Intrinsic value of Ansys - ANSS

Previous Close

$127.58

  Intrinsic Value

$108.42

stock screener

  Rating & Target

hold

-15%

  Value-price divergence*

+14%

Previous close

$127.58

 
Intrinsic value

$108.42

 
Up/down potential

-15%

 
Rating

hold

 
Value-price divergence*

+14%

*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 10.8

 

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
  11.90
  11.21
  10.59
  10.03
  9.53
  9.07
  8.67
  8.30
  7.97
  7.67
  7.41
  7.17
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.32
Revenue, $m
  988
  1,106
  1,230
  1,360
  1,496
  1,639
  1,787
  1,942
  2,103
  2,271
  2,445
  2,626
  2,815
  3,010
  3,214
  3,425
  3,645
  3,874
  4,112
  4,360
  4,619
  4,888
  5,170
  5,463
  5,770
  6,090
  6,425
  6,775
  7,141
  7,523
  7,924
Variable operating expenses, $m
 
  549
  596
  645
  696
  749
  805
  863
  924
  987
  1,052
  987
  1,057
  1,131
  1,207
  1,287
  1,369
  1,455
  1,545
  1,638
  1,735
  1,836
  1,942
  2,052
  2,168
  2,288
  2,414
  2,545
  2,683
  2,826
  2,977
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
  662
  712
  763
  817
  873
  933
  994
  1,058
  1,124
  1,193
  1,131
  1,205
  1,283
  1,362
  1,446
  1,532
  1,622
  1,717
  1,814
  1,915
  2,021
  2,131
  2,246
  2,367
  2,492
  2,623
  2,759
  2,903
  3,051
  3,208
Operating income, $m
  376
  444
  518
  597
  679
  765
  855
  948
  1,045
  1,147
  1,252
  1,495
  1,609
  1,728
  1,851
  1,979
  2,112
  2,251
  2,396
  2,546
  2,703
  2,867
  3,038
  3,217
  3,403
  3,598
  3,802
  4,015
  4,238
  4,472
  4,716
EBITDA, $m
  446
  590
  666
  746
  830
  917
  1,009
  1,104
  1,203
  1,306
  1,414
  1,525
  1,641
  1,762
  1,888
  2,018
  2,154
  2,295
  2,443
  2,596
  2,756
  2,923
  3,097
  3,279
  3,469
  3,668
  3,875
  4,093
  4,320
  4,558
  4,807
Interest expense (income), $m
  1
  0
  3
  5
  8
  11
  14
  17
  20
  24
  27
  31
  35
  38
  43
  47
  51
  56
  61
  66
  71
  76
  82
  88
  94
  101
  107
  114
  122
  129
  138
Earnings before tax, $m
  380
  444
  516
  592
  671
  754
  841
  931
  1,025
  1,123
  1,225
  1,465
  1,575
  1,689
  1,808
  1,932
  2,061
  2,195
  2,335
  2,480
  2,632
  2,791
  2,956
  3,129
  3,309
  3,498
  3,695
  3,901
  4,117
  4,342
  4,579
Tax expense, $m
  114
  120
  139
  160
  181
  204
  227
  251
  277
  303
  331
  395
  425
  456
  488
  522
  556
  593
  630
  670
  711
  754
  798
  845
  893
  944
  998
  1,053
  1,112
  1,172
  1,236
Net income, $m
  266
  324
  377
  432
  490
  551
  614
  680
  749
  820
  894
  1,069
  1,150
  1,233
  1,320
  1,410
  1,504
  1,602
  1,704
  1,811
  1,922
  2,037
  2,158
  2,284
  2,416
  2,553
  2,697
  2,848
  3,005
  3,170
  3,343

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
  2,216
  2,464
  2,725
  2,998
  3,284
  3,582
  3,892
  4,215
  4,551
  4,900
  5,263
  5,641
  6,032
  6,440
  6,864
  7,304
  7,763
  8,240
  8,738
  9,256
  9,796
  10,360
  10,949
  11,563
  12,205
  12,875
  13,577
  14,310
  15,077
  15,880
Adjusted assets (=assets-cash), $m
  1,978
  2,216
  2,464
  2,725
  2,998
  3,284
  3,582
  3,892
  4,215
  4,551
  4,900
  5,263
  5,641
  6,032
  6,440
  6,864
  7,304
  7,763
  8,240
  8,738
  9,256
  9,796
  10,360
  10,949
  11,563
  12,205
  12,875
  13,577
  14,310
  15,077
  15,880
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
  286
  318
  352
  387
  424
  463
  503
  545
  588
  633
  680
  729
  780
  832
  887
  944
  1,003
  1,065
  1,129
  1,196
  1,266
  1,339
  1,415
  1,494
  1,577
  1,664
  1,755
  1,849
  1,949
  2,052
Working capital, $m
  630
  -111
  -123
  -136
  -150
  -164
  -179
  -194
  -210
  -227
  -245
  -263
  -281
  -301
  -321
  -342
  -364
  -387
  -411
  -436
  -462
  -489
  -517
  -546
  -577
  -609
  -642
  -677
  -714
  -752
  -792
Total debt, $m
  0
  72
  146
  224
  306
  392
  482
  575
  672
  772
  877
  986
  1,099
  1,217
  1,339
  1,466
  1,598
  1,736
  1,879
  2,028
  2,184
  2,346
  2,515
  2,692
  2,876
  3,068
  3,270
  3,480
  3,700
  3,930
  4,171
Total liabilities, $m
  592
  665
  739
  817
  899
  985
  1,075
  1,168
  1,265
  1,365
  1,470
  1,579
  1,692
  1,810
  1,932
  2,059
  2,191
  2,329
  2,472
  2,621
  2,777
  2,939
  3,108
  3,285
  3,469
  3,661
  3,863
  4,073
  4,293
  4,523
  4,764
Total equity, $m
  2,208
  1,551
  1,725
  1,907
  2,099
  2,299
  2,507
  2,725
  2,951
  3,186
  3,430
  3,684
  3,948
  4,223
  4,508
  4,804
  5,113
  5,434
  5,768
  6,116
  6,479
  6,857
  7,252
  7,664
  8,094
  8,543
  9,013
  9,504
  10,017
  10,554
  11,116
Total liabilities and equity, $m
  2,800
  2,216
  2,464
  2,724
  2,998
  3,284
  3,582
  3,893
  4,216
  4,551
  4,900
  5,263
  5,640
  6,033
  6,440
  6,863
  7,304
  7,763
  8,240
  8,737
  9,256
  9,796
  10,360
  10,949
  11,563
  12,204
  12,876
  13,577
  14,310
  15,077
  15,880
Debt-to-equity ratio
  0.000
  0.050
  0.080
  0.120
  0.150
  0.170
  0.190
  0.210
  0.230
  0.240
  0.260
  0.270
  0.280
  0.290
  0.300
  0.310
  0.310
  0.320
  0.330
  0.330
  0.340
  0.340
  0.350
  0.350
  0.360
  0.360
  0.360
  0.370
  0.370
  0.370
  0.380
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
  324
  377
  432
  490
  551
  614
  680
  749
  820
  894
  1,069
  1,150
  1,233
  1,320
  1,410
  1,504
  1,602
  1,704
  1,811
  1,922
  2,037
  2,158
  2,284
  2,416
  2,553
  2,697
  2,848
  3,005
  3,170
  3,343
Depreciation, amort., depletion, $m
  70
  146
  148
  149
  151
  152
  154
  156
  158
  160
  162
  30
  32
  34
  37
  39
  42
  44
  47
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  86
  90
Funds from operations, $m
  362
  470
  524
  581
  641
  703
  768
  836
  906
  980
  1,056
  1,099
  1,182
  1,267
  1,357
  1,449
  1,546
  1,647
  1,751
  1,861
  1,974
  2,093
  2,217
  2,346
  2,482
  2,623
  2,770
  2,925
  3,087
  3,256
  3,433
Change in working capital, $m
  5
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -38
  -40
Cash from operations, $m
  357
  482
  537
  594
  654
  717
  783
  851
  922
  996
  1,073
  1,117
  1,201
  1,287
  1,377
  1,471
  1,568
  1,669
  1,775
  1,885
  2,000
  2,120
  2,245
  2,376
  2,512
  2,655
  2,804
  2,960
  3,123
  3,294
  3,473
Maintenance CAPEX, $m
  0
  -11
  -13
  -14
  -16
  -17
  -19
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -86
New CAPEX, $m
  -12
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -99
  -104
Cash from investing activities, $m
  -32
  -42
  -45
  -48
  -51
  -54
  -58
  -60
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -106
  -111
  -117
  -123
  -129
  -135
  -141
  -149
  -156
  -164
  -172
  -180
  -190
Free cash flow, $m
  325
  440
  492
  546
  603
  663
  726
  791
  858
  929
  1,002
  1,043
  1,122
  1,204
  1,290
  1,379
  1,472
  1,569
  1,669
  1,774
  1,883
  1,997
  2,116
  2,241
  2,370
  2,506
  2,648
  2,796
  2,951
  3,114
  3,283
Issuance/(repayment) of debt, $m
  0
  72
  75
  78
  82
  86
  89
  93
  97
  101
  105
  109
  113
  118
  122
  127
  132
  138
  143
  149
  155
  162
  169
  177
  184
  193
  201
  210
  220
  230
  241
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
  72
  75
  78
  82
  86
  89
  93
  97
  101
  105
  109
  113
  118
  122
  127
  132
  138
  143
  149
  155
  162
  169
  177
  184
  193
  201
  210
  220
  230
  241
Total cash flow (excl. dividends), $m
  38
  512
  566
  625
  685
  749
  815
  884
  955
  1,030
  1,107
  1,151
  1,235
  1,322
  1,412
  1,506
  1,604
  1,706
  1,813
  1,923
  2,039
  2,160
  2,286
  2,417
  2,555
  2,699
  2,849
  3,006
  3,171
  3,344
  3,524
Retained Cash Flow (-), $m
  -14
  -166
  -174
  -183
  -191
  -200
  -209
  -217
  -226
  -235
  -244
  -254
  -264
  -274
  -285
  -297
  -308
  -321
  -334
  -348
  -363
  -378
  -395
  -412
  -430
  -449
  -469
  -491
  -513
  -537
  -562
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
 
  1,169
  393
  442
  494
  549
  606
  666
  729
  795
  863
  897
  971
  1,047
  1,127
  1,210
  1,296
  1,385
  1,478
  1,575
  1,676
  1,781
  1,891
  2,005
  2,125
  2,249
  2,380
  2,516
  2,658
  2,807
  2,962
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
  359
  385
  407
  425
  440
  450
  456
  456
  452
  426
  414
  398
  378
  355
  329
  301
  272
  243
  213
  184
  157
  131
  108
  88
  69
  54
  41
  31
  22
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 41.1
Price to Sales 11.1
Price to Book 5
Price to Tangible Book
Price to Cash Flow 30.6
Price to Free Cash Flow 31.7
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 11.9% 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 -10%. 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 84.994 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 $10.8 billion.

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COMPANY NEWS

▶ ETFs with exposure to ANSYS, Inc. : July 24, 2017   [Jul-24-17 02:01PM  Capital Cube]
▶ ETFs with exposure to ANSYS, Inc. : July 14, 2017   [Jul-14-17 12:48PM  Capital Cube]
▶ ANSYS Acquires Computational Engineering International   [Jul-11-17 07:10AM  PR Newswire]
▶ ANSYS, Inc. Value Analysis (NASDAQ:ANSS) : July 3, 2017   [Jul-03-17 04:08PM  Capital Cube]
▶ ANSYS Appoints Janet Lee as General Counsel   [Jun-20-17 08:12AM  PR Newswire]
▶ ETFs with exposure to ANSYS, Inc. : June 2, 2017   [Jun-02-17 01:51PM  Capital Cube]
▶ ETFs with exposure to ANSYS, Inc. : May 22, 2017   [May-22-17 01:20PM  Capital Cube]
▶ ANSYS 18.1 Expands Pervasive Engineering Simulation   [May-16-17 07:10AM  PR Newswire]
▶ Highly Rated Software Stock Engineers New Breakout   [May-05-17 11:15AM  Investor's Business Daily]
▶ Ansys tops Street 1Q forecasts   [May-03-17 05:42PM  Associated Press]
▶ These 3 Software Makers Broke Out To Buys, But With A Design Flaw   [Apr-24-17 04:18PM  Investor's Business Daily]
▶ 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]
Stock chart of ANSS Financial statements of ANSS Annual reports 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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