Intrinsic value of First Data Cl A - FDC

Previous Close

$18.27

  Intrinsic Value

$72.65

stock screener

  Rating & Target

str. buy

+298%

Previous close

$18.27

 
Intrinsic value

$72.65

 
Up/down potential

+298%

 
Rating

str. 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 9.0

 

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
  12,293
  12,576
  12,899
  13,262
  13,664
  14,105
  14,585
  15,105
  15,666
  16,267
  16,910
  17,596
  18,327
  19,104
  19,928
  20,801
  21,725
  22,703
  23,736
  24,826
  25,977
  27,191
  28,470
  29,818
  31,237
  32,732
  34,305
  35,961
  37,702
  39,534
Variable operating expenses, $m
  4,628
  4,684
  4,748
  4,820
  4,900
  4,988
  5,084
  5,187
  5,298
  5,418
  3,363
  3,499
  3,645
  3,799
  3,963
  4,137
  4,321
  4,515
  4,721
  4,937
  5,166
  5,408
  5,662
  5,930
  6,212
  6,510
  6,822
  7,152
  7,498
  7,862
Fixed operating expenses, $m
  1,912
  1,954
  1,997
  2,041
  2,086
  2,132
  2,179
  2,227
  2,276
  2,326
  2,377
  2,429
  2,483
  2,537
  2,593
  2,650
  2,709
  2,768
  2,829
  2,891
  2,955
  3,020
  3,086
  3,154
  3,224
  3,295
  3,367
  3,441
  3,517
  3,594
Total operating expenses, $m
  6,540
  6,638
  6,745
  6,861
  6,986
  7,120
  7,263
  7,414
  7,574
  7,744
  5,740
  5,928
  6,128
  6,336
  6,556
  6,787
  7,030
  7,283
  7,550
  7,828
  8,121
  8,428
  8,748
  9,084
  9,436
  9,805
  10,189
  10,593
  11,015
  11,456
Operating income, $m
  5,753
  5,938
  6,154
  6,400
  6,677
  6,985
  7,323
  7,692
  8,091
  8,523
  11,170
  11,667
  12,199
  12,767
  13,371
  14,014
  14,696
  15,420
  16,186
  16,998
  17,856
  18,763
  19,722
  20,734
  21,801
  22,928
  24,116
  25,368
  26,687
  28,077
EBITDA, $m
  8,505
  8,703
  8,934
  9,197
  9,493
  9,821
  10,181
  10,574
  10,999
  11,459
  11,953
  12,482
  13,048
  13,651
  14,294
  14,977
  15,702
  16,471
  17,285
  18,147
  19,059
  20,022
  21,040
  22,114
  23,247
  24,443
  25,704
  27,032
  28,433
  29,908
Interest expense (income), $m
  1,032
  1,037
  990
  1,045
  1,108
  1,178
  1,257
  1,342
  1,436
  1,537
  1,646
  1,763
  1,888
  2,021
  2,163
  2,314
  2,474
  2,644
  2,824
  3,014
  3,215
  3,427
  3,650
  3,886
  4,135
  4,397
  4,673
  4,963
  5,269
  5,591
  5,930
Earnings before tax, $m
  4,716
  4,947
  5,108
  5,292
  5,499
  5,728
  5,981
  6,256
  6,555
  6,877
  9,407
  9,780
  10,178
  10,604
  11,057
  11,540
  12,052
  12,596
  13,172
  13,783
  14,429
  15,113
  15,835
  16,599
  17,404
  18,255
  19,152
  20,098
  21,096
  22,148
Tax expense, $m
  1,273
  1,336
  1,379
  1,429
  1,485
  1,547
  1,615
  1,689
  1,770
  1,857
  2,540
  2,641
  2,748
  2,863
  2,985
  3,116
  3,254
  3,401
  3,557
  3,721
  3,896
  4,080
  4,276
  4,482
  4,699
  4,929
  5,171
  5,427
  5,696
  5,980
Net income, $m
  3,443
  3,612
  3,729
  3,863
  4,014
  4,182
  4,366
  4,567
  4,785
  5,020
  6,867
  7,139
  7,430
  7,741
  8,072
  8,424
  8,798
  9,195
  9,616
  10,062
  10,533
  11,032
  11,560
  12,117
  12,705
  13,326
  13,981
  14,672
  15,400
  16,168

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
  49,172
  50,303
  51,596
  53,047
  54,656
  56,420
  58,342
  60,422
  62,662
  65,067
  67,640
  70,385
  73,308
  76,414
  79,711
  83,204
  86,901
  90,812
  94,943
  99,306
  103,909
  108,763
  113,880
  119,271
  124,950
  130,928
  137,221
  143,842
  150,808
  158,136
Adjusted assets (=assets-cash), $m
  49,172
  50,303
  51,596
  53,047
  54,656
  56,420
  58,342
  60,422
  62,662
  65,067
  67,640
  70,385
  73,308
  76,414
  79,711
  83,204
  86,901
  90,812
  94,943
  99,306
  103,909
  108,763
  113,880
  119,271
  124,950
  130,928
  137,221
  143,842
  150,808
  158,136
Revenue / Adjusted assets
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
Average production assets, $m
  11,666
  11,934
  12,241
  12,585
  12,967
  13,386
  13,842
  14,335
  14,867
  15,437
  16,048
  16,699
  17,392
  18,129
  18,911
  19,740
  20,617
  21,545
  22,525
  23,560
  24,652
  25,804
  27,018
  28,297
  29,644
  31,063
  32,556
  34,127
  35,779
  37,518
Working capital, $m
  873
  893
  916
  942
  970
  1,001
  1,036
  1,072
  1,112
  1,155
  1,201
  1,249
  1,301
  1,356
  1,415
  1,477
  1,543
  1,612
  1,685
  1,763
  1,844
  1,931
  2,021
  2,117
  2,218
  2,324
  2,436
  2,553
  2,677
  2,807
Total debt, $m
  18,336
  19,354
  20,517
  21,824
  23,271
  24,859
  26,588
  28,460
  30,477
  32,641
  34,957
  37,428
  40,058
  42,854
  45,821
  48,964
  52,292
  55,812
  59,530
  63,456
  67,599
  71,968
  76,573
  81,425
  86,536
  91,916
  97,579
  103,539
  109,809
  116,403
Total liabilities, $m
  44,255
  45,273
  46,436
  47,743
  49,190
  50,778
  52,507
  54,379
  56,396
  58,560
  60,876
  63,347
  65,977
  68,773
  71,740
  74,883
  78,211
  81,731
  85,449
  89,375
  93,518
  97,887
  102,492
  107,344
  112,455
  117,835
  123,498
  129,458
  135,728
  142,322
Total equity, $m
  4,917
  5,030
  5,160
  5,305
  5,466
  5,642
  5,834
  6,042
  6,266
  6,507
  6,764
  7,039
  7,331
  7,641
  7,971
  8,320
  8,690
  9,081
  9,494
  9,931
  10,391
  10,876
  11,388
  11,927
  12,495
  13,093
  13,722
  14,384
  15,081
  15,814
Total liabilities and equity, $m
  49,172
  50,303
  51,596
  53,048
  54,656
  56,420
  58,341
  60,421
  62,662
  65,067
  67,640
  70,386
  73,308
  76,414
  79,711
  83,203
  86,901
  90,812
  94,943
  99,306
  103,909
  108,763
  113,880
  119,271
  124,950
  130,928
  137,220
  143,842
  150,809
  158,136
Debt-to-equity ratio
  3.730
  3.850
  3.980
  4.110
  4.260
  4.410
  4.560
  4.710
  4.860
  5.020
  5.170
  5.320
  5.460
  5.610
  5.750
  5.880
  6.020
  6.150
  6.270
  6.390
  6.510
  6.620
  6.720
  6.830
  6.930
  7.020
  7.110
  7.200
  7.280
  7.360
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
  3,443
  3,612
  3,729
  3,863
  4,014
  4,182
  4,366
  4,567
  4,785
  5,020
  6,867
  7,139
  7,430
  7,741
  8,072
  8,424
  8,798
  9,195
  9,616
  10,062
  10,533
  11,032
  11,560
  12,117
  12,705
  13,326
  13,981
  14,672
  15,400
  16,168
Depreciation, amort., depletion, $m
  2,752
  2,765
  2,780
  2,797
  2,815
  2,836
  2,858
  2,882
  2,908
  2,936
  783
  815
  848
  884
  923
  963
  1,006
  1,051
  1,099
  1,149
  1,203
  1,259
  1,318
  1,380
  1,446
  1,515
  1,588
  1,665
  1,745
  1,830
Funds from operations, $m
  6,195
  6,377
  6,509
  6,660
  6,830
  7,018
  7,224
  7,449
  7,693
  7,956
  7,650
  7,954
  8,279
  8,625
  8,994
  9,387
  9,804
  10,246
  10,715
  11,211
  11,736
  12,291
  12,878
  13,497
  14,151
  14,841
  15,569
  16,337
  17,146
  17,998
Change in working capital, $m
  17
  20
  23
  26
  29
  31
  34
  37
  40
  43
  46
  49
  52
  55
  59
  62
  66
  69
  73
  77
  82
  86
  91
  96
  101
  106
  112
  118
  124
  130
Cash from operations, $m
  6,178
  6,357
  6,486
  6,634
  6,801
  6,986
  7,190
  7,412
  7,653
  7,914
  7,604
  7,905
  8,227
  8,570
  8,936
  9,325
  9,738
  10,177
  10,641
  11,134
  11,654
  12,205
  12,787
  13,402
  14,050
  14,735
  15,457
  16,219
  17,022
  17,868
Maintenance CAPEX, $m
  -558
  -569
  -582
  -597
  -614
  -633
  -653
  -675
  -699
  -725
  -753
  -783
  -815
  -848
  -884
  -923
  -963
  -1,006
  -1,051
  -1,099
  -1,149
  -1,203
  -1,259
  -1,318
  -1,380
  -1,446
  -1,515
  -1,588
  -1,665
  -1,745
New CAPEX, $m
  -233
  -268
  -307
  -344
  -382
  -419
  -456
  -493
  -532
  -571
  -610
  -651
  -693
  -737
  -782
  -829
  -877
  -928
  -980
  -1,035
  -1,092
  -1,152
  -1,214
  -1,279
  -1,347
  -1,418
  -1,493
  -1,571
  -1,653
  -1,738
Cash from investing activities, $m
  -791
  -837
  -889
  -941
  -996
  -1,052
  -1,109
  -1,168
  -1,231
  -1,296
  -1,363
  -1,434
  -1,508
  -1,585
  -1,666
  -1,752
  -1,840
  -1,934
  -2,031
  -2,134
  -2,241
  -2,355
  -2,473
  -2,597
  -2,727
  -2,864
  -3,008
  -3,159
  -3,318
  -3,483
Free cash flow, $m
  5,387
  5,519
  5,597
  5,693
  5,806
  5,935
  6,081
  6,243
  6,422
  6,618
  6,241
  6,471
  6,719
  6,985
  7,269
  7,574
  7,898
  8,243
  8,610
  9,000
  9,413
  9,851
  10,314
  10,805
  11,323
  11,871
  12,449
  13,060
  13,704
  14,384
Issuance/(repayment) of debt, $m
  -862
  1,018
  1,164
  1,306
  1,447
  1,588
  1,729
  1,872
  2,017
  2,164
  2,315
  2,471
  2,631
  2,796
  2,967
  3,144
  3,328
  3,519
  3,719
  3,926
  4,143
  4,369
  4,605
  4,852
  5,110
  5,381
  5,663
  5,959
  6,270
  6,595
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  
  -862
  1,018
  1,164
  1,306
  1,447
  1,588
  1,729
  1,872
  2,017
  2,164
  2,315
  2,471
  2,631
  2,796
  2,967
  3,144
  3,328
  3,519
  3,719
  3,926
  4,143
  4,369
  4,605
  4,852
  5,110
  5,381
  5,663
  5,959
  6,270
  6,595
Total cash flow (excl. dividends), $m
  4,525
  6,537
  6,761
  6,999
  7,253
  7,523
  7,810
  8,115
  8,439
  8,782
  8,557
  8,942
  9,349
  9,780
  10,236
  10,717
  11,226
  11,762
  12,329
  12,926
  13,556
  14,220
  14,919
  15,657
  16,433
  17,251
  18,113
  19,019
  19,974
  20,979
Retained Cash Flow (-), $m
  -1,765
  -113
  -129
  -145
  -161
  -176
  -192
  -208
  -224
  -240
  -257
  -275
  -292
  -311
  -330
  -349
  -370
  -391
  -413
  -436
  -460
  -485
  -512
  -539
  -568
  -598
  -629
  -662
  -697
  -733
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
  2,760
  6,424
  6,632
  6,854
  7,092
  7,347
  7,618
  7,907
  8,215
  8,542
  8,299
  8,667
  9,057
  9,470
  9,906
  10,368
  10,856
  11,371
  11,915
  12,490
  13,095
  13,734
  14,408
  15,118
  15,866
  16,653
  17,483
  18,357
  19,277
  20,246
Discount rate, %
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.10
  33.71
  35.40
  37.17
  39.02
  40.97
  43.02
  45.17
  47.43
  49.81
PV of cash for distribution, $m
  2,462
  5,057
  4,555
  4,057
  3,571
  3,104
  2,661
  2,248
  1,870
  1,529
  1,147
  907
  703
  533
  395
  286
  202
  139
  93
  60
  38
  23
  14
  8
  4
  2
  1
  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 Cl A (FDC)

Valuation Ratios
P/E Ratio 39.7
Price to Sales 1.4
Price to Book 13.7
Price to Tangible Book
Price to Cash Flow 7.9
Price to Free Cash Flow 10.2
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 $12052 million for the last fiscal year's total revenue generated by First Data Cl A. The default revenue input number comes from 0001 income statement of First Data Cl A. 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 12.1%, whose default value for FDC is calculated based on our internal credit rating of First Data Cl A, 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 Cl A.
    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 38%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1871 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 Cl A.

Corporate tax rate of 27% is the nominal tax rate for First Data Cl A. 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 94.9%.

Life of production assets of 20.5 years is the average useful life of capital assets used in First Data Cl A 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 7.1%. 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 - $3152 million for First Data Cl A - 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 491 million for First Data Cl A 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 Cl A at the current share price and the inputted number of shares is $9.0 billion.

RELATED COMPANIES Price Int.Val. Rating
V VISA Cl A 141.84 142.64  hold
MA Mastercard 200.71 227.59  hold
PYPL PayPal Holding 86.74 104.10  hold
NCR NCR 26.08 59.94  str.buy
FIS Fidelity Natio 106.82 71.41  sell
TSS Total System S 89.28 48.69  sell
GPN Global Payment 109.42 65.07  sell

COMPANY NEWS

▶ 3 Big Takeaways From First Data's Third Quarter   [Nov-07-18 08:18AM  Motley Fool]
▶ Red Hat, GM and US Bancorp jump while First Data skids   [Oct-29-18 05:09PM  Associated Press]
▶ Why First Data Stock Got Crushed Today   [12:33PM  Motley Fool]
▶ First Data: 3Q Earnings Snapshot   [07:14AM  Associated Press]
▶ First Data Announces New $6 Billion Credit Facility   [Oct-26-18 02:21PM  Business Wire]
▶ Your first trade for Wednesday, October 24   [Oct-24-18 09:10AM  CNBC]
▶ Final Trades: FDC, INTC & more   [Oct-23-18 06:16PM  CNBC Videos]
▶ See who came out to celebrate Women Who Mean Business (Photos)   [10:32AM  American City Business Journals]
▶ The 10 highest-paid CEOs at US public companies   [Oct-12-18 11:29AM  Quartz]
▶ First Data to Release Third Quarter 2018 Financial Results   [Sep-26-18 04:30PM  Business Wire]
▶ Former First Data exec takes reins at metro Atlanta-based tech company   [Sep-20-18 02:31PM  American City Business Journals]
▶ First Data Ships 1 Millionth Clover Device   [Sep-17-18 11:45AM  Business Wire]
▶ NWQ Investment Management's 2nd Quarter Shareholder Letter   [Aug-29-18 07:06PM  GuruFocus.com]
▶ San Mateo fintech Tipalti doubling its workforce again   [Aug-21-18 04:08PM  American City Business Journals]
▶ [$$] KKR to Sell Up to 73.6 Million First Data Shares   [11:21AM  The Wall Street Journal]
▶ The Most Important Takeaway From First Data's Quarter   [Aug-10-18 09:16AM  Motley Fool]
▶ First Data Calls Profit Fivefold on Earnings   [Aug-07-18 03:14PM  TheStreet.com]
▶ ParkMobile taps former First Data Corp. exec as new CTO   [Jul-31-18 12:34PM  American City Business Journals]
▶ Company News For Jul 31, 2018   [09:14AM  Zacks]
▶ US Foods, CBS fall; First Data, Chevron rise   [Jul-30-18 04:37PM  Associated Press]
▶ First Data to Release Second Quarter 2018 Financial Results   [Jun-27-18 06:50AM  Business Wire]
▶ Traders bet on this tech name   [Jun-20-18 02:46PM  CNBC Videos]

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