Intrinsic value of VeriFone Systems - PAY

Previous Close

$22.99

  Intrinsic Value

$9.03

stock screener

  Rating & Target

str. sell

-61%

Previous close

$22.99

 
Intrinsic value

$9.03

 
Up/down potential

-61%

 
Rating

str. sell

We calculate the intrinsic value of PAY 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 2.6

 

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
  1,908
  1,952
  2,002
  2,059
  2,121
  2,190
  2,264
  2,345
  2,432
  2,525
  2,625
  2,732
  2,845
  2,966
  3,094
  3,229
  3,373
  3,524
  3,685
  3,854
  4,033
  4,221
  4,420
  4,629
  4,849
  5,081
  5,326
  5,583
  5,853
  6,137
Variable operating expenses, $m
  1,873
  1,913
  1,959
  2,010
  2,067
  2,130
  2,198
  2,271
  2,350
  2,435
  2,392
  2,489
  2,593
  2,703
  2,819
  2,943
  3,074
  3,212
  3,358
  3,512
  3,675
  3,847
  4,028
  4,219
  4,419
  4,631
  4,853
  5,088
  5,334
  5,593
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
  1,873
  1,913
  1,959
  2,010
  2,067
  2,130
  2,198
  2,271
  2,350
  2,435
  2,392
  2,489
  2,593
  2,703
  2,819
  2,943
  3,074
  3,212
  3,358
  3,512
  3,675
  3,847
  4,028
  4,219
  4,419
  4,631
  4,853
  5,088
  5,334
  5,593
Operating income, $m
  35
  39
  43
  48
  54
  60
  67
  74
  82
  90
  233
  242
  252
  263
  274
  286
  299
  313
  327
  342
  358
  374
  392
  410
  430
  451
  472
  495
  519
  544
EBITDA, $m
  327
  334
  343
  352
  363
  375
  388
  401
  416
  432
  449
  468
  487
  508
  530
  553
  577
  603
  631
  660
  690
  723
  757
  792
  830
  870
  912
  956
  1,002
  1,051
Interest expense (income), $m
  29
  45
  47
  49
  51
  53
  56
  59
  63
  66
  70
  74
  79
  84
  89
  94
  100
  106
  113
  120
  127
  135
  143
  151
  160
  170
  180
  190
  201
  213
  225
Earnings before tax, $m
  -10
  -8
  -5
  -2
  1
  4
  7
  11
  15
  20
  158
  163
  169
  174
  180
  186
  193
  200
  207
  215
  223
  232
  241
  250
  260
  271
  282
  294
  306
  319
Tax expense, $m
  0
  0
  0
  0
  0
  1
  2
  3
  4
  5
  43
  44
  45
  47
  49
  50
  52
  54
  56
  58
  60
  63
  65
  68
  70
  73
  76
  79
  83
  86
Net income, $m
  -10
  -8
  -5
  -2
  0
  3
  5
  8
  11
  14
  116
  119
  123
  127
  131
  136
  141
  146
  151
  157
  163
  169
  176
  183
  190
  198
  206
  215
  224
  233

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
  2,368
  2,422
  2,484
  2,554
  2,632
  2,717
  2,809
  2,909
  3,017
  3,133
  3,257
  3,389
  3,530
  3,680
  3,838
  4,006
  4,185
  4,373
  4,572
  4,782
  5,003
  5,237
  5,484
  5,743
  6,017
  6,305
  6,608
  6,926
  7,262
  7,615
Adjusted assets (=assets-cash), $m
  2,368
  2,422
  2,484
  2,554
  2,632
  2,717
  2,809
  2,909
  3,017
  3,133
  3,257
  3,389
  3,530
  3,680
  3,838
  4,006
  4,185
  4,373
  4,572
  4,782
  5,003
  5,237
  5,484
  5,743
  6,017
  6,305
  6,608
  6,926
  7,262
  7,615
Revenue / Adjusted assets
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
  0.806
Average production assets, $m
  1,574
  1,611
  1,652
  1,699
  1,750
  1,807
  1,868
  1,935
  2,006
  2,083
  2,166
  2,254
  2,347
  2,447
  2,552
  2,664
  2,783
  2,908
  3,040
  3,180
  3,327
  3,482
  3,646
  3,819
  4,001
  4,192
  4,394
  4,606
  4,829
  5,063
Working capital, $m
  -19
  -20
  -20
  -21
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -59
  -61
Total debt, $m
  862
  899
  941
  988
  1,040
  1,097
  1,160
  1,228
  1,300
  1,379
  1,462
  1,551
  1,646
  1,747
  1,854
  1,968
  2,088
  2,215
  2,350
  2,491
  2,641
  2,799
  2,965
  3,140
  3,325
  3,519
  3,724
  3,939
  4,165
  4,404
Total liabilities, $m
  1,598
  1,635
  1,677
  1,724
  1,776
  1,834
  1,896
  1,964
  2,037
  2,115
  2,198
  2,288
  2,383
  2,484
  2,591
  2,704
  2,825
  2,952
  3,086
  3,228
  3,377
  3,535
  3,701
  3,877
  4,061
  4,256
  4,460
  4,675
  4,902
  5,140
Total equity, $m
  770
  787
  807
  830
  855
  883
  913
  946
  981
  1,018
  1,059
  1,101
  1,147
  1,196
  1,247
  1,302
  1,360
  1,421
  1,486
  1,554
  1,626
  1,702
  1,782
  1,867
  1,955
  2,049
  2,147
  2,251
  2,360
  2,475
Total liabilities and equity, $m
  2,368
  2,422
  2,484
  2,554
  2,631
  2,717
  2,809
  2,910
  3,018
  3,133
  3,257
  3,389
  3,530
  3,680
  3,838
  4,006
  4,185
  4,373
  4,572
  4,782
  5,003
  5,237
  5,483
  5,744
  6,016
  6,305
  6,607
  6,926
  7,262
  7,615
Debt-to-equity ratio
  1.120
  1.140
  1.160
  1.190
  1.220
  1.240
  1.270
  1.300
  1.330
  1.350
  1.380
  1.410
  1.440
  1.460
  1.490
  1.510
  1.540
  1.560
  1.580
  1.600
  1.620
  1.640
  1.660
  1.680
  1.700
  1.720
  1.730
  1.750
  1.760
  1.780
Adjusted equity ratio
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -10
  -8
  -5
  -2
  0
  3
  5
  8
  11
  14
  116
  119
  123
  127
  131
  136
  141
  146
  151
  157
  163
  169
  176
  183
  190
  198
  206
  215
  224
  233
Depreciation, amort., depletion, $m
  292
  295
  299
  304
  309
  315
  321
  328
  335
  342
  217
  225
  235
  245
  255
  266
  278
  291
  304
  318
  333
  348
  365
  382
  400
  419
  439
  461
  483
  506
Funds from operations, $m
  282
  288
  294
  302
  310
  318
  326
  336
  346
  357
  332
  345
  358
  372
  387
  402
  419
  437
  455
  475
  496
  517
  540
  565
  590
  617
  645
  675
  706
  739
Change in working capital, $m
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
Cash from operations, $m
  282
  288
  295
  302
  310
  318
  327
  337
  347
  358
  333
  346
  359
  373
  388
  404
  420
  438
  457
  477
  497
  519
  542
  567
  592
  619
  648
  678
  709
  742
Maintenance CAPEX, $m
  -154
  -157
  -161
  -165
  -170
  -175
  -181
  -187
  -193
  -201
  -208
  -217
  -225
  -235
  -245
  -255
  -266
  -278
  -291
  -304
  -318
  -333
  -348
  -365
  -382
  -400
  -419
  -439
  -461
  -483
New CAPEX, $m
  -31
  -36
  -41
  -46
  -51
  -56
  -62
  -67
  -72
  -77
  -82
  -88
  -94
  -99
  -106
  -112
  -118
  -125
  -132
  -140
  -147
  -155
  -164
  -173
  -182
  -191
  -201
  -212
  -223
  -235
Cash from investing activities, $m
  -185
  -193
  -202
  -211
  -221
  -231
  -243
  -254
  -265
  -278
  -290
  -305
  -319
  -334
  -351
  -367
  -384
  -403
  -423
  -444
  -465
  -488
  -512
  -538
  -564
  -591
  -620
  -651
  -684
  -718
Free cash flow, $m
  97
  94
  92
  91
  89
  87
  85
  83
  82
  80
  42
  41
  40
  39
  38
  37
  36
  35
  34
  33
  32
  31
  30
  29
  29
  28
  27
  26
  26
  25
Issuance/(repayment) of debt, $m
  31
  37
  42
  47
  52
  57
  62
  68
  73
  78
  84
  89
  95
  101
  107
  114
  120
  127
  134
  142
  150
  158
  166
  175
  185
  194
  205
  215
  226
  238
Issuance/(repurchase) of shares, $m
  24
  25
  25
  25
  25
  25
  25
  24
  24
  23
  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  
  55
  62
  67
  72
  77
  82
  87
  92
  97
  101
  84
  89
  95
  101
  107
  114
  120
  127
  134
  142
  150
  158
  166
  175
  185
  194
  205
  215
  226
  238
Total cash flow (excl. dividends), $m
  153
  156
  160
  163
  166
  169
  172
  175
  178
  182
  126
  130
  135
  140
  145
  150
  156
  162
  168
  175
  182
  189
  197
  205
  213
  222
  232
  242
  252
  263
Retained Cash Flow (-), $m
  -24
  -25
  -25
  -25
  -25
  -28
  -30
  -33
  -35
  -38
  -40
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -84
  -89
  -94
  -98
  -104
  -109
  -115
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
  39
  40
  41
  42
  43
  45
  46
  48
  49
  51
  53
  55
  57
  60
  62
  65
  68
  71
  74
  77
  81
  85
  89
  93
  97
  102
  107
  112
  117
  123
Cash available for distribution, $m
  128
  131
  134
  138
  141
  141
  142
  143
  143
  144
  86
  87
  89
  91
  93
  95
  98
  101
  103
  106
  110
  113
  117
  120
  124
  129
  133
  138
  143
  148
Discount rate, %
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
  120
  115
  109
  103
  96
  88
  79
  71
  63
  55
  28
  25
  21
  18
  15
  13
  10
  8
  7
  5
  4
  3
  2
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  99.1
  98.1
  97.2
  96.3
  95.5
  94.7
  93.9
  93.2
  92.5
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9

VeriFone Systems, Inc. offers payments and commerce solutions. The Company is engaged in designing, manufacturing, marketing and supplying a range of payment solutions and complementary services. It provides solutions and services for the retail point-of-sale (POS) that enable various forms of commerce. The Company's segments include Verifone Systems and Verifone Services. The Verifone Systems segment delivers point of sale electronic payment devices that run the operating systems, security and encryption software, and certified payment software for both payments and commerce. The Verifone Services segment delivers device-related leasing and maintenance, payment transaction routing and reporting, and commerce based services, such as advertising on digital screens. The Company operates in various sectors, such as financial services, retail, petroleum, restaurant, hospitality, transportation and healthcare.

FINANCIAL RATIOS  of  VeriFone Systems (PAY)

Valuation Ratios
P/E Ratio -14.8
Price to Sales 1.4
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 15.6
Price to Free Cash Flow 26.1
Growth Rates
Sales Growth Rate -6.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -36.2%
Cap. Spend. - 3 Yr. Gr. Rate -4.6%
Financial Strength
Quick Ratio 2
Current Ratio 0.2
LT Debt to Equity 100.9%
Total Debt to Equity 110.1%
Interest Coverage -4
Management Effectiveness
Return On Assets -5.8%
Ret/ On Assets - 3 Yr. Avg. -2.6%
Return On Total Capital -10.5%
Ret/ On T. Cap. - 3 Yr. Avg. -2.2%
Return On Equity -22.2%
Return On Equity - 3 Yr. Avg. -5%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 38.1%
Gross Margin - 3 Yr. Avg. 39.8%
EBITDA Margin 1.4%
EBITDA Margin - 3 Yr. Avg. 8.5%
Operating Margin -6%
Oper. Margin - 3 Yr. Avg. 0.3%
Pre-Tax Margin -7.6%
Pre-Tax Margin - 3 Yr. Avg. -1.3%
Net Profit Margin -9.3%
Net Profit Margin - 3 Yr. Avg. -1.9%
Effective Tax Rate -22.4%
Eff/ Tax Rate - 3 Yr. Avg. 189.3%
Payout Ratio 0%

PAY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PAY stock intrinsic value calculation we used $1871 million for the last fiscal year's total revenue generated by VeriFone Systems. The default revenue input number comes from 2017 income statement of VeriFone 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 PAY 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 6.5%, whose default value for PAY is calculated based on our internal credit rating of VeriFone 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 VeriFone 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 PAY stock the variable cost ratio is equal to 98.3%.

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 PAY 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 VeriFone Systems.

Corporate tax rate of 27% is the nominal tax rate for VeriFone 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 PAY stock is equal to 2.1%.

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 PAY are equal to 82.5%.

Life of production assets of 10 years is the average useful life of capital assets used in VeriFone 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 PAY is equal to -1%. 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 - $755 million for VeriFone 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 112 million for VeriFone 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 VeriFone Systems at the current share price and the inputted number of shares is $2.6 billion.

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COMPANY NEWS

▶ Adient and Eldorado Resorts Set to Join S&P MidCap 400   [Aug-14-18 05:59PM  PR Newswire]
▶ [$$] Ratings Firm Downgrades VeriFone Ahead of Francisco Partners Deal   [Jul-25-18 02:55PM  The Wall Street Journal]
▶ [$$] Verifone Names New CEO   [Jul-09-18 01:25PM  The Wall Street Journal]
▶ Yahoo Finance All Markets Summit: Crypto   [Jun-14-18 07:00AM  Yahoo Finance Video]
▶ VeriFone: Fiscal 2Q Earnings Snapshot   [Jun-08-18 04:16PM  Associated Press]
▶ Here's how Workday's acquisition ranks among the largest Bay Area M&A deals in 2018   [Jun-07-18 08:58PM  American City Business Journals]
▶ Trade balance What you need to know in markets on Wednesday   [Jun-05-18 05:52PM  Yahoo Finance]
▶ Verifone Announces End of Go Shop Period   [May-25-18 08:00AM  Business Wire]
▶ Verifone Systems Lands a Big Buyout   [05:01PM  Motley Fool]
▶ Company News For Apr 11, 2018   [10:15AM  Zacks]
▶ What Happened in the Stock Market Today   [Apr-10-18 05:09PM  Motley Fool]
▶ Verifone to go private in $2.6B deal; shares jump 52%   [09:18AM  American City Business Journals]
▶ A Hangover Cure in Fintech M&A   [08:52AM  Bloomberg]
▶ [$$] Verifone: paid off   [08:33AM  Financial Times]
▶ [$$] Private-Equity Group Reaches Deal to Buy Verifone   [Apr-09-18 09:30PM  The Wall Street Journal]
▶ How Square Will Start To Feel The Heat From First Data, VeriFone   [Mar-23-18 04:07PM  Investor's Business Daily]
▶ Verifone to Participate in Upcoming Investor Conferences   [Mar-09-18 04:05PM  Business Wire]
▶ VeriFone Systems Inc (PAY) Posts Q1 Services Growth of 11%   [Mar-08-18 05:05PM  InvestorPlace]
▶ VeriFone meets 1Q profit forecasts   [04:25PM  Associated Press]
▶ Chuck Royce's Top 5 New Buys of the 4th Quarter   [Feb-13-18 02:49PM  GuruFocus.com]
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