Intrinsic value of Hortonworks - HDP

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$10.41

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$10.41

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of HDP 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 0.7

 

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, %
  50.82
  48.60
  44.24
  40.32
  36.78
  33.61
  30.75
  28.17
  25.85
  23.77
  21.89
  20.20
  18.68
  17.31
  16.08
  14.97
  13.98
  13.08
  12.27
  11.54
  10.89
  10.30
  9.77
  9.29
  8.86
  8.48
  8.13
  7.82
  7.54
  7.28
  7.05
Revenue, $m
  184
  273
  394
  553
  757
  1,011
  1,322
  1,695
  2,133
  2,640
  3,218
  3,868
  4,590
  5,385
  6,251
  7,187
  8,192
  9,263
  10,400
  11,601
  12,864
  14,189
  15,576
  17,023
  18,532
  20,103
  21,738
  23,437
  25,203
  27,038
  28,945
Variable operating expenses, $m
 
  590
  849
  1,190
  1,627
  2,172
  2,839
  3,638
  4,577
  5,665
  6,904
  8,295
  9,844
  11,549
  13,406
  15,414
  17,568
  19,866
  22,303
  24,878
  27,587
  30,429
  33,402
  36,506
  39,742
  43,112
  46,617
  50,261
  54,048
  57,984
  62,074
Fixed operating expenses, $m
 
  40
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
  62
  64
  66
  67
  69
  71
  72
  74
  76
  78
  80
  82
Total operating expenses, $m
  436
  630
  890
  1,232
  1,670
  2,216
  2,884
  3,684
  4,625
  5,714
  6,954
  8,346
  9,896
  11,603
  13,461
  15,470
  17,626
  19,925
  22,364
  24,940
  27,651
  30,495
  33,469
  36,575
  39,813
  43,184
  46,691
  50,337
  54,126
  58,064
  62,156
Operating income, $m
  -251
  -356
  -496
  -679
  -913
  -1,205
  -1,562
  -1,989
  -2,492
  -3,073
  -3,736
  -4,478
  -5,306
  -6,217
  -7,210
  -8,283
  -9,434
  -10,662
  -11,964
  -13,340
  -14,787
  -16,305
  -17,894
  -19,552
  -21,281
  -23,081
  -24,953
  -26,900
  -28,923
  -31,025
  -33,210
EBITDA, $m
  -243
  -348
  -486
  -666
  -897
  -1,184
  -1,536
  -1,957
  -2,453
  -3,025
  -3,678
  -4,412
  -5,228
  -6,126
  -7,104
  -8,161
  -9,295
  -10,504
  -11,788
  -13,143
  -14,569
  -16,065
  -17,630
  -19,263
  -20,967
  -22,740
  -24,585
  -26,502
  -28,496
  -30,567
  -32,719
Interest expense (income), $m
  0
  0
  -1
  2
  6
  12
  18
  26
  36
  47
  60
  75
  92
  111
  131
  154
  178
  204
  232
  261
  292
  325
  359
  395
  432
  471
  512
  554
  598
  643
  691
Earnings before tax, $m
  -250
  -356
  -495
  -681
  -919
  -1,217
  -1,580
  -2,016
  -2,528
  -3,121
  -3,797
  -4,553
  -5,398
  -6,328
  -7,341
  -8,436
  -9,612
  -10,865
  -12,196
  -13,601
  -15,079
  -16,630
  -18,252
  -19,947
  -21,713
  -23,552
  -25,465
  -27,454
  -29,521
  -31,669
  -33,901
Tax expense, $m
  2
  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
Net income, $m
  -252
  -356
  -495
  -681
  -919
  -1,217
  -1,580
  -2,016
  -2,528
  -3,121
  -3,797
  -4,553
  -5,398
  -6,328
  -7,341
  -8,436
  -9,612
  -10,865
  -12,196
  -13,601
  -15,079
  -16,630
  -18,252
  -19,947
  -21,713
  -23,552
  -25,465
  -27,454
  -29,521
  -31,669
  -33,901

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  85
  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
  236
  224
  324
  454
  621
  830
  1,085
  1,390
  1,750
  2,166
  2,640
  3,173
  3,766
  4,418
  5,128
  5,896
  6,720
  7,599
  8,532
  9,517
  10,553
  11,640
  12,777
  13,965
  15,203
  16,491
  17,832
  19,226
  20,675
  22,180
  23,745
Adjusted assets (=assets-cash), $m
  151
  224
  324
  454
  621
  830
  1,085
  1,390
  1,750
  2,166
  2,640
  3,173
  3,766
  4,418
  5,128
  5,896
  6,720
  7,599
  8,532
  9,517
  10,553
  11,640
  12,777
  13,965
  15,203
  16,491
  17,832
  19,226
  20,675
  22,180
  23,745
Revenue / Adjusted assets
  1.219
  1.219
  1.216
  1.218
  1.219
  1.218
  1.218
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
Average production assets, $m
  22
  32
  46
  65
  89
  118
  155
  198
  250
  309
  376
  453
  537
  630
  731
  841
  958
  1,084
  1,217
  1,357
  1,505
  1,660
  1,822
  1,992
  2,168
  2,352
  2,543
  2,742
  2,949
  3,163
  3,387
Working capital, $m
  6
  -116
  -167
  -235
  -321
  -429
  -561
  -719
  -904
  -1,119
  -1,364
  -1,640
  -1,946
  -2,283
  -2,651
  -3,047
  -3,473
  -3,928
  -4,410
  -4,919
  -5,454
  -6,016
  -6,604
  -7,218
  -7,858
  -8,524
  -9,217
  -9,937
  -10,686
  -11,464
  -12,273
Total debt, $m
  1
  -22
  67
  185
  335
  523
  752
  1,027
  1,351
  1,725
  2,152
  2,632
  3,165
  3,752
  4,391
  5,083
  5,824
  6,615
  7,455
  8,341
  9,274
  10,252
  11,276
  12,344
  13,458
  14,618
  15,825
  17,080
  18,383
  19,738
  21,147
Total liabilities, $m
  224
  202
  291
  409
  559
  747
  976
  1,251
  1,575
  1,949
  2,376
  2,856
  3,389
  3,976
  4,615
  5,307
  6,048
  6,839
  7,679
  8,565
  9,498
  10,476
  11,500
  12,568
  13,682
  14,842
  16,049
  17,304
  18,607
  19,962
  21,371
Total equity, $m
  11
  22
  32
  45
  62
  83
  108
  139
  175
  217
  264
  317
  377
  442
  513
  590
  672
  760
  853
  952
  1,055
  1,164
  1,278
  1,396
  1,520
  1,649
  1,783
  1,923
  2,067
  2,218
  2,375
Total liabilities and equity, $m
  235
  224
  323
  454
  621
  830
  1,084
  1,390
  1,750
  2,166
  2,640
  3,173
  3,766
  4,418
  5,128
  5,897
  6,720
  7,599
  8,532
  9,517
  10,553
  11,640
  12,778
  13,964
  15,202
  16,491
  17,832
  19,227
  20,674
  22,180
  23,746
Debt-to-equity ratio
  0.091
  -0.990
  2.080
  4.070
  5.390
  6.300
  6.930
  7.390
  7.720
  7.970
  8.150
  8.290
  8.410
  8.490
  8.560
  8.620
  8.670
  8.710
  8.740
  8.760
  8.790
  8.810
  8.820
  8.840
  8.850
  8.860
  8.870
  8.880
  8.890
  8.900
  8.910
Adjusted equity ratio
  -0.490
  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
  -252
  -356
  -495
  -681
  -919
  -1,217
  -1,580
  -2,016
  -2,528
  -3,121
  -3,797
  -4,553
  -5,398
  -6,328
  -7,341
  -8,436
  -9,612
  -10,865
  -12,196
  -13,601
  -15,079
  -16,630
  -18,252
  -19,947
  -21,713
  -23,552
  -25,465
  -27,454
  -29,521
  -31,669
  -33,901
Depreciation, amort., depletion, $m
  8
  8
  10
  13
  16
  21
  26
  32
  40
  48
  58
  66
  78
  91
  106
  122
  139
  157
  176
  197
  218
  241
  264
  289
  314
  341
  369
  397
  427
  458
  491
Funds from operations, $m
  -23
  -348
  -485
  -668
  -903
  -1,196
  -1,554
  -1,984
  -2,488
  -3,073
  -3,739
  -4,488
  -5,321
  -6,237
  -7,235
  -8,314
  -9,473
  -10,708
  -12,019
  -13,404
  -14,861
  -16,389
  -17,988
  -19,658
  -21,399
  -23,211
  -25,096
  -27,056
  -29,093
  -31,210
  -33,410
Change in working capital, $m
  59
  -38
  -51
  -67
  -86
  -108
  -132
  -158
  -186
  -215
  -245
  -276
  -306
  -337
  -367
  -397
  -426
  -454
  -482
  -509
  -536
  -562
  -588
  -614
  -640
  -666
  -693
  -720
  -749
  -778
  -809
Cash from operations, $m
  -82
  -309
  -434
  -601
  -817
  -1,088
  -1,423
  -1,826
  -2,303
  -2,858
  -3,494
  -4,212
  -5,014
  -5,900
  -6,868
  -7,918
  -9,047
  -10,254
  -11,537
  -12,895
  -14,325
  -15,827
  -17,401
  -19,044
  -20,759
  -22,545
  -24,403
  -26,336
  -28,345
  -30,432
  -32,602
Maintenance CAPEX, $m
  0
  -3
  -5
  -7
  -9
  -13
  -17
  -22
  -29
  -36
  -45
  -55
  -66
  -78
  -91
  -106
  -122
  -139
  -157
  -176
  -197
  -218
  -241
  -264
  -289
  -314
  -341
  -369
  -397
  -427
  -458
New CAPEX, $m
  -13
  -10
  -14
  -19
  -24
  -30
  -36
  -44
  -51
  -59
  -68
  -76
  -85
  -93
  -101
  -110
  -118
  -125
  -133
  -140
  -148
  -155
  -162
  -169
  -177
  -184
  -191
  -199
  -207
  -215
  -223
Cash from investing activities, $m
  9
  -13
  -19
  -26
  -33
  -43
  -53
  -66
  -80
  -95
  -113
  -131
  -151
  -171
  -192
  -216
  -240
  -264
  -290
  -316
  -345
  -373
  -403
  -433
  -466
  -498
  -532
  -568
  -604
  -642
  -681
Free cash flow, $m
  -73
  -322
  -452
  -626
  -850
  -1,131
  -1,476
  -1,892
  -2,383
  -2,953
  -3,606
  -4,343
  -5,164
  -6,071
  -7,061
  -8,133
  -9,286
  -10,518
  -11,827
  -13,212
  -14,670
  -16,201
  -17,803
  -19,478
  -21,224
  -23,043
  -24,935
  -26,903
  -28,949
  -31,074
  -33,283
Issuance/(repayment) of debt, $m
  0
  -22
  89
  117
  150
  188
  230
  275
  323
  374
  427
  480
  534
  587
  639
  691
  742
  791
  839
  886
  933
  978
  1,024
  1,069
  1,114
  1,160
  1,207
  1,255
  1,304
  1,355
  1,408
Issuance/(repurchase) of shares, $m
  98
  356
  373
  522
  716
  964
  1,272
  1,647
  2,095
  2,620
  3,227
  3,916
  4,690
  5,549
  6,492
  7,519
  8,627
  9,815
  11,081
  12,424
  13,841
  15,331
  16,894
  18,528
  20,234
  22,012
  23,863
  25,788
  27,790
  29,870
  32,032
Cash from financing (excl. dividends), $m  
  92
  334
  462
  639
  866
  1,152
  1,502
  1,922
  2,418
  2,994
  3,654
  4,396
  5,224
  6,136
  7,131
  8,210
  9,369
  10,606
  11,920
  13,310
  14,774
  16,309
  17,918
  19,597
  21,348
  23,172
  25,070
  27,043
  29,094
  31,225
  33,440
Total cash flow (excl. dividends), $m
  18
  -345
  -363
  -509
  -700
  -943
  -1,247
  -1,617
  -2,059
  -2,579
  -3,179
  -3,863
  -4,631
  -5,484
  -6,421
  -7,442
  -8,545
  -9,727
  -10,988
  -12,325
  -13,737
  -15,222
  -16,780
  -18,409
  -20,110
  -21,883
  -23,729
  -25,649
  -27,645
  -29,719
  -31,875
Retained Cash Flow (-), $m
  57
  -95
  -10
  -13
  -17
  -21
  -26
  -31
  -36
  -42
  -47
  -53
  -59
  -65
  -71
  -77
  -82
  -88
  -93
  -98
  -104
  -109
  -114
  -119
  -124
  -129
  -134
  -139
  -145
  -151
  -156
Prev. year cash balance distribution, $m
 
  84
  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
 
  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
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
 
  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
Current shareholders' claim on cash, %
  100
  50.0
  18.8
  7.2
  2.8
  1.1
  0.4
  0.2
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Hortonworks, Inc. focuses on the development, distribution, and support of Hadoop open source project in the United States and internationally. It offers Hortonworks Data Platform (HDP), an enterprise-grade data management platform that enables its customers to capture, store, process, and analyze increasing amounts of existing and new data types without the need to replace their existing data center infrastructure. The company also provides Hortonworks Sandbox, a personal, portable, and free to use Hadoop environment designed to offer the easiest way to get started with HDP; and Hortonworks DataFlow, an enterprise-scale data ingest platform to automate and secure Internet of anything data flows and to collect, conduct, and curate real-time business insights and actions derived from data in motion, including sensors, machines, geolocation devices, clicks, server logs, and social feeds. In addition, it provides support subscription, and training and consulting services. The company has an open source technology collaboration with Neustar, Inc. to create security and identity management tools for Internet-of-Things devices. Hortonworks, Inc. was founded in 2011 and is headquartered in Santa Clara, California.

FINANCIAL RATIOS  of  Hortonworks (HDP)

Valuation Ratios
P/E Ratio -2.5
Price to Sales 3.5
Price to Book 57.8
Price to Tangible Book
Price to Cash Flow -7.8
Price to Free Cash Flow -6.7
Growth Rates
Sales Growth Rate 50.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 67%
Financial Strength
Quick Ratio 85
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 9.1%
Interest Coverage 0
Management Effectiveness
Return On Assets -112.5%
Ret/ On Assets - 3 Yr. Avg. -101.1%
Return On Total Capital -630%
Ret/ On T. Cap. - 3 Yr. Avg. -326.3%
Return On Equity -638%
Return On Equity - 3 Yr. Avg. -329%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 60.9%
Gross Margin - 3 Yr. Avg. 13.2%
EBITDA Margin -131.5%
EBITDA Margin - 3 Yr. Avg. -219.6%
Operating Margin -137%
Oper. Margin - 3 Yr. Avg. -220.9%
Pre-Tax Margin -135.9%
Pre-Tax Margin - 3 Yr. Avg. -223.2%
Net Profit Margin -137%
Net Profit Margin - 3 Yr. Avg. -222.8%
Effective Tax Rate -0.8%
Eff/ Tax Rate - 3 Yr. Avg. -0.1%
Payout Ratio 0%

HDP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HDP stock intrinsic value calculation we used $184 million for the last fiscal year's total revenue generated by Hortonworks. The default revenue input number comes from 2016 income statement of Hortonworks. 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 HDP stock valuation model: a) initial revenue growth rate of 48.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for HDP is calculated based on our internal credit rating of Hortonworks, 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 Hortonworks.
    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 HDP stock the variable cost ratio is equal to 216.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $39 million in the base year in the intrinsic value calculation for HDP 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 Hortonworks.

Corporate tax rate of 27% is the nominal tax rate for Hortonworks. 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 HDP 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 HDP are equal to 11.7%.

Life of production assets of 6.9 years is the average useful life of capital assets used in Hortonworks 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 HDP is equal to -42.4%. 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 - $11 million for Hortonworks - 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 62.874 million for Hortonworks 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 Hortonworks at the current share price and the inputted number of shares is $0.7 billion.


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COMPANY NEWS

▶ Intel-backed Cloudera's stock jumps after it raises $225M in IPO   [04:30PM  American City Business Journals]
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▶ Four things to know about the Cloudera IPO   [Apr-19-17 06:53AM  MarketWatch]
▶ Cloudera targets IPO well below previous valuation estimates   [Apr-17-17 02:41PM  American City Business Journals]
▶ Cloudera Sets IPO Pricing, Terms   [11:45AM  24/7 Wall St.]
▶ IPOs: Why Big Data Cloudera's IPO May Fall Short   [Apr-06-17 06:00AM  Investopedia]
▶ ETFs with exposure to Hortonworks, Inc. : April 5, 2017   [Apr-05-17 04:51PM  Capital Cube]
▶ [$$] Cloudera Files for IPO   [Mar-31-17 04:53PM  The Wall Street Journal]
▶ Cloudera files to raise up to $200M as IPO activity picks up   [03:51PM  American City Business Journals]
▶ Cloudera may join this year's IPO lineup   [Feb-28-17 06:37PM  at bizjournals.com]
▶ Cloudera may join this year's IPO lineup   [06:37PM  American City Business Journals]
▶ Hortonworks stock jumps after Q4 results beat expectations   [Feb-09-17 06:06PM  at bizjournals.com]
▶ Hortonworks reports 4Q loss   [05:33PM  AP]
▶ Hadoop Summit Expands to Address Growing Data Ecosystem   [Dec-12-16 09:00AM  PR Newswire]
▶ Is Hortonworks Inc (HDP) Worthy of Your Portfolio?   [Dec-09-16 06:39PM  at Insider Monkey]
▶ Hortonworks: MapR Shows a Better Way, Says Cowen   [Dec-08-16 03:53PM  at Barrons.com]
▶ Why Hortonworks Inc. Stock Is Surging Higher Today   [Nov-04-16 12:11PM  at Motley Fool]
▶ Hortonworks reports 3Q loss   [Nov-03-16 05:55PM  AP]
▶ Hortonworks surges on strong revenue outlook   [04:55PM  at MarketWatch]
▶ Why Akamai bought a tiny New York startup with big ambitions   [Sep-28-16 01:10PM  at bizjournals.com]
Stock chart of HDP Financial statements of HDP
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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