Intrinsic value of Alteryx Cl A - AYX

Previous Close

$22.05

  Intrinsic Value

$1.91

stock screener

  Rating & Target

str. sell

-91%

  Value-price divergence*

0%

Previous close

$22.05

 
Intrinsic value

$1.91

 
Up/down potential

-91%

 
Rating

str. sell

 
Value-price divergence*

0%

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

We calculate the intrinsic value of AYX 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 1.3

 

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, %
  59.26
  50.00
  45.50
  41.45
  37.81
  34.52
  31.57
  28.91
  26.52
  24.37
  22.43
  20.69
  19.12
  17.71
  16.44
  15.29
  14.27
  13.34
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
Revenue, $m
  86
  129
  188
  265
  366
  492
  648
  835
  1,056
  1,314
  1,608
  1,941
  2,312
  2,722
  3,169
  3,654
  4,175
  4,732
  5,324
  5,950
  6,609
  7,301
  8,025
  8,782
  9,571
  10,394
  11,249
  12,139
  13,063
  14,024
  15,022
Variable operating expenses, $m
 
  136
  199
  281
  387
  521
  685
  883
  1,117
  1,390
  1,702
  2,054
  2,446
  2,880
  3,353
  3,866
  4,417
  5,007
  5,633
  6,295
  6,992
  7,724
  8,491
  9,291
  10,127
  10,996
  11,902
  12,843
  13,821
  14,837
  15,894
Fixed operating expenses, $m
 
  18
  19
  19
  20
  20
  21
  21
  22
  22
  23
  24
  24
  25
  25
  26
  27
  27
  28
  29
  29
  30
  31
  32
  33
  33
  34
  35
  36
  37
  38
Total operating expenses, $m
  109
  154
  218
  300
  407
  541
  706
  904
  1,139
  1,412
  1,725
  2,078
  2,470
  2,905
  3,378
  3,892
  4,444
  5,034
  5,661
  6,324
  7,021
  7,754
  8,522
  9,323
  10,160
  11,029
  11,936
  12,878
  13,857
  14,874
  15,932
Operating income, $m
  -23
  -26
  -30
  -35
  -41
  -49
  -58
  -70
  -83
  -99
  -116
  -136
  -158
  -183
  -209
  -238
  -269
  -302
  -337
  -374
  -413
  -454
  -496
  -541
  -588
  -636
  -687
  -739
  -794
  -850
  -909
EBITDA, $m
  -21
  -25
  -28
  -32
  -37
  -44
  -52
  -61
  -72
  -85
  -100
  -116
  -134
  -154
  -176
  -200
  -225
  -253
  -281
  -312
  -344
  -378
  -413
  -450
  -488
  -528
  -570
  -613
  -658
  -704
  -753
Interest expense (income), $m
  0
  0
  0
  1
  3
  5
  7
  11
  15
  19
  25
  31
  38
  46
  55
  64
  74
  86
  97
  110
  123
  137
  152
  167
  183
  200
  218
  236
  255
  274
  295
Earnings before tax, $m
  -24
  -26
  -29
  -36
  -44
  -54
  -66
  -80
  -98
  -118
  -141
  -167
  -196
  -229
  -264
  -302
  -343
  -387
  -434
  -484
  -536
  -591
  -648
  -708
  -771
  -836
  -904
  -975
  -1,048
  -1,125
  -1,204
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
  -24
  -26
  -29
  -36
  -44
  -54
  -66
  -80
  -98
  -118
  -141
  -167
  -196
  -229
  -264
  -302
  -343
  -387
  -434
  -484
  -536
  -591
  -648
  -708
  -771
  -836
  -904
  -975
  -1,048
  -1,125
  -1,204

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  53
  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
  111
  87
  127
  179
  247
  332
  437
  563
  712
  886
  1,085
  1,309
  1,559
  1,835
  2,137
  2,464
  2,815
  3,191
  3,590
  4,012
  4,456
  4,923
  5,411
  5,922
  6,454
  7,009
  7,585
  8,185
  8,809
  9,456
  10,130
Adjusted assets (=assets-cash), $m
  58
  87
  127
  179
  247
  332
  437
  563
  712
  886
  1,085
  1,309
  1,559
  1,835
  2,137
  2,464
  2,815
  3,191
  3,590
  4,012
  4,456
  4,923
  5,411
  5,922
  6,454
  7,009
  7,585
  8,185
  8,809
  9,456
  10,130
Revenue / Adjusted assets
  1.483
  1.483
  1.480
  1.480
  1.482
  1.482
  1.483
  1.483
  1.483
  1.483
  1.482
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
Average production assets, $m
  5
  7
  10
  14
  19
  26
  34
  43
  55
  68
  84
  101
  120
  142
  165
  190
  217
  246
  277
  309
  344
  380
  417
  457
  498
  540
  585
  631
  679
  729
  781
Working capital, $m
  14
  -58
  -85
  -120
  -166
  -223
  -293
  -378
  -478
  -595
  -729
  -879
  -1,047
  -1,233
  -1,436
  -1,655
  -1,891
  -2,144
  -2,412
  -2,695
  -2,994
  -3,307
  -3,635
  -3,978
  -4,336
  -4,708
  -5,096
  -5,499
  -5,918
  -6,353
  -6,805
Total debt, $m
  0
  -11
  25
  72
  133
  210
  304
  418
  552
  708
  887
  1,089
  1,314
  1,563
  1,834
  2,128
  2,445
  2,783
  3,142
  3,522
  3,922
  4,342
  4,781
  5,241
  5,720
  6,219
  6,738
  7,278
  7,839
  8,422
  9,028
Total liabilities, $m
  90
  78
  114
  161
  222
  299
  393
  507
  641
  797
  976
  1,178
  1,403
  1,652
  1,923
  2,217
  2,534
  2,872
  3,231
  3,611
  4,011
  4,431
  4,870
  5,330
  5,809
  6,308
  6,827
  7,367
  7,928
  8,511
  9,117
Total equity, $m
  22
  9
  13
  18
  25
  33
  44
  56
  71
  89
  108
  131
  156
  184
  214
  246
  282
  319
  359
  401
  446
  492
  541
  592
  645
  701
  759
  819
  881
  946
  1,013
Total liabilities and equity, $m
  112
  87
  127
  179
  247
  332
  437
  563
  712
  886
  1,084
  1,309
  1,559
  1,836
  2,137
  2,463
  2,816
  3,191
  3,590
  4,012
  4,457
  4,923
  5,411
  5,922
  6,454
  7,009
  7,586
  8,186
  8,809
  9,457
  10,130
Debt-to-equity ratio
  0.000
  -1.230
  1.970
  4.030
  5.390
  6.320
  6.960
  7.420
  7.750
  8.000
  8.180
  8.320
  8.430
  8.520
  8.580
  8.640
  8.680
  8.720
  8.750
  8.780
  8.800
  8.820
  8.840
  8.850
  8.860
  8.870
  8.880
  8.890
  8.900
  8.910
  8.910
Adjusted equity ratio
  -0.534
  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
  -24
  -26
  -29
  -36
  -44
  -54
  -66
  -80
  -98
  -118
  -141
  -167
  -196
  -229
  -264
  -302
  -343
  -387
  -434
  -484
  -536
  -591
  -648
  -708
  -771
  -836
  -904
  -975
  -1,048
  -1,125
  -1,204
Depreciation, amort., depletion, $m
  2
  1
  2
  3
  4
  5
  7
  9
  11
  14
  17
  20
  24
  28
  33
  38
  43
  49
  55
  62
  69
  76
  83
  91
  100
  108
  117
  126
  136
  146
  156
Funds from operations, $m
  7
  -25
  -27
  -33
  -40
  -48
  -59
  -72
  -87
  -104
  -124
  -147
  -172
  -200
  -231
  -264
  -300
  -338
  -379
  -422
  -467
  -515
  -565
  -617
  -672
  -728
  -787
  -849
  -912
  -979
  -1,048
Change in working capital, $m
  13
  -19
  -27
  -35
  -45
  -57
  -70
  -85
  -100
  -117
  -134
  -151
  -168
  -185
  -203
  -220
  -236
  -252
  -268
  -283
  -299
  -313
  -328
  -343
  -358
  -372
  -388
  -403
  -419
  -435
  -452
Cash from operations, $m
  -6
  -5
  -1
  2
  6
  9
  11
  13
  13
  12
  9
  4
  -4
  -15
  -28
  -45
  -64
  -86
  -111
  -138
  -169
  -202
  -237
  -274
  -314
  -356
  -400
  -446
  -494
  -543
  -595
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -3
  -4
  -5
  -7
  -9
  -11
  -14
  -17
  -20
  -24
  -28
  -33
  -38
  -43
  -49
  -55
  -62
  -69
  -76
  -83
  -91
  -100
  -108
  -117
  -126
  -136
  -146
New CAPEX, $m
  -4
  -2
  -3
  -4
  -5
  -7
  -8
  -10
  -12
  -13
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
Cash from investing activities, $m
  12
  -3
  -4
  -6
  -8
  -11
  -13
  -17
  -21
  -24
  -29
  -34
  -39
  -45
  -51
  -58
  -65
  -72
  -80
  -88
  -96
  -105
  -114
  -122
  -132
  -143
  -152
  -163
  -174
  -186
  -198
Free cash flow, $m
  6
  -8
  -5
  -4
  -2
  -2
  -2
  -3
  -7
  -12
  -20
  -30
  -44
  -60
  -80
  -103
  -129
  -158
  -191
  -226
  -265
  -306
  -350
  -397
  -446
  -498
  -552
  -609
  -668
  -729
  -793
Issuance/(repayment) of debt, $m
  0
  -11
  36
  47
  61
  77
  94
  114
  134
  156
  179
  202
  225
  249
  272
  294
  316
  338
  359
  380
  400
  420
  440
  459
  479
  499
  519
  540
  561
  583
  606
Issuance/(repurchase) of shares, $m
  0
  66
  33
  41
  50
  62
  76
  93
  113
  135
  161
  190
  221
  256
  294
  335
  379
  425
  474
  526
  581
  638
  697
  760
  824
  892
  962
  1,035
  1,111
  1,189
  1,271
Cash from financing (excl. dividends), $m  
  1
  55
  69
  88
  111
  139
  170
  207
  247
  291
  340
  392
  446
  505
  566
  629
  695
  763
  833
  906
  981
  1,058
  1,137
  1,219
  1,303
  1,391
  1,481
  1,575
  1,672
  1,772
  1,877
Total cash flow (excl. dividends), $m
  7
  47
  64
  84
  109
  137
  169
  203
  240
  279
  320
  361
  403
  445
  486
  526
  566
  605
  642
  679
  716
  751
  787
  822
  857
  893
  929
  966
  1,004
  1,043
  1,084
Retained Cash Flow (-), $m
  18
  -66
  -33
  -41
  -50
  -62
  -76
  -93
  -113
  -135
  -161
  -190
  -221
  -256
  -294
  -335
  -379
  -425
  -474
  -526
  -581
  -638
  -697
  -760
  -824
  -892
  -962
  -1,035
  -1,111
  -1,189
  -1,271
Prev. year cash balance distribution, $m
 
  53
  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
  30
  44
  59
  75
  92
  110
  128
  144
  159
  172
  182
  188
  192
  191
  187
  180
  168
  153
  135
  114
  89
  62
  33
  1
  -33
  -69
  -107
  -146
  -187
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
 
  33
  28
  38
  48
  58
  67
  74
  80
  83
  83
  81
  77
  72
  64
  56
  48
  39
  31
  24
  17
  12
  7
  4
  2
  0
  -1
  -1
  -2
  -2
  -1
Current shareholders' claim on cash, %
  100
  50.0
  36.1
  27.3
  21.3
  17.0
  13.8
  11.4
  9.5
  8.0
  6.8
  5.8
  4.9
  4.2
  3.6
  3.1
  2.7
  2.4
  2.1
  1.8
  1.6
  1.4
  1.2
  1.1
  0.9
  0.8
  0.7
  0.6
  0.6
  0.5
  0.4

Alteryx, Inc. is a United States-based provider of self-service data analytics software. The Company offers various products, such as Alteryx Designer, Alteryx Server and Alteryx Analytics Gallery. Alteryx Designer is a repeatable workflow for self-service data analytics. Alteryx Designer allows data analysts by combining data preparation, data blending, and analytics-predictive, statistical and spatial-using the same user interface. Alteryx Server is a scalable platform to deploy and share analytics. Alteryx Server accelerates time to analytical insight, and allows analysts and business users across organization to make data-driven decisions. Alteryx Analytics Gallery is an analytics cloud platform to recognize that business decision makers expect their business applications to be as engaging as the applications they use at home. Its solutions include analytic, departmental and industry. Its analytic solutions connect business analysts and decision makers to data.

FINANCIAL RATIOS  of  Alteryx Cl A (AYX)

Valuation Ratios
P/E Ratio -51.7
Price to Sales 14.4
Price to Book 56.4
Price to Tangible Book
Price to Cash Flow -207
Price to Free Cash Flow -124.2
Growth Rates
Sales Growth Rate 59.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.3%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
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 -23.1%
Ret/ On Assets - 3 Yr. Avg. -44.5%
Return On Total Capital -77.4%
Ret/ On T. Cap. - 3 Yr. Avg. -163.8%
Return On Equity -77.4%
Return On Equity - 3 Yr. Avg. -187.1%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 81.4%
Gross Margin - 3 Yr. Avg. 79.1%
EBITDA Margin -25.6%
EBITDA Margin - 3 Yr. Avg. -38.4%
Operating Margin -26.7%
Oper. Margin - 3 Yr. Avg. -39.4%
Pre-Tax Margin -27.9%
Pre-Tax Margin - 3 Yr. Avg. -39.8%
Net Profit Margin -27.9%
Net Profit Margin - 3 Yr. Avg. -39.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

AYX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AYX stock intrinsic value calculation we used $86 million for the last fiscal year's total revenue generated by Alteryx Cl A. The default revenue input number comes from 2016 income statement of Alteryx 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 AYX stock valuation model: a) initial revenue growth rate of 50% 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 AYX is calculated based on our internal credit rating of Alteryx 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 Alteryx 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 AYX stock the variable cost ratio is equal to 105.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $18 million in the base year in the intrinsic value calculation for AYX 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 Alteryx Cl A.

Corporate tax rate of 27% is the nominal tax rate for Alteryx 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 AYX 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 AYX are equal to 5.2%.

Life of production assets of 2.3 years is the average useful life of capital assets used in Alteryx 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 AYX is equal to -45.3%. 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 - $22 million for Alteryx 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 59.807 million for Alteryx 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 Alteryx Cl A at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ Alteryx Announces Pricing of Follow-on Public Offering   [Sep-07-17 06:56PM  Business Wire]
▶ Alteryx Announces Launch of Proposed Follow-on Offering   [Sep-05-17 04:34PM  Business Wire]
▶ Alteryx Announces Second Quarter 2017 Financial Results   [Aug-02-17 04:15PM  Business Wire]
▶ Alteryx buys data science software company Yhat   [Jun-12-17 01:03PM  American City Business Journals]
▶ Alteryx Announces 2017 Inspire Conference Sponsors   [Jun-02-17 09:00AM  Business Wire]
▶ Alteryx Announces First Quarter 2017 Financial Results   [May-10-17 04:15PM  Business Wire]
▶ Alteryx Names Eileen Schloss to its Board of Directors   [May-02-17 04:20PM  Business Wire]
▶ [$$] Domo Closes $100 Million Led by BlackRock   [Apr-28-17 06:46PM  The Wall Street Journal]
▶ This Week In Tech Stocks   [Apr-17-17 01:07PM  Zacks]
▶ [$$] Okta's IPO Shows Appetite for Enterprise Companies   [Apr-07-17 06:10PM  The Wall Street Journal]
▶ Iconiq Strategic Partners Invests in Alteryx   [Apr-03-17 12:23PM  GuruFocus.com]
▶ Snap's Post-IPO Stock Spectacle: How Strange Is It?   [Apr-01-17 11:00AM  TheStreet.com]
▶ Heres why IPO hopefuls shouldnt wait much longer to go public this year   [05:57PM  American City Business Journals]
Financial statements of AYX
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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