Intrinsic value of First Data Cl A - FDC

Previous Close

$18.03

  Intrinsic Value

$5.49

stock screener

  Rating & Target

str. sell

-70%

  Value-price divergence*

-46%

Previous close

$18.03

 
Intrinsic value

$5.49

 
Up/down potential

-70%

 
Rating

str. sell

 
Value-price divergence*

-46%

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

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 16.3

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  11,584
  11,816
  12,087
  12,398
  12,747
  13,133
  13,557
  14,019
  14,519
  15,057
  15,635
  16,253
  16,913
  17,615
  18,362
  19,154
  19,993
  20,882
  21,821
  22,814
  23,862
  24,968
  26,135
  27,364
  28,660
  30,024
  31,461
  32,973
  34,564
  36,238
  37,999
Variable operating expenses, $m
 
  11,676
  11,906
  12,169
  12,465
  12,792
  13,151
  13,542
  13,965
  14,421
  14,911
  13,764
  14,323
  14,918
  15,550
  16,221
  16,932
  17,684
  18,480
  19,321
  20,208
  21,145
  22,133
  23,174
  24,271
  25,427
  26,643
  27,924
  29,271
  30,689
  32,180
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
  11,676
  11,906
  12,169
  12,465
  12,792
  13,151
  13,542
  13,965
  14,421
  14,911
  13,764
  14,323
  14,918
  15,550
  16,221
  16,932
  17,684
  18,480
  19,321
  20,208
  21,145
  22,133
  23,174
  24,271
  25,427
  26,643
  27,924
  29,271
  30,689
  32,180
Operating income, $m
  1,532
  140
  181
  229
  282
  341
  406
  477
  554
  636
  725
  2,489
  2,590
  2,697
  2,812
  2,933
  3,062
  3,198
  3,341
  3,494
  3,654
  3,823
  4,002
  4,190
  4,389
  4,598
  4,818
  5,049
  5,293
  5,549
  5,819
EBITDA, $m
  2,593
  2,044
  2,091
  2,145
  2,205
  2,272
  2,345
  2,425
  2,511
  2,605
  2,705
  2,812
  2,926
  3,047
  3,176
  3,313
  3,458
  3,612
  3,775
  3,946
  4,128
  4,319
  4,521
  4,734
  4,958
  5,194
  5,442
  5,704
  5,979
  6,269
  6,573
Interest expense (income), $m
  1,032
  998
  882
  928
  981
  1,040
  1,105
  1,176
  1,254
  1,339
  1,429
  1,527
  1,631
  1,743
  1,861
  1,987
  2,121
  2,262
  2,412
  2,571
  2,738
  2,915
  3,102
  3,299
  3,506
  3,725
  3,955
  4,198
  4,453
  4,721
  5,004
Earnings before tax, $m
  481
  -859
  -701
  -699
  -698
  -698
  -698
  -699
  -701
  -702
  -705
  962
  959
  955
  951
  946
  941
  935
  929
  923
  916
  908
  900
  892
  882
  873
  862
  852
  840
  828
  815
Tax expense, $m
  81
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  260
  259
  258
  257
  255
  254
  253
  251
  249
  247
  245
  243
  241
  238
  236
  233
  230
  227
  224
  220
Net income, $m
  420
  -859
  -701
  -699
  -698
  -698
  -698
  -699
  -701
  -702
  -705
  702
  700
  697
  694
  691
  687
  683
  678
  674
  668
  663
  657
  651
  644
  637
  630
  622
  613
  604
  595

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
  41,027
  41,970
  43,049
  44,260
  45,602
  47,074
  48,677
  50,413
  52,282
  54,289
  56,435
  58,726
  61,164
  63,756
  66,506
  69,421
  72,506
  75,769
  79,216
  82,856
  86,696
  90,746
  95,016
  99,514
  104,251
  109,239
  114,490
  120,014
  125,827
  131,940
Adjusted assets (=assets-cash), $m
  39,907
  41,027
  41,970
  43,049
  44,260
  45,602
  47,074
  48,677
  50,413
  52,282
  54,289
  56,435
  58,726
  61,164
  63,756
  66,506
  69,421
  72,506
  75,769
  79,216
  82,856
  86,696
  90,746
  95,016
  99,514
  104,251
  109,239
  114,490
  120,014
  125,827
  131,940
Revenue / Adjusted assets
  0.290
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
Average production assets, $m
  4,646
  4,738
  4,847
  4,972
  5,111
  5,266
  5,436
  5,622
  5,822
  6,038
  6,270
  6,518
  6,782
  7,064
  7,363
  7,681
  8,017
  8,374
  8,750
  9,148
  9,569
  10,012
  10,480
  10,973
  11,493
  12,040
  12,616
  13,222
  13,860
  14,531
  15,238
Working capital, $m
  700
  685
  701
  719
  739
  762
  786
  813
  842
  873
  907
  943
  981
  1,022
  1,065
  1,111
  1,160
  1,211
  1,266
  1,323
  1,384
  1,448
  1,516
  1,587
  1,662
  1,741
  1,825
  1,912
  2,005
  2,102
  2,204
Total debt, $m
  18,489
  16,341
  17,190
  18,161
  19,251
  20,459
  21,784
  23,226
  24,788
  26,471
  28,277
  30,209
  32,270
  34,465
  36,798
  39,273
  41,896
  44,672
  47,609
  50,711
  53,987
  57,444
  61,089
  64,931
  68,979
  73,243
  77,732
  82,458
  87,430
  92,661
  98,163
Total liabilities, $m
  39,072
  36,924
  37,773
  38,744
  39,834
  41,042
  42,367
  43,809
  45,371
  47,054
  48,860
  50,792
  52,853
  55,048
  57,381
  59,856
  62,479
  65,255
  68,192
  71,294
  74,570
  78,027
  81,672
  85,514
  89,562
  93,826
  98,315
  103,041
  108,013
  113,244
  118,746
Total equity, $m
  1,220
  4,103
  4,197
  4,305
  4,426
  4,560
  4,707
  4,868
  5,041
  5,228
  5,429
  5,644
  5,873
  6,116
  6,376
  6,651
  6,942
  7,251
  7,577
  7,922
  8,286
  8,670
  9,075
  9,502
  9,951
  10,425
  10,924
  11,449
  12,001
  12,583
  13,194
Total liabilities and equity, $m
  40,292
  41,027
  41,970
  43,049
  44,260
  45,602
  47,074
  48,677
  50,412
  52,282
  54,289
  56,436
  58,726
  61,164
  63,757
  66,507
  69,421
  72,506
  75,769
  79,216
  82,856
  86,697
  90,747
  95,016
  99,513
  104,251
  109,239
  114,490
  120,014
  125,827
  131,940
Debt-to-equity ratio
  15.155
  3.980
  4.100
  4.220
  4.350
  4.490
  4.630
  4.770
  4.920
  5.060
  5.210
  5.350
  5.500
  5.630
  5.770
  5.910
  6.040
  6.160
  6.280
  6.400
  6.520
  6.630
  6.730
  6.830
  6.930
  7.030
  7.120
  7.200
  7.280
  7.360
  7.440
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
  -859
  -701
  -699
  -698
  -698
  -698
  -699
  -701
  -702
  -705
  702
  700
  697
  694
  691
  687
  683
  678
  674
  668
  663
  657
  651
  644
  637
  630
  622
  613
  604
  595
Depreciation, amort., depletion, $m
  1,061
  1,904
  1,910
  1,916
  1,923
  1,930
  1,939
  1,948
  1,958
  1,969
  1,980
  323
  336
  350
  365
  380
  397
  415
  433
  453
  474
  496
  519
  543
  569
  596
  625
  655
  686
  719
  754
Funds from operations, $m
  2,089
  1,045
  1,208
  1,216
  1,224
  1,232
  1,240
  1,249
  1,257
  1,266
  1,275
  1,025
  1,036
  1,047
  1,058
  1,071
  1,084
  1,097
  1,111
  1,126
  1,142
  1,159
  1,176
  1,194
  1,213
  1,233
  1,254
  1,276
  1,299
  1,324
  1,349
Change in working capital, $m
  -22
  13
  16
  18
  20
  22
  25
  27
  29
  31
  34
  36
  38
  41
  43
  46
  49
  52
  54
  58
  61
  64
  68
  71
  75
  79
  83
  88
  92
  97
  102
Cash from operations, $m
  2,111
  1,032
  1,193
  1,198
  1,204
  1,210
  1,216
  1,222
  1,228
  1,235
  1,242
  989
  997
  1,006
  1,015
  1,025
  1,035
  1,046
  1,057
  1,069
  1,081
  1,094
  1,108
  1,123
  1,138
  1,154
  1,171
  1,189
  1,207
  1,227
  1,247
Maintenance CAPEX, $m
  0
  -230
  -235
  -240
  -246
  -253
  -261
  -269
  -278
  -288
  -299
  -310
  -323
  -336
  -350
  -365
  -380
  -397
  -415
  -433
  -453
  -474
  -496
  -519
  -543
  -569
  -596
  -625
  -655
  -686
  -719
New CAPEX, $m
  -477
  -92
  -109
  -125
  -140
  -155
  -170
  -185
  -200
  -216
  -232
  -248
  -265
  -282
  -299
  -318
  -337
  -356
  -377
  -398
  -420
  -444
  -468
  -493
  -519
  -547
  -576
  -606
  -638
  -671
  -706
Cash from investing activities, $m
  -387
  -322
  -344
  -365
  -386
  -408
  -431
  -454
  -478
  -504
  -531
  -558
  -588
  -618
  -649
  -683
  -717
  -753
  -792
  -831
  -873
  -918
  -964
  -1,012
  -1,062
  -1,116
  -1,172
  -1,231
  -1,293
  -1,357
  -1,425
Free cash flow, $m
  1,724
  710
  849
  834
  818
  802
  785
  768
  750
  731
  711
  431
  410
  389
  366
  343
  318
  293
  266
  238
  208
  177
  145
  111
  75
  38
  -1
  -42
  -85
  -131
  -178
Issuance/(repayment) of debt, $m
  -1,335
  -2,148
  849
  971
  1,090
  1,208
  1,325
  1,443
  1,562
  1,683
  1,806
  1,932
  2,061
  2,195
  2,333
  2,475
  2,623
  2,777
  2,936
  3,103
  3,276
  3,457
  3,645
  3,842
  4,048
  4,264
  4,489
  4,725
  4,972
  5,231
  5,502
Issuance/(repurchase) of shares, $m
  23
  3,741
  795
  807
  819
  832
  846
  860
  874
  889
  905
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  16
Cash from financing (excl. dividends), $m  
  -1,734
  1,593
  1,644
  1,778
  1,909
  2,040
  2,171
  2,303
  2,436
  2,572
  2,711
  1,932
  2,061
  2,195
  2,333
  2,475
  2,623
  2,777
  2,936
  3,103
  3,276
  3,457
  3,645
  3,842
  4,048
  4,264
  4,489
  4,725
  4,972
  5,231
  5,518
Total cash flow (excl. dividends), $m
  -44
  2,303
  2,494
  2,612
  2,727
  2,842
  2,956
  3,070
  3,186
  3,303
  3,422
  2,363
  2,472
  2,583
  2,699
  2,818
  2,941
  3,069
  3,202
  3,340
  3,484
  3,634
  3,790
  3,953
  4,124
  4,302
  4,488
  4,683
  4,887
  5,100
  5,340
Retained Cash Flow (-), $m
  -552
  -3,741
  -795
  -807
  -819
  -832
  -846
  -860
  -874
  -889
  -905
  -215
  -229
  -244
  -259
  -275
  -291
  -309
  -326
  -345
  -364
  -384
  -405
  -427
  -450
  -474
  -499
  -525
  -552
  -581
  -611
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
 
  -1,438
  1,698
  1,805
  1,908
  2,009
  2,110
  2,211
  2,311
  2,413
  2,517
  2,148
  2,242
  2,340
  2,440
  2,543
  2,650
  2,761
  2,876
  2,995
  3,120
  3,250
  3,385
  3,526
  3,674
  3,828
  3,989
  4,158
  4,334
  4,519
  4,729
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
 
  -1,269
  1,308
  1,197
  1,076
  950
  824
  701
  586
  480
  386
  248
  192
  145
  106
  76
  53
  36
  24
  15
  9
  6
  3
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  76.5
  75.1
  73.7
  72.3
  70.9
  69.7
  68.4
  67.2
  66.0
  64.9
  64.9
  64.9
  64.9
  64.9
  64.9
  64.9
  64.9
  64.9
  64.9
  64.9
  64.9
  64.9
  64.9
  64.9
  64.9
  64.9
  64.9
  64.9
  64.9
  64.9

First Data Corporation provides electronic commerce solutions for merchants, financial institutions, and card issuers worldwide. It operates through three segments: Global Business Solutions, Global Financial Solutions, and Network & Security Solutions. The Global Business Solutions segment offers retail point-of-sale merchant acquiring and e-commerce services; and mobile payment services and Webstore-in-a-box solutions, as well as its cloud-based Clover point-of-sale operating system, which includes a marketplace for proprietary and third-party business applications. The Global Financial Solutions segment provides credit solutions for bank and non-bank issuers, such as credit and retail private-label card processing solutions; and licensed financial software systems, such as VisionPLUS bank processing application and lending solutions. This segment also offers a suite of related services comprising card personalization and embossing, statement printing, client service, and remittance processing services to financial institutions. The Network & Security Solutions segment offers a range of value-added solutions that include electronic funds transfer network solutions, such as debit card processing solutions; stored value network solutions; and gift solutions, and security and fraud solutions. This segment also supports online and mobile banking, and its business supporting mobile wallets. The company was founded in 1989 and is headquartered in Atlanta, Georgia.

FINANCIAL RATIOS  of  First Data Cl A (FDC)

Valuation Ratios
P/E Ratio 39.1
Price to Sales 1.4
Price to Book 13.5
Price to Tangible Book
Price to Cash Flow 7.8
Price to Free Cash Flow 10.1
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 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 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 901.78 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 $16.3 billion.

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NCR NCR 36.06 27.17  sell
FIS Fidelity Natio 91.45 64.61  sell
TSS Total System S 65.41 726.99  str.buy
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COMPANY NEWS

▶ First Data meets 2Q profit forecasts   [Aug-07-17 11:56PM  Associated Press]
▶ The hits keep on coming against Wells Fargo   [06:12PM  American City Business Journals]
▶ ETFs with exposure to First Data Corp. : August 1, 2017   [Aug-01-17 04:37PM  Capital Cube]
▶ KKR Posts Record Profit Amid Nordstrom Buyout Talks   [Jul-27-17 07:01PM  Bloomberg Video]
▶ PEG Ratio vs. the P/E Ratio   [Jul-25-17 02:32PM  Zacks]
▶ Henrique De Castro Joins First Datas Board of Directors   [Jul-24-17 07:00AM  Business Wire]
▶ First Data's $750 Million Attempt to Jumpstart Growth   [Jul-22-17 02:19PM  Motley Fool]
▶ Rev's Forum: Attractive Setups To Keep an Eye on   [Jul-19-17 10:00AM  TheStreet.com]
▶ First Data completes $750M CardConnect deal   [Jul-14-17 11:05AM  American City Business Journals]
▶ $750M sale of King of Prussia fintech company completed   [10:30AM  American City Business Journals]
▶ The Rise and Fall (And Rise and Fall) of Ethereum   [Jul-11-17 10:07AM  InvestorPlace]
▶ ETFs with exposure to First Data Corp. : July 10, 2017   [Jul-10-17 02:27PM  Capital Cube]
▶ First Data Completes Acquisition of CardConnect   [Jul-06-17 08:47AM  Business Wire]
▶ ETFs with exposure to First Data Corp. : June 27, 2017   [Jun-27-17 03:12PM  Capital Cube]
▶ First Data Refinances Term Loans Due in 2021 and 2022   [Jun-14-17 06:15PM  Business Wire]
▶ First Data CEO Taking M&A Break After CardConnect   [Jun-01-17 01:23PM  Bloomberg Video]
▶ Pittsburgher stands to make millions from sale of CardConnect   [10:55AM  American City Business Journals]
▶ Publicly traded King of Prussia fintech firm to be sold for $750M   [12:08PM  American City Business Journals]
▶ First Data to Acquire CardConnect   [May-29-17 07:08PM  Business Wire]
▶ Live Oak Bancshares to Host Investor Conference Call   [May-09-17 06:35PM  GlobeNewswire]
▶ Apple Can Thank Alipay for Shopping   [May-08-17 10:05PM  Bloomberg]
▶ First Data to Power Alipay in North America   [06:48PM  Business Wire]
▶ First Data beats Street 1Q forecasts   [07:22AM  Associated Press]
▶ First Data, Silicon Valley Bank Form Accelerator   [Apr-13-17 12:01PM  Investopedia]
▶ First Data to Release First Quarter 2017 Financial Results   [Apr-07-17 10:30AM  Business Wire]
Stock chart of FDC 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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