Intrinsic value of Jack Henry&Associates - JKHY

Previous Close

$118.24

  Intrinsic Value

$63.57

stock screener

  Rating & Target

sell

-46%

Previous close

$118.24

 
Intrinsic value

$63.57

 
Up/down potential

-46%

 
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

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 9.1

 

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
  2,430
  2,550
  2,676
  2,809
  2,948
  3,094
  3,248
  3,410
  3,579
  3,757
  3,944
  4,141
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
  2,430
  2,550
  2,676
  2,809
  2,948
  3,094
  3,248
  3,410
  3,579
  3,757
  3,944
  4,141
Operating income, $m
  368
  402
  423
  446
  469
  494
  520
  548
  577
  607
  640
  729
  764
  801
  841
  882
  925
  971
  1,019
  1,069
  1,122
  1,178
  1,236
  1,297
  1,362
  1,429
  1,500
  1,575
  1,653
  1,736
  1,822
EBITDA, $m
  508
  537
  562
  588
  616
  645
  675
  708
  742
  778
  815
  855
  897
  940
  986
  1,035
  1,086
  1,139
  1,195
  1,255
  1,317
  1,382
  1,450
  1,522
  1,598
  1,677
  1,760
  1,848
  1,940
  2,037
  2,138
Interest expense (income), $m
  1
  2
  4
  5
  7
  9
  11
  13
  15
  18
  20
  23
  25
  28
  31
  34
  38
  41
  45
  49
  53
  57
  61
  66
  71
  76
  82
  87
  93
  100
  106
Earnings before tax, $m
  367
  400
  420
  440
  462
  485
  509
  535
  562
  590
  620
  706
  739
  773
  809
  848
  888
  930
  974
  1,020
  1,069
  1,121
  1,175
  1,231
  1,291
  1,353
  1,419
  1,488
  1,560
  1,636
  1,716
Tax expense, $m
  121
  108
  113
  119
  125
  131
  138
  144
  152
  159
  167
  191
  199
  209
  219
  229
  240
  251
  263
  276
  289
  303
  317
  332
  348
  365
  383
  402
  421
  442
  463
Net income, $m
  246
  292
  306
  322
  337
  354
  372
  390
  410
  431
  452
  515
  539
  564
  591
  619
  648
  679
  711
  745
  781
  818
  857
  899
  942
  988
  1,036
  1,086
  1,139
  1,194
  1,253

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
  1,876
  1,963
  2,055
  2,151
  2,253
  2,361
  2,474
  2,592
  2,718
  2,849
  2,988
  3,133
  3,287
  3,448
  3,617
  3,795
  3,982
  4,178
  4,384
  4,601
  4,829
  5,068
  5,320
  5,584
  5,861
  6,153
  6,459
  6,780
  7,118
  7,472
Adjusted assets (=assets-cash), $m
  1,794
  1,876
  1,963
  2,055
  2,151
  2,253
  2,361
  2,474
  2,592
  2,718
  2,849
  2,988
  3,133
  3,287
  3,448
  3,617
  3,795
  3,982
  4,178
  4,384
  4,601
  4,829
  5,068
  5,320
  5,584
  5,861
  6,153
  6,459
  6,780
  7,118
  7,472
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
  690
  722
  756
  791
  829
  868
  910
  954
  1,000
  1,048
  1,099
  1,153
  1,209
  1,268
  1,331
  1,396
  1,465
  1,537
  1,613
  1,693
  1,776
  1,865
  1,957
  2,054
  2,156
  2,263
  2,376
  2,494
  2,618
  2,749
Working capital, $m
  49
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -139
  -146
  -153
  -161
  -169
  -177
  -186
  -195
  -205
  -215
  -226
  -237
  -249
  -261
  -274
Total debt, $m
  50
  90
  133
  178
  225
  275
  327
  383
  441
  502
  566
  634
  705
  780
  859
  942
  1,029
  1,120
  1,216
  1,317
  1,423
  1,534
  1,651
  1,774
  1,904
  2,039
  2,182
  2,331
  2,489
  2,654
  2,827
Total liabilities, $m
  877
  917
  960
  1,005
  1,052
  1,102
  1,154
  1,210
  1,268
  1,329
  1,393
  1,461
  1,532
  1,607
  1,686
  1,769
  1,856
  1,947
  2,043
  2,144
  2,250
  2,361
  2,478
  2,601
  2,731
  2,866
  3,009
  3,158
  3,316
  3,481
  3,654
Total equity, $m
  1,032
  958
  1,003
  1,050
  1,099
  1,151
  1,206
  1,264
  1,325
  1,389
  1,456
  1,527
  1,601
  1,679
  1,762
  1,848
  1,939
  2,035
  2,135
  2,240
  2,351
  2,468
  2,590
  2,718
  2,853
  2,995
  3,144
  3,300
  3,465
  3,637
  3,818
Total liabilities and equity, $m
  1,909
  1,875
  1,963
  2,055
  2,151
  2,253
  2,360
  2,474
  2,593
  2,718
  2,849
  2,988
  3,133
  3,286
  3,448
  3,617
  3,795
  3,982
  4,178
  4,384
  4,601
  4,829
  5,068
  5,319
  5,584
  5,861
  6,153
  6,458
  6,781
  7,118
  7,472
Debt-to-equity ratio
  0.048
  0.090
  0.130
  0.170
  0.200
  0.240
  0.270
  0.300
  0.330
  0.360
  0.390
  0.420
  0.440
  0.460
  0.490
  0.510
  0.530
  0.550
  0.570
  0.590
  0.610
  0.620
  0.640
  0.650
  0.670
  0.680
  0.690
  0.710
  0.720
  0.730
  0.740
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
  292
  306
  322
  337
  354
  372
  390
  410
  431
  452
  515
  539
  564
  591
  619
  648
  679
  711
  745
  781
  818
  857
  899
  942
  988
  1,036
  1,086
  1,139
  1,194
  1,253
Depreciation, amort., depletion, $m
  140
  135
  138
  142
  146
  150
  155
  160
  165
  170
  176
  126
  132
  139
  146
  153
  160
  168
  177
  185
  195
  204
  214
  225
  236
  248
  260
  273
  287
  301
  316
Funds from operations, $m
  282
  427
  445
  464
  484
  505
  527
  550
  575
  601
  628
  642
  672
  703
  737
  772
  808
  847
  888
  930
  975
  1,022
  1,072
  1,124
  1,178
  1,236
  1,296
  1,359
  1,426
  1,495
  1,569
Change in working capital, $m
  -75
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
Cash from operations, $m
  357
  430
  448
  467
  487
  508
  531
  554
  579
  605
  633
  647
  677
  709
  743
  778
  815
  854
  895
  938
  983
  1,031
  1,081
  1,133
  1,188
  1,246
  1,307
  1,370
  1,437
  1,508
  1,582
Maintenance CAPEX, $m
  0
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -120
  -126
  -132
  -139
  -146
  -153
  -160
  -168
  -177
  -185
  -195
  -204
  -214
  -225
  -236
  -248
  -260
  -273
  -287
  -301
New CAPEX, $m
  -148
  -31
  -32
  -34
  -36
  -37
  -39
  -42
  -44
  -46
  -48
  -51
  -54
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -92
  -97
  -102
  -107
  -113
  -118
  -124
  -130
Cash from investing activities, $m
  -142
  -107
  -111
  -117
  -123
  -128
  -134
  -142
  -149
  -156
  -163
  -171
  -180
  -188
  -198
  -208
  -218
  -229
  -240
  -253
  -265
  -279
  -292
  -306
  -322
  -338
  -355
  -373
  -391
  -411
  -431
Free cash flow, $m
  215
  323
  337
  350
  365
  380
  396
  413
  431
  450
  469
  475
  497
  520
  544
  570
  597
  625
  654
  685
  718
  752
  788
  826
  866
  908
  952
  998
  1,046
  1,097
  1,150
Issuance/(repayment) of debt, $m
  50
  40
  43
  45
  47
  50
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  91
  96
  101
  106
  111
  117
  123
  129
  136
  142
  150
  157
  165
  173
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
  40
  43
  45
  47
  50
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  91
  96
  101
  106
  111
  117
  123
  129
  136
  142
  150
  157
  165
  173
Total cash flow (excl. dividends), $m
  136
  363
  379
  395
  412
  430
  449
  468
  489
  511
  534
  543
  568
  595
  623
  653
  684
  716
  750
  786
  824
  864
  905
  949
  995
  1,043
  1,094
  1,147
  1,203
  1,262
  1,324
Retained Cash Flow (-), $m
  -36
  -41
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -91
  -96
  -100
  -105
  -111
  -116
  -122
  -128
  -135
  -142
  -149
  -156
  -164
  -173
  -181
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
  335
  348
  363
  378
  394
  411
  428
  447
  467
  472
  494
  517
  541
  566
  593
  621
  650
  681
  713
  747
  783
  821
  860
  902
  945
  991
  1,039
  1,089
  1,142
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
  303
  299
  293
  286
  277
  268
  257
  245
  224
  211
  197
  182
  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 37.2
Price to Sales 6.4
Price to Book 8.9
Price to Tangible Book
Price to Cash Flow 25.6
Price to Free Cash Flow 43.8
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 4.6% 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 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 77.236 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 $9.1 billion.

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COMPANY NEWS

▶ 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]
▶ Symitar Introduces Mobile Booking Via Appointment 365   [Jan-31-17 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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