Intrinsic value of Zynga - ZNGA

Previous Close

$4.01

  Intrinsic Value

$0.28

stock screener

  Rating & Target

str. sell

-93%

Previous close

$4.01

 
Intrinsic value

$0.28

 
Up/down potential

-93%

 
Rating

str. sell

We calculate the intrinsic value of ZNGA 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 3.5

 

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, %
  -3.14
  14.80
  13.82
  12.94
  12.14
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.63
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
Revenue, $m
  741
  851
  968
  1,093
  1,226
  1,366
  1,514
  1,668
  1,830
  1,999
  2,175
  2,358
  2,548
  2,746
  2,952
  3,165
  3,387
  3,618
  3,858
  4,108
  4,368
  4,638
  4,920
  5,213
  5,519
  5,838
  6,171
  6,519
  6,882
  7,262
  7,658
Variable operating expenses, $m
 
  1,003
  1,133
  1,272
  1,419
  1,574
  1,738
  1,909
  2,088
  2,274
  2,469
  2,610
  2,821
  3,040
  3,268
  3,505
  3,751
  4,006
  4,272
  4,549
  4,836
  5,136
  5,448
  5,773
  6,111
  6,465
  6,834
  7,218
  7,621
  8,041
  8,480
Fixed operating expenses, $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
Total operating expenses, $m
  856
  1,003
  1,133
  1,272
  1,419
  1,574
  1,738
  1,909
  2,088
  2,274
  2,469
  2,610
  2,821
  3,040
  3,268
  3,505
  3,751
  4,006
  4,272
  4,549
  4,836
  5,136
  5,448
  5,773
  6,111
  6,465
  6,834
  7,218
  7,621
  8,041
  8,480
Operating income, $m
  -114
  -153
  -165
  -179
  -193
  -208
  -224
  -240
  -258
  -276
  -295
  -253
  -273
  -295
  -317
  -340
  -363
  -388
  -414
  -441
  -469
  -498
  -528
  -559
  -592
  -626
  -662
  -699
  -738
  -779
  -822
EBITDA, $m
  -72
  -75
  -86
  -97
  -109
  -121
  -134
  -148
  -162
  -177
  -192
  -209
  -226
  -243
  -261
  -280
  -300
  -320
  -341
  -364
  -387
  -411
  -435
  -461
  -489
  -517
  -546
  -577
  -609
  -643
  -678
Interest expense (income), $m
  0
  0
  2
  3
  5
  7
  10
  12
  14
  17
  19
  22
  25
  28
  31
  34
  37
  41
  44
  48
  52
  56
  60
  64
  69
  73
  78
  83
  89
  94
  100
Earnings before tax, $m
  -105
  -153
  -167
  -182
  -198
  -215
  -233
  -252
  -272
  -292
  -314
  -275
  -298
  -322
  -347
  -373
  -401
  -429
  -458
  -488
  -520
  -553
  -588
  -623
  -661
  -700
  -740
  -783
  -827
  -873
  -922
Tax expense, $m
  3
  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
  -108
  -153
  -167
  -182
  -198
  -215
  -233
  -252
  -272
  -292
  -314
  -275
  -298
  -322
  -347
  -373
  -401
  -429
  -458
  -488
  -520
  -553
  -588
  -623
  -661
  -700
  -740
  -783
  -827
  -873
  -922

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  852
  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
  1,906
  1,210
  1,377
  1,555
  1,744
  1,944
  2,153
  2,373
  2,603
  2,843
  3,093
  3,354
  3,624
  3,906
  4,199
  4,503
  4,819
  5,147
  5,488
  5,844
  6,213
  6,598
  6,998
  7,416
  7,851
  8,305
  8,779
  9,273
  9,790
  10,330
  10,894
Adjusted assets (=assets-cash), $m
  1,054
  1,210
  1,377
  1,555
  1,744
  1,944
  2,153
  2,373
  2,603
  2,843
  3,093
  3,354
  3,624
  3,906
  4,199
  4,503
  4,819
  5,147
  5,488
  5,844
  6,213
  6,598
  6,998
  7,416
  7,851
  8,305
  8,779
  9,273
  9,790
  10,330
  10,894
Revenue / Adjusted assets
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
Average production assets, $m
  316
  362
  412
  466
  522
  582
  645
  711
  780
  851
  926
  1,004
  1,085
  1,170
  1,257
  1,348
  1,443
  1,541
  1,644
  1,750
  1,861
  1,976
  2,096
  2,221
  2,351
  2,487
  2,629
  2,777
  2,932
  3,093
  3,262
Working capital, $m
  721
  -151
  -171
  -194
  -217
  -242
  -268
  -295
  -324
  -354
  -385
  -417
  -451
  -486
  -522
  -560
  -600
  -640
  -683
  -727
  -773
  -821
  -871
  -923
  -977
  -1,033
  -1,092
  -1,154
  -1,218
  -1,285
  -1,356
Total debt, $m
  0
  48
  99
  154
  212
  274
  338
  406
  477
  551
  628
  708
  791
  878
  968
  1,062
  1,159
  1,260
  1,365
  1,475
  1,589
  1,707
  1,831
  1,959
  2,093
  2,233
  2,379
  2,531
  2,690
  2,856
  3,030
Total liabilities, $m
  325
  373
  424
  479
  537
  599
  663
  731
  802
  876
  953
  1,033
  1,116
  1,203
  1,293
  1,387
  1,484
  1,585
  1,690
  1,800
  1,914
  2,032
  2,156
  2,284
  2,418
  2,558
  2,704
  2,856
  3,015
  3,181
  3,355
Total equity, $m
  1,581
  837
  953
  1,076
  1,207
  1,345
  1,490
  1,642
  1,801
  1,967
  2,141
  2,321
  2,508
  2,703
  2,905
  3,116
  3,334
  3,562
  3,798
  4,044
  4,300
  4,566
  4,843
  5,132
  5,433
  5,747
  6,075
  6,417
  6,775
  7,148
  7,538
Total liabilities and equity, $m
  1,906
  1,210
  1,377
  1,555
  1,744
  1,944
  2,153
  2,373
  2,603
  2,843
  3,094
  3,354
  3,624
  3,906
  4,198
  4,503
  4,818
  5,147
  5,488
  5,844
  6,214
  6,598
  6,999
  7,416
  7,851
  8,305
  8,779
  9,273
  9,790
  10,329
  10,893
Debt-to-equity ratio
  0.000
  0.060
  0.100
  0.140
  0.180
  0.200
  0.230
  0.250
  0.260
  0.280
  0.290
  0.310
  0.320
  0.320
  0.330
  0.340
  0.350
  0.350
  0.360
  0.360
  0.370
  0.370
  0.380
  0.380
  0.390
  0.390
  0.390
  0.390
  0.400
  0.400
  0.400
Adjusted equity ratio
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -108
  -153
  -167
  -182
  -198
  -215
  -233
  -252
  -272
  -292
  -314
  -275
  -298
  -322
  -347
  -373
  -401
  -429
  -458
  -488
  -520
  -553
  -588
  -623
  -661
  -700
  -740
  -783
  -827
  -873
  -922
Depreciation, amort., depletion, $m
  42
  77
  79
  82
  84
  87
  90
  93
  96
  99
  102
  44
  48
  52
  55
  59
  64
  68
  72
  77
  82
  87
  92
  98
  104
  110
  116
  122
  129
  136
  144
Funds from operations, $m
  60
  -75
  -87
  -100
  -114
  -128
  -144
  -160
  -176
  -194
  -212
  -231
  -250
  -271
  -292
  -314
  -337
  -361
  -386
  -411
  -438
  -466
  -495
  -525
  -557
  -590
  -624
  -660
  -698
  -737
  -778
Change in working capital, $m
  0
  -19
  -21
  -22
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -62
  -64
  -67
  -70
Cash from operations, $m
  60
  -56
  -67
  -78
  -90
  -104
  -117
  -132
  -148
  -164
  -181
  -198
  -217
  -236
  -256
  -276
  -298
  -320
  -343
  -367
  -392
  -418
  -445
  -474
  -503
  -534
  -565
  -599
  -633
  -670
  -708
Maintenance CAPEX, $m
  0
  -14
  -16
  -18
  -21
  -23
  -26
  -28
  -31
  -34
  -38
  -41
  -44
  -48
  -52
  -55
  -59
  -64
  -68
  -72
  -77
  -82
  -87
  -92
  -98
  -104
  -110
  -116
  -122
  -129
  -136
New CAPEX, $m
  -10
  -46
  -50
  -53
  -57
  -60
  -63
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -98
  -102
  -106
  -111
  -115
  -120
  -125
  -130
  -136
  -142
  -148
  -155
  -162
  -169
Cash from investing activities, $m
  204
  -60
  -66
  -71
  -78
  -83
  -89
  -94
  -100
  -106
  -113
  -119
  -125
  -132
  -140
  -146
  -154
  -162
  -170
  -178
  -188
  -197
  -207
  -217
  -228
  -240
  -252
  -264
  -277
  -291
  -305
Free cash flow, $m
  264
  -116
  -133
  -150
  -168
  -186
  -206
  -226
  -248
  -270
  -293
  -317
  -342
  -368
  -395
  -423
  -452
  -482
  -513
  -546
  -580
  -615
  -652
  -691
  -731
  -773
  -817
  -863
  -910
  -960
  -1,013
Issuance/(repayment) of debt, $m
  0
  48
  52
  55
  58
  61
  65
  68
  71
  74
  77
  80
  83
  87
  90
  94
  97
  101
  105
  109
  114
  118
  123
  129
  134
  140
  146
  152
  159
  166
  174
Issuance/(repurchase) of shares, $m
  -137
  261
  283
  305
  329
  353
  378
  404
  431
  458
  487
  455
  486
  517
  550
  584
  619
  656
  694
  734
  776
  819
  865
  912
  962
  1,014
  1,068
  1,125
  1,184
  1,247
  1,312
Cash from financing (excl. dividends), $m  
  -150
  309
  335
  360
  387
  414
  443
  472
  502
  532
  564
  535
  569
  604
  640
  678
  716
  757
  799
  843
  890
  937
  988
  1,041
  1,096
  1,154
  1,214
  1,277
  1,343
  1,413
  1,486
Total cash flow (excl. dividends), $m
  110
  192
  201
  211
  220
  228
  237
  246
  254
  262
  271
  218
  227
  236
  245
  255
  265
  275
  286
  298
  310
  322
  336
  350
  365
  380
  397
  414
  433
  452
  473
Retained Cash Flow (-), $m
  206
  -261
  -283
  -305
  -329
  -353
  -378
  -404
  -431
  -458
  -487
  -455
  -486
  -517
  -550
  -584
  -619
  -656
  -694
  -734
  -776
  -819
  -865
  -912
  -962
  -1,014
  -1,068
  -1,125
  -1,184
  -1,247
  -1,312
Prev. year cash balance distribution, $m
 
  852
  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
 
  784
  -81
  -95
  -109
  -125
  -141
  -159
  -177
  -196
  -216
  -237
  -259
  -281
  -305
  -329
  -354
  -381
  -408
  -437
  -466
  -497
  -529
  -562
  -597
  -633
  -671
  -710
  -751
  -794
  -839
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
 
  751
  -74
  -82
  -90
  -97
  -103
  -107
  -111
  -113
  -113
  -112
  -110
  -107
  -102
  -97
  -90
  -83
  -75
  -67
  -59
  -51
  -44
  -37
  -30
  -25
  -20
  -15
  -12
  -9
  -6
Current shareholders' claim on cash, %
  100
  86.0
  74.5
  65.0
  57.1
  50.4
  44.6
  39.7
  35.5
  31.8
  28.6
  26.1
  23.8
  21.8
  19.9
  18.2
  16.7
  15.3
  14.1
  13.0
  11.9
  11.0
  10.1
  9.3
  8.6
  7.9
  7.3
  6.7
  6.2
  5.7
  5.3

Zynga Inc. is a provider of social game services. The Company develops, markets and operates social games as live services played on mobile platforms, such as iPhone Operating System (iOS) operating system and Android operating system and social networking sites, such as Facebook. The Company has developed a range of social games, including games in its Slots, Words With Friends, Zynga Poker and FarmVille franchises. It operates its games as live services and updates them with new features. It analyzes the data generated by its players' game play and social interactions to guide the creation of new content and features. The Company operates its games as live services that are available anytime and anywhere. The Company invests in game categories, including Social Casino, Casual, Action Strategy and Invest Express. Social Casino includes Zynga Poker and its Slots games, such as Hit It Rich! Slots, Wizard of Oz Slots, Willy Wonka and the Chocolate Factory Slots, and Black Diamond Casino.

FINANCIAL RATIOS  of  Zynga (ZNGA)

Valuation Ratios
P/E Ratio -32.9
Price to Sales 4.8
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 59.3
Price to Free Cash Flow 71.1
Growth Rates
Sales Growth Rate -3.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 25%
Cap. Spend. - 3 Yr. Gr. Rate 4.6%
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 -5.4%
Ret/ On Assets - 3 Yr. Avg. -6.9%
Return On Total Capital -6.4%
Ret/ On T. Cap. - 3 Yr. Avg. -8.3%
Return On Equity -6.4%
Return On Equity - 3 Yr. Avg. -8.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 67.9%
Gross Margin - 3 Yr. Avg. 68.7%
EBITDA Margin -8.5%
EBITDA Margin - 3 Yr. Avg. -13.4%
Operating Margin -15.5%
Oper. Margin - 3 Yr. Avg. -23.4%
Pre-Tax Margin -14.2%
Pre-Tax Margin - 3 Yr. Avg. -21.6%
Net Profit Margin -14.6%
Net Profit Margin - 3 Yr. Avg. -21.1%
Effective Tax Rate -2.9%
Eff/ Tax Rate - 3 Yr. Avg. 2.1%
Payout Ratio 0%

ZNGA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ZNGA stock intrinsic value calculation we used $741 million for the last fiscal year's total revenue generated by Zynga. The default revenue input number comes from 2016 income statement of Zynga. 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 ZNGA stock valuation model: a) initial revenue growth rate of 14.8% 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 ZNGA is calculated based on our internal credit rating of Zynga, 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 Zynga.
    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 ZNGA stock the variable cost ratio is equal to 119%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ZNGA 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 Zynga.

Corporate tax rate of 27% is the nominal tax rate for Zynga. 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 ZNGA 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 ZNGA are equal to 42.6%.

Life of production assets of 22.7 years is the average useful life of capital assets used in Zynga 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 ZNGA is equal to -17.7%. 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 - $1581 million for Zynga - 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 865.482 million for Zynga 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 Zynga at the current share price and the inputted number of shares is $3.5 billion.

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COMPANY NEWS

▶ Chart in Focus: Zyngas Balance Sheet   [Dec-14-17 12:53PM  Market Realist]
▶ A Look at Zyngas Bottom Line for 3Q17   [12:53PM  Market Realist]
▶ How Is Zyngas Top Line Trending after Its 3Q17 Results?   [Dec-13-17 09:39PM  Market Realist]
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▶ Inside the Profit Margins of the 4 Biggest Gaming Companies   [Dec-05-17 02:55PM  Market Realist]
▶ Zynga Spends $100 Million to Boost Card Business   [Nov-29-17 01:05PM  Market Realist]
▶ Zynga to Present at the Nasdaq Investor Conference   [Nov-22-17 09:00AM  GlobeNewswire]
▶ Electronic Arts Inc. Just Taught the Industry a Key Lesson   [Nov-17-17 12:22PM  InvestorPlace]
▶ [$$] How Mobile Games Keep Aging Well   [12:18AM  The Wall Street Journal]
▶ Why Zynga Stock Popped 10% This Morning   [12:52PM  Motley Fool]
▶ Zynga meets 3Q profit forecasts   [04:45PM  Associated Press]
▶ Zynga Stock Has a Lot to Prove on Tuesday   [Nov-06-17 02:07PM  Motley Fool]
▶ 3 Top Companies That Are Going to the Dogs   [Nov-03-17 11:50PM  Kiplinger]
▶ The Rise Of Microtransactions   [09:29PM  Gamespot Videos]
▶ How Facebook and Alphabet Are Paving Way for Zynga   [Nov-02-17 05:50PM  Market Realist]
▶ Did Zyngas Top-Line Growth Continue in 3Q17?   [04:20PM  Market Realist]
▶ Zynga to Present at the UBS Global Technology Conference   [Oct-31-17 09:00AM  GlobeNewswire]
▶ Zynga Closing Its Oxford Office   [Oct-30-17 07:33AM  Market Realist]
▶ ETFs with exposure to Zynga, Inc. : October 26, 2017   [Oct-26-17 10:56AM  Capital Cube]
▶ ETFs with exposure to Zynga, Inc. : October 16, 2017   [Oct-16-17 10:01AM  Capital Cube]
▶ Teens use Instagram more while abandoning Facebook: Survey   [Oct-11-17 10:52AM  Yahoo Finance Video]
▶ Yahoo Finance Live: Market Movers - Oct 11th, 2017   [07:20AM  Yahoo Finance Video]
▶ ETFs with exposure to Zynga, Inc. : October 5, 2017   [Oct-05-17 11:27AM  Capital Cube]
▶ Analyzing Zyngas Fundamentals   [07:40AM  Market Realist]
▶ Zyngas Need for a Stronger International Presence   [Sep-28-17 10:41AM  Market Realist]
▶ Assigning Value to Zyngas Audience   [09:10AM  Market Realist]
▶ Zyngas Plans for Its Advertising Business   [07:43AM  Market Realist]
▶ How Live Services Affect Zynga   [Sep-27-17 05:31PM  Market Realist]
▶ Parsing Zyngas Mobile Metrics   [05:31PM  Market Realist]
▶ Gaming Companies Improving Bottom Lines and Profit Margins   [Sep-25-17 10:38AM  Market Realist]
▶ How Analysts View Gaming Stocks   [Sep-22-17 11:36AM  Market Realist]
▶ Words With Friends adds 50,000 pop culture words   [Sep-19-17 10:04AM  Associated Press]
▶ Words With Friends adds 50,000 pop culture words   [10:02AM  Associated Press]
▶ 3 Things That Could Bring Zynga Down   [Sep-06-17 09:06PM  Motley Fool]
▶ 5 Key Metrics for Zynga Investors to Focus On   [Sep-04-17 08:17AM  Motley Fool]
▶ 2 Ways That Zynga Is Losing to the Competition   [Aug-20-17 11:11AM  Motley Fool]
▶ Angry Bird Maker Rovio Plans to Crash IPO Market   [Aug-14-17 12:15PM  Bloomberg Video]
▶ Is Angry Birds creator Rovio headed for an IPO?   [10:49AM  Yahoo Finance Video]
▶ Facebook Watch Intensifies the Bull Case for FB Stock   [Aug-10-17 12:32PM  InvestorPlace]
Financial statements of ZNGA
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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