Intrinsic value of Citrix Systems - CTXS

Previous Close

$76.30

  Intrinsic Value

$38.06

stock screener

  Rating & Target

str. sell

-50%

  Value-price divergence*

-116%

Previous close

$76.30

 
Intrinsic value

$38.06

 
Up/down potential

-50%

 
Rating

str. sell

 
Value-price divergence*

-116%

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

We calculate the intrinsic value of CTXS 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 11.8

 

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, %
  4.33
  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
  3,418
  3,486
  3,567
  3,658
  3,761
  3,875
  4,000
  4,136
  4,284
  4,443
  4,613
  4,796
  4,990
  5,198
  5,418
  5,652
  5,899
  6,161
  6,439
  6,732
  7,041
  7,367
  7,711
  8,074
  8,456
  8,859
  9,283
  9,729
  10,199
  10,692
  11,212
Variable operating expenses, $m
 
  3,110
  3,178
  3,256
  3,343
  3,439
  3,545
  3,661
  3,785
  3,920
  4,064
  4,060
  4,225
  4,400
  4,587
  4,785
  4,994
  5,216
  5,451
  5,699
  5,961
  6,237
  6,528
  6,836
  7,159
  7,500
  7,859
  8,237
  8,634
  9,052
  9,492
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
  2,769
  3,110
  3,178
  3,256
  3,343
  3,439
  3,545
  3,661
  3,785
  3,920
  4,064
  4,060
  4,225
  4,400
  4,587
  4,785
  4,994
  5,216
  5,451
  5,699
  5,961
  6,237
  6,528
  6,836
  7,159
  7,500
  7,859
  8,237
  8,634
  9,052
  9,492
Operating income, $m
  649
  376
  389
  403
  418
  436
  455
  476
  499
  523
  549
  736
  766
  797
  831
  867
  905
  945
  988
  1,033
  1,080
  1,130
  1,183
  1,239
  1,297
  1,359
  1,424
  1,492
  1,564
  1,640
  1,720
EBITDA, $m
  898
  558
  571
  586
  602
  620
  640
  662
  686
  711
  739
  768
  799
  832
  867
  905
  944
  986
  1,031
  1,078
  1,127
  1,180
  1,235
  1,293
  1,354
  1,418
  1,486
  1,558
  1,633
  1,712
  1,795
Interest expense (income), $m
  8
  3
  5
  7
  9
  11
  14
  17
  21
  24
  28
  33
  37
  42
  47
  53
  58
  65
  71
  78
  85
  93
  101
  110
  119
  128
  138
  149
  160
  172
  184
Earnings before tax, $m
  617
  373
  384
  396
  410
  424
  441
  459
  478
  499
  521
  703
  728
  755
  784
  814
  846
  881
  917
  955
  995
  1,037
  1,082
  1,129
  1,178
  1,231
  1,286
  1,344
  1,404
  1,468
  1,536
Tax expense, $m
  81
  101
  104
  107
  111
  115
  119
  124
  129
  135
  141
  190
  197
  204
  212
  220
  229
  238
  247
  258
  269
  280
  292
  305
  318
  332
  347
  363
  379
  396
  415
Net income, $m
  536
  273
  280
  289
  299
  310
  322
  335
  349
  364
  380
  513
  532
  551
  572
  594
  618
  643
  669
  697
  726
  757
  790
  824
  860
  898
  939
  981
  1,025
  1,072
  1,121

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,563
  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
  6,390
  4,924
  5,037
  5,167
  5,312
  5,473
  5,650
  5,842
  6,051
  6,275
  6,516
  6,774
  7,049
  7,341
  7,652
  7,982
  8,332
  8,703
  9,094
  9,508
  9,945
  10,406
  10,892
  11,404
  11,944
  12,513
  13,111
  13,742
  14,405
  15,102
  15,836
Adjusted assets (=assets-cash), $m
  4,827
  4,924
  5,037
  5,167
  5,312
  5,473
  5,650
  5,842
  6,051
  6,275
  6,516
  6,774
  7,049
  7,341
  7,652
  7,982
  8,332
  8,703
  9,094
  9,508
  9,945
  10,406
  10,892
  11,404
  11,944
  12,513
  13,111
  13,742
  14,405
  15,102
  15,836
Revenue / Adjusted assets
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
Average production assets, $m
  229
  234
  239
  245
  252
  260
  268
  277
  287
  298
  309
  321
  334
  348
  363
  379
  395
  413
  431
  451
  472
  494
  517
  541
  567
  594
  622
  652
  683
  716
  751
Working capital, $m
  -537
  -349
  -357
  -366
  -376
  -388
  -400
  -414
  -428
  -444
  -461
  -480
  -499
  -520
  -542
  -565
  -590
  -616
  -644
  -673
  -704
  -737
  -771
  -807
  -846
  -886
  -928
  -973
  -1,020
  -1,069
  -1,121
Total debt, $m
  1,428
  129
  186
  251
  324
  406
  495
  592
  697
  810
  931
  1,061
  1,199
  1,347
  1,504
  1,670
  1,846
  2,033
  2,230
  2,439
  2,659
  2,891
  3,136
  3,395
  3,667
  3,953
  4,255
  4,573
  4,907
  5,259
  5,628
Total liabilities, $m
  3,782
  2,482
  2,539
  2,604
  2,677
  2,759
  2,848
  2,945
  3,050
  3,163
  3,284
  3,414
  3,552
  3,700
  3,857
  4,023
  4,199
  4,386
  4,583
  4,792
  5,012
  5,244
  5,489
  5,748
  6,020
  6,306
  6,608
  6,926
  7,260
  7,612
  7,981
Total equity, $m
  2,609
  2,442
  2,499
  2,563
  2,635
  2,715
  2,802
  2,898
  3,001
  3,112
  3,232
  3,360
  3,496
  3,641
  3,796
  3,959
  4,133
  4,316
  4,511
  4,716
  4,933
  5,161
  5,402
  5,657
  5,924
  6,206
  6,503
  6,816
  7,145
  7,491
  7,855
Total liabilities and equity, $m
  6,391
  4,924
  5,038
  5,167
  5,312
  5,474
  5,650
  5,843
  6,051
  6,275
  6,516
  6,774
  7,048
  7,341
  7,653
  7,982
  8,332
  8,702
  9,094
  9,508
  9,945
  10,405
  10,891
  11,405
  11,944
  12,512
  13,111
  13,742
  14,405
  15,103
  15,836
Debt-to-equity ratio
  0.547
  0.050
  0.070
  0.100
  0.120
  0.150
  0.180
  0.200
  0.230
  0.260
  0.290
  0.320
  0.340
  0.370
  0.400
  0.420
  0.450
  0.470
  0.490
  0.520
  0.540
  0.560
  0.580
  0.600
  0.620
  0.640
  0.650
  0.670
  0.690
  0.700
  0.720
Adjusted equity ratio
  0.217
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  536
  273
  280
  289
  299
  310
  322
  335
  349
  364
  380
  513
  532
  551
  572
  594
  618
  643
  669
  697
  726
  757
  790
  824
  860
  898
  939
  981
  1,025
  1,072
  1,121
Depreciation, amort., depletion, $m
  249
  182
  182
  183
  184
  185
  185
  186
  187
  188
  190
  32
  33
  35
  36
  38
  40
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  72
  75
Funds from operations, $m
  1,265
  455
  463
  472
  483
  494
  507
  521
  536
  552
  570
  545
  565
  586
  609
  632
  657
  684
  712
  742
  773
  806
  841
  878
  917
  958
  1,001
  1,046
  1,094
  1,144
  1,196
Change in working capital, $m
  149
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
Cash from operations, $m
  1,116
  461
  471
  481
  493
  506
  520
  535
  551
  568
  587
  564
  585
  607
  631
  656
  682
  710
  740
  771
  804
  839
  876
  914
  955
  998
  1,043
  1,091
  1,141
  1,193
  1,248
Maintenance CAPEX, $m
  0
  -23
  -23
  -24
  -25
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -72
New CAPEX, $m
  -161
  -5
  -5
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -35
Cash from investing activities, $m
  -484
  -28
  -28
  -30
  -32
  -33
  -34
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -76
  -80
  -84
  -87
  -92
  -96
  -101
  -107
Free cash flow, $m
  632
  433
  442
  451
  462
  473
  485
  499
  513
  529
  546
  520
  539
  560
  581
  604
  628
  653
  680
  708
  738
  770
  803
  838
  875
  914
  955
  998
  1,044
  1,092
  1,142
Issuance/(repayment) of debt, $m
  0
  49
  57
  65
  73
  81
  89
  97
  105
  113
  121
  130
  139
  148
  157
  166
  176
  187
  197
  209
  220
  232
  245
  258
  272
  287
  302
  318
  334
  352
  370
Issuance/(repurchase) of shares, $m
  13
  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  
  -38
  49
  57
  65
  73
  81
  89
  97
  105
  113
  121
  130
  139
  148
  157
  166
  176
  187
  197
  209
  220
  232
  245
  258
  272
  287
  302
  318
  334
  352
  370
Total cash flow (excl. dividends), $m
  588
  482
  499
  517
  535
  554
  574
  596
  618
  642
  667
  650
  678
  707
  738
  770
  804
  840
  877
  917
  959
  1,002
  1,048
  1,097
  1,148
  1,201
  1,257
  1,316
  1,378
  1,443
  1,512
Retained Cash Flow (-), $m
  -636
  -48
  -56
  -64
  -72
  -80
  -88
  -95
  -103
  -111
  -119
  -128
  -136
  -145
  -154
  -164
  -174
  -184
  -194
  -205
  -217
  -229
  -241
  -254
  -268
  -282
  -297
  -313
  -329
  -346
  -364
Prev. year cash balance distribution, $m
 
  215
  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
 
  649
  443
  452
  463
  474
  487
  500
  515
  531
  547
  523
  542
  562
  584
  606
  631
  656
  683
  712
  742
  774
  807
  843
  880
  919
  960
  1,004
  1,049
  1,097
  1,148
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
 
  622
  406
  394
  381
  368
  353
  338
  322
  305
  287
  248
  231
  214
  196
  178
  160
  143
  126
  110
  94
  80
  67
  55
  45
  36
  28
  22
  16
  12
  9
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

Citrix Systems, Inc. provides an integrated platform for secure app and data delivery, and network functionality as a cloud-based service worldwide. The company offers workspace services, including XenDesktop, a cloud-enabled desktop virtualization solution that gives customers the flexibility to deliver desktops and applications as a service from cloud and on-premises datacenters; and XenApp that allows Windows applications to be delivered as cloud services to Android and iOS mobile devices, Macs, PCs, and thin clients. Its workspace services also comprise XenMobile enterprise mobility management solutions; and Citrix Workspace Suite, which provides apps, desktops, branch networking and WAN, enterprise mobility management, and data solutions. In addition, the company offers delivery networking products comprising NetScaler ADC, a software-defined application delivery controller and load balancer for mobile, remote, and branch users; and NetScaler SD-WAN, an integrated platform that enhances traditional enterprise applications, SaaS applications, and virtual desktops for remote users. Further, it provides Cloud Services that include ShareFile, a cloud-based file sharing and storage solution, which provides enterprise-class data services on various corporate and personal mobile devices for businesses; and Citrix Cloud that delivers its XenApp, XenDesktop, XenMobile, ShareFile, and NetScaler Gateway services virtually through the cloud. Additionally, the company offers software maintenance, subscription, technical support, hardware maintenance, professional consulting, and product training and certification services. It markets and licenses its products directly to customers; and through systems integrators, resellers, distributors, original equipment manufacturers, and service providers. The company was formerly known as Citrus Systems, Inc. Citrix Systems, Inc. was founded in 1989 and is headquartered in Fort Lauderdale, Florida.

FINANCIAL RATIOS  of  Citrix Systems (CTXS)

Valuation Ratios
P/E Ratio 22.2
Price to Sales 3.5
Price to Book 4.6
Price to Tangible Book
Price to Cash Flow 10.7
Price to Free Cash Flow 12.5
Growth Rates
Sales Growth Rate 4.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.4%
Cap. Spend. - 3 Yr. Gr. Rate -1.7%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 3.1%
Total Debt to Equity 54.7%
Interest Coverage 78
Management Effectiveness
Return On Assets 9.2%
Ret/ On Assets - 3 Yr. Avg. 6.6%
Return On Total Capital 14.6%
Ret/ On T. Cap. - 3 Yr. Avg. 10.5%
Return On Equity 23.4%
Return On Equity - 3 Yr. Avg. 16%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 83.7%
Gross Margin - 3 Yr. Avg. 81.7%
EBITDA Margin 25.6%
EBITDA Margin - 3 Yr. Avg. 22.3%
Operating Margin 19%
Oper. Margin - 3 Yr. Avg. 13.1%
Pre-Tax Margin 18.1%
Pre-Tax Margin - 3 Yr. Avg. 12.1%
Net Profit Margin 15.7%
Net Profit Margin - 3 Yr. Avg. 11.1%
Effective Tax Rate 13.1%
Eff/ Tax Rate - 3 Yr. Avg. 6.5%
Payout Ratio 0%

CTXS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CTXS stock intrinsic value calculation we used $3418 million for the last fiscal year's total revenue generated by Citrix Systems. The default revenue input number comes from 2016 income statement of Citrix Systems. 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 CTXS 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 CTXS is calculated based on our internal credit rating of Citrix Systems, 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 Citrix Systems.
    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 CTXS stock the variable cost ratio is equal to 89.3%.

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 CTXS 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 Citrix Systems.

Corporate tax rate of 27% is the nominal tax rate for Citrix Systems. 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 CTXS 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 CTXS are equal to 6.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Citrix Systems 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 CTXS 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 - $2609 million for Citrix Systems - 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 154.018 million for Citrix Systems 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 Citrix Systems at the current share price and the inputted number of shares is $11.8 billion.

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COMPANY NEWS

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▶ Citrix execs point to Raleigh ops for SaaS revenues   [Aug-04-17 12:50PM  American City Business Journals]
▶ Citrix beats Street 2Q forecasts   [Aug-02-17 09:30PM  Associated Press]
▶ [$$] Citrix Systems Parts Ways With CEO   [01:52PM  The Wall Street Journal]
▶ Citrix Systems appoints new CEO, fourth since 2015   [Jul-13-17 04:00PM  American City Business Journals]
▶ Dow Industrials Rebound After Midday Dip   [12:41AM  The Wall Street Journal]
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▶ Citrix: Sudden CEO Exit Gives Pause   [Jul-10-17 08:05PM  Morningstar]
▶ Citrix Just Replaced Its CEOAgain   [07:54PM  Fortune]
▶ Citrix Systems appoints new CEO, fourth since 2015   [07:17PM  American City Business Journals]
▶ Which Way Is Citrix Systems Headed?   [Jul-07-17 12:09PM  TheStreet.com]
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▶ Citrix to Present at Upcoming Investor Conferences   [May-30-17 04:05PM  Business Wire]
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▶ Citrix beats Street 1Q forecasts   [04:24PM  Associated Press]
▶ What the CEO of Citrix had to say about acquisition reports   [Apr-25-17 04:00PM  American City Business Journals]
▶ Citrix expands overseas amid rumors of a buyout   [Apr-17-17 01:45PM  American City Business Journals]
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▶ Citrix partners with California email startup   [Mar-24-17 01:40PM  at bizjournals.com]
Stock chart of CTXS Financial statements of CTXS
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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