Intrinsic value of F5 Networks - FFIV

Previous Close

$119.48

  Intrinsic Value

$142.48

stock screener

  Rating & Target

hold

+19%

Previous close

$119.48

 
Intrinsic value

$142.48

 
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 FFIV 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 7.6

 

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, %
  3.91
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.57
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
Revenue, $m
  1,995
  2,079
  2,168
  2,262
  2,362
  2,468
  2,579
  2,697
  2,822
  2,953
  3,092
  3,238
  3,392
  3,554
  3,724
  3,903
  4,092
  4,291
  4,499
  4,719
  4,950
  5,193
  5,448
  5,716
  5,997
  6,294
  6,605
  6,931
  7,275
  7,635
  8,014
Variable operating expenses, $m
 
  1,478
  1,539
  1,603
  1,672
  1,744
  1,820
  1,901
  1,986
  2,076
  2,171
  2,215
  2,320
  2,431
  2,548
  2,670
  2,800
  2,935
  3,078
  3,228
  3,386
  3,552
  3,727
  3,910
  4,103
  4,306
  4,518
  4,742
  4,977
  5,224
  5,483
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
  1,448
  1,478
  1,539
  1,603
  1,672
  1,744
  1,820
  1,901
  1,986
  2,076
  2,171
  2,215
  2,320
  2,431
  2,548
  2,670
  2,800
  2,935
  3,078
  3,228
  3,386
  3,552
  3,727
  3,910
  4,103
  4,306
  4,518
  4,742
  4,977
  5,224
  5,483
Operating income, $m
  547
  601
  629
  659
  690
  724
  759
  796
  836
  877
  921
  1,023
  1,071
  1,122
  1,176
  1,233
  1,293
  1,355
  1,421
  1,491
  1,564
  1,640
  1,721
  1,805
  1,894
  1,988
  2,086
  2,189
  2,298
  2,412
  2,531
EBITDA, $m
  604
  666
  694
  725
  757
  791
  826
  864
  904
  946
  990
  1,037
  1,087
  1,138
  1,193
  1,250
  1,311
  1,375
  1,441
  1,512
  1,586
  1,663
  1,745
  1,831
  1,921
  2,016
  2,116
  2,220
  2,330
  2,446
  2,567
Interest expense (income), $m
  0
  0
  2
  3
  5
  7
  9
  11
  14
  16
  19
  22
  24
  27
  31
  34
  38
  41
  45
  49
  54
  58
  63
  68
  73
  79
  85
  91
  97
  104
  111
Earnings before tax, $m
  550
  601
  627
  656
  685
  717
  750
  785
  822
  861
  902
  1,001
  1,047
  1,095
  1,146
  1,199
  1,255
  1,314
  1,376
  1,441
  1,510
  1,582
  1,658
  1,738
  1,821
  1,909
  2,002
  2,099
  2,201
  2,308
  2,421
Tax expense, $m
  184
  162
  169
  177
  185
  194
  202
  212
  222
  232
  244
  270
  283
  296
  309
  324
  339
  355
  372
  389
  408
  427
  448
  469
  492
  515
  540
  567
  594
  623
  654
Net income, $m
  366
  439
  458
  479
  500
  523
  547
  573
  600
  629
  659
  731
  764
  799
  836
  875
  916
  959
  1,005
  1,052
  1,102
  1,155
  1,210
  1,268
  1,330
  1,394
  1,461
  1,532
  1,607
  1,685
  1,767

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  882
  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
  2,306
  1,484
  1,547
  1,615
  1,686
  1,761
  1,841
  1,925
  2,014
  2,108
  2,207
  2,311
  2,421
  2,536
  2,658
  2,786
  2,921
  3,063
  3,212
  3,368
  3,533
  3,706
  3,888
  4,080
  4,281
  4,492
  4,714
  4,947
  5,193
  5,450
  5,720
Adjusted assets (=assets-cash), $m
  1,424
  1,484
  1,547
  1,615
  1,686
  1,761
  1,841
  1,925
  2,014
  2,108
  2,207
  2,311
  2,421
  2,536
  2,658
  2,786
  2,921
  3,063
  3,212
  3,368
  3,533
  3,706
  3,888
  4,080
  4,281
  4,492
  4,714
  4,947
  5,193
  5,450
  5,720
Revenue / Adjusted assets
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
  1.401
Average production assets, $m
  103
  108
  113
  118
  123
  128
  134
  140
  147
  154
  161
  168
  176
  185
  194
  203
  213
  223
  234
  245
  257
  270
  283
  297
  312
  327
  343
  360
  378
  397
  417
Working capital, $m
  445
  -455
  -475
  -495
  -517
  -540
  -565
  -591
  -618
  -647
  -677
  -709
  -743
  -778
  -816
  -855
  -896
  -940
  -985
  -1,033
  -1,084
  -1,137
  -1,193
  -1,252
  -1,313
  -1,378
  -1,446
  -1,518
  -1,593
  -1,672
  -1,755
Total debt, $m
  0
  47
  97
  150
  206
  265
  328
  394
  464
  538
  616
  698
  784
  875
  971
  1,072
  1,178
  1,289
  1,407
  1,530
  1,660
  1,796
  1,939
  2,090
  2,248
  2,414
  2,589
  2,773
  2,966
  3,168
  3,381
Total liabilities, $m
  1,121
  1,168
  1,218
  1,271
  1,327
  1,386
  1,449
  1,515
  1,585
  1,659
  1,737
  1,819
  1,905
  1,996
  2,092
  2,193
  2,299
  2,410
  2,528
  2,651
  2,781
  2,917
  3,060
  3,211
  3,369
  3,535
  3,710
  3,894
  4,087
  4,289
  4,502
Total equity, $m
  1,185
  316
  330
  344
  359
  375
  392
  410
  429
  449
  470
  492
  516
  540
  566
  593
  622
  652
  684
  717
  753
  789
  828
  869
  912
  957
  1,004
  1,054
  1,106
  1,161
  1,218
Total liabilities and equity, $m
  2,306
  1,484
  1,548
  1,615
  1,686
  1,761
  1,841
  1,925
  2,014
  2,108
  2,207
  2,311
  2,421
  2,536
  2,658
  2,786
  2,921
  3,062
  3,212
  3,368
  3,534
  3,706
  3,888
  4,080
  4,281
  4,492
  4,714
  4,948
  5,193
  5,450
  5,720
Debt-to-equity ratio
  0.000
  0.150
  0.290
  0.440
  0.570
  0.710
  0.840
  0.960
  1.080
  1.200
  1.310
  1.420
  1.520
  1.620
  1.710
  1.810
  1.890
  1.980
  2.060
  2.130
  2.210
  2.270
  2.340
  2.400
  2.470
  2.520
  2.580
  2.630
  2.680
  2.730
  2.770
Adjusted equity ratio
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  366
  439
  458
  479
  500
  523
  547
  573
  600
  629
  659
  731
  764
  799
  836
  875
  916
  959
  1,005
  1,052
  1,102
  1,155
  1,210
  1,268
  1,330
  1,394
  1,461
  1,532
  1,607
  1,685
  1,767
Depreciation, amort., depletion, $m
  57
  65
  65
  66
  66
  67
  67
  68
  68
  69
  69
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  34
  36
Funds from operations, $m
  839
  504
  523
  544
  566
  590
  615
  641
  668
  697
  728
  745
  779
  815
  853
  893
  935
  979
  1,025
  1,073
  1,124
  1,178
  1,235
  1,294
  1,356
  1,422
  1,491
  1,563
  1,639
  1,719
  1,803
Change in working capital, $m
  127
  -18
  -19
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
Cash from operations, $m
  712
  522
  543
  565
  588
  613
  639
  667
  696
  726
  758
  777
  813
  851
  890
  932
  976
  1,022
  1,070
  1,121
  1,175
  1,231
  1,291
  1,353
  1,418
  1,487
  1,559
  1,635
  1,714
  1,798
  1,886
Maintenance CAPEX, $m
  0
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -34
New CAPEX, $m
  -68
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
Cash from investing activities, $m
  63
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -20
  -20
  -22
  -23
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -41
  -42
  -44
  -47
  -49
  -52
  -54
Free cash flow, $m
  775
  508
  529
  550
  573
  597
  622
  649
  677
  707
  738
  756
  791
  827
  866
  906
  949
  993
  1,040
  1,090
  1,142
  1,197
  1,254
  1,314
  1,378
  1,445
  1,515
  1,588
  1,665
  1,747
  1,832
Issuance/(repayment) of debt, $m
  0
  47
  50
  53
  56
  59
  63
  66
  70
  74
  78
  82
  86
  91
  96
  101
  106
  112
  117
  123
  130
  136
  143
  151
  158
  166
  175
  184
  193
  203
  213
Issuance/(repurchase) of shares, $m
  -655
  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  
  -653
  47
  50
  53
  56
  59
  63
  66
  70
  74
  78
  82
  86
  91
  96
  101
  106
  112
  117
  123
  130
  136
  143
  151
  158
  166
  175
  184
  193
  203
  213
Total cash flow (excl. dividends), $m
  124
  555
  579
  603
  629
  656
  685
  715
  747
  780
  816
  838
  877
  918
  961
  1,007
  1,055
  1,105
  1,158
  1,213
  1,272
  1,333
  1,397
  1,465
  1,536
  1,611
  1,689
  1,772
  1,858
  1,949
  2,045
Retained Cash Flow (-), $m
  132
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -58
Prev. year cash balance distribution, $m
 
  882
  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
 
  1,424
  565
  589
  614
  640
  668
  697
  728
  761
  795
  816
  854
  893
  935
  980
  1,026
  1,075
  1,126
  1,180
  1,236
  1,296
  1,359
  1,424
  1,493
  1,566
  1,642
  1,722
  1,806
  1,894
  1,987
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
 
  1,365
  518
  513
  505
  496
  485
  471
  455
  437
  417
  387
  364
  340
  314
  288
  261
  234
  207
  182
  157
  134
  113
  93
  76
  61
  48
  37
  28
  21
  15
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

F5 Networks, Inc. is a developer and provider of software defined application services. The Company is engaged in the development, marketing and sale of application delivery networking products that optimize the security, performance and availability of network applications, servers and storage systems. The Company's geographical segments include the Americas (primarily the United States); Europe, the Middle East, and Africa (EMEA); Japan, and the Asia Pacific region (APAC). The Company's Traffic Management Operating System (TMOS) based offerings include software products for local and global traffic management, network and application security, access management, Web acceleration and various network and application services. These products are available as modules that can run individually or as part of an integrated solution on the Company's purpose-built BIG-IP appliances and VIPRION chassis-based hardware, or as software-only Virtual Editions.

FINANCIAL RATIOS  of  F5 Networks (FFIV)

Valuation Ratios
P/E Ratio 21.3
Price to Sales 3.9
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 11
Price to Free Cash Flow 12.1
Growth Rates
Sales Growth Rate 3.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.5%
Cap. Spend. - 3 Yr. Gr. Rate 20.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 15.9%
Ret/ On Assets - 3 Yr. Avg. 15.4%
Return On Total Capital 29.3%
Ret/ On T. Cap. - 3 Yr. Avg. 25.9%
Return On Equity 29.3%
Return On Equity - 3 Yr. Avg. 25.9%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 83.1%
Gross Margin - 3 Yr. Avg. 82.6%
EBITDA Margin 30.4%
EBITDA Margin - 3 Yr. Avg. 31.3%
Operating Margin 27.4%
Oper. Margin - 3 Yr. Avg. 28.2%
Pre-Tax Margin 27.6%
Pre-Tax Margin - 3 Yr. Avg. 28.5%
Net Profit Margin 18.3%
Net Profit Margin - 3 Yr. Avg. 18.4%
Effective Tax Rate 33.5%
Eff/ Tax Rate - 3 Yr. Avg. 35.3%
Payout Ratio 0%

FFIV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FFIV stock intrinsic value calculation we used $1995 million for the last fiscal year's total revenue generated by F5 Networks. The default revenue input number comes from 2016 income statement of F5 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 FFIV stock valuation model: a) initial revenue growth rate of 4.2% 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 FFIV is calculated based on our internal credit rating of F5 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 F5 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 FFIV stock the variable cost ratio is equal to 71.2%.

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 FFIV 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 F5 Networks.

Corporate tax rate of 27% is the nominal tax rate for F5 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 FFIV 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 FFIV are equal to 5.2%.

Life of production assets of 11.6 years is the average useful life of capital assets used in F5 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 FFIV is equal to -21.9%. 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 - $1185 million for F5 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 63.525 million for F5 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 F5 Networks at the current share price and the inputted number of shares is $7.6 billion.

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COMPANY NEWS

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▶ The Biggest Loser: F5 Networks Tumbles 4.8%   [Oct-03-17 06:18PM  Barrons.com]
▶ F5 Networks is a top performer after the XLK does this   [Sep-28-17 12:51PM  CNBC Videos]
▶ F5 Announces Date for Q4 Earnings Conference Call   [Sep-18-17 07:30AM  Business Wire]
▶ ETFs with exposure to F5 Networks, Inc. : August 16, 2017   [Aug-16-17 05:45PM  Capital Cube]
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▶ F5 meets 3Q profit forecasts   [Jul-26-17 09:46PM  Associated Press]
▶ ETFs with exposure to F5 Networks, Inc. : July 24, 2017   [Jul-24-17 03:51PM  Capital Cube]
▶ The Biggest Loser: F5 Networks Falls 3.5%   [Jul-14-17 04:35PM  Barrons.com]
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▶ [$$] Positive on Cisco, Corning   [Jun-19-17 04:31PM  Barrons.com]
▶ ETFs with exposure to F5 Networks, Inc. : June 16, 2017   [Jun-16-17 03:45PM  Capital Cube]
▶ Gigamon Hires Goldman Sachs To Explore Options, Stock Pops   [Jun-05-17 04:13PM  Investor's Business Daily]
▶ F5 to Present at Cowen and Company Conference   [May-30-17 07:30AM  Business Wire]
▶ ETFs with exposure to F5 Networks, Inc. : May 25, 2017   [May-25-17 12:39PM  Capital Cube]
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▶ Understanding the Fall in F5 Networks Stock   [May-02-17 11:24AM  Market Realist]
▶ Why F5 Networks Stock Fell Yesterday   [Apr-28-17 12:28PM  Market Realist]
▶ After-hours buzz: PYPL, AMGN, FFIV & more   [Apr-26-17 05:36PM  CNBC]
▶ F5 Networks plunges after earnings miss   [05:25PM  MarketWatch]
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▶ REMINDER: F5 Announces Date for Q2 Earnings Conference Call   [Apr-25-17 07:30AM  Business Wire]
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▶ What F5's Downgrade Says About Amazon's Data-Center Plans   [04:23PM  Investor's Business Daily]
Financial statements of FFIV
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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