Intrinsic value of Finjan Holdings - FNJN

Previous Close

$3.05

  Intrinsic Value

$266.23

stock screener

  Rating & Target

str. buy

+999%

Previous close

$3.05

 
Intrinsic value

$266.23

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of FNJN 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 0.1

 

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, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  81
  125
  187
  271
  382
  525
  705
  926
  1,191
  1,505
  1,868
  2,284
  2,753
  3,276
  3,852
  4,481
  5,161
  5,893
  6,674
  7,503
  8,380
  9,304
  10,273
  11,287
  12,347
  13,451
  14,602
  15,799
  17,044
  18,338
Variable operating expenses, $m
  46
  71
  106
  154
  217
  297
  399
  523
  673
  850
  1,055
  1,290
  1,555
  1,850
  2,175
  2,530
  2,914
  3,327
  3,768
  4,237
  4,732
  5,253
  5,800
  6,373
  6,972
  7,595
  8,245
  8,921
  9,624
  10,354
Fixed operating expenses, $m
  8
  8
  9
  9
  9
  9
  9
  10
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  13
  14
  14
  14
  15
  15
  15
Total operating expenses, $m
  54
  79
  115
  163
  226
  306
  408
  533
  683
  860
  1,065
  1,300
  1,566
  1,861
  2,186
  2,541
  2,926
  3,339
  3,780
  4,249
  4,745
  5,266
  5,813
  6,386
  6,986
  7,609
  8,259
  8,936
  9,639
  10,369
Operating income, $m
  26
  45
  72
  108
  157
  219
  297
  393
  508
  644
  803
  984
  1,188
  1,415
  1,666
  1,939
  2,235
  2,554
  2,893
  3,254
  3,636
  4,037
  4,459
  4,900
  5,361
  5,842
  6,343
  6,863
  7,405
  7,968
EBITDA, $m
  28
  47
  74
  111
  161
  224
  304
  401
  519
  658
  819
  1,003
  1,211
  1,443
  1,698
  1,977
  2,279
  2,603
  2,949
  3,317
  3,706
  4,116
  4,545
  4,995
  5,465
  5,955
  6,465
  6,996
  7,548
  8,122
Interest expense (income), $m
  0
  0
  0
  2
  3
  6
  9
  13
  18
  24
  31
  40
  50
  61
  74
  88
  104
  122
  140
  160
  182
  205
  229
  254
  281
  309
  338
  369
  400
  433
  468
Earnings before tax, $m
  26
  45
  70
  105
  151
  210
  284
  375
  484
  613
  764
  934
  1,127
  1,341
  1,577
  1,835
  2,114
  2,413
  2,733
  3,072
  3,431
  3,808
  4,205
  4,619
  5,052
  5,504
  5,974
  6,463
  6,972
  7,500
Tax expense, $m
  7
  12
  19
  28
  41
  57
  77
  101
  131
  166
  206
  252
  304
  362
  426
  495
  571
  652
  738
  829
  926
  1,028
  1,135
  1,247
  1,364
  1,486
  1,613
  1,745
  1,882
  2,025
Net income, $m
  19
  33
  51
  77
  110
  153
  207
  274
  354
  448
  557
  682
  823
  979
  1,151
  1,340
  1,543
  1,762
  1,995
  2,243
  2,505
  2,780
  3,069
  3,372
  3,688
  4,018
  4,361
  4,718
  5,089
  5,475

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
  46
  71
  106
  153
  216
  298
  399
  524
  675
  852
  1,059
  1,294
  1,560
  1,856
  2,182
  2,539
  2,924
  3,339
  3,781
  4,251
  4,748
  5,271
  5,820
  6,395
  6,995
  7,621
  8,273
  8,951
  9,657
  10,390
Adjusted assets (=assets-cash), $m
  46
  71
  106
  153
  216
  298
  399
  524
  675
  852
  1,059
  1,294
  1,560
  1,856
  2,182
  2,539
  2,924
  3,339
  3,781
  4,251
  4,748
  5,271
  5,820
  6,395
  6,995
  7,621
  8,273
  8,951
  9,657
  10,390
Revenue / Adjusted assets
  1.761
  1.761
  1.764
  1.771
  1.769
  1.762
  1.767
  1.767
  1.764
  1.766
  1.764
  1.765
  1.765
  1.765
  1.765
  1.765
  1.765
  1.765
  1.765
  1.765
  1.765
  1.765
  1.765
  1.765
  1.765
  1.765
  1.765
  1.765
  1.765
  1.765
Average production assets, $m
  3
  5
  8
  11
  16
  22
  30
  39
  50
  63
  78
  96
  116
  138
  162
  188
  217
  247
  280
  315
  352
  391
  431
  474
  519
  565
  613
  664
  716
  770
Working capital, $m
  -8
  -12
  -18
  -27
  -37
  -51
  -69
  -91
  -117
  -147
  -183
  -224
  -270
  -321
  -377
  -439
  -506
  -577
  -654
  -735
  -821
  -912
  -1,007
  -1,106
  -1,210
  -1,318
  -1,431
  -1,548
  -1,670
  -1,797
Total debt, $m
  8
  31
  62
  105
  162
  235
  327
  439
  575
  734
  920
  1,132
  1,371
  1,638
  1,931
  2,252
  2,599
  2,972
  3,370
  3,793
  4,240
  4,711
  5,205
  5,723
  6,263
  6,826
  7,413
  8,023
  8,658
  9,318
Total liabilities, $m
  41
  64
  95
  138
  195
  268
  359
  472
  607
  767
  953
  1,165
  1,404
  1,670
  1,964
  2,285
  2,632
  3,005
  3,403
  3,826
  4,273
  4,744
  5,238
  5,755
  6,296
  6,859
  7,446
  8,056
  8,691
  9,351
Total equity, $m
  5
  7
  11
  15
  22
  30
  40
  52
  67
  85
  106
  129
  156
  186
  218
  254
  292
  334
  378
  425
  475
  527
  582
  639
  700
  762
  827
  895
  966
  1,039
Total liabilities and equity, $m
  46
  71
  106
  153
  217
  298
  399
  524
  674
  852
  1,059
  1,294
  1,560
  1,856
  2,182
  2,539
  2,924
  3,339
  3,781
  4,251
  4,748
  5,271
  5,820
  6,394
  6,996
  7,621
  8,273
  8,951
  9,657
  10,390
Debt-to-equity ratio
  1.850
  4.370
  5.910
  6.870
  7.490
  7.900
  8.180
  8.380
  8.520
  8.620
  8.690
  8.750
  8.790
  8.820
  8.850
  8.870
  8.890
  8.900
  8.910
  8.920
  8.930
  8.940
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
Adjusted equity ratio
  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
  19
  33
  51
  77
  110
  153
  207
  274
  354
  448
  557
  682
  823
  979
  1,151
  1,340
  1,543
  1,762
  1,995
  2,243
  2,505
  2,780
  3,069
  3,372
  3,688
  4,018
  4,361
  4,718
  5,089
  5,475
Depreciation, amort., depletion, $m
  1
  2
  2
  3
  4
  5
  7
  9
  11
  13
  16
  19
  23
  28
  32
  38
  43
  49
  56
  63
  70
  78
  86
  95
  104
  113
  123
  133
  143
  154
Funds from operations, $m
  21
  34
  54
  80
  114
  158
  214
  282
  364
  461
  573
  701
  846
  1,007
  1,184
  1,377
  1,586
  1,811
  2,051
  2,306
  2,575
  2,858
  3,156
  3,467
  3,792
  4,131
  4,484
  4,851
  5,232
  5,629
Change in working capital, $m
  -3
  -4
  -6
  -8
  -11
  -14
  -18
  -22
  -26
  -31
  -36
  -41
  -46
  -51
  -56
  -62
  -67
  -72
  -77
  -81
  -86
  -90
  -95
  -99
  -104
  -108
  -113
  -117
  -122
  -127
Cash from operations, $m
  24
  39
  60
  88
  125
  173
  232
  304
  390
  492
  609
  742
  892
  1,058
  1,240
  1,439
  1,653
  1,883
  2,128
  2,387
  2,661
  2,949
  3,251
  3,566
  3,896
  4,239
  4,596
  4,968
  5,354
  5,756
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -2
  -3
  -4
  -6
  -8
  -10
  -13
  -16
  -19
  -23
  -28
  -32
  -38
  -43
  -49
  -56
  -63
  -70
  -78
  -86
  -95
  -104
  -113
  -123
  -133
  -143
New CAPEX, $m
  -1
  -2
  -3
  -4
  -5
  -6
  -8
  -9
  -11
  -13
  -15
  -17
  -20
  -22
  -24
  -26
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
Cash from investing activities, $m
  -1
  -3
  -4
  -6
  -7
  -9
  -12
  -15
  -19
  -23
  -28
  -33
  -39
  -45
  -52
  -58
  -67
  -74
  -82
  -91
  -100
  -109
  -119
  -129
  -140
  -150
  -161
  -173
  -185
  -197
Free cash flow, $m
  22
  36
  56
  83
  118
  163
  220
  289
  371
  469
  581
  709
  853
  1,013
  1,189
  1,380
  1,587
  1,809
  2,045
  2,296
  2,561
  2,840
  3,132
  3,437
  3,756
  4,089
  4,435
  4,795
  5,169
  5,559
Issuance/(repayment) of debt, $m
  8
  22
  32
  43
  57
  73
  92
  113
  135
  160
  185
  212
  239
  266
  294
  321
  347
  373
  398
  423
  447
  471
  494
  517
  540
  563
  587
  610
  635
  660
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
  22
  32
  43
  57
  73
  92
  113
  135
  160
  185
  212
  239
  266
  294
  321
  347
  373
  398
  423
  447
  471
  494
  517
  540
  563
  587
  610
  635
  660
Total cash flow (excl. dividends), $m
  30
  59
  88
  126
  175
  236
  311
  401
  507
  628
  766
  921
  1,092
  1,279
  1,482
  1,701
  1,934
  2,182
  2,444
  2,719
  3,008
  3,310
  3,626
  3,955
  4,297
  4,652
  5,022
  5,406
  5,804
  6,218
Retained Cash Flow (-), $m
  -9
  -2
  -4
  -5
  -6
  -8
  -10
  -13
  -15
  -18
  -21
  -24
  -27
  -30
  -33
  -36
  -39
  -41
  -44
  -47
  -50
  -52
  -55
  -57
  -60
  -63
  -65
  -68
  -71
  -73
Prev. year cash balance distribution, $m
  33
  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
  54
  56
  84
  121
  169
  228
  301
  389
  492
  611
  746
  897
  1,065
  1,250
  1,450
  1,665
  1,895
  2,140
  2,399
  2,672
  2,958
  3,258
  3,571
  3,897
  4,237
  4,590
  4,957
  5,338
  5,734
  6,145
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
  52
  51
  73
  100
  131
  166
  204
  243
  282
  320
  354
  383
  405
  420
  426
  423
  412
  394
  369
  340
  306
  270
  234
  198
  165
  134
  106
  83
  63
  46
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

Finjan Holdings, Inc., through its subsidiaries, operates as a cybersecurity company, provides intellectual property licensing and enforcement services. The company owns a portfolio of patents related to software and hardware technologies that proactively detect malicious code and thereby protects end-users from identity and data theft, spyware, malware, phishing, trojans, and other Web and network threats. Its patented technologies are used in specific technology areas, including endpoint/cloud software, Web gateway/Internet infrastructure, and networking equipment markets. The company’s technology scans and repels the latest and unknown threats to network, Web, and endpoint devices on a real-time basis. It also provides investments in cybersecurity technologies and intellectual property; cyber risk and cyber security advisory services; and develops mobile security applications. Finjan Holdings, Inc. was founded in 1997 and is headquartered in East Palo Alto, California.

FINANCIAL RATIOS  of  Finjan Holdings (FNJN)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

FNJN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FNJN stock intrinsic value calculation we used $50.484 million for the last fiscal year's total revenue generated by Finjan Holdings. The default revenue input number comes from 0001 income statement of Finjan Holdings. 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 FNJN stock valuation model: a) initial revenue growth rate of 60% 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 FNJN is calculated based on our internal credit rating of Finjan Holdings, 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 Finjan Holdings.
    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 FNJN stock the variable cost ratio is equal to 58%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $8 million in the base year in the intrinsic value calculation for FNJN 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 Finjan Holdings.

Corporate tax rate of 27% is the nominal tax rate for Finjan Holdings. 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 FNJN 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 FNJN are equal to 4.2%.

Life of production assets of 5 years is the average useful life of capital assets used in Finjan Holdings 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 FNJN is equal to -9.8%. 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 - $28.526 million for Finjan Holdings - 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 27.244 million for Finjan Holdings 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 Finjan Holdings at the current share price and the inputted number of shares is $0.1 billion.

COMPANY NEWS

▶ Finjan Offers Shareholder Update for 3Q 2018   [09:00AM  GlobeNewswire]
▶ Finjan to Host Shareholder Update Call on November 13, 2018   [Nov-06-18 08:30AM  GlobeNewswire]
▶ Federal Circuit Clears Finjans 408 Patent and Awards Costs   [Sep-20-18 08:30AM  GlobeNewswire]
▶ New York City stocks that are driving Wall Street's latest bull run   [Aug-23-18 11:50AM  American City Business Journals]
▶ FNJN: Finjan Unexpectedly Reports Higher Q2 Results on Accounting Change   [Aug-03-18 05:15PM  Zacks Small Cap Research]
▶ Finjan Holdings, Inc. to Host Earnings Call   [Aug-02-18 02:30PM  ACCESSWIRE]
▶ Finjan to Present at Upcoming Investor Conferences   [May-16-18 09:01AM  GlobeNewswire]
▶ FNJN: Finjan Reports Q1 2018 EPS and Has Started Paying Taxes   [May-10-18 03:20PM  Zacks Small Cap Research]
▶ FNJN: Finjan Receives $65 Million Symantec Payment to Start Its Record Year   [Apr-10-18 06:35PM  Zacks Small Cap Research]
▶ Finjan and Carbon Black Enter Patent License Agreement   [Apr-09-18 08:30AM  GlobeNewswire]
▶ Finjan Delivers Strong Fiscal Year 2017 Results   [Mar-14-18 04:54PM  GlobeNewswire]
▶ Finjan (FNJN) Settles With FireEye for a Net $12.5 Million   [Jan-02-18 03:00PM  Zacks Small Cap Research]
▶ FNJN: Still Awaiting Blue Coat Appeal Ruling, Which May Not Be Simple   [Nov-13-17 11:00AM  Zacks Small Cap Research]
▶ MicroCap Review Magazine Fall 2017 Issue Now Available   [Sep-05-17 08:30AM  ACCESSWIRE]
▶ Finjan (FNJN) Buys IBM Cybersecurity Patents to Monetize   [Aug-29-17 11:00AM  Zacks Small Cap Research]
▶ FNJN: Blue Coat Systems Appeal to Be Heard September 8, 2017   [Aug-11-17 10:30AM  Zacks Small Cap Research]
▶ Finjan Sues SonicWall for Patent Infringement   [Aug-07-17 08:30AM  Marketwired]
▶ Finjan Announces Public Offering of Common Shares   [Jun-26-17 04:21PM  Marketwired]
▶ Finjan Holdings to Present at Two Upcoming Conferences   [May-18-17 08:30AM  Marketwired]
▶ FNJN: No Surprises in Q1 2017 Results   [May-16-17 05:00PM  Zacks Small Cap Research]
▶ Finjan Signs Licensing Agreement with Avira   [Apr-25-17 08:30AM  Marketwired]

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