Intrinsic value of GoDaddy Cl A - GDDY

Previous Close

$49.55

  Intrinsic Value

$87.44

stock screener

  Rating & Target

str. buy

+76%

Previous close

$49.55

 
Intrinsic value

$87.44

 
Up/down potential

+76%

 
Rating

str. buy

We calculate the intrinsic value of GDDY 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 8.2

 

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, %
  15.00
  22.40
  20.66
  19.09
  17.68
  16.42
  15.27
  14.25
  13.32
  12.49
  11.74
  11.07
  10.46
  9.91
  9.42
  8.98
  8.58
  8.22
  7.90
  7.61
  7.35
  7.12
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
Revenue, $m
  1,848
  2,262
  2,729
  3,250
  3,825
  4,453
  5,133
  5,865
  6,646
  7,476
  8,354
  9,278
  10,249
  11,265
  12,327
  13,434
  14,587
  15,786
  17,034
  18,330
  19,677
  21,078
  22,533
  24,046
  25,619
  27,255
  28,958
  30,732
  32,579
  34,505
  36,513
Variable operating expenses, $m
 
  1,258
  1,482
  1,732
  2,008
  2,309
  2,636
  2,987
  3,362
  3,761
  4,182
  4,454
  4,920
  5,408
  5,917
  6,449
  7,002
  7,578
  8,177
  8,799
  9,446
  10,118
  10,817
  11,543
  12,298
  13,083
  13,901
  14,752
  15,639
  16,564
  17,528
Fixed operating expenses, $m
 
  778
  797
  817
  838
  859
  880
  902
  925
  948
  972
  996
  1,021
  1,046
  1,072
  1,099
  1,127
  1,155
  1,184
  1,213
  1,244
  1,275
  1,307
  1,339
  1,373
  1,407
  1,442
  1,478
  1,515
  1,553
  1,592
Total operating expenses, $m
  1,798
  2,036
  2,279
  2,549
  2,846
  3,168
  3,516
  3,889
  4,287
  4,709
  5,154
  5,450
  5,941
  6,454
  6,989
  7,548
  8,129
  8,733
  9,361
  10,012
  10,690
  11,393
  12,124
  12,882
  13,671
  14,490
  15,343
  16,230
  17,154
  18,117
  19,120
Operating income, $m
  50
  226
  450
  701
  979
  1,285
  1,617
  1,975
  2,359
  2,768
  3,200
  3,829
  4,308
  4,811
  5,337
  5,886
  6,458
  7,053
  7,673
  8,318
  8,988
  9,685
  10,410
  11,164
  11,948
  12,765
  13,615
  14,501
  15,425
  16,388
  17,393
EBITDA, $m
  210
  469
  707
  974
  1,271
  1,596
  1,950
  2,331
  2,739
  3,173
  3,633
  4,119
  4,629
  5,163
  5,722
  6,306
  6,914
  7,547
  8,206
  8,891
  9,603
  10,344
  11,114
  11,915
  12,749
  13,617
  14,521
  15,462
  16,444
  17,467
  18,535
Interest expense (income), $m
  47
  47
  61
  94
  131
  171
  215
  263
  315
  370
  428
  490
  555
  624
  695
  770
  848
  929
  1,014
  1,101
  1,193
  1,288
  1,386
  1,489
  1,595
  1,706
  1,821
  1,941
  2,066
  2,196
  2,332
Earnings before tax, $m
  -22
  180
  389
  607
  849
  1,114
  1,402
  1,712
  2,044
  2,398
  2,772
  3,338
  3,753
  4,188
  4,642
  5,116
  5,610
  6,124
  6,659
  7,216
  7,795
  8,397
  9,023
  9,675
  10,353
  11,058
  11,794
  12,560
  13,359
  14,192
  15,061
Tax expense, $m
  0
  49
  105
  164
  229
  301
  378
  462
  552
  647
  748
  901
  1,013
  1,131
  1,253
  1,381
  1,515
  1,654
  1,798
  1,948
  2,105
  2,267
  2,436
  2,612
  2,795
  2,986
  3,184
  3,391
  3,607
  3,832
  4,067
Net income, $m
  -17
  131
  284
  443
  620
  813
  1,023
  1,250
  1,492
  1,750
  2,024
  2,437
  2,740
  3,057
  3,389
  3,735
  4,095
  4,471
  4,861
  5,268
  5,690
  6,130
  6,587
  7,063
  7,557
  8,073
  8,609
  9,169
  9,752
  10,360
  10,995

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  573
  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
  3,787
  3,934
  4,747
  5,653
  6,653
  7,745
  8,928
  10,200
  11,558
  13,002
  14,529
  16,136
  17,824
  19,592
  21,438
  23,363
  25,368
  27,454
  29,624
  31,879
  34,222
  36,657
  39,188
  41,818
  44,554
  47,400
  50,362
  53,447
  56,660
  60,009
  63,501
Adjusted assets (=assets-cash), $m
  3,214
  3,934
  4,747
  5,653
  6,653
  7,745
  8,928
  10,200
  11,558
  13,002
  14,529
  16,136
  17,824
  19,592
  21,438
  23,363
  25,368
  27,454
  29,624
  31,879
  34,222
  36,657
  39,188
  41,818
  44,554
  47,400
  50,362
  53,447
  56,660
  60,009
  63,501
Revenue / Adjusted assets
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
Average production assets, $m
  954
  1,167
  1,408
  1,677
  1,974
  2,298
  2,649
  3,026
  3,429
  3,858
  4,311
  4,788
  5,288
  5,813
  6,361
  6,932
  7,527
  8,146
  8,789
  9,458
  10,154
  10,876
  11,627
  12,408
  13,219
  14,064
  14,943
  15,858
  16,811
  17,805
  18,841
Working capital, $m
  -329
  -1,099
  -1,326
  -1,580
  -1,859
  -2,164
  -2,495
  -2,850
  -3,230
  -3,633
  -4,060
  -4,509
  -4,981
  -5,475
  -5,991
  -6,529
  -7,089
  -7,672
  -8,278
  -8,908
  -9,563
  -10,244
  -10,951
  -11,686
  -12,451
  -13,246
  -14,074
  -14,936
  -15,834
  -16,769
  -17,745
Total debt, $m
  1,040
  1,356
  2,088
  2,904
  3,803
  4,786
  5,851
  6,996
  8,219
  9,518
  10,892
  12,339
  13,858
  15,448
  17,110
  18,843
  20,647
  22,525
  24,477
  26,507
  28,616
  30,807
  33,085
  35,453
  37,915
  40,476
  43,142
  45,918
  48,810
  51,824
  54,967
Total liabilities, $m
  3,224
  3,540
  4,272
  5,088
  5,987
  6,970
  8,035
  9,180
  10,403
  11,702
  13,076
  14,523
  16,042
  17,632
  19,294
  21,027
  22,831
  24,709
  26,661
  28,691
  30,800
  32,991
  35,269
  37,637
  40,099
  42,660
  45,326
  48,102
  50,994
  54,008
  57,151
Total equity, $m
  563
  393
  475
  565
  665
  774
  893
  1,020
  1,156
  1,300
  1,453
  1,614
  1,782
  1,959
  2,144
  2,336
  2,537
  2,745
  2,962
  3,188
  3,422
  3,666
  3,919
  4,182
  4,455
  4,740
  5,036
  5,345
  5,666
  6,001
  6,350
Total liabilities and equity, $m
  3,787
  3,933
  4,747
  5,653
  6,652
  7,744
  8,928
  10,200
  11,559
  13,002
  14,529
  16,137
  17,824
  19,591
  21,438
  23,363
  25,368
  27,454
  29,623
  31,879
  34,222
  36,657
  39,188
  41,819
  44,554
  47,400
  50,362
  53,447
  56,660
  60,009
  63,501
Debt-to-equity ratio
  1.847
  3.450
  4.400
  5.140
  5.720
  6.180
  6.550
  6.860
  7.110
  7.320
  7.500
  7.650
  7.770
  7.890
  7.980
  8.070
  8.140
  8.200
  8.260
  8.310
  8.360
  8.400
  8.440
  8.480
  8.510
  8.540
  8.570
  8.590
  8.610
  8.640
  8.660
Adjusted equity ratio
  -0.003
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -17
  131
  284
  443
  620
  813
  1,023
  1,250
  1,492
  1,750
  2,024
  2,437
  2,740
  3,057
  3,389
  3,735
  4,095
  4,471
  4,861
  5,268
  5,690
  6,130
  6,587
  7,063
  7,557
  8,073
  8,609
  9,169
  9,752
  10,360
  10,995
Depreciation, amort., depletion, $m
  160
  243
  257
  273
  291
  311
  332
  355
  380
  406
  433
  290
  321
  352
  385
  420
  456
  494
  533
  573
  615
  659
  705
  752
  801
  852
  906
  961
  1,019
  1,079
  1,142
Funds from operations, $m
  549
  374
  541
  717
  911
  1,124
  1,356
  1,605
  1,872
  2,156
  2,457
  2,727
  3,060
  3,409
  3,774
  4,155
  4,551
  4,964
  5,394
  5,841
  6,306
  6,789
  7,292
  7,815
  8,359
  8,925
  9,515
  10,130
  10,771
  11,439
  12,137
Change in working capital, $m
  162
  -201
  -227
  -253
  -279
  -305
  -331
  -355
  -380
  -403
  -427
  -449
  -472
  -494
  -516
  -538
  -560
  -583
  -606
  -630
  -655
  -680
  -707
  -735
  -765
  -795
  -828
  -862
  -898
  -936
  -976
Cash from operations, $m
  387
  575
  768
  970
  1,190
  1,429
  1,686
  1,961
  2,252
  2,559
  2,883
  3,177
  3,532
  3,903
  4,290
  4,693
  5,112
  5,547
  6,000
  6,471
  6,961
  7,470
  7,999
  8,550
  9,123
  9,720
  10,343
  10,992
  11,668
  12,375
  13,113
Maintenance CAPEX, $m
  0
  -58
  -71
  -85
  -102
  -120
  -139
  -161
  -183
  -208
  -234
  -261
  -290
  -321
  -352
  -385
  -420
  -456
  -494
  -533
  -573
  -615
  -659
  -705
  -752
  -801
  -852
  -906
  -961
  -1,019
  -1,079
New CAPEX, $m
  -63
  -213
  -241
  -269
  -297
  -324
  -351
  -377
  -403
  -428
  -453
  -477
  -501
  -524
  -548
  -571
  -595
  -619
  -644
  -669
  -695
  -722
  -751
  -781
  -812
  -844
  -879
  -915
  -953
  -994
  -1,036
Cash from investing activities, $m
  -183
  -271
  -312
  -354
  -399
  -444
  -490
  -538
  -586
  -636
  -687
  -738
  -791
  -845
  -900
  -956
  -1,015
  -1,075
  -1,138
  -1,202
  -1,268
  -1,337
  -1,410
  -1,486
  -1,564
  -1,645
  -1,731
  -1,821
  -1,914
  -2,013
  -2,115
Free cash flow, $m
  204
  304
  456
  616
  792
  986
  1,196
  1,423
  1,665
  1,923
  2,197
  2,438
  2,741
  3,058
  3,390
  3,736
  4,097
  4,472
  4,863
  5,269
  5,692
  6,132
  6,589
  7,064
  7,559
  8,075
  8,611
  9,171
  9,754
  10,362
  10,997
Issuance/(repayment) of debt, $m
  -11
  320
  731
  816
  900
  983
  1,065
  1,145
  1,223
  1,299
  1,374
  1,447
  1,519
  1,590
  1,661
  1,733
  1,805
  1,878
  1,952
  2,029
  2,109
  2,192
  2,278
  2,368
  2,462
  2,561
  2,666
  2,776
  2,892
  3,014
  3,143
Issuance/(repurchase) of shares, $m
  60
  268
  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  
  15
  588
  731
  816
  900
  983
  1,065
  1,145
  1,223
  1,299
  1,374
  1,447
  1,519
  1,590
  1,661
  1,733
  1,805
  1,878
  1,952
  2,029
  2,109
  2,192
  2,278
  2,368
  2,462
  2,561
  2,666
  2,776
  2,892
  3,014
  3,143
Total cash flow (excl. dividends), $m
  218
  893
  1,188
  1,431
  1,692
  1,969
  2,261
  2,567
  2,888
  3,223
  3,570
  3,885
  4,260
  4,649
  5,051
  5,469
  5,901
  6,350
  6,815
  7,299
  7,801
  8,323
  8,867
  9,432
  10,022
  10,636
  11,277
  11,947
  12,646
  13,376
  14,140
Retained Cash Flow (-), $m
  -137
  -399
  -81
  -91
  -100
  -109
  -118
  -127
  -136
  -144
  -153
  -161
  -169
  -177
  -185
  -193
  -201
  -209
  -217
  -225
  -234
  -244
  -253
  -263
  -274
  -285
  -296
  -308
  -321
  -335
  -349
Prev. year cash balance distribution, $m
 
  569
  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
 
  1,062
  1,106
  1,341
  1,592
  1,859
  2,142
  2,440
  2,752
  3,078
  3,418
  3,725
  4,091
  4,472
  4,867
  5,276
  5,701
  6,141
  6,599
  7,073
  7,567
  8,080
  8,613
  9,169
  9,748
  10,352
  10,981
  11,638
  12,325
  13,042
  13,791
Discount rate, %
 
  4.90
  5.15
  5.40
  5.67
  5.96
  6.25
  6.57
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
PV of cash for distribution, $m
 
  1,013
  1,001
  1,145
  1,277
  1,392
  1,489
  1,563
  1,614
  1,641
  1,643
  1,600
  1,558
  1,494
  1,412
  1,316
  1,207
  1,091
  971
  851
  733
  620
  516
  421
  337
  264
  203
  152
  112
  80
  56
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

GoDaddy Inc. is a technology provider to small businesses, Web design professionals and individuals. The Company delivers cloud-based products and personalized customer care. It operates a domain marketplace, where its customers can find the digital real estate that matches their idea. It provides Website building, hosting and security tools to help customers construct and protect online presence. It provides applications that enable connecting to customers and managing businesses. The Company provides search, discovery and recommendation tools, as well as a selection of domain name for ventures. It provides productivity tools, such as domain-specific e-mail, online storage, invoicing, bookkeeping and payment solutions to run ventures, as well as marketing products. The Company's products, including GoCentral enable to build a Website or online store for both desktop and mobile. Its products are powered by a cloud platform and enable its customers to get found online.

FINANCIAL RATIOS  of  GoDaddy Cl A (GDDY)

Valuation Ratios
P/E Ratio -487.1
Price to Sales 4.5
Price to Book 14.7
Price to Tangible Book
Price to Cash Flow 21.4
Price to Free Cash Flow 25.6
Growth Rates
Sales Growth Rate 15%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20.3%
Cap. Spend. - 3 Yr. Gr. Rate 3.9%
Financial Strength
Quick Ratio 143
Current Ratio 0
LT Debt to Equity 184%
Total Debt to Equity 184.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 0.8%
Ret/ On Assets - 3 Yr. Avg. -0.6%
Return On Total Capital -1.1%
Ret/ On T. Cap. - 3 Yr. Avg. -4.4%
Return On Equity -3.4%
Return On Equity - 3 Yr. Avg. -14.6%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 64.4%
Gross Margin - 3 Yr. Avg. 63.9%
EBITDA Margin 10%
EBITDA Margin - 3 Yr. Avg. 7.3%
Operating Margin 2.7%
Oper. Margin - 3 Yr. Avg. -1.7%
Pre-Tax Margin -1.2%
Pre-Tax Margin - 3 Yr. Avg. -6.4%
Net Profit Margin -0.9%
Net Profit Margin - 3 Yr. Avg. -5.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 1%
Payout Ratio 0%

GDDY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GDDY stock intrinsic value calculation we used $1848 million for the last fiscal year's total revenue generated by GoDaddy Cl A. The default revenue input number comes from 2016 income statement of GoDaddy Cl A. 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 GDDY stock valuation model: a) initial revenue growth rate of 22.4% 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 4.9%, whose default value for GDDY is calculated based on our internal credit rating of GoDaddy Cl A, 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 GoDaddy Cl A.
    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 GDDY stock the variable cost ratio is equal to 57.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $759 million in the base year in the intrinsic value calculation for GDDY 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 4.5% for GoDaddy Cl A.

Corporate tax rate of 27% is the nominal tax rate for GoDaddy Cl A. 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 GDDY 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 GDDY are equal to 51.6%.

Life of production assets of 16.5 years is the average useful life of capital assets used in GoDaddy Cl A 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 GDDY is equal to -48.6%. 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 - $563 million for GoDaddy Cl A - 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 165.111 million for GoDaddy Cl A 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 GoDaddy Cl A at the current share price and the inputted number of shares is $8.2 billion.

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COMPANY NEWS

▶ GoDaddy posts 23 percent revenue increase in latest quarter   [Nov-06-17 05:00PM  American City Business Journals]
▶ GoDaddy Revenue Beats On Customer Growth But Guidance Light   [04:50PM  Investor's Business Daily]
▶ GoDaddy misses 3Q profit forecasts   [04:29PM  Associated Press]
▶ GoDaddy Launches Pro Managed WordPress   [Oct-17-17 09:00AM  PR Newswire]
▶ GoDaddy sees some improvement in diversifying workforce under annual review   [Oct-02-17 08:07PM  American City Business Journals]
▶ Weekly CFO Sells Highlights   [Sep-14-17 11:59AM  GuruFocus.com]
▶ YouTube Begins Quarantine of Hate Videos   [Aug-25-17 12:40PM  Fortune]
▶ [$$] GoDaddy COO Scott Wagner Returning to Chief Executive Post   [Aug-22-17 06:34PM  The Wall Street Journal]
▶ Blake Irving retiring as GoDaddy CEO, his successor named   [06:25PM  American City Business Journals]
▶ GoDaddy CEO to step down   [04:32PM  MarketWatch]
▶ GoDaddy CEO Blake Irving To Retire   [04:19PM  Fortune]
▶ [$$] Tech Firms Ban White Supremacists, Shifting From Hands-Off Policy   [Aug-16-17 08:40PM  The Wall Street Journal]
▶ GoDaddy launches app for customers to add dedicated business phone number   [Aug-15-17 07:40PM  American City Business Journals]
▶ Google, GoDaddy boot neo-Nazi site that mocked rally victim   [Aug-14-17 10:10PM  Associated Press]
▶ [$$] Google Cancels Daily Stormer's Site Registration   [03:48PM  The Wall Street Journal]
▶ Godaddy Inc (GDDY) Bans The Daily Stormer   [12:58PM  InvestorPlace]
Financial statements of GDDY
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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