Intrinsic value of Palo Alto Networks - PANW

Previous Close

$214.06

  Intrinsic Value

$36.06

stock screener

  Rating & Target

str. sell

-83%

Previous close

$214.06

 
Intrinsic value

$36.06

 
Up/down potential

-83%

 
Rating

str. sell

We calculate the intrinsic value of PANW 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  27.77
  27.80
  25.52
  23.47
  21.62
  19.96
  18.46
  17.12
  15.91
  14.81
  13.83
  12.95
  12.15
  11.44
  10.80
  10.22
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.07
Revenue, $m
  1,762
  2,252
  2,827
  3,490
  4,244
  5,092
  6,032
  7,064
  8,188
  9,400
  10,701
  12,087
  13,556
  15,106
  16,737
  18,447
  20,235
  22,102
  24,048
  26,073
  28,180
  30,370
  32,646
  35,011
  37,469
  40,024
  42,680
  45,443
  48,318
  51,310
  54,427
Variable operating expenses, $m
 
  2,377
  2,976
  3,667
  4,454
  5,337
  6,316
  7,393
  8,564
  9,828
  11,184
  12,599
  14,130
  15,746
  17,446
  19,229
  21,093
  23,039
  25,067
  27,178
  29,374
  31,656
  34,029
  36,495
  39,057
  41,720
  44,489
  47,369
  50,365
  53,484
  56,733
Fixed operating expenses, $m
 
  80
  81
  83
  85
  87
  89
  91
  93
  95
  97
  99
  101
  104
  106
  108
  110
  113
  115
  118
  121
  123
  126
  129
  131
  134
  137
  140
  143
  147
  150
Total operating expenses, $m
  1,941
  2,457
  3,057
  3,750
  4,539
  5,424
  6,405
  7,484
  8,657
  9,923
  11,281
  12,698
  14,231
  15,850
  17,552
  19,337
  21,203
  23,152
  25,182
  27,296
  29,495
  31,779
  34,155
  36,624
  39,188
  41,854
  44,626
  47,509
  50,508
  53,631
  56,883
Operating income, $m
  -180
  -204
  -231
  -260
  -294
  -332
  -374
  -419
  -469
  -522
  -580
  -611
  -676
  -744
  -815
  -890
  -968
  -1,049
  -1,134
  -1,223
  -1,315
  -1,410
  -1,509
  -1,612
  -1,719
  -1,830
  -1,946
  -2,066
  -2,191
  -2,321
  -2,456
EBITDA, $m
  -120
  -122
  -135
  -149
  -165
  -183
  -203
  -224
  -247
  -272
  -299
  -327
  -357
  -389
  -422
  -456
  -492
  -530
  -569
  -610
  -652
  -696
  -742
  -789
  -839
  -890
  -943
  -998
  -1,055
  -1,115
  -1,177
Interest expense (income), $m
  0
  28
  69
  116
  170
  232
  302
  379
  464
  556
  655
  762
  876
  997
  1,124
  1,258
  1,398
  1,545
  1,698
  1,858
  2,024
  2,197
  2,377
  2,564
  2,758
  2,960
  3,170
  3,388
  3,615
  3,851
  4,096
Earnings before tax, $m
  -194
  -233
  -299
  -376
  -464
  -564
  -675
  -798
  -933
  -1,078
  -1,235
  -1,373
  -1,552
  -1,740
  -1,939
  -2,148
  -2,366
  -2,594
  -2,833
  -3,081
  -3,339
  -3,607
  -3,886
  -4,176
  -4,477
  -4,790
  -5,115
  -5,454
  -5,805
  -6,171
  -6,552
Tax expense, $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
Net income, $m
  -217
  -233
  -299
  -376
  -464
  -564
  -675
  -798
  -933
  -1,078
  -1,235
  -1,373
  -1,552
  -1,740
  -1,939
  -2,148
  -2,366
  -2,594
  -2,833
  -3,081
  -3,339
  -3,607
  -3,886
  -4,176
  -4,477
  -4,790
  -5,115
  -5,454
  -5,805
  -6,171
  -6,552

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,375
  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
  3,438
  4,170
  5,234
  6,463
  7,860
  9,429
  11,170
  13,081
  15,162
  17,408
  19,816
  22,383
  25,103
  27,975
  30,995
  34,161
  37,473
  40,930
  44,533
  48,283
  52,184
  56,240
  60,455
  64,835
  69,387
  74,119
  79,038
  84,154
  89,477
  95,019
  100,790
Adjusted assets (=assets-cash), $m
  2,063
  4,170
  5,234
  6,463
  7,860
  9,429
  11,170
  13,081
  15,162
  17,408
  19,816
  22,383
  25,103
  27,975
  30,995
  34,161
  37,473
  40,930
  44,533
  48,283
  52,184
  56,240
  60,455
  64,835
  69,387
  74,119
  79,038
  84,154
  89,477
  95,019
  100,790
Revenue / Adjusted assets
  0.854
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
Average production assets, $m
  213
  529
  664
  820
  997
  1,197
  1,417
  1,660
  1,924
  2,209
  2,515
  2,840
  3,186
  3,550
  3,933
  4,335
  4,755
  5,194
  5,651
  6,127
  6,622
  7,137
  7,672
  8,228
  8,805
  9,406
  10,030
  10,679
  11,355
  12,058
  12,790
Working capital, $m
  775
  -45
  -57
  -70
  -85
  -102
  -121
  -141
  -164
  -188
  -214
  -242
  -271
  -302
  -335
  -369
  -405
  -442
  -481
  -521
  -564
  -607
  -653
  -700
  -749
  -800
  -854
  -909
  -966
  -1,026
  -1,089
Total debt, $m
  525
  1,270
  2,144
  3,152
  4,299
  5,587
  7,017
  8,586
  10,294
  12,139
  14,116
  16,223
  18,456
  20,814
  23,293
  25,893
  28,612
  31,450
  34,408
  37,487
  40,690
  44,020
  47,480
  51,076
  54,813
  58,698
  62,736
  66,937
  71,307
  75,857
  80,595
Total liabilities, $m
  2,679
  3,424
  4,297
  5,306
  6,453
  7,741
  9,170
  10,740
  12,448
  14,292
  16,269
  18,376
  20,610
  22,967
  25,447
  28,046
  30,765
  33,603
  36,561
  39,640
  42,843
  46,173
  49,634
  53,230
  56,967
  60,851
  64,890
  69,090
  73,461
  78,010
  82,749
Total equity, $m
  760
  746
  937
  1,157
  1,407
  1,688
  1,999
  2,342
  2,714
  3,116
  3,547
  4,006
  4,493
  5,007
  5,548
  6,115
  6,708
  7,326
  7,971
  8,643
  9,341
  10,067
  10,821
  11,606
  12,420
  13,267
  14,148
  15,064
  16,016
  17,008
  18,041
Total liabilities and equity, $m
  3,439
  4,170
  5,234
  6,463
  7,860
  9,429
  11,169
  13,082
  15,162
  17,408
  19,816
  22,382
  25,103
  27,974
  30,995
  34,161
  37,473
  40,929
  44,532
  48,283
  52,184
  56,240
  60,455
  64,836
  69,387
  74,118
  79,038
  84,154
  89,477
  95,018
  100,790
Debt-to-equity ratio
  0.691
  1.700
  2.290
  2.720
  3.060
  3.310
  3.510
  3.670
  3.790
  3.900
  3.980
  4.050
  4.110
  4.160
  4.200
  4.230
  4.270
  4.290
  4.320
  4.340
  4.360
  4.370
  4.390
  4.400
  4.410
  4.420
  4.430
  4.440
  4.450
  4.460
  4.470
Adjusted equity ratio
  -0.298
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -217
  -233
  -299
  -376
  -464
  -564
  -675
  -798
  -933
  -1,078
  -1,235
  -1,373
  -1,552
  -1,740
  -1,939
  -2,148
  -2,366
  -2,594
  -2,833
  -3,081
  -3,339
  -3,607
  -3,886
  -4,176
  -4,477
  -4,790
  -5,115
  -5,454
  -5,805
  -6,171
  -6,552
Depreciation, amort., depletion, $m
  60
  82
  96
  111
  129
  149
  171
  195
  222
  250
  281
  284
  319
  355
  393
  434
  476
  519
  565
  613
  662
  714
  767
  823
  881
  941
  1,003
  1,068
  1,135
  1,206
  1,279
Funds from operations, $m
  1,372
  -151
  -203
  -265
  -335
  -415
  -504
  -603
  -711
  -828
  -954
  -1,089
  -1,233
  -1,385
  -1,546
  -1,714
  -1,891
  -2,075
  -2,267
  -2,468
  -2,677
  -2,894
  -3,119
  -3,353
  -3,597
  -3,850
  -4,112
  -4,386
  -4,670
  -4,965
  -5,273
Change in working capital, $m
  503
  -10
  -11
  -13
  -15
  -17
  -19
  -21
  -22
  -24
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
Cash from operations, $m
  869
  -141
  -192
  -252
  -320
  -398
  -486
  -582
  -689
  -804
  -928
  -1,062
  -1,204
  -1,354
  -1,513
  -1,680
  -1,855
  -2,038
  -2,229
  -2,427
  -2,634
  -2,850
  -3,073
  -3,306
  -3,548
  -3,799
  -4,059
  -4,330
  -4,612
  -4,906
  -5,211
Maintenance CAPEX, $m
  0
  -41
  -53
  -66
  -82
  -100
  -120
  -142
  -166
  -192
  -221
  -251
  -284
  -319
  -355
  -393
  -434
  -476
  -519
  -565
  -613
  -662
  -714
  -767
  -823
  -881
  -941
  -1,003
  -1,068
  -1,135
  -1,206
New CAPEX, $m
  -163
  -115
  -135
  -156
  -177
  -199
  -221
  -243
  -264
  -285
  -306
  -326
  -345
  -364
  -383
  -402
  -420
  -439
  -457
  -476
  -495
  -515
  -535
  -556
  -578
  -600
  -624
  -649
  -676
  -703
  -732
Cash from investing activities, $m
  -473
  -156
  -188
  -222
  -259
  -299
  -341
  -385
  -430
  -477
  -527
  -577
  -629
  -683
  -738
  -795
  -854
  -915
  -976
  -1,041
  -1,108
  -1,177
  -1,249
  -1,323
  -1,401
  -1,481
  -1,565
  -1,652
  -1,744
  -1,838
  -1,938
Free cash flow, $m
  396
  -297
  -380
  -474
  -580
  -697
  -826
  -967
  -1,119
  -1,281
  -1,455
  -1,639
  -1,833
  -2,037
  -2,251
  -2,475
  -2,709
  -2,952
  -3,205
  -3,469
  -3,742
  -4,027
  -4,322
  -4,629
  -4,948
  -5,279
  -5,624
  -5,983
  -6,356
  -6,744
  -7,149
Issuance/(repayment) of debt, $m
  0
  745
  874
  1,008
  1,147
  1,288
  1,429
  1,570
  1,708
  1,844
  1,977
  2,107
  2,234
  2,358
  2,479
  2,600
  2,719
  2,838
  2,958
  3,079
  3,203
  3,330
  3,461
  3,596
  3,737
  3,884
  4,039
  4,200
  4,371
  4,550
  4,738
Issuance/(repurchase) of shares, $m
  -365
  393
  490
  596
  715
  845
  987
  1,141
  1,305
  1,480
  1,666
  1,833
  2,039
  2,254
  2,479
  2,714
  2,959
  3,213
  3,478
  3,752
  4,037
  4,333
  4,641
  4,960
  5,292
  5,637
  5,996
  6,369
  6,758
  7,163
  7,585
Cash from financing (excl. dividends), $m  
  -386
  1,138
  1,364
  1,604
  1,862
  2,133
  2,416
  2,711
  3,013
  3,324
  3,643
  3,940
  4,273
  4,612
  4,958
  5,314
  5,678
  6,051
  6,436
  6,831
  7,240
  7,663
  8,102
  8,556
  9,029
  9,521
  10,035
  10,569
  11,129
  11,713
  12,323
Total cash flow (excl. dividends), $m
  10
  841
  983
  1,131
  1,282
  1,436
  1,590
  1,743
  1,895
  2,043
  2,188
  2,301
  2,439
  2,575
  2,708
  2,839
  2,969
  3,099
  3,230
  3,363
  3,498
  3,636
  3,779
  3,927
  4,081
  4,242
  4,410
  4,587
  4,773
  4,968
  5,175
Retained Cash Flow (-), $m
  135
  -393
  -490
  -596
  -715
  -845
  -987
  -1,141
  -1,305
  -1,480
  -1,666
  -1,833
  -2,039
  -2,254
  -2,479
  -2,714
  -2,959
  -3,213
  -3,478
  -3,752
  -4,037
  -4,333
  -4,641
  -4,960
  -5,292
  -5,637
  -5,996
  -6,369
  -6,758
  -7,163
  -7,585
Prev. year cash balance distribution, $m
 
  174
  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
 
  441
  563
  707
  872
  1,061
  1,273
  1,508
  1,766
  2,047
  2,350
  2,675
  3,022
  3,389
  3,777
  4,184
  4,612
  5,059
  5,526
  6,012
  6,518
  7,045
  7,592
  8,161
  8,753
  9,367
  10,006
  10,670
  11,361
  12,079
  12,828
Cash available for distribution, $m
 
  622
  494
  535
  568
  591
  603
  603
  590
  563
  522
  468
  401
  320
  228
  125
  10
  -114
  -247
  -389
  -539
  -697
  -862
  -1,033
  -1,211
  -1,395
  -1,586
  -1,782
  -1,985
  -2,195
  -2,411
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
 
  596
  452
  465
  467
  458
  438
  407
  369
  323
  274
  222
  171
  122
  77
  37
  3
  -25
  -46
  -60
  -69
  -72
  -71
  -68
  -62
  -54
  -46
  -38
  -31
  -24
  -18
Current shareholders' claim on cash, %
  100
  93.7
  88.0
  82.7
  77.9
  73.5
  69.4
  65.7
  62.2
  59.0
  56.0
  53.2
  50.7
  48.2
  46.0
  43.8
  41.8
  39.9
  38.1
  36.4
  34.7
  33.2
  31.7
  30.3
  29.0
  27.8
  26.6
  25.4
  24.3
  23.3
  22.3

Palo Alto Networks, Inc. offers a next-generation security platform. The Company's security platform consists of three elements: Next-Generation Firewall, Advanced Endpoint Protection and Threat Intelligence Cloud. Its Next-Generation Firewall delivers application, user and content visibility and control, as well as protection against network-based cyber threats integrated within the firewall through its hardware and software architecture. Its Advanced Endpoint Protection prevents cyber attacks that run malicious code or exploit software vulnerabilities on a range of fixed and virtual endpoints and servers. Its Threat Intelligence Cloud provides central intelligence capabilities, security for software as a service applications and automated delivery of preventative measures against cyber attacks. Its products and services include firewall appliances, panorama, virtual system upgrades, subscription services, support and maintenance, and professional services.

FINANCIAL RATIOS  of  Palo Alto Networks (PANW)

Valuation Ratios
P/E Ratio -90.3
Price to Sales 11.1
Price to Book 25.8
Price to Tangible Book
Price to Cash Flow 22.5
Price to Free Cash Flow 27.7
Growth Rates
Sales Growth Rate 27.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 123.3%
Cap. Spend. - 3 Yr. Gr. Rate 35.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 69.1%
Total Debt to Equity 69.1%
Interest Coverage 0
Management Effectiveness
Return On Assets -6.9%
Ret/ On Assets - 3 Yr. Avg. -7.5%
Return On Total Capital -16.2%
Ret/ On T. Cap. - 3 Yr. Avg. -15.4%
Return On Equity -26.2%
Return On Equity - 3 Yr. Avg. -27.2%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 72.9%
Gross Margin - 3 Yr. Avg. 73%
EBITDA Margin -7.6%
EBITDA Margin - 3 Yr. Avg. -9%
Operating Margin -10.2%
Oper. Margin - 3 Yr. Avg. -10.8%
Pre-Tax Margin -11%
Pre-Tax Margin - 3 Yr. Avg. -12.2%
Net Profit Margin -12.3%
Net Profit Margin - 3 Yr. Avg. -13.5%
Effective Tax Rate -11.9%
Eff/ Tax Rate - 3 Yr. Avg. -10.5%
Payout Ratio 0%

PANW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PANW stock intrinsic value calculation we used $1762 million for the last fiscal year's total revenue generated by Palo Alto Networks. The default revenue input number comes from 2017 income statement of Palo Alto Networks. 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 PANW stock valuation model: a) initial revenue growth rate of 27.8% 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 PANW is calculated based on our internal credit rating of Palo Alto Networks, 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 Palo Alto Networks.
    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 PANW stock the variable cost ratio is equal to 105.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $78 million in the base year in the intrinsic value calculation for PANW 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 5.4% for Palo Alto Networks.

Corporate tax rate of 27% is the nominal tax rate for Palo Alto Networks. 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 PANW stock is equal to 25%.

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 PANW are equal to 23.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Palo Alto Networks 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 PANW is equal to -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 - $760 million for Palo Alto Networks - 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 91 million for Palo Alto Networks 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 Palo Alto Networks at the current share price and the inputted number of shares is $19.5 billion.

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COMPANY NEWS

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▶ Better Buy: Palo Alto Networks vs. Fortinet   [Jun-28-18 10:00PM  Motley Fool]
▶ [$$] True Ventures Seeks to Raise $650 Million for Two New Funds   [Jun-14-18 07:31PM  The Wall Street Journal]
▶ 3 Hot Topics for Palo Alto Networks   [Jun-11-18 09:03PM  Motley Fool]
▶ Fortinet Inc Earnings Confirm My Bull Thesis   [01:42PM  InvestorPlace]
▶ Palo Alto Networks Reaches FedRAMP Milestone   [Jun-07-18 08:00AM  PR Newswire]
▶ Company News For Jun 6, 2018   [10:08AM  Zacks]
▶ Palo Alto Networks: Cramer's Top Takeaways   [06:20AM  TheStreet.com]
▶ Nikesh Arora on taking over Palo Alto Networks   [Jun-05-18 07:48PM  CNBC Videos]
▶ Palo Alto Networks Showing Some Weakness   [11:47AM  TheStreet.com]
▶ Palo Alto Falls; Will New CEO Bring Google-Like Dominance Or Woes?   [Jun-04-18 04:29PM  Investor's Business Daily]
▶ Dow Gains Nearly 200 Points; This FANG Stock Falls On Report   [10:19AM  Investor's Business Daily]
▶ Palo Alto: Fiscal 3Q Earnings Snapshot   [07:56AM  Associated Press]
▶ [$$] Former SoftBank Executive Nikesh Arora to Run Palo Alto Networks   [Jun-01-18 08:14PM  The Wall Street Journal]
▶ [$$] Former SoftBank Executive to Run Palo Alto Networks   [07:02PM  The Wall Street Journal]
▶ Salesforce Rises On Revenue Outlook; Palo Alto Price Target Hiked   [May-30-18 04:23PM  Investor's Business Daily]
▶ Palo Alto Networks, Teck Resources & Nike   [02:02PM  CNBC Videos]
▶ [$$] The Search for Women Who Want Cybersecurity Careers   [May-29-18 10:56PM  The Wall Street Journal]
▶ [$$] The Search for Women Who Want Cybersecurity Careers   [10:02PM  The Wall Street Journal]
▶ Nasdaq Rises In Mixed Stock Market; When Is It Time To Buy Apple Again?   [May-25-18 02:30PM  Investor's Business Daily]
Financial statements of PANW
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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