Intrinsic value of HealthEquity - HQY

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$44.38

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$44.38

 
Intrinsic value

$27.47

 
Up/down potential

-38%

 
Rating

sell

 
Value-price divergence* premium content

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

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

Revenue (in 2017), $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 2.7

 

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
  30.60
  28.04
  25.74
  23.66
  21.80
  20.12
  18.60
  17.24
  16.02
  14.92
  13.93
  13.03
  12.23
  11.51
  10.86
  10.27
  9.74
  9.27
  8.84
  8.46
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
Revenue, $m
  178
  232
  298
  374
  463
  564
  677
  803
  942
  1,092
  1,255
  1,430
  1,617
  1,814
  2,023
  2,243
  2,473
  2,714
  2,966
  3,228
  3,501
  3,785
  4,080
  4,387
  4,706
  5,037
  5,382
  5,740
  6,112
  6,500
  6,903
Variable operating expenses, $m
 
  164
  210
  264
  327
  398
  478
  567
  664
  771
  886
  1,009
  1,140
  1,279
  1,427
  1,581
  1,744
  1,914
  2,091
  2,276
  2,469
  2,669
  2,877
  3,094
  3,318
  3,552
  3,795
  4,048
  4,310
  4,583
  4,868
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
  175
  222
  276
  339
  410
  491
  580
  677
  785
  900
  1,023
  1,155
  1,294
  1,443
  1,597
  1,760
  1,931
  2,108
  2,294
  2,487
  2,687
  2,896
  3,113
  3,338
  3,572
  3,816
  4,069
  4,332
  4,606
  4,891
Operating income, $m
  41
  57
  76
  98
  124
  153
  186
  223
  264
  308
  356
  407
  462
  520
  581
  645
  713
  783
  857
  934
  1,014
  1,097
  1,184
  1,274
  1,367
  1,465
  1,566
  1,671
  1,780
  1,894
  2,012
EBITDA, $m
  54
  73
  96
  124
  156
  192
  233
  278
  328
  382
  441
  504
  571
  643
  718
  797
  880
  967
  1,058
  1,153
  1,251
  1,354
  1,460
  1,571
  1,686
  1,806
  1,930
  2,060
  2,194
  2,334
  2,480
Interest expense (income), $m
  0
  0
  0
  0
  1
  1
  1
  2
  2
  3
  3
  4
  4
  5
  5
  6
  7
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  19
  20
  21
Earnings before tax, $m
  40
  57
  76
  98
  123
  152
  185
  222
  262
  305
  352
  404
  458
  515
  575
  639
  706
  776
  849
  925
  1,004
  1,086
  1,172
  1,261
  1,353
  1,449
  1,549
  1,653
  1,761
  1,874
  1,991
Tax expense, $m
  14
  15
  20
  26
  33
  41
  50
  60
  71
  82
  95
  109
  124
  139
  155
  173
  191
  209
  229
  250
  271
  293
  316
  340
  365
  391
  418
  446
  476
  506
  538
Net income, $m
  26
  41
  55
  71
  90
  111
  135
  162
  191
  223
  257
  295
  334
  376
  420
  467
  515
  566
  619
  675
  733
  793
  855
  920
  988
  1,058
  1,131
  1,207
  1,286
  1,368
  1,453

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
  129
  166
  208
  257
  314
  377
  447
  524
  608
  698
  795
  899
  1,009
  1,125
  1,247
  1,375
  1,509
  1,649
  1,795
  1,947
  2,105
  2,269
  2,440
  2,617
  2,802
  2,993
  3,192
  3,399
  3,615
  3,839
Adjusted assets (=assets-cash), $m
  99
  129
  166
  208
  257
  314
  377
  447
  524
  608
  698
  795
  899
  1,009
  1,125
  1,247
  1,375
  1,509
  1,649
  1,795
  1,947
  2,105
  2,269
  2,440
  2,617
  2,802
  2,993
  3,192
  3,399
  3,615
  3,839
Revenue / Adjusted assets
  1.798
  1.798
  1.795
  1.798
  1.802
  1.796
  1.796
  1.796
  1.798
  1.796
  1.798
  1.799
  1.799
  1.798
  1.798
  1.799
  1.799
  1.799
  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
Average production assets, $m
  70
  91
  117
  147
  182
  222
  266
  316
  370
  429
  493
  562
  635
  713
  795
  881
  972
  1,067
  1,165
  1,269
  1,376
  1,487
  1,603
  1,724
  1,849
  1,980
  2,115
  2,256
  2,402
  2,554
  2,713
Working capital, $m
  185
  7
  8
  10
  13
  16
  19
  22
  26
  31
  35
  40
  45
  51
  57
  63
  69
  76
  83
  90
  98
  106
  114
  123
  132
  141
  151
  161
  171
  182
  193
Total debt, $m
  0
  5
  11
  19
  27
  37
  48
  60
  73
  87
  103
  120
  138
  157
  177
  198
  220
  243
  267
  292
  318
  345
  373
  403
  433
  465
  498
  532
  568
  605
  643
Total liabilities, $m
  17
  22
  28
  36
  44
  54
  65
  77
  90
  104
  120
  137
  155
  174
  194
  215
  237
  260
  284
  309
  335
  362
  390
  420
  450
  482
  515
  549
  585
  622
  660
Total equity, $m
  262
  107
  137
  172
  213
  260
  312
  370
  434
  503
  578
  659
  744
  835
  932
  1,033
  1,139
  1,250
  1,366
  1,486
  1,612
  1,743
  1,879
  2,020
  2,167
  2,320
  2,478
  2,643
  2,815
  2,993
  3,179
Total liabilities and equity, $m
  279
  129
  165
  208
  257
  314
  377
  447
  524
  607
  698
  796
  899
  1,009
  1,126
  1,248
  1,376
  1,510
  1,650
  1,795
  1,947
  2,105
  2,269
  2,440
  2,617
  2,802
  2,993
  3,192
  3,400
  3,615
  3,839
Debt-to-equity ratio
  0.000
  0.050
  0.080
  0.110
  0.130
  0.140
  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
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
  41
  55
  71
  90
  111
  135
  162
  191
  223
  257
  295
  334
  376
  420
  467
  515
  566
  619
  675
  733
  793
  855
  920
  988
  1,058
  1,131
  1,207
  1,286
  1,368
  1,453
Depreciation, amort., depletion, $m
  13
  16
  21
  26
  32
  39
  46
  55
  64
  75
  86
  97
  110
  123
  137
  152
  168
  184
  201
  219
  237
  256
  276
  297
  319
  341
  365
  389
  414
  440
  468
Funds from operations, $m
  46
  58
  76
  97
  122
  150
  181
  217
  255
  297
  343
  392
  444
  499
  557
  618
  683
  750
  820
  894
  970
  1,049
  1,132
  1,218
  1,307
  1,399
  1,496
  1,596
  1,700
  1,808
  1,921
Change in working capital, $m
  0
  2
  2
  2
  2
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
Cash from operations, $m
  46
  56
  74
  95
  119
  147
  178
  213
  251
  293
  338
  387
  438
  493
  551
  612
  676
  743
  813
  886
  962
  1,041
  1,124
  1,209
  1,298
  1,390
  1,486
  1,586
  1,689
  1,797
  1,910
Maintenance CAPEX, $m
  0
  -12
  -16
  -20
  -25
  -31
  -38
  -46
  -54
  -64
  -74
  -85
  -97
  -110
  -123
  -137
  -152
  -168
  -184
  -201
  -219
  -237
  -256
  -276
  -297
  -319
  -341
  -365
  -389
  -414
  -440
New CAPEX, $m
  -13
  -21
  -26
  -30
  -35
  -40
  -45
  -50
  -54
  -59
  -64
  -69
  -73
  -78
  -82
  -86
  -91
  -95
  -99
  -103
  -107
  -112
  -116
  -121
  -125
  -130
  -135
  -141
  -146
  -152
  -159
Cash from investing activities, $m
  -13
  -33
  -42
  -50
  -60
  -71
  -83
  -96
  -108
  -123
  -138
  -154
  -170
  -188
  -205
  -223
  -243
  -263
  -283
  -304
  -326
  -349
  -372
  -397
  -422
  -449
  -476
  -506
  -535
  -566
  -599
Free cash flow, $m
  33
  23
  33
  45
  59
  76
  96
  118
  143
  170
  200
  233
  268
  306
  346
  389
  434
  481
  531
  582
  636
  693
  751
  812
  875
  941
  1,009
  1,080
  1,154
  1,231
  1,311
Issuance/(repayment) of debt, $m
  0
  5
  6
  7
  8
  10
  11
  12
  13
  14
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  34
  36
  37
  39
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
  5
  6
  7
  8
  10
  11
  12
  13
  14
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  34
  36
  37
  39
Total cash flow (excl. dividends), $m
  56
  28
  39
  52
  68
  86
  106
  130
  156
  184
  216
  250
  286
  325
  366
  410
  456
  504
  555
  607
  662
  720
  779
  841
  906
  973
  1,042
  1,115
  1,190
  1,268
  1,349
Retained Cash Flow (-), $m
  -59
  -25
  -30
  -35
  -41
  -46
  -52
  -58
  -64
  -69
  -75
  -81
  -86
  -91
  -96
  -101
  -106
  -111
  -116
  -121
  -126
  -131
  -136
  -141
  -147
  -153
  -159
  -165
  -172
  -178
  -186
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
 
  183
  9
  17
  27
  39
  54
  72
  92
  115
  141
  169
  200
  234
  270
  309
  350
  393
  439
  487
  537
  589
  643
  700
  759
  820
  884
  950
  1,018
  1,090
  1,164
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
 
  175
  8
  15
  22
  30
  39
  48
  58
  66
  74
  80
  85
  89
  91
  91
  89
  86
  81
  75
  68
  61
  53
  46
  39
  32
  26
  20
  16
  12
  9
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 various solutions for managing health care accounts, health reimbursement arrangements, and flexible spending accounts for health plans, insurance companies, and third-party administrators in the United States. Its products and services include healthcare saving and spending platform, a cloud-based platform for individuals to make health saving and spending decisions, pay healthcare bills, compare treatment options and prices, receive personalized benefit and clinical information, earn wellness incentives, grow their savings, and make investment choices; and health savings accounts. The company also offers online-only investment advisory services through HealthEquity Advisor, a Web-based tool; and healthcare incentives that enable its employer partners and health plan partners to provide, and its members to earn, financial incentives for participation in wellness programs. HealthEquity, Inc. was founded in 2002 and is headquartered in Draper, Utah.

FINANCIAL RATIOS  of  HealthEquity (HQY)

Valuation Ratios
P/E Ratio 101.6
Price to Sales 14.8
Price to Book 10.1
Price to Tangible Book
Price to Cash Flow 57.4
Price to Free Cash Flow 80.1
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
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 30.6% 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 61.955 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 $2.7 billion.


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COMPANY NEWS

▶ 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]
▶ Stocks Rebound From Early Losses; Snap Gets Buy Rating   [Mar-22-17 12:01PM  Investor's Business Daily]
▶ HealthEquity tops Street 4Q forecasts   [04:43PM  Associated Press]
▶ Expansion Plans Boost Health Savings Account Stocks   [Mar-14-17 10:45AM  at Investopedia]
▶ 3 Stocks to Buy As Obamacare Collapses   [Mar-05-17 02:03PM  at Motley Fool]
▶ HealthEquity to Present at Investor Conferences   [Feb-22-17 04:41PM  GlobeNewswire]
▶ HealthEquity Reports Year-End Sales Metrics   [04:07PM  GlobeNewswire]
▶ HealthEquity to Present at Leerink Healthcare Conference   [Feb-03-17 09:00AM  GlobeNewswire]
▶ HealthEquity to Announce Year-End HSA and AUM Data   [Jan-23-17 04:15PM  GlobeNewswire]
▶ HealthEquity to Present at JP Morgan Healthcare Conference   [Jan-03-17 06:53PM  GlobeNewswire]
▶ 3 Top Healthcare Stocks You've Been Overlooking   [Dec-18-16 07:06AM  at Motley Fool]
▶ Picwell Names Matthew Sydney CEO   [Dec-12-16 09:03AM  PR Newswire]
▶ Hedge Funds Are Crazy About Healthequity Inc (HQY)   [Dec-09-16 08:25AM  at Insider Monkey]
▶ HealthEquity Creates Employment Opportunities in Rural Utah   [Nov-29-16 01:30PM  Business Wire]
▶ The Best Obamacare Stocks of 2016   [09:16AM  at Motley Fool]
▶ HealthEquity Sets Date to Announce Third Quarter Results   [Nov-23-16 09:05AM  GlobeNewswire]
Stock chart of HQY 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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