Intrinsic value of Zynga - ZNGA

Previous Close

$3.62

  Intrinsic Value

$0.28

stock screener

  Rating & Target

str. sell

-92%

  Value-price divergence*

-106%

Previous close

$3.62

 
Intrinsic value

$0.28

 
Up/down potential

-92%

 
Rating

str. sell

 
Value-price divergence*

-106%

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

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 3.2

 

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, %
  -3.14
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
Revenue, $m
  741
  768
  798
  829
  863
  899
  937
  977
  1,020
  1,065
  1,113
  1,164
  1,217
  1,274
  1,333
  1,396
  1,462
  1,531
  1,605
  1,682
  1,763
  1,848
  1,938
  2,032
  2,132
  2,236
  2,346
  2,461
  2,582
  2,710
  2,843
Variable operating expenses, $m
 
  912
  945
  980
  1,017
  1,056
  1,099
  1,143
  1,191
  1,241
  1,294
  1,289
  1,348
  1,410
  1,476
  1,545
  1,619
  1,696
  1,777
  1,862
  1,952
  2,046
  2,146
  2,250
  2,360
  2,476
  2,597
  2,725
  2,859
  3,000
  3,148
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
  912
  945
  980
  1,017
  1,056
  1,099
  1,143
  1,191
  1,241
  1,294
  1,289
  1,348
  1,410
  1,476
  1,545
  1,619
  1,696
  1,777
  1,862
  1,952
  2,046
  2,146
  2,250
  2,360
  2,476
  2,597
  2,725
  2,859
  3,000
  3,148
Operating income, $m
  -114
  -144
  -147
  -150
  -154
  -158
  -162
  -166
  -171
  -176
  -181
  -125
  -131
  -137
  -143
  -150
  -157
  -164
  -172
  -180
  -189
  -198
  -208
  -218
  -229
  -240
  -252
  -264
  -277
  -291
  -305
EBITDA, $m
  -72
  -68
  -71
  -73
  -76
  -80
  -83
  -86
  -90
  -94
  -99
  -103
  -108
  -113
  -118
  -124
  -129
  -136
  -142
  -149
  -156
  -164
  -172
  -180
  -189
  -198
  -208
  -218
  -229
  -240
  -252
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  2
  3
  4
  4
  5
  6
  6
  7
  8
  9
  10
  11
  12
  13
  14
  16
  17
  18
  20
  21
  23
  25
  26
  28
  30
Earnings before tax, $m
  -105
  -144
  -147
  -151
  -155
  -160
  -164
  -169
  -174
  -180
  -186
  -131
  -137
  -144
  -151
  -159
  -167
  -175
  -184
  -194
  -204
  -214
  -225
  -236
  -248
  -261
  -275
  -289
  -303
  -319
  -335
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
  -144
  -147
  -151
  -155
  -160
  -164
  -169
  -174
  -180
  -186
  -131
  -137
  -144
  -151
  -159
  -167
  -175
  -184
  -194
  -204
  -214
  -225
  -236
  -248
  -261
  -275
  -289
  -303
  -319
  -335

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
  1,093
  1,135
  1,180
  1,228
  1,278
  1,333
  1,390
  1,451
  1,515
  1,583
  1,655
  1,731
  1,812
  1,896
  1,985
  2,079
  2,178
  2,282
  2,392
  2,508
  2,629
  2,757
  2,891
  3,032
  3,181
  3,337
  3,501
  3,673
  3,854
  4,045
Adjusted assets (=assets-cash), $m
  1,054
  1,093
  1,135
  1,180
  1,228
  1,278
  1,333
  1,390
  1,451
  1,515
  1,583
  1,655
  1,731
  1,812
  1,896
  1,985
  2,079
  2,178
  2,282
  2,392
  2,508
  2,629
  2,757
  2,891
  3,032
  3,181
  3,337
  3,501
  3,673
  3,854
  4,045
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
  327
  340
  353
  368
  383
  399
  416
  434
  454
  474
  496
  519
  543
  568
  595
  623
  652
  684
  716
  751
  787
  826
  866
  908
  953
  999
  1,048
  1,100
  1,154
  1,211
Working capital, $m
  721
  -77
  -80
  -83
  -86
  -90
  -94
  -98
  -102
  -107
  -111
  -116
  -122
  -127
  -133
  -140
  -146
  -153
  -160
  -168
  -176
  -185
  -194
  -203
  -213
  -224
  -235
  -246
  -258
  -271
  -284
Total debt, $m
  0
  12
  25
  38
  53
  69
  85
  103
  122
  142
  163
  185
  208
  233
  259
  286
  315
  346
  378
  412
  447
  485
  524
  565
  609
  655
  703
  753
  806
  862
  921
Total liabilities, $m
  325
  337
  350
  363
  378
  394
  410
  428
  447
  467
  488
  510
  533
  558
  584
  611
  640
  671
  703
  737
  772
  810
  849
  890
  934
  980
  1,028
  1,078
  1,131
  1,187
  1,246
Total equity, $m
  1,581
  756
  785
  816
  849
  885
  922
  962
  1,004
  1,049
  1,096
  1,146
  1,198
  1,254
  1,312
  1,374
  1,439
  1,507
  1,579
  1,655
  1,735
  1,819
  1,908
  2,001
  2,098
  2,201
  2,309
  2,422
  2,542
  2,667
  2,799
Total liabilities and equity, $m
  1,906
  1,093
  1,135
  1,179
  1,227
  1,279
  1,332
  1,390
  1,451
  1,516
  1,584
  1,656
  1,731
  1,812
  1,896
  1,985
  2,079
  2,178
  2,282
  2,392
  2,507
  2,629
  2,757
  2,891
  3,032
  3,181
  3,337
  3,500
  3,673
  3,854
  4,045
Debt-to-equity ratio
  0.000
  0.020
  0.030
  0.050
  0.060
  0.080
  0.090
  0.110
  0.120
  0.140
  0.150
  0.160
  0.170
  0.190
  0.200
  0.210
  0.220
  0.230
  0.240
  0.250
  0.260
  0.270
  0.270
  0.280
  0.290
  0.300
  0.300
  0.310
  0.320
  0.320
  0.330
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
  -144
  -147
  -151
  -155
  -160
  -164
  -169
  -174
  -180
  -186
  -131
  -137
  -144
  -151
  -159
  -167
  -175
  -184
  -194
  -204
  -214
  -225
  -236
  -248
  -261
  -275
  -289
  -303
  -319
  -335
Depreciation, amort., depletion, $m
  42
  76
  76
  77
  77
  78
  79
  80
  80
  81
  82
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  51
  53
Funds from operations, $m
  60
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -94
  -99
  -103
  -109
  -114
  -120
  -126
  -133
  -139
  -147
  -154
  -162
  -170
  -179
  -188
  -198
  -208
  -219
  -231
  -242
  -255
  -268
  -282
Change in working capital, $m
  0
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
Cash from operations, $m
  60
  -65
  -68
  -71
  -74
  -78
  -82
  -85
  -90
  -94
  -99
  -104
  -109
  -114
  -120
  -126
  -133
  -140
  -147
  -154
  -162
  -171
  -180
  -189
  -199
  -209
  -220
  -231
  -243
  -255
  -268
Maintenance CAPEX, $m
  0
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
New CAPEX, $m
  -10
  -11
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -54
  -57
Cash from investing activities, $m
  204
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -67
  -69
  -73
  -76
  -80
  -84
  -89
  -93
  -98
  -102
  -108
Free cash flow, $m
  264
  -91
  -95
  -100
  -104
  -109
  -115
  -120
  -126
  -132
  -139
  -146
  -153
  -161
  -169
  -178
  -187
  -197
  -207
  -217
  -228
  -240
  -252
  -265
  -279
  -293
  -308
  -324
  -341
  -358
  -376
Issuance/(repayment) of debt, $m
  0
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  36
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
Issuance/(repurchase) of shares, $m
  -137
  171
  176
  182
  188
  195
  202
  209
  216
  224
  233
  180
  190
  199
  210
  220
  232
  244
  256
  270
  283
  298
  313
  329
  346
  364
  383
  402
  423
  444
  467
Cash from financing (excl. dividends), $m  
  -150
  183
  189
  196
  203
  211
  219
  227
  235
  244
  254
  202
  213
  224
  236
  247
  261
  274
  288
  304
  319
  335
  352
  370
  389
  410
  431
  453
  476
  500
  526
Total cash flow (excl. dividends), $m
  110
  92
  94
  96
  99
  101
  104
  106
  109
  112
  115
  56
  60
  63
  66
  70
  74
  78
  82
  86
  90
  95
  100
  105
  111
  116
  122
  129
  135
  142
  149
Retained Cash Flow (-), $m
  206
  -171
  -176
  -182
  -188
  -195
  -202
  -209
  -216
  -224
  -233
  -180
  -190
  -199
  -210
  -220
  -232
  -244
  -256
  -270
  -283
  -298
  -313
  -329
  -346
  -364
  -383
  -402
  -423
  -444
  -467
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
 
  773
  -82
  -86
  -90
  -94
  -98
  -103
  -107
  -113
  -118
  -124
  -130
  -137
  -143
  -151
  -158
  -166
  -175
  -184
  -193
  -203
  -213
  -224
  -235
  -248
  -260
  -274
  -288
  -302
  -318
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
 
  741
  -75
  -75
  -74
  -73
  -71
  -69
  -67
  -65
  -62
  -59
  -55
  -52
  -48
  -44
  -40
  -36
  -32
  -28
  -25
  -21
  -18
  -15
  -12
  -10
  -8
  -6
  -4
  -3
  -2
Current shareholders' claim on cash, %
  100
  89.5
  80.2
  71.9
  64.5
  57.9
  52.0
  46.8
  42.1
  37.9
  34.1
  31.5
  29.1
  26.9
  24.8
  22.9
  21.1
  19.5
  18.0
  16.6
  15.3
  14.1
  13.0
  11.9
  11.0
  10.1
  9.3
  8.6
  7.9
  7.3
  6.7

Zynga Inc. develops, markets, and operates social games as live services played on the Internet, social networking sites, and mobile platforms in the United States and internationally. It offers its online social games primarily under the Slots, Words With Friends, Zynga Poker, and FarmVille franchises. The company’s games are accessible on mobile platforms, Facebook, and other social networks, as well as Zynga.com. It also provides advertising services to advertising agencies and brokers. The company was formerly known as Zynga Game Network Inc. and changed its name to Zynga Inc. in November 2010. Zynga Inc. was founded in 2007 and is headquartered in San Francisco, California.

FINANCIAL RATIOS  of  Zynga (ZNGA)

Valuation Ratios
P/E Ratio -29.7
Price to Sales 4.3
Price to Book 2
Price to Tangible Book
Price to Cash Flow 53.5
Price to Free Cash Flow 64.2
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 0.1
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 3.7% 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 -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 - $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 878.229 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 $3.2 billion.

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COMPANY NEWS

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▶ A Quick Survey of Snaps Financial Metrics   [10:38AM  Market Realist]
▶ 5 Things Zynga Management Wants You to Know   [Aug-05-17 08:06AM  Motley Fool]
▶ Zynga meets 2Q profit forecasts   [Aug-02-17 06:30PM  Associated Press]
▶ Here's the Blueprint for Zynga's Comeback   [Aug-01-17 07:31PM  Motley Fool]
▶ Zynga, Inc. Value Analysis (NASDAQ:ZNGA) : August 1, 2017   [Jul-31-17 08:14PM  Capital Cube]
▶ What to Look for When Zynga Reports Q2 2017 Results   [Jul-29-17 10:03AM  Motley Fool]
▶ A Closer Look at Zyngas Valuation   [Jul-25-17 10:39AM  Market Realist]
▶ Why Zynga Relies on Innovation   [09:11AM  Market Realist]
▶ The Drivers behind Zynga Pokers Success   [Jul-24-17 01:51PM  Market Realist]
▶ A Look at Zyngas 3 Pillars   [01:51PM  Market Realist]
▶ Understanding Zyngas Strategy Shift   [01:51PM  Market Realist]
▶ Has Zynga's Rekindled Growth Just Begun?   [Jul-18-17 07:01AM  Motley Fool]
▶ Zynga History: Everything Investors Need to Know   [Jul-15-17 08:33PM  Motley Fool]
▶ [$$] Multiple Nasdaq stocks see prices changed to $123.47   [Jul-03-17 10:17PM  Financial Times]
▶ 3 Mobile Stocks Set to Pop   [Jun-29-17 09:36AM  Motley Fool]
▶ 'Words With Friends' Game Publisher Called 'Best Idea' Stock Pick   [Jun-23-17 04:02PM  Investor's Business Daily]
▶ Understanding Zyngas Stock Price and Valuations   [Jun-19-17 10:37AM  Market Realist]
▶ How the Rise of Ad-Filters Could Impact Zynga   [09:07AM  Market Realist]
▶ Inside Zyngas Share Buyback Program   [Jun-16-17 02:35PM  Market Realist]
▶ These Developments Sent Zynga Soaring in May   [01:05PM  Market Realist]
▶ Why Morgan Stanley Is Bullish on Zynga   [11:14AM  Market Realist]
▶ 3 Stocks That Could Double Your Money   [Jun-12-17 11:23AM  Motley Fool]
▶ Alibaba 'Leverage' Hailed, Snap Cut On Users, Zynga Upgraded   [Jun-09-17 04:17PM  Investor's Business Daily]
▶ Zynga Stock Jumps on Morgan Stanley Upgrade   [10:11AM  TheStreet.com]
▶ [$$] Game Makers in Play for Upside   [Jun-08-17 11:42AM  Barrons.com]
▶ Wait, What About Mobile Games?   [08:00AM  Motley Fool]
▶ Zyngas Revenues Rose 4% Year-over-Year in May 2017   [Jun-05-17 04:50PM  Market Realist]
▶ How Zynga Inc. Gained 21.8% in May   [Jun-02-17 05:31PM  Motley Fool]
▶ ETFs with exposure to Zynga, Inc. : May 22, 2017   [May-22-17 02:21PM  Capital Cube]
▶ 5 Worst Ideas Zynga Ever Had (ZNGA)   [May-19-17 03:07PM  Investopedia]
▶ Top Gainers in the Tech Sector during the Week Ended May 5   [May-15-17 09:08AM  Market Realist]
▶ ETFs with exposure to Zynga, Inc. : May 11, 2017   [May-11-17 05:50PM  Capital Cube]
▶ The top iPhone and iPad apps on App Store   [May-09-17 03:56PM  Associated Press]
▶ Why Zynga Inc Stock Popped Today   [04:26PM  Motley Fool]
Stock chart of ZNGA 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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