Intrinsic value of Juniper Networks - JNPR

Previous Close

$26.03

  Intrinsic Value

$54.47

stock screener

  Rating & Target

str. buy

+109%

Previous close

$26.03

 
Intrinsic value

$54.47

 
Up/down potential

+109%

 
Rating

str. buy

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

We calculate the intrinsic value of JNPR 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 9.9

 

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, %
  2.72
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
Revenue, $m
  4,990
  5,349
  5,723
  6,111
  6,514
  6,934
  7,371
  7,826
  8,299
  8,793
  9,307
  9,844
  10,404
  10,989
  11,600
  12,238
  12,906
  13,604
  14,334
  15,098
  15,898
  16,735
  17,612
  18,531
  19,493
  20,502
  21,560
  22,668
  23,831
  25,050
  26,328
Variable operating expenses, $m
 
  4,321
  4,602
  4,893
  5,195
  5,510
  5,838
  6,179
  6,535
  6,905
  7,291
  7,385
  7,806
  8,244
  8,703
  9,182
  9,682
  10,206
  10,754
  11,327
  11,927
  12,555
  13,213
  13,902
  14,625
  15,382
  16,175
  17,007
  17,879
  18,793
  19,752
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
  4,100
  4,321
  4,602
  4,893
  5,195
  5,510
  5,838
  6,179
  6,535
  6,905
  7,291
  7,385
  7,806
  8,244
  8,703
  9,182
  9,682
  10,206
  10,754
  11,327
  11,927
  12,555
  13,213
  13,902
  14,625
  15,382
  16,175
  17,007
  17,879
  18,793
  19,752
Operating income, $m
  890
  1,028
  1,121
  1,218
  1,319
  1,424
  1,533
  1,646
  1,765
  1,888
  2,016
  2,459
  2,599
  2,745
  2,897
  3,057
  3,223
  3,398
  3,580
  3,771
  3,971
  4,180
  4,399
  4,628
  4,869
  5,121
  5,385
  5,662
  5,952
  6,257
  6,576
EBITDA, $m
  1,097
  1,374
  1,470
  1,569
  1,673
  1,781
  1,893
  2,010
  2,131
  2,258
  2,390
  2,528
  2,672
  2,822
  2,979
  3,143
  3,314
  3,494
  3,681
  3,877
  4,083
  4,298
  4,523
  4,759
  5,006
  5,265
  5,537
  5,821
  6,120
  6,433
  6,761
Interest expense (income), $m
  93
  98
  114
  130
  147
  164
  182
  201
  221
  241
  263
  285
  308
  332
  358
  384
  412
  441
  471
  502
  535
  570
  606
  644
  684
  726
  769
  815
  863
  913
  966
Earnings before tax, $m
  827
  930
  1,007
  1,088
  1,172
  1,260
  1,351
  1,445
  1,544
  1,647
  1,754
  2,174
  2,290
  2,412
  2,540
  2,673
  2,812
  2,957
  3,109
  3,269
  3,435
  3,610
  3,793
  3,984
  4,185
  4,395
  4,616
  4,847
  5,089
  5,343
  5,610
Tax expense, $m
  234
  251
  272
  294
  317
  340
  365
  390
  417
  445
  474
  587
  618
  651
  686
  722
  759
  798
  840
  882
  928
  975
  1,024
  1,076
  1,130
  1,187
  1,246
  1,309
  1,374
  1,443
  1,515
Net income, $m
  593
  679
  735
  794
  856
  920
  986
  1,055
  1,127
  1,202
  1,280
  1,587
  1,672
  1,761
  1,854
  1,951
  2,053
  2,159
  2,270
  2,386
  2,508
  2,635
  2,769
  2,908
  3,055
  3,208
  3,369
  3,538
  3,715
  3,901
  4,095

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,586
  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
  9,657
  7,577
  8,106
  8,655
  9,227
  9,822
  10,440
  11,084
  11,755
  12,454
  13,183
  13,943
  14,737
  15,565
  16,431
  17,335
  18,280
  19,269
  20,303
  21,385
  22,518
  23,704
  24,946
  26,247
  27,611
  29,040
  30,538
  32,108
  33,755
  35,481
  37,292
Adjusted assets (=assets-cash), $m
  7,071
  7,577
  8,106
  8,655
  9,227
  9,822
  10,440
  11,084
  11,755
  12,454
  13,183
  13,943
  14,737
  15,565
  16,431
  17,335
  18,280
  19,269
  20,303
  21,385
  22,518
  23,704
  24,946
  26,247
  27,611
  29,040
  30,538
  32,108
  33,755
  35,481
  37,292
Revenue / Adjusted assets
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
Average production assets, $m
  618
  663
  710
  758
  808
  860
  914
  970
  1,029
  1,090
  1,154
  1,221
  1,290
  1,363
  1,438
  1,518
  1,600
  1,687
  1,777
  1,872
  1,971
  2,075
  2,184
  2,298
  2,417
  2,542
  2,673
  2,811
  2,955
  3,106
  3,265
Working capital, $m
  2,236
  -374
  -401
  -428
  -456
  -485
  -516
  -548
  -581
  -615
  -652
  -689
  -728
  -769
  -812
  -857
  -903
  -952
  -1,003
  -1,057
  -1,113
  -1,171
  -1,233
  -1,297
  -1,365
  -1,435
  -1,509
  -1,587
  -1,668
  -1,753
  -1,843
Total debt, $m
  2,134
  2,471
  2,822
  3,187
  3,567
  3,962
  4,372
  4,800
  5,245
  5,710
  6,194
  6,698
  7,225
  7,775
  8,350
  8,950
  9,578
  10,234
  10,921
  11,640
  12,392
  13,179
  14,004
  14,868
  15,774
  16,723
  17,717
  18,760
  19,853
  21,000
  22,202
Total liabilities, $m
  4,694
  5,031
  5,382
  5,747
  6,127
  6,522
  6,932
  7,360
  7,805
  8,270
  8,754
  9,258
  9,785
  10,335
  10,910
  11,510
  12,138
  12,794
  13,481
  14,200
  14,952
  15,739
  16,564
  17,428
  18,334
  19,283
  20,277
  21,320
  22,413
  23,560
  24,762
Total equity, $m
  4,963
  2,546
  2,724
  2,908
  3,100
  3,300
  3,508
  3,724
  3,950
  4,185
  4,430
  4,685
  4,952
  5,230
  5,521
  5,825
  6,142
  6,474
  6,822
  7,185
  7,566
  7,964
  8,382
  8,819
  9,277
  9,757
  10,261
  10,788
  11,342
  11,922
  12,530
Total liabilities and equity, $m
  9,657
  7,577
  8,106
  8,655
  9,227
  9,822
  10,440
  11,084
  11,755
  12,455
  13,184
  13,943
  14,737
  15,565
  16,431
  17,335
  18,280
  19,268
  20,303
  21,385
  22,518
  23,703
  24,946
  26,247
  27,611
  29,040
  30,538
  32,108
  33,755
  35,482
  37,292
Debt-to-equity ratio
  0.430
  0.970
  1.040
  1.100
  1.150
  1.200
  1.250
  1.290
  1.330
  1.360
  1.400
  1.430
  1.460
  1.490
  1.510
  1.540
  1.560
  1.580
  1.600
  1.620
  1.640
  1.650
  1.670
  1.690
  1.700
  1.710
  1.730
  1.740
  1.750
  1.760
  1.770
Adjusted equity ratio
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  593
  679
  735
  794
  856
  920
  986
  1,055
  1,127
  1,202
  1,280
  1,587
  1,672
  1,761
  1,854
  1,951
  2,053
  2,159
  2,270
  2,386
  2,508
  2,635
  2,769
  2,908
  3,055
  3,208
  3,369
  3,538
  3,715
  3,901
  4,095
Depreciation, amort., depletion, $m
  207
  346
  349
  351
  354
  357
  360
  363
  367
  370
  374
  69
  73
  77
  82
  86
  91
  96
  101
  106
  112
  118
  124
  131
  137
  144
  152
  160
  168
  176
  185
Funds from operations, $m
  1,135
  1,025
  1,084
  1,146
  1,210
  1,277
  1,346
  1,418
  1,494
  1,572
  1,654
  1,656
  1,745
  1,838
  1,936
  2,037
  2,143
  2,255
  2,371
  2,492
  2,620
  2,753
  2,893
  3,039
  3,192
  3,353
  3,521
  3,698
  3,883
  4,077
  4,281
Change in working capital, $m
  29
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -59
  -61
  -64
  -67
  -71
  -74
  -78
  -81
  -85
  -89
Cash from operations, $m
  1,106
  1,050
  1,110
  1,173
  1,238
  1,306
  1,377
  1,450
  1,527
  1,607
  1,690
  1,694
  1,785
  1,879
  1,978
  2,082
  2,190
  2,303
  2,422
  2,546
  2,676
  2,812
  2,954
  3,103
  3,260
  3,424
  3,595
  3,775
  3,964
  4,162
  4,370
Maintenance CAPEX, $m
  0
  -35
  -38
  -40
  -43
  -46
  -49
  -52
  -55
  -58
  -62
  -66
  -69
  -73
  -77
  -82
  -86
  -91
  -96
  -101
  -106
  -112
  -118
  -124
  -131
  -137
  -144
  -152
  -160
  -168
  -176
New CAPEX, $m
  -215
  -46
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -69
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -144
  -151
  -159
Cash from investing activities, $m
  -450
  -81
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -119
  -126
  -133
  -138
  -146
  -153
  -161
  -169
  -178
  -187
  -196
  -205
  -216
  -227
  -238
  -250
  -262
  -275
  -289
  -304
  -319
  -335
Free cash flow, $m
  656
  969
  1,026
  1,084
  1,145
  1,208
  1,274
  1,342
  1,413
  1,487
  1,564
  1,562
  1,646
  1,734
  1,825
  1,921
  2,021
  2,126
  2,235
  2,350
  2,470
  2,596
  2,727
  2,865
  3,010
  3,161
  3,320
  3,486
  3,660
  3,843
  4,035
Issuance/(repayment) of debt, $m
  179
  337
  351
  365
  380
  395
  411
  428
  445
  464
  484
  505
  527
  550
  575
  600
  628
  656
  687
  719
  752
  788
  825
  864
  905
  949
  995
  1,043
  1,093
  1,146
  1,202
Issuance/(repurchase) of shares, $m
  -262
  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  
  -77
  337
  351
  365
  380
  395
  411
  428
  445
  464
  484
  505
  527
  550
  575
  600
  628
  656
  687
  719
  752
  788
  825
  864
  905
  949
  995
  1,043
  1,093
  1,146
  1,202
Total cash flow (excl. dividends), $m
  565
  1,306
  1,377
  1,449
  1,525
  1,603
  1,684
  1,770
  1,858
  1,951
  2,048
  2,066
  2,173
  2,284
  2,400
  2,521
  2,649
  2,782
  2,922
  3,069
  3,222
  3,383
  3,552
  3,729
  3,915
  4,110
  4,314
  4,529
  4,754
  4,990
  5,238
Retained Cash Flow (-), $m
  -389
  -169
  -178
  -185
  -192
  -200
  -208
  -216
  -225
  -235
  -245
  -255
  -267
  -278
  -291
  -304
  -318
  -332
  -347
  -364
  -381
  -399
  -417
  -437
  -458
  -480
  -503
  -528
  -553
  -580
  -608
Prev. year cash balance distribution, $m
 
  2,586
  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
 
  3,723
  1,200
  1,265
  1,332
  1,403
  1,477
  1,553
  1,633
  1,716
  1,803
  1,811
  1,906
  2,005
  2,109
  2,218
  2,331
  2,450
  2,575
  2,705
  2,842
  2,985
  3,135
  3,292
  3,457
  3,630
  3,811
  4,001
  4,201
  4,410
  4,629
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
 
  3,570
  1,098
  1,101
  1,097
  1,088
  1,072
  1,049
  1,021
  986
  945
  860
  813
  762
  708
  651
  592
  533
  474
  417
  361
  309
  260
  216
  176
  141
  111
  86
  65
  48
  35
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

Juniper Networks, Inc. designs, develops and sells products and services for high-performance networks to enable customers to build networks for their businesses. The Company sells its products in over 100 countries in three geographic regions: Americas; Europe, the Middle East and Africa, and Asia Pacific. The Company sells its high-performance network products and service offerings across routing, switching and security. Its products address network requirements for global service providers, cloud providers, national governments, research and public sector organizations, and other enterprises. The Company offers its customers various services, including technical support, professional services, education and training programs. The Company's Junos Platform enables its customers to expand network software into the application space, and deploy software clients to control delivery. The Junos Platform includes a range of products, such as Junos Operating System (OS) and Junos Space.

FINANCIAL RATIOS  of  Juniper Networks (JNPR)

Valuation Ratios
P/E Ratio 16.7
Price to Sales 2
Price to Book 2
Price to Tangible Book
Price to Cash Flow 9
Price to Free Cash Flow 11.1
Growth Rates
Sales Growth Rate 2.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2.4%
Cap. Spend. - 3 Yr. Gr. Rate -2.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 43%
Total Debt to Equity 43%
Interest Coverage 10
Management Effectiveness
Return On Assets 7.2%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 8.7%
Ret/ On T. Cap. - 3 Yr. Avg. 4.7%
Return On Equity 12.4%
Return On Equity - 3 Yr. Avg. 6.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 62.2%
Gross Margin - 3 Yr. Avg. 62.5%
EBITDA Margin 22.6%
EBITDA Margin - 3 Yr. Avg. 16.2%
Operating Margin 17.8%
Oper. Margin - 3 Yr. Avg. 10.7%
Pre-Tax Margin 16.6%
Pre-Tax Margin - 3 Yr. Avg. 10.8%
Net Profit Margin 11.9%
Net Profit Margin - 3 Yr. Avg. 5.9%
Effective Tax Rate 28.3%
Eff/ Tax Rate - 3 Yr. Avg. -78.2%
Payout Ratio 25.8%

JNPR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JNPR stock intrinsic value calculation we used $4990 million for the last fiscal year's total revenue generated by Juniper Networks. The default revenue input number comes from 2016 income statement of Juniper 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 JNPR stock valuation model: a) initial revenue growth rate of 7.2% 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 JNPR is calculated based on our internal credit rating of Juniper 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 Juniper 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 JNPR stock the variable cost ratio is equal to 81.2%.

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 JNPR 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 4.6% for Juniper Networks.

Corporate tax rate of 27% is the nominal tax rate for Juniper 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 JNPR 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 JNPR are equal to 12.4%.

Life of production assets of 17.6 years is the average useful life of capital assets used in Juniper 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 JNPR is equal to -7%. 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 - $4963 million for Juniper 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 380.33 million for Juniper 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 Juniper Networks at the current share price and the inputted number of shares is $9.9 billion.

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COMPANY NEWS

▶ A Look at Junipers Financial Metrics   [Oct-13-17 05:06PM  Market Realist]
▶ Company News For Oct 13, 2017   [10:15AM  Zacks]
▶ CarGurus Gains Nearly 80% in 1st Day of Trading   [Oct-12-17 05:39PM  GuruFocus.com]
▶ Juniper Turnaround Gets Stormy In The Cloud, Amazon To Blame?   [04:23PM  Investor's Business Daily]
▶ Lifting Amazon's Cloud   [12:33PM  The Wall Street Journal]
▶ Is It Finally Time to Ditch Starbucks Corp. (NASDAQ:SBUX)?   [Sep-29-17 08:49AM  InvestorPlace]
▶ Nokia (NOK) Stock Still Has a Long Road Ahead   [Sep-25-17 03:04PM  InvestorPlace]
▶ 5 Strong Buy Tech Stocks for Value Investors   [Sep-20-17 05:37PM  Zacks]
▶ Should You Buy Juniper Networks Inc (JNPR)?   [07:45AM  Simply Wall St.]
▶ How Juniper Is Returning Capital to Shareholders   [Sep-07-17 10:37AM  Market Realist]
▶ How Have Junipers Verticals Performed?   [09:08AM  Market Realist]
▶ [$$] Juniper to Acquire Security Analytics Startup Cyphort   [Sep-01-17 06:41PM  The Wall Street Journal]
▶ 5 Top-Ranked Dividend Stocks for Solid Returns   [Aug-31-17 11:01AM  Zacks]
▶ Ciscos Revenue Falls for 7 Consecutive Quarters   [Aug-18-17 07:39AM  Market Realist]
▶ What Analysts Recommend for Juniper Networks in July 2017   [Jul-28-17 10:36AM  Market Realist]
▶ Revenues for Juniper Networks 2Q17 Switching Business   [Jul-27-17 10:38AM  Market Realist]
▶ How Juniper Networks Views 3Q17   [07:45AM  Market Realist]
▶ "Fast Money" final trades: GILD, UAL and more   [Jul-26-17 05:59PM  CNBC Videos]
▶ Akamai, Juniper Tumble On Earnings Outlooks   [04:43PM  Investor's Business Daily]
▶ Juniper tops Street 2Q forecasts   [Jul-25-17 09:32PM  Associated Press]
▶ Juniper Networks Nears Buy Point As Earnings Top   [04:30PM  Investor's Business Daily]
Financial statements of JNPR
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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