Intrinsic value of Jack Henry&Associates - JKHY

Previous Close

$100.40

  Intrinsic Value

$74.50

stock screener

  Rating & Target

sell

-26%

  Value-price divergence*

-22%

Previous close

$100.40

 
Intrinsic value

$74.50

 
Up/down potential

-26%

 
Rating

sell

 
Value-price divergence*

-22%

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

We calculate the intrinsic value of JKHY 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 7.7

 

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, %
  7.88
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
Revenue, $m
  1,355
  1,440
  1,529
  1,622
  1,718
  1,819
  1,924
  2,033
  2,148
  2,267
  2,392
  2,522
  2,658
  2,801
  2,950
  3,107
  3,270
  3,442
  3,621
  3,810
  4,007
  4,213
  4,430
  4,657
  4,895
  5,145
  5,407
  5,682
  5,971
  6,273
  6,591
Variable operating expenses, $m
 
  797
  843
  891
  941
  992
  1,046
  1,103
  1,162
  1,223
  1,287
  1,299
  1,370
  1,443
  1,520
  1,601
  1,685
  1,773
  1,866
  1,963
  2,064
  2,171
  2,282
  2,399
  2,522
  2,651
  2,786
  2,927
  3,076
  3,232
  3,395
Fixed operating expenses, $m
 
  252
  258
  265
  272
  278
  285
  292
  300
  307
  315
  323
  331
  339
  348
  356
  365
  374
  384
  393
  403
  413
  424
  434
  445
  456
  467
  479
  491
  503
  516
Total operating expenses, $m
  993
  1,049
  1,101
  1,156
  1,213
  1,270
  1,331
  1,395
  1,462
  1,530
  1,602
  1,622
  1,701
  1,782
  1,868
  1,957
  2,050
  2,147
  2,250
  2,356
  2,467
  2,584
  2,706
  2,833
  2,967
  3,107
  3,253
  3,406
  3,567
  3,735
  3,911
Operating income, $m
  362
  391
  428
  466
  506
  548
  592
  638
  686
  737
  789
  900
  958
  1,019
  1,083
  1,150
  1,220
  1,294
  1,372
  1,454
  1,539
  1,630
  1,724
  1,824
  1,928
  2,038
  2,154
  2,276
  2,404
  2,538
  2,679
EBITDA, $m
  492
  516
  557
  600
  644
  691
  740
  791
  845
  901
  960
  1,022
  1,086
  1,154
  1,225
  1,300
  1,378
  1,460
  1,547
  1,637
  1,733
  1,833
  1,938
  2,048
  2,164
  2,286
  2,415
  2,550
  2,691
  2,840
  2,997
Interest expense (income), $m
  1
  0
  2
  4
  6
  8
  11
  13
  16
  18
  21
  24
  27
  30
  33
  37
  40
  44
  48
  52
  57
  61
  66
  71
  76
  82
  87
  93
  100
  106
  113
Earnings before tax, $m
  361
  391
  426
  462
  500
  540
  581
  625
  670
  718
  768
  876
  931
  989
  1,050
  1,113
  1,180
  1,250
  1,324
  1,401
  1,483
  1,568
  1,658
  1,753
  1,852
  1,957
  2,067
  2,182
  2,304
  2,432
  2,566
Tax expense, $m
  112
  106
  115
  125
  135
  146
  157
  169
  181
  194
  207
  237
  251
  267
  283
  301
  319
  338
  357
  378
  400
  423
  448
  473
  500
  528
  558
  589
  622
  657
  693
Net income, $m
  249
  285
  311
  337
  365
  394
  424
  456
  489
  524
  561
  640
  680
  722
  766
  813
  861
  913
  966
  1,023
  1,082
  1,145
  1,211
  1,280
  1,352
  1,429
  1,509
  1,593
  1,682
  1,775
  1,873

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  70
  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
  1,816
  1,856
  1,971
  2,090
  2,214
  2,344
  2,479
  2,620
  2,767
  2,921
  3,082
  3,250
  3,426
  3,610
  3,802
  4,004
  4,214
  4,435
  4,667
  4,909
  5,163
  5,430
  5,709
  6,002
  6,309
  6,631
  6,968
  7,322
  7,694
  8,084
  8,493
Adjusted assets (=assets-cash), $m
  1,746
  1,856
  1,971
  2,090
  2,214
  2,344
  2,479
  2,620
  2,767
  2,921
  3,082
  3,250
  3,426
  3,610
  3,802
  4,004
  4,214
  4,435
  4,667
  4,909
  5,163
  5,430
  5,709
  6,002
  6,309
  6,631
  6,968
  7,322
  7,694
  8,084
  8,493
Revenue / Adjusted assets
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
Average production assets, $m
  653
  694
  737
  782
  828
  877
  927
  980
  1,035
  1,093
  1,153
  1,216
  1,281
  1,350
  1,422
  1,497
  1,576
  1,659
  1,746
  1,836
  1,931
  2,031
  2,135
  2,245
  2,360
  2,480
  2,606
  2,739
  2,878
  3,024
  3,177
Working capital, $m
  -12
  -88
  -93
  -99
  -105
  -111
  -117
  -124
  -131
  -138
  -146
  -154
  -162
  -171
  -180
  -190
  -199
  -210
  -221
  -232
  -244
  -257
  -270
  -284
  -299
  -314
  -330
  -347
  -364
  -383
  -402
Total debt, $m
  0
  52
  106
  162
  221
  282
  345
  411
  481
  553
  629
  708
  790
  877
  967
  1,062
  1,161
  1,265
  1,373
  1,487
  1,607
  1,732
  1,863
  2,001
  2,145
  2,296
  2,455
  2,622
  2,796
  2,980
  3,172
Total liabilities, $m
  819
  872
  926
  982
  1,041
  1,102
  1,165
  1,231
  1,301
  1,373
  1,449
  1,528
  1,610
  1,697
  1,787
  1,882
  1,981
  2,085
  2,193
  2,307
  2,427
  2,552
  2,683
  2,821
  2,965
  3,116
  3,275
  3,442
  3,616
  3,800
  3,992
Total equity, $m
  996
  984
  1,044
  1,108
  1,174
  1,242
  1,314
  1,389
  1,467
  1,548
  1,633
  1,723
  1,816
  1,913
  2,015
  2,122
  2,234
  2,351
  2,473
  2,602
  2,737
  2,878
  3,026
  3,181
  3,344
  3,514
  3,693
  3,881
  4,078
  4,285
  4,501
Total liabilities and equity, $m
  1,815
  1,856
  1,970
  2,090
  2,215
  2,344
  2,479
  2,620
  2,768
  2,921
  3,082
  3,251
  3,426
  3,610
  3,802
  4,004
  4,215
  4,436
  4,666
  4,909
  5,164
  5,430
  5,709
  6,002
  6,309
  6,630
  6,968
  7,323
  7,694
  8,085
  8,493
Debt-to-equity ratio
  0.000
  0.050
  0.100
  0.150
  0.190
  0.230
  0.260
  0.300
  0.330
  0.360
  0.380
  0.410
  0.440
  0.460
  0.480
  0.500
  0.520
  0.540
  0.560
  0.570
  0.590
  0.600
  0.620
  0.630
  0.640
  0.650
  0.660
  0.680
  0.690
  0.700
  0.700
Adjusted equity ratio
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  249
  285
  311
  337
  365
  394
  424
  456
  489
  524
  561
  640
  680
  722
  766
  813
  861
  913
  966
  1,023
  1,082
  1,145
  1,211
  1,280
  1,352
  1,429
  1,509
  1,593
  1,682
  1,775
  1,873
Depreciation, amort., depletion, $m
  130
  125
  129
  133
  138
  143
  148
  153
  159
  165
  171
  122
  128
  135
  142
  150
  158
  166
  175
  184
  193
  203
  214
  224
  236
  248
  261
  274
  288
  302
  318
Funds from operations, $m
  322
  410
  440
  471
  503
  537
  572
  609
  648
  689
  731
  761
  808
  857
  908
  962
  1,019
  1,079
  1,141
  1,207
  1,276
  1,348
  1,424
  1,504
  1,588
  1,677
  1,769
  1,867
  1,970
  2,077
  2,191
Change in working capital, $m
  -43
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
Cash from operations, $m
  365
  415
  445
  476
  509
  543
  579
  616
  655
  696
  739
  769
  816
  866
  917
  972
  1,029
  1,089
  1,152
  1,218
  1,288
  1,361
  1,437
  1,518
  1,603
  1,692
  1,785
  1,884
  1,987
  2,096
  2,210
Maintenance CAPEX, $m
  0
  -65
  -69
  -74
  -78
  -83
  -88
  -93
  -98
  -104
  -109
  -115
  -122
  -128
  -135
  -142
  -150
  -158
  -166
  -175
  -184
  -193
  -203
  -214
  -224
  -236
  -248
  -261
  -274
  -288
  -302
New CAPEX, $m
  -165
  -42
  -43
  -45
  -46
  -48
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -104
  -109
  -115
  -120
  -126
  -133
  -139
  -146
  -153
Cash from investing activities, $m
  -136
  -107
  -112
  -119
  -124
  -131
  -139
  -146
  -153
  -162
  -169
  -178
  -188
  -197
  -207
  -217
  -229
  -241
  -253
  -266
  -279
  -293
  -307
  -323
  -339
  -356
  -374
  -394
  -413
  -434
  -455
Free cash flow, $m
  229
  308
  333
  358
  384
  412
  441
  471
  502
  535
  570
  591
  629
  669
  710
  754
  800
  849
  900
  953
  1,009
  1,068
  1,130
  1,195
  1,263
  1,335
  1,411
  1,491
  1,574
  1,662
  1,755
Issuance/(repayment) of debt, $m
  -53
  52
  54
  56
  58
  61
  64
  66
  69
  72
  76
  79
  83
  86
  90
  95
  99
  104
  109
  114
  119
  125
  131
  138
  144
  151
  159
  167
  175
  183
  192
Issuance/(repurchase) of shares, $m
  -169
  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  
  -223
  52
  54
  56
  58
  61
  64
  66
  69
  72
  76
  79
  83
  86
  90
  95
  99
  104
  109
  114
  119
  125
  131
  138
  144
  151
  159
  167
  175
  183
  192
Total cash flow (excl. dividends), $m
  6
  361
  387
  414
  443
  473
  504
  537
  571
  607
  645
  670
  711
  755
  801
  849
  900
  953
  1,008
  1,067
  1,128
  1,193
  1,261
  1,333
  1,408
  1,487
  1,570
  1,657
  1,749
  1,846
  1,947
Retained Cash Flow (-), $m
  -4
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -128
  -135
  -141
  -148
  -155
  -163
  -171
  -179
  -188
  -197
  -207
  -217
Prev. year cash balance distribution, $m
 
  70
  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
 
  373
  326
  351
  377
  404
  432
  462
  493
  526
  560
  581
  618
  658
  699
  742
  788
  836
  886
  938
  994
  1,052
  1,113
  1,177
  1,245
  1,316
  1,391
  1,469
  1,552
  1,639
  1,730
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
 
  358
  298
  305
  310
  313
  314
  312
  308
  302
  294
  276
  264
  250
  235
  218
  200
  182
  163
  144
  126
  109
  92
  77
  63
  51
  41
  32
  24
  18
  13
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

Jack Henry & Associates, Inc. provides technology solutions and payment processing services primarily for financial services organizations in the United States. The company offers information and transaction processing solutions for banks ranging from community to multi-billion dollar institutions under the Jack Henry Banking brand; core data processing solutions for various credit unions under the Symitar brand; and specialized financial performance, imaging and payments processing, information security and risk management, retail delivery, and online and mobile solutions to financial institutions and corporate entities under the ProfitStars brand. It also provides a suite of integrated applications required to process deposit, loan, and general ledger transactions, as well as to maintain centralized customer/member information; and complementary products and services that enable core bank and credit union clients to respond to evolving customer/member demands. The company’s Jack Henry Banking business brand provides SilverLake, a robust IBM Power System primarily designed for commercial-focused banks; CIF 20/20, a system for the community bank market; and Core Director, a Windows-based client/server system. Its Symitar brand’s credit union platforms comprise Episys, an IBM Power System primarily designed for credit unions; and CruiseNet, a Windows-based client/server system designed primarily for credit unions. In addition, the company offers electronic payment services; purchases and resells hardware systems, including servers, workstations, scanners, and other devices; and provides implementation, training, and support services. Jack Henry & Associates Inc. was founded in 1976 and is headquartered in Monett, Missouri.

FINANCIAL RATIOS  of  Jack Henry&Associates (JKHY)

Valuation Ratios
P/E Ratio 31.7
Price to Sales 5.8
Price to Book 7.9
Price to Tangible Book
Price to Cash Flow 21.6
Price to Free Cash Flow 39.5
Growth Rates
Sales Growth Rate 7.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.8%
Cap. Spend. - 3 Yr. Gr. Rate 11%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 362
Management Effectiveness
Return On Assets 13.7%
Ret/ On Assets - 3 Yr. Avg. 12.3%
Return On Total Capital 24.4%
Ret/ On T. Cap. - 3 Yr. Avg. 21.3%
Return On Equity 25.1%
Return On Equity - 3 Yr. Avg. 21.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 42.9%
Gross Margin - 3 Yr. Avg. 42.6%
EBITDA Margin 36.3%
EBITDA Margin - 3 Yr. Avg. 35%
Operating Margin 26.7%
Oper. Margin - 3 Yr. Avg. 25.5%
Pre-Tax Margin 26.6%
Pre-Tax Margin - 3 Yr. Avg. 25.5%
Net Profit Margin 18.4%
Net Profit Margin - 3 Yr. Avg. 17%
Effective Tax Rate 31%
Eff/ Tax Rate - 3 Yr. Avg. 33.1%
Payout Ratio 33.7%

JKHY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JKHY stock intrinsic value calculation we used $1355 million for the last fiscal year's total revenue generated by Jack Henry&Associates. The default revenue input number comes from 2016 income statement of Jack Henry&Associates. 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 JKHY stock valuation model: a) initial revenue growth rate of 6.3% 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 JKHY is calculated based on our internal credit rating of Jack Henry&Associates, 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 Jack Henry&Associates.
    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 JKHY stock the variable cost ratio is equal to 55.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $246 million in the base year in the intrinsic value calculation for JKHY 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 3.8% for Jack Henry&Associates.

Corporate tax rate of 27% is the nominal tax rate for Jack Henry&Associates. 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 JKHY 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 JKHY are equal to 48.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Jack Henry&Associates 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 JKHY is equal to -6.1%. 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 - $996 million for Jack Henry&Associates - 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 76.786 million for Jack Henry&Associates 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 Jack Henry&Associates at the current share price and the inputted number of shares is $7.7 billion.

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COMPANY NEWS

▶ Urban Outfitters and Agilent climb; Bristol-Myers skids   [Aug-16-17 04:48PM  Associated Press]
▶ Jack Henry meets 4Q profit forecasts   [Aug-15-17 09:32PM  Associated Press]
▶ Central Bancshares, Inc. Converts to Jack Henry Banking   [Jul-27-17 08:00AM  PR Newswire]
▶ A Deep Analysis of 6 Five-Star Companies   [Jun-02-17 06:11PM  GuruFocus.com]
▶ Jack Henry beats Street 3Q forecasts   [May-02-17 07:49PM  Associated Press]
▶ Symitar Gains Six New Billion-Dollar Core Relationships   [Apr-27-17 08:00AM  PR Newswire]
▶ Symitar Launches SymApp to Centralize Account Openings   [Feb-28-17 08:00AM  PR Newswire]
▶ Jack Henry beats Street 2Q forecasts   [Feb-07-17 06:13PM  AP]
▶ Symitar Introduces Mobile Booking Via Appointment 365   [Jan-31-17 08:00AM  PR Newswire]
▶ MVB Bank Selects Jack Henry Banking's SilverLake System   [Jan-04-17 08:00AM  PR Newswire]
▶ Is Jack Henry & Associates, Inc. (JKHY) A Good Stock To Buy?   [Dec-07-16 06:41AM  at Insider Monkey]
▶ Credit Union of Texas Selects Symitar   [Nov-30-16 08:00AM  PR Newswire]
▶ ProfitStars Introduces Commercial Lending Center Suite   [Nov-17-16 08:00AM  PR Newswire]
▶ Jack Henry beats Street 1Q forecasts   [Nov-07-16 06:30PM  AP]
Financial statements of JKHY
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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