Intrinsic value of Xerox - XRX

Previous Close

$27.14

  Intrinsic Value

$19.01

stock screener

  Rating & Target

sell

-30%

Previous close

$27.14

 
Intrinsic value

$19.01

 
Up/down potential

-30%

 
Rating

sell

We calculate the intrinsic value of XRX 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 6.9

 

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
  10,470
  10,711
  10,986
  11,295
  11,638
  12,014
  12,423
  12,866
  13,343
  13,855
  14,403
  14,987
  15,610
  16,271
  16,973
  17,717
  18,504
  19,337
  20,216
  21,145
  22,125
  23,159
  24,249
  25,397
  26,606
  27,879
  29,219
  30,629
  32,112
  33,672
Variable operating expenses, $m
  9,907
  10,125
  10,375
  10,655
  10,965
  11,305
  11,676
  12,077
  12,510
  12,974
  13,050
  13,580
  14,144
  14,743
  15,379
  16,053
  16,767
  17,521
  18,318
  19,160
  20,048
  20,985
  21,972
  23,012
  24,108
  25,261
  26,475
  27,753
  29,097
  30,510
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
  9,907
  10,125
  10,375
  10,655
  10,965
  11,305
  11,676
  12,077
  12,510
  12,974
  13,050
  13,580
  14,144
  14,743
  15,379
  16,053
  16,767
  17,521
  18,318
  19,160
  20,048
  20,985
  21,972
  23,012
  24,108
  25,261
  26,475
  27,753
  29,097
  30,510
Operating income, $m
  563
  586
  612
  641
  673
  708
  747
  788
  833
  881
  1,352
  1,407
  1,466
  1,528
  1,594
  1,664
  1,737
  1,816
  1,898
  1,985
  2,078
  2,175
  2,277
  2,385
  2,498
  2,618
  2,744
  2,876
  3,015
  3,162
EBITDA, $m
  1,308
  1,338
  1,372
  1,411
  1,454
  1,500
  1,552
  1,607
  1,666
  1,730
  1,799
  1,872
  1,950
  2,032
  2,120
  2,213
  2,311
  2,415
  2,525
  2,641
  2,763
  2,892
  3,029
  3,172
  3,323
  3,482
  3,649
  3,825
  4,011
  4,206
Interest expense (income), $m
  352
  298
  309
  322
  338
  355
  374
  396
  419
  443
  470
  499
  530
  563
  598
  635
  674
  716
  760
  807
  856
  909
  964
  1,022
  1,083
  1,147
  1,215
  1,287
  1,362
  1,441
  1,525
Earnings before tax, $m
  265
  277
  289
  303
  318
  334
  351
  370
  390
  411
  853
  877
  903
  930
  959
  989
  1,021
  1,055
  1,091
  1,129
  1,169
  1,211
  1,255
  1,302
  1,351
  1,402
  1,457
  1,514
  1,574
  1,637
Tax expense, $m
  72
  75
  78
  82
  86
  90
  95
  100
  105
  111
  230
  237
  244
  251
  259
  267
  276
  285
  295
  305
  316
  327
  339
  351
  365
  379
  393
  409
  425
  442
Net income, $m
  194
  202
  211
  221
  232
  244
  256
  270
  284
  300
  623
  641
  659
  679
  700
  722
  746
  770
  797
  824
  853
  884
  916
  950
  986
  1,024
  1,063
  1,105
  1,149
  1,195

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
  16,258
  16,632
  17,060
  17,540
  18,071
  18,655
  19,290
  19,978
  20,719
  21,514
  22,364
  23,272
  24,238
  25,266
  26,355
  27,510
  28,733
  30,026
  31,392
  32,834
  34,356
  35,961
  37,653
  39,436
  41,313
  43,290
  45,370
  47,560
  49,863
  52,286
Adjusted assets (=assets-cash), $m
  16,258
  16,632
  17,060
  17,540
  18,071
  18,655
  19,290
  19,978
  20,719
  21,514
  22,364
  23,272
  24,238
  25,266
  26,355
  27,510
  28,733
  30,026
  31,392
  32,834
  34,356
  35,961
  37,653
  39,436
  41,313
  43,290
  45,370
  47,560
  49,863
  52,286
Revenue / Adjusted assets
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
Average production assets, $m
  3,246
  3,320
  3,406
  3,502
  3,608
  3,724
  3,851
  3,988
  4,136
  4,295
  4,465
  4,646
  4,839
  5,044
  5,262
  5,492
  5,736
  5,994
  6,267
  6,555
  6,859
  7,179
  7,517
  7,873
  8,248
  8,642
  9,058
  9,495
  9,955
  10,438
Working capital, $m
  1,508
  1,542
  1,582
  1,627
  1,676
  1,730
  1,789
  1,853
  1,921
  1,995
  2,074
  2,158
  2,248
  2,343
  2,444
  2,551
  2,665
  2,784
  2,911
  3,045
  3,186
  3,335
  3,492
  3,657
  3,831
  4,015
  4,207
  4,411
  4,624
  4,849
Total debt, $m
  5,720
  5,971
  6,257
  6,578
  6,935
  7,326
  7,751
  8,212
  8,708
  9,241
  9,811
  10,419
  11,067
  11,755
  12,485
  13,259
  14,078
  14,944
  15,860
  16,826
  17,846
  18,921
  20,055
  21,249
  22,507
  23,831
  25,225
  26,692
  28,235
  29,859
Total liabilities, $m
  10,893
  11,144
  11,430
  11,751
  12,108
  12,499
  12,924
  13,385
  13,881
  14,414
  14,984
  15,592
  16,240
  16,928
  17,658
  18,432
  19,251
  20,117
  21,033
  21,999
  23,019
  24,094
  25,228
  26,422
  27,680
  29,004
  30,398
  31,865
  33,408
  35,032
Total equity, $m
  5,365
  5,489
  5,630
  5,788
  5,964
  6,156
  6,366
  6,593
  6,837
  7,100
  7,380
  7,680
  7,999
  8,338
  8,697
  9,078
  9,482
  9,909
  10,359
  10,835
  11,338
  11,867
  12,426
  13,014
  13,633
  14,286
  14,972
  15,695
  16,455
  17,254
Total liabilities and equity, $m
  16,258
  16,633
  17,060
  17,539
  18,072
  18,655
  19,290
  19,978
  20,718
  21,514
  22,364
  23,272
  24,239
  25,266
  26,355
  27,510
  28,733
  30,026
  31,392
  32,834
  34,357
  35,961
  37,654
  39,436
  41,313
  43,290
  45,370
  47,560
  49,863
  52,286
Debt-to-equity ratio
  1.070
  1.090
  1.110
  1.140
  1.160
  1.190
  1.220
  1.250
  1.270
  1.300
  1.330
  1.360
  1.380
  1.410
  1.440
  1.460
  1.480
  1.510
  1.530
  1.550
  1.570
  1.590
  1.610
  1.630
  1.650
  1.670
  1.680
  1.700
  1.720
  1.730
Adjusted equity ratio
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  194
  202
  211
  221
  232
  244
  256
  270
  284
  300
  623
  641
  659
  679
  700
  722
  746
  770
  797
  824
  853
  884
  916
  950
  986
  1,024
  1,063
  1,105
  1,149
  1,195
Depreciation, amort., depletion, $m
  744
  752
  760
  770
  781
  792
  805
  819
  833
  849
  446
  465
  484
  504
  526
  549
  574
  599
  627
  656
  686
  718
  752
  787
  825
  864
  906
  949
  995
  1,044
Funds from operations, $m
  938
  954
  972
  991
  1,013
  1,036
  1,061
  1,088
  1,118
  1,149
  1,069
  1,105
  1,143
  1,183
  1,226
  1,271
  1,319
  1,370
  1,423
  1,480
  1,539
  1,602
  1,668
  1,738
  1,811
  1,888
  1,969
  2,055
  2,144
  2,239
Change in working capital, $m
  30
  35
  40
  45
  49
  54
  59
  64
  69
  74
  79
  84
  90
  95
  101
  107
  113
  120
  127
  134
  141
  149
  157
  165
  174
  183
  193
  203
  214
  225
Cash from operations, $m
  909
  919
  932
  947
  963
  982
  1,002
  1,025
  1,049
  1,075
  991
  1,021
  1,053
  1,088
  1,125
  1,164
  1,206
  1,250
  1,297
  1,346
  1,398
  1,453
  1,511
  1,572
  1,637
  1,705
  1,776
  1,851
  1,931
  2,014
Maintenance CAPEX, $m
  -318
  -325
  -332
  -341
  -350
  -361
  -372
  -385
  -399
  -414
  -430
  -446
  -465
  -484
  -504
  -526
  -549
  -574
  -599
  -627
  -656
  -686
  -718
  -752
  -787
  -825
  -864
  -906
  -949
  -995
New CAPEX, $m
  -68
  -75
  -85
  -96
  -106
  -116
  -127
  -137
  -148
  -159
  -170
  -181
  -193
  -205
  -218
  -231
  -244
  -258
  -273
  -288
  -304
  -320
  -338
  -356
  -375
  -395
  -415
  -437
  -460
  -484
Cash from investing activities, $m
  -386
  -400
  -417
  -437
  -456
  -477
  -499
  -522
  -547
  -573
  -600
  -627
  -658
  -689
  -722
  -757
  -793
  -832
  -872
  -915
  -960
  -1,006
  -1,056
  -1,108
  -1,162
  -1,220
  -1,279
  -1,343
  -1,409
  -1,479
Free cash flow, $m
  523
  520
  515
  510
  507
  505
  503
  502
  502
  503
  391
  393
  396
  399
  403
  408
  413
  418
  424
  431
  439
  447
  455
  465
  475
  485
  497
  509
  521
  535
Issuance/(repayment) of debt, $m
  203
  251
  286
  322
  356
  391
  426
  461
  496
  533
  570
  608
  648
  688
  730
  774
  819
  866
  915
  966
  1,020
  1,075
  1,134
  1,194
  1,258
  1,324
  1,394
  1,467
  1,543
  1,623
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  
  203
  251
  286
  322
  356
  391
  426
  461
  496
  533
  570
  608
  648
  688
  730
  774
  819
  866
  915
  966
  1,020
  1,075
  1,134
  1,194
  1,258
  1,324
  1,394
  1,467
  1,543
  1,623
Total cash flow (excl. dividends), $m
  726
  771
  801
  832
  863
  895
  929
  963
  999
  1,036
  961
  1,001
  1,043
  1,087
  1,133
  1,181
  1,232
  1,284
  1,340
  1,398
  1,458
  1,522
  1,589
  1,659
  1,732
  1,810
  1,891
  1,976
  2,065
  2,158
Retained Cash Flow (-), $m
  -109
  -123
  -141
  -158
  -175
  -193
  -210
  -227
  -244
  -262
  -281
  -300
  -319
  -339
  -360
  -381
  -403
  -427
  -451
  -476
  -502
  -530
  -558
  -588
  -620
  -652
  -687
  -722
  -760
  -799
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
  617
  647
  660
  673
  688
  703
  719
  736
  754
  773
  680
  702
  725
  748
  774
  800
  828
  858
  889
  922
  956
  992
  1,031
  1,071
  1,113
  1,157
  1,204
  1,253
  1,305
  1,359
Discount rate, %
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
  569
  547
  506
  465
  423
  382
  341
  301
  263
  227
  166
  140
  117
  96
  77
  61
  47
  36
  27
  20
  14
  10
  7
  4
  3
  2
  1
  1
  0
  0
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

Xerox Corporation is a provider of digital print technology and related solutions. The Company has capabilities in imaging and printing, data analytics, and the development of secure and automated solutions to help customers improve productivity. The Company’s primary offerings span three main areas: Managed Document Services, Workplace Solutions and Graphic Communications. Its Managed Document Services offerings help customers, ranging from small businesses to global enterprises, optimize their printing and related document workflow and business processes. Managed Document Services includes the document outsourcing business, as well as a set of communication and marketing solutions. The Company’s Workplace Solutions and Graphic Communications products and solutions support the work processes of its customers by providing them with printing and communications infrastructure.

FINANCIAL RATIOS  of  Xerox (XRX)

Valuation Ratios
P/E Ratio -14.4
Price to Sales 0.6
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 8.2
Price to Free Cash Flow 9.8
Growth Rates
Sales Growth Rate -6.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.8%
Cap. Spend. - 3 Yr. Gr. Rate -20.2%
Financial Strength
Quick Ratio 2
Current Ratio 0.3
LT Debt to Equity 107.8%
Total Debt to Equity 128.3%
Interest Coverage 3
Management Effectiveness
Return On Assets -0.7%
Ret/ On Assets - 3 Yr. Avg. 2.3%
Return On Total Capital -3.4%
Ret/ On T. Cap. - 3 Yr. Avg. 1.5%
Return On Equity -6.6%
Return On Equity - 3 Yr. Avg. 2.2%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 39.6%
Gross Margin - 3 Yr. Avg. 39.9%
EBITDA Margin 13.8%
EBITDA Margin - 3 Yr. Avg. 15.6%
Operating Margin 7.1%
Oper. Margin - 3 Yr. Avg. 9.1%
Pre-Tax Margin 5.3%
Pre-Tax Margin - 3 Yr. Avg. 7.3%
Net Profit Margin -4.4%
Net Profit Margin - 3 Yr. Avg. 2.6%
Effective Tax Rate 10.9%
Eff/ Tax Rate - 3 Yr. Avg. 16.7%
Payout Ratio -69.4%

XRX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the XRX stock intrinsic value calculation we used $10265 million for the last fiscal year's total revenue generated by Xerox. The default revenue input number comes from 0001 income statement of Xerox. 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 XRX 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 8.4%, whose default value for XRX is calculated based on our internal credit rating of Xerox, 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 Xerox.
    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 XRX stock the variable cost ratio is equal to 94.7%.

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 XRX 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 Xerox.

Corporate tax rate of 27% is the nominal tax rate for Xerox. 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 XRX 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 XRX are equal to 31%.

Life of production assets of 10 years is the average useful life of capital assets used in Xerox 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 XRX is equal to 14.4%. 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 - $5256 million for Xerox - 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 255.102 million for Xerox 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 Xerox at the current share price and the inputted number of shares is $6.9 billion.

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COMPANY NEWS

▶ [$$] Barry Rand Won a CEO Position at Avis After Xerox Passed Him Over   [Nov-16-18 07:51PM  The Wall Street Journal]
▶ Is Xerox (XRX) a Great Value Stock Right Now?   [Nov-09-18 09:10AM  Zacks]
▶ Icahn sues Dell over 'forced IPO conversion'   [Nov-02-18 09:12AM  American City Business Journals]
▶ Bright spots amid the tech wreck   [Oct-26-18 03:03PM  CNBC Videos]
▶ The List: Dayton-Area Office Equipment Companies   [05:00AM  American City Business Journals]
▶ Xerox Declares Dividend on Common and Preferred Stock   [Oct-18-18 03:51PM  Business Wire]
▶ [$$] Fujifilm hopes to resume talks over Xeroxs $6.1bn bid   [Oct-16-18 11:31PM  Financial Times]
▶ Xerox Names Joanne Collins Smee Chief Commercial Officer   [Sep-10-18 02:50PM  Business Wire]
▶ [$$] Fujifilm Says Xerox Will Suffer More if Partnership Broken   [Aug-09-18 06:26AM  The Wall Street Journal]
▶ Xerox's Q2 Earnings Preview   [Jul-25-18 03:26PM  Benzinga]
▶ Xerox Declares Dividend on Common and Preferred Stock   [Jul-19-18 02:18PM  Business Wire]
▶ Company News For Jul 11, 2018   [Jul-11-18 10:04AM  Zacks]
▶ 7 Tech Stocks With Huge Upside in a Volatile Market   [Jun-28-18 12:53PM  Investopedia]
▶ New Xerox CEO Blasts Fujifilm's Efforts to Revive Merger Talks   [Jun-25-18 11:26PM  Bloomberg Video]
▶ [$$] Xerox CEO Calls Fujifilm Lawsuit Misguided   [07:54PM  The Wall Street Journal]
▶ [$$] Xerox CEO Calls Fujifilm Lawsuit 'Misguided'   [12:52PM  The Wall Street Journal]
▶ Xerox Responds to Fujifilm Lawsuit   [07:30AM  Business Wire]
▶ 5 Cheap Technology Stocks Amid the Sectors Weakness   [Jun-22-18 09:50AM  InvestorPlace]
▶ Fujifilm Sues Xerox, Seeking $1 Billion Over Failed Takeover   [Jun-18-18 11:51PM  Bloomberg Video]
▶ Fujifilm sues Xerox for over $1 bln   [05:02PM  Reuters Videos]

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