Intrinsic value of ServiceMaster Global Holdings - SERV

Previous Close

$44.80

  Intrinsic Value

$38.09

stock screener

  Rating & Target

hold

-15%

  Value-price divergence*

+37%

Previous close

$44.80

 
Intrinsic value

$38.09

 
Up/down potential

-15%

 
Rating

hold

 
Value-price divergence*

+37%

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

We calculate the intrinsic value of SERV stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.0

 

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, %
  5.86
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
Revenue, $m
  2,746
  2,905
  3,071
  3,245
  3,426
  3,615
  3,813
  4,020
  4,236
  4,463
  4,700
  4,948
  5,208
  5,480
  5,765
  6,064
  6,377
  6,705
  7,050
  7,411
  7,789
  8,186
  8,603
  9,040
  9,498
  9,979
  10,484
  11,013
  11,569
  12,152
  12,764
Variable operating expenses, $m
 
  1,995
  2,096
  2,201
  2,312
  2,427
  2,548
  2,674
  2,805
  2,943
  3,088
  3,014
  3,172
  3,338
  3,512
  3,694
  3,885
  4,085
  4,294
  4,514
  4,745
  4,987
  5,240
  5,507
  5,786
  6,079
  6,386
  6,709
  7,047
  7,403
  7,776
Fixed operating expenses, $m
 
  361
  370
  379
  389
  398
  408
  418
  429
  440
  451
  462
  473
  485
  497
  510
  523
  536
  549
  563
  577
  591
  606
  621
  637
  653
  669
  686
  703
  720
  738
Total operating expenses, $m
  2,240
  2,356
  2,466
  2,580
  2,701
  2,825
  2,956
  3,092
  3,234
  3,383
  3,539
  3,476
  3,645
  3,823
  4,009
  4,204
  4,408
  4,621
  4,843
  5,077
  5,322
  5,578
  5,846
  6,128
  6,423
  6,732
  7,055
  7,395
  7,750
  8,123
  8,514
Operating income, $m
  506
  550
  606
  664
  726
  790
  857
  928
  1,002
  1,080
  1,162
  1,472
  1,562
  1,656
  1,756
  1,860
  1,970
  2,085
  2,206
  2,334
  2,467
  2,608
  2,756
  2,912
  3,075
  3,247
  3,428
  3,619
  3,819
  4,029
  4,250
EBITDA, $m
  600
  841
  901
  964
  1,029
  1,098
  1,170
  1,245
  1,324
  1,407
  1,494
  1,586
  1,682
  1,782
  1,888
  1,999
  2,116
  2,239
  2,368
  2,504
  2,646
  2,796
  2,954
  3,119
  3,294
  3,477
  3,669
  3,872
  4,084
  4,308
  4,543
Interest expense (income), $m
  134
  136
  149
  163
  177
  192
  207
  224
  241
  258
  277
  296
  317
  338
  361
  384
  409
  434
  461
  490
  519
  550
  583
  617
  653
  691
  730
  772
  815
  861
  909
Earnings before tax, $m
  241
  414
  457
  502
  549
  598
  650
  704
  762
  822
  885
  1,176
  1,245
  1,318
  1,395
  1,476
  1,561
  1,651
  1,745
  1,844
  1,948
  2,058
  2,173
  2,295
  2,422
  2,557
  2,698
  2,847
  3,004
  3,168
  3,342
Tax expense, $m
  85
  112
  123
  135
  148
  162
  176
  190
  206
  222
  239
  317
  336
  356
  377
  399
  422
  446
  471
  498
  526
  556
  587
  620
  654
  690
  729
  769
  811
  855
  902
Net income, $m
  154
  302
  334
  366
  401
  437
  475
  514
  556
  600
  646
  858
  909
  962
  1,019
  1,078
  1,140
  1,205
  1,274
  1,346
  1,422
  1,502
  1,586
  1,675
  1,768
  1,866
  1,970
  2,078
  2,193
  2,313
  2,439

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  316
  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
  5,386
  5,697
  6,022
  6,363
  6,718
  7,089
  7,477
  7,883
  8,307
  8,751
  9,215
  9,702
  10,211
  10,745
  11,304
  11,890
  12,504
  13,148
  13,823
  14,531
  15,273
  16,051
  16,868
  17,725
  18,623
  19,566
  20,556
  21,594
  22,684
  23,828
  25,028
Adjusted assets (=assets-cash), $m
  5,070
  5,697
  6,022
  6,363
  6,718
  7,089
  7,477
  7,883
  8,307
  8,751
  9,215
  9,702
  10,211
  10,745
  11,304
  11,890
  12,504
  13,148
  13,823
  14,531
  15,273
  16,051
  16,868
  17,725
  18,623
  19,566
  20,556
  21,594
  22,684
  23,828
  25,028
Revenue / Adjusted assets
  0.542
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
Average production assets, $m
  1,891
  2,002
  2,116
  2,236
  2,361
  2,491
  2,627
  2,770
  2,919
  3,075
  3,238
  3,409
  3,588
  3,776
  3,972
  4,178
  4,394
  4,620
  4,857
  5,106
  5,367
  5,640
  5,927
  6,228
  6,544
  6,875
  7,223
  7,588
  7,971
  8,373
  8,795
Working capital, $m
  -44
  -291
  -307
  -324
  -343
  -362
  -381
  -402
  -424
  -446
  -470
  -495
  -521
  -548
  -577
  -606
  -638
  -671
  -705
  -741
  -779
  -819
  -860
  -904
  -950
  -998
  -1,048
  -1,101
  -1,157
  -1,215
  -1,276
Total debt, $m
  2,831
  3,104
  3,389
  3,686
  3,996
  4,320
  4,658
  5,012
  5,383
  5,770
  6,176
  6,601
  7,046
  7,511
  8,000
  8,511
  9,047
  9,609
  10,198
  10,816
  11,464
  12,144
  12,857
  13,605
  14,389
  15,212
  16,076
  16,983
  17,934
  18,933
  19,981
Total liabilities, $m
  4,700
  4,973
  5,258
  5,555
  5,865
  6,189
  6,527
  6,881
  7,252
  7,639
  8,045
  8,470
  8,915
  9,380
  9,869
  10,380
  10,916
  11,478
  12,067
  12,685
  13,333
  14,013
  14,726
  15,474
  16,258
  17,081
  17,945
  18,852
  19,803
  20,802
  21,850
Total equity, $m
  686
  723
  765
  808
  853
  900
  950
  1,001
  1,055
  1,111
  1,170
  1,232
  1,297
  1,365
  1,436
  1,510
  1,588
  1,670
  1,755
  1,845
  1,940
  2,039
  2,142
  2,251
  2,365
  2,485
  2,611
  2,742
  2,881
  3,026
  3,179
Total liabilities and equity, $m
  5,386
  5,696
  6,023
  6,363
  6,718
  7,089
  7,477
  7,882
  8,307
  8,750
  9,215
  9,702
  10,212
  10,745
  11,305
  11,890
  12,504
  13,148
  13,822
  14,530
  15,273
  16,052
  16,868
  17,725
  18,623
  19,566
  20,556
  21,594
  22,684
  23,828
  25,029
Debt-to-equity ratio
  4.127
  4.290
  4.430
  4.560
  4.680
  4.800
  4.910
  5.010
  5.100
  5.190
  5.280
  5.360
  5.430
  5.500
  5.570
  5.640
  5.700
  5.750
  5.810
  5.860
  5.910
  5.960
  6.000
  6.040
  6.080
  6.120
  6.160
  6.190
  6.230
  6.260
  6.290
Adjusted equity ratio
  0.073
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  154
  302
  334
  366
  401
  437
  475
  514
  556
  600
  646
  858
  909
  962
  1,019
  1,078
  1,140
  1,205
  1,274
  1,346
  1,422
  1,502
  1,586
  1,675
  1,768
  1,866
  1,970
  2,078
  2,193
  2,313
  2,439
Depreciation, amort., depletion, $m
  94
  291
  295
  299
  303
  308
  312
  317
  322
  327
  333
  114
  120
  126
  132
  139
  146
  154
  162
  170
  179
  188
  198
  208
  218
  229
  241
  253
  266
  279
  293
Funds from operations, $m
  305
  594
  629
  666
  704
  744
  787
  831
  878
  927
  978
  972
  1,029
  1,088
  1,151
  1,217
  1,286
  1,359
  1,436
  1,516
  1,601
  1,690
  1,784
  1,883
  1,986
  2,096
  2,210
  2,331
  2,458
  2,592
  2,732
Change in working capital, $m
  -19
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -56
  -58
  -61
Cash from operations, $m
  324
  610
  645
  683
  722
  763
  807
  852
  900
  950
  1,002
  997
  1,055
  1,115
  1,179
  1,247
  1,318
  1,392
  1,470
  1,552
  1,639
  1,730
  1,826
  1,926
  2,032
  2,144
  2,261
  2,384
  2,514
  2,650
  2,794
Maintenance CAPEX, $m
  0
  -63
  -67
  -71
  -75
  -79
  -83
  -88
  -92
  -97
  -102
  -108
  -114
  -120
  -126
  -132
  -139
  -146
  -154
  -162
  -170
  -179
  -188
  -198
  -208
  -218
  -229
  -241
  -253
  -266
  -279
New CAPEX, $m
  -56
  -111
  -114
  -120
  -125
  -130
  -136
  -143
  -149
  -156
  -163
  -171
  -179
  -188
  -196
  -206
  -216
  -226
  -237
  -249
  -261
  -274
  -287
  -301
  -316
  -331
  -348
  -365
  -383
  -402
  -422
Cash from investing activities, $m
  -133
  -174
  -181
  -191
  -200
  -209
  -219
  -231
  -241
  -253
  -265
  -279
  -293
  -308
  -322
  -338
  -355
  -372
  -391
  -411
  -431
  -453
  -475
  -499
  -524
  -549
  -577
  -606
  -636
  -668
  -701
Free cash flow, $m
  191
  436
  464
  493
  523
  554
  587
  622
  658
  696
  736
  718
  762
  808
  857
  908
  962
  1,019
  1,079
  1,142
  1,208
  1,278
  1,351
  1,428
  1,509
  1,594
  1,684
  1,779
  1,878
  1,983
  2,093
Issuance/(repayment) of debt, $m
  -17
  273
  284
  297
  310
  324
  339
  354
  370
  388
  406
  425
  445
  466
  488
  511
  536
  562
  589
  618
  648
  680
  713
  748
  785
  823
  864
  907
  951
  998
  1,048
Issuance/(repurchase) of shares, $m
  -47
  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  
  -102
  273
  284
  297
  310
  324
  339
  354
  370
  388
  406
  425
  445
  466
  488
  511
  536
  562
  589
  618
  648
  680
  713
  748
  785
  823
  864
  907
  951
  998
  1,048
Total cash flow (excl. dividends), $m
  89
  709
  749
  790
  833
  878
  926
  976
  1,029
  1,084
  1,142
  1,142
  1,207
  1,274
  1,345
  1,420
  1,499
  1,581
  1,668
  1,760
  1,856
  1,957
  2,064
  2,176
  2,294
  2,417
  2,548
  2,685
  2,829
  2,981
  3,141
Retained Cash Flow (-), $m
  -141
  -37
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -114
  -120
  -126
  -132
  -138
  -145
  -152
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
 
  672
  707
  747
  788
  831
  877
  924
  975
  1,027
  1,083
  1,081
  1,142
  1,206
  1,274
  1,346
  1,421
  1,499
  1,582
  1,670
  1,762
  1,858
  1,960
  2,067
  2,179
  2,298
  2,422
  2,553
  2,691
  2,836
  2,988
Discount rate, %
 
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.60
  17.43
  18.30
  19.22
  20.18
  21.19
  22.24
  23.36
  24.52
  25.75
  27.04
  28.39
  29.81
  31.30
  32.87
  34.51
  36.23
  38.05
  39.95
  41.95
  44.04
PV of cash for distribution, $m
 
  607
  572
  534
  494
  451
  407
  362
  317
  274
  233
  185
  152
  123
  97
  75
  57
  42
  31
  21
  15
  10
  6
  4
  2
  1
  1
  0
  0
  0
  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

ServiceMaster Global Holdings, Inc. provides residential and commercial services in the United States. It operates in three segments: Terminix, American Home Shield, and the Franchise Services Group. The Terminix segment offers termite and pest control services, including termite remediation, annual termite inspection and prevention treatments with damage claim guarantees, periodic pest control services, insulation services, mosquito control, crawlspace encapsulation, and wildlife exclusion. The American Home Shield segment provides home warranty plans that cover the repair or replacement of household systems and appliances, such as electrical, plumbing, central heating and air conditioning systems, water heaters, refrigerators, dishwashers, and ovens/cook tops. The Franchise Services Group segment offers disaster restoration, janitorial, residential cleaning, furniture repair, and home inspection services through franchise under the ServiceMaster Restore, ServiceMaster Clean, Merry Maids, Furniture Medic, and AmeriSpec brands. The company markets its services to homeowners and businesses through the Internet, direct mail, television and radio advertising, print advertisements, marketing partnerships, franchise network, branch operations, telemarketing, and various social media channels, as well as through various participants in the residential real estate marketplace, such as real estate brokerages, financial institutions, and insurance carriers. ServiceMaster Global Holdings, Inc. was founded in 1929 and is headquartered in Memphis, Tennessee.

FINANCIAL RATIOS  of  ServiceMaster Global Holdings (SERV)

Valuation Ratios
P/E Ratio 39.3
Price to Sales 2.2
Price to Book 8.8
Price to Tangible Book
Price to Cash Flow 18.7
Price to Free Cash Flow 22.6
Growth Rates
Sales Growth Rate 5.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 40%
Cap. Spend. - 3 Yr. Gr. Rate 7.5%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 404.1%
Total Debt to Equity 412.7%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.6%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. 2.6%
Return On Equity 25%
Return On Equity - 3 Yr. Avg. 10.3%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 47.3%
Gross Margin - 3 Yr. Avg. 47.1%
EBITDA Margin 17.1%
EBITDA Margin - 3 Yr. Avg. 15%
Operating Margin 18.4%
Oper. Margin - 3 Yr. Avg. 16.3%
Pre-Tax Margin 8.8%
Pre-Tax Margin - 3 Yr. Avg. 7.5%
Net Profit Margin 5.6%
Net Profit Margin - 3 Yr. Avg. 3.2%
Effective Tax Rate 35.3%
Eff/ Tax Rate - 3 Yr. Avg. 41%
Payout Ratio 0%

SERV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SERV stock intrinsic value calculation we used $2746 million for the last fiscal year's total revenue generated by ServiceMaster Global Holdings. The default revenue input number comes from 2016 income statement of ServiceMaster Global Holdings. 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 SERV stock valuation model: a) initial revenue growth rate of 5.8% 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 10.7%, whose default value for SERV is calculated based on our internal credit rating of ServiceMaster Global Holdings, 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 ServiceMaster Global Holdings.
    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 SERV stock the variable cost ratio is equal to 69.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $352 million in the base year in the intrinsic value calculation for SERV 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 4.8% for ServiceMaster Global Holdings.

Corporate tax rate of 27% is the nominal tax rate for ServiceMaster Global Holdings. 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 SERV 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 SERV are equal to 68.9%.

Life of production assets of 43.4 years is the average useful life of capital assets used in ServiceMaster Global Holdings 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 SERV is equal to -10%. 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 - $686 million for ServiceMaster Global Holdings - 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 133.216 million for ServiceMaster Global Holdings 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 ServiceMaster Global Holdings at the current share price and the inputted number of shares is $6.0 billion.

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COMPANY NEWS

▶ Memphis exec named board chair of local Girl Scouts   [Aug-04-17 03:48PM  American City Business Journals]
▶ ServiceMaster meets 2Q profit forecasts   [Jul-31-17 10:22PM  Associated Press]
▶ What Happened in the Stock Market Today   [05:07PM  Motley Fool]
▶ ServiceMaster changes CEOs, plans to spin off company   [10:07AM  American City Business Journals]
▶ Teaser: The people and the place that made ServiceMaster stay   [Jun-22-17 02:30PM  American City Business Journals]
▶ See Inside: ServiceMaster opens part of Downtown headquarters   [01:50PM  American City Business Journals]
▶ As Summer Begins, Cities Abuzz With Mosquito Complaints   [Jun-01-17 10:14AM  Marketwired]
▶ Construction: Massive permit filed for ServiceMaster   [May-25-17 03:30PM  American City Business Journals]
▶ Why ServiceMaster Stock Plunged 11% on Thursday   [Apr-27-17 06:44PM  Motley Fool]
▶ ServiceMaster misses 1Q profit forecasts   [09:20AM  Associated Press]
▶ See Inside: Future ServiceMaster headquarters   [Apr-26-17 04:09PM  American City Business Journals]
▶ ServiceMaster Employees take on Urban Blight in Memphis   [Mar-30-17 08:00AM  Business Wire]
▶ It's 'official:' ServiceMaster partners with Minor League Baseball   [Mar-21-17 11:05AM  at bizjournals.com]
▶ It's 'official:' ServiceMaster partners with Minor League Baseball   [11:05AM  American City Business Journals]
▶ Contractor named for ServiceMaster renovation   [11:45AM  at bizjournals.com]
▶ Contractor named for ServiceMaster renovation   [11:45AM  American City Business Journals]
▶ Guest column: Creating a digital people-powered culture   [Feb-07-17 11:55AM  at bizjournals.com]
▶ Key ServiceMaster executive to retire   [Jan-19-17 02:21PM  at bizjournals.com]
▶ Flu Season is Here, Merry Maids Helps #TackleFluSeason   [Jan-17-17 02:39PM  Marketwired]
▶ ServiceMaster to light up Downtown intersection   [12:30PM  at bizjournals.com]
▶ American Home Shield Acquires Landmark Home Warranty   [Dec-01-16 05:07PM  Marketwired]
Stock chart of SERV Financial statements of SERV
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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