Intrinsic value of Blue Apron Holdings Cl A - APRN

Previous Close

$3.84

  Intrinsic Value

$0.08

stock screener

  Rating & Target

str. sell

-98%

Previous close

$3.84

 
Intrinsic value

$0.08

 
Up/down potential

-98%

 
Rating

str. sell

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

We calculate the intrinsic value of APRN 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 0.7

 

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, %
  133.14
  17.80
  16.52
  15.37
  14.33
  13.40
  12.56
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.62
  8.25
  7.93
  7.64
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
Revenue, $m
  795
  937
  1,091
  1,259
  1,439
  1,632
  1,837
  2,054
  2,282
  2,522
  2,774
  3,036
  3,310
  3,595
  3,892
  4,200
  4,521
  4,854
  5,200
  5,560
  5,934
  6,324
  6,728
  7,150
  7,588
  8,045
  8,521
  9,018
  9,536
  10,076
  10,641
Variable operating expenses, $m
 
  953
  1,111
  1,282
  1,465
  1,662
  1,870
  2,091
  2,324
  2,568
  2,823
  3,091
  3,369
  3,660
  3,962
  4,276
  4,602
  4,941
  5,294
  5,660
  6,041
  6,437
  6,849
  7,278
  7,725
  8,190
  8,675
  9,180
  9,707
  10,258
  10,832
Fixed operating expenses, $m
 
  43
  44
  45
  46
  48
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
  62
  64
  66
  67
  69
  71
  72
  74
  76
  78
  80
  82
  84
  86
  88
Total operating expenses, $m
  850
  996
  1,155
  1,327
  1,511
  1,710
  1,919
  2,141
  2,375
  2,620
  2,877
  3,146
  3,425
  3,718
  4,021
  4,337
  4,664
  5,005
  5,360
  5,727
  6,110
  6,508
  6,921
  7,352
  7,801
  8,268
  8,755
  9,262
  9,791
  10,344
  10,920
Operating income, $m
  -55
  -60
  -64
  -68
  -72
  -77
  -82
  -87
  -92
  -98
  -104
  -110
  -116
  -123
  -129
  -136
  -144
  -151
  -159
  -167
  -176
  -184
  -193
  -203
  -213
  -223
  -233
  -244
  -255
  -267
  -280
EBITDA, $m
  -48
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -104
  -109
  -114
  -119
  -124
  -129
  -135
  -140
  -146
  -152
  -159
  -165
  -172
  -179
  -187
Interest expense (income), $m
  0
  2
  1
  2
  4
  5
  6
  8
  10
  11
  13
  15
  17
  19
  21
  23
  26
  28
  31
  33
  36
  39
  42
  45
  48
  51
  55
  58
  62
  66
  70
Earnings before tax, $m
  -55
  -61
  -65
  -70
  -76
  -82
  -88
  -95
  -102
  -109
  -117
  -125
  -133
  -142
  -151
  -160
  -169
  -179
  -190
  -201
  -212
  -223
  -235
  -248
  -261
  -274
  -288
  -302
  -318
  -333
  -350
Tax expense, $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
  0
Net income, $m
  -55
  -61
  -65
  -70
  -76
  -82
  -88
  -95
  -102
  -109
  -117
  -125
  -133
  -142
  -151
  -160
  -169
  -179
  -190
  -201
  -212
  -223
  -235
  -248
  -261
  -274
  -288
  -302
  -318
  -333
  -350

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  83
  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
  273
  224
  261
  301
  344
  390
  439
  491
  546
  603
  663
  726
  791
  859
  930
  1,004
  1,080
  1,160
  1,243
  1,329
  1,418
  1,511
  1,608
  1,709
  1,814
  1,923
  2,037
  2,155
  2,279
  2,408
  2,543
Adjusted assets (=assets-cash), $m
  190
  224
  261
  301
  344
  390
  439
  491
  546
  603
  663
  726
  791
  859
  930
  1,004
  1,080
  1,160
  1,243
  1,329
  1,418
  1,511
  1,608
  1,709
  1,814
  1,923
  2,037
  2,155
  2,279
  2,408
  2,543
Revenue / Adjusted assets
  4.184
  4.183
  4.180
  4.183
  4.183
  4.185
  4.185
  4.183
  4.179
  4.182
  4.184
  4.182
  4.185
  4.185
  4.185
  4.183
  4.186
  4.184
  4.183
  4.184
  4.185
  4.185
  4.184
  4.184
  4.183
  4.184
  4.183
  4.185
  4.184
  4.184
  4.184
Average production assets, $m
  73
  85
  99
  115
  131
  149
  167
  187
  208
  230
  252
  276
  301
  327
  354
  382
  411
  442
  473
  506
  540
  575
  612
  651
  691
  732
  775
  821
  868
  917
  968
Working capital, $m
  23
  -70
  -82
  -94
  -108
  -122
  -138
  -154
  -171
  -189
  -208
  -228
  -248
  -270
  -292
  -315
  -339
  -364
  -390
  -417
  -445
  -474
  -505
  -536
  -569
  -603
  -639
  -676
  -715
  -756
  -798
Total debt, $m
  45
  34
  68
  104
  143
  184
  228
  275
  324
  376
  430
  486
  545
  606
  670
  736
  805
  877
  952
  1,029
  1,110
  1,193
  1,280
  1,371
  1,465
  1,564
  1,666
  1,773
  1,884
  2,000
  2,122
Total liabilities, $m
  212
  201
  235
  271
  310
  351
  395
  442
  491
  543
  597
  653
  712
  773
  837
  903
  972
  1,044
  1,119
  1,196
  1,277
  1,360
  1,447
  1,538
  1,632
  1,731
  1,833
  1,940
  2,051
  2,167
  2,289
Total equity, $m
  61
  22
  26
  30
  34
  39
  44
  49
  55
  60
  66
  73
  79
  86
  93
  100
  108
  116
  124
  133
  142
  151
  161
  171
  181
  192
  204
  216
  228
  241
  254
Total liabilities and equity, $m
  273
  223
  261
  301
  344
  390
  439
  491
  546
  603
  663
  726
  791
  859
  930
  1,003
  1,080
  1,160
  1,243
  1,329
  1,419
  1,511
  1,608
  1,709
  1,813
  1,923
  2,037
  2,156
  2,279
  2,408
  2,543
Debt-to-equity ratio
  0.738
  1.540
  2.600
  3.450
  4.150
  4.720
  5.200
  5.600
  5.940
  6.230
  6.480
  6.700
  6.890
  7.060
  7.200
  7.340
  7.450
  7.560
  7.660
  7.740
  7.820
  7.900
  7.960
  8.020
  8.080
  8.130
  8.180
  8.230
  8.270
  8.310
  8.340
Adjusted equity ratio
  -0.116
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -55
  -61
  -65
  -70
  -76
  -82
  -88
  -95
  -102
  -109
  -117
  -125
  -133
  -142
  -151
  -160
  -169
  -179
  -190
  -201
  -212
  -223
  -235
  -248
  -261
  -274
  -288
  -302
  -318
  -333
  -350
Depreciation, amort., depletion, $m
  7
  8
  10
  11
  13
  14
  16
  18
  20
  22
  24
  27
  29
  31
  34
  37
  40
  42
  46
  49
  52
  55
  59
  63
  66
  70
  75
  79
  83
  88
  93
Funds from operations, $m
  -4
  -53
  -55
  -59
  -63
  -68
  -72
  -77
  -82
  -87
  -93
  -98
  -104
  -110
  -117
  -123
  -130
  -137
  -144
  -152
  -160
  -168
  -176
  -185
  -194
  -204
  -213
  -224
  -234
  -245
  -257
Change in working capital, $m
  20
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -42
Cash from operations, $m
  -24
  -43
  -44
  -47
  -50
  -53
  -57
  -61
  -65
  -69
  -74
  -79
  -84
  -89
  -94
  -100
  -106
  -112
  -118
  -125
  -132
  -139
  -146
  -153
  -161
  -169
  -178
  -186
  -195
  -205
  -214
Maintenance CAPEX, $m
  0
  -7
  -8
  -10
  -11
  -13
  -14
  -16
  -18
  -20
  -22
  -24
  -27
  -29
  -31
  -34
  -37
  -40
  -42
  -46
  -49
  -52
  -55
  -59
  -63
  -66
  -70
  -75
  -79
  -83
  -88
New CAPEX, $m
  -60
  -13
  -14
  -15
  -16
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
Cash from investing activities, $m
  -66
  -20
  -22
  -25
  -27
  -31
  -33
  -36
  -39
  -42
  -45
  -48
  -52
  -55
  -58
  -62
  -66
  -70
  -74
  -79
  -83
  -87
  -92
  -97
  -103
  -108
  -113
  -120
  -126
  -132
  -139
Free cash flow, $m
  -90
  -62
  -66
  -71
  -77
  -83
  -90
  -96
  -104
  -111
  -119
  -127
  -135
  -144
  -153
  -162
  -172
  -182
  -192
  -203
  -214
  -226
  -238
  -251
  -264
  -277
  -291
  -306
  -321
  -337
  -354
Issuance/(repayment) of debt, $m
  44
  -11
  33
  36
  39
  41
  44
  47
  49
  52
  54
  56
  59
  61
  64
  66
  69
  72
  74
  77
  80
  84
  87
  91
  94
  98
  102
  107
  111
  116
  121
Issuance/(repurchase) of shares, $m
  0
  106
  69
  74
  80
  86
  93
  100
  107
  115
  123
  131
  140
  148
  158
  167
  177
  187
  198
  209
  221
  232
  245
  258
  271
  285
  299
  314
  330
  346
  363
Cash from financing (excl. dividends), $m  
  45
  95
  102
  110
  119
  127
  137
  147
  156
  167
  177
  187
  199
  209
  222
  233
  246
  259
  272
  286
  301
  316
  332
  349
  365
  383
  401
  421
  441
  462
  484
Total cash flow (excl. dividends), $m
  -45
  33
  36
  39
  42
  45
  48
  50
  53
  56
  58
  61
  63
  66
  69
  72
  74
  77
  80
  83
  87
  90
  94
  98
  102
  106
  110
  115
  120
  125
  131
Retained Cash Flow (-), $m
  52
  -106
  -69
  -74
  -80
  -86
  -93
  -100
  -107
  -115
  -123
  -131
  -140
  -148
  -158
  -167
  -177
  -187
  -198
  -209
  -221
  -232
  -245
  -258
  -271
  -285
  -299
  -314
  -330
  -346
  -363
Prev. year cash balance distribution, $m
 
  83
  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
 
  10
  -33
  -35
  -38
  -42
  -46
  -50
  -54
  -59
  -65
  -70
  -76
  -82
  -89
  -96
  -103
  -110
  -118
  -126
  -134
  -142
  -151
  -160
  -169
  -179
  -189
  -199
  -210
  -221
  -232
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
 
  10
  -30
  -31
  -32
  -32
  -33
  -34
  -34
  -34
  -34
  -33
  -33
  -31
  -30
  -28
  -26
  -24
  -22
  -19
  -17
  -15
  -13
  -10
  -9
  -7
  -6
  -4
  -3
  -2
  -2
Current shareholders' claim on cash, %
  100
  50.0
  38.3
  29.8
  23.5
  18.8
  15.2
  12.4
  10.1
  8.4
  7.0
  5.8
  4.9
  4.1
  3.5
  2.9
  2.5
  2.1
  1.8
  1.6
  1.3
  1.1
  1.0
  0.8
  0.7
  0.6
  0.5
  0.5
  0.4
  0.4
  0.3

Blue Apron Holdings, Inc. is a holding company. The Company is focused on providing recipes and fresh ingredients for making home cooking accessible. The Company offers under a novel business model in which it source, process, store and package meal ingredients and ship them directly to consumers. The Company's core products include Meals and Wine. Meals product, which offers two meal plans, such as two person plan and family plan. Two person plan, which includes three recipes per week (chosen from six options), each of which serves two people and shipping is free. The Company provides original recipes with the pre-portioned ingredients to complement tastes and lifestyles of college graduates, young couples, families, singles, and empty nesters.

FINANCIAL RATIOS  of  Blue Apron Holdings Cl A (APRN)

Valuation Ratios
P/E Ratio -13.2
Price to Sales 0.9
Price to Book 11.9
Price to Tangible Book
Price to Cash Flow -30.3
Price to Free Cash Flow -8.7
Growth Rates
Sales Growth Rate 133.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 500%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 73.8%
Total Debt to Equity 73.8%
Interest Coverage 0
Management Effectiveness
Return On Assets -25.1%
Ret/ On Assets - 3 Yr. Avg. -27.4%
Return On Total Capital -50.2%
Ret/ On T. Cap. - 3 Yr. Avg. -44.5%
Return On Equity -63.2%
Return On Equity - 3 Yr. Avg. -48.8%
Asset Turnover 3.6
Profitability Ratios
Gross Margin 33.1%
Gross Margin - 3 Yr. Avg. 21.2%
EBITDA Margin -6%
EBITDA Margin - 3 Yr. Avg. -19.7%
Operating Margin -6.9%
Oper. Margin - 3 Yr. Avg. -20.1%
Pre-Tax Margin -6.9%
Pre-Tax Margin - 3 Yr. Avg. -20.1%
Net Profit Margin -6.9%
Net Profit Margin - 3 Yr. Avg. -20.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

APRN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the APRN stock intrinsic value calculation we used $795 million for the last fiscal year's total revenue generated by Blue Apron Holdings Cl A. The default revenue input number comes from 2016 income statement of Blue Apron Holdings Cl A. 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 APRN stock valuation model: a) initial revenue growth rate of 17.8% 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 APRN is calculated based on our internal credit rating of Blue Apron Holdings Cl A, 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 Blue Apron Holdings Cl A.
    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 APRN stock the variable cost ratio is equal to 101.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $42 million in the base year in the intrinsic value calculation for APRN 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 Blue Apron Holdings Cl A.

Corporate tax rate of 27% is the nominal tax rate for Blue Apron Holdings Cl A. 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 APRN 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 APRN are equal to 9.1%.

Life of production assets of 10.4 years is the average useful life of capital assets used in Blue Apron Holdings Cl A 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 APRN is equal to -7.5%. 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 - $61 million for Blue Apron Holdings Cl A - 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 190.051 million for Blue Apron Holdings Cl A 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 Blue Apron Holdings Cl A at the current share price and the inputted number of shares is $0.7 billion.

COMPANY NEWS

▶ There's No Fixing Blue Apron, New CEO or Not   [Dec-10-17 06:18PM  Motley Fool]
▶ What Gave Blue Apron Shares a 20%-Plus Jump Monday?   [Dec-07-17 09:30PM  Motley Fool]
▶ Here Are the Worst IPOs of 2017   [11:00AM  Motley Fool]
▶ Is Blue Apron's New CEO Focusing on the Right Things?   [Dec-05-17 06:44PM  Motley Fool]
▶ Is Blue Apron Preparing To Throw In The Towel?   [Dec-04-17 04:30PM  Forbes]
▶ 3 Stocks Move on Monday   [03:46PM  GuruFocus.com]
▶ Negative growth at Blue Apron doesn't bode well for new CEO   [Dec-01-17 09:05PM  American City Business Journals]
▶ Blue Apron co-founder Salzberg steps aside as CEO   [01:59PM  Yahoo Finance Video]
▶ Blue Apron shares soar after replacing CEO   [11:32AM  Associated Press]
▶ Yahoo Finance Live: Midday Movers - Dec 1st, 2017   [09:40AM  Yahoo Finance Video]
▶ Blue Apron CEO Matt Salzberg Resigns   [09:36AM  Investopedia]
▶ Blue Apron Has New CEO, Same Broken Model   [06:50AM  24/7 Wall St.]
▶ Blue Aprons CEO Has Stepped Down   [Nov-30-17 07:21PM  Fortune]
▶ [$$] Blue Apron CEO Steps Aside   [06:30PM  The Wall Street Journal]
▶ Blue Apron names new CEO, replacing co-founder Salzberg   [06:00PM  American City Business Journals]
▶ Why Stitch Fix, Inc. Stock Climbed Today   [Nov-27-17 04:02PM  Motley Fool]
▶ Why Blue Apron Holdings Inc Stock Is as Good as Done   [Nov-24-17 11:37AM  InvestorPlace]
▶ The 10 Biggest Stock Market Failures of 2017   [Nov-21-17 01:08PM  InvestorPlace]
▶ Unicorns: What Are They Really Worth?   [Nov-18-17 12:01AM  Barrons.com]
▶ Shares of online styling service Stitch Fix has flat debut   [Nov-17-17 04:32PM  Associated Press]
▶ 7 Money-Losing Stocks to Sell Now   [10:00AM  InvestorPlace]
▶ Why Blue Aprons struggles dont scare Chicagos Home Chef   [Nov-15-17 04:10PM  American City Business Journals]
▶ Roku hits record high on Philips licensing deal   [Nov-13-17 05:57PM  Reuters]
▶ BUZZ-U.S. stocks weekly: Cold front   [07:23AM  Reuters]
▶ BUZZ-U.S. stocks weekly: Cold front   [Nov-10-17 04:22PM  Reuters]
▶ What's Behind Another Devastating Day for Blue Apron   [Nov-07-17 02:56PM  Barrons.com]
▶ Blue Apron hits new all-time low   [12:27PM  CNBC Videos]
▶ Did Blue Apron Build Itself a Catch-22?   [Nov-06-17 12:00PM  Motley Fool]
▶ Blue Apron, Funko Shares Slide in Rough Week for Newly Public Companies   [Nov-03-17 11:00PM  The Wall Street Journal]
▶ [$$] Blue Apron Posts Loss and Sheds Customers   [12:07AM  The Wall Street Journal]
▶ Why Blue Apron Shares Are Down Despite Beating Estimates   [Nov-02-17 06:29PM  Bloomberg Video]
▶ [$$] Blue Apron Posts Loss and Sheds Customers   [01:42PM  The Wall Street Journal]
▶ Whats Moving Blue Apron Stock Today?   [01:01PM  InvestorPlace]
▶ Blue Apron reports 3Q loss   [08:55AM  Associated Press]
▶ Blue Apron Makes the Cut Despite Q3 Loss   [08:45AM  24/7 Wall St.]
Financial statements of APRN
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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