Intrinsic value of DST Systems - DST

Previous Close

$83.79

  Intrinsic Value

$711.76

stock screener

  Rating & Target

str. buy

+749%

Previous close

$83.79

 
Intrinsic value

$711.76

 
Up/down potential

+749%

 
Rating

str. buy

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of DST 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.63
  45.50
  41.45
  37.81
  34.52
  31.57
  28.91
  26.52
  24.37
  22.43
  20.69
  19.12
  17.71
  16.44
  15.29
  14.27
  13.34
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
  6.91
Revenue, $m
  1,557
  2,265
  3,204
  4,416
  5,940
  7,816
  10,076
  12,748
  15,855
  19,412
  23,429
  27,909
  32,851
  38,252
  44,102
  50,393
  57,115
  64,257
  71,810
  79,766
  88,118
  96,863
  105,998
  115,526
  125,449
  135,774
  146,510
  157,669
  169,266
  181,317
  193,842
Variable operating expenses, $m
 
  1,696
  2,378
  3,257
  4,364
  5,725
  7,365
  9,305
  11,560
  14,142
  17,058
  20,258
  23,845
  27,765
  32,012
  36,578
  41,457
  46,642
  52,124
  57,899
  63,961
  70,309
  76,940
  83,855
  91,058
  98,553
  106,346
  114,446
  122,863
  131,611
  140,702
Fixed operating expenses, $m
 
  128
  131
  135
  138
  141
  145
  149
  152
  156
  160
  164
  168
  172
  177
  181
  186
  190
  195
  200
  205
  210
  215
  221
  226
  232
  238
  243
  250
  256
  262
Total operating expenses, $m
  1,304
  1,824
  2,509
  3,392
  4,502
  5,866
  7,510
  9,454
  11,712
  14,298
  17,218
  20,422
  24,013
  27,937
  32,189
  36,759
  41,643
  46,832
  52,319
  58,099
  64,166
  70,519
  77,155
  84,076
  91,284
  98,785
  106,584
  114,689
  123,113
  131,867
  140,964
Operating income, $m
  253
  441
  696
  1,024
  1,439
  1,950
  2,566
  3,295
  4,143
  5,114
  6,211
  7,487
  8,838
  10,314
  11,914
  13,634
  15,472
  17,425
  19,491
  21,667
  23,952
  26,344
  28,843
  31,450
  34,164
  36,989
  39,927
  42,980
  46,153
  49,451
  52,878
EBITDA, $m
  349
  541
  815
  1,169
  1,616
  2,167
  2,830
  3,616
  4,530
  5,576
  6,758
  8,077
  9,533
  11,123
  12,846
  14,700
  16,680
  18,785
  21,010
  23,355
  25,816
  28,393
  31,085
  33,893
  36,818
  39,861
  43,026
  46,315
  49,734
  53,286
  56,978
Interest expense (income), $m
  23
  13
  42
  80
  129
  190
  266
  357
  465
  591
  734
  896
  1,077
  1,277
  1,495
  1,731
  1,985
  2,256
  2,544
  2,849
  3,170
  3,508
  3,861
  4,229
  4,614
  5,014
  5,431
  5,865
  6,315
  6,783
  7,270
Earnings before tax, $m
  279
  428
  654
  944
  1,310
  1,759
  2,300
  2,937
  3,678
  4,523
  5,477
  6,591
  7,761
  9,037
  10,419
  11,903
  13,487
  15,169
  16,947
  18,818
  20,781
  22,836
  24,983
  27,220
  29,551
  31,975
  34,496
  37,115
  39,838
  42,667
  45,608
Tax expense, $m
  101
  116
  176
  255
  354
  475
  621
  793
  993
  1,221
  1,479
  1,779
  2,095
  2,440
  2,813
  3,214
  3,642
  4,096
  4,576
  5,081
  5,611
  6,166
  6,745
  7,350
  7,979
  8,633
  9,314
  10,021
  10,756
  11,520
  12,314
Net income, $m
  427
  312
  477
  689
  956
  1,284
  1,679
  2,144
  2,685
  3,302
  3,998
  4,811
  5,665
  6,597
  7,606
  8,689
  9,846
  11,073
  12,371
  13,737
  15,170
  16,671
  18,237
  19,871
  21,572
  23,342
  25,182
  27,094
  29,082
  31,147
  33,294

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  196
  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
  2,772
  3,751
  5,305
  7,311
  9,835
  12,940
  16,682
  21,107
  26,251
  32,140
  38,790
  46,207
  54,390
  63,330
  73,017
  83,432
  94,561
  106,386
  118,891
  132,062
  145,891
  160,368
  175,494
  191,268
  207,696
  224,791
  242,566
  261,042
  280,242
  300,194
  320,930
Adjusted assets (=assets-cash), $m
  2,576
  3,751
  5,305
  7,311
  9,835
  12,940
  16,682
  21,107
  26,251
  32,140
  38,790
  46,207
  54,390
  63,330
  73,017
  83,432
  94,561
  106,386
  118,891
  132,062
  145,891
  160,368
  175,494
  191,268
  207,696
  224,791
  242,566
  261,042
  280,242
  300,194
  320,930
Revenue / Adjusted assets
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
Average production assets, $m
  258
  374
  529
  729
  980
  1,290
  1,663
  2,103
  2,616
  3,203
  3,866
  4,605
  5,420
  6,312
  7,277
  8,315
  9,424
  10,602
  11,849
  13,161
  14,539
  15,982
  17,490
  19,062
  20,699
  22,403
  24,174
  26,015
  27,929
  29,917
  31,984
Working capital, $m
  27
  59
  83
  115
  154
  203
  262
  331
  412
  505
  609
  726
  854
  995
  1,147
  1,310
  1,485
  1,671
  1,867
  2,074
  2,291
  2,518
  2,756
  3,004
  3,262
  3,530
  3,809
  4,099
  4,401
  4,714
  5,040
Total debt, $m
  508
  978
  1,859
  2,996
  4,428
  6,188
  8,310
  10,819
  13,735
  17,074
  20,845
  25,050
  29,690
  34,759
  40,251
  46,157
  52,467
  59,172
  66,262
  73,730
  81,571
  89,780
  98,356
  107,300
  116,615
  126,307
  136,386
  146,862
  157,748
  169,061
  180,818
Total liabilities, $m
  1,657
  2,127
  3,008
  4,145
  5,577
  7,337
  9,459
  11,968
  14,884
  18,223
  21,994
  26,199
  30,839
  35,908
  41,400
  47,306
  53,616
  60,321
  67,411
  74,879
  82,720
  90,929
  99,505
  108,449
  117,764
  127,456
  137,535
  148,011
  158,897
  170,210
  181,967
Total equity, $m
  1,115
  1,624
  2,297
  3,166
  4,259
  5,603
  7,223
  9,139
  11,367
  13,917
  16,796
  20,008
  23,551
  27,422
  31,616
  36,126
  40,945
  46,065
  51,480
  57,183
  63,171
  69,440
  75,989
  82,819
  89,933
  97,334
  105,031
  113,031
  121,345
  129,984
  138,963
Total liabilities and equity, $m
  2,772
  3,751
  5,305
  7,311
  9,836
  12,940
  16,682
  21,107
  26,251
  32,140
  38,790
  46,207
  54,390
  63,330
  73,016
  83,432
  94,561
  106,386
  118,891
  132,062
  145,891
  160,369
  175,494
  191,268
  207,697
  224,790
  242,566
  261,042
  280,242
  300,194
  320,930
Debt-to-equity ratio
  0.456
  0.600
  0.810
  0.950
  1.040
  1.100
  1.150
  1.180
  1.210
  1.230
  1.240
  1.250
  1.260
  1.270
  1.270
  1.280
  1.280
  1.280
  1.290
  1.290
  1.290
  1.290
  1.290
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
Adjusted equity ratio
  0.357
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  427
  312
  477
  689
  956
  1,284
  1,679
  2,144
  2,685
  3,302
  3,998
  4,811
  5,665
  6,597
  7,606
  8,689
  9,846
  11,073
  12,371
  13,737
  15,170
  16,671
  18,237
  19,871
  21,572
  23,342
  25,182
  27,094
  29,082
  31,147
  33,294
Depreciation, amort., depletion, $m
  96
  100
  119
  145
  177
  217
  265
  321
  387
  462
  547
  590
  695
  809
  933
  1,066
  1,208
  1,359
  1,519
  1,687
  1,864
  2,049
  2,242
  2,444
  2,654
  2,872
  3,099
  3,335
  3,581
  3,836
  4,100
Funds from operations, $m
  83
  412
  596
  834
  1,134
  1,501
  1,943
  2,466
  3,072
  3,764
  4,545
  5,402
  6,360
  7,406
  8,539
  9,755
  11,054
  12,433
  13,890
  15,424
  17,034
  18,720
  20,480
  22,315
  24,226
  26,214
  28,281
  30,430
  32,662
  34,983
  37,394
Change in working capital, $m
  -106
  18
  24
  31
  40
  49
  59
  69
  81
  92
  104
  116
  129
  140
  152
  164
  175
  186
  196
  207
  217
  227
  238
  248
  258
  268
  279
  290
  302
  313
  326
Cash from operations, $m
  189
  393
  572
  803
  1,094
  1,452
  1,885
  2,396
  2,991
  3,672
  4,441
  5,285
  6,232
  7,266
  8,387
  9,592
  10,879
  12,247
  13,694
  15,218
  16,817
  18,492
  20,242
  22,067
  23,968
  25,945
  28,002
  30,139
  32,361
  34,669
  37,069
Maintenance CAPEX, $m
  0
  -33
  -48
  -68
  -93
  -126
  -165
  -213
  -270
  -335
  -411
  -496
  -590
  -695
  -809
  -933
  -1,066
  -1,208
  -1,359
  -1,519
  -1,687
  -1,864
  -2,049
  -2,242
  -2,444
  -2,654
  -2,872
  -3,099
  -3,335
  -3,581
  -3,836
New CAPEX, $m
  -60
  -116
  -155
  -200
  -252
  -309
  -373
  -441
  -513
  -587
  -663
  -739
  -816
  -891
  -965
  -1,038
  -1,109
  -1,178
  -1,246
  -1,313
  -1,378
  -1,443
  -1,507
  -1,572
  -1,637
  -1,704
  -1,771
  -1,841
  -1,913
  -1,988
  -2,067
Cash from investing activities, $m
  296
  -149
  -203
  -268
  -345
  -435
  -538
  -654
  -783
  -922
  -1,074
  -1,235
  -1,406
  -1,586
  -1,774
  -1,971
  -2,175
  -2,386
  -2,605
  -2,832
  -3,065
  -3,307
  -3,556
  -3,814
  -4,081
  -4,358
  -4,643
  -4,940
  -5,248
  -5,569
  -5,903
Free cash flow, $m
  485
  244
  369
  535
  749
  1,017
  1,346
  1,742
  2,208
  2,750
  3,368
  4,050
  4,826
  5,680
  6,612
  7,621
  8,704
  9,860
  11,088
  12,386
  13,752
  15,185
  16,686
  18,253
  19,887
  21,588
  23,358
  25,199
  27,112
  29,100
  31,167
Issuance/(repayment) of debt, $m
  -53
  666
  881
  1,137
  1,431
  1,761
  2,122
  2,509
  2,917
  3,339
  3,770
  4,206
  4,640
  5,069
  5,492
  5,906
  6,310
  6,705
  7,090
  7,468
  7,841
  8,209
  8,576
  8,944
  9,315
  9,693
  10,079
  10,476
  10,886
  11,313
  11,757
Issuance/(repurchase) of shares, $m
  -311
  197
  196
  179
  137
  60
  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  
  -332
  863
  1,077
  1,316
  1,568
  1,821
  2,122
  2,509
  2,917
  3,339
  3,770
  4,206
  4,640
  5,069
  5,492
  5,906
  6,310
  6,705
  7,090
  7,468
  7,841
  8,209
  8,576
  8,944
  9,315
  9,693
  10,079
  10,476
  10,886
  11,313
  11,757
Total cash flow (excl. dividends), $m
  153
  1,107
  1,447
  1,852
  2,317
  2,838
  3,468
  4,251
  5,125
  6,089
  7,138
  8,256
  9,466
  10,749
  12,104
  13,526
  15,014
  16,565
  18,178
  19,854
  21,592
  23,394
  25,262
  27,196
  29,202
  31,281
  33,437
  35,675
  37,998
  40,413
  42,924
Retained Cash Flow (-), $m
  -69
  -509
  -673
  -868
  -1,093
  -1,345
  -1,620
  -1,916
  -2,227
  -2,550
  -2,879
  -3,212
  -3,543
  -3,871
  -4,194
  -4,510
  -4,819
  -5,120
  -5,415
  -5,703
  -5,988
  -6,269
  -6,549
  -6,830
  -7,114
  -7,402
  -7,697
  -8,000
  -8,314
  -8,639
  -8,979
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
 
  597
  774
  983
  1,224
  1,494
  1,848
  2,335
  2,898
  3,539
  4,259
  5,044
  5,922
  6,878
  7,910
  9,016
  10,195
  11,445
  12,764
  14,151
  15,605
  17,125
  18,712
  20,366
  22,088
  23,879
  25,740
  27,675
  29,685
  31,774
  33,945
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
 
  573
  708
  856
  1,008
  1,158
  1,341
  1,577
  1,811
  2,033
  2,233
  2,395
  2,527
  2,615
  2,656
  2,647
  2,591
  2,490
  2,351
  2,179
  1,983
  1,771
  1,553
  1,335
  1,125
  929
  751
  594
  459
  347
  256
Current shareholders' claim on cash, %
  100
  96.3
  93.8
  92.2
  91.4
  91.1
  91.1
  91.1
  91.1
  91.1
  91.1
  91.1
  91.1
  91.1
  91.1
  91.1
  91.1
  91.1
  91.1
  91.1
  91.1
  91.1
  91.1
  91.1
  91.1
  91.1
  91.1
  91.1
  91.1
  91.1
  91.1

DST Systems, Inc. (DST) is a provider of technology-based information processing and servicing solutions. The Company offers its solutions through data management, business processing and customer communications solutions to clients within the asset management, brokerage, retirement and healthcare markets. The Company operates through two segments: Financial Services and Healthcare Services. Through the Financial Services segment, DST provides investor, investment, advisor/intermediary and asset distribution services to companies within the financial services industry. The Healthcare Services segment uses the Company's software applications to provide healthcare organizations a range of medical and pharmacy benefit solutions to aid their information processing, quality of care, cost management and payment integrity needs. Its investments in equity securities, private equity investments, real estate and certain financial interests are aggregated into an Investments and Other segment.

FINANCIAL RATIOS  of  DST Systems (DST)

Valuation Ratios
P/E Ratio 12.6
Price to Sales 3.4
Price to Book 4.8
Price to Tangible Book
Price to Cash Flow 28.4
Price to Free Cash Flow 41.6
Growth Rates
Sales Growth Rate 5.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -32.6%
Cap. Spend. - 3 Yr. Gr. Rate -10.2%
Financial Strength
Quick Ratio 1
Current Ratio 0.6
LT Debt to Equity 26.8%
Total Debt to Equity 45.6%
Interest Coverage 13
Management Effectiveness
Return On Assets 15.8%
Ret/ On Assets - 3 Yr. Avg. 16.4%
Return On Total Capital 26.4%
Ret/ On T. Cap. - 3 Yr. Avg. 26.6%
Return On Equity 39.5%
Return On Equity - 3 Yr. Avg. 40%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 22%
Gross Margin - 3 Yr. Avg. 22.6%
EBITDA Margin 25.6%
EBITDA Margin - 3 Yr. Avg. 40.6%
Operating Margin 16.2%
Oper. Margin - 3 Yr. Avg. 18.7%
Pre-Tax Margin 17.9%
Pre-Tax Margin - 3 Yr. Avg. 32.9%
Net Profit Margin 27.4%
Net Profit Margin - 3 Yr. Avg. 30.4%
Effective Tax Rate 36.2%
Eff/ Tax Rate - 3 Yr. Avg. 31.1%
Payout Ratio 10.1%

DST stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DST stock intrinsic value calculation we used $1557 million for the last fiscal year's total revenue generated by DST Systems. The default revenue input number comes from 2016 income statement of DST Systems. 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 DST stock valuation model: a) initial revenue growth rate of 45.5% 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 DST is calculated based on our internal credit rating of DST Systems, 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 DST Systems.
    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 DST stock the variable cost ratio is equal to 75.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $125 million in the base year in the intrinsic value calculation for DST 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 4.3% for DST Systems.

Corporate tax rate of 27% is the nominal tax rate for DST Systems. 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 DST 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 DST are equal to 16.5%.

Life of production assets of 7.8 years is the average useful life of capital assets used in DST Systems 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 DST is equal to 2.6%. 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 - $1115 million for DST Systems - 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 60.738 million for DST Systems 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 DST Systems at the current share price and the inputted number of shares is $5.1 billion.

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COMPANY NEWS

▶ Company News For Jan 12, 2018   [10:45AM  Zacks]
▶ Delta, MoneyGram and DST Systems climb   [04:25PM  Associated Press]
▶ DST Systems Rises on Acquisition News   [03:40PM  GuruFocus.com]
▶ Report: Suitor wants to pay $5.6B to buy DST Systems   [11:18AM  American City Business Journals]
▶ It's official: DST Systems will sell for $5.4B   [11:11AM  American City Business Journals]
▶ SS&C Tech Moves to Acquire DST Systems   [11:05AM  24/7 Wall St.]
▶ [$$] SS&C Technologies to Acquire DST Systems   [07:21AM  The Wall Street Journal]
▶ SS&C to Acquire DST Systems   [06:40AM  PR Newswire]
▶ Trump Tax Package Seen Boosting These Players In Info Tech   [Dec-20-17 04:11PM  Investor's Business Daily]
▶ Trump Tax Package Seen Boosting These Players In Info Tech   [12:10PM  Investor's Business Daily]
▶ DST Systems, Inc. Declares Cash Dividend   [Oct-27-17 04:30PM  PR Newswire]
▶ Loop Industries Announces CFO Transition   [Oct-25-17 04:45PM  GlobeNewswire]
▶ DST Systems beats 3Q profit forecasts   [Oct-20-17 06:51AM  Associated Press]
▶ ETFs with exposure to DST Systems, Inc. : October 6, 2017   [Oct-06-17 10:46AM  Capital Cube]
▶ DST faces class action over profit-sharing plan   [Sep-11-17 02:35PM  American City Business Journals]
▶ DST Systems, Inc. Declares Cash Dividend   [Aug-02-17 04:15PM  PR Newswire]
▶ New Strong Sell Stocks for August 1st   [Aug-01-17 09:44AM  Zacks]
▶ DST Systems misses 2Q profit forecasts   [01:34AM  Associated Press]
▶ ETFs with exposure to DST Systems, Inc. : July 24, 2017   [Jul-24-17 03:28PM  Capital Cube]
▶ ETFs with exposure to DST Systems, Inc. : July 14, 2017   [Jul-14-17 02:01PM  Capital Cube]
Financial statements of DST
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