Intrinsic value of 8X8 - EGHT

Previous Close

$14.05

  Intrinsic Value

$2.61

stock screener

  Rating & Target

str. sell

-81%

Previous close

$14.05

 
Intrinsic value

$2.61

 
Up/down potential

-81%

 
Rating

str. sell

We calculate the intrinsic value of EGHT 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 1.3

 

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, %
  21.05
  15.00
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
Revenue, $m
  253
  291
  332
  375
  421
  470
  521
  575
  631
  690
  751
  815
  881
  950
  1,022
  1,096
  1,174
  1,254
  1,338
  1,425
  1,515
  1,609
  1,707
  1,810
  1,916
  2,027
  2,143
  2,264
  2,390
  2,523
  2,661
Variable operating expenses, $m
 
  290
  330
  373
  418
  466
  516
  569
  624
  682
  742
  800
  865
  933
  1,003
  1,076
  1,152
  1,231
  1,313
  1,399
  1,488
  1,580
  1,676
  1,777
  1,881
  1,990
  2,104
  2,223
  2,347
  2,477
  2,612
Fixed operating expenses, $m
 
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
  9
  9
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
Total operating expenses, $m
  260
  297
  337
  381
  426
  474
  524
  577
  633
  691
  751
  809
  874
  943
  1,013
  1,086
  1,162
  1,242
  1,324
  1,410
  1,499
  1,592
  1,688
  1,789
  1,894
  2,003
  2,117
  2,237
  2,361
  2,491
  2,627
Operating income, $m
  -7
  -6
  -6
  -5
  -5
  -4
  -3
  -2
  -2
  -1
  0
  6
  7
  8
  9
  10
  11
  12
  13
  15
  16
  18
  19
  21
  22
  24
  26
  28
  29
  32
  34
EBITDA, $m
  3
  2
  3
  4
  6
  7
  9
  10
  12
  13
  15
  17
  19
  21
  23
  25
  27
  29
  32
  34
  37
  40
  42
  45
  49
  52
  55
  59
  62
  66
  70
Interest expense (income), $m
  0
  0
  0
  0
  1
  1
  1
  2
  2
  2
  3
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  13
  13
  14
Earnings before tax, $m
  -5
  -6
  -6
  -6
  -5
  -5
  -5
  -4
  -4
  -3
  -3
  3
  3
  4
  4
  5
  6
  6
  7
  8
  9
  10
  11
  11
  12
  14
  15
  16
  17
  18
  20
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
Net income, $m
  -5
  -6
  -6
  -6
  -5
  -5
  -5
  -4
  -4
  -3
  -3
  2
  2
  3
  3
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  11
  12
  12
  13
  14

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  175
  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
  334
  183
  208
  236
  265
  295
  328
  361
  397
  434
  472
  512
  554
  597
  642
  689
  738
  788
  841
  895
  952
  1,012
  1,073
  1,137
  1,204
  1,274
  1,347
  1,423
  1,503
  1,585
  1,672
Adjusted assets (=assets-cash), $m
  159
  183
  208
  236
  265
  295
  328
  361
  397
  434
  472
  512
  554
  597
  642
  689
  738
  788
  841
  895
  952
  1,012
  1,073
  1,137
  1,204
  1,274
  1,347
  1,423
  1,503
  1,585
  1,672
Revenue / Adjusted assets
  1.591
  1.590
  1.596
  1.589
  1.589
  1.593
  1.588
  1.593
  1.589
  1.590
  1.591
  1.592
  1.590
  1.591
  1.592
  1.591
  1.591
  1.591
  1.591
  1.592
  1.591
  1.590
  1.591
  1.592
  1.591
  1.591
  1.591
  1.591
  1.590
  1.592
  1.592
Average production assets, $m
  25
  29
  33
  37
  42
  47
  52
  57
  62
  68
  74
  81
  87
  94
  101
  109
  116
  124
  132
  141
  150
  159
  169
  179
  190
  201
  212
  224
  237
  250
  263
Working capital, $m
  154
  -24
  -28
  -31
  -35
  -39
  -43
  -48
  -52
  -57
  -62
  -68
  -73
  -79
  -85
  -91
  -97
  -104
  -111
  -118
  -126
  -134
  -142
  -150
  -159
  -168
  -178
  -188
  -198
  -209
  -221
Total debt, $m
  0
  7
  14
  22
  30
  39
  48
  57
  67
  78
  89
  100
  112
  124
  137
  150
  164
  178
  193
  208
  225
  241
  259
  277
  296
  316
  336
  358
  380
  404
  428
Total liabilities, $m
  45
  52
  59
  67
  75
  84
  93
  102
  112
  123
  134
  145
  157
  169
  182
  195
  209
  223
  238
  253
  270
  286
  304
  322
  341
  361
  381
  403
  425
  449
  473
Total equity, $m
  289
  131
  149
  169
  190
  212
  235
  259
  284
  311
  339
  367
  397
  428
  460
  494
  529
  565
  603
  642
  683
  725
  769
  816
  864
  914
  966
  1,020
  1,077
  1,137
  1,199
Total liabilities and equity, $m
  334
  183
  208
  236
  265
  296
  328
  361
  396
  434
  473
  512
  554
  597
  642
  689
  738
  788
  841
  895
  953
  1,011
  1,073
  1,138
  1,205
  1,275
  1,347
  1,423
  1,502
  1,586
  1,672
Debt-to-equity ratio
  0.000
  0.050
  0.090
  0.130
  0.160
  0.180
  0.200
  0.220
  0.240
  0.250
  0.260
  0.270
  0.280
  0.290
  0.300
  0.300
  0.310
  0.320
  0.320
  0.320
  0.330
  0.330
  0.340
  0.340
  0.340
  0.350
  0.350
  0.350
  0.350
  0.360
  0.360
Adjusted equity ratio
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -5
  -6
  -6
  -6
  -5
  -5
  -5
  -4
  -4
  -3
  -3
  2
  2
  3
  3
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  11
  12
  12
  13
  14
Depreciation, amort., depletion, $m
  10
  9
  9
  10
  10
  11
  12
  13
  13
  14
  15
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  23
  25
  26
  28
  29
  31
  33
  35
  37
Funds from operations, $m
  29
  2
  3
  4
  5
  6
  7
  8
  10
  11
  12
  13
  14
  16
  17
  19
  20
  22
  24
  25
  27
  29
  31
  33
  35
  38
  40
  43
  45
  48
  51
Change in working capital, $m
  1
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
Cash from operations, $m
  28
  5
  6
  8
  9
  10
  11
  13
  14
  16
  17
  18
  20
  21
  23
  25
  27
  29
  31
  33
  35
  37
  39
  42
  44
  47
  50
  53
  56
  59
  62
Maintenance CAPEX, $m
  0
  -3
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -35
New CAPEX, $m
  -14
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -13
  -13
  -14
Cash from investing activities, $m
  -22
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -14
  -15
  -15
  -16
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -29
  -30
  -32
  -33
  -36
  -37
  -39
  -41
  -44
  -46
  -49
Free cash flow, $m
  6
  -2
  -2
  -1
  -1
  -1
  0
  0
  1
  1
  2
  2
  2
  3
  3
  3
  4
  5
  5
  6
  6
  7
  7
  8
  9
  10
  10
  11
  12
  13
  14
Issuance/(repayment) of debt, $m
  -1
  7
  7
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  22
  23
  25
Issuance/(repurchase) of shares, $m
  2
  24
  25
  25
  26
  27
  28
  28
  29
  30
  30
  27
  28
  28
  29
  30
  31
  32
  32
  33
  34
  35
  36
  38
  39
  40
  42
  43
  45
  46
  48
Cash from financing (excl. dividends), $m  
  2
  31
  32
  33
  34
  36
  37
  38
  39
  40
  41
  38
  40
  40
  42
  43
  45
  46
  47
  48
  50
  52
  53
  56
  58
  60
  63
  65
  67
  69
  73
Total cash flow (excl. dividends), $m
  7
  28
  30
  32
  33
  35
  37
  38
  40
  41
  43
  40
  42
  43
  45
  47
  48
  50
  52
  54
  57
  59
  61
  64
  67
  70
  73
  76
  79
  83
  86
Retained Cash Flow (-), $m
  -14
  -24
  -25
  -25
  -26
  -27
  -28
  -28
  -29
  -30
  -30
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -62
Prev. year cash balance distribution, $m
 
  175
  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
 
  180
  6
  6
  7
  8
  9
  10
  11
  12
  13
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
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
 
  172
  5
  6
  6
  6
  7
  7
  7
  7
  7
  5
  5
  5
  4
  4
  3
  3
  3
  2
  2
  2
  1
  1
  1
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  95.6
  91.7
  88.4
  85.4
  82.8
  80.4
  78.3
  76.4
  74.7
  73.1
  71.8
  70.6
  69.5
  68.5
  67.5
  66.6
  65.7
  64.8
  64.0
  63.3
  62.6
  61.9
  61.2
  60.6
  59.9
  59.3
  58.7
  58.2
  57.6
  57.1

8x8, Inc. provides cloud-based, enterprise-class software solutions. The Company's solutions are delivered through Software as a Service (SaaS) business model. Its segments include Americas and Europe. Its software platform brings together cloud, mobile, collaboration, video and data science technologies. Through a combination of open application program interface (API) and pre-built integrations, its solutions leverage critical customer context from internal data systems and customer relationship management (CRM) systems. Its software product, branded as 8x8 Virtual Office, delivers voice as a service across the world. 8x8 Virtual Office enables a customer to use a single business phone number to place and receive calls from any supported device. It provides software to enable a multi-channel contact center under the 8x8 Virtual Contact Center brand. Its Virtual Office Meetings software solution is a tool for teams within the enterprise to meet and collaborate on a shared project.

FINANCIAL RATIOS  of  8X8 (EGHT)

Valuation Ratios
P/E Ratio -257.1
Price to Sales 5.1
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 45.9
Price to Free Cash Flow 91.8
Growth Rates
Sales Growth Rate 21.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate 28.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -1.5%
Ret/ On Assets - 3 Yr. Avg. -0.8%
Return On Total Capital -1.8%
Ret/ On T. Cap. - 3 Yr. Avg. -1%
Return On Equity -1.8%
Return On Equity - 3 Yr. Avg. -1%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 75.5%
Gross Margin - 3 Yr. Avg. 73.5%
EBITDA Margin 2%
EBITDA Margin - 3 Yr. Avg. 3.6%
Operating Margin -2.8%
Oper. Margin - 3 Yr. Avg. -1.4%
Pre-Tax Margin -2%
Pre-Tax Margin - 3 Yr. Avg. -0.6%
Net Profit Margin -2%
Net Profit Margin - 3 Yr. Avg. -1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 25.6%
Payout Ratio 0%

EGHT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EGHT stock intrinsic value calculation we used $253 million for the last fiscal year's total revenue generated by 8X8. The default revenue input number comes from 2017 income statement of 8X8. 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 EGHT stock valuation model: a) initial revenue growth rate of 15% 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 EGHT is calculated based on our internal credit rating of 8X8, 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 8X8.
    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 EGHT stock the variable cost ratio is equal to 100%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $7 million in the base year in the intrinsic value calculation for EGHT 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 8X8.

Corporate tax rate of 27% is the nominal tax rate for 8X8. 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 EGHT 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 EGHT are equal to 9.9%.

Life of production assets of 7.2 years is the average useful life of capital assets used in 8X8 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 EGHT is equal to -8.3%. 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 - $289 million for 8X8 - 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 91.935 million for 8X8 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 8X8 at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ ETFs with exposure to 8×8, Inc. : November 9, 2017   [Nov-09-17 12:38PM  Capital Cube]
▶ 8x8, Inc. to Participate in Upcoming Investor Conferences   [Nov-07-17 09:05AM  Business Wire]
▶ ETFs with exposure to 8×8, Inc. : October 27, 2017   [Oct-27-17 10:52AM  Capital Cube]
▶ 8x8 reports 2Q loss   [Oct-26-17 05:09PM  Associated Press]
▶ 8x8, Inc. to Host Earnings Call   [09:40AM  ACCESSWIRE]
▶ 3 Stocks That Look Just Like Costco in 1982   [Oct-19-17 05:49PM  Motley Fool]
▶ 8×8 Inc (EGHT): How Does It Impact Your Portfolio?   [Sep-29-17 02:17PM  Simply Wall St.]
▶ 3 Growth Stocks for Farsighted Investors   [Sep-27-17 05:31PM  Motley Fool]
▶ ETFs with exposure to 8×8, Inc. : September 12, 2017   [Sep-11-17 10:47PM  Capital Cube]
▶ ETFs with exposure to 8×8, Inc. : September 1, 2017   [Sep-01-17 07:37PM  Capital Cube]
▶ Weekly CEO Buys Highlights   [Aug-07-17 12:46PM  GuruFocus.com]
▶ 8×8, Inc. Value Analysis (NASDAQ:EGHT) : August 4, 2017   [Aug-03-17 10:22PM  Capital Cube]
▶ 8x8 Inc (EGHT) CEO Vikram Verma Bought $149,760 of Shares   [Aug-01-17 10:15PM  GuruFocus.com]
▶ Why 8x8, Inc. Shares Fell 12.7% in July   [04:20PM  Motley Fool]
▶ Why 8x8, Inc. Stock Plunged Today   [Jul-28-17 11:33AM  Motley Fool]
▶ 8x8 reports 1Q loss   [12:54AM  Associated Press]
▶ 8x8 reports 1Q loss   [Jul-27-17 07:43PM  Associated Press]
▶ ETFs with exposure to 8×8, Inc. : July 13, 2017   [Jul-13-17 03:54PM  Capital Cube]
▶ Featured Company News - 8X8 Partners with Softchoice   [Jun-30-17 08:15AM  Accesswire]
▶ ETFs with exposure to 8×8, Inc. : June 14, 2017   [Jun-14-17 01:33PM  Capital Cube]
▶ ETFs with exposure to 8×8, Inc. : June 2, 2017   [Jun-02-17 02:03PM  Capital Cube]
▶ 3 Beat And Raise Tech Stocks To Buy Now   [May-26-17 11:49AM  Zacks]
▶ 8x8 reports 4Q loss   [May-25-17 04:32PM  Associated Press]
▶ 8x8 Appoints Rani Hublou as Chief Marketing Officer   [May-23-17 08:15AM  Business Wire]
▶ 8x8 to Present at Upcoming Investor Conferences   [May-18-17 08:20AM  Business Wire]
▶ ETFs with exposure to 8×8, Inc. : May 1, 2017   [May-01-17 03:52PM  Capital Cube]
▶ Why Shares of 8x8 Inc. Are Down Today   [03:38PM  Motley Fool]
▶ ETFs with exposure to 8×8, Inc. : April 21, 2017   [Apr-21-17 02:54PM  Capital Cube]
▶ ETFs with exposure to 8×8, Inc. : April 7, 2017   [Apr-07-17 04:24PM  Capital Cube]
Financial statements of EGHT
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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