Intrinsic value of National Instruments - NATI

Previous Close

$43.72

  Intrinsic Value

$23.46

stock screener

  Rating & Target

sell

-46%

Previous close

$43.72

 
Intrinsic value

$23.46

 
Up/down potential

-46%

 
Rating

sell

We calculate the intrinsic value of NATI 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 0001), $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 5.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
Revenue, $m
  1,380
  1,473
  1,571
  1,672
  1,778
  1,888
  2,002
  2,122
  2,246
  2,376
  2,511
  2,652
  2,800
  2,954
  3,115
  3,284
  3,460
  3,645
  3,838
  4,040
  4,252
  4,474
  4,707
  4,950
  5,206
  5,474
  5,754
  6,049
  6,358
  6,681
Variable operating expenses, $m
  795
  846
  900
  955
  1,013
  1,073
  1,136
  1,201
  1,269
  1,340
  1,375
  1,453
  1,534
  1,618
  1,706
  1,799
  1,895
  1,997
  2,102
  2,213
  2,329
  2,451
  2,578
  2,712
  2,851
  2,998
  3,152
  3,313
  3,482
  3,660
Fixed operating expenses, $m
  416
  425
  434
  444
  454
  464
  474
  484
  495
  506
  517
  528
  540
  552
  564
  577
  589
  602
  615
  629
  643
  657
  671
  686
  701
  717
  732
  749
  765
  782
Total operating expenses, $m
  1,211
  1,271
  1,334
  1,399
  1,467
  1,537
  1,610
  1,685
  1,764
  1,846
  1,892
  1,981
  2,074
  2,170
  2,270
  2,376
  2,484
  2,599
  2,717
  2,842
  2,972
  3,108
  3,249
  3,398
  3,552
  3,715
  3,884
  4,062
  4,247
  4,442
Operating income, $m
  169
  202
  237
  273
  311
  351
  393
  436
  482
  529
  619
  671
  726
  784
  845
  909
  976
  1,046
  1,120
  1,198
  1,280
  1,367
  1,457
  1,553
  1,653
  1,759
  1,870
  1,987
  2,110
  2,240
EBITDA, $m
  263
  300
  338
  378
  421
  465
  511
  559
  610
  662
  718
  776
  837
  901
  968
  1,039
  1,113
  1,190
  1,272
  1,358
  1,448
  1,543
  1,643
  1,748
  1,859
  1,975
  2,098
  2,226
  2,362
  2,504
Interest expense (income), $m
  1
  0
  2
  3
  5
  7
  9
  11
  13
  15
  18
  20
  22
  25
  28
  31
  34
  37
  40
  43
  47
  51
  54
  59
  63
  67
  72
  77
  82
  87
  93
Earnings before tax, $m
  169
  201
  234
  268
  304
  342
  382
  423
  466
  512
  599
  649
  701
  756
  814
  875
  939
  1,006
  1,077
  1,151
  1,230
  1,312
  1,399
  1,490
  1,586
  1,687
  1,793
  1,905
  2,023
  2,147
Tax expense, $m
  46
  54
  63
  72
  82
  92
  103
  114
  126
  138
  162
  175
  189
  204
  220
  236
  254
  272
  291
  311
  332
  354
  378
  402
  428
  455
  484
  514
  546
  580
Net income, $m
  123
  146
  171
  196
  222
  250
  279
  309
  340
  374
  437
  473
  512
  552
  594
  639
  686
  735
  786
  841
  898
  958
  1,021
  1,088
  1,158
  1,231
  1,309
  1,391
  1,477
  1,567

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,524
  1,628
  1,736
  1,848
  1,965
  2,086
  2,213
  2,344
  2,482
  2,625
  2,775
  2,931
  3,094
  3,264
  3,442
  3,629
  3,824
  4,028
  4,241
  4,465
  4,699
  4,944
  5,201
  5,470
  5,752
  6,048
  6,358
  6,684
  7,025
  7,383
Adjusted assets (=assets-cash), $m
  1,524
  1,628
  1,736
  1,848
  1,965
  2,086
  2,213
  2,344
  2,482
  2,625
  2,775
  2,931
  3,094
  3,264
  3,442
  3,629
  3,824
  4,028
  4,241
  4,465
  4,699
  4,944
  5,201
  5,470
  5,752
  6,048
  6,358
  6,684
  7,025
  7,383
Revenue / Adjusted assets
  0.906
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
Average production assets, $m
  475
  507
  540
  575
  612
  649
  689
  730
  773
  817
  864
  912
  963
  1,016
  1,072
  1,130
  1,190
  1,254
  1,320
  1,390
  1,463
  1,539
  1,619
  1,703
  1,791
  1,883
  1,979
  2,081
  2,187
  2,298
Working capital, $m
  228
  243
  259
  276
  293
  312
  330
  350
  371
  392
  414
  438
  462
  487
  514
  542
  571
  601
  633
  667
  702
  738
  777
  817
  859
  903
  949
  998
  1,049
  1,102
Total debt, $m
  31
  63
  96
  131
  167
  204
  243
  284
  326
  370
  416
  464
  515
  567
  622
  679
  739
  802
  868
  937
  1,009
  1,084
  1,163
  1,246
  1,333
  1,424
  1,520
  1,620
  1,725
  1,835
Total liabilities, $m
  470
  501
  535
  569
  605
  643
  681
  722
  764
  809
  855
  903
  953
  1,005
  1,060
  1,118
  1,178
  1,241
  1,306
  1,375
  1,447
  1,523
  1,602
  1,685
  1,772
  1,863
  1,958
  2,059
  2,164
  2,274
Total equity, $m
  1,055
  1,127
  1,201
  1,279
  1,360
  1,444
  1,531
  1,622
  1,717
  1,817
  1,920
  2,028
  2,141
  2,259
  2,382
  2,511
  2,646
  2,787
  2,935
  3,089
  3,251
  3,421
  3,599
  3,785
  3,981
  4,185
  4,400
  4,625
  4,861
  5,109
Total liabilities and equity, $m
  1,525
  1,628
  1,736
  1,848
  1,965
  2,087
  2,212
  2,344
  2,481
  2,626
  2,775
  2,931
  3,094
  3,264
  3,442
  3,629
  3,824
  4,028
  4,241
  4,464
  4,698
  4,944
  5,201
  5,470
  5,753
  6,048
  6,358
  6,684
  7,025
  7,383
Debt-to-equity ratio
  0.030
  0.060
  0.080
  0.100
  0.120
  0.140
  0.160
  0.170
  0.190
  0.200
  0.220
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.290
  0.300
  0.300
  0.310
  0.320
  0.320
  0.330
  0.330
  0.340
  0.350
  0.350
  0.350
  0.360
Adjusted equity ratio
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  123
  146
  171
  196
  222
  250
  279
  309
  340
  374
  437
  473
  512
  552
  594
  639
  686
  735
  786
  841
  898
  958
  1,021
  1,088
  1,158
  1,231
  1,309
  1,391
  1,477
  1,567
Depreciation, amort., depletion, $m
  94
  97
  101
  105
  109
  114
  118
  123
  128
  133
  99
  105
  111
  117
  123
  130
  137
  144
  152
  160
  168
  177
  186
  196
  206
  216
  228
  239
  251
  264
Funds from operations, $m
  217
  244
  272
  301
  331
  363
  397
  432
  468
  507
  536
  578
  623
  669
  718
  769
  822
  879
  938
  1,000
  1,066
  1,135
  1,207
  1,283
  1,363
  1,448
  1,536
  1,630
  1,728
  1,831
Change in working capital, $m
  15
  15
  16
  17
  17
  18
  19
  20
  21
  21
  22
  23
  24
  25
  27
  28
  29
  30
  32
  33
  35
  37
  38
  40
  42
  44
  46
  49
  51
  53
Cash from operations, $m
  202
  228
  256
  284
  314
  345
  378
  412
  448
  485
  514
  555
  598
  643
  691
  741
  793
  848
  906
  967
  1,031
  1,098
  1,169
  1,243
  1,321
  1,404
  1,490
  1,581
  1,677
  1,778
Maintenance CAPEX, $m
  -51
  -55
  -58
  -62
  -66
  -70
  -75
  -79
  -84
  -89
  -94
  -99
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -152
  -160
  -168
  -177
  -186
  -196
  -206
  -216
  -228
  -239
  -251
New CAPEX, $m
  -32
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -61
  -63
  -66
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -97
  -101
  -106
  -111
Cash from investing activities, $m
  -83
  -87
  -92
  -97
  -102
  -108
  -114
  -120
  -127
  -134
  -141
  -148
  -156
  -164
  -172
  -181
  -191
  -200
  -210
  -222
  -233
  -244
  -257
  -270
  -284
  -298
  -313
  -329
  -345
  -362
Free cash flow, $m
  120
  141
  164
  187
  212
  237
  264
  292
  321
  352
  373
  407
  443
  480
  519
  560
  603
  648
  696
  746
  798
  854
  912
  973
  1,038
  1,106
  1,177
  1,252
  1,332
  1,415
Issuance/(repayment) of debt, $m
  31
  32
  33
  35
  36
  37
  39
  41
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
  79
  83
  87
  91
  96
  100
  105
  110
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  31
  32
  33
  35
  36
  37
  39
  41
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
  79
  83
  87
  91
  96
  100
  105
  110
Total cash flow (excl. dividends), $m
  150
  173
  197
  222
  247
  275
  303
  332
  363
  396
  419
  455
  493
  532
  574
  617
  663
  711
  761
  814
  870
  929
  991
  1,056
  1,125
  1,197
  1,273
  1,353
  1,437
  1,525
Retained Cash Flow (-), $m
  -70
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -103
  -108
  -113
  -118
  -123
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -178
  -186
  -195
  -205
  -215
  -225
  -236
  -248
Prev. year cash balance distribution, $m
  143
  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
  224
  102
  122
  144
  167
  190
  215
  241
  268
  297
  316
  347
  380
  414
  450
  488
  528
  570
  614
  660
  708
  759
  813
  870
  929
  992
  1,058
  1,127
  1,201
  1,278
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
  215
  93
  106
  119
  129
  138
  145
  151
  154
  156
  150
  148
  144
  139
  132
  124
  115
  105
  94
  84
  73
  63
  53
  44
  36
  29
  23
  17
  13
  10
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

National Instruments Corporation (NI) designs, manufactures and sells systems to engineers and scientists. The Company offers a line of measurement, automation and control products. It offers products, technology and services, which include system design software, programming tools, application software, modular hardware products and related driver software, production test systems, NI education platform, software products for teaching and hardware products for teaching. It also offers NI Services, including hardware services and maintenance, software maintenance services, and training and certification. Its products are used across various industries in a range of applications, including research and development, simulation and modeling, prototype and validation, production testing and industrial control and field and factory service and repair. It serves various industries and applications, such as consumer electronics, commercial aerospace, telecommunications and others.

FINANCIAL RATIOS  of  National Instruments (NATI)

Valuation Ratios
P/E Ratio 68.1
Price to Sales 4.6
Price to Book 5.1
Price to Tangible Book
Price to Cash Flow 28.8
Price to Free Cash Flow 48.3
Growth Rates
Sales Growth Rate 0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.2%
Cap. Spend. - 3 Yr. Gr. Rate 3%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 2.2%
Total Debt to Equity 2.2%
Interest Coverage 116
Management Effectiveness
Return On Assets 5.7%
Ret/ On Assets - 3 Yr. Avg. 7.1%
Return On Total Capital 7.4%
Ret/ On T. Cap. - 3 Yr. Avg. 9.2%
Return On Equity 7.6%
Return On Equity - 3 Yr. Avg. 9.3%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 74.5%
Gross Margin - 3 Yr. Avg. 74.4%
EBITDA Margin 15.4%
EBITDA Margin - 3 Yr. Avg. 16.4%
Operating Margin 9.9%
Oper. Margin - 3 Yr. Avg. 11%
Pre-Tax Margin 9.4%
Pre-Tax Margin - 3 Yr. Avg. 10.5%
Net Profit Margin 6.8%
Net Profit Margin - 3 Yr. Avg. 8.2%
Effective Tax Rate 27.8%
Eff/ Tax Rate - 3 Yr. Avg. 22.6%
Payout Ratio 124.1%

NATI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NATI stock intrinsic value calculation we used $1289.386 million for the last fiscal year's total revenue generated by National Instruments. The default revenue input number comes from 0001 income statement of National Instruments. 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 NATI stock valuation model: a) initial revenue growth rate of 7% 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 NATI is calculated based on our internal credit rating of National Instruments, 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 National Instruments.
    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 NATI stock the variable cost ratio is equal to 57.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $407 million in the base year in the intrinsic value calculation for NATI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for National Instruments.

Corporate tax rate of 27% is the nominal tax rate for National Instruments. 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 NATI 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 NATI are equal to 34.4%.

Life of production assets of 8.7 years is the average useful life of capital assets used in National Instruments 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 NATI is equal to 16.5%. 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 - $1128.021 million for National Instruments - 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 128.919 million for National Instruments 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 National Instruments at the current share price and the inputted number of shares is $5.6 billion.

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COMPANY NEWS

▶ Radisys and NI Collaborate on End-to-End 5G Platform   [Sep-13-18 08:00AM  Business Wire]
▶ 3 Software Stocks to Buy for Big Changes and High Growth   [Aug-29-18 11:59AM  InvestorPlace]
▶ Here are the Austin stocks driving Wall Street's latest bull run   [Aug-23-18 09:03AM  American City Business Journals]
▶ National Instruments: 2Q Earnings Snapshot   [Jul-26-18 05:22PM  Associated Press]
▶ NI Declares Quarterly Dividend   [04:05PM  Business Wire]
▶ NI Showcases 5G Test with Skyworks   [08:00AM  Business Wire]
▶ NI and NanoSemi Collaborate on Advanced 5G Test Capability   [Jun-12-18 10:00AM  Business Wire]
▶ Best NasdaqGS Tech Dividend Picks For The Day   [Jun-08-18 05:02PM  Simply Wall St.]
▶ The new king of Austin's publicly traded companies   [Jun-06-18 11:45AM  American City Business Journals]
▶ National Instruments to Host Investor Conference at NIWeek   [May-21-18 04:18PM  Business Wire]
▶ Why National Instruments Stock Fell 19% in April   [May-10-18 01:44PM  Motley Fool]
▶ Value-Adding Tech Dividend Stocks To Buy Now   [May-06-18 05:02PM  Simply Wall St.]
▶ National Instruments Has High Hopes Despite Sales Slump   [Apr-26-18 06:43PM  Motley Fool]
▶ National Instruments: 1Q Earnings Snapshot   [04:44PM  Associated Press]
▶ NI Declares Quarterly Dividend   [04:06PM  Business Wire]
▶ National Instruments Starts 2018 Strong   [Jan-30-18 07:18PM  Motley Fool]
▶ National Instruments reports 4Q loss   [04:32PM  Associated Press]
▶ NI Declares Quarterly Dividend   [04:08PM  Business Wire]
▶ Test Smarter With the Latest Enhancements to LabVIEW NXG   [Jan-23-18 10:00AM  Business Wire]
▶ Why National Instruments Corporation (NATI) Could Be A Buy   [Dec-05-17 05:35PM  Simply Wall St.]
▶ Record Revenue, Profit Lift National Instruments   [Oct-27-17 09:32AM  Motley Fool]
▶ National Instruments tops Street 3Q forecasts   [Oct-26-17 05:19PM  Associated Press]
▶ NI Declares Quarterly Dividend   [04:06PM  Business Wire]

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