Intrinsic value of Blackhawk Network Holdings - HAWK

Previous Close

$43.75

  Intrinsic Value

$88.70

stock screener

  Rating & Target

str. buy

+103%

  Value-price divergence*

-110%

Previous close

$43.75

 
Intrinsic value

$88.70

 
Up/down potential

+103%

 
Rating

str. buy

 
Value-price divergence*

-110%

Our model is not good at valuating stocks of financial companies, such as HAWK.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of HAWK 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 2016), $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 2.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.50
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.45
  5.40
  5.36
  5.32
  5.29
Revenue, $m
  1,900
  2,113
  2,336
  2,570
  2,815
  3,070
  3,336
  3,613
  3,901
  4,200
  4,511
  4,834
  5,170
  5,519
  5,882
  6,259
  6,652
  7,061
  7,487
  7,931
  8,394
  8,877
  9,381
  9,908
  10,458
  11,032
  11,633
  12,261
  12,918
  13,606
  14,326
Variable operating expenses, $m
 
  2,003
  2,209
  2,424
  2,650
  2,885
  3,130
  3,385
  3,650
  3,925
  4,212
  4,452
  4,761
  5,083
  5,417
  5,765
  6,127
  6,503
  6,896
  7,305
  7,731
  8,176
  8,640
  9,125
  9,631
  10,161
  10,714
  11,292
  11,898
  12,531
  13,194
Fixed operating expenses, $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 operating expenses, $m
  1,877
  2,003
  2,209
  2,424
  2,650
  2,885
  3,130
  3,385
  3,650
  3,925
  4,212
  4,452
  4,761
  5,083
  5,417
  5,765
  6,127
  6,503
  6,896
  7,305
  7,731
  8,176
  8,640
  9,125
  9,631
  10,161
  10,714
  11,292
  11,898
  12,531
  13,194
Operating income, $m
  23
  110
  128
  146
  165
  186
  207
  228
  251
  275
  299
  382
  408
  436
  465
  494
  526
  558
  591
  627
  663
  701
  741
  783
  826
  872
  919
  969
  1,021
  1,075
  1,132
EBITDA, $m
  133
  224
  247
  272
  298
  325
  353
  383
  413
  445
  478
  512
  547
  584
  623
  663
  704
  748
  793
  840
  889
  940
  993
  1,049
  1,107
  1,168
  1,232
  1,298
  1,368
  1,441
  1,517
Interest expense (income), $m
  13
  20
  26
  36
  48
  60
  72
  85
  99
  113
  128
  143
  159
  175
  192
  210
  229
  248
  268
  289
  311
  333
  357
  382
  407
  434
  462
  492
  523
  555
  589
Earnings before tax, $m
  1
  90
  102
  110
  117
  126
  134
  143
  152
  162
  172
  239
  250
  261
  272
  284
  297
  310
  324
  338
  353
  368
  384
  401
  419
  437
  457
  477
  498
  520
  543
Tax expense, $m
  -4
  24
  28
  30
  32
  34
  36
  39
  41
  44
  46
  64
  67
  70
  74
  77
  80
  84
  87
  91
  95
  99
  104
  108
  113
  118
  123
  129
  134
  140
  147
Net income, $m
  5
  66
  74
  80
  86
  92
  98
  104
  111
  118
  125
  174
  182
  190
  199
  208
  217
  226
  236
  247
  257
  269
  280
  293
  306
  319
  333
  348
  363
  380
  397

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,008
  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
  3,596
  3,286
  3,633
  3,998
  4,378
  4,775
  5,189
  5,619
  6,067
  6,532
  7,016
  7,518
  8,040
  8,583
  9,147
  9,734
  10,345
  10,982
  11,644
  12,335
  13,055
  13,806
  14,590
  15,409
  16,264
  17,157
  18,091
  19,069
  20,091
  21,160
  22,280
Adjusted assets (=assets-cash), $m
  2,588
  3,286
  3,633
  3,998
  4,378
  4,775
  5,189
  5,619
  6,067
  6,532
  7,016
  7,518
  8,040
  8,583
  9,147
  9,734
  10,345
  10,982
  11,644
  12,335
  13,055
  13,806
  14,590
  15,409
  16,264
  17,157
  18,091
  19,069
  20,091
  21,160
  22,280
Revenue / Adjusted assets
  0.734
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
Average production assets, $m
  511
  568
  628
  691
  757
  826
  897
  972
  1,049
  1,130
  1,213
  1,300
  1,391
  1,485
  1,582
  1,684
  1,789
  1,899
  2,014
  2,134
  2,258
  2,388
  2,524
  2,665
  2,813
  2,968
  3,129
  3,298
  3,475
  3,660
  3,854
Working capital, $m
  -114
  -211
  -234
  -257
  -282
  -307
  -334
  -361
  -390
  -420
  -451
  -483
  -517
  -552
  -588
  -626
  -665
  -706
  -749
  -793
  -839
  -888
  -938
  -991
  -1,046
  -1,103
  -1,163
  -1,226
  -1,292
  -1,361
  -1,433
Total debt, $m
  580
  729
  1,042
  1,370
  1,712
  2,070
  2,442
  2,829
  3,232
  3,651
  4,086
  4,538
  5,008
  5,497
  6,005
  6,533
  7,083
  7,655
  8,252
  8,873
  9,521
  10,197
  10,903
  11,640
  12,409
  13,214
  14,054
  14,934
  15,854
  16,816
  17,824
Total liabilities, $m
  2,808
  2,957
  3,270
  3,598
  3,940
  4,298
  4,670
  5,057
  5,460
  5,879
  6,314
  6,766
  7,236
  7,725
  8,233
  8,761
  9,311
  9,883
  10,480
  11,101
  11,749
  12,425
  13,131
  13,868
  14,637
  15,442
  16,282
  17,162
  18,082
  19,044
  20,052
Total equity, $m
  788
  329
  363
  400
  438
  478
  519
  562
  607
  653
  702
  752
  804
  858
  915
  973
  1,035
  1,098
  1,164
  1,233
  1,305
  1,381
  1,459
  1,541
  1,626
  1,716
  1,809
  1,907
  2,009
  2,116
  2,228
Total liabilities and equity, $m
  3,596
  3,286
  3,633
  3,998
  4,378
  4,776
  5,189
  5,619
  6,067
  6,532
  7,016
  7,518
  8,040
  8,583
  9,148
  9,734
  10,346
  10,981
  11,644
  12,334
  13,054
  13,806
  14,590
  15,409
  16,263
  17,158
  18,091
  19,069
  20,091
  21,160
  22,280
Debt-to-equity ratio
  0.736
  2.220
  2.870
  3.430
  3.910
  4.330
  4.710
  5.040
  5.330
  5.590
  5.820
  6.040
  6.230
  6.400
  6.560
  6.710
  6.850
  6.970
  7.090
  7.190
  7.290
  7.390
  7.470
  7.550
  7.630
  7.700
  7.770
  7.830
  7.890
  7.950
  8.000
Adjusted equity ratio
  -0.084
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  66
  74
  80
  86
  92
  98
  104
  111
  118
  125
  174
  182
  190
  199
  208
  217
  226
  236
  247
  257
  269
  280
  293
  306
  319
  333
  348
  363
  380
  397
Depreciation, amort., depletion, $m
  110
  114
  120
  126
  133
  140
  147
  154
  162
  170
  178
  130
  139
  148
  158
  168
  179
  190
  201
  213
  226
  239
  252
  267
  281
  297
  313
  330
  348
  366
  385
Funds from operations, $m
  165
  180
  194
  206
  218
  231
  245
  259
  273
  288
  304
  304
  321
  339
  357
  376
  396
  416
  438
  460
  483
  507
  533
  559
  587
  616
  646
  678
  711
  746
  782
Change in working capital, $m
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -53
  -55
  -57
  -60
  -63
  -66
  -69
  -72
Cash from operations, $m
  185
  201
  217
  230
  243
  257
  271
  286
  302
  318
  335
  337
  355
  374
  393
  414
  435
  457
  480
  504
  529
  556
  583
  612
  642
  673
  706
  741
  777
  814
  854
Maintenance CAPEX, $m
  0
  -51
  -57
  -63
  -69
  -76
  -83
  -90
  -97
  -105
  -113
  -121
  -130
  -139
  -148
  -158
  -168
  -179
  -190
  -201
  -213
  -226
  -239
  -252
  -267
  -281
  -297
  -313
  -330
  -348
  -366
New CAPEX, $m
  -52
  -58
  -60
  -63
  -66
  -69
  -72
  -74
  -77
  -80
  -84
  -87
  -90
  -94
  -98
  -102
  -106
  -110
  -115
  -119
  -125
  -130
  -136
  -142
  -148
  -155
  -162
  -169
  -177
  -185
  -194
Cash from investing activities, $m
  -290
  -109
  -117
  -126
  -135
  -145
  -155
  -164
  -174
  -185
  -197
  -208
  -220
  -233
  -246
  -260
  -274
  -289
  -305
  -320
  -338
  -356
  -375
  -394
  -415
  -436
  -459
  -482
  -507
  -533
  -560
Free cash flow, $m
  -105
  92
  100
  104
  108
  112
  117
  122
  127
  133
  138
  128
  134
  141
  147
  154
  161
  168
  176
  183
  192
  200
  209
  218
  228
  238
  248
  259
  270
  282
  294
Issuance/(repayment) of debt, $m
  184
  162
  313
  328
  343
  357
  372
  387
  403
  419
  435
  452
  470
  489
  508
  528
  550
  573
  596
  622
  648
  676
  706
  737
  770
  804
  841
  879
  920
  963
  1,008
Issuance/(repurchase) of shares, $m
  22
  105
  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 from financing (excl. dividends), $m  
  204
  267
  313
  328
  343
  357
  372
  387
  403
  419
  435
  452
  470
  489
  508
  528
  550
  573
  596
  622
  648
  676
  706
  737
  770
  804
  841
  879
  920
  963
  1,008
Total cash flow (excl. dividends), $m
  94
  359
  413
  431
  450
  470
  489
  509
  530
  551
  573
  581
  604
  629
  655
  682
  711
  741
  772
  805
  840
  876
  914
  955
  997
  1,042
  1,089
  1,138
  1,190
  1,245
  1,302
Retained Cash Flow (-), $m
  -58
  -171
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -82
  -86
  -89
  -93
  -98
  -102
  -107
  -112
Prev. year cash balance distribution, $m
 
  630
  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
 
  818
  378
  395
  412
  430
  448
  466
  485
  505
  525
  530
  552
  575
  599
  624
  650
  677
  706
  736
  768
  801
  836
  873
  912
  952
  995
  1,040
  1,088
  1,138
  1,190
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
 
  785
  346
  344
  340
  333
  325
  315
  303
  290
  275
  252
  236
  219
  201
  183
  165
  147
  130
  113
  98
  83
  69
  57
  46
  37
  29
  22
  17
  12
  9
Current shareholders' claim on cash, %
  100
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7

Blackhawk Network Holdings, Inc. provides a range of prepaid gift, telecom, and debit cards in physical and electronic forms; and related prepaid products and payment services. It operates through U.S. Retail, International, and Incentives & Rewards segments. The company distributes closed loop gift cards in the areas of digital media and e-commerce, dining, electronics, entertainment, fashion, transportation, home improvement, and travel; non-reloadable open loop gift cards; and prepaid wireless or cellular cards used to load airtime onto the prepaid handsets, as well as sells handsets. It also offers general purpose reloadable (GPR) cards; and Reloadit, a GPR reload network product that allows consumers to reload funds onto their previously purchased third-party GPR cards. In addition, the company provides incentives solutions comprising solutions to allow businesses to manage consumer incentive programs, including in-store, online, or mail-in rebate processing; a hosted software platform for managing sales person and sales channel incentive programs; bulk prepaid card ordering systems and websites to allow business and incentive program clients to use prepaid cards as part of their own incentive and reward programs; and direct-to-participant fulfillment services for prepaid cards, checks, and merchandise. Further, it offers Cardpool that provides an online marketplace and various retail locations to sell unused gift cards; digital services for online and mobile applications; and card production and packaging services to its prepaid gift and telecom content providers. The company distributes its products through grocery, convenience, specialty, and online retailers in the Americas, Europe, Africa, Australia, and Asia. Blackhawk Network Holdings, Inc. was founded in 2001 and is headquartered in Pleasanton, California.

FINANCIAL RATIOS  of  Blackhawk Network Holdings (HAWK)

Valuation Ratios
P/E Ratio 487.1
Price to Sales 1.3
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 13.2
Price to Free Cash Flow 18.3
Growth Rates
Sales Growth Rate 5.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.9%
Cap. Spend. - 3 Yr. Gr. Rate 11.6%
Financial Strength
Quick Ratio 78
Current Ratio 0
LT Debt to Equity 72%
Total Debt to Equity 73.6%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.1%
Ret/ On Assets - 3 Yr. Avg. 2.1%
Return On Total Capital 0.4%
Ret/ On T. Cap. - 3 Yr. Avg. 5.3%
Return On Equity 0.7%
Return On Equity - 3 Yr. Avg. 9.4%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 24.6%
Gross Margin - 3 Yr. Avg. 25.1%
EBITDA Margin 6.5%
EBITDA Margin - 3 Yr. Avg. 8.1%
Operating Margin 1.2%
Oper. Margin - 3 Yr. Avg. 3.9%
Pre-Tax Margin 0.1%
Pre-Tax Margin - 3 Yr. Avg. 3.1%
Net Profit Margin 0.3%
Net Profit Margin - 3 Yr. Avg. 2%
Effective Tax Rate -400%
Eff/ Tax Rate - 3 Yr. Avg. -108.2%
Payout Ratio 0%

HAWK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HAWK stock intrinsic value calculation we used $1900 million for the last fiscal year's total revenue generated by Blackhawk Network Holdings. The default revenue input number comes from 2016 income statement of Blackhawk Network Holdings. 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 HAWK stock valuation model: a) initial revenue growth rate of 11.2% 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 HAWK is calculated based on our internal credit rating of Blackhawk Network Holdings, 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 Blackhawk Network Holdings.
    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 HAWK stock the variable cost ratio is equal to 95.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for HAWK 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 3.5% for Blackhawk Network Holdings.

Corporate tax rate of 27% is the nominal tax rate for Blackhawk Network Holdings. 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 HAWK 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 HAWK are equal to 26.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Blackhawk Network Holdings 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 HAWK is equal to -10%. 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 - $788 million for Blackhawk Network Holdings - 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 53.441 million for Blackhawk Network Holdings 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 Blackhawk Network Holdings at the current share price and the inputted number of shares is $2.3 billion.

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COMPANY NEWS

▶ Sales Growth Accelerates At Blackhawk   [Jul-20-17 06:35AM  Investor's Business Daily]
▶ Blackhawk Network Holdings posts 2Q loss   [Jul-19-17 11:24PM  Associated Press]
▶ [$$] LendingTree, Ally Look Like Picks   [02:54PM  Barrons.com]
▶ Blackhawk Network Holdings posts 1Q loss   [Apr-26-17 05:10PM  Associated Press]
▶ Blackhawk Adds Directors in Pact With Jana Partners   [Mar-20-17 02:30PM  TheStreet.com]
▶ Cardpool Makes it Easier to Buy and Sell Gift Cards   [Jan-09-17 11:25AM  PR Newswire]
▶ [$$] Payments Stocks With EPS Exposed to Higher Rates   [Dec-21-16 04:03PM  at Barrons.com]
Stock chart of HAWK Financial statements of HAWK
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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