Intrinsic value of CA - CA

Previous Close

$32.37

  Intrinsic Value

$56.09

stock screener

  Rating & Target

str. buy

+73%

  Value-price divergence*

+31%

Previous close

$32.37

 
Intrinsic value

$56.09

 
Up/down potential

+73%

 
Rating

str. buy

 
Value-price divergence*

+31%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CA 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 2017), $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 13.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  0.27
  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
  4,036
  4,117
  4,211
  4,320
  4,441
  4,576
  4,724
  4,884
  5,059
  5,246
  5,447
  5,663
  5,893
  6,137
  6,397
  6,673
  6,966
  7,275
  7,603
  7,949
  8,314
  8,699
  9,106
  9,534
  9,985
  10,461
  10,961
  11,488
  12,043
  12,626
  13,239
Variable operating expenses, $m
 
  2,942
  2,994
  3,053
  3,120
  3,194
  3,275
  3,363
  3,458
  3,561
  3,671
  3,104
  3,230
  3,364
  3,506
  3,658
  3,818
  3,988
  4,167
  4,357
  4,557
  4,768
  4,991
  5,226
  5,473
  5,734
  6,008
  6,297
  6,601
  6,920
  7,256
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
  2,901
  2,942
  2,994
  3,053
  3,120
  3,194
  3,275
  3,363
  3,458
  3,561
  3,671
  3,104
  3,230
  3,364
  3,506
  3,658
  3,818
  3,988
  4,167
  4,357
  4,557
  4,768
  4,991
  5,226
  5,473
  5,734
  6,008
  6,297
  6,601
  6,920
  7,256
Operating income, $m
  1,135
  1,175
  1,217
  1,266
  1,321
  1,382
  1,449
  1,522
  1,600
  1,685
  1,776
  2,559
  2,663
  2,773
  2,891
  3,016
  3,148
  3,288
  3,436
  3,592
  3,757
  3,931
  4,115
  4,308
  4,512
  4,727
  4,953
  5,191
  5,442
  5,706
  5,983
EBITDA, $m
  1,455
  1,915
  1,959
  2,009
  2,065
  2,128
  2,197
  2,272
  2,353
  2,440
  2,533
  2,634
  2,740
  2,854
  2,975
  3,104
  3,240
  3,384
  3,536
  3,697
  3,867
  4,046
  4,235
  4,434
  4,644
  4,865
  5,098
  5,343
  5,601
  5,872
  6,157
Interest expense (income), $m
  86
  100
  105
  111
  118
  125
  133
  142
  152
  163
  175
  187
  200
  215
  230
  246
  263
  281
  300
  320
  341
  364
  388
  413
  439
  467
  496
  527
  559
  594
  630
Earnings before tax, $m
  1,073
  1,075
  1,112
  1,155
  1,204
  1,257
  1,315
  1,379
  1,448
  1,522
  1,601
  2,372
  2,463
  2,559
  2,661
  2,770
  2,885
  3,007
  3,136
  3,272
  3,416
  3,567
  3,727
  3,896
  4,073
  4,260
  4,457
  4,664
  4,883
  5,112
  5,353
Tax expense, $m
  298
  290
  300
  312
  325
  339
  355
  372
  391
  411
  432
  640
  665
  691
  719
  748
  779
  812
  847
  883
  922
  963
  1,006
  1,052
  1,100
  1,150
  1,203
  1,259
  1,318
  1,380
  1,445
Net income, $m
  775
  785
  812
  843
  879
  918
  960
  1,007
  1,057
  1,111
  1,169
  1,732
  1,798
  1,868
  1,943
  2,022
  2,106
  2,195
  2,289
  2,389
  2,494
  2,604
  2,721
  2,844
  2,974
  3,110
  3,254
  3,405
  3,564
  3,732
  3,908

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,771
  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
  12,610
  10,041
  10,272
  10,536
  10,832
  11,160
  11,521
  11,913
  12,338
  12,795
  13,286
  13,812
  14,372
  14,969
  15,604
  16,277
  16,990
  17,745
  18,543
  19,387
  20,278
  21,218
  22,209
  23,254
  24,355
  25,514
  26,735
  28,020
  29,372
  30,795
  32,291
Adjusted assets (=assets-cash), $m
  9,839
  10,041
  10,272
  10,536
  10,832
  11,160
  11,521
  11,913
  12,338
  12,795
  13,286
  13,812
  14,372
  14,969
  15,604
  16,277
  16,990
  17,745
  18,543
  19,387
  20,278
  21,218
  22,209
  23,254
  24,355
  25,514
  26,735
  28,020
  29,372
  30,795
  32,291
Revenue / Adjusted assets
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
Average production assets, $m
  1,291
  1,317
  1,348
  1,382
  1,421
  1,464
  1,512
  1,563
  1,619
  1,679
  1,743
  1,812
  1,886
  1,964
  2,047
  2,135
  2,229
  2,328
  2,433
  2,544
  2,660
  2,784
  2,914
  3,051
  3,195
  3,347
  3,508
  3,676
  3,854
  4,040
  4,237
Working capital, $m
  727
  -412
  -421
  -432
  -444
  -458
  -472
  -488
  -506
  -525
  -545
  -566
  -589
  -614
  -640
  -667
  -697
  -728
  -760
  -795
  -831
  -870
  -911
  -953
  -999
  -1,046
  -1,096
  -1,149
  -1,204
  -1,263
  -1,324
Total debt, $m
  2,791
  2,919
  3,081
  3,266
  3,474
  3,705
  3,958
  4,233
  4,531
  4,852
  5,197
  5,566
  5,959
  6,378
  6,824
  7,296
  7,797
  8,327
  8,887
  9,480
  10,105
  10,765
  11,461
  12,194
  12,967
  13,781
  14,638
  15,540
  16,489
  17,488
  18,538
Total liabilities, $m
  6,921
  7,049
  7,211
  7,396
  7,604
  7,835
  8,088
  8,363
  8,661
  8,982
  9,327
  9,696
  10,089
  10,508
  10,954
  11,426
  11,927
  12,457
  13,017
  13,610
  14,235
  14,895
  15,591
  16,324
  17,097
  17,911
  18,768
  19,670
  20,619
  21,618
  22,668
Total equity, $m
  5,689
  2,992
  3,061
  3,140
  3,228
  3,326
  3,433
  3,550
  3,677
  3,813
  3,959
  4,116
  4,283
  4,461
  4,650
  4,850
  5,063
  5,288
  5,526
  5,777
  6,043
  6,323
  6,618
  6,930
  7,258
  7,603
  7,967
  8,350
  8,753
  9,177
  9,623
Total liabilities and equity, $m
  12,610
  10,041
  10,272
  10,536
  10,832
  11,161
  11,521
  11,913
  12,338
  12,795
  13,286
  13,812
  14,372
  14,969
  15,604
  16,276
  16,990
  17,745
  18,543
  19,387
  20,278
  21,218
  22,209
  23,254
  24,355
  25,514
  26,735
  28,020
  29,372
  30,795
  32,291
Debt-to-equity ratio
  0.491
  0.980
  1.010
  1.040
  1.080
  1.110
  1.150
  1.190
  1.230
  1.270
  1.310
  1.350
  1.390
  1.430
  1.470
  1.500
  1.540
  1.570
  1.610
  1.640
  1.670
  1.700
  1.730
  1.760
  1.790
  1.810
  1.840
  1.860
  1.880
  1.910
  1.930
Adjusted equity ratio
  0.297
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  775
  785
  812
  843
  879
  918
  960
  1,007
  1,057
  1,111
  1,169
  1,732
  1,798
  1,868
  1,943
  2,022
  2,106
  2,195
  2,289
  2,389
  2,494
  2,604
  2,721
  2,844
  2,974
  3,110
  3,254
  3,405
  3,564
  3,732
  3,908
Depreciation, amort., depletion, $m
  320
  740
  741
  743
  744
  746
  748
  750
  752
  755
  757
  75
  78
  81
  84
  88
  92
  96
  100
  105
  109
  115
  120
  126
  131
  138
  144
  151
  159
  166
  174
Funds from operations, $m
  891
  1,525
  1,553
  1,586
  1,623
  1,664
  1,708
  1,757
  1,809
  1,866
  1,926
  1,806
  1,875
  1,949
  2,027
  2,110
  2,198
  2,291
  2,389
  2,493
  2,603
  2,719
  2,841
  2,970
  3,105
  3,248
  3,398
  3,556
  3,723
  3,898
  4,082
Change in working capital, $m
  -148
  -8
  -9
  -11
  -12
  -13
  -15
  -16
  -17
  -19
  -20
  -22
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
Cash from operations, $m
  1,039
  1,533
  1,563
  1,597
  1,635
  1,677
  1,723
  1,773
  1,827
  1,885
  1,947
  1,828
  1,898
  1,973
  2,053
  2,138
  2,227
  2,322
  2,422
  2,528
  2,640
  2,757
  2,881
  3,012
  3,150
  3,295
  3,448
  3,609
  3,778
  3,956
  4,144
Maintenance CAPEX, $m
  0
  -53
  -54
  -55
  -57
  -58
  -60
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -92
  -96
  -100
  -105
  -109
  -115
  -120
  -126
  -131
  -138
  -144
  -151
  -159
  -166
New CAPEX, $m
  -47
  -27
  -30
  -35
  -39
  -43
  -47
  -51
  -56
  -60
  -64
  -69
  -74
  -78
  -83
  -88
  -94
  -99
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -152
  -160
  -169
  -177
  -187
  -196
Cash from investing activities, $m
  -1,337
  -80
  -84
  -90
  -96
  -101
  -107
  -113
  -120
  -127
  -133
  -141
  -149
  -156
  -164
  -172
  -182
  -191
  -201
  -211
  -222
  -232
  -245
  -257
  -270
  -283
  -298
  -313
  -328
  -346
  -362
Free cash flow, $m
  -298
  1,453
  1,478
  1,507
  1,539
  1,575
  1,615
  1,659
  1,707
  1,758
  1,813
  1,687
  1,750
  1,817
  1,889
  1,965
  2,046
  2,131
  2,222
  2,317
  2,418
  2,524
  2,637
  2,755
  2,880
  3,012
  3,150
  3,296
  3,450
  3,611
  3,781
Issuance/(repayment) of debt, $m
  867
  146
  162
  185
  208
  231
  253
  275
  298
  321
  345
  369
  394
  419
  445
  473
  501
  530
  561
  592
  625
  660
  696
  733
  773
  814
  857
  902
  949
  999
  1,050
Issuance/(repurchase) of shares, $m
  -74
  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  
  788
  146
  162
  185
  208
  231
  253
  275
  298
  321
  345
  369
  394
  419
  445
  473
  501
  530
  561
  592
  625
  660
  696
  733
  773
  814
  857
  902
  949
  999
  1,050
Total cash flow (excl. dividends), $m
  387
  1,598
  1,640
  1,692
  1,747
  1,806
  1,868
  1,935
  2,005
  2,079
  2,158
  2,056
  2,144
  2,236
  2,334
  2,438
  2,546
  2,661
  2,782
  2,909
  3,043
  3,184
  3,333
  3,489
  3,653
  3,826
  4,007
  4,198
  4,399
  4,610
  4,831
Retained Cash Flow (-), $m
  -311
  -56
  -69
  -79
  -88
  -98
  -107
  -117
  -127
  -136
  -146
  -157
  -167
  -178
  -189
  -201
  -213
  -225
  -238
  -251
  -265
  -280
  -295
  -311
  -328
  -346
  -364
  -383
  -403
  -424
  -446
Prev. year cash balance distribution, $m
 
  2,753
  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
 
  4,295
  1,571
  1,613
  1,659
  1,708
  1,761
  1,818
  1,878
  1,943
  2,011
  1,899
  1,977
  2,059
  2,145
  2,237
  2,334
  2,436
  2,544
  2,658
  2,778
  2,904
  3,037
  3,177
  3,325
  3,480
  3,643
  3,815
  3,996
  4,186
  4,385
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  4,118
  1,439
  1,404
  1,366
  1,324
  1,278
  1,228
  1,174
  1,116
  1,054
  902
  843
  783
  720
  657
  593
  530
  469
  409
  353
  300
  252
  208
  169
  135
  106
  82
  62
  46
  33
Current shareholders' claim on cash, %
  100
  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

CA, Inc. provides information technology (IT) management software and solutions that help organizations plan, develop, manage, and secure applications and IT infrastructure in the United States and internationally. The company operates through three segments: Mainframe Solutions, Enterprise Solutions, and Services. The Mainframe Solutions segmentÂ’s products portfolio include databases and database management, systems and operations management, application development, and security and compliance. The Enterprise Solutions segment provides products that are designed for distributed and cloud computing environments and run on industry standard servers. It offers Agile management solutions, which enables customers to plan and manage software development process and IT services delivery; DevOps solutions comprising a range of solutions that allow customers to deliver and manage applications and IT infrastructure; and security solutions, such as identity-centric security portfolio that allows customers to manage identities and regulate access from the device to the data center. The Services segment offers consulting, implementation, application management services, education, and support services to commercial and government customers. The company serves banks, insurance companies, other financial services providers, government agencies, global service providers, telecommunication providers, manufacturers, technology companies, retailers, educational organizations, and health care institutions. CA, Inc. sells its solutions through direct sales force, as well as indirectly through its partners. The company was formerly known as CA Technologies and changed its name to CA, Inc. in 2006. CA, Inc. was founded in 1974 and is headquartered in New York, New York.

FINANCIAL RATIOS  of  CA (CA)

Valuation Ratios
P/E Ratio 17.3
Price to Sales 3.3
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 12.9
Price to Free Cash Flow 13.5
Growth Rates
Sales Growth Rate 0.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -2.1%
Cap. Spend. - 3 Yr. Gr. Rate -14.9%
Financial Strength
Quick Ratio 154
Current Ratio 0.1
LT Debt to Equity 48.7%
Total Debt to Equity 49.1%
Interest Coverage 13
Management Effectiveness
Return On Assets 7%
Ret/ On Assets - 3 Yr. Avg. 7.5%
Return On Total Capital 9.8%
Ret/ On T. Cap. - 3 Yr. Avg. 10.9%
Return On Equity 14%
Return On Equity - 3 Yr. Avg. 14.5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 85.8%
Gross Margin - 3 Yr. Avg. 85.5%
EBITDA Margin 36.6%
EBITDA Margin - 3 Yr. Avg. 37.3%
Operating Margin 28.1%
Oper. Margin - 3 Yr. Avg. 27.9%
Pre-Tax Margin 26.6%
Pre-Tax Margin - 3 Yr. Avg. 26.6%
Net Profit Margin 19.2%
Net Profit Margin - 3 Yr. Avg. 19.5%
Effective Tax Rate 27.8%
Eff/ Tax Rate - 3 Yr. Avg. 28.1%
Payout Ratio 55.2%

CA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CA stock intrinsic value calculation we used $4036 million for the last fiscal year's total revenue generated by CA. The default revenue input number comes from 2017 income statement of CA. 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 CA 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 4.3%, whose default value for CA is calculated based on our internal credit rating of CA, 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 CA.
    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 CA stock the variable cost ratio is equal to 71.8%.

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 CA 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 3.6% for CA.

Corporate tax rate of 27% is the nominal tax rate for CA. 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 CA 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 CA are equal to 32%.

Life of production assets of 24.3 years is the average useful life of capital assets used in CA 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 CA is equal to -10%. 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 - $5689 million for CA - 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 414.046 million for CA 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 CA at the current share price and the inputted number of shares is $13.4 billion.

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COMPANY NEWS

▶ CA, Inc. Value Analysis (NASDAQ:CA) : August 11, 2017   [Aug-11-17 07:49PM  Capital Cube]
▶ CA Technologies Declares Quarterly Dividend   [Aug-09-17 05:12PM  Business Wire]
▶ CA Inc leading the CNBC IQ100   [Aug-03-17 01:15PM  CNBC Videos]
▶ CA beats Street 1Q forecasts   [Aug-02-17 09:32PM  Associated Press]
▶ CA beats Street 1Q forecasts   [04:32PM  Associated Press]
▶ The Biggest Loser: CA Slumps 10%   [04:35PM  Barrons.com]
▶ Why Shares of CA Inc. Dropped Today   [03:39PM  Motley Fool]
▶ ETFs with exposure to CA, Inc. : July 3, 2017   [Jul-03-17 02:59PM  Capital Cube]
▶ ETFs with exposure to CA, Inc. : June 22, 2017   [Jun-22-17 03:29PM  Capital Cube]
▶ The Hot Stock: CA Jumps 13%   [Jun-21-17 04:33PM  Barrons.com]
▶ Today's iQ100 leaders   [02:54PM  CNBC Videos]
▶ Why Shares of CA, Inc. Are Soaring Today   [12:49PM  Motley Fool]
▶ This Could End the Megabuyout Drought   [11:44AM  Bloomberg]
▶ Story Stocks from Briefing.com   [09:38AM  Briefing.com]
▶ There could be a big deal in the software sector in the works   [Jun-20-17 06:08PM  Business Insider]
▶ ETFs with exposure to CA, Inc. : May 29, 2017   [May-29-17 12:42PM  Capital Cube]
▶ ETFs with exposure to CA, Inc. : May 18, 2017   [May-18-17 01:34PM  Capital Cube]
▶ SAP Sapphire Now   [04:51PM  Yahoo Finance Video]
▶ SAP Sapphire Now   [04:42PM  Yahoo Finance Video]
▶ CA tops Street 4Q forecasts   [May-11-17 05:50PM  Associated Press]
▶ CA Technologies Declares Quarterly Dividend   [May-09-17 05:45PM  Business Wire]
▶ CA, Inc. Value Analysis (NASDAQ:CA) : April 24, 2017   [Apr-24-17 03:12PM  Capital Cube]
▶ CA Technologies Launches New CA Advantage Partner Program   [Apr-18-17 12:00PM  Business Wire]
▶ CA Technologies Completes Acquisition of Veracode   [Apr-03-17 09:00AM  Business Wire]
Stock chart of CA Financial statements of CA
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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