Intrinsic value of World Wrestling Entertainment Cl A - WWE

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$21.74

  Intrinsic Value

$25.60

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  Rating & Target

hold

+18%

  Value-price divergence*

+5000%

Previous close

$21.74

 
Intrinsic value

$25.60

 
Up/down potential

+18%

 
Rating

hold

 
Value-price divergence*

+5000%

*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 1.6

 

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
  9.90
  9.41
  8.97
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
Revenue, $m
  729
  801
  877
  955
  1,037
  1,122
  1,211
  1,303
  1,399
  1,498
  1,601
  1,709
  1,821
  1,937
  2,058
  2,184
  2,315
  2,452
  2,594
  2,743
  2,898
  3,060
  3,230
  3,407
  3,592
  3,786
  3,988
  4,200
  4,422
  4,655
  4,898
Variable operating expenses, $m
 
  618
  676
  736
  800
  865
  934
  1,005
  1,078
  1,155
  1,235
  1,317
  1,404
  1,493
  1,586
  1,684
  1,785
  1,890
  2,000
  2,115
  2,235
  2,360
  2,490
  2,627
  2,770
  2,919
  3,075
  3,239
  3,410
  3,589
  3,777
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
  736
  797
  860
  927
  995
  1,067
  1,142
  1,218
  1,299
  1,382
  1,468
  1,559
  1,652
  1,748
  1,851
  1,956
  2,065
  2,179
  2,299
  2,423
  2,553
  2,688
  2,830
  2,978
  3,132
  3,294
  3,463
  3,640
  3,824
  4,018
Operating income, $m
  56
  66
  80
  95
  111
  127
  144
  162
  180
  199
  220
  240
  262
  285
  309
  333
  359
  386
  415
  444
  475
  508
  542
  577
  615
  654
  695
  738
  783
  831
  881
EBITDA, $m
  121
  82
  97
  114
  131
  149
  168
  188
  208
  229
  252
  275
  299
  324
  350
  377
  406
  435
  467
  499
  533
  569
  606
  645
  686
  729
  775
  822
  872
  924
  978
Interest expense (income), $m
  2
  7
  8
  9
  11
  12
  14
  15
  17
  18
  20
  22
  24
  26
  27
  30
  32
  34
  36
  39
  41
  44
  47
  50
  53
  56
  59
  62
  66
  70
  74
Earnings before tax, $m
  53
  59
  72
  85
  100
  115
  130
  147
  163
  181
  199
  219
  239
  259
  281
  304
  328
  353
  378
  406
  434
  464
  495
  528
  562
  598
  636
  675
  717
  761
  807
Tax expense, $m
  19
  16
  19
  23
  27
  31
  35
  40
  44
  49
  54
  59
  64
  70
  76
  82
  88
  95
  102
  110
  117
  125
  134
  142
  152
  161
  172
  182
  194
  205
  218
Net income, $m
  34
  43
  52
  62
  73
  84
  95
  107
  119
  132
  146
  160
  174
  189
  205
  222
  239
  257
  276
  296
  317
  339
  361
  385
  410
  437
  464
  493
  523
  555
  589

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
  453
  495
  540
  586
  634
  684
  736
  790
  846
  905
  965
  1,029
  1,094
  1,163
  1,234
  1,308
  1,385
  1,466
  1,550
  1,637
  1,729
  1,825
  1,925
  2,029
  2,139
  2,253
  2,373
  2,499
  2,630
  2,767
Adjusted assets (=assets-cash), $m
  334
  453
  495
  540
  586
  634
  684
  736
  790
  846
  905
  965
  1,029
  1,094
  1,163
  1,234
  1,308
  1,385
  1,466
  1,550
  1,637
  1,729
  1,825
  1,925
  2,029
  2,139
  2,253
  2,373
  2,499
  2,630
  2,767
Revenue / Adjusted assets
  2.183
  1.768
  1.772
  1.769
  1.770
  1.770
  1.770
  1.770
  1.771
  1.771
  1.769
  1.771
  1.770
  1.771
  1.770
  1.770
  1.770
  1.770
  1.769
  1.770
  1.770
  1.770
  1.770
  1.770
  1.770
  1.770
  1.770
  1.770
  1.770
  1.770
  1.770
Average production assets, $m
  146
  160
  175
  191
  207
  224
  242
  261
  280
  300
  320
  342
  364
  387
  412
  437
  463
  490
  519
  549
  580
  612
  646
  681
  718
  757
  798
  840
  884
  931
  980
Working capital, $m
  216
  -50
  -54
  -59
  -64
  -70
  -75
  -81
  -87
  -93
  -99
  -106
  -113
  -120
  -128
  -135
  -144
  -152
  -161
  -170
  -180
  -190
  -200
  -211
  -223
  -235
  -247
  -260
  -274
  -289
  -304
Total debt, $m
  203
  232
  269
  307
  347
  389
  432
  477
  523
  572
  622
  674
  729
  785
  844
  905
  969
  1,036
  1,105
  1,178
  1,253
  1,332
  1,415
  1,501
  1,591
  1,686
  1,784
  1,888
  1,996
  2,109
  2,228
Total liabilities, $m
  361
  390
  427
  465
  505
  547
  590
  635
  681
  730
  780
  832
  887
  943
  1,002
  1,063
  1,127
  1,194
  1,263
  1,336
  1,411
  1,490
  1,573
  1,659
  1,749
  1,844
  1,942
  2,046
  2,154
  2,267
  2,386
Total equity, $m
  240
  62
  68
  74
  81
  87
  94
  102
  109
  117
  125
  133
  142
  151
  160
  170
  180
  191
  202
  214
  226
  239
  252
  266
  280
  295
  311
  327
  345
  363
  382
Total liabilities and equity, $m
  601
  452
  495
  539
  586
  634
  684
  737
  790
  847
  905
  965
  1,029
  1,094
  1,162
  1,233
  1,307
  1,385
  1,465
  1,550
  1,637
  1,729
  1,825
  1,925
  2,029
  2,139
  2,253
  2,373
  2,499
  2,630
  2,768
Debt-to-equity ratio
  0.846
  3.720
  3.930
  4.120
  4.290
  4.440
  4.570
  4.690
  4.800
  4.890
  4.980
  5.060
  5.130
  5.200
  5.260
  5.320
  5.370
  5.420
  5.470
  5.510
  5.550
  5.580
  5.620
  5.650
  5.680
  5.710
  5.740
  5.760
  5.790
  5.810
  5.830
Adjusted equity ratio
  -0.081
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  34
  43
  52
  62
  73
  84
  95
  107
  119
  132
  146
  160
  174
  189
  205
  222
  239
  257
  276
  296
  317
  339
  361
  385
  410
  437
  464
  493
  523
  555
  589
Depreciation, amort., depletion, $m
  65
  16
  18
  19
  21
  22
  24
  26
  28
  30
  32
  34
  36
  39
  41
  44
  46
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  84
  88
  93
  98
Funds from operations, $m
  -12
  59
  70
  82
  94
  106
  119
  133
  147
  162
  178
  194
  211
  228
  246
  266
  286
  306
  328
  351
  375
  400
  426
  453
  482
  512
  544
  577
  612
  648
  687
Change in working capital, $m
  -69
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
Cash from operations, $m
  57
  63
  75
  86
  99
  111
  125
  139
  153
  168
  184
  200
  218
  235
  254
  273
  294
  315
  337
  360
  384
  410
  436
  464
  494
  524
  556
  590
  626
  663
  702
Maintenance CAPEX, $m
  0
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -84
  -88
  -93
New CAPEX, $m
  -30
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -42
  -44
  -46
  -49
Cash from investing activities, $m
  -24
  -30
  -31
  -34
  -35
  -38
  -40
  -42
  -45
  -48
  -51
  -53
  -56
  -59
  -63
  -66
  -70
  -73
  -78
  -82
  -86
  -90
  -95
  -100
  -105
  -111
  -117
  -122
  -128
  -134
  -142
Free cash flow, $m
  33
  34
  44
  53
  63
  74
  85
  96
  108
  120
  133
  147
  161
  176
  191
  207
  224
  241
  259
  279
  299
  319
  341
  364
  388
  414
  440
  468
  497
  528
  560
Issuance/(repayment) of debt, $m
  157
  35
  37
  38
  40
  41
  43
  45
  47
  48
  50
  52
  54
  57
  59
  61
  64
  67
  69
  72
  76
  79
  83
  86
  90
  94
  99
  103
  108
  113
  119
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
  47
  48
  50
  52
  54
  57
  59
  61
  64
  67
  69
  72
  76
  79
  83
  86
  90
  94
  99
  103
  108
  113
  119
Total cash flow (excl. dividends), $m
  211
  69
  80
  91
  103
  115
  128
  141
  155
  169
  184
  199
  215
  232
  250
  268
  288
  308
  329
  351
  374
  398
  424
  451
  479
  508
  539
  571
  605
  641
  679
Retained Cash Flow (-), $m
  -31
  -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
  -17
  -17
  -18
  -19
Prev. year cash balance distribution, $m
 
  183
  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
 
  247
  74
  85
  97
  109
  121
  134
  147
  161
  176
  191
  207
  223
  241
  259
  277
  297
  318
  339
  362
  386
  411
  437
  464
  493
  523
  555
  588
  623
  660
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
 
  237
  68
  74
  80
  84
  88
  90
  92
  93
  92
  91
  88
  85
  81
  76
  70
  65
  59
  52
  46
  40
  34
  29
  24
  19
  15
  12
  9
  7
  5
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., an integrated media and entertainment company, engages in the sports entertainment business in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The company operates through Network, Television, Home Entertainment, Digital Media, Live Events, Licensing, Venue Merchandise, WWEShop, and WWE Studios segments. It operates WWE Network, a live streaming network that offers pay-per-view events, original programming, and video-on-demand library; and produces television programming, reality shows, and other programming, as well as produces content via home entertainment platforms, including DVD, Blu-Ray, subscription, and transactional on-demand outlets. The company also offers broadband and mobile content through its Websites and third party Websites; produces live events; and licenses various WWE themed products, such as video games, toys, apparel, books, and music. In addition, it designs, sources, markets, and distributes various WWE-branded products, such as T-shirts, belts, caps, and other novelty items; operates WWEShop, an e-commerce storefront; and WWE Studios that produces and distributes filmed entertainment content, such as movies for theatrical, home entertainment, and/or television release. World Wrestling Entertainment, Inc. was founded in 1980 and is headquartered in Stamford, Connecticut.

FINANCIAL RATIOS  of  World Wrestling Entertainment Cl A (WWE)

Valuation Ratios
P/E Ratio 48.9
Price to Sales 2.3
Price to Book 6.9
Price to Tangible Book
Price to Cash Flow 29.1
Price to Free Cash Flow 61.5
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 9.9% 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 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 -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 74.748 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 $1.6 billion.

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COMPANY NEWS

▶ 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]
▶ This Media Company Is Adding Paid Subscribers As Others Struggle   [May-04-17 04:28PM  Investor's Business Daily]
▶ WWE posts 1Q profit   [09:08AM  Associated Press]
▶ WWE® Reports First Quarter 2017 Results   [08:30AM  Business Wire]
▶ World Wrestling Doubles Down on the 'World'   [May-03-17 12:44PM  Barrons.com]
▶ How FloSports is Playing David to ESPN's Trembling Goliath   [Apr-29-17 08:02AM  TheStreet.com]
▶ WWE® Declares Quarterly Dividend   [Apr-21-17 11:41AM  Business Wire]
▶ WWE® Appoints New General Manager in India   [11:28AM  Business Wire]
▶ Behind the Scenes at WrestleMania 33   [06:00AM  Bloomberg]
▶ SBA's McMahon Says Regulations Hold Back Business Owners   [Apr-18-17 10:33AM  Bloomberg Video]
▶ WWE® to Report First Quarter 2017 Results   [Apr-14-17 08:30AM  Business Wire]
▶ Why Investors Aren't Buying WWE's 'Records'   [Apr-07-17 07:06PM  Barrons.com]
▶ WrestleMania® Breaks More Records   [Apr-06-17 02:21PM  Business Wire]
▶ SEGA Announces Partnership With WWE   [11:00AM  PR Newswire]
▶ WrestleMania® Breaks Records   [Apr-02-17 11:40PM  Business Wire]
▶ WrestleMania 33: By The Numbers   [12:25PM  Forbes]
▶ 5 Highest-Grossing Wrestlemanias Of All Time   [Apr-01-17 10:39AM  Benzinga]
Stock chart of WWE Financial statements of WWE Annual reports 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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