Intrinsic value of Yelp - YELP

Previous Close

$41.87

  Intrinsic Value

$12.64

stock screener

  Rating & Target

str. sell

-70%

  Value-price divergence*

-17%

Previous close

$41.87

 
Intrinsic value

$12.64

 
Up/down potential

-70%

 
Rating

str. sell

 
Value-price divergence*

-17%

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

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 3.2

 

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, %
  29.64
  23.90
  22.01
  20.31
  18.78
  17.40
  16.16
  15.04
  14.04
  13.14
  12.32
  11.59
  10.93
  10.34
  9.80
  9.32
  8.89
  8.50
  8.15
  7.84
  7.55
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
Revenue, $m
  713
  883
  1,078
  1,297
  1,540
  1,808
  2,100
  2,416
  2,756
  3,118
  3,502
  3,908
  4,335
  4,783
  5,252
  5,742
  6,252
  6,784
  7,337
  7,912
  8,509
  9,130
  9,776
  10,446
  11,144
  11,869
  12,623
  13,409
  14,227
  15,079
  15,967
Variable operating expenses, $m
 
  793
  963
  1,156
  1,369
  1,605
  1,861
  2,139
  2,437
  2,755
  3,092
  3,431
  3,806
  4,200
  4,611
  5,041
  5,490
  5,956
  6,442
  6,947
  7,471
  8,017
  8,583
  9,172
  9,784
  10,421
  11,084
  11,773
  12,491
  13,239
  14,019
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
  872
  1,044
  1,239
  1,454
  1,692
  1,950
  2,231
  2,531
  2,851
  3,191
  3,532
  3,910
  4,306
  4,720
  5,153
  5,604
  6,073
  6,562
  7,070
  7,597
  8,146
  8,716
  9,308
  9,923
  10,564
  11,230
  11,923
  12,645
  13,397
  14,181
Operating income, $m
  -5
  12
  33
  58
  86
  116
  150
  186
  225
  267
  312
  376
  425
  477
  532
  589
  648
  710
  775
  842
  912
  984
  1,060
  1,138
  1,220
  1,305
  1,394
  1,486
  1,582
  1,682
  1,786
EBITDA, $m
  30
  44
  69
  98
  130
  165
  203
  245
  290
  338
  389
  443
  500
  560
  623
  688
  757
  828
  902
  979
  1,059
  1,142
  1,229
  1,319
  1,413
  1,510
  1,612
  1,718
  1,828
  1,943
  2,062
Interest expense (income), $m
  0
  0
  1
  1
  2
  3
  4
  5
  7
  8
  9
  11
  12
  14
  16
  17
  19
  21
  23
  25
  28
  30
  32
  35
  37
  40
  43
  46
  49
  52
  55
Earnings before tax, $m
  -3
  12
  33
  57
  84
  113
  146
  181
  219
  259
  302
  365
  413
  463
  516
  571
  629
  689
  752
  817
  884
  954
  1,028
  1,104
  1,183
  1,265
  1,351
  1,440
  1,533
  1,630
  1,731
Tax expense, $m
  2
  3
  9
  15
  23
  31
  39
  49
  59
  70
  82
  99
  112
  125
  139
  154
  170
  186
  203
  220
  239
  258
  277
  298
  319
  342
  365
  389
  414
  440
  467
Net income, $m
  -5
  9
  24
  41
  61
  83
  106
  132
  160
  189
  221
  266
  301
  338
  377
  417
  459
  503
  549
  596
  645
  697
  750
  806
  863
  923
  986
  1,051
  1,119
  1,190
  1,264

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
  502
  612
  737
  875
  1,027
  1,193
  1,373
  1,566
  1,771
  1,990
  2,220
  2,463
  2,718
  2,984
  3,262
  3,552
  3,854
  4,169
  4,495
  4,835
  5,188
  5,554
  5,935
  6,332
  6,744
  7,172
  7,619
  8,083
  8,567
  9,072
Adjusted assets (=assets-cash), $m
  405
  502
  612
  737
  875
  1,027
  1,193
  1,373
  1,566
  1,771
  1,990
  2,220
  2,463
  2,718
  2,984
  3,262
  3,552
  3,854
  4,169
  4,495
  4,835
  5,188
  5,554
  5,935
  6,332
  6,744
  7,172
  7,619
  8,083
  8,567
  9,072
Revenue / Adjusted assets
  1.760
  1.759
  1.761
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
  1.761
  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
  153
  186
  224
  266
  313
  363
  418
  477
  539
  606
  676
  750
  827
  909
  993
  1,082
  1,174
  1,269
  1,369
  1,472
  1,580
  1,691
  1,807
  1,928
  2,053
  2,184
  2,320
  2,461
  2,609
  2,762
Working capital, $m
  501
  26
  31
  38
  45
  52
  61
  70
  80
  90
  102
  113
  126
  139
  152
  167
  181
  197
  213
  229
  247
  265
  283
  303
  323
  344
  366
  389
  413
  437
  463
Total debt, $m
  0
  19
  40
  64
  91
  120
  152
  187
  224
  264
  306
  351
  397
  447
  498
  552
  608
  666
  727
  790
  855
  923
  994
  1,068
  1,144
  1,224
  1,306
  1,392
  1,482
  1,576
  1,673
Total liabilities, $m
  78
  97
  118
  142
  169
  198
  230
  265
  302
  342
  384
  429
  475
  525
  576
  630
  686
  744
  805
  868
  933
  1,001
  1,072
  1,146
  1,222
  1,302
  1,384
  1,470
  1,560
  1,654
  1,751
Total equity, $m
  807
  405
  494
  595
  706
  829
  963
  1,108
  1,264
  1,430
  1,606
  1,792
  1,988
  2,193
  2,408
  2,633
  2,867
  3,111
  3,364
  3,628
  3,902
  4,186
  4,482
  4,790
  5,110
  5,442
  5,788
  6,148
  6,523
  6,914
  7,321
Total liabilities and equity, $m
  885
  502
  612
  737
  875
  1,027
  1,193
  1,373
  1,566
  1,772
  1,990
  2,221
  2,463
  2,718
  2,984
  3,263
  3,553
  3,855
  4,169
  4,496
  4,835
  5,187
  5,554
  5,936
  6,332
  6,744
  7,172
  7,618
  8,083
  8,568
  9,072
Debt-to-equity ratio
  0.000
  0.050
  0.080
  0.110
  0.130
  0.150
  0.160
  0.170
  0.180
  0.180
  0.190
  0.200
  0.200
  0.200
  0.210
  0.210
  0.210
  0.210
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.230
  0.230
  0.230
  0.230
  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
  9
  24
  41
  61
  83
  106
  132
  160
  189
  221
  266
  301
  338
  377
  417
  459
  503
  549
  596
  645
  697
  750
  806
  863
  923
  986
  1,051
  1,119
  1,190
  1,264
Depreciation, amort., depletion, $m
  35
  32
  36
  40
  44
  48
  53
  59
  65
  71
  78
  68
  75
  83
  91
  99
  108
  117
  127
  137
  147
  158
  169
  181
  193
  205
  218
  232
  246
  261
  276
Funds from operations, $m
  117
  41
  60
  81
  105
  131
  160
  191
  224
  260
  298
  334
  376
  421
  468
  516
  567
  620
  676
  733
  793
  855
  919
  986
  1,056
  1,129
  1,204
  1,283
  1,365
  1,451
  1,540
Change in working capital, $m
  -10
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
Cash from operations, $m
  127
  36
  54
  75
  98
  123
  151
  182
  215
  250
  287
  322
  364
  408
  454
  502
  553
  605
  660
  716
  775
  837
  901
  967
  1,036
  1,108
  1,183
  1,260
  1,341
  1,426
  1,514
Maintenance CAPEX, $m
  0
  -12
  -15
  -19
  -22
  -27
  -31
  -36
  -42
  -48
  -54
  -61
  -68
  -75
  -83
  -91
  -99
  -108
  -117
  -127
  -137
  -147
  -158
  -169
  -181
  -193
  -205
  -218
  -232
  -246
  -261
New CAPEX, $m
  -37
  -30
  -34
  -38
  -42
  -46
  -51
  -55
  -59
  -63
  -66
  -70
  -74
  -78
  -81
  -85
  -88
  -92
  -96
  -99
  -103
  -107
  -112
  -116
  -121
  -125
  -131
  -136
  -141
  -147
  -154
Cash from investing activities, $m
  -56
  -42
  -49
  -57
  -64
  -73
  -82
  -91
  -101
  -111
  -120
  -131
  -142
  -153
  -164
  -176
  -187
  -200
  -213
  -226
  -240
  -254
  -270
  -285
  -302
  -318
  -336
  -354
  -373
  -393
  -415
Free cash flow, $m
  71
  -6
  5
  18
  33
  50
  69
  91
  114
  139
  167
  191
  223
  256
  290
  327
  365
  405
  447
  490
  535
  582
  631
  682
  735
  790
  847
  906
  968
  1,032
  1,100
Issuance/(repayment) of debt, $m
  0
  19
  21
  24
  27
  29
  32
  35
  37
  40
  42
  45
  47
  49
  51
  54
  56
  58
  61
  63
  66
  68
  71
  74
  76
  80
  83
  86
  90
  93
  97
Issuance/(repurchase) of shares, $m
  30
  69
  65
  59
  51
  40
  28
  13
  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
  88
  86
  83
  78
  69
  60
  48
  37
  40
  42
  45
  47
  49
  51
  54
  56
  58
  61
  63
  66
  68
  71
  74
  76
  80
  83
  86
  90
  93
  97
Total cash flow (excl. dividends), $m
  101
  82
  92
  101
  110
  120
  129
  138
  151
  179
  209
  236
  269
  305
  342
  380
  421
  463
  507
  553
  601
  650
  702
  755
  811
  869
  929
  992
  1,058
  1,126
  1,197
Retained Cash Flow (-), $m
  -113
  -78
  -89
  -100
  -112
  -123
  -134
  -145
  -156
  -166
  -176
  -186
  -196
  -205
  -215
  -225
  -234
  -244
  -254
  -264
  -274
  -285
  -296
  -308
  -320
  -333
  -346
  -360
  -375
  -391
  -407
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
 
  484
  3
  1
  -1
  -3
  -5
  -7
  -4
  13
  33
  50
  74
  99
  127
  156
  187
  219
  254
  289
  327
  365
  406
  448
  491
  537
  583
  632
  683
  735
  790
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
 
  464
  2
  1
  -1
  -2
  -4
  -4
  -3
  8
  17
  24
  31
  38
  43
  46
  47
  48
  47
  45
  42
  38
  34
  29
  25
  21
  17
  14
  11
  8
  6
Current shareholders' claim on cash, %
  100
  95.0
  91.3
  88.7
  86.9
  85.7
  85.0
  84.7
  84.7
  84.7
  84.7
  84.7
  84.7
  84.7
  84.7
  84.7
  84.7
  84.7
  84.7
  84.7
  84.7
  84.7
  84.7
  84.7
  84.7
  84.7
  84.7
  84.7
  84.7
  84.7
  84.7

Yelp Inc. operates a platform that connects people with local businesses primarily in the United States. Its platform covers various local business categories, including restaurants, shopping, beauty and fitness, arts, entertainment and events, home and local services, health, nightlife, travel and hotel, auto, and others categories. The company provides free and paid business listing services to businesses of various sizes, as well as enables businesses to deliver targeted search advertising to large local audiences through its Website and mobile app. It also provides other services, including Yelp platform, which allows consumers to transact directly on Yelp; Yelp deals that allow local business owners to create promotional discounted deals for their products and services; and gift certificates products for local business owners to sell full-price gift certificates directly to customers. The company’s Yelp platform enables consumers to complete food delivery transactions, book spa and salon appointments, order flowers, make winery reservations, and others. It also serves customers in Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, the Czech Republic, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Mexico, the Netherlands, New Zealand, Norway, the Philippines Poland, Portugal, Singapore, Spain, Sweden, Switzerland, Turkey, and the United Kingdom. The company was founded in 2004 and is headquartered in San Francisco, California.

FINANCIAL RATIOS  of  Yelp (YELP)

Valuation Ratios
P/E Ratio -665.1
Price to Sales 4.7
Price to Book 4.1
Price to Tangible Book
Price to Cash Flow 26.2
Price to Free Cash Flow 37
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 23.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for 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 10 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 77.611 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 $3.2 billion.

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COMPANY NEWS

▶ 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]
▶ Why The Grubhub Deal With Yelp Solves A Big Problem For Both   [12:26PM  Investor's Business Daily]
▶ Yelp to open hub in downtown D.C., hire 500 new employees   [11:12AM  American City Business Journals]
▶ Grubhub to buy Eat24 from Yelp   [05:59PM  Associated Press]
▶ GrubHub partners with Yelp, acquires Eat24   [05:40PM  American City Business Journals]
▶ Twitter Is the Poster Child of Shareholder Dilution   [Aug-02-17 12:11PM  Motley Fool]
▶ ETFs with exposure to Yelp, Inc. : July 31, 2017   [Jul-31-17 05:23PM  Capital Cube]
▶ Social Media Short Interest Leaps Forward   [Jul-26-17 10:40AM  24/7 Wall St.]
▶ Inside Yelps Turnstyle Value Proposition   [09:10AM  Market Realist]
▶ Yelps 2017 Revenue Outlook Cut Explained   [07:43AM  Market Realist]
▶ How Yelp Sees Strength in Weakness   [Jul-25-17 06:05PM  Market Realist]
▶ How Yelp Is Retooling Its Sales Force   [04:36PM  Market Realist]
▶ Understanding Yelps Fundamental Analysis   [02:48PM  Market Realist]
▶ Understanding Yelps Operation Transitions   [02:48PM  Market Realist]
▶ ETFs with exposure to Yelp, Inc. : July 21, 2017   [Jul-21-17 02:04PM  Capital Cube]
▶ Social Media Stocks Attract Short Sellers   [Jul-13-17 10:35AM  24/7 Wall St.]
▶ ETFs with exposure to Yelp, Inc. : July 10, 2017   [Jul-10-17 03:33PM  Capital Cube]
▶ 7 CEOs Who Practically Work for Free   [Jul-06-17 06:00AM  Motley Fool]
▶ ETFs with exposure to Yelp, Inc. : June 27, 2017   [Jun-27-17 04:01PM  Capital Cube]
▶ What Doctors Are Doing About Bad Reviews Online   [12:20AM  The Wall Street Journal]
▶ JC Penney, Fitbit to Get Dumped From Russell 1000 Index   [Jun-23-17 10:10AM  24/7 Wall St.]
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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