Intrinsic value of Check Point Software Technologies - CHKP

Previous Close

$106.82

  Intrinsic Value

$84.56

stock screener

  Rating & Target

sell

-21%

  Value-price divergence*

-5%

Previous close

$106.82

 
Intrinsic value

$84.56

 
Up/down potential

-21%

 
Rating

sell

 
Value-price divergence*

-5%

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

We calculate the intrinsic value of CHKP 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 18.6

 

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, %
  6.81
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
Revenue, $m
  1,741
  1,875
  2,014
  2,159
  2,310
  2,466
  2,629
  2,798
  2,974
  3,157
  3,348
  3,547
  3,754
  3,971
  4,196
  4,432
  4,678
  4,936
  5,205
  5,486
  5,780
  6,088
  6,411
  6,748
  7,102
  7,472
  7,860
  8,267
  8,693
  9,140
  9,609
Variable operating expenses, $m
 
  903
  964
  1,028
  1,094
  1,162
  1,233
  1,308
  1,385
  1,465
  1,549
  1,555
  1,646
  1,741
  1,840
  1,943
  2,051
  2,164
  2,282
  2,405
  2,534
  2,669
  2,810
  2,958
  3,113
  3,276
  3,446
  3,624
  3,811
  4,007
  4,212
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
  889
  903
  964
  1,028
  1,094
  1,162
  1,233
  1,308
  1,385
  1,465
  1,549
  1,555
  1,646
  1,741
  1,840
  1,943
  2,051
  2,164
  2,282
  2,405
  2,534
  2,669
  2,810
  2,958
  3,113
  3,276
  3,446
  3,624
  3,811
  4,007
  4,212
Operating income, $m
  852
  972
  1,050
  1,131
  1,216
  1,304
  1,395
  1,490
  1,589
  1,692
  1,799
  1,992
  2,109
  2,230
  2,357
  2,489
  2,628
  2,772
  2,923
  3,081
  3,246
  3,419
  3,600
  3,790
  3,989
  4,197
  4,415
  4,643
  4,883
  5,134
  5,397
EBITDA, $m
  867
  1,056
  1,134
  1,216
  1,301
  1,389
  1,480
  1,576
  1,675
  1,778
  1,885
  1,997
  2,114
  2,236
  2,363
  2,496
  2,635
  2,779
  2,931
  3,089
  3,255
  3,429
  3,610
  3,800
  3,999
  4,208
  4,426
  4,655
  4,896
  5,147
  5,411
Interest expense (income), $m
  0
  0
  5
  9
  14
  20
  25
  31
  37
  43
  49
  56
  63
  70
  77
  85
  93
  102
  111
  120
  130
  140
  151
  162
  174
  186
  199
  212
  226
  241
  257
Earnings before tax, $m
  897
  972
  1,046
  1,122
  1,202
  1,284
  1,370
  1,459
  1,552
  1,649
  1,750
  1,936
  2,046
  2,160
  2,280
  2,404
  2,534
  2,670
  2,812
  2,961
  3,117
  3,279
  3,450
  3,628
  3,815
  4,011
  4,216
  4,431
  4,656
  4,892
  5,140
Tax expense, $m
  172
  262
  282
  303
  324
  347
  370
  394
  419
  445
  473
  523
  552
  583
  615
  649
  684
  721
  759
  799
  841
  885
  931
  980
  1,030
  1,083
  1,138
  1,196
  1,257
  1,321
  1,388
Net income, $m
  725
  709
  763
  819
  877
  937
  1,000
  1,065
  1,133
  1,204
  1,278
  1,414
  1,494
  1,577
  1,664
  1,755
  1,850
  1,949
  2,053
  2,162
  2,275
  2,394
  2,518
  2,649
  2,785
  2,928
  3,078
  3,235
  3,399
  3,571
  3,752

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,373
  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
  5,218
  4,139
  4,447
  4,766
  5,098
  5,444
  5,803
  6,176
  6,565
  6,969
  7,391
  7,830
  8,287
  8,765
  9,263
  9,784
  10,327
  10,895
  11,489
  12,110
  12,760
  13,440
  14,152
  14,897
  15,677
  16,495
  17,352
  18,249
  19,191
  20,177
  21,212
Adjusted assets (=assets-cash), $m
  3,845
  4,139
  4,447
  4,766
  5,098
  5,444
  5,803
  6,176
  6,565
  6,969
  7,391
  7,830
  8,287
  8,765
  9,263
  9,784
  10,327
  10,895
  11,489
  12,110
  12,760
  13,440
  14,152
  14,897
  15,677
  16,495
  17,352
  18,249
  19,191
  20,177
  21,212
Revenue / Adjusted assets
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
Average production assets, $m
  79
  84
  91
  97
  104
  111
  118
  126
  134
  142
  151
  160
  169
  179
  189
  199
  211
  222
  234
  247
  260
  274
  288
  304
  320
  336
  354
  372
  391
  411
  432
Working capital, $m
  726
  -188
  -201
  -216
  -231
  -247
  -263
  -280
  -297
  -316
  -335
  -355
  -375
  -397
  -420
  -443
  -468
  -494
  -520
  -549
  -578
  -609
  -641
  -675
  -710
  -747
  -786
  -827
  -869
  -914
  -961
Total debt, $m
  0
  132
  270
  413
  562
  717
  878
  1,046
  1,221
  1,402
  1,591
  1,789
  1,994
  2,208
  2,432
  2,666
  2,910
  3,165
  3,432
  3,711
  4,002
  4,307
  4,627
  4,962
  5,312
  5,679
  6,064
  6,467
  6,890
  7,333
  7,797
Total liabilities, $m
  1,727
  1,859
  1,997
  2,140
  2,289
  2,444
  2,605
  2,773
  2,948
  3,129
  3,318
  3,516
  3,721
  3,935
  4,159
  4,393
  4,637
  4,892
  5,159
  5,438
  5,729
  6,034
  6,354
  6,689
  7,039
  7,406
  7,791
  8,194
  8,617
  9,060
  9,524
Total equity, $m
  3,491
  2,281
  2,450
  2,626
  2,809
  2,999
  3,197
  3,403
  3,617
  3,840
  4,072
  4,314
  4,566
  4,830
  5,104
  5,391
  5,690
  6,003
  6,331
  6,673
  7,031
  7,405
  7,798
  8,208
  8,638
  9,089
  9,561
  10,055
  10,574
  11,118
  11,688
Total liabilities and equity, $m
  5,218
  4,140
  4,447
  4,766
  5,098
  5,443
  5,802
  6,176
  6,565
  6,969
  7,390
  7,830
  8,287
  8,765
  9,263
  9,784
  10,327
  10,895
  11,490
  12,111
  12,760
  13,439
  14,152
  14,897
  15,677
  16,495
  17,352
  18,249
  19,191
  20,178
  21,212
Debt-to-equity ratio
  0.000
  0.060
  0.110
  0.160
  0.200
  0.240
  0.270
  0.310
  0.340
  0.370
  0.390
  0.410
  0.440
  0.460
  0.480
  0.490
  0.510
  0.530
  0.540
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
Adjusted equity ratio
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  725
  709
  763
  819
  877
  937
  1,000
  1,065
  1,133
  1,204
  1,278
  1,414
  1,494
  1,577
  1,664
  1,755
  1,850
  1,949
  2,053
  2,162
  2,275
  2,394
  2,518
  2,649
  2,785
  2,928
  3,078
  3,235
  3,399
  3,571
  3,752
Depreciation, amort., depletion, $m
  15
  84
  84
  84
  85
  85
  85
  85
  86
  86
  86
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
Funds from operations, $m
  940
  794
  847
  904
  962
  1,022
  1,085
  1,151
  1,219
  1,290
  1,364
  1,419
  1,499
  1,583
  1,670
  1,762
  1,857
  1,957
  2,061
  2,170
  2,284
  2,403
  2,528
  2,659
  2,796
  2,939
  3,089
  3,247
  3,412
  3,585
  3,767
Change in working capital, $m
  -6
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
Cash from operations, $m
  946
  807
  861
  918
  977
  1,038
  1,102
  1,168
  1,237
  1,308
  1,383
  1,439
  1,520
  1,605
  1,693
  1,785
  1,882
  1,982
  2,088
  2,198
  2,313
  2,434
  2,560
  2,692
  2,831
  2,976
  3,128
  3,288
  3,455
  3,630
  3,814
Maintenance CAPEX, $m
  0
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
New CAPEX, $m
  -24
  -5
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
Cash from investing activities, $m
  -110
  -8
  -9
  -10
  -10
  -10
  -11
  -12
  -12
  -12
  -14
  -14
  -14
  -16
  -16
  -17
  -18
  -19
  -19
  -21
  -21
  -23
  -24
  -25
  -26
  -28
  -28
  -30
  -31
  -33
  -35
Free cash flow, $m
  836
  799
  852
  908
  967
  1,027
  1,091
  1,156
  1,224
  1,295
  1,370
  1,425
  1,505
  1,589
  1,677
  1,768
  1,864
  1,964
  2,068
  2,177
  2,292
  2,411
  2,537
  2,668
  2,805
  2,949
  3,100
  3,257
  3,423
  3,597
  3,779
Issuance/(repayment) of debt, $m
  0
  132
  138
  143
  149
  155
  161
  168
  174
  182
  189
  197
  206
  214
  224
  234
  244
  255
  267
  279
  292
  305
  320
  335
  350
  367
  385
  403
  423
  443
  464
Issuance/(repurchase) of shares, $m
  -859
  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  
  -841
  132
  138
  143
  149
  155
  161
  168
  174
  182
  189
  197
  206
  214
  224
  234
  244
  255
  267
  279
  292
  305
  320
  335
  350
  367
  385
  403
  423
  443
  464
Total cash flow (excl. dividends), $m
  -5
  930
  990
  1,052
  1,116
  1,182
  1,252
  1,324
  1,399
  1,477
  1,559
  1,622
  1,711
  1,804
  1,901
  2,002
  2,108
  2,219
  2,335
  2,456
  2,583
  2,717
  2,856
  3,002
  3,155
  3,316
  3,484
  3,661
  3,846
  4,040
  4,243
Retained Cash Flow (-), $m
  41
  -163
  -169
  -176
  -183
  -190
  -198
  -206
  -214
  -223
  -232
  -242
  -252
  -263
  -275
  -287
  -300
  -313
  -327
  -342
  -358
  -375
  -392
  -411
  -430
  -451
  -472
  -495
  -519
  -544
  -570
Prev. year cash balance distribution, $m
 
  1,373
  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
 
  2,141
  821
  876
  933
  992
  1,054
  1,118
  1,185
  1,254
  1,327
  1,380
  1,459
  1,540
  1,626
  1,715
  1,808
  1,906
  2,008
  2,114
  2,225
  2,342
  2,464
  2,592
  2,725
  2,865
  3,012
  3,166
  3,327
  3,496
  3,673
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
 
  2,052
  752
  762
  768
  769
  765
  755
  740
  720
  695
  655
  622
  586
  546
  504
  460
  415
  370
  326
  283
  242
  204
  170
  139
  111
  88
  68
  51
  38
  28
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

Check Point Software Technologies Ltd. offers software and combined hardware products and services for IT security worldwide. The company offers a portfolio of network security, endpoint security, data security, and management solutions. Its solutions for data centers and enterprises include data center and enterprise network security appliances; integrated appliance solutions that provide integrated software and hardware bundles, and direct support; and vSEC public and private cloud solutions for integrated security. The company’s solutions for small businesses and branch offices comprise turn-key appliances and a cloud managed security services; and consumer and home applications include ZoneAlarm products that provide integrated threat protection solutions for PCs and mobile devices. It also provides threat prevention solutions, such as Sandblast zero day protection, threat prevention appliances and software, threat intelligence, distributed denial-of-service, and Web security solutions; security management solution, such as policy management, operations and workflow, and monitoring and analysis solutions; mobile security solutions comprising mobile threat prevention and document protection solutions; and endpoint security solutions, such as secure data, devices, and policy solutions. In addition, the company offers technical services, such as technical customer support programs and plans; certification and educational training; and professional services in implementing, upgrading, and optimizing products comprising design planning and security implementation services. It sells its products and services to enterprises, service providers, small and medium sized businesses, and consumers through a network of channel partners, such as distributors, value-added resellers, retail and direct marketing partners, systems integrators, and managed service providers. The company was founded in 1993 and is headquartered in Tel Aviv, Israel.

FINANCIAL RATIOS  of  Check Point Software Technologies (CHKP)

Valuation Ratios
P/E Ratio 24.5
Price to Sales 10.2
Price to Book 5.1
Price to Tangible Book
Price to Cash Flow 18.7
Price to Free Cash Flow 19.2
Growth Rates
Sales Growth Rate 6.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 41.2%
Cap. Spend. - 3 Yr. Gr. Rate 19.1%
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 14.1%
Ret/ On Assets - 3 Yr. Avg. 13.7%
Return On Total Capital 20.6%
Ret/ On T. Cap. - 3 Yr. Avg. 19.3%
Return On Equity 20.6%
Return On Equity - 3 Yr. Avg. 19.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 88.4%
Gross Margin - 3 Yr. Avg. 88.3%
EBITDA Margin 52.4%
EBITDA Margin - 3 Yr. Avg. 54.4%
Operating Margin 48.9%
Oper. Margin - 3 Yr. Avg. 51.3%
Pre-Tax Margin 51.5%
Pre-Tax Margin - 3 Yr. Avg. 53.5%
Net Profit Margin 41.6%
Net Profit Margin - 3 Yr. Avg. 42.6%
Effective Tax Rate 19.2%
Eff/ Tax Rate - 3 Yr. Avg. 20.4%
Payout Ratio 0%

CHKP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CHKP stock intrinsic value calculation we used $1741 million for the last fiscal year's total revenue generated by Check Point Software Technologies. The default revenue input number comes from 2016 income statement of Check Point Software 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 CHKP stock valuation model: a) initial revenue growth rate of 7.7% 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 CHKP is calculated based on our internal credit rating of Check Point Software 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 Check Point Software 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 CHKP stock the variable cost ratio is equal to 48.5%.

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 CHKP 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 Check Point Software Technologies.

Corporate tax rate of 27% is the nominal tax rate for Check Point Software 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 CHKP 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 CHKP are equal to 4.5%.

Life of production assets of 59.4 years is the average useful life of capital assets used in Check Point Software 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 CHKP is equal to -10%. 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 - $3491 million for Check Point Software 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 174.351 million for Check Point Software 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 Check Point Software Technologies at the current share price and the inputted number of shares is $18.6 billion.

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COMPANY NEWS

▶ Teva Falls Hard, Loses Title as Israel's Biggest Firm   [Aug-15-17 12:07PM  TheStreet.com]
▶ Short Sellers Grow More Selective in Cybersecurity Stocks   [Aug-10-17 09:35AM  24/7 Wall St.]
▶ Short Sellers Grow More Selective on Cybersecurity Stocks   [Jul-26-17 10:30AM  24/7 Wall St.]
▶ Check Point tops Street 2Q forecasts   [12:30AM  Associated Press]
▶ Check Point Software Drops Despite Earnings Beat   [06:35AM  Investor's Business Daily]
▶ Stocks Higher As This Industry Gets Hot; New Entry For Alphabet?   [Jul-19-17 01:35PM  Investor's Business Daily]
▶ CyberArk Plunges After Preannouncing Q2 Revenue Miss   [Jul-13-17 06:08PM  Investor's Business Daily]
▶ Leveraging AI To Maximize Cybersecurity ROI   [Jul-10-17 09:09AM  Forbes]
▶ 4 Signs Check Point Software's Best Days Are Ahead   [Jul-09-17 01:02PM  Motley Fool]
▶ 3 Cybersecurity Stocks That Arent Done Growing   [Jul-05-17 08:03PM  Motley Fool]
▶ Yahoo Finance Live: Market Movers - Jun 28th, 2017   [07:20AM  Yahoo Finance Video]
▶ Ignore FireEye Inc -- Here Are 3 Better Stocks   [Jun-25-17 02:18PM  Motley Fool]
▶ 5 Reasons FireEye Inc. Stock Could Fall   [Jun-21-17 01:42PM  Motley Fool]
▶ Ignore Palo Alto Networks Inc: Here Are 3 Better Stocks   [Jun-16-17 07:05PM  Motley Fool]
▶ FireEye Inc.'s Most Brilliant Moves in 2017 So Far   [Jun-14-17 10:00AM  Motley Fool]
▶ Short Sellers Back Off Cybersecurity Stocks   [Jun-12-17 10:15AM  24/7 Wall St.]
▶ How Risky Is FireEye, Inc.?   [Jun-10-17 02:00PM  Motley Fool]
▶ Better Buy: FireEye Inc. vs. Check Point Software   [Jun-07-17 08:07PM  Motley Fool]
▶ Check Point Software Technologies Ltd.: Buy at the High?   [May-23-17 02:18PM  Motley Fool]
▶ Should You Buy CyberArk After its Post-Earnings Dip?   [May-18-17 11:00AM  Motley Fool]
▶ Which Cybersecurity Stocks Short Sellers Favor   [May-10-17 10:30AM  24/7 Wall St.]
▶ Check Point beats Street 1Q forecasts   [05:08AM  Associated Press]
Stock chart of CHKP Financial statements of CHKP
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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