Intrinsic value of Five9 - FIVN

Previous Close

$21.78

  Intrinsic Value

$31.35

stock screener

  Rating & Target

buy

+44%

  Value-price divergence*

+3797%

Previous close

$21.78

 
Intrinsic value

$31.35

 
Up/down potential

+44%

 
Rating

buy

 
Value-price divergence*

+3797%

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

We calculate the intrinsic value of FIVN 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 1.1

 

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, %
  25.58
  23.70
  21.83
  20.15
  18.63
  17.27
  16.04
  14.94
  13.94
  13.05
  12.24
  11.52
  10.87
  10.28
  9.75
  9.28
  8.85
  8.47
  8.12
  7.81
  7.53
  7.27
  7.05
  6.84
  6.66
  6.49
  6.34
  6.21
  6.09
  5.98
  5.88
Revenue, $m
  162
  200
  244
  293
  348
  408
  474
  544
  620
  701
  787
  878
  973
  1,073
  1,178
  1,287
  1,401
  1,519
  1,643
  1,771
  1,904
  2,043
  2,187
  2,336
  2,492
  2,654
  2,822
  2,997
  3,180
  3,370
  3,568
Variable operating expenses, $m
 
  121
  147
  176
  209
  245
  284
  326
  372
  420
  471
  524
  581
  641
  704
  769
  837
  908
  982
  1,058
  1,138
  1,221
  1,307
  1,396
  1,489
  1,586
  1,686
  1,791
  1,900
  2,014
  2,132
Fixed operating expenses, $m
 
  76
  78
  80
  82
  84
  86
  88
  90
  92
  95
  97
  100
  102
  105
  107
  110
  113
  115
  118
  121
  124
  127
  131
  134
  137
  141
  144
  148
  151
  155
Total operating expenses, $m
  170
  197
  225
  256
  291
  329
  370
  414
  462
  512
  566
  621
  681
  743
  809
  876
  947
  1,021
  1,097
  1,176
  1,259
  1,345
  1,434
  1,527
  1,623
  1,723
  1,827
  1,935
  2,048
  2,165
  2,287
Operating income, $m
  -8
  4
  19
  37
  57
  79
  104
  130
  158
  189
  221
  256
  292
  330
  369
  411
  454
  499
  546
  594
  645
  698
  753
  810
  869
  931
  995
  1,062
  1,132
  1,205
  1,281
EBITDA, $m
  0
  7
  23
  41
  62
  85
  110
  137
  166
  197
  230
  265
  302
  341
  381
  424
  468
  514
  562
  612
  664
  719
  775
  833
  894
  958
  1,024
  1,093
  1,164
  1,239
  1,317
Interest expense (income), $m
  4
  3
  5
  6
  8
  10
  12
  15
  17
  20
  23
  26
  29
  33
  36
  40
  44
  48
  52
  57
  61
  66
  71
  76
  82
  87
  93
  99
  106
  112
  119
Earnings before tax, $m
  -12
  0
  15
  31
  49
  69
  91
  115
  141
  169
  198
  230
  263
  297
  333
  371
  410
  451
  493
  538
  584
  632
  681
  733
  787
  843
  902
  963
  1,026
  1,092
  1,161
Tax expense, $m
  0
  0
  4
  8
  13
  19
  25
  31
  38
  46
  53
  62
  71
  80
  90
  100
  111
  122
  133
  145
  158
  171
  184
  198
  213
  228
  243
  260
  277
  295
  314
Net income, $m
  -12
  0
  11
  23
  36
  51
  67
  84
  103
  123
  144
  168
  192
  217
  243
  271
  299
  329
  360
  392
  426
  461
  497
  535
  575
  616
  658
  703
  749
  797
  848

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  58
  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
  105
  107
  130
  157
  186
  218
  253
  291
  331
  374
  420
  469
  519
  573
  629
  687
  748
  811
  877
  946
  1,017
  1,091
  1,168
  1,247
  1,330
  1,417
  1,507
  1,600
  1,698
  1,799
  1,905
Adjusted assets (=assets-cash), $m
  47
  107
  130
  157
  186
  218
  253
  291
  331
  374
  420
  469
  519
  573
  629
  687
  748
  811
  877
  946
  1,017
  1,091
  1,168
  1,247
  1,330
  1,417
  1,507
  1,600
  1,698
  1,799
  1,905
Revenue / Adjusted assets
  3.447
  1.869
  1.877
  1.866
  1.871
  1.872
  1.874
  1.869
  1.873
  1.874
  1.874
  1.872
  1.875
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
  1.872
  1.872
  1.873
  1.872
  1.873
  1.874
  1.873
  1.873
  1.873
  1.873
  1.873
  1.873
Average production assets, $m
  17
  20
  25
  30
  35
  42
  48
  56
  63
  72
  80
  90
  99
  109
  120
  131
  143
  155
  168
  181
  194
  208
  223
  238
  254
  271
  288
  306
  324
  344
  364
Working capital, $m
  41
  -12
  -15
  -18
  -22
  -25
  -29
  -34
  -38
  -43
  -49
  -54
  -60
  -67
  -73
  -80
  -87
  -94
  -102
  -110
  -118
  -127
  -136
  -145
  -154
  -165
  -175
  -186
  -197
  -209
  -221
Total debt, $m
  46
  55
  73
  94
  117
  142
  170
  199
  231
  265
  301
  339
  379
  421
  465
  511
  559
  609
  660
  714
  770
  828
  889
  951
  1,017
  1,085
  1,155
  1,229
  1,305
  1,385
  1,468
Total liabilities, $m
  75
  84
  102
  123
  146
  171
  199
  228
  260
  294
  330
  368
  408
  450
  494
  540
  588
  638
  689
  743
  799
  857
  918
  980
  1,046
  1,114
  1,184
  1,258
  1,334
  1,414
  1,497
Total equity, $m
  30
  23
  28
  34
  40
  47
  54
  62
  71
  80
  90
  100
  111
  123
  135
  147
  160
  174
  188
  202
  218
  233
  250
  267
  285
  303
  322
  342
  363
  385
  408
Total liabilities and equity, $m
  105
  107
  130
  157
  186
  218
  253
  290
  331
  374
  420
  468
  519
  573
  629
  687
  748
  812
  877
  945
  1,017
  1,090
  1,168
  1,247
  1,331
  1,417
  1,506
  1,600
  1,697
  1,799
  1,905
Debt-to-equity ratio
  1.533
  2.410
  2.630
  2.810
  2.940
  3.050
  3.140
  3.210
  3.260
  3.310
  3.350
  3.380
  3.410
  3.440
  3.460
  3.480
  3.490
  3.510
  3.520
  3.530
  3.540
  3.550
  3.560
  3.560
  3.570
  3.580
  3.580
  3.590
  3.590
  3.600
  3.600
Adjusted equity ratio
  -0.596
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -12
  0
  11
  23
  36
  51
  67
  84
  103
  123
  144
  168
  192
  217
  243
  271
  299
  329
  360
  392
  426
  461
  497
  535
  575
  616
  658
  703
  749
  797
  848
Depreciation, amort., depletion, $m
  8
  3
  4
  4
  5
  5
  6
  7
  8
  8
  9
  9
  10
  11
  12
  13
  14
  15
  17
  18
  19
  21
  22
  24
  25
  27
  29
  31
  32
  34
  36
Funds from operations, $m
  6
  3
  14
  27
  41
  56
  73
  91
  110
  131
  154
  177
  202
  228
  255
  284
  314
  345
  377
  410
  445
  482
  520
  559
  600
  643
  687
  733
  781
  832
  884
Change in working capital, $m
  -1
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
Cash from operations, $m
  7
  6
  17
  30
  44
  60
  77
  95
  115
  136
  159
  183
  208
  234
  262
  291
  321
  352
  385
  418
  454
  490
  529
  568
  610
  653
  697
  744
  793
  844
  897
Maintenance CAPEX, $m
  0
  -2
  -2
  -2
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -31
  -32
  -34
New CAPEX, $m
  -1
  -4
  -4
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
Cash from investing activities, $m
  -2
  -6
  -6
  -7
  -9
  -10
  -11
  -12
  -14
  -14
  -16
  -17
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -32
  -33
  -36
  -37
  -40
  -42
  -44
  -47
  -50
  -51
  -54
Free cash flow, $m
  5
  0
  11
  22
  35
  50
  66
  83
  102
  122
  143
  165
  189
  214
  240
  267
  296
  326
  356
  389
  422
  457
  493
  531
  570
  611
  653
  697
  744
  792
  842
Issuance/(repayment) of debt, $m
  -10
  16
  18
  21
  23
  25
  27
  30
  32
  34
  36
  38
  40
  42
  44
  46
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  71
  74
  77
  80
  83
Issuance/(repurchase) of shares, $m
  6
  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
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -5
  20
  18
  21
  23
  25
  27
  30
  32
  34
  36
  38
  40
  42
  44
  46
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  71
  74
  77
  80
  83
Total cash flow (excl. dividends), $m
  0
  21
  29
  43
  58
  75
  93
  113
  134
  156
  179
  203
  229
  256
  284
  313
  344
  375
  408
  442
  478
  515
  553
  594
  635
  679
  724
  771
  820
  871
  925
Retained Cash Flow (-), $m
  -4
  -4
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
Prev. year cash balance distribution, $m
 
  12
  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
 
  28
  24
  37
  52
  68
  86
  105
  125
  147
  169
  193
  218
  244
  272
  301
  331
  362
  394
  428
  463
  499
  537
  576
  617
  660
  705
  751
  799
  850
  902
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
 
  26
  22
  32
  43
  53
  62
  71
  78
  84
  89
  92
  93
  93
  91
  88
  84
  79
  73
  66
  59
  52
  45
  38
  31
  26
  21
  16
  12
  9
  7
Current shareholders' claim on cash, %
  100
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8

Five9, Inc., together with its subsidiaries, provides cloud software for contact centers in the United States and internationally. It offers virtual contact center cloud platform that delivers a suite of applications which enables the breadth of contact center-related customer service, sales, and marketing functions; and acts a hub for omnichannel engagement between the clients and their customers, which enables them to manage the end-to-end customer experience in a single unified architecture. The company’s solution enables its clients to manage these customer interactions across various channels, including voice, chat, email, Web, social media, and mobile, as well as connects them to an appropriate agent. It also provides a set of management applications, including workforce management, reporting, quality management, and supervisor tools. The company serves customers in various industries, including banking and financial services, business process outsourcers, consumer, healthcare, and technology. Five9, Inc. was founded in 2001 and is headquartered in San Ramon, California.

FINANCIAL RATIOS  of  Five9 (FIVN)

Valuation Ratios
P/E Ratio -96.8
Price to Sales 7.2
Price to Book 38.7
Price to Tangible Book
Price to Cash Flow 166
Price to Free Cash Flow 193.7
Growth Rates
Sales Growth Rate 25.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 8
Current Ratio 0
LT Debt to Equity 130%
Total Debt to Equity 153.3%
Interest Coverage -2
Management Effectiveness
Return On Assets -7.8%
Ret/ On Assets - 3 Yr. Avg. -22.5%
Return On Total Capital -16.1%
Ret/ On T. Cap. - 3 Yr. Avg. -36.9%
Return On Equity -42.9%
Return On Equity - 3 Yr. Avg. -104.7%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 58.6%
Gross Margin - 3 Yr. Avg. 52.9%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. -12.9%
Operating Margin -4.9%
Oper. Margin - 3 Yr. Avg. -18.7%
Pre-Tax Margin -7.4%
Pre-Tax Margin - 3 Yr. Avg. -21.5%
Net Profit Margin -7.4%
Net Profit Margin - 3 Yr. Avg. -21.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

FIVN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FIVN stock intrinsic value calculation we used $162 million for the last fiscal year's total revenue generated by Five9. The default revenue input number comes from 2016 income statement of Five9. 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 FIVN stock valuation model: a) initial revenue growth rate of 23.7% 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 FIVN is calculated based on our internal credit rating of Five9, 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 Five9.
    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 FIVN stock the variable cost ratio is equal to 60.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $74 million in the base year in the intrinsic value calculation for FIVN 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 8.6% for Five9.

Corporate tax rate of 27% is the nominal tax rate for Five9. 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 FIVN 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 FIVN are equal to 10.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Five9 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 FIVN is equal to -6.2%. 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 - $30 million for Five9 - 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 51.417 million for Five9 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 Five9 at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ 3 Cloud Stocks to Buy Right Now   [Aug-09-17 04:28PM  Zacks]
▶ Five9 in the red   [Aug-04-17 02:15PM  CNBC Videos]
▶ Five9 reports 2Q loss   [03:15AM  Associated Press]
▶ Five9 Reports Second Quarter Revenue Growth of 23%   [Aug-03-17 04:05PM  Business Wire]
▶ Five9 Announces Upcoming Conference Participation   [Jul-31-17 04:05PM  GlobeNewswire]
▶ ETFs with exposure to Five9, Inc. : July 24, 2017   [Jul-24-17 03:53PM  Capital Cube]
▶ 5 Stock Picks with Earnings Beat Potential   [Jul-21-17 03:54AM  Zacks]
▶ Five9, Inc. Value Analysis (NASDAQ:FIVN) : July 17, 2017   [Jul-17-17 01:58PM  Capital Cube]
▶ 3 Top Small-Cap Technology Stocks to Buy Now   [Jul-16-17 08:01AM  Motley Fool]
▶ ETFs with exposure to Five9, Inc. : July 14, 2017   [Jul-14-17 02:22PM  Capital Cube]
▶ 3 Cloud Stocks to Buy Right Now   [01:43PM  Zacks]
▶ ETFs with exposure to Five9, Inc. : June 26, 2017   [Jun-26-17 03:58PM  Capital Cube]
▶ ETFs with exposure to Five9, Inc. : June 16, 2017   [Jun-16-17 03:46PM  Capital Cube]
▶ 3 Cloud Stocks To Buy Right Now   [Jun-12-17 06:43PM  Zacks]
▶ Five9 Announces Upcoming Conference Participation   [May-04-17 04:05PM  GlobeNewswire]
▶ Why Five9 Inc. Stock Popped Today   [03:55PM  Motley Fool]
▶ Five9 reports 1Q loss   [May-03-17 06:25PM  Associated Press]
▶ Five9, Inc. Value Analysis (NASDAQ:FIVN) : April 13, 2017   [Apr-13-17 12:51PM  Capital Cube]
▶ Five9 Joins Industry Leaders at Enterprise Connect 2017   [Mar-22-17 08:00AM  Business Wire]
▶ Five9 Announces Upcoming Conference Participation   [Feb-21-17 04:05PM  GlobeNewswire]
▶ Five9 tops Street 4Q forecasts   [Feb-16-17 05:38PM  Associated Press]
▶ Here is What Hedge Funds Think About Dominion Diamond Corp (DDC)   [Dec-09-16 02:27AM  at Insider Monkey]
▶ Is Natera Inc (NTRA) A Good Stock To Buy?   [02:22AM  at Insider Monkey]
Financial statements of FIVN
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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