Intrinsic value of Amdocs - DOX

Previous Close

$66.68

  Intrinsic Value

$66.21

stock screener

  Rating & Target

hold

-1%

Previous close

$66.68

 
Intrinsic value

$66.21

 
Up/down potential

-1%

 
Rating

hold

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

We calculate the intrinsic value of DOX 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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Amdocs (DOX) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  4.01
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
Revenue, $m
  3,867
  4,026
  4,194
  4,373
  4,563
  4,765
  4,977
  5,203
  5,440
  5,691
  5,956
  6,235
  6,529
  6,839
  7,165
  7,509
  7,870
  8,251
  8,651
  9,072
  9,514
  9,980
  10,469
  10,983
  11,523
  12,091
  12,688
  13,315
  13,974
  14,666
  15,393
Variable operating expenses, $m
 
  3,099
  3,219
  3,347
  3,483
  3,627
  3,779
  3,940
  4,110
  4,289
  4,478
  4,455
  4,666
  4,887
  5,120
  5,366
  5,624
  5,896
  6,182
  6,482
  6,799
  7,131
  7,481
  7,848
  8,234
  8,640
  9,066
  9,514
  9,985
  10,480
  10,999
Fixed operating expenses, $m
 
  383
  393
  403
  413
  423
  434
  445
  456
  467
  479
  491
  503
  516
  528
  542
  555
  569
  583
  598
  613
  628
  644
  660
  676
  693
  711
  728
  747
  765
  784
Total operating expenses, $m
  3,350
  3,482
  3,612
  3,750
  3,896
  4,050
  4,213
  4,385
  4,566
  4,756
  4,957
  4,946
  5,169
  5,403
  5,648
  5,908
  6,179
  6,465
  6,765
  7,080
  7,412
  7,759
  8,125
  8,508
  8,910
  9,333
  9,777
  10,242
  10,732
  11,245
  11,783
Operating income, $m
  517
  544
  582
  623
  668
  715
  765
  818
  875
  935
  999
  1,289
  1,361
  1,437
  1,517
  1,602
  1,691
  1,786
  1,886
  1,991
  2,103
  2,220
  2,344
  2,475
  2,613
  2,758
  2,911
  3,072
  3,242
  3,421
  3,609
EBITDA, $m
  732
  812
  852
  895
  942
  991
  1,044
  1,100
  1,159
  1,222
  1,289
  1,360
  1,435
  1,514
  1,598
  1,687
  1,781
  1,880
  1,984
  2,095
  2,211
  2,334
  2,463
  2,600
  2,744
  2,896
  3,055
  3,224
  3,401
  3,588
  3,784
Interest expense (income), $m
  1
  0
  2
  5
  8
  11
  14
  17
  21
  24
  28
  32
  37
  41
  46
  51
  56
  62
  68
  74
  80
  87
  94
  102
  110
  118
  127
  136
  146
  156
  167
Earnings before tax, $m
  513
  544
  580
  618
  660
  704
  751
  801
  854
  911
  971
  1,257
  1,324
  1,395
  1,471
  1,551
  1,635
  1,724
  1,818
  1,918
  2,022
  2,133
  2,250
  2,373
  2,503
  2,640
  2,784
  2,936
  3,096
  3,265
  3,442
Tax expense, $m
  76
  147
  157
  167
  178
  190
  203
  216
  231
  246
  262
  339
  357
  377
  397
  419
  441
  466
  491
  518
  546
  576
  607
  641
  676
  713
  752
  793
  836
  881
  929
Net income, $m
  437
  397
  423
  451
  482
  514
  548
  585
  624
  665
  709
  917
  967
  1,019
  1,074
  1,132
  1,194
  1,259
  1,327
  1,400
  1,476
  1,557
  1,642
  1,732
  1,827
  1,927
  2,032
  2,143
  2,260
  2,383
  2,513

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  980
  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
  5,279
  4,473
  4,660
  4,859
  5,070
  5,294
  5,531
  5,781
  6,045
  6,324
  6,618
  6,928
  7,255
  7,599
  7,961
  8,343
  8,745
  9,167
  9,612
  10,080
  10,571
  11,088
  11,632
  12,203
  12,804
  13,435
  14,098
  14,794
  15,526
  16,295
  17,103
Adjusted assets (=assets-cash), $m
  4,299
  4,473
  4,660
  4,859
  5,070
  5,294
  5,531
  5,781
  6,045
  6,324
  6,618
  6,928
  7,255
  7,599
  7,961
  8,343
  8,745
  9,167
  9,612
  10,080
  10,571
  11,088
  11,632
  12,203
  12,804
  13,435
  14,098
  14,794
  15,526
  16,295
  17,103
Revenue / Adjusted assets
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
Average production assets, $m
  574
  596
  621
  647
  675
  705
  737
  770
  805
  842
  881
  923
  966
  1,012
  1,060
  1,111
  1,165
  1,221
  1,280
  1,343
  1,408
  1,477
  1,549
  1,625
  1,705
  1,789
  1,878
  1,971
  2,068
  2,171
  2,278
Working capital, $m
  875
  -109
  -113
  -118
  -123
  -129
  -134
  -140
  -147
  -154
  -161
  -168
  -176
  -185
  -193
  -203
  -212
  -223
  -234
  -245
  -257
  -269
  -283
  -297
  -311
  -326
  -343
  -360
  -377
  -396
  -416
Total debt, $m
  0
  71
  145
  224
  308
  397
  491
  590
  695
  805
  922
  1,045
  1,175
  1,312
  1,456
  1,607
  1,767
  1,934
  2,111
  2,297
  2,492
  2,697
  2,913
  3,140
  3,378
  3,629
  3,892
  4,168
  4,459
  4,764
  5,085
Total liabilities, $m
  1,705
  1,776
  1,850
  1,929
  2,013
  2,102
  2,196
  2,295
  2,400
  2,510
  2,627
  2,750
  2,880
  3,017
  3,161
  3,312
  3,472
  3,639
  3,816
  4,002
  4,197
  4,402
  4,618
  4,845
  5,083
  5,334
  5,597
  5,873
  6,164
  6,469
  6,790
Total equity, $m
  3,574
  2,697
  2,810
  2,930
  3,057
  3,192
  3,335
  3,486
  3,645
  3,813
  3,990
  4,177
  4,375
  4,582
  4,801
  5,031
  5,273
  5,528
  5,796
  6,078
  6,375
  6,686
  7,014
  7,359
  7,721
  8,101
  8,501
  8,921
  9,362
  9,826
  10,313
Total liabilities and equity, $m
  5,279
  4,473
  4,660
  4,859
  5,070
  5,294
  5,531
  5,781
  6,045
  6,323
  6,617
  6,927
  7,255
  7,599
  7,962
  8,343
  8,745
  9,167
  9,612
  10,080
  10,572
  11,088
  11,632
  12,204
  12,804
  13,435
  14,098
  14,794
  15,526
  16,295
  17,103
Debt-to-equity ratio
  0.000
  0.030
  0.050
  0.080
  0.100
  0.120
  0.150
  0.170
  0.190
  0.210
  0.230
  0.250
  0.270
  0.290
  0.300
  0.320
  0.340
  0.350
  0.360
  0.380
  0.390
  0.400
  0.420
  0.430
  0.440
  0.450
  0.460
  0.470
  0.480
  0.480
  0.490
Adjusted equity ratio
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  437
  397
  423
  451
  482
  514
  548
  585
  624
  665
  709
  917
  967
  1,019
  1,074
  1,132
  1,194
  1,259
  1,327
  1,400
  1,476
  1,557
  1,642
  1,732
  1,827
  1,927
  2,032
  2,143
  2,260
  2,383
  2,513
Depreciation, amort., depletion, $m
  215
  268
  270
  272
  274
  276
  279
  281
  284
  287
  290
  71
  74
  78
  82
  85
  90
  94
  98
  103
  108
  114
  119
  125
  131
  138
  144
  152
  159
  167
  175
Funds from operations, $m
  574
  665
  693
  723
  756
  790
  827
  866
  908
  952
  999
  988
  1,041
  1,097
  1,155
  1,217
  1,283
  1,353
  1,426
  1,503
  1,585
  1,671
  1,762
  1,857
  1,958
  2,065
  2,177
  2,295
  2,419
  2,550
  2,688
Change in working capital, $m
  -62
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
Cash from operations, $m
  636
  669
  698
  728
  761
  796
  833
  872
  914
  959
  1,006
  996
  1,049
  1,105
  1,164
  1,227
  1,293
  1,363
  1,437
  1,514
  1,597
  1,683
  1,775
  1,871
  1,973
  2,080
  2,193
  2,312
  2,437
  2,569
  2,708
Maintenance CAPEX, $m
  0
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -82
  -85
  -90
  -94
  -98
  -103
  -108
  -114
  -119
  -125
  -131
  -138
  -144
  -152
  -159
  -167
New CAPEX, $m
  -133
  -22
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -54
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -93
  -97
  -102
  -108
Cash from investing activities, $m
  -185
  -66
  -71
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -115
  -120
  -126
  -133
  -139
  -146
  -153
  -160
  -168
  -177
  -186
  -195
  -205
  -215
  -226
  -237
  -249
  -261
  -275
Free cash flow, $m
  451
  603
  627
  654
  683
  714
  747
  782
  820
  860
  902
  887
  934
  985
  1,038
  1,094
  1,154
  1,217
  1,283
  1,354
  1,428
  1,506
  1,589
  1,676
  1,768
  1,865
  1,967
  2,074
  2,188
  2,307
  2,433
Issuance/(repayment) of debt, $m
  -200
  71
  74
  79
  84
  89
  94
  99
  105
  111
  117
  123
  130
  137
  144
  152
  159
  168
  177
  186
  195
  205
  216
  227
  238
  251
  263
  277
  291
  305
  321
Issuance/(repurchase) of shares, $m
  -253
  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  
  -448
  71
  74
  79
  84
  89
  94
  99
  105
  111
  117
  123
  130
  137
  144
  152
  159
  168
  177
  186
  195
  205
  216
  227
  238
  251
  263
  277
  291
  305
  321
Total cash flow (excl. dividends), $m
  3
  673
  701
  733
  767
  803
  841
  882
  925
  970
  1,019
  1,010
  1,064
  1,121
  1,182
  1,246
  1,313
  1,385
  1,460
  1,539
  1,623
  1,711
  1,805
  1,903
  2,006
  2,115
  2,230
  2,351
  2,478
  2,613
  2,754
Retained Cash Flow (-), $m
  -120
  -103
  -113
  -120
  -127
  -135
  -143
  -151
  -159
  -168
  -177
  -187
  -197
  -208
  -219
  -230
  -242
  -255
  -268
  -282
  -297
  -312
  -328
  -344
  -362
  -380
  -400
  -420
  -441
  -464
  -487
Prev. year cash balance distribution, $m
 
  980
  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
 
  1,550
  588
  613
  639
  668
  698
  731
  765
  802
  841
  823
  867
  914
  963
  1,016
  1,071
  1,130
  1,192
  1,257
  1,327
  1,400
  1,477
  1,558
  1,644
  1,735
  1,830
  1,931
  2,037
  2,149
  2,267
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
 
  1,486
  538
  533
  526
  518
  507
  494
  478
  461
  441
  391
  370
  347
  323
  298
  272
  246
  219
  194
  169
  145
  123
  102
  84
  67
  53
  41
  32
  23
  17
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

Amdocs Limited is a provider of software and services for communications, entertainment and media industry service providers. The Company develops, implements and manages software and services associated with business support systems (BSS), operational support systems (OSS) and network operations to enable service providers to introduce new products and services, process orders, monetize data, support new business models and enhance their understanding of their customers. The Company's segment provides software products and services. Its services include strategic business consulting, systems integration and transformation, managed services and testing. Its managed services provide multi-year, flexible and tailored business processes and applications services, including application development and maintenance, information technology (IT) and infrastructure services, testing and professional services.

FINANCIAL RATIOS  of  Amdocs (DOX)

Valuation Ratios
P/E Ratio 22
Price to Sales 2.5
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 15.1
Price to Free Cash Flow 19.1
Growth Rates
Sales Growth Rate 4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2.3%
Cap. Spend. - 3 Yr. Gr. Rate 3.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 514
Management Effectiveness
Return On Assets 8.3%
Ret/ On Assets - 3 Yr. Avg. 8.1%
Return On Total Capital 12.1%
Ret/ On T. Cap. - 3 Yr. Avg. 11.9%
Return On Equity 12.4%
Return On Equity - 3 Yr. Avg. 12.5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 35.2%
Gross Margin - 3 Yr. Avg. 35.3%
EBITDA Margin 18.9%
EBITDA Margin - 3 Yr. Avg. 18.8%
Operating Margin 13.4%
Oper. Margin - 3 Yr. Avg. 13.5%
Pre-Tax Margin 13.3%
Pre-Tax Margin - 3 Yr. Avg. 13.5%
Net Profit Margin 11.3%
Net Profit Margin - 3 Yr. Avg. 11.5%
Effective Tax Rate 14.8%
Eff/ Tax Rate - 3 Yr. Avg. 14.5%
Payout Ratio 27.9%

DOX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DOX stock intrinsic value calculation we used $3867 million for the last fiscal year's total revenue generated by Amdocs. The default revenue input number comes from 2017 income statement of Amdocs. 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 DOX stock valuation model: a) initial revenue growth rate of 4.1% 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 DOX is calculated based on our internal credit rating of Amdocs, 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 Amdocs.
    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 DOX stock the variable cost ratio is equal to 77.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $374 million in the base year in the intrinsic value calculation for DOX 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 Amdocs.

Corporate tax rate of 27% is the nominal tax rate for Amdocs. 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 DOX 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 DOX are equal to 14.8%.

Life of production assets of 13 years is the average useful life of capital assets used in Amdocs 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 DOX is equal to -2.7%. 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 - $3574 million for Amdocs - 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 144.013 million for Amdocs 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 Amdocs at the current share price and the inputted number of shares is $9.6 billion.

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COMPANY NEWS

▶ Amdocs tops 1Q profit forecasts   [04:52PM  Associated Press]
▶ Should You Buy Amdocs Limited (NASDAQ:DOX) At $66.66?   [Jan-10-18 01:42PM  Simply Wall St.]
▶ Amdocs Limited Files Fiscal 2017 Annual Report   [Dec-11-17 06:52PM  GlobeNewswire]
▶ ETFs with exposure to Amdocs Ltd. : November 8, 2017   [Nov-08-17 05:57PM  Capital Cube]
▶ Amdocs meets 4Q profit forecasts   [05:21PM  Associated Press]
▶ Airtel Partners With Amdocs for Innovation   [04:06PM  GlobeNewswire]
▶ Amdocs Limited to Host Earnings Call   [02:00PM  ACCESSWIRE]
▶ Amdocs Selected to Support DISH Business   [Sep-14-17 06:00AM  GlobeNewswire]
▶ ETFs with exposure to Amdocs Ltd. : September 9, 2017   [Sep-09-17 12:17AM  Capital Cube]
▶ ETFs with exposure to Amdocs Ltd. : August 8, 2017   [Aug-08-17 04:21PM  Capital Cube]
▶ Amdocs beats 3Q profit forecasts   [Aug-02-17 10:58PM  Associated Press]
▶ Amdocs Ltd. Value Analysis (NASDAQ:DOX) : July 10, 2017   [Jul-10-17 03:55PM  Capital Cube]
▶ Amdocs Looks Attractive on Any Pullback   [May-18-17 08:31AM  TheStreet.com]
▶ Amdocs beats Street 2Q forecasts   [May-09-17 06:20PM  Associated Press]
▶ Amdocs Ltd. Value Analysis (NASDAQ:DOX) : May 4, 2017   [May-04-17 04:41PM  Capital Cube]
Financial statements of DOX
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