Intrinsic value of Citrix Systems - CTXS

Previous Close

$82.27

  Intrinsic Value

$41.70

stock screener

  Rating & Target

sell

-49%

  Value-price divergence*

-109%

Previous close

$82.27

 
Intrinsic value

$41.70

 
Up/down potential

-49%

 
Rating

sell

 
Value-price divergence*

-109%

*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
  2.80
  3.02
  3.22
  3.40
  3.56
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
Revenue, $m
  3,418
  3,514
  3,620
  3,736
  3,863
  4,001
  4,149
  4,308
  4,478
  4,659
  4,852
  5,058
  5,276
  5,507
  5,751
  6,010
  6,283
  6,572
  6,876
  7,197
  7,536
  7,892
  8,268
  8,663
  9,080
  9,518
  9,979
  10,463
  10,973
  11,509
  12,073
Variable operating expenses, $m
 
  3,133
  3,223
  3,322
  3,429
  3,545
  3,671
  3,805
  3,949
  4,103
  4,267
  4,282
  4,466
  4,662
  4,869
  5,088
  5,319
  5,564
  5,821
  6,093
  6,380
  6,682
  7,000
  7,335
  7,687
  8,058
  8,448
  8,858
  9,290
  9,744
  10,221
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
  3,133
  3,223
  3,322
  3,429
  3,545
  3,671
  3,805
  3,949
  4,103
  4,267
  4,282
  4,466
  4,662
  4,869
  5,088
  5,319
  5,564
  5,821
  6,093
  6,380
  6,682
  7,000
  7,335
  7,687
  8,058
  8,448
  8,858
  9,290
  9,744
  10,221
Operating income, $m
  649
  380
  397
  415
  434
  455
  478
  502
  528
  556
  586
  776
  809
  845
  882
  922
  964
  1,008
  1,055
  1,104
  1,156
  1,211
  1,268
  1,329
  1,393
  1,460
  1,531
  1,605
  1,683
  1,766
  1,852
EBITDA, $m
  898
  568
  586
  604
  625
  647
  671
  697
  724
  754
  785
  818
  853
  891
  930
  972
  1,016
  1,063
  1,112
  1,164
  1,219
  1,277
  1,338
  1,402
  1,469
  1,540
  1,614
  1,693
  1,775
  1,862
  1,953
Interest expense (income), $m
  8
  3
  5
  8
  11
  14
  17
  21
  25
  29
  34
  39
  44
  49
  55
  61
  67
  74
  81
  89
  97
  105
  114
  124
  133
  144
  155
  166
  178
  191
  204
Earnings before tax, $m
  617
  378
  391
  407
  423
  441
  460
  481
  503
  527
  552
  737
  766
  796
  827
  861
  896
  934
  973
  1,015
  1,059
  1,105
  1,154
  1,205
  1,259
  1,316
  1,376
  1,439
  1,505
  1,574
  1,648
Tax expense, $m
  81
  102
  106
  110
  114
  119
  124
  130
  136
  142
  149
  199
  207
  215
  223
  232
  242
  252
  263
  274
  286
  298
  312
  325
  340
  355
  372
  388
  406
  425
  445
Net income, $m
  536
  276
  286
  297
  309
  322
  336
  351
  367
  385
  403
  538
  559
  581
  604
  629
  654
  682
  711
  741
  773
  807
  842
  880
  919
  961
  1,004
  1,050
  1,099
  1,149
  1,203

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
  4,963
  5,113
  5,277
  5,456
  5,651
  5,860
  6,084
  6,324
  6,581
  6,854
  7,144
  7,452
  7,778
  8,123
  8,489
  8,875
  9,282
  9,712
  10,166
  10,644
  11,147
  11,678
  12,237
  12,825
  13,443
  14,094
  14,779
  15,499
  16,256
  17,052
Adjusted assets (=assets-cash), $m
  4,827
  4,963
  5,113
  5,277
  5,456
  5,651
  5,860
  6,084
  6,324
  6,581
  6,854
  7,144
  7,452
  7,778
  8,123
  8,489
  8,875
  9,282
  9,712
  10,166
  10,644
  11,147
  11,678
  12,237
  12,825
  13,443
  14,094
  14,779
  15,499
  16,256
  17,052
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
  235
  243
  250
  259
  268
  278
  289
  300
  312
  325
  339
  353
  369
  385
  403
  421
  440
  461
  482
  505
  529
  554
  580
  608
  638
  669
  701
  735
  771
  809
Working capital, $m
  -537
  -773
  -796
  -822
  -850
  -880
  -913
  -948
  -985
  -1,025
  -1,068
  -1,113
  -1,161
  -1,211
  -1,265
  -1,322
  -1,382
  -1,446
  -1,513
  -1,583
  -1,658
  -1,736
  -1,819
  -1,906
  -1,998
  -2,094
  -2,195
  -2,302
  -2,414
  -2,532
  -2,656
Total debt, $m
  1,428
  148
  224
  307
  397
  495
  600
  713
  834
  964
  1,101
  1,247
  1,403
  1,567
  1,741
  1,925
  2,120
  2,325
  2,542
  2,770
  3,011
  3,265
  3,533
  3,814
  4,111
  4,422
  4,750
  5,096
  5,458
  5,840
  6,241
Total liabilities, $m
  3,782
  2,501
  2,577
  2,660
  2,750
  2,848
  2,953
  3,066
  3,187
  3,317
  3,454
  3,600
  3,756
  3,920
  4,094
  4,278
  4,473
  4,678
  4,895
  5,123
  5,364
  5,618
  5,886
  6,167
  6,464
  6,775
  7,103
  7,449
  7,811
  8,193
  8,594
Total equity, $m
  2,609
  2,462
  2,536
  2,618
  2,706
  2,803
  2,906
  3,018
  3,137
  3,264
  3,399
  3,543
  3,696
  3,858
  4,029
  4,210
  4,402
  4,604
  4,817
  5,042
  5,279
  5,529
  5,792
  6,069
  6,361
  6,668
  6,991
  7,330
  7,687
  8,063
  8,458
Total liabilities and equity, $m
  6,391
  4,963
  5,113
  5,278
  5,456
  5,651
  5,859
  6,084
  6,324
  6,581
  6,853
  7,143
  7,452
  7,778
  8,123
  8,488
  8,875
  9,282
  9,712
  10,165
  10,643
  11,147
  11,678
  12,236
  12,825
  13,443
  14,094
  14,779
  15,498
  16,256
  17,052
Debt-to-equity ratio
  0.547
  0.060
  0.090
  0.120
  0.150
  0.180
  0.210
  0.240
  0.270
  0.300
  0.320
  0.350
  0.380
  0.410
  0.430
  0.460
  0.480
  0.510
  0.530
  0.550
  0.570
  0.590
  0.610
  0.630
  0.650
  0.660
  0.680
  0.700
  0.710
  0.720
  0.740
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
  276
  286
  297
  309
  322
  336
  351
  367
  385
  403
  538
  559
  581
  604
  629
  654
  682
  711
  741
  773
  807
  842
  880
  919
  961
  1,004
  1,050
  1,099
  1,149
  1,203
Depreciation, amort., depletion, $m
  249
  188
  189
  190
  191
  192
  193
  195
  196
  198
  199
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  69
  73
  76
  80
  84
  88
  92
  96
  101
Funds from operations, $m
  1,265
  464
  475
  487
  500
  514
  530
  546
  564
  582
  602
  581
  603
  627
  652
  679
  707
  737
  768
  801
  836
  873
  912
  952
  995
  1,041
  1,088
  1,138
  1,191
  1,246
  1,304
Change in working capital, $m
  149
  -21
  -23
  -26
  -28
  -30
  -33
  -35
  -37
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -71
  -74
  -78
  -83
  -87
  -92
  -96
  -101
  -107
  -112
  -118
  -124
Cash from operations, $m
  1,116
  485
  498
  512
  528
  544
  562
  581
  601
  622
  645
  626
  651
  678
  706
  736
  767
  800
  835
  872
  911
  951
  994
  1,039
  1,087
  1,137
  1,189
  1,245
  1,303
  1,364
  1,428
Maintenance CAPEX, $m
  0
  -29
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -88
  -92
  -96
New CAPEX, $m
  -161
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
Cash from investing activities, $m
  -484
  -36
  -36
  -38
  -40
  -41
  -44
  -46
  -47
  -50
  -52
  -55
  -57
  -59
  -62
  -65
  -68
  -72
  -75
  -80
  -83
  -87
  -91
  -95
  -101
  -105
  -111
  -116
  -122
  -128
  -134
Free cash flow, $m
  632
  449
  462
  474
  488
  503
  519
  536
  553
  573
  593
  571
  594
  618
  643
  670
  699
  728
  760
  793
  828
  864
  903
  944
  987
  1,032
  1,079
  1,129
  1,181
  1,236
  1,294
Issuance/(repayment) of debt, $m
  0
  68
  76
  83
  90
  98
  105
  113
  121
  129
  138
  146
  155
  164
  174
  184
  195
  205
  217
  229
  241
  254
  267
  282
  296
  312
  328
  345
  363
  382
  401
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
  68
  76
  83
  90
  98
  105
  113
  121
  129
  138
  146
  155
  164
  174
  184
  195
  205
  217
  229
  241
  254
  267
  282
  296
  312
  328
  345
  363
  382
  401
Total cash flow (excl. dividends), $m
  588
  518
  537
  557
  578
  601
  624
  649
  675
  702
  730
  718
  749
  783
  818
  854
  893
  934
  976
  1,021
  1,069
  1,118
  1,170
  1,225
  1,283
  1,343
  1,407
  1,474
  1,544
  1,617
  1,695
Retained Cash Flow (-), $m
  -636
  -68
  -74
  -82
  -89
  -96
  -104
  -111
  -119
  -127
  -135
  -144
  -153
  -162
  -171
  -181
  -191
  -202
  -213
  -225
  -237
  -250
  -263
  -277
  -292
  -307
  -323
  -340
  -357
  -376
  -395
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
 
  665
  463
  476
  490
  504
  520
  537
  555
  575
  595
  574
  597
  621
  646
  673
  702
  732
  763
  796
  832
  868
  907
  948
  991
  1,036
  1,084
  1,134
  1,187
  1,242
  1,300
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
 
  638
  424
  414
  403
  391
  378
  363
  347
  330
  312
  272
  255
  236
  217
  198
  178
  159
  141
  123
  106
  90
  75
  62
  50
  40
  32
  24
  18
  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. offers Enterprise and Service Provider products, which include Workspace Services solutions and Delivery Networking products. The Company's Enterprise and Service Provider products include Cloud Services solutions, and related license updates and maintenance, support and professional services. The Company's NetScaler nCore Technology is an architecture that enables execution of multiple packet engines in parallel. The Company's workspace services include Application Virtualization and virtual desktop infrastructure (VDI), Enterprise Mobility Management and Citrix Workspace Suite. The Company's NetScaler ADC is a software-defined application delivery controller (ADC) and load balancer. The Company's Cloud Services include ShareFile and Citrix Cloud. It provides various ways for customers to receive upgrades, support and maintenance for products, which include Software Maintenance, Subscription Advantage, Technical Support Services and Hardware Maintenance.

FINANCIAL RATIOS  of  Citrix Systems (CTXS)

Valuation Ratios
P/E Ratio 24
Price to Sales 3.8
Price to Book 4.9
Price to Tangible Book
Price to Cash Flow 11.5
Price to Free Cash Flow 13.5
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 2.8% 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 8 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 -22%. 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 151.519 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

▶ 5 Software Stocks for Thick & Thin   [Oct-10-17 01:53PM  Barrons.com]
▶ Whats Red Hats Value Proposition in the US Software Space?   [Oct-06-17 10:36AM  Market Realist]
▶ Layoffs, streamlining efforts could cost Citrix as much as $100M, filings say   [Oct-05-17 03:15PM  American City Business Journals]
▶ SEC filings offer new details on Citrix's layoff plan   [09:45AM  American City Business Journals]
▶ Citrix announces reorganization, layoffs   [Oct-04-17 04:56PM  MarketWatch]
▶ Citrix confirms layoffs; Raleigh impact less clear   [03:16PM  American City Business Journals]
▶ These are the highest-paid tech executives in South Florida   [02:20PM  American City Business Journals]
▶ 7 Underperforming Stocks in Gurus' Portfolios   [Sep-27-17 01:48PM  GuruFocus.com]
▶ Citrix appoints new executive vice president, board member   [Sep-22-17 01:35PM  American City Business Journals]
▶ Citrix Elects Ajei S. Gopal to Its Board of Directors   [Sep-20-17 04:05PM  Business Wire]
▶ Citrix to Present at Upcoming Investor Conferences   [Aug-31-17 04:05PM  Business Wire]
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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]
▶ Rent-a-Center, J.C. Penney climb; Snap, Pearson fall   [Jul-11-17 05:59PM  Associated Press]
▶ 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]
▶ 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]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [May-17-17 03:58PM  Investor's Business Daily]
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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