Last $32.21 USD
Change Today -0.20 / -0.62%
Volume 230.7K
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As of 1:02 PM 07/25/14 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

One TSYS Way

Columbus, GA 31901

United States

Phone: 706-649-2310

Fax:

Total System Services, Inc. provides global payment services to financial and nonfinancial institutions. Segments The company’s segments include North America Services, International Services, Merchant Services, and NetSpend Holdings, Inc. (NetSpend). North America Services The North America Services segment provides issuer account solutions for financial institutions and other organizations primarily based in North America. Growth in revenues and operating profit in this segment is derived from retaining and growing the core business and improving the overall cost structure. Growing the core business comes primarily from an increase in account usage, growth from existing clients (also referred to as organic growth) and sales to new clients and the related account conversions. International Services The International Services segment provides issuer card solutions to financial institutions and other organizations primarily based outside the North America region. Merchant Services The Merchant Services segment provides merchant services and related services to clients based primarily in the United States. The Merchant Services segment’s revenues are derived from providing processing services, acquiring solutions, related systems and integrated support services to merchant acquirers and merchants. NetSpend The NetSpend segment is a program manager for FDIC-insured depository institutions that issue general purpose reloadable (GPR) cards and payroll cards and provides alternative financial services to underbanked consumers in the United States. The products within this segment provide underbanked consumers with access to FDIC-insured depository accounts with a menu of pricing and features specifically tailored to their needs. This segment has a distribution and reload network comprised of financial service centers, employers, and retail locations throughout the United States. The NetSpend segment markets prepaid cards through multiple distribution channels, including alternative financial service providers, traditional retailers, direct-to-consumer and online marketing programs and contractual relationships with corporate employers. The NetSpend segment’s revenues primarily consist of a portion of the service fees and interchange revenues received by NetSpend’s prepaid card Issuing Banks in connection with the programs managed by this segment. Cardholders are charged fees for transactions, including fees for PIN and signature-based purchase transactions made using their prepaid cards, for ATM withdrawals or other transactions conducted at ATMs, for balance inquiries, and monthly maintenance fees among others. Cardholders are also charged fees associated with additional products and services offered in connection with certain cards, including the use of overdraft features, bill payment options, custom card designs and card-to-card transfers of funds initiated through call centers. The NetSpend segment also earns revenues from a portion of the interchange fees remitted by merchants when cardholders make purchase transactions using their cards. Seasonality Due to the somewhat seasonal nature of the credit card industry, the company’s revenues and results of operations have generally increased in the fourth quarter of each year (year ended December 31, 2013) because of increased transaction and authorization volumes during the traditional holiday shopping season. Competition Payments networks, such as Visa, MasterCard, and Discover are increasingly offering products and services that compete with the company’s products and services. The company’s major competitor in the card processing industry is First Data Resources, LLC. Other affiliates of First Data Corporation also compete with the company with respect to the provision of merchant services and GPR prepaid card services. Regulation and Examination The company is subject to examination by the Federal Financial Institutions Examination Council (FFIEC). It is registered with Visa, MasterCard, American Express and the Discover Network as a service provider and is subject to their respective rules. In the United States, the company and its financial institution clients are, respectively, subject to the Federal Trade Commission’s and the federal banking regulators’ privacy and information safeguarding requirements under the Gramm-Leach-Bliley Act. As are all U.S. persons, the company is also subject to regulations imposed by the U.S. Treasury Office Department of Foreign Assets Control (OFAC). The company and the rest of the financial services industry continue to experience increased legislative and regulatory scrutiny, including the enactment of additional legislative and regulatory initiatives, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act. History Total System Services, Inc. was founded in 1982.

 

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Industry Analysis

TSS

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Valuation TSS Industry Range
Price/Earnings 25.9x
Price/Sales 2.5x
Price/Book 3.7x
Price/Cash Flow 21.2x
TEV/Sales 1.8x
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