Intrinsic value of Maximus - MMS

Previous Close

$60.26

  Intrinsic Value

$53.66

stock screener

  Rating & Target

hold

-11%

  Value-price divergence*

-78%

Previous close

$60.26

 
Intrinsic value

$53.66

 
Up/down potential

-11%

 
Rating

hold

 
Value-price divergence*

-78%

*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 3.8

 

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, %
  14.43
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  2,403
  2,465
  2,535
  2,613
  2,698
  2,790
  2,890
  2,998
  3,113
  3,237
  3,369
  3,509
  3,658
  3,816
  3,984
  4,161
  4,348
  4,546
  4,756
  4,976
  5,209
  5,454
  5,713
  5,985
  6,271
  6,573
  6,890
  7,224
  7,575
  7,944
  8,332
Variable operating expenses, $m
 
  2,159
  2,219
  2,285
  2,358
  2,438
  2,524
  2,616
  2,716
  2,822
  2,935
  3,016
  3,144
  3,280
  3,424
  3,576
  3,737
  3,907
  4,087
  4,277
  4,477
  4,688
  4,910
  5,143
  5,390
  5,649
  5,922
  6,208
  6,510
  6,828
  7,161
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
  2,159
  2,219
  2,285
  2,358
  2,438
  2,524
  2,616
  2,716
  2,822
  2,935
  3,016
  3,144
  3,280
  3,424
  3,576
  3,737
  3,907
  4,087
  4,277
  4,477
  4,688
  4,910
  5,143
  5,390
  5,649
  5,922
  6,208
  6,510
  6,828
  7,161
Operating income, $m
  287
  307
  317
  327
  339
  352
  366
  382
  398
  415
  434
  493
  514
  536
  560
  585
  611
  639
  668
  699
  732
  767
  803
  841
  881
  924
  968
  1,015
  1,065
  1,117
  1,171
EBITDA, $m
  358
  367
  378
  389
  402
  416
  431
  447
  464
  482
  502
  523
  545
  568
  593
  620
  648
  677
  708
  741
  776
  812
  851
  891
  934
  979
  1,026
  1,076
  1,128
  1,183
  1,241
Interest expense (income), $m
  0
  6
  6
  7
  8
  8
  9
  10
  11
  12
  13
  14
  15
  17
  18
  20
  21
  23
  25
  26
  28
  30
  33
  35
  37
  40
  42
  45
  48
  51
  54
Earnings before tax, $m
  286
  301
  310
  321
  332
  344
  357
  372
  387
  403
  421
  479
  499
  520
  542
  565
  590
  616
  644
  673
  704
  736
  770
  806
  844
  884
  926
  970
  1,017
  1,066
  1,117
Tax expense, $m
  106
  81
  84
  87
  90
  93
  96
  100
  104
  109
  114
  129
  135
  140
  146
  153
  159
  166
  174
  182
  190
  199
  208
  218
  228
  239
  250
  262
  275
  288
  302
Net income, $m
  178
  220
  226
  234
  242
  251
  261
  271
  282
  294
  307
  350
  364
  379
  395
  413
  431
  450
  470
  491
  514
  537
  562
  589
  616
  645
  676
  708
  742
  778
  815

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
  1,316
  1,354
  1,395
  1,440
  1,490
  1,543
  1,601
  1,662
  1,728
  1,799
  1,873
  1,953
  2,037
  2,127
  2,222
  2,322
  2,427
  2,539
  2,657
  2,781
  2,912
  3,050
  3,195
  3,348
  3,509
  3,679
  3,857
  4,044
  4,241
  4,449
Adjusted assets (=assets-cash), $m
  1,283
  1,316
  1,354
  1,395
  1,440
  1,490
  1,543
  1,601
  1,662
  1,728
  1,799
  1,873
  1,953
  2,037
  2,127
  2,222
  2,322
  2,427
  2,539
  2,657
  2,781
  2,912
  3,050
  3,195
  3,348
  3,509
  3,679
  3,857
  4,044
  4,241
  4,449
Revenue / Adjusted assets
  1.873
  1.873
  1.872
  1.873
  1.874
  1.872
  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
  207
  213
  219
  227
  234
  243
  252
  262
  272
  283
  295
  307
  321
  335
  350
  365
  382
  399
  418
  438
  458
  480
  503
  527
  552
  579
  607
  636
  667
  700
Working capital, $m
  280
  219
  226
  233
  240
  248
  257
  267
  277
  288
  300
  312
  326
  340
  355
  370
  387
  405
  423
  443
  464
  485
  508
  533
  558
  585
  613
  643
  674
  707
  742
Total debt, $m
  166
  182
  200
  219
  240
  263
  288
  315
  344
  375
  408
  443
  480
  520
  561
  606
  653
  702
  754
  809
  868
  929
  993
  1,061
  1,133
  1,208
  1,288
  1,371
  1,459
  1,551
  1,648
Total liabilities, $m
  600
  616
  634
  653
  674
  697
  722
  749
  778
  809
  842
  877
  914
  954
  995
  1,040
  1,087
  1,136
  1,188
  1,243
  1,302
  1,363
  1,427
  1,495
  1,567
  1,642
  1,722
  1,805
  1,893
  1,985
  2,082
Total equity, $m
  749
  700
  720
  742
  766
  793
  821
  852
  884
  919
  957
  997
  1,039
  1,084
  1,131
  1,182
  1,235
  1,291
  1,351
  1,413
  1,480
  1,549
  1,623
  1,700
  1,781
  1,867
  1,957
  2,052
  2,152
  2,256
  2,367
Total liabilities and equity, $m
  1,349
  1,316
  1,354
  1,395
  1,440
  1,490
  1,543
  1,601
  1,662
  1,728
  1,799
  1,874
  1,953
  2,038
  2,126
  2,222
  2,322
  2,427
  2,539
  2,656
  2,782
  2,912
  3,050
  3,195
  3,348
  3,509
  3,679
  3,857
  4,045
  4,241
  4,449
Debt-to-equity ratio
  0.222
  0.260
  0.280
  0.290
  0.310
  0.330
  0.350
  0.370
  0.390
  0.410
  0.430
  0.440
  0.460
  0.480
  0.500
  0.510
  0.530
  0.540
  0.560
  0.570
  0.590
  0.600
  0.610
  0.620
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
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
  220
  226
  234
  242
  251
  261
  271
  282
  294
  307
  350
  364
  379
  395
  413
  431
  450
  470
  491
  514
  537
  562
  589
  616
  645
  676
  708
  742
  778
  815
Depreciation, amort., depletion, $m
  71
  61
  61
  62
  62
  63
  64
  65
  66
  67
  68
  29
  31
  32
  33
  35
  37
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  64
  67
  70
Funds from operations, $m
  91
  280
  288
  296
  305
  314
  325
  336
  348
  361
  375
  379
  395
  411
  429
  448
  467
  488
  510
  533
  558
  583
  610
  639
  669
  701
  734
  769
  806
  845
  885
Change in working capital, $m
  -89
  6
  6
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
Cash from operations, $m
  180
  275
  281
  289
  297
  306
  316
  327
  338
  350
  363
  367
  381
  397
  414
  432
  451
  470
  491
  514
  537
  561
  587
  615
  644
  674
  706
  739
  775
  812
  851
Maintenance CAPEX, $m
  0
  -20
  -21
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
New CAPEX, $m
  -46
  -4
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
Cash from investing activities, $m
  -87
  -24
  -27
  -28
  -29
  -31
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -82
  -86
  -90
  -95
  -100
Free cash flow, $m
  93
  250
  255
  261
  268
  276
  284
  293
  303
  314
  325
  327
  340
  353
  368
  383
  400
  417
  436
  455
  476
  497
  520
  544
  569
  596
  624
  653
  684
  717
  751
Issuance/(repayment) of debt, $m
  -45
  16
  17
  19
  21
  23
  25
  27
  29
  31
  33
  35
  37
  40
  42
  44
  47
  49
  52
  55
  58
  61
  65
  68
  72
  75
  79
  83
  88
  92
  97
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
  16
  17
  19
  21
  23
  25
  27
  29
  31
  33
  35
  37
  40
  42
  44
  47
  49
  52
  55
  58
  61
  65
  68
  72
  75
  79
  83
  88
  92
  97
Total cash flow (excl. dividends), $m
  4
  266
  272
  280
  289
  299
  309
  320
  332
  345
  358
  362
  377
  393
  410
  428
  447
  467
  488
  510
  534
  558
  584
  612
  641
  671
  703
  737
  772
  809
  848
Retained Cash Flow (-), $m
  -137
  -17
  -20
  -22
  -24
  -26
  -28
  -31
  -33
  -35
  -37
  -40
  -42
  -45
  -48
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
  -110
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
 
  315
  252
  258
  265
  273
  281
  290
  299
  310
  321
  322
  334
  348
  362
  377
  393
  410
  428
  447
  468
  489
  511
  535
  559
  586
  613
  642
  672
  704
  738
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
 
  302
  231
  225
  218
  211
  204
  196
  187
  178
  168
  153
  143
  132
  122
  111
  100
  89
  79
  69
  59
  51
  42
  35
  28
  23
  18
  14
  10
  8
  6
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 5.2
Price to Tangible Book
Price to Cash Flow 21.8
Price to Free Cash Flow 29.3
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 2.6% 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 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 10 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 63.778 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 $3.8 billion.

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COMPANY NEWS

▶ MAXIMUS Schedules Fiscal 2017 Third Quarter Conference Call   [Jul-20-17 06:30AM  Business Wire]
▶ MAXIMUS, Inc. Value Analysis (NYSE:MMS) : July 4, 2017   [Jul-04-17 04:14PM  Capital Cube]
▶ ETFs with exposure to MAXIMUS, Inc. : May 23, 2017   [May-23-17 12:58PM  Capital Cube]
▶ Maximus beats 2Q profit forecasts   [06:55AM  Associated Press]
▶ MAXIMUS Reports Second Quarter Results   [06:30AM  Business Wire]
▶ MAXIMUS, Inc. Value Analysis (NYSE:MMS) : April 25, 2017   [Apr-25-17 04:22PM  Capital Cube]
▶ 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]
Stock chart of MMS Financial statements of MMS Annual reports 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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