Intrinsic value of Amdocs - DOX

Previous Close

$65.61

  Intrinsic Value

$60.53

stock screener

  Rating & Target

hold

-8%

  Value-price divergence*

-5%

Previous close

$65.61

 
Intrinsic value

$60.53

 
Up/down potential

-8%

 
Rating

hold

 
Value-price divergence*

-5%

*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.

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 9.7

 

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, %
  2.03
  4.00
  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
Revenue, $m
  3,718
  3,867
  4,025
  4,194
  4,373
  4,563
  4,764
  4,977
  5,202
  5,440
  5,691
  5,955
  6,235
  6,529
  6,839
  7,165
  7,508
  7,870
  8,250
  8,650
  9,071
  9,514
  9,979
  10,468
  10,982
  11,522
  12,090
  12,687
  13,314
  13,973
  14,665
Variable operating expenses, $m
 
  3,313
  3,439
  3,574
  3,717
  3,869
  4,030
  4,200
  4,380
  4,570
  4,771
  4,761
  4,985
  5,220
  5,467
  5,728
  6,003
  6,292
  6,596
  6,916
  7,252
  7,606
  7,978
  8,369
  8,780
  9,212
  9,666
  10,143
  10,645
  11,171
  11,725
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
  3,235
  3,313
  3,439
  3,574
  3,717
  3,869
  4,030
  4,200
  4,380
  4,570
  4,771
  4,761
  4,985
  5,220
  5,467
  5,728
  6,003
  6,292
  6,596
  6,916
  7,252
  7,606
  7,978
  8,369
  8,780
  9,212
  9,666
  10,143
  10,645
  11,171
  11,725
Operating income, $m
  483
  554
  586
  620
  656
  694
  734
  777
  822
  869
  920
  1,194
  1,250
  1,309
  1,371
  1,437
  1,505
  1,578
  1,654
  1,734
  1,819
  1,907
  2,001
  2,099
  2,202
  2,310
  2,424
  2,544
  2,669
  2,801
  2,940
EBITDA, $m
  695
  823
  857
  893
  931
  971
  1,014
  1,059
  1,107
  1,158
  1,211
  1,268
  1,327
  1,390
  1,455
  1,525
  1,598
  1,675
  1,756
  1,841
  1,931
  2,025
  2,124
  2,228
  2,337
  2,452
  2,573
  2,700
  2,834
  2,974
  3,121
Interest expense (income), $m
  1
  0
  2
  5
  8
  10
  13
  17
  20
  23
  27
  31
  35
  40
  44
  49
  54
  60
  66
  72
  78
  85
  91
  99
  107
  115
  123
  132
  142
  151
  162
Earnings before tax, $m
  485
  554
  583
  615
  648
  683
  721
  760
  802
  846
  893
  1,163
  1,215
  1,269
  1,327
  1,387
  1,451
  1,518
  1,589
  1,663
  1,741
  1,823
  1,909
  2,000
  2,095
  2,196
  2,301
  2,412
  2,528
  2,650
  2,778
Tax expense, $m
  76
  150
  158
  166
  175
  184
  195
  205
  217
  228
  241
  314
  328
  343
  358
  375
  392
  410
  429
  449
  470
  492
  515
  540
  566
  593
  621
  651
  683
  715
  750
Net income, $m
  409
  404
  426
  449
  473
  499
  526
  555
  585
  618
  652
  849
  887
  927
  969
  1,013
  1,059
  1,108
  1,160
  1,214
  1,271
  1,331
  1,394
  1,460
  1,530
  1,603
  1,680
  1,760
  1,845
  1,934
  2,028

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,096
  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
  5,331
  4,404
  4,585
  4,777
  4,981
  5,197
  5,426
  5,669
  5,925
  6,196
  6,482
  6,783
  7,101
  7,436
  7,789
  8,160
  8,552
  8,963
  9,397
  9,852
  10,332
  10,836
  11,365
  11,923
  12,508
  13,124
  13,770
  14,450
  15,164
  15,914
  16,703
Adjusted assets (=assets-cash), $m
  4,235
  4,404
  4,585
  4,777
  4,981
  5,197
  5,426
  5,669
  5,925
  6,196
  6,482
  6,783
  7,101
  7,436
  7,789
  8,160
  8,552
  8,963
  9,397
  9,852
  10,332
  10,836
  11,365
  11,923
  12,508
  13,124
  13,770
  14,450
  15,164
  15,914
  16,703
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
  588
  611
  636
  663
  691
  721
  753
  786
  822
  859
  899
  941
  985
  1,032
  1,080
  1,132
  1,186
  1,243
  1,304
  1,367
  1,433
  1,503
  1,577
  1,654
  1,735
  1,821
  1,910
  2,005
  2,104
  2,208
  2,317
Working capital, $m
  734
  -170
  -177
  -185
  -192
  -201
  -210
  -219
  -229
  -239
  -250
  -262
  -274
  -287
  -301
  -315
  -330
  -346
  -363
  -381
  -399
  -419
  -439
  -461
  -483
  -507
  -532
  -558
  -586
  -615
  -645
Total debt, $m
  200
  67
  138
  215
  295
  381
  472
  568
  669
  777
  890
  1,009
  1,135
  1,268
  1,407
  1,555
  1,709
  1,872
  2,044
  2,224
  2,414
  2,614
  2,824
  3,044
  3,276
  3,520
  3,776
  4,045
  4,328
  4,625
  4,937
Total liabilities, $m
  1,878
  1,744
  1,815
  1,892
  1,972
  2,058
  2,149
  2,245
  2,346
  2,454
  2,567
  2,686
  2,812
  2,945
  3,084
  3,232
  3,386
  3,549
  3,721
  3,901
  4,091
  4,291
  4,501
  4,721
  4,953
  5,197
  5,453
  5,722
  6,005
  6,302
  6,614
Total equity, $m
  3,454
  2,660
  2,769
  2,885
  3,008
  3,139
  3,277
  3,424
  3,579
  3,742
  3,915
  4,097
  4,289
  4,491
  4,704
  4,929
  5,165
  5,414
  5,676
  5,951
  6,240
  6,545
  6,865
  7,201
  7,555
  7,927
  8,317
  8,728
  9,159
  9,612
  10,088
Total liabilities and equity, $m
  5,332
  4,404
  4,584
  4,777
  4,980
  5,197
  5,426
  5,669
  5,925
  6,196
  6,482
  6,783
  7,101
  7,436
  7,788
  8,161
  8,551
  8,963
  9,397
  9,852
  10,331
  10,836
  11,366
  11,922
  12,508
  13,124
  13,770
  14,450
  15,164
  15,914
  16,702
Debt-to-equity ratio
  0.058
  0.030
  0.050
  0.070
  0.100
  0.120
  0.140
  0.170
  0.190
  0.210
  0.230
  0.250
  0.260
  0.280
  0.300
  0.320
  0.330
  0.350
  0.360
  0.370
  0.390
  0.400
  0.410
  0.420
  0.430
  0.440
  0.450
  0.460
  0.470
  0.480
  0.490
Adjusted equity ratio
  0.557
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  409
  404
  426
  449
  473
  499
  526
  555
  585
  618
  652
  849
  887
  927
  969
  1,013
  1,059
  1,108
  1,160
  1,214
  1,271
  1,331
  1,394
  1,460
  1,530
  1,603
  1,680
  1,760
  1,845
  1,934
  2,028
Depreciation, amort., depletion, $m
  212
  269
  271
  273
  275
  278
  280
  283
  285
  288
  291
  74
  77
  81
  84
  88
  93
  97
  102
  107
  112
  117
  123
  129
  136
  142
  149
  157
  164
  172
  181
Funds from operations, $m
  585
  673
  697
  722
  748
  776
  806
  838
  871
  906
  943
  922
  964
  1,007
  1,053
  1,101
  1,152
  1,205
  1,261
  1,321
  1,383
  1,448
  1,517
  1,589
  1,665
  1,745
  1,829
  1,917
  2,010
  2,107
  2,209
Change in working capital, $m
  -35
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
Cash from operations, $m
  620
  680
  704
  729
  756
  785
  815
  847
  881
  916
  954
  934
  976
  1,020
  1,067
  1,115
  1,167
  1,221
  1,278
  1,338
  1,401
  1,468
  1,537
  1,611
  1,688
  1,769
  1,854
  1,943
  2,037
  2,136
  2,240
Maintenance CAPEX, $m
  0
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -136
  -142
  -149
  -157
  -164
  -172
New CAPEX, $m
  -130
  -23
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -70
  -74
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -109
Cash from investing activities, $m
  -441
  -69
  -73
  -77
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -118
  -123
  -130
  -136
  -142
  -150
  -157
  -165
  -173
  -182
  -191
  -200
  -210
  -221
  -232
  -243
  -256
  -268
  -281
Free cash flow, $m
  179
  611
  631
  653
  676
  701
  727
  754
  784
  815
  847
  822
  858
  897
  937
  980
  1,024
  1,071
  1,121
  1,173
  1,228
  1,286
  1,346
  1,410
  1,477
  1,548
  1,622
  1,700
  1,782
  1,868
  1,958
Issuance/(repayment) of debt, $m
  -20
  67
  72
  76
  81
  86
  91
  96
  102
  107
  113
  119
  126
  133
  140
  147
  155
  163
  172
  180
  190
  200
  210
  221
  232
  244
  256
  269
  283
  297
  312
Issuance/(repurchase) of shares, $m
  -324
  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  
  -337
  67
  72
  76
  81
  86
  91
  96
  102
  107
  113
  119
  126
  133
  140
  147
  155
  163
  172
  180
  190
  200
  210
  221
  232
  244
  256
  269
  283
  297
  312
Total cash flow (excl. dividends), $m
  -158
  678
  703
  729
  757
  786
  818
  850
  885
  922
  960
  941
  984
  1,029
  1,077
  1,127
  1,179
  1,234
  1,293
  1,354
  1,418
  1,485
  1,556
  1,631
  1,709
  1,792
  1,878
  1,969
  2,064
  2,165
  2,270
Retained Cash Flow (-), $m
  -47
  -102
  -109
  -116
  -123
  -131
  -138
  -146
  -155
  -164
  -173
  -182
  -192
  -202
  -213
  -224
  -236
  -249
  -262
  -275
  -289
  -304
  -320
  -336
  -354
  -372
  -391
  -410
  -431
  -453
  -476
Prev. year cash balance distribution, $m
 
  896
  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
 
  1,472
  593
  613
  634
  656
  679
  704
  730
  758
  788
  759
  792
  827
  864
  902
  943
  986
  1,031
  1,078
  1,128
  1,181
  1,236
  1,294
  1,356
  1,420
  1,487
  1,558
  1,633
  1,711
  1,794
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
 
  1,411
  543
  533
  522
  508
  493
  476
  457
  436
  413
  361
  338
  314
  290
  265
  240
  214
  190
  166
  143
  122
  103
  85
  69
  55
  43
  33
  25
  19
  14
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 23.6
Price to Sales 2.6
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 15.6
Price to Free Cash Flow 19.7
Growth Rates
Sales Growth Rate 2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 7.4%
Cap. Spend. - 3 Yr. Gr. Rate 4%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 5.8%
Interest Coverage 486
Management Effectiveness
Return On Assets 7.7%
Ret/ On Assets - 3 Yr. Avg. 8.2%
Return On Total Capital 11.2%
Ret/ On T. Cap. - 3 Yr. Avg. 11.8%
Return On Equity 11.9%
Return On Equity - 3 Yr. Avg. 12.6%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 35.2%
Gross Margin - 3 Yr. Avg. 35.3%
EBITDA Margin 18.8%
EBITDA Margin - 3 Yr. Avg. 18.7%
Operating Margin 13%
Oper. Margin - 3 Yr. Avg. 13.7%
Pre-Tax Margin 13%
Pre-Tax Margin - 3 Yr. Avg. 13.6%
Net Profit Margin 11%
Net Profit Margin - 3 Yr. Avg. 11.7%
Effective Tax Rate 15.7%
Eff/ Tax Rate - 3 Yr. Avg. 14.2%
Payout Ratio 26.7%

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 $3718 million for the last fiscal year's total revenue generated by Amdocs. The default revenue input number comes from 2016 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% 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 85.9%.

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 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 15.8%.

Life of production assets of 12.8 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 -4.4%. 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 - $3454 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 147.179 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 $9.7 billion.

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COMPANY NEWS

▶ 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]
▶ Orange Polska Collaborates with Amdocs on ECOMP Platform   [Jan-30-17 07:00AM  GlobeNewswire]
▶ Amdocs Limited Files Fiscal 2016 Annual Report   [Dec-12-16 05:01PM  GlobeNewswire]
▶ Do Hedge Funds Love Michael Kors Holdings Ltd (KORS)?   [Nov-26-16 06:00AM  at Insider Monkey]
Financial statements of DOX
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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