Intrinsic value of Palo Alto Networks - PANW

Previous Close

$161.98

  Intrinsic Value

$22.83

stock screener

  Rating & Target

str. sell

-86%

Previous close

$161.98

 
Intrinsic value

$22.83

 
Up/down potential

-86%

 
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
  27.10
  24.89
  22.90
  21.11
  19.50
  18.05
  16.74
  15.57
  14.51
  13.56
  12.71
  11.94
  11.24
  10.62
  10.06
  9.55
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
Revenue, $m
  1,762
  2,240
  2,797
  3,437
  4,163
  4,975
  5,873
  6,856
  7,924
  9,074
  10,304
  11,614
  13,000
  14,461
  15,997
  17,605
  19,287
  21,041
  22,868
  24,770
  26,748
  28,804
  30,941
  33,161
  35,469
  37,868
  40,362
  42,956
  45,656
  48,467
  51,395
Variable operating expenses, $m
 
  2,361
  2,942
  3,611
  4,368
  5,215
  6,152
  7,178
  8,292
  9,492
  10,776
  12,118
  13,564
  15,089
  16,691
  18,370
  20,124
  21,955
  23,861
  25,846
  27,910
  30,055
  32,285
  34,602
  37,010
  39,513
  42,115
  44,822
  47,639
  50,572
  53,627
Fixed operating expenses, $m
 
  82
  84
  86
  88
  91
  93
  95
  97
  100
  102
  105
  108
  110
  113
  116
  119
  122
  125
  128
  131
  134
  138
  141
  145
  148
  152
  156
  160
  164
  168
Total operating expenses, $m
  1,941
  2,443
  3,026
  3,697
  4,456
  5,306
  6,245
  7,273
  8,389
  9,592
  10,878
  12,223
  13,672
  15,199
  16,804
  18,486
  20,243
  22,077
  23,986
  25,974
  28,041
  30,189
  32,423
  34,743
  37,155
  39,661
  42,267
  44,978
  47,799
  50,736
  53,795
Operating income, $m
  -180
  -203
  -229
  -259
  -293
  -331
  -372
  -417
  -466
  -518
  -574
  -609
  -672
  -738
  -808
  -881
  -956
  -1,036
  -1,118
  -1,204
  -1,293
  -1,386
  -1,482
  -1,582
  -1,685
  -1,793
  -1,905
  -2,022
  -2,143
  -2,269
  -2,400
EBITDA, $m
  -120
  -140
  -156
  -175
  -196
  -219
  -245
  -273
  -303
  -335
  -369
  -406
  -444
  -485
  -527
  -572
  -618
  -667
  -717
  -769
  -824
  -880
  -939
  -1,000
  -1,063
  -1,129
  -1,197
  -1,268
  -1,342
  -1,419
  -1,499
Interest expense (income), $m
  0
  18
  7
  28
  51
  78
  108
  141
  178
  217
  259
  305
  353
  404
  458
  515
  574
  636
  701
  768
  838
  911
  987
  1,066
  1,148
  1,233
  1,321
  1,413
  1,509
  1,609
  1,712
Earnings before tax, $m
  -194
  -222
  -237
  -287
  -344
  -409
  -480
  -558
  -643
  -735
  -833
  -914
  -1,025
  -1,143
  -1,266
  -1,395
  -1,531
  -1,672
  -1,819
  -1,972
  -2,131
  -2,297
  -2,469
  -2,647
  -2,833
  -3,026
  -3,227
  -3,435
  -3,652
  -3,878
  -4,113
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
  -222
  -237
  -287
  -344
  -409
  -480
  -558
  -643
  -735
  -833
  -914
  -1,025
  -1,143
  -1,266
  -1,395
  -1,531
  -1,672
  -1,819
  -1,972
  -2,131
  -2,297
  -2,469
  -2,647
  -2,833
  -3,026
  -3,227
  -3,435
  -3,652
  -3,878
  -4,113

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
  2,622
  3,275
  4,025
  4,875
  5,825
  6,877
  8,028
  9,278
  10,625
  12,066
  13,599
  15,222
  16,933
  18,731
  20,615
  22,584
  24,638
  26,778
  29,005
  31,321
  33,729
  36,231
  38,831
  41,533
  44,342
  47,262
  50,300
  53,462
  56,753
  60,181
Adjusted assets (=assets-cash), $m
  2,063
  2,622
  3,275
  4,025
  4,875
  5,825
  6,877
  8,028
  9,278
  10,625
  12,066
  13,599
  15,222
  16,933
  18,731
  20,615
  22,584
  24,638
  26,778
  29,005
  31,321
  33,729
  36,231
  38,831
  41,533
  44,342
  47,262
  50,300
  53,462
  56,753
  60,181
Revenue / Adjusted assets
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
Average production assets, $m
  213
  271
  338
  416
  504
  602
  711
  830
  959
  1,098
  1,247
  1,405
  1,573
  1,750
  1,936
  2,130
  2,334
  2,546
  2,767
  2,997
  3,237
  3,485
  3,744
  4,013
  4,292
  4,582
  4,884
  5,198
  5,524
  5,865
  6,219
Working capital, $m
  775
  -764
  -954
  -1,172
  -1,420
  -1,696
  -2,003
  -2,338
  -2,702
  -3,094
  -3,514
  -3,960
  -4,433
  -4,931
  -5,455
  -6,003
  -6,577
  -7,175
  -7,798
  -8,447
  -9,121
  -9,822
  -10,551
  -11,308
  -12,095
  -12,913
  -13,763
  -14,648
  -15,569
  -16,527
  -17,526
Total debt, $m
  525
  207
  795
  1,470
  2,234
  3,090
  4,036
  5,073
  6,198
  7,410
  8,706
  10,086
  11,547
  13,087
  14,705
  16,400
  18,172
  20,021
  21,947
  23,951
  26,036
  28,203
  30,455
  32,795
  35,227
  37,754
  40,383
  43,117
  45,962
  48,925
  52,010
Total liabilities, $m
  2,679
  2,360
  2,948
  3,623
  4,387
  5,243
  6,189
  7,226
  8,351
  9,563
  10,859
  12,239
  13,700
  15,240
  16,858
  18,553
  20,325
  22,174
  24,100
  26,104
  28,189
  30,356
  32,608
  34,948
  37,380
  39,907
  42,536
  45,270
  48,115
  51,078
  54,163
Total equity, $m
  760
  262
  328
  403
  487
  583
  688
  803
  928
  1,063
  1,207
  1,360
  1,522
  1,693
  1,873
  2,061
  2,258
  2,464
  2,678
  2,900
  3,132
  3,373
  3,623
  3,883
  4,153
  4,434
  4,726
  5,030
  5,346
  5,675
  6,018
Total liabilities and equity, $m
  3,439
  2,622
  3,276
  4,026
  4,874
  5,826
  6,877
  8,029
  9,279
  10,626
  12,066
  13,599
  15,222
  16,933
  18,731
  20,614
  22,583
  24,638
  26,778
  29,004
  31,321
  33,729
  36,231
  38,831
  41,533
  44,341
  47,262
  50,300
  53,461
  56,753
  60,181
Debt-to-equity ratio
  0.691
  0.790
  2.430
  3.650
  4.580
  5.300
  5.870
  6.320
  6.680
  6.970
  7.220
  7.420
  7.590
  7.730
  7.850
  7.960
  8.050
  8.130
  8.200
  8.260
  8.310
  8.360
  8.410
  8.450
  8.480
  8.510
  8.540
  8.570
  8.600
  8.620
  8.640
Adjusted equity ratio
  -0.298
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -217
  -222
  -237
  -287
  -344
  -409
  -480
  -558
  -643
  -735
  -833
  -914
  -1,025
  -1,143
  -1,266
  -1,395
  -1,531
  -1,672
  -1,819
  -1,972
  -2,131
  -2,297
  -2,469
  -2,647
  -2,833
  -3,026
  -3,227
  -3,435
  -3,652
  -3,878
  -4,113
Depreciation, amort., depletion, $m
  60
  63
  73
  84
  97
  111
  127
  144
  163
  183
  205
  204
  228
  254
  281
  309
  338
  369
  401
  434
  469
  505
  543
  582
  622
  664
  708
  753
  801
  850
  901
Funds from operations, $m
  1,372
  -158
  -164
  -203
  -248
  -298
  -353
  -414
  -480
  -552
  -629
  -710
  -797
  -889
  -985
  -1,087
  -1,192
  -1,303
  -1,418
  -1,538
  -1,662
  -1,792
  -1,926
  -2,066
  -2,211
  -2,362
  -2,519
  -2,682
  -2,851
  -3,028
  -3,211
Change in working capital, $m
  503
  -163
  -190
  -218
  -247
  -277
  -306
  -335
  -364
  -392
  -420
  -446
  -473
  -498
  -524
  -549
  -573
  -598
  -623
  -649
  -674
  -701
  -729
  -757
  -787
  -818
  -851
  -885
  -921
  -959
  -998
Cash from operations, $m
  869
  4
  26
  15
  0
  -21
  -47
  -79
  -116
  -160
  -209
  -264
  -325
  -391
  -462
  -538
  -619
  -705
  -795
  -889
  -988
  -1,091
  -1,198
  -1,309
  -1,424
  -1,544
  -1,668
  -1,797
  -1,931
  -2,069
  -2,213
Maintenance CAPEX, $m
  0
  -31
  -39
  -49
  -60
  -73
  -87
  -103
  -120
  -139
  -159
  -181
  -204
  -228
  -254
  -281
  -309
  -338
  -369
  -401
  -434
  -469
  -505
  -543
  -582
  -622
  -664
  -708
  -753
  -801
  -850
New CAPEX, $m
  -163
  -58
  -67
  -78
  -88
  -98
  -109
  -119
  -129
  -139
  -149
  -158
  -168
  -177
  -186
  -195
  -203
  -212
  -221
  -230
  -239
  -249
  -259
  -269
  -279
  -290
  -302
  -314
  -327
  -340
  -354
Cash from investing activities, $m
  -473
  -89
  -106
  -127
  -148
  -171
  -196
  -222
  -249
  -278
  -308
  -339
  -372
  -405
  -440
  -476
  -512
  -550
  -590
  -631
  -673
  -718
  -764
  -812
  -861
  -912
  -966
  -1,022
  -1,080
  -1,141
  -1,204
Free cash flow, $m
  396
  -84
  -80
  -111
  -148
  -192
  -243
  -301
  -366
  -438
  -517
  -603
  -696
  -795
  -901
  -1,013
  -1,131
  -1,255
  -1,385
  -1,520
  -1,661
  -1,808
  -1,961
  -2,120
  -2,285
  -2,456
  -2,634
  -2,819
  -3,011
  -3,210
  -3,417
Issuance/(repayment) of debt, $m
  0
  -318
  587
  675
  765
  856
  946
  1,036
  1,125
  1,212
  1,297
  1,380
  1,461
  1,540
  1,618
  1,695
  1,772
  1,849
  1,926
  2,004
  2,085
  2,167
  2,252
  2,340
  2,432
  2,528
  2,629
  2,734
  2,845
  2,962
  3,086
Issuance/(repurchase) of shares, $m
  -365
  1,099
  302
  362
  429
  504
  585
  673
  768
  870
  977
  1,067
  1,188
  1,314
  1,446
  1,584
  1,727
  1,877
  2,033
  2,195
  2,363
  2,538
  2,719
  2,907
  3,103
  3,307
  3,519
  3,739
  3,968
  4,207
  4,455
Cash from financing (excl. dividends), $m  
  -386
  781
  889
  1,037
  1,194
  1,360
  1,531
  1,709
  1,893
  2,082
  2,274
  2,447
  2,649
  2,854
  3,064
  3,279
  3,499
  3,726
  3,959
  4,199
  4,448
  4,705
  4,971
  5,247
  5,535
  5,835
  6,148
  6,473
  6,813
  7,169
  7,541
Total cash flow (excl. dividends), $m
  10
  697
  809
  926
  1,046
  1,167
  1,289
  1,409
  1,528
  1,644
  1,757
  1,844
  1,952
  2,058
  2,163
  2,266
  2,368
  2,471
  2,574
  2,679
  2,786
  2,896
  3,010
  3,127
  3,250
  3,379
  3,513
  3,654
  3,803
  3,959
  4,124
Retained Cash Flow (-), $m
  135
  -1,099
  -302
  -362
  -429
  -504
  -585
  -673
  -768
  -870
  -977
  -1,067
  -1,188
  -1,314
  -1,446
  -1,584
  -1,727
  -1,877
  -2,033
  -2,195
  -2,363
  -2,538
  -2,719
  -2,907
  -3,103
  -3,307
  -3,519
  -3,739
  -3,968
  -4,207
  -4,455
Prev. year cash balance distribution, $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
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
 
  973
  507
  564
  617
  664
  704
  736
  759
  774
  780
  777
  765
  745
  717
  682
  641
  594
  541
  484
  423
  358
  291
  220
  147
  72
  -6
  -85
  -165
  -248
  -332
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
 
  933
  464
  491
  508
  514
  511
  497
  475
  445
  409
  369
  326
  283
  241
  200
  163
  129
  100
  75
  54
  37
  24
  14
  7
  3
  0
  -2
  -3
  -3
  -2
Current shareholders' claim on cash, %
  100
  50.0
  44.8
  40.4
  36.5
  33.1
  30.0
  27.4
  25.0
  22.8
  20.9
  19.2
  17.7
  16.3
  15.0
  13.8
  12.8
  11.8
  10.9
  10.1
  9.3
  8.6
  8.0
  7.4
  6.8
  6.3
  5.9
  5.4
  5.0
  4.7
  4.3

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 -68.3
Price to Sales 8.4
Price to Book 19.5
Price to Tangible Book
Price to Cash Flow 17.1
Price to Free Cash Flow 21
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 27.1% 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 105.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $80 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 3.5% 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 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 PANW are equal to 12.1%.

Life of production assets of 6.9 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 -34.1%. 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 - $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 93.142 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 $15.1 billion.

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COMPANY NEWS

▶ Security Alert: Palo Alto Reports As Fortinet, FireEye Host Analysts   [Feb-23-18 04:54PM  Investor's Business Daily]
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▶ Netflix, HPE lead Silicon Valley stocks on analyst upgrades   [Jan-23-18 05:02PM  American City Business Journals]
▶ Palo Alto Downgraded, As Cloud Computing Delays Security Upgrades   [Jan-22-18 04:22PM  Investor's Business Daily]
▶ AMD leads Silicon Valley stock index on bullish cryptocurrency outlook   [Jan-18-18 04:26PM  American City Business Journals]
▶ Why Palo Alto Networks, Inc. Stock Climbed 15.9% in 2017   [Jan-17-18 01:43PM  Motley Fool]
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▶ Is Check Point Software Technologies Ltd. a Buy?   [Jan-11-18 06:33PM  Motley Fool]
▶ Palo Alto Networks Sees Relative Strength Rating Climb To 73   [Jan-03-18 03:00AM  Investor's Business Daily]
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▶ 3 Artificial Intelligence Stocks You Shouldnt Miss   [Dec-30-17 05:48PM  Motley Fool]
▶ Is This China's Secret Weapon?   [Dec-28-17 05:03AM  Forbes]
▶ Stocks Showing Improved Relative Strength: Palo Alto Networks   [03:00AM  Investor's Business Daily]
▶ Heres Why Palo Alto Networks Can Keep Getting Better   [Dec-20-17 05:17PM  Motley Fool]
▶ Stocks Showing Improved Relative Strength: Palo Alto Networks   [03:00AM  Investor's Business Daily]
▶ Bigger Cybersecurity IPOs Possible In 2018 Amid Firewall Doubts   [Dec-18-17 04:24PM  Investor's Business Daily]
▶ Better Buy: Palo Alto Networks vs. Fortinet   [Dec-13-17 06:40PM  Motley Fool]
▶ Cybersecurity Stocks: What to Watch in 2018   [Dec-11-17 11:43AM  Motley Fool]
▶ 3 Top Cybersecurity Stocks to Consider Buying Right Now   [Dec-08-17 10:46AM  Motley Fool]
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▶ Analyzing Symantecs Technical Indicators   [09:00AM  Market Realist]
▶ 7 Key Technical Levels To Watch On Monday   [Dec-04-17 10:16AM  Benzinga]
▶ Here's Why the Best Is Yet to Come for Fortinet, Inc.   [Nov-30-17 10:18AM  Motley Fool]
▶ Palo Alto Networks Sees IBD RS Rating Improve To 74   [03:00AM  Investor's Business Daily]
▶ JPMorgan Lists Favorite AI Picks   [03:54PM  Investopedia]
▶ Palo Alto Networks: Cramer's Top Takeaways   [06:50AM  TheStreet.com]
▶ Cramer Remix: Its time to buy the stock of Macys   [Nov-28-17 07:05PM  CNBC Videos]
▶ Is Palo Alto Networks Worth Adding to Your Portfolio?   [Nov-25-17 03:32PM  GuruFocus.com]
▶ Better Buy: Palo Alto Networks Inc. vs. FireEye   [Nov-24-17 09:40AM  Motley Fool]
▶ Algorithms Rule the Tape These Days   [Nov-22-17 01:00PM  TheStreet.com]
▶ Company News For Nov 22, 2017   [10:13AM  Zacks]
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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