Intrinsic value of Jack Henry&Associates - JKHY

Previous Close

$125.15

  Intrinsic Value

$62.59

stock screener

  Rating & Target

sell

-50%

Previous close

$125.15

 
Intrinsic value

$62.59

 
Up/down potential

-50%

 
Rating

sell

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

We calculate the intrinsic value of JKHY 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, %
  5.61
  4.30
  4.37
  4.43
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.89
  4.91
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
Revenue, $m
  1,431
  1,493
  1,558
  1,627
  1,700
  1,777
  1,859
  1,945
  2,035
  2,131
  2,232
  2,338
  2,450
  2,567
  2,691
  2,821
  2,958
  3,102
  3,254
  3,413
  3,580
  3,756
  3,941
  4,136
  4,340
  4,555
  4,780
  5,017
  5,266
  5,527
  5,802
Variable operating expenses, $m
 
  1,092
  1,137
  1,185
  1,236
  1,289
  1,346
  1,406
  1,469
  1,535
  1,605
  1,623
  1,701
  1,783
  1,869
  1,959
  2,054
  2,154
  2,260
  2,370
  2,486
  2,609
  2,737
  2,872
  3,014
  3,163
  3,319
  3,484
  3,657
  3,838
  4,029
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
  1,063
  1,092
  1,137
  1,185
  1,236
  1,289
  1,346
  1,406
  1,469
  1,535
  1,605
  1,623
  1,701
  1,783
  1,869
  1,959
  2,054
  2,154
  2,260
  2,370
  2,486
  2,609
  2,737
  2,872
  3,014
  3,163
  3,319
  3,484
  3,657
  3,838
  4,029
Operating income, $m
  368
  401
  421
  442
  464
  488
  513
  539
  567
  596
  627
  714
  749
  784
  822
  862
  904
  948
  994
  1,043
  1,094
  1,148
  1,204
  1,264
  1,326
  1,392
  1,461
  1,533
  1,609
  1,689
  1,773
EBITDA, $m
  508
  535
  559
  583
  610
  637
  666
  697
  730
  764
  800
  838
  878
  921
  965
  1,012
  1,061
  1,112
  1,167
  1,224
  1,284
  1,347
  1,413
  1,483
  1,556
  1,633
  1,714
  1,799
  1,888
  1,982
  2,080
Interest expense (income), $m
  1
  2
  4
  5
  7
  9
  10
  12
  15
  17
  19
  22
  24
  27
  30
  33
  36
  39
  43
  47
  51
  55
  59
  64
  68
  73
  79
  84
  90
  96
  102
Earnings before tax, $m
  367
  399
  417
  437
  457
  479
  502
  527
  552
  579
  608
  693
  724
  758
  792
  829
  868
  909
  951
  996
  1,044
  1,093
  1,145
  1,200
  1,258
  1,318
  1,382
  1,449
  1,519
  1,593
  1,670
Tax expense, $m
  121
  108
  113
  118
  124
  129
  136
  142
  149
  156
  164
  187
  196
  205
  214
  224
  234
  245
  257
  269
  282
  295
  309
  324
  340
  356
  373
  391
  410
  430
  451
Net income, $m
  246
  291
  305
  319
  334
  350
  367
  384
  403
  423
  444
  506
  529
  553
  578
  605
  634
  663
  694
  727
  762
  798
  836
  876
  918
  962
  1,009
  1,058
  1,109
  1,163
  1,219

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  115
  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
  1,909
  1,870
  1,952
  2,039
  2,130
  2,227
  2,329
  2,437
  2,550
  2,670
  2,797
  2,930
  3,070
  3,217
  3,372
  3,535
  3,707
  3,888
  4,077
  4,277
  4,487
  4,707
  4,939
  5,183
  5,439
  5,707
  5,990
  6,287
  6,599
  6,926
  7,270
Adjusted assets (=assets-cash), $m
  1,794
  1,870
  1,952
  2,039
  2,130
  2,227
  2,329
  2,437
  2,550
  2,670
  2,797
  2,930
  3,070
  3,217
  3,372
  3,535
  3,707
  3,888
  4,077
  4,277
  4,487
  4,707
  4,939
  5,183
  5,439
  5,707
  5,990
  6,287
  6,599
  6,926
  7,270
Revenue / Adjusted assets
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
Average production assets, $m
  659
  688
  718
  750
  784
  819
  857
  896
  938
  982
  1,029
  1,078
  1,129
  1,183
  1,241
  1,301
  1,364
  1,430
  1,500
  1,573
  1,651
  1,732
  1,817
  1,907
  2,001
  2,100
  2,204
  2,313
  2,427
  2,548
  2,675
Working capital, $m
  49
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -94
  -98
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -143
  -150
  -157
  -165
  -173
  -181
  -190
  -200
  -210
  -220
  -231
  -242
  -254
  -267
Total debt, $m
  50
  88
  128
  170
  215
  262
  312
  365
  420
  479
  541
  606
  674
  746
  822
  902
  986
  1,074
  1,167
  1,264
  1,367
  1,475
  1,588
  1,707
  1,832
  1,964
  2,102
  2,247
  2,400
  2,560
  2,728
Total liabilities, $m
  877
  915
  955
  997
  1,042
  1,089
  1,139
  1,192
  1,247
  1,306
  1,368
  1,433
  1,501
  1,573
  1,649
  1,729
  1,813
  1,901
  1,994
  2,091
  2,194
  2,302
  2,415
  2,534
  2,659
  2,791
  2,929
  3,074
  3,227
  3,387
  3,555
Total equity, $m
  1,032
  956
  998
  1,042
  1,089
  1,138
  1,190
  1,245
  1,303
  1,365
  1,429
  1,497
  1,569
  1,644
  1,723
  1,807
  1,894
  1,987
  2,084
  2,186
  2,293
  2,405
  2,524
  2,648
  2,779
  2,917
  3,061
  3,213
  3,372
  3,539
  3,715
Total liabilities and equity, $m
  1,909
  1,871
  1,953
  2,039
  2,131
  2,227
  2,329
  2,437
  2,550
  2,671
  2,797
  2,930
  3,070
  3,217
  3,372
  3,536
  3,707
  3,888
  4,078
  4,277
  4,487
  4,707
  4,939
  5,182
  5,438
  5,708
  5,990
  6,287
  6,599
  6,926
  7,270
Debt-to-equity ratio
  0.048
  0.090
  0.130
  0.160
  0.200
  0.230
  0.260
  0.290
  0.320
  0.350
  0.380
  0.400
  0.430
  0.450
  0.480
  0.500
  0.520
  0.540
  0.560
  0.580
  0.600
  0.610
  0.630
  0.640
  0.660
  0.670
  0.690
  0.700
  0.710
  0.720
  0.730
Adjusted equity ratio
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  246
  291
  305
  319
  334
  350
  367
  384
  403
  423
  444
  506
  529
  553
  578
  605
  634
  663
  694
  727
  762
  798
  836
  876
  918
  962
  1,009
  1,058
  1,109
  1,163
  1,219
Depreciation, amort., depletion, $m
  140
  134
  138
  141
  145
  149
  154
  158
  163
  168
  173
  124
  130
  136
  143
  149
  157
  164
  172
  181
  190
  199
  209
  219
  230
  241
  253
  266
  279
  293
  307
Funds from operations, $m
  282
  425
  442
  460
  479
  499
  520
  543
  566
  591
  617
  630
  659
  689
  721
  755
  790
  828
  867
  908
  951
  997
  1,045
  1,095
  1,148
  1,204
  1,262
  1,324
  1,388
  1,456
  1,527
Change in working capital, $m
  -75
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
Cash from operations, $m
  357
  428
  445
  463
  483
  503
  524
  547
  570
  595
  622
  634
  664
  694
  727
  761
  797
  834
  874
  915
  959
  1,005
  1,053
  1,104
  1,158
  1,214
  1,273
  1,334
  1,399
  1,468
  1,539
Maintenance CAPEX, $m
  0
  -76
  -79
  -83
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -143
  -149
  -157
  -164
  -172
  -181
  -190
  -199
  -209
  -219
  -230
  -241
  -253
  -266
  -279
  -293
New CAPEX, $m
  -148
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -109
  -115
  -120
  -127
Cash from investing activities, $m
  -142
  -105
  -109
  -115
  -120
  -126
  -132
  -138
  -145
  -152
  -159
  -167
  -176
  -184
  -193
  -203
  -212
  -223
  -234
  -245
  -258
  -271
  -284
  -299
  -313
  -329
  -345
  -362
  -381
  -399
  -420
Free cash flow, $m
  215
  323
  336
  349
  363
  377
  392
  408
  425
  443
  462
  467
  488
  510
  534
  558
  584
  611
  640
  670
  701
  734
  769
  806
  844
  885
  927
  972
  1,019
  1,068
  1,120
Issuance/(repayment) of debt, $m
  50
  38
  40
  42
  45
  47
  50
  53
  56
  59
  62
  65
  68
  72
  76
  80
  84
  88
  93
  98
  103
  108
  113
  119
  125
  131
  138
  145
  152
  160
  168
Issuance/(repurchase) of shares, $m
  -124
  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  
  -79
  38
  40
  42
  45
  47
  50
  53
  56
  59
  62
  65
  68
  72
  76
  80
  84
  88
  93
  98
  103
  108
  113
  119
  125
  131
  138
  145
  152
  160
  168
Total cash flow (excl. dividends), $m
  136
  361
  376
  391
  407
  424
  442
  461
  481
  502
  524
  532
  557
  582
  610
  638
  668
  699
  732
  767
  804
  842
  883
  925
  969
  1,016
  1,065
  1,117
  1,171
  1,228
  1,288
Retained Cash Flow (-), $m
  -36
  -39
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -75
  -79
  -83
  -88
  -92
  -97
  -102
  -107
  -113
  -118
  -124
  -131
  -137
  -144
  -152
  -159
  -167
  -176
Prev. year cash balance distribution, $m
 
  115
  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
 
  437
  334
  347
  361
  375
  390
  406
  423
  441
  459
  464
  485
  507
  530
  555
  580
  607
  635
  665
  697
  729
  764
  800
  839
  879
  921
  965
  1,012
  1,061
  1,112
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
 
  419
  306
  302
  297
  291
  283
  274
  264
  253
  241
  221
  207
  193
  178
  163
  147
  132
  117
  102
  89
  75
  63
  52
  43
  34
  27
  21
  16
  12
  8
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

Jack Henry & Associates, Inc. is a provider of information processing solutions for community banks. The Company offers a range of products and services, including processing transactions, automating business processes, and managing information financial institutions and diverse corporate entities. It operates in two segments: bank systems and services (Bank) and credit union systems and services (Credit Union). It provides its products and services through approximately three business brands, which include Jack Henry Banking, Symitar and ProfitStars. The Core software system consists of the integrated applications required to process deposit, loan, and general ledger transactions, and to maintain centralized customer/member information. Jack Henry Banking markets over three software systems to banks and Symitar markets over two software systems to credit unions. Its subsidiaries include Jack Henry Services, Inc., Symitar Systems, Inc. and Bayside Business Solutions, Inc.

FINANCIAL RATIOS  of  Jack Henry&Associates (JKHY)

Valuation Ratios
P/E Ratio 39.4
Price to Sales 6.8
Price to Book 9.4
Price to Tangible Book
Price to Cash Flow 27.1
Price to Free Cash Flow 46.4
Growth Rates
Sales Growth Rate 5.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -10.3%
Cap. Spend. - 3 Yr. Gr. Rate 5.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 4.8%
Total Debt to Equity 4.8%
Interest Coverage 368
Management Effectiveness
Return On Assets 13.2%
Ret/ On Assets - 3 Yr. Avg. 13%
Return On Total Capital 23.7%
Ret/ On T. Cap. - 3 Yr. Avg. 23%
Return On Equity 24.3%
Return On Equity - 3 Yr. Avg. 23.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 42.8%
Gross Margin - 3 Yr. Avg. 42.8%
EBITDA Margin 35.5%
EBITDA Margin - 3 Yr. Avg. 35.5%
Operating Margin 25.7%
Oper. Margin - 3 Yr. Avg. 25.9%
Pre-Tax Margin 25.6%
Pre-Tax Margin - 3 Yr. Avg. 25.8%
Net Profit Margin 17.2%
Net Profit Margin - 3 Yr. Avg. 17.5%
Effective Tax Rate 33%
Eff/ Tax Rate - 3 Yr. Avg. 32.4%
Payout Ratio 37.4%

JKHY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JKHY stock intrinsic value calculation we used $1431 million for the last fiscal year's total revenue generated by Jack Henry&Associates. The default revenue input number comes from 2017 income statement of Jack Henry&Associates. 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 JKHY stock valuation model: a) initial revenue growth rate of 4.3% 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 JKHY is calculated based on our internal credit rating of Jack Henry&Associates, 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 Jack Henry&Associates.
    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 JKHY stock the variable cost ratio is equal to 73.3%.

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 JKHY 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 4% for Jack Henry&Associates.

Corporate tax rate of 27% is the nominal tax rate for Jack Henry&Associates. 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 JKHY 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 JKHY are equal to 46.1%.

Life of production assets of 8.7 years is the average useful life of capital assets used in Jack Henry&Associates 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 JKHY is equal to -4.6%. 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 - $1032 million for Jack Henry&Associates - 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 77.462 million for Jack Henry&Associates 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 Jack Henry&Associates at the current share price and the inputted number of shares is $9.7 billion.

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COMPANY NEWS

▶ Stocks With Rising Relative Price Strength: Jack Henry & Associates   [Jan-05-18 03:00AM  Investor's Business Daily]
▶ Symitar Says Hello to Alexa   [Dec-20-17 08:00AM  PR Newswire]
▶ Jack Henry & Associates to Acquire Ensenta Corporation   [Nov-28-17 05:15PM  PR Newswire]
▶ Jack Henry misses Street 1Q forecasts   [Nov-07-17 07:25PM  Associated Press]
▶ Jack Henry & Associates Earns RS Rating Upgrade   [Oct-26-17 03:00AM  Investor's Business Daily]
▶ Jack Henry & Associates Acquires Vanguard Software Group   [Aug-31-17 04:01PM  PR Newswire]
▶ Urban Outfitters and Agilent climb; Bristol-Myers skids   [Aug-16-17 04:48PM  Associated Press]
▶ Jack Henry meets 4Q profit forecasts   [Aug-15-17 09:32PM  Associated Press]
▶ Central Bancshares, Inc. Converts to Jack Henry Banking   [Jul-27-17 08:00AM  PR Newswire]
▶ A Deep Analysis of 6 Five-Star Companies   [Jun-02-17 06:11PM  GuruFocus.com]
▶ Jack Henry beats Street 3Q forecasts   [May-02-17 07:49PM  Associated Press]
▶ Symitar Gains Six New Billion-Dollar Core Relationships   [Apr-27-17 08:00AM  PR Newswire]
▶ Symitar Launches SymApp to Centralize Account Openings   [Feb-28-17 08:00AM  PR Newswire]
▶ Jack Henry beats Street 2Q forecasts   [Feb-07-17 06:13PM  AP]
Financial statements of JKHY
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