Intrinsic value of Luxoft Holding - LXFT

Previous Close

$48.55

  Intrinsic Value

$80.15

stock screener

  Rating & Target

str. buy

+65%

  Value-price divergence*

-15%

Previous close

$48.55

 
Intrinsic value

$80.15

 
Up/down potential

+65%

 
Rating

str. buy

 
Value-price divergence*

-15%

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

We calculate the intrinsic value of LXFT 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 1.6

 

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, %
  24.95
  25.00
  23.00
  21.20
  19.58
  18.12
  16.81
  15.63
  14.57
  13.61
  12.75
  11.97
  11.28
  10.65
  10.08
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
Revenue, $m
  651
  814
  1,001
  1,213
  1,451
  1,714
  2,002
  2,314
  2,651
  3,012
  3,396
  3,803
  4,232
  4,682
  5,155
  5,648
  6,163
  6,700
  7,258
  7,839
  8,443
  9,070
  9,722
  10,400
  11,104
  11,837
  12,598
  13,391
  14,216
  15,076
  15,972
Variable operating expenses, $m
 
  688
  845
  1,024
  1,224
  1,445
  1,687
  1,950
  2,234
  2,538
  2,861
  3,200
  3,561
  3,940
  4,337
  4,752
  5,186
  5,637
  6,107
  6,596
  7,104
  7,632
  8,180
  8,750
  9,343
  9,959
  10,600
  11,267
  11,961
  12,685
  13,438
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
  572
  688
  845
  1,024
  1,224
  1,445
  1,687
  1,950
  2,234
  2,538
  2,861
  3,200
  3,561
  3,940
  4,337
  4,752
  5,186
  5,637
  6,107
  6,596
  7,104
  7,632
  8,180
  8,750
  9,343
  9,959
  10,600
  11,267
  11,961
  12,685
  13,438
Operating income, $m
  78
  126
  156
  189
  227
  269
  314
  364
  418
  475
  536
  603
  671
  743
  818
  896
  978
  1,063
  1,151
  1,243
  1,339
  1,439
  1,542
  1,650
  1,761
  1,877
  1,998
  2,124
  2,255
  2,391
  2,533
EBITDA, $m
  102
  134
  165
  200
  240
  283
  331
  382
  438
  498
  561
  628
  699
  774
  852
  933
  1,018
  1,107
  1,199
  1,295
  1,395
  1,498
  1,606
  1,718
  1,835
  1,955
  2,081
  2,212
  2,349
  2,491
  2,639
Interest expense (income), $m
  0
  0
  1
  2
  3
  4
  5
  7
  8
  10
  12
  14
  16
  18
  20
  23
  25
  28
  30
  33
  36
  39
  42
  45
  49
  52
  56
  60
  64
  68
  72
Earnings before tax, $m
  82
  126
  155
  188
  224
  265
  309
  357
  409
  465
  524
  589
  655
  725
  797
  873
  953
  1,035
  1,121
  1,210
  1,303
  1,400
  1,500
  1,604
  1,712
  1,825
  1,942
  2,064
  2,191
  2,323
  2,461
Tax expense, $m
  12
  34
  42
  51
  61
  71
  83
  96
  110
  125
  141
  159
  177
  196
  215
  236
  257
  279
  303
  327
  352
  378
  405
  433
  462
  493
  524
  557
  592
  627
  665
Net income, $m
  70
  92
  113
  137
  164
  193
  226
  261
  299
  339
  382
  430
  478
  529
  582
  638
  695
  756
  818
  884
  951
  1,022
  1,095
  1,171
  1,250
  1,332
  1,418
  1,507
  1,600
  1,696
  1,797

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  109
  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
  395
  358
  440
  533
  637
  753
  879
  1,017
  1,165
  1,324
  1,492
  1,671
  1,859
  2,057
  2,265
  2,482
  2,708
  2,944
  3,189
  3,444
  3,709
  3,985
  4,272
  4,569
  4,879
  5,201
  5,535
  5,884
  6,246
  6,624
  7,017
Adjusted assets (=assets-cash), $m
  286
  358
  440
  533
  637
  753
  879
  1,017
  1,165
  1,324
  1,492
  1,671
  1,859
  2,057
  2,265
  2,482
  2,708
  2,944
  3,189
  3,444
  3,709
  3,985
  4,272
  4,569
  4,879
  5,201
  5,535
  5,884
  6,246
  6,624
  7,017
Revenue / Adjusted assets
  2.276
  2.274
  2.275
  2.276
  2.278
  2.276
  2.278
  2.275
  2.276
  2.275
  2.276
  2.276
  2.276
  2.276
  2.276
  2.276
  2.276
  2.276
  2.276
  2.276
  2.276
  2.276
  2.276
  2.276
  2.276
  2.276
  2.276
  2.276
  2.276
  2.276
  2.276
Average production assets, $m
  43
  54
  66
  80
  96
  113
  132
  153
  175
  199
  224
  251
  279
  309
  340
  373
  407
  442
  479
  517
  557
  599
  642
  686
  733
  781
  831
  884
  938
  995
  1,054
Working capital, $m
  193
  105
  129
  156
  187
  221
  258
  299
  342
  389
  438
  491
  546
  604
  665
  729
  795
  864
  936
  1,011
  1,089
  1,170
  1,254
  1,342
  1,432
  1,527
  1,625
  1,727
  1,834
  1,945
  2,060
Total debt, $m
  0
  23
  50
  80
  114
  152
  193
  237
  286
  337
  392
  450
  511
  576
  643
  714
  787
  864
  943
  1,026
  1,113
  1,202
  1,295
  1,392
  1,493
  1,597
  1,706
  1,819
  1,937
  2,060
  2,188
Total liabilities, $m
  93
  116
  143
  173
  207
  245
  286
  330
  379
  430
  485
  543
  604
  669
  736
  807
  880
  957
  1,036
  1,119
  1,206
  1,295
  1,388
  1,485
  1,586
  1,690
  1,799
  1,912
  2,030
  2,153
  2,281
Total equity, $m
  302
  241
  297
  360
  430
  508
  594
  686
  786
  893
  1,007
  1,128
  1,255
  1,389
  1,529
  1,675
  1,828
  1,987
  2,153
  2,325
  2,504
  2,690
  2,883
  3,084
  3,293
  3,510
  3,736
  3,971
  4,216
  4,471
  4,737
Total liabilities and equity, $m
  395
  357
  440
  533
  637
  753
  880
  1,016
  1,165
  1,323
  1,492
  1,671
  1,859
  2,058
  2,265
  2,482
  2,708
  2,944
  3,189
  3,444
  3,710
  3,985
  4,271
  4,569
  4,879
  5,200
  5,535
  5,883
  6,246
  6,624
  7,018
Debt-to-equity ratio
  0.000
  0.100
  0.170
  0.220
  0.270
  0.300
  0.320
  0.350
  0.360
  0.380
  0.390
  0.400
  0.410
  0.410
  0.420
  0.430
  0.430
  0.430
  0.440
  0.440
  0.440
  0.450
  0.450
  0.450
  0.450
  0.450
  0.460
  0.460
  0.460
  0.460
  0.460
Adjusted equity ratio
  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

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  70
  92
  113
  137
  164
  193
  226
  261
  299
  339
  382
  430
  478
  529
  582
  638
  695
  756
  818
  884
  951
  1,022
  1,095
  1,171
  1,250
  1,332
  1,418
  1,507
  1,600
  1,696
  1,797
Depreciation, amort., depletion, $m
  24
  8
  10
  11
  13
  14
  16
  18
  20
  23
  25
  25
  28
  31
  34
  37
  41
  44
  48
  52
  56
  60
  64
  69
  73
  78
  83
  88
  94
  100
  105
Funds from operations, $m
  102
  100
  123
  148
  176
  208
  242
  279
  319
  362
  408
  455
  506
  560
  616
  675
  736
  800
  866
  935
  1,007
  1,082
  1,159
  1,240
  1,323
  1,410
  1,501
  1,595
  1,693
  1,796
  1,902
Change in working capital, $m
  -3
  21
  24
  27
  31
  34
  37
  40
  43
  47
  50
  52
  55
  58
  61
  64
  66
  69
  72
  75
  78
  81
  84
  87
  91
  94
  98
  102
  106
  111
  116
Cash from operations, $m
  105
  79
  99
  121
  146
  174
  205
  239
  276
  316
  358
  403
  451
  502
  555
  611
  670
  731
  794
  860
  929
  1,001
  1,075
  1,152
  1,233
  1,316
  1,403
  1,493
  1,587
  1,685
  1,786
Maintenance CAPEX, $m
  0
  -4
  -5
  -7
  -8
  -10
  -11
  -13
  -15
  -17
  -20
  -22
  -25
  -28
  -31
  -34
  -37
  -41
  -44
  -48
  -52
  -56
  -60
  -64
  -69
  -73
  -78
  -83
  -88
  -94
  -100
New CAPEX, $m
  -29
  -11
  -12
  -14
  -16
  -17
  -19
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -57
  -59
Cash from investing activities, $m
  -33
  -15
  -17
  -21
  -24
  -27
  -30
  -34
  -37
  -41
  -45
  -49
  -53
  -58
  -62
  -67
  -71
  -76
  -81
  -86
  -92
  -97
  -103
  -109
  -115
  -121
  -128
  -135
  -142
  -151
  -159
Free cash flow, $m
  72
  64
  81
  100
  122
  147
  174
  205
  238
  274
  313
  354
  398
  444
  493
  545
  598
  655
  713
  774
  838
  904
  972
  1,043
  1,117
  1,194
  1,274
  1,358
  1,444
  1,534
  1,628
Issuance/(repayment) of debt, $m
  -1
  23
  27
  30
  34
  38
  41
  45
  48
  52
  55
  58
  61
  64
  67
  70
  74
  77
  80
  83
  86
  90
  93
  97
  101
  105
  109
  113
  118
  123
  128
Issuance/(repurchase) of shares, $m
  -2
  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  
  -9
  23
  27
  30
  34
  38
  41
  45
  48
  52
  55
  58
  61
  64
  67
  70
  74
  77
  80
  83
  86
  90
  93
  97
  101
  105
  109
  113
  118
  123
  128
Total cash flow (excl. dividends), $m
  63
  88
  108
  130
  156
  184
  216
  250
  286
  326
  368
  412
  459
  509
  561
  615
  672
  731
  793
  857
  924
  993
  1,065
  1,140
  1,218
  1,299
  1,383
  1,471
  1,562
  1,657
  1,756
Retained Cash Flow (-), $m
  -84
  -48
  -56
  -63
  -70
  -78
  -85
  -93
  -100
  -107
  -114
  -121
  -127
  -134
  -140
  -146
  -153
  -159
  -166
  -172
  -179
  -186
  -193
  -201
  -209
  -217
  -226
  -235
  -245
  -255
  -266
Prev. year cash balance distribution, $m
 
  109
  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
 
  148
  52
  67
  85
  106
  130
  157
  186
  219
  254
  291
  332
  375
  421
  469
  519
  572
  627
  685
  745
  807
  872
  939
  1,009
  1,082
  1,157
  1,236
  1,317
  1,402
  1,490
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
 
  142
  48
  59
  70
  82
  94
  106
  116
  126
  133
  138
  142
  143
  141
  138
  132
  124
  116
  105
  95
  83
  72
  62
  51
  42
  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

Luxoft Holding, Inc., together with its subsidiaries, provides software development services and IT solutions to multinational corporations primarily in Western Europe and North America. The company offers application software development, software architecture design, performance engineering, optimization and testing, process consulting, and software quality assurance services; functional specification and mock-ups, product design, engineering, automated testing, maintenance, support, and performance engineering services; and IT strategy, software engineering process, and data security consulting services. Its products comprise Horizon, an enterprise risk management and visualization software; SuperCloud that enables data center and cloud service providers to deploy and manage lifecycles of virtual network function and software defined networking applications; Twister, an open source test automation solution for the enterprises communications market; and iStockTrack to build mobile applications for iOS-based devices for financial services sector. In addition, the company offers TEORA, a framework for developing automotive human machine interface (HMI); Populus, a tool chain for HMI design and development, and the deployment of automotive user interfaces for distributed embedded systems; AllView, a user-experience demonstrator that links instrument cluster, head unit, and mobile devices; Augmented Reality Solution, a software framework for the demonstrations of advanced driver assist systems (ADAS) and automated driving capabilities; and Retail Engagement Suite, a connected device platform for in-store customer experience. It serves financial services, automotive and transport, travel and aviation, technology, telecom, and energy industry verticals. The company was founded in 2000 and is headquartered in Zug, Switzerland.

FINANCIAL RATIOS  of  Luxoft Holding (LXFT)

Valuation Ratios
P/E Ratio 23
Price to Sales 2.5
Price to Book 5.3
Price to Tangible Book
Price to Cash Flow 15.3
Price to Free Cash Flow 21.2
Growth Rates
Sales Growth Rate 25%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 61.1%
Cap. Spend. - 3 Yr. Gr. Rate 21.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 20%
Ret/ On Assets - 3 Yr. Avg. 24%
Return On Total Capital 26.9%
Ret/ On T. Cap. - 3 Yr. Avg. 31.8%
Return On Equity 26.9%
Return On Equity - 3 Yr. Avg. 34.3%
Asset Turnover 1.9
Profitability Ratios
Gross Margin 41.6%
Gross Margin - 3 Yr. Avg. 42.6%
EBITDA Margin 16.3%
EBITDA Margin - 3 Yr. Avg. 17%
Operating Margin 12.1%
Oper. Margin - 3 Yr. Avg. 14.1%
Pre-Tax Margin 12.6%
Pre-Tax Margin - 3 Yr. Avg. 13.6%
Net Profit Margin 10.8%
Net Profit Margin - 3 Yr. Avg. 11.9%
Effective Tax Rate 14.6%
Eff/ Tax Rate - 3 Yr. Avg. 12.4%
Payout Ratio 0%

LXFT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LXFT stock intrinsic value calculation we used $651 million for the last fiscal year's total revenue generated by Luxoft Holding. The default revenue input number comes from 2016 income statement of Luxoft Holding. 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 LXFT stock valuation model: a) initial revenue growth rate of 25% 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 LXFT is calculated based on our internal credit rating of Luxoft Holding, 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 Luxoft Holding.
    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 LXFT stock the variable cost ratio is equal to 84.6%.

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 LXFT 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 Luxoft Holding.

Corporate tax rate of 27% is the nominal tax rate for Luxoft Holding. 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 LXFT 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 LXFT are equal to 6.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Luxoft Holding 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 LXFT is equal to 12.9%. 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 - $302 million for Luxoft Holding - 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 33.585 million for Luxoft Holding 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 Luxoft Holding at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ Luxoft misses Street 1Q forecasts   [Aug-11-17 08:08PM  Associated Press]
▶ Luxoft Recognized as Global Leader in ADM Services by ISG   [Jul-28-17 08:24AM  Business Wire]
▶ New Strong Sell Stocks for June 14th   [Jun-14-17 10:17AM  Zacks]
▶ New Strong Sell Stocks for June 6th   [Jun-06-17 10:46AM  Zacks]
▶ Luxoft Holding Delivers a Quarterly Win   [May-23-17 06:49PM  Motley Fool]
▶ Luxoft misses 4Q profit forecasts   [May-22-17 06:16PM  Associated Press]
▶ Why Luxoft Holding, Inc. Stock Plunged 27.6% in 2016   [Jan-17-17 08:00AM  at Motley Fool]
▶ [$$] IT Stocks to Play Resurgent Financials   [Jan-09-17 12:18PM  at Barrons.com]
▶ Luxoft Named a Top 15 Outsourcing Service Provider by ISG   [Dec-13-16 10:29AM  Business Wire]
▶ UBS Signs a 3-Year Strategic Vendor Contract with Luxoft   [Nov-21-16 04:35PM  Business Wire]
▶ Luxoft Holding Expands Its Reach in a Solid Quarter   [Nov-12-16 07:00AM  at Motley Fool]
▶ Why Luxoft Holding Stock Popped Today   [Nov-11-16 04:35PM  at Motley Fool]
▶ Luxoft Mentioned by Independent Research Firms   [Oct-19-16 03:00PM  Business Wire]
▶ Luxoft Diversifies to Find Growth in a Tough Market   [Aug-12-16 07:45PM  at Motley Fool]
Stock chart of LXFT Financial statements of LXFT
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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