Intrinsic value of World Wrestling Entertainment Cl A - WWE

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$35.96

  Intrinsic Value

$16.81

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  Rating & Target

str. sell

-53%

Previous close

$35.96

 
Intrinsic value

$16.81

 
Up/down potential

-53%

 
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
  13.40
  12.56
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.62
  8.25
  7.93
  7.64
  7.37
  7.14
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
Revenue, $m
  729
  827
  931
  1,040
  1,156
  1,278
  1,405
  1,538
  1,676
  1,821
  1,971
  2,128
  2,290
  2,459
  2,634
  2,817
  3,006
  3,203
  3,408
  3,622
  3,844
  4,075
  4,316
  4,568
  4,830
  5,104
  5,390
  5,689
  6,001
  6,328
  6,669
Variable operating expenses, $m
 
  637
  717
  802
  891
  985
  1,083
  1,186
  1,293
  1,404
  1,520
  1,640
  1,766
  1,896
  2,031
  2,172
  2,318
  2,470
  2,628
  2,792
  2,964
  3,142
  3,328
  3,522
  3,724
  3,935
  4,156
  4,386
  4,627
  4,879
  5,142
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
  755
  838
  926
  1,018
  1,115
  1,216
  1,323
  1,433
  1,548
  1,667
  1,791
  1,921
  2,055
  2,193
  2,339
  2,489
  2,645
  2,807
  2,976
  3,152
  3,335
  3,526
  3,725
  3,932
  4,148
  4,375
  4,610
  4,857
  5,114
  5,383
Operating income, $m
  56
  71
  92
  114
  138
  162
  188
  215
  244
  273
  304
  336
  370
  405
  441
  478
  518
  559
  601
  646
  692
  740
  790
  843
  898
  956
  1,016
  1,079
  1,145
  1,214
  1,286
EBITDA, $m
  121
  105
  129
  156
  184
  214
  245
  277
  311
  346
  383
  421
  461
  503
  546
  591
  638
  687
  737
  790
  846
  903
  963
  1,026
  1,091
  1,160
  1,231
  1,306
  1,385
  1,467
  1,553
Interest expense (income), $m
  2
  7
  6
  8
  9
  11
  13
  15
  17
  19
  21
  23
  25
  28
  30
  32
  35
  38
  41
  44
  47
  50
  53
  57
  60
  64
  68
  72
  77
  81
  86
Earnings before tax, $m
  53
  65
  86
  107
  128
  151
  175
  201
  227
  255
  283
  313
  345
  377
  411
  446
  483
  521
  560
  602
  645
  690
  737
  786
  838
  892
  948
  1,007
  1,068
  1,133
  1,200
Tax expense, $m
  19
  17
  23
  29
  35
  41
  47
  54
  61
  69
  77
  85
  93
  102
  111
  120
  130
  141
  151
  163
  174
  186
  199
  212
  226
  241
  256
  272
  288
  306
  324
Net income, $m
  34
  47
  63
  78
  94
  110
  128
  147
  166
  186
  207
  229
  252
  275
  300
  326
  352
  380
  409
  439
  471
  504
  538
  574
  612
  651
  692
  735
  780
  827
  876

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
  379
  426
  477
  530
  585
  644
  704
  768
  834
  903
  975
  1,049
  1,126
  1,207
  1,290
  1,377
  1,467
  1,561
  1,659
  1,761
  1,867
  1,977
  2,093
  2,213
  2,338
  2,469
  2,606
  2,749
  2,899
  3,055
Adjusted assets (=assets-cash), $m
  334
  379
  426
  477
  530
  585
  644
  704
  768
  834
  903
  975
  1,049
  1,126
  1,207
  1,290
  1,377
  1,467
  1,561
  1,659
  1,761
  1,867
  1,977
  2,093
  2,213
  2,338
  2,469
  2,606
  2,749
  2,899
  3,055
Revenue / Adjusted assets
  2.183
  2.182
  2.185
  2.180
  2.181
  2.185
  2.182
  2.185
  2.182
  2.183
  2.183
  2.183
  2.183
  2.184
  2.182
  2.184
  2.183
  2.183
  2.183
  2.183
  2.183
  2.183
  2.183
  2.183
  2.183
  2.183
  2.183
  2.183
  2.183
  2.183
  2.183
Average production assets, $m
  146
  165
  186
  208
  231
  256
  281
  308
  335
  364
  394
  426
  458
  492
  527
  563
  601
  641
  682
  724
  769
  815
  863
  914
  966
  1,021
  1,078
  1,138
  1,200
  1,266
  1,334
Working capital, $m
  216
  -51
  -58
  -65
  -72
  -79
  -87
  -95
  -104
  -113
  -122
  -132
  -142
  -152
  -163
  -175
  -186
  -199
  -211
  -225
  -238
  -253
  -268
  -283
  -299
  -316
  -334
  -353
  -372
  -392
  -413
Total debt, $m
  203
  183
  226
  271
  319
  369
  421
  476
  533
  593
  655
  719
  786
  856
  928
  1,003
  1,081
  1,163
  1,247
  1,335
  1,427
  1,522
  1,622
  1,725
  1,833
  1,946
  2,064
  2,187
  2,316
  2,451
  2,592
Total liabilities, $m
  361
  341
  384
  429
  477
  527
  579
  634
  691
  751
  813
  877
  944
  1,014
  1,086
  1,161
  1,239
  1,321
  1,405
  1,493
  1,585
  1,680
  1,780
  1,883
  1,991
  2,104
  2,222
  2,345
  2,474
  2,609
  2,750
Total equity, $m
  240
  38
  43
  48
  53
  59
  64
  70
  77
  83
  90
  97
  105
  113
  121
  129
  138
  147
  156
  166
  176
  187
  198
  209
  221
  234
  247
  261
  275
  290
  306
Total liabilities and equity, $m
  601
  379
  427
  477
  530
  586
  643
  704
  768
  834
  903
  974
  1,049
  1,127
  1,207
  1,290
  1,377
  1,468
  1,561
  1,659
  1,761
  1,867
  1,978
  2,092
  2,212
  2,338
  2,469
  2,606
  2,749
  2,899
  3,056
Debt-to-equity ratio
  0.846
  4.830
  5.290
  5.680
  6.020
  6.300
  6.540
  6.760
  6.940
  7.110
  7.250
  7.380
  7.490
  7.600
  7.690
  7.780
  7.850
  7.920
  7.990
  8.050
  8.100
  8.150
  8.200
  8.240
  8.290
  8.320
  8.360
  8.390
  8.430
  8.450
  8.480
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
  47
  63
  78
  94
  110
  128
  147
  166
  186
  207
  229
  252
  275
  300
  326
  352
  380
  409
  439
  471
  504
  538
  574
  612
  651
  692
  735
  780
  827
  876
Depreciation, amort., depletion, $m
  65
  33
  37
  42
  46
  51
  56
  62
  67
  73
  79
  85
  92
  98
  105
  113
  120
  128
  136
  145
  154
  163
  173
  183
  193
  204
  216
  228
  240
  253
  267
Funds from operations, $m
  -12
  80
  100
  119
  140
  162
  184
  208
  233
  259
  286
  314
  343
  374
  405
  438
  473
  508
  545
  584
  625
  667
  711
  757
  805
  855
  907
  962
  1,020
  1,080
  1,143
Change in working capital, $m
  -69
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
Cash from operations, $m
  57
  86
  106
  126
  147
  169
  192
  216
  241
  268
  295
  324
  353
  384
  416
  450
  484
  520
  558
  597
  638
  681
  726
  772
  821
  872
  925
  981
  1,039
  1,100
  1,164
Maintenance CAPEX, $m
  0
  -29
  -33
  -37
  -42
  -46
  -51
  -56
  -62
  -67
  -73
  -79
  -85
  -92
  -98
  -105
  -113
  -120
  -128
  -136
  -145
  -154
  -163
  -173
  -183
  -193
  -204
  -216
  -228
  -240
  -253
New CAPEX, $m
  -30
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -62
  -65
  -68
Cash from investing activities, $m
  -24
  -49
  -54
  -59
  -65
  -70
  -76
  -83
  -90
  -96
  -103
  -110
  -117
  -126
  -133
  -141
  -151
  -159
  -169
  -179
  -189
  -200
  -211
  -223
  -235
  -248
  -261
  -276
  -290
  -305
  -321
Free cash flow, $m
  33
  37
  53
  67
  82
  99
  116
  133
  152
  172
  192
  213
  236
  259
  283
  308
  334
  361
  389
  418
  449
  481
  515
  549
  586
  624
  664
  706
  749
  795
  843
Issuance/(repayment) of debt, $m
  157
  -14
  43
  45
  48
  50
  52
  55
  57
  60
  62
  64
  67
  70
  72
  75
  78
  81
  85
  88
  92
  95
  99
  104
  108
  113
  118
  123
  129
  135
  141
Issuance/(repurchase) of shares, $m
  21
  12
  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
  -2
  43
  45
  48
  50
  52
  55
  57
  60
  62
  64
  67
  70
  72
  75
  78
  81
  85
  88
  92
  95
  99
  104
  108
  113
  118
  123
  129
  135
  141
Total cash flow (excl. dividends), $m
  211
  35
  95
  112
  130
  149
  168
  188
  209
  231
  254
  278
  303
  328
  355
  383
  412
  442
  474
  506
  541
  577
  614
  653
  694
  737
  782
  829
  878
  929
  983
Retained Cash Flow (-), $m
  -31
  -59
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
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
 
  237
  91
  107
  125
  143
  162
  182
  203
  225
  247
  271
  295
  321
  347
  375
  403
  433
  464
  497
  531
  566
  603
  642
  682
  724
  769
  815
  864
  914
  968
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
 
  227
  83
  93
  103
  111
  118
  123
  127
  129
  130
  129
  126
  122
  116
  110
  102
  94
  85
  76
  67
  59
  50
  42
  35
  28
  22
  17
  13
  10
  7
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 80.8
Price to Sales 3.8
Price to Book 11.4
Price to Tangible Book
Price to Cash Flow 48.2
Price to Free Cash Flow 101.8
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 13.4% 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 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 76.521 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 $2.8 billion.

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COMPANY NEWS

▶ WWE: These Charts Illustrate Its Big Opportunity   [Feb-22-18 11:34AM  Barrons.com]
▶ WWE Survivor Series® Tickets Available Friday, March 16   [Feb-19-18 10:00AM  Business Wire]
▶ Why 2018 Could Be WWE's Best Year Yet   [09:35AM  Motley Fool]
▶ WWE®'s Mattel Action Figure Ranks #1   [Feb-16-18 10:00AM  Business Wire]
▶ WWE tops Street 4Q forecasts   [09:00AM  Associated Press]
▶ WWE® Announces Financial Reporting Changes   [08:30AM  Business Wire]
▶ WWE: New Licensing Pacts Shouldn't Be a 'Raw' Deal   [Feb-05-18 11:21AM  Barrons.com]
▶ WWE® Declares Quarterly Dividend   [Feb-01-18 04:30PM  Business Wire]
▶ Netflix Isn't the Only Winner as Streaming Skyrockets   [Jan-30-18 11:37AM  Barrons.com]
▶ An In-Depth Look At the Business of XFL 2020   [Jan-29-18 02:49PM  Zacks]
▶ WWE® to Report Fourth Quarter and Full Year 2017 Results   [Jan-24-18 05:00PM  Business Wire]
▶ 25 Biggest Moments In WWE's Wall Street History   [Jan-21-18 09:50AM  Benzinga]
▶ World Wrestling Entertainment: Cramer's Top Takeaways   [Jan-20-18 06:41AM  TheStreet.com]
▶ Cramer Remix: My advice for Lloyd Blankfein   [Jan-19-18 07:19PM  CNBC Videos]
▶ 25 Biggest Moments In WWE's Wall Street History   [Jan-18-18 10:04PM  Benzinga]
▶ Goldberg To Be Inducted Into WWE® Hall of Fame   [Jan-15-18 10:00AM  Business Wire]
▶ WWE® Supports 12 Charities with New Facebook Watch Show   [Jan-12-18 12:00PM  Business Wire]
▶ Wait, Someone's Bullish on Media Stocks?   [Jan-04-18 11:16AM  Barrons.com]
▶ WWE CEO Sells Shares to Fund New Venture   [Jan-03-18 10:20AM  Investopedia]
▶ Company News For Dec 26, 2017   [Dec-26-17 10:17AM  Zacks]
▶ WWE's Vince McMahon may be ready to challenge NFL again   [Dec-21-17 11:37PM  MarketWatch]
▶ 2 Opportunities WWE Pessimists Needs to Know About   [Dec-09-17 10:40AM  Motley Fool]
▶ Will WWE Sink or Swim?   [Dec-02-17 05:03PM  Motley Fool]
▶ [$$] WWE Gets Smart by Streaming   [12:01AM  Barrons.com]
▶ WWE Studios Moving Into TV, Digital Content   [Nov-30-17 12:10PM  Investopedia]
▶ 5 of the Highest Grossing WWE Events of All-Time   [Nov-19-17 12:00PM  TheStreet.com]
▶ Los Angeles to Host WWE® Survivor Series® in 2018   [Nov-16-17 09:30AM  Business Wire]
▶ WrestleMania generates $181M+ in economic impact for Orlando   [Nov-15-17 05:15PM  American City Business Journals]
▶ FloSports CEO on live sports streaming: ESPN 'lost its way'   [Nov-09-17 02:50PM  Yahoo Finance]
▶ WWE experimenting with virtual reality   [Nov-07-17 09:27AM  CNBC]
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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