Intrinsic value of NetApp - NTAP

Previous Close

$79.51

  Intrinsic Value

$18.51

stock screener

  Rating & Target

str. sell

-77%

Previous close

$79.51

 
Intrinsic value

$18.51

 
Up/down potential

-77%

 
Rating

str. sell

We calculate the intrinsic value of NTAP 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 2017), $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 21.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  5,629
  5,759
  5,907
  6,073
  6,257
  6,459
  6,679
  6,917
  7,174
  7,449
  7,744
  8,058
  8,393
  8,748
  9,126
  9,525
  9,949
  10,396
  10,869
  11,369
  11,896
  12,452
  13,037
  13,655
  14,305
  14,989
  15,709
  16,467
  17,265
  18,104
Variable operating expenses, $m
  5,271
  5,388
  5,522
  5,672
  5,839
  6,021
  6,220
  6,435
  6,667
  6,916
  7,001
  7,285
  7,588
  7,909
  8,251
  8,612
  8,995
  9,400
  9,827
  10,279
  10,755
  11,258
  11,787
  12,345
  12,933
  13,552
  14,203
  14,888
  15,610
  16,368
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
  5,271
  5,388
  5,522
  5,672
  5,839
  6,021
  6,220
  6,435
  6,667
  6,916
  7,001
  7,285
  7,588
  7,909
  8,251
  8,612
  8,995
  9,400
  9,827
  10,279
  10,755
  11,258
  11,787
  12,345
  12,933
  13,552
  14,203
  14,888
  15,610
  16,368
Operating income, $m
  358
  371
  385
  401
  418
  438
  459
  482
  506
  533
  743
  773
  805
  839
  875
  913
  954
  997
  1,042
  1,090
  1,141
  1,194
  1,250
  1,309
  1,372
  1,437
  1,506
  1,579
  1,655
  1,736
EBITDA, $m
  816
  834
  856
  880
  907
  936
  968
  1,002
  1,039
  1,079
  1,122
  1,167
  1,216
  1,267
  1,322
  1,380
  1,441
  1,506
  1,575
  1,647
  1,724
  1,804
  1,889
  1,978
  2,073
  2,172
  2,276
  2,386
  2,501
  2,623
Interest expense (income), $m
  102
  64
  71
  78
  87
  96
  107
  119
  131
  145
  160
  176
  193
  211
  230
  251
  273
  296
  320
  346
  374
  403
  433
  465
  499
  535
  572
  612
  654
  697
  743
Earnings before tax, $m
  294
  300
  307
  314
  322
  331
  340
  350
  361
  373
  567
  580
  594
  608
  624
  641
  658
  676
  696
  716
  738
  761
  785
  810
  837
  865
  894
  925
  958
  992
Tax expense, $m
  79
  81
  83
  85
  87
  89
  92
  95
  98
  101
  153
  157
  160
  164
  168
  173
  178
  183
  188
  193
  199
  205
  212
  219
  226
  234
  241
  250
  259
  268
Net income, $m
  214
  219
  224
  229
  235
  242
  248
  256
  264
  272
  414
  423
  433
  444
  456
  468
  480
  494
  508
  523
  539
  555
  573
  591
  611
  631
  653
  676
  699
  724

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
  8,865
  9,069
  9,302
  9,564
  9,854
  10,172
  10,518
  10,893
  11,297
  11,731
  12,195
  12,690
  13,217
  13,777
  14,371
  15,001
  15,667
  16,372
  17,117
  17,904
  18,734
  19,609
  20,531
  21,503
  22,527
  23,605
  24,739
  25,933
  27,189
  28,510
Adjusted assets (=assets-cash), $m
  8,865
  9,069
  9,302
  9,564
  9,854
  10,172
  10,518
  10,893
  11,297
  11,731
  12,195
  12,690
  13,217
  13,777
  14,371
  15,001
  15,667
  16,372
  17,117
  17,904
  18,734
  19,609
  20,531
  21,503
  22,527
  23,605
  24,739
  25,933
  27,189
  28,510
Revenue / Adjusted assets
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
Average production assets, $m
  2,758
  2,822
  2,894
  2,976
  3,066
  3,165
  3,273
  3,389
  3,515
  3,650
  3,794
  3,948
  4,112
  4,287
  4,472
  4,667
  4,875
  5,094
  5,326
  5,571
  5,829
  6,101
  6,388
  6,691
  7,009
  7,345
  7,698
  8,069
  8,460
  8,871
Working capital, $m
  -186
  -190
  -195
  -200
  -206
  -213
  -220
  -228
  -237
  -246
  -256
  -266
  -277
  -289
  -301
  -314
  -328
  -343
  -359
  -375
  -393
  -411
  -430
  -451
  -472
  -495
  -518
  -543
  -570
  -597
Total debt, $m
  1,308
  1,447
  1,605
  1,783
  1,981
  2,197
  2,432
  2,687
  2,962
  3,257
  3,572
  3,909
  4,267
  4,648
  5,052
  5,480
  5,934
  6,413
  6,920
  7,455
  8,019
  8,614
  9,241
  9,902
  10,598
  11,331
  12,103
  12,914
  13,769
  14,667
Total liabilities, $m
  6,028
  6,167
  6,325
  6,503
  6,701
  6,917
  7,152
  7,407
  7,682
  7,977
  8,292
  8,629
  8,987
  9,368
  9,772
  10,200
  10,654
  11,133
  11,640
  12,175
  12,739
  13,334
  13,961
  14,622
  15,318
  16,051
  16,823
  17,634
  18,489
  19,387
Total equity, $m
  2,837
  2,902
  2,977
  3,060
  3,153
  3,255
  3,366
  3,486
  3,615
  3,754
  3,902
  4,061
  4,229
  4,409
  4,599
  4,800
  5,014
  5,239
  5,478
  5,729
  5,995
  6,275
  6,570
  6,881
  7,209
  7,554
  7,917
  8,299
  8,700
  9,123
Total liabilities and equity, $m
  8,865
  9,069
  9,302
  9,563
  9,854
  10,172
  10,518
  10,893
  11,297
  11,731
  12,194
  12,690
  13,216
  13,777
  14,371
  15,000
  15,668
  16,372
  17,118
  17,904
  18,734
  19,609
  20,531
  21,503
  22,527
  23,605
  24,740
  25,933
  27,189
  28,510
Debt-to-equity ratio
  0.460
  0.500
  0.540
  0.580
  0.630
  0.670
  0.720
  0.770
  0.820
  0.870
  0.920
  0.960
  1.010
  1.050
  1.100
  1.140
  1.180
  1.220
  1.260
  1.300
  1.340
  1.370
  1.410
  1.440
  1.470
  1.500
  1.530
  1.560
  1.580
  1.610
Adjusted equity ratio
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  214
  219
  224
  229
  235
  242
  248
  256
  264
  272
  414
  423
  433
  444
  456
  468
  480
  494
  508
  523
  539
  555
  573
  591
  611
  631
  653
  676
  699
  724
Depreciation, amort., depletion, $m
  457
  464
  471
  479
  488
  498
  509
  520
  533
  547
  379
  395
  411
  429
  447
  467
  487
  509
  533
  557
  583
  610
  639
  669
  701
  734
  770
  807
  846
  887
Funds from operations, $m
  672
  683
  695
  708
  723
  740
  757
  776
  797
  819
  793
  818
  845
  873
  903
  934
  968
  1,003
  1,041
  1,080
  1,122
  1,166
  1,212
  1,261
  1,312
  1,366
  1,423
  1,482
  1,545
  1,612
Change in working capital, $m
  -4
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
Cash from operations, $m
  675
  687
  700
  714
  729
  746
  764
  784
  805
  828
  803
  828
  856
  885
  915
  948
  982
  1,018
  1,056
  1,097
  1,139
  1,184
  1,231
  1,281
  1,333
  1,388
  1,446
  1,508
  1,572
  1,639
Maintenance CAPEX, $m
  -270
  -276
  -282
  -289
  -298
  -307
  -316
  -327
  -339
  -352
  -365
  -379
  -395
  -411
  -429
  -447
  -467
  -487
  -509
  -533
  -557
  -583
  -610
  -639
  -669
  -701
  -734
  -770
  -807
  -846
New CAPEX, $m
  -55
  -63
  -73
  -81
  -90
  -99
  -108
  -117
  -126
  -135
  -144
  -154
  -164
  -174
  -185
  -196
  -207
  -219
  -232
  -245
  -258
  -272
  -287
  -302
  -319
  -335
  -353
  -371
  -391
  -411
Cash from investing activities, $m
  -325
  -339
  -355
  -370
  -388
  -406
  -424
  -444
  -465
  -487
  -509
  -533
  -559
  -585
  -614
  -643
  -674
  -706
  -741
  -778
  -815
  -855
  -897
  -941
  -988
  -1,036
  -1,087
  -1,141
  -1,198
  -1,257
Free cash flow, $m
  350
  348
  345
  343
  342
  341
  340
  340
  341
  341
  293
  295
  297
  299
  302
  304
  308
  311
  315
  319
  324
  329
  334
  340
  346
  352
  359
  366
  374
  382
Issuance/(repayment) of debt, $m
  114
  139
  158
  178
  197
  216
  236
  255
  275
  295
  315
  337
  358
  381
  404
  428
  453
  479
  507
  535
  564
  595
  627
  661
  696
  733
  771
  812
  854
  898
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  
  114
  139
  158
  178
  197
  216
  236
  255
  275
  295
  315
  337
  358
  381
  404
  428
  453
  479
  507
  535
  564
  595
  627
  661
  696
  733
  771
  812
  854
  898
Total cash flow (excl. dividends), $m
  465
  486
  504
  521
  539
  557
  576
  595
  615
  636
  609
  632
  655
  680
  706
  733
  761
  791
  822
  854
  888
  924
  961
  1,001
  1,042
  1,085
  1,130
  1,178
  1,228
  1,281
Retained Cash Flow (-), $m
  -57
  -65
  -75
  -84
  -93
  -102
  -111
  -120
  -129
  -139
  -148
  -158
  -169
  -179
  -190
  -202
  -213
  -226
  -238
  -252
  -266
  -280
  -295
  -311
  -328
  -345
  -363
  -382
  -402
  -423
Prev. year cash balance distribution, $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 flow adjustment, $m
  193
  197
  202
  207
  213
  219
  226
  234
  242
  251
  261
  271
  282
  294
  306
  319
  333
  348
  364
  380
  398
  416
  436
  456
  478
  501
  525
  550
  576
  604
Cash available for distribution, $m
  408
  421
  429
  437
  446
  455
  465
  475
  486
  497
  460
  473
  487
  501
  516
  531
  548
  565
  583
  602
  623
  644
  666
  690
  714
  740
  767
  796
  826
  858
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
  391
  386
  373
  360
  346
  330
  314
  297
  279
  261
  219
  202
  185
  168
  151
  135
  119
  104
  90
  77
  64
  53
  44
  35
  28
  22
  16
  12
  9
  6
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

NetApp, Inc. (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models. Its data management and storage offerings help manage business productivity, performance and profitability, while providing investment protection and asset utilization. The Company's FlexPod portfolio includes FlexPod Datacenter for core enterprise data centers and service providers, FlexPod Express for medium-sized businesses and branch offices, and FlexPod Select for data-intensive workloads. The portfolio is validated with hypervisors, operating systems, systems management tools and cloud management platforms.

FINANCIAL RATIOS  of  NetApp (NTAP)

Valuation Ratios
P/E Ratio 42
Price to Sales 3.9
Price to Book 7.7
Price to Tangible Book
Price to Cash Flow 21.7
Price to Free Cash Flow 26.4
Growth Rates
Sales Growth Rate -0.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 9.4%
Cap. Spend. - 3 Yr. Gr. Rate -4.6%
Financial Strength
Quick Ratio 4
Current Ratio 0.1
LT Debt to Equity 26.8%
Total Debt to Equity 71.7%
Interest Coverage 8
Management Effectiveness
Return On Assets 6%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 10.2%
Ret/ On T. Cap. - 3 Yr. Avg. 8.8%
Return On Equity 18%
Return On Equity - 3 Yr. Avg. 13.6%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 61.4%
Gross Margin - 3 Yr. Avg. 61.6%
EBITDA Margin 18%
EBITDA Margin - 3 Yr. Avg. 15.7%
Operating Margin 12%
Oper. Margin - 3 Yr. Avg. 10%
Pre-Tax Margin 12%
Pre-Tax Margin - 3 Yr. Avg. 10%
Net Profit Margin 9.2%
Net Profit Margin - 3 Yr. Avg. 7.5%
Effective Tax Rate 23.5%
Eff/ Tax Rate - 3 Yr. Avg. 26.2%
Payout Ratio 40.9%

NTAP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NTAP stock intrinsic value calculation we used $5519 million for the last fiscal year's total revenue generated by NetApp. The default revenue input number comes from 2017 income statement of NetApp. 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 NTAP stock valuation model: a) initial revenue growth rate of 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 NTAP is calculated based on our internal credit rating of NetApp, 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 NetApp.
    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 NTAP stock the variable cost ratio is equal to 93.7%.

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 NTAP 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 NetApp.

Corporate tax rate of 27% is the nominal tax rate for NetApp. 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 NTAP stock is equal to 3.5%.

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 NTAP are equal to 49%.

Life of production assets of 10 years is the average useful life of capital assets used in NetApp 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 NTAP is equal to -3.3%. 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 - $2780 million for NetApp - 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 275 million for NetApp 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 NetApp at the current share price and the inputted number of shares is $21.9 billion.

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COMPANY NEWS

▶ Stocks Spike On Trade War Break: Walmart, Cisco Dominate The Dow   [Aug-16-18 09:57AM  Investor's Business Daily]
▶ NetApp Earnings, Revenue Beat in Q1   [07:18PM  Investing.com]
▶ NetApp: Fiscal 1Q Earnings Snapshot   [04:13PM  Associated Press]
▶ 3 Tech Dividend Stocks on Our Radar Right Now   [Aug-07-18 12:34PM  Zacks]
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▶ 3 Tech Stocks for Dividend Investors to Buy Now   [Jul-20-18 02:50PM  Zacks]
▶ Bull of the Day: NetApp (NTAP)   [06:54AM  Zacks]
▶ Futures at 5-Month High: Tap 5 Large-Cap Growth Stocks   [Jul-13-18 11:28AM  InvestorPlace]
▶ Second Half of 2018 Begins: Global Week Ahead   [Jul-02-18 11:28AM  Zacks]
▶ Buy the Dip in These 5 Tech Stocks That Soared to Rank #1   [Jun-28-18 11:34AM  InvestorPlace]
▶ Exclusive: NetApp won't replace CTO role amid restructuring   [Jun-26-18 05:25PM  American City Business Journals]
▶ Anatomy of Success: NetApp (NTAP)   [Jun-04-18 01:01PM  Zacks]
▶ Exclusive: NetApp CTO quits amid company restructuring   [May-31-18 06:00PM  American City Business Journals]
▶ Five Favorites that Turn Data Into Dollars   [May-30-18 12:41PM  Investopedia]
▶ Closing Bell Exchange: Stocks rebound off lows   [May-24-18 03:31PM  CNBC Videos]
▶ Earnings Calendar, Analyst Estimates And Stocks To Watch   [10:05AM  Investor's Business Daily]
▶ [$$] NetApp Reports Strong Results, Improved Margins   [05:18PM  The Wall Street Journal]
▶ NetApp: Fiscal 4Q Earnings Snapshot   [04:24PM  Associated Press]
▶ Oracle boss on beating trade wars and gunning for cloud competitors   [09:11AM  American City Business Journals]
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