Intrinsic value of Splunk - SPLK

Previous Close

$81.19

  Intrinsic Value

$1.22

stock screener

  Rating & Target

str. sell

-99%

Previous close

$81.19

 
Intrinsic value

$1.22

 
Up/down potential

-99%

 
Rating

str. sell

We calculate the intrinsic value of SPLK 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 11.4

 

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, %
  42.22
  31.50
  28.85
  26.47
  24.32
  22.39
  20.65
  19.08
  17.67
  16.41
  15.27
  14.24
  13.32
  12.48
  11.74
  11.06
  10.46
  9.91
  9.42
  8.98
  8.58
  8.22
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
Revenue, $m
  950
  1,249
  1,610
  2,036
  2,531
  3,097
  3,737
  4,450
  5,236
  6,095
  7,026
  8,027
  9,095
  10,231
  11,432
  12,696
  14,024
  15,414
  16,865
  18,380
  19,956
  21,597
  23,303
  25,077
  26,919
  28,834
  30,825
  32,894
  35,045
  37,284
  39,613
Variable operating expenses, $m
 
  1,494
  1,921
  2,426
  3,014
  3,685
  4,444
  5,289
  6,222
  7,241
  8,344
  9,518
  10,786
  12,132
  13,556
  15,056
  16,630
  18,278
  20,000
  21,795
  23,665
  25,611
  27,634
  29,737
  31,922
  34,193
  36,553
  39,007
  41,558
  44,212
  46,975
Fixed operating expenses, $m
 
  163
  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
Total operating expenses, $m
  1,294
  1,657
  2,088
  2,597
  3,190
  3,865
  4,628
  5,478
  6,416
  7,440
  8,548
  9,727
  11,000
  12,351
  13,781
  15,286
  16,866
  18,520
  20,248
  22,049
  23,926
  25,878
  27,908
  30,018
  32,210
  34,488
  36,855
  39,317
  41,875
  44,537
  47,309
Operating income, $m
  -344
  -408
  -479
  -562
  -658
  -768
  -891
  -1,028
  -1,179
  -1,344
  -1,522
  -1,700
  -1,904
  -2,121
  -2,349
  -2,590
  -2,842
  -3,106
  -3,382
  -3,670
  -3,969
  -4,281
  -4,604
  -4,941
  -5,290
  -5,653
  -6,031
  -6,423
  -6,830
  -7,254
  -7,695
EBITDA, $m
  -309
  -367
  -430
  -504
  -589
  -686
  -795
  -916
  -1,049
  -1,195
  -1,352
  -1,520
  -1,700
  -1,891
  -2,093
  -2,305
  -2,528
  -2,761
  -3,004
  -3,258
  -3,522
  -3,797
  -4,082
  -4,379
  -4,687
  -5,007
  -5,340
  -5,685
  -6,045
  -6,418
  -6,807
Interest expense (income), $m
  4
  0
  -6
  2
  11
  21
  33
  47
  62
  78
  97
  116
  137
  160
  184
  209
  236
  264
  293
  324
  356
  389
  423
  459
  497
  536
  576
  618
  662
  707
  754
Earnings before tax, $m
  -350
  -408
  -473
  -564
  -669
  -789
  -925
  -1,075
  -1,241
  -1,422
  -1,618
  -1,816
  -2,041
  -2,280
  -2,533
  -2,799
  -3,078
  -3,370
  -3,675
  -3,993
  -4,325
  -4,670
  -5,028
  -5,400
  -5,787
  -6,189
  -6,607
  -7,041
  -7,492
  -7,961
  -8,449
Tax expense, $m
  5
  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
  -355
  -408
  -473
  -564
  -669
  -789
  -925
  -1,075
  -1,241
  -1,422
  -1,618
  -1,816
  -2,041
  -2,280
  -2,533
  -2,799
  -3,078
  -3,370
  -3,675
  -3,993
  -4,325
  -4,670
  -5,028
  -5,400
  -5,787
  -6,189
  -6,607
  -7,041
  -7,492
  -7,961
  -8,449

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,083
  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
  1,719
  836
  1,077
  1,363
  1,694
  2,073
  2,501
  2,978
  3,505
  4,080
  4,703
  5,373
  6,088
  6,848
  7,652
  8,498
  9,387
  10,317
  11,289
  12,302
  13,358
  14,456
  15,598
  16,785
  18,018
  19,300
  20,632
  22,017
  23,457
  24,956
  26,515
Adjusted assets (=assets-cash), $m
  636
  836
  1,077
  1,363
  1,694
  2,073
  2,501
  2,978
  3,505
  4,080
  4,703
  5,373
  6,088
  6,848
  7,652
  8,498
  9,387
  10,317
  11,289
  12,302
  13,358
  14,456
  15,598
  16,785
  18,018
  19,300
  20,632
  22,017
  23,457
  24,956
  26,515
Revenue / Adjusted assets
  1.494
  1.494
  1.495
  1.494
  1.494
  1.494
  1.494
  1.494
  1.494
  1.494
  1.494
  1.494
  1.494
  1.494
  1.494
  1.494
  1.494
  1.494
  1.494
  1.494
  1.494
  1.494
  1.494
  1.494
  1.494
  1.494
  1.494
  1.494
  1.494
  1.494
  1.494
Average production assets, $m
  194
  255
  328
  415
  516
  632
  762
  908
  1,068
  1,243
  1,433
  1,637
  1,855
  2,087
  2,332
  2,590
  2,861
  3,144
  3,441
  3,749
  4,071
  4,406
  4,754
  5,116
  5,492
  5,882
  6,288
  6,710
  7,149
  7,606
  8,081
Working capital, $m
  693
  -513
  -662
  -837
  -1,040
  -1,273
  -1,536
  -1,829
  -2,152
  -2,505
  -2,888
  -3,299
  -3,738
  -4,205
  -4,698
  -5,218
  -5,764
  -6,335
  -6,932
  -7,554
  -8,202
  -8,876
  -9,578
  -10,306
  -11,064
  -11,851
  -12,669
  -13,519
  -14,404
  -15,324
  -16,281
Total debt, $m
  0
  -161
  56
  312
  611
  952
  1,337
  1,767
  2,240
  2,758
  3,319
  3,921
  4,565
  5,249
  5,973
  6,734
  7,534
  8,371
  9,246
  10,158
  11,108
  12,096
  13,124
  14,192
  15,303
  16,456
  17,655
  18,901
  20,198
  21,546
  22,949
Total liabilities, $m
  913
  753
  970
  1,226
  1,525
  1,866
  2,251
  2,681
  3,154
  3,672
  4,233
  4,835
  5,479
  6,163
  6,887
  7,648
  8,448
  9,285
  10,160
  11,072
  12,022
  13,010
  14,038
  15,106
  16,217
  17,370
  18,569
  19,815
  21,112
  22,460
  23,863
Total equity, $m
  805
  84
  108
  136
  169
  207
  250
  298
  350
  408
  470
  537
  609
  685
  765
  850
  939
  1,032
  1,129
  1,230
  1,336
  1,446
  1,560
  1,678
  1,802
  1,930
  2,063
  2,202
  2,346
  2,496
  2,651
Total liabilities and equity, $m
  1,718
  837
  1,078
  1,362
  1,694
  2,073
  2,501
  2,979
  3,504
  4,080
  4,703
  5,372
  6,088
  6,848
  7,652
  8,498
  9,387
  10,317
  11,289
  12,302
  13,358
  14,456
  15,598
  16,784
  18,019
  19,300
  20,632
  22,017
  23,458
  24,956
  26,514
Debt-to-equity ratio
  0.000
  -1.930
  0.520
  2.290
  3.600
  4.590
  5.350
  5.930
  6.390
  6.760
  7.060
  7.300
  7.500
  7.670
  7.810
  7.920
  8.030
  8.110
  8.190
  8.260
  8.320
  8.370
  8.410
  8.460
  8.490
  8.530
  8.560
  8.580
  8.610
  8.630
  8.660
Adjusted equity ratio
  -0.437
  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
  -355
  -408
  -473
  -564
  -669
  -789
  -925
  -1,075
  -1,241
  -1,422
  -1,618
  -1,816
  -2,041
  -2,280
  -2,533
  -2,799
  -3,078
  -3,370
  -3,675
  -3,993
  -4,325
  -4,670
  -5,028
  -5,400
  -5,787
  -6,189
  -6,607
  -7,041
  -7,492
  -7,961
  -8,449
Depreciation, amort., depletion, $m
  35
  41
  49
  58
  69
  82
  96
  112
  130
  149
  170
  180
  204
  229
  256
  285
  314
  346
  378
  412
  447
  484
  522
  562
  603
  646
  691
  737
  786
  836
  888
Funds from operations, $m
  338
  -367
  -424
  -506
  -600
  -707
  -828
  -963
  -1,111
  -1,273
  -1,448
  -1,637
  -1,837
  -2,051
  -2,277
  -2,514
  -2,764
  -3,025
  -3,297
  -3,581
  -3,877
  -4,185
  -4,505
  -4,838
  -5,184
  -5,543
  -5,916
  -6,303
  -6,706
  -7,125
  -7,561
Change in working capital, $m
  136
  -123
  -148
  -175
  -203
  -233
  -263
  -293
  -323
  -353
  -382
  -411
  -439
  -467
  -493
  -520
  -546
  -571
  -597
  -622
  -648
  -674
  -701
  -729
  -757
  -787
  -818
  -850
  -884
  -920
  -957
Cash from operations, $m
  202
  -244
  -276
  -331
  -397
  -475
  -566
  -670
  -788
  -920
  -1,066
  -1,225
  -1,398
  -1,584
  -1,783
  -1,994
  -2,218
  -2,453
  -2,700
  -2,959
  -3,229
  -3,511
  -3,804
  -4,109
  -4,426
  -4,756
  -5,098
  -5,453
  -5,822
  -6,205
  -6,604
Maintenance CAPEX, $m
  0
  -21
  -28
  -36
  -46
  -57
  -69
  -84
  -100
  -117
  -137
  -158
  -180
  -204
  -229
  -256
  -285
  -314
  -346
  -378
  -412
  -447
  -484
  -522
  -562
  -603
  -646
  -691
  -737
  -786
  -836
New CAPEX, $m
  -45
  -61
  -74
  -87
  -101
  -116
  -130
  -145
  -160
  -175
  -190
  -204
  -218
  -232
  -245
  -258
  -271
  -284
  -296
  -309
  -322
  -335
  -348
  -362
  -376
  -391
  -406
  -422
  -439
  -457
  -475
Cash from investing activities, $m
  -127
  -82
  -102
  -123
  -147
  -173
  -199
  -229
  -260
  -292
  -327
  -362
  -398
  -436
  -474
  -514
  -556
  -598
  -642
  -687
  -734
  -782
  -832
  -884
  -938
  -994
  -1,052
  -1,113
  -1,176
  -1,243
  -1,311
Free cash flow, $m
  75
  -326
  -378
  -454
  -543
  -647
  -765
  -899
  -1,048
  -1,213
  -1,392
  -1,587
  -1,796
  -2,020
  -2,257
  -2,509
  -2,773
  -3,051
  -3,342
  -3,646
  -3,963
  -4,293
  -4,636
  -4,993
  -5,364
  -5,750
  -6,150
  -6,566
  -6,998
  -7,448
  -7,915
Issuance/(repayment) of debt, $m
  0
  -161
  217
  257
  298
  341
  385
  430
  474
  518
  561
  603
  644
  684
  723
  762
  800
  837
  875
  912
  950
  988
  1,028
  1,068
  1,110
  1,154
  1,199
  1,246
  1,296
  1,348
  1,403
Issuance/(repurchase) of shares, $m
  8
  769
  497
  592
  702
  827
  967
  1,123
  1,294
  1,480
  1,681
  1,883
  2,113
  2,356
  2,613
  2,883
  3,167
  3,463
  3,772
  4,095
  4,430
  4,779
  5,142
  5,519
  5,910
  6,317
  6,740
  7,179
  7,636
  8,111
  8,605
Cash from financing (excl. dividends), $m  
  -78
  608
  714
  849
  1,000
  1,168
  1,352
  1,553
  1,768
  1,998
  2,242
  2,486
  2,757
  3,040
  3,336
  3,645
  3,967
  4,300
  4,647
  5,007
  5,380
  5,767
  6,170
  6,587
  7,020
  7,471
  7,939
  8,425
  8,932
  9,459
  10,008
Total cash flow (excl. dividends), $m
  -3
  282
  336
  395
  457
  522
  587
  653
  719
  785
  849
  899
  961
  1,021
  1,079
  1,137
  1,193
  1,249
  1,305
  1,361
  1,417
  1,475
  1,533
  1,594
  1,656
  1,721
  1,789
  1,860
  1,934
  2,012
  2,094
Retained Cash Flow (-), $m
  54
  -769
  -497
  -592
  -702
  -827
  -967
  -1,123
  -1,294
  -1,480
  -1,681
  -1,883
  -2,113
  -2,356
  -2,613
  -2,883
  -3,167
  -3,463
  -3,772
  -4,095
  -4,430
  -4,779
  -5,142
  -5,519
  -5,910
  -6,317
  -6,740
  -7,179
  -7,636
  -8,111
  -8,605
Prev. year cash balance distribution, $m
 
  1,083
  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
 
  595
  -161
  -197
  -245
  -306
  -380
  -470
  -574
  -695
  -832
  -984
  -1,152
  -1,336
  -1,534
  -1,747
  -1,974
  -2,214
  -2,468
  -2,734
  -3,013
  -3,305
  -3,609
  -3,925
  -4,254
  -4,596
  -4,951
  -5,320
  -5,702
  -6,099
  -6,512
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
 
  571
  -147
  -172
  -202
  -237
  -276
  -317
  -359
  -399
  -436
  -467
  -492
  -508
  -515
  -513
  -502
  -482
  -454
  -421
  -383
  -342
  -299
  -257
  -217
  -179
  -144
  -114
  -88
  -67
  -49
Current shareholders' claim on cash, %
  100
  50.0
  31.4
  20.2
  13.3
  9.0
  6.1
  4.2
  2.9
  2.1
  1.5
  1.0
  0.8
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Splunk Inc. (Splunk) is engaged in the development and marketing of software solutions. The Company's offerings enable users to collect, index, search, explore, monitor and analyze data. Its offerings address diverse data sets that are referred to as big data and are specifically used for machine data. Machine data is produced by various software application and electronic devices in an organization and contains a definitive, time-stamped record of various activities, such as transactions, customer and user activities and security threats. Its products help users in various roles, including information technology (IT), security and business professionals, to analyze their machine data and achieve real-time visibility into and intelligence about their organization's operations. In addition, the Company offers user behavioral analytics to help detect, respond to and mitigate advanced, hidden and insider threats. The Company offers Splunk Enterprise, which is a machine data platform.

FINANCIAL RATIOS  of  Splunk (SPLK)

Valuation Ratios
P/E Ratio -31.4
Price to Sales 11.7
Price to Book 13.8
Price to Tangible Book
Price to Cash Flow 55.1
Price to Free Cash Flow 70.9
Growth Rates
Sales Growth Rate 42.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11.8%
Cap. Spend. - 3 Yr. Gr. Rate 38%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage -87
Management Effectiveness
Return On Assets -21.6%
Ret/ On Assets - 3 Yr. Avg. -20.2%
Return On Total Capital -42.7%
Ret/ On T. Cap. - 3 Yr. Avg. -34.4%
Return On Equity -42.7%
Return On Equity - 3 Yr. Avg. -34.4%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 79.9%
Gross Margin - 3 Yr. Avg. 82.6%
EBITDA Margin -32.7%
EBITDA Margin - 3 Yr. Avg. -39.3%
Operating Margin -36.2%
Oper. Margin - 3 Yr. Avg. -42.4%
Pre-Tax Margin -36.8%
Pre-Tax Margin - 3 Yr. Avg. -42.5%
Net Profit Margin -37.4%
Net Profit Margin - 3 Yr. Avg. -42.4%
Effective Tax Rate -1.4%
Eff/ Tax Rate - 3 Yr. Avg. 0.1%
Payout Ratio 0%

SPLK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SPLK stock intrinsic value calculation we used $950 million for the last fiscal year's total revenue generated by Splunk. The default revenue input number comes from 2017 income statement of Splunk. 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 SPLK stock valuation model: a) initial revenue growth rate of 31.5% 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 SPLK is calculated based on our internal credit rating of Splunk, 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 Splunk.
    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 SPLK stock the variable cost ratio is equal to 119.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $159 million in the base year in the intrinsic value calculation for SPLK 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 Splunk.

Corporate tax rate of 27% is the nominal tax rate for Splunk. 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 SPLK 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 SPLK are equal to 20.4%.

Life of production assets of 9.1 years is the average useful life of capital assets used in Splunk 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 SPLK is equal to -41.1%. 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 - $805 million for Splunk - 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 139.959 million for Splunk 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 Splunk at the current share price and the inputted number of shares is $11.4 billion.

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COMPANY NEWS

▶ ETFs with exposure to Splunk, Inc. : December 8, 2017   [Dec-08-17 01:29PM  Capital Cube]
▶ 3 Buy-Ranked Tech Stocks That Soared This Month   [Nov-30-17 03:57PM  Zacks]
▶ Don't Doubt Bitcoin   [Nov-27-17 10:51AM  TheStreet.com]
▶ Company News For Nov 20, 2017   [Nov-20-17 09:30AM  Zacks]
▶ Why Splunk, Inc. Stock Skyrocketed Today   [12:18PM  Motley Fool]
▶ Splunk Crushes Estimates, Raises Guidance   [09:00AM  Motley Fool]
▶ Splunk Third-Quarter Results Beat Sales, Earnings Estimates   [04:42PM  Investor's Business Daily]
▶ How to Trade Splunk Going Into Earnings   [04:29PM  Bloomberg Video]
▶ Splunk reports 3Q loss   [04:16PM  Associated Press]
▶ Will Tesla Really Blow Our Minds? And Other Questions: Investing Action Plan   [Nov-15-17 02:33PM  Investor's Business Daily]
▶ Splunk Earns RS Rating Upgrade   [Nov-09-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Splunk, Inc. : November 2, 2017   [Nov-02-17 12:34PM  Capital Cube]
▶ Splunk Is No Longer Just a Pesky Upstart   [06:33AM  Morningstar]
▶ Cisco Just Bought This Machine Learning Startup   [Oct-19-17 04:00PM  Fortune]
▶ Splunk Acquires SignalSense   [Oct-17-17 08:00AM  Business Wire]
▶ Symantec: Whats Impressive about Splunk?   [Oct-09-17 10:38AM  Market Realist]
▶ Splunk Acquires Rocana Assets   [08:00AM  Business Wire]
▶ ETFs with exposure to Splunk, Inc. : September 26, 2017   [Sep-26-17 11:05AM  Capital Cube]
▶ 3 Stocks With eBay-like Return Potential   [Sep-21-17 06:34PM  Motley Fool]
▶ Symantec's Play for Splunk Ends After Review   [Sep-20-17 01:59PM  Bloomberg]
▶ Is Splunk Stock a Buy?   [08:04AM  Motley Fool]
▶ Big Data Stock With 187% Growth May Be Set To Break Out   [Sep-19-17 10:39AM  Investor's Business Daily]
▶ Big Data Stock Eyes Breakout On 187% Growth, Q2 Earnings Beat   [Sep-15-17 04:07PM  Investor's Business Daily]
▶ Why Splunk Inc. Stock Jumped 11.8% in August   [Sep-12-17 08:41PM  Motley Fool]
▶ Splunk Soars on Revenue Growth   [Aug-25-17 06:06PM  GuruFocus.com]
▶ What Happened in the Stock Market Today   [04:46PM  Motley Fool]
▶ Why Splunk, Inc. Stock Popped Today   [12:50PM  Motley Fool]
▶ Why Splunk Inc (SPLK) Stock Is Soaring Today   [12:41PM  InvestorPlace]
▶ Splunk Gaps Up On Earnings   [05:11AM  Investor's Business Daily]
▶ These 5 Top Techs Near Buy Points Are Big Movers After Hours   [12:32AM  Investor's Business Daily]
▶ Splunk reports 2Q loss   [Aug-24-17 09:18PM  Associated Press]
▶ Splunk revs. beat $280M vs. $269M est.   [04:43PM  CNBC Videos]
Financial statements of SPLK
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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