Intrinsic value of FleetCor Technologies - FLT

Previous Close

$206.65

  Intrinsic Value

$231.12

stock screener

  Rating & Target

hold

+12%

Previous close

$206.65

 
Intrinsic value

$231.12

 
Up/down potential

+12%

 
Rating

hold

We calculate the intrinsic value of FLT 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  7.57
  19.40
  17.96
  16.66
  15.50
  14.45
  13.50
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.96
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
Revenue, $m
  1,832
  2,187
  2,580
  3,010
  3,477
  3,979
  4,516
  5,088
  5,693
  6,330
  7,000
  7,701
  8,434
  9,199
  9,996
  10,825
  11,687
  12,583
  13,514
  14,482
  15,488
  16,534
  17,621
  18,752
  19,929
  21,154
  22,430
  23,761
  25,148
  26,595
  28,105
Variable operating expenses, $m
 
  630
  667
  709
  753
  802
  853
  908
  966
  1,027
  1,092
  739
  810
  883
  960
  1,039
  1,122
  1,208
  1,298
  1,391
  1,487
  1,587
  1,692
  1,800
  1,913
  2,031
  2,154
  2,281
  2,415
  2,553
  2,698
Fixed operating expenses, $m
 
  505
  518
  531
  544
  558
  572
  586
  601
  616
  631
  647
  663
  680
  697
  714
  732
  750
  769
  788
  808
  828
  849
  870
  892
  914
  937
  960
  984
  1,009
  1,034
Total operating expenses, $m
  1,077
  1,135
  1,185
  1,240
  1,297
  1,360
  1,425
  1,494
  1,567
  1,643
  1,723
  1,386
  1,473
  1,563
  1,657
  1,753
  1,854
  1,958
  2,067
  2,179
  2,295
  2,415
  2,541
  2,670
  2,805
  2,945
  3,091
  3,241
  3,399
  3,562
  3,732
Operating income, $m
  754
  1,053
  1,395
  1,771
  2,179
  2,620
  3,092
  3,594
  4,126
  4,687
  5,277
  6,315
  6,961
  7,636
  8,339
  9,071
  9,833
  10,625
  11,448
  12,304
  13,193
  14,118
  15,080
  16,081
  17,124
  18,209
  19,340
  20,519
  21,749
  23,032
  24,372
EBITDA, $m
  952
  1,573
  1,933
  2,329
  2,759
  3,222
  3,719
  4,247
  4,807
  5,398
  6,019
  6,669
  7,350
  8,060
  8,800
  9,570
  10,371
  11,204
  12,070
  12,970
  13,906
  14,879
  15,891
  16,945
  18,041
  19,183
  20,372
  21,613
  22,906
  24,256
  25,666
Interest expense (income), $m
  70
  118
  160
  205
  255
  309
  368
  430
  496
  567
  640
  718
  800
  885
  973
  1,066
  1,162
  1,262
  1,366
  1,474
  1,586
  1,703
  1,824
  1,950
  2,082
  2,218
  2,360
  2,509
  2,663
  2,824
  2,992
Earnings before tax, $m
  643
  934
  1,235
  1,565
  1,924
  2,310
  2,724
  3,164
  3,630
  4,121
  4,637
  5,597
  6,162
  6,752
  7,366
  8,006
  8,671
  9,363
  10,082
  10,830
  11,607
  12,415
  13,256
  14,131
  15,042
  15,991
  16,980
  18,010
  19,086
  20,208
  21,380
Tax expense, $m
  191
  252
  334
  423
  519
  624
  735
  854
  980
  1,113
  1,252
  1,511
  1,664
  1,823
  1,989
  2,162
  2,341
  2,528
  2,722
  2,924
  3,134
  3,352
  3,579
  3,815
  4,061
  4,317
  4,584
  4,863
  5,153
  5,456
  5,773
Net income, $m
  452
  682
  902
  1,143
  1,404
  1,687
  1,988
  2,310
  2,650
  3,008
  3,385
  4,086
  4,498
  4,929
  5,377
  5,844
  6,330
  6,835
  7,360
  7,906
  8,473
  9,063
  9,677
  10,316
  10,981
  11,673
  12,395
  13,148
  13,933
  14,752
  15,608

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  475
  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
  9,627
  10,937
  12,901
  15,051
  17,384
  19,895
  22,582
  25,439
  28,463
  31,651
  34,999
  38,506
  42,172
  45,995
  49,979
  54,124
  58,435
  62,916
  67,572
  72,412
  77,441
  82,668
  88,104
  93,759
  99,644
  105,770
  112,152
  118,803
  125,738
  132,973
  140,523
Adjusted assets (=assets-cash), $m
  9,152
  10,937
  12,901
  15,051
  17,384
  19,895
  22,582
  25,439
  28,463
  31,651
  34,999
  38,506
  42,172
  45,995
  49,979
  54,124
  58,435
  62,916
  67,572
  72,412
  77,441
  82,668
  88,104
  93,759
  99,644
  105,770
  112,152
  118,803
  125,738
  132,973
  140,523
Revenue / Adjusted assets
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
Average production assets, $m
  2,530
  3,021
  3,563
  4,157
  4,801
  5,495
  6,237
  7,026
  7,862
  8,742
  9,667
  10,635
  11,648
  12,704
  13,804
  14,949
  16,140
  17,377
  18,664
  20,000
  21,389
  22,833
  24,334
  25,896
  27,522
  29,214
  30,976
  32,813
  34,729
  36,727
  38,813
Working capital, $m
  -768
  112
  132
  154
  177
  203
  230
  259
  290
  323
  357
  393
  430
  469
  510
  552
  596
  642
  689
  739
  790
  843
  899
  956
  1,016
  1,079
  1,144
  1,212
  1,283
  1,356
  1,433
Total debt, $m
  3,858
  4,566
  5,869
  7,294
  8,840
  10,506
  12,287
  14,181
  16,186
  18,299
  20,519
  22,845
  25,275
  27,810
  30,451
  33,199
  36,057
  39,028
  42,116
  45,324
  48,658
  52,124
  55,728
  59,477
  63,379
  67,441
  71,672
  76,082
  80,680
  85,476
  90,482
Total liabilities, $m
  6,543
  7,251
  8,554
  9,979
  11,525
  13,191
  14,972
  16,866
  18,871
  20,984
  23,204
  25,530
  27,960
  30,495
  33,136
  35,884
  38,742
  41,713
  44,801
  48,009
  51,343
  54,809
  58,413
  62,162
  66,064
  70,126
  74,357
  78,767
  83,365
  88,161
  93,167
Total equity, $m
  3,084
  3,686
  4,348
  5,072
  5,858
  6,705
  7,610
  8,573
  9,592
  10,666
  11,795
  12,977
  14,212
  15,500
  16,843
  18,240
  19,693
  21,203
  22,772
  24,403
  26,098
  27,859
  29,691
  31,597
  33,580
  35,645
  37,795
  40,037
  42,374
  44,812
  47,356
Total liabilities and equity, $m
  9,627
  10,937
  12,902
  15,051
  17,383
  19,896
  22,582
  25,439
  28,463
  31,650
  34,999
  38,507
  42,172
  45,995
  49,979
  54,124
  58,435
  62,916
  67,573
  72,412
  77,441
  82,668
  88,104
  93,759
  99,644
  105,771
  112,152
  118,804
  125,739
  132,973
  140,523
Debt-to-equity ratio
  1.251
  1.240
  1.350
  1.440
  1.510
  1.570
  1.610
  1.650
  1.690
  1.720
  1.740
  1.760
  1.780
  1.790
  1.810
  1.820
  1.830
  1.840
  1.850
  1.860
  1.860
  1.870
  1.880
  1.880
  1.890
  1.890
  1.900
  1.900
  1.900
  1.910
  1.910
Adjusted equity ratio
  0.285
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  452
  682
  902
  1,143
  1,404
  1,687
  1,988
  2,310
  2,650
  3,008
  3,385
  4,086
  4,498
  4,929
  5,377
  5,844
  6,330
  6,835
  7,360
  7,906
  8,473
  9,063
  9,677
  10,316
  10,981
  11,673
  12,395
  13,148
  13,933
  14,752
  15,608
Depreciation, amort., depletion, $m
  198
  520
  538
  558
  580
  603
  627
  654
  682
  711
  742
  355
  388
  423
  460
  498
  538
  579
  622
  667
  713
  761
  811
  863
  917
  974
  1,033
  1,094
  1,158
  1,224
  1,294
Funds from operations, $m
  642
  1,202
  1,440
  1,701
  1,984
  2,289
  2,616
  2,963
  3,331
  3,719
  4,126
  4,440
  4,886
  5,352
  5,837
  6,342
  6,868
  7,414
  7,982
  8,572
  9,186
  9,824
  10,488
  11,179
  11,898
  12,647
  13,428
  14,241
  15,090
  15,976
  16,901
Change in working capital, $m
  -64
  18
  20
  22
  24
  26
  27
  29
  31
  33
  34
  36
  37
  39
  41
  42
  44
  46
  47
  49
  51
  53
  55
  58
  60
  62
  65
  68
  71
  74
  77
Cash from operations, $m
  706
  1,184
  1,420
  1,679
  1,960
  2,264
  2,588
  2,934
  3,300
  3,686
  4,092
  4,404
  4,849
  5,313
  5,797
  6,300
  6,824
  7,368
  7,934
  8,523
  9,135
  9,771
  10,433
  11,121
  11,838
  12,585
  13,363
  14,174
  15,020
  15,903
  16,824
Maintenance CAPEX, $m
  0
  -84
  -101
  -119
  -139
  -160
  -183
  -208
  -234
  -262
  -291
  -322
  -355
  -388
  -423
  -460
  -498
  -538
  -579
  -622
  -667
  -713
  -761
  -811
  -863
  -917
  -974
  -1,033
  -1,094
  -1,158
  -1,224
New CAPEX, $m
  -59
  -491
  -543
  -594
  -644
  -694
  -742
  -789
  -835
  -880
  -925
  -969
  -1,012
  -1,056
  -1,100
  -1,145
  -1,191
  -1,238
  -1,286
  -1,337
  -1,389
  -1,444
  -1,501
  -1,562
  -1,625
  -1,692
  -1,763
  -1,837
  -1,915
  -1,998
  -2,085
Cash from investing activities, $m
  -1,390
  -575
  -644
  -713
  -783
  -854
  -925
  -997
  -1,069
  -1,142
  -1,216
  -1,291
  -1,367
  -1,444
  -1,523
  -1,605
  -1,689
  -1,776
  -1,865
  -1,959
  -2,056
  -2,157
  -2,262
  -2,373
  -2,488
  -2,609
  -2,737
  -2,870
  -3,009
  -3,156
  -3,309
Free cash flow, $m
  -684
  609
  777
  966
  1,177
  1,410
  1,663
  1,937
  2,231
  2,544
  2,876
  3,113
  3,482
  3,869
  4,273
  4,695
  5,135
  5,593
  6,069
  6,564
  7,079
  7,614
  8,170
  8,748
  9,349
  9,975
  10,626
  11,304
  12,010
  12,747
  13,515
Issuance/(repayment) of debt, $m
  923
  1,183
  1,302
  1,425
  1,546
  1,665
  1,781
  1,894
  2,005
  2,113
  2,220
  2,325
  2,430
  2,535
  2,641
  2,748
  2,858
  2,971
  3,087
  3,208
  3,334
  3,466
  3,604
  3,749
  3,901
  4,062
  4,231
  4,410
  4,598
  4,796
  5,006
Issuance/(repurchase) of shares, $m
  -166
  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  
  754
  1,183
  1,302
  1,425
  1,546
  1,665
  1,781
  1,894
  2,005
  2,113
  2,220
  2,325
  2,430
  2,535
  2,641
  2,748
  2,858
  2,971
  3,087
  3,208
  3,334
  3,466
  3,604
  3,749
  3,901
  4,062
  4,231
  4,410
  4,598
  4,796
  5,006
Total cash flow (excl. dividends), $m
  28
  1,792
  2,079
  2,392
  2,724
  3,075
  3,444
  3,831
  4,236
  4,657
  5,096
  5,439
  5,912
  6,404
  6,914
  7,443
  7,993
  8,564
  9,156
  9,773
  10,413
  11,080
  11,774
  12,497
  13,251
  14,037
  14,857
  15,714
  16,608
  17,543
  18,521
Retained Cash Flow (-), $m
  -254
  -602
  -662
  -725
  -786
  -846
  -905
  -963
  -1,019
  -1,074
  -1,128
  -1,182
  -1,235
  -1,289
  -1,342
  -1,397
  -1,453
  -1,510
  -1,569
  -1,631
  -1,695
  -1,762
  -1,832
  -1,906
  -1,983
  -2,065
  -2,151
  -2,241
  -2,337
  -2,438
  -2,545
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
 
  1,190
  1,417
  1,667
  1,938
  2,229
  2,539
  2,868
  3,217
  3,583
  3,968
  4,257
  4,677
  5,115
  5,572
  6,046
  6,540
  7,054
  7,587
  8,142
  8,718
  9,318
  9,942
  10,592
  11,268
  11,972
  12,707
  13,472
  14,271
  15,105
  15,976
Discount rate, %
 
  7.70
  8.09
  8.49
  8.91
  9.36
  9.83
  10.32
  10.83
  11.38
  11.95
  12.54
  13.17
  13.83
  14.52
  15.25
  16.01
  16.81
  17.65
  18.53
  19.46
  20.43
  21.45
  22.52
  23.65
  24.83
  26.07
  27.38
  28.75
  30.18
  31.69
PV of cash for distribution, $m
 
  1,105
  1,213
  1,306
  1,377
  1,425
  1,447
  1,442
  1,413
  1,359
  1,284
  1,160
  1,060
  950
  835
  720
  608
  503
  407
  322
  249
  188
  138
  99
  69
  47
  31
  20
  12
  7
  4
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

FleetCor Technologies, Inc. is a provider of workforce payment products. The Company offers fuel card payments product solutions, corporate payments products, toll products, lodging cards and gift cards. The Company operates through two segments: North America and International. Its products are sold to businesses, retailers, oil companies and marketers and government entities. Its payment programs enable its customers to manage and control their commercial payments, card programs, and employee spending and provide card-accepting merchants with a customer base that can increase their sales and customer loyalty. The Company also provides a suite of fleet related and workforce payment products, including mobile telematics services, fleet maintenance management and employee benefit and transportation related payments. As of December 31, 2016, its products were used in 53 countries around the world, with its primary geographies in the United States, Brazil and the United Kingdom.

FINANCIAL RATIOS  of  FleetCor Technologies (FLT)

Valuation Ratios
P/E Ratio 42
Price to Sales 10.4
Price to Book 6.2
Price to Tangible Book
Price to Cash Flow 26.9
Price to Free Cash Flow 29.3
Growth Rates
Sales Growth Rate 7.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 40.5%
Cap. Spend. - 3 Yr. Gr. Rate 22.9%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 81.7%
Total Debt to Equity 125.1%
Interest Coverage 10
Management Effectiveness
Return On Assets 5.7%
Ret/ On Assets - 3 Yr. Avg. 5.7%
Return On Total Capital 7.1%
Ret/ On T. Cap. - 3 Yr. Avg. 7.2%
Return On Equity 15.3%
Return On Equity - 3 Yr. Avg. 15.9%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 94.3%
Gross Margin - 3 Yr. Avg. 93.3%
EBITDA Margin 49.7%
EBITDA Margin - 3 Yr. Avg. 50.3%
Operating Margin 41.2%
Oper. Margin - 3 Yr. Avg. 42.1%
Pre-Tax Margin 35.1%
Pre-Tax Margin - 3 Yr. Avg. 36.5%
Net Profit Margin 24.7%
Net Profit Margin - 3 Yr. Avg. 25.6%
Effective Tax Rate 29.7%
Eff/ Tax Rate - 3 Yr. Avg. 30.1%
Payout Ratio 0%

FLT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FLT stock intrinsic value calculation we used $1832 million for the last fiscal year's total revenue generated by FleetCor Technologies. The default revenue input number comes from 2016 income statement of FleetCor Technologies. 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 FLT stock valuation model: a) initial revenue growth rate of 19.4% 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 7.7%, whose default value for FLT is calculated based on our internal credit rating of FleetCor Technologies, 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 FleetCor Technologies.
    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 FLT stock the variable cost ratio is equal to 32.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $493 million in the base year in the intrinsic value calculation for FLT 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 FleetCor Technologies.

Corporate tax rate of 27% is the nominal tax rate for FleetCor Technologies. 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 FLT 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 FLT are equal to 138.1%.

Life of production assets of 32.3 years is the average useful life of capital assets used in FleetCor Technologies 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 FLT is equal to 5.1%. 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 - $3084 million for FleetCor Technologies - 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 90.007 million for FleetCor Technologies 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 FleetCor Technologies at the current share price and the inputted number of shares is $18.6 billion.

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COMPANY NEWS

▶ FLEETCOR Names Head of Investor Relations   [Jan-18-18 04:05PM  Business Wire]
▶ FleetCor Technologies tops Street 3Q forecasts   [Nov-01-17 06:34PM  Associated Press]
▶ FLEETCOR to Attend Upcoming Conferences   [Oct-27-17 10:41AM  Business Wire]
▶ 2 U.S. Picks As Europe Outsources Gasoline Cards   [Oct-10-17 06:40PM  Barrons.com]
▶ FLEETCOR Renews its Contract with ARCO®   [Aug-23-17 09:00AM  Business Wire]
▶ FleetCor Technologies tops Street 2Q forecasts   [03:15AM  Associated Press]
▶ FLEETCOR Reports Second Quarter 2017 Financial Results   [Aug-03-17 04:05PM  Business Wire]
Financial statements of FLT
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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