Intrinsic value of Extreme Networks - EXTR

Previous Close

$10.40

  Intrinsic Value

$0.05

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-240%

Previous close

$10.40

 
Intrinsic value

$0.05

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-240%

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

We calculate the intrinsic value of EXTR 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 1.1

 

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, %
  -4.52
  19.20
  17.78
  16.50
  15.35
  14.32
  13.38
  12.55
  11.79
  11.11
  10.50
  9.95
  9.46
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
Revenue, $m
  528
  629
  741
  864
  996
  1,139
  1,291
  1,453
  1,625
  1,805
  1,995
  2,193
  2,401
  2,617
  2,842
  3,077
  3,320
  3,574
  3,837
  4,111
  4,395
  4,691
  4,998
  5,318
  5,651
  5,997
  6,358
  6,735
  7,127
  7,536
  7,964
Variable operating expenses, $m
 
  700
  823
  958
  1,103
  1,260
  1,428
  1,606
  1,795
  1,994
  2,202
  2,414
  2,642
  2,880
  3,128
  3,386
  3,654
  3,933
  4,223
  4,524
  4,837
  5,162
  5,501
  5,853
  6,219
  6,600
  6,998
  7,412
  7,844
  8,294
  8,764
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
  554
  700
  823
  958
  1,103
  1,260
  1,428
  1,606
  1,795
  1,994
  2,202
  2,414
  2,642
  2,880
  3,128
  3,386
  3,654
  3,933
  4,223
  4,524
  4,837
  5,162
  5,501
  5,853
  6,219
  6,600
  6,998
  7,412
  7,844
  8,294
  8,764
Operating income, $m
  -26
  -70
  -82
  -94
  -107
  -122
  -137
  -153
  -170
  -189
  -208
  -221
  -241
  -263
  -286
  -309
  -334
  -359
  -386
  -413
  -442
  -472
  -503
  -535
  -568
  -603
  -639
  -677
  -717
  -758
  -801
EBITDA, $m
  17
  -55
  -65
  -75
  -87
  -99
  -113
  -127
  -142
  -157
  -174
  -191
  -209
  -228
  -248
  -268
  -289
  -311
  -334
  -358
  -383
  -409
  -436
  -463
  -492
  -523
  -554
  -587
  -621
  -657
  -694
Interest expense (income), $m
  3
  2
  4
  7
  10
  13
  17
  21
  25
  29
  33
  38
  43
  48
  53
  59
  65
  71
  77
  83
  90
  97
  105
  112
  120
  128
  137
  146
  155
  165
  175
Earnings before tax, $m
  -28
  -72
  -86
  -101
  -117
  -135
  -154
  -174
  -195
  -217
  -241
  -259
  -284
  -311
  -339
  -368
  -399
  -430
  -463
  -497
  -532
  -569
  -607
  -647
  -688
  -731
  -776
  -823
  -872
  -922
  -976
Tax expense, $m
  4
  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
Net income, $m
  -32
  -72
  -86
  -101
  -117
  -135
  -154
  -174
  -195
  -217
  -241
  -259
  -284
  -311
  -339
  -368
  -399
  -430
  -463
  -497
  -532
  -569
  -607
  -647
  -688
  -731
  -776
  -823
  -872
  -922
  -976

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  94
  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
  374
  355
  418
  487
  562
  642
  728
  820
  916
  1,018
  1,125
  1,237
  1,354
  1,476
  1,603
  1,735
  1,873
  2,016
  2,164
  2,319
  2,479
  2,646
  2,819
  2,999
  3,187
  3,383
  3,586
  3,798
  4,020
  4,251
  4,492
Adjusted assets (=assets-cash), $m
  280
  355
  418
  487
  562
  642
  728
  820
  916
  1,018
  1,125
  1,237
  1,354
  1,476
  1,603
  1,735
  1,873
  2,016
  2,164
  2,319
  2,479
  2,646
  2,819
  2,999
  3,187
  3,383
  3,586
  3,798
  4,020
  4,251
  4,492
Revenue / Adjusted assets
  1.886
  1.772
  1.773
  1.774
  1.772
  1.774
  1.773
  1.772
  1.774
  1.773
  1.773
  1.773
  1.773
  1.773
  1.773
  1.773
  1.773
  1.773
  1.773
  1.773
  1.773
  1.773
  1.773
  1.773
  1.773
  1.773
  1.773
  1.773
  1.773
  1.773
  1.773
Average production assets, $m
  71
  84
  99
  116
  133
  153
  173
  195
  218
  242
  267
  294
  322
  351
  381
  412
  445
  479
  514
  551
  589
  629
  670
  713
  757
  804
  852
  902
  955
  1,010
  1,067
Working capital, $m
  17
  -63
  -74
  -86
  -100
  -114
  -129
  -145
  -162
  -181
  -199
  -219
  -240
  -262
  -284
  -308
  -332
  -357
  -384
  -411
  -440
  -469
  -500
  -532
  -565
  -600
  -636
  -673
  -713
  -754
  -796
Total debt, $m
  55
  88
  144
  206
  273
  345
  421
  503
  589
  680
  776
  876
  980
  1,089
  1,203
  1,321
  1,443
  1,571
  1,704
  1,841
  1,985
  2,134
  2,288
  2,450
  2,617
  2,792
  2,974
  3,163
  3,361
  3,567
  3,782
Total liabilities, $m
  284
  317
  373
  435
  502
  574
  650
  732
  818
  909
  1,005
  1,105
  1,209
  1,318
  1,432
  1,550
  1,672
  1,800
  1,933
  2,070
  2,214
  2,363
  2,517
  2,679
  2,846
  3,021
  3,203
  3,392
  3,590
  3,796
  4,011
Total equity, $m
  90
  38
  45
  52
  60
  69
  78
  88
  98
  109
  120
  132
  145
  158
  172
  186
  200
  216
  232
  248
  265
  283
  302
  321
  341
  362
  384
  406
  430
  455
  481
Total liabilities and equity, $m
  374
  355
  418
  487
  562
  643
  728
  820
  916
  1,018
  1,125
  1,237
  1,354
  1,476
  1,604
  1,736
  1,872
  2,016
  2,165
  2,318
  2,479
  2,646
  2,819
  3,000
  3,187
  3,383
  3,587
  3,798
  4,020
  4,251
  4,492
Debt-to-equity ratio
  0.611
  2.320
  3.230
  3.950
  4.540
  5.010
  5.410
  5.730
  6.010
  6.240
  6.440
  6.620
  6.770
  6.900
  7.010
  7.110
  7.200
  7.280
  7.360
  7.420
  7.480
  7.540
  7.590
  7.630
  7.670
  7.710
  7.750
  7.780
  7.810
  7.840
  7.870
Adjusted equity ratio
  -0.014
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -32
  -72
  -86
  -101
  -117
  -135
  -154
  -174
  -195
  -217
  -241
  -259
  -284
  -311
  -339
  -368
  -399
  -430
  -463
  -497
  -532
  -569
  -607
  -647
  -688
  -731
  -776
  -823
  -872
  -922
  -976
Depreciation, amort., depletion, $m
  43
  16
  17
  19
  20
  22
  24
  27
  29
  31
  34
  29
  32
  35
  38
  41
  44
  48
  51
  55
  59
  63
  67
  71
  76
  80
  85
  90
  96
  101
  107
Funds from operations, $m
  28
  -57
  -69
  -82
  -97
  -113
  -129
  -147
  -166
  -186
  -207
  -229
  -252
  -276
  -301
  -327
  -354
  -382
  -411
  -442
  -473
  -506
  -540
  -576
  -613
  -651
  -691
  -733
  -776
  -821
  -869
Change in working capital, $m
  -2
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
Cash from operations, $m
  30
  -47
  -58
  -70
  -84
  -98
  -114
  -131
  -149
  -168
  -188
  -209
  -231
  -254
  -279
  -304
  -330
  -357
  -385
  -414
  -445
  -477
  -509
  -544
  -579
  -616
  -655
  -695
  -737
  -781
  -826
Maintenance CAPEX, $m
  0
  -7
  -8
  -10
  -12
  -13
  -15
  -17
  -19
  -22
  -24
  -27
  -29
  -32
  -35
  -38
  -41
  -44
  -48
  -51
  -55
  -59
  -63
  -67
  -71
  -76
  -80
  -85
  -90
  -96
  -101
New CAPEX, $m
  -5
  -14
  -15
  -16
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -53
  -55
  -57
Cash from investing activities, $m
  -5
  -21
  -23
  -26
  -30
  -32
  -35
  -39
  -42
  -46
  -49
  -54
  -57
  -61
  -65
  -69
  -74
  -78
  -83
  -88
  -93
  -99
  -104
  -110
  -116
  -122
  -128
  -135
  -143
  -151
  -158
Free cash flow, $m
  25
  -67
  -81
  -96
  -113
  -131
  -150
  -170
  -192
  -214
  -238
  -263
  -289
  -316
  -344
  -373
  -404
  -435
  -468
  -502
  -538
  -575
  -613
  -653
  -695
  -738
  -784
  -831
  -880
  -931
  -984
Issuance/(repayment) of debt, $m
  -11
  51
  56
  62
  67
  72
  77
  82
  86
  91
  95
  100
  104
  109
  113
  118
  123
  128
  133
  138
  143
  149
  155
  161
  168
  175
  182
  190
  198
  206
  215
Issuance/(repurchase) of shares, $m
  5
  78
  93
  108
  125
  144
  163
  184
  205
  228
  252
  271
  297
  324
  353
  382
  413
  445
  479
  513
  549
  587
  626
  666
  708
  752
  798
  846
  895
  947
  1,001
Cash from financing (excl. dividends), $m  
  -7
  129
  149
  170
  192
  216
  240
  266
  291
  319
  347
  371
  401
  433
  466
  500
  536
  573
  612
  651
  692
  736
  781
  827
  876
  927
  980
  1,036
  1,093
  1,153
  1,216
Total cash flow (excl. dividends), $m
  18
  62
  68
  74
  79
  85
  90
  95
  100
  105
  110
  108
  113
  118
  122
  127
  132
  138
  143
  149
  155
  161
  167
  174
  181
  188
  196
  204
  213
  222
  232
Retained Cash Flow (-), $m
  14
  -78
  -93
  -108
  -125
  -144
  -163
  -184
  -205
  -228
  -252
  -271
  -297
  -324
  -353
  -382
  -413
  -445
  -479
  -513
  -549
  -587
  -626
  -666
  -708
  -752
  -798
  -846
  -895
  -947
  -1,001
Prev. year cash balance distribution, $m
 
  58
  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
 
  42
  -25
  -35
  -46
  -59
  -73
  -89
  -105
  -123
  -142
  -163
  -184
  -207
  -230
  -255
  -281
  -308
  -336
  -365
  -395
  -426
  -459
  -492
  -527
  -564
  -602
  -641
  -682
  -725
  -769
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
 
  40
  -23
  -30
  -38
  -46
  -53
  -60
  -66
  -71
  -75
  -77
  -79
  -79
  -77
  -75
  -71
  -67
  -62
  -56
  -50
  -44
  -38
  -32
  -27
  -22
  -18
  -14
  -11
  -8
  -6
Current shareholders' claim on cash, %
  100
  80.2
  64.5
  51.9
  41.8
  33.8
  27.3
  22.1
  17.9
  14.5
  11.8
  9.6
  7.9
  6.4
  5.2
  4.3
  3.5
  2.9
  2.4
  1.9
  1.6
  1.3
  1.1
  0.9
  0.7
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2

Extreme Networks, Inc. provides software-driven networking solutions for enterprise customers worldwide. The company designs, develops, and manufactures wired and wireless network infrastructure equipment; and develops the software for network management, policy, analytics, security, and access controls. It offers modular Ethernet switching systems for enterprises, data centers, and service providers; stackable Ethernet switching systems; wireless access point products; and centralized management software to provide a central network-wide visibility and control capability. The company also provides ExtremeControl software solution that offers a network access control solution for wired and wireless LAN and VPN users, as well as allows integration with other third party network management tools for mobile device management integration, threat response next generation firewall, security information and event management, intrusion prevention system, and others. In addition, it provides ExtremeAnalytics, a network-powered application analytics and optimization solution that engages in capturing, aggregating, analyzing, correlating, and reporting network data, which enables in decision making and enhancing business performance. Further, the company offers ExtremeCloud, a cloud-based network management solution for clients and staff for engaging with the platform; and software-defined networks. It sells and markets its products through a channel that utilizes distributors, resellers, and field sales organizations. The company offers its solutions to enterprises and organizations in education, healthcare, manufacturing, and hospitality, as well as government agencies. Extreme Networks, Inc. was founded in 1996 and is headquartered in San Jose, California.

FINANCIAL RATIOS  of  Extreme Networks (EXTR)

Valuation Ratios
P/E Ratio -34.1
Price to Sales 2.1
Price to Book 12.1
Price to Tangible Book
Price to Cash Flow 36.4
Price to Free Cash Flow 43.7
Growth Rates
Sales Growth Rate -4.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -37.5%
Cap. Spend. - 3 Yr. Gr. Rate -17.4%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 41.1%
Total Debt to Equity 61.1%
Interest Coverage -8
Management Effectiveness
Return On Assets -7.1%
Ret/ On Assets - 3 Yr. Avg. -11.6%
Return On Total Capital -20.3%
Ret/ On T. Cap. - 3 Yr. Avg. -25.5%
Return On Equity -33%
Return On Equity - 3 Yr. Avg. -40.4%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 51.3%
Gross Margin - 3 Yr. Avg. 51.1%
EBITDA Margin 3.4%
EBITDA Margin - 3 Yr. Avg. -0.5%
Operating Margin -4.9%
Oper. Margin - 3 Yr. Avg. -8.6%
Pre-Tax Margin -5.3%
Pre-Tax Margin - 3 Yr. Avg. -9.2%
Net Profit Margin -6.1%
Net Profit Margin - 3 Yr. Avg. -10%
Effective Tax Rate -14.3%
Eff/ Tax Rate - 3 Yr. Avg. -9.8%
Payout Ratio 0%

EXTR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EXTR stock intrinsic value calculation we used $528 million for the last fiscal year's total revenue generated by Extreme Networks. The default revenue input number comes from 2016 income statement of Extreme 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 EXTR stock valuation model: a) initial revenue growth rate of 19.2% 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 EXTR is calculated based on our internal credit rating of Extreme 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 Extreme 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 EXTR stock the variable cost ratio is equal to 111.4%.

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 EXTR 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 4.9% for Extreme Networks.

Corporate tax rate of 27% is the nominal tax rate for Extreme 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 EXTR 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 EXTR are equal to 13.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Extreme 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 EXTR 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 - $90 million for Extreme 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 103.06 million for Extreme 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 Extreme Networks at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ How Extreme Networks Won Big in Its Q4   [10:55AM  24/7 Wall St.]
▶ Extreme Networks tops Street 4Q forecasts   [Aug-14-17 09:45PM  Associated Press]
▶ Extreme Networks Closed the Avaya Deal. Now What?   [Jul-21-17 10:45AM  Motley Fool]
▶ How Risky Is Extreme Networks, Inc.?   [Jul-09-17 08:14AM  Motley Fool]
▶ Top Ranked Growth Stocks to Buy for June 28th   [Jun-28-17 10:55AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for June 16th   [Jun-16-17 11:53AM  Zacks]
▶ The 3 Best Network Security Stocks to Buy in 2017   [May-23-17 01:52PM  Motley Fool]
▶ George Soros' Best-Performing Stocks of 2017 So Far   [May-13-17 10:41AM  Motley Fool]
▶ Why Extreme Networks, Inc. Rose Today   [03:11PM  Motley Fool]
▶ Extreme Networks reports 3Q loss   [May-03-17 06:43PM  Associated Press]
▶ 3 Tech Stocks Under $10 to Buy Now   [May-01-17 06:32PM  Zacks]
▶ Five Stocks for the Small Cap Breakout to Highs   [Apr-20-17 08:05PM  Zacks]
▶ Top Stock Picks for the Week of April 17th   [Apr-17-17 01:32PM  Zacks]
▶ Top Ranked Growth Stocks to Buy for April 10th   [Apr-10-17 10:04AM  Zacks]
▶ [$$] Avaya Cleared to Test $100 Million Bid at Auction   [Apr-04-17 04:20PM  The Wall Street Journal]
▶ [$$] Broadcom-Brocade Deal Gets Better   [03:00PM  Barrons.com]
▶ [$$] Broadcom-Brocade Deal Gets Better   [03:00PM  at Barrons.com]
▶ Extreme Networks Stock Soars on New Acquisition   [02:35PM  at Investopedia]
▶ [$$] Avaya Receives Bid for Networking Unit   [Mar-09-17 03:22PM  at The Wall Street Journal]
▶ Why Shares of Extreme Networks Inc. Are Surging Today   [Mar-08-17 12:15PM  at Motley Fool]
Stock chart of EXTR Financial statements of EXTR
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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