Intrinsic value of Magic Software Enterprises - MGIC

Previous Close

$8.00

  Intrinsic Value

$25.02

stock screener

  Rating & Target

str. buy

+213%

  Value-price divergence*

-5%

Previous close

$8.00

 
Intrinsic value

$25.02

 
Up/down potential

+213%

 
Rating

str. buy

 
Value-price divergence*

-5%

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

We calculate the intrinsic value of MGIC 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 0.4

 

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, %
  14.77
  35.60
  32.54
  29.79
  27.31
  25.08
  23.07
  21.26
  19.64
  18.17
  16.86
  15.67
  14.60
  13.64
  12.78
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
Revenue, $m
  202
  274
  363
  471
  600
  750
  923
  1,120
  1,340
  1,583
  1,850
  2,140
  2,452
  2,787
  3,143
  3,520
  3,917
  4,335
  4,774
  5,231
  5,709
  6,207
  6,725
  7,264
  7,824
  8,407
  9,012
  9,640
  10,294
  10,974
  11,680
Variable operating expenses, $m
 
  238
  313
  403
  511
  636
  781
  945
  1,129
  1,332
  1,555
  1,789
  2,050
  2,329
  2,627
  2,942
  3,275
  3,624
  3,990
  4,373
  4,773
  5,189
  5,622
  6,073
  6,541
  7,028
  7,533
  8,059
  8,605
  9,173
  9,764
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
  181
  238
  313
  403
  511
  636
  781
  945
  1,129
  1,332
  1,555
  1,789
  2,050
  2,329
  2,627
  2,942
  3,275
  3,624
  3,990
  4,373
  4,773
  5,189
  5,622
  6,073
  6,541
  7,028
  7,533
  8,059
  8,605
  9,173
  9,764
Operating income, $m
  21
  36
  50
  68
  89
  114
  142
  175
  211
  251
  294
  351
  402
  457
  516
  577
  643
  711
  783
  858
  937
  1,018
  1,103
  1,192
  1,284
  1,379
  1,478
  1,582
  1,689
  1,800
  1,916
EBITDA, $m
  33
  51
  68
  88
  112
  140
  172
  209
  250
  295
  345
  399
  458
  520
  587
  657
  731
  809
  891
  976
  1,066
  1,159
  1,255
  1,356
  1,460
  1,569
  1,682
  1,799
  1,921
  2,048
  2,180
Interest expense (income), $m
  0
  1
  2
  4
  6
  9
  12
  15
  19
  23
  28
  34
  39
  45
  52
  59
  67
  74
  83
  91
  100
  110
  120
  130
  141
  152
  163
  175
  187
  200
  214
Earnings before tax, $m
  21
  35
  48
  64
  83
  105
  131
  159
  192
  227
  266
  317
  363
  412
  463
  518
  576
  637
  700
  767
  836
  908
  984
  1,062
  1,143
  1,228
  1,315
  1,406
  1,501
  1,600
  1,702
Tax expense, $m
  4
  9
  13
  17
  22
  28
  35
  43
  52
  61
  72
  86
  98
  111
  125
  140
  156
  172
  189
  207
  226
  245
  266
  287
  309
  331
  355
  380
  405
  432
  460
Net income, $m
  12
  25
  35
  47
  61
  77
  95
  116
  140
  166
  194
  232
  265
  301
  338
  378
  421
  465
  511
  560
  610
  663
  718
  775
  834
  896
  960
  1,027
  1,096
  1,168
  1,243

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  88
  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
  316
  309
  410
  532
  677
  847
  1,042
  1,264
  1,512
  1,787
  2,088
  2,415
  2,768
  3,145
  3,547
  3,973
  4,422
  4,893
  5,388
  5,905
  6,444
  7,006
  7,591
  8,199
  8,831
  9,488
  10,171
  10,881
  11,618
  12,385
  13,183
Adjusted assets (=assets-cash), $m
  228
  309
  410
  532
  677
  847
  1,042
  1,264
  1,512
  1,787
  2,088
  2,415
  2,768
  3,145
  3,547
  3,973
  4,422
  4,893
  5,388
  5,905
  6,444
  7,006
  7,591
  8,199
  8,831
  9,488
  10,171
  10,881
  11,618
  12,385
  13,183
Revenue / Adjusted assets
  0.886
  0.887
  0.885
  0.885
  0.886
  0.885
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
Average production assets, $m
  48
  64
  85
  111
  141
  176
  217
  263
  315
  372
  435
  503
  576
  655
  739
  827
  921
  1,019
  1,122
  1,229
  1,342
  1,459
  1,580
  1,707
  1,839
  1,976
  2,118
  2,265
  2,419
  2,579
  2,745
Working capital, $m
  113
  42
  56
  72
  92
  115
  141
  171
  205
  242
  283
  327
  375
  426
  481
  539
  599
  663
  730
  800
  874
  950
  1,029
  1,111
  1,197
  1,286
  1,379
  1,475
  1,575
  1,679
  1,787
Total debt, $m
  35
  70
  120
  181
  254
  338
  436
  547
  671
  808
  959
  1,122
  1,299
  1,488
  1,688
  1,901
  2,126
  2,362
  2,609
  2,867
  3,137
  3,418
  3,710
  4,014
  4,331
  4,659
  5,001
  5,355
  5,724
  6,108
  6,507
Total liabilities, $m
  120
  155
  205
  266
  339
  423
  521
  632
  756
  893
  1,044
  1,207
  1,384
  1,573
  1,773
  1,986
  2,211
  2,447
  2,694
  2,952
  3,222
  3,503
  3,795
  4,099
  4,416
  4,744
  5,086
  5,440
  5,809
  6,193
  6,592
Total equity, $m
  196
  155
  205
  266
  339
  423
  521
  632
  756
  893
  1,044
  1,207
  1,384
  1,573
  1,773
  1,986
  2,211
  2,447
  2,694
  2,952
  3,222
  3,503
  3,795
  4,099
  4,416
  4,744
  5,086
  5,440
  5,809
  6,193
  6,592
Total liabilities and equity, $m
  316
  310
  410
  532
  678
  846
  1,042
  1,264
  1,512
  1,786
  2,088
  2,414
  2,768
  3,146
  3,546
  3,972
  4,422
  4,894
  5,388
  5,904
  6,444
  7,006
  7,590
  8,198
  8,832
  9,488
  10,172
  10,880
  11,618
  12,386
  13,184
Debt-to-equity ratio
  0.179
  0.450
  0.590
  0.680
  0.750
  0.800
  0.840
  0.870
  0.890
  0.900
  0.920
  0.930
  0.940
  0.950
  0.950
  0.960
  0.960
  0.970
  0.970
  0.970
  0.970
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.990
  0.990
  0.990
Adjusted equity ratio
  0.474
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  12
  25
  35
  47
  61
  77
  95
  116
  140
  166
  194
  232
  265
  301
  338
  378
  421
  465
  511
  560
  610
  663
  718
  775
  834
  896
  960
  1,027
  1,096
  1,168
  1,243
Depreciation, amort., depletion, $m
  12
  15
  17
  20
  23
  26
  30
  34
  39
  45
  51
  48
  55
  63
  71
  80
  89
  98
  108
  118
  129
  140
  152
  164
  177
  190
  204
  218
  233
  248
  264
Funds from operations, $m
  28
  41
  52
  66
  83
  103
  125
  151
  179
  211
  245
  280
  320
  363
  409
  458
  509
  563
  619
  678
  739
  803
  870
  939
  1,011
  1,086
  1,164
  1,245
  1,329
  1,416
  1,507
Change in working capital, $m
  0
  11
  14
  17
  20
  23
  26
  30
  34
  37
  41
  44
  48
  51
  54
  58
  61
  64
  67
  70
  73
  76
  79
  82
  86
  89
  93
  96
  100
  104
  108
Cash from operations, $m
  28
  30
  39
  50
  64
  80
  99
  121
  146
  173
  204
  236
  273
  312
  355
  400
  448
  499
  552
  608
  666
  727
  791
  857
  926
  997
  1,071
  1,148
  1,229
  1,312
  1,399
Maintenance CAPEX, $m
  0
  -5
  -6
  -8
  -11
  -14
  -17
  -21
  -25
  -30
  -36
  -42
  -48
  -55
  -63
  -71
  -80
  -89
  -98
  -108
  -118
  -129
  -140
  -152
  -164
  -177
  -190
  -204
  -218
  -233
  -248
New CAPEX, $m
  -5
  -17
  -21
  -25
  -30
  -35
  -41
  -46
  -52
  -57
  -63
  -68
  -73
  -79
  -84
  -89
  -93
  -98
  -103
  -108
  -112
  -117
  -122
  -127
  -132
  -137
  -142
  -148
  -154
  -160
  -166
Cash from investing activities, $m
  -36
  -22
  -27
  -33
  -41
  -49
  -58
  -67
  -77
  -87
  -99
  -110
  -121
  -134
  -147
  -160
  -173
  -187
  -201
  -216
  -230
  -246
  -262
  -279
  -296
  -314
  -332
  -352
  -372
  -393
  -414
Free cash flow, $m
  -8
  8
  12
  16
  23
  31
  41
  54
  69
  86
  106
  126
  151
  178
  208
  241
  275
  312
  351
  393
  436
  481
  529
  578
  630
  683
  739
  797
  857
  920
  984
Issuance/(repayment) of debt, $m
  32
  41
  50
  61
  73
  85
  98
  111
  124
  137
  151
  164
  176
  189
  201
  213
  224
  236
  247
  258
  270
  281
  292
  304
  316
  329
  341
  355
  369
  383
  399
Issuance/(repurchase) of shares, $m
  0
  15
  15
  14
  12
  8
  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
Cash from financing (excl. dividends), $m  
  30
  56
  65
  75
  85
  93
  100
  111
  124
  137
  151
  164
  176
  189
  201
  213
  224
  236
  247
  258
  270
  281
  292
  304
  316
  329
  341
  355
  369
  383
  399
Total cash flow (excl. dividends), $m
  21
  64
  77
  92
  107
  124
  141
  164
  193
  223
  256
  289
  327
  367
  409
  453
  500
  548
  598
  651
  706
  762
  821
  882
  946
  1,012
  1,081
  1,152
  1,226
  1,303
  1,383
Retained Cash Flow (-), $m
  -5
  -41
  -50
  -61
  -73
  -85
  -98
  -111
  -124
  -137
  -151
  -164
  -176
  -189
  -201
  -213
  -224
  -236
  -247
  -258
  -270
  -281
  -292
  -304
  -316
  -329
  -341
  -355
  -369
  -383
  -399
Prev. year cash balance distribution, $m
 
  82
  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
 
  105
  27
  31
  35
  39
  44
  54
  69
  86
  106
  126
  151
  178
  208
  241
  275
  312
  351
  393
  436
  481
  529
  578
  630
  683
  739
  797
  857
  920
  984
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
 
  101
  25
  27
  29
  30
  32
  36
  43
  49
  55
  60
  64
  68
  70
  71
  70
  68
  65
  60
  55
  50
  44
  38
  32
  27
  22
  17
  13
  10
  7
Current shareholders' claim on cash, %
  100
  93.2
  88.5
  85.2
  83.1
  82.1
  81.8
  81.8
  81.8
  81.8
  81.8
  81.8
  81.8
  81.8
  81.8
  81.8
  81.8
  81.8
  81.8
  81.8
  81.8
  81.8
  81.8
  81.8
  81.8
  81.8
  81.8
  81.8
  81.8
  81.8
  81.8

Magic Software Enterprises Ltd. provides proprietary application development, business process integration, and vertical software solutions and related professional services. The company’s software technology is used by customers to develop, deploy, and integrate on-premise, mobile, and cloud-based business applications. It operates in two segments, Software Solutions and IT Professional Services. The company offers Magic xpa, a proprietary application platform for developing and deploying business applications; AppBuilder application platform for building, deploying, and maintaining mainframe-grade business applications; and Magic xpi integration platform, a graphical wizard-based code-free solution. It also provides vertical software solutions comprising Leap, a software solution for business support systems; Hermes Solution for both hubs and traditional air cargo ground handling operations; HR Pulse, a customized single-tenant software as a service tool that helps organizations to create new human capital management solutions; and MBS Solution, a system for managing TV broadcast channels. In addition, the company offers IT services, including professional services in the areas of infrastructure design and delivery; application development; technology consulting, planning, and implementation; and support and supplemental outsourcing services. Further, it provides software maintenance, support, training, and consulting services. The company markets and sells its products through its direct sales representatives and offices, independent country distributors, magic software providers, system integrators, distributors, resellers, and consulting and OEM partners. The company was formerly known as Mashov Software Export (1983) Ltd. and changed its name to Magic Software Enterprises Ltd. in 1991. Magic Software Enterprises Ltd. was founded in 1983 and is headquartered in Or Yehuda, Israel. Magic Software Enterprises Ltd. is a subsidiary of Formula Systems (1985) Ltd.

FINANCIAL RATIOS  of  Magic Software Enterprises (MGIC)

Valuation Ratios
P/E Ratio 29.6
Price to Sales 1.8
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 12.7
Price to Free Cash Flow 15.4
Growth Rates
Sales Growth Rate 14.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 15
Current Ratio 0
LT Debt to Equity 14.8%
Total Debt to Equity 17.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 6.5%
Return On Total Capital 5.6%
Ret/ On T. Cap. - 3 Yr. Avg. 8%
Return On Equity 6.2%
Return On Equity - 3 Yr. Avg. 8.3%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 33.7%
Gross Margin - 3 Yr. Avg. 36.4%
EBITDA Margin 16.3%
EBITDA Margin - 3 Yr. Avg. 17%
Operating Margin 10.4%
Oper. Margin - 3 Yr. Avg. 11.5%
Pre-Tax Margin 10.4%
Pre-Tax Margin - 3 Yr. Avg. 11.3%
Net Profit Margin 5.9%
Net Profit Margin - 3 Yr. Avg. 8.3%
Effective Tax Rate 19%
Eff/ Tax Rate - 3 Yr. Avg. 16.2%
Payout Ratio 66.7%

MGIC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MGIC stock intrinsic value calculation we used $202 million for the last fiscal year's total revenue generated by Magic Software Enterprises. The default revenue input number comes from 2016 income statement of Magic Software Enterprises. 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 MGIC stock valuation model: a) initial revenue growth rate of 35.6% 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 MGIC is calculated based on our internal credit rating of Magic Software Enterprises, 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 Magic Software Enterprises.
    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 MGIC stock the variable cost ratio is equal to 88.1%.

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 MGIC 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 Magic Software Enterprises.

Corporate tax rate of 27% is the nominal tax rate for Magic Software Enterprises. 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 MGIC 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 MGIC are equal to 23.5%.

Life of production assets of 10.4 years is the average useful life of capital assets used in Magic Software Enterprises 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 MGIC is equal to 15.3%. 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 - $196 million for Magic Software Enterprises - 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 44.824 million for Magic Software Enterprises 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 Magic Software Enterprises at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
IBM International 139.70 167.94  hold
SAP SAP ADR 104.82 167.24  str.buy
ORCL Oracle 48.62 53.68  hold
MSFT Microsoft 72.49 47.21  sell
ERIC Ericsson ADR 6.00 6.29  hold
HPE Hewlett Packar 17.18 35.08  str.buy
MNDO MIND C.T.I. 2.48 4.15  str.buy
CRM Salesforce.com 90.76 68.76  sell

COMPANY NEWS

▶ Magic Software posts 2Q profit   [Aug-09-17 11:00PM  Associated Press]
▶ Magic Software posts 1Q profit   [05:48AM  Associated Press]
▶ Magic Software posts 4Q profit   [Feb-21-17 07:52AM  Associated Press]
▶ Magic Software meets 2Q profit forecasts   [Aug-10-16 05:17AM  AP]
▶ Magic Software misses 1Q profit forecasts   [May-09-16 06:28AM  AP]
▶ MAGIC SOFTWARE ENTERPRISES LTD Financials   [May-03-16 01:04PM  EDGAR Online Financials]
▶ 3 Attractive Income Stocks Whose Dividends Could Double   [Apr-06-16 10:42AM  at Motley Fool]
▶ Magic Software beats 4Q profit forecasts   [Feb-17-16 05:19AM  AP]
Stock chart of MGIC Financial statements of MGIC
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.