Intrinsic value of Pure Storage Cl A - PSTG

Previous Close

$12.49

  Intrinsic Value

$0.61

stock screener

  Rating & Target

str. sell

-95%

  Value-price divergence*

+389%

Previous close

$12.49

 
Intrinsic value

$0.61

 
Up/down potential

-95%

 
Rating

str. sell

 
Value-price divergence*

+389%

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

We calculate the intrinsic value of PSTG 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 2017), $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 2.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  65.45
  30.70
  28.13
  25.82
  23.74
  21.86
  20.18
  18.66
  17.29
  16.06
  14.96
  13.96
  13.06
  12.26
  11.53
  10.88
  10.29
  9.76
  9.29
  8.86
  8.47
  8.12
  7.81
  7.53
  7.28
  7.05
  6.84
  6.66
  6.49
  6.35
  6.21
Revenue, $m
  728
  951
  1,219
  1,534
  1,898
  2,313
  2,780
  3,298
  3,868
  4,490
  5,161
  5,882
  6,650
  7,466
  8,327
  9,233
  10,183
  11,177
  12,215
  13,297
  14,423
  15,595
  16,813
  18,079
  19,395
  20,763
  22,184
  23,661
  25,198
  26,797
  28,461
Variable operating expenses, $m
 
  1,064
  1,363
  1,715
  2,122
  2,586
  3,108
  3,687
  4,325
  5,020
  5,770
  6,576
  7,435
  8,347
  9,309
  10,322
  11,384
  12,496
  13,656
  14,866
  16,125
  17,435
  18,797
  20,213
  21,684
  23,212
  24,801
  26,453
  28,171
  29,959
  31,819
Fixed operating expenses, $m
 
  167
  171
  176
  180
  184
  189
  194
  199
  204
  209
  214
  219
  225
  230
  236
  242
  248
  254
  261
  267
  274
  281
  288
  295
  302
  310
  317
  325
  334
  342
Total operating expenses, $m
  973
  1,231
  1,534
  1,891
  2,302
  2,770
  3,297
  3,881
  4,524
  5,224
  5,979
  6,790
  7,654
  8,572
  9,539
  10,558
  11,626
  12,744
  13,910
  15,127
  16,392
  17,709
  19,078
  20,501
  21,979
  23,514
  25,111
  26,770
  28,496
  30,293
  32,161
Operating income, $m
  -245
  -279
  -315
  -357
  -404
  -457
  -517
  -583
  -655
  -733
  -818
  -908
  -1,004
  -1,106
  -1,213
  -1,326
  -1,444
  -1,567
  -1,696
  -1,830
  -1,969
  -2,114
  -2,265
  -2,421
  -2,583
  -2,752
  -2,927
  -3,110
  -3,299
  -3,496
  -3,700
EBITDA, $m
  -195
  -270
  -303
  -341
  -385
  -434
  -489
  -549
  -616
  -688
  -765
  -848
  -936
  -1,030
  -1,128
  -1,231
  -1,340
  -1,453
  -1,571
  -1,694
  -1,822
  -1,955
  -2,093
  -2,237
  -2,386
  -2,540
  -2,701
  -2,868
  -3,042
  -3,222
  -3,410
Interest expense (income), $m
  0
  0
  3
  7
  13
  20
  27
  36
  45
  56
  67
  79
  93
  107
  122
  137
  154
  171
  189
  208
  228
  249
  270
  292
  315
  339
  364
  390
  417
  445
  475
Earnings before tax, $m
  -243
  -279
  -318
  -364
  -417
  -477
  -544
  -619
  -701
  -789
  -885
  -987
  -1,097
  -1,212
  -1,334
  -1,463
  -1,597
  -1,738
  -1,885
  -2,038
  -2,197
  -2,363
  -2,535
  -2,713
  -2,899
  -3,092
  -3,292
  -3,500
  -3,716
  -3,941
  -4,175
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
  -245
  -279
  -318
  -364
  -417
  -477
  -544
  -619
  -701
  -789
  -885
  -987
  -1,097
  -1,212
  -1,334
  -1,463
  -1,597
  -1,738
  -1,885
  -2,038
  -2,197
  -2,363
  -2,535
  -2,713
  -2,899
  -3,092
  -3,292
  -3,500
  -3,716
  -3,941
  -4,175

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  547
  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
  900
  552
  707
  889
  1,100
  1,341
  1,611
  1,912
  2,243
  2,603
  2,992
  3,410
  3,855
  4,328
  4,827
  5,352
  5,903
  6,479
  7,081
  7,708
  8,361
  9,041
  9,747
  10,481
  11,244
  12,036
  12,860
  13,717
  14,607
  15,534
  16,499
Adjusted assets (=assets-cash), $m
  353
  552
  707
  889
  1,100
  1,341
  1,611
  1,912
  2,243
  2,603
  2,992
  3,410
  3,855
  4,328
  4,827
  5,352
  5,903
  6,479
  7,081
  7,708
  8,361
  9,041
  9,747
  10,481
  11,244
  12,036
  12,860
  13,717
  14,607
  15,534
  16,499
Revenue / Adjusted assets
  2.062
  1.723
  1.724
  1.726
  1.725
  1.725
  1.726
  1.725
  1.724
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
Average production assets, $m
  74
  97
  124
  156
  194
  236
  284
  336
  395
  458
  526
  600
  678
  762
  849
  942
  1,039
  1,140
  1,246
  1,356
  1,471
  1,591
  1,715
  1,844
  1,978
  2,118
  2,263
  2,413
  2,570
  2,733
  2,903
Working capital, $m
  507
  -52
  -67
  -84
  -104
  -127
  -153
  -181
  -213
  -247
  -284
  -324
  -366
  -411
  -458
  -508
  -560
  -615
  -672
  -731
  -793
  -858
  -925
  -994
  -1,067
  -1,142
  -1,220
  -1,301
  -1,386
  -1,474
  -1,565
Total debt, $m
  0
  74
  214
  378
  568
  785
  1,028
  1,299
  1,596
  1,921
  2,271
  2,647
  3,048
  3,473
  3,922
  4,395
  4,891
  5,409
  5,951
  6,515
  7,103
  7,714
  8,350
  9,011
  9,697
  10,411
  11,152
  11,923
  12,725
  13,559
  14,427
Total liabilities, $m
  421
  496
  636
  800
  990
  1,207
  1,450
  1,721
  2,018
  2,343
  2,693
  3,069
  3,470
  3,895
  4,344
  4,817
  5,313
  5,831
  6,373
  6,937
  7,525
  8,136
  8,772
  9,433
  10,119
  10,833
  11,574
  12,345
  13,147
  13,981
  14,849
Total equity, $m
  478
  55
  71
  89
  110
  134
  161
  191
  224
  260
  299
  341
  386
  433
  483
  535
  590
  648
  708
  771
  836
  904
  975
  1,048
  1,124
  1,204
  1,286
  1,372
  1,461
  1,553
  1,650
Total liabilities and equity, $m
  899
  551
  707
  889
  1,100
  1,341
  1,611
  1,912
  2,242
  2,603
  2,992
  3,410
  3,856
  4,328
  4,827
  5,352
  5,903
  6,479
  7,081
  7,708
  8,361
  9,040
  9,747
  10,481
  11,243
  12,037
  12,860
  13,717
  14,608
  15,534
  16,499
Debt-to-equity ratio
  0.000
  1.350
  3.030
  4.250
  5.160
  5.850
  6.380
  6.790
  7.120
  7.380
  7.590
  7.760
  7.910
  8.020
  8.130
  8.210
  8.290
  8.350
  8.400
  8.450
  8.500
  8.530
  8.570
  8.600
  8.620
  8.650
  8.670
  8.690
  8.710
  8.730
  8.740
Adjusted equity ratio
  -0.195
  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
  -245
  -279
  -318
  -364
  -417
  -477
  -544
  -619
  -701
  -789
  -885
  -987
  -1,097
  -1,212
  -1,334
  -1,463
  -1,597
  -1,738
  -1,885
  -2,038
  -2,197
  -2,363
  -2,535
  -2,713
  -2,899
  -3,092
  -3,292
  -3,500
  -3,716
  -3,941
  -4,175
Depreciation, amort., depletion, $m
  50
  10
  12
  16
  19
  24
  28
  34
  39
  46
  53
  60
  68
  76
  85
  94
  104
  114
  125
  136
  147
  159
  171
  184
  198
  212
  226
  241
  257
  273
  290
Funds from operations, $m
  48
  -270
  -305
  -348
  -398
  -454
  -516
  -585
  -661
  -743
  -832
  -927
  -1,029
  -1,136
  -1,249
  -1,369
  -1,494
  -1,624
  -1,760
  -1,902
  -2,050
  -2,204
  -2,363
  -2,529
  -2,701
  -2,880
  -3,066
  -3,258
  -3,459
  -3,668
  -3,885
Change in working capital, $m
  62
  -12
  -15
  -17
  -20
  -23
  -26
  -29
  -31
  -34
  -37
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -62
  -64
  -67
  -70
  -72
  -75
  -78
  -81
  -85
  -88
  -92
Cash from operations, $m
  -14
  -257
  -291
  -331
  -378
  -431
  -490
  -557
  -630
  -709
  -795
  -888
  -987
  -1,091
  -1,202
  -1,319
  -1,441
  -1,569
  -1,703
  -1,843
  -1,988
  -2,139
  -2,296
  -2,459
  -2,629
  -2,805
  -2,987
  -3,177
  -3,375
  -3,580
  -3,793
Maintenance CAPEX, $m
  0
  -7
  -10
  -12
  -16
  -19
  -24
  -28
  -34
  -39
  -46
  -53
  -60
  -68
  -76
  -85
  -94
  -104
  -114
  -125
  -136
  -147
  -159
  -171
  -184
  -198
  -212
  -226
  -241
  -257
  -273
New CAPEX, $m
  -78
  -23
  -27
  -32
  -37
  -42
  -48
  -53
  -58
  -63
  -68
  -73
  -78
  -83
  -88
  -92
  -97
  -101
  -106
  -110
  -115
  -120
  -124
  -129
  -134
  -139
  -145
  -151
  -157
  -163
  -170
Cash from investing activities, $m
  -447
  -30
  -37
  -44
  -53
  -61
  -72
  -81
  -92
  -102
  -114
  -126
  -138
  -151
  -164
  -177
  -191
  -205
  -220
  -235
  -251
  -267
  -283
  -300
  -318
  -337
  -357
  -377
  -398
  -420
  -443
Free cash flow, $m
  -461
  -288
  -328
  -376
  -431
  -493
  -562
  -638
  -722
  -812
  -910
  -1,014
  -1,125
  -1,242
  -1,366
  -1,496
  -1,632
  -1,775
  -1,923
  -2,078
  -2,239
  -2,406
  -2,579
  -2,760
  -2,947
  -3,142
  -3,344
  -3,554
  -3,773
  -4,000
  -4,236
Issuance/(repayment) of debt, $m
  0
  74
  140
  164
  190
  216
  243
  271
  298
  324
  350
  376
  401
  425
  449
  473
  496
  519
  542
  564
  588
  611
  636
  661
  686
  713
  741
  771
  802
  834
  868
Issuance/(repurchase) of shares, $m
  41
  335
  333
  382
  438
  501
  572
  649
  734
  825
  924
  1,029
  1,141
  1,260
  1,384
  1,515
  1,652
  1,796
  1,945
  2,101
  2,262
  2,431
  2,605
  2,787
  2,975
  3,171
  3,374
  3,585
  3,805
  4,034
  4,271
Cash from financing (excl. dividends), $m  
  41
  409
  473
  546
  628
  717
  815
  920
  1,032
  1,149
  1,274
  1,405
  1,542
  1,685
  1,833
  1,988
  2,148
  2,315
  2,487
  2,665
  2,850
  3,042
  3,241
  3,448
  3,661
  3,884
  4,115
  4,356
  4,607
  4,868
  5,139
Total cash flow (excl. dividends), $m
  -421
  121
  145
  171
  198
  225
  253
  282
  310
  337
  365
  391
  417
  443
  467
  492
  516
  540
  563
  587
  612
  636
  661
  687
  714
  742
  772
  802
  834
  868
  904
Retained Cash Flow (-), $m
  85
  -335
  -333
  -382
  -438
  -501
  -572
  -649
  -734
  -825
  -924
  -1,029
  -1,141
  -1,260
  -1,384
  -1,515
  -1,652
  -1,796
  -1,945
  -2,101
  -2,262
  -2,431
  -2,605
  -2,787
  -2,975
  -3,171
  -3,374
  -3,585
  -3,805
  -4,034
  -4,271
Prev. year cash balance distribution, $m
 
  478
  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
  -188
  -211
  -241
  -276
  -318
  -367
  -424
  -488
  -559
  -638
  -724
  -817
  -917
  -1,024
  -1,137
  -1,256
  -1,382
  -1,513
  -1,651
  -1,794
  -1,944
  -2,099
  -2,261
  -2,428
  -2,603
  -2,783
  -2,971
  -3,166
  -3,368
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
 
  254
  -172
  -184
  -198
  -214
  -231
  -248
  -265
  -280
  -293
  -303
  -309
  -311
  -308
  -300
  -289
  -273
  -254
  -233
  -210
  -186
  -161
  -138
  -115
  -94
  -76
  -60
  -46
  -35
  -25
Current shareholders' claim on cash, %
  100
  50.0
  22.9
  11.1
  5.6
  3.0
  1.6
  0.9
  0.5
  0.3
  0.2
  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

Pure Storage, Inc. develops and provides an enterprise data storage platform in the United States, Europe, and Asia. The company’s storage platform integrates the Purity Operating Environment, a flash-optimized software; FlashArray, a modular and scalable all-flash array hardware; and Pure1, a cloud-based management and support platform. Its customers include large and mid-size organizations across various industries, including cloud-based software and service providers, consumer Web, education, energy, financial services, government, healthcare, manufacturing, media, retail, and telecommunications. The company was formerly known as OS76, Inc. and changed its name to Pure Storage, Inc. in 2010. Pure Storage, Inc. was founded in 2009 and is headquartered in Mountain View, California.

FINANCIAL RATIOS  of  Pure Storage Cl A (PSTG)

Valuation Ratios
P/E Ratio -10.4
Price to Sales 3.5
Price to Book 5.3
Price to Tangible Book
Price to Cash Flow -182.3
Price to Free Cash Flow -27.7
Growth Rates
Sales Growth Rate 65.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate 45.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -27.7%
Ret/ On Assets - 3 Yr. Avg. -43.4%
Return On Total Capital -47.1%
Ret/ On T. Cap. - 3 Yr. Avg. -64.6%
Return On Equity -47.1%
Return On Equity - 3 Yr. Avg. -64.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 65.4%
Gross Margin - 3 Yr. Avg. 61%
EBITDA Margin -26.5%
EBITDA Margin - 3 Yr. Avg. -54.5%
Operating Margin -33.7%
Oper. Margin - 3 Yr. Avg. -61.9%
Pre-Tax Margin -33.4%
Pre-Tax Margin - 3 Yr. Avg. -62.1%
Net Profit Margin -33.7%
Net Profit Margin - 3 Yr. Avg. -62.5%
Effective Tax Rate -0.8%
Eff/ Tax Rate - 3 Yr. Avg. -0.8%
Payout Ratio 0%

PSTG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PSTG stock intrinsic value calculation we used $728 million for the last fiscal year's total revenue generated by Pure Storage Cl A. The default revenue input number comes from 2017 income statement of Pure Storage Cl A. 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 PSTG stock valuation model: a) initial revenue growth rate of 30.7% 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 PSTG is calculated based on our internal credit rating of Pure Storage Cl A, 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 Pure Storage Cl A.
    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 PSTG stock the variable cost ratio is equal to 111.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $163 million in the base year in the intrinsic value calculation for PSTG 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 Pure Storage Cl A.

Corporate tax rate of 27% is the nominal tax rate for Pure Storage Cl A. 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 PSTG 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 PSTG are equal to 10.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Pure Storage Cl A 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 PSTG is equal to -5.5%. 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 - $478 million for Pure Storage Cl A - 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 195.057 million for Pure Storage Cl A 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 Pure Storage Cl A at the current share price and the inputted number of shares is $2.4 billion.

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COMPANY NEWS

▶ 3 Reasons Pure Storage Stock Was Downgraded   [Aug-14-17 02:55PM  Benzinga]
▶ Strong Stocks On A Weak Day   [Jun-15-17 03:21PM  Zacks]
▶ ETFs with exposure to Pure Storage, Inc. : June 12, 2017   [Jun-12-17 02:22PM  Capital Cube]
▶ NetApp Gets Upgrades As Quarterly Earnings Report Provides Confidence   [May-25-17 04:11PM  Investor's Business Daily]
▶ Pure Storage Earnings, Outlook Top Estimates; Stock Rises   [04:55PM  Investor's Business Daily]
▶ Pure Storage beats on top line   [04:17PM  CNBC Videos]
▶ Pure Storage reports 1Q loss   [04:14PM  Associated Press]
▶ Pure FYQ1 On Tap: All Eyes on 'FlashBlade,' NAND Costs   [May-23-17 05:28PM  Barrons.com]
▶ Why Shares of Pure Storage Are Down Today   [May-18-17 01:48PM  Motley Fool]
▶ Pure Storage Downgraded at Morgan Stanley   [10:17AM  TheStreet.com]
▶ Pure Storage Among Four Stocks Ready to Breakout   [May-02-17 10:02AM  TheStreet.com]
▶ ETFs with exposure to Pure Storage, Inc. : April 27, 2017   [Apr-27-17 04:15PM  Capital Cube]
▶ ETFs with exposure to Pure Storage, Inc. : April 17, 2017   [Apr-17-17 01:03PM  Capital Cube]
▶ Pure Storage to Hold Investor Discussion Hosted by Baird   [Apr-06-17 09:00AM  PR Newswire]
▶ ETFs with exposure to Pure Storage, Inc. : April 5, 2017   [Apr-05-17 05:19PM  Capital Cube]
▶ Silicon Valley Is Toast, According To This Analyst   [Mar-27-17 10:21AM  Benzinga]
▶ Why Seagate Is Still Producing HDDs When Preferences Are Shifting   [Mar-17-17 03:56PM  at Market Realist]
▶ [$$] Infrastructure Picks to Buy on Pullbacks   [Mar-16-17 11:10AM  Barrons.com]
▶ 6 Stocks Trending Up With Big Volume   [Mar-09-17 04:45PM  TheStreet.com]
▶ [$$] HPE-Nimble Deal Could Break Up   [Mar-08-17 11:16AM  at Barrons.com]
▶ Pure Storages stock drops on weak revenue forecast   [Mar-02-17 05:35PM  at bizjournals.com]
▶ Why Shares of Pure Storage Dropped Today   [03:28PM  at Motley Fool]
▶ Pure Storage plunges after earnings   [04:49PM  at MarketWatch]
▶ [$$] Enterprise-Tech Picks for Earnings Upside   [Feb-28-17 02:59PM  at Barrons.com]
Stock chart of PSTG Financial statements of PSTG
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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