Intrinsic value of Ennis - EBF

Previous Close

$17.05

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$17.05

 
Intrinsic value premium content
 
Up/down potential premium content
 
Rating premium content
 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

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

We calculate the intrinsic value of EBF 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 2017), $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 0.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -7.51
  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
  357
  580
  594
  609
  626
  645
  666
  689
  713
  740
  768
  798
  831
  865
  902
  941
  982
  1,026
  1,072
  1,121
  1,172
  1,226
  1,284
  1,344
  1,408
  1,475
  1,545
  1,620
  1,698
  1,780
  1,866
Variable operating expenses, $m
 
  618
  632
  648
  666
  686
  708
  732
  758
  786
  816
  841
  875
  912
  950
  991
  1,035
  1,081
  1,129
  1,181
  1,235
  1,292
  1,353
  1,416
  1,483
  1,554
  1,628
  1,706
  1,789
  1,875
  1,966
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
  316
  618
  632
  648
  666
  686
  708
  732
  758
  786
  816
  841
  875
  912
  950
  991
  1,035
  1,081
  1,129
  1,181
  1,235
  1,292
  1,353
  1,416
  1,483
  1,554
  1,628
  1,706
  1,789
  1,875
  1,966
Operating income, $m
  41
  -38
  -38
  -39
  -40
  -41
  -42
  -43
  -45
  -46
  -48
  -43
  -45
  -46
  -48
  -50
  -53
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
EBITDA, $m
  54
  -19
  -20
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -57
  -59
  -62
Interest expense (income), $m
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
Earnings before tax, $m
  40
  -39
  -40
  -41
  -42
  -43
  -44
  -45
  -47
  -48
  -50
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -71
  -74
  -78
  -81
  -85
  -89
  -94
  -98
  -103
  -108
Tax expense, $m
  14
  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
Net income, $m
  2
  -39
  -40
  -41
  -42
  -43
  -44
  -45
  -47
  -48
  -50
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -71
  -74
  -78
  -81
  -85
  -89
  -94
  -98
  -103
  -108

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  80
  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
  324
  393
  402
  412
  424
  436
  451
  466
  483
  500
  520
  540
  562
  585
  610
  637
  664
  694
  725
  758
  793
  830
  869
  909
  952
  998
  1,046
  1,096
  1,149
  1,204
  1,263
Adjusted assets (=assets-cash), $m
  244
  393
  402
  412
  424
  436
  451
  466
  483
  500
  520
  540
  562
  585
  610
  637
  664
  694
  725
  758
  793
  830
  869
  909
  952
  998
  1,046
  1,096
  1,149
  1,204
  1,263
Revenue / Adjusted assets
  1.463
  1.476
  1.478
  1.478
  1.476
  1.479
  1.477
  1.479
  1.476
  1.480
  1.477
  1.478
  1.479
  1.479
  1.479
  1.477
  1.479
  1.478
  1.479
  1.479
  1.478
  1.477
  1.478
  1.479
  1.479
  1.478
  1.477
  1.478
  1.478
  1.478
  1.477
Average production assets, $m
  104
  139
  142
  146
  150
  154
  159
  165
  170
  177
  184
  191
  199
  207
  216
  225
  235
  245
  256
  268
  280
  293
  307
  321
  336
  352
  369
  387
  406
  425
  446
Working capital, $m
  119
  133
  137
  140
  144
  148
  153
  158
  164
  170
  177
  184
  191
  199
  207
  216
  226
  236
  247
  258
  270
  282
  295
  309
  324
  339
  355
  373
  390
  409
  429
Total debt, $m
  30
  42
  44
  47
  49
  52
  56
  60
  64
  68
  73
  78
  83
  89
  95
  101
  108
  115
  123
  131
  140
  148
  158
  168
  178
  189
  201
  213
  226
  240
  254
Total liabilities, $m
  73
  96
  98
  101
  103
  106
  110
  114
  118
  122
  127
  132
  137
  143
  149
  155
  162
  169
  177
  185
  194
  202
  212
  222
  232
  243
  255
  267
  280
  294
  308
Total equity, $m
  251
  297
  304
  311
  320
  330
  341
  352
  365
  378
  393
  408
  425
  443
  461
  481
  502
  525
  548
  573
  600
  627
  657
  688
  720
  754
  790
  828
  868
  910
  955
Total liabilities and equity, $m
  324
  393
  402
  412
  423
  436
  451
  466
  483
  500
  520
  540
  562
  586
  610
  636
  664
  694
  725
  758
  794
  829
  869
  910
  952
  997
  1,045
  1,095
  1,148
  1,204
  1,263
Debt-to-equity ratio
  0.120
  0.140
  0.140
  0.150
  0.150
  0.160
  0.160
  0.170
  0.170
  0.180
  0.190
  0.190
  0.200
  0.200
  0.210
  0.210
  0.220
  0.220
  0.220
  0.230
  0.230
  0.240
  0.240
  0.240
  0.250
  0.250
  0.250
  0.260
  0.260
  0.260
  0.270
Adjusted equity ratio
  0.701
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2
  -39
  -40
  -41
  -42
  -43
  -44
  -45
  -47
  -48
  -50
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -71
  -74
  -78
  -81
  -85
  -89
  -94
  -98
  -103
  -108
Depreciation, amort., depletion, $m
  13
  18
  19
  19
  19
  20
  20
  20
  21
  21
  22
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  38
Funds from operations, $m
  60
  -21
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -71
Change in working capital, $m
  1
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
Cash from operations, $m
  59
  -56
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -90
Maintenance CAPEX, $m
  0
  -12
  -12
  -12
  -12
  -13
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
New CAPEX, $m
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
Cash from investing activities, $m
  86
  -15
  -15
  -16
  -16
  -18
  -18
  -18
  -20
  -20
  -22
  -23
  -24
  -25
  -27
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -45
  -47
  -49
  -52
  -54
  -57
Free cash flow, $m
  145
  -71
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -95
  -100
  -105
  -110
  -115
  -121
  -127
  -134
  -140
  -147
Issuance/(repayment) of debt, $m
  -10
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  9
  10
  11
  11
  12
  12
  13
  14
  14
Issuance/(repurchase) of shares, $m
  -6
  67
  44
  46
  49
  51
  54
  57
  60
  63
  66
  69
  73
  77
  81
  85
  89
  93
  98
  103
  108
  114
  120
  126
  132
  139
  146
  153
  161
  169
  177
Cash from financing (excl. dividends), $m  
  -15
  69
  46
  49
  52
  54
  57
  61
  64
  67
  71
  74
  78
  83
  87
  91
  96
  100
  106
  111
  117
  123
  129
  136
  143
  150
  158
  165
  174
  183
  191
Total cash flow (excl. dividends), $m
  130
  -69
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -52
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -115
  -121
  -127
  -133
Retained Cash Flow (-), $m
  48
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
Prev. year cash balance distribution, $m
 
  8
  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
 
  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
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
 
  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
Current shareholders' claim on cash, %
  100
  86.0
  77.8
  70.1
  63.1
  56.6
  50.7
  45.3
  40.4
  36.0
  32.0
  28.4
  25.2
  22.3
  19.8
  17.5
  15.4
  13.6
  12.0
  10.6
  9.3
  8.2
  7.2
  6.4
  5.6
  4.9
  4.3
  3.8
  3.3
  2.9
  2.6

Ennis, Inc. produces and sells business forms and other business products in the United States. The company’s Print segment designs, manufactures, and sells business forms and other printed business products, such as snap sets, continuous forms, laser cut sheets, tags, labels, envelopes, integrated products, jumbo rolls and pressure sensitive products under the Ennis, Royal Business Forms, Block Graphics, Specialized Printed Forms, 360º Custom Labels, ColorWorx, Enfusion, Uncompromised Check Solutions, VersaSeal, Witt Printing, B&D Litho, Genforms, PrintGraphics, Calibrated Forms, PrintXcel, Printegra, and Curtis Business Forms, Falcon Business Forms, Forms Manufacturers, Mutual Graphics, TRI-C Business Forms, and Hoosier Data Forms brand names. This segment also provides point of purchase advertising for large franchise and fast food chains, as well as kitting and fulfillment under the Adams McClure; presentation folders and document folders under the Admore and Folder Express; custom printed labels, custom, and stock tags products under Ennis Tag & Label; and custom and stock tags and labels under the Atlas Tag & Label brand names. In addition, it offers custom and imprinted envelopes under the Trade Envelopes and Block Graphics, Wisco, and National Imprint Corporation; and financial and security documents under the Northstar and General Financial Supply brand names. This segment sells its products to large banking organizations through private printers and independent distributors. The company’s Apparel segment manufactures and sells knitted activewear, including T-shirts, tank tops, and fleece under the AAA, Alstyle Apparel and Activewear, and Murina brand names. This segment sells its products to screen printers, embellishers, retailers, and mass marketers through sales representatives in the United States, Canada, and Mexico. The company was formerly known as Ennis Business Forms, Inc. Ennis, Inc. was founded in 1909 and is headquartered in Midlothian, Texas.

FINANCIAL RATIOS  of  Ennis (EBF)

Valuation Ratios
P/E Ratio 216.6
Price to Sales 1.2
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 7.3
Price to Free Cash Flow 7.7
Growth Rates
Sales Growth Rate -7.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25%
Cap. Spend. - 3 Yr. Gr. Rate -9.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 12%
Total Debt to Equity 12%
Interest Coverage 41
Management Effectiveness
Return On Assets 0.7%
Ret/ On Assets - 3 Yr. Avg. 0.2%
Return On Total Capital 0.6%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0.7%
Return On Equity - 3 Yr. Avg. -0.3%
Asset Turnover 1
Profitability Ratios
Gross Margin 29.1%
Gross Margin - 3 Yr. Avg. 29.8%
EBITDA Margin 15.1%
EBITDA Margin - 3 Yr. Avg. 16.6%
Operating Margin 11.5%
Oper. Margin - 3 Yr. Avg. 13%
Pre-Tax Margin 11.2%
Pre-Tax Margin - 3 Yr. Avg. 12.9%
Net Profit Margin 0.6%
Net Profit Margin - 3 Yr. Avg. -0.7%
Effective Tax Rate 35%
Eff/ Tax Rate - 3 Yr. Avg. 36.4%
Payout Ratio 2850%

EBF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EBF stock intrinsic value calculation we used $569 million for the last fiscal year's total revenue generated by Ennis. The default revenue input number comes from 2017 income statement of Ennis. 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 EBF 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 EBF is calculated based on our internal credit rating of Ennis, 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 Ennis.
    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 EBF stock the variable cost ratio is equal to 106.5%.

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 EBF 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 Ennis.

Corporate tax rate of 27% is the nominal tax rate for Ennis. 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 EBF 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 EBF are equal to 23.9%.

Life of production assets of 11.8 years is the average useful life of capital assets used in Ennis 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 EBF is equal to 23%. 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 - $299 million for Ennis - 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 24.597 million for Ennis 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 Ennis at the current share price and the inputted number of shares is $0.4 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
DLX Deluxe Corp. 68.97 prem.  prem.
CVO Cenveo 6.06 prem.  prem.
INWK InnerWorkings 11.35 prem.  prem.
OXM Oxford Industr 61.43 prem.  prem.

COMPANY NEWS

▶ Ennis, Inc. Value Analysis (NYSE:EBF) : June 20, 2017   [Jun-20-17 03:47PM  Capital Cube]
▶ Ennis, Inc. Declares Quarterly Dividend   [06:30AM  Business Wire]
▶ ETFs with exposure to Ennis, Inc. : May 25, 2017   [May-25-17 12:38PM  Capital Cube]
▶ Ennis posts 4Q profit   [Apr-25-17 06:24AM  Associated Press]
▶ Ennis, Inc. Value Analysis (NYSE:EBF) : April 17, 2017   [Apr-17-17 01:26PM  Capital Cube]
▶ Ennis, Inc. Declares Quarterly Dividend   [Mar-27-17 12:02PM  Business Wire]
▶ ETFs with exposure to Ennis, Inc. : January 12, 2017   [Jan-12-17 01:59PM  Capital Cube]
▶ Ennis posts 3Q profit   [Dec-20-16 05:47PM  Associated Press]
▶ Ennis, Inc. (EBF): Are Hedge Funds Right About This Stock?   [Dec-09-16 03:50AM  at Insider Monkey]
▶ Ennis, Inc. Acquires Assets of Major Business Systems   [Mar-22-16 11:07AM  at noodls]
▶ Ennis Acquires Assets of Major Business Systems   [Mar-21-16 07:34PM  Business Wire]
Stock chart of EBF Financial statements of EBF Annual reports of EBF
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.