Intrinsic value of CBIZ Inc - CBZ

Previous Close

$21.17

  Intrinsic Value

$27.48

stock screener

  Rating & Target

buy

+30%

Previous close

$21.17

 
Intrinsic value

$27.48

 
Up/down potential

+30%

 
Rating

buy

We calculate the intrinsic value of CBZ 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 0001), $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 1.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.34
  5.30
  5.27
  5.24
Revenue, $m
  943
  1,034
  1,129
  1,228
  1,332
  1,439
  1,551
  1,667
  1,788
  1,913
  2,043
  2,179
  2,320
  2,466
  2,619
  2,778
  2,944
  3,116
  3,297
  3,485
  3,681
  3,886
  4,100
  4,324
  4,558
  4,803
  5,059
  5,328
  5,608
  5,903
Variable operating expenses, $m
  859
  936
  1,017
  1,101
  1,188
  1,279
  1,374
  1,472
  1,574
  1,680
  1,729
  1,844
  1,963
  2,087
  2,217
  2,351
  2,491
  2,638
  2,790
  2,949
  3,115
  3,289
  3,470
  3,659
  3,858
  4,065
  4,282
  4,509
  4,746
  4,995
Fixed operating expenses, $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
Total operating expenses, $m
  859
  936
  1,017
  1,101
  1,188
  1,279
  1,374
  1,472
  1,574
  1,680
  1,729
  1,844
  1,963
  2,087
  2,217
  2,351
  2,491
  2,638
  2,790
  2,949
  3,115
  3,289
  3,470
  3,659
  3,858
  4,065
  4,282
  4,509
  4,746
  4,995
Operating income, $m
  84
  98
  112
  127
  143
  160
  177
  195
  213
  233
  314
  335
  357
  379
  403
  427
  452
  479
  507
  536
  566
  597
  630
  665
  701
  738
  778
  819
  862
  907
EBITDA, $m
  158
  173
  189
  206
  223
  241
  260
  279
  300
  321
  343
  365
  389
  414
  439
  466
  494
  522
  553
  584
  617
  651
  687
  725
  764
  805
  848
  893
  940
  990
Interest expense (income), $m
  6
  10
  13
  17
  21
  25
  29
  34
  38
  43
  48
  53
  58
  64
  70
  76
  82
  88
  95
  102
  109
  117
  125
  133
  142
  151
  161
  171
  181
  192
  204
Earnings before tax, $m
  74
  84
  95
  106
  118
  131
  143
  157
  170
  185
  261
  277
  293
  310
  327
  345
  364
  384
  405
  426
  449
  472
  497
  522
  549
  577
  607
  638
  670
  704
Tax expense, $m
  20
  23
  26
  29
  32
  35
  39
  42
  46
  50
  70
  75
  79
  84
  88
  93
  98
  104
  109
  115
  121
  127
  134
  141
  148
  156
  164
  172
  181
  190
Net income, $m
  54
  61
  69
  78
  86
  95
  105
  114
  124
  135
  191
  202
  214
  226
  239
  252
  266
  280
  295
  311
  328
  345
  363
  381
  401
  421
  443
  465
  489
  514

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  1,297
  1,422
  1,553
  1,690
  1,832
  1,980
  2,133
  2,293
  2,459
  2,631
  2,811
  2,997
  3,191
  3,393
  3,603
  3,821
  4,049
  4,287
  4,535
  4,793
  5,063
  5,345
  5,640
  5,948
  6,270
  6,607
  6,959
  7,328
  7,715
  8,119
Adjusted assets (=assets-cash), $m
  1,297
  1,422
  1,553
  1,690
  1,832
  1,980
  2,133
  2,293
  2,459
  2,631
  2,811
  2,997
  3,191
  3,393
  3,603
  3,821
  4,049
  4,287
  4,535
  4,793
  5,063
  5,345
  5,640
  5,948
  6,270
  6,607
  6,959
  7,328
  7,715
  8,119
Revenue / Adjusted assets
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
Average production assets, $m
  355
  390
  426
  463
  502
  543
  585
  628
  674
  721
  770
  821
  875
  930
  987
  1,047
  1,110
  1,175
  1,243
  1,314
  1,388
  1,465
  1,546
  1,630
  1,718
  1,811
  1,907
  2,008
  2,114
  2,225
Working capital, $m
  90
  99
  108
  118
  128
  138
  149
  160
  172
  184
  196
  209
  223
  237
  251
  267
  283
  299
  316
  335
  353
  373
  394
  415
  438
  461
  486
  511
  538
  567
Total debt, $m
  248
  317
  389
  464
  542
  623
  707
  795
  886
  981
  1,079
  1,182
  1,288
  1,399
  1,514
  1,634
  1,759
  1,890
  2,026
  2,168
  2,316
  2,471
  2,633
  2,802
  2,978
  3,163
  3,357
  3,560
  3,772
  3,994
Total liabilities, $m
  712
  781
  853
  928
  1,006
  1,087
  1,171
  1,259
  1,350
  1,445
  1,543
  1,645
  1,752
  1,863
  1,978
  2,098
  2,223
  2,353
  2,489
  2,631
  2,780
  2,934
  3,096
  3,265
  3,442
  3,627
  3,821
  4,023
  4,235
  4,457
Total equity, $m
  585
  641
  700
  762
  826
  893
  962
  1,034
  1,109
  1,187
  1,268
  1,352
  1,439
  1,530
  1,625
  1,723
  1,826
  1,933
  2,045
  2,162
  2,283
  2,411
  2,544
  2,682
  2,828
  2,980
  3,139
  3,305
  3,479
  3,662
Total liabilities and equity, $m
  1,297
  1,422
  1,553
  1,690
  1,832
  1,980
  2,133
  2,293
  2,459
  2,632
  2,811
  2,997
  3,191
  3,393
  3,603
  3,821
  4,049
  4,286
  4,534
  4,793
  5,063
  5,345
  5,640
  5,947
  6,270
  6,607
  6,960
  7,328
  7,714
  8,119
Debt-to-equity ratio
  0.420
  0.490
  0.560
  0.610
  0.660
  0.700
  0.740
  0.770
  0.800
  0.830
  0.850
  0.870
  0.900
  0.910
  0.930
  0.950
  0.960
  0.980
  0.990
  1.000
  1.010
  1.020
  1.040
  1.040
  1.050
  1.060
  1.070
  1.080
  1.080
  1.090
Adjusted equity ratio
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  54
  61
  69
  78
  86
  95
  105
  114
  124
  135
  191
  202
  214
  226
  239
  252
  266
  280
  295
  311
  328
  345
  363
  381
  401
  421
  443
  465
  489
  514
Depreciation, amort., depletion, $m
  74
  76
  77
  78
  80
  81
  83
  85
  86
  88
  29
  30
  32
  34
  37
  39
  41
  44
  46
  49
  51
  54
  57
  60
  64
  67
  71
  74
  78
  82
Funds from operations, $m
  128
  137
  146
  156
  166
  177
  188
  199
  211
  223
  219
  232
  246
  260
  275
  291
  307
  324
  341
  360
  379
  399
  420
  442
  465
  489
  514
  540
  567
  596
Change in working capital, $m
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  21
  22
  24
  25
  26
  27
  28
Cash from operations, $m
  120
  128
  137
  147
  156
  166
  177
  188
  199
  211
  207
  219
  233
  246
  261
  276
  291
  307
  324
  342
  360
  379
  399
  420
  442
  465
  489
  514
  540
  568
Maintenance CAPEX, $m
  -12
  -13
  -14
  -16
  -17
  -19
  -20
  -22
  -23
  -25
  -27
  -29
  -30
  -32
  -34
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -74
  -78
New CAPEX, $m
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -111
Cash from investing activities, $m
  -45
  -47
  -50
  -53
  -56
  -60
  -62
  -66
  -68
  -72
  -76
  -80
  -83
  -87
  -92
  -97
  -101
  -106
  -112
  -117
  -123
  -128
  -135
  -141
  -148
  -156
  -164
  -172
  -180
  -189
Free cash flow, $m
  75
  81
  87
  93
  100
  107
  115
  122
  130
  139
  131
  140
  149
  159
  169
  179
  190
  201
  213
  225
  237
  251
  264
  279
  293
  309
  325
  342
  360
  379
Issuance/(repayment) of debt, $m
  66
  69
  72
  75
  78
  81
  84
  88
  91
  95
  98
  102
  106
  111
  115
  120
  125
  130
  136
  142
  148
  155
  162
  169
  177
  185
  194
  203
  212
  222
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  66
  69
  72
  75
  78
  81
  84
  88
  91
  95
  98
  102
  106
  111
  115
  120
  125
  130
  136
  142
  148
  155
  162
  169
  177
  185
  194
  203
  212
  222
Total cash flow (excl. dividends), $m
  141
  150
  159
  168
  178
  188
  199
  210
  222
  233
  229
  242
  255
  269
  284
  299
  315
  331
  349
  367
  386
  405
  426
  448
  470
  494
  519
  545
  572
  601
Retained Cash Flow (-), $m
  -54
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -95
  -99
  -103
  -107
  -112
  -117
  -122
  -127
  -133
  -139
  -145
  -152
  -159
  -166
  -174
  -182
Prev. year cash balance distribution, $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 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
  87
  93
  100
  107
  114
  122
  130
  138
  147
  156
  148
  158
  168
  178
  189
  200
  212
  224
  237
  250
  264
  278
  293
  309
  325
  342
  360
  378
  398
  418
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
  84
  85
  87
  88
  88
  88
  88
  86
  84
  82
  70
  67
  64
  60
  56
  51
  46
  41
  36
  32
  27
  23
  19
  16
  13
  10
  8
  6
  4
  3
Current shareholders' claim on cash, %
  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

CBIZ, Inc. (CBIZ) is engaged in the professional services business. The Company operates its professional services business through acquiring and integrating accounting and financial service providers, group health benefits consulting firms, property and casualty brokerage firms, payroll service providers, and valuation and other service firms throughout the United States. Its segments include Financial Services, Benefits and Insurance Services, National Practices, and Corporate and Other. The Financial Services group includes accounting and tax, government healthcare consulting, financial advisory, valuation, and risk and advisory services. The Benefits and Insurance Services group includes group health benefits consulting, payroll, property and casualty, and retirement plan services. The National Practices segment includes managed networking and hardware services, and healthcare consulting.

FINANCIAL RATIOS  of  CBIZ Inc (CBZ)

Valuation Ratios
P/E Ratio 28.6
Price to Sales 1.4
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 16.1
Price to Free Cash Flow 17.1
Growth Rates
Sales Growth Rate 6.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -42.9%
Cap. Spend. - 3 Yr. Gr. Rate -7.8%
Financial Strength
Quick Ratio 3
Current Ratio 0.8
LT Debt to Equity 40%
Total Debt to Equity 40.2%
Interest Coverage 12
Management Effectiveness
Return On Assets 4.1%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 6.1%
Ret/ On T. Cap. - 3 Yr. Avg. 5.6%
Return On Equity 8.8%
Return On Equity - 3 Yr. Avg. 8.3%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 12.8%
Gross Margin - 3 Yr. Avg. 12.8%
EBITDA Margin 11.9%
EBITDA Margin - 3 Yr. Avg. 11.5%
Operating Margin 8.3%
Oper. Margin - 3 Yr. Avg. 8.2%
Pre-Tax Margin 8.4%
Pre-Tax Margin - 3 Yr. Avg. 7.7%
Net Profit Margin 5%
Net Profit Margin - 3 Yr. Avg. 4.6%
Effective Tax Rate 38.8%
Eff/ Tax Rate - 3 Yr. Avg. 39.9%
Payout Ratio 0%

CBZ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CBZ stock intrinsic value calculation we used $855.34 million for the last fiscal year's total revenue generated by CBIZ Inc. The default revenue input number comes from 0001 income statement of CBIZ Inc. 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 CBZ stock valuation model: a) initial revenue growth rate of 10.2% 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 CBZ is calculated based on our internal credit rating of CBIZ Inc, 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 CBIZ Inc.
    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 CBZ stock the variable cost ratio is equal to 91.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CBZ 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 5.4% for CBIZ Inc.

Corporate tax rate of 27% is the nominal tax rate for CBIZ Inc. 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 CBZ 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 CBZ are equal to 37.7%.

Life of production assets of 27 years is the average useful life of capital assets used in CBIZ Inc 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 CBZ is equal to 9.6%. 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 - $530.879 million for CBIZ Inc - 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 55.323 million for CBIZ Inc 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 CBIZ Inc at the current share price and the inputted number of shares is $1.2 billion.

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COMPANY NEWS

▶ Healthiest Employers 2018: CBIZ   [Nov-15-18 01:55PM  American City Business Journals]
▶ CBIZ: 3Q Earnings Snapshot   [06:54AM  Associated Press]
▶ Is CBIZ Incs (NYSE:CBZ) CEO Being Overpaid?   [Oct-30-18 01:32PM  Simply Wall St.]
▶ CBIZ Inc (NYSE:CBZ): A Fundamentally Attractive Investment   [Oct-06-18 10:36AM  Simply Wall St.]
▶ What You Must Know About CBIZ Incs (NYSE:CBZ) 10.8% ROE   [Sep-10-18 12:06PM  Simply Wall St.]
▶ Is CBIZ Inc (NYSE:CBZ) Attractive At Its Current PE Ratio?   [Aug-17-18 03:24PM  Simply Wall St.]
▶ CBIZ picks up expertise in collaborative divorce with acquisition in Tampa   [Aug-16-18 01:31PM  American City Business Journals]
▶ CBIZ: 2Q Earnings Snapshot   [Aug-02-18 09:50AM  Associated Press]
▶ CBIZ Small Business Employment Index Stays Hot This June   [Jul-06-18 07:45AM  Business Wire]
▶ These are Ohio's 30 top paying companies (Countdown)   [May-30-18 04:21PM  American City Business Journals]
▶ May Undervalued Stock Opportunities   [May-12-18 10:02AM  Simply Wall St.]
▶ CBIZ: 1Q Earnings Snapshot   [07:40AM  Associated Press]
▶ CBIZ Reports First-Quarter 2018 Results   [06:30AM  PR Newswire]
▶ CBIZ acquires second local consulting firm in past 9 months   [Apr-09-18 02:32PM  American City Business Journals]
▶ CBIZ Acquires InR Advisory Services, LLC   [Apr-03-18 04:00PM  PR Newswire]
▶ 4 Affordable Breakout Stocks for Stupendous Returns   [Feb-21-18 12:50PM  InvestorPlace]
▶ CBIZ posts 4Q profit   [Feb-15-18 06:51AM  Associated Press]
▶ Wired News CBIZ Acquires Laurus Transaction Advisors   [Feb-06-18 07:40AM  ACCESSWIRE]
▶ CBIZ Acquires Laurus Transaction Advisors LLC   [Feb-02-18 09:00AM  PR Newswire]
▶ CBIZ To Present At CJS Securities Conference In NYC   [Dec-27-17 04:00PM  PR Newswire]
▶ ETFs with exposure to CBIZ, Inc. : December 20, 2017   [Dec-20-17 11:36AM  Capital Cube]
▶ CBIZ Acquires McKay & Carnahan, Inc.   [Dec-04-17 07:00AM  PR Newswire]
▶ ETFs with exposure to CBIZ, Inc. : November 7, 2017   [Nov-07-17 09:52AM  Capital Cube]
▶ CBIZ posts 3Q profit   [Nov-02-17 06:44AM  Associated Press]
▶ New Strong Buy Stocks for August 31st   [Aug-31-17 08:56AM  Zacks]
▶ New Strong Buy Stocks for August 25th   [Aug-25-17 11:39AM  Zacks]
▶ New Strong Buy Stocks for August 22nd   [Aug-22-17 10:21AM  Zacks]
▶ Is CBIZ a Great Stock for Value Investors?   [Aug-21-17 09:55AM  Zacks]
▶ New Strong Buy Stocks for August 15th   [Aug-15-17 10:43AM  Zacks]
▶ New Strong Buy Stocks for August 8th   [Aug-08-17 09:44AM  Zacks]
▶ CBIZ posts 2Q profit   [02:36AM  Associated Press]
▶ CBIZ Reports Second-Quarter And First-Half 2017 Results   [Aug-03-17 06:30AM  PR Newswire]
▶ CBIZ, Inc. Value Analysis (NYSE:CBZ) : July 31, 2017   [Jul-31-17 05:43PM  Capital Cube]
▶ CBIZ acquires West Palm Beach insurance agency specializing in golf and country clubs   [Jun-07-17 01:45PM  American City Business Journals]

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