Intrinsic value of ServiceMaster Global Holdings - SERV

Previous Close

$46.56

  Intrinsic Value

$45.29

stock screener

  Rating & Target

hold

-3%

  Value-price divergence*

+29%

Previous close

$46.56

 
Intrinsic value

$45.29

 
Up/down potential

-3%

 
Rating

hold

 
Value-price divergence*

+29%

*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 6.3

 

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
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
Revenue, $m
  2,746
  2,966
  3,194
  3,431
  3,678
  3,934
  4,201
  4,478
  4,766
  5,066
  5,378
  5,703
  6,042
  6,395
  6,764
  7,148
  7,550
  7,969
  8,408
  8,866
  9,345
  9,846
  10,371
  10,920
  11,495
  12,097
  12,728
  13,389
  14,082
  14,809
  15,570
Variable operating expenses, $m
 
  2,031
  2,170
  2,315
  2,465
  2,621
  2,784
  2,952
  3,128
  3,311
  3,501
  3,474
  3,680
  3,896
  4,120
  4,354
  4,599
  4,855
  5,122
  5,401
  5,693
  5,998
  6,318
  6,652
  7,003
  7,369
  7,754
  8,156
  8,579
  9,021
  9,485
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
  2,392
  2,540
  2,694
  2,854
  3,019
  3,192
  3,370
  3,557
  3,751
  3,952
  3,936
  4,153
  4,381
  4,617
  4,864
  5,122
  5,391
  5,671
  5,964
  6,270
  6,589
  6,924
  7,273
  7,640
  8,022
  8,423
  8,842
  9,282
  9,741
  10,223
Operating income, $m
  506
  574
  654
  737
  824
  915
  1,009
  1,107
  1,209
  1,315
  1,427
  1,767
  1,888
  2,014
  2,146
  2,284
  2,428
  2,579
  2,737
  2,902
  3,075
  3,257
  3,447
  3,647
  3,856
  4,075
  4,306
  4,547
  4,801
  5,067
  5,347
EBITDA, $m
  600
  866
  952
  1,041
  1,133
  1,230
  1,330
  1,434
  1,543
  1,657
  1,775
  1,898
  2,027
  2,161
  2,301
  2,448
  2,601
  2,762
  2,930
  3,106
  3,290
  3,483
  3,685
  3,898
  4,120
  4,353
  4,598
  4,855
  5,124
  5,407
  5,704
Interest expense (income), $m
  134
  133
  147
  165
  184
  203
  224
  245
  267
  290
  314
  339
  365
  392
  420
  449
  480
  512
  545
  580
  617
  655
  695
  737
  781
  827
  875
  925
  977
  1,033
  1,091
Earnings before tax, $m
  241
  441
  507
  572
  640
  711
  785
  862
  942
  1,025
  1,112
  1,428
  1,523
  1,622
  1,726
  1,835
  1,948
  2,067
  2,191
  2,322
  2,459
  2,602
  2,752
  2,910
  3,075
  3,249
  3,431
  3,623
  3,823
  4,035
  4,256
Tax expense, $m
  85
  119
  137
  155
  173
  192
  212
  233
  254
  277
  300
  386
  411
  438
  466
  495
  526
  558
  592
  627
  664
  703
  743
  786
  830
  877
  926
  978
  1,032
  1,089
  1,149
Net income, $m
  154
  322
  370
  418
  468
  519
  573
  629
  688
  749
  812
  1,043
  1,112
  1,184
  1,260
  1,339
  1,422
  1,509
  1,600
  1,695
  1,795
  1,899
  2,009
  2,124
  2,245
  2,372
  2,505
  2,644
  2,791
  2,945
  3,107

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
  5,472
  5,893
  6,331
  6,786
  7,259
  7,750
  8,261
  8,793
  9,346
  9,922
  10,522
  11,147
  11,799
  12,479
  13,189
  13,929
  14,703
  15,512
  16,357
  17,242
  18,167
  19,135
  20,148
  21,209
  22,320
  23,484
  24,704
  25,982
  27,322
  28,727
Adjusted assets (=assets-cash), $m
  5,070
  5,472
  5,893
  6,331
  6,786
  7,259
  7,750
  8,261
  8,793
  9,346
  9,922
  10,522
  11,147
  11,799
  12,479
  13,189
  13,929
  14,703
  15,512
  16,357
  17,242
  18,167
  19,135
  20,148
  21,209
  22,320
  23,484
  24,704
  25,982
  27,322
  28,727
Revenue / Adjusted assets
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
Average production assets, $m
  1,891
  2,043
  2,201
  2,364
  2,534
  2,711
  2,894
  3,085
  3,284
  3,490
  3,705
  3,929
  4,163
  4,406
  4,660
  4,925
  5,202
  5,491
  5,793
  6,109
  6,439
  6,784
  7,146
  7,524
  7,920
  8,335
  8,770
  9,225
  9,703
  10,203
  10,728
Working capital, $m
  -44
  -326
  -351
  -377
  -405
  -433
  -462
  -493
  -524
  -557
  -592
  -627
  -665
  -703
  -744
  -786
  -830
  -877
  -925
  -975
  -1,028
  -1,083
  -1,141
  -1,201
  -1,264
  -1,331
  -1,400
  -1,473
  -1,549
  -1,629
  -1,713
Total debt, $m
  2,831
  3,056
  3,435
  3,829
  4,238
  4,664
  5,106
  5,566
  6,045
  6,543
  7,061
  7,601
  8,163
  8,750
  9,362
  10,001
  10,667
  11,364
  12,092
  12,853
  13,648
  14,481
  15,352
  16,264
  17,219
  18,219
  19,267
  20,364
  21,515
  22,721
  23,985
Total liabilities, $m
  4,700
  4,925
  5,304
  5,698
  6,107
  6,533
  6,975
  7,435
  7,914
  8,412
  8,930
  9,470
  10,032
  10,619
  11,231
  11,870
  12,536
  13,233
  13,961
  14,722
  15,517
  16,350
  17,221
  18,133
  19,088
  20,088
  21,136
  22,233
  23,384
  24,590
  25,854
Total equity, $m
  686
  547
  589
  633
  679
  726
  775
  826
  879
  935
  992
  1,052
  1,115
  1,180
  1,248
  1,319
  1,393
  1,470
  1,551
  1,636
  1,724
  1,817
  1,913
  2,015
  2,121
  2,232
  2,348
  2,470
  2,598
  2,732
  2,873
Total liabilities and equity, $m
  5,386
  5,472
  5,893
  6,331
  6,786
  7,259
  7,750
  8,261
  8,793
  9,347
  9,922
  10,522
  11,147
  11,799
  12,479
  13,189
  13,929
  14,703
  15,512
  16,358
  17,241
  18,167
  19,134
  20,148
  21,209
  22,320
  23,484
  24,703
  25,982
  27,322
  28,727
Debt-to-equity ratio
  4.127
  5.580
  5.830
  6.050
  6.250
  6.430
  6.590
  6.740
  6.870
  7.000
  7.120
  7.220
  7.320
  7.420
  7.500
  7.580
  7.660
  7.730
  7.800
  7.860
  7.920
  7.970
  8.020
  8.070
  8.120
  8.160
  8.200
  8.240
  8.280
  8.320
  8.350
Adjusted equity ratio
  0.073
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  154
  322
  370
  418
  468
  519
  573
  629
  688
  749
  812
  1,043
  1,112
  1,184
  1,260
  1,339
  1,422
  1,509
  1,600
  1,695
  1,795
  1,899
  2,009
  2,124
  2,245
  2,372
  2,505
  2,644
  2,791
  2,945
  3,107
Depreciation, amort., depletion, $m
  94
  293
  298
  304
  309
  315
  321
  328
  334
  341
  348
  131
  139
  147
  155
  164
  173
  183
  193
  204
  215
  226
  238
  251
  264
  278
  292
  308
  323
  340
  358
Funds from operations, $m
  305
  614
  668
  721
  777
  834
  894
  957
  1,022
  1,090
  1,160
  1,173
  1,251
  1,331
  1,415
  1,503
  1,595
  1,692
  1,793
  1,899
  2,009
  2,126
  2,247
  2,375
  2,509
  2,650
  2,797
  2,952
  3,115
  3,285
  3,465
Change in working capital, $m
  -19
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
Cash from operations, $m
  324
  639
  693
  747
  804
  862
  923
  987
  1,053
  1,123
  1,195
  1,209
  1,288
  1,370
  1,456
  1,546
  1,640
  1,738
  1,841
  1,949
  2,062
  2,181
  2,305
  2,435
  2,572
  2,716
  2,866
  3,025
  3,191
  3,365
  3,548
Maintenance CAPEX, $m
  0
  -63
  -68
  -73
  -79
  -84
  -90
  -96
  -103
  -109
  -116
  -124
  -131
  -139
  -147
  -155
  -164
  -173
  -183
  -193
  -204
  -215
  -226
  -238
  -251
  -264
  -278
  -292
  -308
  -323
  -340
New CAPEX, $m
  -56
  -152
  -157
  -164
  -170
  -177
  -184
  -191
  -199
  -207
  -215
  -224
  -233
  -243
  -254
  -265
  -277
  -289
  -302
  -316
  -330
  -345
  -361
  -378
  -396
  -415
  -435
  -455
  -477
  -500
  -525
Cash from investing activities, $m
  -133
  -215
  -225
  -237
  -249
  -261
  -274
  -287
  -302
  -316
  -331
  -348
  -364
  -382
  -401
  -420
  -441
  -462
  -485
  -509
  -534
  -560
  -587
  -616
  -647
  -679
  -713
  -747
  -785
  -823
  -865
Free cash flow, $m
  191
  423
  468
  511
  555
  601
  650
  700
  752
  806
  863
  862
  923
  988
  1,055
  1,125
  1,199
  1,276
  1,356
  1,440
  1,528
  1,621
  1,717
  1,819
  1,925
  2,037
  2,154
  2,277
  2,406
  2,541
  2,684
Issuance/(repayment) of debt, $m
  -17
  284
  379
  394
  410
  426
  442
  460
  478
  498
  518
  540
  563
  587
  612
  639
  667
  697
  728
  761
  796
  832
  871
  912
  955
  1,000
  1,048
  1,098
  1,150
  1,206
  1,264
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
  284
  379
  394
  410
  426
  442
  460
  478
  498
  518
  540
  563
  587
  612
  639
  667
  697
  728
  761
  796
  832
  871
  912
  955
  1,000
  1,048
  1,098
  1,150
  1,206
  1,264
Total cash flow (excl. dividends), $m
  89
  707
  847
  905
  965
  1,027
  1,092
  1,160
  1,230
  1,304
  1,382
  1,402
  1,486
  1,574
  1,667
  1,764
  1,866
  1,972
  2,084
  2,201
  2,324
  2,453
  2,589
  2,731
  2,880
  3,037
  3,202
  3,375
  3,556
  3,747
  3,948
Retained Cash Flow (-), $m
  -141
  -118
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -88
  -92
  -97
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -140
Prev. year cash balance distribution, $m
 
  257
  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
 
  846
  805
  861
  919
  980
  1,043
  1,109
  1,177
  1,249
  1,324
  1,342
  1,424
  1,509
  1,599
  1,693
  1,792
  1,895
  2,003
  2,117
  2,236
  2,361
  2,492
  2,629
  2,774
  2,926
  3,085
  3,253
  3,429
  3,613
  3,807
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
 
  764
  651
  616
  576
  532
  484
  434
  383
  333
  285
  229
  189
  154
  122
  95
  72
  53
  39
  27
  19
  12
  8
  5
  3
  2
  1
  1
  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. is a provider of essential residential and commercial services. The Company operates through three segments: Terminix, American Home Shield and the Franchise Services Group. Its portfolio of brands includes Terminix, American Home Shield, ServiceMaster Restore, ServiceMaster Clean, Merry Maids, Furniture Medic and AmeriSpec. The Terminix segment provides termite and pest control services in the United States. The American Home Shield segment provides home warranty plans that cover the repair or replacement of components of up to 21 household systems and appliances, including electrical, plumbing, central heating and air conditioning (HVAC) systems, dishwashers and ovens/cook tops. The Franchise Services Group segment consists of the ServiceMaster Restore (disaster restoration), ServiceMaster Clean (janitorial), Merry Maids (residential cleaning), Furniture Medic (cabinet and wood furniture repair) and AmeriSpec (home inspection) businesses.

FINANCIAL RATIOS  of  ServiceMaster Global Holdings (SERV)

Valuation Ratios
P/E Ratio 40.8
Price to Sales 2.3
Price to Book 9.2
Price to Tangible Book
Price to Cash Flow 19.4
Price to Free Cash Flow 23.5
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 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 -11%. 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 134.452 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 $6.3 billion.

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COMPANY NEWS

▶ Terminix Releases Top 15 Roof Rat Cities List   [Oct-16-17 08:07AM  Business Wire]
▶ ServiceMaster hires new VP to lead spin-off   [Oct-06-17 03:05PM  American City Business Journals]
▶ American Home Shield Unlocks New Service for Homeowners   [Sep-20-17 05:00PM  Business Wire]
▶ ServiceMaster exec: Affinity groups can help  or hinder   [Sep-08-17 11:30AM  American City Business Journals]
▶ Q&A: As Hurricane Harvey nears, ServiceMaster Restore prepares to go to work   [Aug-25-17 04:40PM  American City Business Journals]
▶ Terminix Releases Top 20 Bed Bug Cities List   [09:07AM  Business Wire]
▶ Big Bugs Are Flying into the Memphis Botanic Garden   [Aug-22-17 08:00AM  Business Wire]
▶ 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]
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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