Intrinsic value of Five9 - FIVN

Previous Close

$24.31

  Intrinsic Value

$14.42

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  Rating & Target

sell

-41%

Previous close

$24.31

 
Intrinsic value

$14.42

 
Up/down potential

-41%

 
Rating

sell

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

We calculate the intrinsic value of FIVN 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, %
  25.58
  23.10
  21.29
  19.66
  18.19
  16.88
  15.69
  14.62
  13.66
  12.79
  12.01
  11.31
  10.68
  10.11
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
Revenue, $m
  162
  199
  242
  289
  342
  400
  463
  530
  603
  680
  761
  847
  938
  1,033
  1,132
  1,235
  1,343
  1,455
  1,572
  1,693
  1,819
  1,950
  2,087
  2,228
  2,375
  2,528
  2,688
  2,853
  3,026
  3,206
  3,394
Variable operating expenses, $m
 
  120
  146
  174
  206
  240
  278
  318
  361
  407
  456
  506
  560
  617
  676
  738
  803
  870
  939
  1,012
  1,087
  1,166
  1,247
  1,332
  1,419
  1,511
  1,606
  1,705
  1,808
  1,916
  2,028
Fixed operating expenses, $m
 
  76
  78
  80
  82
  84
  86
  88
  90
  92
  95
  97
  100
  102
  105
  107
  110
  113
  115
  118
  121
  124
  127
  131
  134
  137
  141
  144
  148
  151
  155
Total operating expenses, $m
  170
  196
  224
  254
  288
  324
  364
  406
  451
  499
  551
  603
  660
  719
  781
  845
  913
  983
  1,054
  1,130
  1,208
  1,290
  1,374
  1,463
  1,553
  1,648
  1,747
  1,849
  1,956
  2,067
  2,183
Operating income, $m
  -8
  3
  18
  36
  55
  76
  99
  124
  151
  180
  210
  244
  278
  314
  351
  390
  431
  473
  517
  563
  611
  661
  712
  766
  822
  880
  941
  1,004
  1,070
  1,139
  1,210
EBITDA, $m
  0
  8
  25
  43
  63
  85
  110
  136
  165
  195
  227
  261
  297
  335
  374
  415
  458
  503
  549
  598
  648
  700
  755
  812
  870
  932
  996
  1,062
  1,132
  1,204
  1,280
Interest expense (income), $m
  4
  3
  2
  3
  4
  5
  6
  8
  9
  11
  13
  15
  17
  19
  21
  23
  25
  28
  30
  33
  36
  38
  41
  44
  48
  51
  54
  58
  62
  65
  69
Earnings before tax, $m
  -12
  0
  16
  33
  51
  71
  93
  116
  142
  169
  198
  229
  261
  295
  330
  367
  405
  445
  487
  530
  575
  622
  671
  722
  774
  829
  887
  946
  1,008
  1,073
  1,141
Tax expense, $m
  0
  0
  4
  9
  14
  19
  25
  31
  38
  46
  53
  62
  71
  80
  89
  99
  109
  120
  131
  143
  155
  168
  181
  195
  209
  224
  239
  255
  272
  290
  308
Net income, $m
  -12
  0
  12
  24
  37
  52
  68
  85
  103
  123
  144
  167
  191
  215
  241
  268
  296
  325
  356
  387
  420
  454
  490
  527
  565
  605
  647
  691
  736
  784
  833

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  58
  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
  105
  58
  70
  84
  99
  116
  134
  154
  175
  197
  221
  246
  272
  300
  328
  358
  390
  422
  456
  491
  528
  566
  605
  646
  689
  734
  780
  828
  878
  930
  985
Adjusted assets (=assets-cash), $m
  47
  58
  70
  84
  99
  116
  134
  154
  175
  197
  221
  246
  272
  300
  328
  358
  390
  422
  456
  491
  528
  566
  605
  646
  689
  734
  780
  828
  878
  930
  985
Revenue / Adjusted assets
  3.447
  3.431
  3.457
  3.440
  3.455
  3.448
  3.455
  3.442
  3.446
  3.452
  3.443
  3.443
  3.449
  3.443
  3.451
  3.450
  3.444
  3.448
  3.447
  3.448
  3.445
  3.445
  3.450
  3.449
  3.447
  3.444
  3.446
  3.446
  3.446
  3.447
  3.446
Average production assets, $m
  17
  20
  25
  30
  35
  41
  47
  54
  61
  69
  78
  86
  96
  105
  115
  126
  137
  148
  160
  173
  186
  199
  213
  227
  242
  258
  274
  291
  309
  327
  346
Working capital, $m
  41
  -12
  -15
  -18
  -21
  -25
  -29
  -33
  -37
  -42
  -47
  -53
  -58
  -64
  -70
  -77
  -83
  -90
  -97
  -105
  -113
  -121
  -129
  -138
  -147
  -157
  -167
  -177
  -188
  -199
  -210
Total debt, $m
  46
  23
  34
  47
  60
  75
  92
  109
  128
  148
  170
  192
  216
  241
  267
  294
  322
  351
  381
  413
  446
  480
  516
  553
  591
  631
  673
  716
  761
  808
  857
Total liabilities, $m
  75
  52
  63
  76
  89
  104
  121
  138
  157
  177
  199
  221
  245
  270
  296
  323
  351
  380
  410
  442
  475
  509
  545
  582
  620
  660
  702
  745
  790
  837
  886
Total equity, $m
  30
  6
  7
  8
  10
  12
  13
  15
  17
  20
  22
  25
  27
  30
  33
  36
  39
  42
  46
  49
  53
  57
  61
  65
  69
  73
  78
  83
  88
  93
  98
Total liabilities and equity, $m
  105
  58
  70
  84
  99
  116
  134
  153
  174
  197
  221
  246
  272
  300
  329
  359
  390
  422
  456
  491
  528
  566
  606
  647
  689
  733
  780
  828
  878
  930
  984
Debt-to-equity ratio
  1.533
  3.990
  4.870
  5.550
  6.080
  6.500
  6.840
  7.110
  7.340
  7.530
  7.690
  7.820
  7.930
  8.030
  8.120
  8.190
  8.260
  8.310
  8.360
  8.410
  8.450
  8.490
  8.520
  8.550
  8.580
  8.600
  8.630
  8.650
  8.670
  8.690
  8.710
Adjusted equity ratio
  -0.596
  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
  -12
  0
  12
  24
  37
  52
  68
  85
  103
  123
  144
  167
  191
  215
  241
  268
  296
  325
  356
  387
  420
  454
  490
  527
  565
  605
  647
  691
  736
  784
  833
Depreciation, amort., depletion, $m
  8
  5
  6
  7
  8
  9
  11
  12
  13
  15
  17
  17
  19
  21
  23
  25
  27
  30
  32
  35
  37
  40
  43
  45
  48
  52
  55
  58
  62
  65
  69
Funds from operations, $m
  6
  5
  18
  31
  45
  61
  78
  97
  117
  138
  161
  185
  210
  236
  264
  293
  323
  355
  388
  422
  457
  494
  532
  572
  614
  657
  702
  749
  798
  849
  902
Change in working capital, $m
  -1
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
Cash from operations, $m
  7
  7
  21
  34
  49
  65
  82
  101
  121
  143
  166
  190
  216
  242
  270
  300
  330
  362
  395
  429
  465
  502
  541
  581
  623
  667
  712
  759
  809
  860
  914
Maintenance CAPEX, $m
  0
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -11
  -12
  -14
  -16
  -17
  -19
  -21
  -23
  -25
  -27
  -30
  -32
  -35
  -37
  -40
  -43
  -45
  -48
  -52
  -55
  -58
  -62
  -65
New CAPEX, $m
  -1
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
Cash from investing activities, $m
  -2
  -7
  -8
  -10
  -11
  -13
  -14
  -16
  -18
  -20
  -22
  -25
  -26
  -29
  -31
  -34
  -36
  -38
  -42
  -44
  -48
  -50
  -54
  -57
  -60
  -64
  -68
  -72
  -76
  -80
  -84
Free cash flow, $m
  5
  0
  12
  24
  37
  52
  68
  85
  103
  123
  144
  166
  189
  214
  239
  266
  294
  323
  353
  385
  418
  452
  487
  524
  562
  602
  644
  688
  733
  780
  829
Issuance/(repayment) of debt, $m
  -10
  -16
  11
  12
  14
  15
  16
  18
  19
  20
  21
  22
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  38
  40
  42
  43
  45
  47
  49
Issuance/(repurchase) of shares, $m
  6
  27
  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  
  -5
  11
  11
  12
  14
  15
  16
  18
  19
  20
  21
  22
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  38
  40
  42
  43
  45
  47
  49
Total cash flow (excl. dividends), $m
  0
  11
  23
  37
  51
  67
  84
  102
  122
  143
  165
  188
  213
  238
  265
  293
  322
  352
  384
  416
  450
  486
  523
  561
  601
  642
  686
  731
  778
  827
  878
Retained Cash Flow (-), $m
  -4
  -27
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
Prev. year cash balance distribution, $m
 
  51
  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
 
  35
  22
  35
  49
  65
  82
  100
  120
  141
  163
  186
  210
  236
  262
  290
  319
  349
  380
  413
  447
  482
  519
  557
  597
  638
  681
  726
  773
  822
  873
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
 
  34
  20
  31
  41
  50
  60
  68
  75
  81
  85
  88
  90
  90
  88
  85
  81
  76
  70
  64
  57
  50
  43
  37
  30
  25
  20
  16
  12
  9
  7
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Five9 Inc. (Five9) is a provider of cloud software for contact centers. The Company's purpose-built Virtual Contact Center (VCC) cloud platform delivers a suite of applications that enable the breadth of contact center-related customer service, sales and marketing functions. The Company's solution, which consists of its VCC cloud platform and applications, allows simultaneous management and optimization of customer interactions across voice, chat, e-mail, Web, social media and mobile channels, either directly or through its application programming interfaces (APIs). The Company's VCC cloud platform matches each customer interaction with an appropriate agent resource and delivers relevant customer data to the agent in real-time through integrations with adjacent enterprise applications, such as customer relationship management (CRM) software, to optimize the customer experience and agent productivity.

FINANCIAL RATIOS  of  Five9 (FIVN)

Valuation Ratios
P/E Ratio -108.1
Price to Sales 8
Price to Book 43.2
Price to Tangible Book
Price to Cash Flow 185.3
Price to Free Cash Flow 216.2
Growth Rates
Sales Growth Rate 25.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 8
Current Ratio 0
LT Debt to Equity 130%
Total Debt to Equity 153.3%
Interest Coverage -2
Management Effectiveness
Return On Assets -7.8%
Ret/ On Assets - 3 Yr. Avg. -22.5%
Return On Total Capital -16.1%
Ret/ On T. Cap. - 3 Yr. Avg. -36.9%
Return On Equity -42.9%
Return On Equity - 3 Yr. Avg. -104.7%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 58.6%
Gross Margin - 3 Yr. Avg. 52.9%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. -12.9%
Operating Margin -4.9%
Oper. Margin - 3 Yr. Avg. -18.7%
Pre-Tax Margin -7.4%
Pre-Tax Margin - 3 Yr. Avg. -21.5%
Net Profit Margin -7.4%
Net Profit Margin - 3 Yr. Avg. -21.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

FIVN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FIVN stock intrinsic value calculation we used $162 million for the last fiscal year's total revenue generated by Five9. The default revenue input number comes from 2016 income statement of Five9. 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 FIVN stock valuation model: a) initial revenue growth rate of 23.1% 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 FIVN is calculated based on our internal credit rating of Five9, 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 Five9.
    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 FIVN stock the variable cost ratio is equal to 60.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $74 million in the base year in the intrinsic value calculation for FIVN 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 8.6% for Five9.

Corporate tax rate of 27% is the nominal tax rate for Five9. 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 FIVN 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 FIVN are equal to 10.2%.

Life of production assets of 3.6 years is the average useful life of capital assets used in Five9 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 FIVN is equal to -6.2%. 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 - $30 million for Five9 - 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 55.287 million for Five9 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 Five9 at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ Five9 beats Street 3Q forecasts   [Nov-08-17 05:07PM  Associated Press]
▶ Five9, Inc. to Host Earnings Call   [12:40PM  ACCESSWIRE]
▶ ETFs with exposure to Five9, Inc. : October 30, 2017   [Oct-30-17 11:49AM  Capital Cube]
▶ ETFs with exposure to Five9, Inc. : October 3, 2017   [Oct-03-17 11:14AM  Capital Cube]
▶ Five9 Clears Technical Benchmark, Hitting 90-Plus RS Rating   [Sep-29-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Five9, Inc. : September 22, 2017   [Sep-22-17 11:10AM  Capital Cube]
▶ 3 Cloud Stocks to Buy Right Now   [Aug-09-17 04:28PM  Zacks]
▶ Five9 in the red   [Aug-04-17 02:15PM  CNBC Videos]
▶ Five9 reports 2Q loss   [03:15AM  Associated Press]
▶ Five9 Reports Second Quarter Revenue Growth of 23%   [Aug-03-17 04:05PM  Business Wire]
▶ Five9 Announces Upcoming Conference Participation   [Jul-31-17 04:05PM  GlobeNewswire]
▶ ETFs with exposure to Five9, Inc. : July 24, 2017   [Jul-24-17 03:53PM  Capital Cube]
▶ 5 Stock Picks with Earnings Beat Potential   [Jul-21-17 03:54AM  Zacks]
▶ Five9, Inc. Value Analysis (NASDAQ:FIVN) : July 17, 2017   [Jul-17-17 01:58PM  Capital Cube]
▶ 3 Top Small-Cap Technology Stocks to Buy Now   [Jul-16-17 08:01AM  Motley Fool]
▶ ETFs with exposure to Five9, Inc. : July 14, 2017   [Jul-14-17 02:22PM  Capital Cube]
▶ 3 Cloud Stocks to Buy Right Now   [01:43PM  Zacks]
▶ ETFs with exposure to Five9, Inc. : June 26, 2017   [Jun-26-17 03:58PM  Capital Cube]
▶ ETFs with exposure to Five9, Inc. : June 16, 2017   [Jun-16-17 03:46PM  Capital Cube]
▶ 3 Cloud Stocks To Buy Right Now   [Jun-12-17 06:43PM  Zacks]
▶ Five9 Announces Upcoming Conference Participation   [May-04-17 04:05PM  GlobeNewswire]
▶ Why Five9 Inc. Stock Popped Today   [03:55PM  Motley Fool]
▶ Five9 reports 1Q loss   [May-03-17 06:25PM  Associated Press]
▶ Five9, Inc. Value Analysis (NASDAQ:FIVN) : April 13, 2017   [Apr-13-17 12:51PM  Capital Cube]
▶ Five9 Joins Industry Leaders at Enterprise Connect 2017   [Mar-22-17 08:00AM  Business Wire]
▶ Five9 Announces Upcoming Conference Participation   [Feb-21-17 04:05PM  GlobeNewswire]
▶ Five9 tops Street 4Q forecasts   [Feb-16-17 05:38PM  Associated Press]
Financial statements of FIVN
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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