Intrinsic value of New Relic - NEWR

Previous Close

$57.23

  Intrinsic Value

$11.68

stock screener

  Rating & Target

str. sell

-80%

Previous close

$57.23

 
Intrinsic value

$11.68

 
Up/down potential

-80%

 
Rating

str. sell

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

We calculate the intrinsic value of NEWR 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 2017), $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 3.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  45.30
  35.60
  32.54
  29.79
  27.31
  25.08
  23.07
  21.26
  19.64
  18.17
  16.86
  15.67
  14.60
  13.64
  12.78
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
Revenue, $m
  263
  357
  473
  613
  781
  977
  1,202
  1,458
  1,744
  2,061
  2,408
  2,786
  3,193
  3,628
  4,092
  4,583
  5,100
  5,645
  6,215
  6,811
  7,433
  8,082
  8,756
  9,458
  10,187
  10,945
  11,733
  12,552
  13,403
  14,287
  15,208
Variable operating expenses, $m
 
  331
  438
  568
  722
  903
  1,111
  1,347
  1,612
  1,904
  2,225
  2,572
  2,948
  3,350
  3,778
  4,232
  4,710
  5,213
  5,739
  6,290
  6,864
  7,463
  8,086
  8,734
  9,407
  10,107
  10,835
  11,591
  12,376
  13,193
  14,043
Fixed operating expenses, $m
 
  85
  87
  89
  92
  94
  96
  99
  101
  104
  106
  109
  112
  114
  117
  120
  123
  126
  129
  133
  136
  139
  143
  146
  150
  154
  158
  162
  166
  170
  174
Total operating expenses, $m
  325
  416
  525
  657
  814
  997
  1,207
  1,446
  1,713
  2,008
  2,331
  2,681
  3,060
  3,464
  3,895
  4,352
  4,833
  5,339
  5,868
  6,423
  7,000
  7,602
  8,229
  8,880
  9,557
  10,261
  10,993
  11,753
  12,542
  13,363
  14,217
Operating income, $m
  -61
  -59
  -52
  -44
  -33
  -20
  -5
  12
  31
  53
  77
  104
  133
  163
  196
  231
  267
  306
  346
  389
  433
  479
  528
  578
  630
  684
  741
  799
  860
  924
  990
EBITDA, $m
  -42
  -45
  -33
  -20
  -3
  17
  41
  67
  97
  131
  168
  208
  252
  298
  348
  401
  457
  516
  578
  642
  710
  780
  853
  929
  1,009
  1,091
  1,177
  1,266
  1,359
  1,456
  1,556
Interest expense (income), $m
  0
  0
  0
  2
  5
  8
  11
  15
  20
  25
  30
  36
  43
  50
  58
  66
  74
  83
  93
  103
  113
  124
  136
  147
  160
  172
  186
  199
  214
  229
  244
Earnings before tax, $m
  -61
  -59
  -53
  -46
  -38
  -28
  -17
  -4
  11
  28
  47
  68
  90
  113
  138
  165
  193
  222
  253
  286
  320
  355
  392
  430
  470
  512
  555
  600
  647
  695
  746
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  3
  8
  13
  18
  24
  31
  37
  45
  52
  60
  68
  77
  86
  96
  106
  116
  127
  138
  150
  162
  175
  188
  201
Net income, $m
  -61
  -59
  -53
  -46
  -38
  -28
  -17
  -4
  8
  21
  34
  50
  66
  83
  101
  120
  141
  162
  185
  209
  233
  259
  286
  314
  343
  374
  405
  438
  472
  508
  545

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  206
  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
  352
  198
  262
  341
  434
  542
  668
  809
  968
  1,144
  1,337
  1,547
  1,773
  2,014
  2,272
  2,545
  2,832
  3,134
  3,451
  3,782
  4,127
  4,487
  4,862
  5,251
  5,656
  6,077
  6,515
  6,969
  7,442
  7,933
  8,444
Adjusted assets (=assets-cash), $m
  146
  198
  262
  341
  434
  542
  668
  809
  968
  1,144
  1,337
  1,547
  1,773
  2,014
  2,272
  2,545
  2,832
  3,134
  3,451
  3,782
  4,127
  4,487
  4,862
  5,251
  5,656
  6,077
  6,515
  6,969
  7,442
  7,933
  8,444
Revenue / Adjusted assets
  1.801
  1.803
  1.805
  1.798
  1.800
  1.803
  1.799
  1.802
  1.802
  1.802
  1.801
  1.801
  1.801
  1.801
  1.801
  1.801
  1.801
  1.801
  1.801
  1.801
  1.801
  1.801
  1.801
  1.801
  1.801
  1.801
  1.801
  1.801
  1.801
  1.801
  1.801
Average production assets, $m
  49
  66
  88
  114
  145
  182
  224
  271
  324
  383
  448
  518
  594
  675
  761
  852
  949
  1,050
  1,156
  1,267
  1,383
  1,503
  1,629
  1,759
  1,895
  2,036
  2,182
  2,335
  2,493
  2,657
  2,829
Working capital, $m
  122
  -114
  -151
  -196
  -249
  -312
  -383
  -465
  -556
  -657
  -768
  -889
  -1,018
  -1,157
  -1,305
  -1,462
  -1,627
  -1,801
  -1,983
  -2,173
  -2,371
  -2,578
  -2,793
  -3,017
  -3,250
  -3,492
  -3,743
  -4,004
  -4,275
  -4,558
  -4,851
Total debt, $m
  0
  13
  71
  142
  225
  323
  436
  563
  707
  865
  1,039
  1,227
  1,430
  1,648
  1,880
  2,125
  2,384
  2,656
  2,941
  3,239
  3,550
  3,874
  4,211
  4,561
  4,926
  5,305
  5,698
  6,107
  6,533
  6,975
  7,435
Total liabilities, $m
  165
  178
  236
  307
  390
  488
  601
  728
  872
  1,030
  1,204
  1,392
  1,595
  1,813
  2,045
  2,290
  2,549
  2,821
  3,106
  3,404
  3,715
  4,039
  4,376
  4,726
  5,091
  5,470
  5,863
  6,272
  6,698
  7,140
  7,600
Total equity, $m
  187
  20
  26
  34
  43
  54
  67
  81
  97
  114
  134
  155
  177
  201
  227
  254
  283
  313
  345
  378
  413
  449
  486
  525
  566
  608
  651
  697
  744
  793
  844
Total liabilities and equity, $m
  352
  198
  262
  341
  433
  542
  668
  809
  969
  1,144
  1,338
  1,547
  1,772
  2,014
  2,272
  2,544
  2,832
  3,134
  3,451
  3,782
  4,128
  4,488
  4,862
  5,251
  5,657
  6,078
  6,514
  6,969
  7,442
  7,933
  8,444
Debt-to-equity ratio
  0.000
  0.670
  2.710
  4.160
  5.200
  5.960
  6.530
  6.960
  7.300
  7.560
  7.770
  7.930
  8.070
  8.180
  8.270
  8.350
  8.420
  8.470
  8.520
  8.560
  8.600
  8.630
  8.660
  8.690
  8.710
  8.730
  8.750
  8.760
  8.780
  8.790
  8.800
Adjusted equity ratio
  -0.130
  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
  -61
  -59
  -53
  -46
  -38
  -28
  -17
  -4
  8
  21
  34
  50
  66
  83
  101
  120
  141
  162
  185
  209
  233
  259
  286
  314
  343
  374
  405
  438
  472
  508
  545
Depreciation, amort., depletion, $m
  19
  14
  19
  24
  30
  38
  46
  55
  66
  78
  91
  104
  119
  135
  152
  170
  190
  210
  231
  253
  277
  301
  326
  352
  379
  407
  436
  467
  499
  531
  566
Funds from operations, $m
  47
  -45
  -34
  -22
  -8
  9
  29
  52
  74
  98
  125
  153
  184
  218
  253
  291
  331
  372
  416
  462
  510
  560
  612
  666
  722
  781
  842
  905
  971
  1,039
  1,110
Change in working capital, $m
  28
  -30
  -37
  -45
  -53
  -62
  -72
  -82
  -91
  -101
  -111
  -120
  -130
  -139
  -148
  -157
  -165
  -174
  -182
  -190
  -198
  -207
  -215
  -224
  -233
  -242
  -251
  -261
  -271
  -282
  -294
Cash from operations, $m
  19
  -15
  3
  23
  46
  72
  101
  133
  166
  200
  236
  274
  314
  357
  401
  447
  496
  546
  598
  652
  708
  767
  827
  890
  955
  1,023
  1,093
  1,166
  1,242
  1,321
  1,404
Maintenance CAPEX, $m
  0
  -10
  -13
  -18
  -23
  -29
  -36
  -45
  -54
  -65
  -77
  -90
  -104
  -119
  -135
  -152
  -170
  -190
  -210
  -231
  -253
  -277
  -301
  -326
  -352
  -379
  -407
  -436
  -467
  -499
  -531
New CAPEX, $m
  -25
  -17
  -22
  -26
  -31
  -36
  -42
  -48
  -53
  -59
  -65
  -70
  -76
  -81
  -86
  -91
  -96
  -101
  -106
  -111
  -116
  -121
  -125
  -131
  -136
  -141
  -147
  -152
  -158
  -165
  -171
Cash from investing activities, $m
  -19
  -27
  -35
  -44
  -54
  -65
  -78
  -93
  -107
  -124
  -142
  -160
  -180
  -200
  -221
  -243
  -266
  -291
  -316
  -342
  -369
  -398
  -426
  -457
  -488
  -520
  -554
  -588
  -625
  -664
  -702
Free cash flow, $m
  0
  -42
  -32
  -21
  -8
  6
  23
  41
  58
  76
  94
  114
  135
  157
  180
  204
  229
  255
  282
  310
  339
  370
  401
  434
  467
  503
  539
  577
  617
  658
  701
Issuance/(repayment) of debt, $m
  0
  13
  58
  70
  84
  98
  113
  128
  143
  158
  174
  189
  203
  218
  232
  245
  259
  272
  285
  298
  311
  324
  337
  351
  364
  379
  394
  409
  425
  442
  460
Issuance/(repurchase) of shares, $m
  22
  98
  59
  54
  47
  39
  29
  18
  8
  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  
  22
  111
  117
  124
  131
  137
  142
  146
  151
  158
  174
  189
  203
  218
  232
  245
  259
  272
  285
  298
  311
  324
  337
  351
  364
  379
  394
  409
  425
  442
  460
Total cash flow (excl. dividends), $m
  22
  69
  85
  103
  123
  143
  165
  187
  209
  234
  268
  302
  338
  374
  412
  449
  488
  527
  567
  608
  650
  693
  738
  784
  832
  881
  933
  986
  1,042
  1,100
  1,161
Retained Cash Flow (-), $m
  6
  -98
  -59
  -54
  -47
  -39
  -29
  -18
  -16
  -18
  -19
  -21
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
Prev. year cash balance distribution, $m
 
  206
  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
 
  177
  26
  49
  75
  104
  135
  169
  193
  217
  249
  282
  316
  350
  386
  422
  459
  497
  535
  575
  616
  657
  701
  745
  791
  839
  889
  941
  995
  1,051
  1,110
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
 
  170
  24
  43
  62
  81
  98
  114
  121
  124
  130
  134
  135
  133
  130
  124
  117
  108
  99
  89
  78
  68
  58
  49
  40
  33
  26
  20
  15
  11
  8
Current shareholders' claim on cash, %
  100
  50.0
  38.5
  31.9
  28.0
  25.7
  24.4
  23.8
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6
  23.6

New Relic, Inc. (New Relic) is a provider of enterprise software. The Company's cloud-based platform and range of products enable organizations to collect, store and analyze software data in real time. The Company's New Relic Software Analytics Cloud consists of an integrated suite of products, a data database and an open platform. New Relic offers an integrated suite of products, namely, New Relic APM, for application performance management; New Relic Mobile, for mobile application performance management; New Relic Servers, for server monitoring for cloud and data centers; New Relic Browser, for end user experience monitoring and performance monitoring; New Relic Synthetics, for software testing through simulated usage; New Relic Plugins, plugins to extend its functionality into other applications; New Relic Alerts, for policy management and delivering alerts across entire suite of products, and New Relic Insights, for real-time big data analytics for business managers.

FINANCIAL RATIOS  of  New Relic (NEWR)

Valuation Ratios
P/E Ratio -50
Price to Sales 11.6
Price to Book 16.3
Price to Tangible Book
Price to Cash Flow 160.5
Price to Free Cash Flow -508.2
Growth Rates
Sales Growth Rate 45.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 38.9%
Cap. Spend. - 3 Yr. Gr. Rate 9.3%
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 -18.9%
Ret/ On Assets - 3 Yr. Avg. -24.7%
Return On Total Capital -32.1%
Ret/ On T. Cap. - 3 Yr. Avg. -35.2%
Return On Equity -32.1%
Return On Equity - 3 Yr. Avg. -35.2%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 81%
Gross Margin - 3 Yr. Avg. 80.5%
EBITDA Margin -16%
EBITDA Margin - 3 Yr. Avg. -27.3%
Operating Margin -23.6%
Oper. Margin - 3 Yr. Avg. -35.5%
Pre-Tax Margin -23.2%
Pre-Tax Margin - 3 Yr. Avg. -35.2%
Net Profit Margin -23.2%
Net Profit Margin - 3 Yr. Avg. -35.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

NEWR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NEWR stock intrinsic value calculation we used $263 million for the last fiscal year's total revenue generated by New Relic. The default revenue input number comes from 2017 income statement of New Relic. 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 NEWR stock valuation model: a) initial revenue growth rate of 35.6% 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 NEWR is calculated based on our internal credit rating of New Relic, 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 New Relic.
    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 NEWR stock the variable cost ratio is equal to 92.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $83 million in the base year in the intrinsic value calculation for NEWR 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 New Relic.

Corporate tax rate of 27% is the nominal tax rate for New Relic. 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 NEWR 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 NEWR are equal to 18.6%.

Life of production assets of 3.2 years is the average useful life of capital assets used in New Relic 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 NEWR is equal to -31.9%. 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 - $187 million for New Relic - 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 54.552 million for New Relic 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 New Relic at the current share price and the inputted number of shares is $3.1 billion.

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COMPANY NEWS

▶ [$$] Hilarie Koplow-McAdams Joins NEA   [Dec-06-17 07:00AM  The Wall Street Journal]
▶ New Relic Earns Relative Strength Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ New Relic to Participate in Upcoming Investor Conferences   [Nov-08-17 04:15PM  Business Wire]
▶ New Relic reports 2Q loss   [05:53PM  Associated Press]
▶ New Relic, Inc. to Host Earnings Call   [02:00PM  ACCESSWIRE]
▶ ETFs with exposure to New Relic, Inc. : October 30, 2017   [Oct-30-17 12:06PM  Capital Cube]
▶ Cisco Just Bought This Machine Learning Startup   [Oct-19-17 04:00PM  Fortune]
▶ ETFs with exposure to New Relic, Inc. : October 18, 2017   [Oct-18-17 09:53AM  Capital Cube]
▶ ETFs with exposure to New Relic, Inc. : October 2, 2017   [Oct-02-17 10:58AM  Capital Cube]
▶ Cramer Remix: Yes, youll buy Apple's $1000 phone   [Sep-12-17 07:05PM  CNBC Videos]
▶ New Relic to Present at Deutsche Bank Technology Conference   [Sep-05-17 04:15PM  Business Wire]
▶ ETFs with exposure to New Relic, Inc. : August 11, 2017   [Aug-11-17 06:05PM  Capital Cube]
▶ New Relic to Present at Upcoming Investor Conferences   [Aug-04-17 08:00AM  Business Wire]
▶ ETFs with exposure to New Relic, Inc. : July 31, 2017   [Jul-31-17 04:58PM  Capital Cube]
▶ ETFs with exposure to New Relic, Inc. : July 10, 2017   [Jul-10-17 02:56PM  Capital Cube]
▶ ETFs with exposure to New Relic, Inc. : June 26, 2017   [Jun-26-17 04:30PM  Capital Cube]
▶ ETFs with exposure to New Relic, Inc. : June 15, 2017   [Jun-15-17 02:44PM  Capital Cube]
▶ ETFs with exposure to New Relic, Inc. : June 2, 2017   [Jun-02-17 02:21PM  Capital Cube]
▶ Cramer reaches for the cloud with New Relic's CEO   [May-25-17 07:12PM  CNBC Videos]
▶ ETFs with exposure to New Relic, Inc. : May 23, 2017   [May-23-17 01:00PM  Capital Cube]
▶ New Relic to Present at Upcoming Investor Conferences   [May-17-17 07:00AM  Business Wire]
▶ New Relic reports 4Q loss   [May-09-17 07:16PM  Associated Press]
▶ New Relic expects better-than-forecast quarterly results   [Apr-04-17 04:40PM  MarketWatch]
▶ Splunk and New Relic Power Digital Business Success   [Mar-22-17 08:00AM  Business Wire]
▶ New Relic Continues Major Growth Across Europe   [Mar-16-17 06:55AM  Business Wire]
▶ [$$] Slack Adds Square Exec Sarah Friar to Board   [Mar-15-17 04:04PM  The Wall Street Journal]
▶ Moody's Affirms Thirteen Classes of WFRBS 2013-C13   [Mar-02-17 12:50PM  at Moody's]
Financial statements of NEWR
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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