Intrinsic value of Zendesk - ZEN

Previous Close

$37.07

  Intrinsic Value

$0.62

stock screener

  Rating & Target

str. sell

-98%

Previous close

$37.07

 
Intrinsic value

$0.62

 
Up/down potential

-98%

 
Rating

str. sell

We calculate the intrinsic value of ZEN 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, %
  49.28
  39.50
  36.05
  32.95
  30.15
  27.64
  25.37
  23.33
  21.50
  19.85
  18.37
  17.03
  15.83
  14.74
  13.77
  12.89
  12.10
  11.39
  10.75
  10.18
  9.66
  9.19
  8.77
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.62
Revenue, $m
  312
  435
  592
  787
  1,025
  1,308
  1,640
  2,022
  2,457
  2,945
  3,485
  4,079
  4,724
  5,421
  6,168
  6,963
  7,805
  8,695
  9,630
  10,610
  11,635
  12,704
  13,819
  14,980
  16,187
  17,441
  18,746
  20,101
  21,509
  22,973
  24,495
Variable operating expenses, $m
 
  523
  709
  942
  1,224
  1,561
  1,956
  2,412
  2,930
  3,510
  4,154
  4,856
  5,625
  6,454
  7,343
  8,290
  9,293
  10,352
  11,465
  12,632
  13,852
  15,126
  16,453
  17,834
  19,272
  20,765
  22,318
  23,931
  25,608
  27,351
  29,163
Fixed operating expenses, $m
 
  42
  43
  44
  45
  46
  48
  49
  50
  51
  52
  54
  55
  57
  58
  59
  61
  62
  64
  66
  67
  69
  71
  72
  74
  76
  78
  80
  82
  84
  86
Total operating expenses, $m
  416
  565
  752
  986
  1,269
  1,607
  2,004
  2,461
  2,980
  3,561
  4,206
  4,910
  5,680
  6,511
  7,401
  8,349
  9,354
  10,414
  11,529
  12,698
  13,919
  15,195
  16,524
  17,906
  19,346
  20,841
  22,396
  24,011
  25,690
  27,435
  29,249
Operating income, $m
  -104
  -129
  -160
  -199
  -245
  -300
  -365
  -439
  -523
  -617
  -721
  -831
  -956
  -1,090
  -1,233
  -1,386
  -1,548
  -1,719
  -1,899
  -2,088
  -2,284
  -2,490
  -2,704
  -2,927
  -3,159
  -3,400
  -3,650
  -3,911
  -4,181
  -4,462
  -4,754
EBITDA, $m
  -76
  -106
  -130
  -159
  -195
  -237
  -287
  -344
  -409
  -481
  -561
  -649
  -745
  -848
  -958
  -1,076
  -1,200
  -1,332
  -1,470
  -1,614
  -1,766
  -1,923
  -2,088
  -2,259
  -2,437
  -2,622
  -2,814
  -3,014
  -3,222
  -3,437
  -3,662
Interest expense (income), $m
  0
  0
  2
  6
  9
  14
  20
  26
  34
  42
  52
  63
  74
  87
  101
  116
  131
  148
  166
  184
  203
  224
  245
  267
  290
  313
  338
  364
  391
  419
  447
Earnings before tax, $m
  -103
  -129
  -163
  -204
  -254
  -314
  -384
  -465
  -556
  -659
  -773
  -894
  -1,030
  -1,177
  -1,334
  -1,502
  -1,680
  -1,867
  -2,065
  -2,271
  -2,488
  -2,714
  -2,949
  -3,194
  -3,449
  -3,713
  -3,989
  -4,275
  -4,572
  -4,880
  -5,202
Tax expense, $m
  1
  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
Net income, $m
  -104
  -129
  -163
  -204
  -254
  -314
  -384
  -465
  -556
  -659
  -773
  -894
  -1,030
  -1,177
  -1,334
  -1,502
  -1,680
  -1,867
  -2,065
  -2,271
  -2,488
  -2,714
  -2,949
  -3,194
  -3,449
  -3,713
  -3,989
  -4,275
  -4,572
  -4,880
  -5,202

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  225
  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
  475
  349
  474
  631
  821
  1,048
  1,314
  1,620
  1,969
  2,359
  2,793
  3,268
  3,786
  4,344
  4,942
  5,579
  6,254
  6,967
  7,716
  8,501
  9,323
  10,180
  11,073
  12,003
  12,970
  13,976
  15,020
  16,106
  17,235
  18,408
  19,627
Adjusted assets (=assets-cash), $m
  250
  349
  474
  631
  821
  1,048
  1,314
  1,620
  1,969
  2,359
  2,793
  3,268
  3,786
  4,344
  4,942
  5,579
  6,254
  6,967
  7,716
  8,501
  9,323
  10,180
  11,073
  12,003
  12,970
  13,976
  15,020
  16,106
  17,235
  18,408
  19,627
Revenue / Adjusted assets
  1.248
  1.246
  1.249
  1.247
  1.248
  1.248
  1.248
  1.248
  1.248
  1.248
  1.248
  1.248
  1.248
  1.248
  1.248
  1.248
  1.248
  1.248
  1.248
  1.248
  1.248
  1.248
  1.248
  1.248
  1.248
  1.248
  1.248
  1.248
  1.248
  1.248
  1.248
Average production assets, $m
  70
  97
  132
  176
  228
  292
  366
  451
  548
  657
  777
  910
  1,054
  1,209
  1,375
  1,553
  1,741
  1,939
  2,147
  2,366
  2,595
  2,833
  3,082
  3,340
  3,610
  3,889
  4,180
  4,482
  4,796
  5,123
  5,462
Working capital, $m
  113
  -156
  -213
  -283
  -368
  -469
  -589
  -726
  -882
  -1,057
  -1,251
  -1,464
  -1,696
  -1,946
  -2,214
  -2,500
  -2,802
  -3,121
  -3,457
  -3,809
  -4,177
  -4,561
  -4,961
  -5,378
  -5,811
  -6,261
  -6,730
  -7,216
  -7,722
  -8,247
  -8,794
Total debt, $m
  0
  70
  158
  268
  402
  562
  749
  965
  1,210
  1,485
  1,790
  2,125
  2,489
  2,882
  3,303
  3,752
  4,227
  4,729
  5,256
  5,809
  6,387
  6,991
  7,619
  8,274
  8,955
  9,663
  10,398
  11,163
  11,957
  12,783
  13,642
Total liabilities, $m
  176
  246
  334
  444
  578
  738
  925
  1,141
  1,386
  1,661
  1,966
  2,301
  2,665
  3,058
  3,479
  3,928
  4,403
  4,905
  5,432
  5,985
  6,563
  7,167
  7,795
  8,450
  9,131
  9,839
  10,574
  11,339
  12,133
  12,959
  13,818
Total equity, $m
  299
  103
  140
  187
  243
  310
  389
  480
  583
  698
  827
  967
  1,121
  1,286
  1,463
  1,651
  1,851
  2,062
  2,284
  2,516
  2,760
  3,013
  3,278
  3,553
  3,839
  4,137
  4,446
  4,767
  5,101
  5,449
  5,810
Total liabilities and equity, $m
  475
  349
  474
  631
  821
  1,048
  1,314
  1,621
  1,969
  2,359
  2,793
  3,268
  3,786
  4,344
  4,942
  5,579
  6,254
  6,967
  7,716
  8,501
  9,323
  10,180
  11,073
  12,003
  12,970
  13,976
  15,020
  16,106
  17,234
  18,408
  19,628
Debt-to-equity ratio
  0.000
  0.670
  1.130
  1.440
  1.650
  1.810
  1.930
  2.010
  2.080
  2.130
  2.170
  2.200
  2.220
  2.240
  2.260
  2.270
  2.280
  2.290
  2.300
  2.310
  2.310
  2.320
  2.320
  2.330
  2.330
  2.340
  2.340
  2.340
  2.340
  2.350
  2.350
Adjusted equity ratio
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -104
  -129
  -163
  -204
  -254
  -314
  -384
  -465
  -556
  -659
  -773
  -894
  -1,030
  -1,177
  -1,334
  -1,502
  -1,680
  -1,867
  -2,065
  -2,271
  -2,488
  -2,714
  -2,949
  -3,194
  -3,449
  -3,713
  -3,989
  -4,275
  -4,572
  -4,880
  -5,202
Depreciation, amort., depletion, $m
  28
  24
  31
  40
  50
  63
  78
  95
  114
  136
  160
  182
  211
  242
  275
  311
  348
  388
  429
  473
  519
  567
  616
  668
  722
  778
  836
  896
  959
  1,025
  1,092
Funds from operations, $m
  49
  -106
  -132
  -165
  -204
  -251
  -307
  -370
  -442
  -523
  -613
  -712
  -819
  -935
  -1,059
  -1,191
  -1,332
  -1,480
  -1,635
  -1,798
  -1,969
  -2,147
  -2,333
  -2,526
  -2,727
  -2,935
  -3,153
  -3,378
  -3,612
  -3,856
  -4,109
Change in working capital, $m
  24
  -44
  -56
  -70
  -85
  -102
  -119
  -137
  -156
  -175
  -194
  -213
  -232
  -250
  -268
  -285
  -303
  -319
  -336
  -352
  -368
  -384
  -400
  -417
  -433
  -450
  -468
  -486
  -506
  -526
  -546
Cash from operations, $m
  25
  -61
  -76
  -95
  -119
  -150
  -187
  -233
  -286
  -348
  -419
  -499
  -587
  -685
  -791
  -906
  -1,029
  -1,160
  -1,299
  -1,446
  -1,601
  -1,763
  -1,932
  -2,109
  -2,293
  -2,485
  -2,684
  -2,892
  -3,107
  -3,330
  -3,563
Maintenance CAPEX, $m
  0
  -14
  -19
  -26
  -35
  -46
  -58
  -73
  -90
  -110
  -131
  -155
  -182
  -211
  -242
  -275
  -311
  -348
  -388
  -429
  -473
  -519
  -567
  -616
  -668
  -722
  -778
  -836
  -896
  -959
  -1,025
New CAPEX, $m
  -27
  -28
  -35
  -44
  -53
  -63
  -74
  -85
  -97
  -109
  -121
  -132
  -144
  -155
  -166
  -177
  -188
  -198
  -209
  -219
  -229
  -239
  -249
  -259
  -269
  -280
  -291
  -302
  -314
  -326
  -339
Cash from investing activities, $m
  -182
  -42
  -54
  -70
  -88
  -109
  -132
  -158
  -187
  -219
  -252
  -287
  -326
  -366
  -408
  -452
  -499
  -546
  -597
  -648
  -702
  -758
  -816
  -875
  -937
  -1,002
  -1,069
  -1,138
  -1,210
  -1,285
  -1,364
Free cash flow, $m
  -157
  -103
  -130
  -164
  -207
  -259
  -320
  -391
  -473
  -567
  -671
  -787
  -913
  -1,051
  -1,199
  -1,358
  -1,528
  -1,707
  -1,896
  -2,094
  -2,303
  -2,520
  -2,748
  -2,984
  -3,231
  -3,487
  -3,753
  -4,030
  -4,317
  -4,616
  -4,927
Issuance/(repayment) of debt, $m
  0
  70
  89
  110
  134
  160
  187
  216
  245
  275
  305
  335
  364
  393
  421
  449
  475
  502
  527
  553
  578
  603
  629
  655
  681
  708
  736
  764
  794
  826
  859
Issuance/(repurchase) of shares, $m
  25
  159
  200
  250
  311
  381
  463
  556
  660
  775
  901
  1,035
  1,183
  1,342
  1,511
  1,691
  1,880
  2,078
  2,286
  2,504
  2,731
  2,967
  3,213
  3,469
  3,735
  4,011
  4,298
  4,596
  4,906
  5,228
  5,563
Cash from financing (excl. dividends), $m  
  36
  229
  289
  360
  445
  541
  650
  772
  905
  1,050
  1,206
  1,370
  1,547
  1,735
  1,932
  2,140
  2,355
  2,580
  2,813
  3,057
  3,309
  3,570
  3,842
  4,124
  4,416
  4,719
  5,034
  5,360
  5,700
  6,054
  6,422
Total cash flow (excl. dividends), $m
  -123
  125
  159
  196
  238
  283
  330
  380
  431
  483
  536
  583
  634
  684
  733
  781
  827
  873
  918
  962
  1,006
  1,050
  1,095
  1,139
  1,185
  1,232
  1,280
  1,331
  1,383
  1,437
  1,494
Retained Cash Flow (-), $m
  -6
  -159
  -200
  -250
  -311
  -381
  -463
  -556
  -660
  -775
  -901
  -1,035
  -1,183
  -1,342
  -1,511
  -1,691
  -1,880
  -2,078
  -2,286
  -2,504
  -2,731
  -2,967
  -3,213
  -3,469
  -3,735
  -4,011
  -4,298
  -4,596
  -4,906
  -5,228
  -5,563
Prev. year cash balance distribution, $m
 
  225
  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
 
  192
  -42
  -54
  -73
  -99
  -133
  -175
  -228
  -292
  -366
  -452
  -549
  -658
  -778
  -910
  -1,052
  -1,205
  -1,368
  -1,542
  -1,725
  -1,917
  -2,119
  -2,330
  -2,550
  -2,779
  -3,017
  -3,265
  -3,523
  -3,790
  -4,068
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
 
  184
  -38
  -47
  -60
  -77
  -96
  -119
  -143
  -167
  -192
  -215
  -234
  -250
  -261
  -267
  -267
  -262
  -252
  -237
  -219
  -198
  -176
  -153
  -130
  -108
  -88
  -70
  -55
  -41
  -31
Current shareholders' claim on cash, %
  100
  82.3
  69.0
  58.5
  50.2
  43.4
  37.7
  33.0
  29.0
  25.6
  22.7
  20.2
  18.0
  16.1
  14.4
  12.9
  11.6
  10.4
  9.4
  8.4
  7.6
  6.9
  6.2
  5.6
  5.1
  4.6
  4.2
  3.8
  3.4
  3.1
  2.8

Zendesk, Inc. (Zendesk) is a software development company. The Zendesk family of products is built to work together to help organizations understand and manage customer relationships. All Zendesk products share a common interface and are being developed to support a shared services infrastructure and common customer data platform. Zendesk's products are developed using agile software techniques, and are designed to incorporate and innovate on customer feedback obtained through beta and Early Access Programs (EAPs). Its family of products includes Zendesk Support, Zendesk Chat, Zendesk Talk, Zendesk Help Center, Zendesk Message, Zendesk Explore and Zendesk Connect. Zendesk's developer platform allows organizations to extend the functionality of its family of products and customize the experience for their employees and customers. Key components of Zendesk's developer platform include Zendesk Embeddables, Zendesk application program interfaces (APIs) and Zendesk Applications.

FINANCIAL RATIOS  of  Zendesk (ZEN)

Valuation Ratios
P/E Ratio -34.5
Price to Sales 11.5
Price to Book 12
Price to Tangible Book
Price to Cash Flow 143.4
Price to Free Cash Flow -1792.3
Growth Rates
Sales Growth Rate 49.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -3.6%
Cap. Spend. - 3 Yr. Gr. Rate 17.6%
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 -23.2%
Ret/ On Assets - 3 Yr. Avg. -31.2%
Return On Total Capital -35.1%
Ret/ On T. Cap. - 3 Yr. Avg. -51.5%
Return On Equity -35.1%
Return On Equity - 3 Yr. Avg. -57.6%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 69.9%
Gross Margin - 3 Yr. Avg. 67.2%
EBITDA Margin -24%
EBITDA Margin - 3 Yr. Avg. -32.8%
Operating Margin -33.3%
Oper. Margin - 3 Yr. Avg. -41.7%
Pre-Tax Margin -33%
Pre-Tax Margin - 3 Yr. Avg. -42.2%
Net Profit Margin -33.3%
Net Profit Margin - 3 Yr. Avg. -42.1%
Effective Tax Rate -1%
Eff/ Tax Rate - 3 Yr. Avg. 0.2%
Payout Ratio 0%

ZEN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ZEN stock intrinsic value calculation we used $312 million for the last fiscal year's total revenue generated by Zendesk. The default revenue input number comes from 2016 income statement of Zendesk. 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 ZEN stock valuation model: a) initial revenue growth rate of 39.5% 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 ZEN is calculated based on our internal credit rating of Zendesk, 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 Zendesk.
    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 ZEN stock the variable cost ratio is equal to 120.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $41 million in the base year in the intrinsic value calculation for ZEN 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 Zendesk.

Corporate tax rate of 27% is the nominal tax rate for Zendesk. 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 ZEN 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 ZEN are equal to 22.3%.

Life of production assets of 4.1 years is the average useful life of capital assets used in Zendesk 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 ZEN is equal to -35.9%. 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 - $299 million for Zendesk - 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 101.95 million for Zendesk 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 Zendesk at the current share price and the inputted number of shares is $3.8 billion.

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COMPANY NEWS

▶ Zendesk Joins Shopify Plus Technology Partner Program   [Jan-16-18 05:30PM  Business Wire]
▶ Why Zendesk, Inc. Stock Soared 59.6% in 2017   [Jan-10-18 03:12PM  Motley Fool]
▶ Zendesk Names Norman Gennaro New SVP Worldwide Sales   [Dec-20-17 04:15PM  Business Wire]
▶ ETFs with exposure to Zendesk, Inc. : November 30, 2017   [Nov-30-17 02:41PM  Capital Cube]
▶ Zendesk to Present at the Wells Fargo Tech Summit   [Nov-28-17 01:00PM  Business Wire]
▶ Twilio Inc Is a Good for the Short Term, But Thats It   [Nov-21-17 10:33AM  InvestorPlace]
▶ ETFs with exposure to Zendesk, Inc. : November 20, 2017   [Nov-20-17 01:39PM  Capital Cube]
▶ ETFs with exposure to Zendesk, Inc. : November 9, 2017   [Nov-09-17 01:25PM  Capital Cube]
▶ 3 High Growth Stocks You Could Regret Not Buying   [Nov-06-17 07:00AM  Motley Fool]
▶ Zendesk Gets a Growth Boost From Large Customer Wins   [Nov-03-17 08:20AM  Motley Fool]
▶ Zendesk Shows Market Leadership With Jump To 88 RS Rating   [03:00AM  Investor's Business Daily]
▶ Why Shares of Zendesk Are Surging Today   [Nov-02-17 01:08PM  Motley Fool]
▶ [$$] Zendesk, HubSpot Seen as Top Picks   [12:39PM  Barrons.com]
▶ Zendesk reports 3Q loss   [Nov-01-17 06:04PM  Associated Press]
▶ Zendesk Announces Third Quarter 2017 Results   [04:16PM  Business Wire]
▶ Stocks Generating Improved Relative Strength: Zendesk   [03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Zendesk, Inc. : October 24, 2017   [Oct-24-17 09:45AM  Capital Cube]
▶ ETFs with exposure to Zendesk, Inc. : October 13, 2017   [Oct-13-17 11:21AM  Capital Cube]
▶ Is It The Right Time To Buy Zendesk Inc (ZEN)?   [Oct-12-17 10:54AM  Simply Wall St.]
▶ Stocks With Rising Relative Strength: Zendesk   [Oct-05-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Zendesk, Inc. : October 2, 2017   [Oct-02-17 11:12AM  Capital Cube]
▶ Get Ready to Rent, But Not Own, Twilio Stock for Now   [Sep-20-17 05:51AM  InvestorPlace]
▶ ETFs with exposure to Zendesk, Inc. : September 19, 2017   [Sep-19-17 06:54PM  Capital Cube]
▶ Zendesk Trying To Close In On Key Technical Measure   [Sep-12-17 03:00AM  Investor's Business Daily]
▶ Zendesk, Inc. Value Analysis (NYSE:ZEN) : August 19, 2017   [Aug-18-17 09:29PM  Capital Cube]
▶ Large Customers Drive Growth for Zendesk   [Aug-04-17 08:25PM  Motley Fool]
▶ Zendesk Earnings Edge Views, September-Quarter Guide In-Line   [Aug-03-17 05:43PM  Investor's Business Daily]
▶ ETFs with exposure to Zendesk, Inc. : August 1, 2017   [Aug-01-17 05:33PM  Capital Cube]
▶ Zendesk to Present at Upcoming Investor Conferences   [Jul-31-17 01:00PM  Business Wire]
▶ Better Buy: Shopify Inc. (U.S.) vs. Zendesk Inc.   [Jul-20-17 09:45AM  Motley Fool]
▶ Relate Live Unveils Speaker Lineup for New York Event   [Jul-12-17 12:00PM  Business Wire]
▶ ETFs with exposure to Zendesk, Inc. : June 26, 2017   [Jun-26-17 05:18PM  Capital Cube]
▶ 3 Stocks With Shopify-Like Return Potential   [Jun-24-17 08:13AM  Motley Fool]
▶ ETFs with exposure to Zendesk, Inc. : June 16, 2017   [Jun-16-17 04:28PM  Capital Cube]
▶ Zendesk to Present at Upcoming Investor Conferences   [May-25-17 01:00PM  Business Wire]
▶ Zendesk, Inc. Value Analysis (NYSE:ZEN) : May 9, 2017   [May-09-17 05:50PM  Capital Cube]
▶ Zendesk Surpasses 100,000 Paying Customers   [May-05-17 04:15PM  Motley Fool]
▶ Zendesk reports 1Q loss   [05:03AM  Associated Press]
▶ Zendesk Announces First Quarter 2017 Results   [04:17PM  Business Wire]
Financial statements of ZEN
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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