Intrinsic value of Extreme Networks - EXTR

Previous Close

$11.54

  Intrinsic Value

$42.72

stock screener

  Rating & Target

str. buy

+270%

  Value-price divergence*

+5000%

Previous close

$11.54

 
Intrinsic value

$42.72

 
Up/down potential

+270%

 
Rating

str. buy

 
Value-price divergence*

+5000%

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

We calculate the intrinsic value of EXTR 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 1.3

 

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, %
  13.26
  27.90
  25.61
  23.55
  21.69
  20.02
  18.52
  17.17
  15.95
  14.86
  13.87
  12.98
  12.19
  11.47
  10.82
  10.24
  9.71
  9.24
  8.82
  8.44
  8.09
  7.78
  7.51
  7.26
  7.03
  6.83
  6.64
  6.48
  6.33
  6.20
  6.08
Revenue, $m
  598
  765
  961
  1,187
  1,444
  1,734
  2,055
  2,408
  2,792
  3,207
  3,651
  4,125
  4,628
  5,159
  5,717
  6,303
  6,915
  7,554
  8,220
  8,914
  9,635
  10,385
  11,165
  11,975
  12,816
  13,691
  14,601
  15,547
  16,531
  17,556
  18,623
Variable operating expenses, $m
 
  489
  612
  754
  916
  1,098
  1,300
  1,521
  1,763
  2,024
  2,303
  2,593
  2,909
  3,243
  3,594
  3,962
  4,347
  4,749
  5,167
  5,603
  6,057
  6,528
  7,018
  7,528
  8,057
  8,607
  9,179
  9,773
  10,392
  11,036
  11,707
Fixed operating expenses, $m
 
  226
  231
  237
  243
  249
  255
  262
  268
  275
  282
  289
  296
  303
  311
  319
  327
  335
  343
  352
  360
  370
  379
  388
  398
  408
  418
  429
  439
  450
  461
Total operating expenses, $m
  599
  715
  843
  991
  1,159
  1,347
  1,555
  1,783
  2,031
  2,299
  2,585
  2,882
  3,205
  3,546
  3,905
  4,281
  4,674
  5,084
  5,510
  5,955
  6,417
  6,898
  7,397
  7,916
  8,455
  9,015
  9,597
  10,202
  10,831
  11,486
  12,168
Operating income, $m
  -1
  51
  118
  196
  286
  387
  500
  625
  761
  908
  1,066
  1,243
  1,423
  1,613
  1,812
  2,022
  2,241
  2,471
  2,710
  2,959
  3,218
  3,487
  3,768
  4,059
  4,362
  4,677
  5,004
  5,345
  5,700
  6,070
  6,455
EBITDA, $m
  -1
  63
  132
  211
  303
  406
  521
  648
  786
  936
  1,097
  1,269
  1,452
  1,645
  1,848
  2,062
  2,285
  2,518
  2,761
  3,015
  3,278
  3,553
  3,838
  4,134
  4,443
  4,763
  5,096
  5,443
  5,804
  6,180
  6,572
Interest expense (income), $m
  0
  3
  4
  8
  12
  17
  22
  28
  35
  42
  50
  58
  67
  76
  86
  96
  107
  119
  131
  143
  156
  169
  183
  198
  213
  228
  245
  262
  279
  297
  317
Earnings before tax, $m
  -4
  48
  113
  188
  273
  370
  478
  596
  726
  866
  1,017
  1,185
  1,356
  1,536
  1,726
  1,926
  2,134
  2,352
  2,579
  2,816
  3,062
  3,318
  3,584
  3,861
  4,149
  4,448
  4,760
  5,084
  5,421
  5,772
  6,138
Tax expense, $m
  5
  13
  31
  51
  74
  100
  129
  161
  196
  234
  275
  320
  366
  415
  466
  520
  576
  635
  696
  760
  827
  896
  968
  1,043
  1,120
  1,201
  1,285
  1,373
  1,464
  1,559
  1,657
Net income, $m
  -9
  35
  83
  137
  200
  270
  349
  435
  530
  632
  742
  865
  990
  1,122
  1,260
  1,406
  1,558
  1,717
  1,883
  2,055
  2,235
  2,422
  2,617
  2,819
  3,029
  3,247
  3,475
  3,711
  3,957
  4,214
  4,481

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  130
  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
  483
  452
  567
  701
  853
  1,023
  1,213
  1,421
  1,648
  1,893
  2,155
  2,435
  2,732
  3,045
  3,375
  3,720
  4,082
  4,459
  4,853
  5,262
  5,688
  6,131
  6,591
  7,069
  7,566
  8,082
  8,619
  9,178
  9,759
  10,364
  10,994
Adjusted assets (=assets-cash), $m
  353
  452
  567
  701
  853
  1,023
  1,213
  1,421
  1,648
  1,893
  2,155
  2,435
  2,732
  3,045
  3,375
  3,720
  4,082
  4,459
  4,853
  5,262
  5,688
  6,131
  6,591
  7,069
  7,566
  8,082
  8,619
  9,178
  9,759
  10,364
  10,994
Revenue / Adjusted assets
  1.694
  1.692
  1.695
  1.693
  1.693
  1.695
  1.694
  1.695
  1.694
  1.694
  1.694
  1.694
  1.694
  1.694
  1.694
  1.694
  1.694
  1.694
  1.694
  1.694
  1.694
  1.694
  1.694
  1.694
  1.694
  1.694
  1.694
  1.694
  1.694
  1.694
  1.694
Average production assets, $m
  38
  48
  61
  75
  91
  109
  129
  152
  176
  202
  230
  260
  292
  325
  360
  397
  436
  476
  518
  562
  607
  654
  703
  754
  807
  863
  920
  979
  1,041
  1,106
  1,173
Working capital, $m
  69
  -63
  -79
  -97
  -118
  -142
  -168
  -197
  -229
  -263
  -299
  -338
  -380
  -423
  -469
  -517
  -567
  -619
  -674
  -731
  -790
  -852
  -915
  -982
  -1,051
  -1,123
  -1,197
  -1,275
  -1,356
  -1,440
  -1,527
Total debt, $m
  93
  123
  227
  348
  484
  638
  809
  996
  1,200
  1,421
  1,657
  1,909
  2,176
  2,458
  2,754
  3,065
  3,391
  3,730
  4,084
  4,453
  4,836
  5,234
  5,649
  6,079
  6,526
  6,991
  7,474
  7,977
  8,500
  9,044
  9,611
Total liabilities, $m
  377
  406
  510
  631
  767
  921
  1,092
  1,279
  1,483
  1,704
  1,940
  2,192
  2,459
  2,741
  3,037
  3,348
  3,674
  4,013
  4,367
  4,736
  5,119
  5,517
  5,932
  6,362
  6,809
  7,274
  7,757
  8,260
  8,783
  9,327
  9,894
Total equity, $m
  107
  45
  57
  70
  85
  102
  121
  142
  165
  189
  216
  244
  273
  305
  337
  372
  408
  446
  485
  526
  569
  613
  659
  707
  757
  808
  862
  918
  976
  1,036
  1,099
Total liabilities and equity, $m
  484
  451
  567
  701
  852
  1,023
  1,213
  1,421
  1,648
  1,893
  2,156
  2,436
  2,732
  3,046
  3,374
  3,720
  4,082
  4,459
  4,852
  5,262
  5,688
  6,130
  6,591
  7,069
  7,566
  8,082
  8,619
  9,178
  9,759
  10,363
  10,993
Debt-to-equity ratio
  0.869
  2.730
  4.010
  4.960
  5.680
  6.230
  6.670
  7.010
  7.280
  7.500
  7.690
  7.840
  7.960
  8.070
  8.160
  8.240
  8.310
  8.370
  8.420
  8.460
  8.500
  8.540
  8.570
  8.600
  8.630
  8.650
  8.670
  8.690
  8.710
  8.730
  8.740
Adjusted equity ratio
  -0.065
  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
  -9
  35
  83
  137
  200
  270
  349
  435
  530
  632
  742
  865
  990
  1,122
  1,260
  1,406
  1,558
  1,717
  1,883
  2,055
  2,235
  2,422
  2,617
  2,819
  3,029
  3,247
  3,475
  3,711
  3,957
  4,214
  4,481
Depreciation, amort., depletion, $m
  0
  13
  14
  15
  17
  19
  21
  23
  26
  28
  31
  26
  29
  33
  36
  40
  44
  48
  52
  56
  61
  65
  70
  75
  81
  86
  92
  98
  104
  111
  117
Funds from operations, $m
  118
  48
  97
  153
  217
  289
  370
  458
  555
  660
  773
  891
  1,019
  1,154
  1,296
  1,445
  1,601
  1,765
  1,935
  2,112
  2,296
  2,488
  2,687
  2,894
  3,110
  3,334
  3,567
  3,809
  4,061
  4,324
  4,598
Change in working capital, $m
  59
  -14
  -16
  -19
  -21
  -24
  -26
  -29
  -31
  -34
  -36
  -39
  -41
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -59
  -62
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -88
Cash from operations, $m
  59
  61
  113
  171
  238
  313
  396
  487
  587
  694
  810
  930
  1,060
  1,198
  1,342
  1,493
  1,652
  1,817
  1,989
  2,168
  2,355
  2,549
  2,751
  2,961
  3,179
  3,405
  3,641
  3,887
  4,142
  4,408
  4,686
Maintenance CAPEX, $m
  0
  -4
  -5
  -6
  -7
  -9
  -11
  -13
  -15
  -18
  -20
  -23
  -26
  -29
  -33
  -36
  -40
  -44
  -48
  -52
  -56
  -61
  -65
  -70
  -75
  -81
  -86
  -92
  -98
  -104
  -111
New CAPEX, $m
  -10
  -11
  -12
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -67
Cash from investing activities, $m
  -72
  -15
  -17
  -20
  -23
  -27
  -31
  -35
  -39
  -44
  -48
  -53
  -58
  -62
  -68
  -73
  -79
  -84
  -90
  -96
  -101
  -108
  -114
  -121
  -128
  -136
  -143
  -152
  -160
  -169
  -178
Free cash flow, $m
  -13
  47
  96
  151
  214
  285
  365
  452
  548
  651
  761
  877
  1,003
  1,135
  1,274
  1,420
  1,573
  1,733
  1,900
  2,073
  2,253
  2,441
  2,636
  2,839
  3,050
  3,269
  3,498
  3,735
  3,982
  4,240
  4,508
Issuance/(repayment) of debt, $m
  38
  42
  104
  120
  137
  154
  171
  187
  204
  220
  236
  252
  267
  282
  297
  311
  325
  340
  354
  368
  383
  398
  414
  430
  447
  465
  483
  503
  523
  544
  567
Issuance/(repurchase) of shares, $m
  12
  21
  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  
  49
  63
  104
  120
  137
  154
  171
  187
  204
  220
  236
  252
  267
  282
  297
  311
  325
  340
  354
  368
  383
  398
  414
  430
  447
  465
  483
  503
  523
  544
  567
Total cash flow (excl. dividends), $m
  36
  111
  200
  271
  351
  439
  535
  640
  752
  871
  998
  1,129
  1,270
  1,417
  1,571
  1,731
  1,899
  2,073
  2,254
  2,441
  2,637
  2,840
  3,050
  3,270
  3,497
  3,734
  3,981
  4,238
  4,505
  4,784
  5,075
Retained Cash Flow (-), $m
  -17
  -56
  -12
  -13
  -15
  -17
  -19
  -21
  -23
  -24
  -26
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
Prev. year cash balance distribution, $m
 
  118
  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
 
  172
  188
  258
  336
  422
  516
  619
  729
  847
  971
  1,101
  1,240
  1,386
  1,538
  1,697
  1,863
  2,035
  2,214
  2,401
  2,594
  2,795
  3,004
  3,222
  3,448
  3,683
  3,927
  4,182
  4,447
  4,724
  5,012
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
 
  165
  172
  224
  276
  327
  375
  418
  456
  486
  509
  523
  529
  527
  516
  498
  473
  443
  408
  370
  330
  289
  249
  211
  176
  143
  115
  90
  69
  52
  38
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

Extreme Networks, Inc. is a provider of network infrastructure equipment. The Company markets its products to business, governmental, healthcare, service provider and educational customers with a focus on corporate enterprises and metropolitan service providers on a global basis. The Company operates through the development and marketing of network infrastructure equipment segment. The Company's products include ExtremeWireless, ExtremeSwitching, ExtremeControl, ExtremeManagement, ExtremeCloud, ExtremeAnalytics and ExtremeSecurity. The Company offers solutions in categories, which includes industry solutions, technology solutions and managed services solutions. The Company operates in three geographical areas: Americas, which includes the United States, Canada, Mexico, Central America and South America; EMEA, which includes Europe, Russia, Middle East and Africa, and APAC, which includes Asia Pacific, South Asia, India, Australia and Japan.

FINANCIAL RATIOS  of  Extreme Networks (EXTR)

Valuation Ratios
P/E Ratio -141
Price to Sales 2.1
Price to Book 11.9
Price to Tangible Book
Price to Cash Flow 21.5
Price to Free Cash Flow 25.9
Growth Rates
Sales Growth Rate 13.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate -14.6%
Financial Strength
Quick Ratio 11
Current Ratio 0
LT Debt to Equity 75.7%
Total Debt to Equity 86.9%
Interest Coverage 0
Management Effectiveness
Return On Assets -2.1%
Ret/ On Assets - 3 Yr. Avg. -7.9%
Return On Total Capital -5.2%
Ret/ On T. Cap. - 3 Yr. Avg. -19.2%
Return On Equity -9.1%
Return On Equity - 3 Yr. Avg. -32.4%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 54.2%
Gross Margin - 3 Yr. Avg. 52%
EBITDA Margin -0.7%
EBITDA Margin - 3 Yr. Avg. -0.1%
Operating Margin -0.2%
Oper. Margin - 3 Yr. Avg. -5.5%
Pre-Tax Margin -0.7%
Pre-Tax Margin - 3 Yr. Avg. -6%
Net Profit Margin -1.5%
Net Profit Margin - 3 Yr. Avg. -6.9%
Effective Tax Rate -125%
Eff/ Tax Rate - 3 Yr. Avg. -48.9%
Payout Ratio 0%

EXTR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EXTR stock intrinsic value calculation we used $598 million for the last fiscal year's total revenue generated by Extreme Networks. The default revenue input number comes from 2017 income statement of Extreme Networks. 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 EXTR stock valuation model: a) initial revenue growth rate of 27.9% 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 EXTR is calculated based on our internal credit rating of Extreme Networks, 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 Extreme Networks.
    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 EXTR stock the variable cost ratio is equal to 64.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $220 million in the base year in the intrinsic value calculation for EXTR 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 Extreme Networks.

Corporate tax rate of 27% is the nominal tax rate for Extreme Networks. 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 EXTR 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 EXTR are equal to 6.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Extreme Networks 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 EXTR is equal to -8.2%. 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 - $107 million for Extreme Networks - 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 111.624 million for Extreme Networks 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 Extreme Networks at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

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▶ Brocade to sell data center business early as $5.9B Broadcom merger delayed again   [Oct-03-17 07:21PM  American City Business Journals]
▶ Is It Time To Buy Extreme Networks Inc (EXTR)?   [Sep-21-17 08:45AM  Simply Wall St.]
▶ How NFL advertisers will react to NFL controversies   [Sep-12-17 01:15PM  Yahoo Finance Video]
▶ How Extreme Networks Stock Rose 30% in August   [Sep-04-17 09:56AM  Motley Fool]
▶ Earnings Beat, Buying Spree Are Driving This 'Extreme' Breakout   [Aug-30-17 09:43AM  Investor's Business Daily]
▶ How Extreme Networks Won Big in Its Q4   [10:55AM  24/7 Wall St.]
▶ Extreme Networks tops Street 4Q forecasts   [Aug-14-17 09:45PM  Associated Press]
▶ Extreme Networks Closed the Avaya Deal. Now What?   [Jul-21-17 10:45AM  Motley Fool]
▶ How Risky Is Extreme Networks, Inc.?   [Jul-09-17 08:14AM  Motley Fool]
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▶ George Soros' Best-Performing Stocks of 2017 So Far   [May-13-17 10:41AM  Motley Fool]
▶ Why Extreme Networks, Inc. Rose Today   [03:11PM  Motley Fool]
▶ Extreme Networks reports 3Q loss   [May-03-17 06:43PM  Associated Press]
▶ 3 Tech Stocks Under $10 to Buy Now   [May-01-17 06:32PM  Zacks]
▶ Five Stocks for the Small Cap Breakout to Highs   [Apr-20-17 08:05PM  Zacks]
▶ Top Stock Picks for the Week of April 17th   [Apr-17-17 01:32PM  Zacks]
▶ Top Ranked Growth Stocks to Buy for April 10th   [Apr-10-17 10:04AM  Zacks]
▶ [$$] Avaya Cleared to Test $100 Million Bid at Auction   [Apr-04-17 04:20PM  The Wall Street Journal]
Financial statements of EXTR
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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