Intrinsic value of VMware - VMW

Previous Close

$121.87

  Intrinsic Value

$113.60

stock screener

  Rating & Target

hold

-7%

Previous close

$121.87

 
Intrinsic value

$113.60

 
Up/down potential

-7%

 
Rating

hold

We calculate the intrinsic value of VMW 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 49.8

 

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, %
  6.71
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
Revenue, $m
  7,093
  7,568
  8,062
  8,577
  9,112
  9,669
  10,249
  10,854
  11,485
  12,144
  12,831
  13,549
  14,298
  15,082
  15,901
  16,758
  17,655
  18,593
  19,575
  20,604
  21,681
  22,810
  23,993
  25,233
  26,533
  27,895
  29,324
  30,823
  32,394
  34,043
  35,772
Variable operating expenses, $m
 
  3,432
  3,629
  3,835
  4,049
  4,272
  4,505
  4,747
  4,999
  5,263
  5,538
  5,422
  5,722
  6,035
  6,363
  6,706
  7,065
  7,440
  7,833
  8,245
  8,676
  9,128
  9,601
  10,097
  10,617
  11,163
  11,734
  12,334
  12,963
  13,622
  14,314
Fixed operating expenses, $m
 
  2,532
  2,595
  2,660
  2,726
  2,795
  2,864
  2,936
  3,009
  3,085
  3,162
  3,241
  3,322
  3,405
  3,490
  3,577
  3,667
  3,758
  3,852
  3,949
  4,047
  4,149
  4,252
  4,359
  4,468
  4,579
  4,694
  4,811
  4,931
  5,055
  5,181
Total operating expenses, $m
  5,654
  5,964
  6,224
  6,495
  6,775
  7,067
  7,369
  7,683
  8,008
  8,348
  8,700
  8,663
  9,044
  9,440
  9,853
  10,283
  10,732
  11,198
  11,685
  12,194
  12,723
  13,277
  13,853
  14,456
  15,085
  15,742
  16,428
  17,145
  17,894
  18,677
  19,495
Operating income, $m
  1,439
  1,605
  1,838
  2,081
  2,336
  2,602
  2,880
  3,172
  3,477
  3,796
  4,132
  4,886
  5,255
  5,642
  6,048
  6,475
  6,923
  7,394
  7,890
  8,411
  8,958
  9,534
  10,140
  10,777
  11,448
  12,154
  12,896
  13,678
  14,500
  15,366
  16,277
EBITDA, $m
  1,784
  2,116
  2,356
  2,607
  2,869
  3,143
  3,429
  3,729
  4,043
  4,372
  4,717
  5,079
  5,458
  5,856
  6,274
  6,713
  7,174
  7,659
  8,168
  8,703
  9,266
  9,858
  10,481
  11,136
  11,825
  12,550
  13,313
  14,116
  14,960
  15,849
  16,785
Interest expense (income), $m
  29
  53
  44
  63
  83
  104
  125
  148
  171
  195
  220
  247
  274
  303
  333
  365
  398
  432
  469
  506
  546
  587
  631
  676
  724
  774
  826
  881
  939
  999
  1,063
Earnings before tax, $m
  1,473
  1,552
  1,793
  2,018
  2,253
  2,498
  2,755
  3,024
  3,306
  3,601
  3,911
  4,639
  4,980
  5,339
  5,715
  6,110
  6,525
  6,962
  7,421
  7,904
  8,412
  8,947
  9,509
  10,101
  10,724
  11,380
  12,070
  12,797
  13,561
  14,366
  15,214
Tax expense, $m
  287
  419
  484
  545
  608
  675
  744
  817
  893
  972
  1,056
  1,253
  1,345
  1,441
  1,543
  1,650
  1,762
  1,880
  2,004
  2,134
  2,271
  2,416
  2,568
  2,727
  2,896
  3,073
  3,259
  3,455
  3,662
  3,879
  4,108
Net income, $m
  1,186
  1,133
  1,309
  1,473
  1,644
  1,824
  2,011
  2,208
  2,413
  2,629
  2,855
  3,387
  3,636
  3,897
  4,172
  4,460
  4,763
  5,082
  5,418
  5,770
  6,141
  6,531
  6,942
  7,374
  7,829
  8,307
  8,811
  9,341
  9,900
  10,488
  11,106

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  7,985
  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
  16,643
  9,241
  9,844
  10,472
  11,125
  11,806
  12,515
  13,253
  14,024
  14,828
  15,667
  16,543
  17,458
  18,415
  19,415
  20,462
  21,556
  22,702
  23,901
  25,157
  26,473
  27,851
  29,296
  30,810
  32,397
  34,060
  35,805
  37,635
  39,553
  41,566
  43,678
Adjusted assets (=assets-cash), $m
  8,658
  9,241
  9,844
  10,472
  11,125
  11,806
  12,515
  13,253
  14,024
  14,828
  15,667
  16,543
  17,458
  18,415
  19,415
  20,462
  21,556
  22,702
  23,901
  25,157
  26,473
  27,851
  29,296
  30,810
  32,397
  34,060
  35,805
  37,635
  39,553
  41,566
  43,678
Revenue / Adjusted assets
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
Average production assets, $m
  1,655
  1,763
  1,879
  1,998
  2,123
  2,253
  2,388
  2,529
  2,676
  2,830
  2,990
  3,157
  3,331
  3,514
  3,705
  3,905
  4,114
  4,332
  4,561
  4,801
  5,052
  5,315
  5,590
  5,879
  6,182
  6,500
  6,833
  7,182
  7,548
  7,932
  8,335
Working capital, $m
  5,781
  -2,354
  -2,507
  -2,667
  -2,834
  -3,007
  -3,188
  -3,376
  -3,572
  -3,777
  -3,990
  -4,214
  -4,447
  -4,690
  -4,945
  -5,212
  -5,491
  -5,782
  -6,088
  -6,408
  -6,743
  -7,094
  -7,462
  -7,848
  -8,252
  -8,675
  -9,120
  -9,586
  -10,075
  -10,587
  -11,125
Total debt, $m
  1,500
  1,271
  1,814
  2,379
  2,967
  3,579
  4,217
  4,882
  5,575
  6,299
  7,054
  7,843
  8,666
  9,527
  10,428
  11,369
  12,355
  13,386
  14,465
  15,596
  16,780
  18,020
  19,320
  20,683
  22,111
  23,608
  25,178
  26,825
  28,552
  30,364
  32,264
Total liabilities, $m
  8,546
  8,317
  8,860
  9,425
  10,013
  10,625
  11,263
  11,928
  12,621
  13,345
  14,100
  14,889
  15,712
  16,573
  17,474
  18,415
  19,401
  20,432
  21,511
  22,642
  23,826
  25,066
  26,366
  27,729
  29,157
  30,654
  32,224
  33,871
  35,598
  37,410
  39,310
Total equity, $m
  8,097
  924
  984
  1,047
  1,113
  1,181
  1,251
  1,325
  1,402
  1,483
  1,567
  1,654
  1,746
  1,841
  1,942
  2,046
  2,156
  2,270
  2,390
  2,516
  2,647
  2,785
  2,930
  3,081
  3,240
  3,406
  3,580
  3,763
  3,955
  4,157
  4,368
Total liabilities and equity, $m
  16,643
  9,241
  9,844
  10,472
  11,126
  11,806
  12,514
  13,253
  14,023
  14,828
  15,667
  16,543
  17,458
  18,414
  19,416
  20,461
  21,557
  22,702
  23,901
  25,158
  26,473
  27,851
  29,296
  30,810
  32,397
  34,060
  35,804
  37,634
  39,553
  41,567
  43,678
Debt-to-equity ratio
  0.185
  1.380
  1.840
  2.270
  2.670
  3.030
  3.370
  3.680
  3.980
  4.250
  4.500
  4.740
  4.960
  5.170
  5.370
  5.560
  5.730
  5.900
  6.050
  6.200
  6.340
  6.470
  6.590
  6.710
  6.830
  6.930
  7.030
  7.130
  7.220
  7.300
  7.390
Adjusted equity ratio
  0.013
  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
  1,186
  1,133
  1,309
  1,473
  1,644
  1,824
  2,011
  2,208
  2,413
  2,629
  2,855
  3,387
  3,636
  3,897
  4,172
  4,460
  4,763
  5,082
  5,418
  5,770
  6,141
  6,531
  6,942
  7,374
  7,829
  8,307
  8,811
  9,341
  9,900
  10,488
  11,106
Depreciation, amort., depletion, $m
  345
  511
  518
  525
  533
  541
  549
  557
  566
  576
  585
  192
  203
  214
  226
  238
  251
  264
  278
  293
  308
  324
  341
  358
  377
  396
  417
  438
  460
  484
  508
Funds from operations, $m
  2,598
  1,644
  1,827
  1,998
  2,177
  2,364
  2,560
  2,765
  2,980
  3,205
  3,441
  3,579
  3,839
  4,111
  4,398
  4,698
  5,014
  5,346
  5,696
  6,063
  6,449
  6,855
  7,283
  7,732
  8,206
  8,704
  9,228
  9,779
  10,360
  10,971
  11,614
Change in working capital, $m
  217
  -148
  -154
  -160
  -166
  -173
  -181
  -188
  -196
  -205
  -214
  -223
  -233
  -244
  -255
  -266
  -279
  -292
  -306
  -320
  -335
  -351
  -368
  -386
  -404
  -424
  -444
  -466
  -489
  -513
  -538
Cash from operations, $m
  2,381
  1,792
  1,981
  2,158
  2,344
  2,538
  2,741
  2,953
  3,176
  3,409
  3,654
  3,802
  4,072
  4,355
  4,652
  4,965
  5,293
  5,638
  6,001
  6,383
  6,784
  7,206
  7,651
  8,118
  8,610
  9,127
  9,672
  10,245
  10,849
  11,484
  12,152
Maintenance CAPEX, $m
  0
  -101
  -108
  -115
  -122
  -129
  -137
  -146
  -154
  -163
  -173
  -182
  -192
  -203
  -214
  -226
  -238
  -251
  -264
  -278
  -293
  -308
  -324
  -341
  -358
  -377
  -396
  -417
  -438
  -460
  -484
New CAPEX, $m
  -153
  -108
  -115
  -120
  -125
  -130
  -135
  -141
  -147
  -153
  -160
  -167
  -175
  -183
  -191
  -200
  -209
  -219
  -229
  -240
  -251
  -263
  -276
  -289
  -303
  -317
  -333
  -349
  -366
  -384
  -403
Cash from investing activities, $m
  -465
  -209
  -223
  -235
  -247
  -259
  -272
  -287
  -301
  -316
  -333
  -349
  -367
  -386
  -405
  -426
  -447
  -470
  -493
  -518
  -544
  -571
  -600
  -630
  -661
  -694
  -729
  -766
  -804
  -844
  -887
Free cash flow, $m
  1,916
  1,582
  1,758
  1,924
  2,097
  2,278
  2,468
  2,667
  2,875
  3,093
  3,322
  3,453
  3,705
  3,969
  4,247
  4,539
  4,846
  5,169
  5,508
  5,865
  6,240
  6,635
  7,051
  7,488
  7,948
  8,433
  8,943
  9,480
  10,045
  10,640
  11,266
Issuance/(repayment) of debt, $m
  0
  -229
  543
  565
  588
  612
  638
  665
  693
  723
  755
  789
  824
  861
  900
  942
  985
  1,031
  1,080
  1,130
  1,184
  1,241
  1,300
  1,362
  1,428
  1,497
  1,570
  1,647
  1,727
  1,812
  1,900
Issuance/(repurchase) of shares, $m
  -1,630
  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 from financing (excl. dividends), $m  
  -1,619
  -229
  543
  565
  588
  612
  638
  665
  693
  723
  755
  789
  824
  861
  900
  942
  985
  1,031
  1,080
  1,130
  1,184
  1,241
  1,300
  1,362
  1,428
  1,497
  1,570
  1,647
  1,727
  1,812
  1,900
Total cash flow (excl. dividends), $m
  297
  1,353
  2,301
  2,489
  2,685
  2,891
  3,106
  3,332
  3,568
  3,816
  4,077
  4,241
  4,529
  4,830
  5,148
  5,481
  5,831
  6,200
  6,588
  6,995
  7,424
  7,876
  8,351
  8,851
  9,377
  9,930
  10,513
  11,126
  11,772
  12,451
  13,166
Retained Cash Flow (-), $m
  -178
  -812
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -100
  -105
  -109
  -115
  -120
  -126
  -132
  -138
  -144
  -151
  -159
  -166
  -174
  -183
  -192
  -201
  -211
Prev. year cash balance distribution, $m
 
  7,985
  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
 
  8,526
  2,241
  2,426
  2,620
  2,823
  3,035
  3,258
  3,491
  3,736
  3,993
  4,154
  4,437
  4,735
  5,048
  5,376
  5,722
  6,085
  6,468
  6,870
  7,293
  7,738
  8,206
  8,699
  9,218
  9,764
  10,339
  10,943
  11,580
  12,250
  12,955
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
 
  8,175
  2,051
  2,111
  2,157
  2,188
  2,203
  2,201
  2,182
  2,146
  2,093
  1,973
  1,893
  1,800
  1,695
  1,578
  1,454
  1,324
  1,191
  1,058
  927
  800
  681
  570
  469
  380
  302
  235
  179
  134
  98
Current shareholders' claim on cash, %
  100
  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
  100.0

VMware, Inc. is an information technology (IT) company. The Company is engaged in development and application of virtualization technologies with x86 server-based computing, separating application software from the underlying hardware. The Company offers various products, which allow organizations to manage IT resources across private clouds and multi-cloud, multi-device environments by leveraging synergies across three product categories: Software-Defined Data Center (SDDC), Hybrid Cloud Computing and End-User Computing (EUC). The SDDC is designed to transform and modernize the data center into an on-demand service that addresses application requirements by abstracting, pooling and automating the services that are required from the underlying hardware. The Company provides many storage and availability products to offer data storage and protection options to all applications running on the vSphere platform.

FINANCIAL RATIOS  of  VMware (VMW)

Valuation Ratios
P/E Ratio 42
Price to Sales 7
Price to Book 6.1
Price to Tangible Book
Price to Cash Flow 20.9
Price to Free Cash Flow 22.3
Growth Rates
Sales Growth Rate 6.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -54.1%
Cap. Spend. - 3 Yr. Gr. Rate -15%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 18.5%
Total Debt to Equity 18.5%
Interest Coverage 52
Management Effectiveness
Return On Assets 7.5%
Ret/ On Assets - 3 Yr. Avg. 6.9%
Return On Total Capital 12.5%
Ret/ On T. Cap. - 3 Yr. Avg. 11.4%
Return On Equity 14.8%
Return On Equity - 3 Yr. Avg. 13.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 85.2%
Gross Margin - 3 Yr. Avg. 84.9%
EBITDA Margin 26%
EBITDA Margin - 3 Yr. Avg. 24.4%
Operating Margin 20.3%
Oper. Margin - 3 Yr. Avg. 18.4%
Pre-Tax Margin 20.8%
Pre-Tax Margin - 3 Yr. Avg. 18.8%
Net Profit Margin 16.7%
Net Profit Margin - 3 Yr. Avg. 15.5%
Effective Tax Rate 19.5%
Eff/ Tax Rate - 3 Yr. Avg. 17.6%
Payout Ratio 0%

VMW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VMW stock intrinsic value calculation we used $7093 million for the last fiscal year's total revenue generated by VMware. The default revenue input number comes from 2016 income statement of VMware. 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 VMW stock valuation model: a) initial revenue growth rate of 6.7% 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 VMW is calculated based on our internal credit rating of VMware, 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 VMware.
    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 VMW stock the variable cost ratio is equal to 45.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2470 million in the base year in the intrinsic value calculation for VMW 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 VMware.

Corporate tax rate of 27% is the nominal tax rate for VMware. 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 VMW 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 VMW are equal to 23.3%.

Life of production assets of 16.4 years is the average useful life of capital assets used in VMware 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 VMW is equal to -31.1%. 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 - $8097 million for VMware - 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 408.907 million for VMware 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 VMware at the current share price and the inputted number of shares is $49.8 billion.

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COMPANY NEWS

▶ McAfee CEO: Companies must have 'a culture of security'   [Dec-12-17 07:37PM  CNBC Videos]
▶ ETFs with exposure to VMware, Inc. : December 8, 2017   [Dec-08-17 01:36PM  Capital Cube]
▶ VMware CEO cites partnerships with Amazon, IBM and Dell as keys to turnaround   [Dec-05-17 10:50AM  American City Business Journals]
▶ VMware CEO cites partnerships with Amazon, IBM and Dell as keys to turnaround   [Dec-04-17 04:54PM  American City Business Journals]
▶ VMware's Growth Businesses Are Booming   [Dec-02-17 09:30AM  Motley Fool]
▶ Cramer Remix: Bitcoin has taken away the luster of gold   [Dec-01-17 07:12PM  CNBC Videos]
▶ Russia Probe Stunner Slams Stocks; VMware Earnings Impress   [01:41PM  Investor's Business Daily]
▶ Q3 Results for Specialty Retail Continue   [Nov-30-17 06:12PM  Zacks]
▶ VMware beats the Street   [04:28PM  CNBC Videos]
▶ VMware rises after earnings beat   [04:26PM  MarketWatch]
▶ VMware beats Street 3Q forecasts   [04:25PM  Associated Press]
▶ VMware Earnings, Revenue Beat As Cloud Strategy Gains Traction   [04:24PM  Investor's Business Daily]
▶ Should You Buy VMware Inc (VMW) At $127.34?   [Nov-29-17 08:04PM  Simply Wall St.]
▶ VMware to Present at the Wells Fargo Technology Summit   [Nov-21-17 04:15PM  Marketwired]
▶ [$$] A Super-Cheap Way to Buy VMware   [01:30PM  Barrons.com]
▶ Square shares jump on news of Bitcoin venture   [01:29PM  Yahoo Finance Video]
▶ Here are more companies VMware may want to buy after VeloCloud   [Nov-07-17 05:12PM  American City Business Journals]
▶ [$$] VMware to Acquire VeloCloud   [Nov-03-17 02:10PM  The Wall Street Journal]
▶ VMWare snaps up Mountain View networking startup VeloCloud   [10:23AM  American City Business Journals]
▶ [$$] Palo Alto, NetApp Have Double-Digit Upside   [Oct-30-17 02:27PM  Barrons.com]
▶ VMware: Is There Still Time to Get In?   [Oct-27-17 02:26PM  TheStreet.com]
▶ Why Google and Cisco Need Each Other in the Cloud Wars   [Oct-25-17 05:39PM  TheStreet.com]
▶ Whats Red Hats Value Proposition in the US Software Space?   [Oct-06-17 10:36AM  Market Realist]
▶ [$$] Memory Chip Maker Micron Elbows Ahead   [Sep-30-17 12:52AM  Barrons.com]
▶ VMWare: Cramer's Top Takeaways   [Sep-26-17 08:07PM  TheStreet.com]
▶ VMware exec on the 'new hardware economy'   [06:51PM  CNBC Videos]
▶ Thanks for the Gains on VMware   [01:45PM  TheStreet.com]
Financial statements of VMW
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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