Intrinsic value of NCR - NCR

Previous Close

$34.99

  Intrinsic Value

$26.81

stock screener

  Rating & Target

sell

-23%

  Value-price divergence*

-52%

Previous close

$34.99

 
Intrinsic value

$26.81

 
Up/down potential

-23%

 
Rating

sell

 
Value-price divergence*

-52%

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

We calculate the intrinsic value of NCR 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 4.2

 

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, %
  2.67
  2.40
  2.66
  2.89
  3.10
  3.29
  3.46
  3.62
  3.76
  3.88
  3.99
  4.09
  4.18
  4.27
  4.34
  4.41
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
Revenue, $m
  6,543
  6,700
  6,878
  7,077
  7,297
  7,537
  7,799
  8,081
  8,384
  8,710
  9,057
  9,428
  9,823
  10,242
  10,686
  11,157
  11,655
  12,181
  12,738
  13,325
  13,944
  14,598
  15,286
  16,011
  16,775
  17,579
  18,425
  19,315
  20,252
  21,237
  22,272
Variable operating expenses, $m
 
  6,586
  6,754
  6,942
  7,149
  7,375
  7,621
  7,887
  8,173
  8,480
  8,808
  8,884
  9,256
  9,651
  10,070
  10,513
  10,983
  11,479
  12,003
  12,556
  13,140
  13,756
  14,404
  15,088
  15,807
  16,565
  17,362
  18,201
  19,083
  20,012
  20,988
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
  5,950
  6,586
  6,754
  6,942
  7,149
  7,375
  7,621
  7,887
  8,173
  8,480
  8,808
  8,884
  9,256
  9,651
  10,070
  10,513
  10,983
  11,479
  12,003
  12,556
  13,140
  13,756
  14,404
  15,088
  15,807
  16,565
  17,362
  18,201
  19,083
  20,012
  20,988
Operating income, $m
  593
  114
  124
  136
  148
  162
  177
  193
  211
  230
  250
  544
  567
  591
  616
  644
  672
  703
  735
  769
  804
  842
  882
  923
  968
  1,014
  1,063
  1,114
  1,168
  1,225
  1,285
EBITDA, $m
  937
  483
  496
  511
  526
  544
  563
  583
  605
  628
  653
  680
  709
  739
  771
  805
  841
  879
  919
  961
  1,006
  1,053
  1,103
  1,155
  1,210
  1,268
  1,329
  1,393
  1,461
  1,532
  1,607
Interest expense (income), $m
  155
  147
  154
  162
  172
  182
  192
  204
  217
  231
  246
  262
  279
  297
  316
  336
  357
  380
  404
  429
  456
  484
  514
  546
  579
  613
  650
  689
  729
  772
  817
Earnings before tax, $m
  379
  -33
  -30
  -27
  -23
  -19
  -15
  -11
  -6
  -1
  4
  282
  288
  294
  301
  308
  315
  323
  331
  339
  348
  358
  367
  378
  389
  401
  413
  426
  439
  453
  468
Tax expense, $m
  92
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  76
  78
  79
  81
  83
  85
  87
  89
  92
  94
  97
  99
  102
  105
  108
  111
  115
  119
  122
  126
Net income, $m
  270
  -33
  -30
  -27
  -23
  -19
  -15
  -11
  -6
  -1
  3
  206
  210
  215
  219
  225
  230
  235
  241
  248
  254
  261
  268
  276
  284
  292
  301
  311
  320
  331
  342

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  498
  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
  7,673
  7,347
  7,542
  7,760
  8,001
  8,265
  8,551
  8,860
  9,193
  9,550
  9,931
  10,338
  10,770
  11,230
  11,717
  12,233
  12,779
  13,357
  13,967
  14,611
  15,290
  16,006
  16,761
  17,556
  18,393
  19,275
  20,203
  21,179
  22,206
  23,286
  24,422
Adjusted assets (=assets-cash), $m
  7,175
  7,347
  7,542
  7,760
  8,001
  8,265
  8,551
  8,860
  9,193
  9,550
  9,931
  10,338
  10,770
  11,230
  11,717
  12,233
  12,779
  13,357
  13,967
  14,611
  15,290
  16,006
  16,761
  17,556
  18,393
  19,275
  20,203
  21,179
  22,206
  23,286
  24,422
Revenue / Adjusted assets
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
Average production assets, $m
  1,040
  1,065
  1,094
  1,125
  1,160
  1,198
  1,240
  1,285
  1,333
  1,385
  1,440
  1,499
  1,562
  1,628
  1,699
  1,774
  1,853
  1,937
  2,025
  2,119
  2,217
  2,321
  2,430
  2,546
  2,667
  2,795
  2,930
  3,071
  3,220
  3,377
  3,541
Working capital, $m
  792
  355
  365
  375
  387
  399
  413
  428
  444
  462
  480
  500
  521
  543
  566
  591
  618
  646
  675
  706
  739
  774
  810
  849
  889
  932
  977
  1,024
  1,073
  1,126
  1,180
Total debt, $m
  3,051
  3,150
  3,316
  3,501
  3,705
  3,928
  4,171
  4,434
  4,716
  5,018
  5,342
  5,687
  6,053
  6,443
  6,856
  7,294
  7,757
  8,247
  8,764
  9,310
  9,886
  10,493
  11,133
  11,807
  12,518
  13,265
  14,052
  14,880
  15,750
  16,666
  17,629
Total liabilities, $m
  6,131
  6,230
  6,396
  6,581
  6,785
  7,008
  7,251
  7,514
  7,796
  8,098
  8,422
  8,767
  9,133
  9,523
  9,936
  10,374
  10,837
  11,327
  11,844
  12,390
  12,966
  13,573
  14,213
  14,887
  15,598
  16,345
  17,132
  17,960
  18,830
  19,746
  20,709
Total equity, $m
  1,542
  1,117
  1,146
  1,180
  1,216
  1,256
  1,300
  1,347
  1,397
  1,452
  1,510
  1,571
  1,637
  1,707
  1,781
  1,859
  1,942
  2,030
  2,123
  2,221
  2,324
  2,433
  2,548
  2,669
  2,796
  2,930
  3,071
  3,219
  3,375
  3,539
  3,712
Total liabilities and equity, $m
  7,673
  7,347
  7,542
  7,761
  8,001
  8,264
  8,551
  8,861
  9,193
  9,550
  9,932
  10,338
  10,770
  11,230
  11,717
  12,233
  12,779
  13,357
  13,967
  14,611
  15,290
  16,006
  16,761
  17,556
  18,394
  19,275
  20,203
  21,179
  22,205
  23,285
  24,421
Debt-to-equity ratio
  1.979
  2.820
  2.890
  2.970
  3.050
  3.130
  3.210
  3.290
  3.370
  3.460
  3.540
  3.620
  3.700
  3.770
  3.850
  3.920
  3.990
  4.060
  4.130
  4.190
  4.250
  4.310
  4.370
  4.420
  4.480
  4.530
  4.580
  4.620
  4.670
  4.710
  4.750
Adjusted equity ratio
  0.146
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  270
  -33
  -30
  -27
  -23
  -19
  -15
  -11
  -6
  -1
  3
  206
  210
  215
  219
  225
  230
  235
  241
  248
  254
  261
  268
  276
  284
  292
  301
  311
  320
  331
  342
Depreciation, amort., depletion, $m
  344
  370
  372
  375
  378
  382
  385
  390
  394
  399
  404
  136
  142
  148
  154
  161
  168
  176
  184
  193
  202
  211
  221
  231
  242
  254
  266
  279
  293
  307
  322
Funds from operations, $m
  1,043
  336
  342
  348
  355
  362
  370
  378
  388
  397
  406
  342
  352
  363
  374
  386
  398
  412
  425
  440
  456
  472
  489
  507
  526
  546
  568
  590
  613
  638
  664
Change in working capital, $m
  188
  8
  9
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  35
  36
  38
  40
  43
  45
  47
  50
  52
  55
Cash from operations, $m
  855
  328
  332
  337
  343
  349
  356
  364
  371
  380
  388
  323
  331
  341
  350
  361
  372
  384
  396
  409
  423
  437
  453
  469
  486
  504
  523
  543
  564
  586
  609
Maintenance CAPEX, $m
  0
  -95
  -97
  -99
  -102
  -105
  -109
  -113
  -117
  -121
  -126
  -131
  -136
  -142
  -148
  -154
  -161
  -168
  -176
  -184
  -193
  -202
  -211
  -221
  -231
  -242
  -254
  -266
  -279
  -293
  -307
New CAPEX, $m
  -227
  -26
  -28
  -32
  -35
  -38
  -42
  -45
  -48
  -52
  -55
  -59
  -63
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -104
  -109
  -115
  -121
  -128
  -135
  -142
  -149
  -157
  -165
Cash from investing activities, $m
  -189
  -121
  -125
  -131
  -137
  -143
  -151
  -158
  -165
  -173
  -181
  -190
  -199
  -209
  -219
  -229
  -240
  -252
  -264
  -277
  -291
  -306
  -320
  -336
  -352
  -370
  -389
  -408
  -428
  -450
  -472
Free cash flow, $m
  666
  208
  207
  206
  206
  206
  206
  206
  206
  207
  207
  133
  132
  132
  132
  132
  131
  131
  131
  132
  132
  132
  132
  133
  133
  134
  134
  135
  135
  136
  137
Issuance/(repayment) of debt, $m
  -205
  149
  166
  185
  204
  224
  243
  262
  282
  303
  323
  345
  367
  390
  413
  438
  463
  490
  517
  546
  576
  607
  640
  674
  710
  748
  787
  828
  871
  916
  963
Issuance/(repurchase) of shares, $m
  -235
  56
  60
  60
  60
  60
  59
  58
  57
  56
  55
  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  
  -467
  205
  226
  245
  264
  284
  302
  320
  339
  359
  378
  345
  367
  390
  413
  438
  463
  490
  517
  546
  576
  607
  640
  674
  710
  748
  787
  828
  871
  916
  963
Total cash flow (excl. dividends), $m
  170
  412
  433
  452
  470
  489
  507
  526
  546
  565
  585
  477
  499
  522
  545
  569
  595
  621
  649
  678
  708
  739
  772
  807
  843
  881
  921
  963
  1,006
  1,052
  1,100
Retained Cash Flow (-), $m
  -24
  -56
  -60
  -60
  -60
  -60
  -59
  -58
  -57
  -56
  -58
  -62
  -66
  -70
  -74
  -78
  -83
  -88
  -93
  -98
  -103
  -109
  -115
  -121
  -127
  -134
  -141
  -148
  -156
  -164
  -173
Prev. year cash balance distribution, $m
 
  448
  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
 
  804
  373
  392
  410
  429
  449
  468
  489
  510
  527
  416
  433
  452
  471
  491
  512
  533
  556
  580
  604
  630
  658
  686
  716
  747
  780
  814
  850
  888
  928
Discount rate, %
 
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.42
  17.24
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
  28.09
  29.49
  30.97
  32.52
PV of cash for distribution, $m
 
  746
  318
  305
  289
  271
  252
  232
  210
  189
  166
  110
  95
  81
  67
  55
  45
  36
  28
  21
  16
  12
  8
  6
  4
  3
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  98.2
  96.3
  94.5
  92.8
  91.2
  89.6
  88.2
  86.9
  85.6
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5

NCR Corporation provides omni-channel technology solutions that enable businesses connect, interact, and transact with their customers worldwide. The company’s Software segment offers industry-based software applications and application suites for the financial services, retail, hospitality, and small business industries; and fraud and loss prevention, check and document imaging, remote-deposit capture, and customer-facing digital banking applications, as well as cash management and video banking software for the financial services industry. It also provides electronic and mobile payment solutions, sector-specific point of sale (POS) software applications, and back-office inventory, and store and restaurant management applications for the retail and hospitality industries; and software support and maintenance, and consulting and implementation services for its software solutions. Its Services segment provides assessment and preparation, staging, installation, implementation, and maintenance and support; and systems management and managed services for its hardware solutions. It also provides installation, maintenance, and managed services for third party networking products and computer hardware in the telecommunications and technology sectors. The company’s Hardware segment offers multi-function ATMs, interactive teller machines, thin-client ATMs, cash dispensers, cash recycling ATMs, and hardware for check and image processing; financial services hardware; and POS terminals, self-checkout kiosks, order and payment kiosks, bar code scanners, printers, and peripherals to retailers, restaurants, food service companies, and entertainment and sports venues. This segment also provides self-check in/out kiosk solutions for airlines, hotels, and casinos; and wayfinding solutions, digital signage, bill payment kiosks, and gift registries, as well as resells third party networking products. The company was founded in 1884 and is headquartered in Duluth, Georgia.

FINANCIAL RATIOS  of  NCR (NCR)

Valuation Ratios
P/E Ratio 16.1
Price to Sales 0.7
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 5.1
Price to Free Cash Flow 6.9
Growth Rates
Sales Growth Rate 2.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -0.9%
Cap. Spend. - 3 Yr. Gr. Rate 0.1%
Financial Strength
Quick Ratio 10
Current Ratio 0.1
LT Debt to Equity 194.6%
Total Debt to Equity 197.9%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 3.7%
Return On Total Capital 5.8%
Ret/ On T. Cap. - 3 Yr. Avg. 2%
Return On Equity 17.6%
Return On Equity - 3 Yr. Avg. 5.9%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 27.2%
Gross Margin - 3 Yr. Avg. 25.5%
EBITDA Margin 13.4%
EBITDA Margin - 3 Yr. Avg. 9.4%
Operating Margin 9.1%
Oper. Margin - 3 Yr. Avg. 5.3%
Pre-Tax Margin 5.8%
Pre-Tax Margin - 3 Yr. Avg. 2.1%
Net Profit Margin 4.1%
Net Profit Margin - 3 Yr. Avg. 1.4%
Effective Tax Rate 24.3%
Eff/ Tax Rate - 3 Yr. Avg. -22.9%
Payout Ratio 0%

NCR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NCR stock intrinsic value calculation we used $6543 million for the last fiscal year's total revenue generated by NCR. The default revenue input number comes from 2016 income statement of NCR. 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 NCR stock valuation model: a) initial revenue growth rate of 2.4% 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 7.9%, whose default value for NCR is calculated based on our internal credit rating of NCR, 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 NCR.
    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 NCR stock the variable cost ratio is equal to 98.4%.

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 NCR 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 4.9% for NCR.

Corporate tax rate of 27% is the nominal tax rate for NCR. 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 NCR 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 NCR are equal to 15.9%.

Life of production assets of 11 years is the average useful life of capital assets used in NCR 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 NCR is equal to 5.3%. 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 - $1542 million for NCR - 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 121.395 million for NCR 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 NCR at the current share price and the inputted number of shares is $4.2 billion.

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COMPANY NEWS

▶ ETFs with exposure to NCR Corp. : August 14, 2017   [Aug-14-17 04:58PM  Capital Cube]
▶ ETFs with exposure to NCR Corp. : July 24, 2017   [Jul-24-17 05:32PM  Capital Cube]
▶ Why Shares of NCR Corp. Dropped Today   [Jul-21-17 12:00PM  Motley Fool]
▶ NCR beats 2Q profit forecasts   [Jul-20-17 10:07PM  Associated Press]
▶ NCR Investors Cash Out on Sales Weakness   [07:17PM  Motley Fool]
▶ NCR Announces Second Quarter 2017 Results   [04:15PM  Business Wire]
▶ ETFs with exposure to NCR Corp. : July 14, 2017   [Jul-14-17 03:48PM  Capital Cube]
▶ NCR Announces Second Quarter 2017 Earnings Conference Call   [Jun-29-17 04:15PM  Business Wire]
▶ AT&T becomes 'founding partner' of Mercedes-Benz Stadium   [Jun-27-17 03:29PM  American City Business Journals]
▶ [$$] Cash's Survival Is Diebold's Opportunity   [Jun-10-17 12:58AM  Barrons.com]
▶ NCR Corp. giving $3 million in artifacts to Dayton History   [07:00AM  American City Business Journals]
▶ NCR to Present at Upcoming Investor Conferences   [Jun-01-17 04:15PM  Business Wire]
▶ NCR Brings SelfServ 80 Series ATMs to Turkey   [May-31-17 08:00AM  Business Wire]
▶ NCR Wins 2017 North American Excellence Award for Video   [May-17-17 04:15PM  Business Wire]
▶ NCR to Keynote Self-Service Banking Europe 2017 Conference   [May-16-17 04:15PM  Business Wire]
▶ ETFs with exposure to NCR Corp. : May 15, 2017   [May-15-17 04:12PM  Capital Cube]
▶ ETFs with exposure to NCR Corp. : May 3, 2017   [May-03-17 04:09PM  Capital Cube]
▶ Composite Rating For Mercury Systems Rises To 96   [10:44AM  Investor's Business Daily]
▶ NCR Keeps Ringing Up Profits   [Apr-20-17 09:54PM  Motley Fool]
▶ NCR beats 1Q profit forecasts   [04:28PM  Associated Press]
▶ NCR Announces First Quarter 2017 Results   [04:15PM  Business Wire]
▶ This Week In Tech Stocks   [Apr-17-17 01:07PM  Zacks]
▶ NCR Brings Silver Tablet POS System to Australian Shores   [Apr-04-17 06:00PM  Business Wire]
Stock chart of NCR Financial statements of NCR
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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