Intrinsic value of Red Hat - RHT

Previous Close

$107.30

  Intrinsic Value

$62.96

stock screener

  Rating & Target

sell

-41%

  Value-price divergence*

-84%

Previous close

$107.30

 
Intrinsic value

$62.96

 
Up/down potential

-41%

 
Rating

sell

 
Value-price divergence*

-84%

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

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 19.2

 

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
  19.20
  17.78
  16.50
  15.35
  14.32
  13.38
  12.55
  11.79
  11.11
  10.50
  9.95
  9.46
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
Revenue, $m
  2,412
  2,875
  3,386
  3,945
  4,551
  5,202
  5,899
  6,639
  7,421
  8,246
  9,112
  10,019
  10,966
  11,954
  12,984
  14,055
  15,168
  16,326
  17,529
  18,779
  20,078
  21,428
  22,833
  24,294
  25,814
  27,397
  29,046
  30,765
  32,557
  34,427
  36,379
Variable operating expenses, $m
 
  2,450
  2,867
  3,323
  3,817
  4,348
  4,916
  5,520
  6,159
  6,832
  7,538
  8,174
  8,947
  9,753
  10,593
  11,466
  12,375
  13,319
  14,301
  15,320
  16,380
  17,482
  18,628
  19,820
  21,060
  22,352
  23,697
  25,099
  26,562
  28,087
  29,679
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
  2,450
  2,867
  3,323
  3,817
  4,348
  4,916
  5,520
  6,159
  6,832
  7,538
  8,174
  8,947
  9,753
  10,593
  11,466
  12,375
  13,319
  14,301
  15,320
  16,380
  17,482
  18,628
  19,820
  21,060
  22,352
  23,697
  25,099
  26,562
  28,087
  29,679
Operating income, $m
  332
  425
  520
  622
  734
  854
  982
  1,118
  1,263
  1,415
  1,574
  1,845
  2,020
  2,202
  2,391
  2,588
  2,793
  3,007
  3,228
  3,458
  3,698
  3,946
  4,205
  4,474
  4,754
  5,045
  5,349
  5,666
  5,996
  6,340
  6,700
EBITDA, $m
  417
  554
  652
  760
  876
  1,002
  1,136
  1,278
  1,429
  1,588
  1,754
  1,929
  2,111
  2,302
  2,500
  2,706
  2,920
  3,143
  3,375
  3,615
  3,865
  4,125
  4,396
  4,677
  4,970
  5,275
  5,592
  5,923
  6,268
  6,628
  7,004
Interest expense (income), $m
  2
  26
  26
  47
  69
  94
  120
  148
  177
  209
  242
  277
  313
  351
  391
  432
  475
  520
  566
  614
  665
  717
  771
  827
  886
  947
  1,010
  1,077
  1,146
  1,218
  1,293
Earnings before tax, $m
  320
  399
  493
  575
  665
  760
  862
  971
  1,085
  1,206
  1,332
  1,568
  1,706
  1,850
  2,000
  2,156
  2,318
  2,487
  2,662
  2,844
  3,033
  3,229
  3,434
  3,647
  3,868
  4,098
  4,339
  4,589
  4,850
  5,123
  5,407
Tax expense, $m
  66
  108
  133
  155
  179
  205
  233
  262
  293
  326
  360
  423
  461
  500
  540
  582
  626
  671
  719
  768
  819
  872
  927
  985
  1,044
  1,107
  1,171
  1,239
  1,310
  1,383
  1,460
Net income, $m
  254
  291
  360
  420
  485
  555
  629
  709
  792
  880
  972
  1,145
  1,246
  1,351
  1,460
  1,574
  1,692
  1,815
  1,943
  2,076
  2,214
  2,358
  2,507
  2,662
  2,824
  2,992
  3,167
  3,350
  3,541
  3,739
  3,947

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
  3,663
  4,314
  5,026
  5,797
  6,627
  7,514
  8,457
  9,454
  10,505
  11,608
  12,763
  13,970
  15,229
  16,540
  17,904
  19,323
  20,797
  22,330
  23,922
  25,577
  27,297
  29,086
  30,947
  32,884
  34,901
  37,002
  39,191
  41,474
  43,856
  46,343
Adjusted assets (=assets-cash), $m
  3,074
  3,663
  4,314
  5,026
  5,797
  6,627
  7,514
  8,457
  9,454
  10,505
  11,608
  12,763
  13,970
  15,229
  16,540
  17,904
  19,323
  20,797
  22,330
  23,922
  25,577
  27,297
  29,086
  30,947
  32,884
  34,901
  37,002
  39,191
  41,474
  43,856
  46,343
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
  382
  450
  525
  605
  692
  785
  883
  987
  1,097
  1,212
  1,333
  1,459
  1,590
  1,727
  1,869
  2,017
  2,171
  2,331
  2,498
  2,670
  2,850
  3,037
  3,231
  3,433
  3,644
  3,863
  4,092
  4,330
  4,579
  4,838
Working capital, $m
  425
  -1,233
  -1,453
  -1,692
  -1,952
  -2,232
  -2,530
  -2,848
  -3,184
  -3,538
  -3,909
  -4,298
  -4,705
  -5,128
  -5,570
  -6,029
  -6,507
  -7,004
  -7,520
  -8,056
  -8,613
  -9,193
  -9,795
  -10,422
  -11,074
  -11,753
  -12,461
  -13,198
  -13,967
  -14,769
  -15,607
Total debt, $m
  748
  756
  1,342
  1,983
  2,677
  3,424
  4,223
  5,071
  5,969
  6,914
  7,907
  8,947
  10,033
  11,166
  12,346
  13,574
  14,850
  16,177
  17,557
  18,990
  20,479
  22,028
  23,638
  25,313
  27,056
  28,871
  30,762
  32,732
  34,787
  36,931
  39,168
Total liabilities, $m
  3,288
  3,296
  3,882
  4,523
  5,217
  5,964
  6,763
  7,611
  8,509
  9,454
  10,447
  11,487
  12,573
  13,706
  14,886
  16,114
  17,390
  18,717
  20,097
  21,530
  23,019
  24,568
  26,178
  27,853
  29,596
  31,411
  33,302
  35,272
  37,327
  39,471
  41,708
Total equity, $m
  1,247
  366
  431
  503
  580
  663
  751
  846
  945
  1,050
  1,161
  1,276
  1,397
  1,523
  1,654
  1,790
  1,932
  2,080
  2,233
  2,392
  2,558
  2,730
  2,909
  3,095
  3,288
  3,490
  3,700
  3,919
  4,147
  4,386
  4,634
Total liabilities and equity, $m
  4,535
  3,662
  4,313
  5,026
  5,797
  6,627
  7,514
  8,457
  9,454
  10,504
  11,608
  12,763
  13,970
  15,229
  16,540
  17,904
  19,322
  20,797
  22,330
  23,922
  25,577
  27,298
  29,087
  30,948
  32,884
  34,901
  37,002
  39,191
  41,474
  43,857
  46,342
Debt-to-equity ratio
  0.600
  2.060
  3.110
  3.950
  4.620
  5.170
  5.620
  6.000
  6.310
  6.580
  6.810
  7.010
  7.180
  7.330
  7.460
  7.580
  7.690
  7.780
  7.860
  7.940
  8.010
  8.070
  8.130
  8.180
  8.230
  8.270
  8.310
  8.350
  8.390
  8.420
  8.450
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
  291
  360
  420
  485
  555
  629
  709
  792
  880
  972
  1,145
  1,246
  1,351
  1,460
  1,574
  1,692
  1,815
  1,943
  2,076
  2,214
  2,358
  2,507
  2,662
  2,824
  2,992
  3,167
  3,350
  3,541
  3,739
  3,947
Depreciation, amort., depletion, $m
  85
  128
  132
  137
  142
  148
  153
  160
  166
  173
  180
  84
  92
  100
  109
  118
  127
  137
  147
  157
  168
  179
  191
  203
  216
  229
  243
  257
  272
  288
  304
Funds from operations, $m
  989
  420
  492
  557
  627
  703
  783
  868
  958
  1,053
  1,153
  1,229
  1,337
  1,451
  1,569
  1,692
  1,819
  1,952
  2,090
  2,233
  2,382
  2,537
  2,698
  2,865
  3,040
  3,221
  3,410
  3,607
  3,813
  4,027
  4,251
Change in working capital, $m
  205
  -199
  -219
  -240
  -260
  -279
  -299
  -317
  -336
  -354
  -371
  -389
  -406
  -424
  -442
  -459
  -478
  -497
  -516
  -536
  -557
  -579
  -602
  -627
  -652
  -679
  -707
  -737
  -769
  -802
  -837
Cash from operations, $m
  784
  618
  712
  797
  887
  982
  1,082
  1,186
  1,294
  1,407
  1,524
  1,618
  1,744
  1,875
  2,010
  2,151
  2,297
  2,448
  2,606
  2,769
  2,939
  3,116
  3,300
  3,492
  3,692
  3,900
  4,118
  4,345
  4,582
  4,830
  5,089
Maintenance CAPEX, $m
  0
  -20
  -24
  -28
  -33
  -38
  -44
  -49
  -56
  -62
  -69
  -76
  -84
  -92
  -100
  -109
  -118
  -127
  -137
  -147
  -157
  -168
  -179
  -191
  -203
  -216
  -229
  -243
  -257
  -272
  -288
New CAPEX, $m
  -81
  -62
  -68
  -74
  -81
  -87
  -93
  -98
  -104
  -110
  -115
  -121
  -126
  -131
  -137
  -142
  -148
  -154
  -160
  -166
  -173
  -180
  -187
  -194
  -202
  -211
  -219
  -229
  -238
  -249
  -260
Cash from investing activities, $m
  -110
  -82
  -92
  -102
  -114
  -125
  -137
  -147
  -160
  -172
  -184
  -197
  -210
  -223
  -237
  -251
  -266
  -281
  -297
  -313
  -330
  -348
  -366
  -385
  -405
  -427
  -448
  -472
  -495
  -521
  -548
Free cash flow, $m
  674
  536
  620
  694
  774
  857
  946
  1,038
  1,135
  1,235
  1,340
  1,421
  1,534
  1,652
  1,773
  1,900
  2,031
  2,168
  2,309
  2,456
  2,609
  2,769
  2,934
  3,107
  3,286
  3,474
  3,669
  3,873
  4,086
  4,309
  4,541
Issuance/(repayment) of debt, $m
  -2
  9
  586
  641
  694
  747
  798
  848
  897
  946
  993
  1,040
  1,086
  1,133
  1,180
  1,228
  1,277
  1,327
  1,379
  1,433
  1,489
  1,548
  1,610
  1,675
  1,743
  1,815
  1,891
  1,971
  2,055
  2,144
  2,238
Issuance/(repurchase) of shares, $m
  -436
  288
  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
  297
  586
  641
  694
  747
  798
  848
  897
  946
  993
  1,040
  1,086
  1,133
  1,180
  1,228
  1,277
  1,327
  1,379
  1,433
  1,489
  1,548
  1,610
  1,675
  1,743
  1,815
  1,891
  1,971
  2,055
  2,144
  2,238
Total cash flow (excl. dividends), $m
  163
  833
  1,206
  1,335
  1,468
  1,604
  1,744
  1,886
  2,032
  2,181
  2,333
  2,460
  2,620
  2,784
  2,953
  3,128
  3,308
  3,495
  3,688
  3,890
  4,099
  4,317
  4,544
  4,782
  5,030
  5,289
  5,560
  5,844
  6,141
  6,452
  6,779
Retained Cash Flow (-), $m
  87
  -579
  -65
  -71
  -77
  -83
  -89
  -94
  -100
  -105
  -110
  -116
  -121
  -126
  -131
  -136
  -142
  -147
  -153
  -159
  -165
  -172
  -179
  -186
  -194
  -202
  -210
  -219
  -228
  -238
  -249
Prev. year cash balance distribution, $m
 
  1,460
  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
 
  1,714
  1,141
  1,264
  1,391
  1,521
  1,655
  1,792
  1,932
  2,076
  2,223
  2,345
  2,500
  2,659
  2,822
  2,991
  3,166
  3,347
  3,535
  3,730
  3,933
  4,145
  4,365
  4,596
  4,836
  5,087
  5,350
  5,625
  5,913
  6,214
  6,530
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
 
  1,643
  1,044
  1,100
  1,145
  1,179
  1,201
  1,211
  1,208
  1,192
  1,165
  1,114
  1,067
  1,011
  948
  878
  805
  728
  651
  574
  500
  429
  362
  301
  246
  198
  156
  121
  91
  68
  49
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 74.7
Price to Sales 7.9
Price to Book 15.2
Price to Tangible Book
Price to Cash Flow 24.2
Price to Free Cash Flow 27
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 1461
Current Ratio 0.1
LT Debt to Equity 59.9%
Total Debt to Equity 60%
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 19.2% 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 -42.9%. 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 178.582 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 $19.2 billion.

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COMPANY NEWS

▶ Nominations Open for 2018 Red Hat Innovation Awards   [Sep-11-17 09:00AM  Business Wire]
▶ Longtime director takes chairman role at Red Hat   [Aug-29-17 05:55PM  American City Business Journals]
▶ Red Hat, Inc. Value Analysis (NYSE:RHT) : August 24, 2017   [Aug-24-17 05:51PM  Capital Cube]
▶ Red Hat exec: Why we're expanding our Microsoft partnership   [Aug-22-17 06:25PM  American City Business Journals]
▶ 3 Stocks Well in the Green   [Aug-21-17 03:34PM  GuruFocus.com]
▶ [$$] Technology Speeds Up Timeline on Quarterly Close   [12:29AM  The Wall Street Journal]
▶ [$$] Technology Speeds Up Timeline on Quarterly Close   [07:00AM  The Wall Street Journal]
▶ 3 Cloud Stocks to Buy Right Now   [Aug-09-17 04:28PM  Zacks]
▶ [$$] Red Hat Buys Permabit Assets   [Jul-31-17 09:06PM  The Wall Street Journal]
▶ Exclusive: Former Red Hat CFO Joins CloudBees   [Jul-24-17 06:41PM  Fortune]
▶ 5 Stocks I'll Hold Forever   [Jul-22-17 10:31AM  Motley Fool]
▶ 3 Stocks That Know How to Beat Earnings   [Jul-19-17 03:50PM  Zacks]
▶ What Is the ISE Cloud Computing Index?   [Jul-10-17 07:55PM  Motley Fool]
▶ New Strong Buy Stocks for July 7th   [Jul-07-17 10:31AM  Zacks]
▶ Time to Take Some Red Hat Off the Table   [11:25AM  TheStreet.com]
▶ Red Hat earnings suggest hybrid cloud is here to stay   [Jun-27-17 10:49AM  TechRepublic]
▶ [$$] Red Hat Looks Likely to Remain Red Hot   [Jun-24-17 12:22AM  Barrons.com]
▶ By the numbers: Red Hat execs' total compensation dips for fiscal 2017   [11:20AM  American City Business Journals]
▶ Massive Gap Up Earns This Software Stock A Sharp Rating Upgrade   [Jun-22-17 04:41PM  Investor's Business Daily]
▶ Company News for June 22, 2017   [10:57AM  Zacks]
▶ Red Hat: Cramer's Top Takeaways   [06:37AM  TheStreet.com]
▶ What Happened in the Stock Market Today   [05:10PM  Motley Fool]
▶ Adobe, FedEx gain; Actuant and Whirlpool fall   [05:10PM  Associated Press]
▶ Boeing, Adobe, Red Hat Price Targets Hiked; Chevron Downgraded   [04:09PM  Investor's Business Daily]
▶ Why Red Hat, Inc. Jumped 11% Today   [11:41AM  Motley Fool]
▶ A Stellar Q1 For Red Hat   [10:53AM  Benzinga]
▶ Story Stocks from Briefing.com   [10:38AM  Briefing.com]
▶ Red Hat Stock Soars on Q1 Beat, Upgrade   [09:55AM  TheStreet.com]
▶ Earnings Calendar, Analyst Estimates And Stocks To Watch   [09:47AM  Investor's Business Daily]
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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