Intrinsic value of CDK Global - CDK

Previous Close

$62.10

  Intrinsic Value

$24.26

stock screener

  Rating & Target

str. sell

-61%

  Value-price divergence*

-24%

Previous close

$62.10

 
Intrinsic value

$24.26

 
Up/down potential

-61%

 
Rating

str. sell

 
Value-price divergence*

-24%

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

We calculate the intrinsic value of CDK 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 9.0

 

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, %
  2.47
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
Revenue, $m
  2,115
  2,185
  2,261
  2,343
  2,431
  2,525
  2,626
  2,734
  2,848
  2,970
  3,098
  3,235
  3,379
  3,532
  3,694
  3,864
  4,044
  4,233
  4,433
  4,643
  4,864
  5,098
  5,343
  5,601
  5,873
  6,159
  6,459
  6,775
  7,107
  7,456
  7,823
Variable operating expenses, $m
 
  1,838
  1,898
  1,962
  2,031
  2,106
  2,185
  2,270
  2,360
  2,455
  2,557
  2,546
  2,660
  2,780
  2,907
  3,041
  3,183
  3,332
  3,489
  3,654
  3,829
  4,012
  4,205
  4,409
  4,622
  4,847
  5,084
  5,332
  5,594
  5,868
  6,157
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
  1,712
  1,838
  1,898
  1,962
  2,031
  2,106
  2,185
  2,270
  2,360
  2,455
  2,557
  2,546
  2,660
  2,780
  2,907
  3,041
  3,183
  3,332
  3,489
  3,654
  3,829
  4,012
  4,205
  4,409
  4,622
  4,847
  5,084
  5,332
  5,594
  5,868
  6,157
Operating income, $m
  403
  347
  363
  380
  399
  419
  441
  464
  488
  514
  541
  689
  720
  752
  786
  823
  861
  901
  944
  989
  1,036
  1,085
  1,138
  1,193
  1,251
  1,311
  1,375
  1,443
  1,513
  1,588
  1,666
EBITDA, $m
  467
  475
  492
  510
  529
  549
  571
  595
  619
  646
  674
  704
  735
  768
  803
  840
  880
  921
  964
  1,010
  1,058
  1,109
  1,162
  1,218
  1,277
  1,340
  1,405
  1,474
  1,546
  1,622
  1,702
Interest expense (income), $m
  38
  42
  44
  46
  49
  52
  55
  58
  62
  66
  70
  74
  78
  83
  88
  93
  99
  105
  111
  118
  124
  132
  139
  147
  156
  165
  174
  184
  194
  205
  217
Earnings before tax, $m
  369
  305
  319
  334
  350
  367
  386
  405
  426
  448
  472
  615
  641
  669
  698
  729
  762
  797
  833
  871
  911
  954
  998
  1,045
  1,095
  1,147
  1,201
  1,259
  1,319
  1,382
  1,449
Tax expense, $m
  122
  82
  86
  90
  95
  99
  104
  109
  115
  121
  127
  166
  173
  181
  189
  197
  206
  215
  225
  235
  246
  258
  270
  282
  296
  310
  324
  340
  356
  373
  391
Net income, $m
  239
  223
  233
  244
  256
  268
  282
  296
  311
  327
  344
  449
  468
  488
  510
  532
  556
  581
  608
  636
  665
  696
  729
  763
  799
  837
  877
  919
  963
  1,009
  1,058

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  219
  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
  2,365
  2,385
  2,468
  2,557
  2,653
  2,757
  2,867
  2,984
  3,109
  3,242
  3,383
  3,532
  3,689
  3,856
  4,032
  4,218
  4,414
  4,621
  4,839
  5,069
  5,311
  5,565
  5,833
  6,115
  6,411
  6,723
  7,051
  7,396
  7,759
  8,140
  8,540
Adjusted assets (=assets-cash), $m
  2,146
  2,385
  2,468
  2,557
  2,653
  2,757
  2,867
  2,984
  3,109
  3,242
  3,383
  3,532
  3,689
  3,856
  4,032
  4,218
  4,414
  4,621
  4,839
  5,069
  5,311
  5,565
  5,833
  6,115
  6,411
  6,723
  7,051
  7,396
  7,759
  8,140
  8,540
Revenue / Adjusted assets
  0.986
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
Average production assets, $m
  213
  221
  228
  237
  245
  255
  265
  276
  288
  300
  313
  327
  341
  357
  373
  390
  408
  428
  448
  469
  491
  515
  540
  566
  593
  622
  652
  684
  718
  753
  790
Working capital, $m
  216
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  44
  47
  49
  51
  54
  56
  59
  62
  65
  68
  71
  75
  78
  82
  86
Total debt, $m
  1,217
  1,256
  1,327
  1,404
  1,486
  1,574
  1,669
  1,769
  1,877
  1,990
  2,111
  2,239
  2,374
  2,517
  2,668
  2,827
  2,995
  3,172
  3,359
  3,556
  3,763
  3,981
  4,211
  4,452
  4,707
  4,974
  5,255
  5,550
  5,861
  6,188
  6,531
Total liabilities, $m
  2,005
  2,044
  2,115
  2,192
  2,274
  2,362
  2,457
  2,557
  2,665
  2,778
  2,899
  3,027
  3,162
  3,305
  3,456
  3,615
  3,783
  3,960
  4,147
  4,344
  4,551
  4,769
  4,999
  5,240
  5,495
  5,762
  6,043
  6,338
  6,649
  6,976
  7,319
Total equity, $m
  360
  341
  353
  366
  379
  394
  410
  427
  445
  464
  484
  505
  528
  551
  577
  603
  631
  661
  692
  725
  759
  796
  834
  874
  917
  961
  1,008
  1,058
  1,109
  1,164
  1,221
Total liabilities and equity, $m
  2,365
  2,385
  2,468
  2,558
  2,653
  2,756
  2,867
  2,984
  3,110
  3,242
  3,383
  3,532
  3,690
  3,856
  4,033
  4,218
  4,414
  4,621
  4,839
  5,069
  5,310
  5,565
  5,833
  6,114
  6,412
  6,723
  7,051
  7,396
  7,758
  8,140
  8,540
Debt-to-equity ratio
  3.381
  3.680
  3.760
  3.840
  3.920
  3.990
  4.070
  4.150
  4.220
  4.290
  4.360
  4.430
  4.500
  4.560
  4.630
  4.690
  4.740
  4.800
  4.850
  4.910
  4.960
  5.000
  5.050
  5.090
  5.130
  5.170
  5.210
  5.250
  5.280
  5.320
  5.350
Adjusted equity ratio
  0.066
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  239
  223
  233
  244
  256
  268
  282
  296
  311
  327
  344
  449
  468
  488
  510
  532
  556
  581
  608
  636
  665
  696
  729
  763
  799
  837
  877
  919
  963
  1,009
  1,058
Depreciation, amort., depletion, $m
  64
  128
  129
  129
  129
  130
  130
  131
  131
  132
  133
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  25
  26
  27
  28
  30
  31
  33
  34
  36
Funds from operations, $m
  302
  351
  362
  373
  385
  398
  412
  427
  442
  459
  477
  464
  484
  505
  527
  550
  575
  601
  628
  657
  688
  720
  753
  789
  826
  865
  907
  950
  996
  1,043
  1,094
Change in working capital, $m
  -18
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
Cash from operations, $m
  320
  350
  361
  372
  384
  397
  411
  426
  441
  458
  476
  462
  482
  503
  525
  548
  573
  599
  626
  655
  685
  717
  751
  786
  823
  862
  903
  946
  992
  1,040
  1,090
Maintenance CAPEX, $m
  0
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
New CAPEX, $m
  -64
  -8
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
Cash from investing activities, $m
  -82
  -18
  -18
  -18
  -20
  -21
  -22
  -23
  -25
  -25
  -27
  -28
  -30
  -31
  -32
  -34
  -36
  -38
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -58
  -62
  -65
  -68
  -71
Free cash flow, $m
  238
  333
  343
  353
  364
  376
  389
  403
  417
  433
  449
  434
  453
  472
  493
  514
  537
  561
  587
  613
  641
  671
  702
  735
  770
  806
  845
  885
  927
  972
  1,018
Issuance/(repayment) of debt, $m
  230
  66
  71
  77
  82
  88
  94
  101
  107
  114
  121
  128
  135
  143
  151
  159
  168
  177
  187
  197
  207
  218
  230
  242
  254
  267
  281
  296
  311
  327
  343
Issuance/(repurchase) of shares, $m
  -554
  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  
  -337
  66
  71
  77
  82
  88
  94
  101
  107
  114
  121
  128
  135
  143
  151
  159
  168
  177
  187
  197
  207
  218
  230
  242
  254
  267
  281
  296
  311
  327
  343
Total cash flow (excl. dividends), $m
  -107
  399
  414
  430
  447
  465
  483
  503
  524
  546
  569
  562
  588
  615
  643
  673
  705
  738
  773
  810
  849
  889
  932
  977
  1,024
  1,074
  1,126
  1,180
  1,238
  1,298
  1,362
Retained Cash Flow (-), $m
  410
  -10
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -54
  -57
Prev. year cash balance distribution, $m
 
  29
  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
 
  418
  402
  417
  433
  450
  468
  486
  506
  527
  549
  541
  565
  591
  618
  647
  677
  709
  742
  777
  814
  853
  894
  937
  982
  1,029
  1,079
  1,131
  1,186
  1,244
  1,304
Discount rate, %
 
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.42
  17.24
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
  28.09
  29.49
  30.97
  32.52
PV of cash for distribution, $m
 
  387
  343
  325
  305
  284
  263
  241
  218
  195
  173
  143
  124
  105
  88
  73
  59
  47
  37
  28
  21
  16
  11
  8
  5
  4
  2
  1
  1
  0
  0
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

CDK Global, Inc. provides integrated information technology and digital marketing solutions to the automotive retail and other industries worldwide. The company operates through Retail Solutions North America, Advertising North America, and CDK International segments. It offers technology-based solutions, including automotive Website platforms; and advertising solutions comprising the management of digital advertising spend, for original equipment manufacturers and automotive retailers. The company’s solutions automate and integrate various parts of the dealership and buying process from targeted digital advertising and marketing campaigns to the sale, financing, insuring, parts supply, repair, and maintenance of vehicles. It provides solutions to dealers serving approximately 27,000 retail locations and automotive manufacturers. CDK Global, Inc. is headquartered in Hoffman Estates, Illinois.

FINANCIAL RATIOS  of  CDK Global (CDK)

Valuation Ratios
P/E Ratio 39
Price to Sales 4.4
Price to Book 25.9
Price to Tangible Book
Price to Cash Flow 29.1
Price to Free Cash Flow 36.4
Growth Rates
Sales Growth Rate 2.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 15.6%
Financial Strength
Quick Ratio 8
Current Ratio 0.3
LT Debt to Equity 330.6%
Total Debt to Equity 338.1%
Interest Coverage 11
Management Effectiveness
Return On Assets 10.8%
Ret/ On Assets - 3 Yr. Avg. 9.1%
Return On Total Capital 14.4%
Ret/ On T. Cap. - 3 Yr. Avg. 12.6%
Return On Equity 42.3%
Return On Equity - 3 Yr. Avg. 23.3%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 41.2%
Gross Margin - 3 Yr. Avg. 39.5%
EBITDA Margin 22.3%
EBITDA Margin - 3 Yr. Avg. 20.6%
Operating Margin 19.1%
Oper. Margin - 3 Yr. Avg. 17.5%
Pre-Tax Margin 17.4%
Pre-Tax Margin - 3 Yr. Avg. 16.6%
Net Profit Margin 11.3%
Net Profit Margin - 3 Yr. Avg. 10.5%
Effective Tax Rate 33.1%
Eff/ Tax Rate - 3 Yr. Avg. 34.7%
Payout Ratio 34.3%

CDK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CDK stock intrinsic value calculation we used $2115 million for the last fiscal year's total revenue generated by CDK Global. The default revenue input number comes from 2016 income statement of CDK Global. 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 CDK stock valuation model: a) initial revenue growth rate of 3.3% 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 7.9%, whose default value for CDK is calculated based on our internal credit rating of CDK Global, 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 CDK Global.
    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 CDK stock the variable cost ratio is equal to 84.3%.

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 CDK 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 CDK Global.

Corporate tax rate of 27% is the nominal tax rate for CDK Global. 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 CDK 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 CDK are equal to 10.1%.

Life of production assets of 22 years is the average useful life of capital assets used in CDK Global 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 CDK is equal to 1.1%. 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 - $360 million for CDK Global - 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 144.68 million for CDK Global 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 CDK Global at the current share price and the inputted number of shares is $9.0 billion.

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COMPANY NEWS

▶ CDK Global Declares Regular Quarterly Cash Dividend   [Aug-08-17 05:25PM  GlobeNewswire]
▶ CDK Global tops Street 4Q forecasts   [Aug-01-17 10:58PM  Associated Press]
▶ Amy Byrne Joins CDK Global as Chief Human Resources Officer   [Jun-21-17 07:30AM  Business Wire]
▶ CDK Global Declares Regular Quarterly Cash Dividend   [Jun-07-17 04:15PM  GlobeNewswire]
▶ CDK Global Announces CFO Transition   [May-25-17 04:15PM  GlobeNewswire]
▶ CDK Global to Acquire Auto/Mate Dealership Systems   [May-24-17 08:30AM  Business Wire]
▶ ETFs with exposure to CDK Global, Inc. : May 9, 2017   [May-09-17 04:23PM  Capital Cube]
▶ CDK Global tops 3Q profit forecasts   [May-02-17 07:39AM  Associated Press]
▶ Ackroo integrates with CDK Global DMS   [Apr-18-17 08:00AM  Marketwired]
▶ CDK Appoints Ron L. Frey Chief Strategy Officer   [Mar-08-17 07:45AM  PR Newswire]
▶ ETFs with exposure to CDK Global, Inc. : February 6, 2017   [Feb-06-17 01:58PM  Capital Cube]
▶ What if a Word Could Help You Make a Sale?   [Dec-15-16 04:14PM  PR Newswire]
▶ Is CDK Global Inc (CDK) A Good Stock To Buy?   [Dec-14-16 03:00AM  at Insider Monkey]
▶ CDK Global Increases Quarterly Cash Dividend   [04:05PM  GlobeNewswire]
Stock chart of CDK Financial statements of CDK
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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