Intrinsic value of Unisys - UIS

Previous Close

$8.90

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-79%

Previous close

$8.90

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-79%

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

We calculate the intrinsic value of UIS 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 0.5

 

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, %
  -6.43
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,821
  2,877
  2,944
  3,019
  3,104
  3,198
  3,302
  3,414
  3,536
  3,667
  3,808
  3,958
  4,119
  4,290
  4,472
  4,664
  4,869
  5,085
  5,314
  5,556
  5,811
  6,080
  6,365
  6,664
  6,979
  7,312
  7,662
  8,030
  8,417
  8,825
  9,254
Variable operating expenses, $m
 
  2,929
  2,996
  3,072
  3,158
  3,253
  3,358
  3,472
  3,595
  3,727
  3,870
  4,004
  4,167
  4,340
  4,524
  4,719
  4,926
  5,145
  5,376
  5,621
  5,879
  6,151
  6,439
  6,742
  7,061
  7,397
  7,751
  8,123
  8,515
  8,928
  9,362
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
  2,777
  2,929
  2,996
  3,072
  3,158
  3,253
  3,358
  3,472
  3,595
  3,727
  3,870
  4,004
  4,167
  4,340
  4,524
  4,719
  4,926
  5,145
  5,376
  5,621
  5,879
  6,151
  6,439
  6,742
  7,061
  7,397
  7,751
  8,123
  8,515
  8,928
  9,362
Operating income, $m
  44
  -51
  -52
  -53
  -54
  -55
  -56
  -58
  -59
  -61
  -62
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -94
  -98
  -103
  -108
EBITDA, $m
  200
  25
  26
  26
  27
  28
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  43
  44
  46
  49
  51
  53
  56
  58
  61
  64
  67
  70
  74
  77
  81
Interest expense (income), $m
  22
  14
  -132
  -130
  -127
  -124
  -120
  -116
  -112
  -107
  -102
  -97
  -91
  -85
  -79
  -72
  -65
  -57
  -49
  -40
  -31
  -21
  -11
  0
  11
  23
  36
  49
  63
  78
  93
Earnings before tax, $m
  21
  -65
  80
  77
  73
  69
  64
  59
  53
  47
  40
  51
  43
  35
  27
  18
  8
  -2
  -13
  -25
  -37
  -50
  -63
  -78
  -93
  -108
  -125
  -143
  -161
  -181
  -201
Tax expense, $m
  58
  0
  22
  21
  20
  19
  17
  16
  14
  13
  11
  14
  12
  10
  7
  5
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -48
  -65
  58
  56
  53
  50
  47
  43
  39
  34
  29
  37
  32
  26
  19
  13
  6
  -2
  -13
  -25
  -37
  -50
  -63
  -78
  -93
  -108
  -125
  -143
  -161
  -181
  -201

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  371
  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
  2,022
  1,684
  1,722
  1,767
  1,816
  1,871
  1,932
  1,998
  2,069
  2,146
  2,228
  2,316
  2,410
  2,510
  2,616
  2,729
  2,849
  2,976
  3,109
  3,251
  3,400
  3,558
  3,724
  3,899
  4,084
  4,278
  4,483
  4,699
  4,925
  5,164
  5,415
Adjusted assets (=assets-cash), $m
  1,651
  1,684
  1,722
  1,767
  1,816
  1,871
  1,932
  1,998
  2,069
  2,146
  2,228
  2,316
  2,410
  2,510
  2,616
  2,729
  2,849
  2,976
  3,109
  3,251
  3,400
  3,558
  3,724
  3,899
  4,084
  4,278
  4,483
  4,699
  4,925
  5,164
  5,415
Revenue / Adjusted assets
  1.709
  1.708
  1.710
  1.709
  1.709
  1.709
  1.709
  1.709
  1.709
  1.709
  1.709
  1.709
  1.709
  1.709
  1.709
  1.709
  1.709
  1.709
  1.709
  1.709
  1.709
  1.709
  1.709
  1.709
  1.709
  1.709
  1.709
  1.709
  1.709
  1.709
  1.709
Average production assets, $m
  288
  293
  300
  308
  317
  326
  337
  348
  361
  374
  388
  404
  420
  438
  456
  476
  497
  519
  542
  567
  593
  620
  649
  680
  712
  746
  781
  819
  859
  900
  944
Working capital, $m
  45
  -224
  -230
  -236
  -242
  -249
  -258
  -266
  -276
  -286
  -297
  -309
  -321
  -335
  -349
  -364
  -380
  -397
  -414
  -433
  -453
  -474
  -496
  -520
  -544
  -570
  -598
  -626
  -657
  -688
  -722
Total debt, $m
  300
  -1,838
  -1,803
  -1,763
  -1,718
  -1,669
  -1,614
  -1,555
  -1,491
  -1,422
  -1,348
  -1,269
  -1,184
  -1,094
  -998
  -897
  -789
  -675
  -554
  -427
  -293
  -151
  -1
  156
  323
  498
  682
  876
  1,080
  1,294
  1,520
Total liabilities, $m
  3,653
  1,515
  1,550
  1,590
  1,635
  1,684
  1,739
  1,798
  1,862
  1,931
  2,005
  2,084
  2,169
  2,259
  2,355
  2,456
  2,564
  2,678
  2,799
  2,926
  3,060
  3,202
  3,352
  3,509
  3,676
  3,851
  4,035
  4,229
  4,433
  4,647
  4,873
Total equity, $m
  -1,631
  168
  172
  177
  182
  187
  193
  200
  207
  215
  223
  232
  241
  251
  262
  273
  285
  298
  311
  325
  340
  356
  372
  390
  408
  428
  448
  470
  493
  516
  541
Total liabilities and equity, $m
  2,022
  1,683
  1,722
  1,767
  1,817
  1,871
  1,932
  1,998
  2,069
  2,146
  2,228
  2,316
  2,410
  2,510
  2,617
  2,729
  2,849
  2,976
  3,110
  3,251
  3,400
  3,558
  3,724
  3,899
  4,084
  4,279
  4,483
  4,699
  4,926
  5,163
  5,414
Debt-to-equity ratio
  -0.184
  -10.910
  -10.470
  -9.980
  -9.460
  -8.920
  -8.360
  -7.780
  -7.210
  -6.630
  -6.050
  -5.480
  -4.910
  -4.360
  -3.810
  -3.290
  -2.770
  -2.270
  -1.780
  -1.310
  -0.860
  -0.420
  0.000
  0.400
  0.790
  1.160
  1.520
  1.860
  2.190
  2.510
  2.810
Adjusted equity ratio
  -1.213
  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
  -48
  -65
  58
  56
  53
  50
  47
  43
  39
  34
  29
  37
  32
  26
  19
  13
  6
  -2
  -13
  -25
  -37
  -50
  -63
  -78
  -93
  -108
  -125
  -143
  -161
  -181
  -201
Depreciation, amort., depletion, $m
  156
  77
  78
  79
  81
  83
  85
  88
  90
  93
  96
  81
  84
  88
  91
  95
  99
  104
  108
  113
  119
  124
  130
  136
  142
  149
  156
  164
  172
  180
  189
Funds from operations, $m
  335
  11
  136
  135
  134
  133
  132
  130
  129
  127
  125
  118
  116
  113
  111
  108
  105
  101
  95
  89
  82
  74
  67
  58
  50
  41
  31
  21
  11
  -1
  -12
Change in working capital, $m
  117
  -4
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -33
Cash from operations, $m
  218
  16
  142
  141
  141
  141
  140
  139
  138
  137
  136
  130
  128
  127
  125
  123
  121
  118
  113
  107
  101
  95
  89
  82
  74
  67
  58
  50
  41
  31
  21
Maintenance CAPEX, $m
  0
  -58
  -59
  -60
  -62
  -63
  -65
  -67
  -70
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -104
  -108
  -113
  -119
  -124
  -130
  -136
  -142
  -149
  -156
  -164
  -172
  -180
New CAPEX, $m
  -96
  -5
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
Cash from investing activities, $m
  -182
  -63
  -66
  -68
  -71
  -73
  -76
  -78
  -82
  -85
  -89
  -93
  -97
  -101
  -107
  -111
  -116
  -121
  -127
  -133
  -139
  -146
  -153
  -161
  -168
  -176
  -185
  -194
  -204
  -214
  -224
Free cash flow, $m
  36
  -48
  76
  74
  71
  68
  64
  60
  56
  52
  47
  37
  31
  25
  19
  12
  5
  -3
  -14
  -26
  -38
  -51
  -64
  -79
  -94
  -110
  -126
  -144
  -163
  -182
  -203
Issuance/(repayment) of debt, $m
  18
  -2,032
  35
  40
  45
  50
  54
  59
  64
  69
  74
  79
  85
  90
  96
  102
  108
  114
  121
  127
  134
  142
  150
  158
  166
  175
  184
  194
  204
  215
  226
Issuance/(repurchase) of shares, $m
  0
  2,130
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  6
  15
  27
  39
  52
  66
  80
  95
  111
  128
  146
  164
  184
  204
  226
Cash from financing (excl. dividends), $m  
  -17
  98
  35
  40
  45
  50
  54
  59
  64
  69
  74
  79
  85
  90
  96
  102
  114
  129
  148
  166
  186
  208
  230
  253
  277
  303
  330
  358
  388
  419
  452
Total cash flow (excl. dividends), $m
  5
  51
  111
  113
  116
  117
  118
  119
  120
  121
  121
  116
  116
  115
  115
  114
  119
  126
  133
  141
  148
  157
  165
  174
  183
  193
  203
  214
  225
  237
  249
Retained Cash Flow (-), $m
  241
  -2,130
  -4
  -4
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -15
  -27
  -39
  -52
  -66
  -80
  -95
  -111
  -128
  -146
  -164
  -184
  -204
  -226
Prev. year cash balance distribution, $m
 
  265
  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
 
  -1,814
  107
  109
  111
  112
  112
  113
  113
  113
  113
  107
  106
  105
  104
  102
  107
  111
  106
  102
  97
  91
  85
  79
  72
  65
  58
  50
  42
  33
  23
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -1,739
  98
  95
  91
  87
  82
  76
  71
  65
  59
  51
  45
  40
  35
  30
  27
  24
  20
  16
  12
  9
  7
  5
  4
  3
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  48.9
  46.4
  42.6
  37.8
  32.6
  27.4
  22.3
  17.8
  13.9
  10.5
  7.9
  5.8
  4.1
  2.9
  2.0

Unisys Corporation (Unisys) is an information technology (IT) company. The Company operates through two segments: Services and Technology. The Company offers services, which include cloud and infrastructure services, application services and business process outsourcing services. In technology segment, the Company designs and develops software, servers and related products. The Company provides a range of data center, infrastructure management and cloud computing offerings to help clients virtualize and automate their data-center environments. Its technology offerings include ClearPath Forward software operating system, the Unisys Stealth family of security software and industry-focused software such as Digital Investigator, middleware and servers. Unisys Stealth consists of six solutions: Stealth(core), Stealth(analytics), Stealth(aware), Stealth(cloud), Stealth(identity) and Stealth(mobile). Digital Investigator is a browser-based application for total information management.

FINANCIAL RATIOS  of  Unisys (UIS)

Valuation Ratios
P/E Ratio -9.3
Price to Sales 0.2
Price to Book -0.3
Price to Tangible Book
Price to Cash Flow 2
Price to Free Cash Flow 3.7
Growth Rates
Sales Growth Rate -6.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14.3%
Cap. Spend. - 3 Yr. Gr. Rate -3%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity -11.9%
Total Debt to Equity -18.4%
Interest Coverage 2
Management Effectiveness
Return On Assets -4.2%
Ret/ On Assets - 3 Yr. Avg. -2.4%
Return On Total Capital 4%
Ret/ On T. Cap. - 3 Yr. Avg. 2.7%
Return On Equity 3.2%
Return On Equity - 3 Yr. Avg. 2.2%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 19.8%
Gross Margin - 3 Yr. Avg. 20.3%
EBITDA Margin 7.1%
EBITDA Margin - 3 Yr. Avg. 6.8%
Operating Margin 1.6%
Oper. Margin - 3 Yr. Avg. 1.4%
Pre-Tax Margin 0.7%
Pre-Tax Margin - 3 Yr. Avg. 1%
Net Profit Margin -1.7%
Net Profit Margin - 3 Yr. Avg. -1.3%
Effective Tax Rate 276.2%
Eff/ Tax Rate - 3 Yr. Avg. 87.1%
Payout Ratio 0%

UIS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UIS stock intrinsic value calculation we used $2821 million for the last fiscal year's total revenue generated by Unisys. The default revenue input number comes from 2016 income statement of Unisys. 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 UIS stock valuation model: a) initial revenue growth rate of 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 4.3%, whose default value for UIS is calculated based on our internal credit rating of Unisys, 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 Unisys.
    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 UIS stock the variable cost ratio is equal to 101.8%.

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 UIS 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 7.2% for Unisys.

Corporate tax rate of 27% is the nominal tax rate for Unisys. 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 UIS 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 UIS are equal to 10.2%.

Life of production assets of 3 years is the average useful life of capital assets used in Unisys 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 UIS is equal to -7.8%. 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 - $-1631 million for Unisys - 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 51.748 million for Unisys 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 Unisys at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ ETFs with exposure to Unisys Corp. : October 3, 2017   [Oct-03-17 11:40AM  Capital Cube]
▶ ETFs with exposure to Unisys Corp. : September 22, 2017   [Sep-22-17 11:20AM  Capital Cube]
▶ Is There Now An Opportunity In Unisys Corporation (UIS)?   [Sep-21-17 04:39PM  Simply Wall St.]
▶ Unisys Corp. Value Analysis (NYSE:UIS) : August 14, 2017   [Aug-14-17 06:24PM  Capital Cube]
▶ Why Unisys Shares Plunged Today   [Aug-02-17 12:32PM  Motley Fool]
▶ Unisys reports 2Q loss   [Aug-01-17 06:35PM  Associated Press]
▶ Unisys Corp. Value Analysis (NYSE:UIS) : June 8, 2017   [Jun-08-17 02:19PM  Capital Cube]
▶ ETFs with exposure to Unisys Corp. : May 26, 2017   [May-26-17 01:29PM  Capital Cube]
▶ ETFs with exposure to Unisys Corp. : May 15, 2017   [May-15-17 04:49PM  Capital Cube]
▶ [$$] Unisys CEO on the Next Big Thing in Cybersecurity   [May-10-17 07:21AM  The Wall Street Journal]
▶ ETFs with exposure to Unisys Corp. : May 2, 2017   [May-02-17 04:47PM  Capital Cube]
▶ The 3 Worst Performing Tech Stocks in April   [Apr-25-17 08:43PM  Motley Fool]
▶ Unisys' adjusted earnings top estimates, stock surges   [Apr-24-17 06:06PM  Associated Press]
Financial statements of UIS
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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