Intrinsic value of Cognizant Technology Solutions - CTSH

Previous Close

$75.56

  Intrinsic Value

$58.44

stock screener

  Rating & Target

sell

-23%

Previous close

$75.56

 
Intrinsic value

$58.44

 
Up/down potential

-23%

 
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 2017), $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 44.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.80
  9.32
  8.89
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
Revenue, $m
  16,261
  17,777
  19,357
  21,002
  22,714
  24,493
  26,343
  28,264
  30,262
  32,338
  34,496
  36,740
  39,075
  41,506
  44,037
  46,674
  49,423
  52,289
  55,281
  58,403
  61,664
  65,071
  68,632
  72,356
  76,251
  80,326
  84,591
  89,057
  93,733
  98,632
Variable operating expenses, $m
  13,461
  14,681
  15,953
  17,278
  18,656
  20,088
  21,577
  23,125
  24,733
  26,404
  27,773
  29,580
  31,460
  33,417
  35,455
  37,578
  39,791
  42,099
  44,507
  47,021
  49,647
  52,390
  55,257
  58,255
  61,391
  64,672
  68,106
  71,701
  75,467
  79,410
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
  13,461
  14,681
  15,953
  17,278
  18,656
  20,088
  21,577
  23,125
  24,733
  26,404
  27,773
  29,580
  31,460
  33,417
  35,455
  37,578
  39,791
  42,099
  44,507
  47,021
  49,647
  52,390
  55,257
  58,255
  61,391
  64,672
  68,106
  71,701
  75,467
  79,410
Operating income, $m
  2,801
  3,096
  3,404
  3,724
  4,058
  4,405
  4,765
  5,140
  5,529
  5,934
  6,723
  7,160
  7,615
  8,089
  8,582
  9,096
  9,632
  10,190
  10,773
  11,382
  12,017
  12,681
  13,375
  14,101
  14,860
  15,654
  16,485
  17,356
  18,267
  19,222
EBITDA, $m
  3,709
  4,055
  4,415
  4,790
  5,181
  5,586
  6,008
  6,447
  6,902
  7,376
  7,868
  8,380
  8,912
  9,467
  10,044
  10,645
  11,272
  11,926
  12,608
  13,321
  14,064
  14,842
  15,654
  16,503
  17,391
  18,321
  19,294
  20,312
  21,379
  22,496
Interest expense (income), $m
  16
  38
  61
  85
  111
  137
  164
  193
  222
  253
  285
  318
  352
  388
  426
  464
  505
  547
  591
  637
  685
  734
  787
  841
  898
  957
  1,020
  1,085
  1,153
  1,224
  1,299
Earnings before tax, $m
  2,763
  3,035
  3,318
  3,614
  3,921
  4,241
  4,573
  4,918
  5,276
  5,649
  6,405
  6,807
  7,227
  7,663
  8,117
  8,591
  9,085
  9,599
  10,136
  10,697
  11,283
  11,895
  12,534
  13,203
  13,902
  14,634
  15,401
  16,203
  17,043
  17,923
Tax expense, $m
  746
  819
  896
  976
  1,059
  1,145
  1,235
  1,328
  1,425
  1,525
  1,729
  1,838
  1,951
  2,069
  2,192
  2,320
  2,453
  2,592
  2,737
  2,888
  3,046
  3,212
  3,384
  3,565
  3,754
  3,951
  4,158
  4,375
  4,602
  4,839
Net income, $m
  2,017
  2,215
  2,422
  2,638
  2,862
  3,096
  3,338
  3,590
  3,852
  4,124
  4,675
  4,969
  5,275
  5,594
  5,926
  6,271
  6,632
  7,007
  7,400
  7,809
  8,236
  8,683
  9,150
  9,638
  10,149
  10,683
  11,242
  11,828
  12,441
  13,084

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
  14,277
  15,607
  16,995
  18,439
  19,942
  21,504
  23,128
  24,815
  26,569
  28,391
  30,286
  32,256
  34,307
  36,440
  38,663
  40,978
  43,391
  45,908
  48,534
  51,276
  54,139
  57,130
  60,256
  63,526
  66,945
  70,523
  74,268
  78,189
  82,295
  86,595
Adjusted assets (=assets-cash), $m
  14,277
  15,607
  16,995
  18,439
  19,942
  21,504
  23,128
  24,815
  26,569
  28,391
  30,286
  32,256
  34,307
  36,440
  38,663
  40,978
  43,391
  45,908
  48,534
  51,276
  54,139
  57,130
  60,256
  63,526
  66,945
  70,523
  74,268
  78,189
  82,295
  86,595
Revenue / Adjusted assets
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
Average production assets, $m
  5,399
  5,902
  6,427
  6,973
  7,541
  8,132
  8,746
  9,384
  10,047
  10,736
  11,453
  12,198
  12,973
  13,780
  14,620
  15,496
  16,408
  17,360
  18,353
  19,390
  20,472
  21,604
  22,786
  24,022
  25,315
  26,668
  28,084
  29,567
  31,120
  32,746
Working capital, $m
  -228
  -249
  -271
  -294
  -318
  -343
  -369
  -396
  -424
  -453
  -483
  -514
  -547
  -581
  -617
  -653
  -692
  -732
  -774
  -818
  -863
  -911
  -961
  -1,013
  -1,068
  -1,125
  -1,184
  -1,247
  -1,312
  -1,381
Total debt, $m
  1,132
  1,581
  2,048
  2,535
  3,041
  3,568
  4,115
  4,684
  5,275
  5,889
  6,527
  7,191
  7,882
  8,601
  9,350
  10,131
  10,944
  11,792
  12,677
  13,601
  14,566
  15,574
  16,627
  17,729
  18,882
  20,087
  21,349
  22,671
  24,054
  25,504
Total liabilities, $m
  4,811
  5,260
  5,727
  6,214
  6,720
  7,247
  7,794
  8,363
  8,954
  9,568
  10,206
  10,870
  11,561
  12,280
  13,029
  13,810
  14,623
  15,471
  16,356
  17,280
  18,245
  19,253
  20,306
  21,408
  22,561
  23,766
  25,028
  26,350
  27,733
  29,183
Total equity, $m
  9,466
  10,348
  11,267
  12,225
  13,221
  14,257
  15,334
  16,452
  17,615
  18,823
  20,080
  21,386
  22,745
  24,160
  25,633
  27,168
  28,768
  30,437
  32,178
  33,996
  35,894
  37,877
  39,950
  42,118
  44,385
  46,757
  49,240
  51,839
  54,561
  57,413
Total liabilities and equity, $m
  14,277
  15,608
  16,994
  18,439
  19,941
  21,504
  23,128
  24,815
  26,569
  28,391
  30,286
  32,256
  34,306
  36,440
  38,662
  40,978
  43,391
  45,908
  48,534
  51,276
  54,139
  57,130
  60,256
  63,526
  66,946
  70,523
  74,268
  78,189
  82,294
  86,596
Debt-to-equity ratio
  0.120
  0.150
  0.180
  0.210
  0.230
  0.250
  0.270
  0.280
  0.300
  0.310
  0.330
  0.340
  0.350
  0.360
  0.360
  0.370
  0.380
  0.390
  0.390
  0.400
  0.410
  0.410
  0.420
  0.420
  0.430
  0.430
  0.430
  0.440
  0.440
  0.440
Adjusted equity ratio
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,017
  2,215
  2,422
  2,638
  2,862
  3,096
  3,338
  3,590
  3,852
  4,124
  4,675
  4,969
  5,275
  5,594
  5,926
  6,271
  6,632
  7,007
  7,400
  7,809
  8,236
  8,683
  9,150
  9,638
  10,149
  10,683
  11,242
  11,828
  12,441
  13,084
Depreciation, amort., depletion, $m
  908
  959
  1,011
  1,066
  1,123
  1,182
  1,243
  1,307
  1,373
  1,442
  1,145
  1,220
  1,297
  1,378
  1,462
  1,550
  1,641
  1,736
  1,835
  1,939
  2,047
  2,160
  2,279
  2,402
  2,532
  2,667
  2,808
  2,957
  3,112
  3,275
Funds from operations, $m
  2,925
  3,174
  3,434
  3,704
  3,985
  4,277
  4,581
  4,897
  5,225
  5,566
  5,821
  6,189
  6,573
  6,972
  7,388
  7,821
  8,273
  8,743
  9,235
  9,748
  10,284
  10,843
  11,429
  12,040
  12,680
  13,350
  14,051
  14,785
  15,553
  16,358
Change in working capital, $m
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -65
  -69
Cash from operations, $m
  2,946
  3,195
  3,456
  3,727
  4,009
  4,302
  4,607
  4,924
  5,253
  5,595
  5,851
  6,221
  6,605
  7,006
  7,423
  7,858
  8,311
  8,784
  9,277
  9,792
  10,329
  10,891
  11,478
  12,092
  12,735
  13,407
  14,111
  14,847
  15,619
  16,427
Maintenance CAPEX, $m
  -491
  -540
  -590
  -643
  -697
  -754
  -813
  -875
  -938
  -1,005
  -1,074
  -1,145
  -1,220
  -1,297
  -1,378
  -1,462
  -1,550
  -1,641
  -1,736
  -1,835
  -1,939
  -2,047
  -2,160
  -2,279
  -2,402
  -2,532
  -2,667
  -2,808
  -2,957
  -3,112
New CAPEX, $m
  -486
  -503
  -525
  -546
  -568
  -591
  -614
  -638
  -663
  -689
  -716
  -745
  -775
  -807
  -840
  -875
  -913
  -952
  -993
  -1,037
  -1,083
  -1,131
  -1,182
  -1,236
  -1,293
  -1,353
  -1,416
  -1,483
  -1,553
  -1,626
Cash from investing activities, $m
  -977
  -1,043
  -1,115
  -1,189
  -1,265
  -1,345
  -1,427
  -1,513
  -1,601
  -1,694
  -1,790
  -1,890
  -1,995
  -2,104
  -2,218
  -2,337
  -2,463
  -2,593
  -2,729
  -2,872
  -3,022
  -3,178
  -3,342
  -3,515
  -3,695
  -3,885
  -4,083
  -4,291
  -4,510
  -4,738
Free cash flow, $m
  1,968
  2,152
  2,341
  2,538
  2,743
  2,957
  3,180
  3,411
  3,651
  3,901
  4,061
  4,330
  4,610
  4,902
  5,205
  5,520
  5,849
  6,191
  6,548
  6,920
  7,308
  7,713
  8,136
  8,578
  9,040
  9,523
  10,028
  10,556
  11,109
  11,688
Issuance/(repayment) of debt, $m
  434
  448
  467
  487
  506
  526
  547
  569
  591
  614
  639
  664
  691
  719
  749
  780
  813
  848
  885
  924
  965
  1,008
  1,054
  1,102
  1,152
  1,206
  1,262
  1,321
  1,384
  1,449
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  
  434
  448
  467
  487
  506
  526
  547
  569
  591
  614
  639
  664
  691
  719
  749
  780
  813
  848
  885
  924
  965
  1,008
  1,054
  1,102
  1,152
  1,206
  1,262
  1,321
  1,384
  1,449
Total cash flow (excl. dividends), $m
  2,402
  2,601
  2,808
  3,025
  3,250
  3,484
  3,727
  3,980
  4,242
  4,515
  4,699
  4,994
  5,301
  5,621
  5,954
  6,301
  6,662
  7,039
  7,433
  7,843
  8,273
  8,721
  9,189
  9,679
  10,192
  10,728
  11,290
  11,877
  12,493
  13,138
Retained Cash Flow (-), $m
  -839
  -882
  -920
  -958
  -996
  -1,036
  -1,077
  -1,119
  -1,163
  -1,208
  -1,256
  -1,306
  -1,359
  -1,415
  -1,473
  -1,535
  -1,600
  -1,669
  -1,741
  -1,818
  -1,898
  -1,983
  -2,073
  -2,167
  -2,267
  -2,372
  -2,483
  -2,599
  -2,722
  -2,851
Prev. year cash balance distribution, $m
  2,042
  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
  222
  244
  267
  290
  315
  341
  367
  395
  424
  454
  485
  517
  551
  586
  623
  661
  700
  741
  784
  829
  876
  925
  976
  1,029
  1,085
  1,144
  1,205
  1,269
  1,336
  1,406
Cash available for distribution, $m
  3,606
  1,718
  1,889
  2,067
  2,254
  2,448
  2,650
  2,861
  3,080
  3,307
  3,443
  3,688
  3,942
  4,206
  4,480
  4,766
  5,062
  5,371
  5,692
  6,026
  6,374
  6,738
  7,116
  7,512
  7,925
  8,356
  8,807
  9,278
  9,771
  10,286
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
  3,457
  1,573
  1,644
  1,702
  1,747
  1,777
  1,791
  1,788
  1,769
  1,734
  1,635
  1,574
  1,499
  1,412
  1,315
  1,211
  1,101
  989
  876
  766
  659
  559
  466
  383
  308
  244
  189
  144
  107
  77
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 29.6
Price to Sales 3.4
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 28.3
Price to Free Cash Flow 34.8
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 2017 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 9.8% 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 1.5%.

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 33.2%.

Life of production assets of 10 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 -1.4%. 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 593 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 $44.8 billion.

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COMPANY NEWS

▶ 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]
▶ 6 Top-Ranked Stocks That Can Make You Jeff Bezos-Like Rich   [Mar-08-18 02:35PM  InvestorPlace]
▶ Cognizant Earnings Top Views, Revenue In-Line, Shares Edge Up   [Feb-07-18 04:30PM  Investor's Business Daily]
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