Intrinsic value of World Wrestling Entertainment Cl A - WWE

Previous Close

$22.60

  Intrinsic Value

$10.33

stock screener

  Rating & Target

str. sell

-54%

  Value-price divergence*

-12%

Previous close

$22.60

 
Intrinsic value

$10.33

 
Up/down potential

-54%

 
Rating

str. sell

 
Value-price divergence*

-12%

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

We calculate the intrinsic value of WWE 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 1.7

 

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, %
  10.62
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
Revenue, $m
  729
  787
  848
  911
  976
  1,044
  1,115
  1,189
  1,265
  1,345
  1,428
  1,514
  1,604
  1,698
  1,796
  1,898
  2,004
  2,116
  2,232
  2,354
  2,481
  2,614
  2,753
  2,899
  3,052
  3,212
  3,379
  3,555
  3,739
  3,931
  4,133
Variable operating expenses, $m
 
  607
  654
  702
  753
  805
  860
  917
  975
  1,037
  1,101
  1,167
  1,237
  1,309
  1,384
  1,463
  1,545
  1,631
  1,721
  1,815
  1,913
  2,015
  2,123
  2,235
  2,353
  2,476
  2,605
  2,741
  2,882
  3,031
  3,187
Fixed operating expenses, $m
 
  118
  121
  124
  127
  130
  133
  137
  140
  144
  147
  151
  155
  159
  162
  167
  171
  175
  179
  184
  188
  193
  198
  203
  208
  213
  219
  224
  230
  235
  241
Total operating expenses, $m
  674
  725
  775
  826
  880
  935
  993
  1,054
  1,115
  1,181
  1,248
  1,318
  1,392
  1,468
  1,546
  1,630
  1,716
  1,806
  1,900
  1,999
  2,101
  2,208
  2,321
  2,438
  2,561
  2,689
  2,824
  2,965
  3,112
  3,266
  3,428
Operating income, $m
  56
  62
  73
  85
  97
  109
  122
  136
  150
  164
  180
  196
  213
  230
  249
  268
  288
  309
  332
  355
  380
  405
  433
  461
  491
  522
  555
  590
  627
  665
  705
EBITDA, $m
  121
  94
  107
  121
  136
  151
  167
  183
  200
  218
  237
  256
  277
  298
  321
  344
  368
  394
  421
  449
  479
  510
  543
  577
  613
  651
  690
  732
  776
  822
  871
Interest expense (income), $m
  2
  7
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  20
  22
  23
  25
  27
  28
  30
  32
  34
  36
  39
  41
  43
  46
  48
  51
Earnings before tax, $m
  53
  56
  68
  78
  89
  101
  112
  125
  138
  152
  166
  181
  196
  213
  230
  248
  266
  286
  307
  328
  351
  375
  400
  427
  455
  484
  514
  547
  581
  617
  654
Tax expense, $m
  19
  15
  18
  21
  24
  27
  30
  34
  37
  41
  45
  49
  53
  57
  62
  67
  72
  77
  83
  89
  95
  101
  108
  115
  123
  131
  139
  148
  157
  166
  177
Net income, $m
  34
  41
  49
  57
  65
  73
  82
  91
  101
  111
  121
  132
  143
  155
  168
  181
  194
  209
  224
  240
  256
  274
  292
  312
  332
  353
  376
  399
  424
  450
  478

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  267
  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
  601
  361
  388
  417
  447
  478
  511
  545
  580
  616
  654
  694
  735
  778
  823
  869
  918
  969
  1,022
  1,078
  1,136
  1,197
  1,261
  1,328
  1,398
  1,471
  1,548
  1,628
  1,713
  1,801
  1,893
Adjusted assets (=assets-cash), $m
  334
  361
  388
  417
  447
  478
  511
  545
  580
  616
  654
  694
  735
  778
  823
  869
  918
  969
  1,022
  1,078
  1,136
  1,197
  1,261
  1,328
  1,398
  1,471
  1,548
  1,628
  1,713
  1,801
  1,893
Revenue / Adjusted assets
  2.183
  2.180
  2.186
  2.185
  2.183
  2.184
  2.182
  2.182
  2.181
  2.183
  2.183
  2.182
  2.182
  2.183
  2.182
  2.184
  2.183
  2.184
  2.184
  2.184
  2.184
  2.184
  2.183
  2.183
  2.183
  2.184
  2.183
  2.184
  2.183
  2.183
  2.183
Average production assets, $m
  146
  157
  170
  182
  195
  209
  223
  238
  253
  269
  286
  303
  321
  340
  359
  380
  401
  423
  446
  471
  496
  523
  551
  580
  610
  642
  676
  711
  748
  786
  827
Working capital, $m
  216
  -49
  -53
  -56
  -61
  -65
  -69
  -74
  -78
  -83
  -89
  -94
  -99
  -105
  -111
  -118
  -124
  -131
  -138
  -146
  -154
  -162
  -171
  -180
  -189
  -199
  -210
  -220
  -232
  -244
  -256
Total debt, $m
  203
  167
  192
  218
  245
  273
  302
  332
  364
  396
  431
  466
  503
  542
  582
  624
  668
  714
  762
  812
  865
  920
  977
  1,037
  1,100
  1,166
  1,235
  1,307
  1,383
  1,463
  1,546
Total liabilities, $m
  361
  325
  350
  376
  403
  431
  460
  490
  522
  554
  589
  624
  661
  700
  740
  782
  826
  872
  920
  970
  1,023
  1,078
  1,135
  1,195
  1,258
  1,324
  1,393
  1,465
  1,541
  1,621
  1,704
Total equity, $m
  240
  36
  39
  42
  45
  48
  51
  54
  58
  62
  65
  69
  73
  78
  82
  87
  92
  97
  102
  108
  114
  120
  126
  133
  140
  147
  155
  163
  171
  180
  189
Total liabilities and equity, $m
  601
  361
  389
  418
  448
  479
  511
  544
  580
  616
  654
  693
  734
  778
  822
  869
  918
  969
  1,022
  1,078
  1,137
  1,198
  1,261
  1,328
  1,398
  1,471
  1,548
  1,628
  1,712
  1,801
  1,893
Debt-to-equity ratio
  0.846
  4.620
  4.930
  5.210
  5.470
  5.700
  5.910
  6.100
  6.270
  6.440
  6.580
  6.720
  6.850
  6.970
  7.080
  7.180
  7.280
  7.370
  7.450
  7.530
  7.610
  7.680
  7.750
  7.810
  7.870
  7.930
  7.980
  8.030
  8.080
  8.120
  8.170
Adjusted equity ratio
  -0.081
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  34
  41
  49
  57
  65
  73
  82
  91
  101
  111
  121
  132
  143
  155
  168
  181
  194
  209
  224
  240
  256
  274
  292
  312
  332
  353
  376
  399
  424
  450
  478
Depreciation, amort., depletion, $m
  65
  31
  34
  36
  39
  42
  45
  48
  51
  54
  57
  61
  64
  68
  72
  76
  80
  85
  89
  94
  99
  105
  110
  116
  122
  128
  135
  142
  150
  157
  165
Funds from operations, $m
  -12
  72
  83
  93
  104
  115
  127
  139
  151
  164
  178
  193
  207
  223
  240
  257
  275
  293
  313
  334
  356
  378
  402
  427
  454
  482
  511
  541
  573
  607
  643
Change in working capital, $m
  -69
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
Cash from operations, $m
  57
  76
  87
  97
  108
  119
  131
  143
  156
  169
  183
  198
  213
  229
  246
  263
  281
  300
  320
  341
  364
  387
  411
  437
  463
  492
  521
  552
  585
  619
  655
Maintenance CAPEX, $m
  0
  -29
  -31
  -34
  -36
  -39
  -42
  -45
  -48
  -51
  -54
  -57
  -61
  -64
  -68
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -105
  -110
  -116
  -122
  -128
  -135
  -142
  -150
  -157
New CAPEX, $m
  -30
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -39
  -40
Cash from investing activities, $m
  -24
  -41
  -43
  -47
  -49
  -53
  -56
  -60
  -63
  -67
  -71
  -74
  -79
  -83
  -88
  -92
  -97
  -102
  -108
  -113
  -119
  -126
  -133
  -139
  -147
  -154
  -161
  -170
  -179
  -189
  -197
Free cash flow, $m
  33
  35
  43
  51
  59
  67
  75
  84
  93
  103
  113
  123
  135
  146
  158
  171
  184
  198
  213
  228
  244
  261
  279
  297
  317
  337
  359
  382
  406
  431
  458
Issuance/(repayment) of debt, $m
  157
  -30
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
  79
  83
Issuance/(repurchase) of shares, $m
  21
  17
  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  
  178
  -13
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
  79
  83
Total cash flow (excl. dividends), $m
  211
  21
  68
  77
  86
  95
  104
  114
  125
  136
  147
  159
  172
  185
  198
  213
  228
  244
  261
  278
  296
  316
  336
  357
  380
  403
  428
  454
  482
  511
  541
Retained Cash Flow (-), $m
  -31
  -57
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
Prev. year cash balance distribution, $m
 
  261
  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
 
  225
  66
  74
  83
  92
  101
  111
  121
  132
  143
  155
  167
  180
  194
  208
  223
  239
  255
  272
  291
  310
  330
  351
  373
  396
  421
  446
  473
  502
  532
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
 
  215
  60
  64
  68
  71
  73
  75
  76
  76
  75
  74
  71
  69
  65
  61
  57
  52
  47
  42
  37
  32
  27
  23
  19
  15
  12
  10
  7
  5
  4
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

World Wrestling Entertainment, Inc. (WWE) is an integrated media and entertainment company. The Company's segments are Network, Television, Home Entertainment, Digital Media, Live Events, Licensing, Venue Merchandise, WWEShop, WWE Studios, and Corporate and Other. The Company is engaged in the production and distribution of content through various channels, including its WWE Network, television rights agreements, pay-per-view event programming, live events, feature films, licensing of various WWE themed products, and the sale of consumer products featuring its brands. Its Network, Television, Home Entertainment and Digital Media are individual segments that comprise the Media Division. Its Live Events, Licensing, Venue Merchandise and WWEShop are individual segments that comprise the Consumer Products Division. Its Network segment consists of subscriptions to WWE Network. The Company's Television segment consists of television rights fees and advertising.

FINANCIAL RATIOS  of  World Wrestling Entertainment Cl A (WWE)

Valuation Ratios
P/E Ratio 50.8
Price to Sales 2.4
Price to Book 7.2
Price to Tangible Book
Price to Cash Flow 30.3
Price to Free Cash Flow 63.9
Growth Rates
Sales Growth Rate 10.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate -11.7%
Financial Strength
Quick Ratio 45
Current Ratio 0
LT Debt to Equity 82.1%
Total Debt to Equity 84.6%
Interest Coverage 28
Management Effectiveness
Return On Assets 7%
Ret/ On Assets - 3 Yr. Avg. 1.8%
Return On Total Capital 10.1%
Ret/ On T. Cap. - 3 Yr. Avg. 3%
Return On Equity 15.1%
Return On Equity - 3 Yr. Avg. 4.7%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 41%
Gross Margin - 3 Yr. Avg. 37%
EBITDA Margin 16.5%
EBITDA Margin - 3 Yr. Avg. 11.5%
Operating Margin 7.5%
Oper. Margin - 3 Yr. Avg. 1.9%
Pre-Tax Margin 7.3%
Pre-Tax Margin - 3 Yr. Avg. 1.2%
Net Profit Margin 4.7%
Net Profit Margin - 3 Yr. Avg. 0.9%
Effective Tax Rate 35.8%
Eff/ Tax Rate - 3 Yr. Avg. 36%
Payout Ratio 108.8%

WWE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WWE stock intrinsic value calculation we used $729 million for the last fiscal year's total revenue generated by World Wrestling Entertainment Cl A. The default revenue input number comes from 2016 income statement of World Wrestling Entertainment Cl A. 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 WWE stock valuation model: a) initial revenue growth rate of 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 WWE is calculated based on our internal credit rating of World Wrestling Entertainment Cl A, 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 World Wrestling Entertainment Cl A.
    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 WWE stock the variable cost ratio is equal to 77.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $115 million in the base year in the intrinsic value calculation for WWE 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 World Wrestling Entertainment Cl A.

Corporate tax rate of 27% is the nominal tax rate for World Wrestling Entertainment Cl A. 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 WWE 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 WWE are equal to 20%.

Life of production assets of 2.2 years is the average useful life of capital assets used in World Wrestling Entertainment Cl A 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 WWE is equal to -6.2%. 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 - $240 million for World Wrestling Entertainment Cl A - 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 77.07 million for World Wrestling Entertainment Cl A 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 World Wrestling Entertainment Cl A at the current share price and the inputted number of shares is $1.7 billion.

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COMPANY NEWS

▶ Disney: Like, So Misunderstood   [Sep-19-17 02:13PM  Barrons.com]
▶ TVA Sports and WWE® announce broadcast agreement   [Sep-07-17 09:00AM  CNW Group]
▶ The Most Dominant Two-Sport Athletes   [Aug-22-17 12:38PM  Benzinga]
▶ WWE® Reaches Broadcast Agreement with Nine Network   [Aug-16-17 07:00AM  Business Wire]
▶ WWE® SummerSlam® Returns to Barclays Center in 2018   [Aug-14-17 09:00AM  Business Wire]
▶ [$$] WWE Gets Toehold in China With Streaming Deal   [06:20AM  The Wall Street Journal]
▶ A Strong Case for Selling WWE   [Aug-09-17 06:32PM  Motley Fool]
▶ WWE's Results Show Its Strategy Is Working   [Aug-03-17 06:03AM  Motley Fool]
▶ Snap Boosts Video Content as WWE Intensifies Its Partnership   [Aug-02-17 04:12PM  Market Realist]
▶ WWE® and Foxtel Extend Long-Standing Partnership   [Aug-01-17 07:00PM  Business Wire]
▶ WWE beats 2Q profit forecasts   [Jul-27-17 02:56PM  Associated Press]
▶ Mattel to launch WWE dolls for girls   [Jul-21-17 03:05PM  American City Business Journals]
▶ WWE® Declares Quarterly Dividend   [04:30PM  Business Wire]
▶ Groupe AB and WWE® Extend Long-Standing Partnership   [Jul-10-17 10:16AM  Business Wire]
▶ WWE® to Report Second Quarter 2017 Results   [Jul-07-17 08:30AM  Business Wire]
▶ Trump's Twitter battle with press may come with a price   [Jul-03-17 07:34PM  Associated Press]
▶ WWE: How Long Can The Momentum Last?   [Jun-30-17 06:38PM  Barrons.com]
▶ [$$] How John Cena Became a Triple Threat   [12:42AM  The Wall Street Journal]
▶ WWE Gains Momentum in Its Chinese Expansion   [Jun-20-17 09:52AM  Investopedia]
▶ [$$] No is not Enough by Naomi Klein - the Trump powerslam   [Jun-16-17 10:31AM  Financial Times]
▶ WWE teams up with Formula 1 owner to back Drone Racing League   [Jun-15-17 05:42PM  American City Business Journals]
▶ Psyonix and WWE® Announce Rocket League® Partnership   [May-17-17 10:00AM  Business Wire]
▶ Wrestlings Superstars Are Invading Hollywood   [May-10-17 05:00AM  Bloomberg]
Financial statements of WWE
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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