Intrinsic value of EPAM Systems - EPAM

Previous Close

$79.95

  Intrinsic Value

$50.29

stock screener

  Rating & Target

sell

-37%

  Value-price divergence*

+36%

Previous close

$79.95

 
Intrinsic value

$50.29

 
Up/down potential

-37%

 
Rating

sell

 
Value-price divergence*

+36%

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

We calculate the intrinsic value of EPAM 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 4.1

 

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, %
  26.91
  23.10
  21.29
  19.66
  18.19
  16.88
  15.69
  14.62
  13.66
  12.79
  12.01
  11.31
  10.68
  10.11
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
Revenue, $m
  1,160
  1,428
  1,732
  2,072
  2,450
  2,863
  3,312
  3,796
  4,315
  4,867
  5,451
  6,068
  6,716
  7,395
  8,105
  8,846
  9,618
  10,421
  11,257
  12,126
  13,028
  13,966
  14,941
  15,955
  17,008
  18,104
  19,245
  20,432
  21,669
  22,958
  24,301
Variable operating expenses, $m
 
  1,260
  1,526
  1,824
  2,153
  2,515
  2,908
  3,331
  3,785
  4,267
  4,779
  5,307
  5,874
  6,468
  7,089
  7,737
  8,412
  9,115
  9,845
  10,605
  11,395
  12,215
  13,068
  13,954
  14,876
  15,834
  16,832
  17,870
  18,952
  20,079
  21,254
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
  1,026
  1,260
  1,526
  1,824
  2,153
  2,515
  2,908
  3,331
  3,785
  4,267
  4,779
  5,307
  5,874
  6,468
  7,089
  7,737
  8,412
  9,115
  9,845
  10,605
  11,395
  12,215
  13,068
  13,954
  14,876
  15,834
  16,832
  17,870
  18,952
  20,079
  21,254
Operating income, $m
  134
  168
  206
  249
  296
  348
  404
  465
  530
  599
  673
  761
  842
  927
  1,016
  1,109
  1,206
  1,307
  1,412
  1,521
  1,634
  1,751
  1,874
  2,001
  2,133
  2,270
  2,413
  2,562
  2,717
  2,879
  3,047
EBITDA, $m
  157
  193
  235
  281
  332
  388
  448
  514
  584
  659
  738
  822
  909
  1,001
  1,097
  1,198
  1,302
  1,411
  1,524
  1,642
  1,764
  1,891
  2,023
  2,160
  2,303
  2,451
  2,606
  2,766
  2,934
  3,108
  3,290
Interest expense (income), $m
  1
  1
  2
  3
  5
  7
  8
  10
  12
  15
  17
  20
  22
  25
  28
  31
  35
  38
  41
  45
  49
  53
  57
  61
  66
  70
  75
  80
  85
  91
  96
Earnings before tax, $m
  126
  167
  204
  246
  291
  342
  396
  455
  518
  585
  656
  741
  820
  902
  988
  1,078
  1,172
  1,269
  1,370
  1,475
  1,585
  1,699
  1,817
  1,940
  2,067
  2,200
  2,338
  2,482
  2,632
  2,788
  2,951
Tax expense, $m
  27
  45
  55
  66
  79
  92
  107
  123
  140
  158
  177
  200
  221
  244
  267
  291
  316
  343
  370
  398
  428
  459
  491
  524
  558
  594
  631
  670
  711
  753
  797
Net income, $m
  99
  122
  149
  179
  213
  249
  289
  332
  378
  427
  479
  541
  598
  659
  721
  787
  855
  926
  1,000
  1,077
  1,157
  1,240
  1,326
  1,416
  1,509
  1,606
  1,707
  1,812
  1,921
  2,035
  2,154

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  364
  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
  926
  692
  839
  1,004
  1,187
  1,387
  1,605
  1,839
  2,090
  2,358
  2,641
  2,940
  3,254
  3,583
  3,927
  4,286
  4,660
  5,049
  5,454
  5,875
  6,312
  6,767
  7,239
  7,730
  8,241
  8,772
  9,324
  9,899
  10,499
  11,123
  11,774
Adjusted assets (=assets-cash), $m
  562
  692
  839
  1,004
  1,187
  1,387
  1,605
  1,839
  2,090
  2,358
  2,641
  2,940
  3,254
  3,583
  3,927
  4,286
  4,660
  5,049
  5,454
  5,875
  6,312
  6,767
  7,239
  7,730
  8,241
  8,772
  9,324
  9,899
  10,499
  11,123
  11,774
Revenue / Adjusted assets
  2.064
  2.064
  2.064
  2.064
  2.064
  2.064
  2.064
  2.064
  2.065
  2.064
  2.064
  2.064
  2.064
  2.064
  2.064
  2.064
  2.064
  2.064
  2.064
  2.064
  2.064
  2.064
  2.064
  2.064
  2.064
  2.064
  2.064
  2.064
  2.064
  2.064
  2.064
Average production assets, $m
  116
  143
  173
  207
  245
  286
  331
  380
  431
  487
  545
  607
  672
  740
  811
  885
  962
  1,042
  1,126
  1,213
  1,303
  1,397
  1,494
  1,595
  1,701
  1,810
  1,924
  2,043
  2,167
  2,296
  2,430
Working capital, $m
  531
  206
  249
  298
  353
  412
  477
  547
  621
  701
  785
  874
  967
  1,065
  1,167
  1,274
  1,385
  1,501
  1,621
  1,746
  1,876
  2,011
  2,152
  2,297
  2,449
  2,607
  2,771
  2,942
  3,120
  3,306
  3,499
Total debt, $m
  25
  58
  96
  139
  186
  238
  294
  355
  419
  488
  561
  638
  719
  804
  893
  986
  1,082
  1,183
  1,287
  1,396
  1,509
  1,626
  1,748
  1,874
  2,006
  2,143
  2,286
  2,434
  2,589
  2,750
  2,918
Total liabilities, $m
  144
  178
  216
  259
  306
  358
  414
  475
  539
  608
  681
  758
  839
  924
  1,013
  1,106
  1,202
  1,303
  1,407
  1,516
  1,629
  1,746
  1,868
  1,994
  2,126
  2,263
  2,406
  2,554
  2,709
  2,870
  3,038
Total equity, $m
  781
  513
  623
  745
  881
  1,029
  1,191
  1,365
  1,551
  1,750
  1,960
  2,181
  2,414
  2,658
  2,914
  3,180
  3,458
  3,746
  4,047
  4,359
  4,684
  5,021
  5,371
  5,736
  6,114
  6,508
  6,918
  7,345
  7,790
  8,253
  8,736
Total liabilities and equity, $m
  925
  691
  839
  1,004
  1,187
  1,387
  1,605
  1,840
  2,090
  2,358
  2,641
  2,939
  3,253
  3,582
  3,927
  4,286
  4,660
  5,049
  5,454
  5,875
  6,313
  6,767
  7,239
  7,730
  8,240
  8,771
  9,324
  9,899
  10,499
  11,123
  11,774
Debt-to-equity ratio
  0.032
  0.110
  0.150
  0.190
  0.210
  0.230
  0.250
  0.260
  0.270
  0.280
  0.290
  0.290
  0.300
  0.300
  0.310
  0.310
  0.310
  0.320
  0.320
  0.320
  0.320
  0.320
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
Adjusted equity ratio
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  99
  122
  149
  179
  213
  249
  289
  332
  378
  427
  479
  541
  598
  659
  721
  787
  855
  926
  1,000
  1,077
  1,157
  1,240
  1,326
  1,416
  1,509
  1,606
  1,707
  1,812
  1,921
  2,035
  2,154
Depreciation, amort., depletion, $m
  23
  25
  28
  32
  35
  40
  44
  49
  54
  60
  65
  61
  67
  74
  81
  88
  96
  104
  113
  121
  130
  140
  149
  160
  170
  181
  192
  204
  217
  230
  243
Funds from operations, $m
  159
  147
  177
  211
  248
  289
  333
  381
  432
  486
  544
  602
  666
  733
  802
  875
  951
  1,031
  1,113
  1,198
  1,287
  1,380
  1,476
  1,575
  1,679
  1,787
  1,899
  2,016
  2,138
  2,265
  2,397
Change in working capital, $m
  -6
  39
  44
  49
  54
  60
  65
  70
  75
  79
  84
  89
  93
  98
  102
  107
  111
  116
  120
  125
  130
  135
  140
  146
  152
  158
  164
  171
  178
  186
  193
Cash from operations, $m
  165
  109
  134
  162
  194
  229
  268
  311
  357
  407
  460
  513
  572
  635
  700
  769
  840
  915
  992
  1,073
  1,157
  1,245
  1,335
  1,429
  1,527
  1,629
  1,735
  1,845
  1,960
  2,079
  2,204
Maintenance CAPEX, $m
  0
  -12
  -14
  -17
  -21
  -24
  -29
  -33
  -38
  -43
  -49
  -55
  -61
  -67
  -74
  -81
  -88
  -96
  -104
  -113
  -121
  -130
  -140
  -149
  -160
  -170
  -181
  -192
  -204
  -217
  -230
New CAPEX, $m
  -29
  -27
  -30
  -34
  -38
  -41
  -45
  -48
  -52
  -55
  -58
  -62
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -90
  -94
  -97
  -101
  -105
  -110
  -114
  -119
  -124
  -129
  -134
Cash from investing activities, $m
  -9
  -39
  -44
  -51
  -59
  -65
  -74
  -81
  -90
  -98
  -107
  -117
  -126
  -135
  -145
  -155
  -165
  -176
  -188
  -200
  -211
  -224
  -237
  -250
  -265
  -280
  -295
  -311
  -328
  -346
  -364
Free cash flow, $m
  156
  70
  89
  111
  135
  164
  195
  230
  268
  309
  353
  397
  447
  500
  555
  614
  675
  738
  805
  874
  946
  1,020
  1,098
  1,179
  1,262
  1,350
  1,440
  1,534
  1,632
  1,734
  1,840
Issuance/(repayment) of debt, $m
  -10
  33
  38
  43
  47
  52
  56
  61
  65
  69
  73
  77
  81
  85
  89
  93
  96
  100
  104
  109
  113
  117
  122
  127
  132
  137
  143
  148
  155
  161
  168
Issuance/(repurchase) of shares, $m
  18
  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  
  10
  33
  38
  43
  47
  52
  56
  61
  65
  69
  73
  77
  81
  85
  89
  93
  96
  100
  104
  109
  113
  117
  122
  127
  132
  137
  143
  148
  155
  161
  168
Total cash flow (excl. dividends), $m
  163
  103
  127
  153
  183
  215
  251
  290
  332
  378
  426
  474
  528
  585
  644
  706
  771
  839
  909
  982
  1,059
  1,138
  1,220
  1,305
  1,394
  1,487
  1,583
  1,683
  1,787
  1,895
  2,008
Retained Cash Flow (-), $m
  -168
  -96
  -109
  -122
  -136
  -149
  -161
  -174
  -186
  -198
  -210
  -222
  -233
  -244
  -255
  -266
  -278
  -289
  -300
  -312
  -325
  -337
  -350
  -364
  -379
  -394
  -410
  -427
  -445
  -463
  -483
Prev. year cash balance distribution, $m
 
  364
  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
 
  371
  18
  31
  47
  67
  90
  116
  146
  179
  216
  252
  295
  340
  389
  440
  494
  550
  609
  670
  734
  800
  869
  941
  1,015
  1,093
  1,173
  1,256
  1,342
  1,432
  1,525
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
 
  356
  16
  27
  39
  52
  65
  78
  91
  103
  113
  120
  126
  129
  131
  129
  125
  120
  112
  103
  93
  83
  72
  62
  52
  43
  34
  27
  21
  16
  11
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

EPAM Systems, Inc. provides software engineering solutions and technology consulting services worldwide. The company offers software product development services, including product research, customer experience design and prototyping, program management, component design and integration, lifecycle software testing, product deployment and end-user customization, performance tuning, product support and maintenance, and managed services, as well as porting and cross-platform migration. It also provides custom application development services, such as business and technical requirement analysis, user experience design, solution architecture creation and validation, development, quality assurance and testing, legacy applications re-engineering/refactoring, porting, and cross-platform migration and documentation. In addition, the company offers software application testing services, including test automation tools and frameworks; testing for enterprise IT, such as test management, automation, functional and non-functional testing, and defect management; and consulting services. Further, it provides enterprise application platform services comprising requirement analysis and platform selection, customization, cross-platform migration, implementation, integration, and support and maintenance. Additionally, the company offers application maintenance and support services, such as incident management, fault investigation diagnosis, work-around provision, bug fixes, release management, enhancements, and third-party maintenance; and infrastructure management services, including application, database, network, server, storage, and systems operations management, as well as incident notification and resolutions. It serves independent software vendors and technology companies in financial service, travel and consumer, software and hi-tech, media and entertainment, life sciences, and healthcare industries. The company was founded in 1993 and is headquartered in Newtown, Pennsylvania.

FINANCIAL RATIOS  of  EPAM Systems (EPAM)

Valuation Ratios
P/E Ratio 41.3
Price to Sales 3.5
Price to Book 5.2
Price to Tangible Book
Price to Cash Flow 24.8
Price to Free Cash Flow 30
Growth Rates
Sales Growth Rate 26.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 61.1%
Cap. Spend. - 3 Yr. Gr. Rate 12.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 3.2%
Total Debt to Equity 3.2%
Interest Coverage 127
Management Effectiveness
Return On Assets 11.7%
Ret/ On Assets - 3 Yr. Avg. 12.5%
Return On Total Capital 13.6%
Ret/ On T. Cap. - 3 Yr. Avg. 15.1%
Return On Equity 14.2%
Return On Equity - 3 Yr. Avg. 15.5%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 36.5%
Gross Margin - 3 Yr. Avg. 37.3%
EBITDA Margin 12.9%
EBITDA Margin - 3 Yr. Avg. 13.5%
Operating Margin 11.6%
Oper. Margin - 3 Yr. Avg. 11.6%
Pre-Tax Margin 10.9%
Pre-Tax Margin - 3 Yr. Avg. 11.5%
Net Profit Margin 8.5%
Net Profit Margin - 3 Yr. Avg. 9.1%
Effective Tax Rate 21.4%
Eff/ Tax Rate - 3 Yr. Avg. 20.6%
Payout Ratio 0%

EPAM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EPAM stock intrinsic value calculation we used $1160 million for the last fiscal year's total revenue generated by EPAM Systems. The default revenue input number comes from 2016 income statement of EPAM Systems. 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 EPAM stock valuation model: a) initial revenue growth rate of 23.1% 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 EPAM is calculated based on our internal credit rating of EPAM Systems, 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 EPAM Systems.
    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 EPAM stock the variable cost ratio is equal to 88.4%.

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 EPAM 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 EPAM Systems.

Corporate tax rate of 27% is the nominal tax rate for EPAM Systems. 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 EPAM 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 EPAM are equal to 10%.

Life of production assets of 10 years is the average useful life of capital assets used in EPAM Systems 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 EPAM is equal to 14.4%. 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 - $781 million for EPAM Systems - 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 51.149 million for EPAM Systems 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 EPAM Systems at the current share price and the inputted number of shares is $4.1 billion.

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COMPANY NEWS

▶ Epam misses 2Q profit forecasts   [02:50AM  Associated Press]
▶ Digital Business Solutions Lift EPAM Systems' Sales   [Aug-03-17 01:17PM  Motley Fool]
▶ EPAM Reports Results for Second Quarter 2017   [06:00AM  GlobeNewswire]
▶ What's working: Emerging opportunities   [Jul-24-17 07:34AM  CNBC Videos]
▶ ETFs with exposure to EPAM Systems, Inc. : June 27, 2017   [Jun-27-17 03:10PM  Capital Cube]
▶ 3 Growth Stocks for Enterprising Investors   [Jun-18-17 01:15PM  Motley Fool]
▶ Bet On 4 Profitable Stocks for Impressive Gains   [Jun-07-17 06:32AM  Zacks]
▶ The 3 Best IT Services Companies to Buy in 2017   [Jun-02-17 09:28PM  Motley Fool]
▶ 3 Growth Stocks for May   [May-17-17 07:23PM  Motley Fool]
▶ EPAM Systems Boosts Sales as Earnings Growth Continues   [May-04-17 09:22AM  Motley Fool]
▶ Epam misses 1Q profit forecasts   [06:20AM  Associated Press]
▶ EPAM Reports Results for First Quarter 2017   [06:00AM  GlobeNewswire]
▶ 3 Bargain Stocks You Can Buy Today   [Apr-08-17 10:11AM  Motley Fool]
▶ EPAM Announces Appointment of New Chief Financial Officer   [Mar-29-17 07:31AM  GlobeNewswire]
▶ EPAM Named Sitecore┬« Implementation Partner in APAC   [Mar-20-17 05:00PM  GlobeNewswire]
▶ EPAM Systems Sees a Solid 2017 Ahead   [01:30PM  at Motley Fool]
▶ Is Teradata Corporation (TDC) A Good Stock To Buy?   [Dec-09-16 09:37PM  at Insider Monkey]
▶ 5 Technology Stocks Hedge Funds Are Dumping   [Dec-06-16 01:43PM  at Insider Monkey]
▶ Is EPAM Systems Inc (EPAM) Going to Burn These Hedge Funds?   [Dec-05-16 04:32AM  at Insider Monkey]
▶ 3 of the Most Undervalued Tech Stocks Today   [Dec-04-16 01:02PM  at Motley Fool]
▶ [$$] Two Picks in IT Safe From Regulatory Changes   [Nov-18-16 03:16PM  at Barrons.com]
▶ EPAM Expands EU Footprint With Opening of Ireland Office   [Nov-14-16 08:41AM  GlobeNewswire]
▶ EPAM Reports Results for Third Quarter 2016   [06:15AM  GlobeNewswire]
▶ 7 Top Stocks to Buy in November   [Nov-02-16 08:10AM  at Motley Fool]
Stock chart of EPAM Financial statements of EPAM
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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