Intrinsic value of Total System Services - TSS

Previous Close

$83.25

  Intrinsic Value

$57.45

stock screener

  Rating & Target

sell

-31%

Previous close

$83.25

 
Intrinsic value

$57.45

 
Up/down potential

-31%

 
Rating

sell

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

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  50.00
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.64
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
Revenue, $m
  4,170
  4,537
  4,919
  5,316
  5,729
  6,159
  6,605
  7,068
  7,550
  8,051
  8,573
  9,115
  9,679
  10,267
  10,880
  11,518
  12,184
  12,879
  13,605
  14,362
  15,154
  15,982
  16,848
  17,753
  18,700
  19,692
  20,731
  21,818
  22,957
  24,151
  25,401
Variable operating expenses, $m
 
  3,637
  3,916
  4,206
  4,507
  4,820
  5,146
  5,484
  5,836
  6,201
  6,581
  6,650
  7,062
  7,490
  7,937
  8,403
  8,889
  9,396
  9,925
  10,478
  11,056
  11,660
  12,291
  12,952
  13,643
  14,367
  15,124
  15,917
  16,749
  17,619
  18,532
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
  3,597
  3,637
  3,916
  4,206
  4,507
  4,820
  5,146
  5,484
  5,836
  6,201
  6,581
  6,650
  7,062
  7,490
  7,937
  8,403
  8,889
  9,396
  9,925
  10,478
  11,056
  11,660
  12,291
  12,952
  13,643
  14,367
  15,124
  15,917
  16,749
  17,619
  18,532
Operating income, $m
  573
  900
  1,003
  1,111
  1,222
  1,338
  1,459
  1,585
  1,715
  1,850
  1,991
  2,465
  2,618
  2,777
  2,942
  3,115
  3,295
  3,483
  3,679
  3,884
  4,098
  4,322
  4,556
  4,801
  5,057
  5,326
  5,606
  5,900
  6,209
  6,531
  6,870
EBITDA, $m
  947
  1,387
  1,504
  1,625
  1,752
  1,883
  2,019
  2,161
  2,308
  2,462
  2,621
  2,787
  2,959
  3,139
  3,326
  3,521
  3,725
  3,937
  4,159
  4,391
  4,633
  4,886
  5,151
  5,428
  5,717
  6,020
  6,338
  6,670
  7,019
  7,383
  7,766
Interest expense (income), $m
  84
  116
  129
  142
  156
  171
  186
  202
  218
  235
  253
  271
  291
  311
  331
  353
  376
  399
  424
  449
  476
  504
  533
  564
  596
  629
  665
  701
  740
  780
  822
Earnings before tax, $m
  461
  784
  874
  968
  1,066
  1,168
  1,273
  1,383
  1,497
  1,615
  1,738
  2,194
  2,327
  2,466
  2,611
  2,762
  2,919
  3,084
  3,256
  3,435
  3,622
  3,818
  4,023
  4,237
  4,461
  4,696
  4,942
  5,199
  5,469
  5,751
  6,047
Tax expense, $m
  161
  212
  236
  261
  288
  315
  344
  373
  404
  436
  469
  592
  628
  666
  705
  746
  788
  833
  879
  927
  978
  1,031
  1,086
  1,144
  1,205
  1,268
  1,334
  1,404
  1,477
  1,553
  1,633
Net income, $m
  320
  572
  638
  707
  778
  852
  929
  1,009
  1,092
  1,179
  1,269
  1,601
  1,699
  1,800
  1,906
  2,016
  2,131
  2,251
  2,377
  2,507
  2,644
  2,787
  2,937
  3,093
  3,257
  3,428
  3,608
  3,795
  3,992
  4,198
  4,415

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  425
  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
  6,366
  6,463
  7,007
  7,573
  8,162
  8,773
  9,409
  10,069
  10,756
  11,469
  12,212
  12,984
  13,788
  14,625
  15,498
  16,407
  17,356
  18,346
  19,380
  20,459
  21,587
  22,766
  23,999
  25,289
  26,639
  28,052
  29,531
  31,080
  32,702
  34,403
  36,184
Adjusted assets (=assets-cash), $m
  5,941
  6,463
  7,007
  7,573
  8,162
  8,773
  9,409
  10,069
  10,756
  11,469
  12,212
  12,984
  13,788
  14,625
  15,498
  16,407
  17,356
  18,346
  19,380
  20,459
  21,587
  22,766
  23,999
  25,289
  26,639
  28,052
  29,531
  31,080
  32,702
  34,403
  36,184
Revenue / Adjusted assets
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
Average production assets, $m
  1,560
  1,697
  1,840
  1,988
  2,143
  2,303
  2,470
  2,644
  2,824
  3,011
  3,206
  3,409
  3,620
  3,840
  4,069
  4,308
  4,557
  4,817
  5,088
  5,372
  5,668
  5,977
  6,301
  6,640
  6,994
  7,365
  7,753
  8,160
  8,586
  9,032
  9,500
Working capital, $m
  603
  250
  271
  292
  315
  339
  363
  389
  415
  443
  471
  501
  532
  565
  598
  633
  670
  708
  748
  790
  833
  879
  927
  976
  1,029
  1,083
  1,140
  1,200
  1,263
  1,328
  1,397
Total debt, $m
  3,364
  3,680
  4,066
  4,467
  4,885
  5,318
  5,769
  6,237
  6,724
  7,230
  7,756
  8,304
  8,874
  9,467
  10,086
  10,731
  11,404
  12,106
  12,838
  13,604
  14,403
  15,239
  16,114
  17,028
  17,985
  18,987
  20,035
  21,133
  22,284
  23,489
  24,753
Total liabilities, $m
  4,266
  4,582
  4,968
  5,369
  5,787
  6,220
  6,671
  7,139
  7,626
  8,132
  8,658
  9,206
  9,776
  10,369
  10,988
  11,633
  12,306
  13,008
  13,740
  14,506
  15,305
  16,141
  17,016
  17,930
  18,887
  19,889
  20,937
  22,035
  23,186
  24,391
  25,655
Total equity, $m
  2,100
  1,881
  2,039
  2,204
  2,375
  2,553
  2,738
  2,930
  3,130
  3,338
  3,554
  3,778
  4,012
  4,256
  4,510
  4,775
  5,051
  5,339
  5,640
  5,954
  6,282
  6,625
  6,984
  7,359
  7,752
  8,163
  8,593
  9,044
  9,516
  10,011
  10,530
Total liabilities and equity, $m
  6,366
  6,463
  7,007
  7,573
  8,162
  8,773
  9,409
  10,069
  10,756
  11,470
  12,212
  12,984
  13,788
  14,625
  15,498
  16,408
  17,357
  18,347
  19,380
  20,460
  21,587
  22,766
  24,000
  25,289
  26,639
  28,052
  29,530
  31,079
  32,702
  34,402
  36,185
Debt-to-equity ratio
  1.602
  1.960
  1.990
  2.030
  2.060
  2.080
  2.110
  2.130
  2.150
  2.170
  2.180
  2.200
  2.210
  2.220
  2.240
  2.250
  2.260
  2.270
  2.280
  2.280
  2.290
  2.300
  2.310
  2.310
  2.320
  2.330
  2.330
  2.340
  2.340
  2.350
  2.350
Adjusted equity ratio
  0.282
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  320
  572
  638
  707
  778
  852
  929
  1,009
  1,092
  1,179
  1,269
  1,601
  1,699
  1,800
  1,906
  2,016
  2,131
  2,251
  2,377
  2,507
  2,644
  2,787
  2,937
  3,093
  3,257
  3,428
  3,608
  3,795
  3,992
  4,198
  4,415
Depreciation, amort., depletion, $m
  374
  487
  501
  515
  529
  544
  560
  576
  594
  611
  630
  322
  342
  362
  384
  406
  430
  454
  480
  507
  535
  564
  594
  626
  660
  695
  731
  770
  810
  852
  896
Funds from operations, $m
  646
  1,059
  1,139
  1,222
  1,307
  1,397
  1,489
  1,586
  1,686
  1,790
  1,898
  1,923
  2,040
  2,162
  2,290
  2,423
  2,561
  2,706
  2,857
  3,014
  3,179
  3,351
  3,531
  3,720
  3,917
  4,123
  4,339
  4,565
  4,802
  5,051
  5,311
Change in working capital, $m
  -72
  20
  21
  22
  23
  24
  25
  25
  27
  28
  29
  30
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
Cash from operations, $m
  718
  1,039
  1,118
  1,200
  1,285
  1,373
  1,465
  1,560
  1,659
  1,763
  1,870
  1,893
  2,009
  2,130
  2,256
  2,387
  2,524
  2,667
  2,817
  2,973
  3,135
  3,306
  3,484
  3,670
  3,865
  4,068
  4,282
  4,505
  4,740
  4,985
  5,242
Maintenance CAPEX, $m
  0
  -147
  -160
  -174
  -188
  -202
  -217
  -233
  -249
  -266
  -284
  -302
  -322
  -342
  -362
  -384
  -406
  -430
  -454
  -480
  -507
  -535
  -564
  -594
  -626
  -660
  -695
  -731
  -770
  -810
  -852
New CAPEX, $m
  -143
  -137
  -143
  -149
  -154
  -161
  -167
  -173
  -180
  -187
  -195
  -203
  -211
  -220
  -229
  -239
  -249
  -260
  -271
  -283
  -296
  -310
  -324
  -339
  -354
  -371
  -388
  -407
  -426
  -446
  -468
Cash from investing activities, $m
  -2,493
  -284
  -303
  -323
  -342
  -363
  -384
  -406
  -429
  -453
  -479
  -505
  -533
  -562
  -591
  -623
  -655
  -690
  -725
  -763
  -803
  -845
  -888
  -933
  -980
  -1,031
  -1,083
  -1,138
  -1,196
  -1,256
  -1,320
Free cash flow, $m
  -1,775
  755
  815
  878
  943
  1,010
  1,081
  1,154
  1,230
  1,309
  1,391
  1,388
  1,476
  1,569
  1,665
  1,765
  1,869
  1,978
  2,091
  2,209
  2,332
  2,461
  2,596
  2,737
  2,884
  3,038
  3,199
  3,367
  3,544
  3,729
  3,922
Issuance/(repayment) of debt, $m
  1,942
  367
  386
  401
  417
  434
  451
  468
  487
  506
  526
  548
  570
  594
  619
  645
  673
  702
  733
  765
  800
  836
  874
  914
  957
  1,002
  1,049
  1,098
  1,150
  1,205
  1,263
Issuance/(repurchase) of shares, $m
  -19
  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  
  1,895
  367
  386
  401
  417
  434
  451
  468
  487
  506
  526
  548
  570
  594
  619
  645
  673
  702
  733
  765
  800
  836
  874
  914
  957
  1,002
  1,049
  1,098
  1,150
  1,205
  1,263
Total cash flow (excl. dividends), $m
  109
  1,122
  1,201
  1,279
  1,360
  1,444
  1,531
  1,622
  1,717
  1,815
  1,917
  1,935
  2,047
  2,162
  2,283
  2,410
  2,542
  2,680
  2,824
  2,974
  3,132
  3,297
  3,470
  3,651
  3,841
  4,039
  4,247
  4,466
  4,694
  4,934
  5,185
Retained Cash Flow (-), $m
  -257
  -155
  -158
  -165
  -171
  -178
  -185
  -192
  -200
  -208
  -216
  -225
  -234
  -244
  -254
  -265
  -276
  -288
  -301
  -314
  -328
  -343
  -359
  -375
  -393
  -411
  -430
  -451
  -472
  -495
  -518
Prev. year cash balance distribution, $m
 
  374
  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
 
  1,341
  1,042
  1,114
  1,189
  1,266
  1,346
  1,430
  1,517
  1,607
  1,701
  1,711
  1,813
  1,919
  2,030
  2,145
  2,266
  2,391
  2,523
  2,660
  2,804
  2,954
  3,111
  3,276
  3,448
  3,628
  3,817
  4,015
  4,222
  4,439
  4,667
Discount rate, %
 
  7.70
  8.09
  8.49
  8.91
  9.36
  9.83
  10.32
  10.83
  11.38
  11.95
  12.54
  13.17
  13.83
  14.52
  15.25
  16.01
  16.81
  17.65
  18.53
  19.46
  20.43
  21.45
  22.52
  23.65
  24.83
  26.07
  27.38
  28.75
  30.18
  31.69
PV of cash for distribution, $m
 
  1,245
  892
  873
  845
  809
  767
  719
  666
  609
  550
  466
  411
  356
  304
  255
  211
  170
  135
  105
  80
  60
  43
  31
  21
  14
  9
  6
  4
  2
  1
Current shareholders' claim on cash, %
  100
  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 47.7
Price to Sales 3.7
Price to Book 7.3
Price to Tangible Book
Price to Cash Flow 21.3
Price to Free Cash Flow 26.6
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 $4170 million for the last fiscal year's total revenue generated by Total System Services. The default revenue input number comes from 2016 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 8.8% 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 7.7%, 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 80.8%.

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 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 3.5% 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 37.4%.

Life of production assets of 10.6 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 5.5%. 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 - $2100 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 185.611 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 $15.5 billion.

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COMPANY NEWS

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▶ Inside Visas Acquisition Strategy   [10:40AM  Market Realist]
▶ Georgia-based TSYS credits tax reform, success for $11.5M worth of cash bonuses   [Jan-02-18 02:56PM  American City Business Journals]
▶ TSYS to Broadcast Fourth-Quarter 2017 Results   [Dec-28-17 09:00AM  Business Wire]
▶ Boston payments tech company Cayan acquired for $1B   [Dec-19-17 10:49AM  American City Business Journals]
▶ [$$] Parthenon to Sell Payment Processor Cayan for $1.05 Billion   [Dec-18-17 01:45PM  The Wall Street Journal]
▶ TSYS Announces Agreement to Acquire Cayan   [08:15AM  Business Wire]
▶ TSYS Extends Existing Agreement with Capital One   [Dec-14-17 04:15PM  Business Wire]
▶ TSYS Announces Fourth-Quarter 2017 Dividend   [09:00AM  Business Wire]
▶ What Led to Visas Premium Valuations?   [Dec-08-17 09:00AM  Market Realist]
▶ FCC working to eliminate Net Neutrality   [11:08AM  Yahoo Finance Video]
▶ British software firm picks midtown Atlanta for North American HQ (Video)   [Nov-09-17 02:45PM  American City Business Journals]
▶ John Shlonsky Named CEO of West Corporation   [09:00AM  GlobeNewswire]
▶ Should Investors Heed the Warnings on Square Inc Stock?   [Oct-27-17 08:53AM  InvestorPlace]
▶ TSYS and Rectangle Health Provide Solutions for Healthcare   [Oct-25-17 11:30AM  Business Wire]
▶ Total System tops Street 3Q forecasts   [Oct-24-17 04:25PM  Associated Press]
▶ TSYS Reports Third Quarter Earnings   [04:15PM  Business Wire]
▶ TSYS Appoints Two New Members to its Board of Directors   [Oct-17-17 09:15AM  Business Wire]
▶ ProPay┬« Expands Merchant Services to Australia   [Oct-11-17 06:00PM  Business Wire]
▶ TSYS to Broadcast Third-Quarter 2017 Results   [Sep-29-17 09:00AM  Business Wire]
▶ A Look at Mastercards Dividends   [Sep-27-17 10:38AM  Market Realist]
▶ TSYS Announces Resignation of Pamela Joseph   [Sep-22-17 04:15PM  Business Wire]
▶ Investors are on standby for historic Fed decision   [Sep-20-17 08:57AM  Yahoo Finance]
▶ TSYS Named Official Payment Processing Provider of NGCOA   [Aug-16-17 09:00AM  Business Wire]
▶ Total System beats Street 2Q forecasts   [Jul-25-17 09:17PM  Associated Press]
▶ TSYS Reports Second Quarter Earnings   [04:00PM  Business Wire]
▶ How These Two Online Payment Processors Figure In Future Mergers   [Jul-24-17 04:25PM  Investor's Business Daily]
▶ Electronic Payment Sector Swipes Ahead Of S&P, Gets Price Hikes   [Jul-18-17 04:25PM  Investor's Business Daily]
Financial statements of TSS
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