Intrinsic value of ELLIE MAE - ELLI

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$111.65

  Intrinsic Value

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  Value-price divergence*

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$111.65

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

We calculate the intrinsic value of ELLI 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 3.8

 

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, %
  41.73
  47.70
  43.43
  39.59
  36.13
  33.02
  30.21
  27.69
  25.42
  23.38
  21.54
  19.89
  18.40
  17.06
  15.85
  14.77
  13.79
  12.91
  12.12
  11.41
  10.77
  10.19
  9.67
  9.20
  8.78
  8.41
  8.07
  7.76
  7.48
  7.23
  7.01
Revenue, $m
  360
  532
  763
  1,065
  1,449
  1,928
  2,510
  3,205
  4,020
  4,960
  6,028
  7,227
  8,557
  10,017
  11,605
  13,319
  15,156
  17,113
  19,187
  21,376
  23,678
  26,091
  28,614
  31,248
  33,993
  36,851
  39,823
  42,913
  46,124
  49,461
  52,929
Variable operating expenses, $m
 
  423
  604
  840
  1,141
  1,515
  1,971
  2,514
  3,152
  3,887
  4,723
  5,653
  6,693
  7,835
  9,077
  10,418
  11,854
  13,385
  15,007
  16,720
  18,520
  20,407
  22,381
  24,441
  26,588
  28,823
  31,148
  33,565
  36,077
  38,687
  41,399
Fixed operating expenses, $m
 
  16
  17
  17
  18
  18
  19
  19
  19
  20
  20
  21
  22
  22
  23
  23
  24
  24
  25
  26
  26
  27
  28
  28
  29
  30
  30
  31
  32
  33
  34
Total operating expenses, $m
  305
  439
  621
  857
  1,159
  1,533
  1,990
  2,533
  3,171
  3,907
  4,743
  5,674
  6,715
  7,857
  9,100
  10,441
  11,878
  13,409
  15,032
  16,746
  18,546
  20,434
  22,409
  24,469
  26,617
  28,853
  31,178
  33,596
  36,109
  38,720
  41,433
Operating income, $m
  56
  92
  142
  207
  291
  394
  521
  672
  849
  1,053
  1,285
  1,553
  1,842
  2,160
  2,505
  2,878
  3,278
  3,703
  4,155
  4,631
  5,132
  5,657
  6,206
  6,779
  7,376
  7,998
  8,644
  9,317
  10,015
  10,741
  11,496
EBITDA, $m
  82
  123
  184
  263
  363
  489
  641
  824
  1,038
  1,284
  1,565
  1,880
  2,229
  2,612
  3,029
  3,479
  3,962
  4,476
  5,021
  5,596
  6,200
  6,834
  7,497
  8,189
  8,910
  9,661
  10,442
  11,253
  12,097
  12,974
  13,885
Interest expense (income), $m
  0
  0
  2
  4
  7
  10
  15
  20
  27
  34
  43
  53
  64
  77
  90
  105
  121
  138
  157
  176
  196
  218
  240
  264
  289
  314
  341
  369
  398
  428
  459
Earnings before tax, $m
  57
  92
  140
  203
  284
  384
  506
  652
  822
  1,019
  1,242
  1,500
  1,778
  2,083
  2,415
  2,773
  3,157
  3,565
  3,998
  4,455
  4,935
  5,439
  5,965
  6,515
  7,087
  7,683
  8,303
  8,948
  9,618
  10,314
  11,037
Tax expense, $m
  19
  25
  38
  55
  77
  104
  137
  176
  222
  275
  335
  405
  480
  563
  652
  749
  852
  963
  1,079
  1,203
  1,333
  1,468
  1,611
  1,759
  1,914
  2,075
  2,242
  2,416
  2,597
  2,785
  2,980
Net income, $m
  38
  67
  102
  148
  207
  280
  369
  476
  600
  744
  907
  1,095
  1,298
  1,521
  1,763
  2,024
  2,304
  2,603
  2,919
  3,252
  3,603
  3,970
  4,355
  4,756
  5,174
  5,609
  6,062
  6,532
  7,021
  7,529
  8,057

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  423
  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
  752
  486
  697
  973
  1,325
  1,762
  2,294
  2,930
  3,675
  4,534
  5,510
  6,606
  7,822
  9,156
  10,608
  12,174
  13,853
  15,642
  17,538
  19,539
  21,643
  23,849
  26,156
  28,563
  31,072
  33,684
  36,401
  39,226
  42,161
  45,211
  48,381
Adjusted assets (=assets-cash), $m
  329
  486
  697
  973
  1,325
  1,762
  2,294
  2,930
  3,675
  4,534
  5,510
  6,606
  7,822
  9,156
  10,608
  12,174
  13,853
  15,642
  17,538
  19,539
  21,643
  23,849
  26,156
  28,563
  31,072
  33,684
  36,401
  39,226
  42,161
  45,211
  48,381
Revenue / Adjusted assets
  1.094
  1.095
  1.095
  1.095
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
Average production assets, $m
  124
  182
  262
  365
  497
  661
  861
  1,099
  1,379
  1,701
  2,068
  2,479
  2,935
  3,436
  3,980
  4,568
  5,198
  5,870
  6,581
  7,332
  8,121
  8,949
  9,815
  10,718
  11,660
  12,640
  13,659
  14,719
  15,821
  16,965
  18,155
Working capital, $m
  398
  -36
  -51
  -71
  -97
  -129
  -168
  -215
  -269
  -332
  -404
  -484
  -573
  -671
  -778
  -892
  -1,015
  -1,147
  -1,286
  -1,432
  -1,586
  -1,748
  -1,917
  -2,094
  -2,278
  -2,469
  -2,668
  -2,875
  -3,090
  -3,314
  -3,546
Total debt, $m
  1
  46
  108
  188
  291
  418
  574
  759
  977
  1,228
  1,513
  1,833
  2,188
  2,578
  3,001
  3,459
  3,949
  4,472
  5,025
  5,609
  6,224
  6,868
  7,541
  8,244
  8,977
  9,740
  10,533
  11,358
  12,215
  13,106
  14,031
Total liabilities, $m
  97
  142
  204
  284
  387
  514
  670
  855
  1,073
  1,324
  1,609
  1,929
  2,284
  2,674
  3,097
  3,555
  4,045
  4,568
  5,121
  5,705
  6,320
  6,964
  7,637
  8,340
  9,073
  9,836
  10,629
  11,454
  12,311
  13,202
  14,127
Total equity, $m
  655
  344
  494
  689
  938
  1,247
  1,624
  2,074
  2,602
  3,210
  3,901
  4,677
  5,538
  6,483
  7,510
  8,619
  9,808
  11,075
  12,417
  13,834
  15,323
  16,885
  18,518
  20,223
  21,999
  23,849
  25,772
  27,772
  29,850
  32,009
  34,254
Total liabilities and equity, $m
  752
  486
  698
  973
  1,325
  1,761
  2,294
  2,929
  3,675
  4,534
  5,510
  6,606
  7,822
  9,157
  10,607
  12,174
  13,853
  15,643
  17,538
  19,539
  21,643
  23,849
  26,155
  28,563
  31,072
  33,685
  36,401
  39,226
  42,161
  45,211
  48,381
Debt-to-equity ratio
  0.002
  0.130
  0.220
  0.270
  0.310
  0.340
  0.350
  0.370
  0.380
  0.380
  0.390
  0.390
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
Adjusted equity ratio
  0.705
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  38
  67
  102
  148
  207
  280
  369
  476
  600
  744
  907
  1,095
  1,298
  1,521
  1,763
  2,024
  2,304
  2,603
  2,919
  3,252
  3,603
  3,970
  4,355
  4,756
  5,174
  5,609
  6,062
  6,532
  7,021
  7,529
  8,057
Depreciation, amort., depletion, $m
  26
  31
  42
  56
  73
  94
  121
  152
  189
  231
  280
  326
  386
  452
  524
  601
  684
  772
  866
  965
  1,069
  1,178
  1,291
  1,410
  1,534
  1,663
  1,797
  1,937
  2,082
  2,232
  2,389
Funds from operations, $m
  112
  99
  144
  204
  280
  375
  490
  628
  789
  975
  1,186
  1,421
  1,684
  1,973
  2,287
  2,625
  2,988
  3,375
  3,785
  4,217
  4,671
  5,148
  5,646
  6,166
  6,708
  7,272
  7,859
  8,469
  9,103
  9,761
  10,446
Change in working capital, $m
  9
  -12
  -15
  -20
  -26
  -32
  -39
  -47
  -55
  -63
  -72
  -80
  -89
  -98
  -106
  -115
  -123
  -131
  -139
  -147
  -154
  -162
  -169
  -176
  -184
  -191
  -199
  -207
  -215
  -224
  -232
Cash from operations, $m
  103
  130
  160
  224
  306
  407
  529
  674
  844
  1,038
  1,258
  1,502
  1,773
  2,071
  2,393
  2,740
  3,111
  3,506
  3,924
  4,363
  4,826
  5,309
  5,815
  6,343
  6,892
  7,464
  8,058
  8,676
  9,318
  9,985
  10,678
Maintenance CAPEX, $m
  0
  -16
  -24
  -34
  -48
  -65
  -87
  -113
  -145
  -181
  -224
  -272
  -326
  -386
  -452
  -524
  -601
  -684
  -772
  -866
  -965
  -1,069
  -1,178
  -1,291
  -1,410
  -1,534
  -1,663
  -1,797
  -1,937
  -2,082
  -2,232
New CAPEX, $m
  -60
  -59
  -79
  -104
  -132
  -164
  -200
  -238
  -279
  -322
  -366
  -411
  -456
  -501
  -545
  -588
  -630
  -671
  -711
  -751
  -790
  -828
  -866
  -903
  -942
  -980
  -1,019
  -1,060
  -1,101
  -1,145
  -1,189
Cash from investing activities, $m
  -45
  -75
  -103
  -138
  -180
  -229
  -287
  -351
  -424
  -503
  -590
  -683
  -782
  -887
  -997
  -1,112
  -1,231
  -1,355
  -1,483
  -1,617
  -1,755
  -1,897
  -2,044
  -2,194
  -2,352
  -2,514
  -2,682
  -2,857
  -3,038
  -3,227
  -3,421
Free cash flow, $m
  58
  54
  57
  86
  126
  177
  242
  323
  420
  534
  668
  818
  991
  1,184
  1,396
  1,629
  1,880
  2,151
  2,440
  2,747
  3,071
  3,413
  3,772
  4,148
  4,540
  4,949
  5,375
  5,819
  6,280
  6,759
  7,257
Issuance/(repayment) of debt, $m
  -4
  46
  62
  81
  103
  128
  155
  186
  217
  251
  285
  320
  355
  390
  424
  457
  490
  522
  554
  584
  614
  644
  674
  703
  733
  763
  793
  825
  857
  891
  926
Issuance/(repurchase) of shares, $m
  289
  0
  31
  29
  20
  4
  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  
  288
  46
  93
  110
  123
  132
  155
  186
  217
  251
  285
  320
  355
  390
  424
  457
  490
  522
  554
  584
  614
  644
  674
  703
  733
  763
  793
  825
  857
  891
  926
Total cash flow (excl. dividends), $m
  347
  100
  118
  167
  229
  305
  398
  508
  637
  785
  953
  1,138
  1,346
  1,573
  1,820
  2,086
  2,371
  2,673
  2,993
  3,331
  3,686
  4,057
  4,446
  4,851
  5,273
  5,712
  6,169
  6,643
  7,137
  7,649
  8,182
Retained Cash Flow (-), $m
  -364
  -111
  -149
  -195
  -249
  -310
  -377
  -450
  -527
  -608
  -691
  -776
  -861
  -945
  -1,028
  -1,109
  -1,189
  -1,266
  -1,342
  -1,417
  -1,490
  -1,562
  -1,633
  -1,705
  -1,776
  -1,849
  -1,923
  -2,000
  -2,078
  -2,160
  -2,244
Prev. year cash balance distribution, $m
 
  422
  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
 
  411
  0
  0
  0
  0
  21
  58
  110
  177
  261
  363
  486
  629
  793
  977
  1,182
  1,407
  1,651
  1,914
  2,196
  2,496
  2,812
  3,146
  3,496
  3,863
  4,245
  4,644
  5,059
  5,490
  5,938
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
 
  394
  0
  0
  0
  0
  15
  39
  69
  102
  137
  172
  207
  239
  266
  287
  300
  306
  304
  295
  279
  258
  233
  206
  178
  150
  124
  100
  78
  60
  45
Current shareholders' claim on cash, %
  100
  100.0
  98.5
  97.5
  97.0
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9

Ellie Mae, Inc. provides on-demand software solutions and services for the residential mortgage industry in the United States. The company provides Encompass, a proprietary software solution that combines loan origination and enterprise management software for mortgage originators into a system, as well as access to investors, lenders, and service providers on the Ellie Mae Network. Its Encompass solutions and services comprise Ellie Mae Total Quality Loan Program that offers fraud detection, valuation, validation, and risk analysis services; Encompass CenterWise, Encompass Compliance Service, and Encompass Docs Solution as integrated components; Encompass Docs Solution, a disclosure and closing document preparation solution; and Encompass Compliance Service to analyze mortgage loan data for compliance with consumer protection laws and institutionally mandated compliance policies. The company’s Encompass solutions and services also include Encompass Product and Pricing Service to compare loans offered by lenders and investors; Encompass Flood Service to order and transfer flood zone determination; Encompass CRM to manage contacts, leads, and marketing campaigns; Encompass 4506-T Service, an integrated income verification solution; Encompass Appraisal Central to order, track, and retrieve appraisal reports; and Encompass Fraud Service to order collateral and non-collateral based fraud risk reports. In addition, it offers Encompass Consumer Connect enables lenders to deliver an online loan origination experience for borrowers; Encompass TPO WebCenter for loan level interaction; Encompass TPO Connect, which provides a Web experience for wholesale and correspondent lending channels; and Encompass Loan Officer Connect used for loan officers. Further, the company offers research and reference, education, documentation, and data and analytics products under the AllRegs brand. Ellie Mae, Inc. was founded in 1997 and is headquartered in Pleasanton, California.

FINANCIAL RATIOS  of  ELLIE MAE (ELLI)

Valuation Ratios
P/E Ratio 99
Price to Sales 10.4
Price to Book 5.7
Price to Tangible Book
Price to Cash Flow 36.5
Price to Free Cash Flow 87.5
Growth Rates
Sales Growth Rate 41.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 15.4%
Cap. Spend. - 3 Yr. Gr. Rate 58.5%
Financial Strength
Quick Ratio 423
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 6.8%
Ret/ On Assets - 3 Yr. Avg. 6.4%
Return On Total Capital 8%
Ret/ On T. Cap. - 3 Yr. Avg. 7.5%
Return On Equity 8%
Return On Equity - 3 Yr. Avg. 7.5%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 66.7%
Gross Margin - 3 Yr. Avg. 68.2%
EBITDA Margin 23.1%
EBITDA Margin - 3 Yr. Avg. 20.6%
Operating Margin 15.3%
Oper. Margin - 3 Yr. Avg. 14.1%
Pre-Tax Margin 15.8%
Pre-Tax Margin - 3 Yr. Avg. 14.3%
Net Profit Margin 10.6%
Net Profit Margin - 3 Yr. Avg. 9.5%
Effective Tax Rate 33.3%
Eff/ Tax Rate - 3 Yr. Avg. 33.5%
Payout Ratio 0%

ELLI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ELLI stock intrinsic value calculation we used $360 million for the last fiscal year's total revenue generated by ELLIE MAE. The default revenue input number comes from 2016 income statement of ELLIE MAE. 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 ELLI stock valuation model: a) initial revenue growth rate of 47.7% 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 ELLI is calculated based on our internal credit rating of ELLIE MAE, 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 ELLIE MAE.
    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 ELLI stock the variable cost ratio is equal to 80.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $16 million in the base year in the intrinsic value calculation for ELLI 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 ELLIE MAE.

Corporate tax rate of 27% is the nominal tax rate for ELLIE MAE. 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 ELLI 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 ELLI are equal to 34.3%.

Life of production assets of 7.6 years is the average useful life of capital assets used in ELLIE MAE 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 ELLI is equal to -6.7%. 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 - $655 million for ELLIE MAE - 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 34.17 million for ELLIE MAE 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 ELLIE MAE at the current share price and the inputted number of shares is $3.8 billion.


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COMPANY NEWS

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▶ Ellie Mae to Host Analyst Day on March 7, 2017   [Feb-15-17 04:05PM  Business Wire]
▶ Why Sears Holdings, Infinera, and Ellie Mae Jumped Today   [Feb-10-17 04:40PM  at Motley Fool]
▶ Ellie Mae Taps Former Hitachi Exec as CIO   [Feb-08-17 05:22PM  at The Wall Street Journal]
▶ John Abel Joins Ellie Mae as Chief Information Officer   [Feb-07-17 04:05PM  Business Wire]
▶ Ellie Mae Announces 2017 Hall of Fame Award Finalists   [Jan-10-17 09:00AM  Business Wire]
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Stock chart of ELLI Financial statements of ELLI Annual reports of ELLI
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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