Intrinsic value of Pearson ADR - PSO

Previous Close

$9.92

  Intrinsic Value

$0.74

stock screener

  Rating & Target

str. sell

-93%

Previous close

$9.92

 
Intrinsic value

$0.74

 
Up/down potential

-93%

 
Rating

str. sell

We calculate the intrinsic value of PSO 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 8.2

 

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, %
  1.88
  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
  5,534
  5,645
  5,775
  5,923
  6,090
  6,274
  6,477
  6,697
  6,936
  7,193
  7,469
  7,765
  8,080
  8,415
  8,772
  9,150
  9,551
  9,976
  10,425
  10,899
  11,400
  11,928
  12,485
  13,073
  13,692
  14,343
  15,030
  15,752
  16,512
  17,312
  18,153
Variable operating expenses, $m
 
  6,147
  6,282
  6,436
  6,609
  6,801
  7,011
  7,240
  7,488
  7,755
  8,042
  8,064
  8,391
  8,740
  9,110
  9,503
  9,920
  10,361
  10,827
  11,319
  11,839
  12,388
  12,967
  13,577
  14,220
  14,897
  15,610
  16,360
  17,149
  17,980
  18,853
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
  8,569
  6,147
  6,282
  6,436
  6,609
  6,801
  7,011
  7,240
  7,488
  7,755
  8,042
  8,064
  8,391
  8,740
  9,110
  9,503
  9,920
  10,361
  10,827
  11,319
  11,839
  12,388
  12,967
  13,577
  14,220
  14,897
  15,610
  16,360
  17,149
  17,980
  18,853
Operating income, $m
  -3,036
  -502
  -507
  -513
  -519
  -527
  -534
  -543
  -552
  -562
  -573
  -300
  -312
  -325
  -338
  -353
  -368
  -385
  -402
  -420
  -440
  -460
  -482
  -504
  -528
  -553
  -580
  -608
  -637
  -668
  -700
EBITDA, $m
  -2,594
  -81
  -83
  -85
  -88
  -90
  -93
  -96
  -100
  -104
  -108
  -112
  -116
  -121
  -126
  -132
  -138
  -144
  -150
  -157
  -164
  -172
  -180
  -188
  -197
  -207
  -216
  -227
  -238
  -249
  -261
Interest expense (income), $m
  81
  103
  108
  114
  120
  127
  135
  144
  154
  164
  176
  188
  200
  214
  229
  244
  261
  278
  297
  317
  337
  359
  382
  407
  432
  459
  488
  518
  549
  582
  617
Earnings before tax, $m
  -3,109
  -605
  -615
  -627
  -640
  -654
  -670
  -687
  -706
  -726
  -748
  -487
  -512
  -539
  -567
  -597
  -629
  -663
  -699
  -737
  -777
  -819
  -864
  -911
  -960
  -1,012
  -1,067
  -1,125
  -1,186
  -1,250
  -1,317
Tax expense, $m
  -270
  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
Net income, $m
  -2,841
  -605
  -615
  -627
  -640
  -654
  -670
  -687
  -706
  -726
  -748
  -487
  -512
  -539
  -567
  -597
  -629
  -663
  -699
  -737
  -777
  -819
  -864
  -911
  -960
  -1,012
  -1,067
  -1,125
  -1,186
  -1,250
  -1,317

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,786
  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
  12,237
  10,650
  10,895
  11,175
  11,490
  11,838
  12,220
  12,636
  13,087
  13,572
  14,093
  14,650
  15,245
  15,878
  16,551
  17,265
  18,021
  18,822
  19,669
  20,564
  21,509
  22,506
  23,557
  24,666
  25,833
  27,063
  28,358
  29,721
  31,155
  32,664
  34,251
Adjusted assets (=assets-cash), $m
  10,451
  10,650
  10,895
  11,175
  11,490
  11,838
  12,220
  12,636
  13,087
  13,572
  14,093
  14,650
  15,245
  15,878
  16,551
  17,265
  18,021
  18,822
  19,669
  20,564
  21,509
  22,506
  23,557
  24,666
  25,833
  27,063
  28,358
  29,721
  31,155
  32,664
  34,251
Revenue / Adjusted assets
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
Average production assets, $m
  1,698
  1,733
  1,773
  1,818
  1,869
  1,926
  1,988
  2,056
  2,129
  2,208
  2,293
  2,384
  2,480
  2,584
  2,693
  2,809
  2,932
  3,063
  3,200
  3,346
  3,500
  3,662
  3,833
  4,013
  4,203
  4,403
  4,614
  4,836
  5,069
  5,315
  5,573
Working capital, $m
  2,627
  914
  935
  960
  987
  1,016
  1,049
  1,085
  1,124
  1,165
  1,210
  1,258
  1,309
  1,363
  1,421
  1,482
  1,547
  1,616
  1,689
  1,766
  1,847
  1,932
  2,023
  2,118
  2,218
  2,324
  2,435
  2,552
  2,675
  2,805
  2,941
Total debt, $m
  3,000
  3,084
  3,246
  3,431
  3,639
  3,869
  4,122
  4,397
  4,694
  5,015
  5,360
  5,728
  6,121
  6,539
  6,984
  7,456
  7,956
  8,486
  9,045
  9,637
  10,261
  10,920
  11,615
  12,348
  13,120
  13,933
  14,789
  15,690
  16,638
  17,635
  18,684
Total liabilities, $m
  6,956
  7,040
  7,202
  7,387
  7,595
  7,825
  8,078
  8,353
  8,650
  8,971
  9,316
  9,684
  10,077
  10,495
  10,940
  11,412
  11,912
  12,442
  13,001
  13,593
  14,217
  14,876
  15,571
  16,304
  17,076
  17,889
  18,745
  19,646
  20,594
  21,591
  22,640
Total equity, $m
  5,281
  3,610
  3,694
  3,788
  3,895
  4,013
  4,143
  4,284
  4,436
  4,601
  4,778
  4,966
  5,168
  5,383
  5,611
  5,853
  6,109
  6,381
  6,668
  6,971
  7,292
  7,630
  7,986
  8,362
  8,757
  9,174
  9,613
  10,075
  10,562
  11,073
  11,611
Total liabilities and equity, $m
  12,237
  10,650
  10,896
  11,175
  11,490
  11,838
  12,221
  12,637
  13,086
  13,572
  14,094
  14,650
  15,245
  15,878
  16,551
  17,265
  18,021
  18,823
  19,669
  20,564
  21,509
  22,506
  23,557
  24,666
  25,833
  27,063
  28,358
  29,721
  31,156
  32,664
  34,251
Debt-to-equity ratio
  0.568
  0.850
  0.880
  0.910
  0.930
  0.960
  0.990
  1.030
  1.060
  1.090
  1.120
  1.150
  1.180
  1.210
  1.240
  1.270
  1.300
  1.330
  1.360
  1.380
  1.410
  1.430
  1.450
  1.480
  1.500
  1.520
  1.540
  1.560
  1.580
  1.590
  1.610
Adjusted equity ratio
  0.334
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -2,841
  -605
  -615
  -627
  -640
  -654
  -670
  -687
  -706
  -726
  -748
  -487
  -512
  -539
  -567
  -597
  -629
  -663
  -699
  -737
  -777
  -819
  -864
  -911
  -960
  -1,012
  -1,067
  -1,125
  -1,186
  -1,250
  -1,317
Depreciation, amort., depletion, $m
  442
  421
  424
  428
  432
  436
  441
  446
  452
  458
  465
  188
  195
  203
  212
  221
  231
  241
  252
  263
  276
  288
  302
  316
  331
  347
  363
  381
  399
  418
  439
Funds from operations, $m
  505
  -184
  -191
  -199
  -208
  -218
  -229
  -241
  -254
  -268
  -283
  -299
  -317
  -335
  -355
  -376
  -398
  -422
  -447
  -474
  -501
  -531
  -562
  -595
  -629
  -666
  -704
  -744
  -787
  -832
  -879
Change in working capital, $m
  7
  18
  21
  24
  27
  30
  33
  36
  39
  42
  45
  48
  51
  54
  58
  61
  65
  69
  73
  77
  81
  86
  90
  95
  100
  106
  111
  117
  123
  130
  136
Cash from operations, $m
  498
  -202
  -212
  -223
  -235
  -248
  -261
  -276
  -292
  -310
  -328
  -347
  -368
  -390
  -413
  -438
  -463
  -491
  -520
  -550
  -583
  -617
  -652
  -690
  -730
  -771
  -815
  -861
  -910
  -961
  -1,015
Maintenance CAPEX, $m
  0
  -134
  -136
  -140
  -143
  -147
  -152
  -157
  -162
  -168
  -174
  -181
  -188
  -195
  -203
  -212
  -221
  -231
  -241
  -252
  -263
  -276
  -288
  -302
  -316
  -331
  -347
  -363
  -381
  -399
  -418
New CAPEX, $m
  -298
  -35
  -40
  -46
  -51
  -57
  -62
  -68
  -73
  -79
  -85
  -91
  -97
  -103
  -109
  -116
  -123
  -130
  -138
  -146
  -154
  -162
  -171
  -180
  -190
  -200
  -211
  -222
  -233
  -246
  -258
Cash from investing activities, $m
  -50
  -169
  -176
  -186
  -194
  -204
  -214
  -225
  -235
  -247
  -259
  -272
  -285
  -298
  -312
  -328
  -344
  -361
  -379
  -398
  -417
  -438
  -459
  -482
  -506
  -531
  -558
  -585
  -614
  -645
  -676
Free cash flow, $m
  448
  -371
  -388
  -408
  -429
  -451
  -475
  -501
  -528
  -556
  -586
  -618
  -652
  -688
  -726
  -766
  -808
  -852
  -899
  -948
  -1,000
  -1,054
  -1,112
  -1,172
  -1,236
  -1,302
  -1,373
  -1,447
  -1,524
  -1,606
  -1,692
Issuance/(repayment) of debt, $m
  -305
  137
  162
  185
  208
  230
  253
  275
  298
  321
  344
  368
  393
  418
  445
  472
  500
  529
  560
  592
  625
  659
  695
  733
  772
  813
  856
  901
  948
  997
  1,049
Issuance/(repurchase) of shares, $m
  -24
  668
  698
  722
  746
  772
  799
  828
  859
  891
  925
  676
  714
  753
  795
  839
  886
  935
  986
  1,040
  1,097
  1,157
  1,220
  1,286
  1,356
  1,429
  1,506
  1,587
  1,672
  1,762
  1,855
Cash from financing (excl. dividends), $m  
  -332
  805
  860
  907
  954
  1,002
  1,052
  1,103
  1,157
  1,212
  1,269
  1,044
  1,107
  1,171
  1,240
  1,311
  1,386
  1,464
  1,546
  1,632
  1,722
  1,816
  1,915
  2,019
  2,128
  2,242
  2,362
  2,488
  2,620
  2,759
  2,904
Total cash flow (excl. dividends), $m
  215
  434
  472
  499
  525
  551
  577
  603
  629
  656
  683
  426
  454
  484
  514
  546
  578
  612
  647
  684
  722
  762
  804
  847
  892
  940
  990
  1,042
  1,096
  1,153
  1,213
Retained Cash Flow (-), $m
  2,516
  -668
  -698
  -722
  -746
  -772
  -799
  -828
  -859
  -891
  -925
  -676
  -714
  -753
  -795
  -839
  -886
  -935
  -986
  -1,040
  -1,097
  -1,157
  -1,220
  -1,286
  -1,356
  -1,429
  -1,506
  -1,587
  -1,672
  -1,762
  -1,855
Prev. year cash balance distribution, $m
 
  1,733
  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
 
  1,499
  -227
  -223
  -221
  -221
  -223
  -226
  -230
  -235
  -242
  -250
  -259
  -270
  -281
  -294
  -308
  -323
  -339
  -356
  -375
  -395
  -417
  -440
  -464
  -489
  -517
  -546
  -576
  -608
  -643
Discount rate, %
 
  4.70
  4.94
  5.18
  5.44
  5.71
  6.00
  6.30
  6.61
  6.94
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.77
  11.31
  11.88
  12.47
  13.09
  13.75
  14.44
  15.16
  15.92
  16.71
  17.55
  18.42
  19.35
PV of cash for distribution, $m
 
  1,432
  -206
  -192
  -179
  -168
  -157
  -147
  -138
  -129
  -120
  -111
  -103
  -94
  -86
  -77
  -69
  -61
  -54
  -47
  -40
  -34
  -28
  -23
  -18
  -14
  -11
  -8
  -6
  -5
  -3
Current shareholders' claim on cash, %
  100
  89.2
  79.3
  70.5
  62.5
  55.5
  49.2
  43.6
  38.6
  34.2
  30.3
  27.7
  25.4
  23.2
  21.2
  19.3
  17.6
  16.0
  14.6
  13.3
  12.0
  10.9
  9.9
  9.0
  8.1
  7.4
  6.7
  6.0
  5.4
  4.9
  4.4

Pearson plc (Pearson) is a learning company. The Company delivers learning through providing a range of educational products and services to institutions, governments, professional bodies and individual learners. The Company operates through three segments, which include North America, Core and Growth. The Company's North America segment includes Courseware, Assessments and Services businesses in the United States and Canada. The Company's Core segment includes Courseware, Assessments and Services businesses in more mature markets including the United Kingdom, Australia and Italy. The Company's Growth segment includes Courseware, Assessments and Services businesses in emerging markets including Brazil, China, India and South Africa. The Company provides content, assessment and digital services to schools, colleges and universities, as well as professional and vocational education to learners to help increase their skills and employability prospects.

FINANCIAL RATIOS  of  Pearson ADR (PSO)

Valuation Ratios
P/E Ratio -2.8
Price to Sales 1.5
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 16.2
Price to Free Cash Flow 40.4
Growth Rates
Sales Growth Rate 1.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -0.7%
Cap. Spend. - 3 Yr. Gr. Rate 6.2%
Financial Strength
Quick Ratio 34
Current Ratio 0.5
LT Debt to Equity 55.8%
Total Debt to Equity 56.8%
Interest Coverage -37
Management Effectiveness
Return On Assets -21%
Ret/ On Assets - 3 Yr. Avg. -2.8%
Return On Total Capital -30%
Ret/ On T. Cap. - 3 Yr. Avg. -4.8%
Return On Equity -43.4%
Return On Equity - 3 Yr. Avg. -7.4%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 54%
Gross Margin - 3 Yr. Avg. 55%
EBITDA Margin -46.7%
EBITDA Margin - 3 Yr. Avg. -3.8%
Operating Margin -54.8%
Oper. Margin - 3 Yr. Avg. -18.7%
Pre-Tax Margin -56.2%
Pre-Tax Margin - 3 Yr. Avg. -20.1%
Net Profit Margin -51.3%
Net Profit Margin - 3 Yr. Avg. -7.5%
Effective Tax Rate 8.7%
Eff/ Tax Rate - 3 Yr. Avg. 16.4%
Payout Ratio -18.1%

PSO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PSO stock intrinsic value calculation we used $5534 million for the last fiscal year's total revenue generated by Pearson ADR. The default revenue input number comes from 2016 income statement of Pearson ADR. 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 PSO 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 4.7%, whose default value for PSO is calculated based on our internal credit rating of Pearson ADR, 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 Pearson ADR.
    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 PSO stock the variable cost ratio is equal to 109%.

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 PSO 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 Pearson ADR.

Corporate tax rate of 27% is the nominal tax rate for Pearson ADR. 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 PSO 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 PSO are equal to 30.7%.

Life of production assets of 12.7 years is the average useful life of capital assets used in Pearson ADR 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 PSO is equal to 16.2%. 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 - $5281 million for Pearson ADR - 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 827.473 million for Pearson ADR 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 Pearson ADR at the current share price and the inputted number of shares is $8.2 billion.

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COMPANY NEWS

▶ Estimating The Intrinsic Value Of Pearson plc (LSE:PSON)   [Dec-05-17 02:19AM  Simply Wall St.]
▶ Investors Favorite Dividend Stocks   [Nov-24-17 03:02AM  Simply Wall St.]
▶ Are Pearson plcs (LSE:PSON) Interest Costs Too High?   [Nov-20-17 03:53AM  Simply Wall St.]
▶ ETFs with exposure to Pearson Plc : November 15, 2017   [Nov-15-17 12:23PM  Capital Cube]
▶ Why Pearson plc Stock Gained 14% in October   [Nov-10-17 09:34AM  Motley Fool]
▶ ETFs with exposure to Pearson Plc : October 9, 2017   [Oct-09-17 11:57AM  Capital Cube]
▶ How Pearson Is Handling the Transition to Digital   [Oct-04-17 02:46PM  Bloomberg Video]
▶ ETFs with exposure to Pearson Plc : September 28, 2017   [Sep-28-17 10:18AM  Capital Cube]
▶ ETFs with exposure to Pearson Plc : August 28, 2017   [Aug-28-17 06:19PM  Capital Cube]
▶ ETFs with exposure to Pearson Plc : August 18, 2017   [Aug-18-17 05:48PM  Capital Cube]
▶ Pearson's Fate in Their Backpacks   [Aug-04-17 05:54AM  Bloomberg]
▶ [$$] Pearson to Ax 3,000 Jobs, Slash Dividend   [03:52AM  The Wall Street Journal]
▶ [$$] Informa puts on a show with strong first half   [Jul-25-17 12:29PM  Financial Times]
▶ [$$] The paradox of productivity and other slippery concepts   [Jul-14-17 03:09AM  Financial Times]
▶ Rent-a-Center, J.C. Penney climb; Snap, Pearson fall   [Jul-11-17 05:59PM  Associated Press]
▶ Pearson's Penguin Pain   [07:04AM  Bloomberg]
▶ FTSE 100 gain held in check as miners fall   [Jul-10-17 04:43AM  MarketWatch]
▶ Top Ranked Income Stocks to Buy for June 13th   [Jun-13-17 10:05AM  Zacks]
▶ [$$] Textbook publisher steps up campaign against counterfeits   [Jun-05-17 07:53PM  Financial Times]
▶ Top Ranked Income Stocks to Buy for May 24th   [May-24-17 10:28AM  Zacks]
▶ Pick The Plum Of Online Learning   [06:30AM  Forbes]
▶ [$$] Foxtons investors urged to vote against pay policy   [May-11-17 11:39AM  Financial Times]
▶ Why Immunomedics, MercadoLibre, and Pearson Jumped Today   [May-05-17 04:22PM  Motley Fool]
▶ Why Shares of Pearson PLC Jumped Today   [01:03PM  Motley Fool]
▶ Pearson's Pop   [09:39AM  Bloomberg]
▶ [$$] Pearson defends CEO pay ahead of investor showdown   [Apr-30-17 12:48PM  Financial Times]
▶ European Benchmarks Slip As Caution Returns   [04:36AM  TheStreet.com]
▶ ETFs with exposure to Pearson Plc : April 5, 2017   [Apr-05-17 05:19PM  Capital Cube]
Financial statements of PSO
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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