Intrinsic value of Zendesk - ZEN

Previous Close

$26.62

  Intrinsic Value

$0.68

stock screener

  Rating & Target

str. sell

-97%

  Value-price divergence*

+115%

Previous close

$26.62

 
Intrinsic value

$0.68

 
Up/down potential

-97%

 
Rating

str. sell

 
Value-price divergence*

+115%

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

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

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 2.5

 

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
  36.80
  33.62
  30.76
  28.18
  25.86
  23.78
  21.90
  20.21
  18.69
  17.32
  16.09
  14.98
  13.98
  13.08
  12.27
  11.55
  10.89
  10.30
  9.77
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.28
  7.05
  6.85
  6.66
  6.50
Revenue, $m
  312
  427
  570
  746
  956
  1,203
  1,489
  1,815
  2,182
  2,590
  3,039
  3,527
  4,056
  4,623
  5,228
  5,869
  6,547
  7,260
  8,008
  8,791
  9,608
  10,460
  11,347
  12,270
  13,229
  14,226
  15,262
  16,339
  17,458
  18,621
  19,831
Variable operating expenses, $m
 
  513
  683
  892
  1,143
  1,437
  1,778
  2,166
  2,603
  3,088
  3,622
  4,200
  4,829
  5,504
  6,224
  6,988
  7,795
  8,644
  9,535
  10,466
  11,439
  12,454
  13,510
  14,608
  15,750
  16,937
  18,171
  19,453
  20,785
  22,170
  23,611
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
  555
  726
  936
  1,188
  1,483
  1,826
  2,215
  2,653
  3,139
  3,674
  4,254
  4,884
  5,561
  6,282
  7,047
  7,856
  8,706
  9,599
  10,532
  11,506
  12,523
  13,581
  14,680
  15,824
  17,013
  18,249
  19,533
  20,867
  22,254
  23,697
Operating income, $m
  -104
  -128
  -156
  -191
  -232
  -280
  -336
  -399
  -470
  -549
  -636
  -726
  -828
  -938
  -1,054
  -1,178
  -1,309
  -1,446
  -1,590
  -1,741
  -1,898
  -2,062
  -2,233
  -2,411
  -2,595
  -2,787
  -2,987
  -3,194
  -3,409
  -3,633
  -3,865
EBITDA, $m
  -76
  -114
  -139
  -170
  -206
  -249
  -298
  -354
  -417
  -487
  -564
  -647
  -738
  -834
  -938
  -1,047
  -1,163
  -1,284
  -1,412
  -1,545
  -1,684
  -1,829
  -1,980
  -2,137
  -2,300
  -2,470
  -2,646
  -2,829
  -3,020
  -3,217
  -3,423
Interest expense (income), $m
  0
  0
  2
  5
  9
  13
  18
  23
  30
  37
  45
  54
  63
  74
  85
  97
  110
  123
  137
  152
  167
  184
  200
  218
  236
  255
  275
  295
  316
  339
  361
Earnings before tax, $m
  -103
  -128
  -159
  -196
  -240
  -293
  -353
  -422
  -500
  -586
  -681
  -780
  -892
  -1,011
  -1,139
  -1,275
  -1,418
  -1,569
  -1,727
  -1,893
  -2,066
  -2,246
  -2,433
  -2,629
  -2,831
  -3,042
  -3,261
  -3,489
  -3,725
  -3,971
  -4,227
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
  -128
  -159
  -196
  -240
  -293
  -353
  -422
  -500
  -586
  -681
  -780
  -892
  -1,011
  -1,139
  -1,275
  -1,418
  -1,569
  -1,727
  -1,893
  -2,066
  -2,246
  -2,433
  -2,629
  -2,831
  -3,042
  -3,261
  -3,489
  -3,725
  -3,971
  -4,227

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
  342
  457
  598
  766
  964
  1,193
  1,455
  1,749
  2,075
  2,435
  2,827
  3,250
  3,704
  4,189
  4,703
  5,246
  5,818
  6,417
  7,044
  7,699
  8,382
  9,092
  9,832
  10,600
  11,399
  12,229
  13,092
  13,989
  14,921
  15,891
Adjusted assets (=assets-cash), $m
  250
  342
  457
  598
  766
  964
  1,193
  1,455
  1,749
  2,075
  2,435
  2,827
  3,250
  3,704
  4,189
  4,703
  5,246
  5,818
  6,417
  7,044
  7,699
  8,382
  9,092
  9,832
  10,600
  11,399
  12,229
  13,092
  13,989
  14,921
  15,891
Revenue / Adjusted assets
  1.248
  1.249
  1.247
  1.247
  1.248
  1.248
  1.248
  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
Average production assets, $m
  70
  95
  127
  166
  213
  268
  332
  405
  487
  578
  678
  787
  904
  1,031
  1,166
  1,309
  1,460
  1,619
  1,786
  1,960
  2,143
  2,333
  2,530
  2,736
  2,950
  3,172
  3,403
  3,644
  3,893
  4,153
  4,422
Working capital, $m
  113
  -43
  -57
  -75
  -96
  -120
  -149
  -182
  -218
  -259
  -304
  -353
  -406
  -462
  -523
  -587
  -655
  -726
  -801
  -879
  -961
  -1,046
  -1,135
  -1,227
  -1,323
  -1,423
  -1,526
  -1,634
  -1,746
  -1,862
  -1,983
Total debt, $m
  0
  65
  146
  245
  363
  503
  664
  848
  1,055
  1,285
  1,538
  1,814
  2,112
  2,432
  2,773
  3,135
  3,517
  3,920
  4,342
  4,783
  5,244
  5,725
  6,225
  6,745
  7,287
  7,849
  8,433
  9,041
  9,672
  10,328
  11,011
Total liabilities, $m
  176
  241
  322
  421
  539
  679
  840
  1,024
  1,231
  1,461
  1,714
  1,990
  2,288
  2,608
  2,949
  3,311
  3,693
  4,096
  4,518
  4,959
  5,420
  5,901
  6,401
  6,921
  7,463
  8,025
  8,609
  9,217
  9,848
  10,504
  11,187
Total equity, $m
  299
  101
  135
  177
  227
  285
  353
  431
  518
  614
  721
  837
  962
  1,096
  1,240
  1,392
  1,553
  1,722
  1,899
  2,085
  2,279
  2,481
  2,691
  2,910
  3,138
  3,374
  3,620
  3,875
  4,141
  4,417
  4,704
Total liabilities and equity, $m
  475
  342
  457
  598
  766
  964
  1,193
  1,455
  1,749
  2,075
  2,435
  2,827
  3,250
  3,704
  4,189
  4,703
  5,246
  5,818
  6,417
  7,044
  7,699
  8,382
  9,092
  9,831
  10,601
  11,399
  12,229
  13,092
  13,989
  14,921
  15,891
Debt-to-equity ratio
  0.000
  0.640
  1.080
  1.380
  1.600
  1.760
  1.880
  1.970
  2.040
  2.090
  2.130
  2.170
  2.200
  2.220
  2.240
  2.250
  2.270
  2.280
  2.290
  2.290
  2.300
  2.310
  2.310
  2.320
  2.320
  2.330
  2.330
  2.330
  2.340
  2.340
  2.340
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
  -128
  -159
  -196
  -240
  -293
  -353
  -422
  -500
  -586
  -681
  -780
  -892
  -1,011
  -1,139
  -1,275
  -1,418
  -1,569
  -1,727
  -1,893
  -2,066
  -2,246
  -2,433
  -2,629
  -2,831
  -3,042
  -3,261
  -3,489
  -3,725
  -3,971
  -4,227
Depreciation, amort., depletion, $m
  28
  14
  17
  21
  26
  31
  38
  45
  53
  62
  72
  79
  90
  103
  117
  131
  146
  162
  179
  196
  214
  233
  253
  274
  295
  317
  340
  364
  389
  415
  442
Funds from operations, $m
  49
  -114
  -141
  -175
  -215
  -262
  -316
  -377
  -447
  -524
  -609
  -701
  -801
  -908
  -1,023
  -1,144
  -1,272
  -1,407
  -1,549
  -1,697
  -1,851
  -2,013
  -2,180
  -2,355
  -2,536
  -2,725
  -2,921
  -3,124
  -3,336
  -3,556
  -3,785
Change in working capital, $m
  24
  -11
  -14
  -18
  -21
  -25
  -29
  -33
  -37
  -41
  -45
  -49
  -53
  -57
  -60
  -64
  -68
  -71
  -75
  -78
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -112
  -116
  -121
Cash from operations, $m
  25
  -102
  -127
  -157
  -194
  -237
  -287
  -345
  -410
  -483
  -564
  -652
  -748
  -852
  -962
  -1,080
  -1,205
  -1,336
  -1,474
  -1,619
  -1,770
  -1,927
  -2,092
  -2,263
  -2,440
  -2,625
  -2,817
  -3,017
  -3,224
  -3,440
  -3,664
Maintenance CAPEX, $m
  0
  -7
  -10
  -13
  -17
  -21
  -27
  -33
  -40
  -49
  -58
  -68
  -79
  -90
  -103
  -117
  -131
  -146
  -162
  -179
  -196
  -214
  -233
  -253
  -274
  -295
  -317
  -340
  -364
  -389
  -415
New CAPEX, $m
  -27
  -26
  -32
  -39
  -47
  -55
  -64
  -73
  -82
  -91
  -100
  -109
  -118
  -126
  -135
  -143
  -151
  -159
  -167
  -175
  -182
  -190
  -198
  -206
  -214
  -222
  -231
  -240
  -250
  -259
  -270
Cash from investing activities, $m
  -182
  -33
  -42
  -52
  -64
  -76
  -91
  -106
  -122
  -140
  -158
  -177
  -197
  -216
  -238
  -260
  -282
  -305
  -329
  -354
  -378
  -404
  -431
  -459
  -488
  -517
  -548
  -580
  -614
  -648
  -685
Free cash flow, $m
  -157
  -135
  -168
  -209
  -257
  -313
  -378
  -451
  -532
  -623
  -722
  -829
  -945
  -1,069
  -1,200
  -1,340
  -1,487
  -1,641
  -1,803
  -1,972
  -2,148
  -2,332
  -2,523
  -2,721
  -2,928
  -3,143
  -3,366
  -3,597
  -3,838
  -4,088
  -4,349
Issuance/(repayment) of debt, $m
  0
  65
  81
  99
  119
  139
  161
  184
  207
  230
  253
  276
  298
  320
  341
  362
  382
  402
  422
  442
  461
  481
  500
  520
  541
  562
  584
  607
  631
  656
  683
Issuance/(repurchase) of shares, $m
  25
  155
  193
  237
  290
  352
  421
  500
  587
  683
  787
  896
  1,017
  1,146
  1,283
  1,427
  1,579
  1,738
  1,905
  2,079
  2,260
  2,448
  2,644
  2,847
  3,059
  3,279
  3,507
  3,744
  3,991
  4,247
  4,514
Cash from financing (excl. dividends), $m  
  36
  220
  274
  336
  409
  491
  582
  684
  794
  913
  1,040
  1,172
  1,315
  1,466
  1,624
  1,789
  1,961
  2,140
  2,327
  2,521
  2,721
  2,929
  3,144
  3,367
  3,600
  3,841
  4,091
  4,351
  4,622
  4,903
  5,197
Total cash flow (excl. dividends), $m
  -123
  85
  105
  127
  152
  178
  205
  233
  262
  290
  319
  342
  370
  397
  424
  450
  475
  500
  524
  548
  573
  597
  621
  646
  672
  698
  726
  754
  784
  815
  848
Retained Cash Flow (-), $m
  -6
  -155
  -193
  -237
  -290
  -352
  -421
  -500
  -587
  -683
  -787
  -896
  -1,017
  -1,146
  -1,283
  -1,427
  -1,579
  -1,738
  -1,905
  -2,079
  -2,260
  -2,448
  -2,644
  -2,847
  -3,059
  -3,279
  -3,507
  -3,744
  -3,991
  -4,247
  -4,514
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
 
  155
  -88
  -110
  -139
  -174
  -216
  -267
  -326
  -393
  -469
  -553
  -647
  -749
  -859
  -978
  -1,104
  -1,239
  -1,381
  -1,530
  -1,687
  -1,851
  -2,022
  -2,201
  -2,387
  -2,580
  -2,781
  -2,990
  -3,207
  -3,432
  -3,666
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
 
  148
  -80
  -96
  -114
  -135
  -157
  -180
  -203
  -226
  -246
  -263
  -276
  -285
  -288
  -287
  -281
  -270
  -254
  -236
  -214
  -191
  -168
  -144
  -122
  -100
  -81
  -64
  -50
  -37
  -28
Current shareholders' claim on cash, %
  100
  79.8
  65.0
  53.6
  44.8
  37.7
  32.0
  27.4
  23.5
  20.3
  17.6
  15.3
  13.3
  11.7
  10.2
  9.0
  7.9
  7.0
  6.1
  5.4
  4.8
  4.2
  3.8
  3.3
  3.0
  2.6
  2.3
  2.1
  1.8
  1.6
  1.5

Zendesk, Inc., a software development company, provides software-as-a-service products for organizations. Its flagship product includes Zendesk Support, a system for tracking, prioritizing, and solving customer support tickets across various channels. The company also offers Zendesk Chat, a live chat software to connect with customers on Websites, in applications, and on mobile devices; Zendesk Talk, a cloud-based call center software; Zendesk Help Center, a self-service destination with articles, interactive forums, and community; Zendesk Message, a customer messaging software; Zendesk Explore that makes customer data accessible across an organization; and Zendesk Connect, a customer intelligence software. It operates in approximately 150 countries and territories. Zendesk, Inc. was founded in 2007 and is headquartered in San Francisco, California.

FINANCIAL RATIOS  of  Zendesk (ZEN)

Valuation Ratios
P/E Ratio -24.8
Price to Sales 8.3
Price to Book 8.6
Price to Tangible Book
Price to Cash Flow 103
Price to Free Cash Flow -1287.1
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 36.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for 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 10 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 -10%. 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 93.229 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 $2.5 billion.

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COMPANY NEWS

▶ 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]
▶ Zendesk Launches First-Ever Certification Program   [May-03-17 12:00PM  Business Wire]
▶ [$$] Four Smaller Cloud Picks Ahead of Earnings   [Apr-27-17 03:38PM  Barrons.com]
▶ Bet on These 5 Liquid Stocks for Solid Returns   [Apr-07-17 09:49AM  Zacks]
▶ How Adobe Can Plug the Holes in Its Cloud   [Mar-23-17 05:40PM  TheStreet.com]
▶ How Adobe Can Plug the Holes in Its Cloud   [05:40PM  at TheStreet]
▶ [$$] Zuora Targets Oracle, SAP With New Board Member   [Mar-07-17 07:50AM  The Wall Street Journal]
▶ [$$] Zuora Targets Oracle, SAP With New Board Member   [07:50AM  at The Wall Street Journal]
▶ Zendesk Expands Chat Development Centre in Singapore   [Feb-21-17 10:30PM  Business Wire]
▶ 3 Top Small-Cap Stocks to Buy in February   [Feb-10-17 07:46AM  at Motley Fool]
▶ Why Shares of Zendesk Surged Higher Today   [12:34PM  at Motley Fool]
▶ Zendesk Closes Out 2016 With Strong Growth   [11:29AM  at Motley Fool]
▶ [$$] Three Software Picks for 2017 Growth   [Dec-16-16 04:49PM  at Barrons.com]
▶ Five Ways To Deliver Proactive Customer Service   [Dec-10-16 09:06AM  at Forbes]
▶ Here is What Hedge Funds Think About Zendesk Inc (ZEN)   [Dec-07-16 06:11PM  at Insider Monkey]
Stock chart of ZEN 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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