Intrinsic value of Sykes Enterprises - SYKE

Previous Close

$26.14

  Intrinsic Value

$62.71

stock screener

  Rating & Target

str. buy

+140%

  Value-price divergence*

-8%

Previous close

$26.14

 
Intrinsic value

$62.71

 
Up/down potential

+140%

 
Rating

str. buy

 
Value-price divergence*

-8%

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

We calculate the intrinsic value of SYKE 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 1.1

 

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, %
  13.53
  19.60
  18.14
  16.83
  15.64
  14.58
  13.62
  12.76
  11.98
  11.28
  10.66
  10.09
  9.58
  9.12
  8.71
  8.34
  8.01
  7.71
  7.43
  7.19
  6.97
  6.78
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
Revenue, $m
  1,460
  1,746
  2,063
  2,410
  2,787
  3,193
  3,628
  4,091
  4,582
  5,099
  5,642
  6,211
  6,806
  7,427
  8,074
  8,748
  9,448
  10,176
  10,933
  11,719
  12,536
  13,385
  14,268
  15,187
  16,143
  17,138
  18,174
  19,254
  20,381
  21,555
  22,781
Variable operating expenses, $m
 
  1,613
  1,901
  2,217
  2,559
  2,929
  3,324
  3,745
  4,190
  4,660
  5,154
  5,645
  6,186
  6,750
  7,338
  7,950
  8,587
  9,248
  9,936
  10,651
  11,393
  12,165
  12,968
  13,802
  14,671
  15,576
  16,518
  17,499
  18,523
  19,591
  20,705
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
  1,368
  1,613
  1,901
  2,217
  2,559
  2,929
  3,324
  3,745
  4,190
  4,660
  5,154
  5,645
  6,186
  6,750
  7,338
  7,950
  8,587
  9,248
  9,936
  10,651
  11,393
  12,165
  12,968
  13,802
  14,671
  15,576
  16,518
  17,499
  18,523
  19,591
  20,705
Operating income, $m
  92
  133
  162
  193
  228
  265
  304
  346
  391
  438
  488
  566
  620
  677
  736
  797
  861
  928
  997
  1,068
  1,143
  1,220
  1,301
  1,384
  1,471
  1,562
  1,657
  1,755
  1,858
  1,965
  2,077
EBITDA, $m
  161
  187
  221
  259
  299
  343
  390
  439
  492
  547
  606
  667
  731
  797
  867
  939
  1,014
  1,092
  1,174
  1,258
  1,346
  1,437
  1,532
  1,630
  1,733
  1,840
  1,951
  2,067
  2,188
  2,314
  2,446
Interest expense (income), $m
  4
  9
  13
  17
  21
  26
  31
  36
  42
  48
  54
  61
  67
  75
  82
  90
  99
  107
  116
  125
  135
  145
  155
  166
  177
  189
  201
  214
  227
  241
  255
Earnings before tax, $m
  89
  123
  149
  176
  207
  239
  274
  311
  350
  391
  434
  506
  553
  602
  654
  707
  763
  820
  880
  943
  1,008
  1,075
  1,145
  1,218
  1,294
  1,373
  1,455
  1,541
  1,631
  1,724
  1,821
Tax expense, $m
  27
  33
  40
  48
  56
  65
  74
  84
  94
  105
  117
  137
  149
  163
  176
  191
  206
  222
  238
  255
  272
  290
  309
  329
  349
  371
  393
  416
  440
  465
  492
Net income, $m
  62
  90
  109
  129
  151
  174
  200
  227
  255
  285
  317
  369
  404
  440
  477
  516
  557
  599
  643
  688
  736
  785
  836
  889
  945
  1,002
  1,062
  1,125
  1,190
  1,258
  1,329

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  276
  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
  1,236
  1,148
  1,356
  1,584
  1,832
  2,100
  2,385
  2,690
  3,012
  3,352
  3,709
  4,084
  4,475
  4,883
  5,309
  5,751
  6,212
  6,690
  7,188
  7,705
  8,242
  8,800
  9,381
  9,985
  10,613
  11,267
  11,949
  12,659
  13,399
  14,172
  14,978
Adjusted assets (=assets-cash), $m
  960
  1,148
  1,356
  1,584
  1,832
  2,100
  2,385
  2,690
  3,012
  3,352
  3,709
  4,084
  4,475
  4,883
  5,309
  5,751
  6,212
  6,690
  7,188
  7,705
  8,242
  8,800
  9,381
  9,985
  10,613
  11,267
  11,949
  12,659
  13,399
  14,172
  14,978
Revenue / Adjusted assets
  1.521
  1.521
  1.521
  1.521
  1.521
  1.520
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
Average production assets, $m
  237
  283
  334
  390
  451
  517
  588
  663
  742
  826
  914
  1,006
  1,103
  1,203
  1,308
  1,417
  1,531
  1,649
  1,771
  1,898
  2,031
  2,168
  2,311
  2,460
  2,615
  2,776
  2,944
  3,119
  3,302
  3,492
  3,691
Working capital, $m
  420
  173
  204
  239
  276
  316
  359
  405
  454
  505
  559
  615
  674
  735
  799
  866
  935
  1,007
  1,082
  1,160
  1,241
  1,325
  1,413
  1,503
  1,598
  1,697
  1,799
  1,906
  2,018
  2,134
  2,255
Total debt, $m
  267
  367
  478
  599
  731
  873
  1,025
  1,187
  1,358
  1,539
  1,729
  1,928
  2,137
  2,354
  2,580
  2,816
  3,061
  3,315
  3,580
  3,855
  4,141
  4,438
  4,747
  5,068
  5,402
  5,750
  6,113
  6,491
  6,885
  7,295
  7,724
Total liabilities, $m
  512
  611
  722
  843
  975
  1,117
  1,269
  1,431
  1,602
  1,783
  1,973
  2,172
  2,381
  2,598
  2,824
  3,060
  3,305
  3,559
  3,824
  4,099
  4,385
  4,682
  4,991
  5,312
  5,646
  5,994
  6,357
  6,735
  7,129
  7,539
  7,968
Total equity, $m
  725
  537
  635
  742
  858
  983
  1,116
  1,259
  1,410
  1,569
  1,736
  1,911
  2,094
  2,285
  2,484
  2,692
  2,907
  3,131
  3,364
  3,606
  3,857
  4,119
  4,390
  4,673
  4,967
  5,273
  5,592
  5,924
  6,271
  6,632
  7,010
Total liabilities and equity, $m
  1,237
  1,148
  1,357
  1,585
  1,833
  2,100
  2,385
  2,690
  3,012
  3,352
  3,709
  4,083
  4,475
  4,883
  5,308
  5,752
  6,212
  6,690
  7,188
  7,705
  8,242
  8,801
  9,381
  9,985
  10,613
  11,267
  11,949
  12,659
  13,400
  14,171
  14,978
Debt-to-equity ratio
  0.368
  0.680
  0.750
  0.810
  0.850
  0.890
  0.920
  0.940
  0.960
  0.980
  1.000
  1.010
  1.020
  1.030
  1.040
  1.050
  1.050
  1.060
  1.060
  1.070
  1.070
  1.080
  1.080
  1.080
  1.090
  1.090
  1.090
  1.100
  1.100
  1.100
  1.100
Adjusted equity ratio
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  62
  90
  109
  129
  151
  174
  200
  227
  255
  285
  317
  369
  404
  440
  477
  516
  557
  599
  643
  688
  736
  785
  836
  889
  945
  1,002
  1,062
  1,125
  1,190
  1,258
  1,329
Depreciation, amort., depletion, $m
  69
  55
  60
  66
  72
  78
  85
  93
  101
  109
  118
  101
  110
  120
  131
  142
  153
  165
  177
  190
  203
  217
  231
  246
  262
  278
  294
  312
  330
  349
  369
Funds from operations, $m
  122
  145
  168
  194
  222
  253
  285
  319
  356
  394
  435
  470
  514
  560
  608
  658
  710
  764
  820
  878
  939
  1,002
  1,067
  1,135
  1,206
  1,280
  1,357
  1,437
  1,520
  1,608
  1,699
Change in working capital, $m
  -9
  28
  31
  34
  37
  40
  43
  46
  49
  51
  54
  56
  59
  61
  64
  67
  69
  72
  75
  78
  81
  84
  87
  91
  95
  99
  103
  107
  111
  116
  121
Cash from operations, $m
  131
  116
  137
  160
  185
  212
  242
  274
  307
  343
  381
  413
  455
  498
  544
  591
  640
  692
  745
  800
  858
  918
  980
  1,044
  1,112
  1,181
  1,254
  1,330
  1,409
  1,491
  1,577
Maintenance CAPEX, $m
  0
  -24
  -28
  -33
  -39
  -45
  -52
  -59
  -66
  -74
  -83
  -91
  -101
  -110
  -120
  -131
  -142
  -153
  -165
  -177
  -190
  -203
  -217
  -231
  -246
  -262
  -278
  -294
  -312
  -330
  -349
New CAPEX, $m
  -78
  -46
  -51
  -56
  -61
  -66
  -70
  -75
  -79
  -84
  -88
  -92
  -96
  -101
  -105
  -109
  -113
  -118
  -123
  -127
  -132
  -138
  -143
  -149
  -155
  -161
  -168
  -175
  -182
  -190
  -199
Cash from investing activities, $m
  -273
  -70
  -79
  -89
  -100
  -111
  -122
  -134
  -145
  -158
  -171
  -183
  -197
  -211
  -225
  -240
  -255
  -271
  -288
  -304
  -322
  -341
  -360
  -380
  -401
  -423
  -446
  -469
  -494
  -520
  -548
Free cash flow, $m
  -142
  46
  58
  70
  85
  102
  120
  140
  162
  185
  210
  230
  258
  288
  319
  351
  385
  421
  458
  496
  536
  577
  620
  664
  711
  759
  809
  861
  915
  971
  1,029
Issuance/(repayment) of debt, $m
  196
  100
  111
  121
  132
  142
  152
  162
  171
  181
  190
  199
  208
  217
  226
  236
  245
  255
  265
  275
  286
  297
  309
  321
  334
  348
  363
  378
  394
  411
  429
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  
  182
  100
  111
  121
  132
  142
  152
  162
  171
  181
  190
  199
  208
  217
  226
  236
  245
  255
  265
  275
  286
  297
  309
  321
  334
  348
  363
  378
  394
  411
  429
Total cash flow (excl. dividends), $m
  31
  146
  168
  192
  217
  244
  272
  302
  333
  366
  400
  429
  466
  505
  545
  587
  630
  675
  722
  771
  821
  874
  929
  986
  1,045
  1,107
  1,171
  1,238
  1,309
  1,382
  1,458
Retained Cash Flow (-), $m
  -46
  -88
  -97
  -107
  -116
  -125
  -134
  -142
  -151
  -159
  -167
  -175
  -183
  -191
  -199
  -207
  -215
  -224
  -233
  -242
  -251
  -261
  -272
  -283
  -294
  -306
  -319
  -332
  -347
  -361
  -377
Prev. year cash balance distribution, $m
 
  276
  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
 
  334
  71
  85
  101
  119
  138
  159
  182
  207
  233
  254
  283
  314
  346
  380
  415
  451
  489
  529
  570
  613
  657
  703
  751
  801
  852
  906
  962
  1,020
  1,081
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
 
  320
  65
  74
  83
  92
  100
  108
  114
  119
  122
  120
  121
  119
  116
  111
  105
  98
  90
  81
  72
  63
  55
  46
  38
  31
  25
  19
  15
  11
  8
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

Sykes Enterprises, Incorporated, together with its subsidiaries, provides outsourced customer contact management solutions and services in the business process outsourcing arena. Its customer care services include product information requests, describing product features, activating customer accounts, resolving complaints, cross-selling/up-selling, handling billing inquiries, changing addresses, claims handling, ordering/reservations, prequalification and warranty management, providing health information, and roadside assistance. The company’s technical support services comprise handling inquiries regarding hardware, software, communications services, communications equipment, Internet access technology, and Internet portal usage; and customer acquisition services consist of inbound and outbound up-selling of its clients’ products and services. It also provides technical staffing services and outsourced corporate help desk services; and fulfillment services, such as order and payment processing, inventory control, product delivery, and product returns handling. The company offers its outsourced customer contact management services through phone, e-mail, social media, text messaging, chat, and digital self-service support. Sykes Enterprises, Incorporated provides its services to companies, medium-sized businesses, and public institutions in the communications, financial services, technology/consumer, transportation and leisure, healthcare, and other industry verticals. It operates in the United States, Canada, Latin America, Australia, the Asia Pacific Rim, Europe, the Middle East, and Africa. Sykes Enterprises, Incorporated was founded in 1977 and is headquartered in Tampa, Florida.

FINANCIAL RATIOS  of  Sykes Enterprises (SYKE)

Valuation Ratios
P/E Ratio 17.9
Price to Sales 0.8
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 8.5
Price to Free Cash Flow 21
Growth Rates
Sales Growth Rate 13.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 56%
Cap. Spend. - 3 Yr. Gr. Rate 5.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 36.8%
Total Debt to Equity 36.8%
Interest Coverage 23
Management Effectiveness
Return On Assets 5.9%
Ret/ On Assets - 3 Yr. Avg. 6.5%
Return On Total Capital 7.1%
Ret/ On T. Cap. - 3 Yr. Avg. 8.1%
Return On Equity 8.8%
Return On Equity - 3 Yr. Avg. 9.4%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 35.1%
Gross Margin - 3 Yr. Avg. 34.3%
EBITDA Margin 11.1%
EBITDA Margin - 3 Yr. Avg. 11.1%
Operating Margin 6.3%
Oper. Margin - 3 Yr. Avg. 6.5%
Pre-Tax Margin 6.1%
Pre-Tax Margin - 3 Yr. Avg. 6.3%
Net Profit Margin 4.2%
Net Profit Margin - 3 Yr. Avg. 4.7%
Effective Tax Rate 30.3%
Eff/ Tax Rate - 3 Yr. Avg. 26.1%
Payout Ratio 0%

SYKE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SYKE stock intrinsic value calculation we used $1460 million for the last fiscal year's total revenue generated by Sykes Enterprises. The default revenue input number comes from 2016 income statement of Sykes Enterprises. 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 SYKE stock valuation model: a) initial revenue growth rate of 19.6% 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 SYKE is calculated based on our internal credit rating of Sykes Enterprises, 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 Sykes Enterprises.
    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 SYKE stock the variable cost ratio is equal to 92.7%.

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 SYKE 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 Sykes Enterprises.

Corporate tax rate of 27% is the nominal tax rate for Sykes Enterprises. 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 SYKE 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 SYKE are equal to 16.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Sykes Enterprises 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 SYKE is equal to 9.9%. 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 - $725 million for Sykes Enterprises - 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 40.846 million for Sykes Enterprises 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 Sykes Enterprises at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ Sykes tops 2Q profit forecasts   [Aug-07-17 10:47PM  Associated Press]
▶ Sykes tops Street 1Q forecasts   [May-08-17 05:52PM  Associated Press]
▶ Sykes CEO pay squeezed in 2016   [Apr-21-17 03:01PM  American City Business Journals]
▶ Sykes beats Street 2Q forecasts   [Aug-01-16 05:36PM  AP]
▶ Sykes tops 1Q profit forecasts   [May-02-16 05:05PM  AP]
▶ Pay packages trend up for Sykes executives   [07:20AM  at bizjournals.com]
▶ [$$] Deal Close Announcements March 28-April 1   [Apr-04-16 10:09AM  at The Wall Street Journal]
▶ UM's Florida index outperforms S&P 1500   [07:00AM  at bizjournals.com]
▶ Real estate investor fills seat on Sykes board   [Mar-17-16 07:05AM  at bizjournals.com]
Stock chart of SYKE Financial statements of SYKE
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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