Intrinsic value of Guidewire Software - GWRE

Previous Close

$77.39

  Intrinsic Value

$18.54

stock screener

  Rating & Target

str. sell

-76%

  Value-price divergence*

-23%

Previous close

$77.39

 
Intrinsic value

$18.54

 
Up/down potential

-76%

 
Rating

str. sell

 
Value-price divergence*

-23%

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

We calculate the intrinsic value of GWRE 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 5.8

 

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, %
  11.29
  24.20
  22.28
  20.55
  19.00
  17.60
  16.34
  15.20
  14.18
  13.26
  12.44
  11.69
  11.03
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
Revenue, $m
  424
  527
  644
  776
  924
  1,086
  1,264
  1,456
  1,662
  1,883
  2,117
  2,365
  2,625
  2,899
  3,186
  3,485
  3,797
  4,122
  4,460
  4,811
  5,177
  5,556
  5,951
  6,361
  6,787
  7,230
  7,692
  8,172
  8,671
  9,192
  9,735
Variable operating expenses, $m
 
  502
  613
  739
  879
  1,033
  1,201
  1,383
  1,579
  1,788
  2,010
  2,242
  2,489
  2,748
  3,020
  3,303
  3,599
  3,907
  4,227
  4,561
  4,907
  5,267
  5,641
  6,030
  6,434
  6,854
  7,291
  7,746
  8,220
  8,713
  9,228
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
  408
  502
  613
  739
  879
  1,033
  1,201
  1,383
  1,579
  1,788
  2,010
  2,242
  2,489
  2,748
  3,020
  3,303
  3,599
  3,907
  4,227
  4,561
  4,907
  5,267
  5,641
  6,030
  6,434
  6,854
  7,291
  7,746
  8,220
  8,713
  9,228
Operating income, $m
  16
  24
  31
  37
  45
  54
  63
  73
  84
  95
  107
  123
  137
  151
  166
  181
  198
  215
  232
  251
  270
  289
  310
  331
  353
  377
  401
  426
  452
  479
  507
EBITDA, $m
  25
  33
  40
  48
  58
  68
  79
  91
  104
  117
  132
  147
  164
  181
  198
  217
  236
  257
  278
  300
  322
  346
  371
  396
  423
  450
  479
  509
  540
  572
  606
Interest expense (income), $m
  0
  0
  1
  2
  4
  5
  7
  9
  11
  13
  16
  18
  21
  24
  27
  30
  33
  37
  40
  44
  48
  52
  56
  60
  65
  69
  74
  79
  84
  90
  95
Earnings before tax, $m
  21
  24
  29
  35
  41
  48
  56
  64
  72
  82
  91
  105
  116
  127
  139
  151
  164
  178
  192
  207
  222
  238
  254
  271
  289
  307
  326
  346
  367
  389
  411
Tax expense, $m
  6
  7
  8
  9
  11
  13
  15
  17
  20
  22
  25
  28
  31
  34
  38
  41
  44
  48
  52
  56
  60
  64
  69
  73
  78
  83
  88
  94
  99
  105
  111
Net income, $m
  15
  18
  21
  26
  30
  35
  41
  46
  53
  60
  67
  76
  84
  93
  101
  111
  120
  130
  140
  151
  162
  173
  185
  198
  211
  224
  238
  253
  268
  284
  300

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  628
  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
  916
  358
  437
  527
  628
  738
  859
  989
  1,129
  1,279
  1,438
  1,606
  1,784
  1,969
  2,164
  2,367
  2,579
  2,800
  3,030
  3,268
  3,517
  3,775
  4,043
  4,321
  4,611
  4,912
  5,225
  5,551
  5,891
  6,245
  6,613
Adjusted assets (=assets-cash), $m
  288
  358
  437
  527
  628
  738
  859
  989
  1,129
  1,279
  1,438
  1,606
  1,784
  1,969
  2,164
  2,367
  2,579
  2,800
  3,030
  3,268
  3,517
  3,775
  4,043
  4,321
  4,611
  4,912
  5,225
  5,551
  5,891
  6,245
  6,613
Revenue / Adjusted assets
  1.472
  1.472
  1.474
  1.472
  1.471
  1.472
  1.471
  1.472
  1.472
  1.472
  1.472
  1.473
  1.471
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
Average production assets, $m
  22
  27
  33
  40
  47
  55
  64
  74
  85
  96
  108
  121
  134
  148
  162
  178
  194
  210
  227
  245
  264
  283
  303
  324
  346
  369
  392
  417
  442
  469
  496
Working capital, $m
  589
  -48
  -59
  -71
  -85
  -100
  -116
  -134
  -153
  -173
  -195
  -218
  -242
  -267
  -293
  -321
  -349
  -379
  -410
  -443
  -476
  -511
  -547
  -585
  -624
  -665
  -708
  -752
  -798
  -846
  -896
Total debt, $m
  0
  32
  68
  110
  155
  206
  261
  321
  385
  454
  527
  604
  685
  770
  859
  952
  1,049
  1,150
  1,256
  1,365
  1,479
  1,597
  1,720
  1,847
  1,980
  2,118
  2,261
  2,410
  2,566
  2,728
  2,897
Total liabilities, $m
  132
  164
  200
  242
  287
  338
  393
  453
  517
  586
  659
  736
  817
  902
  991
  1,084
  1,181
  1,282
  1,388
  1,497
  1,611
  1,729
  1,852
  1,979
  2,112
  2,250
  2,393
  2,542
  2,698
  2,860
  3,029
Total equity, $m
  784
  194
  237
  286
  340
  400
  465
  536
  612
  693
  780
  871
  967
  1,067
  1,173
  1,283
  1,398
  1,518
  1,642
  1,772
  1,906
  2,046
  2,191
  2,342
  2,499
  2,662
  2,832
  3,009
  3,193
  3,385
  3,584
Total liabilities and equity, $m
  916
  358
  437
  528
  627
  738
  858
  989
  1,129
  1,279
  1,439
  1,607
  1,784
  1,969
  2,164
  2,367
  2,579
  2,800
  3,030
  3,269
  3,517
  3,775
  4,043
  4,321
  4,611
  4,912
  5,225
  5,551
  5,891
  6,245
  6,613
Debt-to-equity ratio
  0.000
  0.160
  0.290
  0.380
  0.460
  0.520
  0.560
  0.600
  0.630
  0.650
  0.680
  0.690
  0.710
  0.720
  0.730
  0.740
  0.750
  0.760
  0.760
  0.770
  0.780
  0.780
  0.780
  0.790
  0.790
  0.800
  0.800
  0.800
  0.800
  0.810
  0.810
Adjusted equity ratio
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  15
  18
  21
  26
  30
  35
  41
  46
  53
  60
  67
  76
  84
  93
  101
  111
  120
  130
  140
  151
  162
  173
  185
  198
  211
  224
  238
  253
  268
  284
  300
Depreciation, amort., depletion, $m
  9
  8
  10
  11
  12
  14
  16
  18
  20
  22
  25
  24
  27
  30
  32
  36
  39
  42
  45
  49
  53
  57
  61
  65
  69
  74
  78
  83
  88
  94
  99
Funds from operations, $m
  119
  26
  31
  36
  43
  49
  56
  64
  73
  82
  91
  101
  111
  122
  134
  146
  159
  172
  186
  200
  215
  230
  246
  263
  280
  298
  317
  336
  357
  378
  400
Change in working capital, $m
  19
  -9
  -11
  -12
  -14
  -15
  -16
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
Cash from operations, $m
  100
  36
  42
  49
  56
  64
  73
  82
  92
  102
  113
  123
  135
  147
  160
  174
  187
  202
  217
  232
  248
  265
  282
  300
  319
  339
  359
  380
  402
  426
  450
Maintenance CAPEX, $m
  0
  -4
  -5
  -7
  -8
  -9
  -11
  -13
  -15
  -17
  -19
  -22
  -24
  -27
  -30
  -32
  -36
  -39
  -42
  -45
  -49
  -53
  -57
  -61
  -65
  -69
  -74
  -78
  -83
  -88
  -94
New CAPEX, $m
  -7
  -5
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -24
  -25
  -27
  -28
Cash from investing activities, $m
  -101
  -9
  -11
  -14
  -16
  -17
  -20
  -23
  -26
  -28
  -31
  -35
  -37
  -41
  -45
  -47
  -52
  -56
  -59
  -63
  -68
  -72
  -77
  -82
  -87
  -92
  -98
  -102
  -108
  -115
  -122
Free cash flow, $m
  -1
  26
  30
  35
  41
  46
  53
  59
  66
  74
  82
  89
  98
  107
  116
  126
  136
  147
  157
  169
  181
  193
  206
  219
  233
  247
  262
  277
  294
  311
  328
Issuance/(repayment) of debt, $m
  0
  32
  37
  41
  46
  51
  55
  60
  64
  69
  73
  77
  81
  85
  89
  93
  97
  101
  105
  109
  114
  118
  123
  128
  133
  138
  143
  149
  156
  162
  169
Issuance/(repurchase) of shares, $m
  8
  20
  22
  23
  24
  25
  25
  24
  23
  22
  20
  15
  12
  8
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  13
  52
  59
  64
  70
  76
  80
  84
  87
  91
  93
  92
  93
  93
  93
  93
  97
  101
  105
  109
  114
  118
  123
  128
  133
  138
  143
  149
  156
  162
  169
Total cash flow (excl. dividends), $m
  11
  78
  89
  100
  111
  122
  133
  143
  154
  164
  174
  181
  190
  200
  209
  219
  233
  248
  263
  278
  294
  311
  328
  346
  365
  385
  405
  427
  449
  473
  497
Retained Cash Flow (-), $m
  -95
  -38
  -43
  -49
  -54
  -60
  -65
  -71
  -76
  -81
  -86
  -91
  -96
  -101
  -105
  -110
  -115
  -120
  -124
  -129
  -135
  -140
  -145
  -151
  -157
  -163
  -170
  -177
  -184
  -192
  -200
Prev. year cash balance distribution, $m
 
  628
  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
 
  668
  46
  51
  56
  62
  67
  73
  78
  83
  88
  90
  94
  99
  104
  109
  118
  128
  138
  149
  160
  171
  183
  195
  208
  222
  236
  250
  265
  281
  297
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
 
  640
  42
  44
  46
  48
  49
  49
  49
  48
  46
  43
  40
  38
  35
  32
  30
  28
  25
  23
  20
  18
  15
  13
  11
  9
  7
  5
  4
  3
  2
Current shareholders' claim on cash, %
  100
  98.3
  96.8
  95.6
  94.5
  93.6
  92.8
  92.1
  91.6
  91.2
  90.8
  90.6
  90.4
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3

Guidewire Software, Inc. is a provider of software products for property and casualty (P&C) insurers. The Company's software serves as a technology platform for P&C insurance carriers. The Company's InsurancePlatform consists of three elements: core transaction processing, data management and analytics, and digital engagement. The Company sells its products to a range of global P&C insurance carriers ranging from global insurers to national carriers to regional carriers. The Company's core transaction processing includes Guidewire InsuranceSuite, Guidewire PolicyCenter, Guidewire ClaimCenter, Guidewire BillingCenter and InsuranceSuite Add-on Modules. The Company's data management and analytics includes Guidewire DataHub, Guidewire InfoCenter, Guidewire Live and Guidewire Predictive Analytics. The Company's digital engagement includes Guidewire Digital Portals.

FINANCIAL RATIOS  of  Guidewire Software (GWRE)

Valuation Ratios
P/E Ratio 376.8
Price to Sales 13.3
Price to Book 7.2
Price to Tangible Book
Price to Cash Flow 56.5
Price to Free Cash Flow 60.8
Growth Rates
Sales Growth Rate 11.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.7%
Cap. Spend. - 3 Yr. Gr. Rate -4.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.7%
Ret/ On Assets - 3 Yr. Avg. 2%
Return On Total Capital 2%
Ret/ On T. Cap. - 3 Yr. Avg. 2.3%
Return On Equity 2%
Return On Equity - 3 Yr. Avg. 2.3%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 64.4%
Gross Margin - 3 Yr. Avg. 61%
EBITDA Margin 7.1%
EBITDA Margin - 3 Yr. Avg. 7%
Operating Margin 3.8%
Oper. Margin - 3 Yr. Avg. 4.5%
Pre-Tax Margin 5%
Pre-Tax Margin - 3 Yr. Avg. 5%
Net Profit Margin 3.5%
Net Profit Margin - 3 Yr. Avg. 3.5%
Effective Tax Rate 28.6%
Eff/ Tax Rate - 3 Yr. Avg. 31.6%
Payout Ratio 0%

GWRE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GWRE stock intrinsic value calculation we used $424 million for the last fiscal year's total revenue generated by Guidewire Software. The default revenue input number comes from 2016 income statement of Guidewire Software. 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 GWRE stock valuation model: a) initial revenue growth rate of 24.2% 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 4.3%, whose default value for GWRE is calculated based on our internal credit rating of Guidewire Software, 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 Guidewire Software.
    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 GWRE stock the variable cost ratio is equal to 95.5%.

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 GWRE 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 Guidewire Software.

Corporate tax rate of 27% is the nominal tax rate for Guidewire Software. 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 GWRE 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 GWRE are equal to 5.1%.

Life of production assets of 4.6 years is the average useful life of capital assets used in Guidewire Software 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 GWRE is equal to -9.2%. 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 - $784 million for Guidewire Software - 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 74.817 million for Guidewire Software 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 Guidewire Software at the current share price and the inputted number of shares is $5.8 billion.

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COMPANY NEWS

▶ [$$] Guidewire to Acquire Cyber Risk Startup Cyence   [Oct-06-17 05:24PM  The Wall Street Journal]
▶ Guidewire to Acquire Cyence   [06:30AM  Business Wire]
▶ Why Guidewire Should Be On Your Watch List   [Sep-28-17 05:55PM  Morningstar]
▶ RSA Canada Deploys Guidewire System for Claims Management   [Sep-20-17 08:55AM  Business Wire]
▶ Guidewire Software Earns Composite Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Guidewire Software beats Street 4Q forecasts   [Sep-06-17 11:57PM  Associated Press]
▶ [$$] Henry Ellenbogen's Bet on the Future Pays Off Today   [Aug-19-17 12:33AM  Barrons.com]
▶ Guidewire Software Sees Its Composite Rating Rise To 96   [Jul-18-17 03:00AM  Investor's Business Daily]
▶ Why These 4 Tech Stocks May Beat Apple, Facebook   [Jun-13-17 06:15PM  Investopedia]
▶ Guidewire Software to Present at William Blair Conference   [Jun-07-17 04:15PM  Business Wire]
▶ Strong Results for Guidewire But Shares Overpriced   [Jun-02-17 12:30AM  Morningstar]
▶ Guidewire Software reports 3Q loss   [Jun-01-17 04:26PM  Associated Press]
▶ Guidewire Software to Present at Stifel Conference   [May-31-17 04:15PM  Business Wire]
▶ Guidewire Announces 2017.1 Release of InsurancePlatform   [May-08-17 08:55AM  Business Wire]
▶ Saga Selects Guidewire Core, Data and Digital Products   [Apr-03-17 05:00AM  Business Wire]
▶ Tech: Overvalued Overall, but Opportunities Remain   [Mar-31-17 07:00AM  Morningstar]
▶ 9 New Stocks in the Wide Moat Focus   [Mar-28-17 06:00AM  Morningstar]
▶ Hays Companies Leverages Guidewire Predictive Analytics   [Mar-13-17 08:55AM  Business Wire]
Financial statements of GWRE
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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