Intrinsic value of NETGEAR - NTGR

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$52.00

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$52.00

 
Intrinsic value

$35.30

 
Up/down potential

-32%

 
Rating

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 NTGR 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 1.7

 

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, %
  2.08
  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
  1,328
  1,355
  1,386
  1,421
  1,461
  1,506
  1,554
  1,607
  1,664
  1,726
  1,792
  1,863
  1,939
  2,019
  2,105
  2,196
  2,292
  2,394
  2,502
  2,615
  2,736
  2,862
  2,996
  3,137
  3,286
  3,442
  3,607
  3,780
  3,962
  4,154
  4,356
Variable operating expenses, $m
 
  1,265
  1,294
  1,327
  1,364
  1,405
  1,450
  1,499
  1,552
  1,610
  1,671
  1,728
  1,799
  1,873
  1,953
  2,037
  2,126
  2,221
  2,320
  2,426
  2,538
  2,655
  2,779
  2,910
  3,048
  3,193
  3,346
  3,506
  3,676
  3,854
  4,041
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
  1,214
  1,265
  1,294
  1,327
  1,364
  1,405
  1,450
  1,499
  1,552
  1,610
  1,671
  1,728
  1,799
  1,873
  1,953
  2,037
  2,126
  2,221
  2,320
  2,426
  2,538
  2,655
  2,779
  2,910
  3,048
  3,193
  3,346
  3,506
  3,676
  3,854
  4,041
Operating income, $m
  114
  90
  92
  94
  97
  101
  104
  108
  112
  116
  121
  135
  140
  146
  152
  159
  166
  173
  181
  189
  198
  207
  217
  227
  238
  249
  261
  274
  287
  301
  315
EBITDA, $m
  146
  111
  114
  117
  120
  124
  128
  132
  137
  142
  147
  153
  159
  166
  173
  180
  188
  197
  206
  215
  225
  235
  246
  258
  270
  283
  296
  311
  326
  341
  358
Interest expense (income), $m
  0
  0
  0
  1
  1
  1
  2
  2
  3
  3
  4
  5
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  16
  17
  18
  20
  22
  23
  25
  27
  29
Earnings before tax, $m
  115
  90
  92
  94
  96
  99
  102
  106
  109
  113
  117
  130
  135
  140
  145
  151
  157
  163
  170
  177
  185
  193
  201
  210
  219
  229
  240
  250
  262
  274
  287
Tax expense, $m
  39
  24
  25
  25
  26
  27
  28
  28
  29
  31
  32
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  74
  77
Net income, $m
  76
  65
  67
  68
  70
  72
  75
  77
  80
  83
  86
  95
  98
  102
  106
  110
  115
  119
  124
  129
  135
  141
  147
  153
  160
  167
  175
  183
  191
  200
  209

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  366
  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
  1,184
  835
  854
  876
  900
  928
  958
  990
  1,026
  1,064
  1,104
  1,148
  1,195
  1,244
  1,297
  1,353
  1,412
  1,475
  1,541
  1,611
  1,686
  1,764
  1,846
  1,933
  2,024
  2,121
  2,222
  2,329
  2,441
  2,560
  2,684
Adjusted assets (=assets-cash), $m
  818
  835
  854
  876
  900
  928
  958
  990
  1,026
  1,064
  1,104
  1,148
  1,195
  1,244
  1,297
  1,353
  1,412
  1,475
  1,541
  1,611
  1,686
  1,764
  1,846
  1,933
  2,024
  2,121
  2,222
  2,329
  2,441
  2,560
  2,684
Revenue / Adjusted assets
  1.623
  1.623
  1.623
  1.622
  1.623
  1.623
  1.622
  1.623
  1.622
  1.622
  1.623
  1.623
  1.623
  1.623
  1.623
  1.623
  1.623
  1.623
  1.624
  1.623
  1.623
  1.622
  1.623
  1.623
  1.624
  1.623
  1.623
  1.623
  1.623
  1.623
  1.623
Average production assets, $m
  65
  66
  68
  70
  72
  74
  76
  79
  82
  85
  88
  91
  95
  99
  103
  108
  112
  117
  123
  128
  134
  140
  147
  154
  161
  169
  177
  185
  194
  204
  213
Working capital, $m
  606
  245
  251
  257
  264
  273
  281
  291
  301
  312
  324
  337
  351
  366
  381
  397
  415
  433
  453
  473
  495
  518
  542
  568
  595
  623
  653
  684
  717
  752
  788
Total debt, $m
  0
  8
  17
  27
  39
  52
  66
  81
  98
  116
  135
  156
  178
  202
  226
  253
  281
  311
  342
  375
  410
  447
  486
  527
  571
  616
  664
  715
  768
  824
  883
Total liabilities, $m
  388
  395
  404
  414
  426
  439
  453
  468
  485
  503
  522
  543
  565
  589
  613
  640
  668
  698
  729
  762
  797
  834
  873
  914
  958
  1,003
  1,051
  1,102
  1,155
  1,211
  1,270
Total equity, $m
  797
  440
  450
  462
  474
  489
  505
  522
  540
  561
  582
  605
  630
  656
  684
  713
  744
  777
  812
  849
  888
  929
  973
  1,019
  1,067
  1,118
  1,171
  1,227
  1,287
  1,349
  1,414
Total liabilities and equity, $m
  1,185
  835
  854
  876
  900
  928
  958
  990
  1,025
  1,064
  1,104
  1,148
  1,195
  1,245
  1,297
  1,353
  1,412
  1,475
  1,541
  1,611
  1,685
  1,763
  1,846
  1,933
  2,025
  2,121
  2,222
  2,329
  2,442
  2,560
  2,684
Debt-to-equity ratio
  0.000
  0.020
  0.040
  0.060
  0.080
  0.110
  0.130
  0.160
  0.180
  0.210
  0.230
  0.260
  0.280
  0.310
  0.330
  0.350
  0.380
  0.400
  0.420
  0.440
  0.460
  0.480
  0.500
  0.520
  0.530
  0.550
  0.570
  0.580
  0.600
  0.610
  0.620
Adjusted equity ratio
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  76
  65
  67
  68
  70
  72
  75
  77
  80
  83
  86
  95
  98
  102
  106
  110
  115
  119
  124
  129
  135
  141
  147
  153
  160
  167
  175
  183
  191
  200
  209
Depreciation, amort., depletion, $m
  32
  22
  22
  22
  23
  23
  24
  24
  25
  25
  26
  18
  19
  20
  21
  22
  22
  23
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
Funds from operations, $m
  106
  87
  89
  91
  93
  96
  98
  101
  104
  108
  112
  113
  117
  122
  127
  132
  137
  143
  149
  155
  162
  169
  176
  184
  192
  201
  210
  220
  230
  241
  252
Change in working capital, $m
  -9
  5
  6
  6
  7
  8
  9
  10
  10
  11
  12
  13
  14
  15
  15
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
  37
Cash from operations, $m
  115
  75
  83
  84
  86
  88
  90
  92
  94
  97
  100
  100
  104
  107
  111
  115
  120
  124
  129
  135
  140
  146
  152
  159
  165
  173
  180
  188
  197
  206
  215
Maintenance CAPEX, $m
  0
  -13
  -13
  -14
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
New CAPEX, $m
  -11
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
Cash from investing activities, $m
  -49
  -15
  -15
  -16
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -27
  -28
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -43
  -46
  -48
  -51
Free cash flow, $m
  66
  60
  68
  69
  70
  71
  72
  74
  76
  77
  79
  79
  82
  84
  87
  90
  93
  97
  101
  104
  109
  113
  117
  122
  127
  133
  139
  145
  151
  158
  165
Issuance/(repayment) of debt, $m
  0
  8
  9
  10
  12
  13
  14
  15
  17
  18
  19
  21
  22
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
Issuance/(repurchase) of shares, $m
  -11
  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  
  -8
  8
  9
  10
  12
  13
  14
  15
  17
  18
  19
  21
  22
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
Total cash flow (excl. dividends), $m
  59
  68
  78
  80
  82
  84
  87
  89
  92
  95
  99
  100
  104
  108
  112
  117
  122
  127
  132
  138
  144
  150
  156
  163
  171
  178
  187
  195
  204
  214
  224
Retained Cash Flow (-), $m
  -88
  -9
  -10
  -12
  -13
  -14
  -16
  -17
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -66
Prev. year cash balance distribution, $m
 
  366
  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
 
  425
  67
  68
  69
  70
  71
  72
  74
  75
  77
  77
  79
  82
  84
  87
  90
  94
  97
  101
  105
  109
  113
  118
  123
  128
  133
  139
  145
  151
  158
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
 
  407
  62
  59
  57
  54
  51
  49
  46
  43
  41
  37
  34
  31
  28
  26
  23
  20
  18
  15
  13
  11
  9
  8
  6
  5
  4
  3
  2
  2
  1
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

NETGEAR, Inc. provides networking products to consumers, businesses, and service providers. The company operates in three segments: Retail, Commercial, and Service Provider. The Retail segment offers home networking, home video security, storage, and digital media products. The Commercial segment provides business networking, storage, and security solutions. The Service Provider segment offers home networking hardware and software solutions, as well as 4G LTE hotspots sold to service providers for sale to their subscribers. The company also offers commercial business networking products, such as Ethernet switches, wireless controllers, Internet security appliances, and unified storage products; broadband access products, including broadband modems, WiFi gateways, and WiFi hotspots; and home network connectivity products comprising WiFi routers, WiFi range extenders, powerline adapters and bridges, remote video security systems, and WiFi network adapters. It markets and sells its products through traditional retailers, online retailers, wholesale distributors, direct market resellers, value-added resellers, and broadband service providers worldwide. The company was founded in 1996 and is headquartered in San Jose, California.

FINANCIAL RATIOS  of  NETGEAR (NTGR)

Valuation Ratios
P/E Ratio 22.6
Price to Sales 1.3
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 14.9
Price to Free Cash Flow 16.5
Growth Rates
Sales Growth Rate 2.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.4%
Cap. Spend. - 3 Yr. Gr. Rate -9.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 6.8%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 10.1%
Ret/ On T. Cap. - 3 Yr. Avg. 6%
Return On Equity 10.1%
Return On Equity - 3 Yr. Avg. 6%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 31%
Gross Margin - 3 Yr. Avg. 29.3%
EBITDA Margin 11.1%
EBITDA Margin - 3 Yr. Avg. 8.4%
Operating Margin 8.6%
Oper. Margin - 3 Yr. Avg. 5.8%
Pre-Tax Margin 8.7%
Pre-Tax Margin - 3 Yr. Avg. 5.8%
Net Profit Margin 5.7%
Net Profit Margin - 3 Yr. Avg. 3.4%
Effective Tax Rate 33.9%
Eff/ Tax Rate - 3 Yr. Avg. 49.3%
Payout Ratio 0%

NTGR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NTGR stock intrinsic value calculation we used $1328 million for the last fiscal year's total revenue generated by NETGEAR. The default revenue input number comes from 2016 income statement of NETGEAR. 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 NTGR 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 NTGR is calculated based on our internal credit rating of NETGEAR, 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 NETGEAR.
    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 NTGR stock the variable cost ratio is equal to 93.4%.

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 NTGR 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 NETGEAR.

Corporate tax rate of 27% is the nominal tax rate for NETGEAR. 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 NTGR 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 NTGR are equal to 4.9%.

Life of production assets of 4.6 years is the average useful life of capital assets used in NETGEAR 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 NTGR is equal to 18.1%. 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 - $797 million for NETGEAR - 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 33.098 million for NETGEAR 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 NETGEAR at the current share price and the inputted number of shares is $1.7 billion.


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COMPANY NEWS

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▶ NETGEAR: A Break of $50 Turns the Charts Bearish   [Feb-17-17 11:24AM  TheStreet.com]
▶ Netgear Rides Retail Strength to a Record Holiday Quarter   [Feb-08-17 06:08PM  at Motley Fool]
▶ Why Netgear, Inc. Stock Plunged Today   [03:23PM  at Motley Fool]
▶ Netgear tops Street 4Q forecasts   [Feb-07-17 04:45PM  AP]
▶ Why Netgear, Inc. Stock Popped 30% in 2016   [Jan-07-17 06:24PM  at Motley Fool]
▶ Mattel and Netgear Vie for Baby Monitor Supremacy   [Jan-06-17 01:05PM  at Investopedia]
▶ NetGear, Ubiquiti Lead 'Mesh' Charge, Says Raymond James   [Dec-12-16 03:37PM  at Barrons.com]
▶ Hedge Funds Arent Crazy About NetGear, Inc. (NTGR) Anymore   [Dec-02-16 01:18PM  at Insider Monkey]
▶ Netgear's 'Arlo' A Hot Ticket, Says Raymond James   [Nov-29-16 09:50AM  at Barrons.com]
▶ Arlo security cams now have cellular connection capabilities   [Nov-17-16 12:12PM  Business Insider]
▶ Why Netgear, Inc. Stock Dropped 16.5% in October   [Nov-11-16 01:07PM  at Motley Fool]
▶ NETGEAR is a Triple Honoree for CES 2017 Innovation Awards   [Nov-10-16 05:14PM  GlobeNewswire]
▶ Netgear Falls Despite Another Great Quarter   [Oct-27-16 05:08PM  at Motley Fool]
▶ Why Netgear Inc. Stock Plunged Today   [01:24PM  at Motley Fool]
▶ Netgear tops Street 3Q forecasts   [Oct-26-16 04:36PM  AP]
▶ How Fast Is Netgear's "World's Fastest Router"?   [Oct-19-16 05:30PM  at Investopedia]
▶ Netgear upgrades wireless security cameras   [Oct-11-16 08:30AM  at Silicon Beat]
▶ Forget FireEye, Inc. -- These 2 Stocks Doubled Last Year   [Sep-21-16 11:09AM  at Motley Fool]
▶ NETGEAR to Host 2016 Financial Analyst Day   [Sep-02-16 05:30AM  GlobeNewswire]
▶ New NETGEAR LTE Modems Keep Businesses Connected   [Sep-01-16 08:32AM  GlobeNewswire]
Stock chart of NTGR Financial statements of NTGR
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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