Intrinsic value of NetApp - NTAP

Previous Close

$39.35

  Intrinsic Value

$43.58

stock screener

  Rating & Target

hold

+11%

  Value-price divergence*

-91%

Previous close

$39.35

 
Intrinsic value

$43.58

 
Up/down potential

+11%

 
Rating

hold

 
Value-price divergence*

-91%

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

We calculate the intrinsic value of NTAP 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 2017), $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 11.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -0.49
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
Revenue, $m
  5,519
  5,922
  6,341
  6,776
  7,228
  7,699
  8,188
  8,698
  9,228
  9,781
  10,357
  10,958
  11,585
  12,240
  12,923
  13,637
  14,384
  15,164
  15,980
  16,835
  17,729
  18,665
  19,645
  20,672
  21,747
  22,875
  24,056
  25,295
  26,593
  27,955
  29,383
Variable operating expenses, $m
 
  5,536
  5,914
  6,308
  6,717
  7,142
  7,584
  8,045
  8,525
  9,025
  9,545
  9,907
  10,474
  11,066
  11,684
  12,330
  13,004
  13,710
  14,448
  15,220
  16,029
  16,875
  17,761
  18,690
  19,662
  20,681
  21,750
  22,869
  24,043
  25,274
  26,566
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
  4,854
  5,536
  5,914
  6,308
  6,717
  7,142
  7,584
  8,045
  8,525
  9,025
  9,545
  9,907
  10,474
  11,066
  11,684
  12,330
  13,004
  13,710
  14,448
  15,220
  16,029
  16,875
  17,761
  18,690
  19,662
  20,681
  21,750
  22,869
  24,043
  25,274
  26,566
Operating income, $m
  665
  386
  426
  468
  512
  557
  604
  652
  703
  756
  812
  1,051
  1,111
  1,174
  1,239
  1,308
  1,379
  1,454
  1,532
  1,614
  1,700
  1,790
  1,884
  1,982
  2,085
  2,193
  2,307
  2,425
  2,550
  2,680
  2,817
EBITDA, $m
  891
  568
  609
  650
  694
  739
  786
  835
  886
  939
  994
  1,052
  1,112
  1,175
  1,240
  1,309
  1,381
  1,456
  1,534
  1,616
  1,702
  1,792
  1,886
  1,984
  2,087
  2,196
  2,309
  2,428
  2,553
  2,683
  2,820
Interest expense (income), $m
  0
  26
  40
  55
  70
  85
  102
  119
  136
  155
  174
  194
  215
  237
  259
  283
  308
  334
  361
  389
  419
  450
  482
  516
  552
  589
  628
  669
  712
  757
  804
Earnings before tax, $m
  665
  360
  386
  414
  442
  471
  502
  534
  567
  602
  638
  857
  896
  937
  980
  1,025
  1,071
  1,120
  1,172
  1,225
  1,281
  1,340
  1,402
  1,466
  1,534
  1,604
  1,679
  1,756
  1,838
  1,923
  2,013
Tax expense, $m
  156
  97
  104
  112
  119
  127
  135
  144
  153
  162
  172
  231
  242
  253
  265
  277
  289
  303
  316
  331
  346
  362
  378
  396
  414
  433
  453
  474
  496
  519
  544
Net income, $m
  509
  263
  282
  302
  323
  344
  366
  390
  414
  439
  465
  625
  654
  684
  715
  748
  782
  818
  855
  894
  935
  978
  1,023
  1,070
  1,120
  1,171
  1,225
  1,282
  1,342
  1,404
  1,470

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4,921
  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
  9,493
  7,741
  8,288
  8,857
  9,449
  10,064
  10,703
  11,369
  12,063
  12,785
  13,539
  14,324
  15,144
  15,999
  16,893
  17,826
  18,802
  19,822
  20,890
  22,006
  23,175
  24,398
  25,680
  27,022
  28,428
  29,902
  31,446
  33,065
  34,762
  36,542
  38,409
Adjusted assets (=assets-cash), $m
  4,572
  7,741
  8,288
  8,857
  9,449
  10,064
  10,703
  11,369
  12,063
  12,785
  13,539
  14,324
  15,144
  15,999
  16,893
  17,826
  18,802
  19,822
  20,890
  22,006
  23,175
  24,398
  25,680
  27,022
  28,428
  29,902
  31,446
  33,065
  34,762
  36,542
  38,409
Revenue / Adjusted assets
  1.207
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
Average production assets, $m
  7
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
Working capital, $m
  2,159
  -592
  -634
  -678
  -723
  -770
  -819
  -870
  -923
  -978
  -1,036
  -1,096
  -1,159
  -1,224
  -1,292
  -1,364
  -1,438
  -1,516
  -1,598
  -1,683
  -1,773
  -1,866
  -1,964
  -2,067
  -2,175
  -2,287
  -2,406
  -2,529
  -2,659
  -2,795
  -2,938
Total debt, $m
  1,993
  1,148
  1,563
  1,994
  2,442
  2,908
  3,393
  3,898
  4,424
  4,971
  5,542
  6,138
  6,759
  7,408
  8,085
  8,792
  9,532
  10,305
  11,114
  11,961
  12,846
  13,774
  14,745
  15,763
  16,828
  17,945
  19,116
  20,343
  21,630
  22,979
  24,394
Total liabilities, $m
  6,713
  5,868
  6,283
  6,714
  7,162
  7,628
  8,113
  8,618
  9,144
  9,691
  10,262
  10,858
  11,479
  12,128
  12,805
  13,512
  14,252
  15,025
  15,834
  16,681
  17,566
  18,494
  19,465
  20,483
  21,548
  22,665
  23,836
  25,063
  26,350
  27,699
  29,114
Total equity, $m
  2,780
  1,873
  2,006
  2,143
  2,287
  2,435
  2,590
  2,751
  2,919
  3,094
  3,276
  3,466
  3,665
  3,872
  4,088
  4,314
  4,550
  4,797
  5,055
  5,325
  5,608
  5,904
  6,214
  6,539
  6,880
  7,236
  7,610
  8,002
  8,413
  8,843
  9,295
Total liabilities and equity, $m
  9,493
  7,741
  8,289
  8,857
  9,449
  10,063
  10,703
  11,369
  12,063
  12,785
  13,538
  14,324
  15,144
  16,000
  16,893
  17,826
  18,802
  19,822
  20,889
  22,006
  23,174
  24,398
  25,679
  27,022
  28,428
  29,901
  31,446
  33,065
  34,763
  36,542
  38,409
Debt-to-equity ratio
  0.717
  0.610
  0.780
  0.930
  1.070
  1.190
  1.310
  1.420
  1.520
  1.610
  1.690
  1.770
  1.840
  1.910
  1.980
  2.040
  2.090
  2.150
  2.200
  2.250
  2.290
  2.330
  2.370
  2.410
  2.450
  2.480
  2.510
  2.540
  2.570
  2.600
  2.620
Adjusted equity ratio
  -0.359
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  509
  263
  282
  302
  323
  344
  366
  390
  414
  439
  465
  625
  654
  684
  715
  748
  782
  818
  855
  894
  935
  978
  1,023
  1,070
  1,120
  1,171
  1,225
  1,282
  1,342
  1,404
  1,470
Depreciation, amort., depletion, $m
  226
  182
  182
  182
  182
  182
  182
  182
  182
  182
  183
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
Funds from operations, $m
  968
  445
  464
  484
  505
  526
  549
  572
  596
  622
  648
  627
  655
  685
  717
  749
  784
  819
  857
  896
  937
  980
  1,025
  1,072
  1,122
  1,173
  1,228
  1,285
  1,344
  1,407
  1,473
Change in working capital, $m
  -18
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -71
  -75
  -78
  -82
  -85
  -89
  -94
  -98
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -143
Cash from operations, $m
  986
  485
  506
  528
  550
  573
  598
  623
  649
  677
  706
  687
  718
  751
  785
  821
  858
  897
  939
  982
  1,027
  1,074
  1,123
  1,175
  1,229
  1,286
  1,346
  1,409
  1,474
  1,543
  1,615
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
New CAPEX, $m
  -175
  1
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from investing activities, $m
  -220
  0
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
Free cash flow, $m
  766
  486
  505
  526
  549
  572
  596
  622
  648
  675
  704
  685
  716
  749
  783
  819
  856
  895
  936
  979
  1,024
  1,071
  1,120
  1,172
  1,226
  1,283
  1,342
  1,405
  1,470
  1,539
  1,611
Issuance/(repayment) of debt, $m
  -351
  404
  415
  431
  448
  466
  485
  505
  526
  548
  571
  595
  621
  649
  677
  708
  740
  773
  809
  846
  886
  927
  971
  1,017
  1,066
  1,117
  1,171
  1,227
  1,287
  1,349
  1,415
Issuance/(repurchase) of shares, $m
  -613
  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  
  -971
  404
  415
  431
  448
  466
  485
  505
  526
  548
  571
  595
  621
  649
  677
  708
  740
  773
  809
  846
  886
  927
  971
  1,017
  1,066
  1,117
  1,171
  1,227
  1,287
  1,349
  1,415
Total cash flow (excl. dividends), $m
  -216
  889
  920
  958
  997
  1,038
  1,081
  1,126
  1,174
  1,223
  1,275
  1,280
  1,337
  1,397
  1,460
  1,526
  1,596
  1,669
  1,745
  1,825
  1,910
  1,998
  2,092
  2,189
  2,292
  2,400
  2,513
  2,632
  2,757
  2,888
  3,026
Retained Cash Flow (-), $m
  101
  -126
  -132
  -138
  -143
  -149
  -155
  -161
  -168
  -175
  -182
  -190
  -198
  -207
  -216
  -226
  -236
  -247
  -258
  -270
  -283
  -296
  -310
  -325
  -340
  -357
  -374
  -392
  -411
  -431
  -452
Prev. year cash balance distribution, $m
 
  1,033
  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
 
  1,796
  787
  820
  854
  889
  927
  965
  1,006
  1,048
  1,093
  1,090
  1,139
  1,190
  1,244
  1,300
  1,360
  1,422
  1,487
  1,555
  1,627
  1,702
  1,781
  1,865
  1,952
  2,043
  2,139
  2,240
  2,346
  2,458
  2,574
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
 
  1,722
  721
  714
  703
  689
  672
  652
  629
  602
  573
  518
  486
  453
  418
  382
  346
  309
  274
  239
  207
  176
  148
  122
  99
  79
  62
  48
  36
  27
  19
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

NetApp, Inc. provides software, systems, and services to manage and store computer data worldwide. It offers all-flash arrays that support data management across flash, disk, and cloud resources; hybrid arrays to deploy the speed of flash storage; Data ONTAP storage operating system that delivers integrated data protection, comprehensive data management, and built-in software for virtualized, shared infrastructures, cloud computing, and mixed workload business applications; and SANtricity operating system, which provides performance, reliability, and data protection for application-driven workloads. The company also provides SolidFire element operating system optimized for the storage requirements of a data center; NetApp StorageGRID software that allows organizations to store and manage massive amounts of data on premises and in the cloud; and AltaVault cloud-integrated storage solutions and services, which provide the ability to backup data to any cloud. In addition, it offers integrated data protection solutions; OnCommand management software and management integration tools; FlexArray storage virtualization software; and NetApp private storage for cloud, a family of enterprise storage solutions. Further, the company offers software and hardware maintenance, professional, and customer education and training services, as well as support solutions. It serves energy, financial services, government, high technology, Internet, life sciences, healthcare services, manufacturing, media, entertainment, animation, video postproduction, and telecommunications sectors through a direct sales force and channel partners. The company has a partnership with DarkMatter to jointly develop and deliver secure data storage and big data analytics solutions. NetApp, Inc. was founded in 1992 and is headquartered in Sunnyvale, California.

FINANCIAL RATIOS  of  NetApp (NTAP)

Valuation Ratios
P/E Ratio 21
Price to Sales 1.9
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 10.8
Price to Free Cash Flow 13.1
Growth Rates
Sales Growth Rate -0.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 9.4%
Cap. Spend. - 3 Yr. Gr. Rate -4.6%
Financial Strength
Quick Ratio 4
Current Ratio 0.1
LT Debt to Equity 26.8%
Total Debt to Equity 71.7%
Interest Coverage 0
Management Effectiveness
Return On Assets 5.2%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 10.2%
Ret/ On T. Cap. - 3 Yr. Avg. 8.8%
Return On Equity 18%
Return On Equity - 3 Yr. Avg. 13.6%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 61.4%
Gross Margin - 3 Yr. Avg. 61.6%
EBITDA Margin 16.1%
EBITDA Margin - 3 Yr. Avg. 15.1%
Operating Margin 12%
Oper. Margin - 3 Yr. Avg. 10%
Pre-Tax Margin 12%
Pre-Tax Margin - 3 Yr. Avg. 10%
Net Profit Margin 9.2%
Net Profit Margin - 3 Yr. Avg. 7.5%
Effective Tax Rate 23.5%
Eff/ Tax Rate - 3 Yr. Avg. 26.2%
Payout Ratio 40.9%

NTAP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NTAP stock intrinsic value calculation we used $5519 million for the last fiscal year's total revenue generated by NetApp. The default revenue input number comes from 2017 income statement of NetApp. 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 NTAP stock valuation model: a) initial revenue growth rate of 7.3% 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 NTAP is calculated based on our internal credit rating of NetApp, 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 NetApp.
    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 NTAP stock the variable cost ratio is equal to 93.7%.

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 NTAP 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 NetApp.

Corporate tax rate of 27% is the nominal tax rate for NetApp. 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 NTAP 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 NTAP are equal to 0.1%.

Life of production assets of 10 years is the average useful life of capital assets used in NetApp 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 NTAP 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 - $2780 million for NetApp - 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 279.172 million for NetApp 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 NetApp at the current share price and the inputted number of shares is $11.0 billion.

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COMPANY NEWS

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▶ NetApp, Inc. Value Analysis (NASDAQ:NTAP) : July 25, 2017   [Jul-25-17 02:27PM  Capital Cube]
▶ ETFs with exposure to NetApp, Inc. : July 18, 2017   [Jul-18-17 01:59PM  Capital Cube]
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▶ NetApp on the Street: The Analysts View in June   [Jun-12-17 07:35AM  Market Realist]
▶ Inside NetApps Shareholder Returns   [10:36AM  Market Realist]
▶ Inside NetApps Performance Since the Fiscal 4Q17 Results   [Jun-08-17 10:36AM  Market Realist]
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▶ Kokomo School Corporation Accelerates Learning with NetApp   [May-30-17 08:00AM  GlobeNewswire]
▶ Can NetApp Follow Western Digital And Manage A New Breakout?   [May-26-17 11:30AM  Investor's Business Daily]
▶ S&P 500, Nasdaq Jump to New Records as Crude Oil Slides   [May-25-17 04:31PM  TheStreet.com]
▶ The Market In 5 Minutes   [09:00AM  Benzinga]
▶ NetApp Quarterly Sales, Earnings Beat, But Stock Falls On Weak Outlook   [May-24-17 05:05PM  Investor's Business Daily]
Stock chart of NTAP Financial statements of NTAP
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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