Intrinsic value of SS&C Technologies Holdings - SSNC

Previous Close

$49.76

  Intrinsic Value

$25.41

stock screener

  Rating & Target

sell

-49%

Previous close

$49.76

 
Intrinsic value

$25.41

 
Up/down potential

-49%

 
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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
  5.62
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
  5.24
  5.21
  5.19
Revenue, $m
  1,481
  1,616
  1,756
  1,902
  2,054
  2,212
  2,376
  2,547
  2,724
  2,909
  3,100
  3,300
  3,507
  3,723
  3,948
  4,182
  4,427
  4,682
  4,948
  5,226
  5,516
  5,819
  6,136
  6,468
  6,815
  7,178
  7,558
  7,956
  8,373
  8,809
  9,267
Variable operating expenses, $m
 
  1,065
  1,126
  1,190
  1,256
  1,324
  1,395
  1,469
  1,546
  1,626
  1,709
  1,430
  1,520
  1,613
  1,711
  1,812
  1,918
  2,029
  2,144
  2,265
  2,390
  2,522
  2,659
  2,803
  2,953
  3,110
  3,275
  3,448
  3,628
  3,817
  4,016
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
  1,261
  1,327
  1,396
  1,467
  1,540
  1,617
  1,696
  1,779
  1,865
  1,953
  1,681
  1,777
  1,876
  1,981
  2,089
  2,202
  2,320
  2,442
  2,570
  2,703
  2,843
  2,988
  3,140
  3,298
  3,464
  3,638
  3,820
  4,009
  4,208
  4,417
Operating income, $m
  289
  355
  429
  507
  588
  672
  760
  851
  946
  1,044
  1,147
  1,619
  1,730
  1,846
  1,967
  2,093
  2,225
  2,362
  2,506
  2,656
  2,813
  2,977
  3,148
  3,328
  3,516
  3,713
  3,920
  4,136
  4,363
  4,601
  4,850
EBITDA, $m
  518
  797
  878
  963
  1,051
  1,143
  1,239
  1,338
  1,441
  1,549
  1,660
  1,777
  1,898
  2,024
  2,156
  2,293
  2,436
  2,586
  2,742
  2,905
  3,076
  3,255
  3,441
  3,637
  3,842
  4,056
  4,281
  4,516
  4,763
  5,022
  5,293
Interest expense (income), $m
  127
  114
  129
  144
  160
  176
  193
  211
  230
  249
  269
  289
  311
  333
  356
  381
  406
  432
  460
  489
  519
  550
  583
  617
  653
  690
  729
  770
  813
  858
  906
Earnings before tax, $m
  164
  240
  300
  363
  428
  496
  566
  640
  716
  796
  878
  1,330
  1,420
  1,513
  1,611
  1,713
  1,819
  1,930
  2,046
  2,167
  2,294
  2,427
  2,566
  2,711
  2,863
  3,023
  3,190
  3,366
  3,550
  3,742
  3,945
Tax expense, $m
  33
  65
  81
  98
  116
  134
  153
  173
  193
  215
  237
  359
  383
  409
  435
  462
  491
  521
  552
  585
  619
  655
  693
  732
  773
  816
  861
  909
  958
  1,010
  1,065
Net income, $m
  131
  175
  219
  265
  312
  362
  414
  467
  523
  581
  641
  971
  1,036
  1,105
  1,176
  1,250
  1,328
  1,409
  1,494
  1,582
  1,675
  1,771
  1,873
  1,979
  2,090
  2,207
  2,329
  2,457
  2,591
  2,732
  2,880

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
  6,097
  6,627
  7,179
  7,752
  8,348
  8,968
  9,611
  10,281
  10,976
  11,699
  12,451
  13,234
  14,049
  14,898
  15,783
  16,705
  17,667
  18,671
  19,720
  20,815
  21,959
  23,156
  24,407
  25,716
  27,086
  28,520
  30,022
  31,594
  33,242
  34,968
Adjusted assets (=assets-cash), $m
  5,589
  6,097
  6,627
  7,179
  7,752
  8,348
  8,968
  9,611
  10,281
  10,976
  11,699
  12,451
  13,234
  14,049
  14,898
  15,783
  16,705
  17,667
  18,671
  19,720
  20,815
  21,959
  23,156
  24,407
  25,716
  27,086
  28,520
  30,022
  31,594
  33,242
  34,968
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
  1,751
  1,904
  2,062
  2,227
  2,398
  2,576
  2,761
  2,953
  3,153
  3,361
  3,577
  3,802
  4,036
  4,280
  4,534
  4,799
  5,075
  5,363
  5,665
  5,979
  6,308
  6,652
  7,011
  7,387
  7,781
  8,193
  8,624
  9,076
  9,549
  10,045
Working capital, $m
  -146
  -150
  -163
  -177
  -191
  -206
  -221
  -237
  -253
  -271
  -288
  -307
  -326
  -346
  -367
  -389
  -412
  -435
  -460
  -486
  -513
  -541
  -571
  -602
  -634
  -668
  -703
  -740
  -779
  -819
  -862
Total debt, $m
  2,501
  2,687
  3,003
  3,331
  3,673
  4,029
  4,398
  4,781
  5,180
  5,595
  6,026
  6,474
  6,941
  7,426
  7,932
  8,459
  9,009
  9,583
  10,181
  10,806
  11,459
  12,141
  12,854
  13,600
  14,380
  15,196
  16,051
  16,946
  17,883
  18,865
  19,894
Total liabilities, $m
  3,448
  3,634
  3,950
  4,278
  4,620
  4,976
  5,345
  5,728
  6,127
  6,542
  6,973
  7,421
  7,888
  8,373
  8,879
  9,406
  9,956
  10,530
  11,128
  11,753
  12,406
  13,088
  13,801
  14,547
  15,327
  16,143
  16,998
  17,893
  18,830
  19,812
  20,841
Total equity, $m
  2,259
  2,463
  2,677
  2,900
  3,132
  3,373
  3,623
  3,883
  4,153
  4,434
  4,726
  5,030
  5,347
  5,676
  6,019
  6,376
  6,749
  7,137
  7,543
  7,967
  8,409
  8,872
  9,355
  9,860
  10,389
  10,943
  11,522
  12,129
  12,764
  13,430
  14,127
Total liabilities and equity, $m
  5,707
  6,097
  6,627
  7,178
  7,752
  8,349
  8,968
  9,611
  10,280
  10,976
  11,699
  12,451
  13,235
  14,049
  14,898
  15,782
  16,705
  17,667
  18,671
  19,720
  20,815
  21,960
  23,156
  24,407
  25,716
  27,086
  28,520
  30,022
  31,594
  33,242
  34,968
Debt-to-equity ratio
  1.107
  1.090
  1.120
  1.150
  1.170
  1.190
  1.210
  1.230
  1.250
  1.260
  1.270
  1.290
  1.300
  1.310
  1.320
  1.330
  1.330
  1.340
  1.350
  1.360
  1.360
  1.370
  1.370
  1.380
  1.380
  1.390
  1.390
  1.400
  1.400
  1.400
  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
  175
  219
  265
  312
  362
  414
  467
  523
  581
  641
  971
  1,036
  1,105
  1,176
  1,250
  1,328
  1,409
  1,494
  1,582
  1,675
  1,771
  1,873
  1,979
  2,090
  2,207
  2,329
  2,457
  2,591
  2,732
  2,880
Depreciation, amort., depletion, $m
  229
  442
  449
  456
  463
  471
  479
  487
  495
  504
  513
  158
  167
  178
  189
  200
  211
  224
  236
  250
  263
  278
  293
  309
  325
  343
  361
  380
  400
  421
  443
Funds from operations, $m
  506
  618
  668
  721
  776
  833
  892
  954
  1,018
  1,085
  1,155
  1,128
  1,204
  1,282
  1,364
  1,450
  1,539
  1,632
  1,730
  1,832
  1,938
  2,049
  2,166
  2,288
  2,416
  2,550
  2,690
  2,837
  2,991
  3,153
  3,322
Change in working capital, $m
  88
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
Cash from operations, $m
  418
  630
  681
  735
  790
  848
  908
  970
  1,035
  1,102
  1,172
  1,147
  1,223
  1,303
  1,385
  1,472
  1,562
  1,656
  1,755
  1,857
  1,965
  2,078
  2,195
  2,319
  2,448
  2,583
  2,725
  2,874
  3,030
  3,193
  3,365
Maintenance CAPEX, $m
  0
  -71
  -77
  -84
  -91
  -98
  -106
  -113
  -122
  -130
  -139
  -148
  -158
  -167
  -178
  -189
  -200
  -211
  -224
  -236
  -250
  -263
  -278
  -293
  -309
  -325
  -343
  -361
  -380
  -400
  -421
New CAPEX, $m
  -38
  -145
  -152
  -158
  -165
  -171
  -178
  -185
  -192
  -200
  -208
  -216
  -225
  -234
  -244
  -254
  -265
  -276
  -288
  -301
  -315
  -329
  -344
  -359
  -376
  -394
  -412
  -431
  -452
  -473
  -496
Cash from investing activities, $m
  -495
  -216
  -229
  -242
  -256
  -269
  -284
  -298
  -314
  -330
  -347
  -364
  -383
  -401
  -422
  -443
  -465
  -487
  -512
  -537
  -565
  -592
  -622
  -652
  -685
  -719
  -755
  -792
  -832
  -873
  -917
Free cash flow, $m
  -77
  414
  452
  492
  534
  578
  624
  671
  721
  772
  826
  783
  841
  901
  964
  1,029
  1,097
  1,168
  1,243
  1,320
  1,401
  1,485
  1,574
  1,666
  1,763
  1,864
  1,970
  2,082
  2,198
  2,320
  2,448
Issuance/(repayment) of debt, $m
  -263
  304
  316
  329
  342
  355
  369
  384
  399
  414
  431
  448
  467
  486
  506
  527
  550
  573
  598
  625
  653
  682
  713
  746
  780
  816
  855
  895
  937
  982
  1,029
Issuance/(repurchase) of shares, $m
  85
  29
  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  
  -186
  333
  316
  329
  342
  355
  369
  384
  399
  414
  431
  448
  467
  486
  506
  527
  550
  573
  598
  625
  653
  682
  713
  746
  780
  816
  855
  895
  937
  982
  1,029
Total cash flow (excl. dividends), $m
  -267
  747
  768
  821
  876
  934
  993
  1,055
  1,120
  1,187
  1,257
  1,231
  1,307
  1,387
  1,470
  1,556
  1,647
  1,742
  1,841
  1,945
  2,054
  2,168
  2,287
  2,412
  2,543
  2,681
  2,825
  2,977
  3,135
  3,302
  3,477
Retained Cash Flow (-), $m
  -154
  -204
  -214
  -223
  -232
  -241
  -250
  -260
  -270
  -281
  -292
  -304
  -316
  -329
  -343
  -357
  -373
  -389
  -406
  -424
  -442
  -462
  -483
  -506
  -529
  -553
  -579
  -607
  -635
  -666
  -697
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
 
  543
  554
  598
  645
  693
  743
  795
  849
  906
  965
  927
  991
  1,057
  1,127
  1,199
  1,274
  1,353
  1,435
  1,521
  1,611
  1,705
  1,804
  1,907
  2,014
  2,127
  2,246
  2,370
  2,500
  2,637
  2,780
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
 
  500
  467
  457
  443
  424
  400
  374
  344
  312
  280
  223
  194
  167
  141
  116
  94
  75
  58
  44
  33
  24
  17
  12
  8
  5
  3
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7

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 77.1
Price to Sales 6.8
Price to Book 4.5
Price to Tangible Book
Price to Cash Flow 24.2
Price to Free Cash Flow 26.6
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 9.1% 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 204.792 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 $10.2 billion.

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COMPANY NEWS

▶ SS&C Technologies Gets Back on Track   [Feb-16-18 08:39PM  Motley Fool]
▶ SS&C Technologies tops Street 4Q forecasts   [Feb-15-18 05:20PM  Associated Press]
▶ SS&C Announces Quarterly Dividend   [04:47PM  PR Newswire]
▶ Company News For Jan 12, 2018   [Jan-12-18 10:45AM  Zacks]
▶ DST Systems Rises on Acquisition News   [03:40PM  GuruFocus.com]
▶ Report: Suitor wants to pay $5.6B to buy DST Systems   [11:18AM  American City Business Journals]
▶ It's official: DST Systems will sell for $5.4B   [11:11AM  American City Business Journals]
▶ SS&C Tech Moves to Acquire DST Systems   [11:05AM  24/7 Wall St.]
▶ [$$] SS&C Technologies to Acquire DST Systems   [07:21AM  The Wall Street Journal]
▶ SS&C to Acquire DST Systems   [06:40AM  PR Newswire]
▶ SS&C Technologies Shows Improved Relative Strength; Still Shy Of Benchmark   [Jan-02-18 03:00AM  Investor's Business Daily]
▶ 4 Fintech Companies Disrupting Real Estate In 2017   [Dec-15-17 06:00AM  Investopedia]
▶ 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]
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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