Intrinsic value of Hortonworks - HDP

Previous Close

$16.26

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$16.26

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

We calculate the intrinsic value of HDP 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 1.1

 

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, %
  50.82
  40.90
  37.31
  34.08
  31.17
  28.55
  26.20
  24.08
  22.17
  20.45
  18.91
  17.52
  16.27
  15.14
  14.13
  13.21
  12.39
  11.65
  10.99
  10.39
  9.85
  9.36
  8.93
  8.54
  8.18
  7.86
  7.58
  7.32
  7.09
  6.88
  6.69
Revenue, $m
  184
  259
  356
  477
  626
  805
  1,016
  1,260
  1,540
  1,855
  2,205
  2,592
  3,013
  3,469
  3,959
  4,483
  5,038
  5,625
  6,243
  6,892
  7,570
  8,279
  9,019
  9,788
  10,589
  11,422
  12,287
  13,187
  14,121
  15,093
  16,103
Variable operating expenses, $m
 
  559
  767
  1,027
  1,346
  1,729
  2,182
  2,706
  3,305
  3,981
  4,733
  5,558
  6,462
  7,440
  8,491
  9,613
  10,804
  12,063
  13,388
  14,779
  16,235
  17,755
  19,340
  20,991
  22,709
  24,494
  26,350
  28,279
  30,283
  32,367
  34,532
Fixed operating expenses, $m
 
  40
  41
  42
  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
Total operating expenses, $m
  436
  599
  808
  1,069
  1,389
  1,773
  2,227
  2,752
  3,353
  4,030
  4,783
  5,609
  6,514
  7,494
  8,546
  9,669
  10,862
  12,122
  13,449
  14,841
  16,299
  17,821
  19,407
  21,060
  22,780
  24,566
  26,424
  28,355
  30,361
  32,447
  34,614
Operating income, $m
  -251
  -340
  -452
  -592
  -763
  -969
  -1,211
  -1,492
  -1,813
  -2,175
  -2,577
  -3,017
  -3,501
  -4,024
  -4,587
  -5,187
  -5,824
  -6,497
  -7,206
  -7,950
  -8,728
  -9,541
  -10,389
  -11,272
  -12,190
  -13,145
  -14,137
  -15,168
  -16,240
  -17,354
  -18,511
EBITDA, $m
  -243
  -332
  -442
  -580
  -749
  -952
  -1,191
  -1,467
  -1,784
  -2,140
  -2,537
  -2,973
  -3,450
  -3,966
  -4,520
  -5,111
  -5,739
  -6,402
  -7,100
  -7,833
  -8,600
  -9,401
  -10,236
  -11,106
  -12,010
  -12,951
  -13,929
  -14,945
  -16,001
  -17,098
  -18,238
Interest expense (income), $m
  0
  0
  -1
  1
  4
  8
  13
  18
  25
  32
  40
  49
  59
  70
  82
  94
  108
  122
  137
  153
  170
  188
  206
  225
  245
  266
  287
  310
  333
  357
  382
Earnings before tax, $m
  -250
  -340
  -451
  -593
  -767
  -977
  -1,224
  -1,511
  -1,838
  -2,207
  -2,617
  -3,066
  -3,560
  -4,094
  -4,668
  -5,281
  -5,932
  -6,620
  -7,344
  -8,103
  -8,899
  -9,729
  -10,595
  -11,497
  -12,435
  -13,411
  -14,424
  -15,478
  -16,573
  -17,711
  -18,894
Tax expense, $m
  2
  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
  -252
  -340
  -451
  -593
  -767
  -977
  -1,224
  -1,511
  -1,838
  -2,207
  -2,617
  -3,066
  -3,560
  -4,094
  -4,668
  -5,281
  -5,932
  -6,620
  -7,344
  -8,103
  -8,899
  -9,729
  -10,595
  -11,497
  -12,435
  -13,411
  -14,424
  -15,478
  -16,573
  -17,711
  -18,894

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  85
  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
  236
  213
  292
  392
  514
  660
  833
  1,034
  1,263
  1,521
  1,809
  2,126
  2,472
  2,846
  3,248
  3,677
  4,133
  4,614
  5,121
  5,653
  6,210
  6,792
  7,398
  8,030
  8,687
  9,370
  10,080
  10,818
  11,584
  12,381
  13,210
Adjusted assets (=assets-cash), $m
  151
  213
  292
  392
  514
  660
  833
  1,034
  1,263
  1,521
  1,809
  2,126
  2,472
  2,846
  3,248
  3,677
  4,133
  4,614
  5,121
  5,653
  6,210
  6,792
  7,398
  8,030
  8,687
  9,370
  10,080
  10,818
  11,584
  12,381
  13,210
Revenue / Adjusted assets
  1.219
  1.216
  1.219
  1.217
  1.218
  1.220
  1.220
  1.219
  1.219
  1.220
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
Average production assets, $m
  22
  30
  42
  56
  73
  94
  119
  147
  180
  217
  258
  303
  353
  406
  463
  524
  589
  658
  730
  806
  886
  969
  1,055
  1,145
  1,239
  1,336
  1,438
  1,543
  1,652
  1,766
  1,884
Working capital, $m
  6
  -111
  -153
  -205
  -269
  -345
  -436
  -541
  -661
  -796
  -946
  -1,112
  -1,293
  -1,488
  -1,699
  -1,923
  -2,161
  -2,413
  -2,678
  -2,956
  -3,248
  -3,552
  -3,869
  -4,199
  -4,543
  -4,900
  -5,271
  -5,657
  -6,058
  -6,475
  -6,908
Total debt, $m
  0
  -34
  38
  127
  237
  369
  525
  705
  912
  1,144
  1,403
  1,688
  2,000
  2,336
  2,698
  3,084
  3,495
  3,928
  4,384
  4,863
  5,364
  5,888
  6,433
  7,002
  7,593
  8,208
  8,847
  9,511
  10,201
  10,918
  11,664
Total liabilities, $m
  224
  191
  263
  352
  462
  594
  750
  930
  1,137
  1,369
  1,628
  1,913
  2,225
  2,561
  2,923
  3,309
  3,720
  4,153
  4,609
  5,088
  5,589
  6,113
  6,658
  7,227
  7,818
  8,433
  9,072
  9,736
  10,426
  11,143
  11,889
Total equity, $m
  11
  21
  29
  39
  51
  66
  83
  103
  126
  152
  181
  213
  247
  285
  325
  368
  413
  461
  512
  565
  621
  679
  740
  803
  869
  937
  1,008
  1,082
  1,158
  1,238
  1,321
Total liabilities and equity, $m
  235
  212
  292
  391
  513
  660
  833
  1,033
  1,263
  1,521
  1,809
  2,126
  2,472
  2,846
  3,248
  3,677
  4,133
  4,614
  5,121
  5,653
  6,210
  6,792
  7,398
  8,030
  8,687
  9,370
  10,080
  10,818
  11,584
  12,381
  13,210
Debt-to-equity ratio
  0.000
  -1.580
  1.300
  3.250
  4.620
  5.590
  6.300
  6.820
  7.220
  7.520
  7.760
  7.940
  8.090
  8.210
  8.310
  8.390
  8.460
  8.510
  8.560
  8.600
  8.640
  8.670
  8.700
  8.720
  8.740
  8.760
  8.780
  8.790
  8.810
  8.820
  8.830
Adjusted equity ratio
  -0.490
  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
  -252
  -340
  -451
  -593
  -767
  -977
  -1,224
  -1,511
  -1,838
  -2,207
  -2,617
  -3,066
  -3,560
  -4,094
  -4,668
  -5,281
  -5,932
  -6,620
  -7,344
  -8,103
  -8,899
  -9,729
  -10,595
  -11,497
  -12,435
  -13,411
  -14,424
  -15,478
  -16,573
  -17,711
  -18,894
Depreciation, amort., depletion, $m
  8
  8
  9
  11
  14
  17
  21
  25
  30
  35
  41
  44
  51
  59
  67
  76
  85
  95
  106
  117
  128
  140
  153
  166
  180
  194
  208
  224
  239
  256
  273
Funds from operations, $m
  -23
  -332
  -441
  -582
  -753
  -960
  -1,203
  -1,486
  -1,808
  -2,172
  -2,577
  -3,022
  -3,509
  -4,036
  -4,601
  -5,205
  -5,847
  -6,524
  -7,238
  -7,987
  -8,770
  -9,589
  -10,442
  -11,331
  -12,256
  -13,217
  -14,216
  -15,254
  -16,333
  -17,455
  -18,621
Change in working capital, $m
  59
  -32
  -41
  -52
  -64
  -77
  -90
  -105
  -120
  -135
  -150
  -166
  -181
  -196
  -210
  -224
  -238
  -252
  -265
  -278
  -291
  -304
  -317
  -330
  -344
  -357
  -371
  -386
  -401
  -417
  -433
Cash from operations, $m
  -82
  -300
  -400
  -529
  -690
  -883
  -1,113
  -1,381
  -1,688
  -2,037
  -2,426
  -2,857
  -3,328
  -3,840
  -4,391
  -4,981
  -5,608
  -6,272
  -6,973
  -7,708
  -8,479
  -9,285
  -10,125
  -11,001
  -11,912
  -12,860
  -13,845
  -14,869
  -15,932
  -17,038
  -18,187
Maintenance CAPEX, $m
  0
  -3
  -4
  -6
  -8
  -11
  -14
  -17
  -21
  -26
  -31
  -37
  -44
  -51
  -59
  -67
  -76
  -85
  -95
  -106
  -117
  -128
  -140
  -153
  -166
  -180
  -194
  -208
  -224
  -239
  -256
New CAPEX, $m
  -13
  -9
  -11
  -14
  -17
  -21
  -25
  -29
  -33
  -37
  -41
  -45
  -49
  -53
  -57
  -61
  -65
  -69
  -72
  -76
  -79
  -83
  -86
  -90
  -94
  -97
  -101
  -105
  -109
  -114
  -118
Cash from investing activities, $m
  9
  -12
  -15
  -20
  -25
  -32
  -39
  -46
  -54
  -63
  -72
  -82
  -93
  -104
  -116
  -128
  -141
  -154
  -167
  -182
  -196
  -211
  -226
  -243
  -260
  -277
  -295
  -313
  -333
  -353
  -374
Free cash flow, $m
  -73
  -312
  -415
  -550
  -715
  -915
  -1,151
  -1,427
  -1,743
  -2,100
  -2,499
  -2,939
  -3,422
  -3,944
  -4,507
  -5,109
  -5,749
  -6,427
  -7,140
  -7,890
  -8,675
  -9,496
  -10,352
  -11,244
  -12,172
  -13,137
  -14,140
  -15,182
  -16,265
  -17,391
  -18,561
Issuance/(repayment) of debt, $m
  0
  -34
  71
  90
  110
  132
  156
  181
  206
  233
  259
  285
  311
  337
  362
  386
  410
  433
  456
  479
  501
  523
  546
  568
  591
  615
  639
  664
  690
  717
  746
Issuance/(repurchase) of shares, $m
  98
  435
  459
  603
  780
  992
  1,241
  1,531
  1,861
  2,233
  2,646
  3,098
  3,595
  4,132
  4,709
  5,324
  5,977
  6,668
  7,394
  8,157
  8,954
  9,787
  10,656
  11,560
  12,501
  13,479
  14,495
  15,552
  16,650
  17,790
  18,976
Cash from financing (excl. dividends), $m  
  92
  401
  530
  693
  890
  1,124
  1,397
  1,712
  2,067
  2,466
  2,905
  3,383
  3,906
  4,469
  5,071
  5,710
  6,387
  7,101
  7,850
  8,636
  9,455
  10,310
  11,202
  12,128
  13,092
  14,094
  15,134
  16,216
  17,340
  18,507
  19,722
Total cash flow (excl. dividends), $m
  18
  90
  115
  143
  174
  209
  246
  284
  325
  365
  406
  444
  484
  524
  563
  601
  638
  675
  710
  745
  780
  815
  850
  885
  920
  957
  995
  1,034
  1,074
  1,116
  1,161
Retained Cash Flow (-), $m
  57
  -435
  -459
  -603
  -780
  -992
  -1,241
  -1,531
  -1,861
  -2,233
  -2,646
  -3,098
  -3,595
  -4,132
  -4,709
  -5,324
  -5,977
  -6,668
  -7,394
  -8,157
  -8,954
  -9,787
  -10,656
  -11,560
  -12,501
  -13,479
  -14,495
  -15,552
  -16,650
  -17,790
  -18,976
Prev. year cash balance distribution, $m
 
  85
  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
 
  -261
  -344
  -460
  -605
  -783
  -996
  -1,246
  -1,536
  -1,867
  -2,240
  -2,654
  -3,110
  -3,608
  -4,145
  -4,723
  -5,339
  -5,993
  -6,684
  -7,411
  -8,174
  -8,973
  -9,806
  -10,675
  -11,580
  -12,522
  -13,501
  -14,518
  -15,575
  -16,674
  -17,816
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
 
  -250
  -315
  -400
  -498
  -607
  -723
  -842
  -960
  -1,073
  -1,174
  -1,260
  -1,327
  -1,372
  -1,392
  -1,387
  -1,357
  -1,304
  -1,231
  -1,141
  -1,039
  -928
  -814
  -700
  -590
  -487
  -394
  -312
  -241
  -182
  -134
Current shareholders' claim on cash, %
  100
  50.0
  15.8
  5.2
  1.7
  0.6
  0.2
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Hortonworks, Inc. is a provider and distributor of enterprise-scale data management software platforms. The Company's product offerings include Hortonworks Data Platform (HDP), Hortonworks Sandbox and Hortonworks DataFlow Platform (HDF). It provides support subscription offerings and related professional services for its enterprise-scale Connected Data Platforms, such as HDP and HDF. Its Data at Rest solution, the HDP, is an enterprise-scale data management platform built entirely on open source software, including Apache Hadoop. HDP combines computer servers with local storage and open source software technology to create a distributed compute and storage platform for data sets that is secure and scalable over petabytes of data within thousands of servers or nodes. Its Data in Motion solution, the HDF, is an enterprise-scale data ingest platform built entirely on open source software, including Apache NiFi.

FINANCIAL RATIOS  of  Hortonworks (HDP)

Valuation Ratios
P/E Ratio -3.9
Price to Sales 5.4
Price to Book 90.3
Price to Tangible Book
Price to Cash Flow -12.1
Price to Free Cash Flow -10.5
Growth Rates
Sales Growth Rate 50.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 67%
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 -112.5%
Ret/ On Assets - 3 Yr. Avg. -101.1%
Return On Total Capital -638%
Ret/ On T. Cap. - 3 Yr. Avg. -329%
Return On Equity -638%
Return On Equity - 3 Yr. Avg. -329%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 60.9%
Gross Margin - 3 Yr. Avg. 13.2%
EBITDA Margin -131.5%
EBITDA Margin - 3 Yr. Avg. -219.6%
Operating Margin -137%
Oper. Margin - 3 Yr. Avg. -220.9%
Pre-Tax Margin -135.9%
Pre-Tax Margin - 3 Yr. Avg. -223.2%
Net Profit Margin -137%
Net Profit Margin - 3 Yr. Avg. -222.8%
Effective Tax Rate -0.8%
Eff/ Tax Rate - 3 Yr. Avg. -0.1%
Payout Ratio 0%

HDP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HDP stock intrinsic value calculation we used $184 million for the last fiscal year's total revenue generated by Hortonworks. The default revenue input number comes from 2016 income statement of Hortonworks. 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 HDP stock valuation model: a) initial revenue growth rate of 40.9% 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 HDP is calculated based on our internal credit rating of Hortonworks, 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 Hortonworks.
    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 HDP stock the variable cost ratio is equal to 216.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $39 million in the base year in the intrinsic value calculation for HDP 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 Hortonworks.

Corporate tax rate of 27% is the nominal tax rate for Hortonworks. 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 HDP 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 HDP are equal to 11.7%.

Life of production assets of 6.9 years is the average useful life of capital assets used in Hortonworks 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 HDP is equal to -42.9%. 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 - $11 million for Hortonworks - 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 67.036 million for Hortonworks 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 Hortonworks at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

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▶ Why Hortonworks, Inc. Stock Leaped 27% in August   [Sep-17-17 02:34PM  Motley Fool]
▶ San Jose Big Data company puts off IPO with $56M in new funding   [Sep-05-17 11:15AM  American City Business Journals]
▶ 3 Things Hortonworks Management Wants You to Know   [Aug-27-17 09:47AM  Motley Fool]
▶ Why Hortonworks Shares Soared Today   [Aug-04-17 01:02PM  Motley Fool]
▶ Hortonworks reports 2Q loss   [12:02AM  Associated Press]
▶ ETFs with exposure to Hortonworks, Inc. : July 28, 2017   [Jul-28-17 04:31PM  Capital Cube]
▶ Morgan Stanley and Vertex jump while McCormick slides   [Jul-19-17 04:43PM  Associated Press]
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▶ ETFs with exposure to Hortonworks, Inc. : July 7, 2017   [Jul-07-17 02:58PM  Capital Cube]
▶ ETFs with exposure to Hortonworks, Inc. : June 26, 2017   [Jun-26-17 04:07PM  Capital Cube]
▶ ETFs with exposure to Hortonworks, Inc. : June 16, 2017   [Jun-16-17 03:52PM  Capital Cube]
▶ IBM and Hortonworks go steady with OEM deal   [Jun-13-17 12:12PM  ZDNet]
▶ 5 Best Performing Stocks of the Best ETF of May   [May-31-17 10:38AM  Zacks]
▶ Hortonworks Jumps 9% on Q1 Beat, In-Line Q2, Year Views   [May-04-17 06:43PM  Barrons.com]
▶ Hortonworks reports 1Q loss   [06:12PM  Associated Press]
▶ Intel-backed Cloudera's stock jumps after it raises $225M in IPO   [04:30PM  American City Business Journals]
▶ Cloudera raises $225M in IPO that tops targets but slashes valuation   [09:20AM  American City Business Journals]
▶ On eve of Cloudera IPO, analysts offer ways to judge its success   [08:45AM  American City Business Journals]
▶ Cloudera's IPO: What Investors Need to Know   [Apr-27-17 10:29AM  Motley Fool]
▶ Four things to know about the Cloudera IPO   [Apr-19-17 06:53AM  MarketWatch]
▶ Cloudera targets IPO well below previous valuation estimates   [Apr-17-17 02:41PM  American City Business Journals]
▶ Cloudera Sets IPO Pricing, Terms   [11:45AM  24/7 Wall St.]
▶ IPOs: Why Big Data Cloudera's IPO May Fall Short   [Apr-06-17 06:00AM  Investopedia]
▶ ETFs with exposure to Hortonworks, Inc. : April 5, 2017   [Apr-05-17 04:51PM  Capital Cube]
▶ [$$] Cloudera Files for IPO   [Mar-31-17 04:53PM  The Wall Street Journal]
▶ Cloudera files to raise up to $200M as IPO activity picks up   [03:51PM  American City Business Journals]
▶ Cloudera may join this year's IPO lineup   [Feb-28-17 06:37PM  at bizjournals.com]
▶ Cloudera may join this year's IPO lineup   [06:37PM  American City Business Journals]
Financial statements of HDP
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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