Intrinsic value of ePlus - PLUS

Previous Close

$101.50

  Intrinsic Value

$15.00

stock screener

  Rating & Target

str. sell

-85%

Previous close

$101.50

 
Intrinsic value

$15.00

 
Up/down potential

-85%

 
Rating

str. sell

We calculate the intrinsic value of PLUS 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.38
  10.40
  9.86
  9.37
  8.94
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
Revenue, $m
  1,329
  1,467
  1,612
  1,763
  1,921
  2,085
  2,255
  2,433
  2,617
  2,809
  3,008
  3,215
  3,430
  3,654
  3,887
  4,130
  4,382
  4,645
  4,919
  5,205
  5,503
  5,814
  6,139
  6,479
  6,834
  7,205
  7,593
  7,999
  8,424
  8,870
  9,336
Variable operating expenses, $m
 
  1,351
  1,483
  1,622
  1,766
  1,916
  2,073
  2,236
  2,405
  2,580
  2,763
  2,946
  3,144
  3,349
  3,562
  3,784
  4,016
  4,257
  4,508
  4,770
  5,043
  5,328
  5,626
  5,937
  6,263
  6,603
  6,959
  7,331
  7,720
  8,128
  8,555
Fixed operating expenses, $m
 
  17
  18
  18
  19
  19
  19
  20
  20
  21
  21
  22
  22
  23
  23
  24
  24
  25
  25
  26
  26
  27
  27
  28
  29
  29
  30
  31
  31
  32
  33
Total operating expenses, $m
  1,244
  1,368
  1,501
  1,640
  1,785
  1,935
  2,092
  2,256
  2,425
  2,601
  2,784
  2,968
  3,166
  3,372
  3,585
  3,808
  4,040
  4,282
  4,533
  4,796
  5,069
  5,355
  5,653
  5,965
  6,292
  6,632
  6,989
  7,362
  7,751
  8,160
  8,588
Operating income, $m
  86
  99
  111
  123
  136
  149
  163
  177
  192
  208
  224
  247
  265
  283
  302
  322
  342
  364
  386
  409
  434
  459
  486
  514
  543
  573
  605
  638
  673
  709
  748
EBITDA, $m
  98
  113
  125
  138
  152
  166
  181
  196
  212
  228
  246
  264
  282
  302
  322
  343
  365
  387
  411
  436
  462
  489
  517
  547
  577
  610
  644
  679
  716
  755
  795
Interest expense (income), $m
  0
  1
  31
  62
  95
  129
  164
  201
  240
  280
  321
  364
  409
  456
  504
  554
  607
  661
  718
  778
  839
  904
  971
  1,042
  1,115
  1,192
  1,272
  1,356
  1,444
  1,536
  1,632
Earnings before tax, $m
  86
  99
  80
  61
  41
  20
  -1
  -24
  -47
  -72
  -97
  -117
  -144
  -173
  -202
  -233
  -265
  -298
  -332
  -368
  -406
  -445
  -485
  -528
  -572
  -619
  -667
  -718
  -771
  -826
  -885
Tax expense, $m
  35
  27
  22
  16
  11
  5
  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
  51
  72
  58
  45
  30
  15
  -1
  -24
  -47
  -72
  -97
  -117
  -144
  -173
  -202
  -233
  -265
  -298
  -332
  -368
  -406
  -445
  -485
  -528
  -572
  -619
  -667
  -718
  -771
  -826
  -885

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  110
  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
  742
  819
  899
  984
  1,072
  1,163
  1,259
  1,358
  1,461
  1,568
  1,679
  1,794
  1,914
  2,039
  2,169
  2,304
  2,445
  2,592
  2,745
  2,904
  3,071
  3,245
  3,426
  3,615
  3,814
  4,021
  4,237
  4,464
  4,701
  4,950
  5,210
Adjusted assets (=assets-cash), $m
  632
  819
  899
  984
  1,072
  1,163
  1,259
  1,358
  1,461
  1,568
  1,679
  1,794
  1,914
  2,039
  2,169
  2,304
  2,445
  2,592
  2,745
  2,904
  3,071
  3,245
  3,426
  3,615
  3,814
  4,021
  4,237
  4,464
  4,701
  4,950
  5,210
Revenue / Adjusted assets
  2.103
  1.791
  1.793
  1.792
  1.792
  1.793
  1.791
  1.792
  1.791
  1.791
  1.792
  1.792
  1.792
  1.792
  1.792
  1.793
  1.792
  1.792
  1.792
  1.792
  1.792
  1.792
  1.792
  1.792
  1.792
  1.792
  1.792
  1.792
  1.792
  1.792
  1.792
Average production assets, $m
  19
  75
  82
  90
  98
  106
  115
  124
  133
  143
  153
  164
  175
  186
  198
  211
  223
  237
  251
  265
  281
  297
  313
  330
  349
  367
  387
  408
  430
  452
  476
Working capital, $m
  221
  -229
  -251
  -275
  -300
  -325
  -352
  -380
  -408
  -438
  -469
  -502
  -535
  -570
  -606
  -644
  -684
  -725
  -767
  -812
  -858
  -907
  -958
  -1,011
  -1,066
  -1,124
  -1,185
  -1,248
  -1,314
  -1,384
  -1,456
Total debt, $m
  37
  42
  86
  131
  177
  226
  277
  330
  385
  442
  502
  563
  627
  694
  764
  836
  911
  989
  1,071
  1,156
  1,245
  1,338
  1,435
  1,536
  1,642
  1,752
  1,868
  1,989
  2,116
  2,248
  2,387
Total liabilities, $m
  396
  437
  480
  525
  572
  621
  672
  725
  780
  837
  896
  958
  1,022
  1,089
  1,158
  1,231
  1,306
  1,384
  1,466
  1,551
  1,640
  1,733
  1,829
  1,931
  2,036
  2,147
  2,263
  2,384
  2,510
  2,643
  2,782
Total equity, $m
  346
  382
  419
  458
  499
  542
  586
  633
  681
  730
  782
  836
  892
  950
  1,011
  1,074
  1,140
  1,208
  1,279
  1,353
  1,431
  1,512
  1,597
  1,685
  1,777
  1,874
  1,975
  2,080
  2,191
  2,306
  2,428
Total liabilities and equity, $m
  742
  819
  899
  983
  1,071
  1,163
  1,258
  1,358
  1,461
  1,567
  1,678
  1,794
  1,914
  2,039
  2,169
  2,305
  2,446
  2,592
  2,745
  2,904
  3,071
  3,245
  3,426
  3,616
  3,813
  4,021
  4,238
  4,464
  4,701
  4,949
  5,210
Debt-to-equity ratio
  0.107
  0.110
  0.200
  0.280
  0.360
  0.420
  0.470
  0.520
  0.570
  0.610
  0.640
  0.670
  0.700
  0.730
  0.760
  0.780
  0.800
  0.820
  0.840
  0.850
  0.870
  0.880
  0.900
  0.910
  0.920
  0.940
  0.950
  0.960
  0.970
  0.970
  0.980
Adjusted equity ratio
  0.373
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  51
  72
  58
  45
  30
  15
  -1
  -24
  -47
  -72
  -97
  -117
  -144
  -173
  -202
  -233
  -265
  -298
  -332
  -368
  -406
  -445
  -485
  -528
  -572
  -619
  -667
  -718
  -771
  -826
  -885
Depreciation, amort., depletion, $m
  12
  14
  14
  15
  16
  17
  18
  19
  19
  20
  21
  16
  17
  19
  20
  21
  22
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
  48
Funds from operations, $m
  12
  85
  73
  60
  46
  32
  16
  -5
  -28
  -51
  -75
  -101
  -127
  -154
  -182
  -212
  -242
  -274
  -307
  -342
  -378
  -415
  -454
  -495
  -538
  -582
  -629
  -677
  -728
  -781
  -837
Change in working capital, $m
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -61
  -63
  -66
  -69
  -73
Cash from operations, $m
  33
  107
  95
  83
  70
  57
  43
  22
  1
  -21
  -44
  -68
  -93
  -119
  -146
  -174
  -203
  -233
  -264
  -297
  -331
  -367
  -403
  -442
  -482
  -524
  -568
  -614
  -662
  -712
  -764
Maintenance CAPEX, $m
  0
  -7
  -7
  -8
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
New CAPEX, $m
  -19
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
Cash from investing activities, $m
  -26
  -14
  -14
  -16
  -17
  -18
  -20
  -21
  -21
  -23
  -24
  -26
  -27
  -28
  -31
  -32
  -34
  -35
  -38
  -40
  -42
  -44
  -47
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -69
Free cash flow, $m
  7
  93
  80
  67
  53
  39
  24
  2
  -21
  -44
  -69
  -94
  -121
  -148
  -176
  -206
  -237
  -269
  -302
  -337
  -373
  -410
  -450
  -491
  -533
  -578
  -625
  -673
  -724
  -777
  -833
Issuance/(repayment) of debt, $m
  33
  41
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  69
  72
  75
  78
  82
  85
  89
  93
  97
  101
  106
  111
  116
  121
  127
  133
  139
Issuance/(repurchase) of shares, $m
  -30
  0
  0
  0
  11
  28
  46
  70
  95
  121
  149
  171
  200
  231
  263
  296
  330
  366
  403
  443
  483
  526
  570
  616
  665
  715
  768
  824
  882
  942
  1,006
Cash from financing (excl. dividends), $m  
  8
  41
  43
  45
  58
  77
  97
  123
  150
  178
  208
  233
  264
  298
  332
  368
  405
  444
  485
  528
  572
  619
  667
  717
  771
  826
  884
  945
  1,009
  1,075
  1,145
Total cash flow (excl. dividends), $m
  15
  135
  124
  112
  111
  116
  120
  125
  129
  134
  139
  138
  144
  150
  156
  162
  169
  176
  183
  191
  199
  208
  217
  227
  237
  248
  259
  271
  284
  297
  311
Retained Cash Flow (-), $m
  -27
  -36
  -38
  -39
  -41
  -43
  -46
  -70
  -95
  -121
  -149
  -171
  -200
  -231
  -263
  -296
  -330
  -366
  -403
  -443
  -483
  -526
  -570
  -616
  -665
  -715
  -768
  -824
  -882
  -942
  -1,006
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
 
  7
  7
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
Cash available for distribution, $m
 
  99
  86
  73
  70
  73
  74
  55
  34
  13
  -9
  -33
  -56
  -81
  -107
  -134
  -162
  -190
  -220
  -252
  -284
  -318
  -353
  -389
  -428
  -467
  -509
  -552
  -598
  -645
  -694
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
 
  95
  79
  64
  58
  57
  54
  37
  21
  7
  -5
  -15
  -24
  -31
  -36
  -39
  -41
  -41
  -41
  -39
  -36
  -33
  -29
  -26
  -22
  -18
  -15
  -12
  -9
  -7
  -5
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  99.4
  98.1
  96.1
  93.4
  90.1
  86.4
  82.3
  78.1
  73.8
  69.4
  65.1
  60.7
  56.5
  52.4
  48.5
  44.7
  41.1
  37.7
  34.6
  31.6
  28.8
  26.3
  23.9
  21.7
  19.6
  17.8
  16.1

ePlus inc. is a holding company. The Company is engaged in the business of selling, leasing, financing and managing information technology. It operates through two segments: technology and financing. The technology segment sells information technology (IT) hardware products, third-party software and maintenance contracts, its own and third-party professional and managed services, and its software. The financing segment operations primarily consist of the financing of information technology equipment, software and related services. Both segments sell to commercial entities, state and local governments, government contractors and educational institutions. The Company is a provider of IT solutions, which enable organizations to optimize their IT environment and supply chain processes. It delivers and integrates IT products and software from various vendors, and provides private, hybrid, and public cloud solutions.

FINANCIAL RATIOS  of  ePlus (PLUS)

Valuation Ratios
P/E Ratio 28.2
Price to Sales 1.1
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 43.6
Price to Free Cash Flow 102.7
Growth Rates
Sales Growth Rate 10.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -26.9%
Cap. Spend. - 3 Yr. Gr. Rate 4.8%
Financial Strength
Quick Ratio 4
Current Ratio 0.1
LT Debt to Equity 2.9%
Total Debt to Equity 10.7%
Interest Coverage 0
Management Effectiveness
Return On Assets 7.5%
Ret/ On Assets - 3 Yr. Avg. 7.8%
Return On Total Capital 13.6%
Ret/ On T. Cap. - 3 Yr. Avg. 13.4%
Return On Equity 15.3%
Return On Equity - 3 Yr. Avg. 15.8%
Asset Turnover 2
Profitability Ratios
Gross Margin 22.6%
Gross Margin - 3 Yr. Avg. 21.9%
EBITDA Margin 7.4%
EBITDA Margin - 3 Yr. Avg. 7.7%
Operating Margin 6.4%
Oper. Margin - 3 Yr. Avg. 6.3%
Pre-Tax Margin 6.5%
Pre-Tax Margin - 3 Yr. Avg. 6.5%
Net Profit Margin 3.8%
Net Profit Margin - 3 Yr. Avg. 3.9%
Effective Tax Rate 40.7%
Eff/ Tax Rate - 3 Yr. Avg. 40.8%
Payout Ratio 0%

PLUS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PLUS stock intrinsic value calculation we used $1329 million for the last fiscal year's total revenue generated by ePlus. The default revenue input number comes from 2017 income statement of ePlus. 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 PLUS stock valuation model: a) initial revenue growth rate of 10.4% 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 PLUS is calculated based on our internal credit rating of ePlus, 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 ePlus.
    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 PLUS stock the variable cost ratio is equal to 92.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $17 million in the base year in the intrinsic value calculation for PLUS 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 72.6% for ePlus.

Corporate tax rate of 27% is the nominal tax rate for ePlus. 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 PLUS stock is equal to 0.5%.

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 PLUS are equal to 5.1%.

Life of production assets of 10 years is the average useful life of capital assets used in ePlus 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 PLUS is equal to -15.6%. 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 - $346 million for ePlus - 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 14 million for ePlus 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 ePlus at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ ePlus to Sponsor the Protecting New York Summit   [Jul-12-18 08:30AM  GlobeNewswire]
▶ ePlus Announces Suite of Cloud Hosted Services   [Jun-21-18 08:30AM  GlobeNewswire]
▶ ePlus Adds New Member to Board of Directors   [Jun-14-18 08:30AM  GlobeNewswire]
▶ Eplus Earnings Preview   [07:56AM  Benzinga]
▶ ePlus Announces Stock Repurchase Program   [Apr-26-18 08:30AM  GlobeNewswire]
▶ ePlus to Sponsor and Present at the CyberHub Summit   [Apr-19-18 08:30AM  GlobeNewswire]
▶ ePlus Recognized for Excellence in Managed IT Services   [Mar-01-18 08:30AM  GlobeNewswire]
▶ ePlus Launches Enhanced Maintenance Support Customer Portal   [Feb-05-18 08:30AM  GlobeNewswire]
▶ ePlus Becomes AppDynamics Titan Partner   [Dec-14-17 08:30AM  GlobeNewswire]
▶ ePlus Hosts Fast Forward 2017 Conference   [Nov-09-17 08:30AM  GlobeNewswire]
▶ ETFs with exposure to ePlus, Inc. : November 7, 2017   [Nov-07-17 10:38AM  Capital Cube]
▶ ePlus to Lead CISO Panel at Triangle InfoSeCon 2017   [Oct-24-17 08:30AM  GlobeNewswire]
▶ ePlus Presenting at the Rochester Security Summit 2017   [Oct-12-17 08:30AM  GlobeNewswire]
▶ ETFs with exposure to ePlus, Inc. : October 11, 2017   [Oct-11-17 11:58AM  Capital Cube]
▶ ETFs with exposure to ePlus, Inc. : September 26, 2017   [Sep-26-17 11:01AM  Capital Cube]
▶ ePlus Supports Be The Match   [Aug-23-17 08:30AM  GlobeNewswire]
▶ Top Ranked Value Stocks to Buy for August 18th   [Aug-18-17 09:36AM  Zacks]
▶ ePlus Announces Stock Repurchase Program   [08:30AM  GlobeNewswire]
▶ Top Ranked Value Stocks to Buy for August 15th   [Aug-15-17 10:22AM  Zacks]
▶ IGX Global Launches New Responsive Website   [08:30AM  GlobeNewswire]
▶ ePlus Reports First Quarter Financial Results   [Aug-02-17 04:05PM  GlobeNewswire]
▶ ePlus, Inc. Value Analysis (NASDAQ:PLUS) : July 11, 2017   [Jul-11-17 03:42PM  Capital Cube]
▶ ePlus to Exhibit and Present at Cisco Live   [08:30AM  GlobeNewswire]
▶ ePlus Named Intels Server Platform Partner of the Year   [Jun-20-17 08:30AM  GlobeNewswire]
▶ ETFs with exposure to ePlus, Inc. : June 9, 2017   [Jun-09-17 01:52PM  Capital Cube]
▶ ePlus Named to CRNs 2017 Solution Provider 500 List   [Jun-06-17 08:30AM  GlobeNewswire]
▶ ETFs with exposure to ePlus, Inc. : May 30, 2017   [May-30-17 12:38PM  Capital Cube]
▶ ePlus to Acquire OneCloud Consulting   [May-16-17 04:30PM  GlobeNewswire]
▶ ePlus, Inc. Value Analysis (NASDAQ:PLUS) : April 19, 2017   [Apr-19-17 03:13PM  Capital Cube]
▶ ePlus Appoints Mark Kelly as Chief Strategy Officer   [Apr-12-17 08:30AM  GlobeNewswire]
▶ ePlus 2-For-1 Share Split Now Effective   [Apr-03-17 08:30AM  GlobeNewswire]
▶ ePlus Opens New Office in San Diego Area   [Mar-24-17 08:30AM  GlobeNewswire]
▶ ePlus Named Opengears Partner of the Year in North America   [Mar-07-17 08:30AM  GlobeNewswire]
Financial statements of PLUS
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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