Intrinsic value of Shutterfly - SFLY

Previous Close

$56.94

  Intrinsic Value

$1,883

stock screener

  Rating & Target

str. buy

+999%

Previous close

$56.94

 
Intrinsic value

$1,883

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of SFLY 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 1.9

 

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, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  1,904
  2,942
  4,400
  6,384
  9,007
  12,383
  16,621
  21,825
  28,083
  35,472
  44,048
  53,853
  64,910
  77,231
  90,809
  105,633
  121,681
  138,926
  157,341
  176,897
  197,571
  219,339
  242,186
  266,101
  291,081
  317,128
  344,254
  372,476
  401,822
  432,322
Variable operating expenses, $m
  1,459
  2,230
  3,314
  4,788
  6,738
  9,246
  12,396
  16,263
  20,914
  26,404
  32,734
  40,020
  48,238
  57,394
  67,485
  78,501
  90,426
  103,242
  116,927
  131,461
  146,824
  163,001
  179,980
  197,752
  216,315
  235,672
  255,831
  276,804
  298,612
  321,278
Fixed operating expenses, $m
  210
  214
  219
  224
  229
  234
  239
  244
  249
  255
  260
  266
  272
  278
  284
  290
  297
  303
  310
  317
  324
  331
  338
  346
  353
  361
  369
  377
  385
  394
Total operating expenses, $m
  1,669
  2,444
  3,533
  5,012
  6,967
  9,480
  12,635
  16,507
  21,163
  26,659
  32,994
  40,286
  48,510
  57,672
  67,769
  78,791
  90,723
  103,545
  117,237
  131,778
  147,148
  163,332
  180,318
  198,098
  216,668
  236,033
  256,200
  277,181
  298,997
  321,672
Operating income, $m
  236
  498
  867
  1,372
  2,041
  2,903
  3,987
  5,318
  6,920
  8,812
  11,053
  13,566
  16,401
  19,559
  23,041
  26,842
  30,957
  35,380
  40,104
  45,120
  50,423
  56,007
  61,869
  68,004
  74,412
  81,095
  88,054
  95,295
  102,824
  110,650
EBITDA, $m
  395
  720
  1,179
  1,804
  2,632
  3,699
  5,040
  6,687
  8,669
  11,010
  13,728
  16,836
  20,342
  24,249
  28,555
  33,257
  38,346
  43,817
  49,658
  55,862
  62,421
  69,327
  76,575
  84,163
  92,088
  100,352
  108,959
  117,914
  127,225
  136,903
Interest expense (income), $m
  3
  38
  64
  102
  156
  229
  326
  451
  607
  799
  1,030
  1,303
  1,620
  1,982
  2,390
  2,845
  3,346
  3,893
  4,485
  5,122
  5,802
  6,524
  7,287
  8,090
  8,934
  9,817
  10,739
  11,700
  12,701
  13,743
  14,826
Earnings before tax, $m
  198
  434
  765
  1,216
  1,812
  2,577
  3,536
  4,711
  6,121
  7,782
  9,750
  11,946
  14,419
  17,169
  20,196
  23,496
  27,064
  30,895
  34,982
  39,318
  43,900
  48,721
  53,778
  59,070
  64,596
  70,356
  76,354
  82,594
  89,081
  95,824
Tax expense, $m
  53
  117
  207
  328
  489
  696
  955
  1,272
  1,653
  2,101
  2,633
  3,226
  3,893
  4,636
  5,453
  6,344
  7,307
  8,342
  9,445
  10,616
  11,853
  13,155
  14,520
  15,949
  17,441
  18,996
  20,616
  22,300
  24,052
  25,872
Net income, $m
  145
  317
  559
  888
  1,323
  1,881
  2,581
  3,439
  4,468
  5,681
  7,118
  8,721
  10,526
  12,534
  14,743
  17,152
  19,757
  22,553
  25,537
  28,702
  32,047
  35,566
  39,258
  43,121
  47,155
  51,360
  55,739
  60,294
  65,029
  69,951

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
  1,828
  2,824
  4,223
  6,127
  8,644
  11,884
  15,951
  20,945
  26,951
  34,042
  42,272
  51,682
  62,294
  74,118
  87,149
  101,375
  116,776
  133,326
  150,999
  169,767
  189,607
  210,499
  232,425
  255,376
  279,348
  304,345
  330,378
  357,463
  385,625
  414,897
Adjusted assets (=assets-cash), $m
  1,828
  2,824
  4,223
  6,127
  8,644
  11,884
  15,951
  20,945
  26,951
  34,042
  42,272
  51,682
  62,294
  74,118
  87,149
  101,375
  116,776
  133,326
  150,999
  169,767
  189,607
  210,499
  232,425
  255,376
  279,348
  304,345
  330,378
  357,463
  385,625
  414,897
Revenue / Adjusted assets
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
Average production assets, $m
  798
  1,233
  1,844
  2,675
  3,774
  5,188
  6,964
  9,145
  11,767
  14,863
  18,456
  22,564
  27,197
  32,360
  38,049
  44,260
  50,984
  58,210
  65,926
  74,120
  82,782
  91,903
  101,476
  111,496
  121,963
  132,877
  144,242
  156,068
  168,363
  181,143
Working capital, $m
  -225
  -347
  -519
  -753
  -1,063
  -1,461
  -1,961
  -2,575
  -3,314
  -4,186
  -5,198
  -6,355
  -7,659
  -9,113
  -10,716
  -12,465
  -14,358
  -16,393
  -18,566
  -20,874
  -23,313
  -25,882
  -28,578
  -31,400
  -34,348
  -37,421
  -40,622
  -43,952
  -47,415
  -51,014
Total debt, $m
  1,001
  1,599
  2,440
  3,585
  5,098
  7,045
  9,489
  12,491
  16,100
  20,362
  25,308
  30,963
  37,341
  44,447
  52,279
  60,829
  70,085
  80,031
  90,653
  101,933
  113,857
  126,412
  139,590
  153,383
  167,791
  182,814
  198,460
  214,738
  231,663
  249,255
Total liabilities, $m
  1,098
  1,697
  2,538
  3,682
  5,195
  7,142
  9,587
  12,588
  16,198
  20,459
  25,406
  31,061
  37,439
  44,545
  52,377
  60,927
  70,182
  80,129
  90,750
  102,030
  113,954
  126,510
  139,687
  153,481
  167,888
  182,912
  198,557
  214,835
  231,761
  249,353
Total equity, $m
  729
  1,127
  1,685
  2,445
  3,449
  4,742
  6,365
  8,357
  10,754
  13,583
  16,867
  20,621
  24,855
  29,573
  34,773
  40,449
  46,594
  53,197
  60,248
  67,737
  75,653
  83,989
  92,737
  101,895
  111,460
  121,434
  131,821
  142,628
  153,865
  165,544
Total liabilities and equity, $m
  1,827
  2,824
  4,223
  6,127
  8,644
  11,884
  15,952
  20,945
  26,952
  34,042
  42,273
  51,682
  62,294
  74,118
  87,150
  101,376
  116,776
  133,326
  150,998
  169,767
  189,607
  210,499
  232,424
  255,376
  279,348
  304,346
  330,378
  357,463
  385,626
  414,897
Debt-to-equity ratio
  1.370
  1.420
  1.450
  1.470
  1.480
  1.490
  1.490
  1.490
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.510
  1.510
  1.510
  1.510
  1.510
  1.510
  1.510
  1.510
  1.510
Adjusted equity ratio
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  145
  317
  559
  888
  1,323
  1,881
  2,581
  3,439
  4,468
  5,681
  7,118
  8,721
  10,526
  12,534
  14,743
  17,152
  19,757
  22,553
  25,537
  28,702
  32,047
  35,566
  39,258
  43,121
  47,155
  51,360
  55,739
  60,294
  65,029
  69,951
Depreciation, amort., depletion, $m
  160
  223
  311
  432
  591
  796
  1,053
  1,369
  1,749
  2,198
  2,675
  3,270
  3,942
  4,690
  5,514
  6,415
  7,389
  8,436
  9,554
  10,742
  11,997
  13,319
  14,707
  16,159
  17,676
  19,257
  20,905
  22,618
  24,400
  26,253
Funds from operations, $m
  304
  539
  870
  1,319
  1,913
  2,677
  3,634
  4,808
  6,217
  7,879
  9,792
  11,991
  14,467
  17,223
  20,258
  23,567
  27,146
  30,990
  35,091
  39,444
  44,044
  48,885
  53,965
  59,280
  64,831
  70,618
  76,643
  82,912
  89,430
  96,204
Change in working capital, $m
  -84
  -122
  -172
  -234
  -310
  -398
  -500
  -614
  -738
  -872
  -1,012
  -1,157
  -1,305
  -1,454
  -1,602
  -1,749
  -1,894
  -2,035
  -2,173
  -2,308
  -2,439
  -2,569
  -2,696
  -2,822
  -2,948
  -3,074
  -3,201
  -3,330
  -3,463
  -3,599
Cash from operations, $m
  388
  662
  1,042
  1,553
  2,223
  3,075
  4,135
  5,422
  6,956
  8,750
  10,804
  13,148
  15,772
  18,677
  21,860
  25,316
  29,040
  33,024
  37,264
  41,752
  46,484
  51,454
  56,661
  62,102
  67,778
  73,691
  79,844
  86,242
  92,893
  99,803
Maintenance CAPEX, $m
  -72
  -116
  -179
  -267
  -388
  -547
  -752
  -1,009
  -1,325
  -1,705
  -2,154
  -2,675
  -3,270
  -3,942
  -4,690
  -5,514
  -6,415
  -7,389
  -8,436
  -9,554
  -10,742
  -11,997
  -13,319
  -14,707
  -16,159
  -17,676
  -19,257
  -20,905
  -22,618
  -24,400
New CAPEX, $m
  -300
  -435
  -611
  -831
  -1,099
  -1,414
  -1,776
  -2,180
  -2,622
  -3,096
  -3,593
  -4,108
  -4,633
  -5,162
  -5,690
  -6,211
  -6,724
  -7,226
  -7,716
  -8,194
  -8,662
  -9,121
  -9,573
  -10,020
  -10,466
  -10,914
  -11,366
  -11,825
  -12,296
  -12,780
Cash from investing activities, $m
  -372
  -551
  -790
  -1,098
  -1,487
  -1,961
  -2,528
  -3,189
  -3,947
  -4,801
  -5,747
  -6,783
  -7,903
  -9,104
  -10,380
  -11,725
  -13,139
  -14,615
  -16,152
  -17,748
  -19,404
  -21,118
  -22,892
  -24,727
  -26,625
  -28,590
  -30,623
  -32,730
  -34,914
  -37,180
Free cash flow, $m
  16
  111
  252
  455
  736
  1,114
  1,607
  2,232
  3,008
  3,949
  5,057
  6,365
  7,869
  9,573
  11,480
  13,590
  15,901
  18,410
  21,112
  24,003
  27,079
  30,336
  33,769
  37,375
  41,153
  45,102
  49,221
  53,512
  57,978
  62,623
Issuance/(repayment) of debt, $m
  411
  599
  841
  1,144
  1,513
  1,947
  2,445
  3,001
  3,610
  4,261
  4,946
  5,655
  6,378
  7,106
  7,832
  8,550
  9,256
  9,947
  10,621
  11,280
  11,924
  12,556
  13,178
  13,794
  14,407
  15,023
  15,646
  16,278
  16,926
  17,592
Issuance/(repurchase) of shares, $m
  129
  81
  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  
  540
  680
  841
  1,144
  1,513
  1,947
  2,445
  3,001
  3,610
  4,261
  4,946
  5,655
  6,378
  7,106
  7,832
  8,550
  9,256
  9,947
  10,621
  11,280
  11,924
  12,556
  13,178
  13,794
  14,407
  15,023
  15,646
  16,278
  16,926
  17,592
Total cash flow (excl. dividends), $m
  558
  791
  1,093
  1,599
  2,249
  3,061
  4,051
  5,234
  6,618
  8,211
  10,004
  12,020
  14,247
  16,679
  19,312
  22,140
  25,157
  28,356
  31,733
  35,283
  39,003
  42,891
  46,946
  51,169
  55,560
  60,125
  64,866
  69,790
  74,904
  80,215
Retained Cash Flow (-), $m
  -274
  -397
  -558
  -760
  -1,004
  -1,293
  -1,623
  -1,993
  -2,396
  -2,829
  -3,284
  -3,754
  -4,234
  -4,718
  -5,200
  -5,676
  -6,145
  -6,603
  -7,051
  -7,489
  -7,916
  -8,336
  -8,748
  -9,157
  -9,565
  -9,974
  -10,387
  -10,807
  -11,237
  -11,679
Prev. year cash balance distribution, $m
  95
  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
  379
  393
  535
  840
  1,245
  1,768
  2,428
  3,241
  4,222
  5,382
  6,720
  8,266
  10,012
  11,962
  14,113
  16,464
  19,012
  21,753
  24,682
  27,795
  31,087
  34,556
  38,198
  42,011
  45,995
  50,151
  54,479
  58,984
  63,667
  68,536
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
  363
  360
  465
  691
  965
  1,283
  1,641
  2,026
  2,425
  2,821
  3,191
  3,527
  3,807
  4,016
  4,143
  4,184
  4,137
  4,006
  3,800
  3,532
  3,215
  2,867
  2,504
  2,140
  1,789
  1,463
  1,169
  913
  695
  516
Current shareholders' claim on cash, %
  92.3
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5

Shutterfly, Inc. is an online manufacturer and retailer of personalized products and services. The Company focuses on helping consumers manage their memories through the medium of photography. The Company's segments are Consumer and Shutterfly Business Solutions (SBS). The Consumer segment offers photo-based products, such as photo books, stationery and greeting cards, other photo-based merchandise, photo prints and statement gifts. The SBS segment includes printing and shipping of direct marketing and other variable data print products and formats. The Company provides a range of personalized photo-based products and services that enables the consumers to upload, edit, organize, find, share, create, print, and preserve their memories in a thoughtful manner. The Company's brands include Shutterfly, Tiny Prints, Wedding Paper Divas, MyPublisher, BorrowLenses and Groovebook. The Company has its production facilities in Fort Mill, South Carolina; Shakopee, Minnesota, and Tempe, Arizona.

FINANCIAL RATIOS  of  Shutterfly (SFLY)

Valuation Ratios
P/E Ratio 119.7
Price to Sales 1.7
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 9.9
Price to Free Cash Flow 18.6
Growth Rates
Sales Growth Rate 7.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.9%
Cap. Spend. - 3 Yr. Gr. Rate 2.9%
Financial Strength
Quick Ratio 20
Current Ratio 0
LT Debt to Equity 68.7%
Total Debt to Equity 71.6%
Interest Coverage 10
Management Effectiveness
Return On Assets 1.5%
Ret/ On Assets - 3 Yr. Avg. 0.4%
Return On Total Capital 1.6%
Ret/ On T. Cap. - 3 Yr. Avg. 0.3%
Return On Equity 2.7%
Return On Equity - 3 Yr. Avg. 0.5%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 50.1%
Gross Margin - 3 Yr. Avg. 50.4%
EBITDA Margin 12.7%
EBITDA Margin - 3 Yr. Avg. 11.2%
Operating Margin 4.3%
Oper. Margin - 3 Yr. Avg. 2.3%
Pre-Tax Margin 2.4%
Pre-Tax Margin - 3 Yr. Avg. 0.4%
Net Profit Margin 1.4%
Net Profit Margin - 3 Yr. Avg. 0.1%
Effective Tax Rate 40.7%
Eff/ Tax Rate - 3 Yr. Avg. 36.9%
Payout Ratio 0%

SFLY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SFLY stock intrinsic value calculation we used $1190.202 million for the last fiscal year's total revenue generated by Shutterfly. The default revenue input number comes from 0001 income statement of Shutterfly. 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 SFLY stock valuation model: a) initial revenue growth rate of 60% 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 SFLY is calculated based on our internal credit rating of Shutterfly, 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 Shutterfly.
    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 SFLY stock the variable cost ratio is equal to 78%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $205 million in the base year in the intrinsic value calculation for SFLY 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 6.4% for Shutterfly.

Corporate tax rate of 27% is the nominal tax rate for Shutterfly. 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 SFLY 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 SFLY are equal to 41.9%.

Life of production assets of 6.9 years is the average useful life of capital assets used in Shutterfly 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 SFLY is equal to -11.8%. 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 - $550.724 million for Shutterfly - 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 33.16 million for Shutterfly 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 Shutterfly at the current share price and the inputted number of shares is $1.9 billion.

RELATED COMPANIES Price Int.Val. Rating
AMZN Amazon.com 1,636.85 2,694.69  buy
QUAD Quad/Graphics 16.86 19.12  hold
RAD Rite Aid 1.30 2.58  str.buy
HPQ HP 23.99 36.87  str.buy
CMPR Cimpress 116.26 60.57  str.sell
PRSS CafePress 1.47 0.53  str.sell
CSS CSS Industries 12.10 5.39  str.sell

COMPANY NEWS

▶ Opening Bell, November 6, 2018   [09:30AM  CNBC Videos]
▶ Quarterly Results Impact 3 Stocks on Wednesday   [Oct-31-18 04:42PM  GuruFocus.com]
▶ Shutterfly will close Bloomington Lifetouch office; layoffs expected   [03:47PM  American City Business Journals]
▶ Shutterfly: 3Q Earnings Snapshot   [05:16PM  Associated Press]
▶ Gurus' Worst-Performing Stocks   [Sep-24-18 04:34PM  GuruFocus.com]
▶ Calculating The Fair Value Of Shutterfly Inc (NASDAQ:SFLY)   [Sep-13-18 12:54PM  Simply Wall St.]
▶ Shutterfly: 2Q Earnings Snapshot   [05:12PM  Associated Press]
▶ Shutterfly, Inc. to Host Earnings Call   [03:00PM  ACCESSWIRE]
▶ Apple Discontinues Photo Service   [Jul-12-18 04:20PM  Benzinga]
▶ Shutterfly Launches Two New Categories: Kids and Pets   [Jul-09-18 04:01PM  Business Wire]
▶ 13Fs: Activist Funds Cleaned Up in Q1   [May-15-18 10:07AM  Investopedia]
▶ Indexes Reverse Lower After Fed Statement; Apple Holds Strong, PayPal Dives   [May-02-18 04:05PM  Investor's Business Daily]
▶ Shutterfly Stock Hits Record High On Quarterly Earnings Beat   [01:59PM  Investor's Business Daily]
▶ Dow Lags: Apple Rises, Mastercard Breaks Out; Fed Limits Gains   [09:43AM  Investor's Business Daily]
▶ Shutterfly: 1Q Earnings Snapshot   [04:31PM  Associated Press]
▶ Edited Transcript of SFLY presentation 7-Mar-17 2:50pm GMT   [Apr-10-18 02:58PM  Thomson Reuters StreetEvents]
▶ Where is Shutterfly, Inc.s (NASDAQ: SFLY) Stock Price Going?   [Apr-06-18 01:53PM  Harvest Exchange]
▶ Shutterfly Goes All-In on AWS   [Apr-04-18 08:59AM  Business Wire]
▶ 4 Top-Ranked Liquid Stocks to Snap Up Now   [Mar-15-18 11:20AM  InvestorPlace]
▶ Weibo (WB) Soars: Stock Adds 9.6% in Session   [Feb-14-18 08:55AM  Zacks]
▶ 4 Impressive Liquid Stocks for Maximum Returns   [Feb-12-18 11:20AM  InvestorPlace]

CONTACT US       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.