Intrinsic value of NETGEAR - NTGR

Previous Close

$49.35

  Intrinsic Value

$39.47

stock screener

  Rating & Target

sell

-20%

  Value-price divergence*

+112%

Previous close

$49.35

 
Intrinsic value

$39.47

 
Up/down potential

-20%

 
Rating

sell

 
Value-price divergence*

+112%

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

We calculate the intrinsic value of NTGR 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 1.6

 

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, %
  2.08
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
Revenue, $m
  1,328
  1,409
  1,493
  1,581
  1,673
  1,769
  1,869
  1,973
  2,082
  2,196
  2,315
  2,440
  2,570
  2,707
  2,850
  2,999
  3,156
  3,321
  3,493
  3,673
  3,862
  4,060
  4,268
  4,486
  4,715
  4,955
  5,207
  5,471
  5,748
  6,038
  6,343
Variable operating expenses, $m
 
  1,315
  1,394
  1,475
  1,560
  1,649
  1,742
  1,839
  1,940
  2,046
  2,156
  2,263
  2,384
  2,511
  2,644
  2,782
  2,928
  3,080
  3,240
  3,407
  3,583
  3,766
  3,959
  4,162
  4,374
  4,596
  4,830
  5,075
  5,332
  5,601
  5,884
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
  1,214
  1,315
  1,394
  1,475
  1,560
  1,649
  1,742
  1,839
  1,940
  2,046
  2,156
  2,263
  2,384
  2,511
  2,644
  2,782
  2,928
  3,080
  3,240
  3,407
  3,583
  3,766
  3,959
  4,162
  4,374
  4,596
  4,830
  5,075
  5,332
  5,601
  5,884
Operating income, $m
  114
  94
  100
  106
  113
  120
  127
  134
  142
  151
  159
  177
  186
  196
  206
  217
  229
  240
  253
  266
  280
  294
  309
  325
  341
  359
  377
  396
  416
  437
  459
EBITDA, $m
  146
  116
  123
  130
  138
  145
  154
  162
  171
  181
  190
  201
  211
  223
  234
  247
  259
  273
  287
  302
  317
  334
  351
  369
  388
  407
  428
  450
  472
  496
  521
Interest expense (income), $m
  0
  0
  1
  2
  3
  4
  4
  6
  7
  8
  9
  10
  11
  13
  14
  16
  17
  19
  20
  22
  24
  26
  28
  30
  32
  35
  37
  40
  42
  45
  48
Earnings before tax, $m
  115
  94
  99
  104
  110
  116
  122
  129
  136
  143
  150
  167
  175
  183
  192
  202
  211
  222
  233
  244
  256
  268
  281
  295
  309
  324
  340
  357
  374
  392
  411
Tax expense, $m
  39
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  45
  47
  49
  52
  54
  57
  60
  63
  66
  69
  72
  76
  80
  83
  88
  92
  96
  101
  106
  111
Net income, $m
  76
  68
  72
  76
  80
  85
  89
  94
  99
  104
  110
  122
  128
  134
  140
  147
  154
  162
  170
  178
  187
  196
  205
  215
  226
  237
  248
  260
  273
  286
  300

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  366
  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
  1,184
  868
  920
  974
  1,031
  1,090
  1,151
  1,216
  1,283
  1,353
  1,427
  1,503
  1,584
  1,668
  1,756
  1,848
  1,945
  2,046
  2,152
  2,263
  2,380
  2,502
  2,630
  2,764
  2,905
  3,053
  3,208
  3,371
  3,541
  3,720
  3,908
Adjusted assets (=assets-cash), $m
  818
  868
  920
  974
  1,031
  1,090
  1,151
  1,216
  1,283
  1,353
  1,427
  1,503
  1,584
  1,668
  1,756
  1,848
  1,945
  2,046
  2,152
  2,263
  2,380
  2,502
  2,630
  2,764
  2,905
  3,053
  3,208
  3,371
  3,541
  3,720
  3,908
Revenue / Adjusted assets
  1.623
  1.623
  1.623
  1.623
  1.623
  1.623
  1.624
  1.623
  1.623
  1.623
  1.622
  1.623
  1.622
  1.623
  1.623
  1.623
  1.623
  1.623
  1.623
  1.623
  1.623
  1.623
  1.623
  1.623
  1.623
  1.623
  1.623
  1.623
  1.623
  1.623
  1.623
Average production assets, $m
  65
  69
  73
  77
  82
  87
  92
  97
  102
  108
  113
  120
  126
  133
  140
  147
  155
  163
  171
  180
  189
  199
  209
  220
  231
  243
  255
  268
  282
  296
  311
Working capital, $m
  606
  255
  270
  286
  303
  320
  338
  357
  377
  398
  419
  442
  465
  490
  516
  543
  571
  601
  632
  665
  699
  735
  773
  812
  853
  897
  942
  990
  1,040
  1,093
  1,148
Total debt, $m
  0
  24
  48
  74
  101
  129
  158
  188
  220
  253
  288
  324
  362
  402
  444
  487
  533
  581
  631
  683
  739
  796
  857
  920
  987
  1,057
  1,130
  1,207
  1,288
  1,373
  1,462
Total liabilities, $m
  388
  411
  435
  461
  488
  516
  545
  575
  607
  640
  675
  711
  749
  789
  831
  874
  920
  968
  1,018
  1,070
  1,126
  1,183
  1,244
  1,307
  1,374
  1,444
  1,517
  1,594
  1,675
  1,760
  1,849
Total equity, $m
  797
  458
  485
  513
  543
  574
  607
  641
  676
  713
  752
  792
  835
  879
  925
  974
  1,025
  1,078
  1,134
  1,193
  1,254
  1,318
  1,386
  1,457
  1,531
  1,609
  1,691
  1,776
  1,866
  1,961
  2,060
Total liabilities and equity, $m
  1,185
  869
  920
  974
  1,031
  1,090
  1,152
  1,216
  1,283
  1,353
  1,427
  1,503
  1,584
  1,668
  1,756
  1,848
  1,945
  2,046
  2,152
  2,263
  2,380
  2,501
  2,630
  2,764
  2,905
  3,053
  3,208
  3,370
  3,541
  3,721
  3,909
Debt-to-equity ratio
  0.000
  0.050
  0.100
  0.140
  0.190
  0.220
  0.260
  0.290
  0.330
  0.350
  0.380
  0.410
  0.430
  0.460
  0.480
  0.500
  0.520
  0.540
  0.560
  0.570
  0.590
  0.600
  0.620
  0.630
  0.640
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
Adjusted equity ratio
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  76
  68
  72
  76
  80
  85
  89
  94
  99
  104
  110
  122
  128
  134
  140
  147
  154
  162
  170
  178
  187
  196
  205
  215
  226
  237
  248
  260
  273
  286
  300
Depreciation, amort., depletion, $m
  32
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  24
  25
  27
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
  46
  49
  51
  54
  56
  59
  62
Funds from operations, $m
  106
  91
  95
  100
  105
  111
  116
  122
  128
  134
  141
  146
  153
  160
  168
  177
  185
  194
  204
  214
  225
  236
  247
  259
  272
  285
  299
  314
  329
  345
  362
Change in working capital, $m
  -9
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  39
  41
  43
  46
  48
  50
  53
  55
Cash from operations, $m
  115
  76
  80
  84
  89
  93
  98
  103
  108
  114
  119
  123
  129
  136
  142
  150
  157
  165
  173
  181
  190
  200
  209
  220
  230
  242
  254
  266
  279
  293
  307
Maintenance CAPEX, $m
  0
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
New CAPEX, $m
  -11
  -5
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
Cash from investing activities, $m
  -49
  -18
  -18
  -19
  -19
  -21
  -22
  -23
  -24
  -26
  -28
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -68
  -70
  -74
Free cash flow, $m
  66
  58
  62
  65
  69
  72
  76
  80
  84
  88
  92
  94
  99
  104
  109
  114
  120
  126
  132
  138
  145
  152
  159
  167
  175
  184
  193
  202
  212
  222
  233
Issuance/(repayment) of debt, $m
  0
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  64
  67
  70
  73
  77
  81
  85
  89
Issuance/(repurchase) of shares, $m
  -11
  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  
  -8
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  64
  67
  70
  73
  77
  81
  85
  89
Total cash flow (excl. dividends), $m
  59
  82
  87
  91
  95
  100
  105
  110
  115
  121
  127
  130
  137
  144
  151
  158
  166
  174
  182
  191
  200
  210
  220
  231
  242
  254
  266
  279
  293
  307
  322
Retained Cash Flow (-), $m
  -88
  -27
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -59
  -61
  -64
  -68
  -71
  -74
  -78
  -82
  -86
  -90
  -94
  -99
Prev. year cash balance distribution, $m
 
  366
  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
 
  422
  59
  62
  66
  69
  72
  76
  80
  84
  88
  90
  95
  99
  104
  109
  115
  120
  126
  132
  139
  145
  153
  160
  168
  176
  184
  193
  203
  213
  223
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
 
  404
  54
  54
  54
  53
  53
  51
  50
  48
  46
  43
  40
  38
  35
  32
  29
  26
  23
  20
  18
  15
  13
  10
  9
  7
  5
  4
  3
  2
  2
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

NETGEAR, Inc. designs, develops and markets networking solutions and smart connected products for consumers, businesses and service providers. The Company's product line consists of devices, such as network attached storage, Internet protocol (IP) security cameras, and home automation devices and services. The Company's segments include retail, commercial and service provider. The retail business unit is focused on individual consumers and consists of whole home wireless fidelity (WiFi) networking solutions and Smart connected products. The commercial business unit is focused on small and medium-sized businesses and consists of business networking, storage and security solutions. The service provider business unit is focused on the service provider market and consists of made-to-order and retail-proven whole home networking hardware and software solutions, including fourth-generation (4G) long term evolution (LTE) hotspots sold to service providers for sale to their subscribers.

FINANCIAL RATIOS  of  NETGEAR (NTGR)

Valuation Ratios
P/E Ratio 21.4
Price to Sales 1.2
Price to Book 2
Price to Tangible Book
Price to Cash Flow 14.1
Price to Free Cash Flow 15.6
Growth Rates
Sales Growth Rate 2.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.4%
Cap. Spend. - 3 Yr. Gr. Rate -9.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 6.8%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 10.1%
Ret/ On T. Cap. - 3 Yr. Avg. 6%
Return On Equity 10.1%
Return On Equity - 3 Yr. Avg. 6%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 31%
Gross Margin - 3 Yr. Avg. 29.3%
EBITDA Margin 11.1%
EBITDA Margin - 3 Yr. Avg. 8.4%
Operating Margin 8.6%
Oper. Margin - 3 Yr. Avg. 5.8%
Pre-Tax Margin 8.7%
Pre-Tax Margin - 3 Yr. Avg. 5.8%
Net Profit Margin 5.7%
Net Profit Margin - 3 Yr. Avg. 3.4%
Effective Tax Rate 33.9%
Eff/ Tax Rate - 3 Yr. Avg. 49.3%
Payout Ratio 0%

NTGR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NTGR stock intrinsic value calculation we used $1328 million for the last fiscal year's total revenue generated by NETGEAR. The default revenue input number comes from 2016 income statement of NETGEAR. 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 NTGR stock valuation model: a) initial revenue growth rate of 6.1% 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 NTGR is calculated based on our internal credit rating of NETGEAR, 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 NETGEAR.
    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 NTGR stock the variable cost ratio is equal to 93.4%.

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 NTGR 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 3.5% for NETGEAR.

Corporate tax rate of 27% is the nominal tax rate for NETGEAR. 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 NTGR 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 NTGR are equal to 4.9%.

Life of production assets of 4.6 years is the average useful life of capital assets used in NETGEAR 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 NTGR is equal to 18.1%. 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 - $797 million for NETGEAR - 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 31.579 million for NETGEAR 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 NETGEAR at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ At $49.5, Is It Time To Buy NETGEAR Inc (NTGR)?   [Oct-05-17 06:46PM  Simply Wall St.]
▶ NETGEAR to Host 2017 Financial Analyst Day   [Sep-13-17 08:30AM  GlobeNewswire]
▶ ETFs with exposure to NETGEAR, Inc. : September 2, 2017   [Sep-01-17 08:28PM  Capital Cube]
▶ NETGEAR, Inc.: Strong price momentum but will it sustain?   [Jul-28-17 03:24PM  Capital Cube]
▶ Netgear, Inc. Crushes It on Arlo Demand   [Jul-27-17 06:33PM  Motley Fool]
▶ Why Netgear, Inc. Stock Popped Today   [03:44PM  Motley Fool]
▶ Netgear posts 2Q profit   [Jul-26-17 10:56PM  Associated Press]
▶ ETFs with exposure to NETGEAR, Inc. : July 3, 2017   [Jul-03-17 03:33PM  Capital Cube]
▶ NETGEAR Nighthawk X10 Voted Best WiFi Router in Europe   [Jun-13-17 08:30AM  GlobeNewswire]
▶ Why Netgear Is Poised To Make A Run   [Jun-09-17 04:31PM  Benzinga]
▶ Why Netgear, Inc. Fell 11% in May   [Jun-08-17 09:15PM  Motley Fool]
▶ ETFs with exposure to NETGEAR, Inc. : June 5, 2017   [Jun-05-17 02:34PM  Capital Cube]
▶ ETFs with exposure to NETGEAR, Inc. : May 25, 2017   [May-25-17 12:44PM  Capital Cube]
▶ 3 Stocks Warren Buffett Can't Buy, but You Can   [May-14-17 08:12AM  Motley Fool]
▶ Why Netgear, Inc. Stock Dropped Today   [04:52PM  Motley Fool]
▶ What Happened in the Stock Market Today   [04:42PM  Motley Fool]
▶ Netgear tops Street 1Q forecasts   [Apr-26-17 04:59PM  Associated Press]
▶ Top Tech Stocks for Growth Investors   [Mar-15-17 10:00AM  Motley Fool]
▶ Top Tech Stocks for Growth Investors   [10:00AM  at Motley Fool]
▶ 1 Number Ubiquiti Networks Investors Are Worrying About   [Feb-28-17 11:10AM  Motley Fool]
▶ NETGEAR: A Break of $50 Turns the Charts Bearish   [Feb-17-17 11:24AM  TheStreet.com]
▶ Netgear Rides Retail Strength to a Record Holiday Quarter   [Feb-08-17 06:08PM  at Motley Fool]
▶ Why Netgear, Inc. Stock Plunged Today   [03:23PM  at Motley Fool]
Financial statements of NTGR
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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