Intrinsic value of EPAM Systems - EPAM

Previous Close

$114.65

  Intrinsic Value

$54.04

stock screener

  Rating & Target

str. sell

-53%

Previous close

$114.65

 
Intrinsic value

$54.04

 
Up/down potential

-53%

 
Rating

str. 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
  26.80
  24.62
  22.66
  20.89
  19.30
  17.87
  16.59
  15.43
  14.38
  13.45
  12.60
  11.84
  11.16
  10.54
  9.99
  9.49
  9.04
  8.64
  8.27
  7.94
  7.65
  7.39
  7.15
  6.93
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
Revenue, $m
  1,160
  1,471
  1,833
  2,248
  2,718
  3,243
  3,822
  4,456
  5,144
  5,884
  6,675
  7,516
  8,406
  9,344
  10,328
  11,360
  12,438
  13,562
  14,733
  15,952
  17,219
  18,537
  19,906
  21,328
  22,807
  24,344
  25,942
  27,605
  29,335
  31,136
  33,013
Variable operating expenses, $m
 
  1,297
  1,614
  1,977
  2,388
  2,847
  3,354
  3,908
  4,510
  5,157
  5,849
  6,573
  7,352
  8,172
  9,033
  9,935
  10,878
  11,862
  12,886
  13,952
  15,060
  16,212
  17,410
  18,654
  19,947
  21,291
  22,689
  24,143
  25,656
  27,232
  28,873
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
  1,297
  1,614
  1,977
  2,388
  2,847
  3,354
  3,908
  4,510
  5,157
  5,849
  6,573
  7,352
  8,172
  9,033
  9,935
  10,878
  11,862
  12,886
  13,952
  15,060
  16,212
  17,410
  18,654
  19,947
  21,291
  22,689
  24,143
  25,656
  27,232
  28,873
Operating income, $m
  134
  174
  219
  271
  330
  396
  468
  548
  634
  727
  826
  942
  1,054
  1,172
  1,295
  1,424
  1,560
  1,701
  1,848
  2,000
  2,159
  2,324
  2,496
  2,675
  2,860
  3,053
  3,253
  3,462
  3,678
  3,904
  4,140
EBITDA, $m
  157
  199
  248
  305
  368
  439
  518
  604
  697
  797
  904
  1,018
  1,139
  1,266
  1,399
  1,539
  1,685
  1,838
  1,996
  2,161
  2,333
  2,512
  2,697
  2,890
  3,090
  3,299
  3,515
  3,740
  3,975
  4,219
  4,473
Interest expense (income), $m
  1
  1
  2
  4
  6
  8
  10
  13
  15
  18
  22
  25
  29
  33
  37
  41
  45
  50
  55
  60
  66
  71
  77
  83
  89
  96
  102
  109
  117
  124
  132
Earnings before tax, $m
  126
  173
  217
  267
  324
  388
  458
  535
  619
  709
  805
  917
  1,025
  1,139
  1,258
  1,384
  1,514
  1,650
  1,792
  1,940
  2,094
  2,253
  2,419
  2,592
  2,771
  2,957
  3,151
  3,352
  3,562
  3,780
  4,008
Tax expense, $m
  27
  47
  59
  72
  88
  105
  124
  145
  167
  191
  217
  248
  277
  308
  340
  374
  409
  446
  484
  524
  565
  608
  653
  700
  748
  798
  851
  905
  962
  1,021
  1,082
Net income, $m
  99
  126
  158
  195
  237
  283
  335
  391
  452
  517
  587
  670
  749
  832
  919
  1,010
  1,105
  1,205
  1,308
  1,416
  1,528
  1,645
  1,766
  1,892
  2,023
  2,159
  2,300
  2,447
  2,600
  2,760
  2,926

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
  713
  888
  1,089
  1,317
  1,571
  1,852
  2,159
  2,492
  2,851
  3,234
  3,641
  4,073
  4,527
  5,004
  5,504
  6,026
  6,571
  7,138
  7,729
  8,343
  8,981
  9,644
  10,334
  11,050
  11,795
  12,569
  13,374
  14,213
  15,085
  15,995
Adjusted assets (=assets-cash), $m
  562
  713
  888
  1,089
  1,317
  1,571
  1,852
  2,159
  2,492
  2,851
  3,234
  3,641
  4,073
  4,527
  5,004
  5,504
  6,026
  6,571
  7,138
  7,729
  8,343
  8,981
  9,644
  10,334
  11,050
  11,795
  12,569
  13,374
  14,213
  15,085
  15,995
Revenue / Adjusted assets
  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
  2.064
  2.064
  2.064
  2.064
  2.064
  2.064
  2.064
  2.064
Average production assets, $m
  116
  147
  183
  225
  272
  324
  382
  446
  514
  588
  667
  752
  841
  934
  1,033
  1,136
  1,244
  1,356
  1,473
  1,595
  1,722
  1,854
  1,991
  2,133
  2,281
  2,434
  2,594
  2,760
  2,933
  3,114
  3,301
Working capital, $m
  531
  212
  264
  324
  391
  467
  550
  642
  741
  847
  961
  1,082
  1,210
  1,345
  1,487
  1,636
  1,791
  1,953
  2,122
  2,297
  2,480
  2,669
  2,866
  3,071
  3,284
  3,506
  3,736
  3,975
  4,224
  4,484
  4,754
Total debt, $m
  25
  64
  109
  161
  220
  285
  358
  437
  523
  615
  714
  819
  931
  1,048
  1,171
  1,300
  1,435
  1,575
  1,722
  1,874
  2,032
  2,197
  2,368
  2,546
  2,731
  2,923
  3,123
  3,331
  3,547
  3,772
  4,007
Total liabilities, $m
  144
  184
  229
  281
  340
  405
  478
  557
  643
  735
  834
  939
  1,051
  1,168
  1,291
  1,420
  1,555
  1,695
  1,842
  1,994
  2,152
  2,317
  2,488
  2,666
  2,851
  3,043
  3,243
  3,451
  3,667
  3,892
  4,127
Total equity, $m
  781
  529
  659
  808
  977
  1,166
  1,374
  1,602
  1,849
  2,115
  2,400
  2,702
  3,022
  3,359
  3,713
  4,084
  4,471
  4,876
  5,297
  5,735
  6,190
  6,664
  7,156
  7,667
  8,199
  8,752
  9,326
  9,924
  10,546
  11,193
  11,868
Total liabilities and equity, $m
  925
  713
  888
  1,089
  1,317
  1,571
  1,852
  2,159
  2,492
  2,850
  3,234
  3,641
  4,073
  4,527
  5,004
  5,504
  6,026
  6,571
  7,139
  7,729
  8,342
  8,981
  9,644
  10,333
  11,050
  11,795
  12,569
  13,375
  14,213
  15,085
  15,995
Debt-to-equity ratio
  0.032
  0.120
  0.170
  0.200
  0.220
  0.240
  0.260
  0.270
  0.280
  0.290
  0.300
  0.300
  0.310
  0.310
  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
  0.340
  0.340
  0.340
  0.340
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
  126
  158
  195
  237
  283
  335
  391
  452
  517
  587
  670
  749
  832
  919
  1,010
  1,105
  1,205
  1,308
  1,416
  1,528
  1,645
  1,766
  1,892
  2,023
  2,159
  2,300
  2,447
  2,600
  2,760
  2,926
Depreciation, amort., depletion, $m
  23
  26
  29
  34
  38
  44
  50
  56
  63
  70
  78
  76
  85
  94
  104
  115
  126
  137
  149
  161
  174
  187
  201
  215
  230
  246
  262
  279
  296
  315
  333
Funds from operations, $m
  159
  152
  188
  229
  275
  327
  384
  447
  515
  588
  666
  746
  833
  926
  1,023
  1,125
  1,231
  1,342
  1,457
  1,577
  1,702
  1,832
  1,967
  2,107
  2,253
  2,405
  2,562
  2,726
  2,897
  3,074
  3,259
Change in working capital, $m
  -6
  45
  52
  60
  68
  76
  83
  91
  99
  107
  114
  121
  128
  135
  142
  149
  155
  162
  169
  176
  183
  190
  197
  205
  213
  221
  230
  239
  249
  259
  270
Cash from operations, $m
  165
  107
  135
  169
  207
  251
  301
  355
  416
  481
  552
  625
  705
  791
  881
  976
  1,076
  1,180
  1,289
  1,402
  1,520
  1,642
  1,770
  1,902
  2,040
  2,183
  2,332
  2,487
  2,647
  2,815
  2,989
Maintenance CAPEX, $m
  0
  -12
  -15
  -19
  -23
  -27
  -33
  -39
  -45
  -52
  -59
  -67
  -76
  -85
  -94
  -104
  -115
  -126
  -137
  -149
  -161
  -174
  -187
  -201
  -215
  -230
  -246
  -262
  -279
  -296
  -315
New CAPEX, $m
  -29
  -32
  -36
  -42
  -47
  -52
  -58
  -63
  -69
  -74
  -79
  -84
  -89
  -94
  -98
  -103
  -108
  -112
  -117
  -122
  -127
  -132
  -137
  -142
  -148
  -154
  -160
  -166
  -173
  -180
  -188
Cash from investing activities, $m
  -9
  -44
  -51
  -61
  -70
  -79
  -91
  -102
  -114
  -126
  -138
  -151
  -165
  -179
  -192
  -207
  -223
  -238
  -254
  -271
  -288
  -306
  -324
  -343
  -363
  -384
  -406
  -428
  -452
  -476
  -503
Free cash flow, $m
  156
  64
  84
  109
  138
  171
  210
  253
  302
  355
  413
  473
  540
  612
  688
  769
  853
  942
  1,034
  1,131
  1,232
  1,337
  1,446
  1,559
  1,677
  1,799
  1,926
  2,058
  2,196
  2,338
  2,487
Issuance/(repayment) of debt, $m
  -10
  39
  45
  52
  59
  66
  72
  79
  86
  92
  99
  105
  111
  117
  123
  129
  135
  141
  146
  152
  158
  165
  171
  178
  185
  192
  200
  208
  216
  225
  235
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
  39
  45
  52
  59
  66
  72
  79
  86
  92
  99
  105
  111
  117
  123
  129
  135
  141
  146
  152
  158
  165
  171
  178
  185
  192
  200
  208
  216
  225
  235
Total cash flow (excl. dividends), $m
  163
  103
  130
  161
  196
  237
  282
  333
  388
  448
  512
  578
  652
  729
  811
  898
  988
  1,082
  1,181
  1,284
  1,390
  1,501
  1,617
  1,737
  1,862
  1,991
  2,126
  2,266
  2,412
  2,563
  2,721
Retained Cash Flow (-), $m
  -168
  -112
  -130
  -149
  -169
  -189
  -208
  -228
  -247
  -266
  -284
  -302
  -320
  -337
  -354
  -371
  -387
  -404
  -421
  -438
  -456
  -474
  -492
  -511
  -532
  -553
  -575
  -598
  -622
  -648
  -675
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
 
  355
  -1
  11
  28
  48
  74
  105
  141
  182
  228
  276
  332
  392
  457
  527
  600
  678
  760
  845
  935
  1,028
  1,125
  1,226
  1,330
  1,439
  1,551
  1,668
  1,790
  1,916
  2,047
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
 
  340
  0
  10
  23
  38
  54
  71
  88
  104
  119
  131
  142
  149
  154
  155
  153
  148
  140
  130
  119
  106
  93
  80
  68
  56
  45
  36
  28
  21
  15
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 59.2
Price to Sales 5.1
Price to Book 7.5
Price to Tangible Book
Price to Cash Flow 35.5
Price to Free Cash Flow 43.1
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 26.8% 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 52.685 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 $6.0 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
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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