Intrinsic value of Symantec - SYMC

Previous Close

$19.46

  Intrinsic Value

$27.30

stock screener

  Rating & Target

buy

+40%

Previous close

$19.46

 
Intrinsic value

$27.30

 
Up/down potential

+40%

 
Rating

buy

We calculate the intrinsic value of SYMC 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
   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, %
  11.60
  10.94
  10.35
  9.81
  9.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  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
Revenue, $m
  4,485
  4,976
  5,491
  6,029
  6,592
  7,178
  7,789
  8,425
  9,085
  9,772
  10,485
  11,227
  11,997
  12,798
  13,631
  14,498
  15,400
  16,340
  17,319
  18,339
  19,403
  20,514
  21,673
  22,883
  24,148
  25,469
  26,851
  28,297
  29,810
  31,393
Variable operating expenses, $m
  3,781
  4,067
  4,367
  4,682
  5,010
  5,352
  5,709
  6,080
  6,465
  6,866
  6,119
  6,552
  7,002
  7,469
  7,955
  8,461
  8,988
  9,536
  10,107
  10,703
  11,324
  11,972
  12,648
  13,354
  14,093
  14,864
  15,670
  16,514
  17,397
  18,321
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
  3,781
  4,067
  4,367
  4,682
  5,010
  5,352
  5,709
  6,080
  6,465
  6,866
  6,119
  6,552
  7,002
  7,469
  7,955
  8,461
  8,988
  9,536
  10,107
  10,703
  11,324
  11,972
  12,648
  13,354
  14,093
  14,864
  15,670
  16,514
  17,397
  18,321
Operating income, $m
  705
  909
  1,123
  1,348
  1,582
  1,826
  2,080
  2,345
  2,620
  2,906
  4,366
  4,675
  4,996
  5,329
  5,676
  6,037
  6,413
  6,804
  7,212
  7,636
  8,080
  8,542
  9,024
  9,528
  10,055
  10,605
  11,181
  11,783
  12,413
  13,072
EBITDA, $m
  2,823
  3,131
  3,455
  3,794
  4,148
  4,517
  4,902
  5,302
  5,717
  6,149
  6,598
  7,065
  7,550
  8,054
  8,578
  9,124
  9,691
  10,283
  10,899
  11,541
  12,210
  12,909
  13,639
  14,400
  15,196
  16,028
  16,898
  17,807
  18,759
  19,756
Interest expense (income), $m
  143
  442
  534
  631
  733
  839
  950
  1,066
  1,187
  1,312
  1,443
  1,578
  1,719
  1,865
  2,018
  2,176
  2,340
  2,511
  2,689
  2,875
  3,068
  3,270
  3,480
  3,699
  3,928
  4,167
  4,416
  4,677
  4,950
  5,236
  5,534
Earnings before tax, $m
  262
  374
  492
  615
  742
  876
  1,014
  1,158
  1,308
  1,463
  2,788
  2,956
  3,130
  3,312
  3,500
  3,697
  3,901
  4,115
  4,337
  4,568
  4,810
  5,062
  5,326
  5,601
  5,888
  6,189
  6,504
  6,833
  7,177
  7,538
Tax expense, $m
  71
  101
  133
  166
  200
  236
  274
  313
  353
  395
  753
  798
  845
  894
  945
  998
  1,053
  1,111
  1,171
  1,233
  1,299
  1,367
  1,438
  1,512
  1,590
  1,671
  1,756
  1,845
  1,938
  2,035
Net income, $m
  192
  273
  359
  449
  542
  639
  740
  845
  955
  1,068
  2,035
  2,158
  2,285
  2,418
  2,555
  2,699
  2,848
  3,004
  3,166
  3,335
  3,511
  3,695
  3,888
  4,089
  4,298
  4,518
  4,748
  4,988
  5,239
  5,503

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
  20,295
  22,515
  24,845
  27,282
  29,828
  32,482
  35,245
  38,120
  41,109
  44,216
  47,444
  50,799
  54,286
  57,911
  61,680
  65,603
  69,685
  73,936
  78,366
  82,983
  87,798
  92,822
  98,066
  103,543
  109,265
  115,246
  121,500
  128,041
  134,885
  142,049
Adjusted assets (=assets-cash), $m
  20,295
  22,515
  24,845
  27,282
  29,828
  32,482
  35,245
  38,120
  41,109
  44,216
  47,444
  50,799
  54,286
  57,911
  61,680
  65,603
  69,685
  73,936
  78,366
  82,983
  87,798
  92,822
  98,066
  103,543
  109,265
  115,246
  121,500
  128,041
  134,885
  142,049
Revenue / Adjusted assets
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
Average production assets, $m
  9,549
  10,594
  11,690
  12,837
  14,034
  15,283
  16,583
  17,936
  19,342
  20,804
  22,323
  23,901
  25,542
  27,247
  29,021
  30,867
  32,787
  34,788
  36,872
  39,044
  41,310
  43,673
  46,141
  48,718
  51,410
  54,224
  57,167
  60,244
  63,465
  66,835
Working capital, $m
  -202
  -224
  -247
  -271
  -297
  -323
  -351
  -379
  -409
  -440
  -472
  -505
  -540
  -576
  -613
  -652
  -693
  -735
  -779
  -825
  -873
  -923
  -975
  -1,030
  -1,087
  -1,146
  -1,208
  -1,273
  -1,341
  -1,413
Total debt, $m
  9,897
  11,691
  13,574
  15,543
  17,600
  19,744
  21,977
  24,300
  26,715
  29,225
  31,834
  34,544
  37,362
  40,291
  43,337
  46,506
  49,805
  53,240
  56,818
  60,549
  64,439
  68,499
  72,736
  77,162
  81,785
  86,618
  91,671
  96,956
  102,486
  108,275
Total liabilities, $m
  16,398
  18,192
  20,075
  22,044
  24,101
  26,245
  28,478
  30,801
  33,216
  35,726
  38,335
  41,045
  43,863
  46,792
  49,838
  53,007
  56,306
  59,741
  63,319
  67,050
  70,940
  75,000
  79,237
  83,663
  88,286
  93,119
  98,172
  103,457
  108,987
  114,776
Total equity, $m
  3,897
  4,323
  4,770
  5,238
  5,727
  6,236
  6,767
  7,319
  7,893
  8,489
  9,109
  9,753
  10,423
  11,119
  11,843
  12,596
  13,380
  14,196
  15,046
  15,933
  16,857
  17,822
  18,829
  19,880
  20,979
  22,127
  23,328
  24,584
  25,898
  27,273
Total liabilities and equity, $m
  20,295
  22,515
  24,845
  27,282
  29,828
  32,481
  35,245
  38,120
  41,109
  44,215
  47,444
  50,798
  54,286
  57,911
  61,681
  65,603
  69,686
  73,937
  78,365
  82,983
  87,797
  92,822
  98,066
  103,543
  109,265
  115,246
  121,500
  128,041
  134,885
  142,049
Debt-to-equity ratio
  2.540
  2.700
  2.850
  2.970
  3.070
  3.170
  3.250
  3.320
  3.380
  3.440
  3.490
  3.540
  3.580
  3.620
  3.660
  3.690
  3.720
  3.750
  3.780
  3.800
  3.820
  3.840
  3.860
  3.880
  3.900
  3.910
  3.930
  3.940
  3.960
  3.970
Adjusted equity ratio
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  192
  273
  359
  449
  542
  639
  740
  845
  955
  1,068
  2,035
  2,158
  2,285
  2,418
  2,555
  2,699
  2,848
  3,004
  3,166
  3,335
  3,511
  3,695
  3,888
  4,089
  4,298
  4,518
  4,748
  4,988
  5,239
  5,503
Depreciation, amort., depletion, $m
  2,118
  2,222
  2,332
  2,447
  2,567
  2,691
  2,821
  2,957
  3,097
  3,243
  2,232
  2,390
  2,554
  2,725
  2,902
  3,087
  3,279
  3,479
  3,687
  3,904
  4,131
  4,367
  4,614
  4,872
  5,141
  5,422
  5,717
  6,024
  6,346
  6,684
Funds from operations, $m
  2,310
  2,496
  2,691
  2,895
  3,109
  3,331
  3,562
  3,802
  4,052
  4,312
  4,267
  4,548
  4,839
  5,142
  5,457
  5,785
  6,127
  6,482
  6,853
  7,239
  7,642
  8,063
  8,502
  8,960
  9,440
  9,940
  10,464
  11,012
  11,586
  12,186
Change in working capital, $m
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
Cash from operations, $m
  2,331
  2,518
  2,714
  2,920
  3,134
  3,357
  3,589
  3,831
  4,082
  4,343
  4,300
  4,581
  4,874
  5,178
  5,495
  5,824
  6,167
  6,525
  6,897
  7,285
  7,690
  8,113
  8,554
  9,015
  9,496
  10,000
  10,526
  11,077
  11,654
  12,257
Maintenance CAPEX, $m
  -856
  -955
  -1,059
  -1,169
  -1,284
  -1,403
  -1,528
  -1,658
  -1,794
  -1,934
  -2,080
  -2,232
  -2,390
  -2,554
  -2,725
  -2,902
  -3,087
  -3,279
  -3,479
  -3,687
  -3,904
  -4,131
  -4,367
  -4,614
  -4,872
  -5,141
  -5,422
  -5,717
  -6,024
  -6,346
New CAPEX, $m
  -991
  -1,045
  -1,096
  -1,147
  -1,198
  -1,249
  -1,300
  -1,353
  -1,406
  -1,462
  -1,519
  -1,578
  -1,641
  -1,706
  -1,774
  -1,845
  -1,921
  -2,000
  -2,084
  -2,172
  -2,265
  -2,364
  -2,468
  -2,577
  -2,692
  -2,814
  -2,942
  -3,078
  -3,220
  -3,371
Cash from investing activities, $m
  -1,847
  -2,000
  -2,155
  -2,316
  -2,482
  -2,652
  -2,828
  -3,011
  -3,200
  -3,396
  -3,599
  -3,810
  -4,031
  -4,260
  -4,499
  -4,747
  -5,008
  -5,279
  -5,563
  -5,859
  -6,169
  -6,495
  -6,835
  -7,191
  -7,564
  -7,955
  -8,364
  -8,795
  -9,244
  -9,717
Free cash flow, $m
  484
  518
  559
  604
  652
  705
  761
  820
  882
  947
  700
  770
  843
  919
  996
  1,077
  1,160
  1,246
  1,334
  1,426
  1,520
  1,618
  1,719
  1,824
  1,932
  2,045
  2,162
  2,283
  2,409
  2,540
Issuance/(repayment) of debt, $m
  1,711
  1,794
  1,882
  1,970
  2,057
  2,144
  2,233
  2,323
  2,415
  2,510
  2,608
  2,711
  2,817
  2,929
  3,046
  3,169
  3,299
  3,435
  3,579
  3,731
  3,891
  4,059
  4,237
  4,425
  4,624
  4,833
  5,053
  5,285
  5,530
  5,788
Issuance/(repurchase) of shares, $m
  218
  153
  88
  19
  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  
  1,929
  1,947
  1,970
  1,989
  2,057
  2,144
  2,233
  2,323
  2,415
  2,510
  2,608
  2,711
  2,817
  2,929
  3,046
  3,169
  3,299
  3,435
  3,579
  3,731
  3,891
  4,059
  4,237
  4,425
  4,624
  4,833
  5,053
  5,285
  5,530
  5,788
Total cash flow (excl. dividends), $m
  2,413
  2,465
  2,529
  2,593
  2,709
  2,849
  2,994
  3,143
  3,297
  3,457
  3,309
  3,481
  3,661
  3,848
  4,042
  4,246
  4,459
  4,681
  4,913
  5,156
  5,411
  5,677
  5,956
  6,249
  6,556
  6,877
  7,215
  7,568
  7,939
  8,328
Retained Cash Flow (-), $m
  -410
  -426
  -447
  -468
  -489
  -510
  -531
  -552
  -574
  -596
  -620
  -644
  -669
  -696
  -724
  -753
  -784
  -816
  -850
  -886
  -924
  -965
  -1,007
  -1,052
  -1,099
  -1,148
  -1,201
  -1,256
  -1,314
  -1,375
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
  438
  489
  542
  598
  657
  719
  782
  849
  918
  990
  1,065
  1,143
  1,224
  1,308
  1,395
  1,486
  1,580
  1,679
  1,781
  1,888
  1,999
  2,115
  2,236
  2,362
  2,494
  2,632
  2,776
  2,927
  3,084
  3,249
Cash available for distribution, $m
  2,004
  2,039
  2,082
  2,125
  2,221
  2,340
  2,463
  2,591
  2,723
  2,860
  2,689
  2,837
  2,991
  3,152
  3,319
  3,493
  3,675
  3,864
  4,063
  4,270
  4,486
  4,713
  4,950
  5,198
  5,457
  5,729
  6,014
  6,312
  6,625
  6,953
Discount rate, %
  8.00
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
PV of cash for distribution, $m
  1,855
  1,735
  1,616
  1,491
  1,396
  1,306
  1,207
  1,104
  996
  888
  699
  609
  522
  441
  366
  298
  238
  187
  143
  107
  79
  56
  39
  27
  18
  11
  7
  4
  2
  1
Current shareholders' claim on cash, %
  98.2
  97.1
  96.5
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4

Symantec Corporation is a United States-based cyber security company. The Company offers products under categories, such as threat protection, information protection and cyber security services. Under threat protection, it offers Advanced Threat Protection, Endpoint Protection, Endpoint Protection Cloud, IT Management Suite, Email Security, Cloud, Data Center Security and Cloud Workload Protection products. Under the information protection category, it offers Data Loss Prevention, Encryption, Service, VIP Access Manager, and Data Loss Prevention and CloudSOC products. The Company also offers consulting services, customer success services, cyber security services and education services. Its cyber security services include DeepSight Intelligence software, which provides an analysis of attacks.

FINANCIAL RATIOS  of  Symantec (SYMC)

Valuation Ratios
P/E Ratio -111.6
Price to Sales 2.9
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow -53.8
Price to Free Cash Flow -40.8
Growth Rates
Sales Growth Rate 11.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -74.3%
Cap. Spend. - 3 Yr. Gr. Rate -23.1%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 197.2%
Total Debt to Equity 234.8%
Interest Coverage -1
Management Effectiveness
Return On Assets 0.2%
Ret/ On Assets - 3 Yr. Avg. 8.7%
Return On Total Capital -1.2%
Ret/ On T. Cap. - 3 Yr. Avg. 15.2%
Return On Equity -3%
Return On Equity - 3 Yr. Avg. 21.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 78.8%
Gross Margin - 3 Yr. Avg. 81.1%
EBITDA Margin 10.2%
EBITDA Margin - 3 Yr. Avg. 15.6%
Operating Margin -2.5%
Oper. Margin - 3 Yr. Avg. 4.7%
Pre-Tax Margin -6.5%
Pre-Tax Margin - 3 Yr. Avg. 2.3%
Net Profit Margin -2.6%
Net Profit Margin - 3 Yr. Avg. 29.6%
Effective Tax Rate 9.9%
Eff/ Tax Rate - 3 Yr. Avg. 103.8%
Payout Ratio -209.4%

SYMC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SYMC stock intrinsic value calculation we used $4019 million for the last fiscal year's total revenue generated by Symantec. The default revenue input number comes from 2017 income statement of Symantec. 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 SYMC stock valuation model: a) initial revenue growth rate of 11.6% 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 8%, whose default value for SYMC is calculated based on our internal credit rating of Symantec, 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 Symantec.
    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 SYMC stock the variable cost ratio is equal to 87.3%.

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 SYMC 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 Symantec.

Corporate tax rate of 27% is the nominal tax rate for Symantec. 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 SYMC stock is equal to 10.9%.

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 SYMC are equal to 212.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Symantec 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 SYMC is equal to -4.5%. 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 - $3487 million for Symantec - 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 618 million for Symantec 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 Symantec at the current share price and the inputted number of shares is $12.0 billion.

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COMPANY NEWS

▶ Walmart and Symantec jump; JC Penney tumbles   [04:24PM  Associated Press]
▶ [$$] Starboard Seeks Five Board Seats at Symantec   [12:29AM  The Wall Street Journal]
▶ Starboard Seeks Five Board Seats at Symantec   [12:01AM  The Wall Street Journal]
▶ Company News For Aug 6, 2018   [Aug-06-18 10:26AM  Zacks]
▶ Take-Two and Kraft Heinz jump while Symantec slips   [Aug-03-18 04:54PM  Associated Press]
▶ Why Symantec Corp. Stock Fell Today   [01:12PM  Motley Fool]
▶ What's Wrong With Symantec Corp. Today?   [12:07PM  Motley Fool]
▶ Symantec to cut 8 percent of workforce amid weak outlook   [Aug-02-18 08:19PM  American City Business Journals]
▶ Symantec: Fiscal 1Q Earnings Snapshot   [05:26PM  Associated Press]
▶ Symantec Debuts the Cyber Security Brief Podcast   [Jul-25-18 09:00AM  Business Wire]
▶ These C-suite roles have the highest gender pay gaps in Bay Area tech companies   [Jul-11-18 05:39PM  American City Business Journals]
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