Intrinsic value of Deluxe Corp. - DLX

Previous Close

$64.52

  Intrinsic Value

$106.99

stock screener

  Rating & Target

str. buy

+66%

Previous close

$64.52

 
Intrinsic value

$106.99

 
Up/down potential

+66%

 
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 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 3.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
Revenue, $m
  2,090
  2,219
  2,353
  2,493
  2,639
  2,791
  2,950
  3,116
  3,289
  3,470
  3,659
  3,857
  4,064
  4,281
  4,508
  4,745
  4,994
  5,254
  5,527
  5,813
  6,113
  6,428
  6,757
  7,103
  7,465
  7,846
  8,244
  8,663
  9,102
  9,563
Variable operating expenses, $m
  1,664
  1,758
  1,855
  1,956
  2,062
  2,172
  2,287
  2,407
  2,533
  2,664
  2,649
  2,792
  2,942
  3,099
  3,263
  3,435
  3,615
  3,804
  4,001
  4,209
  4,426
  4,653
  4,892
  5,142
  5,404
  5,680
  5,969
  6,271
  6,589
  6,923
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
  1,664
  1,758
  1,855
  1,956
  2,062
  2,172
  2,287
  2,407
  2,533
  2,664
  2,649
  2,792
  2,942
  3,099
  3,263
  3,435
  3,615
  3,804
  4,001
  4,209
  4,426
  4,653
  4,892
  5,142
  5,404
  5,680
  5,969
  6,271
  6,589
  6,923
Operating income, $m
  425
  461
  498
  537
  577
  619
  663
  709
  756
  806
  1,010
  1,065
  1,122
  1,182
  1,244
  1,310
  1,379
  1,451
  1,526
  1,605
  1,688
  1,774
  1,865
  1,961
  2,061
  2,166
  2,276
  2,391
  2,513
  2,640
EBITDA, $m
  747
  793
  841
  891
  944
  998
  1,055
  1,114
  1,176
  1,241
  1,308
  1,379
  1,453
  1,531
  1,612
  1,697
  1,786
  1,879
  1,976
  2,079
  2,186
  2,298
  2,416
  2,540
  2,669
  2,805
  2,948
  3,098
  3,255
  3,419
Interest expense (income), $m
  21
  38
  42
  47
  51
  56
  60
  65
  70
  76
  82
  88
  94
  100
  107
  114
  122
  129
  137
  146
  155
  164
  174
  184
  195
  207
  218
  231
  244
  258
  272
Earnings before tax, $m
  387
  419
  452
  486
  521
  559
  598
  638
  681
  725
  923
  971
  1,022
  1,075
  1,130
  1,188
  1,249
  1,313
  1,380
  1,450
  1,523
  1,600
  1,681
  1,766
  1,854
  1,947
  2,045
  2,148
  2,255
  2,368
Tax expense, $m
  105
  113
  122
  131
  141
  151
  161
  172
  184
  196
  249
  262
  276
  290
  305
  321
  337
  355
  373
  391
  411
  432
  454
  477
  501
  526
  552
  580
  609
  639
Net income, $m
  283
  306
  330
  355
  381
  408
  436
  466
  497
  529
  674
  709
  746
  785
  825
  868
  912
  959
  1,007
  1,058
  1,112
  1,168
  1,227
  1,289
  1,354
  1,422
  1,493
  1,568
  1,646
  1,729

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
  2,348
  2,493
  2,644
  2,801
  2,965
  3,136
  3,315
  3,501
  3,696
  3,899
  4,112
  4,334
  4,567
  4,810
  5,065
  5,332
  5,611
  5,904
  6,210
  6,532
  6,869
  7,222
  7,592
  7,981
  8,388
  8,815
  9,263
  9,734
  10,227
  10,745
Adjusted assets (=assets-cash), $m
  2,348
  2,493
  2,644
  2,801
  2,965
  3,136
  3,315
  3,501
  3,696
  3,899
  4,112
  4,334
  4,567
  4,810
  5,065
  5,332
  5,611
  5,904
  6,210
  6,532
  6,869
  7,222
  7,592
  7,981
  8,388
  8,815
  9,263
  9,734
  10,227
  10,745
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
  1,703
  1,808
  1,918
  2,032
  2,151
  2,275
  2,404
  2,539
  2,681
  2,828
  2,982
  3,144
  3,312
  3,489
  3,674
  3,867
  4,070
  4,282
  4,505
  4,738
  4,982
  5,239
  5,507
  5,789
  6,084
  6,394
  6,719
  7,060
  7,418
  7,794
Working capital, $m
  -67
  -71
  -75
  -80
  -84
  -89
  -94
  -100
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -152
  -160
  -168
  -177
  -186
  -196
  -206
  -216
  -227
  -239
  -251
  -264
  -277
  -291
  -306
Total debt, $m
  783
  862
  943
  1,028
  1,117
  1,209
  1,305
  1,406
  1,511
  1,621
  1,736
  1,856
  1,981
  2,113
  2,250
  2,395
  2,545
  2,704
  2,869
  3,043
  3,225
  3,415
  3,615
  3,825
  4,045
  4,276
  4,518
  4,772
  5,038
  5,318
Total liabilities, $m
  1,268
  1,346
  1,428
  1,513
  1,601
  1,694
  1,790
  1,891
  1,996
  2,105
  2,220
  2,340
  2,466
  2,597
  2,735
  2,879
  3,030
  3,188
  3,354
  3,527
  3,709
  3,900
  4,100
  4,310
  4,530
  4,760
  5,002
  5,256
  5,523
  5,802
Total equity, $m
  1,080
  1,147
  1,216
  1,289
  1,364
  1,443
  1,525
  1,610
  1,700
  1,794
  1,891
  1,994
  2,101
  2,213
  2,330
  2,453
  2,581
  2,716
  2,857
  3,005
  3,160
  3,322
  3,493
  3,671
  3,859
  4,055
  4,261
  4,477
  4,704
  4,943
Total liabilities and equity, $m
  2,348
  2,493
  2,644
  2,802
  2,965
  3,137
  3,315
  3,501
  3,696
  3,899
  4,111
  4,334
  4,567
  4,810
  5,065
  5,332
  5,611
  5,904
  6,211
  6,532
  6,869
  7,222
  7,593
  7,981
  8,389
  8,815
  9,263
  9,733
  10,227
  10,745
Debt-to-equity ratio
  0.730
  0.750
  0.780
  0.800
  0.820
  0.840
  0.860
  0.870
  0.890
  0.900
  0.920
  0.930
  0.940
  0.950
  0.970
  0.980
  0.990
  1.000
  1.000
  1.010
  1.020
  1.030
  1.040
  1.040
  1.050
  1.050
  1.060
  1.070
  1.070
  1.080
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
  283
  306
  330
  355
  381
  408
  436
  466
  497
  529
  674
  709
  746
  785
  825
  868
  912
  959
  1,007
  1,058
  1,112
  1,168
  1,227
  1,289
  1,354
  1,422
  1,493
  1,568
  1,646
  1,729
Depreciation, amort., depletion, $m
  322
  332
  343
  355
  367
  379
  392
  405
  420
  434
  298
  314
  331
  349
  367
  387
  407
  428
  450
  474
  498
  524
  551
  579
  608
  639
  672
  706
  742
  779
Funds from operations, $m
  604
  638
  673
  709
  747
  787
  828
  871
  916
  963
  972
  1,023
  1,077
  1,133
  1,192
  1,254
  1,319
  1,387
  1,458
  1,532
  1,610
  1,692
  1,778
  1,868
  1,962
  2,061
  2,165
  2,274
  2,388
  2,508
Change in working capital, $m
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
Cash from operations, $m
  608
  642
  677
  714
  752
  792
  833
  877
  922
  969
  978
  1,030
  1,084
  1,140
  1,200
  1,262
  1,327
  1,395
  1,467
  1,541
  1,620
  1,702
  1,788
  1,879
  1,974
  2,073
  2,178
  2,287
  2,402
  2,523
Maintenance CAPEX, $m
  -160
  -170
  -181
  -192
  -203
  -215
  -227
  -240
  -254
  -268
  -283
  -298
  -314
  -331
  -349
  -367
  -387
  -407
  -428
  -450
  -474
  -498
  -524
  -551
  -579
  -608
  -639
  -672
  -706
  -742
New CAPEX, $m
  -102
  -105
  -109
  -114
  -119
  -124
  -129
  -135
  -141
  -148
  -154
  -161
  -169
  -177
  -185
  -194
  -203
  -212
  -222
  -233
  -244
  -256
  -269
  -282
  -295
  -310
  -325
  -341
  -358
  -375
Cash from investing activities, $m
  -262
  -275
  -290
  -306
  -322
  -339
  -356
  -375
  -395
  -416
  -437
  -459
  -483
  -508
  -534
  -561
  -590
  -619
  -650
  -683
  -718
  -754
  -793
  -833
  -874
  -918
  -964
  -1,013
  -1,064
  -1,117
Free cash flow, $m
  346
  367
  387
  408
  430
  453
  476
  501
  527
  554
  541
  570
  601
  633
  666
  701
  738
  776
  816
  858
  902
  948
  996
  1,046
  1,099
  1,155
  1,213
  1,274
  1,338
  1,405
Issuance/(repayment) of debt, $m
  74
  78
  81
  85
  89
  92
  96
  101
  105
  110
  115
  120
  126
  131
  138
  144
  151
  158
  166
  174
  182
  191
  200
  210
  220
  231
  242
  254
  266
  280
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  
  74
  78
  81
  85
  89
  92
  96
  101
  105
  110
  115
  120
  126
  131
  138
  144
  151
  158
  166
  174
  182
  191
  200
  210
  220
  231
  242
  254
  266
  280
Total cash flow (excl. dividends), $m
  420
  445
  468
  493
  518
  545
  573
  602
  632
  663
  656
  690
  726
  764
  804
  845
  888
  934
  981
  1,031
  1,084
  1,138
  1,196
  1,256
  1,319
  1,386
  1,455
  1,528
  1,605
  1,685
Retained Cash Flow (-), $m
  -65
  -67
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -179
  -187
  -197
  -206
  -216
  -227
  -238
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
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
  47
  49
  51
  54
  57
  60
  63
  66
  69
  73
Cash available for distribution, $m
  355
  378
  399
  421
  443
  466
  491
  516
  542
  570
  558
  588
  619
  652
  686
  722
  760
  799
  840
  883
  929
  976
  1,026
  1,077
  1,132
  1,189
  1,249
  1,312
  1,378
  1,447
Discount rate, %
  4.90
  5.15
  5.40
  5.67
  5.96
  6.25
  6.57
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
PV of cash for distribution, $m
  339
  342
  341
  337
  332
  324
  314
  303
  289
  274
  240
  224
  207
  189
  171
  153
  135
  118
  101
  86
  71
  58
  47
  37
  29
  22
  16
  12
  8
  6
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 13.7
Price to Sales 1.7
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 9.8
Price to Free Cash Flow 11.5
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 $1966 million for the last fiscal year's total revenue generated by Deluxe Corp.. The default revenue input number comes from 2017 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 6.3% 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 4.9%, 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 0.8%.

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 81.5%.

Life of production assets of 10 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 -3.2%. 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 - $1015 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 48 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 $3.1 billion.

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COMPANY NEWS

▶ 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]
▶ Deluxe Corp. Value Analysis (NYSE:DLX) : May 1, 2017   [May-01-17 04:55PM  Capital Cube]
▶ Deluxe Corporation Declares Dividend   [04:35PM  Business Wire]
▶ Deluxe Strengthens on Small-Business Strength   [Apr-27-17 10:11AM  Motley Fool]
▶ Deluxe posts 1Q profit   [08:52AM  Associated Press]
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