Intrinsic value of Total System Services - TSS

Previous Close

$89.39

  Intrinsic Value

$76.31

stock screener

  Rating & Target

hold

-15%

Previous close

$89.39

 
Intrinsic value

$76.31

 
Up/down potential

-15%

 
Rating

hold

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 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 16.4

 

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, %
  18.20
  16.88
  15.69
  14.62
  13.66
  12.79
  12.02
  11.31
  10.68
  10.11
  9.60
  9.14
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
Revenue, $m
  5,825
  6,808
  7,876
  9,028
  10,262
  11,574
  12,965
  14,432
  15,974
  17,589
  19,278
  21,041
  22,877
  24,788
  26,776
  28,843
  30,991
  33,222
  35,542
  37,953
  40,459
  43,067
  45,780
  48,604
  51,546
  54,612
  57,808
  61,143
  64,622
  68,255
Variable operating expenses, $m
  4,506
  5,188
  5,929
  6,729
  7,585
  8,496
  9,461
  10,479
  11,549
  12,670
  13,378
  14,601
  15,876
  17,202
  18,582
  20,016
  21,506
  23,055
  24,665
  26,338
  28,077
  29,887
  31,770
  33,730
  35,771
  37,899
  40,117
  42,431
  44,846
  47,367
Fixed operating expenses, $m
  324
  331
  338
  346
  353
  361
  369
  377
  386
  394
  403
  412
  421
  430
  439
  449
  459
  469
  479
  490
  501
  512
  523
  534
  546
  558
  570
  583
  596
  609
Total operating expenses, $m
  4,830
  5,519
  6,267
  7,075
  7,938
  8,857
  9,830
  10,856
  11,935
  13,064
  13,781
  15,013
  16,297
  17,632
  19,021
  20,465
  21,965
  23,524
  25,144
  26,828
  28,578
  30,399
  32,293
  34,264
  36,317
  38,457
  40,687
  43,014
  45,442
  47,976
Operating income, $m
  995
  1,289
  1,609
  1,954
  2,324
  2,718
  3,135
  3,576
  4,039
  4,525
  5,497
  6,028
  6,581
  7,156
  7,755
  8,378
  9,025
  9,698
  10,398
  11,125
  11,881
  12,668
  13,487
  14,340
  15,229
  16,155
  17,121
  18,129
  19,181
  20,279
EBITDA, $m
  2,054
  2,448
  2,877
  3,340
  3,836
  4,364
  4,924
  5,514
  6,135
  6,786
  7,467
  8,178
  8,919
  9,690
  10,492
  11,326
  12,193
  13,094
  14,030
  15,004
  16,016
  17,070
  18,166
  19,308
  20,497
  21,736
  23,029
  24,377
  25,785
  27,255
Interest expense (income), $m
  84
  172
  213
  257
  305
  356
  412
  471
  533
  599
  668
  740
  816
  895
  977
  1,063
  1,152
  1,245
  1,341
  1,441
  1,545
  1,653
  1,766
  1,883
  2,004
  2,131
  2,263
  2,400
  2,544
  2,693
  2,849
Earnings before tax, $m
  823
  1,076
  1,352
  1,649
  1,967
  2,306
  2,665
  3,043
  3,441
  3,858
  4,757
  5,212
  5,686
  6,179
  6,692
  7,226
  7,780
  8,357
  8,956
  9,580
  10,228
  10,903
  11,605
  12,336
  13,098
  13,892
  14,721
  15,585
  16,488
  17,430
Tax expense, $m
  222
  291
  365
  445
  531
  623
  719
  822
  929
  1,042
  1,284
  1,407
  1,535
  1,668
  1,807
  1,951
  2,101
  2,256
  2,418
  2,587
  2,762
  2,944
  3,133
  3,331
  3,536
  3,751
  3,975
  4,208
  4,452
  4,706
Net income, $m
  601
  786
  987
  1,204
  1,436
  1,683
  1,945
  2,221
  2,512
  2,816
  3,472
  3,804
  4,150
  4,511
  4,885
  5,275
  5,680
  6,101
  6,538
  6,993
  7,466
  7,959
  8,471
  9,005
  9,561
  10,141
  10,746
  11,377
  12,036
  12,724

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
  7,487
  8,751
  10,124
  11,604
  13,190
  14,877
  16,665
  18,550
  20,532
  22,608
  24,779
  27,044
  29,405
  31,862
  34,417
  37,073
  39,834
  42,702
  45,683
  48,782
  52,004
  55,356
  58,843
  62,473
  66,255
  70,195
  74,304
  78,589
  83,062
  87,731
Adjusted assets (=assets-cash), $m
  7,487
  8,751
  10,124
  11,604
  13,190
  14,877
  16,665
  18,550
  20,532
  22,608
  24,779
  27,044
  29,405
  31,862
  34,417
  37,073
  39,834
  42,702
  45,683
  48,782
  52,004
  55,356
  58,843
  62,473
  66,255
  70,195
  74,304
  78,589
  83,062
  87,731
Revenue / Adjusted assets
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
Average production assets, $m
  5,953
  6,958
  8,050
  9,227
  10,487
  11,829
  13,250
  14,749
  16,325
  17,976
  19,702
  21,503
  23,380
  25,334
  27,366
  29,478
  31,672
  33,953
  36,324
  38,788
  41,349
  44,014
  46,787
  49,674
  52,680
  55,814
  59,080
  62,488
  66,044
  69,757
Working capital, $m
  -76
  -89
  -102
  -117
  -133
  -150
  -169
  -188
  -208
  -229
  -251
  -274
  -297
  -322
  -348
  -375
  -403
  -432
  -462
  -493
  -526
  -560
  -595
  -632
  -670
  -710
  -752
  -795
  -840
  -887
Total debt, $m
  3,940
  4,756
  5,643
  6,600
  7,624
  8,714
  9,869
  11,086
  12,367
  13,708
  15,110
  16,574
  18,099
  19,686
  21,337
  23,052
  24,836
  26,689
  28,615
  30,616
  32,698
  34,863
  37,116
  39,461
  41,904
  44,449
  47,103
  49,872
  52,761
  55,778
Total liabilities, $m
  4,837
  5,653
  6,540
  7,496
  8,521
  9,611
  10,765
  11,983
  13,263
  14,605
  16,007
  17,471
  18,996
  20,583
  22,233
  23,949
  25,733
  27,586
  29,512
  31,513
  33,595
  35,760
  38,012
  40,358
  42,801
  45,346
  48,000
  50,769
  53,658
  56,674
Total equity, $m
  2,650
  3,098
  3,584
  4,108
  4,669
  5,267
  5,899
  6,567
  7,268
  8,003
  8,772
  9,574
  10,409
  11,279
  12,184
  13,124
  14,101
  15,117
  16,172
  17,269
  18,409
  19,596
  20,830
  22,116
  23,454
  24,849
  26,304
  27,821
  29,404
  31,057
Total liabilities and equity, $m
  7,487
  8,751
  10,124
  11,604
  13,190
  14,878
  16,664
  18,550
  20,531
  22,608
  24,779
  27,045
  29,405
  31,862
  34,417
  37,073
  39,834
  42,703
  45,684
  48,782
  52,004
  55,356
  58,842
  62,474
  66,255
  70,195
  74,304
  78,590
  83,062
  87,731
Debt-to-equity ratio
  1.490
  1.540
  1.570
  1.610
  1.630
  1.650
  1.670
  1.690
  1.700
  1.710
  1.720
  1.730
  1.740
  1.750
  1.750
  1.760
  1.760
  1.770
  1.770
  1.770
  1.780
  1.780
  1.780
  1.780
  1.790
  1.790
  1.790
  1.790
  1.790
  1.800
Adjusted equity ratio
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  601
  786
  987
  1,204
  1,436
  1,683
  1,945
  2,221
  2,512
  2,816
  3,472
  3,804
  4,150
  4,511
  4,885
  5,275
  5,680
  6,101
  6,538
  6,993
  7,466
  7,959
  8,471
  9,005
  9,561
  10,141
  10,746
  11,377
  12,036
  12,724
Depreciation, amort., depletion, $m
  1,059
  1,159
  1,268
  1,386
  1,512
  1,646
  1,788
  1,938
  2,096
  2,261
  1,970
  2,150
  2,338
  2,533
  2,737
  2,948
  3,167
  3,395
  3,632
  3,879
  4,135
  4,401
  4,679
  4,967
  5,268
  5,581
  5,908
  6,249
  6,604
  6,976
Funds from operations, $m
  1,659
  1,945
  2,255
  2,590
  2,948
  3,330
  3,734
  4,160
  4,608
  5,077
  5,443
  5,955
  6,488
  7,044
  7,622
  8,223
  8,847
  9,496
  10,171
  10,872
  11,601
  12,360
  13,150
  13,973
  14,829
  15,723
  16,654
  17,626
  18,640
  19,700
Change in working capital, $m
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
Cash from operations, $m
  1,671
  1,958
  2,269
  2,605
  2,964
  3,347
  3,752
  4,179
  4,628
  5,098
  5,465
  5,978
  6,512
  7,069
  7,648
  8,249
  8,875
  9,525
  10,201
  10,903
  11,634
  12,394
  13,185
  14,009
  14,868
  15,762
  16,696
  17,669
  18,686
  19,747
Maintenance CAPEX, $m
  -504
  -595
  -696
  -805
  -923
  -1,049
  -1,183
  -1,325
  -1,475
  -1,632
  -1,798
  -1,970
  -2,150
  -2,338
  -2,533
  -2,737
  -2,948
  -3,167
  -3,395
  -3,632
  -3,879
  -4,135
  -4,401
  -4,679
  -4,967
  -5,268
  -5,581
  -5,908
  -6,249
  -6,604
New CAPEX, $m
  -914
  -1,005
  -1,092
  -1,177
  -1,260
  -1,342
  -1,421
  -1,499
  -1,576
  -1,651
  -1,726
  -1,801
  -1,877
  -1,953
  -2,032
  -2,112
  -2,195
  -2,281
  -2,370
  -2,464
  -2,562
  -2,665
  -2,773
  -2,887
  -3,007
  -3,133
  -3,267
  -3,407
  -3,556
  -3,713
Cash from investing activities, $m
  -1,418
  -1,600
  -1,788
  -1,982
  -2,183
  -2,391
  -2,604
  -2,824
  -3,051
  -3,283
  -3,524
  -3,771
  -4,027
  -4,291
  -4,565
  -4,849
  -5,143
  -5,448
  -5,765
  -6,096
  -6,441
  -6,800
  -7,174
  -7,566
  -7,974
  -8,401
  -8,848
  -9,315
  -9,805
  -10,317
Free cash flow, $m
  253
  357
  481
  623
  781
  956
  1,148
  1,355
  1,577
  1,814
  1,941
  2,206
  2,485
  2,777
  3,083
  3,401
  3,732
  4,077
  4,435
  4,807
  5,193
  5,595
  6,011
  6,444
  6,894
  7,361
  7,848
  8,354
  8,881
  9,430
Issuance/(repayment) of debt, $m
  746
  816
  887
  956
  1,024
  1,090
  1,155
  1,218
  1,280
  1,341
  1,402
  1,463
  1,525
  1,587
  1,651
  1,716
  1,783
  1,853
  1,926
  2,002
  2,081
  2,165
  2,253
  2,345
  2,443
  2,546
  2,654
  2,768
  2,889
  3,017
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  
  746
  816
  887
  956
  1,024
  1,090
  1,155
  1,218
  1,280
  1,341
  1,402
  1,463
  1,525
  1,587
  1,651
  1,716
  1,783
  1,853
  1,926
  2,002
  2,081
  2,165
  2,253
  2,345
  2,443
  2,546
  2,654
  2,768
  2,889
  3,017
Total cash flow (excl. dividends), $m
  999
  1,174
  1,369
  1,579
  1,805
  2,046
  2,302
  2,573
  2,857
  3,156
  3,343
  3,670
  4,010
  4,364
  4,733
  5,117
  5,516
  5,930
  6,361
  6,809
  7,275
  7,759
  8,264
  8,789
  9,336
  9,907
  10,502
  11,122
  11,770
  12,446
Retained Cash Flow (-), $m
  -409
  -447
  -486
  -524
  -561
  -597
  -633
  -667
  -701
  -735
  -769
  -802
  -836
  -870
  -905
  -940
  -977
  -1,015
  -1,055
  -1,097
  -1,141
  -1,186
  -1,235
  -1,285
  -1,339
  -1,395
  -1,454
  -1,517
  -1,583
  -1,653
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
  44
  52
  61
  71
  81
  92
  104
  117
  130
  144
  158
  174
  189
  206
  223
  241
  260
  279
  299
  320
  342
  364
  388
  412
  437
  464
  492
  520
  550
  582
Cash available for distribution, $m
  589
  727
  882
  1,055
  1,244
  1,449
  1,669
  1,905
  2,156
  2,421
  2,575
  2,868
  3,174
  3,495
  3,829
  4,176
  4,538
  4,915
  5,306
  5,712
  6,134
  6,573
  7,029
  7,504
  7,998
  8,512
  9,047
  9,605
  10,187
  10,793
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
  552
  633
  710
  779
  836
  879
  907
  917
  911
  888
  811
  766
  710
  645
  576
  504
  432
  362
  298
  240
  188
  145
  108
  79
  56
  39
  26
  17
  11
  7
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 51.2
Price to Sales 3.9
Price to Book 7.8
Price to Tangible Book
Price to Cash Flow 22.8
Price to Free Cash Flow 28.5
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 $4928 million for the last fiscal year's total revenue generated by Total System Services. The default revenue input number comes from 2017 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 18.2% 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 $317 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 0.9%.

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 102.2%.

Life of production assets of 10 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 -1.3%. 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 - $2241 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 184 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 $16.4 billion.

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COMPANY NEWS

▶ 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]
▶ 5 Best Stocks with Impressive Sales Growth Worth Buying   [Jan-11-18 01:30PM  InvestorPlace]
▶ Heres Whats behind Visas Premium Valuations   [09:00AM  Market Realist]
▶ Analyzing Visas Balance Sheet   [07:31AM  Market Realist]
▶ A Look at Visas Operating Revenues in Fiscal 2017   [Jan-10-18 09:04AM  Market Realist]
▶ Visa Favors Smartphone Technology, QR Code   [07:35AM  Market Realist]
▶ 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]
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