Intrinsic value of Open Text - OTEX

Previous Close

$32.95

  Intrinsic Value

$50.55

stock screener

  Rating & Target

str. buy

+53%

Previous close

$32.95

 
Intrinsic value

$50.55

 
Up/down potential

+53%

 
Rating

str. buy

We calculate the intrinsic value of OTEX 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 8.8

 

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, %
  13.70
  12.83
  12.05
  11.34
  10.71
  10.14
  9.62
  9.16
  8.75
  8.37
  8.03
  7.73
  7.46
  7.21
  6.99
  6.79
  6.61
  6.45
  6.31
  6.18
  6.06
  5.95
  5.86
  5.77
  5.69
  5.62
  5.56
  5.51
  5.46
  5.41
Revenue, $m
  3,201
  3,612
  4,047
  4,506
  4,988
  5,494
  6,023
  6,574
  7,149
  7,748
  8,370
  9,017
  9,689
  10,388
  11,114
  11,869
  12,654
  13,470
  14,320
  15,204
  16,125
  17,085
  18,085
  19,129
  20,218
  21,355
  22,543
  23,784
  25,082
  26,439
Variable operating expenses, $m
  2,203
  2,423
  2,656
  2,902
  3,160
  3,431
  3,714
  4,010
  4,318
  4,639
  4,484
  4,831
  5,191
  5,566
  5,955
  6,359
  6,780
  7,217
  7,672
  8,146
  8,639
  9,154
  9,690
  10,249
  10,832
  11,442
  12,078
  12,743
  13,438
  14,165
Fixed operating expenses, $m
  327
  334
  342
  349
  357
  365
  373
  381
  389
  398
  407
  415
  425
  434
  444
  453
  463
  473
  484
  495
  505
  516
  528
  539
  551
  563
  576
  589
  601
  615
Total operating expenses, $m
  2,530
  2,757
  2,998
  3,251
  3,517
  3,796
  4,087
  4,391
  4,707
  5,037
  4,891
  5,246
  5,616
  6,000
  6,399
  6,812
  7,243
  7,690
  8,156
  8,641
  9,144
  9,670
  10,218
  10,788
  11,383
  12,005
  12,654
  13,332
  14,039
  14,780
Operating income, $m
  671
  855
  1,049
  1,255
  1,471
  1,698
  1,935
  2,183
  2,442
  2,711
  3,479
  3,770
  4,073
  4,389
  4,716
  5,057
  5,411
  5,780
  6,164
  6,564
  6,980
  7,415
  7,868
  8,341
  8,835
  9,350
  9,889
  10,453
  11,042
  11,659
EBITDA, $m
  1,432
  1,650
  1,882
  2,127
  2,384
  2,654
  2,937
  3,232
  3,539
  3,859
  4,193
  4,539
  4,900
  5,274
  5,664
  6,069
  6,490
  6,928
  7,385
  7,860
  8,355
  8,871
  9,410
  9,972
  10,558
  11,171
  11,812
  12,481
  13,181
  13,913
Interest expense (income), $m
  115
  142
  171
  203
  237
  272
  309
  349
  390
  432
  477
  523
  572
  622
  674
  728
  784
  843
  904
  967
  1,033
  1,101
  1,173
  1,247
  1,325
  1,405
  1,490
  1,578
  1,670
  1,766
  1,867
Earnings before tax, $m
  530
  684
  847
  1,018
  1,199
  1,389
  1,587
  1,794
  2,010
  2,234
  2,956
  3,199
  3,452
  3,715
  3,988
  4,272
  4,568
  4,876
  5,197
  5,531
  5,879
  6,242
  6,621
  7,016
  7,429
  7,860
  8,311
  8,783
  9,276
  9,792
Tax expense, $m
  143
  185
  229
  275
  324
  375
  428
  484
  543
  603
  798
  864
  932
  1,003
  1,077
  1,154
  1,233
  1,317
  1,403
  1,493
  1,587
  1,685
  1,788
  1,894
  2,006
  2,122
  2,244
  2,371
  2,505
  2,644
Net income, $m
  387
  499
  618
  743
  875
  1,014
  1,158
  1,309
  1,467
  1,631
  2,158
  2,335
  2,520
  2,712
  2,911
  3,119
  3,335
  3,560
  3,794
  4,038
  4,292
  4,557
  4,833
  5,122
  5,423
  5,738
  6,067
  6,411
  6,771
  7,148

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
  8,818
  9,949
  11,148
  12,412
  13,741
  15,134
  16,591
  18,111
  19,695
  21,343
  23,058
  24,840
  26,693
  28,618
  30,618
  32,697
  34,859
  37,108
  39,448
  41,884
  44,421
  47,065
  49,822
  52,697
  55,698
  58,830
  62,103
  65,522
  69,096
  72,834
Adjusted assets (=assets-cash), $m
  8,818
  9,949
  11,148
  12,412
  13,741
  15,134
  16,591
  18,111
  19,695
  21,343
  23,058
  24,840
  26,693
  28,618
  30,618
  32,697
  34,859
  37,108
  39,448
  41,884
  44,421
  47,065
  49,822
  52,697
  55,698
  58,830
  62,103
  65,522
  69,096
  72,834
Revenue / Adjusted assets
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
Average production assets, $m
  3,057
  3,449
  3,865
  4,303
  4,764
  5,247
  5,752
  6,278
  6,827
  7,399
  7,993
  8,611
  9,253
  9,921
  10,614
  11,335
  12,085
  12,864
  13,675
  14,520
  15,399
  16,316
  17,271
  18,268
  19,308
  20,394
  21,529
  22,714
  23,953
  25,249
Working capital, $m
  -387
  -437
  -490
  -545
  -604
  -665
  -729
  -795
  -865
  -937
  -1,013
  -1,091
  -1,172
  -1,257
  -1,345
  -1,436
  -1,531
  -1,630
  -1,733
  -1,840
  -1,951
  -2,067
  -2,188
  -2,315
  -2,446
  -2,584
  -2,728
  -2,878
  -3,035
  -3,199
Total debt, $m
  3,166
  3,755
  4,380
  5,039
  5,731
  6,457
  7,216
  8,007
  8,833
  9,692
  10,585
  11,514
  12,479
  13,481
  14,524
  15,607
  16,733
  17,905
  19,124
  20,393
  21,715
  23,093
  24,529
  26,027
  27,590
  29,222
  30,927
  32,709
  34,571
  36,518
Total liabilities, $m
  4,594
  5,184
  5,808
  6,467
  7,159
  7,885
  8,644
  9,436
  10,261
  11,120
  12,013
  12,942
  13,907
  14,910
  15,952
  17,035
  18,162
  19,333
  20,552
  21,822
  23,144
  24,521
  25,957
  27,455
  29,018
  30,651
  32,355
  34,137
  35,999
  37,947
Total equity, $m
  4,224
  4,766
  5,340
  5,946
  6,582
  7,249
  7,947
  8,675
  9,434
  10,223
  11,045
  11,898
  12,786
  13,708
  14,666
  15,662
  16,698
  17,775
  18,896
  20,062
  21,278
  22,544
  23,865
  25,242
  26,679
  28,180
  29,747
  31,385
  33,097
  34,888
Total liabilities and equity, $m
  8,818
  9,950
  11,148
  12,413
  13,741
  15,134
  16,591
  18,111
  19,695
  21,343
  23,058
  24,840
  26,693
  28,618
  30,618
  32,697
  34,860
  37,108
  39,448
  41,884
  44,422
  47,065
  49,822
  52,697
  55,697
  58,831
  62,102
  65,522
  69,096
  72,835
Debt-to-equity ratio
  0.750
  0.790
  0.820
  0.850
  0.870
  0.890
  0.910
  0.920
  0.940
  0.950
  0.960
  0.970
  0.980
  0.980
  0.990
  1.000
  1.000
  1.010
  1.010
  1.020
  1.020
  1.020
  1.030
  1.030
  1.030
  1.040
  1.040
  1.040
  1.040
  1.050
Adjusted equity ratio
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  387
  499
  618
  743
  875
  1,014
  1,158
  1,309
  1,467
  1,631
  2,158
  2,335
  2,520
  2,712
  2,911
  3,119
  3,335
  3,560
  3,794
  4,038
  4,292
  4,557
  4,833
  5,122
  5,423
  5,738
  6,067
  6,411
  6,771
  7,148
Depreciation, amort., depletion, $m
  761
  796
  833
  872
  913
  956
  1,001
  1,048
  1,097
  1,148
  714
  769
  826
  886
  948
  1,012
  1,079
  1,149
  1,221
  1,296
  1,375
  1,457
  1,542
  1,631
  1,724
  1,821
  1,922
  2,028
  2,139
  2,254
Funds from operations, $m
  1,147
  1,295
  1,451
  1,615
  1,788
  1,970
  2,160
  2,358
  2,564
  2,779
  2,871
  3,104
  3,346
  3,597
  3,859
  4,131
  4,414
  4,708
  5,015
  5,334
  5,667
  6,013
  6,375
  6,753
  7,147
  7,559
  7,989
  8,439
  8,910
  9,403
Change in working capital, $m
  -47
  -50
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -72
  -75
  -78
  -81
  -85
  -88
  -91
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -150
  -157
  -164
Cash from operations, $m
  1,194
  1,344
  1,503
  1,671
  1,847
  2,031
  2,224
  2,424
  2,634
  2,852
  2,947
  3,182
  3,427
  3,682
  3,947
  4,222
  4,509
  4,807
  5,117
  5,441
  5,778
  6,130
  6,496
  6,879
  7,279
  7,697
  8,133
  8,590
  9,067
  9,567
Maintenance CAPEX, $m
  -240
  -273
  -308
  -345
  -384
  -425
  -468
  -514
  -561
  -610
  -661
  -714
  -769
  -826
  -886
  -948
  -1,012
  -1,079
  -1,149
  -1,221
  -1,296
  -1,375
  -1,457
  -1,542
  -1,631
  -1,724
  -1,821
  -1,922
  -2,028
  -2,139
New CAPEX, $m
  -370
  -392
  -416
  -438
  -461
  -483
  -505
  -527
  -549
  -571
  -594
  -618
  -642
  -667
  -693
  -721
  -749
  -780
  -811
  -844
  -880
  -917
  -956
  -997
  -1,040
  -1,086
  -1,134
  -1,185
  -1,239
  -1,296
Cash from investing activities, $m
  -610
  -665
  -724
  -783
  -845
  -908
  -973
  -1,041
  -1,110
  -1,181
  -1,255
  -1,332
  -1,411
  -1,493
  -1,579
  -1,669
  -1,761
  -1,859
  -1,960
  -2,065
  -2,176
  -2,292
  -2,413
  -2,539
  -2,671
  -2,810
  -2,955
  -3,107
  -3,267
  -3,435
Free cash flow, $m
  584
  679
  780
  887
  1,002
  1,123
  1,250
  1,384
  1,524
  1,671
  1,692
  1,851
  2,016
  2,189
  2,368
  2,554
  2,747
  2,948
  3,158
  3,375
  3,602
  3,838
  4,084
  4,340
  4,608
  4,887
  5,178
  5,482
  5,800
  6,132
Issuance/(repayment) of debt, $m
  545
  589
  624
  659
  692
  726
  759
  792
  825
  859
  893
  929
  965
  1,003
  1,042
  1,083
  1,126
  1,172
  1,219
  1,269
  1,322
  1,377
  1,436
  1,498
  1,563
  1,632
  1,705
  1,781
  1,862
  1,947
Issuance/(repurchase) of shares, $m
  121
  43
  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  
  666
  632
  624
  659
  692
  726
  759
  792
  825
  859
  893
  929
  965
  1,003
  1,042
  1,083
  1,126
  1,172
  1,219
  1,269
  1,322
  1,377
  1,436
  1,498
  1,563
  1,632
  1,705
  1,781
  1,862
  1,947
Total cash flow (excl. dividends), $m
  1,251
  1,312
  1,404
  1,546
  1,694
  1,849
  2,009
  2,176
  2,349
  2,529
  2,585
  2,779
  2,981
  3,191
  3,410
  3,637
  3,874
  4,120
  4,377
  4,645
  4,924
  5,216
  5,520
  5,838
  6,171
  6,519
  6,883
  7,264
  7,662
  8,080
Retained Cash Flow (-), $m
  -508
  -542
  -574
  -606
  -637
  -667
  -698
  -728
  -759
  -790
  -821
  -854
  -887
  -922
  -958
  -996
  -1,036
  -1,077
  -1,121
  -1,167
  -1,215
  -1,266
  -1,320
  -1,377
  -1,437
  -1,501
  -1,567
  -1,638
  -1,712
  -1,790
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
  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
  743
  770
  830
  941
  1,058
  1,181
  1,311
  1,448
  1,591
  1,740
  1,764
  1,926
  2,094
  2,269
  2,452
  2,641
  2,838
  3,043
  3,256
  3,478
  3,709
  3,949
  4,200
  4,461
  4,734
  5,018
  5,315
  5,626
  5,950
  6,289
Discount rate, %
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
  706
  691
  700
  741
  774
  798
  811
  814
  807
  789
  709
  680
  642
  598
  549
  496
  441
  386
  333
  282
  234
  191
  153
  120
  92
  69
  50
  36
  25
  17
Current shareholders' claim on cash, %
  98.6
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2

Open Text Corporation provides a platform and suite of software products and services that assist organizations in finding, utilizing, and sharing business information from any device. The Company designs, develops, markets and sells Enterprise Information Management (EIM) software and solutions. Its EIM offerings include Enterprise Content Management (ECM), Business Process Management (BPM), Customer Experience Management (CEM), Business Network, Discovery and Analytics. Its software and services allow organizations to manage the information that flows into, out of, and throughout the enterprise as part of daily operations. Its solutions incorporate collaborative and mobile technologies and are delivered for on-premises deployment, as well as through cloud, hybrid and managed hosted services models. In addition, the Company provides solutions that facilitate the exchange of information and transactions that occur between supply chain participants.

FINANCIAL RATIOS  of  Open Text (OTEX)

Valuation Ratios
P/E Ratio 8.5
Price to Sales 3.8
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 19.8
Price to Free Cash Flow 24.2
Growth Rates
Sales Growth Rate 25.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.3%
Cap. Spend. - 3 Yr. Gr. Rate 13.8%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 67.6%
Total Debt to Equity 72.8%
Interest Coverage 11
Management Effectiveness
Return On Assets 17.9%
Ret/ On Assets - 3 Yr. Avg. 10.6%
Return On Total Capital 20.1%
Ret/ On T. Cap. - 3 Yr. Avg. 11.7%
Return On Equity 37.2%
Return On Equity - 3 Yr. Avg. 21.9%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 66.7%
Gross Margin - 3 Yr. Avg. 67.7%
EBITDA Margin 69.3%
EBITDA Margin - 3 Yr. Avg. 43.9%
Operating Margin 53.6%
Oper. Margin - 3 Yr. Avg. 30.9%
Pre-Tax Margin 49.1%
Pre-Tax Margin - 3 Yr. Avg. 26.5%
Net Profit Margin 44.8%
Net Profit Margin - 3 Yr. Avg. 24.3%
Effective Tax Rate 8.9%
Eff/ Tax Rate - 3 Yr. Avg. 7.7%
Payout Ratio 11.8%

OTEX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OTEX stock intrinsic value calculation we used $2815.241 million for the last fiscal year's total revenue generated by Open Text. The default revenue input number comes from 0001 income statement of Open Text. 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 OTEX stock valuation model: a) initial revenue growth rate of 13.7% 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 5.3%, whose default value for OTEX is calculated based on our internal credit rating of Open Text, 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 Open Text.
    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 OTEX stock the variable cost ratio is equal to 70.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $320 million in the base year in the intrinsic value calculation for OTEX 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 Open Text.

Corporate tax rate of 27% is the nominal tax rate for Open Text. 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 OTEX 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 OTEX are equal to 95.5%.

Life of production assets of 11.2 years is the average useful life of capital assets used in Open Text 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 OTEX is equal to -12.1%. 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 - $3716.221 million for Open Text - 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 267.469 million for Open Text 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 Open Text at the current share price and the inputted number of shares is $8.8 billion.

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COMPANY NEWS

▶ What other CEOs are telling analysts about IBM-Red Hat   [Nov-05-18 11:52AM  American City Business Journals]
▶ OpenText's Slowing Growth Prompts a Strategic Move   [Nov-01-18 10:16AM  Motley Fool]
▶ Open Text: Fiscal 1Q Earnings Snapshot   [04:16PM  Associated Press]
▶ Who Owns Open Text Corporation (NASDAQ:OTEX)?   [Sep-26-18 10:24AM  Simply Wall St.]
▶ X1 Appoints Industry Leader Craig Carpenter as CEO   [Sep-20-18 08:00AM  GlobeNewswire]
▶ OpenText Announces New Products For Legal Tech Market   [Aug-20-18 09:00AM  PR Newswire]
▶ Open Text: Fiscal 4Q Earnings Snapshot   [Aug-02-18 04:49PM  Associated Press]
▶ Open Text: Fiscal 3Q Earnings Snapshot   [May-09-18 05:01PM  Associated Press]
▶ Open Text's stock drops on earnings miss   [04:44PM  MarketWatch]
▶ File-sharing pioneer once known as YouSendIt acquired by OpenText   [Feb-15-18 10:14AM  American City Business Journals]
▶ OpenText Acquires Hightail   [09:00AM  PR Newswire]
▶ OpenText Acquires Hightail   [09:00AM  CNW Group]
▶ Why Shares of Open Text Are Surging Today   [Feb-01-18 01:01PM  Motley Fool]
▶ Revenue Gains Accelerate at OpenText   [Jan-31-18 07:45PM  Motley Fool]
▶ Open Text posts 2Q profit   [04:38PM  Associated Press]
▶ ETFs with exposure to Open Text Corp. : December 29, 2017   [Dec-29-17 12:24PM  Capital Cube]
▶ OpenText Added to S&P/TSX60 Index   [09:00AM  PR Newswire]
▶ Stocks Hold Modest Gains; Netflix Snaps Back; Bitcoin Volatile As Ever   [Dec-28-17 01:35PM  Investor's Business Daily]
▶ ETFs with exposure to Open Text Corp. : December 12, 2017   [Dec-12-17 01:53PM  Capital Cube]

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