Intrinsic value of Ebix - EBIX

Previous Close

$78.85

  Intrinsic Value

$118.43

stock screener

  Rating & Target

str. buy

+50%

Previous close

$78.85

 
Intrinsic value

$118.43

 
Up/down potential

+50%

 
Rating

str. buy

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

We calculate the intrinsic value of EBIX 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 2.5

 

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, %
  12.45
  19.20
  17.78
  16.50
  15.35
  14.32
  13.38
  12.55
  11.79
  11.11
  10.50
  9.95
  9.46
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
Revenue, $m
  298
  355
  418
  487
  562
  643
  729
  820
  917
  1,019
  1,126
  1,238
  1,355
  1,477
  1,604
  1,736
  1,874
  2,017
  2,166
  2,320
  2,481
  2,647
  2,821
  3,001
  3,189
  3,385
  3,589
  3,801
  4,022
  4,253
  4,495
Variable operating expenses, $m
 
  218
  249
  283
  320
  359
  401
  446
  493
  543
  596
  607
  664
  724
  786
  851
  918
  988
  1,061
  1,137
  1,216
  1,297
  1,382
  1,471
  1,563
  1,659
  1,758
  1,863
  1,971
  2,084
  2,202
Fixed operating expenses, $m
 
  8
  8
  9
  9
  9
  9
  10
  10
  10
  10
  10
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  16
  16
  16
  17
Total operating expenses, $m
  198
  226
  257
  292
  329
  368
  410
  456
  503
  553
  606
  617
  675
  735
  797
  863
  930
  1,000
  1,073
  1,150
  1,229
  1,310
  1,396
  1,485
  1,577
  1,674
  1,773
  1,879
  1,987
  2,100
  2,219
Operating income, $m
  100
  129
  161
  196
  234
  275
  318
  365
  414
  465
  520
  621
  680
  742
  807
  874
  944
  1,016
  1,092
  1,170
  1,252
  1,337
  1,425
  1,517
  1,612
  1,711
  1,815
  1,923
  2,035
  2,153
  2,275
EBITDA, $m
  112
  177
  210
  245
  284
  326
  370
  418
  468
  521
  576
  634
  695
  759
  825
  893
  965
  1,039
  1,116
  1,196
  1,279
  1,366
  1,456
  1,550
  1,647
  1,749
  1,855
  1,965
  2,080
  2,200
  2,325
Interest expense (income), $m
  7
  9
  12
  14
  17
  20
  24
  28
  31
  36
  40
  45
  49
  54
  60
  65
  71
  77
  83
  89
  96
  103
  110
  117
  125
  133
  141
  150
  159
  169
  178
Earnings before tax, $m
  96
  120
  149
  182
  217
  254
  294
  337
  382
  430
  480
  576
  631
  688
  747
  809
  873
  940
  1,009
  1,081
  1,156
  1,234
  1,315
  1,399
  1,487
  1,579
  1,674
  1,773
  1,876
  1,984
  2,097
Tax expense, $m
  2
  32
  40
  49
  58
  69
  79
  91
  103
  116
  130
  156
  170
  186
  202
  218
  236
  254
  273
  292
  312
  333
  355
  378
  402
  426
  452
  479
  507
  536
  566
Net income, $m
  94
  87
  109
  133
  158
  186
  215
  246
  279
  314
  350
  421
  461
  502
  545
  591
  637
  686
  737
  789
  844
  901
  960
  1,022
  1,086
  1,152
  1,222
  1,294
  1,370
  1,449
  1,531

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  117
  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
  804
  818
  964
  1,123
  1,295
  1,481
  1,679
  1,890
  2,113
  2,347
  2,594
  2,852
  3,122
  3,403
  3,696
  4,001
  4,318
  4,648
  4,990
  5,346
  5,716
  6,100
  6,500
  6,916
  7,349
  7,799
  8,269
  8,758
  9,268
  9,801
  10,356
Adjusted assets (=assets-cash), $m
  687
  818
  964
  1,123
  1,295
  1,481
  1,679
  1,890
  2,113
  2,347
  2,594
  2,852
  3,122
  3,403
  3,696
  4,001
  4,318
  4,648
  4,990
  5,346
  5,716
  6,100
  6,500
  6,916
  7,349
  7,799
  8,269
  8,758
  9,268
  9,801
  10,356
Revenue / Adjusted assets
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
Average production assets, $m
  99
  118
  139
  162
  187
  213
  242
  272
  304
  338
  374
  411
  450
  490
  533
  576
  622
  670
  719
  770
  824
  879
  937
  996
  1,059
  1,124
  1,191
  1,262
  1,335
  1,412
  1,492
Working capital, $m
  117
  14
  17
  19
  22
  26
  29
  33
  37
  41
  45
  50
  54
  59
  64
  69
  75
  81
  87
  93
  99
  106
  113
  120
  128
  135
  144
  152
  161
  170
  180
Total debt, $m
  272
  330
  407
  491
  583
  681
  787
  899
  1,017
  1,142
  1,272
  1,409
  1,553
  1,702
  1,858
  2,020
  2,188
  2,363
  2,545
  2,734
  2,930
  3,134
  3,346
  3,567
  3,797
  4,036
  4,286
  4,546
  4,816
  5,099
  5,394
Total liabilities, $m
  377
  435
  512
  596
  688
  786
  892
  1,004
  1,122
  1,247
  1,377
  1,514
  1,658
  1,807
  1,963
  2,125
  2,293
  2,468
  2,650
  2,839
  3,035
  3,239
  3,451
  3,672
  3,902
  4,141
  4,391
  4,651
  4,921
  5,204
  5,499
Total equity, $m
  427
  384
  452
  527
  608
  695
  788
  886
  991
  1,101
  1,217
  1,338
  1,464
  1,596
  1,733
  1,876
  2,025
  2,180
  2,340
  2,507
  2,681
  2,861
  3,048
  3,244
  3,447
  3,658
  3,878
  4,108
  4,347
  4,596
  4,857
Total liabilities and equity, $m
  804
  819
  964
  1,123
  1,296
  1,481
  1,680
  1,890
  2,113
  2,348
  2,594
  2,852
  3,122
  3,403
  3,696
  4,001
  4,318
  4,648
  4,990
  5,346
  5,716
  6,100
  6,499
  6,916
  7,349
  7,799
  8,269
  8,759
  9,268
  9,800
  10,356
Debt-to-equity ratio
  0.637
  0.860
  0.900
  0.930
  0.960
  0.980
  1.000
  1.010
  1.030
  1.040
  1.050
  1.050
  1.060
  1.070
  1.070
  1.080
  1.080
  1.080
  1.090
  1.090
  1.090
  1.100
  1.100
  1.100
  1.100
  1.100
  1.110
  1.110
  1.110
  1.110
  1.110
Adjusted equity ratio
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  94
  87
  109
  133
  158
  186
  215
  246
  279
  314
  350
  421
  461
  502
  545
  591
  637
  686
  737
  789
  844
  901
  960
  1,022
  1,086
  1,152
  1,222
  1,294
  1,370
  1,449
  1,531
Depreciation, amort., depletion, $m
  12
  48
  49
  49
  50
  51
  52
  53
  54
  55
  57
  14
  15
  16
  18
  19
  21
  22
  24
  26
  27
  29
  31
  33
  35
  37
  40
  42
  45
  47
  50
Funds from operations, $m
  66
  135
  158
  182
  208
  237
  267
  299
  333
  369
  407
  434
  476
  518
  563
  610
  658
  708
  761
  815
  872
  930
  991
  1,055
  1,121
  1,190
  1,262
  1,336
  1,414
  1,496
  1,580
Change in working capital, $m
  -18
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  8
  9
  9
  10
Cash from operations, $m
  84
  133
  155
  179
  205
  234
  264
  296
  329
  365
  403
  430
  471
  514
  558
  604
  653
  703
  755
  809
  865
  924
  984
  1,048
  1,113
  1,182
  1,253
  1,328
  1,405
  1,486
  1,571
Maintenance CAPEX, $m
  0
  -3
  -4
  -5
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -14
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -45
  -47
New CAPEX, $m
  -10
  -19
  -21
  -23
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -80
Cash from investing activities, $m
  -21
  -22
  -25
  -28
  -30
  -33
  -36
  -38
  -41
  -44
  -47
  -49
  -53
  -56
  -58
  -62
  -65
  -68
  -71
  -75
  -79
  -82
  -87
  -91
  -95
  -100
  -105
  -111
  -116
  -122
  -127
Free cash flow, $m
  63
  111
  130
  152
  175
  201
  228
  257
  288
  321
  356
  380
  418
  458
  500
  543
  588
  635
  683
  734
  786
  841
  897
  956
  1,018
  1,082
  1,148
  1,218
  1,290
  1,365
  1,444
Issuance/(repayment) of debt, $m
  66
  70
  77
  84
  92
  98
  105
  112
  118
  125
  131
  137
  143
  149
  156
  162
  168
  175
  182
  189
  196
  204
  212
  221
  230
  239
  249
  260
  271
  283
  295
Issuance/(repurchase) of shares, $m
  -59
  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  
  6
  70
  77
  84
  92
  98
  105
  112
  118
  125
  131
  137
  143
  149
  156
  162
  168
  175
  182
  189
  196
  204
  212
  221
  230
  239
  249
  260
  271
  283
  295
Total cash flow (excl. dividends), $m
  67
  181
  208
  236
  267
  299
  333
  369
  407
  446
  487
  517
  562
  607
  655
  705
  756
  809
  865
  923
  983
  1,045
  1,110
  1,177
  1,248
  1,321
  1,398
  1,477
  1,561
  1,648
  1,739
Retained Cash Flow (-), $m
  -18
  -62
  -68
  -75
  -81
  -87
  -93
  -99
  -105
  -110
  -116
  -121
  -126
  -132
  -137
  -143
  -149
  -155
  -161
  -167
  -173
  -180
  -188
  -195
  -203
  -211
  -220
  -229
  -239
  -250
  -261
Prev. year cash balance distribution, $m
 
  105
  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
 
  224
  139
  162
  186
  212
  240
  270
  302
  336
  371
  396
  435
  476
  518
  562
  607
  655
  704
  756
  809
  865
  922
  982
  1,045
  1,110
  1,177
  1,248
  1,321
  1,398
  1,478
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
 
  214
  128
  141
  153
  164
  174
  183
  189
  193
  195
  188
  186
  181
  174
  165
  154
  143
  130
  116
  103
  89
  77
  64
  53
  43
  34
  27
  20
  15
  11
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

Ebix, Inc. (Ebix) is a supplier of software and e-commerce solutions to the insurance industry. Ebix provides application software products for the insurance industry, including carrier systems, agency systems and exchanges, as well as custom software development. Ebix conducts its operations through four channels, which include Exchanges, Carrier Systems, Broker Systems and Risk Compliance Solutions (RCS). Ebix operates data exchanges in the areas of life insurance, annuities, employee health benefits, risk management, workers compensation, and property and casualty (P&C) insurance. Ebix designs and deploys back-end systems for P&C insurance brokers across the world. Ebix also designs and deploys on-demand and back-end systems for P&C insurance companies. Ebix focus in RCS channel pertains to business process outsourcing services that include providing project management, time and material consulting to clients across the world, and claims adjudication/settlement services.

FINANCIAL RATIOS  of  Ebix (EBIX)

Valuation Ratios
P/E Ratio 26.9
Price to Sales 8.5
Price to Book 5.9
Price to Tangible Book
Price to Cash Flow 30.1
Price to Free Cash Flow 34.2
Growth Rates
Sales Growth Rate 12.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -41.2%
Cap. Spend. - 3 Yr. Gr. Rate 58.5%
Financial Strength
Quick Ratio 10
Current Ratio 0.2
LT Debt to Equity 60.9%
Total Debt to Equity 63.7%
Interest Coverage 15
Management Effectiveness
Return On Assets 13.6%
Ret/ On Assets - 3 Yr. Avg. 12.5%
Return On Total Capital 14.3%
Ret/ On T. Cap. - 3 Yr. Avg. 13.5%
Return On Equity 22.5%
Return On Equity - 3 Yr. Avg. 18.9%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 71.5%
Gross Margin - 3 Yr. Avg. 74.1%
EBITDA Margin 38.6%
EBITDA Margin - 3 Yr. Avg. 39.5%
Operating Margin 33.6%
Oper. Margin - 3 Yr. Avg. 34.6%
Pre-Tax Margin 32.2%
Pre-Tax Margin - 3 Yr. Avg. 33.7%
Net Profit Margin 31.5%
Net Profit Margin - 3 Yr. Avg. 30.5%
Effective Tax Rate 2.1%
Eff/ Tax Rate - 3 Yr. Avg. 9%
Payout Ratio 10.6%

EBIX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EBIX stock intrinsic value calculation we used $298 million for the last fiscal year's total revenue generated by Ebix. The default revenue input number comes from 2016 income statement of Ebix. 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 EBIX stock valuation model: a) initial revenue growth rate of 19.2% 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 4.3%, whose default value for EBIX is calculated based on our internal credit rating of Ebix, 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 Ebix.
    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 EBIX stock the variable cost ratio is equal to 63.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $8 million in the base year in the intrinsic value calculation for EBIX 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 Ebix.

Corporate tax rate of 27% is the nominal tax rate for Ebix. 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 EBIX 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 EBIX are equal to 33.2%.

Life of production assets of 43.4 years is the average useful life of capital assets used in Ebix 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 EBIX is equal to 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 - $427 million for Ebix - 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 31.5 million for Ebix 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 Ebix at the current share price and the inputted number of shares is $2.5 billion.

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COMPANY NEWS

▶ ETFs with exposure to Ebix, Inc. : December 7, 2017   [Dec-07-17 01:33PM  Capital Cube]
▶ Ebix posts 3Q profit   [Nov-08-17 08:01AM  Associated Press]
▶ Ebix At Upper End Of Buy Zone With Earnings Due   [Oct-27-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Ebix, Inc. : October 18, 2017   [Oct-18-17 09:43AM  Capital Cube]
▶ ETFs with exposure to Ebix, Inc. : October 4, 2017   [Oct-04-17 10:41AM  Capital Cube]
▶ Composite Rating For Ebix Rises To 97   [03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Ebix, Inc. : September 22, 2017   [Sep-22-17 11:09AM  Capital Cube]
▶ Ebix posts 2Q profit   [Aug-08-17 10:27PM  Associated Press]
▶ Ebix, Inc. Value Analysis (NASDAQ:EBIX) : July 31, 2017   [Jul-31-17 05:59PM  Capital Cube]
▶ New Strong Sell Stocks for June 27th   [Jun-27-17 10:09AM  Zacks]
▶ 6 Cheap Stocks With Growing Earnings   [Jun-16-17 02:20PM  GuruFocus.com]
▶ Bear of the Day: Ebix (EBIX)   [06:38AM  Zacks]
▶ ETFs with exposure to Ebix, Inc. : June 12, 2017   [Jun-12-17 02:00PM  Capital Cube]
▶ ETFs with exposure to Ebix, Inc. : June 1, 2017   [Jun-01-17 01:45PM  Capital Cube]
▶ Investor Network: Ebix, Inc. to Host Earnings Call   [May-09-17 09:30AM  Accesswire]
▶ Ebix posts 1Q profit   [09:04AM  Associated Press]
▶ Cloud-Based Software Stock Gets Rating Upgrade Ahead Of Earnings   [Apr-21-17 11:39AM  Investor's Business Daily]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [11:38AM  Investor's Business Daily]
▶ Growing Earnings for 7 Undervalued Stocks   [Apr-17-17 04:07PM  GuruFocus.com]
▶ Consumers Still Feeling Pretty Good   [Mar-29-17 09:15AM  Investopedia]
▶ New Strong Buy Stocks for March 28th   [Mar-28-17 09:50AM  Zacks]
Financial statements of EBIX
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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