Intrinsic value of Zendesk - ZEN

Previous Close

$31.30

  Intrinsic Value

$0.63

stock screener

  Rating & Target

str. sell

-98%

Previous close

$31.30

 
Intrinsic value

$0.63

 
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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  49.28
  36.50
  33.35
  30.52
  27.96
  25.67
  23.60
  21.74
  20.07
  18.56
  17.20
  15.98
  14.89
  13.90
  13.01
  12.21
  11.49
  10.84
  10.25
  9.73
  9.26
  8.83
  8.45
  8.10
  7.79
  7.51
  7.26
  7.04
  6.83
  6.65
  6.48
Revenue, $m
  312
  426
  568
  741
  948
  1,192
  1,473
  1,794
  2,153
  2,553
  2,992
  3,471
  3,987
  4,541
  5,132
  5,758
  6,420
  7,115
  7,845
  8,608
  9,405
  10,235
  11,100
  11,999
  12,934
  13,906
  14,915
  15,965
  17,055
  18,189
  19,369
Variable operating expenses, $m
 
  512
  681
  887
  1,134
  1,424
  1,758
  2,140
  2,568
  3,044
  3,567
  4,132
  4,747
  5,407
  6,110
  6,856
  7,643
  8,471
  9,340
  10,249
  11,197
  12,186
  13,215
  14,286
  15,399
  16,556
  17,758
  19,007
  20,306
  21,656
  23,060
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
  554
  724
  931
  1,179
  1,470
  1,806
  2,189
  2,618
  3,095
  3,619
  4,186
  4,802
  5,464
  6,168
  6,915
  7,704
  8,533
  9,404
  10,315
  11,264
  12,255
  13,286
  14,358
  15,473
  16,632
  17,836
  19,087
  20,388
  21,740
  23,146
Operating income, $m
  -104
  -128
  -156
  -190
  -231
  -278
  -333
  -395
  -465
  -542
  -627
  -715
  -815
  -922
  -1,036
  -1,157
  -1,284
  -1,418
  -1,559
  -1,706
  -1,860
  -2,019
  -2,186
  -2,359
  -2,539
  -2,726
  -2,920
  -3,122
  -3,332
  -3,550
  -3,777
EBITDA, $m
  -76
  -104
  -126
  -152
  -184
  -220
  -263
  -311
  -364
  -424
  -489
  -560
  -637
  -719
  -807
  -900
  -998
  -1,101
  -1,209
  -1,322
  -1,440
  -1,563
  -1,691
  -1,824
  -1,962
  -2,106
  -2,255
  -2,410
  -2,572
  -2,739
  -2,913
Interest expense (income), $m
  0
  0
  2
  5
  8
  13
  17
  23
  29
  36
  44
  53
  62
  73
  84
  95
  108
  121
  134
  149
  164
  180
  196
  213
  231
  249
  268
  288
  309
  331
  353
Earnings before tax, $m
  -103
  -128
  -158
  -195
  -239
  -291
  -350
  -418
  -494
  -579
  -671
  -768
  -877
  -995
  -1,119
  -1,252
  -1,392
  -1,539
  -1,693
  -1,855
  -2,023
  -2,199
  -2,382
  -2,572
  -2,770
  -2,975
  -3,189
  -3,411
  -3,641
  -3,881
  -4,130
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
  -158
  -195
  -239
  -291
  -350
  -418
  -494
  -579
  -671
  -768
  -877
  -995
  -1,119
  -1,252
  -1,392
  -1,539
  -1,693
  -1,855
  -2,023
  -2,199
  -2,382
  -2,572
  -2,770
  -2,975
  -3,189
  -3,411
  -3,641
  -3,881
  -4,130

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
  341
  455
  594
  760
  955
  1,180
  1,437
  1,725
  2,046
  2,398
  2,781
  3,195
  3,639
  4,112
  4,614
  5,144
  5,701
  6,286
  6,898
  7,536
  8,201
  8,894
  9,615
  10,364
  11,142
  11,951
  12,792
  13,666
  14,575
  15,520
Adjusted assets (=assets-cash), $m
  250
  341
  455
  594
  760
  955
  1,180
  1,437
  1,725
  2,046
  2,398
  2,781
  3,195
  3,639
  4,112
  4,614
  5,144
  5,701
  6,286
  6,898
  7,536
  8,201
  8,894
  9,615
  10,364
  11,142
  11,951
  12,792
  13,666
  14,575
  15,520
Revenue / Adjusted assets
  1.248
  1.249
  1.248
  1.247
  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
Average production assets, $m
  70
  95
  127
  165
  212
  266
  329
  400
  480
  569
  667
  774
  889
  1,013
  1,144
  1,284
  1,432
  1,587
  1,749
  1,920
  2,097
  2,282
  2,475
  2,676
  2,884
  3,101
  3,326
  3,560
  3,803
  4,056
  4,319
Working capital, $m
  113
  -153
  -204
  -266
  -341
  -428
  -529
  -644
  -773
  -917
  -1,074
  -1,246
  -1,431
  -1,630
  -1,842
  -2,067
  -2,305
  -2,554
  -2,816
  -3,090
  -3,376
  -3,674
  -3,985
  -4,308
  -4,643
  -4,992
  -5,355
  -5,731
  -6,123
  -6,530
  -6,953
Total debt, $m
  0
  64
  144
  242
  359
  496
  655
  836
  1,039
  1,264
  1,512
  1,782
  2,073
  2,386
  2,719
  3,072
  3,445
  3,838
  4,249
  4,680
  5,129
  5,598
  6,085
  6,593
  7,120
  7,668
  8,238
  8,830
  9,445
  10,085
  10,750
Total liabilities, $m
  176
  240
  320
  418
  535
  672
  831
  1,012
  1,215
  1,440
  1,688
  1,958
  2,249
  2,562
  2,895
  3,248
  3,621
  4,014
  4,425
  4,856
  5,305
  5,774
  6,261
  6,769
  7,296
  7,844
  8,414
  9,006
  9,621
  10,261
  10,926
Total equity, $m
  299
  101
  135
  176
  225
  283
  349
  425
  511
  606
  710
  823
  946
  1,077
  1,217
  1,366
  1,523
  1,688
  1,861
  2,042
  2,231
  2,428
  2,633
  2,846
  3,068
  3,298
  3,538
  3,787
  4,045
  4,314
  4,594
Total liabilities and equity, $m
  475
  341
  455
  594
  760
  955
  1,180
  1,437
  1,726
  2,046
  2,398
  2,781
  3,195
  3,639
  4,112
  4,614
  5,144
  5,702
  6,286
  6,898
  7,536
  8,202
  8,894
  9,615
  10,364
  11,142
  11,952
  12,793
  13,666
  14,575
  15,520
Debt-to-equity ratio
  0.000
  0.640
  1.070
  1.380
  1.600
  1.760
  1.870
  1.960
  2.030
  2.090
  2.130
  2.160
  2.190
  2.210
  2.230
  2.250
  2.260
  2.270
  2.280
  2.290
  2.300
  2.310
  2.310
  2.320
  2.320
  2.330
  2.330
  2.330
  2.330
  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
  -158
  -195
  -239
  -291
  -350
  -418
  -494
  -579
  -671
  -768
  -877
  -995
  -1,119
  -1,252
  -1,392
  -1,539
  -1,693
  -1,855
  -2,023
  -2,199
  -2,382
  -2,572
  -2,770
  -2,975
  -3,189
  -3,411
  -3,641
  -3,881
  -4,130
Depreciation, amort., depletion, $m
  28
  23
  30
  38
  47
  58
  70
  84
  101
  118
  138
  155
  178
  203
  229
  257
  286
  317
  350
  384
  419
  456
  495
  535
  577
  620
  665
  712
  761
  811
  864
Funds from operations, $m
  49
  -104
  -128
  -157
  -192
  -233
  -280
  -333
  -394
  -460
  -534
  -613
  -700
  -792
  -891
  -995
  -1,106
  -1,222
  -1,343
  -1,471
  -1,604
  -1,742
  -1,887
  -2,037
  -2,193
  -2,355
  -2,524
  -2,699
  -2,881
  -3,070
  -3,266
Change in working capital, $m
  24
  -41
  -51
  -62
  -74
  -87
  -101
  -115
  -129
  -143
  -158
  -172
  -185
  -199
  -212
  -225
  -237
  -250
  -262
  -274
  -286
  -298
  -310
  -323
  -336
  -349
  -362
  -377
  -392
  -407
  -423
Cash from operations, $m
  25
  -63
  -77
  -95
  -118
  -146
  -179
  -218
  -264
  -317
  -376
  -442
  -514
  -593
  -679
  -770
  -868
  -972
  -1,082
  -1,197
  -1,318
  -1,444
  -1,576
  -1,714
  -1,857
  -2,006
  -2,161
  -2,322
  -2,489
  -2,663
  -2,843
Maintenance CAPEX, $m
  0
  -14
  -19
  -25
  -33
  -42
  -53
  -66
  -80
  -96
  -114
  -133
  -155
  -178
  -203
  -229
  -257
  -286
  -317
  -350
  -384
  -419
  -456
  -495
  -535
  -577
  -620
  -665
  -712
  -761
  -811
New CAPEX, $m
  -27
  -25
  -32
  -39
  -46
  -54
  -63
  -71
  -80
  -89
  -98
  -107
  -115
  -124
  -132
  -140
  -147
  -155
  -163
  -170
  -178
  -185
  -193
  -201
  -208
  -217
  -225
  -234
  -243
  -253
  -263
Cash from investing activities, $m
  -182
  -39
  -51
  -64
  -79
  -96
  -116
  -137
  -160
  -185
  -212
  -240
  -270
  -302
  -335
  -369
  -404
  -441
  -480
  -520
  -562
  -604
  -649
  -696
  -743
  -794
  -845
  -899
  -955
  -1,014
  -1,074
Free cash flow, $m
  -157
  -103
  -128
  -159
  -197
  -242
  -295
  -356
  -425
  -502
  -588
  -682
  -784
  -894
  -1,013
  -1,139
  -1,272
  -1,413
  -1,562
  -1,717
  -1,879
  -2,049
  -2,226
  -2,410
  -2,601
  -2,800
  -3,006
  -3,221
  -3,444
  -3,676
  -3,917
Issuance/(repayment) of debt, $m
  0
  64
  80
  98
  117
  137
  159
  181
  203
  225
  248
  270
  291
  313
  333
  353
  373
  392
  412
  430
  449
  468
  488
  507
  527
  548
  570
  592
  615
  640
  665
Issuance/(repurchase) of shares, $m
  25
  155
  192
  236
  288
  348
  417
  494
  579
  673
  776
  882
  1,000
  1,126
  1,260
  1,401
  1,549
  1,704
  1,866
  2,036
  2,212
  2,396
  2,587
  2,785
  2,992
  3,206
  3,428
  3,660
  3,900
  4,150
  4,410
Cash from financing (excl. dividends), $m  
  36
  219
  272
  334
  405
  485
  576
  675
  782
  898
  1,024
  1,152
  1,291
  1,439
  1,593
  1,754
  1,922
  2,096
  2,278
  2,466
  2,661
  2,864
  3,075
  3,292
  3,519
  3,754
  3,998
  4,252
  4,515
  4,790
  5,075
Total cash flow (excl. dividends), $m
  -123
  116
  144
  175
  208
  244
  281
  319
  358
  397
  436
  470
  507
  544
  580
  615
  649
  683
  716
  749
  782
  815
  849
  883
  918
  954
  991
  1,030
  1,071
  1,113
  1,158
Retained Cash Flow (-), $m
  -6
  -155
  -192
  -236
  -288
  -348
  -417
  -494
  -579
  -673
  -776
  -882
  -1,000
  -1,126
  -1,260
  -1,401
  -1,549
  -1,704
  -1,866
  -2,036
  -2,212
  -2,396
  -2,587
  -2,785
  -2,992
  -3,206
  -3,428
  -3,660
  -3,900
  -4,150
  -4,410
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
 
  187
  -48
  -61
  -80
  -105
  -136
  -175
  -222
  -276
  -340
  -412
  -493
  -582
  -680
  -785
  -899
  -1,021
  -1,150
  -1,286
  -1,430
  -1,581
  -1,738
  -1,902
  -2,074
  -2,252
  -2,437
  -2,629
  -2,829
  -3,037
  -3,252
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
 
  179
  -44
  -53
  -66
  -81
  -99
  -118
  -138
  -159
  -178
  -196
  -210
  -221
  -228
  -231
  -229
  -222
  -212
  -198
  -182
  -163
  -144
  -125
  -106
  -88
  -71
  -56
  -44
  -33
  -24
Current shareholders' claim on cash, %
  100
  82.7
  69.5
  59.1
  50.8
  44.0
  38.3
  33.6
  29.6
  26.1
  23.2
  20.6
  18.4
  16.4
  14.7
  13.2
  11.8
  10.6
  9.6
  8.6
  7.8
  7.0
  6.4
  5.8
  5.2
  4.7
  4.3
  3.9
  3.5
  3.2
  2.9

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 -29.1
Price to Sales 9.7
Price to Book 10.1
Price to Tangible Book
Price to Cash Flow 121.1
Price to Free Cash Flow -1513.4
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 36.5% 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 100.639 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 $3.2 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
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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