Intrinsic value of Proofpoint - PFPT

Previous Close

$104.77

  Intrinsic Value

$14.36

stock screener

  Rating & Target

str. sell

-86%

Previous close

$104.77

 
Intrinsic value

$14.36

 
Up/down potential

-86%

 
Rating

str. sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  34.00
  31.10
  28.49
  26.14
  24.03
  22.12
  20.41
  18.87
  17.48
  16.24
  15.11
  14.10
  13.19
  12.37
  11.63
  10.97
  10.37
  9.84
  9.35
  8.92
  8.53
  8.17
  7.86
  7.57
  7.31
  7.08
  6.87
  6.69
  6.52
  6.37
Revenue, $m
  376
  504
  661
  849
  1,071
  1,328
  1,622
  1,953
  2,321
  2,727
  3,170
  3,649
  4,163
  4,712
  5,295
  5,911
  6,560
  7,240
  7,952
  8,696
  9,471
  10,279
  11,119
  11,993
  12,900
  13,844
  14,824
  15,843
  16,903
  18,004
  19,150
Variable operating expenses, $m
 
  525
  683
  873
  1,096
  1,356
  1,652
  1,986
  2,358
  2,767
  3,213
  3,680
  4,199
  4,753
  5,341
  5,962
  6,616
  7,302
  8,020
  8,771
  9,553
  10,367
  11,214
  12,095
  13,011
  13,963
  14,952
  15,979
  17,048
  18,159
  19,315
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
  594
  753
  945
  1,170
  1,432
  1,730
  2,066
  2,440
  2,851
  3,299
  3,768
  4,289
  4,845
  5,436
  6,059
  6,715
  7,404
  8,124
  8,878
  9,663
  10,480
  11,329
  12,213
  13,132
  14,087
  15,079
  16,110
  17,182
  18,296
  19,456
Operating income, $m
  -86
  -90
  -93
  -96
  -100
  -104
  -108
  -113
  -118
  -124
  -130
  -119
  -126
  -133
  -140
  -148
  -156
  -164
  -173
  -182
  -191
  -201
  -211
  -221
  -232
  -243
  -255
  -267
  -279
  -292
  -305
EBITDA, $m
  -54
  -58
  -57
  -55
  -52
  -49
  -45
  -40
  -34
  -28
  -21
  -13
  -5
  4
  14
  24
  35
  46
  58
  71
  84
  97
  112
  127
  142
  159
  176
  193
  212
  231
  251
Interest expense (income), $m
  4
  13
  3
  9
  15
  23
  31
  41
  53
  65
  79
  94
  110
  128
  146
  166
  187
  209
  232
  256
  282
  308
  335
  364
  393
  424
  456
  490
  524
  560
  597
Earnings before tax, $m
  -110
  -103
  -96
  -105
  -115
  -127
  -140
  -154
  -171
  -189
  -209
  -213
  -236
  -260
  -286
  -314
  -343
  -373
  -405
  -438
  -473
  -509
  -546
  -585
  -625
  -667
  -711
  -756
  -803
  -852
  -902
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
  -96
  -105
  -115
  -127
  -140
  -154
  -171
  -189
  -209
  -213
  -236
  -260
  -286
  -314
  -343
  -373
  -405
  -438
  -473
  -509
  -546
  -585
  -625
  -667
  -711
  -756
  -803
  -852
  -902

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
  543
  712
  915
  1,154
  1,431
  1,747
  2,104
  2,501
  2,938
  3,415
  3,932
  4,486
  5,078
  5,706
  6,370
  7,069
  7,802
  8,569
  9,371
  10,206
  11,076
  11,982
  12,923
  13,901
  14,918
  15,974
  17,072
  18,214
  19,401
  20,636
Adjusted assets (=assets-cash), $m
  405
  543
  712
  915
  1,154
  1,431
  1,747
  2,104
  2,501
  2,938
  3,415
  3,932
  4,486
  5,078
  5,706
  6,370
  7,069
  7,802
  8,569
  9,371
  10,206
  11,076
  11,982
  12,923
  13,901
  14,918
  15,974
  17,072
  18,214
  19,401
  20,636
Revenue / Adjusted assets
  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
  0.928
  0.928
  0.928
  0.928
  0.928
Average production assets, $m
  78
  104
  136
  175
  221
  274
  334
  402
  478
  562
  653
  752
  858
  971
  1,091
  1,218
  1,351
  1,491
  1,638
  1,791
  1,951
  2,117
  2,291
  2,470
  2,657
  2,852
  3,054
  3,264
  3,482
  3,709
  3,945
Working capital, $m
  185
  -284
  -373
  -479
  -604
  -749
  -915
  -1,101
  -1,309
  -1,538
  -1,788
  -2,058
  -2,348
  -2,658
  -2,986
  -3,334
  -3,700
  -4,083
  -4,485
  -4,905
  -5,342
  -5,797
  -6,271
  -6,764
  -7,276
  -7,808
  -8,361
  -8,936
  -9,533
  -10,154
  -10,801
Total debt, $m
  367
  99
  251
  433
  648
  898
  1,183
  1,504
  1,861
  2,255
  2,684
  3,148
  3,647
  4,180
  4,745
  5,343
  5,972
  6,632
  7,322
  8,044
  8,796
  9,579
  10,394
  11,241
  12,121
  13,036
  13,987
  14,975
  16,003
  17,071
  18,183
Total liabilities, $m
  757
  489
  641
  823
  1,038
  1,288
  1,573
  1,894
  2,251
  2,645
  3,074
  3,538
  4,037
  4,570
  5,135
  5,733
  6,362
  7,022
  7,712
  8,434
  9,186
  9,969
  10,784
  11,631
  12,511
  13,426
  14,377
  15,365
  16,393
  17,461
  18,573
Total equity, $m
  45
  54
  71
  91
  115
  143
  175
  210
  250
  294
  342
  393
  449
  508
  571
  637
  707
  780
  857
  937
  1,021
  1,108
  1,198
  1,292
  1,390
  1,492
  1,597
  1,707
  1,821
  1,940
  2,064
Total liabilities and equity, $m
  802
  543
  712
  914
  1,153
  1,431
  1,748
  2,104
  2,501
  2,939
  3,416
  3,931
  4,486
  5,078
  5,706
  6,370
  7,069
  7,802
  8,569
  9,371
  10,207
  11,077
  11,982
  12,923
  13,901
  14,918
  15,974
  17,072
  18,214
  19,401
  20,637
Debt-to-equity ratio
  8.156
  1.820
  3.520
  4.740
  5.620
  6.270
  6.770
  7.150
  7.440
  7.670
  7.860
  8.010
  8.130
  8.230
  8.320
  8.390
  8.450
  8.500
  8.540
  8.580
  8.620
  8.650
  8.670
  8.700
  8.720
  8.740
  8.760
  8.770
  8.790
  8.800
  8.810
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
  -96
  -105
  -115
  -127
  -140
  -154
  -171
  -189
  -209
  -213
  -236
  -260
  -286
  -314
  -343
  -373
  -405
  -438
  -473
  -509
  -546
  -585
  -625
  -667
  -711
  -756
  -803
  -852
  -902
Depreciation, amort., depletion, $m
  32
  31
  36
  41
  48
  55
  64
  73
  84
  96
  109
  106
  121
  137
  154
  172
  190
  210
  231
  252
  275
  298
  323
  348
  374
  402
  430
  460
  490
  522
  556
Funds from operations, $m
  171
  -71
  -60
  -64
  -67
  -71
  -76
  -81
  -87
  -93
  -100
  -107
  -115
  -124
  -133
  -142
  -152
  -163
  -174
  -186
  -198
  -210
  -223
  -237
  -251
  -266
  -281
  -296
  -313
  -329
  -347
Change in working capital, $m
  77
  -72
  -88
  -106
  -125
  -145
  -166
  -187
  -208
  -229
  -250
  -270
  -290
  -310
  -329
  -347
  -366
  -384
  -402
  -419
  -437
  -455
  -474
  -493
  -512
  -532
  -553
  -575
  -597
  -621
  -646
Cash from operations, $m
  94
  1
  28
  43
  58
  74
  90
  106
  121
  136
  150
  163
  175
  186
  196
  205
  213
  221
  228
  234
  240
  245
  250
  256
  261
  266
  272
  278
  285
  292
  300
Maintenance CAPEX, $m
  0
  -11
  -15
  -19
  -25
  -31
  -39
  -47
  -57
  -67
  -79
  -92
  -106
  -121
  -137
  -154
  -172
  -190
  -210
  -231
  -252
  -275
  -298
  -323
  -348
  -374
  -402
  -430
  -460
  -490
  -522
New CAPEX, $m
  -34
  -26
  -32
  -39
  -46
  -53
  -61
  -68
  -76
  -84
  -91
  -99
  -106
  -113
  -120
  -127
  -134
  -140
  -147
  -153
  -160
  -166
  -173
  -180
  -187
  -194
  -202
  -210
  -218
  -227
  -236
Cash from investing activities, $m
  -89
  -37
  -47
  -58
  -71
  -84
  -100
  -115
  -133
  -151
  -170
  -191
  -212
  -234
  -257
  -281
  -306
  -330
  -357
  -384
  -412
  -441
  -471
  -503
  -535
  -568
  -604
  -640
  -678
  -717
  -758
Free cash flow, $m
  5
  -36
  -19
  -15
  -12
  -10
  -9
  -10
  -12
  -15
  -21
  -28
  -37
  -48
  -61
  -75
  -92
  -110
  -129
  -150
  -173
  -196
  -221
  -247
  -274
  -302
  -331
  -362
  -393
  -425
  -459
Issuance/(repayment) of debt, $m
  0
  -268
  152
  183
  215
  249
  285
  321
  357
  394
  429
  465
  499
  533
  565
  597
  629
  660
  691
  721
  752
  783
  815
  847
  880
  915
  951
  988
  1,027
  1,068
  1,112
Issuance/(repurchase) of shares, $m
  22
  509
  113
  125
  139
  154
  171
  190
  211
  233
  256
  265
  291
  320
  349
  380
  413
  446
  482
  518
  556
  596
  637
  679
  723
  769
  816
  866
  917
  970
  1,026
Cash from financing (excl. dividends), $m  
  -5
  241
  265
  308
  354
  403
  456
  511
  568
  627
  685
  730
  790
  853
  914
  977
  1,042
  1,106
  1,173
  1,239
  1,308
  1,379
  1,452
  1,526
  1,603
  1,684
  1,767
  1,854
  1,944
  2,038
  2,138
Total cash flow (excl. dividends), $m
  -1
  204
  246
  292
  342
  393
  447
  501
  556
  611
  665
  702
  753
  804
  854
  902
  950
  997
  1,043
  1,089
  1,136
  1,183
  1,230
  1,279
  1,330
  1,382
  1,436
  1,492
  1,551
  1,613
  1,679
Retained Cash Flow (-), $m
  38
  -509
  -113
  -125
  -139
  -154
  -171
  -190
  -211
  -233
  -256
  -265
  -291
  -320
  -349
  -380
  -413
  -446
  -482
  -518
  -556
  -596
  -637
  -679
  -723
  -769
  -816
  -866
  -917
  -970
  -1,026
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
 
  92
  133
  167
  203
  239
  276
  311
  346
  378
  409
  437
  462
  485
  505
  522
  537
  550
  561
  571
  580
  587
  594
  600
  606
  613
  619
  627
  634
  643
  653
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
 
  89
  122
  145
  167
  185
  200
  210
  216
  217
  214
  207
  197
  184
  169
  153
  136
  120
  103
  88
  74
  61
  49
  39
  31
  24
  18
  13
  10
  7
  5
Current shareholders' claim on cash, %
  100
  50.0
  41.4
  35.2
  30.6
  26.9
  24.1
  21.7
  19.7
  18.0
  16.6
  15.4
  14.3
  13.4
  12.5
  11.7
  11.0
  10.4
  9.8
  9.2
  8.7
  8.2
  7.8
  7.4
  7.0
  6.6
  6.3
  5.9
  5.6
  5.3
  5.1

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 -40.6
Price to Sales 12
Price to Book 100.2
Price to Tangible Book
Price to Cash Flow 47.9
Price to Free Cash Flow 75.1
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 34% 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 45.49 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 $4.8 billion.

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COMPANY NEWS

▶ 3 Stocks That Could Put Amazon's Future Returns to Shame   [Feb-16-18 11:13AM  Motley Fool]
▶ Proofpoint Tops Views, Profit Guidance Light; Will Buy Wombat Security   [Feb-06-18 05:22PM  Investor's Business Daily]
▶ Proofpoint reports 4Q loss   [04:57PM  Associated Press]
▶ Proofpoint, Inc. to Host Earnings Call   [12:00PM  ACCESSWIRE]
▶ Proofpoint Shows Improved Relative Price Performance; Still Shy Of Benchmark   [Jan-09-18 03:00AM  Investor's Business Daily]
▶ Proofpoint Getting Closer To Key Technical Benchmark   [03:00AM  Investor's Business Daily]
▶ Euro-L.A. VC Nordic Eye exits big with Proofpoints $66M Weblife buy   [Nov-29-17 05:05PM  American City Business Journals]
▶ Proofpoint Completes the Acquisition of Cloudmark   [Nov-21-17 05:00PM  GlobeNewswire]
▶ Proofpoint Buys Cloudmark To Boost Messaging, Security Tools   [Nov-07-17 05:04PM  Investor's Business Daily]
▶ Proofpoint to Present at Upcoming Investor Conferences   [Nov-01-17 08:00AM  GlobeNewswire]
▶ Proofpoint Getting Closer To Key Technical Measure   [Oct-31-17 03:00AM  Investor's Business Daily]
▶ Proofpoint CEO: Taking on cyber giants   [08:16AM  CNBC Videos]
▶ Proofpoint Earnings Top Views, Outlook In Line, But Stock Falls   [Oct-19-17 05:23PM  Investor's Business Daily]
▶ Proofpoint reports 3Q loss   [04:43PM  Associated Press]
▶ 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]
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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