Intrinsic value of CA - CA

Previous Close

$34.10

  Intrinsic Value

$58.95

stock screener

  Rating & Target

str. buy

+73%

Previous close

$34.10

 
Intrinsic value

$58.95

 
Up/down potential

+73%

 
Rating

str. buy

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

We calculate the intrinsic value of CA 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 2017), $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 14.4

 

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, %
  0.27
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  4,036
  4,141
  4,259
  4,389
  4,531
  4,687
  4,854
  5,035
  5,229
  5,437
  5,658
  5,893
  6,144
  6,409
  6,691
  6,988
  7,303
  7,636
  7,987
  8,358
  8,749
  9,161
  9,595
  10,052
  10,533
  11,039
  11,572
  12,133
  12,723
  13,343
  13,995
Variable operating expenses, $m
 
  2,955
  3,020
  3,091
  3,169
  3,254
  3,346
  3,446
  3,552
  3,666
  3,787
  3,230
  3,367
  3,513
  3,667
  3,830
  4,003
  4,185
  4,378
  4,581
  4,795
  5,021
  5,259
  5,509
  5,773
  6,051
  6,343
  6,650
  6,973
  7,313
  7,671
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
  2,901
  2,955
  3,020
  3,091
  3,169
  3,254
  3,346
  3,446
  3,552
  3,666
  3,787
  3,230
  3,367
  3,513
  3,667
  3,830
  4,003
  4,185
  4,378
  4,581
  4,795
  5,021
  5,259
  5,509
  5,773
  6,051
  6,343
  6,650
  6,973
  7,313
  7,671
Operating income, $m
  1,135
  1,186
  1,239
  1,298
  1,362
  1,432
  1,508
  1,590
  1,677
  1,771
  1,871
  2,663
  2,776
  2,896
  3,023
  3,158
  3,300
  3,451
  3,609
  3,777
  3,954
  4,140
  4,336
  4,542
  4,760
  4,989
  5,229
  5,483
  5,749
  6,030
  6,324
EBITDA, $m
  1,455
  1,926
  1,980
  2,041
  2,107
  2,180
  2,258
  2,342
  2,432
  2,528
  2,631
  2,741
  2,857
  2,981
  3,112
  3,250
  3,397
  3,551
  3,715
  3,887
  4,069
  4,260
  4,462
  4,675
  4,898
  5,134
  5,382
  5,643
  5,917
  6,205
  6,509
Interest expense (income), $m
  86
  100
  107
  114
  122
  131
  140
  151
  162
  174
  186
  200
  215
  230
  246
  264
  282
  301
  322
  344
  366
  391
  416
  443
  471
  501
  532
  565
  599
  636
  674
Earnings before tax, $m
  1,073
  1,086
  1,132
  1,184
  1,240
  1,302
  1,368
  1,439
  1,516
  1,597
  1,685
  2,463
  2,562
  2,666
  2,777
  2,894
  3,018
  3,149
  3,287
  3,433
  3,587
  3,749
  3,920
  4,100
  4,289
  4,488
  4,698
  4,918
  5,150
  5,394
  5,650
Tax expense, $m
  298
  293
  306
  320
  335
  351
  369
  389
  409
  431
  455
  665
  692
  720
  750
  781
  815
  850
  888
  927
  968
  1,012
  1,058
  1,107
  1,158
  1,212
  1,268
  1,328
  1,391
  1,456
  1,526
Net income, $m
  775
  793
  826
  864
  905
  950
  999
  1,051
  1,106
  1,166
  1,230
  1,798
  1,870
  1,946
  2,027
  2,113
  2,203
  2,299
  2,400
  2,506
  2,619
  2,737
  2,861
  2,993
  3,131
  3,276
  3,429
  3,590
  3,760
  3,938
  4,125

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,771
  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
  12,610
  10,100
  10,387
  10,704
  11,052
  11,431
  11,840
  12,281
  12,754
  13,260
  13,800
  14,374
  14,985
  15,632
  16,319
  17,045
  17,813
  18,625
  19,481
  20,385
  21,338
  22,343
  23,401
  24,516
  25,690
  26,925
  28,225
  29,593
  31,031
  32,543
  34,134
Adjusted assets (=assets-cash), $m
  9,839
  10,100
  10,387
  10,704
  11,052
  11,431
  11,840
  12,281
  12,754
  13,260
  13,800
  14,374
  14,985
  15,632
  16,319
  17,045
  17,813
  18,625
  19,481
  20,385
  21,338
  22,343
  23,401
  24,516
  25,690
  26,925
  28,225
  29,593
  31,031
  32,543
  34,134
Revenue / Adjusted assets
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
Average production assets, $m
  1,291
  1,325
  1,363
  1,404
  1,450
  1,500
  1,553
  1,611
  1,673
  1,740
  1,811
  1,886
  1,966
  2,051
  2,141
  2,236
  2,337
  2,444
  2,556
  2,675
  2,800
  2,931
  3,070
  3,217
  3,371
  3,533
  3,703
  3,883
  4,071
  4,270
  4,478
Working capital, $m
  727
  -2,079
  -2,138
  -2,203
  -2,275
  -2,353
  -2,437
  -2,528
  -2,625
  -2,729
  -2,840
  -2,959
  -3,084
  -3,217
  -3,359
  -3,508
  -3,666
  -3,833
  -4,010
  -4,196
  -4,392
  -4,599
  -4,816
  -5,046
  -5,287
  -5,542
  -5,809
  -6,091
  -6,387
  -6,698
  -7,025
Total debt, $m
  2,791
  2,960
  3,161
  3,384
  3,629
  3,894
  4,182
  4,491
  4,823
  5,179
  5,558
  5,961
  6,389
  6,844
  7,326
  7,836
  8,375
  8,944
  9,546
  10,180
  10,849
  11,555
  12,298
  13,080
  13,904
  14,771
  15,684
  16,644
  17,654
  18,715
  19,832
Total liabilities, $m
  6,921
  7,090
  7,291
  7,514
  7,759
  8,024
  8,312
  8,621
  8,953
  9,309
  9,688
  10,091
  10,519
  10,974
  11,456
  11,966
  12,505
  13,074
  13,676
  14,310
  14,979
  15,685
  16,428
  17,210
  18,034
  18,901
  19,814
  20,774
  21,784
  22,845
  23,962
Total equity, $m
  5,689
  3,010
  3,095
  3,190
  3,294
  3,406
  3,528
  3,660
  3,801
  3,952
  4,112
  4,284
  4,465
  4,658
  4,863
  5,079
  5,308
  5,550
  5,805
  6,075
  6,359
  6,658
  6,974
  7,306
  7,656
  8,024
  8,411
  8,819
  9,247
  9,698
  10,172
Total liabilities and equity, $m
  12,610
  10,100
  10,386
  10,704
  11,053
  11,430
  11,840
  12,281
  12,754
  13,261
  13,800
  14,375
  14,984
  15,632
  16,319
  17,045
  17,813
  18,624
  19,481
  20,385
  21,338
  22,343
  23,402
  24,516
  25,690
  26,925
  28,225
  29,593
  31,031
  32,543
  34,134
Debt-to-equity ratio
  0.491
  0.980
  1.020
  1.060
  1.100
  1.140
  1.190
  1.230
  1.270
  1.310
  1.350
  1.390
  1.430
  1.470
  1.510
  1.540
  1.580
  1.610
  1.640
  1.680
  1.710
  1.740
  1.760
  1.790
  1.820
  1.840
  1.860
  1.890
  1.910
  1.930
  1.950
Adjusted equity ratio
  0.297
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  775
  793
  826
  864
  905
  950
  999
  1,051
  1,106
  1,166
  1,230
  1,798
  1,870
  1,946
  2,027
  2,113
  2,203
  2,299
  2,400
  2,506
  2,619
  2,737
  2,861
  2,993
  3,131
  3,276
  3,429
  3,590
  3,760
  3,938
  4,125
Depreciation, amort., depletion, $m
  320
  740
  742
  743
  745
  747
  750
  752
  755
  757
  760
  78
  81
  84
  88
  92
  96
  101
  105
  110
  115
  121
  126
  132
  139
  145
  152
  160
  168
  176
  184
Funds from operations, $m
  891
  1,533
  1,568
  1,608
  1,651
  1,698
  1,748
  1,803
  1,861
  1,923
  1,990
  1,876
  1,951
  2,031
  2,115
  2,205
  2,300
  2,399
  2,505
  2,616
  2,734
  2,857
  2,988
  3,125
  3,270
  3,422
  3,582
  3,750
  3,927
  4,113
  4,309
Change in working capital, $m
  -148
  -53
  -59
  -65
  -72
  -78
  -84
  -91
  -97
  -104
  -111
  -118
  -126
  -133
  -141
  -149
  -158
  -167
  -176
  -186
  -196
  -207
  -218
  -229
  -242
  -254
  -268
  -281
  -296
  -311
  -327
Cash from operations, $m
  1,039
  1,586
  1,627
  1,673
  1,722
  1,775
  1,832
  1,893
  1,958
  2,028
  2,101
  1,994
  2,077
  2,164
  2,257
  2,354
  2,458
  2,566
  2,681
  2,802
  2,930
  3,064
  3,206
  3,354
  3,511
  3,676
  3,849
  4,032
  4,223
  4,425
  4,636
Maintenance CAPEX, $m
  0
  -53
  -55
  -56
  -58
  -60
  -62
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -115
  -121
  -126
  -132
  -139
  -145
  -152
  -160
  -168
  -176
New CAPEX, $m
  -47
  -35
  -38
  -42
  -46
  -50
  -54
  -58
  -62
  -66
  -71
  -75
  -80
  -85
  -90
  -95
  -101
  -106
  -112
  -119
  -125
  -132
  -139
  -146
  -154
  -162
  -171
  -179
  -189
  -198
  -209
Cash from investing activities, $m
  -1,337
  -88
  -93
  -98
  -104
  -110
  -116
  -122
  -128
  -135
  -143
  -150
  -158
  -166
  -174
  -183
  -193
  -202
  -213
  -224
  -235
  -247
  -260
  -272
  -286
  -301
  -316
  -331
  -349
  -366
  -385
Free cash flow, $m
  -298
  1,498
  1,535
  1,575
  1,619
  1,666
  1,717
  1,772
  1,830
  1,892
  1,959
  1,844
  1,919
  1,998
  2,082
  2,171
  2,265
  2,364
  2,468
  2,579
  2,695
  2,817
  2,946
  3,082
  3,225
  3,375
  3,533
  3,700
  3,875
  4,059
  4,252
Issuance/(repayment) of debt, $m
  867
  187
  201
  223
  244
  266
  287
  310
  332
  355
  379
  403
  429
  455
  482
  510
  539
  570
  601
  635
  669
  705
  743
  783
  824
  867
  913
  960
  1,010
  1,062
  1,116
Issuance/(repurchase) of shares, $m
  -74
  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  
  788
  187
  201
  223
  244
  266
  287
  310
  332
  355
  379
  403
  429
  455
  482
  510
  539
  570
  601
  635
  669
  705
  743
  783
  824
  867
  913
  960
  1,010
  1,062
  1,116
Total cash flow (excl. dividends), $m
  387
  1,685
  1,736
  1,798
  1,863
  1,932
  2,004
  2,081
  2,162
  2,248
  2,338
  2,247
  2,347
  2,453
  2,564
  2,681
  2,804
  2,933
  3,070
  3,213
  3,364
  3,522
  3,689
  3,864
  4,049
  4,242
  4,446
  4,660
  4,884
  5,120
  5,369
Retained Cash Flow (-), $m
  -311
  -74
  -85
  -95
  -104
  -113
  -122
  -131
  -141
  -151
  -161
  -171
  -182
  -193
  -205
  -216
  -229
  -242
  -255
  -269
  -284
  -299
  -315
  -332
  -350
  -368
  -387
  -408
  -429
  -451
  -474
Prev. year cash balance distribution, $m
 
  2,753
  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
 
  4,364
  1,651
  1,703
  1,759
  1,819
  1,882
  1,950
  2,021
  2,097
  2,177
  2,076
  2,166
  2,260
  2,359
  2,464
  2,575
  2,692
  2,814
  2,944
  3,080
  3,223
  3,374
  3,532
  3,699
  3,874
  4,058
  4,252
  4,456
  4,670
  4,895
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
 
  4,184
  1,511
  1,482
  1,449
  1,410
  1,366
  1,317
  1,263
  1,204
  1,141
  986
  924
  859
  792
  724
  654
  586
  518
  453
  391
  333
  280
  232
  188
  151
  118
  91
  69
  51
  37
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

CA, Inc. (CA) is engaged in providing software solutions enabling customers to plan, develop, manage and secure applications and enterprise environments across distributed, cloud, mobile and mainframe platforms. The Company operates through three business segments: Mainframe Solutions, Enterprise Solutions and Services. Its Mainframe Solutions and Enterprise Solutions segments comprise the Company's software business organized by the nature of its software offerings and the platform on which the products operate. The Services segment comprises product implementation, consulting, customer education, customer training and application management services. CA's Mainframe Solutions segment consists of various product offerings, including Application Development, Databases and Database Management, Security & Compliance, and Systems and Operations Management. The Enterprise Solutions segment consists of various product offerings, including Agile Management, DevOps and Security.

FINANCIAL RATIOS  of  CA (CA)

Valuation Ratios
P/E Ratio 18.2
Price to Sales 3.5
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 13.6
Price to Free Cash Flow 14.2
Growth Rates
Sales Growth Rate 0.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -2.1%
Cap. Spend. - 3 Yr. Gr. Rate -14.9%
Financial Strength
Quick Ratio 154
Current Ratio 0.1
LT Debt to Equity 48.7%
Total Debt to Equity 49.1%
Interest Coverage 13
Management Effectiveness
Return On Assets 7%
Ret/ On Assets - 3 Yr. Avg. 7.5%
Return On Total Capital 9.8%
Ret/ On T. Cap. - 3 Yr. Avg. 10.9%
Return On Equity 14%
Return On Equity - 3 Yr. Avg. 14.5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 85.8%
Gross Margin - 3 Yr. Avg. 85.5%
EBITDA Margin 36.6%
EBITDA Margin - 3 Yr. Avg. 37.3%
Operating Margin 28.1%
Oper. Margin - 3 Yr. Avg. 27.9%
Pre-Tax Margin 26.6%
Pre-Tax Margin - 3 Yr. Avg. 26.6%
Net Profit Margin 19.2%
Net Profit Margin - 3 Yr. Avg. 19.5%
Effective Tax Rate 27.8%
Eff/ Tax Rate - 3 Yr. Avg. 28.1%
Payout Ratio 55.2%

CA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CA stock intrinsic value calculation we used $4036 million for the last fiscal year's total revenue generated by CA. The default revenue input number comes from 2017 income statement of CA. 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 CA stock valuation model: a) initial revenue growth rate of 2.6% 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 CA is calculated based on our internal credit rating of CA, 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 CA.
    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 CA stock the variable cost ratio is equal to 71.8%.

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 CA 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 3.6% for CA.

Corporate tax rate of 27% is the nominal tax rate for CA. 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 CA 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 CA are equal to 32%.

Life of production assets of 24.3 years is the average useful life of capital assets used in CA 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 CA is equal to -50.2%. 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 - $5689 million for CA - 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 421.408 million for CA 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 CA at the current share price and the inputted number of shares is $14.4 billion.

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COMPANY NEWS

▶ ETFs with exposure to CA, Inc. : October 23, 2017   [Oct-23-17 10:25AM  Capital Cube]
▶ ETFs with exposure to CA, Inc. : October 3, 2017   [Oct-03-17 11:00AM  Capital Cube]
▶ ETFs with exposure to CA, Inc. : September 14, 2017   [Sep-14-17 06:00PM  Capital Cube]
▶ CA, Inc. Value Analysis (NASDAQ:CA) : August 11, 2017   [Aug-11-17 07:49PM  Capital Cube]
▶ CA Technologies Declares Quarterly Dividend   [Aug-09-17 05:12PM  Business Wire]
▶ CA Inc leading the CNBC IQ100   [Aug-03-17 01:15PM  CNBC Videos]
▶ CA beats Street 1Q forecasts   [Aug-02-17 09:32PM  Associated Press]
▶ CA beats Street 1Q forecasts   [04:32PM  Associated Press]
▶ The Biggest Loser: CA Slumps 10%   [04:35PM  Barrons.com]
▶ Why Shares of CA Inc. Dropped Today   [03:39PM  Motley Fool]
▶ ETFs with exposure to CA, Inc. : July 3, 2017   [Jul-03-17 02:59PM  Capital Cube]
▶ ETFs with exposure to CA, Inc. : June 22, 2017   [Jun-22-17 03:29PM  Capital Cube]
▶ The Hot Stock: CA Jumps 13%   [Jun-21-17 04:33PM  Barrons.com]
▶ Today's iQ100 leaders   [02:54PM  CNBC Videos]
▶ Why Shares of CA, Inc. Are Soaring Today   [12:49PM  Motley Fool]
▶ This Could End the Megabuyout Drought   [11:44AM  Bloomberg]
▶ Story Stocks from Briefing.com   [09:38AM  Briefing.com]
▶ There could be a big deal in the software sector in the works   [Jun-20-17 06:08PM  Business Insider]
Financial statements of CA
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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