Intrinsic value of AppFolio - APPF

Previous Close

$57.15

  Intrinsic Value

$192.09

stock screener

  Rating & Target

str. buy

+236%

Previous close

$57.15

 
Intrinsic value

$192.09

 
Up/down potential

+236%

 
Rating

str. buy

We calculate the intrinsic value of APPF 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 0001), $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 0.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  31.70
  29.03
  26.63
  24.46
  22.52
  20.77
  19.19
  17.77
  16.49
  15.34
  14.31
  13.38
  12.54
  11.79
  11.11
  10.50
  9.95
  9.45
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
  6.26
Revenue, $m
  189
  244
  309
  385
  472
  570
  679
  800
  932
  1,075
  1,229
  1,393
  1,568
  1,752
  1,947
  2,152
  2,366
  2,589
  2,822
  3,065
  3,318
  3,581
  3,854
  4,138
  4,433
  4,740
  5,058
  5,390
  5,735
  6,094
Variable operating expenses, $m
  100
  129
  163
  202
  246
  297
  354
  416
  484
  558
  635
  720
  810
  906
  1,006
  1,112
  1,223
  1,338
  1,459
  1,584
  1,715
  1,851
  1,992
  2,139
  2,291
  2,450
  2,615
  2,786
  2,964
  3,150
Fixed operating expenses, $m
  60
  62
  63
  64
  66
  67
  69
  70
  72
  73
  75
  77
  78
  80
  82
  84
  85
  87
  89
  91
  93
  95
  97
  99
  102
  104
  106
  109
  111
  113
Total operating expenses, $m
  160
  191
  226
  266
  312
  364
  423
  486
  556
  631
  710
  797
  888
  986
  1,088
  1,196
  1,308
  1,425
  1,548
  1,675
  1,808
  1,946
  2,089
  2,238
  2,393
  2,554
  2,721
  2,895
  3,075
  3,263
Operating income, $m
  29
  54
  84
  119
  160
  205
  257
  314
  376
  443
  519
  596
  679
  767
  859
  956
  1,057
  1,164
  1,274
  1,390
  1,510
  1,635
  1,765
  1,900
  2,040
  2,186
  2,338
  2,495
  2,660
  2,831
EBITDA, $m
  36
  63
  95
  132
  175
  224
  278
  338
  404
  475
  552
  635
  722
  815
  912
  1,015
  1,122
  1,235
  1,352
  1,474
  1,601
  1,733
  1,870
  2,013
  2,162
  2,316
  2,476
  2,643
  2,817
  2,998
Interest expense (income), $m
  0
  0
  0
  1
  2
  2
  3
  4
  5
  6
  7
  9
  10
  12
  13
  15
  17
  19
  21
  23
  25
  28
  30
  32
  35
  38
  40
  43
  46
  49
  53
Earnings before tax, $m
  29
  53
  83
  118
  157
  202
  253
  309
  370
  436
  510
  586
  667
  753
  844
  939
  1,039
  1,143
  1,251
  1,364
  1,482
  1,605
  1,732
  1,865
  2,002
  2,146
  2,294
  2,449
  2,610
  2,778
Tax expense, $m
  8
  14
  22
  32
  42
  55
  68
  83
  100
  118
  138
  158
  180
  203
  228
  253
  280
  309
  338
  368
  400
  433
  468
  503
  541
  579
  619
  661
  705
  750
Net income, $m
  21
  39
  61
  86
  115
  148
  185
  225
  270
  318
  372
  428
  487
  550
  616
  685
  758
  834
  913
  996
  1,082
  1,172
  1,265
  1,361
  1,462
  1,566
  1,675
  1,788
  1,905
  2,028

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  116
  150
  190
  236
  289
  349
  416
  490
  571
  659
  753
  854
  961
  1,074
  1,193
  1,318
  1,449
  1,586
  1,729
  1,878
  2,033
  2,194
  2,362
  2,536
  2,716
  2,904
  3,100
  3,303
  3,514
  3,734
Adjusted assets (=assets-cash), $m
  116
  150
  190
  236
  289
  349
  416
  490
  571
  659
  753
  854
  961
  1,074
  1,193
  1,318
  1,449
  1,586
  1,729
  1,878
  2,033
  2,194
  2,362
  2,536
  2,716
  2,904
  3,100
  3,303
  3,514
  3,734
Revenue / Adjusted assets
  1.629
  1.627
  1.626
  1.631
  1.633
  1.633
  1.632
  1.633
  1.632
  1.631
  1.632
  1.631
  1.632
  1.631
  1.632
  1.633
  1.633
  1.632
  1.632
  1.632
  1.632
  1.632
  1.632
  1.632
  1.632
  1.632
  1.632
  1.632
  1.632
  1.632
Average production assets, $m
  26
  33
  42
  53
  65
  78
  93
  110
  128
  147
  168
  191
  215
  240
  267
  295
  324
  355
  387
  420
  455
  491
  528
  567
  607
  649
  693
  738
  786
  835
Working capital, $m
  -21
  -27
  -34
  -43
  -52
  -63
  -75
  -89
  -103
  -119
  -136
  -155
  -174
  -195
  -216
  -239
  -263
  -287
  -313
  -340
  -368
  -397
  -428
  -459
  -492
  -526
  -561
  -598
  -637
  -676
Total debt, $m
  8
  18
  29
  42
  57
  74
  93
  115
  138
  163
  189
  218
  249
  281
  315
  351
  388
  427
  468
  510
  554
  600
  648
  697
  749
  803
  858
  916
  976
  1,039
Total liabilities, $m
  33
  43
  54
  67
  82
  100
  119
  140
  163
  188
  215
  243
  274
  306
  340
  376
  413
  452
  493
  535
  579
  625
  673
  723
  774
  828
  883
  941
  1,001
  1,064
Total equity, $m
  83
  107
  136
  169
  207
  250
  298
  350
  408
  471
  538
  610
  687
  768
  853
  943
  1,036
  1,134
  1,237
  1,343
  1,454
  1,569
  1,689
  1,813
  1,942
  2,076
  2,216
  2,361
  2,512
  2,670
Total liabilities and equity, $m
  116
  150
  190
  236
  289
  350
  417
  490
  571
  659
  753
  853
  961
  1,074
  1,193
  1,319
  1,449
  1,586
  1,730
  1,878
  2,033
  2,194
  2,362
  2,536
  2,716
  2,904
  3,099
  3,302
  3,513
  3,734
Debt-to-equity ratio
  0.100
  0.160
  0.210
  0.250
  0.280
  0.300
  0.310
  0.330
  0.340
  0.350
  0.350
  0.360
  0.360
  0.370
  0.370
  0.370
  0.370
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
Adjusted equity ratio
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  21
  39
  61
  86
  115
  148
  185
  225
  270
  318
  372
  428
  487
  550
  616
  685
  758
  834
  913
  996
  1,082
  1,172
  1,265
  1,361
  1,462
  1,566
  1,675
  1,788
  1,905
  2,028
Depreciation, amort., depletion, $m
  8
  9
  11
  13
  16
  18
  21
  25
  28
  32
  34
  38
  43
  48
  53
  59
  65
  71
  77
  84
  91
  98
  106
  113
  121
  130
  139
  148
  157
  167
Funds from operations, $m
  29
  48
  72
  99
  130
  166
  206
  250
  298
  350
  406
  466
  530
  598
  669
  744
  823
  905
  991
  1,080
  1,173
  1,270
  1,370
  1,475
  1,583
  1,696
  1,813
  1,936
  2,063
  2,195
Change in working capital, $m
  -5
  -6
  -7
  -8
  -10
  -11
  -12
  -13
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -35
  -37
  -38
  -40
Cash from operations, $m
  34
  54
  79
  107
  140
  177
  218
  263
  313
  366
  423
  484
  549
  618
  691
  767
  847
  930
  1,017
  1,107
  1,201
  1,299
  1,400
  1,506
  1,616
  1,730
  1,849
  1,972
  2,101
  2,235
Maintenance CAPEX, $m
  -4
  -5
  -7
  -8
  -11
  -13
  -16
  -19
  -22
  -26
  -29
  -34
  -38
  -43
  -48
  -53
  -59
  -65
  -71
  -77
  -84
  -91
  -98
  -106
  -113
  -121
  -130
  -139
  -148
  -157
New CAPEX, $m
  -6
  -8
  -9
  -10
  -12
  -13
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
Cash from investing activities, $m
  -10
  -13
  -16
  -18
  -23
  -26
  -31
  -36
  -40
  -46
  -50
  -57
  -62
  -68
  -75
  -81
  -88
  -96
  -103
  -110
  -119
  -127
  -135
  -145
  -153
  -163
  -174
  -184
  -195
  -206
Free cash flow, $m
  24
  42
  63
  89
  118
  150
  187
  228
  273
  321
  372
  428
  487
  550
  616
  686
  758
  834
  914
  996
  1,082
  1,172
  1,265
  1,362
  1,462
  1,567
  1,675
  1,788
  1,906
  2,028
Issuance/(repayment) of debt, $m
  8
  10
  11
  13
  15
  17
  19
  21
  23
  25
  27
  29
  31
  32
  34
  36
  37
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  58
  60
  63
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  8
  10
  11
  13
  15
  17
  19
  21
  23
  25
  27
  29
  31
  32
  34
  36
  37
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  58
  60
  63
Total cash flow (excl. dividends), $m
  31
  51
  75
  102
  133
  168
  206
  249
  296
  346
  399
  457
  518
  582
  650
  721
  796
  874
  955
  1,039
  1,127
  1,218
  1,313
  1,411
  1,514
  1,620
  1,731
  1,846
  1,966
  2,091
Retained Cash Flow (-), $m
  -20
  -24
  -29
  -33
  -38
  -43
  -48
  -53
  -58
  -63
  -67
  -72
  -77
  -81
  -85
  -90
  -94
  -98
  -102
  -106
  -111
  -115
  -120
  -124
  -129
  -134
  -140
  -145
  -151
  -157
Prev. year cash balance distribution, $m
  22
  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
  34
  27
  46
  69
  95
  125
  159
  196
  238
  283
  332
  385
  441
  501
  565
  632
  702
  776
  852
  932
  1,016
  1,103
  1,193
  1,287
  1,384
  1,486
  1,591
  1,701
  1,815
  1,934
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
  32
  25
  40
  56
  73
  90
  107
  123
  137
  149
  158
  164
  168
  168
  166
  161
  153
  143
  131
  118
  105
  91
  78
  66
  54
  43
  34
  26
  20
  15
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

AppFolio, Inc. is a provider of industry-specific, cloud-based software solutions for small and medium-sized businesses (SMBs) in the property management and legal industries. The Company's mobile-optimized software solutions enable its customers to work at any time and from anywhere across multiple devices. Its property management software provides small and medium-sized property managers with an end-to-end solution to their business needs. The Company's legal software provides solo practitioners and small law firms with a streamlined practice and case management solution, allowing them to manage their practices and case load. It also offers Value+ services, such as its professionally designed Websites and electronic payment services. The Company's property manager customers include third-party managers and owner-operators, managing single- and multi-family residences, commercial property and student housing, as well as mixed real estate portfolios.

FINANCIAL RATIOS  of  AppFolio (APPF)

Valuation Ratios
P/E Ratio -240.9
Price to Sales 18.2
Price to Book 27.5
Price to Tangible Book
Price to Cash Flow 160.6
Price to Free Cash Flow -642.4
Growth Rates
Sales Growth Rate 41.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 36.4%
Cap. Spend. - 3 Yr. Gr. Rate 30.3%
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 -8.7%
Ret/ On Assets - 3 Yr. Avg. -24.1%
Return On Total Capital -11.2%
Ret/ On T. Cap. - 3 Yr. Avg. -35.6%
Return On Equity -11.2%
Return On Equity - 3 Yr. Avg. -35.6%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 57.5%
Gross Margin - 3 Yr. Avg. 54.8%
EBITDA Margin 1.9%
EBITDA Margin - 3 Yr. Avg. -7.7%
Operating Margin -7.5%
Oper. Margin - 3 Yr. Avg. -14.7%
Pre-Tax Margin -7.5%
Pre-Tax Margin - 3 Yr. Avg. -15.9%
Net Profit Margin -7.5%
Net Profit Margin - 3 Yr. Avg. -15.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

APPF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the APPF stock intrinsic value calculation we used $143.803 million for the last fiscal year's total revenue generated by AppFolio. The default revenue input number comes from 0001 income statement of AppFolio. 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 APPF stock valuation model: a) initial revenue growth rate of 31.7% 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 APPF is calculated based on our internal credit rating of AppFolio, 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 AppFolio.
    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 APPF stock the variable cost ratio is equal to 53.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $59 million in the base year in the intrinsic value calculation for APPF 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 5.4% for AppFolio.

Corporate tax rate of 27% is the nominal tax rate for AppFolio. 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 APPF 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 APPF are equal to 13.7%.

Life of production assets of 2.6 years is the average useful life of capital assets used in AppFolio 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 APPF is equal to -11.1%. 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 - $85.079 million for AppFolio - 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 15.23 million for AppFolio 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 AppFolio at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ AppFolio Is Firing on All Cylinders   [Oct-31-18 09:16AM  Motley Fool]
▶ Why AppFolio Is Sinking Today   [11:13AM  Motley Fool]
▶ AppFolio: 3Q Earnings Snapshot   [05:45PM  Associated Press]
▶ Do Directors Own AppFolio Inc (NASDAQ:APPF) Shares?   [Oct-26-18 12:10PM  Simply Wall St.]
▶ 3 Tech Stocks for Growth Investors to Buy Now   [Sep-27-18 04:18PM  Zacks]
▶ AppFolio Expands Real Estate Product Capabilities   [Sep-17-18 09:05AM  GlobeNewswire]
▶ 3 Cloud Stocks to Buy Right Now   [Sep-12-18 04:29PM  Zacks]
▶ AppFolio Acquires Utility Analytics Company   [Sep-04-18 09:05AM  GlobeNewswire]
▶ 3 Cloud Stocks to Buy Right Now   [Aug-14-18 08:00AM  InvestorPlace]
▶ 3 Cloud Stocks to Buy Right Now   [Aug-13-18 05:17PM  Zacks]
▶ AppFolio Boosts Guidance After Another Solid Quarter   [Jul-31-18 08:05PM  Motley Fool]
▶ Why AppFolio Is Soaring Today   [02:11PM  Motley Fool]
▶ AppFolio: 2Q Earnings Snapshot   [Jul-30-18 07:03PM  Associated Press]
▶ How to Find Great Software-as-a-Service Companies   [Jul-10-18 06:21AM  Motley Fool]
▶ 3 Tech Stocks for Growth Investors to Buy Now   [Jun-26-18 01:25PM  InvestorPlace]
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▶ 1 Hot Small-Cap Stock to Buy in May   [May-12-18 01:00PM  Motley Fool]
▶ AppFolio (APPF): Moving Average Crossover Alert   [May-04-18 07:30AM  Zacks]
▶ AppFolio Gains Customers; Profits Surge   [May-01-18 12:53PM  Motley Fool]
▶ AppFolio: 1Q Earnings Snapshot   [Apr-30-18 05:35PM  Associated Press]
▶ Three Small-Cap Tech Companies for Your Watch List   [Apr-24-18 05:14PM  Motley Fool]
▶ Top Growth Stocks To Buy Today   [Apr-23-18 12:02PM  Simply Wall St.]
▶ Can The Uptrend Continue for AppFolio (APPF)?   [Apr-20-18 11:28AM  Zacks]
▶ 3 Cloud Stocks to Buy Right Now   [Apr-17-18 05:52PM  Zacks]
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▶ 3 Stocks I'll Buy in a Stock Market Crash   [Apr-01-18 05:02PM  Motley Fool]
▶ High Growth Stocks To Invest In   [Mar-15-18 12:02PM  Simply Wall St.]
▶ AppFolio Ends 2017 on a High Note   [02:10PM  Motley Fool]
▶ AppFolio beats 4Q profit forecasts   [Feb-26-18 06:51PM  Associated Press]
▶ AppFolio Q4 Earnings Preview   [10:56AM  Benzinga]
▶ 5 Top Stocks to Buy in February   [Feb-05-18 07:02AM  Motley Fool]
▶ 3 Cloud Stocks to Buy Right Now   [Jan-11-18 01:45PM  InvestorPlace]
▶ 3 Cloud Stocks to Buy Right Now   [Jan-10-18 02:42PM  Zacks]
▶ 5 Top Small-Cap Stocks to Buy in 2018   [Jan-08-18 07:03AM  Motley Fool]
▶ 3 Tech Stocks for Growth Investors to Buy Now   [Dec-27-17 02:52PM  Zacks]
▶ The 1 Stock I'd Buy Right Now   [Dec-26-17 10:40AM  Motley Fool]
▶ ETFs with exposure to AppFolio, Inc. : December 21, 2017   [Dec-21-17 11:17AM  Capital Cube]
▶ Why AppFolio Inc Stock Will Keep Running Higher   [Dec-15-17 01:08PM  InvestorPlace]

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