10-4 on that. There are 2 ways to replace that. One, leave the ferrule and nut on the copper and install the new valve. If that leaks you will have to cut below where the ferrule is.
Yeah, the easiest way is to treat it like a flare, and leave the nut and olive in place and put a new valve on. Yes, a little dope won't hurt, although I'd just use a touch of silicone grease on the olive and threads.
But if it were my house, I'd cut the pipe end off, sweat on two male threaded ends (one for each valve), and screw on new quarter turn ceramic seated valves.
I passionately hate compression fittings as much as I hate packing peanuts (the latter is of course my true arch nemesis).
I'd put 1/4 turn valves in there too.
Don't forget to turn off the water supply ahead of this valve. ( ask me how I know to do this!)

Don't forget to turn off the water supply ahead of this valve. ( ask me how I know to do this!)
You can fix the valve without removing the body from the pipe. First loosen the packing nut which holds the handle and stem in place(not the handle which is usually held in by a Phillips screw). Once the packing nut is unthreaded turn the handle to the left until it comes out. You should now see the packing washer which is about 3/4 in diameter and on the end of the stem you will probably see nothing but a metal nub. Buy a new valve. Take apart the same way, you will see a rubber washer approximately 1/2 inch
On the metal nub. You can either take that one off and put it on the old stem or see if the new stem will fit in the valve.
Most times the new stem will fit but it looks like yours is plastic. When you put the packing nut back on do so hand tight + 1/4 turn with pliers. If the packing still leaks give it a bit more but excessive tightening will only make the handle hard to open and close.
You can fix the valve without removing the body from the pipe. First loosen the packing nut which holds the handle and stem in place(not the handle which is usually held in by a Phillips screw). Once the packing nut is unthreaded turn the handle to the left until it comes out. You should now see the packing washer which is about 3/4 in diameter and on the end of the stem ...
I usually put a thin film of pipe dope on the old ferrule so that if there is any irregularity it has a better chance of sealing. I almost never have to replace the old nut and ferrule doing that way.
