Intrinsic value of DST Systems - DST

Previous Close

$59.79

  Intrinsic Value

$66.23

stock screener

  Rating & Target

hold

+11%

Previous close

$59.79

 
Intrinsic value

$66.23

 
Up/down potential

+11%

 
Rating

hold

We calculate the intrinsic value of DST 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 3.6

 

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, %
  5.63
  5.60
  5.54
  5.49
  5.44
  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
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
Revenue, $m
  1,557
  1,644
  1,735
  1,830
  1,930
  2,034
  2,143
  2,257
  2,376
  2,501
  2,632
  2,769
  2,913
  3,064
  3,221
  3,387
  3,560
  3,742
  3,933
  4,133
  4,343
  4,564
  4,795
  5,038
  5,292
  5,559
  5,840
  6,134
  6,443
  6,767
  7,107
Variable operating expenses, $m
 
  1,245
  1,311
  1,380
  1,453
  1,528
  1,607
  1,690
  1,776
  1,867
  1,962
  2,010
  2,114
  2,224
  2,338
  2,458
  2,584
  2,716
  2,855
  3,000
  3,153
  3,313
  3,481
  3,657
  3,841
  4,035
  4,239
  4,452
  4,677
  4,912
  5,159
Fixed operating expenses, $m
 
  128
  131
  135
  138
  141
  145
  149
  152
  156
  160
  164
  168
  172
  177
  181
  186
  190
  195
  200
  205
  210
  215
  221
  226
  232
  238
  243
  250
  256
  262
Total operating expenses, $m
  1,304
  1,373
  1,442
  1,515
  1,591
  1,669
  1,752
  1,839
  1,928
  2,023
  2,122
  2,174
  2,282
  2,396
  2,515
  2,639
  2,770
  2,906
  3,050
  3,200
  3,358
  3,523
  3,696
  3,878
  4,067
  4,267
  4,477
  4,695
  4,927
  5,168
  5,421
Operating income, $m
  253
  271
  293
  316
  340
  365
  391
  419
  448
  478
  510
  595
  630
  668
  706
  747
  790
  836
  883
  933
  986
  1,041
  1,099
  1,160
  1,225
  1,292
  1,363
  1,438
  1,517
  1,599
  1,686
EBITDA, $m
  349
  357
  381
  406
  432
  459
  488
  518
  549
  583
  617
  654
  692
  732
  775
  819
  866
  915
  967
  1,021
  1,078
  1,138
  1,201
  1,267
  1,337
  1,410
  1,487
  1,568
  1,653
  1,742
  1,837
Interest expense (income), $m
  23
  13
  17
  21
  24
  28
  33
  37
  42
  47
  52
  57
  62
  68
  74
  81
  87
  94
  102
  109
  117
  126
  135
  144
  154
  164
  175
  186
  198
  211
  224
Earnings before tax, $m
  279
  258
  276
  295
  315
  336
  358
  381
  406
  431
  458
  538
  568
  599
  632
  667
  703
  741
  782
  824
  868
  915
  964
  1,016
  1,071
  1,128
  1,188
  1,252
  1,318
  1,389
  1,462
Tax expense, $m
  101
  70
  74
  80
  85
  91
  97
  103
  110
  116
  124
  145
  153
  162
  171
  180
  190
  200
  211
  222
  234
  247
  260
  274
  289
  305
  321
  338
  356
  375
  395
Net income, $m
  427
  188
  201
  215
  230
  245
  262
  278
  296
  315
  335
  393
  415
  438
  462
  487
  513
  541
  571
  601
  634
  668
  704
  742
  782
  823
  867
  914
  962
  1,014
  1,068

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  196
  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
  2,772
  2,722
  2,873
  3,031
  3,195
  3,368
  3,548
  3,737
  3,934
  4,141
  4,358
  4,585
  4,823
  5,072
  5,333
  5,607
  5,895
  6,196
  6,512
  6,843
  7,191
  7,556
  7,939
  8,340
  8,762
  9,204
  9,668
  10,155
  10,667
  11,203
  11,767
Adjusted assets (=assets-cash), $m
  2,576
  2,722
  2,873
  3,031
  3,195
  3,368
  3,548
  3,737
  3,934
  4,141
  4,358
  4,585
  4,823
  5,072
  5,333
  5,607
  5,895
  6,196
  6,512
  6,843
  7,191
  7,556
  7,939
  8,340
  8,762
  9,204
  9,668
  10,155
  10,667
  11,203
  11,767
Revenue / Adjusted assets
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
Average production assets, $m
  258
  271
  286
  302
  318
  336
  354
  372
  392
  413
  434
  457
  481
  505
  532
  559
  587
  617
  649
  682
  717
  753
  791
  831
  873
  917
  964
  1,012
  1,063
  1,117
  1,173
Working capital, $m
  27
  43
  45
  48
  50
  53
  56
  59
  62
  65
  68
  72
  76
  80
  84
  88
  93
  97
  102
  107
  113
  119
  125
  131
  138
  145
  152
  159
  168
  176
  185
Total debt, $m
  508
  394
  480
  569
  663
  761
  863
  970
  1,082
  1,199
  1,322
  1,451
  1,586
  1,727
  1,875
  2,030
  2,193
  2,364
  2,543
  2,731
  2,928
  3,135
  3,352
  3,580
  3,819
  4,070
  4,333
  4,609
  4,899
  5,203
  5,523
Total liabilities, $m
  1,657
  1,543
  1,629
  1,718
  1,812
  1,910
  2,012
  2,119
  2,231
  2,348
  2,471
  2,600
  2,735
  2,876
  3,024
  3,179
  3,342
  3,513
  3,692
  3,880
  4,077
  4,284
  4,501
  4,729
  4,968
  5,219
  5,482
  5,758
  6,048
  6,352
  6,672
Total equity, $m
  1,115
  1,179
  1,244
  1,312
  1,384
  1,458
  1,536
  1,618
  1,704
  1,793
  1,887
  1,985
  2,088
  2,196
  2,309
  2,428
  2,552
  2,683
  2,820
  2,963
  3,114
  3,272
  3,437
  3,611
  3,794
  3,985
  4,186
  4,397
  4,619
  4,851
  5,095
Total liabilities and equity, $m
  2,772
  2,722
  2,873
  3,030
  3,196
  3,368
  3,548
  3,737
  3,935
  4,141
  4,358
  4,585
  4,823
  5,072
  5,333
  5,607
  5,894
  6,196
  6,512
  6,843
  7,191
  7,556
  7,938
  8,340
  8,762
  9,204
  9,668
  10,155
  10,667
  11,203
  11,767
Debt-to-equity ratio
  0.456
  0.330
  0.390
  0.430
  0.480
  0.520
  0.560
  0.600
  0.630
  0.670
  0.700
  0.730
  0.760
  0.790
  0.810
  0.840
  0.860
  0.880
  0.900
  0.920
  0.940
  0.960
  0.980
  0.990
  1.010
  1.020
  1.040
  1.050
  1.060
  1.070
  1.080
Adjusted equity ratio
  0.357
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  427
  188
  201
  215
  230
  245
  262
  278
  296
  315
  335
  393
  415
  438
  462
  487
  513
  541
  571
  601
  634
  668
  704
  742
  782
  823
  867
  914
  962
  1,014
  1,068
Depreciation, amort., depletion, $m
  96
  86
  88
  90
  92
  95
  97
  99
  102
  105
  107
  59
  62
  65
  68
  72
  75
  79
  83
  87
  92
  97
  101
  107
  112
  118
  124
  130
  136
  143
  150
Funds from operations, $m
  83
  274
  290
  306
  322
  340
  358
  378
  398
  419
  442
  452
  476
  502
  530
  558
  589
  620
  654
  689
  726
  765
  806
  848
  894
  941
  991
  1,044
  1,099
  1,157
  1,218
Change in working capital, $m
  -106
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
Cash from operations, $m
  189
  272
  287
  303
  320
  337
  356
  375
  395
  416
  439
  448
  473
  498
  526
  554
  584
  616
  649
  684
  720
  759
  800
  842
  887
  934
  984
  1,036
  1,091
  1,148
  1,209
Maintenance CAPEX, $m
  0
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -92
  -97
  -101
  -107
  -112
  -118
  -124
  -130
  -136
  -143
New CAPEX, $m
  -60
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -53
  -56
Cash from investing activities, $m
  296
  -47
  -50
  -53
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -87
  -91
  -95
  -101
  -105
  -110
  -116
  -122
  -128
  -135
  -141
  -149
  -156
  -164
  -173
  -181
  -189
  -199
Free cash flow, $m
  485
  225
  237
  251
  265
  279
  295
  311
  328
  345
  364
  370
  390
  412
  435
  459
  484
  510
  538
  567
  598
  631
  665
  701
  738
  778
  820
  864
  910
  959
  1,010
Issuance/(repayment) of debt, $m
  -53
  82
  86
  89
  93
  98
  102
  107
  112
  117
  123
  129
  135
  141
  148
  155
  163
  171
  179
  188
  197
  207
  217
  228
  239
  251
  263
  276
  290
  304
  319
Issuance/(repurchase) of shares, $m
  -311
  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  
  -332
  82
  86
  89
  93
  98
  102
  107
  112
  117
  123
  129
  135
  141
  148
  155
  163
  171
  179
  188
  197
  207
  217
  228
  239
  251
  263
  276
  290
  304
  319
Total cash flow (excl. dividends), $m
  153
  308
  323
  340
  358
  377
  397
  418
  440
  463
  487
  498
  525
  553
  583
  614
  647
  681
  717
  755
  795
  838
  882
  928
  977
  1,029
  1,083
  1,140
  1,200
  1,263
  1,329
Retained Cash Flow (-), $m
  -69
  -64
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -119
  -124
  -130
  -137
  -144
  -151
  -158
  -166
  -174
  -182
  -192
  -201
  -211
  -221
  -232
  -244
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
 
  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
 
  244
  258
  272
  287
  302
  319
  336
  354
  373
  393
  400
  422
  445
  470
  495
  522
  551
  581
  612
  645
  680
  716
  755
  795
  837
  882
  929
  979
  1,031
  1,085
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
 
  234
  236
  237
  236
  234
  231
  227
  221
  214
  206
  190
  180
  169
  158
  145
  133
  120
  107
  94
  82
  70
  59
  49
  40
  33
  26
  20
  15
  11
  8
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

DST Systems, Inc. (DST) is a provider of technology-based information processing and servicing solutions. The Company offers its solutions through data management, business processing and customer communications solutions to clients within the asset management, brokerage, retirement and healthcare markets. The Company operates through two segments: Financial Services and Healthcare Services. Through the Financial Services segment, DST provides investor, investment, advisor/intermediary and asset distribution services to companies within the financial services industry. The Healthcare Services segment uses the Company's software applications to provide healthcare organizations a range of medical and pharmacy benefit solutions to aid their information processing, quality of care, cost management and payment integrity needs. Its investments in equity securities, private equity investments, real estate and certain financial interests are aggregated into an Investments and Other segment.

FINANCIAL RATIOS  of  DST Systems (DST)

Valuation Ratios
P/E Ratio 9
Price to Sales 2.5
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 20.2
Price to Free Cash Flow 29.7
Growth Rates
Sales Growth Rate 5.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -32.6%
Cap. Spend. - 3 Yr. Gr. Rate -10.2%
Financial Strength
Quick Ratio 1
Current Ratio 0.6
LT Debt to Equity 26.8%
Total Debt to Equity 45.6%
Interest Coverage 13
Management Effectiveness
Return On Assets 15.8%
Ret/ On Assets - 3 Yr. Avg. 16.4%
Return On Total Capital 26.4%
Ret/ On T. Cap. - 3 Yr. Avg. 26.6%
Return On Equity 39.5%
Return On Equity - 3 Yr. Avg. 40%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 22%
Gross Margin - 3 Yr. Avg. 22.6%
EBITDA Margin 25.6%
EBITDA Margin - 3 Yr. Avg. 40.6%
Operating Margin 16.2%
Oper. Margin - 3 Yr. Avg. 18.7%
Pre-Tax Margin 17.9%
Pre-Tax Margin - 3 Yr. Avg. 32.9%
Net Profit Margin 27.4%
Net Profit Margin - 3 Yr. Avg. 30.4%
Effective Tax Rate 36.2%
Eff/ Tax Rate - 3 Yr. Avg. 31.1%
Payout Ratio 10.1%

DST stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DST stock intrinsic value calculation we used $1557 million for the last fiscal year's total revenue generated by DST Systems. The default revenue input number comes from 2016 income statement of DST Systems. 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 DST stock valuation model: a) initial revenue growth rate of 5.6% 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 DST is calculated based on our internal credit rating of DST Systems, 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 DST Systems.
    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 DST stock the variable cost ratio is equal to 75.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $125 million in the base year in the intrinsic value calculation for DST 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 4.3% for DST Systems.

Corporate tax rate of 27% is the nominal tax rate for DST Systems. 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 DST 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 DST are equal to 16.5%.

Life of production assets of 7.8 years is the average useful life of capital assets used in DST Systems 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 DST is equal to 2.6%. 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 - $1115 million for DST Systems - 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 60.47 million for DST Systems 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 DST Systems at the current share price and the inputted number of shares is $3.6 billion.

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COMPANY NEWS

▶ DST Systems, Inc. Declares Cash Dividend   [Oct-27-17 04:30PM  PR Newswire]
▶ Loop Industries Announces CFO Transition   [Oct-25-17 04:45PM  GlobeNewswire]
▶ DST Systems beats 3Q profit forecasts   [Oct-20-17 06:51AM  Associated Press]
▶ ETFs with exposure to DST Systems, Inc. : October 6, 2017   [Oct-06-17 10:46AM  Capital Cube]
▶ DST faces class action over profit-sharing plan   [Sep-11-17 02:35PM  American City Business Journals]
▶ DST Systems, Inc. Declares Cash Dividend   [Aug-02-17 04:15PM  PR Newswire]
▶ New Strong Sell Stocks for August 1st   [Aug-01-17 09:44AM  Zacks]
▶ DST Systems misses 2Q profit forecasts   [01:34AM  Associated Press]
▶ ETFs with exposure to DST Systems, Inc. : July 24, 2017   [Jul-24-17 03:28PM  Capital Cube]
▶ ETFs with exposure to DST Systems, Inc. : July 14, 2017   [Jul-14-17 02:01PM  Capital Cube]
▶ ETFs with exposure to DST Systems, Inc. : June 26, 2017   [Jun-26-17 03:49PM  Capital Cube]
▶ ETFs with exposure to DST Systems, Inc. : June 15, 2017   [Jun-15-17 01:44PM  Capital Cube]
▶ Two DST Systems units will add 415 jobs in KC   [May-30-17 08:00AM  American City Business Journals]
▶ New Strong Buy Stocks for May 19th   [May-19-17 09:50AM  Zacks]
▶ 5 Value Stocks To Own As Volatility Increases   [May-16-17 05:16PM  Benzinga]
▶ Top Ranked Momentum Stocks to Buy for May 3rd   [May-03-17 11:00AM  Zacks]
▶ DST Systems beats 1Q profit forecasts   [07:44AM  Associated Press]
▶ Five Stocks for the Small Cap Breakout to Highs   [Apr-20-17 08:05PM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for April 7th   [Apr-07-17 11:05AM  Zacks]
Financial statements of DST
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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