Intrinsic value of HubSpot - HUBS

Previous Close

$99.05

  Intrinsic Value

$9.47

stock screener

  Rating & Target

str. sell

-90%

Previous close

$99.05

 
Intrinsic value

$9.47

 
Up/down potential

-90%

 
Rating

str. sell

We calculate the intrinsic value of HUBS 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
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  48.90
  38.00
  34.70
  31.73
  29.06
  26.65
  24.49
  22.54
  20.78
  19.21
  17.78
  16.51
  15.36
  14.32
  13.39
  12.55
  11.79
  11.11
  10.50
  9.95
  9.46
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
Revenue, $m
  271
  374
  504
  664
  856
  1,085
  1,350
  1,655
  1,998
  2,382
  2,806
  3,269
  3,771
  4,311
  4,888
  5,502
  6,151
  6,834
  7,552
  8,304
  9,089
  9,908
  10,761
  11,649
  12,572
  13,532
  14,529
  15,565
  16,642
  17,762
  18,926
Variable operating expenses, $m
 
  369
  497
  655
  845
  1,070
  1,331
  1,631
  1,970
  2,348
  2,766
  3,221
  3,716
  4,248
  4,816
  5,421
  6,060
  6,734
  7,441
  8,182
  8,956
  9,763
  10,603
  11,478
  12,388
  13,333
  14,316
  15,337
  16,398
  17,501
  18,648
Fixed operating expenses, $m
 
  50
  51
  53
  54
  55
  57
  58
  60
  61
  63
  64
  66
  68
  69
  71
  73
  75
  76
  78
  80
  82
  84
  86
  89
  91
  93
  95
  98
  100
  103
Total operating expenses, $m
  316
  419
  548
  708
  899
  1,125
  1,388
  1,689
  2,030
  2,409
  2,829
  3,285
  3,782
  4,316
  4,885
  5,492
  6,133
  6,809
  7,517
  8,260
  9,036
  9,845
  10,687
  11,564
  12,477
  13,424
  14,409
  15,432
  16,496
  17,601
  18,751
Operating income, $m
  -45
  -46
  -45
  -44
  -43
  -41
  -38
  -35
  -31
  -27
  -23
  -16
  -11
  -4
  3
  10
  18
  26
  35
  44
  53
  63
  74
  85
  96
  108
  120
  133
  147
  161
  175
EBITDA, $m
  -34
  -36
  -33
  -28
  -22
  -15
  -7
  3
  14
  27
  41
  56
  73
  91
  111
  132
  154
  178
  202
  228
  255
  283
  313
  343
  375
  408
  443
  479
  516
  555
  595
Interest expense (income), $m
  0
  0
  1
  4
  6
  10
  14
  18
  23
  29
  36
  43
  51
  59
  68
  78
  88
  99
  111
  123
  136
  149
  163
  178
  193
  208
  225
  242
  259
  278
  297
Earnings before tax, $m
  -45
  -46
  -47
  -48
  -49
  -50
  -51
  -53
  -55
  -56
  -58
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -104
  -108
  -113
  -117
  -121
Tax expense, $m
  1
  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
Net income, $m
  -46
  -46
  -47
  -48
  -49
  -50
  -51
  -53
  -55
  -56
  -58
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -104
  -108
  -113
  -117
  -121

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  114
  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
  260
  201
  271
  358
  461
  584
  728
  891
  1,077
  1,284
  1,512
  1,761
  2,032
  2,323
  2,634
  2,964
  3,314
  3,682
  4,069
  4,474
  4,897
  5,338
  5,798
  6,277
  6,774
  7,291
  7,828
  8,387
  8,967
  9,570
  10,197
Adjusted assets (=assets-cash), $m
  146
  201
  271
  358
  461
  584
  728
  891
  1,077
  1,284
  1,512
  1,761
  2,032
  2,323
  2,634
  2,964
  3,314
  3,682
  4,069
  4,474
  4,897
  5,338
  5,798
  6,277
  6,774
  7,291
  7,828
  8,387
  8,967
  9,570
  10,197
Revenue / Adjusted assets
  1.856
  1.861
  1.860
  1.855
  1.857
  1.858
  1.854
  1.857
  1.855
  1.855
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
Average production assets, $m
  30
  42
  56
  74
  95
  120
  150
  184
  222
  264
  311
  363
  419
  479
  543
  611
  683
  759
  838
  922
  1,009
  1,100
  1,195
  1,293
  1,396
  1,502
  1,613
  1,728
  1,847
  1,972
  2,101
Working capital, $m
  49
  -88
  -119
  -157
  -202
  -256
  -319
  -390
  -472
  -562
  -662
  -772
  -890
  -1,017
  -1,154
  -1,298
  -1,452
  -1,613
  -1,782
  -1,960
  -2,145
  -2,338
  -2,540
  -2,749
  -2,967
  -3,194
  -3,429
  -3,673
  -3,928
  -4,192
  -4,467
Total debt, $m
  1
  41
  104
  182
  275
  386
  515
  662
  829
  1,015
  1,221
  1,445
  1,689
  1,951
  2,230
  2,528
  2,843
  3,174
  3,522
  3,887
  4,267
  4,665
  5,078
  5,509
  5,957
  6,422
  6,905
  7,408
  7,930
  8,473
  9,037
Total liabilities, $m
  141
  181
  244
  322
  415
  526
  655
  802
  969
  1,155
  1,361
  1,585
  1,829
  2,091
  2,370
  2,668
  2,983
  3,314
  3,662
  4,027
  4,407
  4,805
  5,218
  5,649
  6,097
  6,562
  7,045
  7,548
  8,070
  8,613
  9,177
Total equity, $m
  119
  20
  27
  36
  46
  58
  73
  89
  108
  128
  151
  176
  203
  232
  263
  296
  331
  368
  407
  447
  490
  534
  580
  628
  677
  729
  783
  839
  897
  957
  1,020
Total liabilities and equity, $m
  260
  201
  271
  358
  461
  584
  728
  891
  1,077
  1,283
  1,512
  1,761
  2,032
  2,323
  2,633
  2,964
  3,314
  3,682
  4,069
  4,474
  4,897
  5,339
  5,798
  6,277
  6,774
  7,291
  7,828
  8,387
  8,967
  9,570
  10,197
Debt-to-equity ratio
  0.008
  2.050
  3.840
  5.080
  5.970
  6.600
  7.080
  7.430
  7.700
  7.910
  8.070
  8.210
  8.310
  8.400
  8.470
  8.530
  8.580
  8.620
  8.660
  8.690
  8.710
  8.740
  8.760
  8.780
  8.790
  8.810
  8.820
  8.830
  8.840
  8.850
  8.860
Adjusted equity ratio
  0.034
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -46
  -46
  -47
  -48
  -49
  -50
  -51
  -53
  -55
  -56
  -58
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -104
  -108
  -113
  -117
  -121
Depreciation, amort., depletion, $m
  11
  9
  12
  16
  20
  25
  31
  38
  45
  54
  63
  73
  84
  96
  109
  122
  137
  152
  168
  184
  202
  220
  239
  259
  279
  300
  323
  346
  369
  394
  420
Funds from operations, $m
  36
  -36
  -34
  -32
  -29
  -25
  -21
  -15
  -9
  -2
  5
  14
  23
  32
  43
  54
  66
  78
  91
  105
  119
  134
  149
  166
  182
  200
  218
  237
  257
  277
  299
Change in working capital, $m
  17
  -24
  -31
  -38
  -46
  -54
  -63
  -72
  -81
  -91
  -100
  -109
  -118
  -127
  -136
  -145
  -153
  -161
  -169
  -177
  -185
  -193
  -201
  -210
  -218
  -226
  -235
  -245
  -254
  -264
  -275
Cash from operations, $m
  19
  -12
  -4
  6
  17
  29
  42
  57
  72
  88
  105
  123
  141
  160
  179
  199
  219
  239
  260
  282
  304
  327
  351
  375
  400
  426
  453
  482
  511
  542
  574
Maintenance CAPEX, $m
  0
  -6
  -8
  -11
  -15
  -19
  -24
  -30
  -37
  -44
  -53
  -62
  -73
  -84
  -96
  -109
  -122
  -137
  -152
  -168
  -184
  -202
  -220
  -239
  -259
  -279
  -300
  -323
  -346
  -369
  -394
New CAPEX, $m
  -22
  -12
  -14
  -18
  -21
  -25
  -29
  -34
  -38
  -43
  -47
  -51
  -56
  -60
  -64
  -68
  -72
  -76
  -80
  -83
  -87
  -91
  -95
  -99
  -102
  -107
  -111
  -115
  -120
  -124
  -129
Cash from investing activities, $m
  -23
  -18
  -22
  -29
  -36
  -44
  -53
  -64
  -75
  -87
  -100
  -113
  -129
  -144
  -160
  -177
  -194
  -213
  -232
  -251
  -271
  -293
  -315
  -338
  -361
  -386
  -411
  -438
  -466
  -493
  -523
Free cash flow, $m
  -4
  -30
  -26
  -23
  -19
  -16
  -11
  -7
  -3
  1
  5
  9
  13
  16
  19
  22
  25
  27
  29
  31
  33
  34
  36
  38
  39
  41
  42
  44
  46
  48
  50
Issuance/(repayment) of debt, $m
  -1
  41
  63
  78
  94
  111
  129
  148
  167
  186
  205
  225
  243
  262
  280
  297
  315
  332
  348
  364
  381
  397
  414
  431
  448
  465
  484
  502
  522
  543
  565
Issuance/(repurchase) of shares, $m
  12
  60
  54
  56
  59
  62
  66
  69
  73
  77
  81
  84
  88
  92
  97
  101
  106
  110
  115
  120
  125
  130
  136
  141
  146
  152
  158
  164
  171
  177
  184
Cash from financing (excl. dividends), $m  
  8
  101
  117
  134
  153
  173
  195
  217
  240
  263
  286
  309
  331
  354
  377
  398
  421
  442
  463
  484
  506
  527
  550
  572
  594
  617
  642
  666
  693
  720
  749
Total cash flow (excl. dividends), $m
  4
  72
  90
  111
  133
  158
  183
  210
  237
  264
  292
  318
  344
  370
  396
  421
  445
  469
  492
  516
  539
  562
  585
  609
  633
  658
  684
  711
  739
  768
  799
Retained Cash Flow (-), $m
  3
  -60
  -54
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -110
  -115
  -120
  -125
  -130
  -136
  -141
  -146
  -152
  -158
  -164
  -171
  -177
  -184
Prev. year cash balance distribution, $m
 
  113
  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
 
  125
  37
  54
  74
  95
  117
  140
  164
  187
  211
  234
  256
  278
  299
  320
  339
  358
  377
  396
  414
  432
  450
  468
  487
  506
  526
  547
  568
  591
  615
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
 
  120
  33
  47
  61
  74
  85
  95
  102
  108
  111
  111
  109
  106
  100
  94
  86
  78
  69
  61
  53
  45
  37
  31
  25
  20
  15
  12
  9
  6
  5
Current shareholders' claim on cash, %
  100
  50.0
  39.5
  32.8
  28.1
  24.7
  22.2
  20.3
  18.8
  17.5
  16.5
  15.6
  14.9
  14.2
  13.7
  13.1
  12.7
  12.3
  11.9
  11.6
  11.3
  11.0
  10.7
  10.4
  10.2
  10.0
  9.8
  9.6
  9.4
  9.2
  9.0

HubSpot, Inc. (HubSpot) provides a cloud-based marketing and sales software platform. The Company's software platform features integrated applications to help businesses attract visitors to their Websites, convert visitors into leads, close leads into customers and delight customers so that they become promoters of those businesses. These integrated applications include social media, search engine optimization, blogging, Website content management, marketing automation, e-mail, sales productivity, customer relationship management (CRM), analytics and reporting. The Company's products include HubSpot Marketing, HubSpot CRM and HubSpot Sales. The Company offers Professional Services and support. It offers professional services to educate and train customers on how to leverage its software platform and inbound marketing methodology to transform how their business attracts, engages and delights customers.

FINANCIAL RATIOS  of  HubSpot (HUBS)

Valuation Ratios
P/E Ratio -77
Price to Sales 13.1
Price to Book 29.8
Price to Tangible Book
Price to Cash Flow 186.5
Price to Free Cash Flow -1181.3
Growth Rates
Sales Growth Rate 48.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 69.2%
Cap. Spend. - 3 Yr. Gr. Rate 22.4%
Financial Strength
Quick Ratio 114
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0.8%
Interest Coverage 0
Management Effectiveness
Return On Assets -19.2%
Ret/ On Assets - 3 Yr. Avg. -28.3%
Return On Total Capital -37.9%
Ret/ On T. Cap. - 3 Yr. Avg. -52.6%
Return On Equity -38.2%
Return On Equity - 3 Yr. Avg. -52.8%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 77.1%
Gross Margin - 3 Yr. Avg. 73.5%
EBITDA Margin -12.5%
EBITDA Margin - 3 Yr. Avg. -23.4%
Operating Margin -16.6%
Oper. Margin - 3 Yr. Avg. -27.8%
Pre-Tax Margin -16.6%
Pre-Tax Margin - 3 Yr. Avg. -27.8%
Net Profit Margin -17%
Net Profit Margin - 3 Yr. Avg. -27.9%
Effective Tax Rate -2.2%
Eff/ Tax Rate - 3 Yr. Avg. -0.7%
Payout Ratio 0%

HUBS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HUBS stock intrinsic value calculation we used $271 million for the last fiscal year's total revenue generated by HubSpot. The default revenue input number comes from 2016 income statement of HubSpot. 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 HUBS stock valuation model: a) initial revenue growth rate of 38% 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 HUBS is calculated based on our internal credit rating of HubSpot, 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 HubSpot.
    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 HUBS stock the variable cost ratio is equal to 98.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $49 million in the base year in the intrinsic value calculation for HUBS 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 HubSpot.

Corporate tax rate of 27% is the nominal tax rate for HubSpot. 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 HUBS 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 HUBS are equal to 11.1%.

Life of production assets of 3.6 years is the average useful life of capital assets used in HubSpot 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 HUBS is equal to -23.6%. 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 - $119 million for HubSpot - 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 37.67 million for HubSpot 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 HubSpot at the current share price and the inputted number of shares is $3.7 billion.

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COMPANY NEWS

▶ Why Investors Are Paying a Premium for Shopify Inc.   [Jan-08-18 11:05AM  Motley Fool]
▶ HubSpot Inc (NYSE:HUBS): Time For A Financial Health Check   [Dec-16-17 06:45PM  Simply Wall St.]
▶ ETFs with exposure to HubSpot, Inc. : December 11, 2017   [Dec-11-17 01:58PM  Capital Cube]
▶ ETFs with exposure to HubSpot, Inc. : November 20, 2017   [Nov-20-17 12:40PM  Capital Cube]
▶ ETFs with exposure to HubSpot, Inc. : November 9, 2017   [Nov-09-17 12:48PM  Capital Cube]
▶ 3 Growth Stocks for In-the-Know Investors   [Nov-07-17 03:07PM  Motley Fool]
▶ [$$] Zendesk, HubSpot Seen as Top Picks   [Nov-02-17 12:39PM  Barrons.com]
▶ HubSpot reports 3Q loss   [Nov-01-17 06:11PM  Associated Press]
▶ HubSpot Reports Q3 2017 Results   [04:07PM  PR Newswire]
▶ HubSpot, Inc. to Host Earnings Call   [09:45AM  ACCESSWIRE]
▶ Is HubSpot (HUBS) a Solid Growth Stock?   [Oct-26-17 04:59PM  Zacks]
▶ HubSpot Announces Jill Ward Joins Board of Directors   [Oct-17-17 04:05PM  PR Newswire]
▶ 3 Stocks With Apple-Like Return Potential   [Oct-12-17 10:32AM  Motley Fool]
▶ Why HubSpot Inc. Stock Jumped 14.6% in September   [Oct-03-17 06:23PM  Motley Fool]
▶ Stocks With Rising Relative Price Strength: Hubspot   [Sep-28-17 03:00AM  Investor's Business Daily]
▶ Why HubSpot Inc. Stock Popped Today   [12:46PM  Motley Fool]
▶ HubSpot stock rises after raising earnings expectations   [12:05PM  American City Business Journals]
▶ HubSpot Increasing Expectations   [Sep-26-17 05:44PM  PR Newswire]
▶ Drift adds Sequoia as investor in $32M round, plans SF office   [12:50PM  American City Business Journals]
▶ Is There Now An Opportunity In HubSpot Inc (HUBS)?   [Sep-24-17 12:16PM  Simply Wall St.]
▶ Is This IPO An Early Investing Hot Spot For AI, Machine Learning?   [Sep-22-17 04:05PM  Investor's Business Daily]
▶ HubSpot is acquiring Chicago chatbot startup Motion AI   [Sep-20-17 12:10PM  American City Business Journals]
▶ 3 Stocks That Could Put Alibaba's Returns to Shame   [Sep-15-17 08:30AM  Motley Fool]
▶ HubSpot extends its startups program to support Series A companies   [Sep-05-17 09:55AM  American City Business Journals]
Financial statements of HUBS
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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