Intrinsic value of Gartner - IT

Previous Close

$128.23

  Intrinsic Value

$121.82

stock screener

  Rating & Target

hold

-5%

  Value-price divergence*

-52%

Previous close

$128.23

 
Intrinsic value

$121.82

 
Up/down potential

-5%

 
Rating

hold

 
Value-price divergence*

-52%

*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 10.5

 

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, %
  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
  24
  27
  37
  47
  58
  69
  80
  92
  105
  118
  131
  146
  160
  175
  191
  208
  225
  243
  261
  281
  301
  322
  343
  366
  390
  415
  441
  468
  497
  526
Earnings before tax, $m
  288
  350
  398
  442
  489
  538
  589
  642
  697
  754
  814
  949
  1,014
  1,080
  1,150
  1,222
  1,297
  1,376
  1,457
  1,542
  1,630
  1,722
  1,819
  1,919
  2,024
  2,133
  2,247
  2,367
  2,492
  2,622
  2,759
Tax expense, $m
  94
  94
  107
  119
  132
  145
  159
  173
  188
  204
  220
  256
  274
  292
  310
  330
  350
  371
  393
  416
  440
  465
  491
  518
  546
  576
  607
  639
  673
  708
  745
Net income, $m
  194
  255
  291
  323
  357
  393
  430
  468
  509
  550
  594
  693
  740
  789
  839
  892
  947
  1,004
  1,064
  1,126
  1,190
  1,257
  1,328
  1,401
  1,477
  1,557
  1,640
  1,728
  1,819
  1,914
  2,014

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
  2,656
  2,961
  3,281
  3,617
  3,969
  4,336
  4,719
  5,118
  5,532
  5,963
  6,411
  6,876
  7,360
  7,863
  8,385
  8,929
  9,495
  10,083
  10,696
  11,335
  12,001
  12,696
  13,421
  14,177
  14,968
  15,793
  16,657
  17,559
  18,503
  19,491
Adjusted assets (=assets-cash), $m
  1,893
  2,656
  2,961
  3,281
  3,617
  3,969
  4,336
  4,719
  5,118
  5,532
  5,963
  6,411
  6,876
  7,360
  7,863
  8,385
  8,929
  9,495
  10,083
  10,696
  11,335
  12,001
  12,696
  13,421
  14,177
  14,968
  15,793
  16,657
  17,559
  18,503
  19,491
Revenue / Adjusted assets
  1.292
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
  1.033
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
  -274
  -306
  -339
  -374
  -410
  -448
  -487
  -529
  -571
  -616
  -662
  -710
  -760
  -812
  -866
  -922
  -981
  -1,042
  -1,105
  -1,171
  -1,240
  -1,311
  -1,386
  -1,465
  -1,546
  -1,631
  -1,721
  -1,814
  -1,911
  -2,013
Total debt, $m
  694
  778
  1,052
  1,341
  1,644
  1,960
  2,291
  2,635
  2,994
  3,367
  3,755
  4,158
  4,577
  5,012
  5,464
  5,935
  6,424
  6,933
  7,463
  8,015
  8,590
  9,189
  9,814
  10,467
  11,148
  11,859
  12,602
  13,379
  14,191
  15,041
  15,930
Total liabilities, $m
  2,306
  2,390
  2,664
  2,953
  3,256
  3,572
  3,903
  4,247
  4,606
  4,979
  5,367
  5,770
  6,189
  6,624
  7,076
  7,547
  8,036
  8,545
  9,075
  9,627
  10,202
  10,801
  11,426
  12,079
  12,760
  13,471
  14,214
  14,991
  15,803
  16,653
  17,542
Total equity, $m
  61
  266
  296
  328
  362
  397
  434
  472
  512
  553
  596
  641
  688
  736
  786
  839
  893
  949
  1,008
  1,070
  1,134
  1,200
  1,270
  1,342
  1,418
  1,497
  1,579
  1,666
  1,756
  1,850
  1,949
Total liabilities and equity, $m
  2,367
  2,656
  2,960
  3,281
  3,618
  3,969
  4,337
  4,719
  5,118
  5,532
  5,963
  6,411
  6,877
  7,360
  7,862
  8,386
  8,929
  9,494
  10,083
  10,697
  11,336
  12,001
  12,696
  13,421
  14,178
  14,968
  15,793
  16,657
  17,559
  18,503
  19,491
Debt-to-equity ratio
  11.377
  2.930
  3.560
  4.090
  4.540
  4.940
  5.280
  5.580
  5.850
  6.090
  6.300
  6.490
  6.660
  6.810
  6.950
  7.080
  7.190
  7.300
  7.400
  7.490
  7.580
  7.660
  7.730
  7.800
  7.860
  7.920
  7.980
  8.030
  8.080
  8.130
  8.170
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
  255
  291
  323
  357
  393
  430
  468
  509
  550
  594
  693
  740
  789
  839
  892
  947
  1,004
  1,064
  1,126
  1,190
  1,257
  1,328
  1,401
  1,477
  1,557
  1,640
  1,728
  1,819
  1,914
  2,014
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
  344
  381
  415
  451
  489
  528
  569
  611
  655
  701
  729
  779
  830
  884
  940
  998
  1,058
  1,121
  1,186
  1,254
  1,325
  1,399
  1,477
  1,557
  1,642
  1,730
  1,822
  1,918
  2,019
  2,124
Change in working capital, $m
  65
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -98
  -102
Cash from operations, $m
  366
  374
  413
  448
  486
  525
  566
  608
  652
  698
  746
  775
  827
  880
  936
  994
  1,054
  1,116
  1,181
  1,249
  1,320
  1,394
  1,471
  1,551
  1,635
  1,723
  1,815
  1,911
  2,011
  2,116
  2,226
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
  337
  372
  405
  439
  475
  512
  551
  592
  634
  678
  704
  751
  800
  852
  905
  960
  1,018
  1,078
  1,140
  1,206
  1,273
  1,344
  1,418
  1,496
  1,576
  1,660
  1,749
  1,841
  1,937
  2,038
Issuance/(repayment) of debt, $m
  -120
  84
  274
  289
  303
  317
  330
  344
  359
  373
  388
  403
  419
  435
  452
  470
  489
  509
  530
  552
  575
  599
  625
  652
  681
  711
  743
  777
  812
  850
  889
Issuance/(repurchase) of shares, $m
  -50
  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 from financing (excl. dividends), $m  
  -175
  84
  274
  289
  303
  317
  330
  344
  359
  373
  388
  403
  419
  435
  452
  470
  489
  509
  530
  552
  575
  599
  625
  652
  681
  711
  743
  777
  812
  850
  889
Total cash flow (excl. dividends), $m
  101
  421
  646
  693
  742
  791
  843
  896
  951
  1,007
  1,066
  1,107
  1,170
  1,236
  1,304
  1,375
  1,450
  1,527
  1,608
  1,692
  1,781
  1,873
  1,969
  2,071
  2,177
  2,287
  2,404
  2,525
  2,653
  2,787
  2,927
Retained Cash Flow (-), $m
  -193
  -205
  -30
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -48
  -50
  -52
  -54
  -57
  -59
  -61
  -64
  -67
  -69
  -72
  -76
  -79
  -83
  -86
  -90
  -94
  -99
Prev. year cash balance distribution, $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 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
 
  216
  616
  661
  708
  756
  806
  858
  911
  966
  1,023
  1,062
  1,124
  1,187
  1,254
  1,323
  1,395
  1,470
  1,549
  1,631
  1,717
  1,806
  1,900
  1,998
  2,101
  2,208
  2,321
  2,439
  2,563
  2,693
  2,828
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
 
  208
  564
  575
  583
  586
  585
  579
  569
  555
  536
  504
  479
  451
  421
  388
  355
  320
  285
  251
  218
  187
  158
  131
  107
  86
  68
  52
  40
  29
  21
Current shareholders' claim on cash, %
  100
  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
  100.0

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 54.6
Price to Sales 4.3
Price to Book 173.7
Price to Tangible Book
Price to Cash Flow 29
Price to Free Cash Flow 33.5
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 -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 - $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 81.574 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 $10.5 billion.

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COMPANY NEWS

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▶ How to manage vendors in a cloud-first world   [Jul-05-17 09:50AM  ZDNet]
▶ Gartner Announces Top 100 Vendors in IT   [12:45PM  Business Wire]
▶ Alibaba: A Global Cloud Contender, Gartner Says   [Jun-15-17 07:46PM  Barrons.com]
▶ New Strong Buy Stocks for June 7th   [Jun-07-17 10:10AM  Zacks]
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▶ Gartner to Present at William Blair Growth Stock Conference   [Jun-02-17 12:06PM  Business Wire]
▶ 7 sentenced use hacked credit cards to buy cigarettes   [Jun-01-17 03:07PM  Associated Press]
▶ 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]
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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