Intrinsic value of ACI Worldwide - ACIW

Previous Close

$24.16

  Intrinsic Value

$12.15

stock screener

  Rating & Target

sell

-50%

  Value-price divergence*

-4%

Previous close

$24.16

 
Intrinsic value

$12.15

 
Up/down potential

-50%

 
Rating

sell

 
Value-price divergence*

-4%

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

We calculate the intrinsic value of ACIW 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 2016), $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 2.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -3.82
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  1,006
  1,028
  1,054
  1,082
  1,114
  1,150
  1,188
  1,230
  1,275
  1,323
  1,375
  1,430
  1,489
  1,552
  1,619
  1,689
  1,764
  1,843
  1,927
  2,015
  2,108
  2,206
  2,310
  2,419
  2,534
  2,655
  2,782
  2,916
  3,057
  3,206
  3,362
Variable operating expenses, $m
 
  901
  921
  943
  969
  996
  1,027
  1,060
  1,095
  1,133
  1,174
  1,127
  1,173
  1,222
  1,275
  1,330
  1,389
  1,451
  1,517
  1,587
  1,660
  1,737
  1,819
  1,905
  1,995
  2,091
  2,191
  2,297
  2,408
  2,525
  2,647
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
  785
  901
  921
  943
  969
  996
  1,027
  1,060
  1,095
  1,133
  1,174
  1,127
  1,173
  1,222
  1,275
  1,330
  1,389
  1,451
  1,517
  1,587
  1,660
  1,737
  1,819
  1,905
  1,995
  2,091
  2,191
  2,297
  2,408
  2,525
  2,647
Operating income, $m
  221
  127
  133
  139
  146
  153
  161
  170
  180
  190
  201
  304
  316
  330
  344
  359
  375
  392
  409
  428
  448
  469
  491
  514
  538
  564
  591
  620
  650
  681
  714
EBITDA, $m
  325
  257
  263
  270
  278
  287
  297
  307
  318
  330
  343
  357
  372
  387
  404
  422
  440
  460
  481
  503
  526
  551
  577
  604
  632
  663
  694
  728
  763
  800
  839
Interest expense (income), $m
  35
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  45
  47
  50
  53
  55
  59
  62
  66
  69
  73
  77
  82
  86
  91
  96
  102
  108
  114
  120
  127
Earnings before tax, $m
  186
  99
  104
  109
  114
  120
  127
  134
  142
  150
  159
  259
  269
  280
  291
  303
  316
  330
  344
  359
  375
  391
  409
  427
  447
  468
  489
  512
  536
  561
  588
Tax expense, $m
  56
  27
  28
  29
  31
  32
  34
  36
  38
  41
  43
  70
  73
  76
  79
  82
  85
  89
  93
  97
  101
  106
  110
  115
  121
  126
  132
  138
  145
  152
  159
Net income, $m
  130
  73
  76
  79
  83
  88
  93
  98
  103
  110
  116
  189
  197
  204
  213
  221
  231
  241
  251
  262
  273
  286
  299
  312
  326
  341
  357
  374
  391
  410
  429

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  76
  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
  1,902
  1,866
  1,912
  1,964
  2,023
  2,087
  2,156
  2,232
  2,314
  2,402
  2,496
  2,596
  2,703
  2,817
  2,938
  3,066
  3,201
  3,345
  3,496
  3,657
  3,826
  4,004
  4,192
  4,390
  4,598
  4,818
  5,049
  5,292
  5,548
  5,818
  6,101
Adjusted assets (=assets-cash), $m
  1,826
  1,866
  1,912
  1,964
  2,023
  2,087
  2,156
  2,232
  2,314
  2,402
  2,496
  2,596
  2,703
  2,817
  2,938
  3,066
  3,201
  3,345
  3,496
  3,657
  3,826
  4,004
  4,192
  4,390
  4,598
  4,818
  5,049
  5,292
  5,548
  5,818
  6,101
Revenue / Adjusted assets
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
Average production assets, $m
  512
  523
  536
  551
  567
  585
  605
  626
  649
  674
  700
  728
  758
  790
  824
  860
  898
  938
  981
  1,026
  1,073
  1,123
  1,176
  1,231
  1,290
  1,351
  1,416
  1,484
  1,556
  1,632
  1,711
Working capital, $m
  32
  47
  48
  50
  51
  53
  55
  57
  59
  61
  63
  66
  69
  71
  74
  78
  81
  85
  89
  93
  97
  101
  106
  111
  117
  122
  128
  134
  141
  147
  155
Total debt, $m
  744
  692
  719
  750
  784
  822
  863
  907
  955
  1,007
  1,062
  1,121
  1,184
  1,250
  1,321
  1,397
  1,476
  1,560
  1,649
  1,743
  1,843
  1,947
  2,058
  2,174
  2,296
  2,425
  2,561
  2,704
  2,854
  3,012
  3,178
Total liabilities, $m
  1,147
  1,095
  1,122
  1,153
  1,187
  1,225
  1,266
  1,310
  1,358
  1,410
  1,465
  1,524
  1,587
  1,653
  1,724
  1,800
  1,879
  1,963
  2,052
  2,146
  2,246
  2,350
  2,461
  2,577
  2,699
  2,828
  2,964
  3,107
  3,257
  3,415
  3,581
Total equity, $m
  755
  771
  790
  811
  835
  862
  891
  922
  956
  992
  1,031
  1,072
  1,116
  1,163
  1,213
  1,266
  1,322
  1,381
  1,444
  1,510
  1,580
  1,654
  1,731
  1,813
  1,899
  1,990
  2,085
  2,186
  2,292
  2,403
  2,520
Total liabilities and equity, $m
  1,902
  1,866
  1,912
  1,964
  2,022
  2,087
  2,157
  2,232
  2,314
  2,402
  2,496
  2,596
  2,703
  2,816
  2,937
  3,066
  3,201
  3,344
  3,496
  3,656
  3,826
  4,004
  4,192
  4,390
  4,598
  4,818
  5,049
  5,293
  5,549
  5,818
  6,101
Debt-to-equity ratio
  0.985
  0.900
  0.910
  0.920
  0.940
  0.950
  0.970
  0.980
  1.000
  1.020
  1.030
  1.050
  1.060
  1.070
  1.090
  1.100
  1.120
  1.130
  1.140
  1.150
  1.170
  1.180
  1.190
  1.200
  1.210
  1.220
  1.230
  1.240
  1.250
  1.250
  1.260
Adjusted equity ratio
  0.372
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  130
  73
  76
  79
  83
  88
  93
  98
  103
  110
  116
  189
  197
  204
  213
  221
  231
  241
  251
  262
  273
  286
  299
  312
  326
  341
  357
  374
  391
  410
  429
Depreciation, amort., depletion, $m
  104
  129
  130
  131
  132
  134
  135
  137
  138
  140
  142
  53
  55
  58
  60
  63
  66
  68
  72
  75
  78
  82
  86
  90
  94
  99
  103
  108
  114
  119
  125
Funds from operations, $m
  51
  202
  206
  211
  216
  222
  228
  235
  242
  250
  258
  242
  252
  262
  273
  284
  296
  309
  323
  337
  352
  368
  384
  402
  420
  440
  460
  482
  505
  529
  554
Change in working capital, $m
  -49
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
Cash from operations, $m
  100
  201
  205
  209
  214
  220
  226
  233
  240
  247
  256
  240
  249
  259
  270
  281
  293
  305
  319
  333
  347
  363
  380
  397
  415
  434
  455
  476
  498
  522
  547
Maintenance CAPEX, $m
  0
  -37
  -38
  -39
  -40
  -41
  -43
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -68
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -103
  -108
  -114
  -119
New CAPEX, $m
  -63
  -11
  -13
  -15
  -16
  -18
  -20
  -21
  -23
  -25
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -72
  -76
  -79
Cash from investing activities, $m
  130
  -48
  -51
  -54
  -56
  -59
  -63
  -65
  -69
  -72
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -106
  -111
  -117
  -122
  -128
  -135
  -142
  -149
  -156
  -164
  -171
  -180
  -190
  -198
Free cash flow, $m
  230
  152
  154
  155
  158
  161
  164
  167
  171
  175
  180
  161
  166
  172
  178
  185
  192
  200
  208
  216
  225
  235
  245
  256
  267
  279
  291
  304
  318
  333
  348
Issuance/(repayment) of debt, $m
  -200
  24
  27
  31
  34
  38
  41
  44
  48
  52
  55
  59
  63
  67
  71
  75
  80
  84
  89
  94
  99
  105
  110
  116
  122
  129
  136
  143
  150
  158
  166
Issuance/(repurchase) of shares, $m
  -48
  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  
  -251
  24
  27
  31
  34
  38
  41
  44
  48
  52
  55
  59
  63
  67
  71
  75
  80
  84
  89
  94
  99
  105
  110
  116
  122
  129
  136
  143
  150
  158
  166
Total cash flow (excl. dividends), $m
  -26
  176
  181
  186
  192
  198
  205
  212
  219
  227
  235
  220
  229
  239
  249
  260
  272
  284
  297
  310
  324
  339
  355
  372
  389
  408
  427
  447
  468
  491
  514
Retained Cash Flow (-), $m
  -101
  -16
  -19
  -22
  -24
  -26
  -29
  -31
  -34
  -36
  -39
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -95
  -100
  -106
  -111
  -117
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
 
  161
  162
  165
  168
  172
  176
  180
  185
  191
  197
  178
  185
  192
  199
  207
  216
  225
  234
  244
  255
  266
  278
  290
  303
  317
  331
  347
  363
  380
  397
Discount rate, %
 
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
 
  150
  139
  130
  121
  112
  102
  93
  84
  75
  66
  51
  44
  38
  32
  27
  22
  18
  14
  11
  8
  6
  4
  3
  2
  2
  1
  1
  0
  0
  0
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

ACI Worldwide, Inc. develops, markets, installs, and supports software products and services for facilitating electronic payments worldwide. It offers products and services covering various domains within the payments and banking marketplace, including online banking and cash management that manages payments and cash flows through the online or mobile channel; managing and processing monetary, non-monetary, sales, and account origination financial transactions; and managing trade related transaction types. The company’s products also cover domains, such as community financial services, including online and mobile banking and payment systems, and security solutions; software to support in house issuance of payment instruments and management of a consumer payment from transaction acquiring to settlement; transaction banking payments that manage corporate payments and messages through their lifecycle; and management of a consumer payment within a retailer and management of store, and gift card and loyalty programs. In addition, its products cover payments risk management, which secures payments against fraud and money laundering; and payment infrastructure to operate and optimize the payments system. Further, the company offers bill presentment and payment collection services to tax authorities, higher education, utilities, and health care providers, as well as provides implementation, product support, technical, educational, testing, expert services consultancy, and facilities management services; and distributes or acts as a sales agent for software developed by third parties. ACI Worldwide sells its products under the ACI Worldwide and ACI Universal Payment Systems brand names. It serves financial institutions; electronic payment processors; and retailers. The company was formerly known as Transaction Systems Architects, Inc. and changed its name to ACI Worldwide, Inc. in July 2007. ACI Worldwide, Inc. was founded in 1975 and is headquartered in Naples, Florida.

FINANCIAL RATIOS  of  ACI Worldwide (ACIW)

Valuation Ratios
P/E Ratio 21.8
Price to Sales 2.8
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 28.3
Price to Free Cash Flow 76.6
Growth Rates
Sales Growth Rate -3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 28.6%
Cap. Spend. - 3 Yr. Gr. Rate 13.8%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 86.6%
Total Debt to Equity 98.5%
Interest Coverage 6
Management Effectiveness
Return On Assets 8%
Ret/ On Assets - 3 Yr. Avg. 6.3%
Return On Total Capital 8.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.3%
Return On Equity 18.5%
Return On Equity - 3 Yr. Avg. 14.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 55.8%
Gross Margin - 3 Yr. Avg. 55.3%
EBITDA Margin 32.3%
EBITDA Margin - 3 Yr. Avg. 25.8%
Operating Margin 22%
Oper. Margin - 3 Yr. Avg. 15.9%
Pre-Tax Margin 18.5%
Pre-Tax Margin - 3 Yr. Avg. 13%
Net Profit Margin 12.9%
Net Profit Margin - 3 Yr. Avg. 9.2%
Effective Tax Rate 30.1%
Eff/ Tax Rate - 3 Yr. Avg. 28.7%
Payout Ratio 0%

ACIW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ACIW stock intrinsic value calculation we used $1006 million for the last fiscal year's total revenue generated by ACI Worldwide. The default revenue input number comes from 2016 income statement of ACI Worldwide. 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 ACIW stock valuation model: a) initial revenue growth rate of 2.2% 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 7.4%, whose default value for ACIW is calculated based on our internal credit rating of ACI Worldwide, 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 ACI Worldwide.
    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 ACIW stock the variable cost ratio is equal to 87.8%.

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 ACIW 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 4.2% for ACI Worldwide.

Corporate tax rate of 27% is the nominal tax rate for ACI Worldwide. 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 ACIW 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 ACIW are equal to 50.9%.

Life of production assets of 13.7 years is the average useful life of capital assets used in ACI Worldwide 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 ACIW is equal to 4.6%. 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 - $755 million for ACI Worldwide - 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 111.618 million for ACI Worldwide 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 ACI Worldwide at the current share price and the inputted number of shares is $2.7 billion.

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COMPANY NEWS

▶ Exclusive: Former Red Hat CFO Joins CloudBees   [Jul-24-17 06:41PM  Fortune]
▶ ETFs with exposure to ACI Worldwide, Inc. : July 14, 2017   [Jul-14-17 12:36PM  Capital Cube]
▶ With JPMorgan, BofA Earnings On Tap, ATM Software Stock Sets Up   [Jul-13-17 11:14AM  Investor's Business Daily]
▶ ACI Worldwide Expands in Romania   [Jul-11-17 02:00AM  GlobeNewswire]
▶ ACI Worldwide Brings Alipay to Africa via Peach Payments   [Jun-26-17 07:00AM  GlobeNewswire]
▶ ACI Worldwide to Attend Upcoming Investor Conferences   [May-25-17 08:00AM  GlobeNewswire]
▶ ETFs with exposure to ACI Worldwide, Inc. : May 22, 2017   [May-22-17 01:18PM  Capital Cube]
▶ New Strong Buy Stocks for May 15th   [May-15-17 10:12AM  Zacks]
▶ ACI Worldwide reports 1Q loss   [06:22AM  Associated Press]
▶ ACI Worldwide to Power Payments Fraud Protection for ADSI   [Apr-11-17 08:00AM  GlobeNewswire]
▶ ACI Protects eCommerce Payments for Braspag   [Mar-28-17 08:00AM  Marketwired]
▶ Why ACI Worldwide Shares Soared Today   [01:22PM  at Motley Fool]
▶ Americans Pay More than Half of Their Bills Online   [Jan-24-17 08:00AM  Marketwired]
▶ ACI Worldwide to Drive Real-Time Payments for Rabobank   [Jan-19-17 03:00AM  Marketwired]
Stock chart of ACIW Financial statements of ACIW Annual reports of ACIW
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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