Intrinsic value of World Wrestling Entertainment Cl A - WWE

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$21.27

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$21.27

 
Intrinsic value

$47.15

 
Up/down potential

+122%

 
Rating

str. buy

 
Value-price divergence* premium content

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*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
  17.50
  16.25
  15.13
  14.11
  13.20
  12.38
  11.64
  10.98
  10.38
  9.84
  9.36
  8.92
  8.53
  8.18
  7.86
  7.57
  7.32
  7.08
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.65
  5.59
Revenue, $m
  729
  857
  996
  1,146
  1,308
  1,481
  1,664
  1,858
  2,062
  2,276
  2,500
  2,734
  2,978
  3,232
  3,496
  3,771
  4,057
  4,353
  4,662
  4,982
  5,316
  5,662
  6,023
  6,398
  6,789
  7,196
  7,620
  8,063
  8,525
  9,007
  9,510
Variable operating expenses, $m
 
  660
  768
  884
  1,009
  1,142
  1,283
  1,432
  1,590
  1,755
  1,928
  2,108
  2,296
  2,492
  2,696
  2,907
  3,128
  3,356
  3,594
  3,841
  4,098
  4,366
  4,644
  4,933
  5,234
  5,548
  5,875
  6,216
  6,573
  6,944
  7,332
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
  778
  889
  1,008
  1,136
  1,272
  1,416
  1,569
  1,730
  1,899
  2,075
  2,259
  2,451
  2,651
  2,858
  3,074
  3,299
  3,531
  3,773
  4,025
  4,286
  4,559
  4,842
  5,136
  5,442
  5,761
  6,094
  6,440
  6,803
  7,179
  7,573
Operating income, $m
  56
  78
  107
  139
  173
  209
  248
  289
  332
  378
  425
  475
  527
  582
  638
  697
  758
  822
  888
  957
  1,029
  1,103
  1,181
  1,262
  1,347
  1,435
  1,527
  1,622
  1,723
  1,827
  1,937
EBITDA, $m
  121
  113
  147
  185
  225
  268
  314
  363
  415
  469
  525
  585
  646
  711
  778
  848
  921
  996
  1,075
  1,156
  1,241
  1,330
  1,422
  1,518
  1,618
  1,723
  1,831
  1,945
  2,064
  2,187
  2,317
Interest expense (income), $m
  2
  7
  7
  9
  11
  13
  16
  18
  21
  24
  27
  31
  34
  37
  41
  45
  49
  53
  57
  62
  66
  71
  76
  81
  87
  92
  98
  104
  111
  117
  124
Earnings before tax, $m
  53
  71
  100
  130
  162
  196
  232
  270
  311
  353
  398
  445
  493
  544
  597
  652
  709
  769
  831
  895
  962
  1,032
  1,105
  1,181
  1,260
  1,342
  1,428
  1,518
  1,612
  1,710
  1,812
Tax expense, $m
  19
  19
  27
  35
  44
  53
  63
  73
  84
  95
  107
  120
  133
  147
  161
  176
  192
  208
  224
  242
  260
  279
  298
  319
  340
  362
  386
  410
  435
  462
  489
Net income, $m
  34
  52
  73
  95
  118
  143
  169
  197
  227
  258
  291
  325
  360
  397
  436
  476
  518
  561
  607
  654
  703
  754
  807
  862
  920
  980
  1,043
  1,108
  1,177
  1,248
  1,323

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
  392
  456
  525
  599
  678
  762
  851
  945
  1,043
  1,145
  1,252
  1,364
  1,481
  1,602
  1,727
  1,858
  1,994
  2,136
  2,282
  2,435
  2,594
  2,759
  2,931
  3,110
  3,296
  3,491
  3,693
  3,905
  4,126
  4,356
Adjusted assets (=assets-cash), $m
  334
  392
  456
  525
  599
  678
  762
  851
  945
  1,043
  1,145
  1,252
  1,364
  1,481
  1,602
  1,727
  1,858
  1,994
  2,136
  2,282
  2,435
  2,594
  2,759
  2,931
  3,110
  3,296
  3,491
  3,693
  3,905
  4,126
  4,356
Revenue / Adjusted assets
  2.183
  2.186
  2.184
  2.183
  2.184
  2.184
  2.184
  2.183
  2.182
  2.182
  2.183
  2.184
  2.183
  2.182
  2.182
  2.184
  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
Average production assets, $m
  146
  171
  199
  229
  262
  296
  333
  372
  412
  455
  500
  547
  596
  646
  699
  754
  811
  871
  932
  996
  1,063
  1,132
  1,205
  1,280
  1,358
  1,439
  1,524
  1,613
  1,705
  1,801
  1,902
Working capital, $m
  216
  -53
  -62
  -71
  -81
  -92
  -103
  -115
  -128
  -141
  -155
  -170
  -185
  -200
  -217
  -234
  -252
  -270
  -289
  -309
  -330
  -351
  -373
  -397
  -421
  -446
  -472
  -500
  -529
  -558
  -590
Total debt, $m
  203
  195
  253
  315
  381
  453
  528
  608
  692
  780
  873
  969
  1,070
  1,174
  1,283
  1,397
  1,514
  1,637
  1,764
  1,896
  2,034
  2,176
  2,325
  2,480
  2,641
  2,809
  2,984
  3,166
  3,357
  3,555
  3,763
Total liabilities, $m
  361
  353
  411
  473
  539
  611
  686
  766
  850
  938
  1,031
  1,127
  1,228
  1,332
  1,441
  1,555
  1,672
  1,795
  1,922
  2,054
  2,192
  2,334
  2,483
  2,638
  2,799
  2,967
  3,142
  3,324
  3,515
  3,713
  3,921
Total equity, $m
  240
  39
  46
  53
  60
  68
  76
  85
  94
  104
  115
  125
  136
  148
  160
  173
  186
  199
  214
  228
  244
  259
  276
  293
  311
  330
  349
  369
  391
  413
  436
Total liabilities and equity, $m
  601
  392
  457
  526
  599
  679
  762
  851
  944
  1,042
  1,146
  1,252
  1,364
  1,480
  1,601
  1,728
  1,858
  1,994
  2,136
  2,282
  2,436
  2,593
  2,759
  2,931
  3,110
  3,297
  3,491
  3,693
  3,906
  4,126
  4,357
Debt-to-equity ratio
  0.846
  4.970
  5.540
  5.990
  6.360
  6.670
  6.930
  7.140
  7.330
  7.480
  7.620
  7.740
  7.840
  7.930
  8.010
  8.090
  8.150
  8.210
  8.260
  8.310
  8.350
  8.390
  8.430
  8.460
  8.490
  8.520
  8.550
  8.570
  8.600
  8.620
  8.640
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
  52
  73
  95
  118
  143
  169
  197
  227
  258
  291
  325
  360
  397
  436
  476
  518
  561
  607
  654
  703
  754
  807
  862
  920
  980
  1,043
  1,108
  1,177
  1,248
  1,323
Depreciation, amort., depletion, $m
  65
  34
  40
  46
  52
  59
  67
  74
  82
  91
  100
  109
  119
  129
  140
  151
  162
  174
  186
  199
  213
  226
  241
  256
  272
  288
  305
  323
  341
  360
  380
Funds from operations, $m
  -12
  86
  113
  141
  170
  202
  236
  272
  309
  349
  391
  434
  479
  527
  576
  627
  680
  735
  793
  853
  915
  980
  1,048
  1,118
  1,191
  1,268
  1,347
  1,431
  1,518
  1,608
  1,703
Change in working capital, $m
  -69
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
Cash from operations, $m
  57
  109
  122
  150
  180
  213
  247
  284
  322
  362
  404
  448
  494
  542
  592
  644
  698
  754
  812
  873
  936
  1,002
  1,070
  1,141
  1,215
  1,293
  1,374
  1,458
  1,546
  1,638
  1,734
Maintenance CAPEX, $m
  0
  -29
  -34
  -40
  -46
  -52
  -59
  -67
  -74
  -82
  -91
  -100
  -109
  -119
  -129
  -140
  -151
  -162
  -174
  -186
  -199
  -213
  -226
  -241
  -256
  -272
  -288
  -305
  -323
  -341
  -360
New CAPEX, $m
  -30
  -26
  -28
  -30
  -32
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -92
  -96
  -101
Cash from investing activities, $m
  -24
  -55
  -62
  -70
  -78
  -87
  -96
  -106
  -115
  -125
  -136
  -147
  -158
  -170
  -182
  -195
  -208
  -221
  -236
  -250
  -266
  -282
  -298
  -316
  -334
  -353
  -373
  -394
  -415
  -437
  -461
Free cash flow, $m
  33
  54
  60
  80
  102
  126
  151
  178
  207
  237
  269
  302
  336
  372
  410
  449
  490
  532
  576
  622
  670
  720
  771
  825
  881
  940
  1,001
  1,065
  1,131
  1,201
  1,274
Issuance/(repayment) of debt, $m
  157
  -2
  57
  62
  67
  71
  76
  80
  84
  88
  92
  96
  101
  105
  109
  113
  118
  122
  127
  132
  137
  143
  149
  155
  161
  168
  175
  182
  190
  199
  208
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
  -2
  57
  62
  67
  71
  76
  80
  84
  88
  92
  96
  101
  105
  109
  113
  118
  122
  127
  132
  137
  143
  149
  155
  161
  168
  175
  182
  190
  199
  208
Total cash flow (excl. dividends), $m
  211
  52
  117
  142
  169
  197
  227
  258
  291
  325
  361
  398
  437
  477
  519
  562
  608
  655
  703
  754
  807
  863
  920
  980
  1,043
  1,108
  1,176
  1,247
  1,322
  1,400
  1,481
Retained Cash Flow (-), $m
  -31
  -60
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
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
 
  253
  111
  135
  161
  189
  219
  249
  282
  315
  351
  387
  426
  465
  507
  550
  595
  641
  689
  740
  792
  847
  903
  963
  1,025
  1,089
  1,157
  1,227
  1,301
  1,377
  1,458
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
 
  242
  101
  118
  133
  147
  159
  168
  176
  181
  184
  184
  182
  177
  170
  161
  151
  139
  127
  114
  101
  88
  75
  63
  52
  42
  34
  26
  20
  15
  11
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 47.8
Price to Sales 2.2
Price to Book 6.8
Price to Tangible Book
Price to Cash Flow 28.5
Price to Free Cash Flow 60.2
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 17.5% 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 75.608 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

▶ 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]
▶ WWE Announces 2 Very Different New Partners   [Mar-29-17 01:10PM  at Investopedia]
▶ WWE® Shop Launches in India   [09:00AM  Business Wire]
▶ Citi Positive on World Wrestling Entertaiment   [12:25PM  at Investopedia]
▶ WWE Network® Post-WrestleMania® Conference Call   [Mar-23-17 05:17PM  Business Wire]
▶ WWE LIVE(TM) Returns to Singapore   [Mar-07-17 08:00PM  PR Newswire]
▶ WWE Taken to the Mat on Light Volume   [03:20PM  at Investopedia]
▶ "ANDRE THE GIANT to Debut on HBO   [Feb-13-17 01:05PM  Business Wire]
▶ WWE Reports Record Revenue, Network Increases   [02:10PM  at Investopedia]
▶ Revenue Surprise to Upside for WWE   [09:37AM  at Investopedia]
▶ Linda McMahon   [02:42PM  at Investopedia]
▶ WWE Investors Looking for Strong Revenue Growth   [11:58AM  at Investopedia]
▶ WWE® Declares Quarterly Dividend   [Feb-02-17 02:09PM  Business Wire]
▶ WWE® to Report Fourth Quarter and Full Year 2016 Results   [Jan-24-17 05:45PM  Business Wire]
▶ Kurt Angle to Be Inducted into WWE® Hall of Fame   [Jan-16-17 05:00PM  Business Wire]
Stock chart of WWE 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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