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Snap

NYSE:SNAP
Snowflake Description

Flawless balance sheet with high growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SNAP
NYSE
$21B
Market Cap
  1. Home
  2. US
  3. Software
2018/02/24
Company description

Snap Inc. operates as a camera company in the United States and internationally. More info.


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  • Snap has significant price volatility in the past 3 months.
SHARE PRICE
3 Month History
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Snap undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Snap to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.

How is this discounted cash flow calculated?

  • The current share price of Snap is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Snap's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Snap's earnings available for a low price, and how does this compare to other companies in the same industry?
  • Snap is loss making, we can't compare it's value to the US Software industry average.
  • Snap is loss making, we can't compare the value of its earnings to the US market.
Price based on expected Growth
Does Snap's expected growth come at a high price?
  • Snap is loss making, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Snap's assets?
  • Snap is overvalued based on assets compared to the US Software industry average.
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Value checks
We assess Snap's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Software industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Software industry average (and greater than 0)? (1 check)
  5. Snap has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
    Note 2: PEG ratio is based on analysts EPS growth expectations in 1 year (65.42%).

    Full details on the Value part of the Simply Wall St company analysis model.
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Discounted cash flow (2 Stage Free Cash Flow to Equity)

The calculations below outline how an intrinsic value for Snap is arrived at by discounting future cash flows to their present value. We use analyst's estimates of cash flows going forward 5 years.

See our documentation to learn about this calculation.

5 year cash flow forecast

Present value of next 5 years cash flows:
$771

Terminal Value

Terminal Value = FCF2022 × (1 + g) ÷ (Discount Rate – g)

Terminal Value = $1,543 × (1 + 2.47%) ÷ (9.58% – 2.47%)

Terminal value based on the Perpetuity Method where growth (g) = 2.47%:
$22,251

Present value of terminal value:
$14,086

Equity Value

Equity Value (Total value) = Present value of next 5 years cash flows + terminal value
$14,857 = $771 + $14,086

Value = Total value / Shares Outstanding ($14,857 / 1,222)

Discount to Share Price

Value per share:
$12.16

Current discount (share price of $17.45): -43.55%



Estimate of Discount Rate

The discount rate, or required rate of return, is estimated by calculating the Cost of Equity.

Discount rate = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)

Discount rate = 9.58% = 2.47% + (0.944 * 7.53%)



Estimate of Bottom Up Beta

The Levered Beta is the Unlevered Beta adjusted for financial leverage. It is limited to 0.8 to 2.0 (practical range for a stable firm). Note the market value of equity is used not the book value ($21,400,757,020).

Levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))

0.944 = 0.944 (1 + (1- 40%) (0%))

Levered Beta used in calculation = 0.944



Assumptions
  1. The risk free rate of 2.47% is from the 10 year government bond rate in USD.
  2. The bottom-up beta is estimated by analysing other companies in the same industry.
  3. The Equity Risk Premium is calculated by subtracting the risk free rate from the market return premium (7.53%) (source: Buffet).
  4. The dividend discount model is automatically used for companies in the following industries: Banks, Insurance, Real Estate Investment Trusts (REITs), Diversified Financial Services and Capital Markets.

Future Performance

 How is Snap expected to perform in the next 1 to 3 years based on estimates from 31 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
61.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Snap expected to grow at an attractive rate?
  • Snap's earnings growth is expected to exceed the low risk savings rate of 4.5%.
Growth vs Market Checks
  • Snap's earnings growth is expected to exceed the US market average.
  • Snap's revenue growth is expected to exceed the US market average.
Annual Growth Rates Comparison
Analysts growth expectations
Super high growth metrics
High Growth Checks
  • Snap's earnings are expected to grow significantly at over 20% yearly.
  • Snap's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Snap will efficiently use shareholders’ funds in the future (Return on Equity greater than 20%) as it is not expected to be profitable.
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Future performance checks
We assess Snap's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the US market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the US market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Snap has a total score of 5/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Snap performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Snap's growth in the last year to its industry (Software).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Snap does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Snap's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Snap's 1-year growth to the US Software industry average as it is not currently profitable.
Earnings and Revenue History
Snap's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Snap has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Snap has efficiently used its assets last year compared to the US Software industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Snap improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
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Past performance checks
We assess Snap's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Software industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Snap has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Snap's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Snap's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Snap is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Snap's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Snap's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Snap has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
  • Snap has no debt.
  • Snap currently has no debt however we can't compare to 5 years ago as we have no data for that period.
  • Snap has no debt, it does not need to be covered by operating cash flow.
  • Snap has no debt, therefore coverage of interest payments is not a concern.
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Financial health checks
We assess Snap's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by short term assets? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Snap has a total score of 6/6, see the detailed checks below.


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Snap's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Snap dividends.
If you bought $2,000 of Snap shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Snap's dividend against the low risk savings benchmark as the company has not reported any payouts.
  • Unable to evaluate Snap's dividend against the market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
  • Unable to perform a dividend volatility check as Snap has not reported any payouts.
  • Unable to verify if Snap's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Snap's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Snap has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
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Income/ dividend checks
We assess Snap's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.5%) - if not then the rest of the checks are ignored.
  2. Current dividend yield, is there one at all, is it higher than the low risk savings rate, and is it above the top 25% of dividend payers? (2 checks)
  3. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  4. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  5. How sustainable is the dividend, can Snap afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  6. Snap has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Snap's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Evan Spiegel, image provided by Google.
Evan Spiegel
COMPENSATION $2,404,840
AGE 26
TENURE AS CEO 5.8 years
CEO Bio

Mr. Evan Spiegel is a Co-Founder of Snap Inc. and serves as its President. Mr. Spiegel has been Chief Executive Officer and Director of Snap Inc. since May 2012. Mr. Spiegel has been a Trustee of The Paley Center for Media since October 2017.

CEO Compensation
  • Evan's compensation has increased whilst company is loss making.
  • Evan's compensation is higher than average for a company of this size and profit level.
Management Team Tenure

Average tenure and age of the Snap management team in years:

2.1
Average Tenure
41
Average Age
  • The tenure for the Snap management team is about average.
Management Team

Evan Spiegel

TITLE
Co-Founder
COMPENSATION
$2M
AGE
26
TENURE
5.8 yrs

Robert Murphy

TITLE
Co-Founder
COMPENSATION
$259K
AGE
28

Imran Khan

TITLE
Chief Strategy Officer
COMPENSATION
$5M
AGE
39
TENURE
3.1 yrs

Timothy Sehn

TITLE
Senior Vice President of Engineering
COMPENSATION
$41M
AGE
36
TENURE
4.4 yrs

Andrew Vollero

TITLE
Chief Financial Officer
AGE
50
TENURE
2 yrs

Lara Sweet

TITLE
Chief Accounting Officer
AGE
43
TENURE
0.3 yrs

Michael O’Sullivan

TITLE
General Counsel
AGE
51
TENURE
0.6 yrs

Jerry Hunter

TITLE
Senior Vice President of Engineering
TENURE
0.3 yrs

Tom Conrad

TITLE
Vice President of Product
AGE
47

Steve Horowitz

TITLE
Vice President of Technology
AGE
49
TENURE
0.5 yrs
Board of Directors Tenure

Average tenure and age of the Snap board of directors in years:

3
Average Tenure
52
Average Age
  • The tenure for the Snap board of directors is about average.
Board of Directors

Michael Lynton

TITLE
Chairman of the Board
AGE
57
TENURE
1.4 yrs

Evan Spiegel

TITLE
Co-Founder
COMPENSATION
$2M
AGE
26
TENURE
5.8 yrs

Robert Murphy

TITLE
Co-Founder
COMPENSATION
$259K
AGE
28
TENURE
5.8 yrs

A.G. Lafley

TITLE
Director
COMPENSATION
$3M
AGE
69
TENURE
1.6 yrs

Stan Meresman

TITLE
Independent Director
AGE
70
TENURE
2.6 yrs

Mitch Lasky

TITLE
Independent Director
AGE
55
TENURE
5.2 yrs

Joanna Coles

TITLE
Independent Director
COMPENSATION
$111K
AGE
54
TENURE
2.2 yrs

Scott Miller

TITLE
Director
COMPENSATION
$1M
AGE
64
TENURE
1.3 yrs

Chris Young

TITLE
Director
COMPENSATION
$1M
AGE
45
TENURE
1.3 yrs
Recent Insider Trading
  • Snap insiders have only sold shares in the past 3 months.
Who owns this company?
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Management checks
We assess Snap's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap and profit (greater than 0.5% of the company's profit + 0.03% of market cap)? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Snap has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

Company News

External News
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Simply Wall St News

Is Snap Inc's (NYSE:SNAP) CEO Incentives Align With Yours?

View our latest analysis for Snap What has SNAP's performance been like? … Most recently, SNAP released negative earnings of -US$3.45B , which is a further decline from prior year's loss of -US$514.64M. … Usually I would use earnings and market cap to account for variations in performance, however, SNAP's negative earnings lower the effectiveness of this method.

Simply Wall St -

When Will Snap Inc (NYSE:SNAP) Come Back To Market?

Cash is crucial to run a business, and if a company burns through its reserves fast, it will need to come back to market for additional capital raising. … NYSE:SNAP Income Statement Feb 14th 18 When will Snap need to raise more cash? … This means that, if Snap continues to grow its opex at this rate, given how much money it currently has in the bank, it will actually need to raise capital again in within the next 7 months!

Simply Wall St -

Is Snap Inc (NYSE:SNAP) Keeping Up With Its Tech Peers?

Tech analysts are forecasting for the entire software tech industry, a strong double-digit growth of 13.36% in the upcoming year , and an overall negative growth rate in the next couple of years. … Below, I will examine the sector growth prospects, as well as evaluate whether Snap is lagging or leading its competitors in the industry. … If Snap has been on your watchlist for a while, now may be the time to enter into the stock, if you like its growth prospects and are not highly concentrated in the tech industry.

Simply Wall St -

One Factor Investors Need To Know Before Investing In Snap Inc (NYSE:SNAP)

Free cash flow (FCF) is the amount of cash Snap has left after it pays off its expenses, including its net capital expenditures, which is what the company needs to spend each year to maintain or grow its business operations. … Free Cash Flow = Operating Cash Flows – Net Capital Expenditure Free Cash Flow Yield = Free Cash Flow / Enterprise Value where Enterprise Value = Market Capitalisation + Net Debt Along with a positive operating cash flow, Snap also generates a positive free cash flow. … Current +1 year +2 year +3 year Operating Cash Flow (OCF) $-726M $-726M $-497M $-201M OCF Growth Year-On-Year -0.00086% -31.53% -59.54% OCF Growth From Current Year -31.58% -72.32% Next Steps: Low free cash flow yield means you are not currently well-compensated for the risk you’re taking on by holding onto Snap relative to a well-diversified market index.

Simply Wall St -

Is Snap Inc's (NYSE:SNAP) Balance Sheet A Threat To Its Future?

With this increase in debt, the current cash and short-term investment levels stands at $987.4M , ready to deploy into the business. … For Snap, investors should not worry about its debt levels because the company has very, very little on its balance sheet! … Investors' risk associated with debt is virtually non-existent with SNAP, and the company has plenty of headroom and ability to raise debt should it need to in the future.

Simply Wall St -

Investors In Snap Inc (NYSE:SNAP) Are Paying Above The Intrinsic Value

In this article I am going to calculate the intrinsic value of Snap Inc (NYSE:SNAP) by projecting its future cash flows and then discounting them to today's value. … 5-year cash flow forecast 2018 2019 2020 2021 2022 Levered FCF ($, Millions) $-808.13 $-545.05 $41.50 $705.35 $1,332.47 Source Analyst x11 Analyst x10 Analyst x7 Analyst x4 Analyst x3 Present Value Discounted @ 9.11% $-740.69 $-457.87 $31.95 $497.76 $861.85 Present Value of 5-year Cash Flow (PVCF)= $193 We now need to calculate the Terminal Value, which accounts for all the future cash flows after the five years. … Terminal Value (TV) = FCF2022 × (1 + g) ÷ (r – g) = $1,332 × (1 + 2.5%) ÷ (9.1% – 2.5%) = $20,578 Present Value of Terminal Value (PVTV) = TV / (1 + r)5 = $20,578 / ( 1 + 9.1%)5 = $13,310 The total value, or equity value, is then the sum of the present value of the cash flows, which in this case is $13,503.

Simply Wall St -

What Are Analysts Saying About Snap Inc's (NYSE:SNAP) Earnings Outlook?

In September 2017, Snap Inc (NYSE:SNAP) announced its latest earnings update, which confirmed that losses became smaller relative to the prrior year's level as a result of recent tailwinds Today I want to provide a brief commentary on how market analysts predict Snap's earnings growth outlook over the next couple of years and whether the future looks brighter. … Check out our latest analysis for Snap Analysts' outlook for the upcoming year seems pessimistic, with earnings becoming even more negative, arriving at $-1,950.2M in 2018. … This means that, we can presume Snap will grow its earnings by 51.33% every year for the next couple of years.

Simply Wall St -

What Should We Expect From Snap Inc's (SNAP) Earnings Over The Next Year?

In this article, I've outline a few earnings growth rates to give you a sense of the market sentiment for SNAP in the longer term. … To understand the overall trajectory of SNAP's earnings growth over these next fews years, I've fitted a line through these analyst earnings forecast to determine an annual growth rate from the slope. … NYSE:SNAP Future Profit Dec 5th 17 From the current net income level of $-514.6M and the final forecast of $-909.5M by 2020, the annual rate of growth for SNAP’s earnings is 51.78%.

Simply Wall St -

Does Snap Inc's (SNAP) CEO Pay Reflect Performance?

Earnings is a powerful indication of SNAP's ability to invest shareholders' funds and generate returns. … Typically I would look at market cap and earnings as a proxy for performance, however, SNAP's negative earnings reduces the effectiveness of this method. … Hopefully this article has given you insight on how shareholders should think about SNAP's governance policies such as CEO pay.

Simply Wall St -

Is Snap Inc (SNAP) An Industry Laggard Or Leader?

Tech analysts are forecasting for the entire software tech industry, a fairly unexciting growth rate of 6.11% in the upcoming year , and a strong near-term growth of 29.65% over the next couple of years. … NYSE:SNAP PE PEG Gauge Nov 2nd 17 Software tech companies are typically trading at a PE of 42x, above the broader US stock market PE of 22x. … If SNAP has been on your watchlist for a while, now may be the time to enter into the stock, if you like its growth prospects and are not highly concentrated in the tech industry.

Simply Wall St -

Company Info

Map
Description

Snap Inc. operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows to creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps to surface the most interesting stories from publishers, creators, and the community, based on a user’s subscriptions and interests. In addition, the company offers Snap Map, which enables individuals to pinch on the camera screen for bringing a live map of their location, as well as showing nearby friends, popular stories, and a heatmap of recent Snaps posted to their story; Memories that allows users to choose to save the Snaps they create in a searchable personal collection, and users to create Snaps and stories from their saved Snaps and camera roll; and Spectacles, a hardware product that connects with Snapchat and capture video from a human perspective. The company was formerly known as Snapchat, Inc. and changed its name to Snap Inc. in September 2016. Snap Inc. was founded in 2010 and is headquartered in Venice, California.

Details
Name: Snap Inc.
SNAP
Exchange: NYSE
Founded: 2010
$21,400,757,020
1,222,202,000
Website: http://www.snap.com
Address: Snap Inc.
63 Market Street,
Venice,
California, 90291,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE SNAP Class A Non-Voting Common Stock New York Stock Exchange US USD 02. Mar 2017
LSE 0RNH Class A Non-Voting Common Stock London Stock Exchange GB USD 02. Mar 2017
SWX SNAP Class A Non-Voting Common Stock SIX Swiss Exchange CH CHF 02. Mar 2017
Number of employees
Current staff
Staff numbers
1,859
Snap employees.
Industry
Application Software
Software
Company Analysis and Financial Data Status
Area Date
Company Analysis updated: 2018/02/24
Last estimates confirmation: 2018/02/21
Last earnings update: 2017/12/31
Last annual earnings update: 2017/12/31


All dates in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.