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Fundamental Valuation of Alphabet (GOOG:NAS) April 28 2017

Alphabet (GOOG:NAS) Fundamental Valuation Report


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Alphabet$872.30 (USD) Close Price as of25/04/2017

Based on the analysis conducted in this report, Alphabet, (GOOG:NAS) is found to be Undervalued (refer below to each of the models for detailed calculations and assumptions).

Company
Alphabet

Symbol:Exchange
GOOG:NAS

Industry
Technology:Internet Content & Information

Close Price/Date
$872.30 (USD) 25/04/2017

Weighted Average Valuation
$961.61 (USD)

Summary
GOOG:NAS is found to be Undervalued by 10.2% using the 3 valuation models shown below.

Valuation Models Used
Analyst Consensus: $982.91 (USD)

(in order of importance)
Discounted Cash Flow: $718.68 (USD)

Comparables: $1,383.60 (USD)

Valuation Methods Analysis
This company is:
Cash Flow Basis:
Overvalued on a Cash Flow Valuation basis

Comparable Company Basis:
Undervalued on a Comparable Valuation basis

Asset Basis:
Overvalued on an Asset Valuation basis

Alphabet Valuations

Summary chart
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  • Discounted Cash Flow

    Using a discounted cash flow model we generated an intrinsic value of $718.68 (USD) for GOOG:NAS
    Details of the DCF model are shown below

  • Comparables Model

    Using similar companies and price based ratios we generated a valuation of $1,383.60 (USD) for GOOG:NAS. We also generated a valuation of $891.34 (USD) using other metrics and comparables.

    The comparable companies were Facebook (FB:NAS)

    Details of the Comparables Model are shown below

  • Multiples

    Using a multiples approach we generated a valuation of $813.91 (USD) for GOOG:NAS

    Details of the Multiples Model are shown below

  • Adjusted Book Value versus Historical Price to Book

    Using an Adjusted Book Value versus Historical Price to Book we generated a value of $804.61 (USD) for GOOG:NAS

    Details of the Adjusted Book Value Model are shown below

  • Analyst Data

    In the Stockcalc database there are 11 analysts that provide a valuation for GOOG:NAS.
    The 11 analysts have a concensus valuation for GOOG:NAS for 2017 of $982.91 (USD).

    Details of the Analyst Data are shown below

  • Summary

    If you would like to explore this company further you can start with a quick DCF analysis at https://www.stockcalc.com?ss=00CB9BFAC9964E639F156E6F03EA4EAD

Company Overview (GOOG:NAS USD)

Bid:Ask 907.78:908.83
Price 913.49
Change %Change +39.24 – +4.49%
Day Range 907.00 – 914.12
52 Week Range 663.28 – 914.12
Open Price 910.95
Day Volume 1355399
Average Volume 1399650
P/E Ratio 32.77
Diluted EPS 27.88
Shares Outstanding 691420327
Market Cap 631,605,554,511

Summary chart

Detailed Company Description

Alphabet Inc through its subsidiary Google Inc is engaged in improving the ways people connect with information & products including Search, Android, YouTube, Apps, Maps & Ads. It also produces internet-connected home devices & provides internet services.

Financial Data for GOOG:NAS

The following presents the last up to 5 years of the companies Income Statement, Balance Sheet and Cash Flow data.

Income Statement

Line Item USD Millions 2012-12-31 2013-12-31 2014-12-31 2015-12-31 2016-12-31
Total Revenue 50,175 59,825 66,001 74,989 90,272
Cost Of Revenue 20,634 25,858 25,691 28,164 35,138
Gross Profit 29,541 33,967 40,310 46,825 55,134
Selling General And Administration 9,988 12,049 13,982 15,183 17,470
Research And Development 6,793 7,952 9,832 12,282 13,948
EBITDA 16,432 18,518 22,339 24,818 30,418
Depreciation and Amortization 2,962 3,939 4,979 5,063 6,144
Operating Expense 16,781 20,001 23,814 27,465 31,418
Operating Income 12,760 13,966 16,496 19,360 23,716
EBIT 13,470 14,579 17,360 19,755 24,274
Interest Income 713 785 746 999 1,220
Interest Expense 84 83 101 104 124
Pre-Tax Income 13,386 14,496 17,259 19,651 24,150
Tax Provision 2,598 2,282 3,331 3,303 4,672
Net Income 10,737 12,920 14,444 16,348 19,478

Diluted Average Shares 664 677 687 693 699
Diluted EPS 16.17 19.08 21.02 22.84 27.85

Balance Sheet

Line Item USD Millions 2012-12-31 2013-12-31 2014-12-31 2015-12-31 2016-12-31
Total Assets 93,798 110,920 131,133 147,461 167,497
Current Assets 60,454 72,886 80,685 90,114 105,408
Cash And Cash Equivalents 14,778 18,898 18,347 16,549 12,918
Other Short Term Investments 33,310 39,819 46,048 56,517 73,415
Receivables 8,585 9,390 11,556 13,909 14,232
Inventory 505 426 0 0 268
PrepaidAssets 2,132 2,827 3,412 3,139 4,575
Deferred Income Taxes 1,144 1,526 1,322 0 0
Other Current Assets 0 0 0 0 0
Total Non Current Assets 33,344 38,034 50,448 57,347 62,089
Gross PPE 17,697 23,837 32,746 40,146 47,527
Accumulated Depreciation -5,843 -7,313 -8,863 -11,130 -13,293
Net PPE 11,854 16,524 23,883 29,016 34,234
Goodwill 10,537 11,492 15,599 15,869 16,468
Intangibles 7,473 6,066 4,607 3,847 3,307
Other Non Current Assets 3,480 3,952 6,359 8,615 8,080
Total liabilities 22,083 23,611 26,633 27,130 28,461
Current Liabilities 14,337 15,908 16,805 19,310 16,756
Payables 3,925 3,851 4,589 4,661 2,595
Current debt 2,549 3,009 2,009 3,225 0
Current capital lease obligation 0 0 0 0 0
Other current liabilities 0 0 0 0 0
Non Current Liabilities 7,746 7,703 9,828 7,820 11,705
Long Term Debt 2,988 2,236 3,228 1,995 3,935
Long Term Capital Lease 0 0 0 0 0
Other Non Current Liabilities 0 0 0 0 0
Total Equity 71,715 87,309 104,500 120,331 139,036
Stockholders Equity 71,715 87,309 104,500 120,331 139,036
Preferred Stock 0 0 0 0 0
CapitalStock 22,835 25,922 28,767 32,982 36,307
Common Stock 22,835 25,922 28,767 32,982 0
Treasury Stock 0 0 0 0 0
Retained Earnings 48,342 61,262 75,706 89,223 105,131
Other Equity 0 0 0 0 0
Total Liabilities and Total Equity 93,798 110,920 131,133 147,461 167,497

Cash Flow

Line Item USD Millions 2012-12-31 2013-12-31 2014-12-31 2015-12-31 2016-12-31
Net Income 10,737 12,920 14,444 16,348 19,478
Depreciation and amortization 2,962 3,939 4,979 5,063 6,144
Amortization of debt discount/premium and issuance costs 0 0 0 0 0
Investment/asset impairment charges 0 0 0 0 0
Investments losses (gains) 0 0 -159 334 275
Deferred income taxes -266 -437 -104 -179 -38
Stock based compensation 2,692 3,343 4,279 5,203 6,703
Accounts receivable -787 -1,307 -1,641 -2,094 -2,578
Inventory 301 -234 0 0 0
Prepaid expenses -833 -696 459 -318 312
Accounts payable -499 605 436 203 110
Accrued liabilities 1,061 967 1,002 1,936 2,108
Income Tax Payable 1,492 0 0 0 0
Interest payable 0 0 0 0 0
Other working capital 1,655 634 108 -136 3,348
Other non-cash items -1,896 -1,075 -1,427 -336 174

Net cash provided by operating activities 16,619 18,659 22,376 26,024 36,036
Investments in property, plant, and equipment -3,273 -7,358 -10,959 -9,915 -10,212
Property, plant, and equipment reductions 0 0 0 0 240
Acquisitions, net -10,568 1,077 -4,502 -236 -986
Purchases of investments -34,061 -46,013 -57,537 -76,540 -85,618
Sales/Maturities of investments 35,180 38,314 51,315 62,905 67,389
Other investing activities -334 301 628 75 -1,978

Net cash used for investing activities -13,056 -13,679 -21,055 -23,711 -31,165
Debt issued 16,109 10,768 11,625 13,705 8,729
Debt repayment -14,781 -11,325 -11,643 -13,728 -10,064
Common stock issued 0 0 0 0 0
Preferred stock issued 0 0 0 0 0
Cash dividends paid 0 0 0 0 0
Other financing activities -99 -300 -1,421 -3,654 -6,997

Net cash provided by, used for activities 1,229 -857 -1,439 -3,677 -8,332
Effect of exchange rates 3 -3 -433 -434 -170
Net change in cash 4,795 4,120 -551 -1,798 -3,631
Cash at beginning of period 9,983 14,778 18,898 18,347 16,549
Cash at end of period 14,778 18,898 18,347 16,549 12,918
Operating cash flow 16,619 18,659 22,376 26,024 36,036
Capital expenditure -3,273 -7,358 -10,959 -9,915 -10,212
Free cash flow 13,346 11,301 11,417 16,109 25,824

Ratio Data for GOOG:NAS

Profitability Ratios

Year 2012 2013 2014 2015 2016
Gross Margin (%) 58.88 56.78 61.07 62.44 61.08
Operation Margin (%) 25.43 23.34 24.99 25.82 26.27
Tax Rate (%) 19.41 15.74 19.3 16.81 19.35
Net Margin (%) 21.4 21.6 21.88 21.1 21.58
Sales per Employee 931565 1M 1M 1M 1M
EBIT Margin (%) 26.85 24.37 26.3 26.34 26.89
EBITDA Margin (%) 32.75 30.95 33.85 33.1 33.7
Net Profit Margin (%) 21.51 20.66 21.31 22.47 22.17
Interest Coverage 160.36 175.65 171.88 189.95 195.76

Efficiency Ratios

Year 2012 2013 2014 2015 2016
Days In Sales 48.42 51.15 50.5 50.96 51.94
Days In Inventory 8.93 6.57 2.78
Days In Payment 23 31.51 29.61 23.63 20.63
Cash Conversion Cycle 34.36 26.21 34.1
Receivable Turnover 7.54 7.14 7.23 7.16 7.03
Inventory Turnover 40.86 55.55 131.11
Payment Turnover 15.87 11.58 12.33 15.45 17.69
Fixed Assets Turnover 4.68 4.22 3.27 2.84 2.85
Assets Turnover 0.6 0.58 0.55 0.54 0.57
ROE (%) 16.54 16.25 15.06 14.08 15.02
ROA (%) 12.91 12.62 11.93 11.36 12.37
ROIC (%) 14.66 14.52 13.77 12.82 13.85
FCF Sales Ratio (%) 26.6 18.89 17.3 21.48 28.61
FCF Net Income Ratio (%) 124.3 87.47 79.04 98.54 132.58
Capital Expenditure Sales Ratio (%) 6.52 12.3 16.6 13.22 11.31

Financial Health

Year 2012 2013 2014 2015 2016
Current Ratio 4.22 4.58 4.8 4.67 6.29
Quick Ratio 3.95 4.28 4.52 4.5 6
Long Term Debt Total Capital Ratio (%) 4 2.5 3 1.63 2.75
Long Term Debt Equity Ratio 0.04 0.03 0.03 0.02 0.03
Financial Leverage 1.31 1.27 1.25 1.23 1.2
Total Debt To Equity Ratio 0.08 0.06 0.05 0.04 0.03

Valuation Ratios

Year 2014 2015 2016
Sustainable Growth Rate (%) 14.37 14.77 15.23
Payout Ratio (%) 0 0 0
Cash Return 0.04 0.03 0.05
Sales Per Share 99.17 103.88 122.94
Book Value Per Share 145.08 169.12 194.57
CFO Per Share 31.03 37.6 46.98
FCF Per Share 16.92 21.15 33.75
Earning Yield (%) 3.58 2.85 3.54
PE Ratio 27.9 35.13 28.24
Sales Yield (%) 18.89 13.69 15.93
PS Ratio 5.29 7.3 6.28
Book Value Yield (%) 27.64 22.28 25.21
PB Ratio 3.62 4.49 3.97
CF Yield (%) 5.91 4.95 6.09
PCF Ratio 16.92 20.18 16.43
FCF Yield (%) 3.22 2.79 4.37
FCF Ratio 31.03 35.89 22.87
Dividend Yield (%)
Forward Dividend Yield (%)
Forward Earning Yield (%) 5.63 4.44 5.28
Forward PE Ratio 17.76 22.52 18.94
PEG Ratio 1.42 2.11 1.15
PEG Payback 8.92 11.07 8.28
Dividend Rate
Working Capital Per Share 91.31 101.33 122.2
EV To EBITDA 14.51 18.91 15.91
Buy Back Yield (%) 1.03
Total Yield (%) 1.03

Valuation Details and Assumptions

Cost of Capital

We have calculated the WACC for GOOG:NAS to be 8.60 based on the following assumptions:

WACC chart
Component
Value
%
K
Cost Of

Common Equity
573574646466
99
Ke
8.67

Debt (Book Value)
3938000000
1
Kd
2.08

Preferred (Book Value)
0
0
Kp
0.00

Enterprise Value
577512646466
100

Weighted Average Cost of Capital
WACC
8.60

The Company’s Beta was calculated as 0.85 using a 60 month time frame and the Nasdaq index.

Note: Higher risk premiums imply investors require greater returns

The Company’s Cost of Preferred equity was calculated using the preferred stock dividend divided by the book value of prefrerred shares for the company

The Company’s Cost of Debt was calculated as the weighted average Interest paid for the last 3 years divided by the book value of weighted average interest bearing debt outstanding

Analyst Coverage

We have 11 Analysts covering GOOG:NAS.

GOOG:NAS Alphabet

Current Price: 915.24 USD

Analyst Consensus
USD Millions 2017 2018 2019
Mean EPS 39.5440 45.9348 47.8503
# EPS Analysts 10 10 4
Mean Revenue 97,748.7 113,832.8 130,031.1
# Revenue Analysts 9 9 4
Mean Target Price 982.9091
Mean Cash Flow 52.4656 59.7878 56.7340
Mean EBITDA 38,384.6 44,572.3 44,781.8
Mean Net Income 26,417.1 30,796.6 34,000.8
Mean Debt Outstanding -13,834.2 -24,131.7 174,581.0
Mean Tax Rate 19.7833 20.0000 20.5000
Mean Growth Rate 16.4300
Mean Capital Expenditure 12,079.8 13,455.2 15,972.9
Analyst Recommendation
Buy Hold Sell Rating(out of 5) Recommendation As Of
10 2 1 4.3846 Outperform 2017-4-24
Based on the 11 Analysts we have covering GOOG:NAS we see a consensus price target for 2017 of $982.91 (USD).

Forecasted Financial Statements

The resulting projections of the 11 analysts are shown here:

Income Statement Projections for
GOOG:NAS Alphabet

millions10183

Line Item USD Millions 2012 2013 2014 2015 2016 Weighted
Average
2017 2018 2019
Total Revenue 50,175 59,825 66,001 74,989 90,272 100.00 97,749 113,833 130,031
Cost Of Revenue 20,634 25,858 25,691 28,164 35,138 39.12 31,200 36,401 44,804
Gross Profit 29,541 33,967 40,310 46,825 55,134 60.88 66,549 77,432 85,227
Selling General And Administration 9,988 12,049 13,982 15,183 17,470 20.03 15,973 18,635 22,937
Research And Development 6,793 7,952 9,832 12,282 13,948 15.28 12,192 14,224 17,508
EBITDA 16,432 18,518 22,339 24,818 30,418 33.23 38,385 44,572 44,782
Depreciation and Amortization 2,962 3,939 4,979 5,063 6,144 6.86 6,955 8,006 6,265
Operating Expense 16,781 20,001 23,814 27,465 31,418 35.31 34,516 40,195 45,915
Operating Income 12,760 13,966 16,496 19,360 23,716 25.57 32,033 37,237 39,312
EBIT 13,470 14,579 17,360 19,755 24,274 26.37 31,430 36,567 38,516
Interest Income 713 785 746 999 1,220 1.31 1,277 1,487 1,698
Interest Expense 84 83 101 104 124 0.14 144 166 130
Pre-Tax Income 13,386 14,496 17,259 19,651 24,150 26.23 31,286 36,401 38,387
Tax Provision 2,598 2,282 3,331 3,303 4,672 4.80 4,869 5,604 4,386
Net Income 10,737 12,920 14,444 16,348 19,478 21.69 26,417 30,797 34,001
Diluted Average Shares 664 677 687 693 699 668 670 711

Diluted EPS 16.17 19.08 21.02 22.84 27.85 39.54 45.93 47.85
# Of Analysts 10 10 4

As a measure of Cash flow for the company we start with the EBITDA above and adjust as you see in the Discounted Cash Flow Analysis

Discounted Cash Flow

Using a Discounted Cash flow model we generate a Value per share for GOOG:NAS of $718.68 (USD)
Year 2017 2018 2019 Terminal Growth Rate(%)3
EBITDA (Cash Flow) 38384600000 44572300000 44781800000 46125254000
Normalizations & Adjustments 0 0 0 0
Normalized EBITDA 38384600000 44572300000 44781800000 46125254000
Tax Rate(%)19.3458 7425807946.80 8622868013.40 8663397464.40 8923299388.33
+/- Tax Loss Carry Forward 0 0 0 0
Net Operating After Tax Cash Flow 30,958,792,053 35,949,431,987 36,118,402,536 37,201,954,612
Capital Investment Required (Estimate) -8295400000 -8295400000 -8295400000 -8295400000
Tax Shields on Capital Investment 1122111670 1122111670 1122111670 1122111670
Incremental Working Capital Requirements 824400000 824400000 824400000 824400000
Discretionary Cash Flow 24,609,903,723 29,600,543,657 29,769,514,206 30,853,066,282
Terminal Multiple ( 100 / (WACC – Growth Rate )) 17.85
Capitalized Terminal Value 550,611,478,887
Year: (For Discounted Calculations) 1 2 3 3+
WACC: 8.60 8.60 8.60 8.60
Discounted Annual Cash Flows 22,660,339,821 25,096,473,227 23,240,274,788 429,847,863,227
Present Value of Discretionary Cash Flow 70,997,087,836
Discounted Terminal Value 429,847,863,227
Total Discounted Cash Flow 500,844,951,063
Present Value of Tax Shields 0
Redundant Assets 0
Enterprise Value 500,844,951,063
Less Interest Bearing Debt 3938000000
En Block Fair MarketValue(FMV) Equity 496,906,951,063
Book Value of Preferred Equity 0
Value of Common Equity 496,906,951,063
Number of Fully Diluted Shares Outstanding 691420327
Calculated Value Per Share ($/share) $718.68 (USD)

Discounted Cash Flow Sensitivity Analysis for GOOG:NAS

GOOG:NAS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $718.68 1% 5% 1% 5%
WACC (or Ke) 8.60 $878.13 $607.58
Terminal Growth Rate 3.00 $618.35 $862.58
Tax Rate 0.19 $766.05 $671.30
Cash Flow 46125254000 $674.89 $762.46
Capital Expenditures -8295400000 $711.45 $725.90
Long Term Debt 3938000000 $718.96 $718.39

Comparable Companies

(Using Price Based Ratios)

We ran GOOG:NAS against comparable companies in its space and generated a valution of $1,383.60 (USD). The comparable companies included Facebook (FB:NAS)
Company GOOG:NAS End Date Value
Earnings/Share $27.85 (USD)
Book Value/Share $201.09 (USD)
Sales/Share $129.20 (USD)
Cash Flow/Share $51.58 (USD)
EBITDA/Share $43.49 (USD)
Price Based on Comps Adjustment Factor (%)
$1,133.55 (USD) 0.0
$1,399.01 (USD) 0.0
$1,942.31 (USD) 0.0
$1,330.35 (USD) 0.0
$1,112.76 (USD) 0.0
GOOG:NAS Ratios Used Average Values FB:NAS
29.79 PE Ratio 40.70 40.70
4.13 PB Ratio 6.96 6.96
6.42 PS Ratio 15.03 15.03
16.08 PCF Ratio 25.79 25.79
16.15 EV to EBITDA 25.71 25.71

Comparables chartComparables chartComparables chartComparables chartComparables chart

Other Ratios

Companies that do not have revenue yet or experience negative incomes can be valued against their peer group using other ratios such as Cash/share, Returns, Market Cap and Net PPE.

Using this approach we generate a valuation for GOOG:NAS of $891.34 (USD)
Company GOOG:NAS End Date Value
Cash/Share $18.49 (USD)
Book Value/Share $201.09 (USD)
MarketCap 573574646466
1 Year Return 0.114
NetPPE 34234000000
Price Based on Comps Adjustment Factor (%)
$858.33 (USD) 0
$1,599.37 (USD) 0
$509.22 (USD) 0
$923.74 (USD) 0
$566.05 (USD) 0
Ratios Used Average Values FB:NAS
Cash / Share 3.06 3.06
Book Value / Share 17.86 17.86
Market Cap 355793680522.00 355793680522
1 Year Return 0.24 0.24
Net PPE 8591000000.00 8591000000.00

Multiples Approach

(We use the term multiples to describe valuing the company against its previous ratio values)
Using a multiples model we see GOOG:NAS is and generate a valuation of $813.91 (USD)
Ratios Ratio Average
PE Ratio 29.81
PB Ratio 3.99
PS Ratio 6.37
PCF Ratio 17.60
EV to EBITDA 16.22
Price Based on Comparables Adjustment Factor
$830.14 (USD) 0
$802.89 (USD) 0
$822.77 (USD) 0
$907.49 (USD) 0
$706.26 (USD) 0
Company GOOG:NAS End Date Value
Earnings/Share $27.85 (USD)
Book Value/Share $201.09 (USD)
Sales/Share $129.20 (USD)
Cash Flow/Share $51.58 (USD)
EBITDA/Share $43.53 (USD)

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for GOOG:NAS for the last 3 years was 4.00

We ran the Adjusted Book Value for GOOG:NAS as follows and see a value of $201.12 (USD)

By multiplying these we get an adjusted valuation of $804.61 (USD)

Line Item Most Recent Book Value Estimated FMV Realizable %
Total Assets 167497000000 167497000000 0
Current Assets 105408000000 105408000000 0
Cash and Cash Equilivents 12918000000 12918000000 100.00
Other Short Term Investments 73415000000 73415000000 100.00
Receivables 14232000000 14232000000 100.00
Inventory 268000000 268000000 100.00
Prepaid Assets 4575000000 4575000000 100.00
Deferred Income Taxes 0 0 0.00
Other Current Assets 0 0 0.00
Non-Current Assets 62089000000 62089000000 0
Gross PPE 47527000000 47527000000 0
Accumulated Depreciation -13293000000 -13293000000 0
Net PPE 34234000000 34234000000 100.00
Goodwill 16468000000 16468000000 100.00
Other Intangible Assets 3307000000 3307000000 100.00
Other Non-Current Assets 8080000000 8080000000 100.00
Total Liabilities 28461000000 28461000000 0
Current Liabilities 16756000000 16756000000 0
Payables 2595000000 2595000000 100.00
Current Debt 0 0 0.00
Current Capital Lease Obligation 0 0 0.00
Other Current Liabilities 14161000000 14161000000 100.00
Non-Current Liabilities 11705000000 11705000000 0
Long Term Debt 3935000000 3935000000 100.00
Long Term Capital Lease Obligation 0 0 0.00
Other Non-Current Liabilities 7770000000 7770000000 100.00
Total Equity 139036000000 139036000000 0
Stockholder’s Equity 139036000000 139036000000 0
Preferred Stock 0 0 0.00
Common Stock 139036000000 139036000000 0
Treasury Stock 0 0 0.00
Retained Earnings 105131000000 105131000000 100.00
Other Equity -105131000000 -105131000000 100.00
Total Liabilities and Equity 167497000000 167497000000 0
ANBV Equity Common Shareholders 139036000000
Number Shares Outstanding 691293000
Adjusted NetBook Value per Share USD $ $201.12

Sector and Industry Analysis

GOOG:NAS 2016 2015 2014
P:E 28.24 35.13 27.90
P:B 3.97 4.49 3.62
P:S 6.28 7.31 5.29
P:CF 16.43 20.18 16.92
EV:EBITDA 15.91 18.91 14.51
Technology:Internet Content & Information 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006
P:E 50.46 46.32 95.35 47.32 72.48 33.13 119.40 42.35 56.10 47.89
P:B 4.36 4.54 6.80 3.39 3.83 4.74 4.01 5.90 6.45 5.54
P:S 4.30 5.88 7.40 3.30 3.63 3.85 4.37 4.01 7.58 8.83
P:CF 28.20 28.27 30.49 16.38 16.83 16.60 20.21 12.19 25.45 83.87
EV:EBITDA 24.54 21.82 14.86 15.24 9.42 11.89 18.12 10.57 26.62 29.50

Summary

If you would like to explore this company further you can start with a quick DCF analysis at https://www.stockcalc.com?ss=00CB9BFAC9964E639F156E6F03EA4EAD

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