NCR
NCR Corporation
TMT, Finance/Real Estate
12/20/2013
Presented
| Date | 12/17/2013 |
| Price | $32.36 |
| Market Cap | $5.38B |
| Ent Value | $7.22B |
| P/E Ratio | 26.07x |
| Book Value | $11.10 |
| Div Yield | N/A |
| Shares O/S | 166.40M |
| Ave Daily Vol | 2,260,000 |
| Short Int | 4.11% |
Current
| Price | $13.23 |
| Market Cap | $1.92B |
| NCR Corporation provides technology and services that enable businesses connect, interact, and transact with their customers worldwide. The company operates in four segments: Financial Services, Retail Solutions, Hospitality, and Emerging Industries. It offers financial-oriented self service technologies comprising automated teller machines (ATM); cash dispensers; software solutions, including the APTRA application suite, and cash management and video banking software; and consulting services related to ATM security, software, and bank branch optimization. The company also provides retail and hospitality oriented technologies, such as point of sale terminals, bar-code scanners, and self-checkout kiosks; self-service kiosks to the retail, hospitality, travel, and gaming industries; and installation, maintenance, and managed and professional services. In addition, it offers check and document imaging solutions consisting of hardware, software, consulting, and support services that enable capture, processing, and retaining of check and item-based transactions, as well as develops, produces, and sells a line of printer consumables, such as two-sided thermal paper; paper rolls for receipts in ATMs and POS solutions; inkjet and laser print supplies; thermal transfer and ink ribbons; labels; laser documents; business forms; and photo and presentation papers. Further, the company provides various maintenance and support services; site assessment and preparation, staging, installation and implementation, and systems management services; and software and services comprising Software as a Service and hosted services, as well as online, mobile, and transactional services and applications that include bill pay and digital signage. Additionally, it resells third-party networking products and provides related service offerings in the telecommunications and technology sectors. NCR Corporation was founded in 1884 and is headquartered in Duluth, Georgia. |
Highlights
The presenter is short shares of NCR Corp. (NCR), and believes the manufacturer of ATMs and self service kiosks has set itself up to come up short of FCF guidance. NCR’s management team has been in acquisition mode for some time now, and may be tapped out. When the presenter strips away the growth from deals he sees a company with a declining core business that just levered itself up to over $3 billion net debt (vs. a net cash position at the end of 2010) with its latest issuance.
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