Intrinsic value of 8X8 - EGHT

Previous Close

$14.80

  Intrinsic Value

$3.00

stock screener

  Rating & Target

str. sell

-80%

  Value-price divergence*

-50%

Previous close

$14.80

 
Intrinsic value

$3.00

 
Up/down potential

-80%

 
Rating

str. sell

 
Value-price divergence*

-50%

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

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 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 1.3

 

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, %
  29.01
  20.80
  19.22
  17.80
  16.52
  15.37
  14.33
  13.40
  12.56
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
Revenue, $m
  209
  252
  301
  355
  413
  477
  545
  618
  696
  778
  864
  955
  1,050
  1,149
  1,253
  1,361
  1,473
  1,590
  1,711
  1,838
  1,969
  2,105
  2,247
  2,394
  2,547
  2,706
  2,872
  3,045
  3,226
  3,414
  3,610
Variable operating expenses, $m
 
  247
  293
  345
  401
  462
  527
  597
  671
  750
  833
  915
  1,006
  1,102
  1,201
  1,304
  1,412
  1,524
  1,640
  1,761
  1,887
  2,018
  2,153
  2,294
  2,441
  2,594
  2,753
  2,919
  3,092
  3,272
  3,460
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
  216
  247
  293
  345
  401
  462
  527
  597
  671
  750
  833
  915
  1,006
  1,102
  1,201
  1,304
  1,412
  1,524
  1,640
  1,761
  1,887
  2,018
  2,153
  2,294
  2,441
  2,594
  2,753
  2,919
  3,092
  3,272
  3,460
Operating income, $m
  -7
  6
  8
  10
  12
  15
  18
  21
  24
  28
  31
  40
  44
  48
  52
  56
  61
  66
  71
  76
  82
  87
  93
  99
  106
  112
  119
  126
  134
  142
  150
EBITDA, $m
  2
  14
  16
  19
  23
  26
  30
  34
  38
  43
  47
  52
  57
  63
  69
  74
  81
  87
  94
  100
  108
  115
  123
  131
  139
  148
  157
  167
  176
  187
  197
Interest expense (income), $m
  0
  0
  0
  1
  1
  1
  2
  2
  3
  3
  4
  4
  5
  5
  6
  7
  7
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
Earnings before tax, $m
  -6
  6
  8
  9
  12
  14
  16
  19
  22
  24
  28
  35
  39
  42
  46
  50
  54
  58
  62
  67
  71
  76
  81
  86
  92
  97
  103
  109
  116
  122
  129
Tax expense, $m
  -1
  2
  2
  3
  3
  4
  4
  5
  6
  7
  7
  10
  10
  11
  12
  13
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  30
  31
  33
  35
Net income, $m
  -5
  4
  5
  7
  8
  10
  12
  14
  16
  18
  20
  26
  28
  31
  34
  36
  39
  42
  45
  49
  52
  56
  59
  63
  67
  71
  75
  80
  85
  89
  94

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  163
  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
  313
  181
  216
  255
  297
  342
  391
  444
  499
  558
  620
  685
  754
  825
  899
  977
  1,058
  1,141
  1,229
  1,319
  1,413
  1,511
  1,613
  1,718
  1,828
  1,943
  2,062
  2,186
  2,316
  2,451
  2,591
Adjusted assets (=assets-cash), $m
  150
  181
  216
  255
  297
  342
  391
  444
  499
  558
  620
  685
  754
  825
  899
  977
  1,058
  1,141
  1,229
  1,319
  1,413
  1,511
  1,613
  1,718
  1,828
  1,943
  2,062
  2,186
  2,316
  2,451
  2,591
Revenue / Adjusted assets
  1.393
  1.392
  1.394
  1.392
  1.391
  1.395
  1.394
  1.392
  1.395
  1.394
  1.394
  1.394
  1.393
  1.393
  1.394
  1.393
  1.392
  1.394
  1.392
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
Average production assets, $m
  28
  33
  40
  47
  55
  63
  72
  82
  92
  103
  114
  126
  139
  152
  165
  180
  194
  210
  226
  243
  260
  278
  297
  316
  336
  357
  379
  402
  426
  451
  476
Working capital, $m
  151
  -14
  -17
  -20
  -24
  -27
  -31
  -35
  -40
  -44
  -49
  -54
  -60
  -66
  -71
  -78
  -84
  -91
  -98
  -105
  -112
  -120
  -128
  -136
  -145
  -154
  -164
  -174
  -184
  -195
  -206
Total debt, $m
  0
  8
  17
  26
  37
  49
  61
  74
  88
  103
  119
  135
  153
  171
  190
  209
  230
  251
  273
  296
  320
  344
  370
  397
  425
  454
  484
  515
  548
  582
  618
Total liabilities, $m
  38
  46
  55
  64
  75
  87
  99
  112
  126
  141
  157
  173
  191
  209
  228
  247
  268
  289
  311
  334
  358
  382
  408
  435
  463
  492
  522
  553
  586
  620
  656
Total equity, $m
  275
  135
  161
  190
  222
  256
  292
  331
  373
  417
  463
  512
  563
  616
  672
  730
  790
  853
  918
  985
  1,056
  1,129
  1,205
  1,284
  1,366
  1,451
  1,540
  1,633
  1,730
  1,831
  1,936
Total liabilities and equity, $m
  313
  181
  216
  254
  297
  343
  391
  443
  499
  558
  620
  685
  754
  825
  900
  977
  1,058
  1,142
  1,229
  1,319
  1,414
  1,511
  1,613
  1,719
  1,829
  1,943
  2,062
  2,186
  2,316
  2,451
  2,592
Debt-to-equity ratio
  0.000
  0.060
  0.100
  0.140
  0.170
  0.190
  0.210
  0.220
  0.240
  0.250
  0.260
  0.260
  0.270
  0.280
  0.280
  0.290
  0.290
  0.290
  0.300
  0.300
  0.300
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.320
  0.320
  0.320
  0.320
Adjusted equity ratio
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -5
  4
  5
  7
  8
  10
  12
  14
  16
  18
  20
  26
  28
  31
  34
  36
  39
  42
  45
  49
  52
  56
  59
  63
  67
  71
  75
  80
  85
  89
  94
Depreciation, amort., depletion, $m
  9
  8
  9
  9
  10
  11
  12
  13
  14
  15
  16
  13
  14
  15
  17
  18
  19
  21
  23
  24
  26
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
Funds from operations, $m
  27
  12
  14
  16
  19
  21
  24
  27
  30
  33
  36
  38
  42
  46
  50
  54
  59
  63
  68
  73
  78
  83
  89
  95
  101
  107
  113
  120
  127
  134
  142
Change in working capital, $m
  3
  -2
  -3
  -3
  -3
  -4
  -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
Cash from operations, $m
  24
  15
  17
  19
  22
  25
  28
  31
  34
  38
  41
  44
  48
  52
  56
  60
  65
  70
  75
  80
  86
  91
  97
  103
  109
  116
  123
  130
  137
  145
  153
Maintenance CAPEX, $m
  0
  -3
  -3
  -4
  -5
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -17
  -18
  -19
  -21
  -23
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -43
  -45
New CAPEX, $m
  -7
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
Cash from investing activities, $m
  -36
  -9
  -9
  -11
  -13
  -13
  -15
  -17
  -18
  -20
  -21
  -23
  -26
  -27
  -29
  -31
  -33
  -34
  -37
  -40
  -41
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
Free cash flow, $m
  -12
  6
  7
  8
  9
  11
  12
  14
  16
  17
  19
  20
  22
  25
  27
  30
  32
  35
  38
  41
  44
  47
  50
  54
  58
  61
  65
  69
  73
  78
  82
Issuance/(repayment) of debt, $m
  0
  8
  9
  10
  11
  12
  12
  13
  14
  15
  16
  16
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  36
Issuance/(repurchase) of shares, $m
  -7
  19
  21
  22
  23
  24
  25
  25
  26
  26
  26
  23
  23
  22
  22
  22
  21
  20
  20
  19
  18
  17
  17
  16
  15
  14
  14
  13
  12
  11
  11
Cash from financing (excl. dividends), $m  
  -7
  27
  30
  32
  34
  36
  37
  38
  40
  41
  42
  39
  40
  40
  41
  42
  41
  41
  42
  42
  42
  42
  43
  43
  43
  43
  44
  44
  45
  45
  47
Total cash flow (excl. dividends), $m
  -20
  33
  37
  40
  43
  46
  50
  53
  56
  59
  61
  60
  62
  65
  68
  71
  74
  77
  80
  83
  86
  89
  93
  97
  101
  105
  109
  113
  118
  123
  129
Retained Cash Flow (-), $m
  -3
  -23
  -26
  -29
  -31
  -34
  -37
  -39
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -97
  -101
  -105
Prev. year cash balance distribution, $m
 
  163
  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
 
  173
  11
  11
  12
  12
  13
  13
  14
  15
  15
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  23
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
 
  166
  10
  10
  10
  10
  9
  9
  9
  8
  8
  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
  96.5
  93.5
  90.9
  88.7
  86.7
  84.9
  83.4
  82.0
  80.9
  79.8
  79.0
  78.2
  77.6
  77.0
  76.5
  76.0
  75.6
  75.3
  74.9
  74.6
  74.4
  74.1
  73.9
  73.8
  73.6
  73.4
  73.3
  73.2
  73.1
  73.0

8x8, Inc. provides cloud-based, enterprise-class software solutions for small and medium businesses, mid-market, and distributed enterprises worldwide. The company operates in two segments, Americas and Europe. The company’s pure-cloud offering combines voice, conferencing, messaging, and video with integrated workflows and big data analytics on a single platform. It provides 8x8 Virtual Office, a voice as a service with a robust business feature set; 8x8 Virtual Office Pro software that enables employees and workgroups to communicate with each other using chat or text messages sent via the short message service; 8x8 Virtual Contact Center, a voice, chat, voicemail, and e-mail call center. The company integrates its services with third-party applications and platforms, including enterprise resource planning, customer relations management, human capital management, and other proprietary application suites. It markets its services to end users through direct sales force, Website, and channel partners. The company serves approximately 45,700 business customers. 8x8, Inc. was founded in 1987 and is headquartered in San Jose, California.

FINANCIAL RATIOS  of  8X8 (EGHT)

Valuation Ratios
P/E Ratio -264.1
Price to Sales 6.3
Price to Book 4.8
Price to Tangible Book
Price to Cash Flow 55
Price to Free Cash Flow 77.7
Growth Rates
Sales Growth Rate 29%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 3.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.3
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -1.6%
Ret/ On Assets - 3 Yr. Avg. 0.1%
Return On Total Capital -1.8%
Ret/ On T. Cap. - 3 Yr. Avg. 0.1%
Return On Equity -1.8%
Return On Equity - 3 Yr. Avg. 0.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 72.7%
Gross Margin - 3 Yr. Avg. 71.8%
EBITDA Margin 1.4%
EBITDA Margin - 3 Yr. Avg. 5.3%
Operating Margin -3.3%
Oper. Margin - 3 Yr. Avg. 0.3%
Pre-Tax Margin -2.9%
Pre-Tax Margin - 3 Yr. Avg. 1.1%
Net Profit Margin -2.4%
Net Profit Margin - 3 Yr. Avg. 0.4%
Effective Tax Rate 16.7%
Eff/ Tax Rate - 3 Yr. Avg. 42.2%
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 $209 million for the last fiscal year's total revenue generated by 8X8. The default revenue input number comes from 2016 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 20.8% 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 98.1%.

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 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 13.2%.

Life of production assets of 10 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 -5.7%. 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 - $275 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 88 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

▶ 8x8 reports 1Q loss   [Jul-27-17 10:07PM  Associated Press]
▶ 8x8 reports 1Q loss   [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]
▶ San Jose telecom company 8x8 announces acquisition amid sale rumors   [06:10PM  American City Business Journals]
▶ San Jose telecom firm 8x8 reportedly exploring sale   [Feb-27-17 06:10PM  at bizjournals.com]
▶ San Jose telecom firm 8x8 reportedly exploring sale   [06:10PM  American City Business Journals]
▶ RingCentral CEO Shmunis Sees Growth Re-Accelerating   [Feb-13-17 07:43PM  at Barrons.com]
▶ 8x8 reports 3Q loss   [05:13PM  AP]
▶ How 8x8, Inc. Gained 27% in 2016   [Jan-11-17 07:25PM  at Motley Fool]
▶ 8x8 to Present at 19th Annual Needham Growth Conference   [Dec-21-16 08:15AM  Business Wire]
▶ Hedge Funds Are Crazy About Capital Bank Financial Corp (CBF)   [Dec-14-16 06:17AM  at Insider Monkey]
▶ 8×8, Inc. (EGHT): Are Hedge Funds Right About This Stock?   [Dec-01-16 05:44PM  at Insider Monkey]
▶ 8x8 tops Street 2Q forecasts   [Oct-26-16 04:54PM  AP]
Stock chart of EGHT Financial statements of EGHT Annual reports 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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