Intrinsic value of ePlus - PLUS

Previous Close

$76.00

  Intrinsic Value

$67.26

stock screener

  Rating & Target

hold

-12%

Previous close

$76.00

 
Intrinsic value

$67.26

 
Up/down potential

-12%

 
Rating

hold

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

We calculate the intrinsic value of PLUS 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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of ePlus (PLUS) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  10.38
  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
  1,329
  1,356
  1,387
  1,422
  1,462
  1,507
  1,555
  1,608
  1,666
  1,727
  1,794
  1,865
  1,940
  2,021
  2,107
  2,197
  2,294
  2,396
  2,504
  2,617
  2,738
  2,865
  2,998
  3,139
  3,288
  3,445
  3,609
  3,783
  3,965
  4,157
  4,359
Variable operating expenses, $m
 
  1,258
  1,287
  1,320
  1,357
  1,398
  1,443
  1,492
  1,545
  1,602
  1,663
  1,724
  1,794
  1,868
  1,947
  2,031
  2,120
  2,215
  2,314
  2,419
  2,531
  2,648
  2,772
  2,902
  3,039
  3,184
  3,337
  3,497
  3,666
  3,843
  4,030
Fixed operating expenses, $m
 
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  16
  16
  16
  17
  17
  18
  18
  18
  19
  19
  20
  20
  21
  21
  22
  23
  23
Total operating expenses, $m
  1,244
  1,269
  1,299
  1,332
  1,369
  1,410
  1,456
  1,505
  1,558
  1,616
  1,677
  1,738
  1,809
  1,883
  1,963
  2,047
  2,136
  2,232
  2,331
  2,437
  2,549
  2,666
  2,791
  2,921
  3,059
  3,204
  3,358
  3,518
  3,688
  3,866
  4,053
Operating income, $m
  86
  86
  88
  91
  94
  97
  100
  104
  108
  112
  117
  127
  132
  138
  144
  150
  157
  164
  172
  180
  189
  198
  208
  218
  229
  240
  252
  265
  278
  292
  307
EBITDA, $m
  98
  95
  97
  99
  102
  105
  109
  113
  117
  121
  126
  131
  137
  143
  149
  156
  163
  171
  179
  187
  196
  206
  216
  226
  237
  249
  262
  275
  288
  303
  318
Interest expense (income), $m
  0
  0
  1
  1
  1
  2
  2
  3
  3
  4
  4
  5
  6
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  17
  18
  19
  21
  23
  24
  26
  28
Earnings before tax, $m
  86
  86
  88
  90
  92
  95
  98
  101
  105
  108
  113
  122
  126
  131
  137
  142
  148
  155
  161
  169
  176
  184
  192
  201
  211
  221
  231
  242
  254
  266
  279
Tax expense, $m
  35
  23
  24
  24
  25
  26
  26
  27
  28
  29
  30
  33
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  52
  54
  57
  60
  62
  65
  68
  72
  75
Net income, $m
  51
  63
  64
  66
  67
  69
  72
  74
  76
  79
  82
  89
  92
  96
  100
  104
  108
  113
  118
  123
  129
  134
  141
  147
  154
  161
  169
  177
  185
  194
  203

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  110
  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
  742
  645
  659
  676
  695
  716
  740
  765
  792
  821
  853
  887
  923
  961
  1,002
  1,045
  1,091
  1,139
  1,190
  1,245
  1,302
  1,362
  1,426
  1,493
  1,564
  1,638
  1,716
  1,799
  1,886
  1,977
  2,073
Adjusted assets (=assets-cash), $m
  632
  645
  659
  676
  695
  716
  740
  765
  792
  821
  853
  887
  923
  961
  1,002
  1,045
  1,091
  1,139
  1,190
  1,245
  1,302
  1,362
  1,426
  1,493
  1,564
  1,638
  1,716
  1,799
  1,886
  1,977
  2,073
Revenue / Adjusted assets
  2.103
  2.102
  2.105
  2.104
  2.104
  2.105
  2.101
  2.102
  2.104
  2.104
  2.103
  2.103
  2.102
  2.103
  2.103
  2.102
  2.103
  2.104
  2.104
  2.102
  2.103
  2.104
  2.102
  2.102
  2.102
  2.103
  2.103
  2.103
  2.102
  2.103
  2.103
Average production assets, $m
  19
  19
  19
  20
  20
  21
  22
  23
  23
  24
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  51
  53
  56
  58
  61
Working capital, $m
  221
  141
  144
  148
  152
  157
  162
  167
  173
  180
  187
  194
  202
  210
  219
  229
  239
  249
  260
  272
  285
  298
  312
  327
  342
  358
  375
  393
  412
  432
  453
Total debt, $m
  37
  17
  26
  36
  47
  59
  73
  88
  104
  121
  139
  159
  180
  202
  226
  251
  278
  306
  336
  368
  401
  436
  474
  513
  554
  598
  643
  692
  742
  796
  852
Total liabilities, $m
  396
  376
  385
  395
  406
  418
  432
  447
  463
  480
  498
  518
  539
  561
  585
  610
  637
  665
  695
  727
  760
  795
  833
  872
  913
  957
  1,002
  1,051
  1,101
  1,155
  1,211
Total equity, $m
  346
  268
  274
  281
  289
  298
  308
  318
  329
  342
  355
  369
  384
  400
  417
  435
  454
  474
  495
  518
  542
  567
  593
  621
  650
  681
  714
  748
  784
  822
  862
Total liabilities and equity, $m
  742
  644
  659
  676
  695
  716
  740
  765
  792
  822
  853
  887
  923
  961
  1,002
  1,045
  1,091
  1,139
  1,190
  1,245
  1,302
  1,362
  1,426
  1,493
  1,563
  1,638
  1,716
  1,799
  1,885
  1,977
  2,073
Debt-to-equity ratio
  0.107
  0.070
  0.100
  0.130
  0.160
  0.200
  0.240
  0.280
  0.310
  0.350
  0.390
  0.430
  0.470
  0.510
  0.540
  0.580
  0.610
  0.650
  0.680
  0.710
  0.740
  0.770
  0.800
  0.830
  0.850
  0.880
  0.900
  0.920
  0.950
  0.970
  0.990
Adjusted equity ratio
  0.373
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  51
  63
  64
  66
  67
  69
  72
  74
  76
  79
  82
  89
  92
  96
  100
  104
  108
  113
  118
  123
  129
  134
  141
  147
  154
  161
  169
  177
  185
  194
  203
Depreciation, amort., depletion, $m
  12
  8
  8
  9
  9
  9
  9
  9
  9
  9
  10
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  12
Funds from operations, $m
  12
  71
  73
  74
  76
  78
  80
  83
  86
  89
  92
  94
  97
  101
  105
  110
  114
  119
  124
  130
  136
  142
  148
  155
  163
  170
  178
  187
  196
  205
  215
Change in working capital, $m
  -21
  3
  3
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
Cash from operations, $m
  33
  68
  69
  71
  72
  74
  75
  77
  80
  82
  85
  86
  89
  93
  96
  100
  104
  109
  113
  118
  123
  129
  135
  141
  147
  154
  161
  169
  177
  185
  194
Maintenance CAPEX, $m
  0
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
New CAPEX, $m
  -19
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
Cash from investing activities, $m
  -26
  -3
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
Free cash flow, $m
  7
  64
  65
  66
  68
  69
  71
  73
  75
  77
  79
  81
  84
  87
  90
  93
  97
  101
  105
  110
  115
  120
  125
  131
  137
  143
  150
  157
  164
  172
  180
Issuance/(repayment) of debt, $m
  33
  7
  9
  10
  11
  12
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  27
  28
  30
  32
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
Issuance/(repurchase) of shares, $m
  -30
  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
  7
  9
  10
  11
  12
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  27
  28
  30
  32
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
Total cash flow (excl. dividends), $m
  15
  72
  74
  76
  79
  81
  84
  87
  91
  94
  98
  100
  105
  109
  114
  119
  124
  129
  135
  142
  148
  155
  162
  170
  178
  186
  195
  205
  215
  225
  236
Retained Cash Flow (-), $m
  -27
  -5
  -6
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
Prev. year cash balance distribution, $m
 
  83
  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
 
  150
  68
  69
  71
  73
  75
  77
  79
  82
  85
  86
  90
  93
  97
  101
  105
  109
  114
  119
  124
  130
  136
  142
  149
  156
  163
  171
  179
  187
  196
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
 
  144
  62
  60
  58
  56
  54
  52
  49
  47
  44
  41
  38
  35
  32
  30
  27
  24
  21
  18
  16
  13
  11
  9
  8
  6
  5
  4
  3
  2
  1
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

ePlus inc. is a holding company. The Company is engaged in the business of selling, leasing, financing and managing information technology. It operates through two segments: technology and financing. The technology segment sells information technology (IT) hardware products, third-party software and maintenance contracts, its own and third-party professional and managed services, and its software. The financing segment operations primarily consist of the financing of information technology equipment, software and related services. Both segments sell to commercial entities, state and local governments, government contractors and educational institutions. The Company is a provider of IT solutions, which enable organizations to optimize their IT environment and supply chain processes. It delivers and integrates IT products and software from various vendors, and provides private, hybrid, and public cloud solutions.

FINANCIAL RATIOS  of  ePlus (PLUS)

Valuation Ratios
P/E Ratio 21.1
Price to Sales 0.8
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 32.6
Price to Free Cash Flow 76.9
Growth Rates
Sales Growth Rate 10.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -26.9%
Cap. Spend. - 3 Yr. Gr. Rate 4.8%
Financial Strength
Quick Ratio 4
Current Ratio 0.1
LT Debt to Equity 2.9%
Total Debt to Equity 10.7%
Interest Coverage 0
Management Effectiveness
Return On Assets 7.5%
Ret/ On Assets - 3 Yr. Avg. 7.8%
Return On Total Capital 13.6%
Ret/ On T. Cap. - 3 Yr. Avg. 13.4%
Return On Equity 15.3%
Return On Equity - 3 Yr. Avg. 15.8%
Asset Turnover 2
Profitability Ratios
Gross Margin 22.6%
Gross Margin - 3 Yr. Avg. 21.9%
EBITDA Margin 7.4%
EBITDA Margin - 3 Yr. Avg. 7.7%
Operating Margin 6.4%
Oper. Margin - 3 Yr. Avg. 6.3%
Pre-Tax Margin 6.5%
Pre-Tax Margin - 3 Yr. Avg. 6.5%
Net Profit Margin 3.8%
Net Profit Margin - 3 Yr. Avg. 3.9%
Effective Tax Rate 40.7%
Eff/ Tax Rate - 3 Yr. Avg. 40.8%
Payout Ratio 0%

PLUS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PLUS stock intrinsic value calculation we used $1329 million for the last fiscal year's total revenue generated by ePlus. The default revenue input number comes from 2017 income statement of ePlus. 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 PLUS 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 PLUS is calculated based on our internal credit rating of ePlus, 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 ePlus.
    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 PLUS stock the variable cost ratio is equal to 92.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $11 million in the base year in the intrinsic value calculation for PLUS 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 ePlus.

Corporate tax rate of 27% is the nominal tax rate for ePlus. 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 PLUS 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 PLUS are equal to 1.4%.

Life of production assets of 5.3 years is the average useful life of capital assets used in ePlus 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 PLUS is equal to 10.4%. 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 - $346 million for ePlus - 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 14.495 million for ePlus 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 ePlus at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ ePlus Launches Enhanced Maintenance Support Customer Portal   [Feb-05-18 08:30AM  GlobeNewswire]
▶ ePlus Becomes AppDynamics Titan Partner   [Dec-14-17 08:30AM  GlobeNewswire]
▶ ePlus Hosts Fast Forward 2017 Conference   [Nov-09-17 08:30AM  GlobeNewswire]
▶ ETFs with exposure to ePlus, Inc. : November 7, 2017   [Nov-07-17 10:38AM  Capital Cube]
▶ ePlus to Lead CISO Panel at Triangle InfoSeCon 2017   [Oct-24-17 08:30AM  GlobeNewswire]
▶ ePlus Presenting at the Rochester Security Summit 2017   [Oct-12-17 08:30AM  GlobeNewswire]
▶ ETFs with exposure to ePlus, Inc. : October 11, 2017   [Oct-11-17 11:58AM  Capital Cube]
▶ ETFs with exposure to ePlus, Inc. : September 26, 2017   [Sep-26-17 11:01AM  Capital Cube]
▶ ePlus Supports Be The Match   [Aug-23-17 08:30AM  GlobeNewswire]
▶ Top Ranked Value Stocks to Buy for August 18th   [Aug-18-17 09:36AM  Zacks]
▶ ePlus Announces Stock Repurchase Program   [08:30AM  GlobeNewswire]
▶ Top Ranked Value Stocks to Buy for August 15th   [Aug-15-17 10:22AM  Zacks]
▶ IGX Global Launches New Responsive Website   [08:30AM  GlobeNewswire]
▶ ePlus Reports First Quarter Financial Results   [Aug-02-17 04:05PM  GlobeNewswire]
▶ ePlus, Inc. Value Analysis (NASDAQ:PLUS) : July 11, 2017   [Jul-11-17 03:42PM  Capital Cube]
▶ ePlus to Exhibit and Present at Cisco Live   [08:30AM  GlobeNewswire]
▶ ePlus Named Intels Server Platform Partner of the Year   [Jun-20-17 08:30AM  GlobeNewswire]
▶ ETFs with exposure to ePlus, Inc. : June 9, 2017   [Jun-09-17 01:52PM  Capital Cube]
▶ ePlus Named to CRNs 2017 Solution Provider 500 List   [Jun-06-17 08:30AM  GlobeNewswire]
▶ ETFs with exposure to ePlus, Inc. : May 30, 2017   [May-30-17 12:38PM  Capital Cube]
▶ ePlus to Acquire OneCloud Consulting   [May-16-17 04:30PM  GlobeNewswire]
▶ ePlus, Inc. Value Analysis (NASDAQ:PLUS) : April 19, 2017   [Apr-19-17 03:13PM  Capital Cube]
▶ ePlus Appoints Mark Kelly as Chief Strategy Officer   [Apr-12-17 08:30AM  GlobeNewswire]
▶ ePlus 2-For-1 Share Split Now Effective   [Apr-03-17 08:30AM  GlobeNewswire]
▶ ePlus Opens New Office in San Diego Area   [Mar-24-17 08:30AM  GlobeNewswire]
▶ ePlus Named Opengears Partner of the Year in North America   [Mar-07-17 08:30AM  GlobeNewswire]
▶ ePlus Launches New Responsive Website   [08:30AM  GlobeNewswire]
▶ ePlus Named Major National Partner of the Year by Veeam   [Jan-12-17 08:30AM  GlobeNewswire]
▶ ePlus to Present at 19th Annual Needham Growth Conference   [Jan-11-17 08:30AM  GlobeNewswire]
Financial statements of PLUS
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