Intrinsic value of First Data Cl A - FDC

Previous Close

$16.26

  Intrinsic Value

$6.94

stock screener

  Rating & Target

str. sell

-57%

Previous close

$16.26

 
Intrinsic value

$6.94

 
Up/down potential

-57%

 
Rating

str. sell

We calculate the intrinsic value of FDC 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 15.0

 

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, %
  1.16
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
Revenue, $m
  11,584
  11,966
  12,382
  12,830
  13,313
  13,830
  14,382
  14,972
  15,598
  16,264
  16,970
  17,718
  18,510
  19,346
  20,230
  21,163
  22,147
  23,184
  24,278
  25,430
  26,643
  27,920
  29,264
  30,678
  32,166
  33,731
  35,376
  37,106
  38,925
  40,836
  42,845
Variable operating expenses, $m
 
  11,803
  12,155
  12,535
  12,944
  13,382
  13,850
  14,349
  14,879
  15,443
  16,041
  15,005
  15,675
  16,384
  17,132
  17,922
  18,755
  19,634
  20,560
  21,536
  22,563
  23,645
  24,783
  25,980
  27,240
  28,565
  29,959
  31,424
  32,964
  34,583
  36,284
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
  10,052
  11,803
  12,155
  12,535
  12,944
  13,382
  13,850
  14,349
  14,879
  15,443
  16,041
  15,005
  15,675
  16,384
  17,132
  17,922
  18,755
  19,634
  20,560
  21,536
  22,563
  23,645
  24,783
  25,980
  27,240
  28,565
  29,959
  31,424
  32,964
  34,583
  36,284
Operating income, $m
  1,532
  163
  226
  295
  369
  448
  533
  623
  719
  821
  929
  2,713
  2,834
  2,962
  3,098
  3,241
  3,391
  3,550
  3,718
  3,894
  4,080
  4,275
  4,481
  4,698
  4,926
  5,165
  5,417
  5,682
  5,961
  6,253
  6,561
EBITDA, $m
  2,593
  2,070
  2,142
  2,219
  2,303
  2,392
  2,488
  2,590
  2,698
  2,813
  2,936
  3,065
  3,202
  3,347
  3,499
  3,661
  3,831
  4,010
  4,200
  4,399
  4,609
  4,830
  5,062
  5,307
  5,564
  5,835
  6,119
  6,419
  6,733
  7,064
  7,411
Interest expense (income), $m
  1,032
  979
  894
  963
  1,039
  1,120
  1,206
  1,299
  1,398
  1,503
  1,614
  1,733
  1,858
  1,990
  2,131
  2,279
  2,435
  2,600
  2,774
  2,957
  3,150
  3,353
  3,568
  3,793
  4,030
  4,279
  4,541
  4,817
  5,107
  5,412
  5,732
Earnings before tax, $m
  481
  -816
  -668
  -668
  -670
  -671
  -673
  -676
  -679
  -682
  -685
  981
  977
  972
  967
  962
  956
  950
  944
  937
  930
  922
  914
  905
  896
  886
  876
  865
  854
  841
  829
Tax expense, $m
  81
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  265
  264
  262
  261
  260
  258
  257
  255
  253
  251
  249
  247
  244
  242
  239
  236
  234
  230
  227
  224
Net income, $m
  420
  -816
  -668
  -668
  -670
  -671
  -673
  -676
  -679
  -682
  -685
  716
  713
  710
  706
  702
  698
  694
  689
  684
  679
  673
  667
  661
  654
  647
  639
  631
  623
  614
  605

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  385
  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
  40,292
  41,263
  42,695
  44,242
  45,905
  47,689
  49,594
  51,626
  53,788
  56,083
  58,518
  61,097
  63,826
  66,711
  69,758
  72,975
  76,368
  79,946
  83,717
  87,689
  91,872
  96,276
  100,910
  105,787
  110,917
  116,312
  121,986
  127,951
  134,223
  140,814
  147,742
Adjusted assets (=assets-cash), $m
  39,907
  41,263
  42,695
  44,242
  45,905
  47,689
  49,594
  51,626
  53,788
  56,083
  58,518
  61,097
  63,826
  66,711
  69,758
  72,975
  76,368
  79,946
  83,717
  87,689
  91,872
  96,276
  100,910
  105,787
  110,917
  116,312
  121,986
  127,951
  134,223
  140,814
  147,742
Revenue / Adjusted assets
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
Average production assets, $m
  4,646
  4,798
  4,965
  5,145
  5,338
  5,546
  5,767
  6,004
  6,255
  6,522
  6,805
  7,105
  7,422
  7,758
  8,112
  8,486
  8,881
  9,297
  9,735
  10,197
  10,684
  11,196
  11,735
  12,302
  12,899
  13,526
  14,186
  14,879
  15,609
  16,375
  17,181
Working capital, $m
  700
  694
  718
  744
  772
  802
  834
  868
  905
  943
  984
  1,028
  1,074
  1,122
  1,173
  1,227
  1,285
  1,345
  1,408
  1,475
  1,545
  1,619
  1,697
  1,779
  1,866
  1,956
  2,052
  2,152
  2,258
  2,368
  2,485
Total debt, $m
  18,489
  16,554
  17,842
  19,235
  20,732
  22,337
  24,052
  25,880
  27,826
  29,892
  32,083
  34,405
  36,861
  39,457
  42,199
  45,094
  48,148
  51,368
  54,762
  58,337
  62,102
  66,065
  70,236
  74,625
  79,242
  84,098
  89,205
  94,573
  100,217
  106,150
  112,385
Total liabilities, $m
  39,072
  37,137
  38,425
  39,818
  41,315
  42,920
  44,635
  46,463
  48,409
  50,475
  52,666
  54,988
  57,444
  60,040
  62,782
  65,677
  68,731
  71,951
  75,345
  78,920
  82,685
  86,648
  90,819
  95,208
  99,825
  104,681
  109,788
  115,156
  120,800
  126,733
  132,968
Total equity, $m
  1,220
  4,126
  4,269
  4,424
  4,591
  4,769
  4,959
  5,163
  5,379
  5,608
  5,852
  6,110
  6,383
  6,671
  6,976
  7,297
  7,637
  7,995
  8,372
  8,769
  9,187
  9,628
  10,091
  10,579
  11,092
  11,631
  12,199
  12,795
  13,422
  14,081
  14,774
Total liabilities and equity, $m
  40,292
  41,263
  42,694
  44,242
  45,906
  47,689
  49,594
  51,626
  53,788
  56,083
  58,518
  61,098
  63,827
  66,711
  69,758
  72,974
  76,368
  79,946
  83,717
  87,689
  91,872
  96,276
  100,910
  105,787
  110,917
  116,312
  121,987
  127,951
  134,222
  140,814
  147,742
Debt-to-equity ratio
  15.155
  4.010
  4.180
  4.350
  4.520
  4.680
  4.850
  5.010
  5.170
  5.330
  5.480
  5.630
  5.780
  5.910
  6.050
  6.180
  6.300
  6.430
  6.540
  6.650
  6.760
  6.860
  6.960
  7.050
  7.140
  7.230
  7.310
  7.390
  7.470
  7.540
  7.610
Adjusted equity ratio
  0.021
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  420
  -816
  -668
  -668
  -670
  -671
  -673
  -676
  -679
  -682
  -685
  716
  713
  710
  706
  702
  698
  694
  689
  684
  679
  673
  667
  661
  654
  647
  639
  631
  623
  614
  605
Depreciation, amort., depletion, $m
  1,061
  1,907
  1,915
  1,924
  1,934
  1,944
  1,955
  1,967
  1,979
  1,992
  2,006
  352
  367
  384
  402
  420
  440
  460
  482
  505
  529
  554
  581
  609
  639
  670
  702
  737
  773
  811
  851
Funds from operations, $m
  2,089
  1,091
  1,248
  1,256
  1,264
  1,273
  1,282
  1,291
  1,301
  1,311
  1,321
  1,068
  1,080
  1,094
  1,108
  1,122
  1,138
  1,154
  1,171
  1,189
  1,208
  1,227
  1,248
  1,270
  1,292
  1,316
  1,342
  1,368
  1,396
  1,425
  1,456
Change in working capital, $m
  -22
  22
  24
  26
  28
  30
  32
  34
  36
  39
  41
  43
  46
  49
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  86
  91
  95
  100
  105
  111
  117
Cash from operations, $m
  2,111
  1,069
  1,224
  1,230
  1,236
  1,243
  1,250
  1,257
  1,264
  1,272
  1,280
  1,024
  1,034
  1,045
  1,056
  1,068
  1,081
  1,094
  1,107
  1,122
  1,137
  1,153
  1,170
  1,188
  1,206
  1,226
  1,246
  1,268
  1,290
  1,314
  1,339
Maintenance CAPEX, $m
  0
  -230
  -238
  -246
  -255
  -264
  -275
  -286
  -297
  -310
  -323
  -337
  -352
  -367
  -384
  -402
  -420
  -440
  -460
  -482
  -505
  -529
  -554
  -581
  -609
  -639
  -670
  -702
  -737
  -773
  -811
New CAPEX, $m
  -477
  -152
  -167
  -180
  -193
  -207
  -222
  -236
  -251
  -267
  -283
  -300
  -317
  -335
  -354
  -374
  -395
  -416
  -438
  -462
  -486
  -512
  -539
  -567
  -597
  -627
  -660
  -694
  -729
  -767
  -806
Cash from investing activities, $m
  -387
  -382
  -405
  -426
  -448
  -471
  -497
  -522
  -548
  -577
  -606
  -637
  -669
  -702
  -738
  -776
  -815
  -856
  -898
  -944
  -991
  -1,041
  -1,093
  -1,148
  -1,206
  -1,266
  -1,330
  -1,396
  -1,466
  -1,540
  -1,617
Free cash flow, $m
  1,724
  686
  820
  804
  788
  771
  753
  735
  716
  696
  674
  387
  365
  342
  318
  293
  266
  238
  209
  178
  146
  112
  77
  40
  1
  -40
  -83
  -128
  -176
  -225
  -277
Issuance/(repayment) of debt, $m
  -1,335
  -1,577
  1,289
  1,392
  1,497
  1,605
  1,715
  1,828
  1,945
  2,066
  2,191
  2,321
  2,456
  2,596
  2,743
  2,895
  3,054
  3,220
  3,394
  3,575
  3,765
  3,963
  4,171
  4,389
  4,617
  4,856
  5,106
  5,369
  5,644
  5,933
  6,235
Issuance/(repurchase) of shares, $m
  23
  3,750
  811
  823
  836
  850
  864
  879
  895
  911
  929
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  4
  45
  88
Cash from financing (excl. dividends), $m  
  -1,734
  2,173
  2,100
  2,215
  2,333
  2,455
  2,579
  2,707
  2,840
  2,977
  3,120
  2,321
  2,456
  2,596
  2,743
  2,895
  3,054
  3,220
  3,394
  3,575
  3,765
  3,963
  4,171
  4,389
  4,617
  4,856
  5,106
  5,369
  5,648
  5,978
  6,323
Total cash flow (excl. dividends), $m
  -44
  2,859
  2,919
  3,019
  3,122
  3,226
  3,333
  3,443
  3,556
  3,673
  3,794
  2,709
  2,821
  2,939
  3,060
  3,187
  3,320
  3,458
  3,602
  3,753
  3,911
  4,075
  4,248
  4,429
  4,618
  4,816
  5,023
  5,241
  5,472
  5,752
  6,046
Retained Cash Flow (-), $m
  -552
  -3,750
  -811
  -823
  -836
  -850
  -864
  -879
  -895
  -911
  -929
  -258
  -273
  -288
  -305
  -322
  -339
  -358
  -377
  -397
  -418
  -440
  -463
  -488
  -513
  -540
  -567
  -597
  -627
  -659
  -693
Prev. year cash balance distribution, $m
 
  27
  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
 
  -864
  2,108
  2,196
  2,285
  2,376
  2,469
  2,564
  2,661
  2,762
  2,866
  2,451
  2,548
  2,650
  2,756
  2,866
  2,981
  3,100
  3,225
  3,356
  3,492
  3,635
  3,785
  3,941
  4,105
  4,276
  4,456
  4,644
  4,845
  5,093
  5,353
Discount rate, %
 
  13.30
  13.97
  14.66
  15.40
  16.17
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.75
  23.88
  25.08
  26.33
  27.65
  29.03
  30.48
  32.01
  33.61
  35.29
  37.05
  38.91
  40.85
  42.89
  45.04
  47.29
  49.65
  52.14
  54.74
PV of cash for distribution, $m
 
  -763
  1,623
  1,457
  1,289
  1,123
  964
  813
  675
  549
  439
  283
  218
  164
  120
  86
  60
  41
  27
  17
  11
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  76.1
  74.6
  73.2
  71.9
  70.5
  69.3
  68.1
  66.9
  65.8
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7

First Data Corporation is a provider of commerce-enabling technology and solutions for merchants, financial institutions and card issuers. The Company's segments are Global Business Solutions (GBS), Global Financial Solutions (GFS), Network & Security Solutions (NSS), and Corporate. The GBS segment provides businesses of all sizes and types with a range of solutions at the point of sale, including merchant acquiring, e-commerce, mobile commerce, point-of-sale, and other business solutions. The GFS segment provides financial institutions, which include bank and non-bank issuers, such as retailers with card portfolios, with a range of solutions that enable them to offer financial products and solutions to their customers. The NSS segment provides a range of network solutions and security, risk and fraud management solutions to business and financial institution clients in its GBS and GFS segments, and to financial institutions, businesses, governments, processors and other clients.

FINANCIAL RATIOS  of  First Data Cl A (FDC)

Valuation Ratios
P/E Ratio 35.3
Price to Sales 1.3
Price to Book 12.2
Price to Tangible Book
Price to Cash Flow 7
Price to Free Cash Flow 9.1
Growth Rates
Sales Growth Rate 1.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20.8%
Cap. Spend. - 3 Yr. Gr. Rate 4.7%
Financial Strength
Quick Ratio 1
Current Ratio 0.9
LT Debt to Equity 1486.1%
Total Debt to Equity 1515.5%
Interest Coverage 1
Management Effectiveness
Return On Assets 3.4%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 2.1%
Ret/ On T. Cap. - 3 Yr. Avg. -2.5%
Return On Equity 44.5%
Return On Equity - 3 Yr. Avg. -977.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 40.1%
Gross Margin - 3 Yr. Avg. 39.9%
EBITDA Margin 22.2%
EBITDA Margin - 3 Yr. Avg. 19.3%
Operating Margin 13.2%
Oper. Margin - 3 Yr. Avg. 8.2%
Pre-Tax Margin 4.2%
Pre-Tax Margin - 3 Yr. Avg. -3.9%
Net Profit Margin 3.6%
Net Profit Margin - 3 Yr. Avg. -4.5%
Effective Tax Rate 16.8%
Eff/ Tax Rate - 3 Yr. Avg. -3.6%
Payout Ratio 0%

FDC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FDC stock intrinsic value calculation we used $11584 million for the last fiscal year's total revenue generated by First Data Cl A. The default revenue input number comes from 2016 income statement of First Data Cl A. 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 FDC stock valuation model: a) initial revenue growth rate of 3.3% 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 13.3%, whose default value for FDC is calculated based on our internal credit rating of First Data Cl A, 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 First Data Cl A.
    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 FDC stock the variable cost ratio is equal to 99.1%.

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 FDC 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 First Data Cl A.

Corporate tax rate of 27% is the nominal tax rate for First Data Cl A. 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 FDC 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 FDC are equal to 40.1%.

Life of production assets of 20.2 years is the average useful life of capital assets used in First Data Cl A 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 FDC is equal to 5.8%. 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 - $1220 million for First Data Cl A - 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 922.956 million for First Data Cl A 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 First Data Cl A at the current share price and the inputted number of shares is $15.0 billion.

RELATED COMPANIES Price Int.Val. Rating
V VISA Cl A 112.92 158.91  buy
MA Mastercard 151.93 132.19  hold
PYPL PayPal Holding 74.26 59.91  hold
NCR NCR 32.40 25.65  sell
FIS Fidelity Natio 93.60 60.41  sell
TSS Total System S 76.63 51.02  sell
GPN Global Payment 99.54 35.58  str.sell

COMPANY NEWS

▶ First Data Completes Acquisition of BluePay   [Dec-01-17 06:55AM  Business Wire]
▶ Is First Data Corp. a Buy?   [Nov-28-17 03:08PM  Motley Fool]
▶ Despite Bitcoin Surge, Square Stock Is Tumbling   [Nov-27-17 02:10PM  TheStreet.com]
▶ First Data and AccorHotels Form Strategic Relationship   [Nov-22-17 07:00AM  Business Wire]
▶ ETFs with exposure to First Data Corp. : November 7, 2017   [Nov-07-17 10:15AM  Capital Cube]
▶ Cramer vouches for Global Payments   [Nov-02-17 07:16PM  CNBC Videos]
▶ First Data meets 3Q profit forecasts   [07:05AM  Associated Press]
▶ [$$] First Data to Buy BluePay for $760 Million   [Oct-20-17 11:00PM  The Wall Street Journal]
▶ [$$] First Data to Buy BluePay for $760 Million   [08:51AM  The Wall Street Journal]
▶ First Data to Acquire BluePay   [06:45AM  Business Wire]
▶ [$$] First Data Mistakenly Announces Acquisition Plan for BluePay   [Oct-19-17 09:55AM  The Wall Street Journal]
▶ First Data Statement Regarding BluePay   [08:16AM  Business Wire]
▶ [$$] Older Employees Are Better at Cybersecurity: Study   [Oct-12-17 07:13AM  The Wall Street Journal]
▶ ETFs with exposure to First Data Corp. : October 11, 2017   [Oct-11-17 11:30AM  Capital Cube]
▶ First Data to Release Third Quarter 2017 Financial Results   [Oct-05-17 08:00AM  Business Wire]
▶ What Cooperman Thinks Now about First Data Corporation   [Sep-14-17 04:36PM  Market Realist]
▶ Miami shoppers outpace Houston in some pre-hurricane buying   [Sep-08-17 05:11PM  Associated Press]
▶ Weekly Top Insider Buys Highlights   [Sep-01-17 07:56PM  GuruFocus.com]
Financial statements of FDC
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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