Intrinsic value of Scholastic - SCHL

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$44.03

  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 SCHL 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 1.5

 

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, %
  2.26
  3.50
  3.65
  3.78
  3.91
  4.02
  4.11
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
Revenue, $m
  1,673
  1,732
  1,795
  1,863
  1,935
  2,013
  2,096
  2,184
  2,278
  2,377
  2,482
  2,593
  2,710
  2,834
  2,965
  3,103
  3,249
  3,402
  3,564
  3,734
  3,913
  4,102
  4,300
  4,509
  4,728
  4,959
  5,202
  5,457
  5,725
  6,007
  6,303
Variable operating expenses, $m
 
  339
  351
  364
  378
  392
  408
  425
  442
  461
  481
  490
  512
  536
  561
  587
  614
  643
  674
  706
  740
  776
  813
  852
  894
  938
  983
  1,032
  1,082
  1,136
  1,192
Fixed operating expenses, $m
 
  1,347
  1,381
  1,415
  1,450
  1,487
  1,524
  1,562
  1,601
  1,641
  1,682
  1,724
  1,767
  1,811
  1,857
  1,903
  1,951
  1,999
  2,049
  2,101
  2,153
  2,207
  2,262
  2,319
  2,377
  2,436
  2,497
  2,559
  2,623
  2,689
  2,756
Total operating expenses, $m
  1,605
  1,686
  1,732
  1,779
  1,828
  1,879
  1,932
  1,987
  2,043
  2,102
  2,163
  2,214
  2,279
  2,347
  2,418
  2,490
  2,565
  2,642
  2,723
  2,807
  2,893
  2,983
  3,075
  3,171
  3,271
  3,374
  3,480
  3,591
  3,705
  3,825
  3,948
Operating income, $m
  68
  46
  63
  84
  108
  134
  164
  198
  234
  275
  319
  379
  431
  487
  548
  614
  684
  760
  841
  928
  1,020
  1,119
  1,225
  1,338
  1,458
  1,585
  1,721
  1,866
  2,019
  2,182
  2,355
EBITDA, $m
  107
  90
  109
  131
  156
  184
  216
  251
  290
  332
  378
  428
  483
  541
  605
  673
  746
  825
  909
  999
  1,095
  1,198
  1,307
  1,424
  1,548
  1,680
  1,821
  1,970
  2,128
  2,297
  2,475
Interest expense (income), $m
  2
  0
  5
  11
  17
  23
  30
  38
  46
  54
  63
  72
  82
  93
  104
  116
  128
  141
  155
  169
  184
  200
  217
  235
  254
  273
  294
  315
  338
  362
  387
Earnings before tax, $m
  69
  46
  58
  73
  91
  111
  134
  160
  189
  221
  256
  306
  348
  394
  444
  498
  556
  619
  686
  759
  836
  919
  1,008
  1,103
  1,204
  1,312
  1,428
  1,550
  1,681
  1,820
  1,967
Tax expense, $m
  25
  12
  16
  20
  24
  30
  36
  43
  51
  60
  69
  83
  94
  106
  120
  134
  150
  167
  185
  205
  226
  248
  272
  298
  325
  354
  385
  419
  454
  491
  531
Net income, $m
  41
  33
  42
  53
  66
  81
  98
  117
  138
  161
  187
  224
  254
  288
  324
  364
  406
  452
  501
  554
  610
  671
  736
  805
  879
  958
  1,042
  1,132
  1,227
  1,328
  1,436

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  400
  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
  1,713
  1,359
  1,409
  1,462
  1,519
  1,580
  1,645
  1,714
  1,788
  1,866
  1,948
  2,035
  2,127
  2,225
  2,328
  2,436
  2,550
  2,671
  2,798
  2,931
  3,072
  3,220
  3,375
  3,539
  3,711
  3,893
  4,083
  4,283
  4,494
  4,715
  4,947
Adjusted assets (=assets-cash), $m
  1,313
  1,359
  1,409
  1,462
  1,519
  1,580
  1,645
  1,714
  1,788
  1,866
  1,948
  2,035
  2,127
  2,225
  2,328
  2,436
  2,550
  2,671
  2,798
  2,931
  3,072
  3,220
  3,375
  3,539
  3,711
  3,893
  4,083
  4,283
  4,494
  4,715
  4,947
Revenue / Adjusted assets
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
  1.274
Average production assets, $m
  535
  552
  573
  594
  617
  642
  669
  697
  727
  758
  792
  827
  865
  904
  946
  990
  1,036
  1,085
  1,137
  1,191
  1,248
  1,309
  1,372
  1,438
  1,508
  1,582
  1,659
  1,741
  1,826
  1,916
  2,011
Working capital, $m
  572
  184
  190
  197
  205
  213
  222
  232
  241
  252
  263
  275
  287
  300
  314
  329
  344
  361
  378
  396
  415
  435
  456
  478
  501
  526
  551
  578
  607
  637
  668
Total debt, $m
  6
  16
  33
  51
  71
  91
  114
  137
  162
  189
  217
  247
  279
  312
  347
  384
  423
  464
  508
  553
  602
  652
  705
  761
  820
  882
  947
  1,016
  1,088
  1,163
  1,243
Total liabilities, $m
  456
  465
  482
  500
  520
  540
  563
  586
  611
  638
  666
  696
  728
  761
  796
  833
  872
  913
  957
  1,002
  1,051
  1,101
  1,154
  1,210
  1,269
  1,331
  1,396
  1,465
  1,537
  1,612
  1,692
Total equity, $m
  1,258
  894
  927
  962
  1,000
  1,040
  1,083
  1,128
  1,176
  1,228
  1,282
  1,339
  1,400
  1,464
  1,532
  1,603
  1,678
  1,757
  1,841
  1,929
  2,021
  2,119
  2,221
  2,329
  2,442
  2,561
  2,687
  2,818
  2,957
  3,102
  3,255
Total liabilities and equity, $m
  1,714
  1,359
  1,409
  1,462
  1,520
  1,580
  1,646
  1,714
  1,787
  1,866
  1,948
  2,035
  2,128
  2,225
  2,328
  2,436
  2,550
  2,670
  2,798
  2,931
  3,072
  3,220
  3,375
  3,539
  3,711
  3,892
  4,083
  4,283
  4,494
  4,714
  4,947
Debt-to-equity ratio
  0.005
  0.020
  0.040
  0.050
  0.070
  0.090
  0.100
  0.120
  0.140
  0.150
  0.170
  0.180
  0.200
  0.210
  0.230
  0.240
  0.250
  0.260
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.340
  0.350
  0.360
  0.370
  0.380
  0.380
Adjusted equity ratio
  0.653
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  41
  33
  42
  53
  66
  81
  98
  117
  138
  161
  187
  224
  254
  288
  324
  364
  406
  452
  501
  554
  610
  671
  736
  805
  879
  958
  1,042
  1,132
  1,227
  1,328
  1,436
Depreciation, amort., depletion, $m
  39
  45
  46
  47
  49
  50
  52
  53
  55
  57
  59
  50
  52
  54
  57
  59
  62
  65
  68
  71
  75
  78
  82
  86
  90
  95
  99
  104
  109
  115
  120
Funds from operations, $m
  -327
  78
  88
  100
  115
  131
  149
  170
  193
  218
  246
  273
  306
  342
  381
  423
  468
  517
  569
  625
  685
  749
  818
  891
  969
  1,053
  1,141
  1,236
  1,336
  1,443
  1,557
Change in working capital, $m
  -248
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
Cash from operations, $m
  -79
  68
  82
  93
  107
  123
  141
  161
  183
  208
  235
  261
  294
  329
  367
  408
  453
  500
  552
  607
  666
  729
  797
  869
  946
  1,028
  1,116
  1,209
  1,308
  1,413
  1,525
Maintenance CAPEX, $m
  0
  -32
  -33
  -34
  -36
  -37
  -38
  -40
  -42
  -44
  -45
  -47
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -115
New CAPEX, $m
  -61
  -18
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -32
  -34
  -35
  -37
  -40
  -42
  -44
  -46
  -49
  -52
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -77
  -81
  -86
  -90
  -94
Cash from investing activities, $m
  -40
  -50
  -53
  -56
  -59
  -62
  -64
  -68
  -72
  -76
  -79
  -82
  -87
  -92
  -96
  -101
  -105
  -111
  -117
  -122
  -128
  -135
  -141
  -149
  -156
  -164
  -172
  -180
  -190
  -199
  -209
Free cash flow, $m
  -119
  18
  28
  37
  48
  61
  76
  92
  111
  132
  156
  178
  207
  238
  271
  308
  347
  389
  435
  485
  538
  594
  655
  720
  790
  864
  944
  1,028
  1,118
  1,214
  1,316
Issuance/(repayment) of debt, $m
  2
  16
  17
  18
  20
  21
  22
  24
  25
  27
  28
  30
  32
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
  62
  65
  68
  72
  76
  79
Issuance/(repurchase) of shares, $m
  31
  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  
  33
  16
  17
  18
  20
  21
  22
  24
  25
  27
  28
  30
  32
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
  62
  65
  68
  72
  76
  79
Total cash flow (excl. dividends), $m
  -86
  34
  45
  56
  68
  82
  98
  116
  136
  159
  184
  208
  238
  271
  306
  345
  386
  431
  479
  530
  586
  645
  709
  776
  849
  926
  1,009
  1,097
  1,190
  1,290
  1,396
Retained Cash Flow (-), $m
  -53
  -30
  -33
  -35
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -88
  -93
  -97
  -102
  -108
  -113
  -119
  -125
  -132
  -138
  -146
  -153
Prev. year cash balance distribution, $m
 
  394
  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
 
  398
  13
  20
  30
  42
  55
  71
  88
  108
  130
  151
  178
  207
  239
  273
  311
  351
  395
  442
  493
  548
  606
  669
  736
  807
  883
  965
  1,052
  1,144
  1,243
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
 
  382
  12
  18
  25
  32
  40
  48
  55
  62
  68
  72
  76
  79
  80
  80
  79
  76
  73
  68
  63
  57
  50
  44
  37
  31
  26
  21
  16
  12
  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

Scholastic Corporation, together with its subsidiaries, publishes and distributes children’s books worldwide. It operates through three segments: Children’s Book Publishing and Distribution, Education, and International. The Children’s Book Publishing and Distribution segment engages in the publication and distribution of children’s books, e-books, media, and interactive products through its school book clubs and book fairs, and trade channel. Its original publications include Harry Potter, The Hunger Games, The 39 Clues, Spirit Animals, The Magic School Bus, I Spy, Captain Underpants, Goosebumps, and Clifford The Big Red Dog; and licensed properties consist of Star Wars, Lego, Pokemon, and Geronimo Stilton. In addition, this segment publishes and creates ‘books plus’ products for children, including titles, such as Make Clay Charms, Sew Cute Mini Treats, and Lego Chain Reactions. The Education segment is involved in the publication and distribution of children’s books, classroom magazines, supplemental classroom and professional development materials, and related services comprising custom curriculum and teaching guides, print and on-line references, and non-fiction and fiction focused products, as well as administrative and teacher professional development services for pre-kindergarten to grade 12 in schools and libraries. It publishes non-fiction books under the imprints of Children’s Press and Franklin Watts; and consumer magazines under the Teacher magazine name. The International segment licenses the rights to selected Scholastic titles in 45 languages to other publishing companies; and sells educational materials, software, and children’s books to schools, libraries, bookstores, and other book distributors in approximately 150 countries. The company distributes its products and services directly to schools and libraries through retail stores and the Internet. Scholastic Corporation was founded in 1920 and is headquartered in New York, New York.

FINANCIAL RATIOS  of  Scholastic (SCHL)

Valuation Ratios
P/E Ratio 36.9
Price to Sales 0.9
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow -19.2
Price to Free Cash Flow -10.8
Growth Rates
Sales Growth Rate 2.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 3.4%
Cap. Spend. - 3 Yr. Gr. Rate -7.1%
Financial Strength
Quick Ratio 67
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0.5%
Interest Coverage 36
Management Effectiveness
Return On Assets 2.4%
Ret/ On Assets - 3 Yr. Avg. 6.7%
Return On Total Capital 3.3%
Ret/ On T. Cap. - 3 Yr. Avg. 11.3%
Return On Equity 3.3%
Return On Equity - 3 Yr. Avg. 12%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 54.5%
Gross Margin - 3 Yr. Avg. 53.9%
EBITDA Margin 6.6%
EBITDA Margin - 3 Yr. Avg. 5.3%
Operating Margin 4.1%
Oper. Margin - 3 Yr. Avg. 2.3%
Pre-Tax Margin 4.1%
Pre-Tax Margin - 3 Yr. Avg. 1.9%
Net Profit Margin 2.5%
Net Profit Margin - 3 Yr. Avg. 7.8%
Effective Tax Rate 36.2%
Eff/ Tax Rate - 3 Yr. Avg. 277.6%
Payout Ratio 51.2%

SCHL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SCHL stock intrinsic value calculation we used $1673 million for the last fiscal year's total revenue generated by Scholastic. The default revenue input number comes from 2016 income statement of Scholastic. 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 SCHL stock valuation model: a) initial revenue growth rate of 3.5% 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 SCHL is calculated based on our internal credit rating of Scholastic, 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 Scholastic.
    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 SCHL stock the variable cost ratio is equal to 19.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1314 million in the base year in the intrinsic value calculation for SCHL 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 33.3% for Scholastic.

Corporate tax rate of 27% is the nominal tax rate for Scholastic. 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 SCHL 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 SCHL are equal to 31.9%.

Life of production assets of 16.7 years is the average useful life of capital assets used in Scholastic 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 SCHL is equal to 10.6%. 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 - $1258 million for Scholastic - 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 33.828 million for Scholastic 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 Scholastic at the current share price and the inputted number of shares is $1.5 billion.


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COMPANY NEWS

▶ Opening Bell, June 1, 2017   [09:29AM  CNBC Videos]
▶ Head Start Celebrates 52nd Birthday   [May-18-17 09:00AM  PR Newswire]
▶ Scholastic Stock Trades Ex-Dividend Wednesday   [Apr-24-17 10:17AM  Investopedia]
▶ Scholastic reports 3Q loss   [07:11AM  Associated Press]
▶ Scholastic Corporation Announces Fourth Quarter Dividend   [Mar-22-17 11:30AM  PR Newswire]
▶ Scholastic Corporation Announces Third Quarter Dividend   [Dec-14-16 11:00AM  PR Newswire]
▶ Is Scholastic Corp (SCHL) A Good Stock To Buy?   [Dec-07-16 05:08PM  at Insider Monkey]
▶ 5 more films in Harry Potters world will benefit Time Warner   [Oct-14-16 02:14PM  at MarketWatch]
▶ Scholastic Corporation Announces Second Quarter Dividend   [Sep-21-16 02:00PM  PR Newswire]
Stock chart of SCHL Financial statements of SCHL Annual reports of SCHL
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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