Intrinsic value of CAE - CAE

Previous Close

$17.56

  Intrinsic Value

$13.39

stock screener

  Rating & Target

sell

-24%

  Value-price divergence*

-27%

Previous close

$17.56

 
Intrinsic value

$13.39

 
Up/down potential

-24%

 
Rating

sell

 
Value-price divergence*

-27%

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

We calculate the intrinsic value of CAE 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 4.8

 

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, %
  7.63
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
Revenue, $m
  2,002
  2,148
  2,300
  2,458
  2,622
  2,793
  2,970
  3,155
  3,347
  3,548
  3,757
  3,975
  4,202
  4,440
  4,688
  4,947
  5,218
  5,501
  5,797
  6,107
  6,431
  6,771
  7,126
  7,499
  7,889
  8,298
  8,726
  9,176
  9,647
  10,141
  10,659
Variable operating expenses, $m
 
  1,827
  1,953
  2,085
  2,221
  2,363
  2,511
  2,664
  2,824
  2,991
  3,165
  3,304
  3,494
  3,691
  3,897
  4,112
  4,338
  4,573
  4,819
  5,077
  5,346
  5,629
  5,924
  6,234
  6,558
  6,898
  7,254
  7,628
  8,019
  8,430
  8,861
Fixed operating expenses, $m
 
  28
  28
  29
  30
  31
  31
  32
  33
  34
  35
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  53
  54
  55
  57
Total operating expenses, $m
  1,732
  1,855
  1,981
  2,114
  2,251
  2,394
  2,542
  2,696
  2,857
  3,025
  3,200
  3,339
  3,530
  3,728
  3,935
  4,151
  4,378
  4,614
  4,861
  5,120
  5,390
  5,674
  5,970
  6,282
  6,607
  6,948
  7,305
  7,681
  8,073
  8,485
  8,918
Operating income, $m
  270
  293
  318
  344
  371
  399
  428
  459
  490
  523
  558
  635
  673
  712
  753
  795
  840
  887
  936
  987
  1,041
  1,097
  1,156
  1,217
  1,282
  1,350
  1,421
  1,495
  1,573
  1,655
  1,741
EBITDA, $m
  427
  465
  499
  535
  572
  610
  650
  692
  735
  780
  828
  877
  928
  982
  1,037
  1,096
  1,157
  1,221
  1,288
  1,358
  1,431
  1,508
  1,589
  1,673
  1,761
  1,854
  1,951
  2,053
  2,160
  2,272
  2,389
Interest expense (income), $m
  43
  41
  49
  58
  66
  76
  85
  95
  105
  116
  127
  139
  151
  164
  177
  191
  205
  220
  236
  253
  270
  288
  307
  327
  348
  370
  392
  416
  441
  468
  495
Earnings before tax, $m
  216
  252
  269
  286
  305
  324
  343
  364
  385
  407
  431
  496
  521
  548
  576
  604
  635
  666
  699
  734
  770
  809
  848
  890
  934
  980
  1,028
  1,079
  1,132
  1,188
  1,246
Tax expense, $m
  26
  68
  73
  77
  82
  87
  93
  98
  104
  110
  116
  134
  141
  148
  155
  163
  171
  180
  189
  198
  208
  218
  229
  240
  252
  265
  278
  291
  306
  321
  336
Net income, $m
  186
  184
  196
  209
  222
  236
  251
  265
  281
  297
  314
  362
  381
  400
  420
  441
  463
  486
  511
  536
  562
  590
  619
  650
  682
  715
  751
  788
  826
  867
  910

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  374
  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
  3,963
  3,850
  4,122
  4,405
  4,699
  5,005
  5,323
  5,654
  5,999
  6,358
  6,733
  7,124
  7,531
  7,957
  8,401
  8,865
  9,351
  9,858
  10,389
  10,944
  11,525
  12,134
  12,771
  13,438
  14,138
  14,870
  15,639
  16,444
  17,288
  18,173
  19,101
Adjusted assets (=assets-cash), $m
  3,589
  3,850
  4,122
  4,405
  4,699
  5,005
  5,323
  5,654
  5,999
  6,358
  6,733
  7,124
  7,531
  7,957
  8,401
  8,865
  9,351
  9,858
  10,389
  10,944
  11,525
  12,134
  12,771
  13,438
  14,138
  14,870
  15,639
  16,444
  17,288
  18,173
  19,101
Revenue / Adjusted assets
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
Average production assets, $m
  1,412
  1,514
  1,622
  1,733
  1,848
  1,969
  2,094
  2,224
  2,360
  2,501
  2,649
  2,802
  2,963
  3,130
  3,305
  3,488
  3,678
  3,878
  4,087
  4,305
  4,534
  4,773
  5,024
  5,287
  5,562
  5,850
  6,152
  6,469
  6,801
  7,149
  7,514
Working capital, $m
  478
  153
  163
  175
  186
  198
  211
  224
  238
  252
  267
  282
  298
  315
  333
  351
  370
  391
  412
  434
  457
  481
  506
  532
  560
  589
  620
  651
  685
  720
  757
Total debt, $m
  929
  1,068
  1,253
  1,444
  1,643
  1,850
  2,066
  2,290
  2,523
  2,767
  3,020
  3,285
  3,561
  3,849
  4,150
  4,464
  4,792
  5,136
  5,495
  5,871
  6,265
  6,676
  7,108
  7,560
  8,033
  8,529
  9,049
  9,594
  10,166
  10,765
  11,394
Total liabilities, $m
  2,468
  2,606
  2,791
  2,982
  3,181
  3,388
  3,604
  3,828
  4,061
  4,305
  4,558
  4,823
  5,099
  5,387
  5,688
  6,002
  6,330
  6,674
  7,033
  7,409
  7,803
  8,214
  8,646
  9,098
  9,571
  10,067
  10,587
  11,132
  11,704
  12,303
  12,932
Total equity, $m
  1,496
  1,243
  1,331
  1,423
  1,518
  1,617
  1,719
  1,826
  1,938
  2,054
  2,175
  2,301
  2,433
  2,570
  2,714
  2,863
  3,020
  3,184
  3,356
  3,535
  3,723
  3,919
  4,125
  4,341
  4,566
  4,803
  5,051
  5,311
  5,584
  5,870
  6,170
Total liabilities and equity, $m
  3,964
  3,849
  4,122
  4,405
  4,699
  5,005
  5,323
  5,654
  5,999
  6,359
  6,733
  7,124
  7,532
  7,957
  8,402
  8,865
  9,350
  9,858
  10,389
  10,944
  11,526
  12,133
  12,771
  13,439
  14,137
  14,870
  15,638
  16,443
  17,288
  18,173
  19,102
Debt-to-equity ratio
  0.621
  0.860
  0.940
  1.010
  1.080
  1.140
  1.200
  1.250
  1.300
  1.350
  1.390
  1.430
  1.460
  1.500
  1.530
  1.560
  1.590
  1.610
  1.640
  1.660
  1.680
  1.700
  1.720
  1.740
  1.760
  1.780
  1.790
  1.810
  1.820
  1.830
  1.850
Adjusted equity ratio
  0.313
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  186
  184
  196
  209
  222
  236
  251
  265
  281
  297
  314
  362
  381
  400
  420
  441
  463
  486
  511
  536
  562
  590
  619
  650
  682
  715
  751
  788
  826
  867
  910
Depreciation, amort., depletion, $m
  157
  172
  181
  191
  201
  211
  222
  233
  245
  257
  270
  242
  255
  270
  285
  301
  317
  334
  352
  371
  391
  411
  433
  456
  479
  504
  530
  558
  586
  616
  648
Funds from operations, $m
  384
  356
  378
  400
  423
  447
  472
  499
  526
  554
  584
  604
  636
  670
  705
  742
  780
  821
  863
  907
  953
  1,002
  1,052
  1,106
  1,161
  1,220
  1,281
  1,345
  1,413
  1,483
  1,557
Change in working capital, $m
  40
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  37
Cash from operations, $m
  344
  346
  367
  389
  411
  435
  460
  486
  512
  540
  569
  588
  620
  653
  687
  724
  761
  801
  842
  885
  930
  978
  1,027
  1,079
  1,134
  1,191
  1,251
  1,313
  1,379
  1,448
  1,521
Maintenance CAPEX, $m
  0
  -122
  -131
  -140
  -149
  -159
  -170
  -181
  -192
  -203
  -216
  -228
  -242
  -255
  -270
  -285
  -301
  -317
  -334
  -352
  -371
  -391
  -411
  -433
  -456
  -479
  -504
  -530
  -558
  -586
  -616
New CAPEX, $m
  -165
  -103
  -107
  -111
  -116
  -120
  -125
  -130
  -136
  -141
  -147
  -154
  -160
  -167
  -175
  -183
  -191
  -200
  -209
  -218
  -229
  -239
  -251
  -263
  -275
  -288
  -302
  -317
  -332
  -348
  -365
Cash from investing activities, $m
  -192
  -225
  -238
  -251
  -265
  -279
  -295
  -311
  -328
  -344
  -363
  -382
  -402
  -422
  -445
  -468
  -492
  -517
  -543
  -570
  -600
  -630
  -662
  -696
  -731
  -767
  -806
  -847
  -890
  -934
  -981
Free cash flow, $m
  152
  121
  129
  138
  146
  156
  165
  175
  185
  195
  206
  206
  218
  230
  243
  256
  270
  284
  299
  314
  330
  347
  365
  383
  403
  423
  444
  466
  489
  514
  539
Issuance/(repayment) of debt, $m
  -53
  177
  184
  192
  199
  207
  215
  224
  234
  243
  254
  264
  276
  288
  301
  314
  329
  343
  359
  376
  393
  412
  431
  452
  473
  496
  520
  545
  572
  599
  628
Issuance/(repurchase) of shares, $m
  -21
  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  
  -74
  177
  184
  192
  199
  207
  215
  224
  234
  243
  254
  264
  276
  288
  301
  314
  329
  343
  359
  376
  393
  412
  431
  452
  473
  496
  520
  545
  572
  599
  628
Total cash flow (excl. dividends), $m
  74
  298
  313
  329
  346
  363
  380
  399
  418
  439
  460
  471
  494
  518
  544
  570
  598
  627
  658
  690
  724
  759
  796
  835
  876
  919
  964
  1,011
  1,061
  1,113
  1,168
Retained Cash Flow (-), $m
  -98
  -83
  -88
  -91
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -132
  -137
  -144
  -150
  -157
  -164
  -171
  -179
  -188
  -197
  -206
  -216
  -226
  -237
  -248
  -260
  -273
  -286
  -300
Prev. year cash balance distribution, $m
 
  336
  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
 
  551
  226
  238
  251
  264
  278
  292
  307
  323
  339
  345
  362
  381
  400
  420
  441
  464
  487
  511
  536
  563
  591
  620
  650
  682
  716
  751
  788
  827
  868
Discount rate, %
 
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
 
  527
  206
  206
  204
  202
  199
  194
  188
  181
  173
  158
  149
  139
  128
  117
  106
  94
  83
  72
  62
  53
  44
  36
  29
  23
  18
  14
  10
  7
  5
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

CAE Inc. provides training for the civil aviation, defense and security, and healthcare markets. The Company designs and integrates training solutions. It operates through three segments: Civil Aviation Training Solutions, Defense and Security, and Healthcare. The Company provides training solutions for flight, cabin, maintenance and ground personnel in commercial, business and helicopter aviation, a range of flight simulation training devices, as well as ab initio pilot training and crew sourcing services. The Company is a training systems integrator for defense forces across the air, land and sea domains, and for government and civil security organizations responsible for public safety. The Company designs, manufactures and markets simulators, simulation center management solutions and courseware for training of medical and allied healthcare students and clinicians in educational institutions, hospitals and defense organizations across the world.

FINANCIAL RATIOS  of  CAE (CAE)

Valuation Ratios
P/E Ratio 25.3
Price to Sales 2.4
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 13.7
Price to Free Cash Flow 26.3
Growth Rates
Sales Growth Rate 7.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 89.7%
Cap. Spend. - 3 Yr. Gr. Rate 7.3%
Financial Strength
Quick Ratio 10
Current Ratio 0.3
LT Debt to Equity 59.6%
Total Debt to Equity 62.1%
Interest Coverage 6
Management Effectiveness
Return On Assets 5.8%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 7.8%
Ret/ On T. Cap. - 3 Yr. Avg. 7.6%
Return On Equity 12.9%
Return On Equity - 3 Yr. Avg. 13%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 30%
Gross Margin - 3 Yr. Avg. 28.2%
EBITDA Margin 20.8%
EBITDA Margin - 3 Yr. Avg. 21.6%
Operating Margin 13.5%
Oper. Margin - 3 Yr. Avg. 13.9%
Pre-Tax Margin 10.8%
Pre-Tax Margin - 3 Yr. Avg. 10.9%
Net Profit Margin 9.3%
Net Profit Margin - 3 Yr. Avg. 9.1%
Effective Tax Rate 12%
Eff/ Tax Rate - 3 Yr. Avg. 14%
Payout Ratio 32.3%

CAE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CAE stock intrinsic value calculation we used $2002 million for the last fiscal year's total revenue generated by CAE. The default revenue input number comes from 2017 income statement of CAE. 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 CAE stock valuation model: a) initial revenue growth rate of 7.3% 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 4.5%, whose default value for CAE is calculated based on our internal credit rating of CAE, 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 CAE.
    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 CAE stock the variable cost ratio is equal to 85.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $27 million in the base year in the intrinsic value calculation for CAE 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 4.6% for CAE.

Corporate tax rate of 27% is the nominal tax rate for CAE. 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 CAE 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 CAE are equal to 70.5%.

Life of production assets of 11.6 years is the average useful life of capital assets used in CAE 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 CAE is equal to 7.1%. 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 - $1496 million for CAE - 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 271.49 million for CAE 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 CAE at the current share price and the inputted number of shares is $4.8 billion.

RELATED COMPANIES Price Int.Val. Rating
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ERJ Embraer ADR 21.42 49.84  str.buy
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COMPANY NEWS

▶ ETFs with exposure to CAE, Inc. : October 3, 2017   [Oct-03-17 11:00AM  Capital Cube]
▶ CAE Inc (TSX:CAE): What Does It Mean For Your Portfolio?   [Sep-29-17 11:12AM  Simply Wall St.]
▶ Media statement: CAE reaffirms its support to Bombardier   [Sep-06-17 03:57PM  Marketwired]
▶ ETFs with exposure to CAE, Inc. : September 1, 2017   [Sep-01-17 07:06PM  Capital Cube]
▶ AirAsia CEO says leasing unit sale is 'imminent'   [Aug-24-17 05:06PM  Reuters]
▶ CAE, Inc. Value Analysis (NYSE:CAE) : August 11, 2017   [Aug-11-17 07:50PM  Capital Cube]
▶ Investor Network: CAE Inc. to Host Earnings Call   [Aug-10-17 11:00AM  ACCESSWIRE]
▶ 3 Under-the-Radar Defense Plays   [Jul-13-17 12:56PM  Investopedia]
▶ Shortage of pilots could hinder airlines' growth   [Jun-20-17 05:25AM  Reuters]
▶ ETFs with exposure to CAE, Inc. : June 8, 2017   [Jun-08-17 01:27PM  Capital Cube]
▶ ETFs with exposure to CAE, Inc. : May 26, 2017   [May-26-17 01:01PM  Capital Cube]
▶ Boeing Training Jet Rivals Are Dropping Like Flies   [Feb-19-17 08:13AM  at Motley Fool]
▶ CAE beats 3Q profit forecasts   [08:36AM  Associated Press]
▶ CAE renews its normal course issuer bid   [08:13AM  Marketwired]
▶ Two defense stocks ready for battle as military budgets rise   [Dec-09-16 08:59AM  at MarketWatch]
▶ Is CAE, Inc. (USA) (CAE) A Good Stock To Buy Right Now?   [Dec-08-16 09:38PM  at Insider Monkey]
▶ CST Brands Inc (CST): Smart Money Heading for the Exits   [Nov-27-16 05:55PM  at Insider Monkey]
Financial statements of CAE
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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