Intrinsic value of Shutterfly - SFLY

Previous Close

$88.80

  Intrinsic Value

$37.70

stock screener

  Rating & Target

str. sell

-58%

Previous close

$88.80

 
Intrinsic value

$37.70

 
Up/down potential

-58%

 
Rating

str. sell

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

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, %
  7.08
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  5.00
Revenue, $m
  1,134
  1,248
  1,310
  1,374
  1,442
  1,513
  1,588
  1,666
  1,749
  1,835
  1,926
  2,022
  2,123
  2,228
  2,339
  2,455
  2,578
  2,706
  2,841
  2,982
  3,131
  3,287
  3,451
  3,624
  3,804
  3,994
  4,194
  4,403
  4,623
  4,854
  5,096
Variable operating expenses, $m
 
  967
  1,012
  1,059
  1,109
  1,162
  1,217
  1,275
  1,336
  1,400
  1,468
  1,495
  1,569
  1,647
  1,729
  1,815
  1,905
  2,000
  2,100
  2,204
  2,314
  2,430
  2,551
  2,678
  2,812
  2,952
  3,100
  3,254
  3,417
  3,588
  3,767
Fixed operating expenses, $m
 
  215
  219
  224
  229
  234
  239
  245
  250
  255
  261
  267
  273
  279
  285
  291
  297
  304
  311
  318
  325
  332
  339
  346
  354
  362
  370
  378
  386
  395
  403
Total operating expenses, $m
  1,085
  1,182
  1,231
  1,283
  1,338
  1,396
  1,456
  1,520
  1,586
  1,655
  1,729
  1,762
  1,842
  1,926
  2,014
  2,106
  2,202
  2,304
  2,411
  2,522
  2,639
  2,762
  2,890
  3,024
  3,166
  3,314
  3,470
  3,632
  3,803
  3,983
  4,170
Operating income, $m
  49
  67
  78
  90
  103
  117
  131
  146
  162
  179
  198
  261
  281
  303
  325
  349
  375
  402
  430
  461
  492
  526
  561
  599
  638
  680
  724
  771
  820
  872
  926
EBITDA, $m
  163
  187
  202
  218
  234
  252
  271
  291
  312
  335
  358
  383
  410
  438
  467
  498
  531
  566
  603
  641
  682
  725
  771
  819
  869
  922
  978
  1,038
  1,100
  1,166
  1,235
Interest expense (income), $m
  3
  32
  34
  37
  40
  44
  47
  51
  54
  58
  62
  67
  71
  76
  81
  86
  92
  98
  104
  110
  117
  124
  132
  140
  148
  156
  165
  175
  185
  196
  207
Earnings before tax, $m
  27
  36
  44
  53
  63
  73
  84
  96
  108
  121
  135
  194
  210
  226
  244
  263
  283
  304
  326
  350
  375
  402
  430
  459
  491
  524
  559
  596
  635
  676
  720
Tax expense, $m
  11
  10
  12
  14
  17
  20
  23
  26
  29
  33
  37
  52
  57
  61
  66
  71
  76
  82
  88
  95
  101
  108
  116
  124
  132
  141
  151
  161
  171
  183
  194
Net income, $m
  16
  26
  32
  39
  46
  53
  61
  70
  79
  88
  99
  142
  153
  165
  178
  192
  207
  222
  238
  256
  274
  293
  314
  335
  358
  382
  408
  435
  463
  494
  525

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
  1,509
  1,584
  1,661
  1,743
  1,829
  1,920
  2,015
  2,114
  2,219
  2,329
  2,445
  2,567
  2,694
  2,828
  2,969
  3,117
  3,272
  3,435
  3,606
  3,786
  3,975
  4,173
  4,382
  4,600
  4,830
  5,071
  5,324
  5,590
  5,869
  6,163
Adjusted assets (=assets-cash), $m
  880
  1,509
  1,584
  1,661
  1,743
  1,829
  1,920
  2,015
  2,114
  2,219
  2,329
  2,445
  2,567
  2,694
  2,828
  2,969
  3,117
  3,272
  3,435
  3,606
  3,786
  3,975
  4,173
  4,382
  4,600
  4,830
  5,071
  5,324
  5,590
  5,869
  6,163
Revenue / Adjusted assets
  1.289
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
Average production assets, $m
  335
  756
  794
  833
  874
  917
  962
  1,010
  1,060
  1,112
  1,167
  1,225
  1,286
  1,350
  1,417
  1,488
  1,562
  1,640
  1,722
  1,807
  1,897
  1,992
  2,091
  2,196
  2,305
  2,421
  2,541
  2,668
  2,802
  2,941
  3,088
Working capital, $m
  212
  -85
  -89
  -93
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -137
  -144
  -152
  -159
  -167
  -175
  -184
  -193
  -203
  -213
  -224
  -235
  -246
  -259
  -272
  -285
  -299
  -314
  -330
  -347
Total debt, $m
  400
  537
  583
  631
  681
  734
  790
  849
  910
  975
  1,043
  1,114
  1,189
  1,268
  1,351
  1,438
  1,529
  1,625
  1,725
  1,831
  1,942
  2,058
  2,181
  2,309
  2,444
  2,586
  2,735
  2,891
  3,055
  3,227
  3,408
Total liabilities, $m
  636
  931
  977
  1,025
  1,076
  1,129
  1,184
  1,243
  1,305
  1,369
  1,437
  1,509
  1,584
  1,662
  1,745
  1,832
  1,923
  2,019
  2,119
  2,225
  2,336
  2,453
  2,575
  2,703
  2,838
  2,980
  3,129
  3,285
  3,449
  3,621
  3,802
Total equity, $m
  559
  578
  607
  636
  668
  701
  735
  772
  810
  850
  892
  936
  983
  1,032
  1,083
  1,137
  1,194
  1,253
  1,316
  1,381
  1,450
  1,522
  1,598
  1,678
  1,762
  1,850
  1,942
  2,039
  2,141
  2,248
  2,360
Total liabilities and equity, $m
  1,195
  1,509
  1,584
  1,661
  1,744
  1,830
  1,919
  2,015
  2,115
  2,219
  2,329
  2,445
  2,567
  2,694
  2,828
  2,969
  3,117
  3,272
  3,435
  3,606
  3,786
  3,975
  4,173
  4,381
  4,600
  4,830
  5,071
  5,324
  5,590
  5,869
  6,162
Debt-to-equity ratio
  0.716
  0.930
  0.960
  0.990
  1.020
  1.050
  1.070
  1.100
  1.120
  1.150
  1.170
  1.190
  1.210
  1.230
  1.250
  1.260
  1.280
  1.300
  1.310
  1.330
  1.340
  1.350
  1.360
  1.380
  1.390
  1.400
  1.410
  1.420
  1.430
  1.440
  1.440
Adjusted equity ratio
  0.276
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  16
  26
  32
  39
  46
  53
  61
  70
  79
  88
  99
  142
  153
  165
  178
  192
  207
  222
  238
  256
  274
  293
  314
  335
  358
  382
  408
  435
  463
  494
  525
Depreciation, amort., depletion, $m
  114
  120
  123
  127
  131
  136
  140
  145
  150
  155
  161
  123
  129
  135
  142
  149
  156
  164
  172
  181
  190
  199
  209
  220
  231
  242
  254
  267
  280
  294
  309
Funds from operations, $m
  189
  145
  155
  166
  177
  189
  201
  215
  229
  244
  259
  264
  282
  300
  320
  341
  363
  386
  410
  436
  464
  492
  523
  555
  589
  624
  662
  702
  744
  788
  834
Change in working capital, $m
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
Cash from operations, $m
  193
  149
  160
  170
  182
  194
  207
  220
  234
  250
  266
  271
  289
  308
  328
  349
  371
  395
  420
  446
  474
  503
  534
  567
  601
  637
  676
  716
  759
  803
  851
Maintenance CAPEX, $m
  0
  -72
  -76
  -79
  -83
  -87
  -92
  -96
  -101
  -106
  -111
  -117
  -123
  -129
  -135
  -142
  -149
  -156
  -164
  -172
  -181
  -190
  -199
  -209
  -220
  -231
  -242
  -254
  -267
  -280
  -294
New CAPEX, $m
  -90
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -90
  -95
  -99
  -104
  -110
  -115
  -121
  -127
  -133
  -140
  -147
Cash from investing activities, $m
  -64
  -107
  -113
  -118
  -124
  -130
  -137
  -144
  -151
  -159
  -166
  -175
  -184
  -193
  -202
  -213
  -223
  -234
  -246
  -258
  -271
  -285
  -298
  -313
  -330
  -346
  -363
  -381
  -400
  -420
  -441
Free cash flow, $m
  129
  42
  47
  52
  57
  63
  70
  76
  83
  91
  99
  96
  105
  115
  125
  136
  148
  161
  174
  188
  203
  219
  235
  253
  272
  292
  313
  335
  358
  383
  410
Issuance/(repayment) of debt, $m
  -19
  43
  46
  48
  51
  53
  56
  59
  62
  65
  68
  71
  75
  79
  83
  87
  91
  96
  101
  106
  111
  117
  122
  128
  135
  142
  149
  156
  164
  172
  181
Issuance/(repurchase) of shares, $m
  -110
  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
Cash from financing (excl. dividends), $m  
  -129
  44
  46
  48
  51
  53
  56
  59
  62
  65
  68
  71
  75
  79
  83
  87
  91
  96
  101
  106
  111
  117
  122
  128
  135
  142
  149
  156
  164
  172
  181
Total cash flow (excl. dividends), $m
  0
  86
  93
  100
  108
  116
  125
  135
  145
  156
  167
  167
  180
  194
  208
  223
  239
  256
  275
  294
  314
  335
  358
  382
  407
  433
  462
  491
  523
  556
  590
Retained Cash Flow (-), $m
  47
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -57
  -59
  -62
  -66
  -69
  -72
  -76
  -80
  -84
  -88
  -92
  -97
  -102
  -107
  -112
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  44
  46
  48
  51
  53
  56
  59
  62
  65
  68
  71
  75
  79
  82
  87
  91
  95
  100
  105
  110
  116
  122
  128
  134
  141
  148
  155
  163
  171
  180
Cash available for distribution, $m
 
  59
  64
  70
  77
  83
  91
  98
  107
  116
  125
  123
  134
  145
  157
  169
  183
  197
  212
  228
  245
  263
  282
  302
  323
  345
  369
  394
  421
  449
  478
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
 
  57
  59
  61
  63
  65
  66
  67
  67
  66
  65
  58
  57
  55
  53
  50
  46
  43
  39
  35
  31
  27
  23
  20
  16
  13
  11
  8
  7
  5
  4
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. is an online manufacturer and retailer of personalized products and services. The Company focuses on helping consumers manage their memories through the medium of photography. The Company's segments are Consumer and Shutterfly Business Solutions (SBS). The Consumer segment offers photo-based products, such as photo books, stationery and greeting cards, other photo-based merchandise, photo prints and statement gifts. The SBS segment includes printing and shipping of direct marketing and other variable data print products and formats. The Company provides a range of personalized photo-based products and services that enables the consumers to upload, edit, organize, find, share, create, print, and preserve their memories in a thoughtful manner. The Company's brands include Shutterfly, Tiny Prints, Wedding Paper Divas, MyPublisher, BorrowLenses and Groovebook. The Company has its production facilities in Fort Mill, South Carolina; Shakopee, Minnesota, and Tempe, Arizona.

FINANCIAL RATIOS  of  Shutterfly (SFLY)

Valuation Ratios
P/E Ratio 186.7
Price to Sales 2.6
Price to Book 5.3
Price to Tangible Book
Price to Cash Flow 15.5
Price to Free Cash Flow 29
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 $1190 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 4.9% 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 77.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $210 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 6.4% 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 3.7%.

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 60.6%.

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 -6.8%. 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 - $551 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 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 $2.9 billion.

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COMPANY NEWS

▶ Apple Discontinues Photo Service   [Jul-12-18 04:20PM  Benzinga]
▶ Shutterfly Launches Two New Categories: Kids and Pets   [Jul-09-18 04:01PM  Business Wire]
▶ 13Fs: Activist Funds Cleaned Up in Q1   [May-15-18 10:07AM  Investopedia]
▶ Indexes Reverse Lower After Fed Statement; Apple Holds Strong, PayPal Dives   [May-02-18 04:05PM  Investor's Business Daily]
▶ Shutterfly Stock Hits Record High On Quarterly Earnings Beat   [01:59PM  Investor's Business Daily]
▶ Dow Lags: Apple Rises, Mastercard Breaks Out; Fed Limits Gains   [09:43AM  Investor's Business Daily]
▶ Shutterfly: 1Q Earnings Snapshot   [04:31PM  Associated Press]
▶ Edited Transcript of SFLY presentation 7-Mar-17 2:50pm GMT   [Apr-10-18 02:58PM  Thomson Reuters StreetEvents]
▶ Where is Shutterfly, Inc.s (NASDAQ: SFLY) Stock Price Going?   [Apr-06-18 01:53PM  Harvest Exchange]
▶ Shutterfly Goes All-In on AWS   [Apr-04-18 08:59AM  Business Wire]
▶ 4 Top-Ranked Liquid Stocks to Snap Up Now   [Mar-15-18 11:20AM  InvestorPlace]
▶ Weibo (WB) Soars: Stock Adds 9.6% in Session   [Feb-14-18 08:55AM  Zacks]
▶ 4 Impressive Liquid Stocks for Maximum Returns   [Feb-12-18 11:20AM  InvestorPlace]
▶ Company News For Feb 1, 2018   [10:10AM  Zacks]
▶ What Happened in the Stock Market Today   [05:10PM  Motley Fool]
▶ Boeing Ignites Dow; S&P 500 Ready To Seize Two-Decade Record   [09:39AM  Investor's Business Daily]
▶ [$$] Shutterfly to Buy School Photos Provider Lifetouch for $825 Million   [Jan-30-18 05:57PM  The Wall Street Journal]
▶ Shutterfly stock jumps on plan to buy school photo biz for $825M   [05:50PM  American City Business Journals]
▶ Shutterfly beats the Street   [04:29PM  CNBC Videos]
▶ Shutterfly tops Street 4Q forecasts   [04:19PM  Associated Press]
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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