Intrinsic value of Square Cl A - SQ

Previous Close

$33.22

  Intrinsic Value

$1.81

stock screener

  Rating & Target

str. sell

-95%

  Value-price divergence*

-128%

Previous close

$33.22

 
Intrinsic value

$1.81

 
Up/down potential

-95%

 
Rating

str. sell

 
Value-price divergence*

-128%

*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 12.4

 

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
  25.70
  23.63
  21.77
  20.09
  18.58
  17.22
  16.00
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
Revenue, $m
  1,709
  2,148
  2,656
  3,234
  3,884
  4,605
  5,398
  6,262
  7,195
  8,196
  9,263
  10,395
  11,590
  12,847
  14,166
  15,545
  16,984
  18,485
  20,048
  21,673
  23,362
  25,119
  26,943
  28,840
  30,811
  32,860
  34,992
  37,209
  39,517
  41,921
  44,426
Variable operating expenses, $m
 
  2,132
  2,634
  3,206
  3,849
  4,563
  5,348
  6,203
  7,127
  8,117
  9,173
  10,288
  11,470
  12,715
  14,019
  15,384
  16,809
  18,294
  19,840
  21,449
  23,121
  24,859
  26,665
  28,542
  30,492
  32,521
  34,630
  36,825
  39,109
  41,488
  43,967
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
  2,324
  2,830
  3,407
  4,055
  4,775
  5,565
  6,425
  7,355
  8,351
  9,412
  10,533
  11,721
  12,973
  14,283
  15,655
  17,087
  18,579
  20,132
  21,748
  23,427
  25,173
  26,987
  28,872
  30,830
  32,868
  34,985
  37,189
  39,482
  41,871
  44,359
Operating income, $m
  -170
  -175
  -175
  -174
  -172
  -170
  -167
  -163
  -159
  -155
  -149
  -138
  -132
  -125
  -118
  -110
  -102
  -93
  -84
  -75
  -65
  -54
  -43
  -32
  -20
  -7
  6
  20
  35
  51
  67
EBITDA, $m
  -132
  -142
  -134
  -126
  -116
  -104
  -91
  -76
  -60
  -42
  -23
  -3
  19
  42
  66
  92
  119
  147
  176
  207
  239
  272
  307
  343
  381
  420
  461
  504
  549
  596
  644
Interest expense (income), $m
  1
  0
  5
  12
  19
  28
  37
  47
  58
  70
  83
  97
  112
  127
  143
  160
  178
  197
  216
  236
  257
  279
  301
  325
  349
  375
  401
  429
  457
  487
  518
Earnings before tax, $m
  -170
  -175
  -180
  -186
  -191
  -197
  -204
  -211
  -218
  -225
  -233
  -235
  -243
  -252
  -261
  -270
  -280
  -290
  -300
  -311
  -322
  -333
  -345
  -357
  -369
  -382
  -395
  -408
  -422
  -436
  -451
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
  -175
  -180
  -186
  -191
  -197
  -204
  -211
  -218
  -225
  -233
  -235
  -243
  -252
  -261
  -270
  -280
  -290
  -300
  -311
  -322
  -333
  -345
  -357
  -369
  -382
  -395
  -408
  -422
  -436
  -451

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
  879
  1,086
  1,323
  1,588
  1,884
  2,208
  2,561
  2,943
  3,352
  3,789
  4,252
  4,740
  5,255
  5,794
  6,358
  6,947
  7,560
  8,199
  8,864
  9,555
  10,273
  11,020
  11,795
  12,602
  13,440
  14,311
  15,218
  16,163
  17,146
  18,170
Adjusted assets (=assets-cash), $m
  699
  879
  1,086
  1,323
  1,588
  1,884
  2,208
  2,561
  2,943
  3,352
  3,789
  4,252
  4,740
  5,255
  5,794
  6,358
  6,947
  7,560
  8,199
  8,864
  9,555
  10,273
  11,020
  11,795
  12,602
  13,440
  14,311
  15,218
  16,163
  17,146
  18,170
Revenue / Adjusted assets
  2.445
  2.444
  2.446
  2.444
  2.446
  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
  140
  173
  210
  252
  299
  351
  407
  468
  533
  602
  676
  753
  835
  921
  1,010
  1,104
  1,202
  1,303
  1,409
  1,519
  1,633
  1,751
  1,875
  2,003
  2,136
  2,274
  2,419
  2,569
  2,725
  2,888
Working capital, $m
  424
  -110
  -135
  -165
  -198
  -235
  -275
  -319
  -367
  -418
  -472
  -530
  -591
  -655
  -722
  -793
  -866
  -943
  -1,022
  -1,105
  -1,191
  -1,281
  -1,374
  -1,471
  -1,571
  -1,676
  -1,785
  -1,898
  -2,015
  -2,138
  -2,266
Total debt, $m
  0
  156
  343
  555
  795
  1,060
  1,352
  1,670
  2,014
  2,382
  2,775
  3,191
  3,631
  4,094
  4,579
  5,087
  5,617
  6,169
  6,744
  7,343
  7,965
  8,611
  9,283
  9,981
  10,706
  11,461
  12,245
  13,062
  13,911
  14,796
  15,718
Total liabilities, $m
  635
  791
  978
  1,190
  1,430
  1,695
  1,987
  2,305
  2,649
  3,017
  3,410
  3,826
  4,266
  4,729
  5,214
  5,722
  6,252
  6,804
  7,379
  7,978
  8,600
  9,246
  9,918
  10,616
  11,341
  12,096
  12,880
  13,697
  14,546
  15,431
  16,353
Total equity, $m
  576
  88
  109
  132
  159
  188
  221
  256
  294
  335
  379
  425
  474
  525
  579
  636
  695
  756
  820
  886
  956
  1,027
  1,102
  1,180
  1,260
  1,344
  1,431
  1,522
  1,616
  1,715
  1,817
Total liabilities and equity, $m
  1,211
  879
  1,087
  1,322
  1,589
  1,883
  2,208
  2,561
  2,943
  3,352
  3,789
  4,251
  4,740
  5,254
  5,793
  6,358
  6,947
  7,560
  8,199
  8,864
  9,556
  10,273
  11,020
  11,796
  12,601
  13,440
  14,311
  15,219
  16,162
  17,146
  18,170
Debt-to-equity ratio
  0.000
  1.770
  3.150
  4.200
  5.000
  5.630
  6.120
  6.520
  6.840
  7.110
  7.320
  7.510
  7.660
  7.790
  7.900
  8.000
  8.090
  8.160
  8.230
  8.280
  8.340
  8.380
  8.420
  8.460
  8.500
  8.530
  8.560
  8.580
  8.610
  8.630
  8.650
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
  -175
  -180
  -186
  -191
  -197
  -204
  -211
  -218
  -225
  -233
  -235
  -243
  -252
  -261
  -270
  -280
  -290
  -300
  -311
  -322
  -333
  -345
  -357
  -369
  -382
  -395
  -408
  -422
  -436
  -451
Depreciation, amort., depletion, $m
  38
  34
  40
  48
  56
  66
  76
  87
  99
  112
  126
  135
  151
  167
  184
  202
  221
  240
  261
  282
  304
  327
  350
  375
  401
  427
  455
  484
  514
  545
  578
Funds from operations, $m
  -11
  -142
  -140
  -138
  -135
  -132
  -128
  -123
  -118
  -113
  -107
  -100
  -93
  -85
  -77
  -68
  -59
  -50
  -40
  -29
  -18
  -7
  5
  18
  31
  45
  60
  75
  92
  109
  127
Change in working capital, $m
  -34
  -22
  -26
  -29
  -33
  -37
  -40
  -44
  -48
  -51
  -54
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -123
  -128
Cash from operations, $m
  23
  -119
  -114
  -108
  -102
  -95
  -88
  -79
  -71
  -62
  -52
  -42
  -32
  -21
  -10
  2
  14
  27
  40
  54
  68
  83
  98
  115
  132
  150
  169
  189
  209
  231
  254
Maintenance CAPEX, $m
  0
  -22
  -28
  -35
  -42
  -50
  -60
  -70
  -81
  -94
  -107
  -120
  -135
  -151
  -167
  -184
  -202
  -221
  -240
  -261
  -282
  -304
  -327
  -350
  -375
  -401
  -427
  -455
  -484
  -514
  -545
New CAPEX, $m
  -26
  -29
  -33
  -38
  -42
  -47
  -52
  -56
  -61
  -65
  -69
  -74
  -78
  -82
  -86
  -90
  -94
  -98
  -102
  -106
  -110
  -114
  -119
  -123
  -128
  -133
  -139
  -144
  -150
  -156
  -163
Cash from investing activities, $m
  -123
  -51
  -61
  -73
  -84
  -97
  -112
  -126
  -142
  -159
  -176
  -194
  -213
  -233
  -253
  -274
  -296
  -319
  -342
  -367
  -392
  -418
  -446
  -473
  -503
  -534
  -566
  -599
  -634
  -670
  -708
Free cash flow, $m
  -100
  -170
  -175
  -181
  -186
  -193
  -199
  -206
  -213
  -220
  -228
  -236
  -245
  -253
  -262
  -272
  -282
  -292
  -302
  -313
  -324
  -335
  -347
  -359
  -371
  -384
  -397
  -410
  -424
  -439
  -453
Issuance/(repayment) of debt, $m
  0
  156
  187
  213
  239
  266
  292
  318
  343
  368
  393
  417
  440
  463
  485
  508
  530
  552
  575
  598
  622
  646
  672
  698
  726
  754
  785
  816
  850
  885
  922
Issuance/(repurchase) of shares, $m
  91
  199
  201
  209
  218
  227
  236
  246
  256
  266
  276
  281
  292
  304
  315
  327
  339
  351
  364
  377
  391
  405
  419
  434
  450
  466
  482
  499
  516
  535
  553
Cash from financing (excl. dividends), $m  
  91
  355
  388
  422
  457
  493
  528
  564
  599
  634
  669
  698
  732
  767
  800
  835
  869
  903
  939
  975
  1,013
  1,051
  1,091
  1,132
  1,176
  1,220
  1,267
  1,315
  1,366
  1,420
  1,475
Total cash flow (excl. dividends), $m
  -9
  185
  213
  242
  271
  300
  329
  358
  386
  414
  441
  462
  488
  513
  538
  563
  587
  612
  637
  663
  689
  716
  745
  774
  804
  836
  870
  905
  942
  981
  1,022
Retained Cash Flow (-), $m
  -68
  -199
  -201
  -209
  -218
  -227
  -236
  -246
  -256
  -266
  -276
  -281
  -292
  -304
  -315
  -327
  -339
  -351
  -364
  -377
  -391
  -405
  -419
  -434
  -450
  -466
  -482
  -499
  -516
  -535
  -553
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
 
  498
  12
  32
  53
  73
  93
  112
  131
  148
  165
  180
  195
  209
  223
  236
  248
  261
  273
  286
  298
  311
  325
  339
  354
  370
  388
  406
  425
  446
  469
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
 
  477
  11
  28
  43
  57
  67
  76
  82
  85
  86
  86
  83
  80
  75
  69
  63
  57
  50
  44
  38
  32
  27
  22
  18
  14
  11
  9
  7
  5
  4
Current shareholders' claim on cash, %
  100
  76.3
  62.1
  52.1
  44.7
  39.1
  34.7
  31.3
  28.4
  26.1
  24.1
  22.4
  21.0
  19.7
  18.6
  17.6
  16.7
  15.9
  15.2
  14.5
  13.9
  13.3
  12.8
  12.3
  11.9
  11.4
  11.0
  10.7
  10.3
  10.0
  9.7

Square, Inc. (Square) is a commerce ecosystem. The Company enables its sellers start, run and grow their businesses. It combines software with hardware to enable sellers to turn mobile devices and computing devices into payments and point-of-sale solutions. Once a seller downloads the Square Point of Sale mobile application, they can take their first payment. With its offering, a seller can accept payments in person via magnetic stripe (a swipe), Europay, MasterCard, and Visa (EMV) (a dip), or Near Field Communication (NFC) (a tap); or online via Square Invoices, Square Virtual Terminal, or the seller's Website. Once on its system, sellers gain access to technology and features, such as reporting and analytics, next-day settlements, digital receipts, payment dispute management and chargeback protection, and Payment Card Industry (PCI) compliance. On the consumer (buyer) side, Square Cash offers individuals access to a way to send and receive money.

FINANCIAL RATIOS  of  Square Cl A (SQ)

Valuation Ratios
P/E Ratio -70.4
Price to Sales 7.1
Price to Book 21
Price to Tangible Book
Price to Cash Flow 526.5
Price to Free Cash Flow -4036.8
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 25.7% 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 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 4.4 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 373.749 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 $12.4 billion.

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COMPANY NEWS

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▶ Square Snares Sellers With Sticky Services In Financial Tech   [Oct-06-17 05:20PM  Investor's Business Daily]
▶ Square (SQ) Stock Is Dangerous to Your Wealth   [Oct-05-17 11:57AM  InvestorPlace]
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▶ "Fast Money" final trades: UAL, AAL and more   [Oct-03-17 05:59PM  CNBC Videos]
▶ Why Square, Inc. Stock Climbed 10% in September   [Oct-02-17 11:33AM  Motley Fool]
▶ Whats Squares Valuation?   [07:39AM  Market Realist]
▶ PayPal A Buyer, Not Seller, And May Seek A Big Target: Analyst   [Sep-27-17 12:45PM  Investor's Business Daily]
▶ Who Will Run Squares Bank Unit?   [10:39AM  Market Realist]
▶ How SFS Could Change Square Capital   [09:12AM  Market Realist]
▶ Why Square Opted for an Industrial Bank Model   [07:42AM  Market Realist]
▶ Why Square Is Pursuing a Bank Charter   [Sep-26-17 05:06PM  Market Realist]
▶ Why Square Is Entering the Bank Business   [03:14PM  Market Realist]
▶ Poor Management Is Hurting TWTR Stock. Sad!   [06:18AM  InvestorPlace]
▶ ETFs with exposure to Square, Inc. : September 22, 2017   [Sep-22-17 11:19AM  Capital Cube]
▶ Square Considers Expansion into Banking   [08:10AM  Market Realist]
▶ Why PayPal's Venmo Strategy For Merchants Could Grow Revenue   [Sep-18-17 04:15PM  Investor's Business Daily]
▶ Big Data Stock Eyes Breakout On 187% Growth, Q2 Earnings Beat   [04:07PM  Investor's Business Daily]
▶ Dow, S&P 500 Hits Records As These 2 Leading Stocks Break Out   [11:08AM  Investor's Business Daily]
▶ Should You Buy Square (SQ) As It Hits New High?   [Sep-14-17 04:18PM  Zacks]
▶ Square Is Expanding Its Lending Business   [10:38AM  Market Realist]
▶ Square Nears Buy Point, But This Industry Peer May Break Out First   [Sep-12-17 05:09PM  Investor's Business Daily]
▶ Square: Risk Grows Along With Potential   [11:44AM  Morningstar]
▶ "Fast Money" final trades: SQ, MU and more   [Sep-07-17 05:59PM  CNBC Videos]
▶ Square moving into banking   [03:44PM  CNBC Videos]
▶ Square moves into banking with newly planned small business services   [12:27PM  American City Business Journals]
▶ [$$] Jack Dorseys Square Makes a Move Into Banking   [09:50AM  The Wall Street Journal]
▶ Stocks to Watch: Amazon, P&G, GE, Square, GoPro, RH   [09:30AM  The Wall Street Journal]
▶ Square: Credit Is Good   [Sep-06-17 04:05PM  Market Realist]
▶ A Look at Squares Black Sheep   [02:30PM  Market Realist]
▶ [$$] Square: hip to be   [Sep-03-17 10:08AM  Financial Times]
▶ How Square, Inc. Makes Most of Its Money   [Sep-01-17 12:00PM  Motley Fool]
▶ Better Buy: PayPal Holdings, Inc. vs. Square   [Aug-30-17 01:41PM  Motley Fool]
▶ 3 Payment Processing Stocks to Buy Now   [Aug-27-17 11:15AM  Motley Fool]
▶ Square, Inc. Value Analysis (NYSE:SQ) : August 24, 2017   [Aug-24-17 05:59PM  Capital Cube]
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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