Intrinsic value of Blackhawk Network Holdings - HAWK

Previous Close

$32.95

  Intrinsic Value

$108.38

stock screener

  Rating & Target

str. buy

+229%

  Value-price divergence*

+49%

Previous close

$32.95

 
Intrinsic value

$108.38

 
Up/down potential

+229%

 
Rating

str. buy

 
Value-price divergence*

+49%

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 1.8

 

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
  18.40
  17.06
  15.85
  14.77
  13.79
  12.91
  12.12
  11.41
  10.77
  10.19
  9.67
  9.21
  8.78
  8.41
  8.07
  7.76
  7.48
  7.23
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
Revenue, $m
  1,900
  2,250
  2,633
  3,051
  3,501
  3,984
  4,499
  5,044
  5,620
  6,225
  6,859
  7,523
  8,215
  8,937
  9,688
  10,469
  11,282
  12,126
  13,003
  13,915
  14,862
  15,848
  16,872
  17,939
  19,049
  20,205
  21,409
  22,665
  23,975
  25,342
  26,769
Variable operating expenses, $m
 
  2,129
  2,482
  2,867
  3,282
  3,727
  4,200
  4,703
  5,233
  5,790
  6,374
  6,928
  7,566
  8,231
  8,923
  9,642
  10,390
  11,168
  11,976
  12,816
  13,688
  14,596
  15,540
  16,522
  17,544
  18,609
  19,718
  20,875
  22,081
  23,340
  24,654
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
  2,129
  2,482
  2,867
  3,282
  3,727
  4,200
  4,703
  5,233
  5,790
  6,374
  6,928
  7,566
  8,231
  8,923
  9,642
  10,390
  11,168
  11,976
  12,816
  13,688
  14,596
  15,540
  16,522
  17,544
  18,609
  19,718
  20,875
  22,081
  23,340
  24,654
Operating income, $m
  23
  121
  151
  184
  220
  258
  298
  341
  387
  435
  485
  594
  649
  706
  765
  827
  891
  958
  1,027
  1,099
  1,174
  1,252
  1,333
  1,417
  1,505
  1,596
  1,691
  1,791
  1,894
  2,002
  2,115
EBITDA, $m
  133
  244
  286
  331
  380
  433
  488
  548
  610
  676
  745
  817
  892
  970
  1,052
  1,137
  1,225
  1,316
  1,412
  1,511
  1,613
  1,720
  1,832
  1,947
  2,068
  2,193
  2,324
  2,461
  2,603
  2,751
  2,906
Interest expense (income), $m
  13
  20
  19
  35
  53
  72
  93
  115
  138
  163
  189
  216
  245
  275
  306
  338
  371
  406
  442
  480
  519
  560
  602
  646
  692
  740
  789
  841
  895
  951
  1,010
Earnings before tax, $m
  1
  101
  132
  149
  167
  185
  205
  226
  248
  272
  296
  378
  404
  431
  460
  489
  520
  552
  585
  619
  655
  692
  731
  771
  813
  857
  902
  950
  999
  1,051
  1,105
Tax expense, $m
  -4
  27
  36
  40
  45
  50
  55
  61
  67
  73
  80
  102
  109
  116
  124
  132
  140
  149
  158
  167
  177
  187
  197
  208
  220
  231
  244
  256
  270
  284
  298
Net income, $m
  5
  74
  97
  109
  122
  135
  150
  165
  181
  198
  216
  276
  295
  315
  336
  357
  380
  403
  427
  452
  478
  505
  533
  563
  593
  625
  659
  693
  730
  767
  807

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
  3,065
  3,588
  4,157
  4,770
  5,428
  6,129
  6,872
  7,656
  8,481
  9,345
  10,249
  11,192
  12,175
  13,199
  14,263
  15,370
  16,520
  17,716
  18,958
  20,249
  21,591
  22,987
  24,440
  25,952
  27,527
  29,168
  30,879
  32,664
  34,526
  36,470
Adjusted assets (=assets-cash), $m
  2,588
  3,065
  3,588
  4,157
  4,770
  5,428
  6,129
  6,872
  7,656
  8,481
  9,345
  10,249
  11,192
  12,175
  13,199
  14,263
  15,370
  16,520
  17,716
  18,958
  20,249
  21,591
  22,987
  24,440
  25,952
  27,527
  29,168
  30,879
  32,664
  34,526
  36,470
Revenue / Adjusted assets
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
Average production assets, $m
  511
  605
  708
  821
  942
  1,072
  1,210
  1,357
  1,512
  1,674
  1,845
  2,024
  2,210
  2,404
  2,606
  2,816
  3,035
  3,262
  3,498
  3,743
  3,998
  4,263
  4,539
  4,826
  5,124
  5,435
  5,759
  6,097
  6,449
  6,817
  7,201
Working capital, $m
  -114
  -1,314
  -1,538
  -1,782
  -2,045
  -2,327
  -2,627
  -2,946
  -3,282
  -3,635
  -4,006
  -4,393
  -4,798
  -5,219
  -5,658
  -6,114
  -6,589
  -7,082
  -7,594
  -8,126
  -8,680
  -9,255
  -9,854
  -10,476
  -11,124
  -11,800
  -12,503
  -13,236
  -14,001
  -14,800
  -15,633
Total debt, $m
  580
  530
  1,001
  1,513
  2,065
  2,657
  3,288
  3,957
  4,663
  5,405
  6,182
  6,996
  7,845
  8,730
  9,651
  10,609
  11,605
  12,640
  13,716
  14,834
  15,996
  17,204
  18,460
  19,768
  21,129
  22,546
  24,023
  25,563
  27,169
  28,845
  30,595
Total liabilities, $m
  2,808
  2,758
  3,229
  3,741
  4,293
  4,885
  5,516
  6,185
  6,891
  7,633
  8,410
  9,224
  10,073
  10,958
  11,879
  12,837
  13,833
  14,868
  15,944
  17,062
  18,224
  19,432
  20,688
  21,996
  23,357
  24,774
  26,251
  27,791
  29,397
  31,073
  32,823
Total equity, $m
  788
  306
  359
  416
  477
  543
  613
  687
  766
  848
  934
  1,025
  1,119
  1,218
  1,320
  1,426
  1,537
  1,652
  1,772
  1,896
  2,025
  2,159
  2,299
  2,444
  2,595
  2,753
  2,917
  3,088
  3,266
  3,453
  3,647
Total liabilities and equity, $m
  3,596
  3,064
  3,588
  4,157
  4,770
  5,428
  6,129
  6,872
  7,657
  8,481
  9,344
  10,249
  11,192
  12,176
  13,199
  14,263
  15,370
  16,520
  17,716
  18,958
  20,249
  21,591
  22,987
  24,440
  25,952
  27,527
  29,168
  30,879
  32,663
  34,526
  36,470
Debt-to-equity ratio
  0.736
  1.730
  2.790
  3.640
  4.330
  4.900
  5.360
  5.760
  6.090
  6.370
  6.620
  6.830
  7.010
  7.170
  7.310
  7.440
  7.550
  7.650
  7.740
  7.820
  7.900
  7.970
  8.030
  8.090
  8.140
  8.190
  8.240
  8.280
  8.320
  8.350
  8.390
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
  74
  97
  109
  122
  135
  150
  165
  181
  198
  216
  276
  295
  315
  336
  357
  380
  403
  427
  452
  478
  505
  533
  563
  593
  625
  659
  693
  730
  767
  807
Depreciation, amort., depletion, $m
  110
  123
  135
  147
  161
  175
  190
  206
  223
  241
  260
  222
  243
  264
  286
  309
  333
  358
  384
  411
  439
  468
  499
  530
  563
  597
  633
  670
  709
  749
  791
Funds from operations, $m
  165
  197
  232
  256
  282
  310
  340
  371
  404
  439
  476
  498
  538
  579
  622
  667
  713
  761
  811
  863
  917
  974
  1,032
  1,093
  1,157
  1,223
  1,291
  1,363
  1,438
  1,516
  1,598
Change in working capital, $m
  -20
  -204
  -224
  -244
  -263
  -282
  -300
  -318
  -336
  -353
  -370
  -387
  -404
  -421
  -439
  -456
  -474
  -493
  -512
  -532
  -553
  -575
  -598
  -623
  -648
  -675
  -703
  -733
  -765
  -798
  -833
Cash from operations, $m
  185
  401
  456
  500
  545
  592
  640
  690
  741
  793
  846
  886
  942
  1,001
  1,061
  1,123
  1,187
  1,254
  1,324
  1,396
  1,471
  1,549
  1,631
  1,716
  1,805
  1,898
  1,995
  2,097
  2,203
  2,315
  2,431
Maintenance CAPEX, $m
  0
  -56
  -66
  -78
  -90
  -104
  -118
  -133
  -149
  -166
  -184
  -203
  -222
  -243
  -264
  -286
  -309
  -333
  -358
  -384
  -411
  -439
  -468
  -499
  -530
  -563
  -597
  -633
  -670
  -709
  -749
New CAPEX, $m
  -52
  -95
  -103
  -112
  -121
  -130
  -138
  -147
  -155
  -163
  -171
  -178
  -186
  -194
  -202
  -210
  -219
  -227
  -236
  -245
  -255
  -265
  -276
  -287
  -299
  -311
  -324
  -338
  -352
  -368
  -384
Cash from investing activities, $m
  -290
  -151
  -169
  -190
  -211
  -234
  -256
  -280
  -304
  -329
  -355
  -381
  -408
  -437
  -466
  -496
  -528
  -560
  -594
  -629
  -666
  -704
  -744
  -786
  -829
  -874
  -921
  -971
  -1,022
  -1,077
  -1,133
Free cash flow, $m
  -105
  251
  286
  310
  334
  359
  384
  410
  437
  464
  491
  504
  534
  564
  595
  626
  659
  694
  729
  766
  805
  845
  887
  930
  976
  1,024
  1,074
  1,126
  1,181
  1,238
  1,298
Issuance/(repayment) of debt, $m
  184
  -37
  471
  512
  552
  592
  631
  669
  706
  742
  778
  813
  849
  885
  921
  958
  996
  1,035
  1,076
  1,118
  1,162
  1,208
  1,257
  1,307
  1,361
  1,417
  1,477
  1,540
  1,606
  1,676
  1,750
Issuance/(repurchase) of shares, $m
  22
  440
  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
  403
  471
  512
  552
  592
  631
  669
  706
  742
  778
  813
  849
  885
  921
  958
  996
  1,035
  1,076
  1,118
  1,162
  1,208
  1,257
  1,307
  1,361
  1,417
  1,477
  1,540
  1,606
  1,676
  1,750
Total cash flow (excl. dividends), $m
  94
  654
  757
  822
  886
  951
  1,015
  1,079
  1,142
  1,206
  1,269
  1,318
  1,383
  1,448
  1,516
  1,585
  1,655
  1,729
  1,805
  1,884
  1,967
  2,053
  2,143
  2,238
  2,337
  2,441
  2,551
  2,666
  2,787
  2,914
  3,048
Retained Cash Flow (-), $m
  -58
  -513
  -52
  -57
  -61
  -66
  -70
  -74
  -78
  -82
  -86
  -90
  -94
  -98
  -102
  -106
  -111
  -115
  -120
  -124
  -129
  -134
  -140
  -145
  -151
  -157
  -164
  -171
  -178
  -186
  -194
Prev. year cash balance distribution, $m
 
  995
  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
 
  1,135
  704
  765
  825
  885
  945
  1,005
  1,064
  1,123
  1,183
  1,228
  1,288
  1,350
  1,413
  1,478
  1,545
  1,614
  1,685
  1,760
  1,837
  1,919
  2,003
  2,092
  2,186
  2,284
  2,387
  2,495
  2,608
  2,728
  2,854
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
 
  1,088
  645
  665
  679
  686
  686
  679
  665
  645
  620
  583
  550
  513
  474
  434
  393
  351
  310
  271
  233
  198
  166
  137
  111
  89
  70
  54
  40
  30
  21
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Blackhawk Network Holdings, Inc. is a prepaid payment network. The Company operates through three segments: U.S. Retail, International, and Incentives & Rewards. The U.S. Retail segment is engaged in the sale of prepaid products to consumers at its retail distribution partners and online and the sale of telecom handsets to retail distribution partners for resale to consumers. Its Incentives & Rewards segment is engaged in the sale of prepaid products, software and services to its business clients. It distributes closed loop gift cards in categories, including digital media and e-commerce, dining, electronics, entertainment, fashion and travel. It distributes a range of prepaid wireless or cellular cards. It also provides reloads for reloadable prepaid products, including prepaid telecom accounts and general-purpose reloadable cards. Its incentives businesses provide software, consulting services, program management, reward processing and reward fulfillment to its business clients.

FINANCIAL RATIOS  of  Blackhawk Network Holdings (HAWK)

Valuation Ratios
P/E Ratio 366.9
Price to Sales 1
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 9.9
Price to Free Cash Flow 13.8
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 18.4% 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 9.1 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 -58.4%. 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 55.972 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 $1.8 billion.

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COMPANY NEWS

▶ Blackhawk Network shares fall on outlook   [Oct-11-17 04:27PM  MarketWatch]
▶ Blackhawk Network Holdings posts 3Q loss   [04:16PM  Associated Press]
▶ Blackhawk Network Getting Closer To Key Technical Measure   [Oct-10-17 03:00AM  Investor's Business Daily]
▶ Blackhawk Network Announces Director Resignation   [Oct-06-17 06:09PM  PR Newswire]
▶ [$$] Credit Suisse Updates Gartner Earnings Estimate   [Sep-01-17 11:52PM  Barrons.com]
▶ Sales Growth Accelerates At Blackhawk   [Jul-20-17 06:35AM  Investor's Business Daily]
▶ Blackhawk Network Holdings posts 2Q loss   [Jul-19-17 11:24PM  Associated Press]
▶ [$$] 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]
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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