Intrinsic value of Fidelity National Information Services - FIS

Previous Close

$107.70

  Intrinsic Value

$58.64

stock screener

  Rating & Target

sell

-46%

Previous close

$107.70

 
Intrinsic value

$58.64

 
Up/down potential

-46%

 
Rating

sell

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

We calculate the intrinsic value of FIS 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 35.5

 

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
  9,305
  9,519
  9,764
  10,039
  10,343
  10,677
  11,041
  11,434
  11,858
  12,313
  12,800
  13,320
  13,873
  14,461
  15,085
  15,746
  16,445
  17,185
  17,967
  18,793
  19,664
  20,583
  21,551
  22,571
  23,646
  24,777
  25,968
  27,221
  28,539
  29,926
Variable operating expenses, $m
  7,955
  8,093
  8,251
  8,429
  8,625
  8,841
  9,076
  9,330
  9,604
  9,899
  8,272
  8,608
  8,966
  9,346
  9,749
  10,176
  10,628
  11,106
  11,612
  12,145
  12,708
  13,302
  13,928
  14,587
  15,281
  16,013
  16,782
  17,592
  18,444
  19,340
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
  7,955
  8,093
  8,251
  8,429
  8,625
  8,841
  9,076
  9,330
  9,604
  9,899
  8,272
  8,608
  8,966
  9,346
  9,749
  10,176
  10,628
  11,106
  11,612
  12,145
  12,708
  13,302
  13,928
  14,587
  15,281
  16,013
  16,782
  17,592
  18,444
  19,340
Operating income, $m
  1,351
  1,427
  1,513
  1,610
  1,718
  1,836
  1,965
  2,104
  2,254
  2,415
  4,528
  4,712
  4,907
  5,115
  5,336
  5,570
  5,817
  6,079
  6,356
  6,648
  6,956
  7,281
  7,623
  7,984
  8,364
  8,765
  9,186
  9,629
  10,095
  10,586
EBITDA, $m
  5,387
  5,511
  5,653
  5,812
  5,988
  6,181
  6,392
  6,620
  6,865
  7,129
  7,411
  7,711
  8,032
  8,372
  8,733
  9,116
  9,521
  9,949
  10,402
  10,880
  11,384
  11,916
  12,477
  13,067
  13,689
  14,344
  15,034
  15,759
  16,522
  17,325
Interest expense (income), $m
  351
  473
  488
  505
  525
  548
  572
  599
  629
  661
  695
  732
  771
  813
  858
  906
  956
  1,010
  1,066
  1,126
  1,190
  1,257
  1,327
  1,402
  1,480
  1,563
  1,650
  1,741
  1,838
  1,939
  2,046
Earnings before tax, $m
  878
  938
  1,008
  1,085
  1,170
  1,264
  1,365
  1,475
  1,593
  1,720
  3,796
  3,941
  4,094
  4,257
  4,430
  4,614
  4,808
  5,013
  5,229
  5,458
  5,699
  5,954
  6,222
  6,504
  6,802
  7,115
  7,445
  7,791
  8,156
  8,540
Tax expense, $m
  237
  253
  272
  293
  316
  341
  369
  398
  430
  464
  1,025
  1,064
  1,105
  1,149
  1,196
  1,246
  1,298
  1,353
  1,412
  1,474
  1,539
  1,607
  1,680
  1,756
  1,836
  1,921
  2,010
  2,104
  2,202
  2,306
Net income, $m
  641
  685
  736
  792
  854
  923
  997
  1,077
  1,163
  1,256
  2,771
  2,877
  2,989
  3,108
  3,234
  3,368
  3,510
  3,659
  3,817
  3,984
  4,160
  4,346
  4,542
  4,748
  4,965
  5,194
  5,434
  5,688
  5,954
  6,234

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
  25,015
  25,590
  26,248
  26,986
  27,804
  28,702
  29,679
  30,737
  31,877
  33,101
  34,410
  35,806
  37,293
  38,873
  40,550
  42,327
  44,208
  46,197
  48,299
  50,519
  52,860
  55,330
  57,933
  60,675
  63,564
  66,605
  69,806
  73,175
  76,719
  80,446
Adjusted assets (=assets-cash), $m
  25,015
  25,590
  26,248
  26,986
  27,804
  28,702
  29,679
  30,737
  31,877
  33,101
  34,410
  35,806
  37,293
  38,873
  40,550
  42,327
  44,208
  46,197
  48,299
  50,519
  52,860
  55,330
  57,933
  60,675
  63,564
  66,605
  69,806
  73,175
  76,719
  80,446
Revenue / Adjusted assets
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
Average production assets, $m
  20,956
  21,438
  21,989
  22,607
  23,293
  24,045
  24,864
  25,750
  26,705
  27,730
  28,826
  29,996
  31,242
  32,566
  33,971
  35,459
  37,035
  38,702
  40,462
  42,322
  44,283
  46,352
  48,533
  50,830
  53,250
  55,798
  58,480
  61,302
  64,271
  67,393
Working capital, $m
  -2,233
  -2,285
  -2,343
  -2,409
  -2,482
  -2,562
  -2,650
  -2,744
  -2,846
  -2,955
  -3,072
  -3,197
  -3,330
  -3,471
  -3,620
  -3,779
  -3,947
  -4,125
  -4,312
  -4,510
  -4,719
  -4,940
  -5,172
  -5,417
  -5,675
  -5,947
  -6,232
  -6,533
  -6,849
  -7,182
Total debt, $m
  9,039
  9,360
  9,727
  10,139
  10,596
  11,097
  11,642
  12,232
  12,869
  13,551
  14,282
  15,061
  15,890
  16,772
  17,708
  18,700
  19,749
  20,859
  22,032
  23,270
  24,577
  25,955
  27,407
  28,938
  30,550
  32,247
  34,033
  35,913
  37,890
  39,970
Total liabilities, $m
  13,958
  14,279
  14,646
  15,058
  15,515
  16,016
  16,561
  17,151
  17,788
  18,470
  19,201
  19,980
  20,809
  21,691
  22,627
  23,619
  24,668
  25,778
  26,951
  28,189
  29,496
  30,874
  32,326
  33,857
  35,469
  37,166
  38,952
  40,832
  42,809
  44,889
Total equity, $m
  11,056
  11,311
  11,601
  11,928
  12,289
  12,686
  13,118
  13,586
  14,090
  14,631
  15,209
  15,826
  16,483
  17,182
  17,923
  18,709
  19,540
  20,419
  21,348
  22,329
  23,364
  24,456
  25,606
  26,818
  28,095
  29,439
  30,854
  32,343
  33,910
  35,557
Total liabilities and equity, $m
  25,014
  25,590
  26,247
  26,986
  27,804
  28,702
  29,679
  30,737
  31,878
  33,101
  34,410
  35,806
  37,292
  38,873
  40,550
  42,328
  44,208
  46,197
  48,299
  50,518
  52,860
  55,330
  57,932
  60,675
  63,564
  66,605
  69,806
  73,175
  76,719
  80,446
Debt-to-equity ratio
  0.820
  0.830
  0.840
  0.850
  0.860
  0.870
  0.890
  0.900
  0.910
  0.930
  0.940
  0.950
  0.960
  0.980
  0.990
  1.000
  1.010
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
  1.090
  1.100
  1.100
  1.110
  1.120
  1.120
Adjusted equity ratio
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  641
  685
  736
  792
  854
  923
  997
  1,077
  1,163
  1,256
  2,771
  2,877
  2,989
  3,108
  3,234
  3,368
  3,510
  3,659
  3,817
  3,984
  4,160
  4,346
  4,542
  4,748
  4,965
  5,194
  5,434
  5,688
  5,954
  6,234
Depreciation, amort., depletion, $m
  4,036
  4,085
  4,140
  4,202
  4,270
  4,345
  4,427
  4,516
  4,611
  4,714
  2,883
  3,000
  3,124
  3,257
  3,397
  3,546
  3,704
  3,870
  4,046
  4,232
  4,428
  4,635
  4,853
  5,083
  5,325
  5,580
  5,848
  6,130
  6,427
  6,739
Funds from operations, $m
  4,677
  4,770
  4,875
  4,994
  5,124
  5,268
  5,424
  5,593
  5,774
  5,969
  5,654
  5,876
  6,113
  6,364
  6,631
  6,914
  7,213
  7,529
  7,864
  8,217
  8,589
  8,981
  9,395
  9,831
  10,290
  10,774
  11,282
  11,818
  12,381
  12,973
Change in working capital, $m
  -44
  -51
  -59
  -66
  -73
  -80
  -87
  -94
  -102
  -109
  -117
  -125
  -133
  -141
  -150
  -159
  -168
  -178
  -188
  -198
  -209
  -220
  -232
  -245
  -258
  -272
  -286
  -301
  -316
  -333
Cash from operations, $m
  4,721
  4,821
  4,934
  5,060
  5,198
  5,348
  5,511
  5,687
  5,876
  6,079
  5,771
  6,001
  6,246
  6,505
  6,781
  7,073
  7,381
  7,707
  8,051
  8,415
  8,798
  9,202
  9,628
  10,076
  10,548
  11,045
  11,568
  12,119
  12,697
  13,306
Maintenance CAPEX, $m
  -2,055
  -2,096
  -2,144
  -2,199
  -2,261
  -2,329
  -2,404
  -2,486
  -2,575
  -2,671
  -2,773
  -2,883
  -3,000
  -3,124
  -3,257
  -3,397
  -3,546
  -3,704
  -3,870
  -4,046
  -4,232
  -4,428
  -4,635
  -4,853
  -5,083
  -5,325
  -5,580
  -5,848
  -6,130
  -6,427
New CAPEX, $m
  -409
  -482
  -551
  -619
  -685
  -752
  -819
  -886
  -955
  -1,025
  -1,096
  -1,170
  -1,246
  -1,324
  -1,405
  -1,489
  -1,576
  -1,666
  -1,761
  -1,859
  -1,962
  -2,069
  -2,181
  -2,298
  -2,420
  -2,548
  -2,682
  -2,822
  -2,969
  -3,123
Cash from investing activities, $m
  -2,464
  -2,578
  -2,695
  -2,818
  -2,946
  -3,081
  -3,223
  -3,372
  -3,530
  -3,696
  -3,869
  -4,053
  -4,246
  -4,448
  -4,662
  -4,886
  -5,122
  -5,370
  -5,631
  -5,905
  -6,194
  -6,497
  -6,816
  -7,151
  -7,503
  -7,873
  -8,262
  -8,670
  -9,099
  -9,550
Free cash flow, $m
  2,257
  2,243
  2,239
  2,242
  2,251
  2,267
  2,288
  2,314
  2,346
  2,383
  1,901
  1,948
  2,000
  2,057
  2,120
  2,187
  2,259
  2,337
  2,420
  2,509
  2,604
  2,705
  2,812
  2,925
  3,045
  3,172
  3,307
  3,449
  3,598
  3,756
Issuance/(repayment) of debt, $m
  276
  321
  367
  412
  457
  501
  545
  590
  636
  683
  730
  779
  830
  882
  936
  992
  1,050
  1,110
  1,173
  1,238
  1,307
  1,378
  1,452
  1,530
  1,612
  1,697
  1,786
  1,880
  1,977
  2,080
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  
  276
  321
  367
  412
  457
  501
  545
  590
  636
  683
  730
  779
  830
  882
  936
  992
  1,050
  1,110
  1,173
  1,238
  1,307
  1,378
  1,452
  1,530
  1,612
  1,697
  1,786
  1,880
  1,977
  2,080
Total cash flow (excl. dividends), $m
  2,533
  2,565
  2,606
  2,654
  2,708
  2,768
  2,833
  2,905
  2,982
  3,066
  2,632
  2,728
  2,830
  2,939
  3,055
  3,178
  3,309
  3,447
  3,593
  3,748
  3,911
  4,083
  4,264
  4,456
  4,657
  4,869
  5,093
  5,328
  5,576
  5,836
Retained Cash Flow (-), $m
  -221
  -254
  -291
  -326
  -362
  -397
  -432
  -468
  -504
  -541
  -578
  -617
  -657
  -698
  -741
  -785
  -831
  -879
  -929
  -981
  -1,035
  -1,092
  -1,151
  -1,212
  -1,277
  -1,344
  -1,415
  -1,489
  -1,566
  -1,648
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
  109
  112
  114
  117
  120
  124
  128
  132
  137
  142
  148
  154
  160
  166
  174
  181
  189
  197
  206
  216
  226
  236
  247
  259
  271
  284
  297
  312
  327
  342
Cash available for distribution, $m
  2,312
  2,310
  2,316
  2,328
  2,346
  2,371
  2,401
  2,437
  2,479
  2,525
  2,053
  2,110
  2,173
  2,241
  2,314
  2,393
  2,477
  2,568
  2,664
  2,767
  2,876
  2,991
  3,114
  3,243
  3,380
  3,525
  3,678
  3,839
  4,010
  4,189
Discount rate, %
  6.60
  6.93
  7.28
  7.64
  8.02
  8.42
  8.84
  9.29
  9.75
  10.24
  10.75
  11.29
  11.85
  12.45
  13.07
  13.72
  14.41
  15.13
  15.88
  16.68
  17.51
  18.39
  19.31
  20.27
  21.29
  22.35
  23.47
  24.64
  25.87
  27.17
PV of cash for distribution, $m
  2,169
  2,020
  1,876
  1,734
  1,595
  1,459
  1,327
  1,198
  1,073
  953
  668
  585
  507
  434
  367
  306
  251
  203
  162
  127
  97
  73
  54
  39
  27
  19
  12
  8
  5
  3
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

Fidelity National Information Services, Inc. (FIS) is a financial services technology company. The Company operates through three segments: Integrated Financial Solutions (IFS), Global Financial Solutions (GFS), and Corporate and Other. The IFS segment is focused on serving the North American regional and community bank and savings institutions market for transaction and account processing, payment solutions, channel solutions, digital channels, risk and compliance solutions, and services. The GFS segment is focused on serving the financial institutions and/or international financial institutions with a range of capital markets and asset management and insurance solutions, as well as banking and payments solutions and consulting and transformation services. Its business solutions in Corporate and Other segment include Public Sector and Education, Global Commercial Services and Retail Check Processing.

FINANCIAL RATIOS  of  Fidelity National Information Services (FIS)

Valuation Ratios
P/E Ratio 62.2
Price to Sales 3.8
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 18.4
Price to Free Cash Flow 27
Growth Rates
Sales Growth Rate 40.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 48.4%
Cap. Spend. - 3 Yr. Gr. Rate 12.9%
Financial Strength
Quick Ratio 4
Current Ratio 0.3
LT Debt to Equity 104.2%
Total Debt to Equity 107.6%
Interest Coverage 4
Management Effectiveness
Return On Assets 3%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 2.8%
Ret/ On T. Cap. - 3 Yr. Avg. 4.2%
Return On Equity 6%
Return On Equity - 3 Yr. Avg. 8.1%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 32.6%
Gross Margin - 3 Yr. Avg. 32.8%
EBITDA Margin 26.3%
EBITDA Margin - 3 Yr. Avg. 27.7%
Operating Margin 14%
Oper. Margin - 3 Yr. Avg. 16.8%
Pre-Tax Margin 9.8%
Pre-Tax Margin - 3 Yr. Avg. 14%
Net Profit Margin 6.1%
Net Profit Margin - 3 Yr. Avg. 8.8%
Effective Tax Rate 35%
Eff/ Tax Rate - 3 Yr. Avg. 34.5%
Payout Ratio 60%

FIS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FIS stock intrinsic value calculation we used $9123 million for the last fiscal year's total revenue generated by Fidelity National Information Services. The default revenue input number comes from 2017 income statement of Fidelity National Information 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 FIS 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 6.6%, whose default value for FIS is calculated based on our internal credit rating of Fidelity National Information 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 Fidelity National Information 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 FIS stock the variable cost ratio is equal to 85.9%.

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 FIS 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 Fidelity National Information Services.

Corporate tax rate of 27% is the nominal tax rate for Fidelity National Information 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 FIS stock is equal to 1.2%.

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 FIS are equal to 225.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Fidelity National Information 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 FIS is equal to -24%. 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 - $10835 million for Fidelity National Information 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 330 million for Fidelity National Information 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 Fidelity National Information Services at the current share price and the inputted number of shares is $35.5 billion.

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COMPANY NEWS

▶ FIS to Report Second Quarter Earnings on July 31   [Jul-05-18 04:30PM  Business Wire]
▶ OBJ's 2018 Best Places to Work are all about employee empowerment   [Jun-28-18 03:19PM  American City Business Journals]
▶ [$$] The 10 Highest-Paid Software and Services CEOs   [01:00AM  The Wall Street Journal]
▶ FIS Announces Pricing of Senior Notes Offering   [May-14-18 06:06PM  Business Wire]
▶ Why Boys Are Getting More Money Talk Than Girls   [May-07-18 02:18PM  Forbes]
▶ Fidelity National: 1Q Earnings Snapshot   [07:30AM  Associated Press]
▶ FIS Reports First Quarter 2018 Results   [07:00AM  Business Wire]
▶ FIS to Host Investor Conference on May 8   [04:30PM  Business Wire]
▶ FIS Announces Quarterly Dividend   [Apr-24-18 04:30PM  Business Wire]
▶ FIS to Report First Quarter Financial Results on May 1   [Apr-03-18 04:30PM  Business Wire]
▶ [$$] Fintech Startup Trizic Receives $10 Million Series A   [Mar-01-18 01:14PM  The Wall Street Journal]
▶ Black Knight Announces Anthony Jabbour as CEO   [Feb-07-18 04:05PM  GlobeNewswire]
▶ Dunkin' Brands, Centene, Cummins, Fidelity National Earnings Top Views   [Feb-06-18 04:03PM  Investor's Business Daily]
▶ Fidelity National tops 4Q profit forecasts   [07:19AM  Associated Press]
▶ FIS Increases Quarterly Dividend 10% to $0.32 per Share   [Feb-01-18 05:32PM  Business Wire]
▶ FIS Named a FORTUNE Worlds Most Admired Company   [Jan-22-18 05:44PM  Business Wire]
▶ How Wall Street Analysts View Visa Stock   [Dec-08-17 10:30AM  Market Realist]
▶ What Led to Visas Premium Valuations?   [09:00AM  Market Realist]
▶ Fifth Third Bank Selects FIS to Enable Real-Time Payments   [Dec-07-17 08:00AM  Business Wire]
▶ FIS Payments Wins Grand Stevie Award for Women in Business   [Dec-01-17 08:00AM  Business Wire]
▶ FIS Named a Best Place to Work for LGBTQ Equality   [Nov-14-17 08:30AM  Business Wire]
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