Intrinsic value of Citrix Systems - CTXS

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$81.41

  Intrinsic Value

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  Value-price divergence*

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$81.41

 
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*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 12.5

 

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
 
  3,109
  3,176
  3,253
  3,339
  3,434
  3,539
  3,653
  3,776
  3,908
  4,051
  4,007
  4,169
  4,342
  4,526
  4,722
  4,929
  5,148
  5,379
  5,624
  5,882
  6,155
  6,443
  6,746
  7,065
  7,401
  7,755
  8,128
  8,520
  8,933
  9,367
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
  3,109
  3,176
  3,253
  3,339
  3,434
  3,539
  3,653
  3,776
  3,908
  4,051
  4,007
  4,169
  4,342
  4,526
  4,722
  4,929
  5,148
  5,379
  5,624
  5,882
  6,155
  6,443
  6,746
  7,065
  7,401
  7,755
  8,128
  8,520
  8,933
  9,367
Operating income, $m
  649
  377
  390
  405
  422
  441
  462
  484
  508
  534
  562
  789
  821
  855
  891
  930
  971
  1,014
  1,059
  1,108
  1,159
  1,212
  1,269
  1,329
  1,391
  1,458
  1,527
  1,601
  1,678
  1,759
  1,845
EBITDA, $m
  898
  618
  632
  648
  666
  686
  709
  733
  759
  787
  817
  850
  884
  921
  960
  1,001
  1,045
  1,092
  1,141
  1,193
  1,247
  1,305
  1,366
  1,430
  1,498
  1,569
  1,644
  1,724
  1,807
  1,894
  1,986
Interest expense (income), $m
  8
  3
  5
  7
  9
  11
  14
  17
  21
  24
  28
  33
  37
  42
  47
  53
  59
  65
  71
  78
  85
  93
  101
  110
  119
  128
  138
  149
  160
  172
  184
Earnings before tax, $m
  617
  374
  386
  399
  413
  430
  447
  467
  487
  510
  534
  757
  784
  813
  844
  877
  912
  949
  988
  1,030
  1,073
  1,119
  1,168
  1,219
  1,273
  1,329
  1,389
  1,452
  1,518
  1,588
  1,661
Tax expense, $m
  81
  101
  104
  108
  112
  116
  121
  126
  132
  138
  144
  204
  212
  220
  228
  237
  246
  256
  267
  278
  290
  302
  315
  329
  344
  359
  375
  392
  410
  429
  448
Net income, $m
  536
  273
  282
  291
  302
  314
  327
  341
  356
  372
  390
  552
  572
  594
  616
  640
  666
  693
  721
  752
  783
  817
  852
  890
  929
  970
  1,014
  1,060
  1,108
  1,159
  1,212

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
  4,802
  4,913
  5,039
  5,181
  5,338
  5,510
  5,698
  5,901
  6,120
  6,354
  6,606
  6,874
  7,159
  7,463
  7,785
  8,126
  8,487
  8,869
  9,272
  9,698
  10,148
  10,622
  11,122
  11,648
  12,203
  12,786
  13,401
  14,048
  14,728
  15,444
Adjusted assets (=assets-cash), $m
  4,827
  4,802
  4,913
  5,039
  5,181
  5,338
  5,510
  5,698
  5,901
  6,120
  6,354
  6,606
  6,874
  7,159
  7,463
  7,785
  8,126
  8,487
  8,869
  9,272
  9,698
  10,148
  10,622
  11,122
  11,648
  12,203
  12,786
  13,401
  14,048
  14,728
  15,444
Revenue / Adjusted assets
  0.708
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
Average production assets, $m
  229
  422
  432
  443
  455
  469
  484
  501
  518
  538
  558
  580
  604
  629
  656
  684
  714
  746
  779
  815
  852
  891
  933
  977
  1,023
  1,072
  1,123
  1,177
  1,234
  1,294
  1,357
Working capital, $m
  -537
  -889
  -909
  -933
  -959
  -988
  -1,020
  -1,055
  -1,092
  -1,133
  -1,176
  -1,223
  -1,273
  -1,325
  -1,382
  -1,441
  -1,504
  -1,571
  -1,642
  -1,717
  -1,795
  -1,879
  -1,966
  -2,059
  -2,156
  -2,259
  -2,367
  -2,481
  -2,601
  -2,727
  -2,859
Total debt, $m
  1,428
  130
  187
  252
  325
  407
  496
  593
  698
  811
  932
  1,062
  1,201
  1,348
  1,505
  1,672
  1,848
  2,035
  2,232
  2,441
  2,661
  2,893
  3,138
  3,397
  3,669
  3,956
  4,258
  4,575
  4,910
  5,261
  5,631
Total liabilities, $m
  3,782
  2,483
  2,540
  2,605
  2,678
  2,760
  2,849
  2,946
  3,051
  3,164
  3,285
  3,415
  3,554
  3,701
  3,858
  4,025
  4,201
  4,388
  4,585
  4,794
  5,014
  5,246
  5,491
  5,750
  6,022
  6,309
  6,611
  6,928
  7,263
  7,614
  7,984
Total equity, $m
  2,609
  2,319
  2,373
  2,434
  2,502
  2,578
  2,661
  2,752
  2,850
  2,956
  3,069
  3,191
  3,320
  3,458
  3,604
  3,760
  3,925
  4,099
  4,284
  4,478
  4,684
  4,901
  5,130
  5,372
  5,626
  5,894
  6,176
  6,473
  6,785
  7,114
  7,459
Total liabilities and equity, $m
  6,391
  4,802
  4,913
  5,039
  5,180
  5,338
  5,510
  5,698
  5,901
  6,120
  6,354
  6,606
  6,874
  7,159
  7,462
  7,785
  8,126
  8,487
  8,869
  9,272
  9,698
  10,147
  10,621
  11,122
  11,648
  12,203
  12,787
  13,401
  14,048
  14,728
  15,443
Debt-to-equity ratio
  0.547
  0.060
  0.080
  0.100
  0.130
  0.160
  0.190
  0.220
  0.240
  0.270
  0.300
  0.330
  0.360
  0.390
  0.420
  0.440
  0.470
  0.500
  0.520
  0.540
  0.570
  0.590
  0.610
  0.630
  0.650
  0.670
  0.690
  0.710
  0.720
  0.740
  0.750
Adjusted equity ratio
  0.217
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  536
  273
  282
  291
  302
  314
  327
  341
  356
  372
  390
  552
  572
  594
  616
  640
  666
  693
  721
  752
  783
  817
  852
  890
  929
  970
  1,014
  1,060
  1,108
  1,159
  1,212
Depreciation, amort., depletion, $m
  249
  241
  242
  243
  244
  246
  247
  249
  251
  253
  255
  60
  63
  66
  68
  71
  74
  78
  81
  85
  89
  93
  97
  102
  107
  112
  117
  123
  129
  135
  141
Funds from operations, $m
  1,265
  514
  523
  534
  546
  559
  574
  589
  607
  625
  645
  613
  635
  659
  685
  712
  740
  771
  803
  836
  872
  910
  950
  991
  1,036
  1,082
  1,131
  1,183
  1,237
  1,294
  1,354
Change in working capital, $m
  149
  -17
  -20
  -23
  -26
  -29
  -32
  -35
  -38
  -41
  -43
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -79
  -83
  -88
  -93
  -97
  -103
  -108
  -114
  -120
  -126
  -132
Cash from operations, $m
  1,116
  662
  544
  557
  572
  588
  606
  624
  644
  665
  688
  659
  685
  712
  741
  771
  803
  837
  873
  911
  951
  993
  1,037
  1,084
  1,133
  1,185
  1,239
  1,296
  1,356
  1,420
  1,486
Maintenance CAPEX, $m
  0
  -43
  -44
  -45
  -46
  -47
  -49
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -66
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
New CAPEX, $m
  -161
  -8
  -10
  -11
  -12
  -14
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -34
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
Cash from investing activities, $m
  -484
  -51
  -54
  -56
  -58
  -61
  -64
  -66
  -70
  -73
  -77
  -80
  -84
  -88
  -93
  -96
  -101
  -106
  -112
  -116
  -122
  -128
  -135
  -141
  -148
  -156
  -163
  -171
  -180
  -189
  -198
Free cash flow, $m
  632
  610
  490
  501
  514
  527
  542
  557
  574
  592
  612
  579
  601
  624
  649
  675
  702
  731
  762
  795
  829
  865
  903
  943
  985
  1,029
  1,076
  1,125
  1,177
  1,231
  1,289
Issuance/(repayment) of debt, $m
  0
  50
  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
  50
  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
  660
  547
  566
  587
  608
  631
  654
  679
  705
  733
  709
  739
  772
  805
  841
  879
  918
  960
  1,003
  1,049
  1,097
  1,148
  1,201
  1,257
  1,316
  1,378
  1,443
  1,511
  1,583
  1,658
Retained Cash Flow (-), $m
  -636
  -46
  -53
  -61
  -68
  -76
  -83
  -91
  -98
  -106
  -113
  -121
  -129
  -138
  -147
  -155
  -165
  -174
  -184
  -195
  -206
  -217
  -229
  -241
  -254
  -268
  -282
  -297
  -312
  -329
  -346
Prev. year cash balance distribution, $m
 
  336
  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
 
  950
  494
  505
  518
  532
  547
  564
  581
  600
  620
  588
  610
  634
  659
  686
  714
  744
  775
  808
  843
  880
  919
  960
  1,003
  1,048
  1,096
  1,146
  1,199
  1,254
  1,313
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
 
  910
  452
  440
  427
  413
  397
  381
  363
  344
  325
  279
  260
  241
  221
  201
  181
  162
  143
  124
  107
  91
  76
  63
  51
  41
  32
  25
  19
  14
  10
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 23.7
Price to Sales 3.7
Price to Book 4.9
Price to Tangible Book
Price to Cash Flow 11.4
Price to Free Cash Flow 13.3
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 12.1%.

Life of production assets of 9.6 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 -25.5%. 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 $12.5 billion.


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COMPANY NEWS

▶ Whats VMwares Value Proposition in the US Software Space?   [Jun-19-17 10:35AM  Market Realist]
▶ Citrix Could Settle Into a Sideways Pattern   [08:15AM  TheStreet.com]
▶ Citrix Systems Debt Analysis versus Its Peers   [Jun-02-17 09:08AM  Market Realist]
▶ Citrix to Present at Upcoming Investor Conferences   [May-30-17 04:05PM  Business Wire]
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▶ Stocks Grind To Mixed Finish; Facebook, Tesla Post Results   [04:23PM  Investor's Business Daily]
▶ Citrix Stock Rises on Takeover Talk   [10:28AM  TheStreet.com]
▶ Stocks Open Higher; Tech Names Power Early Gains   [Apr-27-17 09:51AM  Investor's Business Daily]
▶ After-hours buzz: PYPL, AMGN, FFIV & more   [Apr-26-17 05:36PM  CNBC]
▶ 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]
▶ [$$] Okta Prices IPO at High End of Range   [Apr-06-17 08:19PM  The Wall Street Journal]
▶ This Top Stock Mutual Fund Cheers Retirement Investors With Gains   [Apr-01-17 12:43PM  Investor's Business Daily]
▶ In growth mode, LogMeIn signs lease in downtown Raleigh   [Mar-28-17 03:00PM  at bizjournals.com]
▶ In growth mode, LogMeIn signs lease in downtown Raleigh   [03:00PM  American City Business Journals]
▶ Citrix partners with California email startup   [Mar-24-17 01:40PM  at bizjournals.com]
▶ Citrix partners with California email startup   [01:40PM  American City Business Journals]
▶ NSW Health Bolsters Telemedicine Capabilities with Citrix   [Mar-21-17 11:00AM  Business Wire]
▶ Why the rumor about Citrix is probably true   [Mar-16-17 10:16AM  at bizjournals.com]
▶ Why the rumor about Citrix is probably true   [10:16AM  American City Business Journals]
▶ Is Citrix Systems Seeking a Suitor?   [Mar-14-17 02:38PM  at Investopedia]
▶ Citrix Is Looking for Buyers   [11:35AM  at Investopedia]
▶ The Hot Stock: Citrix Systems Jumps 6.8%   [05:02PM  at Barrons.com]
▶ LogMeIn's GoTo integration means jobs in Raleigh, company says   [Mar-01-17 04:25PM  at bizjournals.com]
▶ 3 Cloud Stocks that Turned $7,000 into Over $100,000   [Feb-24-17 04:34PM  at Motley Fool]
▶ South Florida CEO makes most overpaid list   [Feb-14-17 07:33AM  at bizjournals.com]
▶ My Mistake Led To LogMeIn Eclipsing GoToMeeting   [Feb-11-17 12:03PM  at Forbes]
▶ Citrix to Present at Upcoming Investor Conferences   [Feb-09-17 04:05PM  Business Wire]
▶ Is Citrix Systems Still a 'Go To' Stock?   [Feb-06-17 11:38AM  at TheStreet]
▶ Citrix completes $1.8B deal with Massachusetts company   [Feb-01-17 03:29PM  at bizjournals.com]
Stock chart of CTXS Financial statements of CTXS Annual reports 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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