Intrinsic value of HealthEquity - HQY

Previous Close

$54.86

  Intrinsic Value

$30.23

stock screener

  Rating & Target

sell

-45%

Previous close

$54.86

 
Intrinsic value

$30.23

 
Up/down potential

-45%

 
Rating

sell

We calculate the intrinsic value of HQY 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  40.16
  32.60
  29.84
  27.36
  25.12
  23.11
  21.30
  19.67
  18.20
  16.88
  15.69
  14.62
  13.66
  12.80
  12.02
  11.31
  10.68
  10.11
  9.60
  9.14
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
Revenue, $m
  178
  236
  306
  390
  488
  601
  729
  873
  1,031
  1,206
  1,395
  1,599
  1,817
  2,050
  2,296
  2,556
  2,829
  3,115
  3,414
  3,726
  4,051
  4,390
  4,742
  5,108
  5,488
  5,883
  6,294
  6,721
  7,165
  7,627
  8,107
Variable operating expenses, $m
 
  167
  217
  276
  345
  424
  515
  616
  728
  851
  984
  1,127
  1,281
  1,445
  1,619
  1,802
  1,995
  2,197
  2,407
  2,628
  2,857
  3,096
  3,344
  3,602
  3,870
  4,149
  4,439
  4,740
  5,053
  5,378
  5,717
Fixed operating expenses, $m
 
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  16
  16
  16
  17
  17
  18
  18
  18
  19
  19
  20
  20
  21
  21
  22
  23
  23
Total operating expenses, $m
  137
  178
  229
  288
  357
  436
  528
  629
  741
  865
  998
  1,141
  1,296
  1,460
  1,635
  1,818
  2,011
  2,214
  2,424
  2,646
  2,875
  3,114
  3,363
  3,621
  3,890
  4,169
  4,460
  4,761
  5,075
  5,401
  5,740
Operating income, $m
  41
  58
  78
  103
  131
  164
  202
  244
  290
  341
  397
  457
  521
  589
  661
  738
  818
  902
  989
  1,081
  1,176
  1,276
  1,379
  1,486
  1,598
  1,714
  1,835
  1,960
  2,090
  2,226
  2,367
EBITDA, $m
  54
  74
  100
  130
  165
  206
  252
  303
  361
  423
  492
  565
  644
  728
  817
  911
  1,009
  1,113
  1,221
  1,333
  1,451
  1,573
  1,700
  1,833
  1,970
  2,113
  2,261
  2,415
  2,576
  2,743
  2,916
Interest expense (income), $m
  0
  0
  0
  0
  1
  1
  1
  2
  2
  3
  3
  4
  5
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  17
  18
  19
  20
  22
  23
  25
Earnings before tax, $m
  40
  58
  78
  102
  131
  163
  200
  242
  288
  338
  393
  453
  516
  584
  655
  730
  810
  893
  979
  1,070
  1,164
  1,263
  1,365
  1,471
  1,582
  1,696
  1,816
  1,940
  2,068
  2,203
  2,342
Tax expense, $m
  14
  16
  21
  28
  35
  44
  54
  65
  78
  91
  106
  122
  139
  158
  177
  197
  219
  241
  264
  289
  314
  341
  369
  397
  427
  458
  490
  524
  558
  595
  632
Net income, $m
  26
  42
  57
  75
  95
  119
  146
  177
  210
  247
  287
  331
  377
  426
  478
  533
  591
  652
  715
  781
  850
  922
  996
  1,074
  1,155
  1,238
  1,325
  1,416
  1,510
  1,608
  1,710

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  180
  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
  279
  131
  170
  217
  272
  334
  406
  485
  574
  671
  776
  889
  1,011
  1,140
  1,277
  1,421
  1,573
  1,732
  1,899
  2,072
  2,253
  2,441
  2,637
  2,841
  3,052
  3,272
  3,501
  3,738
  3,985
  4,242
  4,509
Adjusted assets (=assets-cash), $m
  99
  131
  170
  217
  272
  334
  406
  485
  574
  671
  776
  889
  1,011
  1,140
  1,277
  1,421
  1,573
  1,732
  1,899
  2,072
  2,253
  2,441
  2,637
  2,841
  3,052
  3,272
  3,501
  3,738
  3,985
  4,242
  4,509
Revenue / Adjusted assets
  1.798
  1.802
  1.800
  1.797
  1.794
  1.799
  1.796
  1.800
  1.796
  1.797
  1.798
  1.799
  1.797
  1.798
  1.798
  1.799
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
Average production assets, $m
  70
  93
  120
  153
  192
  236
  287
  343
  405
  474
  548
  628
  714
  806
  902
  1,004
  1,112
  1,224
  1,342
  1,464
  1,592
  1,725
  1,864
  2,007
  2,157
  2,312
  2,474
  2,641
  2,816
  2,997
  3,186
Working capital, $m
  185
  7
  9
  11
  14
  17
  20
  24
  29
  34
  39
  45
  51
  57
  64
  72
  79
  87
  96
  104
  113
  123
  133
  143
  154
  165
  176
  188
  201
  214
  227
Total debt, $m
  0
  6
  12
  20
  30
  41
  53
  66
  82
  98
  116
  136
  157
  179
  203
  227
  254
  281
  310
  339
  371
  403
  437
  472
  508
  546
  585
  626
  668
  713
  759
Total liabilities, $m
  17
  23
  29
  37
  47
  58
  70
  83
  99
  115
  133
  153
  174
  196
  220
  244
  271
  298
  327
  356
  388
  420
  454
  489
  525
  563
  602
  643
  685
  730
  776
Total equity, $m
  262
  109
  141
  180
  225
  277
  336
  402
  475
  555
  642
  736
  837
  944
  1,057
  1,177
  1,303
  1,434
  1,572
  1,716
  1,866
  2,022
  2,184
  2,352
  2,527
  2,709
  2,899
  3,095
  3,300
  3,512
  3,733
Total liabilities and equity, $m
  279
  132
  170
  217
  272
  335
  406
  485
  574
  670
  775
  889
  1,011
  1,140
  1,277
  1,421
  1,574
  1,732
  1,899
  2,072
  2,254
  2,442
  2,638
  2,841
  3,052
  3,272
  3,501
  3,738
  3,985
  4,242
  4,509
Debt-to-equity ratio
  0.000
  0.050
  0.090
  0.110
  0.130
  0.150
  0.160
  0.170
  0.170
  0.180
  0.180
  0.180
  0.190
  0.190
  0.190
  0.190
  0.190
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
Adjusted equity ratio
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  26
  42
  57
  75
  95
  119
  146
  177
  210
  247
  287
  331
  377
  426
  478
  533
  591
  652
  715
  781
  850
  922
  996
  1,074
  1,155
  1,238
  1,325
  1,416
  1,510
  1,608
  1,710
Depreciation, amort., depletion, $m
  13
  16
  21
  27
  34
  41
  50
  60
  70
  82
  95
  108
  123
  139
  156
  173
  192
  211
  231
  252
  275
  297
  321
  346
  372
  399
  426
  455
  485
  517
  549
Funds from operations, $m
  46
  59
  78
  102
  129
  160
  196
  236
  281
  329
  382
  439
  500
  565
  634
  706
  783
  863
  946
  1,034
  1,125
  1,219
  1,318
  1,420
  1,526
  1,637
  1,752
  1,871
  1,995
  2,125
  2,259
Change in working capital, $m
  0
  2
  2
  2
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  12
  13
  13
Cash from operations, $m
  46
  57
  76
  99
  126
  157
  193
  232
  276
  324
  377
  433
  494
  558
  627
  699
  775
  855
  938
  1,025
  1,115
  1,210
  1,308
  1,410
  1,516
  1,626
  1,740
  1,859
  1,983
  2,112
  2,246
Maintenance CAPEX, $m
  0
  -12
  -16
  -21
  -26
  -33
  -41
  -49
  -59
  -70
  -82
  -95
  -108
  -123
  -139
  -156
  -173
  -192
  -211
  -231
  -252
  -275
  -297
  -321
  -346
  -372
  -399
  -426
  -455
  -485
  -517
New CAPEX, $m
  -13
  -23
  -28
  -33
  -39
  -44
  -50
  -56
  -62
  -68
  -74
  -80
  -86
  -91
  -97
  -102
  -107
  -112
  -118
  -123
  -128
  -133
  -138
  -144
  -149
  -155
  -161
  -168
  -174
  -181
  -189
Cash from investing activities, $m
  -13
  -35
  -44
  -54
  -65
  -77
  -91
  -105
  -121
  -138
  -156
  -175
  -194
  -214
  -236
  -258
  -280
  -304
  -329
  -354
  -380
  -408
  -435
  -465
  -495
  -527
  -560
  -594
  -629
  -666
  -706
Free cash flow, $m
  33
  22
  33
  46
  61
  80
  101
  126
  155
  186
  221
  259
  300
  344
  391
  441
  495
  551
  609
  671
  735
  802
  872
  945
  1,020
  1,099
  1,180
  1,265
  1,353
  1,445
  1,540
Issuance/(repayment) of debt, $m
  0
  6
  7
  8
  9
  11
  12
  14
  15
  17
  18
  20
  21
  22
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  42
  44
  46
Issuance/(repurchase) of shares, $m
  7
  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 from financing (excl. dividends), $m  
  24
  6
  7
  8
  9
  11
  12
  14
  15
  17
  18
  20
  21
  22
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  42
  44
  46
Total cash flow (excl. dividends), $m
  56
  28
  39
  54
  71
  91
  114
  140
  170
  203
  239
  278
  321
  366
  415
  466
  521
  578
  638
  701
  766
  835
  906
  980
  1,057
  1,137
  1,220
  1,306
  1,396
  1,489
  1,586
Retained Cash Flow (-), $m
  -59
  -27
  -32
  -39
  -45
  -52
  -59
  -66
  -73
  -80
  -87
  -94
  -101
  -107
  -113
  -120
  -126
  -132
  -138
  -144
  -150
  -156
  -162
  -169
  -175
  -182
  -189
  -197
  -204
  -213
  -221
Prev. year cash balance distribution, $m
 
  180
  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
 
  181
  7
  15
  25
  39
  55
  74
  97
  122
  152
  184
  220
  259
  301
  347
  395
  446
  500
  557
  617
  679
  744
  811
  881
  954
  1,030
  1,109
  1,191
  1,276
  1,365
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
 
  174
  6
  13
  21
  30
  40
  50
  60
  70
  80
  87
  94
  99
  101
  102
  100
  97
  92
  86
  78
  70
  62
  53
  45
  37
  30
  24
  18
  14
  10
Current shareholders' claim on cash, %
  100
  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
  100.0

HealthEquity, Inc. provides a range of solutions for managing healthcare accounts (Health Savings Accounts (HSAs), Health Reimbursement Arrangements (HRAs) and Flexible Spending Accounts (FSAs)) for health plans, insurance companies and third-party administrators. The Company is engaged in technology-enabled services platforms that allow consumers to make healthcare saving and spending decisions. Its platform provides an ecosystem where consumers can access their tax-advantaged healthcare savings, compare treatment options and pricing, evaluate and pay healthcare bills, receive personalized benefit and clinical information, earn wellness incentives and make educated investment choices to help in their tax-advantaged healthcare savings. Its products and services include healthcare saving and spending platform, health savings accounts, investment advisory services, reimbursement arrangements and healthcare incentives. Its ecosystem primarily consists of HSA.

FINANCIAL RATIOS  of  HealthEquity (HQY)

Valuation Ratios
P/E Ratio 125.6
Price to Sales 18.4
Price to Book 12.5
Price to Tangible Book
Price to Cash Flow 71
Price to Free Cash Flow 99
Growth Rates
Sales Growth Rate 40.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -74%
Cap. Spend. - 3 Yr. Gr. Rate 21.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 10.4%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 11.2%
Ret/ On T. Cap. - 3 Yr. Avg. 10.7%
Return On Equity 11.2%
Return On Equity - 3 Yr. Avg. 10.7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 59.6%
Gross Margin - 3 Yr. Avg. 57.2%
EBITDA Margin 29.8%
EBITDA Margin - 3 Yr. Avg. 27.4%
Operating Margin 23%
Oper. Margin - 3 Yr. Avg. 20.9%
Pre-Tax Margin 22.5%
Pre-Tax Margin - 3 Yr. Avg. 20.4%
Net Profit Margin 14.6%
Net Profit Margin - 3 Yr. Avg. 13.1%
Effective Tax Rate 35%
Eff/ Tax Rate - 3 Yr. Avg. 35.7%
Payout Ratio 0%

HQY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HQY stock intrinsic value calculation we used $178 million for the last fiscal year's total revenue generated by HealthEquity. The default revenue input number comes from 2017 income statement of HealthEquity. 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 HQY stock valuation model: a) initial revenue growth rate of 32.6% 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 HQY is calculated based on our internal credit rating of HealthEquity, 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 HealthEquity.
    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 HQY stock the variable cost ratio is equal to 70.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $11 million in the base year in the intrinsic value calculation for HQY 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 HealthEquity.

Corporate tax rate of 27% is the nominal tax rate for HealthEquity. 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 HQY 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 HQY are equal to 39.3%.

Life of production assets of 5.8 years is the average useful life of capital assets used in HealthEquity 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 HQY is equal to 2.8%. 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 - $262 million for HealthEquity - 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 61.723 million for HealthEquity 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 HealthEquity at the current share price and the inputted number of shares is $3.4 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ As Apple, Netflix And Cisco Rise, This IBD 50 Stock Breaks Out   [Feb-16-18 04:28PM  Investor's Business Daily]
▶ Indexes Extend Win Streaks; One FANG Name Shines, Another Lags   [Feb-13-18 04:20PM  Investor's Business Daily]
▶ Does HealthEquity Incs (NASDAQ:HQY) PE Ratio Warrant A Sell?   [Feb-06-18 07:59PM  Simply Wall St.]
▶ HealthEquity Reports Year-End Sales Metrics   [04:05PM  GlobeNewswire]
▶ HealthEquity Inc to Host Earnings Call   [01:00PM  ACCESSWIRE]
▶ HealthEquity to Announce Year-End HSAs and Custodial Assets   [Jan-23-18 06:06PM  GlobeNewswire]
▶ At $49.41, Is HealthEquity Inc (NASDAQ:HQY) A Buy?   [Jan-10-18 05:22AM  Simply Wall St.]
▶ HealthEquity tops Street 3Q forecasts   [04:20PM  Associated Press]
▶ HealthEquity Inc to Host Earnings Call   [12:00PM  ACCESSWIRE]
▶ HSAs: Room for Improvement   [Nov-24-17 07:00AM  Morningstar]
▶ HealthEquity Sets Date to Announce Third Quarter Results   [Nov-14-17 04:05PM  GlobeNewswire]
▶ Stocks Flashing Renewed Technical Strength: HealthEquity   [Nov-07-17 03:00AM  Investor's Business Daily]
▶ This New Breakout Stock Is Outperforming 95% Of The Market   [Nov-06-17 04:27PM  Investor's Business Daily]
▶ Best Health Savings Account   [Nov-01-17 01:20PM  Kiplinger]
▶ Heres why health care premiums could jump 30%   [Oct-31-17 12:40PM  Yahoo Finance Video]
▶ HealthEquity Sees IBD RS Rating Climb To 72   [Oct-27-17 03:00AM  Investor's Business Daily]
▶ These 3 Stocks Could Rise as Much as 40%   [Oct-26-17 06:00AM  Investopedia]
▶ Trump to unwind Obamacare with new exec. order   [Oct-12-17 01:18PM  Yahoo Finance Video]
▶ What Do Alibaba And Weibo Share With This Health Stock?   [Oct-06-17 09:24PM  Investor's Business Daily]
▶ 5 Reasons This Top Growth Stock's Next Breakout Might Work   [Oct-03-17 03:03PM  Investor's Business Daily]
▶ HealthEquity Earns Relative Strength Rating Upgrade   [Sep-28-17 03:00AM  Investor's Business Daily]
▶ GOP health care bill is doomed as possible vote looms   [Sep-26-17 12:50PM  Yahoo Finance Video]
▶ Why the Republicans bomb on health care   [11:24AM  Yahoo Finance]
▶ HealthEquity to Serve Alliant Credit Union HSA Members   [Sep-18-17 09:00AM  GlobeNewswire]
▶ HealthEquity to Present at Conferences in September   [Sep-12-17 09:07AM  GlobeNewswire]
▶ HealthEquity beats Street 2Q forecasts   [Sep-05-17 09:18PM  Associated Press]
▶ HealthEquity Appoints New Director to the Board   [Aug-01-17 09:07AM  GlobeNewswire]
▶ HealthEquitys CEO to Present at EBRI Policy Forum   [Jul-05-17 04:07PM  GlobeNewswire]
▶ ETFs with exposure to HealthEquity, Inc. : July 4, 2017   [Jul-04-17 03:02PM  Capital Cube]
▶ This Health Savings Firm Could Skyrocket On TrumpCare   [Jun-30-17 09:50AM  Investor's Business Daily]
▶ How Does Your Health Savings Account Stack Up?   [Jun-27-17 10:00AM  Morningstar]
▶ ETFs with exposure to HealthEquity, Inc. : June 22, 2017   [Jun-22-17 03:50PM  Capital Cube]
▶ A Stock Sinks Below Its Buy Point; When Should You Get Back In?   [Jun-21-17 06:46PM  Investor's Business Daily]
▶ ETFs with exposure to HealthEquity, Inc. : June 12, 2017   [Jun-12-17 02:08PM  Capital Cube]
▶ Earnings Calendar, Analyst Estimates And Stocks To Watch   [01:08PM  Investor's Business Daily]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [Jun-08-17 01:42PM  Investor's Business Daily]
▶ Dave & Buster's Lifts Sales View But Stays Cautious; HealthEquity Beats   [Jun-06-17 04:39PM  Investor's Business Daily]
▶ HealthEquity tops Street 1Q forecasts   [04:35PM  Associated Press]
▶ Stocks Edge Lower As Market Turns Defensive; Bonds, Gold Rally   [01:32PM  Investor's Business Daily]
▶ One Stock Near Sell Signal, One Near Buy Zone: Investing Action Plan   [Jun-05-17 05:19PM  Investor's Business Daily]
▶ Stocks Off, Banks Sink; Will These 4 Leaders Offer New Entries?   [May-31-17 03:00PM  Investor's Business Daily]
▶ ETFs with exposure to HealthEquity, Inc. : May 23, 2017   [May-23-17 12:48PM  Capital Cube]
▶ HealthEquity Sets Date to Announce First Quarter Results   [May-16-17 04:14PM  GlobeNewswire]
▶ HealthEquity CTO Ashley Dreier Named CTO of the Year   [May-10-17 02:25PM  Business Wire]
▶ HealthEquity to Present at BAML Healthcare Conference   [May-03-17 09:05AM  GlobeNewswire]
▶ ETFs with exposure to HealthEquity, Inc. : April 19, 2017   [Apr-19-17 02:23PM  Capital Cube]
▶ ETFs with exposure to HealthEquity, Inc. : April 5, 2017   [Apr-05-17 04:52PM  Capital Cube]
▶ HealthEquity Announces New Sales and Marketing Leadership   [Mar-28-17 09:10AM  GlobeNewswire]
▶ Stock Indexes Show Tenacity; Panera Posts New High   [Mar-27-17 03:45PM  Investor's Business Daily]
Financial statements of HQY
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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