Intrinsic value of Cognizant Technology Solutions - CTSH

Previous Close

$73.69

  Intrinsic Value

$58.60

stock screener

  Rating & Target

sell

-20%

Previous close

$73.69

 
Intrinsic value

$58.60

 
Up/down potential

-20%

 
Rating

sell

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 43.2

 

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, %
  9.20
  8.78
  8.40
  8.06
  7.76
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.34
  5.30
  5.27
  5.24
  5.22
  5.20
Revenue, $m
  16,173
  17,592
  19,071
  20,608
  22,206
  23,867
  25,593
  27,387
  29,252
  31,190
  33,207
  35,305
  37,489
  39,763
  42,133
  44,605
  47,182
  49,871
  52,679
  55,612
  58,677
  61,880
  65,230
  68,735
  72,402
  76,240
  80,259
  84,468
  88,877
  93,497
Variable operating expenses, $m
  13,389
  14,533
  15,723
  16,960
  18,247
  19,585
  20,974
  22,418
  23,920
  25,480
  26,735
  28,424
  30,183
  32,014
  33,922
  35,912
  37,987
  40,152
  42,413
  44,774
  47,242
  49,821
  52,518
  55,339
  58,292
  61,382
  64,618
  68,007
  71,556
  75,276
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
  13,389
  14,533
  15,723
  16,960
  18,247
  19,585
  20,974
  22,418
  23,920
  25,480
  26,735
  28,424
  30,183
  32,014
  33,922
  35,912
  37,987
  40,152
  42,413
  44,774
  47,242
  49,821
  52,518
  55,339
  58,292
  61,382
  64,618
  68,007
  71,556
  75,276
Operating income, $m
  2,783
  3,060
  3,348
  3,648
  3,959
  4,283
  4,619
  4,969
  5,332
  5,710
  6,471
  6,880
  7,306
  7,749
  8,211
  8,693
  9,195
  9,719
  10,266
  10,838
  11,435
  12,059
  12,712
  13,395
  14,110
  14,858
  15,641
  16,461
  17,320
  18,221
EBITDA, $m
  3,458
  3,761
  4,077
  4,406
  4,748
  5,103
  5,472
  5,855
  6,254
  6,669
  7,100
  7,548
  8,015
  8,501
  9,008
  9,536
  10,088
  10,663
  11,263
  11,890
  12,545
  13,230
  13,946
  14,696
  15,480
  16,300
  17,159
  18,059
  19,002
  19,990
Interest expense (income), $m
  16
  47
  69
  92
  115
  140
  165
  192
  219
  248
  278
  308
  341
  374
  409
  445
  483
  523
  564
  607
  651
  698
  747
  798
  852
  908
  966
  1,027
  1,091
  1,159
  1,229
Earnings before tax, $m
  2,736
  2,991
  3,257
  3,533
  3,819
  4,118
  4,428
  4,750
  5,084
  5,432
  6,163
  6,540
  6,932
  7,340
  7,766
  8,210
  8,672
  9,155
  9,660
  10,186
  10,737
  11,312
  11,914
  12,543
  13,202
  13,892
  14,614
  15,370
  16,162
  16,992
Tax expense, $m
  739
  808
  879
  954
  1,031
  1,112
  1,195
  1,282
  1,373
  1,467
  1,664
  1,766
  1,872
  1,982
  2,097
  2,217
  2,342
  2,472
  2,608
  2,750
  2,899
  3,054
  3,217
  3,387
  3,565
  3,751
  3,946
  4,150
  4,364
  4,588
Net income, $m
  1,997
  2,184
  2,377
  2,579
  2,788
  3,006
  3,232
  3,467
  3,712
  3,966
  4,499
  4,774
  5,060
  5,358
  5,669
  5,993
  6,331
  6,683
  7,052
  7,436
  7,838
  8,258
  8,697
  9,157
  9,638
  10,141
  10,668
  11,220
  11,798
  12,404

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
  14,014
  15,245
  16,526
  17,858
  19,243
  20,682
  22,178
  23,732
  25,348
  27,028
  28,775
  30,593
  32,486
  34,457
  36,511
  38,652
  40,886
  43,216
  45,649
  48,191
  50,846
  53,622
  56,525
  59,562
  62,740
  66,066
  69,548
  73,196
  77,016
  81,020
Adjusted assets (=assets-cash), $m
  14,014
  15,245
  16,526
  17,858
  19,243
  20,682
  22,178
  23,732
  25,348
  27,028
  28,775
  30,593
  32,486
  34,457
  36,511
  38,652
  40,886
  43,216
  45,649
  48,191
  50,846
  53,622
  56,525
  59,562
  62,740
  66,066
  69,548
  73,196
  77,016
  81,020
Revenue / Adjusted assets
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
  1.154
Average production assets, $m
  3,396
  3,694
  4,005
  4,328
  4,663
  5,012
  5,375
  5,751
  6,143
  6,550
  6,973
  7,414
  7,873
  8,350
  8,848
  9,367
  9,908
  10,473
  11,063
  11,679
  12,322
  12,995
  13,698
  14,434
  15,204
  16,010
  16,854
  17,738
  18,664
  19,634
Working capital, $m
  1,520
  1,654
  1,793
  1,937
  2,087
  2,244
  2,406
  2,574
  2,750
  2,932
  3,121
  3,319
  3,524
  3,738
  3,961
  4,193
  4,435
  4,688
  4,952
  5,228
  5,516
  5,817
  6,132
  6,461
  6,806
  7,167
  7,544
  7,940
  8,354
  8,789
Total debt, $m
  1,275
  1,694
  2,131
  2,586
  3,058
  3,549
  4,059
  4,589
  5,140
  5,713
  6,308
  6,928
  7,574
  8,246
  8,946
  9,676
  10,438
  11,233
  12,062
  12,929
  13,835
  14,781
  15,771
  16,807
  17,890
  19,024
  20,212
  21,456
  22,759
  24,124
Total liabilities, $m
  4,779
  5,198
  5,635
  6,090
  6,562
  7,053
  7,563
  8,093
  8,644
  9,217
  9,812
  10,432
  11,078
  11,750
  12,450
  13,180
  13,942
  14,737
  15,566
  16,433
  17,339
  18,285
  19,275
  20,311
  21,394
  22,528
  23,716
  24,960
  26,263
  27,628
Total equity, $m
  9,235
  10,046
  10,890
  11,768
  12,681
  13,630
  14,615
  15,640
  16,704
  17,811
  18,963
  20,161
  21,408
  22,707
  24,061
  25,472
  26,944
  28,479
  30,083
  31,758
  33,508
  35,337
  37,250
  39,251
  41,345
  43,537
  45,832
  48,236
  50,754
  53,392
Total liabilities and equity, $m
  14,014
  15,244
  16,525
  17,858
  19,243
  20,683
  22,178
  23,733
  25,348
  27,028
  28,775
  30,593
  32,486
  34,457
  36,511
  38,652
  40,886
  43,216
  45,649
  48,191
  50,847
  53,622
  56,525
  59,562
  62,739
  66,065
  69,548
  73,196
  77,017
  81,020
Debt-to-equity ratio
  0.140
  0.170
  0.200
  0.220
  0.240
  0.260
  0.280
  0.290
  0.310
  0.320
  0.330
  0.340
  0.350
  0.360
  0.370
  0.380
  0.390
  0.390
  0.400
  0.410
  0.410
  0.420
  0.420
  0.430
  0.430
  0.440
  0.440
  0.440
  0.450
  0.450
Adjusted equity ratio
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,997
  2,184
  2,377
  2,579
  2,788
  3,006
  3,232
  3,467
  3,712
  3,966
  4,499
  4,774
  5,060
  5,358
  5,669
  5,993
  6,331
  6,683
  7,052
  7,436
  7,838
  8,258
  8,697
  9,157
  9,638
  10,141
  10,668
  11,220
  11,798
  12,404
Depreciation, amort., depletion, $m
  674
  701
  729
  758
  789
  820
  853
  887
  922
  959
  628
  668
  709
  752
  797
  844
  893
  944
  997
  1,052
  1,110
  1,171
  1,234
  1,300
  1,370
  1,442
  1,518
  1,598
  1,681
  1,769
Funds from operations, $m
  2,672
  2,885
  3,107
  3,337
  3,577
  3,826
  4,085
  4,354
  4,633
  4,924
  5,127
  5,442
  5,769
  6,111
  6,466
  6,837
  7,223
  7,627
  8,048
  8,488
  8,948
  9,429
  9,931
  10,457
  11,007
  11,583
  12,186
  12,818
  13,480
  14,173
Change in working capital, $m
  128
  133
  139
  145
  150
  156
  162
  169
  175
  182
  190
  197
  205
  214
  223
  232
  242
  253
  264
  276
  288
  301
  315
  329
  345
  361
  378
  396
  414
  434
Cash from operations, $m
  2,544
  2,751
  2,968
  3,193
  3,427
  3,670
  3,923
  4,185
  4,458
  4,742
  4,938
  5,245
  5,564
  5,897
  6,243
  6,605
  6,981
  7,374
  7,784
  8,213
  8,660
  9,128
  9,616
  10,128
  10,663
  11,223
  11,809
  12,422
  13,065
  13,739
Maintenance CAPEX, $m
  -281
  -306
  -333
  -361
  -390
  -420
  -452
  -484
  -518
  -553
  -590
  -628
  -668
  -709
  -752
  -797
  -844
  -893
  -944
  -997
  -1,052
  -1,110
  -1,171
  -1,234
  -1,300
  -1,370
  -1,442
  -1,518
  -1,598
  -1,681
New CAPEX, $m
  -281
  -298
  -310
  -323
  -336
  -349
  -362
  -377
  -392
  -407
  -423
  -441
  -459
  -478
  -498
  -519
  -541
  -565
  -590
  -616
  -644
  -673
  -703
  -736
  -770
  -806
  -844
  -884
  -926
  -970
Cash from investing activities, $m
  -562
  -604
  -643
  -684
  -726
  -769
  -814
  -861
  -910
  -960
  -1,013
  -1,069
  -1,127
  -1,187
  -1,250
  -1,316
  -1,385
  -1,458
  -1,534
  -1,613
  -1,696
  -1,783
  -1,874
  -1,970
  -2,070
  -2,176
  -2,286
  -2,402
  -2,524
  -2,651
Free cash flow, $m
  1,982
  2,147
  2,324
  2,509
  2,701
  2,901
  3,109
  3,324
  3,549
  3,781
  3,924
  4,176
  4,438
  4,710
  4,993
  5,289
  5,596
  5,917
  6,251
  6,600
  6,964
  7,345
  7,742
  8,158
  8,592
  9,047
  9,522
  10,020
  10,541
  11,087
Issuance/(repayment) of debt, $m
  402
  420
  437
  454
  472
  491
  510
  530
  551
  573
  596
  620
  645
  672
  700
  730
  762
  795
  830
  867
  906
  947
  990
  1,036
  1,084
  1,134
  1,188
  1,244
  1,303
  1,365
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  
  402
  420
  437
  454
  472
  491
  510
  530
  551
  573
  596
  620
  645
  672
  700
  730
  762
  795
  830
  867
  906
  947
  990
  1,036
  1,084
  1,134
  1,188
  1,244
  1,303
  1,365
Total cash flow (excl. dividends), $m
  2,384
  2,567
  2,761
  2,963
  3,173
  3,392
  3,619
  3,854
  4,099
  4,354
  4,520
  4,796
  5,083
  5,382
  5,694
  6,019
  6,358
  6,711
  7,081
  7,467
  7,870
  8,291
  8,732
  9,193
  9,676
  10,181
  10,710
  11,264
  11,844
  12,452
Retained Cash Flow (-), $m
  -783
  -811
  -844
  -878
  -913
  -949
  -986
  -1,024
  -1,065
  -1,107
  -1,151
  -1,198
  -1,247
  -1,299
  -1,354
  -1,411
  -1,472
  -1,536
  -1,604
  -1,675
  -1,750
  -1,829
  -1,913
  -2,001
  -2,094
  -2,192
  -2,295
  -2,404
  -2,518
  -2,638
Prev. year cash balance distribution, $m
  2,217
  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
  3,817
  1,756
  1,917
  2,085
  2,261
  2,443
  2,633
  2,830
  3,035
  3,247
  3,368
  3,598
  3,836
  4,083
  4,340
  4,608
  4,886
  5,176
  5,477
  5,792
  6,120
  6,462
  6,819
  7,192
  7,582
  7,989
  8,415
  8,860
  9,326
  9,814
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
  3,660
  1,607
  1,668
  1,717
  1,752
  1,773
  1,779
  1,769
  1,743
  1,702
  1,600
  1,535
  1,458
  1,371
  1,274
  1,171
  1,063
  953
  843
  736
  633
  536
  447
  366
  295
  233
  181
  137
  102
  74
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 (CTSH)

Valuation Ratios
P/E Ratio 28.8
Price to Sales 3.3
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 27.6
Price to Free Cash Flow 33.9
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 $14810 million for the last fiscal year's total revenue generated by Cognizant Technology Solutions. The default revenue input number comes from 0001 income statement of Cognizant Technology Solutions. 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 9.2% 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 4.3%, whose default value for CTSH is calculated based on our internal credit rating of Cognizant Technology Solutions, 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.
    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 83%.

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 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.

Corporate tax rate of 27% is the nominal tax rate for Cognizant Technology Solutions. 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%.

Life of production assets of 11.1 years is the average useful life of capital assets used in Cognizant Technology Solutions 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 9.4%. 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 - $10669 million for Cognizant Technology Solutions - 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 585.899 million for Cognizant Technology Solutions 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 at the current share price and the inputted number of shares is $43.2 billion.

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COMPANY NEWS

▶ Cognizant Named a 2018 Partner of the Year by Pivotal   [Oct-08-18 06:00AM  PR Newswire]
▶ With Flannery Out, Is General Electric Stock a Winner?   [Oct-01-18 10:37AM  InvestorPlace]
▶ Cognizant in talks to acquire Softvision -sources   [Sep-27-18 02:41PM  Reuters]
▶ Cognizant Board Elects Michael Patsalos-Fox as Chairman   [Sep-24-18 06:00AM  PR Newswire]
▶ Tech services firm adding 1,100 jobs, $8M investment in Irving   [06:59AM  American City Business Journals]
▶ Cognizant to Host Investor Day   [Aug-27-18 06:00AM  PR Newswire]
▶ Premier Growth at a Nice Price   [Aug-19-18 10:00AM  TheStreet.com]
▶ Is Cognizant Technology Solutions Corporation a Buy?   [Aug-18-18 08:05AM  Motley Fool]
▶ Global tech firm to expand Phoenix footprint with hundreds of new hires   [Aug-09-18 05:56PM  American City Business Journals]
▶ Why Cognizant Can't Satisfy Its Skeptics   [09:48AM  Motley Fool]
▶ Cognizant: 2Q Earnings Snapshot   [06:09AM  Associated Press]
▶ Apple Leads 5 Stocks Setting Up Breakouts From This Bullish Base   [Jul-19-18 04:06PM  Investor's Business Daily]
▶ 10 Best Blue-Chip Stocks to Buy in July   [Jul-03-18 02:25PM  InvestorPlace]
▶ Cognizant Moves into Top 200 on 2018 Fortune 500 List   [May-21-18 09:15AM  PR Newswire]
▶ Cognizant: 1Q Earnings Snapshot   [06:18AM  Associated Press]
▶ These 6 Top Stocks Are Near Buy Points With Earnings Due   [May-05-18 08:00AM  Investor's Business Daily]
▶ [$$] Capita turns to robots to rebuild   [Apr-23-18 02:45AM  Financial Times]

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