Intrinsic value of Discover Financial Services - DFS

Previous Close

$77.92

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$77.92

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as DFS.

We calculate the intrinsic value of DFS 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 28.3

 

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, %
  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
  7,464
  7,636
  7,832
  8,053
  8,297
  8,565
  8,856
  9,172
  9,512
  9,877
  10,268
  10,684
  11,128
  11,600
  12,100
  12,630
  13,192
  13,785
  14,412
  15,075
  15,773
  16,510
  17,287
  18,105
  18,967
  19,875
  20,830
  21,835
  22,893
  24,005
Variable operating expenses, $m
  3,695
  3,780
  3,877
  3,986
  4,107
  4,239
  4,384
  4,540
  4,709
  4,889
  5,083
  5,289
  5,508
  5,742
  5,990
  6,252
  6,530
  6,824
  7,134
  7,462
  7,808
  8,173
  8,557
  8,962
  9,389
  9,838
  10,311
  10,808
  11,332
  11,883
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
  3,695
  3,780
  3,877
  3,986
  4,107
  4,239
  4,384
  4,540
  4,709
  4,889
  5,083
  5,289
  5,508
  5,742
  5,990
  6,252
  6,530
  6,824
  7,134
  7,462
  7,808
  8,173
  8,557
  8,962
  9,389
  9,838
  10,311
  10,808
  11,332
  11,883
Operating income, $m
  3,770
  3,856
  3,955
  4,067
  4,190
  4,325
  4,472
  4,632
  4,804
  4,988
  5,185
  5,396
  5,620
  5,858
  6,111
  6,378
  6,662
  6,962
  7,278
  7,613
  7,966
  8,338
  8,730
  9,143
  9,579
  10,037
  10,519
  11,027
  11,561
  12,123
EBITDA, $m
  13,581
  13,894
  14,251
  14,652
  15,096
  15,583
  16,114
  16,688
  17,307
  17,972
  18,682
  19,440
  20,248
  21,106
  22,016
  22,981
  24,002
  25,082
  26,223
  27,428
  28,700
  30,041
  31,454
  32,943
  34,511
  36,162
  37,900
  39,729
  41,653
  43,677
Interest expense (income), $m
  1,211
  4,501
  4,221
  4,288
  4,364
  4,450
  4,545
  4,649
  4,763
  4,885
  5,018
  5,160
  5,311
  5,473
  5,646
  5,829
  6,024
  6,230
  6,448
  6,679
  6,923
  7,180
  7,452
  7,738
  8,040
  8,359
  8,694
  9,047
  9,418
  9,809
  10,220
Earnings before tax, $m
  -731
  -365
  -333
  -298
  -260
  -220
  -177
  -131
  -82
  -30
  26
  84
  146
  212
  281
  355
  432
  513
  599
  690
  785
  886
  991
  1,103
  1,220
  1,343
  1,473
  1,609
  1,752
  1,903
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  7
  23
  40
  57
  76
  96
  117
  139
  162
  186
  212
  239
  268
  298
  329
  363
  398
  434
  473
  514
Net income, $m
  -731
  -365
  -333
  -298
  -260
  -220
  -177
  -131
  -82
  -30
  19
  62
  107
  155
  205
  259
  315
  375
  437
  504
  573
  647
  724
  805
  891
  980
  1,075
  1,174
  1,279
  1,389

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
  59,715
  61,088
  62,658
  64,421
  66,374
  68,517
  70,850
  73,376
  76,097
  79,018
  82,142
  85,476
  89,026
  92,798
  96,801
  101,043
  105,534
  110,282
  115,300
  120,597
  126,187
  132,083
  138,297
  144,844
  151,739
  158,999
  166,641
  174,683
  183,142
  192,041
Adjusted assets (=assets-cash), $m
  59,715
  61,088
  62,658
  64,421
  66,374
  68,517
  70,850
  73,376
  76,097
  79,018
  82,142
  85,476
  89,026
  92,798
  96,801
  101,043
  105,534
  110,282
  115,300
  120,597
  126,187
  132,083
  138,297
  144,844
  151,739
  158,999
  166,641
  174,683
  183,142
  192,041
Revenue / Adjusted assets
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
Average production assets, $m
  98,119
  100,376
  102,955
  105,852
  109,061
  112,582
  116,416
  120,566
  125,038
  129,836
  134,970
  140,448
  146,280
  152,479
  159,056
  166,026
  173,405
  181,207
  189,452
  198,157
  207,342
  217,028
  227,239
  237,996
  249,327
  261,256
  273,812
  287,025
  300,926
  315,547
Working capital, $m
  -90,550
  -92,633
  -95,013
  -97,686
  -100,648
  -103,897
  -107,436
  -111,266
  -115,392
  -119,821
  -124,558
  -129,614
  -134,996
  -140,716
  -146,787
  -153,219
  -160,028
  -167,229
  -174,838
  -182,871
  -191,348
  -200,287
  -209,709
  -219,637
  -230,094
  -241,103
  -252,691
  -264,884
  -277,713
  -291,206
Total debt, $m
  78,174
  79,410
  80,823
  82,410
  84,168
  86,096
  88,196
  90,470
  92,919
  95,547
  98,359
  101,359
  104,554
  107,949
  111,552
  115,370
  119,411
  123,685
  128,201
  132,969
  138,000
  143,305
  148,898
  154,790
  160,996
  167,530
  174,408
  181,645
  189,259
  197,268
Total liabilities, $m
  53,743
  54,979
  56,392
  57,979
  59,737
  61,665
  63,765
  66,039
  68,488
  71,116
  73,928
  76,928
  80,123
  83,518
  87,121
  90,939
  94,980
  99,254
  103,770
  108,538
  113,569
  118,874
  124,467
  130,359
  136,565
  143,099
  149,977
  157,214
  164,828
  172,837
Total equity, $m
  5,971
  6,109
  6,266
  6,442
  6,637
  6,852
  7,085
  7,338
  7,610
  7,902
  8,214
  8,548
  8,903
  9,280
  9,680
  10,104
  10,553
  11,028
  11,530
  12,060
  12,619
  13,208
  13,830
  14,484
  15,174
  15,900
  16,664
  17,468
  18,314
  19,204
Total liabilities and equity, $m
  59,714
  61,088
  62,658
  64,421
  66,374
  68,517
  70,850
  73,377
  76,098
  79,018
  82,142
  85,476
  89,026
  92,798
  96,801
  101,043
  105,533
  110,282
  115,300
  120,598
  126,188
  132,082
  138,297
  144,843
  151,739
  158,999
  166,641
  174,682
  183,142
  192,041
Debt-to-equity ratio
  13.090
  13.000
  12.900
  12.790
  12.680
  12.570
  12.450
  12.330
  12.210
  12.090
  11.970
  11.860
  11.740
  11.630
  11.520
  11.420
  11.310
  11.220
  11.120
  11.030
  10.940
  10.850
  10.770
  10.690
  10.610
  10.540
  10.470
  10.400
  10.330
  10.270
Adjusted equity ratio
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -731
  -365
  -333
  -298
  -260
  -220
  -177
  -131
  -82
  -30
  19
  62
  107
  155
  205
  259
  315
  375
  437
  504
  573
  647
  724
  805
  891
  980
  1,075
  1,174
  1,279
  1,389
Depreciation, amort., depletion, $m
  9,812
  10,038
  10,296
  10,585
  10,906
  11,258
  11,642
  12,057
  12,504
  12,984
  13,497
  14,045
  14,628
  15,248
  15,906
  16,603
  17,340
  18,121
  18,945
  19,816
  20,734
  21,703
  22,724
  23,800
  24,933
  26,126
  27,381
  28,703
  30,093
  31,555
Funds from operations, $m
  9,081
  9,672
  9,963
  10,287
  10,646
  11,038
  11,465
  11,926
  12,422
  12,954
  13,516
  14,106
  14,735
  15,403
  16,111
  16,861
  17,656
  18,495
  19,383
  20,319
  21,307
  22,349
  23,448
  24,605
  25,823
  27,106
  28,456
  29,877
  31,372
  32,944
Change in working capital, $m
  -1,775
  -2,083
  -2,381
  -2,673
  -2,962
  -3,249
  -3,538
  -3,830
  -4,126
  -4,428
  -4,738
  -5,055
  -5,382
  -5,720
  -6,070
  -6,433
  -6,809
  -7,201
  -7,608
  -8,033
  -8,477
  -8,939
  -9,423
  -9,928
  -10,456
  -11,009
  -11,588
  -12,194
  -12,828
  -13,493
Cash from operations, $m
  10,856
  11,755
  12,343
  12,960
  13,607
  14,288
  15,003
  15,756
  16,548
  17,382
  18,253
  19,162
  20,117
  21,123
  22,181
  23,294
  24,465
  25,696
  26,991
  28,353
  29,784
  31,289
  32,870
  34,533
  36,279
  38,115
  40,044
  42,071
  44,200
  46,437
Maintenance CAPEX, $m
  -9,620
  -9,812
  -10,038
  -10,296
  -10,585
  -10,906
  -11,258
  -11,642
  -12,057
  -12,504
  -12,984
  -13,497
  -14,045
  -14,628
  -15,248
  -15,906
  -16,603
  -17,340
  -18,121
  -18,945
  -19,816
  -20,734
  -21,703
  -22,724
  -23,800
  -24,933
  -26,126
  -27,381
  -28,703
  -30,093
New CAPEX, $m
  -1,922
  -2,257
  -2,580
  -2,896
  -3,209
  -3,521
  -3,834
  -4,150
  -4,471
  -4,799
  -5,134
  -5,478
  -5,832
  -6,199
  -6,577
  -6,970
  -7,378
  -7,803
  -8,244
  -8,705
  -9,185
  -9,686
  -10,210
  -10,758
  -11,330
  -11,929
  -12,556
  -13,213
  -13,901
  -14,621
Cash from investing activities, $m
  -11,542
  -12,069
  -12,618
  -13,192
  -13,794
  -14,427
  -15,092
  -15,792
  -16,528
  -17,303
  -18,118
  -18,975
  -19,877
  -20,827
  -21,825
  -22,876
  -23,981
  -25,143
  -26,365
  -27,650
  -29,001
  -30,420
  -31,913
  -33,482
  -35,130
  -36,862
  -38,682
  -40,594
  -42,604
  -44,714
Free cash flow, $m
  -685
  -314
  -274
  -232
  -187
  -139
  -89
  -36
  21
  80
  136
  187
  240
  296
  356
  418
  484
  553
  626
  703
  783
  868
  957
  1,051
  1,150
  1,253
  1,362
  1,476
  1,597
  1,723
Issuance/(repayment) of debt, $m
  -5,173
  1,236
  1,413
  1,586
  1,758
  1,929
  2,100
  2,273
  2,449
  2,628
  2,812
  3,000
  3,195
  3,395
  3,603
  3,818
  4,041
  4,274
  4,516
  4,768
  5,031
  5,306
  5,593
  5,892
  6,206
  6,534
  6,878
  7,237
  7,614
  8,008
Issuance/(repurchase) of shares, $m
  6,855
  503
  490
  474
  456
  434
  410
  383
  354
  322
  294
  272
  248
  223
  195
  165
  134
  100
  64
  26
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1,682
  1,739
  1,903
  2,060
  2,214
  2,363
  2,510
  2,656
  2,803
  2,950
  3,106
  3,272
  3,443
  3,618
  3,798
  3,983
  4,175
  4,374
  4,580
  4,794
  5,031
  5,306
  5,593
  5,892
  6,206
  6,534
  6,878
  7,237
  7,614
  8,008
Total cash flow (excl. dividends), $m
  997
  1,425
  1,629
  1,829
  2,026
  2,223
  2,421
  2,621
  2,823
  3,030
  3,242
  3,459
  3,683
  3,914
  4,153
  4,401
  4,659
  4,927
  5,206
  5,497
  5,814
  6,174
  6,550
  6,943
  7,356
  7,787
  8,240
  8,714
  9,211
  9,732
Retained Cash Flow (-), $m
  -6,855
  -503
  -490
  -474
  -456
  -434
  -410
  -383
  -354
  -322
  -312
  -333
  -355
  -377
  -400
  -424
  -449
  -475
  -502
  -530
  -559
  -590
  -621
  -655
  -690
  -726
  -764
  -804
  -846
  -890
Prev. year cash balance distribution, $m
  152
  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
  -5,706
  922
  1,139
  1,355
  1,571
  1,789
  2,011
  2,237
  2,470
  2,708
  2,929
  3,126
  3,328
  3,537
  3,753
  3,977
  4,210
  4,452
  4,704
  4,967
  5,255
  5,584
  5,928
  6,289
  6,666
  7,061
  7,475
  7,910
  8,365
  8,842
Discount rate, %
  13.50
  14.18
  14.88
  15.63
  16.41
  17.23
  18.09
  19.00
  19.95
  20.94
  21.99
  23.09
  24.24
  25.46
  26.73
  28.07
  29.47
  30.94
  32.49
  34.11
  35.82
  37.61
  39.49
  41.47
  43.54
  45.72
  48.00
  50.40
  52.92
  55.57
PV of cash for distribution, $m
  -5,027
  708
  751
  758
  735
  689
  628
  557
  481
  405
  329
  258
  198
  148
  107
  76
  52
  35
  22
  14
  8
  5
  3
  2
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  46.1
  42.7
  39.7
  37.1
  34.8
  32.8
  31.1
  29.7
  28.5
  27.5
  26.6
  25.9
  25.2
  24.7
  24.3
  24.0
  23.7
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6

Discover Financial Services (DFS) is a direct banking and payment services company. The Company is a bank holding company, as well as a financial holding company. The Company operates through two segments: Direct Banking and Payment Services. It provides direct banking products and services, and payment services through its subsidiaries. It offers its customers credit card loans, private student loans, personal loans, home equity loans and deposit products. The Company's Direct Banking segment includes consumer banking and lending products, specifically Discover-branded credit cards issued to individuals and small businesses on the Discover Network and other consumer banking products and services. The Company's direct banking offers credit cards, student loans, personal loans, home equity loans, and other consumer lending and deposit products. The Payment Services segment includes PULSE, Diners Club and the Company's Network Partners business.

FINANCIAL RATIOS  of  Discover Financial Services (DFS)

Valuation Ratios
P/E Ratio 12.7
Price to Sales 0
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 6.8
Price to Free Cash Flow 7.1
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.5%
Cap. Spend. - 3 Yr. Gr. Rate -5%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 224.7%
Total Debt to Equity 224.7%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 6.6%
Ret/ On T. Cap. - 3 Yr. Avg. 6.8%
Return On Equity 21.2%
Return On Equity - 3 Yr. Avg. 21%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 34.5%
Eff/ Tax Rate - 3 Yr. Avg. 36%
Payout Ratio 21.5%

DFS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DFS stock intrinsic value calculation we used $7318 million for the last fiscal year's total revenue generated by Discover Financial Services. The default revenue input number comes from 2017 income statement of Discover Financial Services. 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 DFS 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 13.5%, whose default value for DFS is calculated based on our internal credit rating of Discover Financial Services, 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 Discover Financial Services.
    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 DFS stock the variable cost ratio is equal to 49.5%.

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 DFS 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 Discover Financial Services.

Corporate tax rate of 27% is the nominal tax rate for Discover Financial Services. 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 DFS 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 DFS are equal to 1314.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Discover Financial Services 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 DFS is equal to -1213.1%. 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 - $0 million for Discover Financial Services - 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 363 million for Discover Financial Services 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 Discover Financial Services at the current share price and the inputted number of shares is $28.3 billion.

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COMPANY NEWS

▶ FBI warns of coming attack on global ATMs   [01:49PM  Yahoo Finance Video]
▶ 3 Top Bank Stocks to Buy in August   [Aug-13-18 07:17AM  Motley Fool]
▶ 3 (Mostly) Bullish Takeaways From Discover's Quarter   [Aug-06-18 09:40AM  Motley Fool]
▶ Here are the bank accounts that pay the most   [Aug-05-18 10:00AM  CNBC]
▶ Discover Financial names new CEO   [01:03PM  American City Business Journals]
▶ Discover: 2Q Earnings Snapshot   [Jul-26-18 04:31PM  Associated Press]
▶ How MasterCard Makes its Money   [10:17AM  Investopedia]
▶ Poor Americans are fueling the economy by piling up debt   [Jul-23-18 12:58PM  Yahoo Finance Video]
▶ Discover Recognized as a 2018 Best Place to Work in IT   [Jul-11-18 10:00AM  Business Wire]
▶ CEOs employees ranked as the best   [Jun-20-18 01:12PM  Yahoo Finance Video]
▶ Better Buy: American Express Company vs. Discover   [Jun-19-18 03:33PM  Motley Fool]
▶ Nashville primed for more finance jobs than just AllianceBernstein, site selector says   [Jun-01-18 03:00PM  American City Business Journals]
▶ [$$] Consumer Spending Helps to Boost Discover Results   [Apr-26-18 06:46PM  The Wall Street Journal]
▶ Discover Financial Services (NYSE:DFS) Is Undervalued By 17%   [Apr-12-18 03:43PM  Simply Wall St.]
▶ Heres one positive change happening at the checkout line   [Apr-10-18 10:49AM  MarketWatch]
▶ Yahoo Finance Live: Market Movers - Apr 9, 2018   [07:20AM  Yahoo Finance Video]
▶ Citi Goes Shopping For Credit Card Initiations   [Apr-05-18 04:50PM  Benzinga]
▶ Is History Repeating Itself With Amazon.com, Inc. Stock?   [Apr-04-18 07:00AM  InvestorPlace]
▶ Better Buy: Visa Inc. vs. Discover   [Mar-29-18 08:30PM  Motley Fool]
▶ Better Buy: PayPal Holdings, Inc. vs. Discover   [Mar-04-18 07:15AM  Motley Fool]
▶ The FitPay-Discover Partnership, Explained   [Feb-26-18 10:16AM  Benzinga]
▶ Why Discover Beats Out Capital One   [02:21PM  Barrons.com]
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