Intrinsic value of A10 Networks - ATEN

Previous Close

$7.82

  Intrinsic Value

$0.28

stock screener

  Rating & Target

str. sell

-96%

Previous close

$7.82

 
Intrinsic value

$0.28

 
Up/down potential

-96%

 
Rating

str. sell

We calculate the intrinsic value of ATEN 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 0.6

 

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, %
  15.58
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  230
  235
  240
  246
  253
  261
  269
  278
  288
  299
  310
  323
  336
  350
  365
  380
  397
  415
  433
  453
  474
  496
  519
  543
  569
  596
  625
  655
  686
  720
  754
Variable operating expenses, $m
 
  91
  93
  95
  98
  101
  104
  108
  111
  115
  120
  124
  129
  134
  140
  146
  152
  159
  166
  174
  182
  190
  199
  208
  218
  229
  240
  251
  263
  276
  289
Fixed operating expenses, $m
 
  168
  172
  177
  181
  186
  190
  195
  200
  205
  210
  215
  221
  226
  232
  238
  243
  250
  256
  262
  269
  275
  282
  289
  297
  304
  312
  319
  327
  336
  344
Total operating expenses, $m
  249
  259
  265
  272
  279
  287
  294
  303
  311
  320
  330
  339
  350
  360
  372
  384
  395
  409
  422
  436
  451
  465
  481
  497
  515
  533
  552
  570
  590
  612
  633
Operating income, $m
  -19
  -24
  -25
  -26
  -26
  -26
  -25
  -24
  -23
  -21
  -19
  -16
  -14
  -10
  -7
  -3
  1
  6
  11
  17
  23
  30
  38
  46
  54
  63
  73
  84
  96
  108
  121
EBITDA, $m
  -11
  -22
  -23
  -23
  -23
  -23
  -22
  -21
  -20
  -18
  -16
  -14
  -11
  -8
  -4
  0
  4
  9
  15
  20
  27
  34
  41
  50
  58
  68
  78
  89
  101
  113
  127
Interest expense (income), $m
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  1
  1
  1
  1
  2
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  6
Earnings before tax, $m
  -20
  -24
  -24
  -24
  -25
  -25
  -24
  -23
  -22
  -21
  -19
  -16
  -14
  -11
  -7
  -4
  0
  5
  10
  15
  21
  28
  35
  43
  51
  60
  69
  80
  91
  103
  115
Tax expense, $m
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  3
  4
  6
  8
  9
  12
  14
  16
  19
  22
  25
  28
  31
Net income, $m
  -21
  -24
  -24
  -24
  -25
  -25
  -24
  -23
  -22
  -21
  -19
  -16
  -14
  -11
  -7
  -4
  0
  4
  7
  11
  16
  20
  26
  31
  37
  44
  51
  58
  66
  75
  84

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
  221
  109
  112
  114
  118
  121
  125
  129
  134
  139
  144
  150
  156
  163
  170
  177
  185
  193
  202
  211
  220
  231
  241
  253
  265
  277
  291
  305
  319
  335
  351
Adjusted assets (=assets-cash), $m
  107
  109
  112
  114
  118
  121
  125
  129
  134
  139
  144
  150
  156
  163
  170
  177
  185
  193
  202
  211
  220
  231
  241
  253
  265
  277
  291
  305
  319
  335
  351
Revenue / Adjusted assets
  2.150
  2.156
  2.143
  2.158
  2.144
  2.157
  2.152
  2.155
  2.149
  2.151
  2.153
  2.153
  2.154
  2.147
  2.147
  2.147
  2.146
  2.150
  2.144
  2.147
  2.155
  2.147
  2.154
  2.146
  2.147
  2.152
  2.148
  2.148
  2.150
  2.149
  2.148
Average production assets, $m
  9
  9
  9
  9
  9
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
Working capital, $m
  98
  -16
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -24
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
Total debt, $m
  0
  -37
  -35
  -32
  -29
  -26
  -22
  -18
  -14
  -10
  -5
  0
  6
  11
  18
  24
  31
  39
  46
  55
  63
  73
  82
  92
  103
  115
  126
  139
  152
  166
  181
Total liabilities, $m
  135
  98
  100
  103
  106
  109
  113
  117
  121
  125
  130
  135
  141
  146
  153
  159
  166
  174
  181
  190
  198
  208
  217
  227
  238
  250
  261
  274
  287
  301
  316
Total equity, $m
  86
  11
  11
  11
  12
  12
  13
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
Total liabilities and equity, $m
  221
  109
  111
  114
  118
  121
  126
  130
  134
  139
  144
  150
  157
  162
  170
  177
  184
  193
  201
  211
  220
  231
  241
  252
  264
  278
  290
  304
  319
  334
  351
Debt-to-equity ratio
  0.000
  -3.370
  -3.090
  -2.790
  -2.470
  -2.130
  -1.780
  -1.430
  -1.070
  -0.710
  -0.350
  0.010
  0.360
  0.700
  1.040
  1.370
  1.690
  2.000
  2.300
  2.590
  2.870
  3.150
  3.410
  3.660
  3.900
  4.130
  4.350
  4.570
  4.770
  4.970
  5.150
Adjusted equity ratio
  -0.262
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -21
  -24
  -24
  -24
  -25
  -25
  -24
  -23
  -22
  -21
  -19
  -16
  -14
  -11
  -7
  -4
  0
  4
  7
  11
  16
  20
  26
  31
  37
  44
  51
  58
  66
  75
  84
Depreciation, amort., depletion, $m
  8
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
Funds from operations, $m
  31
  -22
  -21
  -22
  -22
  -22
  -21
  -21
  -19
  -18
  -16
  -14
  -11
  -8
  -5
  -1
  3
  7
  10
  15
  19
  24
  29
  35
  41
  48
  55
  63
  71
  80
  90
Change in working capital, $m
  12
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  19
  -21
  -21
  -21
  -22
  -21
  -21
  -20
  -19
  -17
  -15
  -13
  -10
  -7
  -4
  0
  4
  8
  12
  16
  21
  26
  31
  37
  43
  50
  57
  65
  74
  83
  92
Maintenance CAPEX, $m
  0
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
New CAPEX, $m
  -6
  0
  0
  0
  0
  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
Cash from investing activities, $m
  -96
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
Free cash flow, $m
  -77
  -23
  -23
  -23
  -24
  -23
  -23
  -22
  -21
  -20
  -18
  -16
  -13
  -10
  -7
  -3
  1
  4
  8
  12
  16
  21
  27
  32
  38
  45
  52
  59
  68
  76
  86
Issuance/(repayment) of debt, $m
  0
  -37
  2
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
Issuance/(repurchase) of shares, $m
  9
  63
  24
  25
  25
  25
  25
  24
  23
  21
  20
  17
  14
  11
  8
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  8
  26
  26
  28
  28
  28
  29
  28
  27
  25
  25
  22
  19
  17
  14
  11
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
Total cash flow (excl. dividends), $m
  -69
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  6
  7
  7
  7
  8
  8
  12
  16
  20
  25
  30
  36
  42
  49
  56
  64
  72
  81
  90
  100
Retained Cash Flow (-), $m
  -6
  -63
  -24
  -25
  -25
  -25
  -25
  -24
  -23
  -21
  -20
  -17
  -14
  -11
  -8
  -4
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
Prev. year cash balance distribution, $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
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
 
  54
  -21
  -21
  -21
  -20
  -19
  -18
  -17
  -15
  -13
  -10
  -8
  -4
  -1
  4
  8
  11
  15
  19
  24
  29
  35
  41
  48
  55
  62
  71
  79
  89
  99
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
  -19
  -18
  -17
  -16
  -14
  -12
  -11
  -9
  -7
  -5
  -3
  -2
  0
  1
  2
  2
  3
  3
  3
  3
  3
  3
  2
  2
  2
  2
  1
  1
  1
Current shareholders' claim on cash, %
  100
  50.0
  37.2
  27.7
  20.7
  15.6
  11.8
  9.1
  7.2
  5.8
  4.7
  4.0
  3.5
  3.1
  2.9
  2.8
  2.8
  2.8
  2.8
  2.8
  2.8
  2.8
  2.8
  2.8
  2.8
  2.8
  2.8
  2.8
  2.8
  2.8
  2.8

A10 Networks, Inc. is a provider of software and hardware solutions. The Company's solutions enable its customers to secure and optimize the performance of their data center and cloud applications, and secure their users, applications and infrastructure from Internet, Web and network threats at scale. The Company offers a portfolio of hardware, software and cloud offerings. Its customers include cloud providers, Web-scale companies, service providers, government organizations and enterprises. The Company's portfolio consists of six application delivery and security products, including Application Delivery Controllers (ADC), Lightning Application Delivery Service (Lightning ADS), Carrier Grade Network Address Translation (CGN), Threat Protection System (TPS), SSL Insight (SSLi) and Convergent Firewall (CFW). The Company's products are available in a range of form factors, such as optimized hardware appliances, bare metal software, virtual appliances and cloud-native software.

FINANCIAL RATIOS  of  A10 Networks (ATEN)

Valuation Ratios
P/E Ratio -25.3
Price to Sales 2.3
Price to Book 6.2
Price to Tangible Book
Price to Cash Flow 27.9
Price to Free Cash Flow 40.8
Growth Rates
Sales Growth Rate 15.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -10.1%
Ret/ On Assets - 3 Yr. Avg. -18.5%
Return On Total Capital -25.3%
Ret/ On T. Cap. - 3 Yr. Avg. -45.1%
Return On Equity -25.3%
Return On Equity - 3 Yr. Avg. -50%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 76.1%
Gross Margin - 3 Yr. Avg. 75.9%
EBITDA Margin -5.2%
EBITDA Margin - 3 Yr. Avg. -10.8%
Operating Margin -8.3%
Oper. Margin - 3 Yr. Avg. -14.7%
Pre-Tax Margin -8.7%
Pre-Tax Margin - 3 Yr. Avg. -15.5%
Net Profit Margin -9.1%
Net Profit Margin - 3 Yr. Avg. -16.2%
Effective Tax Rate -5%
Eff/ Tax Rate - 3 Yr. Avg. -4.5%
Payout Ratio 0%

ATEN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ATEN stock intrinsic value calculation we used $230 million for the last fiscal year's total revenue generated by A10 Networks. The default revenue input number comes from 2016 income statement of A10 Networks. 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 ATEN stock valuation model: a) initial revenue growth rate of 2% 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 ATEN is calculated based on our internal credit rating of A10 Networks, 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 A10 Networks.
    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 ATEN stock the variable cost ratio is equal to 38.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $164 million in the base year in the intrinsic value calculation for ATEN 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 A10 Networks.

Corporate tax rate of 27% is the nominal tax rate for A10 Networks. 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 ATEN 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 ATEN are equal to 3.7%.

Life of production assets of 1.6 years is the average useful life of capital assets used in A10 Networks 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 ATEN is equal to -7%. 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 - $86 million for A10 Networks - 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 70.767 million for A10 Networks 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 A10 Networks at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ 3 Tech Stocks Under $10 to Buy Now   [Dec-06-17 04:44PM  Zacks]
▶ 3 Tech Stocks With Great P/S Ratios To Buy Now   [Nov-13-17 05:26PM  Zacks]
▶ A10 Networks reports 3Q loss   [Oct-26-17 06:17PM  Associated Press]
▶ Is A10 Networks Inc (ATEN) Undervalued?   [02:30PM  Simply Wall St.]
▶ Tyson Foods and KB Home advance while Merck skids   [Sep-29-17 04:26PM  Associated Press]
▶ Why A10 Networks Shares Soared Today   [01:12PM  Motley Fool]
▶ A10 Surges Briefly After Raising Q3 Outlook   [Sep-28-17 05:34PM  Barrons.com]
▶ Why A10 Networks Fell 16% Last Month   [Aug-10-17 10:50AM  Motley Fool]
▶ A10 Networks to Participate in Upcoming Investor Conference   [Jul-31-17 04:03PM  Business Wire]
▶ Why A10 Networks Shares Soared Today   [Jul-28-17 12:45PM  Motley Fool]
▶ A10 Networks reports 2Q loss   [Jul-27-17 09:54PM  Associated Press]
▶ New Strong Sell Stocks for July 19th   [Jul-19-17 09:19AM  Zacks]
▶ Why A10 Networks Shares Got Crushed Today   [12:24PM  Motley Fool]
▶ Story Stocks from Briefing.com   [08:35AM  Briefing.com]
▶ After-hours buzz: CYBR, MYL & more   [Jul-13-17 05:56PM  CNBC]
▶ ETFs with exposure to A10 Networks, Inc. : July 5, 2017   [Jul-05-17 12:31PM  Capital Cube]
▶ ETFs with exposure to A10 Networks, Inc. : May 23, 2017   [May-23-17 12:26PM  Capital Cube]
▶ A10 Networks Names New Chief Financial Officer   [May-19-17 08:00AM  Business Wire]
▶ ETFs with exposure to A10 Networks, Inc. : May 9, 2017   [May-09-17 04:18PM  Capital Cube]
▶ Why A10 Networks Stock Plunged Today   [12:47PM  Motley Fool]
▶ A10 Networks reports 1Q loss   [Apr-27-17 05:34PM  Associated Press]
▶ Why A10 Networks Popped 19% in February   [Mar-14-17 08:42PM  Motley Fool]
▶ Is Solaredge Technologies Inc (SEDG) a Good Buy?   [Dec-12-16 05:06PM  at Insider Monkey]
▶ Hedge Funds Are Betting On A10 Networks Inc (ATEN)   [Dec-04-16 06:36PM  at Insider Monkey]
Financial statements of ATEN
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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