YELP INC (YELP-N)
DETAILED STOCK REPORT
Cyclical Consumer Services / Media & Publishing / Advertising & Marketing
Report Date: April 20, 2015
Last Close
Avg Daily Vol
52-Week High Trailing PE
Annual Div
ROE
LTG Forecast
1-Mo Return
48.30 (USD)
2.3M
86.88
102.8
--
6.8%
--
2.3%
April 17, 2015
NEW YORK Exchange
Market Cap (Consol)
52-Week Low
Forward PE
Dividend Yield Annual Rev
Inst Own
3-Mo Return
3.6B
42.10
326.4
--
99.4%
-6.0%
378M
AVERAGE SCORE
Score Averages
NEGATIVE OUTLOOK: YELP's current score of
3 places it among the bottom quartile of stocks
scored.
Media & Publishing Group: 4.4
Cyclical Consumer Services Sector: 5.0
Average Score Trend (4-Week Moving Avg)
Positive
Neutral
Negative
APR-2012
APR-2013
APR-2014
APR-2015
HIGHLIGHTS
Mid Market Cap: 6.0
S&P 500 Index: 6.4
Peers
-6M
-3M
-1M
-1W
OUT
NR
Current
6
CRTO
LAMR
YELP
MDCA
1Y Trend
THOMSON REUTERS I/B/E/S MEAN
- The score for YELP INC improved slightly this week from 2 to
3.
- The recent change in the Average Score was primarily due to
an improvement in the Price Momentum component score.
Buy
Mean recommendation from all analysts covering
the company on a standardized 5-point scale.
39 Analysts
Sell
Reduce
Hold
Buy
Strong
Buy
PRICE AND VOLUME CHARTS
1-Year Return: -25.5%
5-Year Return: --
BUSINESS SUMMARY
Yelp Inc. connects people with local businesses. The Company's users have contributed a total of approximately 52.8 million cumulative reviews of
almost every type of local business, from restaurants, boutiques and salons to dentists, mechanics and plumbers. Its platform provides local businesses
with a range of free and paid services, which help them to engage with consumers at moment when they are deciding where to spend their money. As
of September 30, 2014, the Company was active in 61 Yelp markets in the United States and 66 Yelp markets internationally. The Company's business
revolves around three constituencies: the communities of contributors who write reviews, the consumers who read them and the local businesses that
they describe. The Company's products include Free Online Business Account, Enhanced Listing, Search and Other Ads, and Call to Action.
Page 1 of 12
2015 Thomson Reuters. All rights reserved.
YELP INC (YELP-N)
DETAILED STOCK REPORT
Cyclical Consumer Services / Media & Publishing / Advertising & Marketing
Report Date: April 20, 2015
INDICATOR COMPONENTS
The AVERAGE SCORE combines the quantitative analysis of six widely-used investment decision making tools: Earnings,
Fundamental, Relative Valuation, Risk, Price Momentum and Insider Trading. A simple average of the underlying component ratings is
normally distributed to rank stocks on a 1-10 scale (10 being awarded to the most favorable). These factors may be evaluated
differently using alternative methodologies and the importance of individual factors varies across industries, market capitalization and
investment styles. Additional criteria should always be used to evaluate a stock.
Earnings
Fundamental
Relative Valuation
Risk
Price Momentum
Insider Trading
OPTIMIZED SCORE
Historically, companies with an optimized score
of 3 have tended to moderately underperform
the market over the following 12-month period.
As an alternative approach to equally weighting each of the six factors, independent
research firm, Verus Analytics, conducted a backtest to empirically determine the
optimal factor blend. Results and weighting vary across four different market
capitalization categories. For large cap stocks, price momentum and insider trading
historically provided the most explanatory power among the six factors and are
weighted heavily in the current optimized score. Among the small cap universe, the
earnings and fundamental factors joined with insider trading and price momentum to
explain returns.
PEER ANALYSIS
Currency in USD
PRICE MOMENTUM
Average
Score Ticker
Price
(04/17/15)
1-Mo
Return
3-Mo
Return
VALUATION
FUNDAMENTAL
1-Yr
Return
Market
Cap
Trailing
PE
Forward
PE
Dividend
Yield
Net
Margin
ANALYSTS
LTG I/B/E/S
Forecast Mean
OMC
76.94
-0.3%
4.6%
8.1%
18.9B
18.1
17.6
2.6%
8.2%
NLSN
44.21
2.6%
3.5%
-1.4%
16.4B
44.2
16.4
2.3%
9.9%
14.1% Buy
19
IPG
20.83
-4.0%
5.4%
23.0%
8.6B
18.6
18.5
2.3%
14.0%
8.9% Buy
20
LAMR
59.66
1.9%
8.3%
14.8%
4.8B
22.4
23.3
4.6%
61.7%
3.0% Hold
11
OUT
28.88
-3.3%
7.4%
-5.1%
4.0B
11.4
36.8
4.7%
7.0%
4.0% Buy
YELP
48.30
2.3%
-6.0%
-25.5%
3.1B
102.8
326.4
--
29.8%
-- Buy
39
CRTO
42.05
-3.1%
5.4%
11.3%
2.6B
70.3
38.3
--
7.4%
20.0% Buy
10
MDCA
27.22
-0.4%
18.3%
12.2%
1.4B
--
44.8
3.1%
-9.3%
8.0% Buy
10
SALE
18.97
11.3%
30.3%
-38.9%
1.0B
37.9
20.0
--
16.1%
20.0% Buy
COUP
12.41
19.2%
-29.0%
-35.8%
1.0B
--
51.7
--
-2.9%
20.0% Hold
NCMI
15.52
6.9%
3.3%
2.6%
954M
67.5
36.7
5.7%
6.6%
8.0% Buy
Average
35.91
3.0%
4.7%
-3.2%
5.7B
43.7
57.3
3.6%
13.5%
11.2% Buy
14.4
3.6
5.7% Hold
# of
Analysts
PEER COMPANIES
OMC
NLSN
IPG
LAMR
OUT
OMNICOM GROUP
NIELSEN NV
INTERPUBLIC GROUP
LAMAR ADVERTISING CO
OUTFRONT MEDIA INC
Page 2 of 12
2015 Thomson Reuters. All rights reserved.
CRTO
MDCA
SALE
COUP
NCMI
CRITEO SA
MDC PARTNERS
RETAILMENOT INC
COUPONS.COM INC
NATIONAL CINEMEDIA INC
19
YELP INC (YELP-N)
DETAILED STOCK REPORT
Cyclical Consumer Services / Media & Publishing / Advertising & Marketing
Report Date: April 20, 2015
EARNINGS
Currency in USD
Earnings Score Averages
POSITIVE OUTLOOK: Strong earnings with
recent analyst upgrades or a history of
surpassing consensus estimates.
Media & Publishing Group: 5.6
Cyclical Consumer Services Sector: 5.4
Earnings Score Trend (4-Week Moving Avg)
Positive
Neutral
Negative
APR-2012
APR-2013
APR-2014
APR-2015
Mid Market Cap: 5.9
S&P 500 Index: 6.4
Peers
-6M
-3M
-1M
-1W
CRTO
10
10
Current
10
OUT
10
10
YELP
10
10
10
LAMR
MDCA
1Y Trend
EARNINGS INDICATORS
Earnings Surprises
Estimate Revisions
Recommendation Changes
(33.3% weight)
(33.3% weight)
(33.3% weight)
CRTO
YELP
OUT
OUT
LAMR
CRTO
LAMR
YELP
MDCA
MDCA
YELP
LAMR
CRTO
MDCA
OUT
Last 4 Quarters
# Positive Surprises (> 2%)
# Negative Surprises (< -2%)
# In-Line (within 2%)
Avg Surprise
Last 4 Weeks
4
0
0
37.2%
# Up Revisions
# Down Revisions
Avg Up Revisions
Avg Down Revisions
HIGHLIGHTS
- YELP currently has an Earnings Rating of 10, which is significantly
more bullish than the Advertising & Marketing Industry average of 6.2.
YELP scores a bullish 7 or greater for two of three component ratings:
Earnings Surprise (10) and Broker Recommendation (10).
- YELP's current quarter consensus estimate has decreased notably
over the past 90 days from 0.03 to 0.01, a loss of -60.6%. This trails
the average Advertising & Marketing Industry move of -10.0% during
the same time period.
- Over the past 90 days, the consensus price target for YELP has
decreased notably from 81.20 to 65.80, a loss of -19.0%.
Page 3 of 12
2015 Thomson Reuters. All rights reserved.
Last 120 Days
0
4
0.0%
-10.3%
# Broker Upgrades
# Broker Downgrades
4
3
PRICE TARGET
The chart indicates where analysts predict the stock price will be within
the next 12 months, as compared to the current price.
12-Month Price Target
120
100
HIGH
80.00
60.00
48.30
40.00
20.00
MEAN
65.00
High
90.00
Low
Target vs. Current
LOW
Current Price
Mean
Price Target
# of Analysts
36.50
34.6%
34
YELP INC (YELP-N)
DETAILED STOCK REPORT
Cyclical Consumer Services / Media & Publishing / Advertising & Marketing
Report Date: April 20, 2015
EARNINGS PER SHARE
Actuals
Estimates
0.080
0.090
Earnings per share (EPS) is calculated
by dividing a company's earnings by the
number of shares outstanding. Analysts
tend to interpret a pattern of increasing
earnings as a sign of strength and flat
or falling earnings as a sign of
weakness.
0.060
0.040
0.050
HIGH
0.030
MEAN
0.000
LOW
-0.040
-0.030
-0.060
The charts provide a comparison
between a company's actual and
estimated EPS, including the high and
low forecasts.
03-14
06-14
09-14
Actuals
12-14
06-15
0.013
0.029
High
0.040
0.060
Low
0.000
0.000
24
23
03-15
06-15
Estimates
1.200
0.300
-0.000
-0.300
Annual
2015
2016
Mean
0.156
0.561
MEAN
High
0.330
0.880
LOW
Low
0.070
0.290
25
22
HIGH
0.600
0.140
# of Analysts
-0.150
2013
2014
2015
MEAN ESTIMATE TREND
2016
ANALYST RECOMMENDATIONS
Q
03-15
0.013
0.008
0.033
-60.6%
03-15
Mean
# of Analysts
0.900
Current
30 Days Ago
90 Days Ago
% Change (90 Days)
Quarterly
Q
06-15
Y
2015
Y
2016
Thomson Reuters I/B/E/S Mean: Buy (39 Analysts)
Price
Target
Strong Buy
0.029
0.156
0.561
65.80
0.024
0.138
0.535
66.00
0.098
0.399
0.887
81.20
-70.4%
-60.9%
-36.8%
-19.0%
Next Expected Report Date: 04/29/15
Buy
20
Hold
12
Reduce
Sell
EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a
surprise, it is often followed by more of the same surprise type.
Surprise Detail (Last 6 Periods)
Surprise Summary (Last 12 Quarters)
Surprise Type
Positive Quarters (> 2%)
Negative Quarters (< -2%)
In-Line Quarters (within 2%)
Amount
Percent
7
5
0
58.3%
41.7%
--
Surprise
Type
Announce
Date
Period End
Date
Actual
EPS
Mean
EPS
Surprise
(%)
POSITIVE
POSITIVE
POSITIVE
POSITIVE
NEGATIVE
NEGATIVE
02/05/15
10/22/14
07/30/14
04/30/14
02/05/14
10/29/13
12/31/14
09/30/14
06/30/14
03/31/14
12/31/13
09/30/13
0.080
0.050
0.040
-0.040
-0.030
-0.040
0.070
0.029
-0.033
-0.061
-0.025
-0.014
14.3%
72.4%
221.2%
34.4%
-20.0%
-185.7%
ANNUAL REVENUE
A pattern of increasing sales in
conjunction with a rising EPS may
influence a buy recommendation, while
flat or falling sales and faltering
earnings may explain a sell
recommendation. A rising EPS with flat
or falling sales may result from
increased cost efficiency and margins,
rather than market expansion. This
chart shows the sales forecast trend of
all analysts and the highest and lowest
projections for the current and next
fiscal year.
Page 4 of 12
2015 Thomson Reuters. All rights reserved.
Actuals
Estimates
1.2B
1.0B
HIGH
MEAN
LOW
800.0M
600.0M
200.0M
782.7M
High
604.6M
863.6M
Low
569.0M
748.7M
53.4%
107.3%
34
32
# of Analysts
233.0M
2013
2016
579.2M
Forecasted Growth
377.5M
400.0M
2015
Mean
2014
2015
2016
YELP INC (YELP-N)
DETAILED STOCK REPORT
Cyclical Consumer Services / Media & Publishing / Advertising & Marketing
Report Date: April 20, 2015
FUNDAMENTAL
Fundamental Score Averages
NEUTRAL OUTLOOK: Fundamentals relatively
in-line with the market.
Media & Publishing Group: 4.3
Cyclical Consumer Services Sector: 5.0
Fundamental Score Trend
Positive
Mid Market Cap: 6.1
S&P 500 Index: 6.6
Peers
Q2
2014
Q3
2014
Q4
2014
Q1
2015
YELP
NR
Current
LAMR
NR
Neutral
CRTO
NR
Negative
MDCA
NR
OUT
NR
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2012
2013
2014
3Y Trend
FUNDAMENTAL INDICATORS
Profitability
Debt
Earnings Quality
Dividend
(25% weight)
(25% weight)
(25% weight)
(25% weight)
YELP
LAMR
OUT
CRTO
MDCA
LAMR
YELP
LAMR
YELP
MDCA
CRTO
MDCA
OUT
CRTO
MDCA
OUT
LAMR
OUT
CRTO
YELP
Revenue Growth
For year over year
ending 12/14
Gross Margin
For trailing 4 qtrs
ending 12/14
Return on Equity
For trailing 4 qtrs
ending 12/14
Net Margin
For trailing 4 qtrs
ending 12/14
62.0% Current Ratio
For year over year
ending 12/14
88.6% Debt-to-Capital
For trailing 4 qtrs
ending 12/14
6.8% Interest Funding
For trailing 4 qtrs
ending 12/14
29.8% Interest Coverage
For trailing 4 qtrs
ending --
12.4
Days Sales in Inv.
For period ending
-0.0% Days Sales in Rec.
For period ending
12/14
0.0%
--
--
27.5
Div. Growth Rate
For year over year
ending -Dividend Funding
For trailing 4 qtrs
ending 09/14
Dividend Coverage
For trailing 4 qtrs
ending -Current Div. Yield
For trailing 4 qtrs
ending 04/15
--
0.0%
--
--
HIGHLIGHTS
- YELP currently has a Fundamental Rating of 7, which is significantly
more bullish than the Advertising & Marketing Industry average of 3.0.
- The company's gross margin has been higher than its Industry
average for each of the past five years.
- The company does not currently pay a dividend. Of the 33 firms within
the Advertising & Marketing Industry, it is among the 22 companies
without a dividend.
Page 5 of 12
2015 Thomson Reuters. All rights reserved.
- Of the 21 firms within the Advertising & Marketing Industry that have
reported debt-to-capital, YELP is among the 16 firm(s) whose balance
sheet is free of long-term debt.
- The company's days sales in receivables is at its five-year low.
YELP INC (YELP-N)
DETAILED STOCK REPORT
Cyclical Consumer Services / Media & Publishing / Advertising & Marketing
Report Date: April 20, 2015
RELATIVE VALUATION
Relative Valuation Score Averages
NEGATIVE OUTLOOK: Multiples significantly
above the market or the stock's historic norms.
Media & Publishing Group: 4.7
Cyclical Consumer Services Sector: 4.1
Relative Valuation Score Trend (4-Week Moving Avg)
Positive
Neutral
Negative
APR-2012
APR-2013
APR-2014
APR-2015
Mid Market Cap: 5.1
S&P 500 Index: 5.1
Peers
-6M
-3M
-1M
-1W
CRTO
Current
3
LAMR
OUT
MDCA
YELP
1Y Trend
RELATIVE VALUATION INDICATORS
Forward PEG
Trailing PE
Forward PE
(50% weight)
(25% weight)
(25% weight)
OUT
Forward PEG
5-Yr Average
Rel. to 5-Yr Avg.
S&P 500 Index
Rel. To S&P 500
CRTO
LAMR
LAMR
MDCA
LAMR
OUT
CRTO
YELP
CRTO
MDCA
OUT
YELP
YELP
MDCA
--
Trailing PE
4.6 5-Yr Average
--
Rel. to 5-Yr Avg.
2.1 S&P 500 Index
--
Rel. To S&P 500
102.8
Forward PE
326.4
--
5-Yr Average
100.0
--
Rel. to 5-Yr Avg.
25.7
S&P 500 Index
>100% Premium Rel. To S&P 500
>100% Premium
22.8
>100% Premium
HIGHLIGHTS
- Compared to the Advertising & Marketing Industry, YELP is currently
trading at a significant premium based on both Trailing P/E and
Forward P/E.
- YELP's Forward P/E of 326.4 represents a >100% Premium to its 5year average of 100.0. If the Forward P/E returned to historical form,
the stock would trade at 14.80.
Page 6 of 12
2015 Thomson Reuters. All rights reserved.
- Based on Trailing P/E, YELP currently trades at a >100% Premium to
its Advertising & Marketing Industry peers. On average, the company
has traded at a -- over the past five years.
- YELP currently has a Valuation Rating of 1 which is significantly below
the S&P 500 COMPOSITE index average rating of 5.1.
YELP INC (YELP-N)
DETAILED STOCK REPORT
Cyclical Consumer Services / Media & Publishing / Advertising & Marketing
Report Date: April 20, 2015
PRICE TO SALES
TRAILING PE
The most recent week's close price divided by the revenue per share.
Price to Sales:
5-Year Average:
S&P 500 Index Average:
Advertising & Marketing Industry Average:
30
27
24
21
18
15
12
9
6
3
0
8.3
12.4
3.0
2.4
2011
Trailing PE:
5-Year Average:
S&P 500 Index Average:
Advertising & Marketing Industry Average:
>50
45
40
35
30
25
20
15
10
5
0
5-Yr Average
2010
The most recent week's close price divided by the sum of the four most
recently reported quarterly earnings.
2012
2013
2014
FORWARD PE
JUN
2014
AUG
2014
OCT
2014
DEC
2014
FEB
2015
APR
2015
FORWARD PEG
The most recent week's close price divided by the sum of the four
upcoming quarterly consensus estimates.
Forward PE:
5-Year Average:
S&P 500 Index Average:
Advertising & Marketing Industry Average:
>50
45
40
35
30
25
20
15
10
5
0
The Forward P/E divided by the five-year forecasted growth rate.
326.4
100.0
22.8
32.2
Forward PEG:
5-Year Average:
S&P 500 Index Average:
Advertising & Marketing Industry Average:
>5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2010
APR
2014
102.8
-25.7
36.6
2011
2012
Page 7 of 12
2015 Thomson Reuters. All rights reserved.
2013
2014
5-Yr Average
2010
2011
2012
2013
2014
-4.6
2.1
3.1
YELP INC (YELP-N)
DETAILED STOCK REPORT
Cyclical Consumer Services / Media & Publishing / Advertising & Marketing
Report Date: April 20, 2015
RISK
Risk Score Averages
NEUTRAL OUTLOOK: Moderate risk (medium
volatility).
Media & Publishing Group: 5.2
Cyclical Consumer Services Sector: 5.6
Risk Score Trend (4-Week Moving Avg)
Positive
Neutral
Negative
APR-2012
APR-2013
APR-2014
APR-2015
Mid Market Cap: 7.1
S&P 500 Index: 8.4
Peers
-6M
-3M
-1M
-1W
LAMR
10
10
10
Current
10
OUT
10
10
10
MDCA
CRTO
YELP
1Y Trend
RISK INDICATORS
Magnitude Of Returns
Volatility
Beta (1-year)
Correlation
(25% weight)
(25% weight)
(25% weight)
(25% weight)
OUT
LAMR
LAMR
OUT
LAMR
LAMR
MDCA
MDCA
CRTO
MDCA
YELP
CRTO
OUT
CRTO
YELP
MDCA
CRTO
YELP
YELP
OUT
Daily Returns (Last 90 Days)
Best
5.9%
Worst
-21.5%
Monthly Returns (Last 60 Months)
Best
48.1%
Worst
-26.9%
Standard Deviation
Last 90 Days
3.55
Last 60 Months
17.90
Intra-Day Swing (Last 90 Days)
Last 90 Days Avg
3.4%
Last 90 Days Largest
7.3%
HIGHLIGHTS
- YELP currently has a Risk Rating of 4, which is significantly
below the S&P 500 COMPOSITE index average rating of 8.4.
- On days when the market is up, YELP tends to underperform
versus the S&P 500 COMPOSITE index. Also, on days when
the market is down, the shares generally decrease more than
the S&P 500 COMPOSITE index.
- In both short-term and long-term periods, YELP has shown
average correlation (>0.2 and <0.4) with the S&P 500
COMPOSITE index. Thus, this stock would provide only
average levels of diversification to a portfolio similar to the
broader market.
- Over the last 90 days, YELP's Standard Deviation has been 3.6
while that of the S&P 500 COMPOSITE index has been 0.8.
Page 8 of 12
2015 Thomson Reuters. All rights reserved.
Beta vs. S&P 500
Positive Days Only
Negative Days Only
Beta vs. Group
Positive Days Only
Negative Days Only
1.84
0.72
1.79
1.63
0.08
1.77
Correlation vs. S&P 500
Last 90 Days
Last 60 Months
Correlation vs. Group
Last 90 Days
Last 60 Months
38%
39%
39%
--
RISK ANALYSIS
Peers
Best
Daily
Return
Last 90 Days
Worst
#
# Largest
Daily Days Days Intra-Day
Return
Up Down
Swing
Last 60 Months
Best
Worst
Monthly Monthly
Return
Return
YELP
5.9% -21.5%
34
29
7.3%
48.1%
-26.9%
CRTO
5.4%
-5.3%
31
32
11.5%
52.0%
-24.2%
LAMR
2.0%
-2.5%
40
23
3.2%
32.1%
-22.7%
MDCA
6.1%
-3.4%
34
26
7.4%
36.5%
-20.1%
OUT
2.6%
-2.5%
36
27
3.8%
10.8%
-12.9%
S&P 500
1.5%
-1.7%
30
33
2.2%
10.8%
-8.2%
YELP INC (YELP-N)
DETAILED STOCK REPORT
Cyclical Consumer Services / Media & Publishing / Advertising & Marketing
Report Date: April 20, 2015
PRICE MOMENTUM
Currency in USD
Price Momentum Score Averages
NEGATIVE OUTLOOK: Weak recent relative
price performance or entering historically poor
seasonal period.
Media & Publishing Group: 4.7
Cyclical Consumer Services Sector: 6.0
Price Momentum Score Trend (4-Week Moving Avg)
Positive
Neutral
Negative
APR-2012
APR-2013
APR-2014
APR-2015
Mid Market Cap: 6.1
S&P 500 Index: 5.7
Peers
-6M
-3M
-1M
-1W
LAMR
Current
8
MDCA
CRTO
OUT
YELP
1Y Trend
PRICE MOMENTUM INDICATORS
Relative Strength
Seasonality
(70% weight)
(30% weight)
LAMR
MDCA
CRTO
MDCA
OUT
YELP
CRTO
OUT
YELP
LAMR
Relative Strength Indicator (scale 1-100, 100 is best)
YELP
Industry Avg
Last 1 Month
51
52
Last 3 Months
46
52
Last 6 Months
47
51
Average Monthly Return (Last 10 Years)
APR
MAY
JUN
Company Avg
-9.8%
0.4%
21.7%
Industry Avg
3.5%
-2.0%
-2.2%
Industry Rank
54 of 116 107 of 116
84 of 116
PRICE PERFORMANCE
Daily close prices are used to calculate the
performance of the stock as compared to a
relevant index over five time periods.
S&P 500
1.4%
1-Week
-1%
2.3%
0.3%
1-Month
3.1%
-11.7%
YTD
1.1%
-25.5%
Page 9 of 12
2015 Thomson Reuters. All rights reserved.
YELP
S&P 500
Close Price (04/17/15)
48.30
2081
52-Week High
86.88
2117
52-Week Low
42.10
1862
- On 04/17/15, YELP closed at 48.30, 44.4% below its 52-week
high and 14.7% above its 52-week low.
- YELP shares are currently trading 2.8% above their 50-day
moving average of 47.00, and 19.1% below their 200-day
moving average of 59.71.
- The S&P 500 COMPOSITE is currently 1.7% below its 52week high and 11.7% above its 52-week low.
-6%
3-Month
1-Year
YELP
11.6%
YELP INC (YELP-N)
DETAILED STOCK REPORT
Cyclical Consumer Services / Media & Publishing / Advertising & Marketing
Report Date: April 20, 2015
INSIDER TRADING
Currency in USD
Insider Trading Score Averages
NEGATIVE OUTLOOK: Recent or longer-term
trend of selling by company insiders.
Media & Publishing Group: 4.8
Cyclical Consumer Services Sector: 5.0
Insider Score Trend (4-Week Moving Avg)
Positive
Neutral
Negative
APR-2012
APR-2013
APR-2014
APR-2015
Mid Market Cap: 4.5
S&P 500 Index: 3.8
Peers
-6M
-3M
-1M
-1W
OUT
NR
NR
10
Current
9
MDCA
LAMR
YELP
CRTO
NR
NR
NR
NR
1Y Trend
NR
INSIDER TRADING INDICATORS
Short-Term Insider
(70% weight)
Name
Donaker, Geoffrey L
Krolik, Robert J
Stoppelman, Jeremy
Long-Term Insider
(30% weight)
OUT
YELP
LAMR
YELP
LAMR
MDCA
CRTO
MDCA
CRTO
OUT
Most Recent Buys and Sells (Last 90 days)
Role
Tran Date
Tran Type
CO
04/15/15
S
CFO
04/15/15
S
CEO
04/14/15
S
HIGHLIGHTS
MONTHLY BUYS AND SELLS
- YELP currently has an Insider Rating of 1, which is significantly more
bearish than both the Advertising & Marketing Industry average of 4.93
and the Media & Publishing Industry Group average of 4.79.
- Since the beginning of the current quarter, sales by YELP INC
executives have totaled $4,105,881. Over the past five years, the
average sell total for Q2 has been $22,804,544.
40
TOP INSTITUTIONAL HOLDERS
Shares
Held
6.63M
6.49M
3.61M
3.42M
2.41M
Reported
Date
02/28/15
12/31/14
12/31/14
03/23/15
12/31/14
Updated daily as of 04/19/15
2015 Thomson Reuters. All rights reserved.
Excludes
derivative
and option
exercises
0
20
SELLS
M J
J
TOP EXECUTIVE HOLDERS
Inst.
%
Type
O/S
Inv Mgmt 10.2%
Inv Mgmt 10.0%
Inv Mgmt 5.5%
Inv Mgmt 5.3%
Inv Mgmt 3.7%
Page 10 of 12
$ Market Value - Millions
BUYS
20
40
Institution
Jackson Square Partners
Wellington Management
The Vanguard Group Inc
Tybourne Capital
Fidelity Management
Insider Summary (Last 6 Months)
Total Shares Acquired
2,438,859
Total Shares Disposed
655,862
Net Shares
1,782,997
Sector Average
-279,880
Shares
60,000
15,000
8,000
Insider Name
Levine, Jeremy S
Irvine, Diane M
Role
D
D
Direct
Shares
98,412
2,500
Reported
Value Date
4.75M 02/24/14
0.12M 09/06/13
Updated monthly as of 04/19/15
YELP INC (YELP-N)
DETAILED STOCK REPORT
Cyclical Consumer Services / Media & Publishing / Advertising & Marketing
Report Date: April 20, 2015
DETAILED STOCK REPORT TIPS
The Thomson Reuters Stock Report is a comprehensive, company-specific analysis
that includes a proprietary Stock Rating along with underlying component indicators
and supportive data elements. The report is updated daily, although some of the
data elements and the ratings are updated weekly.
Average Score
The Average Score combines a quantitative analysis of six widely-used investment
decision making tools - Earnings, Fundamental, Relative Valuation, Risk, Price
Momentum, and Insider Trading. First, a simple average of the six underlying
component ratings is calculated. Then, a normal distribution is used to rank each
stock across the market on a scale of 1 to 10, with 10 being most favorable. A
score of 8 to 10 is considered positive, 4 to 7 is neutral, and 1 to 3 is negative. These
six factors may be evaluated differently using alternative methodologies, and the
importance of individual factors varies across groups, market capitalization and
investment styles. Additional criteria should always be used to evaluate a stock.
A company must have sufficient data available for at least four of the six component
indicators in order to receive an overall Average Score. Approximately 85% of the
stocks within the coverage universe meet the criteria to generate a score.
Optimized Score
As an alternative to the average score, the Stock Report includes an Optimized Score
generated by independent research firm, Verus Analytics. It uses the same six
component ratings, but rather than equally weighting each of the factors, the
weighting varies by market capitalization of the underlying security based on
backtesting research. These scores are also updated weekly and distributed
normally on a 1 to 10 scale, with 10 being best. The variable size is assigned
monthly by ranking the market capitalization and assigning the appropriate category
as follows:
Large
Mid
Small
Micro
Top 5.55%
Next 13.87%
Next 34.68%
Remaining 45.9%
Indicator Components
The six indicators that comprise the stock rating are displayed. Like the stock rating,
the component rating scale is 1 to 10, with 10 being best. A company will receive
an NR for No Rating if the required data elements or criteria are not met. A
detailed section for each component is included in the report.
Indicator Trends
Within each component section, historical score trends are displayed, typically using
a 4-week moving average over a timeframe of the past three years. The dotted
orange line indicates the average of the scores over those three years. The most
recent occurrence of the best and worst scores are also displayed on the chart in
grey boxes to put the current score into historical context.
Next to the trend chart for the company, current score averages are included, along
with peer company comparisons of values from 6 months ago, 3 months ago, 1
month ago, the most recent value from 1 week ago, and the current score. The four
closest industry peers are presented based on similar market capitalization.
Peer Analysis
The Thomson Reuters Business Classification (TRBC) system is used for
industry comparisons. It is designed to track and display the primary business of
a corporation by grouping together correlated companies that offer products and
services into similar end markets. The system includes 10 Economic Sectors, 28
Business Sectors, 54 Industry Groups, and 136 Industries.
The Peer Analysis section of the report compares the company to its ten closest
peers. The peers are selected from the industry based on similar market
capitalization. The peer listing may have fewer than ten companies if there are
fewer than ten companies classified within that industry.
Highlights
The Thomson Reuters proprietary automated text-generation system creates
highlights summarizing the most noteworthy data. The bullets will vary by company
and will change from week to week as different criteria are met.
Earnings
The Earnings Rating is based on a combination of three factors: earnings surprises,
estimate revisions, and recommendation changes. Each factor is equally weighted.
Then, equal deciles are used to rank each stock across the market on a scale of 1
to 10, with 10 being most favorable. A stock needs to have at least two of the three
earnings factors in order to receive a score.
Page 11 of 12
2015 Thomson Reuters. All rights reserved.
Earnings Surprises - The number of positive and negative surprises within the
last 4 quarters.
Estimate Revisions - The number of up and down revisions and the average
percentage change of those revisions within a 4 week period.
Recommendation Changes - The number of broker upgrades and downgrades in
the last 120 days.
Price Target
The price target is based on the predictions of analysts covering the stock and
shows the high, low and mean price expected within the next 12 months.
Earnings Per Share
The quarterly and annual earnings per share are presented when available, along
with the mean, high and low. Quarterly data is displayed for the past 4 quarters
(actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2
years (actual) and the next 2 years (estimated).
Mean Estimate Trend
The mean estimates show how the consensus has changed over the past 30 days
and 90 days for the upcoming two quarters and two years. The percentage change
is calculated for the company as a means for comparison by measuring the
difference between the current consensus estimate and that of 90 days ago.
Analyst Recommendations
The Thomson Reuters I/B/E/S Mean is the mean recommendation of all analysts
covering the stock. The recommendations are presented on a five-point
standardized scale: strong buy, buy, hold, reduce, and sell.
Earnings Surprises
The surprise summary includes the total number of quarters (and percentage) in
the past 12 quarters in which earnings surprises were positive, negative, or inline. In order to be recognized as a positive or negative surprise, the percent
must be greater than 2% above or 2% below the consensus, respectively.
The surprise detail section includes a listing of the company's quarterly earnings
reported for the most recent 6 quarters. The consensus analyst estimate is
provided to determine if the actual earnings report represented a positive
surprise, negative surprise, or in-line result.
Fundamental
The Fundamental Rating is based on a combination of four factors: profitability,
debt, earnings quality, and dividend. Companies that do not pay a dividend are not
penalized. Each factor is equally weighted. Then, equal deciles are used to rank
each stock across the market on a scale of 1 to 10, with 10 being most favorable. A
stock needs to have at least three of the four fundamental factors present for a
given fiscal quarter in order to receive a score.
Profitability is comprised of four data elements.
- Revenue Growth: (Net Sales Previous Net Sales) / Previous Net Sales
- Gross Margin: Gross Profit / Net Sales
- Return on Equity: Net Income / Total Equity
- Net Margin: Net Profit / Net Sales
Debt is comprised of four data elements.
- Current Ratio: Current Assets / Current Liabilities
- Debt-to-Capital: Total Debt / Total Capital
- Interest Funding: Interest Expense / Operating Cash Flow
- Interest Coverage: (Pre-Tax Income + Interest Expense) / Interest Expense
Earnings Quality is comprised of two data elements.
- Days Sales in Inventory: 365 / (Cost of Goods Sold / Inventory)
- Days Sales in Receivables: 365 / (Net Sales (Revenues) / Receivables)
Dividend is comprised of four data elements. The company must have a current
dividend yield.
- Dividend Growth Rate: (Dividends per Share Previous Dividends per Share)
/ Previous Dividends per Share
- Dividend Funding: Dividends / Operating Cash Flow
- Dividend Coverage: (Pre-Tax Income + Interest Expense) / (Interest Expense
+ Dividends)
- Dividend Yield: Annual Dividends per Share / Current Market Price per Share
Indicator Trend
The fundamental indicator trend displays quarterly scores over the past three years.
The best and worst scores over that timeframe can be easily determined from the
values shown on the chart for each quarter.
YELP INC (YELP-N)
DETAILED STOCK REPORT
Cyclical Consumer Services / Media & Publishing / Advertising & Marketing
Report Date: April 20, 2015
Relative Valuation
The Relative Valuation Rating is based on a combination of three factors: Forward
PEG (50% weight), Trailing P/E (25% weight), and Forward P/E (25% weight). After
the weightings are considered to combine individual factors, equal deciles are used
to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. These common valuation metrics are evaluated against the overall
market, the index, and the company's own historic 5-year averages. A stock needs
to have at least one of the three relative valuation factors in order to receive a score.
Trailing P/E: Close Price / Most Recent 4 Quarters of Earnings
Forward P/E: Close Price/ Upcoming 4 Quarters of Earnings
Forward PEG: Forward P/E / Long-Term Forecasted Growth Rate
Valuation Averages
Negative values are excluded when calculating the averages. A maximum value of
100 is placed on Trailing P/E and Forward P/E, a maximum value of 5 is placed on
Forward PEG, and a maximum value of 20 is placed on Price to Sales when
calculating the averages. Higher values are rounded down to the maximum for the
averages.
Valuation Multiples
The valuation multiples provide the Trailing P/E, Forward P/E, Forward PEG, and
Price to Sales for the company and the S&P 500 index average. In addition, a
comparison of the current companys values to its 5-year average and an industry
average are presented. A discount occurs when the companys ratio is valued more
favorably (lower) than that to which it is compared.
Risk
The Risk Rating displays stocks on a scale of 1 to 10 with 10 being awarded to the
least risky stocks. It is derived by looking at a series of long-term (5-year) and
short-term (90-day) stock performance measures including volatility, magnitude of
returns, beta, and correlation. Each factor is equally weighted. Then, equal deciles
are used to rank each stock across the market. A stock needs to have at least two
of the four risk factors in order to receive a score.
Magnitude of Returns The best / worst daily returns in the past 90 days and the
best / worst monthly returns in the past 60 months.
Volatility The standard deviation of the stock price over the last 90 days and
Long-Term Insider Looks at buying, selling and option exercise decisions over
the past six months relative to other stocks within the same business sector. The
net shares are presented alongside the business sector average as a means of
comparison.
Monthly Buys and Sells
The total market value of open-market buying and selling is displayed by month in
the chart for easy comparison. Transactions by trusts and corporations are
excluded, along with buys greater than $10 million and sales greater than $50
million. Transactions for the exercise of derivatives and option exercises are
excluded from the totals.
Institutional Holders
The top five institutional holders of the company are listed in descending order,
based on their total share holdings. Possible values for the institution type include
Brokerage, Funds, Inv Mgmt, or Strategic.
Executive Holders
The top five executive insiders of the company are listed in descending order, based
on their total direct common share holdings (options are not considered). Indirect
holdings are excluded, as the owner may not actually have investment discretion
over these shares. This table is updated monthly. Insiders who have not filed any
transactions or holdings over the past two years are excluded as this may indicate
that the individual is no longer associated with the company. Additionally, direct
shares held must be greater than 1,000 to be considered.
Insider Roles
AF - Affiliate
B - Beneficial Owner
CB - Chairman
CEO - Chief Executive Officer
CFO - Chief Financial Officer
CM - Committee Member
CO - Chief Operating Officer
CT - Chief Technology Officer
D - Director
EVP - Exec Vice President
GC - General Counsel
O - Officer
OH - Other
P - President
R - Retired
SH - Shareholder
SVP - Senior Vice President
T - Trustee
TR - Treasurer
VC - Vice Chairman
VP - Vice President
last 60 months, along with the average and largest intra-day stock swing.
Beta Measures the tendency of a securitys returns to respond to swings in the
market, based on the beta of the company versus the relevant index.
Correlation Determines how closely the returns of the stock and the relevant
index move together, measured over the last 90 days and last 60 months.
Risk Analysis
Price analysis for the company and the S&P 500 is provided over two time periods.
Daily analysis is provided for the last 90 days, whereas monthly statistics are used
for the last 60 months.
Price Momentum
The Price Momentum Rating is based on a combination of two technical
performance factors: relative strength (70% weight) and seasonality (30% weight).
After the weightings are considered to combine individual factors, equal deciles are
used to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. A stock needs to have data for the relative strength factor in order to
receive a score.
Relative Strength The relative strength of the company for the last 1 month, 3
months, and 6 months on a scale of 1 to 100.
Seasonality The average monthly return (price performance) for the current
month and next 2 months for the company and industry, over the past 10 years.
A lower industry rank indicates a higher return.
Price Performance
Daily close prices are used to calculate the price performance of the stock. The
performance of the S&P 500 is also displayed as a means of comparison.
Insider Trading
The Insider Trading Rating is based on short-term (60% weight) and long-term (40%
weight) legal insider trading behavior. After the weightings are considered to
combine individual factors, a function similar to a normal distribution is used to rank
each stock across the market on a scale of 1 to 10, with 10 being most favorable. A
stock needs to have at least one of the two insider trading factors in order to receive
a score.
Short-Term Insider Uses insider buy and sell transactions within the past 90
days. This factor is based on the Thomson Reuters quantitative insider trading
model that considers the insider's role, consensus, number of shares, market
capitalization of the company, and the historic stock performance following trades
by the given insider.
Page 12 of 12
2015 Thomson Reuters. All rights reserved.
DISCLAIMER
All information in this report is assumed to be accurate to the best of our ability.
Past performance is not a guarantee of future results. The information contained in
this report is not to be construed as advice and should not be confused as any sort
of advice. Investors should consider this report as only a single factor in making
their investment decision.
