CEO in transition plan   [04:40PM  at bizjournals.com]
▶ ANSYS Announces Leadership Succession Plan   [04:15PM  GlobeNewswire]
▶ ANSYS to Present at Upcoming Investor Conferences   [Aug-03-16 02:29PM  GlobeNewswire]
▶ [$$] GE, Industrial Players Push M&A in IoT   [Jun-30-16 03:08PM  at Barrons.com]
▶ Pitt, Ansys unveil additive manufacturing lab   [Jun-15-16 08:06AM  at bizjournals.com]
▶ ANSYS to Present at Upcoming Investor Conferences   [Jun-07-16 07:09AM  GlobeNewswire]
▶ ANSYS, Inc. to Webcast 2016 Investor Day   [May-31-16 07:09AM  GlobeNewswire]
▶ Indra Optimizes Product Design with ANSYS   [May-10-16 07:09AM  PR Newswire]
▶ Ansys (ANSS) Stock Falls on Q1 Miss   [03:55PM  at TheStreet]
Stock chart of ANSS Financial statements of ANSS
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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