Don, that might be an excellent hedge. As of 3/21, TSS has a market
cap of $3.8 M, wehreas SNV had a cap of $4.2 M. I haven't looked
however into the value of the banks etc. that SNV also owns. But with
a p/b of 23 for TSS vs. 5.7 for SNV, it seems the banks etc. must be
worth more than TSS.
Here are the quick facts on SNV & TSS. (Price and ratios shown below are a week old).
Synovus Financial Corp. SYMBOL: SNV EXCHANGE: NYSE
PRICING DATA (AS OF) 03/21/97 RATIOS & STATISTICS
Price 36.50 Price/Revenue (TTM) NA*
52 Week High 39.00 P/E (TTM) 30.65*
52 Week Low 21.13 Price/Book (MRQ) 5.71
Beta 0.55 Price/Cash Flow (TTM) 24.85
Avg Daily Vol (10 Day) 0.09 Mil ROA (TTM) 1.72%*
Avg Daily Vol (3 Month) 0.06 Mil ROE (TTM) 19.55%*
Current Ratio (MRQ) NM
DIVIDEND INFORMATION Total Debt/Equity (MRQ) NM
Indicated Annual ($) 0.54
Yield 1.48% NOTE: TTM = trailing twelve months
MRQ = most recent quarter
SHARE RELATED INFORMATION SHORT INTEREST INFORMATION
Market Cap. ($) 4,245.826 Mil Current Month 0.352 Mil
Shares Out. 116.324 Mil Previous Month 0.438 Mil
Float 71.000 Mil Short Interest Ratio 6.4 Day
INSTITUTIONAL & INSIDER OWNERSHIP
PURCHASES SALES NET PURCH %OWNED
Institutions (3 Months) 1.423 Mil 1.189 Mil 0.234 Mil 25.3%
Insiders (6 Months) 0.000 Mil 0.010 Mil -0.009 Mil 39.0%
BUSINESS SUMMARY
Synovus Financial Corp. is a multi-financial bank
holding company for banking affiliates and a bankcard data
processing company. For the 9 months ended 9/96, interest
income rose 8% to $492.7M. Net interest income after loan
loss prov. rose 8% to $254.8M. Net income rose 21% to
$97.9M. Net interest income reflects increased interest
earning assets, and decreased cost of bearing liabilities.
Earnings also reflect increased data processing revenues.
*PRELIMINARY: For the quarter ended DEC 1996, after tax
earnings were 41,661. (expressed in Thousands)
REVENUES (Thousands of U.S. Dollars)
QUARTERS 1993 1994 1995 1996
MAR 95,147 112,617 144,344 160,196
JUN 96,768 122,354 153,318 163,895
SEP 98,721 127,675 157,443 168,609
DEC 98,641 135,736 160,683 0*
TOTAL 389,277 498,382 615,788 492,700*
EARNINGS PER SHARE
MAR 0.167 0.180 0.211 0.250
JUN 0.180 0.200 0.231 0.280
SEP 0.193 0.217 0.260 0.300
DEC 0.207 0.193 0.290 0.360*
TOTAL 0.747 0.790 0.992 1.190*
Total System Services SYMBOL: TSS EXCHANGE: NYSE
PRICING DATA (AS OF) 03/21/97 RATIOS & STATISTICS
Price 29.88 Price/Revenue (TTM) 12.39*
52 Week High 34.63 P/E (TTM) 97.95*
52 Week Low 17.31 Price/Book (MRQ) 23.32
Beta 0.95 Price/Cash Flow (TTM) 74.88
Avg Daily Vol (10 Day) 0.05 Mil ROA (TTM) 16.22%*
Avg Daily Vol (3 Month) 0.03 Mil ROE (TTM) 25.66%*
Current Ratio (MRQ) 1.84
DIVIDEND INFORMATION Total Debt/Equity (MRQ) 0.01
Indicated Annual ($) 0.05
Yield 0.15% NOTE: TTM = trailing twelve months
MRQ = most recent quarter
SHARE RELATED INFORMATION SHORT INTEREST INFORMATION
Market Cap. ($) 3,862.539 Mil Current Month 0.355 Mil
Shares Out. 129.290 Mil Previous Month 0.301 Mil
Float 20.700 Mil Short Interest Ratio 13.7 Day
INSTITUTIONAL & INSIDER OWNERSHIP
PURCHASES SALES NET PURCH %OWNED
Institutions (3 Months) 0.373 Mil 0.322 Mil 0.051 Mil 3.2%
Insiders (6 Months) 0.000 Mil 0.000 Mil 0.000 Mil 84.0%
BUSINESS SUMMARY
TSS, through its wholly owned subsidiaries, provides
credit, debit and private-label card processing services.
For the 9 mos. ended 9/96, total revenues increased 26% to
$225.8M. Net earnings increased 39% to $25.2M. Revenues
reflect a higher number of cardholder accounts on file and
higher revenues from bankcard data processing services.
Earnings also reflect a $5M equity in income of joint
ventures, vs. a $335K loss.
*PRELIMINARY: For the quarter ended DEC 1996, revenues were
85,878; after tax earnings were 14,221. (expressed in Thousands)
REVENUES (Thousands of U.S. Dollars)
QUARTERS 1993 1994 1995 1996
MAR 35,576 40,977 53,380 71,102
JUN 36,517 44,836 59,134 74,489
SEP 38,789 47,938 66,108 80,179
DEC 41,192 53,820 71,086 85,878*
TOTAL 152,074 187,571 249,708 311,648*
EARNINGS PER SHARE
MAR 0.030 0.035 0.040 0.050
JUN 0.038 0.040 0.045 0.060
SEP 0.040 0.045 0.055 0.090
DEC 0.050 0.055 0.075 0.110*
TOTAL 0.158 0.175 0.215 0.310* |
