Normally, when I go about valuing the shares of a company, I determine a fair multiple to assign the shares based on recent earnings growth and business prospects. However, I have found flaws in this technique at times, especially when I encounter a company with several business segments that have performed very differently of late. It seems the best way to value these conglomerate operations is to break the company down by segment and value each segment individually, then add everything back up. Furthermore, breaking a complex conglomerate operation down by segment can greatly aid in the understanding of a company that would otherwise be perplexing to comprehend.
DeVry Inc. (NYSE:DV) is one of those rather complex companies...
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