Intrinsic value of Conduent - CNDT

Previous Close

$13.28

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$13.28

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of CNDT 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 0001), $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 2.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  6,142
  6,284
  6,445
  6,627
  6,827
  7,048
  7,288
  7,548
  7,828
  8,128
  8,449
  8,792
  9,157
  9,545
  9,957
  10,394
  10,855
  11,344
  11,860
  12,405
  12,980
  13,586
  14,226
  14,899
  15,608
  16,355
  17,141
  17,968
  18,839
  19,754
Variable operating expenses, $m
  7,270
  7,428
  7,608
  7,810
  8,034
  8,279
  8,547
  8,836
  9,148
  9,483
  9,415
  9,797
  10,204
  10,637
  11,095
  11,582
  12,096
  12,641
  13,216
  13,823
  14,464
  15,139
  15,852
  16,602
  17,392
  18,225
  19,101
  20,022
  20,992
  22,012
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
  7,270
  7,428
  7,608
  7,810
  8,034
  8,279
  8,547
  8,836
  9,148
  9,483
  9,415
  9,797
  10,204
  10,637
  11,095
  11,582
  12,096
  12,641
  13,216
  13,823
  14,464
  15,139
  15,852
  16,602
  17,392
  18,225
  19,101
  20,022
  20,992
  22,012
Operating income, $m
  -1,128
  -1,144
  -1,162
  -1,183
  -1,206
  -1,231
  -1,259
  -1,288
  -1,320
  -1,355
  -966
  -1,005
  -1,047
  -1,091
  -1,138
  -1,188
  -1,241
  -1,297
  -1,356
  -1,418
  -1,484
  -1,553
  -1,626
  -1,703
  -1,784
  -1,870
  -1,959
  -2,054
  -2,153
  -2,258
EBITDA, $m
  -435
  -445
  -456
  -469
  -483
  -499
  -516
  -534
  -554
  -575
  -598
  -622
  -648
  -676
  -705
  -736
  -768
  -803
  -839
  -878
  -919
  -962
  -1,007
  -1,054
  -1,105
  -1,158
  -1,213
  -1,272
  -1,333
  -1,398
Interest expense (income), $m
  0
  140
  145
  152
  159
  167
  176
  186
  197
  209
  222
  235
  250
  265
  282
  300
  318
  338
  359
  381
  405
  429
  455
  483
  512
  542
  574
  608
  644
  681
  721
Earnings before tax, $m
  -1,268
  -1,289
  -1,314
  -1,342
  -1,373
  -1,408
  -1,445
  -1,486
  -1,529
  -1,577
  -1,201
  -1,255
  -1,312
  -1,373
  -1,438
  -1,506
  -1,579
  -1,656
  -1,737
  -1,823
  -1,913
  -2,008
  -2,109
  -2,215
  -2,326
  -2,444
  -2,568
  -2,698
  -2,835
  -2,979
Tax expense, $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
Net income, $m
  -1,268
  -1,289
  -1,314
  -1,342
  -1,373
  -1,408
  -1,445
  -1,486
  -1,529
  -1,577
  -1,201
  -1,255
  -1,312
  -1,373
  -1,438
  -1,506
  -1,579
  -1,656
  -1,737
  -1,823
  -1,913
  -2,008
  -2,109
  -2,215
  -2,326
  -2,444
  -2,568
  -2,698
  -2,835
  -2,979

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  7,697
  7,874
  8,077
  8,304
  8,556
  8,832
  9,133
  9,458
  9,809
  10,185
  10,588
  11,018
  11,475
  11,962
  12,478
  13,025
  13,603
  14,215
  14,862
  15,545
  16,266
  17,026
  17,827
  18,670
  19,559
  20,495
  21,480
  22,517
  23,607
  24,754
Adjusted assets (=assets-cash), $m
  7,697
  7,874
  8,077
  8,304
  8,556
  8,832
  9,133
  9,458
  9,809
  10,185
  10,588
  11,018
  11,475
  11,962
  12,478
  13,025
  13,603
  14,215
  14,862
  15,545
  16,266
  17,026
  17,827
  18,670
  19,559
  20,495
  21,480
  22,517
  23,607
  24,754
Revenue / Adjusted assets
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
Average production assets, $m
  2,647
  2,708
  2,778
  2,856
  2,943
  3,038
  3,141
  3,253
  3,374
  3,503
  3,642
  3,789
  3,947
  4,114
  4,292
  4,480
  4,679
  4,889
  5,112
  5,347
  5,594
  5,856
  6,131
  6,421
  6,727
  7,049
  7,388
  7,744
  8,119
  8,514
Working capital, $m
  780
  798
  819
  842
  867
  895
  926
  959
  994
  1,032
  1,073
  1,117
  1,163
  1,212
  1,265
  1,320
  1,379
  1,441
  1,506
  1,575
  1,648
  1,725
  1,807
  1,892
  1,982
  2,077
  2,177
  2,282
  2,392
  2,509
Total debt, $m
  2,137
  2,231
  2,339
  2,460
  2,594
  2,741
  2,901
  3,074
  3,260
  3,461
  3,675
  3,904
  4,147
  4,406
  4,680
  4,971
  5,279
  5,605
  5,949
  6,312
  6,695
  7,100
  7,526
  7,975
  8,448
  8,945
  9,469
  10,021
  10,601
  11,211
Total liabilities, $m
  4,095
  4,189
  4,297
  4,418
  4,552
  4,699
  4,859
  5,032
  5,218
  5,419
  5,633
  5,862
  6,105
  6,364
  6,638
  6,929
  7,237
  7,563
  7,907
  8,270
  8,653
  9,058
  9,484
  9,933
  10,406
  10,903
  11,427
  11,979
  12,559
  13,169
Total equity, $m
  3,602
  3,685
  3,780
  3,886
  4,004
  4,133
  4,274
  4,426
  4,591
  4,767
  4,955
  5,156
  5,371
  5,598
  5,840
  6,095
  6,366
  6,653
  6,956
  7,275
  7,612
  7,968
  8,343
  8,738
  9,154
  9,592
  10,053
  10,538
  11,048
  11,585
Total liabilities and equity, $m
  7,697
  7,874
  8,077
  8,304
  8,556
  8,832
  9,133
  9,458
  9,809
  10,186
  10,588
  11,018
  11,476
  11,962
  12,478
  13,024
  13,603
  14,216
  14,863
  15,545
  16,265
  17,026
  17,827
  18,671
  19,560
  20,495
  21,480
  22,517
  23,607
  24,754
Debt-to-equity ratio
  0.590
  0.610
  0.620
  0.630
  0.650
  0.660
  0.680
  0.690
  0.710
  0.730
  0.740
  0.760
  0.770
  0.790
  0.800
  0.820
  0.830
  0.840
  0.860
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.960
  0.970
Adjusted equity ratio
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -1,268
  -1,289
  -1,314
  -1,342
  -1,373
  -1,408
  -1,445
  -1,486
  -1,529
  -1,577
  -1,201
  -1,255
  -1,312
  -1,373
  -1,438
  -1,506
  -1,579
  -1,656
  -1,737
  -1,823
  -1,913
  -2,008
  -2,109
  -2,215
  -2,326
  -2,444
  -2,568
  -2,698
  -2,835
  -2,979
Depreciation, amort., depletion, $m
  693
  699
  706
  714
  723
  733
  743
  754
  766
  780
  368
  383
  399
  416
  433
  452
  473
  494
  516
  540
  565
  591
  619
  649
  680
  712
  746
  782
  820
  860
Funds from operations, $m
  -575
  -590
  -608
  -628
  -650
  -675
  -702
  -731
  -763
  -797
  -833
  -872
  -914
  -958
  -1,004
  -1,054
  -1,106
  -1,162
  -1,220
  -1,282
  -1,348
  -1,417
  -1,490
  -1,566
  -1,647
  -1,732
  -1,821
  -1,916
  -2,015
  -2,119
Change in working capital, $m
  15
  18
  21
  23
  26
  28
  30
  33
  36
  38
  41
  44
  46
  49
  52
  55
  59
  62
  66
  69
  73
  77
  81
  86
  90
  95
  100
  105
  111
  116
Cash from operations, $m
  -590
  -608
  -628
  -651
  -676
  -703
  -733
  -764
  -799
  -835
  -874
  -916
  -960
  -1,007
  -1,057
  -1,109
  -1,165
  -1,224
  -1,286
  -1,352
  -1,421
  -1,494
  -1,571
  -1,652
  -1,737
  -1,827
  -1,921
  -2,021
  -2,125
  -2,235
Maintenance CAPEX, $m
  -262
  -267
  -274
  -281
  -288
  -297
  -307
  -317
  -329
  -341
  -354
  -368
  -383
  -399
  -416
  -433
  -452
  -473
  -494
  -516
  -540
  -565
  -591
  -619
  -649
  -680
  -712
  -746
  -782
  -820
New CAPEX, $m
  -55
  -61
  -70
  -78
  -87
  -95
  -103
  -112
  -121
  -129
  -139
  -148
  -157
  -167
  -177
  -188
  -199
  -211
  -222
  -235
  -248
  -261
  -275
  -290
  -306
  -322
  -339
  -357
  -375
  -394
Cash from investing activities, $m
  -317
  -328
  -344
  -359
  -375
  -392
  -410
  -429
  -450
  -470
  -493
  -516
  -540
  -566
  -593
  -621
  -651
  -684
  -716
  -751
  -788
  -826
  -866
  -909
  -955
  -1,002
  -1,051
  -1,103
  -1,157
  -1,214
Free cash flow, $m
  -907
  -936
  -972
  -1,010
  -1,051
  -1,095
  -1,143
  -1,194
  -1,248
  -1,305
  -1,367
  -1,431
  -1,500
  -1,573
  -1,650
  -1,731
  -1,817
  -1,907
  -2,002
  -2,103
  -2,209
  -2,320
  -2,438
  -2,561
  -2,691
  -2,828
  -2,972
  -3,123
  -3,283
  -3,450
Issuance/(repayment) of debt, $m
  76
  94
  108
  121
  134
  147
  160
  173
  187
  200
  214
  229
  243
  259
  275
  291
  308
  326
  344
  363
  383
  404
  426
  449
  473
  498
  524
  551
  580
  610
Issuance/(repurchase) of shares, $m
  1,341
  1,372
  1,409
  1,449
  1,491
  1,537
  1,586
  1,638
  1,694
  1,753
  1,390
  1,456
  1,526
  1,601
  1,679
  1,762
  1,850
  1,942
  2,040
  2,142
  2,250
  2,364
  2,484
  2,610
  2,742
  2,882
  3,029
  3,183
  3,345
  3,516
Cash from financing (excl. dividends), $m  
  1,417
  1,466
  1,517
  1,570
  1,625
  1,684
  1,746
  1,811
  1,881
  1,953
  1,604
  1,685
  1,769
  1,860
  1,954
  2,053
  2,158
  2,268
  2,384
  2,505
  2,633
  2,768
  2,910
  3,059
  3,215
  3,380
  3,553
  3,734
  3,925
  4,126
Total cash flow (excl. dividends), $m
  510
  530
  545
  560
  574
  589
  603
  618
  632
  648
  237
  253
  270
  287
  304
  322
  341
  361
  381
  403
  425
  448
  472
  497
  524
  552
  581
  611
  643
  676
Retained Cash Flow (-), $m
  -1,341
  -1,372
  -1,409
  -1,449
  -1,491
  -1,537
  -1,586
  -1,638
  -1,694
  -1,753
  -1,390
  -1,456
  -1,526
  -1,601
  -1,679
  -1,762
  -1,850
  -1,942
  -2,040
  -2,142
  -2,250
  -2,364
  -2,484
  -2,610
  -2,742
  -2,882
  -3,029
  -3,183
  -3,345
  -3,516
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
  -831
  -842
  -864
  -889
  -917
  -948
  -983
  -1,020
  -1,061
  -1,105
  -1,152
  -1,203
  -1,257
  -1,314
  -1,375
  -1,440
  -1,509
  -1,581
  -1,658
  -1,740
  -1,825
  -1,916
  -2,012
  -2,112
  -2,218
  -2,330
  -2,448
  -2,572
  -2,702
  -2,840
Discount rate, %
  5.80
  6.09
  6.39
  6.71
  7.05
  7.40
  7.77
  8.16
  8.57
  9.00
  9.45
  9.92
  10.42
  10.94
  11.48
  12.06
  12.66
  13.29
  13.96
  14.66
  15.39
  16.16
  16.97
  17.81
  18.71
  19.64
  20.62
  21.65
  22.74
  23.87
PV of cash for distribution, $m
  -785
  -748
  -717
  -685
  -652
  -618
  -582
  -545
  -506
  -467
  -427
  -387
  -347
  -307
  -269
  -233
  -199
  -167
  -139
  -113
  -90
  -71
  -55
  -41
  -30
  -22
  -15
  -11
  -7
  -5
Current shareholders' claim on cash, %
  67.6
  45.7
  30.9
  20.8
  14.0
  9.5
  6.4
  4.3
  2.9
  2.0
  1.4
  1.0
  0.8
  0.6
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Conduent Incorporated is a provider of business process services, including transaction-intensive processing, analytics and automation services. The Company's segments include Commercial Industries, Healthcare and Public Sector. The Commercial Industries segment provides business process services and customized solutions to clients in a range of industries (other than healthcare). The Healthcare segment provides industry-centric business process services to clients across the healthcare industry, including providers, payers, employers, pharmaceutical and life science companies and government agencies. The Public Sector segment provides government-centric business process services and subject matter experts to the United States federal, state and local and foreign governments. The Government Health Enterprise (HE) Medicaid Platform for all current state clients and Student Loan businesses are included in Other.

FINANCIAL RATIOS  of  Conduent (CNDT)

Valuation Ratios
P/E Ratio -2.7
Price to Sales 0.4
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 24.9
Price to Free Cash Flow -33.7
Growth Rates
Sales Growth Rate -3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -3.1%
Cap. Spend. - 3 Yr. Gr. Rate -8.2%
Financial Strength
Quick Ratio 14
Current Ratio 0.2
LT Debt to Equity 55.8%
Total Debt to Equity 56.6%
Interest Coverage 0
Management Effectiveness
Return On Assets -11.7%
Ret/ On Assets - 3 Yr. Avg. -5.8%
Return On Total Capital -18.6%
Ret/ On T. Cap. - 3 Yr. Avg. -9.7%
Return On Equity -22.9%
Return On Equity - 3 Yr. Avg. -11.2%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 14.2%
Gross Margin - 3 Yr. Avg. 13.6%
EBITDA Margin -9.6%
EBITDA Margin - 3 Yr. Avg. 0.8%
Operating Margin -18.7%
Oper. Margin - 3 Yr. Avg. -8.2%
Pre-Tax Margin -19.1%
Pre-Tax Margin - 3 Yr. Avg. -9.2%
Net Profit Margin -15.3%
Net Profit Margin - 3 Yr. Avg. -7.6%
Effective Tax Rate 19.9%
Eff/ Tax Rate - 3 Yr. Avg. -59.6%
Payout Ratio 0%

CNDT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CNDT stock intrinsic value calculation we used $6022 million for the last fiscal year's total revenue generated by Conduent. The default revenue input number comes from 0001 income statement of Conduent. 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 CNDT 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 5.8%, whose default value for CNDT is calculated based on our internal credit rating of Conduent, 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 Conduent.
    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 CNDT stock the variable cost ratio is equal to 118.5%.

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 CNDT 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 6.8% for Conduent.

Corporate tax rate of 27% is the nominal tax rate for Conduent. 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 CNDT 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 CNDT are equal to 43.1%.

Life of production assets of 9.9 years is the average useful life of capital assets used in Conduent 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 CNDT is equal to 12.7%. 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 - $3529 million for Conduent - 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 211.173 million for Conduent 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 Conduent at the current share price and the inputted number of shares is $2.8 billion.

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COMPANY NEWS

▶ Xerox spinoff company to cut more than 200 Houston jobs   [Nov-01-18 05:56PM  American City Business Journals]
▶ Investment giant aims for telecom carve-outs with new Dallas office   [Oct-29-18 02:45PM  American City Business Journals]
▶ Conduent Announces Retirement of President Dave Amoriell   [Oct-12-18 04:15PM  PR Newswire]
▶ [$$] Conduent Wraps Up Divestiture Plan With Portfolio Sale to Skyview   [Oct-01-18 12:04PM  The Wall Street Journal]
▶ David Einhorn's Top-Performing Stocks   [Sep-27-18 05:11PM  GuruFocus.com]
▶ Stocks Move Slowly but Surely Higher   [Aug-21-18 09:15AM  Zacks]
▶ Conduent, Inc. to Host Earnings Call   [08:00AM  ACCESSWIRE]
▶ Herndon company acquiring government software business   [Aug-06-18 01:44PM  American City Business Journals]
▶ FDOT won't pay SunPass vendor until all problems are resolved   [07:05AM  American City Business Journals]
▶ Conduent CIO: Our pitch to jobseekers for new Triangle tech hub   [Jun-14-18 03:07PM  American City Business Journals]
▶ Xerox spinoff Conduent warns of 304 layoffs in Federal Way   [Jun-04-18 01:46PM  American City Business Journals]
▶ Conduent to Host Analyst Day on June 8, 2018   [May-22-18 08:30AM  PR Newswire]
▶ [$$] Alinda Buys Conduent's Commercial-Vehicle-Operations Business   [May-18-18 01:19PM  The Wall Street Journal]
▶ Walmart Is One of 6 Big Names Ready to Change Direction   [Feb-26-18 02:00PM  TheStreet.com]
▶ Conduent (CNDT) Jumps: Stock Rises 11.7%   [Feb-22-18 08:56AM  Zacks]
▶ Why Conduent Inc. Stock Popped Today   [Feb-21-18 03:27PM  Motley Fool]
▶ 2 months after 200-job Triangle expansion announcement, Conduent to lay off 267   [Feb-13-18 05:04PM  American City Business Journals]

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