Intrinsic value of Twitter - TWTR

Previous Close

$15.99

  Intrinsic Value

$2.50

stock screener

  Rating & Target

str. sell

-84%

  Value-price divergence*

-116%

Previous close

$15.99

 
Intrinsic value

$2.50

 
Up/down potential

-84%

 
Rating

str. sell

 
Value-price divergence*

-116%

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

We calculate the intrinsic value of TWTR 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 11.2

 

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, %
  14.07
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,530
  2,581
  2,640
  2,708
  2,784
  2,868
  2,961
  3,062
  3,171
  3,289
  3,415
  3,550
  3,694
  3,847
  4,010
  4,183
  4,367
  4,561
  4,766
  4,983
  5,212
  5,453
  5,708
  5,977
  6,259
  6,557
  6,871
  7,201
  7,549
  7,915
  8,299
Variable operating expenses, $m
 
  1,892
  1,933
  1,979
  2,032
  2,090
  2,153
  2,222
  2,297
  2,378
  2,465
  2,439
  2,538
  2,644
  2,756
  2,875
  3,001
  3,134
  3,275
  3,424
  3,581
  3,747
  3,922
  4,107
  4,301
  4,506
  4,722
  4,949
  5,187
  5,439
  5,703
Fixed operating expenses, $m
 
  1,093
  1,120
  1,148
  1,177
  1,206
  1,236
  1,267
  1,299
  1,331
  1,365
  1,399
  1,434
  1,469
  1,506
  1,544
  1,582
  1,622
  1,663
  1,704
  1,747
  1,790
  1,835
  1,881
  1,928
  1,976
  2,026
  2,076
  2,128
  2,181
  2,236
Total operating expenses, $m
  2,897
  2,985
  3,053
  3,127
  3,209
  3,296
  3,389
  3,489
  3,596
  3,709
  3,830
  3,838
  3,972
  4,113
  4,262
  4,419
  4,583
  4,756
  4,938
  5,128
  5,328
  5,537
  5,757
  5,988
  6,229
  6,482
  6,748
  7,025
  7,315
  7,620
  7,939
Operating income, $m
  -367
  -404
  -413
  -419
  -424
  -427
  -428
  -428
  -425
  -421
  -415
  -288
  -278
  -266
  -252
  -235
  -216
  -195
  -172
  -145
  -116
  -84
  -50
  -11
  30
  75
  124
  177
  233
  295
  360
EBITDA, $m
  35
  -196
  -202
  -207
  -209
  -209
  -207
  -203
  -197
  -188
  -178
  -165
  -150
  -132
  -113
  -90
  -65
  -37
  -6
  28
  64
  105
  149
  196
  247
  303
  362
  426
  495
  569
  648
Interest expense (income), $m
  15
  56
  58
  60
  62
  64
  67
  69
  72
  76
  79
  83
  87
  91
  96
  101
  106
  112
  118
  124
  130
  137
  145
  152
  161
  169
  178
  188
  198
  208
  219
Earnings before tax, $m
  -441
  -460
  -470
  -479
  -486
  -491
  -495
  -497
  -498
  -497
  -494
  -371
  -365
  -357
  -348
  -336
  -323
  -307
  -289
  -269
  -247
  -222
  -194
  -164
  -130
  -94
  -54
  -11
  36
  86
  141
Tax expense, $m
  16
  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
  10
  23
  38
Net income, $m
  -457
  -460
  -470
  -479
  -486
  -491
  -495
  -497
  -498
  -497
  -494
  -371
  -365
  -357
  -348
  -336
  -323
  -307
  -289
  -269
  -247
  -222
  -194
  -164
  -130
  -94
  -54
  -11
  26
  63
  103

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3,775
  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
  6,870
  3,159
  3,231
  3,314
  3,408
  3,511
  3,624
  3,748
  3,881
  4,025
  4,180
  4,345
  4,521
  4,709
  4,909
  5,120
  5,345
  5,582
  5,833
  6,099
  6,379
  6,675
  6,987
  7,315
  7,662
  8,026
  8,410
  8,815
  9,240
  9,687
  10,158
Adjusted assets (=assets-cash), $m
  3,095
  3,159
  3,231
  3,314
  3,408
  3,511
  3,624
  3,748
  3,881
  4,025
  4,180
  4,345
  4,521
  4,709
  4,909
  5,120
  5,345
  5,582
  5,833
  6,099
  6,379
  6,675
  6,987
  7,315
  7,662
  8,026
  8,410
  8,815
  9,240
  9,687
  10,158
Revenue / Adjusted assets
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
Average production assets, $m
  878
  895
  916
  940
  966
  995
  1,027
  1,062
  1,100
  1,141
  1,185
  1,232
  1,282
  1,335
  1,392
  1,452
  1,515
  1,583
  1,654
  1,729
  1,808
  1,892
  1,981
  2,074
  2,172
  2,275
  2,384
  2,499
  2,619
  2,746
  2,880
Working capital, $m
  4,068
  382
  391
  401
  412
  425
  438
  453
  469
  487
  505
  525
  547
  569
  594
  619
  646
  675
  705
  737
  771
  807
  845
  885
  926
  971
  1,017
  1,066
  1,117
  1,171
  1,228
Total debt, $m
  1,687
  1,652
  1,703
  1,762
  1,828
  1,901
  1,981
  2,068
  2,162
  2,264
  2,373
  2,490
  2,614
  2,747
  2,887
  3,037
  3,195
  3,363
  3,540
  3,728
  3,926
  4,134
  4,354
  4,587
  4,831
  5,089
  5,360
  5,645
  5,945
  6,261
  6,594
Total liabilities, $m
  2,265
  2,230
  2,281
  2,340
  2,406
  2,479
  2,559
  2,646
  2,740
  2,842
  2,951
  3,068
  3,192
  3,325
  3,465
  3,615
  3,773
  3,941
  4,118
  4,306
  4,504
  4,712
  4,932
  5,165
  5,409
  5,667
  5,938
  6,223
  6,523
  6,839
  7,172
Total equity, $m
  4,605
  929
  950
  974
  1,002
  1,032
  1,066
  1,102
  1,141
  1,183
  1,229
  1,277
  1,329
  1,384
  1,443
  1,505
  1,571
  1,641
  1,715
  1,793
  1,875
  1,962
  2,054
  2,151
  2,252
  2,360
  2,473
  2,591
  2,717
  2,848
  2,986
Total liabilities and equity, $m
  6,870
  3,159
  3,231
  3,314
  3,408
  3,511
  3,625
  3,748
  3,881
  4,025
  4,180
  4,345
  4,521
  4,709
  4,908
  5,120
  5,344
  5,582
  5,833
  6,099
  6,379
  6,674
  6,986
  7,316
  7,661
  8,027
  8,411
  8,814
  9,240
  9,687
  10,158
Debt-to-equity ratio
  0.366
  1.780
  1.790
  1.810
  1.820
  1.840
  1.860
  1.880
  1.890
  1.910
  1.930
  1.950
  1.970
  1.980
  2.000
  2.020
  2.030
  2.050
  2.060
  2.080
  2.090
  2.110
  2.120
  2.130
  2.140
  2.160
  2.170
  2.180
  2.190
  2.200
  2.210
Adjusted equity ratio
  0.268
  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
  -457
  -460
  -470
  -479
  -486
  -491
  -495
  -497
  -498
  -497
  -494
  -371
  -365
  -357
  -348
  -336
  -323
  -307
  -289
  -269
  -247
  -222
  -194
  -164
  -130
  -94
  -54
  -11
  26
  63
  103
Depreciation, amort., depletion, $m
  402
  208
  210
  212
  215
  218
  221
  225
  229
  233
  237
  123
  128
  134
  139
  145
  152
  158
  165
  173
  181
  189
  198
  207
  217
  228
  238
  250
  262
  275
  288
Funds from operations, $m
  846
  -252
  -260
  -267
  -271
  -273
  -274
  -272
  -269
  -264
  -257
  -248
  -237
  -224
  -209
  -191
  -171
  -149
  -124
  -96
  -66
  -33
  4
  44
  87
  134
  184
  239
  288
  338
  391
Change in working capital, $m
  83
  7
  9
  10
  11
  12
  14
  15
  16
  17
  19
  20
  21
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  46
  49
  51
  54
  57
Cash from operations, $m
  763
  -259
  -269
  -277
  -282
  -286
  -287
  -287
  -285
  -281
  -276
  -268
  -258
  -247
  -233
  -217
  -198
  -178
  -154
  -128
  -100
  -68
  -34
  4
  45
  89
  138
  190
  237
  284
  334
Maintenance CAPEX, $m
  0
  -88
  -90
  -92
  -94
  -97
  -100
  -103
  -106
  -110
  -114
  -118
  -123
  -128
  -134
  -139
  -145
  -152
  -158
  -165
  -173
  -181
  -189
  -198
  -207
  -217
  -228
  -238
  -250
  -262
  -275
New CAPEX, $m
  -219
  -18
  -21
  -24
  -26
  -29
  -32
  -35
  -38
  -41
  -44
  -47
  -50
  -53
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -109
  -115
  -121
  -127
  -133
Cash from investing activities, $m
  -598
  -106
  -111
  -116
  -120
  -126
  -132
  -138
  -144
  -151
  -158
  -165
  -173
  -181
  -191
  -199
  -209
  -219
  -229
  -240
  -252
  -265
  -277
  -291
  -305
  -320
  -337
  -353
  -371
  -389
  -408
Free cash flow, $m
  165
  -365
  -379
  -392
  -402
  -412
  -419
  -425
  -429
  -432
  -434
  -433
  -432
  -428
  -423
  -416
  -407
  -396
  -384
  -369
  -352
  -333
  -311
  -287
  -261
  -231
  -199
  -163
  -134
  -105
  -74
Issuance/(repayment) of debt, $m
  -101
  46
  51
  59
  66
  73
  80
  87
  94
  102
  109
  117
  124
  133
  141
  149
  158
  168
  177
  187
  198
  209
  220
  232
  244
  258
  271
  285
  300
  316
  332
Issuance/(repurchase) of shares, $m
  32
  478
  492
  503
  513
  522
  528
  533
  537
  539
  539
  420
  417
  413
  406
  399
  389
  377
  363
  347
  329
  309
  286
  260
  232
  201
  167
  130
  99
  68
  35
Cash from financing (excl. dividends), $m  
  -84
  524
  543
  562
  579
  595
  608
  620
  631
  641
  648
  537
  541
  546
  547
  548
  547
  545
  540
  534
  527
  518
  506
  492
  476
  459
  438
  415
  399
  384
  367
Total cash flow (excl. dividends), $m
  77
  158
  164
  170
  177
  183
  189
  196
  202
  208
  215
  103
  110
  117
  125
  132
  140
  148
  157
  166
  175
  184
  195
  205
  216
  228
  240
  252
  265
  279
  294
Retained Cash Flow (-), $m
  -237
  -478
  -492
  -503
  -513
  -522
  -528
  -533
  -537
  -539
  -539
  -420
  -417
  -413
  -406
  -399
  -389
  -377
  -363
  -347
  -329
  -309
  -286
  -260
  -232
  -201
  -167
  -130
  -125
  -132
  -138
Prev. year cash balance distribution, $m
 
  3,694
  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
 
  3,375
  -328
  -333
  -337
  -339
  -339
  -338
  -335
  -331
  -325
  -317
  -307
  -295
  -282
  -266
  -249
  -229
  -206
  -182
  -154
  -124
  -91
  -55
  -16
  26
  72
  122
  140
  148
  155
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
 
  3,236
  -300
  -290
  -277
  -262
  -246
  -228
  -209
  -190
  -170
  -150
  -131
  -112
  -95
  -78
  -63
  -50
  -38
  -28
  -20
  -13
  -8
  -4
  -1
  1
  2
  3
  2
  2
  1
Current shareholders' claim on cash, %
  100
  82.3
  67.6
  55.5
  45.7
  37.6
  31.1
  25.8
  21.5
  18.0
  15.2
  13.3
  11.7
  10.4
  9.3
  8.3
  7.5
  6.9
  6.3
  5.8
  5.4
  5.1
  4.8
  4.5
  4.3
  4.2
  4.1
  4.0
  3.9
  3.9
  3.9

Twitter, Inc. operates as a global platform for public self-expression and conversation in real time. The company offers various products and services, including Twitter that allows users to create, distribute, and discover content; and Periscope, a mobile application that enables user to broadcast and watch video live with others. It also provides promoted products and services, such as promoted tweets, promoted accounts, and promoted trends, which enable its advertisers to promote their brands, products, and services. In addition, the company offers a set of tools, public APIs, and embeddable widgets for developers to contribute their content to its platform, and syndicate and distribute Twitter content across their properties and enhance their Websites and applications with Twitter content. Further, it provides subscription access to its public data feed for data partners. The company was founded in 2006 and is headquartered in San Francisco, California.

FINANCIAL RATIOS  of  Twitter (TWTR)

Valuation Ratios
P/E Ratio -25.2
Price to Sales 4.6
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 15.1
Price to Free Cash Flow 21.2
Growth Rates
Sales Growth Rate 14.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -36.9%
Cap. Spend. - 3 Yr. Gr. Rate 23.6%
Financial Strength
Quick Ratio 47
Current Ratio 0
LT Debt to Equity 34.9%
Total Debt to Equity 36.6%
Interest Coverage -28
Management Effectiveness
Return On Assets -6.6%
Ret/ On Assets - 3 Yr. Avg. -9.3%
Return On Total Capital -7.5%
Ret/ On T. Cap. - 3 Yr. Avg. -10.2%
Return On Equity -10.2%
Return On Equity - 3 Yr. Avg. -13.6%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 63.1%
Gross Margin - 3 Yr. Avg. 66.2%
EBITDA Margin -0.9%
EBITDA Margin - 3 Yr. Avg. -12.1%
Operating Margin -14.5%
Oper. Margin - 3 Yr. Avg. -24.4%
Pre-Tax Margin -17.4%
Pre-Tax Margin - 3 Yr. Avg. -27.6%
Net Profit Margin -18.1%
Net Profit Margin - 3 Yr. Avg. -27.6%
Effective Tax Rate -3.6%
Eff/ Tax Rate - 3 Yr. Avg. -0.5%
Payout Ratio 0%

TWTR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TWTR stock intrinsic value calculation we used $2530 million for the last fiscal year's total revenue generated by Twitter. The default revenue input number comes from 2016 income statement of Twitter. 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 TWTR stock valuation model: a) initial revenue growth rate of 2% 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 TWTR is calculated based on our internal credit rating of Twitter, 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 Twitter.
    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 TWTR stock the variable cost ratio is equal to 73.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1066 million in the base year in the intrinsic value calculation for TWTR 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 Twitter.

Corporate tax rate of 27% is the nominal tax rate for Twitter. 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 TWTR 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 TWTR are equal to 34.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Twitter 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 TWTR is equal to 14.8%. 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 - $4605 million for Twitter - 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 701.71 million for Twitter 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 Twitter at the current share price and the inputted number of shares is $11.2 billion.

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COMPANY NEWS

▶ Heres why Twitter wont ban Donald Trump   [09:00AM  MarketWatch]
▶ Is This Why Twitter Will Never Ban Trump?   [Aug-18-17 04:06PM  Motley Fool]
▶ President Trumps value for Twitter   [10:47AM  Yahoo Finance Video]
▶ How Invincible Is Facebook Inc (FB) Stock?   [09:11AM  InvestorPlace]
▶ Will People Watch NASCAR on Twitter?   [06:30AM  24/7 Wall St.]
▶ Daniel Craig to Star in 25th James Bond Film   [01:15PM  InvestorPlace]
▶ Is It Time For A Twitter Rebound?   [Aug-15-17 02:08PM  Benzinga]
▶ How Twitter Inc. Makes Most of Its Money   [07:04AM  Motley Fool]
▶ Dont Chase Twitter Inc (TWTR), Snap Inc (SNAP) Right Now   [Aug-14-17 04:45PM  InvestorPlace]
▶ GoDaddy Dumps White Supremacy Site   [06:30AM  24/7 Wall St.]
▶ Would Snap Merger With Twitter Solve Many Problems?   [Aug-12-17 08:35AM  24/7 Wall St.]
▶ Is Twitter's Ad Business Sustainable?   [03:05PM  Motley Fool]
▶ Snap: Will It Pass The Test?   [02:51PM  Barrons.com]
▶ Bright Spots for Twitter   [01:34PM  Motley Fool]
▶ Twitter Short Interest Plunges   [06:45AM  24/7 Wall St.]
▶ Snap Inc (SNAP) Stock Cant Hide Behind Its Earnings   [Aug-09-17 07:01PM  InvestorPlace]
▶ Can Snap Inc (SNAP) Stock Recover This Week?   [09:04AM  InvestorPlace]
▶ Artist targets Twitter with offline hate tweets   [Aug-08-17 02:15PM  Reuters]
▶ Can Snap Inc (SNAP) Stock Be Saved?   [12:23PM  InvestorPlace]
▶ Whats Twitters Valuation?   [09:08AM  Market Realist]
▶ Twitter's MAU Blues and Apple's New Highs   [03:30PM  Motley Fool]
▶ Dont Buy Snap Inc (SNAP) Stock on the Dip   [01:23PM  InvestorPlace]
▶ Twitters Dark Cloud Has a Silver Lining   [07:39AM  Market Realist]
▶ [$$] Google, Twitter to Crack Down on Terror-Related Content in Indonesia   [Aug-04-17 09:38PM  The Wall Street Journal]
Stock chart of TWTR Financial statements of TWTR
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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