Intrinsic value of Deluxe Corp. - DLX

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$68.97

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of DLX 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 3.3

 

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, %
  4.29
  3.40
  3.56
  3.70
  3.83
  3.95
  4.06
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
Revenue, $m
  1,849
  1,912
  1,980
  2,053
  2,132
  2,216
  2,306
  2,402
  2,503
  2,611
  2,726
  2,847
  2,975
  3,110
  3,253
  3,404
  3,563
  3,730
  3,907
  4,093
  4,289
  4,495
  4,712
  4,940
  5,180
  5,432
  5,698
  5,977
  6,270
  6,578
  6,902
Variable operating expenses, $m
 
  1,531
  1,582
  1,637
  1,695
  1,758
  1,824
  1,896
  1,971
  2,051
  2,136
  2,116
  2,211
  2,311
  2,418
  2,530
  2,648
  2,772
  2,904
  3,042
  3,187
  3,340
  3,502
  3,671
  3,850
  4,037
  4,234
  4,442
  4,660
  4,889
  5,129
Fixed operating expenses, $m
 
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
Total operating expenses, $m
  1,488
  1,535
  1,586
  1,641
  1,699
  1,763
  1,829
  1,901
  1,976
  2,056
  2,141
  2,121
  2,216
  2,317
  2,424
  2,536
  2,654
  2,778
  2,910
  3,048
  3,194
  3,347
  3,509
  3,678
  3,857
  4,044
  4,242
  4,450
  4,668
  4,897
  5,137
Operating income, $m
  361
  376
  394
  412
  433
  454
  477
  501
  527
  555
  584
  726
  759
  793
  830
  868
  909
  952
  997
  1,045
  1,095
  1,148
  1,203
  1,262
  1,323
  1,388
  1,456
  1,527
  1,602
  1,681
  1,764
EBITDA, $m
  473
  521
  540
  560
  581
  604
  629
  655
  683
  712
  743
  777
  812
  849
  888
  929
  972
  1,018
  1,067
  1,118
  1,171
  1,228
  1,287
  1,350
  1,415
  1,484
  1,557
  1,633
  1,714
  1,798
  1,887
Interest expense (income), $m
  21
  25
  27
  28
  30
  32
  34
  36
  39
  41
  44
  46
  49
  52
  55
  59
  63
  66
  70
  75
  79
  84
  89
  94
  99
  105
  111
  117
  124
  131
  139
Earnings before tax, $m
  340
  351
  367
  384
  402
  422
  443
  465
  489
  514
  541
  680
  709
  741
  774
  809
  847
  886
  927
  970
  1,016
  1,064
  1,115
  1,168
  1,224
  1,283
  1,345
  1,410
  1,478
  1,550
  1,626
Tax expense, $m
  111
  95
  99
  104
  109
  114
  120
  126
  132
  139
  146
  183
  192
  200
  209
  219
  229
  239
  250
  262
  274
  287
  301
  315
  330
  346
  363
  381
  399
  418
  439
Net income, $m
  229
  256
  268
  280
  294
  308
  323
  340
  357
  375
  395
  496
  518
  541
  565
  591
  618
  647
  677
  708
  742
  777
  814
  852
  893
  936
  982
  1,029
  1,079
  1,131
  1,187

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  77
  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
  2,184
  2,178
  2,255
  2,339
  2,428
  2,524
  2,627
  2,735
  2,851
  2,974
  3,105
  3,242
  3,388
  3,542
  3,705
  3,877
  4,058
  4,249
  4,450
  4,662
  4,885
  5,119
  5,366
  5,626
  5,900
  6,187
  6,489
  6,807
  7,141
  7,492
  7,861
Adjusted assets (=assets-cash), $m
  2,107
  2,178
  2,255
  2,339
  2,428
  2,524
  2,627
  2,735
  2,851
  2,974
  3,105
  3,242
  3,388
  3,542
  3,705
  3,877
  4,058
  4,249
  4,450
  4,662
  4,885
  5,119
  5,366
  5,626
  5,900
  6,187
  6,489
  6,807
  7,141
  7,492
  7,861
Revenue / Adjusted assets
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
Average production assets, $m
  434
  449
  465
  483
  501
  521
  542
  564
  588
  614
  641
  669
  699
  731
  764
  800
  837
  877
  918
  962
  1,008
  1,056
  1,107
  1,161
  1,217
  1,277
  1,339
  1,404
  1,473
  1,546
  1,622
Working capital, $m
  -18
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -100
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -144
  -151
  -158
  -166
  -174
  -182
  -191
  -201
  -210
  -221
Total debt, $m
  759
  765
  811
  861
  915
  973
  1,035
  1,100
  1,170
  1,244
  1,322
  1,405
  1,492
  1,585
  1,683
  1,786
  1,895
  2,009
  2,130
  2,258
  2,392
  2,533
  2,681
  2,837
  3,002
  3,174
  3,356
  3,547
  3,748
  3,959
  4,181
Total liabilities, $m
  1,303
  1,309
  1,355
  1,405
  1,459
  1,517
  1,579
  1,644
  1,714
  1,788
  1,866
  1,949
  2,036
  2,129
  2,227
  2,330
  2,439
  2,553
  2,674
  2,802
  2,936
  3,077
  3,225
  3,381
  3,546
  3,718
  3,900
  4,091
  4,292
  4,503
  4,725
Total equity, $m
  881
  869
  900
  933
  969
  1,007
  1,048
  1,091
  1,138
  1,187
  1,239
  1,294
  1,352
  1,413
  1,478
  1,547
  1,619
  1,695
  1,775
  1,860
  1,949
  2,043
  2,141
  2,245
  2,354
  2,469
  2,589
  2,716
  2,849
  2,989
  3,137
Total liabilities and equity, $m
  2,184
  2,178
  2,255
  2,338
  2,428
  2,524
  2,627
  2,735
  2,852
  2,975
  3,105
  3,243
  3,388
  3,542
  3,705
  3,877
  4,058
  4,248
  4,449
  4,662
  4,885
  5,120
  5,366
  5,626
  5,900
  6,187
  6,489
  6,807
  7,141
  7,492
  7,862
Debt-to-equity ratio
  0.862
  0.880
  0.900
  0.920
  0.940
  0.970
  0.990
  1.010
  1.030
  1.050
  1.070
  1.090
  1.100
  1.120
  1.140
  1.150
  1.170
  1.190
  1.200
  1.210
  1.230
  1.240
  1.250
  1.260
  1.280
  1.290
  1.300
  1.310
  1.320
  1.320
  1.330
Adjusted equity ratio
  0.382
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  229
  256
  268
  280
  294
  308
  323
  340
  357
  375
  395
  496
  518
  541
  565
  591
  618
  647
  677
  708
  742
  777
  814
  852
  893
  936
  982
  1,029
  1,079
  1,131
  1,187
Depreciation, amort., depletion, $m
  112
  145
  146
  147
  149
  150
  152
  153
  155
  157
  159
  51
  53
  55
  58
  61
  63
  66
  70
  73
  76
  80
  84
  88
  92
  97
  101
  106
  112
  117
  123
Funds from operations, $m
  268
  401
  414
  427
  442
  458
  475
  493
  512
  532
  554
  547
  571
  596
  623
  652
  681
  713
  746
  781
  818
  857
  897
  940
  986
  1,033
  1,083
  1,135
  1,191
  1,249
  1,310
Change in working capital, $m
  -51
  -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
  -9
  -9
  -10
  -10
Cash from operations, $m
  319
  466
  416
  430
  445
  461
  478
  496
  515
  536
  558
  551
  575
  601
  628
  656
  686
  718
  752
  787
  824
  863
  904
  948
  993
  1,041
  1,091
  1,144
  1,200
  1,258
  1,320
Maintenance CAPEX, $m
  0
  -33
  -34
  -35
  -37
  -38
  -39
  -41
  -43
  -45
  -46
  -49
  -51
  -53
  -55
  -58
  -61
  -63
  -66
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -97
  -101
  -106
  -112
  -117
New CAPEX, $m
  -47
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -54
  -56
  -59
  -62
  -66
  -69
  -72
  -76
Cash from investing activities, $m
  -311
  -48
  -50
  -52
  -55
  -58
  -60
  -63
  -67
  -70
  -73
  -77
  -81
  -85
  -89
  -93
  -98
  -102
  -107
  -114
  -119
  -124
  -131
  -138
  -144
  -151
  -159
  -167
  -175
  -184
  -193
Free cash flow, $m
  8
  418
  366
  377
  390
  403
  417
  433
  449
  466
  484
  474
  494
  516
  539
  563
  589
  615
  644
  674
  705
  738
  773
  810
  849
  890
  932
  977
  1,025
  1,074
  1,127
Issuance/(repayment) of debt, $m
  117
  42
  47
  50
  54
  58
  62
  66
  70
  74
  78
  83
  88
  93
  98
  103
  109
  115
  121
  127
  134
  141
  148
  156
  164
  173
  182
  191
  201
  211
  222
Issuance/(repurchase) of shares, $m
  -46
  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  
  63
  42
  47
  50
  54
  58
  62
  66
  70
  74
  78
  83
  88
  93
  98
  103
  109
  115
  121
  127
  134
  141
  148
  156
  164
  173
  182
  191
  201
  211
  222
Total cash flow (excl. dividends), $m
  73
  459
  412
  428
  444
  461
  479
  498
  518
  540
  562
  557
  582
  608
  637
  666
  697
  730
  765
  801
  839
  880
  922
  966
  1,013
  1,062
  1,114
  1,168
  1,225
  1,285
  1,348
Retained Cash Flow (-), $m
  -136
  -29
  -31
  -33
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -69
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -104
  -109
  -115
  -121
  -127
  -133
  -140
  -147
Prev. year cash balance distribution, $m
 
  41
  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
 
  472
  381
  394
  408
  422
  438
  455
  472
  491
  511
  502
  524
  547
  572
  598
  625
  654
  684
  717
  750
  786
  823
  863
  904
  948
  993
  1,042
  1,092
  1,145
  1,201
Discount rate, %
 
  5.20
  5.46
  5.73
  6.02
  6.32
  6.64
  6.97
  7.32
  7.68
  8.07
  8.47
  8.89
  9.34
  9.81
  10.30
  10.81
  11.35
  11.92
  12.51
  13.14
  13.80
  14.49
  15.21
  15.97
  16.77
  17.61
  18.49
  19.41
  20.38
  21.40
PV of cash for distribution, $m
 
  448
  343
  334
  323
  311
  298
  284
  268
  252
  235
  205
  188
  171
  154
  137
  121
  105
  90
  76
  64
  52
  42
  33
  26
  20
  15
  11
  8
  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

Deluxe Corporation provides checks, forms, marketing solutions, accessories, and other products and services for small businesses and financial institutions. It operates through three segments: Small Business Services, Financial Services, and Direct Checks. The company provides checks; printed forms, such as deposit tickets, billing forms, work orders, job proposals, purchase orders, invoices, and personnel forms, as well as computer forms and check registers; and accessories and other products comprising envelopes, office supplies, stamps, and labels, as well as checkbook covers. It also offers Web services, which include logo and Web design; hosting and other Web services; search engine optimization; and marketing programs, including email, mobile, and social media, and other self-service marketing solutions. In addition, the company provides fraud protection and security, online and offline payroll services, and electronic checks; and promotional solutions, such as postcards, brochures, retail packaging supplies, apparel, greeting cards, and business cards. Further, it offers financial technology solutions to larger financial institutions, which comprise data-driven marketing solutions, including outsourced marketing campaign targeting and execution; treasury management solutions; and digital enablement solutions, including loyalty and rewards programs. It operates in the United States, Canada, Europe, and North and South America. The company was formerly known as Deluxe Check Printers, Incorporated and changed its name to Deluxe Corporation in 1988. Deluxe Corporation was founded in 1915 and is headquartered in Shoreview, Minnesota.

FINANCIAL RATIOS  of  Deluxe Corp. (DLX)

Valuation Ratios
P/E Ratio 14.6
Price to Sales 1.8
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 10.5
Price to Free Cash Flow 12.3
Growth Rates
Sales Growth Rate 4.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 9.3%
Cap. Spend. - 3 Yr. Gr. Rate 4.9%
Financial Strength
Quick Ratio 2
Current Ratio 0.3
LT Debt to Equity 82.1%
Total Debt to Equity 86.2%
Interest Coverage 17
Management Effectiveness
Return On Assets 12.1%
Ret/ On Assets - 3 Yr. Avg. 13.3%
Return On Total Capital 15.2%
Ret/ On T. Cap. - 3 Yr. Avg. 16.3%
Return On Equity 28.2%
Return On Equity - 3 Yr. Avg. 31%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 63.9%
Gross Margin - 3 Yr. Avg. 63.9%
EBITDA Margin 25.6%
EBITDA Margin - 3 Yr. Avg. 25.6%
Operating Margin 19.5%
Oper. Margin - 3 Yr. Avg. 19.6%
Pre-Tax Margin 18.4%
Pre-Tax Margin - 3 Yr. Avg. 18.2%
Net Profit Margin 12.4%
Net Profit Margin - 3 Yr. Avg. 12.2%
Effective Tax Rate 32.6%
Eff/ Tax Rate - 3 Yr. Avg. 32.8%
Payout Ratio 25.8%

DLX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DLX stock intrinsic value calculation we used $1849 million for the last fiscal year's total revenue generated by Deluxe Corp.. The default revenue input number comes from 2016 income statement of Deluxe Corp.. 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 DLX stock valuation model: a) initial revenue growth rate of 3.4% 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 5.2%, whose default value for DLX is calculated based on our internal credit rating of Deluxe Corp., 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 Deluxe Corp..
    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 DLX stock the variable cost ratio is equal to 80.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4 million in the base year in the intrinsic value calculation for DLX 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 Deluxe Corp..

Corporate tax rate of 27% is the nominal tax rate for Deluxe Corp.. 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 DLX 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 DLX are equal to 23.5%.

Life of production assets of 13.2 years is the average useful life of capital assets used in Deluxe Corp. 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 DLX is equal to -3.2%. 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 - $881 million for Deluxe Corp. - 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 47.233 million for Deluxe Corp. 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 Deluxe Corp. at the current share price and the inputted number of shares is $3.3 billion.


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COMPANY NEWS

▶ ETFs with exposure to Deluxe Corp. : June 15, 2017   [Jun-15-17 01:43PM  Capital Cube]
▶ ETFs with exposure to Deluxe Corp. : May 25, 2017   [May-25-17 12:38PM  Capital Cube]
▶ ETFs with exposure to Deluxe Corp. : May 12, 2017   [May-12-17 03:53PM  Capital Cube]
▶ Deluxe Corp. Value Analysis (NYSE:DLX) : May 1, 2017   [May-01-17 04:55PM  Capital Cube]
▶ Deluxe Corporation Declares Dividend   [04:35PM  Business Wire]
▶ Deluxe Strengthens on Small-Business Strength   [Apr-27-17 10:11AM  Motley Fool]
▶ Deluxe posts 1Q profit   [08:52AM  Associated Press]
▶ Deluxe Announces Q1 2017 Earnings Release Information   [Apr-13-17 08:30AM  Business Wire]
▶ Deluxe Corp. announces Keith Bush as new CFO   [Mar-16-17 03:24PM  at bizjournals.com]
▶ Deluxe Corp. announces Keith Bush as new CFO   [03:24PM  American City Business Journals]
▶ Company Profile for Deluxe Corporation   [Mar-03-17 10:40AM  Business Wire]
▶ Deluxe Looks for Faster Growth in 2017   [01:21PM  at Motley Fool]
▶ Deluxe Announces Q4 2016 Earnings Release Information   [Jan-12-17 08:30AM  Business Wire]
▶ Hedge Funds Are Dumping Deluxe Corporation (DLX)   [Dec-06-16 10:29AM  at Insider Monkey]
▶ Deluxe Corporation Declares Dividend   [Oct-18-16 05:19PM  Business Wire]
▶ Deluxe Announces Q3 2016 Earnings Release Information   [Oct-06-16 08:30AM  Business Wire]
▶ CFO Moves: Deluxe Corp., Stoneridge Inc.   [Aug-30-16 07:17AM  at The Wall Street Journal]
▶ Deluxe Corp. exec: How we reinvented a 100-year-old brand   [Aug-24-16 09:10AM  at bizjournals.com]
▶ Deluxe Corporation Declares Quarterly Dividend   [Aug-04-16 04:30PM  Business Wire]
Stock chart of DLX Financial statements of DLX Annual reports of DLX
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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