Intrinsic value of PTC - PTC

Previous Close

$54.57

  Intrinsic Value

$11.24

stock screener

  Rating & Target

str. sell

-79%

  Value-price divergence*

-127%

Previous close

$54.57

 
Intrinsic value

$11.24

 
Up/down potential

-79%

 
Rating

str. sell

 
Value-price divergence*

-127%

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

We calculate the intrinsic value of PTC 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 6.2

 

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, %
  -9.08
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  1,141
  1,171
  1,204
  1,241
  1,281
  1,325
  1,372
  1,423
  1,478
  1,537
  1,600
  1,666
  1,737
  1,812
  1,891
  1,976
  2,065
  2,159
  2,258
  2,363
  2,473
  2,590
  2,712
  2,842
  2,978
  3,121
  3,272
  3,430
  3,597
  3,772
  3,956
Variable operating expenses, $m
 
  367
  374
  382
  390
  400
  410
  421
  433
  445
  458
  356
  371
  387
  404
  422
  441
  461
  482
  504
  528
  553
  579
  607
  636
  666
  698
  732
  768
  805
  845
Fixed operating expenses, $m
 
  859
  880
  902
  925
  948
  972
  996
  1,021
  1,047
  1,073
  1,100
  1,127
  1,155
  1,184
  1,214
  1,244
  1,275
  1,307
  1,340
  1,373
  1,407
  1,443
  1,479
  1,516
  1,554
  1,592
  1,632
  1,673
  1,715
  1,758
Total operating expenses, $m
  1,178
  1,226
  1,254
  1,284
  1,315
  1,348
  1,382
  1,417
  1,454
  1,492
  1,531
  1,456
  1,498
  1,542
  1,588
  1,636
  1,685
  1,736
  1,789
  1,844
  1,901
  1,960
  2,022
  2,086
  2,152
  2,220
  2,290
  2,364
  2,441
  2,520
  2,603
Operating income, $m
  -37
  -55
  -50
  -44
  -34
  -23
  -9
  7
  25
  45
  68
  211
  239
  270
  304
  340
  380
  423
  469
  519
  572
  629
  691
  756
  826
  901
  981
  1,066
  1,156
  1,252
  1,354
EBITDA, $m
  50
  82
  88
  95
  105
  117
  132
  148
  168
  189
  213
  240
  269
  302
  337
  375
  416
  461
  509
  560
  615
  675
  738
  806
  878
  956
  1,038
  1,126
  1,219
  1,318
  1,423
Interest expense (income), $m
  0
  26
  28
  29
  31
  33
  35
  37
  39
  42
  45
  47
  51
  54
  57
  61
  65
  69
  73
  78
  83
  88
  93
  99
  105
  111
  118
  125
  132
  140
  148
Earnings before tax, $m
  -67
  -81
  -78
  -73
  -65
  -56
  -44
  -30
  -15
  3
  24
  163
  189
  216
  246
  279
  315
  354
  396
  441
  490
  542
  598
  658
  722
  790
  863
  941
  1,024
  1,112
  1,206
Tax expense, $m
  -13
  0
  0
  0
  0
  0
  0
  0
  0
  1
  6
  44
  51
  58
  67
  75
  85
  96
  107
  119
  132
  146
  161
  178
  195
  213
  233
  254
  276
  300
  326
Net income, $m
  -54
  -81
  -78
  -73
  -65
  -56
  -44
  -30
  -15
  3
  17
  119
  138
  158
  180
  204
  230
  258
  289
  322
  357
  395
  436
  480
  527
  577
  630
  687
  748
  812
  881

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  297
  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
  2,346
  2,102
  2,161
  2,227
  2,300
  2,379
  2,464
  2,556
  2,654
  2,759
  2,872
  2,991
  3,118
  3,253
  3,396
  3,547
  3,707
  3,876
  4,054
  4,242
  4,440
  4,649
  4,870
  5,102
  5,346
  5,603
  5,874
  6,158
  6,457
  6,772
  7,103
Adjusted assets (=assets-cash), $m
  2,049
  2,102
  2,161
  2,227
  2,300
  2,379
  2,464
  2,556
  2,654
  2,759
  2,872
  2,991
  3,118
  3,253
  3,396
  3,547
  3,707
  3,876
  4,054
  4,242
  4,440
  4,649
  4,870
  5,102
  5,346
  5,603
  5,874
  6,158
  6,457
  6,772
  7,103
Revenue / Adjusted assets
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
Average production assets, $m
  333
  342
  352
  362
  374
  387
  401
  416
  432
  449
  467
  487
  507
  529
  552
  577
  603
  630
  659
  690
  722
  756
  792
  830
  869
  911
  955
  1,002
  1,050
  1,101
  1,155
Working capital, $m
  -12
  -117
  -120
  -124
  -128
  -132
  -137
  -142
  -148
  -154
  -160
  -167
  -174
  -181
  -189
  -198
  -206
  -216
  -226
  -236
  -247
  -259
  -271
  -284
  -298
  -312
  -327
  -343
  -360
  -377
  -396
Total debt, $m
  752
  792
  835
  884
  937
  995
  1,057
  1,125
  1,197
  1,274
  1,357
  1,445
  1,538
  1,637
  1,742
  1,853
  1,970
  2,094
  2,225
  2,363
  2,508
  2,662
  2,823
  2,994
  3,173
  3,362
  3,560
  3,769
  3,989
  4,220
  4,463
Total liabilities, $m
  1,503
  1,543
  1,586
  1,635
  1,688
  1,746
  1,808
  1,876
  1,948
  2,025
  2,108
  2,196
  2,289
  2,388
  2,493
  2,604
  2,721
  2,845
  2,976
  3,114
  3,259
  3,413
  3,574
  3,745
  3,924
  4,113
  4,311
  4,520
  4,740
  4,971
  5,214
Total equity, $m
  843
  559
  575
  593
  612
  633
  655
  680
  706
  734
  764
  796
  829
  865
  903
  944
  986
  1,031
  1,078
  1,128
  1,181
  1,237
  1,295
  1,357
  1,422
  1,490
  1,562
  1,638
  1,718
  1,801
  1,889
Total liabilities and equity, $m
  2,346
  2,102
  2,161
  2,228
  2,300
  2,379
  2,463
  2,556
  2,654
  2,759
  2,872
  2,992
  3,118
  3,253
  3,396
  3,548
  3,707
  3,876
  4,054
  4,242
  4,440
  4,650
  4,869
  5,102
  5,346
  5,603
  5,873
  6,158
  6,458
  6,772
  7,103
Debt-to-equity ratio
  0.892
  1.420
  1.450
  1.490
  1.530
  1.570
  1.610
  1.650
  1.700
  1.740
  1.780
  1.820
  1.850
  1.890
  1.930
  1.960
  2.000
  2.030
  2.060
  2.090
  2.120
  2.150
  2.180
  2.210
  2.230
  2.260
  2.280
  2.300
  2.320
  2.340
  2.360
Adjusted equity ratio
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -54
  -81
  -78
  -73
  -65
  -56
  -44
  -30
  -15
  3
  17
  119
  138
  158
  180
  204
  230
  258
  289
  322
  357
  395
  436
  480
  527
  577
  630
  687
  748
  812
  881
Depreciation, amort., depletion, $m
  87
  137
  138
  139
  139
  140
  141
  142
  143
  144
  145
  29
  30
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  50
  52
  55
  57
  60
  63
  66
  69
Funds from operations, $m
  311
  56
  60
  66
  74
  84
  97
  111
  128
  146
  162
  148
  168
  189
  213
  238
  266
  296
  328
  363
  401
  441
  484
  530
  579
  631
  687
  747
  810
  878
  950
Change in working capital, $m
  128
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
Cash from operations, $m
  183
  59
  63
  70
  78
  89
  102
  117
  134
  152
  169
  155
  175
  197
  221
  247
  275
  305
  338
  374
  412
  452
  496
  543
  592
  646
  702
  763
  827
  896
  968
Maintenance CAPEX, $m
  0
  -20
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -63
  -66
New CAPEX, $m
  -26
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
Cash from investing activities, $m
  -237
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -63
  -67
  -70
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -103
  -109
  -114
  -120
Free cash flow, $m
  -54
  30
  33
  38
  45
  54
  65
  78
  93
  109
  123
  108
  125
  145
  166
  189
  215
  242
  272
  304
  338
  375
  415
  457
  503
  552
  604
  659
  718
  781
  849
Issuance/(repayment) of debt, $m
  90
  40
  44
  48
  53
  58
  63
  67
  72
  77
  82
  88
  93
  99
  105
  111
  117
  124
  131
  138
  146
  153
  162
  170
  179
  189
  199
  209
  220
  231
  243
Issuance/(repurchase) of shares, $m
  0
  95
  94
  90
  85
  77
  67
  55
  41
  25
  13
  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  
  52
  135
  138
  138
  138
  135
  130
  122
  113
  102
  95
  88
  93
  99
  105
  111
  117
  124
  131
  138
  146
  153
  162
  170
  179
  189
  199
  209
  220
  231
  243
Total cash flow (excl. dividends), $m
  5
  164
  171
  177
  182
  188
  194
  200
  206
  212
  218
  195
  219
  244
  271
  300
  332
  366
  402
  442
  484
  529
  577
  628
  682
  740
  802
  868
  938
  1,012
  1,091
Retained Cash Flow (-), $m
  17
  -95
  -94
  -90
  -85
  -77
  -67
  -55
  -41
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -72
  -76
  -80
  -84
  -88
Prev. year cash balance distribution, $m
 
  297
  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
 
  367
  77
  86
  98
  111
  127
  145
  165
  184
  189
  164
  185
  208
  233
  260
  289
  321
  355
  392
  431
  473
  518
  566
  617
  672
  730
  792
  859
  929
  1,003
Discount rate, %
 
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
 
  343
  67
  69
  72
  74
  77
  78
  79
  77
  68
  51
  48
  46
  42
  38
  34
  30
  25
  21
  17
  14
  11
  8
  6
  4
  3
  2
  1
  1
  1
Current shareholders' claim on cash, %
  100
  97.7
  95.5
  93.5
  91.7
  90.2
  88.9
  87.9
  87.2
  86.8
  86.6
  86.6
  86.6
  86.6
  86.6
  86.6
  86.6
  86.6
  86.6
  86.6
  86.6
  86.6
  86.6
  86.6
  86.6
  86.6
  86.6
  86.6
  86.6
  86.6
  86.6

PTC Inc. develops and delivers software products and solutions worldwide. It operates in two segments, Software Products and Services. The company computer-aided design products, including PTC Creo, an interoperable suite of product design software for design engineers; and PTC Mathcad software for solving, analyzing, and sharing vital engineering calculations. It also offers product lifecycle management products comprising PTC Windchill that provides lifecycle intelligence; and PTC Creo View, which enables enterprise-wide visualization, verification, annotation, and automated comparison of various product development data formats. In addition, the company provides application lifecycle management products, such as PTC Integrity that enables users to manage system models, software configurations, test plans, and defects, as well as model-based systems engineering solutions that connect requirements engineering, architecture modeling, physical product definition, and system verification functions. Further, it offers service lifecycle management products that include PTC Servigistics, a suite of software products that enable a systematic approach to service lifecycle management; and PTC Arbortext, an enterprise software suite that allows manufacturers to create, illustrate, manage, and publish technical and service parts information. Additionally, the company provides Internet of Things products, such as ThingWorx, KEPServerEX, Vuforia Studio, and Vuforia, which enable customers to design, connect, operate and service smart and connected products. In addition, it provides consulting, implementation, training, cloud, and license and support services. The company was formerly known as Parametric Technology Corporation and changed its name to PTC Inc. in January 2013. PTC Inc. was founded in 1985 and is headquartered in Needham, Massachusetts.

FINANCIAL RATIOS  of  PTC (PTC)

Valuation Ratios
P/E Ratio -116.2
Price to Sales 5.5
Price to Book 7.4
Price to Tangible Book
Price to Cash Flow 34.3
Price to Free Cash Flow 40
Growth Rates
Sales Growth Rate -9.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.1%
Cap. Spend. - 3 Yr. Gr. Rate -2.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 89.2%
Total Debt to Equity 89.2%
Interest Coverage 0
Management Effectiveness
Return On Assets -2.4%
Ret/ On Assets - 3 Yr. Avg. 2.6%
Return On Total Capital -3.5%
Ret/ On T. Cap. - 3 Yr. Avg. 3.9%
Return On Equity -6.3%
Return On Equity - 3 Yr. Avg. 5.7%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 71.4%
Gross Margin - 3 Yr. Avg. 72.4%
EBITDA Margin 1.8%
EBITDA Margin - 3 Yr. Avg. 10%
Operating Margin -3.2%
Oper. Margin - 3 Yr. Avg. 4.8%
Pre-Tax Margin -5.9%
Pre-Tax Margin - 3 Yr. Avg. 3.3%
Net Profit Margin -4.7%
Net Profit Margin - 3 Yr. Avg. 3.6%
Effective Tax Rate 19.4%
Eff/ Tax Rate - 3 Yr. Avg. -14.8%
Payout Ratio 0%

PTC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PTC stock intrinsic value calculation we used $1141 million for the last fiscal year's total revenue generated by PTC. The default revenue input number comes from 2016 income statement of PTC. 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 PTC stock valuation model: a) initial revenue growth rate of 2.6% 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 6.9%, whose default value for PTC is calculated based on our internal credit rating of PTC, 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 PTC.
    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 PTC stock the variable cost ratio is equal to 31.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $838 million in the base year in the intrinsic value calculation for PTC 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 PTC.

Corporate tax rate of 27% is the nominal tax rate for PTC. 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 PTC 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 PTC are equal to 29.2%.

Life of production assets of 16.7 years is the average useful life of capital assets used in PTC 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 PTC 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 - $843 million for PTC - 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 113.722 million for PTC 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 PTC at the current share price and the inputted number of shares is $6.2 billion.

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COMPANY NEWS

▶ PTC to Participate in Upcoming Investor Conference   [Aug-21-17 04:01PM  Business Wire]
▶ PTC and KPIT Launch Center of Excellence   [Aug-09-17 12:00PM  Business Wire]
▶ PTC, Inc. Value Analysis (NASDAQ:PTC) : August 4, 2017   [Aug-03-17 11:15PM  Capital Cube]
▶ PTC Saddened by Death of Board Member Renato Zambonini   [Jul-25-17 05:00PM  Business Wire]
▶ IBD Rating Upgrades: P T C Flashes Improved Price Strength   [Jul-24-17 03:00AM  Investor's Business Daily]
▶ PTC Inc. reports 3Q loss   [Jul-19-17 09:34PM  Associated Press]
▶ ETFs with exposure to PTC, Inc. : July 10, 2017   [Jul-10-17 03:04PM  Capital Cube]
▶ ETFs with exposure to PTC, Inc. : June 27, 2017   [Jun-27-17 03:34PM  Capital Cube]
▶ Leading Innovative Companies Select PTC Creo CAD Software   [Jun-15-17 10:30AM  Business Wire]
▶ PTC to Participate in Two Upcoming Investor Conferences   [May-25-17 07:01AM  Business Wire]
▶ PTC to Participate in Two Upcoming Investor Conferences   [May-09-17 04:01PM  Business Wire]
▶ PTC Kepware Delivers Industrial Data to Microsoft Azure   [May-04-17 11:00AM  Business Wire]
▶ PTC Enhances Vuforia Platform for Tango-Enabled Devices   [May-01-17 02:00PM  Business Wire]
▶ PTC, Inc. Value Analysis (NASDAQ:PTC) : April 28, 2017   [Apr-28-17 05:09PM  Capital Cube]
▶ PTC Inc. reports 2Q loss   [Apr-19-17 04:22PM  Associated Press]
▶ PTC Announces Second Quarter FY17 Results   [04:01PM  Business Wire]
▶ PTC Accelerates Industrie 4.0 Strategy   [Mar-30-17 12:00PM  Business Wire]
▶ Three Upside Swing Trades   [Mar-29-17 01:00PM  Investopedia]
▶ PTC to Offer Commercial Robotics Track at LiveWorx® 2017   [Mar-28-17 09:00AM  Business Wire]
▶ [$$] Why PTC's Revenue Still Raises Eyebrows   [Mar-26-17 09:22AM  at The Wall Street Journal]
▶ PTC Issues Statement   [Mar-24-17 01:46PM  Business Wire]
▶ PTC to Host Investor Webcast on Thursday, March 2nd, 2017   [Feb-13-17 04:01PM  Business Wire]
▶ PTC Promotes Craig Hayman to Chief Operating Officer   [Feb-01-17 04:30PM  Business Wire]
▶ PTC to Participate in Three Upcoming Investor Conferences   [Jan-30-17 04:01PM  Business Wire]
▶ [$$] PTCs Revenue Puzzle Still Unsolved   [12:19AM  at The Wall Street Journal]
▶ Needham tech firm PTC hits highest stock price in 17 years   [Jan-19-17 10:20PM  at bizjournals.com]
▶ [$$] PTC's Revenue Puzzle Still Unsolved   [04:32PM  at The Wall Street Journal]
Financial statements of PTC
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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