Intrinsic value of Science Applications International - SAIC

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$72.13

  Intrinsic Value

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  Value-price divergence*

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$72.13

 
Intrinsic value

$96.62

 
Up/down potential

+34%

 
Rating

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

We calculate the intrinsic value of SAIC 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 3.1

 

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, %
  11.07
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
Revenue, $m
  4,315
  4,794
  5,297
  5,823
  6,374
  6,947
  7,545
  8,167
  8,813
  9,485
  10,184
  10,910
  11,664
  12,448
  13,264
  14,112
  14,995
  15,914
  16,871
  17,870
  18,910
  19,996
  21,129
  22,313
  23,549
  24,841
  26,192
  27,605
  29,083
  30,630
  32,249
Variable operating expenses, $m
 
  4,487
  4,949
  5,432
  5,937
  6,464
  7,013
  7,584
  8,177
  8,794
  9,436
  10,016
  10,708
  11,428
  12,177
  12,956
  13,766
  14,610
  15,489
  16,405
  17,361
  18,358
  19,398
  20,485
  21,620
  22,806
  24,046
  25,343
  26,700
  28,120
  29,607
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
  4,088
  4,487
  4,949
  5,432
  5,937
  6,464
  7,013
  7,584
  8,177
  8,794
  9,436
  10,016
  10,708
  11,428
  12,177
  12,956
  13,766
  14,610
  15,489
  16,405
  17,361
  18,358
  19,398
  20,485
  21,620
  22,806
  24,046
  25,343
  26,700
  28,120
  29,607
Operating income, $m
  227
  307
  348
  391
  436
  483
  532
  583
  636
  691
  748
  894
  956
  1,020
  1,087
  1,156
  1,229
  1,304
  1,382
  1,464
  1,549
  1,638
  1,731
  1,828
  1,929
  2,035
  2,146
  2,262
  2,383
  2,510
  2,642
EBITDA, $m
  289
  408
  451
  496
  542
  591
  642
  695
  750
  807
  867
  929
  993
  1,059
  1,129
  1,201
  1,276
  1,354
  1,436
  1,521
  1,609
  1,702
  1,798
  1,899
  2,004
  2,114
  2,229
  2,349
  2,475
  2,607
  2,745
Interest expense (income), $m
  36
  47
  55
  64
  74
  84
  94
  105
  116
  127
  139
  152
  165
  179
  193
  207
  222
  238
  255
  272
  290
  309
  328
  348
  370
  392
  415
  439
  465
  491
  519
Earnings before tax, $m
  183
  260
  293
  327
  363
  400
  438
  479
  520
  564
  609
  742
  791
  841
  894
  949
  1,006
  1,065
  1,127
  1,192
  1,259
  1,330
  1,403
  1,480
  1,560
  1,643
  1,731
  1,822
  1,918
  2,018
  2,123
Tax expense, $m
  66
  70
  79
  88
  98
  108
  118
  129
  140
  152
  164
  200
  213
  227
  241
  256
  272
  288
  304
  322
  340
  359
  379
  399
  421
  444
  467
  492
  518
  545
  573
Net income, $m
  117
  190
  214
  239
  265
  292
  320
  349
  380
  412
  445
  542
  577
  614
  653
  693
  734
  778
  823
  870
  919
  971
  1,024
  1,080
  1,139
  1,200
  1,263
  1,330
  1,400
  1,473
  1,550

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  195
  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
  2,122
  2,141
  2,366
  2,601
  2,847
  3,103
  3,370
  3,647
  3,936
  4,236
  4,548
  4,873
  5,209
  5,560
  5,924
  6,303
  6,697
  7,108
  7,535
  7,981
  8,446
  8,931
  9,437
  9,965
  10,518
  11,095
  11,698
  12,329
  12,989
  13,680
  14,403
Adjusted assets (=assets-cash), $m
  1,927
  2,141
  2,366
  2,601
  2,847
  3,103
  3,370
  3,647
  3,936
  4,236
  4,548
  4,873
  5,209
  5,560
  5,924
  6,303
  6,697
  7,108
  7,535
  7,981
  8,446
  8,931
  9,437
  9,965
  10,518
  11,095
  11,698
  12,329
  12,989
  13,680
  14,403
Revenue / Adjusted assets
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
  2.239
Average production assets, $m
  178
  197
  217
  239
  261
  285
  309
  335
  361
  389
  418
  447
  478
  510
  544
  579
  615
  652
  692
  733
  775
  820
  866
  915
  966
  1,018
  1,074
  1,132
  1,192
  1,256
  1,322
Working capital, $m
  264
  139
  154
  169
  185
  201
  219
  237
  256
  275
  295
  316
  338
  361
  385
  409
  435
  462
  489
  518
  548
  580
  613
  647
  683
  720
  760
  801
  843
  888
  935
Total debt, $m
  1,070
  1,199
  1,396
  1,601
  1,816
  2,040
  2,273
  2,516
  2,768
  3,031
  3,303
  3,587
  3,881
  4,187
  4,505
  4,837
  5,181
  5,540
  5,914
  6,303
  6,710
  7,134
  7,576
  8,038
  8,520
  9,025
  9,552
  10,104
  10,681
  11,284
  11,917
Total liabilities, $m
  1,742
  1,871
  2,068
  2,273
  2,488
  2,712
  2,945
  3,188
  3,440
  3,703
  3,975
  4,259
  4,553
  4,859
  5,177
  5,509
  5,853
  6,212
  6,586
  6,975
  7,382
  7,806
  8,248
  8,710
  9,192
  9,697
  10,224
  10,776
  11,353
  11,956
  12,589
Total equity, $m
  380
  270
  298
  328
  359
  391
  425
  460
  496
  534
  573
  614
  656
  701
  746
  794
  844
  896
  949
  1,006
  1,064
  1,125
  1,189
  1,256
  1,325
  1,398
  1,474
  1,553
  1,637
  1,724
  1,815
Total liabilities and equity, $m
  2,122
  2,141
  2,366
  2,601
  2,847
  3,103
  3,370
  3,648
  3,936
  4,237
  4,548
  4,873
  5,209
  5,560
  5,923
  6,303
  6,697
  7,108
  7,535
  7,981
  8,446
  8,931
  9,437
  9,966
  10,517
  11,095
  11,698
  12,329
  12,990
  13,680
  14,404
Debt-to-equity ratio
  2.816
  4.450
  4.680
  4.890
  5.060
  5.220
  5.350
  5.470
  5.580
  5.680
  5.760
  5.840
  5.910
  5.980
  6.040
  6.090
  6.140
  6.190
  6.230
  6.270
  6.310
  6.340
  6.370
  6.400
  6.430
  6.460
  6.480
  6.500
  6.530
  6.550
  6.570
Adjusted equity ratio
  0.096
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  117
  190
  214
  239
  265
  292
  320
  349
  380
  412
  445
  542
  577
  614
  653
  693
  734
  778
  823
  870
  919
  971
  1,024
  1,080
  1,139
  1,200
  1,263
  1,330
  1,400
  1,473
  1,550
Depreciation, amort., depletion, $m
  62
  101
  103
  105
  106
  108
  110
  112
  114
  116
  118
  35
  37
  40
  42
  45
  48
  51
  54
  57
  60
  64
  67
  71
  75
  79
  83
  88
  92
  97
  102
Funds from operations, $m
  246
  291
  317
  343
  371
  400
  430
  461
  494
  528
  563
  576
  614
  654
  695
  738
  782
  828
  877
  927
  979
  1,034
  1,091
  1,151
  1,213
  1,279
  1,347
  1,418
  1,493
  1,571
  1,652
Change in working capital, $m
  20
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
Cash from operations, $m
  226
  394
  302
  328
  355
  383
  413
  443
  475
  508
  543
  555
  592
  631
  671
  713
  756
  802
  849
  898
  949
  1,003
  1,058
  1,117
  1,178
  1,241
  1,308
  1,377
  1,450
  1,526
  1,605
Maintenance CAPEX, $m
  0
  -14
  -15
  -17
  -19
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -35
  -37
  -40
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -83
  -88
  -92
  -97
New CAPEX, $m
  -20
  -19
  -21
  -22
  -23
  -24
  -25
  -25
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -46
  -49
  -51
  -53
  -55
  -58
  -61
  -63
  -66
Cash from investing activities, $m
  -798
  -33
  -36
  -39
  -42
  -44
  -47
  -49
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -128
  -134
  -141
  -149
  -155
  -163
Free cash flow, $m
  -572
  362
  266
  289
  314
  339
  366
  394
  423
  453
  484
  493
  527
  562
  598
  636
  675
  716
  759
  803
  850
  898
  948
  1,001
  1,056
  1,113
  1,173
  1,236
  1,301
  1,370
  1,442
Issuance/(repayment) of debt, $m
  598
  186
  196
  206
  215
  224
  233
  243
  252
  262
  273
  283
  294
  306
  318
  331
  345
  359
  374
  390
  406
  424
  442
  462
  483
  504
  527
  551
  577
  604
  632
Issuance/(repurchase) of shares, $m
  -65
  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  
  521
  186
  196
  206
  215
  224
  233
  243
  252
  262
  273
  283
  294
  306
  318
  331
  345
  359
  374
  390
  406
  424
  442
  462
  483
  504
  527
  551
  577
  604
  632
Total cash flow (excl. dividends), $m
  -51
  548
  462
  495
  529
  563
  599
  637
  675
  715
  757
  776
  821
  868
  916
  967
  1,020
  1,075
  1,133
  1,193
  1,256
  1,322
  1,391
  1,463
  1,539
  1,618
  1,700
  1,787
  1,878
  1,974
  2,074
Retained Cash Flow (-), $m
  -35
  -28
  -28
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
Prev. year cash balance distribution, $m
 
  138
  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
 
  658
  434
  465
  498
  531
  566
  602
  639
  677
  717
  736
  779
  824
  871
  919
  970
  1,023
  1,079
  1,137
  1,197
  1,261
  1,327
  1,396
  1,469
  1,545
  1,624
  1,708
  1,795
  1,887
  1,983
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
 
  606
  365
  355
  340
  323
  303
  280
  256
  231
  205
  174
  150
  127
  106
  87
  70
  55
  42
  32
  23
  17
  12
  8
  5
  3
  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

Science Applications International Corporation provides technical, engineering, and enterprise information technology (IT) services in the United States. The company’s offerings include engineering, technology and equipment platform integration, logistics, training and simulation, as well as operation and program support services; and end-to-end services spanning the design, development, integration, deployment, management and operations, sustainment, and security of its customers’ IT infrastructure. It serves the U.S. military comprising Army, Air Force, Navy, Marines, and Coast Guard; the U.S. Defense Logistics Agency; the National Aeronautics and Space Administration; the U.S. Department of State; and the U.S. Department of Homeland Security. The company was formerly known as SAIC Gemini, Inc. and changed its name to Science Applications International Corporation in September 2013. Science Applications International Corporation was founded in 1969 and is headquartered in McLean, Virginia.

FINANCIAL RATIOS  of  Science Applications International (SAIC)

Valuation Ratios
P/E Ratio 27.7
Price to Sales 0.8
Price to Book 8.5
Price to Tangible Book
Price to Cash Flow 14.4
Price to Free Cash Flow 15.8
Growth Rates
Sales Growth Rate 11.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -9.1%
Cap. Spend. - 3 Yr. Gr. Rate 23.4%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 266.6%
Total Debt to Equity 281.6%
Interest Coverage 6
Management Effectiveness
Return On Assets 8%
Ret/ On Assets - 3 Yr. Avg. 9.1%
Return On Total Capital 10.3%
Ret/ On T. Cap. - 3 Yr. Avg. 14%
Return On Equity 32.3%
Return On Equity - 3 Yr. Avg. 31.5%
Asset Turnover 2.5
Profitability Ratios
Gross Margin 9.5%
Gross Margin - 3 Yr. Avg. 8.7%
EBITDA Margin 6.5%
EBITDA Margin - 3 Yr. Avg. 6%
Operating Margin 5.3%
Oper. Margin - 3 Yr. Avg. 5.3%
Pre-Tax Margin 4.2%
Pre-Tax Margin - 3 Yr. Avg. 4.8%
Net Profit Margin 2.7%
Net Profit Margin - 3 Yr. Avg. 3%
Effective Tax Rate 36.1%
Eff/ Tax Rate - 3 Yr. Avg. 36.2%
Payout Ratio 47%

SAIC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SAIC stock intrinsic value calculation we used $4315 million for the last fiscal year's total revenue generated by Science Applications International. The default revenue input number comes from 2016 income statement of Science Applications International. 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 SAIC stock valuation model: a) initial revenue growth rate of 11.1% 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 SAIC is calculated based on our internal credit rating of Science Applications International, 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 Science Applications International.
    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 SAIC stock the variable cost ratio is equal to 93.8%.

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 SAIC 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 4.6% for Science Applications International.

Corporate tax rate of 27% is the nominal tax rate for Science Applications International. 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 SAIC 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 SAIC are equal to 4.1%.

Life of production assets of 12.9 years is the average useful life of capital assets used in Science Applications International 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 SAIC is equal to 2.9%. 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 - $380 million for Science Applications International - 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 43.28 million for Science Applications International 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 Science Applications International at the current share price and the inputted number of shares is $3.1 billion.


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COMPANY NEWS

▶ SAIC Awarded $320 Million EPA Task Order   [May-18-17 06:30AM  Business Wire]
▶ SAIC Awarded $61 Million Task Order by SSC Atlantic   [May-11-17 06:30AM  Business Wire]
▶ SAIC to Hold Annual Meeting of Stockholders on June 7, 2017   [May-05-17 06:30AM  Business Wire]
▶ SAIC Awarded Marine Forces Cyberspace Command Task Order   [May-03-17 06:30AM  Business Wire]
▶ SAIC CEO saw pay bump in company's year as a Wall Street 'darling'   [Apr-27-17 02:20PM  American City Business Journals]
▶ These Greater Washington companies may be most affected by Trump's tax reform   [Apr-26-17 03:39PM  American City Business Journals]
▶ SAIC welcomes 'slightly more favorable business' climate under Trump   [03:10PM  American City Business Journals]
▶ SAIC misses Street 4Q forecasts   [06:42AM  Associated Press]
▶ PlanetRisk hires CFO to help aggressive growth strategy   [Mar-09-17 03:00PM  at bizjournals.com]
▶ Moodys: PAE, DynCorp could take big hit from State Department cuts   [Mar-02-17 03:05PM  at bizjournals.com]
▶ SAIC Awarded Contract by Defense Logistics Agency   [Feb-23-17 06:30AM  Business Wire]
▶ Maryland IT firm to add 100 jobs, expand HQ   [01:50PM  at bizjournals.com]
▶ SAIC Declares Quarterly Cash Dividend   [Dec-14-16 04:30PM  Business Wire]
▶ SAIC, no longer just a services company, broadens hardware push   [Dec-09-16 12:45PM  at bizjournals.com]
▶ SAIC Introduces New Training Platform   [Nov-28-16 05:09PM  Business Wire]
▶ How Greater Washington stocks fared post-election   [Nov-09-16 04:29PM  at bizjournals.com]
▶ SAIC Appoints New Chief Financial Officer   [Nov-07-16 06:00PM  Business Wire]
▶ SAIC Declares Quarterly Cash Dividend   [Sep-15-16 04:30PM  Business Wire]
Stock chart of SAIC Financial statements of SAIC Annual reports of SAIC
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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