Intrinsic value of NCR - NCR

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$40.97

  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 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 5.0

 

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
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
Revenue, $m
  6,543
  7,021
  7,517
  8,033
  8,569
  9,127
  9,707
  10,311
  10,940
  11,596
  12,279
  12,991
  13,734
  14,510
  15,321
  16,167
  17,052
  17,978
  18,946
  19,958
  21,018
  22,128
  23,290
  24,507
  25,782
  27,119
  28,520
  29,988
  31,527
  33,142
  34,835
Variable operating expenses, $m
 
  6,888
  7,356
  7,842
  8,348
  8,873
  9,420
  9,989
  10,582
  11,200
  11,843
  12,242
  12,942
  13,673
  14,437
  15,235
  16,069
  16,941
  17,853
  18,807
  19,806
  20,851
  21,947
  23,094
  24,295
  25,555
  26,875
  28,258
  29,709
  31,230
  32,826
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
  6,888
  7,356
  7,842
  8,348
  8,873
  9,420
  9,989
  10,582
  11,200
  11,843
  12,242
  12,942
  13,673
  14,437
  15,235
  16,069
  16,941
  17,853
  18,807
  19,806
  20,851
  21,947
  23,094
  24,295
  25,555
  26,875
  28,258
  29,709
  31,230
  32,826
Operating income, $m
  593
  132
  161
  191
  222
  254
  287
  322
  358
  396
  436
  749
  792
  837
  884
  933
  984
  1,037
  1,093
  1,151
  1,212
  1,276
  1,343
  1,414
  1,487
  1,564
  1,645
  1,730
  1,818
  1,912
  2,009
EBITDA, $m
  937
  506
  542
  579
  618
  658
  700
  744
  789
  836
  886
  937
  991
  1,047
  1,105
  1,166
  1,230
  1,297
  1,367
  1,440
  1,516
  1,596
  1,680
  1,768
  1,860
  1,956
  2,057
  2,163
  2,274
  2,391
  2,513
Interest expense (income), $m
  155
  147
  169
  192
  215
  240
  265
  291
  319
  348
  377
  409
  441
  475
  510
  547
  586
  626
  668
  712
  758
  807
  857
  910
  966
  1,024
  1,085
  1,148
  1,215
  1,286
  1,359
Earnings before tax, $m
  379
  -15
  -8
  -1
  6
  14
  22
  31
  39
  49
  58
  341
  351
  362
  373
  385
  398
  411
  425
  439
  454
  470
  486
  503
  521
  540
  560
  581
  603
  626
  650
Tax expense, $m
  92
  0
  0
  0
  2
  4
  6
  8
  11
  13
  16
  92
  95
  98
  101
  104
  107
  111
  115
  118
  123
  127
  131
  136
  141
  146
  151
  157
  163
  169
  176
Net income, $m
  270
  -15
  -8
  -1
  5
  10
  16
  22
  29
  35
  42
  249
  256
  264
  273
  281
  290
  300
  310
  320
  331
  343
  355
  367
  381
  394
  409
  424
  440
  457
  475

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
  7,698
  8,242
  8,808
  9,396
  10,008
  10,644
  11,306
  11,996
  12,715
  13,464
  14,245
  15,060
  15,911
  16,799
  17,727
  18,698
  19,712
  20,774
  21,884
  23,046
  24,263
  25,537
  26,872
  28,270
  29,736
  31,271
  32,881
  34,570
  36,340
  38,196
Adjusted assets (=assets-cash), $m
  7,175
  7,698
  8,242
  8,808
  9,396
  10,008
  10,644
  11,306
  11,996
  12,715
  13,464
  14,245
  15,060
  15,911
  16,799
  17,727
  18,698
  19,712
  20,774
  21,884
  23,046
  24,263
  25,537
  26,872
  28,270
  29,736
  31,271
  32,881
  34,570
  36,340
  38,196
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
  1,116
  1,195
  1,277
  1,363
  1,451
  1,543
  1,639
  1,740
  1,844
  1,952
  2,066
  2,184
  2,307
  2,436
  2,571
  2,711
  2,858
  3,012
  3,173
  3,342
  3,518
  3,703
  3,897
  4,099
  4,312
  4,535
  4,768
  5,013
  5,270
  5,539
Working capital, $m
  792
  372
  398
  426
  454
  484
  514
  546
  580
  615
  651
  689
  728
  769
  812
  857
  904
  953
  1,004
  1,058
  1,114
  1,173
  1,234
  1,299
  1,366
  1,437
  1,512
  1,589
  1,671
  1,757
  1,846
Total debt, $m
  3,051
  3,448
  3,909
  4,389
  4,888
  5,407
  5,946
  6,508
  7,093
  7,702
  8,337
  9,000
  9,691
  10,412
  11,166
  11,953
  12,776
  13,636
  14,536
  15,478
  16,463
  17,495
  18,575
  19,707
  20,893
  22,136
  23,438
  24,804
  26,235
  27,736
  29,310
Total liabilities, $m
  6,131
  6,528
  6,989
  7,469
  7,968
  8,487
  9,026
  9,588
  10,173
  10,782
  11,417
  12,080
  12,771
  13,492
  14,246
  15,033
  15,856
  16,716
  17,616
  18,558
  19,543
  20,575
  21,655
  22,787
  23,973
  25,216
  26,518
  27,884
  29,315
  30,816
  32,390
Total equity, $m
  1,542
  1,170
  1,253
  1,339
  1,428
  1,521
  1,618
  1,719
  1,823
  1,933
  2,046
  2,165
  2,289
  2,418
  2,553
  2,695
  2,842
  2,996
  3,158
  3,326
  3,503
  3,688
  3,882
  4,085
  4,297
  4,520
  4,753
  4,998
  5,255
  5,524
  5,806
Total liabilities and equity, $m
  7,673
  7,698
  8,242
  8,808
  9,396
  10,008
  10,644
  11,307
  11,996
  12,715
  13,463
  14,245
  15,060
  15,910
  16,799
  17,728
  18,698
  19,712
  20,774
  21,884
  23,046
  24,263
  25,537
  26,872
  28,270
  29,736
  31,271
  32,882
  34,570
  36,340
  38,196
Debt-to-equity ratio
  1.979
  2.950
  3.120
  3.280
  3.420
  3.550
  3.680
  3.790
  3.890
  3.990
  4.070
  4.160
  4.230
  4.310
  4.370
  4.440
  4.500
  4.550
  4.600
  4.650
  4.700
  4.740
  4.790
  4.820
  4.860
  4.900
  4.930
  4.960
  4.990
  5.020
  5.050
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
  -15
  -8
  -1
  5
  10
  16
  22
  29
  35
  42
  249
  256
  264
  273
  281
  290
  300
  310
  320
  331
  343
  355
  367
  381
  394
  409
  424
  440
  457
  475
Depreciation, amort., depletion, $m
  344
  374
  381
  389
  397
  405
  413
  422
  431
  440
  450
  188
  199
  210
  221
  234
  246
  260
  274
  288
  304
  320
  337
  354
  373
  392
  412
  433
  456
  479
  504
Funds from operations, $m
  1,043
  359
  373
  388
  401
  415
  429
  444
  460
  476
  493
  437
  455
  474
  494
  515
  537
  560
  584
  609
  635
  663
  691
  722
  753
  786
  821
  858
  896
  936
  978
Change in working capital, $m
  188
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  71
  74
  78
  82
  86
  90
Cash from operations, $m
  855
  254
  347
  361
  373
  385
  399
  412
  426
  441
  456
  399
  416
  433
  451
  470
  490
  511
  532
  555
  579
  604
  630
  657
  686
  716
  747
  780
  814
  850
  888
Maintenance CAPEX, $m
  0
  -95
  -101
  -109
  -116
  -124
  -132
  -140
  -149
  -158
  -168
  -177
  -188
  -199
  -210
  -221
  -234
  -246
  -260
  -274
  -288
  -304
  -320
  -337
  -354
  -373
  -392
  -412
  -433
  -456
  -479
New CAPEX, $m
  -227
  -77
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -109
  -113
  -118
  -123
  -129
  -135
  -141
  -147
  -154
  -161
  -169
  -176
  -185
  -194
  -203
  -212
  -223
  -233
  -245
  -257
  -269
Cash from investing activities, $m
  -189
  -172
  -180
  -191
  -201
  -213
  -224
  -236
  -249
  -262
  -277
  -290
  -306
  -322
  -339
  -356
  -375
  -393
  -414
  -435
  -457
  -480
  -505
  -531
  -557
  -585
  -615
  -645
  -678
  -713
  -748
Free cash flow, $m
  666
  82
  167
  170
  171
  173
  174
  176
  177
  179
  180
  108
  110
  111
  113
  114
  116
  117
  119
  120
  122
  124
  125
  127
  129
  130
  132
  134
  136
  138
  140
Issuance/(repayment) of debt, $m
  -205
  447
  462
  480
  499
  519
  540
  562
  585
  609
  635
  662
  691
  721
  753
  787
  823
  860
  900
  942
  986
  1,032
  1,081
  1,132
  1,186
  1,243
  1,302
  1,365
  1,431
  1,501
  1,574
Issuance/(repurchase) of shares, $m
  -235
  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  
  -467
  447
  462
  480
  499
  519
  540
  562
  585
  609
  635
  662
  691
  721
  753
  787
  823
  860
  900
  942
  986
  1,032
  1,081
  1,132
  1,186
  1,243
  1,302
  1,365
  1,431
  1,501
  1,574
Total cash flow (excl. dividends), $m
  170
  529
  628
  650
  670
  692
  714
  737
  762
  788
  815
  770
  801
  833
  866
  901
  938
  978
  1,019
  1,062
  1,107
  1,155
  1,206
  1,259
  1,315
  1,373
  1,435
  1,500
  1,568
  1,639
  1,714
Retained Cash Flow (-), $m
  -24
  -76
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -129
  -135
  -141
  -147
  -154
  -161
  -169
  -177
  -185
  -194
  -203
  -213
  -223
  -233
  -245
  -257
  -269
  -282
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
 
  901
  545
  564
  581
  599
  617
  637
  657
  679
  702
  652
  677
  703
  731
  760
  791
  823
  857
  893
  931
  970
  1,012
  1,056
  1,102
  1,150
  1,201
  1,255
  1,311
  1,370
  1,432
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
 
  835
  465
  439
  409
  378
  347
  315
  283
  251
  221
  172
  148
  125
  105
  86
  69
  55
  43
  33
  24
  18
  13
  9
  6
  4
  3
  2
  1
  1
  0
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

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 18.9
Price to Sales 0.8
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 6
Price to Free Cash Flow 8.1
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 7.3% 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 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 $5.0 billion.


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COMPANY NEWS

▶ AT&T becomes 'founding partner' of Mercedes-Benz Stadium   [Jun-27-17 03:29PM  American City Business Journals]
▶ [$$] Cash's Survival Is Diebold's Opportunity   [Jun-10-17 12:58AM  Barrons.com]
▶ NCR Corp. giving $3 million in artifacts to Dayton History   [07:00AM  American City Business Journals]
▶ NCR to Present at Upcoming Investor Conferences   [Jun-01-17 04:15PM  Business Wire]
▶ NCR Brings SelfServ 80 Series ATMs to Turkey   [May-31-17 08:00AM  Business Wire]
▶ NCR Wins 2017 North American Excellence Award for Video   [May-17-17 04:15PM  Business Wire]
▶ NCR to Keynote Self-Service Banking Europe 2017 Conference   [May-16-17 04:15PM  Business Wire]
▶ ETFs with exposure to NCR Corp. : May 15, 2017   [May-15-17 04:12PM  Capital Cube]
▶ ETFs with exposure to NCR Corp. : May 3, 2017   [May-03-17 04:09PM  Capital Cube]
▶ Composite Rating For Mercury Systems Rises To 96   [10:44AM  Investor's Business Daily]
▶ NCR Keeps Ringing Up Profits   [Apr-20-17 09:54PM  Motley Fool]
▶ NCR beats 1Q profit forecasts   [04:28PM  Associated Press]
▶ NCR Announces First Quarter 2017 Results   [04:15PM  Business Wire]
▶ This Week In Tech Stocks   [Apr-17-17 01:07PM  Zacks]
▶ NCR Brings Silver Tablet POS System to Australian Shores   [Apr-04-17 06:00PM  Business Wire]
▶ Watch Your Debit Cards: Thieves Get Craftier With Skimmers   [Mar-30-17 06:43PM  Consumer Reports]
▶ Why Shares of NCR Corp. Sank Today   [04:02PM  at Motley Fool]
▶ [$$] Blackstone Sells Part of Stake in NCR   [08:36AM  at The Wall Street Journal]
▶ NCR Receives WorldatWork 2017 Seal of Distinction   [Mar-08-17 08:00AM  Business Wire]
▶ Fred's adds three industry veterans to board   [Mar-07-17 03:30PM  at bizjournals.com]
▶ NCR Brings Omni-channel to Life at EuroShop 2017   [Mar-05-17 04:00AM  Business Wire]
▶ NCR Wins Two Product Design Awards at iF DESIGN AWARDS 2017   [Feb-21-17 08:00AM  Business Wire]
▶ Youll Never Look at the ATM the Same Way Again   [Feb-15-17 02:21PM  Business Wire]
Stock chart of NCR Financial statements of NCR Annual reports 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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