Intrinsic value of Maximus - MMS

Previous Close

$64.15

  Intrinsic Value

$66.63

stock screener

  Rating & Target

hold

+4%

Previous close

$64.15

 
Intrinsic value

$66.63

 
Up/down potential

+4%

 
Rating

hold

We calculate the intrinsic value of MMS 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 4.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  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
  2,500
  2,558
  2,623
  2,697
  2,779
  2,869
  2,966
  3,072
  3,186
  3,308
  3,439
  3,579
  3,727
  3,885
  4,053
  4,230
  4,418
  4,617
  4,827
  5,049
  5,283
  5,530
  5,790
  6,064
  6,353
  6,657
  6,977
  7,313
  7,667
  8,040
Variable operating expenses, $m
  759
  775
  794
  815
  838
  863
  891
  920
  953
  987
  971
  1,011
  1,053
  1,097
  1,145
  1,195
  1,248
  1,304
  1,363
  1,426
  1,492
  1,562
  1,635
  1,713
  1,794
  1,880
  1,971
  2,066
  2,166
  2,271
Fixed operating expenses, $m
  1,456
  1,488
  1,521
  1,555
  1,589
  1,624
  1,659
  1,696
  1,733
  1,771
  1,810
  1,850
  1,891
  1,933
  1,975
  2,019
  2,063
  2,108
  2,155
  2,202
  2,251
  2,300
  2,351
  2,402
  2,455
  2,509
  2,564
  2,621
  2,678
  2,737
Total operating expenses, $m
  2,215
  2,263
  2,315
  2,370
  2,427
  2,487
  2,550
  2,616
  2,686
  2,758
  2,781
  2,861
  2,944
  3,030
  3,120
  3,214
  3,311
  3,412
  3,518
  3,628
  3,743
  3,862
  3,986
  4,115
  4,249
  4,389
  4,535
  4,687
  4,844
  5,008
Operating income, $m
  285
  294
  308
  328
  352
  382
  416
  455
  500
  550
  657
  718
  783
  855
  933
  1,017
  1,107
  1,205
  1,309
  1,421
  1,540
  1,668
  1,804
  1,949
  2,103
  2,267
  2,442
  2,627
  2,823
  3,032
EBITDA, $m
  404
  415
  431
  452
  479
  511
  548
  590
  637
  690
  748
  812
  882
  958
  1,040
  1,129
  1,224
  1,327
  1,437
  1,555
  1,680
  1,814
  1,957
  2,110
  2,271
  2,444
  2,626
  2,821
  3,026
  3,245
Interest expense (income), $m
  0
  0
  0
  1
  2
  2
  3
  4
  5
  6
  7
  8
  9
  10
  12
  13
  15
  16
  18
  20
  22
  24
  26
  28
  30
  33
  35
  38
  41
  44
  47
Earnings before tax, $m
  285
  293
  307
  326
  350
  379
  412
  451
  494
  543
  649
  709
  773
  844
  920
  1,002
  1,091
  1,187
  1,289
  1,399
  1,517
  1,642
  1,776
  1,919
  2,070
  2,232
  2,404
  2,586
  2,779
  2,984
Tax expense, $m
  77
  79
  83
  88
  95
  102
  111
  122
  133
  147
  175
  191
  209
  228
  248
  271
  295
  320
  348
  378
  410
  443
  480
  518
  559
  603
  649
  698
  750
  806
Net income, $m
  208
  214
  224
  238
  256
  276
  301
  329
  361
  396
  474
  517
  564
  616
  672
  732
  797
  866
  941
  1,021
  1,107
  1,199
  1,296
  1,401
  1,511
  1,629
  1,755
  1,888
  2,029
  2,179

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  1,377
  1,409
  1,445
  1,486
  1,531
  1,580
  1,634
  1,693
  1,755
  1,823
  1,895
  1,972
  2,054
  2,141
  2,233
  2,331
  2,434
  2,544
  2,660
  2,782
  2,911
  3,047
  3,190
  3,341
  3,500
  3,668
  3,844
  4,029
  4,224
  4,430
Adjusted assets (=assets-cash), $m
  1,377
  1,409
  1,445
  1,486
  1,531
  1,580
  1,634
  1,693
  1,755
  1,823
  1,895
  1,972
  2,054
  2,141
  2,233
  2,331
  2,434
  2,544
  2,660
  2,782
  2,911
  3,047
  3,190
  3,341
  3,500
  3,668
  3,844
  4,029
  4,224
  4,430
Revenue / Adjusted assets
  1.816
  1.815
  1.815
  1.815
  1.815
  1.816
  1.815
  1.815
  1.815
  1.815
  1.815
  1.815
  1.815
  1.815
  1.815
  1.815
  1.815
  1.815
  1.815
  1.815
  1.815
  1.815
  1.815
  1.815
  1.815
  1.815
  1.815
  1.815
  1.815
  1.815
Average production assets, $m
  663
  678
  695
  715
  736
  760
  786
  814
  844
  877
  911
  948
  988
  1,030
  1,074
  1,121
  1,171
  1,224
  1,279
  1,338
  1,400
  1,465
  1,534
  1,607
  1,683
  1,764
  1,849
  1,938
  2,032
  2,131
Working capital, $m
  -125
  -128
  -131
  -135
  -139
  -143
  -148
  -154
  -159
  -165
  -172
  -179
  -186
  -194
  -203
  -212
  -221
  -231
  -241
  -252
  -264
  -276
  -289
  -303
  -318
  -333
  -349
  -366
  -383
  -402
Total debt, $m
  9
  18
  29
  42
  55
  70
  87
  104
  123
  144
  166
  189
  214
  241
  269
  298
  330
  363
  398
  436
  475
  516
  560
  606
  654
  705
  758
  815
  874
  937
Total liabilities, $m
  419
  428
  439
  452
  465
  480
  497
  515
  534
  554
  576
  599
  624
  651
  679
  709
  740
  773
  809
  846
  885
  926
  970
  1,016
  1,064
  1,115
  1,169
  1,225
  1,284
  1,347
Total equity, $m
  959
  981
  1,006
  1,034
  1,066
  1,100
  1,137
  1,178
  1,222
  1,269
  1,319
  1,372
  1,429
  1,490
  1,554
  1,622
  1,694
  1,771
  1,851
  1,936
  2,026
  2,121
  2,220
  2,325
  2,436
  2,553
  2,675
  2,804
  2,940
  3,083
Total liabilities and equity, $m
  1,378
  1,409
  1,445
  1,486
  1,531
  1,580
  1,634
  1,693
  1,756
  1,823
  1,895
  1,971
  2,053
  2,141
  2,233
  2,331
  2,434
  2,544
  2,660
  2,782
  2,911
  3,047
  3,190
  3,341
  3,500
  3,668
  3,844
  4,029
  4,224
  4,430
Debt-to-equity ratio
  0.010
  0.020
  0.030
  0.040
  0.050
  0.060
  0.080
  0.090
  0.100
  0.110
  0.130
  0.140
  0.150
  0.160
  0.170
  0.180
  0.190
  0.210
  0.220
  0.220
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.280
  0.290
  0.300
  0.300
Adjusted equity ratio
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  208
  214
  224
  238
  256
  276
  301
  329
  361
  396
  474
  517
  564
  616
  672
  732
  797
  866
  941
  1,021
  1,107
  1,199
  1,296
  1,401
  1,511
  1,629
  1,755
  1,888
  2,029
  2,179
Depreciation, amort., depletion, $m
  119
  121
  122
  124
  126
  129
  131
  134
  137
  140
  91
  95
  99
  103
  107
  112
  117
  122
  128
  134
  140
  147
  153
  161
  168
  176
  185
  194
  203
  213
Funds from operations, $m
  327
  335
  347
  362
  382
  405
  432
  463
  498
  537
  565
  612
  663
  719
  779
  844
  914
  989
  1,069
  1,155
  1,247
  1,345
  1,450
  1,561
  1,680
  1,806
  1,939
  2,081
  2,232
  2,392
Change in working capital, $m
  -2
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
Cash from operations, $m
  329
  338
  350
  366
  386
  410
  437
  469
  504
  543
  572
  619
  671
  727
  787
  853
  923
  999
  1,080
  1,166
  1,259
  1,358
  1,463
  1,575
  1,694
  1,821
  1,955
  2,098
  2,250
  2,410
Maintenance CAPEX, $m
  -65
  -66
  -68
  -70
  -71
  -74
  -76
  -79
  -81
  -84
  -88
  -91
  -95
  -99
  -103
  -107
  -112
  -117
  -122
  -128
  -134
  -140
  -147
  -153
  -161
  -168
  -176
  -185
  -194
  -203
New CAPEX, $m
  -13
  -15
  -17
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -35
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -89
  -94
  -99
Cash from investing activities, $m
  -78
  -81
  -85
  -90
  -93
  -98
  -102
  -107
  -111
  -116
  -123
  -128
  -134
  -141
  -147
  -154
  -162
  -170
  -178
  -187
  -196
  -205
  -216
  -226
  -238
  -249
  -261
  -274
  -288
  -302
Free cash flow, $m
  251
  256
  265
  277
  293
  312
  335
  362
  392
  426
  449
  491
  536
  586
  640
  698
  761
  829
  902
  980
  1,063
  1,152
  1,247
  1,349
  1,457
  1,572
  1,694
  1,824
  1,962
  2,108
Issuance/(repayment) of debt, $m
  8
  10
  11
  12
  14
  15
  16
  18
  19
  20
  22
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  44
  46
  48
  51
  54
  56
  59
  62
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  8
  10
  11
  12
  14
  15
  16
  18
  19
  20
  22
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  44
  46
  48
  51
  54
  56
  59
  62
Total cash flow (excl. dividends), $m
  259
  266
  276
  289
  307
  327
  352
  380
  411
  447
  471
  514
  561
  613
  668
  728
  793
  862
  937
  1,017
  1,102
  1,194
  1,291
  1,395
  1,505
  1,623
  1,748
  1,881
  2,021
  2,171
Retained Cash Flow (-), $m
  -19
  -22
  -25
  -28
  -31
  -34
  -37
  -41
  -44
  -47
  -50
  -54
  -57
  -61
  -64
  -68
  -72
  -76
  -81
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -129
  -136
  -143
Prev. year cash balance distribution, $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 flow adjustment, $m
  22
  23
  23
  24
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  40
  42
  43
  45
  48
  50
  52
  55
  57
  60
  63
  66
  69
Cash available for distribution, $m
  241
  244
  251
  261
  275
  293
  314
  339
  368
  400
  421
  461
  504
  552
  604
  660
  721
  786
  856
  932
  1,013
  1,099
  1,191
  1,290
  1,395
  1,506
  1,625
  1,751
  1,886
  2,028
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
  231
  223
  218
  215
  213
  213
  212
  212
  211
  210
  200
  197
  192
  185
  177
  168
  157
  145
  132
  118
  105
  91
  78
  66
  54
  44
  35
  27
  21
  15
Current shareholders' claim on cash, %
  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

MAXIMUS, Inc. provides business process services (BPS) to government health and human services agencies. The Company operates through three segments: U.S. Federal Services, Health Services and Human Services. The U.S. Federal Services segment provides BPS and program management for large government programs, independent health review and appeals services for both the United States Federal Government, and state-based programs and technology solutions for civilian federal programs. The Health Services segment provides a range of BPS, as well as related consulting services, for state, provincial and national government programs. The Human Services segment provides national, state and local human services agencies with a range of BPS and related consulting services for welfare-to-work, child support, higher education and K-12 special education programs.

FINANCIAL RATIOS  of  Maximus (MMS)

Valuation Ratios
P/E Ratio 20
Price to Sales 1.7
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 12.4
Price to Free Cash Flow 13.4
Growth Rates
Sales Growth Rate 2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -47.8%
Cap. Spend. - 3 Yr. Gr. Rate -12.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0.1%
Total Debt to Equity 0.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 15.5%
Ret/ On Assets - 3 Yr. Avg. 14.5%
Return On Total Capital 22.5%
Ret/ On T. Cap. - 3 Yr. Avg. 22%
Return On Equity 24.7%
Return On Equity - 3 Yr. Avg. 26%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 25%
Gross Margin - 3 Yr. Avg. 24.3%
EBITDA Margin 15.6%
EBITDA Margin - 3 Yr. Avg. 15.2%
Operating Margin 12.8%
Oper. Margin - 3 Yr. Avg. 12.4%
Pre-Tax Margin 12.8%
Pre-Tax Margin - 3 Yr. Avg. 12.4%
Net Profit Margin 8.5%
Net Profit Margin - 3 Yr. Avg. 7.8%
Effective Tax Rate 32.5%
Eff/ Tax Rate - 3 Yr. Avg. 36%
Payout Ratio 5.7%

MMS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MMS stock intrinsic value calculation we used $2451 million for the last fiscal year's total revenue generated by Maximus. The default revenue input number comes from 2017 income statement of Maximus. 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 MMS 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 MMS is calculated based on our internal credit rating of Maximus, 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 Maximus.
    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 MMS stock the variable cost ratio is equal to 30.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1425 million in the base year in the intrinsic value calculation for MMS 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 5.4% for Maximus.

Corporate tax rate of 27% is the nominal tax rate for Maximus. 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 MMS stock is equal to 0.9%.

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 MMS are equal to 26.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Maximus 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 MMS is equal to -5%. 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 - $940 million for Maximus - 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 66 million for Maximus 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 Maximus at the current share price and the inputted number of shares is $4.2 billion.

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COMPANY NEWS

▶ Maximus: Fiscal 3Q Earnings Snapshot   [07:01AM  Associated Press]
▶ MAXIMUS, Inc. to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ Bear Of The Day: Maximus (MMS)   [05:22AM  Zacks]
▶ Maximus: Fiscal 2Q Earnings Snapshot   [07:20AM  Associated Press]
▶ Edited Transcript of MMS presentation 6-Mar-17 1:40pm GMT   [Apr-10-18 01:22PM  Thomson Reuters StreetEvents]
▶ What is Behind MAXIMUS Incs (NYSE:MMS) Superior ROE?   [Feb-08-18 08:02AM  Simply Wall St.]
▶ MAXIMUS, Inc. to Host Earnings Call   [06:50AM  ACCESSWIRE]
▶ Maximus beats 1Q profit forecasts   [06:45AM  Associated Press]
▶ Gov-Con People on the Move: Maximus names new CEO   [Jan-18-18 05:20AM  American City Business Journals]
▶ New Strong Sell Stocks for December 15th   [Dec-15-17 08:29AM  Zacks]
▶ ETFs with exposure to MAXIMUS, Inc. : December 14, 2017   [Dec-14-17 01:50PM  Capital Cube]
▶ New Strong Sell Stocks for December 12th   [Dec-12-17 09:44AM  Zacks]
▶ New Strong Sell Stocks for December 7th   [Dec-07-17 09:01AM  Zacks]
▶ ETFs with exposure to MAXIMUS, Inc. : November 27, 2017   [Nov-27-17 02:47PM  Capital Cube]
▶ Is MAXIMUS Inc (MMS) As Strong As Its Balance Sheet Indicates?   [Nov-10-17 09:55AM  Simply Wall St.]
▶ MAXIMUS, Inc. to Host Earnings Call   [07:10AM  ACCESSWIRE]
▶ Maximus beats Street 4Q forecasts   [06:49AM  Associated Press]
▶ Maximus Trying To Close In On Key Technical Benchmark   [03:00AM  Investor's Business Daily]
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