Intrinsic value of Ultimate Software Group - ULTI

Previous Close

$226.26

  Intrinsic Value

$75.74

stock screener

  Rating & Target

str. sell

-67%

Previous close

$226.26

 
Intrinsic value

$75.74

 
Up/down potential

-67%

 
Rating

str. sell

We calculate the intrinsic value of ULTI 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  26.38
  19.80
  18.32
  16.99
  15.79
  14.71
  13.74
  12.87
  12.08
  11.37
  10.73
  10.16
  9.64
  9.18
  8.76
  8.39
  8.05
  7.74
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
Revenue, $m
  781
  936
  1,107
  1,295
  1,500
  1,720
  1,957
  2,208
  2,475
  2,756
  3,052
  3,362
  3,687
  4,025
  4,378
  4,745
  5,127
  5,524
  5,936
  6,365
  6,810
  7,273
  7,755
  8,256
  8,777
  9,319
  9,884
  10,473
  11,087
  11,727
  12,395
Variable operating expenses, $m
 
  870
  1,029
  1,203
  1,393
  1,597
  1,816
  2,049
  2,297
  2,557
  2,831
  3,115
  3,416
  3,729
  4,056
  4,396
  4,750
  5,118
  5,500
  5,897
  6,310
  6,739
  7,185
  7,649
  8,132
  8,634
  9,158
  9,703
  10,272
  10,865
  11,484
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
  740
  870
  1,029
  1,203
  1,393
  1,597
  1,816
  2,049
  2,297
  2,557
  2,831
  3,115
  3,416
  3,729
  4,056
  4,396
  4,750
  5,118
  5,500
  5,897
  6,310
  6,739
  7,185
  7,649
  8,132
  8,634
  9,158
  9,703
  10,272
  10,865
  11,484
Operating income, $m
  42
  65
  78
  92
  107
  123
  140
  159
  178
  199
  221
  247
  271
  296
  322
  349
  377
  406
  436
  468
  500
  534
  570
  607
  645
  685
  726
  770
  815
  862
  911
EBITDA, $m
  69
  96
  114
  133
  154
  177
  201
  227
  254
  283
  314
  346
  379
  414
  450
  488
  527
  568
  610
  654
  700
  748
  797
  849
  902
  958
  1,016
  1,077
  1,140
  1,205
  1,274
Interest expense (income), $m
  0
  0
  5
  11
  17
  23
  30
  38
  46
  55
  64
  73
  83
  93
  104
  116
  127
  140
  152
  166
  179
  194
  208
  224
  240
  257
  274
  292
  311
  331
  351
Earnings before tax, $m
  41
  65
  73
  81
  90
  100
  110
  121
  132
  145
  157
  174
  188
  202
  217
  233
  249
  266
  284
  302
  321
  341
  361
  383
  405
  428
  452
  477
  503
  531
  559
Tax expense, $m
  11
  18
  20
  22
  24
  27
  30
  33
  36
  39
  42
  47
  51
  55
  59
  63
  67
  72
  77
  82
  87
  92
  98
  103
  109
  116
  122
  129
  136
  143
  151
Net income, $m
  30
  48
  53
  59
  66
  73
  80
  88
  97
  106
  115
  127
  137
  148
  159
  170
  182
  194
  207
  221
  234
  249
  264
  279
  296
  312
  330
  348
  368
  388
  408

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  89
  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
  1,153
  1,275
  1,508
  1,764
  2,043
  2,344
  2,666
  3,009
  3,372
  3,755
  4,158
  4,581
  5,023
  5,484
  5,964
  6,464
  6,985
  7,525
  8,087
  8,672
  9,278
  9,909
  10,565
  11,248
  11,957
  12,696
  13,466
  14,268
  15,104
  15,977
  16,887
Adjusted assets (=assets-cash), $m
  1,064
  1,275
  1,508
  1,764
  2,043
  2,344
  2,666
  3,009
  3,372
  3,755
  4,158
  4,581
  5,023
  5,484
  5,964
  6,464
  6,985
  7,525
  8,087
  8,672
  9,278
  9,909
  10,565
  11,248
  11,957
  12,696
  13,466
  14,268
  15,104
  15,977
  16,887
Revenue / Adjusted assets
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
Average production assets, $m
  167
  200
  237
  277
  321
  368
  419
  473
  530
  590
  653
  720
  789
  861
  937
  1,015
  1,097
  1,182
  1,270
  1,362
  1,457
  1,557
  1,660
  1,767
  1,878
  1,994
  2,115
  2,241
  2,373
  2,510
  2,653
Working capital, $m
  72
  -14
  -17
  -19
  -22
  -26
  -29
  -33
  -37
  -41
  -46
  -50
  -55
  -60
  -66
  -71
  -77
  -83
  -89
  -95
  -102
  -109
  -116
  -124
  -132
  -140
  -148
  -157
  -166
  -176
  -186
Total debt, $m
  9
  146
  303
  475
  663
  865
  1,082
  1,313
  1,557
  1,815
  2,087
  2,371
  2,668
  2,979
  3,302
  3,639
  3,989
  4,353
  4,731
  5,124
  5,532
  5,957
  6,398
  6,858
  7,335
  7,833
  8,351
  8,891
  9,453
  10,040
  10,653
Total liabilities, $m
  720
  858
  1,015
  1,187
  1,375
  1,577
  1,794
  2,025
  2,269
  2,527
  2,799
  3,083
  3,380
  3,691
  4,014
  4,351
  4,701
  5,065
  5,443
  5,836
  6,244
  6,669
  7,110
  7,570
  8,047
  8,545
  9,063
  9,603
  10,165
  10,752
  11,365
Total equity, $m
  432
  417
  493
  577
  668
  766
  872
  984
  1,103
  1,228
  1,360
  1,498
  1,642
  1,793
  1,950
  2,114
  2,284
  2,461
  2,645
  2,836
  3,034
  3,240
  3,455
  3,678
  3,910
  4,152
  4,403
  4,666
  4,939
  5,224
  5,522
Total liabilities and equity, $m
  1,152
  1,275
  1,508
  1,764
  2,043
  2,343
  2,666
  3,009
  3,372
  3,755
  4,159
  4,581
  5,022
  5,484
  5,964
  6,465
  6,985
  7,526
  8,088
  8,672
  9,278
  9,909
  10,565
  11,248
  11,957
  12,697
  13,466
  14,269
  15,104
  15,976
  16,887
Debt-to-equity ratio
  0.021
  0.350
  0.610
  0.820
  0.990
  1.130
  1.240
  1.330
  1.410
  1.480
  1.530
  1.580
  1.620
  1.660
  1.690
  1.720
  1.750
  1.770
  1.790
  1.810
  1.820
  1.840
  1.850
  1.860
  1.880
  1.890
  1.900
  1.910
  1.910
  1.920
  1.930
Adjusted equity ratio
  0.322
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  30
  48
  53
  59
  66
  73
  80
  88
  97
  106
  115
  127
  137
  148
  159
  170
  182
  194
  207
  221
  234
  249
  264
  279
  296
  312
  330
  348
  368
  388
  408
Depreciation, amort., depletion, $m
  27
  31
  36
  41
  47
  54
  61
  68
  76
  84
  93
  99
  108
  118
  128
  139
  150
  162
  174
  187
  200
  213
  227
  242
  257
  273
  290
  307
  325
  344
  363
Funds from operations, $m
  144
  78
  89
  101
  113
  127
  141
  156
  173
  190
  208
  226
  245
  266
  287
  309
  332
  356
  381
  407
  434
  462
  491
  521
  553
  586
  620
  655
  693
  731
  772
Change in working capital, $m
  -16
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -10
  -10
Cash from operations, $m
  160
  81
  92
  103
  116
  130
  145
  160
  177
  194
  212
  230
  250
  271
  292
  315
  338
  362
  387
  414
  441
  469
  498
  529
  561
  594
  628
  664
  702
  741
  782
Maintenance CAPEX, $m
  0
  -23
  -27
  -32
  -38
  -44
  -50
  -57
  -65
  -73
  -81
  -89
  -99
  -108
  -118
  -128
  -139
  -150
  -162
  -174
  -187
  -200
  -213
  -227
  -242
  -257
  -273
  -290
  -307
  -325
  -344
New CAPEX, $m
  -69
  -33
  -37
  -40
  -44
  -47
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -112
  -116
  -121
  -126
  -131
  -137
  -143
Cash from investing activities, $m
  358
  -56
  -64
  -72
  -82
  -91
  -101
  -111
  -122
  -133
  -144
  -155
  -168
  -180
  -193
  -207
  -221
  -235
  -250
  -266
  -282
  -299
  -316
  -334
  -354
  -373
  -394
  -416
  -438
  -462
  -487
Free cash flow, $m
  518
  25
  28
  31
  35
  39
  44
  49
  55
  61
  68
  74
  82
  90
  99
  108
  117
  127
  137
  148
  159
  170
  182
  194
  207
  220
  234
  249
  263
  279
  295
Issuance/(repayment) of debt, $m
  -6
  142
  157
  172
  187
  202
  217
  231
  245
  258
  271
  284
  297
  310
  323
  337
  350
  364
  378
  393
  408
  425
  441
  459
  478
  497
  518
  540
  563
  587
  613
Issuance/(repurchase) of shares, $m
  -25
  21
  23
  25
  25
  25
  25
  24
  22
  20
  17
  11
  7
  3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -554
  163
  180
  197
  212
  227
  242
  255
  267
  278
  288
  295
  304
  313
  323
  337
  350
  364
  378
  393
  408
  425
  441
  459
  478
  497
  518
  540
  563
  587
  613
Total cash flow (excl. dividends), $m
  -36
  188
  208
  228
  247
  267
  285
  304
  322
  339
  356
  370
  387
  404
  422
  444
  467
  491
  515
  541
  567
  595
  624
  654
  685
  718
  752
  788
  826
  866
  908
Retained Cash Flow (-), $m
  -98
  -69
  -76
  -84
  -91
  -98
  -105
  -112
  -119
  -125
  -132
  -138
  -144
  -151
  -157
  -164
  -170
  -177
  -184
  -191
  -198
  -206
  -214
  -223
  -232
  -242
  -252
  -262
  -273
  -285
  -298
Prev. year cash balance distribution, $m
 
  84
  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
 
  203
  132
  144
  156
  168
  180
  192
  203
  214
  225
  232
  242
  253
  265
  281
  297
  314
  332
  350
  369
  389
  409
  430
  453
  476
  501
  526
  553
  581
  610
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
 
  195
  120
  125
  129
  130
  131
  129
  127
  123
  118
  110
  103
  96
  89
  82
  76
  68
  61
  54
  47
  40
  34
  28
  23
  19
  15
  11
  9
  6
  5
Current shareholders' claim on cash, %
  100
  99.4
  98.8
  98.3
  97.9
  97.5
  97.2
  97.0
  96.7
  96.6
  96.4
  96.4
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3

The Ultimate Software Group, Inc. (Ultimate) is a cloud provider of people management solutions, referred to as human capital management (HCM). The Company's UltiPro product suite (UltiPro) is an engaging solution that has human resources (HR), payroll and benefits management. As of December 31, 2016, UltiPro included global people management, available in 14 languages with more than 35 country-specific localizations. The solution is delivered through software-as-a-service (SaaS) to organizations based in the United States and Canada, including those with global workforces. The UltiPro solution includes feature sets for talent acquisition and onboarding, HR management and compliance, benefits management and online enrollment, payroll, performance management, compensation management with salary planning, budgeting, and development of incentive plans, succession management, reporting and analytical decision-making and predictive tools, and time and attendance.

FINANCIAL RATIOS  of  Ultimate Software Group (ULTI)

Valuation Ratios
P/E Ratio 221.4
Price to Sales 8.5
Price to Book 15.4
Price to Tangible Book
Price to Cash Flow 41.5
Price to Free Cash Flow 73
Growth Rates
Sales Growth Rate 26.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 35.3%
Cap. Spend. - 3 Yr. Gr. Rate 18.1%
Financial Strength
Quick Ratio 18
Current Ratio 0
LT Debt to Equity 0.9%
Total Debt to Equity 2.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital 7.7%
Ret/ On T. Cap. - 3 Yr. Avg. 11.3%
Return On Equity 7.8%
Return On Equity - 3 Yr. Avg. 11.7%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 61.6%
Gross Margin - 3 Yr. Avg. 60.9%
EBITDA Margin 8.7%
EBITDA Margin - 3 Yr. Avg. 11.2%
Operating Margin 5.2%
Oper. Margin - 3 Yr. Avg. 7.6%
Pre-Tax Margin 5.2%
Pre-Tax Margin - 3 Yr. Avg. 7.6%
Net Profit Margin 3.8%
Net Profit Margin - 3 Yr. Avg. 5.5%
Effective Tax Rate 26.8%
Eff/ Tax Rate - 3 Yr. Avg. 30%
Payout Ratio 0%

ULTI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ULTI stock intrinsic value calculation we used $781 million for the last fiscal year's total revenue generated by Ultimate Software Group. The default revenue input number comes from 2016 income statement of Ultimate Software Group. 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 ULTI stock valuation model: a) initial revenue growth rate of 19.8% 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 ULTI is calculated based on our internal credit rating of Ultimate Software Group, 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 Ultimate Software Group.
    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 ULTI stock the variable cost ratio is equal to 93.1%.

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 ULTI 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 Ultimate Software Group.

Corporate tax rate of 27% is the nominal tax rate for Ultimate Software Group. 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 ULTI 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 ULTI are equal to 21.4%.

Life of production assets of 7.3 years is the average useful life of capital assets used in Ultimate Software Group 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 ULTI is equal to -1.5%. 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 - $432 million for Ultimate Software Group - 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 29.648 million for Ultimate Software Group 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 Ultimate Software Group at the current share price and the inputted number of shares is $6.7 billion.

RELATED COMPANIES Price Int.Val. Rating
PCTY Paylocity Hold 49.46 86.75  str.buy
PAYC Paycom Softwar 88.35 156.61  str.buy
WDAY Workday 112.26 2.08  str.sell
ORCL Oracle 50.27 36.10  sell
CSOD Cornerstone On 39.28 3.45  str.sell
MSFT Microsoft 90.14 55.03  sell
IBM International 168.65 173.04  hold
PAYX Paychex 69.64 59.57  hold

COMPANY NEWS

▶ Ultimate Software Group And Other Top Growth Stocks   [Jan-10-18 11:02AM  Simply Wall St.]
▶ Ultimate Software Shows Rising Relative Strength; Still Shy Of Key Threshold   [Jan-04-18 03:00AM  Investor's Business Daily]
▶ Ultimate Software Sees RS Rating Climb To 74   [Dec-29-17 03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: Ultimate Software   [Dec-15-17 03:00AM  Investor's Business Daily]
▶ Best AMEX Growth Companies   [Dec-09-17 11:02AM  Simply Wall St.]
▶ Why Paycom Software Is in a League of Its Own   [Dec-03-17 12:00PM  Motley Fool]
▶ Here's why tech stocks are tanking right now: NYSE trader   [Nov-29-17 01:20PM  Yahoo Finance Video]
▶ 5 Small Growth Stocks With Big Upside: Wasatch   [Nov-08-17 08:00AM  Investopedia]
▶ [$$] Zendesk, HubSpot Seen as Top Picks   [Nov-02-17 12:39PM  Barrons.com]
▶ Ultimate Software beats Street 3Q forecasts   [Nov-01-17 04:13PM  Associated Press]
▶ Ultimate Reports Q3 2017 Financial Results   [04:00PM  Business Wire]
▶ (ADP) Who are ADP's Main Competitors?   [10:48AM  Investopedia]
▶ These are the highest-paid tech executives in South Florida   [Oct-04-17 02:20PM  American City Business Journals]
▶ Credit Suisse Picks Its Tax-Reform Winners   [06:00AM  Investopedia]
▶ [$$] Three Stocks to Gain From ADP Disruption   [Aug-22-17 11:06AM  Barrons.com]
▶ Ultimate Plunges On Lowered Guidance, Paycom Outlook Disappoints   [Aug-02-17 04:20PM  Investor's Business Daily]
▶ Ultimate Software tops 2Q profit forecasts   [Aug-01-17 09:14PM  Associated Press]
▶ Ultimate Reports Q2 2017 Financial Results   [04:00PM  Business Wire]
▶ When Software Mergers Heat Up, These Companies Will Be Buyers   [Jul-17-17 11:08AM  Investor's Business Daily]
▶ Fortune ranks Broward company No. 1 best workplace for millennials   [Jun-29-17 08:17AM  American City Business Journals]
▶ Why These 4 Tech Stocks May Beat Apple, Facebook   [Jun-13-17 06:15PM  Investopedia]
Financial statements of ULTI
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.