Intrinsic value of EPAM Systems - EPAM

Previous Close

$126.02

  Intrinsic Value

$88.01

stock screener

  Rating & Target

sell

-30%

Previous close

$126.02

 
Intrinsic value

$88.01

 
Up/down potential

-30%

 
Rating

sell

We calculate the intrinsic value of EPAM 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 0001), $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 6.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  27.70
  25.43
  23.39
  21.55
  19.89
  18.40
  17.06
  15.86
  14.77
  13.79
  12.92
  12.12
  11.41
  10.77
  10.19
  9.67
  9.21
  8.79
  8.41
  8.07
  7.76
  7.48
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
Revenue, $m
  1,852
  2,323
  2,867
  3,484
  4,177
  4,946
  5,790
  6,708
  7,699
  8,761
  9,893
  11,092
  12,358
  13,689
  15,084
  16,544
  18,067
  19,654
  21,306
  23,025
  24,812
  26,669
  28,598
  30,604
  32,688
  34,855
  37,109
  39,454
  41,896
  44,438
Variable operating expenses, $m
  1,599
  2,002
  2,466
  2,994
  3,587
  4,244
  4,965
  5,750
  6,597
  7,505
  8,455
  9,481
  10,562
  11,700
  12,893
  14,140
  15,441
  16,798
  18,210
  19,679
  21,206
  22,793
  24,443
  26,157
  27,938
  29,790
  31,717
  33,721
  35,808
  37,981
Fixed operating expenses, $m
  21
  22
  22
  23
  23
  24
  24
  25
  26
  26
  27
  27
  28
  28
  29
  30
  30
  31
  32
  32
  33
  34
  35
  35
  36
  37
  38
  39
  39
  40
Total operating expenses, $m
  1,620
  2,024
  2,488
  3,017
  3,610
  4,268
  4,989
  5,775
  6,623
  7,531
  8,482
  9,508
  10,590
  11,728
  12,922
  14,170
  15,471
  16,829
  18,242
  19,711
  21,239
  22,827
  24,478
  26,192
  27,974
  29,827
  31,755
  33,760
  35,847
  38,021
Operating income, $m
  231
  299
  378
  467
  567
  678
  801
  933
  1,077
  1,231
  1,411
  1,585
  1,768
  1,961
  2,163
  2,374
  2,595
  2,825
  3,064
  3,313
  3,572
  3,841
  4,121
  4,412
  4,714
  5,028
  5,354
  5,694
  6,048
  6,417
EBITDA, $m
  272
  346
  432
  529
  638
  759
  893
  1,037
  1,194
  1,361
  1,540
  1,729
  1,929
  2,139
  2,360
  2,590
  2,831
  3,082
  3,343
  3,614
  3,896
  4,190
  4,494
  4,811
  5,141
  5,483
  5,839
  6,210
  6,595
  6,997
Interest expense (income), $m
  1
  1
  5
  10
  16
  22
  29
  37
  46
  55
  65
  76
  88
  100
  113
  127
  141
  156
  172
  188
  205
  222
  241
  260
  279
  300
  321
  344
  367
  391
  416
Earnings before tax, $m
  230
  294
  367
  451
  545
  649
  763
  888
  1,022
  1,165
  1,335
  1,497
  1,668
  1,848
  2,036
  2,233
  2,439
  2,653
  2,876
  3,109
  3,350
  3,601
  3,861
  4,132
  4,414
  4,706
  5,011
  5,328
  5,658
  6,001
Tax expense, $m
  62
  79
  99
  122
  147
  175
  206
  240
  276
  315
  360
  404
  450
  499
  550
  603
  659
  716
  777
  839
  904
  972
  1,043
  1,116
  1,192
  1,271
  1,353
  1,438
  1,528
  1,620
Net income, $m
  168
  214
  268
  329
  398
  474
  557
  648
  746
  851
  974
  1,093
  1,217
  1,349
  1,486
  1,630
  1,780
  1,937
  2,100
  2,269
  2,445
  2,628
  2,819
  3,016
  3,222
  3,436
  3,658
  3,889
  4,130
  4,381

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
  1,081
  1,356
  1,673
  2,034
  2,439
  2,887
  3,380
  3,916
  4,495
  5,115
  5,775
  6,475
  7,214
  7,991
  8,806
  9,658
  10,547
  11,473
  12,438
  13,441
  14,484
  15,568
  16,695
  17,865
  19,082
  20,347
  21,663
  23,032
  24,457
  25,942
Adjusted assets (=assets-cash), $m
  1,081
  1,356
  1,673
  2,034
  2,439
  2,887
  3,380
  3,916
  4,495
  5,115
  5,775
  6,475
  7,214
  7,991
  8,806
  9,658
  10,547
  11,473
  12,438
  13,441
  14,484
  15,568
  16,695
  17,865
  19,082
  20,347
  21,663
  23,032
  24,457
  25,942
Revenue / Adjusted assets
  1.713
  1.713
  1.714
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
  1.713
Average production assets, $m
  206
  258
  318
  387
  464
  549
  643
  745
  855
  973
  1,098
  1,231
  1,372
  1,519
  1,674
  1,836
  2,005
  2,182
  2,365
  2,556
  2,754
  2,960
  3,174
  3,397
  3,628
  3,869
  4,119
  4,379
  4,650
  4,933
Working capital, $m
  248
  311
  384
  467
  560
  663
  776
  899
  1,032
  1,174
  1,326
  1,486
  1,656
  1,834
  2,021
  2,217
  2,421
  2,634
  2,855
  3,085
  3,325
  3,574
  3,832
  4,101
  4,380
  4,671
  4,973
  5,287
  5,614
  5,955
Total debt, $m
  101
  191
  294
  411
  542
  688
  848
  1,022
  1,210
  1,412
  1,627
  1,854
  2,094
  2,347
  2,612
  2,888
  3,177
  3,479
  3,792
  4,118
  4,457
  4,809
  5,176
  5,556
  5,951
  6,363
  6,790
  7,235
  7,698
  8,181
Total liabilities, $m
  351
  441
  544
  661
  793
  938
  1,099
  1,273
  1,461
  1,662
  1,877
  2,105
  2,345
  2,597
  2,862
  3,139
  3,428
  3,729
  4,042
  4,368
  4,707
  5,060
  5,426
  5,806
  6,202
  6,613
  7,040
  7,485
  7,949
  8,431
Total equity, $m
  730
  915
  1,130
  1,373
  1,646
  1,949
  2,282
  2,643
  3,034
  3,452
  3,898
  4,371
  4,870
  5,394
  5,944
  6,519
  7,119
  7,745
  8,396
  9,073
  9,777
  10,509
  11,269
  12,059
  12,880
  13,734
  14,623
  15,547
  16,509
  17,511
Total liabilities and equity, $m
  1,081
  1,356
  1,674
  2,034
  2,439
  2,887
  3,381
  3,916
  4,495
  5,114
  5,775
  6,476
  7,215
  7,991
  8,806
  9,658
  10,547
  11,474
  12,438
  13,441
  14,484
  15,569
  16,695
  17,865
  19,082
  20,347
  21,663
  23,032
  24,458
  25,942
Debt-to-equity ratio
  0.140
  0.210
  0.260
  0.300
  0.330
  0.350
  0.370
  0.390
  0.400
  0.410
  0.420
  0.420
  0.430
  0.440
  0.440
  0.440
  0.450
  0.450
  0.450
  0.450
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.470
  0.470
  0.470
Adjusted equity ratio
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  168
  214
  268
  329
  398
  474
  557
  648
  746
  851
  974
  1,093
  1,217
  1,349
  1,486
  1,630
  1,780
  1,937
  2,100
  2,269
  2,445
  2,628
  2,819
  3,016
  3,222
  3,436
  3,658
  3,889
  4,130
  4,381
Depreciation, amort., depletion, $m
  41
  47
  54
  62
  71
  81
  92
  104
  117
  131
  129
  145
  161
  179
  197
  216
  236
  257
  278
  301
  324
  348
  373
  400
  427
  455
  485
  515
  547
  580
Funds from operations, $m
  208
  261
  322
  391
  469
  555
  649
  752
  863
  981
  1,103
  1,237
  1,379
  1,528
  1,683
  1,846
  2,016
  2,194
  2,378
  2,570
  2,769
  2,977
  3,192
  3,416
  3,649
  3,891
  4,143
  4,404
  4,677
  4,961
Change in working capital, $m
  54
  63
  73
  83
  93
  103
  113
  123
  133
  142
  152
  161
  170
  178
  187
  196
  204
  213
  221
  230
  239
  249
  259
  269
  279
  290
  302
  314
  327
  341
Cash from operations, $m
  155
  198
  249
  308
  376
  452
  536
  629
  730
  839
  952
  1,077
  1,209
  1,349
  1,496
  1,651
  1,812
  1,981
  2,157
  2,340
  2,530
  2,728
  2,934
  3,147
  3,370
  3,600
  3,841
  4,090
  4,350
  4,621
Maintenance CAPEX, $m
  -19
  -24
  -30
  -37
  -46
  -55
  -65
  -76
  -88
  -101
  -114
  -129
  -145
  -161
  -179
  -197
  -216
  -236
  -257
  -278
  -301
  -324
  -348
  -373
  -400
  -427
  -455
  -485
  -515
  -547
New CAPEX, $m
  -44
  -52
  -60
  -69
  -77
  -85
  -94
  -102
  -110
  -118
  -126
  -133
  -141
  -148
  -155
  -162
  -169
  -176
  -183
  -191
  -198
  -206
  -214
  -223
  -231
  -241
  -250
  -260
  -271
  -282
Cash from investing activities, $m
  -63
  -76
  -90
  -106
  -123
  -140
  -159
  -178
  -198
  -219
  -240
  -262
  -286
  -309
  -334
  -359
  -385
  -412
  -440
  -469
  -499
  -530
  -562
  -596
  -631
  -668
  -705
  -745
  -786
  -829
Free cash flow, $m
  91
  122
  159
  202
  254
  312
  378
  451
  532
  621
  712
  814
  924
  1,040
  1,163
  1,292
  1,427
  1,569
  1,717
  1,871
  2,031
  2,198
  2,371
  2,551
  2,739
  2,933
  3,135
  3,345
  3,564
  3,791
Issuance/(repayment) of debt, $m
  76
  89
  103
  117
  132
  146
  160
  174
  188
  202
  215
  228
  240
  253
  265
  277
  289
  301
  313
  326
  339
  352
  366
  380
  395
  411
  428
  445
  463
  482
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  
  76
  89
  103
  117
  132
  146
  160
  174
  188
  202
  215
  228
  240
  253
  265
  277
  289
  301
  313
  326
  339
  352
  366
  380
  395
  411
  428
  445
  463
  482
Total cash flow (excl. dividends), $m
  167
  211
  262
  320
  385
  458
  538
  626
  720
  822
  927
  1,042
  1,164
  1,293
  1,427
  1,569
  1,716
  1,870
  2,030
  2,197
  2,370
  2,550
  2,737
  2,932
  3,134
  3,344
  3,563
  3,790
  4,027
  4,274
Retained Cash Flow (-), $m
  -159
  -186
  -214
  -243
  -273
  -303
  -333
  -362
  -390
  -419
  -446
  -473
  -499
  -524
  -550
  -575
  -600
  -625
  -651
  -677
  -704
  -732
  -760
  -790
  -821
  -854
  -888
  -924
  -962
  -1,002
Prev. year cash balance distribution, $m
  404
  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
  412
  25
  48
  76
  112
  155
  205
  264
  330
  404
  481
  569
  665
  768
  878
  994
  1,116
  1,244
  1,379
  1,519
  1,666
  1,818
  1,977
  2,142
  2,313
  2,490
  2,675
  2,866
  3,065
  3,272
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
  395
  23
  41
  63
  87
  112
  139
  165
  190
  212
  228
  243
  253
  258
  258
  252
  243
  229
  212
  193
  172
  151
  130
  109
  90
  73
  57
  44
  33
  25
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

EPAM Systems, Inc. is a g provider of software product development and digital platform engineering services to clients located primarily in North America, Europe, Asia and Australia. The Company's service offerings cover the full software product development lifecycle from digital strategy and customer experience design to enterprise application platforms implementation and program management services and from complex software development services to maintenance, support, custom application development, application testing, and infrastructure management. Its service offerings include Software Product Development Services, Custom Application Development Services, Application Testing Services, Enterprise Application Platforms, Application Maintenance and Support, and Infrastructure Management Services. It offers its solutions and services to industries, such as financial services, media and entertainment, travel and consumer, software and hi-tech, and life sciences and healthcare.

FINANCIAL RATIOS  of  EPAM Systems (EPAM)

Valuation Ratios
P/E Ratio 65
Price to Sales 5.6
Price to Book 8.2
Price to Tangible Book
Price to Cash Flow 39
Price to Free Cash Flow 47.4
Growth Rates
Sales Growth Rate 26.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 61.1%
Cap. Spend. - 3 Yr. Gr. Rate 12.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 3.2%
Total Debt to Equity 3.2%
Interest Coverage 127
Management Effectiveness
Return On Assets 11.7%
Ret/ On Assets - 3 Yr. Avg. 12.5%
Return On Total Capital 13.6%
Ret/ On T. Cap. - 3 Yr. Avg. 15.1%
Return On Equity 14.2%
Return On Equity - 3 Yr. Avg. 15.5%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 36.5%
Gross Margin - 3 Yr. Avg. 37.3%
EBITDA Margin 12.9%
EBITDA Margin - 3 Yr. Avg. 13.5%
Operating Margin 11.6%
Oper. Margin - 3 Yr. Avg. 11.6%
Pre-Tax Margin 10.9%
Pre-Tax Margin - 3 Yr. Avg. 11.5%
Net Profit Margin 8.5%
Net Profit Margin - 3 Yr. Avg. 9.1%
Effective Tax Rate 21.4%
Eff/ Tax Rate - 3 Yr. Avg. 20.6%
Payout Ratio 0%

EPAM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EPAM stock intrinsic value calculation we used $1450.448 million for the last fiscal year's total revenue generated by EPAM Systems. The default revenue input number comes from 0001 income statement of EPAM Systems. 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 EPAM stock valuation model: a) initial revenue growth rate of 27.7% 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 EPAM is calculated based on our internal credit rating of EPAM Systems, 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 EPAM Systems.
    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 EPAM stock the variable cost ratio is equal to 86.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $21 million in the base year in the intrinsic value calculation for EPAM 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 EPAM Systems.

Corporate tax rate of 27% is the nominal tax rate for EPAM Systems. 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 EPAM 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 EPAM are equal to 11.1%.

Life of production assets of 8.5 years is the average useful life of capital assets used in EPAM Systems 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 EPAM is equal to 13.4%. 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 - $974.947 million for EPAM Systems - 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 53.782 million for EPAM Systems 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 EPAM Systems at the current share price and the inputted number of shares is $6.8 billion.

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COMPANY NEWS

▶ Epam: 3Q Earnings Snapshot   [06:31AM  Associated Press]
▶ Estimating The Fair Value Of EPAM Systems Inc (NYSE:EPAM)   [Oct-30-18 03:11PM  Simply Wall St.]
▶ 3 Hot Stocks to Buy in October   [06:00AM  Motley Fool]
▶ Epam: 2Q Earnings Snapshot   [08:59AM  Associated Press]
▶ IBD Stock Of The Day: Epam Hits Buy Zone As New Base Forms   [04:10PM  Investor's Business Daily]
▶ Why 2018 Could Be an Even Better Year for EPAM Systems   [May-09-18 01:06PM  Motley Fool]
▶ Epam: 1Q Earnings Snapshot   [06:21AM  Associated Press]
▶ EPAM Reports Results for First Quarter 2018   [06:00AM  GlobeNewswire]
▶ 3 Stocks to Buy and Hold for Decades   [Apr-06-18 09:04AM  Motley Fool]
▶ Swiffer designer Continuum acquired by Pa. company   [Mar-16-18 12:45PM  American City Business Journals]
▶ EPAM software company buys Boston innovation design firm   [09:00AM  American City Business Journals]
▶ E*TRADE: EPAM Systems Could Be Breakout Tech Stock   [Mar-14-18 01:50PM  Investopedia]
▶ [$$] New Tech Centers Sprout in Europe   [Mar-07-18 12:04AM  The Wall Street Journal]
▶ Company News For Feb 20, 2018   [Feb-20-18 09:57AM  Zacks]
▶ EPAM Systems Takes a Tax Reform Hit   [Feb-16-18 11:04AM  Motley Fool]
▶ Epam reports 4Q loss   [06:26AM  Associated Press]
▶ Should You Sell EPAM Systems Inc (NYSE:EPAM) At This PE Ratio?   [Feb-13-18 08:19PM  Simply Wall St.]
▶ EPAM Systems Soars on Solid IT Services Demand   [Nov-03-17 08:57AM  Motley Fool]
▶ Stocks Flashing Renewed Technical Strength: Epam Systems   [03:00AM  Investor's Business Daily]

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