Intrinsic value of CAE - CAE

Previous Close

$16.32

  Intrinsic Value

$13.75

stock screener

  Rating & Target

hold

-16%

  Value-price divergence*

+8%

Previous close

$16.32

 
Intrinsic value

$13.75

 
Up/down potential

-16%

 
Rating

hold

 
Value-price divergence*

+8%

*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 2016), $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 4.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.85
  10.70
  10.13
  9.62
  9.16
  8.74
  8.37
  8.03
  7.73
  7.45
  7.21
  6.99
  6.79
  6.61
  6.45
  6.30
  6.17
  6.06
  5.95
  5.86
  5.77
  5.69
  5.62
  5.56
  5.51
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
Revenue, $m
  1,860
  2,059
  2,268
  2,486
  2,713
  2,950
  3,197
  3,454
  3,721
  3,998
  4,286
  4,586
  4,897
  5,221
  5,557
  5,908
  6,273
  6,652
  7,048
  7,461
  7,892
  8,341
  8,810
  9,300
  9,812
  10,347
  10,907
  11,492
  12,105
  12,746
  13,418
Variable operating expenses, $m
 
  1,750
  1,923
  2,104
  2,293
  2,490
  2,694
  2,907
  3,129
  3,359
  3,598
  3,806
  4,064
  4,332
  4,612
  4,903
  5,205
  5,521
  5,849
  6,192
  6,549
  6,922
  7,311
  7,717
  8,142
  8,586
  9,051
  9,537
  10,045
  10,577
  11,135
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
  1,611
  1,750
  1,923
  2,104
  2,293
  2,490
  2,694
  2,907
  3,129
  3,359
  3,598
  3,806
  4,064
  4,332
  4,612
  4,903
  5,205
  5,521
  5,849
  6,192
  6,549
  6,922
  7,311
  7,717
  8,142
  8,586
  9,051
  9,537
  10,045
  10,577
  11,135
Operating income, $m
  248
  309
  345
  382
  420
  461
  503
  546
  592
  639
  688
  780
  833
  888
  946
  1,005
  1,067
  1,132
  1,199
  1,269
  1,343
  1,419
  1,499
  1,582
  1,669
  1,761
  1,856
  1,955
  2,060
  2,169
  2,283
EBITDA, $m
  409
  489
  539
  591
  645
  701
  760
  821
  884
  950
  1,019
  1,090
  1,164
  1,241
  1,321
  1,404
  1,491
  1,581
  1,675
  1,773
  1,875
  1,982
  2,094
  2,210
  2,332
  2,459
  2,592
  2,731
  2,877
  3,029
  3,189
Interest expense (income), $m
  48
  44
  56
  68
  81
  95
  110
  125
  140
  156
  173
  191
  209
  228
  247
  268
  289
  311
  334
  358
  383
  409
  436
  465
  494
  525
  558
  592
  627
  664
  703
Earnings before tax, $m
  193
  266
  289
  314
  339
  366
  393
  422
  452
  483
  515
  590
  625
  661
  698
  738
  778
  821
  865
  912
  960
  1,010
  1,063
  1,118
  1,175
  1,235
  1,298
  1,364
  1,432
  1,504
  1,580
Tax expense, $m
  15
  72
  78
  85
  92
  99
  106
  114
  122
  130
  139
  159
  169
  178
  189
  199
  210
  222
  234
  246
  259
  273
  287
  302
  317
  333
  350
  368
  387
  406
  427
Net income, $m
  170
  194
  211
  229
  248
  267
  287
  308
  330
  352
  376
  430
  456
  482
  510
  538
  568
  599
  632
  665
  701
  737
  776
  816
  858
  902
  947
  995
  1,046
  1,098
  1,153

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  359
  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
  3,698
  3,697
  4,071
  4,463
  4,871
  5,297
  5,740
  6,201
  6,680
  7,178
  7,695
  8,233
  8,792
  9,373
  9,978
  10,607
  11,261
  11,943
  12,654
  13,395
  14,168
  14,974
  15,817
  16,696
  17,615
  18,576
  19,581
  20,632
  21,732
  22,884
  24,089
Adjusted assets (=assets-cash), $m
  3,339
  3,697
  4,071
  4,463
  4,871
  5,297
  5,740
  6,201
  6,680
  7,178
  7,695
  8,233
  8,792
  9,373
  9,978
  10,607
  11,261
  11,943
  12,654
  13,395
  14,168
  14,974
  15,817
  16,696
  17,615
  18,576
  19,581
  20,632
  21,732
  22,884
  24,089
Revenue / Adjusted assets
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
Average production assets, $m
  1,356
  1,501
  1,653
  1,812
  1,978
  2,151
  2,331
  2,518
  2,712
  2,915
  3,125
  3,343
  3,570
  3,806
  4,051
  4,307
  4,573
  4,850
  5,138
  5,439
  5,753
  6,080
  6,422
  6,780
  7,153
  7,543
  7,951
  8,378
  8,824
  9,292
  9,782
Working capital, $m
  412
  156
  172
  189
  206
  224
  243
  262
  283
  304
  326
  349
  372
  397
  422
  449
  477
  506
  536
  567
  600
  634
  670
  707
  746
  786
  829
  873
  920
  969
  1,020
Total debt, $m
  942
  1,089
  1,337
  1,596
  1,867
  2,149
  2,442
  2,747
  3,064
  3,394
  3,736
  4,092
  4,462
  4,847
  5,247
  5,664
  6,097
  6,548
  7,019
  7,509
  8,021
  8,555
  9,113
  9,695
  10,303
  10,939
  11,605
  12,301
  13,029
  13,791
  14,589
Total liabilities, $m
  2,300
  2,447
  2,695
  2,954
  3,225
  3,507
  3,800
  4,105
  4,422
  4,752
  5,094
  5,450
  5,820
  6,205
  6,605
  7,022
  7,455
  7,906
  8,377
  8,867
  9,379
  9,913
  10,471
  11,053
  11,661
  12,297
  12,963
  13,659
  14,387
  15,149
  15,947
Total equity, $m
  1,398
  1,249
  1,376
  1,508
  1,646
  1,790
  1,940
  2,096
  2,258
  2,426
  2,601
  2,783
  2,972
  3,168
  3,372
  3,585
  3,806
  4,037
  4,277
  4,528
  4,789
  5,061
  5,346
  5,643
  5,954
  6,279
  6,618
  6,974
  7,345
  7,735
  8,142
Total liabilities and equity, $m
  3,698
  3,696
  4,071
  4,462
  4,871
  5,297
  5,740
  6,201
  6,680
  7,178
  7,695
  8,233
  8,792
  9,373
  9,977
  10,607
  11,261
  11,943
  12,654
  13,395
  14,168
  14,974
  15,817
  16,696
  17,615
  18,576
  19,581
  20,633
  21,732
  22,884
  24,089
Debt-to-equity ratio
  0.674
  0.870
  0.970
  1.060
  1.130
  1.200
  1.260
  1.310
  1.360
  1.400
  1.440
  1.470
  1.500
  1.530
  1.560
  1.580
  1.600
  1.620
  1.640
  1.660
  1.670
  1.690
  1.700
  1.720
  1.730
  1.740
  1.750
  1.760
  1.770
  1.780
  1.790
Adjusted equity ratio
  0.311
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  170
  194
  211
  229
  248
  267
  287
  308
  330
  352
  376
  430
  456
  482
  510
  538
  568
  599
  632
  665
  701
  737
  776
  816
  858
  902
  947
  995
  1,046
  1,098
  1,153
Depreciation, amort., depletion, $m
  161
  180
  194
  209
  224
  240
  257
  274
  292
  311
  331
  310
  331
  352
  375
  399
  423
  449
  476
  504
  533
  563
  595
  628
  662
  698
  736
  776
  817
  860
  906
Funds from operations, $m
  235
  374
  405
  438
  472
  507
  544
  582
  622
  664
  706
  740
  786
  835
  885
  937
  992
  1,048
  1,107
  1,169
  1,233
  1,300
  1,370
  1,444
  1,520
  1,600
  1,684
  1,771
  1,863
  1,959
  2,059
Change in working capital, $m
  -21
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  44
  47
  49
  51
Cash from operations, $m
  256
  359
  389
  421
  455
  489
  525
  563
  602
  642
  685
  717
  763
  810
  859
  911
  964
  1,019
  1,077
  1,138
  1,201
  1,266
  1,335
  1,406
  1,481
  1,559
  1,641
  1,727
  1,816
  1,910
  2,008
Maintenance CAPEX, $m
  0
  -126
  -139
  -153
  -168
  -183
  -199
  -216
  -233
  -251
  -270
  -289
  -310
  -331
  -352
  -375
  -399
  -423
  -449
  -476
  -504
  -533
  -563
  -595
  -628
  -662
  -698
  -736
  -776
  -817
  -860
New CAPEX, $m
  -87
  -145
  -152
  -159
  -166
  -173
  -180
  -187
  -195
  -202
  -210
  -218
  -227
  -236
  -245
  -255
  -266
  -277
  -289
  -301
  -314
  -328
  -342
  -357
  -373
  -390
  -408
  -427
  -447
  -468
  -490
Cash from investing activities, $m
  -78
  -271
  -291
  -312
  -334
  -356
  -379
  -403
  -428
  -453
  -480
  -507
  -537
  -567
  -597
  -630
  -665
  -700
  -738
  -777
  -818
  -861
  -905
  -952
  -1,001
  -1,052
  -1,106
  -1,163
  -1,223
  -1,285
  -1,350
Free cash flow, $m
  178
  88
  98
  109
  121
  133
  146
  160
  174
  189
  205
  210
  226
  244
  262
  280
  299
  319
  340
  361
  383
  406
  430
  455
  480
  507
  535
  564
  594
  625
  658
Issuance/(repayment) of debt, $m
  -31
  235
  248
  259
  270
  282
  293
  305
  317
  330
  343
  356
  370
  385
  400
  416
  433
  451
  470
  491
  512
  534
  557
  582
  608
  636
  665
  696
  728
  762
  798
Issuance/(repurchase) of shares, $m
  6
  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  
  -25
  235
  248
  259
  270
  282
  293
  305
  317
  330
  343
  356
  370
  385
  400
  416
  433
  451
  470
  491
  512
  534
  557
  582
  608
  636
  665
  696
  728
  762
  798
Total cash flow (excl. dividends), $m
  157
  324
  346
  368
  391
  415
  440
  465
  491
  519
  547
  566
  596
  628
  662
  696
  733
  771
  810
  852
  895
  940
  987
  1,037
  1,089
  1,143
  1,200
  1,259
  1,322
  1,387
  1,456
Retained Cash Flow (-), $m
  -188
  -122
  -127
  -132
  -138
  -144
  -150
  -156
  -162
  -168
  -175
  -182
  -189
  -196
  -204
  -213
  -221
  -231
  -240
  -250
  -261
  -273
  -285
  -297
  -311
  -325
  -340
  -355
  -372
  -389
  -407
Prev. year cash balance distribution, $m
 
  271
  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
 
  472
  220
  236
  253
  271
  290
  309
  329
  350
  372
  384
  407
  432
  457
  484
  511
  540
  570
  601
  634
  667
  703
  740
  778
  818
  860
  904
  950
  998
  1,049
Discount rate, %
 
  4.80
  5.04
  5.29
  5.56
  5.83
  6.13
  6.43
  6.75
  7.09
  7.45
  7.82
  8.21
  8.62
  9.05
  9.50
  9.98
  10.48
  11.00
  11.55
  12.13
  12.74
  13.37
  14.04
  14.74
  15.48
  16.25
  17.07
  17.92
  18.82
  19.76
PV of cash for distribution, $m
 
  450
  199
  202
  204
  204
  203
  200
  195
  189
  182
  168
  158
  147
  136
  124
  112
  99
  87
  75
  64
  54
  44
  36
  29
  22
  17
  13
  9
  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., together with its subsidiaries, designs, manufactures, and supplies simulation equipment worldwide. It operates in three segments: Civil Aviation Training Solutions, Defence and Security, and Healthcare. The Civil Aviation Training Solutions segment provides a range of training solutions for flight, cabin, maintenance, and ground personnel in commercial, business, and helicopter aviation; flight simulation training devices; and ab initio pilot training and crew sourcing services. The Defence and Security segment operates as a training systems integrator for defence forces in the air, land, and naval domains, as well as for government organizations responsible for public safety. The Healthcare segment designs, manufactures, and markets simulators; offers audiovisual and simulation center management solutions; and provides consulting and courseware services for training of medical and allied healthcare students, as well as clinicians in educational institutions, hospitals, and defence organizations. The company was formerly known as CAE Industries Ltd. and changed its name to CAE Inc. in June 1993. CAE Inc. was founded in 1947 and is headquartered in Saint-Laurent, Canada.

FINANCIAL RATIOS  of  CAE (CAE)

Valuation Ratios
P/E Ratio 25.9
Price to Sales 2.4
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 17.2
Price to Free Cash Flow 26
Growth Rates
Sales Growth Rate 11.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -18.7%
Cap. Spend. - 3 Yr. Gr. Rate 3.9%
Financial Strength
Quick Ratio 4
Current Ratio 0.3
LT Debt to Equity 61.1%
Total Debt to Equity 67.4%
Interest Coverage 5
Management Effectiveness
Return On Assets 6%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 7.6%
Ret/ On T. Cap. - 3 Yr. Avg. 7.6%
Return On Equity 13%
Return On Equity - 3 Yr. Avg. 13.7%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 27.7%
Gross Margin - 3 Yr. Avg. 27.2%
EBITDA Margin 21.6%
EBITDA Margin - 3 Yr. Avg. 21.8%
Operating Margin 13.4%
Oper. Margin - 3 Yr. Avg. 14.1%
Pre-Tax Margin 10.4%
Pre-Tax Margin - 3 Yr. Avg. 10.9%
Net Profit Margin 9.1%
Net Profit Margin - 3 Yr. Avg. 9.1%
Effective Tax Rate 7.8%
Eff/ Tax Rate - 3 Yr. Avg. 14.5%
Payout Ratio 24.7%

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 $1860 million for the last fiscal year's total revenue generated by CAE. The default revenue input number comes from 2016 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 10.7% 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 4.8%, 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 $0 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 5.1% 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 72.9%.

Life of production assets of 10.8 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 7.6%. 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 - $1398 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 265.107 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 $4.3 billion.

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COMPANY NEWS

▶ 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]
Stock chart of CAE 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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