Intrinsic value of Fortinet - FTNT

Previous Close

$37.52

  Intrinsic Value

$18.96

stock screener

  Rating & Target

sell

-49%

  Value-price divergence*

-36%

Previous close

$37.52

 
Intrinsic value

$18.96

 
Up/down potential

-49%

 
Rating

sell

 
Value-price divergence*

-36%

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

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

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 6.5

 

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
  19.60
  18.14
  16.83
  15.64
  14.58
  13.62
  12.76
  11.98
  11.28
  10.66
  10.09
  9.58
  9.12
  8.71
  8.34
  8.01
  7.71
  7.43
  7.19
  6.97
  6.78
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
Revenue, $m
  1,275
  1,525
  1,802
  2,105
  2,434
  2,789
  3,169
  3,573
  4,001
  4,452
  4,927
  5,424
  5,944
  6,486
  7,051
  7,639
  8,251
  8,887
  9,547
  10,234
  10,947
  11,689
  12,460
  13,262
  14,097
  14,966
  15,871
  16,815
  17,798
  18,824
  19,895
Variable operating expenses, $m
 
  1,371
  1,619
  1,891
  2,187
  2,505
  2,846
  3,209
  3,594
  3,999
  4,425
  4,870
  5,337
  5,823
  6,331
  6,859
  7,408
  7,979
  8,572
  9,188
  9,829
  10,495
  11,187
  11,907
  12,657
  13,437
  14,250
  15,097
  15,980
  16,901
  17,862
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
  1,462
  1,713
  1,987
  2,285
  2,606
  2,949
  3,315
  3,702
  4,110
  4,539
  4,987
  5,457
  5,946
  6,457
  6,988
  7,540
  8,114
  8,711
  9,330
  9,975
  10,644
  11,340
  12,064
  12,818
  13,602
  14,419
  15,270
  16,158
  17,083
  18,049
Operating income, $m
  43
  63
  89
  118
  149
  183
  219
  258
  299
  342
  388
  437
  488
  540
  595
  652
  711
  773
  837
  903
  973
  1,045
  1,120
  1,198
  1,279
  1,364
  1,453
  1,545
  1,641
  1,741
  1,846
EBITDA, $m
  92
  81
  110
  142
  176
  214
  254
  297
  343
  391
  442
  495
  551
  609
  670
  733
  799
  868
  939
  1,013
  1,090
  1,170
  1,253
  1,340
  1,430
  1,524
  1,622
  1,725
  1,831
  1,943
  2,059
Interest expense (income), $m
  0
  0
  3
  12
  22
  33
  44
  56
  69
  83
  98
  113
  129
  146
  163
  181
  200
  220
  240
  262
  284
  307
  331
  355
  381
  408
  436
  465
  495
  527
  560
Earnings before tax, $m
  43
  63
  86
  105
  127
  150
  175
  201
  229
  259
  290
  324
  359
  394
  432
  470
  511
  553
  596
  642
  689
  738
  789
  843
  898
  956
  1,017
  1,080
  1,145
  1,214
  1,286
Tax expense, $m
  11
  17
  23
  28
  34
  41
  47
  54
  62
  70
  78
  88
  97
  106
  117
  127
  138
  149
  161
  173
  186
  199
  213
  228
  243
  258
  274
  291
  309
  328
  347
Net income, $m
  32
  46
  62
  77
  93
  110
  128
  147
  168
  189
  212
  237
  262
  288
  315
  343
  373
  403
  435
  468
  503
  539
  576
  615
  656
  698
  742
  788
  836
  886
  939

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
  1,558
  1,840
  2,150
  2,486
  2,849
  3,237
  3,649
  4,087
  4,548
  5,033
  5,540
  6,071
  6,625
  7,202
  7,803
  8,428
  9,077
  9,752
  10,453
  11,182
  11,940
  12,728
  13,547
  14,400
  15,287
  16,212
  17,175
  18,180
  19,228
  20,321
Adjusted assets (=assets-cash), $m
  1,054
  1,558
  1,840
  2,150
  2,486
  2,849
  3,237
  3,649
  4,087
  4,548
  5,033
  5,540
  6,071
  6,625
  7,202
  7,803
  8,428
  9,077
  9,752
  10,453
  11,182
  11,940
  12,728
  13,547
  14,400
  15,287
  16,212
  17,175
  18,180
  19,228
  20,321
Revenue / Adjusted assets
  1.210
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
Average production assets, $m
  136
  163
  193
  225
  260
  298
  339
  382
  428
  476
  527
  580
  636
  694
  754
  817
  883
  951
  1,022
  1,095
  1,171
  1,251
  1,333
  1,419
  1,508
  1,601
  1,698
  1,799
  1,904
  2,014
  2,129
Working capital, $m
  710
  -152
  -180
  -210
  -243
  -279
  -317
  -357
  -400
  -445
  -493
  -542
  -594
  -649
  -705
  -764
  -825
  -889
  -955
  -1,023
  -1,095
  -1,169
  -1,246
  -1,326
  -1,410
  -1,497
  -1,587
  -1,681
  -1,780
  -1,882
  -1,989
Total debt, $m
  0
  100
  354
  633
  935
  1,262
  1,611
  1,983
  2,376
  2,791
  3,227
  3,684
  4,162
  4,661
  5,180
  5,721
  6,283
  6,867
  7,475
  8,106
  8,762
  9,444
  10,153
  10,890
  11,658
  12,457
  13,289
  14,156
  15,060
  16,003
  16,987
Total liabilities, $m
  1,302
  1,402
  1,656
  1,935
  2,237
  2,564
  2,913
  3,285
  3,678
  4,093
  4,529
  4,986
  5,464
  5,963
  6,482
  7,023
  7,585
  8,169
  8,777
  9,408
  10,064
  10,746
  11,455
  12,192
  12,960
  13,759
  14,591
  15,458
  16,362
  17,305
  18,289
Total equity, $m
  838
  156
  184
  215
  249
  285
  324
  365
  409
  455
  503
  554
  607
  663
  720
  780
  843
  908
  975
  1,045
  1,118
  1,194
  1,273
  1,355
  1,440
  1,529
  1,621
  1,718
  1,818
  1,923
  2,032
Total liabilities and equity, $m
  2,140
  1,558
  1,840
  2,150
  2,486
  2,849
  3,237
  3,650
  4,087
  4,548
  5,032
  5,540
  6,071
  6,626
  7,202
  7,803
  8,428
  9,077
  9,752
  10,453
  11,182
  11,940
  12,728
  13,547
  14,400
  15,288
  16,212
  17,176
  18,180
  19,228
  20,321
Debt-to-equity ratio
  0.000
  0.640
  1.920
  2.940
  3.760
  4.430
  4.980
  5.430
  5.810
  6.140
  6.410
  6.650
  6.860
  7.030
  7.190
  7.330
  7.460
  7.570
  7.660
  7.750
  7.840
  7.910
  7.980
  8.040
  8.100
  8.150
  8.200
  8.240
  8.280
  8.320
  8.360
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
  46
  62
  77
  93
  110
  128
  147
  168
  189
  212
  237
  262
  288
  315
  343
  373
  403
  435
  468
  503
  539
  576
  615
  656
  698
  742
  788
  836
  886
  939
Depreciation, amort., depletion, $m
  49
  18
  21
  24
  28
  31
  35
  40
  44
  49
  54
  58
  64
  69
  75
  82
  88
  95
  102
  110
  117
  125
  133
  142
  151
  160
  170
  180
  190
  201
  213
Funds from operations, $m
  509
  64
  83
  101
  120
  141
  163
  187
  212
  238
  266
  295
  325
  357
  391
  425
  461
  499
  537
  578
  620
  664
  710
  757
  807
  858
  912
  968
  1,027
  1,088
  1,152
Change in working capital, $m
  163
  -25
  -28
  -30
  -33
  -35
  -38
  -40
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -59
  -61
  -64
  -66
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -91
  -94
  -98
  -103
  -107
Cash from operations, $m
  346
  89
  111
  131
  153
  176
  201
  227
  255
  283
  314
  345
  377
  412
  447
  484
  522
  562
  604
  647
  691
  738
  787
  837
  890
  945
  1,002
  1,062
  1,125
  1,190
  1,259
Maintenance CAPEX, $m
  0
  -14
  -16
  -19
  -23
  -26
  -30
  -34
  -38
  -43
  -48
  -53
  -58
  -64
  -69
  -75
  -82
  -88
  -95
  -102
  -110
  -117
  -125
  -133
  -142
  -151
  -160
  -170
  -180
  -190
  -201
New CAPEX, $m
  -67
  -27
  -30
  -32
  -35
  -38
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -73
  -76
  -79
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -110
  -115
Cash from investing activities, $m
  -74
  -41
  -46
  -51
  -58
  -64
  -71
  -77
  -84
  -91
  -99
  -106
  -114
  -122
  -129
  -138
  -147
  -156
  -166
  -175
  -186
  -196
  -208
  -219
  -231
  -244
  -257
  -271
  -285
  -300
  -316
Free cash flow, $m
  272
  48
  65
  79
  95
  112
  131
  150
  171
  192
  215
  239
  264
  290
  317
  346
  375
  406
  438
  471
  506
  542
  579
  618
  659
  701
  745
  792
  840
  890
  943
Issuance/(repayment) of debt, $m
  0
  100
  254
  279
  303
  326
  349
  372
  394
  415
  436
  457
  478
  499
  519
  541
  562
  584
  607
  631
  656
  682
  709
  737
  767
  799
  832
  867
  904
  943
  984
Issuance/(repurchase) of shares, $m
  -66
  110
  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
  210
  254
  279
  303
  326
  349
  372
  394
  415
  436
  457
  478
  499
  519
  541
  562
  584
  607
  631
  656
  682
  709
  737
  767
  799
  832
  867
  904
  943
  984
Total cash flow (excl. dividends), $m
  166
  258
  319
  358
  398
  439
  480
  522
  564
  607
  651
  696
  742
  788
  837
  886
  937
  990
  1,045
  1,102
  1,162
  1,223
  1,288
  1,356
  1,426
  1,500
  1,578
  1,659
  1,744
  1,833
  1,927
Retained Cash Flow (-), $m
  -83
  -156
  -28
  -31
  -34
  -36
  -39
  -41
  -44
  -46
  -48
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -105
  -109
Prev. year cash balance distribution, $m
 
  838
  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
 
  940
  291
  327
  364
  402
  441
  480
  520
  561
  603
  645
  688
  733
  779
  826
  875
  925
  978
  1,032
  1,089
  1,148
  1,209
  1,274
  1,341
  1,411
  1,485
  1,562
  1,643
  1,728
  1,818
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
 
  901
  266
  285
  300
  312
  320
  325
  325
  322
  316
  306
  294
  279
  261
  243
  222
  201
  180
  159
  138
  119
  100
  83
  68
  55
  43
  34
  25
  19
  14
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. provides cyber security solutions for enterprises, service providers, and government organizations worldwide. The company offers FortiGate physical and virtual appliances products that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiManager product family to provide a central management solution for FortiGate products comprising software updates, configuration, policy settings, and security updates; and the FortiAnalyzer product family, which provides a single point of network log data collection. It also offers FortiAP secure wireless access points; FortiWeb, a Web application firewall; FortiMail email security; FortiDB database security appliances; FortiClient, an endpoint security software; and FortiSwitch secure switch connectivity products. In addition, the company provides FortiSandbox advanced threat protection solutions; and FortiDDos and FortiDB database security appliances. Further, it offers security subscription, technical support, training, and professional services. The company was founded in 2000 and is headquartered in Sunnyvale, California.

FINANCIAL RATIOS  of  Fortinet (FTNT)

Valuation Ratios
P/E Ratio 202.9
Price to Sales 5.1
Price to Book 7.7
Price to Tangible Book
Price to Cash Flow 18.8
Price to Free Cash Flow 23.3
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 19.6% 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 10 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 -10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $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 172.608 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 $6.5 billion.

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COMPANY NEWS

▶ 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]
▶ Short Sellers Grow More Selective in Cybersecurity Stocks   [Aug-10-17 09:35AM  24/7 Wall St.]
▶ Large Deals Drive a Solid Quarter for Fortinet   [Jul-27-17 12:30PM  Motley Fool]
▶ Fortinet tops Street 2Q forecasts   [Jul-26-17 10:20PM  Associated Press]
▶ ETFs with exposure to Fortinet, Inc. : July 24, 2017   [Jul-24-17 04:00PM  Capital Cube]
▶ Apple Play On Tap; Check Point Beats With 6 Cyber Stocks Near Buys   [Jul-20-17 07:07AM  Investor's Business Daily]
▶ Stocks Higher As This Industry Gets Hot; New Entry For Alphabet?   [Jul-19-17 01:35PM  Investor's Business Daily]
▶ ETFs with exposure to Fortinet, Inc. : July 14, 2017   [Jul-14-17 02:28PM  Capital Cube]
▶ CyberArk Plunges After Preannouncing Q2 Revenue Miss   [Jul-13-17 06:08PM  Investor's Business Daily]
▶ Fortinet to Announce Second Quarter 2017 Financial Results   [Jul-06-17 09:00AM  GlobeNewswire]
▶ FireEye Inc (FEYE) Stock Is Ready for a Revival   [Jun-28-17 10:12AM  InvestorPlace]
▶ 3 Top Cybersecurity Stocks to Buy in 2017   [Jun-27-17 08:16PM  Motley Fool]
▶ Ignore Palo Alto Networks Inc: Here Are 3 Better Stocks   [Jun-16-17 07:05PM  Motley Fool]
▶ ETFs with exposure to Fortinet, Inc. : June 12, 2017   [Jun-12-17 02:05PM  Capital Cube]
▶ Short Sellers Back Off Cybersecurity Stocks   [10:15AM  24/7 Wall St.]
▶ Cybersecurity: Palo Alto Networks's Big Surge   [Jun-01-17 01:03PM  Investopedia]
▶ ETFs with exposure to Fortinet, Inc. : May 30, 2017   [May-30-17 12:28PM  Capital Cube]
▶ Heres What Caused the Sudden Surge in Cybersecurity Stocks   [May-23-17 02:47PM  Market Realist]
▶ [$$] Cybersecurity Stocks Often Make Investors Wanna Cry   [12:32AM  The Wall Street Journal]
▶ [$$] Cybersecurity Stocks Often Make Investors Wanna Cry   [May-15-17 03:46PM  The Wall Street Journal]
▶ Starboard Value exits Macy's stake: Filing   [May-12-17 05:19PM  CNBC]
▶ Which Cybersecurity Stocks Short Sellers Favor   [May-10-17 10:30AM  24/7 Wall St.]
▶ Service Sales Drive a Strong Quarter for Fortinet   [May-08-17 07:10PM  Motley Fool]
▶ How Did Security Stocks Do This Quarter?   [May-03-17 04:48PM  Zacks]
▶ Will Fortinet Go Sideways?   [02:30PM  TheStreet.com]
▶ Fortinet tops Street 1Q forecasts   [Apr-27-17 04:56PM  Associated Press]
▶ ETFs with exposure to Fortinet, Inc. : April 26, 2017   [Apr-26-17 03:18PM  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.

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