Intrinsic value of Guidewire Software - GWRE

Previous Close

$77.11

  Intrinsic Value

$19.22

stock screener

  Rating & Target

str. sell

-75%

Previous close

$77.11

 
Intrinsic value

$19.22

 
Up/down potential

-75%

 
Rating

str. sell

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

We calculate the intrinsic value of GWRE 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

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, %
  21.23
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
Revenue, $m
  514
  591
  673
  760
  853
  951
  1,054
  1,163
  1,276
  1,394
  1,517
  1,645
  1,779
  1,917
  2,062
  2,211
  2,367
  2,529
  2,697
  2,872
  3,054
  3,243
  3,441
  3,646
  3,861
  4,084
  4,317
  4,561
  4,815
  5,081
  5,359
Variable operating expenses, $m
 
  523
  594
  669
  749
  834
  922
  1,016
  1,113
  1,215
  1,321
  1,417
  1,532
  1,652
  1,776
  1,905
  2,039
  2,178
  2,323
  2,474
  2,631
  2,794
  2,964
  3,141
  3,325
  3,518
  3,719
  3,929
  4,148
  4,376
  4,616
Fixed operating expenses, $m
 
  33
  34
  34
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
  62
  64
  65
  67
Total operating expenses, $m
  488
  556
  628
  703
  784
  870
  959
  1,054
  1,152
  1,255
  1,362
  1,459
  1,575
  1,696
  1,821
  1,951
  2,087
  2,227
  2,373
  2,525
  2,683
  2,848
  3,019
  3,197
  3,383
  3,577
  3,780
  3,991
  4,212
  4,441
  4,683
Operating income, $m
  27
  35
  45
  57
  69
  81
  95
  109
  124
  139
  155
  186
  204
  222
  241
  260
  281
  302
  324
  347
  371
  396
  422
  449
  477
  507
  538
  570
  604
  639
  676
EBITDA, $m
  46
  58
  70
  82
  95
  110
  125
  140
  157
  174
  192
  210
  230
  250
  271
  293
  315
  339
  364
  389
  416
  443
  472
  502
  534
  567
  601
  637
  674
  713
  754
Interest expense (income), $m
  0
  0
  1
  2
  3
  4
  6
  7
  8
  10
  11
  13
  14
  16
  18
  20
  22
  23
  26
  28
  30
  32
  35
  37
  40
  42
  45
  48
  51
  55
  58
Earnings before tax, $m
  33
  35
  44
  55
  66
  77
  89
  102
  115
  129
  144
  173
  189
  206
  223
  241
  259
  278
  298
  319
  341
  364
  387
  412
  438
  464
  492
  522
  552
  584
  618
Tax expense, $m
  12
  9
  12
  15
  18
  21
  24
  28
  31
  35
  39
  47
  51
  56
  60
  65
  70
  75
  81
  86
  92
  98
  105
  111
  118
  125
  133
  141
  149
  158
  167
Net income, $m
  21
  25
  32
  40
  48
  56
  65
  75
  84
  94
  105
  127
  138
  150
  163
  176
  189
  203
  218
  233
  249
  265
  283
  301
  319
  339
  359
  381
  403
  427
  451

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  573
  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
  1,079
  581
  662
  748
  840
  936
  1,038
  1,144
  1,256
  1,372
  1,493
  1,620
  1,751
  1,887
  2,029
  2,177
  2,330
  2,489
  2,655
  2,827
  3,006
  3,192
  3,386
  3,589
  3,800
  4,020
  4,249
  4,489
  4,739
  5,001
  5,274
Adjusted assets (=assets-cash), $m
  506
  581
  662
  748
  840
  936
  1,038
  1,144
  1,256
  1,372
  1,493
  1,620
  1,751
  1,887
  2,029
  2,177
  2,330
  2,489
  2,655
  2,827
  3,006
  3,192
  3,386
  3,589
  3,800
  4,020
  4,249
  4,489
  4,739
  5,001
  5,274
Revenue / Adjusted assets
  1.016
  1.017
  1.017
  1.016
  1.015
  1.016
  1.015
  1.017
  1.016
  1.016
  1.016
  1.015
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
Average production assets, $m
  57
  65
  74
  84
  94
  105
  116
  128
  140
  153
  167
  181
  196
  211
  227
  243
  260
  278
  297
  316
  336
  357
  378
  401
  425
  449
  475
  502
  530
  559
  589
Working capital, $m
  515
  -67
  -76
  -86
  -96
  -107
  -119
  -131
  -144
  -158
  -171
  -186
  -201
  -217
  -233
  -250
  -267
  -286
  -305
  -325
  -345
  -367
  -389
  -412
  -436
  -462
  -488
  -515
  -544
  -574
  -606
Total debt, $m
  0
  28
  58
  89
  123
  159
  196
  235
  276
  319
  364
  410
  458
  509
  561
  615
  671
  730
  791
  854
  920
  989
  1,060
  1,135
  1,212
  1,293
  1,378
  1,466
  1,558
  1,654
  1,755
Total liabilities, $m
  186
  214
  244
  275
  309
  345
  382
  421
  462
  505
  550
  596
  644
  695
  747
  801
  857
  916
  977
  1,040
  1,106
  1,175
  1,246
  1,321
  1,398
  1,479
  1,564
  1,652
  1,744
  1,840
  1,941
Total equity, $m
  893
  367
  418
  473
  531
  592
  656
  723
  794
  867
  944
  1,024
  1,107
  1,193
  1,282
  1,376
  1,472
  1,573
  1,678
  1,786
  1,900
  2,018
  2,140
  2,268
  2,401
  2,540
  2,686
  2,837
  2,995
  3,160
  3,333
Total liabilities and equity, $m
  1,079
  581
  662
  748
  840
  937
  1,038
  1,144
  1,256
  1,372
  1,494
  1,620
  1,751
  1,888
  2,029
  2,177
  2,329
  2,489
  2,655
  2,826
  3,006
  3,193
  3,386
  3,589
  3,799
  4,019
  4,250
  4,489
  4,739
  5,000
  5,274
Debt-to-equity ratio
  0.000
  0.080
  0.140
  0.190
  0.230
  0.270
  0.300
  0.330
  0.350
  0.370
  0.390
  0.400
  0.410
  0.430
  0.440
  0.450
  0.460
  0.460
  0.470
  0.480
  0.480
  0.490
  0.500
  0.500
  0.500
  0.510
  0.510
  0.520
  0.520
  0.520
  0.530
Adjusted equity ratio
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  21
  25
  32
  40
  48
  56
  65
  75
  84
  94
  105
  127
  138
  150
  163
  176
  189
  203
  218
  233
  249
  265
  283
  301
  319
  339
  359
  381
  403
  427
  451
Depreciation, amort., depletion, $m
  19
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
  24
  26
  28
  30
  32
  35
  37
  40
  42
  45
  48
  50
  53
  57
  60
  63
  67
  71
  75
  79
Funds from operations, $m
  171
  48
  57
  65
  75
  84
  95
  106
  117
  129
  142
  151
  164
  178
  193
  208
  224
  240
  257
  275
  294
  313
  333
  354
  376
  399
  423
  448
  474
  501
  530
Change in working capital, $m
  34
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
Cash from operations, $m
  137
  57
  66
  75
  85
  96
  107
  118
  130
  142
  155
  165
  179
  194
  209
  225
  241
  259
  276
  295
  314
  334
  355
  377
  400
  424
  449
  475
  503
  531
  561
Maintenance CAPEX, $m
  0
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -17
  -19
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -35
  -37
  -40
  -42
  -45
  -48
  -50
  -53
  -57
  -60
  -63
  -67
  -71
  -75
New CAPEX, $m
  -7
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
Cash from investing activities, $m
  -113
  -16
  -18
  -20
  -21
  -24
  -25
  -27
  -29
  -32
  -34
  -36
  -39
  -41
  -44
  -46
  -49
  -53
  -56
  -59
  -62
  -66
  -70
  -73
  -77
  -82
  -86
  -90
  -95
  -100
  -106
Free cash flow, $m
  24
  41
  48
  56
  64
  72
  81
  91
  100
  111
  121
  129
  140
  153
  165
  178
  192
  206
  221
  236
  252
  269
  286
  304
  323
  343
  364
  385
  408
  431
  456
Issuance/(repayment) of debt, $m
  0
  28
  30
  32
  34
  36
  37
  39
  41
  43
  45
  46
  48
  50
  52
  54
  56
  59
  61
  63
  66
  69
  71
  74
  78
  81
  84
  88
  92
  96
  101
Issuance/(repurchase) of shares, $m
  6
  22
  19
  15
  10
  5
  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  
  15
  50
  49
  47
  44
  41
  37
  39
  41
  43
  45
  46
  48
  50
  52
  54
  56
  59
  61
  63
  66
  69
  71
  74
  78
  81
  84
  88
  92
  96
  101
Total cash flow (excl. dividends), $m
  40
  91
  97
  102
  107
  112
  119
  130
  141
  154
  166
  175
  189
  203
  217
  233
  248
  265
  282
  300
  318
  337
  358
  379
  401
  424
  448
  473
  500
  527
  557
Retained Cash Flow (-), $m
  -109
  -47
  -51
  -54
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -123
  -128
  -133
  -139
  -145
  -151
  -158
  -165
  -173
Prev. year cash balance distribution, $m
 
  573
  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
 
  616
  45
  47
  49
  51
  54
  63
  71
  80
  89
  96
  106
  117
  128
  139
  151
  164
  177
  191
  205
  220
  235
  251
  268
  285
  303
  322
  342
  362
  384
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
 
  591
  42
  41
  41
  40
  39
  42
  44
  46
  47
  45
  45
  44
  43
  41
  38
  36
  33
  29
  26
  23
  19
  16
  14
  11
  9
  7
  5
  4
  3
Current shareholders' claim on cash, %
  100
  99.0
  98.2
  97.7
  97.3
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2

Guidewire Software, Inc. is a provider of software products for property and casualty (P&C) insurers. The Company's software serves as a technology platform for P&C insurance carriers. The Company's InsurancePlatform consists of three elements: core transaction processing, data management and analytics, and digital engagement. The Company sells its products to a range of global P&C insurance carriers ranging from global insurers to national carriers to regional carriers. The Company's core transaction processing includes Guidewire InsuranceSuite, Guidewire PolicyCenter, Guidewire ClaimCenter, Guidewire BillingCenter and InsuranceSuite Add-on Modules. The Company's data management and analytics includes Guidewire DataHub, Guidewire InfoCenter, Guidewire Live and Guidewire Predictive Analytics. The Company's digital engagement includes Guidewire Digital Portals.

FINANCIAL RATIOS  of  Guidewire Software (GWRE)

Valuation Ratios
P/E Ratio 275.4
Price to Sales 11.3
Price to Book 6.5
Price to Tangible Book
Price to Cash Flow 42.2
Price to Free Cash Flow 44.5
Growth Rates
Sales Growth Rate 21.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.1%
Ret/ On Assets - 3 Yr. Avg. 1.7%
Return On Total Capital 2.5%
Ret/ On T. Cap. - 3 Yr. Avg. 2%
Return On Equity 2.5%
Return On Equity - 3 Yr. Avg. 2%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 62.8%
Gross Margin - 3 Yr. Avg. 62.8%
EBITDA Margin 10.1%
EBITDA Margin - 3 Yr. Avg. 7.8%
Operating Margin 5.1%
Oper. Margin - 3 Yr. Avg. 4.4%
Pre-Tax Margin 6.4%
Pre-Tax Margin - 3 Yr. Avg. 5.3%
Net Profit Margin 4.1%
Net Profit Margin - 3 Yr. Avg. 3.4%
Effective Tax Rate 36.4%
Eff/ Tax Rate - 3 Yr. Avg. 35.4%
Payout Ratio 0%

GWRE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GWRE stock intrinsic value calculation we used $514 million for the last fiscal year's total revenue generated by Guidewire Software. The default revenue input number comes from 2017 income statement of Guidewire Software. 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 GWRE stock valuation model: a) initial revenue growth rate of 14.9% 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 GWRE is calculated based on our internal credit rating of Guidewire Software, 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 Guidewire Software.
    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 GWRE stock the variable cost ratio is equal to 88.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $32 million in the base year in the intrinsic value calculation for GWRE 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 Guidewire Software.

Corporate tax rate of 27% is the nominal tax rate for Guidewire Software. 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 GWRE 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 GWRE are equal to 11%.

Life of production assets of 7.5 years is the average useful life of capital assets used in Guidewire Software 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 GWRE is equal to -11.3%. 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 - $893 million for Guidewire Software - 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 75.007 million for Guidewire Software 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 Guidewire Software at the current share price and the inputted number of shares is $5.8 billion.

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COMPANY NEWS

▶ 6 New Stocks in the Wide Moat Focus Index   [Jan-10-18 06:00AM  Morningstar]
▶ Guidewire Software Announces CFO Transition   [Jan-09-18 05:00PM  Business Wire]
▶ Technology: Most Bellwethers Are Overvalued   [Dec-29-17 06:00AM  Morningstar]
▶ [$$] JPMorgan: Five Stocks It's Selling and One Buy   [Dec-19-17 03:07PM  Barrons.com]
▶ Stocks With Rising Relative Strength: Guidewire Software   [Dec-12-17 03:00AM  Investor's Business Daily]
▶ 5 Stocks With More Room to Run   [Dec-06-17 06:00AM  Morningstar]
▶ Guidewire Software reports 1Q loss   [Nov-29-17 04:31PM  Associated Press]
▶ What To Expect From These Four IBD 50 Earnings Reports   [09:50AM  Investor's Business Daily]
▶ Baron Funds' CEO Spies Much Opportunity Amid Current Disruptions   [Nov-20-17 08:00AM  Investor's Business Daily]
▶ Stocks To Watch With Earnings On Tap: Guidewire Software   [03:00AM  Investor's Business Daily]
▶ This IBD 50 Software Maker Hits Buy Range, But Then Retreats   [Nov-07-17 04:00PM  Investor's Business Daily]
▶ 7 Small-Cap Stocks With Wide Moats   [Nov-02-17 06:00AM  Morningstar]
▶ Guidewire Software Earns IBD Stock Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ 3 Rules For Buying Stocks Like Facebook During Earnings Season   [Oct-31-17 04:15PM  Investor's Business Daily]
▶ 3 Rules For Buying Stocks Like Facebook During Earnings Season   [Oct-27-17 04:06PM  Investor's Business Daily]
▶ IBD 50 Software Stock Nears Buy Zone Ahead Of Earnings   [11:11AM  Investor's Business Daily]
▶ [$$] Guidewire to Acquire Cyber Risk Startup Cyence   [Oct-06-17 05:24PM  The Wall Street Journal]
▶ Guidewire to Acquire Cyence   [06:30AM  Business Wire]
▶ Why Guidewire Should Be On Your Watch List   [Sep-28-17 05:55PM  Morningstar]
▶ RSA Canada Deploys Guidewire System for Claims Management   [Sep-20-17 08:55AM  Business Wire]
▶ Guidewire Software Earns Composite Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Guidewire Software beats Street 4Q forecasts   [Sep-06-17 11:57PM  Associated Press]
Financial statements of GWRE
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