Intrinsic value of Deluxe Corp. - DLX

Previous Close

$56.16

  Intrinsic Value

$101.61

stock screener

  Rating & Target

str. buy

+81%

Previous close

$56.16

 
Intrinsic value

$101.61

 
Up/down potential

+81%

 
Rating

str. buy

We calculate the intrinsic value of DLX 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 2.7

 

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, %
  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
  2,005
  2,051
  2,104
  2,163
  2,228
  2,300
  2,379
  2,464
  2,555
  2,653
  2,758
  2,870
  2,989
  3,116
  3,250
  3,392
  3,543
  3,703
  3,871
  4,049
  4,237
  4,435
  4,643
  4,863
  5,094
  5,338
  5,595
  5,865
  6,149
  6,448
Variable operating expenses, $m
  1,603
  1,636
  1,674
  1,717
  1,765
  1,817
  1,874
  1,935
  2,001
  2,072
  1,996
  2,077
  2,164
  2,255
  2,353
  2,456
  2,565
  2,680
  2,802
  2,931
  3,067
  3,210
  3,361
  3,520
  3,688
  3,864
  4,050
  4,246
  4,451
  4,667
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
  1,603
  1,636
  1,674
  1,717
  1,765
  1,817
  1,874
  1,935
  2,001
  2,072
  1,996
  2,077
  2,164
  2,255
  2,353
  2,456
  2,565
  2,680
  2,802
  2,931
  3,067
  3,210
  3,361
  3,520
  3,688
  3,864
  4,050
  4,246
  4,451
  4,667
Operating income, $m
  402
  415
  429
  446
  464
  484
  505
  529
  554
  581
  761
  792
  825
  860
  897
  937
  978
  1,022
  1,069
  1,118
  1,170
  1,224
  1,282
  1,343
  1,407
  1,474
  1,545
  1,619
  1,698
  1,780
EBITDA, $m
  619
  633
  650
  668
  688
  710
  735
  761
  789
  819
  852
  886
  923
  962
  1,004
  1,048
  1,094
  1,143
  1,196
  1,250
  1,308
  1,370
  1,434
  1,502
  1,573
  1,649
  1,728
  1,811
  1,899
  1,991
Interest expense (income), $m
  21
  38
  40
  41
  43
  45
  47
  49
  52
  55
  58
  61
  64
  68
  72
  76
  80
  85
  90
  95
  101
  106
  113
  119
  126
  133
  141
  149
  157
  166
  175
Earnings before tax, $m
  364
  375
  388
  403
  419
  437
  456
  477
  499
  523
  701
  728
  757
  788
  821
  856
  893
  932
  974
  1,017
  1,063
  1,112
  1,163
  1,217
  1,273
  1,333
  1,396
  1,462
  1,532
  1,605
Tax expense, $m
  98
  101
  105
  109
  113
  118
  123
  129
  135
  141
  189
  197
  204
  213
  222
  231
  241
  252
  263
  275
  287
  300
  314
  328
  344
  360
  377
  395
  414
  433
Net income, $m
  265
  274
  283
  294
  306
  319
  333
  348
  364
  382
  511
  532
  553
  576
  600
  625
  652
  681
  711
  743
  776
  812
  849
  888
  930
  973
  1,019
  1,067
  1,118
  1,172

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
  2,253
  2,304
  2,364
  2,430
  2,504
  2,585
  2,673
  2,768
  2,871
  2,981
  3,099
  3,224
  3,358
  3,501
  3,652
  3,812
  3,981
  4,160
  4,350
  4,549
  4,760
  4,983
  5,217
  5,464
  5,724
  5,998
  6,286
  6,590
  6,909
  7,244
Adjusted assets (=assets-cash), $m
  2,253
  2,304
  2,364
  2,430
  2,504
  2,585
  2,673
  2,768
  2,871
  2,981
  3,099
  3,224
  3,358
  3,501
  3,652
  3,812
  3,981
  4,160
  4,350
  4,549
  4,760
  4,983
  5,217
  5,464
  5,724
  5,998
  6,286
  6,590
  6,909
  7,244
Revenue / Adjusted assets
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
Average production assets, $m
  860
  880
  902
  928
  956
  987
  1,020
  1,057
  1,096
  1,138
  1,183
  1,231
  1,282
  1,337
  1,394
  1,455
  1,520
  1,588
  1,661
  1,737
  1,818
  1,902
  1,992
  2,086
  2,186
  2,290
  2,400
  2,516
  2,638
  2,766
Working capital, $m
  -48
  -49
  -50
  -52
  -53
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -106
  -111
  -117
  -122
  -128
  -134
  -141
  -148
  -155
Total debt, $m
  732
  760
  792
  828
  868
  911
  959
  1,010
  1,066
  1,125
  1,189
  1,257
  1,329
  1,406
  1,487
  1,574
  1,665
  1,762
  1,864
  1,972
  2,086
  2,206
  2,333
  2,466
  2,607
  2,754
  2,910
  3,074
  3,246
  3,427
Total liabilities, $m
  1,216
  1,244
  1,276
  1,312
  1,352
  1,396
  1,443
  1,495
  1,550
  1,610
  1,673
  1,741
  1,814
  1,890
  1,972
  2,058
  2,150
  2,247
  2,349
  2,457
  2,571
  2,691
  2,817
  2,951
  3,091
  3,239
  3,395
  3,558
  3,731
  3,912
Total equity, $m
  1,036
  1,060
  1,087
  1,118
  1,152
  1,189
  1,229
  1,273
  1,321
  1,371
  1,425
  1,483
  1,545
  1,610
  1,680
  1,753
  1,831
  1,914
  2,001
  2,093
  2,190
  2,292
  2,400
  2,513
  2,633
  2,759
  2,892
  3,031
  3,178
  3,332
Total liabilities and equity, $m
  2,252
  2,304
  2,363
  2,430
  2,504
  2,585
  2,672
  2,768
  2,871
  2,981
  3,098
  3,224
  3,359
  3,500
  3,652
  3,811
  3,981
  4,161
  4,350
  4,550
  4,761
  4,983
  5,217
  5,464
  5,724
  5,998
  6,287
  6,589
  6,909
  7,244
Debt-to-equity ratio
  0.710
  0.720
  0.730
  0.740
  0.750
  0.770
  0.780
  0.790
  0.810
  0.820
  0.830
  0.850
  0.860
  0.870
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.960
  0.970
  0.980
  0.990
  1.000
  1.010
  1.010
  1.020
  1.030
Adjusted equity ratio
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  265
  274
  283
  294
  306
  319
  333
  348
  364
  382
  511
  532
  553
  576
  600
  625
  652
  681
  711
  743
  776
  812
  849
  888
  930
  973
  1,019
  1,067
  1,118
  1,172
Depreciation, amort., depletion, $m
  217
  219
  220
  222
  224
  227
  229
  232
  235
  238
  90
  94
  98
  102
  106
  111
  116
  121
  127
  133
  139
  145
  152
  159
  167
  175
  183
  192
  201
  211
Funds from operations, $m
  483
  493
  504
  516
  530
  546
  562
  580
  600
  620
  602
  626
  651
  678
  706
  736
  768
  802
  838
  875
  915
  957
  1,001
  1,047
  1,096
  1,148
  1,202
  1,259
  1,319
  1,383
Change in working capital, $m
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
Cash from operations, $m
  484
  494
  505
  518
  532
  547
  564
  582
  602
  623
  604
  628
  654
  681
  709
  740
  772
  806
  842
  879
  919
  961
  1,006
  1,053
  1,102
  1,154
  1,208
  1,266
  1,326
  1,390
Maintenance CAPEX, $m
  -64
  -66
  -67
  -69
  -71
  -73
  -75
  -78
  -81
  -84
  -87
  -90
  -94
  -98
  -102
  -106
  -111
  -116
  -121
  -127
  -133
  -139
  -145
  -152
  -159
  -167
  -175
  -183
  -192
  -201
New CAPEX, $m
  -17
  -20
  -23
  -25
  -28
  -31
  -34
  -36
  -39
  -42
  -45
  -48
  -51
  -54
  -58
  -61
  -65
  -68
  -72
  -76
  -81
  -85
  -90
  -94
  -99
  -105
  -110
  -116
  -122
  -128
Cash from investing activities, $m
  -81
  -86
  -90
  -94
  -99
  -104
  -109
  -114
  -120
  -126
  -132
  -138
  -145
  -152
  -160
  -167
  -176
  -184
  -193
  -203
  -214
  -224
  -235
  -246
  -258
  -272
  -285
  -299
  -314
  -329
Free cash flow, $m
  403
  408
  415
  424
  433
  444
  455
  468
  482
  497
  472
  490
  509
  528
  550
  572
  596
  621
  648
  676
  706
  738
  771
  806
  843
  882
  924
  967
  1,012
  1,060
Issuance/(repayment) of debt, $m
  23
  28
  32
  36
  40
  44
  48
  51
  55
  59
  64
  68
  72
  77
  82
  86
  91
  97
  102
  108
  114
  120
  127
  133
  140
  148
  156
  164
  172
  181
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  
  23
  28
  32
  36
  40
  44
  48
  51
  55
  59
  64
  68
  72
  77
  82
  86
  91
  97
  102
  108
  114
  120
  127
  133
  140
  148
  156
  164
  172
  181
Total cash flow (excl. dividends), $m
  425
  436
  447
  459
  473
  487
  503
  520
  537
  557
  536
  558
  581
  605
  631
  658
  687
  718
  750
  784
  820
  858
  898
  940
  984
  1,030
  1,079
  1,131
  1,185
  1,242
Retained Cash Flow (-), $m
  -21
  -24
  -27
  -31
  -34
  -37
  -40
  -44
  -47
  -51
  -54
  -58
  -62
  -65
  -69
  -74
  -78
  -82
  -87
  -92
  -97
  -102
  -108
  -114
  -120
  -126
  -133
  -140
  -147
  -154
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
  404
  412
  420
  429
  439
  450
  462
  476
  490
  506
  482
  500
  519
  540
  562
  585
  609
  636
  663
  692
  723
  756
  790
  826
  864
  904
  947
  991
  1,038
  1,087
Discount rate, %
  4.80
  5.04
  5.29
  5.56
  5.83
  6.13
  6.43
  6.75
  7.09
  7.45
  7.82
  8.21
  8.62
  9.05
  9.50
  9.98
  10.48
  11.00
  11.55
  12.13
  12.74
  13.37
  14.04
  14.74
  15.48
  16.25
  17.07
  17.92
  18.82
  19.76
PV of cash for distribution, $m
  386
  374
  360
  345
  331
  315
  299
  282
  265
  247
  211
  194
  177
  160
  144
  128
  112
  97
  83
  70
  58
  48
  38
  30
  24
  18
  13
  10
  7
  5
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

Deluxe Corporation is a provider of payment solutions. The Company provides a suite of customer life cycle management solutions to its customers across multiple channels. The Company operates in three segments: Small Business Services segment, Financial Services segment and Direct Checks segment. The Company's product and service offerings consist of checks, forms and accessories, and other products. The forms offered by the Company include deposit tickets and check registers. Its accessories and other products include checkbook covers and stamps. The Small Business Services segment is a provider of printed forms to small businesses. The Financial Services segment provides products and services to financial institution clients and offers a suite of financial technology (FinTech) solutions. The Direct Checks segment is a direct-to-consumer check supplier. It also offers fraud protection and security services, online and offline payroll services, and electronic checks (e-checks).

FINANCIAL RATIOS  of  Deluxe Corp. (DLX)

Valuation Ratios
P/E Ratio 11.9
Price to Sales 1.5
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 8.5
Price to Free Cash Flow 10
Growth Rates
Sales Growth Rate 4.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 9.3%
Cap. Spend. - 3 Yr. Gr. Rate 4.9%
Financial Strength
Quick Ratio 2
Current Ratio 0.3
LT Debt to Equity 82.1%
Total Debt to Equity 86.2%
Interest Coverage 17
Management Effectiveness
Return On Assets 12.1%
Ret/ On Assets - 3 Yr. Avg. 13.3%
Return On Total Capital 15.2%
Ret/ On T. Cap. - 3 Yr. Avg. 16.3%
Return On Equity 28.2%
Return On Equity - 3 Yr. Avg. 31%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 63.9%
Gross Margin - 3 Yr. Avg. 63.9%
EBITDA Margin 25.6%
EBITDA Margin - 3 Yr. Avg. 25.6%
Operating Margin 19.5%
Oper. Margin - 3 Yr. Avg. 19.6%
Pre-Tax Margin 18.4%
Pre-Tax Margin - 3 Yr. Avg. 18.2%
Net Profit Margin 12.4%
Net Profit Margin - 3 Yr. Avg. 12.2%
Effective Tax Rate 32.6%
Eff/ Tax Rate - 3 Yr. Avg. 32.8%
Payout Ratio 25.8%

DLX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DLX stock intrinsic value calculation we used $1965.556 million for the last fiscal year's total revenue generated by Deluxe Corp.. The default revenue input number comes from 0001 income statement of Deluxe Corp.. 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 DLX 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 4.8%, whose default value for DLX is calculated based on our internal credit rating of Deluxe Corp., 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 Deluxe Corp..
    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 DLX stock the variable cost ratio is equal to 80.1%.

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 DLX 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 Deluxe Corp..

Corporate tax rate of 27% is the nominal tax rate for Deluxe Corp.. 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 DLX 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 DLX are equal to 42.9%.

Life of production assets of 13.1 years is the average useful life of capital assets used in Deluxe Corp. 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 DLX is equal to -2.4%. 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 - $1015.013 million for Deluxe Corp. - 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 47.622 million for Deluxe Corp. 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 Deluxe Corp. at the current share price and the inputted number of shares is $2.7 billion.

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COMPANY NEWS

▶ Should You Buy Deluxe Corporation (NYSE:DLX) At US$58.59?   [Sep-10-18 08:47AM  Simply Wall St.]
▶ Deluxe Is a Value Trap   [Aug-23-18 03:10PM  GuruFocus.com]
▶ Deluxe Corporation Declares Dividend   [Aug-07-18 04:30PM  Business Wire]
▶ Deluxe: 2Q Earnings Snapshot   [Jul-26-18 08:48AM  Associated Press]
▶ Deluxe Announces Q2 2018 Earnings Release Information   [Jul-12-18 08:30AM  Business Wire]
▶ June Top Cheap Stock To Invest In   [Jun-03-18 10:02AM  Simply Wall St.]
▶ Boston startup LogoMix bootstrapped its way to $43M exit   [May-14-18 04:00AM  American City Business Journals]
▶ Deluxe Corporation Declares Dividend   [May-02-18 04:30PM  Business Wire]
▶ Deluxe CEO Lee Schram announces retirement plans   [01:27PM  American City Business Journals]
▶ Deluxe: 1Q Earnings Snapshot   [10:08AM  Associated Press]
▶ Deluxe Announces Q1 2018 Earnings Release Information   [Apr-12-18 04:30PM  Business Wire]
▶ Financial Services Lift Sales at Deluxe   [Jan-25-18 11:17AM  Motley Fool]
▶ Deluxe posts 4Q profit   [08:52AM  Associated Press]
▶ Deluxe Announces Q4 2017 Earnings Release Information   [Jan-16-18 04:00PM  Business Wire]
▶ Deluxe NEBS to Change Name to Deluxe Beginning Jan. 2, 2018   [Jan-03-18 05:21PM  Business Wire]
▶ ETFs with exposure to Deluxe Corp. : December 14, 2017   [Dec-14-17 01:13PM  Capital Cube]
▶ Deluxe Corp. Value Analysis (NYSE:DLX) : December 5, 2017   [Dec-05-17 01:42PM  Capital Cube]
▶ ETFs with exposure to Deluxe Corp. : November 29, 2017   [Nov-29-17 11:29AM  Capital Cube]
▶ November Top Cheap Stock To Invest In   [Nov-16-17 08:03AM  Simply Wall St.]
▶ ETFs with exposure to Deluxe Corp. : November 14, 2017   [Nov-14-17 02:14PM  Capital Cube]
▶ ETFs with exposure to Deluxe Corp. : October 31, 2017   [Oct-31-17 11:36AM  Capital Cube]
▶ Deluxe posts 3Q profit   [08:47AM  Associated Press]
▶ Deluxe Announces Q3 2017 Earnings Release Information   [Oct-12-17 07:00AM  Business Wire]
▶ ETFs with exposure to Deluxe Corp. : August 15, 2017   [Aug-15-17 03:59PM  Capital Cube]
▶ Deluxe posts 2Q profit   [Jul-28-17 01:34AM  Associated Press]
▶ Deluxe Corp. Value Analysis (NYSE:DLX) : July 11, 2017   [Jul-11-17 03:27PM  Capital Cube]
▶ ETFs with exposure to Deluxe Corp. : June 15, 2017   [Jun-15-17 01:43PM  Capital Cube]
▶ ETFs with exposure to Deluxe Corp. : May 25, 2017   [May-25-17 12:38PM  Capital Cube]
▶ ETFs with exposure to Deluxe Corp. : May 12, 2017   [May-12-17 03:53PM  Capital Cube]

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