Intrinsic value of ELLIE MAE - ELLI

Previous Close

$84.07

  Intrinsic Value

$56.78

stock screener

  Rating & Target

sell

-32%

  Value-price divergence*

+2104%

Previous close

$84.07

 
Intrinsic value

$56.78

 
Up/down potential

-32%

 
Rating

sell

 
Value-price divergence*

+2104%

*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
  25.70
  23.63
  21.77
  20.09
  18.58
  17.22
  16.00
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
Revenue, $m
  360
  453
  559
  681
  818
  970
  1,137
  1,319
  1,516
  1,727
  1,951
  2,190
  2,441
  2,706
  2,984
  3,274
  3,578
  3,894
  4,223
  4,565
  4,921
  5,291
  5,676
  6,075
  6,490
  6,922
  7,371
  7,838
  8,324
  8,831
  9,358
Variable operating expenses, $m
 
  361
  445
  540
  647
  766
  897
  1,039
  1,193
  1,358
  1,534
  1,713
  1,910
  2,117
  2,334
  2,561
  2,798
  3,046
  3,303
  3,571
  3,849
  4,139
  4,439
  4,752
  5,077
  5,414
  5,765
  6,131
  6,511
  6,907
  7,320
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
  377
  462
  557
  665
  784
  916
  1,058
  1,212
  1,378
  1,554
  1,734
  1,932
  2,139
  2,357
  2,584
  2,822
  3,070
  3,328
  3,597
  3,875
  4,166
  4,467
  4,780
  5,106
  5,444
  5,795
  6,162
  6,543
  6,940
  7,354
Operating income, $m
  56
  75
  98
  124
  153
  186
  222
  261
  303
  349
  397
  456
  510
  567
  627
  690
  756
  824
  895
  969
  1,046
  1,126
  1,209
  1,295
  1,385
  1,478
  1,575
  1,676
  1,781
  1,891
  2,005
EBITDA, $m
  82
  98
  124
  155
  189
  226
  268
  314
  363
  415
  472
  531
  594
  660
  730
  802
  878
  957
  1,040
  1,126
  1,215
  1,307
  1,403
  1,504
  1,607
  1,716
  1,828
  1,945
  2,067
  2,194
  2,326
Interest expense (income), $m
  0
  0
  1
  2
  3
  4
  6
  7
  9
  11
  13
  15
  17
  19
  22
  25
  27
  30
  33
  36
  39
  43
  46
  50
  53
  57
  61
  65
  70
  74
  79
Earnings before tax, $m
  57
  75
  97
  122
  150
  181
  216
  254
  294
  338
  384
  441
  493
  548
  605
  666
  728
  794
  862
  933
  1,007
  1,083
  1,163
  1,245
  1,331
  1,421
  1,514
  1,611
  1,712
  1,816
  1,926
Tax expense, $m
  19
  20
  26
  33
  41
  49
  58
  68
  79
  91
  104
  119
  133
  148
  163
  180
  197
  214
  233
  252
  272
  292
  314
  336
  359
  384
  409
  435
  462
  490
  520
Net income, $m
  38
  55
  71
  89
  110
  132
  158
  185
  215
  247
  281
  322
  360
  400
  442
  486
  532
  579
  629
  681
  735
  791
  849
  909
  972
  1,037
  1,105
  1,176
  1,249
  1,326
  1,406

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
  414
  511
  623
  748
  887
  1,039
  1,206
  1,385
  1,578
  1,784
  2,002
  2,232
  2,474
  2,728
  2,993
  3,270
  3,559
  3,860
  4,173
  4,498
  4,837
  5,188
  5,553
  5,933
  6,327
  6,738
  7,165
  7,609
  8,072
  8,554
Adjusted assets (=assets-cash), $m
  329
  414
  511
  623
  748
  887
  1,039
  1,206
  1,385
  1,578
  1,784
  2,002
  2,232
  2,474
  2,728
  2,993
  3,270
  3,559
  3,860
  4,173
  4,498
  4,837
  5,188
  5,553
  5,933
  6,327
  6,738
  7,165
  7,609
  8,072
  8,554
Revenue / Adjusted assets
  1.094
  1.094
  1.094
  1.093
  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
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
Average production assets, $m
  124
  155
  192
  234
  281
  333
  390
  452
  520
  592
  669
  751
  837
  928
  1,024
  1,123
  1,227
  1,336
  1,448
  1,566
  1,688
  1,815
  1,947
  2,084
  2,226
  2,374
  2,528
  2,688
  2,855
  3,029
  3,210
Working capital, $m
  398
  -30
  -37
  -46
  -55
  -65
  -76
  -88
  -102
  -116
  -131
  -147
  -164
  -181
  -200
  -219
  -240
  -261
  -283
  -306
  -330
  -355
  -380
  -407
  -435
  -464
  -494
  -525
  -558
  -592
  -627
Total debt, $m
  1
  25
  53
  86
  122
  163
  208
  256
  309
  365
  425
  488
  556
  626
  700
  778
  859
  943
  1,031
  1,123
  1,218
  1,316
  1,419
  1,526
  1,636
  1,752
  1,871
  1,996
  2,126
  2,261
  2,402
Total liabilities, $m
  97
  121
  149
  182
  218
  259
  304
  352
  405
  461
  521
  584
  652
  722
  796
  874
  955
  1,039
  1,127
  1,219
  1,314
  1,412
  1,515
  1,622
  1,732
  1,848
  1,967
  2,092
  2,222
  2,357
  2,498
Total equity, $m
  655
  293
  362
  441
  529
  628
  736
  854
  981
  1,117
  1,263
  1,417
  1,580
  1,751
  1,931
  2,119
  2,315
  2,520
  2,733
  2,955
  3,185
  3,424
  3,673
  3,932
  4,200
  4,480
  4,770
  5,073
  5,387
  5,715
  6,056
Total liabilities and equity, $m
  752
  414
  511
  623
  747
  887
  1,040
  1,206
  1,386
  1,578
  1,784
  2,001
  2,232
  2,473
  2,727
  2,993
  3,270
  3,559
  3,860
  4,174
  4,499
  4,836
  5,188
  5,554
  5,932
  6,328
  6,737
  7,165
  7,609
  8,072
  8,554
Debt-to-equity ratio
  0.002
  0.080
  0.150
  0.190
  0.230
  0.260
  0.280
  0.300
  0.310
  0.330
  0.340
  0.340
  0.350
  0.360
  0.360
  0.370
  0.370
  0.370
  0.380
  0.380
  0.380
  0.380
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.400
  0.400
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
  55
  71
  89
  110
  132
  158
  185
  215
  247
  281
  322
  360
  400
  442
  486
  532
  579
  629
  681
  735
  791
  849
  909
  972
  1,037
  1,105
  1,176
  1,249
  1,326
  1,406
Depreciation, amort., depletion, $m
  26
  23
  27
  31
  36
  41
  47
  53
  59
  67
  74
  75
  84
  93
  102
  112
  123
  134
  145
  157
  169
  181
  195
  208
  223
  237
  253
  269
  286
  303
  321
Funds from operations, $m
  112
  78
  97
  120
  145
  173
  204
  238
  274
  313
  355
  397
  444
  493
  544
  598
  654
  713
  774
  838
  904
  972
  1,043
  1,118
  1,195
  1,275
  1,358
  1,445
  1,535
  1,629
  1,727
Change in working capital, $m
  9
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
Cash from operations, $m
  103
  84
  104
  128
  154
  183
  215
  250
  287
  327
  370
  413
  461
  511
  563
  618
  675
  734
  796
  860
  927
  997
  1,069
  1,144
  1,222
  1,304
  1,388
  1,476
  1,568
  1,663
  1,762
Maintenance CAPEX, $m
  0
  -12
  -16
  -19
  -23
  -28
  -33
  -39
  -45
  -52
  -59
  -67
  -75
  -84
  -93
  -102
  -112
  -123
  -134
  -145
  -157
  -169
  -181
  -195
  -208
  -223
  -237
  -253
  -269
  -286
  -303
New CAPEX, $m
  -60
  -32
  -37
  -42
  -47
  -52
  -57
  -62
  -67
  -72
  -77
  -82
  -86
  -91
  -95
  -100
  -104
  -108
  -113
  -117
  -122
  -127
  -132
  -137
  -142
  -148
  -154
  -160
  -167
  -174
  -181
Cash from investing activities, $m
  -45
  -44
  -53
  -61
  -70
  -80
  -90
  -101
  -112
  -124
  -136
  -149
  -161
  -175
  -188
  -202
  -216
  -231
  -247
  -262
  -279
  -296
  -313
  -332
  -350
  -371
  -391
  -413
  -436
  -460
  -484
Free cash flow, $m
  58
  40
  52
  67
  84
  103
  125
  149
  175
  203
  234
  264
  299
  336
  375
  416
  458
  503
  550
  598
  649
  701
  756
  813
  872
  933
  997
  1,063
  1,132
  1,204
  1,278
Issuance/(repayment) of debt, $m
  -4
  25
  29
  33
  37
  41
  45
  49
  52
  56
  60
  64
  67
  71
  74
  78
  81
  84
  88
  91
  95
  99
  103
  107
  111
  115
  120
  125
  130
  135
  141
Issuance/(repurchase) of shares, $m
  289
  5
  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
  30
  29
  33
  37
  41
  45
  49
  52
  56
  60
  64
  67
  71
  74
  78
  81
  84
  88
  91
  95
  99
  103
  107
  111
  115
  120
  125
  130
  135
  141
Total cash flow (excl. dividends), $m
  347
  70
  81
  99
  120
  144
  169
  197
  227
  259
  294
  328
  366
  407
  449
  493
  539
  587
  638
  690
  744
  800
  858
  919
  982
  1,048
  1,116
  1,188
  1,262
  1,339
  1,419
Retained Cash Flow (-), $m
  -364
  -60
  -69
  -79
  -89
  -98
  -108
  -118
  -127
  -136
  -145
  -154
  -163
  -171
  -180
  -188
  -196
  -205
  -213
  -222
  -230
  -239
  -249
  -259
  -269
  -279
  -291
  -302
  -315
  -328
  -341
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
 
  432
  12
  21
  32
  45
  61
  79
  100
  123
  148
  174
  203
  235
  269
  305
  343
  383
  425
  468
  513
  561
  610
  661
  714
  769
  826
  885
  947
  1,011
  1,078
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
 
  414
  11
  18
  26
  35
  44
  54
  63
  71
  78
  83
  87
  89
  90
  90
  87
  83
  78
  72
  65
  58
  51
  43
  36
  30
  24
  19
  15
  11
  8
Current shareholders' claim on cash, %
  100
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5

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 74.5
Price to Sales 7.9
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 27.5
Price to Free Cash Flow 65.9
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 25.7% 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 10 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 $2.9 billion.

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COMPANY NEWS

▶ 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]
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▶ 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]
▶ ETFs with exposure to Ellie Mae, Inc. : May 15, 2017   [May-15-17 03:38PM  Capital Cube]
▶ ETFs with exposure to Ellie Mae, Inc. : May 4, 2017   [May-04-17 03:55PM  Capital Cube]
▶ Here's My Top Stock to Buy in May   [May-02-17 06:37AM  Motley Fool]
▶ Here's Why Ellie Mae Is Dropping Today   [Apr-28-17 12:13PM  Motley Fool]
▶ Ellie Mae beats Street 1Q forecasts   [06:02PM  Associated Press]
▶ Ellie Mae Reports First Quarter 2017 Results   [04:05PM  Business Wire]
▶ Mortgage Industry Stock Ellie Mae Earns IBD Rating Upgrade   [Apr-24-17 11:06AM  Investor's Business Daily]
▶ 3 Top Software Stocks to Buy in 2017   [Apr-19-17 06:21PM  Motley Fool]
▶ Ellie Mae Announces HMDA Readiness Initiatives   [Apr-17-17 04:15PM  Business Wire]
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Stock chart of ELLI 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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