Intrinsic value of Vantiv - VNTV

Previous Close

$74.88

  Intrinsic Value

$72.64

stock screener

  Rating & Target

hold

-3%

Previous close

$74.88

 
Intrinsic value

$72.64

 
Up/down potential

-3%

 
Rating

hold

We calculate the intrinsic value of VNTV 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 13.3

 

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, %
  13.26
  12.10
  11.39
  10.75
  10.18
  9.66
  9.19
  8.77
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.80
  6.62
  6.46
  6.32
  6.18
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
Revenue, $m
  3,579
  4,012
  4,469
  4,949
  5,453
  5,980
  6,530
  7,102
  7,699
  8,319
  8,964
  9,634
  10,330
  11,054
  11,806
  12,588
  13,401
  14,248
  15,129
  16,047
  17,003
  18,000
  19,040
  20,125
  21,258
  22,441
  23,677
  24,970
  26,321
  27,735
  29,215
Variable operating expenses, $m
 
  2,675
  2,937
  3,213
  3,501
  3,804
  4,119
  4,447
  4,789
  5,145
  5,515
  5,525
  5,925
  6,340
  6,771
  7,220
  7,686
  8,172
  8,677
  9,203
  9,752
  10,323
  10,920
  11,542
  12,192
  12,870
  13,580
  14,321
  15,096
  15,907
  16,755
Fixed operating expenses, $m
 
  614
  629
  645
  661
  678
  695
  712
  730
  748
  767
  786
  806
  826
  846
  868
  889
  911
  934
  958
  982
  1,006
  1,031
  1,057
  1,083
  1,111
  1,138
  1,167
  1,196
  1,226
  1,256
Total operating expenses, $m
  3,010
  3,289
  3,566
  3,858
  4,162
  4,482
  4,814
  5,159
  5,519
  5,893
  6,282
  6,311
  6,731
  7,166
  7,617
  8,088
  8,575
  9,083
  9,611
  10,161
  10,734
  11,329
  11,951
  12,599
  13,275
  13,981
  14,718
  15,488
  16,292
  17,133
  18,011
Operating income, $m
  569
  723
  903
  1,092
  1,291
  1,499
  1,716
  1,943
  2,180
  2,426
  2,682
  3,323
  3,600
  3,888
  4,189
  4,501
  4,826
  5,165
  5,518
  5,886
  6,270
  6,670
  7,089
  7,526
  7,982
  8,460
  8,959
  9,482
  10,029
  10,602
  11,203
EBITDA, $m
  839
  1,171
  1,359
  1,557
  1,765
  1,983
  2,211
  2,448
  2,696
  2,954
  3,222
  3,501
  3,791
  4,093
  4,407
  4,734
  5,074
  5,428
  5,798
  6,183
  6,584
  7,003
  7,441
  7,898
  8,376
  8,875
  9,398
  9,944
  10,516
  11,116
  11,743
Interest expense (income), $m
  103
  109
  132
  157
  184
  211
  240
  270
  301
  334
  368
  403
  440
  478
  517
  558
  601
  646
  692
  740
  790
  842
  897
  954
  1,013
  1,075
  1,140
  1,207
  1,278
  1,352
  1,429
Earnings before tax, $m
  423
  615
  770
  935
  1,107
  1,288
  1,476
  1,673
  1,878
  2,092
  2,314
  2,920
  3,160
  3,411
  3,671
  3,943
  4,225
  4,519
  4,826
  5,146
  5,480
  5,828
  6,192
  6,572
  6,969
  7,385
  7,820
  8,275
  8,751
  9,251
  9,774
Tax expense, $m
  142
  166
  208
  252
  299
  348
  399
  452
  507
  565
  625
  788
  853
  921
  991
  1,064
  1,141
  1,220
  1,303
  1,389
  1,479
  1,574
  1,672
  1,774
  1,882
  1,994
  2,111
  2,234
  2,363
  2,498
  2,639
Net income, $m
  213
  449
  562
  682
  808
  940
  1,078
  1,221
  1,371
  1,527
  1,689
  2,131
  2,307
  2,490
  2,680
  2,878
  3,084
  3,299
  3,523
  3,756
  4,000
  4,254
  4,520
  4,797
  5,088
  5,391
  5,708
  6,041
  6,389
  6,753
  7,135

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  139
  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
  7,044
  7,745
  8,627
  9,555
  10,527
  11,544
  12,605
  13,711
  14,862
  16,060
  17,304
  18,598
  19,942
  21,339
  22,791
  24,301
  25,871
  27,505
  29,206
  30,978
  32,824
  34,748
  36,756
  38,851
  41,038
  43,322
  45,709
  48,204
  50,813
  53,543
  56,399
Adjusted assets (=assets-cash), $m
  6,905
  7,745
  8,627
  9,555
  10,527
  11,544
  12,605
  13,711
  14,862
  16,060
  17,304
  18,598
  19,942
  21,339
  22,791
  24,301
  25,871
  27,505
  29,206
  30,978
  32,824
  34,748
  36,756
  38,851
  41,038
  43,322
  45,709
  48,204
  50,813
  53,543
  56,399
Revenue / Adjusted assets
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
Average production assets, $m
  1,154
  1,292
  1,439
  1,594
  1,756
  1,926
  2,103
  2,287
  2,479
  2,679
  2,886
  3,102
  3,326
  3,559
  3,802
  4,053
  4,315
  4,588
  4,872
  5,167
  5,475
  5,796
  6,131
  6,480
  6,845
  7,226
  7,624
  8,040
  8,475
  8,931
  9,407
Working capital, $m
  -401
  -449
  -501
  -554
  -611
  -670
  -731
  -795
  -862
  -932
  -1,004
  -1,079
  -1,157
  -1,238
  -1,322
  -1,410
  -1,501
  -1,596
  -1,694
  -1,797
  -1,904
  -2,016
  -2,132
  -2,254
  -2,381
  -2,513
  -2,652
  -2,797
  -2,948
  -3,106
  -3,272
Total debt, $m
  3,242
  3,780
  4,494
  5,244
  6,031
  6,853
  7,712
  8,606
  9,538
  10,506
  11,513
  12,560
  13,647
  14,778
  15,952
  17,174
  18,444
  19,766
  21,142
  22,575
  24,069
  25,626
  27,249
  28,944
  30,713
  32,561
  34,492
  36,511
  38,622
  40,830
  43,141
Total liabilities, $m
  5,728
  6,266
  6,980
  7,730
  8,517
  9,339
  10,198
  11,092
  12,024
  12,992
  13,999
  15,046
  16,133
  17,264
  18,438
  19,660
  20,930
  22,252
  23,628
  25,061
  26,555
  28,112
  29,735
  31,430
  33,199
  35,047
  36,978
  38,997
  41,108
  43,316
  45,627
Total equity, $m
  1,316
  1,479
  1,648
  1,825
  2,011
  2,205
  2,408
  2,619
  2,839
  3,067
  3,305
  3,552
  3,809
  4,076
  4,353
  4,642
  4,941
  5,254
  5,578
  5,917
  6,269
  6,637
  7,020
  7,420
  7,838
  8,274
  8,730
  9,207
  9,705
  10,227
  10,772
Total liabilities and equity, $m
  7,044
  7,745
  8,628
  9,555
  10,528
  11,544
  12,606
  13,711
  14,863
  16,059
  17,304
  18,598
  19,942
  21,340
  22,791
  24,302
  25,871
  27,506
  29,206
  30,978
  32,824
  34,749
  36,755
  38,850
  41,037
  43,321
  45,708
  48,204
  50,813
  53,543
  56,399
Debt-to-equity ratio
  2.464
  2.560
  2.730
  2.870
  3.000
  3.110
  3.200
  3.290
  3.360
  3.430
  3.480
  3.540
  3.580
  3.630
  3.660
  3.700
  3.730
  3.760
  3.790
  3.820
  3.840
  3.860
  3.880
  3.900
  3.920
  3.940
  3.950
  3.970
  3.980
  3.990
  4.000
Adjusted equity ratio
  0.170
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  213
  449
  562
  682
  808
  940
  1,078
  1,221
  1,371
  1,527
  1,689
  2,131
  2,307
  2,490
  2,680
  2,878
  3,084
  3,299
  3,523
  3,756
  4,000
  4,254
  4,520
  4,797
  5,088
  5,391
  5,708
  6,041
  6,389
  6,753
  7,135
Depreciation, amort., depletion, $m
  270
  448
  457
  465
  475
  485
  495
  505
  516
  528
  540
  178
  191
  205
  218
  233
  248
  264
  280
  297
  315
  333
  352
  372
  393
  415
  438
  462
  487
  513
  541
Funds from operations, $m
  634
  897
  1,019
  1,148
  1,283
  1,424
  1,572
  1,727
  1,888
  2,055
  2,229
  2,310
  2,498
  2,694
  2,899
  3,111
  3,332
  3,563
  3,803
  4,053
  4,315
  4,587
  4,872
  5,170
  5,481
  5,806
  6,147
  6,503
  6,876
  7,266
  7,675
Change in working capital, $m
  -35
  -49
  -51
  -54
  -56
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -103
  -107
  -112
  -116
  -122
  -127
  -133
  -138
  -145
  -151
  -158
  -166
Cash from operations, $m
  669
  945
  1,070
  1,202
  1,339
  1,483
  1,634
  1,791
  1,954
  2,124
  2,301
  2,385
  2,576
  2,775
  2,983
  3,199
  3,423
  3,658
  3,902
  4,156
  4,422
  4,699
  4,989
  5,291
  5,608
  5,939
  6,285
  6,647
  7,027
  7,425
  7,841
Maintenance CAPEX, $m
  0
  -66
  -74
  -83
  -92
  -101
  -111
  -121
  -131
  -142
  -154
  -166
  -178
  -191
  -205
  -218
  -233
  -248
  -264
  -280
  -297
  -315
  -333
  -352
  -372
  -393
  -415
  -438
  -462
  -487
  -513
New CAPEX, $m
  -118
  -138
  -147
  -155
  -162
  -170
  -177
  -184
  -192
  -200
  -208
  -216
  -224
  -233
  -242
  -252
  -262
  -273
  -284
  -295
  -308
  -321
  -335
  -349
  -365
  -381
  -398
  -416
  -435
  -455
  -476
Cash from investing activities, $m
  -570
  -204
  -221
  -238
  -254
  -271
  -288
  -305
  -323
  -342
  -362
  -382
  -402
  -424
  -447
  -470
  -495
  -521
  -548
  -575
  -605
  -636
  -668
  -701
  -737
  -774
  -813
  -854
  -897
  -942
  -989
Free cash flow, $m
  99
  741
  849
  964
  1,086
  1,213
  1,346
  1,486
  1,631
  1,782
  1,940
  2,003
  2,174
  2,351
  2,536
  2,728
  2,928
  3,137
  3,354
  3,581
  3,817
  4,063
  4,321
  4,590
  4,871
  5,164
  5,472
  5,793
  6,130
  6,482
  6,851
Issuance/(repayment) of debt, $m
  149
  677
  714
  750
  787
  823
  859
  895
  931
  969
  1,007
  1,047
  1,088
  1,130
  1,175
  1,221
  1,270
  1,322
  1,376
  1,433
  1,493
  1,557
  1,624
  1,695
  1,769
  1,848
  1,931
  2,019
  2,111
  2,208
  2,311
Issuance/(repurchase) of shares, $m
  -72
  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  
  -156
  677
  714
  750
  787
  823
  859
  895
  931
  969
  1,007
  1,047
  1,088
  1,130
  1,175
  1,221
  1,270
  1,322
  1,376
  1,433
  1,493
  1,557
  1,624
  1,695
  1,769
  1,848
  1,931
  2,019
  2,111
  2,208
  2,311
Total cash flow (excl. dividends), $m
  -58
  1,418
  1,562
  1,715
  1,872
  2,036
  2,205
  2,380
  2,562
  2,751
  2,947
  3,050
  3,261
  3,481
  3,711
  3,950
  4,199
  4,459
  4,730
  5,014
  5,310
  5,620
  5,945
  6,284
  6,640
  7,012
  7,403
  7,812
  8,241
  8,690
  9,162
Retained Cash Flow (-), $m
  -363
  -163
  -168
  -177
  -186
  -194
  -203
  -211
  -220
  -229
  -238
  -247
  -257
  -267
  -277
  -288
  -300
  -312
  -325
  -338
  -353
  -368
  -383
  -400
  -418
  -436
  -456
  -477
  -498
  -521
  -546
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
 
  1,254
  1,394
  1,537
  1,686
  1,841
  2,002
  2,169
  2,342
  2,522
  2,709
  2,802
  3,004
  3,215
  3,433
  3,661
  3,899
  4,147
  4,405
  4,676
  4,958
  5,253
  5,561
  5,884
  6,222
  6,576
  6,947
  7,335
  7,742
  8,169
  8,617
Discount rate, %
 
  9.40
  9.87
  10.36
  10.88
  11.43
  12.00
  12.60
  13.23
  13.89
  14.58
  15.31
  16.08
  16.88
  17.73
  18.61
  19.54
  20.52
  21.54
  22.62
  23.75
  24.94
  26.19
  27.50
  28.87
  30.32
  31.83
  33.42
  35.09
  36.85
  38.69
PV of cash for distribution, $m
 
  1,146
  1,155
  1,144
  1,116
  1,072
  1,014
  945
  867
  782
  694
  585
  502
  423
  350
  283
  224
  174
  131
  97
  70
  49
  33
  22
  14
  9
  5
  3
  2
  1
  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

Vantiv, Inc. is a holding company. The Company conducts its operations through its subsidiary, Vantiv Holding, LLC. The Company is a payment processor. The Company's segments include Merchant Services and Financial Institution Services. The Company offers a range of payment processing services that enable its clients to meet their payment processing needs through a single provider. The Company enables merchants to accept and process credit, debit and prepaid payments, and provide them supporting value-added services, such as security solutions and fraud management, information solutions and interchange management. It also provides payment services to financial institutions, such as card issuer processing, payment network processing, fraud protection, card production, prepaid program management, automated teller machine (ATM) driving and network gateway and switching services that utilize the Company's Jeanie personal identification number (PIN) debit payment network.

FINANCIAL RATIOS  of  Vantiv (VNTV)

Valuation Ratios
P/E Ratio 69
Price to Sales 4.1
Price to Book 11.2
Price to Tangible Book
Price to Cash Flow 22
Price to Free Cash Flow 26.7
Growth Rates
Sales Growth Rate 13.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 38.8%
Cap. Spend. - 3 Yr. Gr. Rate 13.7%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 235.8%
Total Debt to Equity 246.4%
Interest Coverage 5
Management Effectiveness
Return On Assets 4.2%
Ret/ On Assets - 3 Yr. Avg. 3.6%
Return On Total Capital 5%
Ret/ On T. Cap. - 3 Yr. Avg. 4%
Return On Equity 18.8%
Return On Equity - 3 Yr. Avg. 16.6%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 53.2%
Gross Margin - 3 Yr. Avg. 53.6%
EBITDA Margin 22.2%
EBITDA Margin - 3 Yr. Avg. 21.6%
Operating Margin 15.9%
Oper. Margin - 3 Yr. Avg. 13.9%
Pre-Tax Margin 11.8%
Pre-Tax Margin - 3 Yr. Avg. 10.1%
Net Profit Margin 6%
Net Profit Margin - 3 Yr. Avg. 5.2%
Effective Tax Rate 33.6%
Eff/ Tax Rate - 3 Yr. Avg. 30.4%
Payout Ratio 0%

VNTV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VNTV stock intrinsic value calculation we used $3579 million for the last fiscal year's total revenue generated by Vantiv. The default revenue input number comes from 2016 income statement of Vantiv. 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 VNTV stock valuation model: a) initial revenue growth rate of 12.1% 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 9.4%, whose default value for VNTV is calculated based on our internal credit rating of Vantiv, 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 Vantiv.
    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 VNTV stock the variable cost ratio is equal to 67.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $599 million in the base year in the intrinsic value calculation for VNTV 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 Vantiv.

Corporate tax rate of 27% is the nominal tax rate for Vantiv. 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 VNTV 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 VNTV are equal to 32.2%.

Life of production assets of 17.4 years is the average useful life of capital assets used in Vantiv 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 VNTV is equal to -11.2%. 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 - $1316 million for Vantiv - 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 177.794 million for Vantiv 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 Vantiv at the current share price and the inputted number of shares is $13.3 billion.

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COMPANY NEWS

▶ Vantiv Upgraded On Expected Upside From Worldpay Acquisition   [Dec-14-17 04:58PM  Investor's Business Daily]
▶ Vantiv names executive team for merged company   [Dec-12-17 12:20PM  American City Business Journals]
▶ How Wall Street Analysts View Visa Stock   [Dec-08-17 10:30AM  Market Realist]
▶ What Led to Visas Premium Valuations?   [09:00AM  Market Realist]
▶ Vantiv Prices Senior Notes Offering   [Dec-07-17 11:44AM  PR Newswire]
▶ Vantiv Launches Senior Notes Offering   [07:04AM  PR Newswire]
▶ Vantiv Shows Rising Relative Price Performance; Still Shy Of Key Threshold   [Dec-01-17 03:00AM  Investor's Business Daily]
▶ Despite Bitcoin Surge, Square Stock Is Tumbling   [Nov-27-17 02:10PM  TheStreet.com]
▶ Did Squares Top-Line Growth Accelerate in 3Q17?   [Nov-15-17 02:45PM  Market Realist]
▶ ETFs with exposure to Vantiv, Inc. : November 9, 2017   [Nov-09-17 01:21PM  Capital Cube]
▶ Cramer vouches for Global Payments   [Nov-02-17 07:16PM  CNBC Videos]
▶ ETFs with exposure to Vantiv, Inc. : October 27, 2017   [Oct-27-17 11:21AM  Capital Cube]
▶ Alibaba, Other Leading Stocks, Drive This T. Rowe Price Fund's Outperformance   [Oct-26-17 01:36PM  Investor's Business Daily]
▶ Vantiv beats Street 3Q forecasts   [07:48AM  Associated Press]
▶ Vantiv Reports Third Quarter 2017 Results   [07:00AM  PR Newswire]
▶ IBD Rating Upgrades: Vantiv Flashes Improved Price Strength   [03:00AM  Investor's Business Daily]
▶ Top Ranked Growth Stocks to Buy for October 6th   [Oct-06-17 09:32AM  Zacks]
▶ Vantiv Inc (VNTV) Is Finally Going Global With Worldpay   [Aug-25-17 11:00AM  InvestorPlace]
▶ Vantiv wins Vendor Award of Excellence at RetailNOW 2017   [Aug-17-17 10:19AM  PR Newswire]
▶ Vantiv-Worldpay Deal an Inversion That Wasn't   [Aug-10-17 03:39PM  TheStreet.com]
▶ Tax-Saving Mergers Go From Hot to Not   [02:36PM  Bloomberg]
▶ Vantiv: Will Worldpay Deal Pay Off?   [11:03AM  Barrons.com]
▶ Vantiv tops Street 2Q forecasts   [Aug-09-17 04:46PM  Associated Press]
▶ Vantiv seals deal to buy British company for $10.4 billion   [09:58AM  American City Business Journals]
▶ Vantiv Seals $12B Worldpay Deal   [07:19AM  Investopedia]
▶ For Worldpay, Everything Must Grow   [07:01AM  Bloomberg]
▶ [$$] Vantiv Seals $10 Billion Worldpay Deal   [04:51AM  The Wall Street Journal]
▶ [$$] Vantiv to Buy Back $1.27 Billion in Shares Held by Fifth Third   [Aug-08-17 01:13PM  The Wall Street Journal]
▶ [$$] Worldpay/Vantiv: marry in haste   [10:36AM  Financial Times]
Financial statements of VNTV
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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