Intrinsic value of PTC - PTC

Previous Close

$71.46

  Intrinsic Value

$15.46

stock screener

  Rating & Target

str. sell

-78%

Previous close

$71.46

 
Intrinsic value

$15.46

 
Up/down potential

-78%

 
Rating

str. sell

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

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, %
  2.02
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
Revenue, $m
  1,164
  1,237
  1,314
  1,393
  1,476
  1,562
  1,653
  1,747
  1,845
  1,947
  2,055
  2,167
  2,284
  2,406
  2,535
  2,669
  2,809
  2,957
  3,111
  3,273
  3,442
  3,619
  3,806
  4,001
  4,205
  4,420
  4,645
  4,881
  5,129
  5,389
  5,662
Variable operating expenses, $m
 
  1,271
  1,342
  1,416
  1,493
  1,574
  1,657
  1,745
  1,836
  1,932
  2,032
  2,018
  2,127
  2,241
  2,361
  2,486
  2,617
  2,754
  2,897
  3,048
  3,206
  3,371
  3,544
  3,726
  3,917
  4,117
  4,326
  4,546
  4,777
  5,019
  5,273
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
  1,123
  1,271
  1,342
  1,416
  1,493
  1,574
  1,657
  1,745
  1,836
  1,932
  2,032
  2,018
  2,127
  2,241
  2,361
  2,486
  2,617
  2,754
  2,897
  3,048
  3,206
  3,371
  3,544
  3,726
  3,917
  4,117
  4,326
  4,546
  4,777
  5,019
  5,273
Operating income, $m
  41
  -33
  -28
  -23
  -17
  -11
  -5
  2
  8
  15
  23
  149
  157
  165
  174
  183
  193
  203
  214
  225
  236
  248
  261
  275
  289
  303
  319
  335
  352
  370
  389
EBITDA, $m
  128
  105
  111
  118
  125
  132
  140
  148
  156
  165
  174
  183
  193
  203
  214
  225
  237
  250
  263
  276
  291
  306
  321
  338
  355
  373
  392
  412
  433
  455
  478
Interest expense (income), $m
  0
  25
  28
  31
  35
  39
  42
  46
  51
  55
  60
  64
  69
  74
  80
  86
  92
  98
  104
  111
  118
  126
  134
  142
  150
  160
  169
  179
  189
  200
  212
Earnings before tax, $m
  -1
  -58
  -56
  -54
  -52
  -50
  -47
  -45
  -42
  -40
  -37
  84
  87
  91
  94
  98
  101
  105
  109
  114
  118
  123
  128
  133
  138
  144
  150
  156
  163
  169
  177
Tax expense, $m
  -7
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  23
  24
  24
  25
  26
  27
  28
  29
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
Net income, $m
  6
  -58
  -56
  -54
  -52
  -50
  -47
  -45
  -42
  -40
  -37
  62
  64
  66
  69
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
  105
  109
  114
  119
  124
  129

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  298
  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
  2,360
  2,190
  2,325
  2,466
  2,612
  2,765
  2,925
  3,091
  3,265
  3,447
  3,636
  3,835
  4,042
  4,259
  4,486
  4,724
  4,972
  5,233
  5,506
  5,792
  6,092
  6,406
  6,736
  7,081
  7,443
  7,823
  8,221
  8,639
  9,078
  9,538
  10,021
Adjusted assets (=assets-cash), $m
  2,062
  2,190
  2,325
  2,466
  2,612
  2,765
  2,925
  3,091
  3,265
  3,447
  3,636
  3,835
  4,042
  4,259
  4,486
  4,724
  4,972
  5,233
  5,506
  5,792
  6,092
  6,406
  6,736
  7,081
  7,443
  7,823
  8,221
  8,639
  9,078
  9,538
  10,021
Revenue / Adjusted assets
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
Average production assets, $m
  316
  335
  356
  378
  400
  423
  448
  473
  500
  528
  557
  587
  619
  652
  687
  723
  761
  801
  843
  887
  933
  981
  1,031
  1,084
  1,140
  1,198
  1,259
  1,323
  1,390
  1,460
  1,534
Working capital, $m
  -12
  -329
  -349
  -371
  -393
  -416
  -440
  -465
  -491
  -518
  -547
  -576
  -607
  -640
  -674
  -710
  -747
  -786
  -828
  -870
  -916
  -963
  -1,012
  -1,064
  -1,119
  -1,176
  -1,236
  -1,298
  -1,364
  -1,433
  -1,506
Total debt, $m
  712
  803
  899
  1,000
  1,105
  1,214
  1,328
  1,447
  1,572
  1,701
  1,837
  1,979
  2,127
  2,282
  2,444
  2,614
  2,792
  2,979
  3,174
  3,378
  3,593
  3,817
  4,053
  4,300
  4,559
  4,830
  5,115
  5,414
  5,728
  6,057
  6,402
Total liabilities, $m
  1,475
  1,566
  1,662
  1,763
  1,868
  1,977
  2,091
  2,210
  2,335
  2,464
  2,600
  2,742
  2,890
  3,045
  3,207
  3,377
  3,555
  3,742
  3,937
  4,141
  4,356
  4,580
  4,816
  5,063
  5,322
  5,593
  5,878
  6,177
  6,491
  6,820
  7,165
Total equity, $m
  885
  624
  663
  703
  745
  788
  834
  881
  931
  982
  1,036
  1,093
  1,152
  1,214
  1,279
  1,346
  1,417
  1,491
  1,569
  1,651
  1,736
  1,826
  1,920
  2,018
  2,121
  2,230
  2,343
  2,462
  2,587
  2,718
  2,856
Total liabilities and equity, $m
  2,360
  2,190
  2,325
  2,466
  2,613
  2,765
  2,925
  3,091
  3,266
  3,446
  3,636
  3,835
  4,042
  4,259
  4,486
  4,723
  4,972
  5,233
  5,506
  5,792
  6,092
  6,406
  6,736
  7,081
  7,443
  7,823
  8,221
  8,639
  9,078
  9,538
  10,021
Debt-to-equity ratio
  0.805
  1.290
  1.360
  1.420
  1.480
  1.540
  1.590
  1.640
  1.690
  1.730
  1.770
  1.810
  1.850
  1.880
  1.910
  1.940
  1.970
  2.000
  2.020
  2.050
  2.070
  2.090
  2.110
  2.130
  2.150
  2.170
  2.180
  2.200
  2.210
  2.230
  2.240
Adjusted equity ratio
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  6
  -58
  -56
  -54
  -52
  -50
  -47
  -45
  -42
  -40
  -37
  62
  64
  66
  69
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
  105
  109
  114
  119
  124
  129
Depreciation, amort., depletion, $m
  87
  138
  139
  140
  142
  143
  144
  146
  148
  149
  151
  34
  36
  38
  40
  42
  45
  47
  49
  52
  55
  57
  60
  63
  67
  70
  74
  77
  81
  85
  90
Funds from operations, $m
  127
  80
  83
  86
  90
  93
  97
  101
  105
  110
  114
  96
  100
  104
  109
  114
  118
  124
  129
  135
  141
  147
  153
  160
  167
  175
  183
  191
  200
  209
  219
Change in working capital, $m
  -8
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -73
Cash from operations, $m
  135
  99
  103
  107
  112
  116
  121
  126
  131
  137
  143
  126
  131
  137
  143
  149
  156
  163
  170
  178
  186
  194
  203
  212
  222
  232
  243
  254
  266
  278
  291
Maintenance CAPEX, $m
  0
  -18
  -20
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -55
  -57
  -60
  -63
  -67
  -70
  -74
  -77
  -81
  -85
New CAPEX, $m
  -25
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -74
Cash from investing activities, $m
  -16
  -38
  -41
  -43
  -44
  -46
  -49
  -51
  -55
  -57
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -85
  -89
  -93
  -98
  -103
  -107
  -113
  -118
  -125
  -131
  -138
  -144
  -151
  -159
Free cash flow, $m
  119
  61
  63
  65
  67
  69
  72
  74
  77
  80
  83
  63
  65
  68
  70
  73
  75
  78
  81
  85
  88
  91
  95
  99
  103
  107
  112
  116
  121
  126
  132
Issuance/(repayment) of debt, $m
  -40
  91
  97
  101
  105
  109
  114
  119
  124
  130
  136
  142
  148
  155
  162
  170
  178
  186
  195
  205
  214
  225
  236
  247
  259
  272
  285
  299
  314
  329
  345
Issuance/(repurchase) of shares, $m
  -40
  95
  95
  94
  94
  93
  93
  92
  92
  91
  91
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  2
  2
  3
  4
  5
  6
  7
  9
Cash from financing (excl. dividends), $m  
  -117
  186
  192
  195
  199
  202
  207
  211
  216
  221
  227
  142
  148
  155
  162
  170
  178
  186
  195
  205
  214
  225
  237
  249
  261
  275
  289
  304
  320
  336
  354
Total cash flow (excl. dividends), $m
  2
  247
  254
  260
  266
  272
  279
  286
  293
  301
  309
  205
  213
  223
  232
  243
  253
  265
  277
  289
  302
  316
  331
  348
  364
  382
  401
  421
  441
  463
  486
Retained Cash Flow (-), $m
  -42
  -95
  -95
  -94
  -94
  -93
  -93
  -92
  -92
  -91
  -91
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -82
  -85
  -90
  -94
  -98
  -103
  -108
  -114
  -119
  -125
  -131
  -138
Prev. year cash balance distribution, $m
 
  298
  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
 
  450
  160
  166
  172
  179
  186
  193
  201
  210
  218
  148
  154
  161
  168
  175
  182
  190
  199
  208
  217
  227
  238
  249
  261
  274
  287
  301
  316
  332
  348
Discount rate, %
 
  5.40
  5.67
  5.95
  6.25
  6.56
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.04
  15.80
  16.59
  17.42
  18.29
  19.20
  20.16
  21.17
  22.23
PV of cash for distribution, $m
 
  427
  143
  139
  135
  130
  125
  119
  112
  105
  98
  59
  53
  48
  43
  38
  33
  29
  24
  20
  17
  14
  11
  9
  7
  5
  4
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  98.3
  96.8
  95.3
  94.0
  92.8
  91.6
  90.6
  89.6
  88.6
  87.8
  87.8
  87.8
  87.8
  87.8
  87.8
  87.8
  87.8
  87.8
  87.8
  87.8
  87.8
  87.8
  87.8
  87.8
  87.7
  87.7
  87.7
  87.7
  87.7
  87.6

PTC Inc. is a global computer software and services company. The Company offers a portfolio of computer-aided design (CAD) modeling, product lifecycle management (PLM) and service lifecycle management (SLM) solutions for manufacturers to create, operate, and service products. It offers a suite of Internet of Things (IoT) solutions that enables its customers to connect, manage and analyze data, and create applications. Its segments include the Solutions Group, the IoT Group and Professional Services. The Solutions Group segment includes its CAD, PLM and SLM products. The IoT Group segment includes its IoT, analytics and augmented reality (AR) solutions. The Professional Services segment includes consulting, implementation and training business. Its IoT products include ThingWorx, KEPServerEX, Vuforia Studio and Vuforia. Its CAD products include Creo and Mathcad. Its PLM products include Windchill, Integrity, Navigate and Creo View. Its SLM products include Servigistics and Arbortext.

FINANCIAL RATIOS  of  PTC (PTC)

Valuation Ratios
P/E Ratio 1373.6
Price to Sales 7.1
Price to Book 9.3
Price to Tangible Book
Price to Cash Flow 61
Price to Free Cash Flow 74.9
Growth Rates
Sales Growth Rate 2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -3.8%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 80.5%
Total Debt to Equity 80.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.3%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0.4%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0.7%
Return On Equity - 3 Yr. Avg. -0%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 71.7%
Gross Margin - 3 Yr. Avg. 72.2%
EBITDA Margin 7.4%
EBITDA Margin - 3 Yr. Avg. 6%
Operating Margin 3.5%
Oper. Margin - 3 Yr. Avg. 1.2%
Pre-Tax Margin -0.1%
Pre-Tax Margin - 3 Yr. Avg. -1.3%
Net Profit Margin 0.5%
Net Profit Margin - 3 Yr. Avg. -0.1%
Effective Tax Rate 700%
Eff/ Tax Rate - 3 Yr. Avg. 213.9%
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 $1164 million for the last fiscal year's total revenue generated by PTC. The default revenue input number comes from 2017 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 6.3% 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 5.4%, 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 103.3%.

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 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 27.1%.

Life of production assets of 17.1 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 -26.6%. 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 - $885 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 116.999 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 $8.4 billion.

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COMPANY NEWS

▶ PTC Shares Jump After Q1 Earnings Beat   [Jan-18-18 09:31AM  Investopedia]
▶ PTC Inc. beats Street 1Q forecasts   [05:05PM  Associated Press]
▶ P T C Shows Rising Relative Strength; Still Shy Of Key Benchmark   [Dec-27-17 03:00AM  Investor's Business Daily]
▶ How To Play The Future Of Urban Planning   [Dec-19-17 05:06PM  Forbes]
▶ ETFs with exposure to PTC, Inc. : December 18, 2017   [Dec-18-17 04:11PM  Capital Cube]
▶ ETFs with exposure to PTC, Inc. : December 5, 2017   [Dec-05-17 01:15PM  Capital Cube]
▶ The Boston Globe Names PTC a Top Place to Work for 2017   [Nov-20-17 09:00AM  Business Wire]
▶ PTC to Participate in Three Upcoming Investor Conferences   [Nov-02-17 02:50PM  Business Wire]
▶ More room to run for software stocks like Adobe   [Oct-31-17 07:05PM  CNBC Videos]
▶ P T C Meets 80-Plus Relative Strength Rating Benchmark   [03:00AM  Investor's Business Daily]
▶ PTC Inc. misses 4Q profit forecasts   [Oct-25-17 06:05PM  Associated Press]
▶ PTC Inc. to Host Earnings Call   [10:00AM  ACCESSWIRE]
▶ What Is PTC Incs (PTC) Share Price Doing?   [Oct-12-17 04:34PM  Simply Wall St.]
▶ Averna Becomes a PTC Platinum Partner   [07:00AM  PR Newswire]
▶ PTC to Exhibit at IoT Solutions World Congress 2017   [Sep-14-17 09:00AM  Business Wire]
▶ PTC to Move Global Headquarters to Boston Seaport   [Sep-07-17 10:30AM  Business Wire]
▶ 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]
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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