Intrinsic value of FactSet Research Systems - FDS

Previous Close

$164.26

  Intrinsic Value

$164.59

stock screener

  Rating & Target

hold

0%

  Value-price divergence*

+21%

Previous close

$164.26

 
Intrinsic value

$164.59

 
Up/down potential

0%

 
Rating

hold

 
Value-price divergence*

+21%

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

We calculate the intrinsic value of FDS 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 6.5

 

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, %
  11.92
  8.30
  7.97
  7.67
  7.41
  7.17
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
Revenue, $m
  1,127
  1,221
  1,318
  1,419
  1,524
  1,633
  1,747
  1,865
  1,987
  2,115
  2,248
  2,386
  2,530
  2,680
  2,837
  3,000
  3,170
  3,348
  3,534
  3,728
  3,931
  4,143
  4,366
  4,598
  4,841
  5,096
  5,363
  5,643
  5,936
  6,243
  6,564
Variable operating expenses, $m
 
  814
  875
  939
  1,005
  1,074
  1,145
  1,220
  1,297
  1,377
  1,461
  1,503
  1,593
  1,688
  1,786
  1,889
  1,997
  2,109
  2,226
  2,348
  2,476
  2,610
  2,749
  2,896
  3,049
  3,210
  3,378
  3,554
  3,738
  3,932
  4,134
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
  665
  814
  875
  939
  1,005
  1,074
  1,145
  1,220
  1,297
  1,377
  1,461
  1,503
  1,593
  1,688
  1,786
  1,889
  1,997
  2,109
  2,226
  2,348
  2,476
  2,610
  2,749
  2,896
  3,049
  3,210
  3,378
  3,554
  3,738
  3,932
  4,134
Operating income, $m
  462
  407
  443
  480
  519
  559
  601
  645
  690
  738
  787
  883
  937
  992
  1,050
  1,111
  1,174
  1,239
  1,308
  1,380
  1,455
  1,534
  1,616
  1,702
  1,792
  1,887
  1,985
  2,089
  2,197
  2,311
  2,430
EBITDA, $m
  500
  463
  500
  538
  578
  619
  662
  707
  754
  802
  852
  905
  959
  1,016
  1,076
  1,137
  1,202
  1,269
  1,340
  1,414
  1,491
  1,571
  1,655
  1,743
  1,836
  1,932
  2,033
  2,139
  2,251
  2,367
  2,489
Interest expense (income), $m
  0
  11
  12
  13
  15
  17
  18
  20
  22
  24
  26
  28
  30
  32
  35
  37
  40
  42
  45
  48
  51
  54
  58
  61
  65
  68
  72
  77
  81
  85
  90
Earnings before tax, $m
  461
  396
  431
  467
  504
  543
  583
  625
  668
  714
  761
  855
  906
  960
  1,015
  1,073
  1,134
  1,197
  1,263
  1,332
  1,404
  1,480
  1,559
  1,641
  1,728
  1,818
  1,913
  2,012
  2,116
  2,226
  2,340
Tax expense, $m
  122
  107
  116
  126
  136
  147
  157
  169
  180
  193
  205
  231
  245
  259
  274
  290
  306
  323
  341
  360
  379
  400
  421
  443
  466
  491
  517
  543
  571
  601
  632
Net income, $m
  339
  289
  314
  341
  368
  396
  426
  456
  488
  521
  555
  624
  662
  701
  741
  784
  828
  874
  922
  972
  1,025
  1,080
  1,138
  1,198
  1,261
  1,327
  1,397
  1,469
  1,545
  1,625
  1,708

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  253
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,019
  830
  896
  965
  1,036
  1,110
  1,187
  1,268
  1,351
  1,438
  1,528
  1,622
  1,720
  1,822
  1,928
  2,039
  2,155
  2,276
  2,402
  2,534
  2,672
  2,817
  2,968
  3,126
  3,291
  3,464
  3,646
  3,836
  4,035
  4,244
  4,463
Adjusted assets (=assets-cash), $m
  766
  830
  896
  965
  1,036
  1,110
  1,187
  1,268
  1,351
  1,438
  1,528
  1,622
  1,720
  1,822
  1,928
  2,039
  2,155
  2,276
  2,402
  2,534
  2,672
  2,817
  2,968
  3,126
  3,291
  3,464
  3,646
  3,836
  4,035
  4,244
  4,463
Revenue / Adjusted assets
  1.471
  1.471
  1.471
  1.470
  1.471
  1.471
  1.472
  1.471
  1.471
  1.471
  1.471
  1.471
  1.471
  1.471
  1.471
  1.471
  1.471
  1.471
  1.471
  1.471
  1.471
  1.471
  1.471
  1.471
  1.471
  1.471
  1.471
  1.471
  1.471
  1.471
  1.471
Average production assets, $m
  138
  149
  161
  173
  186
  199
  213
  227
  242
  258
  274
  291
  309
  327
  346
  366
  387
  408
  431
  455
  480
  505
  533
  561
  591
  622
  654
  688
  724
  762
  801
Working capital, $m
  211
  -45
  -49
  -53
  -56
  -60
  -65
  -69
  -74
  -78
  -83
  -88
  -94
  -99
  -105
  -111
  -117
  -124
  -131
  -138
  -145
  -153
  -162
  -170
  -179
  -189
  -198
  -209
  -220
  -231
  -243
Total debt, $m
  300
  341
  385
  430
  477
  525
  576
  628
  683
  740
  799
  860
  925
  991
  1,061
  1,134
  1,210
  1,289
  1,372
  1,458
  1,548
  1,643
  1,742
  1,845
  1,954
  2,067
  2,186
  2,311
  2,441
  2,578
  2,721
Total liabilities, $m
  502
  543
  587
  632
  679
  727
  778
  830
  885
  942
  1,001
  1,062
  1,127
  1,193
  1,263
  1,336
  1,412
  1,491
  1,574
  1,660
  1,750
  1,845
  1,944
  2,047
  2,156
  2,269
  2,388
  2,513
  2,643
  2,780
  2,923
Total equity, $m
  517
  286
  309
  333
  357
  383
  410
  437
  466
  496
  527
  560
  593
  629
  665
  704
  744
  785
  829
  874
  922
  972
  1,024
  1,078
  1,135
  1,195
  1,258
  1,323
  1,392
  1,464
  1,540
Total liabilities and equity, $m
  1,019
  829
  896
  965
  1,036
  1,110
  1,188
  1,267
  1,351
  1,438
  1,528
  1,622
  1,720
  1,822
  1,928
  2,040
  2,156
  2,276
  2,403
  2,534
  2,672
  2,817
  2,968
  3,125
  3,291
  3,464
  3,646
  3,836
  4,035
  4,244
  4,463
Debt-to-equity ratio
  0.580
  1.190
  1.240
  1.290
  1.330
  1.370
  1.410
  1.440
  1.470
  1.490
  1.520
  1.540
  1.560
  1.580
  1.590
  1.610
  1.630
  1.640
  1.650
  1.670
  1.680
  1.690
  1.700
  1.710
  1.720
  1.730
  1.740
  1.750
  1.750
  1.760
  1.770
Adjusted equity ratio
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  339
  289
  314
  341
  368
  396
  426
  456
  488
  521
  555
  624
  662
  701
  741
  784
  828
  874
  922
  972
  1,025
  1,080
  1,138
  1,198
  1,261
  1,327
  1,397
  1,469
  1,545
  1,625
  1,708
Depreciation, amort., depletion, $m
  38
  56
  57
  58
  59
  60
  61
  62
  63
  64
  65
  21
  23
  24
  25
  27
  28
  30
  32
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
Funds from operations, $m
  382
  345
  371
  399
  427
  456
  487
  518
  551
  585
  621
  646
  684
  725
  767
  810
  856
  904
  954
  1,006
  1,060
  1,117
  1,177
  1,239
  1,305
  1,373
  1,445
  1,520
  1,598
  1,681
  1,767
Change in working capital, $m
  51
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
Cash from operations, $m
  331
  349
  375
  402
  431
  460
  491
  523
  556
  590
  626
  651
  690
  730
  772
  817
  862
  910
  961
  1,013
  1,068
  1,125
  1,185
  1,248
  1,314
  1,382
  1,454
  1,530
  1,609
  1,692
  1,779
Maintenance CAPEX, $m
  0
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
New CAPEX, $m
  -48
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -37
  -39
Cash from investing activities, $m
  -158
  -21
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -58
  -61
  -64
  -67
  -71
  -74
  -79
  -82
  -87
  -90
  -95
Free cash flow, $m
  173
  328
  352
  378
  405
  433
  462
  492
  524
  557
  591
  614
  651
  689
  729
  771
  815
  860
  908
  958
  1,010
  1,064
  1,121
  1,180
  1,243
  1,308
  1,376
  1,448
  1,523
  1,601
  1,684
Issuance/(repayment) of debt, $m
  265
  41
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  79
  83
  86
  90
  95
  99
  104
  108
  113
  119
  124
  130
  137
  143
Issuance/(repurchase) of shares, $m
  -300
  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  
  -17
  41
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  79
  83
  86
  90
  95
  99
  104
  108
  113
  119
  124
  130
  137
  143
Total cash flow (excl. dividends), $m
  143
  369
  396
  423
  452
  482
  513
  545
  579
  613
  650
  675
  715
  756
  799
  844
  891
  940
  991
  1,044
  1,100
  1,159
  1,220
  1,284
  1,351
  1,421
  1,495
  1,572
  1,653
  1,738
  1,827
Retained Cash Flow (-), $m
  15
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -75
Prev. year cash balance distribution, $m
 
  253
  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
 
  600
  373
  399
  427
  456
  486
  517
  550
  584
  619
  643
  681
  721
  762
  806
  851
  898
  947
  999
  1,052
  1,109
  1,168
  1,229
  1,294
  1,362
  1,432
  1,507
  1,584
  1,666
  1,751
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
 
  575
  341
  348
  352
  354
  353
  349
  344
  335
  324
  305
  291
  274
  256
  236
  216
  195
  174
  154
  134
  115
  97
  81
  66
  53
  42
  32
  25
  18
  13
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

Factset Research Systems Inc. is engaged in providing integrated financial information and big data analytical applications for the global investment community. The Company's segments include the U.S., Europe and Asia Pacific. The U.S. segment services finance professionals, including financial institutions throughout the Americas. The European segment maintains offices in France, Germany, Italy, Ireland, Latvia, Luxembourg, the Netherlands, Spain, South Africa, Sweden and Dubai. The Asia Pacific segment maintains office locations in Australia, Hong Kong, Singapore and Mumbai, India. The Company delivers insight and information to investment professionals through its analytics, service, content, and technology. Its offerings include a complete services solution focused on verifying, cleaning and loading portfolio data across asset classes, and an execution management system. The Company offers third-party content through desktop, wireless and off-platform solutions.

FINANCIAL RATIOS  of  FactSet Research Systems (FDS)

Valuation Ratios
P/E Ratio 19.4
Price to Sales 5.8
Price to Book 12.7
Price to Tangible Book
Price to Cash Flow 19.9
Price to Free Cash Flow 23.2
Growth Rates
Sales Growth Rate 11.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 84.6%
Cap. Spend. - 3 Yr. Gr. Rate 20.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 58%
Total Debt to Equity 58%
Interest Coverage 0
Management Effectiveness
Return On Assets 38.6%
Ret/ On Assets - 3 Yr. Avg. 34.8%
Return On Total Capital 49%
Ret/ On T. Cap. - 3 Yr. Avg. 44.7%
Return On Equity 64.6%
Return On Equity - 3 Yr. Avg. 50.4%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 56.8%
Gross Margin - 3 Yr. Avg. 59.4%
EBITDA Margin 44.3%
EBITDA Margin - 3 Yr. Avg. 39.1%
Operating Margin 41%
Oper. Margin - 3 Yr. Avg. 35.6%
Pre-Tax Margin 40.9%
Pre-Tax Margin - 3 Yr. Avg. 35.7%
Net Profit Margin 30.1%
Net Profit Margin - 3 Yr. Avg. 25.7%
Effective Tax Rate 26.5%
Eff/ Tax Rate - 3 Yr. Avg. 28.1%
Payout Ratio 21.8%

FDS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FDS stock intrinsic value calculation we used $1127 million for the last fiscal year's total revenue generated by FactSet Research Systems. The default revenue input number comes from 2016 income statement of FactSet Research 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 FDS stock valuation model: a) initial revenue growth rate of 8.3% 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 4.3%, whose default value for FDS is calculated based on our internal credit rating of FactSet Research 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 FactSet Research 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 FDS stock the variable cost ratio is equal to 67%.

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 FDS 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 3.5% for FactSet Research Systems.

Corporate tax rate of 27% is the nominal tax rate for FactSet Research 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 FDS 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 FDS are equal to 12.2%.

Life of production assets of 13.6 years is the average useful life of capital assets used in FactSet Research 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 FDS is equal to -3.7%. 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 - $517 million for FactSet Research 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 39.367 million for FactSet Research 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 FactSet Research Systems at the current share price and the inputted number of shares is $6.5 billion.

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COMPANY NEWS

▶ FactSet Schedules Fourth Quarter 2017 Earnings Call   [Aug-29-17 09:00AM  GlobeNewswire]
▶ FactSet Declares Dividend   [Aug-11-17 09:00AM  GlobeNewswire]
▶ FactSet Sweeps Up Industry Awards in 2017   [Jul-25-17 07:57AM  GlobeNewswire]
▶ Company News for June 28, 2017   [Jun-28-17 09:40AM  Zacks]
▶ Integrating Acquisitions Pushes FactSet Forward   [Jun-27-17 09:04AM  Motley Fool]
▶ 3 Stocks to Watch in the Second Quarter   [07:51AM  Motley Fool]
▶ 5 Top Stocks for June   [Jun-07-17 08:45AM  Motley Fool]
▶ FactSet Schedules Third Quarter 2017 Earnings Call   [May-30-17 12:14PM  GlobeNewswire]
▶ If You're in Your 60s, Consider Buying These 3 Stocks   [May-25-17 02:44PM  Motley Fool]
▶ FactSet Increases Dividend by 12%   [May-08-17 04:05PM  GlobeNewswire]
▶ Here's How to Find the Best Dividend Stocks   [Apr-30-17 10:12AM  Motley Fool]
▶ Baron Asset Fund Comments on FactSet   [Apr-13-17 06:36PM  GuruFocus.com]
▶ 3 Stocks Warren Buffett Can't Buy, but You Can   [Apr-10-17 07:24PM  Motley Fool]
▶ Informa Global Markets Forms Alliance with FactSet   [Apr-06-17 08:38AM  PR Newswire]
▶ [$$] Canaccord Likes Spiffed-Up Darden Restaurants   [Apr-01-17 12:29AM  Barrons.com]
▶ Bullish Markets Lift FactSet's Business   [09:39AM  Motley Fool]
▶ FactSet beats 2Q profit forecasts   [07:10AM  Associated Press]
▶ Is FactSet Research Carrying Too Much Goodwill on its Books?   [Mar-27-17 08:07AM  at Motley Fool]
▶ Taking the Mystery Out of Goodwill   [Mar-25-17 06:03PM  at Motley Fool]
▶ What You Need to Know About This $300 Billion Industry   [Mar-23-17 03:45PM  at Motley Fool]
▶ 3 Stocks I'm Never Selling   [07:35AM  at Motley Fool]
▶ FactSet Schedules Second Quarter 2017 Earnings Call   [Feb-28-17 09:00AM  GlobeNewswire]
▶ FactSet Declares Dividend   [Feb-06-17 07:00AM  GlobeNewswire]
▶ The 10 cheapest, fastest-growing and most beloved Dow stocks   [Feb-02-17 11:21AM  at MarketWatch]
▶ Starbucks shares fall after same-store sales miss   [Jan-26-17 04:18PM  at MarketWatch]
▶ Travelers earnings: Heres what to expect   [04:17AM  at MarketWatch]
▶ General Electric earnings: Heres what to expect   [Jan-20-17 03:02AM  at MarketWatch]
▶ Weekly CFO Sells Highlight   [Jan-16-17 10:51AM  Gurufocus]
▶ Bank of America earnings: what to watch for   [03:12AM  at MarketWatch]
Financial statements of FDS
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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