Intrinsic value of Barracuda Networks - CUDA

Previous Close

$23.64

  Intrinsic Value

$16.74

stock screener

  Rating & Target

sell

-29%

  Value-price divergence*

-87%

Previous close

$23.64

 
Intrinsic value

$16.74

 
Up/down potential

-29%

 
Rating

sell

 
Value-price divergence*

-87%

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

We calculate the intrinsic value of CUDA 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 2017), $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 1.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.31
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
Revenue, $m
  353
  374
  396
  419
  443
  468
  495
  522
  551
  580
  612
  644
  679
  714
  752
  791
  833
  876
  921
  968
  1,018
  1,070
  1,125
  1,182
  1,242
  1,306
  1,372
  1,441
  1,514
  1,591
  1,671
Variable operating expenses, $m
 
  76
  80
  84
  89
  93
  98
  103
  108
  114
  120
  119
  125
  132
  138
  146
  153
  161
  170
  178
  188
  197
  207
  218
  229
  240
  253
  265
  279
  293
  308
Fixed operating expenses, $m
 
  276
  283
  290
  297
  304
  312
  320
  328
  336
  344
  353
  362
  371
  380
  390
  399
  409
  420
  430
  441
  452
  463
  475
  487
  499
  511
  524
  537
  550
  564
Total operating expenses, $m
  331
  352
  363
  374
  386
  397
  410
  423
  436
  450
  464
  472
  487
  503
  518
  536
  552
  570
  590
  608
  629
  649
  670
  693
  716
  739
  764
  789
  816
  843
  872
Operating income, $m
  22
  23
  34
  45
  58
  71
  85
  99
  114
  131
  148
  173
  192
  212
  233
  256
  280
  305
  332
  360
  390
  421
  455
  490
  527
  566
  608
  652
  698
  747
  799
EBITDA, $m
  38
  37
  48
  60
  73
  87
  101
  116
  132
  148
  166
  185
  205
  226
  248
  271
  296
  322
  349
  378
  409
  441
  476
  512
  550
  591
  634
  679
  727
  777
  830
Interest expense (income), $m
  0
  0
  -1
  0
  1
  2
  3
  4
  6
  7
  8
  9
  11
  12
  13
  15
  17
  18
  20
  22
  24
  26
  28
  30
  33
  35
  38
  40
  43
  46
  49
Earnings before tax, $m
  22
  23
  34
  45
  56
  68
  81
  95
  109
  124
  140
  164
  181
  200
  220
  241
  263
  287
  312
  338
  366
  395
  427
  460
  494
  531
  570
  611
  655
  701
  750
Tax expense, $m
  12
  6
  9
  12
  15
  18
  22
  26
  29
  33
  38
  44
  49
  54
  59
  65
  71
  77
  84
  91
  99
  107
  115
  124
  134
  143
  154
  165
  177
  189
  202
Net income, $m
  10
  16
  25
  33
  41
  50
  59
  69
  79
  90
  102
  119
  132
  146
  161
  176
  192
  209
  228
  247
  267
  289
  311
  335
  361
  388
  416
  446
  478
  512
  547

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  200
  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
  465
  488
  517
  547
  578
  611
  645
  680
  718
  757
  797
  840
  885
  932
  980
  1,032
  1,085
  1,142
  1,201
  1,263
  1,327
  1,395
  1,467
  1,541
  1,620
  1,702
  1,788
  1,879
  1,974
  2,074
  2,179
Adjusted assets (=assets-cash), $m
  265
  488
  517
  547
  578
  611
  645
  680
  718
  757
  797
  840
  885
  932
  980
  1,032
  1,085
  1,142
  1,201
  1,263
  1,327
  1,395
  1,467
  1,541
  1,620
  1,702
  1,788
  1,879
  1,974
  2,074
  2,179
Revenue / Adjusted assets
  1.332
  0.766
  0.766
  0.766
  0.766
  0.766
  0.767
  0.768
  0.767
  0.766
  0.768
  0.767
  0.767
  0.766
  0.767
  0.766
  0.768
  0.767
  0.767
  0.766
  0.767
  0.767
  0.767
  0.767
  0.767
  0.767
  0.767
  0.767
  0.767
  0.767
  0.767
Average production assets, $m
  67
  70
  74
  79
  83
  88
  93
  98
  103
  109
  115
  121
  128
  134
  141
  149
  157
  165
  173
  182
  191
  201
  211
  222
  234
  245
  258
  271
  285
  299
  314
Working capital, $m
  13
  -37
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -88
  -92
  -97
  -102
  -107
  -112
  -118
  -124
  -131
  -137
  -144
  -151
  -159
  -167
Total debt, $m
  4
  -16
  10
  37
  65
  95
  125
  157
  191
  226
  263
  301
  341
  383
  427
  474
  522
  573
  626
  681
  740
  801
  865
  932
  1,003
  1,077
  1,155
  1,236
  1,322
  1,411
  1,506
Total liabilities, $m
  458
  439
  465
  492
  520
  550
  580
  612
  646
  681
  718
  756
  796
  838
  882
  929
  977
  1,028
  1,081
  1,136
  1,195
  1,256
  1,320
  1,387
  1,458
  1,532
  1,610
  1,691
  1,777
  1,866
  1,961
Total equity, $m
  6
  49
  52
  55
  58
  61
  64
  68
  72
  76
  80
  84
  88
  93
  98
  103
  109
  114
  120
  126
  133
  140
  147
  154
  162
  170
  179
  188
  197
  207
  218
Total liabilities and equity, $m
  464
  488
  517
  547
  578
  611
  644
  680
  718
  757
  798
  840
  884
  931
  980
  1,032
  1,086
  1,142
  1,201
  1,262
  1,328
  1,396
  1,467
  1,541
  1,620
  1,702
  1,789
  1,879
  1,974
  2,073
  2,179
Debt-to-equity ratio
  0.667
  -0.330
  0.190
  0.680
  1.130
  1.550
  1.940
  2.310
  2.660
  2.990
  3.290
  3.580
  3.860
  4.120
  4.360
  4.590
  4.810
  5.010
  5.210
  5.400
  5.570
  5.740
  5.900
  6.050
  6.190
  6.330
  6.460
  6.580
  6.700
  6.810
  6.910
Adjusted equity ratio
  -0.732
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  10
  16
  25
  33
  41
  50
  59
  69
  79
  90
  102
  119
  132
  146
  161
  176
  192
  209
  228
  247
  267
  289
  311
  335
  361
  388
  416
  446
  478
  512
  547
Depreciation, amort., depletion, $m
  16
  14
  14
  15
  15
  16
  16
  17
  17
  18
  18
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  28
  30
  31
Funds from operations, $m
  72
  30
  39
  48
  57
  66
  76
  86
  97
  108
  121
  132
  145
  160
  175
  191
  208
  226
  245
  265
  286
  309
  333
  358
  384
  412
  442
  473
  507
  542
  579
Change in working capital, $m
  7
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
Cash from operations, $m
  65
  33
  42
  50
  59
  68
  78
  89
  100
  111
  124
  135
  149
  163
  178
  195
  212
  230
  249
  270
  291
  314
  338
  363
  390
  419
  449
  480
  514
  549
  587
Maintenance CAPEX, $m
  0
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
New CAPEX, $m
  -8
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
Cash from investing activities, $m
  -59
  -11
  -11
  -11
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -20
  -20
  -21
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -42
  -45
Free cash flow, $m
  6
  22
  30
  38
  47
  55
  64
  74
  84
  95
  107
  117
  130
  144
  158
  173
  189
  206
  224
  244
  264
  285
  308
  332
  357
  383
  412
  442
  473
  506
  542
Issuance/(repayment) of debt, $m
  0
  -16
  26
  27
  28
  29
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  51
  53
  56
  58
  61
  64
  67
  71
  74
  78
  82
  86
  90
  94
Issuance/(repurchase) of shares, $m
  1
  27
  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  
  -4
  11
  26
  27
  28
  29
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  51
  53
  56
  58
  61
  64
  67
  71
  74
  78
  82
  86
  90
  94
Total cash flow (excl. dividends), $m
  2
  34
  56
  65
  75
  85
  95
  106
  118
  130
  144
  156
  170
  186
  202
  219
  238
  257
  278
  299
  322
  346
  372
  399
  427
  458
  489
  523
  559
  596
  636
Retained Cash Flow (-), $m
  -38
  -44
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -10
Prev. year cash balance distribution, $m
 
  1
  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
 
  -9
  53
  62
  72
  81
  92
  103
  114
  127
  139
  151
  166
  181
  197
  214
  232
  251
  272
  293
  316
  339
  365
  391
  420
  449
  481
  514
  549
  586
  625
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
 
  -9
  49
  54
  59
  63
  67
  69
  71
  73
  73
  72
  71
  69
  66
  63
  59
  55
  50
  45
  40
  35
  30
  26
  21
  17
  14
  11
  8
  6
  5
Current shareholders' claim on cash, %
  100
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7

Barracuda Networks, Inc. designs and delivers security and data protection solutions. The company offers cloud-enabled solutions that enable customers address security threats, improve network performance, and protect and store their data. It provides various security solutions, including Barracuda Email Security, an email security service with spam and virus blocking, anti-phishing, fraud detection, advanced threat detection, denial-of-service prevention, email continuity, and encryption and policy management; and Barracuda Web Security Gateway, a solution to protect users from Web-based threats. The company’s security solutions also comprise Barracuda NextGen Firewalls to secure the network and optimize traffic flows; Barracuda Web Application Firewall to protect Web applications and websites from data breaches and downtime; and Barracuda Load Balancer ADC to optimize application performance, availability, and security, as well as various remote access solutions. In addition, it offers data protection solutions, such as Barracuda Backup, a backup solution; Barracuda Message Archiver, a data archival solution; and CudaSign, an eSignature platform. The company sells its appliances, services, and software products to education, government, financial services, healthcare, professional services, telecommunications, retail, and manufacturing industries through its sales personnel, distribution partners, and value added resellers in approximately 100 countries. Barracuda Networks, Inc. was founded in 2003 and is headquartered in Campbell, California.

FINANCIAL RATIOS  of  Barracuda Networks (CUDA)

Valuation Ratios
P/E Ratio 125.1
Price to Sales 3.5
Price to Book 208.4
Price to Tangible Book
Price to Cash Flow 19.2
Price to Free Cash Flow 21.9
Growth Rates
Sales Growth Rate 10.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 50
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 66.7%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. -5.7%
Return On Total Capital -111.1%
Ret/ On T. Cap. - 3 Yr. Avg. 96.8%
Return On Equity -76.9%
Return On Equity - 3 Yr. Avg. 78.9%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 76.2%
Gross Margin - 3 Yr. Avg. 77.8%
EBITDA Margin 10.8%
EBITDA Margin - 3 Yr. Avg. 4.7%
Operating Margin 6.2%
Oper. Margin - 3 Yr. Avg. 1.2%
Pre-Tax Margin 6.2%
Pre-Tax Margin - 3 Yr. Avg. 0.7%
Net Profit Margin 2.8%
Net Profit Margin - 3 Yr. Avg. -7.7%
Effective Tax Rate 54.5%
Eff/ Tax Rate - 3 Yr. Avg. -387.5%
Payout Ratio 0%

CUDA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CUDA stock intrinsic value calculation we used $353 million for the last fiscal year's total revenue generated by Barracuda Networks. The default revenue input number comes from 2017 income statement of Barracuda Networks. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CUDA stock valuation model: a) initial revenue growth rate of 6% 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 CUDA is calculated based on our internal credit rating of Barracuda Networks, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Barracuda Networks.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CUDA stock the variable cost ratio is equal to 20.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $269 million in the base year in the intrinsic value calculation for CUDA 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 Barracuda Networks.

Corporate tax rate of 27% is the nominal tax rate for Barracuda Networks. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CUDA 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 CUDA are equal to 18.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Barracuda Networks operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CUDA 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 - $6 million for Barracuda Networks - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 51.905 million for Barracuda Networks is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Barracuda Networks at the current share price and the inputted number of shares is $1.2 billion.

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COMPANY NEWS

▶ Why FireEye Stock Fell Last Week   [Aug-08-17 08:11AM  Market Realist]
▶ Barracuda to Present at Upcoming Investor Conferences   [Jul-26-17 04:04PM  PR Newswire]
▶ CyberArk Plunges After Preannouncing Q2 Revenue Miss   [Jul-13-17 06:08PM  Investor's Business Daily]
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▶ Story Stocks from Briefing.com   [09:56AM  Briefing.com]
▶ Barracuda meets 1Q profit forecasts   [Jul-10-17 11:54PM  Associated Press]
▶ Barracuda Networks beats on top line   [04:17PM  CNBC Videos]
▶ Futures: Nasdaq Aims To Retake Key Level; Amazon Sells Itself   [06:51AM  Investor's Business Daily]
▶ Healthcare and Russia Worries Don't Weigh on Stock Futures   [Jul-09-17 09:06PM  TheStreet.com]
▶ Petyas Role in the Recent Cybersecurity Stock Surge   [Jul-03-17 12:34PM  Market Realist]
▶ What Analysts Are Recommending for FireEye Stock   [May-29-17 07:36AM  Market Realist]
▶ Barracuda to Expand in Ann Arbor   [May-18-17 04:32PM  Business Wire]
▶ 'WannaCry' Has These 5 Cybersecurity Stocks Smiling   [May-16-17 09:30AM  TheStreet.com]
▶ Cybersecurity Stocks Extend Rally On Fear of 'WannaCry' Return   [07:32AM  Investor's Business Daily]
▶ Why Barracuda Networks Inc. Stock Fell 12% in April   [May-10-17 06:17PM  Motley Fool]
▶ Barracuda Earnings, Revenue Outlook Disappoints, Stock Dives   [04:27PM  Investor's Business Daily]
▶ Story Stocks from Briefing.com   [12:51PM  Briefing.com]
▶ After-hours buzz: NFLX, UAL, CUDA & more   [Apr-17-17 06:08PM  CNBC]
▶ Barracuda tops Street 4Q forecasts   [04:36PM  Associated Press]
▶ A Preview Of Barracuda Networks' Q4 Earnings   [Apr-07-17 08:28AM  Benzinga]
▶ SignNow and SportsForms Simplify Spring Sports Signups   [Mar-06-17 09:15AM  PR Newswire]
▶ [$$] Tailored Accounting Takes Companies Into Alternate Reality   [Feb-24-17 12:00AM  The Wall Street Journal]
▶ [$$] Tailored Accounting Takes Companies Into Alternate Reality   [12:00AM  at The Wall Street Journal]
▶ [$$] 'Tailored' Accounting Takes Companies Into Alternate Reality   [Feb-23-17 12:36PM  at The Wall Street Journal]
▶ Barracuda Networks Riding Record Microsoft Migration, Initiated At Buy   [Feb-06-17 04:01PM  Investor's Business Daily]
Stock chart of CUDA Financial statements of CUDA
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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