Intrinsic value of John Wiley&Sons Cl A - JW-A

Previous Close

$64.25

  Intrinsic Value

$53.24

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  Rating & Target

hold

-17%

Previous close

$64.25

 
Intrinsic value

$53.24

 
Up/down potential

-17%

 
Rating

hold

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

We calculate the intrinsic value of JW-A 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 3.6

 

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, %
  -0.46
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,719
  1,753
  1,794
  1,840
  1,892
  1,949
  2,012
  2,080
  2,155
  2,234
  2,320
  2,412
  2,510
  2,614
  2,725
  2,842
  2,967
  3,099
  3,238
  3,385
  3,541
  3,705
  3,878
  4,061
  4,253
  4,455
  4,669
  4,893
  5,129
  5,378
  5,639
Variable operating expenses, $m
 
  1,560
  1,594
  1,632
  1,676
  1,723
  1,776
  1,833
  1,895
  1,961
  2,033
  2,011
  2,093
  2,180
  2,272
  2,370
  2,474
  2,584
  2,700
  2,823
  2,953
  3,090
  3,234
  3,386
  3,546
  3,715
  3,893
  4,080
  4,277
  4,484
  4,702
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
  1,512
  1,560
  1,594
  1,632
  1,676
  1,723
  1,776
  1,833
  1,895
  1,961
  2,033
  2,011
  2,093
  2,180
  2,272
  2,370
  2,474
  2,584
  2,700
  2,823
  2,953
  3,090
  3,234
  3,386
  3,546
  3,715
  3,893
  4,080
  4,277
  4,484
  4,702
Operating income, $m
  206
  193
  200
  207
  216
  226
  236
  247
  260
  273
  287
  401
  417
  434
  453
  472
  493
  515
  538
  562
  588
  616
  644
  675
  707
  740
  776
  813
  852
  893
  937
EBITDA, $m
  323
  357
  365
  374
  385
  396
  409
  423
  438
  454
  472
  491
  510
  532
  554
  578
  603
  630
  659
  689
  720
  754
  789
  826
  865
  906
  950
  995
  1,043
  1,094
  1,147
Interest expense (income), $m
  16
  13
  14
  15
  17
  18
  20
  22
  25
  27
  30
  32
  35
  39
  42
  46
  49
  53
  58
  62
  67
  72
  78
  83
  89
  95
  102
  109
  116
  124
  132
Earnings before tax, $m
  191
  180
  186
  192
  199
  207
  216
  225
  235
  246
  258
  368
  382
  396
  411
  427
  444
  461
  480
  500
  521
  543
  567
  591
  617
  645
  674
  704
  736
  769
  805
Tax expense, $m
  77
  49
  50
  52
  54
  56
  58
  61
  64
  66
  70
  99
  103
  107
  111
  115
  120
  125
  130
  135
  141
  147
  153
  160
  167
  174
  182
  190
  199
  208
  217
Net income, $m
  114
  132
  136
  140
  146
  151
  158
  164
  172
  180
  188
  269
  279
  289
  300
  311
  324
  337
  351
  365
  380
  397
  414
  432
  451
  471
  492
  514
  537
  562
  587

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  59
  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
  2,606
  2,598
  2,657
  2,726
  2,802
  2,887
  2,980
  3,082
  3,192
  3,310
  3,437
  3,573
  3,718
  3,873
  4,037
  4,211
  4,395
  4,591
  4,797
  5,016
  5,246
  5,489
  5,746
  6,016
  6,301
  6,601
  6,916
  7,249
  7,599
  7,967
  8,354
Adjusted assets (=assets-cash), $m
  2,547
  2,598
  2,657
  2,726
  2,802
  2,887
  2,980
  3,082
  3,192
  3,310
  3,437
  3,573
  3,718
  3,873
  4,037
  4,211
  4,395
  4,591
  4,797
  5,016
  5,246
  5,489
  5,746
  6,016
  6,301
  6,601
  6,916
  7,249
  7,599
  7,967
  8,354
Revenue / Adjusted assets
  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
  0.675
Average production assets, $m
  1,172
  1,196
  1,223
  1,255
  1,290
  1,329
  1,372
  1,419
  1,469
  1,524
  1,582
  1,645
  1,712
  1,783
  1,858
  1,938
  2,023
  2,113
  2,208
  2,309
  2,415
  2,527
  2,645
  2,769
  2,901
  3,039
  3,184
  3,337
  3,498
  3,667
  3,846
Working capital, $m
  -428
  -496
  -508
  -521
  -535
  -552
  -569
  -589
  -610
  -632
  -657
  -683
  -710
  -740
  -771
  -804
  -840
  -877
  -916
  -958
  -1,002
  -1,049
  -1,098
  -1,149
  -1,204
  -1,261
  -1,321
  -1,385
  -1,452
  -1,522
  -1,596
Total debt, $m
  365
  396
  433
  476
  525
  578
  637
  701
  770
  844
  924
  1,010
  1,101
  1,198
  1,301
  1,411
  1,527
  1,650
  1,779
  1,917
  2,062
  2,215
  2,376
  2,546
  2,725
  2,914
  3,112
  3,322
  3,542
  3,773
  4,017
Total liabilities, $m
  1,603
  1,634
  1,671
  1,714
  1,763
  1,816
  1,875
  1,939
  2,008
  2,082
  2,162
  2,248
  2,339
  2,436
  2,539
  2,649
  2,765
  2,888
  3,017
  3,155
  3,300
  3,453
  3,614
  3,784
  3,963
  4,152
  4,350
  4,560
  4,780
  5,011
  5,255
Total equity, $m
  1,003
  964
  986
  1,011
  1,040
  1,071
  1,106
  1,143
  1,184
  1,228
  1,275
  1,326
  1,379
  1,437
  1,498
  1,562
  1,631
  1,703
  1,780
  1,861
  1,946
  2,036
  2,132
  2,232
  2,338
  2,449
  2,566
  2,689
  2,819
  2,956
  3,099
Total liabilities and equity, $m
  2,606
  2,598
  2,657
  2,725
  2,803
  2,887
  2,981
  3,082
  3,192
  3,310
  3,437
  3,574
  3,718
  3,873
  4,037
  4,211
  4,396
  4,591
  4,797
  5,016
  5,246
  5,489
  5,746
  6,016
  6,301
  6,601
  6,916
  7,249
  7,599
  7,967
  8,354
Debt-to-equity ratio
  0.364
  0.410
  0.440
  0.470
  0.500
  0.540
  0.580
  0.610
  0.650
  0.690
  0.720
  0.760
  0.800
  0.830
  0.870
  0.900
  0.940
  0.970
  1.000
  1.030
  1.060
  1.090
  1.110
  1.140
  1.170
  1.190
  1.210
  1.240
  1.260
  1.280
  1.300
Adjusted equity ratio
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  114
  132
  136
  140
  146
  151
  158
  164
  172
  180
  188
  269
  279
  289
  300
  311
  324
  337
  351
  365
  380
  397
  414
  432
  451
  471
  492
  514
  537
  562
  587
Depreciation, amort., depletion, $m
  117
  164
  165
  167
  169
  171
  173
  176
  178
  181
  185
  90
  94
  97
  102
  106
  111
  115
  121
  126
  132
  138
  145
  151
  158
  166
  174
  182
  191
  200
  210
Funds from operations, $m
  326
  295
  301
  307
  314
  322
  331
  340
  350
  361
  373
  359
  372
  386
  401
  417
  434
  452
  471
  491
  512
  535
  558
  583
  609
  637
  666
  696
  728
  762
  798
Change in working capital, $m
  11
  -10
  -11
  -13
  -15
  -16
  -18
  -19
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -52
  -54
  -57
  -60
  -64
  -67
  -70
  -74
Cash from operations, $m
  315
  305
  312
  320
  329
  338
  349
  359
  371
  384
  397
  385
  400
  416
  433
  451
  470
  490
  511
  533
  556
  581
  607
  635
  664
  694
  726
  760
  795
  832
  872
Maintenance CAPEX, $m
  0
  -64
  -65
  -67
  -69
  -70
  -73
  -75
  -78
  -80
  -83
  -86
  -90
  -94
  -97
  -102
  -106
  -111
  -115
  -121
  -126
  -132
  -138
  -145
  -151
  -158
  -166
  -174
  -182
  -191
  -200
New CAPEX, $m
  -111
  -24
  -28
  -31
  -35
  -39
  -43
  -47
  -51
  -54
  -58
  -63
  -67
  -71
  -76
  -80
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -124
  -131
  -138
  -145
  -153
  -161
  -169
  -178
Cash from investing activities, $m
  -243
  -88
  -93
  -98
  -104
  -109
  -116
  -122
  -129
  -134
  -141
  -149
  -157
  -165
  -173
  -182
  -191
  -201
  -210
  -221
  -232
  -244
  -256
  -269
  -282
  -296
  -311
  -327
  -343
  -360
  -378
Free cash flow, $m
  72
  217
  219
  222
  225
  229
  233
  238
  243
  249
  255
  236
  243
  251
  260
  269
  279
  289
  300
  312
  324
  337
  351
  366
  381
  397
  415
  433
  452
  472
  493
Issuance/(repayment) of debt, $m
  -240
  31
  38
  43
  48
  53
  59
  64
  69
  74
  80
  85
  91
  97
  103
  110
  116
  123
  130
  137
  145
  153
  161
  170
  179
  189
  199
  209
  220
  231
  243
Issuance/(repurchase) of shares, $m
  -35
  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  
  -274
  31
  38
  43
  48
  53
  59
  64
  69
  74
  80
  85
  91
  97
  103
  110
  116
  123
  130
  137
  145
  153
  161
  170
  179
  189
  199
  209
  220
  231
  243
Total cash flow (excl. dividends), $m
  -233
  247
  257
  265
  273
  282
  292
  302
  312
  323
  335
  321
  334
  348
  363
  378
  395
  412
  430
  449
  469
  490
  512
  536
  560
  586
  613
  642
  672
  703
  736
Retained Cash Flow (-), $m
  34
  -20
  -22
  -25
  -28
  -32
  -35
  -38
  -41
  -44
  -47
  -50
  -54
  -57
  -61
  -65
  -68
  -72
  -77
  -81
  -85
  -90
  -95
  -100
  -106
  -111
  -117
  -123
  -130
  -137
  -144
Prev. year cash balance distribution, $m
 
  59
  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
 
  287
  235
  240
  245
  251
  257
  264
  271
  279
  288
  271
  281
  291
  302
  314
  326
  339
  353
  368
  384
  400
  417
  435
  455
  475
  496
  518
  542
  567
  593
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
 
  275
  215
  208
  202
  194
  187
  178
  170
  161
  151
  129
  120
  111
  101
  92
  83
  74
  65
  57
  49
  41
  35
  29
  23
  18
  14
  11
  8
  6
  4
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

John Wiley & Sons, Inc. provides knowledge and knowledge-enabled services in the areas of research, professional practice and education. The Company operates through three segments: Research, Professional Development and Education. Through the Research segment, the Company provides digital and print scientific, technical, medical and scholarly journals, reference works, books, database services and advertising. The Professional Development segment provides digital and print books, corporate learning solutions, employment talent solutions and training services, and test prep and certification. In the Education segment, the Company provides print and digital content, and education solutions, including online program management services for higher education institutions and course management tools for instructors and students. The Company is engaged in developing and cross-marketing products to its customer base of researchers, professionals, students and educators.

FINANCIAL RATIOS  of  John Wiley&Sons Cl A (JW-A)

Valuation Ratios
P/E Ratio 32.2
Price to Sales 2.1
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow 11.7
Price to Free Cash Flow 18
Growth Rates
Sales Growth Rate -0.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 18.1%
Cap. Spend. - 3 Yr. Gr. Rate 13.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 36.4%
Total Debt to Equity 36.4%
Interest Coverage 13
Management Effectiveness
Return On Assets 4.5%
Ret/ On Assets - 3 Yr. Avg. 5.3%
Return On Total Capital 7.6%
Ret/ On T. Cap. - 3 Yr. Avg. 8.5%
Return On Equity 11.2%
Return On Equity - 3 Yr. Avg. 13.7%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 73.2%
Gross Margin - 3 Yr. Avg. 72.9%
EBITDA Margin 18.8%
EBITDA Margin - 3 Yr. Avg. 18.6%
Operating Margin 12%
Oper. Margin - 3 Yr. Avg. 12%
Pre-Tax Margin 11.1%
Pre-Tax Margin - 3 Yr. Avg. 11.2%
Net Profit Margin 6.6%
Net Profit Margin - 3 Yr. Avg. 8.3%
Effective Tax Rate 40.3%
Eff/ Tax Rate - 3 Yr. Avg. 26.1%
Payout Ratio 63.2%

JW-A stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JW-A stock intrinsic value calculation we used $1719 million for the last fiscal year's total revenue generated by John Wiley&Sons Cl A. The default revenue input number comes from 2017 income statement of John Wiley&Sons Cl A. 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 JW-A stock valuation model: a) initial revenue growth rate of 2% 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 JW-A is calculated based on our internal credit rating of John Wiley&Sons Cl A, 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 John Wiley&Sons Cl A.
    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 JW-A stock the variable cost ratio is equal to 89.1%.

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 JW-A 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 John Wiley&Sons Cl A.

Corporate tax rate of 27% is the nominal tax rate for John Wiley&Sons Cl A. 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 JW-A 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 JW-A are equal to 68.2%.

Life of production assets of 18.3 years is the average useful life of capital assets used in John Wiley&Sons Cl A 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 JW-A is equal to -28.3%. 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 - $1003 million for John Wiley&Sons Cl A - 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 56.727 million for John Wiley&Sons Cl A 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 John Wiley&Sons Cl A at the current share price and the inputted number of shares is $3.6 billion.

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COMPANY NEWS

▶ Wiley Announces Quarterly Dividend   [Dec-14-17 08:00AM  Business Wire]
▶ Stocks To Watch: Wiley John & Sons Sees RS Rating Jump To 83   [Dec-08-17 03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: Wiley John & Sons   [03:00AM  Investor's Business Daily]
▶ John Wiley & Sons posts 2Q profit   [08:15AM  Associated Press]
▶ Wiley Reports Second Quarter 2018 Results   [08:00AM  Business Wire]
▶ [$$] Providence Equity Executive Leaving Firm to Lead John Wiley and Sons   [Oct-17-17 12:07PM  The Wall Street Journal]
▶ Wiley Announces Quarterly Dividend   [Sep-28-17 08:00AM  Business Wire]
▶ Stock Market News For Sep 8, 2017   [Sep-08-17 10:04AM  Zacks]
▶ John Wiley & Sons posts 1Q profit   [Sep-07-17 10:24PM  Associated Press]
▶ Wiley Reports First Quarter 2018 Results   [08:00AM  Business Wire]
▶ John Wiley & Sons posts 4Q profit   [08:25AM  Associated Press]
▶ Mark Allin resigns as President and CEO of Wiley   [May-08-17 08:00AM  Business Wire]
▶ Wiley Announces Quarterly Dividend   [Mar-23-17 08:00AM  Business Wire]
▶ John Wiley & Sons posts 3Q profit   [08:06AM  Associated Press]
▶ Wiley Announces Quarterly Dividend   [08:00AM  Business Wire]
▶ Do Hedge Funds Love John Wiley & Sons Inc (JW.A)?   [Dec-09-16 12:38PM  at Insider Monkey]
Financial statements of JW-A
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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