Intrinsic value of Fortinet - FTNT

Previous Close

$40.32

  Intrinsic Value

$16.14

stock screener

  Rating & Target

str. sell

-60%

Previous close

$40.32

 
Intrinsic value

$16.14

 
Up/down potential

-60%

 
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

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 7.1

 

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
  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
  5.55
Revenue, $m
  1,275
  1,488
  1,719
  1,968
  2,234
  2,517
  2,817
  3,133
  3,465
  3,813
  4,176
  4,556
  4,951
  5,362
  5,789
  6,234
  6,695
  7,175
  7,674
  8,193
  8,732
  9,293
  9,876
  10,484
  11,117
  11,776
  12,464
  13,181
  13,930
  14,712
  15,529
Variable operating expenses, $m
 
  1,337
  1,545
  1,768
  2,007
  2,262
  2,531
  2,814
  3,113
  3,425
  3,751
  4,090
  4,445
  4,814
  5,198
  5,597
  6,011
  6,442
  6,890
  7,356
  7,840
  8,343
  8,867
  9,413
  9,981
  10,573
  11,190
  11,835
  12,507
  13,209
  13,942
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
  1,428
  1,639
  1,864
  2,105
  2,363
  2,634
  2,920
  3,221
  3,536
  3,865
  4,207
  4,565
  4,937
  5,324
  5,726
  6,143
  6,577
  7,029
  7,498
  7,986
  8,492
  9,020
  9,570
  10,142
  10,738
  11,359
  12,008
  12,685
  13,391
  14,129
Operating income, $m
  43
  59
  81
  104
  129
  155
  183
  213
  244
  277
  311
  349
  386
  425
  466
  508
  552
  598
  645
  695
  746
  800
  856
  914
  975
  1,038
  1,104
  1,173
  1,246
  1,321
  1,400
EBITDA, $m
  92
  93
  119
  147
  178
  210
  245
  281
  320
  360
  402
  446
  492
  540
  590
  641
  695
  751
  810
  870
  933
  999
  1,067
  1,138
  1,213
  1,290
  1,371
  1,456
  1,544
  1,636
  1,732
Interest expense (income), $m
  0
  0
  -7
  -1
  6
  13
  20
  28
  36
  45
  54
  63
  73
  83
  94
  105
  117
  129
  141
  154
  168
  182
  196
  212
  227
  244
  261
  279
  298
  317
  337
Earnings before tax, $m
  43
  59
  87
  105
  123
  142
  163
  185
  208
  232
  258
  286
  313
  342
  372
  403
  435
  469
  504
  541
  579
  618
  660
  703
  748
  794
  843
  895
  948
  1,004
  1,063
Tax expense, $m
  11
  16
  24
  28
  33
  38
  44
  50
  56
  63
  70
  77
  85
  92
  100
  109
  118
  127
  136
  146
  156
  167
  178
  190
  202
  214
  228
  242
  256
  271
  287
Net income, $m
  32
  43
  64
  76
  90
  104
  119
  135
  152
  170
  188
  208
  229
  250
  271
  294
  318
  342
  368
  395
  422
  451
  481
  513
  546
  580
  616
  653
  692
  733
  776

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
  1,230
  1,421
  1,626
  1,846
  2,080
  2,328
  2,589
  2,864
  3,151
  3,452
  3,765
  4,091
  4,431
  4,784
  5,152
  5,533
  5,930
  6,342
  6,771
  7,216
  7,680
  8,162
  8,664
  9,187
  9,732
  10,301
  10,894
  11,512
  12,159
  12,834
Adjusted assets (=assets-cash), $m
  1,054
  1,230
  1,421
  1,626
  1,846
  2,080
  2,328
  2,589
  2,864
  3,151
  3,452
  3,765
  4,091
  4,431
  4,784
  5,152
  5,533
  5,930
  6,342
  6,771
  7,216
  7,680
  8,162
  8,664
  9,187
  9,732
  10,301
  10,894
  11,512
  12,159
  12,834
Revenue / Adjusted assets
  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
  1.210
  1.210
Average production assets, $m
  136
  159
  184
  211
  239
  269
  301
  335
  371
  408
  447
  487
  530
  574
  619
  667
  716
  768
  821
  877
  934
  994
  1,057
  1,122
  1,189
  1,260
  1,334
  1,410
  1,491
  1,574
  1,662
Working capital, $m
  710
  -439
  -507
  -581
  -659
  -743
  -831
  -924
  -1,022
  -1,125
  -1,232
  -1,344
  -1,460
  -1,582
  -1,708
  -1,839
  -1,975
  -2,117
  -2,264
  -2,417
  -2,576
  -2,741
  -2,913
  -3,093
  -3,279
  -3,474
  -3,677
  -3,889
  -4,109
  -4,340
  -4,581
Total debt, $m
  0
  -195
  -23
  162
  360
  570
  793
  1,028
  1,275
  1,534
  1,804
  2,086
  2,380
  2,686
  3,004
  3,335
  3,678
  4,035
  4,406
  4,792
  5,193
  5,610
  6,044
  6,496
  6,967
  7,457
  7,969
  8,502
  9,059
  9,641
  10,248
Total liabilities, $m
  1,302
  1,107
  1,279
  1,464
  1,662
  1,872
  2,095
  2,330
  2,577
  2,836
  3,106
  3,388
  3,682
  3,988
  4,306
  4,637
  4,980
  5,337
  5,708
  6,094
  6,495
  6,912
  7,346
  7,798
  8,269
  8,759
  9,271
  9,804
  10,361
  10,943
  11,550
Total equity, $m
  838
  123
  142
  163
  185
  208
  233
  259
  286
  315
  345
  376
  409
  443
  478
  515
  553
  593
  634
  677
  722
  768
  816
  866
  919
  973
  1,030
  1,089
  1,151
  1,216
  1,283
Total liabilities and equity, $m
  2,140
  1,230
  1,421
  1,627
  1,847
  2,080
  2,328
  2,589
  2,863
  3,151
  3,451
  3,764
  4,091
  4,431
  4,784
  5,152
  5,533
  5,930
  6,342
  6,771
  7,217
  7,680
  8,162
  8,664
  9,188
  9,732
  10,301
  10,893
  11,512
  12,159
  12,833
Debt-to-equity ratio
  0.000
  -1.590
  -0.160
  0.990
  1.950
  2.740
  3.410
  3.970
  4.450
  4.870
  5.230
  5.540
  5.820
  6.060
  6.280
  6.470
  6.650
  6.800
  6.950
  7.080
  7.200
  7.300
  7.400
  7.500
  7.580
  7.660
  7.740
  7.800
  7.870
  7.930
  7.990
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
  43
  64
  76
  90
  104
  119
  135
  152
  170
  188
  208
  229
  250
  271
  294
  318
  342
  368
  395
  422
  451
  481
  513
  546
  580
  616
  653
  692
  733
  776
Depreciation, amort., depletion, $m
  49
  33
  38
  44
  49
  55
  62
  69
  76
  83
  91
  97
  106
  115
  124
  133
  143
  154
  164
  175
  187
  199
  211
  224
  238
  252
  267
  282
  298
  315
  332
Funds from operations, $m
  509
  77
  102
  120
  139
  159
  181
  204
  228
  253
  279
  306
  335
  364
  395
  428
  461
  496
  532
  570
  609
  650
  693
  737
  784
  832
  882
  935
  990
  1,048
  1,108
Change in working capital, $m
  163
  -63
  -68
  -73
  -79
  -84
  -88
  -93
  -98
  -103
  -107
  -112
  -117
  -121
  -126
  -131
  -136
  -142
  -147
  -153
  -159
  -165
  -172
  -179
  -187
  -195
  -203
  -212
  -221
  -231
  -241
Cash from operations, $m
  346
  139
  170
  193
  218
  243
  269
  297
  326
  355
  386
  418
  451
  486
  521
  559
  597
  638
  679
  723
  768
  816
  865
  916
  970
  1,027
  1,085
  1,147
  1,211
  1,278
  1,349
Maintenance CAPEX, $m
  0
  -27
  -32
  -37
  -42
  -48
  -54
  -60
  -67
  -74
  -82
  -89
  -97
  -106
  -115
  -124
  -133
  -143
  -154
  -164
  -175
  -187
  -199
  -211
  -224
  -238
  -252
  -267
  -282
  -298
  -315
New CAPEX, $m
  -67
  -23
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -49
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -87
Cash from investing activities, $m
  -74
  -50
  -57
  -64
  -70
  -78
  -86
  -94
  -103
  -111
  -121
  -130
  -139
  -150
  -161
  -172
  -182
  -194
  -207
  -219
  -233
  -247
  -261
  -276
  -292
  -309
  -326
  -344
  -362
  -382
  -402
Free cash flow, $m
  272
  89
  114
  130
  147
  165
  183
  203
  223
  244
  266
  288
  311
  336
  361
  387
  414
  443
  472
  503
  535
  569
  604
  640
  678
  718
  760
  803
  849
  897
  947
Issuance/(repayment) of debt, $m
  0
  -195
  172
  185
  198
  211
  223
  235
  247
  259
  270
  282
  294
  306
  318
  331
  344
  357
  371
  386
  401
  417
  434
  452
  471
  491
  512
  534
  557
  582
  607
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
  133
  172
  185
  198
  211
  223
  235
  247
  259
  270
  282
  294
  306
  318
  331
  344
  357
  371
  386
  401
  417
  434
  452
  471
  491
  512
  534
  557
  582
  607
Total cash flow (excl. dividends), $m
  166
  221
  286
  315
  345
  375
  406
  438
  470
  503
  536
  570
  605
  641
  679
  718
  758
  800
  843
  889
  936
  986
  1,038
  1,092
  1,149
  1,209
  1,271
  1,337
  1,406
  1,478
  1,554
Retained Cash Flow (-), $m
  -83
  -371
  -19
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -55
  -57
  -59
  -62
  -65
  -67
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
 
  936
  267
  294
  323
  352
  382
  412
  442
  474
  506
  539
  572
  607
  644
  681
  720
  760
  802
  846
  892
  940
  990
  1,042
  1,097
  1,154
  1,214
  1,278
  1,344
  1,414
  1,487
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
 
  898
  244
  256
  266
  273
  277
  278
  277
  272
  265
  256
  244
  231
  216
  200
  183
  165
  148
  130
  113
  97
  82
  68
  56
  45
  35
  27
  21
  15
  11
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 218.1
Price to Sales 5.5
Price to Book 8.3
Price to Tangible Book
Price to Cash Flow 20.2
Price to Free Cash Flow 25
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 16.7% 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 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 175.843 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 $7.1 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
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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