Intrinsic value of PRA Group - PRAA

Previous Close

$30.35

  Intrinsic Value

$31.95

stock screener

  Rating & Target

hold

+5%

  Value-price divergence*

-4%

Previous close

$30.35

 
Intrinsic value

$31.95

 
Up/down potential

+5%

 
Rating

hold

 
Value-price divergence*

-4%

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

We calculate the intrinsic value of PRAA 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 1.4

 

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, %
  -11.78
  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
  831
  848
  867
  889
  914
  942
  973
  1,006
  1,042
  1,080
  1,122
  1,166
  1,213
  1,264
  1,317
  1,374
  1,434
  1,498
  1,565
  1,637
  1,712
  1,791
  1,875
  1,963
  2,056
  2,154
  2,257
  2,365
  2,480
  2,600
  2,726
Variable operating expenses, $m
 
  113
  115
  117
  118
  121
  123
  125
  128
  131
  134
  87
  91
  95
  99
  103
  107
  112
  117
  122
  128
  134
  140
  147
  154
  161
  169
  177
  186
  195
  204
Fixed operating expenses, $m
 
  532
  545
  559
  573
  587
  602
  617
  632
  648
  664
  681
  698
  715
  733
  752
  770
  790
  809
  830
  850
  872
  893
  916
  939
  962
  986
  1,011
  1,036
  1,062
  1,089
Total operating expenses, $m
  618
  645
  660
  676
  691
  708
  725
  742
  760
  779
  798
  768
  789
  810
  832
  855
  877
  902
  926
  952
  978
  1,006
  1,033
  1,063
  1,093
  1,123
  1,155
  1,188
  1,222
  1,257
  1,293
Operating income, $m
  212
  202
  207
  214
  223
  234
  248
  263
  281
  301
  323
  398
  424
  454
  485
  520
  556
  596
  639
  684
  733
  785
  841
  900
  963
  1,030
  1,102
  1,177
  1,258
  1,343
  1,433
EBITDA, $m
  236
  255
  260
  267
  276
  288
  301
  317
  335
  355
  377
  402
  429
  458
  490
  524
  561
  601
  644
  690
  739
  792
  848
  907
  971
  1,038
  1,110
  1,186
  1,266
  1,352
  1,443
Interest expense (income), $m
  68
  69
  71
  73
  75
  78
  80
  84
  87
  91
  95
  99
  103
  108
  113
  119
  125
  131
  137
  144
  151
  159
  167
  176
  185
  194
  204
  215
  226
  238
  250
Earnings before tax, $m
  134
  133
  136
  141
  148
  157
  168
  180
  194
  211
  229
  299
  321
  346
  372
  401
  432
  465
  502
  540
  582
  626
  674
  725
  779
  836
  897
  963
  1,032
  1,105
  1,183
Tax expense, $m
  43
  36
  37
  38
  40
  42
  45
  49
  52
  57
  62
  81
  87
  93
  100
  108
  117
  126
  135
  146
  157
  169
  182
  196
  210
  226
  242
  260
  279
  298
  320
Net income, $m
  85
  97
  99
  103
  108
  115
  122
  131
  142
  154
  167
  218
  234
  252
  272
  293
  315
  340
  366
  394
  425
  457
  492
  529
  568
  610
  655
  703
  753
  807
  864

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  94
  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
  3,164
  3,128
  3,200
  3,282
  3,374
  3,477
  3,589
  3,711
  3,843
  3,986
  4,139
  4,302
  4,477
  4,663
  4,861
  5,070
  5,292
  5,528
  5,776
  6,039
  6,317
  6,609
  6,918
  7,244
  7,587
  7,948
  8,328
  8,728
  9,150
  9,593
  10,059
Adjusted assets (=assets-cash), $m
  3,070
  3,128
  3,200
  3,282
  3,374
  3,477
  3,589
  3,711
  3,843
  3,986
  4,139
  4,302
  4,477
  4,663
  4,861
  5,070
  5,292
  5,528
  5,776
  6,039
  6,317
  6,609
  6,918
  7,244
  7,587
  7,948
  8,328
  8,728
  9,150
  9,593
  10,059
Revenue / Adjusted assets
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
Average production assets, $m
  68
  70
  71
  73
  75
  77
  80
  82
  85
  89
  92
  96
  99
  104
  108
  113
  118
  123
  128
  134
  140
  147
  154
  161
  169
  177
  185
  194
  203
  213
  224
Working capital, $m
  0
  -85
  -87
  -89
  -91
  -94
  -97
  -101
  -104
  -108
  -112
  -117
  -121
  -126
  -132
  -137
  -143
  -150
  -157
  -164
  -171
  -179
  -187
  -196
  -206
  -215
  -226
  -237
  -248
  -260
  -273
Total debt, $m
  1,869
  1,912
  1,966
  2,027
  2,096
  2,173
  2,257
  2,349
  2,448
  2,554
  2,669
  2,792
  2,922
  3,062
  3,210
  3,367
  3,533
  3,709
  3,895
  4,092
  4,300
  4,519
  4,751
  4,995
  5,251
  5,522
  5,807
  6,107
  6,422
  6,754
  7,103
Total liabilities, $m
  2,300
  2,343
  2,397
  2,458
  2,527
  2,604
  2,688
  2,780
  2,879
  2,985
  3,100
  3,223
  3,353
  3,493
  3,641
  3,798
  3,964
  4,140
  4,326
  4,523
  4,731
  4,950
  5,182
  5,426
  5,682
  5,953
  6,238
  6,538
  6,853
  7,185
  7,534
Total equity, $m
  864
  785
  803
  824
  847
  873
  901
  931
  965
  1,000
  1,039
  1,080
  1,124
  1,170
  1,220
  1,273
  1,328
  1,387
  1,450
  1,516
  1,585
  1,659
  1,736
  1,818
  1,904
  1,995
  2,090
  2,191
  2,297
  2,408
  2,525
Total liabilities and equity, $m
  3,164
  3,128
  3,200
  3,282
  3,374
  3,477
  3,589
  3,711
  3,844
  3,985
  4,139
  4,303
  4,477
  4,663
  4,861
  5,071
  5,292
  5,527
  5,776
  6,039
  6,316
  6,609
  6,918
  7,244
  7,586
  7,948
  8,328
  8,729
  9,150
  9,593
  10,059
Debt-to-equity ratio
  2.163
  2.440
  2.450
  2.460
  2.480
  2.490
  2.510
  2.520
  2.540
  2.550
  2.570
  2.580
  2.600
  2.620
  2.630
  2.650
  2.660
  2.670
  2.690
  2.700
  2.710
  2.720
  2.740
  2.750
  2.760
  2.770
  2.780
  2.790
  2.800
  2.810
  2.810
Adjusted equity ratio
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  85
  97
  99
  103
  108
  115
  122
  131
  142
  154
  167
  218
  234
  252
  272
  293
  315
  340
  366
  394
  425
  457
  492
  529
  568
  610
  655
  703
  753
  807
  864
Depreciation, amort., depletion, $m
  24
  53
  53
  53
  53
  53
  53
  53
  54
  54
  54
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  7
  8
  8
  9
  9
  9
Funds from operations, $m
  93
  150
  152
  156
  161
  168
  176
  185
  195
  207
  221
  222
  239
  257
  276
  297
  320
  345
  372
  400
  431
  463
  498
  536
  576
  618
  663
  711
  762
  816
  873
Change in working capital, $m
  -10
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
Cash from operations, $m
  103
  152
  154
  158
  164
  171
  179
  188
  199
  211
  225
  227
  243
  262
  282
  303
  326
  351
  378
  407
  438
  471
  507
  545
  585
  628
  673
  722
  773
  828
  886
Maintenance CAPEX, $m
  0
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
New CAPEX, $m
  -14
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
Cash from investing activities, $m
  -217
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -8
  -10
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -15
  -17
  -17
  -19
  -19
Free cash flow, $m
  -114
  147
  150
  154
  159
  165
  173
  182
  193
  205
  218
  219
  235
  253
  273
  294
  317
  341
  368
  396
  426
  459
  494
  531
  570
  613
  657
  705
  756
  810
  867
Issuance/(repayment) of debt, $m
  98
  43
  54
  62
  69
  77
  84
  92
  99
  107
  115
  123
  131
  139
  148
  157
  166
  176
  186
  197
  208
  219
  231
  244
  257
  271
  285
  300
  315
  332
  349
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  97
  43
  54
  62
  69
  77
  84
  92
  99
  107
  115
  123
  131
  139
  148
  157
  166
  176
  186
  197
  208
  219
  231
  244
  257
  271
  285
  300
  315
  332
  349
Total cash flow (excl. dividends), $m
  23
  190
  204
  215
  228
  242
  257
  274
  292
  311
  332
  342
  366
  393
  421
  451
  483
  517
  554
  593
  634
  678
  725
  775
  827
  883
  942
  1,005
  1,071
  1,141
  1,216
Retained Cash Flow (-), $m
  -64
  -15
  -18
  -21
  -23
  -26
  -28
  -31
  -33
  -36
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -70
  -73
  -78
  -82
  -86
  -91
  -95
  -100
  -106
  -111
  -117
Prev. year cash balance distribution, $m
 
  94
  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
 
  269
  186
  195
  205
  216
  229
  243
  259
  276
  294
  301
  322
  346
  371
  398
  427
  458
  491
  527
  565
  605
  647
  693
  741
  792
  847
  904
  965
  1,030
  1,099
Discount rate, %
 
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.60
  17.43
  18.30
  19.22
  20.18
  21.19
  22.24
  23.36
  24.52
  25.75
  27.04
  28.39
  29.81
  31.30
  32.87
  34.51
  36.23
  38.05
  39.95
  41.95
  44.04
PV of cash for distribution, $m
 
  243
  150
  139
  128
  117
  106
  95
  84
  74
  63
  51
  43
  35
  28
  22
  17
  13
  9
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
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

PRA Group, Inc., a financial and business service company, engages in the purchase, collection, and management of portfolios of nonperforming consumer loans in the Americas and Europe. It is involved in the acquisition, collection, and processing of unpaid and normal-course accounts receivable owed to credit grantors, governments, retailers, and others. The company also acquires receivables of Visa and MasterCard credit cards, private label and other credit cards, installment loans, lines of credit, insolvency accounts, deficiency balances of various types, legal judgments, and trade payables from various receivable owners, including banks, credit unions, consumer finance companies, telecommunication providers, retailers, utilities, auto finance companies, student loan companies, and other debt buyers. In addition, it provides fee-based services comprising contingent collections of defaulted finance receivables; vehicle location, skip tracing, and collateral recovery services for auto lenders, governments, and law enforcement; revenue administration, audit, and discovery/recovery services for government entities; and class action claims recovery and related payment processing services. The company was formerly known as Portfolio Recovery Associates, Inc. and changed its name to PRA Group, Inc. in October 2014. PRA Group, Inc. was founded in 1996 and is headquartered in Norfolk, Virginia.

FINANCIAL RATIOS  of  PRA Group (PRAA)

Valuation Ratios
P/E Ratio 16.6
Price to Sales 1.7
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 13.7
Price to Free Cash Flow 15.8
Growth Rates
Sales Growth Rate -11.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -2.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 216.3%
Total Debt to Equity 216.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 6.7%
Return On Total Capital 3.2%
Ret/ On T. Cap. - 3 Yr. Avg. 6.5%
Return On Equity 10.2%
Return On Equity - 3 Yr. Avg. 16.6%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 87%
Gross Margin - 3 Yr. Avg. 87.6%
EBITDA Margin 27.2%
EBITDA Margin - 3 Yr. Avg. 34%
Operating Margin 25.6%
Oper. Margin - 3 Yr. Avg. 32.5%
Pre-Tax Margin 16.1%
Pre-Tax Margin - 3 Yr. Avg. 25.9%
Net Profit Margin 10.2%
Net Profit Margin - 3 Yr. Avg. 16.1%
Effective Tax Rate 32.1%
Eff/ Tax Rate - 3 Yr. Avg. 36.1%
Payout Ratio 0%

PRAA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PRAA stock intrinsic value calculation we used $831 million for the last fiscal year's total revenue generated by PRA Group. The default revenue input number comes from 2016 income statement of PRA Group. 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 PRAA 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 10.7%, whose default value for PRAA is calculated based on our internal credit rating of PRA Group, 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 PRA Group.
    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 PRAA stock the variable cost ratio is equal to 13.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $519 million in the base year in the intrinsic value calculation for PRAA 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 3.7% for PRA Group.

Corporate tax rate of 27% is the nominal tax rate for PRA Group. 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 PRAA 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 PRAA are equal to 8.2%.

Life of production assets of 23.6 years is the average useful life of capital assets used in PRA Group 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 PRAA is equal to -10%. 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 - $864 million for PRA Group - 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 45.063 million for PRA Group 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 PRA Group at the current share price and the inputted number of shares is $1.4 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ PRA Group misses Street 2Q forecasts   [Aug-08-17 05:09PM  Associated Press]
▶ PRA Group Agrees to Settle with IRS   [08:00AM  GlobeNewswire]
▶ ETFs with exposure to PRA Group, Inc. : May 12, 2017   [May-12-17 04:20PM  Capital Cube]
▶ PRA Group Posts a Big Gain on Business Sale   [May-09-17 07:19PM  Motley Fool]
▶ PRA Group misses 1Q profit forecasts   [04:42PM  Associated Press]
▶ PRA Group Reports First Quarter 2017 Results   [04:10PM  GlobeNewswire]
▶ PRA Group Announces $1.2 Billion Credit Facility   [May-08-17 04:05PM  GlobeNewswire]
▶ PRA Group to Announce First Quarter 2017 Results on May 9   [May-02-17 08:30AM  GlobeNewswire]
▶ PRA Group Takes a Huge Charge to Finish 2016   [06:31PM  at Motley Fool]
▶ PRA Group Announces CEO Succession Plan   [04:05PM  GlobeNewswire]
▶ American Red Cross Receives $40,000 Donation From PRA Group   [Jan-19-17 04:00PM  GlobeNewswire]
▶ Hedge Funds Are Betting On Portfolio PRA Group, Inc. (PRAA)   [Dec-12-16 07:56AM  at Insider Monkey]
▶ PRA Group's Sales, Earnings Continue to Fall   [06:43AM  at Motley Fool]
▶ PRA Group Reports Third Quarter 2016 Results   [04:05PM  GlobeNewswire]
▶ Diana Haynes Honored with Top Forty Under 40 Award   [Oct-20-16 09:00AM  GlobeNewswire]
▶ 4 Recession-Proof Stocks   [Oct-17-16 09:37AM  at Motley Fool]
▶ PRA Group, Inc. Collects a Decent Quarter   [Aug-11-16 07:17PM  at Motley Fool]
▶ PRA Group Names AVP Application Development and Support   [Aug-10-16 04:05PM  GlobeNewswire]
Stock chart of PRAA Financial statements of PRAA
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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