Intrinsic value of First Data Cl A - FDC

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$18.52

  Intrinsic Value

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  Value-price divergence*

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*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 16.7

 

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, %
  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
  979
  869
  914
  966
  1,025
  1,089
  1,161
  1,238
  1,322
  1,412
  1,509
  1,612
  1,723
  1,841
  1,966
  2,098
  2,239
  2,388
  2,545
  2,712
  2,888
  3,073
  3,268
  3,474
  3,692
  3,920
  4,161
  4,414
  4,681
  4,962
Earnings before tax, $m
  481
  -839
  -687
  -685
  -684
  -683
  -683
  -683
  -684
  -686
  -687
  980
  978
  975
  971
  967
  963
  959
  953
  948
  942
  936
  929
  922
  914
  906
  897
  888
  878
  868
  857
Tax expense, $m
  81
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  265
  264
  263
  262
  261
  260
  259
  257
  256
  254
  253
  251
  249
  247
  245
  242
  240
  237
  234
  231
Net income, $m
  420
  -839
  -687
  -685
  -684
  -683
  -683
  -683
  -684
  -686
  -687
  715
  714
  711
  709
  706
  703
  700
  696
  692
  688
  683
  678
  673
  667
  661
  655
  648
  641
  634
  626

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
  40,744
  41,681
  42,752
  43,955
  45,287
  46,749
  48,341
  50,065
  51,922
  53,914
  56,046
  58,321
  60,743
  63,316
  66,048
  68,942
  72,006
  75,246
  78,670
  82,284
  86,098
  90,121
  94,360
  98,827
  103,532
  108,486
  113,700
  119,187
  124,959
  131,030
Adjusted assets (=assets-cash), $m
  39,907
  40,744
  41,681
  42,752
  43,955
  45,287
  46,749
  48,341
  50,065
  51,922
  53,914
  56,046
  58,321
  60,743
  63,316
  66,048
  68,942
  72,006
  75,246
  78,670
  82,284
  86,098
  90,121
  94,360
  98,827
  103,532
  108,486
  113,700
  119,187
  124,959
  131,030
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
  4,738
  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
  16,086
  16,930
  17,894
  18,976
  20,175
  21,491
  22,924
  24,475
  26,146
  27,940
  29,858
  31,906
  34,085
  36,402
  38,860
  41,465
  44,222
  47,138
  50,220
  53,473
  56,905
  60,525
  64,341
  68,362
  72,596
  77,054
  81,747
  86,685
  91,880
  97,344
Total liabilities, $m
  39,072
  36,669
  37,513
  38,477
  39,559
  40,758
  42,074
  43,507
  45,058
  46,729
  48,523
  50,441
  52,489
  54,668
  56,985
  59,443
  62,048
  64,805
  67,721
  70,803
  74,056
  77,488
  81,108
  84,924
  88,945
  93,179
  97,637
  102,330
  107,268
  112,463
  117,927
Total equity, $m
  1,220
  4,074
  4,168
  4,275
  4,395
  4,529
  4,675
  4,834
  5,006
  5,192
  5,391
  5,605
  5,832
  6,074
  6,332
  6,605
  6,894
  7,201
  7,525
  7,867
  8,228
  8,610
  9,012
  9,436
  9,883
  10,353
  10,849
  11,370
  11,919
  12,496
  13,103
Total liabilities and equity, $m
  40,292
  40,743
  41,681
  42,752
  43,954
  45,287
  46,749
  48,341
  50,064
  51,921
  53,914
  56,046
  58,321
  60,742
  63,317
  66,048
  68,942
  72,006
  75,246
  78,670
  82,284
  86,098
  90,120
  94,360
  98,828
  103,532
  108,486
  113,700
  119,187
  124,959
  131,030
Debt-to-equity ratio
  15.155
  3.950
  4.060
  4.190
  4.320
  4.460
  4.600
  4.740
  4.890
  5.040
  5.180
  5.330
  5.470
  5.610
  5.750
  5.880
  6.010
  6.140
  6.260
  6.380
  6.500
  6.610
  6.720
  6.820
  6.920
  7.010
  7.100
  7.190
  7.270
  7.350
  7.430
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
  -839
  -687
  -685
  -684
  -683
  -683
  -683
  -684
  -686
  -687
  715
  714
  711
  709
  706
  703
  700
  696
  692
  688
  683
  678
  673
  667
  661
  655
  648
  641
  634
  626
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
  1,065
  1,222
  1,230
  1,239
  1,247
  1,256
  1,264
  1,274
  1,283
  1,293
  1,038
  1,049
  1,061
  1,073
  1,086
  1,100
  1,114
  1,129
  1,145
  1,162
  1,179
  1,197
  1,216
  1,236
  1,257
  1,280
  1,303
  1,327
  1,353
  1,380
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
  827
  1,206
  1,212
  1,218
  1,225
  1,231
  1,238
  1,245
  1,252
  1,259
  1,002
  1,011
  1,020
  1,030
  1,040
  1,051
  1,063
  1,075
  1,087
  1,101
  1,115
  1,129
  1,145
  1,161
  1,178
  1,196
  1,215
  1,235
  1,256
  1,278
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
  505
  863
  848
  832
  817
  800
  783
  766
  748
  729
  444
  424
  403
  381
  358
  334
  310
  283
  256
  227
  197
  166
  133
  99
  62
  24
  -16
  -57
  -101
  -147
Issuance/(repayment) of debt, $m
  -1,335
  -2,045
  843
  964
  1,082
  1,199
  1,316
  1,433
  1,551
  1,671
  1,793
  1,919
  2,047
  2,180
  2,317
  2,458
  2,605
  2,757
  2,916
  3,081
  3,253
  3,433
  3,620
  3,816
  4,020
  4,234
  4,458
  4,693
  4,938
  5,195
  5,464
Issuance/(repurchase) of shares, $m
  23
  4,394
  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  
  -1,734
  2,349
  843
  964
  1,082
  1,199
  1,316
  1,433
  1,551
  1,671
  1,793
  1,919
  2,047
  2,180
  2,317
  2,458
  2,605
  2,757
  2,916
  3,081
  3,253
  3,433
  3,620
  3,816
  4,020
  4,234
  4,458
  4,693
  4,938
  5,195
  5,464
Total cash flow (excl. dividends), $m
  -44
  -1,539
  1,706
  1,812
  1,915
  2,016
  2,116
  2,216
  2,317
  2,419
  2,522
  2,363
  2,471
  2,583
  2,698
  2,816
  2,939
  3,067
  3,199
  3,337
  3,481
  3,630
  3,786
  3,949
  4,119
  4,297
  4,483
  4,677
  4,881
  5,094
  5,317
Retained Cash Flow (-), $m
  -552
  -2,881
  -94
  -107
  -120
  -133
  -146
  -159
  -172
  -186
  -199
  -213
  -227
  -242
  -257
  -273
  -289
  -306
  -324
  -342
  -361
  -381
  -402
  -424
  -447
  -470
  -495
  -521
  -549
  -577
  -607
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
 
  0
  1,613
  1,705
  1,795
  1,883
  1,970
  2,057
  2,145
  2,233
  2,323
  2,149
  2,244
  2,340
  2,440
  2,543
  2,650
  2,761
  2,875
  2,995
  3,119
  3,249
  3,384
  3,525
  3,672
  3,826
  3,987
  4,156
  4,332
  4,516
  4,710
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
 
  0
  1,242
  1,131
  1,012
  890
  769
  653
  544
  444
  356
  249
  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
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1
  73.1

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 40.2
Price to Sales 1.5
Price to Book 13.8
Price to Tangible Book
Price to Cash Flow 8
Price to Free Cash Flow 10.3
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 $16.7 billion.


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COMPANY NEWS

▶ 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]
▶ First Data and ShopKeep Expand Partnership   [Feb-16-17 09:15AM  Business Wire]
▶ First Data Reports Full-Year 2016 Results   [Feb-13-17 01:33PM  at Investopedia]
▶ First Data Posts Q4 Earnings Beat   [09:53AM  at Investopedia]
▶ [$$] First Data Swings to Profit   [08:20AM  at The Wall Street Journal]
▶ What to Expect: First Datas Upcoming Q4 Report   [Feb-10-17 03:03PM  at Investopedia]
▶ First Data, KeyBank Team for Merchant Services   [Feb-09-17 12:31PM  at Investopedia]
▶ 11 Highest Paid CEOs In The World   [Jan-30-17 11:30AM  at Insider Monkey]
Stock chart of FDC Financial statements of FDC Annual reports 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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