Intrinsic value of Payment Data Systems - PYDS

Previous Close

$1.80

  Intrinsic Value

$9.32

stock screener

  Rating & Target

str. buy

+418%

Previous close

$1.80

 
Intrinsic value

$9.32

 
Up/down potential

+418%

 
Rating

str. buy

We calculate the intrinsic value of PYDS 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 0001), $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 0.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  23
  36
  54
  78
  110
  152
  203
  267
  344
  434
  539
  659
  795
  946
  1,112
  1,293
  1,490
  1,701
  1,926
  2,166
  2,419
  2,685
  2,965
  3,258
  3,564
  3,882
  4,215
  4,560
  4,919
  5,293
Variable operating expenses, $m
  26
  40
  60
  87
  122
  167
  224
  295
  379
  479
  594
  726
  875
  1,041
  1,224
  1,424
  1,640
  1,872
  2,121
  2,384
  2,663
  2,956
  3,264
  3,586
  3,923
  4,274
  4,640
  5,020
  5,416
  5,827
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
  26
  40
  60
  87
  122
  167
  224
  295
  379
  479
  594
  726
  875
  1,041
  1,224
  1,424
  1,640
  1,872
  2,121
  2,384
  2,663
  2,956
  3,264
  3,586
  3,923
  4,274
  4,640
  5,020
  5,416
  5,827
Operating income, $m
  -3
  -4
  -6
  -8
  -12
  -16
  -21
  -27
  -35
  -44
  -54
  -67
  -80
  -95
  -112
  -130
  -150
  -172
  -194
  -219
  -244
  -271
  -299
  -329
  -360
  -392
  -425
  -460
  -496
  -534
EBITDA, $m
  -1
  -2
  -3
  -4
  -6
  -8
  -11
  -14
  -19
  -23
  -29
  -36
  -43
  -51
  -60
  -70
  -81
  -92
  -104
  -117
  -131
  -145
  -160
  -176
  -193
  -210
  -228
  -247
  -266
  -286
Interest expense (income), $m
  0
  0
  2
  4
  8
  12
  19
  27
  37
  49
  64
  82
  103
  126
  153
  182
  215
  250
  289
  330
  374
  421
  471
  523
  578
  635
  695
  757
  822
  890
  960
Earnings before tax, $m
  -3
  -6
  -10
  -16
  -24
  -34
  -48
  -64
  -85
  -109
  -137
  -169
  -206
  -248
  -294
  -345
  -401
  -460
  -524
  -593
  -665
  -742
  -822
  -906
  -995
  -1,087
  -1,183
  -1,282
  -1,386
  -1,494
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
  -3
  -6
  -10
  -16
  -24
  -34
  -48
  -64
  -85
  -109
  -137
  -169
  -206
  -248
  -294
  -345
  -401
  -460
  -524
  -593
  -665
  -742
  -822
  -906
  -995
  -1,087
  -1,183
  -1,282
  -1,386
  -1,494

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
  105
  162
  243
  352
  497
  683
  917
  1,204
  1,549
  1,956
  2,429
  2,970
  3,580
  4,259
  5,008
  5,825
  6,710
  7,661
  8,677
  9,755
  10,895
  12,096
  13,356
  14,675
  16,052
  17,489
  18,984
  20,541
  22,159
  23,841
Adjusted assets (=assets-cash), $m
  105
  162
  243
  352
  497
  683
  917
  1,204
  1,549
  1,956
  2,429
  2,970
  3,580
  4,259
  5,008
  5,825
  6,710
  7,661
  8,677
  9,755
  10,895
  12,096
  13,356
  14,675
  16,052
  17,489
  18,984
  20,541
  22,159
  23,841
Revenue / Adjusted assets
  0.219
  0.222
  0.222
  0.222
  0.221
  0.223
  0.221
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
Average production assets, $m
  5
  8
  13
  18
  26
  35
  48
  63
  80
  102
  126
  154
  186
  221
  260
  303
  349
  398
  451
  507
  566
  628
  694
  762
  834
  908
  986
  1,067
  1,151
  1,239
Working capital, $m
  0
  0
  -1
  -1
  -1
  -2
  -2
  -3
  -4
  -5
  -6
  -7
  -9
  -10
  -12
  -14
  -16
  -19
  -21
  -24
  -27
  -30
  -33
  -36
  -39
  -43
  -46
  -50
  -54
  -58
Total debt, $m
  30
  76
  141
  229
  346
  495
  684
  915
  1,192
  1,520
  1,901
  2,336
  2,827
  3,374
  3,977
  4,635
  5,347
  6,113
  6,931
  7,799
  8,716
  9,683
  10,697
  11,759
  12,868
  14,024
  15,228
  16,481
  17,784
  19,138
Total liabilities, $m
  85
  131
  195
  283
  400
  550
  738
  969
  1,247
  1,575
  1,955
  2,391
  2,882
  3,429
  4,031
  4,689
  5,402
  6,167
  6,985
  7,853
  8,771
  9,737
  10,751
  11,813
  12,922
  14,078
  15,283
  16,535
  17,838
  19,192
Total equity, $m
  20
  32
  47
  69
  97
  133
  179
  235
  302
  381
  474
  579
  698
  831
  977
  1,136
  1,309
  1,494
  1,692
  1,902
  2,125
  2,359
  2,604
  2,862
  3,130
  3,410
  3,702
  4,005
  4,321
  4,649
Total liabilities and equity, $m
  105
  163
  242
  352
  497
  683
  917
  1,204
  1,549
  1,956
  2,429
  2,970
  3,580
  4,260
  5,008
  5,825
  6,711
  7,661
  8,677
  9,755
  10,896
  12,096
  13,355
  14,675
  16,052
  17,488
  18,985
  20,540
  22,159
  23,841
Debt-to-equity ratio
  1.480
  2.410
  2.980
  3.340
  3.570
  3.720
  3.820
  3.900
  3.950
  3.990
  4.010
  4.030
  4.050
  4.060
  4.070
  4.080
  4.090
  4.090
  4.100
  4.100
  4.100
  4.110
  4.110
  4.110
  4.110
  4.110
  4.110
  4.110
  4.120
  4.120
Adjusted equity ratio
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -3
  -6
  -10
  -16
  -24
  -34
  -48
  -64
  -85
  -109
  -137
  -169
  -206
  -248
  -294
  -345
  -401
  -460
  -524
  -593
  -665
  -742
  -822
  -906
  -995
  -1,087
  -1,183
  -1,282
  -1,386
  -1,494
Depreciation, amort., depletion, $m
  2
  2
  3
  4
  6
  8
  10
  13
  17
  21
  25
  31
  37
  44
  52
  61
  70
  80
  90
  101
  113
  126
  139
  152
  167
  182
  197
  213
  230
  248
Funds from operations, $m
  -1
  -4
  -7
  -12
  -18
  -27
  -38
  -51
  -68
  -88
  -111
  -138
  -169
  -204
  -242
  -285
  -331
  -381
  -434
  -491
  -552
  -616
  -683
  -754
  -828
  -905
  -985
  -1,069
  -1,156
  -1,247
Change in working capital, $m
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
Cash from operations, $m
  -1
  -3
  -7
  -12
  -18
  -26
  -37
  -51
  -67
  -87
  -110
  -137
  -168
  -202
  -241
  -283
  -329
  -378
  -432
  -489
  -549
  -613
  -680
  -751
  -824
  -901
  -982
  -1,065
  -1,152
  -1,243
Maintenance CAPEX, $m
  -1
  -1
  -2
  -3
  -4
  -5
  -7
  -10
  -13
  -16
  -20
  -25
  -31
  -37
  -44
  -52
  -61
  -70
  -80
  -90
  -101
  -113
  -126
  -139
  -152
  -167
  -182
  -197
  -213
  -230
New CAPEX, $m
  -2
  -3
  -4
  -6
  -8
  -10
  -12
  -15
  -18
  -21
  -25
  -28
  -32
  -35
  -39
  -42
  -46
  -49
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -75
  -78
  -81
  -84
  -87
Cash from investing activities, $m
  -3
  -4
  -6
  -9
  -12
  -15
  -19
  -25
  -31
  -37
  -45
  -53
  -63
  -72
  -83
  -94
  -107
  -119
  -133
  -146
  -160
  -175
  -191
  -208
  -224
  -242
  -260
  -278
  -297
  -317
Free cash flow, $m
  -4
  -8
  -13
  -20
  -29
  -41
  -56
  -75
  -98
  -124
  -155
  -190
  -230
  -275
  -324
  -377
  -435
  -498
  -564
  -635
  -710
  -789
  -871
  -958
  -1,048
  -1,143
  -1,241
  -1,343
  -1,450
  -1,560
Issuance/(repayment) of debt, $m
  30
  46
  65
  88
  116
  150
  188
  231
  278
  328
  381
  435
  491
  547
  603
  658
  712
  766
  817
  868
  918
  966
  1,014
  1,062
  1,109
  1,156
  1,204
  1,253
  1,303
  1,354
Issuance/(repurchase) of shares, $m
  10
  17
  26
  37
  52
  71
  93
  120
  152
  188
  229
  275
  325
  381
  440
  505
  573
  646
  723
  803
  888
  976
  1,068
  1,164
  1,263
  1,367
  1,474
  1,586
  1,702
  1,822
Cash from financing (excl. dividends), $m  
  40
  63
  91
  125
  168
  221
  281
  351
  430
  516
  610
  710
  816
  928
  1,043
  1,163
  1,285
  1,412
  1,540
  1,671
  1,806
  1,942
  2,082
  2,226
  2,372
  2,523
  2,678
  2,839
  3,005
  3,176
Total cash flow (excl. dividends), $m
  37
  55
  78
  106
  139
  179
  225
  276
  332
  392
  454
  520
  586
  653
  720
  786
  850
  914
  976
  1,036
  1,095
  1,154
  1,211
  1,267
  1,324
  1,380
  1,437
  1,496
  1,555
  1,616
Retained Cash Flow (-), $m
  -10
  -17
  -26
  -37
  -52
  -71
  -93
  -120
  -152
  -188
  -229
  -275
  -325
  -381
  -440
  -505
  -573
  -646
  -723
  -803
  -888
  -976
  -1,068
  -1,164
  -1,263
  -1,367
  -1,474
  -1,586
  -1,702
  -1,822
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
  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
  26
  39
  52
  68
  87
  109
  132
  156
  180
  204
  226
  245
  261
  272
  279
  281
  277
  268
  253
  233
  208
  178
  143
  104
  60
  14
  -37
  -90
  -147
  -206
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
  25
  35
  45
  56
  68
  79
  89
  97
  104
  107
  107
  105
  99
  91
  82
  71
  60
  49
  39
  30
  22
  15
  9
  5
  2
  0
  -1
  -1
  -2
  -2
Current shareholders' claim on cash, %
  73.7
  53.5
  38.9
  28.6
  21.2
  15.8
  12.0
  9.2
  7.1
  5.5
  4.3
  3.4
  2.7
  2.2
  1.7
  1.4
  1.1
  0.9
  0.8
  0.6
  0.5
  0.4
  0.4
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1

Payment Data Systems, Inc. is engaged in the business of processing electronic payments for other companies, including a range of automated clearing house (ACH) processing, credit, prepaid card and debit card-based processing. The Company is an integrated payment solutions provider offering a range of services to merchants, billers, banks, service bureaus, and card issuers. It operates through two operating entities: Payment Data Systems, Inc. and FiCentive, Inc. Payment Data Systems, Inc. provides integrated electronic payment processing services to merchants and businesses, including credit and debit card-based processing services and transaction processing through the ACH network. Its ACH processing services enable merchants or businesses to both disburse and collect funds electronically using e-checks to transfer funds instead of traditional paper checks. The Company provides prepaid card processing services for merchants and consumers through its subsidiary, FiCentive, Inc.

FINANCIAL RATIOS  of  Payment Data Systems (PYDS)

Valuation Ratios
P/E Ratio -21.2
Price to Sales 1.8
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 21.2
Price to Free Cash Flow 21.2
Growth Rates
Sales Growth Rate -14.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0.3
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -1.4%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital -11.1%
Ret/ On T. Cap. - 3 Yr. Avg. 33.8%
Return On Equity -11.1%
Return On Equity - 3 Yr. Avg. 33.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 33.3%
Gross Margin - 3 Yr. Avg. 33.3%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 7.5%
Operating Margin -8.3%
Oper. Margin - 3 Yr. Avg. 4.7%
Pre-Tax Margin -8.3%
Pre-Tax Margin - 3 Yr. Avg. 4.7%
Net Profit Margin -8.3%
Net Profit Margin - 3 Yr. Avg. 9.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -33.3%
Payout Ratio 0%

PYDS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PYDS stock intrinsic value calculation we used $14.571158 million for the last fiscal year's total revenue generated by Payment Data Systems. The default revenue input number comes from 0001 income statement of Payment Data 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 PYDS stock valuation model: a) initial revenue growth rate of 60% 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 PYDS is calculated based on our internal credit rating of Payment Data 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 Payment Data 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 PYDS stock the variable cost ratio is equal to 113.3%.

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 PYDS 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 Payment Data Systems.

Corporate tax rate of 27% is the nominal tax rate for Payment Data 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 PYDS 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 PYDS are equal to 23.4%.

Life of production assets of 3.8 years is the average useful life of capital assets used in Payment Data 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 PYDS is equal to -1.1%. 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 - $13.123353 million for Payment Data 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 15.86 million for Payment Data 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 Payment Data Systems at the current share price and the inputted number of shares is $0.0 billion.

RELATED COMPANIES Price Int.Val. Rating
MA Mastercard 200.71 227.59  hold
GPN Global Payment 109.42 65.07  sell
V VISA Cl A 141.84 142.64  hold
TSS Total System S 89.28 48.69  sell
FDC First Data Cl 18.27 81.00  str.buy

COMPANY NEWS

▶ From tax reform to trade wars, San Antonio public companies show resilience   [Jun-21-18 03:57PM  American City Business Journals]
▶ SA fintech company raises $3M from investors   [Dec-21-17 03:25PM  American City Business Journals]
▶ Payment Data Systems Announces 2017 Third Quarter Results   [Nov-14-17 04:15PM  GlobeNewswire]
▶ Payment Data Systems to Report Third Quarter 2017 Results   [Nov-13-17 09:00AM  GlobeNewswire]
▶ Payment Data Systems Acquires Singular Payments, LLC   [Sep-06-17 08:00AM  GlobeNewswire]
▶ Payment Data Systems Announces 2017 Second Quarter Results   [Aug-14-17 04:08PM  GlobeNewswire]
▶ Payment Data Systems to Report Second Quarter 2017 Results   [Aug-10-17 04:30PM  GlobeNewswire]
▶ Payment Data Systems Announces First Quarter Results   [May-15-17 04:53PM  GlobeNewswire]
▶ Local finance company to acquire Florida tech startup   [Mar-15-17 12:05PM  at bizjournals.com]
▶ Local finance company to acquire Florida tech startup   [12:05PM  American City Business Journals]
▶ Payment Data Systems Targeting Growth in 2017   [Jan-30-17 02:53PM  Accesswire]
▶ Payment Data Systems' CFO resigns, board member steps into role   [Jan-11-17 06:18PM  at bizjournals.com]
▶ Payment Data Systems' CFO resigns, board member steps into role   [06:18PM  American City Business Journals]
▶ Payment Data Systems Announces New Corporate Partner   [Dec-20-16 08:00AM  GlobeNewswire]

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