Intrinsic value of Red Hat - RHT

Previous Close

$125.95

  Intrinsic Value

$69.28

stock screener

  Rating & Target

sell

-45%

Previous close

$125.95

 
Intrinsic value

$69.28

 
Up/down potential

-45%

 
Rating

sell

We calculate the intrinsic value of RHT 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 2017), $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 22.3

 

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, %
  17.54
  20.50
  18.95
  17.56
  16.30
  15.17
  14.15
  13.24
  12.41
  11.67
  11.01
  10.40
  9.86
  9.38
  8.94
  8.55
  8.19
  7.87
  7.58
  7.33
  7.09
  6.88
  6.70
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
Revenue, $m
  2,412
  2,906
  3,457
  4,064
  4,727
  5,444
  6,214
  7,037
  7,910
  8,833
  9,805
  10,826
  11,894
  13,009
  14,172
  15,383
  16,643
  17,953
  19,315
  20,730
  22,201
  23,729
  25,318
  26,970
  28,689
  30,478
  32,341
  34,282
  36,305
  38,415
  40,616
Variable operating expenses, $m
 
  2,475
  2,925
  3,420
  3,960
  4,545
  5,174
  5,845
  6,557
  7,311
  8,104
  8,832
  9,703
  10,613
  11,562
  12,550
  13,578
  14,647
  15,758
  16,912
  18,112
  19,359
  20,655
  22,003
  23,406
  24,865
  26,385
  27,969
  29,619
  31,341
  33,137
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
  2,080
  2,475
  2,925
  3,420
  3,960
  4,545
  5,174
  5,845
  6,557
  7,311
  8,104
  8,832
  9,703
  10,613
  11,562
  12,550
  13,578
  14,647
  15,758
  16,912
  18,112
  19,359
  20,655
  22,003
  23,406
  24,865
  26,385
  27,969
  29,619
  31,341
  33,137
Operating income, $m
  332
  431
  533
  644
  766
  898
  1,040
  1,192
  1,353
  1,523
  1,702
  1,994
  2,190
  2,396
  2,610
  2,833
  3,065
  3,306
  3,557
  3,818
  4,088
  4,370
  4,663
  4,967
  5,283
  5,613
  5,956
  6,313
  6,686
  7,075
  7,480
EBITDA, $m
  417
  560
  666
  782
  910
  1,048
  1,196
  1,355
  1,523
  1,701
  1,888
  2,084
  2,290
  2,505
  2,728
  2,962
  3,204
  3,456
  3,719
  3,991
  4,274
  4,568
  4,874
  5,192
  5,523
  5,868
  6,226
  6,600
  6,990
  7,396
  7,820
Interest expense (income), $m
  2
  26
  28
  50
  74
  101
  130
  160
  193
  228
  266
  305
  345
  388
  433
  480
  528
  579
  631
  686
  743
  802
  863
  927
  993
  1,062
  1,134
  1,209
  1,287
  1,368
  1,453
Earnings before tax, $m
  320
  405
  505
  595
  692
  798
  911
  1,031
  1,159
  1,294
  1,436
  1,689
  1,845
  2,007
  2,177
  2,353
  2,537
  2,727
  2,926
  3,131
  3,346
  3,568
  3,799
  4,040
  4,290
  4,551
  4,822
  5,105
  5,399
  5,707
  6,027
Tax expense, $m
  66
  109
  136
  161
  187
  215
  246
  278
  313
  349
  388
  456
  498
  542
  588
  635
  685
  736
  790
  846
  903
  963
  1,026
  1,091
  1,158
  1,229
  1,302
  1,378
  1,458
  1,541
  1,627
Net income, $m
  254
  296
  369
  434
  505
  582
  665
  753
  846
  945
  1,048
  1,233
  1,347
  1,465
  1,589
  1,718
  1,852
  1,991
  2,136
  2,286
  2,442
  2,605
  2,773
  2,949
  3,132
  3,322
  3,520
  3,726
  3,941
  4,166
  4,400

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,461
  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
  4,535
  3,702
  4,404
  5,177
  6,021
  6,935
  7,916
  8,964
  10,077
  11,253
  12,491
  13,791
  15,151
  16,572
  18,053
  19,596
  21,201
  22,870
  24,605
  26,408
  28,281
  30,228
  32,252
  34,357
  36,547
  38,826
  41,199
  43,672
  46,249
  48,937
  51,741
Adjusted assets (=assets-cash), $m
  3,074
  3,702
  4,404
  5,177
  6,021
  6,935
  7,916
  8,964
  10,077
  11,253
  12,491
  13,791
  15,151
  16,572
  18,053
  19,596
  21,201
  22,870
  24,605
  26,408
  28,281
  30,228
  32,252
  34,357
  36,547
  38,826
  41,199
  43,672
  46,249
  48,937
  51,741
Revenue / Adjusted assets
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
  0.785
Average production assets, $m
  320
  387
  460
  541
  629
  724
  826
  936
  1,052
  1,175
  1,304
  1,440
  1,582
  1,730
  1,885
  2,046
  2,214
  2,388
  2,569
  2,757
  2,953
  3,156
  3,367
  3,587
  3,816
  4,054
  4,301
  4,560
  4,829
  5,109
  5,402
Working capital, $m
  425
  -1,250
  -1,487
  -1,748
  -2,032
  -2,341
  -2,672
  -3,026
  -3,401
  -3,798
  -4,216
  -4,655
  -5,114
  -5,594
  -6,094
  -6,615
  -7,156
  -7,720
  -8,305
  -8,914
  -9,546
  -10,203
  -10,887
  -11,597
  -12,336
  -13,106
  -13,907
  -14,741
  -15,611
  -16,519
  -17,465
Total debt, $m
  747
  791
  1,423
  2,119
  2,878
  3,700
  4,583
  5,526
  6,528
  7,586
  8,701
  9,871
  11,095
  12,374
  13,707
  15,095
  16,540
  18,042
  19,603
  21,226
  22,912
  24,664
  26,486
  28,380
  30,351
  32,402
  34,538
  36,764
  39,083
  41,502
  44,026
Total liabilities, $m
  3,288
  3,332
  3,964
  4,660
  5,419
  6,241
  7,124
  8,067
  9,069
  10,127
  11,242
  12,412
  13,636
  14,915
  16,248
  17,636
  19,081
  20,583
  22,144
  23,767
  25,453
  27,205
  29,027
  30,921
  32,892
  34,943
  37,079
  39,305
  41,624
  44,043
  46,567
Total equity, $m
  1,247
  370
  440
  518
  602
  693
  792
  896
  1,008
  1,125
  1,249
  1,379
  1,515
  1,657
  1,805
  1,960
  2,120
  2,287
  2,460
  2,641
  2,828
  3,023
  3,225
  3,436
  3,655
  3,883
  4,120
  4,367
  4,625
  4,894
  5,174
Total liabilities and equity, $m
  4,535
  3,702
  4,404
  5,178
  6,021
  6,934
  7,916
  8,963
  10,077
  11,252
  12,491
  13,791
  15,151
  16,572
  18,053
  19,596
  21,201
  22,870
  24,604
  26,408
  28,281
  30,228
  32,252
  34,357
  36,547
  38,826
  41,199
  43,672
  46,249
  48,937
  51,741
Debt-to-equity ratio
  0.599
  2.140
  3.230
  4.090
  4.780
  5.340
  5.790
  6.170
  6.480
  6.740
  6.970
  7.160
  7.320
  7.470
  7.590
  7.700
  7.800
  7.890
  7.970
  8.040
  8.100
  8.160
  8.210
  8.260
  8.300
  8.350
  8.380
  8.420
  8.450
  8.480
  8.510
Adjusted equity ratio
  -0.070
  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
  254
  296
  369
  434
  505
  582
  665
  753
  846
  945
  1,048
  1,233
  1,347
  1,465
  1,589
  1,718
  1,852
  1,991
  2,136
  2,286
  2,442
  2,605
  2,773
  2,949
  3,132
  3,322
  3,520
  3,726
  3,941
  4,166
  4,400
Depreciation, amort., depletion, $m
  85
  128
  133
  138
  144
  150
  156
  163
  170
  178
  186
  91
  99
  109
  119
  129
  139
  150
  162
  173
  186
  198
  212
  226
  240
  255
  271
  287
  304
  321
  340
Funds from operations, $m
  989
  424
  502
  572
  649
  732
  821
  916
  1,016
  1,123
  1,235
  1,324
  1,446
  1,574
  1,708
  1,846
  1,991
  2,141
  2,297
  2,459
  2,628
  2,803
  2,985
  3,175
  3,372
  3,577
  3,791
  4,013
  4,245
  4,487
  4,740
Change in working capital, $m
  205
  -213
  -237
  -261
  -285
  -308
  -331
  -354
  -376
  -397
  -418
  -439
  -459
  -480
  -500
  -521
  -542
  -563
  -586
  -608
  -632
  -657
  -683
  -711
  -739
  -769
  -801
  -835
  -870
  -907
  -947
Cash from operations, $m
  784
  637
  738
  833
  934
  1,040
  1,152
  1,270
  1,392
  1,520
  1,653
  1,762
  1,905
  2,054
  2,208
  2,367
  2,533
  2,705
  2,883
  3,068
  3,260
  3,460
  3,668
  3,885
  4,111
  4,346
  4,592
  4,848
  5,115
  5,394
  5,686
Maintenance CAPEX, $m
  0
  -20
  -24
  -29
  -34
  -40
  -46
  -52
  -59
  -66
  -74
  -82
  -91
  -99
  -109
  -119
  -129
  -139
  -150
  -162
  -173
  -186
  -198
  -212
  -226
  -240
  -255
  -271
  -287
  -304
  -321
New CAPEX, $m
  -81
  -67
  -73
  -81
  -88
  -95
  -102
  -109
  -116
  -123
  -129
  -136
  -142
  -148
  -155
  -161
  -168
  -174
  -181
  -188
  -196
  -203
  -211
  -220
  -229
  -238
  -248
  -258
  -269
  -281
  -293
Cash from investing activities, $m
  -110
  -87
  -97
  -110
  -122
  -135
  -148
  -161
  -175
  -189
  -203
  -218
  -233
  -247
  -264
  -280
  -297
  -313
  -331
  -350
  -369
  -389
  -409
  -432
  -455
  -478
  -503
  -529
  -556
  -585
  -614
Free cash flow, $m
  674
  550
  641
  723
  812
  905
  1,004
  1,108
  1,217
  1,331
  1,449
  1,545
  1,673
  1,806
  1,944
  2,088
  2,237
  2,391
  2,551
  2,718
  2,891
  3,071
  3,259
  3,454
  3,657
  3,868
  4,089
  4,319
  4,559
  4,810
  5,072
Issuance/(repayment) of debt, $m
  -2
  44
  631
  696
  759
  822
  883
  943
  1,001
  1,059
  1,115
  1,170
  1,224
  1,279
  1,333
  1,389
  1,445
  1,502
  1,561
  1,622
  1,686
  1,752
  1,822
  1,894
  1,971
  2,051
  2,136
  2,225
  2,319
  2,419
  2,524
Issuance/(repurchase) of shares, $m
  -436
  289
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -504
  333
  631
  696
  759
  822
  883
  943
  1,001
  1,059
  1,115
  1,170
  1,224
  1,279
  1,333
  1,389
  1,445
  1,502
  1,561
  1,622
  1,686
  1,752
  1,822
  1,894
  1,971
  2,051
  2,136
  2,225
  2,319
  2,419
  2,524
Total cash flow (excl. dividends), $m
  163
  883
  1,272
  1,419
  1,571
  1,727
  1,887
  2,051
  2,218
  2,389
  2,564
  2,714
  2,897
  3,085
  3,278
  3,476
  3,681
  3,893
  4,113
  4,341
  4,577
  4,824
  5,080
  5,348
  5,628
  5,920
  6,225
  6,544
  6,879
  7,229
  7,596
Retained Cash Flow (-), $m
  87
  -584
  -70
  -77
  -84
  -91
  -98
  -105
  -111
  -118
  -124
  -130
  -136
  -142
  -148
  -154
  -161
  -167
  -173
  -180
  -187
  -195
  -202
  -210
  -219
  -228
  -237
  -247
  -258
  -269
  -280
Prev. year cash balance distribution, $m
 
  1,461
  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
 
  1,760
  1,202
  1,342
  1,487
  1,636
  1,789
  1,946
  2,107
  2,272
  2,440
  2,584
  2,761
  2,943
  3,129
  3,322
  3,521
  3,726
  3,939
  4,160
  4,390
  4,629
  4,878
  5,138
  5,409
  5,692
  5,988
  6,297
  6,621
  6,960
  7,315
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
 
  1,687
  1,101
  1,168
  1,224
  1,268
  1,299
  1,315
  1,317
  1,305
  1,279
  1,227
  1,178
  1,119
  1,051
  975
  895
  811
  725
  641
  558
  479
  405
  337
  275
  221
  175
  135
  102
  76
  55
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Red Hat, Inc. (Red Hat) provides open source software solutions, using a community-powered approach to develop and offer operating system, virtualization, management, middleware, cloud, mobile and storage technologies. Red Hat operates through three geographical segments: the Americas, including the United States, Canada and Latin America; EMEA, including Europe, Middle East and Africa, and Asia Pacific. Its products and services include infrastructure-related offerings, application development-related and other technology offerings, and consulting, support and training services. Its infrastructure-related offerings include Red Hat Enterprise Linux, Red Hat Satellite and Red Hat Enterprise Virtualization. Its application development-related and other technology offerings include Red Hat JBoss Middleware, Red Hat cloud offerings, Red Hat Mobile and Red Hat Storage. Its consulting services include upgrade planning, platform migrations, solution integration and application development.

FINANCIAL RATIOS  of  Red Hat (RHT)

Valuation Ratios
P/E Ratio 87.7
Price to Sales 9.2
Price to Book 17.9
Price to Tangible Book
Price to Cash Flow 28.4
Price to Free Cash Flow 31.7
Growth Rates
Sales Growth Rate 17.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 44.6%
Cap. Spend. - 3 Yr. Gr. Rate -3.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 59.9%
Total Debt to Equity 59.9%
Interest Coverage 161
Management Effectiveness
Return On Assets 5.9%
Ret/ On Assets - 3 Yr. Avg. 5.4%
Return On Total Capital 12.5%
Ret/ On T. Cap. - 3 Yr. Avg. 10.8%
Return On Equity 19.7%
Return On Equity - 3 Yr. Avg. 15.8%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 85.3%
Gross Margin - 3 Yr. Avg. 85%
EBITDA Margin 16.9%
EBITDA Margin - 3 Yr. Avg. 17.5%
Operating Margin 13.8%
Oper. Margin - 3 Yr. Avg. 13.9%
Pre-Tax Margin 13.3%
Pre-Tax Margin - 3 Yr. Avg. 13.7%
Net Profit Margin 10.5%
Net Profit Margin - 3 Yr. Avg. 10.1%
Effective Tax Rate 20.6%
Eff/ Tax Rate - 3 Yr. Avg. 26%
Payout Ratio 0%

RHT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RHT stock intrinsic value calculation we used $2412 million for the last fiscal year's total revenue generated by Red Hat. The default revenue input number comes from 2017 income statement of Red Hat. 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 RHT stock valuation model: a) initial revenue growth rate of 20.5% 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 RHT is calculated based on our internal credit rating of Red Hat, 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 Red Hat.
    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 RHT stock the variable cost ratio is equal to 85.9%.

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 RHT 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 Red Hat.

Corporate tax rate of 27% is the nominal tax rate for Red Hat. 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 RHT 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 RHT are equal to 13.3%.

Life of production assets of 15.9 years is the average useful life of capital assets used in Red Hat 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 RHT is equal to -43%. 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 - $1247 million for Red Hat - 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 176.929 million for Red Hat 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 Red Hat at the current share price and the inputted number of shares is $22.3 billion.

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▶ The Hot Stock: Red Hat Climbs 4.1%   [04:34PM  Barrons.com]
▶ Is Red Hat's 40% Growth In Public Cloud Sales Not Good Enough?   [04:25PM  Investor's Business Daily]
▶ Red Hat shares up after reporting 20 percent revenue increase   [10:05AM  American City Business Journals]
▶ Red Hat tops Street 2Q forecasts   [Sep-25-17 09:29PM  Associated Press]
▶ Red Hat Earnings, Revenue Beat; Shares in Linux Leader Rise   [04:51PM  Investor's Business Daily]
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▶ 3 Stocks That Could Put NVIDIA's Returns to Shame   [Sep-22-17 09:00AM  Motley Fool]
▶ Nominations Open for 2018 Red Hat Innovation Awards   [Sep-11-17 09:00AM  Business Wire]
Financial statements of RHT
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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