Intrinsic value of HubSpot - HUBS

Previous Close

$68.10

  Intrinsic Value

$7.91

stock screener

  Rating & Target

str. sell

-88%

  Value-price divergence*

+3000%

Previous close

$68.10

 
Intrinsic value

$7.91

 
Up/down potential

-88%

 
Rating

str. sell

 
Value-price divergence*

+3000%

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

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

Revenue (in 2016), $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 2.4

 

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
  39.00
  35.60
  32.54
  29.79
  27.31
  25.08
  23.07
  21.26
  19.64
  18.17
  16.86
  15.67
  14.60
  13.64
  12.78
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
Revenue, $m
  271
  377
  511
  677
  879
  1,119
  1,399
  1,722
  2,088
  2,498
  2,952
  3,449
  3,990
  4,573
  5,196
  5,860
  6,564
  7,305
  8,085
  8,902
  9,756
  10,647
  11,575
  12,541
  13,546
  14,591
  15,677
  16,805
  17,977
  19,196
  20,463
Variable operating expenses, $m
 
  372
  504
  668
  867
  1,103
  1,380
  1,698
  2,058
  2,462
  2,910
  3,399
  3,931
  4,505
  5,120
  5,774
  6,467
  7,198
  7,966
  8,771
  9,612
  10,490
  11,405
  12,357
  13,347
  14,377
  15,446
  16,558
  17,713
  18,914
  20,163
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
  422
  555
  721
  921
  1,158
  1,437
  1,756
  2,118
  2,523
  2,973
  3,463
  3,997
  4,573
  5,189
  5,845
  6,540
  7,273
  8,042
  8,849
  9,692
  10,572
  11,489
  12,443
  13,436
  14,468
  15,539
  16,653
  17,811
  19,014
  20,266
Operating income, $m
  -45
  -46
  -45
  -44
  -42
  -40
  -37
  -34
  -30
  -25
  -20
  -14
  -7
  0
  7
  15
  24
  33
  42
  52
  63
  74
  86
  98
  110
  123
  137
  151
  166
  182
  198
EBITDA, $m
  -34
  -41
  -38
  -35
  -31
  -27
  -21
  -14
  -6
  3
  13
  25
  37
  50
  65
  80
  97
  114
  132
  151
  171
  192
  214
  237
  261
  285
  311
  338
  366
  395
  425
Interest expense (income), $m
  0
  0
  1
  4
  7
  10
  14
  19
  24
  31
  37
  45
  54
  63
  73
  83
  95
  106
  119
  132
  146
  161
  176
  192
  208
  225
  243
  261
  280
  300
  321
Earnings before tax, $m
  -45
  -46
  -46
  -48
  -49
  -50
  -51
  -53
  -54
  -56
  -58
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -106
  -110
  -114
  -118
  -123
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
  -46
  -48
  -49
  -50
  -51
  -53
  -54
  -56
  -58
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -106
  -110
  -114
  -118
  -123

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
  203
  275
  365
  473
  603
  754
  928
  1,125
  1,346
  1,590
  1,859
  2,150
  2,464
  2,800
  3,158
  3,536
  3,936
  4,356
  4,796
  5,256
  5,736
  6,237
  6,757
  7,299
  7,862
  8,447
  9,054
  9,686
  10,343
  11,026
Adjusted assets (=assets-cash), $m
  146
  203
  275
  365
  473
  603
  754
  928
  1,125
  1,346
  1,590
  1,859
  2,150
  2,464
  2,800
  3,158
  3,536
  3,936
  4,356
  4,796
  5,256
  5,736
  6,237
  6,757
  7,299
  7,862
  8,447
  9,054
  9,686
  10,343
  11,026
Revenue / Adjusted assets
  1.856
  1.857
  1.858
  1.855
  1.858
  1.856
  1.855
  1.856
  1.856
  1.856
  1.857
  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
Average production assets, $m
  30
  42
  57
  75
  98
  124
  155
  191
  232
  277
  328
  383
  443
  508
  577
  651
  729
  811
  897
  988
  1,083
  1,182
  1,285
  1,392
  1,504
  1,620
  1,740
  1,865
  1,996
  2,131
  2,271
Working capital, $m
  49
  -38
  -51
  -68
  -88
  -112
  -140
  -172
  -209
  -250
  -295
  -345
  -399
  -457
  -520
  -586
  -656
  -731
  -808
  -890
  -976
  -1,065
  -1,158
  -1,254
  -1,355
  -1,459
  -1,568
  -1,680
  -1,798
  -1,920
  -2,046
Total debt, $m
  1
  43
  108
  188
  286
  402
  538
  695
  872
  1,071
  1,291
  1,533
  1,795
  2,077
  2,380
  2,702
  3,043
  3,402
  3,780
  4,177
  4,591
  5,023
  5,473
  5,941
  6,429
  6,935
  7,462
  8,009
  8,578
  9,169
  9,783
Total liabilities, $m
  141
  183
  248
  328
  426
  542
  678
  835
  1,012
  1,211
  1,431
  1,673
  1,935
  2,217
  2,520
  2,842
  3,183
  3,542
  3,920
  4,317
  4,731
  5,163
  5,613
  6,081
  6,569
  7,075
  7,602
  8,149
  8,718
  9,309
  9,923
Total equity, $m
  119
  20
  28
  36
  47
  60
  75
  93
  112
  135
  159
  186
  215
  246
  280
  316
  354
  394
  436
  480
  526
  574
  624
  676
  730
  786
  845
  905
  969
  1,034
  1,103
Total liabilities and equity, $m
  260
  203
  276
  364
  473
  602
  753
  928
  1,124
  1,346
  1,590
  1,859
  2,150
  2,463
  2,800
  3,158
  3,537
  3,936
  4,356
  4,797
  5,257
  5,737
  6,237
  6,757
  7,299
  7,861
  8,447
  9,054
  9,687
  10,343
  11,026
Debt-to-equity ratio
  0.008
  2.100
  3.910
  5.160
  6.040
  6.680
  7.140
  7.490
  7.760
  7.960
  8.120
  8.250
  8.350
  8.430
  8.500
  8.560
  8.600
  8.640
  8.680
  8.710
  8.730
  8.760
  8.780
  8.790
  8.810
  8.820
  8.830
  8.850
  8.860
  8.860
  8.870
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
  -46
  -48
  -49
  -50
  -51
  -53
  -54
  -56
  -58
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -106
  -110
  -114
  -118
  -123
Depreciation, amort., depletion, $m
  11
  5
  7
  9
  11
  13
  17
  20
  24
  29
  34
  38
  44
  51
  58
  65
  73
  81
  90
  99
  108
  118
  128
  139
  150
  162
  174
  187
  200
  213
  227
Funds from operations, $m
  36
  -41
  -40
  -39
  -38
  -37
  -35
  -33
  -30
  -27
  -24
  -21
  -17
  -12
  -8
  -3
  2
  7
  13
  19
  25
  32
  38
  45
  53
  60
  68
  77
  85
  95
  104
Change in working capital, $m
  17
  -11
  -13
  -17
  -20
  -24
  -28
  -32
  -37
  -41
  -45
  -50
  -54
  -58
  -62
  -66
  -70
  -74
  -78
  -82
  -85
  -89
  -93
  -97
  -100
  -104
  -109
  -113
  -117
  -122
  -127
Cash from operations, $m
  19
  -30
  -26
  -22
  -18
  -13
  -7
  0
  6
  14
  21
  29
  37
  46
  54
  63
  72
  82
  91
  101
  111
  121
  131
  142
  153
  165
  177
  190
  203
  216
  231
Maintenance CAPEX, $m
  0
  -3
  -4
  -6
  -8
  -10
  -12
  -16
  -19
  -23
  -28
  -33
  -38
  -44
  -51
  -58
  -65
  -73
  -81
  -90
  -99
  -108
  -118
  -128
  -139
  -150
  -162
  -174
  -187
  -200
  -213
New CAPEX, $m
  -22
  -12
  -15
  -18
  -22
  -27
  -31
  -36
  -41
  -46
  -50
  -55
  -60
  -65
  -69
  -74
  -78
  -82
  -87
  -91
  -95
  -99
  -103
  -107
  -112
  -116
  -121
  -125
  -130
  -135
  -141
Cash from investing activities, $m
  -23
  -15
  -19
  -24
  -30
  -37
  -43
  -52
  -60
  -69
  -78
  -88
  -98
  -109
  -120
  -132
  -143
  -155
  -168
  -181
  -194
  -207
  -221
  -235
  -251
  -266
  -283
  -299
  -317
  -335
  -354
Free cash flow, $m
  -4
  -45
  -45
  -47
  -48
  -49
  -50
  -52
  -53
  -55
  -57
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -94
  -97
  -101
  -105
  -110
  -114
  -118
  -123
Issuance/(repayment) of debt, $m
  -1
  43
  65
  81
  98
  116
  136
  157
  178
  199
  220
  241
  262
  283
  302
  322
  341
  360
  378
  396
  414
  432
  450
  469
  487
  507
  526
  547
  569
  591
  614
Issuance/(repurchase) of shares, $m
  12
  60
  54
  57
  60
  63
  66
  70
  74
  78
  82
  86
  90
  95
  99
  104
  109
  114
  119
  124
  129
  135
  140
  146
  152
  158
  164
  171
  177
  184
  191
Cash from financing (excl. dividends), $m  
  8
  103
  119
  138
  158
  179
  202
  227
  252
  277
  302
  327
  352
  378
  401
  426
  450
  474
  497
  520
  543
  567
  590
  615
  639
  665
  690
  718
  746
  775
  805
Total cash flow (excl. dividends), $m
  4
  58
  73
  91
  110
  130
  152
  175
  198
  222
  246
  268
  291
  314
  336
  358
  379
  400
  420
  440
  460
  480
  500
  521
  542
  563
  585
  608
  632
  657
  683
Retained Cash Flow (-), $m
  3
  -60
  -54
  -57
  -60
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -114
  -119
  -124
  -129
  -135
  -140
  -146
  -152
  -158
  -164
  -171
  -177
  -184
  -191
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
 
  111
  20
  34
  50
  67
  86
  105
  124
  144
  163
  182
  201
  219
  237
  254
  270
  286
  301
  316
  331
  346
  360
  375
  390
  405
  421
  437
  455
  473
  492
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
 
  106
  18
  30
  41
  52
  62
  71
  78
  83
  86
  87
  86
  83
  80
  75
  69
  62
  55
  49
  42
  36
  30
  25
  20
  16
  12
  9
  7
  5
  4
Current shareholders' claim on cash, %
  100
  50.0
  39.5
  32.8
  28.2
  24.9
  22.4
  20.5
  19.0
  17.8
  16.7
  15.9
  15.1
  14.5
  13.9
  13.4
  13.0
  12.6
  12.2
  11.9
  11.6
  11.3
  11.0
  10.8
  10.5
  10.3
  10.1
  9.9
  9.7
  9.5
  9.3

HubSpot, Inc. provides a cloud-based marketing and sales software platform for businesses in the Americas, Europe, and the Asia Pacific. Its software platform includes integrated applications, such as social media, search engine optimization, blogging, Website content management, marketing automation, email, CRM, analytics, and reporting that enables businesses to attract visitors to their Websites, convert visitors into leads, and close leads into customers and delight customers. The company also offers professional, and phone and email-based support services. HubSpot, Inc. was founded in 2005 and is headquartered in Cambridge, Massachusetts.

FINANCIAL RATIOS  of  HubSpot (HUBS)

Valuation Ratios
P/E Ratio -53
Price to Sales 9
Price to Book 20.5
Price to Tangible Book
Price to Cash Flow 128.2
Price to Free Cash Flow -812.2
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 39% 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 10 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 -10%. 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 35.284 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 $2.4 billion.

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COMPANY NEWS

▶ HubSpot Signs Global Agreement with Qstream   [Aug-10-17 09:00AM  PR Newswire]
▶ HubSpot reports 2Q loss   [Aug-02-17 11:08PM  Associated Press]
▶ HubSpot Reports Q2 2017 Results   [04:07PM  PR Newswire]
▶ Direct-mail tech startup Inkit lands partnership with HubSpot   [Aug-01-17 10:50AM  American City Business Journals]
▶ HubSpot buys tiny California-based AI startup   [Jul-25-17 11:30AM  American City Business Journals]
▶ ETFs with exposure to HubSpot, Inc. : July 24, 2017   [Jul-24-17 04:37PM  Capital Cube]
▶ 3 Growth Stocks for Canny Investors   [Jul-12-17 09:04PM  Motley Fool]
▶ ETFs with exposure to HubSpot, Inc. : July 11, 2017   [Jul-11-17 02:39PM  Capital Cube]
▶ Microsoft Expands Paid Leave for Family Caregivers   [Jun-27-17 02:03PM  Fortune]
▶ HubSpot will give someone $100K to quit their job and start a company   [Jun-26-17 02:43PM  American City Business Journals]
▶ HubSpot, Inc. Value Analysis (NYSE:HUBS) : June 16, 2017   [Jun-16-17 04:50PM  Capital Cube]
▶ ETFs with exposure to HubSpot, Inc. : June 12, 2017   [Jun-12-17 02:09PM  Capital Cube]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [Jun-02-17 01:25PM  Investor's Business Daily]
▶ ETFs with exposure to HubSpot, Inc. : May 29, 2017   [May-29-17 12:47PM  Capital Cube]
▶ HubSpot joins Microsoft in funding San Francisco startup   [May-23-17 09:30AM  American City Business Journals]
▶ ETFs with exposure to HubSpot, Inc. : May 18, 2017   [May-18-17 01:47PM  Capital Cube]
▶ ETFs with exposure to HubSpot, Inc. : May 5, 2017   [May-05-17 04:13PM  Capital Cube]
▶ Here's Why HubSpot Is on Cloud Nine Today   [May-03-17 06:02PM  Motley Fool]
▶ HubSpot Surges 9% on Q1 Beat, Higher Forecast   [May-02-17 05:46PM  Barrons.com]
▶ HubSpot reports 1Q loss   [05:30PM  Associated Press]
▶ [$$] Four Smaller Cloud Picks Ahead of Earnings   [Apr-27-17 03:38PM  Barrons.com]
▶ ETFs with exposure to HubSpot, Inc. : April 7, 2017   [Apr-07-17 04:49PM  Capital Cube]
▶ HubSpot Shares Win A New Bull, BTIG   [Mar-31-17 09:23AM  Benzinga]
▶ Facebook, Akamai Rated Buy, HubSpot PT Raised, Square Initiated   [Mar-21-17 04:35PM  Investor's Business Daily]
▶ After raising $70M, Visible Measures sells for $10M   [Mar-14-17 09:15AM  at bizjournals.com]
▶ After raising $70M, Visible Measures sells for $10M   [09:15AM  American City Business Journals]
▶ How AI Is Transforming the Workplace   [Mar-13-17 12:49AM  The Wall Street Journal]
▶ How AI Is Transforming the Workplace   [12:49AM  at The Wall Street Journal]
▶ How AI Is Transforming the Workplace   [Mar-12-17 11:38PM  at The Wall Street Journal]
▶ HubSpot, Brightcove bridge the Charles to partner on video analytics   [07:50AM  American City Business Journals]
▶ Hubspot Rising on Q4 Beat, Higher Q1 View   [04:13PM  at Barrons.com]
▶ 4 Red-Hot Software Stocks to Buy Before Q4 Earnings Reports   [Jan-17-17 08:35AM  24/7 Wall St.]
Stock chart of HUBS 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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