Intrinsic value of Gartner - IT

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$112.58

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$112.58

 
Intrinsic value

$48.45

 
Up/down potential

-57%

 
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 9.3

 

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
  9.20
  8.78
  8.40
  8.06
  7.76
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.34
  5.30
  5.27
  5.24
  5.22
  5.20
Revenue, $m
  2,445
  2,670
  2,904
  3,148
  3,402
  3,666
  3,940
  4,225
  4,521
  4,829
  5,149
  5,482
  5,828
  6,189
  6,565
  6,956
  7,364
  7,789
  8,233
  8,697
  9,181
  9,687
  10,216
  10,769
  11,347
  11,953
  12,587
  13,250
  13,945
  14,673
  15,435
Variable operating expenses, $m
 
  2,308
  2,504
  2,708
  2,921
  3,142
  3,371
  3,610
  3,857
  4,115
  4,383
  4,588
  4,877
  5,179
  5,493
  5,821
  6,162
  6,518
  6,890
  7,278
  7,683
  8,106
  8,549
  9,012
  9,496
  10,002
  10,533
  11,088
  11,669
  12,278
  12,917
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
  2,308
  2,504
  2,708
  2,921
  3,142
  3,371
  3,610
  3,857
  4,115
  4,383
  4,588
  4,877
  5,179
  5,493
  5,821
  6,162
  6,518
  6,890
  7,278
  7,683
  8,106
  8,549
  9,012
  9,496
  10,002
  10,533
  11,088
  11,669
  12,278
  12,917
Operating income, $m
  305
  362
  400
  440
  481
  524
  569
  616
  664
  714
  766
  895
  951
  1,010
  1,071
  1,135
  1,202
  1,271
  1,344
  1,419
  1,498
  1,581
  1,667
  1,757
  1,852
  1,951
  2,054
  2,162
  2,276
  2,394
  2,519
EBITDA, $m
  367
  450
  490
  531
  574
  618
  665
  713
  763
  814
  868
  925
  983
  1,044
  1,107
  1,173
  1,242
  1,314
  1,389
  1,467
  1,548
  1,634
  1,723
  1,816
  1,914
  2,016
  2,123
  2,235
  2,352
  2,475
  2,603
Interest expense (income), $m
  23
  23
  9
  14
  20
  27
  33
  40
  47
  54
  61
  69
  77
  86
  94
  104
  113
  123
  133
  144
  156
  167
  180
  193
  206
  220
  235
  250
  267
  284
  301
Earnings before tax, $m
  288
  339
  391
  426
  461
  498
  536
  576
  617
  660
  705
  825
  874
  924
  977
  1,031
  1,088
  1,148
  1,210
  1,275
  1,343
  1,413
  1,487
  1,565
  1,646
  1,730
  1,819
  1,912
  2,009
  2,111
  2,218
Tax expense, $m
  94
  91
  106
  115
  124
  134
  145
  156
  167
  178
  190
  223
  236
  250
  264
  278
  294
  310
  327
  344
  362
  382
  402
  422
  444
  467
  491
  516
  542
  570
  599
Net income, $m
  194
  247
  286
  311
  337
  363
  391
  421
  451
  482
  515
  603
  638
  675
  713
  753
  795
  838
  883
  931
  980
  1,032
  1,086
  1,142
  1,201
  1,263
  1,328
  1,396
  1,467
  1,541
  1,619

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
  2,067
  2,248
  2,437
  2,633
  2,838
  3,050
  3,270
  3,500
  3,738
  3,985
  4,243
  4,511
  4,790
  5,081
  5,384
  5,700
  6,029
  6,373
  6,731
  7,106
  7,498
  7,907
  8,335
  8,783
  9,251
  9,742
  10,255
  10,793
  11,357
  11,947
Adjusted assets (=assets-cash), $m
  1,893
  2,067
  2,248
  2,437
  2,633
  2,838
  3,050
  3,270
  3,500
  3,738
  3,985
  4,243
  4,511
  4,790
  5,081
  5,384
  5,700
  6,029
  6,373
  6,731
  7,106
  7,498
  7,907
  8,335
  8,783
  9,251
  9,742
  10,255
  10,793
  11,357
  11,947
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
  219
  238
  258
  279
  301
  323
  346
  371
  396
  422
  450
  478
  508
  538
  570
  604
  639
  675
  713
  753
  794
  838
  883
  930
  980
  1,032
  1,087
  1,143
  1,203
  1,266
Working capital, $m
  -117
  -611
  -665
  -721
  -779
  -840
  -902
  -968
  -1,035
  -1,106
  -1,179
  -1,255
  -1,335
  -1,417
  -1,503
  -1,593
  -1,686
  -1,784
  -1,885
  -1,992
  -2,102
  -2,218
  -2,339
  -2,466
  -2,599
  -2,737
  -2,882
  -3,034
  -3,193
  -3,360
  -3,535
Total debt, $m
  694
  248
  411
  581
  758
  942
  1,133
  1,331
  1,538
  1,752
  1,975
  2,207
  2,448
  2,699
  2,961
  3,233
  3,518
  3,814
  4,123
  4,446
  4,783
  5,136
  5,504
  5,890
  6,293
  6,714
  7,156
  7,618
  8,102
  8,609
  9,140
Total liabilities, $m
  2,306
  1,860
  2,023
  2,193
  2,370
  2,554
  2,745
  2,943
  3,150
  3,364
  3,587
  3,819
  4,060
  4,311
  4,573
  4,845
  5,130
  5,426
  5,735
  6,058
  6,395
  6,748
  7,116
  7,502
  7,905
  8,326
  8,768
  9,230
  9,714
  10,221
  10,752
Total equity, $m
  61
  207
  225
  244
  263
  284
  305
  327
  350
  374
  399
  424
  451
  479
  508
  538
  570
  603
  637
  673
  711
  750
  791
  834
  878
  925
  974
  1,026
  1,079
  1,136
  1,195
Total liabilities and equity, $m
  2,367
  2,067
  2,248
  2,437
  2,633
  2,838
  3,050
  3,270
  3,500
  3,738
  3,986
  4,243
  4,511
  4,790
  5,081
  5,383
  5,700
  6,029
  6,372
  6,731
  7,106
  7,498
  7,907
  8,336
  8,783
  9,251
  9,742
  10,256
  10,793
  11,357
  11,947
Debt-to-equity ratio
  11.377
  1.200
  1.830
  2.380
  2.880
  3.320
  3.710
  4.070
  4.390
  4.690
  4.960
  5.200
  5.430
  5.630
  5.830
  6.010
  6.170
  6.330
  6.470
  6.610
  6.730
  6.850
  6.960
  7.070
  7.160
  7.260
  7.350
  7.430
  7.510
  7.580
  7.650
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
  247
  286
  311
  337
  363
  391
  421
  451
  482
  515
  603
  638
  675
  713
  753
  795
  838
  883
  931
  980
  1,032
  1,086
  1,142
  1,201
  1,263
  1,328
  1,396
  1,467
  1,541
  1,619
Depreciation, amort., depletion, $m
  62
  88
  90
  91
  92
  94
  95
  97
  99
  100
  102
  30
  32
  34
  36
  38
  40
  43
  45
  48
  50
  53
  56
  59
  62
  65
  69
  72
  76
  80
  84
Funds from operations, $m
  431
  336
  375
  402
  429
  457
  487
  517
  549
  582
  617
  633
  670
  709
  749
  791
  835
  881
  928
  978
  1,030
  1,085
  1,142
  1,201
  1,263
  1,328
  1,397
  1,468
  1,543
  1,621
  1,703
Change in working capital, $m
  65
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -83
  -86
  -90
  -93
  -97
  -102
  -106
  -111
  -116
  -121
  -127
  -132
  -139
  -145
  -152
  -159
  -167
  -175
Cash from operations, $m
  366
  384
  429
  458
  487
  518
  550
  583
  617
  653
  690
  709
  749
  791
  835
  881
  928
  978
  1,030
  1,084
  1,141
  1,201
  1,263
  1,328
  1,396
  1,467
  1,542
  1,620
  1,702
  1,788
  1,878
Maintenance CAPEX, $m
  0
  -13
  -15
  -16
  -17
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
New CAPEX, $m
  -50
  -17
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -60
  -63
Cash from investing activities, $m
  -84
  -30
  -34
  -36
  -38
  -41
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -62
  -65
  -68
  -71
  -75
  -79
  -83
  -88
  -91
  -96
  -101
  -106
  -112
  -117
  -123
  -129
  -136
  -143
Free cash flow, $m
  282
  353
  395
  422
  449
  478
  507
  538
  570
  603
  637
  653
  691
  730
  770
  813
  857
  903
  951
  1,001
  1,054
  1,109
  1,166
  1,227
  1,289
  1,355
  1,424
  1,497
  1,572
  1,652
  1,735
Issuance/(repayment) of debt, $m
  -120
  -416
  163
  170
  177
  184
  191
  199
  206
  214
  223
  232
  241
  251
  262
  273
  284
  296
  309
  323
  337
  352
  368
  385
  403
  422
  441
  462
  484
  507
  531
Issuance/(repurchase) of shares, $m
  -50
  209
  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
  -207
  163
  170
  177
  184
  191
  199
  206
  214
  223
  232
  241
  251
  262
  273
  284
  296
  309
  323
  337
  352
  368
  385
  403
  422
  441
  462
  484
  507
  531
Total cash flow (excl. dividends), $m
  101
  -63
  559
  592
  626
  661
  698
  736
  776
  817
  860
  885
  932
  981
  1,032
  1,085
  1,141
  1,199
  1,260
  1,324
  1,391
  1,461
  1,535
  1,612
  1,692
  1,777
  1,866
  1,959
  2,057
  2,159
  2,266
Retained Cash Flow (-), $m
  -193
  -590
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
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
  540
  573
  606
  641
  677
  714
  753
  793
  836
  859
  905
  953
  1,003
  1,055
  1,109
  1,166
  1,226
  1,288
  1,354
  1,422
  1,494
  1,569
  1,648
  1,730
  1,817
  1,908
  2,003
  2,103
  2,207
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
  495
  498
  499
  497
  491
  483
  471
  456
  438
  408
  386
  362
  337
  310
  282
  254
  226
  198
  172
  147
  124
  103
  84
  67
  53
  41
  31
  23
  17
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 48
Price to Sales 3.8
Price to Book 152.5
Price to Tangible Book
Price to Cash Flow 25.4
Price to Free Cash Flow 29.4
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 9.2% 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 82.415 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 $9.3 billion.


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COMPANY NEWS

▶ Baron Asset Fund Comments on Gartner Inc.   [Apr-13-17 06:36PM  GuruFocus.com]
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▶ 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]
▶ This company led the 5th year of PC declines   [Jan-12-17 11:59AM  at bizjournals.com]
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Stock chart of IT Financial statements 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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