Intrinsic value of Essendant - ESND

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$14.71

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of ESND stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.4

 

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, %
  0.11
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  5,369
  5,476
  5,602
  5,746
  5,908
  6,087
  6,284
  6,498
  6,729
  6,979
  7,247
  7,533
  7,839
  8,164
  8,510
  8,877
  9,267
  9,678
  10,114
  10,574
  11,060
  11,573
  12,113
  12,683
  13,283
  13,916
  14,582
  15,282
  16,020
  16,796
  17,612
Variable operating expenses, $m
 
  5,443
  5,567
  5,710
  5,870
  6,047
  6,241
  6,452
  6,681
  6,928
  7,193
  7,446
  7,748
  8,070
  8,412
  8,775
  9,160
  9,567
  9,997
  10,452
  10,932
  11,439
  11,973
  12,537
  13,130
  13,755
  14,413
  15,106
  15,835
  16,602
  17,408
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
  5,252
  5,443
  5,567
  5,710
  5,870
  6,047
  6,241
  6,452
  6,681
  6,928
  7,193
  7,446
  7,748
  8,070
  8,412
  8,775
  9,160
  9,567
  9,997
  10,452
  10,932
  11,439
  11,973
  12,537
  13,130
  13,755
  14,413
  15,106
  15,835
  16,602
  17,408
Operating income, $m
  118
  33
  35
  37
  38
  41
  43
  45
  48
  51
  54
  87
  91
  94
  98
  103
  107
  112
  117
  122
  128
  134
  140
  146
  153
  161
  168
  177
  185
  194
  203
EBITDA, $m
  163
  83
  85
  87
  89
  92
  95
  98
  102
  105
  110
  114
  118
  123
  129
  134
  140
  146
  153
  160
  167
  175
  183
  192
  201
  210
  220
  231
  242
  254
  266
Interest expense (income), $m
  23
  21
  22
  23
  25
  26
  28
  30
  31
  34
  36
  38
  41
  44
  46
  50
  53
  56
  60
  64
  68
  73
  77
  82
  87
  93
  98
  104
  111
  117
  124
Earnings before tax, $m
  95
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  49
  50
  51
  52
  53
  54
  55
  57
  58
  60
  61
  63
  64
  66
  68
  70
  72
  74
  77
  79
Tax expense, $m
  31
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  13
  13
  14
  14
  14
  15
  15
  15
  16
  16
  16
  17
  17
  18
  18
  19
  19
  20
  21
  21
Net income, $m
  64
  9
  9
  10
  10
  10
  11
  11
  12
  13
  13
  36
  36
  37
  38
  39
  40
  40
  41
  42
  43
  45
  46
  47
  48
  50
  51
  53
  54
  56
  58

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  21
  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
  2,164
  2,186
  2,236
  2,294
  2,358
  2,430
  2,508
  2,594
  2,686
  2,786
  2,893
  3,007
  3,129
  3,259
  3,397
  3,544
  3,699
  3,864
  4,037
  4,221
  4,415
  4,620
  4,836
  5,063
  5,303
  5,555
  5,821
  6,101
  6,395
  6,705
  7,031
Adjusted assets (=assets-cash), $m
  2,143
  2,186
  2,236
  2,294
  2,358
  2,430
  2,508
  2,594
  2,686
  2,786
  2,893
  3,007
  3,129
  3,259
  3,397
  3,544
  3,699
  3,864
  4,037
  4,221
  4,415
  4,620
  4,836
  5,063
  5,303
  5,555
  5,821
  6,101
  6,395
  6,705
  7,031
Revenue / Adjusted assets
  2.505
  2.505
  2.505
  2.505
  2.506
  2.505
  2.506
  2.505
  2.505
  2.505
  2.505
  2.505
  2.505
  2.505
  2.505
  2.505
  2.505
  2.505
  2.505
  2.505
  2.505
  2.505
  2.505
  2.505
  2.505
  2.505
  2.505
  2.505
  2.505
  2.505
  2.505
Average production assets, $m
  221
  225
  230
  236
  242
  250
  258
  266
  276
  286
  297
  309
  321
  335
  349
  364
  380
  397
  415
  434
  453
  474
  497
  520
  545
  571
  598
  627
  657
  689
  722
Working capital, $m
  926
  926
  947
  971
  998
  1,029
  1,062
  1,098
  1,137
  1,179
  1,225
  1,273
  1,325
  1,380
  1,438
  1,500
  1,566
  1,636
  1,709
  1,787
  1,869
  1,956
  2,047
  2,143
  2,245
  2,352
  2,464
  2,583
  2,707
  2,838
  2,976
Total debt, $m
  609
  636
  669
  706
  747
  793
  844
  899
  959
  1,023
  1,092
  1,166
  1,244
  1,328
  1,417
  1,512
  1,612
  1,718
  1,830
  1,949
  2,074
  2,206
  2,345
  2,492
  2,646
  2,809
  2,981
  3,161
  3,351
  3,551
  3,761
Total liabilities, $m
  1,382
  1,410
  1,443
  1,480
  1,521
  1,567
  1,618
  1,673
  1,733
  1,797
  1,866
  1,940
  2,018
  2,102
  2,191
  2,286
  2,386
  2,492
  2,604
  2,723
  2,848
  2,980
  3,119
  3,266
  3,420
  3,583
  3,755
  3,935
  4,125
  4,325
  4,535
Total equity, $m
  781
  776
  794
  814
  837
  863
  890
  921
  954
  989
  1,027
  1,068
  1,111
  1,157
  1,206
  1,258
  1,313
  1,372
  1,433
  1,499
  1,567
  1,640
  1,717
  1,797
  1,882
  1,972
  2,066
  2,166
  2,270
  2,380
  2,496
Total liabilities and equity, $m
  2,163
  2,186
  2,237
  2,294
  2,358
  2,430
  2,508
  2,594
  2,687
  2,786
  2,893
  3,008
  3,129
  3,259
  3,397
  3,544
  3,699
  3,864
  4,037
  4,222
  4,415
  4,620
  4,836
  5,063
  5,302
  5,555
  5,821
  6,101
  6,395
  6,705
  7,031
Debt-to-equity ratio
  0.780
  0.820
  0.840
  0.870
  0.890
  0.920
  0.950
  0.980
  1.010
  1.030
  1.060
  1.090
  1.120
  1.150
  1.180
  1.200
  1.230
  1.250
  1.280
  1.300
  1.320
  1.340
  1.370
  1.390
  1.410
  1.420
  1.440
  1.460
  1.480
  1.490
  1.510
Adjusted equity ratio
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  64
  9
  9
  10
  10
  10
  11
  11
  12
  13
  13
  36
  36
  37
  38
  39
  40
  40
  41
  42
  43
  45
  46
  47
  48
  50
  51
  53
  54
  56
  58
Depreciation, amort., depletion, $m
  45
  49
  50
  50
  51
  52
  52
  53
  54
  55
  56
  27
  28
  29
  30
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  50
  52
  54
  57
  60
  63
Funds from operations, $m
  160
  58
  59
  60
  61
  62
  63
  64
  66
  67
  69
  62
  64
  66
  68
  70
  73
  75
  77
  80
  83
  86
  89
  92
  96
  99
  103
  107
  111
  116
  121
Change in working capital, $m
  29
  18
  21
  24
  27
  30
  33
  36
  39
  42
  45
  48
  52
  55
  58
  62
  66
  70
  74
  78
  82
  87
  91
  96
  101
  107
  113
  118
  125
  131
  138
Cash from operations, $m
  131
  31
  38
  36
  34
  32
  30
  28
  27
  25
  24
  14
  13
  11
  10
  8
  7
  5
  4
  2
  1
  -1
  -2
  -4
  -6
  -8
  -9
  -11
  -13
  -15
  -17
Maintenance CAPEX, $m
  0
  -19
  -20
  -20
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -60
New CAPEX, $m
  -38
  -4
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -33
Cash from investing activities, $m
  -4
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -36
  -38
  -40
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -84
  -89
  -93
Free cash flow, $m
  127
  8
  13
  10
  6
  3
  0
  -3
  -6
  -9
  -12
  -24
  -27
  -30
  -34
  -37
  -41
  -45
  -49
  -53
  -57
  -61
  -66
  -71
  -76
  -81
  -86
  -92
  -98
  -104
  -111
Issuance/(repayment) of debt, $m
  -108
  27
  32
  37
  42
  46
  51
  55
  60
  64
  69
  74
  79
  84
  89
  95
  100
  106
  112
  118
  125
  132
  139
  147
  155
  163
  171
  180
  190
  200
  210
Issuance/(repurchase) of shares, $m
  -7
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  2
  3
  5
  6
  8
  9
  11
  13
  14
  16
Cash from financing (excl. dividends), $m  
  -116
  27
  32
  37
  42
  46
  51
  55
  60
  64
  69
  74
  79
  84
  89
  95
  100
  106
  112
  118
  126
  134
  142
  152
  161
  171
  180
  191
  203
  214
  226
Total cash flow (excl. dividends), $m
  11
  35
  45
  47
  48
  49
  51
  52
  54
  55
  57
  50
  52
  54
  55
  57
  59
  61
  64
  66
  68
  71
  73
  76
  79
  82
  85
  88
  92
  96
  99
Retained Cash Flow (-), $m
  -57
  -16
  -18
  -20
  -23
  -25
  -28
  -30
  -33
  -35
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -105
  -110
  -116
Prev. year cash balance distribution, $m
 
  21
  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
 
  40
  28
  26
  25
  24
  23
  22
  21
  20
  19
  10
  9
  8
  6
  5
  4
  3
  2
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Discount rate, %
 
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
 
  37
  24
  21
  18
  15
  13
  11
  9
  8
  6
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
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
  99.9
  99.8
  99.5
  99.1
  98.6
  98.1
  97.4
  96.7
  95.9
  95.0
  94.1

Essendant Inc. operates as a wholesale distributor of workplace essentials in the United States and internationally. It supplies janitorial supplies, breakroom items, foodservice consumables, safety and security items, and paper and packaging products. The company also offers technology products, such as imaging supplies, data storage, digital cameras, and computer accessories; and computer hardware, including printers and other peripherals to computer resellers, office products dealers, drug stores, grocery chains, and e-commerce merchants. In addition, it provides filing and record storage products, business machines, presentation products, writing instruments, paper products, shipping and mailing supplies, calendars, and general office accessories; hand and power tools, safety and security supplies, janitorial equipment, and supplies; other industrial maintenance, repair, and operational items; and oil field and welding supplies. Further, the company offers desks, filing and storage solutions, and seating and systems furniture, as well as various products for education, government, healthcare, and professional services markets. It serves independent office products dealers; contract stationers; office products superstores; computer products resellers; office furniture dealers; mass merchandisers; mail order companies; sanitary supply, paper and foodservice distributors; drug and grocery store chains; healthcare distributors; e-commerce merchants; oil field, welding supply and industrial/MRO distributors; aftermarket automotive supply distributors and retailers; and other independent distributors and end consumers. Essendant Inc. distributes its products through 74 distribution centers to approximately 30,000 reseller customers, as well as through online channel. The company was formerly known as United Stationers Inc. and changed its name to Essendant Inc. in June 2015. Essendant Inc. was founded in 1922 and is headquartered in Deerfield, Illinois.

FINANCIAL RATIOS  of  Essendant (ESND)

Valuation Ratios
P/E Ratio 8.6
Price to Sales 0.1
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 4.2
Price to Free Cash Flow 5.9
Growth Rates
Sales Growth Rate 0.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 35.7%
Cap. Spend. - 3 Yr. Gr. Rate 2.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 78%
Total Debt to Equity 78%
Interest Coverage 5
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 1.1%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. 3.1%
Return On Equity 8.5%
Return On Equity - 3 Yr. Avg. 5.4%
Asset Turnover 2.4
Profitability Ratios
Gross Margin 14.2%
Gross Margin - 3 Yr. Avg. 14.9%
EBITDA Margin 3%
EBITDA Margin - 3 Yr. Avg. 3%
Operating Margin 2.2%
Oper. Margin - 3 Yr. Avg. 2.2%
Pre-Tax Margin 1.8%
Pre-Tax Margin - 3 Yr. Avg. 1.8%
Net Profit Margin 1.2%
Net Profit Margin - 3 Yr. Avg. 0.8%
Effective Tax Rate 32.6%
Eff/ Tax Rate - 3 Yr. Avg. 203.8%
Payout Ratio 31.3%

ESND stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ESND stock intrinsic value calculation we used $5369 million for the last fiscal year's total revenue generated by Essendant. The default revenue input number comes from 2016 income statement of Essendant. 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 ESND stock valuation model: a) initial revenue growth rate of 2% 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 7.6%, whose default value for ESND is calculated based on our internal credit rating of Essendant, 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 Essendant.
    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 ESND stock the variable cost ratio is equal to 99.4%.

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 ESND 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 Essendant.

Corporate tax rate of 27% is the nominal tax rate for Essendant. 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 ESND 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 ESND are equal to 4.1%.

Life of production assets of 11.5 years is the average useful life of capital assets used in Essendant 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 ESND is equal to 16.9%. 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 Essendant - 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 26.659 million for Essendant 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 Essendant at the current share price and the inputted number of shares is $0.4 billion.


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COMPANY NEWS

▶ Essendant To Report Second Quarter 2017 Results   [Jun-27-17 06:00PM  PR Newswire]
▶ Facebook and State Street climb; Cheesecake Factory skids   [Jun-13-17 05:26PM  Associated Press]
▶ Essendant's Board Declares Regular Dividend   [May-24-17 04:15PM  PR Newswire]
▶ New Strong Buy Stocks for May 19th   [May-19-17 09:50AM  Zacks]
▶ ETFs with exposure to Essendant, Inc. : May 9, 2017   [May-09-17 04:35PM  Capital Cube]
▶ Can The Uptrend Continue for Essendant (ESND)?   [May-03-17 04:52AM  Zacks]
▶ Essendant reports 1Q loss   [Apr-26-17 06:54PM  Associated Press]
▶ ETFs with exposure to Essendant, Inc. : April 7, 2017   [Apr-07-17 04:27PM  Capital Cube]
▶ Essendant To Report First Quarter 2017 Results   [Apr-03-17 04:15PM  PR Newswire]
▶ Essendant reports 4Q loss   [Feb-27-17 05:14PM  Associated Press]
▶ Essendant's Board Declares Regular Dividend   [Feb-23-17 09:15AM  PR Newswire]
▶ Hedge Funds Are Buying Essendant Inc (ESND)   [04:00AM  at Insider Monkey]
▶ Essendant To Report Third Quarter 2016 Results   [Sep-27-16 04:15PM  PR Newswire]
▶ Why Essendant Inc. Stock Plummeted Today   [Jul-21-16 04:26PM  at Motley Fool]
▶ Essendant's Board Declares Regular Dividend   [Jul-15-16 04:02PM  PR Newswire]
▶ Essendant To Report Second Quarter 2016 Results   [Jun-29-16 04:15PM  PR Newswire]
▶ Essendant's Board Declares Regular Dividend   [May-26-16 09:15AM  PR Newswire]
▶ How Staples Misplayed its Merger Hand   [May-11-16 04:46PM  at TheStreet]
Stock chart of ESND Financial statements of ESND Annual reports of ESND
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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