Intrinsic value of CTS - CTS

Previous Close

$25.25

  Intrinsic Value

$8.53

stock screener

  Rating & Target

str. sell

-66%

Previous close

$25.25

 
Intrinsic value

$8.53

 
Up/down potential

-66%

 
Rating

str. sell

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

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 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 0.8

 

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, %
  3.93
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
Revenue, $m
  397
  425
  454
  485
  517
  550
  584
  620
  657
  696
  736
  778
  822
  868
  916
  966
  1,019
  1,074
  1,131
  1,191
  1,254
  1,320
  1,389
  1,462
  1,537
  1,617
  1,700
  1,788
  1,879
  1,975
  2,076
Variable operating expenses, $m
 
  404
  432
  460
  490
  521
  553
  586
  621
  657
  695
  729
  770
  813
  858
  905
  954
  1,006
  1,059
  1,116
  1,175
  1,236
  1,301
  1,369
  1,440
  1,514
  1,592
  1,674
  1,760
  1,849
  1,944
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
  334
  404
  432
  460
  490
  521
  553
  586
  621
  657
  695
  729
  770
  813
  858
  905
  954
  1,006
  1,059
  1,116
  1,175
  1,236
  1,301
  1,369
  1,440
  1,514
  1,592
  1,674
  1,760
  1,849
  1,944
Operating income, $m
  63
  21
  23
  25
  27
  29
  31
  33
  36
  38
  41
  50
  52
  55
  58
  61
  65
  68
  72
  76
  80
  84
  88
  93
  98
  103
  108
  114
  120
  126
  132
EBITDA, $m
  82
  42
  45
  48
  51
  54
  57
  61
  65
  68
  72
  77
  81
  85
  90
  95
  100
  106
  111
  117
  123
  130
  137
  144
  151
  159
  167
  176
  185
  194
  204
Interest expense (income), $m
  3
  3
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  29
  31
Earnings before tax, $m
  57
  18
  19
  21
  22
  24
  25
  27
  29
  30
  32
  40
  42
  45
  47
  49
  52
  54
  57
  60
  63
  66
  69
  72
  76
  80
  84
  88
  92
  97
  101
Tax expense, $m
  23
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
Net income, $m
  34
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  30
  31
  33
  34
  36
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  64
  67
  70
  74

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  114
  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
  518
  433
  462
  493
  526
  559
  594
  630
  668
  708
  749
  792
  836
  883
  932
  983
  1,037
  1,092
  1,151
  1,212
  1,276
  1,343
  1,413
  1,487
  1,564
  1,645
  1,730
  1,818
  1,912
  2,009
  2,112
Adjusted assets (=assets-cash), $m
  404
  433
  462
  493
  526
  559
  594
  630
  668
  708
  749
  792
  836
  883
  932
  983
  1,037
  1,092
  1,151
  1,212
  1,276
  1,343
  1,413
  1,487
  1,564
  1,645
  1,730
  1,818
  1,912
  2,009
  2,112
Revenue / Adjusted assets
  0.983
  0.982
  0.983
  0.984
  0.983
  0.984
  0.983
  0.984
  0.984
  0.983
  0.983
  0.982
  0.983
  0.983
  0.983
  0.983
  0.983
  0.984
  0.983
  0.983
  0.983
  0.983
  0.983
  0.983
  0.983
  0.983
  0.983
  0.983
  0.983
  0.983
  0.983
Average production assets, $m
  126
  134
  144
  153
  163
  174
  184
  196
  208
  220
  233
  246
  260
  274
  290
  305
  322
  339
  357
  376
  396
  417
  439
  462
  486
  511
  537
  565
  594
  624
  656
Working capital, $m
  118
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
Total debt, $m
  90
  103
  118
  133
  149
  166
  183
  201
  219
  239
  259
  280
  302
  325
  350
  375
  401
  429
  457
  488
  519
  552
  587
  623
  661
  701
  743
  787
  832
  881
  931
Total liabilities, $m
  200
  213
  228
  243
  259
  276
  293
  311
  329
  349
  369
  390
  412
  435
  460
  485
  511
  539
  567
  598
  629
  662
  697
  733
  771
  811
  853
  897
  942
  991
  1,041
Total equity, $m
  318
  219
  234
  250
  266
  283
  301
  320
  339
  359
  380
  401
  424
  448
  473
  498
  526
  554
  583
  615
  647
  681
  717
  754
  793
  834
  877
  922
  969
  1,019
  1,071
Total liabilities and equity, $m
  518
  432
  462
  493
  525
  559
  594
  631
  668
  708
  749
  791
  836
  883
  933
  983
  1,037
  1,093
  1,150
  1,213
  1,276
  1,343
  1,414
  1,487
  1,564
  1,645
  1,730
  1,819
  1,911
  2,010
  2,112
Debt-to-equity ratio
  0.283
  0.470
  0.500
  0.530
  0.560
  0.580
  0.610
  0.630
  0.650
  0.670
  0.680
  0.700
  0.710
  0.730
  0.740
  0.750
  0.760
  0.770
  0.780
  0.790
  0.800
  0.810
  0.820
  0.830
  0.830
  0.840
  0.850
  0.850
  0.860
  0.860
  0.870
Adjusted equity ratio
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  34
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  30
  31
  33
  34
  36
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  64
  67
  70
  74
Depreciation, amort., depletion, $m
  19
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  27
  29
  30
  32
  34
  35
  37
  39
  41
  44
  46
  48
  51
  53
  56
  59
  62
  65
  69
  72
Funds from operations, $m
  38
  34
  36
  38
  40
  42
  45
  47
  50
  53
  55
  57
  60
  63
  66
  70
  73
  77
  81
  85
  89
  94
  99
  104
  109
  114
  120
  126
  132
  139
  146
Change in working capital, $m
  -9
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Cash from operations, $m
  47
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  56
  59
  62
  65
  69
  72
  76
  80
  84
  89
  93
  98
  103
  108
  113
  119
  125
  131
  138
  145
Maintenance CAPEX, $m
  0
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -69
New CAPEX, $m
  -21
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
Cash from investing activities, $m
  -81
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -34
  -35
  -37
  -39
  -41
  -44
  -45
  -48
  -51
  -52
  -55
  -58
  -61
  -65
  -68
  -71
  -75
  -78
  -82
  -87
  -91
  -95
  -101
Free cash flow, $m
  -34
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  33
  35
  37
  38
  40
  42
  44
Issuance/(repayment) of debt, $m
  -2
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  51
Issuance/(repurchase) of shares, $m
  0
  1
  1
  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
Cash from financing (excl. dividends), $m  
  -4
  15
  16
  16
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  51
Total cash flow (excl. dividends), $m
  -38
  26
  27
  28
  29
  30
  32
  33
  35
  36
  38
  38
  40
  42
  44
  46
  49
  51
  53
  56
  59
  62
  65
  68
  71
  75
  78
  82
  86
  90
  95
Retained Cash Flow (-), $m
  -36
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
Prev. year cash balance distribution, $m
 
  113
  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
 
  125
  12
  13
  13
  13
  14
  15
  16
  16
  17
  17
  17
  18
  19
  20
  22
  23
  24
  25
  26
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
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
 
  120
  11
  11
  11
  10
  10
  10
  10
  9
  9
  8
  7
  7
  7
  6
  5
  5
  4
  4
  3
  3
  2
  2
  2
  1
  1
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  99.7
  99.5
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4

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 24.3
Price to Sales 2.1
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 17.6
Price to Free Cash Flow 31.8
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 $397 million for the last fiscal year's total revenue generated by CTS. The default revenue input number comes from 2016 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 7.1% 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 95.2%.

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 3.5% 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 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 CTS are equal to 31.6%.

Life of production assets of 9.1 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 1.3%. 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 - $318 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 32.933 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 $0.8 billion.

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COMPANY NEWS

▶ 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]
▶ CTS posts 4Q profit   [08:26AM  Associated Press]
▶ CTS Awarded Global Accelerator Pedal Module Program   [Dec-01-16 08:50AM  Business Wire]
▶ CTS Corporation Declares Quarterly Dividend   [Nov-10-16 04:30PM  Business Wire]
▶ CTS Announces Third Quarter 2016 Results   [08:00AM  Business Wire]
▶ L-3 to Grow Int'l Business with ANA Contract (LLL)   [Sep-22-16 12:19PM  at Investopedia]
▶ CTS Corporation Declares Quarterly Dividend   [Aug-26-16 09:01AM  Business Wire]
▶ CTS posts 2Q profit   [08:06AM  AP]
▶ CTS Announces Second Quarter 2016 Results   [08:00AM  Business Wire]
▶ CTS To Host Investor Day Conference in NYC on September 8   [Jul-25-16 04:30PM  Business Wire]
▶ CTS Introduces New Miniature Low Noise PLL Timing Modules   [Jun-09-16 04:30PM  Business Wire]
Financial statements of CTS
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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