Intrinsic value of Shutterfly - SFLY

Previous Close

$46.68

  Intrinsic Value

$76.39

stock screener

  Rating & Target

str. buy

+64%

  Value-price divergence*

-11%

Previous close

$46.68

 
Intrinsic value

$76.39

 
Up/down potential

+64%

 
Rating

str. buy

 
Value-price divergence*

-11%

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

We calculate the intrinsic value of SFLY 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 1.6

 

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, %
  7.08
  5.50
  5.45
  5.40
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
Revenue, $m
  1,134
  1,196
  1,262
  1,330
  1,401
  1,476
  1,554
  1,636
  1,721
  1,811
  1,905
  2,004
  2,107
  2,216
  2,329
  2,448
  2,573
  2,704
  2,842
  2,986
  3,137
  3,296
  3,463
  3,637
  3,821
  4,013
  4,216
  4,428
  4,650
  4,884
  5,129
Variable operating expenses, $m
 
  699
  735
  772
  811
  852
  895
  940
  988
  1,037
  1,089
  1,102
  1,159
  1,218
  1,281
  1,346
  1,415
  1,487
  1,563
  1,642
  1,725
  1,813
  1,904
  2,000
  2,101
  2,207
  2,318
  2,435
  2,557
  2,686
  2,821
Fixed operating expenses, $m
 
  442
  453
  464
  476
  488
  500
  512
  525
  538
  552
  566
  580
  594
  609
  624
  640
  656
  672
  689
  706
  724
  742
  761
  780
  799
  819
  840
  860
  882
  904
Total operating expenses, $m
  1,085
  1,141
  1,188
  1,236
  1,287
  1,340
  1,395
  1,452
  1,513
  1,575
  1,641
  1,668
  1,739
  1,812
  1,890
  1,970
  2,055
  2,143
  2,235
  2,331
  2,431
  2,537
  2,646
  2,761
  2,881
  3,006
  3,137
  3,275
  3,417
  3,568
  3,725
Operating income, $m
  49
  56
  74
  93
  114
  136
  159
  183
  209
  236
  265
  336
  369
  403
  439
  478
  518
  561
  607
  655
  706
  759
  816
  877
  940
  1,007
  1,078
  1,153
  1,232
  1,316
  1,405
EBITDA, $m
  163
  132
  152
  174
  196
  220
  245
  272
  300
  330
  362
  395
  431
  468
  508
  550
  594
  641
  691
  743
  798
  857
  919
  984
  1,053
  1,126
  1,203
  1,284
  1,370
  1,460
  1,556
Interest expense (income), $m
  3
  13
  15
  16
  17
  19
  20
  21
  23
  25
  26
  28
  30
  32
  34
  36
  39
  41
  44
  46
  49
  52
  55
  58
  61
  65
  69
  73
  77
  81
  85
Earnings before tax, $m
  27
  42
  59
  78
  97
  117
  139
  161
  186
  211
  238
  308
  339
  371
  405
  441
  480
  520
  563
  609
  657
  708
  761
  818
  879
  942
  1,010
  1,081
  1,156
  1,235
  1,319
Tax expense, $m
  11
  11
  16
  21
  26
  32
  37
  44
  50
  57
  64
  83
  91
  100
  109
  119
  130
  140
  152
  164
  177
  191
  206
  221
  237
  254
  273
  292
  312
  334
  356
Net income, $m
  16
  31
  43
  57
  71
  85
  101
  118
  136
  154
  174
  225
  247
  271
  296
  322
  350
  380
  411
  444
  479
  517
  556
  597
  641
  688
  737
  789
  844
  902
  963

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  316
  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
  1,196
  928
  979
  1,032
  1,087
  1,145
  1,206
  1,269
  1,335
  1,405
  1,478
  1,555
  1,635
  1,719
  1,807
  1,899
  1,996
  2,098
  2,205
  2,316
  2,434
  2,557
  2,686
  2,822
  2,964
  3,114
  3,270
  3,435
  3,608
  3,789
  3,979
Adjusted assets (=assets-cash), $m
  880
  928
  979
  1,032
  1,087
  1,145
  1,206
  1,269
  1,335
  1,405
  1,478
  1,555
  1,635
  1,719
  1,807
  1,899
  1,996
  2,098
  2,205
  2,316
  2,434
  2,557
  2,686
  2,822
  2,964
  3,114
  3,270
  3,435
  3,608
  3,789
  3,979
Revenue / Adjusted assets
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
  1.289
Average production assets, $m
  335
  353
  372
  392
  413
  435
  458
  483
  508
  534
  562
  591
  622
  654
  687
  722
  759
  798
  838
  881
  925
  972
  1,021
  1,073
  1,127
  1,184
  1,244
  1,306
  1,372
  1,441
  1,513
Working capital, $m
  212
  -93
  -98
  -104
  -109
  -115
  -121
  -128
  -134
  -141
  -149
  -156
  -164
  -173
  -182
  -191
  -201
  -211
  -222
  -233
  -245
  -257
  -270
  -284
  -298
  -313
  -329
  -345
  -363
  -381
  -400
Total debt, $m
  400
  418
  454
  491
  530
  571
  614
  659
  706
  755
  807
  861
  917
  976
  1,039
  1,104
  1,172
  1,244
  1,319
  1,398
  1,481
  1,568
  1,659
  1,755
  1,856
  1,961
  2,072
  2,188
  2,310
  2,438
  2,572
Total liabilities, $m
  636
  655
  691
  728
  767
  808
  851
  896
  943
  992
  1,044
  1,098
  1,154
  1,213
  1,276
  1,341
  1,409
  1,481
  1,556
  1,635
  1,718
  1,805
  1,896
  1,992
  2,093
  2,198
  2,309
  2,425
  2,547
  2,675
  2,809
Total equity, $m
  559
  273
  288
  303
  320
  337
  354
  373
  393
  413
  435
  457
  481
  505
  531
  558
  587
  617
  648
  681
  716
  752
  790
  830
  871
  915
  961
  1,010
  1,061
  1,114
  1,170
Total liabilities and equity, $m
  1,195
  928
  979
  1,031
  1,087
  1,145
  1,205
  1,269
  1,336
  1,405
  1,479
  1,555
  1,635
  1,718
  1,807
  1,899
  1,996
  2,098
  2,204
  2,316
  2,434
  2,557
  2,686
  2,822
  2,964
  3,113
  3,270
  3,435
  3,608
  3,789
  3,979
Debt-to-equity ratio
  0.716
  1.530
  1.580
  1.620
  1.660
  1.700
  1.730
  1.770
  1.800
  1.830
  1.860
  1.880
  1.910
  1.930
  1.960
  1.980
  2.000
  2.020
  2.040
  2.050
  2.070
  2.090
  2.100
  2.120
  2.130
  2.140
  2.150
  2.170
  2.180
  2.190
  2.200
Adjusted equity ratio
  0.276
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  16
  31
  43
  57
  71
  85
  101
  118
  136
  154
  174
  225
  247
  271
  296
  322
  350
  380
  411
  444
  479
  517
  556
  597
  641
  688
  737
  789
  844
  902
  963
Depreciation, amort., depletion, $m
  114
  76
  78
  80
  82
  84
  87
  89
  92
  94
  97
  59
  62
  65
  69
  72
  76
  80
  84
  88
  93
  97
  102
  107
  113
  118
  124
  131
  137
  144
  151
Funds from operations, $m
  189
  107
  122
  137
  153
  170
  188
  207
  227
  249
  271
  284
  309
  336
  364
  394
  426
  460
  495
  532
  572
  614
  658
  705
  754
  806
  861
  920
  981
  1,046
  1,114
Change in working capital, $m
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
Cash from operations, $m
  193
  112
  127
  142
  158
  176
  194
  213
  234
  256
  279
  292
  317
  345
  373
  404
  436
  470
  506
  544
  584
  626
  671
  718
  768
  821
  877
  936
  998
  1,064
  1,133
Maintenance CAPEX, $m
  0
  -34
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -113
  -118
  -124
  -131
  -137
  -144
New CAPEX, $m
  -90
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -72
Cash from investing activities, $m
  -64
  -52
  -54
  -57
  -60
  -63
  -67
  -70
  -73
  -77
  -81
  -85
  -89
  -94
  -99
  -104
  -109
  -115
  -121
  -127
  -133
  -140
  -146
  -154
  -161
  -170
  -178
  -187
  -197
  -206
  -216
Free cash flow, $m
  129
  61
  72
  85
  98
  112
  127
  143
  160
  178
  197
  206
  228
  250
  274
  300
  327
  355
  385
  417
  451
  487
  525
  565
  607
  652
  699
  749
  802
  858
  917
Issuance/(repayment) of debt, $m
  -19
  34
  36
  37
  39
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
  83
  87
  91
  96
  100
  105
  111
  116
  122
  128
  134
Issuance/(repurchase) of shares, $m
  -110
  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 from financing (excl. dividends), $m  
  -129
  34
  36
  37
  39
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
  83
  87
  91
  96
  100
  105
  111
  116
  122
  128
  134
Total cash flow (excl. dividends), $m
  0
  95
  108
  122
  137
  153
  170
  188
  207
  227
  249
  260
  284
  310
  337
  365
  395
  427
  461
  496
  534
  574
  616
  660
  708
  757
  810
  865
  924
  986
  1,051
Retained Cash Flow (-), $m
  47
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
Prev. year cash balance distribution, $m
 
  300
  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
 
  381
  93
  107
  121
  136
  152
  170
  188
  207
  227
  238
  261
  285
  311
  338
  367
  397
  429
  463
  499
  538
  578
  621
  666
  713
  764
  817
  873
  933
  995
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
 
  365
  85
  93
  100
  106
  111
  115
  117
  119
  119
  113
  111
  108
  104
  99
  93
  86
  79
  71
  63
  56
  48
  41
  34
  28
  22
  18
  14
  10
  7
Current shareholders' claim on cash, %
  100
  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
  100.0

Shutterfly, Inc. manufactures and retails personalized products and services primarily in the United States and Canada, as well as in the European Community. The company operates through Consumer and Shutterfly Business Solutions segments. It offers a range of personalized photo-based products and services that enable consumers to upload, edit, enhance, organize, find, share, create, print, and preserve their memories. The company provides photo-based products, such as stationery and greeting cards, other photo-based merchandise, photo prints, statement gifts, and related services. It also provides photo books, personalized holiday cards, announcements, invitations and stationery products, and home decor products and photo gifts, as well as online photo services under the Shutterfly brand; and offers personalized save the dates, wedding invitations, thank you cards, and bridal invitations under the Wedding Paper Divas brand. In addition, the company operates an online cards and stationery boutique that sells announcements, invitations, and personal stationery for various occasions under the Tiny Prints brand. Further, it offers MyPublisher, which allows customers to create custom photo books, share memories, and tell their stories using their own photos; BorrowLenses, an online marketplace for photographic and video equipment rentals; and Groovebook, a mobile photo book app subscription service that sends customers a keepsake book of their mobile photos each month, as well as operates Share sites, a share platform. Additionally, the company engages in the provision of personalized calendars, mugs, ornaments, candles, pillows, and blankets; advertising and sponsorship activities; and the printing and shipping of direct marketing and other variable data print products and formats. The company was founded in 1999 and is headquartered in Redwood City, California.

FINANCIAL RATIOS  of  Shutterfly (SFLY)

Valuation Ratios
P/E Ratio 98.1
Price to Sales 1.4
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 8.1
Price to Free Cash Flow 15.2
Growth Rates
Sales Growth Rate 7.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.9%
Cap. Spend. - 3 Yr. Gr. Rate 2.9%
Financial Strength
Quick Ratio 20
Current Ratio 0
LT Debt to Equity 68.7%
Total Debt to Equity 71.6%
Interest Coverage 10
Management Effectiveness
Return On Assets 1.5%
Ret/ On Assets - 3 Yr. Avg. 0.4%
Return On Total Capital 1.6%
Ret/ On T. Cap. - 3 Yr. Avg. 0.3%
Return On Equity 2.7%
Return On Equity - 3 Yr. Avg. 0.5%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 50.1%
Gross Margin - 3 Yr. Avg. 50.4%
EBITDA Margin 12.7%
EBITDA Margin - 3 Yr. Avg. 11.2%
Operating Margin 4.3%
Oper. Margin - 3 Yr. Avg. 2.3%
Pre-Tax Margin 2.4%
Pre-Tax Margin - 3 Yr. Avg. 0.4%
Net Profit Margin 1.4%
Net Profit Margin - 3 Yr. Avg. 0.1%
Effective Tax Rate 40.7%
Eff/ Tax Rate - 3 Yr. Avg. 36.9%
Payout Ratio 0%

SFLY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SFLY stock intrinsic value calculation we used $1134 million for the last fiscal year's total revenue generated by Shutterfly. The default revenue input number comes from 2016 income statement of Shutterfly. 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 SFLY stock valuation model: a) initial revenue growth rate of 5.5% 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 SFLY is calculated based on our internal credit rating of Shutterfly, 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 Shutterfly.
    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 SFLY stock the variable cost ratio is equal to 58.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $431 million in the base year in the intrinsic value calculation for SFLY 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 Shutterfly.

Corporate tax rate of 27% is the nominal tax rate for Shutterfly. 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 SFLY 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 SFLY are equal to 29.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Shutterfly 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 SFLY is equal to -7.8%. 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 - $559 million for Shutterfly - 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 33.399 million for Shutterfly 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 Shutterfly at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ Shutterfly reports 2Q loss   [Jul-25-17 09:16PM  Associated Press]
▶ These 3 Stocks Look Expensive But Are Actually Cheap   [Jul-18-17 07:27PM  Motley Fool]
▶ ETFs with exposure to Shutterfly, Inc. : July 10, 2017   [Jul-10-17 03:13PM  Capital Cube]
▶ ETFs with exposure to Shutterfly, Inc. : June 27, 2017   [Jun-27-17 03:42PM  Capital Cube]
▶ 3 Stocks With MercadoLibre-Like Return Potential   [Jun-07-17 09:25AM  Motley Fool]
▶ Shutterfly reports 1Q loss   [Apr-25-17 04:20PM  Associated Press]
▶ Why Shutterfly, Inc. Stock Sank 11.6% in February   [Mar-13-17 07:14AM  Motley Fool]
▶ Shutterfly, Inc. Names Will Lansing Chairman of the Board   [Feb-22-17 04:01PM  Business Wire]
▶ 6 Stocks Spiking Higher With Unusual Volume   [Feb-21-17 11:44AM  TheStreet.com]
▶ Why Shutterfly Inc. Stock Dropped Today   [Feb-02-17 02:44PM  at Motley Fool]
▶ Shutterfly: The Year In Review   [Dec-28-16 01:39PM  at Forbes]
▶ Is Simmons First National Corporation (SFNC) A Good Stock To Buy?   [Dec-18-16 10:03AM  at Insider Monkey]
▶ Is New York REIT Inc (NYRT) a Good Stock To Invest In?   [Dec-09-16 12:21PM  at Insider Monkey]
▶ Do Hedge Funds Love Gannett Co Inc (GCI)?   [Dec-02-16 12:37PM  at Insider Monkey]
▶ Shutterfly, Inc. (SFLY): Are Hedge Funds Right About This Stock?   [Nov-28-16 01:22PM  at Insider Monkey]
Stock chart of SFLY Financial statements of SFLY
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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