Intrinsic value of Symantec - SYMC

Previous Close

$23.32

  Intrinsic Value

$45.46

stock screener

  Rating & Target

str. buy

+95%

Previous close

$23.32

 
Intrinsic value

$45.46

 
Up/down potential

+95%

 
Rating

str. 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 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 14.5

 

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, %
  16.10
  14.99
  13.99
  13.09
  12.28
  11.55
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
Revenue, $m
  4,666
  5,366
  6,116
  6,917
  7,766
  8,664
  9,608
  10,599
  11,635
  12,717
  13,845
  15,020
  16,242
  17,512
  18,832
  20,204
  21,630
  23,112
  24,652
  26,255
  27,922
  29,657
  31,464
  33,347
  35,309
  37,356
  39,492
  41,721
  44,050
  46,483
Variable operating expenses, $m
  3,886
  4,294
  4,733
  5,200
  5,696
  6,219
  6,770
  7,348
  7,953
  8,585
  8,080
  8,765
  9,479
  10,220
  10,990
  11,791
  12,623
  13,488
  14,387
  15,322
  16,295
  17,308
  18,362
  19,461
  20,607
  21,801
  23,047
  24,349
  25,707
  27,127
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
  3,886
  4,294
  4,733
  5,200
  5,696
  6,219
  6,770
  7,348
  7,953
  8,585
  8,080
  8,765
  9,479
  10,220
  10,990
  11,791
  12,623
  13,488
  14,387
  15,322
  16,295
  17,308
  18,362
  19,461
  20,607
  21,801
  23,047
  24,349
  25,707
  27,127
Operating income, $m
  780
  1,071
  1,384
  1,717
  2,071
  2,445
  2,838
  3,250
  3,682
  4,132
  5,765
  6,254
  6,763
  7,292
  7,842
  8,413
  9,007
  9,624
  10,265
  10,932
  11,627
  12,349
  13,102
  13,886
  14,703
  15,555
  16,444
  17,373
  18,342
  19,355
EBITDA, $m
  2,286
  2,628
  2,996
  3,388
  3,805
  4,244
  4,707
  5,192
  5,700
  6,230
  6,782
  7,358
  7,956
  8,579
  9,225
  9,898
  10,596
  11,322
  12,077
  12,862
  13,678
  14,528
  15,414
  16,336
  17,297
  18,300
  19,346
  20,438
  21,579
  22,771
Interest expense (income), $m
  143
  442
  563
  692
  831
  979
  1,136
  1,302
  1,477
  1,660
  1,852
  2,052
  2,261
  2,478
  2,704
  2,939
  3,183
  3,437
  3,700
  3,974
  4,259
  4,556
  4,864
  5,185
  5,519
  5,867
  6,230
  6,609
  7,004
  7,416
  7,847
Earnings before tax, $m
  338
  508
  691
  886
  1,092
  1,308
  1,535
  1,773
  2,022
  2,281
  3,713
  3,994
  4,285
  4,588
  4,903
  5,230
  5,570
  5,924
  6,291
  6,673
  7,071
  7,485
  7,917
  8,367
  8,836
  9,325
  9,836
  10,369
  10,926
  11,509
Tax expense, $m
  91
  137
  187
  239
  295
  353
  415
  479
  546
  616
  1,003
  1,078
  1,157
  1,239
  1,324
  1,412
  1,504
  1,599
  1,699
  1,802
  1,909
  2,021
  2,138
  2,259
  2,386
  2,518
  2,656
  2,800
  2,950
  3,107
Net income, $m
  247
  371
  505
  647
  797
  955
  1,121
  1,295
  1,476
  1,665
  2,711
  2,915
  3,128
  3,349
  3,579
  3,818
  4,066
  4,324
  4,592
  4,871
  5,162
  5,464
  5,779
  6,108
  6,450
  6,807
  7,180
  7,569
  7,976
  8,401

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
  20,026
  23,028
  26,250
  29,686
  33,333
  37,184
  41,237
  45,488
  49,936
  54,580
  59,421
  64,462
  69,706
  75,158
  80,825
  86,713
  92,832
  99,192
  105,805
  112,681
  119,836
  127,283
  135,039
  143,119
  151,542
  160,327
  169,493
  179,062
  189,055
  199,496
Adjusted assets (=assets-cash), $m
  20,026
  23,028
  26,250
  29,686
  33,333
  37,184
  41,237
  45,488
  49,936
  54,580
  59,421
  64,462
  69,706
  75,158
  80,825
  86,713
  92,832
  99,192
  105,805
  112,681
  119,836
  127,283
  135,039
  143,119
  151,542
  160,327
  169,493
  179,062
  189,055
  199,496
Revenue / Adjusted assets
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
Average production assets, $m
  5,520
  6,347
  7,235
  8,183
  9,188
  10,249
  11,366
  12,538
  13,764
  15,044
  16,379
  17,768
  19,214
  20,717
  22,278
  23,902
  25,588
  27,341
  29,164
  31,059
  33,031
  35,084
  37,222
  39,449
  41,771
  44,192
  46,719
  49,356
  52,111
  54,989
Working capital, $m
  -2,604
  -2,994
  -3,413
  -3,860
  -4,334
  -4,834
  -5,361
  -5,914
  -6,492
  -7,096
  -7,726
  -8,381
  -9,063
  -9,772
  -10,508
  -11,274
  -12,069
  -12,896
  -13,756
  -14,650
  -15,580
  -16,549
  -17,557
  -18,607
  -19,703
  -20,845
  -22,036
  -23,281
  -24,580
  -25,937
Total debt, $m
  10,424
  12,819
  15,390
  18,133
  21,042
  24,116
  27,350
  30,742
  34,292
  37,998
  41,861
  45,884
  50,069
  54,419
  58,941
  63,640
  68,523
  73,599
  78,875
  84,363
  90,072
  96,015
  102,204
  108,652
  115,374
  122,384
  129,699
  137,334
  145,309
  153,641
Total liabilities, $m
  15,981
  18,376
  20,947
  23,690
  26,599
  29,673
  32,907
  36,299
  39,849
  43,555
  47,418
  51,441
  55,626
  59,976
  64,498
  69,197
  74,080
  79,156
  84,432
  89,920
  95,629
  101,572
  107,761
  114,209
  120,931
  127,941
  135,256
  142,891
  150,866
  159,198
Total equity, $m
  4,045
  4,652
  5,302
  5,997
  6,733
  7,511
  8,330
  9,189
  10,087
  11,025
  12,003
  13,021
  14,081
  15,182
  16,327
  17,516
  18,752
  20,037
  21,373
  22,762
  24,207
  25,711
  27,278
  28,910
  30,612
  32,386
  34,238
  36,171
  38,189
  40,298
Total liabilities and equity, $m
  20,026
  23,028
  26,249
  29,687
  33,332
  37,184
  41,237
  45,488
  49,936
  54,580
  59,421
  64,462
  69,707
  75,158
  80,825
  86,713
  92,832
  99,193
  105,805
  112,682
  119,836
  127,283
  135,039
  143,119
  151,543
  160,327
  169,494
  179,062
  189,055
  199,496
Debt-to-equity ratio
  2.580
  2.760
  2.900
  3.020
  3.130
  3.210
  3.280
  3.350
  3.400
  3.450
  3.490
  3.520
  3.560
  3.580
  3.610
  3.630
  3.650
  3.670
  3.690
  3.710
  3.720
  3.730
  3.750
  3.760
  3.770
  3.780
  3.790
  3.800
  3.800
  3.810
Adjusted equity ratio
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  247
  371
  505
  647
  797
  955
  1,121
  1,295
  1,476
  1,665
  2,711
  2,915
  3,128
  3,349
  3,579
  3,818
  4,066
  4,324
  4,592
  4,871
  5,162
  5,464
  5,779
  6,108
  6,450
  6,807
  7,180
  7,569
  7,976
  8,401
Depreciation, amort., depletion, $m
  1,506
  1,557
  1,613
  1,671
  1,734
  1,800
  1,869
  1,942
  2,018
  2,098
  1,017
  1,104
  1,193
  1,287
  1,384
  1,485
  1,589
  1,698
  1,811
  1,929
  2,052
  2,179
  2,312
  2,450
  2,594
  2,745
  2,902
  3,066
  3,237
  3,415
Funds from operations, $m
  1,753
  1,928
  2,117
  2,318
  2,531
  2,755
  2,990
  3,236
  3,494
  3,762
  3,728
  4,019
  4,322
  4,636
  4,963
  5,303
  5,656
  6,022
  6,404
  6,801
  7,214
  7,643
  8,091
  8,558
  9,044
  9,552
  10,082
  10,635
  11,213
  11,817
Change in working capital, $m
  -361
  -390
  -419
  -447
  -474
  -501
  -527
  -553
  -578
  -604
  -629
  -655
  -682
  -709
  -737
  -766
  -796
  -827
  -860
  -894
  -930
  -968
  -1,008
  -1,051
  -1,095
  -1,142
  -1,192
  -1,244
  -1,299
  -1,358
Cash from operations, $m
  2,114
  2,319
  2,536
  2,765
  3,005
  3,255
  3,517
  3,789
  4,072
  4,366
  4,357
  4,674
  5,003
  5,345
  5,700
  6,068
  6,451
  6,849
  7,264
  7,695
  8,144
  8,612
  9,100
  9,608
  10,140
  10,694
  11,274
  11,879
  12,512
  13,174
Maintenance CAPEX, $m
  -295
  -343
  -394
  -449
  -508
  -571
  -637
  -706
  -779
  -855
  -934
  -1,017
  -1,104
  -1,193
  -1,287
  -1,384
  -1,485
  -1,589
  -1,698
  -1,811
  -1,929
  -2,052
  -2,179
  -2,312
  -2,450
  -2,594
  -2,745
  -2,902
  -3,066
  -3,237
New CAPEX, $m
  -767
  -827
  -888
  -947
  -1,005
  -1,062
  -1,117
  -1,172
  -1,226
  -1,280
  -1,334
  -1,389
  -1,445
  -1,503
  -1,562
  -1,623
  -1,687
  -1,753
  -1,823
  -1,895
  -1,972
  -2,053
  -2,138
  -2,227
  -2,322
  -2,421
  -2,527
  -2,638
  -2,755
  -2,878
Cash from investing activities, $m
  -1,062
  -1,170
  -1,282
  -1,396
  -1,513
  -1,633
  -1,754
  -1,878
  -2,005
  -2,135
  -2,268
  -2,406
  -2,549
  -2,696
  -2,849
  -3,007
  -3,172
  -3,342
  -3,521
  -3,706
  -3,901
  -4,105
  -4,317
  -4,539
  -4,772
  -5,015
  -5,272
  -5,540
  -5,821
  -6,115
Free cash flow, $m
  1,051
  1,148
  1,254
  1,368
  1,491
  1,623
  1,763
  1,911
  2,067
  2,231
  2,089
  2,268
  2,454
  2,649
  2,851
  3,061
  3,280
  3,507
  3,743
  3,988
  4,242
  4,507
  4,783
  5,069
  5,368
  5,678
  6,002
  6,340
  6,692
  7,060
Issuance/(repayment) of debt, $m
  2,238
  2,396
  2,571
  2,742
  2,910
  3,073
  3,234
  3,392
  3,549
  3,706
  3,863
  4,023
  4,185
  4,351
  4,522
  4,699
  4,883
  5,075
  5,277
  5,488
  5,709
  5,943
  6,189
  6,448
  6,722
  7,010
  7,315
  7,636
  7,975
  8,332
Issuance/(repurchase) of shares, $m
  312
  235
  146
  47
  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  
  2,550
  2,631
  2,717
  2,789
  2,910
  3,073
  3,234
  3,392
  3,549
  3,706
  3,863
  4,023
  4,185
  4,351
  4,522
  4,699
  4,883
  5,075
  5,277
  5,488
  5,709
  5,943
  6,189
  6,448
  6,722
  7,010
  7,315
  7,636
  7,975
  8,332
Total cash flow (excl. dividends), $m
  3,600
  3,779
  3,971
  4,158
  4,401
  4,697
  4,997
  5,304
  5,617
  5,937
  5,952
  6,290
  6,639
  7,000
  7,373
  7,760
  8,163
  8,582
  9,019
  9,475
  9,952
  10,450
  10,972
  11,517
  12,089
  12,689
  13,317
  13,976
  14,667
  15,392
Retained Cash Flow (-), $m
  -558
  -606
  -651
  -694
  -737
  -778
  -819
  -859
  -898
  -938
  -978
  -1,018
  -1,059
  -1,101
  -1,145
  -1,189
  -1,236
  -1,285
  -1,336
  -1,389
  -1,445
  -1,504
  -1,567
  -1,632
  -1,701
  -1,775
  -1,852
  -1,933
  -2,019
  -2,109
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
  3,042
  3,173
  3,320
  3,464
  3,665
  3,919
  4,179
  4,445
  4,718
  4,999
  4,974
  5,272
  5,580
  5,898
  6,228
  6,571
  6,927
  7,297
  7,684
  8,086
  8,507
  8,946
  9,405
  9,885
  10,388
  10,914
  11,465
  12,043
  12,648
  13,283
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
  2,817
  2,700
  2,576
  2,431
  2,304
  2,187
  2,048
  1,893
  1,726
  1,552
  1,293
  1,131
  974
  825
  686
  560
  449
  352
  271
  203
  149
  107
  75
  51
  33
  21
  13
  8
  5
  3
Current shareholders' claim on cash, %
  97.9
  96.5
  95.8
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6

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 -133.8
Price to Sales 3.5
Price to Book 4.1
Price to Tangible Book
Price to Cash Flow -64.5
Price to Free Cash Flow -48.9
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 0001 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 16.1% 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 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 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 118.3%.

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 -55.8%. 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 621.539 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 $14.5 billion.

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COMPANY NEWS

▶ Larry Robbins Buys 7 Stocks in 3rd Quarter   [Nov-19-18 06:01PM  GuruFocus.com]
▶ Symantec Named a Leader in Zero Trust Report   [09:00AM  Business Wire]
▶ Maybe this market does have some legs: Pro   [Nov-15-18 02:05PM  CNBC Videos]
▶ Cyber Security ETFs to Shine on Robust Earnings   [Nov-14-18 10:59AM  Zacks]
▶ Santa Clara cloud security startup scores $169M in new funding   [Nov-13-18 09:49AM  American City Business Journals]
▶ Breakout: 3 Rocketing Tech Stocks   [09:30AM  Investopedia]
▶ Symantec CEO Sees China's Cyber Warfare Increasing   [Nov-09-18 01:19PM  Bloomberg]
▶ The Buyout Offer for Symantec Stock Is Perfect Timing   [Nov-07-18 09:20AM  InvestorPlace]
▶ [$$] Symantec: trust no one   [Nov-06-18 09:53PM  Financial Times]
▶ Symantec Stock Jumps On Report Thoma Bravo Seeks Acquisition   [04:06PM  Investor's Business Daily]
▶ Why Symantec Shares Popped Today   [03:28PM  Motley Fool]
▶ Symantec stock spikes on talk of possible private equity buyout   [01:43PM  American City Business Journals]
▶ The Funded: Symantec buys two Bay Area startups   [02:48PM  American City Business Journals]
▶ Apple and Kraft Heinz drop while Starbucks and Symantec rise   [Nov-02-18 04:47PM  Associated Press]
▶ Symantec: Fiscal 2Q Earnings Snapshot   [06:41PM  Associated Press]
▶ IBM's Red Hat acquisition leads 5 biggest software M&A deals in history   [09:51AM  American City Business Journals]
▶ 5 Dangerous Social Security and Medicare Scams   [Oct-27-18 10:10PM  Motley Fool]
▶ Symantec Files Annual Report for Fiscal Year 2018   [Oct-26-18 04:25PM  Business Wire]
▶ Here are the biggest Silicon Valley losers in Nasdaq correction   [Oct-24-18 06:01PM  American City Business Journals]
▶ 3 Software Stocks to Buy for Big Changes and High Growth   [Oct-19-18 11:30AM  InvestorPlace]
▶ Bay Area tech stocks hammered as market plunges   [Oct-10-18 05:57PM  American City Business Journals]
▶ Former Symantec CEO named to head Defense Departments Silicon Valley unit   [Sep-24-18 05:32PM  American City Business Journals]
▶ 7 Activist Stocks for Investors to Consider   [Sep-21-18 03:18PM  InvestorPlace]
▶ 5 Beaten-Down Stocks to Buy   [Sep-20-18 11:17AM  InvestorPlace]
▶ Symantec names three Starboard nominees to board   [Sep-17-18 05:45PM  Reuters]
▶ [$$] Starboard Wants to Help Symantec Grow   [Aug-24-18 08:00PM  Barrons.com]
▶ IBD 50 Stocks To Watch: Palo Alto Near Buy Point Ahead Of Earnings Report   [Aug-20-18 05:00PM  Investor's Business Daily]
▶ Walmart and Symantec jump; JC Penney tumbles   [04:24PM  Associated Press]

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