Intrinsic value of ePlus - PLUS

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$73.35

  Intrinsic Value

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  Value-price divergence*

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

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

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 0.5

 

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, %
  5.34
  9.40
  8.96
  8.56
  8.21
  7.89
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
Revenue, $m
  1,204
  1,317
  1,435
  1,558
  1,686
  1,819
  1,957
  2,101
  2,250
  2,405
  2,566
  2,734
  2,909
  3,090
  3,279
  3,476
  3,681
  3,896
  4,119
  4,352
  4,596
  4,850
  5,116
  5,394
  5,684
  5,989
  6,307
  6,640
  6,989
  7,355
  7,738
Variable operating expenses, $m
 
  1,188
  1,294
  1,404
  1,519
  1,639
  1,763
  1,892
  2,026
  2,165
  2,310
  2,457
  2,613
  2,777
  2,946
  3,123
  3,308
  3,500
  3,701
  3,910
  4,129
  4,358
  4,597
  4,846
  5,108
  5,381
  5,667
  5,966
  6,280
  6,608
  6,952
Fixed operating expenses, $m
 
  44
  45
  46
  47
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
  62
  64
  65
  67
  69
  70
  72
  74
  76
  78
  80
  82
  84
  86
  88
  90
Total operating expenses, $m
  1,128
  1,232
  1,339
  1,450
  1,566
  1,688
  1,813
  1,943
  2,078
  2,219
  2,365
  2,513
  2,671
  2,836
  3,007
  3,185
  3,372
  3,565
  3,768
  3,979
  4,199
  4,430
  4,671
  4,922
  5,186
  5,461
  5,749
  6,050
  6,366
  6,696
  7,042
Operating income, $m
  76
  85
  96
  108
  119
  132
  145
  158
  172
  186
  201
  221
  237
  254
  272
  291
  310
  330
  351
  373
  396
  420
  445
  472
  499
  528
  558
  590
  623
  658
  695
EBITDA, $m
  92
  93
  104
  116
  128
  141
  154
  168
  182
  197
  212
  228
  245
  262
  281
  300
  319
  340
  362
  384
  408
  433
  458
  486
  514
  544
  575
  607
  642
  678
  715
Interest expense (income), $m
  0
  1
  2
  2
  3
  4
  5
  7
  8
  9
  10
  11
  13
  14
  15
  17
  18
  20
  22
  24
  25
  27
  29
  31
  34
  36
  38
  41
  43
  46
  49
Earnings before tax, $m
  76
  85
  95
  105
  116
  127
  139
  151
  164
  177
  191
  210
  225
  240
  257
  274
  291
  310
  329
  349
  371
  393
  416
  440
  466
  492
  520
  549
  580
  612
  646
Tax expense, $m
  31
  23
  26
  28
  31
  34
  38
  41
  44
  48
  52
  57
  61
  65
  69
  74
  79
  84
  89
  94
  100
  106
  112
  119
  126
  133
  140
  148
  157
  165
  174
Net income, $m
  45
  62
  69
  77
  85
  93
  102
  110
  120
  129
  140
  153
  164
  175
  187
  200
  213
  226
  240
  255
  271
  287
  304
  321
  340
  359
  380
  401
  424
  447
  472

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  95
  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
  617
  571
  622
  675
  731
  788
  848
  911
  975
  1,043
  1,112
  1,185
  1,261
  1,339
  1,421
  1,507
  1,596
  1,689
  1,785
  1,886
  1,992
  2,102
  2,217
  2,338
  2,464
  2,596
  2,734
  2,878
  3,030
  3,188
  3,354
Adjusted assets (=assets-cash), $m
  522
  571
  622
  675
  731
  788
  848
  911
  975
  1,043
  1,112
  1,185
  1,261
  1,339
  1,421
  1,507
  1,596
  1,689
  1,785
  1,886
  1,992
  2,102
  2,217
  2,338
  2,464
  2,596
  2,734
  2,878
  3,030
  3,188
  3,354
Revenue / Adjusted assets
  2.307
  2.306
  2.307
  2.308
  2.306
  2.308
  2.308
  2.306
  2.308
  2.306
  2.308
  2.307
  2.307
  2.308
  2.308
  2.307
  2.306
  2.307
  2.308
  2.308
  2.307
  2.307
  2.308
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
Average production assets, $m
  16
  17
  19
  20
  22
  24
  25
  27
  29
  31
  33
  36
  38
  40
  43
  45
  48
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  86
  91
  96
  101
Working capital, $m
  205
  151
  165
  179
  194
  209
  225
  242
  259
  277
  295
  314
  334
  355
  377
  400
  423
  448
  474
  500
  528
  558
  588
  620
  654
  689
  725
  764
  804
  846
  890
Total debt, $m
  47
  44
  71
  98
  127
  157
  188
  220
  253
  288
  324
  362
  401
  442
  484
  528
  574
  622
  672
  724
  779
  836
  895
  958
  1,023
  1,091
  1,162
  1,237
  1,315
  1,397
  1,483
Total liabilities, $m
  298
  295
  322
  349
  378
  408
  439
  471
  504
  539
  575
  613
  652
  693
  735
  779
  825
  873
  923
  975
  1,030
  1,087
  1,146
  1,209
  1,274
  1,342
  1,413
  1,488
  1,566
  1,648
  1,734
Total equity, $m
  319
  276
  300
  326
  353
  381
  410
  440
  471
  504
  537
  572
  609
  647
  687
  728
  771
  816
  862
  911
  962
  1,015
  1,071
  1,129
  1,190
  1,254
  1,320
  1,390
  1,463
  1,540
  1,620
Total liabilities and equity, $m
  617
  571
  622
  675
  731
  789
  849
  911
  975
  1,043
  1,112
  1,185
  1,261
  1,340
  1,422
  1,507
  1,596
  1,689
  1,785
  1,886
  1,992
  2,102
  2,217
  2,338
  2,464
  2,596
  2,733
  2,878
  3,029
  3,188
  3,354
Debt-to-equity ratio
  0.147
  0.160
  0.240
  0.300
  0.360
  0.410
  0.460
  0.500
  0.540
  0.570
  0.600
  0.630
  0.660
  0.680
  0.700
  0.730
  0.740
  0.760
  0.780
  0.790
  0.810
  0.820
  0.840
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
Adjusted equity ratio
  0.429
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  45
  62
  69
  77
  85
  93
  102
  110
  120
  129
  140
  153
  164
  175
  187
  200
  213
  226
  240
  255
  271
  287
  304
  321
  340
  359
  380
  401
  424
  447
  472
Depreciation, amort., depletion, $m
  16
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
Funds from operations, $m
  -28
  69
  77
  85
  93
  102
  111
  120
  130
  140
  150
  160
  172
  183
  196
  209
  222
  236
  251
  266
  282
  299
  317
  335
  355
  375
  396
  418
  442
  466
  492
Change in working capital, $m
  -41
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  37
  38
  40
  42
  44
Cash from operations, $m
  13
  59
  64
  71
  79
  87
  95
  104
  113
  122
  132
  141
  152
  163
  174
  186
  199
  212
  225
  240
  254
  270
  286
  303
  321
  340
  360
  380
  402
  424
  448
Maintenance CAPEX, $m
  0
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
New CAPEX, $m
  -26
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
Cash from investing activities, $m
  -50
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -20
  -22
  -23
  -24
Free cash flow, $m
  -37
  54
  59
  66
  73
  80
  88
  97
  105
  114
  124
  132
  142
  153
  164
  175
  187
  199
  212
  226
  240
  255
  270
  286
  303
  321
  340
  359
  380
  401
  424
Issuance/(repayment) of debt, $m
  45
  25
  26
  28
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  55
  57
  60
  62
  65
  68
  71
  75
  78
  82
  86
Issuance/(repurchase) of shares, $m
  -11
  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  
  55
  25
  26
  28
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  55
  57
  60
  62
  65
  68
  71
  75
  78
  82
  86
Total cash flow (excl. dividends), $m
  19
  79
  85
  93
  102
  110
  119
  129
  139
  149
  160
  170
  181
  193
  206
  219
  233
  247
  262
  278
  295
  312
  330
  349
  369
  389
  411
  434
  458
  483
  510
Retained Cash Flow (-), $m
  -40
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
Prev. year cash balance distribution, $m
 
  67
  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
 
  123
  60
  67
  75
  82
  90
  99
  107
  116
  126
  135
  145
  155
  166
  178
  190
  202
  216
  229
  244
  259
  274
  291
  308
  326
  345
  364
  385
  407
  429
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
 
  118
  55
  59
  62
  64
  66
  67
  67
  67
  66
  64
  62
  59
  56
  52
  48
  44
  40
  35
  31
  27
  23
  19
  16
  13
  10
  8
  6
  4
  3
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

ePlus inc., through its subsidiaries, provides information technology (IT) products and services, flexible leasing and financing solutions, and enterprise supply management in the United States. It operates through two segments, Technology and Financing. The Technology segment sells IT products, including hardware, software, maintenance, software assurance, and services; and offers advanced professional and managed services, such as data center solutions, network services, collaboration and mobility services, managed services, staff augmentation services, server and desktop support, professional services, proprietary services, and project management services. This segment offers OneSource software products, which consist of OneSource IT, an online Web based software portal for customers purchasing IT equipment, software, and services; OneSource Procurement, a Web-based software tool to facilitate procurement of various assets; OneSource Asset Management, a software platform for managing and tracking corporate assets, including vendor maintenance contracts; and OneSource DigitalPaper, a document management software application. The Financing segment specializes in financing arrangements, including direct financing, sales-type and operating leases, notes receivable, and consumption based financing arrangements, as well as underwriting and management of IT equipment and assets. Its financing operations include sales, pricing, credit, contracts, accounting, risk management, and asset management. This segment primarily finances IT equipment comprising accessories and software, communication-related equipment, and medical equipment. The company serves commercial entities, state and local governments, government contractors, and educational institutions. The company was formerly known as MLC Holdings, Inc. and changed its name to ePlus inc. in 1999. ePlus inc. was founded in 1990 and is headquartered in Herndon, Virginia.

FINANCIAL RATIOS  of  ePlus (PLUS)

Valuation Ratios
P/E Ratio 24
Price to Sales 0.9
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 83.1
Price to Free Cash Flow -83.1
Growth Rates
Sales Growth Rate 5.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 116.7%
Cap. Spend. - 3 Yr. Gr. Rate 10.2%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 6%
Total Debt to Equity 14.7%
Interest Coverage 0
Management Effectiveness
Return On Assets 7.6%
Ret/ On Assets - 3 Yr. Avg. 7.6%
Return On Total Capital 12.8%
Ret/ On T. Cap. - 3 Yr. Avg. 12.6%
Return On Equity 15.1%
Return On Equity - 3 Yr. Avg. 15.3%
Asset Turnover 2
Profitability Ratios
Gross Margin 21.8%
Gross Margin - 3 Yr. Avg. 21.2%
EBITDA Margin 7.6%
EBITDA Margin - 3 Yr. Avg. 7.7%
Operating Margin 6.3%
Oper. Margin - 3 Yr. Avg. 6.1%
Pre-Tax Margin 6.3%
Pre-Tax Margin - 3 Yr. Avg. 6.3%
Net Profit Margin 3.7%
Net Profit Margin - 3 Yr. Avg. 3.7%
Effective Tax Rate 40.8%
Eff/ Tax Rate - 3 Yr. Avg. 41.2%
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 $1204 million for the last fiscal year's total revenue generated by ePlus. The default revenue input number comes from 2016 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 9.4% 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 90.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $43 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 3.5% 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%.

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 1.3%.

Life of production assets of 3.3 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 11.5%. 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 - $319 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 7.044 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 $0.5 billion.


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COMPANY NEWS

▶ 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]
▶ ePlus Launches New Responsive Website   [08:30AM  GlobeNewswire]
▶ ePlus Named Major National Partner of the Year by Veeam   [Jan-12-17 08:30AM  GlobeNewswire]
▶ ePlus to Present at 19th Annual Needham Growth Conference   [Jan-11-17 08:30AM  GlobeNewswire]
▶ How ePlus Inc. (PLUS) Stacks Up Against Its Peers   [Dec-12-16 05:17PM  at Insider Monkey]
▶ ePlus Acquires Minneapolis Area IT Solutions Provider   [Dec-06-16 08:30AM  GlobeNewswire]
▶ ePlus Announces Cloud Aggregated Services   [Oct-18-16 08:30AM  GlobeNewswire]
▶ ePlus Announces Stock Repurchase Program   [08:30AM  GlobeNewswire]
▶ ePlus Names Mark P. Marron as Next Chief Executive Officer   [Jul-25-16 04:30PM  GlobeNewswire]
Stock chart of PLUS Financial statements of PLUS Annual reports 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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