Intrinsic value of Computer Task Group - CTG

Previous Close

$4.32

  Intrinsic Value

$1.36

stock screener

  Rating & Target

str. sell

-69%

Previous close

$4.32

 
Intrinsic value

$1.36

 
Up/down potential

-69%

 
Rating

str. sell

We calculate the intrinsic value of CTG 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 0001), $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 0.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  22.70
  20.93
  19.34
  17.90
  16.61
  15.45
  14.41
  13.47
  12.62
  11.86
  11.17
  10.55
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
Revenue, $m
  370
  447
  533
  629
  733
  847
  969
  1,099
  1,238
  1,384
  1,539
  1,702
  1,872
  2,050
  2,235
  2,428
  2,629
  2,838
  3,056
  3,282
  3,516
  3,760
  4,014
  4,277
  4,552
  4,837
  5,134
  5,444
  5,766
  6,103
Variable operating expenses, $m
  408
  493
  588
  694
  809
  934
  1,068
  1,212
  1,365
  1,527
  1,698
  1,877
  2,065
  2,261
  2,465
  2,678
  2,900
  3,131
  3,370
  3,620
  3,878
  4,147
  4,427
  4,718
  5,020
  5,335
  5,663
  6,004
  6,360
  6,731
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
  408
  493
  588
  694
  809
  934
  1,068
  1,212
  1,365
  1,527
  1,698
  1,877
  2,065
  2,261
  2,465
  2,678
  2,900
  3,131
  3,370
  3,620
  3,878
  4,147
  4,427
  4,718
  5,020
  5,335
  5,663
  6,004
  6,360
  6,731
Operating income, $m
  -38
  -46
  -55
  -65
  -76
  -87
  -100
  -113
  -127
  -143
  -159
  -175
  -193
  -211
  -230
  -250
  -271
  -292
  -315
  -338
  -362
  -387
  -413
  -441
  -469
  -498
  -529
  -561
  -594
  -629
EBITDA, $m
  -37
  -44
  -53
  -62
  -72
  -84
  -96
  -109
  -122
  -137
  -152
  -168
  -185
  -202
  -221
  -240
  -260
  -280
  -302
  -324
  -347
  -371
  -397
  -423
  -450
  -478
  -507
  -538
  -570
  -603
Interest expense (income), $m
  0
  0
  1
  2
  3
  5
  6
  7
  9
  11
  13
  14
  16
  19
  21
  23
  26
  28
  31
  33
  36
  39
  42
  45
  49
  52
  56
  59
  63
  67
  72
Earnings before tax, $m
  -38
  -47
  -57
  -68
  -80
  -93
  -107
  -122
  -138
  -155
  -173
  -192
  -211
  -232
  -253
  -276
  -299
  -323
  -348
  -374
  -401
  -430
  -459
  -489
  -521
  -554
  -588
  -624
  -661
  -700
Tax expense, $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
Net income, $m
  -38
  -47
  -57
  -68
  -80
  -93
  -107
  -122
  -138
  -155
  -173
  -192
  -211
  -232
  -253
  -276
  -299
  -323
  -348
  -374
  -401
  -430
  -459
  -489
  -521
  -554
  -588
  -624
  -661
  -700

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
  157
  190
  226
  267
  311
  359
  411
  466
  525
  587
  653
  722
  794
  869
  948
  1,030
  1,115
  1,204
  1,296
  1,392
  1,491
  1,595
  1,702
  1,814
  1,930
  2,051
  2,177
  2,309
  2,445
  2,588
Adjusted assets (=assets-cash), $m
  157
  190
  226
  267
  311
  359
  411
  466
  525
  587
  653
  722
  794
  869
  948
  1,030
  1,115
  1,204
  1,296
  1,392
  1,491
  1,595
  1,702
  1,814
  1,930
  2,051
  2,177
  2,309
  2,445
  2,588
Revenue / Adjusted assets
  2.357
  2.353
  2.358
  2.356
  2.357
  2.359
  2.358
  2.358
  2.358
  2.358
  2.357
  2.357
  2.358
  2.359
  2.358
  2.357
  2.358
  2.357
  2.358
  2.358
  2.358
  2.357
  2.358
  2.358
  2.359
  2.358
  2.358
  2.358
  2.358
  2.358
Average production assets, $m
  8
  9
  11
  13
  15
  18
  20
  23
  26
  29
  32
  36
  39
  43
  47
  51
  55
  60
  64
  69
  74
  79
  84
  90
  96
  102
  108
  114
  121
  128
Working capital, $m
  49
  59
  70
  83
  97
  112
  128
  145
  163
  183
  203
  225
  247
  271
  295
  321
  347
  375
  403
  433
  464
  496
  530
  565
  601
  638
  678
  719
  761
  806
Total debt, $m
  16
  28
  42
  58
  75
  93
  113
  134
  157
  181
  206
  233
  260
  289
  319
  351
  384
  418
  453
  490
  528
  568
  609
  652
  697
  743
  792
  842
  894
  949
Total liabilities, $m
  60
  73
  87
  102
  119
  138
  158
  179
  202
  225
  251
  277
  305
  334
  364
  395
  428
  462
  498
  534
  573
  612
  654
  697
  741
  788
  836
  887
  939
  994
Total equity, $m
  97
  117
  139
  164
  192
  221
  253
  287
  323
  362
  402
  445
  489
  535
  584
  634
  687
  741
  798
  857
  919
  982
  1,049
  1,117
  1,189
  1,264
  1,341
  1,422
  1,506
  1,594
Total liabilities and equity, $m
  157
  190
  226
  266
  311
  359
  411
  466
  525
  587
  653
  722
  794
  869
  948
  1,029
  1,115
  1,203
  1,296
  1,391
  1,492
  1,594
  1,703
  1,814
  1,930
  2,052
  2,177
  2,309
  2,445
  2,588
Debt-to-equity ratio
  0.160
  0.240
  0.300
  0.350
  0.390
  0.420
  0.450
  0.470
  0.490
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.550
  0.560
  0.560
  0.570
  0.570
  0.570
  0.580
  0.580
  0.580
  0.590
  0.590
  0.590
  0.590
  0.590
  0.600
Adjusted equity ratio
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -38
  -47
  -57
  -68
  -80
  -93
  -107
  -122
  -138
  -155
  -173
  -192
  -211
  -232
  -253
  -276
  -299
  -323
  -348
  -374
  -401
  -430
  -459
  -489
  -521
  -554
  -588
  -624
  -661
  -700
Depreciation, amort., depletion, $m
  2
  2
  2
  3
  3
  4
  4
  5
  5
  6
  6
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
Funds from operations, $m
  -37
  -45
  -55
  -66
  -77
  -90
  -103
  -118
  -133
  -149
  -167
  -185
  -204
  -223
  -244
  -265
  -288
  -311
  -335
  -360
  -387
  -414
  -442
  -471
  -502
  -534
  -567
  -601
  -637
  -675
Change in working capital, $m
  9
  10
  11
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  43
  44
Cash from operations, $m
  -46
  -56
  -66
  -78
  -91
  -105
  -119
  -135
  -151
  -169
  -187
  -206
  -226
  -247
  -268
  -291
  -314
  -339
  -364
  -390
  -418
  -446
  -475
  -506
  -538
  -571
  -606
  -642
  -680
  -719
Maintenance CAPEX, $m
  -1
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
New CAPEX, $m
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
Cash from investing activities, $m
  -2
  -4
  -4
  -4
  -5
  -5
  -7
  -7
  -8
  -8
  -9
  -9
  -11
  -12
  -13
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -29
  -30
  -31
Free cash flow, $m
  -49
  -59
  -70
  -82
  -96
  -110
  -125
  -142
  -159
  -177
  -196
  -216
  -237
  -258
  -281
  -304
  -329
  -354
  -380
  -408
  -436
  -466
  -497
  -529
  -562
  -596
  -632
  -670
  -709
  -750
Issuance/(repayment) of debt, $m
  11
  13
  14
  16
  17
  18
  20
  21
  23
  24
  25
  26
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  46
  48
  50
  53
  55
Issuance/(repurchase) of shares, $m
  56
  67
  80
  93
  107
  123
  139
  156
  174
  194
  213
  234
  256
  278
  302
  326
  351
  378
  405
  433
  463
  493
  525
  558
  593
  629
  666
  705
  746
  788
Cash from financing (excl. dividends), $m  
  67
  80
  94
  109
  124
  141
  159
  177
  197
  218
  238
  260
  284
  307
  332
  357
  384
  412
  440
  470
  501
  533
  566
  601
  638
  675
  714
  755
  799
  843
Total cash flow (excl. dividends), $m
  19
  21
  24
  26
  29
  31
  34
  36
  38
  40
  43
  45
  47
  49
  51
  53
  55
  58
  60
  62
  65
  67
  70
  73
  75
  79
  82
  85
  89
  93
Retained Cash Flow (-), $m
  -56
  -67
  -80
  -93
  -107
  -123
  -139
  -156
  -174
  -194
  -213
  -234
  -256
  -278
  -302
  -326
  -351
  -378
  -405
  -433
  -463
  -493
  -525
  -558
  -593
  -629
  -666
  -705
  -746
  -788
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
  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
  -37
  -46
  -56
  -67
  -79
  -92
  -106
  -120
  -136
  -153
  -171
  -189
  -209
  -229
  -251
  -273
  -296
  -320
  -345
  -371
  -398
  -426
  -455
  -486
  -517
  -550
  -584
  -620
  -657
  -695
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
  -36
  -42
  -49
  -55
  -61
  -66
  -71
  -75
  -78
  -80
  -81
  -81
  -79
  -77
  -74
  -69
  -64
  -59
  -53
  -47
  -41
  -35
  -30
  -25
  -20
  -16
  -13
  -10
  -7
  -5
Current shareholders' claim on cash, %
  52.6
  28.0
  15.1
  8.2
  4.5
  2.5
  1.4
  0.8
  0.4
  0.3
  0.1
  0.1
  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
  0.0
  0.0
  0.0

Computer Task Group, Incorporated (CTG) is an information technology (IT) solutions and staffing services company. The Company primarily operates in the segment of providing IT services to its clients. The Company has operations in North America and Europe. The Company is engaged in providing IT services, including IT Solutions, and IT and other Staffing. CTG provides these primary services to all of the markets that it serves. The services provided encompass the IT business solution life cycle, including phases for planning, developing, implementing, managing, and maintaining the IT solution. It provides administrative or warehouse employees to clients to supplement the IT resources. The Company promotes a portion of its services through five vertical market focus areas: technology service providers, manufacturing, healthcare (which includes services provided to healthcare providers, health insurers, and life sciences companies), financial services, and diversified industrials.

FINANCIAL RATIOS  of  Computer Task Group (CTG)

Valuation Ratios
P/E Ratio -2
Price to Sales 0.2
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 34.4
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -11.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -12.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 6.3%
Total Debt to Equity 6.3%
Interest Coverage 0
Management Effectiveness
Return On Assets -24.1%
Ret/ On Assets - 3 Yr. Avg. -4.7%
Return On Total Capital -34.5%
Ret/ On T. Cap. - 3 Yr. Avg. -6.5%
Return On Equity -35.5%
Return On Equity - 3 Yr. Avg. -6.8%
Asset Turnover 2.2
Profitability Ratios
Gross Margin 18.2%
Gross Margin - 3 Yr. Avg. 18.8%
EBITDA Margin -9.8%
EBITDA Margin - 3 Yr. Avg. -0.4%
Operating Margin -10.2%
Oper. Margin - 3 Yr. Avg. -1%
Pre-Tax Margin -10.5%
Pre-Tax Margin - 3 Yr. Avg. -1.1%
Net Profit Margin -10.8%
Net Profit Margin - 3 Yr. Avg. -2.1%
Effective Tax Rate -2.9%
Eff/ Tax Rate - 3 Yr. Avg. 24.9%
Payout Ratio -8.6%

CTG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CTG stock intrinsic value calculation we used $301.21 million for the last fiscal year's total revenue generated by Computer Task Group. The default revenue input number comes from 0001 income statement of Computer Task Group. 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 CTG stock valuation model: a) initial revenue growth rate of 22.7% 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 CTG is calculated based on our internal credit rating of Computer Task Group, 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 Computer Task Group.
    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 CTG stock the variable cost ratio is equal to 110.3%.

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 CTG 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 8% for Computer Task Group.

Corporate tax rate of 27% is the nominal tax rate for Computer Task Group. 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 CTG 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 CTG are equal to 2.1%.

Life of production assets of 4.1 years is the average useful life of capital assets used in Computer Task Group 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 CTG is equal to 13.2%. 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 - $78.624 million for Computer Task Group - 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 14.471 million for Computer Task Group 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 Computer Task Group at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Computer Task Group: 3Q Earnings Snapshot   [07:10AM  Associated Press]
▶ CTG Reports 2018 Third Quarter Results   [06:55AM  GlobeNewswire]
▶ Computer Task Group: 2Q Earnings Snapshot   [Jul-19-18 07:12AM  Associated Press]
▶ CTG Reports 2018 Second Quarter Results   [06:55AM  GlobeNewswire]
▶ Earnings Preview: Computer Task Group   [Jul-18-18 04:00PM  Benzinga]
▶ CTG Announces EIM Advantage Solution   [May-30-18 09:00AM  GlobeNewswire]
▶ Computer Task Group: 1Q Earnings Snapshot   [07:16AM  Associated Press]
▶ CTG Reports 2018 First Quarter Results   [06:55AM  GlobeNewswire]
▶ Who Owns CUBEITG SA (WSE:CTG)?   [Apr-13-18 08:27AM  Simply Wall St.]
▶ CTG Expands Share Repurchase Authorization by $10 Million   [Apr-02-18 06:55AM  GlobeNewswire]
▶ CUBEITG SA (WSE:CTG): Time For A Financial Health Check   [Mar-28-18 02:28AM  Simply Wall St.]
▶ Computer Task Group reports 4Q loss   [Feb-20-18 08:47AM  Associated Press]
▶ CTG Announces Acquisition of SOFT COMPANY   [08:20AM  GlobeNewswire]
▶ CTG to Present at NobleCon14 on January 29   [Jan-16-18 09:00AM  GlobeNewswire]
▶ CTG Appoints Jeff Gerkin Executive Vice President, Sales   [Dec-11-17 09:25AM  GlobeNewswire]
▶ Computer Task Group posts 3Q profit   [07:07AM  Associated Press]
▶ CTG Reports 2017 Third Quarter Results   [06:55AM  GlobeNewswire]
▶ Computer Task Group posts 2Q profit   [Jul-25-17 09:56PM  Associated Press]
▶ CTG Reports 2017 Second Quarter Results   [06:55AM  GlobeNewswire]
▶ 9 Stocks Charles Brandes Continues to Buy   [Jun-01-17 03:13PM  GuruFocus.com]
▶ CTG Announces Application Advantage(TM) Solution Portfolio   [May-16-17 09:26AM  GlobeNewswire]
▶ Computer Task Group posts 1Q profit   [Apr-25-17 07:28AM  Associated Press]
▶ CTG Reports 2017 First Quarter Results   [06:55AM  GlobeNewswire]

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