Intrinsic value of Pivotal Software - PVTL

Previous Close

$18.34

  Intrinsic Value

$48.23

stock screener

  Rating & Target

str. buy

+163%

Previous close

$18.34

 
Intrinsic value

$48.23

 
Up/down potential

+163%

 
Rating

str. buy

We calculate the intrinsic value of PVTL 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 1.5

 

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, %
  22.40
  20.66
  19.09
  17.68
  16.42
  15.27
  14.25
  13.32
  12.49
  11.74
  11.07
  10.46
  9.91
  9.42
  8.98
  8.58
  8.22
  7.90
  7.61
  7.35
  7.12
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
Revenue, $m
  624
  752
  896
  1,054
  1,228
  1,415
  1,617
  1,832
  2,061
  2,303
  2,558
  2,825
  3,105
  3,398
  3,703
  4,021
  4,352
  4,696
  5,053
  5,424
  5,810
  6,212
  6,629
  7,062
  7,513
  7,983
  8,472
  8,981
  9,512
  10,066
Variable operating expenses, $m
  219
  249
  283
  320
  361
  405
  452
  503
  557
  614
  601
  664
  730
  799
  871
  945
  1,023
  1,104
  1,188
  1,275
  1,366
  1,460
  1,558
  1,660
  1,766
  1,877
  1,992
  2,111
  2,236
  2,366
Fixed operating expenses, $m
  508
  519
  531
  542
  554
  566
  579
  592
  605
  618
  631
  645
  660
  674
  689
  704
  719
  735
  751
  768
  785
  802
  820
  838
  856
  875
  894
  914
  934
  955
Total operating expenses, $m
  727
  768
  814
  862
  915
  971
  1,031
  1,095
  1,162
  1,232
  1,232
  1,309
  1,390
  1,473
  1,560
  1,649
  1,742
  1,839
  1,939
  2,043
  2,151
  2,262
  2,378
  2,498
  2,622
  2,752
  2,886
  3,025
  3,170
  3,321
Operating income, $m
  -103
  -16
  83
  192
  313
  444
  586
  738
  900
  1,071
  1,325
  1,516
  1,716
  1,925
  2,144
  2,372
  2,609
  2,856
  3,114
  3,381
  3,659
  3,949
  4,250
  4,564
  4,891
  5,231
  5,586
  5,956
  6,341
  6,744
EBITDA, $m
  -15
  76
  178
  292
  417
  553
  700
  857
  1,025
  1,203
  1,391
  1,589
  1,796
  2,013
  2,239
  2,476
  2,722
  2,978
  3,244
  3,521
  3,810
  4,110
  4,422
  4,746
  5,085
  5,437
  5,805
  6,188
  6,587
  7,004
Interest expense (income), $m
  0
  1
  -22
  -8
  8
  26
  45
  66
  88
  111
  137
  163
  191
  221
  252
  284
  318
  353
  389
  427
  466
  507
  550
  594
  640
  688
  738
  789
  843
  899
  958
Earnings before tax, $m
  -104
  6
  90
  184
  287
  399
  520
  650
  788
  935
  1,162
  1,324
  1,495
  1,673
  1,860
  2,054
  2,256
  2,467
  2,687
  2,915
  3,152
  3,399
  3,656
  3,924
  4,203
  4,493
  4,796
  5,112
  5,442
  5,787
Tax expense, $m
  0
  2
  24
  50
  77
  108
  140
  175
  213
  252
  314
  358
  404
  452
  502
  555
  609
  666
  725
  787
  851
  918
  987
  1,059
  1,135
  1,213
  1,295
  1,380
  1,469
  1,562
Net income, $m
  -104
  4
  66
  134
  209
  291
  380
  474
  575
  682
  848
  967
  1,091
  1,222
  1,358
  1,499
  1,647
  1,801
  1,961
  2,128
  2,301
  2,481
  2,669
  2,864
  3,068
  3,280
  3,501
  3,732
  3,973
  4,224

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
  1,414
  1,706
  2,032
  2,391
  2,784
  3,209
  3,666
  4,154
  4,673
  5,222
  5,800
  6,407
  7,042
  7,705
  8,397
  9,118
  9,868
  10,648
  11,458
  12,300
  13,176
  14,085
  15,031
  16,014
  17,037
  18,102
  19,210
  20,365
  21,569
  22,824
Adjusted assets (=assets-cash), $m
  1,414
  1,706
  2,032
  2,391
  2,784
  3,209
  3,666
  4,154
  4,673
  5,222
  5,800
  6,407
  7,042
  7,705
  8,397
  9,118
  9,868
  10,648
  11,458
  12,300
  13,176
  14,085
  15,031
  16,014
  17,037
  18,102
  19,210
  20,365
  21,569
  22,824
Revenue / Adjusted assets
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
Average production assets, $m
  483
  583
  694
  817
  951
  1,097
  1,253
  1,420
  1,597
  1,785
  1,982
  2,190
  2,407
  2,634
  2,870
  3,116
  3,373
  3,639
  3,916
  4,204
  4,503
  4,814
  5,137
  5,473
  5,823
  6,187
  6,566
  6,960
  7,372
  7,801
Working capital, $m
  -81
  -98
  -116
  -137
  -160
  -184
  -210
  -238
  -268
  -299
  -333
  -367
  -404
  -442
  -481
  -523
  -566
  -610
  -657
  -705
  -755
  -808
  -862
  -918
  -977
  -1,038
  -1,101
  -1,168
  -1,237
  -1,309
Total debt, $m
  -402
  -139
  154
  477
  831
  1,213
  1,625
  2,064
  2,531
  3,025
  3,545
  4,091
  4,663
  5,260
  5,883
  6,532
  7,207
  7,908
  8,638
  9,396
  10,183
  11,002
  11,853
  12,738
  13,659
  14,617
  15,615
  16,654
  17,738
  18,867
Total liabilities, $m
  1,273
  1,535
  1,829
  2,152
  2,505
  2,888
  3,299
  3,739
  4,206
  4,700
  5,220
  5,766
  6,338
  6,935
  7,558
  8,206
  8,881
  9,583
  10,312
  11,070
  11,858
  12,677
  13,528
  14,413
  15,333
  16,292
  17,289
  18,329
  19,412
  20,542
Total equity, $m
  141
  171
  203
  239
  278
  321
  367
  415
  467
  522
  580
  641
  704
  771
  840
  912
  987
  1,065
  1,146
  1,230
  1,318
  1,409
  1,503
  1,601
  1,704
  1,810
  1,921
  2,037
  2,157
  2,282
Total liabilities and equity, $m
  1,414
  1,706
  2,032
  2,391
  2,783
  3,209
  3,666
  4,154
  4,673
  5,222
  5,800
  6,407
  7,042
  7,706
  8,398
  9,118
  9,868
  10,648
  11,458
  12,300
  13,176
  14,086
  15,031
  16,014
  17,037
  18,102
  19,210
  20,366
  21,569
  22,824
Debt-to-equity ratio
  -2.840
  -0.820
  0.760
  2.000
  2.980
  3.780
  4.430
  4.970
  5.420
  5.790
  6.110
  6.390
  6.620
  6.830
  7.010
  7.160
  7.300
  7.430
  7.540
  7.640
  7.730
  7.810
  7.890
  7.950
  8.020
  8.070
  8.130
  8.180
  8.220
  8.270
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
  -104
  4
  66
  134
  209
  291
  380
  474
  575
  682
  848
  967
  1,091
  1,222
  1,358
  1,499
  1,647
  1,801
  1,961
  2,128
  2,301
  2,481
  2,669
  2,864
  3,068
  3,280
  3,501
  3,732
  3,973
  4,224
Depreciation, amort., depletion, $m
  88
  92
  95
  100
  104
  109
  114
  120
  126
  132
  66
  73
  80
  88
  96
  104
  112
  121
  131
  140
  150
  160
  171
  182
  194
  206
  219
  232
  246
  260
Funds from operations, $m
  -16
  96
  161
  234
  313
  400
  494
  594
  701
  814
  914
  1,040
  1,172
  1,309
  1,453
  1,603
  1,760
  1,922
  2,092
  2,268
  2,451
  2,642
  2,840
  3,047
  3,262
  3,486
  3,720
  3,964
  4,219
  4,484
Change in working capital, $m
  -15
  -17
  -19
  -21
  -23
  -24
  -26
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -66
  -69
  -72
Cash from operations, $m
  -1
  113
  180
  254
  336
  424
  520
  622
  731
  846
  947
  1,075
  1,208
  1,347
  1,493
  1,645
  1,803
  1,967
  2,138
  2,316
  2,501
  2,694
  2,895
  3,103
  3,321
  3,547
  3,784
  4,030
  4,288
  4,556
Maintenance CAPEX, $m
  -13
  -16
  -19
  -23
  -27
  -32
  -37
  -42
  -47
  -53
  -59
  -66
  -73
  -80
  -88
  -96
  -104
  -112
  -121
  -131
  -140
  -150
  -160
  -171
  -182
  -194
  -206
  -219
  -232
  -246
New CAPEX, $m
  -89
  -100
  -111
  -123
  -134
  -145
  -156
  -167
  -177
  -188
  -198
  -207
  -217
  -227
  -237
  -246
  -256
  -266
  -277
  -288
  -299
  -311
  -323
  -336
  -350
  -364
  -379
  -395
  -411
  -429
Cash from investing activities, $m
  -102
  -116
  -130
  -146
  -161
  -177
  -193
  -209
  -224
  -241
  -257
  -273
  -290
  -307
  -325
  -342
  -360
  -378
  -398
  -419
  -439
  -461
  -483
  -507
  -532
  -558
  -585
  -614
  -643
  -675
Free cash flow, $m
  -103
  -3
  49
  108
  174
  247
  327
  413
  506
  605
  690
  801
  918
  1,040
  1,169
  1,303
  1,442
  1,588
  1,740
  1,898
  2,062
  2,233
  2,411
  2,596
  2,789
  2,989
  3,199
  3,417
  3,644
  3,881
Issuance/(repayment) of debt, $m
  -422
  263
  293
  323
  353
  383
  411
  440
  467
  494
  520
  546
  572
  597
  623
  649
  675
  702
  729
  758
  788
  819
  851
  885
  921
  958
  998
  1,039
  1,083
  1,130
Issuance/(repurchase) of shares, $m
  787
  25
  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  
  365
  288
  293
  323
  353
  383
  411
  440
  467
  494
  520
  546
  572
  597
  623
  649
  675
  702
  729
  758
  788
  819
  851
  885
  921
  958
  998
  1,039
  1,083
  1,130
Total cash flow (excl. dividends), $m
  262
  285
  342
  432
  528
  630
  739
  853
  973
  1,099
  1,210
  1,347
  1,490
  1,638
  1,791
  1,951
  2,117
  2,290
  2,469
  2,656
  2,850
  3,052
  3,262
  3,481
  3,709
  3,948
  4,196
  4,456
  4,727
  5,011
Retained Cash Flow (-), $m
  -787
  -29
  -33
  -36
  -39
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -98
  -102
  -106
  -111
  -115
  -120
  -126
Prev. year cash balance distribution, $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 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
  -525
  255
  310
  396
  488
  588
  693
  804
  921
  1,044
  1,153
  1,286
  1,426
  1,571
  1,722
  1,879
  2,042
  2,212
  2,388
  2,572
  2,762
  2,961
  3,167
  3,383
  3,607
  3,841
  4,086
  4,341
  4,607
  4,886
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
  -503
  234
  270
  326
  379
  426
  468
  503
  529
  547
  547
  549
  542
  527
  506
  478
  444
  407
  368
  327
  286
  246
  208
  172
  140
  112
  88
  67
  50
  37
Current shareholders' claim on cash, %
  50.0
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5
  42.5

FINANCIAL RATIOS  of  Pivotal Software (PVTL)

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%

PVTL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PVTL stock intrinsic value calculation we used $509.436 million for the last fiscal year's total revenue generated by Pivotal Software. The default revenue input number comes from 0001 income statement of Pivotal Software. 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 PVTL stock valuation model: a) initial revenue growth rate of 22.4% 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 PVTL is calculated based on our internal credit rating of Pivotal Software, 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 Pivotal Software.
    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 PVTL stock the variable cost ratio is equal to 37.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $497 million in the base year in the intrinsic value calculation for PVTL 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 Pivotal Software.

Corporate tax rate of 27% is the nominal tax rate for Pivotal Software. 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 PVTL 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 PVTL are equal to 77.5%.

Life of production assets of 34.1 years is the average useful life of capital assets used in Pivotal Software 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 PVTL is equal to -13%. 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 - $-541.24 million for Pivotal Software - 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 81.662 million for Pivotal Software 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 Pivotal Software at the current share price and the inputted number of shares is $1.5 billion.

COMPANY NEWS

▶ Pivotal Schedules Third Quarter 2019 Earnings Date   [Nov-13-18 08:00AM  Business Wire]
▶ 5 Biggest IPOs Hedge Funds Are Betting On   [Oct-31-18 03:20PM  Insider Monkey]
▶ Pivotal Appoints Madelyn Lankton to Its Board of Directors   [Oct-09-18 04:10PM  Business Wire]
▶ Cognizant Named a 2018 Partner of the Year by Pivotal   [Oct-08-18 06:00AM  PR Newswire]
▶ How these 8 money-losing Bay Area tech companies managed an IPO in 2018   [Oct-05-18 04:59PM  American City Business Journals]
▶ Pivotal Announces Winners of the 2018 Partner Awards   [Sep-24-18 04:00PM  Business Wire]
▶ Mountain View search company could soar to $2B in upcoming IPO   [09:55AM  American City Business Journals]
▶ Remember 'IPO as a down round' fears? Eventbrite is latest to dispel them   [Sep-21-18 01:39PM  American City Business Journals]
▶ Why Pivotal Software Stock Plunged Today   [Sep-13-18 08:24PM  Motley Fool]
▶ Pivotal Software's stock drops after quarterly results   [Sep-12-18 04:27PM  MarketWatch]
▶ 7 Things to Know About Pivotal Software   [Sep-05-18 08:05PM  Motley Fool]
▶ Pivotal Schedules Second Quarter 2019 Earnings Date   [Aug-13-18 08:00AM  Business Wire]
▶ Eventbrite plans to go public, files confidential IPO paperwork   [Jul-23-18 10:49AM  American City Business Journals]
▶ Photos: Broadcom CEO buys $12.3M estate near Palo Alto tech HQs   [Jul-19-18 08:51AM  American City Business Journals]
▶ Here's how 14 Bay Area IPOs did in the strongest first half in 4 years   [Jun-29-18 02:39PM  American City Business Journals]
▶ 'Mad Money' warning hits high-flying IPO stocks, including Zuora, Carbon Black   [Jun-19-18 05:39PM  American City Business Journals]
▶ Pivotal Software shines in post-IPO earnings report   [Jun-16-18 05:41PM  MarketWatch]
▶ Why Pivotal Software Inc. Stock Skyrocketed Wednesday   [Jun-13-18 01:30PM  Motley Fool]
▶ Pivotal Schedules First Quarter 2019 Earnings Date   [May-14-18 08:01AM  Business Wire]
▶ Pivotal IPO falls short of recent cloud hysteria   [Apr-23-18 07:00AM  MarketWatch]
▶ [$$] Pivotal Shares Are Up 5% After First Trading Day   [Apr-20-18 05:54PM  The Wall Street Journal]
▶ Pivotal IPO Comes at Good Timefor Pivotal   [Apr-19-18 12:42PM  Barrons.com]
▶ How Platforms Are Neutralizing Conway's Law   [Aug-15-17 06:07AM  Forbes]

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