Intrinsic value of Palo Alto Networks - PANW

Previous Close

$144.87

  Intrinsic Value

$22.82

stock screener

  Rating & Target

str. sell

-84%

Previous close

$144.87

 
Intrinsic value

$22.82

 
Up/down potential

-84%

 
Rating

str. sell

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

We calculate the intrinsic value of PANW 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 13.3

 

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, %
  27.77
  26.90
  24.71
  22.74
  20.97
  19.37
  17.93
  16.64
  15.47
  14.43
  13.48
  12.64
  11.87
  11.19
  10.57
  10.01
  9.51
  9.06
  8.65
  8.29
  7.96
  7.66
  7.40
  7.16
  6.94
  6.75
  6.57
  6.41
  6.27
  6.15
  6.03
Revenue, $m
  1,762
  2,236
  2,788
  3,423
  4,140
  4,942
  5,828
  6,798
  7,850
  8,982
  10,194
  11,482
  12,845
  14,282
  15,791
  17,371
  19,023
  20,746
  22,541
  24,409
  26,352
  28,371
  30,469
  32,650
  34,916
  37,272
  39,722
  42,270
  44,922
  47,683
  50,558
Variable operating expenses, $m
 
  2,357
  2,934
  3,595
  4,344
  5,181
  6,105
  7,117
  8,215
  9,396
  10,660
  11,980
  13,403
  14,902
  16,476
  18,126
  19,849
  21,647
  23,520
  25,470
  27,496
  29,603
  31,793
  34,068
  36,433
  38,891
  41,447
  44,106
  46,873
  49,754
  52,755
Fixed operating expenses, $m
 
  82
  84
  86
  88
  91
  93
  95
  97
  100
  102
  105
  108
  110
  113
  116
  119
  122
  125
  128
  131
  134
  138
  141
  145
  148
  152
  156
  160
  164
  168
Total operating expenses, $m
  1,941
  2,439
  3,018
  3,681
  4,432
  5,272
  6,198
  7,212
  8,312
  9,496
  10,762
  12,085
  13,511
  15,012
  16,589
  18,242
  19,968
  21,769
  23,645
  25,598
  27,627
  29,737
  31,931
  34,209
  36,578
  39,039
  41,599
  44,262
  47,033
  49,918
  52,923
Operating income, $m
  -180
  -203
  -229
  -259
  -292
  -329
  -370
  -414
  -462
  -514
  -569
  -604
  -666
  -731
  -799
  -870
  -945
  -1,023
  -1,104
  -1,188
  -1,276
  -1,367
  -1,461
  -1,559
  -1,661
  -1,767
  -1,877
  -1,992
  -2,111
  -2,235
  -2,364
EBITDA, $m
  -120
  -140
  -156
  -175
  -196
  -219
  -244
  -271
  -301
  -333
  -366
  -402
  -440
  -480
  -522
  -566
  -611
  -659
  -709
  -760
  -814
  -869
  -927
  -987
  -1,049
  -1,114
  -1,181
  -1,251
  -1,323
  -1,399
  -1,477
Interest expense (income), $m
  0
  18
  7
  27
  51
  77
  107
  140
  175
  214
  256
  301
  348
  398
  451
  507
  565
  626
  690
  756
  825
  897
  971
  1,049
  1,129
  1,213
  1,299
  1,390
  1,484
  1,582
  1,683
Earnings before tax, $m
  -194
  -221
  -236
  -286
  -343
  -406
  -477
  -554
  -638
  -728
  -825
  -904
  -1,014
  -1,129
  -1,250
  -1,377
  -1,510
  -1,649
  -1,794
  -1,944
  -2,101
  -2,263
  -2,432
  -2,608
  -2,790
  -2,980
  -3,177
  -3,382
  -3,595
  -3,816
  -4,047
Tax expense, $m
  23
  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
Net income, $m
  -217
  -221
  -236
  -286
  -343
  -406
  -477
  -554
  -638
  -728
  -825
  -904
  -1,014
  -1,129
  -1,250
  -1,377
  -1,510
  -1,649
  -1,794
  -1,944
  -2,101
  -2,263
  -2,432
  -2,608
  -2,790
  -2,980
  -3,177
  -3,382
  -3,595
  -3,816
  -4,047

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,375
  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
  3,438
  2,618
  3,265
  4,008
  4,848
  5,787
  6,825
  7,960
  9,192
  10,518
  11,936
  13,445
  15,041
  16,723
  18,490
  20,341
  22,275
  24,293
  26,395
  28,582
  30,857
  33,221
  35,679
  38,232
  40,886
  43,644
  46,512
  49,496
  52,601
  55,834
  59,202
Adjusted assets (=assets-cash), $m
  2,063
  2,618
  3,265
  4,008
  4,848
  5,787
  6,825
  7,960
  9,192
  10,518
  11,936
  13,445
  15,041
  16,723
  18,490
  20,341
  22,275
  24,293
  26,395
  28,582
  30,857
  33,221
  35,679
  38,232
  40,886
  43,644
  46,512
  49,496
  52,601
  55,834
  59,202
Revenue / Adjusted assets
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
Average production assets, $m
  213
  271
  337
  414
  501
  598
  705
  823
  950
  1,087
  1,233
  1,389
  1,554
  1,728
  1,911
  2,102
  2,302
  2,510
  2,727
  2,954
  3,189
  3,433
  3,687
  3,951
  4,225
  4,510
  4,806
  5,115
  5,436
  5,770
  6,118
Working capital, $m
  775
  -762
  -951
  -1,167
  -1,412
  -1,685
  -1,987
  -2,318
  -2,677
  -3,063
  -3,476
  -3,915
  -4,380
  -4,870
  -5,385
  -5,924
  -6,487
  -7,074
  -7,687
  -8,324
  -8,986
  -9,675
  -10,390
  -11,134
  -11,906
  -12,710
  -13,545
  -14,414
  -15,318
  -16,260
  -17,240
Total debt, $m
  525
  203
  786
  1,454
  2,210
  3,055
  3,989
  5,011
  6,120
  7,313
  8,590
  9,947
  11,384
  12,898
  14,488
  16,154
  17,895
  19,711
  21,602
  23,571
  25,618
  27,746
  29,958
  32,256
  34,644
  37,127
  39,708
  42,394
  45,188
  48,098
  51,129
Total liabilities, $m
  2,679
  2,356
  2,939
  3,607
  4,363
  5,208
  6,142
  7,164
  8,273
  9,466
  10,743
  12,100
  13,537
  15,051
  16,641
  18,307
  20,048
  21,864
  23,755
  25,724
  27,771
  29,899
  32,111
  34,409
  36,797
  39,280
  41,861
  44,547
  47,341
  50,251
  53,282
Total equity, $m
  760
  262
  327
  401
  485
  579
  682
  796
  919
  1,052
  1,194
  1,344
  1,504
  1,672
  1,849
  2,034
  2,228
  2,429
  2,639
  2,858
  3,086
  3,322
  3,568
  3,823
  4,089
  4,364
  4,651
  4,950
  5,260
  5,583
  5,920
Total liabilities and equity, $m
  3,439
  2,618
  3,266
  4,008
  4,848
  5,787
  6,824
  7,960
  9,192
  10,518
  11,937
  13,444
  15,041
  16,723
  18,490
  20,341
  22,276
  24,293
  26,394
  28,582
  30,857
  33,221
  35,679
  38,232
  40,886
  43,644
  46,512
  49,497
  52,601
  55,834
  59,202
Debt-to-equity ratio
  0.691
  0.780
  2.410
  3.630
  4.560
  5.280
  5.850
  6.300
  6.660
  6.950
  7.200
  7.400
  7.570
  7.710
  7.840
  7.940
  8.030
  8.110
  8.180
  8.250
  8.300
  8.350
  8.400
  8.440
  8.470
  8.510
  8.540
  8.570
  8.590
  8.610
  8.640
Adjusted equity ratio
  -0.298
  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
  -217
  -221
  -236
  -286
  -343
  -406
  -477
  -554
  -638
  -728
  -825
  -904
  -1,014
  -1,129
  -1,250
  -1,377
  -1,510
  -1,649
  -1,794
  -1,944
  -2,101
  -2,263
  -2,432
  -2,608
  -2,790
  -2,980
  -3,177
  -3,382
  -3,595
  -3,816
  -4,047
Depreciation, amort., depletion, $m
  60
  63
  73
  84
  97
  111
  126
  143
  162
  181
  203
  201
  225
  250
  277
  305
  334
  364
  395
  428
  462
  498
  534
  573
  612
  654
  697
  741
  788
  836
  887
Funds from operations, $m
  1,372
  -158
  -163
  -202
  -246
  -296
  -351
  -411
  -476
  -547
  -622
  -703
  -788
  -879
  -973
  -1,073
  -1,177
  -1,285
  -1,398
  -1,516
  -1,639
  -1,766
  -1,898
  -2,035
  -2,178
  -2,326
  -2,480
  -2,640
  -2,807
  -2,980
  -3,161
Change in working capital, $m
  503
  -162
  -188
  -216
  -245
  -273
  -302
  -331
  -359
  -386
  -413
  -439
  -465
  -490
  -515
  -539
  -563
  -588
  -612
  -637
  -662
  -689
  -716
  -744
  -773
  -803
  -835
  -869
  -904
  -941
  -981
Cash from operations, $m
  869
  3
  25
  14
  -2
  -22
  -48
  -80
  -117
  -161
  -209
  -264
  -324
  -389
  -459
  -534
  -614
  -698
  -786
  -879
  -976
  -1,077
  -1,182
  -1,292
  -1,405
  -1,523
  -1,645
  -1,771
  -1,903
  -2,039
  -2,180
Maintenance CAPEX, $m
  0
  -31
  -39
  -49
  -60
  -73
  -87
  -102
  -119
  -138
  -158
  -179
  -201
  -225
  -250
  -277
  -305
  -334
  -364
  -395
  -428
  -462
  -498
  -534
  -573
  -612
  -654
  -697
  -741
  -788
  -836
New CAPEX, $m
  -163
  -58
  -67
  -77
  -87
  -97
  -107
  -117
  -127
  -137
  -147
  -156
  -165
  -174
  -183
  -191
  -200
  -208
  -217
  -226
  -235
  -244
  -254
  -264
  -274
  -285
  -296
  -308
  -321
  -334
  -348
Cash from investing activities, $m
  -473
  -89
  -106
  -126
  -147
  -170
  -194
  -219
  -246
  -275
  -305
  -335
  -366
  -399
  -433
  -468
  -505
  -542
  -581
  -621
  -663
  -706
  -752
  -798
  -847
  -897
  -950
  -1,005
  -1,062
  -1,122
  -1,184
Free cash flow, $m
  396
  -85
  -81
  -112
  -149
  -192
  -242
  -300
  -364
  -435
  -513
  -598
  -690
  -788
  -892
  -1,002
  -1,118
  -1,240
  -1,367
  -1,500
  -1,639
  -1,784
  -1,934
  -2,090
  -2,252
  -2,420
  -2,595
  -2,776
  -2,965
  -3,161
  -3,364
Issuance/(repayment) of debt, $m
  0
  -322
  582
  668
  756
  845
  934
  1,022
  1,109
  1,194
  1,276
  1,357
  1,437
  1,514
  1,590
  1,666
  1,741
  1,816
  1,892
  1,969
  2,047
  2,128
  2,211
  2,298
  2,388
  2,483
  2,582
  2,685
  2,795
  2,910
  3,031
Issuance/(repurchase) of shares, $m
  -365
  1,098
  301
  360
  427
  500
  581
  667
  761
  861
  967
  1,055
  1,173
  1,297
  1,427
  1,563
  1,704
  1,851
  2,004
  2,163
  2,328
  2,500
  2,678
  2,863
  3,056
  3,256
  3,464
  3,680
  3,905
  4,140
  4,384
Cash from financing (excl. dividends), $m  
  -386
  776
  883
  1,028
  1,183
  1,345
  1,515
  1,689
  1,870
  2,055
  2,243
  2,412
  2,610
  2,811
  3,017
  3,229
  3,445
  3,667
  3,896
  4,132
  4,375
  4,628
  4,889
  5,161
  5,444
  5,739
  6,046
  6,365
  6,700
  7,050
  7,415
Total cash flow (excl. dividends), $m
  10
  692
  802
  917
  1,035
  1,153
  1,272
  1,390
  1,506
  1,619
  1,730
  1,814
  1,920
  2,024
  2,126
  2,226
  2,327
  2,427
  2,528
  2,631
  2,736
  2,844
  2,956
  3,071
  3,192
  3,318
  3,450
  3,589
  3,735
  3,889
  4,051
Retained Cash Flow (-), $m
  135
  -1,098
  -301
  -360
  -427
  -500
  -581
  -667
  -761
  -861
  -967
  -1,055
  -1,173
  -1,297
  -1,427
  -1,563
  -1,704
  -1,851
  -2,004
  -2,163
  -2,328
  -2,500
  -2,678
  -2,863
  -3,056
  -3,256
  -3,464
  -3,680
  -3,905
  -4,140
  -4,384
Prev. year cash balance distribution, $m
 
  1,375
  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
 
  968
  501
  557
  608
  653
  692
  722
  745
  758
  763
  759
  747
  726
  698
  664
  623
  576
  524
  468
  408
  344
  278
  208
  136
  62
  -13
  -91
  -170
  -251
  -333
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
 
  928
  459
  484
  500
  506
  502
  488
  465
  436
  400
  360
  319
  276
  234
  195
  158
  125
  97
  72
  52
  36
  23
  14
  7
  2
  0
  -2
  -3
  -3
  -3
Current shareholders' claim on cash, %
  100
  50.0
  44.8
  40.4
  36.5
  33.1
  30.1
  27.4
  25.0
  22.9
  20.9
  19.2
  17.7
  16.3
  15.0
  13.8
  12.8
  11.8
  10.9
  10.1
  9.3
  8.6
  8.0
  7.4
  6.8
  6.3
  5.9
  5.4
  5.0
  4.7
  4.3

Palo Alto Networks, Inc. offers a next-generation security platform. The Company's security platform consists of three elements: Next-Generation Firewall, Advanced Endpoint Protection and Threat Intelligence Cloud. Its Next-Generation Firewall delivers application, user and content visibility and control, as well as protection against network-based cyber threats integrated within the firewall through its hardware and software architecture. Its Advanced Endpoint Protection prevents cyber attacks that run malicious code or exploit software vulnerabilities on a range of fixed and virtual endpoints and servers. Its Threat Intelligence Cloud provides central intelligence capabilities, security for software as a service applications and automated delivery of preventative measures against cyber attacks. Its products and services include firewall appliances, panorama, virtual system upgrades, subscription services, support and maintenance, and professional services.

FINANCIAL RATIOS  of  Palo Alto Networks (PANW)

Valuation Ratios
P/E Ratio -61.1
Price to Sales 7.5
Price to Book 17.4
Price to Tangible Book
Price to Cash Flow 15.3
Price to Free Cash Flow 18.8
Growth Rates
Sales Growth Rate 27.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 123.3%
Cap. Spend. - 3 Yr. Gr. Rate 35.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 69.1%
Total Debt to Equity 69.1%
Interest Coverage 0
Management Effectiveness
Return On Assets -6.9%
Ret/ On Assets - 3 Yr. Avg. -7.5%
Return On Total Capital -16.2%
Ret/ On T. Cap. - 3 Yr. Avg. -15.4%
Return On Equity -26.2%
Return On Equity - 3 Yr. Avg. -27.2%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 72.9%
Gross Margin - 3 Yr. Avg. 73%
EBITDA Margin -7.6%
EBITDA Margin - 3 Yr. Avg. -9%
Operating Margin -10.2%
Oper. Margin - 3 Yr. Avg. -10.8%
Pre-Tax Margin -11%
Pre-Tax Margin - 3 Yr. Avg. -12.2%
Net Profit Margin -12.3%
Net Profit Margin - 3 Yr. Avg. -13.5%
Effective Tax Rate -11.9%
Eff/ Tax Rate - 3 Yr. Avg. -10.5%
Payout Ratio 0%

PANW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PANW stock intrinsic value calculation we used $1762 million for the last fiscal year's total revenue generated by Palo Alto Networks. The default revenue input number comes from 2017 income statement of Palo Alto Networks. 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 PANW stock valuation model: a) initial revenue growth rate of 26.9% 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 PANW is calculated based on our internal credit rating of Palo Alto Networks, 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 Palo Alto Networks.
    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 PANW stock the variable cost ratio is equal to 105.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $80 million in the base year in the intrinsic value calculation for PANW 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 Palo Alto Networks.

Corporate tax rate of 27% is the nominal tax rate for Palo Alto Networks. 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 PANW 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 PANW are equal to 12.1%.

Life of production assets of 6.9 years is the average useful life of capital assets used in Palo Alto Networks 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 PANW is equal to -34.1%. 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 - $760 million for Palo Alto Networks - 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 91.839 million for Palo Alto Networks 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 Palo Alto Networks at the current share price and the inputted number of shares is $13.3 billion.

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COMPANY NEWS

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▶ Palo Alto Networks Sees IBD RS Rating Improve To 74   [03:00AM  Investor's Business Daily]
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▶ Palo Alto reports 1Q loss   [04:20PM  Associated Press]
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▶ [$$] Palo Alto, NetApp Have Double-Digit Upside   [Oct-30-17 02:27PM  Barrons.com]
▶ How A Simple Indicator Guided Palo Alto Network's Best Advance   [10:09AM  Investor's Business Daily]
▶ Why I Will Never Buy Palo Alto Networks Stock   [Oct-29-17 02:22PM  Motley Fool]
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Financial statements of PANW
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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