Intrinsic value of Xerox - XRX

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$28.44

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of XRX 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 28.8

 

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, %
  -6.05
  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
  10,771
  10,986
  11,239
  11,528
  11,852
  12,212
  12,606
  13,035
  13,500
  14,000
  14,538
  15,113
  15,726
  16,379
  17,073
  17,810
  18,590
  19,416
  20,290
  21,213
  22,188
  23,216
  24,301
  25,444
  26,649
  27,917
  29,253
  30,659
  32,138
  33,695
  35,332
Variable operating expenses, $m
 
  5,376
  5,491
  5,622
  5,770
  5,933
  6,112
  6,308
  6,519
  6,747
  6,991
  6,874
  7,153
  7,450
  7,766
  8,101
  8,456
  8,831
  9,229
  9,649
  10,092
  10,560
  11,053
  11,573
  12,121
  12,698
  13,305
  13,945
  14,618
  15,326
  16,070
Fixed operating expenses, $m
 
  4,966
  5,090
  5,218
  5,348
  5,482
  5,619
  5,759
  5,903
  6,051
  6,202
  6,357
  6,516
  6,679
  6,846
  7,017
  7,192
  7,372
  7,557
  7,745
  7,939
  8,138
  8,341
  8,550
  8,763
  8,982
  9,207
  9,437
  9,673
  9,915
  10,163
Total operating expenses, $m
  10,004
  10,342
  10,581
  10,840
  11,118
  11,415
  11,731
  12,067
  12,422
  12,798
  13,193
  13,231
  13,669
  14,129
  14,612
  15,118
  15,648
  16,203
  16,786
  17,394
  18,031
  18,698
  19,394
  20,123
  20,884
  21,680
  22,512
  23,382
  24,291
  25,241
  26,233
Operating income, $m
  767
  645
  658
  688
  735
  797
  875
  968
  1,078
  1,203
  1,345
  1,882
  2,057
  2,250
  2,462
  2,692
  2,942
  3,213
  3,505
  3,819
  4,157
  4,519
  4,907
  5,321
  5,764
  6,237
  6,741
  7,277
  7,847
  8,454
  9,099
EBITDA, $m
  1,330
  1,163
  1,180
  1,214
  1,264
  1,331
  1,414
  1,513
  1,628
  1,760
  1,909
  2,074
  2,258
  2,459
  2,679
  2,919
  3,179
  3,460
  3,763
  4,089
  4,440
  4,815
  5,217
  5,646
  6,104
  6,593
  7,113
  7,668
  8,257
  8,884
  9,549
Interest expense (income), $m
  352
  276
  289
  304
  321
  340
  361
  384
  409
  436
  465
  497
  530
  566
  605
  645
  688
  734
  782
  834
  888
  945
  1,005
  1,068
  1,135
  1,206
  1,280
  1,358
  1,440
  1,527
  1,618
Earnings before tax, $m
  568
  369
  369
  385
  414
  457
  514
  585
  669
  767
  879
  1,385
  1,527
  1,684
  1,857
  2,047
  2,254
  2,479
  2,722
  2,985
  3,269
  3,574
  3,902
  4,253
  4,629
  5,031
  5,461
  5,919
  6,407
  6,927
  7,481
Tax expense, $m
  62
  100
  100
  104
  112
  123
  139
  158
  181
  207
  237
  374
  412
  455
  501
  553
  609
  669
  735
  806
  883
  965
  1,054
  1,148
  1,250
  1,358
  1,474
  1,598
  1,730
  1,870
  2,020
Net income, $m
  -477
  269
  270
  281
  302
  334
  375
  427
  488
  560
  642
  1,011
  1,115
  1,229
  1,356
  1,494
  1,645
  1,809
  1,987
  2,179
  2,386
  2,609
  2,848
  3,105
  3,379
  3,673
  3,986
  4,321
  4,677
  5,057
  5,461

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,223
  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
  18,145
  16,252
  16,626
  17,053
  17,533
  18,064
  18,648
  19,283
  19,970
  20,711
  21,506
  22,356
  23,263
  24,229
  25,256
  26,346
  27,500
  28,722
  30,015
  31,380
  32,822
  34,343
  35,948
  37,639
  39,421
  41,298
  43,274
  45,353
  47,542
  49,844
  52,266
Adjusted assets (=assets-cash), $m
  15,922
  16,252
  16,626
  17,053
  17,533
  18,064
  18,648
  19,283
  19,970
  20,711
  21,506
  22,356
  23,263
  24,229
  25,256
  26,346
  27,500
  28,722
  30,015
  31,380
  32,822
  34,343
  35,948
  37,639
  39,421
  41,298
  43,274
  45,353
  47,542
  49,844
  52,266
Revenue / Adjusted assets
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
Average production assets, $m
  1,253
  1,274
  1,304
  1,337
  1,375
  1,417
  1,462
  1,512
  1,566
  1,624
  1,686
  1,753
  1,824
  1,900
  1,980
  2,066
  2,156
  2,252
  2,354
  2,461
  2,574
  2,693
  2,819
  2,952
  3,091
  3,238
  3,393
  3,556
  3,728
  3,909
  4,099
Working capital, $m
  2,338
  1,154
  1,180
  1,210
  1,244
  1,282
  1,324
  1,369
  1,417
  1,470
  1,526
  1,587
  1,651
  1,720
  1,793
  1,870
  1,952
  2,039
  2,130
  2,227
  2,330
  2,438
  2,552
  2,672
  2,798
  2,931
  3,072
  3,219
  3,375
  3,538
  3,710
Total debt, $m
  6,316
  5,556
  5,840
  6,165
  6,531
  6,935
  7,379
  7,862
  8,385
  8,949
  9,554
  10,201
  10,891
  11,627
  12,408
  13,237
  14,116
  15,046
  16,029
  17,068
  18,166
  19,323
  20,544
  21,831
  23,187
  24,615
  26,119
  27,702
  29,367
  31,120
  32,963
Total liabilities, $m
  13,128
  12,368
  12,652
  12,977
  13,343
  13,747
  14,191
  14,674
  15,197
  15,761
  16,366
  17,013
  17,703
  18,439
  19,220
  20,049
  20,928
  21,858
  22,841
  23,880
  24,978
  26,135
  27,356
  28,643
  29,999
  31,427
  32,931
  34,514
  36,179
  37,932
  39,775
Total equity, $m
  5,017
  3,884
  3,974
  4,076
  4,190
  4,317
  4,457
  4,609
  4,773
  4,950
  5,140
  5,343
  5,560
  5,791
  6,036
  6,297
  6,573
  6,865
  7,173
  7,500
  7,844
  8,208
  8,592
  8,996
  9,422
  9,870
  10,342
  10,839
  11,363
  11,913
  12,492
Total liabilities and equity, $m
  18,145
  16,252
  16,626
  17,053
  17,533
  18,064
  18,648
  19,283
  19,970
  20,711
  21,506
  22,356
  23,263
  24,230
  25,256
  26,346
  27,501
  28,723
  30,014
  31,380
  32,822
  34,343
  35,948
  37,639
  39,421
  41,297
  43,273
  45,353
  47,542
  49,845
  52,267
Debt-to-equity ratio
  1.259
  1.430
  1.470
  1.510
  1.560
  1.610
  1.660
  1.710
  1.760
  1.810
  1.860
  1.910
  1.960
  2.010
  2.060
  2.100
  2.150
  2.190
  2.230
  2.280
  2.320
  2.350
  2.390
  2.430
  2.460
  2.490
  2.530
  2.560
  2.580
  2.610
  2.640
Adjusted equity ratio
  0.176
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -477
  269
  270
  281
  302
  334
  375
  427
  488
  560
  642
  1,011
  1,115
  1,229
  1,356
  1,494
  1,645
  1,809
  1,987
  2,179
  2,386
  2,609
  2,848
  3,105
  3,379
  3,673
  3,986
  4,321
  4,677
  5,057
  5,461
Depreciation, amort., depletion, $m
  563
  519
  522
  526
  530
  534
  539
  545
  551
  557
  564
  193
  200
  209
  218
  227
  237
  248
  259
  270
  283
  296
  310
  324
  340
  356
  373
  391
  410
  430
  450
Funds from operations, $m
  560
  788
  791
  806
  832
  868
  915
  972
  1,039
  1,117
  1,206
  1,204
  1,315
  1,438
  1,573
  1,721
  1,882
  2,057
  2,246
  2,450
  2,669
  2,905
  3,158
  3,429
  3,719
  4,029
  4,359
  4,711
  5,087
  5,486
  5,911
Change in working capital, $m
  -278
  23
  27
  30
  34
  38
  41
  45
  49
  53
  56
  60
  64
  69
  73
  77
  82
  87
  92
  97
  102
  108
  114
  120
  126
  133
  140
  148
  155
  163
  172
Cash from operations, $m
  838
  689
  765
  776
  798
  830
  873
  927
  990
  1,065
  1,150
  1,143
  1,251
  1,369
  1,500
  1,644
  1,800
  1,970
  2,154
  2,353
  2,567
  2,797
  3,044
  3,309
  3,593
  3,895
  4,219
  4,564
  4,931
  5,323
  5,739
Maintenance CAPEX, $m
  0
  -138
  -140
  -143
  -147
  -151
  -156
  -161
  -166
  -172
  -178
  -185
  -193
  -200
  -209
  -218
  -227
  -237
  -248
  -259
  -270
  -283
  -296
  -310
  -324
  -340
  -356
  -373
  -391
  -410
  -430
New CAPEX, $m
  -138
  -22
  -29
  -34
  -38
  -42
  -46
  -50
  -54
  -58
  -62
  -67
  -71
  -76
  -81
  -85
  -91
  -96
  -101
  -107
  -113
  -119
  -126
  -133
  -140
  -147
  -155
  -163
  -172
  -181
  -190
Cash from investing activities, $m
  -397
  -160
  -169
  -177
  -185
  -193
  -202
  -211
  -220
  -230
  -240
  -252
  -264
  -276
  -290
  -303
  -318
  -333
  -349
  -366
  -383
  -402
  -422
  -443
  -464
  -487
  -511
  -536
  -563
  -591
  -620
Free cash flow, $m
  441
  529
  596
  599
  613
  638
  672
  716
  770
  834
  909
  891
  987
  1,093
  1,211
  1,341
  1,483
  1,637
  1,805
  1,987
  2,184
  2,395
  2,623
  2,867
  3,128
  3,409
  3,708
  4,028
  4,369
  4,733
  5,120
Issuance/(repayment) of debt, $m
  925
  251
  284
  325
  365
  405
  444
  483
  523
  564
  605
  647
  690
  735
  781
  829
  879
  930
  984
  1,039
  1,097
  1,158
  1,221
  1,287
  1,356
  1,428
  1,504
  1,583
  1,665
  1,752
  1,843
Issuance/(repurchase) of shares, $m
  8
  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  
  915
  251
  284
  325
  365
  405
  444
  483
  523
  564
  605
  647
  690
  735
  781
  829
  879
  930
  984
  1,039
  1,097
  1,158
  1,221
  1,287
  1,356
  1,428
  1,504
  1,583
  1,665
  1,752
  1,843
Total cash flow (excl. dividends), $m
  1,326
  780
  880
  924
  978
  1,042
  1,116
  1,199
  1,293
  1,398
  1,514
  1,538
  1,677
  1,828
  1,992
  2,170
  2,361
  2,567
  2,789
  3,026
  3,281
  3,553
  3,844
  4,154
  4,484
  4,837
  5,212
  5,611
  6,034
  6,485
  6,963
Retained Cash Flow (-), $m
  4,406
  -79
  -89
  -102
  -115
  -127
  -139
  -152
  -164
  -177
  -190
  -203
  -217
  -231
  -245
  -260
  -276
  -292
  -309
  -326
  -345
  -364
  -383
  -404
  -426
  -449
  -472
  -497
  -523
  -550
  -579
Prev. year cash balance distribution, $m
 
  1,212
  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
 
  1,913
  791
  822
  864
  915
  976
  1,048
  1,129
  1,221
  1,324
  1,335
  1,460
  1,598
  1,747
  1,910
  2,085
  2,275
  2,480
  2,700
  2,936
  3,189
  3,460
  3,750
  4,059
  4,388
  4,739
  5,113
  5,511
  5,935
  6,384
Discount rate, %
 
  6.40
  6.72
  7.06
  7.41
  7.78
  8.17
  8.58
  9.01
  9.46
  9.93
  10.42
  10.95
  11.49
  12.07
  12.67
  13.31
  13.97
  14.67
  15.40
  16.17
  16.98
  17.83
  18.72
  19.66
  20.64
  21.67
  22.76
  23.89
  25.09
  26.34
PV of cash for distribution, $m
 
  1,798
  694
  670
  649
  629
  610
  589
  566
  541
  514
  449
  420
  388
  354
  319
  283
  246
  211
  178
  146
  118
  94
  72
  55
  40
  29
  20
  14
  9
  6
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

Xerox Corporation provides document management solutions worldwide. The company’s Document Technology segment offers desktop monochrome and color printers, multifunction printers, copiers, digital printing presses, and light production devices; and production printing and publishing systems for the graphic communications marketplace and large enterprises. Its Services segment provides document outsourcing services comprising managed print, workflow automation, and communication and marketing services. The company also sells paper, wide-format systems, global imaging systems network integration solutions, and electronic presentation systems. The company sells its products and services directly to its customers; and through its sales force, as well as through a network of independent agents, dealers, value-added resellers, systems integrators, and the Web. Xerox Corporation was founded in 1906 and is headquartered in Norwalk, Connecticut.

FINANCIAL RATIOS  of  Xerox (XRX)

Valuation Ratios
P/E Ratio -60.5
Price to Sales 2.7
Price to Book 5.8
Price to Tangible Book
Price to Cash Flow 34.4
Price to Free Cash Flow 41.2
Growth Rates
Sales Growth Rate -6.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.8%
Cap. Spend. - 3 Yr. Gr. Rate -20.2%
Financial Strength
Quick Ratio 2
Current Ratio 0.3
LT Debt to Equity 105.7%
Total Debt to Equity 125.9%
Interest Coverage 3
Management Effectiveness
Return On Assets -0.7%
Ret/ On Assets - 3 Yr. Avg. 2.3%
Return On Total Capital -3.4%
Ret/ On T. Cap. - 3 Yr. Avg. 1.5%
Return On Equity -6.6%
Return On Equity - 3 Yr. Avg. 2.2%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 39.6%
Gross Margin - 3 Yr. Avg. 39.9%
EBITDA Margin 13.8%
EBITDA Margin - 3 Yr. Avg. 15.6%
Operating Margin 7.1%
Oper. Margin - 3 Yr. Avg. 9.1%
Pre-Tax Margin 5.3%
Pre-Tax Margin - 3 Yr. Avg. 7.3%
Net Profit Margin -4.4%
Net Profit Margin - 3 Yr. Avg. 2.6%
Effective Tax Rate 10.9%
Eff/ Tax Rate - 3 Yr. Avg. 16.7%
Payout Ratio -69.4%

XRX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the XRX stock intrinsic value calculation we used $10771 million for the last fiscal year's total revenue generated by Xerox. The default revenue input number comes from 2016 income statement of Xerox. 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 XRX 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 6.4%, whose default value for XRX is calculated based on our internal credit rating of Xerox, 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 Xerox.
    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 XRX stock the variable cost ratio is equal to 49%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4845 million in the base year in the intrinsic value calculation for XRX 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 5.2% for Xerox.

Corporate tax rate of 27% is the nominal tax rate for Xerox. 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 XRX 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 XRX are equal to 11.6%.

Life of production assets of 9.1 years is the average useful life of capital assets used in Xerox 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 XRX is equal to 10.5%. 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 - $5017 million for Xerox - 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 1013.53 million for Xerox 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 Xerox at the current share price and the inputted number of shares is $28.8 billion.


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COMPANY NEWS

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▶ ETFs with exposure to Xerox Corp. : June 15, 2017   [Jun-15-17 03:54PM  Capital Cube]
▶ ETFs with exposure to Xerox Corp. : May 30, 2017   [May-30-17 12:53PM  Capital Cube]
▶ Xerox Rated Top Manufacturer in Sustainability Performance   [May-25-17 08:30AM  Business Wire]
▶ Women CEOs earn big pay, but few of them have the top job   [May-24-17 01:54PM  Associated Press]
▶ ETFs with exposure to Xerox Corp. : May 19, 2017   [May-19-17 02:16PM  Capital Cube]
▶ David Einhorn Comments on Xerox   [May-17-17 07:10PM  GuruFocus.com]
▶ ETFs with exposure to Xerox Corp. : May 8, 2017   [May-08-17 05:28PM  Capital Cube]
▶ Xerox misses 1Q profit forecasts   [06:54AM  Associated Press]
▶ Xerox Reports First-Quarter 2017 Earnings   [06:45AM  Business Wire]
▶ [$$] Robert Taylor Found a Way to Nurture Computer Visionaries   [Apr-22-17 12:07AM  The Wall Street Journal]
▶ Xerox spin-off to move call center jobs to neighboring town   [Apr-11-17 09:44AM  Associated Press]
▶ 10 Companies That Failed To Innovate and Change   [Apr-10-17 01:12PM  Insider Monkey]
▶ Wish Your Office Equipment Worked Like Your Smartphone?   [Mar-30-17 09:00AM  Business Wire]
▶ Xerox Spinoff Conduent Could Be an Activist Target   [Mar-28-17 03:59PM  TheStreet.com]
▶ Five Stocks Under $10 to Buy Now   [Mar-13-17 08:32PM  at Insider Monkey]
▶ [$$] Xerox Hits the Restart Button   [Mar-04-17 12:01AM  at Barrons.com]
▶ Xerox Announces Offers to Exchange Outstanding Notes   [Feb-28-17 08:27PM  Business Wire]
▶ Xerox Declares Dividend on Common and Preferred Stock   [Feb-24-17 02:07PM  Business Wire]
▶ [$$] Conduent Posts Hefty Loss   [Feb-22-17 09:11AM  at The Wall Street Journal]
▶ Layoffs spare the Triangle in 2017 - so far   [10:05AM  at bizjournals.com]
▶ [$$] Xerox Says Profit and Revenue Fall   [10:10AM  at The Wall Street Journal]
▶ Xerox Reports Fourth-Quarter 2016 Earnings   [06:45AM  Business Wire]
▶ Xerox Adds Two New Directors to Board   [06:45AM  Business Wire]
▶ Bernard Horn Comments on Xerox   [Jan-24-17 03:30PM  Gurufocus]
▶ Xerox Charges into New Year with Top Innovator Ranking   [Jan-19-17 08:30AM  Business Wire]
▶ Suddenly, Everyone Loves Xerox   [Jan-12-17 11:39AM  at Barrons.com]
Stock chart of XRX Financial statements of XRX Annual reports of XRX
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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