Intrinsic value of CBIZ Inc - CBZ

Previous Close

$22.30

  Intrinsic Value

$23.28

stock screener

  Rating & Target

hold

+4%

Previous close

$22.30

 
Intrinsic value

$23.28

 
Up/down potential

+4%

 
Rating

hold

We calculate the intrinsic value of CBZ 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  6.67
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
Revenue, $m
  800
  914
  975
  1,039
  1,105
  1,175
  1,246
  1,321
  1,399
  1,481
  1,566
  1,654
  1,747
  1,844
  1,945
  2,050
  2,161
  2,277
  2,398
  2,524
  2,657
  2,796
  2,942
  3,094
  3,254
  3,422
  3,598
  3,782
  3,975
  4,178
  4,391
Variable operating expenses, $m
 
  835
  887
  941
  997
  1,055
  1,116
  1,180
  1,246
  1,315
  1,386
  1,400
  1,478
  1,560
  1,646
  1,735
  1,829
  1,927
  2,029
  2,136
  2,249
  2,366
  2,490
  2,619
  2,754
  2,896
  3,045
  3,201
  3,364
  3,536
  3,716
Fixed operating expenses, $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 operating expenses, $m
  734
  835
  887
  941
  997
  1,055
  1,116
  1,180
  1,246
  1,315
  1,386
  1,400
  1,478
  1,560
  1,646
  1,735
  1,829
  1,927
  2,029
  2,136
  2,249
  2,366
  2,490
  2,619
  2,754
  2,896
  3,045
  3,201
  3,364
  3,536
  3,716
Operating income, $m
  66
  79
  89
  98
  109
  119
  130
  142
  154
  166
  179
  254
  269
  283
  299
  315
  332
  350
  369
  388
  408
  430
  452
  476
  500
  526
  553
  581
  611
  642
  675
EBITDA, $m
  88
  207
  221
  235
  250
  266
  282
  299
  317
  335
  354
  375
  396
  417
  440
  464
  489
  515
  543
  572
  602
  633
  666
  701
  737
  775
  815
  856
  900
  946
  994
Interest expense (income), $m
  6
  10
  12
  15
  17
  20
  23
  26
  29
  32
  35
  39
  42
  46
  50
  54
  59
  63
  68
  73
  78
  83
  89
  95
  101
  108
  115
  122
  129
  137
  145
Earnings before tax, $m
  67
  69
  76
  84
  91
  99
  107
  116
  125
  134
  144
  215
  226
  237
  249
  261
  274
  287
  301
  315
  330
  346
  363
  381
  399
  418
  438
  460
  482
  505
  529
Tax expense, $m
  26
  19
  21
  23
  25
  27
  29
  31
  34
  36
  39
  58
  61
  64
  67
  70
  74
  77
  81
  85
  89
  94
  98
  103
  108
  113
  118
  124
  130
  136
  143
Net income, $m
  40
  51
  56
  61
  67
  72
  78
  85
  91
  98
  105
  157
  165
  173
  182
  190
  200
  209
  220
  230
  241
  253
  265
  278
  291
  305
  320
  336
  352
  369
  387

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3
  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
  1,119
  1,257
  1,342
  1,429
  1,521
  1,616
  1,714
  1,817
  1,925
  2,037
  2,154
  2,276
  2,403
  2,536
  2,675
  2,820
  2,973
  3,132
  3,298
  3,472
  3,655
  3,846
  4,046
  4,256
  4,476
  4,707
  4,949
  5,202
  5,468
  5,747
  6,039
Adjusted assets (=assets-cash), $m
  1,116
  1,257
  1,342
  1,429
  1,521
  1,616
  1,714
  1,817
  1,925
  2,037
  2,154
  2,276
  2,403
  2,536
  2,675
  2,820
  2,973
  3,132
  3,298
  3,472
  3,655
  3,846
  4,046
  4,256
  4,476
  4,707
  4,949
  5,202
  5,468
  5,747
  6,039
Revenue / Adjusted assets
  0.717
  0.727
  0.727
  0.727
  0.726
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
Average production assets, $m
  113
  664
  709
  755
  804
  854
  906
  961
  1,017
  1,077
  1,138
  1,203
  1,270
  1,340
  1,414
  1,491
  1,571
  1,655
  1,743
  1,835
  1,932
  2,033
  2,139
  2,250
  2,366
  2,488
  2,616
  2,750
  2,890
  3,037
  3,192
Working capital, $m
  103
  -55
  -59
  -62
  -66
  -70
  -75
  -79
  -84
  -89
  -94
  -99
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -151
  -159
  -168
  -177
  -186
  -195
  -205
  -216
  -227
  -239
  -251
  -263
Total debt, $m
  193
  227
  273
  321
  371
  423
  478
  534
  593
  655
  719
  786
  856
  929
  1,005
  1,085
  1,168
  1,256
  1,347
  1,443
  1,543
  1,648
  1,758
  1,873
  1,994
  2,121
  2,253
  2,392
  2,538
  2,692
  2,852
Total liabilities, $m
  639
  690
  737
  785
  835
  887
  941
  998
  1,057
  1,118
  1,182
  1,249
  1,319
  1,392
  1,469
  1,548
  1,632
  1,719
  1,811
  1,906
  2,007
  2,112
  2,222
  2,337
  2,458
  2,584
  2,717
  2,856
  3,002
  3,155
  3,316
Total equity, $m
  480
  567
  605
  645
  686
  729
  773
  820
  868
  919
  971
  1,026
  1,084
  1,144
  1,206
  1,272
  1,341
  1,412
  1,487
  1,566
  1,648
  1,735
  1,825
  1,920
  2,019
  2,123
  2,232
  2,346
  2,466
  2,592
  2,724
Total liabilities and equity, $m
  1,119
  1,257
  1,342
  1,430
  1,521
  1,616
  1,714
  1,818
  1,925
  2,037
  2,153
  2,275
  2,403
  2,536
  2,675
  2,820
  2,973
  3,131
  3,298
  3,472
  3,655
  3,847
  4,047
  4,257
  4,477
  4,707
  4,949
  5,202
  5,468
  5,747
  6,040
Debt-to-equity ratio
  0.402
  0.400
  0.450
  0.500
  0.540
  0.580
  0.620
  0.650
  0.680
  0.710
  0.740
  0.770
  0.790
  0.810
  0.830
  0.850
  0.870
  0.890
  0.910
  0.920
  0.940
  0.950
  0.960
  0.980
  0.990
  1.000
  1.010
  1.020
  1.030
  1.040
  1.050
Adjusted equity ratio
  0.427
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  40
  51
  56
  61
  67
  72
  78
  85
  91
  98
  105
  157
  165
  173
  182
  190
  200
  209
  220
  230
  241
  253
  265
  278
  291
  305
  320
  336
  352
  369
  387
Depreciation, amort., depletion, $m
  22
  128
  132
  137
  142
  147
  152
  157
  163
  169
  175
  120
  127
  134
  141
  149
  157
  166
  174
  184
  193
  203
  214
  225
  237
  249
  262
  275
  289
  304
  319
Funds from operations, $m
  67
  178
  188
  198
  208
  219
  230
  242
  254
  267
  280
  278
  292
  307
  323
  340
  357
  375
  394
  414
  434
  456
  479
  503
  528
  554
  582
  610
  641
  672
  706
Change in working capital, $m
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
Cash from operations, $m
  71
  182
  192
  202
  212
  223
  235
  247
  259
  272
  285
  283
  298
  313
  329
  346
  363
  382
  401
  421
  442
  465
  488
  512
  537
  564
  592
  622
  652
  685
  718
Maintenance CAPEX, $m
  0
  -62
  -66
  -71
  -76
  -80
  -85
  -91
  -96
  -102
  -108
  -114
  -120
  -127
  -134
  -141
  -149
  -157
  -166
  -174
  -184
  -193
  -203
  -214
  -225
  -237
  -249
  -262
  -275
  -289
  -304
New CAPEX, $m
  -4
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -141
  -147
  -155
Cash from investing activities, $m
  -50
  -105
  -111
  -117
  -124
  -130
  -137
  -145
  -153
  -161
  -170
  -178
  -187
  -197
  -207
  -218
  -229
  -241
  -254
  -266
  -280
  -294
  -309
  -325
  -341
  -359
  -377
  -396
  -416
  -436
  -459
Free cash flow, $m
  21
  77
  81
  84
  88
  93
  97
  101
  106
  111
  116
  105
  110
  116
  122
  128
  134
  141
  148
  155
  162
  170
  179
  187
  196
  206
  216
  226
  237
  248
  260
Issuance/(repayment) of debt, $m
  -16
  45
  46
  48
  50
  52
  54
  57
  59
  61
  64
  67
  70
  73
  76
  80
  83
  87
  91
  96
  100
  105
  110
  115
  121
  127
  133
  139
  146
  153
  161
Issuance/(repurchase) of shares, $m
  -1
  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  
  -18
  45
  46
  48
  50
  52
  54
  57
  59
  61
  64
  67
  70
  73
  76
  80
  83
  87
  91
  96
  100
  105
  110
  115
  121
  127
  133
  139
  146
  153
  161
Total cash flow (excl. dividends), $m
  3
  122
  127
  133
  139
  145
  151
  158
  165
  172
  180
  172
  180
  189
  198
  207
  217
  228
  239
  251
  263
  275
  289
  302
  317
  332
  348
  365
  383
  401
  421
Retained Cash Flow (-), $m
  -52
  -36
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -51
  -53
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -114
  -120
  -126
  -132
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
 
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
Cash available for distribution, $m
 
  86
  89
  93
  97
  102
  107
  112
  117
  122
  127
  117
  122
  129
  135
  142
  149
  156
  164
  172
  180
  189
  198
  208
  218
  228
  239
  251
  263
  276
  289
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
 
  82
  81
  81
  80
  79
  77
  75
  73
  70
  67
  55
  52
  49
  45
  42
  38
  34
  30
  26
  23
  20
  16
  14
  11
  9
  7
  5
  4
  3
  2
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

CBIZ, Inc. (CBIZ) is engaged in the professional services business. The Company operates its professional services business through acquiring and integrating accounting and financial service providers, group health benefits consulting firms, property and casualty brokerage firms, payroll service providers, and valuation and other service firms throughout the United States. Its segments include Financial Services, Benefits and Insurance Services, National Practices, and Corporate and Other. The Financial Services group includes accounting and tax, government healthcare consulting, financial advisory, valuation, and risk and advisory services. The Benefits and Insurance Services group includes group health benefits consulting, payroll, property and casualty, and retirement plan services. The National Practices segment includes managed networking and hardware services, and healthcare consulting.

FINANCIAL RATIOS  of  CBIZ Inc (CBZ)

Valuation Ratios
P/E Ratio 30.1
Price to Sales 1.5
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 17
Price to Free Cash Flow 18
Growth Rates
Sales Growth Rate 6.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -42.9%
Cap. Spend. - 3 Yr. Gr. Rate -7.8%
Financial Strength
Quick Ratio 3
Current Ratio 0.8
LT Debt to Equity 40%
Total Debt to Equity 40.2%
Interest Coverage 12
Management Effectiveness
Return On Assets 4.1%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 6.1%
Ret/ On T. Cap. - 3 Yr. Avg. 5.6%
Return On Equity 8.8%
Return On Equity - 3 Yr. Avg. 8.3%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 12.8%
Gross Margin - 3 Yr. Avg. 12.8%
EBITDA Margin 11.9%
EBITDA Margin - 3 Yr. Avg. 11.5%
Operating Margin 8.3%
Oper. Margin - 3 Yr. Avg. 8.2%
Pre-Tax Margin 8.4%
Pre-Tax Margin - 3 Yr. Avg. 7.7%
Net Profit Margin 5%
Net Profit Margin - 3 Yr. Avg. 4.6%
Effective Tax Rate 38.8%
Eff/ Tax Rate - 3 Yr. Avg. 39.9%
Payout Ratio 0%

CBZ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CBZ stock intrinsic value calculation we used $855 million for the last fiscal year's total revenue generated by CBIZ Inc. The default revenue input number comes from 2016 income statement of CBIZ Inc. 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 CBZ stock valuation model: a) initial revenue growth rate of 6.9% 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 CBZ is calculated based on our internal credit rating of CBIZ Inc, 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 CBIZ Inc.
    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 CBZ stock the variable cost ratio is equal to 91.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CBZ 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 CBIZ Inc.

Corporate tax rate of 27% is the nominal tax rate for CBIZ Inc. 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 CBZ stock is equal to 0.2%.

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 CBZ are equal to 72.7%.

Life of production assets of 10 years is the average useful life of capital assets used in CBIZ Inc 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 CBZ is equal to -6%. 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 - $531 million for CBIZ Inc - 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 54 million for CBIZ Inc 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 CBIZ Inc at the current share price and the inputted number of shares is $1.2 billion.

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COMPANY NEWS

▶ CBIZ Small Business Employment Index Stays Hot This June   [Jul-06-18 07:45AM  Business Wire]
▶ These are Ohio's 30 top paying companies (Countdown)   [May-30-18 04:21PM  American City Business Journals]
▶ May Undervalued Stock Opportunities   [May-12-18 10:02AM  Simply Wall St.]
▶ CBIZ: 1Q Earnings Snapshot   [07:40AM  Associated Press]
▶ CBIZ Reports First-Quarter 2018 Results   [06:30AM  PR Newswire]
▶ CBIZ acquires second local consulting firm in past 9 months   [Apr-09-18 02:32PM  American City Business Journals]
▶ CBIZ Acquires InR Advisory Services, LLC   [Apr-03-18 04:00PM  PR Newswire]
▶ 4 Affordable Breakout Stocks for Stupendous Returns   [Feb-21-18 12:50PM  InvestorPlace]
▶ CBIZ posts 4Q profit   [Feb-15-18 06:51AM  Associated Press]
▶ Wired News CBIZ Acquires Laurus Transaction Advisors   [Feb-06-18 07:40AM  ACCESSWIRE]
▶ CBIZ Acquires Laurus Transaction Advisors LLC   [Feb-02-18 09:00AM  PR Newswire]
▶ CBIZ To Present At CJS Securities Conference In NYC   [Dec-27-17 04:00PM  PR Newswire]
▶ ETFs with exposure to CBIZ, Inc. : December 20, 2017   [Dec-20-17 11:36AM  Capital Cube]
▶ CBIZ Acquires McKay & Carnahan, Inc.   [Dec-04-17 07:00AM  PR Newswire]
▶ ETFs with exposure to CBIZ, Inc. : November 7, 2017   [Nov-07-17 09:52AM  Capital Cube]
▶ CBIZ posts 3Q profit   [Nov-02-17 06:44AM  Associated Press]
▶ New Strong Buy Stocks for August 31st   [Aug-31-17 08:56AM  Zacks]
▶ New Strong Buy Stocks for August 25th   [Aug-25-17 11:39AM  Zacks]
▶ New Strong Buy Stocks for August 22nd   [Aug-22-17 10:21AM  Zacks]
▶ Is CBIZ a Great Stock for Value Investors?   [Aug-21-17 09:55AM  Zacks]
▶ New Strong Buy Stocks for August 15th   [Aug-15-17 10:43AM  Zacks]
▶ New Strong Buy Stocks for August 8th   [Aug-08-17 09:44AM  Zacks]
▶ CBIZ posts 2Q profit   [02:36AM  Associated Press]
▶ CBIZ Reports Second-Quarter And First-Half 2017 Results   [Aug-03-17 06:30AM  PR Newswire]
▶ CBIZ, Inc. Value Analysis (NYSE:CBZ) : July 31, 2017   [Jul-31-17 05:43PM  Capital Cube]
▶ CBIZ acquires West Palm Beach insurance agency specializing in golf and country clubs   [Jun-07-17 01:45PM  American City Business Journals]
▶ Is CBIZ a Great Stock for Value Investors?   [May-29-17 09:40AM  Zacks]
▶ ETFs with exposure to CBIZ, Inc. : May 23, 2017   [May-23-17 12:32PM  Capital Cube]
▶ ETFs with exposure to CBIZ, Inc. : May 12, 2017   [May-12-17 03:45PM  Capital Cube]
▶ CBIZ posts 1Q profit   [Apr-27-17 07:32AM  Associated Press]
▶ CBIZ Reports First-Quarter 2017 Results   [06:30AM  PR Newswire]
Financial statements of CBZ
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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