Intrinsic value of CyberArk Software - CYBR

Previous Close

$43.49

  Intrinsic Value

$41.13

stock screener

  Rating & Target

hold

-5%

Previous close

$43.49

 
Intrinsic value

$41.13

 
Up/down potential

-5%

 
Rating

hold

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

We calculate the intrinsic value of CYBR 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 1.5

 

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, %
  34.78
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
Revenue, $m
  217
  247
  280
  314
  350
  389
  429
  471
  515
  560
  608
  657
  709
  762
  818
  875
  935
  998
  1,063
  1,130
  1,200
  1,273
  1,350
  1,429
  1,512
  1,598
  1,689
  1,783
  1,881
  1,984
  2,092
Variable operating expenses, $m
 
  197
  222
  249
  277
  307
  338
  371
  405
  441
  478
  513
  553
  595
  638
  684
  730
  779
  830
  882
  937
  994
  1,054
  1,116
  1,181
  1,248
  1,319
  1,392
  1,469
  1,549
  1,634
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
  181
  197
  222
  249
  277
  307
  338
  371
  405
  441
  478
  513
  553
  595
  638
  684
  730
  779
  830
  882
  937
  994
  1,054
  1,116
  1,181
  1,248
  1,319
  1,392
  1,469
  1,549
  1,634
Operating income, $m
  36
  51
  58
  65
  73
  82
  90
  100
  109
  119
  130
  144
  155
  167
  179
  192
  205
  219
  233
  248
  263
  279
  296
  313
  331
  350
  370
  391
  412
  435
  458
EBITDA, $m
  42
  57
  64
  72
  80
  89
  98
  108
  118
  129
  140
  151
  163
  175
  188
  201
  215
  229
  244
  259
  276
  292
  310
  328
  347
  367
  388
  409
  432
  456
  480
Interest expense (income), $m
  0
  0
  1
  1
  2
  2
  3
  4
  4
  5
  6
  7
  8
  8
  9
  10
  11
  12
  13
  15
  16
  17
  18
  20
  21
  22
  24
  25
  27
  29
  31
Earnings before tax, $m
  36
  51
  57
  64
  72
  79
  87
  96
  105
  114
  124
  137
  148
  159
  170
  181
  194
  206
  219
  233
  247
  262
  278
  294
  310
  328
  346
  365
  385
  406
  428
Tax expense, $m
  8
  14
  15
  17
  19
  21
  24
  26
  28
  31
  33
  37
  40
  43
  46
  49
  52
  56
  59
  63
  67
  71
  75
  79
  84
  89
  93
  99
  104
  110
  116
Net income, $m
  28
  37
  42
  47
  52
  58
  64
  70
  77
  83
  90
  100
  108
  116
  124
  132
  141
  151
  160
  170
  180
  191
  203
  214
  227
  239
  253
  267
  281
  296
  312

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  275
  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
  403
  146
  165
  185
  207
  229
  253
  278
  304
  331
  359
  388
  418
  450
  482
  516
  552
  589
  627
  667
  708
  751
  796
  843
  892
  943
  996
  1,052
  1,110
  1,171
  1,234
Adjusted assets (=assets-cash), $m
  128
  146
  165
  185
  207
  229
  253
  278
  304
  331
  359
  388
  418
  450
  482
  516
  552
  589
  627
  667
  708
  751
  796
  843
  892
  943
  996
  1,052
  1,110
  1,171
  1,234
Revenue / Adjusted assets
  1.695
  1.692
  1.697
  1.697
  1.691
  1.699
  1.696
  1.694
  1.694
  1.692
  1.694
  1.693
  1.696
  1.693
  1.697
  1.696
  1.694
  1.694
  1.695
  1.694
  1.695
  1.695
  1.696
  1.695
  1.695
  1.695
  1.696
  1.695
  1.695
  1.694
  1.695
Average production assets, $m
  21
  24
  27
  30
  34
  38
  42
  46
  50
  54
  59
  64
  69
  74
  79
  85
  91
  97
  103
  110
  116
  124
  131
  139
  147
  155
  164
  173
  182
  192
  203
Working capital, $m
  235
  -46
  -51
  -58
  -64
  -72
  -79
  -87
  -95
  -103
  -112
  -121
  -130
  -140
  -150
  -161
  -172
  -184
  -196
  -208
  -221
  -234
  -248
  -263
  -278
  -294
  -311
  -328
  -346
  -365
  -385
Total debt, $m
  0
  15
  31
  48
  66
  85
  104
  125
  147
  169
  193
  217
  243
  269
  296
  325
  354
  385
  417
  450
  485
  521
  559
  598
  639
  681
  726
  772
  821
  872
  925
Total liabilities, $m
  107
  122
  138
  155
  173
  192
  211
  232
  254
  276
  300
  324
  350
  376
  403
  432
  461
  492
  524
  557
  592
  628
  666
  705
  746
  788
  833
  879
  928
  979
  1,032
Total equity, $m
  296
  24
  27
  30
  34
  38
  41
  46
  50
  54
  59
  64
  69
  74
  79
  85
  90
  97
  103
  109
  116
  123
  131
  138
  146
  155
  163
  173
  182
  192
  202
Total liabilities and equity, $m
  403
  146
  165
  185
  207
  230
  252
  278
  304
  330
  359
  388
  419
  450
  482
  517
  551
  589
  627
  666
  708
  751
  797
  843
  892
  943
  996
  1,052
  1,110
  1,171
  1,234
Debt-to-equity ratio
  0.000
  0.630
  1.140
  1.580
  1.940
  2.250
  2.520
  2.750
  2.950
  3.120
  3.280
  3.410
  3.540
  3.650
  3.750
  3.830
  3.920
  3.990
  4.060
  4.120
  4.180
  4.230
  4.280
  4.320
  4.370
  4.410
  4.440
  4.480
  4.510
  4.540
  4.570
Adjusted equity ratio
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  28
  37
  42
  47
  52
  58
  64
  70
  77
  83
  90
  100
  108
  116
  124
  132
  141
  151
  160
  170
  180
  191
  203
  214
  227
  239
  253
  267
  281
  296
  312
Depreciation, amort., depletion, $m
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  7
  7
  8
  9
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
Funds from operations, $m
  43
  43
  48
  54
  59
  65
  72
  78
  85
  93
  100
  107
  115
  124
  132
  142
  151
  161
  171
  182
  193
  205
  217
  229
  242
  256
  270
  285
  301
  317
  334
Change in working capital, $m
  -13
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
Cash from operations, $m
  56
  49
  54
  60
  66
  73
  79
  86
  93
  101
  109
  116
  125
  133
  143
  152
  162
  172
  183
  194
  206
  218
  231
  244
  258
  272
  287
  303
  319
  336
  354
Maintenance CAPEX, $m
  0
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
New CAPEX, $m
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
Cash from investing activities, $m
  -122
  -5
  -6
  -6
  -7
  -8
  -8
  -8
  -9
  -9
  -11
  -11
  -12
  -12
  -13
  -15
  -15
  -16
  -16
  -18
  -19
  -20
  -20
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -31
Free cash flow, $m
  -66
  43
  48
  54
  59
  65
  71
  78
  84
  91
  98
  105
  113
  121
  129
  138
  147
  157
  166
  177
  187
  198
  210
  222
  235
  248
  262
  276
  291
  306
  323
Issuance/(repayment) of debt, $m
  0
  15
  16
  17
  18
  19
  20
  21
  22
  23
  23
  24
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  46
  49
  51
  53
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  4
  15
  16
  17
  18
  19
  20
  21
  22
  23
  23
  24
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  46
  49
  51
  53
Total cash flow (excl. dividends), $m
  -62
  58
  64
  71
  77
  84
  91
  98
  106
  114
  122
  129
  138
  147
  157
  167
  177
  187
  198
  210
  222
  235
  248
  261
  276
  290
  306
  322
  339
  357
  376
Retained Cash Flow (-), $m
  -49
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
Prev. year cash balance distribution, $m
 
  275
  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
 
  331
  61
  67
  74
  80
  87
  94
  102
  109
  117
  125
  133
  142
  151
  161
  171
  181
  192
  203
  215
  227
  240
  254
  268
  282
  297
  313
  330
  347
  366
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
 
  317
  56
  59
  61
  62
  63
  64
  64
  63
  62
  59
  57
  54
  51
  47
  43
  39
  35
  31
  27
  24
  20
  17
  14
  11
  9
  7
  5
  4
  3
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
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CyberArk Software Ltd is an Israel-based provider of information technology (IT) security solutions that protects organizations from cyber-attacks. The Company's software solutions are focused on protecting privileged accounts, which have become a critical target in the lifecycle of cyber-attacks. The Company's Privileged Account Security Solution consists of various products, such as Shares Technology Platform, Enterprise Password Vault, SSH Key Manager, Privileged Session Manager, Privileged Threat Analytics, Application Identity Manager, CyberArk-Conjur, Endpoint Privilege Manager and On-Demand Privileges Manager. The Company's products provide protection against external and internal cyber threats and enables detection and neutralization of attacks. The Company's Enterprise Password Vault provides customers with a tool to manage and protect all privileged accounts across an entire organization, including physical, virtual or cloud-based assets.

FINANCIAL RATIOS  of  CyberArk Software (CYBR)

Valuation Ratios
P/E Ratio 53.2
Price to Sales 6.9
Price to Book 5
Price to Tangible Book
Price to Cash Flow 26.6
Price to Free Cash Flow 28.1
Growth Rates
Sales Growth Rate 34.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate 24.6%
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 7.6%
Ret/ On Assets - 3 Yr. Avg. 7.9%
Return On Total Capital 10.3%
Ret/ On T. Cap. - 3 Yr. Avg. 11.1%
Return On Equity 10.3%
Return On Equity - 3 Yr. Avg. 11.1%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 85.7%
Gross Margin - 3 Yr. Avg. 85.6%
EBITDA Margin 19.4%
EBITDA Margin - 3 Yr. Avg. 18.3%
Operating Margin 16.6%
Oper. Margin - 3 Yr. Avg. 18.8%
Pre-Tax Margin 16.6%
Pre-Tax Margin - 3 Yr. Avg. 16.7%
Net Profit Margin 12.9%
Net Profit Margin - 3 Yr. Avg. 12.9%
Effective Tax Rate 22.2%
Eff/ Tax Rate - 3 Yr. Avg. 23.2%
Payout Ratio 0%

CYBR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CYBR stock intrinsic value calculation we used $217 million for the last fiscal year's total revenue generated by CyberArk Software. The default revenue input number comes from 2016 income statement of CyberArk Software. 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 CYBR stock valuation model: a) initial revenue growth rate of 14% 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 CYBR is calculated based on our internal credit rating of CyberArk Software, 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 CyberArk Software.
    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 CYBR stock the variable cost ratio is equal to 79.7%.

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 CYBR 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 CyberArk Software.

Corporate tax rate of 27% is the nominal tax rate for CyberArk Software. 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 CYBR 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 CYBR are equal to 9.7%.

Life of production assets of 9.3 years is the average useful life of capital assets used in CyberArk Software 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 CYBR is equal to -18.4%. 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 - $296 million for CyberArk Software - 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 34.814 million for CyberArk Software 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 CyberArk Software at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ Why CyberArk Software Stock Popped 11% in November   [Dec-12-17 04:05PM  Motley Fool]
▶ Short Sellers Back Off Cybersecurity Stocks   [08:35AM  24/7 Wall St.]
▶ Cybersecurity Stocks: What to Watch in 2018   [Dec-11-17 11:43AM  Motley Fool]
▶ 3 Top Cybersecurity Stocks to Consider Buying Right Now   [Dec-08-17 10:46AM  Motley Fool]
▶ CyberArk Software Ltd Revenue Rises 18%   [Nov-05-17 05:01PM  Motley Fool]
▶ CyberArk Jumps On Earnings, Bucks Sell-Off In Security Stocks   [05:38PM  Investor's Business Daily]
▶ CyberArk beats Street 3Q forecasts   [07:55AM  Associated Press]
▶ Is CyberArk Stock a Buy?   [Oct-16-17 09:17PM  Motley Fool]
▶ 4 Things CyberArk Management Wants You to Know   [Oct-10-17 02:30PM  Motley Fool]
▶ CyberArk to Present at Upcoming Investor Conference   [Sep-07-17 09:00AM  Business Wire]
▶ How Boston Could Help CyberArk Grow Faster   [Aug-16-17 09:19AM  Forbes]
▶ Why CyberArk Software Ltd. Stock Dropped 16.6% in July   [Aug-12-17 02:21PM  Motley Fool]
▶ Problems Come in Pairs for CyberArk Software   [Aug-11-17 03:30PM  TheStreet.com]
▶ Problems Come in Pairs for CyberArk Software   [01:47PM  TheStreet.com]
▶ Deal Delays Dent CyberArk Software Ltd Earnings   [Aug-10-17 02:30PM  Motley Fool]
▶ CyberArk beats Street 2Q forecasts   [Aug-08-17 11:56PM  Associated Press]
▶ How to Invest in Cybersecurity Stocks   [Aug-07-17 08:18PM  Motley Fool]
▶ CyberArk to Present at Upcoming Investor Conference   [Aug-04-17 08:40AM  Business Wire]
▶ Short Sellers Grow More Selective on Cybersecurity Stocks   [Jul-26-17 10:30AM  24/7 Wall St.]
▶ Cybersecurity Stocks Near Buy Points Are Selling Off Today: Here's Why   [Jul-20-17 12:13PM  Investor's Business Daily]
▶ Is FireEye Inc (FEYE) Stock the Best IT Security Play?   [Jul-18-17 06:00AM  InvestorPlace]
▶ Company News for July 17, 2017   [10:00AM  Zacks]
▶ Will CyberArk Software Ltd. Sink or Swim?   [08:46AM  Motley Fool]
▶ Story Stocks from Briefing.com   [11:08AM  Briefing.com]
▶ Stocks Open Up/Down: Wal-Mart Leads Dow, JPMorgan Slides   [09:40AM  Investor's Business Daily]
▶ CyberArk Plunges After Preannouncing Q2 Revenue Miss   [Jul-13-17 06:08PM  Investor's Business Daily]
▶ Cyberark falls on Q2 warning   [04:17PM  CNBC Videos]
▶ CyberArk Software Is Stuck in the Twilight Zone   [Jul-07-17 01:44PM  TheStreet.com]
▶ 3 Top Cybersecurity Stocks to Buy in 2017   [Jun-27-17 08:16PM  Motley Fool]
Financial statements of CYBR
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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