Intrinsic value of F5 Networks - FFIV

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$127.16

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$127.16

 
Intrinsic value

$162.13

 
Up/down potential

+28%

 
Rating

buy

 
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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 8.3

 

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
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
Revenue, $m
  1,995
  2,135
  2,280
  2,431
  2,588
  2,751
  2,921
  3,098
  3,283
  3,475
  3,676
  3,885
  4,104
  4,332
  4,571
  4,820
  5,081
  5,354
  5,640
  5,939
  6,252
  6,579
  6,923
  7,282
  7,660
  8,055
  8,469
  8,903
  9,359
  9,837
  10,338
Variable operating expenses, $m
 
  1,516
  1,615
  1,719
  1,826
  1,938
  2,054
  2,175
  2,301
  2,433
  2,570
  2,658
  2,808
  2,964
  3,127
  3,298
  3,476
  3,663
  3,858
  4,063
  4,277
  4,501
  4,736
  4,982
  5,240
  5,510
  5,794
  6,091
  6,403
  6,730
  7,072
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
  1,516
  1,615
  1,719
  1,826
  1,938
  2,054
  2,175
  2,301
  2,433
  2,570
  2,658
  2,808
  2,964
  3,127
  3,298
  3,476
  3,663
  3,858
  4,063
  4,277
  4,501
  4,736
  4,982
  5,240
  5,510
  5,794
  6,091
  6,403
  6,730
  7,072
Operating income, $m
  547
  619
  665
  712
  762
  813
  867
  923
  981
  1,042
  1,105
  1,227
  1,296
  1,368
  1,444
  1,523
  1,605
  1,691
  1,781
  1,876
  1,975
  2,078
  2,187
  2,300
  2,419
  2,544
  2,675
  2,812
  2,956
  3,107
  3,265
EBITDA, $m
  604
  684
  730
  779
  829
  881
  936
  993
  1,052
  1,113
  1,178
  1,245
  1,315
  1,388
  1,464
  1,544
  1,628
  1,715
  1,807
  1,902
  2,003
  2,108
  2,218
  2,333
  2,454
  2,580
  2,713
  2,852
  2,998
  3,151
  3,312
Interest expense (income), $m
  0
  0
  3
  6
  9
  12
  15
  18
  22
  25
  29
  33
  37
  41
  46
  51
  56
  61
  66
  72
  78
  84
  90
  97
  104
  111
  119
  127
  136
  145
  154
Earnings before tax, $m
  550
  619
  662
  707
  753
  802
  852
  905
  960
  1,017
  1,076
  1,194
  1,259
  1,327
  1,398
  1,472
  1,549
  1,631
  1,715
  1,804
  1,897
  1,995
  2,097
  2,203
  2,315
  2,433
  2,556
  2,685
  2,820
  2,962
  3,111
Tax expense, $m
  184
  167
  179
  191
  203
  216
  230
  244
  259
  275
  291
  322
  340
  358
  377
  397
  418
  440
  463
  487
  512
  539
  566
  595
  625
  657
  690
  725
  762
  800
  840
Net income, $m
  366
  452
  483
  516
  550
  585
  622
  661
  701
  742
  786
  872
  919
  969
  1,020
  1,075
  1,131
  1,190
  1,252
  1,317
  1,385
  1,456
  1,530
  1,609
  1,690
  1,776
  1,866
  1,960
  2,059
  2,163
  2,271

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
  1,524
  1,627
  1,735
  1,847
  1,964
  2,085
  2,211
  2,343
  2,480
  2,624
  2,773
  2,929
  3,092
  3,263
  3,441
  3,627
  3,822
  4,025
  4,239
  4,462
  4,696
  4,941
  5,198
  5,467
  5,749
  6,045
  6,355
  6,680
  7,021
  7,379
Adjusted assets (=assets-cash), $m
  1,424
  1,524
  1,627
  1,735
  1,847
  1,964
  2,085
  2,211
  2,343
  2,480
  2,624
  2,773
  2,929
  3,092
  3,263
  3,441
  3,627
  3,822
  4,025
  4,239
  4,462
  4,696
  4,941
  5,198
  5,467
  5,749
  6,045
  6,355
  6,680
  7,021
  7,379
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
  111
  119
  126
  135
  143
  152
  161
  171
  181
  191
  202
  213
  225
  238
  251
  264
  278
  293
  309
  325
  342
  360
  379
  398
  419
  440
  463
  487
  512
  538
Working capital, $m
  445
  -467
  -499
  -532
  -567
  -602
  -640
  -679
  -719
  -761
  -805
  -851
  -899
  -949
  -1,001
  -1,056
  -1,113
  -1,173
  -1,235
  -1,301
  -1,369
  -1,441
  -1,516
  -1,595
  -1,677
  -1,764
  -1,855
  -1,950
  -2,050
  -2,154
  -2,264
Total debt, $m
  0
  78
  160
  244
  333
  424
  520
  619
  723
  831
  944
  1,062
  1,184
  1,313
  1,447
  1,587
  1,733
  1,887
  2,047
  2,215
  2,391
  2,575
  2,768
  2,970
  3,182
  3,404
  3,636
  3,880
  4,136
  4,405
  4,686
Total liabilities, $m
  1,121
  1,199
  1,281
  1,365
  1,454
  1,545
  1,641
  1,740
  1,844
  1,952
  2,065
  2,183
  2,305
  2,434
  2,568
  2,708
  2,854
  3,008
  3,168
  3,336
  3,512
  3,696
  3,889
  4,091
  4,303
  4,525
  4,757
  5,001
  5,257
  5,526
  5,807
Total equity, $m
  1,185
  325
  347
  370
  393
  418
  444
  471
  499
  528
  559
  591
  624
  659
  695
  733
  773
  814
  857
  903
  950
  1,000
  1,052
  1,107
  1,165
  1,225
  1,288
  1,354
  1,423
  1,496
  1,572
Total liabilities and equity, $m
  2,306
  1,524
  1,628
  1,735
  1,847
  1,963
  2,085
  2,211
  2,343
  2,480
  2,624
  2,774
  2,929
  3,093
  3,263
  3,441
  3,627
  3,822
  4,025
  4,239
  4,462
  4,696
  4,941
  5,198
  5,468
  5,750
  6,045
  6,355
  6,680
  7,022
  7,379
Debt-to-equity ratio
  0.000
  0.240
  0.460
  0.660
  0.850
  1.010
  1.170
  1.310
  1.450
  1.570
  1.690
  1.800
  1.900
  1.990
  2.080
  2.170
  2.240
  2.320
  2.390
  2.450
  2.520
  2.570
  2.630
  2.680
  2.730
  2.780
  2.820
  2.870
  2.910
  2.950
  2.980
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
  452
  483
  516
  550
  585
  622
  661
  701
  742
  786
  872
  919
  969
  1,020
  1,075
  1,131
  1,190
  1,252
  1,317
  1,385
  1,456
  1,530
  1,609
  1,690
  1,776
  1,866
  1,960
  2,059
  2,163
  2,271
Depreciation, amort., depletion, $m
  57
  65
  66
  66
  67
  68
  69
  69
  70
  71
  72
  17
  18
  19
  20
  22
  23
  24
  25
  27
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
  46
Funds from operations, $m
  839
  517
  549
  582
  617
  653
  691
  730
  771
  813
  858
  889
  938
  988
  1,041
  1,096
  1,154
  1,214
  1,278
  1,344
  1,413
  1,486
  1,562
  1,641
  1,725
  1,812
  1,904
  2,000
  2,101
  2,207
  2,318
Change in working capital, $m
  127
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -65
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
Cash from operations, $m
  712
  495
  581
  615
  651
  689
  728
  769
  811
  856
  902
  935
  985
  1,038
  1,093
  1,151
  1,211
  1,274
  1,340
  1,409
  1,481
  1,557
  1,637
  1,720
  1,807
  1,899
  1,995
  2,095
  2,201
  2,311
  2,427
Maintenance CAPEX, $m
  0
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
New CAPEX, $m
  -68
  -8
  -8
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
Cash from investing activities, $m
  63
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
Free cash flow, $m
  775
  479
  564
  597
  632
  669
  707
  746
  788
  831
  876
  908
  957
  1,008
  1,061
  1,117
  1,176
  1,237
  1,301
  1,368
  1,439
  1,512
  1,589
  1,670
  1,755
  1,844
  1,937
  2,035
  2,137
  2,244
  2,357
Issuance/(repayment) of debt, $m
  0
  78
  82
  85
  88
  92
  96
  99
  104
  108
  113
  118
  123
  128
  134
  140
  147
  153
  160
  168
  176
  184
  193
  202
  212
  222
  233
  244
  256
  268
  281
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
  78
  82
  85
  88
  92
  96
  99
  104
  108
  113
  118
  123
  128
  134
  140
  147
  153
  160
  168
  176
  184
  193
  202
  212
  222
  233
  244
  256
  268
  281
Total cash flow (excl. dividends), $m
  124
  557
  645
  682
  721
  761
  802
  846
  891
  939
  989
  1,025
  1,079
  1,136
  1,195
  1,257
  1,322
  1,390
  1,462
  1,536
  1,614
  1,696
  1,782
  1,872
  1,967
  2,066
  2,170
  2,279
  2,393
  2,513
  2,639
Retained Cash Flow (-), $m
  132
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -73
  -76
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
 
  1,417
  623
  659
  697
  736
  777
  819
  863
  910
  958
  993
  1,046
  1,101
  1,159
  1,220
  1,283
  1,349
  1,418
  1,491
  1,567
  1,647
  1,730
  1,818
  1,909
  2,006
  2,107
  2,213
  2,324
  2,440
  2,562
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
 
  1,359
  570
  574
  574
  570
  564
  553
  540
  523
  502
  472
  446
  419
  389
  358
  326
  293
  261
  230
  199
  170
  144
  119
  97
  78
  61
  47
  36
  27
  19
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 22.7
Price to Sales 4.2
Price to Book 7
Price to Tangible Book
Price to Cash Flow 11.7
Price to Free Cash Flow 12.9
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 7% 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 65.136 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 $8.3 billion.


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COMPANY NEWS

▶ ETFs with exposure to F5 Networks, Inc. : May 25, 2017   [May-25-17 12:39PM  Capital Cube]
▶ F5 Networks Earnings: What Went Wrong?   [May-09-17 07:43PM  Motley Fool]
▶ 6 Stocks Young Warren Buffett Would Buy in 2017   [May-05-17 05:08PM  GuruFocus.com]
▶ How Did Security Stocks Do This Quarter?   [May-03-17 04:48PM  Zacks]
▶ Understanding the Fall in F5 Networks Stock   [May-02-17 11:24AM  Market Realist]
▶ Why F5 Networks Stock Fell Yesterday   [Apr-28-17 12:28PM  Market Realist]
▶ After-hours buzz: PYPL, AMGN, FFIV & more   [Apr-26-17 05:36PM  CNBC]
▶ F5 Networks plunges after earnings miss   [05:25PM  MarketWatch]
▶ F5 misses Street 2Q forecasts   [04:30PM  Associated Press]
▶ REMINDER: F5 Announces Date for Q2 Earnings Conference Call   [Apr-25-17 07:30AM  Business Wire]
▶ 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]
Stock chart of FFIV Financial statements of FFIV Annual reports 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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