Intrinsic value of Gartner - IT

Previous Close

$122.27

  Intrinsic Value

$308.31

stock screener

  Rating & Target

str. buy

+152%

  Value-price divergence*

+564%

Previous close

$122.27

 
Intrinsic value

$308.31

 
Up/down potential

+152%

 
Rating

str. buy

 
Value-price divergence*

+564%

*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

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 11.1

 

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
  38.40
  35.06
  32.05
  29.35
  26.91
  24.72
  22.75
  20.98
  19.38
  17.94
  16.65
  15.48
  14.43
  13.49
  12.64
  11.88
  11.19
  10.57
  10.01
  9.51
  9.06
  8.65
  8.29
  7.96
  7.66
  7.40
  7.16
  6.94
  6.75
  6.57
Revenue, $m
  2,445
  3,384
  4,570
  6,035
  7,806
  9,907
  12,357
  15,168
  18,350
  21,905
  25,835
  30,136
  34,801
  39,824
  45,196
  50,909
  56,955
  63,328
  70,022
  77,034
  84,361
  92,004
  99,967
  108,253
  116,871
  125,828
  135,136
  144,809
  154,862
  165,312
  176,179
Variable operating expenses, $m
 
  2,905
  3,898
  5,124
  6,606
  8,365
  10,414
  12,767
  15,429
  18,404
  21,693
  25,218
  29,122
  33,325
  37,821
  42,602
  47,661
  52,994
  58,596
  64,463
  70,594
  76,991
  83,654
  90,588
  97,799
  105,295
  113,084
  121,179
  129,591
  138,336
  147,429
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
  2,905
  3,898
  5,124
  6,606
  8,365
  10,414
  12,767
  15,429
  18,404
  21,693
  25,218
  29,122
  33,325
  37,821
  42,602
  47,661
  52,994
  58,596
  64,463
  70,594
  76,991
  83,654
  90,588
  97,799
  105,295
  113,084
  121,179
  129,591
  138,336
  147,429
Operating income, $m
  305
  478
  672
  911
  1,200
  1,543
  1,943
  2,401
  2,921
  3,501
  4,142
  4,918
  5,679
  6,499
  7,375
  8,308
  9,294
  10,334
  11,426
  12,571
  13,766
  15,014
  16,313
  17,665
  19,071
  20,533
  22,052
  23,631
  25,271
  26,976
  28,750
EBITDA, $m
  367
  571
  771
  1,018
  1,317
  1,671
  2,084
  2,558
  3,095
  3,694
  4,357
  5,082
  5,869
  6,716
  7,622
  8,586
  9,606
  10,680
  11,809
  12,992
  14,228
  15,517
  16,860
  18,257
  19,710
  21,221
  22,791
  24,422
  26,118
  27,880
  29,713
Interest expense (income), $m
  23
  23
  26
  55
  91
  134
  185
  245
  313
  391
  478
  573
  678
  792
  915
  1,045
  1,185
  1,332
  1,488
  1,651
  1,822
  2,000
  2,187
  2,381
  2,583
  2,793
  3,011
  3,238
  3,474
  3,719
  3,974
Earnings before tax, $m
  288
  455
  646
  856
  1,109
  1,409
  1,758
  2,157
  2,607
  3,110
  3,664
  4,344
  5,001
  5,707
  6,461
  7,262
  8,109
  9,002
  9,939
  10,920
  11,945
  13,013
  14,126
  15,284
  16,489
  17,740
  19,041
  20,392
  21,797
  23,257
  24,776
Tax expense, $m
  94
  123
  174
  231
  300
  380
  475
  582
  704
  840
  989
  1,173
  1,350
  1,541
  1,744
  1,961
  2,190
  2,431
  2,684
  2,948
  3,225
  3,514
  3,814
  4,127
  4,452
  4,790
  5,141
  5,506
  5,885
  6,279
  6,689
Net income, $m
  194
  332
  472
  625
  810
  1,029
  1,283
  1,574
  1,903
  2,270
  2,675
  3,171
  3,650
  4,166
  4,716
  5,301
  5,920
  6,571
  7,255
  7,972
  8,720
  9,500
  10,312
  11,158
  12,037
  12,950
  13,900
  14,886
  15,912
  16,978
  18,086

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
  2,619
  3,537
  4,671
  6,042
  7,668
  9,564
  11,740
  14,202
  16,955
  19,996
  23,325
  26,936
  30,823
  34,981
  39,403
  44,083
  49,016
  54,197
  59,623
  65,295
  71,211
  77,374
  83,788
  90,457
  97,390
  104,595
  112,082
  119,863
  127,951
  136,361
Adjusted assets (=assets-cash), $m
  1,893
  2,619
  3,537
  4,671
  6,042
  7,668
  9,564
  11,740
  14,202
  16,955
  19,996
  23,325
  26,936
  30,823
  34,981
  39,403
  44,083
  49,016
  54,197
  59,623
  65,295
  71,211
  77,374
  83,788
  90,457
  97,390
  104,595
  112,082
  119,863
  127,951
  136,361
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
  277
  375
  495
  640
  812
  1,013
  1,244
  1,505
  1,796
  2,118
  2,471
  2,854
  3,266
  3,706
  4,175
  4,670
  5,193
  5,742
  6,317
  6,918
  7,544
  8,197
  8,877
  9,583
  10,318
  11,081
  11,874
  12,699
  13,556
  14,447
Working capital, $m
  -117
  -775
  -1,047
  -1,382
  -1,788
  -2,269
  -2,830
  -3,473
  -4,202
  -5,016
  -5,916
  -6,901
  -7,969
  -9,120
  -10,350
  -11,658
  -13,043
  -14,502
  -16,035
  -17,641
  -19,319
  -21,069
  -22,892
  -24,790
  -26,763
  -28,815
  -30,946
  -33,161
  -35,463
  -37,857
  -40,345
Total debt, $m
  694
  745
  1,572
  2,592
  3,826
  5,290
  6,996
  8,954
  11,170
  13,647
  16,385
  19,380
  22,630
  26,129
  29,871
  33,851
  38,063
  42,502
  47,165
  52,049
  57,153
  62,478
  68,025
  73,797
  79,799
  86,039
  92,523
  99,261
  106,264
  113,544
  121,113
Total liabilities, $m
  2,306
  2,357
  3,184
  4,204
  5,438
  6,902
  8,608
  10,566
  12,782
  15,259
  17,997
  20,992
  24,242
  27,741
  31,483
  35,463
  39,675
  44,114
  48,777
  53,661
  58,765
  64,090
  69,637
  75,409
  81,411
  87,651
  94,135
  100,873
  107,876
  115,156
  122,725
Total equity, $m
  61
  262
  354
  467
  604
  767
  956
  1,174
  1,420
  1,695
  2,000
  2,332
  2,694
  3,082
  3,498
  3,940
  4,408
  4,902
  5,420
  5,962
  6,529
  7,121
  7,737
  8,379
  9,046
  9,739
  10,459
  11,208
  11,986
  12,795
  13,636
Total liabilities and equity, $m
  2,367
  2,619
  3,538
  4,671
  6,042
  7,669
  9,564
  11,740
  14,202
  16,954
  19,997
  23,324
  26,936
  30,823
  34,981
  39,403
  44,083
  49,016
  54,197
  59,623
  65,294
  71,211
  77,374
  83,788
  90,457
  97,390
  104,594
  112,081
  119,862
  127,951
  136,361
Debt-to-equity ratio
  11.377
  2.850
  4.440
  5.550
  6.330
  6.900
  7.310
  7.630
  7.860
  8.050
  8.190
  8.310
  8.400
  8.480
  8.540
  8.590
  8.630
  8.670
  8.700
  8.730
  8.750
  8.770
  8.790
  8.810
  8.820
  8.830
  8.850
  8.860
  8.870
  8.870
  8.880
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
  332
  472
  625
  810
  1,029
  1,283
  1,574
  1,903
  2,270
  2,675
  3,171
  3,650
  4,166
  4,716
  5,301
  5,920
  6,571
  7,255
  7,972
  8,720
  9,500
  10,312
  11,158
  12,037
  12,950
  13,900
  14,886
  15,912
  16,978
  18,086
Depreciation, amort., depletion, $m
  62
  92
  99
  107
  116
  128
  141
  157
  174
  194
  215
  165
  190
  218
  247
  278
  311
  346
  383
  421
  461
  503
  546
  592
  639
  688
  739
  792
  847
  904
  963
Funds from operations, $m
  431
  425
  570
  732
  926
  1,157
  1,424
  1,731
  2,077
  2,464
  2,890
  3,336
  3,841
  4,383
  4,963
  5,580
  6,231
  6,918
  7,638
  8,393
  9,181
  10,003
  10,859
  11,749
  12,676
  13,638
  14,638
  15,678
  16,758
  17,881
  19,049
Change in working capital, $m
  65
  -215
  -272
  -335
  -406
  -481
  -561
  -644
  -729
  -814
  -900
  -985
  -1,068
  -1,150
  -1,230
  -1,308
  -1,385
  -1,459
  -1,533
  -1,606
  -1,678
  -1,750
  -1,823
  -1,898
  -1,973
  -2,051
  -2,132
  -2,215
  -2,302
  -2,393
  -2,488
Cash from operations, $m
  366
  640
  842
  1,067
  1,332
  1,638
  1,985
  2,375
  2,806
  3,278
  3,790
  4,321
  4,909
  5,534
  6,194
  6,888
  7,616
  8,377
  9,171
  9,998
  10,859
  11,753
  12,682
  13,647
  14,649
  15,689
  16,770
  17,893
  19,060
  20,274
  21,538
Maintenance CAPEX, $m
  0
  -13
  -18
  -25
  -33
  -43
  -54
  -68
  -83
  -100
  -120
  -141
  -165
  -190
  -218
  -247
  -278
  -311
  -346
  -383
  -421
  -461
  -503
  -546
  -592
  -639
  -688
  -739
  -792
  -847
  -904
New CAPEX, $m
  -50
  -76
  -97
  -120
  -145
  -172
  -201
  -231
  -261
  -292
  -322
  -353
  -383
  -412
  -441
  -468
  -496
  -523
  -549
  -575
  -601
  -627
  -653
  -679
  -707
  -734
  -763
  -793
  -824
  -857
  -891
Cash from investing activities, $m
  -84
  -89
  -115
  -145
  -178
  -215
  -255
  -299
  -344
  -392
  -442
  -494
  -548
  -602
  -659
  -715
  -774
  -834
  -895
  -958
  -1,022
  -1,088
  -1,156
  -1,225
  -1,299
  -1,373
  -1,451
  -1,532
  -1,616
  -1,704
  -1,795
Free cash flow, $m
  282
  550
  726
  922
  1,154
  1,423
  1,730
  2,077
  2,462
  2,886
  3,348
  3,827
  4,362
  4,932
  5,535
  6,172
  6,842
  7,543
  8,276
  9,041
  9,837
  10,665
  11,526
  12,421
  13,350
  14,316
  15,319
  16,361
  17,444
  18,571
  19,743
Issuance/(repayment) of debt, $m
  -120
  81
  826
  1,020
  1,234
  1,464
  1,706
  1,958
  2,216
  2,477
  2,737
  2,996
  3,250
  3,499
  3,742
  3,980
  4,212
  4,439
  4,663
  4,884
  5,104
  5,325
  5,547
  5,772
  6,003
  6,240
  6,484
  6,738
  7,003
  7,279
  7,569
Issuance/(repurchase) of shares, $m
  -50
  313
  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
  394
  826
  1,020
  1,234
  1,464
  1,706
  1,958
  2,216
  2,477
  2,737
  2,996
  3,250
  3,499
  3,742
  3,980
  4,212
  4,439
  4,663
  4,884
  5,104
  5,325
  5,547
  5,772
  6,003
  6,240
  6,484
  6,738
  7,003
  7,279
  7,569
Total cash flow (excl. dividends), $m
  101
  944
  1,553
  1,943
  2,388
  2,886
  3,436
  4,035
  4,678
  5,363
  6,085
  6,823
  7,612
  8,430
  9,278
  10,152
  11,054
  11,982
  12,939
  13,925
  14,941
  15,990
  17,073
  18,193
  19,353
  20,556
  21,803
  23,099
  24,447
  25,850
  27,312
Retained Cash Flow (-), $m
  -193
  -645
  -92
  -113
  -137
  -163
  -190
  -218
  -246
  -275
  -304
  -333
  -361
  -389
  -416
  -442
  -468
  -493
  -518
  -543
  -567
  -592
  -616
  -641
  -667
  -693
  -720
  -749
  -778
  -809
  -841
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
 
  743
  1,461
  1,829
  2,250
  2,724
  3,247
  3,817
  4,432
  5,088
  5,781
  6,490
  7,251
  8,042
  8,862
  9,710
  10,586
  11,489
  12,421
  13,382
  14,374
  15,398
  16,457
  17,552
  18,686
  19,862
  21,083
  22,351
  23,669
  25,042
  26,471
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
 
  712
  1,337
  1,592
  1,853
  2,111
  2,356
  2,579
  2,770
  2,923
  3,031
  3,082
  3,094
  3,058
  2,975
  2,851
  2,690
  2,500
  2,287
  2,060
  1,826
  1,593
  1,365
  1,150
  952
  773
  615
  480
  366
  273
  199
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 52.1
Price to Sales 4.1
Price to Book 165.7
Price to Tangible Book
Price to Cash Flow 27.6
Price to Free Cash Flow 32
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 38.4% 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 90.611 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 $11.1 billion.

RELATED COMPANIES Price Int.Val. Rating
NCI Navigant Consu 17.18 33.78  str.buy
ABCO Advisory Board 53.75 5.62  str.sell
TTGT TechTarget 12.09 7.32  sell

COMPANY NEWS

▶ [$$] PC market set to return to growth in 2018   [03:30AM  Financial Times]
▶ 7 Artificial Intelligence Stats That Will Blow You Away   [Oct-04-17 01:15PM  Motley Fool]
▶ [$$] 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]
▶ Gartner Inc. Revenue Surges 38%   [Aug-09-17 07:30PM  Motley Fool]
▶ Gartner reports 2Q loss   [Aug-08-17 11:13PM  Associated Press]
▶ Amazon.com, Inc. (AMZN) Stock Faces Danger in the Cloud   [Jul-21-17 09:47AM  InvestorPlace]
▶ Here are the companies that top the worldwide PC market today   [Jul-13-17 07:02PM  Business Insider]
▶ How to manage vendors in a cloud-first world   [Jul-05-17 09:50AM  ZDNet]
▶ Gartner Announces Top 100 Vendors in IT   [12:45PM  Business Wire]
▶ Alibaba: A Global Cloud Contender, Gartner Says   [Jun-15-17 07:46PM  Barrons.com]
▶ New Strong Buy Stocks for June 7th   [Jun-07-17 10:10AM  Zacks]
▶ New Strong Buy Stocks for June 5th   [Jun-05-17 10:53AM  Zacks]
▶ Gartner to Present at William Blair Growth Stock Conference   [Jun-02-17 12:06PM  Business Wire]
▶ 7 sentenced use hacked credit cards to buy cigarettes   [Jun-01-17 03:07PM  Associated Press]
Financial statements of IT
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.