Intrinsic value of NCR - NCR

Previous Close

$37.31

  Intrinsic Value

$25.55

stock screener

  Rating & Target

sell

-32%

  Value-price divergence*

-34%

Previous close

$37.31

 
Intrinsic value

$25.55

 
Up/down potential

-32%

 
Rating

sell

 
Value-price divergence*

-34%

*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 4.6

 

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
  2.00
  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
  6,543
  6,674
  6,827
  7,003
  7,200
  7,418
  7,658
  7,918
  8,201
  8,505
  8,831
  9,180
  9,553
  9,950
  10,371
  10,819
  11,293
  11,795
  12,325
  12,886
  13,478
  14,103
  14,762
  15,456
  16,188
  16,959
  17,770
  18,624
  19,523
  20,468
  21,463
Variable operating expenses, $m
 
  6,562
  6,706
  6,872
  7,057
  7,263
  7,489
  7,734
  8,000
  8,287
  8,595
  8,651
  9,002
  9,376
  9,773
  10,195
  10,641
  11,114
  11,614
  12,143
  12,701
  13,290
  13,910
  14,565
  15,254
  15,981
  16,745
  17,550
  18,397
  19,288
  20,225
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
  6,562
  6,706
  6,872
  7,057
  7,263
  7,489
  7,734
  8,000
  8,287
  8,595
  8,651
  9,002
  9,376
  9,773
  10,195
  10,641
  11,114
  11,614
  12,143
  12,701
  13,290
  13,910
  14,565
  15,254
  15,981
  16,745
  17,550
  18,397
  19,288
  20,225
Operating income, $m
  593
  112
  121
  131
  143
  155
  169
  184
  200
  218
  237
  530
  551
  574
  598
  624
  651
  680
  711
  743
  777
  813
  851
  891
  934
  978
  1,025
  1,074
  1,126
  1,181
  1,238
EBITDA, $m
  937
  481
  492
  505
  519
  535
  552
  571
  592
  613
  637
  662
  689
  718
  748
  780
  815
  851
  889
  930
  972
  1,017
  1,065
  1,115
  1,168
  1,223
  1,282
  1,343
  1,408
  1,476
  1,548
Interest expense (income), $m
  155
  147
  153
  160
  168
  177
  187
  198
  210
  223
  237
  251
  267
  284
  302
  322
  342
  364
  386
  411
  436
  463
  492
  522
  553
  587
  622
  659
  698
  739
  782
Earnings before tax, $m
  379
  -35
  -32
  -29
  -26
  -22
  -18
  -14
  -10
  -5
  0
  278
  284
  290
  296
  302
  309
  317
  324
  333
  341
  350
  360
  370
  380
  392
  403
  415
  428
  442
  456
Tax expense, $m
  92
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  75
  77
  78
  80
  82
  84
  86
  88
  90
  92
  95
  97
  100
  103
  106
  109
  112
  116
  119
  123
Net income, $m
  270
  -35
  -32
  -29
  -26
  -22
  -18
  -14
  -10
  -5
  0
  203
  207
  211
  216
  221
  226
  231
  237
  243
  249
  256
  263
  270
  278
  286
  294
  303
  313
  323
  333

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
  7,318
  7,486
  7,679
  7,895
  8,134
  8,396
  8,682
  8,992
  9,325
  9,683
  10,066
  10,475
  10,910
  11,372
  11,863
  12,382
  12,933
  13,515
  14,130
  14,779
  15,464
  16,186
  16,948
  17,750
  18,595
  19,485
  20,421
  21,407
  22,443
  23,534
Adjusted assets (=assets-cash), $m
  7,175
  7,318
  7,486
  7,679
  7,895
  8,134
  8,396
  8,682
  8,992
  9,325
  9,683
  10,066
  10,475
  10,910
  11,372
  11,863
  12,382
  12,933
  13,515
  14,130
  14,779
  15,464
  16,186
  16,948
  17,750
  18,595
  19,485
  20,421
  21,407
  22,443
  23,534
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
  1,061
  1,086
  1,113
  1,145
  1,179
  1,218
  1,259
  1,304
  1,352
  1,404
  1,460
  1,519
  1,582
  1,649
  1,720
  1,796
  1,875
  1,960
  2,049
  2,143
  2,242
  2,347
  2,458
  2,574
  2,696
  2,825
  2,961
  3,104
  3,254
  3,413
Working capital, $m
  792
  354
  362
  371
  382
  393
  406
  420
  435
  451
  468
  487
  506
  527
  550
  573
  599
  625
  653
  683
  714
  747
  782
  819
  858
  899
  942
  987
  1,035
  1,085
  1,138
Total debt, $m
  3,051
  3,126
  3,268
  3,431
  3,615
  3,818
  4,040
  4,283
  4,545
  4,828
  5,131
  5,456
  5,803
  6,171
  6,563
  6,979
  7,420
  7,887
  8,380
  8,902
  9,452
  10,033
  10,646
  11,292
  11,972
  12,689
  13,443
  14,237
  15,073
  15,952
  16,877
Total liabilities, $m
  6,131
  6,206
  6,348
  6,511
  6,695
  6,898
  7,120
  7,363
  7,625
  7,908
  8,211
  8,536
  8,883
  9,251
  9,643
  10,059
  10,500
  10,967
  11,460
  11,982
  12,532
  13,113
  13,726
  14,372
  15,052
  15,769
  16,523
  17,317
  18,153
  19,032
  19,957
Total equity, $m
  1,542
  1,112
  1,138
  1,167
  1,200
  1,236
  1,276
  1,320
  1,367
  1,417
  1,472
  1,530
  1,592
  1,658
  1,729
  1,803
  1,882
  1,966
  2,054
  2,148
  2,246
  2,350
  2,460
  2,576
  2,698
  2,826
  2,962
  3,104
  3,254
  3,411
  3,577
Total liabilities and equity, $m
  7,673
  7,318
  7,486
  7,678
  7,895
  8,134
  8,396
  8,683
  8,992
  9,325
  9,683
  10,066
  10,475
  10,909
  11,372
  11,862
  12,382
  12,933
  13,514
  14,130
  14,778
  15,463
  16,186
  16,948
  17,750
  18,595
  19,485
  20,421
  21,407
  22,443
  23,534
Debt-to-equity ratio
  1.979
  2.810
  2.870
  2.940
  3.010
  3.090
  3.170
  3.250
  3.330
  3.410
  3.490
  3.570
  3.640
  3.720
  3.800
  3.870
  3.940
  4.010
  4.080
  4.140
  4.210
  4.270
  4.330
  4.380
  4.440
  4.490
  4.540
  4.590
  4.630
  4.680
  4.720
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
  -35
  -32
  -29
  -26
  -22
  -18
  -14
  -10
  -5
  0
  203
  207
  211
  216
  221
  226
  231
  237
  243
  249
  256
  263
  270
  278
  286
  294
  303
  313
  323
  333
Depreciation, amort., depletion, $m
  344
  369
  371
  374
  377
  380
  383
  387
  391
  396
  400
  133
  138
  144
  150
  156
  163
  170
  178
  186
  195
  204
  213
  223
  234
  245
  257
  269
  282
  296
  310
Funds from operations, $m
  1,043
  334
  339
  345
  351
  358
  365
  373
  382
  391
  400
  336
  345
  355
  366
  377
  389
  402
  415
  429
  444
  460
  476
  493
  512
  531
  551
  573
  595
  619
  643
Change in working capital, $m
  188
  7
  8
  9
  10
  12
  13
  14
  15
  16
  17
  19
  20
  21
  22
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
Cash from operations, $m
  855
  327
  331
  336
  341
  346
  353
  359
  367
  375
  383
  317
  325
  334
  343
  353
  364
  375
  387
  399
  413
  426
  441
  457
  473
  490
  508
  527
  547
  568
  591
Maintenance CAPEX, $m
  0
  -95
  -96
  -99
  -101
  -104
  -107
  -111
  -114
  -119
  -123
  -128
  -133
  -138
  -144
  -150
  -156
  -163
  -170
  -178
  -186
  -195
  -204
  -213
  -223
  -234
  -245
  -257
  -269
  -282
  -296
New CAPEX, $m
  -227
  -22
  -24
  -28
  -31
  -35
  -38
  -41
  -45
  -48
  -52
  -56
  -59
  -63
  -67
  -71
  -75
  -80
  -84
  -89
  -94
  -99
  -105
  -110
  -116
  -123
  -129
  -136
  -143
  -150
  -158
Cash from investing activities, $m
  -189
  -117
  -120
  -127
  -132
  -139
  -145
  -152
  -159
  -167
  -175
  -184
  -192
  -201
  -211
  -221
  -231
  -243
  -254
  -267
  -280
  -294
  -309
  -323
  -339
  -357
  -374
  -393
  -412
  -432
  -454
Free cash flow, $m
  666
  211
  210
  209
  208
  208
  207
  207
  207
  208
  208
  134
  133
  133
  133
  132
  132
  132
  132
  132
  132
  132
  133
  133
  133
  134
  134
  135
  135
  136
  137
Issuance/(repayment) of debt, $m
  -205
  125
  143
  163
  183
  203
  223
  242
  262
  283
  303
  325
  346
  369
  392
  416
  441
  467
  493
  521
  551
  581
  613
  646
  680
  717
  754
  794
  836
  879
  925
Issuance/(repurchase) of shares, $m
  -235
  53
  58
  58
  58
  58
  58
  57
  57
  56
  54
  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
  178
  201
  221
  241
  261
  281
  299
  319
  339
  357
  325
  346
  369
  392
  416
  441
  467
  493
  521
  551
  581
  613
  646
  680
  717
  754
  794
  836
  879
  925
Total cash flow (excl. dividends), $m
  170
  389
  411
  430
  450
  469
  488
  507
  526
  546
  566
  459
  480
  502
  525
  548
  573
  599
  625
  653
  683
  713
  745
  779
  814
  850
  889
  929
  971
  1,015
  1,061
Retained Cash Flow (-), $m
  -24
  -53
  -58
  -58
  -58
  -58
  -58
  -57
  -57
  -56
  -54
  -58
  -62
  -66
  -70
  -75
  -79
  -84
  -88
  -93
  -99
  -104
  -110
  -116
  -122
  -128
  -135
  -142
  -150
  -158
  -166
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
 
  784
  353
  372
  391
  411
  430
  450
  470
  491
  512
  400
  418
  436
  454
  474
  494
  515
  537
  560
  584
  609
  635
  663
  692
  722
  753
  786
  821
  857
  896
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
 
  726
  301
  290
  276
  260
  242
  222
  202
  182
  161
  106
  91
  78
  65
  54
  43
  34
  27
  21
  15
  11
  8
  6
  4
  2
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  98.4
  96.7
  95.1
  93.5
  92.0
  90.6
  89.3
  88.0
  86.8
  85.7
  85.7
  85.7
  85.7
  85.7
  85.7
  85.7
  85.7
  85.7
  85.7
  85.7
  85.7
  85.7
  85.7
  85.7
  85.7
  85.7
  85.7
  85.7
  85.7
  85.7

NCR Corporation is a provider of Omni-channel technology solutions that enable businesses connect, interact and transact with their customers. The Company operates through three segments: Software, Services and Hardware. It sells a portfolio of hardware, software and services that combine to provide businesses with solutions. Its portfolio of self-service and assisted-service solutions are designed to allow businesses in the financial services, retail, hospitality, travel and telecommunications and technology industries to deliver an experience to consumers across physical and digital commerce channels. Its offerings include automated teller machines, point of sale terminals and devices, self-service kiosks, Omni-channel platform software and other software applications, and a suite of consulting, implementation, maintenance and managed services. It provides solutions for a range of industries, such as financial services, hospitality, travel and telecommunications, and technology.

FINANCIAL RATIOS  of  NCR (NCR)

Valuation Ratios
P/E Ratio 17.2
Price to Sales 0.7
Price to Book 3
Price to Tangible Book
Price to Cash Flow 5.4
Price to Free Cash Flow 7.4
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% 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 123.592 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 $4.6 billion.

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COMPANY NEWS

▶ UKs TSB Bank Signs Five-Year Services Contract with NCR   [Oct-11-17 08:00AM  Business Wire]
▶ NCR Survey Highlights UK Consumer Expectations of Banks   [Oct-09-17 08:00AM  Business Wire]
▶ Speak Up: NCR Creates Banking Skill for Alexa   [Oct-03-17 08:00AM  Business Wire]
▶ How NCR Reinvented Itself to Survive   [Sep-23-17 11:35AM  Motley Fool]
▶ At $37.06, Is It Time To Buy NCR Corporation (NCR)?   [Sep-14-17 06:13PM  Simply Wall St.]
▶ Q&A with NCR Corp.'s Bill Nuti, 2017 Most Admired CEO   [Aug-31-17 01:40PM  American City Business Journals]
▶ NCR Announces Court Approval of Fox River Consent Decree   [Aug-24-17 04:15PM  Business Wire]
▶ NCR Announces 2017 Lump Sum Pension Offer   [Aug-23-17 09:00AM  Business Wire]
▶ 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]
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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