Intrinsic value of Fortinet - FTNT

Previous Close

$45.85

  Intrinsic Value

$17.80

stock screener

  Rating & Target

str. sell

-61%

Previous close

$45.85

 
Intrinsic value

$17.80

 
Up/down potential

-61%

 
Rating

str. sell

We calculate the intrinsic value of FTNT 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
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, %
  26.36
  18.00
  16.70
  15.53
  14.48
  13.53
  12.68
  11.91
  11.22
  10.60
  10.04
  9.53
  9.08
  8.67
  8.30
  7.97
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
Revenue, $m
  1,275
  1,505
  1,756
  2,028
  2,322
  2,636
  2,970
  3,324
  3,697
  4,089
  4,499
  4,928
  5,376
  5,842
  6,327
  6,831
  7,356
  7,901
  8,467
  9,056
  9,667
  10,303
  10,965
  11,654
  12,371
  13,118
  13,896
  14,707
  15,554
  16,438
  17,360
Variable operating expenses, $m
 
  1,352
  1,578
  1,823
  2,086
  2,368
  2,668
  2,986
  3,321
  3,673
  4,041
  4,425
  4,826
  5,245
  5,680
  6,133
  6,604
  7,093
  7,602
  8,130
  8,680
  9,251
  9,845
  10,463
  11,107
  11,777
  12,476
  13,205
  13,965
  14,758
  15,586
Fixed operating expenses, $m
 
  91
  94
  96
  98
  101
  103
  106
  108
  111
  114
  117
  120
  123
  126
  129
  132
  135
  139
  142
  146
  149
  153
  157
  161
  165
  169
  173
  178
  182
  187
Total operating expenses, $m
  1,233
  1,443
  1,672
  1,919
  2,184
  2,469
  2,771
  3,092
  3,429
  3,784
  4,155
  4,542
  4,946
  5,368
  5,806
  6,262
  6,736
  7,228
  7,741
  8,272
  8,826
  9,400
  9,998
  10,620
  11,268
  11,942
  12,645
  13,378
  14,143
  14,940
  15,773
Operating income, $m
  43
  61
  84
  110
  138
  167
  199
  232
  268
  305
  344
  387
  430
  474
  521
  569
  619
  672
  726
  783
  842
  903
  967
  1,034
  1,103
  1,175
  1,251
  1,329
  1,412
  1,497
  1,587
EBITDA, $m
  92
  95
  123
  155
  189
  225
  264
  305
  348
  394
  442
  492
  545
  599
  656
  715
  777
  841
  908
  977
  1,049
  1,124
  1,202
  1,283
  1,368
  1,456
  1,548
  1,644
  1,744
  1,849
  1,959
Interest expense (income), $m
  0
  0
  -6
  0
  7
  15
  23
  32
  41
  51
  61
  72
  83
  94
  107
  119
  132
  146
  160
  175
  190
  206
  223
  240
  258
  276
  296
  316
  337
  359
  382
Earnings before tax, $m
  43
  61
  91
  110
  130
  152
  176
  201
  227
  254
  283
  315
  347
  380
  414
  450
  487
  526
  566
  608
  652
  697
  745
  794
  845
  899
  955
  1,013
  1,074
  1,138
  1,205
Tax expense, $m
  11
  16
  25
  30
  35
  41
  47
  54
  61
  69
  77
  85
  94
  103
  112
  121
  132
  142
  153
  164
  176
  188
  201
  214
  228
  243
  258
  274
  290
  307
  325
Net income, $m
  32
  45
  66
  80
  95
  111
  128
  146
  166
  186
  207
  230
  253
  277
  302
  328
  356
  384
  413
  444
  476
  509
  543
  579
  617
  656
  697
  740
  784
  831
  879

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,086
  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
  2,140
  1,243
  1,451
  1,676
  1,919
  2,179
  2,455
  2,747
  3,055
  3,379
  3,718
  4,073
  4,443
  4,828
  5,229
  5,646
  6,079
  6,529
  6,997
  7,484
  7,990
  8,515
  9,062
  9,631
  10,224
  10,841
  11,484
  12,155
  12,855
  13,585
  14,347
Adjusted assets (=assets-cash), $m
  1,054
  1,243
  1,451
  1,676
  1,919
  2,179
  2,455
  2,747
  3,055
  3,379
  3,718
  4,073
  4,443
  4,828
  5,229
  5,646
  6,079
  6,529
  6,997
  7,484
  7,990
  8,515
  9,062
  9,631
  10,224
  10,841
  11,484
  12,155
  12,855
  13,585
  14,347
Revenue / Adjusted assets
  1.210
  1.211
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
Average production assets, $m
  136
  161
  188
  217
  248
  282
  318
  356
  396
  438
  481
  527
  575
  625
  677
  731
  787
  845
  906
  969
  1,034
  1,102
  1,173
  1,247
  1,324
  1,404
  1,487
  1,574
  1,664
  1,759
  1,858
Working capital, $m
  710
  -444
  -518
  -598
  -685
  -778
  -876
  -981
  -1,091
  -1,206
  -1,327
  -1,454
  -1,586
  -1,723
  -1,866
  -2,015
  -2,170
  -2,331
  -2,498
  -2,671
  -2,852
  -3,040
  -3,235
  -3,438
  -3,649
  -3,870
  -4,099
  -4,339
  -4,588
  -4,849
  -5,121
Total debt, $m
  0
  -183
  4
  207
  425
  659
  907
  1,171
  1,448
  1,739
  2,044
  2,363
  2,696
  3,043
  3,404
  3,779
  4,169
  4,575
  4,996
  5,434
  5,889
  6,362
  6,854
  7,366
  7,899
  8,455
  9,034
  9,637
  10,267
  10,924
  11,610
Total liabilities, $m
  1,302
  1,119
  1,306
  1,509
  1,727
  1,961
  2,209
  2,473
  2,750
  3,041
  3,346
  3,665
  3,998
  4,345
  4,706
  5,081
  5,471
  5,877
  6,298
  6,736
  7,191
  7,664
  8,156
  8,668
  9,201
  9,757
  10,336
  10,939
  11,569
  12,226
  12,912
Total equity, $m
  838
  124
  145
  168
  192
  218
  245
  275
  306
  338
  372
  407
  444
  483
  523
  565
  608
  653
  700
  748
  799
  852
  906
  963
  1,022
  1,084
  1,148
  1,215
  1,285
  1,358
  1,435
Total liabilities and equity, $m
  2,140
  1,243
  1,451
  1,677
  1,919
  2,179
  2,454
  2,748
  3,056
  3,379
  3,718
  4,072
  4,442
  4,828
  5,229
  5,646
  6,079
  6,530
  6,998
  7,484
  7,990
  8,516
  9,062
  9,631
  10,223
  10,841
  11,484
  12,154
  12,854
  13,584
  14,347
Debt-to-equity ratio
  0.000
  -1.470
  0.030
  1.230
  2.220
  3.020
  3.700
  4.260
  4.740
  5.150
  5.500
  5.800
  6.070
  6.300
  6.510
  6.690
  6.860
  7.010
  7.140
  7.260
  7.370
  7.470
  7.560
  7.650
  7.730
  7.800
  7.870
  7.930
  7.990
  8.040
  8.090
Adjusted equity ratio
  -0.235
  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
  32
  45
  66
  80
  95
  111
  128
  146
  166
  186
  207
  230
  253
  277
  302
  328
  356
  384
  413
  444
  476
  509
  543
  579
  617
  656
  697
  740
  784
  831
  879
Depreciation, amort., depletion, $m
  49
  34
  39
  45
  51
  58
  65
  73
  81
  89
  98
  105
  115
  125
  135
  146
  157
  169
  181
  194
  207
  220
  235
  249
  265
  281
  297
  315
  333
  352
  372
Funds from operations, $m
  509
  78
  105
  125
  146
  169
  193
  219
  246
  275
  305
  336
  368
  402
  438
  475
  513
  553
  595
  638
  683
  729
  778
  829
  882
  937
  994
  1,054
  1,117
  1,183
  1,251
Change in working capital, $m
  163
  -68
  -74
  -80
  -87
  -93
  -99
  -104
  -110
  -116
  -121
  -127
  -132
  -138
  -143
  -149
  -155
  -161
  -167
  -174
  -180
  -188
  -195
  -203
  -212
  -220
  -230
  -239
  -250
  -261
  -272
Cash from operations, $m
  346
  146
  179
  205
  233
  262
  292
  323
  356
  390
  426
  462
  500
  540
  581
  623
  668
  714
  762
  811
  863
  917
  973
  1,032
  1,093
  1,157
  1,224
  1,294
  1,367
  1,443
  1,523
Maintenance CAPEX, $m
  0
  -27
  -32
  -38
  -43
  -50
  -56
  -64
  -71
  -79
  -88
  -96
  -105
  -115
  -125
  -135
  -146
  -157
  -169
  -181
  -194
  -207
  -220
  -235
  -249
  -265
  -281
  -297
  -315
  -333
  -352
New CAPEX, $m
  -67
  -25
  -27
  -29
  -31
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -91
  -95
  -99
Cash from investing activities, $m
  -74
  -52
  -59
  -67
  -74
  -84
  -92
  -102
  -111
  -121
  -132
  -142
  -153
  -165
  -177
  -189
  -202
  -215
  -230
  -244
  -259
  -275
  -291
  -309
  -326
  -345
  -364
  -384
  -406
  -428
  -451
Free cash flow, $m
  272
  94
  120
  139
  158
  178
  200
  222
  245
  269
  294
  320
  347
  375
  404
  434
  465
  498
  532
  567
  604
  642
  682
  724
  767
  813
  860
  910
  961
  1,016
  1,073
Issuance/(repayment) of debt, $m
  0
  -183
  187
  203
  218
  234
  249
  263
  277
  291
  305
  319
  333
  347
  361
  375
  390
  405
  421
  438
  455
  473
  492
  512
  533
  555
  579
  604
  630
  657
  686
Issuance/(repurchase) of shares, $m
  -66
  328
  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  
  -106
  145
  187
  203
  218
  234
  249
  263
  277
  291
  305
  319
  333
  347
  361
  375
  390
  405
  421
  438
  455
  473
  492
  512
  533
  555
  579
  604
  630
  657
  686
Total cash flow (excl. dividends), $m
  166
  239
  307
  342
  377
  412
  448
  485
  523
  561
  600
  639
  680
  722
  765
  809
  856
  903
  953
  1,005
  1,059
  1,115
  1,174
  1,236
  1,300
  1,368
  1,439
  1,513
  1,591
  1,673
  1,759
Retained Cash Flow (-), $m
  -83
  -372
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
Prev. year cash balance distribution, $m
 
  1,086
  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
 
  952
  287
  319
  352
  386
  421
  456
  492
  528
  566
  603
  643
  683
  725
  768
  812
  858
  906
  956
  1,008
  1,063
  1,120
  1,179
  1,241
  1,306
  1,375
  1,446
  1,521
  1,600
  1,683
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
 
  913
  262
  278
  290
  299
  305
  308
  307
  303
  297
  287
  274
  260
  243
  225
  206
  187
  167
  147
  128
  110
  93
  77
  63
  51
  40
  31
  24
  17
  13
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Fortinet, Inc. is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats. The Company's product offerings consist of its FortiGate product family, along with its FortiManager central management and FortiAnalyzer central logging and reporting product families. Its cybersecurity platform includes a range of products, which include its FortiMail e-mail security, FortiSandbox advanced threat protection (ATP), FortiWeb Web application firewall, FortiDDos and FortiDB database security appliances, as well as its FortiClient endpoint security software, FortiAP secure wireless access points and FortiSwitch secure switch connectivity products.

FINANCIAL RATIOS  of  Fortinet (FTNT)

Valuation Ratios
P/E Ratio 248
Price to Sales 6.2
Price to Book 9.5
Price to Tangible Book
Price to Cash Flow 22.9
Price to Free Cash Flow 28.4
Growth Rates
Sales Growth Rate 26.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 81.1%
Cap. Spend. - 3 Yr. Gr. Rate 36.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.6%
Ret/ On Assets - 3 Yr. Avg. 1.4%
Return On Total Capital 4%
Ret/ On T. Cap. - 3 Yr. Avg. 3%
Return On Equity 4%
Return On Equity - 3 Yr. Avg. 3%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 73.6%
Gross Margin - 3 Yr. Avg. 71.7%
EBITDA Margin 7.2%
EBITDA Margin - 3 Yr. Avg. 7.7%
Operating Margin 3.3%
Oper. Margin - 3 Yr. Avg. 4.1%
Pre-Tax Margin 3.4%
Pre-Tax Margin - 3 Yr. Avg. 4.4%
Net Profit Margin 2.5%
Net Profit Margin - 3 Yr. Avg. 2.2%
Effective Tax Rate 25.6%
Eff/ Tax Rate - 3 Yr. Avg. 46.1%
Payout Ratio 0%

FTNT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FTNT stock intrinsic value calculation we used $1275 million for the last fiscal year's total revenue generated by Fortinet. The default revenue input number comes from 2016 income statement of Fortinet. 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 FTNT stock valuation model: a) initial revenue growth rate of 18% 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 FTNT is calculated based on our internal credit rating of Fortinet, 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 Fortinet.
    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 FTNT stock the variable cost ratio is equal to 89.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $89 million in the base year in the intrinsic value calculation for FTNT 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 Fortinet.

Corporate tax rate of 27% is the nominal tax rate for Fortinet. 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 FTNT 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 FTNT are equal to 10.7%.

Life of production assets of 3 years is the average useful life of capital assets used in Fortinet 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 FTNT is equal to -29.5%. 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 - $838 million for Fortinet - 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 175.097 million for Fortinet 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 Fortinet at the current share price and the inputted number of shares is $8.0 billion.

RELATED COMPANIES Price Int.Val. Rating
PANW Palo Alto Netw 153.87 22.83  str.sell
JNPR Juniper Networ 28.36 41.14  buy
CSCO Cisco Systems 41.66 47.49  buy
INTC Intel 45.75 38.48  hold
FFIV F5 Networks 141.06 132.47  hold
ATEN A10 Networks 6.79 7.18  hold
HPE Hewlett Packar 16.05 68.58  str.buy
NTGR NETGEAR 70.80 39.15  sell
CUDA Barracuda Netw 27.55 15.18  sell

COMPANY NEWS

▶ Fortinet Stock Is Near a Very Important Breakout Level   [Jan-22-18 04:00PM  TheStreet.com]
▶ Can Juniper Bounce Back after a Tough 2017?   [Jan-15-18 09:05AM  Market Realist]
▶ Short Sellers Run for Cover From Cybersecurity Stocks   [Jan-11-18 08:50AM  24/7 Wall St.]
▶ Where Will Fortinet, Inc. Be in 5 Years?   [Jan-01-18 05:33PM  Motley Fool]
▶ Cybersecurity Short Sellers Run for Cover   [Dec-28-17 08:30AM  24/7 Wall St.]
▶ ETFs with exposure to Fortinet, Inc. : December 26, 2017   [Dec-26-17 11:33AM  Capital Cube]
▶ ETFs with exposure to Fortinet, Inc. : December 15, 2017   [Dec-15-17 01:25PM  Capital Cube]
▶ Better Buy: Palo Alto Networks vs. Fortinet   [Dec-13-17 06:40PM  Motley Fool]
▶ Short Sellers Back Off Cybersecurity Stocks   [08:35AM  24/7 Wall St.]
▶ 3 Top Cybersecurity Stocks to Consider Buying Right Now   [Dec-08-17 10:46AM  Motley Fool]
▶ Here's Why the Best Is Yet to Come for Fortinet, Inc.   [Nov-30-17 10:18AM  Motley Fool]
▶ ETFs with exposure to Fortinet, Inc. : November 21, 2017   [Nov-21-17 11:50AM  Capital Cube]
▶ Short Sellers Get Choosy on Cybersecurity Stocks   [Nov-10-17 08:45AM  24/7 Wall St.]
▶ Fortinet to Present at UBS Global Technology Conference   [Nov-09-17 01:25PM  GlobeNewswire]
▶ ETFs with exposure to Fortinet, Inc. : November 8, 2017   [Nov-08-17 06:09PM  Capital Cube]
▶ Strong Growth and Weak Guidance for Fortinet   [Oct-28-17 10:00AM  Motley Fool]
▶ Fortinet beats Street 3Q forecasts   [Oct-26-17 05:05PM  Associated Press]
▶ Fortinet Revenue Guidance Below Views, Stock Takes Hit   [04:43PM  Investor's Business Daily]
▶ Fortinet, Inc. to Host Earnings Call   [09:25AM  ACCESSWIRE]
▶ Short Sellers Grow More Selective on Cybersecurity Stocks   [Oct-25-17 11:10AM  24/7 Wall St.]
▶ [$$] Fortinet's Q3 Looks More Secure Than Citrix's   [Oct-24-17 11:00AM  Barrons.com]
▶ Fortinet's Underappreciated Growth Story   [Oct-18-17 03:25PM  Benzinga]
▶ New Strong Buy Stocks for October 12th   [Oct-12-17 10:04AM  Zacks]
▶ Fortinet Can Fight Back the Hackers   [Oct-05-17 12:02PM  Barrons.com]
▶ Fortinet to Announce Third Quarter 2017 Financial Results   [Oct-02-17 09:00AM  GlobeNewswire]
▶ 3 Stocks That Could Soar More Than Salesforce   [Sep-18-17 04:00PM  Motley Fool]
▶ Why It's Time to Get Greedy With Fortinet, Inc. Stock   [Sep-17-17 03:00PM  Motley Fool]
▶ Short Sellers Take Mixed Stance on Cybersecurity   [Aug-25-17 10:35AM  24/7 Wall St.]
▶ Better Buy: FireEye, Inc. vs. Fortinet   [Aug-24-17 09:00AM  Motley Fool]
▶ Better Buy: Palo Alto Networks, Inc. vs. Fortinet   [Aug-18-17 07:16PM  Motley Fool]
▶ ETFs with exposure to Fortinet, Inc. : August 16, 2017   [Aug-16-17 05:48PM  Capital Cube]
Financial statements of FTNT
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.