Intrinsic value of Yelp - YELP

Previous Close

$43.60

  Intrinsic Value

$11.22

stock screener

  Rating & Target

str. sell

-74%

Previous close

$43.60

 
Intrinsic value

$11.22

 
Up/down potential

-74%

 
Rating

str. sell

We calculate the intrinsic value of YELP 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 3.6

 

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, %
  29.64
  20.80
  19.22
  17.80
  16.52
  15.37
  14.33
  13.40
  12.56
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
Revenue, $m
  713
  861
  1,027
  1,210
  1,409
  1,626
  1,859
  2,108
  2,373
  2,653
  2,948
  3,258
  3,582
  3,921
  4,274
  4,643
  5,026
  5,424
  5,838
  6,269
  6,716
  7,181
  7,664
  8,166
  8,689
  9,233
  9,799
  10,389
  11,004
  11,646
  12,314
Variable operating expenses, $m
 
  773
  919
  1,079
  1,255
  1,445
  1,649
  1,868
  2,100
  2,346
  2,605
  2,860
  3,145
  3,443
  3,753
  4,076
  4,413
  4,763
  5,126
  5,504
  5,897
  6,305
  6,729
  7,170
  7,629
  8,107
  8,604
  9,122
  9,662
  10,225
  10,812
Fixed operating expenses, $m
 
  79
  81
  83
  85
  87
  89
  92
  94
  96
  99
  101
  104
  106
  109
  112
  114
  117
  120
  123
  126
  129
  133
  136
  139
  143
  146
  150
  154
  158
  162
Total operating expenses, $m
  718
  852
  1,000
  1,162
  1,340
  1,532
  1,738
  1,960
  2,194
  2,442
  2,704
  2,961
  3,249
  3,549
  3,862
  4,188
  4,527
  4,880
  5,246
  5,627
  6,023
  6,434
  6,862
  7,306
  7,768
  8,250
  8,750
  9,272
  9,816
  10,383
  10,974
Operating income, $m
  -5
  9
  27
  48
  70
  94
  120
  149
  179
  210
  244
  296
  333
  372
  413
  455
  499
  544
  592
  642
  693
  747
  802
  860
  921
  984
  1,049
  1,117
  1,189
  1,263
  1,341
EBITDA, $m
  30
  44
  66
  90
  116
  145
  176
  209
  244
  282
  322
  363
  407
  453
  501
  550
  602
  656
  712
  771
  831
  894
  960
  1,028
  1,100
  1,174
  1,251
  1,331
  1,415
  1,503
  1,594
Interest expense (income), $m
  0
  0
  1
  1
  2
  3
  4
  4
  5
  6
  7
  9
  10
  11
  12
  14
  15
  17
  18
  20
  21
  23
  25
  27
  29
  31
  33
  35
  37
  40
  42
Earnings before tax, $m
  -3
  9
  27
  46
  68
  91
  117
  144
  173
  204
  236
  288
  324
  361
  400
  441
  484
  528
  574
  622
  672
  724
  777
  834
  892
  953
  1,016
  1,082
  1,151
  1,223
  1,299
Tax expense, $m
  2
  2
  7
  13
  18
  25
  32
  39
  47
  55
  64
  78
  87
  98
  108
  119
  131
  143
  155
  168
  181
  195
  210
  225
  241
  257
  274
  292
  311
  330
  351
Net income, $m
  -5
  7
  19
  34
  50
  67
  85
  105
  126
  149
  173
  210
  236
  264
  292
  322
  353
  385
  419
  454
  490
  528
  568
  609
  651
  696
  742
  790
  841
  893
  948

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  480
  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
  885
  489
  583
  687
  801
  924
  1,056
  1,198
  1,348
  1,507
  1,675
  1,851
  2,035
  2,228
  2,429
  2,638
  2,856
  3,082
  3,317
  3,562
  3,816
  4,080
  4,355
  4,640
  4,937
  5,246
  5,568
  5,903
  6,252
  6,617
  6,997
Adjusted assets (=assets-cash), $m
  405
  489
  583
  687
  801
  924
  1,056
  1,198
  1,348
  1,507
  1,675
  1,851
  2,035
  2,228
  2,429
  2,638
  2,856
  3,082
  3,317
  3,562
  3,816
  4,080
  4,355
  4,640
  4,937
  5,246
  5,568
  5,903
  6,252
  6,617
  6,997
Revenue / Adjusted assets
  1.760
  1.761
  1.762
  1.761
  1.759
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
Average production assets, $m
  123
  149
  178
  209
  244
  281
  322
  365
  410
  459
  510
  564
  620
  678
  739
  803
  869
  938
  1,010
  1,084
  1,162
  1,242
  1,326
  1,413
  1,503
  1,597
  1,695
  1,797
  1,904
  2,015
  2,130
Working capital, $m
  501
  25
  30
  35
  41
  47
  54
  61
  69
  77
  85
  94
  104
  114
  124
  135
  146
  157
  169
  182
  195
  208
  222
  237
  252
  268
  284
  301
  319
  338
  357
Total debt, $m
  0
  16
  35
  55
  77
  100
  126
  153
  182
  213
  245
  279
  315
  352
  391
  431
  473
  517
  562
  609
  658
  709
  762
  818
  875
  934
  997
  1,061
  1,129
  1,199
  1,272
Total liabilities, $m
  78
  94
  113
  133
  155
  178
  204
  231
  260
  291
  323
  357
  393
  430
  469
  509
  551
  595
  640
  687
  736
  787
  840
  896
  953
  1,012
  1,075
  1,139
  1,207
  1,277
  1,350
Total equity, $m
  807
  395
  471
  555
  646
  746
  852
  967
  1,088
  1,216
  1,352
  1,494
  1,642
  1,798
  1,960
  2,129
  2,304
  2,487
  2,677
  2,874
  3,079
  3,293
  3,514
  3,744
  3,984
  4,234
  4,493
  4,764
  5,046
  5,340
  5,646
Total liabilities and equity, $m
  885
  489
  584
  688
  801
  924
  1,056
  1,198
  1,348
  1,507
  1,675
  1,851
  2,035
  2,228
  2,429
  2,638
  2,855
  3,082
  3,317
  3,561
  3,815
  4,080
  4,354
  4,640
  4,937
  5,246
  5,568
  5,903
  6,253
  6,617
  6,996
Debt-to-equity ratio
  0.000
  0.040
  0.070
  0.100
  0.120
  0.130
  0.150
  0.160
  0.170
  0.180
  0.180
  0.190
  0.190
  0.200
  0.200
  0.200
  0.210
  0.210
  0.210
  0.210
  0.210
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.230
Adjusted equity ratio
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -5
  7
  19
  34
  50
  67
  85
  105
  126
  149
  173
  210
  236
  264
  292
  322
  353
  385
  419
  454
  490
  528
  568
  609
  651
  696
  742
  790
  841
  893
  948
Depreciation, amort., depletion, $m
  35
  35
  38
  42
  46
  51
  55
  61
  66
  72
  78
  67
  74
  81
  88
  96
  104
  112
  120
  129
  138
  148
  158
  168
  179
  190
  202
  214
  227
  240
  254
Funds from operations, $m
  117
  41
  58
  76
  96
  117
  141
  166
  192
  221
  250
  277
  310
  344
  380
  418
  457
  497
  539
  583
  629
  676
  725
  777
  830
  886
  944
  1,004
  1,067
  1,133
  1,202
Change in working capital, $m
  -10
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  12
  13
  13
  14
  15
  15
  16
  16
  17
  18
  19
  19
Cash from operations, $m
  127
  37
  53
  71
  90
  111
  134
  158
  185
  212
  242
  268
  301
  335
  370
  407
  445
  486
  527
  571
  616
  663
  711
  762
  815
  870
  927
  987
  1,049
  1,114
  1,182
Maintenance CAPEX, $m
  0
  -15
  -18
  -21
  -25
  -29
  -33
  -38
  -43
  -49
  -55
  -61
  -67
  -74
  -81
  -88
  -96
  -104
  -112
  -120
  -129
  -138
  -148
  -158
  -168
  -179
  -190
  -202
  -214
  -227
  -240
New CAPEX, $m
  -37
  -26
  -29
  -32
  -35
  -37
  -40
  -43
  -46
  -48
  -51
  -54
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -74
  -77
  -80
  -84
  -87
  -90
  -94
  -98
  -102
  -106
  -111
  -116
Cash from investing activities, $m
  -56
  -41
  -47
  -53
  -60
  -66
  -73
  -81
  -89
  -97
  -106
  -115
  -123
  -133
  -142
  -152
  -162
  -173
  -184
  -194
  -206
  -218
  -232
  -245
  -258
  -273
  -288
  -304
  -320
  -338
  -356
Free cash flow, $m
  71
  -4
  7
  18
  30
  45
  60
  77
  95
  115
  136
  154
  177
  202
  228
  255
  284
  313
  344
  376
  409
  444
  480
  517
  556
  597
  639
  683
  729
  777
  827
Issuance/(repayment) of debt, $m
  0
  16
  18
  20
  22
  24
  26
  27
  29
  31
  32
  34
  36
  37
  39
  40
  42
  44
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  67
  70
  73
Issuance/(repurchase) of shares, $m
  30
  61
  56
  50
  42
  33
  22
  9
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  30
  77
  74
  70
  64
  57
  48
  36
  29
  31
  32
  34
  36
  37
  39
  40
  42
  44
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  67
  70
  73
Total cash flow (excl. dividends), $m
  101
  74
  81
  88
  94
  101
  107
  113
  125
  146
  169
  188
  213
  239
  267
  296
  326
  357
  389
  423
  458
  495
  533
  572
  614
  657
  701
  748
  796
  847
  900
Retained Cash Flow (-), $m
  -113
  -68
  -76
  -84
  -92
  -99
  -107
  -114
  -121
  -128
  -135
  -142
  -149
  -155
  -162
  -169
  -176
  -183
  -190
  -197
  -205
  -213
  -222
  -230
  -240
  -249
  -260
  -271
  -282
  -294
  -307
Prev. year cash balance distribution, $m
 
  480
  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
 
  486
  5
  4
  3
  2
  0
  -1
  3
  18
  33
  46
  64
  84
  105
  127
  150
  174
  199
  226
  253
  282
  311
  342
  374
  407
  442
  477
  514
  553
  593
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
 
  466
  5
  3
  2
  1
  0
  -1
  2
  10
  17
  22
  27
  32
  35
  37
  38
  38
  37
  35
  32
  29
  26
  22
  19
  16
  13
  10
  8
  6
  4
Current shareholders' claim on cash, %
  100
  95.9
  92.9
  90.7
  89.2
  88.2
  87.6
  87.4
  87.4
  87.4
  87.4
  87.4
  87.4
  87.4
  87.4
  87.4
  87.4
  87.4
  87.4
  87.4
  87.4
  87.4
  87.4
  87.4
  87.4
  87.4
  87.4
  87.4
  87.4
  87.4
  87.4

Yelp Inc. (Yelp) connects people with local businesses by bringing 'word of mouth' online and providing a platform for businesses and consumers to engage and transact. The Company offers local business review sites. Yelp provides a platform for consumers to share their everyday local business experiences with other consumers by posting reviews, tips, photos and videos, and to engage directly with businesses, through reviews, its Request-A-Quote and Message the Business features, and by completing transactions on the Yelp Platform. Yelp also provides businesses of all sizes with a range of free and paid services that help them engage with consumers. The Yelp Platform allows consumers to transact with local businesses directly on Yelp through Yelp Eat24, the food ordering and delivery business; Yelp Reservations, its online reservations product, and integrations with partners ranging from Shoptiques.com (boutique shopping) to GolfNow (tee time booking) to BloomNation (flower ordering).

FINANCIAL RATIOS  of  Yelp (YELP)

Valuation Ratios
P/E Ratio -692.6
Price to Sales 4.9
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 27.3
Price to Free Cash Flow 38.5
Growth Rates
Sales Growth Rate 29.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15.9%
Cap. Spend. - 3 Yr. Gr. Rate 12%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -0.6%
Ret/ On Assets - 3 Yr. Avg. 0.3%
Return On Total Capital -0.7%
Ret/ On T. Cap. - 3 Yr. Avg. 0.3%
Return On Equity -0.7%
Return On Equity - 3 Yr. Avg. 0.3%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 91.6%
Gross Margin - 3 Yr. Avg. 91.9%
EBITDA Margin 4.5%
EBITDA Margin - 3 Yr. Avg. 4.6%
Operating Margin -0.7%
Oper. Margin - 3 Yr. Avg. -0.4%
Pre-Tax Margin -0.4%
Pre-Tax Margin - 3 Yr. Avg. -0.4%
Net Profit Margin -0.7%
Net Profit Margin - 3 Yr. Avg. 0.9%
Effective Tax Rate -66.7%
Eff/ Tax Rate - 3 Yr. Avg. -117%
Payout Ratio 0%

YELP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the YELP stock intrinsic value calculation we used $713 million for the last fiscal year's total revenue generated by Yelp. The default revenue input number comes from 2016 income statement of Yelp. 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 YELP stock valuation model: a) initial revenue growth rate of 20.8% 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 YELP is calculated based on our internal credit rating of Yelp, 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 Yelp.
    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 YELP stock the variable cost ratio is equal to 90.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $77 million in the base year in the intrinsic value calculation for YELP 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 Yelp.

Corporate tax rate of 27% is the nominal tax rate for Yelp. 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 YELP 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 YELP are equal to 17.3%.

Life of production assets of 8.4 years is the average useful life of capital assets used in Yelp 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 YELP is equal to 2.9%. 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 - $807 million for Yelp - 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 81.761 million for Yelp 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 Yelp at the current share price and the inputted number of shares is $3.6 billion.

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COMPANY NEWS

▶ Yelp's new app scores ABQ low for economic opportunity   [Oct-18-17 04:21PM  American City Business Journals]
▶ Study: Orlando among best cities for small businesses   [02:27PM  American City Business Journals]
▶ Where Sacramento ranks for economic opportunity, according to Yelp   [10:45AM  American City Business Journals]
▶ Study: Houston among best cities for small businesses   [03:10PM  American City Business Journals]
▶ Yelp Launches Local Economic Outlook   [09:00AM  Business Wire]
▶ Social Media Short Sellers Take Mixed Stance   [11:10AM  24/7 Wall St.]
▶ Grubhub Closes Acquisition of Yelp-Owned Eat24   [Oct-10-17 11:03AM  TheStreet.com]
▶ Yelp Completes Sale of Eat24   [09:22AM  Business Wire]
▶ Whats the Problem between Yelp and Google?   [Sep-29-17 09:14AM  Market Realist]
▶ Why Yelps Sales Expenses Are Rising   [07:43AM  Market Realist]
▶ Why Yelp Is Partnering with GrubHub   [Sep-28-17 05:36PM  Market Realist]
▶ Inside Yelps Share Repurchase Program   [03:49PM  Market Realist]
▶ Social Media Short Sellers Grow More Selective   [Sep-27-17 10:30AM  24/7 Wall St.]
▶ Own Alphabet Inc. Stock? Antitrust Is on the Horizon   [Sep-15-17 08:26AM  InvestorPlace]
▶ [$$] Business Watch   [Sep-11-17 11:48PM  The Wall Street Journal]
▶ [$$] Yelp Claims Google Broke Promise Made to Regulators   [06:05PM  The Wall Street Journal]
▶ Study Finds Flaws in Online Doctor Ratings   [Sep-08-17 06:00AM  Bloomberg]
▶ Yelp Takes Its War to Facebooks Doorstep   [Sep-07-17 09:07AM  Market Realist]
▶ Parsing Yelps Spin-Off of Eat24   [07:37AM  Market Realist]
▶ A Yelp Story That Shines the Spotlight on Facebook   [Sep-06-17 05:36PM  Market Realist]
▶ Understanding Yelps Stock Rise Last Month   [Sep-05-17 12:00PM  Market Realist]
▶ Here's Why Grubhub and Yelp Both Had a Great August   [Sep-01-17 11:41AM  Motley Fool]
▶ How Much of Facebook Incs (FB) Traffic Is Phony?   [Aug-30-17 12:29PM  InvestorPlace]
▶ Social Media Short Interest Surges   [Aug-25-17 10:30AM  24/7 Wall St.]
▶ If You Own Alphabet Inc (GOOGL) Stock, This Should Nag You   [Aug-22-17 11:53AM  InvestorPlace]
▶ An Update on Yelp   [Aug-17-17 07:07PM  GuruFocus.com]
▶ The Yelp-GrubHub partnership a match made in heaven   [Aug-15-17 07:25PM  CNBC Videos]
▶ Why Yelp Stock Rose Last Week   [Aug-08-17 08:11AM  Market Realist]
▶ GrubHub Stock Soars to All-Time Highs   [Aug-07-17 05:37PM  Investopedia]
▶ Company News For August 07, 2017   [10:43AM  Zacks]
▶ Yelp bounces back as Grubhub deal gets good reviews   [Aug-06-17 10:35AM  MarketWatch]
▶ Why GrubHub Inc. Stock Jumped Today   [05:38PM  Motley Fool]
▶ What Happened in the Stock Market Today   [04:54PM  Motley Fool]
▶ Yelp shares soar with Grubhub sale   [03:12PM  Reuters]
▶ Yelp Gets a Big Boost From Eat24 Sale   [12:35PM  24/7 Wall St.]
▶ MKM Partners upgrades Yelp to buy   [12:35PM  CNBC Videos]
▶ Why Yelp Inc. Stock Popped Today   [12:29PM  Motley Fool]
Financial statements of YELP
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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