Intrinsic value of Scansource - SCSC

Previous Close

$37.52

  Intrinsic Value

$30.35

stock screener

  Rating & Target

hold

-19%

Previous close

$37.52

 
Intrinsic value

$30.35

 
Up/down potential

-19%

 
Rating

hold

We calculate the intrinsic value of SCSC 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 0001), $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 1.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
Revenue, $m
  3,929
  4,305
  4,698
  5,108
  5,534
  5,978
  6,439
  6,918
  7,415
  7,933
  8,470
  9,029
  9,611
  10,216
  10,846
  11,502
  12,186
  12,899
  13,643
  14,419
  15,229
  16,076
  16,960
  17,885
  18,852
  19,864
  20,922
  22,030
  23,191
  24,406
Variable operating expenses, $m
  3,816
  4,179
  4,557
  4,952
  5,363
  5,790
  6,234
  6,696
  7,175
  7,674
  8,161
  8,700
  9,260
  9,844
  10,451
  11,083
  11,742
  12,429
  13,145
  13,893
  14,674
  15,489
  16,342
  17,233
  18,164
  19,139
  20,159
  21,227
  22,345
  23,516
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
  3,816
  4,179
  4,557
  4,952
  5,363
  5,790
  6,234
  6,696
  7,175
  7,674
  8,161
  8,700
  9,260
  9,844
  10,451
  11,083
  11,742
  12,429
  13,145
  13,893
  14,674
  15,489
  16,342
  17,233
  18,164
  19,139
  20,159
  21,227
  22,345
  23,516
Operating income, $m
  113
  127
  141
  156
  172
  188
  205
  222
  240
  259
  309
  329
  351
  373
  396
  420
  444
  470
  498
  526
  555
  586
  619
  652
  688
  725
  763
  804
  846
  890
EBITDA, $m
  160
  175
  191
  208
  225
  243
  262
  282
  302
  323
  345
  368
  391
  416
  442
  468
  496
  525
  555
  587
  620
  654
  690
  728
  767
  809
  852
  897
  944
  994
Interest expense (income), $m
  3
  5
  10
  15
  20
  26
  32
  37
  44
  50
  57
  64
  71
  78
  86
  94
  102
  111
  120
  130
  140
  150
  161
  172
  184
  196
  209
  223
  237
  252
  267
Earnings before tax, $m
  108
  117
  126
  136
  146
  156
  167
  178
  190
  202
  245
  259
  272
  287
  302
  317
  333
  350
  368
  386
  405
  425
  446
  468
  491
  515
  540
  567
  594
  623
Tax expense, $m
  29
  32
  34
  37
  39
  42
  45
  48
  51
  55
  66
  70
  74
  77
  81
  86
  90
  95
  99
  104
  109
  115
  121
  126
  133
  139
  146
  153
  160
  168
Net income, $m
  79
  85
  92
  99
  106
  114
  122
  130
  139
  148
  179
  189
  199
  209
  220
  232
  243
  256
  269
  282
  296
  311
  326
  342
  359
  376
  394
  414
  434
  455

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
  1,892
  2,074
  2,263
  2,461
  2,666
  2,879
  3,101
  3,332
  3,572
  3,821
  4,080
  4,349
  4,630
  4,921
  5,225
  5,541
  5,870
  6,213
  6,572
  6,946
  7,336
  7,744
  8,170
  8,615
  9,081
  9,568
  10,078
  10,612
  11,171
  11,756
Adjusted assets (=assets-cash), $m
  1,892
  2,074
  2,263
  2,461
  2,666
  2,879
  3,101
  3,332
  3,572
  3,821
  4,080
  4,349
  4,630
  4,921
  5,225
  5,541
  5,870
  6,213
  6,572
  6,946
  7,336
  7,744
  8,170
  8,615
  9,081
  9,568
  10,078
  10,612
  11,171
  11,756
Revenue / Adjusted assets
  2.077
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
Average production assets, $m
  185
  202
  221
  240
  260
  281
  303
  325
  349
  373
  398
  424
  452
  480
  510
  541
  573
  606
  641
  678
  716
  756
  797
  841
  886
  934
  983
  1,035
  1,090
  1,147
Working capital, $m
  625
  685
  747
  812
  880
  950
  1,024
  1,100
  1,179
  1,261
  1,347
  1,436
  1,528
  1,624
  1,725
  1,829
  1,938
  2,051
  2,169
  2,293
  2,421
  2,556
  2,697
  2,844
  2,997
  3,158
  3,327
  3,503
  3,687
  3,881
Total debt, $m
  187
  280
  377
  478
  584
  693
  807
  926
  1,049
  1,176
  1,309
  1,447
  1,591
  1,741
  1,896
  2,058
  2,227
  2,404
  2,587
  2,779
  2,979
  3,189
  3,407
  3,636
  3,875
  4,125
  4,386
  4,660
  4,947
  5,247
Total liabilities, $m
  971
  1,064
  1,161
  1,262
  1,368
  1,477
  1,591
  1,709
  1,832
  1,960
  2,093
  2,231
  2,375
  2,525
  2,680
  2,842
  3,011
  3,188
  3,371
  3,563
  3,763
  3,972
  4,191
  4,420
  4,659
  4,908
  5,170
  5,444
  5,731
  6,031
Total equity, $m
  922
  1,010
  1,102
  1,198
  1,298
  1,402
  1,510
  1,623
  1,740
  1,861
  1,987
  2,118
  2,255
  2,397
  2,544
  2,698
  2,859
  3,026
  3,200
  3,382
  3,573
  3,771
  3,979
  4,196
  4,422
  4,660
  4,908
  5,168
  5,440
  5,725
Total liabilities and equity, $m
  1,893
  2,074
  2,263
  2,460
  2,666
  2,879
  3,101
  3,332
  3,572
  3,821
  4,080
  4,349
  4,630
  4,922
  5,224
  5,540
  5,870
  6,214
  6,571
  6,945
  7,336
  7,743
  8,170
  8,616
  9,081
  9,568
  10,078
  10,612
  11,171
  11,756
Debt-to-equity ratio
  0.200
  0.280
  0.340
  0.400
  0.450
  0.490
  0.530
  0.570
  0.600
  0.630
  0.660
  0.680
  0.710
  0.730
  0.750
  0.760
  0.780
  0.790
  0.810
  0.820
  0.830
  0.850
  0.860
  0.870
  0.880
  0.890
  0.890
  0.900
  0.910
  0.920
Adjusted equity ratio
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  79
  85
  92
  99
  106
  114
  122
  130
  139
  148
  179
  189
  199
  209
  220
  232
  243
  256
  269
  282
  296
  311
  326
  342
  359
  376
  394
  414
  434
  455
Depreciation, amort., depletion, $m
  47
  48
  50
  52
  54
  56
  58
  60
  62
  64
  36
  38
  41
  43
  46
  49
  52
  55
  58
  61
  64
  68
  72
  76
  80
  84
  89
  93
  98
  103
Funds from operations, $m
  126
  134
  142
  151
  160
  170
  180
  190
  201
  212
  215
  227
  240
  253
  266
  280
  295
  310
  326
  343
  360
  379
  398
  418
  438
  460
  483
  507
  532
  558
Change in working capital, $m
  57
  60
  63
  65
  68
  70
  73
  76
  79
  82
  85
  89
  92
  96
  100
  104
  109
  113
  118
  123
  129
  135
  141
  147
  154
  161
  168
  176
  184
  193
Cash from operations, $m
  68
  74
  80
  86
  92
  99
  106
  114
  121
  129
  130
  138
  147
  156
  166
  176
  186
  197
  208
  220
  232
  244
  257
  271
  285
  299
  315
  331
  347
  365
Maintenance CAPEX, $m
  -15
  -17
  -18
  -20
  -22
  -23
  -25
  -27
  -29
  -31
  -34
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -72
  -76
  -80
  -84
  -89
  -93
  -98
New CAPEX, $m
  -19
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -40
  -42
  -43
  -45
  -48
  -50
  -52
  -55
  -57
Cash from investing activities, $m
  -34
  -35
  -36
  -39
  -42
  -44
  -47
  -50
  -52
  -55
  -59
  -62
  -65
  -69
  -73
  -77
  -81
  -86
  -90
  -94
  -99
  -104
  -110
  -115
  -121
  -128
  -134
  -141
  -148
  -155
Free cash flow, $m
  35
  39
  43
  47
  51
  55
  59
  64
  69
  74
  71
  76
  82
  87
  93
  99
  105
  112
  118
  125
  132
  140
  147
  155
  164
  172
  181
  190
  200
  210
Issuance/(repayment) of debt, $m
  90
  93
  97
  101
  105
  110
  114
  118
  123
  128
  133
  138
  144
  150
  156
  162
  169
  176
  184
  192
  200
  209
  219
  228
  239
  250
  262
  274
  287
  300
Issuance/(repurchase) of shares, $m
  6
  3
  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  
  96
  96
  97
  101
  105
  110
  114
  118
  123
  128
  133
  138
  144
  150
  156
  162
  169
  176
  184
  192
  200
  209
  219
  228
  239
  250
  262
  274
  287
  300
Total cash flow (excl. dividends), $m
  130
  136
  140
  148
  156
  164
  173
  182
  192
  202
  204
  214
  225
  237
  249
  261
  274
  288
  302
  317
  333
  349
  366
  384
  402
  422
  442
  464
  486
  510
Retained Cash Flow (-), $m
  -84
  -88
  -92
  -96
  -100
  -104
  -108
  -112
  -117
  -121
  -126
  -131
  -136
  -142
  -148
  -154
  -160
  -167
  -174
  -182
  -190
  -199
  -207
  -217
  -227
  -237
  -248
  -260
  -272
  -285
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
  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
  46
  47
  48
  52
  56
  60
  65
  70
  75
  80
  77
  83
  89
  95
  101
  107
  114
  121
  128
  135
  143
  150
  159
  167
  176
  185
  194
  204
  214
  225
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
  44
  43
  42
  43
  43
  44
  44
  44
  43
  42
  37
  35
  34
  32
  30
  27
  25
  22
  20
  17
  15
  12
  10
  9
  7
  5
  4
  3
  2
  2
Current shareholders' claim on cash, %
  99.4
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1

ScanSource, Inc. is a provider of technology products and solutions. The Company and its subsidiaries provide solutions for technology manufacturers and sell to resellers in technology markets, such as point-of-sale (POS) and Barcode, Networking and Security, Communications and Emerging Technologies. It operates through two segments: Worldwide Barcode & Security and Worldwide Communications & Services. The Barcode & Security distribution segment focuses on automatic identification and data capture (AIDC), POS, electronic physical security and three dimensional (3D) printing technologies. The Communications & Services distribution segment focuses on communications technologies and services. As of June 30, 2016, the Company marketed over 100,000 products from approximately 400 hardware and software vendors to approximately 35,000 reseller customers from distribution centers in Mississippi, Virginia, Florida, Mexico, Colombia, Brazil, Belgium, France, Germany and the United Kingdom.

FINANCIAL RATIOS  of  Scansource (SCSC)

Valuation Ratios
P/E Ratio 13.8
Price to Sales 0.3
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 10
Price to Free Cash Flow 11.5
Growth Rates
Sales Growth Rate 0.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 1.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 11.6%
Total Debt to Equity 11.6%
Interest Coverage 35
Management Effectiveness
Return On Assets 4.4%
Ret/ On Assets - 3 Yr. Avg. 4.5%
Return On Total Capital 7.7%
Ret/ On T. Cap. - 3 Yr. Avg. 7.8%
Return On Equity 8.6%
Return On Equity - 3 Yr. Avg. 8.2%
Asset Turnover 2.2
Profitability Ratios
Gross Margin 10.8%
Gross Margin - 3 Yr. Avg. 10.3%
EBITDA Margin 3.6%
EBITDA Margin - 3 Yr. Avg. 3.5%
Operating Margin 2.5%
Oper. Margin - 3 Yr. Avg. 2.8%
Pre-Tax Margin 2.9%
Pre-Tax Margin - 3 Yr. Avg. 2.9%
Net Profit Margin 1.9%
Net Profit Margin - 3 Yr. Avg. 1.9%
Effective Tax Rate 32.4%
Eff/ Tax Rate - 3 Yr. Avg. 33.6%
Payout Ratio 0%

SCSC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SCSC stock intrinsic value calculation we used $3568.186 million for the last fiscal year's total revenue generated by Scansource. The default revenue input number comes from 0001 income statement of Scansource. 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 SCSC stock valuation model: a) initial revenue growth rate of 10.1% 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 SCSC is calculated based on our internal credit rating of Scansource, 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 Scansource.
    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 SCSC stock the variable cost ratio is equal to 97.2%.

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 SCSC 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 Scansource.

Corporate tax rate of 27% is the nominal tax rate for Scansource. 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 SCSC 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 SCSC are equal to 4.7%.

Life of production assets of 11.1 years is the average useful life of capital assets used in Scansource 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 SCSC is equal to 15.9%. 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 - $837.145 million for Scansource - 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 25.572 million for Scansource 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 Scansource at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ Is ScanSource Inc (NASDAQ:SCSC) A Financially Sound Company?   [Dec-05-18 11:34AM  Simply Wall St.]
▶ ScanSource: Fiscal 1Q Earnings Snapshot   [05:03PM  Associated Press]
▶ Is ScanSource Inc (NASDAQ:SCSC) Attractive At This PE Ratio?   [Sep-19-18 01:16PM  Simply Wall St.]
▶ ScanSource: Fiscal 4Q Earnings Snapshot   [04:28PM  Associated Press]
▶ Should You Buy ScanSource Inc (NASDAQ:SCSC) At US$42.45?   [Aug-20-18 12:57PM  Simply Wall St.]
▶ ScanSource: Fiscal 3Q Earnings Snapshot   [May-08-18 06:47PM  Associated Press]
▶ ScanSource Reports Third Quarter Results   [04:05PM  Business Wire]
▶ April Top Undervalued Stocks   [Apr-27-18 10:02AM  Simply Wall St.]
▶ Top Ranked Value Stocks to Buy for March 20th   [Mar-20-18 09:57AM  Zacks]
▶ ScanSource tops Street 2Q forecasts   [Feb-06-18 05:15PM  Associated Press]
▶ ScanSource Reports Record Quarterly Sales   [04:05PM  Business Wire]
▶ ScanSource, Inc. to Host Earnings Call   [12:45PM  ACCESSWIRE]
▶ January Undervalued Stock Picks   [Jan-25-18 09:02AM  Simply Wall St.]
▶ ScanSource Announces Appointment of General Counsel   [Jan-10-18 08:30AM  Business Wire]
▶ ScanSource And Other Top Undervalued Stocks   [Dec-19-17 08:02AM  Simply Wall St.]
▶ ScanSource misses 1Q profit forecasts   [Nov-06-17 05:13PM  Associated Press]
▶ ScanSource Reports First Quarter Results   [04:05PM  Business Wire]
▶ ScanSource, Inc. Names New Board Member   [Sep-13-17 04:05PM  Business Wire]
▶ ScanSource meets 4Q profit forecasts   [Aug-29-17 09:32PM  Associated Press]
▶ ScanSource Completes Acquisition of POS Portal   [Jul-31-17 04:05PM  Business Wire]
▶ ETFs with exposure to ScanSource, Inc. : May 22, 2017   [May-22-17 02:09PM  Capital Cube]
▶ ScanSource misses Street 3Q forecasts   [May-09-17 05:58PM  Associated Press]
▶ ScanSource Reports Third Quarter Results   [04:05PM  Business Wire]

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