Intrinsic value of SS&C Technologies Holdings - SSNC

Previous Close

$41.52

  Intrinsic Value

$26.66

stock screener

  Rating & Target

sell

-36%

Previous close

$41.52

 
Intrinsic value

$26.66

 
Up/down potential

-36%

 
Rating

sell

We calculate the intrinsic value of SSNC 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 8.5

 

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, %
  48.10
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.34
  5.30
  5.27
  5.24
Revenue, $m
  1,481
  1,632
  1,790
  1,955
  2,127
  2,306
  2,492
  2,685
  2,886
  3,095
  3,312
  3,538
  3,773
  4,017
  4,271
  4,535
  4,810
  5,097
  5,396
  5,708
  6,034
  6,373
  6,728
  7,099
  7,487
  7,892
  8,316
  8,760
  9,225
  9,711
  10,220
Variable operating expenses, $m
 
  1,073
  1,141
  1,212
  1,287
  1,364
  1,445
  1,529
  1,616
  1,707
  1,801
  1,533
  1,635
  1,741
  1,851
  1,965
  2,084
  2,209
  2,338
  2,474
  2,615
  2,762
  2,916
  3,076
  3,244
  3,420
  3,604
  3,796
  3,997
  4,208
  4,429
Fixed operating expenses, $m
 
  196
  201
  206
  211
  216
  222
  227
  233
  239
  244
  251
  257
  263
  270
  277
  284
  291
  298
  305
  313
  321
  329
  337
  345
  354
  363
  372
  381
  391
  401
Total operating expenses, $m
  1,193
  1,269
  1,342
  1,418
  1,498
  1,580
  1,667
  1,756
  1,849
  1,946
  2,045
  1,784
  1,892
  2,004
  2,121
  2,242
  2,368
  2,500
  2,636
  2,779
  2,928
  3,083
  3,245
  3,413
  3,589
  3,774
  3,967
  4,168
  4,378
  4,599
  4,830
Operating income, $m
  289
  364
  448
  537
  629
  725
  825
  929
  1,038
  1,150
  1,267
  1,754
  1,881
  2,013
  2,150
  2,293
  2,442
  2,598
  2,760
  2,929
  3,106
  3,291
  3,484
  3,686
  3,897
  4,118
  4,350
  4,592
  4,846
  5,112
  5,391
EBITDA, $m
  518
  807
  899
  995
  1,096
  1,201
  1,309
  1,423
  1,541
  1,663
  1,791
  1,923
  2,061
  2,205
  2,354
  2,510
  2,672
  2,841
  3,018
  3,202
  3,394
  3,595
  3,805
  4,025
  4,255
  4,495
  4,747
  5,010
  5,286
  5,576
  5,879
Interest expense (income), $m
  127
  114
  131
  148
  166
  184
  203
  224
  244
  266
  289
  312
  336
  362
  388
  416
  444
  474
  505
  537
  571
  606
  643
  681
  721
  763
  807
  852
  900
  950
  1,003
Earnings before tax, $m
  164
  249
  318
  389
  463
  541
  622
  706
  793
  884
  978
  1,442
  1,544
  1,651
  1,762
  1,878
  1,998
  2,124
  2,255
  2,392
  2,535
  2,685
  2,841
  3,005
  3,176
  3,355
  3,543
  3,740
  3,946
  4,162
  4,388
Tax expense, $m
  33
  67
  86
  105
  125
  146
  168
  191
  214
  239
  264
  389
  417
  446
  476
  507
  539
  573
  609
  646
  685
  725
  767
  811
  858
  906
  957
  1,010
  1,065
  1,124
  1,185
Net income, $m
  131
  182
  232
  284
  338
  395
  454
  515
  579
  645
  714
  1,053
  1,127
  1,205
  1,286
  1,371
  1,459
  1,550
  1,646
  1,746
  1,851
  1,960
  2,074
  2,194
  2,319
  2,449
  2,586
  2,730
  2,880
  3,038
  3,203

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  118
  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
  5,707
  6,159
  6,755
  7,377
  8,026
  8,701
  9,403
  10,133
  10,892
  11,680
  12,499
  13,351
  14,236
  15,157
  16,115
  17,113
  18,152
  19,234
  20,363
  21,540
  22,768
  24,050
  25,390
  26,789
  28,252
  29,782
  31,382
  33,057
  34,810
  36,645
  38,567
Adjusted assets (=assets-cash), $m
  5,589
  6,159
  6,755
  7,377
  8,026
  8,701
  9,403
  10,133
  10,892
  11,680
  12,499
  13,351
  14,236
  15,157
  16,115
  17,113
  18,152
  19,234
  20,363
  21,540
  22,768
  24,050
  25,390
  26,789
  28,252
  29,782
  31,382
  33,057
  34,810
  36,645
  38,567
Revenue / Adjusted assets
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
Average production assets, $m
  1,606
  1,769
  1,940
  2,119
  2,305
  2,499
  2,701
  2,911
  3,129
  3,355
  3,591
  3,835
  4,090
  4,354
  4,629
  4,916
  5,214
  5,525
  5,849
  6,188
  6,540
  6,909
  7,293
  7,696
  8,116
  8,555
  9,015
  9,496
  9,999
  10,527
  11,079
Working capital, $m
  -146
  -152
  -166
  -182
  -198
  -214
  -232
  -250
  -268
  -288
  -308
  -329
  -351
  -374
  -397
  -422
  -447
  -474
  -502
  -531
  -561
  -593
  -626
  -660
  -696
  -734
  -773
  -815
  -858
  -903
  -950
Total debt, $m
  2,501
  2,724
  3,079
  3,450
  3,836
  4,239
  4,657
  5,092
  5,544
  6,014
  6,503
  7,010
  7,538
  8,087
  8,658
  9,252
  9,871
  10,517
  11,189
  11,891
  12,623
  13,387
  14,185
  15,019
  15,891
  16,803
  17,757
  18,755
  19,800
  20,893
  22,039
Total liabilities, $m
  3,448
  3,671
  4,026
  4,397
  4,783
  5,186
  5,604
  6,039
  6,491
  6,961
  7,450
  7,957
  8,485
  9,034
  9,605
  10,199
  10,818
  11,464
  12,136
  12,838
  13,570
  14,334
  15,132
  15,966
  16,838
  17,750
  18,704
  19,702
  20,747
  21,840
  22,986
Total equity, $m
  2,259
  2,488
  2,729
  2,980
  3,242
  3,515
  3,799
  4,094
  4,400
  4,719
  5,050
  5,394
  5,751
  6,124
  6,511
  6,914
  7,333
  7,771
  8,227
  8,702
  9,198
  9,716
  10,257
  10,823
  11,414
  12,032
  12,678
  13,355
  14,063
  14,805
  15,581
Total liabilities and equity, $m
  5,707
  6,159
  6,755
  7,377
  8,025
  8,701
  9,403
  10,133
  10,891
  11,680
  12,500
  13,351
  14,236
  15,158
  16,116
  17,113
  18,151
  19,235
  20,363
  21,540
  22,768
  24,050
  25,389
  26,789
  28,252
  29,782
  31,382
  33,057
  34,810
  36,645
  38,567
Debt-to-equity ratio
  1.107
  1.090
  1.130
  1.160
  1.180
  1.210
  1.230
  1.240
  1.260
  1.270
  1.290
  1.300
  1.310
  1.320
  1.330
  1.340
  1.350
  1.350
  1.360
  1.370
  1.370
  1.380
  1.380
  1.390
  1.390
  1.400
  1.400
  1.400
  1.410
  1.410
  1.410
Adjusted equity ratio
  0.383
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  131
  182
  232
  284
  338
  395
  454
  515
  579
  645
  714
  1,053
  1,127
  1,205
  1,286
  1,371
  1,459
  1,550
  1,646
  1,746
  1,851
  1,960
  2,074
  2,194
  2,319
  2,449
  2,586
  2,730
  2,880
  3,038
  3,203
Depreciation, amort., depletion, $m
  229
  443
  451
  459
  467
  475
  484
  494
  503
  513
  523
  169
  180
  192
  204
  217
  230
  243
  258
  273
  288
  304
  321
  339
  358
  377
  397
  418
  441
  464
  488
Funds from operations, $m
  506
  625
  683
  743
  805
  870
  938
  1,009
  1,082
  1,158
  1,238
  1,222
  1,308
  1,397
  1,490
  1,587
  1,688
  1,794
  1,904
  2,019
  2,139
  2,264
  2,395
  2,533
  2,676
  2,826
  2,984
  3,148
  3,321
  3,502
  3,691
Change in working capital, $m
  88
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -47
Cash from operations, $m
  418
  639
  697
  758
  821
  887
  955
  1,027
  1,101
  1,178
  1,258
  1,243
  1,329
  1,420
  1,514
  1,612
  1,714
  1,820
  1,932
  2,048
  2,169
  2,296
  2,428
  2,567
  2,712
  2,864
  3,023
  3,190
  3,364
  3,547
  3,739
Maintenance CAPEX, $m
  0
  -71
  -78
  -85
  -93
  -102
  -110
  -119
  -128
  -138
  -148
  -158
  -169
  -180
  -192
  -204
  -217
  -230
  -243
  -258
  -273
  -288
  -304
  -321
  -339
  -358
  -377
  -397
  -418
  -441
  -464
New CAPEX, $m
  -38
  -163
  -171
  -179
  -186
  -194
  -202
  -210
  -218
  -226
  -235
  -245
  -254
  -265
  -275
  -287
  -298
  -311
  -324
  -338
  -353
  -368
  -385
  -402
  -420
  -439
  -460
  -481
  -504
  -527
  -552
Cash from investing activities, $m
  -495
  -234
  -249
  -264
  -279
  -296
  -312
  -329
  -346
  -364
  -383
  -403
  -423
  -445
  -467
  -491
  -515
  -541
  -567
  -596
  -626
  -656
  -689
  -723
  -759
  -797
  -837
  -878
  -922
  -968
  -1,016
Free cash flow, $m
  -77
  405
  448
  494
  542
  591
  644
  698
  755
  814
  875
  840
  906
  975
  1,047
  1,121
  1,199
  1,280
  1,364
  1,452
  1,544
  1,639
  1,739
  1,844
  1,953
  2,067
  2,186
  2,311
  2,442
  2,579
  2,723
Issuance/(repayment) of debt, $m
  -263
  341
  355
  371
  387
  402
  419
  435
  452
  470
  488
  508
  528
  549
  571
  594
  619
  645
  673
  702
  732
  764
  798
  834
  872
  912
  954
  998
  1,045
  1,094
  1,146
Issuance/(repurchase) of shares, $m
  39
  47
  9
  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  
  -186
  388
  364
  371
  387
  402
  419
  435
  452
  470
  488
  508
  528
  549
  571
  594
  619
  645
  673
  702
  732
  764
  798
  834
  872
  912
  954
  998
  1,045
  1,094
  1,146
Total cash flow (excl. dividends), $m
  -267
  793
  812
  865
  928
  994
  1,062
  1,133
  1,207
  1,283
  1,363
  1,347
  1,434
  1,524
  1,618
  1,716
  1,818
  1,925
  2,037
  2,154
  2,276
  2,404
  2,538
  2,678
  2,825
  2,979
  3,140
  3,309
  3,487
  3,673
  3,868
Retained Cash Flow (-), $m
  -154
  -229
  -241
  -251
  -262
  -273
  -284
  -295
  -307
  -319
  -331
  -344
  -358
  -372
  -387
  -403
  -420
  -437
  -456
  -476
  -496
  -518
  -541
  -565
  -591
  -618
  -647
  -677
  -708
  -741
  -776
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
 
  564
  572
  613
  666
  721
  778
  838
  900
  965
  1,032
  1,003
  1,076
  1,152
  1,231
  1,313
  1,398
  1,488
  1,581
  1,678
  1,780
  1,886
  1,996
  2,112
  2,234
  2,361
  2,494
  2,633
  2,779
  2,932
  3,092
Discount rate, %
 
  8.50
  8.93
  9.37
  9.84
  10.33
  10.85
  11.39
  11.96
  12.56
  13.19
  13.85
  14.54
  15.26
  16.03
  16.83
  17.67
  18.55
  19.48
  20.46
  21.48
  22.55
  23.68
  24.86
  26.11
  27.41
  28.78
  30.22
  31.73
  33.32
  34.99
PV of cash for distribution, $m
 
  520
  482
  469
  458
  441
  420
  394
  365
  333
  299
  241
  211
  182
  154
  127
  103
  82
  64
  49
  36
  26
  19
  13
  9
  6
  3
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  99.5
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4

SS&C Technologies Holdings, Inc. is a holding company. The Company is a provider of software products and software-enabled services that allow financial services providers to automate complex business processes and manage their information processing requirements. The Company's portfolio of software products and software-enabled services allows its clients to automate and integrate front-office functions, such as trading and modeling, middle-office functions, such as portfolio management and reporting, and back-office functions, such as accounting, performance measurement, reconciliation, reporting, processing and clearing. The Company provides its solutions across the globe to over 11,000 clients, principally within the institutional asset and wealth management, alternative investment management, financial advisory and financial institutions vertical markets. Its portfolio includes over 90 products and software-enabled services.

FINANCIAL RATIOS  of  SS&C Technologies Holdings (SSNC)

Valuation Ratios
P/E Ratio 64.4
Price to Sales 5.7
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow 20.2
Price to Free Cash Flow 22.2
Growth Rates
Sales Growth Rate 48.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 111.1%
Cap. Spend. - 3 Yr. Gr. Rate 22.1%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 105.1%
Total Debt to Equity 110.7%
Interest Coverage 2
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 2.7%
Ret/ On T. Cap. - 3 Yr. Avg. 3.5%
Return On Equity 6%
Return On Equity - 3 Yr. Avg. 6.2%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 46%
Gross Margin - 3 Yr. Avg. 46.4%
EBITDA Margin 35.1%
EBITDA Margin - 3 Yr. Avg. 33.1%
Operating Margin 19.4%
Oper. Margin - 3 Yr. Avg. 19.7%
Pre-Tax Margin 11.1%
Pre-Tax Margin - 3 Yr. Avg. 13.5%
Net Profit Margin 8.8%
Net Profit Margin - 3 Yr. Avg. 10.1%
Effective Tax Rate 20.1%
Eff/ Tax Rate - 3 Yr. Avg. 25.3%
Payout Ratio 38.2%

SSNC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SSNC stock intrinsic value calculation we used $1481 million for the last fiscal year's total revenue generated by SS&C Technologies Holdings. The default revenue input number comes from 2016 income statement of SS&C Technologies 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 SSNC stock valuation model: a) initial revenue growth rate of 10.2% 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 8.5%, whose default value for SSNC is calculated based on our internal credit rating of SS&C Technologies 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 SS&C Technologies 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 SSNC stock the variable cost ratio is equal to 68%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $191 million in the base year in the intrinsic value calculation for SSNC 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 SS&C Technologies Holdings.

Corporate tax rate of 27% is the nominal tax rate for SS&C Technologies 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 SSNC 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 SSNC are equal to 108.4%.

Life of production assets of 22.7 years is the average useful life of capital assets used in SS&C Technologies 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 SSNC is equal to -9.3%. 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 - $2259 million for SS&C Technologies 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 205.336 million for SS&C Technologies 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 SS&C Technologies Holdings at the current share price and the inputted number of shares is $8.5 billion.

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COMPANY NEWS

▶ Intertrust nominates Stephanie D. Miller as new CEO   [Dec-05-17 01:16AM  GlobeNewswire]
▶ SS&C to Speak at Credit Suisse TMT Conference   [Nov-27-17 05:49PM  PR Newswire]
▶ SS&C Announces Quarterly Dividend   [Nov-16-17 04:05PM  PR Newswire]
▶ SS&C Releases Second Round of 2017 Product Upgrades   [Nov-08-17 09:00AM  PR Newswire]
▶ SS&C Technologies Sees RS Rating Improve To 72   [Nov-03-17 03:00AM  Investor's Business Daily]
▶ SS&C to Speak at RBC Capital Markets TMT Conference   [Nov-02-17 04:05PM  CNW Group]
▶ SS&C Acquires Modestspark   [Oct-31-17 05:02PM  PR Newswire]
▶ SS&C Acquires Modestspark   [05:02PM  CNW Group]
▶ SS&C Weathers Delayed Deals En Route to a Mixed Quarter   [Oct-26-17 05:33PM  Motley Fool]
▶ SS&C Technologies meets 3Q profit forecasts   [Oct-25-17 05:53PM  Associated Press]
▶ SS&C Closes Acquisition of CommonWealth Fund Services   [Oct-13-17 03:33PM  PR Newswire]
▶ SS&C Hires CV Channagiri as Chief Information Officer   [Oct-03-17 09:00AM  CNW Group]
▶ SS&C Appoints Rahul Kanwar to Executive Vice President   [Sep-12-17 09:00AM  PR Newswire]
▶ SS&C Technologies meets 2Q profit forecasts   [Jul-27-17 06:39PM  Associated Press]
Financial statements of SSNC
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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