Intrinsic value of ELLIE MAE - ELLI

Previous Close

$86.78

  Intrinsic Value

$41.24

stock screener

  Rating & Target

str. sell

-52%

  Value-price divergence*

+73%

Previous close

$86.78

 
Intrinsic value

$41.24

 
Up/down potential

-52%

 
Rating

str. sell

 
Value-price divergence*

+73%

*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 2.9

 

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
  15.60
  14.54
  13.59
  12.73
  11.95
  11.26
  10.63
  10.07
  9.56
  9.11
  8.70
  8.33
  7.99
  7.69
  7.42
  7.18
  6.96
  6.77
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.85
  5.76
  5.68
  5.62
  5.55
  5.50
Revenue, $m
  360
  416
  477
  541
  610
  683
  760
  841
  926
  1,014
  1,107
  1,203
  1,303
  1,407
  1,516
  1,628
  1,745
  1,866
  1,993
  2,124
  2,261
  2,403
  2,551
  2,705
  2,866
  3,033
  3,208
  3,390
  3,581
  3,780
  3,988
Variable operating expenses, $m
 
  333
  380
  431
  485
  542
  602
  665
  732
  801
  873
  941
  1,019
  1,101
  1,185
  1,273
  1,365
  1,460
  1,559
  1,661
  1,768
  1,880
  1,995
  2,116
  2,242
  2,373
  2,509
  2,652
  2,801
  2,956
  3,119
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
  349
  397
  448
  503
  560
  621
  684
  751
  821
  893
  962
  1,041
  1,123
  1,208
  1,296
  1,389
  1,484
  1,584
  1,687
  1,794
  1,907
  2,023
  2,144
  2,271
  2,403
  2,539
  2,683
  2,833
  2,989
  3,153
Operating income, $m
  56
  67
  80
  93
  108
  123
  140
  157
  175
  193
  213
  241
  262
  284
  308
  331
  356
  382
  409
  437
  466
  497
  528
  561
  595
  631
  668
  707
  748
  791
  835
EBITDA, $m
  82
  93
  109
  125
  143
  162
  181
  202
  224
  247
  271
  295
  321
  348
  376
  405
  435
  466
  499
  533
  568
  605
  643
  683
  725
  768
  813
  860
  910
  961
  1,015
Interest expense (income), $m
  0
  0
  1
  1
  2
  2
  3
  4
  4
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  20
  22
  23
  25
  27
  28
  30
  32
Earnings before tax, $m
  57
  67
  79
  92
  106
  121
  137
  153
  170
  188
  207
  234
  254
  276
  298
  321
  345
  369
  395
  422
  450
  479
  509
  541
  573
  608
  643
  681
  720
  761
  803
Tax expense, $m
  19
  18
  21
  25
  29
  33
  37
  41
  46
  51
  56
  63
  69
  74
  80
  87
  93
  100
  107
  114
  121
  129
  137
  146
  155
  164
  174
  184
  194
  205
  217
Net income, $m
  38
  49
  58
  67
  77
  88
  100
  112
  124
  137
  151
  171
  186
  201
  217
  234
  251
  270
  288
  308
  328
  350
  372
  395
  419
  444
  470
  497
  525
  555
  586

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
  380
  436
  495
  558
  625
  695
  769
  846
  927
  1,012
  1,100
  1,191
  1,286
  1,385
  1,488
  1,595
  1,706
  1,822
  1,942
  2,067
  2,196
  2,332
  2,473
  2,620
  2,773
  2,932
  3,099
  3,273
  3,455
  3,645
Adjusted assets (=assets-cash), $m
  329
  380
  436
  495
  558
  625
  695
  769
  846
  927
  1,012
  1,100
  1,191
  1,286
  1,385
  1,488
  1,595
  1,706
  1,822
  1,942
  2,067
  2,196
  2,332
  2,473
  2,620
  2,773
  2,932
  3,099
  3,273
  3,455
  3,645
Revenue / Adjusted assets
  1.094
  1.095
  1.094
  1.093
  1.093
  1.093
  1.094
  1.094
  1.095
  1.094
  1.094
  1.094
  1.094
  1.094
  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
Average production assets, $m
  124
  143
  163
  186
  209
  234
  261
  288
  318
  348
  380
  413
  447
  483
  520
  558
  599
  640
  684
  729
  775
  824
  875
  928
  983
  1,040
  1,100
  1,163
  1,228
  1,296
  1,368
Working capital, $m
  398
  -28
  -32
  -36
  -41
  -46
  -51
  -56
  -62
  -68
  -74
  -81
  -87
  -94
  -102
  -109
  -117
  -125
  -134
  -142
  -151
  -161
  -171
  -181
  -192
  -203
  -215
  -227
  -240
  -253
  -267
Total debt, $m
  1
  15
  31
  49
  67
  86
  107
  128
  151
  175
  199
  225
  252
  280
  309
  339
  370
  402
  436
  471
  507
  545
  585
  626
  669
  714
  760
  809
  860
  913
  968
Total liabilities, $m
  97
  111
  127
  145
  163
  182
  203
  224
  247
  271
  295
  321
  348
  376
  405
  435
  466
  498
  532
  567
  603
  641
  681
  722
  765
  810
  856
  905
  956
  1,009
  1,064
Total equity, $m
  655
  269
  308
  350
  395
  442
  492
  544
  599
  656
  716
  778
  843
  911
  981
  1,054
  1,129
  1,208
  1,290
  1,375
  1,463
  1,555
  1,651
  1,751
  1,855
  1,963
  2,076
  2,194
  2,317
  2,446
  2,581
Total liabilities and equity, $m
  752
  380
  435
  495
  558
  624
  695
  768
  846
  927
  1,011
  1,099
  1,191
  1,287
  1,386
  1,489
  1,595
  1,706
  1,822
  1,942
  2,066
  2,196
  2,332
  2,473
  2,620
  2,773
  2,932
  3,099
  3,273
  3,455
  3,645
Debt-to-equity ratio
  0.002
  0.060
  0.100
  0.140
  0.170
  0.200
  0.220
  0.240
  0.250
  0.270
  0.280
  0.290
  0.300
  0.310
  0.310
  0.320
  0.330
  0.330
  0.340
  0.340
  0.350
  0.350
  0.350
  0.360
  0.360
  0.360
  0.370
  0.370
  0.370
  0.370
  0.380
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
  49
  58
  67
  77
  88
  100
  112
  124
  137
  151
  171
  186
  201
  217
  234
  251
  270
  288
  308
  328
  350
  372
  395
  419
  444
  470
  497
  525
  555
  586
Depreciation, amort., depletion, $m
  26
  26
  29
  32
  35
  38
  42
  45
  49
  53
  57
  54
  59
  64
  68
  73
  79
  84
  90
  96
  102
  108
  115
  122
  129
  137
  145
  153
  162
  171
  180
Funds from operations, $m
  112
  75
  87
  99
  112
  127
  141
  157
  174
  191
  209
  225
  245
  265
  286
  308
  330
  354
  378
  404
  430
  458
  487
  517
  548
  581
  615
  650
  687
  726
  766
Change in working capital, $m
  9
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
Cash from operations, $m
  103
  79
  91
  104
  117
  131
  147
  163
  179
  197
  215
  232
  251
  272
  293
  315
  338
  362
  387
  413
  440
  468
  497
  527
  559
  592
  626
  662
  700
  739
  780
Maintenance CAPEX, $m
  0
  -16
  -19
  -22
  -24
  -28
  -31
  -34
  -38
  -42
  -46
  -50
  -54
  -59
  -64
  -68
  -73
  -79
  -84
  -90
  -96
  -102
  -108
  -115
  -122
  -129
  -137
  -145
  -153
  -162
  -171
New CAPEX, $m
  -60
  -19
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -63
  -65
  -68
  -71
Cash from investing activities, $m
  -45
  -35
  -40
  -44
  -48
  -53
  -57
  -62
  -67
  -72
  -78
  -83
  -88
  -95
  -101
  -107
  -113
  -121
  -127
  -135
  -143
  -151
  -159
  -168
  -177
  -186
  -197
  -208
  -218
  -230
  -242
Free cash flow, $m
  58
  43
  51
  60
  69
  79
  89
  100
  112
  124
  137
  149
  163
  177
  192
  208
  224
  242
  259
  278
  297
  317
  337
  359
  382
  405
  429
  455
  481
  509
  538
Issuance/(repayment) of debt, $m
  -4
  15
  16
  17
  18
  19
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
Issuance/(repurchase) of shares, $m
  289
  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 from financing (excl. dividends), $m  
  288
  15
  16
  17
  18
  19
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
Total cash flow (excl. dividends), $m
  347
  58
  67
  77
  87
  98
  110
  122
  135
  148
  162
  174
  189
  205
  221
  238
  256
  274
  293
  313
  333
  355
  377
  400
  424
  450
  476
  504
  532
  562
  594
Retained Cash Flow (-), $m
  -364
  -36
  -39
  -42
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -88
  -92
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -129
  -135
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
 
  444
  28
  35
  43
  51
  60
  70
  80
  91
  102
  112
  125
  138
  151
  165
  180
  195
  211
  228
  245
  263
  281
  300
  320
  341
  363
  386
  409
  434
  459
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
 
  426
  26
  31
  35
  40
  44
  47
  50
  52
  54
  53
  53
  52
  51
  49
  46
  42
  39
  35
  31
  27
  23
  20
  16
  13
  11
  8
  6
  5
  3
Current shareholders' claim on cash, %
  100
  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
  100.0

Ellie Mae, Inc. is a provider of on-demand software solutions and services for the residential mortgage industry in the United States. Banks, credit unions, mortgage lenders and mortgage brokers use the Company's Encompass mortgage management solution to originate and fund mortgages. The Company's Encompass software is an enterprise solution that handles functions involved in running the business of originating mortgages, including customer relationship management; loan processing; underwriting; preparation of application, disclosure and closing documents; funding and closing the loan for the borrower; compliance with regulatory and investor requirements, and overall enterprise management. It delivers Encompass software in an on-demand Software-as-a-Service (SaaS). It also hosts the Ellie Mae Network, an electronic platform that allows Encompass users to conduct electronic business transactions with investors and service providers they work with in order to process and fund loans.

FINANCIAL RATIOS  of  ELLIE MAE (ELLI)

Valuation Ratios
P/E Ratio 76.9
Price to Sales 8.1
Price to Book 4.5
Price to Tangible Book
Price to Cash Flow 28.4
Price to Free Cash Flow 68
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 15.6% 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 33.829 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 $2.9 billion.

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COMPANY NEWS

▶ Ellie Mae Receives 2018 CSO50 Award From IDG's CSO   [Oct-16-17 04:05PM  Business Wire]
▶ ETFs with exposure to Ellie Mae, Inc. : October 5, 2017   [Oct-05-17 10:59AM  Capital Cube]
▶ Ellie Mae Completes Acquisition of Velocify   [Oct-02-17 04:29PM  Business Wire]
▶ 3 Stocks With Facebook-Like Return Potential   [Sep-12-17 09:45AM  Motley Fool]
▶ Ellie Mae Announces Launch of Encompass Direct Mail   [Sep-11-17 04:05PM  Business Wire]
▶ Velocify sales software sells to Ellie Mae for $128 million   [Sep-05-17 06:00PM  American City Business Journals]
▶ Ellie Mae to buy Velocify for $128 million in cash   [Aug-31-17 05:27PM  MarketWatch]
▶ Ellie Mae to Acquire Velocify   [05:00PM  Business Wire]
▶ The 3 Stocks on the MFM Team's Radar This Week   [Aug-06-17 10:02PM  Motley Fool]
▶ Why Ellie Mae's Stock Is a Buy   [Aug-04-17 09:01PM  Motley Fool]
▶ Is Ellie Mae's Growth Hitting the Brakes?   [10:36AM  Motley Fool]
▶ Its Time to Get Greedy With Ellie Mae Inc   [07:44AM  Motley Fool]
▶ Story Stocks from Briefing.com   [08:59AM  Briefing.com]
▶ Why Ellie Mae Stock Is Sinking Today   [Jul-28-17 12:58PM  Motley Fool]
▶ Ellie Mae misses Street 2Q forecasts   [12:12AM  Associated Press]
▶ Ellie Mae Plunges as the Refinancing Cycle Ends   [Jul-27-17 07:45PM  Motley Fool]
▶ ETFs with exposure to Ellie Mae, Inc. : July 24, 2017   [Jul-24-17 03:40PM  Capital Cube]
▶ Ellie Mae Sees Its Composite Rating Rise To 96   [Jul-18-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Ellie Mae, Inc. : July 14, 2017   [Jul-14-17 02:11PM  Capital Cube]
▶ ETFs with exposure to Ellie Mae, Inc. : June 15, 2017   [Jun-15-17 01:47PM  Capital Cube]
▶ 3 Growth Stocks for Shrewd Investors   [08:41AM  Motley Fool]
▶ The Springboard Initiative Graduates Inaugural Class   [Jun-01-17 04:15PM  Business Wire]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [May-31-17 11:12AM  Investor's Business Daily]
▶ Build Your Investing Watch List With Stock Ratings, Buy Zones, Earnings   [May-26-17 09:12AM  Investor's Business Daily]
▶ Online Mortgage Services Provider Ellie Mae Earns Rating Upgrade   [May-25-17 12:21PM  Investor's Business Daily]
▶ 3 Top Stocks for Your IRA in May   [May-22-17 01:04PM  Motley Fool]
▶ 3 Top Bargain Stocks for Today   [08:48AM  Motley Fool]
Financial statements 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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