Intrinsic value of HealthEquity - HQY

Previous Close

$45.12

  Intrinsic Value

$22.47

stock screener

  Rating & Target

str. sell

-50%

  Value-price divergence*

+16%

Previous close

$45.12

 
Intrinsic value

$22.47

 
Up/down potential

-50%

 
Rating

str. sell

 
Value-price divergence*

+16%

*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
  25.00
  23.00
  21.20
  19.58
  18.12
  16.81
  15.63
  14.57
  13.61
  12.75
  11.97
  11.28
  10.65
  10.08
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
Revenue, $m
  178
  223
  274
  332
  397
  469
  547
  633
  725
  824
  929
  1,040
  1,157
  1,280
  1,409
  1,544
  1,685
  1,832
  1,985
  2,143
  2,308
  2,480
  2,658
  2,844
  3,036
  3,236
  3,445
  3,661
  3,887
  4,122
  4,367
Variable operating expenses, $m
 
  157
  193
  234
  280
  331
  386
  447
  512
  581
  655
  733
  816
  903
  994
  1,089
  1,188
  1,292
  1,400
  1,512
  1,628
  1,749
  1,875
  2,005
  2,141
  2,282
  2,429
  2,582
  2,741
  2,907
  3,080
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
  168
  205
  246
  292
  343
  399
  460
  525
  595
  669
  747
  831
  918
  1,010
  1,105
  1,204
  1,309
  1,417
  1,530
  1,646
  1,767
  1,894
  2,024
  2,161
  2,302
  2,450
  2,603
  2,763
  2,930
  3,103
Operating income, $m
  41
  54
  69
  85
  104
  125
  148
  173
  200
  229
  259
  292
  326
  362
  400
  439
  480
  523
  568
  614
  663
  713
  765
  819
  875
  934
  995
  1,058
  1,124
  1,193
  1,264
EBITDA, $m
  54
  69
  88
  108
  132
  157
  186
  216
  249
  285
  323
  363
  405
  449
  495
  544
  595
  647
  702
  760
  819
  881
  945
  1,012
  1,081
  1,153
  1,228
  1,306
  1,387
  1,472
  1,560
Interest expense (income), $m
  0
  0
  0
  0
  1
  1
  1
  1
  2
  2
  2
  3
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
Earnings before tax, $m
  40
  54
  68
  85
  104
  124
  147
  172
  198
  227
  257
  290
  323
  359
  396
  435
  476
  518
  562
  608
  656
  706
  757
  811
  866
  924
  984
  1,047
  1,112
  1,180
  1,251
Tax expense, $m
  14
  15
  18
  23
  28
  34
  40
  46
  54
  61
  69
  78
  87
  97
  107
  118
  128
  140
  152
  164
  177
  190
  204
  219
  234
  250
  266
  283
  300
  319
  338
Net income, $m
  26
  39
  50
  62
  76
  91
  107
  125
  145
  166
  188
  211
  236
  262
  289
  318
  347
  378
  411
  444
  479
  515
  553
  592
  632
  675
  719
  764
  812
  862
  913

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
  124
  152
  184
  221
  261
  304
  352
  403
  458
  516
  578
  644
  712
  784
  859
  937
  1,019
  1,104
  1,192
  1,284
  1,379
  1,478
  1,582
  1,689
  1,800
  1,916
  2,036
  2,162
  2,293
  2,429
Adjusted assets (=assets-cash), $m
  99
  124
  152
  184
  221
  261
  304
  352
  403
  458
  516
  578
  644
  712
  784
  859
  937
  1,019
  1,104
  1,192
  1,284
  1,379
  1,478
  1,582
  1,689
  1,800
  1,916
  2,036
  2,162
  2,293
  2,429
Revenue / Adjusted assets
  1.798
  1.798
  1.803
  1.804
  1.796
  1.797
  1.799
  1.798
  1.799
  1.799
  1.800
  1.799
  1.797
  1.798
  1.797
  1.797
  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
  87
  108
  130
  156
  184
  215
  249
  285
  324
  365
  409
  455
  503
  554
  607
  662
  720
  780
  842
  907
  975
  1,045
  1,118
  1,193
  1,272
  1,354
  1,439
  1,528
  1,620
  1,716
Working capital, $m
  185
  6
  8
  9
  11
  13
  15
  18
  20
  23
  26
  29
  32
  36
  39
  43
  47
  51
  56
  60
  65
  69
  74
  80
  85
  91
  96
  103
  109
  115
  122
Total debt, $m
  0
  4
  9
  15
  21
  28
  35
  44
  52
  62
  72
  82
  94
  105
  118
  131
  144
  158
  173
  188
  204
  220
  237
  255
  273
  293
  313
  333
  355
  377
  401
Total liabilities, $m
  17
  21
  26
  32
  38
  45
  52
  61
  69
  79
  89
  99
  111
  122
  135
  148
  161
  175
  190
  205
  221
  237
  254
  272
  290
  310
  330
  350
  372
  394
  418
Total equity, $m
  262
  102
  126
  153
  183
  216
  252
  291
  334
  379
  428
  479
  533
  590
  649
  711
  776
  844
  914
  987
  1,063
  1,142
  1,224
  1,310
  1,398
  1,490
  1,586
  1,686
  1,790
  1,898
  2,011
Total liabilities and equity, $m
  279
  123
  152
  185
  221
  261
  304
  352
  403
  458
  517
  578
  644
  712
  784
  859
  937
  1,019
  1,104
  1,192
  1,284
  1,379
  1,478
  1,582
  1,688
  1,800
  1,916
  2,036
  2,162
  2,292
  2,429
Debt-to-equity ratio
  0.000
  0.040
  0.070
  0.100
  0.110
  0.130
  0.140
  0.150
  0.160
  0.160
  0.170
  0.170
  0.180
  0.180
  0.180
  0.180
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  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
  39
  50
  62
  76
  91
  107
  125
  145
  166
  188
  211
  236
  262
  289
  318
  347
  378
  411
  444
  479
  515
  553
  592
  632
  675
  719
  764
  812
  862
  913
Depreciation, amort., depletion, $m
  13
  16
  19
  23
  27
  32
  38
  43
  50
  56
  63
  70
  78
  87
  96
  105
  114
  124
  134
  145
  156
  168
  180
  193
  206
  219
  233
  248
  263
  279
  296
Funds from operations, $m
  46
  55
  69
  85
  103
  123
  145
  169
  194
  222
  251
  282
  315
  349
  385
  422
  462
  502
  545
  589
  635
  683
  733
  784
  838
  894
  952
  1,012
  1,075
  1,141
  1,209
Change in working capital, $m
  0
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
Cash from operations, $m
  46
  54
  68
  83
  101
  121
  143
  166
  192
  219
  248
  279
  311
  345
  381
  419
  458
  498
  541
  585
  631
  678
  728
  779
  833
  888
  946
  1,006
  1,069
  1,134
  1,202
Maintenance CAPEX, $m
  0
  -12
  -15
  -19
  -22
  -27
  -32
  -37
  -43
  -49
  -56
  -63
  -70
  -78
  -87
  -96
  -105
  -114
  -124
  -134
  -145
  -156
  -168
  -180
  -193
  -206
  -219
  -233
  -248
  -263
  -279
New CAPEX, $m
  -13
  -17
  -20
  -23
  -26
  -28
  -31
  -34
  -36
  -39
  -41
  -44
  -46
  -48
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
Cash from investing activities, $m
  -13
  -29
  -35
  -42
  -48
  -55
  -63
  -71
  -79
  -88
  -97
  -107
  -116
  -126
  -138
  -149
  -160
  -172
  -184
  -196
  -210
  -223
  -238
  -253
  -269
  -285
  -301
  -318
  -337
  -355
  -375
Free cash flow, $m
  33
  24
  32
  42
  53
  66
  80
  96
  113
  131
  151
  172
  195
  219
  244
  270
  298
  327
  357
  388
  421
  454
  490
  526
  564
  604
  645
  688
  732
  779
  827
Issuance/(repayment) of debt, $m
  0
  4
  5
  6
  6
  7
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  22
  23
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
  4
  5
  6
  6
  7
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  22
  23
Total cash flow (excl. dividends), $m
  56
  28
  37
  48
  60
  73
  88
  104
  122
  141
  161
  183
  206
  230
  256
  283
  311
  341
  371
  403
  436
  471
  507
  544
  583
  623
  665
  709
  754
  801
  850
Retained Cash Flow (-), $m
  -59
  -20
  -24
  -27
  -30
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -54
  -57
  -59
  -62
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -113
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
 
  188
  14
  21
  30
  40
  51
  64
  79
  95
  113
  132
  152
  174
  197
  221
  246
  273
  301
  330
  360
  392
  425
  459
  494
  531
  569
  609
  650
  693
  737
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
 
  180
  13
  18
  24
  31
  37
  44
  49
  55
  59
  62
  65
  66
  66
  65
  63
  59
  55
  51
  46
  41
  35
  30
  25
  21
  17
  13
  10
  8
  6
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 103.3
Price to Sales 15.1
Price to Book 10.3
Price to Tangible Book
Price to Cash Flow 58.4
Price to Free Cash Flow 81.4
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 25% 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 58.953 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

▶ 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]
▶ 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]
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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