Intrinsic value of Envestnet - ENV

Previous Close

$50.05

  Intrinsic Value

$16.90

stock screener

  Rating & Target

str. sell

-66%

Previous close

$50.05

 
Intrinsic value

$16.90

 
Up/down potential

-66%

 
Rating

str. sell

We calculate the intrinsic value of ENV 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 2.2

 

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, %
  37.29
  17.60
  16.34
  15.21
  14.19
  13.27
  12.44
  11.70
  11.03
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.90
  5.81
  5.73
  5.66
  5.59
Revenue, $m
  578
  680
  791
  911
  1,040
  1,178
  1,325
  1,480
  1,643
  1,814
  1,994
  2,181
  2,376
  2,579
  2,791
  3,011
  3,240
  3,477
  3,724
  3,981
  4,248
  4,525
  4,814
  5,114
  5,427
  5,753
  6,093
  6,447
  6,816
  7,202
  7,605
Variable operating expenses, $m
 
  642
  739
  845
  959
  1,080
  1,209
  1,346
  1,489
  1,640
  1,798
  1,920
  2,092
  2,271
  2,457
  2,650
  2,852
  3,061
  3,278
  3,504
  3,739
  3,983
  4,237
  4,502
  4,777
  5,064
  5,363
  5,675
  6,000
  6,340
  6,694
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
  602
  642
  739
  845
  959
  1,080
  1,209
  1,346
  1,489
  1,640
  1,798
  1,920
  2,092
  2,271
  2,457
  2,650
  2,852
  3,061
  3,278
  3,504
  3,739
  3,983
  4,237
  4,502
  4,777
  5,064
  5,363
  5,675
  6,000
  6,340
  6,694
Operating income, $m
  -23
  38
  51
  66
  81
  98
  115
  134
  154
  174
  196
  261
  285
  309
  334
  361
  388
  416
  446
  477
  509
  542
  576
  612
  650
  689
  730
  772
  816
  862
  911
EBITDA, $m
  41
  114
  132
  153
  174
  197
  222
  248
  275
  304
  334
  365
  398
  432
  467
  504
  542
  582
  624
  667
  711
  758
  806
  856
  909
  963
  1,020
  1,079
  1,141
  1,206
  1,273
Interest expense (income), $m
  8
  9
  11
  14
  17
  21
  24
  28
  32
  36
  40
  45
  50
  55
  60
  65
  71
  77
  83
  89
  95
  102
  109
  117
  124
  132
  140
  149
  158
  168
  177
Earnings before tax, $m
  -40
  29
  40
  52
  64
  77
  91
  106
  122
  138
  155
  216
  235
  254
  274
  295
  317
  340
  363
  388
  413
  440
  467
  496
  526
  557
  589
  623
  658
  695
  733
Tax expense, $m
  16
  8
  11
  14
  17
  21
  25
  29
  33
  37
  42
  58
  63
  69
  74
  80
  86
  92
  98
  105
  112
  119
  126
  134
  142
  150
  159
  168
  178
  188
  198
Net income, $m
  -56
  21
  29
  38
  47
  56
  67
  77
  89
  101
  113
  158
  171
  186
  200
  216
  232
  248
  265
  283
  302
  321
  341
  362
  384
  406
  430
  455
  480
  507
  535

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  53
  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
  872
  963
  1,120
  1,290
  1,473
  1,669
  1,877
  2,096
  2,327
  2,570
  2,824
  3,089
  3,366
  3,654
  3,953
  4,265
  4,589
  4,925
  5,275
  5,639
  6,017
  6,410
  6,818
  7,244
  7,687
  8,149
  8,630
  9,132
  9,655
  10,201
  10,772
Adjusted assets (=assets-cash), $m
  819
  963
  1,120
  1,290
  1,473
  1,669
  1,877
  2,096
  2,327
  2,570
  2,824
  3,089
  3,366
  3,654
  3,953
  4,265
  4,589
  4,925
  5,275
  5,639
  6,017
  6,410
  6,818
  7,244
  7,687
  8,149
  8,630
  9,132
  9,655
  10,201
  10,772
Revenue / Adjusted assets
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
Average production assets, $m
  323
  379
  441
  508
  580
  657
  739
  826
  917
  1,012
  1,112
  1,217
  1,326
  1,439
  1,557
  1,680
  1,808
  1,940
  2,078
  2,221
  2,370
  2,525
  2,686
  2,854
  3,028
  3,210
  3,400
  3,597
  3,804
  4,019
  4,244
Working capital, $m
  -43
  -68
  -79
  -91
  -104
  -118
  -132
  -148
  -164
  -181
  -199
  -218
  -238
  -258
  -279
  -301
  -324
  -348
  -372
  -398
  -425
  -453
  -481
  -511
  -543
  -575
  -609
  -645
  -682
  -720
  -761
Total debt, $m
  291
  327
  408
  495
  589
  689
  796
  908
  1,027
  1,151
  1,282
  1,418
  1,560
  1,707
  1,861
  2,021
  2,187
  2,360
  2,539
  2,726
  2,920
  3,121
  3,331
  3,549
  3,776
  4,013
  4,260
  4,517
  4,786
  5,066
  5,359
Total liabilities, $m
  459
  494
  575
  662
  756
  856
  963
  1,075
  1,194
  1,318
  1,449
  1,585
  1,727
  1,874
  2,028
  2,188
  2,354
  2,527
  2,706
  2,893
  3,087
  3,288
  3,498
  3,716
  3,943
  4,180
  4,427
  4,684
  4,953
  5,233
  5,526
Total equity, $m
  414
  469
  545
  628
  718
  813
  914
  1,021
  1,133
  1,251
  1,375
  1,504
  1,639
  1,779
  1,925
  2,077
  2,235
  2,399
  2,569
  2,746
  2,930
  3,121
  3,321
  3,528
  3,744
  3,968
  4,203
  4,447
  4,702
  4,968
  5,246
Total liabilities and equity, $m
  873
  963
  1,120
  1,290
  1,474
  1,669
  1,877
  2,096
  2,327
  2,569
  2,824
  3,089
  3,366
  3,653
  3,953
  4,265
  4,589
  4,926
  5,275
  5,639
  6,017
  6,409
  6,819
  7,244
  7,687
  8,148
  8,630
  9,131
  9,655
  10,201
  10,772
Debt-to-equity ratio
  0.703
  0.700
  0.750
  0.790
  0.820
  0.850
  0.870
  0.890
  0.910
  0.920
  0.930
  0.940
  0.950
  0.960
  0.970
  0.970
  0.980
  0.980
  0.990
  0.990
  1.000
  1.000
  1.000
  1.010
  1.010
  1.010
  1.010
  1.020
  1.020
  1.020
  1.020
Adjusted equity ratio
  0.441
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -56
  21
  29
  38
  47
  56
  67
  77
  89
  101
  113
  158
  171
  186
  200
  216
  232
  248
  265
  283
  302
  321
  341
  362
  384
  406
  430
  455
  480
  507
  535
Depreciation, amort., depletion, $m
  64
  76
  81
  87
  93
  99
  106
  114
  122
  130
  138
  104
  113
  123
  133
  144
  155
  166
  178
  190
  203
  216
  230
  244
  259
  274
  291
  307
  325
  343
  363
Funds from operations, $m
  98
  97
  110
  124
  140
  156
  173
  191
  210
  231
  252
  262
  285
  309
  333
  359
  386
  414
  443
  473
  504
  537
  571
  606
  643
  681
  721
  762
  805
  851
  898
Change in working capital, $m
  21
  -10
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -39
  -40
Cash from operations, $m
  77
  107
  121
  136
  152
  170
  188
  207
  227
  248
  270
  281
  304
  329
  355
  381
  409
  438
  468
  499
  531
  565
  599
  636
  674
  713
  755
  798
  842
  889
  938
Maintenance CAPEX, $m
  0
  -28
  -32
  -38
  -43
  -50
  -56
  -63
  -71
  -78
  -87
  -95
  -104
  -113
  -123
  -133
  -144
  -155
  -166
  -178
  -190
  -203
  -216
  -230
  -244
  -259
  -274
  -291
  -307
  -325
  -343
New CAPEX, $m
  -23
  -57
  -62
  -67
  -72
  -77
  -82
  -86
  -91
  -96
  -100
  -104
  -109
  -113
  -118
  -123
  -128
  -133
  -138
  -143
  -149
  -155
  -161
  -168
  -175
  -182
  -190
  -198
  -206
  -215
  -225
Cash from investing activities, $m
  -58
  -85
  -94
  -105
  -115
  -127
  -138
  -149
  -162
  -174
  -187
  -199
  -213
  -226
  -241
  -256
  -272
  -288
  -304
  -321
  -339
  -358
  -377
  -398
  -419
  -441
  -464
  -489
  -513
  -540
  -568
Free cash flow, $m
  19
  23
  27
  32
  37
  43
  50
  57
  65
  74
  83
  81
  91
  102
  114
  125
  138
  151
  164
  178
  192
  207
  223
  239
  255
  273
  291
  309
  329
  349
  370
Issuance/(repayment) of debt, $m
  -8
  74
  81
  87
  94
  100
  107
  113
  119
  124
  130
  136
  142
  148
  154
  160
  166
  173
  179
  186
  194
  202
  210
  218
  227
  237
  247
  257
  269
  280
  293
Issuance/(repurchase) of shares, $m
  -7
  48
  47
  45
  42
  39
  34
  29
  24
  17
  10
  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  
  -18
  122
  128
  132
  136
  139
  141
  142
  143
  141
  140
  136
  142
  148
  154
  160
  166
  173
  179
  186
  194
  202
  210
  218
  227
  237
  247
  257
  269
  280
  293
Total cash flow (excl. dividends), $m
  1
  145
  155
  164
  173
  182
  191
  199
  207
  216
  224
  217
  233
  250
  267
  285
  304
  323
  343
  364
  386
  409
  432
  457
  483
  509
  537
  567
  597
  629
  663
Retained Cash Flow (-), $m
  26
  -70
  -77
  -83
  -89
  -95
  -101
  -107
  -113
  -118
  -124
  -129
  -135
  -140
  -146
  -152
  -158
  -164
  -170
  -177
  -184
  -191
  -199
  -207
  -216
  -225
  -234
  -244
  -255
  -266
  -278
Prev. year cash balance distribution, $m
 
  15
  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
 
  90
  78
  81
  84
  87
  90
  92
  95
  97
  100
  88
  99
  110
  121
  133
  146
  159
  173
  187
  202
  217
  233
  250
  267
  285
  303
  322
  342
  363
  385
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
 
  85
  69
  66
  63
  59
  56
  51
  47
  43
  38
  29
  28
  26
  24
  22
  19
  17
  14
  12
  10
  8
  6
  5
  3
  2
  2
  1
  1
  1
  0
Current shareholders' claim on cash, %
  100
  97.8
  96.0
  94.5
  93.3
  92.4
  91.6
  91.1
  90.7
  90.4
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3

Envestnet, Inc. is a provider of financial and wealth management technology and services to financial advisors, investors and financial service providers. The Company's segments are Envestnet and Envestnet Yodlee. Its Envestnet segment provides unified wealth management software and services empowering financial advisors and institutions. Its Envestnet Yodlee segment is a data aggregation and data analytics platform. Its services and related technology are provided through Envestnet's wealth management software, Envestnet PMC, Envestnet Tamarac, Vantage Reporting Solution, Envestnet WMS, Envestnet Placemark, Envestnet Retirement Solutions, Envestnet Yodlee and Envestnet Finance Logix. It operates Registered Investment Advisors (RIAs) and a registered broker-dealer. Its centrally-hosted technology platform services include risk assessment and selection of investment strategies and solutions, asset allocation models, and research and due diligence.

FINANCIAL RATIOS  of  Envestnet (ENV)

Valuation Ratios
P/E Ratio -38.6
Price to Sales 3.7
Price to Book 5.2
Price to Tangible Book
Price to Cash Flow 28.1
Price to Free Cash Flow 40.1
Growth Rates
Sales Growth Rate 37.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 53.3%
Cap. Spend. - 3 Yr. Gr. Rate 20.6%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 61.1%
Total Debt to Equity 70.3%
Interest Coverage -4
Management Effectiveness
Return On Assets -5.1%
Ret/ On Assets - 3 Yr. Avg. -0%
Return On Total Capital -7.8%
Ret/ On T. Cap. - 3 Yr. Avg. -0.5%
Return On Equity -13.1%
Return On Equity - 3 Yr. Avg. -1.3%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 68.9%
Gross Margin - 3 Yr. Avg. 62.5%
EBITDA Margin 5.5%
EBITDA Margin - 3 Yr. Avg. 9.1%
Operating Margin -4.2%
Oper. Margin - 3 Yr. Avg. 2.1%
Pre-Tax Margin -6.9%
Pre-Tax Margin - 3 Yr. Avg. 0.6%
Net Profit Margin -9.7%
Net Profit Margin - 3 Yr. Avg. -1.6%
Effective Tax Rate -40%
Eff/ Tax Rate - 3 Yr. Avg. 18.2%
Payout Ratio 0%

ENV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ENV stock intrinsic value calculation we used $578 million for the last fiscal year's total revenue generated by Envestnet. The default revenue input number comes from 2016 income statement of Envestnet. 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 ENV stock valuation model: a) initial revenue growth rate of 17.6% 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 6.5%, whose default value for ENV is calculated based on our internal credit rating of Envestnet, 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 Envestnet.
    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 ENV stock the variable cost ratio is equal to 95.5%.

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 ENV 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 Envestnet.

Corporate tax rate of 27% is the nominal tax rate for Envestnet. 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 ENV 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 ENV are equal to 55.8%.

Life of production assets of 11.7 years is the average useful life of capital assets used in Envestnet 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 ENV is equal to -10%. 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 - $414 million for Envestnet - 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 44.09 million for Envestnet 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 Envestnet at the current share price and the inputted number of shares is $2.2 billion.

RELATED COMPANIES Price Int.Val. Rating
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MSCI MSCI 127.55 33.29  str.sell
SSNC SS&C Technolog 41.30 26.66  sell
SEIC SEI Investment 70.67 33.56  sell
TRI Thomson Reuter 44.38 40.64  hold
FISV Fiserv 129.90 64.79  sell

COMPANY NEWS

▶ Envestnet Gets IBD Stock Rating Upgrade   [Dec-07-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Envestnet, Inc. : November 10, 2017   [Nov-10-17 12:20PM  Capital Cube]
▶ Envestnet reports 3Q loss   [Nov-08-17 05:53PM  Associated Press]
▶ Envestnet, Inc. to Host Earnings Call   [02:00PM  ACCESSWIRE]
▶ Envestnet to Attend Upcoming Conferences   [Oct-26-17 08:30AM  Business Wire]
▶ Envestnet Deal Merges Huge Platforms   [Sep-26-17 01:46PM  Barrons.com]
▶ Envestnet Climbs on Rival Acquisition   [11:12AM  Barrons.com]
▶ Envestnet to Acquire FolioDynamix   [04:05PM  Business Wire]
▶ The Best FinTech Stock to Buy in 2017   [Sep-21-17 10:02PM  Motley Fool]
▶ Envestnet Scores Relative Strength Rating Upgrade; Hits Key Benchmark   [Aug-30-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Envestnet, Inc. : August 24, 2017   [Aug-24-17 03:16PM  Capital Cube]
▶ LPL Financial Rides Higher on New Acquisition   [Aug-16-17 09:28AM  Barrons.com]
▶ Improving Future Prospects Please Envestnet Shareholders   [Aug-09-17 11:30AM  Motley Fool]
▶ Envestnet reports 2Q loss   [Aug-08-17 11:05PM  Associated Press]
▶ Envestnet to Attend Upcoming Conferences   [Jul-31-17 04:40PM  Business Wire]
▶ Envestnet Rising: 4 New Data Points Support Bullish View   [Jun-28-17 10:46AM  Barrons.com]
▶ 3 Tech Stocks That Rallied in Friday's Rout   [Jun-12-17 12:06PM  Investopedia]
▶ Just How Much Fee Compression Is There?   [Jun-02-17 04:39PM  Barrons.com]
▶ Envestnet to Attend Spring Conferences   [May-30-17 04:05PM  Business Wire]
▶ ETFs with exposure to Envestnet, Inc. : May 16, 2017   [May-16-17 12:51PM  Capital Cube]
▶ Envestnet Climbs Further on Strong Organic Growth   [May-10-17 10:13PM  Motley Fool]
▶ Envestnet reports 1Q loss   [05:16PM  Associated Press]
▶ Envestnet, Inc. Value Analysis (NYSE:ENV) : May 2, 2017   [May-02-17 05:14PM  Capital Cube]
▶ [$$] Quovo Rides Robo-Advisor Trend   [07:00AM  The Wall Street Journal]
▶ 3 Growth Stocks to Buy in April   [Apr-19-17 08:47AM  Motley Fool]
▶ ETFs with exposure to Envestnet, Inc. : April 5, 2017   [Apr-05-17 04:42PM  Capital Cube]
Financial statements of ENV
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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