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Company Description

Contact Info

2500 Lake Cook Road

Riverwoods, IL 60015

United States

Phone: 224-405-0900

Fax:

Discover Financial Services operates as a direct banking and payment services company in the United States. Through its Discover Bank subsidiary, the company offers its customers credit card loans, private student loans, personal loans, home equity loans, and deposit products. Through its Discover Home Loans, Inc. subsidiary, the company offers its customers home loans. Through its DFS Services LLC subsidiary and its subsidiaries, the company operates the Discover Network, the PULSE network (PULSE), and Diners Club International (Diners Club). The Discover Network is a payment card transaction processing network for Discover-branded credit cards and credit, debit and prepaid cards issued by third parties (network partners). PULSE operates an electronic funds transfer network, providing financial institutions issuing debit cards on the PULSE network with access to ATMs domestically and internationally, as well as point-of-sale (POS) terminals at retail locations throughout the U.S. for debit card transactions. Diners Club is a global payments network of licensees that issue Diners Club branded charge cards and/or provide card acceptance services. Segments The company operates through two segments, Direct Banking and Payment Services. DIRECT BANKING This segment includes consumer banking and lending products, specifically Discover-branded credit cards issued to individuals and small businesses on the Discover Network and other consumer banking products and services, including private student loans, personal loans, home loans, home equity loans, prepaid cards and other consumer lending and deposit products. Credit Cards The company offers credit cards to consumers and small businesses. The company’s credit card customers are permitted to revolve their balances and repay their obligations over a period of time and at an interest rate set forth in their cardmember agreements, which may be either fixed or variable. The interest that the company earns on revolving credit card balances makes up approximately 85% of its total interest income. The company also charges customers other fees as specified in the cardmember agreements. These fees may include fees for late payments, balance transfer transactions and cash advance transactions. The company’s credit card customers' transactions in the U.S. are processed over the Discover Network. Where the company has a direct relationship with a merchant, which is the case with respect to its large merchants representing a majority of Discover card sales volume, the company receives discount and fee revenue from merchants. Discount and fee revenue is based on pricing that is set forth in contractual agreements with each such merchant and is based on a number of factors, including industry practices, special marketing arrangements, competitive pricing levels, and merchant size. Student Loans The company’s private student loans are available to students attending eligible non-profit four-year undergraduate and graduate schools. The company also offers certain post-graduate loans, including bar study and residency loans. The company encourages students to borrow responsibly and maximize grants, scholarships and other free financial aid before taking student loans. Student Loans The company’s private student loans are available to students attending eligible non-profit four-year undergraduate and graduate schools. The company also offers certain post-graduate loans, including bar study and residency loans. The company encourages students to borrow responsibly and maximize grants, scholarships and other free financial aid before taking student loans. PAYMENT SERVICES This segment includes PULSE, Diners Club and its network partners business, which includes credit, debit and prepaid cards issued on the Discover Network by third parties. PULSE Network The company’s PULSE network is an ATM/debit network. PULSE links cardholders of approximately 6,000 financial institutions with ATMs and POS terminals located throughout the United States. This includes approximately 4,000 financial institutions with which PULSE has direct relationships and approximate

 

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Industry Analysis

DC7

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Valuation DC7 Industry Range
Price/Earnings 12.5x
Price/Sales 4.2x
Price/Book 2.8x
Price/Cash Flow 11.9x
TEV/Sales 0.1x
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