Intrinsic value of Akamai Technologies - AKAM

Previous Close

$51.87

  Intrinsic Value

$41.93

stock screener

  Rating & Target

hold

-19%

Previous close

$51.87

 
Intrinsic value

$41.93

 
Up/down potential

-19%

 
Rating

hold

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

We calculate the intrinsic value of AKAM 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 8.9

 

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, %
  6.51
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
Revenue, $m
  2,340
  2,492
  2,650
  2,815
  2,987
  3,165
  3,352
  3,546
  3,749
  3,960
  4,181
  4,412
  4,654
  4,906
  5,170
  5,446
  5,735
  6,038
  6,355
  6,687
  7,035
  7,400
  7,782
  8,182
  8,602
  9,043
  9,505
  9,989
  10,497
  11,030
  11,590
Variable operating expenses, $m
 
  1,956
  2,072
  2,193
  2,319
  2,451
  2,588
  2,731
  2,880
  3,036
  3,198
  3,245
  3,423
  3,608
  3,802
  4,006
  4,218
  4,441
  4,674
  4,918
  5,174
  5,442
  5,723
  6,018
  6,327
  6,651
  6,991
  7,347
  7,721
  8,113
  8,524
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
  1,880
  1,956
  2,072
  2,193
  2,319
  2,451
  2,588
  2,731
  2,880
  3,036
  3,198
  3,245
  3,423
  3,608
  3,802
  4,006
  4,218
  4,441
  4,674
  4,918
  5,174
  5,442
  5,723
  6,018
  6,327
  6,651
  6,991
  7,347
  7,721
  8,113
  8,524
Operating income, $m
  460
  536
  578
  622
  667
  714
  764
  815
  869
  925
  983
  1,167
  1,231
  1,298
  1,368
  1,441
  1,517
  1,597
  1,681
  1,769
  1,861
  1,957
  2,058
  2,164
  2,276
  2,392
  2,514
  2,642
  2,777
  2,918
  3,066
EBITDA, $m
  794
  772
  821
  872
  926
  981
  1,039
  1,099
  1,162
  1,227
  1,296
  1,367
  1,442
  1,520
  1,602
  1,688
  1,777
  1,871
  1,970
  2,072
  2,180
  2,293
  2,412
  2,536
  2,666
  2,802
  2,946
  3,096
  3,253
  3,418
  3,592
Interest expense (income), $m
  0
  22
  25
  28
  31
  34
  37
  40
  43
  47
  50
  54
  58
  62
  66
  71
  76
  81
  86
  91
  97
  103
  109
  116
  123
  130
  138
  146
  154
  163
  172
Earnings before tax, $m
  459
  514
  553
  594
  637
  681
  727
  775
  826
  878
  933
  1,113
  1,173
  1,236
  1,301
  1,370
  1,441
  1,516
  1,595
  1,678
  1,764
  1,854
  1,949
  2,049
  2,153
  2,262
  2,377
  2,497
  2,623
  2,755
  2,894
Tax expense, $m
  143
  139
  149
  160
  172
  184
  196
  209
  223
  237
  252
  301
  317
  334
  351
  370
  389
  409
  431
  453
  476
  501
  526
  553
  581
  611
  642
  674
  708
  744
  781
Net income, $m
  316
  375
  404
  434
  465
  497
  531
  566
  603
  641
  681
  813
  856
  902
  950
  1,000
  1,052
  1,107
  1,164
  1,225
  1,288
  1,354
  1,423
  1,495
  1,572
  1,651
  1,735
  1,823
  1,915
  2,011
  2,113

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  837
  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
  4,373
  3,765
  4,004
  4,252
  4,511
  4,781
  5,063
  5,356
  5,663
  5,982
  6,316
  6,665
  7,030
  7,411
  7,810
  8,227
  8,664
  9,121
  9,600
  10,102
  10,627
  11,178
  11,755
  12,360
  12,995
  13,660
  14,358
  15,089
  15,857
  16,662
  17,507
Adjusted assets (=assets-cash), $m
  3,536
  3,765
  4,004
  4,252
  4,511
  4,781
  5,063
  5,356
  5,663
  5,982
  6,316
  6,665
  7,030
  7,411
  7,810
  8,227
  8,664
  9,121
  9,600
  10,102
  10,627
  11,178
  11,755
  12,360
  12,995
  13,660
  14,358
  15,089
  15,857
  16,662
  17,507
Revenue / Adjusted assets
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
Average production assets, $m
  553
  588
  625
  664
  705
  747
  791
  837
  885
  935
  987
  1,041
  1,098
  1,158
  1,220
  1,285
  1,354
  1,425
  1,500
  1,578
  1,660
  1,746
  1,837
  1,931
  2,030
  2,134
  2,243
  2,357
  2,477
  2,603
  2,735
Working capital, $m
  935
  105
  111
  118
  125
  133
  141
  149
  157
  166
  176
  185
  195
  206
  217
  229
  241
  254
  267
  281
  295
  311
  327
  344
  361
  380
  399
  420
  441
  463
  487
Total debt, $m
  640
  714
  792
  873
  957
  1,045
  1,136
  1,232
  1,331
  1,435
  1,544
  1,657
  1,776
  1,900
  2,029
  2,165
  2,307
  2,455
  2,611
  2,774
  2,945
  3,124
  3,311
  3,508
  3,714
  3,930
  4,157
  4,395
  4,645
  4,906
  5,181
Total liabilities, $m
  1,149
  1,223
  1,301
  1,382
  1,466
  1,554
  1,645
  1,741
  1,840
  1,944
  2,053
  2,166
  2,285
  2,409
  2,538
  2,674
  2,816
  2,964
  3,120
  3,283
  3,454
  3,633
  3,820
  4,017
  4,223
  4,439
  4,666
  4,904
  5,154
  5,415
  5,690
Total equity, $m
  3,224
  2,541
  2,702
  2,870
  3,045
  3,227
  3,417
  3,616
  3,822
  4,038
  4,263
  4,499
  4,745
  5,002
  5,272
  5,553
  5,848
  6,157
  6,480
  6,819
  7,173
  7,545
  7,935
  8,343
  8,771
  9,220
  9,691
  10,185
  10,704
  11,247
  11,817
Total liabilities and equity, $m
  4,373
  3,764
  4,003
  4,252
  4,511
  4,781
  5,062
  5,357
  5,662
  5,982
  6,316
  6,665
  7,030
  7,411
  7,810
  8,227
  8,664
  9,121
  9,600
  10,102
  10,627
  11,178
  11,755
  12,360
  12,994
  13,659
  14,357
  15,089
  15,858
  16,662
  17,507
Debt-to-equity ratio
  0.199
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.350
  0.360
  0.360
  0.370
  0.370
  0.380
  0.380
  0.390
  0.390
  0.400
  0.400
  0.410
  0.410
  0.410
  0.420
  0.420
  0.420
  0.430
  0.430
  0.430
  0.430
  0.440
  0.440
Adjusted equity ratio
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  316
  375
  404
  434
  465
  497
  531
  566
  603
  641
  681
  813
  856
  902
  950
  1,000
  1,052
  1,107
  1,164
  1,225
  1,288
  1,354
  1,423
  1,495
  1,572
  1,651
  1,735
  1,823
  1,915
  2,011
  2,113
Depreciation, amort., depletion, $m
  334
  236
  243
  251
  258
  267
  275
  284
  293
  303
  313
  200
  211
  223
  235
  247
  260
  274
  288
  303
  319
  336
  353
  371
  390
  410
  431
  453
  476
  501
  526
Funds from operations, $m
  906
  611
  647
  684
  723
  764
  806
  850
  896
  944
  994
  1,013
  1,067
  1,125
  1,184
  1,247
  1,313
  1,381
  1,453
  1,528
  1,607
  1,689
  1,776
  1,867
  1,962
  2,062
  2,166
  2,276
  2,391
  2,512
  2,639
Change in working capital, $m
  40
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
Cash from operations, $m
  866
  605
  640
  677
  716
  756
  798
  842
  887
  935
  984
  1,003
  1,057
  1,114
  1,173
  1,235
  1,300
  1,368
  1,440
  1,514
  1,592
  1,674
  1,760
  1,850
  1,944
  2,043
  2,147
  2,256
  2,370
  2,490
  2,615
Maintenance CAPEX, $m
  0
  -106
  -113
  -120
  -128
  -136
  -144
  -152
  -161
  -170
  -180
  -190
  -200
  -211
  -223
  -235
  -247
  -260
  -274
  -288
  -303
  -319
  -336
  -353
  -371
  -390
  -410
  -431
  -453
  -476
  -501
New CAPEX, $m
  -316
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -114
  -120
  -126
  -132
Cash from investing activities, $m
  -469
  -141
  -150
  -159
  -168
  -178
  -188
  -198
  -209
  -220
  -232
  -245
  -257
  -271
  -285
  -300
  -315
  -331
  -349
  -366
  -385
  -405
  -426
  -448
  -470
  -494
  -519
  -545
  -573
  -602
  -633
Free cash flow, $m
  397
  463
  490
  518
  548
  578
  610
  644
  678
  715
  753
  759
  800
  843
  888
  936
  985
  1,037
  1,091
  1,147
  1,207
  1,269
  1,334
  1,402
  1,474
  1,549
  1,628
  1,710
  1,797
  1,887
  1,983
Issuance/(repayment) of debt, $m
  0
  74
  78
  81
  84
  88
  91
  95
  100
  104
  109
  113
  119
  124
  130
  136
  142
  149
  156
  163
  171
  179
  188
  197
  206
  216
  227
  238
  249
  262
  275
Issuance/(repurchase) of shares, $m
  -314
  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  
  -354
  74
  78
  81
  84
  88
  91
  95
  100
  104
  109
  113
  119
  124
  130
  136
  142
  149
  156
  163
  171
  179
  188
  197
  206
  216
  227
  238
  249
  262
  275
Total cash flow (excl. dividends), $m
  35
  538
  568
  599
  632
  666
  702
  739
  778
  819
  861
  872
  919
  967
  1,018
  1,071
  1,127
  1,185
  1,246
  1,310
  1,377
  1,448
  1,522
  1,599
  1,680
  1,765
  1,854
  1,948
  2,046
  2,149
  2,257
Retained Cash Flow (-), $m
  -103
  -154
  -161
  -168
  -175
  -182
  -190
  -198
  -207
  -216
  -225
  -235
  -246
  -257
  -269
  -282
  -295
  -309
  -323
  -339
  -355
  -372
  -390
  -408
  -428
  -449
  -471
  -494
  -518
  -544
  -570
Prev. year cash balance distribution, $m
 
  837
  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
 
  1,221
  406
  431
  457
  484
  512
  541
  571
  603
  636
  637
  673
  710
  749
  790
  832
  877
  923
  972
  1,023
  1,076
  1,132
  1,190
  1,252
  1,316
  1,383
  1,454
  1,528
  1,605
  1,687
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
 
  1,170
  372
  375
  376
  375
  371
  365
  357
  346
  333
  302
  287
  270
  251
  232
  211
  191
  170
  150
  130
  111
  94
  78
  64
  51
  40
  31
  24
  18
  13
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

Akamai Technologies, Inc. is engaged in providing cloud services for delivering, optimizing and securing content and business applications over the Internet. The Company is involved in offering content delivery network (CDN) services. Its services include the delivery of content, applications and software over the Internet, as well as mobile and security solutions. Its solutions include Performance and Security Solutions, Media Delivery Solutions, and Service and Support Solutions. Its Performance and Security Solutions include Web and Mobile Performance Solutions, Cloud Security Solutions, Enterprise Solutions and Network Operator Solutions. The Media Delivery Solutions offerings include Adaptive Delivery solutions, Download Delivery offerings, Infinite Media Acceleration solutions Media Services and Media Analytics. It offers a range of professional services and solutions designed to assist its customers with integrating, configuring, optimizing and managing its core offerings.

FINANCIAL RATIOS  of  Akamai Technologies (AKAM)

Valuation Ratios
P/E Ratio 28.4
Price to Sales 3.8
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 10.4
Price to Free Cash Flow 16.3
Growth Rates
Sales Growth Rate 6.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -29%
Cap. Spend. - 3 Yr. Gr. Rate 4%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 19.9%
Total Debt to Equity 19.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 7.4%
Ret/ On Assets - 3 Yr. Avg. 8.3%
Return On Total Capital 8.3%
Ret/ On T. Cap. - 3 Yr. Avg. 9.3%
Return On Equity 10%
Return On Equity - 3 Yr. Avg. 10.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 65.4%
Gross Margin - 3 Yr. Avg. 67.1%
EBITDA Margin 33.9%
EBITDA Margin - 3 Yr. Avg. 35.1%
Operating Margin 19.7%
Oper. Margin - 3 Yr. Avg. 21.9%
Pre-Tax Margin 19.6%
Pre-Tax Margin - 3 Yr. Avg. 21.6%
Net Profit Margin 13.5%
Net Profit Margin - 3 Yr. Avg. 15%
Effective Tax Rate 31.2%
Eff/ Tax Rate - 3 Yr. Avg. 30.4%
Payout Ratio 0%

AKAM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AKAM stock intrinsic value calculation we used $2340 million for the last fiscal year's total revenue generated by Akamai Technologies. The default revenue input number comes from 2016 income statement of Akamai Technologies. 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 AKAM stock valuation model: a) initial revenue growth rate of 6.5% 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 AKAM is calculated based on our internal credit rating of Akamai Technologies, 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 Akamai Technologies.
    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 AKAM stock the variable cost ratio is equal to 78.8%.

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 AKAM 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 Akamai Technologies.

Corporate tax rate of 27% is the nominal tax rate for Akamai Technologies. 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 AKAM 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 AKAM are equal to 23.6%.

Life of production assets of 5.2 years is the average useful life of capital assets used in Akamai Technologies 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 AKAM is equal to 4.2%. 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 - $3224 million for Akamai Technologies - 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 171.39 million for Akamai Technologies 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 Akamai Technologies at the current share price and the inputted number of shares is $8.9 billion.

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COMPANY NEWS

▶ Bear Of The Day: Akamai (AKAM)   [07:31AM  Zacks]
▶ New Strong Sell Stocks for October 18th   [Oct-18-17 10:44AM  Zacks]
▶ [$$] Akamai to Acquire Carrier Security Company Nominum   [Oct-11-17 07:53PM  The Wall Street Journal]
▶ Akamai Agrees to Acquire Nominum   [07:30AM  PR Newswire]
▶ [$$] Akamai Looks Like a Buy   [Oct-03-17 01:29PM  Barrons.com]
▶ [$$] Akamai Could Get Boost From ESPN Stream   [Aug-14-17 02:08PM  Barrons.com]
▶ Akamai chairman puts Back Bay mansion up for sale for $11M   [Aug-11-17 02:09PM  American City Business Journals]
▶ Dow, Nasdaq Close at Records After Fed Stands Pat   [01:10AM  The Wall Street Journal]
▶ Akamai CEO Expects New Products to Drive Future Growth   [Jul-26-17 07:46PM  Bloomberg Video]
▶ Akamai, Juniper Tumble On Earnings Outlooks   [04:43PM  Investor's Business Daily]
▶ Earnings movers in the blitz   [01:29PM  CNBC Videos]
▶ Upbeat Earnings Boost Stocks Ahead of Fed Announcement   [09:40AM  The Wall Street Journal]
▶ Akamai Technologies beats Street 2Q forecasts   [Jul-25-17 09:28PM  Associated Press]
▶ New Strong Sell Stocks for July 20th   [Jul-20-17 11:08AM  Zacks]
▶ What Is the ISE Cloud Computing Index?   [Jul-10-17 07:55PM  Motley Fool]
Financial statements of AKAM
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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