Intrinsic value of Korn/Ferry International - KFY

Previous Close

$37.98

  Intrinsic Value

$37.62

stock screener

  Rating & Target

hold

-1%

  Value-price divergence*

-102%

Previous close

$37.98

 
Intrinsic value

$37.62

 
Up/down potential

-1%

 
Rating

hold

 
Value-price divergence*

-102%

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

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 2.2

 

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
  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
  1,622
  1,654
  1,692
  1,736
  1,785
  1,839
  1,898
  1,963
  2,033
  2,108
  2,189
  2,276
  2,368
  2,467
  2,571
  2,682
  2,799
  2,924
  3,055
  3,194
  3,341
  3,496
  3,659
  3,832
  4,013
  4,204
  4,405
  4,617
  4,840
  5,074
  5,321
Variable operating expenses, $m
 
  1,279
  1,307
  1,340
  1,376
  1,416
  1,459
  1,507
  1,559
  1,615
  1,674
  1,681
  1,749
  1,821
  1,899
  1,980
  2,067
  2,159
  2,256
  2,359
  2,467
  2,582
  2,702
  2,829
  2,963
  3,104
  3,253
  3,409
  3,574
  3,747
  3,929
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
  1,542
  1,577
  1,617
  1,660
  1,707
  1,757
  1,812
  1,872
  1,936
  2,003
  2,018
  2,095
  2,175
  2,262
  2,352
  2,449
  2,550
  2,657
  2,770
  2,888
  3,014
  3,144
  3,283
  3,428
  3,580
  3,741
  3,910
  4,087
  4,273
  4,468
Operating income, $m
  114
  112
  115
  120
  125
  133
  141
  150
  161
  173
  186
  258
  274
  291
  309
  329
  351
  374
  398
  425
  453
  483
  515
  549
  585
  623
  664
  707
  753
  801
  853
EBITDA, $m
  161
  187
  190
  195
  202
  209
  218
  228
  240
  252
  266
  282
  298
  317
  336
  357
  380
  404
  430
  458
  488
  519
  553
  589
  627
  667
  710
  755
  803
  854
  908
Interest expense (income), $m
  11
  13
  14
  16
  17
  19
  20
  22
  25
  27
  29
  32
  35
  38
  41
  45
  48
  52
  56
  61
  65
  70
  75
  81
  87
  93
  99
  106
  113
  120
  128
Earnings before tax, $m
  116
  98
  101
  104
  108
  114
  120
  128
  136
  146
  157
  226
  239
  253
  268
  285
  302
  321
  342
  364
  387
  413
  439
  468
  498
  531
  565
  601
  640
  681
  725
Tax expense, $m
  29
  27
  27
  28
  29
  31
  32
  35
  37
  39
  42
  61
  64
  68
  72
  77
  82
  87
  92
  98
  105
  111
  119
  126
  135
  143
  153
  162
  173
  184
  196
Net income, $m
  84
  72
  73
  76
  79
  83
  88
  93
  100
  107
  114
  165
  174
  185
  196
  208
  221
  235
  250
  266
  283
  301
  321
  342
  364
  387
  412
  439
  467
  497
  529

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
  1,681
  1,720
  1,764
  1,814
  1,869
  1,929
  1,995
  2,066
  2,143
  2,225
  2,313
  2,407
  2,507
  2,613
  2,726
  2,845
  2,971
  3,105
  3,246
  3,396
  3,553
  3,719
  3,894
  4,078
  4,272
  4,477
  4,692
  4,918
  5,157
  5,407
Adjusted assets (=assets-cash), $m
  1,648
  1,681
  1,720
  1,764
  1,814
  1,869
  1,929
  1,995
  2,066
  2,143
  2,225
  2,313
  2,407
  2,507
  2,613
  2,726
  2,845
  2,971
  3,105
  3,246
  3,396
  3,553
  3,719
  3,894
  4,078
  4,272
  4,477
  4,692
  4,918
  5,157
  5,407
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
  334
  342
  351
  361
  371
  383
  397
  411
  426
  442
  460
  478
  498
  519
  542
  565
  591
  617
  645
  675
  706
  739
  774
  811
  849
  890
  933
  978
  1,025
  1,075
Working capital, $m
  385
  -10
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
Total debt, $m
  256
  256
  279
  305
  333
  366
  401
  439
  480
  525
  573
  624
  679
  737
  799
  865
  935
  1,008
  1,086
  1,169
  1,256
  1,347
  1,444
  1,546
  1,654
  1,767
  1,886
  2,011
  2,143
  2,282
  2,428
Total liabilities, $m
  979
  980
  1,003
  1,029
  1,057
  1,090
  1,125
  1,163
  1,204
  1,249
  1,297
  1,348
  1,403
  1,461
  1,523
  1,589
  1,659
  1,732
  1,810
  1,893
  1,980
  2,071
  2,168
  2,270
  2,378
  2,491
  2,610
  2,735
  2,867
  3,006
  3,152
Total equity, $m
  1,083
  701
  717
  736
  756
  779
  804
  832
  862
  893
  928
  964
  1,004
  1,045
  1,090
  1,137
  1,186
  1,239
  1,295
  1,354
  1,416
  1,482
  1,551
  1,624
  1,701
  1,782
  1,867
  1,957
  2,051
  2,150
  2,255
Total liabilities and equity, $m
  2,062
  1,681
  1,720
  1,765
  1,813
  1,869
  1,929
  1,995
  2,066
  2,142
  2,225
  2,312
  2,407
  2,506
  2,613
  2,726
  2,845
  2,971
  3,105
  3,247
  3,396
  3,553
  3,719
  3,894
  4,079
  4,273
  4,477
  4,692
  4,918
  5,156
  5,407
Debt-to-equity ratio
  0.236
  0.370
  0.390
  0.410
  0.440
  0.470
  0.500
  0.530
  0.560
  0.590
  0.620
  0.650
  0.680
  0.710
  0.730
  0.760
  0.790
  0.810
  0.840
  0.860
  0.890
  0.910
  0.930
  0.950
  0.970
  0.990
  1.010
  1.030
  1.050
  1.060
  1.080
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
  72
  73
  76
  79
  83
  88
  93
  100
  107
  114
  165
  174
  185
  196
  208
  221
  235
  250
  266
  283
  301
  321
  342
  364
  387
  412
  439
  467
  497
  529
Depreciation, amort., depletion, $m
  47
  75
  75
  76
  76
  77
  77
  78
  79
  80
  80
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  53
  55
Funds from operations, $m
  55
  147
  149
  152
  155
  160
  165
  171
  178
  186
  195
  189
  199
  210
  222
  236
  250
  265
  281
  299
  318
  338
  359
  381
  406
  431
  458
  487
  518
  550
  585
Change in working capital, $m
  -51
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from operations, $m
  106
  147
  149
  152
  156
  160
  166
  172
  179
  187
  195
  189
  200
  211
  223
  236
  251
  266
  282
  300
  318
  338
  360
  382
  407
  432
  459
  488
  519
  552
  586
Maintenance CAPEX, $m
  0
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
New CAPEX, $m
  -50
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
Cash from investing activities, $m
  -21
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -73
  -77
  -81
  -85
  -89
  -93
  -97
  -103
Free cash flow, $m
  85
  123
  124
  126
  128
  131
  135
  139
  144
  150
  157
  149
  157
  166
  176
  187
  199
  212
  225
  240
  256
  272
  290
  310
  330
  352
  375
  400
  426
  454
  483
Issuance/(repayment) of debt, $m
  118
  20
  23
  26
  29
  32
  35
  38
  41
  45
  48
  51
  55
  58
  62
  66
  70
  74
  78
  82
  87
  92
  97
  102
  107
  113
  119
  125
  132
  139
  146
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
  20
  23
  26
  29
  32
  35
  38
  41
  45
  48
  51
  55
  58
  62
  66
  70
  74
  78
  82
  87
  92
  97
  102
  107
  113
  119
  125
  132
  139
  146
Total cash flow (excl. dividends), $m
  161
  144
  147
  151
  157
  163
  170
  177
  186
  195
  205
  200
  212
  225
  238
  253
  269
  285
  303
  322
  343
  364
  387
  412
  438
  465
  494
  525
  558
  593
  629
Retained Cash Flow (-), $m
  -38
  -13
  -16
  -18
  -21
  -23
  -25
  -27
  -30
  -32
  -34
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -104
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
 
  525
  131
  133
  136
  140
  145
  150
  156
  163
  171
  164
  173
  183
  194
  206
  219
  233
  247
  263
  280
  299
  318
  339
  361
  384
  409
  435
  464
  493
  525
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
 
  504
  119
  116
  112
  108
  105
  101
  98
  94
  89
  78
  74
  70
  65
  60
  56
  51
  46
  41
  36
  31
  26
  22
  18
  15
  12
  9
  7
  5
  4
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 25.7
Price to Sales 1.3
Price to Book 2
Price to Tangible Book
Price to Cash Flow 20.4
Price to Free Cash Flow 38.6
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 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 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 57.931 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 $2.2 billion.

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COMPANY NEWS

▶ 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]
▶ [$$] Salaries Soar for the Class of 2017   [May-12-17 10:48PM  The Wall Street Journal]
▶ [$$] Salaries Soar for Class of 2017   [05:37AM  The Wall Street Journal]
▶ Virginia Bowden Joins Korn Ferry as Senior Client Partner   [Apr-20-17 05:50PM  Business Wire]
▶ Cynthia Stuckey Joins Korn Ferry as Senior Client Partner   [Apr-12-17 04:00PM  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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