Intrinsic value of EPAM Systems - EPAM

Previous Close

$91.15

  Intrinsic Value

$49.20

stock screener

  Rating & Target

sell

-46%

  Value-price divergence*

+11%

Previous close

$91.15

 
Intrinsic value

$49.20

 
Up/down potential

-46%

 
Rating

sell

 
Value-price divergence*

+11%

*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 4.7

 

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
  22.90
  21.11
  19.50
  18.05
  16.74
  15.57
  14.51
  13.56
  12.71
  11.93
  11.24
  10.62
  10.06
  9.55
  9.09
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
Revenue, $m
  1,160
  1,426
  1,727
  2,063
  2,436
  2,843
  3,286
  3,763
  4,273
  4,816
  5,391
  5,997
  6,634
  7,301
  7,998
  8,726
  9,484
  10,273
  11,093
  11,945
  12,832
  13,752
  14,709
  15,704
  16,738
  17,814
  18,934
  20,100
  21,314
  22,579
  23,899
Variable operating expenses, $m
 
  1,258
  1,521
  1,815
  2,141
  2,498
  2,885
  3,302
  3,748
  4,223
  4,726
  5,245
  5,802
  6,386
  6,995
  7,632
  8,295
  8,984
  9,702
  10,448
  11,223
  12,028
  12,865
  13,735
  14,640
  15,581
  16,560
  17,579
  18,641
  19,748
  20,902
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
  1,258
  1,521
  1,815
  2,141
  2,498
  2,885
  3,302
  3,748
  4,223
  4,726
  5,245
  5,802
  6,386
  6,995
  7,632
  8,295
  8,984
  9,702
  10,448
  11,223
  12,028
  12,865
  13,735
  14,640
  15,581
  16,560
  17,579
  18,641
  19,748
  20,902
Operating income, $m
  134
  168
  206
  248
  295
  346
  401
  461
  525
  593
  665
  752
  832
  916
  1,003
  1,094
  1,189
  1,288
  1,391
  1,498
  1,609
  1,725
  1,845
  1,969
  2,099
  2,234
  2,374
  2,520
  2,673
  2,831
  2,997
EBITDA, $m
  157
  193
  234
  280
  330
  385
  445
  510
  579
  653
  731
  813
  899
  989
  1,084
  1,182
  1,285
  1,392
  1,503
  1,619
  1,739
  1,863
  1,993
  2,128
  2,268
  2,414
  2,566
  2,723
  2,888
  3,059
  3,238
Interest expense (income), $m
  1
  1
  2
  3
  5
  6
  8
  10
  12
  14
  17
  19
  22
  25
  28
  31
  34
  37
  41
  44
  48
  52
  56
  60
  65
  69
  74
  79
  84
  89
  95
Earnings before tax, $m
  126
  167
  204
  244
  290
  339
  393
  451
  513
  579
  648
  733
  810
  891
  975
  1,063
  1,155
  1,251
  1,350
  1,454
  1,561
  1,673
  1,789
  1,909
  2,034
  2,165
  2,301
  2,442
  2,589
  2,742
  2,902
Tax expense, $m
  27
  45
  55
  66
  78
  92
  106
  122
  138
  156
  175
  198
  219
  240
  263
  287
  312
  338
  365
  392
  421
  452
  483
  515
  549
  585
  621
  659
  699
  740
  784
Net income, $m
  99
  122
  149
  178
  211
  248
  287
  329
  374
  422
  473
  535
  591
  650
  712
  776
  843
  913
  986
  1,061
  1,140
  1,221
  1,306
  1,394
  1,485
  1,580
  1,679
  1,783
  1,890
  2,002
  2,119

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
  691
  837
  1,000
  1,180
  1,378
  1,592
  1,823
  2,070
  2,334
  2,612
  2,906
  3,214
  3,537
  3,875
  4,228
  4,595
  4,977
  5,374
  5,788
  6,217
  6,663
  7,127
  7,609
  8,110
  8,631
  9,173
  9,738
  10,327
  10,940
  11,579
Adjusted assets (=assets-cash), $m
  562
  691
  837
  1,000
  1,180
  1,378
  1,592
  1,823
  2,070
  2,334
  2,612
  2,906
  3,214
  3,537
  3,875
  4,228
  4,595
  4,977
  5,374
  5,788
  6,217
  6,663
  7,127
  7,609
  8,110
  8,631
  9,173
  9,738
  10,327
  10,940
  11,579
Revenue / Adjusted assets
  2.064
  2.064
  2.063
  2.063
  2.064
  2.063
  2.064
  2.064
  2.064
  2.063
  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
  206
  244
  284
  329
  376
  427
  482
  539
  600
  663
  730
  800
  873
  948
  1,027
  1,109
  1,195
  1,283
  1,375
  1,471
  1,570
  1,674
  1,781
  1,893
  2,010
  2,131
  2,258
  2,390
Working capital, $m
  531
  205
  249
  297
  351
  409
  473
  542
  615
  694
  776
  864
  955
  1,051
  1,152
  1,257
  1,366
  1,479
  1,597
  1,720
  1,848
  1,980
  2,118
  2,261
  2,410
  2,565
  2,727
  2,894
  3,069
  3,251
  3,441
Total debt, $m
  25
  58
  96
  138
  184
  235
  291
  350
  414
  482
  554
  630
  709
  793
  880
  971
  1,065
  1,164
  1,267
  1,373
  1,484
  1,599
  1,719
  1,843
  1,972
  2,107
  2,247
  2,392
  2,544
  2,702
  2,867
Total liabilities, $m
  144
  178
  216
  258
  304
  355
  411
  470
  534
  602
  674
  750
  829
  913
  1,000
  1,091
  1,185
  1,284
  1,387
  1,493
  1,604
  1,719
  1,839
  1,963
  2,092
  2,227
  2,367
  2,512
  2,664
  2,822
  2,987
Total equity, $m
  781
  513
  621
  742
  876
  1,022
  1,181
  1,353
  1,536
  1,731
  1,938
  2,156
  2,385
  2,625
  2,875
  3,137
  3,409
  3,693
  3,988
  4,294
  4,613
  4,944
  5,288
  5,646
  6,017
  6,404
  6,807
  7,226
  7,662
  8,117
  8,591
Total liabilities and equity, $m
  925
  691
  837
  1,000
  1,180
  1,377
  1,592
  1,823
  2,070
  2,333
  2,612
  2,906
  3,214
  3,538
  3,875
  4,228
  4,594
  4,977
  5,375
  5,787
  6,217
  6,663
  7,127
  7,609
  8,109
  8,631
  9,174
  9,738
  10,326
  10,939
  11,578
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
  178
  211
  248
  287
  329
  374
  422
  473
  535
  591
  650
  712
  776
  843
  913
  986
  1,061
  1,140
  1,221
  1,306
  1,394
  1,485
  1,580
  1,679
  1,783
  1,890
  2,002
  2,119
Depreciation, amort., depletion, $m
  23
  25
  28
  32
  36
  40
  44
  49
  54
  60
  65
  61
  67
  74
  81
  88
  96
  104
  112
  121
  130
  139
  149
  159
  169
  180
  191
  203
  215
  228
  241
Funds from operations, $m
  159
  147
  177
  210
  247
  287
  331
  378
  428
  482
  539
  595
  658
  724
  793
  864
  939
  1,017
  1,098
  1,182
  1,269
  1,360
  1,454
  1,552
  1,654
  1,760
  1,871
  1,986
  2,105
  2,230
  2,360
Change in working capital, $m
  -6
  38
  43
  48
  54
  59
  64
  69
  73
  78
  83
  87
  92
  96
  100
  105
  109
  114
  118
  123
  128
  133
  138
  143
  149
  155
  161
  168
  175
  182
  190
Cash from operations, $m
  165
  109
  134
  162
  193
  229
  267
  309
  355
  404
  456
  508
  567
  628
  692
  760
  830
  903
  980
  1,059
  1,142
  1,227
  1,316
  1,409
  1,505
  1,605
  1,709
  1,818
  1,930
  2,048
  2,170
Maintenance CAPEX, $m
  0
  -12
  -14
  -17
  -21
  -25
  -29
  -33
  -38
  -43
  -49
  -54
  -61
  -67
  -74
  -81
  -88
  -96
  -104
  -112
  -121
  -130
  -139
  -149
  -159
  -169
  -180
  -191
  -203
  -215
  -228
New CAPEX, $m
  -29
  -27
  -30
  -34
  -37
  -41
  -44
  -48
  -51
  -54
  -57
  -61
  -64
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -99
  -103
  -108
  -112
  -117
  -121
  -127
  -132
Cash from investing activities, $m
  -9
  -39
  -44
  -51
  -58
  -66
  -73
  -81
  -89
  -97
  -106
  -115
  -125
  -134
  -144
  -154
  -164
  -175
  -186
  -197
  -210
  -222
  -235
  -248
  -262
  -277
  -292
  -308
  -324
  -342
  -360
Free cash flow, $m
  156
  70
  89
  111
  135
  163
  194
  228
  266
  306
  350
  393
  442
  494
  549
  606
  666
  729
  794
  862
  932
  1,006
  1,082
  1,161
  1,243
  1,329
  1,417
  1,510
  1,606
  1,706
  1,810
Issuance/(repayment) of debt, $m
  -10
  33
  38
  42
  47
  51
  55
  60
  64
  68
  72
  76
  80
  83
  87
  91
  95
  99
  103
  107
  111
  115
  120
  124
  129
  134
  140
  146
  152
  158
  165
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
  42
  47
  51
  55
  60
  64
  68
  72
  76
  80
  83
  87
  91
  95
  99
  103
  107
  111
  115
  120
  124
  129
  134
  140
  146
  152
  158
  165
Total cash flow (excl. dividends), $m
  163
  103
  127
  153
  182
  214
  250
  288
  330
  374
  422
  469
  522
  578
  636
  697
  761
  827
  896
  968
  1,043
  1,121
  1,201
  1,285
  1,373
  1,463
  1,557
  1,656
  1,758
  1,864
  1,975
Retained Cash Flow (-), $m
  -168
  -96
  -108
  -121
  -134
  -147
  -159
  -171
  -183
  -195
  -207
  -218
  -229
  -240
  -251
  -262
  -272
  -284
  -295
  -307
  -319
  -331
  -344
  -358
  -372
  -387
  -403
  -419
  -437
  -455
  -474
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
 
  372
  19
  32
  48
  67
  90
  117
  146
  179
  215
  251
  293
  338
  385
  436
  488
  544
  601
  662
  724
  790
  857
  928
  1,001
  1,076
  1,155
  1,237
  1,321
  1,409
  1,501
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
 
  357
  17
  28
  39
  52
  66
  79
  91
  103
  113
  119
  125
  128
  129
  128
  124
  118
  111
  102
  92
  82
  71
  61
  51
  42
  34
  27
  20
  15
  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. 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 47
Price to Sales 4
Price to Book 6
Price to Tangible Book
Price to Cash Flow 28.2
Price to Free Cash Flow 34.2
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 22.9% 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 9.9 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 52.011 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 $4.7 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
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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