Intrinsic value of National Instruments - NATI

Previous Close

$38.96

  Intrinsic Value

$12.65

stock screener

  Rating & Target

str. sell

-68%

  Value-price divergence*

-56%

Previous close

$38.96

 
Intrinsic value

$12.65

 
Up/down potential

-68%

 
Rating

str. sell

 
Value-price divergence*

-56%

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

We calculate the intrinsic value of NATI 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 5.0

 

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, %
  0.24
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
Revenue, $m
  1,228
  1,283
  1,342
  1,403
  1,468
  1,537
  1,609
  1,685
  1,766
  1,850
  1,939
  2,033
  2,131
  2,235
  2,344
  2,458
  2,578
  2,705
  2,838
  2,978
  3,125
  3,279
  3,441
  3,611
  3,790
  3,978
  4,176
  4,383
  4,601
  4,830
  5,070
Variable operating expenses, $m
 
  1,136
  1,186
  1,240
  1,296
  1,355
  1,418
  1,484
  1,553
  1,626
  1,703
  1,759
  1,844
  1,934
  2,028
  2,127
  2,231
  2,341
  2,456
  2,577
  2,704
  2,838
  2,978
  3,125
  3,280
  3,443
  3,614
  3,793
  3,982
  4,180
  4,388
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
  1,106
  1,136
  1,186
  1,240
  1,296
  1,355
  1,418
  1,484
  1,553
  1,626
  1,703
  1,759
  1,844
  1,934
  2,028
  2,127
  2,231
  2,341
  2,456
  2,577
  2,704
  2,838
  2,978
  3,125
  3,280
  3,443
  3,614
  3,793
  3,982
  4,180
  4,388
Operating income, $m
  122
  147
  155
  164
  172
  182
  191
  202
  212
  224
  236
  274
  287
  301
  315
  331
  347
  364
  382
  401
  421
  441
  463
  486
  510
  536
  562
  590
  619
  650
  682
EBITDA, $m
  195
  211
  221
  231
  242
  253
  265
  277
  291
  305
  319
  335
  351
  368
  386
  405
  424
  445
  467
  490
  514
  540
  566
  594
  624
  655
  687
  722
  757
  795
  835
Interest expense (income), $m
  1
  1
  1
  2
  3
  3
  4
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  16
  17
  18
  20
  22
  23
  25
  27
  29
  31
  33
  35
  38
  40
Earnings before tax, $m
  115
  147
  154
  161
  170
  178
  187
  197
  207
  217
  228
  265
  277
  290
  304
  318
  333
  348
  365
  382
  401
  420
  440
  461
  483
  507
  531
  557
  584
  612
  642
Tax expense, $m
  32
  40
  42
  44
  46
  48
  51
  53
  56
  59
  62
  72
  75
  78
  82
  86
  90
  94
  99
  103
  108
  113
  119
  124
  130
  137
  143
  150
  158
  165
  173
Net income, $m
  83
  107
  112
  118
  124
  130
  137
  143
  151
  158
  166
  193
  202
  212
  222
  232
  243
  254
  266
  279
  292
  306
  321
  337
  353
  370
  388
  407
  426
  447
  469

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  358
  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
  1,497
  1,190
  1,245
  1,302
  1,362
  1,426
  1,493
  1,563
  1,638
  1,716
  1,799
  1,886
  1,977
  2,073
  2,174
  2,280
  2,392
  2,509
  2,633
  2,762
  2,899
  3,042
  3,192
  3,350
  3,516
  3,691
  3,874
  4,066
  4,268
  4,481
  4,704
Adjusted assets (=assets-cash), $m
  1,139
  1,190
  1,245
  1,302
  1,362
  1,426
  1,493
  1,563
  1,638
  1,716
  1,799
  1,886
  1,977
  2,073
  2,174
  2,280
  2,392
  2,509
  2,633
  2,762
  2,899
  3,042
  3,192
  3,350
  3,516
  3,691
  3,874
  4,066
  4,268
  4,481
  4,704
Revenue / Adjusted assets
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
Average production assets, $m
  368
  385
  402
  421
  441
  461
  483
  506
  530
  555
  582
  610
  639
  670
  703
  737
  774
  811
  851
  893
  937
  984
  1,032
  1,083
  1,137
  1,194
  1,253
  1,315
  1,380
  1,449
  1,521
Working capital, $m
  575
  227
  237
  248
  260
  272
  285
  298
  313
  327
  343
  360
  377
  396
  415
  435
  456
  479
  502
  527
  553
  580
  609
  639
  671
  704
  739
  776
  814
  855
  897
Total debt, $m
  25
  42
  60
  79
  100
  121
  144
  167
  192
  219
  246
  276
  306
  339
  372
  408
  446
  485
  527
  570
  616
  664
  715
  768
  823
  882
  944
  1,008
  1,076
  1,147
  1,222
Total liabilities, $m
  382
  400
  418
  437
  458
  479
  502
  525
  550
  577
  604
  634
  664
  697
  730
  766
  804
  843
  885
  928
  974
  1,022
  1,073
  1,126
  1,181
  1,240
  1,302
  1,366
  1,434
  1,505
  1,580
Total equity, $m
  1,114
  790
  826
  864
  904
  947
  991
  1,038
  1,088
  1,140
  1,194
  1,252
  1,313
  1,376
  1,444
  1,514
  1,588
  1,666
  1,748
  1,834
  1,925
  2,020
  2,120
  2,224
  2,335
  2,451
  2,572
  2,700
  2,834
  2,975
  3,123
Total liabilities and equity, $m
  1,496
  1,190
  1,244
  1,301
  1,362
  1,426
  1,493
  1,563
  1,638
  1,717
  1,798
  1,886
  1,977
  2,073
  2,174
  2,280
  2,392
  2,509
  2,633
  2,762
  2,899
  3,042
  3,193
  3,350
  3,516
  3,691
  3,874
  4,066
  4,268
  4,480
  4,703
Debt-to-equity ratio
  0.022
  0.050
  0.070
  0.090
  0.110
  0.130
  0.140
  0.160
  0.180
  0.190
  0.210
  0.220
  0.230
  0.250
  0.260
  0.270
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.350
  0.350
  0.360
  0.370
  0.370
  0.380
  0.390
  0.390
Adjusted equity ratio
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  83
  107
  112
  118
  124
  130
  137
  143
  151
  158
  166
  193
  202
  212
  222
  232
  243
  254
  266
  279
  292
  306
  321
  337
  353
  370
  388
  407
  426
  447
  469
Depreciation, amort., depletion, $m
  73
  64
  66
  67
  69
  71
  74
  76
  78
  81
  83
  61
  64
  67
  70
  74
  77
  81
  85
  89
  94
  98
  103
  108
  114
  119
  125
  132
  138
  145
  152
Funds from operations, $m
  214
  171
  178
  185
  193
  201
  210
  219
  229
  239
  250
  254
  266
  279
  292
  306
  320
  336
  352
  368
  386
  405
  424
  445
  467
  489
  513
  538
  564
  592
  621
Change in working capital, $m
  18
  10
  10
  11
  12
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  24
  25
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
Cash from operations, $m
  196
  161
  168
  174
  182
  189
  197
  206
  215
  224
  234
  238
  249
  260
  273
  285
  299
  313
  328
  344
  360
  378
  396
  415
  435
  456
  478
  501
  526
  552
  578
Maintenance CAPEX, $m
  0
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -114
  -119
  -125
  -132
  -138
  -145
New CAPEX, $m
  -79
  -17
  -18
  -18
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -69
  -72
Cash from investing activities, $m
  -71
  -54
  -56
  -58
  -62
  -65
  -68
  -71
  -75
  -78
  -83
  -86
  -91
  -95
  -100
  -104
  -110
  -115
  -121
  -127
  -133
  -140
  -147
  -154
  -162
  -170
  -178
  -187
  -197
  -207
  -217
Free cash flow, $m
  125
  107
  111
  116
  120
  125
  130
  135
  140
  146
  152
  152
  158
  165
  173
  181
  189
  198
  207
  217
  227
  237
  249
  260
  273
  286
  300
  314
  329
  345
  361
Issuance/(repayment) of debt, $m
  -12
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  39
  41
  44
  46
  48
  51
  53
  56
  59
  62
  65
  68
  71
  75
Issuance/(repurchase) of shares, $m
  23
  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  
  12
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  39
  41
  44
  46
  48
  51
  53
  56
  59
  62
  65
  68
  71
  75
Total cash flow (excl. dividends), $m
  137
  124
  130
  135
  140
  146
  152
  158
  165
  172
  180
  181
  189
  198
  207
  217
  227
  237
  248
  260
  273
  286
  299
  314
  329
  344
  361
  379
  397
  416
  436
Retained Cash Flow (-), $m
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -128
  -134
  -141
  -148
Prev. year cash balance distribution, $m
 
  358
  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
 
  448
  94
  97
  100
  104
  108
  112
  116
  120
  125
  123
  128
  134
  140
  146
  152
  159
  167
  174
  182
  191
  199
  209
  218
  229
  239
  251
  263
  275
  288
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
 
  429
  86
  84
  83
  80
  78
  75
  72
  69
  66
  58
  55
  51
  47
  43
  39
  35
  31
  27
  23
  20
  17
  14
  11
  9
  7
  5
  4
  3
  2
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

National Instruments Corporation designs, manufactures, and sells systems to engineers and scientists worldwide. It offers LabVIEW, a system design software for measurement, automation, and control; LabVIEW Real-Time and LabVIEW FPGA, which are software add-ons to LabVIEW; LabVIEW Communications System Design Suite for wireless prototyping; LabWindows/CVI for creating test and control applications; and Measurement Studio consisting of measurement and automation add-on libraries, and additional tools for programmers. The company also provides software products, such as NI TestStand to test and measure applications in a manufacturing environment; NI VeriStand software to configure real-time testing applications; NI DIAdem, which provides users configuration-based technical data management, analysis, and report generation tools; NI InsightCM Enterprise for monitoring critical and ancillary rotating equipment; and NI Multisim circuit design software. In addition, it offers hardware products and related driver software, such as data acquisition, PXI chassis and controllers, modular instruments, image acquisition, motion control, distributed I/O, industrial communications interfaces, general purpose interface bus interfaces, embedded control hardware/software, and VME extension for instrumentation controllers. Further, the company provides NI semiconductor test systems; NI wireless test systems; NI education platform comprising software, hardware, and courseware for students; software and hardware products for teaching; hardware and software maintenance services; and training and certification services. It serves advanced research, automotive, automated test equipment, consumer electronics, commercial aerospace, computers and electronics, continuous process manufacturing, education, government/defense, medical research/pharmaceutical, energy, semiconductors, telecommunications, and other industries. The company was founded in 1976 and is headquartered in Austin, Texas.

FINANCIAL RATIOS  of  National Instruments (NATI)

Valuation Ratios
P/E Ratio 60.6
Price to Sales 4.1
Price to Book 4.5
Price to Tangible Book
Price to Cash Flow 25.7
Price to Free Cash Flow 43
Growth Rates
Sales Growth Rate 0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.2%
Cap. Spend. - 3 Yr. Gr. Rate 3%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 2.2%
Total Debt to Equity 2.2%
Interest Coverage 116
Management Effectiveness
Return On Assets 5.7%
Ret/ On Assets - 3 Yr. Avg. 7.1%
Return On Total Capital 7.4%
Ret/ On T. Cap. - 3 Yr. Avg. 9.2%
Return On Equity 7.6%
Return On Equity - 3 Yr. Avg. 9.3%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 74.5%
Gross Margin - 3 Yr. Avg. 74.4%
EBITDA Margin 15.4%
EBITDA Margin - 3 Yr. Avg. 16.4%
Operating Margin 9.9%
Oper. Margin - 3 Yr. Avg. 11%
Pre-Tax Margin 9.4%
Pre-Tax Margin - 3 Yr. Avg. 10.5%
Net Profit Margin 6.8%
Net Profit Margin - 3 Yr. Avg. 8.2%
Effective Tax Rate 27.8%
Eff/ Tax Rate - 3 Yr. Avg. 22.6%
Payout Ratio 124.1%

NATI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NATI stock intrinsic value calculation we used $1228 million for the last fiscal year's total revenue generated by National Instruments. The default revenue input number comes from 2016 income statement of National Instruments. 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 NATI stock valuation model: a) initial revenue growth rate of 4.5% 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 NATI is calculated based on our internal credit rating of National Instruments, 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 National Instruments.
    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 NATI stock the variable cost ratio is equal to 88.6%.

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 NATI 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 National Instruments.

Corporate tax rate of 27% is the nominal tax rate for National Instruments. 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 NATI 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 NATI are equal to 30%.

Life of production assets of 10 years is the average useful life of capital assets used in National Instruments 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 NATI is equal to 17.7%. 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 - $1114 million for National Instruments - 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 128.619 million for National Instruments 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 National Instruments at the current share price and the inputted number of shares is $5.0 billion.

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COMPANY NEWS

▶ National Instruments meets 2Q profit forecasts   [Jul-28-17 12:14AM  Associated Press]
▶ The Future Looks Brighter for National Instruments   [Jul-27-17 10:27PM  Motley Fool]
▶ NI Declares Quarterly Dividend   [04:06PM  Business Wire]
▶ NI Unveils the Next Generation of LabVIEW   [10:00AM  Business Wire]
▶ National Instruments Finds New Growth   [Apr-27-17 10:45PM  Motley Fool]
▶ National Instruments posts 1Q profit   [04:52PM  Associated Press]
▶ NI Declares Quarterly Dividend   [04:06PM  Business Wire]
▶ Scientific instruments producer hires Austin chipmaker exec as CFO   [Mar-28-17 07:59AM  at bizjournals.com]
▶ Scientific instruments producer hires Austin chipmaker exec as CFO   [07:59AM  American City Business Journals]
▶ NI Releases NI-RFmx 2.2 Measurement Software for 4.5G Test   [Feb-27-17 01:00AM  Business Wire]
▶ NI Declares Quarterly Dividend   [04:06PM  Business Wire]
▶ Is Oshkosh Corp (OSK) a Good Stock to Buy?   [Dec-01-16 10:51AM  at Insider Monkey]
▶ Do Hedge Funds Love National Instruments Corp (NATI)?   [Nov-28-16 05:32AM  at Insider Monkey]
▶ NI Declares Quarterly Dividend   [03:07PM  Business Wire]
▶ NI Demonstrates mmWave 802.11ad Wireless Test Technology   [Sep-20-16 10:00AM  Business Wire]
Stock chart of NATI Financial statements of NATI
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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