Intrinsic value of Tyler Technologies - TYL

Previous Close

$169.76

  Intrinsic Value

$66.64

stock screener

  Rating & Target

str. sell

-61%

  Value-price divergence*

-11%

Previous close

$169.76

 
Intrinsic value

$66.64

 
Up/down potential

-61%

 
Rating

str. sell

 
Value-price divergence*

-11%

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

We calculate the intrinsic value of TYL 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 6.1

 

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, %
  27.92
  11.70
  11.03
  10.43
  9.88
  9.40
  8.96
  8.56
  8.20
  7.88
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
Revenue, $m
  756
  844
  938
  1,035
  1,138
  1,245
  1,356
  1,472
  1,593
  1,719
  1,849
  1,985
  2,126
  2,272
  2,424
  2,583
  2,748
  2,919
  3,098
  3,284
  3,478
  3,680
  3,891
  4,111
  4,341
  4,581
  4,832
  5,095
  5,369
  5,657
  5,957
Variable operating expenses, $m
 
  682
  750
  822
  897
  975
  1,056
  1,141
  1,229
  1,321
  1,417
  1,451
  1,554
  1,661
  1,772
  1,888
  2,009
  2,134
  2,264
  2,400
  2,542
  2,690
  2,844
  3,005
  3,173
  3,349
  3,533
  3,724
  3,925
  4,135
  4,355
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
  625
  682
  750
  822
  897
  975
  1,056
  1,141
  1,229
  1,321
  1,417
  1,451
  1,554
  1,661
  1,772
  1,888
  2,009
  2,134
  2,264
  2,400
  2,542
  2,690
  2,844
  3,005
  3,173
  3,349
  3,533
  3,724
  3,925
  4,135
  4,355
Operating income, $m
  131
  162
  187
  213
  241
  270
  300
  331
  363
  397
  432
  534
  572
  611
  652
  695
  739
  785
  833
  883
  935
  990
  1,047
  1,106
  1,168
  1,232
  1,300
  1,370
  1,444
  1,522
  1,602
EBITDA, $m
  181
  248
  276
  304
  334
  366
  399
  433
  468
  505
  543
  583
  625
  668
  713
  759
  808
  858
  910
  965
  1,022
  1,082
  1,144
  1,208
  1,276
  1,346
  1,420
  1,497
  1,578
  1,663
  1,751
Interest expense (income), $m
  0
  0
  2
  4
  6
  8
  10
  13
  15
  17
  20
  23
  25
  28
  31
  34
  38
  41
  44
  48
  52
  56
  60
  64
  69
  74
  78
  84
  89
  95
  100
Earnings before tax, $m
  129
  162
  185
  209
  235
  262
  289
  318
  349
  380
  412
  511
  546
  583
  621
  660
  701
  744
  789
  835
  883
  934
  987
  1,041
  1,099
  1,159
  1,221
  1,287
  1,355
  1,427
  1,502
Tax expense, $m
  19
  44
  50
  57
  63
  71
  78
  86
  94
  103
  111
  138
  148
  157
  168
  178
  189
  201
  213
  225
  239
  252
  266
  281
  297
  313
  330
  347
  366
  385
  406
Net income, $m
  110
  118
  135
  153
  172
  191
  211
  232
  254
  277
  301
  373
  399
  426
  453
  482
  512
  543
  576
  610
  645
  682
  720
  760
  802
  846
  892
  939
  989
  1,042
  1,096

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  56
  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
  1,358
  1,453
  1,614
  1,782
  1,958
  2,142
  2,334
  2,534
  2,742
  2,958
  3,183
  3,416
  3,659
  3,911
  4,173
  4,446
  4,729
  5,024
  5,332
  5,652
  5,986
  6,334
  6,697
  7,076
  7,472
  7,885
  8,317
  8,769
  9,242
  9,736
  10,254
Adjusted assets (=assets-cash), $m
  1,302
  1,453
  1,614
  1,782
  1,958
  2,142
  2,334
  2,534
  2,742
  2,958
  3,183
  3,416
  3,659
  3,911
  4,173
  4,446
  4,729
  5,024
  5,332
  5,652
  5,986
  6,334
  6,697
  7,076
  7,472
  7,885
  8,317
  8,769
  9,242
  9,736
  10,254
Revenue / Adjusted assets
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
Average production assets, $m
  394
  440
  488
  539
  593
  648
  707
  767
  830
  895
  963
  1,034
  1,107
  1,184
  1,263
  1,346
  1,432
  1,521
  1,614
  1,711
  1,812
  1,917
  2,027
  2,142
  2,262
  2,387
  2,518
  2,654
  2,798
  2,947
  3,104
Working capital, $m
  -79
  -84
  -94
  -104
  -114
  -124
  -136
  -147
  -159
  -172
  -185
  -198
  -213
  -227
  -242
  -258
  -275
  -292
  -310
  -328
  -348
  -368
  -389
  -411
  -434
  -458
  -483
  -509
  -537
  -566
  -596
Total debt, $m
  10
  61
  115
  172
  232
  294
  359
  427
  497
  571
  647
  726
  808
  894
  983
  1,075
  1,171
  1,271
  1,375
  1,484
  1,597
  1,715
  1,838
  1,967
  2,101
  2,241
  2,388
  2,541
  2,701
  2,869
  3,044
Total liabilities, $m
  442
  493
  547
  604
  664
  726
  791
  859
  929
  1,003
  1,079
  1,158
  1,240
  1,326
  1,415
  1,507
  1,603
  1,703
  1,807
  1,916
  2,029
  2,147
  2,270
  2,399
  2,533
  2,673
  2,820
  2,973
  3,133
  3,301
  3,476
Total equity, $m
  916
  961
  1,067
  1,178
  1,294
  1,416
  1,543
  1,675
  1,812
  1,955
  2,104
  2,258
  2,418
  2,585
  2,758
  2,939
  3,126
  3,321
  3,524
  3,736
  3,957
  4,187
  4,427
  4,677
  4,939
  5,212
  5,498
  5,796
  6,109
  6,436
  6,778
Total liabilities and equity, $m
  1,358
  1,454
  1,614
  1,782
  1,958
  2,142
  2,334
  2,534
  2,741
  2,958
  3,183
  3,416
  3,658
  3,911
  4,173
  4,446
  4,729
  5,024
  5,331
  5,652
  5,986
  6,334
  6,697
  7,076
  7,472
  7,885
  8,318
  8,769
  9,242
  9,737
  10,254
Debt-to-equity ratio
  0.011
  0.060
  0.110
  0.150
  0.180
  0.210
  0.230
  0.250
  0.270
  0.290
  0.310
  0.320
  0.330
  0.350
  0.360
  0.370
  0.370
  0.380
  0.390
  0.400
  0.400
  0.410
  0.420
  0.420
  0.430
  0.430
  0.430
  0.440
  0.440
  0.450
  0.450
Adjusted equity ratio
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  110
  118
  135
  153
  172
  191
  211
  232
  254
  277
  301
  373
  399
  426
  453
  482
  512
  543
  576
  610
  645
  682
  720
  760
  802
  846
  892
  939
  989
  1,042
  1,096
Depreciation, amort., depletion, $m
  50
  86
  88
  91
  93
  96
  99
  102
  105
  108
  111
  49
  53
  57
  60
  64
  68
  73
  77
  82
  87
  92
  97
  102
  108
  114
  120
  127
  134
  141
  149
Funds from operations, $m
  218
  204
  223
  244
  265
  287
  310
  334
  359
  385
  412
  423
  452
  482
  514
  546
  581
  616
  653
  691
  732
  773
  817
  863
  910
  960
  1,012
  1,066
  1,123
  1,183
  1,245
Change in working capital, $m
  26
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
Cash from operations, $m
  192
  213
  233
  253
  275
  298
  321
  346
  371
  398
  425
  436
  466
  497
  529
  562
  597
  633
  671
  710
  751
  794
  838
  885
  933
  984
  1,037
  1,093
  1,151
  1,211
  1,275
Maintenance CAPEX, $m
  0
  -19
  -21
  -23
  -26
  -28
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -53
  -57
  -60
  -64
  -68
  -73
  -77
  -82
  -87
  -92
  -97
  -102
  -108
  -114
  -120
  -127
  -134
  -141
New CAPEX, $m
  -38
  -46
  -49
  -51
  -53
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -73
  -76
  -79
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -110
  -115
  -120
  -125
  -131
  -137
  -143
  -150
  -157
Cash from investing activities, $m
  -51
  -65
  -70
  -74
  -79
  -84
  -89
  -94
  -100
  -105
  -111
  -117
  -122
  -129
  -136
  -143
  -150
  -157
  -166
  -174
  -183
  -192
  -202
  -212
  -222
  -233
  -245
  -257
  -270
  -284
  -298
Free cash flow, $m
  141
  148
  163
  179
  196
  214
  232
  251
  272
  293
  314
  319
  343
  367
  393
  419
  447
  475
  505
  536
  568
  602
  637
  673
  711
  751
  792
  835
  881
  928
  977
Issuance/(repayment) of debt, $m
  -56
  51
  54
  57
  60
  62
  65
  68
  70
  73
  76
  79
  82
  85
  89
  92
  96
  100
  104
  109
  113
  118
  123
  128
  134
  140
  147
  153
  160
  168
  175
Issuance/(repurchase) of shares, $m
  -82
  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  
  -138
  51
  54
  57
  60
  62
  65
  68
  70
  73
  76
  79
  82
  85
  89
  92
  96
  100
  104
  109
  113
  118
  123
  128
  134
  140
  147
  153
  160
  168
  175
Total cash flow (excl. dividends), $m
  3
  198
  218
  236
  256
  276
  297
  319
  342
  366
  391
  399
  425
  453
  482
  512
  543
  575
  609
  645
  681
  720
  760
  802
  845
  891
  939
  989
  1,041
  1,096
  1,153
Retained Cash Flow (-), $m
  -57
  -101
  -106
  -111
  -116
  -122
  -127
  -132
  -137
  -143
  -149
  -154
  -160
  -167
  -173
  -180
  -187
  -195
  -203
  -212
  -221
  -230
  -240
  -251
  -262
  -273
  -286
  -299
  -312
  -327
  -342
Prev. year cash balance distribution, $m
 
  56
  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
 
  154
  112
  125
  139
  154
  170
  187
  205
  223
  242
  244
  265
  286
  308
  332
  355
  380
  406
  433
  461
  490
  520
  551
  584
  618
  653
  690
  728
  769
  811
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
 
  147
  102
  109
  115
  120
  124
  126
  128
  128
  127
  116
  113
  109
  104
  97
  90
  83
  75
  67
  59
  51
  43
  36
  30
  24
  19
  15
  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

Tyler Technologies, Inc. provides integrated information management solutions and services for the public sector with a focus on local governments in the United States and internationally. It operates through two segments, Enterprise Software, and Appraisal and Tax. The company’s financial management solutions include modular fund accounting systems for government agencies or not-for-profit entities; and utility billing systems for the billing and collection of metered and non-metered services. It also offers products to automate various city functions, such as municipal courts, parking tickets, equipment and project costing, animal and business licenses, permits and inspections, code enforcement, citizen complaint tracking, ambulance billing, fleet maintenance, and cemetery records management; and student information and transportation solutions for K-12 schools. In addition, the company provides integrated suite of judicial solutions comprising court case management, court and law enforcement, prosecutor, and supervision systems to handle multi-jurisdictional county or statewide implementations, as well as single county systems; systems and software to automate the appraisal and assessment of real and personal properties; tax applications for agencies that bill and collect taxes; planning, regulatory, and maintenance software solutions for public sector agencies; public safety software solutions; and software applications that enhance and automate records and document management operations. Further, it offers software as a service arrangements and electronic document filing solutions for courts and law offices; professional IT services, including software and hardware installation, data conversion, training, and product modifications; and property appraisal outsourcing services for taxing jurisdictions, as well as customer support services. Tyler Technologies, Inc. was founded in 1966 and is based in Plano, Texas.

FINANCIAL RATIOS  of  Tyler Technologies (TYL)

Valuation Ratios
P/E Ratio 56.7
Price to Sales 8.3
Price to Book 6.8
Price to Tangible Book
Price to Cash Flow 32.5
Price to Free Cash Flow 40.5
Growth Rates
Sales Growth Rate 27.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 192.3%
Cap. Spend. - 3 Yr. Gr. Rate 7.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 1.1%
Total Debt to Equity 1.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 8.1%
Ret/ On Assets - 3 Yr. Avg. 8.8%
Return On Total Capital 11.9%
Ret/ On T. Cap. - 3 Yr. Avg. 14.1%
Return On Equity 12.4%
Return On Equity - 3 Yr. Avg. 14.5%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 47%
Gross Margin - 3 Yr. Avg. 47%
EBITDA Margin 23.7%
EBITDA Margin - 3 Yr. Avg. 22.5%
Operating Margin 17.3%
Oper. Margin - 3 Yr. Avg. 18.3%
Pre-Tax Margin 17.1%
Pre-Tax Margin - 3 Yr. Avg. 18.1%
Net Profit Margin 14.6%
Net Profit Margin - 3 Yr. Avg. 12.5%
Effective Tax Rate 14.7%
Eff/ Tax Rate - 3 Yr. Avg. 30.6%
Payout Ratio 0%

TYL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TYL stock intrinsic value calculation we used $756 million for the last fiscal year's total revenue generated by Tyler Technologies. The default revenue input number comes from 2016 income statement of Tyler Technologies. 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 TYL stock valuation model: a) initial revenue growth rate of 11.7% 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 TYL is calculated based on our internal credit rating of Tyler Technologies, 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 Tyler Technologies.
    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 TYL stock the variable cost ratio is equal to 81.7%.

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 TYL 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 Tyler Technologies.

Corporate tax rate of 27% is the nominal tax rate for Tyler Technologies. 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 TYL 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 TYL are equal to 52.1%.

Life of production assets of 20.9 years is the average useful life of capital assets used in Tyler Technologies 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 TYL 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 - $916 million for Tyler Technologies - 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 35.918 million for Tyler Technologies 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 Tyler Technologies at the current share price and the inputted number of shares is $6.1 billion.

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COMPANY NEWS

▶ Santa Fe Selects Multiple Tyler Technologies Solutions   [Aug-08-17 09:17AM  Business Wire]
▶ Tyler Technologies Acquires Digital Health Department, Inc.   [Aug-02-17 11:00AM  Business Wire]
▶ Tyler Technologies Reports Earnings for Second Quarter 2017   [Jul-26-17 04:17PM  Business Wire]
▶ A Deep Analysis of 6 Five-Star Companies   [Jun-02-17 06:11PM  GuruFocus.com]
▶ [$$] Dispute Resolution Startup Modria Acquired by Tyler Technologies   [May-30-17 04:08PM  The Wall Street Journal]
▶ Tyler Technologies Acquires Modria   [01:00PM  Business Wire]
▶ Tyler Technologies tops 1Q profit forecasts   [Apr-26-17 06:36PM  Associated Press]
▶ Weekly CFO Sells Highlights   [Feb-23-17 03:09PM  GuruFocus.com]
▶ Maines Largest City Selects Tyler Technologies Solutions   [Jan-24-17 09:17AM  Business Wire]
▶ Do Hedge Funds Love Tyler Technologies, Inc. (TYL)?   [Dec-02-16 04:46AM  at Insider Monkey]
Stock chart of TYL Financial statements of TYL
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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