Intrinsic value of DST Systems - DST

Previous Close

$51.76

  Intrinsic Value

$133.99

stock screener

  Rating & Target

str. buy

+159%

  Value-price divergence*

0%

Previous close

$51.76

 
Intrinsic value

$133.99

 
Up/down potential

+159%

 
Rating

str. buy

 
Value-price divergence*

0%

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

We calculate the intrinsic value of DST 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 1.7

 

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, %
  5.63
  6.60
  6.44
  6.30
  6.17
  6.05
  5.94
  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
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
Revenue, $m
  1,557
  1,660
  1,767
  1,878
  1,994
  2,114
  2,240
  2,371
  2,508
  2,650
  2,799
  2,955
  3,117
  3,287
  3,465
  3,651
  3,846
  4,049
  4,263
  4,486
  4,720
  4,965
  5,222
  5,492
  5,774
  6,070
  6,380
  6,706
  7,048
  7,406
  7,782
Variable operating expenses, $m
 
  1,256
  1,334
  1,415
  1,499
  1,586
  1,678
  1,773
  1,872
  1,975
  2,084
  2,145
  2,263
  2,386
  2,515
  2,650
  2,791
  2,939
  3,094
  3,256
  3,426
  3,604
  3,791
  3,986
  4,191
  4,406
  4,631
  4,868
  5,116
  5,376
  5,648
Fixed operating expenses, $m
 
  128
  131
  135
  138
  141
  145
  149
  152
  156
  160
  164
  168
  172
  177
  181
  186
  190
  195
  200
  205
  210
  215
  221
  226
  232
  238
  243
  250
  256
  262
Total operating expenses, $m
  1,304
  1,384
  1,465
  1,550
  1,637
  1,727
  1,823
  1,922
  2,024
  2,131
  2,244
  2,309
  2,431
  2,558
  2,692
  2,831
  2,977
  3,129
  3,289
  3,456
  3,631
  3,814
  4,006
  4,207
  4,417
  4,638
  4,869
  5,111
  5,366
  5,632
  5,910
Operating income, $m
  253
  275
  301
  329
  357
  387
  418
  450
  484
  519
  556
  646
  687
  729
  773
  820
  869
  920
  974
  1,030
  1,089
  1,151
  1,216
  1,285
  1,357
  1,432
  1,512
  1,595
  1,682
  1,774
  1,871
EBITDA, $m
  349
  354
  382
  411
  441
  473
  506
  541
  577
  614
  654
  695
  738
  783
  831
  880
  932
  987
  1,044
  1,104
  1,167
  1,233
  1,303
  1,375
  1,452
  1,532
  1,617
  1,706
  1,799
  1,897
  1,999
Interest expense (income), $m
  23
  13
  18
  22
  26
  31
  36
  41
  46
  52
  58
  64
  70
  76
  83
  90
  98
  106
  114
  123
  132
  141
  151
  161
  172
  184
  196
  208
  221
  235
  250
Earnings before tax, $m
  279
  262
  284
  307
  331
  356
  382
  409
  437
  467
  498
  582
  617
  652
  690
  729
  771
  814
  860
  907
  957
  1,010
  1,065
  1,123
  1,185
  1,249
  1,316
  1,387
  1,461
  1,539
  1,622
Tax expense, $m
  101
  71
  77
  83
  89
  96
  103
  110
  118
  126
  135
  157
  166
  176
  186
  197
  208
  220
  232
  245
  259
  273
  288
  303
  320
  337
  355
  374
  395
  416
  438
Net income, $m
  427
  191
  207
  224
  241
  260
  279
  298
  319
  341
  364
  425
  450
  476
  504
  532
  563
  594
  627
  662
  699
  737
  778
  820
  865
  911
  961
  1,012
  1,067
  1,124
  1,184

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  196
  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
  2,772
  2,748
  2,925
  3,109
  3,301
  3,500
  3,709
  3,926
  4,152
  4,388
  4,635
  4,892
  5,161
  5,443
  5,737
  6,045
  6,367
  6,704
  7,057
  7,427
  7,815
  8,221
  8,646
  9,092
  9,559
  10,050
  10,564
  11,103
  11,668
  12,261
  12,884
Adjusted assets (=assets-cash), $m
  2,576
  2,748
  2,925
  3,109
  3,301
  3,500
  3,709
  3,926
  4,152
  4,388
  4,635
  4,892
  5,161
  5,443
  5,737
  6,045
  6,367
  6,704
  7,057
  7,427
  7,815
  8,221
  8,646
  9,092
  9,559
  10,050
  10,564
  11,103
  11,668
  12,261
  12,884
Revenue / Adjusted assets
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
Average production assets, $m
  258
  274
  291
  310
  329
  349
  370
  391
  414
  437
  462
  488
  514
  542
  572
  602
  635
  668
  703
  740
  779
  819
  862
  906
  953
  1,002
  1,053
  1,106
  1,163
  1,222
  1,284
Working capital, $m
  27
  43
  46
  49
  52
  55
  58
  62
  65
  69
  73
  77
  81
  85
  90
  95
  100
  105
  111
  117
  123
  129
  136
  143
  150
  158
  166
  174
  183
  193
  202
Total debt, $m
  508
  409
  509
  614
  723
  836
  954
  1,077
  1,205
  1,339
  1,479
  1,625
  1,778
  1,937
  2,104
  2,278
  2,461
  2,652
  2,853
  3,062
  3,282
  3,512
  3,753
  4,006
  4,271
  4,549
  4,841
  5,146
  5,467
  5,803
  6,156
Total liabilities, $m
  1,657
  1,558
  1,658
  1,763
  1,872
  1,985
  2,103
  2,226
  2,354
  2,488
  2,628
  2,774
  2,927
  3,086
  3,253
  3,427
  3,610
  3,801
  4,002
  4,211
  4,431
  4,661
  4,902
  5,155
  5,420
  5,698
  5,990
  6,295
  6,616
  6,952
  7,305
Total equity, $m
  1,115
  1,190
  1,266
  1,346
  1,429
  1,516
  1,606
  1,700
  1,798
  1,900
  2,007
  2,118
  2,235
  2,357
  2,484
  2,617
  2,757
  2,903
  3,056
  3,216
  3,384
  3,560
  3,744
  3,937
  4,139
  4,351
  4,574
  4,807
  5,052
  5,309
  5,579
Total liabilities and equity, $m
  2,772
  2,748
  2,924
  3,109
  3,301
  3,501
  3,709
  3,926
  4,152
  4,388
  4,635
  4,892
  5,162
  5,443
  5,737
  6,044
  6,367
  6,704
  7,058
  7,427
  7,815
  8,221
  8,646
  9,092
  9,559
  10,049
  10,564
  11,102
  11,668
  12,261
  12,884
Debt-to-equity ratio
  0.456
  0.340
  0.400
  0.460
  0.510
  0.550
  0.590
  0.630
  0.670
  0.700
  0.740
  0.770
  0.800
  0.820
  0.850
  0.870
  0.890
  0.910
  0.930
  0.950
  0.970
  0.990
  1.000
  1.020
  1.030
  1.050
  1.060
  1.070
  1.080
  1.090
  1.100
Adjusted equity ratio
  0.357
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  427
  191
  207
  224
  241
  260
  279
  298
  319
  341
  364
  425
  450
  476
  504
  532
  563
  594
  627
  662
  699
  737
  778
  820
  865
  911
  961
  1,012
  1,067
  1,124
  1,184
Depreciation, amort., depletion, $m
  96
  79
  81
  83
  84
  86
  89
  91
  93
  95
  98
  49
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  86
  91
  95
  100
  105
  111
  116
  122
  128
Funds from operations, $m
  83
  270
  288
  306
  326
  346
  367
  389
  412
  436
  461
  474
  502
  531
  561
  593
  626
  661
  698
  736
  777
  819
  864
  911
  960
  1,012
  1,066
  1,123
  1,183
  1,246
  1,312
Change in working capital, $m
  -106
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
Cash from operations, $m
  189
  267
  285
  304
  323
  343
  364
  386
  409
  433
  458
  470
  497
  526
  556
  588
  621
  656
  692
  731
  771
  813
  857
  904
  953
  1,004
  1,058
  1,115
  1,174
  1,237
  1,302
Maintenance CAPEX, $m
  0
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -91
  -95
  -100
  -105
  -111
  -116
  -122
New CAPEX, $m
  -60
  -16
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -56
  -59
  -62
Cash from investing activities, $m
  296
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -79
  -83
  -88
  -92
  -97
  -102
  -107
  -113
  -118
  -124
  -130
  -138
  -144
  -151
  -159
  -167
  -175
  -184
Free cash flow, $m
  485
  225
  240
  256
  273
  290
  308
  327
  347
  368
  389
  398
  422
  447
  473
  500
  529
  559
  590
  623
  658
  695
  733
  773
  815
  860
  906
  956
  1,007
  1,061
  1,118
Issuance/(repayment) of debt, $m
  -53
  97
  100
  104
  109
  113
  118
  123
  128
  134
  140
  146
  153
  160
  167
  175
  183
  191
  200
  210
  220
  230
  241
  253
  265
  278
  291
  306
  321
  336
  353
Issuance/(repurchase) of shares, $m
  -311
  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  
  -332
  97
  100
  104
  109
  113
  118
  123
  128
  134
  140
  146
  153
  160
  167
  175
  183
  191
  200
  210
  220
  230
  241
  253
  265
  278
  291
  306
  321
  336
  353
Total cash flow (excl. dividends), $m
  153
  322
  340
  360
  381
  403
  426
  450
  475
  502
  529
  544
  574
  606
  640
  675
  711
  750
  790
  833
  878
  925
  974
  1,026
  1,080
  1,138
  1,198
  1,261
  1,328
  1,398
  1,471
Retained Cash Flow (-), $m
  -69
  -75
  -77
  -80
  -83
  -86
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -122
  -127
  -133
  -139
  -146
  -153
  -160
  -168
  -176
  -184
  -193
  -202
  -212
  -223
  -233
  -245
  -257
  -269
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
 
  248
  264
  281
  298
  317
  336
  356
  377
  399
  422
  433
  458
  484
  512
  541
  572
  604
  638
  673
  710
  749
  790
  833
  878
  926
  975
  1,028
  1,083
  1,141
  1,202
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
 
  237
  242
  244
  246
  246
  244
  241
  236
  229
  221
  205
  195
  184
  172
  159
  145
  131
  117
  104
  90
  77
  66
  55
  45
  36
  28
  22
  17
  12
  9
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

DST Systems, Inc. provides technology-based information processing and servicing solutions in the United States, the United Kingdom, Canada, Australia, and internationally. The company’s Financial Services segment provides investor, investment, advisor/intermediary, and asset distribution services to companies in the financial services industry. This segment provides customers information processing solutions, such as tracking of purchases, redemptions, and exchanges and transfers of shares; maintaining investor identification and ownership records; reconciling cash and share activity; processing dividends; reporting sales; performing tax and other compliance functions; and providing information for printing of investor trade confirmations, statements, and year-end tax forms. The company’s Healthcare Services segment offers healthcare organizations a range of medical and pharmacy solutions for information processing, quality of care, cost management, and payment integrity needs; and healthcare solutions, including claims adjudication, benefit management, care management, business intelligence, and other ancillary services. Its Customer Communications segment provides a range of integrated print, mail, and electronic solutions to companies. The company’s Investments and Other segment owns and operates real estate properties for lease; and has investments in equity securities, private equity investments, and other financial interests. DST Systems, Inc. was founded in 1968 and is headquartered in Kansas City, Missouri.

FINANCIAL RATIOS  of  DST Systems (DST)

Valuation Ratios
P/E Ratio 3.9
Price to Sales 1.1
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 8.8
Price to Free Cash Flow 12.8
Growth Rates
Sales Growth Rate 5.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -32.6%
Cap. Spend. - 3 Yr. Gr. Rate -10.2%
Financial Strength
Quick Ratio 1
Current Ratio 0.6
LT Debt to Equity 26.8%
Total Debt to Equity 45.6%
Interest Coverage 13
Management Effectiveness
Return On Assets 15.8%
Ret/ On Assets - 3 Yr. Avg. 16.4%
Return On Total Capital 26.4%
Ret/ On T. Cap. - 3 Yr. Avg. 26.6%
Return On Equity 39.5%
Return On Equity - 3 Yr. Avg. 40%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 22%
Gross Margin - 3 Yr. Avg. 22.6%
EBITDA Margin 25.6%
EBITDA Margin - 3 Yr. Avg. 40.6%
Operating Margin 16.2%
Oper. Margin - 3 Yr. Avg. 18.7%
Pre-Tax Margin 17.9%
Pre-Tax Margin - 3 Yr. Avg. 32.9%
Net Profit Margin 27.4%
Net Profit Margin - 3 Yr. Avg. 30.4%
Effective Tax Rate 36.2%
Eff/ Tax Rate - 3 Yr. Avg. 31.1%
Payout Ratio 10.1%

DST stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DST stock intrinsic value calculation we used $1557 million for the last fiscal year's total revenue generated by DST Systems. The default revenue input number comes from 2016 income statement of DST Systems. 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 DST stock valuation model: a) initial revenue growth rate of 6.6% 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 DST is calculated based on our internal credit rating of DST Systems, 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 DST Systems.
    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 DST stock the variable cost ratio is equal to 75.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $125 million in the base year in the intrinsic value calculation for DST 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 4.3% for DST Systems.

Corporate tax rate of 27% is the nominal tax rate for DST Systems. 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 DST 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 DST are equal to 16.5%.

Life of production assets of 10 years is the average useful life of capital assets used in DST Systems 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 DST is equal to 2.6%. 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 - $1115 million for DST Systems - 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 31.909 million for DST Systems 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 DST Systems at the current share price and the inputted number of shares is $1.7 billion.

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COMPANY NEWS

▶ DST Systems, Inc. Declares Cash Dividend   [Aug-02-17 04:15PM  PR Newswire]
▶ New Strong Sell Stocks for August 1st   [Aug-01-17 09:44AM  Zacks]
▶ DST Systems misses 2Q profit forecasts   [01:34AM  Associated Press]
▶ ETFs with exposure to DST Systems, Inc. : July 24, 2017   [Jul-24-17 03:28PM  Capital Cube]
▶ ETFs with exposure to DST Systems, Inc. : July 14, 2017   [Jul-14-17 02:01PM  Capital Cube]
▶ ETFs with exposure to DST Systems, Inc. : June 26, 2017   [Jun-26-17 03:49PM  Capital Cube]
▶ ETFs with exposure to DST Systems, Inc. : June 15, 2017   [Jun-15-17 01:44PM  Capital Cube]
▶ Two DST Systems units will add 415 jobs in KC   [May-30-17 08:00AM  American City Business Journals]
▶ New Strong Buy Stocks for May 19th   [May-19-17 09:50AM  Zacks]
▶ 5 Value Stocks To Own As Volatility Increases   [May-16-17 05:16PM  Benzinga]
▶ Top Ranked Momentum Stocks to Buy for May 3rd   [May-03-17 11:00AM  Zacks]
▶ DST Systems beats 1Q profit forecasts   [07:44AM  Associated Press]
▶ Five Stocks for the Small Cap Breakout to Highs   [Apr-20-17 08:05PM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for April 7th   [Apr-07-17 11:05AM  Zacks]
▶ Which KC-area stocks had the best, worst March? Take a look   [Apr-03-17 04:50PM  at bizjournals.com]
▶ Which KC-area stocks had the best, worst March? Take a look   [04:50PM  American City Business Journals]
▶ New Strong Buy Stocks for March 31st   [Mar-31-17 09:34AM  Zacks]
▶ State Street makes $333M deal with firm run by Jay Hooleys brother   [Mar-27-17 02:25PM  at bizjournals.com]
▶ State Street makes $333M deal with firm run by Jay Hooleys brother   [02:25PM  American City Business Journals]
▶ Billionaire Ken Fishers Monster Q4 Moves   [Feb-14-17 12:38PM  at Insider Monkey]
Financial statements of DST
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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