Intrinsic value of NetScout Systems - NTCT

Previous Close

$32.70

  Intrinsic Value

$6.89

stock screener

  Rating & Target

str. sell

-79%

  Value-price divergence*

-139%

Previous close

$32.70

 
Intrinsic value

$6.89

 
Up/down potential

-79%

 
Rating

str. sell

 
Value-price divergence*

-139%

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

We calculate the intrinsic value of NTCT 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 2.9

 

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, %
  21.68
  11.50
  10.85
  10.27
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.20
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
Revenue, $m
  1,162
  1,296
  1,436
  1,584
  1,738
  1,899
  2,067
  2,241
  2,423
  2,612
  2,809
  3,013
  3,225
  3,445
  3,674
  3,913
  4,161
  4,419
  4,688
  4,968
  5,260
  5,564
  5,882
  6,214
  6,560
  6,922
  7,301
  7,696
  8,110
  8,543
  8,997
Variable operating expenses, $m
 
  745
  826
  911
  999
  1,092
  1,188
  1,289
  1,393
  1,502
  1,615
  1,732
  1,854
  1,981
  2,113
  2,250
  2,392
  2,541
  2,695
  2,856
  3,024
  3,199
  3,382
  3,573
  3,772
  3,980
  4,198
  4,425
  4,663
  4,912
  5,173
Fixed operating expenses, $m
 
  454
  465
  477
  489
  501
  514
  527
  540
  553
  567
  581
  596
  611
  626
  642
  658
  674
  691
  708
  726
  744
  763
  782
  801
  821
  842
  863
  884
  907
  929
Total operating expenses, $m
  1,100
  1,199
  1,291
  1,388
  1,488
  1,593
  1,702
  1,816
  1,933
  2,055
  2,182
  2,313
  2,450
  2,592
  2,739
  2,892
  3,050
  3,215
  3,386
  3,564
  3,750
  3,943
  4,145
  4,355
  4,573
  4,801
  5,040
  5,288
  5,547
  5,819
  6,102
Operating income, $m
  62
  97
  145
  196
  250
  306
  365
  426
  490
  557
  627
  699
  775
  853
  936
  1,021
  1,111
  1,204
  1,301
  1,403
  1,509
  1,621
  1,737
  1,859
  1,987
  2,121
  2,261
  2,408
  2,562
  2,724
  2,894
EBITDA, $m
  202
  204
  264
  327
  393
  463
  535
  611
  690
  773
  859
  948
  1,041
  1,138
  1,239
  1,345
  1,455
  1,569
  1,689
  1,814
  1,944
  2,081
  2,223
  2,373
  2,529
  2,693
  2,864
  3,044
  3,233
  3,431
  3,638
Interest expense (income), $m
  4
  11
  15
  20
  25
  31
  36
  42
  48
  55
  61
  68
  75
  83
  91
  99
  107
  116
  125
  134
  144
  154
  165
  176
  188
  200
  213
  226
  240
  254
  270
Earnings before tax, $m
  52
  86
  130
  176
  224
  275
  328
  384
  442
  502
  565
  631
  699
  771
  845
  923
  1,004
  1,088
  1,177
  1,269
  1,365
  1,466
  1,572
  1,683
  1,799
  1,921
  2,048
  2,182
  2,323
  2,470
  2,625
Tax expense, $m
  19
  23
  35
  47
  61
  74
  89
  104
  119
  136
  153
  170
  189
  208
  228
  249
  271
  294
  318
  343
  369
  396
  425
  454
  486
  519
  553
  589
  627
  667
  709
Net income, $m
  33
  63
  95
  128
  164
  201
  240
  280
  322
  367
  413
  461
  510
  563
  617
  674
  733
  794
  859
  926
  997
  1,071
  1,148
  1,229
  1,313
  1,402
  1,495
  1,593
  1,696
  1,803
  1,916

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  443
  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
  3,602
  3,521
  3,903
  4,303
  4,722
  5,160
  5,616
  6,091
  6,585
  7,098
  7,632
  8,186
  8,763
  9,362
  9,984
  10,632
  11,306
  12,008
  12,738
  13,499
  14,293
  15,120
  15,984
  16,885
  17,827
  18,811
  19,839
  20,914
  22,039
  23,216
  24,448
Adjusted assets (=assets-cash), $m
  3,159
  3,521
  3,903
  4,303
  4,722
  5,160
  5,616
  6,091
  6,585
  7,098
  7,632
  8,186
  8,763
  9,362
  9,984
  10,632
  11,306
  12,008
  12,738
  13,499
  14,293
  15,120
  15,984
  16,885
  17,827
  18,811
  19,839
  20,914
  22,039
  23,216
  24,448
Revenue / Adjusted assets
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
Average production assets, $m
  1,883
  2,099
  2,327
  2,565
  2,815
  3,076
  3,348
  3,631
  3,926
  4,232
  4,550
  4,880
  5,224
  5,581
  5,952
  6,338
  6,740
  7,158
  7,594
  8,048
  8,521
  9,014
  9,529
  10,066
  10,628
  11,214
  11,827
  12,468
  13,139
  13,840
  14,575
Working capital, $m
  394
  -54
  -60
  -67
  -73
  -80
  -87
  -94
  -102
  -110
  -118
  -127
  -135
  -145
  -154
  -164
  -175
  -186
  -197
  -209
  -221
  -234
  -247
  -261
  -276
  -291
  -307
  -323
  -341
  -359
  -378
Total debt, $m
  300
  433
  574
  722
  877
  1,038
  1,206
  1,382
  1,564
  1,753
  1,950
  2,155
  2,367
  2,588
  2,818
  3,057
  3,306
  3,565
  3,834
  4,115
  4,408
  4,713
  5,032
  5,365
  5,712
  6,075
  6,455
  6,851
  7,266
  7,701
  8,155
Total liabilities, $m
  1,165
  1,299
  1,440
  1,588
  1,743
  1,904
  2,072
  2,248
  2,430
  2,619
  2,816
  3,021
  3,233
  3,454
  3,684
  3,923
  4,172
  4,431
  4,700
  4,981
  5,274
  5,579
  5,898
  6,231
  6,578
  6,941
  7,321
  7,717
  8,132
  8,567
  9,021
Total equity, $m
  2,436
  2,222
  2,463
  2,715
  2,980
  3,256
  3,544
  3,843
  4,155
  4,479
  4,816
  5,166
  5,529
  5,907
  6,300
  6,709
  7,134
  7,577
  8,038
  8,518
  9,019
  9,541
  10,086
  10,655
  11,249
  11,870
  12,518
  13,197
  13,907
  14,649
  15,427
Total liabilities and equity, $m
  3,601
  3,521
  3,903
  4,303
  4,723
  5,160
  5,616
  6,091
  6,585
  7,098
  7,632
  8,187
  8,762
  9,361
  9,984
  10,632
  11,306
  12,008
  12,738
  13,499
  14,293
  15,120
  15,984
  16,886
  17,827
  18,811
  19,839
  20,914
  22,039
  23,216
  24,448
Debt-to-equity ratio
  0.123
  0.190
  0.230
  0.270
  0.290
  0.320
  0.340
  0.360
  0.380
  0.390
  0.400
  0.420
  0.430
  0.440
  0.450
  0.460
  0.460
  0.470
  0.480
  0.480
  0.490
  0.490
  0.500
  0.500
  0.510
  0.510
  0.520
  0.520
  0.520
  0.530
  0.530
Adjusted equity ratio
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  33
  63
  95
  128
  164
  201
  240
  280
  322
  367
  413
  461
  510
  563
  617
  674
  733
  794
  859
  926
  997
  1,071
  1,148
  1,229
  1,313
  1,402
  1,495
  1,593
  1,696
  1,803
  1,916
Depreciation, amort., depletion, $m
  140
  107
  119
  131
  144
  157
  171
  185
  200
  216
  232
  249
  267
  285
  304
  323
  344
  365
  387
  411
  435
  460
  486
  514
  542
  572
  603
  636
  670
  706
  744
Funds from operations, $m
  86
  170
  213
  259
  307
  358
  410
  465
  523
  582
  645
  710
  777
  847
  921
  997
  1,077
  1,160
  1,246
  1,337
  1,432
  1,530
  1,634
  1,742
  1,856
  1,974
  2,099
  2,229
  2,366
  2,509
  2,660
Change in working capital, $m
  -9
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
Cash from operations, $m
  95
  176
  219
  265
  314
  365
  418
  473
  530
  590
  653
  718
  786
  857
  930
  1,007
  1,087
  1,170
  1,258
  1,349
  1,444
  1,543
  1,647
  1,756
  1,870
  1,990
  2,115
  2,246
  2,383
  2,527
  2,679
Maintenance CAPEX, $m
  0
  -96
  -107
  -119
  -131
  -144
  -157
  -171
  -185
  -200
  -216
  -232
  -249
  -267
  -285
  -304
  -323
  -344
  -365
  -387
  -411
  -435
  -460
  -486
  -514
  -542
  -572
  -603
  -636
  -670
  -706
New CAPEX, $m
  -30
  -216
  -228
  -239
  -250
  -261
  -272
  -283
  -294
  -306
  -318
  -331
  -344
  -357
  -371
  -386
  -402
  -418
  -436
  -454
  -473
  -493
  -515
  -537
  -561
  -586
  -613
  -641
  -671
  -702
  -734
Cash from investing activities, $m
  25
  -312
  -335
  -358
  -381
  -405
  -429
  -454
  -479
  -506
  -534
  -563
  -593
  -624
  -656
  -690
  -725
  -762
  -801
  -841
  -884
  -928
  -975
  -1,023
  -1,075
  -1,128
  -1,185
  -1,244
  -1,307
  -1,372
  -1,440
Free cash flow, $m
  120
  -137
  -115
  -92
  -67
  -40
  -11
  19
  51
  84
  119
  155
  193
  233
  274
  317
  362
  408
  457
  507
  560
  615
  673
  733
  795
  861
  929
  1,001
  1,077
  1,156
  1,238
Issuance/(repayment) of debt, $m
  295
  133
  141
  148
  155
  161
  168
  175
  182
  189
  197
  205
  213
  221
  230
  239
  249
  259
  270
  281
  293
  305
  319
  333
  347
  363
  379
  397
  415
  434
  455
Issuance/(repurchase) of shares, $m
  -312
  166
  146
  124
  101
  75
  48
  19
  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  
  -15
  299
  287
  272
  256
  236
  216
  194
  182
  189
  197
  205
  213
  221
  230
  239
  249
  259
  270
  281
  293
  305
  319
  333
  347
  363
  379
  397
  415
  434
  455
Total cash flow (excl. dividends), $m
  106
  162
  172
  180
  188
  197
  205
  214
  233
  274
  316
  360
  406
  454
  504
  556
  610
  667
  726
  788
  853
  920
  991
  1,065
  1,143
  1,224
  1,309
  1,398
  1,492
  1,590
  1,693
Retained Cash Flow (-), $m
  7
  -229
  -241
  -253
  -264
  -276
  -288
  -300
  -312
  -324
  -337
  -350
  -364
  -378
  -393
  -409
  -425
  -443
  -461
  -480
  -501
  -522
  -545
  -569
  -594
  -621
  -649
  -678
  -710
  -743
  -777
Prev. year cash balance distribution, $m
 
  443
  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
 
  376
  -69
  -73
  -76
  -79
  -83
  -86
  -79
  -51
  -21
  10
  42
  76
  111
  147
  185
  225
  265
  308
  352
  398
  446
  496
  549
  603
  660
  720
  782
  847
  916
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
 
  361
  -63
  -63
  -63
  -61
  -60
  -58
  -49
  -29
  -11
  5
  18
  29
  37
  43
  47
  49
  49
  47
  45
  41
  37
  33
  28
  23
  19
  15
  12
  9
  7
Current shareholders' claim on cash, %
  100
  93.4
  88.5
  84.9
  82.3
  80.6
  79.6
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3

NetScout Systems, Inc. provides real-time operational intelligence and performance analytics for service assurance, and cyber security solutions in the United States, Europe, Asia, and internationally. The company offers nGeniusONE management software that enables customers to predict, preempt, and resolve network and service delivery problems, as well as facilitate the optimization and capacity planning of their network infrastructures; and specialized platforms and analytic modules that enable its customers to analyze and troubleshoot traffic in radio access and Wi-Fi networks, as well as gain timely insight into services, applications, and systems. It also provides Intelligent Data Sources under the Infinistream brand name that provide real-time collection and analysis of data from the network; network monitoring fabric switching solutions that deliver targeted network traffic access to an increasing number of monitoring systems; and a suite of test access points that enable non-disruptive access to network traffic with multiple link type and speed options. In addition, the company offers portable network analysis and troubleshooting tools, which help customers identify key issues that impact network and application performance. Further, it provides security solutions that enable service providers and enterprises to protect their networks against DDoS attacks; and threat detection solutions that enable enterprises to identify and investigate advanced threat campaigns that present tangible risks to the integrity of their networks. The company serves enterprise customers in industries, such as financial services, technology, manufacturing, healthcare, utilities, education, transportation, and retail; mobile operators, wireline operators, and cable operators; and governmental agencies through a direct sales force, and indirect reseller and distribution channels. NetScout Systems, Inc. was founded in 1984 and is headquartered in Westford, Massachusetts.

FINANCIAL RATIOS  of  NetScout Systems (NTCT)

Valuation Ratios
P/E Ratio 91
Price to Sales 2.6
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 31.6
Price to Free Cash Flow 46.2
Growth Rates
Sales Growth Rate 21.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 130.8%
Cap. Spend. - 3 Yr. Gr. Rate 20.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 12.3%
Total Debt to Equity 12.3%
Interest Coverage 14
Management Effectiveness
Return On Assets 1%
Ret/ On Assets - 3 Yr. Avg. 3.1%
Return On Total Capital 1.2%
Ret/ On T. Cap. - 3 Yr. Avg. 4.6%
Return On Equity 1.4%
Return On Equity - 3 Yr. Avg. 4.6%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 70.2%
Gross Margin - 3 Yr. Avg. 71.7%
EBITDA Margin 16.9%
EBITDA Margin - 3 Yr. Avg. 13.5%
Operating Margin 5.3%
Oper. Margin - 3 Yr. Avg. 8%
Pre-Tax Margin 4.5%
Pre-Tax Margin - 3 Yr. Avg. 7.3%
Net Profit Margin 2.8%
Net Profit Margin - 3 Yr. Avg. 4.4%
Effective Tax Rate 36.5%
Eff/ Tax Rate - 3 Yr. Avg. 28.3%
Payout Ratio 0%

NTCT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NTCT stock intrinsic value calculation we used $1162 million for the last fiscal year's total revenue generated by NetScout Systems. The default revenue input number comes from 2017 income statement of NetScout Systems. 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 NTCT stock valuation model: a) initial revenue growth rate of 11.5% 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 NTCT is calculated based on our internal credit rating of NetScout Systems, 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 NetScout Systems.
    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 NTCT stock the variable cost ratio is equal to 57.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $443 million in the base year in the intrinsic value calculation for NTCT 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 NetScout Systems.

Corporate tax rate of 27% is the nominal tax rate for NetScout Systems. 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 NTCT 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 NTCT are equal to 162%.

Life of production assets of 19.6 years is the average useful life of capital assets used in NetScout Systems 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 NTCT is equal to -4.2%. 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 - $2436 million for NetScout Systems - 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 88.353 million for NetScout Systems 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 NetScout Systems at the current share price and the inputted number of shares is $2.9 billion.

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COMPANY NEWS

▶ NetScout reports 1Q loss   [Jul-28-17 12:19AM  Associated Press]
▶ Cybersecurity firm to move 500 employees to new Allen regional office   [Jun-18-17 05:25PM  American City Business Journals]
▶ NetScout tops Street 4Q forecasts   [May-04-17 07:57AM  Associated Press]
▶ Do Hedge Funds Love NetScout Systems, Inc. (NTCT)?   [Dec-02-16 03:10AM  at Insider Monkey]
Stock chart of NTCT Financial statements of NTCT
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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