Intrinsic value of Enova International - ENVA

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$14.25

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$14.25

 
Intrinsic value

$57.61

 
Up/down potential

+304%

 
Rating

str. buy

 
Value-price divergence* premium content

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Our model is not good at valuating stocks of financial companies, such as ENVA.

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

We calculate the intrinsic value of ENVA 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 0.5

 

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, %
  14.24
  15.40
  14.36
  13.42
  12.58
  11.82
  11.14
  10.53
  9.97
  9.48
  9.03
  8.63
  8.26
  7.94
  7.64
  7.38
  7.14
  6.93
  6.73
  6.56
  6.40
  6.26
  6.14
  6.02
  5.92
  5.83
  5.75
  5.67
  5.60
  5.54
  5.49
Revenue, $m
  746
  861
  985
  1,117
  1,257
  1,406
  1,562
  1,727
  1,899
  2,079
  2,267
  2,462
  2,666
  2,877
  3,097
  3,326
  3,564
  3,810
  4,067
  4,334
  4,611
  4,900
  5,201
  5,514
  5,841
  6,181
  6,537
  6,907
  7,294
  7,699
  8,122
Variable operating expenses, $m
 
  691
  787
  889
  997
  1,112
  1,233
  1,360
  1,493
  1,632
  1,777
  1,901
  2,059
  2,222
  2,392
  2,568
  2,752
  2,942
  3,141
  3,347
  3,561
  3,784
  4,016
  4,258
  4,510
  4,773
  5,048
  5,334
  5,633
  5,945
  6,272
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
  624
  691
  787
  889
  997
  1,112
  1,233
  1,360
  1,493
  1,632
  1,777
  1,901
  2,059
  2,222
  2,392
  2,568
  2,752
  2,942
  3,141
  3,347
  3,561
  3,784
  4,016
  4,258
  4,510
  4,773
  5,048
  5,334
  5,633
  5,945
  6,272
Operating income, $m
  121
  169
  198
  228
  260
  294
  329
  367
  406
  447
  490
  561
  607
  655
  706
  758
  812
  868
  926
  987
  1,050
  1,116
  1,185
  1,256
  1,330
  1,408
  1,489
  1,573
  1,662
  1,754
  1,850
EBITDA, $m
  137
  199
  228
  258
  291
  325
  362
  400
  440
  481
  525
  570
  617
  666
  717
  770
  825
  882
  941
  1,003
  1,067
  1,134
  1,204
  1,276
  1,352
  1,431
  1,513
  1,599
  1,688
  1,782
  1,880
Interest expense (income), $m
  60
  65
  76
  88
  101
  115
  130
  145
  161
  178
  196
  214
  234
  254
  274
  296
  318
  342
  366
  391
  417
  445
  473
  503
  533
  566
  599
  634
  670
  708
  748
Earnings before tax, $m
  57
  104
  121
  139
  158
  178
  199
  221
  245
  269
  294
  347
  374
  402
  431
  462
  493
  526
  560
  596
  633
  672
  712
  753
  797
  843
  890
  940
  991
  1,045
  1,102
Tax expense, $m
  22
  28
  33
  38
  43
  48
  54
  60
  66
  73
  79
  94
  101
  109
  116
  125
  133
  142
  151
  161
  171
  181
  192
  203
  215
  227
  240
  254
  268
  282
  298
Net income, $m
  35
  76
  89
  102
  116
  130
  146
  162
  179
  196
  214
  253
  273
  293
  315
  337
  360
  384
  409
  435
  462
  490
  520
  550
  582
  615
  650
  686
  724
  763
  804

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  40
  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
  978
  1,083
  1,238
  1,405
  1,581
  1,768
  1,965
  2,172
  2,389
  2,615
  2,851
  3,097
  3,353
  3,619
  3,896
  4,184
  4,482
  4,793
  5,116
  5,451
  5,800
  6,164
  6,542
  6,936
  7,347
  7,775
  8,222
  8,688
  9,175
  9,684
  10,216
Adjusted assets (=assets-cash), $m
  938
  1,083
  1,238
  1,405
  1,581
  1,768
  1,965
  2,172
  2,389
  2,615
  2,851
  3,097
  3,353
  3,619
  3,896
  4,184
  4,482
  4,793
  5,116
  5,451
  5,800
  6,164
  6,542
  6,936
  7,347
  7,775
  8,222
  8,688
  9,175
  9,684
  10,216
Revenue / Adjusted assets
  0.795
  0.795
  0.796
  0.795
  0.795
  0.795
  0.795
  0.795
  0.795
  0.795
  0.795
  0.795
  0.795
  0.795
  0.795
  0.795
  0.795
  0.795
  0.795
  0.795
  0.795
  0.795
  0.795
  0.795
  0.795
  0.795
  0.795
  0.795
  0.795
  0.795
  0.795
Average production assets, $m
  55
  63
  72
  82
  92
  103
  114
  126
  139
  152
  165
  180
  195
  210
  226
  243
  260
  278
  297
  316
  337
  358
  380
  403
  426
  451
  477
  504
  532
  562
  593
Working capital, $m
  575
  430
  492
  558
  629
  703
  781
  863
  950
  1,040
  1,133
  1,231
  1,333
  1,439
  1,549
  1,663
  1,782
  1,905
  2,033
  2,167
  2,306
  2,450
  2,601
  2,757
  2,920
  3,091
  3,268
  3,454
  3,647
  3,849
  4,061
Total debt, $m
  653
  763
  884
  1,014
  1,152
  1,298
  1,452
  1,613
  1,783
  1,960
  2,144
  2,336
  2,536
  2,744
  2,960
  3,184
  3,418
  3,660
  3,912
  4,174
  4,447
  4,731
  5,026
  5,334
  5,655
  5,990
  6,338
  6,703
  7,083
  7,480
  7,896
Total liabilities, $m
  736
  846
  967
  1,097
  1,235
  1,381
  1,535
  1,696
  1,866
  2,043
  2,227
  2,419
  2,619
  2,827
  3,043
  3,267
  3,501
  3,743
  3,995
  4,257
  4,530
  4,814
  5,109
  5,417
  5,738
  6,073
  6,421
  6,786
  7,166
  7,563
  7,979
Total equity, $m
  242
  237
  271
  308
  346
  387
  430
  476
  523
  573
  624
  678
  734
  793
  853
  916
  982
  1,050
  1,120
  1,194
  1,270
  1,350
  1,433
  1,519
  1,609
  1,703
  1,801
  1,903
  2,009
  2,121
  2,237
Total liabilities and equity, $m
  978
  1,083
  1,238
  1,405
  1,581
  1,768
  1,965
  2,172
  2,389
  2,616
  2,851
  3,097
  3,353
  3,620
  3,896
  4,183
  4,483
  4,793
  5,115
  5,451
  5,800
  6,164
  6,542
  6,936
  7,347
  7,776
  8,222
  8,689
  9,175
  9,684
  10,216
Debt-to-equity ratio
  2.698
  3.220
  3.260
  3.300
  3.330
  3.350
  3.370
  3.390
  3.410
  3.420
  3.430
  3.440
  3.450
  3.460
  3.470
  3.480
  3.480
  3.490
  3.490
  3.500
  3.500
  3.500
  3.510
  3.510
  3.510
  3.520
  3.520
  3.520
  3.520
  3.530
  3.530
Adjusted equity ratio
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  35
  76
  89
  102
  116
  130
  146
  162
  179
  196
  214
  253
  273
  293
  315
  337
  360
  384
  409
  435
  462
  490
  520
  550
  582
  615
  650
  686
  724
  763
  804
Depreciation, amort., depletion, $m
  16
  30
  30
  31
  31
  32
  32
  33
  34
  34
  35
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
Funds from operations, $m
  392
  106
  119
  132
  147
  162
  178
  195
  212
  230
  249
  262
  282
  304
  326
  349
  373
  398
  424
  451
  479
  508
  538
  570
  603
  638
  673
  711
  750
  791
  834
Change in working capital, $m
  -1
  57
  62
  66
  70
  74
  78
  82
  86
  90
  94
  98
  102
  106
  110
  114
  119
  123
  128
  133
  139
  144
  150
  157
  163
  170
  178
  185
  194
  202
  211
Cash from operations, $m
  393
  47
  57
  66
  77
  88
  100
  112
  126
  140
  155
  164
  181
  198
  216
  235
  254
  275
  296
  317
  340
  364
  388
  413
  440
  467
  496
  526
  557
  589
  623
Maintenance CAPEX, $m
  0
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
New CAPEX, $m
  -14
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
Cash from investing activities, $m
  -485
  -11
  -12
  -14
  -14
  -16
  -16
  -18
  -19
  -20
  -22
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -59
Free cash flow, $m
  -92
  36
  45
  53
  62
  72
  83
  95
  107
  120
  134
  142
  157
  173
  190
  207
  225
  244
  263
  283
  304
  326
  348
  372
  396
  421
  447
  475
  503
  533
  564
Issuance/(repayment) of debt, $m
  107
  113
  121
  130
  138
  146
  154
  162
  169
  177
  184
  192
  200
  208
  216
  225
  233
  243
  252
  262
  273
  284
  295
  308
  321
  335
  349
  364
  380
  397
  415
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  100
  113
  121
  130
  138
  146
  154
  162
  169
  177
  184
  192
  200
  208
  216
  225
  233
  243
  252
  262
  273
  284
  295
  308
  321
  335
  349
  364
  380
  397
  415
Total cash flow (excl. dividends), $m
  -2
  149
  166
  183
  200
  218
  237
  256
  276
  297
  319
  334
  357
  381
  406
  431
  458
  486
  515
  545
  577
  610
  644
  679
  717
  756
  796
  839
  884
  930
  979
Retained Cash Flow (-), $m
  -36
  -32
  -34
  -36
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -65
  -68
  -71
  -74
  -76
  -80
  -83
  -86
  -90
  -94
  -98
  -102
  -107
  -111
  -116
Prev. year cash balance distribution, $m
 
  37
  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
 
  154
  132
  147
  162
  177
  194
  211
  229
  248
  267
  280
  301
  322
  345
  368
  393
  418
  444
  472
  500
  530
  561
  593
  627
  662
  699
  737
  777
  819
  863
Discount rate, %
 
  6.10
  6.41
  6.73
  7.06
  7.41
  7.79
  8.17
  8.58
  9.01
  9.46
  9.94
  10.43
  10.95
  11.50
  12.08
  12.68
  13.32
  13.98
  14.68
  15.41
  16.19
  16.99
  17.84
  18.74
  19.67
  20.66
  21.69
  22.77
  23.91
  25.11
PV of cash for distribution, $m
 
  145
  117
  121
  123
  124
  124
  122
  118
  114
  108
  99
  91
  83
  75
  67
  58
  50
  42
  35
  28
  23
  18
  14
  10
  7
  5
  4
  2
  2
  1
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

Enova International, Inc., a technology and analytics company, provides online financial services to alternative credit consumers and small businesses in the United States, the United Kingdom, Australia, Canada, Brazil, and China. The company offers short-term consumer loans, line of credit accounts, installment loans, and CSO programs, including credit-related services, such as arranging loans with independent third-party lenders and assisting in the preparation of loan applications and loan documents. It offers its services under the CashNetUSA, NetCredit, QuickQuid, Pounds to Pocket, On Stride Financial, DollarsDirect, Simplic, Headway Capital, and The Business Backer brand names. The company was incorporated in 2011 and is headquartered in Chicago, Illinois.

FINANCIAL RATIOS  of  Enova International (ENVA)

Valuation Ratios
P/E Ratio 13.6
Price to Sales 0.6
Price to Book 2
Price to Tangible Book
Price to Cash Flow 1.2
Price to Free Cash Flow 1.3
Growth Rates
Sales Growth Rate 14.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -56.3%
Cap. Spend. - 3 Yr. Gr. Rate -1.4%
Financial Strength
Quick Ratio 13
Current Ratio 0.4
LT Debt to Equity 268.6%
Total Debt to Equity 269.8%
Interest Coverage 2
Management Effectiveness
Return On Assets 7.9%
Ret/ On Assets - 3 Yr. Avg. 11.6%
Return On Total Capital 4.3%
Ret/ On T. Cap. - 3 Yr. Avg. 9.5%
Return On Equity 15.6%
Return On Equity - 3 Yr. Avg. 36.2%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 56%
Gross Margin - 3 Yr. Avg. 63.3%
EBITDA Margin 17.8%
EBITDA Margin - 3 Yr. Avg. 22.1%
Operating Margin 16.4%
Oper. Margin - 3 Yr. Avg. 20.7%
Pre-Tax Margin 7.6%
Pre-Tax Margin - 3 Yr. Avg. 13.5%
Net Profit Margin 4.7%
Net Profit Margin - 3 Yr. Avg. 8.4%
Effective Tax Rate 38.6%
Eff/ Tax Rate - 3 Yr. Avg. 37.8%
Payout Ratio 0%

ENVA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ENVA stock intrinsic value calculation we used $746 million for the last fiscal year's total revenue generated by Enova International. The default revenue input number comes from 2016 income statement of Enova International. 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 ENVA stock valuation model: a) initial revenue growth rate of 15.4% 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 6.1%, whose default value for ENVA is calculated based on our internal credit rating of Enova International, 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 Enova International.
    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 ENVA stock the variable cost ratio is equal to 80.8%.

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 ENVA 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 10% for Enova International.

Corporate tax rate of 27% is the nominal tax rate for Enova International. 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 ENVA 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 ENVA are equal to 7.3%.

Life of production assets of 20.1 years is the average useful life of capital assets used in Enova International 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 ENVA is equal to 50%. 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 - $242 million for Enova International - 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 33.519 million for Enova International 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 Enova International at the current share price and the inputted number of shares is $0.5 billion.


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COMPANY NEWS

▶ Enova To Announce First Quarter 2017 Results   [Apr-13-17 06:49PM  PR Newswire]
▶ New Strong Sell Stocks for February 6th   [Feb-06-17 10:12AM  Zacks]
▶ Enova International beats Street 4Q forecasts   [06:14PM  Associated Press]
▶ [$$] Hayashi's Take: Payday Lenders' Changing Fortunes Send Stocks Soaring   [Nov-23-16 07:26AM  at The Wall Street Journal]
▶ Enova To Participate in Upcoming Investor Conferences   [Nov-16-16 04:16PM  PR Newswire]
▶ Enova Announces Third Quarter 2016 Results   [Oct-27-16 04:16PM  PR Newswire]
▶ Enova To Announce Third Quarter 2016 Results   [Oct-13-16 07:00AM  PR Newswire]
▶ [$$] A Payday-Loan Rival Gains Ground   [Aug-08-16 12:09AM  at The Wall Street Journal]
▶ [$$] A Payday-Loan Rival Gains Ground   [Aug-07-16 05:02PM  at The Wall Street Journal]
▶ Enova To Announce Second Quarter 2016 Results   [Jul-14-16 06:55AM  PR Newswire]
▶ CFO Moves: Enova International   [Jun-21-16 07:55AM  at The Wall Street Journal]
▶ Enova To Present at June Conferences   [May-24-16 06:43PM  PR Newswire]
▶ Google says 'no' to payday lender ads   [May-11-16 03:28PM  Reuters]
▶ Enova International posts 1Q profit   [Apr-28-16 07:07PM  AP]
▶ Enova To Present at the Jefferies Technology Conference   [Apr-27-16 04:16PM  PR Newswire]
▶ Enova To Announce First Quarter 2016 Results   [Apr-15-16 10:00AM  PR Newswire]
▶ Enova Appoints New Independent Director to Board   [Mar-30-16 01:00PM  PR Newswire]
Stock chart of ENVA Financial statements of ENVA
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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