Intrinsic value of Gartner - IT

Previous Close

$137.35

  Intrinsic Value

$441.12

stock screener

  Rating & Target

str. buy

+221%

Previous close

$137.35

 
Intrinsic value

$441.12

 
Up/down potential

+221%

 
Rating

str. buy

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

We calculate the intrinsic value of IT 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  13.04
  44.30
  40.37
  36.83
  33.65
  30.78
  28.21
  25.89
  23.80
  21.92
  20.23
  18.70
  17.33
  16.10
  14.99
  13.99
  13.09
  12.28
  11.55
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.29
  7.06
  6.85
Revenue, $m
  2,445
  3,528
  4,952
  6,777
  9,057
  11,845
  15,186
  19,117
  23,666
  28,853
  34,689
  41,177
  48,314
  56,093
  64,501
  73,525
  83,150
  93,363
  104,150
  115,501
  127,408
  139,866
  152,874
  166,434
  180,553
  195,240
  210,511
  226,381
  242,874
  260,013
  277,827
Variable operating expenses, $m
 
  3,026
  4,218
  5,745
  7,653
  9,986
  12,782
  16,071
  19,878
  24,219
  29,102
  34,458
  40,430
  46,939
  53,975
  61,527
  69,581
  78,128
  87,154
  96,653
  106,617
  117,042
  127,927
  139,274
  151,089
  163,380
  176,159
  189,440
  203,241
  217,583
  232,490
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
  2,139
  3,026
  4,218
  5,745
  7,653
  9,986
  12,782
  16,071
  19,878
  24,219
  29,102
  34,458
  40,430
  46,939
  53,975
  61,527
  69,581
  78,128
  87,154
  96,653
  106,617
  117,042
  127,927
  139,274
  151,089
  163,380
  176,159
  189,440
  203,241
  217,583
  232,490
Operating income, $m
  305
  502
  734
  1,032
  1,404
  1,859
  2,404
  3,046
  3,788
  4,635
  5,587
  6,719
  7,884
  9,153
  10,525
  11,998
  13,569
  15,235
  16,996
  18,848
  20,791
  22,824
  24,947
  27,159
  29,463
  31,860
  34,352
  36,942
  39,633
  42,430
  45,337
EBITDA, $m
  367
  595
  835
  1,143
  1,527
  1,998
  2,561
  3,224
  3,991
  4,866
  5,850
  6,945
  8,148
  9,460
  10,878
  12,400
  14,023
  15,746
  17,565
  19,479
  21,487
  23,588
  25,782
  28,069
  30,450
  32,927
  35,503
  38,179
  40,961
  43,851
  46,856
Interest expense (income), $m
  23
  23
  30
  64
  109
  164
  232
  314
  410
  521
  647
  789
  948
  1,122
  1,311
  1,516
  1,736
  1,971
  2,220
  2,483
  2,760
  3,050
  3,354
  3,671
  4,001
  4,346
  4,704
  5,076
  5,463
  5,865
  6,283
Earnings before tax, $m
  288
  479
  705
  968
  1,295
  1,695
  2,172
  2,732
  3,379
  4,114
  4,940
  5,930
  6,937
  8,032
  9,214
  10,482
  11,833
  13,264
  14,776
  16,365
  18,031
  19,774
  21,593
  23,489
  25,462
  27,514
  29,648
  31,866
  34,170
  36,565
  39,054
Tax expense, $m
  94
  129
  190
  261
  350
  458
  586
  738
  912
  1,111
  1,334
  1,601
  1,873
  2,169
  2,488
  2,830
  3,195
  3,581
  3,989
  4,419
  4,868
  5,339
  5,830
  6,342
  6,875
  7,429
  8,005
  8,604
  9,226
  9,873
  10,545
Net income, $m
  194
  349
  514
  706
  946
  1,237
  1,586
  1,994
  2,466
  3,003
  3,606
  4,329
  5,064
  5,863
  6,726
  7,652
  8,638
  9,683
  10,786
  11,947
  13,163
  14,435
  15,763
  17,147
  18,587
  20,086
  21,643
  23,262
  24,944
  26,692
  28,509

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  474
  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
  2,367
  2,731
  3,833
  5,245
  7,010
  9,168
  11,754
  14,796
  18,318
  22,332
  26,849
  31,871
  37,395
  43,415
  49,923
  56,908
  64,358
  72,262
  80,612
  89,397
  98,613
  108,255
  118,323
  128,819
  139,747
  151,115
  162,934
  175,218
  187,983
  201,248
  215,036
Adjusted assets (=assets-cash), $m
  1,893
  2,731
  3,833
  5,245
  7,010
  9,168
  11,754
  14,796
  18,318
  22,332
  26,849
  31,871
  37,395
  43,415
  49,923
  56,908
  64,358
  72,262
  80,612
  89,397
  98,613
  108,255
  118,323
  128,819
  139,747
  151,115
  162,934
  175,218
  187,983
  201,248
  215,036
Revenue / Adjusted assets
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
Average production assets, $m
  202
  289
  406
  556
  743
  971
  1,245
  1,568
  1,941
  2,366
  2,845
  3,377
  3,962
  4,600
  5,289
  6,029
  6,818
  7,656
  8,540
  9,471
  10,447
  11,469
  12,536
  13,648
  14,805
  16,010
  17,262
  18,563
  19,916
  21,321
  22,782
Working capital, $m
  -117
  -808
  -1,134
  -1,552
  -2,074
  -2,713
  -3,478
  -4,378
  -5,420
  -6,607
  -7,944
  -9,430
  -11,064
  -12,845
  -14,771
  -16,837
  -19,041
  -21,380
  -23,850
  -26,450
  -29,176
  -32,029
  -35,008
  -38,113
  -41,347
  -44,710
  -48,207
  -51,841
  -55,618
  -59,543
  -63,622
Total debt, $m
  694
  846
  1,838
  3,109
  4,697
  6,639
  8,967
  11,705
  14,874
  18,487
  22,552
  27,072
  32,043
  37,462
  43,319
  49,605
  56,310
  63,424
  70,938
  78,845
  87,140
  95,818
  104,879
  114,325
  124,160
  134,391
  145,028
  156,084
  167,573
  179,512
  191,921
Total liabilities, $m
  2,306
  2,458
  3,450
  4,721
  6,309
  8,251
  10,579
  13,317
  16,486
  20,099
  24,164
  28,684
  33,655
  39,074
  44,931
  51,217
  57,922
  65,036
  72,550
  80,457
  88,752
  97,430
  106,491
  115,937
  125,772
  136,003
  146,640
  157,696
  169,185
  181,124
  193,533
Total equity, $m
  61
  273
  383
  525
  701
  917
  1,175
  1,480
  1,832
  2,233
  2,685
  3,187
  3,739
  4,342
  4,992
  5,691
  6,436
  7,226
  8,061
  8,940
  9,861
  10,826
  11,832
  12,882
  13,975
  15,111
  16,293
  17,522
  18,798
  20,125
  21,504
Total liabilities and equity, $m
  2,367
  2,731
  3,833
  5,246
  7,010
  9,168
  11,754
  14,797
  18,318
  22,332
  26,849
  31,871
  37,394
  43,416
  49,923
  56,908
  64,358
  72,262
  80,611
  89,397
  98,613
  108,256
  118,323
  128,819
  139,747
  151,114
  162,933
  175,218
  187,983
  201,249
  215,037
Debt-to-equity ratio
  11.377
  3.100
  4.790
  5.930
  6.700
  7.240
  7.630
  7.910
  8.120
  8.280
  8.400
  8.490
  8.570
  8.630
  8.680
  8.720
  8.750
  8.780
  8.800
  8.820
  8.840
  8.850
  8.860
  8.870
  8.880
  8.890
  8.900
  8.910
  8.910
  8.920
  8.930
Adjusted equity ratio
  -0.218
  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
  194
  349
  514
  706
  946
  1,237
  1,586
  1,994
  2,466
  3,003
  3,606
  4,329
  5,064
  5,863
  6,726
  7,652
  8,638
  9,683
  10,786
  11,947
  13,163
  14,435
  15,763
  17,147
  18,587
  20,086
  21,643
  23,262
  24,944
  26,692
  28,509
Depreciation, amort., depletion, $m
  62
  93
  101
  111
  123
  139
  157
  178
  203
  232
  263
  225
  264
  307
  353
  402
  455
  510
  569
  631
  696
  765
  836
  910
  987
  1,067
  1,151
  1,238
  1,328
  1,421
  1,519
Funds from operations, $m
  431
  443
  615
  817
  1,069
  1,376
  1,742
  2,173
  2,669
  3,235
  3,870
  4,554
  5,328
  6,170
  7,079
  8,054
  9,092
  10,193
  11,356
  12,578
  13,859
  15,200
  16,599
  18,056
  19,574
  21,153
  22,794
  24,500
  26,272
  28,114
  30,028
Change in working capital, $m
  65
  -248
  -326
  -418
  -522
  -638
  -765
  -900
  -1,042
  -1,188
  -1,336
  -1,486
  -1,634
  -1,781
  -1,925
  -2,066
  -2,204
  -2,339
  -2,470
  -2,599
  -2,727
  -2,853
  -2,979
  -3,105
  -3,233
  -3,363
  -3,497
  -3,634
  -3,777
  -3,925
  -4,079
Cash from operations, $m
  366
  691
  942
  1,235
  1,591
  2,014
  2,507
  3,073
  3,711
  4,423
  5,206
  6,040
  6,962
  7,951
  9,004
  10,120
  11,297
  12,532
  13,826
  15,177
  16,586
  18,052
  19,577
  21,162
  22,807
  24,516
  26,291
  28,134
  30,049
  32,039
  34,108
Maintenance CAPEX, $m
  0
  -13
  -19
  -27
  -37
  -50
  -65
  -83
  -105
  -129
  -158
  -190
  -225
  -264
  -307
  -353
  -402
  -455
  -510
  -569
  -631
  -696
  -765
  -836
  -910
  -987
  -1,067
  -1,151
  -1,238
  -1,328
  -1,421
New CAPEX, $m
  -50
  -88
  -117
  -150
  -187
  -229
  -274
  -322
  -373
  -425
  -479
  -532
  -585
  -638
  -689
  -740
  -789
  -837
  -885
  -931
  -976
  -1,022
  -1,067
  -1,112
  -1,158
  -1,204
  -1,252
  -1,301
  -1,352
  -1,405
  -1,461
Cash from investing activities, $m
  -84
  -101
  -136
  -177
  -224
  -279
  -339
  -405
  -478
  -554
  -637
  -722
  -810
  -902
  -996
  -1,093
  -1,191
  -1,292
  -1,395
  -1,500
  -1,607
  -1,718
  -1,832
  -1,948
  -2,068
  -2,191
  -2,319
  -2,452
  -2,590
  -2,733
  -2,882
Free cash flow, $m
  282
  589
  805
  1,058
  1,367
  1,736
  2,169
  2,667
  3,234
  3,868
  4,570
  5,318
  6,152
  7,049
  8,008
  9,028
  10,105
  11,240
  12,431
  13,677
  14,978
  16,334
  17,746
  19,214
  20,740
  22,325
  23,971
  25,682
  27,459
  29,306
  31,225
Issuance/(repayment) of debt, $m
  -120
  182
  992
  1,271
  1,588
  1,942
  2,327
  2,738
  3,169
  3,613
  4,065
  4,519
  4,972
  5,418
  5,857
  6,286
  6,705
  7,114
  7,514
  7,907
  8,294
  8,678
  9,061
  9,446
  9,835
  10,231
  10,637
  11,056
  11,489
  11,939
  12,409
Issuance/(repurchase) of shares, $m
  -50
  307
  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  
  -175
  489
  992
  1,271
  1,588
  1,942
  2,327
  2,738
  3,169
  3,613
  4,065
  4,519
  4,972
  5,418
  5,857
  6,286
  6,705
  7,114
  7,514
  7,907
  8,294
  8,678
  9,061
  9,446
  9,835
  10,231
  10,637
  11,056
  11,489
  11,939
  12,409
Total cash flow (excl. dividends), $m
  101
  1,078
  1,798
  2,329
  2,956
  3,678
  4,496
  5,406
  6,403
  7,481
  8,635
  9,838
  11,124
  12,468
  13,865
  15,314
  16,810
  18,354
  19,945
  21,584
  23,273
  25,013
  26,807
  28,660
  30,575
  32,556
  34,609
  36,737
  38,947
  41,244
  43,634
Retained Cash Flow (-), $m
  -193
  -656
  -110
  -141
  -176
  -216
  -259
  -304
  -352
  -401
  -452
  -502
  -552
  -602
  -651
  -698
  -745
  -790
  -835
  -879
  -922
  -964
  -1,007
  -1,050
  -1,093
  -1,137
  -1,182
  -1,228
  -1,277
  -1,327
  -1,379
Prev. year cash balance distribution, $m
 
  444
  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
 
  866
  1,687
  2,188
  2,779
  3,462
  4,237
  5,102
  6,051
  7,080
  8,183
  9,335
  10,571
  11,866
  13,215
  14,615
  16,065
  17,564
  19,110
  20,706
  22,351
  24,048
  25,800
  27,610
  29,482
  31,419
  33,427
  35,509
  37,671
  39,918
  42,256
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
 
  830
  1,545
  1,904
  2,288
  2,684
  3,075
  3,447
  3,782
  4,067
  4,290
  4,433
  4,511
  4,511
  4,436
  4,291
  4,083
  3,822
  3,519
  3,188
  2,840
  2,487
  2,141
  1,810
  1,502
  1,222
  975
  762
  583
  436
  318
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

Gartner, Inc. is an information technology research and advisory company. The Company works with clients to research, analyze and interpret the business of information technology (IT), supply chain and marketing within the context of their individual roles. It operates in three segments: Research, Consulting and Events. Research segment consists of subscription-based research products, access to research inquiry, peer networking services and membership programs. Consulting segment consists of consulting, measurement engagements and strategic advisory services. Events segment consists of various symposia, conferences and exhibitions. It provides insight through reports, briefings, tools, access to its analysts, peer networking services and membership programs that enable its clients to make decisions about their IT, supply chain and digital marketing initiatives. Its consultants provide fact-based consulting services to help clients use and manage IT to optimize business performance.

FINANCIAL RATIOS  of  Gartner (IT)

Valuation Ratios
P/E Ratio 58.5
Price to Sales 4.6
Price to Book 186.1
Price to Tangible Book
Price to Cash Flow 31
Price to Free Cash Flow 35.9
Growth Rates
Sales Growth Rate 13%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8.7%
Cap. Spend. - 3 Yr. Gr. Rate 6.2%
Financial Strength
Quick Ratio 16
Current Ratio 0.1
LT Debt to Equity 1088.5%
Total Debt to Equity 1137.7%
Interest Coverage 14
Management Effectiveness
Return On Assets 9.2%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 26.9%
Ret/ On T. Cap. - 3 Yr. Avg. 29.2%
Return On Equity -546.5%
Return On Equity - 3 Yr. Avg. 245.9%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 61.3%
Gross Margin - 3 Yr. Avg. 61%
EBITDA Margin 15.3%
EBITDA Margin - 3 Yr. Avg. 15.7%
Operating Margin 12.5%
Oper. Margin - 3 Yr. Avg. 13.3%
Pre-Tax Margin 11.8%
Pre-Tax Margin - 3 Yr. Avg. 12.7%
Net Profit Margin 7.9%
Net Profit Margin - 3 Yr. Avg. 8.4%
Effective Tax Rate 32.6%
Eff/ Tax Rate - 3 Yr. Avg. 33.7%
Payout Ratio 0%

IT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IT stock intrinsic value calculation we used $2445 million for the last fiscal year's total revenue generated by Gartner. The default revenue input number comes from 2016 income statement of Gartner. 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 IT stock valuation model: a) initial revenue growth rate of 44.3% 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 IT is calculated based on our internal credit rating of Gartner, 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 Gartner.
    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 IT stock the variable cost ratio is equal to 86.7%.

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 IT 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 Gartner.

Corporate tax rate of 27% is the nominal tax rate for Gartner. 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 IT 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 IT are equal to 8.2%.

Life of production assets of 15 years is the average useful life of capital assets used in Gartner 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 IT is equal to -22.9%. 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 - $61 million for Gartner - 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 91.19 million for Gartner 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 Gartner at the current share price and the inputted number of shares is $12.5 billion.

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COMPANY NEWS

▶ Gartner Announces Data & Analytics Summit 2018   [Jan-17-18 11:49AM  Business Wire]
▶ IT Spending Is On The Upswing: A Record $3.7 Trillion   [Jan-16-18 02:22PM  Barrons.com]
▶ Why Gartner, Inc. Rose 22% in 2017   [Jan-12-18 04:31PM  Motley Fool]
▶ Four Of Five Smartphones To Have Artificial Intelligence: Report   [Jan-04-18 11:11AM  Investor's Business Daily]
▶ Global Spending on Data Security to Top $96 Billion in 2018   [Dec-11-17 08:45AM  24/7 Wall St.]
▶ Gartner, Inc. Value Analysis (NYSE:IT) : December 8, 2017   [Dec-08-17 02:03PM  Capital Cube]
▶ Cybersecurity Spending Seen Rising 8% Worldwide Again Next Year   [Dec-07-17 12:28PM  Investor's Business Daily]
▶ ETFs with exposure to Gartner, Inc. : December 5, 2017   [Dec-05-17 01:03PM  Capital Cube]
▶ 3 Top Cloud Computing Stocks to Buy Now   [Dec-02-17 03:11PM  Motley Fool]
▶ Deals Day: Tech firm takes big space in Irving; Italian firm puts new hub in DFW   [Nov-20-17 09:35PM  American City Business Journals]
▶ A Look at Apples MacBook Performance in Fiscal 4Q17   [Nov-08-17 07:33AM  Market Realist]
▶ Gartner Inc. Delivers 44% Revenue Growth   [Nov-07-17 10:10PM  Motley Fool]
▶ ETFs with exposure to Gartner, Inc. : November 6, 2017   [Nov-06-17 11:50AM  Capital Cube]
▶ Gartner reports 3Q loss   [06:16AM  Associated Press]
▶ Gartner, Inc. to Host Earnings Call   [06:05AM  ACCESSWIRE]
▶ [$$] Financial Sector CIOs Not Banking on Blockchain: Survey   [Nov-01-17 05:22PM  The Wall Street Journal]
▶ Will 2018 Be the Year of the Personal Drone?   [Oct-22-17 01:00PM  Motley Fool]
▶ [$$] PC market set to return to growth in 2018   [03:30AM  Financial Times]
▶ 7 Artificial Intelligence Stats That Will Blow You Away   [Oct-04-17 01:15PM  Motley Fool]
▶ [$$] CIOs Eyeing Revenue Side of Financial Statements: Gartner   [Oct-02-17 02:59PM  The Wall Street Journal]
▶ Can NetScout Get The Respect It Deserves?   [Sep-29-17 02:44PM  Forbes]
▶ How the Server Markets Growth Impacted Oracle in Fiscal 1Q18   [Sep-26-17 09:10AM  Market Realist]
▶ Markets fall as Irma approaches Florida   [Sep-08-17 09:04AM  Yahoo Finance]
▶ [$$] Credit Suisse Updates Gartner Earnings Estimate   [Sep-01-17 11:52PM  Barrons.com]
▶ You Can Benefit From Lam Research's Memory Exposure   [Aug-30-17 04:06PM  GuruFocus.com]
▶ ADP's Activist Investor Could Benefit Software Rivals   [Aug-22-17 09:20AM  Barrons.com]
▶ ETFs with exposure to Gartner, Inc. : August 21, 2017   [Aug-21-17 04:26PM  Capital Cube]
▶ CEB Convenes First CHRO Global Leadership Board   [Aug-11-17 08:11AM  PR Newswire]
Financial statements of IT
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