Intrinsic value of Proofpoint - PFPT

Previous Close

$96.11

  Intrinsic Value

$27.47

stock screener

  Rating & Target

str. sell

-71%

Previous close

$96.11

 
Intrinsic value

$27.47

 
Up/down potential

-71%

 
Rating

str. sell

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

We calculate the intrinsic value of PFPT 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 4.3

 

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, %
  41.89
  41.90
  38.21
  34.89
  31.90
  29.21
  26.79
  24.61
  22.65
  20.88
  19.30
  17.87
  16.58
  15.42
  14.38
  13.44
  12.60
  11.84
  11.15
  10.54
  9.98
  9.49
  9.04
  8.63
  8.27
  7.94
  7.65
  7.38
  7.15
  6.93
  6.74
Revenue, $m
  376
  534
  737
  995
  1,312
  1,695
  2,149
  2,678
  3,285
  3,971
  4,737
  5,584
  6,509
  7,513
  8,593
  9,749
  10,977
  12,276
  13,645
  15,083
  16,589
  18,163
  19,805
  21,514
  23,294
  25,144
  27,067
  29,066
  31,143
  33,302
  35,545
Variable operating expenses, $m
 
  555
  760
  1,020
  1,340
  1,726
  2,185
  2,718
  3,330
  4,022
  4,795
  5,632
  6,565
  7,578
  8,667
  9,832
  11,071
  12,381
  13,762
  15,213
  16,732
  18,319
  19,975
  21,699
  23,494
  25,360
  27,300
  29,316
  31,410
  33,587
  35,851
Fixed operating expenses, $m
 
  69
  70
  72
  74
  76
  78
  80
  82
  84
  86
  88
  90
  92
  95
  97
  99
  102
  104
  107
  110
  113
  115
  118
  121
  124
  127
  131
  134
  137
  141
Total operating expenses, $m
  461
  624
  830
  1,092
  1,414
  1,802
  2,263
  2,798
  3,412
  4,106
  4,881
  5,720
  6,655
  7,670
  8,762
  9,929
  11,170
  12,483
  13,866
  15,320
  16,842
  18,432
  20,090
  21,817
  23,615
  25,484
  27,427
  29,447
  31,544
  33,724
  35,992
Operating income, $m
  -86
  -90
  -93
  -97
  -102
  -107
  -113
  -119
  -127
  -134
  -143
  -136
  -146
  -157
  -168
  -181
  -194
  -207
  -222
  -237
  -252
  -268
  -285
  -303
  -321
  -340
  -360
  -380
  -401
  -423
  -446
EBITDA, $m
  -54
  -58
  -55
  -52
  -47
  -41
  -34
  -25
  -15
  -3
  11
  26
  43
  61
  81
  102
  125
  149
  174
  201
  229
  259
  289
  321
  355
  389
  426
  463
  502
  543
  586
Interest expense (income), $m
  4
  13
  4
  11
  20
  31
  44
  59
  77
  98
  121
  147
  176
  207
  241
  278
  317
  359
  403
  450
  498
  549
  603
  659
  717
  777
  840
  905
  973
  1,043
  1,117
Earnings before tax, $m
  -110
  -103
  -98
  -109
  -122
  -138
  -157
  -179
  -204
  -232
  -264
  -283
  -322
  -364
  -410
  -459
  -511
  -566
  -625
  -686
  -751
  -818
  -888
  -962
  -1,038
  -1,117
  -1,200
  -1,285
  -1,374
  -1,466
  -1,562
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
  -111
  -103
  -98
  -109
  -122
  -138
  -157
  -179
  -204
  -232
  -264
  -283
  -322
  -364
  -410
  -459
  -511
  -566
  -625
  -686
  -751
  -818
  -888
  -962
  -1,038
  -1,117
  -1,200
  -1,285
  -1,374
  -1,466
  -1,562

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  397
  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
  802
  575
  795
  1,072
  1,414
  1,827
  2,316
  2,886
  3,540
  4,279
  5,105
  6,017
  7,014
  8,096
  9,260
  10,505
  11,828
  13,228
  14,704
  16,254
  17,876
  19,572
  21,341
  23,184
  25,101
  27,095
  29,167
  31,321
  33,559
  35,885
  38,303
Adjusted assets (=assets-cash), $m
  405
  575
  795
  1,072
  1,414
  1,827
  2,316
  2,886
  3,540
  4,279
  5,105
  6,017
  7,014
  8,096
  9,260
  10,505
  11,828
  13,228
  14,704
  16,254
  17,876
  19,572
  21,341
  23,184
  25,101
  27,095
  29,167
  31,321
  33,559
  35,885
  38,303
Revenue / Adjusted assets
  0.928
  0.929
  0.927
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
Average production assets, $m
  78
  110
  152
  205
  270
  349
  443
  552
  677
  818
  976
  1,150
  1,341
  1,548
  1,770
  2,008
  2,261
  2,529
  2,811
  3,107
  3,417
  3,742
  4,080
  4,432
  4,799
  5,180
  5,576
  5,988
  6,415
  6,860
  7,322
Working capital, $m
  185
  -301
  -416
  -561
  -740
  -956
  -1,212
  -1,511
  -1,853
  -2,240
  -2,672
  -3,149
  -3,671
  -4,237
  -4,847
  -5,498
  -6,191
  -6,924
  -7,696
  -8,507
  -9,356
  -10,244
  -11,170
  -12,134
  -13,138
  -14,181
  -15,266
  -16,393
  -17,565
  -18,782
  -20,048
Total debt, $m
  367
  127
  325
  575
  882
  1,254
  1,695
  2,208
  2,796
  3,461
  4,204
  5,025
  5,923
  6,896
  7,944
  9,064
  10,255
  11,516
  12,844
  14,238
  15,699
  17,225
  18,817
  20,475
  22,201
  23,995
  25,861
  27,799
  29,813
  31,907
  34,083
Total liabilities, $m
  757
  517
  715
  965
  1,272
  1,644
  2,085
  2,598
  3,186
  3,851
  4,594
  5,415
  6,313
  7,286
  8,334
  9,454
  10,645
  11,906
  13,234
  14,628
  16,089
  17,615
  19,207
  20,865
  22,591
  24,385
  26,251
  28,189
  30,203
  32,297
  34,473
Total equity, $m
  45
  57
  79
  107
  141
  183
  232
  289
  354
  428
  510
  602
  701
  810
  926
  1,050
  1,183
  1,323
  1,470
  1,625
  1,788
  1,957
  2,134
  2,318
  2,510
  2,709
  2,917
  3,132
  3,356
  3,589
  3,830
Total liabilities and equity, $m
  802
  574
  794
  1,072
  1,413
  1,827
  2,317
  2,887
  3,540
  4,279
  5,104
  6,017
  7,014
  8,096
  9,260
  10,504
  11,828
  13,229
  14,704
  16,253
  17,877
  19,572
  21,341
  23,183
  25,101
  27,094
  29,168
  31,321
  33,559
  35,886
  38,303
Debt-to-equity ratio
  8.156
  2.220
  4.090
  5.360
  6.240
  6.870
  7.320
  7.650
  7.900
  8.090
  8.240
  8.350
  8.440
  8.520
  8.580
  8.630
  8.670
  8.710
  8.730
  8.760
  8.780
  8.800
  8.820
  8.830
  8.840
  8.860
  8.870
  8.880
  8.880
  8.890
  8.900
Adjusted equity ratio
  -0.869
  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
  -111
  -103
  -98
  -109
  -122
  -138
  -157
  -179
  -204
  -232
  -264
  -283
  -322
  -364
  -410
  -459
  -511
  -566
  -625
  -686
  -751
  -818
  -888
  -962
  -1,038
  -1,117
  -1,200
  -1,285
  -1,374
  -1,466
  -1,562
Depreciation, amort., depletion, $m
  32
  32
  38
  46
  55
  66
  79
  94
  112
  132
  154
  162
  189
  218
  249
  283
  318
  356
  396
  438
  481
  527
  575
  624
  676
  730
  785
  843
  904
  966
  1,031
Funds from operations, $m
  171
  -71
  -60
  -63
  -67
  -72
  -78
  -84
  -92
  -100
  -110
  -121
  -133
  -146
  -160
  -176
  -192
  -210
  -229
  -248
  -269
  -291
  -314
  -337
  -362
  -388
  -414
  -442
  -471
  -500
  -531
Change in working capital, $m
  77
  -89
  -115
  -145
  -179
  -216
  -256
  -298
  -342
  -387
  -432
  -477
  -522
  -566
  -609
  -651
  -693
  -733
  -772
  -811
  -849
  -888
  -926
  -964
  -1,004
  -1,044
  -1,085
  -1,127
  -1,171
  -1,217
  -1,266
Cash from operations, $m
  94
  18
  55
  82
  112
  144
  178
  214
  250
  287
  322
  356
  389
  420
  449
  476
  500
  523
  543
  563
  580
  597
  612
  627
  642
  656
  671
  685
  701
  717
  734
Maintenance CAPEX, $m
  0
  -11
  -15
  -21
  -29
  -38
  -49
  -62
  -78
  -95
  -115
  -137
  -162
  -189
  -218
  -249
  -283
  -318
  -356
  -396
  -438
  -481
  -527
  -575
  -624
  -676
  -730
  -785
  -843
  -904
  -966
New CAPEX, $m
  -34
  -32
  -42
  -53
  -65
  -79
  -94
  -109
  -125
  -141
  -158
  -174
  -191
  -207
  -223
  -238
  -253
  -268
  -282
  -296
  -310
  -324
  -338
  -352
  -367
  -381
  -396
  -412
  -428
  -445
  -462
Cash from investing activities, $m
  -89
  -43
  -57
  -74
  -94
  -117
  -143
  -171
  -203
  -236
  -273
  -311
  -353
  -396
  -441
  -487
  -536
  -586
  -638
  -692
  -748
  -805
  -865
  -927
  -991
  -1,057
  -1,126
  -1,197
  -1,271
  -1,349
  -1,428
Free cash flow, $m
  5
  -25
  -2
  7
  17
  27
  36
  43
  48
  50
  49
  45
  36
  24
  8
  -12
  -36
  -63
  -95
  -130
  -168
  -209
  -253
  -300
  -349
  -401
  -455
  -512
  -570
  -631
  -694
Issuance/(repayment) of debt, $m
  0
  -240
  198
  250
  308
  372
  440
  513
  588
  665
  743
  821
  898
  974
  1,048
  1,120
  1,191
  1,260
  1,328
  1,395
  1,461
  1,526
  1,592
  1,658
  1,726
  1,794
  1,865
  1,938
  2,014
  2,093
  2,176
Issuance/(repurchase) of shares, $m
  22
  512
  120
  136
  156
  179
  206
  236
  269
  306
  347
  374
  422
  472
  526
  583
  643
  706
  772
  841
  913
  987
  1,065
  1,146
  1,230
  1,316
  1,407
  1,501
  1,598
  1,699
  1,804
Cash from financing (excl. dividends), $m  
  -5
  272
  318
  386
  464
  551
  646
  749
  857
  971
  1,090
  1,195
  1,320
  1,446
  1,574
  1,703
  1,834
  1,966
  2,100
  2,236
  2,374
  2,513
  2,657
  2,804
  2,956
  3,110
  3,272
  3,439
  3,612
  3,792
  3,980
Total cash flow (excl. dividends), $m
  -1
  248
  315
  394
  481
  578
  682
  791
  905
  1,021
  1,139
  1,240
  1,356
  1,470
  1,582
  1,692
  1,799
  1,903
  2,005
  2,106
  2,206
  2,305
  2,404
  2,504
  2,606
  2,710
  2,817
  2,927
  3,042
  3,161
  3,286
Retained Cash Flow (-), $m
  38
  -512
  -120
  -136
  -156
  -179
  -206
  -236
  -269
  -306
  -347
  -374
  -422
  -472
  -526
  -583
  -643
  -706
  -772
  -841
  -913
  -987
  -1,065
  -1,146
  -1,230
  -1,316
  -1,407
  -1,501
  -1,598
  -1,699
  -1,804
Prev. year cash balance distribution, $m
 
  397
  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
 
  132
  195
  257
  325
  399
  476
  556
  636
  715
  792
  865
  934
  998
  1,056
  1,109
  1,155
  1,197
  1,233
  1,265
  1,293
  1,317
  1,339
  1,359
  1,376
  1,393
  1,410
  1,427
  1,444
  1,462
  1,482
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
 
  127
  179
  224
  268
  309
  346
  375
  398
  411
  415
  411
  399
  379
  355
  325
  294
  260
  227
  195
  164
  136
  111
  89
  70
  54
  41
  31
  22
  16
  11
Current shareholders' claim on cash, %
  100
  50.0
  41.4
  35.3
  30.8
  27.4
  24.6
  22.3
  20.4
  18.8
  17.4
  16.2
  15.1
  14.2
  13.3
  12.5
  11.8
  11.1
  10.5
  10.0
  9.4
  8.9
  8.5
  8.0
  7.6
  7.3
  6.9
  6.6
  6.2
  5.9
  5.7

Proofpoint, Inc. is a security-as-a-service provider that enables large and mid-sized organizations to defend, protect, archive and govern their sensitive data. The Company's security-as-a-service platform consists of an integrated suite of on-demand data protection solutions, including threat protection, incident response, regulatory compliance, archiving, governance, eDiscovery and secure communication. The Company's solutions are built on a cloud-based platform. The Company provides a multi-tiered security-as-a-service platform, including solutions, platform technologies and infrastructure. Its product families include Email Security, Proofpoint Advanced Threat Protection, Proofpoint Information Protection and Archiving, and Proofpoint Digital Risk Protection. The Company's platform services include Threat detection, Threat intel extraction, Nexus threat graph, Real-time detection, Information classification and Intelligent policy.

FINANCIAL RATIOS  of  Proofpoint (PFPT)

Valuation Ratios
P/E Ratio -37.2
Price to Sales 11
Price to Book 91.9
Price to Tangible Book
Price to Cash Flow 44
Price to Free Cash Flow 68.9
Growth Rates
Sales Growth Rate 41.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 30.8%
Cap. Spend. - 3 Yr. Gr. Rate 33.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 815.6%
Total Debt to Equity 815.6%
Interest Coverage -27
Management Effectiveness
Return On Assets -14.2%
Ret/ On Assets - 3 Yr. Avg. -15.1%
Return On Total Capital -26.4%
Ret/ On T. Cap. - 3 Yr. Avg. -27.9%
Return On Equity -173.4%
Return On Equity - 3 Yr. Avg. -135.4%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 71%
Gross Margin - 3 Yr. Avg. 68.5%
EBITDA Margin -19.7%
EBITDA Margin - 3 Yr. Avg. -22%
Operating Margin -22.6%
Oper. Margin - 3 Yr. Avg. -25.5%
Pre-Tax Margin -29.3%
Pre-Tax Margin - 3 Yr. Avg. -32.3%
Net Profit Margin -29.5%
Net Profit Margin - 3 Yr. Avg. -32.5%
Effective Tax Rate -0.9%
Eff/ Tax Rate - 3 Yr. Avg. -0.6%
Payout Ratio 0%

PFPT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PFPT stock intrinsic value calculation we used $376 million for the last fiscal year's total revenue generated by Proofpoint. The default revenue input number comes from 2016 income statement of Proofpoint. 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 PFPT stock valuation model: a) initial revenue growth rate of 41.9% 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 PFPT is calculated based on our internal credit rating of Proofpoint, 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 Proofpoint.
    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 PFPT stock the variable cost ratio is equal to 105.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $67 million in the base year in the intrinsic value calculation for PFPT 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 Proofpoint.

Corporate tax rate of 27% is the nominal tax rate for Proofpoint. 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 PFPT 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 PFPT are equal to 20.6%.

Life of production assets of 7.1 years is the average useful life of capital assets used in Proofpoint 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 PFPT is equal to -56.4%. 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 - $45 million for Proofpoint - 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 44.428 million for Proofpoint 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 Proofpoint at the current share price and the inputted number of shares is $4.3 billion.

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COMPANY NEWS

▶ Proofpoint CEO: Taking on cyber giants   [08:16AM  CNBC Videos]
▶ Proofpoint Earnings Top Views, Outlook In Line, But Stock Falls   [Oct-19-17 05:23PM  Investor's Business Daily]
▶ Proofpoint reports 3Q loss   [04:43PM  Associated Press]
▶ Proofpoint to Report Third Quarter 2017 Financial Results   [Oct-03-17 08:00AM  GlobeNewswire]
▶ Proofpoint Getting Closer To Key Technical Measure   [03:00AM  Investor's Business Daily]
▶ [$$] Equifax Breach to Lift Three Stocks   [Sep-12-17 03:41PM  Barrons.com]
▶ Equifax Hack: Bad For Consumers, Good For Rivals   [Sep-11-17 09:22AM  Barrons.com]
▶ These Cybersecurity Stocks Are Rising On Equifax's Mass Hack   [Sep-08-17 04:21PM  Investor's Business Daily]
▶ Proofpoint to Present at Upcoming Conferences   [Aug-30-17 08:00AM  GlobeNewswire]
▶ Proofpoint to Host Financial Analyst and Investor Day   [Aug-08-17 08:00AM  GlobeNewswire]
▶ Proofpoint reports 2Q loss   [Jul-27-17 06:23PM  Associated Press]
▶ ETFs with exposure to Proofpoint, Inc. : July 24, 2017   [Jul-24-17 06:02PM  Capital Cube]
▶ Cybersecurity Stocks Near Buy Points Are Selling Off Today: Here's Why   [Jul-20-17 12:13PM  Investor's Business Daily]
▶ ETFs with exposure to Proofpoint, Inc. : July 14, 2017   [Jul-14-17 04:12PM  Capital Cube]
▶ Proofpoint May Be Headed for a Sideways Trading Range   [Jul-07-17 11:01AM  TheStreet.com]
▶ Proofpoint to Report Second Quarter 2017 Financial Results   [Jul-05-17 08:00AM  GlobeNewswire]
▶ Ignore FireEye Inc -- Here Are 3 Better Stocks   [Jun-25-17 02:18PM  Motley Fool]
▶ Futures: 3 Top Tech Stocks In Buy Range As Apple, FANGs Falter   [Jun-13-17 06:43AM  Investor's Business Daily]
▶ Apple Gets Price-Target Hike; Video Game Makers Touted Before E3   [Jun-07-17 04:15PM  Investor's Business Daily]
▶ Jim Cramer Prefers Proofpoint Over Palo Alto Networks   [May-31-17 12:48PM  TheStreet.com]
▶ 3 Stocks That Look a Lot Like Intel 30 Years Ago   [May-30-17 06:24PM  Motley Fool]
▶ Can Proofpoint Unlock the Upside?   [May-19-17 10:12AM  TheStreet.com]
▶ Huge cyberattack ebbs as investigators work to find culprits   [May-15-17 10:18PM  Associated Press]
▶ 'WannaCry' attack: More to come?   [May-14-17 10:49PM  CNBC Videos]
▶ How Did Security Stocks Do This Quarter?   [May-03-17 04:48PM  Zacks]
▶ ETFs with exposure to Proofpoint, Inc. : May 2, 2017   [May-02-17 04:28PM  Capital Cube]
Financial statements of PFPT
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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