Intrinsic value of Korn/Ferry International - KFY

Previous Close

$42.82

  Intrinsic Value

$53.52

stock screener

  Rating & Target

buy

+25%

Previous close

$42.82

 
Intrinsic value

$53.52

 
Up/down potential

+25%

 
Rating

buy

We calculate the intrinsic value of KFY 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 2017), $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 2.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  20.42
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
Revenue, $m
  1,622
  1,713
  1,808
  1,907
  2,011
  2,119
  2,232
  2,351
  2,476
  2,606
  2,742
  2,885
  3,035
  3,191
  3,356
  3,528
  3,709
  3,899
  4,097
  4,306
  4,525
  4,754
  4,995
  5,248
  5,513
  5,791
  6,083
  6,390
  6,712
  7,049
  7,404
Variable operating expenses, $m
 
  1,323
  1,393
  1,466
  1,542
  1,622
  1,706
  1,794
  1,886
  1,982
  2,083
  2,130
  2,241
  2,357
  2,478
  2,605
  2,739
  2,879
  3,026
  3,180
  3,341
  3,511
  3,689
  3,875
  4,071
  4,277
  4,492
  4,719
  4,956
  5,205
  5,467
Fixed operating expenses, $m
 
  263
  270
  277
  284
  291
  298
  305
  313
  321
  329
  337
  346
  354
  363
  372
  382
  391
  401
  411
  421
  432
  442
  454
  465
  476
  488
  501
  513
  526
  539
Total operating expenses, $m
  1,507
  1,586
  1,663
  1,743
  1,826
  1,913
  2,004
  2,099
  2,199
  2,303
  2,412
  2,467
  2,587
  2,711
  2,841
  2,977
  3,121
  3,270
  3,427
  3,591
  3,762
  3,943
  4,131
  4,329
  4,536
  4,753
  4,980
  5,220
  5,469
  5,731
  6,006
Operating income, $m
  114
  127
  145
  164
  185
  206
  228
  252
  277
  303
  331
  417
  448
  481
  515
  551
  589
  629
  671
  715
  762
  812
  864
  919
  977
  1,038
  1,103
  1,171
  1,243
  1,318
  1,398
EBITDA, $m
  161
  202
  222
  242
  263
  286
  309
  334
  360
  388
  417
  447
  480
  514
  550
  587
  627
  669
  714
  760
  810
  861
  916
  974
  1,035
  1,099
  1,166
  1,237
  1,312
  1,391
  1,475
Interest expense (income), $m
  11
  13
  16
  19
  23
  26
  30
  34
  37
  42
  46
  50
  55
  60
  65
  71
  77
  83
  89
  95
  102
  110
  117
  125
  134
  142
  152
  161
  171
  182
  193
Earnings before tax, $m
  116
  114
  129
  145
  162
  180
  198
  218
  239
  261
  285
  367
  393
  420
  449
  480
  512
  546
  582
  620
  660
  702
  747
  794
  844
  896
  951
  1,010
  1,071
  1,136
  1,204
Tax expense, $m
  29
  31
  35
  39
  44
  49
  54
  59
  65
  71
  77
  99
  106
  114
  121
  130
  138
  147
  157
  167
  178
  190
  202
  214
  228
  242
  257
  273
  289
  307
  325
Net income, $m
  84
  83
  94
  106
  118
  131
  145
  159
  175
  191
  208
  268
  287
  307
  328
  350
  374
  399
  425
  453
  482
  513
  545
  580
  616
  654
  694
  737
  782
  829
  879

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  415
  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
  2,063
  1,741
  1,837
  1,938
  2,043
  2,153
  2,269
  2,389
  2,516
  2,648
  2,787
  2,932
  3,084
  3,243
  3,410
  3,586
  3,769
  3,962
  4,164
  4,376
  4,598
  4,832
  5,076
  5,333
  5,603
  5,886
  6,182
  6,494
  6,821
  7,164
  7,524
Adjusted assets (=assets-cash), $m
  1,648
  1,741
  1,837
  1,938
  2,043
  2,153
  2,269
  2,389
  2,516
  2,648
  2,787
  2,932
  3,084
  3,243
  3,410
  3,586
  3,769
  3,962
  4,164
  4,376
  4,598
  4,832
  5,076
  5,333
  5,603
  5,886
  6,182
  6,494
  6,821
  7,164
  7,524
Revenue / Adjusted assets
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
Average production assets, $m
  328
  346
  365
  385
  406
  428
  451
  475
  500
  526
  554
  583
  613
  645
  678
  713
  749
  788
  828
  870
  914
  960
  1,009
  1,060
  1,114
  1,170
  1,229
  1,291
  1,356
  1,424
  1,496
Working capital, $m
  385
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -35
  -37
  -38
  -40
  -42
  -44
Total debt, $m
  256
  291
  347
  406
  467
  531
  599
  669
  743
  820
  901
  985
  1,074
  1,167
  1,264
  1,366
  1,474
  1,586
  1,704
  1,827
  1,957
  2,093
  2,236
  2,385
  2,542
  2,707
  2,880
  3,062
  3,253
  3,453
  3,663
Total liabilities, $m
  979
  1,015
  1,071
  1,130
  1,191
  1,255
  1,323
  1,393
  1,467
  1,544
  1,625
  1,709
  1,798
  1,891
  1,988
  2,090
  2,198
  2,310
  2,428
  2,551
  2,681
  2,817
  2,960
  3,109
  3,266
  3,431
  3,604
  3,786
  3,977
  4,177
  4,387
Total equity, $m
  1,083
  726
  766
  808
  852
  898
  946
  996
  1,049
  1,104
  1,162
  1,223
  1,286
  1,352
  1,422
  1,495
  1,572
  1,652
  1,736
  1,825
  1,918
  2,015
  2,117
  2,224
  2,336
  2,454
  2,578
  2,708
  2,844
  2,987
  3,138
Total liabilities and equity, $m
  2,062
  1,741
  1,837
  1,938
  2,043
  2,153
  2,269
  2,389
  2,516
  2,648
  2,787
  2,932
  3,084
  3,243
  3,410
  3,585
  3,770
  3,962
  4,164
  4,376
  4,599
  4,832
  5,077
  5,333
  5,602
  5,885
  6,182
  6,494
  6,821
  7,164
  7,525
Debt-to-equity ratio
  0.236
  0.400
  0.450
  0.500
  0.550
  0.590
  0.630
  0.670
  0.710
  0.740
  0.780
  0.810
  0.840
  0.860
  0.890
  0.910
  0.940
  0.960
  0.980
  1.000
  1.020
  1.040
  1.060
  1.070
  1.090
  1.100
  1.120
  1.130
  1.140
  1.160
  1.170
Adjusted equity ratio
  0.405
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  84
  83
  94
  106
  118
  131
  145
  159
  175
  191
  208
  268
  287
  307
  328
  350
  374
  399
  425
  453
  482
  513
  545
  580
  616
  654
  694
  737
  782
  829
  879
Depreciation, amort., depletion, $m
  47
  76
  77
  78
  79
  80
  81
  82
  83
  85
  86
  30
  32
  33
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  57
  60
  63
  67
  70
  73
  77
Funds from operations, $m
  55
  159
  171
  183
  197
  211
  226
  242
  258
  276
  294
  298
  318
  340
  363
  387
  412
  439
  468
  497
  529
  562
  597
  634
  673
  714
  758
  804
  852
  903
  956
Change in working capital, $m
  -51
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  106
  159
  171
  184
  197
  212
  226
  242
  259
  276
  295
  299
  319
  341
  364
  388
  414
  440
  469
  499
  530
  564
  599
  636
  675
  716
  760
  805
  854
  905
  958
Maintenance CAPEX, $m
  0
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -63
  -67
  -70
  -73
New CAPEX, $m
  -50
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -72
Cash from investing activities, $m
  -21
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -55
  -58
  -60
  -64
  -66
  -70
  -74
  -77
  -81
  -85
  -89
  -93
  -99
  -103
  -109
  -113
  -119
  -125
  -132
  -138
  -145
Free cash flow, $m
  85
  124
  134
  145
  157
  169
  182
  195
  209
  224
  240
  241
  259
  278
  297
  318
  340
  364
  388
  414
  441
  470
  501
  533
  567
  602
  640
  680
  722
  767
  813
Issuance/(repayment) of debt, $m
  118
  55
  56
  59
  61
  64
  67
  70
  74
  77
  81
  85
  89
  93
  97
  102
  107
  112
  118
  124
  130
  136
  143
  150
  157
  165
  173
  182
  191
  200
  210
Issuance/(repurchase) of shares, $m
  -28
  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  
  87
  55
  56
  59
  61
  64
  67
  70
  74
  77
  81
  85
  89
  93
  97
  102
  107
  112
  118
  124
  130
  136
  143
  150
  157
  165
  173
  182
  191
  200
  210
Total cash flow (excl. dividends), $m
  161
  179
  190
  204
  218
  233
  249
  265
  283
  301
  321
  326
  348
  371
  395
  420
  447
  476
  506
  538
  571
  606
  643
  682
  724
  767
  813
  862
  913
  967
  1,023
Retained Cash Flow (-), $m
  -38
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -63
  -66
  -70
  -73
  -77
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -118
  -124
  -130
  -136
  -143
  -150
Prev. year cash balance distribution, $m
 
  395
  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
 
  536
  150
  162
  174
  187
  201
  215
  230
  246
  263
  265
  284
  304
  325
  347
  371
  396
  422
  449
  478
  509
  541
  575
  611
  649
  690
  732
  776
  823
  873
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
 
  514
  137
  141
  143
  145
  146
  145
  144
  141
  138
  126
  121
  116
  109
  102
  94
  86
  78
  69
  61
  53
  45
  38
  31
  25
  20
  16
  12
  9
  7
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

Korn/Ferry International (Korn Ferry) is a people and organizational advisory company. The Company and its subsidiaries are engaged in the provision of talent management solutions, including executive search on a retained basis, recruitment for non-executive professionals, recruitment process outsourcing, and leadership and talent consulting services. Its segments include Executive Search, Hay Group and Futurestep. The Executive Search segment focuses on recruiting Board of Director and C-level positions, in addition to research-based interviewing and onboarding solutions, for clients predominantly in the consumer, financial services, industrial, life sciences/healthcare and technology industries. The Hay Group segment assists clients with ongoing assessment, compensation and development of their senior executives and management teams. The Futurestep segment provides talent acquisition solutions and services, such as project recruitment, individual professional search and consulting.

FINANCIAL RATIOS  of  Korn/Ferry International (KFY)

Valuation Ratios
P/E Ratio 29
Price to Sales 1.5
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 23
Price to Free Cash Flow 43.5
Growth Rates
Sales Growth Rate 20.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 92.3%
Cap. Spend. - 3 Yr. Gr. Rate 11.5%
Financial Strength
Quick Ratio 21
Current Ratio 0
LT Debt to Equity 21.8%
Total Debt to Equity 23.6%
Interest Coverage 12
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 6.7%
Ret/ On T. Cap. - 3 Yr. Avg. 7%
Return On Equity 7.9%
Return On Equity - 3 Yr. Avg. 7.5%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 92.1%
Gross Margin - 3 Yr. Avg. 92.1%
EBITDA Margin 10.7%
EBITDA Margin - 3 Yr. Avg. 10.6%
Operating Margin 7.1%
Oper. Margin - 3 Yr. Avg. 7.2%
Pre-Tax Margin 7.2%
Pre-Tax Margin - 3 Yr. Avg. 7.3%
Net Profit Margin 5.2%
Net Profit Margin - 3 Yr. Avg. 5.2%
Effective Tax Rate 25%
Eff/ Tax Rate - 3 Yr. Avg. 30.7%
Payout Ratio 27.4%

KFY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KFY stock intrinsic value calculation we used $1622 million for the last fiscal year's total revenue generated by Korn/Ferry International. The default revenue input number comes from 2017 income statement of Korn/Ferry International. 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 KFY stock valuation model: a) initial revenue growth rate of 5.6% 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 KFY is calculated based on our internal credit rating of Korn/Ferry International, 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 Korn/Ferry International.
    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 KFY stock the variable cost ratio is equal to 77.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $257 million in the base year in the intrinsic value calculation for KFY 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 5.6% for Korn/Ferry International.

Corporate tax rate of 27% is the nominal tax rate for Korn/Ferry International. 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 KFY 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 KFY are equal to 20.2%.

Life of production assets of 19.4 years is the average useful life of capital assets used in Korn/Ferry International 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 KFY is equal to -0.6%. 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 - $1083 million for Korn/Ferry International - 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 56.535 million for Korn/Ferry International 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 Korn/Ferry International at the current share price and the inputted number of shares is $2.4 billion.

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COMPANY NEWS

▶ Korn Ferry Rated as No. 1 Consulting Firm in Asia-Pacific   [Oct-23-17 08:00AM  Business Wire]
▶ David Pearson Joins Korn Ferry as Senior Client Partner   [Oct-18-17 08:00AM  Business Wire]
▶ Robert Wilkes Joins Korn Ferry as Senior Client Partner   [Oct-05-17 12:17PM  Business Wire]
▶ Lesley Uren Joins Korn Ferry as Senior Client Partner   [Sep-29-17 06:00AM  Business Wire]
▶ Phil Birkin Joins Korn Ferry as Senior Client Partner   [Sep-28-17 06:00AM  Business Wire]
▶ What Is Korn/Ferry Internationals (KFY) Share Price Doing?   [Sep-21-17 09:09PM  Simply Wall St.]
▶ Korn/Ferry beats Street 1Q forecasts   [Sep-06-17 11:57PM  Associated Press]
▶ Mark Broer Joins Korn Ferry as Senior Client Partner   [Sep-05-17 09:00AM  Business Wire]
▶ David Pitfield Joins Korn Ferry as Senior Client Partner   [Aug-22-17 03:00PM  Business Wire]
▶ Stephanie Davis Joins Korn Ferry as Senior Client Partner   [Aug-04-17 02:00PM  Business Wire]
▶ Kathryn Ang Joins Korn Ferry as Senior Client Partner   [Jul-12-17 08:00PM  Business Wire]
▶ Tim Hartley Joins Korn Ferry as Senior Client Partner   [Jul-10-17 08:00AM  Business Wire]
▶ Nick Faure Joins Korn Ferry as Senior Client Partner   [Jun-22-17 12:12PM  Business Wire]
▶ Korn/Ferry beats Street 4Q forecasts   [Jun-20-17 09:26PM  Associated Press]
▶ Prith Banerjee Joins Korn Ferry as Senior Client Partner   [Jun-15-17 08:00AM  Business Wire]
▶ Rohan De Rozario Joins Korn Ferry as Senior Client Partner   [May-25-17 05:05PM  Business Wire]
Financial statements of KFY
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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