Intrinsic value of Callidus Software - CALD

Previous Close

$25.80

  Intrinsic Value

$5.32

stock screener

  Rating & Target

str. sell

-79%

Previous close

$25.80

 
Intrinsic value

$5.32

 
Up/down potential

-79%

 
Rating

str. sell

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

We calculate the intrinsic value of CALD 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 1.7

 

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, %
  19.65
  22.00
  20.30
  18.77
  17.39
  16.15
  15.04
  14.03
  13.13
  12.32
  11.59
  10.93
  10.33
  9.80
  9.32
  8.89
  8.50
  8.15
  7.84
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
Revenue, $m
  207
  253
  304
  361
  424
  492
  566
  645
  730
  820
  915
  1,015
  1,120
  1,230
  1,345
  1,464
  1,588
  1,718
  1,853
  1,992
  2,138
  2,289
  2,446
  2,609
  2,779
  2,956
  3,139
  3,331
  3,530
  3,738
  3,955
Variable operating expenses, $m
 
  268
  321
  381
  446
  517
  593
  676
  764
  857
  955
  1,053
  1,162
  1,275
  1,394
  1,518
  1,647
  1,782
  1,921
  2,066
  2,217
  2,374
  2,537
  2,706
  2,882
  3,065
  3,256
  3,454
  3,661
  3,877
  4,102
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
  224
  268
  321
  381
  446
  517
  593
  676
  764
  857
  955
  1,053
  1,162
  1,275
  1,394
  1,518
  1,647
  1,782
  1,921
  2,066
  2,217
  2,374
  2,537
  2,706
  2,882
  3,065
  3,256
  3,454
  3,661
  3,877
  4,102
Operating income, $m
  -17
  -16
  -18
  -20
  -22
  -25
  -27
  -30
  -33
  -37
  -40
  -38
  -42
  -46
  -50
  -54
  -59
  -64
  -69
  -74
  -79
  -85
  -91
  -97
  -103
  -110
  -116
  -124
  -131
  -139
  -147
EBITDA, $m
  -3
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -24
  -25
  -26
Interest expense (income), $m
  0
  0
  1
  2
  4
  5
  7
  9
  11
  13
  16
  18
  20
  23
  26
  29
  32
  35
  38
  42
  45
  49
  53
  57
  61
  65
  70
  74
  79
  84
  90
Earnings before tax, $m
  -18
  -16
  -19
  -22
  -26
  -30
  -35
  -39
  -45
  -50
  -56
  -56
  -62
  -69
  -76
  -83
  -91
  -99
  -107
  -116
  -125
  -134
  -143
  -154
  -164
  -175
  -186
  -198
  -210
  -223
  -236
Tax expense, $m
  1
  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
Net income, $m
  -19
  -16
  -19
  -22
  -26
  -30
  -35
  -39
  -45
  -50
  -56
  -56
  -62
  -69
  -76
  -83
  -91
  -99
  -107
  -116
  -125
  -134
  -143
  -154
  -164
  -175
  -186
  -198
  -210
  -223
  -236

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  187
  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
  387
  244
  294
  349
  409
  475
  547
  624
  706
  792
  884
  981
  1,082
  1,188
  1,299
  1,415
  1,535
  1,660
  1,790
  1,925
  2,065
  2,211
  2,363
  2,521
  2,685
  2,856
  3,033
  3,218
  3,411
  3,612
  3,821
Adjusted assets (=assets-cash), $m
  200
  244
  294
  349
  409
  475
  547
  624
  706
  792
  884
  981
  1,082
  1,188
  1,299
  1,415
  1,535
  1,660
  1,790
  1,925
  2,065
  2,211
  2,363
  2,521
  2,685
  2,856
  3,033
  3,218
  3,411
  3,612
  3,821
Revenue / Adjusted assets
  1.035
  1.037
  1.034
  1.034
  1.037
  1.036
  1.035
  1.034
  1.034
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
Average production assets, $m
  47
  57
  68
  81
  95
  111
  127
  145
  164
  185
  206
  228
  252
  277
  303
  329
  357
  387
  417
  448
  481
  515
  550
  587
  625
  665
  706
  749
  794
  841
  890
Working capital, $m
  125
  -76
  -91
  -108
  -127
  -148
  -170
  -194
  -219
  -246
  -275
  -305
  -336
  -369
  -403
  -439
  -477
  -515
  -556
  -598
  -641
  -687
  -734
  -783
  -834
  -887
  -942
  -999
  -1,059
  -1,121
  -1,187
Total debt, $m
  0
  33
  70
  111
  157
  207
  260
  318
  379
  444
  513
  586
  662
  741
  824
  911
  1,001
  1,095
  1,192
  1,294
  1,399
  1,509
  1,622
  1,741
  1,864
  1,992
  2,125
  2,264
  2,408
  2,559
  2,716
Total liabilities, $m
  150
  183
  220
  261
  307
  357
  410
  468
  529
  594
  663
  736
  812
  891
  974
  1,061
  1,151
  1,245
  1,342
  1,444
  1,549
  1,659
  1,772
  1,891
  2,014
  2,142
  2,275
  2,414
  2,558
  2,709
  2,866
Total equity, $m
  237
  61
  73
  87
  102
  119
  137
  156
  176
  198
  221
  245
  271
  297
  325
  354
  384
  415
  447
  481
  516
  553
  591
  630
  671
  714
  758
  805
  853
  903
  955
Total liabilities and equity, $m
  387
  244
  293
  348
  409
  476
  547
  624
  705
  792
  884
  981
  1,083
  1,188
  1,299
  1,415
  1,535
  1,660
  1,789
  1,925
  2,065
  2,212
  2,363
  2,521
  2,685
  2,856
  3,033
  3,219
  3,411
  3,612
  3,821
Debt-to-equity ratio
  0.000
  0.540
  0.960
  1.280
  1.530
  1.740
  1.900
  2.040
  2.150
  2.240
  2.320
  2.390
  2.450
  2.500
  2.540
  2.580
  2.610
  2.640
  2.660
  2.690
  2.710
  2.730
  2.750
  2.760
  2.780
  2.790
  2.800
  2.810
  2.820
  2.830
  2.840
Adjusted equity ratio
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -19
  -16
  -19
  -22
  -26
  -30
  -35
  -39
  -45
  -50
  -56
  -56
  -62
  -69
  -76
  -83
  -91
  -99
  -107
  -116
  -125
  -134
  -143
  -154
  -164
  -175
  -186
  -198
  -210
  -223
  -236
Depreciation, amort., depletion, $m
  14
  14
  16
  17
  19
  21
  24
  26
  29
  31
  34
  31
  34
  37
  41
  45
  48
  52
  56
  61
  65
  70
  74
  79
  84
  90
  95
  101
  107
  114
  120
Funds from operations, $m
  33
  -2
  -3
  -5
  -7
  -9
  -11
  -13
  -16
  -19
  -22
  -25
  -28
  -31
  -35
  -39
  -42
  -47
  -51
  -55
  -60
  -64
  -69
  -74
  -79
  -85
  -91
  -97
  -103
  -109
  -116
Change in working capital, $m
  3
  -14
  -15
  -17
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
Cash from operations, $m
  30
  12
  12
  12
  12
  12
  11
  10
  9
  8
  7
  5
  3
  2
  -1
  -3
  -5
  -8
  -10
  -13
  -16
  -19
  -22
  -25
  -29
  -32
  -36
  -39
  -43
  -47
  -51
Maintenance CAPEX, $m
  0
  -6
  -8
  -9
  -11
  -13
  -15
  -17
  -20
  -22
  -25
  -28
  -31
  -34
  -37
  -41
  -45
  -48
  -52
  -56
  -61
  -65
  -70
  -74
  -79
  -84
  -90
  -95
  -101
  -107
  -114
New CAPEX, $m
  -17
  -10
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
Cash from investing activities, $m
  -59
  -16
  -20
  -22
  -25
  -28
  -32
  -35
  -39
  -42
  -46
  -51
  -55
  -59
  -63
  -68
  -73
  -77
  -82
  -87
  -94
  -99
  -105
  -111
  -117
  -124
  -131
  -138
  -146
  -154
  -163
Free cash flow, $m
  -29
  -5
  -7
  -10
  -13
  -17
  -20
  -25
  -29
  -34
  -39
  -45
  -51
  -57
  -64
  -71
  -78
  -85
  -93
  -101
  -109
  -118
  -127
  -136
  -146
  -156
  -167
  -178
  -189
  -201
  -213
Issuance/(repayment) of debt, $m
  0
  33
  37
  41
  45
  50
  54
  58
  61
  65
  69
  72
  76
  80
  83
  87
  90
  94
  98
  101
  105
  109
  114
  118
  123
  128
  133
  139
  145
  151
  157
Issuance/(repurchase) of shares, $m
  101
  27
  31
  36
  41
  47
  52
  59
  65
  72
  79
  80
  87
  95
  103
  112
  121
  130
  140
  149
  160
  170
  181
  193
  205
  217
  231
  244
  258
  273
  289
Cash from financing (excl. dividends), $m  
  101
  60
  68
  77
  86
  97
  106
  117
  126
  137
  148
  152
  163
  175
  186
  199
  211
  224
  238
  250
  265
  279
  295
  311
  328
  345
  364
  383
  403
  424
  446
Total cash flow (excl. dividends), $m
  71
  55
  61
  68
  74
  80
  86
  92
  97
  103
  108
  107
  112
  118
  123
  128
  133
  139
  144
  150
  156
  162
  168
  175
  182
  189
  197
  205
  214
  223
  232
Retained Cash Flow (-), $m
  -108
  -27
  -31
  -36
  -41
  -47
  -52
  -59
  -65
  -72
  -79
  -80
  -87
  -95
  -103
  -112
  -121
  -130
  -140
  -149
  -160
  -170
  -181
  -193
  -205
  -217
  -231
  -244
  -258
  -273
  -289
Prev. year cash balance distribution, $m
 
  187
  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
 
  215
  30
  31
  32
  33
  33
  33
  32
  31
  29
  27
  25
  22
  19
  16
  13
  9
  5
  1
  -4
  -8
  -13
  -18
  -23
  -28
  -34
  -39
  -45
  -50
  -56
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
 
  206
  28
  27
  27
  26
  24
  22
  20
  18
  15
  13
  11
  9
  6
  5
  3
  2
  1
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  93.2
  87.2
  81.8
  76.8
  72.4
  68.3
  64.5
  61.1
  57.9
  54.9
  52.4
  50.0
  47.7
  45.5
  43.5
  41.6
  39.8
  38.0
  36.4
  34.8
  33.3
  31.9
  30.6
  29.3
  28.0
  26.9
  25.7
  24.7
  23.6
  22.7

Callidus Software Inc. (Callidus) is a provider of cloud-based sales, marketing, learning and customer experience solutions. The Company's CallidusCloud enables its customers to manage their Lead to Money process with a suite of solutions that identify leads, implement territory and quota plans, enable sales forces, automate bid configuration pricing and quoting, manage contracts, streamline sales compensation and capture customer feedback, among others. Lead to Money is a process designed to help companies respond to the changing role of sales and marketing in the redefined buying cycle. The company's Lead to Money suite and technology solutions include Lead, Planning, Enablement, Quotes and Proposals, Contracts, Incentives, Customer Experience and Technology. The Company provides a range of services to its customers, which include professional services, business process outsourcing services, maintenance and technical support services, and education services.

FINANCIAL RATIOS  of  Callidus Software (CALD)

Valuation Ratios
P/E Ratio -86.5
Price to Sales 7.9
Price to Book 6.9
Price to Tangible Book
Price to Cash Flow 54.8
Price to Free Cash Flow 126.4
Growth Rates
Sales Growth Rate 19.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 21.4%
Cap. Spend. - 3 Yr. Gr. Rate 53.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -6%
Ret/ On Assets - 3 Yr. Avg. -6.7%
Return On Total Capital -10.4%
Ret/ On T. Cap. - 3 Yr. Avg. -14.1%
Return On Equity -10.4%
Return On Equity - 3 Yr. Avg. -16.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 62.3%
Gross Margin - 3 Yr. Avg. 61.1%
EBITDA Margin -1.9%
EBITDA Margin - 3 Yr. Avg. -0.6%
Operating Margin -8.2%
Oper. Margin - 3 Yr. Avg. -8.2%
Pre-Tax Margin -8.7%
Pre-Tax Margin - 3 Yr. Avg. -7.9%
Net Profit Margin -9.2%
Net Profit Margin - 3 Yr. Avg. -8.5%
Effective Tax Rate -5.6%
Eff/ Tax Rate - 3 Yr. Avg. -7.7%
Payout Ratio 0%

CALD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CALD stock intrinsic value calculation we used $207 million for the last fiscal year's total revenue generated by Callidus Software. The default revenue input number comes from 2016 income statement of Callidus Software. 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 CALD stock valuation model: a) initial revenue growth rate of 22% 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 CALD is calculated based on our internal credit rating of Callidus Software, 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 Callidus Software.
    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 CALD stock the variable cost ratio is equal to 106.8%.

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 CALD 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 Callidus Software.

Corporate tax rate of 27% is the nominal tax rate for Callidus Software. 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 CALD 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 CALD are equal to 22.5%.

Life of production assets of 7.4 years is the average useful life of capital assets used in Callidus Software 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 CALD is equal to -30%. 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 - $237 million for Callidus Software - 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 67.829 million for Callidus Software 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 Callidus Software at the current share price and the inputted number of shares is $1.7 billion.

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COMPANY NEWS

▶ Should You Buy Callidus Software Inc (CALD) Now?   [Oct-21-17 04:36PM  Simply Wall St.]
▶ CallidusCloud Announces 2017 Financial Analyst Day   [Sep-14-17 09:00AM  GlobeNewswire]
▶ Callidus reports 2Q loss   [Aug-04-17 02:34AM  Associated Press]
▶ Barnes & Noble Selects CallidusCloud for Litmos eLearning   [Jul-12-17 08:00AM  GlobeNewswire]
▶ Callidus Software Looking For Further Gains   [Jun-30-17 03:40PM  TheStreet.com]
▶ CallCredit Selects CallidusCloud CPQ   [Jun-20-17 08:02AM  GlobeNewswire]
▶ Zoopla Selects CallidusCloud's Litmos Learning Platform   [Jun-14-17 08:01AM  GlobeNewswire]
▶ Callidus reports 1Q loss   [May-04-17 07:42PM  Associated Press]
▶ Codit Selects CallidusCloud Contract Lifecycle Management   [Apr-28-17 08:00AM  GlobeNewswire]
▶ BASF Selects CallidusClouds Litmos Mobile Learning Platform   [Apr-20-17 08:00AM  GlobeNewswire]
▶ Callidus Software: Look to Buy an Upside Breakout   [Apr-17-17 03:24PM  TheStreet.com]
▶ Rockwool Group Selects CallidusCloud CPQ   [Apr-11-17 08:00AM  GlobeNewswire]
▶ Bulova Selects CallidusClouds Litmos Learning Platform   [Mar-21-17 08:00AM  GlobeNewswire]
▶ Cyient Selects CallidusCloud Commissions   [Mar-09-17 08:00AM  GlobeNewswire]
▶ Callidus reports 4Q loss   [05:51PM  AP]
▶ CallidusCloud Surpasses 5,000 SaaS Customers   [Feb-01-17 08:00AM  GlobeNewswire]
▶ CallidusCloud Becomes a Workday Certified Solution Partner   [Jan-19-17 08:00AM  GlobeNewswire]
Financial statements of CALD
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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