Intrinsic value of Sykes Enterprises - SYKE

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$32.94

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$32.94

 
Intrinsic value

$53.11

 
Up/down potential

+61%

 
Rating

str. buy

 
Value-price divergence* premium content

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*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 1.4

 

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, %
  13.53
  15.40
  14.36
  13.42
  12.58
  11.82
  11.14
  10.53
  9.97
  9.48
  9.03
  8.63
  8.26
  7.94
  7.64
  7.38
  7.14
  6.93
  6.73
  6.56
  6.40
  6.26
  6.14
  6.02
  5.92
  5.83
  5.75
  5.67
  5.60
  5.54
  5.49
Revenue, $m
  1,460
  1,685
  1,927
  2,185
  2,460
  2,751
  3,058
  3,380
  3,717
  4,069
  4,436
  4,819
  5,217
  5,632
  6,062
  6,509
  6,974
  7,457
  7,959
  8,482
  9,025
  9,590
  10,179
  10,792
  11,431
  12,098
  12,793
  13,518
  14,276
  15,068
  15,895
Variable operating expenses, $m
 
  1,558
  1,778
  2,013
  2,263
  2,527
  2,806
  3,098
  3,405
  3,725
  4,059
  4,380
  4,742
  5,118
  5,509
  5,916
  6,338
  6,778
  7,234
  7,709
  8,202
  8,716
  9,251
  9,808
  10,389
  10,995
  11,627
  12,286
  12,975
  13,694
  14,446
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
  1,558
  1,778
  2,013
  2,263
  2,527
  2,806
  3,098
  3,405
  3,725
  4,059
  4,380
  4,742
  5,118
  5,509
  5,916
  6,338
  6,778
  7,234
  7,709
  8,202
  8,716
  9,251
  9,808
  10,389
  10,995
  11,627
  12,286
  12,975
  13,694
  14,446
Operating income, $m
  92
  127
  149
  173
  198
  224
  252
  282
  312
  344
  378
  439
  476
  513
  553
  593
  636
  680
  726
  773
  823
  874
  928
  984
  1,042
  1,103
  1,166
  1,232
  1,301
  1,373
  1,449
EBITDA, $m
  161
  194
  222
  251
  283
  316
  352
  389
  427
  468
  510
  554
  600
  647
  697
  748
  802
  857
  915
  975
  1,038
  1,103
  1,170
  1,241
  1,314
  1,391
  1,471
  1,554
  1,641
  1,732
  1,827
Interest expense (income), $m
  4
  9
  12
  15
  18
  22
  25
  29
  33
  37
  41
  46
  50
  55
  60
  66
  71
  77
  83
  89
  95
  102
  109
  116
  124
  131
  140
  148
  157
  166
  176
Earnings before tax, $m
  89
  118
  137
  158
  180
  203
  227
  253
  279
  307
  337
  393
  425
  458
  492
  528
  565
  603
  643
  684
  727
  772
  819
  868
  918
  971
  1,027
  1,084
  1,144
  1,207
  1,273
Tax expense, $m
  27
  32
  37
  43
  48
  55
  61
  68
  75
  83
  91
  106
  115
  124
  133
  142
  152
  163
  174
  185
  196
  208
  221
  234
  248
  262
  277
  293
  309
  326
  344
Net income, $m
  62
  86
  100
  115
  131
  148
  166
  184
  204
  224
  246
  287
  310
  334
  359
  385
  412
  440
  469
  499
  531
  564
  598
  633
  670
  709
  749
  791
  835
  881
  929

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
  1,108
  1,267
  1,437
  1,618
  1,809
  2,010
  2,222
  2,444
  2,675
  2,917
  3,168
  3,430
  3,703
  3,986
  4,280
  4,585
  4,903
  5,233
  5,576
  5,934
  6,305
  6,692
  7,095
  7,516
  7,954
  8,411
  8,888
  9,386
  9,906
  10,450
Adjusted assets (=assets-cash), $m
  960
  1,108
  1,267
  1,437
  1,618
  1,809
  2,010
  2,222
  2,444
  2,675
  2,917
  3,168
  3,430
  3,703
  3,986
  4,280
  4,585
  4,903
  5,233
  5,576
  5,934
  6,305
  6,692
  7,095
  7,516
  7,954
  8,411
  8,888
  9,386
  9,906
  10,450
Revenue / Adjusted assets
  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
  1.521
Average production assets, $m
  237
  273
  312
  354
  399
  446
  495
  548
  602
  659
  719
  781
  845
  912
  982
  1,055
  1,130
  1,208
  1,289
  1,374
  1,462
  1,554
  1,649
  1,748
  1,852
  1,960
  2,072
  2,190
  2,313
  2,441
  2,575
Working capital, $m
  420
  167
  191
  216
  244
  272
  303
  335
  368
  403
  439
  477
  517
  558
  600
  644
  690
  738
  788
  840
  893
  949
  1,008
  1,068
  1,132
  1,198
  1,266
  1,338
  1,413
  1,492
  1,574
Total debt, $m
  267
  345
  430
  520
  617
  718
  826
  938
  1,056
  1,179
  1,308
  1,442
  1,581
  1,726
  1,876
  2,033
  2,195
  2,364
  2,540
  2,723
  2,913
  3,110
  3,316
  3,531
  3,754
  3,987
  4,231
  4,484
  4,749
  5,026
  5,316
Total liabilities, $m
  512
  589
  674
  764
  861
  962
  1,070
  1,182
  1,300
  1,423
  1,552
  1,686
  1,825
  1,970
  2,120
  2,277
  2,439
  2,608
  2,784
  2,967
  3,157
  3,354
  3,560
  3,775
  3,998
  4,231
  4,475
  4,728
  4,993
  5,270
  5,560
Total equity, $m
  725
  518
  593
  672
  757
  847
  941
  1,040
  1,144
  1,252
  1,365
  1,483
  1,605
  1,733
  1,865
  2,003
  2,146
  2,295
  2,449
  2,610
  2,777
  2,951
  3,132
  3,321
  3,517
  3,722
  3,936
  4,160
  4,393
  4,636
  4,891
Total liabilities and equity, $m
  1,237
  1,107
  1,267
  1,436
  1,618
  1,809
  2,011
  2,222
  2,444
  2,675
  2,917
  3,169
  3,430
  3,703
  3,985
  4,280
  4,585
  4,903
  5,233
  5,577
  5,934
  6,305
  6,692
  7,096
  7,515
  7,953
  8,411
  8,888
  9,386
  9,906
  10,451
Debt-to-equity ratio
  0.368
  0.670
  0.730
  0.770
  0.810
  0.850
  0.880
  0.900
  0.920
  0.940
  0.960
  0.970
  0.980
  1.000
  1.010
  1.010
  1.020
  1.030
  1.040
  1.040
  1.050
  1.050
  1.060
  1.060
  1.070
  1.070
  1.070
  1.080
  1.080
  1.080
  1.090
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
  86
  100
  115
  131
  148
  166
  184
  204
  224
  246
  287
  310
  334
  359
  385
  412
  440
  469
  499
  531
  564
  598
  633
  670
  709
  749
  791
  835
  881
  929
Depreciation, amort., depletion, $m
  69
  67
  72
  79
  85
  92
  99
  107
  115
  123
  132
  115
  124
  134
  144
  155
  166
  178
  190
  202
  215
  228
  242
  257
  272
  288
  305
  322
  340
  359
  379
Funds from operations, $m
  122
  153
  172
  194
  216
  240
  265
  291
  319
  348
  378
  402
  435
  468
  504
  540
  578
  618
  659
  702
  746
  792
  840
  890
  943
  997
  1,054
  1,113
  1,175
  1,240
  1,308
Change in working capital, $m
  -9
  22
  24
  26
  27
  29
  30
  32
  33
  35
  36
  38
  39
  41
  43
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
  78
  82
Cash from operations, $m
  131
  204
  148
  168
  189
  211
  235
  260
  286
  313
  342
  364
  395
  427
  461
  496
  532
  570
  609
  650
  692
  736
  782
  830
  879
  931
  985
  1,042
  1,100
  1,162
  1,226
Maintenance CAPEX, $m
  0
  -35
  -40
  -46
  -52
  -59
  -66
  -73
  -81
  -89
  -97
  -106
  -115
  -124
  -134
  -144
  -155
  -166
  -178
  -190
  -202
  -215
  -228
  -242
  -257
  -272
  -288
  -305
  -322
  -340
  -359
New CAPEX, $m
  -78
  -36
  -39
  -42
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -95
  -99
  -104
  -108
  -113
  -118
  -123
  -128
  -134
Cash from investing activities, $m
  -273
  -71
  -79
  -88
  -97
  -106
  -116
  -125
  -136
  -146
  -157
  -168
  -180
  -191
  -204
  -216
  -230
  -244
  -259
  -275
  -290
  -307
  -323
  -341
  -361
  -380
  -401
  -423
  -445
  -468
  -493
Free cash flow, $m
  -142
  133
  69
  80
  92
  105
  120
  135
  151
  167
  185
  196
  216
  236
  257
  279
  302
  326
  350
  376
  402
  430
  458
  488
  519
  551
  584
  619
  656
  694
  733
Issuance/(repayment) of debt, $m
  196
  78
  85
  90
  96
  102
  107
  113
  118
  123
  129
  134
  139
  145
  151
  156
  163
  169
  176
  183
  190
  198
  206
  214
  224
  233
  243
  254
  265
  277
  289
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
  78
  85
  90
  96
  102
  107
  113
  118
  123
  129
  134
  139
  145
  151
  156
  163
  169
  176
  183
  190
  198
  206
  214
  224
  233
  243
  254
  265
  277
  289
Total cash flow (excl. dividends), $m
  31
  211
  154
  171
  189
  207
  227
  247
  268
  291
  314
  330
  355
  381
  408
  436
  464
  495
  526
  558
  592
  627
  664
  702
  742
  784
  828
  873
  921
  970
  1,022
Retained Cash Flow (-), $m
  -46
  -69
  -74
  -80
  -85
  -90
  -94
  -99
  -104
  -108
  -113
  -118
  -123
  -127
  -132
  -138
  -143
  -149
  -155
  -161
  -167
  -174
  -181
  -189
  -197
  -205
  -214
  -223
  -233
  -244
  -255
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
 
  417
  79
  91
  104
  118
  132
  148
  165
  182
  201
  213
  233
  254
  275
  298
  321
  346
  371
  398
  425
  453
  483
  514
  546
  579
  614
  650
  688
  727
  768
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
 
  400
  73
  79
  86
  91
  96
  100
  103
  105
  105
  101
  99
  96
  92
  87
  82
  75
  68
  61
  54
  47
  40
  34
  28
  23
  18
  14
  11
  8
  6
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 22.6
Price to Sales 1
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 10.7
Price to Free Cash Flow 26.4
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 15.4% 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 6.8 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 43.197 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 $1.4 billion.


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COMPANY NEWS

▶ 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]
▶ Sykes buys fast-growing Utah firm   [07:20AM  at bizjournals.com]
Stock chart of SYKE Financial statements of SYKE Annual reports 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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