Intrinsic value of GrubHub - GRUB

Previous Close

$51.14

  Intrinsic Value

$15.74

stock screener

  Rating & Target

str. sell

-69%

  Value-price divergence*

-7%

Previous close

$51.14

 
Intrinsic value

$15.74

 
Up/down potential

-69%

 
Rating

str. sell

 
Value-price divergence*

-7%

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

We calculate the intrinsic value of GRUB 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 4.4

 

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, %
  36.19
  32.50
  29.75
  27.28
  25.05
  23.04
  21.24
  19.61
  18.15
  16.84
  15.65
  14.59
  13.63
  12.77
  11.99
  11.29
  10.66
  10.10
  9.59
  9.13
  8.71
  8.34
  8.01
  7.71
  7.44
  7.19
  6.97
  6.78
  6.60
  6.44
  6.30
Revenue, $m
  493
  653
  848
  1,079
  1,349
  1,660
  2,012
  2,407
  2,844
  3,323
  3,843
  4,404
  5,004
  5,643
  6,319
  7,033
  7,782
  8,568
  9,389
  10,246
  11,139
  12,069
  13,035
  14,040
  15,084
  16,170
  17,297
  18,469
  19,688
  20,956
  22,275
Variable operating expenses, $m
 
  528
  672
  844
  1,044
  1,274
  1,536
  1,829
  2,153
  2,508
  2,893
  3,265
  3,711
  4,184
  4,686
  5,215
  5,771
  6,354
  6,963
  7,598
  8,261
  8,950
  9,667
  10,412
  11,186
  11,991
  12,827
  13,696
  14,600
  15,540
  16,518
Fixed operating expenses, $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
Total operating expenses, $m
  409
  528
  672
  844
  1,044
  1,274
  1,536
  1,829
  2,153
  2,508
  2,893
  3,265
  3,711
  4,184
  4,686
  5,215
  5,771
  6,354
  6,963
  7,598
  8,261
  8,950
  9,667
  10,412
  11,186
  11,991
  12,827
  13,696
  14,600
  15,540
  16,518
Operating income, $m
  84
  125
  175
  235
  305
  385
  476
  578
  691
  815
  950
  1,138
  1,293
  1,458
  1,633
  1,817
  2,011
  2,214
  2,427
  2,648
  2,879
  3,119
  3,369
  3,629
  3,898
  4,179
  4,470
  4,773
  5,088
  5,416
  5,757
EBITDA, $m
  119
  189
  246
  313
  391
  481
  583
  698
  825
  963
  1,114
  1,277
  1,451
  1,636
  1,832
  2,039
  2,256
  2,484
  2,722
  2,971
  3,230
  3,499
  3,779
  4,071
  4,373
  4,688
  5,015
  5,355
  5,708
  6,076
  6,458
Interest expense (income), $m
  0
  0
  3
  6
  9
  14
  19
  24
  31
  38
  45
  54
  63
  73
  83
  94
  105
  117
  130
  143
  157
  171
  186
  202
  218
  235
  252
  270
  289
  309
  329
Earnings before tax, $m
  84
  125
  173
  229
  296
  372
  458
  554
  661
  777
  904
  1,084
  1,230
  1,386
  1,550
  1,724
  1,906
  2,097
  2,297
  2,505
  2,722
  2,948
  3,183
  3,427
  3,681
  3,944
  4,218
  4,503
  4,799
  5,107
  5,428
Tax expense, $m
  34
  34
  47
  62
  80
  100
  124
  150
  178
  210
  244
  293
  332
  374
  419
  465
  515
  566
  620
  676
  735
  796
  859
  925
  994
  1,065
  1,139
  1,216
  1,296
  1,379
  1,466
Net income, $m
  50
  91
  126
  168
  216
  271
  334
  404
  482
  567
  660
  791
  898
  1,012
  1,132
  1,258
  1,391
  1,531
  1,677
  1,829
  1,987
  2,152
  2,323
  2,502
  2,687
  2,879
  3,079
  3,287
  3,503
  3,728
  3,962

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  324
  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
  1,198
  1,158
  1,503
  1,913
  2,392
  2,943
  3,568
  4,268
  5,042
  5,891
  6,814
  7,808
  8,872
  10,004
  11,204
  12,469
  13,799
  15,192
  16,648
  18,167
  19,751
  21,399
  23,112
  24,894
  26,745
  28,669
  30,669
  32,747
  34,908
  37,156
  39,495
Adjusted assets (=assets-cash), $m
  874
  1,158
  1,503
  1,913
  2,392
  2,943
  3,568
  4,268
  5,042
  5,891
  6,814
  7,808
  8,872
  10,004
  11,204
  12,469
  13,799
  15,192
  16,648
  18,167
  19,751
  21,399
  23,112
  24,894
  26,745
  28,669
  30,669
  32,747
  34,908
  37,156
  39,495
Revenue / Adjusted assets
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
Average production assets, $m
  333
  440
  571
  727
  909
  1,119
  1,356
  1,622
  1,917
  2,240
  2,590
  2,968
  3,373
  3,803
  4,259
  4,740
  5,245
  5,775
  6,328
  6,906
  7,508
  8,134
  8,786
  9,463
  10,167
  10,898
  11,658
  12,448
  13,270
  14,124
  15,014
Working capital, $m
  286
  -50
  -65
  -83
  -104
  -128
  -155
  -185
  -219
  -256
  -296
  -339
  -385
  -434
  -487
  -542
  -599
  -660
  -723
  -789
  -858
  -929
  -1,004
  -1,081
  -1,162
  -1,245
  -1,332
  -1,422
  -1,516
  -1,614
  -1,715
Total debt, $m
  0
  74
  163
  269
  393
  536
  698
  879
  1,080
  1,300
  1,539
  1,796
  2,072
  2,365
  2,676
  3,003
  3,348
  3,709
  4,086
  4,479
  4,889
  5,316
  5,760
  6,222
  6,701
  7,199
  7,717
  8,256
  8,815
  9,397
  10,003
Total liabilities, $m
  225
  300
  389
  495
  619
  762
  924
  1,105
  1,306
  1,526
  1,765
  2,022
  2,298
  2,591
  2,902
  3,229
  3,574
  3,935
  4,312
  4,705
  5,115
  5,542
  5,986
  6,448
  6,927
  7,425
  7,943
  8,482
  9,041
  9,623
  10,229
Total equity, $m
  972
  858
  1,114
  1,417
  1,772
  2,181
  2,644
  3,162
  3,736
  4,366
  5,049
  5,785
  6,574
  7,413
  8,302
  9,240
  10,225
  11,257
  12,336
  13,462
  14,635
  15,856
  17,126
  18,446
  19,818
  21,244
  22,726
  24,266
  25,867
  27,533
  29,266
Total liabilities and equity, $m
  1,197
  1,158
  1,503
  1,912
  2,391
  2,943
  3,568
  4,267
  5,042
  5,892
  6,814
  7,807
  8,872
  10,004
  11,204
  12,469
  13,799
  15,192
  16,648
  18,167
  19,750
  21,398
  23,112
  24,894
  26,745
  28,669
  30,669
  32,748
  34,908
  37,156
  39,495
Debt-to-equity ratio
  0.000
  0.090
  0.150
  0.190
  0.220
  0.250
  0.260
  0.280
  0.290
  0.300
  0.300
  0.310
  0.320
  0.320
  0.320
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
Adjusted equity ratio
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  50
  91
  126
  168
  216
  271
  334
  404
  482
  567
  660
  791
  898
  1,012
  1,132
  1,258
  1,391
  1,531
  1,677
  1,829
  1,987
  2,152
  2,323
  2,502
  2,687
  2,879
  3,079
  3,287
  3,503
  3,728
  3,962
Depreciation, amort., depletion, $m
  35
  64
  70
  78
  86
  96
  107
  119
  133
  148
  165
  139
  158
  178
  199
  221
  245
  270
  296
  323
  351
  380
  411
  442
  475
  509
  545
  582
  620
  660
  702
Funds from operations, $m
  84
  156
  196
  245
  302
  367
  441
  524
  615
  716
  825
  930
  1,056
  1,189
  1,331
  1,480
  1,637
  1,801
  1,972
  2,151
  2,338
  2,532
  2,734
  2,944
  3,162
  3,389
  3,624
  3,869
  4,124
  4,388
  4,664
Change in working capital, $m
  -14
  -12
  -15
  -18
  -21
  -24
  -27
  -30
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -74
  -77
  -80
  -84
  -87
  -90
  -94
  -98
  -102
Cash from operations, $m
  98
  168
  211
  263
  323
  391
  468
  554
  649
  753
  865
  973
  1,102
  1,238
  1,383
  1,535
  1,694
  1,861
  2,036
  2,217
  2,407
  2,604
  2,808
  3,021
  3,242
  3,472
  3,711
  3,959
  4,217
  4,486
  4,765
Maintenance CAPEX, $m
  0
  -16
  -21
  -27
  -34
  -42
  -52
  -63
  -76
  -90
  -105
  -121
  -139
  -158
  -178
  -199
  -221
  -245
  -270
  -296
  -323
  -351
  -380
  -411
  -442
  -475
  -509
  -545
  -582
  -620
  -660
New CAPEX, $m
  -37
  -108
  -131
  -156
  -182
  -209
  -238
  -266
  -294
  -323
  -351
  -378
  -405
  -431
  -456
  -481
  -505
  -530
  -554
  -578
  -602
  -626
  -651
  -677
  -704
  -731
  -760
  -790
  -821
  -854
  -889
Cash from investing activities, $m
  -46
  -124
  -152
  -183
  -216
  -251
  -290
  -329
  -370
  -413
  -456
  -499
  -544
  -589
  -634
  -680
  -726
  -775
  -824
  -874
  -925
  -977
  -1,031
  -1,088
  -1,146
  -1,206
  -1,269
  -1,335
  -1,403
  -1,474
  -1,549
Free cash flow, $m
  52
  45
  60
  80
  107
  139
  178
  225
  279
  340
  409
  474
  559
  650
  749
  855
  967
  1,087
  1,212
  1,344
  1,482
  1,626
  1,777
  1,933
  2,096
  2,266
  2,442
  2,624
  2,814
  3,011
  3,216
Issuance/(repayment) of debt, $m
  0
  74
  89
  106
  124
  143
  162
  181
  201
  220
  239
  257
  276
  293
  311
  328
  344
  361
  377
  394
  410
  427
  444
  461
  480
  498
  518
  538
  560
  582
  606
Issuance/(repurchase) of shares, $m
  -1
  119
  129
  136
  139
  137
  129
  114
  92
  62
  23
  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  
  19
  193
  218
  242
  263
  280
  291
  295
  293
  282
  262
  257
  276
  293
  311
  328
  344
  361
  377
  394
  410
  427
  444
  461
  480
  498
  518
  538
  560
  582
  606
Total cash flow (excl. dividends), $m
  70
  237
  278
  323
  370
  419
  469
  520
  571
  622
  672
  732
  834
  944
  1,060
  1,183
  1,312
  1,447
  1,589
  1,738
  1,892
  2,053
  2,221
  2,395
  2,576
  2,764
  2,959
  3,163
  3,374
  3,594
  3,822
Retained Cash Flow (-), $m
  -94
  -210
  -255
  -304
  -355
  -408
  -463
  -519
  -574
  -629
  -683
  -737
  -789
  -839
  -889
  -937
  -985
  -1,032
  -1,079
  -1,126
  -1,173
  -1,221
  -1,270
  -1,320
  -1,372
  -1,426
  -1,482
  -1,540
  -1,601
  -1,666
  -1,733
Prev. year cash balance distribution, $m
 
  324
  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
 
  351
  23
  19
  15
  11
  6
  2
  -3
  -7
  -12
  -5
  46
  104
  171
  245
  327
  415
  510
  612
  719
  832
  951
  1,075
  1,204
  1,338
  1,478
  1,623
  1,773
  1,928
  2,089
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
 
  337
  21
  17
  12
  8
  4
  1
  -2
  -4
  -6
  -2
  20
  40
  57
  72
  83
  90
  94
  94
  91
  86
  79
  70
  61
  52
  43
  35
  27
  21
  16
Current shareholders' claim on cash, %
  100
  96.1
  93.0
  90.6
  88.6
  87.1
  86.0
  85.2
  84.6
  84.3
  84.2
  84.2
  84.2
  84.2
  84.2
  84.2
  84.2
  84.2
  84.2
  84.2
  84.2
  84.2
  84.2
  84.2
  84.2
  84.2
  84.2
  84.2
  84.2
  84.2
  84.2

Grubhub Inc. provides an online and mobile platform for restaurant pick-up and delivery orders. Its products include Grubhub and Seamless Mobile Applications and Mobile Website, Grubhub and Seamless Websites, Corporate Program, Delivery, Allmenus and MenuPages, Grubhub for Restaurants, and Restaurant Websites. As of December 31, 2016, the Company connected more than 50,000 local restaurants with diners in more than 1,100 cities across the United States. In certain markets, the Company also provides delivery services to restaurants on its platform that do not have their own delivery operations. The Company provides diners on the platform with a personalized platform that helps them search for local restaurants and then place an order from an Internet-connected device. It also provides diners with information about their orders and status. The Company also provides delivery services to restaurants on its platform that do not have their own delivery operations.

FINANCIAL RATIOS  of  GrubHub (GRUB)

Valuation Ratios
P/E Ratio 87.6
Price to Sales 8.9
Price to Book 4.5
Price to Tangible Book
Price to Cash Flow 44.7
Price to Free Cash Flow 71.8
Growth Rates
Sales Growth Rate 36.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 236.4%
Cap. Spend. - 3 Yr. Gr. Rate 39.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.4%
Ret/ On Assets - 3 Yr. Avg. 3.6%
Return On Total Capital 5.4%
Ret/ On T. Cap. - 3 Yr. Avg. 4.5%
Return On Equity 5.4%
Return On Equity - 3 Yr. Avg. 4.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 24.1%
EBITDA Margin - 3 Yr. Avg. 25.3%
Operating Margin 17%
Oper. Margin - 3 Yr. Avg. 17.3%
Pre-Tax Margin 17%
Pre-Tax Margin - 3 Yr. Avg. 17.3%
Net Profit Margin 10.1%
Net Profit Margin - 3 Yr. Avg. 10%
Effective Tax Rate 40.5%
Eff/ Tax Rate - 3 Yr. Avg. 42%
Payout Ratio 0%

GRUB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GRUB stock intrinsic value calculation we used $493 million for the last fiscal year's total revenue generated by GrubHub. The default revenue input number comes from 2016 income statement of GrubHub. 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 GRUB stock valuation model: a) initial revenue growth rate of 32.5% 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 GRUB is calculated based on our internal credit rating of GrubHub, 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 GrubHub.
    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 GRUB stock the variable cost ratio is equal to 83%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for GRUB 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 GrubHub.

Corporate tax rate of 27% is the nominal tax rate for GrubHub. 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 GRUB 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 GRUB are equal to 67.4%.

Life of production assets of 21.4 years is the average useful life of capital assets used in GrubHub 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 GRUB is equal to -7.7%. 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 - $972 million for GrubHub - 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 85.873 million for GrubHub 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 GrubHub at the current share price and the inputted number of shares is $4.4 billion.

RELATED COMPANIES Price Int.Val. Rating
QUOT Quotient Techn 16.90 3.98  str.sell
YELP Yelp 43.52 11.09  str.sell

COMPANY NEWS

▶ Grubhub to deliver to hungry Facebook users   [Oct-16-17 05:10PM  American City Business Journals]
▶ Facebook inks deal with delivery services to feed hungry users   [05:10PM  American City Business Journals]
▶ Grubhub to deliver to hungry Facebook users   [09:45AM  American City Business Journals]
▶ 3 Stocks That Look Just Like Starbucks in 1992   [Oct-12-17 06:13AM  Motley Fool]
▶ Grubhub Closes Acquisition of Yelp-Owned Eat24   [Oct-10-17 11:03AM  TheStreet.com]
▶ Grubhub Completes Acquisition of Eat24   [09:18AM  PR Newswire]
▶ GrubHub Inc (GRUB) Stock Slips on Citi Downgrade   [Oct-05-17 11:56AM  InvestorPlace]
▶ GrubHub: Time to Clear the Table   [08:23AM  Barrons.com]
▶ What To Do When Your Stock Has A Frightening Accumulation Grade   [Sep-29-17 04:46PM  Investor's Business Daily]
▶ Will Grubhub Inc. Sink or Swim?   [10:00AM  Motley Fool]
▶ Why Yelp Is Partnering with GrubHub   [Sep-28-17 05:36PM  Market Realist]
▶ Stocks With Rising Relative Price Strength: Grubhub   [03:00AM  Investor's Business Daily]
▶ Leading Stocks Like Grubhub Fuel This Mutual Fund's Rebound   [07:55AM  Investor's Business Daily]
▶ Amazon Threatens Grubhub As It Expands Food-Delivery Services   [Sep-22-17 04:34PM  Investor's Business Daily]
▶ Stocks Reverse Higher; Grubhub A Victim Of Amazon Effect?   [10:20AM  Investor's Business Daily]
▶ Grubhub Target Raised As Acquisition Growth Starts To Take Hold   [Sep-18-17 04:07PM  Investor's Business Daily]
▶ Grubhub officially drops OrderUp name in 27 markets   [Sep-14-17 02:10PM  American City Business Journals]
▶ GrubHub's Fiery Stock May Have Overheated   [01:08PM  Barrons.com]
▶ Why GrubHub Shares Rose in August   [Sep-05-17 01:36PM  Market Realist]
▶ Here's Why Grubhub and Yelp Both Had a Great August   [Sep-01-17 11:41AM  Motley Fool]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [Aug-29-17 10:07AM  Investor's Business Daily]
▶ [$$] Henry Ellenbogen's Bet on the Future Pays Off Today   [Aug-19-17 12:33AM  Barrons.com]
▶ An Update on Yelp   [Aug-17-17 07:07PM  GuruFocus.com]
▶ The Yelp-GrubHub partnership a match made in heaven   [Aug-15-17 07:25PM  CNBC Videos]
▶ Why Yelp Stock Rose Last Week   [Aug-08-17 08:11AM  Market Realist]
▶ GrubHub Stock Soars to All-Time Highs   [Aug-07-17 05:37PM  Investopedia]
▶ Company News For August 07, 2017   [10:43AM  Zacks]
▶ GrubHub: Is $75 A Share On The Way?   [10:24AM  Barrons.com]
▶ [$$] Time to Grab GrubHub Stock   [08:13AM  Barrons.com]
▶ Yelp bounces back as Grubhub deal gets good reviews   [Aug-06-17 10:35AM  MarketWatch]
▶ Business Highlights   [05:47PM  Associated Press]
▶ Why GrubHub Inc. Stock Jumped Today   [05:38PM  Motley Fool]
▶ What Happened in the Stock Market Today   [04:54PM  Motley Fool]
▶ Yelp shares soar with Grubhub sale   [03:12PM  Reuters]
Financial statements of GRUB
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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