Intrinsic value of HealthEquity - HQY

Previous Close

$50.90

  Intrinsic Value

$26.79

stock screener

  Rating & Target

sell

-47%

Previous close

$50.90

 
Intrinsic value

$26.79

 
Up/down potential

-47%

 
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

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 3.1

 

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
  29.50
  27.05
  24.85
  22.86
  21.07
  19.47
  18.02
  16.72
  15.55
  14.49
  13.54
  12.69
  11.92
  11.23
  10.60
  10.04
  9.54
  9.09
  8.68
  8.31
  7.98
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
Revenue, $m
  178
  231
  293
  366
  449
  544
  650
  767
  895
  1,034
  1,184
  1,344
  1,515
  1,696
  1,886
  2,086
  2,295
  2,514
  2,743
  2,981
  3,229
  3,486
  3,754
  4,032
  4,321
  4,622
  4,934
  5,259
  5,597
  5,949
  6,315
Variable operating expenses, $m
 
  163
  207
  258
  317
  384
  459
  541
  632
  730
  835
  948
  1,068
  1,196
  1,330
  1,471
  1,619
  1,773
  1,934
  2,102
  2,277
  2,458
  2,647
  2,844
  3,047
  3,259
  3,480
  3,709
  3,947
  4,195
  4,453
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
  174
  219
  270
  329
  396
  472
  554
  645
  744
  849
  962
  1,083
  1,211
  1,346
  1,487
  1,635
  1,790
  1,951
  2,120
  2,295
  2,476
  2,666
  2,863
  3,067
  3,279
  3,501
  3,730
  3,969
  4,218
  4,476
Operating income, $m
  41
  56
  74
  95
  120
  147
  178
  212
  250
  291
  334
  382
  432
  485
  540
  599
  660
  725
  791
  861
  934
  1,009
  1,088
  1,169
  1,254
  1,342
  1,434
  1,529
  1,628
  1,731
  1,839
EBITDA, $m
  54
  72
  95
  121
  151
  185
  223
  265
  311
  361
  415
  473
  534
  600
  668
  740
  816
  895
  977
  1,063
  1,153
  1,246
  1,342
  1,443
  1,547
  1,655
  1,768
  1,885
  2,007
  2,134
  2,266
Interest expense (income), $m
  0
  0
  0
  0
  1
  1
  1
  2
  2
  2
  3
  3
  4
  4
  5
  6
  6
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
Earnings before tax, $m
  40
  56
  74
  95
  119
  146
  177
  211
  248
  288
  332
  379
  428
  480
  535
  593
  654
  717
  784
  853
  924
  999
  1,077
  1,157
  1,241
  1,328
  1,419
  1,513
  1,611
  1,713
  1,819
Tax expense, $m
  14
  15
  20
  26
  32
  40
  48
  57
  67
  78
  90
  102
  116
  130
  145
  160
  177
  194
  212
  230
  250
  270
  291
  312
  335
  359
  383
  409
  435
  463
  491
Net income, $m
  26
  41
  54
  69
  87
  107
  129
  154
  181
  210
  242
  276
  312
  351
  391
  433
  477
  524
  572
  622
  675
  729
  786
  845
  906
  970
  1,036
  1,105
  1,176
  1,251
  1,328

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
  128
  163
  203
  250
  302
  361
  426
  498
  575
  659
  748
  843
  943
  1,049
  1,160
  1,277
  1,398
  1,526
  1,658
  1,796
  1,939
  2,088
  2,243
  2,403
  2,571
  2,744
  2,925
  3,113
  3,309
  3,512
Adjusted assets (=assets-cash), $m
  99
  128
  163
  203
  250
  302
  361
  426
  498
  575
  659
  748
  843
  943
  1,049
  1,160
  1,277
  1,398
  1,526
  1,658
  1,796
  1,939
  2,088
  2,243
  2,403
  2,571
  2,744
  2,925
  3,113
  3,309
  3,512
Revenue / Adjusted assets
  1.798
  1.805
  1.798
  1.803
  1.796
  1.801
  1.801
  1.800
  1.797
  1.798
  1.797
  1.797
  1.797
  1.799
  1.798
  1.798
  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
Average production assets, $m
  70
  91
  115
  144
  177
  214
  255
  301
  352
  406
  465
  528
  595
  666
  741
  820
  902
  988
  1,078
  1,172
  1,269
  1,370
  1,475
  1,585
  1,698
  1,816
  1,939
  2,067
  2,200
  2,338
  2,482
Working capital, $m
  185
  6
  8
  10
  13
  15
  18
  21
  25
  29
  33
  38
  42
  47
  53
  58
  64
  70
  77
  83
  90
  98
  105
  113
  121
  129
  138
  147
  157
  167
  177
Total debt, $m
  0
  5
  11
  18
  26
  35
  45
  56
  69
  82
  96
  112
  128
  145
  163
  183
  203
  224
  245
  268
  292
  317
  342
  369
  396
  425
  455
  486
  518
  552
  587
Total liabilities, $m
  17
  22
  28
  35
  43
  52
  62
  73
  86
  99
  113
  129
  145
  162
  180
  200
  220
  241
  262
  285
  309
  334
  359
  386
  413
  442
  472
  503
  535
  569
  604
Total equity, $m
  262
  106
  135
  168
  207
  250
  299
  353
  412
  476
  545
  619
  698
  781
  869
  961
  1,057
  1,158
  1,263
  1,373
  1,487
  1,605
  1,729
  1,857
  1,990
  2,128
  2,272
  2,422
  2,578
  2,739
  2,908
Total liabilities and equity, $m
  279
  128
  163
  203
  250
  302
  361
  426
  498
  575
  658
  748
  843
  943
  1,049
  1,161
  1,277
  1,399
  1,525
  1,658
  1,796
  1,939
  2,088
  2,243
  2,403
  2,570
  2,744
  2,925
  3,113
  3,308
  3,512
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
  0.190
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
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
  54
  69
  87
  107
  129
  154
  181
  210
  242
  276
  312
  351
  391
  433
  477
  524
  572
  622
  675
  729
  786
  845
  906
  970
  1,036
  1,105
  1,176
  1,251
  1,328
Depreciation, amort., depletion, $m
  13
  16
  20
  25
  31
  37
  45
  52
  61
  71
  81
  91
  103
  115
  128
  141
  156
  170
  186
  202
  219
  236
  254
  273
  293
  313
  334
  356
  379
  403
  428
Funds from operations, $m
  46
  57
  74
  95
  118
  144
  174
  206
  242
  281
  323
  367
  415
  465
  519
  574
  633
  694
  758
  824
  894
  966
  1,040
  1,118
  1,199
  1,283
  1,370
  1,461
  1,555
  1,654
  1,756
Change in working capital, $m
  0
  1
  2
  2
  2
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
Cash from operations, $m
  46
  56
  73
  93
  116
  142
  171
  203
  239
  277
  319
  363
  410
  460
  513
  569
  627
  688
  752
  818
  887
  958
  1,033
  1,110
  1,191
  1,274
  1,361
  1,452
  1,546
  1,644
  1,746
Maintenance CAPEX, $m
  0
  -12
  -16
  -20
  -25
  -30
  -37
  -44
  -52
  -61
  -70
  -80
  -91
  -103
  -115
  -128
  -141
  -156
  -170
  -186
  -202
  -219
  -236
  -254
  -273
  -293
  -313
  -334
  -356
  -379
  -403
New CAPEX, $m
  -13
  -21
  -25
  -29
  -33
  -37
  -42
  -46
  -50
  -55
  -59
  -63
  -67
  -71
  -75
  -79
  -82
  -86
  -90
  -94
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -128
  -133
  -138
  -144
Cash from investing activities, $m
  -13
  -33
  -41
  -49
  -58
  -67
  -79
  -90
  -102
  -116
  -129
  -143
  -158
  -174
  -190
  -207
  -223
  -242
  -260
  -280
  -299
  -320
  -341
  -363
  -387
  -411
  -436
  -462
  -489
  -517
  -547
Free cash flow, $m
  33
  23
  33
  44
  58
  74
  92
  113
  136
  162
  190
  220
  252
  287
  324
  362
  403
  446
  491
  538
  587
  638
  691
  747
  804
  864
  925
  990
  1,057
  1,126
  1,199
Issuance/(repayment) of debt, $m
  0
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
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
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
Total cash flow (excl. dividends), $m
  56
  28
  39
  51
  66
  83
  102
  124
  149
  175
  204
  235
  268
  304
  342
  382
  423
  467
  513
  561
  611
  663
  717
  773
  832
  892
  955
  1,021
  1,089
  1,160
  1,234
Retained Cash Flow (-), $m
  -59
  -24
  -29
  -34
  -38
  -44
  -49
  -54
  -59
  -64
  -69
  -74
  -79
  -83
  -88
  -92
  -96
  -101
  -105
  -110
  -114
  -119
  -123
  -128
  -133
  -138
  -144
  -150
  -156
  -162
  -169
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
 
  184
  10
  18
  27
  39
  54
  70
  89
  111
  135
  161
  190
  221
  254
  289
  327
  366
  408
  452
  497
  544
  594
  645
  698
  754
  811
  871
  933
  998
  1,065
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
 
  176
  9
  15
  23
  31
  39
  48
  56
  64
  71
  77
  81
  84
  85
  85
  83
  80
  75
  70
  63
  56
  49
  42
  36
  29
  24
  19
  14
  11
  8
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 116.6
Price to Sales 17
Price to Book 11.6
Price to Tangible Book
Price to Cash Flow 65.9
Price to Free Cash Flow 91.8
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 29.5% 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 60.442 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 $3.1 billion.

RELATED COMPANIES Price Int.Val. Rating
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MGLN Magellan Healt 83.65 1,453.72  str.buy
CRVL Corvel 55.65 43.70  sell

COMPANY NEWS

▶ 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]
▶ HSAs: Room for Improvement   [07:00AM  Morningstar]
▶ 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]
▶ 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]
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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