Intrinsic value of Fulton Financial - FULT

Previous Close

$17.60

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$17.60

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

We calculate the intrinsic value of FULT 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 3.1

 

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, %
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.87
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
Revenue, $m
  828
  898
  971
  1,048
  1,127
  1,209
  1,295
  1,383
  1,476
  1,572
  1,672
  1,776
  1,884
  1,997
  2,115
  2,238
  2,366
  2,499
  2,639
  2,785
  2,937
  3,096
  3,263
  3,438
  3,620
  3,811
  4,012
  4,221
  4,441
  4,671
Variable operating expenses, $m
  479
  520
  562
  607
  652
  700
  750
  801
  854
  910
  968
  1,028
  1,091
  1,156
  1,224
  1,296
  1,370
  1,447
  1,528
  1,612
  1,701
  1,793
  1,889
  1,990
  2,096
  2,207
  2,323
  2,444
  2,571
  2,705
Fixed operating expenses, $m
  90
  92
  94
  96
  98
  100
  102
  105
  107
  109
  112
  114
  117
  119
  122
  125
  127
  130
  133
  136
  139
  142
  145
  148
  152
  155
  158
  162
  165
  169
Total operating expenses, $m
  569
  612
  656
  703
  750
  800
  852
  906
  961
  1,019
  1,080
  1,142
  1,208
  1,275
  1,346
  1,421
  1,497
  1,577
  1,661
  1,748
  1,840
  1,935
  2,034
  2,138
  2,248
  2,362
  2,481
  2,606
  2,736
  2,874
Operating income, $m
  259
  286
  315
  345
  376
  409
  443
  478
  514
  552
  592
  633
  676
  721
  768
  817
  869
  922
  978
  1,036
  1,098
  1,162
  1,229
  1,299
  1,372
  1,450
  1,530
  1,615
  1,704
  1,797
EBITDA, $m
  2,381
  2,589
  2,806
  3,031
  3,266
  3,509
  3,762
  4,025
  4,299
  4,583
  4,879
  5,187
  5,508
  5,843
  6,192
  6,555
  6,935
  7,331
  7,745
  8,177
  8,629
  9,102
  9,597
  10,114
  10,656
  11,223
  11,818
  12,440
  13,092
  13,776
Interest expense (income), $m
  83
  987
  970
  1,041
  1,115
  1,192
  1,273
  1,356
  1,442
  1,532
  1,626
  1,723
  1,825
  1,930
  2,040
  2,154
  2,273
  2,397
  2,527
  2,662
  2,804
  2,951
  3,106
  3,267
  3,436
  3,612
  3,797
  3,991
  4,193
  4,406
  4,628
Earnings before tax, $m
  -728
  -684
  -726
  -770
  -816
  -864
  -913
  -965
  -1,018
  -1,074
  -1,131
  -1,191
  -1,253
  -1,318
  -1,386
  -1,456
  -1,529
  -1,605
  -1,684
  -1,767
  -1,854
  -1,944
  -2,038
  -2,137
  -2,240
  -2,348
  -2,460
  -2,578
  -2,702
  -2,831
Tax expense, $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
Net income, $m
  -728
  -684
  -726
  -770
  -816
  -864
  -913
  -965
  -1,018
  -1,074
  -1,131
  -1,191
  -1,253
  -1,318
  -1,386
  -1,456
  -1,529
  -1,605
  -1,684
  -1,767
  -1,854
  -1,944
  -2,038
  -2,137
  -2,240
  -2,348
  -2,460
  -2,578
  -2,702
  -2,831

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
  17,243
  18,710
  20,236
  21,824
  23,473
  25,187
  26,969
  28,820
  30,745
  32,747
  34,830
  36,997
  39,255
  41,607
  44,058
  46,615
  49,282
  52,067
  54,975
  58,014
  61,189
  64,510
  67,983
  71,617
  75,421
  79,403
  83,573
  87,942
  92,518
  97,314
Adjusted assets (=assets-cash), $m
  17,243
  18,710
  20,236
  21,824
  23,473
  25,187
  26,969
  28,820
  30,745
  32,747
  34,830
  36,997
  39,255
  41,607
  44,058
  46,615
  49,282
  52,067
  54,975
  58,014
  61,189
  64,510
  67,983
  71,617
  75,421
  79,403
  83,573
  87,942
  92,518
  97,314
Revenue / Adjusted assets
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
Average production assets, $m
  21,224
  23,030
  24,909
  26,863
  28,893
  31,003
  33,196
  35,475
  37,845
  40,309
  42,872
  45,540
  48,319
  51,214
  54,232
  57,379
  60,662
  64,090
  67,670
  71,410
  75,319
  79,406
  83,681
  88,155
  92,837
  97,738
  102,872
  108,248
  113,882
  119,785
Working capital, $m
  -18,812
  -20,413
  -22,079
  -23,810
  -25,610
  -27,480
  -29,424
  -31,444
  -33,544
  -35,728
  -38,000
  -40,366
  -42,828
  -45,394
  -48,069
  -50,859
  -53,769
  -56,807
  -59,980
  -63,295
  -66,760
  -70,383
  -74,172
  -78,137
  -82,287
  -86,632
  -91,182
  -95,948
  -100,941
  -106,174
Total debt, $m
  17,959
  19,280
  20,654
  22,082
  23,567
  25,110
  26,713
  28,379
  30,112
  31,913
  33,788
  35,739
  37,770
  39,887
  42,093
  44,394
  46,795
  49,301
  51,919
  54,653
  57,511
  60,500
  63,626
  66,897
  70,320
  73,904
  77,657
  81,589
  85,707
  90,024
Total liabilities, $m
  15,518
  16,839
  18,213
  19,641
  21,126
  22,669
  24,272
  25,938
  27,671
  29,472
  31,347
  33,298
  35,329
  37,446
  39,652
  41,953
  44,354
  46,860
  49,478
  52,212
  55,070
  58,059
  61,185
  64,456
  67,879
  71,463
  75,216
  79,147
  83,266
  87,583
Total equity, $m
  1,724
  1,871
  2,024
  2,182
  2,347
  2,519
  2,697
  2,882
  3,075
  3,275
  3,483
  3,700
  3,925
  4,161
  4,406
  4,661
  4,928
  5,207
  5,498
  5,801
  6,119
  6,451
  6,798
  7,162
  7,542
  7,940
  8,357
  8,794
  9,252
  9,731
Total liabilities and equity, $m
  17,242
  18,710
  20,237
  21,823
  23,473
  25,188
  26,969
  28,820
  30,746
  32,747
  34,830
  36,998
  39,254
  41,607
  44,058
  46,614
  49,282
  52,067
  54,976
  58,013
  61,189
  64,510
  67,983
  71,618
  75,421
  79,403
  83,573
  87,941
  92,518
  97,314
Debt-to-equity ratio
  10.420
  10.300
  10.210
  10.120
  10.040
  9.970
  9.910
  9.850
  9.790
  9.750
  9.700
  9.660
  9.620
  9.590
  9.550
  9.520
  9.500
  9.470
  9.440
  9.420
  9.400
  9.380
  9.360
  9.340
  9.320
  9.310
  9.290
  9.280
  9.260
  9.250
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
  -728
  -684
  -726
  -770
  -816
  -864
  -913
  -965
  -1,018
  -1,074
  -1,131
  -1,191
  -1,253
  -1,318
  -1,386
  -1,456
  -1,529
  -1,605
  -1,684
  -1,767
  -1,854
  -1,944
  -2,038
  -2,137
  -2,240
  -2,348
  -2,460
  -2,578
  -2,702
  -2,831
Depreciation, amort., depletion, $m
  2,122
  2,303
  2,491
  2,686
  2,889
  3,100
  3,320
  3,548
  3,784
  4,031
  4,287
  4,554
  4,832
  5,121
  5,423
  5,738
  6,066
  6,409
  6,767
  7,141
  7,532
  7,941
  8,368
  8,815
  9,284
  9,774
  10,287
  10,825
  11,388
  11,979
Funds from operations, $m
  1,394
  1,619
  1,765
  1,916
  2,073
  2,236
  2,406
  2,583
  2,766
  2,957
  3,156
  3,363
  3,579
  3,803
  4,038
  4,282
  4,537
  4,804
  5,083
  5,374
  5,678
  5,997
  6,330
  6,679
  7,044
  7,426
  7,827
  8,247
  8,687
  9,148
Change in working capital, $m
  -1,537
  -1,601
  -1,666
  -1,732
  -1,800
  -1,870
  -1,944
  -2,020
  -2,100
  -2,184
  -2,272
  -2,365
  -2,463
  -2,566
  -2,675
  -2,789
  -2,910
  -3,038
  -3,173
  -3,315
  -3,465
  -3,623
  -3,789
  -3,965
  -4,150
  -4,345
  -4,550
  -4,766
  -4,993
  -5,232
Cash from operations, $m
  2,932
  3,220
  3,430
  3,648
  3,873
  4,107
  4,350
  4,603
  4,866
  5,141
  5,428
  5,728
  6,041
  6,369
  6,712
  7,072
  7,448
  7,842
  8,255
  8,689
  9,143
  9,619
  10,119
  10,644
  11,194
  11,771
  12,377
  13,013
  13,680
  14,380
Maintenance CAPEX, $m
  -1,949
  -2,122
  -2,303
  -2,491
  -2,686
  -2,889
  -3,100
  -3,320
  -3,548
  -3,784
  -4,031
  -4,287
  -4,554
  -4,832
  -5,121
  -5,423
  -5,738
  -6,066
  -6,409
  -6,767
  -7,141
  -7,532
  -7,941
  -8,368
  -8,815
  -9,284
  -9,774
  -10,287
  -10,825
  -11,388
New CAPEX, $m
  -1,733
  -1,806
  -1,879
  -1,954
  -2,031
  -2,110
  -2,193
  -2,279
  -2,369
  -2,464
  -2,564
  -2,668
  -2,779
  -2,895
  -3,018
  -3,147
  -3,284
  -3,428
  -3,580
  -3,740
  -3,909
  -4,087
  -4,275
  -4,473
  -4,682
  -4,902
  -5,133
  -5,377
  -5,633
  -5,903
Cash from investing activities, $m
  -3,682
  -3,928
  -4,182
  -4,445
  -4,717
  -4,999
  -5,293
  -5,599
  -5,917
  -6,248
  -6,595
  -6,955
  -7,333
  -7,727
  -8,139
  -8,570
  -9,022
  -9,494
  -9,989
  -10,507
  -11,050
  -11,619
  -12,216
  -12,841
  -13,497
  -14,186
  -14,907
  -15,664
  -16,458
  -17,291
Free cash flow, $m
  -751
  -708
  -752
  -797
  -844
  -893
  -943
  -996
  -1,051
  -1,107
  -1,166
  -1,228
  -1,291
  -1,358
  -1,427
  -1,499
  -1,574
  -1,652
  -1,733
  -1,818
  -1,907
  -2,000
  -2,097
  -2,198
  -2,304
  -2,414
  -2,530
  -2,652
  -2,778
  -2,911
Issuance/(repayment) of debt, $m
  -312
  1,321
  1,374
  1,428
  1,485
  1,543
  1,603
  1,666
  1,732
  1,802
  1,874
  1,951
  2,032
  2,117
  2,206
  2,301
  2,401
  2,506
  2,617
  2,735
  2,858
  2,989
  3,126
  3,271
  3,423
  3,584
  3,753
  3,931
  4,119
  4,316
Issuance/(repurchase) of shares, $m
  2,485
  830
  879
  929
  981
  1,035
  1,092
  1,150
  1,211
  1,274
  1,340
  1,408
  1,479
  1,553
  1,631
  1,711
  1,796
  1,883
  1,975
  2,071
  2,171
  2,276
  2,386
  2,500
  2,620
  2,746
  2,877
  3,015
  3,159
  3,310
Cash from financing (excl. dividends), $m  
  2,173
  2,151
  2,253
  2,357
  2,466
  2,578
  2,695
  2,816
  2,943
  3,076
  3,214
  3,359
  3,511
  3,670
  3,837
  4,012
  4,197
  4,389
  4,592
  4,806
  5,029
  5,265
  5,512
  5,771
  6,043
  6,330
  6,630
  6,946
  7,278
  7,626
Total cash flow (excl. dividends), $m
  1,422
  1,443
  1,501
  1,561
  1,622
  1,685
  1,752
  1,820
  1,893
  1,968
  2,048
  2,131
  2,220
  2,312
  2,410
  2,514
  2,623
  2,738
  2,859
  2,987
  3,122
  3,265
  3,415
  3,573
  3,740
  3,915
  4,100
  4,295
  4,500
  4,715
Retained Cash Flow (-), $m
  -2,485
  -830
  -879
  -929
  -981
  -1,035
  -1,092
  -1,150
  -1,211
  -1,274
  -1,340
  -1,408
  -1,479
  -1,553
  -1,631
  -1,711
  -1,796
  -1,883
  -1,975
  -2,071
  -2,171
  -2,276
  -2,386
  -2,500
  -2,620
  -2,746
  -2,877
  -3,015
  -3,159
  -3,310
Prev. year cash balance distribution, $m
  33
  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
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
  17
  18
  19
  21
  22
  23
  24
  25
  27
  28
  30
  31
Cash available for distribution, $m
  -1,030
  612
  622
  632
  641
  650
  660
  670
  682
  694
  708
  723
  740
  759
  780
  802
  827
  854
  884
  916
  951
  989
  1,029
  1,073
  1,120
  1,170
  1,223
  1,280
  1,341
  1,405
Discount rate, %
  14.80
  15.54
  16.32
  17.13
  17.99
  18.89
  19.83
  20.83
  21.87
  22.96
  24.11
  25.31
  26.58
  27.91
  29.30
  30.77
  32.31
  33.92
  35.62
  37.40
  39.27
  41.23
  43.29
  45.46
  47.73
  50.12
  52.62
  55.26
  58.02
  60.92
PV of cash for distribution, $m
  -897
  459
  395
  335
  280
  230
  186
  148
  115
  88
  66
  48
  35
  24
  17
  11
  7
  4
  3
  2
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  33.7
  23.0
  15.7
  10.9
  7.5
  5.3
  3.7
  2.6
  1.8
  1.3
  0.9
  0.7
  0.5
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Fulton Financial Corporation is a financial holding company. The Company is the bank holding company of Fulton Bank N.A. (the Bank). As of December 31, 2016, the Company's six subsidiary banks were located primarily in suburban or semi-rural geographic markets throughout a five-state region (Pennsylvania, Delaware, Maryland, New Jersey and Virginia). Each of the Company's subsidiary banks offers a range of consumer and commercial banking products and services in its local market area. Personal banking services include various checking account and savings deposit products, certificates of deposit and individual retirement accounts. The subsidiary banks offer a range of consumer lending products to creditworthy customers in their market areas. Commercial banking services are provided to small and medium sized businesses. It also offers investment management, trust, brokerage, insurance and investment advisory services to consumer and commercial banking customers in its market areas.

FINANCIAL RATIOS  of  Fulton Financial (FULT)

Valuation Ratios
P/E Ratio 18.9
Price to Sales 0
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 16.6
Price to Free Cash Flow 18.6
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25.9%
Cap. Spend. - 3 Yr. Gr. Rate -3.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 42.6%
Total Debt to Equity 42.6%
Interest Coverage 4
Management Effectiveness
Return On Assets 1.2%
Ret/ On Assets - 3 Yr. Avg. 1.2%
Return On Total Capital 5.6%
Ret/ On T. Cap. - 3 Yr. Avg. 5.4%
Return On Equity 7.8%
Return On Equity - 3 Yr. Avg. 7.7%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 22.1%
Eff/ Tax Rate - 3 Yr. Avg. 24%
Payout Ratio 42.6%

FULT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FULT stock intrinsic value calculation we used $760 million for the last fiscal year's total revenue generated by Fulton Financial. The default revenue input number comes from 2017 income statement of Fulton Financial. 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 FULT stock valuation model: a) initial revenue growth rate of 8.9% 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 14.8%, whose default value for FULT is calculated based on our internal credit rating of Fulton Financial, 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 Fulton Financial.
    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 FULT stock the variable cost ratio is equal to 57.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $88 million in the base year in the intrinsic value calculation for FULT 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 Fulton Financial.

Corporate tax rate of 27% is the nominal tax rate for Fulton Financial. 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 FULT stock is equal to 0.7%.

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 FULT are equal to 2564.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Fulton Financial 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 FULT is equal to -2273%. 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 - $0 million for Fulton Financial - 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 175 million for Fulton Financial 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 Fulton Financial at the current share price and the inputted number of shares is $3.1 billion.

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COMPANY NEWS

▶ Fulton sues former Worley & Obetz CEO, claims `massive bank fraud'   [07:45AM  American City Business Journals]
▶ Fulton Financial: 2Q Earnings Snapshot   [Jul-17-18 04:49PM  Associated Press]
▶ 3 Pa. banks force energy company to close after 72 years in business   [Jun-06-18 01:11PM  American City Business Journals]
▶ 3 Pa. banks, a Lancaster energy company & alleged fraud. Heres what we know.   [Jun-01-18 10:59AM  American City Business Journals]
▶ Fulton earns regulatory approval to consolidate three subsidiary banks into one   [May-23-18 02:48PM  American City Business Journals]
▶ Fulton Financial Corporation to Host Earnings Call   [Apr-18-18 08:00AM  ACCESSWIRE]
▶ Fulton Financial: 1Q Earnings Snapshot   [Apr-17-18 04:46PM  Associated Press]
▶ Small Bank Stocks for Value, Yield and Takeover Potential   [Apr-13-18 08:00AM  Investopedia]
▶ Fulton Financial meets 4Q profit forecasts   [Jan-22-18 04:47PM  Associated Press]
▶ Fulton Financial Expands Executive Leadership Team   [Oct-23-17 05:00PM  Business Wire]
▶ Company News For Oct 18, 2017   [Oct-18-17 10:49AM  Zacks]
▶ Fulton Financial meets 3Q profit forecasts   [Oct-17-17 04:41PM  Associated Press]
▶ Fulton Financial meets 2Q profit forecasts   [Jul-18-17 09:39PM  Associated Press]
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