Intrinsic value of Zillow Group Cl C - Z

Previous Close

$61.96

  Intrinsic Value

$0.55

stock screener

  Rating & Target

str. sell

-99%

Previous close

$61.96

 
Intrinsic value

$0.55

 
Up/down potential

-99%

 
Rating

str. sell

We calculate the intrinsic value of Z 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
(a)
   1
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -100.00
  27.20
  24.98
  22.98
  21.18
  19.57
  18.11
  16.80
  15.62
  14.56
  13.60
  12.74
  11.97
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
Revenue, $m
  0
  1,370
  1,712
  2,106
  2,552
  3,051
  3,603
  4,209
  4,866
  5,574
  6,333
  7,139
  7,994
  8,895
  9,841
  10,833
  11,870
  12,952
  14,079
  15,252
  16,472
  17,740
  19,058
  20,427
  21,851
  23,330
  24,869
  26,469
  28,134
  29,867
  31,673
Variable operating expenses, $m
 
  1,125
  1,350
  1,608
  1,902
  2,230
  2,593
  2,990
  3,422
  3,887
  4,386
  4,691
  5,252
  5,844
  6,466
  7,117
  7,798
  8,509
  9,250
  10,020
  10,822
  11,655
  12,521
  13,421
  14,356
  15,328
  16,339
  17,390
  18,484
  19,623
  20,809
Fixed operating expenses, $m
 
  320
  327
  334
  341
  349
  357
  365
  373
  381
  389
  398
  406
  415
  424
  434
  443
  453
  463
  473
  484
  494
  505
  516
  528
  539
  551
  563
  576
  588
  601
Total operating expenses, $m
  0
  1,445
  1,677
  1,942
  2,243
  2,579
  2,950
  3,355
  3,795
  4,268
  4,775
  5,089
  5,658
  6,259
  6,890
  7,551
  8,241
  8,962
  9,713
  10,493
  11,306
  12,149
  13,026
  13,937
  14,884
  15,867
  16,890
  17,953
  19,060
  20,211
  21,410
Operating income, $m
  0
  -75
  35
  163
  309
  472
  654
  854
  1,071
  1,306
  1,558
  2,051
  2,335
  2,636
  2,951
  3,282
  3,628
  3,989
  4,366
  4,758
  5,166
  5,591
  6,032
  6,490
  6,967
  7,463
  7,979
  8,516
  9,074
  9,656
  10,263
EBITDA, $m
  0
  462
  651
  868
  1,116
  1,393
  1,701
  2,039
  2,407
  2,803
  3,227
  3,680
  4,159
  4,664
  5,196
  5,753
  6,336
  6,944
  7,577
  8,237
  8,924
  9,637
  10,379
  11,150
  11,951
  12,785
  13,651
  14,553
  15,492
  16,469
  17,487
Interest expense (income), $m
  0
  28
  39
  53
  68
  85
  104
  126
  149
  174
  202
  231
  262
  295
  330
  366
  405
  445
  487
  530
  575
  622
  671
  722
  775
  830
  887
  947
  1,008
  1,073
  1,140
Earnings before tax, $m
  0
  -103
  -4
  110
  241
  387
  550
  728
  922
  1,132
  1,356
  1,820
  2,073
  2,340
  2,621
  2,916
  3,223
  3,545
  3,879
  4,228
  4,591
  4,968
  5,360
  5,768
  6,192
  6,633
  7,092
  7,569
  8,066
  8,584
  9,123
Tax expense, $m
  0
  0
  0
  30
  65
  105
  148
  197
  249
  306
  366
  491
  560
  632
  708
  787
  870
  957
  1,047
  1,142
  1,240
  1,341
  1,447
  1,557
  1,672
  1,791
  1,915
  2,044
  2,178
  2,318
  2,463
Net income, $m
  0
  -103
  -4
  81
  176
  283
  401
  532
  673
  826
  990
  1,329
  1,514
  1,708
  1,913
  2,128
  2,353
  2,588
  2,832
  3,087
  3,351
  3,627
  3,913
  4,211
  4,520
  4,842
  5,177
  5,525
  5,888
  6,266
  6,660

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
  0
Total assets, $m
  0
  3,293
  4,116
  5,062
  6,134
  7,334
  8,662
  10,117
  11,697
  13,400
  15,223
  17,162
  19,216
  21,381
  23,657
  26,041
  28,533
  31,134
  33,843
  36,663
  39,596
  42,644
  45,812
  49,105
  52,526
  56,082
  59,780
  63,627
  67,629
  71,797
  76,137
Adjusted assets (=assets-cash), $m
  0
  3,293
  4,116
  5,062
  6,134
  7,334
  8,662
  10,117
  11,697
  13,400
  15,223
  17,162
  19,216
  21,381
  23,657
  26,041
  28,533
  31,134
  33,843
  36,663
  39,596
  42,644
  45,812
  49,105
  52,526
  56,082
  59,780
  63,627
  67,629
  71,797
  76,137
Revenue / Adjusted assets
  0.000
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
Average production assets, $m
  0
  3,125
  3,905
  4,803
  5,820
  6,959
  8,219
  9,600
  11,100
  12,715
  14,445
  16,285
  18,234
  20,289
  22,448
  24,710
  27,075
  29,543
  32,114
  34,790
  37,572
  40,465
  43,471
  46,595
  49,842
  53,216
  56,725
  60,375
  64,173
  68,128
  72,246
Working capital, $m
  0
  -4
  -5
  -6
  -8
  -9
  -11
  -13
  -15
  -17
  -19
  -21
  -24
  -27
  -30
  -32
  -36
  -39
  -42
  -46
  -49
  -53
  -57
  -61
  -66
  -70
  -75
  -79
  -84
  -90
  -95
Total debt, $m
  0
  540
  721
  929
  1,165
  1,429
  1,722
  2,042
  2,389
  2,764
  3,165
  3,592
  4,043
  4,520
  5,020
  5,545
  6,093
  6,665
  7,261
  7,882
  8,527
  9,198
  9,895
  10,619
  11,372
  12,154
  12,968
  13,814
  14,694
  15,611
  16,566
Total liabilities, $m
  0
  724
  905
  1,114
  1,349
  1,613
  1,906
  2,226
  2,573
  2,948
  3,349
  3,776
  4,227
  4,704
  5,205
  5,729
  6,277
  6,849
  7,446
  8,066
  8,711
  9,382
  10,079
  10,803
  11,556
  12,338
  13,152
  13,998
  14,878
  15,795
  16,750
Total equity, $m
  0
  2,569
  3,210
  3,948
  4,784
  5,721
  6,756
  7,891
  9,124
  10,452
  11,874
  13,386
  14,988
  16,677
  18,452
  20,312
  22,256
  24,284
  26,398
  28,597
  30,885
  33,263
  35,734
  38,302
  40,970
  43,744
  46,629
  49,629
  52,751
  56,001
  59,387
Total liabilities and equity, $m
  0
  3,293
  4,115
  5,062
  6,133
  7,334
  8,662
  10,117
  11,697
  13,400
  15,223
  17,162
  19,215
  21,381
  23,657
  26,041
  28,533
  31,133
  33,844
  36,663
  39,596
  42,645
  45,813
  49,105
  52,526
  56,082
  59,781
  63,627
  67,629
  71,796
  76,137
Debt-to-equity ratio
  0.000
  0.210
  0.220
  0.240
  0.240
  0.250
  0.250
  0.260
  0.260
  0.260
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
Adjusted equity ratio
  0.000
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  0
  -103
  -4
  81
  176
  283
  401
  532
  673
  826
  990
  1,329
  1,514
  1,708
  1,913
  2,128
  2,353
  2,588
  2,832
  3,087
  3,351
  3,627
  3,913
  4,211
  4,520
  4,842
  5,177
  5,525
  5,888
  6,266
  6,660
Depreciation, amort., depletion, $m
  0
  538
  616
  705
  807
  921
  1,047
  1,185
  1,335
  1,497
  1,670
  1,628
  1,823
  2,029
  2,245
  2,471
  2,708
  2,954
  3,211
  3,479
  3,757
  4,047
  4,347
  4,660
  4,984
  5,322
  5,673
  6,038
  6,417
  6,813
  7,225
Funds from operations, $m
  0
  434
  611
  786
  983
  1,204
  1,448
  1,717
  2,008
  2,323
  2,660
  2,957
  3,337
  3,737
  4,158
  4,599
  5,061
  5,542
  6,043
  6,565
  7,109
  7,673
  8,260
  8,870
  9,504
  10,164
  10,849
  11,563
  12,306
  13,079
  13,885
Change in working capital, $m
  0
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
Cash from operations, $m
  0
  435
  612
  787
  984
  1,205
  1,450
  1,719
  2,010
  2,325
  2,662
  2,960
  3,339
  3,740
  4,161
  4,602
  5,064
  5,545
  6,047
  6,569
  7,112
  7,677
  8,264
  8,874
  9,509
  10,168
  10,854
  11,568
  12,311
  13,084
  13,890
Maintenance CAPEX, $m
  0
  -246
  -312
  -391
  -480
  -582
  -696
  -822
  -960
  -1,110
  -1,272
  -1,444
  -1,628
  -1,823
  -2,029
  -2,245
  -2,471
  -2,708
  -2,954
  -3,211
  -3,479
  -3,757
  -4,047
  -4,347
  -4,660
  -4,984
  -5,322
  -5,673
  -6,038
  -6,417
  -6,813
New CAPEX, $m
  0
  -669
  -781
  -898
  -1,017
  -1,139
  -1,260
  -1,381
  -1,499
  -1,616
  -1,729
  -1,840
  -1,949
  -2,055
  -2,159
  -2,262
  -2,365
  -2,468
  -2,571
  -2,676
  -2,783
  -2,893
  -3,006
  -3,124
  -3,247
  -3,375
  -3,509
  -3,650
  -3,798
  -3,954
  -4,119
Cash from investing activities, $m
  0
  -915
  -1,093
  -1,289
  -1,497
  -1,721
  -1,956
  -2,203
  -2,459
  -2,726
  -3,001
  -3,284
  -3,577
  -3,878
  -4,188
  -4,507
  -4,836
  -5,176
  -5,525
  -5,887
  -6,262
  -6,650
  -7,053
  -7,471
  -7,907
  -8,359
  -8,831
  -9,323
  -9,836
  -10,371
  -10,932
Free cash flow, $m
  0
  -479
  -481
  -501
  -513
  -516
  -506
  -484
  -449
  -401
  -339
  -325
  -238
  -138
  -27
  95
  228
  370
  522
  682
  851
  1,027
  1,211
  1,403
  1,603
  1,809
  2,024
  2,245
  2,475
  2,712
  2,958
Issuance/(repayment) of debt, $m
  0
  155
  181
  208
  236
  264
  292
  320
  348
  375
  401
  427
  452
  476
  501
  525
  548
  572
  596
  620
  645
  671
  697
  724
  753
  782
  814
  846
  881
  917
  955
Issuance/(repurchase) of shares, $m
  0
  655
  646
  657
  661
  653
  634
  603
  559
  502
  432
  184
  88
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  0
  810
  827
  865
  897
  917
  926
  923
  907
  877
  833
  611
  540
  476
  501
  525
  548
  572
  596
  620
  645
  671
  697
  724
  753
  782
  814
  846
  881
  917
  955
Total cash flow (excl. dividends), $m
  0
  331
  346
  364
  383
  402
  421
  439
  458
  476
  493
  286
  302
  338
  474
  620
  776
  942
  1,118
  1,302
  1,496
  1,698
  1,908
  2,128
  2,355
  2,592
  2,837
  3,092
  3,355
  3,629
  3,913
Retained Cash Flow (-), $m
  0
  -655
  -646
  -738
  -836
  -936
  -1,036
  -1,135
  -1,232
  -1,328
  -1,422
  -1,513
  -1,602
  -1,689
  -1,775
  -1,860
  -1,944
  -2,028
  -2,113
  -2,199
  -2,287
  -2,378
  -2,471
  -2,568
  -2,669
  -2,774
  -2,884
  -3,000
  -3,122
  -3,250
  -3,386
Prev. year cash balance distribution, $m
 
  644
  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
 
  113
  144
  180
  221
  268
  320
  378
  442
  511
  585
  665
  750
  839
  934
  1,033
  1,137
  1,246
  1,360
  1,478
  1,601
  1,730
  1,863
  2,001
  2,145
  2,294
  2,450
  2,611
  2,779
  2,954
  3,136
Cash available for distribution, $m
 
  320
  -300
  -373
  -453
  -534
  -615
  -696
  -775
  -852
  -928
  -1,227
  -1,299
  -1,351
  -1,301
  -1,240
  -1,168
  -1,086
  -996
  -897
  -792
  -680
  -563
  -440
  -313
  -182
  -47
  91
  233
  379
  528
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
 
  307
  -274
  -325
  -373
  -414
  -447
  -470
  -484
  -490
  -487
  -583
  -555
  -514
  -437
  -364
  -297
  -236
  -183
  -138
  -101
  -70
  -47
  -29
  -16
  -7
  -1
  2
  4
  4
  4
Current shareholders' claim on cash, %
  100
  93.0
  87.9
  84.0
  80.8
  78.4
  76.4
  74.9
  73.7
  72.7
  72.0
  71.8
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7

Zillow Group, Inc. operates real estate and home-related information marketplaces on mobile and the Web in the United States. The company offers a portfolio of brands and products to enable people find information about homes and connect with local professionals. Its brands focus on various stages of the home lifecycle, including renting, buying, selling, and financing. The company’s portfolio of consumer brands comprises real estate and rental marketplaces, such as Zillow, Trulia, StreetEasy, HotPads, and Naked Apartments. It also owns and operates various brands comprising Mortech, dotloop, Bridge Interactive, and Retsly, as well as provides advertising services to real estate agents, and rental and mortgage professionals. The company was incorporated in 2004 and is headquartered in Seattle, Washington.

FINANCIAL RATIOS  of  Zillow Group Cl C (Z)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

Z stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the Z stock intrinsic value calculation we used $1077 million for the last fiscal year's total revenue generated by Zillow Group Cl C. The default revenue input number comes from income statement of Zillow Group Cl C. 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 Z stock valuation model: a) initial revenue growth rate of 27.2% 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 Z is calculated based on our internal credit rating of Zillow Group Cl C, 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 Zillow Group Cl C.
    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 Z stock the variable cost ratio is equal to 86.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $313 million in the base year in the intrinsic value calculation for Z 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 7.3% for Zillow Group Cl C.

Corporate tax rate of 27% is the nominal tax rate for Zillow Group Cl C. 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 Z stock is equal to 10.5%.

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 Z are equal to 228.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Zillow Group Cl C 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 Z is equal to -0.3%. 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 - $2661 million for Zillow Group Cl C - 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 186 million for Zillow Group Cl C 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 Zillow Group Cl C at the current share price and the inputted number of shares is $11.5 billion.

COMPANY NEWS

▶ This tech-infused charity is 3D printing houses to take on global homelessness   [Jul-18-18 09:14AM  American City Business Journals]
▶ Builder embarks on $50M development for hundreds of homes in Surprise   [09:00AM  American City Business Journals]
▶ Nextdoor rings up HouseCanary to answer burning question: Whats my house worth?   [Jul-17-18 09:00AM  American City Business Journals]
▶ Can Anyone Get a Deal in the Hamptons?   [04:00AM  Bloomberg]
▶ How Annie Rihn built Zillows recruiting machine with doughnuts   [09:06AM  American City Business Journals]
▶ Chicago investor picks up once-troubled East Bay shopping center for $85.75 million   [Jul-10-18 05:23PM  American City Business Journals]
▶ 3 Top Growth Stocks to Buy Right Now   [Jul-04-18 06:30PM  Motley Fool]
▶ Why Zillow Is Raising as Much as $725 Million   [Jul-03-18 07:50PM  Motley Fool]
▶ How Marin homeowners are cashing in on their homes without selling   [Jul-02-18 04:17PM  American City Business Journals]
▶ Down payment approaches $100,000 for median Seattle homebuyer, Zillow says   [Jun-26-18 07:54PM  American City Business Journals]
▶ The neighborhoods where San Francisco home sellers make the most money   [04:59PM  American City Business Journals]
▶ Where can you still buy a new home under $600,000 in the Bay Area?   [04:45PM  American City Business Journals]
▶ Time to Take Profits in Zillow Stock   [Jun-20-18 04:18PM  InvestorPlace]
▶ San Francisco Bay Area homes sell faster than anywhere else in the country   [Jun-08-18 10:31AM  American City Business Journals]
▶ What's the Best Time to Sell a House?   [May-31-18 07:55PM  Motley Fool]
▶ Closing Bell: LIVE MARKETS BLOG   [04:02PM  TheStreet.com]
▶ Zillow: Less than 10% of Phoenix homeowners are underwater   [May-29-18 05:28PM  American City Business Journals]
▶ Home Values Rise at Fastest Pace in 12 Years   [May-24-18 08:00AM  PR Newswire]
▶ 3 Stocks That Could Put NVIDIA's Returns to Shame   [May-22-18 03:00PM  Motley Fool]
▶ [$$] Boston Wants Amazon, But Is There Room?   [07:05AM  The Wall Street Journal]
▶ Generation Z Will Pay $226,000 in Rent in their Lifetime   [May-18-18 08:00AM  PR Newswire]
Financial statements of Z
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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