Intrinsic value of Callidus Software - CALD

Previous Close

$24.20

  Intrinsic Value

$3.86

stock screener

  Rating & Target

str. sell

-84%

  Value-price divergence*

-22%

Previous close

$24.20

 
Intrinsic value

$3.86

 
Up/down potential

-84%

 
Rating

str. sell

 
Value-price divergence*

-22%

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

We calculate the intrinsic value of CALD 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 1.5

 

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, %
  19.65
  20.80
  19.22
  17.80
  16.52
  15.37
  14.33
  13.40
  12.56
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
Revenue, $m
  207
  250
  298
  351
  409
  472
  540
  612
  689
  770
  856
  946
  1,040
  1,138
  1,241
  1,348
  1,459
  1,575
  1,695
  1,820
  1,950
  2,085
  2,225
  2,371
  2,523
  2,681
  2,845
  3,016
  3,195
  3,381
  3,575
Variable operating expenses, $m
 
  266
  316
  371
  431
  496
  566
  641
  721
  805
  894
  981
  1,078
  1,181
  1,287
  1,398
  1,513
  1,633
  1,758
  1,887
  2,022
  2,162
  2,308
  2,459
  2,616
  2,780
  2,950
  3,128
  3,313
  3,506
  3,708
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
  224
  266
  316
  371
  431
  496
  566
  641
  721
  805
  894
  981
  1,078
  1,181
  1,287
  1,398
  1,513
  1,633
  1,758
  1,887
  2,022
  2,162
  2,308
  2,459
  2,616
  2,780
  2,950
  3,128
  3,313
  3,506
  3,708
Operating income, $m
  -17
  -16
  -17
  -19
  -22
  -24
  -26
  -29
  -32
  -35
  -38
  -35
  -39
  -42
  -46
  -50
  -54
  -58
  -63
  -67
  -72
  -77
  -83
  -88
  -94
  -99
  -105
  -112
  -118
  -125
  -133
EBITDA, $m
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -25
  -27
  -28
  -30
  -32
  -35
  -37
  -39
  -41
  -44
  -47
  -49
  -52
Interest expense (income), $m
  0
  0
  1
  2
  4
  5
  7
  8
  10
  12
  14
  16
  19
  21
  24
  26
  29
  32
  35
  38
  41
  44
  48
  51
  55
  59
  63
  67
  71
  76
  80
Earnings before tax, $m
  -18
  -16
  -19
  -22
  -25
  -29
  -33
  -38
  -42
  -47
  -52
  -52
  -57
  -63
  -70
  -76
  -83
  -90
  -98
  -105
  -113
  -122
  -130
  -139
  -148
  -158
  -168
  -179
  -190
  -201
  -213
Tax expense, $m
  1
  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
Net income, $m
  -19
  -16
  -19
  -22
  -25
  -29
  -33
  -38
  -42
  -47
  -52
  -52
  -57
  -63
  -70
  -76
  -83
  -90
  -98
  -105
  -113
  -122
  -130
  -139
  -148
  -158
  -168
  -179
  -190
  -201
  -213

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  187
  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
  387
  242
  288
  339
  395
  456
  521
  591
  666
  744
  827
  914
  1,005
  1,100
  1,199
  1,302
  1,410
  1,522
  1,638
  1,758
  1,884
  2,014
  2,150
  2,291
  2,437
  2,590
  2,749
  2,914
  3,087
  3,267
  3,454
Adjusted assets (=assets-cash), $m
  200
  242
  288
  339
  395
  456
  521
  591
  666
  744
  827
  914
  1,005
  1,100
  1,199
  1,302
  1,410
  1,522
  1,638
  1,758
  1,884
  2,014
  2,150
  2,291
  2,437
  2,590
  2,749
  2,914
  3,087
  3,267
  3,454
Revenue / Adjusted assets
  1.035
  1.033
  1.035
  1.035
  1.035
  1.035
  1.036
  1.036
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
Average production assets, $m
  47
  56
  67
  79
  92
  106
  121
  138
  155
  173
  193
  213
  234
  256
  279
  303
  328
  354
  381
  409
  439
  469
  501
  533
  568
  603
  640
  679
  719
  761
  804
Working capital, $m
  125
  -25
  -30
  -35
  -41
  -47
  -54
  -61
  -69
  -77
  -86
  -95
  -104
  -114
  -124
  -135
  -146
  -157
  -170
  -182
  -195
  -208
  -223
  -237
  -252
  -268
  -284
  -302
  -319
  -338
  -358
Total debt, $m
  0
  31
  66
  104
  147
  192
  241
  293
  349
  408
  470
  535
  604
  675
  749
  827
  907
  991
  1,078
  1,169
  1,263
  1,361
  1,462
  1,568
  1,678
  1,792
  1,912
  2,036
  2,165
  2,300
  2,441
Total liabilities, $m
  150
  181
  216
  254
  297
  342
  391
  443
  499
  558
  620
  685
  754
  825
  899
  977
  1,057
  1,141
  1,228
  1,319
  1,413
  1,511
  1,612
  1,718
  1,828
  1,942
  2,062
  2,186
  2,315
  2,450
  2,591
Total equity, $m
  237
  60
  72
  85
  99
  114
  130
  148
  166
  186
  207
  228
  251
  275
  300
  326
  352
  380
  409
  440
  471
  504
  537
  573
  609
  647
  687
  729
  772
  817
  864
Total liabilities and equity, $m
  387
  241
  288
  339
  396
  456
  521
  591
  665
  744
  827
  913
  1,005
  1,100
  1,199
  1,303
  1,409
  1,521
  1,637
  1,759
  1,884
  2,015
  2,149
  2,291
  2,437
  2,589
  2,749
  2,915
  3,087
  3,267
  3,455
Debt-to-equity ratio
  0.000
  0.520
  0.920
  1.230
  1.480
  1.680
  1.850
  1.990
  2.100
  2.190
  2.270
  2.340
  2.400
  2.450
  2.500
  2.540
  2.570
  2.610
  2.630
  2.660
  2.680
  2.700
  2.720
  2.740
  2.750
  2.770
  2.780
  2.790
  2.810
  2.820
  2.830
Adjusted equity ratio
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -19
  -16
  -19
  -22
  -25
  -29
  -33
  -38
  -42
  -47
  -52
  -52
  -57
  -63
  -70
  -76
  -83
  -90
  -98
  -105
  -113
  -122
  -130
  -139
  -148
  -158
  -168
  -179
  -190
  -201
  -213
Depreciation, amort., depletion, $m
  14
  12
  13
  14
  16
  17
  19
  20
  22
  24
  26
  21
  23
  26
  28
  30
  33
  35
  38
  41
  44
  47
  50
  53
  57
  60
  64
  68
  72
  76
  80
Funds from operations, $m
  33
  -4
  -5
  -7
  -10
  -12
  -15
  -17
  -20
  -23
  -27
  -30
  -34
  -38
  -42
  -46
  -50
  -55
  -59
  -64
  -69
  -75
  -80
  -86
  -92
  -98
  -104
  -111
  -118
  -125
  -133
Change in working capital, $m
  3
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -19
Cash from operations, $m
  30
  1
  -1
  -2
  -4
  -6
  -8
  -10
  -13
  -15
  -18
  -21
  -24
  -28
  -31
  -35
  -39
  -43
  -47
  -52
  -56
  -61
  -66
  -71
  -76
  -82
  -88
  -94
  -100
  -106
  -113
Maintenance CAPEX, $m
  0
  -5
  -6
  -7
  -8
  -9
  -11
  -12
  -14
  -15
  -17
  -19
  -21
  -23
  -26
  -28
  -30
  -33
  -35
  -38
  -41
  -44
  -47
  -50
  -53
  -57
  -60
  -64
  -68
  -72
  -76
New CAPEX, $m
  -17
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
Cash from investing activities, $m
  -59
  -15
  -17
  -19
  -21
  -23
  -26
  -28
  -31
  -33
  -36
  -39
  -42
  -45
  -49
  -52
  -55
  -59
  -62
  -66
  -70
  -74
  -79
  -83
  -87
  -93
  -97
  -103
  -108
  -114
  -120
Free cash flow, $m
  -29
  -14
  -17
  -21
  -25
  -29
  -34
  -39
  -44
  -49
  -55
  -61
  -67
  -73
  -80
  -87
  -94
  -102
  -110
  -118
  -127
  -135
  -145
  -154
  -164
  -174
  -185
  -196
  -208
  -220
  -233
Issuance/(repayment) of debt, $m
  0
  31
  35
  38
  42
  46
  49
  52
  56
  59
  62
  65
  68
  71
  74
  77
  81
  84
  87
  91
  94
  98
  102
  106
  110
  114
  119
  124
  129
  135
  141
Issuance/(repurchase) of shares, $m
  101
  26
  30
  35
  39
  44
  49
  55
  61
  67
  73
  73
  80
  87
  94
  102
  110
  118
  127
  135
  145
  154
  164
  174
  185
  196
  208
  220
  233
  246
  260
Cash from financing (excl. dividends), $m  
  101
  57
  65
  73
  81
  90
  98
  107
  117
  126
  135
  138
  148
  158
  168
  179
  191
  202
  214
  226
  239
  252
  266
  280
  295
  310
  327
  344
  362
  381
  401
Total cash flow (excl. dividends), $m
  71
  44
  48
  52
  57
  61
  65
  69
  73
  77
  80
  78
  81
  85
  89
  92
  96
  100
  104
  108
  112
  117
  121
  126
  131
  136
  142
  148
  154
  161
  168
Retained Cash Flow (-), $m
  -108
  -26
  -30
  -35
  -39
  -44
  -49
  -55
  -61
  -67
  -73
  -73
  -80
  -87
  -94
  -102
  -110
  -118
  -127
  -135
  -145
  -154
  -164
  -174
  -185
  -196
  -208
  -220
  -233
  -246
  -260
Prev. year cash balance distribution, $m
 
  187
  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
 
  204
  18
  18
  17
  16
  15
  14
  12
  10
  7
  4
  1
  -2
  -6
  -10
  -14
  -18
  -23
  -27
  -32
  -38
  -43
  -48
  -54
  -60
  -66
  -72
  -79
  -85
  -92
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
 
  196
  16
  15
  14
  13
  11
  9
  7
  6
  4
  2
  1
  -1
  -2
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -3
  -3
  -2
  -2
  -2
  -1
  -1
  -1
Current shareholders' claim on cash, %
  100
  92.3
  85.4
  79.3
  73.8
  68.9
  64.4
  60.3
  56.6
  53.1
  50.0
  47.3
  44.8
  42.4
  40.2
  38.1
  36.1
  34.3
  32.6
  30.9
  29.4
  27.9
  26.5
  25.2
  24.0
  22.8
  21.7
  20.6
  19.6
  18.6
  17.7

Callidus Software Inc., doing business as CallidusCloud, provides cloud-based sales, marketing, learning, and customer experience solutions worldwide. The company offers tools to automate various parts of the marketing and selling process, including marketing automation, configure price quote, territory and quota, sales enablement, sales coaching, learning management, commissions, customer experience, and incentives. It enables its customers to accelerate their lead to money process with a suite of solutions that identify leads, implement territory and quota plans, enable sales forces, automate bid configuration pricing and quoting, manage contracts, streamline sales compensation, and capture customer feedback for competitive advantage. The company also provides professional services, technical support services, and education and training services. It offers its products and services under the Callidus, Callidus Software, the Callidus Software logo, CallidusCloud, the CallidusCloud logo, Clicktools, SURVE, syncfrog, TrueComp Manager, ActekSoft, ACom3, iCentera, Webcom, Litmos, the Litmos logo, LeadFormix, Rapid Intake, 6FigureJobs, and LeadRocket trademarks or service marks. The company was founded in 1996 and is headquartered in Dublin, California.

FINANCIAL RATIOS  of  Callidus Software (CALD)

Valuation Ratios
P/E Ratio -81.1
Price to Sales 7.4
Price to Book 6.5
Price to Tangible Book
Price to Cash Flow 51.4
Price to Free Cash Flow 118.6
Growth Rates
Sales Growth Rate 19.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 21.4%
Cap. Spend. - 3 Yr. Gr. Rate 53.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -6%
Ret/ On Assets - 3 Yr. Avg. -6.7%
Return On Total Capital -10.4%
Ret/ On T. Cap. - 3 Yr. Avg. -14.1%
Return On Equity -10.4%
Return On Equity - 3 Yr. Avg. -16.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 62.3%
Gross Margin - 3 Yr. Avg. 61.1%
EBITDA Margin -1.9%
EBITDA Margin - 3 Yr. Avg. -0.6%
Operating Margin -8.2%
Oper. Margin - 3 Yr. Avg. -8.2%
Pre-Tax Margin -8.7%
Pre-Tax Margin - 3 Yr. Avg. -7.9%
Net Profit Margin -9.2%
Net Profit Margin - 3 Yr. Avg. -8.5%
Effective Tax Rate -5.6%
Eff/ Tax Rate - 3 Yr. Avg. -7.7%
Payout Ratio 0%

CALD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CALD stock intrinsic value calculation we used $207 million for the last fiscal year's total revenue generated by Callidus Software. The default revenue input number comes from 2016 income statement of Callidus Software. 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 CALD stock valuation model: a) initial revenue growth rate of 20.8% 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 CALD is calculated based on our internal credit rating of Callidus Software, 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 Callidus Software.
    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 CALD stock the variable cost ratio is equal to 106.8%.

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 CALD 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 3.5% for Callidus Software.

Corporate tax rate of 27% is the nominal tax rate for Callidus Software. 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 CALD 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 CALD are equal to 22.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Callidus Software 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 CALD 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 - $237 million for Callidus Software - 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 60.963 million for Callidus Software 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 Callidus Software at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ Callidus reports 2Q loss   [Aug-04-17 02:34AM  Associated Press]
▶ Barnes & Noble Selects CallidusCloud for Litmos eLearning   [Jul-12-17 08:00AM  GlobeNewswire]
▶ Callidus Software Looking For Further Gains   [Jun-30-17 03:40PM  TheStreet.com]
▶ CallCredit Selects CallidusCloud CPQ   [Jun-20-17 08:02AM  GlobeNewswire]
▶ Zoopla Selects CallidusCloud's Litmos Learning Platform   [Jun-14-17 08:01AM  GlobeNewswire]
▶ Callidus reports 1Q loss   [May-04-17 07:42PM  Associated Press]
▶ Codit Selects CallidusCloud Contract Lifecycle Management   [Apr-28-17 08:00AM  GlobeNewswire]
▶ BASF Selects CallidusClouds Litmos Mobile Learning Platform   [Apr-20-17 08:00AM  GlobeNewswire]
▶ Callidus Software: Look to Buy an Upside Breakout   [Apr-17-17 03:24PM  TheStreet.com]
▶ Rockwool Group Selects CallidusCloud CPQ   [Apr-11-17 08:00AM  GlobeNewswire]
▶ Bulova Selects CallidusClouds Litmos Learning Platform   [Mar-21-17 08:00AM  GlobeNewswire]
▶ Cyient Selects CallidusCloud Commissions   [Mar-09-17 08:00AM  GlobeNewswire]
▶ Callidus reports 4Q loss   [05:51PM  AP]
▶ CallidusCloud Surpasses 5,000 SaaS Customers   [Feb-01-17 08:00AM  GlobeNewswire]
▶ CallidusCloud Becomes a Workday Certified Solution Partner   [Jan-19-17 08:00AM  GlobeNewswire]
▶ CallidusCloud's Litmos Wins Prestigious Awards   [Dec-28-16 08:00AM  Marketwired]
▶ Global Software Leader Selects CallidusCloud Commissions   [Dec-12-16 08:00AM  Marketwired]
▶ Hedge Funds Are Torn On Callidus Software Inc. (CALD)   [Dec-01-16 02:43PM  at Insider Monkey]
▶ Thrivent Financial Selects CallidusCloud for Commissions   [Nov-02-16 08:00AM  Marketwired]
Financial statements of CALD
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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