Intrinsic value of Everi Holdings - EVRI

Previous Close

$7.68

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$7.68

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of EVRI 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 0.5

 

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, %
  3.87
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
Revenue, $m
  859
  972
  1,091
  1,217
  1,350
  1,489
  1,635
  1,787
  1,945
  2,110
  2,282
  2,461
  2,646
  2,839
  3,040
  3,248
  3,464
  3,690
  3,924
  4,168
  4,422
  4,687
  4,962
  5,250
  5,550
  5,864
  6,191
  6,533
  6,890
  7,264
  7,655
Variable operating expenses, $m
 
  990
  1,104
  1,224
  1,351
  1,484
  1,623
  1,768
  1,919
  2,076
  2,240
  2,346
  2,523
  2,707
  2,898
  3,096
  3,303
  3,518
  3,741
  3,974
  4,216
  4,468
  4,731
  5,005
  5,292
  5,590
  5,902
  6,228
  6,569
  6,925
  7,298
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
  978
  990
  1,104
  1,224
  1,351
  1,484
  1,623
  1,768
  1,919
  2,076
  2,240
  2,346
  2,523
  2,707
  2,898
  3,096
  3,303
  3,518
  3,741
  3,974
  4,216
  4,468
  4,731
  5,005
  5,292
  5,590
  5,902
  6,228
  6,569
  6,925
  7,298
Operating income, $m
  -119
  -19
  -13
  -7
  -1
  5
  12
  19
  27
  34
  42
  115
  123
  132
  142
  151
  162
  172
  183
  194
  206
  218
  231
  245
  259
  273
  289
  305
  321
  339
  357
EBITDA, $m
  26
  109
  122
  136
  151
  166
  183
  200
  217
  236
  255
  275
  296
  317
  339
  363
  387
  412
  438
  465
  494
  523
  554
  586
  620
  655
  691
  730
  770
  811
  855
Interest expense (income), $m
  93
  91
  75
  89
  103
  117
  133
  149
  166
  183
  202
  221
  240
  261
  282
  305
  328
  352
  377
  403
  430
  458
  487
  518
  549
  583
  617
  654
  692
  731
  773
Earnings before tax, $m
  -218
  -110
  -89
  -96
  -104
  -112
  -121
  -130
  -139
  -149
  -159
  -106
  -117
  -129
  -141
  -153
  -166
  -180
  -194
  -208
  -223
  -239
  -256
  -273
  -291
  -309
  -329
  -349
  -370
  -393
  -416
Tax expense, $m
  31
  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
Net income, $m
  -249
  -110
  -89
  -96
  -104
  -112
  -121
  -130
  -139
  -149
  -159
  -106
  -117
  -129
  -141
  -153
  -166
  -180
  -194
  -208
  -223
  -239
  -256
  -273
  -291
  -309
  -329
  -349
  -370
  -393
  -416

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  119
  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
  1,408
  1,459
  1,638
  1,827
  2,027
  2,236
  2,454
  2,683
  2,921
  3,169
  3,427
  3,695
  3,973
  4,263
  4,564
  4,877
  5,202
  5,540
  5,892
  6,258
  6,639
  7,037
  7,451
  7,883
  8,334
  8,804
  9,296
  9,809
  10,346
  10,907
  11,494
Adjusted assets (=assets-cash), $m
  1,289
  1,459
  1,638
  1,827
  2,027
  2,236
  2,454
  2,683
  2,921
  3,169
  3,427
  3,695
  3,973
  4,263
  4,564
  4,877
  5,202
  5,540
  5,892
  6,258
  6,639
  7,037
  7,451
  7,883
  8,334
  8,804
  9,296
  9,809
  10,346
  10,907
  11,494
Revenue / Adjusted assets
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
Average production assets, $m
  453
  512
  575
  641
  711
  785
  861
  942
  1,025
  1,112
  1,203
  1,297
  1,395
  1,496
  1,602
  1,712
  1,826
  1,944
  2,068
  2,196
  2,330
  2,470
  2,615
  2,767
  2,925
  3,090
  3,263
  3,443
  3,631
  3,828
  4,034
Working capital, $m
  -2
  -125
  -141
  -157
  -174
  -192
  -211
  -230
  -251
  -272
  -294
  -317
  -341
  -366
  -392
  -419
  -447
  -476
  -506
  -538
  -570
  -605
  -640
  -677
  -716
  -756
  -799
  -843
  -889
  -937
  -987
Total debt, $m
  1,122
  919
  1,080
  1,251
  1,430
  1,618
  1,815
  2,021
  2,235
  2,458
  2,690
  2,931
  3,182
  3,443
  3,714
  3,995
  4,288
  4,592
  4,909
  5,238
  5,582
  5,939
  6,312
  6,701
  7,106
  7,530
  7,972
  8,434
  8,917
  9,422
  9,951
Total liabilities, $m
  1,516
  1,313
  1,474
  1,645
  1,824
  2,012
  2,209
  2,415
  2,629
  2,852
  3,084
  3,325
  3,576
  3,837
  4,108
  4,389
  4,682
  4,986
  5,303
  5,632
  5,976
  6,333
  6,706
  7,095
  7,500
  7,924
  8,366
  8,828
  9,311
  9,816
  10,345
Total equity, $m
  -108
  146
  164
  183
  203
  224
  245
  268
  292
  317
  343
  369
  397
  426
  456
  488
  520
  554
  589
  626
  664
  704
  745
  788
  833
  880
  930
  981
  1,035
  1,091
  1,149
Total liabilities and equity, $m
  1,408
  1,459
  1,638
  1,828
  2,027
  2,236
  2,454
  2,683
  2,921
  3,169
  3,427
  3,694
  3,973
  4,263
  4,564
  4,877
  5,202
  5,540
  5,892
  6,258
  6,640
  7,037
  7,451
  7,883
  8,333
  8,804
  9,296
  9,809
  10,346
  10,907
  11,494
Debt-to-equity ratio
  -10.389
  6.300
  6.590
  6.840
  7.060
  7.240
  7.390
  7.530
  7.650
  7.760
  7.850
  7.930
  8.010
  8.080
  8.140
  8.190
  8.240
  8.290
  8.330
  8.370
  8.410
  8.440
  8.470
  8.500
  8.530
  8.550
  8.580
  8.600
  8.620
  8.640
  8.660
Adjusted equity ratio
  -0.176
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -249
  -110
  -89
  -96
  -104
  -112
  -121
  -130
  -139
  -149
  -159
  -106
  -117
  -129
  -141
  -153
  -166
  -180
  -194
  -208
  -223
  -239
  -256
  -273
  -291
  -309
  -329
  -349
  -370
  -393
  -416
Depreciation, amort., depletion, $m
  145
  127
  135
  143
  152
  161
  170
  180
  191
  201
  213
  160
  172
  185
  198
  211
  225
  240
  255
  271
  288
  305
  323
  342
  361
  382
  403
  425
  448
  473
  498
Funds from operations, $m
  150
  17
  46
  47
  48
  49
  50
  51
  52
  52
  53
  54
  55
  56
  57
  58
  59
  60
  62
  63
  64
  66
  67
  69
  70
  72
  74
  76
  78
  80
  82
Change in working capital, $m
  18
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
Cash from operations, $m
  132
  32
  62
  64
  65
  67
  69
  70
  72
  74
  75
  77
  79
  81
  83
  85
  87
  90
  92
  94
  97
  100
  103
  106
  109
  113
  116
  120
  124
  128
  133
Maintenance CAPEX, $m
  0
  -56
  -63
  -71
  -79
  -88
  -97
  -106
  -116
  -127
  -137
  -148
  -160
  -172
  -185
  -198
  -211
  -225
  -240
  -255
  -271
  -288
  -305
  -323
  -342
  -361
  -382
  -403
  -425
  -448
  -473
New CAPEX, $m
  -81
  -59
  -63
  -66
  -70
  -73
  -77
  -80
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -114
  -119
  -123
  -129
  -134
  -139
  -145
  -152
  -158
  -165
  -172
  -180
  -188
  -197
  -206
Cash from investing activities, $m
  -88
  -115
  -126
  -137
  -149
  -161
  -174
  -186
  -200
  -214
  -228
  -242
  -258
  -274
  -291
  -308
  -325
  -344
  -363
  -384
  -405
  -427
  -450
  -475
  -500
  -526
  -554
  -583
  -613
  -645
  -679
Free cash flow, $m
  44
  -84
  -64
  -74
  -84
  -94
  -105
  -116
  -128
  -140
  -152
  -165
  -179
  -193
  -207
  -222
  -238
  -255
  -272
  -289
  -308
  -327
  -348
  -369
  -391
  -414
  -438
  -463
  -489
  -517
  -546
Issuance/(repayment) of debt, $m
  -24
  -193
  161
  170
  179
  188
  197
  206
  214
  223
  232
  241
  251
  261
  271
  281
  293
  304
  317
  330
  343
  358
  373
  389
  406
  423
  442
  462
  483
  505
  528
Issuance/(repurchase) of shares, $m
  0
  473
  107
  115
  124
  133
  142
  152
  163
  174
  185
  133
  145
  158
  171
  184
  199
  213
  229
  245
  262
  279
  297
  316
  336
  356
  378
  400
  424
  449
  474
Cash from financing (excl. dividends), $m  
  -25
  280
  268
  285
  303
  321
  339
  358
  377
  397
  417
  374
  396
  419
  442
  465
  492
  517
  546
  575
  605
  637
  670
  705
  742
  779
  820
  862
  907
  954
  1,002
Total cash flow (excl. dividends), $m
  17
  196
  204
  211
  219
  227
  234
  242
  249
  257
  265
  209
  217
  225
  234
  243
  253
  263
  274
  285
  297
  309
  322
  336
  351
  366
  382
  400
  418
  437
  457
Retained Cash Flow (-), $m
  245
  -473
  -107
  -115
  -124
  -133
  -142
  -152
  -163
  -174
  -185
  -133
  -145
  -158
  -171
  -184
  -199
  -213
  -229
  -245
  -262
  -279
  -297
  -316
  -336
  -356
  -378
  -400
  -424
  -449
  -474
Prev. year cash balance distribution, $m
 
  109
  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
 
  -168
  97
  97
  96
  94
  92
  89
  86
  83
  80
  76
  72
  68
  64
  59
  54
  50
  45
  40
  35
  30
  25
  20
  15
  10
  4
  -1
  -6
  -12
  -18
Discount rate, %
 
  14.30
  15.02
  15.77
  16.55
  17.38
  18.25
  19.16
  20.12
  21.13
  22.18
  23.29
  24.46
  25.68
  26.96
  28.31
  29.73
  31.22
  32.78
  34.41
  36.14
  37.94
  39.84
  41.83
  43.92
  46.12
  48.42
  50.85
  53.39
  56.06
  58.86
PV of cash for distribution, $m
 
  -147
  73
  62
  52
  42
  34
  26
  20
  15
  11
  8
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  28.9
  17.0
  10.1
  6.1
  3.7
  2.3
  1.4
  0.9
  0.6
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  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

Everi Holdings Inc. is a holding company. The Company operates through subsidiaries, including Everi Games Holding Inc. (Everi Games Holding) and Everi Payments Inc. (Everi Payments or Payments). The Company operates through two segments: Games and Payments. The Company provides video and mechanical reel gaming content and technology solutions, integrated gaming payments solutions, and compliance and efficiency software. Its games segment provides solutions directly to gaming establishments to offer its patrons gaming entertainment related experiences. The Payments segment provides solutions directly to gaming establishments to offer their patrons cash access related services and products, including access to cash at gaming facilities through automatic teller machine (ATM) cash withdrawals, credit card cash access transactions and point of sale debit card transactions.

FINANCIAL RATIOS  of  Everi Holdings (EVRI)

Valuation Ratios
P/E Ratio -2
Price to Sales 0.6
Price to Book -4.7
Price to Tangible Book
Price to Cash Flow 3.8
Price to Free Cash Flow 10
Growth Rates
Sales Growth Rate 3.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 5.2%
Cap. Spend. - 3 Yr. Gr. Rate 42.1%
Financial Strength
Quick Ratio 12
Current Ratio 0
LT Debt to Equity -1029.6%
Total Debt to Equity -1038.9%
Interest Coverage -1
Management Effectiveness
Return On Assets -9.7%
Ret/ On Assets - 3 Yr. Avg. -2.2%
Return On Total Capital -21.7%
Ret/ On T. Cap. - 3 Yr. Avg. -9.4%
Return On Equity -1717.2%
Return On Equity - 3 Yr. Avg. -589.7%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 36.1%
Gross Margin - 3 Yr. Avg. 33.4%
EBITDA Margin 2.3%
EBITDA Margin - 3 Yr. Avg. 10.8%
Operating Margin -13.9%
Oper. Margin - 3 Yr. Avg. -3.8%
Pre-Tax Margin -25.4%
Pre-Tax Margin - 3 Yr. Avg. -12.3%
Net Profit Margin -29%
Net Profit Margin - 3 Yr. Avg. -13.2%
Effective Tax Rate -14.2%
Eff/ Tax Rate - 3 Yr. Avg. 13.5%
Payout Ratio 0%

EVRI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EVRI stock intrinsic value calculation we used $859 million for the last fiscal year's total revenue generated by Everi Holdings. The default revenue input number comes from 2016 income statement of Everi Holdings. 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 EVRI stock valuation model: a) initial revenue growth rate of 13.1% 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 14.3%, whose default value for EVRI is calculated based on our internal credit rating of Everi Holdings, 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 Everi Holdings.
    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 EVRI stock the variable cost ratio is equal to 102.8%.

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 EVRI 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 8.2% for Everi Holdings.

Corporate tax rate of 27% is the nominal tax rate for Everi Holdings. 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 EVRI 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 EVRI are equal to 52.7%.

Life of production assets of 8.1 years is the average useful life of capital assets used in Everi Holdings 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 EVRI is equal to -12.9%. 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 - $-108 million for Everi Holdings - 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 66.785 million for Everi Holdings 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 Everi Holdings at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ 8 Best Cheap Stocks to Buy Now Under $10   [07:20AM  InvestorPlace]
▶ Everi Holdings reports 3Q loss   [Oct-30-17 05:27PM  Associated Press]
▶ Should You Buy Everi Holdings Inc (EVRI) Now?   [Oct-16-17 05:17PM  Simply Wall St.]
▶ These Stocks Have Tripled This Year   [Aug-19-17 10:30AM  Motley Fool]
▶ Everi Holdings reports 2Q loss   [01:08AM  Associated Press]
▶ Why Everi Holdings Inc. Stock Jumped 19% Today   [Aug-09-17 12:12PM  Motley Fool]
▶ Everi Reports 2017 Second Quarter Results   [Aug-08-17 04:05PM  GlobeNewswire]
▶ Stocks With More Upside Based on Price Action   [Jun-21-17 01:00PM  Investopedia]
▶ ETFs with exposure to Everi Holdings, Inc. : June 9, 2017   [Jun-09-17 01:29PM  Capital Cube]
▶ ETFs with exposure to Everi Holdings, Inc. : May 15, 2017   [May-15-17 03:40PM  Capital Cube]
▶ Everi Holdings reports 1Q loss   [May-09-17 06:08PM  Associated Press]
▶ 5 Stocks to Play on New Analyst Coverage   [Apr-12-17 08:34AM  Zacks]
▶ Why Everi Holdings Inc Stock Is Surging Today   [Apr-10-17 11:45AM  Motley Fool]
▶ GAN to distribute online games for Everi Games Inc.   [Feb-20-17 12:00PM  Business Wire]
Financial statements of EVRI
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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