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

Previous Close

$52.75

  Intrinsic Value

$58.25

stock screener

  Rating & Target

hold

+10%

  Value-price divergence*

-15%

Previous close

$52.75

 
Intrinsic value

$58.25

 
Up/down potential

+10%

 
Rating

hold

 
Value-price divergence*

-15%

*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 3.0

 

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
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
Revenue, $m
  1,719
  1,789
  1,864
  1,944
  2,029
  2,118
  2,213
  2,313
  2,418
  2,530
  2,648
  2,772
  2,902
  3,040
  3,185
  3,338
  3,499
  3,668
  3,846
  4,033
  4,229
  4,436
  4,654
  4,882
  5,122
  5,375
  5,640
  5,919
  6,212
  6,519
  6,843
Variable operating expenses, $m
 
  1,590
  1,653
  1,719
  1,790
  1,864
  1,943
  2,027
  2,115
  2,208
  2,306
  2,311
  2,420
  2,535
  2,656
  2,783
  2,917
  3,058
  3,207
  3,363
  3,527
  3,699
  3,881
  4,071
  4,271
  4,482
  4,703
  4,936
  5,180
  5,436
  5,706
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
  1,590
  1,653
  1,719
  1,790
  1,864
  1,943
  2,027
  2,115
  2,208
  2,306
  2,311
  2,420
  2,535
  2,656
  2,783
  2,917
  3,058
  3,207
  3,363
  3,527
  3,699
  3,881
  4,071
  4,271
  4,482
  4,703
  4,936
  5,180
  5,436
  5,706
Operating income, $m
  206
  199
  212
  225
  239
  254
  269
  286
  304
  322
  342
  460
  482
  505
  529
  555
  581
  609
  639
  670
  703
  737
  773
  811
  851
  893
  937
  983
  1,032
  1,083
  1,137
EBITDA, $m
  323
  364
  379
  395
  413
  431
  450
  470
  492
  515
  539
  564
  590
  618
  648
  679
  712
  746
  782
  820
  860
  902
  947
  993
  1,042
  1,093
  1,147
  1,204
  1,263
  1,326
  1,392
Interest expense (income), $m
  16
  13
  15
  17
  20
  23
  26
  29
  32
  36
  39
  43
  47
  51
  56
  61
  66
  71
  76
  82
  88
  95
  101
  108
  116
  124
  132
  141
  150
  159
  169
Earnings before tax, $m
  191
  186
  197
  207
  219
  231
  244
  257
  271
  287
  302
  417
  435
  454
  473
  494
  516
  539
  563
  588
  614
  642
  672
  703
  735
  769
  805
  843
  882
  924
  967
Tax expense, $m
  77
  50
  53
  56
  59
  62
  66
  69
  73
  77
  82
  113
  117
  123
  128
  133
  139
  145
  152
  159
  166
  173
  181
  190
  198
  208
  217
  228
  238
  249
  261
Net income, $m
  114
  136
  143
  151
  160
  169
  178
  188
  198
  209
  221
  305
  318
  331
  346
  361
  376
  393
  411
  429
  449
  469
  490
  513
  537
  561
  588
  615
  644
  674
  706

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
  2,651
  2,762
  2,880
  3,005
  3,138
  3,278
  3,426
  3,583
  3,748
  3,922
  4,106
  4,300
  4,504
  4,719
  4,945
  5,183
  5,434
  5,697
  5,974
  6,266
  6,572
  6,894
  7,233
  7,589
  7,963
  8,356
  8,769
  9,203
  9,658
  10,137
Adjusted assets (=assets-cash), $m
  2,547
  2,651
  2,762
  2,880
  3,005
  3,138
  3,278
  3,426
  3,583
  3,748
  3,922
  4,106
  4,300
  4,504
  4,719
  4,945
  5,183
  5,434
  5,697
  5,974
  6,266
  6,572
  6,894
  7,233
  7,589
  7,963
  8,356
  8,769
  9,203
  9,658
  10,137
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
  1,220
  1,272
  1,326
  1,383
  1,444
  1,509
  1,577
  1,649
  1,725
  1,806
  1,890
  1,979
  2,073
  2,172
  2,276
  2,386
  2,501
  2,623
  2,750
  2,884
  3,026
  3,174
  3,330
  3,494
  3,666
  3,847
  4,037
  4,236
  4,446
  4,667
Working capital, $m
  -428
  -506
  -528
  -550
  -574
  -599
  -626
  -654
  -684
  -716
  -749
  -784
  -821
  -860
  -901
  -945
  -990
  -1,038
  -1,088
  -1,141
  -1,197
  -1,255
  -1,317
  -1,382
  -1,450
  -1,521
  -1,596
  -1,675
  -1,758
  -1,845
  -1,936
Total debt, $m
  365
  430
  499
  574
  652
  736
  824
  917
  1,016
  1,119
  1,229
  1,345
  1,467
  1,595
  1,730
  1,872
  2,022
  2,180
  2,346
  2,520
  2,703
  2,896
  3,099
  3,312
  3,535
  3,771
  4,018
  4,278
  4,550
  4,837
  5,138
Total liabilities, $m
  1,603
  1,668
  1,737
  1,812
  1,890
  1,974
  2,062
  2,155
  2,254
  2,357
  2,467
  2,583
  2,705
  2,833
  2,968
  3,110
  3,260
  3,418
  3,584
  3,758
  3,941
  4,134
  4,337
  4,550
  4,773
  5,009
  5,256
  5,516
  5,788
  6,075
  6,376
Total equity, $m
  1,003
  984
  1,025
  1,069
  1,115
  1,164
  1,216
  1,271
  1,329
  1,391
  1,455
  1,523
  1,595
  1,671
  1,751
  1,835
  1,923
  2,016
  2,114
  2,216
  2,325
  2,438
  2,558
  2,683
  2,815
  2,954
  3,100
  3,253
  3,414
  3,583
  3,761
Total liabilities and equity, $m
  2,606
  2,652
  2,762
  2,881
  3,005
  3,138
  3,278
  3,426
  3,583
  3,748
  3,922
  4,106
  4,300
  4,504
  4,719
  4,945
  5,183
  5,434
  5,698
  5,974
  6,266
  6,572
  6,895
  7,233
  7,588
  7,963
  8,356
  8,769
  9,202
  9,658
  10,137
Debt-to-equity ratio
  0.364
  0.440
  0.490
  0.540
  0.590
  0.630
  0.680
  0.720
  0.760
  0.810
  0.840
  0.880
  0.920
  0.950
  0.990
  1.020
  1.050
  1.080
  1.110
  1.140
  1.160
  1.190
  1.210
  1.230
  1.260
  1.280
  1.300
  1.310
  1.330
  1.350
  1.370
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
  136
  143
  151
  160
  169
  178
  188
  198
  209
  221
  305
  318
  331
  346
  361
  376
  393
  411
  429
  449
  469
  490
  513
  537
  561
  588
  615
  644
  674
  706
Depreciation, amort., depletion, $m
  117
  165
  168
  171
  174
  177
  181
  184
  188
  192
  197
  103
  108
  113
  119
  124
  130
  137
  143
  150
  158
  165
  173
  182
  191
  200
  210
  221
  231
  243
  255
Funds from operations, $m
  326
  301
  311
  322
  333
  346
  359
  372
  386
  402
  418
  408
  426
  445
  464
  485
  507
  530
  554
  579
  606
  634
  664
  695
  728
  762
  798
  836
  876
  917
  961
Change in working capital, $m
  11
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -79
  -83
  -87
  -91
Cash from operations, $m
  315
  321
  332
  345
  357
  371
  385
  400
  416
  433
  451
  443
  463
  483
  505
  528
  552
  578
  604
  632
  662
  693
  725
  760
  795
  833
  873
  915
  958
  1,004
  1,053
Maintenance CAPEX, $m
  0
  -64
  -67
  -69
  -72
  -76
  -79
  -82
  -86
  -90
  -94
  -99
  -103
  -108
  -113
  -119
  -124
  -130
  -137
  -143
  -150
  -158
  -165
  -173
  -182
  -191
  -200
  -210
  -221
  -231
  -243
New CAPEX, $m
  -111
  -49
  -51
  -54
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -104
  -110
  -115
  -121
  -128
  -134
  -141
  -148
  -156
  -164
  -172
  -181
  -190
  -200
  -210
  -220
Cash from investing activities, $m
  -243
  -113
  -118
  -123
  -130
  -137
  -144
  -150
  -158
  -166
  -174
  -184
  -192
  -202
  -212
  -223
  -234
  -245
  -258
  -271
  -284
  -299
  -313
  -329
  -346
  -363
  -381
  -400
  -421
  -441
  -463
Free cash flow, $m
  72
  208
  215
  221
  227
  234
  242
  250
  258
  267
  276
  260
  270
  281
  293
  305
  318
  332
  346
  361
  377
  394
  412
  430
  450
  470
  492
  514
  538
  563
  589
Issuance/(repayment) of debt, $m
  -240
  65
  70
  74
  79
  83
  88
  93
  98
  104
  110
  116
  122
  128
  135
  142
  150
  158
  166
  174
  183
  193
  203
  213
  224
  235
  247
  260
  273
  287
  301
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
  65
  70
  74
  79
  83
  88
  93
  98
  104
  110
  116
  122
  128
  135
  142
  150
  158
  166
  174
  183
  193
  203
  213
  224
  235
  247
  260
  273
  287
  301
Total cash flow (excl. dividends), $m
  -233
  272
  284
  295
  306
  318
  330
  343
  357
  371
  386
  375
  392
  410
  428
  448
  468
  490
  512
  536
  561
  587
  614
  643
  674
  705
  739
  774
  811
  850
  890
Retained Cash Flow (-), $m
  34
  -40
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -126
  -132
  -139
  -146
  -153
  -161
  -169
  -178
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
 
  292
  243
  251
  260
  269
  278
  288
  299
  310
  321
  307
  320
  334
  348
  364
  380
  397
  414
  433
  453
  473
  495
  518
  542
  567
  593
  621
  650
  681
  713
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
 
  280
  223
  219
  214
  208
  202
  195
  187
  178
  168
  146
  137
  127
  117
  107
  96
  86
  76
  67
  58
  49
  41
  34
  28
  22
  17
  13
  10
  7
  5
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 26.5
Price to Sales 1.8
Price to Book 3
Price to Tangible Book
Price to Cash Flow 9.6
Price to Free Cash Flow 14.8
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 4.1% 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 57.116 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 $3.0 billion.

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COMPANY NEWS

▶ 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]
▶ Hedge Funds Are Selling First Horizon National Corp (FHN)   [Dec-02-16 02:49PM  at Insider Monkey]
▶ Judy Verses Joins Wiley as EVP, Research   [Oct-14-16 12:54PM  Business Wire]
▶ Wiley Announces Quarterly Dividend   [Sep-22-16 08:00AM  Business Wire]
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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