Intrinsic value of NetApp - NTAP

Previous Close

$44.56

  Intrinsic Value

$18.21

stock screener

  Rating & Target

str. sell

-59%

Previous close

$44.56

 
Intrinsic value

$18.21

 
Up/down potential

-59%

 
Rating

str. sell

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

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 12.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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, %
  -0.49
  2.40
  2.66
  2.89
  3.10
  3.29
  3.46
  3.62
  3.76
  3.88
  3.99
  4.09
  4.18
  4.27
  4.34
  4.41
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
Revenue, $m
  5,519
  5,651
  5,802
  5,970
  6,155
  6,358
  6,578
  6,816
  7,072
  7,347
  7,640
  7,953
  8,285
  8,639
  9,014
  9,411
  9,831
  10,275
  10,744
  11,240
  11,762
  12,313
  12,894
  13,505
  14,149
  14,828
  15,541
  16,292
  17,082
  17,913
  18,787
Variable operating expenses, $m
 
  5,291
  5,428
  5,580
  5,748
  5,932
  6,131
  6,347
  6,579
  6,828
  7,094
  7,209
  7,511
  7,831
  8,171
  8,531
  8,912
  9,314
  9,740
  10,188
  10,662
  11,162
  11,688
  12,242
  12,826
  13,441
  14,088
  14,769
  15,485
  16,238
  17,030
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
  4,854
  5,291
  5,428
  5,580
  5,748
  5,932
  6,131
  6,347
  6,579
  6,828
  7,094
  7,209
  7,511
  7,831
  8,171
  8,531
  8,912
  9,314
  9,740
  10,188
  10,662
  11,162
  11,688
  12,242
  12,826
  13,441
  14,088
  14,769
  15,485
  16,238
  17,030
Operating income, $m
  665
  360
  374
  390
  407
  426
  447
  469
  493
  519
  546
  744
  775
  808
  843
  880
  919
  961
  1,005
  1,051
  1,100
  1,151
  1,206
  1,263
  1,323
  1,387
  1,453
  1,524
  1,597
  1,675
  1,757
EBITDA, $m
  891
  616
  632
  650
  670
  693
  717
  742
  770
  800
  832
  866
  903
  941
  982
  1,025
  1,071
  1,119
  1,170
  1,224
  1,281
  1,341
  1,404
  1,471
  1,541
  1,615
  1,693
  1,775
  1,861
  1,951
  2,046
Interest expense (income), $m
  102
  35
  -24
  -19
  -13
  -6
  1
  9
  17
  26
  36
  46
  57
  69
  81
  94
  108
  123
  138
  155
  172
  190
  210
  230
  251
  274
  298
  323
  349
  377
  406
Earnings before tax, $m
  665
  325
  398
  408
  420
  432
  446
  460
  476
  493
  510
  698
  718
  739
  762
  786
  811
  838
  866
  896
  928
  961
  996
  1,033
  1,072
  1,113
  1,156
  1,201
  1,248
  1,298
  1,351
Tax expense, $m
  156
  88
  107
  110
  113
  117
  120
  124
  128
  133
  138
  188
  194
  200
  206
  212
  219
  226
  234
  242
  251
  259
  269
  279
  289
  300
  312
  324
  337
  351
  365
Net income, $m
  509
  237
  290
  298
  306
  316
  325
  336
  347
  360
  373
  509
  524
  540
  556
  574
  592
  612
  633
  654
  677
  702
  727
  754
  782
  812
  844
  877
  911
  948
  986

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4,921
  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
  9,493
  4,682
  4,807
  4,946
  5,099
  5,267
  5,450
  5,647
  5,859
  6,087
  6,330
  6,589
  6,864
  7,157
  7,468
  7,797
  8,145
  8,513
  8,902
  9,312
  9,745
  10,201
  10,682
  11,189
  11,723
  12,285
  12,876
  13,498
  14,153
  14,841
  15,565
Adjusted assets (=assets-cash), $m
  4,572
  4,682
  4,807
  4,946
  5,099
  5,267
  5,450
  5,647
  5,859
  6,087
  6,330
  6,589
  6,864
  7,157
  7,468
  7,797
  8,145
  8,513
  8,902
  9,312
  9,745
  10,201
  10,682
  11,189
  11,723
  12,285
  12,876
  13,498
  14,153
  14,841
  15,565
Revenue / Adjusted assets
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
Average production assets, $m
  1,024
  1,046
  1,073
  1,104
  1,139
  1,176
  1,217
  1,261
  1,308
  1,359
  1,413
  1,471
  1,533
  1,598
  1,668
  1,741
  1,819
  1,901
  1,988
  2,079
  2,176
  2,278
  2,385
  2,498
  2,618
  2,743
  2,875
  3,014
  3,160
  3,314
  3,476
Working capital, $m
  2,076
  -1,633
  -1,677
  -1,725
  -1,779
  -1,837
  -1,901
  -1,970
  -2,044
  -2,123
  -2,208
  -2,298
  -2,394
  -2,497
  -2,605
  -2,720
  -2,841
  -2,969
  -3,105
  -3,248
  -3,399
  -3,558
  -3,726
  -3,903
  -4,089
  -4,285
  -4,491
  -4,708
  -4,937
  -5,177
  -5,429
Total debt, $m
  1,993
  -506
  -394
  -269
  -131
  21
  185
  362
  553
  758
  977
  1,210
  1,458
  1,722
  2,001
  2,297
  2,610
  2,942
  3,291
  3,661
  4,050
  4,461
  4,894
  5,350
  5,830
  6,336
  6,868
  7,428
  8,017
  8,637
  9,288
Total liabilities, $m
  6,713
  4,214
  4,326
  4,451
  4,589
  4,741
  4,905
  5,082
  5,273
  5,478
  5,697
  5,930
  6,178
  6,442
  6,721
  7,017
  7,330
  7,662
  8,011
  8,381
  8,770
  9,181
  9,614
  10,070
  10,550
  11,056
  11,588
  12,148
  12,737
  13,357
  14,008
Total equity, $m
  2,780
  468
  481
  495
  510
  527
  545
  565
  586
  609
  633
  659
  686
  716
  747
  780
  814
  851
  890
  931
  974
  1,020
  1,068
  1,119
  1,172
  1,228
  1,288
  1,350
  1,415
  1,484
  1,556
Total liabilities and equity, $m
  9,493
  4,682
  4,807
  4,946
  5,099
  5,268
  5,450
  5,647
  5,859
  6,087
  6,330
  6,589
  6,864
  7,158
  7,468
  7,797
  8,144
  8,513
  8,901
  9,312
  9,744
  10,201
  10,682
  11,189
  11,722
  12,284
  12,876
  13,498
  14,152
  14,841
  15,564
Debt-to-equity ratio
  0.717
  -1.080
  -0.820
  -0.540
  -0.260
  0.040
  0.340
  0.640
  0.940
  1.250
  1.540
  1.840
  2.120
  2.410
  2.680
  2.950
  3.200
  3.460
  3.700
  3.930
  4.160
  4.370
  4.580
  4.780
  4.970
  5.160
  5.330
  5.500
  5.660
  5.820
  5.970
Adjusted equity ratio
  -0.359
  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
  509
  237
  290
  298
  306
  316
  325
  336
  347
  360
  373
  509
  524
  540
  556
  574
  592
  612
  633
  654
  677
  702
  727
  754
  782
  812
  844
  877
  911
  948
  986
Depreciation, amort., depletion, $m
  226
  256
  258
  260
  263
  266
  270
  273
  277
  282
  286
  123
  128
  133
  139
  145
  152
  158
  166
  173
  181
  190
  199
  208
  218
  229
  240
  251
  263
  276
  290
Funds from operations, $m
  968
  493
  548
  559
  570
  582
  595
  609
  625
  641
  659
  632
  652
  673
  695
  719
  744
  770
  798
  828
  859
  891
  926
  962
  1,000
  1,041
  1,083
  1,128
  1,175
  1,224
  1,276
Change in working capital, $m
  -18
  -38
  -43
  -49
  -54
  -59
  -64
  -69
  -74
  -79
  -85
  -90
  -96
  -102
  -108
  -115
  -121
  -128
  -136
  -143
  -151
  -159
  -168
  -177
  -186
  -196
  -206
  -217
  -228
  -240
  -253
Cash from operations, $m
  986
  531
  592
  607
  623
  641
  659
  678
  699
  721
  744
  722
  748
  775
  804
  834
  865
  899
  934
  971
  1,010
  1,051
  1,094
  1,139
  1,187
  1,237
  1,289
  1,345
  1,403
  1,464
  1,528
Maintenance CAPEX, $m
  0
  -85
  -87
  -89
  -92
  -95
  -98
  -101
  -105
  -109
  -113
  -118
  -123
  -128
  -133
  -139
  -145
  -152
  -158
  -166
  -173
  -181
  -190
  -199
  -208
  -218
  -229
  -240
  -251
  -263
  -276
New CAPEX, $m
  -175
  -22
  -28
  -31
  -34
  -38
  -41
  -44
  -47
  -51
  -54
  -58
  -62
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -132
  -139
  -146
  -154
  -162
Cash from investing activities, $m
  -220
  -107
  -115
  -120
  -126
  -133
  -139
  -145
  -152
  -160
  -167
  -176
  -185
  -193
  -202
  -212
  -223
  -234
  -245
  -258
  -270
  -283
  -297
  -312
  -327
  -343
  -361
  -379
  -397
  -417
  -438
Free cash flow, $m
  766
  424
  477
  487
  497
  508
  520
  533
  546
  561
  576
  547
  564
  582
  601
  621
  642
  665
  689
  713
  740
  767
  796
  827
  859
  893
  929
  966
  1,006
  1,047
  1,090
Issuance/(repayment) of debt, $m
  -351
  -1,250
  112
  125
  138
  151
  164
  177
  191
  205
  219
  233
  248
  264
  280
  296
  313
  331
  350
  369
  390
  411
  433
  456
  480
  506
  532
  560
  589
  620
  651
Issuance/(repurchase) of shares, $m
  -613
  1,123
  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  
  -971
  -127
  112
  125
  138
  151
  164
  177
  191
  205
  219
  233
  248
  264
  280
  296
  313
  331
  350
  369
  390
  411
  433
  456
  480
  506
  532
  560
  589
  620
  651
Total cash flow (excl. dividends), $m
  -216
  297
  589
  612
  635
  659
  684
  710
  737
  765
  795
  780
  812
  845
  881
  917
  956
  996
  1,038
  1,083
  1,129
  1,178
  1,229
  1,283
  1,340
  1,399
  1,461
  1,526
  1,595
  1,666
  1,742
Retained Cash Flow (-), $m
  101
  -1,360
  -12
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -69
  -72
Prev. year cash balance distribution, $m
 
  3,672
  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
 
  2,609
  576
  598
  620
  643
  666
  691
  716
  743
  770
  754
  784
  816
  849
  884
  921
  959
  1,000
  1,042
  1,086
  1,133
  1,181
  1,232
  1,286
  1,343
  1,402
  1,464
  1,529
  1,598
  1,670
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
 
  2,501
  528
  520
  510
  498
  483
  467
  448
  427
  404
  358
  335
  310
  285
  260
  234
  209
  184
  160
  138
  117
  98
  81
  66
  52
  41
  31
  24
  17
  13
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

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 23.5
Price to Sales 2.2
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 12.2
Price to Free Cash Flow 14.8
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 2.4% 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 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 4.7% 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 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 NTAP are equal to 18.5%.

Life of production assets of 12 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 -28.9%. 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 - $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 269.749 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 $12.0 billion.

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COMPANY NEWS

▶ How NetApp, Inc. Shares Gained 13% in September   [Oct-11-17 03:59PM  Motley Fool]
▶ Broadcom's Next Acquisition: Here's 21 Potential Targets   [Oct-06-17 10:59AM  Barrons.com]
▶ IBD Rating Upgrades: NetApp Shows Improved Price Strength   [03:00AM  Investor's Business Daily]
▶ NetApp Prices $800,000,000 of Senior Notes   [Sep-26-17 09:40PM  GlobeNewswire]
▶ How NetApp Aims to Increase Shareholder Value   [09:07AM  Market Realist]
▶ An Overview of NetApps Key Focus Areas   [07:38AM  Market Realist]
▶ Why UBS Is Optimistic about NetApp   [Sep-22-17 10:39AM  Market Realist]
▶ Why NetApp, Inc. Stock Fell 11% in August   [Sep-13-17 09:00AM  Motley Fool]
▶ Vote Now to Decide the 2017 NetApp Innovation Award Winner   [Sep-07-17 08:00AM  GlobeNewswire]
▶ Whats NetApps Industry Outlook?   [Sep-06-17 03:05PM  Market Realist]
▶ What Are NetApps Growth Drivers?   [01:19PM  Market Realist]
▶ HP Enterprise Earnings: 5 Important Things to Know   [Sep-05-17 08:11PM  Fortune]
▶ What Happened to NetApp Stock in August?   [12:00PM  Market Realist]
▶ ETFs with exposure to NetApp, Inc. : September 2, 2017   [Sep-01-17 08:26PM  Capital Cube]
▶ NetApp Showcases Hybrid Cloud Solutions at VMworld 2017   [Aug-23-17 08:00AM  GlobeNewswire]
▶ Should You Buy NetApp, Inc. Today?   [02:23PM  Motley Fool]
▶ Stocks Open Lower As These 2 Dow Names Dive   [09:35AM  Investor's Business Daily]
▶ NetApp beats Street 1Q forecasts   [Aug-16-17 09:14PM  Associated Press]
▶ What To Expect From NetApp, Synopsys Earnings   [11:46AM  Investor's Business Daily]
▶ Could NetApps Revenues Rise in Fiscal 2018?   [07:37AM  Market Realist]
▶ [$$] NetApp Stock May Have 35% Upside   [05:58AM  Barrons.com]
▶ NetApp Still Figuring Out How To Cloud   [Aug-04-17 07:02AM  Forbes]
Financial statements of NTAP
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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