Intrinsic value of Yelp - YELP

Previous Close

$43.88

  Intrinsic Value

$10.59

stock screener

  Rating & Target

str. sell

-76%

Previous close

$43.88

 
Intrinsic value

$10.59

 
Up/down potential

-76%

 
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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  19.40
  17.96
  16.66
  15.50
  14.45
  13.50
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.96
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
Revenue, $m
  713
  851
  1,004
  1,172
  1,353
  1,549
  1,758
  1,980
  2,216
  2,464
  2,724
  2,997
  3,283
  3,580
  3,890
  4,213
  4,548
  4,897
  5,260
  5,636
  6,028
  6,435
  6,858
  7,298
  7,756
  8,233
  8,730
  9,247
  9,787
  10,350
  10,938
Variable operating expenses, $m
 
  765
  899
  1,046
  1,205
  1,377
  1,560
  1,756
  1,962
  2,180
  2,409
  2,632
  2,882
  3,143
  3,416
  3,699
  3,994
  4,300
  4,618
  4,949
  5,293
  5,650
  6,021
  6,408
  6,810
  7,229
  7,665
  8,119
  8,593
  9,088
  9,604
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
  844
  980
  1,129
  1,290
  1,464
  1,649
  1,848
  2,056
  2,276
  2,508
  2,733
  2,986
  3,249
  3,525
  3,811
  4,108
  4,417
  4,738
  5,072
  5,419
  5,779
  6,154
  6,544
  6,949
  7,372
  7,811
  8,269
  8,747
  9,246
  9,766
Operating income, $m
  -5
  8
  24
  43
  63
  85
  108
  133
  159
  187
  217
  265
  297
  331
  366
  402
  441
  480
  522
  564
  609
  656
  704
  754
  807
  862
  919
  978
  1,040
  1,105
  1,173
EBITDA, $m
  30
  42
  62
  84
  108
  134
  161
  191
  222
  255
  290
  326
  364
  404
  446
  489
  534
  581
  630
  681
  733
  788
  845
  905
  967
  1,031
  1,098
  1,169
  1,242
  1,318
  1,398
Interest expense (income), $m
  0
  0
  1
  1
  2
  2
  3
  4
  5
  6
  7
  8
  9
  10
  11
  12
  13
  15
  16
  17
  19
  20
  22
  24
  25
  27
  29
  31
  33
  35
  37
Earnings before tax, $m
  -3
  8
  24
  42
  61
  82
  105
  129
  154
  181
  210
  257
  288
  321
  355
  390
  427
  465
  505
  547
  590
  635
  682
  731
  782
  834
  890
  947
  1,007
  1,070
  1,136
Tax expense, $m
  2
  2
  6
  11
  17
  22
  28
  35
  42
  49
  57
  69
  78
  87
  96
  105
  115
  126
  136
  148
  159
  172
  184
  197
  211
  225
  240
  256
  272
  289
  307
Net income, $m
  -5
  6
  17
  30
  45
  60
  77
  94
  113
  132
  153
  188
  210
  234
  259
  285
  312
  340
  369
  399
  431
  464
  498
  533
  571
  609
  649
  692
  735
  781
  829

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
  484
  571
  666
  769
  880
  999
  1,125
  1,259
  1,400
  1,548
  1,703
  1,865
  2,034
  2,210
  2,394
  2,584
  2,783
  2,988
  3,202
  3,425
  3,656
  3,897
  4,147
  4,407
  4,678
  4,960
  5,254
  5,561
  5,881
  6,215
Adjusted assets (=assets-cash), $m
  405
  484
  571
  666
  769
  880
  999
  1,125
  1,259
  1,400
  1,548
  1,703
  1,865
  2,034
  2,210
  2,394
  2,584
  2,783
  2,988
  3,202
  3,425
  3,656
  3,897
  4,147
  4,407
  4,678
  4,960
  5,254
  5,561
  5,881
  6,215
Revenue / Adjusted assets
  1.760
  1.758
  1.758
  1.760
  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
  147
  174
  203
  234
  268
  304
  343
  383
  426
  471
  519
  568
  619
  673
  729
  787
  847
  910
  975
  1,043
  1,113
  1,186
  1,263
  1,342
  1,424
  1,510
  1,600
  1,693
  1,791
  1,892
Working capital, $m
  501
  25
  29
  34
  39
  45
  51
  57
  64
  71
  79
  87
  95
  104
  113
  122
  132
  142
  153
  163
  175
  187
  199
  212
  225
  239
  253
  268
  284
  300
  317
Total debt, $m
  0
  15
  32
  50
  70
  92
  115
  139
  165
  192
  221
  251
  282
  315
  349
  384
  421
  459
  499
  540
  583
  628
  674
  722
  773
  825
  879
  936
  995
  1,057
  1,121
Total liabilities, $m
  78
  93
  110
  128
  148
  170
  193
  217
  243
  270
  299
  329
  360
  393
  427
  462
  499
  537
  577
  618
  661
  706
  752
  800
  851
  903
  957
  1,014
  1,073
  1,135
  1,199
Total equity, $m
  807
  390
  460
  537
  620
  710
  806
  908
  1,016
  1,130
  1,249
  1,374
  1,505
  1,642
  1,784
  1,932
  2,086
  2,246
  2,412
  2,584
  2,764
  2,950
  3,145
  3,346
  3,556
  3,775
  4,003
  4,240
  4,488
  4,746
  5,015
Total liabilities and equity, $m
  885
  483
  570
  665
  768
  880
  999
  1,125
  1,259
  1,400
  1,548
  1,703
  1,865
  2,035
  2,211
  2,394
  2,585
  2,783
  2,989
  3,202
  3,425
  3,656
  3,897
  4,146
  4,407
  4,678
  4,960
  5,254
  5,561
  5,881
  6,214
Debt-to-equity ratio
  0.000
  0.040
  0.070
  0.090
  0.110
  0.130
  0.140
  0.150
  0.160
  0.170
  0.180
  0.180
  0.190
  0.190
  0.200
  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
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
  6
  17
  30
  45
  60
  77
  94
  113
  132
  153
  188
  210
  234
  259
  285
  312
  340
  369
  399
  431
  464
  498
  533
  571
  609
  649
  692
  735
  781
  829
Depreciation, amort., depletion, $m
  35
  35
  38
  41
  45
  49
  53
  58
  63
  68
  73
  62
  68
  74
  80
  87
  94
  101
  108
  116
  124
  133
  141
  150
  160
  170
  180
  190
  202
  213
  225
Funds from operations, $m
  117
  40
  55
  72
  90
  109
  130
  152
  175
  200
  226
  249
  278
  308
  339
  372
  405
  441
  477
  515
  555
  596
  639
  684
  730
  779
  829
  882
  937
  994
  1,054
Change in working capital, $m
  -10
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
Cash from operations, $m
  127
  36
  51
  67
  84
  103
  124
  146
  169
  193
  219
  241
  270
  299
  330
  362
  396
  431
  467
  504
  544
  584
  627
  671
  717
  765
  815
  867
  921
  978
  1,037
Maintenance CAPEX, $m
  0
  -15
  -18
  -21
  -24
  -28
  -32
  -36
  -41
  -46
  -51
  -56
  -62
  -68
  -74
  -80
  -87
  -94
  -101
  -108
  -116
  -124
  -133
  -141
  -150
  -160
  -170
  -180
  -190
  -202
  -213
New CAPEX, $m
  -37
  -24
  -26
  -29
  -31
  -34
  -36
  -38
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -83
  -86
  -90
  -93
  -97
  -102
Cash from investing activities, $m
  -56
  -39
  -44
  -50
  -55
  -62
  -68
  -74
  -82
  -89
  -96
  -103
  -111
  -119
  -128
  -136
  -145
  -154
  -164
  -173
  -184
  -194
  -206
  -217
  -229
  -243
  -256
  -270
  -283
  -299
  -315
Free cash flow, $m
  71
  -3
  7
  17
  29
  42
  56
  71
  87
  105
  123
  138
  159
  180
  203
  226
  251
  277
  303
  331
  360
  390
  421
  454
  487
  523
  559
  598
  637
  679
  722
Issuance/(repayment) of debt, $m
  0
  15
  17
  18
  20
  21
  23
  24
  26
  27
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  46
  48
  50
  52
  54
  57
  59
  62
  64
Issuance/(repurchase) of shares, $m
  30
  58
  53
  46
  39
  30
  19
  8
  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
  73
  70
  64
  59
  51
  42
  32
  26
  27
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  46
  48
  50
  52
  54
  57
  59
  62
  64
Total cash flow (excl. dividends), $m
  101
  70
  76
  82
  87
  93
  98
  103
  113
  132
  152
  168
  190
  213
  237
  262
  288
  315
  343
  372
  403
  435
  468
  502
  538
  575
  614
  654
  697
  741
  787
Retained Cash Flow (-), $m
  -113
  -63
  -70
  -77
  -83
  -90
  -96
  -102
  -108
  -114
  -120
  -125
  -131
  -136
  -142
  -148
  -154
  -160
  -166
  -173
  -179
  -187
  -194
  -202
  -210
  -219
  -228
  -237
  -248
  -258
  -269
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
 
  487
  6
  5
  4
  3
  2
  1
  5
  18
  32
  43
  59
  76
  95
  114
  134
  155
  177
  200
  223
  248
  274
  300
  328
  356
  386
  417
  449
  483
  517
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
 
  467
  6
  4
  3
  2
  2
  1
  3
  10
  17
  20
  25
  29
  32
  33
  34
  34
  33
  31
  28
  26
  23
  20
  17
  14
  11
  9
  7
  5
  4
Current shareholders' claim on cash, %
  100
  96.3
  93.5
  91.5
  90.0
  89.1
  88.6
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4

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 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 -697.1
Price to Sales 4.9
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 27.4
Price to Free Cash Flow 38.7
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 19.4% 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 83.413 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 $3.7 billion.

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COMPANY NEWS

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▶ Why Facebook Is Seeking Data Experts   [Jan-11-18 10:33AM  Market Realist]
▶ A Look at Facebooks Advertising Spending   [07:34AM  Market Realist]
▶ Yelp Earns Relative Strength Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Facebooks Privacy Initiatives and Audience Growth   [Jan-10-18 04:30PM  Market Realist]
▶ Yelp Shows Rising Relative Price Performance; Still Shy Of Key Benchmark   [Jan-09-18 03:00AM  Investor's Business Daily]
▶ Google looking to sell Zagat: report   [Jan-03-18 02:31PM  MarketWatch]
▶ Short Sellers Hike Bets in Social Media Stocks   [Dec-28-17 08:40AM  24/7 Wall St.]
▶ ETFs with exposure to Yelp, Inc. : December 27, 2017   [Dec-27-17 12:06PM  Capital Cube]
▶ JP Morgan's top tech picks for 2018   [Dec-20-17 11:03AM  CNBC Videos]
▶ Stocks To Watch: Yelp Sees RS Rating Rise To 81   [Dec-19-17 03:00AM  Investor's Business Daily]
▶ Amazon, Twitter, Yelp Get Top Stock Ratings, Price Targets Hiked   [Dec-18-17 04:31PM  Investor's Business Daily]
▶ Deciphering Yelps Balance Sheet   [10:33AM  Market Realist]
▶ Examining Yelps Profitability   [09:03AM  Market Realist]
▶ Whats Happening with Yelps Spending?   [07:34AM  Market Realist]
▶ Reading Yelps Stock Today   [Dec-14-17 04:50PM  Market Realist]
▶ Assessing Yelps Advertiser Retention   [03:20PM  Market Realist]
▶ What Advertising Means to Yelp   [01:49PM  Market Realist]
▶ Shedding Light on Yelps Revenue Segments   [01:49PM  Market Realist]
▶ Short Sellers Grow More Selective on Social Media Stocks   [Dec-12-17 10:05AM  24/7 Wall St.]
▶ Yelp Gets RS Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ 3 Reasons to Be Bullish on Fitbit Inc Stock   [Dec-11-17 09:57AM  InvestorPlace]
▶ Cryptocurrencies Trying to Shoulder Out Gold   [07:22AM  InvestorPlace]
▶ Fitbit Updates Ionic Smartwatch With More Apps   [Dec-05-17 09:00AM  Fortune]
▶ Yelp, Inc. Value Analysis (NYSE:YELP) : December 4, 2017   [Dec-04-17 11:36AM  Capital Cube]
▶ Why Google Is Siding with Yelp   [07:32AM  Market Realist]
▶ Big Competition and No Moat Make Yelp Inc Stock a Bad Bet   [Nov-30-17 10:57AM  InvestorPlace]
▶ Yelp Could Have More Facebook to Deal With   [10:33AM  Market Realist]
▶ 3 Reasons To Be Bearish On Yelp Inc Stock   [Nov-20-17 11:17AM  InvestorPlace]
▶ Creativity Helps Yelp Defend Against Facebook, Google Onslaught   [Nov-17-17 08:01AM  Investor's Business Daily]
▶ Why Yelp Stock Retreated after 3Q17   [Nov-15-17 02:45PM  Market Realist]
▶ Inside Yelps Advertising Business Performance   [01:15PM  Market Realist]
▶ Facebook Is Coming After Yelp Now   [Nov-10-17 02:22PM  Motley Fool]
▶ Yelp Sees Its Composite Rating Rise To 97   [Nov-09-17 03:00AM  Investor's Business Daily]
▶ [$$] Yelp Stock: 3 Reasons It's a Buy   [Nov-03-17 10:58AM  Barrons.com]
▶ Yelp shares fall on outlook for fourth quarter   [Nov-01-17 07:02PM  Associated Press]
▶ Yelp Revenue Outlook Misses Post Eat24 Sale, Shares Fall   [04:33PM  Investor's Business Daily]
▶ The Top 4 Yelp Shareholders (YELP)   [04:16PM  Investopedia]
▶ Yelp beats on bottom line   [04:15PM  CNBC Videos]
▶ Yelp Inc to Host Earnings Call   [09:45AM  ACCESSWIRE]
▶ Yelp Shows Market Leadership With Jump To 92 RS Rating   [03:00AM  Investor's Business Daily]
▶ Amazon Attacks GrubHub and Etsy Again   [Oct-28-17 01:00PM  Motley Fool]
▶ Grubhub Delivers: Cramer's Top Takeaways   [Oct-26-17 08:57PM  TheStreet.com]
▶ Short Sellers Back Off Social Media Stocks   [10:15AM  24/7 Wall St.]
▶ Yelp's new app scores ABQ low for economic opportunity   [Oct-18-17 04:21PM  American City Business Journals]
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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