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NetApp Inc.
(NTAP)
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| |
| Sector: |
Technology |
| Industry: |
Data Storage Devices |
| Stock Type: | Cyclical |
| Top Industry Grower: | STEC |
The Numbers
| metric | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | TTM |
|---|
| Return on Capital | 18.6% | 19.1% | 11.7% | 0.4% | 8.3% | 12.7% | 14.7% | 13.9% | 15.2% | 15.3% | 9.5% |
| Equity/Share | $0.95 | $1.39 | $2.24 | $2.45 | $2.82 | $3.87 | $4.37 | $4.96 | $5.13 | $4.71 | $4.00 |
| Earnings/Share | $0.12 | $0.21 | $0.21 | $0.01 | $0.22 | $0.42 | $0.59 | $0.69 | $0.77 | $0.86 | $0.88 |
| FCF/Share | $0.10 | $0.22 | $0.38 | $-0.40 | $0.38 | $0.72 | $0.97 | $1.09 | $1.80 | $2.27 | $2.30 |
| Sales/Share | $0.93 | $1.68 | $2.80 | $2.28 | $2.55 | $3.20 | $4.21 | $5.33 | $7.23 | $9.15 | $9.70 |
| Gross Margin | 59.2% | 59.3% | 60.1% | 60.2% | 61.3% | 60.2% | 61.0% | 60.8% | 60.8% | 61.0% | 60.7% |
The Trends
long term trend
| ROIC | BVPS | EPS | FCFPS | SPS |
|---|
| -0% | 3% | 5% | 6% | 5% |
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growth acceleration trend
| ROIC | BVPS | EPS | FCFPS | SPS |
|---|
| -1% | -10% | -7% | -11% | -6% |
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Quick Financial Health
ebit/interest [on debt]
| NTAP | EQUITY_INDUSTRY | market |
|---|
| 10.84 | 6.00 | 55.10 |
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cash/debt
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | TTM |
|---|
| 460.0 | 1,181.0 | 1,092.0 | 38.89 | 63.0 | 63.45 | 102.69 | 1.82 | 10.16 | 5.85 |
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growth
| 9 | 5 | 3 | 1 |
|---|
| -38% | -38% | -62% | -42% |
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equity/debt
| 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | TTM |
|---|
| Low Debt | Low Debt | Low Debt | Low Debt | Low Debt | Low Debt | Low Debt | 14.29 | Low Debt | 10.0 | 1.03 |
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growth
| 10 | 5 | 3 | 1 |
|---|
| -75% | -94% | -58% | -90% |
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assets/liabilities
| 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | TTM |
|---|
| 6.85 | 5.22 | 4.47 | 4.43 | 3.98 | 4.07 | 3.33 | 2.44 | 2.19 | 1.72 | 1.4 |
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growth
| 10 | 5 | 3 | 1 |
|---|
| -15% | -19% | -17% | -18% |
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The Ratios
PEG
| Entity | Current | Next Year (Current PE) | Next Year (Forward PE) | Five Year |
|---|
| NTAP | 2.47 | 0.76 | 0.54 | 0.90 | | Industry | 1.32 | 0.75 | 0.53 | 9.50 | | Market | 0.78 | 1.23 | 1.00 | 1.11 |
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Valuations
| Entity | Price/Earnings | Price/Book | Price/Sales | Price/Cash Flow | Div. Yield (%) |
|---|
| NTAP | 21.1 | 4.3 | 1.9 | 6.4 | 0.0 | | Industry | 34.1 | 7.2 | 2.3 | 19.7 | 0.0 | | Market | 17.3 | 3.6 | 2.4 | 11.6 | 2.7 |
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The Pricing Metrics
Growth Rates
| Zacks | Reuters | Thomson Fin. | BVPS | EPS | FCFPS | SPS |
|---|
| 16.2% | 17.4% | 16.1% | 6.4% | 17.3% | 24.3% | 23.8% | | Next Year's Growth Estimate | 27.8% | | Priced-In Growth | 17.0% | | Intrinsic Growth | 15.4% |
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Mulitple History
| 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | TTM |
|---|
| 73.5 | 177.1 | 347.7 | 1,911.7 | 50.8 | 49.3 | 42.2 | 42.5 | 46.9 | 31.3 | 21.4 | | Front Loaded Estimate | 33.3 | | High Growth Estimate | 30.9 | | Five Year Avgerage | 52.0 |
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Quality and Value
Quality (0-10)
| Inferior | Low | Below Avg. | Average | Above Avg. | High | Superior |
|---|
| | | 5.9 | | | | |
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Valuations
| | PE | EPS | PRICE | VALUE/PRICE | MOS |
|---|
| Current Price | 21.1 | $0.89 | $18.80 | 1.000 | 0.0% | | Intrinsic Value | 29.3 | $0.83 | $24.35 | 1.295 | 22.8% | | Price Adjusted for Industry | 18.5 | $0.89 | $16.46 | 0.875 | -14.2% | | Price Adjusted for Market | 15.4 | $0.89 | $13.75 | 0.731 | -36.8% | | EPS estimated FY08 Price | 21.3 | $1.25 | $26.51 | 1.410 | 29.1% | | EPS Quality (OIPS/E) | 3.35 | | Cash Quality (FCFPS/EPS) | 0.97 | | Short % of Float | 7.0% |
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