Investopedia: CA - Quality Is There, Growth Is Not

Looking only at cash flow, CA Technologies (NYSE:CA) should be a slam-dunk for value investors. The company produces a lot of cash flow, has a strong position in its core markets, and provides software that is critical enough to its customers' operations that switch-overs to competitors' products are not undertaken lightly.

But then there is the growth problem. CA Technologies just is not growing that much, has not grown much in a long time, and serves a market (mainframes) that seems to be in inexorable decline. Given the relative scarcity of technology value investors, then, CA is a stock may well be much too cheap and yet could languish anyway.

A Fiscal Fourth Quarter that Was Not Strong 

Sometimes companies report earnings that look bad at first and get better with further exploration. In other cases, the opposite is true. It looks like CA Technologies belongs in that second category.

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http://stocks.investopedia.com/stock-analysis/2011/CA--Quality-Is-There-Growth-Is-Not-CA-IBM-BMC-CRM-RHT-SFSF-ORCL0516.aspx