Intrinsic value of F5 Networks - FFIV

Previous Close

$181.55

  Intrinsic Value

$112.30

stock screener

  Rating & Target

sell

-38%

Previous close

$181.55

 
Intrinsic value

$112.30

 
Up/down potential

-38%

 
Rating

sell

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 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 11.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  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
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
Revenue, $m
  2,190
  2,296
  2,407
  2,524
  2,647
  2,776
  2,912
  3,055
  3,205
  3,362
  3,528
  3,702
  3,885
  4,078
  4,280
  4,492
  4,715
  4,949
  5,195
  5,453
  5,725
  6,010
  6,309
  6,623
  6,953
  7,300
  7,664
  8,046
  8,448
  8,870
Variable operating expenses, $m
  1,588
  1,661
  1,739
  1,821
  1,907
  1,997
  2,092
  2,192
  2,297
  2,407
  2,468
  2,589
  2,717
  2,852
  2,993
  3,142
  3,298
  3,461
  3,633
  3,814
  4,004
  4,203
  4,412
  4,632
  4,863
  5,106
  5,360
  5,628
  5,908
  6,203
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
  1,588
  1,661
  1,739
  1,821
  1,907
  1,997
  2,092
  2,192
  2,297
  2,407
  2,468
  2,589
  2,717
  2,852
  2,993
  3,142
  3,298
  3,461
  3,633
  3,814
  4,004
  4,203
  4,412
  4,632
  4,863
  5,106
  5,360
  5,628
  5,908
  6,203
Operating income, $m
  603
  635
  668
  703
  740
  779
  820
  863
  908
  955
  1,061
  1,113
  1,168
  1,226
  1,286
  1,350
  1,417
  1,488
  1,562
  1,639
  1,721
  1,807
  1,896
  1,991
  2,090
  2,194
  2,304
  2,419
  2,539
  2,666
EBITDA, $m
  730
  765
  802
  841
  882
  925
  970
  1,017
  1,067
  1,120
  1,175
  1,233
  1,294
  1,358
  1,426
  1,496
  1,571
  1,649
  1,730
  1,817
  1,907
  2,002
  2,102
  2,206
  2,316
  2,432
  2,553
  2,680
  2,814
  2,954
Interest expense (income), $m
  0
  0
  3
  7
  10
  14
  18
  22
  26
  31
  36
  41
  46
  52
  58
  64
  71
  77
  85
  92
  100
  108
  117
  126
  136
  146
  157
  168
  180
  192
  205
Earnings before tax, $m
  603
  631
  661
  693
  726
  761
  798
  836
  877
  919
  1,020
  1,067
  1,116
  1,168
  1,222
  1,280
  1,340
  1,403
  1,470
  1,539
  1,612
  1,689
  1,770
  1,855
  1,944
  2,038
  2,136
  2,239
  2,348
  2,461
Tax expense, $m
  163
  170
  179
  187
  196
  205
  215
  226
  237
  248
  275
  288
  301
  315
  330
  346
  362
  379
  397
  416
  435
  456
  478
  501
  525
  550
  577
  605
  634
  665
Net income, $m
  440
  461
  483
  506
  530
  555
  582
  610
  640
  671
  744
  779
  815
  853
  892
  934
  978
  1,024
  1,073
  1,124
  1,177
  1,233
  1,292
  1,354
  1,419
  1,488
  1,559
  1,635
  1,714
  1,797

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  2,509
  2,630
  2,757
  2,891
  3,032
  3,180
  3,335
  3,499
  3,671
  3,852
  4,041
  4,241
  4,451
  4,671
  4,902
  5,145
  5,401
  5,669
  5,951
  6,247
  6,557
  6,884
  7,227
  7,587
  7,965
  8,362
  8,779
  9,217
  9,677
  10,160
Adjusted assets (=assets-cash), $m
  2,509
  2,630
  2,757
  2,891
  3,032
  3,180
  3,335
  3,499
  3,671
  3,852
  4,041
  4,241
  4,451
  4,671
  4,902
  5,145
  5,401
  5,669
  5,951
  6,247
  6,557
  6,884
  7,227
  7,587
  7,965
  8,362
  8,779
  9,217
  9,677
  10,160
Revenue / Adjusted assets
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
Average production assets, $m
  712
  746
  782
  820
  860
  902
  946
  993
  1,042
  1,093
  1,147
  1,203
  1,263
  1,325
  1,391
  1,460
  1,532
  1,608
  1,688
  1,772
  1,861
  1,953
  2,050
  2,153
  2,260
  2,373
  2,491
  2,615
  2,746
  2,883
Working capital, $m
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -55
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -80
  -84
  -89
Total debt, $m
  60
  123
  189
  259
  332
  409
  490
  575
  665
  759
  858
  962
  1,071
  1,186
  1,307
  1,433
  1,566
  1,706
  1,853
  2,007
  2,169
  2,339
  2,518
  2,705
  2,902
  3,109
  3,326
  3,555
  3,794
  4,046
Total liabilities, $m
  1,307
  1,370
  1,436
  1,506
  1,580
  1,657
  1,738
  1,823
  1,913
  2,007
  2,106
  2,210
  2,319
  2,434
  2,554
  2,681
  2,814
  2,954
  3,100
  3,255
  3,416
  3,587
  3,765
  3,953
  4,150
  4,357
  4,574
  4,802
  5,042
  5,293
Total equity, $m
  1,202
  1,260
  1,321
  1,385
  1,452
  1,523
  1,598
  1,676
  1,758
  1,845
  1,936
  2,031
  2,132
  2,237
  2,348
  2,465
  2,587
  2,715
  2,850
  2,992
  3,141
  3,297
  3,462
  3,634
  3,815
  4,005
  4,205
  4,415
  4,635
  4,867
Total liabilities and equity, $m
  2,509
  2,630
  2,757
  2,891
  3,032
  3,180
  3,336
  3,499
  3,671
  3,852
  4,042
  4,241
  4,451
  4,671
  4,902
  5,146
  5,401
  5,669
  5,950
  6,247
  6,557
  6,884
  7,227
  7,587
  7,965
  8,362
  8,779
  9,217
  9,677
  10,160
Debt-to-equity ratio
  0.050
  0.100
  0.140
  0.190
  0.230
  0.270
  0.310
  0.340
  0.380
  0.410
  0.440
  0.470
  0.500
  0.530
  0.560
  0.580
  0.610
  0.630
  0.650
  0.670
  0.690
  0.710
  0.730
  0.740
  0.760
  0.780
  0.790
  0.810
  0.820
  0.830
Adjusted equity ratio
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  440
  461
  483
  506
  530
  555
  582
  610
  640
  671
  744
  779
  815
  853
  892
  934
  978
  1,024
  1,073
  1,124
  1,177
  1,233
  1,292
  1,354
  1,419
  1,488
  1,559
  1,635
  1,714
  1,797
Depreciation, amort., depletion, $m
  127
  130
  134
  138
  142
  146
  150
  155
  160
  165
  115
  120
  126
  133
  139
  146
  153
  161
  169
  177
  186
  195
  205
  215
  226
  237
  249
  262
  275
  288
Funds from operations, $m
  567
  591
  617
  643
  672
  701
  732
  765
  800
  836
  859
  899
  941
  985
  1,031
  1,080
  1,131
  1,185
  1,242
  1,301
  1,363
  1,429
  1,497
  1,569
  1,645
  1,725
  1,808
  1,896
  1,988
  2,085
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Cash from operations, $m
  568
  592
  618
  645
  673
  703
  734
  767
  801
  837
  861
  901
  943
  987
  1,033
  1,082
  1,134
  1,187
  1,244
  1,303
  1,366
  1,431
  1,500
  1,573
  1,648
  1,728
  1,812
  1,900
  1,992
  2,089
Maintenance CAPEX, $m
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -115
  -120
  -126
  -133
  -139
  -146
  -153
  -161
  -169
  -177
  -186
  -195
  -205
  -215
  -226
  -237
  -249
  -262
  -275
New CAPEX, $m
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -59
  -62
  -66
  -69
  -72
  -76
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -113
  -118
  -124
  -130
  -137
Cash from investing activities, $m
  -101
  -105
  -111
  -116
  -122
  -128
  -134
  -141
  -148
  -155
  -163
  -172
  -179
  -188
  -199
  -208
  -218
  -229
  -241
  -253
  -265
  -279
  -292
  -307
  -322
  -339
  -355
  -373
  -392
  -412
Free cash flow, $m
  467
  487
  507
  528
  551
  575
  599
  626
  653
  682
  697
  729
  763
  798
  835
  874
  915
  958
  1,003
  1,051
  1,100
  1,153
  1,208
  1,265
  1,326
  1,390
  1,456
  1,527
  1,600
  1,678
Issuance/(repayment) of debt, $m
  60
  63
  66
  70
  73
  77
  81
  85
  90
  94
  99
  104
  109
  115
  121
  127
  133
  140
  147
  154
  162
  170
  179
  188
  197
  207
  217
  228
  240
  252
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  60
  63
  66
  70
  73
  77
  81
  85
  90
  94
  99
  104
  109
  115
  121
  127
  133
  140
  147
  154
  162
  170
  179
  188
  197
  207
  217
  228
  240
  252
Total cash flow (excl. dividends), $m
  527
  550
  573
  598
  624
  652
  681
  711
  743
  776
  796
  833
  872
  913
  956
  1,001
  1,048
  1,098
  1,150
  1,205
  1,262
  1,323
  1,386
  1,453
  1,523
  1,596
  1,674
  1,755
  1,840
  1,929
Retained Cash Flow (-), $m
  -55
  -58
  -61
  -64
  -67
  -71
  -75
  -78
  -82
  -87
  -91
  -96
  -100
  -106
  -111
  -116
  -122
  -128
  -135
  -142
  -149
  -156
  -164
  -172
  -181
  -190
  -200
  -210
  -220
  -231
Prev. year cash balance distribution, $m
  82
  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
  176
  184
  193
  202
  212
  222
  233
  245
  257
  269
  282
  296
  311
  326
  343
  359
  377
  396
  416
  436
  458
  481
  505
  530
  556
  584
  613
  644
  676
  710
Cash available for distribution, $m
  554
  492
  512
  534
  557
  581
  606
  633
  660
  690
  705
  738
  772
  808
  845
  884
  926
  969
  1,015
  1,063
  1,114
  1,166
  1,222
  1,280
  1,342
  1,406
  1,474
  1,545
  1,620
  1,698
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
  531
  450
  446
  440
  432
  421
  409
  395
  379
  362
  335
  315
  293
  271
  248
  225
  201
  179
  156
  135
  115
  97
  80
  65
  52
  41
  32
  24
  18
  13
Current shareholders' claim on cash, %
  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 27
Price to Sales 5.4
Price to Book 9.2
Price to Tangible Book
Price to Cash Flow 15.4
Price to Free Cash Flow 16.3
Growth Rates
Sales Growth Rate 4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -36.8%
Cap. Spend. - 3 Yr. Gr. Rate 13.3%
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 17.6%
Ret/ On Assets - 3 Yr. Avg. 16.6%
Return On Total Capital 34.9%
Ret/ On T. Cap. - 3 Yr. Avg. 30.4%
Return On Equity 34.9%
Return On Equity - 3 Yr. Avg. 30.4%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 83.1%
Gross Margin - 3 Yr. Avg. 83%
EBITDA Margin 30.5%
EBITDA Margin - 3 Yr. Avg. 31%
Operating Margin 27%
Oper. Margin - 3 Yr. Avg. 27.7%
Pre-Tax Margin 27.6%
Pre-Tax Margin - 3 Yr. Avg. 28.1%
Net Profit Margin 20.1%
Net Profit Margin - 3 Yr. Avg. 19.2%
Effective Tax Rate 26.9%
Eff/ Tax Rate - 3 Yr. Avg. 31.8%
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 $2090 million for the last fiscal year's total revenue generated by F5 Networks. The default revenue input number comes from 2017 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 4.8% 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 72.6%.

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 5.4% 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 8.4%.

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 32.5%.

Life of production assets of 10 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 -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 - $1229 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 64 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 $11.6 billion.

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COMPANY NEWS

▶ F5 Networks cuts 230 jobs, closes Massachusetts office amid restructuring   [Jul-25-18 06:58PM  American City Business Journals]
▶ F5: Fiscal 3Q Earnings Snapshot   [04:19PM  Associated Press]
▶ F5 Networks, Inc. to Host Earnings Call   [02:30PM  ACCESSWIRE]
▶ F5 Networks' Q3 Earnings Preview   [08:24AM  Benzinga]
▶ F5 Networks Appoints Michel Combes to Board of Directors   [Jul-20-18 01:38PM  Business Wire]
▶ F5 Networks hires chief information security officer   [Jul-11-18 02:53PM  American City Business Journals]
▶ 18 Midterm Election Year Stock Picks   [Jul-09-18 07:23AM  Investopedia]
▶ F5 Named a WAF Leader by Independent Research Firm   [Jun-25-18 06:26PM  Business Wire]
▶ Is It Time To Buy F5 Networks Inc (NASDAQ:FFIV)?   [Jun-21-18 12:09PM  Simply Wall St.]
▶ F5 Announces Date for Q3 Earnings Conference Call   [Jun-18-18 01:13PM  Business Wire]
▶ 10 cloud-computing stocks that live up to the hype   [Jun-13-18 05:13AM  MarketWatch]
▶ F5 Networks hires chief financial officer, discloses departure of sales exec   [May-21-18 03:03PM  American City Business Journals]
▶ Stocks Higher; Macy's EPS Beat Sparks New High As Other Retailers Gain   [May-16-18 10:29AM  Investor's Business Daily]
▶ F5 Networks Earnings Top Estimates, Guidance In-Line, Shares Dip   [Apr-25-18 05:18PM  Investor's Business Daily]
▶ F5: Fiscal 2Q Earnings Snapshot   [04:19PM  Associated Press]
▶ F5 Networks, Inc. to Host Earnings Call   [12:00PM  ACCESSWIRE]
▶ F5 Networks Q2 Earnings Preview   [07:49AM  Benzinga]
▶ F5 Launches Advanced WAF for Multi-Cloud App Security   [Apr-10-18 12:00PM  Business Wire]
▶ IBM, Oracle Cloud Services Partner Tests Stormy Breakout   [Mar-27-18 04:07PM  Investor's Business Daily]
▶ F5 Announces Date for Q2 Earnings Conference Call   [Mar-16-18 07:30AM  Business Wire]
▶ F5 CEO Locoh-Donou Charts the Software Shift   [Mar-09-18 06:08PM  Barrons.com]
▶ F5 Launches Super-NetOps Initiative   [07:00AM  Business Wire]
▶ The Key Trends From F5 Networks' Q1   [Jan-25-18 02:25PM  Forbes]
▶ 4 Stocks to Watch Thursday   [01:34PM  GuruFocus.com]
▶ F5 beats Street 1Q forecasts   [04:15PM  Associated Press]
▶ Cisco Systems Upgraded As Software Strategy Jells   [Jan-05-18 04:33PM  Investor's Business Daily]
▶ Stocks to Avoid   [Dec-21-17 06:00AM  Morningstar]
▶ F5 Announces Date for Q1 Earnings Conference Call   [Dec-18-17 07:30AM  Business Wire]
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