Intrinsic value of CTS - CTS

Previous Close

$37.50

  Intrinsic Value

$21.77

stock screener

  Rating & Target

sell

-42%

Previous close

$37.50

 
Intrinsic value

$21.77

 
Up/down potential

-42%

 
Rating

sell

We calculate the intrinsic value of CTS 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 1.2

 

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, %
  6.60
  6.44
  6.30
  6.17
  6.05
  5.94
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
Revenue, $m
  451
  480
  510
  542
  574
  609
  644
  681
  720
  761
  803
  847
  893
  941
  992
  1,045
  1,100
  1,158
  1,219
  1,282
  1,349
  1,419
  1,492
  1,569
  1,649
  1,733
  1,822
  1,915
  2,012
  2,114
Variable operating expenses, $m
  379
  402
  427
  452
  479
  506
  535
  565
  597
  629
  650
  685
  723
  762
  803
  846
  890
  937
  986
  1,038
  1,092
  1,148
  1,208
  1,270
  1,335
  1,403
  1,475
  1,550
  1,628
  1,711
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
  379
  402
  427
  452
  479
  506
  535
  565
  597
  629
  650
  685
  723
  762
  803
  846
  890
  937
  986
  1,038
  1,092
  1,148
  1,208
  1,270
  1,335
  1,403
  1,475
  1,550
  1,628
  1,711
Operating income, $m
  72
  78
  83
  89
  96
  102
  109
  116
  123
  131
  153
  161
  170
  179
  189
  199
  210
  221
  232
  244
  257
  270
  284
  299
  314
  330
  347
  365
  384
  403
EBITDA, $m
  109
  116
  123
  131
  139
  147
  156
  165
  174
  184
  194
  205
  216
  228
  240
  253
  266
  280
  295
  310
  326
  343
  361
  380
  399
  420
  441
  463
  487
  512
Interest expense (income), $m
  3
  4
  5
  6
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  23
  24
  26
  27
  29
  31
  33
  35
  37
  39
  42
  44
Earnings before tax, $m
  68
  73
  78
  83
  89
  94
  100
  106
  113
  120
  140
  148
  155
  164
  172
  181
  190
  200
  210
  220
  231
  243
  255
  268
  282
  296
  310
  326
  342
  359
Tax expense, $m
  18
  20
  21
  22
  24
  25
  27
  29
  30
  32
  38
  40
  42
  44
  46
  49
  51
  54
  57
  59
  62
  66
  69
  72
  76
  80
  84
  88
  92
  97
Net income, $m
  50
  53
  57
  61
  65
  69
  73
  78
  82
  87
  103
  108
  114
  119
  126
  132
  139
  146
  153
  161
  169
  177
  186
  196
  206
  216
  227
  238
  250
  262

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
  564
  600
  638
  677
  718
  761
  805
  852
  900
  951
  1,003
  1,059
  1,116
  1,177
  1,240
  1,306
  1,375
  1,448
  1,523
  1,603
  1,686
  1,773
  1,865
  1,961
  2,061
  2,167
  2,277
  2,393
  2,515
  2,643
Adjusted assets (=assets-cash), $m
  564
  600
  638
  677
  718
  761
  805
  852
  900
  951
  1,003
  1,059
  1,116
  1,177
  1,240
  1,306
  1,375
  1,448
  1,523
  1,603
  1,686
  1,773
  1,865
  1,961
  2,061
  2,167
  2,277
  2,393
  2,515
  2,643
Revenue / Adjusted assets
  0.800
  0.800
  0.799
  0.801
  0.799
  0.800
  0.800
  0.799
  0.800
  0.800
  0.801
  0.800
  0.800
  0.799
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
Average production assets, $m
  232
  247
  262
  278
  295
  313
  331
  350
  370
  391
  413
  435
  459
  484
  510
  537
  565
  595
  626
  659
  693
  729
  767
  806
  848
  891
  936
  984
  1,034
  1,087
Working capital, $m
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -38
  -40
  -43
  -45
  -47
  -49
  -52
  -55
  -57
  -60
  -63
Total debt, $m
  90
  103
  117
  132
  147
  163
  179
  197
  215
  233
  253
  273
  295
  317
  341
  365
  391
  418
  446
  475
  506
  539
  572
  608
  645
  684
  725
  769
  814
  861
Total liabilities, $m
  209
  223
  237
  251
  266
  282
  299
  316
  334
  353
  372
  393
  414
  437
  460
  485
  510
  537
  565
  595
  626
  658
  692
  727
  765
  804
  845
  888
  933
  980
Total equity, $m
  355
  377
  401
  426
  452
  478
  506
  536
  566
  598
  631
  666
  702
  740
  780
  821
  865
  911
  958
  1,008
  1,061
  1,115
  1,173
  1,233
  1,297
  1,363
  1,432
  1,505
  1,582
  1,662
Total liabilities and equity, $m
  564
  600
  638
  677
  718
  760
  805
  852
  900
  951
  1,003
  1,059
  1,116
  1,177
  1,240
  1,306
  1,375
  1,448
  1,523
  1,603
  1,687
  1,773
  1,865
  1,960
  2,062
  2,167
  2,277
  2,393
  2,515
  2,642
Debt-to-equity ratio
  0.250
  0.270
  0.290
  0.310
  0.330
  0.340
  0.350
  0.370
  0.380
  0.390
  0.400
  0.410
  0.420
  0.430
  0.440
  0.440
  0.450
  0.460
  0.470
  0.470
  0.480
  0.480
  0.490
  0.490
  0.500
  0.500
  0.510
  0.510
  0.510
  0.520
Adjusted equity ratio
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  50
  53
  57
  61
  65
  69
  73
  78
  82
  87
  103
  108
  114
  119
  126
  132
  139
  146
  153
  161
  169
  177
  186
  196
  206
  216
  227
  238
  250
  262
Depreciation, amort., depletion, $m
  37
  38
  40
  42
  43
  45
  47
  49
  51
  53
  41
  44
  46
  48
  51
  54
  57
  60
  63
  66
  69
  73
  77
  81
  85
  89
  94
  98
  103
  109
Funds from operations, $m
  87
  92
  97
  102
  108
  114
  120
  126
  133
  140
  144
  151
  159
  168
  177
  186
  195
  205
  216
  227
  238
  250
  263
  276
  290
  305
  320
  336
  353
  371
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
Cash from operations, $m
  87
  93
  98
  103
  109
  115
  121
  128
  134
  141
  145
  153
  161
  169
  178
  187
  197
  207
  218
  229
  240
  252
  265
  279
  293
  307
  323
  339
  356
  374
Maintenance CAPEX, $m
  -22
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -73
  -77
  -81
  -85
  -89
  -94
  -98
  -103
New CAPEX, $m
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -48
  -50
  -52
Cash from investing activities, $m
  -37
  -38
  -41
  -42
  -45
  -48
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -74
  -78
  -82
  -87
  -91
  -96
  -100
  -105
  -111
  -116
  -122
  -128
  -134
  -142
  -148
  -155
Free cash flow, $m
  51
  54
  58
  61
  64
  68
  72
  75
  79
  84
  84
  89
  94
  98
  104
  109
  115
  121
  127
  133
  140
  147
  155
  163
  171
  179
  188
  198
  208
  218
Issuance/(repayment) of debt, $m
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  25
  26
  27
  28
  29
  31
  32
  34
  36
  37
  39
  41
  43
  45
  47
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  
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  25
  26
  27
  28
  29
  31
  32
  34
  36
  37
  39
  41
  43
  45
  47
Total cash flow (excl. dividends), $m
  65
  68
  72
  75
  79
  84
  88
  93
  97
  102
  104
  109
  115
  121
  127
  134
  140
  148
  155
  163
  171
  180
  189
  198
  208
  218
  229
  241
  253
  265
Retained Cash Flow (-), $m
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -58
  -60
  -63
  -66
  -70
  -73
  -77
  -80
Prev. year cash balance distribution, $m
  11
  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
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
Cash available for distribution, $m
  54
  45
  48
  51
  54
  57
  60
  63
  67
  71
  71
  75
  79
  83
  87
  92
  97
  102
  107
  113
  119
  125
  131
  138
  145
  152
  160
  168
  176
  185
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
  52
  41
  42
  42
  42
  41
  41
  40
  38
  37
  34
  32
  30
  28
  26
  23
  21
  19
  17
  14
  12
  10
  9
  7
  6
  4
  3
  3
  2
  1
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
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CTS Corporation is a manufacturer of sensors, electronic components and actuators. The Company designs, manufactures and sells a line of sensors, electronic components and actuators primarily to original equipment manufacturers (OEMs) for the transportation, industrial, medical, information technology, defense and aerospace, and communications markets. It operates manufacturing facilities in North America, Asia and Europe. Its products perform specific electronic functions for a given product family and are intended for use in customer assemblies. The Company's products consist principally of sensors and actuators used in passenger or commercial vehicles; electronic components used in communications infrastructure, information technology and other high-speed applications; switches and potentiometers supplied to multiple markets, and fabricated piezoelectric materials and substrates used primarily in medical, industrial, defense and aerospace, and information technology markets.

FINANCIAL RATIOS  of  CTS (CTS)

Valuation Ratios
P/E Ratio 36.1
Price to Sales 3.1
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 26.1
Price to Free Cash Flow 47.3
Growth Rates
Sales Growth Rate 3.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 110%
Cap. Spend. - 3 Yr. Gr. Rate 8.4%
Financial Strength
Quick Ratio 114
Current Ratio 0.1
LT Debt to Equity 28%
Total Debt to Equity 28.3%
Interest Coverage 20
Management Effectiveness
Return On Assets 7.2%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 8.7%
Ret/ On T. Cap. - 3 Yr. Avg. 6%
Return On Equity 11.3%
Return On Equity - 3 Yr. Avg. 7.7%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 35.3%
Gross Margin - 3 Yr. Avg. 33.7%
EBITDA Margin 19.9%
EBITDA Margin - 3 Yr. Avg. 14%
Operating Margin 15.9%
Oper. Margin - 3 Yr. Avg. 10.3%
Pre-Tax Margin 14.4%
Pre-Tax Margin - 3 Yr. Avg. 9.1%
Net Profit Margin 8.6%
Net Profit Margin - 3 Yr. Avg. 5.7%
Effective Tax Rate 40.4%
Eff/ Tax Rate - 3 Yr. Avg. 37.6%
Payout Ratio 14.7%

CTS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CTS stock intrinsic value calculation we used $423 million for the last fiscal year's total revenue generated by CTS. The default revenue input number comes from 2017 income statement of CTS. 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 CTS stock valuation model: a) initial revenue growth rate of 6.6% 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 CTS is calculated based on our internal credit rating of CTS, 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 CTS.
    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 CTS stock the variable cost ratio is equal to 84.2%.

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 CTS 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 CTS.

Corporate tax rate of 27% is the nominal tax rate for CTS. 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 CTS stock is equal to 1%.

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 CTS are equal to 51.4%.

Life of production assets of 10 years is the average useful life of capital assets used in CTS 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 CTS is equal to -3%. 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 - $344 million for CTS - 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 33 million for CTS 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 CTS at the current share price and the inputted number of shares is $1.2 billion.

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DLPH Delphi Technol 44.82 78.50  str.buy

COMPANY NEWS

▶ CTS Corporation Declares A Dividend   [May-17-18 11:25AM  GlobeNewswire]
▶ Did City Service SE (WSE:CTS) Create Value For Shareholders?   [May-11-18 07:03AM  Simply Wall St.]
▶ CTS: 1Q Earnings Snapshot   [10:46AM  Associated Press]
▶ CTS Corporation to Host Earnings Call   [10:10AM  ACCESSWIRE]
▶ CTS Announces First Quarter 2018 Results   [08:00AM  GlobeNewswire]
▶ CTS to Present at Oppenheimer Industrial Growth Conference   [Apr-24-18 01:17PM  GlobeNewswire]
▶ CTS Corporation Declares a Dividend   [Feb-08-18 10:48AM  GlobeNewswire]
▶ CTS reports 4Q loss   [Feb-06-18 09:27AM  Associated Press]
▶ CTS Corporation to Host Earnings Call   [09:00AM  ACCESSWIRE]
▶ CTS to Present at the Needham Growth Conference   [Jan-03-18 11:59AM  GlobeNewswire]
▶ CTS Corp. Value Analysis (NYSE:CTS) : December 8, 2017   [Dec-08-17 01:57PM  Capital Cube]
▶ ETFs with exposure to CTS Corp. : December 1, 2017   [Dec-01-17 10:35AM  Capital Cube]
▶ ETFs with exposure to CTS Corp. : November 14, 2017   [Nov-14-17 02:11PM  Capital Cube]
▶ CTS Corporation Declares a Dividend   [Nov-09-17 11:29AM  Business Wire]
▶ ETFs with exposure to CTS Corp. : November 1, 2017   [Nov-01-17 12:03PM  Capital Cube]
▶ CTS Third quarter results in line with expectations   [Oct-26-17 05:00PM  Zacks Small Cap Research]
▶ CTS posts 3Q profit   [08:43AM  Associated Press]
▶ CTS Corporation to Host Earnings Call   [08:15AM  ACCESSWIRE]
▶ CTS Announces Third Quarter 2017 Results   [08:00AM  Business Wire]
▶ Should You Buy CTS Corporation (CTS) At This PE Ratio?   [Sep-28-17 08:30PM  Simply Wall St.]
▶ CTS Corp. Value Analysis (NYSE:CTS) : August 29, 2017   [Aug-28-17 08:19PM  Capital Cube]
▶ CTS Corporation Declares a Dividend   [Aug-23-17 06:59PM  Business Wire]
▶ ETFs with exposure to CTS Corp. : August 11, 2017   [Aug-11-17 05:12PM  Capital Cube]
▶ CTS: Second quarter earnings were above expectations   [Jul-31-17 01:00PM  Zacks Small Cap Research]
▶ CTS posts 2Q profit   [01:32AM  Associated Press]
▶ CTS Announces Second Quarter 2017 Results   [08:00AM  Business Wire]
▶ CTS Corp. Value Analysis (NYSE:CTS) : June 2, 2017   [Jun-02-17 02:52PM  Capital Cube]
▶ CTS Corporation Declares a Dividend   [May-18-17 04:30PM  Business Wire]
▶ CTS RF Sensor Technology Nominated for AMA Innovation Award   [May-04-17 06:17PM  Business Wire]
▶ ETFs with exposure to CTS Corp. : May 2, 2017   [May-02-17 03:54PM  Capital Cube]
▶ CTS to Present at Oppenheimer Industrial Growth Conference   [Apr-27-17 04:30PM  Business Wire]
▶ CTS posts 1Q profit   [09:38AM  Associated Press]
▶ CTS Announces First Quarter 2017 Results   [08:00AM  Business Wire]
▶ CTS to Present at the ROTH Conference   [Feb-23-17 11:50AM  Business Wire]
▶ CTS Adds 64 PPR Model to 291 Series of Optical Encoders   [Feb-09-17 04:30PM  Business Wire]
▶ CTS Corporation Declares Quarterly Dividend   [11:40AM  Business Wire]
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