Intrinsic value of CDK Global - CDK

Previous Close

$70.76

  Intrinsic Value

$17.13

stock screener

  Rating & Target

str. sell

-76%

Previous close

$70.76

 
Intrinsic value

$17.13

 
Up/down potential

-76%

 
Rating

str. sell

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

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

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 9.9

 

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
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.57
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
Revenue, $m
  2,220
  2,313
  2,412
  2,517
  2,628
  2,746
  2,870
  3,002
  3,140
  3,286
  3,441
  3,603
  3,774
  3,954
  4,144
  4,344
  4,554
  4,775
  5,007
  5,251
  5,508
  5,778
  6,062
  6,360
  6,674
  7,003
  7,349
  7,713
  8,095
  8,497
  8,918
Variable operating expenses, $m
 
  414
  426
  440
  454
  469
  485
  502
  519
  538
  558
  460
  482
  505
  530
  555
  582
  610
  640
  671
  704
  738
  775
  813
  853
  895
  939
  986
  1,035
  1,086
  1,140
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
  1,810
  1,857
  1,907
  1,957
  2,010
  2,065
  2,121
  2,178
  2,239
  2,301
  2,247
  2,314
  2,383
  2,454
  2,528
  2,604
  2,682
  2,764
  2,848
  2,936
  3,026
  3,120
  3,216
  3,316
  3,420
  3,527
  3,639
  3,754
  3,873
  3,997
Operating income, $m
  489
  503
  555
  611
  671
  736
  806
  881
  961
  1,047
  1,139
  1,356
  1,460
  1,571
  1,690
  1,816
  1,950
  2,092
  2,243
  2,403
  2,572
  2,752
  2,943
  3,144
  3,357
  3,583
  3,822
  4,075
  4,341
  4,624
  4,922
EBITDA, $m
  559
  634
  686
  742
  803
  868
  939
  1,015
  1,096
  1,183
  1,275
  1,374
  1,480
  1,592
  1,711
  1,838
  1,973
  2,117
  2,269
  2,430
  2,601
  2,782
  2,974
  3,177
  3,392
  3,620
  3,860
  4,115
  4,384
  4,668
  4,968
Interest expense (income), $m
  50
  74
  43
  46
  50
  53
  57
  60
  64
  69
  73
  78
  83
  88
  94
  99
  105
  112
  119
  126
  133
  141
  149
  158
  167
  177
  187
  198
  209
  220
  233
Earnings before tax, $m
  435
  429
  512
  564
  621
  683
  749
  821
  897
  979
  1,066
  1,278
  1,377
  1,483
  1,596
  1,717
  1,844
  1,980
  2,124
  2,277
  2,439
  2,611
  2,793
  2,986
  3,190
  3,406
  3,635
  3,877
  4,133
  4,403
  4,689
Tax expense, $m
  132
  116
  138
  152
  168
  184
  202
  222
  242
  264
  288
  345
  372
  401
  431
  463
  498
  535
  574
  615
  659
  705
  754
  806
  861
  920
  981
  1,047
  1,116
  1,189
  1,266
Net income, $m
  296
  313
  373
  412
  454
  499
  547
  599
  655
  714
  778
  933
  1,005
  1,083
  1,165
  1,253
  1,346
  1,445
  1,551
  1,662
  1,781
  1,906
  2,039
  2,180
  2,329
  2,487
  2,654
  2,830
  3,017
  3,214
  3,423

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
  2,248
  2,344
  2,446
  2,554
  2,669
  2,789
  2,917
  3,052
  3,194
  3,344
  3,502
  3,668
  3,843
  4,027
  4,221
  4,425
  4,640
  4,866
  5,103
  5,353
  5,615
  5,891
  6,181
  6,486
  6,806
  7,142
  7,496
  7,867
  8,257
  8,667
Adjusted assets (=assets-cash), $m
  2,157
  2,248
  2,344
  2,446
  2,554
  2,669
  2,789
  2,917
  3,052
  3,194
  3,344
  3,502
  3,668
  3,843
  4,027
  4,221
  4,425
  4,640
  4,866
  5,103
  5,353
  5,615
  5,891
  6,181
  6,486
  6,806
  7,142
  7,496
  7,867
  8,257
  8,667
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
  243
  253
  264
  276
  288
  301
  315
  330
  345
  361
  378
  396
  415
  435
  456
  478
  501
  526
  551
  578
  607
  637
  668
  701
  735
  772
  810
  850
  892
  936
Working capital, $m
  726
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  76
  79
  83
  87
  91
  96
  100
  105
  110
  116
  121
  127
  134
  140
  147
  154
  162
  170
  178
  187
Total debt, $m
  2,172
  1,238
  1,325
  1,417
  1,514
  1,617
  1,726
  1,840
  1,962
  2,089
  2,224
  2,366
  2,516
  2,674
  2,839
  3,014
  3,198
  3,391
  3,594
  3,808
  4,033
  4,269
  4,517
  4,778
  5,052
  5,340
  5,643
  5,961
  6,295
  6,646
  7,015
Total liabilities, $m
  2,957
  2,023
  2,110
  2,202
  2,299
  2,402
  2,511
  2,625
  2,747
  2,874
  3,009
  3,151
  3,301
  3,459
  3,624
  3,799
  3,983
  4,176
  4,379
  4,593
  4,818
  5,054
  5,302
  5,563
  5,837
  6,125
  6,428
  6,746
  7,080
  7,431
  7,800
Total equity, $m
  -74
  225
  234
  245
  255
  267
  279
  292
  305
  319
  334
  350
  367
  384
  403
  422
  443
  464
  487
  510
  535
  562
  589
  618
  649
  681
  714
  750
  787
  826
  867
Total liabilities and equity, $m
  2,883
  2,248
  2,344
  2,447
  2,554
  2,669
  2,790
  2,917
  3,052
  3,193
  3,343
  3,501
  3,668
  3,843
  4,027
  4,221
  4,426
  4,640
  4,866
  5,103
  5,353
  5,616
  5,891
  6,181
  6,486
  6,806
  7,142
  7,496
  7,867
  8,257
  8,667
Debt-to-equity ratio
  -29.351
  5.510
  5.650
  5.790
  5.930
  6.060
  6.190
  6.310
  6.430
  6.540
  6.650
  6.760
  6.860
  6.960
  7.050
  7.140
  7.230
  7.310
  7.390
  7.460
  7.530
  7.600
  7.670
  7.730
  7.790
  7.850
  7.900
  7.950
  8.000
  8.050
  8.090
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
  313
  373
  412
  454
  499
  547
  599
  655
  714
  778
  933
  1,005
  1,083
  1,165
  1,253
  1,346
  1,445
  1,551
  1,662
  1,781
  1,906
  2,039
  2,180
  2,329
  2,487
  2,654
  2,830
  3,017
  3,214
  3,423
Depreciation, amort., depletion, $m
  70
  130
  131
  131
  132
  132
  133
  134
  134
  135
  136
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
Funds from operations, $m
  408
  443
  504
  543
  585
  631
  680
  733
  789
  850
  914
  951
  1,025
  1,103
  1,187
  1,276
  1,370
  1,470
  1,577
  1,690
  1,809
  1,936
  2,071
  2,213
  2,364
  2,523
  2,692
  2,870
  3,059
  3,258
  3,469
Change in working capital, $m
  -23
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
Cash from operations, $m
  431
  441
  502
  541
  583
  629
  677
  730
  786
  847
  911
  948
  1,021
  1,100
  1,183
  1,271
  1,366
  1,466
  1,572
  1,684
  1,804
  1,930
  2,065
  2,207
  2,357
  2,516
  2,685
  2,863
  3,051
  3,250
  3,460
Maintenance CAPEX, $m
  0
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
New CAPEX, $m
  -94
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
Cash from investing activities, $m
  -88
  -22
  -22
  -24
  -25
  -26
  -27
  -29
  -31
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -70
  -72
  -76
  -80
  -84
  -88
Free cash flow, $m
  343
  420
  480
  517
  558
  602
  650
  701
  756
  815
  878
  913
  985
  1,061
  1,142
  1,229
  1,321
  1,419
  1,523
  1,633
  1,750
  1,873
  2,005
  2,144
  2,291
  2,447
  2,612
  2,786
  2,971
  3,166
  3,372
Issuance/(repayment) of debt, $m
  963
  -887
  87
  92
  97
  103
  109
  115
  121
  128
  135
  142
  150
  158
  166
  175
  184
  193
  203
  214
  225
  236
  248
  261
  274
  288
  303
  318
  334
  351
  369
Issuance/(repurchase) of shares, $m
  -685
  665
  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
  -222
  87
  92
  97
  103
  109
  115
  121
  128
  135
  142
  150
  158
  166
  175
  184
  193
  203
  214
  225
  236
  248
  261
  274
  288
  303
  318
  334
  351
  369
Total cash flow (excl. dividends), $m
  588
  198
  566
  609
  656
  705
  759
  816
  877
  943
  1,013
  1,055
  1,134
  1,219
  1,308
  1,404
  1,505
  1,612
  1,726
  1,846
  1,974
  2,110
  2,253
  2,405
  2,565
  2,735
  2,915
  3,104
  3,305
  3,517
  3,741
Retained Cash Flow (-), $m
  434
  -978
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
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
 
  -101
  557
  599
  645
  694
  747
  803
  864
  929
  998
  1,039
  1,118
  1,201
  1,290
  1,384
  1,484
  1,590
  1,703
  1,823
  1,949
  2,083
  2,225
  2,376
  2,535
  2,703
  2,881
  3,069
  3,268
  3,478
  3,700
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
 
  -93
  468
  456
  441
  422
  400
  374
  346
  316
  285
  246
  215
  186
  157
  131
  107
  85
  67
  51
  38
  28
  20
  14
  9
  6
  4
  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 33.5
Price to Sales 4.5
Price to Book -133.9
Price to Tangible Book
Price to Cash Flow 23
Price to Free Cash Flow 29.4
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 4.2% 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 139.67 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 $9.9 billion.

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COMPANY NEWS

▶ 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]
▶ ETFs with exposure to CDK Global, Inc. : February 6, 2017   [Feb-06-17 01:58PM  Capital Cube]
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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