Intrinsic value of Pegasystems - PEGA

Previous Close

$54.50

  Intrinsic Value

$39.28

stock screener

  Rating & Target

sell

-28%

  Value-price divergence*

-156%

Previous close

$54.50

 
Intrinsic value

$39.28

 
Up/down potential

-28%

 
Rating

sell

 
Value-price divergence*

-156%

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

We calculate the intrinsic value of PEGA 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 4.2

 

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, %
  9.81
  24.60
  22.64
  20.88
  19.29
  17.86
  16.57
  15.42
  14.37
  13.44
  12.59
  11.83
  11.15
  10.54
  9.98
  9.48
  9.04
  8.63
  8.27
  7.94
  7.65
  7.38
  7.14
  6.93
  6.74
  6.56
  6.41
  6.27
  6.14
  6.03
  5.92
Revenue, $m
  750
  935
  1,146
  1,385
  1,653
  1,948
  2,270
  2,620
  2,997
  3,400
  3,828
  4,281
  4,758
  5,260
  5,785
  6,333
  6,906
  7,502
  8,122
  8,767
  9,438
  10,134
  10,858
  11,611
  12,393
  13,207
  14,053
  14,933
  15,850
  16,805
  17,801
Variable operating expenses, $m
 
  844
  1,033
  1,248
  1,487
  1,751
  2,040
  2,353
  2,691
  3,051
  3,434
  3,833
  4,260
  4,709
  5,179
  5,670
  6,182
  6,716
  7,271
  7,849
  8,449
  9,073
  9,721
  10,395
  11,095
  11,823
  12,581
  13,369
  14,190
  15,045
  15,936
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
  713
  844
  1,033
  1,248
  1,487
  1,751
  2,040
  2,353
  2,691
  3,051
  3,434
  3,833
  4,260
  4,709
  5,179
  5,670
  6,182
  6,716
  7,271
  7,849
  8,449
  9,073
  9,721
  10,395
  11,095
  11,823
  12,581
  13,369
  14,190
  15,045
  15,936
Operating income, $m
  38
  91
  113
  138
  166
  197
  230
  267
  307
  349
  394
  448
  498
  551
  606
  663
  723
  786
  851
  918
  988
  1,061
  1,137
  1,216
  1,298
  1,383
  1,472
  1,564
  1,660
  1,760
  1,864
EBITDA, $m
  62
  107
  131
  159
  189
  223
  260
  300
  343
  389
  438
  490
  545
  602
  662
  725
  790
  858
  929
  1,003
  1,080
  1,160
  1,243
  1,329
  1,418
  1,511
  1,608
  1,709
  1,814
  1,923
  2,037
Interest expense (income), $m
  0
  0
  3
  6
  9
  13
  18
  23
  28
  33
  39
  46
  53
  60
  67
  75
  83
  92
  100
  110
  119
  129
  140
  150
  162
  173
  185
  198
  211
  225
  239
Earnings before tax, $m
  35
  91
  110
  132
  156
  183
  213
  245
  279
  315
  354
  403
  446
  491
  539
  588
  640
  694
  750
  809
  869
  932
  998
  1,066
  1,136
  1,210
  1,287
  1,366
  1,449
  1,535
  1,626
Tax expense, $m
  8
  24
  30
  36
  42
  49
  57
  66
  75
  85
  96
  109
  120
  133
  145
  159
  173
  187
  203
  218
  235
  252
  269
  288
  307
  327
  347
  369
  391
  415
  439
Net income, $m
  27
  66
  80
  96
  114
  134
  155
  179
  204
  230
  259
  294
  325
  359
  393
  430
  467
  507
  548
  590
  635
  680
  728
  778
  830
  883
  939
  997
  1,058
  1,121
  1,187

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  134
  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
  655
  649
  796
  962
  1,148
  1,353
  1,577
  1,820
  2,081
  2,361
  2,658
  2,973
  3,304
  3,653
  4,017
  4,398
  4,796
  5,210
  5,640
  6,088
  6,554
  7,038
  7,541
  8,063
  8,606
  9,171
  9,759
  10,370
  11,007
  11,670
  12,362
Adjusted assets (=assets-cash), $m
  521
  649
  796
  962
  1,148
  1,353
  1,577
  1,820
  2,081
  2,361
  2,658
  2,973
  3,304
  3,653
  4,017
  4,398
  4,796
  5,210
  5,640
  6,088
  6,554
  7,038
  7,541
  8,063
  8,606
  9,171
  9,759
  10,370
  11,007
  11,670
  12,362
Revenue / Adjusted assets
  1.440
  1.441
  1.440
  1.440
  1.440
  1.440
  1.439
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
Average production assets, $m
  73
  91
  111
  134
  160
  189
  220
  254
  291
  330
  371
  415
  462
  510
  561
  614
  670
  728
  788
  850
  915
  983
  1,053
  1,126
  1,202
  1,281
  1,363
  1,449
  1,537
  1,630
  1,727
Working capital, $m
  138
  5
  6
  7
  8
  10
  11
  13
  15
  17
  19
  21
  24
  26
  29
  32
  35
  38
  41
  44
  47
  51
  54
  58
  62
  66
  70
  75
  79
  84
  89
Total debt, $m
  0
  78
  168
  270
  383
  509
  646
  795
  955
  1,126
  1,308
  1,500
  1,703
  1,916
  2,140
  2,373
  2,616
  2,869
  3,133
  3,407
  3,692
  3,988
  4,296
  4,616
  4,948
  5,294
  5,653
  6,028
  6,417
  6,823
  7,246
Total liabilities, $m
  319
  397
  487
  589
  702
  828
  965
  1,114
  1,274
  1,445
  1,627
  1,819
  2,022
  2,235
  2,459
  2,692
  2,935
  3,188
  3,452
  3,726
  4,011
  4,307
  4,615
  4,935
  5,267
  5,613
  5,972
  6,347
  6,736
  7,142
  7,565
Total equity, $m
  336
  252
  309
  373
  445
  525
  612
  706
  808
  916
  1,031
  1,154
  1,282
  1,417
  1,559
  1,707
  1,861
  2,021
  2,188
  2,362
  2,543
  2,731
  2,926
  3,129
  3,339
  3,558
  3,786
  4,024
  4,271
  4,528
  4,796
Total liabilities and equity, $m
  655
  649
  796
  962
  1,147
  1,353
  1,577
  1,820
  2,082
  2,361
  2,658
  2,973
  3,304
  3,652
  4,018
  4,399
  4,796
  5,209
  5,640
  6,088
  6,554
  7,038
  7,541
  8,064
  8,606
  9,171
  9,758
  10,371
  11,007
  11,670
  12,361
Debt-to-equity ratio
  0.000
  0.310
  0.540
  0.720
  0.860
  0.970
  1.060
  1.130
  1.180
  1.230
  1.270
  1.300
  1.330
  1.350
  1.370
  1.390
  1.410
  1.420
  1.430
  1.440
  1.450
  1.460
  1.470
  1.480
  1.480
  1.490
  1.490
  1.500
  1.500
  1.510
  1.510
Adjusted equity ratio
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  27
  66
  80
  96
  114
  134
  155
  179
  204
  230
  259
  294
  325
  359
  393
  430
  467
  507
  548
  590
  635
  680
  728
  778
  830
  883
  939
  997
  1,058
  1,121
  1,187
Depreciation, amort., depletion, $m
  24
  16
  18
  21
  23
  26
  29
  33
  36
  40
  44
  42
  46
  51
  56
  61
  67
  73
  79
  85
  92
  98
  105
  113
  120
  128
  136
  145
  154
  163
  173
Funds from operations, $m
  -4
  82
  99
  117
  137
  160
  185
  211
  240
  270
  303
  335
  372
  410
  449
  491
  534
  579
  626
  675
  726
  779
  834
  891
  950
  1,011
  1,075
  1,142
  1,212
  1,284
  1,359
Change in working capital, $m
  -44
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
Cash from operations, $m
  40
  82
  98
  116
  136
  159
  183
  209
  238
  268
  301
  333
  369
  407
  447
  488
  531
  577
  623
  672
  723
  775
  830
  887
  946
  1,007
  1,071
  1,138
  1,207
  1,279
  1,354
Maintenance CAPEX, $m
  0
  -7
  -9
  -11
  -13
  -16
  -19
  -22
  -25
  -29
  -33
  -37
  -42
  -46
  -51
  -56
  -61
  -67
  -73
  -79
  -85
  -92
  -98
  -105
  -113
  -120
  -128
  -136
  -145
  -154
  -163
New CAPEX, $m
  -19
  -18
  -21
  -23
  -26
  -29
  -31
  -34
  -37
  -39
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -93
  -97
Cash from investing activities, $m
  -7
  -25
  -30
  -34
  -39
  -45
  -50
  -56
  -62
  -68
  -75
  -81
  -88
  -95
  -102
  -109
  -117
  -125
  -133
  -142
  -150
  -160
  -168
  -178
  -189
  -199
  -210
  -221
  -234
  -247
  -260
Free cash flow, $m
  33
  57
  68
  82
  97
  114
  133
  154
  176
  200
  226
  252
  281
  312
  345
  379
  415
  452
  490
  531
  573
  616
  661
  709
  757
  808
  861
  916
  973
  1,033
  1,095
Issuance/(repayment) of debt, $m
  0
  78
  90
  102
  114
  125
  137
  149
  160
  171
  182
  193
  203
  213
  223
  233
  243
  253
  264
  274
  285
  296
  308
  320
  332
  346
  360
  374
  390
  406
  423
Issuance/(repurchase) of shares, $m
  -43
  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  
  -43
  78
  90
  102
  114
  125
  137
  149
  160
  171
  182
  193
  203
  213
  223
  233
  243
  253
  264
  274
  285
  296
  308
  320
  332
  346
  360
  374
  390
  406
  423
Total cash flow (excl. dividends), $m
  -13
  135
  158
  183
  210
  239
  270
  302
  336
  372
  408
  445
  484
  525
  568
  612
  658
  705
  754
  805
  858
  912
  969
  1,028
  1,090
  1,154
  1,221
  1,290
  1,363
  1,439
  1,518
Retained Cash Flow (-), $m
  -13
  -50
  -57
  -64
  -72
  -80
  -87
  -94
  -101
  -109
  -115
  -122
  -129
  -135
  -141
  -148
  -154
  -161
  -167
  -174
  -181
  -188
  -195
  -203
  -211
  -219
  -228
  -237
  -247
  -257
  -268
Prev. year cash balance distribution, $m
 
  134
  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
 
  219
  101
  119
  138
  160
  183
  208
  235
  263
  293
  323
  356
  390
  427
  464
  504
  544
  587
  631
  677
  725
  774
  826
  879
  935
  993
  1,053
  1,116
  1,181
  1,250
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
 
  210
  92
  103
  114
  124
  133
  140
  147
  151
  154
  153
  152
  148
  143
  136
  128
  118
  108
  97
  86
  75
  64
  54
  45
  36
  29
  23
  17
  13
  9
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

Pegasystems, Inc. develops, markets, licenses, and supports software to automate complex and changing business processes in the United States and internationally. Pegasystems, Inc. develops, markets, licenses, and software applications for marketing, sales, service, and operations in the United States and internationally. It provides Pega Platform, a platform that enables clients to build enterprise applications. The company also offers customer relationship management applications, including Pega Marketing that enable enterprises to enhance customer experiences across inbound and outbound channels; Pega sales automation applications to automate and manage the sales process from prospecting to product fulfillment; Pega customer service applications to contact center desktop, case management for customer service, mobile field service, digital, self-service, and industry specific processes and data models; and operations applications to support exceptions and investigations, order fulfillment, claims processing, insurance underwriting, and product development, as well as risk, fraud, and compliance management. In addition, it provides Pega Cloud to develop, test, and deploy its software applications using an Internet-based infrastructure; consulting and implementation support, training, and technical support services. The company primarily markets its software and services to financial services, healthcare, insurance, communications and media, public sector, manufacturing, life sciences, and other markets through a direct sales force, as well as through partnerships with technology providers and application developers. Pegasystems, Inc. was founded in 1983 and is headquartered in Cambridge, Massachusetts.

FINANCIAL RATIOS  of  Pegasystems (PEGA)

Valuation Ratios
P/E Ratio 154.6
Price to Sales 5.6
Price to Book 12.4
Price to Tangible Book
Price to Cash Flow 104.4
Price to Free Cash Flow 198.8
Growth Rates
Sales Growth Rate 9.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 72.7%
Cap. Spend. - 3 Yr. Gr. Rate 25.9%
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 4.2%
Ret/ On Assets - 3 Yr. Avg. 5.3%
Return On Total Capital 8.2%
Ret/ On T. Cap. - 3 Yr. Avg. 10.5%
Return On Equity 8.2%
Return On Equity - 3 Yr. Avg. 10.5%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 68.1%
Gross Margin - 3 Yr. Avg. 68.5%
EBITDA Margin 7.9%
EBITDA Margin - 3 Yr. Avg. 10.7%
Operating Margin 4.9%
Oper. Margin - 3 Yr. Avg. 7.8%
Pre-Tax Margin 4.7%
Pre-Tax Margin - 3 Yr. Avg. 7.2%
Net Profit Margin 3.6%
Net Profit Margin - 3 Yr. Avg. 4.8%
Effective Tax Rate 22.9%
Eff/ Tax Rate - 3 Yr. Avg. 31.7%
Payout Ratio 33.3%

PEGA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PEGA stock intrinsic value calculation we used $750 million for the last fiscal year's total revenue generated by Pegasystems. The default revenue input number comes from 2016 income statement of Pegasystems. 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 PEGA stock valuation model: a) initial revenue growth rate of 24.6% 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 PEGA is calculated based on our internal credit rating of Pegasystems, 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 Pegasystems.
    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 PEGA stock the variable cost ratio is equal to 90.5%.

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 PEGA 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 Pegasystems.

Corporate tax rate of 27% is the nominal tax rate for Pegasystems. 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 PEGA 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 PEGA are equal to 9.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Pegasystems 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 PEGA is equal to 0.5%. 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 - $336 million for Pegasystems - 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 76.991 million for Pegasystems 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 Pegasystems at the current share price and the inputted number of shares is $4.2 billion.

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COMPANY NEWS

▶ 5 High-Flying Stocks You Should Buy Anyway   [Aug-14-17 03:12PM  Motley Fool]
▶ Why Pegasystems Inc. Stock Fell 11% Today   [Aug-10-17 04:52PM  Motley Fool]
▶ Pegasystems posts 2Q profit   [12:03AM  Associated Press]
▶ Pegasystems Announces Second Quarter 2017 Financial Results   [Aug-09-17 04:02PM  GlobeNewswire]
▶ ETFs with exposure to Pegasystems, Inc. : August 1, 2017   [Aug-01-17 05:06PM  Capital Cube]
▶ ETFs with exposure to Pegasystems, Inc. : July 13, 2017   [Jul-13-17 04:27PM  Capital Cube]
▶ Is This Soaring Software Stock Setting Up To Keep Climbing?   [10:54AM  Investor's Business Daily]
▶ ETFs with exposure to Pegasystems, Inc. : July 3, 2017   [Jul-03-17 03:41PM  Capital Cube]
▶ ETFs with exposure to Pegasystems, Inc. : June 19, 2017   [Jun-19-17 03:55PM  Capital Cube]
▶ Pegasystems Announces Quarterly Cash Dividend   [Jun-15-17 04:30PM  GlobeNewswire]
▶ Why Pegasystems Stock Jumped 27% in May   [Jun-08-17 07:43PM  Motley Fool]
▶ Pegasystems Extends Current Share Repurchase Program   [May-30-17 05:28PM  GlobeNewswire]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [May-25-17 12:22PM  Investor's Business Daily]
▶ Pegasystems Sees Its Composite Rating Rise To 96   [12:20PM  Investor's Business Daily]
▶ What Happened in the Stock Market Today   [05:02PM  Motley Fool]
▶ Why Pegasystems Inc. Stock Popped Today   [01:28PM  Motley Fool]
▶ Pegasystems posts 1Q profit   [May-10-17 04:34PM  Associated Press]
▶ Sprint CEO Marcelo Claure to Keynote at PegaWorld 2017   [Mar-27-17 09:00AM  Marketwired]
▶ Pegasystems Announces Quarterly Cash Dividend   [Mar-15-17 04:05PM  Marketwired]
▶ IBM, GM Price Targets Hiked; Delta's Is Shaved   [Mar-07-17 04:10PM  Investor's Business Daily]
▶ Pegasystems posts 4Q profit   [04:51PM  AP]
▶ Pegasystems to Present at Upcoming Investor Conferences   [Feb-22-17 04:05PM  Marketwired]
▶ Pegasystems Named Watchlist Winner in 2017 CRM Watchlist   [Feb-06-17 10:00AM  Marketwired]
Stock chart of PEGA Financial statements of PEGA
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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