Intrinsic value of Equifax - EFX

Previous Close

$110.51

  Intrinsic Value

$80.76

stock screener

  Rating & Target

sell

-27%

  Value-price divergence*

-59%

Previous close

$110.51

 
Intrinsic value

$80.76

 
Up/down potential

-27%

 
Rating

sell

 
Value-price divergence*

-59%

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

We calculate the intrinsic value of EFX 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 13.3

 

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, %
  18.06
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.11
  5.09
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
Revenue, $m
  3,145
  3,324
  3,511
  3,707
  3,911
  4,125
  4,348
  4,582
  4,826
  5,082
  5,350
  5,630
  5,924
  6,232
  6,555
  6,893
  7,248
  7,619
  8,009
  8,418
  8,847
  9,297
  9,769
  10,264
  10,783
  11,329
  11,901
  12,501
  13,131
  13,793
  14,487
Variable operating expenses, $m
 
  2,437
  2,552
  2,672
  2,797
  2,928
  3,065
  3,209
  3,359
  3,516
  3,680
  3,455
  3,635
  3,824
  4,022
  4,230
  4,447
  4,676
  4,915
  5,166
  5,429
  5,705
  5,994
  6,298
  6,617
  6,952
  7,303
  7,671
  8,058
  8,464
  8,890
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
  2,327
  2,437
  2,552
  2,672
  2,797
  2,928
  3,065
  3,209
  3,359
  3,516
  3,680
  3,455
  3,635
  3,824
  4,022
  4,230
  4,447
  4,676
  4,915
  5,166
  5,429
  5,705
  5,994
  6,298
  6,617
  6,952
  7,303
  7,671
  8,058
  8,464
  8,890
Operating income, $m
  818
  887
  959
  1,035
  1,114
  1,196
  1,282
  1,373
  1,467
  1,566
  1,669
  2,175
  2,289
  2,408
  2,532
  2,663
  2,800
  2,944
  3,094
  3,252
  3,418
  3,592
  3,774
  3,966
  4,166
  4,377
  4,598
  4,830
  5,073
  5,329
  5,597
EBITDA, $m
  1,087
  1,377
  1,455
  1,536
  1,620
  1,709
  1,801
  1,898
  1,999
  2,105
  2,216
  2,332
  2,454
  2,582
  2,715
  2,855
  3,002
  3,156
  3,318
  3,487
  3,665
  3,851
  4,047
  4,252
  4,467
  4,693
  4,930
  5,179
  5,440
  5,714
  6,001
Interest expense (income), $m
  85
  112
  122
  132
  143
  154
  165
  177
  190
  203
  217
  232
  247
  263
  280
  297
  315
  335
  355
  376
  398
  421
  446
  471
  498
  526
  556
  587
  620
  654
  690
Earnings before tax, $m
  728
  775
  837
  903
  971
  1,043
  1,117
  1,195
  1,277
  1,363
  1,452
  1,944
  2,042
  2,145
  2,253
  2,366
  2,485
  2,609
  2,740
  2,876
  3,020
  3,170
  3,328
  3,494
  3,668
  3,850
  4,042
  4,243
  4,454
  4,675
  4,907
Tax expense, $m
  233
  209
  226
  244
  262
  281
  302
  323
  345
  368
  392
  525
  551
  579
  608
  639
  671
  704
  740
  777
  815
  856
  899
  943
  990
  1,040
  1,091
  1,146
  1,203
  1,262
  1,325
Net income, $m
  489
  566
  611
  659
  709
  761
  816
  873
  932
  995
  1,060
  1,419
  1,491
  1,566
  1,645
  1,727
  1,814
  1,905
  2,000
  2,100
  2,205
  2,314
  2,430
  2,551
  2,678
  2,811
  2,951
  3,097
  3,251
  3,413
  3,582

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  129
  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
  6,664
  6,911
  7,300
  7,707
  8,131
  8,575
  9,039
  9,525
  10,033
  10,565
  11,122
  11,705
  12,316
  12,956
  13,627
  14,330
  15,068
  15,840
  16,651
  17,501
  18,393
  19,328
  20,309
  21,339
  22,419
  23,552
  24,742
  25,990
  27,300
  28,675
  30,118
Adjusted assets (=assets-cash), $m
  6,535
  6,911
  7,300
  7,707
  8,131
  8,575
  9,039
  9,525
  10,033
  10,565
  11,122
  11,705
  12,316
  12,956
  13,627
  14,330
  15,068
  15,840
  16,651
  17,501
  18,393
  19,328
  20,309
  21,339
  22,419
  23,552
  24,742
  25,990
  27,300
  28,675
  30,118
Revenue / Adjusted assets
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
Average production assets, $m
  1,588
  1,679
  1,773
  1,872
  1,975
  2,083
  2,196
  2,314
  2,437
  2,566
  2,702
  2,843
  2,992
  3,147
  3,310
  3,481
  3,660
  3,848
  4,045
  4,251
  4,468
  4,695
  4,933
  5,183
  5,446
  5,721
  6,010
  6,313
  6,631
  6,965
  7,316
Working capital, $m
  -587
  -140
  -147
  -156
  -164
  -173
  -183
  -192
  -203
  -213
  -225
  -236
  -249
  -262
  -275
  -290
  -304
  -320
  -336
  -354
  -372
  -390
  -410
  -431
  -453
  -476
  -500
  -525
  -552
  -579
  -608
Total debt, $m
  2,672
  2,769
  3,000
  3,241
  3,493
  3,756
  4,031
  4,319
  4,621
  4,936
  5,266
  5,612
  5,975
  6,354
  6,752
  7,169
  7,606
  8,064
  8,545
  9,049
  9,578
  10,132
  10,714
  11,325
  11,965
  12,637
  13,343
  14,083
  14,860
  15,675
  16,531
Total liabilities, $m
  4,001
  4,098
  4,329
  4,570
  4,822
  5,085
  5,360
  5,648
  5,950
  6,265
  6,595
  6,941
  7,304
  7,683
  8,081
  8,498
  8,935
  9,393
  9,874
  10,378
  10,907
  11,461
  12,043
  12,654
  13,294
  13,966
  14,672
  15,412
  16,189
  17,004
  17,860
Total equity, $m
  2,663
  2,813
  2,971
  3,137
  3,309
  3,490
  3,679
  3,877
  4,084
  4,300
  4,527
  4,764
  5,013
  5,273
  5,546
  5,832
  6,133
  6,447
  6,777
  7,123
  7,486
  7,866
  8,266
  8,685
  9,124
  9,586
  10,070
  10,578
  11,111
  11,671
  12,258
Total liabilities and equity, $m
  6,664
  6,911
  7,300
  7,707
  8,131
  8,575
  9,039
  9,525
  10,034
  10,565
  11,122
  11,705
  12,317
  12,956
  13,627
  14,330
  15,068
  15,840
  16,651
  17,501
  18,393
  19,327
  20,309
  21,339
  22,418
  23,552
  24,742
  25,990
  27,300
  28,675
  30,118
Debt-to-equity ratio
  1.003
  0.980
  1.010
  1.030
  1.060
  1.080
  1.100
  1.110
  1.130
  1.150
  1.160
  1.180
  1.190
  1.200
  1.220
  1.230
  1.240
  1.250
  1.260
  1.270
  1.280
  1.290
  1.300
  1.300
  1.310
  1.320
  1.330
  1.330
  1.340
  1.340
  1.350
Adjusted equity ratio
  0.388
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  489
  566
  611
  659
  709
  761
  816
  873
  932
  995
  1,060
  1,419
  1,491
  1,566
  1,645
  1,727
  1,814
  1,905
  2,000
  2,100
  2,205
  2,314
  2,430
  2,551
  2,678
  2,811
  2,951
  3,097
  3,251
  3,413
  3,582
Depreciation, amort., depletion, $m
  269
  490
  495
  501
  507
  512
  519
  525
  532
  539
  547
  157
  165
  174
  183
  192
  202
  213
  223
  235
  247
  259
  273
  286
  301
  316
  332
  349
  366
  385
  404
Funds from operations, $m
  840
  1,056
  1,107
  1,160
  1,215
  1,274
  1,334
  1,398
  1,464
  1,534
  1,607
  1,576
  1,656
  1,740
  1,827
  1,920
  2,016
  2,117
  2,223
  2,335
  2,451
  2,574
  2,702
  2,837
  2,978
  3,127
  3,283
  3,446
  3,618
  3,798
  3,987
Change in working capital, $m
  44
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
Cash from operations, $m
  796
  1,063
  1,115
  1,168
  1,224
  1,282
  1,344
  1,408
  1,475
  1,545
  1,618
  1,588
  1,668
  1,753
  1,841
  1,934
  2,031
  2,133
  2,240
  2,352
  2,469
  2,593
  2,722
  2,858
  3,000
  3,150
  3,307
  3,471
  3,644
  3,825
  4,016
Maintenance CAPEX, $m
  0
  -88
  -93
  -98
  -103
  -109
  -115
  -121
  -128
  -135
  -142
  -149
  -157
  -165
  -174
  -183
  -192
  -202
  -213
  -223
  -235
  -247
  -259
  -273
  -286
  -301
  -316
  -332
  -349
  -366
  -385
New CAPEX, $m
  -174
  -91
  -95
  -99
  -103
  -108
  -113
  -118
  -123
  -129
  -135
  -142
  -148
  -155
  -163
  -171
  -179
  -188
  -197
  -206
  -217
  -227
  -238
  -250
  -262
  -275
  -289
  -303
  -318
  -334
  -351
Cash from investing activities, $m
  -1,976
  -179
  -188
  -197
  -206
  -217
  -228
  -239
  -251
  -264
  -277
  -291
  -305
  -320
  -337
  -354
  -371
  -390
  -410
  -429
  -452
  -474
  -497
  -523
  -548
  -576
  -605
  -635
  -667
  -700
  -736
Free cash flow, $m
  -1,180
  885
  927
  971
  1,017
  1,066
  1,116
  1,168
  1,223
  1,281
  1,341
  1,297
  1,363
  1,432
  1,504
  1,580
  1,660
  1,743
  1,830
  1,922
  2,018
  2,119
  2,224
  2,335
  2,452
  2,574
  2,702
  2,836
  2,977
  3,125
  3,280
Issuance/(repayment) of debt, $m
  1,298
  226
  231
  241
  252
  263
  275
  288
  301
  315
  330
  346
  362
  380
  398
  417
  437
  458
  481
  504
  529
  555
  582
  610
  641
  672
  705
  740
  777
  815
  856
Issuance/(repurchase) of shares, $m
  32
  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  
  1,346
  226
  231
  241
  252
  263
  275
  288
  301
  315
  330
  346
  362
  380
  398
  417
  437
  458
  481
  504
  529
  555
  582
  610
  641
  672
  705
  740
  777
  815
  856
Total cash flow (excl. dividends), $m
  194
  1,111
  1,158
  1,212
  1,269
  1,329
  1,391
  1,456
  1,525
  1,596
  1,671
  1,643
  1,725
  1,811
  1,902
  1,997
  2,097
  2,201
  2,311
  2,426
  2,547
  2,673
  2,806
  2,946
  3,092
  3,246
  3,407
  3,576
  3,754
  3,940
  4,136
Retained Cash Flow (-), $m
  -352
  -150
  -158
  -165
  -173
  -181
  -189
  -198
  -207
  -216
  -227
  -237
  -249
  -261
  -273
  -286
  -300
  -315
  -330
  -346
  -363
  -381
  -399
  -419
  -440
  -461
  -484
  -508
  -533
  -560
  -587
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
 
  961
  1,000
  1,047
  1,096
  1,148
  1,202
  1,259
  1,318
  1,380
  1,445
  1,405
  1,476
  1,551
  1,629
  1,711
  1,797
  1,887
  1,981
  2,080
  2,184
  2,293
  2,407
  2,527
  2,652
  2,784
  2,923
  3,068
  3,221
  3,381
  3,549
Discount rate, %
 
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
 
  898
  866
  835
  799
  759
  714
  666
  615
  562
  508
  422
  373
  326
  281
  238
  199
  163
  131
  104
  81
  61
  45
  33
  23
  16
  11
  7
  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

Equifax Inc. is a global provider of information solutions and human resources business process outsourcing services for businesses, governments and consumers. The Company operates in four segments: U.S. Information Solutions (USIS), International, Workforce Solutions and Global Consumer Solutions. Its products and services are based on databases of consumer and business information derived from various sources, including credit, financial assets, telecommunications and utility payments, employment, income, demographic and marketing data. It uses statistical techniques and software tools to analyze all available data, creating customized insights, decision-making solutions and processing services for its clients. It helps consumers understand, manage and protect their personal information and make more informed financial decisions. The Company also provides information, technology and services to support debt collections and recovery management.

FINANCIAL RATIOS  of  Equifax (EFX)

Valuation Ratios
P/E Ratio 27.1
Price to Sales 4.2
Price to Book 5
Price to Tangible Book
Price to Cash Flow 16.6
Price to Free Cash Flow 21.3
Growth Rates
Sales Growth Rate 18.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 19.2%
Cap. Spend. - 3 Yr. Gr. Rate 16%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 78.4%
Total Debt to Equity 100.3%
Interest Coverage 10
Management Effectiveness
Return On Assets 9.8%
Ret/ On Assets - 3 Yr. Avg. 9.7%
Return On Total Capital 11.1%
Ret/ On T. Cap. - 3 Yr. Avg. 10.9%
Return On Equity 19.7%
Return On Equity - 3 Yr. Avg. 18.3%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 64.6%
Gross Margin - 3 Yr. Avg. 65.5%
EBITDA Margin 34.4%
EBITDA Margin - 3 Yr. Avg. 34.3%
Operating Margin 26%
Oper. Margin - 3 Yr. Avg. 26.1%
Pre-Tax Margin 23.1%
Pre-Tax Margin - 3 Yr. Avg. 23.5%
Net Profit Margin 15.5%
Net Profit Margin - 3 Yr. Avg. 15.6%
Effective Tax Rate 32%
Eff/ Tax Rate - 3 Yr. Avg. 32.9%
Payout Ratio 32.3%

EFX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EFX stock intrinsic value calculation we used $3145 million for the last fiscal year's total revenue generated by Equifax. The default revenue input number comes from 2016 income statement of Equifax. 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 EFX stock valuation model: a) initial revenue growth rate of 5.7% 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 7.1%, whose default value for EFX is calculated based on our internal credit rating of Equifax, 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 Equifax.
    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 EFX stock the variable cost ratio is equal to 74%.

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 EFX 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 4.4% for Equifax.

Corporate tax rate of 27% is the nominal tax rate for Equifax. 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 EFX 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 EFX are equal to 50.5%.

Life of production assets of 18.1 years is the average useful life of capital assets used in Equifax 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 EFX is equal to -4.2%. 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 - $2663 million for Equifax - 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 120.682 million for Equifax 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 Equifax at the current share price and the inputted number of shares is $13.3 billion.

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COMPANY NEWS

▶ NY lawmaker wants tighter rules for credit-monitoring firms   [Oct-19-17 04:41PM  Associated Press]
▶ [$$] Equifax Faces Shareholder Call for Governance, Pay Changes   [Oct-18-17 04:39PM  The Wall Street Journal]
▶ Dont Count Equifax Inc. Stock Out Just Yet   [12:01PM  InvestorPlace]
▶ [$$] Security Breaches Up 2.8% So Far in 2017   [Oct-16-17 02:37PM  Barrons.com]
▶ HBO's John Oliver rips Equifax on 'Last Week Tonight'   [08:15AM  American City Business Journals]
▶ [$$] Equifaxs Latest Security Foil: A Defunct Web Service   [12:16AM  The Wall Street Journal]
▶ [$$] Equifaxs Credibility Rating Falls Below 200   [Oct-13-17 11:21PM  The Wall Street Journal]
▶ [$$] Equifax's Latest Security Foil: A Defunct Web Service   [07:35PM  The Wall Street Journal]
▶ [$$] Equifax's Credibility Rating Falls Below 200   [11:45AM  The Wall Street Journal]
▶ Equifax pulls customer service page, cites vendor's software   [Oct-12-17 07:12PM  Associated Press]
▶ Closing Bell: LIVE MARKETS BLOG   [04:16PM  TheStreet.com]
▶ Was Equifax Hacked Again?   [10:30AM  Fortune]
▶ Equifax breach included over 10 million drivers licenses   [Oct-11-17 08:24PM  Fox Business Videos]
▶ [$$] Don't Discount Benefits of a Cybersecurity Audit   [10:26AM  The Wall Street Journal]
▶ [$$] Symantecs Shares Are Coming Undone   [Oct-10-17 10:34PM  The Wall Street Journal]
▶ [$$] Editor's News Picks   [07:08AM  The Wall Street Journal]
Financial statements of EFX
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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