Intrinsic value of Tableau Software - DATA

Previous Close

$71.53

  Intrinsic Value

$3.82

stock screener

  Rating & Target

str. sell

-95%

  Value-price divergence*

-113%

Previous close

$71.53

 
Intrinsic value

$3.82

 
Up/down potential

-95%

 
Rating

str. sell

 
Value-price divergence*

-113%

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

We calculate the intrinsic value of DATA 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 2016), $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 5.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  26.45
  16.30
  15.17
  14.15
  13.24
  12.41
  11.67
  11.01
  10.40
  9.86
  9.38
  8.94
  8.55
  8.19
  7.87
  7.59
  7.33
  7.09
  6.88
  6.70
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
Revenue, $m
  827
  962
  1,108
  1,264
  1,432
  1,610
  1,798
  1,995
  2,203
  2,420
  2,647
  2,884
  3,130
  3,387
  3,653
  3,930
  4,218
  4,518
  4,829
  5,152
  5,488
  5,838
  6,202
  6,581
  6,976
  7,388
  7,817
  8,265
  8,733
  9,221
  9,731
Variable operating expenses, $m
 
  1,038
  1,196
  1,365
  1,545
  1,737
  1,939
  2,153
  2,377
  2,611
  2,855
  3,109
  3,375
  3,651
  3,939
  4,237
  4,548
  4,870
  5,206
  5,554
  5,917
  6,294
  6,686
  7,095
  7,521
  7,965
  8,428
  8,910
  9,415
  9,941
  10,491
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
  967
  1,038
  1,196
  1,365
  1,545
  1,737
  1,939
  2,153
  2,377
  2,611
  2,855
  3,109
  3,375
  3,651
  3,939
  4,237
  4,548
  4,870
  5,206
  5,554
  5,917
  6,294
  6,686
  7,095
  7,521
  7,965
  8,428
  8,910
  9,415
  9,941
  10,491
Operating income, $m
  -140
  -77
  -88
  -100
  -113
  -127
  -142
  -157
  -174
  -191
  -208
  -225
  -244
  -264
  -285
  -307
  -329
  -353
  -377
  -402
  -428
  -456
  -484
  -514
  -545
  -577
  -610
  -645
  -682
  -720
  -760
EBITDA, $m
  -97
  -65
  -75
  -85
  -96
  -108
  -121
  -134
  -148
  -163
  -178
  -194
  -211
  -228
  -246
  -264
  -284
  -304
  -325
  -347
  -369
  -393
  -417
  -443
  -469
  -497
  -526
  -556
  -587
  -620
  -655
Interest expense (income), $m
  0
  0
  1
  4
  7
  10
  13
  17
  20
  24
  28
  33
  37
  42
  47
  52
  57
  62
  68
  74
  80
  86
  93
  100
  107
  114
  122
  130
  138
  147
  157
Earnings before tax, $m
  -137
  -77
  -89
  -104
  -120
  -137
  -155
  -174
  -194
  -215
  -237
  -258
  -281
  -306
  -332
  -358
  -386
  -415
  -445
  -476
  -508
  -542
  -577
  -613
  -651
  -691
  -732
  -775
  -820
  -867
  -916
Tax expense, $m
  7
  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
  -144
  -77
  -89
  -104
  -120
  -137
  -155
  -174
  -194
  -215
  -237
  -258
  -281
  -306
  -332
  -358
  -386
  -415
  -445
  -476
  -508
  -542
  -577
  -613
  -651
  -691
  -732
  -775
  -820
  -867
  -916

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  909
  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
  1,287
  576
  663
  757
  857
  963
  1,076
  1,194
  1,318
  1,448
  1,584
  1,726
  1,873
  2,027
  2,186
  2,352
  2,524
  2,704
  2,890
  3,083
  3,284
  3,494
  3,712
  3,939
  4,175
  4,421
  4,678
  4,946
  5,226
  5,518
  5,824
Adjusted assets (=assets-cash), $m
  378
  576
  663
  757
  857
  963
  1,076
  1,194
  1,318
  1,448
  1,584
  1,726
  1,873
  2,027
  2,186
  2,352
  2,524
  2,704
  2,890
  3,083
  3,284
  3,494
  3,712
  3,939
  4,175
  4,421
  4,678
  4,946
  5,226
  5,518
  5,824
Revenue / Adjusted assets
  2.188
  1.670
  1.671
  1.670
  1.671
  1.672
  1.671
  1.671
  1.671
  1.671
  1.671
  1.671
  1.671
  1.671
  1.671
  1.671
  1.671
  1.671
  1.671
  1.671
  1.671
  1.671
  1.671
  1.671
  1.671
  1.671
  1.671
  1.671
  1.671
  1.671
  1.671
Average production assets, $m
  90
  104
  120
  137
  155
  174
  194
  215
  238
  261
  286
  311
  338
  366
  395
  424
  456
  488
  521
  556
  593
  631
  670
  711
  753
  798
  844
  893
  943
  996
  1,051
Working capital, $m
  723
  -96
  -111
  -126
  -143
  -161
  -180
  -200
  -220
  -242
  -265
  -288
  -313
  -339
  -365
  -393
  -422
  -452
  -483
  -515
  -549
  -584
  -620
  -658
  -698
  -739
  -782
  -827
  -873
  -922
  -973
Total debt, $m
  0
  23
  102
  186
  276
  372
  473
  580
  691
  809
  931
  1,058
  1,191
  1,329
  1,473
  1,622
  1,777
  1,938
  2,106
  2,280
  2,461
  2,649
  2,845
  3,050
  3,262
  3,484
  3,715
  3,957
  4,208
  4,471
  4,746
Total liabilities, $m
  495
  518
  597
  681
  771
  867
  968
  1,075
  1,186
  1,304
  1,426
  1,553
  1,686
  1,824
  1,968
  2,117
  2,272
  2,433
  2,601
  2,775
  2,956
  3,144
  3,340
  3,545
  3,757
  3,979
  4,210
  4,452
  4,703
  4,966
  5,241
Total equity, $m
  792
  58
  66
  76
  86
  96
  108
  119
  132
  145
  158
  173
  187
  203
  219
  235
  252
  270
  289
  308
  328
  349
  371
  394
  417
  442
  468
  495
  523
  552
  582
Total liabilities and equity, $m
  1,287
  576
  663
  757
  857
  963
  1,076
  1,194
  1,318
  1,449
  1,584
  1,726
  1,873
  2,027
  2,187
  2,352
  2,524
  2,703
  2,890
  3,083
  3,284
  3,493
  3,711
  3,939
  4,174
  4,421
  4,678
  4,947
  5,226
  5,518
  5,823
Debt-to-equity ratio
  0.000
  0.400
  1.530
  2.460
  3.220
  3.860
  4.400
  4.850
  5.250
  5.580
  5.880
  6.130
  6.360
  6.560
  6.740
  6.900
  7.040
  7.170
  7.290
  7.390
  7.490
  7.580
  7.670
  7.740
  7.810
  7.880
  7.940
  8.000
  8.050
  8.100
  8.150
Adjusted equity ratio
  -0.310
  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
  -144
  -77
  -89
  -104
  -120
  -137
  -155
  -174
  -194
  -215
  -237
  -258
  -281
  -306
  -332
  -358
  -386
  -415
  -445
  -476
  -508
  -542
  -577
  -613
  -651
  -691
  -732
  -775
  -820
  -867
  -916
Depreciation, amort., depletion, $m
  43
  12
  14
  15
  17
  19
  21
  23
  25
  28
  30
  31
  34
  37
  39
  42
  46
  49
  52
  56
  59
  63
  67
  71
  75
  80
  84
  89
  94
  100
  105
Funds from operations, $m
  267
  -65
  -75
  -89
  -103
  -118
  -134
  -151
  -168
  -187
  -206
  -227
  -248
  -269
  -292
  -316
  -341
  -366
  -393
  -420
  -449
  -479
  -510
  -542
  -576
  -611
  -648
  -686
  -726
  -768
  -811
Change in working capital, $m
  92
  -13
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
Cash from operations, $m
  175
  -51
  -61
  -73
  -86
  -100
  -115
  -131
  -148
  -165
  -184
  -203
  -223
  -244
  -266
  -288
  -312
  -336
  -362
  -388
  -415
  -444
  -474
  -504
  -537
  -570
  -605
  -641
  -679
  -719
  -760
Maintenance CAPEX, $m
  0
  -9
  -10
  -12
  -14
  -15
  -17
  -19
  -22
  -24
  -26
  -29
  -31
  -34
  -37
  -39
  -42
  -46
  -49
  -52
  -56
  -59
  -63
  -67
  -71
  -75
  -80
  -84
  -89
  -94
  -100
New CAPEX, $m
  -61
  -14
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -53
  -55
Cash from investing activities, $m
  -77
  -23
  -26
  -29
  -32
  -34
  -37
  -40
  -44
  -47
  -51
  -55
  -58
  -62
  -66
  -69
  -73
  -78
  -83
  -87
  -92
  -97
  -102
  -108
  -114
  -119
  -126
  -132
  -139
  -147
  -155
Free cash flow, $m
  98
  -75
  -87
  -102
  -118
  -135
  -153
  -172
  -192
  -213
  -234
  -257
  -281
  -305
  -331
  -358
  -385
  -414
  -444
  -475
  -507
  -541
  -576
  -612
  -650
  -690
  -731
  -774
  -819
  -866
  -915
Issuance/(repayment) of debt, $m
  0
  23
  79
  84
  90
  96
  101
  107
  112
  117
  122
  127
  133
  138
  144
  149
  155
  161
  168
  174
  181
  188
  196
  204
  213
  222
  231
  241
  252
  263
  275
Issuance/(repurchase) of shares, $m
  14
  134
  98
  113
  130
  148
  166
  186
  206
  228
  250
  272
  296
  321
  348
  375
  403
  433
  463
  495
  528
  563
  599
  636
  675
  716
  758
  802
  848
  896
  947
Cash from financing (excl. dividends), $m  
  17
  157
  177
  197
  220
  244
  267
  293
  318
  345
  372
  399
  429
  459
  492
  524
  558
  594
  631
  669
  709
  751
  795
  840
  888
  938
  989
  1,043
  1,100
  1,159
  1,222
Total cash flow (excl. dividends), $m
  113
  83
  89
  96
  102
  108
  115
  121
  126
  132
  138
  142
  148
  154
  160
  167
  173
  180
  187
  194
  202
  210
  219
  228
  237
  248
  258
  269
  281
  294
  307
Retained Cash Flow (-), $m
  -58
  -134
  -98
  -113
  -130
  -148
  -166
  -186
  -206
  -228
  -250
  -272
  -296
  -321
  -348
  -375
  -403
  -433
  -463
  -495
  -528
  -563
  -599
  -636
  -675
  -716
  -758
  -802
  -848
  -896
  -947
Prev. year cash balance distribution, $m
 
  792
  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
 
  740
  -8
  -17
  -28
  -39
  -52
  -65
  -80
  -95
  -112
  -130
  -148
  -167
  -187
  -208
  -230
  -253
  -276
  -301
  -326
  -352
  -380
  -408
  -438
  -468
  -500
  -533
  -567
  -603
  -640
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
 
  710
  -8
  -15
  -23
  -30
  -37
  -44
  -50
  -55
  -59
  -62
  -63
  -64
  -63
  -61
  -58
  -55
  -51
  -46
  -41
  -36
  -32
  -27
  -22
  -18
  -15
  -11
  -9
  -7
  -5
Current shareholders' claim on cash, %
  100
  50.0
  40.2
  32.2
  25.8
  20.7
  16.6
  13.3
  10.6
  8.5
  6.8
  5.5
  4.4
  3.5
  2.8
  2.3
  1.8
  1.4
  1.2
  0.9
  0.7
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1

Tableau Software, Inc. provides business analytics software products. It offers Tableau Desktop, a self-service analytics product that empowers people to access and analyze data independently; and Tableau Server, a business intelligence platform with data management and scalability to foster sharing of analytics, as well as to improve the dissemination of information across an organization and promote improved decision-making. The company also provides Tableau Online, a hosted SaaS version of Tableau Server; and Tableau Public, a cloud-based platform that allows users of various backgrounds, such as bloggers, journalists, researchers, and government workers to visualize public data on their Websites. In addition, it offers Vizable that turns data into graphs, as well as allows it to be shared from an iPad; Live Query Engine, which interprets abstract queries generated by VizQL into syntax understandable by popular database systems; In-Memory data engine that allows to analyze large amounts of data independently of database systems; and maintenance and support, training, and professional services. The company serves organizations in various industries, including business services, energy and telecommunications, financial services, life sciences and healthcare, manufacturing and technology, media and entertainment, public sector, education, retail, consumer, and distribution industries. It sells its products directly, as well as through indirect sales channels, such as technology vendors, resellers, original equipment manufacturers, and independent software vendor partners in the United States, Australia, Canada, China, France, Germany, India, Ireland, Japan, Singapore, the United Kingdom, and internationally. Tableau Software, Inc. was founded in 2003 and is headquartered in Seattle, Washington.

FINANCIAL RATIOS  of  Tableau Software (DATA)

Valuation Ratios
P/E Ratio -38.1
Price to Sales 6.6
Price to Book 6.9
Price to Tangible Book
Price to Cash Flow 31.4
Price to Free Cash Flow 48.1
Growth Rates
Sales Growth Rate 26.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 35.6%
Cap. Spend. - 3 Yr. Gr. Rate 27.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -12.4%
Ret/ On Assets - 3 Yr. Avg. -6.8%
Return On Total Capital -18.9%
Ret/ On T. Cap. - 3 Yr. Avg. -9.8%
Return On Equity -18.9%
Return On Equity - 3 Yr. Avg. -9.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 88%
Gross Margin - 3 Yr. Avg. 89.3%
EBITDA Margin -11.4%
EBITDA Margin - 3 Yr. Avg. -3.5%
Operating Margin -16.9%
Oper. Margin - 3 Yr. Avg. -7.7%
Pre-Tax Margin -16.6%
Pre-Tax Margin - 3 Yr. Avg. -7.6%
Net Profit Margin -17.4%
Net Profit Margin - 3 Yr. Avg. -9.6%
Effective Tax Rate -5.1%
Eff/ Tax Rate - 3 Yr. Avg. -18.5%
Payout Ratio 0%

DATA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DATA stock intrinsic value calculation we used $827 million for the last fiscal year's total revenue generated by Tableau Software. The default revenue input number comes from 2016 income statement of Tableau Software. 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 DATA stock valuation model: a) initial revenue growth rate of 16.3% 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 DATA is calculated based on our internal credit rating of Tableau Software, 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 Tableau Software.
    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 DATA stock the variable cost ratio is equal to 108%.

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 DATA 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 Tableau Software.

Corporate tax rate of 27% is the nominal tax rate for Tableau Software. 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 DATA 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 DATA are equal to 10.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Tableau Software 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 DATA is equal to -10%. 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 - $792 million for Tableau Software - 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 76.764 million for Tableau Software 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 Tableau Software at the current share price and the inputted number of shares is $5.5 billion.

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COMPANY NEWS

▶ Weekly CFO Sells Highlight   [Aug-13-17 11:07PM  GuruFocus.com]
▶ Tableau Software: Cramer's Top Takeaways   [06:29AM  TheStreet.com]
▶ [$$] Tableau Acquires ClearGraph   [Aug-09-17 11:34PM  The Wall Street Journal]
▶ These 3 Top Stocks Soared Into Buy Zones On Earnings   [04:08PM  Investor's Business Daily]
▶ Stocks Lower, But Dow Inches Up; Earnings Roil These Leaders   [01:37PM  Investor's Business Daily]
▶ Tableau reports 2Q loss   [Aug-02-17 10:21PM  Associated Press]
▶ Bear of the Day: Tableau (DATA)   [07:15AM  Zacks]
Financial statements of DATA
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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