Intrinsic value of John Wiley&Sons Cl A - JW-A

Previous Close

$53.10

  Intrinsic Value

$63.71

stock screener

  Rating & Target

hold

+20%

  Value-price divergence*

-5%

Previous close

$53.10

 
Intrinsic value

$63.71

 
Up/down potential

+20%

 
Rating

hold

 
Value-price divergence*

-5%

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

We calculate the intrinsic value of JW-A 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 3.0

 

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, %
  -5.21
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  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
Revenue, $m
  1,727
  1,762
  1,802
  1,848
  1,900
  1,958
  2,021
  2,090
  2,165
  2,245
  2,331
  2,423
  2,521
  2,626
  2,737
  2,856
  2,981
  3,113
  3,253
  3,401
  3,558
  3,722
  3,896
  4,080
  4,273
  4,476
  4,690
  4,916
  5,153
  5,403
  5,665
Variable operating expenses, $m
 
  851
  868
  888
  910
  935
  962
  992
  1,024
  1,058
  1,095
  1,039
  1,081
  1,126
  1,174
  1,225
  1,278
  1,335
  1,395
  1,459
  1,526
  1,596
  1,671
  1,750
  1,832
  1,920
  2,012
  2,108
  2,210
  2,317
  2,430
Fixed operating expenses, $m
 
  739
  758
  776
  796
  816
  836
  857
  878
  900
  923
  946
  970
  994
  1,019
  1,044
  1,070
  1,097
  1,125
  1,153
  1,181
  1,211
  1,241
  1,272
  1,304
  1,337
  1,370
  1,404
  1,439
  1,475
  1,512
Total operating expenses, $m
  1,539
  1,590
  1,626
  1,664
  1,706
  1,751
  1,798
  1,849
  1,902
  1,958
  2,018
  1,985
  2,051
  2,120
  2,193
  2,269
  2,348
  2,432
  2,520
  2,612
  2,707
  2,807
  2,912
  3,022
  3,136
  3,257
  3,382
  3,512
  3,649
  3,792
  3,942
Operating income, $m
  188
  172
  176
  184
  194
  207
  223
  241
  263
  286
  313
  438
  470
  506
  545
  587
  632
  681
  733
  790
  850
  915
  984
  1,058
  1,136
  1,220
  1,309
  1,403
  1,504
  1,610
  1,723
EBITDA, $m
  304
  332
  338
  347
  360
  375
  393
  414
  438
  464
  494
  527
  563
  603
  646
  692
  742
  796
  854
  915
  982
  1,052
  1,128
  1,208
  1,294
  1,385
  1,482
  1,585
  1,694
  1,809
  1,932
Interest expense (income), $m
  15
  21
  23
  24
  26
  28
  30
  32
  35
  38
  41
  44
  48
  52
  56
  60
  64
  69
  74
  80
  85
  91
  97
  104
  111
  119
  126
  134
  143
  152
  162
Earnings before tax, $m
  175
  151
  154
  160
  168
  179
  193
  209
  227
  248
  272
  394
  423
  454
  489
  527
  568
  612
  659
  710
  765
  824
  887
  954
  1,025
  1,101
  1,182
  1,269
  1,360
  1,458
  1,561
Tax expense, $m
  29
  41
  42
  43
  45
  48
  52
  56
  61
  67
  73
  106
  114
  123
  132
  142
  153
  165
  178
  192
  207
  222
  239
  257
  277
  297
  319
  343
  367
  394
  422
Net income, $m
  146
  110
  112
  117
  123
  131
  141
  153
  166
  181
  199
  287
  308
  332
  357
  385
  414
  447
  481
  519
  559
  601
  647
  696
  748
  804
  863
  926
  993
  1,064
  1,140

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  364
  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
  2,921
  2,610
  2,670
  2,738
  2,815
  2,901
  2,994
  3,096
  3,207
  3,326
  3,453
  3,590
  3,736
  3,891
  4,056
  4,230
  4,416
  4,612
  4,820
  5,039
  5,270
  5,515
  5,772
  6,044
  6,330
  6,631
  6,949
  7,283
  7,634
  8,004
  8,393
Adjusted assets (=assets-cash), $m
  2,557
  2,610
  2,670
  2,738
  2,815
  2,901
  2,994
  3,096
  3,207
  3,326
  3,453
  3,590
  3,736
  3,891
  4,056
  4,230
  4,416
  4,612
  4,820
  5,039
  5,270
  5,515
  5,772
  6,044
  6,330
  6,631
  6,949
  7,283
  7,634
  8,004
  8,393
Revenue / Adjusted assets
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
Average production assets, $m
  1,172
  1,196
  1,224
  1,255
  1,290
  1,329
  1,372
  1,419
  1,470
  1,524
  1,583
  1,645
  1,712
  1,783
  1,859
  1,939
  2,024
  2,114
  2,209
  2,309
  2,416
  2,528
  2,646
  2,770
  2,901
  3,039
  3,185
  3,338
  3,499
  3,668
  3,847
Working capital, $m
  -111
  -176
  -180
  -185
  -190
  -196
  -202
  -209
  -216
  -224
  -233
  -242
  -252
  -263
  -274
  -286
  -298
  -311
  -325
  -340
  -356
  -372
  -390
  -408
  -427
  -448
  -469
  -492
  -515
  -540
  -567
Total debt, $m
  605
  644
  689
  739
  796
  859
  928
  1,003
  1,084
  1,172
  1,266
  1,367
  1,474
  1,588
  1,710
  1,839
  1,975
  2,120
  2,273
  2,435
  2,605
  2,785
  2,975
  3,175
  3,386
  3,608
  3,842
  4,088
  4,347
  4,620
  4,906
Total liabilities, $m
  1,884
  1,923
  1,968
  2,018
  2,075
  2,138
  2,207
  2,282
  2,363
  2,451
  2,545
  2,646
  2,753
  2,867
  2,989
  3,118
  3,254
  3,399
  3,552
  3,714
  3,884
  4,064
  4,254
  4,454
  4,665
  4,887
  5,121
  5,367
  5,626
  5,899
  6,185
Total equity, $m
  1,037
  686
  702
  720
  740
  763
  788
  814
  843
  875
  908
  944
  982
  1,023
  1,067
  1,113
  1,161
  1,213
  1,268
  1,325
  1,386
  1,450
  1,518
  1,590
  1,665
  1,744
  1,828
  1,915
  2,008
  2,105
  2,207
Total liabilities and equity, $m
  2,921
  2,609
  2,670
  2,738
  2,815
  2,901
  2,995
  3,096
  3,206
  3,326
  3,453
  3,590
  3,735
  3,890
  4,056
  4,231
  4,415
  4,612
  4,820
  5,039
  5,270
  5,514
  5,772
  6,044
  6,330
  6,631
  6,949
  7,282
  7,634
  8,004
  8,392
Debt-to-equity ratio
  0.583
  0.940
  0.980
  1.030
  1.070
  1.130
  1.180
  1.230
  1.290
  1.340
  1.390
  1.450
  1.500
  1.550
  1.600
  1.650
  1.700
  1.750
  1.790
  1.840
  1.880
  1.920
  1.960
  2.000
  2.030
  2.070
  2.100
  2.130
  2.170
  2.190
  2.220
Adjusted equity ratio
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  146
  110
  112
  117
  123
  131
  141
  153
  166
  181
  199
  287
  308
  332
  357
  385
  414
  447
  481
  519
  559
  601
  647
  696
  748
  804
  863
  926
  993
  1,064
  1,140
Depreciation, amort., depletion, $m
  116
  160
  162
  163
  165
  167
  170
  172
  175
  178
  181
  89
  93
  97
  101
  105
  110
  115
  120
  126
  131
  137
  144
  151
  158
  165
  173
  181
  190
  199
  209
Funds from operations, $m
  418
  270
  274
  280
  288
  298
  311
  325
  341
  359
  380
  377
  402
  429
  458
  490
  524
  561
  601
  644
  690
  739
  791
  847
  906
  969
  1,036
  1,108
  1,183
  1,264
  1,349
Change in working capital, $m
  68
  -3
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
Cash from operations, $m
  350
  274
  278
  285
  293
  304
  317
  332
  349
  367
  388
  386
  411
  439
  469
  502
  537
  575
  615
  659
  705
  755
  808
  865
  925
  989
  1,058
  1,130
  1,207
  1,289
  1,375
Maintenance CAPEX, $m
  0
  -64
  -65
  -66
  -68
  -70
  -72
  -75
  -77
  -80
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -110
  -115
  -120
  -126
  -131
  -137
  -144
  -151
  -158
  -165
  -173
  -181
  -190
  -199
New CAPEX, $m
  -94
  -24
  -28
  -31
  -35
  -39
  -43
  -47
  -51
  -55
  -58
  -63
  -67
  -71
  -76
  -80
  -85
  -90
  -95
  -101
  -106
  -112
  -118
  -124
  -131
  -138
  -145
  -153
  -161
  -169
  -178
Cash from investing activities, $m
  -151
  -88
  -93
  -97
  -103
  -109
  -115
  -122
  -128
  -135
  -141
  -149
  -156
  -164
  -173
  -181
  -190
  -200
  -210
  -221
  -232
  -243
  -255
  -268
  -282
  -296
  -310
  -326
  -342
  -359
  -377
Free cash flow, $m
  199
  186
  186
  187
  190
  195
  202
  210
  221
  233
  247
  237
  255
  275
  297
  321
  347
  375
  405
  438
  474
  512
  553
  597
  644
  694
  747
  804
  865
  929
  998
Issuance/(repayment) of debt, $m
  -143
  39
  44
  51
  57
  63
  69
  75
  81
  88
  94
  101
  107
  114
  122
  129
  137
  145
  153
  162
  171
  180
  190
  200
  211
  222
  234
  246
  259
  272
  287
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  -216
  39
  44
  51
  57
  63
  69
  75
  81
  88
  94
  101
  107
  114
  122
  129
  137
  145
  153
  162
  171
  180
  190
  200
  211
  222
  234
  246
  259
  272
  287
Total cash flow (excl. dividends), $m
  -24
  225
  230
  237
  247
  258
  271
  286
  302
  321
  341
  338
  363
  389
  418
  449
  483
  519
  558
  600
  644
  692
  743
  797
  854
  916
  981
  1,050
  1,124
  1,201
  1,284
Retained Cash Flow (-), $m
  18
  -13
  -16
  -18
  -20
  -22
  -25
  -27
  -29
  -31
  -34
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -88
  -92
  -97
  -102
Prev. year cash balance distribution, $m
 
  364
  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
 
  576
  214
  219
  226
  235
  246
  259
  273
  289
  308
  302
  324
  348
  375
  403
  434
  468
  504
  542
  584
  628
  675
  725
  779
  836
  897
  962
  1,031
  1,104
  1,182
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
 
  552
  196
  191
  186
  182
  179
  175
  171
  166
  161
  143
  138
  132
  126
  118
  110
  102
  93
  83
  74
  65
  56
  48
  40
  33
  26
  21
  16
  12
  9
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

John Wiley & Sons, Inc. provides knowledge and knowledge-enabled services in the areas of research, professional practice, and education worldwide. Its Research segment offers scientific, technical, medical, and scholarly research journals; and books, reference works, databases, clinical decision support tools, laboratory manuals, and workflow tools in the areas of physical sciences and engineering, health sciences, social science and humanities, and life sciences. It serves academic, corporate, government, and public libraries; researchers; scientists; clinicians; engineers and technologists; scholarly and professional societies; and students and professors. This segment sells and distributes its products in digital and print formats through research libraries and library consortia, and independent subscription agents, as well as directly to professional society members, bookstores, online booksellers, and other customers. The company’s Professional Development segment acquires, develops, and publishes professional information and content through print and digital books, test preparation, assessments, online learning services, and certification and training services for business, finance, accounting, workplace learning, management, leadership, technology, behavioral health, engineering/architecture, and education communities. This segment distributes its products through chain and online booksellers, libraries, colleges and universities, corporations, Websites, distributor networks, and other online applications; and directly to consumers. Its Education segment provides course management tools for instructors and students; and online program services for higher education institutions through college bookstores and online distributors; and directly to institutions in digital and custom print formats, as well as the traditional print textbook. It also offers publishing software and service. The company was founded in 1807 and is headquartered in Hoboken, New Jersey.

FINANCIAL RATIOS  of  John Wiley&Sons Cl A (JW-A)

Valuation Ratios
P/E Ratio 20.9
Price to Sales 1.8
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 8.7
Price to Free Cash Flow 11.9
Growth Rates
Sales Growth Rate -5.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 36.2%
Cap. Spend. - 3 Yr. Gr. Rate 9.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 58.3%
Total Debt to Equity 58.3%
Interest Coverage 13
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 8.5%
Ret/ On T. Cap. - 3 Yr. Avg. 9.1%
Return On Equity 14%
Return On Equity - 3 Yr. Avg. 14.9%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 73%
Gross Margin - 3 Yr. Avg. 72.4%
EBITDA Margin 17.7%
EBITDA Margin - 3 Yr. Avg. 18.2%
Operating Margin 10.9%
Oper. Margin - 3 Yr. Avg. 11.8%
Pre-Tax Margin 10.1%
Pre-Tax Margin - 3 Yr. Avg. 11.2%
Net Profit Margin 8.5%
Net Profit Margin - 3 Yr. Avg. 9.1%
Effective Tax Rate 16.6%
Eff/ Tax Rate - 3 Yr. Avg. 18.6%
Payout Ratio 47.9%

JW-A stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JW-A stock intrinsic value calculation we used $1727 million for the last fiscal year's total revenue generated by John Wiley&Sons Cl A. The default revenue input number comes from 2016 income statement of John Wiley&Sons Cl A. 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 JW-A stock valuation model: a) initial revenue growth rate of 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 JW-A is calculated based on our internal credit rating of John Wiley&Sons Cl A, 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 John Wiley&Sons Cl A.
    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 JW-A stock the variable cost ratio is equal to 48.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $721 million in the base year in the intrinsic value calculation for JW-A 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 John Wiley&Sons Cl A.

Corporate tax rate of 27% is the nominal tax rate for John Wiley&Sons Cl A. 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 JW-A 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 JW-A are equal to 67.9%.

Life of production assets of 18.4 years is the average useful life of capital assets used in John Wiley&Sons Cl A 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 JW-A is equal to -10%. 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 - $1037 million for John Wiley&Sons Cl A - 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 56.898 million for John Wiley&Sons Cl A 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 John Wiley&Sons Cl A at the current share price and the inputted number of shares is $3.0 billion.

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COMPANY NEWS

▶ John Wiley & Sons posts 4Q profit   [08:25AM  Associated Press]
▶ Mark Allin resigns as President and CEO of Wiley   [May-08-17 08:00AM  Business Wire]
▶ Wiley Announces Quarterly Dividend   [Mar-23-17 08:00AM  Business Wire]
▶ John Wiley & Sons posts 3Q profit   [08:06AM  Associated Press]
▶ Wiley Announces Quarterly Dividend   [08:00AM  Business Wire]
▶ Do Hedge Funds Love John Wiley & Sons Inc (JW.A)?   [Dec-09-16 12:38PM  at Insider Monkey]
▶ Hedge Funds Are Selling First Horizon National Corp (FHN)   [Dec-02-16 02:49PM  at Insider Monkey]
▶ Judy Verses Joins Wiley as EVP, Research   [Oct-14-16 12:54PM  Business Wire]
▶ Wiley Announces Quarterly Dividend   [Sep-22-16 08:00AM  Business Wire]
▶ Wiley Announces First Quarter 2017 Conference Call Schedule   [Aug-31-16 08:00AM  Business Wire]
▶ These Stocks Just Raised Their Dividends   [Jul-01-16 05:02PM  at Motley Fool]
Stock chart of JW-A Financial statements of JW-A
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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