Intrinsic value of World Wrestling Entertainment Cl A - WWE

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$79.39

  Intrinsic Value

$29.77

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  Rating & Target

str. sell

-63%

Previous close

$79.39

 
Intrinsic value

$29.77

 
Up/down potential

-63%

 
Rating

str. sell

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

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, %
  10.62
  9.80
  9.32
  8.89
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
Revenue, $m
  729
  879
  961
  1,047
  1,136
  1,228
  1,325
  1,425
  1,529
  1,637
  1,749
  1,866
  1,987
  2,113
  2,245
  2,382
  2,524
  2,673
  2,828
  2,990
  3,159
  3,335
  3,519
  3,712
  3,913
  4,124
  4,344
  4,575
  4,817
  5,070
  5,335
Variable operating expenses, $m
 
  635
  694
  756
  820
  887
  956
  1,029
  1,104
  1,182
  1,263
  1,347
  1,435
  1,526
  1,621
  1,720
  1,823
  1,930
  2,042
  2,159
  2,281
  2,408
  2,541
  2,680
  2,825
  2,978
  3,137
  3,303
  3,478
  3,660
  3,852
Fixed operating expenses, $m
 
  154
  158
  161
  165
  168
  172
  176
  180
  184
  188
  192
  196
  200
  205
  209
  214
  219
  223
  228
  233
  238
  244
  249
  255
  260
  266
  272
  278
  284
  290
Total operating expenses, $m
  674
  789
  852
  917
  985
  1,055
  1,128
  1,205
  1,284
  1,366
  1,451
  1,539
  1,631
  1,726
  1,826
  1,929
  2,037
  2,149
  2,265
  2,387
  2,514
  2,646
  2,785
  2,929
  3,080
  3,238
  3,403
  3,575
  3,756
  3,944
  4,142
Operating income, $m
  56
  90
  110
  130
  151
  173
  196
  220
  245
  271
  299
  327
  356
  387
  419
  453
  488
  525
  563
  603
  645
  689
  735
  783
  833
  886
  942
  1,000
  1,061
  1,126
  1,193
EBITDA, $m
  121
  105
  125
  147
  170
  193
  218
  244
  270
  298
  327
  358
  389
  422
  456
  492
  530
  569
  609
  652
  697
  744
  793
  844
  898
  954
  1,014
  1,076
  1,141
  1,209
  1,281
Interest expense (income), $m
  2
  15
  17
  20
  23
  25
  28
  31
  35
  38
  41
  45
  49
  52
  56
  61
  65
  69
  74
  79
  84
  89
  95
  101
  107
  113
  120
  127
  134
  142
  150
Earnings before tax, $m
  53
  75
  92
  110
  128
  148
  168
  189
  211
  233
  257
  282
  308
  335
  363
  392
  423
  455
  489
  524
  561
  599
  640
  682
  726
  773
  822
  873
  927
  984
  1,043
Tax expense, $m
  19
  20
  25
  30
  35
  40
  45
  51
  57
  63
  69
  76
  83
  90
  98
  106
  114
  123
  132
  141
  151
  162
  173
  184
  196
  209
  222
  236
  250
  266
  282
Net income, $m
  34
  55
  67
  80
  94
  108
  123
  138
  154
  170
  188
  206
  225
  244
  265
  286
  309
  332
  357
  382
  409
  437
  467
  498
  530
  564
  600
  637
  677
  718
  761

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
  500
  547
  595
  646
  698
  753
  810
  869
  930
  994
  1,061
  1,130
  1,201
  1,276
  1,354
  1,435
  1,520
  1,608
  1,700
  1,796
  1,896
  2,001
  2,110
  2,225
  2,345
  2,470
  2,601
  2,738
  2,882
  3,033
Adjusted assets (=assets-cash), $m
  334
  500
  547
  595
  646
  698
  753
  810
  869
  930
  994
  1,061
  1,130
  1,201
  1,276
  1,354
  1,435
  1,520
  1,608
  1,700
  1,796
  1,896
  2,001
  2,110
  2,225
  2,345
  2,470
  2,601
  2,738
  2,882
  3,033
Revenue / Adjusted assets
  2.183
  1.758
  1.757
  1.760
  1.759
  1.759
  1.760
  1.759
  1.759
  1.760
  1.760
  1.759
  1.758
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
Average production assets, $m
  146
  145
  159
  173
  187
  203
  219
  235
  252
  270
  289
  308
  328
  349
  370
  393
  417
  441
  467
  493
  521
  550
  581
  612
  646
  680
  717
  755
  795
  836
  880
Working capital, $m
  216
  -77
  -84
  -91
  -99
  -107
  -115
  -124
  -133
  -142
  -152
  -162
  -173
  -184
  -195
  -207
  -220
  -233
  -246
  -260
  -275
  -290
  -306
  -323
  -340
  -359
  -378
  -398
  -419
  -441
  -464
Total debt, $m
  203
  244
  281
  319
  358
  400
  442
  487
  533
  581
  632
  684
  738
  794
  853
  914
  977
  1,043
  1,112
  1,185
  1,260
  1,338
  1,421
  1,506
  1,596
  1,690
  1,788
  1,891
  1,999
  2,112
  2,230
Total liabilities, $m
  361
  392
  429
  467
  506
  548
  590
  635
  681
  729
  780
  832
  886
  942
  1,001
  1,062
  1,125
  1,191
  1,260
  1,333
  1,408
  1,486
  1,569
  1,654
  1,744
  1,838
  1,936
  2,039
  2,147
  2,260
  2,378
Total equity, $m
  240
  108
  118
  129
  139
  151
  163
  175
  188
  201
  215
  229
  244
  260
  276
  292
  310
  328
  347
  367
  388
  410
  432
  456
  481
  506
  533
  562
  591
  623
  655
Total liabilities and equity, $m
  601
  500
  547
  596
  645
  699
  753
  810
  869
  930
  995
  1,061
  1,130
  1,202
  1,277
  1,354
  1,435
  1,519
  1,607
  1,700
  1,796
  1,896
  2,001
  2,110
  2,225
  2,344
  2,469
  2,601
  2,738
  2,883
  3,033
Debt-to-equity ratio
  0.846
  2.260
  2.380
  2.480
  2.570
  2.650
  2.720
  2.780
  2.840
  2.890
  2.940
  2.980
  3.020
  3.060
  3.090
  3.120
  3.150
  3.180
  3.200
  3.230
  3.250
  3.270
  3.290
  3.300
  3.320
  3.340
  3.350
  3.370
  3.380
  3.390
  3.400
Adjusted equity ratio
  -0.081
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  34
  55
  67
  80
  94
  108
  123
  138
  154
  170
  188
  206
  225
  244
  265
  286
  309
  332
  357
  382
  409
  437
  467
  498
  530
  564
  600
  637
  677
  718
  761
Depreciation, amort., depletion, $m
  65
  15
  16
  17
  19
  20
  22
  24
  25
  27
  29
  31
  33
  35
  37
  39
  42
  44
  47
  49
  52
  55
  58
  61
  65
  68
  72
  75
  79
  84
  88
Funds from operations, $m
  -12
  70
  83
  98
  112
  128
  144
  161
  179
  197
  217
  237
  257
  279
  302
  326
  350
  376
  403
  432
  461
  492
  525
  559
  595
  632
  672
  713
  756
  802
  849
Change in working capital, $m
  -69
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
Cash from operations, $m
  57
  76
  90
  105
  120
  136
  153
  170
  188
  207
  226
  247
  268
  290
  313
  338
  363
  389
  417
  446
  476
  508
  541
  576
  612
  651
  691
  733
  777
  824
  872
Maintenance CAPEX, $m
  0
  -13
  -15
  -16
  -17
  -19
  -20
  -22
  -24
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -75
  -79
  -84
New CAPEX, $m
  -30
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
Cash from investing activities, $m
  -24
  -26
  -29
  -30
  -32
  -34
  -36
  -39
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -77
  -81
  -85
  -90
  -94
  -100
  -104
  -110
  -115
  -121
  -128
Free cash flow, $m
  33
  50
  62
  75
  88
  102
  117
  132
  147
  164
  181
  199
  217
  237
  257
  278
  300
  323
  347
  372
  399
  427
  456
  486
  518
  551
  586
  623
  662
  702
  745
Issuance/(repayment) of debt, $m
  157
  35
  37
  38
  40
  41
  43
  45
  46
  48
  50
  52
  54
  56
  59
  61
  64
  66
  69
  72
  75
  79
  82
  86
  90
  94
  98
  103
  108
  113
  118
Issuance/(repurchase) of shares, $m
  21
  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  
  178
  35
  37
  38
  40
  41
  43
  45
  46
  48
  50
  52
  54
  56
  59
  61
  64
  66
  69
  72
  75
  79
  82
  86
  90
  94
  98
  103
  108
  113
  118
Total cash flow (excl. dividends), $m
  211
  85
  99
  113
  128
  143
  160
  176
  194
  212
  231
  251
  271
  293
  315
  339
  364
  389
  416
  445
  474
  505
  538
  572
  608
  645
  685
  726
  770
  815
  863
Retained Cash Flow (-), $m
  -31
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
Prev. year cash balance distribution, $m
 
  155
  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
 
  24
  26
  29
  31
  34
  37
  40
  43
  46
  49
  52
  56
  60
  63
  67
  71
  76
  80
  85
  90
  95
  100
  106
  111
  117
  124
  130
  137
  144
  152
Cash available for distribution, $m
 
  230
  89
  103
  117
  132
  148
  164
  181
  199
  217
  236
  256
  277
  299
  322
  346
  371
  397
  425
  453
  484
  515
  548
  583
  619
  658
  698
  740
  784
  831
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
 
  221
  81
  89
  96
  102
  107
  111
  113
  114
  114
  112
  109
  105
  100
  95
  88
  81
  73
  65
  58
  50
  43
  36
  30
  24
  19
  15
  11
  9
  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

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 178.4
Price to Sales 8.3
Price to Book 25.3
Price to Tangible Book
Price to Cash Flow 106.4
Price to Free Cash Flow 224.6
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 $801 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 9.8% 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 72.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $151 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 7.1% 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 3%.

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 16.5%.

Life of production assets of 10 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 -8.7%. 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 - $253 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 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 $6.1 billion.

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AMZN Amazon.com 1,822.49 1,290.53  hold
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COMPANY NEWS

▶ WWE® Declares Quarterly Dividend   [Jul-19-18 05:00PM  Business Wire]
▶ WWE® and O.A.R. Team Up to Raise Funds for Connors Cure   [Jul-18-18 10:00AM  Business Wire]
▶ WWE Just Hit a New All-Time High: Is It Time to Sell?   [Jul-11-18 09:25PM  Motley Fool]
▶ The fight to sell the UFC's and WWE's media rights   [06:20PM  American City Business Journals]
▶ Raw® to Stream Live in the Philippines Exclusively on FOX+   [Jul-10-18 09:00AM  Business Wire]
▶ WWE® to Report Second Quarter 2018 Results   [Jul-05-18 05:00PM  Business Wire]
▶ Company News For Jun 28, 2018   [09:52AM  Zacks]
▶ Trader Blitz: Wrestling and Trade   [01:23PM  CNBC Videos]
▶ [$$] Price Tag for WWE Rights Deals Soars for TV Wrestling Shows   [Jun-26-18 08:41PM  The Wall Street Journal]
▶ WWE muscles Sinclair's Ring of Honor out of Madison Square Garden   [Jun-20-18 03:00PM  American City Business Journals]
▶ Did WWE block a rival promotion from booking MSG?   [Jun-19-18 02:40PM  American City Business Journals]
▶ Well-Oiled Machine: WWE Stock Soars As Fox Orders 'SmackDown'   [04:16PM  Investor's Business Daily]
▶ 5 Top Stock Trades for Tuesday Morning   [03:39PM  InvestorPlace]
▶ WWE Stock Soars After Fox Deal Report   [03:18PM  TheStreet.com]
▶ Why WWE's Stock Is on Fire   [03:55PM  TheStreet.com]
▶ Cobra Clutch Slam for WWE Investors   [01:05PM  The Wall Street Journal]
▶ Why Shares of WWE Are Surging Today   [12:10PM  Motley Fool]
▶ Market Open: May 17, 2018   [10:20AM  CNBC Videos]
▶ WrestleMania, Special Olympics get OK for resort tax funding   [04:26PM  American City Business Journals]
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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