Intrinsic value of Corvel - CRVL

Previous Close

$60.30

  Intrinsic Value

$43.70

stock screener

  Rating & Target

sell

-28%

Previous close

$60.30

 
Intrinsic value

$43.70

 
Up/down potential

-28%

 
Rating

sell

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

We calculate the intrinsic value of CRVL 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 1.1

 

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, %
  2.98
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
Revenue, $m
  519
  559
  602
  645
  691
  738
  787
  838
  891
  947
  1,004
  1,064
  1,127
  1,192
  1,260
  1,331
  1,405
  1,483
  1,564
  1,649
  1,737
  1,830
  1,927
  2,029
  2,135
  2,247
  2,364
  2,486
  2,615
  2,749
  2,890
Variable operating expenses, $m
 
  485
  521
  559
  598
  638
  680
  724
  770
  818
  867
  915
  969
  1,025
  1,083
  1,145
  1,208
  1,275
  1,345
  1,418
  1,494
  1,574
  1,657
  1,745
  1,836
  1,932
  2,033
  2,138
  2,248
  2,364
  2,485
Fixed operating expenses, $m
 
  23
  23
  24
  24
  25
  26
  26
  27
  27
  28
  29
  30
  30
  31
  32
  33
  33
  34
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
Total operating expenses, $m
  471
  508
  544
  583
  622
  663
  706
  750
  797
  845
  895
  944
  999
  1,055
  1,114
  1,177
  1,241
  1,308
  1,379
  1,453
  1,530
  1,611
  1,695
  1,784
  1,876
  1,973
  2,075
  2,181
  2,292
  2,409
  2,531
Operating income, $m
  48
  52
  57
  63
  69
  75
  81
  88
  94
  101
  109
  120
  128
  137
  145
  155
  164
  174
  185
  196
  207
  220
  232
  245
  259
  274
  289
  306
  322
  340
  359
EBITDA, $m
  69
  56
  61
  67
  73
  79
  85
  91
  98
  105
  113
  120
  128
  137
  145
  155
  164
  174
  185
  196
  207
  220
  232
  245
  259
  274
  289
  306
  322
  340
  359
Interest expense (income), $m
  0
  0
  0
  1
  1
  1
  1
  2
  2
  2
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  13
  14
  14
Earnings before tax, $m
  48
  52
  57
  62
  68
  74
  80
  86
  92
  99
  106
  117
  125
  133
  141
  150
  159
  169
  179
  189
  200
  212
  224
  236
  250
  264
  278
  294
  310
  327
  344
Tax expense, $m
  19
  14
  15
  17
  18
  20
  22
  23
  25
  27
  29
  32
  34
  36
  38
  40
  43
  46
  48
  51
  54
  57
  60
  64
  67
  71
  75
  79
  84
  88
  93
Net income, $m
  29
  38
  42
  46
  50
  54
  58
  63
  67
  72
  77
  85
  91
  97
  103
  109
  116
  123
  130
  138
  146
  154
  163
  173
  182
  192
  203
  214
  226
  238
  251

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  29
  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
  235
  222
  239
  256
  274
  293
  312
  333
  354
  376
  399
  422
  447
  473
  500
  528
  558
  589
  621
  655
  690
  727
  765
  805
  848
  892
  938
  987
  1,038
  1,091
  1,147
Adjusted assets (=assets-cash), $m
  206
  222
  239
  256
  274
  293
  312
  333
  354
  376
  399
  422
  447
  473
  500
  528
  558
  589
  621
  655
  690
  727
  765
  805
  848
  892
  938
  987
  1,038
  1,091
  1,147
Revenue / Adjusted assets
  2.519
  2.518
  2.519
  2.520
  2.522
  2.519
  2.522
  2.517
  2.517
  2.519
  2.516
  2.521
  2.521
  2.520
  2.520
  2.521
  2.518
  2.518
  2.519
  2.518
  2.517
  2.517
  2.519
  2.520
  2.518
  2.519
  2.520
  2.519
  2.519
  2.520
  2.520
Average production assets, $m
  -1
  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
Working capital, $m
  39
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
Total debt, $m
  0
  8
  15
  23
  32
  41
  50
  59
  69
  79
  90
  101
  112
  125
  137
  150
  164
  178
  193
  209
  225
  243
  261
  279
  299
  320
  341
  364
  388
  413
  439
Total liabilities, $m
  97
  104
  111
  119
  128
  137
  146
  155
  165
  175
  186
  197
  208
  221
  233
  246
  260
  274
  289
  305
  321
  339
  357
  375
  395
  416
  437
  460
  484
  509
  535
Total equity, $m
  139
  119
  128
  137
  146
  156
  167
  178
  189
  201
  213
  226
  239
  253
  267
  282
  298
  314
  332
  350
  368
  388
  409
  430
  453
  476
  501
  527
  554
  583
  613
Total liabilities and equity, $m
  236
  223
  239
  256
  274
  293
  313
  333
  354
  376
  399
  423
  447
  474
  500
  528
  558
  588
  621
  655
  689
  727
  766
  805
  848
  892
  938
  987
  1,038
  1,092
  1,148
Debt-to-equity ratio
  0.000
  0.060
  0.120
  0.170
  0.220
  0.260
  0.300
  0.330
  0.360
  0.390
  0.420
  0.450
  0.470
  0.490
  0.510
  0.530
  0.550
  0.570
  0.580
  0.600
  0.610
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
  0.720
Adjusted equity ratio
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  29
  38
  42
  46
  50
  54
  58
  63
  67
  72
  77
  85
  91
  97
  103
  109
  116
  123
  130
  138
  146
  154
  163
  173
  182
  192
  203
  214
  226
  238
  251
Depreciation, amort., depletion, $m
  21
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  49
  42
  45
  49
  53
  58
  62
  66
  71
  76
  81
  85
  91
  97
  103
  109
  116
  123
  130
  138
  146
  154
  163
  173
  182
  192
  203
  214
  226
  238
  251
Change in working capital, $m
  -3
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
Cash from operations, $m
  52
  41
  45
  48
  52
  57
  61
  65
  70
  75
  80
  84
  90
  96
  102
  108
  115
  122
  129
  136
  144
  153
  161
  171
  180
  190
  201
  212
  224
  236
  249
Maintenance CAPEX, $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
  0
New CAPEX, $m
  -31
  -1
  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 investing activities, $m
  -31
  -1
  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
Free cash flow, $m
  21
  41
  45
  48
  52
  57
  61
  65
  70
  75
  80
  84
  90
  96
  102
  108
  115
  122
  129
  136
  144
  153
  161
  171
  180
  190
  201
  212
  224
  236
  249
Issuance/(repayment) of debt, $m
  0
  8
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
Issuance/(repurchase) of shares, $m
  -25
  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  
  -25
  8
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
Total cash flow (excl. dividends), $m
  -4
  48
  52
  57
  61
  65
  70
  75
  80
  85
  91
  95
  101
  108
  114
  121
  128
  136
  144
  152
  161
  170
  179
  189
  200
  211
  223
  235
  247
  261
  275
Retained Cash Flow (-), $m
  -7
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
Prev. year cash balance distribution, $m
 
  29
  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
 
  68
  44
  47
  51
  55
  60
  64
  69
  73
  78
  83
  88
  94
  100
  106
  113
  119
  127
  134
  142
  150
  159
  168
  177
  187
  198
  209
  220
  232
  245
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
 
  66
  40
  41
  42
  43
  43
  43
  43
  42
  41
  39
  38
  36
  34
  31
  29
  26
  23
  21
  18
  16
  13
  11
  9
  7
  6
  4
  3
  3
  2
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
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CorVel Corporation (Corvel) is a provider of workers' compensation solutions for employers, third party administrators, insurance companies and government agencies. The Company offers its services as a bundled solution, which includes claims management, as a standalone service, or as add-on services to existing customers. The Company offers its services as a bundled solution, which includes claims management, as a standalone service, or as add-on services to existing customers. The Company's network solutions include bill review, preferred provider organization (PPO) management, professional review, provider reimbursement, pharmacy services, directed care services, medicare solutions and clearinghouse services. The Company's patient management services include claims management, case management, 24/7 nurse triage, utilization management, vocational rehabilitation, life care planning, disability management, liability claims management and auto claims management.

FINANCIAL RATIOS  of  Corvel (CRVL)

Valuation Ratios
P/E Ratio 39.4
Price to Sales 2.2
Price to Book 8.2
Price to Tangible Book
Price to Cash Flow 22
Price to Free Cash Flow 54.4
Growth Rates
Sales Growth Rate 3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 82.4%
Cap. Spend. - 3 Yr. Gr. Rate 11.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0.4
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 12.7%
Ret/ On Assets - 3 Yr. Avg. 13.3%
Return On Total Capital 21.4%
Ret/ On T. Cap. - 3 Yr. Avg. 22.2%
Return On Equity 21.4%
Return On Equity - 3 Yr. Avg. 22.2%
Asset Turnover 2.3
Profitability Ratios
Gross Margin 20.2%
Gross Margin - 3 Yr. Avg. 20.4%
EBITDA Margin 13.3%
EBITDA Margin - 3 Yr. Avg. 13.1%
Operating Margin 9.2%
Oper. Margin - 3 Yr. Avg. 9.2%
Pre-Tax Margin 9.2%
Pre-Tax Margin - 3 Yr. Avg. 9.2%
Net Profit Margin 5.6%
Net Profit Margin - 3 Yr. Avg. 5.7%
Effective Tax Rate 39.6%
Eff/ Tax Rate - 3 Yr. Avg. 37.8%
Payout Ratio 0%

CRVL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CRVL stock intrinsic value calculation we used $519 million for the last fiscal year's total revenue generated by Corvel. The default revenue input number comes from 2017 income statement of Corvel. 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 CRVL stock valuation model: a) initial revenue growth rate of 7.8% 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 CRVL is calculated based on our internal credit rating of Corvel, 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 Corvel.
    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 CRVL stock the variable cost ratio is equal to 86.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $22 million in the base year in the intrinsic value calculation for CRVL 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 Corvel.

Corporate tax rate of 27% is the nominal tax rate for Corvel. 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 CRVL 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 CRVL are equal to 0%.

Life of production assets of 1.7 years is the average useful life of capital assets used in Corvel 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 CRVL is equal to 1.9%. 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 - $139 million for Corvel - 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 18.682 million for Corvel 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 Corvel at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ CorVel Announces Quarterly Earnings Release Webcast   [Oct-20-17 06:25PM  GlobeNewswire]
▶ CorVel Launches Automated Processing and Payment Platform   [Oct-09-17 07:00AM  GlobeNewswire]
▶ ETFs with exposure to CorVel Corp. : September 26, 2017   [Sep-26-17 10:47AM  Capital Cube]
▶ CorVel posts 1Q profit   [Aug-01-17 10:58PM  Associated Press]
▶ CorVel Announces Revenues and Earnings   [06:15AM  GlobeNewswire]
▶ CorVel Announces Earnings Release Webcast   [Jul-26-17 11:08PM  GlobeNewswire]
▶ CorVel Releases Advanced Claims Management Workstation   [Jul-18-17 08:00AM  GlobeNewswire]
▶ ETFs with exposure to CorVel Corp. : July 5, 2017   [Jul-05-17 12:36PM  Capital Cube]
▶ ETFs with exposure to CorVel Corp. : June 19, 2017   [Jun-19-17 03:08PM  Capital Cube]
▶ CorVel posts 4Q profit   [06:38AM  Associated Press]
▶ CorVel Announces Revenues and Earnings   [06:15AM  GlobeNewswire]
▶ ETFs with exposure to CorVel Corp. : May 31, 2017   [May-31-17 12:27PM  Capital Cube]
▶ CorVel Announces Fiscal Earnings Release Webcast   [May-18-17 06:35PM  GlobeNewswire]
▶ CorVel Announces Expansion of Stock Repurchase Program   [Feb-07-17 05:06PM  GlobeNewswire]
▶ CorVel posts 3Q profit   [06:20AM  Associated Press]
▶ CorVel Announces Revenues and Earnings   [06:15AM  GlobeNewswire]
▶ CorVel Announces Quarterly Earnings Release Webcast   [Jan-17-17 05:20PM  GlobeNewswire]
▶ Is CorVel Corporation (CRVL) A Good Stock To Buy?   [Dec-10-16 09:34PM  Insider Monkey]
▶ Is CorVel Corporation (CRVL) A Good Stock To Buy?   [09:34PM  at Insider Monkey]
▶ CorVel Announces Revenues and Earnings   [06:15AM  GlobeNewswire]
▶ CorVel Announces Quarterly Earnings Release Webcast   [Oct-20-16 05:27PM  GlobeNewswire]
▶ CorVel Announces Revenues and Earnings   [06:15AM  GlobeNewswire]
▶ CorVel Announces Earnings Release Webcast   [Jul-26-16 03:37PM  GlobeNewswire]
▶ Opening Bell, June 29, 2016   [Jun-29-16 09:29AM  CNBC Videos]
▶ CorVel Announces Revenues and Earnings   [06:15AM  GlobeNewswire]
▶ CorVel Announces Fiscal Earnings Release Webcast   [May-18-16 03:33PM  GlobeNewswire]
▶ CorVel Announces Revenues and Earnings   [06:15AM  GlobeNewswire]
▶ CorVel Announces Quarterly Earnings Release Webcast   [Jan-19-16 06:56PM  GlobeNewswire]
▶ Hedge Funds Are Crazy About Silver Spring Networks Inc (SSNI)   [Nov-26  10:56AM  at Insider Monkey]
▶ CorVel Announces Expanded Stock Repurchase Plan   [Nov-12  07:03PM  GlobeNewswire]
▶ CorVel Announces Revenues and Earnings   [06:15AM  GlobeNewswire]
▶ CorVel Announces Quarterly Earnings Release Webcast   [Oct-16  07:00AM  GlobeNewswire]
Financial statements of CRVL
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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