Intrinsic value of DeVry Education Group - DV

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$37.85

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$37.85

 
Intrinsic value

$29.87

 
Up/down potential

-21%

 
Rating

sell

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

We calculate the intrinsic value of DV 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 2.4

 

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, %
  -3.46
  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
  1,844
  1,881
  1,924
  1,974
  2,029
  2,091
  2,158
  2,232
  2,311
  2,397
  2,489
  2,587
  2,692
  2,804
  2,923
  3,049
  3,183
  3,324
  3,474
  3,632
  3,799
  3,975
  4,160
  4,356
  4,562
  4,779
  5,008
  5,249
  5,502
  5,769
  6,049
Variable operating expenses, $m
 
  1,725
  1,764
  1,808
  1,857
  1,911
  1,971
  2,036
  2,107
  2,183
  2,264
  2,293
  2,386
  2,485
  2,590
  2,702
  2,820
  2,945
  3,078
  3,218
  3,366
  3,522
  3,686
  3,860
  4,043
  4,235
  4,438
  4,651
  4,875
  5,112
  5,360
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
  1,856
  1,725
  1,764
  1,808
  1,857
  1,911
  1,971
  2,036
  2,107
  2,183
  2,264
  2,293
  2,386
  2,485
  2,590
  2,702
  2,820
  2,945
  3,078
  3,218
  3,366
  3,522
  3,686
  3,860
  4,043
  4,235
  4,438
  4,651
  4,875
  5,112
  5,360
Operating income, $m
  -12
  155
  160
  166
  172
  179
  187
  195
  204
  214
  225
  295
  307
  319
  333
  347
  362
  379
  396
  414
  433
  453
  474
  496
  520
  544
  570
  598
  627
  657
  689
EBITDA, $m
  73
  267
  273
  280
  288
  296
  306
  316
  327
  340
  353
  367
  381
  397
  414
  432
  451
  471
  492
  515
  538
  563
  590
  617
  646
  677
  710
  744
  780
  817
  857
Interest expense (income), $m
  4
  0
  0
  1
  1
  2
  2
  3
  4
  5
  5
  6
  7
  8
  9
  11
  12
  13
  15
  16
  18
  19
  21
  23
  25
  27
  29
  31
  33
  36
  38
Earnings before tax, $m
  -17
  155
  160
  165
  171
  177
  185
  192
  201
  210
  219
  288
  299
  311
  323
  337
  351
  365
  381
  398
  415
  433
  453
  473
  495
  518
  542
  567
  593
  621
  650
Tax expense, $m
  -14
  42
  43
  45
  46
  48
  50
  52
  54
  57
  59
  78
  81
  84
  87
  91
  95
  99
  103
  107
  112
  117
  122
  128
  134
  140
  146
  153
  160
  168
  176
Net income, $m
  -3
  113
  117
  121
  125
  130
  135
  140
  146
  153
  160
  210
  218
  227
  236
  246
  256
  267
  278
  290
  303
  316
  331
  346
  361
  378
  395
  414
  433
  453
  475

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  312
  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
  2,097
  1,821
  1,863
  1,911
  1,964
  2,024
  2,089
  2,160
  2,237
  2,320
  2,409
  2,505
  2,606
  2,715
  2,830
  2,952
  3,081
  3,218
  3,363
  3,516
  3,677
  3,848
  4,027
  4,217
  4,416
  4,627
  4,848
  5,081
  5,326
  5,584
  5,856
Adjusted assets (=assets-cash), $m
  1,785
  1,821
  1,863
  1,911
  1,964
  2,024
  2,089
  2,160
  2,237
  2,320
  2,409
  2,505
  2,606
  2,715
  2,830
  2,952
  3,081
  3,218
  3,363
  3,516
  3,677
  3,848
  4,027
  4,217
  4,416
  4,627
  4,848
  5,081
  5,326
  5,584
  5,856
Revenue / Adjusted assets
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
Average production assets, $m
  868
  884
  904
  928
  954
  983
  1,014
  1,049
  1,086
  1,127
  1,170
  1,216
  1,265
  1,318
  1,374
  1,433
  1,496
  1,562
  1,633
  1,707
  1,785
  1,868
  1,955
  2,047
  2,144
  2,246
  2,354
  2,467
  2,586
  2,711
  2,843
Working capital, $m
  156
  -160
  -164
  -168
  -172
  -178
  -183
  -190
  -196
  -204
  -212
  -220
  -229
  -238
  -248
  -259
  -271
  -283
  -295
  -309
  -323
  -338
  -354
  -370
  -388
  -406
  -426
  -446
  -468
  -490
  -514
Total debt, $m
  0
  11
  23
  37
  53
  70
  89
  109
  132
  156
  181
  209
  238
  269
  303
  338
  375
  415
  457
  501
  548
  597
  649
  704
  761
  822
  886
  953
  1,024
  1,099
  1,177
Total liabilities, $m
  515
  526
  538
  552
  568
  585
  604
  624
  647
  671
  696
  724
  753
  784
  818
  853
  890
  930
  972
  1,016
  1,063
  1,112
  1,164
  1,219
  1,276
  1,337
  1,401
  1,468
  1,539
  1,614
  1,692
Total equity, $m
  1,582
  1,295
  1,324
  1,358
  1,397
  1,439
  1,485
  1,536
  1,591
  1,650
  1,713
  1,781
  1,853
  1,930
  2,012
  2,099
  2,191
  2,288
  2,391
  2,500
  2,614
  2,736
  2,863
  2,998
  3,140
  3,290
  3,447
  3,613
  3,787
  3,970
  4,163
Total liabilities and equity, $m
  2,097
  1,821
  1,862
  1,910
  1,965
  2,024
  2,089
  2,160
  2,238
  2,321
  2,409
  2,505
  2,606
  2,714
  2,830
  2,952
  3,081
  3,218
  3,363
  3,516
  3,677
  3,848
  4,027
  4,217
  4,416
  4,627
  4,848
  5,081
  5,326
  5,584
  5,855
Debt-to-equity ratio
  0.000
  0.010
  0.020
  0.030
  0.040
  0.050
  0.060
  0.070
  0.080
  0.090
  0.110
  0.120
  0.130
  0.140
  0.150
  0.160
  0.170
  0.180
  0.190
  0.200
  0.210
  0.220
  0.230
  0.230
  0.240
  0.250
  0.260
  0.260
  0.270
  0.280
  0.280
Adjusted equity ratio
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -3
  113
  117
  121
  125
  130
  135
  140
  146
  153
  160
  210
  218
  227
  236
  246
  256
  267
  278
  290
  303
  316
  331
  346
  361
  378
  395
  414
  433
  453
  475
Depreciation, amort., depletion, $m
  85
  111
  112
  114
  115
  117
  119
  121
  123
  125
  128
  72
  75
  78
  81
  85
  89
  92
  97
  101
  106
  111
  116
  121
  127
  133
  139
  146
  153
  160
  168
Funds from operations, $m
  163
  225
  229
  234
  240
  246
  254
  261
  270
  278
  288
  282
  293
  305
  317
  331
  344
  359
  375
  391
  409
  427
  446
  467
  488
  511
  535
  560
  586
  614
  643
Change in working capital, $m
  -69
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -22
  -23
  -24
Cash from operations, $m
  232
  225
  233
  238
  245
  252
  259
  267
  276
  286
  296
  291
  302
  315
  328
  341
  356
  371
  388
  405
  423
  442
  462
  483
  506
  529
  554
  580
  608
  636
  667
Maintenance CAPEX, $m
  0
  -51
  -52
  -54
  -55
  -56
  -58
  -60
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -92
  -97
  -101
  -106
  -111
  -116
  -121
  -127
  -133
  -139
  -146
  -153
  -160
New CAPEX, $m
  -69
  -17
  -20
  -23
  -26
  -29
  -32
  -35
  -37
  -40
  -43
  -46
  -49
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -132
Cash from investing activities, $m
  -215
  -68
  -72
  -77
  -81
  -85
  -90
  -95
  -99
  -104
  -110
  -115
  -121
  -128
  -134
  -140
  -148
  -155
  -162
  -171
  -179
  -189
  -198
  -208
  -218
  -229
  -240
  -252
  -265
  -278
  -292
Free cash flow, $m
  17
  157
  160
  162
  164
  166
  169
  173
  177
  181
  186
  175
  181
  187
  194
  201
  208
  216
  225
  234
  243
  254
  264
  276
  288
  300
  314
  328
  343
  358
  375
Issuance/(repayment) of debt, $m
  -12
  11
  12
  14
  16
  17
  19
  21
  22
  24
  26
  28
  29
  31
  33
  35
  37
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  67
  71
  75
  78
Issuance/(repurchase) of shares, $m
  -31
  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  
  -43
  11
  12
  14
  16
  17
  19
  21
  22
  24
  26
  28
  29
  31
  33
  35
  37
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  67
  71
  75
  78
Total cash flow (excl. dividends), $m
  -22
  169
  172
  176
  179
  184
  188
  193
  199
  205
  212
  203
  210
  218
  227
  236
  246
  256
  267
  278
  290
  303
  316
  330
  345
  361
  378
  395
  413
  433
  453
Retained Cash Flow (-), $m
  3
  -25
  -30
  -34
  -38
  -42
  -46
  -51
  -55
  -59
  -63
  -68
  -72
  -77
  -82
  -87
  -92
  -97
  -103
  -109
  -115
  -121
  -128
  -135
  -142
  -149
  -157
  -166
  -174
  -183
  -193
Prev. year cash balance distribution, $m
 
  312
  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
 
  456
  142
  141
  141
  141
  142
  143
  144
  146
  148
  135
  138
  141
  145
  149
  154
  158
  164
  169
  175
  182
  188
  196
  203
  212
  220
  229
  239
  249
  260
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
 
  437
  130
  123
  116
  109
  103
  97
  90
  84
  78
  64
  59
  54
  49
  44
  39
  34
  30
  26
  22
  19
  16
  13
  10
  8
  6
  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

DeVry Education Group Inc. provides educational services worldwide. It operates through three segments: Medical and Healthcare; International and Professional Educational; and Business, Technology and Management. The Medical and Healthcare segment operates American University of the Caribbean School of Medicine and Ross University School of Medicine, which provide medical education; and Ross University School of Veterinary Medicine that offers veterinary education. It also operates Chamberlain College of Nursing, which provides pre and post-licensure bachelor's, master's, and doctorate degree programs in nursing through campus, online, and blended formats; and the Carrington College that offers degree and diploma programs primarily in health care, dental, and veterinary career fields. The International and Professional Educational segment operates approximately 13 institutions that offer undergraduate and graduate programs primarily focused in business, management, medical, healthcare, law, and engineering, as well as legal bar exam review courses and review courses for tests required for diplomatic careers. This segment also operates Becker Professional Education, which provides professional education serving the accounting, finance, project management, and healthcare professions. The Business, Technology and Management segment operates DeVry University that offer career-oriented master's, bachelor's, and associate degree and certificate programs in technology, science, business, and the arts. The company was formerly known as DeVry Inc. and changed its name to DeVry Education Group Inc. in November 2013. DeVry Education Group Inc. was founded in 1931 and is headquartered in Downers Grove, Illinois.

FINANCIAL RATIOS  of  DeVry Education Group (DV)

Valuation Ratios
P/E Ratio -789.2
Price to Sales 1.3
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 10.2
Price to Free Cash Flow 14.5
Growth Rates
Sales Growth Rate -3.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -22.5%
Cap. Spend. - 3 Yr. Gr. Rate -9.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage -3
Management Effectiveness
Return On Assets -0.1%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital -0.2%
Ret/ On T. Cap. - 3 Yr. Avg. 6%
Return On Equity -0.2%
Return On Equity - 3 Yr. Avg. 6%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 46.5%
Gross Margin - 3 Yr. Avg. 47.7%
EBITDA Margin 3.9%
EBITDA Margin - 3 Yr. Avg. 10.3%
Operating Margin -0.7%
Oper. Margin - 3 Yr. Avg. 5.7%
Pre-Tax Margin -0.9%
Pre-Tax Margin - 3 Yr. Avg. 5.5%
Net Profit Margin -0.2%
Net Profit Margin - 3 Yr. Avg. 4.7%
Effective Tax Rate 82.4%
Eff/ Tax Rate - 3 Yr. Avg. 36.6%
Payout Ratio -766.7%

DV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DV stock intrinsic value calculation we used $1844 million for the last fiscal year's total revenue generated by DeVry Education Group. The default revenue input number comes from 2016 income statement of DeVry Education Group. 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 DV 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 DV is calculated based on our internal credit rating of DeVry Education Group, 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 DeVry Education Group.
    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 DV 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 DV 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 DeVry Education Group.

Corporate tax rate of 27% is the nominal tax rate for DeVry Education Group. 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 DV 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 DV are equal to 47%.

Life of production assets of 16.9 years is the average useful life of capital assets used in DeVry Education Group 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 DV is equal to -8.5%. 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 - $1582 million for DeVry Education Group - 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 62.906 million for DeVry Education Group 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 DeVry Education Group at the current share price and the inputted number of shares is $2.4 billion.


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COMPANY NEWS

▶ DeVry Education Group to Host Investor Day   [Apr-21-17 10:20AM  Business Wire]
▶ How Donald Trump Moved the Market Last Month   [Apr-09-17 08:18AM  Motley Fool]
▶ DeVry Education Group to Host Investor Day in Chicago   [Mar-20-17 04:15PM  Business Wire]
▶ [$$] For-Profit School Shares Lifted as Trump Delays New Rules   [Mar-12-17 11:00AM  at The Wall Street Journal]
▶ Education Stocks In The Age Of Trump   [Feb-09-17 02:38PM  at Forbes]
▶ UPDATED: DeVry Slips: Back To School For Brazil Loans   [Feb-08-17 07:22PM  at Barrons.com]
▶ [$$] DeVry Education Swings to a Profit   [05:27PM  at The Wall Street Journal]
▶ [$$] DeVry Settles False Advertising Allegations   [12:36AM  at The Wall Street Journal]
▶ [$$] DeVry Settles False Advertising Allegations   [Jan-30-17 11:00PM  at The Wall Street Journal]
▶ DeVry University Launches Innovative Extended Classrooms   [Jan-19-17 10:00AM  Business Wire]
▶ DeVry Students Get $100 Million Settlement (DV)   [Dec-16-16 04:05PM  at Investopedia]
▶ DeVry University to settle federal lawsuit for $100M   [Dec-15-16 08:40PM  at bizjournals.com]
▶ [$$] DeVry Settles FTC Suit Alleging False Ads for $100 Million   [01:17PM  at The Wall Street Journal]
▶ For-Profit Colleges Look to Donald Trump for a Pass   [Dec-03-16 12:01AM  at The Wall Street Journal]
▶ [$$] For-Profit Colleges Look to Donald Trump for a Pass   [Dec-02-16 09:00AM  at The Wall Street Journal]
▶ For-Profit Colleges Look to Donald Trump for a Pass   [07:00AM  at The Wall Street Journal]
▶ Do Hedge Funds Love DeVry Education Group Inc (DV)?   [Dec-01-16 06:21AM  at Insider Monkey]
▶ [$$] Investors Cast Their Votes for Companies Trashed by Trump   [03:58AM  at The Wall Street Journal]
Stock chart of DV Financial statements of DV
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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