Intrinsic value of CDK Global - CDK

Previous Close

$73.38

  Intrinsic Value

$13.91

stock screener

  Rating & Target

str. sell

-81%

Previous close

$73.38

 
Intrinsic value

$13.91

 
Up/down potential

-81%

 
Rating

str. sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  4.96
  2.70
  2.93
  3.14
  3.32
  3.49
  3.64
  3.78
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
Revenue, $m
  2,220
  2,280
  2,347
  2,420
  2,501
  2,588
  2,682
  2,784
  2,892
  3,008
  3,132
  3,263
  3,403
  3,551
  3,708
  3,874
  4,049
  4,234
  4,430
  4,636
  4,853
  5,082
  5,324
  5,578
  5,845
  6,127
  6,423
  6,735
  7,062
  7,407
  7,769
Variable operating expenses, $m
 
  409
  418
  427
  438
  449
  461
  474
  488
  503
  518
  417
  435
  454
  474
  495
  517
  541
  566
  592
  620
  650
  680
  713
  747
  783
  821
  861
  903
  947
  993
Fixed operating expenses, $m
 
  1,396
  1,431
  1,467
  1,503
  1,541
  1,580
  1,619
  1,659
  1,701
  1,743
  1,787
  1,832
  1,878
  1,924
  1,973
  2,022
  2,072
  2,124
  2,177
  2,232
  2,288
  2,345
  2,403
  2,463
  2,525
  2,588
  2,653
  2,719
  2,787
  2,857
Total operating expenses, $m
  1,731
  1,805
  1,849
  1,894
  1,941
  1,990
  2,041
  2,093
  2,147
  2,204
  2,261
  2,204
  2,267
  2,332
  2,398
  2,468
  2,539
  2,613
  2,690
  2,769
  2,852
  2,938
  3,025
  3,116
  3,210
  3,308
  3,409
  3,514
  3,622
  3,734
  3,850
Operating income, $m
  489
  474
  498
  526
  560
  598
  642
  691
  745
  805
  870
  1,059
  1,136
  1,220
  1,309
  1,406
  1,510
  1,621
  1,739
  1,866
  2,001
  2,145
  2,298
  2,461
  2,635
  2,819
  3,014
  3,221
  3,441
  3,673
  3,919
EBITDA, $m
  559
  604
  628
  657
  691
  730
  774
  823
  878
  938
  1,004
  1,076
  1,154
  1,238
  1,329
  1,426
  1,531
  1,643
  1,762
  1,890
  2,026
  2,172
  2,326
  2,490
  2,665
  2,851
  3,047
  3,256
  3,477
  3,712
  3,960
Interest expense (income), $m
  50
  74
  42
  44
  47
  49
  52
  55
  58
  61
  65
  68
  72
  77
  81
  86
  91
  96
  102
  108
  114
  121
  128
  135
  143
  151
  160
  169
  179
  189
  199
Earnings before tax, $m
  435
  400
  455
  482
  513
  549
  590
  636
  687
  744
  805
  991
  1,064
  1,143
  1,228
  1,320
  1,418
  1,524
  1,637
  1,758
  1,887
  2,024
  2,170
  2,326
  2,491
  2,667
  2,854
  3,052
  3,262
  3,484
  3,720
Tax expense, $m
  132
  108
  123
  130
  139
  148
  159
  172
  186
  201
  217
  268
  287
  309
  332
  356
  383
  412
  442
  475
  509
  547
  586
  628
  673
  720
  771
  824
  881
  941
  1,004
Net income, $m
  296
  292
  332
  352
  375
  401
  431
  464
  502
  543
  588
  723
  777
  834
  897
  964
  1,035
  1,113
  1,195
  1,283
  1,377
  1,478
  1,584
  1,698
  1,819
  1,947
  2,083
  2,228
  2,381
  2,544
  2,716

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  726
  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
  2,883
  2,216
  2,281
  2,352
  2,430
  2,515
  2,607
  2,705
  2,811
  2,923
  3,044
  3,171
  3,307
  3,451
  3,603
  3,764
  3,935
  4,115
  4,305
  4,505
  4,716
  4,939
  5,174
  5,421
  5,681
  5,954
  6,242
  6,545
  6,863
  7,198
  7,550
Adjusted assets (=assets-cash), $m
  2,157
  2,216
  2,281
  2,352
  2,430
  2,515
  2,607
  2,705
  2,811
  2,923
  3,044
  3,171
  3,307
  3,451
  3,603
  3,764
  3,935
  4,115
  4,305
  4,505
  4,716
  4,939
  5,174
  5,421
  5,681
  5,954
  6,242
  6,545
  6,863
  7,198
  7,550
Revenue / Adjusted assets
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
Average production assets, $m
  233
  239
  246
  254
  263
  272
  282
  292
  304
  316
  329
  343
  357
  373
  389
  407
  425
  445
  465
  487
  510
  534
  559
  586
  614
  643
  674
  707
  742
  778
  816
Working capital, $m
  726
  48
  49
  51
  53
  54
  56
  58
  61
  63
  66
  69
  71
  75
  78
  81
  85
  89
  93
  97
  102
  107
  112
  117
  123
  129
  135
  141
  148
  156
  163
Total debt, $m
  2,172
  1,209
  1,268
  1,332
  1,402
  1,479
  1,561
  1,650
  1,745
  1,846
  1,954
  2,069
  2,191
  2,321
  2,458
  2,603
  2,756
  2,918
  3,089
  3,270
  3,460
  3,660
  3,871
  4,093
  4,327
  4,574
  4,833
  5,105
  5,392
  5,693
  6,010
Total liabilities, $m
  2,957
  1,994
  2,053
  2,117
  2,187
  2,264
  2,346
  2,435
  2,530
  2,631
  2,739
  2,854
  2,976
  3,106
  3,243
  3,388
  3,541
  3,703
  3,874
  4,055
  4,245
  4,445
  4,656
  4,878
  5,112
  5,359
  5,618
  5,890
  6,177
  6,478
  6,795
Total equity, $m
  -74
  222
  228
  235
  243
  252
  261
  271
  281
  292
  304
  317
  331
  345
  360
  376
  393
  411
  430
  451
  472
  494
  517
  542
  568
  595
  624
  654
  686
  720
  755
Total liabilities and equity, $m
  2,883
  2,216
  2,281
  2,352
  2,430
  2,516
  2,607
  2,706
  2,811
  2,923
  3,043
  3,171
  3,307
  3,451
  3,603
  3,764
  3,934
  4,114
  4,304
  4,506
  4,717
  4,939
  5,173
  5,420
  5,680
  5,954
  6,242
  6,544
  6,863
  7,198
  7,550
Debt-to-equity ratio
  -29.351
  5.460
  5.560
  5.660
  5.770
  5.880
  5.990
  6.100
  6.210
  6.310
  6.420
  6.520
  6.630
  6.730
  6.820
  6.910
  7.010
  7.090
  7.180
  7.260
  7.340
  7.410
  7.480
  7.550
  7.620
  7.680
  7.740
  7.800
  7.860
  7.910
  7.960
Adjusted equity ratio
  -0.371
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  296
  292
  332
  352
  375
  401
  431
  464
  502
  543
  588
  723
  777
  834
  897
  964
  1,035
  1,113
  1,195
  1,283
  1,377
  1,478
  1,584
  1,698
  1,819
  1,947
  2,083
  2,228
  2,381
  2,544
  2,716
Depreciation, amort., depletion, $m
  70
  130
  130
  131
  131
  132
  132
  133
  133
  134
  134
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  37
  39
  40
Funds from operations, $m
  408
  422
  463
  482
  506
  532
  563
  597
  635
  677
  722
  740
  794
  853
  916
  984
  1,057
  1,135
  1,218
  1,307
  1,403
  1,504
  1,612
  1,727
  1,849
  1,979
  2,117
  2,263
  2,418
  2,582
  2,756
Change in working capital, $m
  -23
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
Cash from operations, $m
  431
  421
  461
  481
  504
  531
  561
  595
  633
  674
  720
  737
  791
  850
  913
  980
  1,053
  1,131
  1,214
  1,303
  1,398
  1,499
  1,607
  1,722
  1,844
  1,973
  2,110
  2,256
  2,411
  2,575
  2,749
Maintenance CAPEX, $m
  0
  -12
  -12
  -12
  -13
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -39
New CAPEX, $m
  -94
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
Cash from investing activities, $m
  -88
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -25
  -27
  -29
  -30
  -32
  -34
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -49
  -51
  -55
  -57
  -60
  -63
  -66
  -69
  -73
  -77
Free cash flow, $m
  343
  403
  443
  461
  483
  508
  538
  570
  607
  647
  691
  707
  760
  816
  878
  944
  1,014
  1,090
  1,171
  1,258
  1,351
  1,450
  1,555
  1,667
  1,786
  1,913
  2,048
  2,190
  2,342
  2,502
  2,672
Issuance/(repayment) of debt, $m
  963
  -916
  58
  64
  70
  76
  82
  89
  95
  101
  108
  115
  122
  129
  137
  145
  153
  162
  171
  180
  190
  200
  211
  222
  234
  246
  259
  273
  287
  301
  317
Issuance/(repurchase) of shares, $m
  -685
  683
  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  
  241
  -233
  58
  64
  70
  76
  82
  89
  95
  101
  108
  115
  122
  129
  137
  145
  153
  162
  171
  180
  190
  200
  211
  222
  234
  246
  259
  273
  287
  301
  317
Total cash flow (excl. dividends), $m
  588
  169
  501
  525
  553
  585
  620
  659
  702
  748
  799
  822
  882
  946
  1,015
  1,089
  1,168
  1,252
  1,342
  1,439
  1,541
  1,650
  1,766
  1,890
  2,020
  2,159
  2,307
  2,463
  2,628
  2,803
  2,989
Retained Cash Flow (-), $m
  434
  -975
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
Prev. year cash balance distribution, $m
 
  679
  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
 
  -126
  494
  518
  545
  576
  611
  649
  691
  737
  787
  810
  868
  932
  1,000
  1,072
  1,151
  1,234
  1,323
  1,419
  1,520
  1,628
  1,743
  1,865
  1,994
  2,132
  2,278
  2,432
  2,596
  2,770
  2,954
Discount rate, %
 
  8.60
  9.03
  9.48
  9.96
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.42
  27.74
  29.12
  30.58
  32.11
  33.71
  35.40
PV of cash for distribution, $m
 
  -116
  416
  395
  373
  351
  327
  302
  277
  251
  225
  191
  167
  144
  122
  101
  83
  66
  52
  40
  30
  22
  15
  11
  7
  5
  3
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

CDK Global, Inc. provides integrated information technology and digital marketing solutions. The Company's segments include Retail Solutions North America, Advertising North America and CDK International. Through its Retail Solutions North America segment, the Company provides technology-based solutions, including automotive Website platforms, that help automotive retailers, original equipment manufacturers (OEMs) and other industry participants manage the acquisition, sale, financing, insuring, parts supply, repair and maintenance of vehicles. Through its Advertising North America segment, the Company provides advertising solutions, including management of digital advertising spend, for OEMs and automotive retailers. As of June 30, 2016, through its CDK International segment, it provided technology-based solutions similar to the retail solutions provided in its Retail Solutions North America segment in approximately 100 countries outside of the United States and Canada.

FINANCIAL RATIOS  of  CDK Global (CDK)

Valuation Ratios
P/E Ratio 34.7
Price to Sales 4.6
Price to Book -138.8
Price to Tangible Book
Price to Cash Flow 23.8
Price to Free Cash Flow 30.5
Growth Rates
Sales Growth Rate 5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 46.9%
Cap. Spend. - 3 Yr. Gr. Rate 16.4%
Financial Strength
Quick Ratio 15
Current Ratio 0.3
LT Debt to Equity -2871.6%
Total Debt to Equity -2935.1%
Interest Coverage 10
Management Effectiveness
Return On Assets 12.6%
Ret/ On Assets - 3 Yr. Avg. 10.3%
Return On Total Capital 16.1%
Ret/ On T. Cap. - 3 Yr. Avg. 13.5%
Return On Equity 207%
Return On Equity - 3 Yr. Avg. 87.7%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 44.4%
Gross Margin - 3 Yr. Avg. 41.3%
EBITDA Margin 25%
EBITDA Margin - 3 Yr. Avg. 22.2%
Operating Margin 22%
Oper. Margin - 3 Yr. Avg. 18.9%
Pre-Tax Margin 19.6%
Pre-Tax Margin - 3 Yr. Avg. 17.2%
Net Profit Margin 13.3%
Net Profit Margin - 3 Yr. Avg. 11.1%
Effective Tax Rate 30.3%
Eff/ Tax Rate - 3 Yr. Avg. 33.8%
Payout Ratio 27.4%

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 $2220 million for the last fiscal year's total revenue generated by CDK Global. The default revenue input number comes from 2017 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 2.7% 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 8.6%, 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 18.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1362 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 10.5%.

Life of production assets of 20.2 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 2.1%. 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 - $-74 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 138.889 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 $10.2 billion.

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COMPANY NEWS

▶ [$$] Canaccord Wants Qualcomm Independent   [Jan-20-18 12:01AM  Barrons.com]
▶ CDK Global Declares Regular Quarterly Cash Dividend   [Jan-16-18 04:55PM  GlobeNewswire]
▶ CDK Global Sees Relative Strength Rating Climb To 72   [03:00AM  Investor's Business Daily]
▶ John Griffin: A Former Tiger Cub"s Wavering Fortunes   [Dec-15-17 12:53PM  GuruFocus.com]
▶ CDK Global Earns IBD Rating Upgrade   [Dec-11-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to CDK Global, Inc. : December 5, 2017   [Dec-05-17 12:30PM  Capital Cube]
▶ Is It The Right Time To Buy CDK Global Inc (CDK)?   [Nov-26-17 08:35AM  Simply Wall St.]
▶ CDK Global (CDK) Catches Eye: Stock Jumps 5.1%   [Nov-16-17 08:47AM  Zacks]
▶ CDK Global Increases Regular Quarterly Cash Dividend   [Nov-15-17 04:30PM  GlobeNewswire]
▶ ETFs with exposure to CDK Global, Inc. : November 9, 2017   [Nov-09-17 12:19PM  Capital Cube]
▶ Will CDK Global Incs (CDK) Earnings Grow In The Year Ahead?   [Oct-31-17 11:35AM  Simply Wall St.]
▶ CDK Global tops 1Q profit forecasts   [07:50AM  Associated Press]
▶ CDK Global Acquires Dashboard Dealership Enterprises   [Oct-26-17 05:00PM  Business Wire]
▶ ETFs with exposure to CDK Global, Inc. : August 21, 2017   [Aug-21-17 03:55PM  Capital Cube]
▶ 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]
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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