Intrinsic value of Nelnet Cl A - NNI

Previous Close

$45.75

  Intrinsic Value

$12.88

stock screener

  Rating & Target

str. sell

-72%

  Value-price divergence*

-27%

Previous close

$45.75

 
Intrinsic value

$12.88

 
Up/down potential

-72%

 
Rating

str. sell

 
Value-price divergence*

-27%

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

We calculate the intrinsic value of NNI 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 1.7

 

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, %
  3.68
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  761
  776
  794
  814
  837
  863
  891
  921
  954
  989
  1,027
  1,068
  1,111
  1,157
  1,206
  1,258
  1,313
  1,372
  1,434
  1,499
  1,568
  1,640
  1,717
  1,798
  1,883
  1,972
  2,067
  2,166
  2,271
  2,381
  2,496
Variable operating expenses, $m
 
  331
  338
  347
  356
  366
  378
  390
  404
  418
  433
  435
  453
  472
  492
  513
  535
  559
  584
  611
  639
  669
  700
  733
  768
  804
  843
  883
  926
  971
  1,018
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
  362
  331
  338
  347
  356
  366
  378
  390
  404
  418
  433
  435
  453
  472
  492
  513
  535
  559
  584
  611
  639
  669
  700
  733
  768
  804
  843
  883
  926
  971
  1,018
Operating income, $m
  399
  445
  456
  468
  481
  496
  513
  531
  550
  571
  594
  632
  658
  685
  714
  745
  778
  813
  849
  888
  929
  972
  1,017
  1,065
  1,115
  1,168
  1,224
  1,283
  1,345
  1,410
  1,479
EBITDA, $m
  522
  471
  482
  494
  508
  524
  541
  559
  579
  600
  623
  648
  674
  702
  732
  764
  797
  833
  870
  910
  952
  996
  1,042
  1,091
  1,143
  1,197
  1,255
  1,315
  1,378
  1,445
  1,515
Interest expense (income), $m
  301
  863
  857
  878
  901
  926
  955
  986
  1,020
  1,057
  1,097
  1,140
  1,185
  1,234
  1,286
  1,341
  1,400
  1,462
  1,528
  1,597
  1,670
  1,748
  1,830
  1,916
  2,007
  2,102
  2,203
  2,309
  2,421
  2,539
  2,662
Earnings before tax, $m
  399
  -418
  -402
  -410
  -419
  -430
  -442
  -455
  -470
  -486
  -503
  -507
  -527
  -549
  -572
  -596
  -622
  -649
  -678
  -709
  -742
  -776
  -813
  -851
  -891
  -934
  -979
  -1,026
  -1,076
  -1,129
  -1,184
Tax expense, $m
  141
  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
Net income, $m
  257
  -418
  -402
  -410
  -419
  -430
  -442
  -455
  -470
  -486
  -503
  -507
  -527
  -549
  -572
  -596
  -622
  -649
  -678
  -709
  -742
  -776
  -813
  -851
  -891
  -934
  -979
  -1,026
  -1,076
  -1,129
  -1,184

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  70
  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
  27,180
  27,722
  28,360
  29,089
  29,907
  30,814
  31,808
  32,892
  34,064
  35,328
  36,683
  38,134
  39,682
  41,329
  43,081
  44,939
  46,908
  48,993
  51,198
  53,527
  55,986
  58,581
  61,318
  64,203
  67,242
  70,444
  73,814
  77,362
  81,095
  85,022
  89,153
Adjusted assets (=assets-cash), $m
  27,110
  27,722
  28,360
  29,089
  29,907
  30,814
  31,808
  32,892
  34,064
  35,328
  36,683
  38,134
  39,682
  41,329
  43,081
  44,939
  46,908
  48,993
  51,198
  53,527
  55,986
  58,581
  61,318
  64,203
  67,242
  70,444
  73,814
  77,362
  81,095
  85,022
  89,153
Revenue / Adjusted assets
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
  0.028
Average production assets, $m
  112
  114
  117
  120
  123
  127
  131
  135
  140
  145
  151
  157
  163
  170
  177
  185
  193
  202
  211
  220
  230
  241
  252
  264
  277
  290
  304
  318
  334
  350
  367
Working capital, $m
  0
  -71
  -73
  -75
  -77
  -79
  -82
  -85
  -88
  -91
  -94
  -98
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -165
  -173
  -181
  -190
  -199
  -209
  -219
  -230
Total debt, $m
  24,668
  24,500
  25,074
  25,730
  26,466
  27,282
  28,178
  29,152
  30,208
  31,345
  32,565
  33,870
  35,263
  36,746
  38,323
  39,995
  41,768
  43,644
  45,628
  47,724
  49,938
  52,273
  54,736
  57,333
  60,068
  62,949
  65,983
  69,176
  72,535
  76,070
  79,788
Total liabilities, $m
  25,118
  24,950
  25,524
  26,180
  26,916
  27,732
  28,628
  29,602
  30,658
  31,795
  33,015
  34,320
  35,713
  37,196
  38,773
  40,445
  42,218
  44,094
  46,078
  48,174
  50,388
  52,723
  55,186
  57,783
  60,518
  63,399
  66,433
  69,626
  72,985
  76,520
  80,238
Total equity, $m
  2,062
  2,772
  2,836
  2,909
  2,991
  3,081
  3,181
  3,289
  3,406
  3,533
  3,668
  3,813
  3,968
  4,133
  4,308
  4,494
  4,691
  4,899
  5,120
  5,353
  5,599
  5,858
  6,132
  6,420
  6,724
  7,044
  7,381
  7,736
  8,109
  8,502
  8,915
Total liabilities and equity, $m
  27,180
  27,722
  28,360
  29,089
  29,907
  30,813
  31,809
  32,891
  34,064
  35,328
  36,683
  38,133
  39,681
  41,329
  43,081
  44,939
  46,909
  48,993
  51,198
  53,527
  55,987
  58,581
  61,318
  64,203
  67,242
  70,443
  73,814
  77,362
  81,094
  85,022
  89,153
Debt-to-equity ratio
  11.963
  8.840
  8.840
  8.850
  8.850
  8.850
  8.860
  8.860
  8.870
  8.870
  8.880
  8.880
  8.890
  8.890
  8.900
  8.900
  8.900
  8.910
  8.910
  8.920
  8.920
  8.920
  8.930
  8.930
  8.930
  8.940
  8.940
  8.940
  8.940
  8.950
  8.950
Adjusted equity ratio
  0.073
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  257
  -418
  -402
  -410
  -419
  -430
  -442
  -455
  -470
  -486
  -503
  -507
  -527
  -549
  -572
  -596
  -622
  -649
  -678
  -709
  -742
  -776
  -813
  -851
  -891
  -934
  -979
  -1,026
  -1,076
  -1,129
  -1,184
Depreciation, amort., depletion, $m
  123
  26
  26
  27
  27
  27
  28
  28
  29
  29
  30
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  37
Funds from operations, $m
  339
  -392
  -375
  -383
  -392
  -403
  -414
  -427
  -441
  -457
  -474
  -492
  -511
  -532
  -554
  -577
  -603
  -629
  -657
  -687
  -719
  -752
  -787
  -825
  -864
  -905
  -949
  -995
  -1,043
  -1,094
  -1,147
Change in working capital, $m
  14
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
Cash from operations, $m
  325
  -391
  -374
  -381
  -390
  -400
  -412
  -424
  -438
  -454
  -470
  -488
  -507
  -528
  -549
  -573
  -597
  -624
  -652
  -681
  -712
  -745
  -780
  -817
  -856
  -897
  -940
  -985
  -1,033
  -1,084
  -1,137
Maintenance CAPEX, $m
  0
  -11
  -11
  -12
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
New CAPEX, $m
  -68
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
Cash from investing activities, $m
  3,259
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -19
  -19
  -21
  -21
  -22
  -23
  -24
  -26
  -26
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
Free cash flow, $m
  3,584
  -405
  -388
  -396
  -405
  -416
  -428
  -442
  -457
  -473
  -490
  -509
  -529
  -551
  -574
  -598
  -624
  -652
  -681
  -712
  -745
  -779
  -816
  -854
  -895
  -938
  -983
  -1,030
  -1,080
  -1,133
  -1,189
Issuance/(repayment) of debt, $m
  -3,484
  -168
  574
  656
  736
  816
  895
  975
  1,055
  1,137
  1,220
  1,305
  1,393
  1,483
  1,576
  1,673
  1,772
  1,876
  1,984
  2,096
  2,213
  2,336
  2,463
  2,596
  2,735
  2,881
  3,033
  3,193
  3,360
  3,535
  3,718
Issuance/(repurchase) of shares, $m
  -68
  1,129
  466
  483
  501
  521
  542
  564
  587
  612
  639
  652
  682
  714
  747
  782
  819
  858
  899
  942
  988
  1,036
  1,086
  1,139
  1,195
  1,254
  1,316
  1,381
  1,450
  1,521
  1,597
Cash from financing (excl. dividends), $m  
  -3,558
  961
  1,040
  1,139
  1,237
  1,337
  1,437
  1,539
  1,642
  1,749
  1,859
  1,957
  2,075
  2,197
  2,323
  2,455
  2,591
  2,734
  2,883
  3,038
  3,201
  3,372
  3,549
  3,735
  3,930
  4,135
  4,349
  4,574
  4,810
  5,056
  5,315
Total cash flow (excl. dividends), $m
  27
  556
  652
  743
  832
  920
  1,008
  1,097
  1,186
  1,277
  1,369
  1,449
  1,546
  1,646
  1,749
  1,856
  1,967
  2,082
  2,202
  2,327
  2,457
  2,592
  2,734
  2,882
  3,036
  3,198
  3,367
  3,544
  3,729
  3,923
  4,126
Retained Cash Flow (-), $m
  -178
  -1,129
  -466
  -483
  -501
  -521
  -542
  -564
  -587
  -612
  -639
  -652
  -682
  -714
  -747
  -782
  -819
  -858
  -899
  -942
  -988
  -1,036
  -1,086
  -1,139
  -1,195
  -1,254
  -1,316
  -1,381
  -1,450
  -1,521
  -1,597
Prev. year cash balance distribution, $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 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
 
  -573
  186
  260
  331
  400
  467
  533
  599
  664
  730
  796
  864
  932
  1,003
  1,074
  1,148
  1,225
  1,303
  1,385
  1,469
  1,556
  1,647
  1,742
  1,841
  1,943
  2,051
  2,163
  2,279
  2,402
  2,529
Discount rate, %
 
  14.80
  15.54
  16.32
  17.13
  17.99
  18.89
  19.83
  20.83
  21.87
  22.96
  24.11
  25.31
  26.58
  27.91
  29.30
  30.77
  32.31
  33.92
  35.62
  37.40
  39.27
  41.23
  43.29
  45.46
  47.73
  50.12
  52.62
  55.26
  58.02
  60.92
PV of cash for distribution, $m
 
  -499
  139
  165
  176
  175
  165
  150
  132
  112
  92
  74
  58
  44
  32
  23
  16
  10
  7
  4
  3
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  60.1
  49.9
  41.4
  34.3
  28.3
  23.3
  19.2
  15.8
  13.0
  10.6
  8.7
  7.2
  5.9
  4.8
  4.0
  3.2
  2.7
  2.2
  1.8
  1.5
  1.2
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2

Nelnet, Inc. provides education related products and services, and student loan asset management services in the United States and internationally. The company’s Student Loan and Guaranty Servicing segment is involved in loan servicing activities, such as loan conversion, application processing, borrower updates, customer service, payment processing, due diligence procedures, funds management reconciliation, and claim processing activities for the company’s student loan portfolio, as well as for third-party clients. This segment also provides software and data center, borrower and loan updates, default aversion tracking, and post-default collection services for guarantee agencies; and contact center solutions, as well as licenses student loan servicing software to third-party student loan holders and servicers. Its Tuition Payment Processing and Campus Commerce segment offers products and services to help students and families to manage the payment of education costs at various levels; school information system software; and education-focused technologies, services, and support solutions to schools for collecting and processing commerce data. It also serves K-12 schools, higher education institutions, and colleges and universities. The company’s Asset Generation and Management segment engages in the acquisition, management, and ownership of the company’s student loan assets. Its Telecommunications segment provide high-speed Internet access, data connectivity, Internet protocol television video, high-definition television, and video on demand services, as well as digital video recorders to residential and business customers; and local calling and long-distance telephone services. This segment offers its services through direct marketing, call centers, sales representatives, and communication centers, as well as through its Website. The company also provides investment advisory services. The company was founded in 1978 and is headquartered in Lincoln, Nebraska.

FINANCIAL RATIOS  of  Nelnet Cl A (NNI)

Valuation Ratios
P/E Ratio 7.5
Price to Sales 2.5
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 5.9
Price to Free Cash Flow 7.5
Growth Rates
Sales Growth Rate 3.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 300%
Cap. Spend. - 3 Yr. Gr. Rate 32%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 1196.3%
Total Debt to Equity 1196.3%
Interest Coverage 2
Management Effectiveness
Return On Assets 1.6%
Ret/ On Assets - 3 Yr. Avg. 1.5%
Return On Total Capital 0.9%
Ret/ On T. Cap. - 3 Yr. Avg. 1%
Return On Equity 13%
Return On Equity - 3 Yr. Avg. 15.8%
Asset Turnover 0
Profitability Ratios
Gross Margin 49%
Gross Margin - 3 Yr. Avg. 56.5%
EBITDA Margin 108.1%
EBITDA Margin - 3 Yr. Avg. 108.2%
Operating Margin 52.4%
Oper. Margin - 3 Yr. Avg. 58.7%
Pre-Tax Margin 52.4%
Pre-Tax Margin - 3 Yr. Avg. 58.7%
Net Profit Margin 33.8%
Net Profit Margin - 3 Yr. Avg. 37.9%
Effective Tax Rate 35.3%
Eff/ Tax Rate - 3 Yr. Avg. 35.3%
Payout Ratio 8.2%

NNI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NNI stock intrinsic value calculation we used $761 million for the last fiscal year's total revenue generated by Nelnet Cl A. The default revenue input number comes from 2016 income statement of Nelnet Cl A. 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 NNI stock valuation model: a) initial revenue growth rate of 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 14.8%, whose default value for NNI is calculated based on our internal credit rating of Nelnet Cl A, 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 Nelnet Cl A.
    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 NNI stock the variable cost ratio is equal to 42.7%.

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 NNI 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 Nelnet Cl A.

Corporate tax rate of 27% is the nominal tax rate for Nelnet Cl A. 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 NNI 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 NNI are equal to 14.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Nelnet Cl A 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 NNI is equal to -9.2%. 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 - $2062 million for Nelnet Cl A - 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 37.181 million for Nelnet Cl A 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 Nelnet Cl A at the current share price and the inputted number of shares is $1.7 billion.

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COMPANY NEWS

▶ Nelnet posts 2Q profit   [Aug-08-17 12:00AM  Associated Press]
▶ Nelnet Reports Second Quarter 2017 Results   [Aug-07-17 04:15PM  PR Newswire]
▶ Nelnet to Announce Second Quarter Results on August 7   [Jul-14-17 07:00AM  PR Newswire]
▶ ETFs with exposure to Nelnet, Inc. : July 3, 2017   [Jul-03-17 03:31PM  Capital Cube]
▶ Student loan servicer fights back as states eye protections   [Jun-20-17 09:23PM  Associated Press]
▶ ETFs with exposure to Nelnet, Inc. : June 13, 2017   [Jun-13-17 12:46PM  Capital Cube]
▶ Nelnet posts 1Q profit   [May-08-17 05:08PM  Associated Press]
▶ Nelnet Reports First Quarter 2017 Results   [04:15PM  PR Newswire]
▶ Nelnet to Announce First Quarter Results on May 8   [Apr-14-17 05:00PM  PR Newswire]
▶ Nelnet posts 4Q profit   [Feb-27-17 05:10PM  Associated Press]
▶ Nelnet Board Approves Dividend   [Feb-03-17 04:15PM  PR Newswire]
▶ Hedge Funds Are Buying Trex Company Inc (TREX)   [Dec-12-16 02:51AM  at Insider Monkey]
▶ How HMS Holdings Corp (HMSY) Stacks Up Against Its Peers   [Nov-28-16 10:05PM  at Insider Monkey]
▶ Nelnet Reports Third Quarter 2016 Results   [04:15PM  PR Newswire]
▶ Nelnet Reschedules Release of Third Quarter Results   [Nov-03-16 04:41PM  PR Newswire]
▶ Nelnet to Announce Third Quarter Results   [Oct-06-16 04:50PM  PR Newswire]
▶ Nelnet Reports Second Quarter 2016 Results   [Aug-04-16 05:10PM  PR Newswire]
▶ Nelnet to Announce Second Quarter Results   [Jul-15-16 11:52AM  PR Newswire]
▶ Nelnet Reports First Quarter 2016 Results   [04:15PM  PR Newswire]
▶ Nelnet to Announce First Quarter Results   [Apr-11-16 04:45PM  PR Newswire]
Financial statements of NNI
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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