Intrinsic value of Acxiom - ACXM

Previous Close

$27.57

  Intrinsic Value

$12.66

stock screener

  Rating & Target

str. sell

-54%

Previous close

$27.57

 
Intrinsic value

$12.66

 
Up/down potential

-54%

 
Rating

str. sell

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

We calculate the intrinsic value of ACXM 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 2017), $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 2.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.53
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  880
  898
  918
  942
  968
  998
  1,030
  1,065
  1,103
  1,144
  1,188
  1,235
  1,285
  1,338
  1,395
  1,455
  1,519
  1,586
  1,658
  1,733
  1,813
  1,897
  1,985
  2,079
  2,177
  2,281
  2,390
  2,505
  2,626
  2,753
  2,887
Variable operating expenses, $m
 
  181
  184
  187
  191
  195
  199
  204
  209
  214
  220
  167
  174
  181
  189
  197
  206
  215
  225
  235
  246
  257
  269
  282
  295
  309
  324
  340
  356
  373
  391
Fixed operating expenses, $m
 
  725
  743
  761
  780
  800
  820
  840
  861
  883
  905
  928
  951
  975
  999
  1,024
  1,050
  1,076
  1,103
  1,130
  1,159
  1,187
  1,217
  1,248
  1,279
  1,311
  1,344
  1,377
  1,412
  1,447
  1,483
Total operating expenses, $m
  865
  906
  927
  948
  971
  995
  1,019
  1,044
  1,070
  1,097
  1,125
  1,095
  1,125
  1,156
  1,188
  1,221
  1,256
  1,291
  1,328
  1,365
  1,405
  1,444
  1,486
  1,530
  1,574
  1,620
  1,668
  1,717
  1,768
  1,820
  1,874
Operating income, $m
  16
  -8
  -8
  -7
  -3
  3
  11
  21
  33
  46
  62
  140
  160
  182
  207
  234
  263
  295
  330
  368
  408
  452
  499
  549
  603
  661
  722
  788
  858
  933
  1,012
EBITDA, $m
  99
  79
  79
  82
  86
  93
  102
  113
  126
  141
  158
  177
  199
  223
  249
  278
  310
  344
  381
  421
  464
  510
  560
  613
  670
  731
  796
  865
  939
  1,017
  1,101
Interest expense (income), $m
  8
  7
  8
  8
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  19
  20
  21
  22
  24
  26
  27
  29
  31
  33
  35
  37
  39
  42
  44
Earnings before tax, $m
  9
  -15
  -16
  -14
  -11
  -6
  2
  11
  22
  35
  50
  126
  146
  167
  191
  216
  245
  276
  309
  345
  384
  427
  472
  520
  572
  628
  688
  751
  819
  891
  968
Tax expense, $m
  5
  0
  0
  0
  0
  0
  0
  3
  6
  9
  13
  34
  39
  45
  51
  58
  66
  74
  83
  93
  104
  115
  127
  140
  155
  170
  186
  203
  221
  241
  261
Net income, $m
  4
  -15
  -16
  -14
  -11
  -6
  1
  8
  16
  25
  36
  92
  106
  122
  139
  158
  179
  201
  226
  252
  281
  311
  344
  380
  418
  458
  502
  548
  598
  651
  707

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  170
  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
  1,235
  1,087
  1,112
  1,140
  1,172
  1,208
  1,247
  1,289
  1,335
  1,385
  1,438
  1,495
  1,555
  1,620
  1,689
  1,762
  1,839
  1,920
  2,007
  2,098
  2,195
  2,296
  2,404
  2,517
  2,636
  2,761
  2,893
  3,033
  3,179
  3,333
  3,495
Adjusted assets (=assets-cash), $m
  1,065
  1,087
  1,112
  1,140
  1,172
  1,208
  1,247
  1,289
  1,335
  1,385
  1,438
  1,495
  1,555
  1,620
  1,689
  1,762
  1,839
  1,920
  2,007
  2,098
  2,195
  2,296
  2,404
  2,517
  2,636
  2,761
  2,893
  3,033
  3,179
  3,333
  3,495
Revenue / Adjusted assets
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
  0.826
Average production assets, $m
  262
  267
  273
  280
  288
  296
  306
  316
  328
  340
  353
  367
  382
  397
  414
  432
  451
  471
  492
  515
  538
  563
  590
  617
  647
  677
  710
  744
  780
  818
  857
Working capital, $m
  139
  9
  9
  9
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
Total debt, $m
  229
  198
  209
  221
  235
  250
  267
  285
  305
  326
  348
  373
  399
  426
  456
  487
  520
  555
  592
  631
  672
  716
  762
  810
  861
  915
  971
  1,031
  1,094
  1,159
  1,229
Total liabilities, $m
  496
  465
  476
  488
  502
  517
  534
  552
  572
  593
  615
  640
  666
  693
  723
  754
  787
  822
  859
  898
  939
  983
  1,029
  1,077
  1,128
  1,182
  1,238
  1,298
  1,361
  1,426
  1,496
Total equity, $m
  739
  622
  636
  652
  671
  691
  713
  737
  764
  792
  823
  855
  890
  927
  966
  1,008
  1,052
  1,099
  1,148
  1,200
  1,255
  1,314
  1,375
  1,440
  1,508
  1,579
  1,655
  1,735
  1,818
  1,906
  1,999
Total liabilities and equity, $m
  1,235
  1,087
  1,112
  1,140
  1,173
  1,208
  1,247
  1,289
  1,336
  1,385
  1,438
  1,495
  1,556
  1,620
  1,689
  1,762
  1,839
  1,921
  2,007
  2,098
  2,194
  2,297
  2,404
  2,517
  2,636
  2,761
  2,893
  3,033
  3,179
  3,332
  3,495
Debt-to-equity ratio
  0.310
  0.320
  0.330
  0.340
  0.350
  0.360
  0.370
  0.390
  0.400
  0.410
  0.420
  0.440
  0.450
  0.460
  0.470
  0.480
  0.490
  0.510
  0.520
  0.530
  0.540
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.590
  0.600
  0.610
  0.610
Adjusted equity ratio
  0.534
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4
  -15
  -16
  -14
  -11
  -6
  1
  8
  16
  25
  36
  92
  106
  122
  139
  158
  179
  201
  226
  252
  281
  311
  344
  380
  418
  458
  502
  548
  598
  651
  707
Depreciation, amort., depletion, $m
  83
  87
  87
  88
  89
  90
  91
  92
  93
  94
  96
  38
  39
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  73
  77
  80
  84
  88
Funds from operations, $m
  102
  71
  72
  74
  78
  84
  92
  100
  109
  120
  132
  130
  146
  163
  182
  203
  225
  250
  276
  305
  336
  369
  405
  444
  485
  528
  575
  625
  678
  735
  795
Change in working capital, $m
  -14
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Cash from operations, $m
  116
  71
  71
  73
  78
  84
  92
  99
  109
  119
  132
  130
  145
  162
  181
  202
  225
  249
  276
  304
  335
  369
  404
  443
  484
  527
  574
  624
  677
  734
  794
Maintenance CAPEX, $m
  0
  -27
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
New CAPEX, $m
  -62
  -5
  -6
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
Cash from investing activities, $m
  -159
  -32
  -33
  -35
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -81
  -84
  -89
  -93
  -98
  -102
  -107
  -113
  -118
  -124
Free cash flow, $m
  -43
  39
  38
  38
  41
  45
  52
  57
  65
  73
  84
  79
  92
  107
  123
  141
  161
  183
  206
  231
  259
  288
  320
  354
  391
  430
  472
  517
  564
  615
  670
Issuance/(repayment) of debt, $m
  38
  9
  11
  12
  14
  15
  17
  18
  20
  21
  23
  24
  26
  28
  29
  31
  33
  35
  37
  39
  41
  44
  46
  48
  51
  54
  57
  60
  63
  66
  69
Issuance/(repurchase) of shares, $m
  -15
  28
  30
  31
  29
  26
  21
  16
  10
  3
  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  
  26
  37
  41
  43
  43
  41
  38
  34
  30
  24
  23
  24
  26
  28
  29
  31
  33
  35
  37
  39
  41
  44
  46
  48
  51
  54
  57
  60
  63
  66
  69
Total cash flow (excl. dividends), $m
  -19
  76
  79
  81
  84
  87
  89
  92
  95
  98
  106
  104
  118
  135
  153
  173
  194
  218
  243
  270
  300
  332
  366
  402
  442
  484
  528
  576
  627
  681
  739
Retained Cash Flow (-), $m
  -40
  -28
  -30
  -31
  -29
  -26
  -22
  -24
  -26
  -28
  -30
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -84
  -88
  -93
Prev. year cash balance distribution, $m
 
  130
  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
 
  178
  48
  51
  55
  61
  67
  68
  68
  69
  76
  71
  84
  98
  114
  131
  150
  171
  193
  218
  245
  274
  304
  338
  373
  412
  453
  497
  543
  593
  646
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
 
  171
  44
  44
  45
  47
  49
  46
  43
  40
  40
  34
  36
  37
  38
  38
  38
  37
  36
  34
  31
  28
  25
  22
  19
  16
  13
  11
  8
  6
  5
Current shareholders' claim on cash, %
  100
  98.5
  96.9
  95.4
  93.9
  92.7
  91.8
  91.1
  90.6
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5

Acxiom Corporation (Acxiom) is a technology and enablement services company. The Company operates through three business segments: Marketing Services, Audience Solutions, and Connectivity. The Company's Marketing Services segment helps clients to unify data at individual level. The Audience Solutions segment helps clients to validate the accuracy of their people-based data, enhance it with additional insight and keep it up to date, enabling clients to reach desired audiences with relevant messages. The Connectivity segment activates data and makes it portable across the open marketing ecosystem. The Company serves a global client base from locations in the United States, Europe and the Asia-Pacific region. The Company's client base includes organizations in these regions across industry verticals, including financial, insurance and investment services, automotive, retail, telecommunications, healthcare, travel, entertainment, non-profit and government.

FINANCIAL RATIOS  of  Acxiom (ACXM)

Valuation Ratios
P/E Ratio 539.6
Price to Sales 2.5
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 18.6
Price to Free Cash Flow 40
Growth Rates
Sales Growth Rate 3.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 4.4%
Financial Strength
Quick Ratio 4
Current Ratio 0.1
LT Debt to Equity 25.6%
Total Debt to Equity 31%
Interest Coverage 2
Management Effectiveness
Return On Assets 0.6%
Ret/ On Assets - 3 Yr. Avg. 0.4%
Return On Total Capital 0.4%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0.6%
Return On Equity - 3 Yr. Avg. -0%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 45.8%
Gross Margin - 3 Yr. Avg. 42.3%
EBITDA Margin 11.4%
EBITDA Margin - 3 Yr. Avg. 8.6%
Operating Margin 1.7%
Oper. Margin - 3 Yr. Avg. -1.3%
Pre-Tax Margin 1%
Pre-Tax Margin - 3 Yr. Avg. -2.1%
Net Profit Margin 0.5%
Net Profit Margin - 3 Yr. Avg. -0%
Effective Tax Rate 55.6%
Eff/ Tax Rate - 3 Yr. Avg. 48.2%
Payout Ratio 0%

ACXM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ACXM stock intrinsic value calculation we used $880 million for the last fiscal year's total revenue generated by Acxiom. The default revenue input number comes from 2017 income statement of Acxiom. 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 ACXM stock valuation model: a) initial revenue growth rate of 2% 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 ACXM is calculated based on our internal credit rating of Acxiom, 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 Acxiom.
    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 ACXM stock the variable cost ratio is equal to 20.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $707 million in the base year in the intrinsic value calculation for ACXM 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 3.8% for Acxiom.

Corporate tax rate of 27% is the nominal tax rate for Acxiom. 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 ACXM 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 ACXM are equal to 29.7%.

Life of production assets of 9.7 years is the average useful life of capital assets used in Acxiom 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 ACXM is equal to 1%. 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 - $739 million for Acxiom - 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 79.827 million for Acxiom 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 Acxiom at the current share price and the inputted number of shares is $2.2 billion.

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COMPANY NEWS

▶ RedPoint Global Expands Partnership With Acxiom   [Dec-12-17 09:00AM  PR Newswire]
▶ ETFs with exposure to Acxiom Corp. : November 29, 2017   [Nov-29-17 10:45AM  Capital Cube]
▶ ETFs with exposure to Acxiom Corp. : November 9, 2017   [Nov-09-17 11:36AM  Capital Cube]
▶ Acxiom reports 2Q loss   [Nov-01-17 06:01PM  Associated Press]
▶ Acxiom Announces Second Quarter Results   [04:05PM  Business Wire]
▶ Remark to Partner with Acxiom in China   [Oct-31-17 07:57AM  PR Newswire]
▶ LiveRamp Launches IdentityLink for Agencies   [Oct-25-17 08:30AM  Business Wire]
▶ Acxiom to Discuss Second Quarter Earnings   [Oct-18-17 04:05PM  Business Wire]
▶ Acxiom Wins Citi Collaboration Partner Award   [Oct-13-17 08:30AM  Business Wire]
▶ Acxiom Appoints New Leadership for Connectivity Division   [Sep-12-17 05:05PM  Business Wire]
▶ SSI Partners with LiveRamp   [08:00AM  PR Newswire]
▶ Weekly CFO Buys Highlight   [Sep-03-17 10:06AM  GuruFocus.com]
▶ ETFs with exposure to Acxiom Corp. : August 24, 2017   [Aug-24-17 02:55PM  Capital Cube]
▶ Acxiom reports 1Q loss   [01:16AM  Associated Press]
▶ Acxiom reports 1Q loss   [Aug-03-17 08:14PM  Associated Press]
▶ Acxiom Announces First Quarter Results   [04:05PM  Business Wire]
▶ Acxiom Corp. Value Analysis (NASDAQ:ACXM) : July 31, 2017   [Jul-31-17 05:28PM  Capital Cube]
▶ Acxiom Launches Connected Spaces   [Jul-27-17 08:30AM  Business Wire]
▶ Acxiom to Discuss First Quarter Earnings   [Jul-20-17 04:05PM  Business Wire]
▶ LiveRamp Launches IdentityLink for Publishers   [Jul-18-17 08:30AM  Business Wire]
▶ Acxiom to Present at William Blair Growth Stock Conference   [Jun-01-17 04:05PM  Business Wire]
▶ ETFs with exposure to Acxiom Corp. : May 31, 2017   [May-31-17 12:18PM  Capital Cube]
▶ Acxiom to Present at Stephens Spring Investment Conference   [May-23-17 04:05PM  Business Wire]
▶ Acxiom reports 4Q loss   [May-16-17 04:28PM  Associated Press]
Financial statements of ACXM
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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