Intrinsic value of Total System Services - TSS

Previous Close

$68.81

  Intrinsic Value

$51.26

stock screener

  Rating & Target

sell

-26%

  Value-price divergence*

-132%

Previous close

$68.81

 
Intrinsic value

$51.26

 
Up/down potential

-26%

 
Rating

sell

 
Value-price divergence*

-132%

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

We calculate the intrinsic value of TSS 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 12.6

 

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, %
  50.00
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
Revenue, $m
  4,170
  4,424
  4,689
  4,966
  5,254
  5,554
  5,868
  6,196
  6,538
  6,896
  7,270
  7,662
  8,071
  8,500
  8,949
  9,419
  9,911
  10,427
  10,967
  11,534
  12,127
  12,750
  13,403
  14,087
  14,806
  15,559
  16,349
  17,178
  18,048
  18,961
  19,919
Variable operating expenses, $m
 
  3,555
  3,748
  3,950
  4,160
  4,379
  4,608
  4,847
  5,097
  5,358
  5,631
  5,590
  5,888
  6,201
  6,529
  6,871
  7,231
  7,607
  8,001
  8,414
  8,848
  9,302
  9,778
  10,278
  10,801
  11,351
  11,928
  12,532
  13,167
  13,833
  14,532
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  3,597
  3,555
  3,748
  3,950
  4,160
  4,379
  4,608
  4,847
  5,097
  5,358
  5,631
  5,590
  5,888
  6,201
  6,529
  6,871
  7,231
  7,607
  8,001
  8,414
  8,848
  9,302
  9,778
  10,278
  10,801
  11,351
  11,928
  12,532
  13,167
  13,833
  14,532
Operating income, $m
  573
  869
  941
  1,016
  1,094
  1,175
  1,260
  1,349
  1,441
  1,538
  1,639
  2,072
  2,183
  2,299
  2,420
  2,547
  2,680
  2,820
  2,966
  3,119
  3,280
  3,448
  3,625
  3,810
  4,004
  4,208
  4,421
  4,646
  4,881
  5,128
  5,387
EBITDA, $m
  947
  1,353
  1,434
  1,518
  1,606
  1,698
  1,794
  1,894
  1,999
  2,108
  2,223
  2,342
  2,468
  2,599
  2,736
  2,879
  3,030
  3,188
  3,353
  3,526
  3,708
  3,898
  4,098
  4,307
  4,526
  4,757
  4,998
  5,252
  5,518
  5,797
  6,090
Interest expense (income), $m
  84
  116
  125
  134
  144
  154
  165
  176
  187
  200
  212
  225
  239
  254
  269
  285
  301
  319
  337
  356
  376
  397
  419
  442
  466
  492
  518
  546
  576
  606
  639
Earnings before tax, $m
  461
  753
  816
  882
  950
  1,021
  1,095
  1,173
  1,254
  1,338
  1,427
  1,847
  1,944
  2,045
  2,151
  2,262
  2,379
  2,501
  2,629
  2,763
  2,904
  3,051
  3,206
  3,368
  3,538
  3,716
  3,903
  4,099
  4,305
  4,521
  4,748
Tax expense, $m
  161
  203
  220
  238
  256
  276
  296
  317
  338
  361
  385
  499
  525
  552
  581
  611
  642
  675
  710
  746
  784
  824
  865
  909
  955
  1,003
  1,054
  1,107
  1,162
  1,221
  1,282
Net income, $m
  320
  550
  596
  644
  693
  745
  799
  856
  915
  977
  1,042
  1,348
  1,419
  1,493
  1,570
  1,652
  1,737
  1,826
  1,919
  2,017
  2,120
  2,227
  2,340
  2,458
  2,582
  2,713
  2,849
  2,992
  3,143
  3,301
  3,466

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  425
  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
  6,366
  6,303
  6,680
  7,074
  7,484
  7,912
  8,359
  8,826
  9,314
  9,824
  10,357
  10,914
  11,497
  12,108
  12,747
  13,417
  14,118
  14,853
  15,623
  16,430
  17,275
  18,162
  19,092
  20,068
  21,090
  22,164
  23,289
  24,470
  25,709
  27,010
  28,374
Adjusted assets (=assets-cash), $m
  5,941
  6,303
  6,680
  7,074
  7,484
  7,912
  8,359
  8,826
  9,314
  9,824
  10,357
  10,914
  11,497
  12,108
  12,747
  13,417
  14,118
  14,853
  15,623
  16,430
  17,275
  18,162
  19,092
  20,068
  21,090
  22,164
  23,289
  24,470
  25,709
  27,010
  28,374
Revenue / Adjusted assets
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
Average production assets, $m
  1,560
  1,655
  1,754
  1,857
  1,965
  2,077
  2,195
  2,317
  2,445
  2,579
  2,719
  2,865
  3,019
  3,179
  3,347
  3,523
  3,707
  3,900
  4,102
  4,314
  4,536
  4,768
  5,013
  5,269
  5,537
  5,819
  6,115
  6,425
  6,750
  7,091
  7,450
Working capital, $m
  603
  243
  258
  273
  289
  305
  323
  341
  360
  379
  400
  421
  444
  467
  492
  518
  545
  573
  603
  634
  667
  701
  737
  775
  814
  856
  899
  945
  993
  1,043
  1,096
Total debt, $m
  3,364
  3,566
  3,834
  4,113
  4,404
  4,708
  5,025
  5,356
  5,701
  6,063
  6,441
  6,836
  7,250
  7,683
  8,136
  8,611
  9,108
  9,629
  10,174
  10,747
  11,346
  11,975
  12,634
  13,326
  14,051
  14,812
  15,610
  16,447
  17,326
  18,248
  19,215
Total liabilities, $m
  4,266
  4,468
  4,736
  5,015
  5,306
  5,610
  5,927
  6,258
  6,603
  6,965
  7,343
  7,738
  8,152
  8,585
  9,038
  9,513
  10,010
  10,531
  11,076
  11,649
  12,248
  12,877
  13,536
  14,228
  14,953
  15,714
  16,512
  17,349
  18,228
  19,150
  20,117
Total equity, $m
  2,100
  1,834
  1,944
  2,058
  2,178
  2,302
  2,433
  2,568
  2,710
  2,859
  3,014
  3,176
  3,346
  3,523
  3,709
  3,904
  4,108
  4,322
  4,546
  4,781
  5,027
  5,285
  5,556
  5,840
  6,137
  6,450
  6,777
  7,121
  7,481
  7,860
  8,257
Total liabilities and equity, $m
  6,366
  6,302
  6,680
  7,073
  7,484
  7,912
  8,360
  8,826
  9,313
  9,824
  10,357
  10,914
  11,498
  12,108
  12,747
  13,417
  14,118
  14,853
  15,622
  16,430
  17,275
  18,162
  19,092
  20,068
  21,090
  22,164
  23,289
  24,470
  25,709
  27,010
  28,374
Debt-to-equity ratio
  1.602
  1.940
  1.970
  2.000
  2.020
  2.040
  2.070
  2.090
  2.100
  2.120
  2.140
  2.150
  2.170
  2.180
  2.190
  2.210
  2.220
  2.230
  2.240
  2.250
  2.260
  2.270
  2.270
  2.280
  2.290
  2.300
  2.300
  2.310
  2.320
  2.320
  2.330
Adjusted equity ratio
  0.282
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  320
  550
  596
  644
  693
  745
  799
  856
  915
  977
  1,042
  1,348
  1,419
  1,493
  1,570
  1,652
  1,737
  1,826
  1,919
  2,017
  2,120
  2,227
  2,340
  2,458
  2,582
  2,713
  2,849
  2,992
  3,143
  3,301
  3,466
Depreciation, amort., depletion, $m
  374
  483
  493
  502
  512
  523
  534
  546
  558
  570
  584
  270
  285
  300
  316
  332
  350
  368
  387
  407
  428
  450
  473
  497
  522
  549
  577
  606
  637
  669
  703
Funds from operations, $m
  646
  1,033
  1,088
  1,146
  1,206
  1,268
  1,334
  1,402
  1,473
  1,547
  1,625
  1,618
  1,704
  1,793
  1,886
  1,984
  2,086
  2,194
  2,306
  2,424
  2,548
  2,677
  2,813
  2,955
  3,105
  3,262
  3,426
  3,599
  3,780
  3,970
  4,169
Change in working capital, $m
  -72
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  39
  41
  43
  46
  48
  50
  53
Cash from operations, $m
  718
  1,019
  1,074
  1,131
  1,190
  1,252
  1,316
  1,384
  1,454
  1,528
  1,605
  1,597
  1,681
  1,769
  1,861
  1,958
  2,059
  2,165
  2,276
  2,393
  2,515
  2,643
  2,777
  2,918
  3,065
  3,220
  3,383
  3,553
  3,732
  3,919
  4,116
Maintenance CAPEX, $m
  0
  -147
  -156
  -165
  -175
  -185
  -196
  -207
  -219
  -231
  -243
  -257
  -270
  -285
  -300
  -316
  -332
  -350
  -368
  -387
  -407
  -428
  -450
  -473
  -497
  -522
  -549
  -577
  -606
  -637
  -669
New CAPEX, $m
  -143
  -95
  -99
  -103
  -108
  -112
  -117
  -123
  -128
  -134
  -140
  -146
  -153
  -160
  -168
  -176
  -184
  -193
  -202
  -212
  -222
  -233
  -244
  -256
  -269
  -282
  -296
  -310
  -325
  -341
  -358
Cash from investing activities, $m
  -2,493
  -242
  -255
  -268
  -283
  -297
  -313
  -330
  -347
  -365
  -383
  -403
  -423
  -445
  -468
  -492
  -516
  -543
  -570
  -599
  -629
  -661
  -694
  -729
  -766
  -804
  -845
  -887
  -931
  -978
  -1,027
Free cash flow, $m
  -1,775
  777
  819
  862
  907
  954
  1,003
  1,054
  1,107
  1,163
  1,221
  1,194
  1,258
  1,324
  1,394
  1,467
  1,543
  1,623
  1,706
  1,794
  1,886
  1,982
  2,083
  2,189
  2,300
  2,416
  2,538
  2,666
  2,800
  2,941
  3,089
Issuance/(repayment) of debt, $m
  1,942
  253
  268
  279
  291
  304
  317
  331
  346
  361
  378
  395
  414
  433
  453
  475
  497
  521
  546
  572
  600
  629
  659
  691
  725
  761
  798
  837
  879
  922
  967
Issuance/(repurchase) of shares, $m
  -19
  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  
  1,895
  253
  268
  279
  291
  304
  317
  331
  346
  361
  378
  395
  414
  433
  453
  475
  497
  521
  546
  572
  600
  629
  659
  691
  725
  761
  798
  837
  879
  922
  967
Total cash flow (excl. dividends), $m
  109
  1,030
  1,086
  1,141
  1,198
  1,258
  1,320
  1,385
  1,453
  1,525
  1,599
  1,589
  1,671
  1,757
  1,847
  1,941
  2,040
  2,144
  2,252
  2,366
  2,486
  2,611
  2,742
  2,880
  3,025
  3,177
  3,336
  3,503
  3,679
  3,863
  4,056
Retained Cash Flow (-), $m
  -257
  -108
  -110
  -115
  -119
  -125
  -130
  -136
  -142
  -148
  -155
  -162
  -170
  -178
  -186
  -195
  -204
  -214
  -224
  -235
  -246
  -258
  -271
  -284
  -298
  -312
  -328
  -344
  -361
  -378
  -397
Prev. year cash balance distribution, $m
 
  374
  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
 
  1,296
  976
  1,026
  1,079
  1,133
  1,190
  1,249
  1,311
  1,376
  1,444
  1,427
  1,501
  1,579
  1,661
  1,746
  1,836
  1,930
  2,028
  2,131
  2,239
  2,353
  2,472
  2,596
  2,727
  2,865
  3,009
  3,160
  3,318
  3,485
  3,659
Discount rate, %
 
  7.70
  8.09
  8.49
  8.91
  9.36
  9.83
  10.32
  10.83
  11.38
  11.95
  12.54
  13.17
  13.83
  14.52
  15.25
  16.01
  16.81
  17.65
  18.53
  19.46
  20.43
  21.45
  22.52
  23.65
  24.83
  26.07
  27.38
  28.75
  30.18
  31.69
PV of cash for distribution, $m
 
  1,204
  836
  804
  766
  724
  678
  628
  576
  522
  467
  389
  340
  293
  249
  208
  171
  138
  109
  84
  64
  47
  34
  24
  17
  11
  7
  5
  3
  2
  1
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

Total System Services, Inc. (TSYS) is a payment solutions provider that provides payment processing services, merchant services and related payment services to financial and non-financial institutions. The Company's segments include North America Services, Merchant Services, NetSpend and International Services. In addition, it provides general purpose reloadable (GPR) prepaid and payroll cards, and alternative financial service solutions to the underbanked and other consumers. The Company's Merchant Services segment provides third party processing services to merchant acquirers and Independent Sales Organizations (ISOs) and financial institutions. The Company's NetSpend segment is engaged in the provision and sale of prepaid access devices, such as its GPR prepaid debit cards. The Company's services and solutions include Issuing Services, Acquiring Services, Prepaid Solutions and Merchant Solutions.

FINANCIAL RATIOS  of  Total System Services (TSS)

Valuation Ratios
P/E Ratio 39.4
Price to Sales 3
Price to Book 6
Price to Tangible Book
Price to Cash Flow 17.6
Price to Free Cash Flow 22
Growth Rates
Sales Growth Rate 50%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -29.6%
Cap. Spend. - 3 Yr. Gr. Rate -5.9%
Financial Strength
Quick Ratio 8
Current Ratio 0.2
LT Debt to Equity 157.8%
Total Debt to Equity 160.2%
Interest Coverage 6
Management Effectiveness
Return On Assets 7.3%
Ret/ On Assets - 3 Yr. Avg. 9%
Return On Total Capital 7.3%
Ret/ On T. Cap. - 3 Yr. Avg. 9.7%
Return On Equity 16.2%
Return On Equity - 3 Yr. Avg. 18.9%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 28.2%
Gross Margin - 3 Yr. Avg. 31.1%
EBITDA Margin 22%
EBITDA Margin - 3 Yr. Avg. 26.2%
Operating Margin 13.7%
Oper. Margin - 3 Yr. Avg. 16.4%
Pre-Tax Margin 11.1%
Pre-Tax Margin - 3 Yr. Avg. 15%
Net Profit Margin 7.7%
Net Profit Margin - 3 Yr. Avg. 11.3%
Effective Tax Rate 34.9%
Eff/ Tax Rate - 3 Yr. Avg. 32.8%
Payout Ratio 22.8%

TSS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TSS stock intrinsic value calculation we used $4170 million for the last fiscal year's total revenue generated by Total System Services. The default revenue input number comes from 2016 income statement of Total System Services. 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 TSS stock valuation model: a) initial revenue growth rate of 6.1% 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 7.7%, whose default value for TSS is calculated based on our internal credit rating of Total System Services, 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 Total System Services.
    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 TSS stock the variable cost ratio is equal to 80.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for TSS 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 3.5% for Total System Services.

Corporate tax rate of 27% is the nominal tax rate for Total System Services. 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 TSS 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 TSS are equal to 37.4%.

Life of production assets of 10.6 years is the average useful life of capital assets used in Total System Services 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 TSS is equal to 5.5%. 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 - $2100 million for Total System Services - 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 183.434 million for Total System Services 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 Total System Services at the current share price and the inputted number of shares is $12.6 billion.

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COMPANY NEWS

▶ TSYS Announces Resignation of Pamela Joseph   [Sep-22-17 04:15PM  Business Wire]
▶ Investors are on standby for historic Fed decision   [Sep-20-17 08:57AM  Yahoo Finance]
▶ TSYS Named Official Payment Processing Provider of NGCOA   [Aug-16-17 09:00AM  Business Wire]
▶ Total System beats Street 2Q forecasts   [Jul-25-17 09:17PM  Associated Press]
▶ TSYS Reports Second Quarter Earnings   [04:00PM  Business Wire]
▶ How These Two Online Payment Processors Figure In Future Mergers   [Jul-24-17 04:25PM  Investor's Business Daily]
▶ Electronic Payment Sector Swipes Ahead Of S&P, Gets Price Hikes   [Jul-18-17 04:25PM  Investor's Business Daily]
▶ Stocks With Rising Composite Ratings: Total System Services   [Jul-03-17 11:03AM  Investor's Business Daily]
▶ TSYS to Broadcast Second-Quarter 2017 Results   [Jun-28-17 09:00AM  Business Wire]
▶ TSYS Named to The Civic 50 in 2017   [08:30AM  Business Wire]
▶ TSYS Extends Payments Agreement with Valley National Bank   [Jun-19-17 09:00AM  Business Wire]
▶ TSYS Announces Foresight Score with Featurespace   [Jun-12-17 08:30AM  Business Wire]
▶ TSYS Announces Second-Quarter 2017 Dividend   [Jun-07-17 04:15PM  Business Wire]
▶ TSYS Enables Tokenization for Commercial Card Issuers   [May-30-17 09:00AM  Business Wire]
▶ TSYS to Host 2017 Investor Day in New York   [09:00AM  Business Wire]
▶ Total System beats 1Q profit forecasts   [Apr-25-17 04:30PM  Associated Press]
▶ TSYS Reports First Quarter Earnings   [04:15PM  Business Wire]
▶ TSYS subsidiary NetSpend settles Federal Trade Commission charges   [Apr-07-17 07:27AM  American City Business Journals]
▶ TSYS subsidiary NetSpend settles Federal Trade Commission charges   [Apr-02-17 10:35AM  at bizjournals.com]
▶ TSYS to Broadcast First-Quarter 2017 Results   [Mar-30-17 09:00AM  Business Wire]
▶ TSYS Announces First-Quarter 2017 Dividend   [Mar-08-17 09:00AM  Business Wire]
▶ Netspend Hires Jeff Johnson to Lead Commercial Prepaid   [Mar-02-17 09:00AM  Business Wire]
▶ Columbus lands $25M credit card production facility with 145 jobs   [Feb-27-17 02:56PM  at bizjournals.com]
Financial statements of TSS
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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