Intrinsic value of NICE ADR - NICE

Previous Close

$82.20

  Intrinsic Value

$214.96

stock screener

  Rating & Target

str. buy

+162%

  Value-price divergence*

+367%

Previous close

$82.20

 
Intrinsic value

$214.96

 
Up/down potential

+162%

 
Rating

str. buy

 
Value-price divergence*

+367%

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

We calculate the intrinsic value of NICE 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 4.9

 

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, %
  9.60
  36.20
  33.08
  30.27
  27.74
  25.47
  23.42
  21.58
  19.92
  18.43
  17.09
  15.88
  14.79
  13.81
  12.93
  12.14
  11.42
  10.78
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.77
  7.49
  7.24
  7.02
  6.81
  6.63
  6.47
Revenue, $m
  1,016
  1,384
  1,842
  2,399
  3,065
  3,845
  4,746
  5,770
  6,920
  8,195
  9,595
  11,119
  12,763
  14,526
  16,405
  18,396
  20,497
  22,707
  25,024
  27,447
  29,976
  32,612
  35,356
  38,210
  41,177
  44,261
  47,466
  50,796
  54,257
  57,856
  61,599
Variable operating expenses, $m
 
  1,090
  1,408
  1,795
  2,257
  2,799
  3,425
  4,136
  4,934
  5,820
  6,793
  7,722
  8,865
  10,089
  11,393
  12,776
  14,236
  15,771
  17,380
  19,063
  20,819
  22,650
  24,556
  26,538
  28,599
  30,740
  32,966
  35,279
  37,683
  40,182
  42,782
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
  881
  1,090
  1,408
  1,795
  2,257
  2,799
  3,425
  4,136
  4,934
  5,820
  6,793
  7,722
  8,865
  10,089
  11,393
  12,776
  14,236
  15,771
  17,380
  19,063
  20,819
  22,650
  24,556
  26,538
  28,599
  30,740
  32,966
  35,279
  37,683
  40,182
  42,782
Operating income, $m
  134
  294
  434
  604
  808
  1,046
  1,321
  1,634
  1,985
  2,375
  2,803
  3,397
  3,899
  4,437
  5,011
  5,619
  6,261
  6,937
  7,644
  8,384
  9,157
  9,962
  10,800
  11,672
  12,579
  13,521
  14,500
  15,517
  16,574
  17,674
  18,817
EBITDA, $m
  212
  454
  605
  788
  1,006
  1,262
  1,558
  1,894
  2,271
  2,690
  3,150
  3,650
  4,190
  4,768
  5,385
  6,039
  6,728
  7,454
  8,214
  9,010
  9,840
  10,705
  11,606
  12,543
  13,517
  14,529
  15,581
  16,674
  17,810
  18,992
  20,220
Interest expense (income), $m
  2
  16
  29
  47
  68
  93
  123
  157
  195
  239
  287
  340
  398
  460
  527
  598
  674
  753
  837
  924
  1,016
  1,112
  1,212
  1,316
  1,424
  1,536
  1,653
  1,774
  1,900
  2,031
  2,167
Earnings before tax, $m
  144
  279
  405
  558
  740
  953
  1,199
  1,477
  1,790
  2,136
  2,515
  3,056
  3,501
  3,977
  4,484
  5,021
  5,588
  6,183
  6,808
  7,460
  8,141
  8,850
  9,589
  10,357
  11,155
  11,985
  12,847
  13,743
  14,674
  15,642
  16,649
Tax expense, $m
  21
  75
  109
  151
  200
  257
  324
  399
  483
  577
  679
  825
  945
  1,074
  1,211
  1,356
  1,509
  1,670
  1,838
  2,014
  2,198
  2,390
  2,589
  2,796
  3,012
  3,236
  3,469
  3,711
  3,962
  4,223
  4,495
Net income, $m
  117
  203
  295
  407
  540
  696
  875
  1,079
  1,307
  1,559
  1,836
  2,231
  2,556
  2,903
  3,273
  3,666
  4,079
  4,514
  4,969
  5,446
  5,943
  6,461
  7,000
  7,560
  8,143
  8,749
  9,378
  10,032
  10,712
  11,419
  12,154

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  187
  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
  2,632
  3,326
  4,427
  5,767
  7,367
  9,243
  11,408
  13,870
  16,634
  19,699
  23,066
  26,728
  30,681
  34,919
  39,434
  44,221
  49,272
  54,585
  60,154
  65,979
  72,059
  78,395
  84,991
  91,852
  98,984
  106,397
  114,100
  122,105
  130,425
  139,076
  148,074
Adjusted assets (=assets-cash), $m
  2,445
  3,326
  4,427
  5,767
  7,367
  9,243
  11,408
  13,870
  16,634
  19,699
  23,066
  26,728
  30,681
  34,919
  39,434
  44,221
  49,272
  54,585
  60,154
  65,979
  72,059
  78,395
  84,991
  91,852
  98,984
  106,397
  114,100
  122,105
  130,425
  139,076
  148,074
Revenue / Adjusted assets
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
Average production assets, $m
  407
  555
  738
  962
  1,229
  1,542
  1,903
  2,314
  2,775
  3,286
  3,848
  4,459
  5,118
  5,825
  6,578
  7,377
  8,219
  9,106
  10,035
  11,006
  12,021
  13,078
  14,178
  15,322
  16,512
  17,749
  19,034
  20,369
  21,757
  23,200
  24,701
Working capital, $m
  36
  -177
  -236
  -307
  -392
  -492
  -607
  -739
  -886
  -1,049
  -1,228
  -1,423
  -1,634
  -1,859
  -2,100
  -2,355
  -2,624
  -2,907
  -3,203
  -3,513
  -3,837
  -4,174
  -4,526
  -4,891
  -5,271
  -5,665
  -6,076
  -6,502
  -6,945
  -7,406
  -7,885
Total debt, $m
  465
  841
  1,336
  1,939
  2,659
  3,503
  4,478
  5,586
  6,829
  8,209
  9,724
  11,372
  13,151
  15,058
  17,089
  19,243
  21,517
  23,907
  26,413
  29,034
  31,770
  34,622
  37,590
  40,677
  43,887
  47,223
  50,689
  54,291
  58,035
  61,928
  65,977
Total liabilities, $m
  1,121
  1,497
  1,992
  2,595
  3,315
  4,159
  5,134
  6,242
  7,485
  8,865
  10,380
  12,028
  13,807
  15,714
  17,745
  19,899
  22,173
  24,563
  27,069
  29,690
  32,426
  35,278
  38,246
  41,333
  44,543
  47,879
  51,345
  54,947
  58,691
  62,584
  66,633
Total equity, $m
  1,511
  1,830
  2,435
  3,172
  4,052
  5,084
  6,275
  7,629
  9,149
  10,835
  12,686
  14,700
  16,875
  19,206
  21,689
  24,321
  27,100
  30,022
  33,085
  36,288
  39,632
  43,117
  46,745
  50,518
  54,441
  58,518
  62,755
  67,158
  71,734
  76,492
  81,441
Total liabilities and equity, $m
  2,632
  3,327
  4,427
  5,767
  7,367
  9,243
  11,409
  13,871
  16,634
  19,700
  23,066
  26,728
  30,682
  34,920
  39,434
  44,220
  49,273
  54,585
  60,154
  65,978
  72,058
  78,395
  84,991
  91,851
  98,984
  106,397
  114,100
  122,105
  130,425
  139,076
  148,074
Debt-to-equity ratio
  0.308
  0.460
  0.550
  0.610
  0.660
  0.690
  0.710
  0.730
  0.750
  0.760
  0.770
  0.770
  0.780
  0.780
  0.790
  0.790
  0.790
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
Adjusted equity ratio
  0.542
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  117
  203
  295
  407
  540
  696
  875
  1,079
  1,307
  1,559
  1,836
  2,231
  2,556
  2,903
  3,273
  3,666
  4,079
  4,514
  4,969
  5,446
  5,943
  6,461
  7,000
  7,560
  8,143
  8,749
  9,378
  10,032
  10,712
  11,419
  12,154
Depreciation, amort., depletion, $m
  78
  160
  170
  183
  198
  216
  237
  260
  286
  315
  347
  253
  291
  331
  374
  419
  467
  517
  570
  625
  683
  743
  806
  871
  938
  1,008
  1,081
  1,157
  1,236
  1,318
  1,403
Funds from operations, $m
  231
  363
  466
  590
  738
  912
  1,112
  1,338
  1,593
  1,874
  2,183
  2,484
  2,846
  3,234
  3,647
  4,085
  4,546
  5,031
  5,540
  6,071
  6,626
  7,204
  7,805
  8,431
  9,081
  9,757
  10,460
  11,190
  11,948
  12,737
  13,558
Change in working capital, $m
  11
  -47
  -59
  -71
  -85
  -100
  -115
  -131
  -147
  -163
  -179
  -195
  -211
  -226
  -240
  -255
  -269
  -283
  -297
  -310
  -324
  -337
  -351
  -365
  -380
  -395
  -410
  -426
  -443
  -461
  -479
Cash from operations, $m
  220
  411
  524
  662
  824
  1,012
  1,227
  1,470
  1,740
  2,038
  2,363
  2,679
  3,057
  3,460
  3,888
  4,340
  4,815
  5,314
  5,836
  6,381
  6,950
  7,541
  8,157
  8,796
  9,461
  10,152
  10,870
  11,616
  12,391
  13,198
  14,037
Maintenance CAPEX, $m
  0
  -23
  -32
  -42
  -55
  -70
  -88
  -108
  -131
  -158
  -187
  -219
  -253
  -291
  -331
  -374
  -419
  -467
  -517
  -570
  -625
  -683
  -743
  -806
  -871
  -938
  -1,008
  -1,081
  -1,157
  -1,236
  -1,318
New CAPEX, $m
  -36
  -148
  -184
  -224
  -267
  -313
  -361
  -411
  -461
  -511
  -562
  -611
  -659
  -707
  -753
  -798
  -843
  -886
  -929
  -972
  -1,014
  -1,057
  -1,100
  -1,145
  -1,190
  -1,237
  -1,285
  -1,335
  -1,388
  -1,443
  -1,501
Cash from investing activities, $m
  -800
  -171
  -216
  -266
  -322
  -383
  -449
  -519
  -592
  -669
  -749
  -830
  -912
  -998
  -1,084
  -1,172
  -1,262
  -1,353
  -1,446
  -1,542
  -1,639
  -1,740
  -1,843
  -1,951
  -2,061
  -2,175
  -2,293
  -2,416
  -2,545
  -2,679
  -2,819
Free cash flow, $m
  -580
  240
  309
  396
  502
  629
  778
  951
  1,147
  1,369
  1,614
  1,850
  2,144
  2,462
  2,803
  3,167
  3,553
  3,961
  4,390
  4,840
  5,310
  5,801
  6,313
  6,846
  7,401
  7,977
  8,576
  9,199
  9,846
  10,518
  11,218
Issuance/(repayment) of debt, $m
  464
  397
  495
  603
  720
  844
  974
  1,108
  1,244
  1,380
  1,515
  1,648
  1,779
  1,907
  2,032
  2,154
  2,273
  2,391
  2,506
  2,621
  2,736
  2,851
  2,968
  3,087
  3,210
  3,336
  3,466
  3,602
  3,744
  3,893
  4,049
Issuance/(repurchase) of shares, $m
  -20
  281
  310
  330
  340
  336
  316
  276
  213
  127
  15
  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  
  451
  678
  805
  933
  1,060
  1,180
  1,290
  1,384
  1,457
  1,507
  1,530
  1,648
  1,779
  1,907
  2,032
  2,154
  2,273
  2,391
  2,506
  2,621
  2,736
  2,851
  2,968
  3,087
  3,210
  3,336
  3,466
  3,602
  3,744
  3,893
  4,049
Total cash flow (excl. dividends), $m
  -131
  918
  1,114
  1,329
  1,562
  1,810
  2,068
  2,334
  2,604
  2,875
  3,144
  3,498
  3,923
  4,369
  4,835
  5,321
  5,827
  6,351
  6,896
  7,461
  8,046
  8,652
  9,281
  9,934
  10,610
  11,313
  12,043
  12,801
  13,590
  14,411
  15,266
Retained Cash Flow (-), $m
  -96
  -485
  -605
  -737
  -880
  -1,032
  -1,191
  -1,354
  -1,520
  -1,686
  -1,851
  -2,014
  -2,174
  -2,331
  -2,483
  -2,633
  -2,778
  -2,922
  -3,063
  -3,204
  -3,344
  -3,485
  -3,628
  -3,773
  -3,923
  -4,077
  -4,237
  -4,403
  -4,576
  -4,758
  -4,949
Prev. year cash balance distribution, $m
 
  166
  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
 
  599
  509
  592
  682
  778
  877
  980
  1,084
  1,189
  1,293
  1,484
  1,749
  2,038
  2,352
  2,689
  3,048
  3,430
  3,833
  4,257
  4,702
  5,168
  5,654
  6,160
  6,688
  7,236
  7,806
  8,398
  9,014
  9,653
  10,318
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
 
  574
  466
  515
  562
  603
  637
  662
  678
  683
  678
  705
  746
  775
  790
  789
  775
  746
  706
  655
  597
  534
  469
  404
  341
  281
  228
  180
  139
  105
  78
Current shareholders' claim on cash, %
  100
  94.0
  89.3
  85.7
  83.0
  80.9
  79.4
  78.4
  77.7
  77.4
  77.3
  77.3
  77.3
  77.3
  77.3
  77.3
  77.3
  77.3
  77.3
  77.3
  77.3
  77.3
  77.3
  77.3
  77.3
  77.3
  77.3
  77.3
  77.3
  77.3
  77.3

NICE Ltd., formerly NICE-Systems Ltd., is a global enterprise software provider. The Company's segments include Customer Interactions Solutions, and Financial Crime and Compliance Solutions. The Customer Interactions Solutions segment provides data driven insights that enable businesses to deliver personalized experience to customers. The Financial Crime and Compliance Solutions segment provides real time and cross-channel fraud prevention, anti-money laundering, brokerage compliance and enterprise-wide case management. The Company serves contact centers, back office operations and retail branches, covering various industries, including communications, banking, insurance, healthcare, business processes outsourcing (BPO), government, utilities, travel and entertainment. Its Multi-Channel Recording and Interaction Management enables organizations to capture structured and unstructured customer interaction and transaction data from multiple channels.

FINANCIAL RATIOS  of  NICE ADR (NICE)

Valuation Ratios
P/E Ratio 42.1
Price to Sales 4.9
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 22.4
Price to Free Cash Flow 26.8
Growth Rates
Sales Growth Rate 9.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate 11.4%
Financial Strength
Quick Ratio 9
Current Ratio 0.1
LT Debt to Equity 29.4%
Total Debt to Equity 30.8%
Interest Coverage 73
Management Effectiveness
Return On Assets 5.3%
Ret/ On Assets - 3 Yr. Avg. 8.8%
Return On Total Capital 6.9%
Ret/ On T. Cap. - 3 Yr. Avg. 11.7%
Return On Equity 8%
Return On Equity - 3 Yr. Avg. 12.1%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 66.7%
Gross Margin - 3 Yr. Avg. 66.4%
EBITDA Margin 22%
EBITDA Margin - 3 Yr. Avg. 22.6%
Operating Margin 13.3%
Oper. Margin - 3 Yr. Avg. 14.5%
Pre-Tax Margin 14.2%
Pre-Tax Margin - 3 Yr. Avg. 15.1%
Net Profit Margin 11.5%
Net Profit Margin - 3 Yr. Avg. 17.1%
Effective Tax Rate 14.6%
Eff/ Tax Rate - 3 Yr. Avg. 13.7%
Payout Ratio 32.5%

NICE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NICE stock intrinsic value calculation we used $1016 million for the last fiscal year's total revenue generated by NICE ADR. The default revenue input number comes from 2016 income statement of NICE ADR. 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 NICE stock valuation model: a) initial revenue growth rate of 36.2% 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 4.3%, whose default value for NICE is calculated based on our internal credit rating of NICE ADR, 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 NICE ADR.
    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 NICE stock the variable cost ratio is equal to 82.1%.

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 NICE 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 NICE ADR.

Corporate tax rate of 27% is the nominal tax rate for NICE ADR. 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 NICE 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 NICE are equal to 40.1%.

Life of production assets of 17.6 years is the average useful life of capital assets used in NICE ADR 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 NICE is equal to -12.8%. 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 - $1511 million for NICE ADR - 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 59.787 million for NICE ADR 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 NICE ADR at the current share price and the inputted number of shares is $4.9 billion.

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Financial statements of NICE
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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