Intrinsic value of F5 Networks - FFIV

Previous Close

$147.33

  Intrinsic Value

$132.47

stock screener

  Rating & Target

hold

-10%

Previous close

$147.33

 
Intrinsic value

$132.47

 
Up/down potential

-10%

 
Rating

hold

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  4.76
  2.50
  2.75
  2.97
  3.18
  3.36
  3.52
  3.67
  3.80
  3.92
  4.03
  4.13
  4.22
  4.29
  4.36
  4.43
  4.49
  4.54
  4.58
  4.62
  4.66
  4.70
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
Revenue, $m
  2,090
  2,142
  2,201
  2,267
  2,339
  2,417
  2,502
  2,594
  2,693
  2,799
  2,911
  3,032
  3,159
  3,295
  3,439
  3,591
  3,752
  3,923
  4,102
  4,292
  4,492
  4,703
  4,925
  5,160
  5,406
  5,666
  5,939
  6,226
  6,528
  6,846
  7,180
Variable operating expenses, $m
 
  1,554
  1,595
  1,641
  1,691
  1,746
  1,806
  1,870
  1,939
  2,013
  2,092
  2,120
  2,210
  2,305
  2,405
  2,512
  2,624
  2,743
  2,869
  3,002
  3,142
  3,289
  3,445
  3,609
  3,781
  3,963
  4,154
  4,354
  4,566
  4,788
  5,022
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
  1,526
  1,554
  1,595
  1,641
  1,691
  1,746
  1,806
  1,870
  1,939
  2,013
  2,092
  2,120
  2,210
  2,305
  2,405
  2,512
  2,624
  2,743
  2,869
  3,002
  3,142
  3,289
  3,445
  3,609
  3,781
  3,963
  4,154
  4,354
  4,566
  4,788
  5,022
Operating income, $m
  564
  588
  606
  626
  647
  671
  697
  724
  754
  786
  820
  911
  950
  991
  1,034
  1,080
  1,128
  1,179
  1,233
  1,290
  1,350
  1,414
  1,481
  1,551
  1,625
  1,703
  1,785
  1,872
  1,962
  2,058
  2,158
EBITDA, $m
  625
  654
  672
  692
  714
  738
  764
  792
  822
  855
  889
  926
  965
  1,006
  1,050
  1,097
  1,146
  1,198
  1,253
  1,311
  1,372
  1,436
  1,504
  1,576
  1,651
  1,730
  1,814
  1,901
  1,994
  2,091
  2,193
Interest expense (income), $m
  0
  0
  1
  2
  4
  5
  7
  9
  11
  13
  15
  17
  20
  22
  25
  28
  31
  35
  38
  42
  46
  50
  55
  59
  64
  69
  75
  81
  87
  93
  100
Earnings before tax, $m
  576
  588
  605
  623
  644
  666
  690
  716
  743
  773
  805
  894
  930
  968
  1,009
  1,051
  1,097
  1,144
  1,195
  1,248
  1,304
  1,363
  1,426
  1,492
  1,561
  1,634
  1,710
  1,791
  1,876
  1,965
  2,059
Tax expense, $m
  155
  159
  163
  168
  174
  180
  186
  193
  201
  209
  217
  241
  251
  261
  272
  284
  296
  309
  323
  337
  352
  368
  385
  403
  421
  441
  462
  484
  506
  531
  556
Net income, $m
  421
  430
  442
  455
  470
  486
  504
  522
  543
  564
  587
  653
  679
  707
  736
  767
  800
  835
  872
  911
  952
  995
  1,041
  1,089
  1,139
  1,193
  1,249
  1,307
  1,369
  1,434
  1,503

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,017
  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
  2,481
  1,500
  1,541
  1,587
  1,638
  1,693
  1,752
  1,817
  1,886
  1,960
  2,039
  2,123
  2,213
  2,308
  2,408
  2,515
  2,628
  2,747
  2,873
  3,006
  3,146
  3,293
  3,449
  3,613
  3,786
  3,968
  4,159
  4,360
  4,572
  4,794
  5,028
Adjusted assets (=assets-cash), $m
  1,464
  1,500
  1,541
  1,587
  1,638
  1,693
  1,752
  1,817
  1,886
  1,960
  2,039
  2,123
  2,213
  2,308
  2,408
  2,515
  2,628
  2,747
  2,873
  3,006
  3,146
  3,293
  3,449
  3,613
  3,786
  3,968
  4,159
  4,360
  4,572
  4,794
  5,028
Revenue / Adjusted assets
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.427
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
Average production assets, $m
  108
  111
  114
  118
  122
  126
  130
  135
  140
  146
  151
  158
  164
  171
  179
  187
  195
  204
  213
  223
  234
  245
  256
  268
  281
  295
  309
  324
  339
  356
  373
Working capital, $m
  524
  -506
  -519
  -535
  -552
  -570
  -591
  -612
  -636
  -660
  -687
  -715
  -746
  -778
  -812
  -848
  -886
  -926
  -968
  -1,013
  -1,060
  -1,110
  -1,162
  -1,218
  -1,276
  -1,337
  -1,402
  -1,469
  -1,541
  -1,616
  -1,695
Total debt, $m
  0
  31
  66
  105
  148
  195
  246
  301
  360
  424
  491
  563
  640
  721
  807
  898
  995
  1,097
  1,204
  1,318
  1,438
  1,564
  1,697
  1,837
  1,985
  2,140
  2,304
  2,476
  2,657
  2,847
  3,047
Total liabilities, $m
  1,251
  1,283
  1,318
  1,357
  1,400
  1,447
  1,498
  1,553
  1,612
  1,676
  1,743
  1,815
  1,892
  1,973
  2,059
  2,150
  2,247
  2,349
  2,456
  2,570
  2,690
  2,816
  2,949
  3,089
  3,237
  3,392
  3,556
  3,728
  3,909
  4,099
  4,299
Total equity, $m
  1,229
  218
  224
  230
  237
  245
  254
  263
  273
  284
  296
  308
  321
  335
  349
  365
  381
  398
  417
  436
  456
  478
  500
  524
  549
  575
  603
  632
  663
  695
  729
Total liabilities and equity, $m
  2,480
  1,501
  1,542
  1,587
  1,637
  1,692
  1,752
  1,816
  1,885
  1,960
  2,039
  2,123
  2,213
  2,308
  2,408
  2,515
  2,628
  2,747
  2,873
  3,006
  3,146
  3,294
  3,449
  3,613
  3,786
  3,967
  4,159
  4,360
  4,572
  4,794
  5,028
Debt-to-equity ratio
  0.000
  0.140
  0.290
  0.460
  0.620
  0.800
  0.970
  1.140
  1.320
  1.490
  1.660
  1.830
  1.990
  2.150
  2.310
  2.460
  2.610
  2.750
  2.890
  3.020
  3.150
  3.270
  3.390
  3.510
  3.620
  3.720
  3.820
  3.920
  4.010
  4.100
  4.180
Adjusted equity ratio
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  421
  430
  442
  455
  470
  486
  504
  522
  543
  564
  587
  653
  679
  707
  736
  767
  800
  835
  872
  911
  952
  995
  1,041
  1,089
  1,139
  1,193
  1,249
  1,307
  1,369
  1,434
  1,503
Depreciation, amort., depletion, $m
  61
  66
  66
  66
  67
  67
  68
  68
  68
  69
  69
  14
  15
  16
  16
  17
  18
  19
  20
  20
  21
  22
  23
  25
  26
  27
  28
  30
  31
  33
  34
Funds from operations, $m
  828
  495
  508
  522
  537
  553
  571
  590
  611
  633
  657
  667
  694
  722
  753
  785
  818
  854
  892
  932
  974
  1,018
  1,064
  1,113
  1,165
  1,220
  1,277
  1,337
  1,400
  1,467
  1,537
Change in working capital, $m
  88
  -12
  -14
  -15
  -17
  -19
  -20
  -22
  -23
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
Cash from operations, $m
  740
  508
  522
  537
  554
  572
  591
  612
  634
  658
  684
  696
  724
  754
  787
  821
  856
  894
  934
  976
  1,021
  1,068
  1,117
  1,169
  1,223
  1,281
  1,341
  1,405
  1,472
  1,542
  1,616
Maintenance CAPEX, $m
  0
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -33
New CAPEX, $m
  -43
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -17
Cash from investing activities, $m
  -32
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -30
  -32
  -34
  -35
  -38
  -39
  -41
  -43
  -46
  -48
  -50
Free cash flow, $m
  708
  494
  508
  523
  539
  556
  575
  595
  617
  640
  664
  675
  703
  732
  763
  796
  831
  867
  906
  947
  990
  1,035
  1,083
  1,133
  1,186
  1,242
  1,300
  1,362
  1,426
  1,494
  1,566
Issuance/(repayment) of debt, $m
  0
  31
  35
  39
  43
  47
  51
  55
  59
  63
  68
  72
  77
  81
  86
  91
  96
  102
  108
  114
  120
  126
  133
  140
  148
  155
  164
  172
  181
  190
  200
Issuance/(repurchase) of shares, $m
  -553
  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  
  -546
  31
  35
  39
  43
  47
  51
  55
  59
  63
  68
  72
  77
  81
  86
  91
  96
  102
  108
  114
  120
  126
  133
  140
  148
  155
  164
  172
  181
  190
  200
Total cash flow (excl. dividends), $m
  159
  525
  544
  562
  582
  604
  626
  650
  676
  703
  732
  747
  780
  814
  849
  887
  927
  969
  1,014
  1,060
  1,110
  1,161
  1,216
  1,273
  1,334
  1,397
  1,464
  1,534
  1,607
  1,685
  1,766
Retained Cash Flow (-), $m
  -44
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
Prev. year cash balance distribution, $m
 
  1,017
  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
 
  1,536
  538
  556
  575
  596
  618
  641
  666
  692
  720
  735
  767
  800
  835
  872
  911
  952
  996
  1,041
  1,089
  1,140
  1,193
  1,249
  1,308
  1,371
  1,436
  1,504
  1,577
  1,653
  1,732
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
 
  1,473
  492
  484
  473
  462
  448
  433
  416
  398
  378
  349
  327
  304
  280
  256
  231
  207
  183
  160
  138
  118
  99
  82
  67
  53
  42
  32
  24
  18
  13
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. is a developer and provider of software defined application services. The Company is engaged in the development, marketing and sale of application delivery networking products that optimize the security, performance and availability of network applications, servers and storage systems. The Company's geographical segments include the Americas (primarily the United States); Europe, the Middle East, and Africa (EMEA); Japan, and the Asia Pacific region (APAC). The Company's Traffic Management Operating System (TMOS) based offerings include software products for local and global traffic management, network and application security, access management, Web acceleration and various network and application services. These products are available as modules that can run individually or as part of an integrated solution on the Company's purpose-built BIG-IP appliances and VIPRION chassis-based hardware, or as software-only Virtual Editions.

FINANCIAL RATIOS  of  F5 Networks (FFIV)

Valuation Ratios
P/E Ratio 21.9
Price to Sales 4.4
Price to Book 7.5
Price to Tangible Book
Price to Cash Flow 12.5
Price to Free Cash Flow 13.2
Growth Rates
Sales Growth Rate 4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -36.8%
Cap. Spend. - 3 Yr. Gr. Rate 13.3%
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 17.6%
Ret/ On Assets - 3 Yr. Avg. 16.6%
Return On Total Capital 34.9%
Ret/ On T. Cap. - 3 Yr. Avg. 30.4%
Return On Equity 34.9%
Return On Equity - 3 Yr. Avg. 30.4%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 83.1%
Gross Margin - 3 Yr. Avg. 83%
EBITDA Margin 30.5%
EBITDA Margin - 3 Yr. Avg. 31%
Operating Margin 27%
Oper. Margin - 3 Yr. Avg. 27.7%
Pre-Tax Margin 27.6%
Pre-Tax Margin - 3 Yr. Avg. 28.1%
Net Profit Margin 20.1%
Net Profit Margin - 3 Yr. Avg. 19.2%
Effective Tax Rate 26.9%
Eff/ Tax Rate - 3 Yr. Avg. 31.8%
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 $2090 million for the last fiscal year's total revenue generated by F5 Networks. The default revenue input number comes from 2017 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 2.5% 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 72.6%.

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 10.9 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 -23.6%. 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 - $1229 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 63.938 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 $9.4 billion.

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COMPANY NEWS

▶ F5 Launches Super-NetOps Initiative   [07:00AM  Business Wire]
▶ The Key Trends From F5 Networks' Q1   [Jan-25-18 02:25PM  Forbes]
▶ 4 Stocks to Watch Thursday   [01:34PM  GuruFocus.com]
▶ F5 beats Street 1Q forecasts   [04:15PM  Associated Press]
▶ Cisco Systems Upgraded As Software Strategy Jells   [Jan-05-18 04:33PM  Investor's Business Daily]
▶ Stocks to Avoid   [Dec-21-17 06:00AM  Morningstar]
▶ F5 Announces Date for Q1 Earnings Conference Call   [Dec-18-17 07:30AM  Business Wire]
▶ F5 tops Street 4Q forecasts   [Oct-25-17 04:45PM  Associated Press]
▶ F5 Networks, Inc. to Host Earnings Call   [09:00AM  ACCESSWIRE]
▶ New Strong Sell Stocks for October 19th   [Oct-19-17 09:21AM  Zacks]
▶ 6 Undervalued Stocks With Growing Book Values   [Oct-12-17 04:54PM  GuruFocus.com]
▶ Broadcom's Next Acquisition: Here's 21 Potential Targets   [Oct-06-17 10:59AM  Barrons.com]
▶ F5 Names Steve McMillan as Head of Global Services   [Oct-04-17 04:15PM  Business Wire]
▶ The Biggest Loser: F5 Networks Tumbles 4.8%   [Oct-03-17 06:18PM  Barrons.com]
▶ F5 Networks is a top performer after the XLK does this   [Sep-28-17 12:51PM  CNBC Videos]
▶ F5 Announces Date for Q4 Earnings Conference Call   [Sep-18-17 07:30AM  Business Wire]
▶ ETFs with exposure to F5 Networks, Inc. : August 16, 2017   [Aug-16-17 05:45PM  Capital Cube]
▶ CA Was the S&P 500s Top Loser on July 27   [Jul-28-17 12:05PM  Market Realist]
▶ Facebook Leads Nasdaq, Verizon Boosts Telecoms   [Jul-27-17 12:03PM  TheStreet.com]
▶ F5 meets 3Q profit forecasts   [Jul-26-17 09:46PM  Associated Press]
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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