Intrinsic value of Cognizant Technology Solutions Corporati - CTSH

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$64.45

  Intrinsic Value

$63.37

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  Rating & Target

hold

-2%

Previous close

$64.45

 
Intrinsic value

$63.37

 
Up/down potential

-2%

 
Rating

hold

We calculate the intrinsic value of CTSH 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 37.1

 

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, %
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
Revenue, $m
  17,399
  18,723
  20,099
  21,529
  23,015
  24,560
  26,166
  27,837
  29,577
  31,388
  33,275
  35,241
  37,292
  39,431
  41,665
  43,997
  46,433
  48,979
  51,641
  54,426
  57,339
  60,388
  63,579
  66,922
  70,423
  74,090
  77,934
  81,962
  86,184
  90,611
Variable operating expenses, $m
  13,160
  14,151
  15,180
  16,251
  17,363
  18,519
  19,721
  20,972
  22,273
  23,629
  24,901
  26,373
  27,908
  29,509
  31,180
  32,925
  34,748
  36,654
  38,646
  40,730
  42,910
  45,191
  47,580
  50,081
  52,701
  55,446
  58,322
  61,337
  64,497
  67,809
Fixed operating expenses, $m
  1,173
  1,199
  1,225
  1,252
  1,280
  1,308
  1,337
  1,366
  1,396
  1,427
  1,458
  1,491
  1,523
  1,557
  1,591
  1,626
  1,662
  1,698
  1,736
  1,774
  1,813
  1,853
  1,894
  1,935
  1,978
  2,021
  2,066
  2,111
  2,158
  2,205
Total operating expenses, $m
  14,333
  15,350
  16,405
  17,503
  18,643
  19,827
  21,058
  22,338
  23,669
  25,056
  26,359
  27,864
  29,431
  31,066
  32,771
  34,551
  36,410
  38,352
  40,382
  42,504
  44,723
  47,044
  49,474
  52,016
  54,679
  57,467
  60,388
  63,448
  66,655
  70,014
Operating income, $m
  3,066
  3,373
  3,693
  4,026
  4,372
  4,733
  5,108
  5,499
  5,907
  6,332
  6,915
  7,378
  7,861
  8,366
  8,894
  9,445
  10,023
  10,627
  11,259
  11,922
  12,616
  13,343
  14,106
  14,905
  15,744
  16,623
  17,546
  18,514
  19,530
  20,597
EBITDA, $m
  3,539
  3,872
  4,218
  4,578
  4,953
  5,343
  5,750
  6,173
  6,614
  7,074
  7,553
  8,054
  8,577
  9,122
  9,693
  10,290
  10,914
  11,567
  12,250
  12,966
  13,716
  14,502
  15,326
  16,189
  17,095
  18,045
  19,041
  20,087
  21,184
  22,335
Interest expense (income), $m
  16
  40
  59
  79
  100
  121
  143
  167
  191
  216
  242
  269
  297
  327
  357
  390
  423
  458
  495
  533
  573
  614
  658
  704
  752
  802
  854
  909
  967
  1,027
  1,091
Earnings before tax, $m
  3,025
  3,314
  3,614
  3,926
  4,251
  4,589
  4,942
  5,309
  5,691
  6,090
  6,646
  7,080
  7,534
  8,008
  8,504
  9,022
  9,565
  10,132
  10,727
  11,349
  12,002
  12,685
  13,402
  14,154
  14,942
  15,769
  16,636
  17,547
  18,503
  19,506
Tax expense, $m
  817
  895
  976
  1,060
  1,148
  1,239
  1,334
  1,433
  1,537
  1,644
  1,794
  1,912
  2,034
  2,162
  2,296
  2,436
  2,582
  2,736
  2,896
  3,064
  3,240
  3,425
  3,619
  3,821
  4,034
  4,258
  4,492
  4,738
  4,996
  5,267
Net income, $m
  2,209
  2,419
  2,638
  2,866
  3,103
  3,350
  3,607
  3,875
  4,155
  4,446
  4,852
  5,169
  5,500
  5,846
  6,208
  6,586
  6,982
  7,397
  7,830
  8,285
  8,761
  9,260
  9,783
  10,332
  10,908
  11,511
  12,145
  12,809
  13,507
  14,239

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
  15,289
  16,452
  17,662
  18,918
  20,224
  21,581
  22,993
  24,462
  25,990
  27,582
  29,240
  30,968
  32,770
  34,650
  36,612
  38,661
  40,802
  43,040
  45,379
  47,826
  50,386
  53,065
  55,869
  58,807
  61,883
  65,106
  68,483
  72,023
  75,733
  79,623
Adjusted assets (=assets-cash), $m
  15,289
  16,452
  17,662
  18,918
  20,224
  21,581
  22,993
  24,462
  25,990
  27,582
  29,240
  30,968
  32,770
  34,650
  36,612
  38,661
  40,802
  43,040
  45,379
  47,826
  50,386
  53,065
  55,869
  58,807
  61,883
  65,106
  68,483
  72,023
  75,733
  79,623
Revenue / Adjusted assets
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
  1.138
Average production assets, $m
  3,706
  3,988
  4,281
  4,586
  4,902
  5,231
  5,573
  5,929
  6,300
  6,686
  7,088
  7,506
  7,943
  8,399
  8,875
  9,371
  9,890
  10,433
  11,000
  11,593
  12,213
  12,863
  13,542
  14,254
  15,000
  15,781
  16,600
  17,458
  18,357
  19,300
Working capital, $m
  1,514
  1,629
  1,749
  1,873
  2,002
  2,137
  2,276
  2,422
  2,573
  2,731
  2,895
  3,066
  3,244
  3,431
  3,625
  3,828
  4,040
  4,261
  4,493
  4,735
  4,988
  5,254
  5,531
  5,822
  6,127
  6,446
  6,780
  7,131
  7,498
  7,883
Total debt, $m
  1,096
  1,464
  1,846
  2,243
  2,656
  3,085
  3,531
  3,995
  4,478
  4,981
  5,505
  6,051
  6,620
  7,214
  7,834
  8,482
  9,158
  9,866
  10,605
  11,378
  12,187
  13,033
  13,920
  14,848
  15,820
  16,838
  17,906
  19,024
  20,197
  21,426
Total liabilities, $m
  4,831
  5,199
  5,581
  5,978
  6,391
  6,820
  7,266
  7,730
  8,213
  8,716
  9,240
  9,786
  10,355
  10,949
  11,569
  12,217
  12,893
  13,601
  14,340
  15,113
  15,922
  16,768
  17,655
  18,583
  19,555
  20,573
  21,641
  22,759
  23,932
  25,161
Total equity, $m
  10,458
  11,254
  12,081
  12,940
  13,833
  14,762
  15,727
  16,732
  17,777
  18,866
  20,000
  21,182
  22,414
  23,700
  25,043
  26,444
  27,909
  29,439
  31,039
  32,713
  34,464
  36,296
  38,215
  40,224
  42,328
  44,532
  46,842
  49,264
  51,802
  54,462
Total liabilities and equity, $m
  15,289
  16,453
  17,662
  18,918
  20,224
  21,582
  22,993
  24,462
  25,990
  27,582
  29,240
  30,968
  32,769
  34,649
  36,612
  38,661
  40,802
  43,040
  45,379
  47,826
  50,386
  53,064
  55,870
  58,807
  61,883
  65,105
  68,483
  72,023
  75,734
  79,623
Debt-to-equity ratio
  0.100
  0.130
  0.150
  0.170
  0.190
  0.210
  0.220
  0.240
  0.250
  0.260
  0.280
  0.290
  0.300
  0.300
  0.310
  0.320
  0.330
  0.340
  0.340
  0.350
  0.350
  0.360
  0.360
  0.370
  0.370
  0.380
  0.380
  0.390
  0.390
  0.390
Adjusted equity ratio
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,209
  2,419
  2,638
  2,866
  3,103
  3,350
  3,607
  3,875
  4,155
  4,446
  4,852
  5,169
  5,500
  5,846
  6,208
  6,586
  6,982
  7,397
  7,830
  8,285
  8,761
  9,260
  9,783
  10,332
  10,908
  11,511
  12,145
  12,809
  13,507
  14,239
Depreciation, amort., depletion, $m
  473
  499
  525
  553
  581
  611
  642
  674
  707
  742
  639
  676
  716
  757
  800
  844
  891
  940
  991
  1,044
  1,100
  1,159
  1,220
  1,284
  1,351
  1,422
  1,495
  1,573
  1,654
  1,739
Funds from operations, $m
  2,682
  2,918
  3,163
  3,419
  3,684
  3,961
  4,249
  4,549
  4,862
  5,188
  5,490
  5,845
  6,216
  6,603
  7,007
  7,431
  7,873
  8,336
  8,821
  9,329
  9,861
  10,419
  11,003
  11,616
  12,259
  12,933
  13,640
  14,382
  15,161
  15,978
Change in working capital, $m
  111
  115
  120
  124
  129
  134
  140
  145
  151
  158
  164
  171
  178
  186
  194
  203
  212
  222
  232
  242
  253
  265
  278
  291
  305
  319
  334
  350
  367
  385
Cash from operations, $m
  2,571
  2,803
  3,044
  3,294
  3,555
  3,827
  4,109
  4,404
  4,710
  5,030
  5,326
  5,674
  6,037
  6,417
  6,813
  7,228
  7,661
  8,115
  8,590
  9,087
  9,608
  10,154
  10,726
  11,325
  11,954
  12,614
  13,306
  14,032
  14,793
  15,593
Maintenance CAPEX, $m
  -310
  -334
  -359
  -386
  -413
  -442
  -471
  -502
  -534
  -568
  -602
  -639
  -676
  -716
  -757
  -800
  -844
  -891
  -940
  -991
  -1,044
  -1,100
  -1,159
  -1,220
  -1,284
  -1,351
  -1,422
  -1,495
  -1,573
  -1,654
New CAPEX, $m
  -268
  -282
  -293
  -305
  -317
  -329
  -342
  -356
  -370
  -386
  -402
  -419
  -437
  -456
  -476
  -497
  -519
  -542
  -567
  -593
  -621
  -649
  -680
  -712
  -746
  -781
  -819
  -858
  -899
  -943
Cash from investing activities, $m
  -578
  -616
  -652
  -691
  -730
  -771
  -813
  -858
  -904
  -954
  -1,004
  -1,058
  -1,113
  -1,172
  -1,233
  -1,297
  -1,363
  -1,433
  -1,507
  -1,584
  -1,665
  -1,749
  -1,839
  -1,932
  -2,030
  -2,132
  -2,241
  -2,353
  -2,472
  -2,597
Free cash flow, $m
  1,993
  2,187
  2,391
  2,604
  2,825
  3,056
  3,296
  3,545
  3,806
  4,077
  4,322
  4,617
  4,924
  5,245
  5,581
  5,931
  6,298
  6,682
  7,083
  7,503
  7,943
  8,404
  8,887
  9,393
  9,924
  10,481
  11,065
  11,678
  12,321
  12,996
Issuance/(repayment) of debt, $m
  351
  368
  382
  397
  413
  429
  446
  464
  483
  503
  524
  546
  569
  594
  620
  648
  677
  707
  739
  773
  809
  847
  886
  928
  972
  1,018
  1,067
  1,119
  1,173
  1,229
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  351
  368
  382
  397
  413
  429
  446
  464
  483
  503
  524
  546
  569
  594
  620
  648
  677
  707
  739
  773
  809
  847
  886
  928
  972
  1,018
  1,067
  1,119
  1,173
  1,229
Total cash flow (excl. dividends), $m
  2,345
  2,554
  2,773
  3,001
  3,238
  3,485
  3,742
  4,010
  4,289
  4,580
  4,846
  5,163
  5,494
  5,839
  6,201
  6,579
  6,975
  7,389
  7,822
  8,276
  8,752
  9,251
  9,773
  10,322
  10,897
  11,500
  12,133
  12,797
  13,494
  14,226
Retained Cash Flow (-), $m
  -768
  -796
  -827
  -859
  -893
  -929
  -966
  -1,005
  -1,045
  -1,089
  -1,134
  -1,182
  -1,233
  -1,286
  -1,342
  -1,402
  -1,464
  -1,530
  -1,600
  -1,674
  -1,751
  -1,833
  -1,918
  -2,009
  -2,104
  -2,205
  -2,310
  -2,421
  -2,538
  -2,661
Prev. year cash balance distribution, $m
  1,734
  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
  3,311
  1,759
  1,946
  2,142
  2,345
  2,556
  2,776
  3,005
  3,243
  3,491
  3,712
  3,981
  4,261
  4,553
  4,859
  5,177
  5,510
  5,858
  6,222
  6,603
  7,001
  7,418
  7,855
  8,313
  8,792
  9,295
  9,823
  10,376
  10,956
  11,565
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  3,174
  1,610
  1,694
  1,763
  1,818
  1,855
  1,876
  1,878
  1,863
  1,830
  1,763
  1,699
  1,620
  1,529
  1,426
  1,316
  1,199
  1,079
  958
  839
  724
  616
  515
  423
  342
  271
  211
  161
  120
  87
Current shareholders' claim on cash, %
  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

Cognizant Technology Solutions Corporation is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services. The Healthcare segment includes healthcare providers and payers, as well as life sciences customers, including pharmaceutical, biotech and medical device companies. The Manufacturing/Retail/Logistics segment includes manufacturers, retailers, travel and other hospitality customers, as well as customers providing logistics services. The Other segment includes its information, media and entertainment services, communications and high technology operating segments. Its services include consulting and technology services and outsourcing services. Its outsourcing services include application maintenance, IT infrastructure services and business process services.

FINANCIAL RATIOS  of  Cognizant Technology Solutions Corporati (CTSH)

Valuation Ratios
P/E Ratio 25.2
Price to Sales 2.9
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow 24.2
Price to Free Cash Flow 29.7
Growth Rates
Sales Growth Rate 8.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 9.9%
Cap. Spend. - 3 Yr. Gr. Rate 2.7%
Financial Strength
Quick Ratio 64
Current Ratio 0.2
LT Debt to Equity 7.4%
Total Debt to Equity 8.2%
Interest Coverage 148
Management Effectiveness
Return On Assets 11.4%
Ret/ On Assets - 3 Yr. Avg. 13.1%
Return On Total Capital 14%
Ret/ On T. Cap. - 3 Yr. Avg. 16.3%
Return On Equity 15.5%
Return On Equity - 3 Yr. Avg. 18.5%
Asset Turnover 1
Profitability Ratios
Gross Margin 40.5%
Gross Margin - 3 Yr. Avg. 40.7%
EBITDA Margin 20.4%
EBITDA Margin - 3 Yr. Avg. 20.5%
Operating Margin 17%
Oper. Margin - 3 Yr. Avg. 17.5%
Pre-Tax Margin 17.5%
Pre-Tax Margin - 3 Yr. Avg. 17.9%
Net Profit Margin 11.5%
Net Profit Margin - 3 Yr. Avg. 12.9%
Effective Tax Rate 34.2%
Eff/ Tax Rate - 3 Yr. Avg. 28.1%
Payout Ratio 0%

CTSH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CTSH stock intrinsic value calculation we used $16125 million for the last fiscal year's total revenue generated by Cognizant Technology Solutions Corporati. The default revenue input number comes from 0001 income statement of Cognizant Technology Solutions Corporati. 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 CTSH stock valuation model: a) initial revenue growth rate of 7.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CTSH is calculated based on our internal credit rating of Cognizant Technology Solutions Corporati, 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 Cognizant Technology Solutions Corporati.
    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 CTSH stock the variable cost ratio is equal to 75.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1148 million in the base year in the intrinsic value calculation for CTSH 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 5.4% for Cognizant Technology Solutions Corporati.

Corporate tax rate of 27% is the nominal tax rate for Cognizant Technology Solutions Corporati. 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 CTSH 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 CTSH are equal to 21.3%.

Life of production assets of 11.1 years is the average useful life of capital assets used in Cognizant Technology Solutions Corporati 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 CTSH is equal to 8.7%. 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 - $11424 million for Cognizant Technology Solutions Corporati - 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 575.073 million for Cognizant Technology Solutions Corporati 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 Cognizant Technology Solutions Corporati at the current share price and the inputted number of shares is $37.1 billion.

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