Intrinsic value of Pandora Media - P

Previous Close

$8.67

  Intrinsic Value

$0.29

stock screener

  Rating & Target

str. sell

-97%

  Value-price divergence*

-55%

Previous close

$8.67

 
Intrinsic value

$0.29

 
Up/down potential

-97%

 
Rating

str. sell

 
Value-price divergence*

-55%

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

We calculate the intrinsic value of P stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.9

 

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, %
  18.99
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
Revenue, $m
  1,385
  1,474
  1,566
  1,662
  1,762
  1,866
  1,975
  2,088
  2,207
  2,331
  2,460
  2,595
  2,736
  2,883
  3,038
  3,199
  3,369
  3,546
  3,731
  3,926
  4,130
  4,343
  4,567
  4,802
  5,048
  5,306
  5,576
  5,860
  6,158
  6,470
  6,798
Variable operating expenses, $m
 
  1,687
  1,791
  1,898
  2,011
  2,128
  2,250
  2,378
  2,511
  2,650
  2,795
  2,916
  3,075
  3,240
  3,414
  3,596
  3,786
  3,985
  4,193
  4,412
  4,641
  4,881
  5,132
  5,396
  5,673
  5,963
  6,267
  6,586
  6,920
  7,271
  7,640
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
  1,704
  1,687
  1,791
  1,898
  2,011
  2,128
  2,250
  2,378
  2,511
  2,650
  2,795
  2,916
  3,075
  3,240
  3,414
  3,596
  3,786
  3,985
  4,193
  4,412
  4,641
  4,881
  5,132
  5,396
  5,673
  5,963
  6,267
  6,586
  6,920
  7,271
  7,640
Operating income, $m
  -319
  -213
  -225
  -237
  -249
  -262
  -275
  -289
  -304
  -319
  -335
  -321
  -339
  -357
  -376
  -396
  -417
  -439
  -462
  -486
  -511
  -538
  -566
  -595
  -625
  -657
  -691
  -726
  -763
  -801
  -842
EBITDA, $m
  -258
  -168
  -179
  -190
  -201
  -213
  -225
  -238
  -252
  -266
  -281
  -296
  -312
  -329
  -347
  -365
  -384
  -405
  -426
  -448
  -471
  -496
  -521
  -548
  -576
  -606
  -636
  -669
  -703
  -738
  -776
Interest expense (income), $m
  7
  12
  13
  15
  16
  18
  20
  21
  23
  25
  27
  29
  31
  34
  36
  38
  41
  44
  46
  49
  53
  56
  59
  63
  66
  70
  75
  79
  83
  88
  93
Earnings before tax, $m
  -343
  -225
  -238
  -251
  -265
  -280
  -295
  -311
  -327
  -344
  -362
  -350
  -370
  -391
  -412
  -435
  -458
  -483
  -509
  -536
  -564
  -594
  -625
  -657
  -692
  -727
  -765
  -805
  -846
  -889
  -935
Tax expense, $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
  0
Net income, $m
  -343
  -225
  -238
  -251
  -265
  -280
  -295
  -311
  -327
  -344
  -362
  -350
  -370
  -391
  -412
  -435
  -458
  -483
  -509
  -536
  -564
  -594
  -625
  -657
  -692
  -727
  -765
  -805
  -846
  -889
  -935

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  237
  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
  1,185
  1,009
  1,072
  1,138
  1,206
  1,277
  1,352
  1,429
  1,511
  1,595
  1,684
  1,776
  1,873
  1,974
  2,079
  2,190
  2,306
  2,427
  2,554
  2,687
  2,827
  2,973
  3,126
  3,286
  3,455
  3,631
  3,817
  4,011
  4,215
  4,429
  4,653
Adjusted assets (=assets-cash), $m
  948
  1,009
  1,072
  1,138
  1,206
  1,277
  1,352
  1,429
  1,511
  1,595
  1,684
  1,776
  1,873
  1,974
  2,079
  2,190
  2,306
  2,427
  2,554
  2,687
  2,827
  2,973
  3,126
  3,286
  3,455
  3,631
  3,817
  4,011
  4,215
  4,429
  4,653
Revenue / Adjusted assets
  1.461
  1.461
  1.461
  1.460
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.460
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
Average production assets, $m
  134
  143
  152
  161
  171
  181
  192
  203
  214
  226
  239
  252
  265
  280
  295
  310
  327
  344
  362
  381
  401
  421
  443
  466
  490
  515
  541
  568
  597
  628
  659
Working capital, $m
  372
  143
  152
  161
  171
  181
  192
  203
  214
  226
  239
  252
  265
  280
  295
  310
  327
  344
  362
  381
  401
  421
  443
  466
  490
  515
  541
  568
  597
  628
  659
Total debt, $m
  342
  383
  425
  469
  514
  562
  611
  663
  717
  773
  832
  894
  958
  1,025
  1,096
  1,169
  1,247
  1,327
  1,412
  1,501
  1,593
  1,691
  1,793
  1,900
  2,012
  2,130
  2,253
  2,382
  2,518
  2,660
  2,810
Total liabilities, $m
  631
  672
  714
  758
  803
  851
  900
  952
  1,006
  1,062
  1,121
  1,183
  1,247
  1,314
  1,385
  1,458
  1,536
  1,616
  1,701
  1,790
  1,882
  1,980
  2,082
  2,189
  2,301
  2,419
  2,542
  2,671
  2,807
  2,949
  3,099
Total equity, $m
  554
  337
  358
  380
  403
  427
  452
  477
  505
  533
  562
  593
  625
  659
  694
  731
  770
  811
  853
  897
  944
  993
  1,044
  1,098
  1,154
  1,213
  1,275
  1,340
  1,408
  1,479
  1,554
Total liabilities and equity, $m
  1,185
  1,009
  1,072
  1,138
  1,206
  1,278
  1,352
  1,429
  1,511
  1,595
  1,683
  1,776
  1,872
  1,973
  2,079
  2,189
  2,306
  2,427
  2,554
  2,687
  2,826
  2,973
  3,126
  3,287
  3,455
  3,632
  3,817
  4,011
  4,215
  4,428
  4,653
Debt-to-equity ratio
  0.617
  1.140
  1.190
  1.230
  1.280
  1.320
  1.350
  1.390
  1.420
  1.450
  1.480
  1.510
  1.530
  1.560
  1.580
  1.600
  1.620
  1.640
  1.660
  1.670
  1.690
  1.700
  1.720
  1.730
  1.740
  1.760
  1.770
  1.780
  1.790
  1.800
  1.810
Adjusted equity ratio
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -343
  -225
  -238
  -251
  -265
  -280
  -295
  -311
  -327
  -344
  -362
  -350
  -370
  -391
  -412
  -435
  -458
  -483
  -509
  -536
  -564
  -594
  -625
  -657
  -692
  -727
  -765
  -805
  -846
  -889
  -935
Depreciation, amort., depletion, $m
  61
  45
  46
  47
  48
  49
  50
  51
  52
  53
  55
  25
  27
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
  47
  49
  51
  54
  57
  60
  63
  66
Funds from operations, $m
  -239
  -180
  -192
  -205
  -218
  -231
  -245
  -260
  -275
  -291
  -308
  -325
  -344
  -363
  -383
  -404
  -425
  -448
  -472
  -497
  -524
  -551
  -580
  -611
  -643
  -676
  -711
  -748
  -786
  -827
  -869
Change in working capital, $m
  -57
  9
  9
  9
  10
  10
  11
  11
  11
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
Cash from operations, $m
  -182
  -189
  -201
  -214
  -227
  -241
  -256
  -271
  -287
  -303
  -320
  -338
  -357
  -377
  -398
  -419
  -442
  -466
  -490
  -516
  -544
  -572
  -602
  -634
  -666
  -701
  -737
  -775
  -815
  -857
  -901
Maintenance CAPEX, $m
  0
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -57
  -60
  -63
New CAPEX, $m
  -90
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
Cash from investing activities, $m
  -52
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -31
  -33
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -77
  -82
  -86
  -90
  -95
Free cash flow, $m
  -234
  -211
  -224
  -238
  -253
  -268
  -284
  -301
  -318
  -336
  -355
  -375
  -396
  -418
  -441
  -464
  -489
  -515
  -543
  -571
  -601
  -633
  -666
  -701
  -737
  -775
  -815
  -857
  -901
  -947
  -995
Issuance/(repayment) of debt, $m
  90
  41
  42
  44
  46
  48
  50
  52
  54
  56
  59
  62
  64
  67
  70
  74
  77
  81
  85
  89
  93
  97
  102
  107
  112
  118
  123
  129
  136
  142
  149
Issuance/(repurchase) of shares, $m
  3
  245
  259
  273
  288
  304
  320
  337
  354
  373
  392
  381
  402
  424
  447
  472
  497
  523
  551
  580
  610
  642
  676
  711
  748
  786
  827
  869
  914
  961
  1,010
Cash from financing (excl. dividends), $m  
  100
  286
  301
  317
  334
  352
  370
  389
  408
  429
  451
  443
  466
  491
  517
  546
  574
  604
  636
  669
  703
  739
  778
  818
  860
  904
  950
  998
  1,050
  1,103
  1,159
Total cash flow (excl. dividends), $m
  -135
  75
  77
  79
  81
  83
  85
  87
  90
  93
  95
  68
  71
  74
  77
  81
  85
  89
  93
  97
  102
  107
  112
  117
  123
  129
  135
  142
  149
  156
  164
Retained Cash Flow (-), $m
  189
  -245
  -259
  -273
  -288
  -304
  -320
  -337
  -354
  -373
  -392
  -381
  -402
  -424
  -447
  -472
  -497
  -523
  -551
  -580
  -610
  -642
  -676
  -711
  -748
  -786
  -827
  -869
  -914
  -961
  -1,010
Prev. year cash balance distribution, $m
 
  237
  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
 
  67
  -182
  -195
  -207
  -221
  -235
  -249
  -264
  -280
  -297
  -314
  -332
  -351
  -370
  -391
  -412
  -435
  -458
  -483
  -509
  -536
  -564
  -594
  -625
  -657
  -692
  -727
  -765
  -805
  -846
Discount rate, %
 
  6.60
  6.93
  7.28
  7.64
  8.02
  8.42
  8.84
  9.29
  9.75
  10.24
  10.75
  11.29
  11.85
  12.45
  13.07
  13.72
  14.41
  15.13
  15.88
  16.68
  17.51
  18.39
  19.31
  20.27
  21.29
  22.35
  23.47
  24.64
  25.87
  27.17
PV of cash for distribution, $m
 
  63
  -159
  -158
  -155
  -150
  -144
  -138
  -130
  -121
  -112
  -102
  -92
  -82
  -72
  -62
  -53
  -44
  -36
  -29
  -23
  -18
  -14
  -10
  -7
  -5
  -4
  -2
  -2
  -1
  -1
Current shareholders' claim on cash, %
  100
  81.3
  66.2
  54.0
  44.1
  36.0
  29.5
  24.1
  19.8
  16.2
  13.3
  11.1
  9.2
  7.7
  6.4
  5.3
  4.4
  3.7
  3.1
  2.6
  2.1
  1.8
  1.5
  1.2
  1.0
  0.8
  0.7
  0.6
  0.5
  0.4
  0.3

Pandora Media, Inc. provides Internet music platform services in North America. The company allows its listeners to create personalized stations to access music and comedy catalogs, as well as personalized playlist generating system; and offers Pandora Plus and Pandora Premium, a paid subscription service to listeners. Pandora Media, Inc. also sells audio, display, and video advertising to advertisers for delivery on computer, mobile, and other connected device platforms. In addition, the company offers ticketing and marketing software and services for venues and event promoters to promote their events, as well as allow fans to find and purchase tickets for events. Pandora Media, Inc. was founded in 2000 and is headquartered in Oakland, California.

FINANCIAL RATIOS  of  Pandora Media (P)

Valuation Ratios
P/E Ratio -5.9
Price to Sales 1.5
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow -11.2
Price to Free Cash Flow -7.5
Growth Rates
Sales Growth Rate 19%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 181.3%
Cap. Spend. - 3 Yr. Gr. Rate 25.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 61.7%
Total Debt to Equity 61.7%
Interest Coverage -48
Management Effectiveness
Return On Assets -27.7%
Ret/ On Assets - 3 Yr. Avg. -16.3%
Return On Total Capital -36.6%
Ret/ On T. Cap. - 3 Yr. Avg. -21.3%
Return On Equity -52.9%
Return On Equity - 3 Yr. Avg. -28%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 35.4%
Gross Margin - 3 Yr. Avg. 40.1%
EBITDA Margin -19.9%
EBITDA Margin - 3 Yr. Avg. -11.4%
Operating Margin -23%
Oper. Margin - 3 Yr. Avg. -13.6%
Pre-Tax Margin -24.8%
Pre-Tax Margin - 3 Yr. Avg. -14.2%
Net Profit Margin -24.8%
Net Profit Margin - 3 Yr. Avg. -14.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0.2%
Payout Ratio 0%

P stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the P stock intrinsic value calculation we used $1385 million for the last fiscal year's total revenue generated by Pandora Media. The default revenue input number comes from 2016 income statement of Pandora Media. 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 P stock valuation model: a) initial revenue growth rate of 6.4% 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 6.6%, whose default value for P is calculated based on our internal credit rating of Pandora Media, 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 Pandora Media.
    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 P stock the variable cost ratio is equal to 114.6%.

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 P 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 Pandora Media.

Corporate tax rate of 27% is the nominal tax rate for Pandora Media. 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 P 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 P are equal to 9.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Pandora Media 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 P is equal to 9.7%. 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 - $554 million for Pandora Media - 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 215.311 million for Pandora Media 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 Pandora Media at the current share price and the inputted number of shares is $1.9 billion.

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COMPANY NEWS

▶ [$$] Pandora Names Sling TV's Lynch as New CEO   [06:03PM  The Wall Street Journal]
▶ CEO of Dish Network's Sling TV is leaving to lead Pandora   [05:49PM  American City Business Journals]
▶ Pandora names Roger Lynch its CEO   [04:17PM  CNBC Videos]
▶ Pandora Stock: Next Stop, $7.50?   [Aug-09-17 10:44AM  Motley Fool]
▶ Factors That Impacted Pandora Stock Last Week   [Aug-08-17 08:11AM  Market Realist]
▶ Will Sirius XM Offer a Free Service?   [Aug-04-17 10:00AM  Motley Fool]
▶ [$$] Pandora Could Be Back in Black by Late 2018   [Aug-02-17 01:41PM  Barrons.com]
▶ Pandora Stock Struggles to Regain Momentum   [Aug-01-17 06:29PM  Investopedia]
▶ Pandora Earnings: The Good, Bad, and Ugly   [01:36PM  Barrons.com]
▶ Pandora reports 2Q loss   [Jul-31-17 09:16PM  Associated Press]
▶ Pandora Media beats on top line   [04:42PM  CNBC Videos]
▶ Pandora Media jumps 6% after earnings   [04:14PM  MarketWatch]
▶ Pandora Reports Q2 2017 Financial Results   [04:02PM  Business Wire]
▶ 4 Questions Ahead of Pandora's Earnings   [02:11PM  Barrons.com]
▶ Own Sirius At A 16% Discount   [12:38PM  Forbes]
▶ Why Pandora Media Inc (P) Stock Still Has Room to Run   [Jul-25-17 08:18AM  InvestorPlace]
▶ ETFs with exposure to Pandora Media, Inc. : July 24, 2017   [Jul-24-17 05:53PM  Capital Cube]
▶ A Sprint Promotion Draws Analyst Attention   [Jul-21-17 10:37AM  Market Realist]
▶ Sirius XM Stock Closes In on 11-Year High   [Jul-17-17 10:06AM  Motley Fool]
▶ ETFs with exposure to Pandora Media, Inc. : July 14, 2017   [Jul-14-17 04:07PM  Capital Cube]
▶ Back to the Future With Pandora   [Jul-12-17 11:11AM  Motley Fool]
▶ What Impacted Pandora Stock Last Week?   [07:40AM  Market Realist]
▶ 3 Growth Stocks for Buy-and-Hold Investors   [Jul-10-17 08:21PM  Motley Fool]
▶ How Pandora Fell Behind on Streaming Music   [Jul-06-17 05:17PM  Motley Fool]
▶ Should Pandora Have Sold Ticketfly?   [09:22AM  Motley Fool]
▶ How Can Pandora Catch Up to Spotify?   [Jul-05-17 08:16PM  Motley Fool]
Stock chart of P Financial statements of P
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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