Intrinsic value of Keysight Technologies - KEYS

Previous Close

$42.68

  Intrinsic Value

$70.96

stock screener

  Rating & Target

str. buy

+66%

Previous close

$42.68

 
Intrinsic value

$70.96

 
Up/down potential

+66%

 
Rating

str. buy

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

We calculate the intrinsic value of KEYS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 7.9

 

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, %
  2.17
  16.40
  15.26
  14.23
  13.31
  12.48
  11.73
  11.06
  10.45
  9.91
  9.42
  8.97
  8.58
  8.22
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
Revenue, $m
  2,918
  3,397
  3,915
  4,472
  5,067
  5,700
  6,368
  7,073
  7,812
  8,586
  9,394
  10,238
  11,116
  12,029
  12,979
  13,967
  14,993
  16,059
  17,168
  18,320
  19,518
  20,764
  22,062
  23,412
  24,819
  26,286
  27,816
  29,411
  31,077
  32,816
  34,633
Variable operating expenses, $m
 
  2,872
  3,299
  3,758
  4,248
  4,769
  5,320
  5,900
  6,509
  7,146
  7,813
  8,433
  9,157
  9,910
  10,692
  11,506
  12,351
  13,229
  14,142
  15,091
  16,078
  17,105
  18,174
  19,287
  20,446
  21,654
  22,914
  24,228
  25,600
  27,033
  28,530
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
  2,512
  2,872
  3,299
  3,758
  4,248
  4,769
  5,320
  5,900
  6,509
  7,146
  7,813
  8,433
  9,157
  9,910
  10,692
  11,506
  12,351
  13,229
  14,142
  15,091
  16,078
  17,105
  18,174
  19,287
  20,446
  21,654
  22,914
  24,228
  25,600
  27,033
  28,530
Operating income, $m
  406
  525
  616
  714
  819
  931
  1,049
  1,173
  1,303
  1,439
  1,582
  1,804
  1,959
  2,120
  2,287
  2,461
  2,642
  2,830
  3,025
  3,228
  3,440
  3,659
  3,888
  4,126
  4,374
  4,632
  4,902
  5,183
  5,476
  5,783
  6,103
EBITDA, $m
  540
  662
  763
  871
  987
  1,110
  1,240
  1,378
  1,522
  1,672
  1,830
  1,994
  2,165
  2,343
  2,528
  2,720
  2,920
  3,128
  3,344
  3,568
  3,802
  4,044
  4,297
  4,560
  4,834
  5,120
  5,418
  5,729
  6,053
  6,392
  6,746
Interest expense (income), $m
  44
  44
  59
  75
  92
  111
  131
  152
  174
  197
  221
  247
  273
  301
  329
  359
  390
  422
  455
  490
  526
  564
  603
  643
  686
  730
  776
  824
  874
  926
  980
Earnings before tax, $m
  366
  481
  558
  639
  727
  820
  918
  1,021
  1,129
  1,242
  1,361
  1,557
  1,686
  1,819
  1,958
  2,102
  2,252
  2,408
  2,570
  2,738
  2,913
  3,095
  3,285
  3,482
  3,688
  3,902
  4,126
  4,359
  4,603
  4,857
  5,123
Tax expense, $m
  31
  130
  151
  173
  196
  221
  248
  276
  305
  335
  367
  421
  455
  491
  529
  568
  608
  650
  694
  739
  787
  836
  887
  940
  996
  1,054
  1,114
  1,177
  1,243
  1,311
  1,383
Net income, $m
  335
  351
  407
  467
  531
  598
  670
  745
  824
  907
  993
  1,137
  1,231
  1,328
  1,429
  1,535
  1,644
  1,758
  1,876
  1,999
  2,127
  2,260
  2,398
  2,542
  2,692
  2,849
  3,012
  3,182
  3,360
  3,546
  3,740

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  783
  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
  3,796
  3,509
  4,044
  4,620
  5,235
  5,888
  6,579
  7,306
  8,070
  8,870
  9,705
  10,576
  11,483
  12,427
  13,408
  14,429
  15,489
  16,590
  17,735
  18,925
  20,163
  21,451
  22,791
  24,186
  25,640
  27,155
  28,735
  30,384
  32,104
  33,901
  35,778
Adjusted assets (=assets-cash), $m
  3,013
  3,509
  4,044
  4,620
  5,235
  5,888
  6,579
  7,306
  8,070
  8,870
  9,705
  10,576
  11,483
  12,427
  13,408
  14,429
  15,489
  16,590
  17,735
  18,925
  20,163
  21,451
  22,791
  24,186
  25,640
  27,155
  28,735
  30,384
  32,104
  33,901
  35,778
Revenue / Adjusted assets
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
Average production assets, $m
  486
  567
  654
  747
  846
  952
  1,064
  1,181
  1,305
  1,434
  1,569
  1,710
  1,856
  2,009
  2,168
  2,332
  2,504
  2,682
  2,867
  3,059
  3,259
  3,468
  3,684
  3,910
  4,145
  4,390
  4,645
  4,912
  5,190
  5,480
  5,784
Working capital, $m
  1,210
  496
  572
  653
  740
  832
  930
  1,033
  1,141
  1,254
  1,372
  1,495
  1,623
  1,756
  1,895
  2,039
  2,189
  2,345
  2,506
  2,675
  2,850
  3,032
  3,221
  3,418
  3,624
  3,838
  4,061
  4,294
  4,537
  4,791
  5,056
Total debt, $m
  1,093
  1,470
  1,876
  2,312
  2,778
  3,273
  3,797
  4,348
  4,927
  5,533
  6,166
  6,827
  7,514
  8,230
  8,974
  9,747
  10,550
  11,385
  12,253
  13,155
  14,094
  15,070
  16,085
  17,143
  18,245
  19,394
  20,591
  21,841
  23,145
  24,507
  25,930
Total liabilities, $m
  2,283
  2,660
  3,066
  3,502
  3,968
  4,463
  4,987
  5,538
  6,117
  6,723
  7,356
  8,017
  8,704
  9,420
  10,164
  10,937
  11,740
  12,575
  13,443
  14,345
  15,284
  16,260
  17,275
  18,333
  19,435
  20,584
  21,781
  23,031
  24,335
  25,697
  27,120
Total equity, $m
  1,513
  849
  979
  1,118
  1,267
  1,425
  1,592
  1,768
  1,953
  2,146
  2,349
  2,559
  2,779
  3,007
  3,245
  3,492
  3,748
  4,015
  4,292
  4,580
  4,879
  5,191
  5,515
  5,853
  6,205
  6,572
  6,954
  7,353
  7,769
  8,204
  8,658
Total liabilities and equity, $m
  3,796
  3,509
  4,045
  4,620
  5,235
  5,888
  6,579
  7,306
  8,070
  8,869
  9,705
  10,576
  11,483
  12,427
  13,409
  14,429
  15,488
  16,590
  17,735
  18,925
  20,163
  21,451
  22,790
  24,186
  25,640
  27,156
  28,735
  30,384
  32,104
  33,901
  35,778
Debt-to-equity ratio
  0.722
  1.730
  1.920
  2.070
  2.190
  2.300
  2.380
  2.460
  2.520
  2.580
  2.630
  2.670
  2.700
  2.740
  2.770
  2.790
  2.810
  2.840
  2.850
  2.870
  2.890
  2.900
  2.920
  2.930
  2.940
  2.950
  2.960
  2.970
  2.980
  2.990
  2.990
Adjusted equity ratio
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  335
  351
  407
  467
  531
  598
  670
  745
  824
  907
  993
  1,137
  1,231
  1,328
  1,429
  1,535
  1,644
  1,758
  1,876
  1,999
  2,127
  2,260
  2,398
  2,542
  2,692
  2,849
  3,012
  3,182
  3,360
  3,546
  3,740
Depreciation, amort., depletion, $m
  134
  137
  146
  157
  168
  179
  192
  205
  219
  233
  248
  190
  206
  223
  241
  259
  278
  298
  319
  340
  362
  385
  409
  434
  461
  488
  516
  546
  577
  609
  643
Funds from operations, $m
  308
  488
  553
  623
  698
  778
  862
  950
  1,043
  1,140
  1,241
  1,327
  1,437
  1,551
  1,670
  1,794
  1,922
  2,056
  2,195
  2,339
  2,489
  2,645
  2,807
  2,977
  3,153
  3,337
  3,528
  3,728
  3,937
  4,155
  4,382
Change in working capital, $m
  -108
  70
  76
  81
  87
  92
  98
  103
  108
  113
  118
  123
  128
  133
  139
  144
  150
  156
  162
  168
  175
  182
  189
  197
  205
  214
  223
  233
  243
  254
  265
Cash from operations, $m
  416
  418
  478
  542
  611
  685
  764
  847
  935
  1,027
  1,123
  1,204
  1,309
  1,418
  1,532
  1,650
  1,773
  1,900
  2,033
  2,171
  2,314
  2,463
  2,618
  2,779
  2,947
  3,122
  3,305
  3,495
  3,694
  3,901
  4,117
Maintenance CAPEX, $m
  0
  -54
  -63
  -73
  -83
  -94
  -106
  -118
  -131
  -145
  -159
  -174
  -190
  -206
  -223
  -241
  -259
  -278
  -298
  -319
  -340
  -362
  -385
  -409
  -434
  -461
  -488
  -516
  -546
  -577
  -609
New CAPEX, $m
  -91
  -81
  -87
  -93
  -99
  -106
  -112
  -118
  -123
  -129
  -135
  -141
  -147
  -153
  -159
  -165
  -171
  -178
  -185
  -192
  -200
  -208
  -217
  -226
  -235
  -245
  -255
  -266
  -278
  -290
  -303
Cash from investing activities, $m
  -90
  -135
  -150
  -166
  -182
  -200
  -218
  -236
  -254
  -274
  -294
  -315
  -337
  -359
  -382
  -406
  -430
  -456
  -483
  -511
  -540
  -570
  -602
  -635
  -669
  -706
  -743
  -782
  -824
  -867
  -912
Free cash flow, $m
  326
  283
  328
  376
  429
  486
  547
  611
  680
  753
  829
  889
  972
  1,059
  1,150
  1,244
  1,342
  1,444
  1,550
  1,660
  1,774
  1,893
  2,016
  2,144
  2,278
  2,417
  2,562
  2,712
  2,870
  3,034
  3,205
Issuance/(repayment) of debt, $m
  -1
  377
  406
  436
  466
  495
  524
  551
  579
  606
  633
  660
  688
  715
  744
  773
  804
  835
  868
  902
  938
  976
  1,016
  1,058
  1,102
  1,148
  1,198
  1,249
  1,304
  1,362
  1,423
Issuance/(repurchase) of shares, $m
  -19
  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  
  -25
  377
  406
  436
  466
  495
  524
  551
  579
  606
  633
  660
  688
  715
  744
  773
  804
  835
  868
  902
  938
  976
  1,016
  1,058
  1,102
  1,148
  1,198
  1,249
  1,304
  1,362
  1,423
Total cash flow (excl. dividends), $m
  300
  660
  734
  813
  895
  981
  1,070
  1,163
  1,259
  1,359
  1,462
  1,549
  1,660
  1,775
  1,894
  2,017
  2,146
  2,279
  2,418
  2,562
  2,712
  2,869
  3,032
  3,202
  3,380
  3,565
  3,759
  3,962
  4,174
  4,396
  4,627
Retained Cash Flow (-), $m
  -211
  -119
  -130
  -139
  -149
  -158
  -167
  -176
  -185
  -193
  -202
  -211
  -220
  -228
  -238
  -247
  -257
  -267
  -277
  -288
  -300
  -312
  -324
  -338
  -352
  -367
  -382
  -399
  -416
  -435
  -454
Prev. year cash balance distribution, $m
 
  783
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,323
  604
  673
  746
  823
  903
  987
  1,074
  1,165
  1,260
  1,338
  1,440
  1,546
  1,656
  1,770
  1,889
  2,012
  2,140
  2,274
  2,413
  2,557
  2,708
  2,864
  3,028
  3,199
  3,377
  3,563
  3,757
  3,961
  4,173
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  1,269
  553
  586
  614
  638
  655
  667
  671
  669
  660
  635
  615
  588
  556
  520
  480
  438
  394
  350
  307
  264
  225
  188
  154
  124
  99
  76
  58
  43
  31
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

Keysight Technologies, Inc. is a measurement company engaged in providing electronic design and test solutions to communications and electronics industries. The Company provides electronic design and test instruments and systems and related software, software design tools and related services that are used in the design, development, manufacture, installation, deployment and operation of electronics equipment. The Company operates through three segments: Communications Solutions Group (CSG), Electronic Industrial Solutions Group (EISG) and Services Solutions Group (SSG). The CSG and EISG segments provide electronic design and test software, instruments, and systems used in the simulation, design, validation, manufacturing, installation and optimization of electronic equipment. The SSG segment provides integrated service solutions, including repair and calibration services, professional services and remanufactured equipment.

FINANCIAL RATIOS  of  Keysight Technologies (KEYS)

Valuation Ratios
P/E Ratio 21.6
Price to Sales 2.5
Price to Book 4.8
Price to Tangible Book
Price to Cash Flow 17.4
Price to Free Cash Flow 22.3
Growth Rates
Sales Growth Rate 2.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.1%
Cap. Spend. - 3 Yr. Gr. Rate 5.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 72.2%
Total Debt to Equity 72.2%
Interest Coverage 9
Management Effectiveness
Return On Assets 10.3%
Ret/ On Assets - 3 Yr. Avg. 14.4%
Return On Total Capital 13.4%
Ret/ On T. Cap. - 3 Yr. Avg. 20.9%
Return On Equity 23.8%
Return On Equity - 3 Yr. Avg. 37.4%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 55.7%
Gross Margin - 3 Yr. Avg. 56.6%
EBITDA Margin 18.6%
EBITDA Margin - 3 Yr. Avg. 18.8%
Operating Margin 13.9%
Oper. Margin - 3 Yr. Avg. 15%
Pre-Tax Margin 12.5%
Pre-Tax Margin - 3 Yr. Avg. 14.1%
Net Profit Margin 11.5%
Net Profit Margin - 3 Yr. Avg. 14.3%
Effective Tax Rate 8.5%
Eff/ Tax Rate - 3 Yr. Avg. -2.1%
Payout Ratio 0%

KEYS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KEYS stock intrinsic value calculation we used $2918 million for the last fiscal year's total revenue generated by Keysight Technologies. The default revenue input number comes from 2016 income statement of Keysight Technologies. 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 KEYS stock valuation model: a) initial revenue growth rate of 16.4% 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 KEYS is calculated based on our internal credit rating of Keysight Technologies, 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 Keysight Technologies.
    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 KEYS stock the variable cost ratio is equal to 84.9%.

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 KEYS 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% for Keysight Technologies.

Corporate tax rate of 27% is the nominal tax rate for Keysight Technologies. 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 KEYS 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 KEYS are equal to 16.7%.

Life of production assets of 9 years is the average useful life of capital assets used in Keysight Technologies 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 KEYS is equal to 14.6%. 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 - $1513 million for Keysight Technologies - 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 185.954 million for Keysight Technologies 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 Keysight Technologies at the current share price and the inputted number of shares is $7.9 billion.

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COMPANY NEWS

▶ Keysight reports 4Q loss   [Dec-06-17 04:29PM  Associated Press]
▶ Fires destroy part of Hewlett-Packard archives   [Oct-30-17 10:59PM  Associated Press]
▶ Keysight Technologies Sees Relative Strength Rating Climb To 73   [Sep-28-17 03:00AM  Investor's Business Daily]
▶ Keysight reports 3Q loss   [Aug-31-17 08:04PM  Associated Press]
▶ Keysight Technologies Reports Third Quarter 2017 Results   [Aug-30-17 04:05PM  Business Wire]
▶ [$$] Positive on Cisco, Corning   [Jun-19-17 04:31PM  Barrons.com]
▶ New Strong Buy Stocks for June 14th   [Jun-14-17 10:23AM  Zacks]
▶ After-hours buzz: PLAY, KEYS & more   [Jun-06-17 05:14PM  CNBC]
▶ Keysight tops Street 2Q forecasts   [04:19PM  Associated Press]
▶ Keysight Rated A Buy On 5G Wireless Ramp-Up, Network Testing   [May-30-17 04:40PM  Investor's Business Daily]
▶ Ixia Announces Collaboration with the CORD Project   [Apr-19-17 07:30AM  Business Wire]
Financial statements of KEYS
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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