Intrinsic value of National Instruments - NATI

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$37.22

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$37.22

 
Intrinsic value

$12.71

 
Up/down potential

-66%

 
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 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 4.8

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  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
Revenue, $m
  1,228
  1,253
  1,281
  1,314
  1,351
  1,392
  1,437
  1,486
  1,539
  1,596
  1,657
  1,723
  1,793
  1,867
  1,946
  2,030
  2,119
  2,214
  2,313
  2,418
  2,530
  2,647
  2,771
  2,901
  3,038
  3,183
  3,335
  3,495
  3,664
  3,842
  4,028
Variable operating expenses, $m
 
  1,109
  1,134
  1,163
  1,195
  1,230
  1,269
  1,311
  1,357
  1,407
  1,460
  1,491
  1,552
  1,616
  1,684
  1,757
  1,834
  1,916
  2,002
  2,093
  2,189
  2,291
  2,398
  2,510
  2,629
  2,754
  2,886
  3,025
  3,171
  3,324
  3,486
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
  1,108
  1,109
  1,134
  1,163
  1,195
  1,230
  1,269
  1,311
  1,357
  1,407
  1,460
  1,491
  1,552
  1,616
  1,684
  1,757
  1,834
  1,916
  2,002
  2,093
  2,189
  2,291
  2,398
  2,510
  2,629
  2,754
  2,886
  3,025
  3,171
  3,324
  3,486
Operating income, $m
  120
  143
  147
  152
  157
  162
  168
  175
  182
  190
  198
  232
  241
  251
  262
  273
  285
  298
  311
  326
  340
  356
  373
  390
  409
  428
  449
  470
  493
  517
  542
EBITDA, $m
  193
  213
  218
  223
  230
  237
  244
  252
  261
  271
  282
  293
  305
  317
  331
  345
  360
  376
  393
  411
  430
  450
  471
  493
  516
  541
  567
  594
  623
  653
  684
Interest expense (income), $m
  1
  1
  1
  1
  2
  2
  3
  3
  4
  4
  5
  6
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  21
  22
  24
  26
  27
  29
Earnings before tax, $m
  115
  142
  146
  150
  155
  160
  165
  172
  178
  185
  193
  226
  235
  244
  254
  265
  276
  287
  300
  313
  327
  341
  357
  373
  390
  408
  427
  447
  468
  490
  513
Tax expense, $m
  32
  38
  39
  41
  42
  43
  45
  46
  48
  50
  52
  61
  63
  66
  69
  71
  74
  78
  81
  84
  88
  92
  96
  101
  105
  110
  115
  121
  126
  132
  138
Net income, $m
  83
  104
  107
  110
  113
  117
  121
  125
  130
  135
  141
  165
  172
  178
  186
  193
  201
  210
  219
  228
  238
  249
  260
  272
  285
  298
  312
  326
  341
  357
  374

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
  1,162
  1,189
  1,219
  1,253
  1,292
  1,333
  1,379
  1,428
  1,481
  1,538
  1,598
  1,663
  1,732
  1,806
  1,884
  1,966
  2,053
  2,146
  2,243
  2,347
  2,455
  2,570
  2,691
  2,818
  2,953
  3,094
  3,242
  3,399
  3,564
  3,737
Adjusted assets (=assets-cash), $m
  1,139
  1,162
  1,189
  1,219
  1,253
  1,292
  1,333
  1,379
  1,428
  1,481
  1,538
  1,598
  1,663
  1,732
  1,806
  1,884
  1,966
  2,053
  2,146
  2,243
  2,347
  2,455
  2,570
  2,691
  2,818
  2,953
  3,094
  3,242
  3,399
  3,564
  3,737
Revenue / Adjusted assets
  1.078
  1.078
  1.077
  1.078
  1.078
  1.077
  1.078
  1.078
  1.078
  1.078
  1.077
  1.078
  1.078
  1.078
  1.078
  1.077
  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
  376
  384
  394
  405
  418
  431
  446
  462
  479
  497
  517
  538
  560
  584
  609
  636
  664
  694
  726
  759
  794
  831
  870
  911
  955
  1,001
  1,049
  1,099
  1,152
  1,208
Working capital, $m
  575
  222
  227
  233
  239
  246
  254
  263
  272
  283
  293
  305
  317
  331
  345
  359
  375
  392
  409
  428
  448
  468
  490
  513
  538
  563
  590
  619
  649
  680
  713
Total debt, $m
  25
  32
  41
  52
  63
  76
  90
  105
  122
  140
  159
  179
  201
  224
  249
  275
  303
  332
  363
  396
  430
  467
  506
  546
  589
  634
  682
  731
  784
  839
  898
Total liabilities, $m
  382
  390
  399
  410
  421
  434
  448
  463
  480
  498
  517
  537
  559
  582
  607
  633
  661
  690
  721
  754
  788
  825
  864
  904
  947
  992
  1,040
  1,089
  1,142
  1,197
  1,256
Total equity, $m
  1,114
  772
  789
  810
  832
  858
  885
  915
  948
  983
  1,021
  1,061
  1,104
  1,150
  1,199
  1,251
  1,305
  1,364
  1,425
  1,490
  1,558
  1,630
  1,707
  1,787
  1,871
  1,960
  2,054
  2,153
  2,257
  2,366
  2,481
Total liabilities and equity, $m
  1,496
  1,162
  1,188
  1,220
  1,253
  1,292
  1,333
  1,378
  1,428
  1,481
  1,538
  1,598
  1,663
  1,732
  1,806
  1,884
  1,966
  2,054
  2,146
  2,244
  2,346
  2,455
  2,571
  2,691
  2,818
  2,952
  3,094
  3,242
  3,399
  3,563
  3,737
Debt-to-equity ratio
  0.022
  0.040
  0.050
  0.060
  0.080
  0.090
  0.100
  0.110
  0.130
  0.140
  0.160
  0.170
  0.180
  0.190
  0.210
  0.220
  0.230
  0.240
  0.250
  0.270
  0.280
  0.290
  0.300
  0.310
  0.310
  0.320
  0.330
  0.340
  0.350
  0.350
  0.360
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
  104
  107
  110
  113
  117
  121
  125
  130
  135
  141
  165
  172
  178
  186
  193
  201
  210
  219
  228
  238
  249
  260
  272
  285
  298
  312
  326
  341
  357
  374
Depreciation, amort., depletion, $m
  73
  70
  71
  72
  73
  74
  76
  78
  80
  82
  84
  61
  63
  66
  69
  72
  75
  78
  82
  85
  89
  93
  98
  102
  107
  112
  118
  123
  129
  136
  142
Funds from operations, $m
  214
  173
  177
  181
  186
  191
  197
  203
  210
  217
  225
  226
  235
  244
  254
  265
  276
  288
  300
  314
  328
  343
  358
  375
  392
  410
  429
  449
  471
  493
  517
Change in working capital, $m
  18
  4
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
Cash from operations, $m
  196
  171
  172
  175
  179
  184
  189
  194
  200
  207
  214
  214
  222
  231
  240
  250
  260
  271
  283
  295
  308
  322
  336
  351
  368
  384
  402
  421
  441
  462
  483
Maintenance CAPEX, $m
  0
  -43
  -44
  -45
  -46
  -48
  -49
  -51
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -98
  -102
  -107
  -112
  -118
  -123
  -129
  -136
New CAPEX, $m
  -79
  -8
  -9
  -10
  -11
  -12
  -13
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
Cash from investing activities, $m
  -71
  -51
  -53
  -55
  -57
  -60
  -62
  -66
  -68
  -71
  -74
  -78
  -82
  -85
  -90
  -94
  -99
  -103
  -108
  -114
  -118
  -124
  -130
  -137
  -143
  -150
  -158
  -166
  -174
  -182
  -192
Free cash flow, $m
  125
  120
  119
  120
  122
  124
  126
  129
  132
  135
  139
  136
  141
  145
  151
  156
  162
  168
  175
  182
  189
  197
  206
  215
  224
  234
  244
  255
  267
  279
  292
Issuance/(repayment) of debt, $m
  -12
  7
  9
  10
  12
  13
  14
  15
  17
  18
  19
  20
  22
  23
  25
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  45
  47
  50
  53
  55
  58
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
  7
  9
  10
  12
  13
  14
  15
  17
  18
  19
  20
  22
  23
  25
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  45
  47
  50
  53
  55
  58
Total cash flow (excl. dividends), $m
  137
  127
  128
  131
  133
  137
  140
  144
  148
  153
  158
  157
  163
  169
  175
  182
  190
  198
  206
  215
  224
  234
  244
  255
  267
  279
  292
  305
  319
  334
  350
Retained Cash Flow (-), $m
  -32
  -16
  -18
  -20
  -23
  -25
  -28
  -30
  -33
  -35
  -38
  -40
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -104
  -109
  -115
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
 
  470
  110
  110
  111
  111
  113
  114
  116
  118
  120
  116
  119
  123
  127
  131
  135
  140
  145
  150
  156
  162
  168
  175
  182
  190
  198
  206
  216
  225
  235
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
 
  451
  101
  96
  91
  86
  82
  77
  72
  68
  63
  55
  51
  47
  42
  38
  34
  30
  27
  23
  20
  17
  14
  11
  9
  7
  6
  4
  3
  2
  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 57.9
Price to Sales 3.9
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 24.5
Price to Free Cash Flow 41.1
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 9.8%
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 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 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 8.5 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 128.686 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 $4.8 billion.


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COMPANY NEWS

▶ 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]
▶ NI Enhances TestStand Test Executive Software   [Sep-14-16 10:00AM  Business Wire]
▶ National Instruments appoints new CEO; shares halted   [Aug-29-16 04:24PM  at MarketWatch]
▶ These 5 Small-Cap Stocks Have Bares Capitals Attention   [Aug-15-16 04:10PM  at Insider Monkey]
Stock chart of NATI Financial statements of NATI Annual reports 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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