Intrinsic value of Total System Services - TSS

Previous Close

$93.31

  Intrinsic Value

$43.12

stock screener

  Rating & Target

str. sell

-54%

Previous close

$93.31

 
Intrinsic value

$43.12

 
Up/down potential

-54%

 
Rating

str. sell

We calculate the intrinsic value of TSS 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 17.0

 

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, %
  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
  5,027
  5,142
  5,274
  5,423
  5,587
  5,767
  5,964
  6,176
  6,406
  6,651
  6,914
  7,195
  7,494
  7,811
  8,148
  8,505
  8,883
  9,283
  9,705
  10,151
  10,622
  11,118
  11,641
  12,192
  12,773
  13,384
  14,027
  14,704
  15,416
  16,165
Variable operating expenses, $m
  3,952
  4,033
  4,125
  4,229
  4,344
  4,470
  4,608
  4,756
  4,916
  5,088
  4,835
  5,031
  5,240
  5,462
  5,697
  5,947
  6,211
  6,491
  6,786
  7,098
  7,427
  7,774
  8,140
  8,525
  8,931
  9,358
  9,808
  10,281
  10,779
  11,303
Fixed operating expenses, $m
  325
  332
  339
  347
  355
  362
  370
  378
  387
  395
  404
  413
  422
  431
  441
  450
  460
  470
  481
  491
  502
  513
  525
  536
  548
  560
  572
  585
  598
  611
Total operating expenses, $m
  4,277
  4,365
  4,464
  4,576
  4,699
  4,832
  4,978
  5,134
  5,303
  5,483
  5,239
  5,444
  5,662
  5,893
  6,138
  6,397
  6,671
  6,961
  7,267
  7,589
  7,929
  8,287
  8,665
  9,061
  9,479
  9,918
  10,380
  10,866
  11,377
  11,914
Operating income, $m
  749
  777
  809
  847
  888
  935
  986
  1,042
  1,102
  1,168
  1,676
  1,751
  1,832
  1,918
  2,010
  2,108
  2,212
  2,322
  2,438
  2,562
  2,693
  2,831
  2,977
  3,131
  3,294
  3,466
  3,647
  3,838
  4,039
  4,251
EBITDA, $m
  1,407
  1,439
  1,478
  1,521
  1,570
  1,625
  1,684
  1,749
  1,820
  1,896
  1,978
  2,066
  2,160
  2,260
  2,366
  2,480
  2,600
  2,727
  2,863
  3,006
  3,157
  3,317
  3,486
  3,664
  3,852
  4,051
  4,260
  4,481
  4,713
  4,958
Interest expense (income), $m
  84
  172
  177
  182
  188
  195
  202
  210
  219
  228
  238
  249
  261
  273
  287
  301
  316
  332
  349
  366
  385
  405
  426
  448
  472
  496
  522
  549
  578
  608
  640
Earnings before tax, $m
  577
  600
  627
  659
  694
  733
  776
  823
  874
  929
  1,426
  1,490
  1,558
  1,631
  1,709
  1,792
  1,880
  1,973
  2,072
  2,177
  2,287
  2,405
  2,529
  2,660
  2,798
  2,944
  3,098
  3,260
  3,431
  3,612
Tax expense, $m
  156
  162
  169
  178
  187
  198
  210
  222
  236
  251
  385
  402
  421
  440
  461
  484
  508
  533
  559
  588
  618
  649
  683
  718
  755
  795
  836
  880
  926
  975
Net income, $m
  421
  438
  458
  481
  507
  535
  567
  601
  638
  678
  1,041
  1,088
  1,138
  1,191
  1,248
  1,308
  1,372
  1,440
  1,512
  1,589
  1,670
  1,755
  1,846
  1,941
  2,042
  2,149
  2,261
  2,380
  2,505
  2,636

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
  6,428
  6,576
  6,745
  6,934
  7,145
  7,375
  7,626
  7,898
  8,191
  8,506
  8,842
  9,201
  9,583
  9,989
  10,420
  10,876
  11,360
  11,871
  12,411
  12,981
  13,583
  14,218
  14,886
  15,591
  16,333
  17,115
  17,937
  18,803
  19,714
  20,671
Adjusted assets (=assets-cash), $m
  6,428
  6,576
  6,745
  6,934
  7,145
  7,375
  7,626
  7,898
  8,191
  8,506
  8,842
  9,201
  9,583
  9,989
  10,420
  10,876
  11,360
  11,871
  12,411
  12,981
  13,583
  14,218
  14,886
  15,591
  16,333
  17,115
  17,937
  18,803
  19,714
  20,671
Revenue / Adjusted assets
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
  0.782
Average production assets, $m
  2,659
  2,720
  2,790
  2,869
  2,956
  3,051
  3,155
  3,267
  3,389
  3,519
  3,658
  3,806
  3,964
  4,132
  4,310
  4,499
  4,699
  4,911
  5,134
  5,370
  5,619
  5,881
  6,158
  6,450
  6,757
  7,080
  7,420
  7,778
  8,155
  8,551
Working capital, $m
  211
  216
  222
  228
  235
  242
  250
  259
  269
  279
  290
  302
  315
  328
  342
  357
  373
  390
  408
  426
  446
  467
  489
  512
  536
  562
  589
  618
  647
  679
Total debt, $m
  3,276
  3,371
  3,480
  3,603
  3,738
  3,887
  4,049
  4,225
  4,414
  4,616
  4,833
  5,065
  5,311
  5,573
  5,851
  6,145
  6,457
  6,787
  7,135
  7,503
  7,891
  8,301
  8,732
  9,186
  9,665
  10,169
  10,700
  11,258
  11,846
  12,463
Total liabilities, $m
  4,146
  4,241
  4,350
  4,473
  4,608
  4,757
  4,919
  5,094
  5,283
  5,486
  5,703
  5,934
  6,181
  6,443
  6,721
  7,015
  7,327
  7,657
  8,005
  8,373
  8,761
  9,170
  9,602
  10,056
  10,535
  11,039
  11,570
  12,128
  12,715
  13,333
Total equity, $m
  2,282
  2,334
  2,394
  2,462
  2,536
  2,618
  2,707
  2,804
  2,908
  3,019
  3,139
  3,266
  3,402
  3,546
  3,699
  3,861
  4,033
  4,214
  4,406
  4,608
  4,822
  5,047
  5,285
  5,535
  5,798
  6,076
  6,368
  6,675
  6,998
  7,338
Total liabilities and equity, $m
  6,428
  6,575
  6,744
  6,935
  7,144
  7,375
  7,626
  7,898
  8,191
  8,505
  8,842
  9,200
  9,583
  9,989
  10,420
  10,876
  11,360
  11,871
  12,411
  12,981
  13,583
  14,217
  14,887
  15,591
  16,333
  17,115
  17,938
  18,803
  19,713
  20,671
Debt-to-equity ratio
  1.440
  1.440
  1.450
  1.460
  1.470
  1.480
  1.500
  1.510
  1.520
  1.530
  1.540
  1.550
  1.560
  1.570
  1.580
  1.590
  1.600
  1.610
  1.620
  1.630
  1.640
  1.640
  1.650
  1.660
  1.670
  1.670
  1.680
  1.690
  1.690
  1.700
Adjusted equity ratio
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  421
  438
  458
  481
  507
  535
  567
  601
  638
  678
  1,041
  1,088
  1,138
  1,191
  1,248
  1,308
  1,372
  1,440
  1,512
  1,589
  1,670
  1,755
  1,846
  1,941
  2,042
  2,149
  2,261
  2,380
  2,505
  2,636
Depreciation, amort., depletion, $m
  657
  662
  668
  675
  682
  690
  698
  708
  718
  728
  302
  315
  328
  342
  356
  372
  388
  406
  424
  444
  464
  486
  509
  533
  558
  585
  613
  643
  674
  707
Funds from operations, $m
  1,078
  1,100
  1,126
  1,155
  1,188
  1,225
  1,265
  1,308
  1,356
  1,407
  1,344
  1,402
  1,465
  1,532
  1,604
  1,680
  1,761
  1,846
  1,937
  2,033
  2,134
  2,241
  2,355
  2,474
  2,601
  2,734
  2,875
  3,023
  3,179
  3,343
Change in working capital, $m
  4
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
Cash from operations, $m
  1,074
  1,096
  1,121
  1,149
  1,181
  1,217
  1,257
  1,299
  1,346
  1,396
  1,333
  1,391
  1,453
  1,519
  1,590
  1,665
  1,745
  1,829
  1,919
  2,014
  2,114
  2,221
  2,333
  2,451
  2,576
  2,708
  2,847
  2,994
  3,149
  3,312
Maintenance CAPEX, $m
  -215
  -220
  -225
  -231
  -237
  -244
  -252
  -261
  -270
  -280
  -291
  -302
  -315
  -328
  -342
  -356
  -372
  -388
  -406
  -424
  -444
  -464
  -486
  -509
  -533
  -558
  -585
  -613
  -643
  -674
New CAPEX, $m
  -52
  -61
  -70
  -78
  -87
  -95
  -104
  -112
  -121
  -130
  -139
  -148
  -158
  -168
  -178
  -189
  -200
  -211
  -223
  -236
  -249
  -263
  -277
  -292
  -307
  -323
  -340
  -358
  -377
  -396
Cash from investing activities, $m
  -267
  -281
  -295
  -309
  -324
  -339
  -356
  -373
  -391
  -410
  -430
  -450
  -473
  -496
  -520
  -545
  -572
  -599
  -629
  -660
  -693
  -727
  -763
  -801
  -840
  -881
  -925
  -971
  -1,020
  -1,070
Free cash flow, $m
  806
  815
  826
  840
  857
  877
  900
  926
  955
  986
  903
  940
  980
  1,023
  1,070
  1,120
  1,173
  1,229
  1,290
  1,354
  1,422
  1,494
  1,570
  1,651
  1,736
  1,827
  1,922
  2,023
  2,129
  2,242
Issuance/(repayment) of debt, $m
  82
  95
  109
  122
  136
  149
  162
  175
  189
  203
  217
  231
  246
  262
  278
  295
  312
  330
  348
  368
  388
  409
  431
  455
  479
  504
  531
  558
  587
  618
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  82
  95
  109
  122
  136
  149
  162
  175
  189
  203
  217
  231
  246
  262
  278
  295
  312
  330
  348
  368
  388
  409
  431
  455
  479
  504
  531
  558
  587
  618
Total cash flow (excl. dividends), $m
  889
  910
  935
  962
  993
  1,026
  1,062
  1,102
  1,144
  1,189
  1,120
  1,171
  1,227
  1,285
  1,348
  1,414
  1,485
  1,559
  1,638
  1,722
  1,810
  1,903
  2,002
  2,105
  2,215
  2,331
  2,453
  2,581
  2,717
  2,859
Retained Cash Flow (-), $m
  -41
  -52
  -60
  -67
  -75
  -82
  -89
  -97
  -104
  -112
  -119
  -127
  -136
  -144
  -153
  -162
  -172
  -181
  -192
  -202
  -214
  -225
  -237
  -250
  -263
  -277
  -292
  -307
  -323
  -340
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
  848
  857
  875
  895
  918
  944
  973
  1,005
  1,040
  1,078
  1,000
  1,044
  1,091
  1,141
  1,195
  1,252
  1,313
  1,378
  1,446
  1,519
  1,596
  1,678
  1,764
  1,855
  1,952
  2,053
  2,161
  2,274
  2,393
  2,519
Discount rate, %
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
  794
  747
  704
  661
  617
  573
  529
  484
  439
  395
  315
  279
  244
  211
  180
  151
  125
  102
  81
  64
  49
  37
  27
  20
  14
  9
  6
  4
  3
  2
Current shareholders' claim on cash, %
  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

Total System Services, Inc. (TSYS) is a payment solutions provider that provides payment processing services, merchant services and related payment services to financial and non-financial institutions. The Company's segments include North America Services, Merchant Services, NetSpend and International Services. In addition, it provides general purpose reloadable (GPR) prepaid and payroll cards, and alternative financial service solutions to the underbanked and other consumers. The Company's Merchant Services segment provides third party processing services to merchant acquirers and Independent Sales Organizations (ISOs) and financial institutions. The Company's NetSpend segment is engaged in the provision and sale of prepaid access devices, such as its GPR prepaid debit cards. The Company's services and solutions include Issuing Services, Acquiring Services, Prepaid Solutions and Merchant Solutions.

FINANCIAL RATIOS  of  Total System Services (TSS)

Valuation Ratios
P/E Ratio 53.5
Price to Sales 4.1
Price to Book 8.2
Price to Tangible Book
Price to Cash Flow 23.8
Price to Free Cash Flow 29.8
Growth Rates
Sales Growth Rate 50%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -29.6%
Cap. Spend. - 3 Yr. Gr. Rate -5.9%
Financial Strength
Quick Ratio 8
Current Ratio 0.2
LT Debt to Equity 157.8%
Total Debt to Equity 160.2%
Interest Coverage 6
Management Effectiveness
Return On Assets 7.3%
Ret/ On Assets - 3 Yr. Avg. 9%
Return On Total Capital 7.3%
Ret/ On T. Cap. - 3 Yr. Avg. 9.7%
Return On Equity 16.2%
Return On Equity - 3 Yr. Avg. 18.9%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 28.2%
Gross Margin - 3 Yr. Avg. 31.1%
EBITDA Margin 22%
EBITDA Margin - 3 Yr. Avg. 26.2%
Operating Margin 13.7%
Oper. Margin - 3 Yr. Avg. 16.4%
Pre-Tax Margin 11.1%
Pre-Tax Margin - 3 Yr. Avg. 15%
Net Profit Margin 7.7%
Net Profit Margin - 3 Yr. Avg. 11.3%
Effective Tax Rate 34.9%
Eff/ Tax Rate - 3 Yr. Avg. 32.8%
Payout Ratio 22.8%

TSS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TSS stock intrinsic value calculation we used $4927.965 million for the last fiscal year's total revenue generated by Total System Services. The default revenue input number comes from 0001 income statement of Total System 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 TSS 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 6.8%, whose default value for TSS is calculated based on our internal credit rating of Total System 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 Total System 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 TSS stock the variable cost ratio is equal to 78.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $318 million in the base year in the intrinsic value calculation for TSS 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 Total System Services.

Corporate tax rate of 27% is the nominal tax rate for Total System 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 TSS 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 TSS are equal to 52.9%.

Life of production assets of 12.1 years is the average useful life of capital assets used in Total System 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 TSS is equal to 4.2%. 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 - $2240.993 million for Total System 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 182.418 million for Total System 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 Total System Services at the current share price and the inputted number of shares is $17.0 billion.

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COMPANY NEWS

▶ Square rival SpotOn buys startup to better serve restaurants   [Oct-03-18 05:40PM  American City Business Journals]
▶ Square Stock Is Benefiting From the Strong Economy   [Oct-02-18 11:51AM  InvestorPlace]
▶ TSYS to Broadcast Third-Quarter 2018 Results   [Sep-27-18 04:15PM  Business Wire]
▶ TSYS Announces Third-Quarter 2018 Dividend   [Sep-04-18 04:15PM  Business Wire]
▶ 3 Payment Stocks to Gain From Solid Retail Sales   [Aug-30-18 12:00PM  InvestorPlace]
▶ Total System: 2Q Earnings Snapshot   [Jul-24-18 04:37PM  Associated Press]
▶ Stock Market Gets Back On Bullish Path; Trump Remarks Help   [Jul-12-18 01:12PM  Investor's Business Daily]
▶ TSYS to Broadcast Second-Quarter 2018 Results   [Jun-28-18 09:00AM  Business Wire]
▶ TSYS and Eye Care Leaders Envision a Bright Future Together   [Jun-26-18 09:00AM  Business Wire]
▶ TSYS Named to the Civic 50 for the Fifth Consecutive Time   [Jun-19-18 09:00AM  Business Wire]
▶ TSYS Announces Acquisition of iMobile3   [Jun-07-18 09:30AM  Business Wire]
▶ TSYS Announces Second-Quarter 2018 Dividend   [Jun-05-18 04:15PM  Business Wire]
▶ Former Brightcove, Carbon Black CFO joins Waltham-based BlueSnap   [May-30-18 12:15PM  American City Business Journals]
▶ Bitcoin Is Going to Sink Square Inc Stock. Heres How   [May-17-18 10:05AM  InvestorPlace]
▶ TSYS to Host 2018 Investor Day in New York   [May-15-18 04:15PM  Business Wire]
▶ San Francisco startups founders pony up $20 million to square off against Square   [Apr-24-18 05:31PM  American City Business Journals]
▶ Total System: 1Q Earnings Snapshot   [04:26PM  Associated Press]
▶ TSYS to Broadcast First-Quarter 2018 Results   [Mar-29-18 09:00AM  Business Wire]
▶ TSYS Announces First-Quarter 2018 Dividend   [Mar-07-18 04:15PM  Business Wire]
▶ TSYS Extends Existing Agreement with Capital One UK   [Feb-28-18 04:00AM  Business Wire]
▶ ProPay┬« Brings Disbursement Fund Capabilities to China   [Feb-20-18 09:00AM  Business Wire]
▶ ProPay┬« Launches the ProPay Payment Network at SaaStr   [Feb-06-18 11:30AM  Business Wire]
▶ Longtime global payments exec takes over Austin's Netspend   [Jan-30-18 09:35AM  American City Business Journals]
▶ TSYS Appoints Kelley Knutson as President of Netspend   [Jan-26-18 09:32AM  Business Wire]
▶ Total System beats 4Q profit forecasts   [Jan-23-18 05:03PM  Associated Press]
▶ 8 Stocks To Play The Mulvaney Era At The CFPB   [Jan-18-18 02:30PM  Benzinga]

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