Intrinsic value of Proofpoint - PFPT

Previous Close

$95.03

  Intrinsic Value

$16.86

stock screener

  Rating & Target

str. sell

-82%

  Value-price divergence*

-20%

Previous close

$95.03

 
Intrinsic value

$16.86

 
Up/down potential

-82%

 
Rating

str. sell

 
Value-price divergence*

-20%

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

We calculate the intrinsic value of PFPT 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 4.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  41.89
  35.60
  32.54
  29.79
  27.31
  25.08
  23.07
  21.26
  19.64
  18.17
  16.86
  15.67
  14.60
  13.64
  12.78
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
Revenue, $m
  376
  510
  676
  877
  1,117
  1,397
  1,719
  2,084
  2,493
  2,946
  3,443
  3,983
  4,564
  5,187
  5,850
  6,552
  7,292
  8,070
  8,885
  9,738
  10,627
  11,554
  12,518
  13,522
  14,564
  15,648
  16,774
  17,945
  19,161
  20,426
  21,742
Variable operating expenses, $m
 
  531
  698
  901
  1,143
  1,425
  1,750
  2,119
  2,531
  2,988
  3,489
  4,017
  4,603
  5,231
  5,900
  6,608
  7,355
  8,139
  8,962
  9,821
  10,718
  11,653
  12,626
  13,638
  14,689
  15,782
  16,918
  18,099
  19,326
  20,601
  21,928
Fixed operating expenses, $m
 
  69
  70
  72
  74
  76
  78
  80
  82
  84
  86
  88
  90
  92
  95
  97
  99
  102
  104
  107
  110
  113
  115
  118
  121
  124
  127
  131
  134
  137
  141
Total operating expenses, $m
  461
  600
  768
  973
  1,217
  1,501
  1,828
  2,199
  2,613
  3,072
  3,575
  4,105
  4,693
  5,323
  5,995
  6,705
  7,454
  8,241
  9,066
  9,928
  10,828
  11,766
  12,741
  13,756
  14,810
  15,906
  17,045
  18,230
  19,460
  20,738
  22,069
Operating income, $m
  -86
  -90
  -93
  -96
  -100
  -104
  -109
  -114
  -120
  -126
  -132
  -122
  -129
  -137
  -145
  -153
  -162
  -171
  -181
  -191
  -201
  -212
  -223
  -234
  -246
  -259
  -271
  -285
  -298
  -312
  -327
EBITDA, $m
  -54
  -58
  -57
  -54
  -51
  -47
  -43
  -37
  -31
  -23
  -15
  -7
  3
  14
  25
  37
  50
  63
  77
  92
  107
  124
  140
  158
  176
  195
  215
  236
  258
  280
  304
Interest expense (income), $m
  4
  13
  4
  9
  16
  24
  34
  45
  57
  71
  86
  103
  122
  141
  162
  185
  209
  234
  260
  288
  317
  347
  379
  411
  445
  481
  518
  556
  595
  637
  680
Earnings before tax, $m
  -110
  -103
  -97
  -106
  -116
  -129
  -143
  -159
  -177
  -197
  -218
  -225
  -251
  -278
  -307
  -338
  -371
  -405
  -441
  -479
  -518
  -559
  -601
  -646
  -692
  -739
  -789
  -840
  -894
  -949
  -1,007
Tax expense, $m
  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
Net income, $m
  -111
  -103
  -97
  -106
  -116
  -129
  -143
  -159
  -177
  -197
  -218
  -225
  -251
  -278
  -307
  -338
  -371
  -405
  -441
  -479
  -518
  -559
  -601
  -646
  -692
  -739
  -789
  -840
  -894
  -949
  -1,007

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  397
  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
  802
  549
  728
  945
  1,203
  1,505
  1,852
  2,246
  2,687
  3,175
  3,710
  4,292
  4,918
  5,589
  6,303
  7,060
  7,858
  8,696
  9,575
  10,493
  11,452
  12,450
  13,490
  14,571
  15,694
  16,862
  18,076
  19,337
  20,648
  22,011
  23,429
Adjusted assets (=assets-cash), $m
  405
  549
  728
  945
  1,203
  1,505
  1,852
  2,246
  2,687
  3,175
  3,710
  4,292
  4,918
  5,589
  6,303
  7,060
  7,858
  8,696
  9,575
  10,493
  11,452
  12,450
  13,490
  14,571
  15,694
  16,862
  18,076
  19,337
  20,648
  22,011
  23,429
Revenue / Adjusted assets
  0.928
  0.929
  0.929
  0.928
  0.929
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
Average production assets, $m
  78
  105
  139
  181
  230
  288
  354
  429
  514
  607
  709
  820
  940
  1,068
  1,205
  1,350
  1,502
  1,662
  1,830
  2,006
  2,189
  2,380
  2,579
  2,785
  3,000
  3,223
  3,455
  3,697
  3,947
  4,208
  4,479
Working capital, $m
  185
  -288
  -381
  -495
  -630
  -788
  -969
  -1,175
  -1,406
  -1,662
  -1,942
  -2,246
  -2,574
  -2,925
  -3,299
  -3,695
  -4,113
  -4,552
  -5,011
  -5,492
  -5,994
  -6,516
  -7,060
  -7,626
  -8,214
  -8,825
  -9,461
  -10,121
  -10,807
  -11,520
  -12,262
Total debt, $m
  367
  104
  265
  461
  693
  964
  1,277
  1,631
  2,028
  2,468
  2,949
  3,472
  4,036
  4,640
  5,283
  5,964
  6,682
  7,437
  8,227
  9,054
  9,916
  10,815
  11,751
  12,724
  13,735
  14,786
  15,878
  17,013
  18,193
  19,420
  20,696
Total liabilities, $m
  757
  494
  655
  851
  1,083
  1,354
  1,667
  2,021
  2,418
  2,858
  3,339
  3,862
  4,426
  5,030
  5,673
  6,354
  7,072
  7,827
  8,617
  9,444
  10,306
  11,205
  12,141
  13,114
  14,125
  15,176
  16,268
  17,403
  18,583
  19,810
  21,086
Total equity, $m
  45
  55
  73
  95
  120
  150
  185
  225
  269
  318
  371
  429
  492
  559
  630
  706
  786
  870
  957
  1,049
  1,145
  1,245
  1,349
  1,457
  1,569
  1,686
  1,808
  1,934
  2,065
  2,201
  2,343
Total liabilities and equity, $m
  802
  549
  728
  946
  1,203
  1,504
  1,852
  2,246
  2,687
  3,176
  3,710
  4,291
  4,918
  5,589
  6,303
  7,060
  7,858
  8,697
  9,574
  10,493
  11,451
  12,450
  13,490
  14,571
  15,694
  16,862
  18,076
  19,337
  20,648
  22,011
  23,429
Debt-to-equity ratio
  8.156
  1.900
  3.640
  4.870
  5.760
  6.410
  6.890
  7.260
  7.550
  7.770
  7.950
  8.090
  8.210
  8.300
  8.380
  8.450
  8.500
  8.550
  8.590
  8.630
  8.660
  8.690
  8.710
  8.730
  8.750
  8.770
  8.780
  8.800
  8.810
  8.820
  8.830
Adjusted equity ratio
  -0.869
  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
  -111
  -103
  -97
  -106
  -116
  -129
  -143
  -159
  -177
  -197
  -218
  -225
  -251
  -278
  -307
  -338
  -371
  -405
  -441
  -479
  -518
  -559
  -601
  -646
  -692
  -739
  -789
  -840
  -894
  -949
  -1,007
Depreciation, amort., depletion, $m
  32
  31
  36
  42
  49
  57
  67
  77
  89
  102
  117
  116
  132
  150
  170
  190
  212
  234
  258
  283
  308
  335
  363
  392
  423
  454
  487
  521
  556
  593
  631
Funds from operations, $m
  171
  -71
  -60
  -64
  -67
  -72
  -76
  -82
  -88
  -94
  -102
  -110
  -118
  -128
  -138
  -148
  -159
  -171
  -183
  -196
  -210
  -224
  -238
  -253
  -269
  -285
  -302
  -320
  -338
  -357
  -376
Change in working capital, $m
  77
  -75
  -94
  -114
  -135
  -158
  -182
  -206
  -231
  -256
  -280
  -304
  -328
  -351
  -374
  -396
  -418
  -439
  -460
  -481
  -502
  -523
  -544
  -566
  -588
  -611
  -635
  -660
  -686
  -713
  -742
Cash from operations, $m
  94
  4
  33
  50
  68
  86
  105
  124
  143
  161
  178
  195
  210
  224
  236
  248
  258
  268
  277
  285
  292
  299
  306
  313
  319
  326
  333
  340
  348
  357
  366
Maintenance CAPEX, $m
  0
  -11
  -15
  -20
  -25
  -32
  -41
  -50
  -60
  -72
  -85
  -100
  -116
  -132
  -150
  -170
  -190
  -212
  -234
  -258
  -283
  -308
  -335
  -363
  -392
  -423
  -454
  -487
  -521
  -556
  -593
New CAPEX, $m
  -34
  -28
  -34
  -41
  -49
  -58
  -66
  -75
  -84
  -93
  -102
  -111
  -120
  -128
  -137
  -145
  -153
  -160
  -168
  -176
  -183
  -191
  -199
  -207
  -215
  -223
  -232
  -241
  -251
  -261
  -271
Cash from investing activities, $m
  -89
  -39
  -49
  -61
  -74
  -90
  -107
  -125
  -144
  -165
  -187
  -211
  -236
  -260
  -287
  -315
  -343
  -372
  -402
  -434
  -466
  -499
  -534
  -570
  -607
  -646
  -686
  -728
  -772
  -817
  -864
Free cash flow, $m
  5
  -34
  -16
  -11
  -7
  -4
  -2
  -1
  -2
  -5
  -9
  -17
  -26
  -37
  -51
  -67
  -84
  -104
  -126
  -149
  -174
  -200
  -228
  -257
  -288
  -320
  -353
  -387
  -423
  -460
  -498
Issuance/(repayment) of debt, $m
  0
  -263
  161
  195
  232
  272
  312
  354
  397
  439
  482
  523
  564
  604
  643
  681
  718
  755
  791
  827
  863
  899
  935
  973
  1,011
  1,051
  1,092
  1,135
  1,180
  1,227
  1,276
Issuance/(repurchase) of shares, $m
  22
  510
  114
  127
  142
  159
  178
  198
  221
  245
  272
  283
  313
  345
  379
  414
  451
  489
  529
  571
  614
  659
  705
  754
  804
  856
  910
  966
  1,025
  1,086
  1,149
Cash from financing (excl. dividends), $m  
  -5
  247
  275
  322
  374
  431
  490
  552
  618
  684
  754
  806
  877
  949
  1,022
  1,095
  1,169
  1,244
  1,320
  1,398
  1,477
  1,558
  1,640
  1,727
  1,815
  1,907
  2,002
  2,101
  2,205
  2,313
  2,425
Total cash flow (excl. dividends), $m
  -1
  213
  260
  311
  367
  427
  489
  552
  616
  680
  744
  790
  852
  912
  971
  1,028
  1,084
  1,140
  1,194
  1,248
  1,303
  1,357
  1,413
  1,469
  1,527
  1,587
  1,649
  1,714
  1,782
  1,853
  1,927
Retained Cash Flow (-), $m
  38
  -510
  -114
  -127
  -142
  -159
  -178
  -198
  -221
  -245
  -272
  -283
  -313
  -345
  -379
  -414
  -451
  -489
  -529
  -571
  -614
  -659
  -705
  -754
  -804
  -856
  -910
  -966
  -1,025
  -1,086
  -1,149
Prev. year cash balance distribution, $m
 
  397
  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
 
  100
  145
  184
  225
  268
  311
  354
  395
  435
  472
  507
  538
  567
  592
  614
  634
  651
  665
  678
  689
  699
  707
  716
  723
  731
  739
  748
  757
  767
  778
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
 
  96
  133
  160
  186
  208
  226
  239
  247
  250
  248
  241
  230
  215
  199
  180
  161
  142
  123
  104
  88
  72
  59
  47
  37
  28
  22
  16
  12
  8
  6
Current shareholders' claim on cash, %
  100
  50.0
  41.4
  35.2
  30.6
  27.0
  24.2
  21.8
  19.9
  18.2
  16.8
  15.6
  14.5
  13.6
  12.7
  11.9
  11.2
  10.6
  10.0
  9.4
  8.9
  8.4
  7.9
  7.5
  7.1
  6.8
  6.4
  6.1
  5.8
  5.5
  5.2

Proofpoint, Inc. is a security-as-a-service provider that enables large and mid-sized organizations to defend, protect, archive and govern their sensitive data. The Company's security-as-a-service platform consists of an integrated suite of on-demand data protection solutions, including threat protection, incident response, regulatory compliance, archiving, governance, eDiscovery and secure communication. The Company's solutions are built on a cloud-based platform. The Company provides a multi-tiered security-as-a-service platform, including solutions, platform technologies and infrastructure. Its product families include Email Security, Proofpoint Advanced Threat Protection, Proofpoint Information Protection and Archiving, and Proofpoint Digital Risk Protection. The Company's platform services include Threat detection, Threat intel extraction, Nexus threat graph, Real-time detection, Information classification and Intelligent policy.

FINANCIAL RATIOS  of  Proofpoint (PFPT)

Valuation Ratios
P/E Ratio -36.8
Price to Sales 10.9
Price to Book 90.8
Price to Tangible Book
Price to Cash Flow 43.5
Price to Free Cash Flow 68.1
Growth Rates
Sales Growth Rate 41.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 30.8%
Cap. Spend. - 3 Yr. Gr. Rate 33.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 815.6%
Total Debt to Equity 815.6%
Interest Coverage -27
Management Effectiveness
Return On Assets -14.2%
Ret/ On Assets - 3 Yr. Avg. -15.1%
Return On Total Capital -26.4%
Ret/ On T. Cap. - 3 Yr. Avg. -27.9%
Return On Equity -173.4%
Return On Equity - 3 Yr. Avg. -135.4%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 71%
Gross Margin - 3 Yr. Avg. 68.5%
EBITDA Margin -19.7%
EBITDA Margin - 3 Yr. Avg. -22%
Operating Margin -22.6%
Oper. Margin - 3 Yr. Avg. -25.5%
Pre-Tax Margin -29.3%
Pre-Tax Margin - 3 Yr. Avg. -32.3%
Net Profit Margin -29.5%
Net Profit Margin - 3 Yr. Avg. -32.5%
Effective Tax Rate -0.9%
Eff/ Tax Rate - 3 Yr. Avg. -0.6%
Payout Ratio 0%

PFPT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PFPT stock intrinsic value calculation we used $376 million for the last fiscal year's total revenue generated by Proofpoint. The default revenue input number comes from 2016 income statement of Proofpoint. 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 PFPT stock valuation model: a) initial revenue growth rate of 35.6% 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 PFPT is calculated based on our internal credit rating of Proofpoint, 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 Proofpoint.
    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 PFPT stock the variable cost ratio is equal to 105.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $67 million in the base year in the intrinsic value calculation for PFPT 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 Proofpoint.

Corporate tax rate of 27% is the nominal tax rate for Proofpoint. 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 PFPT 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 PFPT are equal to 20.6%.

Life of production assets of 7.1 years is the average useful life of capital assets used in Proofpoint 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 PFPT is equal to -56.4%. 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 - $45 million for Proofpoint - 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 44.383 million for Proofpoint 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 Proofpoint at the current share price and the inputted number of shares is $4.2 billion.

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COMPANY NEWS

▶ Proofpoint to Report Third Quarter 2017 Financial Results   [Oct-03-17 08:00AM  GlobeNewswire]
▶ Proofpoint Getting Closer To Key Technical Measure   [03:00AM  Investor's Business Daily]
▶ [$$] Equifax Breach to Lift Three Stocks   [Sep-12-17 03:41PM  Barrons.com]
▶ Equifax Hack: Bad For Consumers, Good For Rivals   [Sep-11-17 09:22AM  Barrons.com]
▶ These Cybersecurity Stocks Are Rising On Equifax's Mass Hack   [Sep-08-17 04:21PM  Investor's Business Daily]
▶ Proofpoint to Present at Upcoming Conferences   [Aug-30-17 08:00AM  GlobeNewswire]
▶ Proofpoint to Host Financial Analyst and Investor Day   [Aug-08-17 08:00AM  GlobeNewswire]
▶ Proofpoint reports 2Q loss   [Jul-27-17 06:23PM  Associated Press]
▶ ETFs with exposure to Proofpoint, Inc. : July 24, 2017   [Jul-24-17 06:02PM  Capital Cube]
▶ Cybersecurity Stocks Near Buy Points Are Selling Off Today: Here's Why   [Jul-20-17 12:13PM  Investor's Business Daily]
▶ ETFs with exposure to Proofpoint, Inc. : July 14, 2017   [Jul-14-17 04:12PM  Capital Cube]
▶ Proofpoint May Be Headed for a Sideways Trading Range   [Jul-07-17 11:01AM  TheStreet.com]
▶ Proofpoint to Report Second Quarter 2017 Financial Results   [Jul-05-17 08:00AM  GlobeNewswire]
▶ Ignore FireEye Inc -- Here Are 3 Better Stocks   [Jun-25-17 02:18PM  Motley Fool]
▶ Futures: 3 Top Tech Stocks In Buy Range As Apple, FANGs Falter   [Jun-13-17 06:43AM  Investor's Business Daily]
▶ Apple Gets Price-Target Hike; Video Game Makers Touted Before E3   [Jun-07-17 04:15PM  Investor's Business Daily]
▶ Jim Cramer Prefers Proofpoint Over Palo Alto Networks   [May-31-17 12:48PM  TheStreet.com]
▶ 3 Stocks That Look a Lot Like Intel 30 Years Ago   [May-30-17 06:24PM  Motley Fool]
▶ Can Proofpoint Unlock the Upside?   [May-19-17 10:12AM  TheStreet.com]
▶ Huge cyberattack ebbs as investigators work to find culprits   [May-15-17 10:18PM  Associated Press]
▶ 'WannaCry' attack: More to come?   [May-14-17 10:49PM  CNBC Videos]
▶ How Did Security Stocks Do This Quarter?   [May-03-17 04:48PM  Zacks]
▶ ETFs with exposure to Proofpoint, Inc. : May 2, 2017   [May-02-17 04:28PM  Capital Cube]
▶ [$$] Proofpoint Stock Seen Reaching $93   [Apr-24-17 12:35PM  Barrons.com]
▶ Cyberattackers are now targeting individuals   [Apr-21-17 06:46PM  CNBC Videos]
▶ Visa, Hawaiian Holdings, Proofpoint, E-Trade Beat Views Late   [04:41PM  Investor's Business Daily]
▶ Proofpoint rebounds after earnings beat   [04:32PM  MarketWatch]
▶ Proofpoint reports 1Q loss   [04:28PM  Associated Press]
Financial statements of PFPT
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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