Intrinsic value of Convergys - CVG

Previous Close

$24.04

  Intrinsic Value

$30.18

stock screener

  Rating & Target

buy

+26%

  Value-price divergence*

+24%

Previous close

$24.04

 
Intrinsic value

$30.18

 
Up/down potential

+26%

 
Rating

buy

 
Value-price divergence*

+24%

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

We calculate the intrinsic value of CVG 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 2.3

 

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, %
  -1.25
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,914
  2,972
  3,041
  3,119
  3,207
  3,304
  3,410
  3,527
  3,652
  3,788
  3,933
  4,089
  4,255
  4,431
  4,619
  4,818
  5,029
  5,253
  5,489
  5,739
  6,003
  6,281
  6,574
  6,884
  7,210
  7,553
  7,914
  8,294
  8,695
  9,116
  9,559
Variable operating expenses, $m
 
  2,774
  2,836
  2,907
  2,986
  3,073
  3,170
  3,275
  3,388
  3,510
  3,641
  3,690
  3,840
  3,999
  4,169
  4,349
  4,539
  4,741
  4,954
  5,180
  5,418
  5,669
  5,934
  6,213
  6,507
  6,817
  7,143
  7,486
  7,847
  8,227
  8,627
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
  2,709
  2,774
  2,836
  2,907
  2,986
  3,073
  3,170
  3,275
  3,388
  3,510
  3,641
  3,690
  3,840
  3,999
  4,169
  4,349
  4,539
  4,741
  4,954
  5,180
  5,418
  5,669
  5,934
  6,213
  6,507
  6,817
  7,143
  7,486
  7,847
  8,227
  8,627
Operating income, $m
  205
  198
  205
  212
  221
  230
  241
  252
  264
  277
  292
  399
  415
  432
  450
  470
  490
  512
  535
  559
  585
  612
  641
  671
  703
  736
  771
  808
  847
  889
  932
EBITDA, $m
  355
  343
  351
  360
  370
  381
  394
  407
  422
  437
  454
  472
  491
  512
  533
  556
  581
  606
  634
  663
  693
  725
  759
  795
  832
  872
  914
  958
  1,004
  1,052
  1,104
Interest expense (income), $m
  15
  14
  15
  16
  17
  18
  20
  21
  23
  24
  26
  28
  31
  33
  35
  38
  41
  44
  47
  50
  54
  58
  62
  66
  70
  75
  79
  85
  90
  96
  102
Earnings before tax, $m
  186
  184
  190
  196
  204
  212
  221
  231
  242
  253
  265
  370
  384
  399
  415
  432
  449
  468
  488
  509
  531
  555
  579
  605
  633
  662
  692
  724
  757
  793
  830
Tax expense, $m
  53
  50
  51
  53
  55
  57
  60
  62
  65
  68
  72
  100
  104
  108
  112
  117
  121
  126
  132
  137
  143
  150
  156
  163
  171
  179
  187
  195
  205
  214
  224
Net income, $m
  143
  134
  139
  143
  149
  155
  161
  169
  176
  185
  194
  270
  280
  291
  303
  315
  328
  342
  356
  372
  388
  405
  423
  442
  462
  483
  505
  528
  553
  579
  606

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  151
  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
  2,372
  2,265
  2,318
  2,377
  2,444
  2,518
  2,599
  2,688
  2,784
  2,887
  2,998
  3,116
  3,243
  3,377
  3,521
  3,672
  3,833
  4,004
  4,184
  4,374
  4,575
  4,787
  5,011
  5,247
  5,495
  5,757
  6,032
  6,322
  6,627
  6,948
  7,286
Adjusted assets (=assets-cash), $m
  2,221
  2,265
  2,318
  2,377
  2,444
  2,518
  2,599
  2,688
  2,784
  2,887
  2,998
  3,116
  3,243
  3,377
  3,521
  3,672
  3,833
  4,004
  4,184
  4,374
  4,575
  4,787
  5,011
  5,247
  5,495
  5,757
  6,032
  6,322
  6,627
  6,948
  7,286
Revenue / Adjusted assets
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
  1.312
Average production assets, $m
  467
  476
  487
  499
  513
  529
  546
  564
  584
  606
  629
  654
  681
  709
  739
  771
  805
  840
  878
  918
  960
  1,005
  1,052
  1,101
  1,154
  1,208
  1,266
  1,327
  1,391
  1,459
  1,529
Working capital, $m
  437
  294
  301
  309
  317
  327
  338
  349
  362
  375
  389
  405
  421
  439
  457
  477
  498
  520
  543
  568
  594
  622
  651
  681
  714
  748
  783
  821
  861
  902
  946
Total debt, $m
  360
  380
  405
  433
  465
  500
  539
  581
  626
  675
  728
  784
  844
  908
  976
  1,048
  1,125
  1,206
  1,291
  1,382
  1,477
  1,578
  1,684
  1,796
  1,914
  2,038
  2,169
  2,307
  2,452
  2,604
  2,765
Total liabilities, $m
  1,056
  1,076
  1,101
  1,129
  1,161
  1,196
  1,235
  1,277
  1,322
  1,371
  1,424
  1,480
  1,540
  1,604
  1,672
  1,744
  1,821
  1,902
  1,987
  2,078
  2,173
  2,274
  2,380
  2,492
  2,610
  2,734
  2,865
  3,003
  3,148
  3,300
  3,461
Total equity, $m
  1,316
  1,189
  1,217
  1,248
  1,283
  1,322
  1,365
  1,411
  1,461
  1,516
  1,574
  1,636
  1,702
  1,773
  1,848
  1,928
  2,013
  2,102
  2,197
  2,296
  2,402
  2,513
  2,631
  2,755
  2,885
  3,022
  3,167
  3,319
  3,479
  3,648
  3,825
Total liabilities and equity, $m
  2,372
  2,265
  2,318
  2,377
  2,444
  2,518
  2,600
  2,688
  2,783
  2,887
  2,998
  3,116
  3,242
  3,377
  3,520
  3,672
  3,834
  4,004
  4,184
  4,374
  4,575
  4,787
  5,011
  5,247
  5,495
  5,756
  6,032
  6,322
  6,627
  6,948
  7,286
Debt-to-equity ratio
  0.274
  0.320
  0.330
  0.350
  0.360
  0.380
  0.390
  0.410
  0.430
  0.450
  0.460
  0.480
  0.500
  0.510
  0.530
  0.540
  0.560
  0.570
  0.590
  0.600
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.700
  0.700
  0.710
  0.720
Adjusted equity ratio
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  143
  134
  139
  143
  149
  155
  161
  169
  176
  185
  194
  270
  280
  291
  303
  315
  328
  342
  356
  372
  388
  405
  423
  442
  462
  483
  505
  528
  553
  579
  606
Depreciation, amort., depletion, $m
  150
  145
  146
  148
  149
  151
  153
  155
  157
  160
  162
  74
  76
  80
  83
  87
  90
  94
  99
  103
  108
  113
  118
  124
  130
  136
  142
  149
  156
  164
  172
Funds from operations, $m
  300
  279
  285
  291
  298
  306
  314
  324
  334
  345
  356
  344
  357
  371
  386
  402
  418
  436
  455
  475
  496
  518
  541
  566
  591
  619
  647
  678
  709
  743
  778
Change in working capital, $m
  -5
  6
  7
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  19
  20
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
Cash from operations, $m
  305
  420
  278
  283
  290
  296
  304
  312
  321
  331
  342
  328
  340
  353
  367
  382
  398
  414
  432
  450
  470
  490
  512
  535
  559
  585
  612
  640
  670
  701
  734
Maintenance CAPEX, $m
  0
  -52
  -53
  -55
  -56
  -58
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -76
  -80
  -83
  -87
  -90
  -94
  -99
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -142
  -149
  -156
  -164
New CAPEX, $m
  -87
  -9
  -11
  -13
  -14
  -16
  -17
  -19
  -20
  -22
  -23
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
Cash from investing activities, $m
  -226
  -61
  -64
  -68
  -70
  -74
  -76
  -80
  -83
  -88
  -91
  -96
  -101
  -104
  -110
  -115
  -121
  -126
  -132
  -139
  -145
  -153
  -160
  -167
  -176
  -185
  -194
  -203
  -213
  -223
  -235
Free cash flow, $m
  79
  359
  214
  216
  219
  223
  227
  232
  238
  244
  250
  233
  240
  249
  258
  267
  277
  288
  299
  311
  324
  338
  352
  367
  383
  400
  418
  437
  457
  477
  499
Issuance/(repayment) of debt, $m
  -3
  22
  25
  28
  32
  35
  39
  42
  46
  49
  53
  56
  60
  64
  68
  72
  76
  81
  86
  90
  95
  101
  106
  112
  118
  124
  131
  138
  145
  152
  160
Issuance/(repurchase) of shares, $m
  -71
  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  
  -113
  22
  25
  28
  32
  35
  39
  42
  46
  49
  53
  56
  60
  64
  68
  72
  76
  81
  86
  90
  95
  101
  106
  112
  118
  124
  131
  138
  145
  152
  160
Total cash flow (excl. dividends), $m
  -33
  381
  239
  245
  251
  258
  266
  274
  283
  293
  303
  289
  300
  313
  326
  339
  354
  369
  385
  402
  420
  439
  458
  479
  501
  524
  549
  574
  601
  630
  660
Retained Cash Flow (-), $m
  -40
  -22
  -27
  -31
  -35
  -39
  -43
  -46
  -50
  -54
  -58
  -62
  -66
  -71
  -75
  -80
  -84
  -89
  -95
  -100
  -106
  -111
  -117
  -124
  -130
  -137
  -145
  -152
  -160
  -168
  -177
Prev. year cash balance distribution, $m
 
  149
  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
 
  507
  211
  213
  216
  219
  223
  228
  233
  239
  245
  227
  234
  242
  250
  259
  269
  279
  290
  302
  314
  327
  341
  356
  371
  387
  404
  422
  441
  461
  482
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
 
  487
  193
  186
  178
  170
  162
  154
  146
  137
  128
  108
  100
  92
  84
  76
  68
  61
  53
  46
  40
  34
  28
  23
  19
  15
  12
  9
  7
  5
  4
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

Convergys Corporation provides customer management services to communications and media, technology, financial services, retail, and healthcare industries in North America and internationally. The company offers solutions across the customer lifecycle, including sales, customer service, technical support, customer retention, and collection services; and solutions in contact center technology comprising multichannel interaction, cross-channel integration framework, real-time decisioning engine, robotic process automation, intelligent notification, campaign management, personalized care, personalized selling, agent productivity, and retention solutions. It also provides analytics and consulting, and software solutions, including integrated customer experience analytics, post-contact surveys, relational loyalty research, customer segmentation and profiling, call elimination analysis, analysis of customer effort, digital channel optimization, and integrated contact center analytics solutions, as well as voice of customer SaaS software for measuring customer satisfaction. The company operates 149 contact centers and 99,700 production workstations. Convergys Corporation was founded in 1998 and is based in Cincinnati, Ohio.

FINANCIAL RATIOS  of  Convergys (CVG)

Valuation Ratios
P/E Ratio 15.9
Price to Sales 0.8
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 7.5
Price to Free Cash Flow 10.4
Growth Rates
Sales Growth Rate -1.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20.2%
Cap. Spend. - 3 Yr. Gr. Rate 6.3%
Financial Strength
Quick Ratio 76
Current Ratio 0.1
LT Debt to Equity 27.2%
Total Debt to Equity 27.4%
Interest Coverage 13
Management Effectiveness
Return On Assets 6.5%
Ret/ On Assets - 3 Yr. Avg. 6.8%
Return On Total Capital 8.5%
Ret/ On T. Cap. - 3 Yr. Avg. 8.9%
Return On Equity 11%
Return On Equity - 3 Yr. Avg. 11.4%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 36%
Gross Margin - 3 Yr. Avg. 36.3%
EBITDA Margin 12%
EBITDA Margin - 3 Yr. Avg. 11.8%
Operating Margin 7%
Oper. Margin - 3 Yr. Avg. 6.3%
Pre-Tax Margin 6.4%
Pre-Tax Margin - 3 Yr. Avg. 5.6%
Net Profit Margin 4.9%
Net Profit Margin - 3 Yr. Avg. 4.9%
Effective Tax Rate 28.5%
Eff/ Tax Rate - 3 Yr. Avg. 14.3%
Payout Ratio 23.1%

CVG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CVG stock intrinsic value calculation we used $2914 million for the last fiscal year's total revenue generated by Convergys. The default revenue input number comes from 2016 income statement of Convergys. 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 CVG stock valuation model: a) initial revenue growth rate of 2% 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 CVG is calculated based on our internal credit rating of Convergys, 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 Convergys.
    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 CVG stock the variable cost ratio is equal to 93.4%.

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 CVG 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 3.9% for Convergys.

Corporate tax rate of 27% is the nominal tax rate for Convergys. 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 CVG 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 CVG are equal to 16%.

Life of production assets of 8.9 years is the average useful life of capital assets used in Convergys 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 CVG is equal to 9.9%. 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 - $1316 million for Convergys - 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 93.854 million for Convergys 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 Convergys at the current share price and the inputted number of shares is $2.3 billion.

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COMPANY NEWS

▶ Convergys tops Street 1Q forecasts   [May-09-17 05:50AM  Associated Press]
▶ Convergys Reports First Quarter Results   [May-08-17 04:15PM  Business Wire]
▶ Convergys opening Pennsylvania tech center with 250 jobs   [Apr-26-17 09:05AM  Associated Press]
▶ From Cempra to Lowe's: North Carolina's 2017 layoffs by the numbers   [10:40AM  American City Business Journals]
▶ Convergys misses Street 4Q forecasts   [Feb-22-17 04:38PM  Associated Press]
▶ Convergys: New contract could curb layoffs in Greenville   [Feb-15-17 08:20AM  at bizjournals.com]
▶ Convergys: New contract could curb layoffs in Greenville   [08:20AM  American City Business Journals]
▶ Cincinnati company to lay off 175 in Hazelwood   [Feb-10-17 02:20PM  at bizjournals.com]
▶ Is Convergys Corporation (CVG) a Good Stock to Invest in?   [Dec-05-16 12:04PM  at Insider Monkey]
▶ Convergys Reports Third Quarter Results   [04:16PM  Business Wire]
▶ Cincinnati firm signs on with United Nations   [Oct-05-16 07:15AM  at bizjournals.com]
▶ Convergys Reports Second Quarter Results   [04:15PM  Business Wire]
▶ Convergys Completes Acquisition of buw   [08:50AM  Business Wire]
▶ Customer management firm plans layoffs at Tampa call center   [Jul-26-16 03:02PM  at bizjournals.com]
▶ Convergys plans $136M acquisition   [Jul-07-16 07:00AM  at bizjournals.com]
▶ Convergys to Acquire buw   [Jul-06-16 04:51PM  Business Wire]
▶ Convergys Named a Top 50 Market Research Firm   [Jun-28-16 12:00PM  Business Wire]
▶ Convergys Stock Trades Ex-Dividend Wednesday (CVG)   [Jun-22-16 10:03AM  at Investopedia]
▶ Convergys to hire 12,000   [Jun-14-16 12:46PM  at bizjournals.com]
▶ Convergys to Host a Nationwide Hiring Day   [Jun-09-16 03:42PM  Business Wire]
Stock chart of CVG Financial statements of CVG Annual reports of CVG
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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