Intrinsic value of Fidelity National Information Services - FIS

Previous Close

$95.28

  Intrinsic Value

$60.35

stock screener

  Rating & Target

sell

-37%

  Value-price divergence*

-103%

Previous close

$95.28

 
Intrinsic value

$60.35

 
Up/down potential

-37%

 
Rating

sell

 
Value-price divergence*

-103%

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

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

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 2016), $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 31.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  40.12
  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
  9,241
  9,426
  9,643
  9,890
  10,169
  10,477
  10,815
  11,184
  11,582
  12,012
  12,473
  12,966
  13,492
  14,052
  14,648
  15,280
  15,949
  16,658
  17,408
  18,200
  19,036
  19,918
  20,849
  21,830
  22,863
  23,952
  25,098
  26,304
  27,573
  28,908
  30,313
Variable operating expenses, $m
 
  7,823
  7,971
  8,139
  8,328
  8,538
  8,768
  9,018
  9,289
  9,581
  9,894
  8,811
  9,169
  9,550
  9,954
  10,384
  10,839
  11,320
  11,830
  12,368
  12,936
  13,536
  14,168
  14,835
  15,537
  16,277
  17,056
  17,875
  18,738
  19,645
  20,600
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
  7,943
  7,823
  7,971
  8,139
  8,328
  8,538
  8,768
  9,018
  9,289
  9,581
  9,894
  8,811
  9,169
  9,550
  9,954
  10,384
  10,839
  11,320
  11,830
  12,368
  12,936
  13,536
  14,168
  14,835
  15,537
  16,277
  17,056
  17,875
  18,738
  19,645
  20,600
Operating income, $m
  1,298
  1,602
  1,672
  1,751
  1,840
  1,939
  2,048
  2,166
  2,293
  2,431
  2,579
  4,155
  4,323
  4,503
  4,694
  4,896
  5,111
  5,338
  5,578
  5,832
  6,100
  6,382
  6,680
  6,995
  7,326
  7,675
  8,042
  8,428
  8,835
  9,263
  9,713
EBITDA, $m
  2,472
  3,415
  3,494
  3,584
  3,684
  3,796
  3,919
  4,052
  4,197
  4,352
  4,519
  4,698
  4,889
  5,092
  5,307
  5,536
  5,779
  6,036
  6,307
  6,594
  6,897
  7,217
  7,554
  7,909
  8,284
  8,678
  9,094
  9,531
  9,990
  10,474
  10,983
Interest expense (income), $m
  351
  355
  367
  380
  395
  412
  430
  451
  473
  497
  523
  551
  581
  613
  647
  683
  721
  761
  804
  850
  898
  948
  1,002
  1,058
  1,117
  1,180
  1,246
  1,315
  1,388
  1,465
  1,545
Earnings before tax, $m
  906
  1,247
  1,305
  1,371
  1,446
  1,528
  1,617
  1,715
  1,820
  1,934
  2,056
  3,603
  3,742
  3,890
  4,047
  4,213
  4,390
  4,576
  4,774
  4,982
  5,202
  5,434
  5,679
  5,937
  6,209
  6,495
  6,796
  7,113
  7,447
  7,798
  8,168
Tax expense, $m
  317
  337
  352
  370
  390
  412
  437
  463
  491
  522
  555
  973
  1,010
  1,050
  1,093
  1,138
  1,185
  1,236
  1,289
  1,345
  1,405
  1,467
  1,533
  1,603
  1,676
  1,754
  1,835
  1,921
  2,011
  2,106
  2,205
Net income, $m
  568
  911
  953
  1,001
  1,055
  1,115
  1,181
  1,252
  1,329
  1,412
  1,501
  2,631
  2,732
  2,840
  2,954
  3,076
  3,204
  3,341
  3,485
  3,637
  3,797
  3,967
  4,146
  4,334
  4,532
  4,741
  4,961
  5,193
  5,436
  5,693
  5,962

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,203
  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
  26,031
  25,338
  25,921
  26,587
  27,335
  28,164
  29,073
  30,063
  31,135
  32,290
  33,529
  34,855
  36,269
  37,775
  39,376
  41,075
  42,875
  44,780
  46,795
  48,924
  51,172
  53,544
  56,045
  58,682
  61,460
  64,386
  67,467
  70,709
  74,121
  77,711
  81,487
Adjusted assets (=assets-cash), $m
  24,828
  25,338
  25,921
  26,587
  27,335
  28,164
  29,073
  30,063
  31,135
  32,290
  33,529
  34,855
  36,269
  37,775
  39,376
  41,075
  42,875
  44,780
  46,795
  48,924
  51,172
  53,544
  56,045
  58,682
  61,460
  64,386
  67,467
  70,709
  74,121
  77,711
  81,487
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
  0.372
Average production assets, $m
  7,126
  7,267
  7,434
  7,626
  7,840
  8,078
  8,339
  8,622
  8,930
  9,261
  9,616
  9,997
  10,402
  10,834
  11,294
  11,781
  12,297
  12,843
  13,421
  14,032
  14,677
  15,357
  16,074
  16,831
  17,627
  18,467
  19,350
  20,280
  21,259
  22,288
  23,371
Working capital, $m
  1,131
  264
  270
  277
  285
  293
  303
  313
  324
  336
  349
  363
  378
  393
  410
  428
  447
  466
  487
  510
  533
  558
  584
  611
  640
  671
  703
  737
  772
  809
  849
Total debt, $m
  10,478
  10,480
  10,855
  11,284
  11,764
  12,297
  12,882
  13,519
  14,208
  14,950
  15,747
  16,599
  17,509
  18,478
  19,507
  20,599
  21,756
  22,982
  24,277
  25,646
  27,092
  28,617
  30,225
  31,921
  33,707
  35,588
  37,569
  39,654
  41,848
  44,156
  46,584
Total liabilities, $m
  16,290
  16,292
  16,667
  17,096
  17,576
  18,109
  18,694
  19,331
  20,020
  20,762
  21,559
  22,411
  23,321
  24,290
  25,319
  26,411
  27,568
  28,794
  30,089
  31,458
  32,904
  34,429
  36,037
  37,733
  39,519
  41,400
  43,381
  45,466
  47,660
  49,968
  52,396
Total equity, $m
  9,741
  9,046
  9,254
  9,492
  9,759
  10,054
  10,379
  10,733
  11,115
  11,527
  11,970
  12,443
  12,948
  13,486
  14,057
  14,664
  15,306
  15,986
  16,706
  17,466
  18,268
  19,115
  20,008
  20,949
  21,941
  22,986
  24,086
  25,243
  26,461
  27,743
  29,091
Total liabilities and equity, $m
  26,031
  25,338
  25,921
  26,588
  27,335
  28,163
  29,073
  30,064
  31,135
  32,289
  33,529
  34,854
  36,269
  37,776
  39,376
  41,075
  42,874
  44,780
  46,795
  48,924
  51,172
  53,544
  56,045
  58,682
  61,460
  64,386
  67,467
  70,709
  74,121
  77,711
  81,487
Debt-to-equity ratio
  1.076
  1.160
  1.170
  1.190
  1.210
  1.220
  1.240
  1.260
  1.280
  1.300
  1.320
  1.330
  1.350
  1.370
  1.390
  1.400
  1.420
  1.440
  1.450
  1.470
  1.480
  1.500
  1.510
  1.520
  1.540
  1.550
  1.560
  1.570
  1.580
  1.590
  1.600
Adjusted equity ratio
  0.344
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  568
  911
  953
  1,001
  1,055
  1,115
  1,181
  1,252
  1,329
  1,412
  1,501
  2,631
  2,732
  2,840
  2,954
  3,076
  3,204
  3,341
  3,485
  3,637
  3,797
  3,967
  4,146
  4,334
  4,532
  4,741
  4,961
  5,193
  5,436
  5,693
  5,962
Depreciation, amort., depletion, $m
  1,174
  1,813
  1,822
  1,832
  1,844
  1,857
  1,871
  1,886
  1,903
  1,921
  1,940
  543
  565
  589
  614
  640
  668
  698
  729
  763
  798
  835
  874
  915
  958
  1,004
  1,052
  1,102
  1,155
  1,211
  1,270
Funds from operations, $m
  2,126
  2,723
  2,775
  2,833
  2,899
  2,972
  3,052
  3,138
  3,232
  3,333
  3,441
  3,174
  3,297
  3,428
  3,568
  3,716
  3,873
  4,039
  4,214
  4,399
  4,595
  4,802
  5,019
  5,249
  5,490
  5,745
  6,013
  6,295
  6,592
  6,904
  7,233
Change in working capital, $m
  201
  5
  6
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  36
  37
  39
Cash from operations, $m
  1,925
  2,718
  2,769
  2,826
  2,891
  2,963
  3,042
  3,128
  3,221
  3,321
  3,428
  3,160
  3,282
  3,413
  3,551
  3,698
  3,854
  4,019
  4,193
  4,377
  4,572
  4,777
  4,993
  5,221
  5,461
  5,714
  5,981
  6,261
  6,556
  6,867
  7,193
Maintenance CAPEX, $m
  0
  -387
  -395
  -404
  -414
  -426
  -439
  -453
  -469
  -485
  -503
  -523
  -543
  -565
  -589
  -614
  -640
  -668
  -698
  -729
  -763
  -798
  -835
  -874
  -915
  -958
  -1,004
  -1,052
  -1,102
  -1,155
  -1,211
New CAPEX, $m
  -616
  -141
  -167
  -191
  -215
  -238
  -261
  -284
  -307
  -331
  -355
  -380
  -406
  -432
  -459
  -487
  -516
  -546
  -578
  -611
  -645
  -680
  -717
  -756
  -797
  -839
  -884
  -930
  -979
  -1,030
  -1,083
Cash from investing activities, $m
  -619
  -528
  -562
  -595
  -629
  -664
  -700
  -737
  -776
  -816
  -858
  -903
  -949
  -997
  -1,048
  -1,101
  -1,156
  -1,214
  -1,276
  -1,340
  -1,408
  -1,478
  -1,552
  -1,630
  -1,712
  -1,797
  -1,888
  -1,982
  -2,081
  -2,185
  -2,294
Free cash flow, $m
  1,306
  2,190
  2,206
  2,231
  2,262
  2,299
  2,342
  2,391
  2,445
  2,504
  2,569
  2,257
  2,333
  2,415
  2,503
  2,597
  2,697
  2,804
  2,917
  3,037
  3,164
  3,299
  3,441
  3,591
  3,750
  3,917
  4,094
  4,280
  4,475
  4,682
  4,899
Issuance/(repayment) of debt, $m
  -1,004
  334
  375
  428
  481
  533
  585
  637
  689
  742
  797
  852
  910
  968
  1,029
  1,092
  1,157
  1,225
  1,296
  1,369
  1,445
  1,525
  1,608
  1,695
  1,786
  1,881
  1,981
  2,085
  2,194
  2,308
  2,428
Issuance/(repurchase) of shares, $m
  72
  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  
  -968
  334
  375
  428
  481
  533
  585
  637
  689
  742
  797
  852
  910
  968
  1,029
  1,092
  1,157
  1,225
  1,296
  1,369
  1,445
  1,525
  1,608
  1,695
  1,786
  1,881
  1,981
  2,085
  2,194
  2,308
  2,428
Total cash flow (excl. dividends), $m
  342
  2,524
  2,581
  2,660
  2,743
  2,832
  2,927
  3,027
  3,134
  3,247
  3,366
  3,110
  3,243
  3,384
  3,533
  3,689
  3,855
  4,029
  4,213
  4,406
  4,610
  4,824
  5,050
  5,287
  5,536
  5,799
  6,075
  6,365
  6,669
  6,990
  7,327
Retained Cash Flow (-), $m
  -420
  -176
  -208
  -238
  -267
  -296
  -325
  -353
  -383
  -412
  -442
  -473
  -505
  -538
  -571
  -606
  -643
  -680
  -719
  -760
  -803
  -847
  -893
  -941
  -992
  -1,045
  -1,100
  -1,158
  -1,218
  -1,282
  -1,348
Prev. year cash balance distribution, $m
 
  871
  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
 
  3,219
  2,373
  2,422
  2,476
  2,536
  2,602
  2,674
  2,751
  2,835
  2,924
  2,636
  2,738
  2,846
  2,961
  3,083
  3,212
  3,349
  3,493
  3,646
  3,807
  3,977
  4,157
  4,345
  4,544
  4,754
  4,975
  5,207
  5,451
  5,708
  5,979
Discount rate, %
 
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  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
  32.11
PV of cash for distribution, $m
 
  2,986
  2,027
  1,891
  1,752
  1,613
  1,473
  1,333
  1,196
  1,062
  933
  707
  609
  518
  434
  358
  290
  231
  181
  139
  104
  77
  55
  38
  26
  17
  11
  7
  4
  2
  1
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

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 55
Price to Sales 3.4
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 16.2
Price to Free Cash Flow 23.9
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 $9241 million for the last fiscal year's total revenue generated by Fidelity National Information Services. The default revenue input number comes from 2016 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 7.8%, 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 83.3%.

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 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 3.5% 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 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 FIS are equal to 77.1%.

Life of production assets of 18.4 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 2.8%. 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 - $9741 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 332.713 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 $31.7 billion.

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COMPANY NEWS

▶ FIS to Report Third Quarter Earnings on Oct. 31   [Oct-06-17 10:00AM  Business Wire]
▶ Faster Payments: The Next Trend To Watch In Fintech   [Sep-12-17 12:46PM  Barrons.com]
▶ [$$] Deal Close Announcements: July 31-Aug. 4   [Aug-04-17 06:02PM  The Wall Street Journal]
▶ Fidelity National tops 2Q profit forecasts   [Aug-02-17 09:23PM  Associated Press]
▶ FIS Reports Second Quarter 2017 Results   [07:00AM  Business Wire]
▶ How These Two Online Payment Processors Figure In Future Mergers   [Jul-24-17 04:25PM  Investor's Business Daily]
▶ FIS Announces Quarterly Dividend   [Jul-20-17 04:30PM  Business Wire]
▶ FIS Announces Pricing of Senior Notes Offering   [Jun-26-17 12:36PM  Business Wire]
▶ [$$] CD&R Buying Majority Stake in Management Consultancy From FIS   [May-23-17 12:33PM  The Wall Street Journal]
▶ Fidelity National beats 1Q profit forecasts   [07:11AM  Associated Press]
▶ FIS Reports First Quarter 2017 Results   [07:00AM  Business Wire]
▶ FIS Announces Quarterly Dividend   [Apr-27-17 05:15PM  Business Wire]
▶ FIS to Report First Quarter Financial Results on May 2   [Apr-04-17 08:30AM  Business Wire]
Financial statements of FIS
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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