Intrinsic value of Cadence Design Systems - CDNS

Previous Close

$36.98

  Intrinsic Value

$20.33

stock screener

  Rating & Target

sell

-45%

  Value-price divergence*

-15%

Previous close

$36.98

 
Intrinsic value

$20.33

 
Up/down potential

-45%

 
Rating

sell

 
Value-price divergence*

-15%

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

We calculate the intrinsic value of CDNS 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 10.1

 

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, %
  6.70
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
Revenue, $m
  1,816
  1,934
  2,057
  2,185
  2,318
  2,457
  2,601
  2,752
  2,909
  3,073
  3,245
  3,424
  3,612
  3,807
  4,012
  4,227
  4,451
  4,686
  4,932
  5,190
  5,460
  5,743
  6,039
  6,350
  6,676
  7,018
  7,376
  7,752
  8,147
  8,560
  8,994
Variable operating expenses, $m
 
  1,607
  1,706
  1,808
  1,915
  2,026
  2,142
  2,263
  2,389
  2,521
  2,658
  2,744
  2,894
  3,051
  3,216
  3,387
  3,567
  3,756
  3,953
  4,159
  4,376
  4,602
  4,840
  5,089
  5,351
  5,624
  5,912
  6,213
  6,529
  6,861
  7,209
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
  1,571
  1,607
  1,706
  1,808
  1,915
  2,026
  2,142
  2,263
  2,389
  2,521
  2,658
  2,744
  2,894
  3,051
  3,216
  3,387
  3,567
  3,756
  3,953
  4,159
  4,376
  4,602
  4,840
  5,089
  5,351
  5,624
  5,912
  6,213
  6,529
  6,861
  7,209
Operating income, $m
  245
  327
  351
  376
  403
  430
  459
  489
  520
  553
  587
  680
  717
  756
  797
  839
  884
  930
  979
  1,030
  1,084
  1,140
  1,199
  1,261
  1,326
  1,393
  1,465
  1,539
  1,618
  1,700
  1,786
EBITDA, $m
  365
  439
  466
  495
  526
  557
  590
  624
  660
  697
  736
  776
  819
  863
  910
  958
  1,009
  1,063
  1,118
  1,177
  1,238
  1,302
  1,369
  1,440
  1,514
  1,591
  1,673
  1,758
  1,847
  1,941
  2,040
Interest expense (income), $m
  21
  26
  30
  33
  37
  41
  45
  49
  54
  59
  63
  68
  74
  79
  85
  91
  97
  104
  111
  118
  126
  134
  142
  151
  160
  169
  180
  190
  201
  213
  225
Earnings before tax, $m
  237
  300
  321
  343
  366
  389
  414
  440
  466
  494
  524
  611
  643
  677
  712
  748
  786
  826
  868
  912
  958
  1,007
  1,057
  1,110
  1,166
  1,224
  1,285
  1,349
  1,416
  1,487
  1,561
Tax expense, $m
  34
  81
  87
  93
  99
  105
  112
  119
  126
  133
  141
  165
  174
  183
  192
  202
  212
  223
  234
  246
  259
  272
  285
  300
  315
  330
  347
  364
  382
  401
  421
Net income, $m
  203
  219
  235
  250
  267
  284
  302
  321
  340
  361
  382
  446
  470
  494
  520
  546
  574
  603
  634
  666
  700
  735
  772
  810
  851
  893
  938
  985
  1,034
  1,085
  1,139

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  468
  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
  2,097
  1,735
  1,845
  1,959
  2,079
  2,203
  2,333
  2,468
  2,609
  2,756
  2,910
  3,071
  3,239
  3,415
  3,598
  3,791
  3,992
  4,203
  4,423
  4,654
  4,897
  5,150
  5,416
  5,695
  5,988
  6,294
  6,616
  6,953
  7,306
  7,677
  8,067
Adjusted assets (=assets-cash), $m
  1,629
  1,735
  1,845
  1,959
  2,079
  2,203
  2,333
  2,468
  2,609
  2,756
  2,910
  3,071
  3,239
  3,415
  3,598
  3,791
  3,992
  4,203
  4,423
  4,654
  4,897
  5,150
  5,416
  5,695
  5,988
  6,294
  6,616
  6,953
  7,306
  7,677
  8,067
Revenue / Adjusted assets
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
Average production assets, $m
  512
  545
  580
  616
  654
  693
  734
  776
  820
  867
  915
  966
  1,018
  1,074
  1,131
  1,192
  1,255
  1,321
  1,391
  1,464
  1,540
  1,619
  1,703
  1,791
  1,883
  1,979
  2,080
  2,186
  2,297
  2,414
  2,536
Working capital, $m
  116
  -193
  -206
  -218
  -232
  -246
  -260
  -275
  -291
  -307
  -325
  -342
  -361
  -381
  -401
  -423
  -445
  -469
  -493
  -519
  -546
  -574
  -604
  -635
  -668
  -702
  -738
  -775
  -815
  -856
  -899
Total debt, $m
  693
  727
  816
  907
  1,003
  1,103
  1,207
  1,315
  1,428
  1,546
  1,669
  1,798
  1,932
  2,073
  2,220
  2,374
  2,536
  2,704
  2,881
  3,066
  3,260
  3,463
  3,677
  3,900
  4,134
  4,380
  4,637
  4,907
  5,190
  5,488
  5,799
Total liabilities, $m
  1,355
  1,389
  1,478
  1,569
  1,665
  1,765
  1,869
  1,977
  2,090
  2,208
  2,331
  2,460
  2,594
  2,735
  2,882
  3,036
  3,198
  3,366
  3,543
  3,728
  3,922
  4,125
  4,339
  4,562
  4,796
  5,042
  5,299
  5,569
  5,852
  6,150
  6,461
Total equity, $m
  742
  345
  367
  390
  414
  438
  464
  491
  519
  549
  579
  611
  645
  680
  716
  754
  794
  836
  880
  926
  974
  1,025
  1,078
  1,133
  1,192
  1,253
  1,316
  1,384
  1,454
  1,528
  1,605
Total liabilities and equity, $m
  2,097
  1,734
  1,845
  1,959
  2,079
  2,203
  2,333
  2,468
  2,609
  2,757
  2,910
  3,071
  3,239
  3,415
  3,598
  3,790
  3,992
  4,202
  4,423
  4,654
  4,896
  5,150
  5,417
  5,695
  5,988
  6,295
  6,615
  6,953
  7,306
  7,678
  8,066
Debt-to-equity ratio
  0.934
  2.110
  2.220
  2.330
  2.420
  2.520
  2.600
  2.680
  2.750
  2.820
  2.880
  2.940
  3.000
  3.050
  3.100
  3.150
  3.190
  3.230
  3.270
  3.310
  3.350
  3.380
  3.410
  3.440
  3.470
  3.500
  3.520
  3.550
  3.570
  3.590
  3.610
Adjusted equity ratio
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  203
  219
  235
  250
  267
  284
  302
  321
  340
  361
  382
  446
  470
  494
  520
  546
  574
  603
  634
  666
  700
  735
  772
  810
  851
  893
  938
  985
  1,034
  1,085
  1,139
Depreciation, amort., depletion, $m
  120
  112
  115
  119
  123
  127
  131
  135
  139
  144
  149
  97
  102
  107
  113
  119
  126
  132
  139
  146
  154
  162
  170
  179
  188
  198
  208
  219
  230
  241
  254
Funds from operations, $m
  463
  331
  350
  369
  390
  411
  433
  456
  480
  505
  531
  543
  572
  601
  633
  665
  700
  735
  773
  812
  854
  897
  942
  989
  1,039
  1,091
  1,146
  1,203
  1,264
  1,327
  1,393
Change in working capital, $m
  18
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -43
Cash from operations, $m
  445
  343
  362
  382
  403
  425
  447
  471
  496
  521
  548
  561
  590
  621
  653
  687
  722
  759
  798
  838
  881
  925
  972
  1,021
  1,072
  1,126
  1,182
  1,241
  1,303
  1,368
  1,436
Maintenance CAPEX, $m
  0
  -51
  -55
  -58
  -62
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -126
  -132
  -139
  -146
  -154
  -162
  -170
  -179
  -188
  -198
  -208
  -219
  -230
  -241
New CAPEX, $m
  -54
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -117
  -122
Cash from investing activities, $m
  1
  -85
  -90
  -94
  -100
  -104
  -110
  -116
  -122
  -128
  -135
  -143
  -150
  -157
  -165
  -173
  -182
  -192
  -201
  -212
  -222
  -234
  -246
  -258
  -271
  -284
  -299
  -314
  -330
  -347
  -363
Free cash flow, $m
  446
  258
  273
  288
  304
  320
  337
  355
  374
  393
  413
  419
  441
  464
  488
  513
  540
  567
  596
  626
  658
  691
  726
  763
  801
  841
  883
  927
  973
  1,022
  1,073
Issuance/(repayment) of debt, $m
  350
  84
  88
  92
  96
  100
  104
  108
  113
  118
  123
  129
  135
  141
  147
  154
  161
  169
  177
  185
  194
  203
  213
  223
  234
  246
  258
  270
  283
  297
  312
Issuance/(repurchase) of shares, $m
  -905
  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  
  -593
  84
  88
  92
  96
  100
  104
  108
  113
  118
  123
  129
  135
  141
  147
  154
  161
  169
  177
  185
  194
  203
  213
  223
  234
  246
  258
  270
  283
  297
  312
Total cash flow (excl. dividends), $m
  -151
  342
  361
  380
  399
  420
  441
  463
  487
  511
  536
  548
  575
  605
  635
  667
  701
  736
  773
  811
  852
  895
  939
  986
  1,035
  1,086
  1,140
  1,197
  1,257
  1,319
  1,385
Retained Cash Flow (-), $m
  634
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -77
Prev. year cash balance distribution, $m
 
  418
  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
 
  739
  339
  357
  376
  395
  415
  436
  459
  482
  506
  516
  542
  570
  599
  629
  661
  694
  729
  765
  804
  844
  886
  930
  977
  1,025
  1,076
  1,130
  1,186
  1,245
  1,307
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
 
  709
  311
  311
  309
  306
  301
  295
  287
  277
  265
  245
  231
  217
  201
  185
  168
  151
  134
  118
  102
  87
  74
  61
  50
  40
  31
  24
  18
  14
  10
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

Cadence Design Systems, Inc. provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis worldwide. It offers functional verification, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Incisive, a functional verification platform; and Palladium, a verification computing platform. The company also provides digital integrated circuit (IC) design products, such as logic design products for chip planning, design, verification, and test technologies and services; physical implementation tools, including place and route, signal integrity, optimization, and multiple patterning preparation; and signoff products to signoff the design as ready for manufacture by a silicon foundry, as well as design for manufacturing products for use in the product development process. In addition, it offers custom IC design and verification products to create schematic and physical representations of circuits down to the transistor level for analog, mixed-signal, custom digital, memory, and RF designs; and system interconnect design products to develop printed circuit boards and IC packages. Further, the company provides design IP products consisting of pre-verified and customizable functional blocks to integrate into customer’s system-on-chips; and VIP and memory models for use in system-level verification to model correct behavior of full systems interacting with their environments. Additionally, it offers services related to methodology, education, and hosted design solutions, as well as technical support and maintenance services. The company was founded in 1988 and is headquartered in San Jose, California.

FINANCIAL RATIOS  of  Cadence Design Systems (CDNS)

Valuation Ratios
P/E Ratio 50.7
Price to Sales 5.7
Price to Book 13.9
Price to Tangible Book
Price to Cash Flow 23.1
Price to Free Cash Flow 26.3
Growth Rates
Sales Growth Rate 6.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20%
Cap. Spend. - 3 Yr. Gr. Rate 3.7%
Financial Strength
Quick Ratio 9
Current Ratio 0
LT Debt to Equity 86.7%
Total Debt to Equity 93.4%
Interest Coverage 12
Management Effectiveness
Return On Assets 9.9%
Ret/ On Assets - 3 Yr. Avg. 8.5%
Return On Total Capital 12.9%
Ret/ On T. Cap. - 3 Yr. Avg. 11.8%
Return On Equity 19.2%
Return On Equity - 3 Yr. Avg. 16.8%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 85.9%
Gross Margin - 3 Yr. Avg. 85.9%
EBITDA Margin 20.8%
EBITDA Margin - 3 Yr. Avg. 21.4%
Operating Margin 13.5%
Oper. Margin - 3 Yr. Avg. 14.4%
Pre-Tax Margin 13.1%
Pre-Tax Margin - 3 Yr. Avg. 13.4%
Net Profit Margin 11.2%
Net Profit Margin - 3 Yr. Avg. 12%
Effective Tax Rate 14.3%
Eff/ Tax Rate - 3 Yr. Avg. 10.8%
Payout Ratio 0%

CDNS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CDNS stock intrinsic value calculation we used $1816 million for the last fiscal year's total revenue generated by Cadence Design Systems. The default revenue input number comes from 2016 income statement of Cadence Design Systems. 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 CDNS stock valuation model: a) initial revenue growth rate of 6.5% 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 CDNS is calculated based on our internal credit rating of Cadence Design Systems, 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 Cadence Design Systems.
    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 CDNS stock the variable cost ratio is equal to 83.3%.

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 CDNS 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 4.1% for Cadence Design Systems.

Corporate tax rate of 27% is the nominal tax rate for Cadence Design Systems. 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 CDNS 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 CDNS are equal to 28.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Cadence Design Systems 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 CDNS 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 - $742 million for Cadence Design Systems - 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 273.076 million for Cadence Design Systems 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 Cadence Design Systems at the current share price and the inputted number of shares is $10.1 billion.

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COMPANY NEWS

▶ Cadence beats Street 2Q forecasts   [Jul-24-17 09:51PM  Associated Press]
▶ Cadence Design Systems Edges Q2 Views, But Q3 Guidance Misses   [06:06PM  Investor's Business Daily]
▶ Software Design Firm Cadence Reports Late   [10:36AM  Investor's Business Daily]
▶ Cadence Elects Maggie Wilderotter to Board of Directors   [Jun-28-17 04:30PM  PR Newswire]
▶ The 10 Highest-Paying Silicon Valley Companies   [May-16-17 06:00AM  Motley Fool]
▶ Cadence Design Joins Elite List Of Stocks With 95-Plus Composite Rating   [Apr-26-17 11:03AM  Investor's Business Daily]
▶ Cadence Design Stock Slips On Disappointing Guidance   [Apr-25-17 04:55PM  Investor's Business Daily]
▶ T-Mobile, EA Get Price-Target Hikes; Amazon Downgraded   [04:04PM  Investor's Business Daily]
▶ Cadence Drops 5%: Q1 Rev Beats, Q2 View Light   [Apr-24-17 06:05PM  Barrons.com]
▶ Cadence meets 1Q profit forecasts   [04:40PM  Associated Press]
▶ The 20 highest-paying tech companies in America   [Apr-12-17 08:46AM  Yahoo Finance]
▶ Cadence Bancorp Announces Potential Pricing for IPO   [Apr-04-17 10:45AM  24/7 Wall St.]
▶ CFO Sells Shares in Cadence Design Systems   [Feb-08-17 03:10PM  Gurufocus]
▶ Why Shares of Cadence Design Systems Surged Today   [Feb-02-17 12:25PM  at Motley Fool]
▶ Cadence meets 4Q profit forecasts   [Feb-01-17 05:28PM  AP]
Stock chart of CDNS Financial statements of CDNS Annual reports of CDNS
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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