Intrinsic value of Enova International - ENVA

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$13.55

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$13.55

 
Intrinsic value

$58.79

 
Up/down potential

+334%

 
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
  9.70
  9.23
  8.81
  8.43
  8.08
  7.78
  7.50
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.08
  5.97
  5.87
  5.78
  5.71
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
  5.25
  5.22
Revenue, $m
  746
  818
  894
  973
  1,055
  1,140
  1,228
  1,321
  1,416
  1,516
  1,619
  1,727
  1,838
  1,955
  2,076
  2,202
  2,333
  2,470
  2,613
  2,762
  2,918
  3,081
  3,250
  3,428
  3,614
  3,808
  4,011
  4,224
  4,447
  4,680
  4,924
Variable operating expenses, $m
 
  659
  717
  778
  841
  907
  975
  1,046
  1,120
  1,197
  1,277
  1,333
  1,420
  1,509
  1,603
  1,700
  1,802
  1,908
  2,018
  2,133
  2,253
  2,379
  2,510
  2,647
  2,790
  2,940
  3,097
  3,262
  3,434
  3,614
  3,803
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
  659
  717
  778
  841
  907
  975
  1,046
  1,120
  1,197
  1,277
  1,333
  1,420
  1,509
  1,603
  1,700
  1,802
  1,908
  2,018
  2,133
  2,253
  2,379
  2,510
  2,647
  2,790
  2,940
  3,097
  3,262
  3,434
  3,614
  3,803
Operating income, $m
  121
  160
  177
  195
  214
  233
  253
  274
  296
  319
  342
  393
  419
  445
  473
  502
  532
  563
  595
  629
  665
  702
  740
  781
  823
  867
  914
  962
  1,013
  1,066
  1,122
EBITDA, $m
  137
  189
  207
  225
  244
  264
  284
  306
  328
  351
  375
  400
  425
  452
  480
  510
  540
  572
  605
  639
  675
  713
  752
  793
  836
  881
  928
  977
  1,029
  1,083
  1,140
Interest expense (income), $m
  60
  65
  72
  80
  87
  95
  104
  112
  121
  131
  141
  151
  161
  172
  184
  196
  208
  221
  234
  248
  263
  278
  294
  311
  328
  347
  366
  386
  407
  429
  451
Earnings before tax, $m
  57
  95
  105
  115
  126
  138
  149
  162
  174
  188
  202
  243
  257
  273
  289
  306
  323
  342
  361
  381
  402
  423
  446
  470
  495
  521
  548
  576
  606
  637
  670
Tax expense, $m
  22
  26
  28
  31
  34
  37
  40
  44
  47
  51
  54
  65
  70
  74
  78
  83
  87
  92
  97
  103
  108
  114
  120
  127
  134
  141
  148
  156
  164
  172
  181
Net income, $m
  35
  69
  77
  84
  92
  100
  109
  118
  127
  137
  147
  177
  188
  199
  211
  223
  236
  250
  263
  278
  293
  309
  326
  343
  361
  380
  400
  421
  443
  465
  489

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
  1,029
  1,124
  1,223
  1,327
  1,434
  1,545
  1,661
  1,781
  1,907
  2,037
  2,172
  2,312
  2,459
  2,611
  2,770
  2,935
  3,107
  3,287
  3,475
  3,670
  3,875
  4,089
  4,312
  4,545
  4,790
  5,045
  5,313
  5,593
  5,887
  6,194
Adjusted assets (=assets-cash), $m
  938
  1,029
  1,124
  1,223
  1,327
  1,434
  1,545
  1,661
  1,781
  1,907
  2,037
  2,172
  2,312
  2,459
  2,611
  2,770
  2,935
  3,107
  3,287
  3,475
  3,670
  3,875
  4,089
  4,312
  4,545
  4,790
  5,045
  5,313
  5,593
  5,887
  6,194
Revenue / Adjusted assets
  0.795
  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
Average production assets, $m
  55
  60
  65
  71
  77
  83
  90
  96
  103
  111
  118
  126
  134
  143
  152
  161
  170
  180
  191
  202
  213
  225
  237
  250
  264
  278
  293
  308
  325
  342
  359
Working capital, $m
  -85
  -134
  -147
  -160
  -173
  -187
  -201
  -217
  -232
  -249
  -266
  -283
  -301
  -321
  -340
  -361
  -383
  -405
  -429
  -453
  -479
  -505
  -533
  -562
  -593
  -624
  -658
  -693
  -729
  -767
  -808
Total debt, $m
  653
  721
  795
  872
  953
  1,037
  1,124
  1,214
  1,308
  1,406
  1,508
  1,613
  1,723
  1,837
  1,956
  2,080
  2,209
  2,344
  2,484
  2,631
  2,784
  2,943
  3,110
  3,285
  3,467
  3,658
  3,857
  4,066
  4,285
  4,514
  4,754
Total liabilities, $m
  736
  804
  878
  955
  1,036
  1,120
  1,207
  1,297
  1,391
  1,489
  1,591
  1,696
  1,806
  1,920
  2,039
  2,163
  2,292
  2,427
  2,567
  2,714
  2,867
  3,026
  3,193
  3,368
  3,550
  3,741
  3,940
  4,149
  4,368
  4,597
  4,837
Total equity, $m
  242
  225
  246
  268
  291
  314
  338
  364
  390
  418
  446
  476
  506
  538
  572
  607
  643
  681
  720
  761
  804
  849
  895
  944
  995
  1,049
  1,105
  1,164
  1,225
  1,289
  1,356
Total liabilities and equity, $m
  978
  1,029
  1,124
  1,223
  1,327
  1,434
  1,545
  1,661
  1,781
  1,907
  2,037
  2,172
  2,312
  2,458
  2,611
  2,770
  2,935
  3,108
  3,287
  3,475
  3,671
  3,875
  4,088
  4,312
  4,545
  4,790
  5,045
  5,313
  5,593
  5,886
  6,193
Debt-to-equity ratio
  2.698
  3.200
  3.230
  3.260
  3.280
  3.300
  3.320
  3.340
  3.350
  3.370
  3.380
  3.390
  3.400
  3.410
  3.420
  3.430
  3.440
  3.440
  3.450
  3.460
  3.460
  3.470
  3.470
  3.480
  3.480
  3.490
  3.490
  3.490
  3.500
  3.500
  3.510
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
  69
  77
  84
  92
  100
  109
  118
  127
  137
  147
  177
  188
  199
  211
  223
  236
  250
  263
  278
  293
  309
  326
  343
  361
  380
  400
  421
  443
  465
  489
Depreciation, amort., depletion, $m
  16
  30
  30
  30
  31
  31
  31
  31
  32
  32
  33
  6
  7
  7
  8
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
Funds from operations, $m
  392
  99
  106
  114
  123
  131
  140
  150
  159
  169
  180
  183
  195
  206
  219
  231
  245
  258
  273
  288
  304
  320
  337
  355
  374
  394
  415
  436
  459
  482
  507
Change in working capital, $m
  -1
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
Cash from operations, $m
  393
  109
  119
  127
  136
  145
  155
  165
  175
  186
  197
  201
  213
  225
  238
  252
  266
  281
  296
  312
  329
  347
  365
  385
  405
  426
  448
  471
  495
  521
  547
Maintenance CAPEX, $m
  0
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
New CAPEX, $m
  -14
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
Cash from investing activities, $m
  -485
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -12
  -12
  -14
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -23
  -23
  -25
  -26
  -27
  -29
  -31
  -31
  -33
  -35
Free cash flow, $m
  -92
  101
  110
  118
  127
  135
  144
  153
  163
  173
  184
  187
  199
  210
  223
  235
  249
  262
  277
  292
  308
  324
  342
  360
  379
  398
  419
  441
  464
  487
  512
Issuance/(repayment) of debt, $m
  107
  71
  74
  77
  81
  84
  87
  90
  94
  98
  102
  106
  110
  114
  119
  124
  129
  135
  140
  146
  153
  160
  167
  174
  182
  191
  200
  209
  219
  229
  240
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
  71
  74
  77
  81
  84
  87
  90
  94
  98
  102
  106
  110
  114
  119
  124
  129
  135
  140
  146
  153
  160
  167
  174
  182
  191
  200
  209
  219
  229
  240
Total cash flow (excl. dividends), $m
  -2
  172
  185
  196
  207
  219
  231
  244
  257
  271
  285
  293
  308
  325
  341
  359
  378
  397
  417
  439
  461
  484
  509
  534
  561
  589
  619
  650
  682
  717
  752
Retained Cash Flow (-), $m
  -36
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
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
 
  189
  164
  174
  185
  196
  207
  219
  231
  243
  257
  263
  278
  293
  308
  324
  341
  359
  378
  397
  418
  439
  462
  485
  510
  536
  563
  591
  621
  652
  685
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
 
  178
  145
  143
  140
  137
  132
  126
  119
  112
  104
  93
  84
  76
  67
  59
  51
  43
  36
  29
  24
  19
  15
  11
  8
  6
  4
  3
  2
  1
  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 12.9
Price to Sales 0.6
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 1.1
Price to Free Cash Flow 1.2
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 9.7% 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 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 -16.4%. 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 - $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 33.491 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 Present at June Conferences   [May-24-17 04:16PM  PR Newswire]
▶ Enova International posts 1Q profit   [Apr-27-17 05:03PM  Associated Press]
▶ 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 Annual reports 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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