Intrinsic value of Maximus - MMS

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$60.39

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$60.39

 
Intrinsic value

$71.37

 
Up/down potential

+18%

 
Rating

hold

 
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 MMS 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 3.9

 

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, %
  14.43
  9.20
  8.78
  8.40
  8.06
  7.76
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.34
  5.30
  5.27
  5.24
  5.22
  5.20
Revenue, $m
  2,403
  2,624
  2,854
  3,094
  3,344
  3,603
  3,873
  4,153
  4,444
  4,746
  5,061
  5,388
  5,728
  6,083
  6,452
  6,836
  7,237
  7,656
  8,092
  8,548
  9,023
  9,521
  10,040
  10,584
  11,153
  11,748
  12,370
  13,022
  13,705
  14,421
  15,170
Variable operating expenses, $m
 
  2,295
  2,493
  2,699
  2,914
  3,136
  3,368
  3,609
  3,859
  4,119
  4,389
  4,631
  4,923
  5,228
  5,545
  5,875
  6,220
  6,579
  6,954
  7,346
  7,755
  8,182
  8,629
  9,096
  9,585
  10,096
  10,632
  11,192
  11,779
  12,394
  13,038
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
  2,117
  2,295
  2,493
  2,699
  2,914
  3,136
  3,368
  3,609
  3,859
  4,119
  4,389
  4,631
  4,923
  5,228
  5,545
  5,875
  6,220
  6,579
  6,954
  7,346
  7,755
  8,182
  8,629
  9,096
  9,585
  10,096
  10,632
  11,192
  11,779
  12,394
  13,038
Operating income, $m
  287
  329
  361
  395
  430
  467
  505
  544
  585
  627
  672
  757
  805
  855
  907
  961
  1,017
  1,076
  1,137
  1,201
  1,268
  1,338
  1,411
  1,488
  1,568
  1,651
  1,739
  1,830
  1,926
  2,027
  2,132
EBITDA, $m
  358
  395
  430
  466
  504
  543
  584
  626
  670
  715
  763
  812
  863
  917
  972
  1,030
  1,091
  1,154
  1,219
  1,288
  1,360
  1,435
  1,513
  1,595
  1,681
  1,770
  1,864
  1,962
  2,065
  2,173
  2,286
Interest expense (income), $m
  0
  6
  8
  10
  12
  14
  16
  19
  21
  24
  26
  29
  32
  35
  38
  41
  45
  48
  52
  56
  60
  64
  68
  73
  77
  82
  88
  93
  99
  105
  111
Earnings before tax, $m
  286
  323
  354
  385
  418
  453
  488
  525
  564
  604
  645
  728
  773
  820
  869
  920
  973
  1,028
  1,086
  1,146
  1,209
  1,275
  1,343
  1,415
  1,490
  1,569
  1,651
  1,737
  1,828
  1,922
  2,021
Tax expense, $m
  106
  87
  95
  104
  113
  122
  132
  142
  152
  163
  174
  197
  209
  221
  235
  248
  263
  278
  293
  309
  326
  344
  363
  382
  402
  424
  446
  469
  493
  519
  546
Net income, $m
  178
  236
  258
  281
  305
  330
  356
  383
  411
  441
  471
  532
  564
  599
  634
  671
  710
  750
  793
  836
  882
  930
  981
  1,033
  1,088
  1,145
  1,205
  1,268
  1,334
  1,403
  1,476

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  66
  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
  1,349
  1,401
  1,524
  1,652
  1,785
  1,924
  2,068
  2,217
  2,373
  2,534
  2,702
  2,877
  3,058
  3,248
  3,445
  3,650
  3,864
  4,087
  4,320
  4,564
  4,818
  5,083
  5,361
  5,651
  5,954
  6,272
  6,605
  6,953
  7,317
  7,699
  8,099
Adjusted assets (=assets-cash), $m
  1,283
  1,401
  1,524
  1,652
  1,785
  1,924
  2,068
  2,217
  2,373
  2,534
  2,702
  2,877
  3,058
  3,248
  3,445
  3,650
  3,864
  4,087
  4,320
  4,564
  4,818
  5,083
  5,361
  5,651
  5,954
  6,272
  6,605
  6,953
  7,317
  7,699
  8,099
Revenue / Adjusted assets
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
Average production assets, $m
  203
  220
  240
  260
  281
  303
  325
  349
  373
  399
  425
  453
  481
  511
  542
  574
  608
  643
  680
  718
  758
  800
  843
  889
  937
  987
  1,039
  1,094
  1,151
  1,211
  1,274
Working capital, $m
  280
  234
  254
  275
  298
  321
  345
  370
  395
  422
  450
  480
  510
  541
  574
  608
  644
  681
  720
  761
  803
  847
  894
  942
  993
  1,046
  1,101
  1,159
  1,220
  1,283
  1,350
Total debt, $m
  166
  222
  279
  339
  401
  466
  534
  604
  676
  752
  831
  912
  997
  1,086
  1,178
  1,274
  1,374
  1,479
  1,588
  1,702
  1,821
  1,945
  2,075
  2,211
  2,353
  2,501
  2,657
  2,820
  2,991
  3,169
  3,357
Total liabilities, $m
  600
  656
  713
  773
  835
  900
  968
  1,038
  1,110
  1,186
  1,265
  1,346
  1,431
  1,520
  1,612
  1,708
  1,808
  1,913
  2,022
  2,136
  2,255
  2,379
  2,509
  2,645
  2,787
  2,935
  3,091
  3,254
  3,425
  3,603
  3,791
Total equity, $m
  749
  745
  811
  879
  950
  1,023
  1,100
  1,180
  1,262
  1,348
  1,437
  1,530
  1,627
  1,728
  1,833
  1,942
  2,056
  2,174
  2,298
  2,428
  2,563
  2,704
  2,852
  3,006
  3,168
  3,337
  3,514
  3,699
  3,893
  4,096
  4,309
Total liabilities and equity, $m
  1,349
  1,401
  1,524
  1,652
  1,785
  1,923
  2,068
  2,218
  2,372
  2,534
  2,702
  2,876
  3,058
  3,248
  3,445
  3,650
  3,864
  4,087
  4,320
  4,564
  4,818
  5,083
  5,361
  5,651
  5,955
  6,272
  6,605
  6,953
  7,318
  7,699
  8,100
Debt-to-equity ratio
  0.222
  0.300
  0.340
  0.390
  0.420
  0.460
  0.490
  0.510
  0.540
  0.560
  0.580
  0.600
  0.610
  0.630
  0.640
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
  0.720
  0.730
  0.740
  0.740
  0.750
  0.760
  0.760
  0.770
  0.770
  0.780
Adjusted equity ratio
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  178
  236
  258
  281
  305
  330
  356
  383
  411
  441
  471
  532
  564
  599
  634
  671
  710
  750
  793
  836
  882
  930
  981
  1,033
  1,088
  1,145
  1,205
  1,268
  1,334
  1,403
  1,476
Depreciation, amort., depletion, $m
  71
  66
  69
  71
  74
  76
  79
  82
  85
  88
  91
  55
  58
  62
  65
  69
  73
  77
  82
  87
  91
  96
  102
  107
  113
  119
  125
  132
  139
  146
  154
Funds from operations, $m
  91
  302
  327
  352
  379
  407
  435
  465
  496
  529
  562
  586
  622
  660
  700
  741
  783
  828
  874
  923
  974
  1,027
  1,082
  1,140
  1,201
  1,264
  1,331
  1,400
  1,473
  1,549
  1,629
Change in working capital, $m
  -89
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  41
  42
  44
  46
  48
  51
  53
  55
  58
  61
  64
  67
Cash from operations, $m
  180
  351
  306
  331
  357
  384
  411
  440
  470
  502
  534
  557
  592
  629
  667
  706
  748
  791
  836
  882
  931
  982
  1,036
  1,092
  1,150
  1,211
  1,275
  1,342
  1,412
  1,486
  1,562
Maintenance CAPEX, $m
  0
  -24
  -27
  -29
  -31
  -34
  -36
  -39
  -42
  -45
  -48
  -51
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -82
  -87
  -91
  -96
  -102
  -107
  -113
  -119
  -125
  -132
  -139
  -146
New CAPEX, $m
  -46
  -17
  -19
  -20
  -21
  -22
  -23
  -24
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
Cash from investing activities, $m
  -87
  -41
  -46
  -49
  -52
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -84
  -88
  -93
  -97
  -103
  -108
  -114
  -120
  -127
  -133
  -140
  -148
  -155
  -163
  -171
  -180
  -189
  -199
  -209
Free cash flow, $m
  93
  309
  260
  282
  305
  328
  352
  378
  404
  431
  460
  478
  509
  541
  574
  609
  645
  682
  721
  762
  805
  849
  896
  944
  995
  1,048
  1,104
  1,162
  1,223
  1,287
  1,354
Issuance/(repayment) of debt, $m
  -45
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  82
  85
  89
  92
  96
  100
  104
  109
  114
  119
  124
  130
  136
  142
  149
  156
  163
  171
  179
  187
Issuance/(repurchase) of shares, $m
  -33
  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  
  -85
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  82
  85
  89
  92
  96
  100
  104
  109
  114
  119
  124
  130
  136
  142
  149
  156
  163
  171
  179
  187
Total cash flow (excl. dividends), $m
  4
  364
  318
  342
  367
  393
  420
  448
  477
  507
  538
  560
  594
  629
  666
  705
  745
  787
  830
  876
  924
  974
  1,026
  1,080
  1,137
  1,197
  1,260
  1,325
  1,394
  1,466
  1,541
Retained Cash Flow (-), $m
  -137
  -62
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -129
  -135
  -141
  -148
  -154
  -162
  -169
  -177
  -185
  -194
  -203
  -213
Prev. year cash balance distribution, $m
 
  66
  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
 
  368
  253
  274
  296
  319
  343
  368
  394
  421
  449
  467
  497
  529
  562
  596
  631
  668
  707
  747
  789
  832
  878
  926
  976
  1,028
  1,083
  1,140
  1,200
  1,262
  1,328
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
 
  353
  231
  238
  244
  247
  249
  249
  246
  242
  235
  222
  212
  201
  189
  175
  160
  145
  130
  115
  100
  86
  73
  61
  50
  40
  32
  24
  19
  14
  10
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

MAXIMUS, Inc. provides business process services (BPS) to government health and human services programs in the United States, the United Kingdom, Australia, Canada, and Saudi Arabia. The company’s Health Services segment offers various BPS, appeals, and assessments, as well as related consulting services for state, provincial, and national government programs comprising Medicaid, Children's Health Insurance Program, the Affordable Care Act, Health Insurance British Columbia, the Health Assessment Advisory Service, and Fit for Work Service. Its services include health insurance exchange customer contact center operations and support; health insurance program eligibility and enrollment; beneficiary outreach and education; application assistance and independent health plan enrollment counseling; premium payment processing and administration; health plan oversight; eHealth solutions with the Medigent product suite; independent disability, long-term sick, and health assessments; occupational health clinical assessments; and specialized program consulting services. The company’s U.S. Federal Services segment offers services, including centralized customer contact centers and support services; documents and records management; and case management, citizen engagement, and consumer education; independent medical reviews and worker's compensation benefit appeals; health benefit appeals; eligibility appeals; modernization of systems and IT infrastructure; infrastructure operations and support; software development, operations, and management; and data analytics. Its Human Services Segment provides national, state, and local human services agencies with various BPS and related consulting services for welfare-to-work, child support, higher education, and K-12 special education programs; and management tools and professional consulting, program consulting, and tax credit and employer services. MAXIMUS, Inc. was founded in 1975 and is headquartered in Reston, Virginia.

FINANCIAL RATIOS  of  Maximus (MMS)

Valuation Ratios
P/E Ratio 22.1
Price to Sales 1.6
Price to Book 5.3
Price to Tangible Book
Price to Cash Flow 21.9
Price to Free Cash Flow 29.4
Growth Rates
Sales Growth Rate 14.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -56.2%
Cap. Spend. - 3 Yr. Gr. Rate -5.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 22.2%
Total Debt to Equity 22.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 13.6%
Ret/ On Assets - 3 Yr. Avg. 14.9%
Return On Total Capital 20.5%
Ret/ On T. Cap. - 3 Yr. Avg. 23.4%
Return On Equity 26.2%
Return On Equity - 3 Yr. Avg. 26.6%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 23.4%
Gross Margin - 3 Yr. Avg. 24.8%
EBITDA Margin 14.9%
EBITDA Margin - 3 Yr. Avg. 15.4%
Operating Margin 11.9%
Oper. Margin - 3 Yr. Avg. 12.5%
Pre-Tax Margin 11.9%
Pre-Tax Margin - 3 Yr. Avg. 12.5%
Net Profit Margin 7.4%
Net Profit Margin - 3 Yr. Avg. 7.8%
Effective Tax Rate 37.1%
Eff/ Tax Rate - 3 Yr. Avg. 37.2%
Payout Ratio 6.7%

MMS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MMS stock intrinsic value calculation we used $2403 million for the last fiscal year's total revenue generated by Maximus. The default revenue input number comes from 2016 income statement of Maximus. 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 MMS stock valuation model: a) initial revenue growth rate of 9.2% 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 MMS is calculated based on our internal credit rating of Maximus, 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 Maximus.
    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 MMS stock the variable cost ratio is equal to 87.6%.

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 MMS 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 Maximus.

Corporate tax rate of 27% is the nominal tax rate for Maximus. 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 MMS 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 MMS are equal to 8.4%.

Life of production assets of 8.3 years is the average useful life of capital assets used in Maximus 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 MMS is equal to 8.9%. 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 - $749 million for Maximus - 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 64.63 million for Maximus 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 Maximus at the current share price and the inputted number of shares is $3.9 billion.


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COMPANY NEWS

▶ The Trump transition is pummeling Maximus' stock   [Apr-10-17 01:36PM  American City Business Journals]
▶ Maximus tops 1Q profit forecasts   [06:51AM  Associated Press]
▶ MAXIMUS Reports First Quarter Results   [06:30AM  Business Wire]
▶ MAXIMUS Schedules Fiscal 2017 First Quarter Conference Call   [Jan-25-17 06:30AM  Business Wire]
▶ Is MAXIMUS, Inc. (MMS) A Good Stock To Buy?   [Dec-12-16 01:20PM  at Insider Monkey]
▶ Why MAXIMUS, Inc. Stock Popped Today   [Nov-10-16 05:12PM  at Motley Fool]
▶ How Greater Washington stocks fared post-election   [Nov-09-16 04:29PM  at bizjournals.com]
▶ Maximus could take $25 million revenue hit from Brexit   [Aug-05-16 02:40PM  at bizjournals.com]
▶ MAXIMUS Schedules Fiscal 2016 Third Quarter Conference Call   [Jul-21-16 06:30AM  Business Wire]
▶ IIROC Trading Halt - MMS   [Apr-18-16 09:59AM  PR Newswire]
Stock chart of MMS Financial statements of MMS
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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