Intrinsic value of Imperva - IMPV

Previous Close

$41.00

  Intrinsic Value

$2.25

stock screener

  Rating & Target

str. sell

-95%

  Value-price divergence*

-74%

Previous close

$41.00

 
Intrinsic value

$2.25

 
Up/down potential

-95%

 
Rating

str. sell

 
Value-price divergence*

-74%

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

We calculate the intrinsic value of IMPV 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 1.4

 

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, %
  12.82
  27.60
  25.34
  23.31
  21.48
  19.83
  18.35
  17.01
  15.81
  14.73
  13.76
  12.88
  12.09
  11.38
  10.74
  10.17
  9.65
  9.19
  8.77
  8.39
  8.05
  7.75
  7.47
  7.23
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
Revenue, $m
  264
  337
  422
  521
  632
  758
  897
  1,049
  1,215
  1,394
  1,586
  1,790
  2,007
  2,235
  2,476
  2,727
  2,991
  3,265
  3,552
  3,850
  4,160
  4,482
  4,817
  5,165
  5,527
  5,903
  6,294
  6,700
  7,123
  7,564
  8,022
Variable operating expenses, $m
 
  405
  507
  624
  757
  906
  1,072
  1,254
  1,451
  1,664
  1,893
  2,132
  2,390
  2,662
  2,948
  3,248
  3,562
  3,889
  4,230
  4,585
  4,954
  5,338
  5,737
  6,152
  6,582
  7,030
  7,496
  7,980
  8,484
  9,008
  9,555
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
  333
  405
  507
  624
  757
  906
  1,072
  1,254
  1,451
  1,664
  1,893
  2,132
  2,390
  2,662
  2,948
  3,248
  3,562
  3,889
  4,230
  4,585
  4,954
  5,338
  5,737
  6,152
  6,582
  7,030
  7,496
  7,980
  8,484
  9,008
  9,555
Operating income, $m
  -69
  -68
  -84
  -103
  -124
  -148
  -175
  -204
  -236
  -270
  -307
  -342
  -383
  -427
  -473
  -521
  -571
  -624
  -678
  -735
  -794
  -856
  -920
  -986
  -1,056
  -1,127
  -1,202
  -1,280
  -1,360
  -1,445
  -1,532
EBITDA, $m
  -61
  -60
  -75
  -93
  -113
  -135
  -160
  -188
  -217
  -249
  -284
  -320
  -359
  -400
  -443
  -488
  -535
  -584
  -635
  -688
  -744
  -801
  -861
  -923
  -988
  -1,055
  -1,125
  -1,198
  -1,273
  -1,352
  -1,434
Interest expense (income), $m
  0
  0
  0
  1
  3
  5
  7
  10
  12
  15
  18
  22
  25
  29
  33
  38
  42
  47
  51
  57
  62
  67
  73
  79
  85
  91
  98
  105
  112
  120
  127
Earnings before tax, $m
  -69
  -68
  -84
  -104
  -127
  -153
  -182
  -214
  -248
  -285
  -325
  -364
  -409
  -456
  -506
  -558
  -613
  -670
  -730
  -792
  -856
  -923
  -993
  -1,065
  -1,141
  -1,219
  -1,300
  -1,385
  -1,473
  -1,564
  -1,660
Tax expense, $m
  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
Net income, $m
  -70
  -68
  -84
  -104
  -127
  -153
  -182
  -214
  -248
  -285
  -325
  -364
  -409
  -456
  -506
  -558
  -613
  -670
  -730
  -792
  -856
  -923
  -993
  -1,065
  -1,141
  -1,219
  -1,300
  -1,385
  -1,473
  -1,564
  -1,660

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  261
  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
  409
  189
  237
  292
  355
  425
  503
  588
  681
  782
  889
  1,004
  1,125
  1,253
  1,388
  1,529
  1,676
  1,830
  1,991
  2,158
  2,332
  2,512
  2,700
  2,895
  3,098
  3,309
  3,528
  3,756
  3,993
  4,240
  4,497
Adjusted assets (=assets-cash), $m
  148
  189
  237
  292
  355
  425
  503
  588
  681
  782
  889
  1,004
  1,125
  1,253
  1,388
  1,529
  1,676
  1,830
  1,991
  2,158
  2,332
  2,512
  2,700
  2,895
  3,098
  3,309
  3,528
  3,756
  3,993
  4,240
  4,497
Revenue / Adjusted assets
  1.784
  1.783
  1.781
  1.784
  1.780
  1.784
  1.783
  1.784
  1.784
  1.783
  1.784
  1.783
  1.784
  1.784
  1.784
  1.784
  1.785
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
Average production assets, $m
  25
  31
  39
  48
  59
  70
  83
  98
  113
  130
  148
  167
  187
  208
  230
  254
  278
  304
  330
  358
  387
  417
  448
  480
  514
  549
  585
  623
  662
  703
  746
Working capital, $m
  194
  -86
  -107
  -132
  -161
  -192
  -228
  -267
  -309
  -354
  -403
  -455
  -510
  -568
  -629
  -693
  -760
  -829
  -902
  -978
  -1,057
  -1,138
  -1,224
  -1,312
  -1,404
  -1,499
  -1,599
  -1,702
  -1,809
  -1,921
  -2,038
Total debt, $m
  0
  -7
  36
  86
  142
  205
  275
  352
  436
  526
  623
  726
  835
  951
  1,072
  1,199
  1,332
  1,470
  1,615
  1,765
  1,922
  2,084
  2,253
  2,429
  2,611
  2,801
  2,998
  3,203
  3,417
  3,639
  3,870
Total liabilities, $m
  177
  170
  213
  263
  319
  382
  452
  529
  613
  703
  800
  903
  1,012
  1,128
  1,249
  1,376
  1,509
  1,647
  1,792
  1,942
  2,099
  2,261
  2,430
  2,606
  2,788
  2,978
  3,175
  3,380
  3,594
  3,816
  4,047
Total equity, $m
  232
  19
  24
  29
  35
  42
  50
  59
  68
  78
  89
  100
  112
  125
  139
  153
  168
  183
  199
  216
  233
  251
  270
  290
  310
  331
  353
  376
  399
  424
  450
Total liabilities and equity, $m
  409
  189
  237
  292
  354
  424
  502
  588
  681
  781
  889
  1,003
  1,124
  1,253
  1,388
  1,529
  1,677
  1,830
  1,991
  2,158
  2,332
  2,512
  2,700
  2,896
  3,098
  3,309
  3,528
  3,756
  3,993
  4,240
  4,497
Debt-to-equity ratio
  0.000
  -0.370
  1.520
  2.930
  4.010
  4.830
  5.480
  5.990
  6.400
  6.740
  7.010
  7.240
  7.430
  7.590
  7.720
  7.840
  7.940
  8.030
  8.110
  8.180
  8.240
  8.300
  8.340
  8.390
  8.430
  8.470
  8.500
  8.530
  8.560
  8.580
  8.610
Adjusted equity ratio
  -0.196
  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
  -70
  -68
  -84
  -104
  -127
  -153
  -182
  -214
  -248
  -285
  -325
  -364
  -409
  -456
  -506
  -558
  -613
  -670
  -730
  -792
  -856
  -923
  -993
  -1,065
  -1,141
  -1,219
  -1,300
  -1,385
  -1,473
  -1,564
  -1,660
Depreciation, amort., depletion, $m
  8
  8
  9
  10
  11
  13
  15
  17
  19
  21
  23
  22
  25
  27
  30
  33
  37
  40
  43
  47
  51
  55
  59
  63
  68
  72
  77
  82
  87
  93
  98
Funds from operations, $m
  43
  -60
  -75
  -94
  -116
  -140
  -167
  -197
  -230
  -264
  -302
  -342
  -384
  -429
  -476
  -525
  -577
  -630
  -686
  -745
  -805
  -868
  -934
  -1,002
  -1,073
  -1,146
  -1,223
  -1,303
  -1,385
  -1,472
  -1,561
Change in working capital, $m
  21
  -19
  -22
  -25
  -28
  -32
  -35
  -39
  -42
  -45
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -112
  -117
Cash from operations, $m
  22
  -42
  -54
  -69
  -88
  -109
  -132
  -158
  -187
  -219
  -253
  -290
  -329
  -371
  -415
  -461
  -510
  -560
  -614
  -669
  -727
  -787
  -849
  -914
  -981
  -1,051
  -1,124
  -1,199
  -1,278
  -1,360
  -1,445
Maintenance CAPEX, $m
  0
  -3
  -4
  -5
  -6
  -8
  -9
  -11
  -13
  -15
  -17
  -19
  -22
  -25
  -27
  -30
  -33
  -37
  -40
  -43
  -47
  -51
  -55
  -59
  -63
  -68
  -72
  -77
  -82
  -87
  -93
New CAPEX, $m
  -17
  -7
  -8
  -9
  -10
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
Cash from investing activities, $m
  -78
  -10
  -12
  -14
  -16
  -20
  -22
  -25
  -28
  -32
  -35
  -38
  -42
  -46
  -49
  -53
  -57
  -63
  -67
  -71
  -76
  -81
  -86
  -91
  -97
  -103
  -108
  -115
  -121
  -128
  -136
Free cash flow, $m
  -56
  -52
  -66
  -84
  -104
  -128
  -154
  -184
  -216
  -251
  -288
  -328
  -371
  -417
  -464
  -515
  -568
  -623
  -680
  -740
  -803
  -867
  -935
  -1,005
  -1,078
  -1,154
  -1,232
  -1,314
  -1,399
  -1,488
  -1,580
Issuance/(repayment) of debt, $m
  0
  -7
  43
  50
  56
  63
  70
  77
  84
  90
  97
  103
  109
  115
  121
  127
  133
  139
  144
  150
  156
  163
  169
  176
  182
  190
  197
  205
  213
  222
  231
Issuance/(repurchase) of shares, $m
  11
  116
  89
  110
  134
  160
  190
  222
  257
  295
  336
  375
  421
  469
  520
  573
  628
  686
  746
  808
  874
  941
  1,012
  1,085
  1,161
  1,240
  1,322
  1,407
  1,496
  1,589
  1,685
Cash from financing (excl. dividends), $m  
  -5
  109
  132
  160
  190
  223
  260
  299
  341
  385
  433
  478
  530
  584
  641
  700
  761
  825
  890
  958
  1,030
  1,104
  1,181
  1,261
  1,343
  1,430
  1,519
  1,612
  1,709
  1,811
  1,916
Total cash flow (excl. dividends), $m
  -61
  57
  66
  76
  86
  96
  106
  116
  125
  135
  144
  150
  159
  168
  176
  185
  193
  202
  210
  219
  227
  236
  246
  255
  265
  276
  287
  298
  310
  323
  337
Retained Cash Flow (-), $m
  8
  -116
  -89
  -110
  -134
  -160
  -190
  -222
  -257
  -295
  -336
  -375
  -421
  -469
  -520
  -573
  -628
  -686
  -746
  -808
  -874
  -941
  -1,012
  -1,085
  -1,161
  -1,240
  -1,322
  -1,407
  -1,496
  -1,589
  -1,685
Prev. year cash balance distribution, $m
 
  261
  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
 
  202
  -23
  -34
  -48
  -65
  -84
  -107
  -132
  -160
  -191
  -225
  -262
  -301
  -343
  -388
  -435
  -484
  -536
  -590
  -646
  -705
  -766
  -829
  -895
  -964
  -1,035
  -1,109
  -1,186
  -1,266
  -1,349
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
 
  194
  -21
  -30
  -40
  -50
  -61
  -72
  -83
  -92
  -100
  -107
  -112
  -115
  -115
  -114
  -110
  -105
  -99
  -91
  -82
  -73
  -64
  -54
  -46
  -37
  -30
  -24
  -18
  -14
  -10
Current shareholders' claim on cash, %
  100
  50.0
  27.9
  15.6
  8.8
  5.0
  2.8
  1.6
  0.9
  0.5
  0.3
  0.2
  0.1
  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

Imperva, Inc. provides cyber-security solutions that protect business-critical data and applications whether in the cloud or on premises. The Company is engaged in the development, marketing, sales, service and support of cyber-security solutions. The Company's products include its Imperva SecureSphere Paltform, Imperva CounterBreach and Imperva Camouflage for enterprise data centers, and Imperva Incapsula offering for cloud-based security services. Its Imperva SecureSphere provides database, file and Web application security across various physical and virtual systems in data centers, including in private, public and hybrid cloud computing environments. Its Imperva Incapsula product line provides cloud-based Website security, denial of service protection and performance solutions. Its Imperva Camouflage creates realistic, functional data for development, testing, and training by disguising sensitive information, while maintaining the characteristics of the original data.

FINANCIAL RATIOS  of  Imperva (IMPV)

Valuation Ratios
P/E Ratio -19.4
Price to Sales 5.1
Price to Book 5.8
Price to Tangible Book
Price to Cash Flow 61.7
Price to Free Cash Flow 271.3
Growth Rates
Sales Growth Rate 12.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 112.5%
Cap. Spend. - 3 Yr. Gr. Rate 41.5%
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 -17.3%
Ret/ On Assets - 3 Yr. Avg. -21%
Return On Total Capital -29.7%
Ret/ On T. Cap. - 3 Yr. Avg. -40.7%
Return On Equity -29.7%
Return On Equity - 3 Yr. Avg. -40.7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 79.9%
Gross Margin - 3 Yr. Avg. 79.1%
EBITDA Margin -23.1%
EBITDA Margin - 3 Yr. Avg. -24.5%
Operating Margin -26.1%
Oper. Margin - 3 Yr. Avg. -27.3%
Pre-Tax Margin -26.1%
Pre-Tax Margin - 3 Yr. Avg. -27.3%
Net Profit Margin -26.5%
Net Profit Margin - 3 Yr. Avg. -27.8%
Effective Tax Rate -1.4%
Eff/ Tax Rate - 3 Yr. Avg. -1.8%
Payout Ratio 0%

IMPV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IMPV stock intrinsic value calculation we used $264 million for the last fiscal year's total revenue generated by Imperva. The default revenue input number comes from 2016 income statement of Imperva. 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 IMPV stock valuation model: a) initial revenue growth rate of 27.6% 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 IMPV is calculated based on our internal credit rating of Imperva, 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 Imperva.
    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 IMPV stock the variable cost ratio is equal to 120.5%.

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 IMPV 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 Imperva.

Corporate tax rate of 27% is the nominal tax rate for Imperva. 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 IMPV 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 IMPV are equal to 9.3%.

Life of production assets of 7.6 years is the average useful life of capital assets used in Imperva 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 IMPV is equal to -25.4%. 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 - $232 million for Imperva - 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 33.526 million for Imperva 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 Imperva at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ Imperva Announces Chief Financial Officer Transition   [Oct-09-17 04:05PM  Business Wire]
▶ ETFs with exposure to Imperva, Inc. : August 1, 2017   [Aug-01-17 04:42PM  Capital Cube]
▶ Imperva reports 2Q loss   [12:03AM  Associated Press]
▶ Imperva Announces Second Quarter 2017 Financial Results   [Jul-27-17 04:05PM  Business Wire]
▶ ETFs with exposure to Imperva, Inc. : July 12, 2017   [Jul-12-17 02:41PM  Capital Cube]
▶ Imperva to Report Second Quarter 2017 Financial Results   [Jul-06-17 08:00AM  Business Wire]
▶ ETFs with exposure to Imperva, Inc. : June 27, 2017   [Jun-27-17 03:21PM  Capital Cube]
▶ Imperva to Present at Upcoming Investor Conferences   [May-30-17 08:00AM  Business Wire]
▶ Best Cyber Security Stocks To Buy Now   [May-15-17 01:32PM  Zacks]
▶ Imperva beats Street 1Q forecasts   [May-04-17 06:18PM  Associated Press]
▶ Imperva to Report First Quarter 2017 Financial Results   [Apr-04-17 08:00AM  Business Wire]
▶ After-hours buzz: WFM, EFX, IMPV, FSLR   [Feb-08-17 06:13PM  at CNBC]
▶ Imperva reports 4Q loss   [06:06PM  AP]
Financial statements of IMPV
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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