Intrinsic value of Blackhawk Network Holdings - HAWK

Previous Close

$34.55

  Intrinsic Value

$87.50

stock screener

  Rating & Target

str. buy

+153%

Previous close

$34.55

 
Intrinsic value

$87.50

 
Up/down potential

+153%

 
Rating

str. buy

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

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 2.0

 

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
  15.70
  14.63
  13.67
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
Revenue, $m
  1,900
  2,198
  2,520
  2,864
  3,231
  3,619
  4,029
  4,460
  4,911
  5,382
  5,875
  6,388
  6,921
  7,477
  8,054
  8,654
  9,277
  9,925
  10,598
  11,298
  12,027
  12,784
  13,573
  14,395
  15,251
  16,144
  17,075
  18,047
  19,061
  20,121
  21,229
Variable operating expenses, $m
 
  2,082
  2,378
  2,695
  3,033
  3,390
  3,768
  4,164
  4,580
  5,014
  5,468
  5,883
  6,375
  6,886
  7,418
  7,970
  8,544
  9,141
  9,761
  10,406
  11,076
  11,774
  12,501
  13,258
  14,046
  14,868
  15,726
  16,621
  17,556
  18,532
  19,552
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
  2,082
  2,378
  2,695
  3,033
  3,390
  3,768
  4,164
  4,580
  5,014
  5,468
  5,883
  6,375
  6,886
  7,418
  7,970
  8,544
  9,141
  9,761
  10,406
  11,076
  11,774
  12,501
  13,258
  14,046
  14,868
  15,726
  16,621
  17,556
  18,532
  19,552
Operating income, $m
  23
  117
  142
  169
  198
  229
  261
  295
  331
  368
  407
  505
  547
  591
  636
  684
  733
  784
  837
  893
  950
  1,010
  1,072
  1,137
  1,205
  1,275
  1,349
  1,426
  1,506
  1,590
  1,677
EBITDA, $m
  133
  239
  274
  311
  351
  393
  437
  484
  533
  584
  638
  693
  751
  812
  874
  939
  1,007
  1,077
  1,151
  1,227
  1,306
  1,388
  1,474
  1,563
  1,656
  1,753
  1,854
  1,959
  2,069
  2,184
  2,305
Interest expense (income), $m
  13
  20
  16
  30
  45
  61
  77
  95
  113
  133
  153
  174
  196
  219
  243
  268
  293
  320
  348
  377
  407
  438
  471
  505
  540
  577
  615
  655
  697
  740
  786
Earnings before tax, $m
  1
  97
  126
  139
  153
  168
  184
  200
  218
  235
  254
  330
  351
  372
  393
  416
  439
  464
  489
  516
  543
  572
  602
  633
  665
  699
  734
  771
  809
  850
  892
Tax expense, $m
  -4
  26
  34
  38
  41
  45
  50
  54
  59
  64
  69
  89
  95
  100
  106
  112
  119
  125
  132
  139
  147
  154
  162
  171
  180
  189
  198
  208
  219
  229
  241
Net income, $m
  5
  71
  92
  102
  112
  123
  134
  146
  159
  172
  185
  241
  256
  271
  287
  304
  321
  339
  357
  376
  397
  417
  439
  462
  485
  510
  536
  563
  591
  620
  651

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
  2,995
  3,433
  3,902
  4,402
  4,931
  5,489
  6,076
  6,690
  7,333
  8,004
  8,702
  9,430
  10,186
  10,973
  11,790
  12,639
  13,522
  14,439
  15,393
  16,385
  17,417
  18,492
  19,612
  20,778
  21,994
  23,263
  24,587
  25,969
  27,413
  28,922
Adjusted assets (=assets-cash), $m
  2,588
  2,995
  3,433
  3,902
  4,402
  4,931
  5,489
  6,076
  6,690
  7,333
  8,004
  8,702
  9,430
  10,186
  10,973
  11,790
  12,639
  13,522
  14,439
  15,393
  16,385
  17,417
  18,492
  19,612
  20,778
  21,994
  23,263
  24,587
  25,969
  27,413
  28,922
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
  591
  678
  770
  869
  974
  1,084
  1,200
  1,321
  1,448
  1,580
  1,718
  1,862
  2,011
  2,166
  2,328
  2,496
  2,670
  2,851
  3,039
  3,235
  3,439
  3,651
  3,872
  4,103
  4,343
  4,593
  4,855
  5,128
  5,413
  5,711
Working capital, $m
  -114
  -1,284
  -1,472
  -1,673
  -1,887
  -2,114
  -2,353
  -2,604
  -2,868
  -3,143
  -3,431
  -3,730
  -4,042
  -4,366
  -4,703
  -5,054
  -5,418
  -5,796
  -6,189
  -6,598
  -7,023
  -7,466
  -7,927
  -8,407
  -8,907
  -9,428
  -9,972
  -10,539
  -11,132
  -11,751
  -12,398
Total debt, $m
  580
  467
  862
  1,284
  1,734
  2,210
  2,712
  3,240
  3,793
  4,372
  4,975
  5,604
  6,259
  6,940
  7,647
  8,383
  9,147
  9,941
  10,767
  11,626
  12,518
  13,448
  14,415
  15,422
  16,472
  17,567
  18,709
  19,900
  21,144
  22,444
  23,802
Total liabilities, $m
  2,808
  2,695
  3,090
  3,512
  3,962
  4,438
  4,940
  5,468
  6,021
  6,600
  7,203
  7,832
  8,487
  9,168
  9,875
  10,611
  11,375
  12,169
  12,995
  13,854
  14,746
  15,676
  16,643
  17,650
  18,700
  19,795
  20,937
  22,128
  23,372
  24,672
  26,030
Total equity, $m
  788
  299
  343
  390
  440
  493
  549
  608
  669
  733
  800
  870
  943
  1,019
  1,097
  1,179
  1,264
  1,352
  1,444
  1,539
  1,638
  1,742
  1,849
  1,961
  2,078
  2,199
  2,326
  2,459
  2,597
  2,741
  2,892
Total liabilities and equity, $m
  3,596
  2,994
  3,433
  3,902
  4,402
  4,931
  5,489
  6,076
  6,690
  7,333
  8,003
  8,702
  9,430
  10,187
  10,972
  11,790
  12,639
  13,521
  14,439
  15,393
  16,384
  17,418
  18,492
  19,611
  20,778
  21,994
  23,263
  24,587
  25,969
  27,413
  28,922
Debt-to-equity ratio
  0.736
  1.560
  2.510
  3.290
  3.940
  4.480
  4.940
  5.330
  5.670
  5.960
  6.220
  6.440
  6.640
  6.810
  6.970
  7.110
  7.240
  7.350
  7.460
  7.550
  7.640
  7.720
  7.800
  7.860
  7.930
  7.990
  8.040
  8.090
  8.140
  8.190
  8.230
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
  71
  92
  102
  112
  123
  134
  146
  159
  172
  185
  241
  256
  271
  287
  304
  321
  339
  357
  376
  397
  417
  439
  462
  485
  510
  536
  563
  591
  620
  651
Depreciation, amort., depletion, $m
  110
  122
  131
  142
  153
  164
  176
  189
  202
  216
  231
  189
  205
  221
  238
  256
  274
  293
  313
  334
  356
  378
  401
  426
  451
  477
  505
  533
  563
  595
  628
Funds from operations, $m
  165
  193
  223
  243
  264
  287
  310
  335
  361
  388
  416
  430
  461
  492
  525
  559
  595
  632
  670
  710
  752
  795
  840
  887
  936
  987
  1,041
  1,096
  1,154
  1,215
  1,278
Change in working capital, $m
  -20
  -174
  -188
  -201
  -214
  -227
  -239
  -251
  -264
  -275
  -287
  -300
  -312
  -324
  -337
  -350
  -364
  -378
  -393
  -409
  -425
  -443
  -461
  -480
  -500
  -521
  -544
  -568
  -593
  -619
  -647
Cash from operations, $m
  185
  367
  411
  444
  479
  514
  550
  587
  624
  663
  704
  730
  772
  817
  862
  910
  959
  1,010
  1,064
  1,119
  1,177
  1,238
  1,301
  1,367
  1,436
  1,509
  1,584
  1,664
  1,747
  1,834
  1,925
Maintenance CAPEX, $m
  0
  -56
  -65
  -74
  -85
  -96
  -107
  -119
  -132
  -145
  -159
  -174
  -189
  -205
  -221
  -238
  -256
  -274
  -293
  -313
  -334
  -356
  -378
  -401
  -426
  -451
  -477
  -505
  -533
  -563
  -595
New CAPEX, $m
  -52
  -81
  -87
  -93
  -99
  -104
  -110
  -116
  -121
  -127
  -132
  -138
  -144
  -149
  -155
  -161
  -168
  -174
  -181
  -188
  -196
  -204
  -212
  -221
  -230
  -240
  -250
  -261
  -273
  -285
  -298
Cash from investing activities, $m
  -290
  -137
  -152
  -167
  -184
  -200
  -217
  -235
  -253
  -272
  -291
  -312
  -333
  -354
  -376
  -399
  -424
  -448
  -474
  -501
  -530
  -560
  -590
  -622
  -656
  -691
  -727
  -766
  -806
  -848
  -893
Free cash flow, $m
  -105
  230
  260
  277
  295
  314
  332
  352
  371
  391
  412
  418
  440
  463
  486
  510
  536
  562
  589
  618
  647
  679
  711
  745
  781
  818
  857
  898
  940
  985
  1,032
Issuance/(repayment) of debt, $m
  184
  -100
  394
  422
  450
  476
  502
  528
  553
  578
  604
  629
  655
  681
  708
  735
  764
  794
  826
  858
  893
  929
  967
  1,008
  1,050
  1,095
  1,142
  1,192
  1,244
  1,300
  1,358
Issuance/(repurchase) of shares, $m
  22
  436
  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
  336
  394
  422
  450
  476
  502
  528
  553
  578
  604
  629
  655
  681
  708
  735
  764
  794
  826
  858
  893
  929
  967
  1,008
  1,050
  1,095
  1,142
  1,192
  1,244
  1,300
  1,358
Total cash flow (excl. dividends), $m
  94
  566
  654
  700
  745
  790
  835
  880
  925
  970
  1,016
  1,047
  1,095
  1,143
  1,194
  1,246
  1,300
  1,356
  1,415
  1,476
  1,540
  1,608
  1,678
  1,752
  1,830
  1,912
  1,999
  2,089
  2,185
  2,285
  2,390
Retained Cash Flow (-), $m
  -58
  -506
  -44
  -47
  -50
  -53
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -112
  -117
  -122
  -127
  -132
  -138
  -144
  -151
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
 
  1,055
  610
  653
  695
  737
  779
  821
  863
  906
  949
  977
  1,022
  1,068
  1,115
  1,164
  1,215
  1,268
  1,323
  1,381
  1,441
  1,504
  1,571
  1,641
  1,714
  1,791
  1,872
  1,957
  2,046
  2,140
  2,239
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
 
  1,011
  559
  568
  572
  571
  565
  555
  539
  520
  497
  464
  436
  406
  374
  342
  309
  276
  244
  213
  183
  156
  130
  108
  87
  70
  55
  42
  32
  23
  17
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 384.7
Price to Sales 1
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 10.4
Price to Free Cash Flow 14.5
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 15.7% 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 56.899 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 $2.0 billion.

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COMPANY NEWS

▶ Achievers Names Owen Sagness as General Manager   [Nov-27-17 07:00AM  Marketwired]
▶ Achievers Recaps 8th Annual ACE Event   [Nov-06-17 07:00AM  Marketwired]
▶ 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]
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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