Intrinsic value of Jack Henry&Associates - JKHY

Previous Close

$104.16

  Intrinsic Value

$62.31

stock screener

  Rating & Target

sell

-40%

  Value-price divergence*

-33%

Previous close

$104.16

 
Intrinsic value

$62.31

 
Up/down potential

-40%

 
Rating

sell

 
Value-price divergence*

-33%

*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

Revenue (in 2017), $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 8.1

 

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
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.85
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
Revenue, $m
  1,431
  1,497
  1,566
  1,640
  1,717
  1,798
  1,884
  1,974
  2,069
  2,169
  2,274
  2,384
  2,500
  2,623
  2,751
  2,886
  3,028
  3,177
  3,334
  3,499
  3,672
  3,854
  4,045
  4,245
  4,456
  4,677
  4,910
  5,154
  5,411
  5,680
  5,963
Variable operating expenses, $m
 
  1,095
  1,143
  1,194
  1,247
  1,304
  1,363
  1,426
  1,492
  1,561
  1,634
  1,656
  1,736
  1,821
  1,910
  2,004
  2,103
  2,206
  2,315
  2,429
  2,550
  2,676
  2,808
  2,948
  3,094
  3,248
  3,409
  3,579
  3,757
  3,944
  4,140
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
  1,095
  1,143
  1,194
  1,247
  1,304
  1,363
  1,426
  1,492
  1,561
  1,634
  1,656
  1,736
  1,821
  1,910
  2,004
  2,103
  2,206
  2,315
  2,429
  2,550
  2,676
  2,808
  2,948
  3,094
  3,248
  3,409
  3,579
  3,757
  3,944
  4,140
Operating income, $m
  368
  402
  423
  446
  469
  494
  520
  548
  577
  608
  640
  729
  764
  802
  841
  882
  926
  971
  1,019
  1,069
  1,122
  1,178
  1,236
  1,298
  1,362
  1,430
  1,501
  1,575
  1,654
  1,736
  1,823
EBITDA, $m
  498
  531
  556
  581
  609
  638
  668
  700
  734
  769
  806
  846
  887
  930
  976
  1,024
  1,074
  1,127
  1,183
  1,241
  1,302
  1,367
  1,435
  1,506
  1,580
  1,659
  1,741
  1,828
  1,919
  2,015
  2,115
Interest expense (income), $m
  1
  0
  1
  3
  5
  6
  8
  10
  12
  14
  16
  18
  21
  23
  26
  29
  32
  35
  38
  41
  45
  49
  53
  57
  61
  66
  71
  76
  81
  87
  93
Earnings before tax, $m
  367
  402
  422
  443
  465
  488
  512
  538
  565
  594
  624
  710
  743
  778
  815
  853
  894
  936
  981
  1,028
  1,077
  1,129
  1,183
  1,241
  1,301
  1,364
  1,430
  1,500
  1,573
  1,649
  1,730
Tax expense, $m
  121
  109
  114
  120
  126
  132
  138
  145
  153
  160
  168
  192
  201
  210
  220
  230
  241
  253
  265
  278
  291
  305
  320
  335
  351
  368
  386
  405
  425
  445
  467
Net income, $m
  246
  294
  308
  323
  339
  356
  374
  393
  413
  433
  455
  519
  543
  568
  595
  623
  652
  684
  716
  750
  786
  824
  864
  906
  949
  996
  1,044
  1,095
  1,148
  1,204
  1,263

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  70
  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
  1,816
  1,825
  1,910
  1,999
  2,094
  2,193
  2,297
  2,407
  2,523
  2,645
  2,773
  2,908
  3,049
  3,198
  3,355
  3,520
  3,693
  3,875
  4,066
  4,267
  4,478
  4,699
  4,932
  5,177
  5,434
  5,704
  5,988
  6,285
  6,598
  6,927
  7,272
Adjusted assets (=assets-cash), $m
  1,746
  1,825
  1,910
  1,999
  2,094
  2,193
  2,297
  2,407
  2,523
  2,645
  2,773
  2,908
  3,049
  3,198
  3,355
  3,520
  3,693
  3,875
  4,066
  4,267
  4,478
  4,699
  4,932
  5,177
  5,434
  5,704
  5,988
  6,285
  6,598
  6,927
  7,272
Revenue / Adjusted assets
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
Average production assets, $m
  653
  683
  714
  748
  783
  820
  859
  900
  943
  989
  1,037
  1,087
  1,140
  1,196
  1,255
  1,316
  1,381
  1,449
  1,520
  1,595
  1,674
  1,757
  1,844
  1,936
  2,032
  2,133
  2,239
  2,350
  2,467
  2,590
  2,719
Working capital, $m
  -12
  -85
  -89
  -93
  -98
  -102
  -107
  -113
  -118
  -124
  -130
  -136
  -143
  -149
  -157
  -165
  -173
  -181
  -190
  -199
  -209
  -220
  -231
  -242
  -254
  -267
  -280
  -294
  -308
  -324
  -340
Total debt, $m
  0
  38
  78
  120
  164
  211
  260
  311
  366
  423
  483
  547
  613
  683
  757
  834
  916
  1,001
  1,091
  1,185
  1,285
  1,389
  1,498
  1,613
  1,734
  1,861
  1,994
  2,134
  2,281
  2,436
  2,598
Total liabilities, $m
  819
  858
  898
  940
  984
  1,031
  1,080
  1,131
  1,186
  1,243
  1,303
  1,367
  1,433
  1,503
  1,577
  1,654
  1,736
  1,821
  1,911
  2,005
  2,105
  2,209
  2,318
  2,433
  2,554
  2,681
  2,814
  2,954
  3,101
  3,256
  3,418
Total equity, $m
  996
  967
  1,012
  1,060
  1,110
  1,162
  1,218
  1,276
  1,337
  1,402
  1,470
  1,541
  1,616
  1,695
  1,778
  1,865
  1,957
  2,054
  2,155
  2,261
  2,373
  2,491
  2,614
  2,744
  2,880
  3,023
  3,173
  3,331
  3,497
  3,671
  3,854
Total liabilities and equity, $m
  1,815
  1,825
  1,910
  2,000
  2,094
  2,193
  2,298
  2,407
  2,523
  2,645
  2,773
  2,908
  3,049
  3,198
  3,355
  3,519
  3,693
  3,875
  4,066
  4,266
  4,478
  4,700
  4,932
  5,177
  5,434
  5,704
  5,987
  6,285
  6,598
  6,927
  7,272
Debt-to-equity ratio
  0.000
  0.040
  0.080
  0.110
  0.150
  0.180
  0.210
  0.240
  0.270
  0.300
  0.330
  0.350
  0.380
  0.400
  0.430
  0.450
  0.470
  0.490
  0.510
  0.520
  0.540
  0.560
  0.570
  0.590
  0.600
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
Adjusted equity ratio
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  246
  294
  308
  323
  339
  356
  374
  393
  413
  433
  455
  519
  543
  568
  595
  623
  652
  684
  716
  750
  786
  824
  864
  906
  949
  996
  1,044
  1,095
  1,148
  1,204
  1,263
Depreciation, amort., depletion, $m
  130
  129
  132
  136
  139
  143
  148
  152
  157
  162
  167
  117
  123
  129
  135
  142
  148
  156
  163
  172
  180
  189
  198
  208
  218
  229
  241
  253
  265
  279
  292
Funds from operations, $m
  322
  422
  440
  459
  479
  500
  522
  545
  569
  595
  622
  635
  665
  697
  730
  764
  801
  839
  880
  922
  966
  1,013
  1,062
  1,114
  1,168
  1,225
  1,285
  1,347
  1,413
  1,483
  1,555
Change in working capital, $m
  -43
  -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
  -13
  -14
  -15
  -15
  -16
Cash from operations, $m
  365
  426
  444
  463
  483
  504
  527
  550
  575
  601
  628
  642
  672
  704
  737
  772
  809
  848
  889
  931
  976
  1,023
  1,073
  1,125
  1,180
  1,237
  1,298
  1,361
  1,428
  1,498
  1,571
Maintenance CAPEX, $m
  0
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -117
  -123
  -129
  -135
  -142
  -148
  -156
  -163
  -172
  -180
  -189
  -198
  -208
  -218
  -229
  -241
  -253
  -265
  -279
New CAPEX, $m
  -165
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -79
  -83
  -87
  -91
  -96
  -101
  -106
  -111
  -117
  -123
  -129
Cash from investing activities, $m
  -136
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -140
  -147
  -154
  -161
  -170
  -179
  -188
  -197
  -207
  -216
  -227
  -238
  -251
  -263
  -276
  -289
  -304
  -319
  -335
  -352
  -370
  -388
  -408
Free cash flow, $m
  229
  326
  339
  353
  368
  383
  399
  417
  435
  454
  474
  480
  502
  525
  550
  576
  603
  631
  661
  693
  726
  761
  797
  835
  876
  918
  962
  1,009
  1,058
  1,110
  1,164
Issuance/(repayment) of debt, $m
  -53
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
  67
  70
  74
  77
  81
  85
  90
  94
  99
  104
  109
  115
  121
  127
  133
  140
  147
  154
  162
Issuance/(repurchase) of shares, $m
  -169
  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  
  -223
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
  67
  70
  74
  77
  81
  85
  90
  94
  99
  104
  109
  115
  121
  127
  133
  140
  147
  154
  162
Total cash flow (excl. dividends), $m
  6
  364
  379
  395
  412
  430
  448
  468
  489
  511
  534
  543
  569
  595
  624
  653
  684
  717
  751
  787
  825
  865
  907
  950
  997
  1,045
  1,096
  1,149
  1,205
  1,264
  1,326
Retained Cash Flow (-), $m
  -4
  -41
  -45
  -47
  -50
  -53
  -55
  -58
  -61
  -65
  -68
  -71
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -106
  -112
  -118
  -123
  -130
  -136
  -143
  -150
  -158
  -166
  -174
  -183
Prev. year cash balance distribution, $m
 
  70
  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
 
  392
  334
  348
  362
  377
  393
  410
  428
  446
  466
  472
  494
  516
  541
  566
  592
  620
  650
  681
  713
  747
  783
  821
  860
  902
  945
  991
  1,039
  1,090
  1,143
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
 
  376
  306
  302
  298
  292
  285
  277
  267
  256
  244
  224
  211
  196
  181
  166
  151
  135
  120
  105
  91
  77
  65
  54
  44
  35
  28
  21
  16
  12
  9
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 33.3
Price to Sales 5.7
Price to Book 8.2
Price to Tangible Book
Price to Cash Flow 22.5
Price to Free Cash Flow 41
Growth Rates
Sales Growth Rate 5.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.8%
Cap. Spend. - 3 Yr. Gr. Rate 11%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 368
Management Effectiveness
Return On Assets 13.5%
Ret/ On Assets - 3 Yr. Avg. 13.4%
Return On Total Capital 24.1%
Ret/ On T. Cap. - 3 Yr. Avg. 23.3%
Return On Equity 24.7%
Return On Equity - 3 Yr. Avg. 23.8%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 42.8%
Gross Margin - 3 Yr. Avg. 42.8%
EBITDA Margin 34.8%
EBITDA Margin - 3 Yr. Avg. 34.7%
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 34.1%

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 4.6% 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 3.8% 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 45.6%.

Life of production assets of 9.3 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 -5.7%. 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 - $996 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 78.038 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 $8.1 billion.

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COMPANY NEWS

▶ 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]
▶ Symitar Introduces Mobile Booking Via Appointment 365   [Jan-31-17 08:00AM  PR Newswire]
▶ MVB Bank Selects Jack Henry Banking's SilverLake System   [Jan-04-17 08:00AM  PR Newswire]
▶ Is Jack Henry & Associates, Inc. (JKHY) A Good Stock To Buy?   [Dec-07-16 06:41AM  at Insider Monkey]
▶ Credit Union of Texas Selects Symitar   [Nov-30-16 08:00AM  PR Newswire]
▶ ProfitStars Introduces Commercial Lending Center Suite   [Nov-17-16 08:00AM  PR Newswire]
Financial statements of JKHY
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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