Intrinsic value of ePlus - PLUS

Previous Close

$92.40

  Intrinsic Value

$198.30

stock screener

  Rating & Target

str. buy

+115%

Previous close

$92.40

 
Intrinsic value

$198.30

 
Up/down potential

+115%

 
Rating

str. buy

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 2017), $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 1.3

 

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
  22.70
  20.93
  19.34
  17.90
  16.61
  15.45
  14.41
  13.47
  12.62
  11.86
  11.17
  10.55
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
Revenue, $m
  1,329
  1,631
  1,972
  2,353
  2,775
  3,236
  3,736
  4,274
  4,849
  5,461
  6,109
  6,791
  7,508
  8,259
  9,043
  9,861
  10,714
  11,601
  12,523
  13,482
  14,479
  15,514
  16,590
  17,709
  18,872
  20,082
  21,342
  22,653
  24,019
  25,442
  26,926
Variable operating expenses, $m
 
  1,512
  1,828
  2,180
  2,570
  2,996
  3,458
  3,955
  4,487
  5,053
  5,652
  6,278
  6,940
  7,634
  8,359
  9,116
  9,904
  10,724
  11,576
  12,463
  13,384
  14,341
  15,336
  16,370
  17,445
  18,564
  19,728
  20,940
  22,203
  23,518
  24,890
Fixed operating expenses, $m
 
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  16
  16
  16
  17
  17
  18
  18
  18
  19
  19
  20
  20
  21
  21
  22
  23
  23
Total operating expenses, $m
  1,244
  1,523
  1,840
  2,192
  2,582
  3,008
  3,471
  3,968
  4,500
  5,067
  5,666
  6,292
  6,955
  7,649
  8,375
  9,132
  9,920
  10,741
  11,593
  12,481
  13,402
  14,359
  15,355
  16,389
  17,465
  18,584
  19,749
  20,961
  22,225
  23,541
  24,913
Operating income, $m
  86
  107
  133
  161
  193
  227
  265
  305
  348
  394
  443
  499
  553
  609
  668
  730
  794
  860
  930
  1,002
  1,077
  1,155
  1,235
  1,320
  1,407
  1,498
  1,593
  1,691
  1,794
  1,901
  2,013
EBITDA, $m
  98
  116
  143
  172
  205
  241
  280
  321
  366
  414
  464
  517
  573
  631
  692
  756
  822
  891
  963
  1,037
  1,115
  1,196
  1,279
  1,366
  1,457
  1,551
  1,649
  1,751
  1,858
  1,968
  2,084
Interest expense (income), $m
  0
  0
  3
  7
  10
  14
  19
  24
  29
  35
  41
  47
  53
  60
  68
  75
  83
  92
  100
  109
  118
  128
  138
  149
  160
  171
  183
  195
  208
  221
  235
Earnings before tax, $m
  86
  107
  129
  155
  183
  213
  246
  282
  319
  360
  402
  452
  499
  549
  601
  654
  710
  769
  830
  893
  958
  1,026
  1,097
  1,171
  1,248
  1,327
  1,410
  1,497
  1,587
  1,680
  1,778
Tax expense, $m
  35
  29
  35
  42
  49
  58
  66
  76
  86
  97
  109
  122
  135
  148
  162
  177
  192
  208
  224
  241
  259
  277
  296
  316
  337
  358
  381
  404
  428
  454
  480
Net income, $m
  51
  78
  95
  113
  133
  155
  180
  206
  233
  263
  294
  330
  365
  401
  438
  478
  519
  561
  606
  652
  700
  749
  801
  855
  911
  969
  1,029
  1,092
  1,158
  1,227
  1,298

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
  775
  938
  1,119
  1,319
  1,539
  1,776
  2,032
  2,306
  2,597
  2,905
  3,229
  3,570
  3,927
  4,300
  4,689
  5,095
  5,516
  5,955
  6,411
  6,885
  7,377
  7,889
  8,421
  8,974
  9,549
  10,148
  10,772
  11,421
  12,098
  12,804
Adjusted assets (=assets-cash), $m
  632
  775
  938
  1,119
  1,319
  1,539
  1,776
  2,032
  2,306
  2,597
  2,905
  3,229
  3,570
  3,927
  4,300
  4,689
  5,095
  5,516
  5,955
  6,411
  6,885
  7,377
  7,889
  8,421
  8,974
  9,549
  10,148
  10,772
  11,421
  12,098
  12,804
Revenue / Adjusted assets
  2.103
  2.105
  2.102
  2.103
  2.104
  2.103
  2.104
  2.103
  2.103
  2.103
  2.103
  2.103
  2.103
  2.103
  2.103
  2.103
  2.103
  2.103
  2.103
  2.103
  2.103
  2.103
  2.103
  2.103
  2.103
  2.103
  2.103
  2.103
  2.103
  2.103
  2.103
Average production assets, $m
  19
  23
  28
  33
  39
  45
  52
  60
  68
  76
  86
  95
  105
  116
  127
  138
  150
  162
  175
  189
  203
  217
  232
  248
  264
  281
  299
  317
  336
  356
  377
Working capital, $m
  221
  170
  205
  245
  289
  336
  388
  444
  504
  568
  635
  706
  781
  859
  940
  1,026
  1,114
  1,206
  1,302
  1,402
  1,506
  1,613
  1,725
  1,842
  1,963
  2,089
  2,220
  2,356
  2,498
  2,646
  2,800
Total debt, $m
  37
  94
  189
  295
  412
  540
  678
  828
  988
  1,158
  1,337
  1,527
  1,726
  1,934
  2,152
  2,379
  2,616
  2,863
  3,119
  3,385
  3,662
  3,949
  4,248
  4,559
  4,882
  5,218
  5,568
  5,932
  6,311
  6,706
  7,118
Total liabilities, $m
  396
  453
  548
  654
  771
  899
  1,037
  1,187
  1,347
  1,517
  1,696
  1,886
  2,085
  2,293
  2,511
  2,738
  2,975
  3,222
  3,478
  3,744
  4,021
  4,308
  4,607
  4,918
  5,241
  5,577
  5,927
  6,291
  6,670
  7,065
  7,477
Total equity, $m
  346
  323
  390
  466
  549
  640
  739
  845
  959
  1,080
  1,208
  1,343
  1,485
  1,634
  1,789
  1,951
  2,119
  2,295
  2,477
  2,667
  2,864
  3,069
  3,282
  3,503
  3,733
  3,973
  4,222
  4,481
  4,751
  5,033
  5,326
Total liabilities and equity, $m
  742
  776
  938
  1,120
  1,320
  1,539
  1,776
  2,032
  2,306
  2,597
  2,904
  3,229
  3,570
  3,927
  4,300
  4,689
  5,094
  5,517
  5,955
  6,411
  6,885
  7,377
  7,889
  8,421
  8,974
  9,550
  10,149
  10,772
  11,421
  12,098
  12,803
Debt-to-equity ratio
  0.107
  0.290
  0.480
  0.630
  0.750
  0.840
  0.920
  0.980
  1.030
  1.070
  1.110
  1.140
  1.160
  1.180
  1.200
  1.220
  1.230
  1.250
  1.260
  1.270
  1.280
  1.290
  1.290
  1.300
  1.310
  1.310
  1.320
  1.320
  1.330
  1.330
  1.340
Adjusted equity ratio
  0.373
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  51
  78
  95
  113
  133
  155
  180
  206
  233
  263
  294
  330
  365
  401
  438
  478
  519
  561
  606
  652
  700
  749
  801
  855
  911
  969
  1,029
  1,092
  1,158
  1,227
  1,298
Depreciation, amort., depletion, $m
  12
  9
  10
  11
  12
  13
  15
  16
  18
  19
  21
  18
  20
  22
  24
  26
  28
  31
  33
  36
  38
  41
  44
  47
  50
  53
  56
  60
  63
  67
  71
Funds from operations, $m
  12
  87
  105
  124
  145
  169
  194
  222
  251
  282
  315
  348
  384
  422
  462
  504
  547
  592
  639
  687
  738
  790
  845
  902
  961
  1,022
  1,086
  1,152
  1,222
  1,294
  1,369
Change in working capital, $m
  -21
  31
  35
  40
  44
  48
  52
  56
  60
  64
  67
  71
  75
  78
  82
  85
  89
  92
  96
  100
  104
  108
  112
  116
  121
  126
  131
  136
  142
  148
  154
Cash from operations, $m
  33
  56
  69
  84
  102
  121
  142
  166
  191
  218
  247
  277
  310
  344
  381
  419
  458
  500
  543
  588
  634
  683
  733
  785
  840
  896
  955
  1,016
  1,080
  1,146
  1,215
Maintenance CAPEX, $m
  0
  -3
  -4
  -5
  -6
  -7
  -9
  -10
  -11
  -13
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -31
  -33
  -36
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
New CAPEX, $m
  -19
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
Cash from investing activities, $m
  -26
  -7
  -9
  -10
  -12
  -13
  -16
  -18
  -19
  -22
  -23
  -26
  -28
  -31
  -33
  -35
  -38
  -40
  -44
  -46
  -50
  -52
  -56
  -60
  -63
  -67
  -71
  -74
  -79
  -83
  -88
Free cash flow, $m
  7
  48
  60
  74
  89
  107
  127
  148
  172
  197
  224
  251
  282
  314
  348
  383
  420
  459
  499
  541
  585
  630
  677
  726
  776
  829
  884
  941
  1,001
  1,062
  1,127
Issuance/(repayment) of debt, $m
  33
  84
  95
  106
  117
  128
  139
  149
  160
  170
  180
  190
  199
  208
  218
  227
  237
  246
  256
  266
  277
  288
  299
  311
  323
  336
  350
  364
  379
  395
  412
Issuance/(repurchase) of shares, $m
  -30
  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  
  8
  84
  95
  106
  117
  128
  139
  149
  160
  170
  180
  190
  199
  208
  218
  227
  237
  246
  256
  266
  277
  288
  299
  311
  323
  336
  350
  364
  379
  395
  412
Total cash flow (excl. dividends), $m
  15
  132
  155
  180
  206
  235
  266
  298
  331
  367
  404
  441
  481
  523
  566
  611
  657
  705
  755
  807
  861
  917
  976
  1,036
  1,100
  1,165
  1,234
  1,305
  1,380
  1,458
  1,539
Retained Cash Flow (-), $m
  -27
  -60
  -68
  -75
  -83
  -91
  -99
  -106
  -114
  -121
  -128
  -135
  -142
  -148
  -155
  -162
  -169
  -175
  -182
  -190
  -197
  -205
  -213
  -221
  -230
  -239
  -249
  -259
  -270
  -282
  -294
Prev. year cash balance distribution, $m
 
  83
  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
 
  155
  87
  104
  123
  144
  167
  191
  218
  246
  276
  306
  339
  374
  411
  449
  488
  530
  573
  618
  664
  713
  763
  815
  869
  926
  985
  1,046
  1,110
  1,176
  1,245
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
 
  149
  80
  91
  101
  112
  121
  129
  136
  141
  145
  145
  145
  142
  138
  132
  124
  115
  105
  95
  84
  74
  63
  53
  44
  36
  29
  22
  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

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 25.7
Price to Sales 1
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 39.6
Price to Free Cash Flow 93.5
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 22.7% 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 92.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $11 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 1.4%.

Life of production assets of 5.3 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 10.4%. 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 14.177 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 $1.3 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
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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