Intrinsic value of Twitter - TWTR

Previous Close

$17.87

  Intrinsic Value

$2.31

stock screener

  Rating & Target

str. sell

-87%

Previous close

$17.87

 
Intrinsic value

$2.31

 
Up/down potential

-87%

 
Rating

str. sell

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 13.2

 

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
  -110
  -114
  -117
  -116
  -114
  -108
  -101
  -91
  -79
  -64
  -47
  -27
  -4
  21
  49
  81
  115
  153
  194
  238
  287
  339
  395
  456
  521
  591
  667
  747
  833
  925
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
  294
  298
  303
  308
  314
  320
  327
  334
  342
  351
  242
  251
  262
  273
  285
  297
  310
  324
  339
  355
  371
  388
  407
  426
  446
  468
  490
  514
  539
  565
Funds from operations, $m
  846
  -166
  -172
  -176
  -178
  -178
  -175
  -170
  -163
  -154
  -143
  -130
  -114
  -96
  -75
  -52
  -26
  3
  35
  70
  108
  149
  194
  243
  295
  352
  413
  479
  540
  602
  668
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
  -173
  -181
  -186
  -189
  -190
  -189
  -185
  -180
  -172
  -162
  -150
  -135
  -118
  -99
  -77
  -53
  -26
  5
  38
  74
  113
  156
  203
  254
  308
  367
  430
  488
  547
  611
Maintenance CAPEX, $m
  0
  -172
  -176
  -180
  -184
  -189
  -195
  -201
  -208
  -216
  -224
  -232
  -242
  -251
  -262
  -273
  -285
  -297
  -310
  -324
  -339
  -355
  -371
  -388
  -407
  -426
  -446
  -468
  -490
  -514
  -539
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
  -190
  -197
  -204
  -210
  -218
  -227
  -236
  -246
  -257
  -268
  -279
  -292
  -304
  -319
  -333
  -349
  -364
  -381
  -399
  -418
  -439
  -459
  -481
  -505
  -529
  -555
  -583
  -611
  -641
  -672
Free cash flow, $m
  165
  -363
  -377
  -389
  -400
  -409
  -416
  -422
  -426
  -428
  -429
  -429
  -427
  -423
  -417
  -410
  -401
  -390
  -377
  -362
  -345
  -325
  -303
  -278
  -251
  -221
  -188
  -152
  -122
  -93
  -61
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
  160
  166
  173
  179
  186
  192
  199
  206
  212
  219
  108
  115
  122
  130
  138
  146
  155
  164
  173
  182
  193
  203
  214
  226
  238
  250
  263
  277
  291
  306
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
 
  3,377
  -326
  -331
  -334
  -336
  -336
  -335
  -331
  -327
  -320
  -312
  -302
  -290
  -277
  -261
  -243
  -222
  -200
  -174
  -147
  -116
  -83
  -46
  -7
  36
  83
  133
  152
  160
  168
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
 
  3,237
  -298
  -288
  -275
  -260
  -244
  -226
  -207
  -188
  -168
  -148
  -129
  -110
  -93
  -77
  -62
  -48
  -37
  -27
  -19
  -12
  -7
  -3
  0
  1
  2
  3
  2
  2
  1
Current shareholders' claim on cash, %
  100
  84.5
  71.3
  60.2
  50.8
  43.0
  36.5
  31.1
  26.6
  22.8
  19.7
  17.6
  15.8
  14.2
  12.9
  11.8
  10.8
  10.0
  9.2
  8.6
  8.1
  7.7
  7.3
  7.0
  6.7
  6.5
  6.4
  6.3
  6.2
  6.1
  6.1

Twitter, Inc. offers products and services for users, advertisers, developers and data partners. The Company's products and services include Twitter, Periscope, Promoted Tweets, Promoted Accounts and Promoted Trends. Its Twitter is a platform for public self-expression and conversation in real time. Periscope broadcasts can also be viewed through Twitter and on desktop or mobile Web browser. Its Promoted Products enable its advertisers to promote their brands, products and services, amplify their visibility and reach, and extend the conversation around their advertising campaigns. Promoted Accounts appear in the same format and place as accounts suggested by its Who to Follow recommendation engine, or in some cases, in Tweets in a user's timeline. Promoted Trends appear at the top of the list of trending topics for an entire day in a particular country or on a global basis. Its MoPub is a mobile-focused advertising exchange. Twitter Audience Platform is an advertising offering.

FINANCIAL RATIOS  of  Twitter (TWTR)

Valuation Ratios
P/E Ratio -28.2
Price to Sales 5.1
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 16.9
Price to Free Cash Flow 23.7
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 5.1 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 738.109 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 $13.2 billion.

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COMPANY NEWS

▶ Young Male Tech Executives Are Big Risks to the Bottom Line   [Oct-22-17 10:02AM  TheStreet.com]
▶ Teens don't 'like' Facebook and here's why   [01:44PM  Yahoo Finance Video]
▶ Twitter Cracks Down on Harassing and Abusive Tweets   [Oct-19-17 06:43PM  Bloomberg Video]
▶ Whats Driving Influencers From Snapchat   [10:38AM  Market Realist]
▶ Asia Presents Video Opportunities for Twitter   [09:10AM  Market Realist]
▶ Twitter-Square: Where Are The Synergies?   [09:06AM  Market Realist]
▶ Eyes will be On Twitters Ad Business in 3Q17   [07:37AM  Market Realist]
▶ AP Top Extended Financial Headlines at 11:57 p.m. EDT   [Oct-18-17 11:58PM  Associated Press]
▶ How to Understand Twitters Account Suspension   [04:38PM  Market Realist]
▶ Twitter steps up fight against abuse amid criticism   [02:52PM  San Jose Mercury News]
▶ Twitter toughens guidelines on harassment   [02:34PM  Reuters Videos]
▶ Inside Twitters Board Shakeup   [09:08AM  Market Realist]
▶ A Look at Twitter Stock   [07:38AM  Market Realist]
▶ This Is Also Techs #Metoo Moment   [07:00AM  Bloomberg]
▶ Earnings: 3 Hot Stocks to Watch   [12:25PM  Motley Fool]
▶ Twitters Average Revenue per User   [10:37AM  Market Realist]
▶ Why Twitter May Amend Its Policy   [09:08AM  Market Realist]
▶ The Cure for Twitters Tepid Audience Growth   [07:39AM  Market Realist]
▶ How Does Twitter Define Harassment?   [12:46PM  TheStreet.com]
▶ Why Investors Are Watching Twitters Audience   [10:40AM  Market Realist]
▶ A Look at Twitters Revenue Growth   [09:10AM  Market Realist]
▶ Twitter CEO vows to police sexual harassment, hate, violence   [Oct-14-17 11:48AM  Associated Press]
▶ Twitter turns over 'handles' of 201 Russia-linked accounts   [Oct-13-17 09:03PM  Associated Press]
▶ Facebook, Twitter reportedly pulled down Russia data   [02:00PM  San Jose Mercury News]
▶ Women boycott Twitter in solidarity with Rose McGowan   [01:03PM  San Jose Mercury News]
▶ Hollywood Harassment Scandal Now Envelops Amazon And Twitter   [12:20PM  Investor's Business Daily]
▶ ICOs, Marxism and Credit Reports   [09:23AM  Bloomberg]
▶ After Twitter suspension, Rose McGowan says: 'HW raped me'   [Oct-12-17 07:07PM  Associated Press]
▶ The Curious Case of Twitter's 4% Jump   [05:46PM  Barrons.com]
▶ The Latest: McGowan tweets that 'HW raped me'   [05:15PM  Associated Press]
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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