Intrinsic value of Xerox - XRX

Previous Close

$32.84

  Intrinsic Value

$42.30

stock screener

  Rating & Target

buy

+29%

  Value-price divergence*

-14%

Previous close

$32.84

 
Intrinsic value

$42.30

 
Up/down potential

+29%

 
Rating

buy

 
Value-price divergence*

-14%

*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 8.4

 

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
  1,122
  1,138
  1,171
  1,220
  1,286
  1,367
  1,465
  1,578
  1,708
  1,855
  2,018
  2,199
  2,398
  2,616
  2,853
  3,110
  3,388
  3,688
  4,011
  4,357
  4,729
  5,126
  5,551
  6,005
  6,489
  7,005
  7,554
  8,138
  8,759
  9,418
Interest expense (income), $m
  352
  276
  288
  303
  320
  339
  360
  383
  408
  435
  465
  496
  530
  566
  604
  644
  687
  733
  781
  833
  887
  944
  1,004
  1,067
  1,134
  1,204
  1,279
  1,357
  1,439
  1,526
  1,617
Earnings before tax, $m
  568
  369
  370
  385
  415
  458
  515
  585
  669
  768
  880
  1,386
  1,527
  1,685
  1,858
  2,048
  2,255
  2,480
  2,723
  2,986
  3,270
  3,575
  3,903
  4,254
  4,630
  5,032
  5,462
  5,920
  6,408
  6,929
  7,482
Tax expense, $m
  62
  100
  100
  104
  112
  124
  139
  158
  181
  207
  238
  374
  412
  455
  502
  553
  609
  669
  735
  806
  883
  965
  1,054
  1,149
  1,250
  1,359
  1,475
  1,598
  1,730
  1,871
  2,020
Net income, $m
  -477
  269
  270
  281
  303
  334
  376
  427
  489
  560
  642
  1,012
  1,115
  1,230
  1,356
  1,495
  1,646
  1,810
  1,988
  2,180
  2,387
  2,610
  2,849
  3,106
  3,380
  3,674
  3,987
  4,322
  4,678
  5,058
  5,462

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
  18,051
  16,133
  16,504
  16,928
  17,404
  17,932
  18,511
  19,141
  19,824
  20,559
  21,348
  22,192
  23,092
  24,051
  25,071
  26,152
  27,298
  28,511
  29,794
  31,150
  32,581
  34,091
  35,684
  37,363
  39,131
  40,994
  42,956
  45,020
  47,193
  49,478
  51,882
Adjusted assets (=assets-cash), $m
  15,828
  16,133
  16,504
  16,928
  17,404
  17,932
  18,511
  19,141
  19,824
  20,559
  21,348
  22,192
  23,092
  24,051
  25,071
  26,152
  27,298
  28,511
  29,794
  31,150
  32,581
  34,091
  35,684
  37,363
  39,131
  40,994
  42,956
  45,020
  47,193
  49,478
  51,882
Revenue / Adjusted assets
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
Average production assets, $m
  810
  824
  843
  865
  889
  916
  945
  978
  1,012
  1,050
  1,090
  1,133
  1,179
  1,228
  1,280
  1,336
  1,394
  1,456
  1,522
  1,591
  1,664
  1,741
  1,823
  1,908
  1,999
  2,094
  2,194
  2,299
  2,410
  2,527
  2,650
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
  5,546
  5,830
  6,155
  6,520
  6,924
  7,367
  7,850
  8,373
  8,936
  9,540
  10,187
  10,877
  11,611
  12,392
  13,220
  14,098
  15,028
  16,010
  17,049
  18,145
  19,302
  20,522
  21,808
  23,163
  24,590
  26,092
  27,674
  29,338
  31,088
  32,930
Total liabilities, $m
  13,128
  12,358
  12,642
  12,967
  13,332
  13,736
  14,179
  14,662
  15,185
  15,748
  16,352
  16,999
  17,689
  18,423
  19,204
  20,032
  20,910
  21,840
  22,822
  23,861
  24,957
  26,114
  27,334
  28,620
  29,975
  31,402
  32,904
  34,486
  36,150
  37,900
  39,742
Total equity, $m
  4,923
  3,775
  3,862
  3,961
  4,073
  4,196
  4,332
  4,479
  4,639
  4,811
  4,995
  5,193
  5,404
  5,628
  5,867
  6,120
  6,388
  6,672
  6,972
  7,289
  7,624
  7,977
  8,350
  8,743
  9,157
  9,593
  10,052
  10,535
  11,043
  11,578
  12,140
Total liabilities and equity, $m
  18,051
  16,133
  16,504
  16,928
  17,405
  17,932
  18,511
  19,141
  19,824
  20,559
  21,347
  22,192
  23,093
  24,051
  25,071
  26,152
  27,298
  28,512
  29,794
  31,150
  32,581
  34,091
  35,684
  37,363
  39,132
  40,995
  42,956
  45,021
  47,193
  49,478
  51,882
Debt-to-equity ratio
  1.283
  1.470
  1.510
  1.550
  1.600
  1.650
  1.700
  1.750
  1.800
  1.860
  1.910
  1.960
  2.010
  2.060
  2.110
  2.160
  2.210
  2.250
  2.300
  2.340
  2.380
  2.420
  2.460
  2.490
  2.530
  2.560
  2.600
  2.630
  2.660
  2.690
  2.710
Adjusted equity ratio
  0.171
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -477
  269
  270
  281
  303
  334
  376
  427
  489
  560
  642
  1,012
  1,115
  1,230
  1,356
  1,495
  1,646
  1,810
  1,988
  2,180
  2,387
  2,610
  2,849
  3,106
  3,380
  3,674
  3,987
  4,322
  4,678
  5,058
  5,462
Depreciation, amort., depletion, $m
  563
  478
  480
  483
  486
  489
  493
  496
  501
  505
  510
  137
  142
  148
  154
  161
  168
  175
  183
  192
  200
  210
  220
  230
  241
  252
  264
  277
  290
  304
  319
Funds from operations, $m
  560
  747
  750
  764
  788
  823
  868
  924
  989
  1,066
  1,152
  1,148
  1,257
  1,378
  1,511
  1,656
  1,814
  1,986
  2,171
  2,372
  2,588
  2,820
  3,069
  3,336
  3,621
  3,926
  4,252
  4,599
  4,969
  5,362
  5,781
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
  724
  724
  734
  754
  786
  827
  879
  941
  1,013
  1,096
  1,088
  1,193
  1,309
  1,438
  1,578
  1,732
  1,899
  2,080
  2,275
  2,485
  2,712
  2,955
  3,216
  3,495
  3,793
  4,111
  4,451
  4,813
  5,199
  5,609
Maintenance CAPEX, $m
  0
  -98
  -99
  -102
  -104
  -107
  -110
  -114
  -118
  -122
  -127
  -131
  -137
  -142
  -148
  -154
  -161
  -168
  -175
  -183
  -192
  -200
  -210
  -220
  -230
  -241
  -252
  -264
  -277
  -290
  -304
New CAPEX, $m
  -138
  -14
  -19
  -22
  -24
  -27
  -30
  -32
  -35
  -38
  -40
  -43
  -46
  -49
  -52
  -55
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
  -111
  -117
  -123
Cash from investing activities, $m
  -397
  -112
  -118
  -124
  -128
  -134
  -140
  -146
  -153
  -160
  -167
  -174
  -183
  -191
  -200
  -209
  -220
  -230
  -241
  -252
  -265
  -277
  -291
  -306
  -320
  -336
  -352
  -369
  -388
  -407
  -427
Free cash flow, $m
  441
  612
  605
  610
  626
  652
  687
  733
  788
  854
  929
  913
  1,010
  1,118
  1,238
  1,369
  1,512
  1,669
  1,839
  2,022
  2,221
  2,434
  2,664
  2,910
  3,174
  3,457
  3,759
  4,081
  4,425
  4,792
  5,182
Issuance/(repayment) of debt, $m
  925
  241
  284
  325
  365
  404
  443
  483
  523
  563
  604
  647
  690
  735
  781
  828
  878
  929
  983
  1,038
  1,096
  1,157
  1,220
  1,286
  1,355
  1,427
  1,502
  1,581
  1,664
  1,751
  1,841
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
  241
  284
  325
  365
  404
  443
  483
  523
  563
  604
  647
  690
  735
  781
  828
  878
  929
  983
  1,038
  1,096
  1,157
  1,220
  1,286
  1,355
  1,427
  1,502
  1,581
  1,664
  1,751
  1,841
Total cash flow (excl. dividends), $m
  1,326
  853
  890
  935
  991
  1,056
  1,131
  1,215
  1,311
  1,417
  1,534
  1,560
  1,700
  1,853
  2,018
  2,197
  2,390
  2,598
  2,821
  3,061
  3,317
  3,591
  3,884
  4,196
  4,529
  4,884
  5,261
  5,663
  6,089
  6,543
  7,024
Retained Cash Flow (-), $m
  4,500
  -64
  -87
  -99
  -111
  -123
  -135
  -148
  -160
  -172
  -185
  -198
  -211
  -224
  -238
  -253
  -268
  -284
  -300
  -317
  -335
  -353
  -373
  -393
  -414
  -436
  -459
  -483
  -508
  -535
  -563
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
 
  2,001
  803
  836
  879
  932
  995
  1,068
  1,151
  1,245
  1,349
  1,362
  1,489
  1,628
  1,780
  1,944
  2,122
  2,314
  2,521
  2,743
  2,982
  3,238
  3,511
  3,803
  4,115
  4,448
  4,802
  5,180
  5,581
  6,008
  6,461
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
 
  1,879
  704
  679
  658
  637
  617
  595
  571
  545
  516
  450
  420
  388
  353
  316
  279
  243
  207
  173
  142
  115
  90
  69
  52
  38
  27
  19
  13
  8
  5
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 is a provider of digital print technology and related solutions. The Company has capabilities in imaging and printing, data analytics, and the development of secure and automated solutions to help customers improve productivity. The Company’s primary offerings span three main areas: Managed Document Services, Workplace Solutions and Graphic Communications. Its Managed Document Services offerings help customers, ranging from small businesses to global enterprises, optimize their printing and related document workflow and business processes. Managed Document Services includes the document outsourcing business, as well as a set of communication and marketing solutions. The Company’s Workplace Solutions and Graphic Communications products and solutions support the work processes of its customers by providing them with printing and communications infrastructure.

FINANCIAL RATIOS  of  Xerox (XRX)

Valuation Ratios
P/E Ratio -17.5
Price to Sales 0.8
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 9.9
Price to Free Cash Flow 11.9
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 107.8%
Total Debt to Equity 128.3%
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 6.5%, 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 7.5%.

Life of production assets of 8.3 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 - $4923 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 255.735 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 $8.4 billion.

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COMPANY NEWS

▶ Xerox Declares Dividend on Common and Preferred Stock   [Oct-17-17 02:45PM  Business Wire]
▶ ETFs with exposure to Xerox Corp. : September 28, 2017   [Sep-28-17 10:21AM  Capital Cube]
▶ Xerox Prices $1 Billion Senior Notes Offering   [Sep-07-17 05:00PM  Business Wire]
▶ Someone Has Been Buying Xerox Aggressively   [Aug-31-17 04:21PM  TheStreet.com]
▶ Xerox CEO to Speak at Citi Global Technology Conference   [Aug-30-17 10:00AM  Business Wire]
▶ ETFs with exposure to Xerox Corp. : August 24, 2017   [Aug-24-17 04:19PM  Capital Cube]
▶ GoDaddy CEO Blake Irving To Retire   [Aug-22-17 04:19PM  Fortune]
▶ Top Ranked Value Stocks to Buy for August 16th   [Aug-16-17 10:16AM  Zacks]
▶ Company News For August 02, 2017   [10:09AM  Zacks]
▶ Xerox posts 2Q profit   [Aug-01-17 09:44PM  Associated Press]
▶ The Hot Stock: Xerox Jumps 5.8%   [04:32PM  Barrons.com]
▶ Xerox Reports Second-Quarter 2017 Earnings   [06:45AM  Business Wire]
▶ ETFs with exposure to Xerox Corp. : July 25, 2017   [Jul-25-17 02:19PM  Capital Cube]
▶ The Hot Stock: Xerox Gains 3.8%   [Jul-24-17 05:05PM  Barrons.com]
▶ Barclays Ups Rating on Xerox Stock   [09:46AM  TheStreet.com]
▶ Xerox Declares Dividend on Common and Preferred Stock   [Jul-20-17 10:00AM  Business Wire]
▶ ETFs with exposure to Xerox Corp. : July 14, 2017   [Jul-14-17 05:43PM  Capital Cube]
▶ [$$] Charles Thackers Work Gave Rise to Modern Versions of iPad, PC   [Jun-23-17 10:51PM  The Wall Street Journal]
▶ What's Going On With This $11 Billion Tech Leader?   [Jun-16-17 05:16PM  GuruFocus.com]
▶ ETFs with exposure to Xerox Corp. : June 15, 2017   [Jun-15-17 03:54PM  Capital Cube]
▶ ETFs with exposure to Xerox Corp. : May 30, 2017   [May-30-17 12:53PM  Capital Cube]
▶ Xerox Rated Top Manufacturer in Sustainability Performance   [May-25-17 08:30AM  Business Wire]
▶ Women CEOs earn big pay, but few of them have the top job   [May-24-17 01:54PM  Associated Press]
▶ ETFs with exposure to Xerox Corp. : May 19, 2017   [May-19-17 02:16PM  Capital Cube]
▶ David Einhorn Comments on Xerox   [May-17-17 07:10PM  GuruFocus.com]
▶ ETFs with exposure to Xerox Corp. : May 8, 2017   [May-08-17 05:28PM  Capital Cube]
▶ Xerox misses 1Q profit forecasts   [06:54AM  Associated Press]
▶ Xerox Reports First-Quarter 2017 Earnings   [06:45AM  Business Wire]
▶ [$$] 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]
Financial statements 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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