Intrinsic value of Korn/Ferry International - KFY

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$31.69

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$31.69

 
Intrinsic value

$55.19

 
Up/down potential

+74%

 
Rating

str. buy

 
Value-price divergence* premium content

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*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 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 1.8

 

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, %
  26.36
  9.70
  9.23
  8.81
  8.43
  8.08
  7.78
  7.50
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.08
  5.97
  5.87
  5.78
  5.71
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
  5.25
  5.22
Revenue, $m
  1,347
  1,478
  1,614
  1,756
  1,904
  2,058
  2,218
  2,384
  2,557
  2,737
  2,924
  3,118
  3,319
  3,530
  3,748
  3,976
  4,213
  4,461
  4,718
  4,988
  5,269
  5,562
  5,869
  6,190
  6,525
  6,876
  7,243
  7,627
  8,029
  8,450
  8,891
Variable operating expenses, $m
 
  1,314
  1,430
  1,550
  1,676
  1,807
  1,943
  2,084
  2,231
  2,383
  2,542
  2,647
  2,819
  2,997
  3,183
  3,376
  3,578
  3,788
  4,007
  4,236
  4,474
  4,724
  4,984
  5,256
  5,541
  5,839
  6,150
  6,477
  6,818
  7,176
  7,550
Fixed operating expenses, $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
Total operating expenses, $m
  1,294
  1,314
  1,430
  1,550
  1,676
  1,807
  1,943
  2,084
  2,231
  2,383
  2,542
  2,647
  2,819
  2,997
  3,183
  3,376
  3,578
  3,788
  4,007
  4,236
  4,474
  4,724
  4,984
  5,256
  5,541
  5,839
  6,150
  6,477
  6,818
  7,176
  7,550
Operating income, $m
  53
  164
  184
  206
  228
  251
  275
  301
  327
  354
  382
  470
  501
  532
  565
  600
  635
  673
  712
  752
  795
  839
  885
  933
  984
  1,037
  1,092
  1,150
  1,211
  1,274
  1,341
EBITDA, $m
  89
  235
  257
  279
  303
  327
  353
  379
  407
  435
  465
  496
  528
  561
  596
  632
  670
  709
  750
  793
  838
  885
  933
  984
  1,038
  1,093
  1,152
  1,213
  1,277
  1,344
  1,414
Interest expense (income), $m
  5
  8
  14
  19
  26
  32
  39
  46
  53
  60
  68
  76
  85
  94
  103
  112
  122
  132
  143
  154
  166
  178
  191
  204
  218
  233
  248
  264
  281
  298
  316
Earnings before tax, $m
  49
  156
  171
  186
  203
  219
  237
  255
  274
  293
  314
  394
  416
  439
  463
  487
  513
  540
  568
  598
  629
  661
  694
  729
  766
  804
  844
  886
  930
  976
  1,024
Tax expense, $m
  19
  42
  46
  50
  55
  59
  64
  69
  74
  79
  85
  106
  112
  118
  125
  132
  139
  146
  153
  161
  170
  178
  187
  197
  207
  217
  228
  239
  251
  264
  277
Net income, $m
  31
  114
  125
  136
  148
  160
  173
  186
  200
  214
  229
  287
  304
  320
  338
  356
  375
  394
  415
  436
  459
  482
  507
  532
  559
  587
  616
  647
  679
  713
  748

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  285
  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
  1,899
  1,770
  1,933
  2,103
  2,280
  2,465
  2,656
  2,856
  3,063
  3,278
  3,501
  3,734
  3,975
  4,227
  4,489
  4,762
  5,046
  5,342
  5,651
  5,973
  6,310
  6,661
  7,029
  7,413
  7,814
  8,234
  8,674
  9,134
  9,615
  10,120
  10,648
Adjusted assets (=assets-cash), $m
  1,614
  1,770
  1,933
  2,103
  2,280
  2,465
  2,656
  2,856
  3,063
  3,278
  3,501
  3,734
  3,975
  4,227
  4,489
  4,762
  5,046
  5,342
  5,651
  5,973
  6,310
  6,661
  7,029
  7,413
  7,814
  8,234
  8,674
  9,134
  9,615
  10,120
  10,648
Revenue / Adjusted assets
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
  0.835
Average production assets, $m
  189
  207
  226
  246
  267
  288
  311
  334
  358
  383
  409
  436
  465
  494
  525
  557
  590
  624
  661
  698
  738
  779
  822
  867
  913
  963
  1,014
  1,068
  1,124
  1,183
  1,245
Working capital, $m
  188
  -74
  -81
  -88
  -95
  -103
  -111
  -119
  -128
  -137
  -146
  -156
  -166
  -176
  -187
  -199
  -211
  -223
  -236
  -249
  -263
  -278
  -293
  -309
  -326
  -344
  -362
  -381
  -401
  -423
  -445
Total debt, $m
  140
  190
  274
  361
  451
  546
  643
  745
  851
  961
  1,075
  1,194
  1,317
  1,446
  1,580
  1,719
  1,864
  2,016
  2,174
  2,338
  2,510
  2,690
  2,878
  3,074
  3,279
  3,494
  3,718
  3,953
  4,199
  4,457
  4,727
Total liabilities, $m
  853
  904
  988
  1,075
  1,165
  1,260
  1,357
  1,459
  1,565
  1,675
  1,789
  1,908
  2,031
  2,160
  2,294
  2,433
  2,578
  2,730
  2,888
  3,052
  3,224
  3,404
  3,592
  3,788
  3,993
  4,208
  4,432
  4,667
  4,913
  5,171
  5,441
Total equity, $m
  1,045
  865
  945
  1,028
  1,115
  1,205
  1,299
  1,396
  1,498
  1,603
  1,712
  1,826
  1,944
  2,067
  2,195
  2,328
  2,467
  2,612
  2,763
  2,921
  3,086
  3,257
  3,437
  3,625
  3,821
  4,027
  4,241
  4,466
  4,702
  4,949
  5,207
Total liabilities and equity, $m
  1,898
  1,769
  1,933
  2,103
  2,280
  2,465
  2,656
  2,855
  3,063
  3,278
  3,501
  3,734
  3,975
  4,227
  4,489
  4,761
  5,045
  5,342
  5,651
  5,973
  6,310
  6,661
  7,029
  7,413
  7,814
  8,235
  8,673
  9,133
  9,615
  10,120
  10,648
Debt-to-equity ratio
  0.134
  0.220
  0.290
  0.350
  0.400
  0.450
  0.500
  0.530
  0.570
  0.600
  0.630
  0.650
  0.680
  0.700
  0.720
  0.740
  0.760
  0.770
  0.790
  0.800
  0.810
  0.830
  0.840
  0.850
  0.860
  0.870
  0.880
  0.890
  0.890
  0.900
  0.910
Adjusted equity ratio
  0.471
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  31
  114
  125
  136
  148
  160
  173
  186
  200
  214
  229
  287
  304
  320
  338
  356
  375
  394
  415
  436
  459
  482
  507
  532
  559
  587
  616
  647
  679
  713
  748
Depreciation, amort., depletion, $m
  36
  71
  72
  73
  75
  76
  77
  79
  80
  82
  83
  26
  27
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
  70
  73
Funds from operations, $m
  53
  185
  197
  210
  223
  236
  250
  265
  280
  296
  312
  313
  331
  349
  369
  389
  409
  431
  454
  477
  502
  528
  555
  583
  613
  644
  676
  710
  745
  782
  821
Change in working capital, $m
  -11
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
Cash from operations, $m
  64
  332
  204
  217
  230
  244
  258
  273
  289
  305
  321
  323
  341
  360
  379
  400
  421
  444
  467
  491
  516
  543
  570
  599
  629
  661
  694
  729
  765
  803
  843
Maintenance CAPEX, $m
  0
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -70
New CAPEX, $m
  -26
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
Cash from investing activities, $m
  -275
  -29
  -31
  -33
  -35
  -38
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -56
  -60
  -63
  -66
  -70
  -73
  -77
  -80
  -84
  -89
  -93
  -98
  -103
  -108
  -114
  -119
  -125
  -132
Free cash flow, $m
  -211
  303
  173
  183
  195
  207
  219
  231
  245
  258
  273
  272
  287
  303
  320
  337
  355
  374
  394
  414
  436
  458
  482
  506
  532
  558
  586
  615
  646
  678
  712
Issuance/(repayment) of debt, $m
  139
  80
  83
  87
  91
  94
  98
  102
  106
  110
  114
  119
  124
  129
  134
  139
  145
  151
  158
  165
  172
  180
  188
  196
  205
  215
  225
  235
  246
  258
  270
Issuance/(repurchase) of shares, $m
  -3
  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  
  140
  80
  83
  87
  91
  94
  98
  102
  106
  110
  114
  119
  124
  129
  134
  139
  145
  151
  158
  165
  172
  180
  188
  196
  205
  215
  225
  235
  246
  258
  270
Total cash flow (excl. dividends), $m
  -86
  383
  256
  270
  285
  301
  317
  333
  350
  368
  387
  390
  411
  432
  454
  477
  501
  526
  552
  579
  608
  638
  669
  702
  737
  773
  811
  851
  892
  936
  982
Retained Cash Flow (-), $m
  -230
  -75
  -80
  -83
  -87
  -90
  -94
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -128
  -133
  -139
  -145
  -151
  -158
  -165
  -172
  -180
  -188
  -196
  -205
  -215
  -225
  -236
  -247
  -258
Prev. year cash balance distribution, $m
 
  255
  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
 
  563
  176
  187
  199
  211
  223
  236
  249
  263
  278
  277
  292
  309
  326
  343
  362
  381
  401
  421
  443
  466
  490
  514
  540
  568
  596
  626
  657
  689
  723
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
 
  539
  161
  163
  164
  163
  162
  159
  156
  151
  146
  131
  125
  117
  109
  101
  92
  83
  74
  65
  56
  48
  41
  34
  28
  22
  17
  13
  10
  8
  5
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, together with its subsidiaries, provides talent management solutions worldwide. It operates through three segments: Executive Recruitment, Hay Group, and Futurestep. The company provides executive recruitment services that are used to fill executive-level positions, such as board directors, CEOs, chief financial officers, chief operating officers, chief information officers, and other senior executive officers for clients in the consumer, financial services, industrial, life sciences/healthcare provider, technology, and educational/not-for-profit industries. It also offers talent strategy, succession management, and leadership development solutions to assist clients with their ongoing assessment, organizational design, and leadership development efforts. In addition, the company provides various talent acquisition solutions, including recruitment process outsourcing, project recruitment, professional search, talent consulting and talent communications, and individual professional search and consulting services. It serves public and private companies, and middle market and emerging growth companies, as well as government and non-profit organizations. The company was founded in 1969 and is based in Los Angeles, California.

FINANCIAL RATIOS  of  Korn/Ferry International (KFY)

Valuation Ratios
P/E Ratio 58.5
Price to Sales 1.3
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 28.4
Price to Free Cash Flow 47.8
Growth Rates
Sales Growth Rate 26.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 18.2%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio 10
Current Ratio 0
LT Debt to Equity 10.5%
Total Debt to Equity 13.4%
Interest Coverage 11
Management Effectiveness
Return On Assets 2.1%
Ret/ On Assets - 3 Yr. Avg. 5.2%
Return On Total Capital 3.1%
Ret/ On T. Cap. - 3 Yr. Avg. 8.2%
Return On Equity 3.3%
Return On Equity - 3 Yr. Avg. 8.3%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 95.5%
Gross Margin - 3 Yr. Avg. 95.9%
EBITDA Margin 6.7%
EBITDA Margin - 3 Yr. Avg. 11.3%
Operating Margin 3.9%
Oper. Margin - 3 Yr. Avg. 8%
Pre-Tax Margin 3.6%
Pre-Tax Margin - 3 Yr. Avg. 8.3%
Net Profit Margin 2.3%
Net Profit Margin - 3 Yr. Avg. 6%
Effective Tax Rate 38.8%
Eff/ Tax Rate - 3 Yr. Avg. 31.8%
Payout Ratio 71%

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 $1347 million for the last fiscal year's total revenue generated by Korn/Ferry International. The default revenue input number comes from 2016 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 9.7% 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 89.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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 7.1% 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 14%.

Life of production assets of 17 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 -5%. 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 - $1045 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 57.161 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 $1.8 billion.


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COMPANY NEWS

▶ 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]
▶ May Knight Joins Korn Ferry as Country Managing Director   [Feb-22-17 08:00AM  Business Wire]
▶ Juana Duque Joins Korn Ferry as Senior Client Partner   [Feb-17-17 09:00AM  Business Wire]
▶ Clara Cardinal Joins Korn Ferry as Principal   [09:00AM  Business Wire]
▶ Peter Cave-Gibbs Joins Korn Ferry as Senior Client Partner   [Feb-10-17 05:44PM  Business Wire]
▶ Peter Bogin Joins Korn Ferry   [08:00AM  Business Wire]
▶ Steven Clarke Joins Korn Ferry as Senior Client Partner   [Jan-25-17 08:00AM  Business Wire]
▶ Mary Macleod Joins Korn Ferry as Senior Client Partner   [Jan-24-17 02:58PM  Business Wire]
▶ Henry Topping Joins Korn Ferry as Senior Client Partner   [Dec-16-16 09:00AM  Business Wire]
▶ Korn Ferry Futurestep Makes 2017 Talent Trend Predictions   [Dec-13-16 07:00AM  Business Wire]
▶ Is Korn/Ferry International (KFY) A Good Stock To Buy?   [Dec-12-16 11:30AM  at Insider Monkey]
▶ Rob Wengel Joins Korn Ferry as Senior Client Partner   [Nov-28-16 05:20PM  Business Wire]
Stock chart of KFY 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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