Intrinsic value of Jack Henry&Associates - JKHY

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$95.63

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$95.63

 
Intrinsic value

$67.40

 
Up/down potential

-30%

 
Rating

sell

 
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*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 7.4

 

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, %
  7.88
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
Revenue, $m
  1,355
  1,420
  1,488
  1,560
  1,636
  1,716
  1,800
  1,888
  1,980
  2,078
  2,180
  2,287
  2,400
  2,519
  2,644
  2,775
  2,912
  3,057
  3,209
  3,368
  3,536
  3,711
  3,896
  4,090
  4,294
  4,508
  4,733
  4,969
  5,217
  5,477
  5,750
Variable operating expenses, $m
 
  787
  822
  859
  898
  939
  982
  1,028
  1,076
  1,126
  1,178
  1,178
  1,237
  1,298
  1,362
  1,429
  1,500
  1,575
  1,653
  1,735
  1,821
  1,912
  2,007
  2,107
  2,212
  2,322
  2,438
  2,560
  2,688
  2,822
  2,963
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
  1,039
  1,080
  1,124
  1,170
  1,217
  1,267
  1,320
  1,376
  1,433
  1,493
  1,501
  1,568
  1,637
  1,710
  1,785
  1,865
  1,949
  2,037
  2,128
  2,224
  2,325
  2,431
  2,541
  2,657
  2,778
  2,905
  3,039
  3,179
  3,325
  3,479
Operating income, $m
  362
  381
  408
  436
  466
  498
  532
  567
  605
  645
  687
  786
  833
  882
  934
  989
  1,047
  1,108
  1,172
  1,240
  1,311
  1,386
  1,465
  1,549
  1,637
  1,729
  1,827
  1,930
  2,038
  2,152
  2,272
EBITDA, $m
  492
  510
  540
  573
  607
  643
  680
  721
  763
  808
  855
  905
  957
  1,013
  1,071
  1,133
  1,198
  1,266
  1,338
  1,414
  1,494
  1,579
  1,667
  1,761
  1,859
  1,963
  2,072
  2,187
  2,308
  2,436
  2,570
Interest expense (income), $m
  1
  0
  2
  3
  5
  6
  8
  10
  12
  14
  17
  19
  21
  24
  27
  30
  33
  36
  39
  43
  46
  50
  54
  59
  63
  68
  73
  78
  83
  89
  95
Earnings before tax, $m
  361
  381
  406
  433
  462
  492
  524
  557
  593
  630
  670
  767
  811
  858
  907
  959
  1,014
  1,072
  1,133
  1,197
  1,265
  1,336
  1,411
  1,490
  1,574
  1,662
  1,754
  1,852
  1,955
  2,063
  2,177
Tax expense, $m
  112
  103
  110
  117
  125
  133
  141
  150
  160
  170
  181
  207
  219
  232
  245
  259
  274
  289
  306
  323
  341
  361
  381
  402
  425
  449
  474
  500
  528
  557
  588
Net income, $m
  249
  278
  297
  316
  337
  359
  382
  407
  433
  460
  489
  560
  592
  626
  662
  700
  740
  782
  827
  874
  923
  975
  1,030
  1,088
  1,149
  1,213
  1,281
  1,352
  1,427
  1,506
  1,589

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
  1,830
  1,918
  2,011
  2,109
  2,211
  2,319
  2,433
  2,552
  2,677
  2,809
  2,948
  3,093
  3,246
  3,407
  3,576
  3,753
  3,939
  4,135
  4,340
  4,556
  4,783
  5,021
  5,271
  5,534
  5,809
  6,099
  6,403
  6,723
  7,058
  7,410
Adjusted assets (=assets-cash), $m
  1,746
  1,830
  1,918
  2,011
  2,109
  2,211
  2,319
  2,433
  2,552
  2,677
  2,809
  2,948
  3,093
  3,246
  3,407
  3,576
  3,753
  3,939
  4,135
  4,340
  4,556
  4,783
  5,021
  5,271
  5,534
  5,809
  6,099
  6,403
  6,723
  7,058
  7,410
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
  684
  717
  752
  789
  827
  867
  910
  955
  1,001
  1,051
  1,103
  1,157
  1,214
  1,274
  1,337
  1,404
  1,473
  1,547
  1,623
  1,704
  1,789
  1,878
  1,972
  2,070
  2,173
  2,281
  2,395
  2,514
  2,640
  2,772
Working capital, $m
  -12
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -140
  -146
  -154
  -161
  -169
  -178
  -186
  -196
  -205
  -216
  -226
  -238
  -250
  -262
  -275
  -289
  -303
  -318
  -334
  -351
Total debt, $m
  0
  40
  82
  125
  171
  219
  270
  323
  379
  438
  500
  565
  634
  706
  781
  861
  944
  1,031
  1,123
  1,220
  1,321
  1,428
  1,540
  1,657
  1,781
  1,910
  2,047
  2,189
  2,340
  2,497
  2,663
Total liabilities, $m
  819
  860
  902
  945
  991
  1,039
  1,090
  1,143
  1,199
  1,258
  1,320
  1,385
  1,454
  1,526
  1,601
  1,681
  1,764
  1,851
  1,943
  2,040
  2,141
  2,248
  2,360
  2,477
  2,601
  2,730
  2,867
  3,009
  3,160
  3,317
  3,483
Total equity, $m
  996
  970
  1,017
  1,066
  1,118
  1,172
  1,229
  1,289
  1,353
  1,419
  1,489
  1,562
  1,639
  1,720
  1,806
  1,895
  1,989
  2,088
  2,191
  2,300
  2,415
  2,535
  2,661
  2,794
  2,933
  3,079
  3,232
  3,394
  3,563
  3,741
  3,927
Total liabilities and equity, $m
  1,815
  1,830
  1,919
  2,011
  2,109
  2,211
  2,319
  2,432
  2,552
  2,677
  2,809
  2,947
  3,093
  3,246
  3,407
  3,576
  3,753
  3,939
  4,134
  4,340
  4,556
  4,783
  5,021
  5,271
  5,534
  5,809
  6,099
  6,403
  6,723
  7,058
  7,410
Debt-to-equity ratio
  0.000
  0.040
  0.080
  0.120
  0.150
  0.190
  0.220
  0.250
  0.280
  0.310
  0.340
  0.360
  0.390
  0.410
  0.430
  0.450
  0.470
  0.490
  0.510
  0.530
  0.550
  0.560
  0.580
  0.590
  0.610
  0.620
  0.630
  0.650
  0.660
  0.670
  0.680
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
  278
  297
  316
  337
  359
  382
  407
  433
  460
  489
  560
  592
  626
  662
  700
  740
  782
  827
  874
  923
  975
  1,030
  1,088
  1,149
  1,213
  1,281
  1,352
  1,427
  1,506
  1,589
Depreciation, amort., depletion, $m
  130
  129
  132
  136
  140
  144
  149
  153
  158
  163
  168
  119
  124
  131
  137
  144
  151
  158
  166
  175
  183
  192
  202
  212
  223
  234
  245
  258
  270
  284
  298
Funds from operations, $m
  322
  407
  429
  452
  477
  503
  531
  560
  591
  623
  657
  679
  717
  757
  799
  844
  891
  941
  993
  1,048
  1,106
  1,168
  1,232
  1,300
  1,371
  1,447
  1,526
  1,610
  1,697
  1,790
  1,887
Change in working capital, $m
  -43
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
Cash from operations, $m
  365
  419
  433
  457
  482
  508
  536
  565
  596
  629
  664
  685
  724
  764
  807
  852
  900
  950
  1,002
  1,058
  1,117
  1,178
  1,243
  1,312
  1,384
  1,460
  1,540
  1,624
  1,712
  1,806
  1,904
Maintenance CAPEX, $m
  0
  -70
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -103
  -108
  -113
  -119
  -124
  -131
  -137
  -144
  -151
  -158
  -166
  -175
  -183
  -192
  -202
  -212
  -223
  -234
  -245
  -258
  -270
  -284
New CAPEX, $m
  -165
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -114
  -119
  -125
  -132
Cash from investing activities, $m
  -136
  -102
  -107
  -112
  -118
  -123
  -129
  -135
  -143
  -150
  -157
  -165
  -173
  -181
  -191
  -200
  -210
  -221
  -231
  -243
  -256
  -268
  -281
  -296
  -310
  -326
  -342
  -359
  -377
  -395
  -416
Free cash flow, $m
  229
  317
  327
  345
  364
  385
  407
  430
  454
  480
  507
  520
  551
  583
  616
  652
  689
  729
  771
  815
  861
  910
  962
  1,016
  1,074
  1,134
  1,198
  1,265
  1,335
  1,410
  1,488
Issuance/(repayment) of debt, $m
  -53
  40
  41
  44
  46
  48
  51
  53
  56
  59
  62
  65
  68
  72
  76
  79
  83
  88
  92
  97
  101
  107
  112
  118
  123
  130
  136
  143
  150
  158
  166
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
  40
  41
  44
  46
  48
  51
  53
  56
  59
  62
  65
  68
  72
  76
  79
  83
  88
  92
  97
  101
  107
  112
  118
  123
  130
  136
  143
  150
  158
  166
Total cash flow (excl. dividends), $m
  6
  357
  368
  389
  410
  433
  457
  483
  510
  538
  569
  585
  619
  654
  692
  731
  773
  817
  863
  911
  963
  1,017
  1,074
  1,134
  1,197
  1,264
  1,334
  1,408
  1,486
  1,568
  1,654
Retained Cash Flow (-), $m
  -4
  -44
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -89
  -94
  -99
  -104
  -109
  -114
  -120
  -126
  -133
  -139
  -146
  -154
  -161
  -169
  -178
  -187
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
 
  384
  321
  339
  359
  379
  400
  423
  447
  472
  499
  512
  542
  573
  607
  642
  679
  718
  759
  803
  848
  897
  948
  1,001
  1,058
  1,118
  1,180
  1,247
  1,316
  1,390
  1,467
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
 
  368
  294
  295
  295
  294
  290
  286
  279
  271
  261
  243
  231
  218
  204
  188
  172
  156
  140
  124
  108
  93
  79
  66
  54
  43
  34
  27
  20
  15
  11
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 30.2
Price to Sales 5.6
Price to Book 7.6
Price to Tangible Book
Price to Cash Flow 20.6
Price to Free Cash Flow 37.6
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 4.8% 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 9.3 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 76.907 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 $7.4 billion.


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COMPANY NEWS

▶ 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]
▶ Jack Henry & Associates Expedites P2P Payments   [Oct-04-16 08:00AM  PR Newswire]
▶ Dade County Federal Credit Union Selects Symitar   [Aug-23-16 08:00AM  PR Newswire]
▶ Jack Henry beats Street 4Q forecasts   [Aug-16-16 05:39PM  AP]
▶ [$$] FIS: Banking's Best Stock Play Isn't a Bank   [Aug-06-16 12:01AM  at Barrons.com]
Stock chart of JKHY 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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