Intrinsic value of Evertec - EVTC

Previous Close

$23.25

  Intrinsic Value

$14.45

stock screener

  Rating & Target

sell

-38%

Previous close

$23.25

 
Intrinsic value

$14.45

 
Up/down potential

-38%

 
Rating

sell

We calculate the intrinsic value of EVTC 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, %
  4.28
  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
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
Revenue, $m
  390
  425
  445
  465
  487
  509
  533
  559
  585
  613
  643
  674
  706
  741
  777
  815
  855
  897
  941
  987
  1,036
  1,087
  1,140
  1,197
  1,256
  1,319
  1,384
  1,453
  1,525
  1,601
  1,681
Variable operating expenses, $m
 
  305
  316
  328
  340
  352
  366
  380
  395
  410
  427
  376
  394
  413
  434
  455
  477
  500
  525
  551
  578
  607
  637
  668
  701
  736
  773
  811
  851
  894
  938
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
  282
  305
  316
  328
  340
  352
  366
  380
  395
  410
  427
  376
  394
  413
  434
  455
  477
  500
  525
  551
  578
  607
  637
  668
  701
  736
  773
  811
  851
  894
  938
Operating income, $m
  107
  120
  129
  138
  147
  157
  168
  179
  191
  203
  216
  298
  312
  327
  343
  360
  378
  396
  416
  436
  458
  480
  504
  529
  555
  583
  612
  642
  674
  707
  743
EBITDA, $m
  167
  262
  274
  287
  300
  314
  329
  345
  361
  378
  396
  416
  436
  457
  479
  503
  527
  553
  580
  609
  639
  670
  704
  738
  775
  813
  854
  896
  941
  988
  1,037
Interest expense (income), $m
  23
  33
  35
  37
  39
  41
  44
  46
  48
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  87
  92
  96
  102
  107
  113
  119
  125
  131
  138
  146
  153
Earnings before tax, $m
  83
  87
  94
  101
  108
  116
  124
  133
  142
  152
  162
  241
  252
  264
  276
  290
  303
  318
  333
  349
  366
  384
  402
  422
  442
  464
  487
  510
  535
  562
  589
Tax expense, $m
  8
  23
  25
  27
  29
  31
  34
  36
  38
  41
  44
  65
  68
  71
  75
  78
  82
  86
  90
  94
  99
  104
  109
  114
  119
  125
  131
  138
  145
  152
  159
Net income, $m
  75
  63
  68
  73
  79
  85
  91
  97
  104
  111
  118
  176
  184
  193
  202
  211
  221
  232
  243
  255
  267
  280
  294
  308
  323
  339
  355
  373
  391
  410
  430

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  52
  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
  886
  943
  986
  1,031
  1,079
  1,129
  1,183
  1,239
  1,298
  1,360
  1,425
  1,494
  1,566
  1,642
  1,722
  1,806
  1,895
  1,988
  2,086
  2,188
  2,296
  2,410
  2,529
  2,654
  2,786
  2,924
  3,069
  3,221
  3,381
  3,550
  3,726
Adjusted assets (=assets-cash), $m
  834
  943
  986
  1,031
  1,079
  1,129
  1,183
  1,239
  1,298
  1,360
  1,425
  1,494
  1,566
  1,642
  1,722
  1,806
  1,895
  1,988
  2,086
  2,188
  2,296
  2,410
  2,529
  2,654
  2,786
  2,924
  3,069
  3,221
  3,381
  3,550
  3,726
Revenue / Adjusted assets
  0.468
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
Average production assets, $m
  342
  745
  779
  814
  852
  892
  934
  978
  1,025
  1,074
  1,125
  1,180
  1,237
  1,297
  1,360
  1,427
  1,496
  1,570
  1,647
  1,728
  1,813
  1,903
  1,997
  2,096
  2,200
  2,309
  2,423
  2,544
  2,670
  2,803
  2,943
Working capital, $m
  29
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -140
  -147
  -154
  -162
  -170
Total debt, $m
  647
  649
  685
  723
  763
  806
  850
  897
  947
  999
  1,054
  1,112
  1,172
  1,236
  1,304
  1,374
  1,449
  1,527
  1,609
  1,695
  1,786
  1,881
  1,981
  2,086
  2,197
  2,313
  2,435
  2,563
  2,697
  2,839
  2,987
Total liabilities, $m
  781
  792
  828
  866
  906
  949
  993
  1,040
  1,090
  1,142
  1,197
  1,255
  1,316
  1,379
  1,447
  1,517
  1,592
  1,670
  1,752
  1,838
  1,929
  2,024
  2,124
  2,229
  2,340
  2,456
  2,578
  2,706
  2,840
  2,982
  3,130
Total equity, $m
  105
  151
  158
  165
  173
  181
  189
  198
  208
  218
  228
  239
  251
  263
  276
  289
  303
  318
  334
  350
  367
  386
  405
  425
  446
  468
  491
  515
  541
  568
  596
Total liabilities and equity, $m
  886
  943
  986
  1,031
  1,079
  1,130
  1,182
  1,238
  1,298
  1,360
  1,425
  1,494
  1,567
  1,642
  1,723
  1,806
  1,895
  1,988
  2,086
  2,188
  2,296
  2,410
  2,529
  2,654
  2,786
  2,924
  3,069
  3,221
  3,381
  3,550
  3,726
Debt-to-equity ratio
  6.162
  4.300
  4.340
  4.380
  4.420
  4.460
  4.490
  4.530
  4.560
  4.590
  4.620
  4.650
  4.680
  4.710
  4.730
  4.760
  4.780
  4.800
  4.820
  4.840
  4.860
  4.880
  4.900
  4.910
  4.930
  4.940
  4.960
  4.970
  4.990
  5.000
  5.010
Adjusted equity ratio
  0.097
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  75
  63
  68
  73
  79
  85
  91
  97
  104
  111
  118
  176
  184
  193
  202
  211
  221
  232
  243
  255
  267
  280
  294
  308
  323
  339
  355
  373
  391
  410
  430
Depreciation, amort., depletion, $m
  60
  142
  146
  149
  153
  157
  161
  166
  170
  175
  180
  118
  124
  130
  136
  143
  150
  157
  165
  173
  181
  190
  200
  210
  220
  231
  242
  254
  267
  280
  294
Funds from operations, $m
  189
  206
  214
  223
  232
  242
  252
  263
  274
  286
  299
  294
  308
  322
  338
  354
  371
  389
  408
  428
  449
  470
  493
  518
  543
  570
  598
  627
  658
  690
  724
Change in working capital, $m
  21
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
Cash from operations, $m
  168
  208
  216
  225
  234
  244
  254
  265
  277
  289
  302
  297
  311
  326
  341
  358
  375
  393
  412
  432
  453
  476
  499
  523
  549
  576
  604
  634
  665
  698
  732
Maintenance CAPEX, $m
  0
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -98
  -102
  -107
  -113
  -118
  -124
  -130
  -136
  -143
  -150
  -157
  -165
  -173
  -181
  -190
  -200
  -210
  -220
  -231
  -242
  -254
  -267
  -280
New CAPEX, $m
  -42
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -109
  -115
  -120
  -126
  -133
  -139
Cash from investing activities, $m
  -54
  -103
  -108
  -114
  -119
  -125
  -131
  -137
  -145
  -151
  -159
  -167
  -175
  -184
  -193
  -202
  -213
  -223
  -234
  -246
  -258
  -271
  -284
  -299
  -314
  -329
  -346
  -362
  -380
  -400
  -419
Free cash flow, $m
  114
  104
  108
  111
  115
  119
  123
  128
  132
  137
  143
  130
  136
  142
  149
  155
  163
  170
  178
  187
  195
  205
  214
  225
  235
  247
  259
  271
  284
  298
  313
Issuance/(repayment) of debt, $m
  -12
  33
  36
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  64
  67
  71
  74
  78
  82
  86
  91
  95
  100
  105
  110
  116
  122
  128
  135
  141
  148
Issuance/(repurchase) of shares, $m
  -40
  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  
  -61
  33
  36
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  64
  67
  71
  74
  78
  82
  86
  91
  95
  100
  105
  110
  116
  122
  128
  135
  141
  148
Total cash flow (excl. dividends), $m
  53
  138
  144
  149
  155
  161
  168
  175
  182
  190
  198
  188
  197
  206
  216
  226
  237
  248
  260
  273
  286
  300
  315
  330
  346
  363
  381
  399
  419
  439
  461
Retained Cash Flow (-), $m
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
  35
  37
  38
Cash available for distribution, $m
 
  131
  137
  142
  147
  153
  159
  166
  173
  180
  187
  177
  185
  194
  203
  213
  223
  233
  245
  256
  269
  282
  295
  310
  325
  341
  357
  375
  393
  412
  433
Discount rate, %
 
  9.20
  9.66
  10.14
  10.65
  11.18
  11.74
  12.33
  12.95
  13.59
  14.27
  14.99
  15.74
  16.52
  17.35
  18.22
  19.13
  20.08
  21.09
  22.14
  23.25
  24.41
  25.63
  26.91
  28.26
  29.67
  31.15
  32.71
  34.35
  36.07
  37.87
PV of cash for distribution, $m
 
  120
  114
  106
  98
  90
  82
  73
  65
  57
  49
  38
  32
  27
  22
  17
  14
  10
  8
  6
  4
  3
  2
  1
  1
  1
  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
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

EVERTEC, Inc. is a transaction processing company. The Company provides a range of merchant acquiring, payment processing and business process management services. The Company operates through three segments: Merchant Acquiring, Payment Processing and Business Solutions. As of December 31, 2016, it managed a system of electronic payment networks that processed over two billion transactions annually. It offers a range of services for core bank processing, cash processing and technology outsourcing. It owns and operates the ATH network, which is a personal identification number (PIN) debit network in Latin America. It serves a range of financial institutions, merchants, corporations and government agencies with solutions that enable them to issue, process and accept transactions securely. The Company's range of services spans the entire transaction processing value chain and includes a range of front-end customer-facing solutions.

FINANCIAL RATIOS  of  Evertec (EVTC)

Valuation Ratios
P/E Ratio 22.5
Price to Sales 4.3
Price to Book 16.1
Price to Tangible Book
Price to Cash Flow 10.1
Price to Free Cash Flow 13.4
Growth Rates
Sales Growth Rate 4.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -10.6%
Cap. Spend. - 3 Yr. Gr. Rate 8.4%
Financial Strength
Quick Ratio 1
Current Ratio 0.4
LT Debt to Equity 570.5%
Total Debt to Equity 616.2%
Interest Coverage 5
Management Effectiveness
Return On Assets 10.9%
Ret/ On Assets - 3 Yr. Avg. 11%
Return On Total Capital 9.9%
Ret/ On T. Cap. - 3 Yr. Avg. 9.7%
Return On Equity 73.9%
Return On Equity - 3 Yr. Avg. 75.4%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 54.9%
Gross Margin - 3 Yr. Avg. 55.4%
EBITDA Margin 42.6%
EBITDA Margin - 3 Yr. Avg. 44.4%
Operating Margin 27.7%
Oper. Margin - 3 Yr. Avg. 27.4%
Pre-Tax Margin 21.3%
Pre-Tax Margin - 3 Yr. Avg. 21.3%
Net Profit Margin 19.2%
Net Profit Margin - 3 Yr. Avg. 20.1%
Effective Tax Rate 9.6%
Eff/ Tax Rate - 3 Yr. Avg. 6%
Payout Ratio 40%

EVTC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EVTC stock intrinsic value calculation we used $407 million for the last fiscal year's total revenue generated by Evertec. The default revenue input number comes from 2016 income statement of Evertec. 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 EVTC stock valuation model: a) initial revenue growth rate of 4.5% 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 9.2%, whose default value for EVTC is calculated based on our internal credit rating of Evertec, 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 Evertec.
    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 EVTC stock the variable cost ratio is equal to 72.5%.

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 EVTC 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 Evertec.

Corporate tax rate of 27% is the nominal tax rate for Evertec. 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 EVTC stock is equal to 2.4%.

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 EVTC are equal to 175.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Evertec 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 EVTC is equal to -10.1%. 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 - $144 million for Evertec - 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 72 million for Evertec 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 Evertec at the current share price and the inputted number of shares is $1.7 billion.

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COMPANY NEWS

▶ EVERTEC Recognized for Its Support after Hurricane Maria   [Jun-27-18 04:05PM  Business Wire]
▶ Top Ranked Momentum Stocks to Buy for June 21st   [Jun-21-18 07:55AM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for May 29th   [May-29-18 09:47AM  Zacks]
▶ Benzinga Pro's 5 Stocks To Watch Today   [May-02-18 09:01AM  Benzinga]
▶ Evertec: 1Q Earnings Snapshot   [05:46PM  Associated Press]
▶ Why EVERTEC Inc (NYSE:EVTC) Could Be A Buy   [07:30AM  Simply Wall St.]
▶ Evertec tops Street 4Q forecasts   [Feb-21-18 06:49PM  Associated Press]
▶ EVERTEC, Inc. to Host Earnings Call   [12:15PM  ACCESSWIRE]
▶ ETFs with exposure to EVERTEC, Inc. : December 12, 2017   [Dec-12-17 01:09PM  Capital Cube]
▶ Evertec misses 3Q profit forecasts   [Nov-07-17 05:39PM  Associated Press]
▶ Evertec Reports Third Quarter 2017 Results   [04:05PM  Business Wire]
▶ EVERTEC, Inc. to Host Earnings Call   [12:20PM  ACCESSWIRE]
▶ ETFs with exposure to EVERTEC, Inc. : November 2, 2017   [Nov-02-17 12:08PM  Capital Cube]
▶ ETFs with exposure to EVERTEC, Inc. : October 23, 2017   [Oct-23-17 10:35AM  Capital Cube]
▶ ETFs with exposure to EVERTEC, Inc. : October 11, 2017   [Oct-11-17 11:28AM  Capital Cube]
▶ Top Ranked Value Stocks to Buy for October 5th   [Oct-05-17 08:24AM  Zacks]
▶ EVERTEC Increases Hurricane Relief Donation to $1 Million   [Sep-25-17 05:31PM  Business Wire]
▶ Evertec Announces Hurricane Irma Relief Efforts   [Sep-13-17 06:50PM  Business Wire]
▶ Evertec tops Street 2Q forecasts   [Aug-01-17 11:28PM  Associated Press]
▶ EVERTEC Reports Second Quarter 2017 Results   [04:10PM  Business Wire]
▶ EVERTEC Declares Quarterly Dividend on Common Stock   [Jul-26-17 09:55AM  Business Wire]
▶ EVERTEC Launches ATH® Móvil Business   [Jun-20-17 05:33PM  Business Wire]
▶ EVERTEC Receives Approval on PayGroup Acquisition   [Jun-05-17 04:14PM  Business Wire]
▶ EVERTEC, Inc. Value Analysis (NYSE:EVTC) : May 8, 2017   [May-08-17 05:52PM  Capital Cube]
▶ Evertec beats Street 1Q forecasts   [May-03-17 05:01PM  Associated Press]
▶ EVERTEC Reports First Quarter 2017 Results   [04:10PM  Business Wire]
▶ EVERTEC Declares Quarterly Dividend on Common Stock   [Apr-27-17 04:10PM  Business Wire]
▶ Evertec beats Street 4Q forecasts   [05:56PM  Associated Press]
▶ Should You Follow Hedge Funds Into Evertec Inc (EVTC)?   [Nov-28-16 03:56PM  at Insider Monkey]
Financial statements of EVTC
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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