Intrinsic value of Hortonworks - HDP

Previous Close

$13.95

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-117%

Previous close

$13.95

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-117%

*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 0.8

 

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
  36.60
  33.44
  30.60
  28.04
  25.73
  23.66
  21.79
  20.11
  18.60
  17.24
  16.02
  14.92
  13.92
  13.03
  12.23
  11.51
  10.86
  10.27
  9.74
  9.27
  8.84
  8.46
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
Revenue, $m
  184
  251
  335
  438
  561
  705
  872
  1,062
  1,276
  1,513
  1,774
  2,058
  2,365
  2,694
  3,045
  3,418
  3,811
  4,225
  4,658
  5,112
  5,586
  6,080
  6,594
  7,129
  7,685
  8,263
  8,864
  9,488
  10,137
  10,811
  11,513
Variable operating expenses, $m
 
  542
  723
  943
  1,206
  1,516
  1,873
  2,281
  2,739
  3,248
  3,807
  4,413
  5,071
  5,778
  6,531
  7,329
  8,173
  9,060
  9,990
  10,963
  11,980
  13,039
  14,142
  15,289
  16,481
  17,721
  19,009
  20,348
  21,739
  23,185
  24,690
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
  582
  764
  985
  1,249
  1,560
  1,918
  2,327
  2,787
  3,297
  3,857
  4,464
  5,123
  5,832
  6,586
  7,385
  8,231
  9,119
  10,051
  11,025
  12,044
  13,105
  14,209
  15,358
  16,552
  17,793
  19,083
  20,424
  21,817
  23,265
  24,772
Operating income, $m
  -251
  -331
  -428
  -547
  -688
  -855
  -1,047
  -1,265
  -1,511
  -1,784
  -2,083
  -2,406
  -2,759
  -3,137
  -3,540
  -3,968
  -4,420
  -4,894
  -5,393
  -5,913
  -6,457
  -7,024
  -7,614
  -8,228
  -8,867
  -9,530
  -10,219
  -10,935
  -11,680
  -12,454
  -13,259
EBITDA, $m
  -243
  -325
  -421
  -538
  -678
  -843
  -1,033
  -1,249
  -1,493
  -1,763
  -2,059
  -2,382
  -2,731
  -3,106
  -3,505
  -3,928
  -4,375
  -4,845
  -5,338
  -5,854
  -6,392
  -6,953
  -7,537
  -8,145
  -8,777
  -9,433
  -10,115
  -10,824
  -11,561
  -12,327
  -13,124
Interest expense (income), $m
  0
  0
  2
  5
  9
  14
  19
  26
  33
  41
  50
  60
  71
  83
  96
  109
  124
  139
  155
  172
  189
  207
  226
  246
  267
  288
  310
  333
  357
  382
  408
Earnings before tax, $m
  -250
  -331
  -430
  -552
  -697
  -868
  -1,066
  -1,291
  -1,544
  -1,825
  -2,134
  -2,467
  -2,830
  -3,220
  -3,636
  -4,077
  -4,543
  -5,033
  -5,547
  -6,085
  -6,646
  -7,232
  -7,841
  -8,474
  -9,133
  -9,818
  -10,529
  -11,269
  -12,037
  -12,836
  -13,667
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
  -331
  -430
  -552
  -697
  -868
  -1,066
  -1,291
  -1,544
  -1,825
  -2,134
  -2,467
  -2,830
  -3,220
  -3,636
  -4,077
  -4,543
  -5,033
  -5,547
  -6,085
  -6,646
  -7,232
  -7,841
  -8,474
  -9,133
  -9,818
  -10,529
  -11,269
  -12,037
  -12,836
  -13,667

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
  307
  410
  535
  686
  862
  1,066
  1,298
  1,559
  1,849
  2,168
  2,516
  2,891
  3,294
  3,723
  4,178
  4,659
  5,165
  5,695
  6,250
  6,829
  7,433
  8,061
  8,715
  9,395
  10,102
  10,836
  11,599
  12,392
  13,217
  14,074
Adjusted assets (=assets-cash), $m
  151
  307
  410
  535
  686
  862
  1,066
  1,298
  1,559
  1,849
  2,168
  2,516
  2,891
  3,294
  3,723
  4,178
  4,659
  5,165
  5,695
  6,250
  6,829
  7,433
  8,061
  8,715
  9,395
  10,102
  10,836
  11,599
  12,392
  13,217
  14,074
Revenue / Adjusted assets
  1.219
  0.818
  0.817
  0.819
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
Average production assets, $m
  22
  29
  39
  51
  66
  82
  102
  124
  149
  177
  208
  241
  277
  315
  356
  400
  446
  494
  545
  598
  654
  711
  772
  834
  899
  967
  1,037
  1,110
  1,186
  1,265
  1,347
Working capital, $m
  6
  -25
  -34
  -44
  -56
  -71
  -87
  -106
  -128
  -151
  -177
  -206
  -236
  -269
  -305
  -342
  -381
  -422
  -466
  -511
  -559
  -608
  -659
  -713
  -769
  -826
  -886
  -949
  -1,014
  -1,081
  -1,151
Total debt, $m
  0
  52
  144
  257
  392
  551
  734
  943
  1,178
  1,440
  1,727
  2,039
  2,377
  2,739
  3,126
  3,535
  3,968
  4,423
  4,900
  5,400
  5,921
  6,465
  7,030
  7,619
  8,231
  8,867
  9,528
  10,214
  10,928
  11,670
  12,442
Total liabilities, $m
  224
  277
  369
  482
  617
  776
  959
  1,168
  1,403
  1,665
  1,952
  2,264
  2,602
  2,964
  3,351
  3,760
  4,193
  4,648
  5,125
  5,625
  6,146
  6,690
  7,255
  7,844
  8,456
  9,092
  9,753
  10,439
  11,153
  11,895
  12,667
Total equity, $m
  11
  31
  41
  54
  69
  86
  107
  130
  156
  185
  217
  252
  289
  329
  372
  418
  466
  516
  569
  625
  683
  743
  806
  872
  940
  1,010
  1,084
  1,160
  1,239
  1,322
  1,407
Total liabilities and equity, $m
  235
  308
  410
  536
  686
  862
  1,066
  1,298
  1,559
  1,850
  2,169
  2,516
  2,891
  3,293
  3,723
  4,178
  4,659
  5,164
  5,694
  6,250
  6,829
  7,433
  8,061
  8,716
  9,396
  10,102
  10,837
  11,599
  12,392
  13,217
  14,074
Debt-to-equity ratio
  0.000
  1.680
  3.510
  4.800
  5.720
  6.390
  6.890
  7.270
  7.560
  7.780
  7.960
  8.110
  8.220
  8.320
  8.400
  8.460
  8.520
  8.560
  8.600
  8.640
  8.670
  8.700
  8.720
  8.740
  8.760
  8.780
  8.790
  8.810
  8.820
  8.830
  8.840
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
  -331
  -430
  -552
  -697
  -868
  -1,066
  -1,291
  -1,544
  -1,825
  -2,134
  -2,467
  -2,830
  -3,220
  -3,636
  -4,077
  -4,543
  -5,033
  -5,547
  -6,085
  -6,646
  -7,232
  -7,841
  -8,474
  -9,133
  -9,818
  -10,529
  -11,269
  -12,037
  -12,836
  -13,667
Depreciation, amort., depletion, $m
  8
  6
  7
  9
  10
  12
  14
  16
  18
  21
  24
  24
  28
  32
  36
  40
  45
  49
  55
  60
  65
  71
  77
  83
  90
  97
  104
  111
  119
  126
  135
Funds from operations, $m
  -23
  -325
  -423
  -543
  -687
  -857
  -1,052
  -1,275
  -1,526
  -1,804
  -2,110
  -2,443
  -2,803
  -3,189
  -3,601
  -4,037
  -4,499
  -4,984
  -5,493
  -6,025
  -6,581
  -7,160
  -7,764
  -8,391
  -9,043
  -9,721
  -10,426
  -11,158
  -11,919
  -12,710
  -13,532
Change in working capital, $m
  59
  -7
  -8
  -10
  -12
  -14
  -17
  -19
  -21
  -24
  -26
  -28
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -60
  -62
  -65
  -67
  -70
Cash from operations, $m
  -82
  -318
  -414
  -533
  -675
  -842
  -1,036
  -1,256
  -1,504
  -1,780
  -2,084
  -2,414
  -2,772
  -3,156
  -3,566
  -4,000
  -4,459
  -4,943
  -5,449
  -5,980
  -6,534
  -7,111
  -7,712
  -8,338
  -8,988
  -9,663
  -10,366
  -11,095
  -11,854
  -12,642
  -13,462
Maintenance CAPEX, $m
  0
  -2
  -3
  -4
  -5
  -7
  -8
  -10
  -12
  -15
  -18
  -21
  -24
  -28
  -32
  -36
  -40
  -45
  -49
  -55
  -60
  -65
  -71
  -77
  -83
  -90
  -97
  -104
  -111
  -119
  -126
New CAPEX, $m
  -13
  -8
  -10
  -12
  -14
  -17
  -20
  -22
  -25
  -28
  -31
  -33
  -36
  -39
  -41
  -44
  -46
  -48
  -51
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
Cash from investing activities, $m
  9
  -10
  -13
  -16
  -19
  -24
  -28
  -32
  -37
  -43
  -49
  -54
  -60
  -67
  -73
  -80
  -86
  -93
  -100
  -108
  -115
  -123
  -131
  -140
  -148
  -158
  -167
  -177
  -187
  -198
  -208
Free cash flow, $m
  -73
  -328
  -427
  -549
  -695
  -866
  -1,063
  -1,289
  -1,542
  -1,823
  -2,132
  -2,468
  -2,832
  -3,222
  -3,638
  -4,079
  -4,545
  -5,036
  -5,550
  -6,087
  -6,649
  -7,234
  -7,843
  -8,477
  -9,136
  -9,821
  -10,533
  -11,272
  -12,041
  -12,840
  -13,671
Issuance/(repayment) of debt, $m
  0
  52
  92
  113
  135
  159
  184
  209
  235
  261
  287
  313
  338
  362
  386
  410
  433
  455
  477
  499
  521
  543
  566
  589
  612
  636
  661
  687
  714
  742
  772
Issuance/(repurchase) of shares, $m
  98
  362
  440
  564
  712
  886
  1,086
  1,314
  1,570
  1,854
  2,166
  2,502
  2,868
  3,261
  3,679
  4,123
  4,591
  5,084
  5,600
  6,140
  6,704
  7,292
  7,904
  8,540
  9,201
  9,889
  10,603
  11,345
  12,117
  12,919
  13,753
Cash from financing (excl. dividends), $m  
  92
  414
  532
  677
  847
  1,045
  1,270
  1,523
  1,805
  2,115
  2,453
  2,815
  3,206
  3,623
  4,065
  4,533
  5,024
  5,539
  6,077
  6,639
  7,225
  7,835
  8,470
  9,129
  9,813
  10,525
  11,264
  12,032
  12,831
  13,661
  14,525
Total cash flow (excl. dividends), $m
  18
  85
  106
  128
  153
  179
  206
  235
  263
  292
  321
  346
  374
  401
  427
  453
  479
  504
  528
  552
  577
  601
  626
  651
  677
  704
  731
  760
  790
  821
  854
Retained Cash Flow (-), $m
  57
  -362
  -440
  -564
  -712
  -886
  -1,086
  -1,314
  -1,570
  -1,854
  -2,166
  -2,502
  -2,868
  -3,261
  -3,679
  -4,123
  -4,591
  -5,084
  -5,600
  -6,140
  -6,704
  -7,292
  -7,904
  -8,540
  -9,201
  -9,889
  -10,603
  -11,345
  -12,117
  -12,919
  -13,753
Prev. year cash balance distribution, $m
 
  11
  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
 
  -265
  -335
  -436
  -559
  -707
  -880
  -1,079
  -1,307
  -1,562
  -1,845
  -2,156
  -2,494
  -2,860
  -3,252
  -3,670
  -4,113
  -4,580
  -5,072
  -5,588
  -6,128
  -6,691
  -7,278
  -7,889
  -8,524
  -9,185
  -9,872
  -10,585
  -11,327
  -12,098
  -12,899
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
 
  -255
  -306
  -379
  -461
  -548
  -639
  -729
  -817
  -897
  -967
  -1,024
  -1,064
  -1,087
  -1,092
  -1,077
  -1,045
  -997
  -934
  -860
  -779
  -692
  -604
  -517
  -434
  -357
  -288
  -227
  -175
  -132
  -97
Current shareholders' claim on cash, %
  100
  50.0
  20.6
  8.6
  3.7
  1.6
  0.7
  0.3
  0.1
  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

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 -3.4
Price to Sales 4.6
Price to Book 77.5
Price to Tangible Book
Price to Cash Flow -10.4
Price to Free Cash Flow -9
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 NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -112.5%
Ret/ On Assets - 3 Yr. Avg. -101.1%
Return On Total Capital -638%
Ret/ On T. Cap. - 3 Yr. Avg. -329%
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 36.6% 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 10 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 -10%. 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 59.682 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 $0.8 billion.

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COMPANY NEWS

▶ Morgan Stanley and Vertex jump while McCormick slides   [Jul-19-17 04:43PM  Associated Press]
▶ Story Stocks from Briefing.com   [10:01AM  Briefing.com]
▶ Better Buy: Hortonworks vs. Cloudera   [Jul-09-17 04:14PM  Motley Fool]
▶ ETFs with exposure to Hortonworks, Inc. : July 7, 2017   [Jul-07-17 02:58PM  Capital Cube]
▶ ETFs with exposure to Hortonworks, Inc. : June 26, 2017   [Jun-26-17 04:07PM  Capital Cube]
▶ ETFs with exposure to Hortonworks, Inc. : June 16, 2017   [Jun-16-17 03:52PM  Capital Cube]
▶ IBM and Hortonworks go steady with OEM deal   [Jun-13-17 12:12PM  ZDNet]
▶ 5 Best Performing Stocks of the Best ETF of May   [May-31-17 10:38AM  Zacks]
▶ Hortonworks Jumps 9% on Q1 Beat, In-Line Q2, Year Views   [May-04-17 06:43PM  Barrons.com]
▶ Hortonworks reports 1Q loss   [06:12PM  Associated Press]
▶ Intel-backed Cloudera's stock jumps after it raises $225M in IPO   [04:30PM  American City Business Journals]
▶ Cloudera raises $225M in IPO that tops targets but slashes valuation   [09:20AM  American City Business Journals]
▶ On eve of Cloudera IPO, analysts offer ways to judge its success   [08:45AM  American City Business Journals]
▶ Cloudera's IPO: What Investors Need to Know   [Apr-27-17 10:29AM  Motley Fool]
▶ 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]
Stock chart of HDP Financial statements of HDP Annual reports 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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