Intrinsic value of F5 Networks - FFIV

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$136.54

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$136.54

 
Intrinsic value

$149.56

 
Up/down potential

+10%

 
Rating

hold

 
Value-price divergence* premium content

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

We calculate the intrinsic value of FFIV 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 8.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.91
  5.50
  5.45
  5.40
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
Revenue, $m
  1,995
  2,105
  2,219
  2,339
  2,465
  2,596
  2,734
  2,878
  3,028
  3,186
  3,352
  3,525
  3,707
  3,898
  4,097
  4,307
  4,527
  4,757
  4,999
  5,253
  5,519
  5,798
  6,092
  6,399
  6,722
  7,061
  7,416
  7,789
  8,181
  8,592
  9,024
Variable operating expenses, $m
 
  1,496
  1,574
  1,656
  1,742
  1,832
  1,926
  2,024
  2,127
  2,235
  2,349
  2,412
  2,536
  2,667
  2,803
  2,947
  3,097
  3,255
  3,420
  3,594
  3,776
  3,967
  4,167
  4,378
  4,599
  4,830
  5,074
  5,329
  5,597
  5,878
  6,174
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
  1,448
  1,496
  1,574
  1,656
  1,742
  1,832
  1,926
  2,024
  2,127
  2,235
  2,349
  2,412
  2,536
  2,667
  2,803
  2,947
  3,097
  3,255
  3,420
  3,594
  3,776
  3,967
  4,167
  4,378
  4,599
  4,830
  5,074
  5,329
  5,597
  5,878
  6,174
Operating income, $m
  547
  609
  645
  683
  723
  764
  808
  853
  901
  951
  1,003
  1,114
  1,171
  1,231
  1,294
  1,360
  1,430
  1,503
  1,579
  1,659
  1,743
  1,832
  1,924
  2,021
  2,123
  2,230
  2,343
  2,460
  2,584
  2,714
  2,850
EBITDA, $m
  604
  674
  711
  749
  790
  832
  876
  922
  970
  1,021
  1,074
  1,129
  1,188
  1,249
  1,313
  1,380
  1,450
  1,524
  1,602
  1,683
  1,768
  1,858
  1,951
  2,050
  2,153
  2,262
  2,376
  2,495
  2,621
  2,753
  2,891
Interest expense (income), $m
  0
  0
  2
  4
  7
  9
  12
  15
  17
  20
  23
  27
  30
  34
  37
  41
  45
  50
  54
  59
  64
  69
  75
  81
  87
  93
  100
  107
  114
  122
  130
Earnings before tax, $m
  550
  609
  643
  679
  716
  755
  796
  839
  884
  931
  980
  1,087
  1,141
  1,198
  1,257
  1,319
  1,384
  1,453
  1,525
  1,600
  1,679
  1,762
  1,849
  1,941
  2,037
  2,137
  2,243
  2,354
  2,470
  2,592
  2,721
Tax expense, $m
  184
  164
  174
  183
  193
  204
  215
  226
  239
  251
  265
  293
  308
  323
  339
  356
  374
  392
  412
  432
  453
  476
  499
  524
  550
  577
  606
  636
  667
  700
  735
Net income, $m
  366
  445
  470
  496
  523
  551
  581
  612
  645
  679
  715
  793
  833
  874
  918
  963
  1,011
  1,061
  1,113
  1,168
  1,226
  1,286
  1,350
  1,417
  1,487
  1,560
  1,637
  1,718
  1,803
  1,892
  1,986

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  882
  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
  2,306
  1,502
  1,584
  1,670
  1,759
  1,853
  1,951
  2,054
  2,162
  2,274
  2,392
  2,516
  2,646
  2,782
  2,925
  3,074
  3,231
  3,396
  3,568
  3,749
  3,939
  4,139
  4,348
  4,568
  4,798
  5,040
  5,294
  5,560
  5,840
  6,133
  6,441
Adjusted assets (=assets-cash), $m
  1,424
  1,502
  1,584
  1,670
  1,759
  1,853
  1,951
  2,054
  2,162
  2,274
  2,392
  2,516
  2,646
  2,782
  2,925
  3,074
  3,231
  3,396
  3,568
  3,749
  3,939
  4,139
  4,348
  4,568
  4,798
  5,040
  5,294
  5,560
  5,840
  6,133
  6,441
Revenue / Adjusted assets
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
Average production assets, $m
  103
  109
  115
  122
  128
  135
  142
  150
  157
  166
  174
  183
  193
  203
  213
  224
  235
  247
  260
  273
  287
  302
  317
  333
  350
  367
  386
  405
  425
  447
  469
Working capital, $m
  445
  -461
  -486
  -512
  -540
  -569
  -599
  -630
  -663
  -698
  -734
  -772
  -812
  -854
  -897
  -943
  -991
  -1,042
  -1,095
  -1,150
  -1,209
  -1,270
  -1,334
  -1,401
  -1,472
  -1,546
  -1,624
  -1,706
  -1,792
  -1,882
  -1,976
Total debt, $m
  0
  61
  126
  193
  264
  337
  415
  495
  580
  669
  762
  859
  961
  1,068
  1,181
  1,298
  1,422
  1,551
  1,687
  1,830
  1,979
  2,136
  2,301
  2,474
  2,655
  2,845
  3,045
  3,255
  3,475
  3,706
  3,948
Total liabilities, $m
  1,121
  1,182
  1,247
  1,314
  1,385
  1,458
  1,536
  1,616
  1,701
  1,790
  1,883
  1,980
  2,082
  2,189
  2,302
  2,419
  2,543
  2,672
  2,808
  2,951
  3,100
  3,257
  3,422
  3,595
  3,776
  3,966
  4,166
  4,376
  4,596
  4,827
  5,069
Total equity, $m
  1,185
  320
  337
  356
  375
  395
  416
  438
  460
  484
  510
  536
  564
  593
  623
  655
  688
  723
  760
  799
  839
  882
  926
  973
  1,022
  1,073
  1,128
  1,184
  1,244
  1,306
  1,372
Total liabilities and equity, $m
  2,306
  1,502
  1,584
  1,670
  1,760
  1,853
  1,952
  2,054
  2,161
  2,274
  2,393
  2,516
  2,646
  2,782
  2,925
  3,074
  3,231
  3,395
  3,568
  3,750
  3,939
  4,139
  4,348
  4,568
  4,798
  5,039
  5,294
  5,560
  5,840
  6,133
  6,441
Debt-to-equity ratio
  0.000
  0.190
  0.370
  0.540
  0.700
  0.850
  1.000
  1.130
  1.260
  1.380
  1.500
  1.600
  1.710
  1.800
  1.900
  1.980
  2.070
  2.140
  2.220
  2.290
  2.360
  2.420
  2.480
  2.540
  2.600
  2.650
  2.700
  2.750
  2.790
  2.840
  2.880
Adjusted equity ratio
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  366
  445
  470
  496
  523
  551
  581
  612
  645
  679
  715
  793
  833
  874
  918
  963
  1,011
  1,061
  1,113
  1,168
  1,226
  1,286
  1,350
  1,417
  1,487
  1,560
  1,637
  1,718
  1,803
  1,892
  1,986
Depreciation, amort., depletion, $m
  57
  65
  66
  66
  67
  67
  68
  68
  69
  70
  71
  16
  17
  17
  18
  19
  20
  21
  22
  24
  25
  26
  27
  29
  30
  32
  33
  35
  37
  39
  40
Funds from operations, $m
  839
  510
  535
  562
  589
  619
  649
  681
  714
  749
  786
  809
  849
  892
  936
  982
  1,031
  1,082
  1,136
  1,192
  1,251
  1,312
  1,377
  1,445
  1,517
  1,592
  1,671
  1,753
  1,840
  1,931
  2,027
Change in working capital, $m
  127
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -56
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -90
  -95
Cash from operations, $m
  712
  482
  560
  588
  617
  647
  679
  712
  747
  784
  822
  847
  889
  933
  980
  1,028
  1,079
  1,132
  1,188
  1,247
  1,309
  1,374
  1,442
  1,513
  1,588
  1,666
  1,748
  1,835
  1,926
  2,021
  2,121
Maintenance CAPEX, $m
  0
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
New CAPEX, $m
  -68
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
Cash from investing activities, $m
  63
  -15
  -15
  -16
  -17
  -18
  -19
  -19
  -21
  -22
  -23
  -24
  -25
  -27
  -27
  -29
  -30
  -32
  -34
  -35
  -38
  -40
  -41
  -43
  -46
  -48
  -50
  -52
  -55
  -58
  -61
Free cash flow, $m
  775
  466
  545
  572
  600
  629
  660
  693
  727
  762
  799
  823
  864
  907
  952
  999
  1,048
  1,100
  1,155
  1,212
  1,272
  1,334
  1,400
  1,469
  1,542
  1,618
  1,698
  1,782
  1,870
  1,963
  2,060
Issuance/(repayment) of debt, $m
  0
  61
  64
  67
  70
  74
  77
  81
  85
  89
  93
  97
  102
  107
  112
  118
  123
  130
  136
  143
  150
  157
  165
  173
  181
  190
  200
  210
  220
  231
  242
Issuance/(repurchase) of shares, $m
  -655
  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  
  -653
  61
  64
  67
  70
  74
  77
  81
  85
  89
  93
  97
  102
  107
  112
  118
  123
  130
  136
  143
  150
  157
  165
  173
  181
  190
  200
  210
  220
  231
  242
Total cash flow (excl. dividends), $m
  124
  528
  609
  639
  670
  703
  738
  774
  811
  851
  892
  921
  966
  1,014
  1,064
  1,117
  1,172
  1,230
  1,290
  1,354
  1,421
  1,491
  1,565
  1,642
  1,723
  1,809
  1,898
  1,992
  2,091
  2,194
  2,303
Retained Cash Flow (-), $m
  132
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -40
  -42
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
Prev. year cash balance distribution, $m
 
  882
  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
 
  1,393
  592
  621
  651
  683
  717
  752
  788
  827
  867
  894
  938
  985
  1,034
  1,085
  1,138
  1,195
  1,254
  1,316
  1,381
  1,449
  1,520
  1,596
  1,674
  1,757
  1,844
  1,935
  2,031
  2,131
  2,237
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
 
  1,335
  542
  540
  536
  530
  520
  508
  493
  475
  455
  425
  400
  374
  347
  318
  289
  260
  231
  203
  175
  150
  126
  105
  85
  68
  54
  42
  31
  23
  17
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

F5 Networks, Inc. develops, markets, and sells application delivery networking products that optimize the security, performance, and availability of network applications, servers, and storage systems. It offers Local Traffic Manager, which provides intelligent load-balancing, traffic management, and application health checking; BIG-IP DNS that automatically directs users to the closest or best-performing physical, virtual, or cloud environment; Link Controller, which monitors the health and availability of each connection in organizations with more than one Internet service provider; Advanced Firewall Manager, a network firewall; and Application Security Manager, an Web application firewall that provides comprehensive, proactive, and application-layer protection against generalized and targeted attacks. The company also provides Access Policy Manager, which provides secure, granular, and context-aware access to networks and applications; Carrier-Grade Network Address Translation, which offers a set of tools that enables service providers to migrate to IPv6 while continuing to support and interoperate with existing IPv4 devices and content; and Policy Enforcement Manager that offers traffic classification capabilities to identify the specific applications and services to service providers. In addition, it offers cloud-based and other subscription services; BIG-IP appliances; VIPRION chassis-based systems; and Traffix Signaling Delivery Controller for diameter signaling and routing. The company sells its products to enterprise customers and service providers through distributors, value-added resellers, and systems integrators in the Americas, Europe, the Middle East, Africa, Japan, and the Asia Pacific Region. F5 Networks, Inc. was founded in 1996 and is headquartered in Seattle, Washington.

FINANCIAL RATIOS  of  F5 Networks (FFIV)

Valuation Ratios
P/E Ratio 24.4
Price to Sales 4.5
Price to Book 7.5
Price to Tangible Book
Price to Cash Flow 12.5
Price to Free Cash Flow 13.8
Growth Rates
Sales Growth Rate 3.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.5%
Cap. Spend. - 3 Yr. Gr. Rate 20.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 15.9%
Ret/ On Assets - 3 Yr. Avg. 15.4%
Return On Total Capital 29.3%
Ret/ On T. Cap. - 3 Yr. Avg. 25.9%
Return On Equity 29.3%
Return On Equity - 3 Yr. Avg. 25.9%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 83.1%
Gross Margin - 3 Yr. Avg. 82.6%
EBITDA Margin 30.4%
EBITDA Margin - 3 Yr. Avg. 31.3%
Operating Margin 27.4%
Oper. Margin - 3 Yr. Avg. 28.2%
Pre-Tax Margin 27.6%
Pre-Tax Margin - 3 Yr. Avg. 28.5%
Net Profit Margin 18.3%
Net Profit Margin - 3 Yr. Avg. 18.4%
Effective Tax Rate 33.5%
Eff/ Tax Rate - 3 Yr. Avg. 35.3%
Payout Ratio 0%

FFIV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FFIV stock intrinsic value calculation we used $1995 million for the last fiscal year's total revenue generated by F5 Networks. The default revenue input number comes from 2016 income statement of F5 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 FFIV stock valuation model: a) initial revenue growth rate of 5.5% 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 FFIV is calculated based on our internal credit rating of F5 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 F5 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 FFIV stock the variable cost ratio is equal to 71.2%.

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 FFIV 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 F5 Networks.

Corporate tax rate of 27% is the nominal tax rate for F5 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 FFIV 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 FFIV are equal to 5.2%.

Life of production assets of 11.6 years is the average useful life of capital assets used in F5 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 FFIV is equal to -21.9%. 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 - $1185 million for F5 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 64.81 million for F5 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 F5 Networks at the current share price and the inputted number of shares is $8.8 billion.


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COMPANY NEWS

▶ The 20 highest-paying tech companies in America   [Apr-12-17 08:46AM  Yahoo Finance]
▶ 5 Things to Know About F5 Networks   [Apr-06-17 02:33PM  Motley Fool]
▶ The Biggest Loser: F5 Networks Slumps 3.4%   [Mar-29-17 05:21PM  Barrons.com]
▶ What F5's Downgrade Says About Amazon's Data-Center Plans   [04:23PM  Investor's Business Daily]
▶ F5 Announces Date for Q2 Earnings Conference Call   [Mar-17-17 07:30AM  Business Wire]
▶ F5 Networks Launches Global Brand Campaign: We Make Apps Go   [Feb-15-17 07:00AM  Business Wire]
▶ F5 to Present at Goldman Sachs Conference   [Feb-10-17 07:30AM  Business Wire]
▶ F5 Networks names CEO to replace John McAdam   [Jan-30-17 04:48PM  at bizjournals.com]
▶ F5 Networks names Locoh-Donou as new CEO   [04:32PM  at MarketWatch]
▶ F5 CEO McAdam: Cloud and Security Are Big For Us   [Jan-25-17 05:41PM  at Barrons.com]
▶ Cisco Shines in Reseller Remarks from Piper, William Blair   [Jan-18-17 03:24PM  at Barrons.com]
▶ Top 10 Tech Stock Predictions for 2017   [Dec-24-16 02:40PM  at TheStreet]
▶ F5 Announces Date for Q1 Earnings Conference Call   [Dec-20-16 07:30AM  Business Wire]
▶ REMINDER: F5 Networks to Hold Analyst and Investor Meeting   [Nov-16-16 07:30AM  Business Wire]
▶ How F5 Networks, Inc. Gained 11% in October   [Nov-13-16 12:17PM  at Motley Fool]
Stock chart of FFIV Financial statements of FFIV
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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