Intrinsic value of Symantec - SYMC

Previous Close

$27.25

  Intrinsic Value

$87.67

stock screener

  Rating & Target

str. buy

+222%

Previous close

$27.25

 
Intrinsic value

$87.67

 
Up/down potential

+222%

 
Rating

str. buy

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

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  11.64
  26.70
  24.53
  22.58
  20.82
  19.24
  17.81
  16.53
  15.38
  14.34
  13.41
  12.57
  11.81
  11.13
  10.52
  9.96
  9.47
  9.02
  8.62
  8.26
  7.93
  7.64
  7.37
  7.14
  6.92
  6.73
  6.56
  6.40
  6.26
  6.14
  6.02
Revenue, $m
  4,019
  5,092
  6,341
  7,773
  9,391
  11,198
  13,192
  15,373
  17,738
  20,281
  23,001
  25,891
  28,948
  32,170
  35,553
  39,096
  42,797
  46,658
  50,679
  54,864
  59,215
  63,738
  68,439
  73,323
  78,399
  83,676
  89,164
  94,872
  100,813
  106,998
  113,442
Variable operating expenses, $m
 
  4,215
  5,037
  5,980
  7,045
  8,235
  9,548
  10,984
  12,540
  14,215
  16,005
  17,045
  19,058
  21,179
  23,406
  25,738
  28,175
  30,717
  33,364
  36,119
  38,984
  41,962
  45,056
  48,272
  51,614
  55,088
  58,700
  62,459
  66,370
  70,442
  74,684
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
  4,119
  4,215
  5,037
  5,980
  7,045
  8,235
  9,548
  10,984
  12,540
  14,215
  16,005
  17,045
  19,058
  21,179
  23,406
  25,738
  28,175
  30,717
  33,364
  36,119
  38,984
  41,962
  45,056
  48,272
  51,614
  55,088
  58,700
  62,459
  66,370
  70,442
  74,684
Operating income, $m
  -100
  877
  1,304
  1,793
  2,346
  2,963
  3,645
  4,390
  5,197
  6,067
  6,996
  8,846
  9,890
  10,991
  12,147
  13,357
  14,622
  15,941
  17,315
  18,745
  20,231
  21,777
  23,382
  25,051
  26,786
  28,589
  30,463
  32,414
  34,443
  36,557
  38,758
EBITDA, $m
  430
  1,950
  2,428
  2,976
  3,596
  4,288
  5,051
  5,886
  6,792
  7,766
  8,807
  9,914
  11,084
  12,318
  13,613
  14,970
  16,387
  17,865
  19,405
  21,007
  22,673
  24,405
  26,205
  28,075
  30,019
  32,040
  34,141
  36,326
  38,601
  40,969
  43,437
Interest expense (income), $m
  143
  241
  327
  464
  620
  796
  993
  1,210
  1,448
  1,706
  1,983
  2,279
  2,594
  2,928
  3,279
  3,648
  4,034
  4,437
  4,858
  5,296
  5,752
  6,227
  6,720
  7,232
  7,764
  8,318
  8,893
  9,491
  10,113
  10,761
  11,435
Earnings before tax, $m
  -262
  636
  976
  1,329
  1,726
  2,167
  2,652
  3,179
  3,749
  4,361
  5,012
  6,566
  7,296
  8,063
  8,868
  9,710
  10,588
  11,504
  12,457
  13,448
  14,479
  15,550
  16,663
  17,819
  19,021
  20,271
  21,570
  22,923
  24,330
  25,796
  27,323
Tax expense, $m
  -26
  172
  264
  359
  466
  585
  716
  858
  1,012
  1,177
  1,353
  1,773
  1,970
  2,177
  2,394
  2,622
  2,859
  3,106
  3,363
  3,631
  3,909
  4,198
  4,499
  4,811
  5,136
  5,473
  5,824
  6,189
  6,569
  6,965
  7,377
Net income, $m
  -106
  465
  713
  970
  1,260
  1,582
  1,936
  2,321
  2,737
  3,183
  3,659
  4,793
  5,326
  5,886
  6,474
  7,088
  7,729
  8,398
  9,093
  9,817
  10,570
  11,351
  12,164
  13,008
  13,885
  14,798
  15,746
  16,733
  17,761
  18,831
  19,946

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4,247
  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
  18,174
  17,620
  21,942
  26,896
  32,495
  38,746
  45,648
  53,195
  61,376
  70,178
  79,587
  89,588
  100,168
  111,315
  123,021
  135,279
  148,087
  161,446
  175,361
  189,840
  204,897
  220,548
  236,812
  253,713
  271,278
  289,538
  308,525
  328,277
  348,833
  370,237
  392,533
Adjusted assets (=assets-cash), $m
  13,927
  17,620
  21,942
  26,896
  32,495
  38,746
  45,648
  53,195
  61,376
  70,178
  79,587
  89,588
  100,168
  111,315
  123,021
  135,279
  148,087
  161,446
  175,361
  189,840
  204,897
  220,548
  236,812
  253,713
  271,278
  289,538
  308,525
  328,277
  348,833
  370,237
  392,533
Revenue / Adjusted assets
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
Average production assets, $m
  2,671
  3,381
  4,211
  5,161
  6,236
  7,435
  8,760
  10,208
  11,778
  13,467
  15,272
  17,192
  19,222
  21,361
  23,607
  25,959
  28,417
  30,981
  33,651
  36,430
  39,319
  42,322
  45,443
  48,687
  52,057
  55,561
  59,205
  62,995
  66,940
  71,047
  75,325
Working capital, $m
  702
  -2,831
  -3,526
  -4,322
  -5,221
  -6,226
  -7,335
  -8,548
  -9,862
  -11,276
  -12,788
  -14,395
  -16,095
  -17,887
  -19,767
  -21,737
  -23,795
  -25,942
  -28,178
  -30,504
  -32,924
  -35,439
  -38,052
  -40,768
  -43,590
  -46,524
  -49,575
  -52,749
  -56,052
  -59,491
  -63,074
Total debt, $m
  8,186
  9,357
  13,247
  17,705
  22,744
  28,371
  34,582
  41,374
  48,737
  56,659
  65,127
  74,128
  83,650
  93,683
  104,218
  115,250
  126,777
  138,800
  151,324
  164,355
  177,907
  191,992
  206,630
  221,841
  237,649
  254,083
  271,172
  288,948
  307,449
  326,712
  346,778
Total liabilities, $m
  14,687
  15,858
  19,748
  24,206
  29,245
  34,872
  41,083
  47,875
  55,238
  63,160
  71,628
  80,629
  90,151
  100,184
  110,719
  121,751
  133,278
  145,301
  157,825
  170,856
  184,408
  198,493
  213,131
  228,342
  244,150
  260,584
  277,673
  295,449
  313,950
  333,213
  353,279
Total equity, $m
  3,487
  1,762
  2,194
  2,690
  3,249
  3,875
  4,565
  5,319
  6,138
  7,018
  7,959
  8,959
  10,017
  11,132
  12,302
  13,528
  14,809
  16,145
  17,536
  18,984
  20,490
  22,055
  23,681
  25,371
  27,128
  28,954
  30,853
  32,828
  34,883
  37,024
  39,253
Total liabilities and equity, $m
  18,174
  17,620
  21,942
  26,896
  32,494
  38,747
  45,648
  53,194
  61,376
  70,178
  79,587
  89,588
  100,168
  111,316
  123,021
  135,279
  148,087
  161,446
  175,361
  189,840
  204,898
  220,548
  236,812
  253,713
  271,278
  289,538
  308,526
  328,277
  348,833
  370,237
  392,532
Debt-to-equity ratio
  2.348
  5.310
  6.040
  6.580
  7.000
  7.320
  7.580
  7.780
  7.940
  8.070
  8.180
  8.270
  8.350
  8.420
  8.470
  8.520
  8.560
  8.600
  8.630
  8.660
  8.680
  8.710
  8.730
  8.740
  8.760
  8.780
  8.790
  8.800
  8.810
  8.820
  8.830
Adjusted equity ratio
  -0.055
  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
  -106
  465
  713
  970
  1,260
  1,582
  1,936
  2,321
  2,737
  3,183
  3,659
  4,793
  5,326
  5,886
  6,474
  7,088
  7,729
  8,398
  9,093
  9,817
  10,570
  11,351
  12,164
  13,008
  13,885
  14,798
  15,746
  16,733
  17,761
  18,831
  19,946
Depreciation, amort., depletion, $m
  530
  1,073
  1,124
  1,183
  1,250
  1,325
  1,407
  1,497
  1,594
  1,699
  1,811
  1,068
  1,194
  1,327
  1,466
  1,612
  1,765
  1,924
  2,090
  2,263
  2,442
  2,629
  2,823
  3,024
  3,233
  3,451
  3,677
  3,913
  4,158
  4,413
  4,679
Funds from operations, $m
  -974
  1,537
  1,837
  2,154
  2,510
  2,906
  3,342
  3,818
  4,331
  4,882
  5,470
  5,861
  6,520
  7,213
  7,940
  8,700
  9,494
  10,322
  11,184
  12,080
  13,012
  13,980
  14,986
  16,032
  17,119
  18,249
  19,424
  20,646
  21,919
  23,244
  24,624
Change in working capital, $m
  -754
  -597
  -694
  -796
  -900
  -1,004
  -1,109
  -1,213
  -1,315
  -1,414
  -1,512
  -1,607
  -1,700
  -1,791
  -1,881
  -1,970
  -2,058
  -2,147
  -2,236
  -2,327
  -2,419
  -2,515
  -2,613
  -2,716
  -2,822
  -2,934
  -3,051
  -3,174
  -3,303
  -3,439
  -3,583
Cash from operations, $m
  -220
  2,134
  2,531
  2,950
  3,410
  3,911
  4,451
  5,030
  5,646
  6,297
  6,982
  7,468
  8,220
  9,004
  9,821
  10,670
  11,552
  12,469
  13,420
  14,407
  15,431
  16,495
  17,600
  18,748
  19,941
  21,183
  22,475
  23,820
  25,222
  26,683
  28,207
Maintenance CAPEX, $m
  0
  -166
  -210
  -262
  -321
  -387
  -462
  -544
  -634
  -732
  -836
  -949
  -1,068
  -1,194
  -1,327
  -1,466
  -1,612
  -1,765
  -1,924
  -2,090
  -2,263
  -2,442
  -2,629
  -2,823
  -3,024
  -3,233
  -3,451
  -3,677
  -3,913
  -4,158
  -4,413
New CAPEX, $m
  -70
  -711
  -829
  -951
  -1,075
  -1,200
  -1,324
  -1,448
  -1,570
  -1,689
  -1,806
  -1,919
  -2,030
  -2,139
  -2,246
  -2,352
  -2,458
  -2,564
  -2,670
  -2,779
  -2,889
  -3,003
  -3,121
  -3,243
  -3,371
  -3,504
  -3,644
  -3,790
  -3,945
  -4,107
  -4,279
Cash from investing activities, $m
  -6,766
  -877
  -1,039
  -1,213
  -1,396
  -1,587
  -1,786
  -1,992
  -2,204
  -2,421
  -2,642
  -2,868
  -3,098
  -3,333
  -3,573
  -3,818
  -4,070
  -4,329
  -4,594
  -4,869
  -5,152
  -5,445
  -5,750
  -6,066
  -6,395
  -6,737
  -7,095
  -7,467
  -7,858
  -8,265
  -8,692
Free cash flow, $m
  -6,986
  1,257
  1,492
  1,738
  2,015
  2,324
  2,665
  3,038
  3,442
  3,876
  4,340
  4,600
  5,122
  5,671
  6,248
  6,852
  7,482
  8,140
  8,825
  9,538
  10,279
  11,049
  11,850
  12,682
  13,547
  14,445
  15,380
  16,352
  17,364
  18,418
  19,516
Issuance/(repayment) of debt, $m
  5,962
  2,481
  3,890
  4,458
  5,040
  5,626
  6,212
  6,792
  7,363
  7,922
  8,468
  9,001
  9,522
  10,033
  10,535
  11,032
  11,527
  12,023
  12,523
  13,032
  13,551
  14,085
  14,638
  15,211
  15,809
  16,434
  17,089
  17,777
  18,501
  19,263
  20,066
Issuance/(repurchase) of shares, $m
  -405
  747
  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  
  5,513
  3,228
  3,890
  4,458
  5,040
  5,626
  6,212
  6,792
  7,363
  7,922
  8,468
  9,001
  9,522
  10,033
  10,535
  11,032
  11,527
  12,023
  12,523
  13,032
  13,551
  14,085
  14,638
  15,211
  15,809
  16,434
  17,089
  17,777
  18,501
  19,263
  20,066
Total cash flow (excl. dividends), $m
  -1,514
  4,485
  5,382
  6,196
  7,054
  7,950
  8,877
  9,830
  10,805
  11,798
  12,808
  13,601
  14,644
  15,704
  16,783
  17,884
  19,009
  20,163
  21,348
  22,570
  23,830
  25,135
  26,488
  27,893
  29,355
  30,879
  32,469
  34,129
  35,865
  37,681
  39,582
Retained Cash Flow (-), $m
  189
  -1,212
  -432
  -495
  -560
  -625
  -690
  -755
  -818
  -880
  -941
  -1,000
  -1,058
  -1,115
  -1,171
  -1,226
  -1,281
  -1,336
  -1,391
  -1,448
  -1,506
  -1,565
  -1,626
  -1,690
  -1,757
  -1,826
  -1,899
  -1,975
  -2,056
  -2,140
  -2,230
Prev. year cash balance distribution, $m
 
  2,937
  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
 
  6,210
  4,950
  5,701
  6,494
  7,325
  8,187
  9,075
  9,987
  10,918
  11,867
  12,601
  13,586
  14,589
  15,612
  16,658
  17,729
  18,827
  19,957
  21,122
  22,325
  23,570
  24,861
  26,203
  27,599
  29,053
  30,570
  32,154
  33,809
  35,541
  37,353
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
 
  5,793
  4,278
  4,533
  4,715
  4,815
  4,831
  4,763
  4,615
  4,395
  4,116
  3,721
  3,372
  3,003
  2,627
  2,257
  1,903
  1,574
  1,277
  1,014
  789
  600
  445
  323
  228
  157
  105
  68
  43
  26
  16
Current shareholders' claim on cash, %
  100
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4

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 -156.3
Price to Sales 4.1
Price to Book 4.8
Price to Tangible Book
Price to Cash Flow -75.3
Price to Free Cash Flow -57.1
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 26.7% 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 7.2%, 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 3.5% 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 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 SYMC are equal to 66.4%.

Life of production assets of 16.1 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 -55.6%. 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 629.366 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 $17.2 billion.

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COMPANY NEWS

▶ Symantec Downgraded, Current Projections Seen As Unachievable   [Jan-18-18 04:12PM  Investor's Business Daily]
▶ Symantec to Webcast Quarterly Earnings Call   [Jan-12-18 09:00AM  Business Wire]
▶ Finjan (FNJN) Settles With FireEye for a Net $12.5 Million   [Jan-02-18 03:00PM  Zacks Small Cap Research]
▶ Better Buy: FireEye vs. Symantec   [Dec-13-17 11:05PM  Motley Fool]
▶ Why Is Oracle Partnering with Symantec?   [02:36PM  Market Realist]
▶ Why Symantec Stock Fell 10.9% in November   [Dec-11-17 07:45PM  Motley Fool]
▶ Why Symantec Is Partnering With Oracle   [12:35PM  24/7 Wall St.]
▶ Cybersecurity Spending Seen Rising 8% Worldwide Again Next Year   [Dec-07-17 12:28PM  Investor's Business Daily]
▶ Symantec Investors Shouldnt Miss the Bigger Picture   [Dec-06-17 11:00PM  Motley Fool]
▶ Analyzing Symantecs Technical Indicators   [09:00AM  Market Realist]
▶ What Analysts Recommend for Symantec Stock   [07:30AM  Market Realist]
▶ Why FireEyes Cash Flow Is a Source of Concern in 3Q17   [Dec-05-17 10:31AM  Market Realist]
▶ Comparing Symantec Stocks Performance   [10:31AM  Market Realist]
▶ Why Symantec Stock Has Fallen since Early November   [Dec-01-17 10:32AM  Market Realist]
▶ How Symantecs Enterprise Security Segment Has Performed   [Nov-30-17 02:30PM  Market Realist]
▶ Why Symantec Acquired SurfEasy   [11:29AM  Market Realist]
▶ Lone Pine Capital Sells Alibaba, Fleetcor, Exits Symantec   [Nov-28-17 12:23PM  GuruFocus.com]
▶ Gaming shopping guide for Black Friday   [Nov-22-17 11:35AM  Yahoo Finance Video]
▶ Analyzing Symantec, a Low Dividend Grower   [07:30AM  Market Realist]
▶ Some Secure Names in Cybersecurity   [Nov-20-17 02:00PM  TheStreet.com]
▶ U.S. Grid Narrowly Escapes Apocalyptic Attack   [Nov-13-17 07:00PM  Oilprice.com]
▶ Should You Buy Symantec Corporation (SYMC)?   [10:05AM  Simply Wall St.]
▶ The Impact of Symantecs Cost-Cutting Program   [04:35PM  Market Realist]
▶ Understanding Symantecs Growth Pillar   [03:02PM  Market Realist]
▶ Symantec acquires VPN provider SurfEasy   [Nov-06-17 05:10PM  MarketWatch]
▶ CyberArk Jumps On Earnings, Bucks Sell-Off In Security Stocks   [05:38PM  Investor's Business Daily]
▶ Why Shares of Symantec Tumbled Today   [02:03PM  Motley Fool]
▶ Symantec reports 2Q loss   [Nov-01-17 05:44PM  Associated Press]
▶ Symantec drops on earnings   [04:55PM  CNBC Videos]
▶ Facebook, Fed, and cars What you need to know on Wednesday   [Oct-31-17 06:03PM  Yahoo Finance]
▶ What to Expect From Symantec's Q2 Results   [Oct-29-17 07:17PM  Motley Fool]
▶ Alibaba, Other Leading Stocks, Drive This T. Rowe Price Fund's Outperformance   [Oct-26-17 01:36PM  Investor's Business Daily]
▶ Symantec to Webcast Quarterly Earnings Call   [Oct-12-17 04:05PM  Business Wire]
Financial statements of SYMC
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