Intrinsic value of EPAM Systems - EPAM

Previous Close

$133.75

  Intrinsic Value

$100.19

stock screener

  Rating & Target

sell

-25%

Previous close

$133.75

 
Intrinsic value

$100.19

 
Up/down potential

-25%

 
Rating

sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  25.00
  23.00
  21.20
  19.58
  18.12
  16.81
  15.63
  14.57
  13.61
  12.75
  11.97
  11.28
  10.65
  10.08
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
Revenue, $m
  1,160
  1,813
  2,229
  2,702
  3,231
  3,817
  4,458
  5,155
  5,906
  6,709
  7,565
  8,471
  9,426
  10,430
  11,481
  12,581
  13,728
  14,923
  16,167
  17,460
  18,805
  20,203
  21,655
  23,164
  24,733
  26,364
  28,061
  29,826
  31,665
  33,579
  35,575
Variable operating expenses, $m
 
  1,564
  1,920
  2,323
  2,775
  3,275
  3,822
  4,417
  5,058
  5,744
  6,474
  7,231
  8,047
  8,904
  9,801
  10,740
  11,719
  12,739
  13,801
  14,906
  16,054
  17,247
  18,486
  19,775
  21,114
  22,507
  23,955
  25,462
  27,032
  28,666
  30,370
Fixed operating expenses, $m
 
  25
  25
  26
  26
  27
  27
  28
  29
  29
  30
  30
  31
  32
  33
  33
  34
  35
  36
  36
  37
  38
  39
  40
  40
  41
  42
  43
  44
  45
  46
Total operating expenses, $m
  1,026
  1,589
  1,945
  2,349
  2,801
  3,302
  3,849
  4,445
  5,087
  5,773
  6,504
  7,261
  8,078
  8,936
  9,834
  10,773
  11,753
  12,774
  13,837
  14,942
  16,091
  17,285
  18,525
  19,815
  21,154
  22,548
  23,997
  25,505
  27,076
  28,711
  30,416
Operating income, $m
  134
  224
  285
  353
  430
  515
  609
  710
  819
  936
  1,061
  1,209
  1,348
  1,494
  1,647
  1,807
  1,975
  2,149
  2,330
  2,518
  2,714
  2,918
  3,130
  3,350
  3,578
  3,816
  4,063
  4,321
  4,589
  4,868
  5,159
EBITDA, $m
  157
  271
  338
  415
  501
  595
  699
  812
  934
  1,065
  1,203
  1,350
  1,505
  1,668
  1,839
  2,017
  2,204
  2,398
  2,600
  2,810
  3,028
  3,255
  3,491
  3,736
  3,991
  4,256
  4,532
  4,819
  5,118
  5,429
  5,753
Interest expense (income), $m
  1
  1
  5
  9
  14
  20
  26
  32
  39
  47
  55
  64
  73
  83
  93
  104
  115
  127
  139
  152
  165
  179
  193
  208
  224
  240
  257
  274
  292
  311
  331
Earnings before tax, $m
  126
  223
  280
  344
  416
  496
  583
  678
  780
  889
  1,005
  1,145
  1,275
  1,411
  1,554
  1,703
  1,859
  2,021
  2,190
  2,366
  2,549
  2,739
  2,936
  3,141
  3,354
  3,576
  3,807
  4,047
  4,297
  4,557
  4,828
Tax expense, $m
  27
  60
  76
  93
  112
  134
  157
  183
  211
  240
  271
  309
  344
  381
  420
  460
  502
  546
  591
  639
  688
  739
  793
  848
  906
  966
  1,028
  1,093
  1,160
  1,230
  1,304
Net income, $m
  99
  163
  204
  251
  304
  362
  426
  495
  569
  649
  734
  836
  931
  1,030
  1,134
  1,243
  1,357
  1,476
  1,599
  1,727
  1,861
  1,999
  2,143
  2,293
  2,449
  2,611
  2,779
  2,954
  3,137
  3,327
  3,525

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
  1,058
  1,301
  1,577
  1,886
  2,228
  2,603
  3,009
  3,448
  3,917
  4,416
  4,945
  5,503
  6,088
  6,702
  7,344
  8,014
  8,711
  9,438
  10,193
  10,978
  11,794
  12,641
  13,522
  14,438
  15,391
  16,381
  17,412
  18,485
  19,603
  20,767
Adjusted assets (=assets-cash), $m
  562
  1,058
  1,301
  1,577
  1,886
  2,228
  2,603
  3,009
  3,448
  3,917
  4,416
  4,945
  5,503
  6,088
  6,702
  7,344
  8,014
  8,711
  9,438
  10,193
  10,978
  11,794
  12,641
  13,522
  14,438
  15,391
  16,381
  17,412
  18,485
  19,603
  20,767
Revenue / Adjusted assets
  2.064
  1.714
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
Average production assets, $m
  116
  303
  372
  451
  540
  637
  745
  861
  986
  1,120
  1,263
  1,415
  1,574
  1,742
  1,917
  2,101
  2,293
  2,492
  2,700
  2,916
  3,140
  3,374
  3,616
  3,868
  4,130
  4,403
  4,686
  4,981
  5,288
  5,608
  5,941
Working capital, $m
  531
  -56
  -69
  -84
  -100
  -118
  -138
  -160
  -183
  -208
  -235
  -263
  -292
  -323
  -356
  -390
  -426
  -463
  -501
  -541
  -583
  -626
  -671
  -718
  -767
  -817
  -870
  -925
  -982
  -1,041
  -1,103
Total debt, $m
  25
  94
  173
  262
  363
  474
  596
  728
  870
  1,023
  1,185
  1,357
  1,538
  1,729
  1,928
  2,137
  2,354
  2,581
  2,817
  3,062
  3,318
  3,583
  3,858
  4,145
  4,442
  4,752
  5,074
  5,409
  5,757
  6,121
  6,499
Total liabilities, $m
  144
  344
  423
  513
  613
  724
  846
  978
  1,120
  1,273
  1,435
  1,607
  1,788
  1,979
  2,178
  2,387
  2,604
  2,831
  3,067
  3,313
  3,568
  3,833
  4,108
  4,395
  4,692
  5,002
  5,324
  5,659
  6,008
  6,371
  6,749
Total equity, $m
  781
  714
  878
  1,065
  1,273
  1,504
  1,757
  2,031
  2,327
  2,644
  2,981
  3,338
  3,714
  4,110
  4,524
  4,957
  5,409
  5,880
  6,370
  6,880
  7,410
  7,961
  8,533
  9,128
  9,746
  10,389
  11,057
  11,753
  12,477
  13,232
  14,018
Total liabilities and equity, $m
  925
  1,058
  1,301
  1,578
  1,886
  2,228
  2,603
  3,009
  3,447
  3,917
  4,416
  4,945
  5,502
  6,089
  6,702
  7,344
  8,013
  8,711
  9,437
  10,193
  10,978
  11,794
  12,641
  13,523
  14,438
  15,391
  16,381
  17,412
  18,485
  19,603
  20,767
Debt-to-equity ratio
  0.032
  0.130
  0.200
  0.250
  0.280
  0.320
  0.340
  0.360
  0.370
  0.390
  0.400
  0.410
  0.410
  0.420
  0.430
  0.430
  0.440
  0.440
  0.440
  0.450
  0.450
  0.450
  0.450
  0.450
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
Adjusted equity ratio
  0.742
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  99
  163
  204
  251
  304
  362
  426
  495
  569
  649
  734
  836
  931
  1,030
  1,134
  1,243
  1,357
  1,476
  1,599
  1,727
  1,861
  1,999
  2,143
  2,293
  2,449
  2,611
  2,779
  2,954
  3,137
  3,327
  3,525
Depreciation, amort., depletion, $m
  23
  47
  54
  62
  70
  80
  91
  102
  115
  128
  143
  141
  157
  174
  192
  210
  229
  249
  270
  292
  314
  337
  362
  387
  413
  440
  469
  498
  529
  561
  594
Funds from operations, $m
  159
  209
  258
  313
  374
  442
  516
  597
  684
  777
  877
  977
  1,088
  1,204
  1,326
  1,453
  1,586
  1,725
  1,869
  2,019
  2,175
  2,337
  2,505
  2,680
  2,862
  3,051
  3,248
  3,452
  3,665
  3,887
  4,119
Change in working capital, $m
  -6
  -11
  -13
  -15
  -16
  -18
  -20
  -22
  -23
  -25
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
Cash from operations, $m
  165
  221
  271
  327
  390
  460
  536
  619
  708
  802
  903
  1,005
  1,118
  1,235
  1,359
  1,488
  1,622
  1,762
  1,908
  2,059
  2,216
  2,380
  2,550
  2,727
  2,910
  3,101
  3,300
  3,507
  3,722
  3,947
  4,181
Maintenance CAPEX, $m
  0
  -24
  -30
  -37
  -45
  -54
  -64
  -74
  -86
  -99
  -112
  -126
  -141
  -157
  -174
  -192
  -210
  -229
  -249
  -270
  -292
  -314
  -337
  -362
  -387
  -413
  -440
  -469
  -498
  -529
  -561
New CAPEX, $m
  -29
  -60
  -70
  -79
  -88
  -98
  -107
  -116
  -125
  -134
  -143
  -151
  -160
  -168
  -176
  -184
  -192
  -200
  -208
  -216
  -225
  -233
  -243
  -252
  -262
  -272
  -283
  -295
  -307
  -320
  -333
Cash from investing activities, $m
  -9
  -84
  -100
  -116
  -133
  -152
  -171
  -190
  -211
  -233
  -255
  -277
  -301
  -325
  -350
  -376
  -402
  -429
  -457
  -486
  -517
  -547
  -580
  -614
  -649
  -685
  -723
  -764
  -805
  -849
  -894
Free cash flow, $m
  156
  136
  171
  211
  257
  308
  365
  428
  496
  570
  648
  728
  817
  910
  1,009
  1,112
  1,220
  1,333
  1,451
  1,573
  1,700
  1,833
  1,970
  2,113
  2,262
  2,416
  2,576
  2,743
  2,917
  3,098
  3,287
Issuance/(repayment) of debt, $m
  -10
  69
  79
  90
  100
  111
  122
  132
  142
  152
  162
  172
  181
  190
  200
  209
  218
  227
  236
  245
  255
  265
  276
  286
  298
  309
  322
  335
  349
  363
  379
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
  69
  79
  90
  100
  111
  122
  132
  142
  152
  162
  172
  181
  190
  200
  209
  218
  227
  236
  245
  255
  265
  276
  286
  298
  309
  322
  335
  349
  363
  379
Total cash flow (excl. dividends), $m
  163
  204
  250
  301
  357
  419
  487
  560
  639
  722
  811
  900
  998
  1,101
  1,208
  1,321
  1,438
  1,560
  1,687
  1,818
  1,955
  2,098
  2,246
  2,399
  2,559
  2,725
  2,898
  3,078
  3,266
  3,461
  3,665
Retained Cash Flow (-), $m
  -168
  -143
  -164
  -186
  -208
  -231
  -253
  -275
  -296
  -317
  -337
  -357
  -376
  -396
  -414
  -433
  -452
  -471
  -490
  -510
  -530
  -551
  -572
  -595
  -618
  -643
  -669
  -696
  -724
  -754
  -786
Prev. year cash balance distribution, $m
 
  404
  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
 
  52
  65
  80
  97
  116
  137
  160
  186
  213
  242
  272
  305
  339
  375
  413
  453
  494
  537
  582
  629
  677
  727
  780
  834
  890
  949
  1,010
  1,074
  1,140
  1,209
Cash available for distribution, $m
 
  465
  86
  115
  149
  189
  234
  286
  343
  405
  473
  543
  621
  705
  794
  888
  986
  1,089
  1,196
  1,309
  1,426
  1,547
  1,673
  1,805
  1,941
  2,083
  2,230
  2,383
  2,542
  2,707
  2,879
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
 
  446
  78
  100
  123
  146
  170
  193
  214
  233
  248
  258
  265
  268
  267
  261
  251
  237
  220
  202
  181
  160
  139
  118
  99
  81
  65
  51
  39
  30
  22
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. is a g provider of software product development and digital platform engineering services to clients located primarily in North America, Europe, Asia and Australia. The Company's service offerings cover the full software product development lifecycle from digital strategy and customer experience design to enterprise application platforms implementation and program management services and from complex software development services to maintenance, support, custom application development, application testing, and infrastructure management. Its service offerings include Software Product Development Services, Custom Application Development Services, Application Testing Services, Enterprise Application Platforms, Application Maintenance and Support, and Infrastructure Management Services. It offers its solutions and services to industries, such as financial services, media and entertainment, travel and consumer, software and hi-tech, and life sciences and healthcare.

FINANCIAL RATIOS  of  EPAM Systems (EPAM)

Valuation Ratios
P/E Ratio 69
Price to Sales 5.9
Price to Book 8.8
Price to Tangible Book
Price to Cash Flow 41.4
Price to Free Cash Flow 50.3
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 $1450 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 25% 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 86.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $24 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 5.4% 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 3.6%.

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 16.7%.

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 -3.1%. 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 - $975 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 52 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 $7.0 billion.

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COMPANY NEWS

▶ IBD Stock Of The Day: Epam Hits Buy Zone As New Base Forms   [04:10PM  Investor's Business Daily]
▶ Why 2018 Could Be an Even Better Year for EPAM Systems   [May-09-18 01:06PM  Motley Fool]
▶ Epam: 1Q Earnings Snapshot   [06:21AM  Associated Press]
▶ EPAM Reports Results for First Quarter 2018   [06:00AM  GlobeNewswire]
▶ 3 Stocks to Buy and Hold for Decades   [Apr-06-18 09:04AM  Motley Fool]
▶ Swiffer designer Continuum acquired by Pa. company   [Mar-16-18 12:45PM  American City Business Journals]
▶ EPAM software company buys Boston innovation design firm   [09:00AM  American City Business Journals]
▶ E*TRADE: EPAM Systems Could Be Breakout Tech Stock   [Mar-14-18 01:50PM  Investopedia]
▶ [$$] New Tech Centers Sprout in Europe   [Mar-07-18 12:04AM  The Wall Street Journal]
▶ Company News For Feb 20, 2018   [Feb-20-18 09:57AM  Zacks]
▶ EPAM Systems Takes a Tax Reform Hit   [Feb-16-18 11:04AM  Motley Fool]
▶ Epam reports 4Q loss   [06:26AM  Associated Press]
▶ Should You Sell EPAM Systems Inc (NYSE:EPAM) At This PE Ratio?   [Feb-13-18 08:19PM  Simply Wall St.]
▶ EPAM Systems Soars on Solid IT Services Demand   [Nov-03-17 08:57AM  Motley Fool]
▶ Stocks Flashing Renewed Technical Strength: Epam Systems   [03:00AM  Investor's Business Daily]
▶ Epam beats Street 3Q forecasts   [Nov-02-17 06:29AM  Associated Press]
▶ EPAM Reports Results for Third Quarter 2017   [06:00AM  GlobeNewswire]
▶ EPAM Helps Neptune Exceed Growth Expectations   [Oct-26-17 03:01AM  GlobeNewswire]
▶ Epam Systems Just Within Buy Range As Quarterly Report Nears   [03:00AM  Investor's Business Daily]
▶ Does EPAM Systems Incs (EPAM) PE Ratio Warrant A Sell?   [Oct-02-17 02:17PM  Simply Wall St.]
▶ How Artificial Intelligence May Light Up These Info Tech Firms   [Sep-27-17 10:27AM  Investor's Business Daily]
▶ Top-Rated Stocks: Epam Systems Sees Composite Rating Climb To 96   [Sep-26-17 03:00AM  Investor's Business Daily]
▶ 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]
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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