Intrinsic value of CSRA - CSRA

Previous Close

$41.22

  Intrinsic Value

$109.81

stock screener

  Rating & Target

str. buy

+166%

Previous close

$41.22

 
Intrinsic value

$109.81

 
Up/down potential

+166%

 
Rating

str. buy

We calculate the intrinsic value of CSRA 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 6.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  17.50
  16.25
  15.13
  14.11
  13.20
  12.38
  11.64
  10.98
  10.38
  9.84
  9.36
  8.92
  8.53
  8.18
  7.86
  7.57
  7.32
  7.08
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.65
  5.59
Revenue, $m
  5,867
  6,820
  7,852
  8,960
  10,143
  11,398
  12,725
  14,122
  15,589
  17,123
  18,725
  20,396
  22,136
  23,946
  25,828
  27,784
  29,817
  31,929
  34,125
  36,407
  38,781
  41,251
  43,821
  46,497
  49,286
  52,193
  55,224
  58,386
  61,688
  65,135
Variable operating expenses, $m
  2,379
  2,714
  3,076
  3,465
  3,880
  4,321
  4,787
  5,277
  5,792
  6,331
  6,574
  7,161
  7,772
  8,407
  9,068
  9,755
  10,468
  11,210
  11,981
  12,782
  13,616
  14,483
  15,385
  16,325
  17,304
  18,324
  19,389
  20,499
  21,658
  22,868
Fixed operating expenses, $m
  2,404
  2,457
  2,511
  2,566
  2,622
  2,680
  2,739
  2,799
  2,861
  2,924
  2,988
  3,054
  3,121
  3,190
  3,260
  3,332
  3,405
  3,480
  3,556
  3,635
  3,715
  3,796
  3,880
  3,965
  4,052
  4,142
  4,233
  4,326
  4,421
  4,518
Total operating expenses, $m
  4,783
  5,171
  5,587
  6,031
  6,502
  7,001
  7,526
  8,076
  8,653
  9,255
  9,562
  10,215
  10,893
  11,597
  12,328
  13,087
  13,873
  14,690
  15,537
  16,417
  17,331
  18,279
  19,265
  20,290
  21,356
  22,466
  23,622
  24,825
  26,079
  27,386
Operating income, $m
  1,084
  1,650
  2,265
  2,929
  3,640
  4,397
  5,200
  6,046
  6,936
  7,868
  9,163
  10,181
  11,243
  12,349
  13,500
  14,698
  15,944
  17,240
  18,588
  19,991
  21,451
  22,972
  24,556
  26,207
  27,930
  29,727
  31,603
  33,562
  35,609
  37,749
EBITDA, $m
  1,848
  2,486
  3,180
  3,927
  4,728
  5,580
  6,483
  7,435
  8,436
  9,485
  10,582
  11,727
  12,921
  14,164
  15,458
  16,804
  18,204
  19,660
  21,174
  22,750
  24,391
  26,098
  27,878
  29,732
  31,666
  33,683
  35,788
  37,987
  40,285
  42,686
Interest expense (income), $m
  108
  151
  184
  230
  279
  332
  388
  448
  511
  577
  647
  720
  796
  876
  959
  1,045
  1,134
  1,228
  1,324
  1,425
  1,529
  1,638
  1,751
  1,869
  1,991
  2,118
  2,251
  2,389
  2,534
  2,684
  2,841
Earnings before tax, $m
  933
  1,466
  2,036
  2,650
  3,309
  4,010
  4,752
  5,535
  6,358
  7,221
  8,443
  9,385
  10,367
  11,390
  12,455
  13,563
  14,716
  15,915
  17,163
  18,461
  19,813
  21,221
  22,687
  24,217
  25,811
  27,476
  29,213
  31,028
  32,924
  34,907
Tax expense, $m
  252
  396
  550
  716
  893
  1,083
  1,283
  1,494
  1,717
  1,950
  2,280
  2,534
  2,799
  3,075
  3,363
  3,662
  3,973
  4,297
  4,634
  4,985
  5,349
  5,730
  6,126
  6,538
  6,969
  7,418
  7,888
  8,378
  8,890
  9,425
Net income, $m
  681
  1,070
  1,486
  1,935
  2,415
  2,927
  3,469
  4,041
  4,642
  5,272
  6,163
  6,851
  7,568
  8,315
  9,092
  9,901
  10,743
  11,618
  12,529
  13,477
  14,463
  15,491
  16,562
  17,678
  18,842
  20,057
  21,326
  22,650
  24,035
  25,482

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  5,746
  6,680
  7,690
  8,775
  9,934
  11,164
  12,464
  13,832
  15,268
  16,771
  18,340
  19,977
  21,681
  23,454
  25,297
  27,213
  29,204
  31,273
  33,423
  35,659
  37,983
  40,402
  42,920
  45,541
  48,272
  51,119
  54,088
  57,185
  60,419
  63,795
Adjusted assets (=assets-cash), $m
  5,746
  6,680
  7,690
  8,775
  9,934
  11,164
  12,464
  13,832
  15,268
  16,771
  18,340
  19,977
  21,681
  23,454
  25,297
  27,213
  29,204
  31,273
  33,423
  35,659
  37,983
  40,402
  42,920
  45,541
  48,272
  51,119
  54,088
  57,185
  60,419
  63,795
Revenue / Adjusted assets
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
Average production assets, $m
  4,447
  5,170
  5,952
  6,791
  7,688
  8,640
  9,646
  10,705
  11,816
  12,979
  14,194
  15,460
  16,779
  18,151
  19,578
  21,060
  22,601
  24,203
  25,867
  27,597
  29,396
  31,268
  33,216
  35,245
  37,359
  39,562
  41,860
  44,257
  46,759
  49,372
Working capital, $m
  -217
  -252
  -291
  -332
  -375
  -422
  -471
  -523
  -577
  -634
  -693
  -755
  -819
  -886
  -956
  -1,028
  -1,103
  -1,181
  -1,263
  -1,347
  -1,435
  -1,526
  -1,621
  -1,720
  -1,824
  -1,931
  -2,043
  -2,160
  -2,282
  -2,410
Total debt, $m
  3,412
  4,253
  5,162
  6,139
  7,182
  8,288
  9,458
  10,690
  11,982
  13,335
  14,747
  16,220
  17,754
  19,349
  21,008
  22,733
  24,524
  26,386
  28,322
  30,334
  32,426
  34,603
  36,869
  39,228
  41,686
  44,248
  46,920
  49,708
  52,618
  55,657
Total liabilities, $m
  5,171
  6,012
  6,921
  7,898
  8,941
  10,047
  11,217
  12,449
  13,741
  15,094
  16,506
  17,979
  19,513
  21,108
  22,767
  24,492
  26,283
  28,145
  30,081
  32,093
  34,185
  36,362
  38,628
  40,987
  43,445
  46,007
  48,679
  51,467
  54,377
  57,416
Total equity, $m
  575
  668
  769
  878
  993
  1,116
  1,246
  1,383
  1,527
  1,677
  1,834
  1,998
  2,168
  2,345
  2,530
  2,721
  2,920
  3,127
  3,342
  3,566
  3,798
  4,040
  4,292
  4,554
  4,827
  5,112
  5,409
  5,719
  6,042
  6,380
Total liabilities and equity, $m
  5,746
  6,680
  7,690
  8,776
  9,934
  11,163
  12,463
  13,832
  15,268
  16,771
  18,340
  19,977
  21,681
  23,453
  25,297
  27,213
  29,203
  31,272
  33,423
  35,659
  37,983
  40,402
  42,920
  45,541
  48,272
  51,119
  54,088
  57,186
  60,419
  63,796
Debt-to-equity ratio
  5.940
  6.370
  6.710
  7.000
  7.230
  7.420
  7.590
  7.730
  7.850
  7.950
  8.040
  8.120
  8.190
  8.250
  8.300
  8.350
  8.400
  8.440
  8.470
  8.510
  8.540
  8.560
  8.590
  8.610
  8.640
  8.660
  8.670
  8.690
  8.710
  8.720
Adjusted equity ratio
  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
  681
  1,070
  1,486
  1,935
  2,415
  2,927
  3,469
  4,041
  4,642
  5,272
  6,163
  6,851
  7,568
  8,315
  9,092
  9,901
  10,743
  11,618
  12,529
  13,477
  14,463
  15,491
  16,562
  17,678
  18,842
  20,057
  21,326
  22,650
  24,035
  25,482
Depreciation, amort., depletion, $m
  764
  836
  914
  998
  1,088
  1,183
  1,284
  1,390
  1,501
  1,617
  1,419
  1,546
  1,678
  1,815
  1,958
  2,106
  2,260
  2,420
  2,587
  2,760
  2,940
  3,127
  3,322
  3,525
  3,736
  3,956
  4,186
  4,426
  4,676
  4,937
Funds from operations, $m
  1,445
  1,906
  2,400
  2,933
  3,503
  4,110
  4,753
  5,430
  6,142
  6,889
  7,583
  8,397
  9,246
  10,130
  11,050
  12,007
  13,003
  14,038
  15,116
  16,236
  17,403
  18,618
  19,883
  21,203
  22,578
  24,013
  25,512
  27,076
  28,711
  30,420
Change in working capital, $m
  -32
  -35
  -38
  -41
  -44
  -46
  -49
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -70
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -103
  -108
  -112
  -117
  -122
  -128
Cash from operations, $m
  1,477
  1,941
  2,438
  2,974
  3,547
  4,156
  4,802
  5,482
  6,197
  6,945
  7,642
  8,459
  9,310
  10,197
  11,120
  12,080
  13,078
  14,117
  15,197
  16,321
  17,491
  18,709
  19,979
  21,302
  22,681
  24,121
  25,624
  27,193
  28,833
  30,547
Maintenance CAPEX, $m
  -379
  -445
  -517
  -595
  -679
  -769
  -864
  -965
  -1,070
  -1,182
  -1,298
  -1,419
  -1,546
  -1,678
  -1,815
  -1,958
  -2,106
  -2,260
  -2,420
  -2,587
  -2,760
  -2,940
  -3,127
  -3,322
  -3,525
  -3,736
  -3,956
  -4,186
  -4,426
  -4,676
New CAPEX, $m
  -660
  -723
  -782
  -840
  -897
  -952
  -1,006
  -1,059
  -1,111
  -1,163
  -1,215
  -1,266
  -1,319
  -1,372
  -1,427
  -1,483
  -1,541
  -1,601
  -1,664
  -1,730
  -1,799
  -1,872
  -1,948
  -2,029
  -2,114
  -2,203
  -2,298
  -2,397
  -2,502
  -2,613
Cash from investing activities, $m
  -1,039
  -1,168
  -1,299
  -1,435
  -1,576
  -1,721
  -1,870
  -2,024
  -2,181
  -2,345
  -2,513
  -2,685
  -2,865
  -3,050
  -3,242
  -3,441
  -3,647
  -3,861
  -4,084
  -4,317
  -4,559
  -4,812
  -5,075
  -5,351
  -5,639
  -5,939
  -6,254
  -6,583
  -6,928
  -7,289
Free cash flow, $m
  439
  774
  1,140
  1,539
  1,971
  2,436
  2,932
  3,458
  4,015
  4,601
  5,129
  5,773
  6,446
  7,147
  7,878
  8,639
  9,431
  10,255
  11,112
  12,004
  12,932
  13,898
  14,903
  15,951
  17,043
  18,182
  19,370
  20,610
  21,905
  23,258
Issuance/(repayment) of debt, $m
  613
  840
  909
  977
  1,043
  1,107
  1,170
  1,232
  1,292
  1,353
  1,413
  1,473
  1,534
  1,596
  1,659
  1,724
  1,792
  1,862
  1,935
  2,012
  2,092
  2,177
  2,266
  2,359
  2,458
  2,562
  2,672
  2,788
  2,910
  3,039
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  613
  840
  909
  977
  1,043
  1,107
  1,170
  1,232
  1,292
  1,353
  1,413
  1,473
  1,534
  1,596
  1,659
  1,724
  1,792
  1,862
  1,935
  2,012
  2,092
  2,177
  2,266
  2,359
  2,458
  2,562
  2,672
  2,788
  2,910
  3,039
Total cash flow (excl. dividends), $m
  1,052
  1,614
  2,049
  2,516
  3,014
  3,543
  4,102
  4,690
  5,307
  5,953
  6,542
  7,246
  7,979
  8,743
  9,537
  10,364
  11,223
  12,117
  13,048
  14,016
  15,024
  16,075
  17,169
  18,311
  19,501
  20,744
  22,042
  23,398
  24,815
  26,297
Retained Cash Flow (-), $m
  -245
  -93
  -101
  -109
  -116
  -123
  -130
  -137
  -144
  -150
  -157
  -164
  -170
  -177
  -184
  -192
  -199
  -207
  -215
  -224
  -232
  -242
  -252
  -262
  -273
  -285
  -297
  -310
  -323
  -338
Prev. year cash balance distribution, $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 flow adjustment, $m
  25
  29
  34
  39
  45
  51
  57
  64
  71
  78
  86
  94
  102
  111
  120
  129
  139
  149
  160
  171
  182
  194
  206
  219
  232
  246
  261
  276
  292
  308
Cash available for distribution, $m
  807
  1,521
  1,948
  2,407
  2,898
  3,420
  3,972
  4,553
  5,164
  5,803
  6,385
  7,082
  7,809
  8,565
  9,353
  10,172
  11,024
  11,910
  12,833
  13,792
  14,792
  15,833
  16,917
  18,048
  19,228
  20,459
  21,745
  23,088
  24,492
  25,959
Discount rate, %
  11.30
  11.87
  12.46
  13.08
  13.74
  14.42
  15.14
  15.90
  16.70
  17.53
  18.41
  19.33
  20.29
  21.31
  22.37
  23.49
  24.67
  25.90
  27.19
  28.55
  29.98
  31.48
  33.06
  34.71
  36.44
  38.27
  40.18
  42.19
  44.30
  46.51
PV of cash for distribution, $m
  725
  1,215
  1,370
  1,472
  1,523
  1,524
  1,480
  1,398
  1,287
  1,154
  995
  850
  707
  573
  453
  348
  260
  189
  133
  91
  60
  38
  24
  14
  8
  4
  2
  1
  1
  0
Current shareholders' claim on cash, %
  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

CSRA Inc. is a provider of information technology services to the United States federal government. The Company operates through two segments: Defense and Intelligence, and Civil. The Defense and Intelligence segment provides services to the Department of Defense (DoD), National Security Agency, branches of the Armed Forces, and other DoD and Intelligence agencies. The Civil segment provides services to various federal agencies within the Department of Homeland Security (the DHS), Department of Health and Human services, and other federal civil agencies, as well as various state and local government agencies. It supplies civil government agencies with mission information systems and associated technical support services. It provides its customers with technical services across service areas, including Digital Services, Enterprise Business Services, Digital Platforms, Cyber, Data Science, and Professional and Citizen Services. It has conducted operations in over 130 locations.

FINANCIAL RATIOS  of  CSRA (CSRA)

Valuation Ratios
P/E Ratio 22.1
Price to Sales 1.3
Price to Book 20.4
Price to Tangible Book
Price to Cash Flow 13.8
Price to Free Cash Flow 19.9
Growth Rates
Sales Growth Rate 17.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.8%
Cap. Spend. - 3 Yr. Gr. Rate 9.1%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 813%
Total Debt to Equity 848.2%
Interest Coverage 6
Management Effectiveness
Return On Assets 7.7%
Ret/ On Assets - 3 Yr. Avg. 7.8%
Return On Total Capital 9.9%
Ret/ On T. Cap. - 3 Yr. Avg. 11.4%
Return On Equity 153.9%
Return On Equity - 3 Yr. Avg. 64.1%
Asset Turnover 1
Profitability Ratios
Gross Margin 23.3%
Gross Margin - 3 Yr. Avg. 19.5%
EBITDA Margin 17%
EBITDA Margin - 3 Yr. Avg. 13.6%
Operating Margin 9.9%
Oper. Margin - 3 Yr. Avg. 8%
Pre-Tax Margin 9.9%
Pre-Tax Margin - 3 Yr. Avg. 8%
Net Profit Margin 6.1%
Net Profit Margin - 3 Yr. Avg. 4.8%
Effective Tax Rate 36.2%
Eff/ Tax Rate - 3 Yr. Avg. 34.9%
Payout Ratio 22%

CSRA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CSRA stock intrinsic value calculation we used $4993 million for the last fiscal year's total revenue generated by CSRA. The default revenue input number comes from 2017 income statement of CSRA. 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 CSRA stock valuation model: a) initial revenue growth rate of 17.5% 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 11.3%, whose default value for CSRA is calculated based on our internal credit rating of CSRA, 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 CSRA.
    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 CSRA stock the variable cost ratio is equal to 41.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2352 million in the base year in the intrinsic value calculation for CSRA 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 5.4% for CSRA.

Corporate tax rate of 27% is the nominal tax rate for CSRA. 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 CSRA stock is equal to 0.5%.

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 CSRA are equal to 75.8%.

Life of production assets of 10 years is the average useful life of capital assets used in CSRA 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 CSRA is equal to -3.7%. 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 - $330 million for CSRA - 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 163 million for CSRA 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 CSRA at the current share price and the inputted number of shares is $6.7 billion.

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