Intrinsic value of Gartner - IT

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$117.72

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$117.72

 
Intrinsic value

$53.37

 
Up/down potential

-55%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of IT 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 10.9

 

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, %
  13.04
  12.20
  11.48
  10.83
  10.25
  9.72
  9.25
  8.83
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
  5.34
Revenue, $m
  2,445
  2,743
  3,058
  3,389
  3,737
  4,100
  4,480
  4,875
  5,287
  5,715
  6,160
  6,623
  7,103
  7,603
  8,122
  8,662
  9,224
  9,808
  10,416
  11,049
  11,709
  12,397
  13,115
  13,864
  14,645
  15,462
  16,315
  17,206
  18,139
  19,114
  20,134
Variable operating expenses, $m
 
  2,369
  2,633
  2,910
  3,201
  3,505
  3,822
  4,153
  4,498
  4,856
  5,229
  5,542
  5,944
  6,362
  6,797
  7,249
  7,718
  8,207
  8,716
  9,246
  9,799
  10,374
  10,975
  11,601
  12,255
  12,938
  13,652
  14,398
  15,179
  15,995
  16,849
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
  2,139
  2,369
  2,633
  2,910
  3,201
  3,505
  3,822
  4,153
  4,498
  4,856
  5,229
  5,542
  5,944
  6,362
  6,797
  7,249
  7,718
  8,207
  8,716
  9,246
  9,799
  10,374
  10,975
  11,601
  12,255
  12,938
  13,652
  14,398
  15,179
  15,995
  16,849
Operating income, $m
  305
  374
  425
  479
  536
  595
  657
  722
  789
  859
  931
  1,081
  1,159
  1,241
  1,325
  1,414
  1,505
  1,600
  1,700
  1,803
  1,911
  2,023
  2,140
  2,262
  2,390
  2,523
  2,662
  2,808
  2,960
  3,119
  3,286
EBITDA, $m
  367
  463
  516
  572
  630
  692
  755
  822
  892
  964
  1,039
  1,117
  1,198
  1,282
  1,370
  1,461
  1,556
  1,654
  1,757
  1,863
  1,975
  2,091
  2,212
  2,338
  2,470
  2,608
  2,751
  2,902
  3,059
  3,224
  3,396
Interest expense (income), $m
  23
  23
  10
  18
  26
  35
  44
  53
  62
  72
  83
  94
  105
  117
  129
  142
  155
  168
  183
  198
  213
  229
  246
  263
  282
  301
  321
  341
  363
  386
  410
Earnings before tax, $m
  288
  351
  415
  461
  510
  561
  614
  669
  726
  786
  848
  987
  1,054
  1,124
  1,196
  1,272
  1,350
  1,432
  1,517
  1,606
  1,698
  1,794
  1,894
  1,999
  2,108
  2,222
  2,342
  2,466
  2,597
  2,733
  2,876
Tax expense, $m
  94
  95
  112
  125
  138
  151
  166
  181
  196
  212
  229
  266
  285
  303
  323
  343
  365
  387
  410
  433
  458
  484
  511
  540
  569
  600
  632
  666
  701
  738
  777
Net income, $m
  194
  256
  303
  337
  372
  409
  448
  488
  530
  574
  619
  720
  769
  820
  873
  928
  986
  1,045
  1,107
  1,172
  1,239
  1,310
  1,383
  1,459
  1,539
  1,622
  1,709
  1,800
  1,896
  1,995
  2,099

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  474
  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
  2,367
  2,123
  2,367
  2,623
  2,892
  3,174
  3,467
  3,773
  4,092
  4,423
  4,768
  5,126
  5,498
  5,885
  6,287
  6,704
  7,139
  7,591
  8,062
  8,552
  9,063
  9,595
  10,151
  10,730
  11,335
  11,967
  12,627
  13,317
  14,039
  14,794
  15,584
Adjusted assets (=assets-cash), $m
  1,893
  2,123
  2,367
  2,623
  2,892
  3,174
  3,467
  3,773
  4,092
  4,423
  4,768
  5,126
  5,498
  5,885
  6,287
  6,704
  7,139
  7,591
  8,062
  8,552
  9,063
  9,595
  10,151
  10,730
  11,335
  11,967
  12,627
  13,317
  14,039
  14,794
  15,584
Revenue / Adjusted assets
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
Average production assets, $m
  202
  225
  251
  278
  306
  336
  367
  400
  433
  469
  505
  543
  582
  623
  666
  710
  756
  804
  854
  906
  960
  1,017
  1,075
  1,137
  1,201
  1,268
  1,338
  1,411
  1,487
  1,567
  1,651
Working capital, $m
  -117
  -628
  -700
  -776
  -856
  -939
  -1,026
  -1,116
  -1,211
  -1,309
  -1,411
  -1,517
  -1,627
  -1,741
  -1,860
  -1,984
  -2,112
  -2,246
  -2,385
  -2,530
  -2,681
  -2,839
  -3,003
  -3,175
  -3,354
  -3,541
  -3,736
  -3,940
  -4,154
  -4,377
  -4,611
Total debt, $m
  694
  299
  518
  749
  991
  1,244
  1,508
  1,784
  2,071
  2,369
  2,679
  3,001
  3,336
  3,684
  4,046
  4,422
  4,813
  5,220
  5,644
  6,085
  6,545
  7,024
  7,524
  8,045
  8,590
  9,158
  9,753
  10,374
  11,023
  11,703
  12,413
Total liabilities, $m
  2,306
  1,911
  2,130
  2,361
  2,603
  2,856
  3,120
  3,396
  3,683
  3,981
  4,291
  4,613
  4,948
  5,296
  5,658
  6,034
  6,425
  6,832
  7,256
  7,697
  8,157
  8,636
  9,136
  9,657
  10,202
  10,770
  11,365
  11,986
  12,635
  13,315
  14,025
Total equity, $m
  61
  212
  237
  262
  289
  317
  347
  377
  409
  442
  477
  513
  550
  588
  629
  670
  714
  759
  806
  855
  906
  960
  1,015
  1,073
  1,134
  1,197
  1,263
  1,332
  1,404
  1,479
  1,558
Total liabilities and equity, $m
  2,367
  2,123
  2,367
  2,623
  2,892
  3,173
  3,467
  3,773
  4,092
  4,423
  4,768
  5,126
  5,498
  5,884
  6,287
  6,704
  7,139
  7,591
  8,062
  8,552
  9,063
  9,596
  10,151
  10,730
  11,336
  11,967
  12,628
  13,318
  14,039
  14,794
  15,583
Debt-to-equity ratio
  11.377
  1.410
  2.190
  2.860
  3.430
  3.920
  4.350
  4.730
  5.060
  5.360
  5.620
  5.860
  6.070
  6.260
  6.440
  6.600
  6.740
  6.880
  7.000
  7.120
  7.220
  7.320
  7.410
  7.500
  7.580
  7.650
  7.720
  7.790
  7.850
  7.910
  7.970
Adjusted equity ratio
  -0.218
  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
  194
  256
  303
  337
  372
  409
  448
  488
  530
  574
  619
  720
  769
  820
  873
  928
  986
  1,045
  1,107
  1,172
  1,239
  1,310
  1,383
  1,459
  1,539
  1,622
  1,709
  1,800
  1,896
  1,995
  2,099
Depreciation, amort., depletion, $m
  62
  89
  91
  92
  94
  96
  98
  100
  103
  105
  107
  36
  39
  42
  44
  47
  50
  54
  57
  60
  64
  68
  72
  76
  80
  85
  89
  94
  99
  104
  110
Funds from operations, $m
  431
  345
  393
  429
  466
  505
  546
  589
  633
  679
  727
  757
  808
  862
  918
  976
  1,036
  1,099
  1,164
  1,232
  1,303
  1,377
  1,455
  1,535
  1,619
  1,707
  1,799
  1,895
  1,995
  2,100
  2,210
Change in working capital, $m
  65
  -68
  -72
  -76
  -80
  -83
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -134
  -139
  -145
  -151
  -158
  -164
  -171
  -179
  -187
  -195
  -204
  -214
  -223
  -234
Cash from operations, $m
  366
  410
  465
  505
  546
  589
  633
  679
  727
  777
  829
  863
  918
  976
  1,037
  1,099
  1,165
  1,233
  1,304
  1,377
  1,455
  1,535
  1,619
  1,707
  1,798
  1,894
  1,994
  2,099
  2,208
  2,323
  2,443
Maintenance CAPEX, $m
  0
  -13
  -15
  -17
  -19
  -20
  -22
  -24
  -27
  -29
  -31
  -34
  -36
  -39
  -42
  -44
  -47
  -50
  -54
  -57
  -60
  -64
  -68
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -104
New CAPEX, $m
  -50
  -23
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -84
Cash from investing activities, $m
  -84
  -36
  -41
  -44
  -47
  -50
  -53
  -56
  -61
  -64
  -68
  -72
  -75
  -80
  -85
  -88
  -93
  -98
  -104
  -109
  -114
  -120
  -127
  -133
  -140
  -147
  -155
  -162
  -170
  -179
  -188
Free cash flow, $m
  282
  373
  425
  461
  499
  538
  580
  622
  667
  713
  761
  791
  843
  897
  953
  1,011
  1,071
  1,134
  1,200
  1,269
  1,340
  1,414
  1,492
  1,573
  1,658
  1,747
  1,840
  1,936
  2,038
  2,144
  2,255
Issuance/(repayment) of debt, $m
  -120
  -365
  219
  231
  242
  253
  264
  275
  287
  298
  310
  322
  335
  348
  362
  376
  391
  407
  424
  441
  460
  479
  500
  522
  544
  569
  594
  621
  649
  679
  711
Issuance/(repurchase) of shares, $m
  -50
  144
  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  
  -175
  -221
  219
  231
  242
  253
  264
  275
  287
  298
  310
  322
  335
  348
  362
  376
  391
  407
  424
  441
  460
  479
  500
  522
  544
  569
  594
  621
  649
  679
  711
Total cash flow (excl. dividends), $m
  101
  8
  644
  692
  741
  792
  844
  898
  954
  1,011
  1,071
  1,113
  1,178
  1,245
  1,314
  1,387
  1,463
  1,541
  1,624
  1,710
  1,800
  1,894
  1,992
  2,095
  2,203
  2,316
  2,434
  2,558
  2,687
  2,823
  2,966
Retained Cash Flow (-), $m
  -193
  -595
  -24
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -79
Prev. year cash balance distribution, $m
 
  444
  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
 
  0
  620
  666
  714
  763
  814
  867
  922
  978
  1,037
  1,077
  1,140
  1,206
  1,274
  1,345
  1,419
  1,496
  1,577
  1,661
  1,749
  1,840
  1,937
  2,037
  2,142
  2,252
  2,368
  2,489
  2,615
  2,748
  2,887
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
 
  0
  567
  580
  588
  592
  591
  586
  576
  562
  544
  512
  487
  459
  428
  395
  361
  326
  290
  256
  222
  190
  161
  134
  109
  88
  69
  53
  40
  30
  22
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

Gartner, Inc., an information technology research and advisory company, provides independent research and analysis on the information technology (IT), supply chain, and digital marketing initiatives. It operates through three segments: Research, Consulting, and Events. The Research segment offers objective insight on critical and timely technology and supply chain initiatives for CIOs, other IT professionals, supply chain leaders, marketing and other business professionals, technology and professional services companies, and the institutional investment community through reports, briefings, and proprietary tools, as well as access to analysts, peer networking services, and membership programs. It also provides analysis on various aspects of technology, including hardware, software and systems, services, IT management, market data and forecasts, and vertical-industry issues. This segment delivers its research and insight primarily through a subscription-based digital media service. The Consulting segment offers consulting, measurement engagements, and strategic advisory services, as well as proprietary tools for measuring and improving IT performance. This segment provides solutions to CIOs, IT executives, and other professionals; targeted consulting services to professionals in specific industries; and actionable solutions for IT cost optimization, technology modernization, and IT sourcing optimization initiatives. The Events segment provides IT, supply chain, marketing, and other business professionals the opportunity to attend various symposiums, conferences, and exhibitions to learn, contribute, and network with their peers on technologies and industries. The company has operations in the United States, Canada, Europe, the Middle East, Africa, and internationally. Gartner, Inc. was founded in 1979 and is headquartered in Stamford, Connecticut.

FINANCIAL RATIOS  of  Gartner (IT)

Valuation Ratios
P/E Ratio 50.2
Price to Sales 4
Price to Book 159.5
Price to Tangible Book
Price to Cash Flow 26.6
Price to Free Cash Flow 30.8
Growth Rates
Sales Growth Rate 13%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8.7%
Cap. Spend. - 3 Yr. Gr. Rate 6.2%
Financial Strength
Quick Ratio 16
Current Ratio 0.1
LT Debt to Equity 1088.5%
Total Debt to Equity 1137.7%
Interest Coverage 14
Management Effectiveness
Return On Assets 9.2%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 26.9%
Ret/ On T. Cap. - 3 Yr. Avg. 29.2%
Return On Equity -546.5%
Return On Equity - 3 Yr. Avg. 245.9%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 61.3%
Gross Margin - 3 Yr. Avg. 61%
EBITDA Margin 15.3%
EBITDA Margin - 3 Yr. Avg. 15.7%
Operating Margin 12.5%
Oper. Margin - 3 Yr. Avg. 13.3%
Pre-Tax Margin 11.8%
Pre-Tax Margin - 3 Yr. Avg. 12.7%
Net Profit Margin 7.9%
Net Profit Margin - 3 Yr. Avg. 8.4%
Effective Tax Rate 32.6%
Eff/ Tax Rate - 3 Yr. Avg. 33.7%
Payout Ratio 0%

IT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IT stock intrinsic value calculation we used $2445 million for the last fiscal year's total revenue generated by Gartner. The default revenue input number comes from 2016 income statement of Gartner. 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 IT stock valuation model: a) initial revenue growth rate of 12.2% 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 IT is calculated based on our internal credit rating of Gartner, 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 Gartner.
    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 IT stock the variable cost ratio is equal to 86.7%.

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 IT 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 Gartner.

Corporate tax rate of 27% is the nominal tax rate for Gartner. 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 IT 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 IT are equal to 8.2%.

Life of production assets of 15 years is the average useful life of capital assets used in Gartner 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 IT is equal to -22.9%. 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 - $61 million for Gartner - 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 92.382 million for Gartner 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 Gartner at the current share price and the inputted number of shares is $10.9 billion.


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COMPANY NEWS

▶ Gartner Announces Rankings of the 2017 Supply Chain Top 25   [May-25-17 10:34AM  Business Wire]
▶ ETFs with exposure to Gartner, Inc. : May 23, 2017   [May-23-17 12:51PM  Capital Cube]
▶ Is Gartner (IT) a Great Growth Stock?   [May-19-17 08:30AM  Zacks]
▶ ETFs with exposure to Gartner, Inc. : May 12, 2017   [May-12-17 04:05PM  Capital Cube]
▶ Gartner Inc. Ups Forecast on Closing of CEB Deal   [May-06-17 05:33PM  Motley Fool]
▶ Gartner misses 1Q profit forecasts   [May-04-17 06:14AM  Associated Press]
▶ [$$] VC Focus: AI Boosts Startups Tackling Back-Office Risks   [May-01-17 09:34AM  The Wall Street Journal]
▶ IT teams bypassed in era of digital disruption   [Apr-30-17 09:10PM  ZDNet]
▶ Baron Asset Fund Comments on Gartner Inc.   [Apr-13-17 06:36PM  GuruFocus.com]
▶ [$$] PC Consumer Shipments Remained Challenged in First Quarter   [Apr-11-17 07:13PM  The Wall Street Journal]
▶ Gartner Completes Acquisition of CEB   [Apr-06-17 07:00AM  Business Wire]
▶ Research Firm Gartner Ascending to the S&P 500   [Mar-31-17 05:26PM  at Investopedia]
▶ The 3 Best Dividend Stocks in Computers   [Mar-29-17 09:41PM  Motley Fool]
▶ Cascading effect: One attack led to another at Yahoo   [Mar-15-17 11:30PM  Associated Press]
▶ Baron Opportunity Fund Comments on Gartner   [Feb-21-17 11:57AM  Gurufocus]
▶ Baron Asset Fund Comments on Gartner Inc.   [Jan-30-17 03:08PM  Gurufocus]
▶ Results for the Quarter Ended December 31, 2016 under IFRS   [Jan-25-17 09:40AM  Business Wire]
Stock chart of IT Financial statements of IT Annual reports of IT
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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