Intrinsic value of FactSet Research Systems - FDS

Previous Close

$204.87

  Intrinsic Value

$311.40

stock screener

  Rating & Target

str. buy

+52%

Previous close

$204.87

 
Intrinsic value

$311.40

 
Up/down potential

+52%

 
Rating

str. buy

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

We calculate the intrinsic value of FDS 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 8.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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, %
  8.34
  13.90
  13.01
  12.21
  11.49
  10.84
  10.26
  9.73
  9.26
  8.83
  8.45
  8.10
  7.79
  7.51
  7.26
  7.04
  6.83
  6.65
  6.48
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
Revenue, $m
  1,221
  1,391
  1,572
  1,764
  1,966
  2,179
  2,403
  2,637
  2,881
  3,135
  3,400
  3,675
  3,962
  4,259
  4,569
  4,890
  5,224
  5,572
  5,933
  6,309
  6,700
  7,108
  7,532
  7,975
  8,437
  8,918
  9,421
  9,946
  10,495
  11,069
  11,669
Variable operating expenses, $m
 
  811
  907
  1,009
  1,117
  1,230
  1,349
  1,473
  1,603
  1,739
  1,880
  1,955
  2,108
  2,266
  2,431
  2,602
  2,779
  2,964
  3,156
  3,356
  3,565
  3,781
  4,007
  4,243
  4,488
  4,745
  5,012
  5,292
  5,584
  5,889
  6,208
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
  870
  811
  907
  1,009
  1,117
  1,230
  1,349
  1,473
  1,603
  1,739
  1,880
  1,955
  2,108
  2,266
  2,431
  2,602
  2,779
  2,964
  3,156
  3,356
  3,565
  3,781
  4,007
  4,243
  4,488
  4,745
  5,012
  5,292
  5,584
  5,889
  6,208
Operating income, $m
  351
  580
  665
  755
  849
  949
  1,054
  1,163
  1,277
  1,396
  1,520
  1,720
  1,854
  1,993
  2,138
  2,289
  2,445
  2,607
  2,777
  2,952
  3,136
  3,326
  3,525
  3,732
  3,948
  4,174
  4,409
  4,655
  4,912
  5,180
  5,461
EBITDA, $m
  399
  664
  750
  841
  938
  1,040
  1,146
  1,258
  1,374
  1,496
  1,622
  1,753
  1,890
  2,032
  2,180
  2,333
  2,493
  2,658
  2,831
  3,010
  3,197
  3,391
  3,594
  3,805
  4,025
  4,255
  4,495
  4,745
  5,007
  5,281
  5,567
Interest expense (income), $m
  0
  20
  24
  29
  33
  38
  44
  49
  55
  61
  67
  73
  80
  87
  94
  102
  110
  118
  126
  135
  144
  154
  164
  174
  185
  196
  208
  220
  233
  247
  261
Earnings before tax, $m
  344
  560
  640
  726
  816
  911
  1,010
  1,114
  1,223
  1,336
  1,453
  1,647
  1,774
  1,906
  2,044
  2,187
  2,335
  2,490
  2,650
  2,817
  2,991
  3,172
  3,361
  3,558
  3,763
  3,977
  4,201
  4,434
  4,678
  4,933
  5,200
Tax expense, $m
  86
  151
  173
  196
  220
  246
  273
  301
  330
  361
  392
  445
  479
  515
  552
  590
  630
  672
  716
  761
  808
  857
  907
  961
  1,016
  1,074
  1,134
  1,197
  1,263
  1,332
  1,404
Net income, $m
  258
  409
  468
  530
  596
  665
  737
  813
  892
  975
  1,061
  1,202
  1,295
  1,392
  1,492
  1,596
  1,705
  1,817
  1,935
  2,057
  2,184
  2,316
  2,454
  2,597
  2,747
  2,903
  3,067
  3,237
  3,415
  3,601
  3,796

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  227
  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
  1,413
  1,350
  1,526
  1,712
  1,909
  2,116
  2,333
  2,560
  2,797
  3,044
  3,301
  3,568
  3,846
  4,135
  4,436
  4,748
  5,072
  5,409
  5,760
  6,125
  6,505
  6,901
  7,313
  7,743
  8,191
  8,658
  9,147
  9,657
  10,189
  10,746
  11,329
Adjusted assets (=assets-cash), $m
  1,186
  1,350
  1,526
  1,712
  1,909
  2,116
  2,333
  2,560
  2,797
  3,044
  3,301
  3,568
  3,846
  4,135
  4,436
  4,748
  5,072
  5,409
  5,760
  6,125
  6,505
  6,901
  7,313
  7,743
  8,191
  8,658
  9,147
  9,657
  10,189
  10,746
  11,329
Revenue / Adjusted assets
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
Average production assets, $m
  176
  200
  226
  254
  283
  314
  346
  380
  415
  451
  490
  529
  570
  613
  658
  704
  752
  802
  854
  908
  965
  1,023
  1,085
  1,148
  1,215
  1,284
  1,357
  1,432
  1,511
  1,594
  1,680
Working capital, $m
  208
  -22
  -25
  -28
  -31
  -35
  -38
  -42
  -46
  -50
  -54
  -59
  -63
  -68
  -73
  -78
  -84
  -89
  -95
  -101
  -107
  -114
  -121
  -128
  -135
  -143
  -151
  -159
  -168
  -177
  -187
Total debt, $m
  575
  693
  819
  953
  1,094
  1,243
  1,399
  1,562
  1,733
  1,910
  2,095
  2,288
  2,488
  2,695
  2,911
  3,136
  3,369
  3,611
  3,864
  4,126
  4,399
  4,684
  4,980
  5,289
  5,611
  5,947
  6,298
  6,665
  7,048
  7,449
  7,867
Total liabilities, $m
  854
  971
  1,097
  1,231
  1,372
  1,521
  1,677
  1,840
  2,011
  2,188
  2,373
  2,566
  2,766
  2,973
  3,189
  3,414
  3,647
  3,889
  4,142
  4,404
  4,677
  4,962
  5,258
  5,567
  5,889
  6,225
  6,576
  6,943
  7,326
  7,727
  8,145
Total equity, $m
  560
  379
  429
  481
  536
  595
  656
  719
  786
  855
  928
  1,003
  1,081
  1,162
  1,246
  1,334
  1,425
  1,520
  1,619
  1,721
  1,828
  1,939
  2,055
  2,176
  2,302
  2,433
  2,570
  2,714
  2,863
  3,020
  3,183
Total liabilities and equity, $m
  1,414
  1,350
  1,526
  1,712
  1,908
  2,116
  2,333
  2,559
  2,797
  3,043
  3,301
  3,569
  3,847
  4,135
  4,435
  4,748
  5,072
  5,409
  5,761
  6,125
  6,505
  6,901
  7,313
  7,743
  8,191
  8,658
  9,146
  9,657
  10,189
  10,747
  11,328
Debt-to-equity ratio
  1.027
  1.830
  1.910
  1.980
  2.040
  2.090
  2.130
  2.170
  2.200
  2.230
  2.260
  2.280
  2.300
  2.320
  2.340
  2.350
  2.360
  2.380
  2.390
  2.400
  2.410
  2.420
  2.420
  2.430
  2.440
  2.440
  2.450
  2.460
  2.460
  2.470
  2.470
Adjusted equity ratio
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  258
  409
  468
  530
  596
  665
  737
  813
  892
  975
  1,061
  1,202
  1,295
  1,392
  1,492
  1,596
  1,705
  1,817
  1,935
  2,057
  2,184
  2,316
  2,454
  2,597
  2,747
  2,903
  3,067
  3,237
  3,415
  3,601
  3,796
Depreciation, amort., depletion, $m
  48
  83
  85
  87
  89
  91
  93
  95
  97
  99
  102
  33
  36
  39
  42
  45
  48
  51
  54
  57
  61
  65
  69
  73
  77
  81
  86
  91
  96
  101
  106
Funds from operations, $m
  305
  492
  553
  617
  684
  756
  830
  908
  990
  1,074
  1,163
  1,236
  1,331
  1,430
  1,534
  1,641
  1,752
  1,868
  1,989
  2,114
  2,245
  2,381
  2,522
  2,670
  2,824
  2,985
  3,152
  3,328
  3,511
  3,702
  3,902
Change in working capital, $m
  -16
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
Cash from operations, $m
  321
  495
  556
  620
  688
  759
  834
  912
  993
  1,078
  1,167
  1,240
  1,336
  1,435
  1,539
  1,646
  1,758
  1,874
  1,994
  2,120
  2,251
  2,387
  2,529
  2,677
  2,831
  2,992
  3,160
  3,336
  3,520
  3,711
  3,912
Maintenance CAPEX, $m
  0
  -11
  -13
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -29
  -31
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -54
  -57
  -61
  -65
  -69
  -73
  -77
  -81
  -86
  -91
  -96
  -101
New CAPEX, $m
  -37
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -76
  -79
  -83
  -86
Cash from investing activities, $m
  -347
  -36
  -39
  -42
  -45
  -49
  -52
  -56
  -59
  -63
  -67
  -71
  -74
  -79
  -84
  -88
  -93
  -98
  -103
  -108
  -113
  -120
  -126
  -133
  -139
  -146
  -153
  -162
  -170
  -179
  -187
Free cash flow, $m
  -26
  459
  517
  578
  642
  710
  782
  856
  934
  1,016
  1,100
  1,169
  1,261
  1,356
  1,455
  1,558
  1,665
  1,776
  1,892
  2,012
  2,137
  2,267
  2,403
  2,545
  2,692
  2,846
  3,007
  3,175
  3,350
  3,533
  3,725
Issuance/(repayment) of debt, $m
  275
  118
  126
  134
  141
  149
  156
  163
  170
  178
  185
  192
  200
  208
  216
  224
  233
  242
  252
  262
  273
  284
  296
  309
  322
  336
  351
  367
  383
  400
  419
Issuance/(repurchase) of shares, $m
  -211
  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  
  73
  118
  126
  134
  141
  149
  156
  163
  170
  178
  185
  192
  200
  208
  216
  224
  233
  242
  252
  262
  273
  284
  296
  309
  322
  336
  351
  367
  383
  400
  419
Total cash flow (excl. dividends), $m
  47
  577
  643
  712
  784
  859
  938
  1,019
  1,105
  1,193
  1,285
  1,362
  1,461
  1,564
  1,671
  1,782
  1,898
  2,019
  2,144
  2,274
  2,410
  2,552
  2,699
  2,854
  3,014
  3,182
  3,358
  3,541
  3,733
  3,934
  4,143
Retained Cash Flow (-), $m
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -131
  -137
  -143
  -150
  -156
  -164
Prev. year cash balance distribution, $m
 
  227
  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
 
  757
  594
  659
  729
  801
  877
  956
  1,038
  1,124
  1,213
  1,286
  1,383
  1,483
  1,587
  1,695
  1,807
  1,924
  2,045
  2,172
  2,303
  2,441
  2,584
  2,733
  2,888
  3,051
  3,221
  3,398
  3,583
  3,777
  3,980
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
 
  726
  544
  574
  600
  621
  636
  646
  649
  646
  636
  611
  590
  564
  533
  498
  459
  419
  377
  334
  293
  252
  214
  179
  147
  119
  94
  73
  55
  41
  30
Current shareholders' claim on cash, %
  100
  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

Factset Research Systems Inc. is engaged in providing integrated financial information and big data analytical applications for the global investment community. The Company's segments include the U.S., Europe and Asia Pacific. The U.S. segment services finance professionals, including financial institutions throughout the Americas. The European segment maintains offices in France, Germany, Italy, Ireland, Latvia, Luxembourg, the Netherlands, Spain, South Africa, Sweden and Dubai. The Asia Pacific segment maintains office locations in Australia, Hong Kong, Singapore and Mumbai, India. The Company delivers insight and information to investment professionals through its analytics, service, content, and technology. Its offerings include a complete services solution focused on verifying, cleaning and loading portfolio data across asset classes, and an execution management system. The Company offers third-party content through desktop, wireless and off-platform solutions.

FINANCIAL RATIOS  of  FactSet Research Systems (FDS)

Valuation Ratios
P/E Ratio 31.1
Price to Sales 6.6
Price to Book 14.3
Price to Tangible Book
Price to Cash Flow 25
Price to Free Cash Flow 28.3
Growth Rates
Sales Growth Rate 8.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -22.9%
Cap. Spend. - 3 Yr. Gr. Rate 15.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 102.7%
Total Debt to Equity 102.7%
Interest Coverage 0
Management Effectiveness
Return On Assets 21.2%
Ret/ On Assets - 3 Yr. Avg. 31.4%
Return On Total Capital 26.4%
Ret/ On T. Cap. - 3 Yr. Avg. 40%
Return On Equity 47.9%
Return On Equity - 3 Yr. Avg. 52.9%
Asset Turnover 1
Profitability Ratios
Gross Margin 53.6%
Gross Margin - 3 Yr. Avg. 56.7%
EBITDA Margin 32.1%
EBITDA Margin - 3 Yr. Avg. 37.5%
Operating Margin 28.7%
Oper. Margin - 3 Yr. Avg. 34.2%
Pre-Tax Margin 28.2%
Pre-Tax Margin - 3 Yr. Avg. 34.1%
Net Profit Margin 21.1%
Net Profit Margin - 3 Yr. Avg. 25%
Effective Tax Rate 25%
Eff/ Tax Rate - 3 Yr. Avg. 26.4%
Payout Ratio 31.4%

FDS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FDS stock intrinsic value calculation we used $1221 million for the last fiscal year's total revenue generated by FactSet Research Systems. The default revenue input number comes from 2017 income statement of FactSet Research 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 FDS stock valuation model: a) initial revenue growth rate of 13.9% 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 FDS is calculated based on our internal credit rating of FactSet Research 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 FactSet Research 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 FDS stock the variable cost ratio is equal to 59%.

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 FDS 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 3.5% for FactSet Research Systems.

Corporate tax rate of 27% is the nominal tax rate for FactSet Research 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 FDS 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 FDS are equal to 14.4%.

Life of production assets of 15.8 years is the average useful life of capital assets used in FactSet Research 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 FDS is equal to -1.6%. 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 - $560 million for FactSet Research 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 39.244 million for FactSet Research 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 FactSet Research Systems at the current share price and the inputted number of shares is $8.0 billion.

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COMPANY NEWS

▶ Nominations Open For 2017 ETF.com Awards   [Dec-04-17 01:30PM  ETF.com]
▶ FactSet Schedules First Quarter 2018 Earnings Call   [Nov-21-17 09:00AM  GlobeNewswire]
▶ FactSet Announces Chief Technology and Product Officer   [Nov-14-17 07:00AM  GlobeNewswire]
▶ FactSet Declares Dividend   [Nov-08-17 09:00AM  GlobeNewswire]
▶ FactSet Schedules Fourth Quarter 2017 Earnings Call   [Aug-29-17 09:00AM  GlobeNewswire]
▶ FactSet Declares Dividend   [Aug-11-17 09:00AM  GlobeNewswire]
▶ FactSet Sweeps Up Industry Awards in 2017   [Jul-25-17 07:57AM  GlobeNewswire]
▶ Company News for June 28, 2017   [Jun-28-17 09:40AM  Zacks]
▶ Integrating Acquisitions Pushes FactSet Forward   [Jun-27-17 09:04AM  Motley Fool]
▶ 3 Stocks to Watch in the Second Quarter   [07:51AM  Motley Fool]
▶ 5 Top Stocks for June   [Jun-07-17 08:45AM  Motley Fool]
▶ FactSet Schedules Third Quarter 2017 Earnings Call   [May-30-17 12:14PM  GlobeNewswire]
▶ If You're in Your 60s, Consider Buying These 3 Stocks   [May-25-17 02:44PM  Motley Fool]
▶ FactSet Increases Dividend by 12%   [May-08-17 04:05PM  GlobeNewswire]
▶ Here's How to Find the Best Dividend Stocks   [Apr-30-17 10:12AM  Motley Fool]
▶ Baron Asset Fund Comments on FactSet   [Apr-13-17 06:36PM  GuruFocus.com]
▶ 3 Stocks Warren Buffett Can't Buy, but You Can   [Apr-10-17 07:24PM  Motley Fool]
▶ Informa Global Markets Forms Alliance with FactSet   [Apr-06-17 08:38AM  PR Newswire]
▶ [$$] Canaccord Likes Spiffed-Up Darden Restaurants   [Apr-01-17 12:29AM  Barrons.com]
▶ Bullish Markets Lift FactSet's Business   [09:39AM  Motley Fool]
▶ FactSet beats 2Q profit forecasts   [07:10AM  Associated Press]
▶ Is FactSet Research Carrying Too Much Goodwill on its Books?   [Mar-27-17 08:07AM  at Motley Fool]
▶ Taking the Mystery Out of Goodwill   [Mar-25-17 06:03PM  at Motley Fool]
▶ What You Need to Know About This $300 Billion Industry   [Mar-23-17 03:45PM  at Motley Fool]
▶ 3 Stocks I'm Never Selling   [07:35AM  at Motley Fool]
▶ FactSet Schedules Second Quarter 2017 Earnings Call   [Feb-28-17 09:00AM  GlobeNewswire]
▶ FactSet Declares Dividend   [Feb-06-17 07:00AM  GlobeNewswire]
▶ The 10 cheapest, fastest-growing and most beloved Dow stocks   [Feb-02-17 11:21AM  at MarketWatch]
▶ Starbucks shares fall after same-store sales miss   [Jan-26-17 04:18PM  at MarketWatch]
Financial statements of FDS
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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