Intrinsic value of Ebix - EBIX

Previous Close

$81.25

  Intrinsic Value

$153.07

stock screener

  Rating & Target

str. buy

+88%

Previous close

$81.25

 
Intrinsic value

$153.07

 
Up/down potential

+88%

 
Rating

str. buy

We calculate the intrinsic value of EBIX 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  12.45
  24.00
  22.10
  20.39
  18.85
  17.47
  16.22
  15.10
  14.09
  13.18
  12.36
  11.62
  10.96
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.52
  6.36
  6.23
  6.10
  5.99
  5.89
Revenue, $m
  298
  370
  451
  543
  646
  758
  881
  1,014
  1,157
  1,310
  1,472
  1,643
  1,823
  2,012
  2,210
  2,416
  2,631
  2,856
  3,089
  3,331
  3,584
  3,846
  4,118
  4,401
  4,695
  5,001
  5,319
  5,650
  5,995
  6,354
  6,729
Variable operating expenses, $m
 
  225
  265
  310
  360
  416
  476
  541
  611
  686
  765
  805
  893
  986
  1,083
  1,184
  1,289
  1,399
  1,514
  1,632
  1,756
  1,884
  2,018
  2,156
  2,301
  2,450
  2,606
  2,769
  2,938
  3,114
  3,297
Fixed operating expenses, $m
 
  8
  8
  9
  9
  9
  9
  10
  10
  10
  10
  10
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  16
  16
  16
  17
Total operating expenses, $m
  198
  233
  273
  319
  369
  425
  485
  551
  621
  696
  775
  815
  904
  997
  1,094
  1,196
  1,301
  1,411
  1,526
  1,645
  1,769
  1,897
  2,032
  2,170
  2,315
  2,465
  2,621
  2,785
  2,954
  3,130
  3,314
Operating income, $m
  100
  136
  178
  224
  276
  334
  396
  464
  536
  614
  696
  827
  919
  1,015
  1,116
  1,221
  1,330
  1,444
  1,563
  1,686
  1,814
  1,948
  2,086
  2,230
  2,380
  2,535
  2,697
  2,866
  3,041
  3,224
  3,415
EBITDA, $m
  112
  184
  227
  274
  328
  386
  450
  519
  593
  672
  757
  845
  939
  1,037
  1,140
  1,247
  1,359
  1,476
  1,597
  1,723
  1,854
  1,990
  2,132
  2,279
  2,432
  2,591
  2,756
  2,928
  3,108
  3,295
  3,489
Interest expense (income), $m
  7
  9
  12
  16
  20
  24
  29
  34
  40
  46
  52
  59
  67
  74
  82
  91
  100
  109
  119
  129
  139
  150
  161
  173
  185
  197
  210
  224
  238
  253
  268
Earnings before tax, $m
  96
  127
  165
  209
  257
  310
  367
  430
  497
  568
  644
  768
  852
  941
  1,033
  1,130
  1,230
  1,335
  1,444
  1,558
  1,675
  1,798
  1,925
  2,058
  2,195
  2,338
  2,487
  2,642
  2,803
  2,971
  3,147
Tax expense, $m
  2
  34
  45
  56
  69
  84
  99
  116
  134
  153
  174
  207
  230
  254
  279
  305
  332
  360
  390
  421
  452
  485
  520
  556
  593
  631
  671
  713
  757
  802
  850
Net income, $m
  94
  93
  121
  152
  187
  226
  268
  314
  363
  415
  470
  561
  622
  687
  754
  825
  898
  975
  1,054
  1,137
  1,223
  1,312
  1,405
  1,502
  1,602
  1,707
  1,815
  1,929
  2,046
  2,169
  2,297

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  117
  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
  804
  851
  1,040
  1,252
  1,488
  1,747
  2,031
  2,337
  2,667
  3,018
  3,391
  3,785
  4,200
  4,636
  5,091
  5,567
  6,063
  6,580
  7,117
  7,676
  8,257
  8,861
  9,488
  10,140
  10,818
  11,522
  12,256
  13,019
  13,814
  14,642
  15,505
Adjusted assets (=assets-cash), $m
  687
  851
  1,040
  1,252
  1,488
  1,747
  2,031
  2,337
  2,667
  3,018
  3,391
  3,785
  4,200
  4,636
  5,091
  5,567
  6,063
  6,580
  7,117
  7,676
  8,257
  8,861
  9,488
  10,140
  10,818
  11,522
  12,256
  13,019
  13,814
  14,642
  15,505
Revenue / Adjusted assets
  0.434
  0.435
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
Average production assets, $m
  99
  123
  150
  180
  214
  252
  293
  337
  384
  435
  489
  545
  605
  668
  734
  802
  874
  948
  1,026
  1,106
  1,190
  1,277
  1,367
  1,461
  1,559
  1,660
  1,766
  1,876
  1,990
  2,110
  2,234
Working capital, $m
  117
  15
  18
  22
  26
  30
  35
  41
  46
  52
  59
  66
  73
  80
  88
  97
  105
  114
  124
  133
  143
  154
  165
  176
  188
  200
  213
  226
  240
  254
  269
Total debt, $m
  272
  347
  447
  560
  685
  823
  973
  1,136
  1,311
  1,498
  1,696
  1,905
  2,125
  2,356
  2,598
  2,851
  3,115
  3,389
  3,674
  3,971
  4,279
  4,600
  4,933
  5,279
  5,639
  6,013
  6,403
  6,808
  7,230
  7,670
  8,128
Total liabilities, $m
  377
  452
  552
  665
  790
  928
  1,078
  1,241
  1,416
  1,603
  1,801
  2,010
  2,230
  2,461
  2,703
  2,956
  3,220
  3,494
  3,779
  4,076
  4,384
  4,705
  5,038
  5,384
  5,744
  6,118
  6,508
  6,913
  7,335
  7,775
  8,233
Total equity, $m
  427
  399
  488
  587
  698
  819
  952
  1,096
  1,251
  1,415
  1,590
  1,775
  1,970
  2,174
  2,388
  2,611
  2,844
  3,086
  3,338
  3,600
  3,873
  4,156
  4,450
  4,756
  5,073
  5,404
  5,748
  6,106
  6,479
  6,867
  7,272
Total liabilities and equity, $m
  804
  851
  1,040
  1,252
  1,488
  1,747
  2,030
  2,337
  2,667
  3,018
  3,391
  3,785
  4,200
  4,635
  5,091
  5,567
  6,064
  6,580
  7,117
  7,676
  8,257
  8,861
  9,488
  10,140
  10,817
  11,522
  12,256
  13,019
  13,814
  14,642
  15,505
Debt-to-equity ratio
  0.637
  0.870
  0.920
  0.950
  0.980
  1.000
  1.020
  1.040
  1.050
  1.060
  1.070
  1.070
  1.080
  1.080
  1.090
  1.090
  1.100
  1.100
  1.100
  1.100
  1.110
  1.110
  1.110
  1.110
  1.110
  1.110
  1.110
  1.110
  1.120
  1.120
  1.120
Adjusted equity ratio
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  94
  93
  121
  152
  187
  226
  268
  314
  363
  415
  470
  561
  622
  687
  754
  825
  898
  975
  1,054
  1,137
  1,223
  1,312
  1,405
  1,502
  1,602
  1,707
  1,815
  1,929
  2,046
  2,169
  2,297
Depreciation, amort., depletion, $m
  12
  48
  49
  50
  51
  52
  54
  55
  57
  59
  60
  18
  20
  22
  24
  27
  29
  32
  34
  37
  40
  43
  46
  49
  52
  55
  59
  63
  66
  70
  74
Funds from operations, $m
  66
  141
  170
  202
  239
  279
  322
  369
  419
  473
  530
  579
  642
  709
  779
  851
  927
  1,006
  1,088
  1,174
  1,263
  1,355
  1,451
  1,551
  1,654
  1,762
  1,874
  1,991
  2,113
  2,239
  2,371
Change in working capital, $m
  -18
  3
  3
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
Cash from operations, $m
  84
  138
  167
  199
  235
  274
  317
  364
  414
  467
  524
  572
  635
  701
  771
  843
  919
  997
  1,079
  1,164
  1,253
  1,345
  1,440
  1,539
  1,643
  1,750
  1,862
  1,978
  2,099
  2,225
  2,356
Maintenance CAPEX, $m
  0
  -3
  -4
  -5
  -6
  -7
  -8
  -10
  -11
  -13
  -14
  -16
  -18
  -20
  -22
  -24
  -27
  -29
  -32
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -55
  -59
  -63
  -66
  -70
New CAPEX, $m
  -10
  -24
  -27
  -31
  -34
  -37
  -41
  -44
  -47
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -71
  -74
  -77
  -81
  -84
  -87
  -90
  -94
  -98
  -102
  -106
  -110
  -115
  -119
  -124
Cash from investing activities, $m
  -21
  -27
  -31
  -36
  -40
  -44
  -49
  -54
  -58
  -64
  -68
  -73
  -78
  -83
  -88
  -93
  -98
  -103
  -109
  -115
  -121
  -127
  -133
  -140
  -147
  -154
  -161
  -169
  -178
  -185
  -194
Free cash flow, $m
  63
  111
  135
  163
  195
  229
  268
  310
  355
  404
  456
  499
  557
  618
  683
  750
  820
  894
  970
  1,050
  1,132
  1,218
  1,307
  1,400
  1,496
  1,596
  1,701
  1,809
  1,922
  2,039
  2,162
Issuance/(repayment) of debt, $m
  66
  87
  100
  113
  125
  138
  150
  163
  175
  187
  198
  209
  220
  231
  242
  253
  263
  274
  285
  297
  308
  321
  333
  346
  360
  374
  389
  405
  422
  440
  458
Issuance/(repurchase) of shares, $m
  -59
  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  
  6
  87
  100
  113
  125
  138
  150
  163
  175
  187
  198
  209
  220
  231
  242
  253
  263
  274
  285
  297
  308
  321
  333
  346
  360
  374
  389
  405
  422
  440
  458
Total cash flow (excl. dividends), $m
  67
  198
  235
  276
  320
  367
  418
  473
  530
  590
  654
  708
  777
  850
  925
  1,003
  1,084
  1,168
  1,255
  1,346
  1,441
  1,538
  1,640
  1,746
  1,856
  1,971
  2,090
  2,214
  2,344
  2,479
  2,620
Retained Cash Flow (-), $m
  -18
  -77
  -88
  -99
  -111
  -122
  -133
  -144
  -154
  -165
  -175
  -185
  -195
  -204
  -214
  -223
  -233
  -242
  -252
  -262
  -272
  -283
  -294
  -306
  -318
  -331
  -344
  -358
  -373
  -388
  -405
Prev. year cash balance distribution, $m
 
  105
  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
 
  226
  147
  176
  209
  246
  285
  329
  375
  425
  479
  523
  583
  645
  711
  780
  851
  926
  1,003
  1,084
  1,168
  1,255
  1,346
  1,440
  1,538
  1,640
  1,746
  1,856
  1,971
  2,091
  2,215
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
 
  217
  135
  153
  172
  190
  207
  222
  235
  244
  251
  249
  249
  245
  239
  229
  216
  201
  185
  167
  148
  130
  112
  94
  78
  64
  51
  40
  30
  23
  17
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

Ebix, Inc. (Ebix) is a supplier of software and e-commerce solutions to the insurance industry. Ebix provides application software products for the insurance industry, including carrier systems, agency systems and exchanges, as well as custom software development. Ebix conducts its operations through four channels, which include Exchanges, Carrier Systems, Broker Systems and Risk Compliance Solutions (RCS). Ebix operates data exchanges in the areas of life insurance, annuities, employee health benefits, risk management, workers compensation, and property and casualty (P&C) insurance. Ebix designs and deploys back-end systems for P&C insurance brokers across the world. Ebix also designs and deploys on-demand and back-end systems for P&C insurance companies. Ebix focus in RCS channel pertains to business process outsourcing services that include providing project management, time and material consulting to clients across the world, and claims adjudication/settlement services.

FINANCIAL RATIOS  of  Ebix (EBIX)

Valuation Ratios
P/E Ratio 27.7
Price to Sales 8.7
Price to Book 6.1
Price to Tangible Book
Price to Cash Flow 31
Price to Free Cash Flow 35.2
Growth Rates
Sales Growth Rate 12.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -41.2%
Cap. Spend. - 3 Yr. Gr. Rate 58.5%
Financial Strength
Quick Ratio 10
Current Ratio 0.2
LT Debt to Equity 60.9%
Total Debt to Equity 63.7%
Interest Coverage 15
Management Effectiveness
Return On Assets 13.6%
Ret/ On Assets - 3 Yr. Avg. 12.5%
Return On Total Capital 14.3%
Ret/ On T. Cap. - 3 Yr. Avg. 13.5%
Return On Equity 22.5%
Return On Equity - 3 Yr. Avg. 18.9%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 71.5%
Gross Margin - 3 Yr. Avg. 74.1%
EBITDA Margin 38.6%
EBITDA Margin - 3 Yr. Avg. 39.5%
Operating Margin 33.6%
Oper. Margin - 3 Yr. Avg. 34.6%
Pre-Tax Margin 32.2%
Pre-Tax Margin - 3 Yr. Avg. 33.7%
Net Profit Margin 31.5%
Net Profit Margin - 3 Yr. Avg. 30.5%
Effective Tax Rate 2.1%
Eff/ Tax Rate - 3 Yr. Avg. 9%
Payout Ratio 10.6%

EBIX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EBIX stock intrinsic value calculation we used $298 million for the last fiscal year's total revenue generated by Ebix. The default revenue input number comes from 2016 income statement of Ebix. 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 EBIX stock valuation model: a) initial revenue growth rate of 24% 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 EBIX is calculated based on our internal credit rating of Ebix, 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 Ebix.
    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 EBIX stock the variable cost ratio is equal to 63.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $8 million in the base year in the intrinsic value calculation for EBIX 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 Ebix.

Corporate tax rate of 27% is the nominal tax rate for Ebix. 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 EBIX 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 EBIX are equal to 33.2%.

Life of production assets of 43.4 years is the average useful life of capital assets used in Ebix 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 EBIX is equal to 4%. 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 - $427 million for Ebix - 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 31.546 million for Ebix 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 Ebix at the current share price and the inputted number of shares is $2.6 billion.

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COMPANY NEWS

▶ ETFs with exposure to Ebix, Inc. : December 29, 2017   [Dec-29-17 11:53AM  Capital Cube]
▶ ETFs with exposure to Ebix, Inc. : December 18, 2017   [Dec-18-17 03:23PM  Capital Cube]
▶ ETFs with exposure to Ebix, Inc. : December 7, 2017   [Dec-07-17 01:33PM  Capital Cube]
▶ Ebix posts 3Q profit   [Nov-08-17 08:01AM  Associated Press]
▶ Ebix At Upper End Of Buy Zone With Earnings Due   [Oct-27-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Ebix, Inc. : October 18, 2017   [Oct-18-17 09:43AM  Capital Cube]
▶ ETFs with exposure to Ebix, Inc. : October 4, 2017   [Oct-04-17 10:41AM  Capital Cube]
▶ Composite Rating For Ebix Rises To 97   [03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Ebix, Inc. : September 22, 2017   [Sep-22-17 11:09AM  Capital Cube]
▶ Ebix posts 2Q profit   [Aug-08-17 10:27PM  Associated Press]
▶ Ebix, Inc. Value Analysis (NASDAQ:EBIX) : July 31, 2017   [Jul-31-17 05:59PM  Capital Cube]
▶ New Strong Sell Stocks for June 27th   [Jun-27-17 10:09AM  Zacks]
▶ 6 Cheap Stocks With Growing Earnings   [Jun-16-17 02:20PM  GuruFocus.com]
▶ Bear of the Day: Ebix (EBIX)   [06:38AM  Zacks]
▶ ETFs with exposure to Ebix, Inc. : June 12, 2017   [Jun-12-17 02:00PM  Capital Cube]
▶ ETFs with exposure to Ebix, Inc. : June 1, 2017   [Jun-01-17 01:45PM  Capital Cube]
▶ Investor Network: Ebix, Inc. to Host Earnings Call   [May-09-17 09:30AM  Accesswire]
▶ Ebix posts 1Q profit   [09:04AM  Associated Press]
▶ Cloud-Based Software Stock Gets Rating Upgrade Ahead Of Earnings   [Apr-21-17 11:39AM  Investor's Business Daily]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [11:38AM  Investor's Business Daily]
▶ Growing Earnings for 7 Undervalued Stocks   [Apr-17-17 04:07PM  GuruFocus.com]
▶ Consumers Still Feeling Pretty Good   [Mar-29-17 09:15AM  Investopedia]
▶ New Strong Buy Stocks for March 28th   [Mar-28-17 09:50AM  Zacks]
Financial statements of EBIX
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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