Intrinsic value of Deluxe Corp. - DLX

Previous Close

$76.04

  Intrinsic Value

$115.66

stock screener

  Rating & Target

str. buy

+52%

Previous close

$76.04

 
Intrinsic value

$115.66

 
Up/down potential

+52%

 
Rating

str. buy

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

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 2016), $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 3.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.29
  7.50
  7.25
  7.02
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.78
  5.71
  5.64
  5.57
  5.51
  5.46
  5.42
  5.38
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
Revenue, $m
  1,849
  1,988
  2,132
  2,282
  2,437
  2,599
  2,767
  2,942
  3,125
  3,315
  3,513
  3,719
  3,934
  4,158
  4,393
  4,637
  4,893
  5,160
  5,440
  5,732
  6,038
  6,359
  6,694
  7,045
  7,413
  7,799
  8,202
  8,626
  9,070
  9,535
  10,023
Variable operating expenses, $m
 
  1,588
  1,695
  1,806
  1,922
  2,042
  2,167
  2,297
  2,433
  2,574
  2,721
  2,764
  2,924
  3,090
  3,265
  3,446
  3,637
  3,835
  4,043
  4,260
  4,488
  4,726
  4,975
  5,236
  5,509
  5,796
  6,096
  6,411
  6,740
  7,086
  7,449
Fixed operating expenses, $m
 
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
Total operating expenses, $m
  1,488
  1,592
  1,699
  1,810
  1,926
  2,047
  2,172
  2,302
  2,438
  2,579
  2,726
  2,769
  2,929
  3,096
  3,271
  3,452
  3,643
  3,841
  4,049
  4,266
  4,495
  4,733
  4,982
  5,243
  5,516
  5,803
  6,104
  6,419
  6,748
  7,094
  7,457
Operating income, $m
  361
  396
  433
  471
  511
  552
  595
  640
  687
  736
  786
  950
  1,005
  1,062
  1,122
  1,185
  1,251
  1,319
  1,391
  1,466
  1,544
  1,626
  1,712
  1,802
  1,897
  1,995
  2,099
  2,207
  2,321
  2,441
  2,566
EBITDA, $m
  473
  542
  581
  622
  665
  709
  755
  803
  853
  905
  959
  1,016
  1,075
  1,136
  1,201
  1,268
  1,338
  1,411
  1,488
  1,568
  1,652
  1,740
  1,831
  1,928
  2,029
  2,134
  2,245
  2,361
  2,483
  2,610
  2,744
Interest expense (income), $m
  21
  25
  29
  32
  36
  39
  43
  47
  51
  56
  60
  65
  70
  75
  81
  86
  92
  98
  105
  111
  118
  126
  133
  141
  150
  159
  168
  177
  188
  198
  209
Earnings before tax, $m
  340
  370
  404
  439
  475
  513
  552
  593
  636
  680
  726
  885
  935
  987
  1,042
  1,099
  1,159
  1,221
  1,286
  1,354
  1,426
  1,501
  1,579
  1,661
  1,747
  1,837
  1,931
  2,030
  2,134
  2,242
  2,356
Tax expense, $m
  111
  100
  109
  119
  128
  139
  149
  160
  172
  184
  196
  239
  252
  267
  281
  297
  313
  330
  347
  366
  385
  405
  426
  448
  472
  496
  521
  548
  576
  605
  636
Net income, $m
  229
  270
  295
  320
  347
  374
  403
  433
  464
  496
  530
  646
  682
  721
  761
  802
  846
  891
  939
  989
  1,041
  1,095
  1,153
  1,212
  1,275
  1,341
  1,410
  1,482
  1,558
  1,637
  1,720

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  77
  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
  2,184
  2,264
  2,428
  2,599
  2,776
  2,960
  3,152
  3,351
  3,559
  3,775
  4,001
  4,235
  4,480
  4,736
  5,003
  5,282
  5,573
  5,878
  6,196
  6,529
  6,877
  7,242
  7,624
  8,024
  8,443
  8,882
  9,342
  9,824
  10,330
  10,860
  11,416
Adjusted assets (=assets-cash), $m
  2,107
  2,264
  2,428
  2,599
  2,776
  2,960
  3,152
  3,351
  3,559
  3,775
  4,001
  4,235
  4,480
  4,736
  5,003
  5,282
  5,573
  5,878
  6,196
  6,529
  6,877
  7,242
  7,624
  8,024
  8,443
  8,882
  9,342
  9,824
  10,330
  10,860
  11,416
Revenue / Adjusted assets
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
Average production assets, $m
  434
  467
  501
  536
  573
  611
  650
  691
  734
  779
  825
  874
  924
  977
  1,032
  1,090
  1,150
  1,213
  1,278
  1,347
  1,419
  1,494
  1,573
  1,656
  1,742
  1,833
  1,928
  2,027
  2,131
  2,241
  2,355
Working capital, $m
  -18
  -64
  -68
  -73
  -78
  -83
  -89
  -94
  -100
  -106
  -112
  -119
  -126
  -133
  -141
  -148
  -157
  -165
  -174
  -183
  -193
  -203
  -214
  -225
  -237
  -250
  -262
  -276
  -290
  -305
  -321
Total debt, $m
  759
  817
  915
  1,018
  1,124
  1,235
  1,350
  1,470
  1,595
  1,725
  1,860
  2,002
  2,149
  2,302
  2,463
  2,630
  2,805
  2,988
  3,180
  3,380
  3,589
  3,809
  4,038
  4,279
  4,530
  4,794
  5,071
  5,360
  5,664
  5,983
  6,317
Total liabilities, $m
  1,303
  1,361
  1,459
  1,562
  1,668
  1,779
  1,894
  2,014
  2,139
  2,269
  2,404
  2,546
  2,693
  2,846
  3,007
  3,174
  3,349
  3,532
  3,724
  3,924
  4,133
  4,353
  4,582
  4,823
  5,074
  5,338
  5,615
  5,904
  6,208
  6,527
  6,861
Total equity, $m
  881
  903
  969
  1,037
  1,108
  1,181
  1,258
  1,337
  1,420
  1,506
  1,596
  1,690
  1,788
  1,890
  1,996
  2,107
  2,224
  2,345
  2,472
  2,605
  2,744
  2,890
  3,042
  3,202
  3,369
  3,544
  3,728
  3,920
  4,122
  4,333
  4,555
Total liabilities and equity, $m
  2,184
  2,264
  2,428
  2,599
  2,776
  2,960
  3,152
  3,351
  3,559
  3,775
  4,000
  4,236
  4,481
  4,736
  5,003
  5,281
  5,573
  5,877
  6,196
  6,529
  6,877
  7,243
  7,624
  8,025
  8,443
  8,882
  9,343
  9,824
  10,330
  10,860
  11,416
Debt-to-equity ratio
  0.862
  0.900
  0.940
  0.980
  1.020
  1.050
  1.070
  1.100
  1.120
  1.150
  1.170
  1.180
  1.200
  1.220
  1.230
  1.250
  1.260
  1.270
  1.290
  1.300
  1.310
  1.320
  1.330
  1.340
  1.340
  1.350
  1.360
  1.370
  1.370
  1.380
  1.390
Adjusted equity ratio
  0.382
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  229
  270
  295
  320
  347
  374
  403
  433
  464
  496
  530
  646
  682
  721
  761
  802
  846
  891
  939
  989
  1,041
  1,095
  1,153
  1,212
  1,275
  1,341
  1,410
  1,482
  1,558
  1,637
  1,720
Depreciation, amort., depletion, $m
  112
  146
  149
  151
  154
  157
  160
  163
  166
  170
  173
  66
  70
  74
  78
  83
  87
  92
  97
  102
  108
  113
  119
  125
  132
  139
  146
  154
  161
  170
  178
Funds from operations, $m
  268
  416
  444
  472
  501
  531
  563
  596
  630
  666
  703
  712
  752
  795
  839
  885
  933
  983
  1,036
  1,091
  1,148
  1,209
  1,272
  1,338
  1,407
  1,480
  1,556
  1,635
  1,719
  1,807
  1,899
Change in working capital, $m
  -51
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
Cash from operations, $m
  319
  421
  448
  476
  506
  537
  568
  602
  636
  672
  709
  719
  759
  802
  846
  893
  941
  992
  1,045
  1,100
  1,158
  1,219
  1,283
  1,349
  1,419
  1,492
  1,569
  1,649
  1,733
  1,822
  1,914
Maintenance CAPEX, $m
  0
  -33
  -35
  -38
  -41
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -108
  -113
  -119
  -125
  -132
  -139
  -146
  -154
  -161
  -170
New CAPEX, $m
  -47
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -86
  -91
  -95
  -99
  -104
  -109
  -115
Cash from investing activities, $m
  -311
  -66
  -69
  -73
  -78
  -81
  -86
  -90
  -95
  -101
  -105
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -174
  -183
  -192
  -202
  -211
  -223
  -234
  -245
  -258
  -270
  -285
Free cash flow, $m
  8
  355
  379
  403
  429
  455
  483
  511
  541
  572
  604
  608
  643
  679
  717
  757
  798
  842
  887
  935
  984
  1,036
  1,091
  1,147
  1,207
  1,269
  1,335
  1,403
  1,475
  1,551
  1,630
Issuance/(repayment) of debt, $m
  117
  94
  99
  103
  107
  111
  115
  120
  125
  130
  135
  141
  147
  154
  160
  168
  175
  183
  191
  200
  209
  219
  230
  240
  252
  264
  276
  290
  304
  319
  334
Issuance/(repurchase) of shares, $m
  -46
  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  
  63
  94
  99
  103
  107
  111
  115
  120
  125
  130
  135
  141
  147
  154
  160
  168
  175
  183
  191
  200
  209
  219
  230
  240
  252
  264
  276
  290
  304
  319
  334
Total cash flow (excl. dividends), $m
  73
  448
  478
  506
  535
  566
  598
  631
  666
  702
  739
  749
  790
  833
  878
  924
  974
  1,025
  1,079
  1,135
  1,194
  1,255
  1,320
  1,388
  1,459
  1,533
  1,611
  1,693
  1,779
  1,869
  1,964
Retained Cash Flow (-), $m
  -136
  -63
  -65
  -68
  -71
  -74
  -76
  -80
  -83
  -86
  -90
  -94
  -98
  -102
  -106
  -111
  -116
  -121
  -127
  -133
  -139
  -146
  -152
  -160
  -167
  -175
  -184
  -192
  -202
  -211
  -222
Prev. year cash balance distribution, $m
 
  41
  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
 
  426
  412
  438
  465
  492
  521
  551
  583
  615
  649
  655
  692
  731
  771
  813
  857
  903
  952
  1,002
  1,055
  1,110
  1,168
  1,228
  1,292
  1,358
  1,428
  1,501
  1,577
  1,658
  1,742
Discount rate, %
 
  5.20
  5.46
  5.73
  6.02
  6.32
  6.64
  6.97
  7.32
  7.68
  8.07
  8.47
  8.89
  9.34
  9.81
  10.30
  10.81
  11.35
  11.92
  12.51
  13.14
  13.80
  14.49
  15.21
  15.97
  16.77
  17.61
  18.49
  19.41
  20.38
  21.40
PV of cash for distribution, $m
 
  405
  370
  370
  368
  362
  355
  344
  331
  316
  299
  268
  249
  229
  208
  187
  166
  145
  125
  107
  89
  74
  60
  47
  37
  28
  21
  15
  11
  8
  5
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
  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 16.1
Price to Sales 2
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 11.6
Price to Free Cash Flow 13.6
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 $1849 million for the last fiscal year's total revenue generated by Deluxe Corp.. The default revenue input number comes from 2016 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 7.5% 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 5.2%, 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 80.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4 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 3.5% 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 23.5%.

Life of production assets of 13.2 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 - $881 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 48.492 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 $3.7 billion.

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COMPANY NEWS

▶ 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]
▶ Deluxe Announces Q1 2017 Earnings Release Information   [Apr-13-17 08:30AM  Business Wire]
▶ Deluxe Corp. announces Keith Bush as new CFO   [Mar-16-17 03:24PM  at bizjournals.com]
▶ Deluxe Corp. announces Keith Bush as new CFO   [03:24PM  American City Business Journals]
▶ Company Profile for Deluxe Corporation   [Mar-03-17 10:40AM  Business Wire]
Financial statements of DLX
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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