Intrinsic value of Akamai Technologies - AKAM

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$60.28

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$60.28

 
Intrinsic value

$44.17

 
Up/down potential

-27%

 
Rating

sell

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

We calculate the intrinsic value of AKAM 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 10.3

 

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, %
  6.51
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
Revenue, $m
  2,340
  2,490
  2,646
  2,808
  2,977
  3,153
  3,337
  3,529
  3,729
  3,937
  4,156
  4,384
  4,622
  4,872
  5,133
  5,406
  5,691
  5,991
  6,304
  6,633
  6,977
  7,338
  7,716
  8,112
  8,528
  8,964
  9,421
  9,901
  10,404
  10,932
  11,485
Variable operating expenses, $m
 
  1,954
  2,069
  2,188
  2,312
  2,442
  2,577
  2,718
  2,865
  3,019
  3,179
  3,224
  3,400
  3,583
  3,775
  3,976
  4,186
  4,406
  4,637
  4,878
  5,131
  5,397
  5,675
  5,966
  6,272
  6,593
  6,929
  7,282
  7,652
  8,040
  8,447
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
  1,880
  1,954
  2,069
  2,188
  2,312
  2,442
  2,577
  2,718
  2,865
  3,019
  3,179
  3,224
  3,400
  3,583
  3,775
  3,976
  4,186
  4,406
  4,637
  4,878
  5,131
  5,397
  5,675
  5,966
  6,272
  6,593
  6,929
  7,282
  7,652
  8,040
  8,447
Operating income, $m
  460
  536
  577
  620
  665
  711
  760
  810
  863
  919
  976
  1,160
  1,223
  1,289
  1,358
  1,430
  1,506
  1,585
  1,668
  1,755
  1,846
  1,941
  2,041
  2,146
  2,256
  2,371
  2,492
  2,619
  2,752
  2,892
  3,038
EBITDA, $m
  794
  772
  820
  870
  923
  977
  1,034
  1,094
  1,156
  1,220
  1,288
  1,359
  1,432
  1,510
  1,591
  1,675
  1,764
  1,857
  1,954
  2,056
  2,162
  2,274
  2,391
  2,514
  2,643
  2,778
  2,920
  3,068
  3,224
  3,388
  3,559
Interest expense (income), $m
  0
  22
  25
  28
  30
  33
  36
  40
  43
  46
  50
  54
  58
  62
  66
  70
  75
  80
  85
  91
  96
  102
  108
  115
  122
  129
  136
  144
  152
  161
  170
Earnings before tax, $m
  459
  513
  552
  592
  634
  678
  723
  771
  821
  872
  927
  1,106
  1,165
  1,227
  1,292
  1,360
  1,430
  1,505
  1,583
  1,664
  1,749
  1,839
  1,933
  2,031
  2,134
  2,242
  2,356
  2,475
  2,600
  2,731
  2,868
Tax expense, $m
  143
  139
  149
  160
  171
  183
  195
  208
  222
  236
  250
  299
  315
  331
  349
  367
  386
  406
  427
  449
  472
  497
  522
  548
  576
  605
  636
  668
  702
  737
  774
Net income, $m
  316
  375
  403
  432
  463
  495
  528
  563
  599
  637
  676
  807
  851
  896
  943
  992
  1,044
  1,098
  1,155
  1,215
  1,277
  1,342
  1,411
  1,483
  1,558
  1,637
  1,720
  1,807
  1,898
  1,993
  2,094

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  837
  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
  4,373
  3,761
  3,996
  4,242
  4,497
  4,763
  5,041
  5,330
  5,632
  5,948
  6,278
  6,622
  6,982
  7,359
  7,753
  8,166
  8,597
  9,050
  9,523
  10,019
  10,539
  11,084
  11,655
  12,254
  12,882
  13,541
  14,231
  14,956
  15,716
  16,513
  17,349
Adjusted assets (=assets-cash), $m
  3,536
  3,761
  3,996
  4,242
  4,497
  4,763
  5,041
  5,330
  5,632
  5,948
  6,278
  6,622
  6,982
  7,359
  7,753
  8,166
  8,597
  9,050
  9,523
  10,019
  10,539
  11,084
  11,655
  12,254
  12,882
  13,541
  14,231
  14,956
  15,716
  16,513
  17,349
Revenue / Adjusted assets
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
Average production assets, $m
  553
  588
  624
  663
  703
  744
  788
  833
  880
  929
  981
  1,035
  1,091
  1,150
  1,211
  1,276
  1,343
  1,414
  1,488
  1,565
  1,647
  1,732
  1,821
  1,914
  2,013
  2,115
  2,223
  2,337
  2,455
  2,580
  2,711
Working capital, $m
  935
  105
  111
  118
  125
  132
  140
  148
  157
  165
  175
  184
  194
  205
  216
  227
  239
  252
  265
  279
  293
  308
  324
  341
  358
  376
  396
  416
  437
  459
  482
Total debt, $m
  640
  713
  790
  870
  952
  1,039
  1,129
  1,223
  1,322
  1,424
  1,531
  1,643
  1,760
  1,883
  2,011
  2,145
  2,285
  2,432
  2,586
  2,747
  2,916
  3,093
  3,279
  3,474
  3,678
  3,892
  4,116
  4,352
  4,599
  4,858
  5,130
Total liabilities, $m
  1,149
  1,222
  1,299
  1,379
  1,461
  1,548
  1,638
  1,732
  1,831
  1,933
  2,040
  2,152
  2,269
  2,392
  2,520
  2,654
  2,794
  2,941
  3,095
  3,256
  3,425
  3,602
  3,788
  3,983
  4,187
  4,401
  4,625
  4,861
  5,108
  5,367
  5,639
Total equity, $m
  3,224
  2,539
  2,698
  2,863
  3,035
  3,215
  3,402
  3,598
  3,802
  4,015
  4,237
  4,470
  4,713
  4,967
  5,233
  5,512
  5,803
  6,108
  6,428
  6,763
  7,114
  7,482
  7,867
  8,272
  8,695
  9,140
  9,606
  10,095
  10,608
  11,146
  11,711
Total liabilities and equity, $m
  4,373
  3,761
  3,997
  4,242
  4,496
  4,763
  5,040
  5,330
  5,633
  5,948
  6,277
  6,622
  6,982
  7,359
  7,753
  8,166
  8,597
  9,049
  9,523
  10,019
  10,539
  11,084
  11,655
  12,255
  12,882
  13,541
  14,231
  14,956
  15,716
  16,513
  17,350
Debt-to-equity ratio
  0.199
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.350
  0.350
  0.360
  0.370
  0.370
  0.380
  0.380
  0.390
  0.390
  0.400
  0.400
  0.410
  0.410
  0.410
  0.420
  0.420
  0.420
  0.430
  0.430
  0.430
  0.430
  0.440
  0.440
Adjusted equity ratio
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  316
  375
  403
  432
  463
  495
  528
  563
  599
  637
  676
  807
  851
  896
  943
  992
  1,044
  1,098
  1,155
  1,215
  1,277
  1,342
  1,411
  1,483
  1,558
  1,637
  1,720
  1,807
  1,898
  1,993
  2,094
Depreciation, amort., depletion, $m
  334
  236
  243
  250
  258
  266
  274
  283
  292
  302
  312
  199
  210
  221
  233
  245
  258
  272
  286
  301
  317
  333
  350
  368
  387
  407
  428
  449
  472
  496
  521
Funds from operations, $m
  906
  611
  646
  683
  721
  761
  802
  846
  891
  938
  988
  1,006
  1,060
  1,117
  1,176
  1,238
  1,303
  1,370
  1,441
  1,516
  1,594
  1,675
  1,761
  1,851
  1,945
  2,044
  2,147
  2,256
  2,370
  2,490
  2,615
Change in working capital, $m
  40
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  13
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
Cash from operations, $m
  866
  1,001
  639
  676
  714
  753
  795
  838
  883
  930
  979
  997
  1,050
  1,106
  1,165
  1,226
  1,291
  1,358
  1,428
  1,502
  1,579
  1,660
  1,745
  1,834
  1,928
  2,025
  2,128
  2,236
  2,349
  2,467
  2,592
Maintenance CAPEX, $m
  0
  -106
  -113
  -120
  -127
  -135
  -143
  -151
  -160
  -169
  -179
  -189
  -199
  -210
  -221
  -233
  -245
  -258
  -272
  -286
  -301
  -317
  -333
  -350
  -368
  -387
  -407
  -428
  -449
  -472
  -496
New CAPEX, $m
  -316
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -52
  -54
  -56
  -59
  -62
  -64
  -67
  -71
  -74
  -78
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -113
  -119
  -125
  -131
Cash from investing activities, $m
  -469
  -141
  -150
  -158
  -167
  -177
  -186
  -196
  -207
  -218
  -231
  -243
  -255
  -269
  -283
  -297
  -312
  -329
  -346
  -364
  -382
  -402
  -422
  -444
  -466
  -490
  -515
  -541
  -568
  -597
  -627
Free cash flow, $m
  397
  860
  490
  517
  546
  577
  608
  641
  675
  711
  749
  754
  795
  838
  882
  929
  978
  1,029
  1,082
  1,138
  1,197
  1,258
  1,323
  1,390
  1,461
  1,536
  1,613
  1,695
  1,781
  1,871
  1,965
Issuance/(repayment) of debt, $m
  0
  73
  77
  80
  83
  86
  90
  94
  98
  103
  107
  112
  117
  122
  128
  134
  140
  147
  154
  161
  169
  177
  186
  195
  204
  214
  224
  235
  247
  259
  272
Issuance/(repurchase) of shares, $m
  -314
  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  
  -354
  73
  77
  80
  83
  86
  90
  94
  98
  103
  107
  112
  117
  122
  128
  134
  140
  147
  154
  161
  169
  177
  186
  195
  204
  214
  224
  235
  247
  259
  272
Total cash flow (excl. dividends), $m
  35
  934
  566
  597
  629
  663
  698
  735
  774
  814
  856
  866
  912
  960
  1,010
  1,063
  1,118
  1,176
  1,236
  1,300
  1,366
  1,436
  1,509
  1,585
  1,665
  1,750
  1,838
  1,931
  2,028
  2,130
  2,237
Retained Cash Flow (-), $m
  -103
  -152
  -159
  -165
  -172
  -180
  -187
  -195
  -204
  -213
  -223
  -233
  -243
  -254
  -266
  -278
  -291
  -305
  -320
  -335
  -351
  -368
  -386
  -404
  -424
  -444
  -466
  -489
  -513
  -538
  -565
Prev. year cash balance distribution, $m
 
  837
  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
 
  1,619
  407
  432
  457
  484
  511
  540
  570
  601
  633
  634
  669
  706
  744
  785
  827
  871
  917
  965
  1,015
  1,068
  1,123
  1,181
  1,242
  1,305
  1,372
  1,442
  1,515
  1,592
  1,672
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
 
  1,552
  373
  376
  376
  375
  371
  365
  356
  345
  332
  301
  286
  268
  250
  230
  210
  189
  169
  149
  129
  110
  93
  77
  63
  51
  40
  31
  23
  17
  13
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Akamai Technologies, Inc. provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. The company offers performance and security solutions designed to help Websites and business applications operate while offering protection against security threats. It also provides media content delivery solutions that are designed to deliver movies, television shows, live events, games, social media, software downloads, and other content on the Internet in fixed line and mobile networks; adaptive delivery solutions for streaming video content; and download delivery solution that offers accelerated distribution for large file downloads, including games, progressive media files, documents, and other file-based content. In addition, the company offers a suite of analytics tools to monitor online video viewer experiences and the effectiveness of Web software downloads, while measuring audience engagement, and quality of service performance; and NetStorage, a cloud storage solution, as well as media services to deliver live and on-demand content to various devices and platforms. Further, it provides cloud security solutions, which help customers avoid data theft and downtime, and protect Internet-facing infrastructure; and cloud networking solutions to help customers enhance enterprise branch office and retail store productivity and revenue by accelerating applications, reducing bandwidth costs, and extending the Internet and public clouds into private wide area networks. Additionally, the company offers network operator solutions that are designed to help carriers to operate a network that capitalizes on traffic growth and new subscriber services; and professional services and solutions. It sells its solutions through direct sales and service organization; and through active channel partners. The company was founded in 1998 and is headquartered in Cambridge, Massachusetts.

FINANCIAL RATIOS  of  Akamai Technologies (AKAM)

Valuation Ratios
P/E Ratio 33
Price to Sales 4.5
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 12.1
Price to Free Cash Flow 19
Growth Rates
Sales Growth Rate 6.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -29%
Cap. Spend. - 3 Yr. Gr. Rate 4%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 19.9%
Total Debt to Equity 19.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 7.4%
Ret/ On Assets - 3 Yr. Avg. 8.3%
Return On Total Capital 8.3%
Ret/ On T. Cap. - 3 Yr. Avg. 9.3%
Return On Equity 10%
Return On Equity - 3 Yr. Avg. 10.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 65.4%
Gross Margin - 3 Yr. Avg. 67.1%
EBITDA Margin 33.9%
EBITDA Margin - 3 Yr. Avg. 35.1%
Operating Margin 19.7%
Oper. Margin - 3 Yr. Avg. 21.9%
Pre-Tax Margin 19.6%
Pre-Tax Margin - 3 Yr. Avg. 21.6%
Net Profit Margin 13.5%
Net Profit Margin - 3 Yr. Avg. 15%
Effective Tax Rate 31.2%
Eff/ Tax Rate - 3 Yr. Avg. 30.4%
Payout Ratio 0%

AKAM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AKAM stock intrinsic value calculation we used $2340 million for the last fiscal year's total revenue generated by Akamai Technologies. The default revenue input number comes from 2016 income statement of Akamai Technologies. 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 AKAM stock valuation model: a) initial revenue growth rate of 6.4% 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 AKAM is calculated based on our internal credit rating of Akamai Technologies, 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 Akamai Technologies.
    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 AKAM stock the variable cost ratio is equal to 78.8%.

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 AKAM 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 Akamai Technologies.

Corporate tax rate of 27% is the nominal tax rate for Akamai Technologies. 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 AKAM 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 AKAM are equal to 23.6%.

Life of production assets of 5.2 years is the average useful life of capital assets used in Akamai Technologies 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 AKAM is equal to 4.2%. 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 - $3224 million for Akamai Technologies - 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 170.854 million for Akamai Technologies 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 Akamai Technologies at the current share price and the inputted number of shares is $10.3 billion.


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COMPANY NEWS

▶ Akamai to Focus on 'Audience of You' at 2017 NAB Show   [Apr-20-17 06:30AM  PR Newswire]
▶ The 20 highest-paying tech companies in America   [Apr-12-17 08:46AM  Yahoo Finance]
▶ Americas Highest Paying Companies   [07:00AM  24/7 Wall St.]
▶ Akamai Completes Acquisition Of SOASTA   [Apr-07-17 06:30AM  PR Newswire]
▶ How Limelight Networks, Inc. Rose 15% in March   [Apr-05-17 07:31PM  Motley Fool]
▶ Akamai Agrees To Acquire SOASTA   [Mar-29-17 04:01PM  PR Newswire]
▶ Will Akamai's Investor Day Spark A Rally, Or Add Worries?   [Mar-28-17 04:12PM  Investor's Business Daily]
▶ Bear Of The Day: Akamai Tech (AKAM)   [Mar-27-17 06:49AM  Zacks]
▶ New Strong Sell Stocks for March 23rd   [Mar-23-17 06:55AM  Zacks]
▶ [$$] Boston Seed Seeks Up to $40 Million for Third Fund   [Mar-21-17 04:48PM  at The Wall Street Journal]
▶ Akamai Rescheduling 2017 Investor Summit For March 30   [Mar-13-17 11:11AM  PR Newswire]
▶ Akamai Technologies Continues to Drop   [Feb-17-17 03:57PM  at TheStreet]
▶ Why Did Akamai Technologies Stock Fall on February 8?   [Feb-10-17 07:37AM  at Market Realist]
▶ Cloud Security Helps Akamai's Growth   [07:07PM  at Bloomberg]
▶ Why Akamai Technologies, Inc. Fell Today   [01:39PM  at Motley Fool]
▶ Why Akamai lost about $1.5B in market value today   [12:07PM  at bizjournals.com]
▶ Akamai Rising: Q4 Revenue, Profit Beat   [04:29PM  at Barrons.com]
▶ Akamai Earnings On Tap After The Close   [01:37PM  at Forbes]
▶ Akamai Changes the Game for Remote Application Access   [Jan-24-17 06:30AM  PR Newswire]
▶ How Limelight Networks, Inc. Gained 75% in 2016   [Jan-17-17 09:44AM  at Motley Fool]
▶ Akamai to Host 2017 Investor Summit   [Jan-10-17 06:30AM  PR Newswire]
▶ This Is How Akamai Technologies, Inc. Gained 27% in 2016   [Jan-05-17 03:11PM  at Motley Fool]
▶ Akamai acquires California bot-detection startup   [Dec-19-16 03:50PM  at bizjournals.com]
▶ Akamai Acquires Cyberfend   [06:30AM  PR Newswire]
▶ [$$] Hertz slides after new chief executive announcement   [Dec-14-16 04:31PM  at Financial Times]
▶ Deutsche Bank Out With Top Tech Networking Stocks for 2017   [Dec-13-16 10:20AM  at 24/7 Wall St.]
▶ Akamai's CEO Is Still Buying. Should You Be Too?   [Dec-06-16 02:34PM  at Investopedia]
Stock chart of AKAM Financial statements of AKAM
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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