Intrinsic value of First Data Corporation - FDC

Previous Close

$26.08

  Intrinsic Value

$35.82

stock screener

  Rating & Target

buy

+37%

Previous close

$26.08

 
Intrinsic value

$35.82

 
Up/down potential

+37%

 
Rating

buy

We calculate the intrinsic value of FDC 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 24.4

 

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, %
  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
  9,688
  9,911
  10,165
  10,451
  10,768
  11,116
  11,495
  11,904
  12,346
  12,820
  13,326
  13,867
  14,443
  15,055
  15,705
  16,393
  17,121
  17,892
  18,706
  19,565
  20,472
  21,429
  22,437
  23,499
  24,618
  25,796
  27,035
  28,340
  29,712
  31,156
Variable operating expenses, $m
  5,121
  5,191
  5,270
  5,359
  5,457
  5,565
  5,683
  5,810
  5,947
  6,094
  4,140
  4,308
  4,487
  4,677
  4,879
  5,093
  5,319
  5,559
  5,812
  6,079
  6,360
  6,657
  6,971
  7,301
  7,648
  8,014
  8,399
  8,805
  9,231
  9,680
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
  5,121
  5,191
  5,270
  5,359
  5,457
  5,565
  5,683
  5,810
  5,947
  6,094
  4,140
  4,308
  4,487
  4,677
  4,879
  5,093
  5,319
  5,559
  5,812
  6,079
  6,360
  6,657
  6,971
  7,301
  7,648
  8,014
  8,399
  8,805
  9,231
  9,680
Operating income, $m
  4,567
  4,720
  4,896
  5,093
  5,311
  5,551
  5,812
  6,094
  6,399
  6,725
  9,186
  9,559
  9,956
  10,378
  10,826
  11,300
  11,802
  12,333
  12,894
  13,487
  14,112
  14,771
  15,466
  16,198
  16,969
  17,781
  18,636
  19,535
  20,481
  21,477
EBITDA, $m
  7,256
  7,423
  7,613
  7,827
  8,065
  8,325
  8,609
  8,916
  9,246
  9,601
  9,981
  10,386
  10,817
  11,275
  11,762
  12,277
  12,823
  13,400
  14,009
  14,653
  15,332
  16,049
  16,804
  17,599
  18,437
  19,319
  20,248
  21,225
  22,253
  23,334
Interest expense (income), $m
  1,032
  950
  986
  1,029
  1,078
  1,134
  1,195
  1,263
  1,336
  1,416
  1,501
  1,593
  1,691
  1,796
  1,908
  2,027
  2,153
  2,286
  2,428
  2,577
  2,735
  2,902
  3,078
  3,263
  3,459
  3,665
  3,882
  4,111
  4,351
  4,604
  4,870
Earnings before tax, $m
  3,616
  3,735
  3,867
  4,015
  4,178
  4,356
  4,549
  4,758
  4,983
  5,224
  7,593
  7,868
  8,160
  8,470
  8,799
  9,147
  9,516
  9,905
  10,317
  10,752
  11,210
  11,693
  12,203
  12,739
  13,304
  13,899
  14,525
  15,184
  15,877
  16,606
Tax expense, $m
  976
  1,008
  1,044
  1,084
  1,128
  1,176
  1,228
  1,285
  1,345
  1,410
  2,050
  2,124
  2,203
  2,287
  2,376
  2,470
  2,569
  2,674
  2,786
  2,903
  3,027
  3,157
  3,295
  3,440
  3,592
  3,753
  3,922
  4,100
  4,287
  4,484
Net income, $m
  2,640
  2,726
  2,823
  2,931
  3,050
  3,180
  3,321
  3,474
  3,638
  3,814
  5,543
  5,743
  5,957
  6,183
  6,423
  6,677
  6,947
  7,231
  7,532
  7,849
  8,183
  8,536
  8,908
  9,300
  9,712
  10,147
  10,604
  11,084
  11,590
  12,122

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
  39,064
  39,963
  40,990
  42,143
  43,421
  44,822
  46,349
  48,001
  49,781
  51,692
  53,736
  55,917
  58,239
  60,707
  63,325
  66,100
  69,038
  72,145
  75,427
  78,893
  82,549
  86,406
  90,471
  94,754
  99,265
  104,014
  109,014
  114,274
  119,808
  125,629
Adjusted assets (=assets-cash), $m
  39,064
  39,963
  40,990
  42,143
  43,421
  44,822
  46,349
  48,001
  49,781
  51,692
  53,736
  55,917
  58,239
  60,707
  63,325
  66,100
  69,038
  72,145
  75,427
  78,893
  82,549
  86,406
  90,471
  94,754
  99,265
  104,014
  109,014
  114,274
  119,808
  125,629
Revenue / Adjusted assets
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
Average production assets, $m
  11,897
  12,170
  12,483
  12,834
  13,223
  13,650
  14,115
  14,619
  15,161
  15,742
  16,365
  17,029
  17,736
  18,488
  19,285
  20,131
  21,025
  21,971
  22,971
  24,026
  25,140
  26,314
  27,552
  28,857
  30,231
  31,677
  33,199
  34,801
  36,487
  38,260
Working capital, $m
  920
  942
  966
  993
  1,023
  1,056
  1,092
  1,131
  1,173
  1,218
  1,266
  1,317
  1,372
  1,430
  1,492
  1,557
  1,627
  1,700
  1,777
  1,859
  1,945
  2,036
  2,131
  2,232
  2,339
  2,451
  2,568
  2,692
  2,823
  2,960
Total debt, $m
  18,251
  19,052
  19,967
  20,994
  22,133
  23,382
  24,742
  26,214
  27,800
  29,503
  31,324
  33,267
  35,336
  37,535
  39,868
  42,341
  44,958
  47,726
  50,650
  53,738
  56,997
  60,433
  64,055
  67,871
  71,890
  76,122
  80,576
  85,263
  90,194
  95,381
Total liabilities, $m
  34,806
  35,607
  36,522
  37,549
  38,688
  39,937
  41,297
  42,769
  44,355
  46,058
  47,879
  49,822
  51,891
  54,090
  56,423
  58,896
  61,513
  64,281
  67,205
  70,293
  73,552
  76,988
  80,610
  84,426
  88,445
  92,677
  97,131
  101,818
  106,749
  111,936
Total equity, $m
  4,258
  4,356
  4,468
  4,594
  4,733
  4,886
  5,052
  5,232
  5,426
  5,634
  5,857
  6,095
  6,348
  6,617
  6,902
  7,205
  7,525
  7,864
  8,222
  8,599
  8,998
  9,418
  9,861
  10,328
  10,820
  11,338
  11,882
  12,456
  13,059
  13,694
Total liabilities and equity, $m
  39,064
  39,963
  40,990
  42,143
  43,421
  44,823
  46,349
  48,001
  49,781
  51,692
  53,736
  55,917
  58,239
  60,707
  63,325
  66,101
  69,038
  72,145
  75,427
  78,892
  82,550
  86,406
  90,471
  94,754
  99,265
  104,015
  109,013
  114,274
  119,808
  125,630
Debt-to-equity ratio
  4.290
  4.370
  4.470
  4.570
  4.680
  4.790
  4.900
  5.010
  5.120
  5.240
  5.350
  5.460
  5.570
  5.670
  5.780
  5.880
  5.970
  6.070
  6.160
  6.250
  6.330
  6.420
  6.500
  6.570
  6.640
  6.710
  6.780
  6.850
  6.910
  6.970
Adjusted equity ratio
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,640
  2,726
  2,823
  2,931
  3,050
  3,180
  3,321
  3,474
  3,638
  3,814
  5,543
  5,743
  5,957
  6,183
  6,423
  6,677
  6,947
  7,231
  7,532
  7,849
  8,183
  8,536
  8,908
  9,300
  9,712
  10,147
  10,604
  11,084
  11,590
  12,122
Depreciation, amort., depletion, $m
  2,689
  2,702
  2,718
  2,735
  2,754
  2,774
  2,797
  2,821
  2,848
  2,876
  794
  827
  861
  897
  936
  977
  1,021
  1,067
  1,115
  1,166
  1,220
  1,277
  1,337
  1,401
  1,468
  1,538
  1,612
  1,689
  1,771
  1,857
Funds from operations, $m
  5,329
  5,429
  5,540
  5,665
  5,803
  5,954
  6,118
  6,295
  6,485
  6,689
  6,337
  6,570
  6,817
  7,080
  7,359
  7,655
  7,967
  8,298
  8,647
  9,015
  9,404
  9,814
  10,246
  10,701
  11,180
  11,684
  12,215
  12,774
  13,362
  13,980
Change in working capital, $m
  18
  21
  24
  27
  30
  33
  36
  39
  42
  45
  48
  51
  55
  58
  62
  65
  69
  73
  77
  82
  86
  91
  96
  101
  106
  112
  118
  124
  130
  137
Cash from operations, $m
  5,311
  5,407
  5,516
  5,638
  5,773
  5,921
  6,082
  6,256
  6,443
  6,644
  6,289
  6,519
  6,763
  7,022
  7,298
  7,589
  7,898
  8,224
  8,569
  8,933
  9,318
  9,723
  10,150
  10,600
  11,073
  11,572
  12,097
  12,650
  13,231
  13,843
Maintenance CAPEX, $m
  -566
  -578
  -591
  -606
  -623
  -642
  -663
  -685
  -710
  -736
  -764
  -794
  -827
  -861
  -897
  -936
  -977
  -1,021
  -1,067
  -1,115
  -1,166
  -1,220
  -1,277
  -1,337
  -1,401
  -1,468
  -1,538
  -1,612
  -1,689
  -1,771
New CAPEX, $m
  -233
  -274
  -313
  -351
  -389
  -427
  -465
  -503
  -542
  -582
  -622
  -664
  -707
  -752
  -798
  -845
  -895
  -946
  -1,000
  -1,055
  -1,114
  -1,174
  -1,238
  -1,304
  -1,374
  -1,446
  -1,522
  -1,602
  -1,685
  -1,773
Cash from investing activities, $m
  -799
  -852
  -904
  -957
  -1,012
  -1,069
  -1,128
  -1,188
  -1,252
  -1,318
  -1,386
  -1,458
  -1,534
  -1,613
  -1,695
  -1,781
  -1,872
  -1,967
  -2,067
  -2,170
  -2,280
  -2,394
  -2,515
  -2,641
  -2,775
  -2,914
  -3,060
  -3,214
  -3,374
  -3,544
Free cash flow, $m
  4,512
  4,556
  4,613
  4,681
  4,761
  4,852
  4,954
  5,067
  5,191
  5,327
  4,903
  5,060
  5,229
  5,410
  5,603
  5,808
  6,026
  6,258
  6,503
  6,763
  7,038
  7,328
  7,634
  7,958
  8,299
  8,658
  9,037
  9,436
  9,856
  10,299
Issuance/(repayment) of debt, $m
  652
  801
  915
  1,027
  1,138
  1,249
  1,360
  1,472
  1,586
  1,702
  1,821
  1,943
  2,069
  2,199
  2,333
  2,473
  2,617
  2,768
  2,925
  3,088
  3,258
  3,436
  3,622
  3,816
  4,019
  4,232
  4,454
  4,687
  4,931
  5,187
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  
  652
  801
  915
  1,027
  1,138
  1,249
  1,360
  1,472
  1,586
  1,702
  1,821
  1,943
  2,069
  2,199
  2,333
  2,473
  2,617
  2,768
  2,925
  3,088
  3,258
  3,436
  3,622
  3,816
  4,019
  4,232
  4,454
  4,687
  4,931
  5,187
Total cash flow (excl. dividends), $m
  5,164
  5,357
  5,528
  5,708
  5,899
  6,101
  6,314
  6,540
  6,778
  7,029
  6,724
  7,003
  7,298
  7,609
  7,936
  8,281
  8,643
  9,026
  9,428
  9,851
  10,296
  10,764
  11,256
  11,774
  12,318
  12,890
  13,491
  14,123
  14,787
  15,485
Retained Cash Flow (-), $m
  -85
  -98
  -112
  -126
  -139
  -153
  -166
  -180
  -194
  -208
  -223
  -238
  -253
  -269
  -285
  -302
  -320
  -339
  -358
  -378
  -399
  -420
  -443
  -467
  -492
  -518
  -545
  -573
  -603
  -635
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
  5,079
  5,259
  5,416
  5,583
  5,760
  5,948
  6,148
  6,360
  6,584
  6,821
  6,501
  6,765
  7,045
  7,340
  7,650
  7,978
  8,323
  8,687
  9,070
  9,473
  9,897
  10,344
  10,813
  11,307
  11,826
  12,373
  12,947
  13,550
  14,184
  14,851
Discount rate, %
  11.10
  11.66
  12.24
  12.85
  13.49
  14.17
  14.88
  15.62
  16.40
  17.22
  18.08
  18.98
  19.93
  20.93
  21.98
  23.08
  24.23
  25.44
  26.71
  28.05
  29.45
  30.92
  32.47
  34.09
  35.80
  37.59
  39.47
  41.44
  43.51
  45.69
PV of cash for distribution, $m
  4,572
  4,218
  3,830
  3,442
  3,059
  2,686
  2,329
  1,992
  1,678
  1,393
  1,045
  840
  663
  513
  389
  288
  208
  147
  101
  67
  44
  28
  17
  10
  6
  3
  2
  1
  0
  0
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

First Data Corporation is a provider of commerce-enabling technology and solutions for merchants, financial institutions and card issuers. The Company's segments are Global Business Solutions (GBS), Global Financial Solutions (GFS), Network & Security Solutions (NSS), and Corporate. The GBS segment provides businesses of all sizes and types with a range of solutions at the point of sale, including merchant acquiring, e-commerce, mobile commerce, point-of-sale, and other business solutions. The GFS segment provides financial institutions, which include bank and non-bank issuers, such as retailers with card portfolios, with a range of solutions that enable them to offer financial products and solutions to their customers. The NSS segment provides a range of network solutions and security, risk and fraud management solutions to business and financial institution clients in its GBS and GFS segments, and to financial institutions, businesses, governments, processors and other clients.

FINANCIAL RATIOS  of  First Data Corporation (FDC)

Valuation Ratios
P/E Ratio 56.6
Price to Sales 2.1
Price to Book 19.5
Price to Tangible Book
Price to Cash Flow 11.3
Price to Free Cash Flow 14.6
Growth Rates
Sales Growth Rate 1.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20.8%
Cap. Spend. - 3 Yr. Gr. Rate 4.7%
Financial Strength
Quick Ratio 1
Current Ratio 0.9
LT Debt to Equity 1486.1%
Total Debt to Equity 1515.5%
Interest Coverage 1
Management Effectiveness
Return On Assets 3.4%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 2.1%
Ret/ On T. Cap. - 3 Yr. Avg. -2.5%
Return On Equity 44.5%
Return On Equity - 3 Yr. Avg. -977.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 40.1%
Gross Margin - 3 Yr. Avg. 39.9%
EBITDA Margin 22.2%
EBITDA Margin - 3 Yr. Avg. 19.3%
Operating Margin 13.2%
Oper. Margin - 3 Yr. Avg. 8.2%
Pre-Tax Margin 4.2%
Pre-Tax Margin - 3 Yr. Avg. -3.9%
Net Profit Margin 3.6%
Net Profit Margin - 3 Yr. Avg. -4.5%
Effective Tax Rate 16.8%
Eff/ Tax Rate - 3 Yr. Avg. -3.6%
Payout Ratio 0%

FDC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FDC stock intrinsic value calculation we used $9498 million for the last fiscal year's total revenue generated by First Data Corporation. The default revenue input number comes from 0001 income statement of First Data Corporation. 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 FDC 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 11.1%, whose default value for FDC is calculated based on our internal credit rating of First Data Corporation, 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 First Data Corporation.
    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 FDC stock the variable cost ratio is equal to 53.3%.

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 FDC 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 First Data Corporation.

Corporate tax rate of 27% is the nominal tax rate for First Data Corporation. 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 FDC 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 FDC are equal to 122.8%.

Life of production assets of 20.6 years is the average useful life of capital assets used in First Data Corporation 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 FDC is equal to 9.5%. 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 - $4173 million for First Data Corporation - 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 937.183 million for First Data Corporation 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 First Data Corporation at the current share price and the inputted number of shares is $24.4 billion.

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