Intrinsic value of Square Cl A - SQ

Previous Close

$24.46

  Intrinsic Value

$1.18

stock screener

  Rating & Target

str. sell

-95%

  Value-price divergence*

+502%

Previous close

$24.46

 
Intrinsic value

$1.18

 
Up/down potential

-95%

 
Rating

str. sell

 
Value-price divergence*

+502%

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

We calculate the intrinsic value of SQ 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 8.3

 

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, %
  34.89
  21.90
  20.21
  18.69
  17.32
  16.09
  14.98
  13.98
  13.08
  12.27
  11.55
  10.89
  10.30
  9.77
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
Revenue, $m
  1,709
  2,083
  2,504
  2,972
  3,487
  4,048
  4,655
  5,305
  5,999
  6,736
  7,514
  8,332
  9,191
  10,089
  11,027
  12,004
  13,022
  14,081
  15,182
  16,326
  17,515
  18,751
  20,035
  21,370
  22,759
  24,204
  25,707
  27,274
  28,905
  30,606
  32,380
Variable operating expenses, $m
 
  2,067
  2,484
  2,947
  3,457
  4,012
  4,612
  5,256
  5,943
  6,672
  7,442
  8,246
  9,096
  9,984
  10,913
  11,880
  12,888
  13,936
  15,025
  16,157
  17,334
  18,557
  19,828
  21,149
  22,524
  23,954
  25,442
  26,992
  28,607
  30,290
  32,045
Fixed operating expenses, $m
 
  192
  196
  201
  206
  212
  217
  222
  228
  234
  239
  245
  251
  258
  264
  271
  278
  285
  292
  299
  306
  314
  322
  330
  338
  347
  355
  364
  373
  383
  392
Total operating expenses, $m
  1,879
  2,259
  2,680
  3,148
  3,663
  4,224
  4,829
  5,478
  6,171
  6,906
  7,681
  8,491
  9,347
  10,242
  11,177
  12,151
  13,166
  14,221
  15,317
  16,456
  17,640
  18,871
  20,150
  21,479
  22,862
  24,301
  25,797
  27,356
  28,980
  30,673
  32,437
Operating income, $m
  -170
  -176
  -176
  -176
  -176
  -175
  -174
  -173
  -172
  -170
  -167
  -159
  -157
  -154
  -150
  -147
  -143
  -139
  -135
  -130
  -125
  -120
  -115
  -109
  -103
  -97
  -90
  -82
  -75
  -66
  -58
EBITDA, $m
  -132
  -157
  -154
  -151
  -148
  -143
  -139
  -133
  -127
  -120
  -113
  -105
  -97
  -88
  -79
  -69
  -58
  -47
  -36
  -24
  -12
  2
  15
  30
  45
  61
  77
  95
  113
  133
  153
Interest expense (income), $m
  1
  0
  5
  10
  16
  23
  30
  38
  46
  55
  65
  75
  85
  96
  108
  120
  132
  146
  159
  173
  188
  203
  219
  236
  253
  271
  290
  309
  329
  350
  372
Earnings before tax, $m
  -170
  -176
  -181
  -186
  -192
  -198
  -204
  -211
  -218
  -225
  -232
  -234
  -242
  -250
  -258
  -267
  -275
  -285
  -294
  -304
  -314
  -324
  -334
  -345
  -356
  -368
  -379
  -391
  -404
  -417
  -430
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
  -172
  -176
  -181
  -186
  -192
  -198
  -204
  -211
  -218
  -225
  -232
  -234
  -242
  -250
  -258
  -267
  -275
  -285
  -294
  -304
  -314
  -324
  -334
  -345
  -356
  -368
  -379
  -391
  -404
  -417
  -430

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  512
  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
  1,211
  852
  1,024
  1,216
  1,426
  1,656
  1,904
  2,170
  2,454
  2,755
  3,073
  3,408
  3,759
  4,126
  4,510
  4,910
  5,326
  5,759
  6,209
  6,677
  7,164
  7,669
  8,194
  8,740
  9,308
  9,899
  10,514
  11,155
  11,822
  12,518
  13,243
Adjusted assets (=assets-cash), $m
  699
  852
  1,024
  1,216
  1,426
  1,656
  1,904
  2,170
  2,454
  2,755
  3,073
  3,408
  3,759
  4,126
  4,510
  4,910
  5,326
  5,759
  6,209
  6,677
  7,164
  7,669
  8,194
  8,740
  9,308
  9,899
  10,514
  11,155
  11,822
  12,518
  13,243
Revenue / Adjusted assets
  2.445
  2.445
  2.445
  2.444
  2.445
  2.444
  2.445
  2.445
  2.445
  2.445
  2.445
  2.445
  2.445
  2.445
  2.445
  2.445
  2.445
  2.445
  2.445
  2.445
  2.445
  2.445
  2.445
  2.445
  2.445
  2.445
  2.445
  2.445
  2.445
  2.445
  2.445
Average production assets, $m
  111
  135
  163
  193
  227
  263
  303
  345
  390
  438
  488
  542
  597
  656
  717
  780
  846
  915
  987
  1,061
  1,138
  1,219
  1,302
  1,389
  1,479
  1,573
  1,671
  1,773
  1,879
  1,989
  2,105
Working capital, $m
  424
  -106
  -128
  -152
  -178
  -206
  -237
  -271
  -306
  -344
  -383
  -425
  -469
  -515
  -562
  -612
  -664
  -718
  -774
  -833
  -893
  -956
  -1,022
  -1,090
  -1,161
  -1,234
  -1,311
  -1,391
  -1,474
  -1,561
  -1,651
Total debt, $m
  0
  132
  287
  459
  649
  855
  1,078
  1,318
  1,573
  1,844
  2,131
  2,432
  2,748
  3,079
  3,424
  3,784
  4,158
  4,548
  4,953
  5,375
  5,812
  6,267
  6,740
  7,231
  7,743
  8,274
  8,828
  9,404
  10,005
  10,631
  11,284
Total liabilities, $m
  635
  767
  922
  1,094
  1,284
  1,490
  1,713
  1,953
  2,208
  2,479
  2,766
  3,067
  3,383
  3,714
  4,059
  4,419
  4,793
  5,183
  5,588
  6,010
  6,447
  6,902
  7,375
  7,866
  8,378
  8,909
  9,463
  10,039
  10,640
  11,266
  11,919
Total equity, $m
  576
  85
  102
  122
  143
  166
  190
  217
  245
  275
  307
  341
  376
  413
  451
  491
  533
  576
  621
  668
  716
  767
  819
  874
  931
  990
  1,051
  1,115
  1,182
  1,252
  1,324
Total liabilities and equity, $m
  1,211
  852
  1,024
  1,216
  1,427
  1,656
  1,903
  2,170
  2,453
  2,754
  3,073
  3,408
  3,759
  4,127
  4,510
  4,910
  5,326
  5,759
  6,209
  6,678
  7,163
  7,669
  8,194
  8,740
  9,309
  9,899
  10,514
  11,154
  11,822
  12,518
  13,243
Debt-to-equity ratio
  0.000
  1.550
  2.800
  3.780
  4.550
  5.160
  5.660
  6.070
  6.410
  6.700
  6.930
  7.140
  7.310
  7.460
  7.590
  7.710
  7.810
  7.900
  7.980
  8.050
  8.110
  8.170
  8.230
  8.270
  8.320
  8.360
  8.400
  8.430
  8.460
  8.490
  8.520
Adjusted equity ratio
  0.092
  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
  -172
  -176
  -181
  -186
  -192
  -198
  -204
  -211
  -218
  -225
  -232
  -234
  -242
  -250
  -258
  -267
  -275
  -285
  -294
  -304
  -314
  -324
  -334
  -345
  -356
  -368
  -379
  -391
  -404
  -417
  -430
Depreciation, amort., depletion, $m
  38
  19
  22
  25
  28
  32
  36
  40
  45
  49
  55
  54
  60
  66
  72
  78
  85
  92
  99
  106
  114
  122
  130
  139
  148
  157
  167
  177
  188
  199
  210
Funds from operations, $m
  -11
  -157
  -159
  -161
  -164
  -166
  -168
  -171
  -173
  -175
  -177
  -180
  -182
  -184
  -186
  -189
  -191
  -193
  -195
  -197
  -200
  -202
  -204
  -206
  -208
  -210
  -212
  -214
  -216
  -218
  -219
Change in working capital, $m
  -34
  -19
  -21
  -24
  -26
  -29
  -31
  -33
  -35
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -90
Cash from operations, $m
  23
  -138
  -137
  -138
  -138
  -138
  -138
  -138
  -138
  -138
  -138
  -138
  -138
  -138
  -139
  -139
  -139
  -139
  -139
  -139
  -139
  -139
  -138
  -138
  -137
  -137
  -135
  -134
  -133
  -131
  -129
Maintenance CAPEX, $m
  0
  -11
  -14
  -16
  -19
  -23
  -26
  -30
  -34
  -39
  -44
  -49
  -54
  -60
  -66
  -72
  -78
  -85
  -92
  -99
  -106
  -114
  -122
  -130
  -139
  -148
  -157
  -167
  -177
  -188
  -199
New CAPEX, $m
  -26
  -24
  -27
  -30
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -66
  -69
  -72
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -106
  -111
  -115
Cash from investing activities, $m
  -123
  -35
  -41
  -46
  -52
  -59
  -65
  -72
  -79
  -87
  -95
  -102
  -110
  -118
  -127
  -136
  -144
  -154
  -164
  -173
  -183
  -194
  -205
  -217
  -229
  -242
  -255
  -269
  -283
  -299
  -314
Free cash flow, $m
  -100
  -173
  -178
  -184
  -190
  -197
  -203
  -210
  -217
  -225
  -232
  -240
  -248
  -256
  -265
  -274
  -283
  -292
  -302
  -312
  -322
  -333
  -344
  -355
  -367
  -378
  -391
  -403
  -416
  -429
  -443
Issuance/(repayment) of debt, $m
  0
  132
  155
  172
  190
  207
  223
  240
  255
  271
  286
  301
  316
  331
  345
  360
  375
  390
  405
  421
  438
  455
  473
  491
  511
  532
  554
  576
  601
  626
  653
Issuance/(repurchase) of shares, $m
  91
  197
  198
  206
  213
  221
  229
  238
  246
  255
  264
  267
  277
  286
  296
  307
  317
  328
  339
  350
  362
  374
  387
  400
  413
  427
  441
  455
  470
  486
  502
Cash from financing (excl. dividends), $m  
  91
  329
  353
  378
  403
  428
  452
  478
  501
  526
  550
  568
  593
  617
  641
  667
  692
  718
  744
  771
  800
  829
  860
  891
  924
  959
  995
  1,031
  1,071
  1,112
  1,155
Total cash flow (excl. dividends), $m
  -9
  156
  175
  194
  212
  231
  249
  267
  284
  301
  318
  329
  345
  361
  377
  393
  409
  425
  442
  459
  477
  496
  516
  536
  558
  580
  604
  629
  655
  683
  712
Retained Cash Flow (-), $m
  -68
  -197
  -198
  -206
  -213
  -221
  -229
  -238
  -246
  -255
  -264
  -267
  -277
  -286
  -296
  -307
  -317
  -328
  -339
  -350
  -362
  -374
  -387
  -400
  -413
  -427
  -441
  -455
  -470
  -486
  -502
Prev. year cash balance distribution, $m
 
  512
  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
 
  471
  -23
  -12
  -1
  10
  20
  29
  38
  47
  54
  61
  68
  74
  80
  86
  92
  97
  103
  109
  115
  122
  129
  136
  145
  153
  163
  173
  185
  197
  210
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
 
  451
  -21
  -10
  -1
  8
  14
  20
  24
  27
  28
  29
  29
  28
  27
  25
  23
  21
  19
  17
  15
  13
  11
  9
  7
  6
  5
  4
  3
  2
  2
Current shareholders' claim on cash, %
  100
  76.5
  62.0
  51.7
  44.0
  38.1
  33.4
  29.7
  26.7
  24.2
  22.1
  20.3
  18.8
  17.4
  16.3
  15.2
  14.3
  13.5
  12.7
  12.1
  11.4
  10.9
  10.3
  9.9
  9.4
  9.0
  8.6
  8.3
  7.9
  7.6
  7.3

Square, Inc. develops and provides payment processing, point-of-sale (POS), financial, and marketing services worldwide. It provides Square Point of Sale, a POS application software that offers managed payments solutions and advanced software products, including Square Dashboard, a cloud-based reporting and analytics tool that provides sellers with real-time data and insights about sales, items, customers, and employees; Square Payroll, which empowers sellers to hire, onboard, and pay employees and the associated taxes; and customer engagement tools that help sellers to enhance their business through digital customer feedback, marketing, and loyalty programs. The company also offers in-person/card present payments solutions, such as magstripe readers, contactless and chip readers, and chip card readers; and Square Stand that transforms an iPad into a POS terminal. In addition, it provides online/card not present payments services through the Square Point of Sale mobile apps or Square Virtual Terminals; Square Invoices and Square Online Store for processing payments; Square Cash, a peer-to-peer payments service; Square Capital that facilitates loans to pre-qualified sellers based on real-time payment and POS data; and Caviar, a courier order management app that provides food delivery services for restaurants. Further, the company offers gift cards, Square Appointments, Instant Deposit, employee management, and other subscription and services-based products. Its customers include retail, services, and food-related industries of various sizes ranging from a single vendor at a farmersÂ’ market to multi-location businesses. Square, Inc. was founded in 2009 and is headquartered in San Francisco, California.

FINANCIAL RATIOS  of  Square Cl A (SQ)

Valuation Ratios
P/E Ratio -51.8
Price to Sales 5.2
Price to Book 15.5
Price to Tangible Book
Price to Cash Flow 387.7
Price to Free Cash Flow -2972.3
Growth Rates
Sales Growth Rate 34.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.3%
Cap. Spend. - 3 Yr. Gr. Rate -11.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage -169
Management Effectiveness
Return On Assets -16.2%
Ret/ On Assets - 3 Yr. Avg. -25.6%
Return On Total Capital -31.7%
Ret/ On T. Cap. - 3 Yr. Avg. -47.4%
Return On Equity -31.7%
Return On Equity - 3 Yr. Avg. -49.5%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 33.7%
Gross Margin - 3 Yr. Avg. 29.8%
EBITDA Margin -7.7%
EBITDA Margin - 3 Yr. Avg. -11.6%
Operating Margin -9.9%
Oper. Margin - 3 Yr. Avg. -13.8%
Pre-Tax Margin -9.9%
Pre-Tax Margin - 3 Yr. Avg. -13.9%
Net Profit Margin -10.1%
Net Profit Margin - 3 Yr. Avg. -14.1%
Effective Tax Rate -1.2%
Eff/ Tax Rate - 3 Yr. Avg. -1.4%
Payout Ratio 0%

SQ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SQ stock intrinsic value calculation we used $1709 million for the last fiscal year's total revenue generated by Square Cl A. The default revenue input number comes from 2016 income statement of Square 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 SQ stock valuation model: a) initial revenue growth rate of 21.9% 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 SQ is calculated based on our internal credit rating of Square 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 Square 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 SQ stock the variable cost ratio is equal to 99.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $187 million in the base year in the intrinsic value calculation for SQ 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 Square Cl A.

Corporate tax rate of 27% is the nominal tax rate for Square 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 SQ 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 SQ are equal to 6.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Square 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 SQ is equal to -5.1%. 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 - $576 million for Square 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 340.302 million for Square 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 Square Cl A at the current share price and the inputted number of shares is $8.3 billion.

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COMPANY NEWS

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▶ Dorsey's Fight Against Economic Disparity   [Aug-02-17 11:18PM  Bloomberg Video]
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▶ Square Announces Second Quarter 2017 Results   [04:00PM  Business Wire]
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▶ Square (SQ) Stock Set To Close at All-Time High   [Jul-26-17 04:52PM  Zacks]
▶ How Do Squares Fundamentals Look?   [Jul-25-17 09:07AM  Market Realist]
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▶ 7 Things You Didn't Know About Square, Inc.   [Jul-24-17 06:36PM  Motley Fool]
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▶ Why Are Investors So Bullish On Square (SQ)?   [Jul-11-17 05:25PM  Zacks]
Stock chart of SQ Financial statements of SQ
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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