Intrinsic value of Insperity - NSP

Previous Close

$72.40

  Intrinsic Value

$202.02

stock screener

  Rating & Target

str. buy

+179%

  Value-price divergence*

+19%

Previous close

$72.40

 
Intrinsic value

$202.02

 
Up/down potential

+179%

 
Rating

str. buy

 
Value-price divergence*

+19%

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

We calculate the intrinsic value of NSP 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 1.5

 

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, %
  12.94
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
Revenue, $m
  2,941
  3,238
  3,549
  3,873
  4,210
  4,562
  4,927
  5,307
  5,702
  6,112
  6,538
  6,982
  7,442
  7,922
  8,420
  8,940
  9,481
  10,044
  10,632
  11,245
  11,885
  12,552
  13,250
  13,979
  14,741
  15,538
  16,372
  17,245
  18,158
  19,114
  20,116
Variable operating expenses, $m
 
  2,853
  3,126
  3,411
  3,709
  4,018
  4,340
  4,674
  5,022
  5,383
  5,759
  6,148
  6,553
  6,975
  7,415
  7,872
  8,348
  8,844
  9,362
  9,902
  10,465
  11,053
  11,667
  12,309
  12,981
  13,682
  14,417
  15,185
  15,989
  16,831
  17,713
Fixed operating expenses, $m
 
  255
  262
  268
  275
  282
  289
  296
  303
  311
  319
  327
  335
  343
  352
  361
  370
  379
  388
  398
  408
  418
  429
  439
  450
  462
  473
  485
  497
  510
  522
Total operating expenses, $m
  2,835
  3,108
  3,388
  3,679
  3,984
  4,300
  4,629
  4,970
  5,325
  5,694
  6,078
  6,475
  6,888
  7,318
  7,767
  8,233
  8,718
  9,223
  9,750
  10,300
  10,873
  11,471
  12,096
  12,748
  13,431
  14,144
  14,890
  15,670
  16,486
  17,341
  18,235
Operating income, $m
  106
  130
  161
  193
  227
  262
  298
  337
  376
  418
  461
  507
  554
  603
  654
  707
  763
  821
  882
  945
  1,011
  1,081
  1,154
  1,230
  1,310
  1,394
  1,482
  1,575
  1,672
  1,774
  1,880
EBITDA, $m
  123
  139
  171
  204
  238
  274
  312
  351
  391
  434
  478
  524
  572
  622
  674
  729
  785
  845
  907
  972
  1,040
  1,111
  1,186
  1,264
  1,346
  1,432
  1,522
  1,616
  1,715
  1,819
  1,929
Interest expense (income), $m
  2
  4
  5
  8
  11
  14
  18
  22
  26
  30
  34
  38
  43
  47
  52
  57
  62
  68
  74
  80
  86
  92
  99
  106
  114
  121
  129
  138
  147
  156
  166
Earnings before tax, $m
  105
  126
  156
  185
  216
  247
  280
  315
  351
  388
  427
  469
  511
  556
  602
  650
  700
  753
  808
  865
  926
  989
  1,055
  1,124
  1,197
  1,273
  1,353
  1,437
  1,525
  1,618
  1,715
Tax expense, $m
  39
  34
  42
  50
  58
  67
  76
  85
  95
  105
  115
  127
  138
  150
  162
  175
  189
  203
  218
  234
  250
  267
  285
  304
  323
  344
  365
  388
  412
  437
  463
Net income, $m
  66
  92
  114
  135
  157
  181
  205
  230
  256
  283
  312
  342
  373
  406
  439
  474
  511
  550
  590
  632
  676
  722
  770
  821
  874
  929
  988
  1,049
  1,113
  1,181
  1,252

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  288
  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
  907
  960
  1,052
  1,148
  1,248
  1,352
  1,461
  1,573
  1,690
  1,812
  1,938
  2,070
  2,206
  2,349
  2,496
  2,650
  2,811
  2,978
  3,152
  3,334
  3,523
  3,721
  3,928
  4,144
  4,370
  4,607
  4,854
  5,113
  5,383
  5,667
  5,964
Adjusted assets (=assets-cash), $m
  619
  960
  1,052
  1,148
  1,248
  1,352
  1,461
  1,573
  1,690
  1,812
  1,938
  2,070
  2,206
  2,349
  2,496
  2,650
  2,811
  2,978
  3,152
  3,334
  3,523
  3,721
  3,928
  4,144
  4,370
  4,607
  4,854
  5,113
  5,383
  5,667
  5,964
Revenue / Adjusted assets
  4.751
  3.373
  3.374
  3.374
  3.373
  3.374
  3.372
  3.374
  3.374
  3.373
  3.374
  3.373
  3.374
  3.372
  3.373
  3.374
  3.373
  3.373
  3.373
  3.373
  3.374
  3.373
  3.373
  3.373
  3.373
  3.373
  3.373
  3.373
  3.373
  3.373
  3.373
Average production assets, $m
  72
  78
  85
  93
  101
  109
  118
  127
  137
  147
  157
  168
  179
  190
  202
  215
  228
  241
  255
  270
  285
  301
  318
  335
  354
  373
  393
  414
  436
  459
  483
Working capital, $m
  39
  -275
  -302
  -329
  -358
  -388
  -419
  -451
  -485
  -520
  -556
  -593
  -633
  -673
  -716
  -760
  -806
  -854
  -904
  -956
  -1,010
  -1,067
  -1,126
  -1,188
  -1,253
  -1,321
  -1,392
  -1,466
  -1,543
  -1,625
  -1,710
Total debt, $m
  104
  122
  205
  291
  381
  475
  573
  674
  779
  889
  1,003
  1,121
  1,244
  1,372
  1,505
  1,643
  1,788
  1,938
  2,095
  2,258
  2,429
  2,607
  2,793
  2,988
  3,191
  3,404
  3,626
  3,859
  4,103
  4,358
  4,625
Total liabilities, $m
  847
  864
  947
  1,033
  1,123
  1,217
  1,315
  1,416
  1,521
  1,631
  1,745
  1,863
  1,986
  2,114
  2,247
  2,385
  2,530
  2,680
  2,837
  3,000
  3,171
  3,349
  3,535
  3,730
  3,933
  4,146
  4,368
  4,601
  4,845
  5,100
  5,367
Total equity, $m
  61
  96
  105
  115
  125
  135
  146
  157
  169
  181
  194
  207
  221
  235
  250
  265
  281
  298
  315
  333
  352
  372
  393
  414
  437
  461
  485
  511
  538
  567
  596
Total liabilities and equity, $m
  908
  960
  1,052
  1,148
  1,248
  1,352
  1,461
  1,573
  1,690
  1,812
  1,939
  2,070
  2,207
  2,349
  2,497
  2,650
  2,811
  2,978
  3,152
  3,333
  3,523
  3,721
  3,928
  4,144
  4,370
  4,607
  4,853
  5,112
  5,383
  5,667
  5,963
Debt-to-equity ratio
  1.705
  1.270
  1.950
  2.540
  3.060
  3.510
  3.920
  4.280
  4.610
  4.910
  5.170
  5.420
  5.640
  5.840
  6.030
  6.200
  6.360
  6.510
  6.650
  6.770
  6.890
  7.010
  7.110
  7.210
  7.300
  7.390
  7.470
  7.550
  7.620
  7.690
  7.760
Adjusted equity ratio
  -0.367
  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
  66
  92
  114
  135
  157
  181
  205
  230
  256
  283
  312
  342
  373
  406
  439
  474
  511
  550
  590
  632
  676
  722
  770
  821
  874
  929
  988
  1,049
  1,113
  1,181
  1,252
Depreciation, amort., depletion, $m
  17
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  23
  24
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
  44
  46
  48
Funds from operations, $m
  163
  101
  124
  146
  169
  193
  218
  244
  271
  299
  329
  359
  391
  425
  460
  496
  534
  574
  615
  659
  704
  752
  802
  854
  909
  967
  1,027
  1,090
  1,157
  1,227
  1,300
Change in working capital, $m
  30
  -25
  -26
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -81
  -85
Cash from operations, $m
  133
  127
  150
  173
  198
  223
  249
  276
  305
  334
  365
  397
  430
  465
  502
  540
  580
  622
  665
  711
  759
  809
  861
  916
  974
  1,034
  1,098
  1,165
  1,235
  1,308
  1,385
Maintenance CAPEX, $m
  0
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -44
  -46
New CAPEX, $m
  -34
  -6
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
Cash from investing activities, $m
  -26
  -13
  -15
  -17
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -32
  -34
  -37
  -38
  -41
  -42
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -67
  -70
Free cash flow, $m
  107
  113
  135
  157
  180
  204
  229
  255
  282
  311
  340
  371
  403
  436
  471
  507
  546
  585
  627
  671
  716
  764
  814
  867
  922
  980
  1,041
  1,104
  1,171
  1,241
  1,315
Issuance/(repayment) of debt, $m
  104
  18
  83
  86
  90
  94
  98
  101
  105
  109
  114
  118
  123
  128
  133
  139
  144
  150
  157
  164
  171
  178
  186
  195
  203
  213
  222
  233
  244
  255
  267
Issuance/(repurchase) of shares, $m
  -175
  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  
  -69
  18
  83
  86
  90
  94
  98
  101
  105
  109
  114
  118
  123
  128
  133
  139
  144
  150
  157
  164
  171
  178
  186
  195
  203
  213
  222
  233
  244
  255
  267
Total cash flow (excl. dividends), $m
  38
  131
  218
  244
  270
  298
  327
  357
  388
  420
  454
  489
  526
  564
  604
  646
  690
  736
  784
  834
  887
  942
  1,000
  1,061
  1,125
  1,193
  1,263
  1,337
  1,415
  1,497
  1,583
Retained Cash Flow (-), $m
  111
  -70
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
Prev. year cash balance distribution, $m
 
  35
  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
 
  96
  209
  234
  260
  287
  316
  345
  376
  408
  441
  476
  512
  550
  589
  631
  674
  719
  766
  816
  868
  923
  980
  1,040
  1,103
  1,169
  1,238
  1,311
  1,388
  1,468
  1,553
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
 
  92
  191
  204
  214
  223
  229
  233
  235
  234
  231
  226
  218
  209
  198
  185
  171
  156
  141
  126
  110
  95
  81
  68
  56
  45
  36
  28
  21
  16
  12
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

Insperity, Inc. provides human resources (HR) and business solutions to enhance business performance for small and medium-sized businesses in the United States. The company offers its HR business services through its Workforce Optimization and Workforce Synchronization solutions, which encompasses a range of human resources functions comprising benefits and payroll administration, health and workersÂ’ compensation insurance programs, personnel records management, employer liability management, assistance with government compliance, general HR advice, employee recruiting and support, employee performance management, and training and development services. It also provides Employee Service Center, a cloud-based human capital management platform that provides automated and personalized professional employer organization HR outsourcing solutions to its clients and worksite employees; and Workforce Administration solution that offers human capital management and payroll services. In addition, Insperity, Inc. offers other business performance solutions consisting of human capital management, payroll services, time and attendance, organizational planning, recruiting services, employment screening, financial and expense management services, retirement services, and insurance services via desktop applications and cloud-based delivery models. The company was formerly known as Administaff, Inc. and changed its name to Insperity, Inc. in March 2011. Insperity, Inc. was founded in 1986 and is headquartered in Kingwood, Texas.

FINANCIAL RATIOS  of  Insperity (NSP)

Valuation Ratios
P/E Ratio 23.1
Price to Sales 0.5
Price to Book 24.9
Price to Tangible Book
Price to Cash Flow 11.4
Price to Free Cash Flow 15.4
Growth Rates
Sales Growth Rate 12.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 88.9%
Cap. Spend. - 3 Yr. Gr. Rate 23.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 170.5%
Total Debt to Equity 170.5%
Interest Coverage 54
Management Effectiveness
Return On Assets 8%
Ret/ On Assets - 3 Yr. Avg. 5.5%
Return On Total Capital 39.2%
Ret/ On T. Cap. - 3 Yr. Avg. 24.1%
Return On Equity 56.7%
Return On Equity - 3 Yr. Avg. 29.9%
Asset Turnover 3.5
Profitability Ratios
Gross Margin 16.7%
Gross Margin - 3 Yr. Avg. 16.9%
EBITDA Margin 4.2%
EBITDA Margin - 3 Yr. Avg. 3.5%
Operating Margin 3.6%
Oper. Margin - 3 Yr. Avg. 2.7%
Pre-Tax Margin 3.6%
Pre-Tax Margin - 3 Yr. Avg. 2.7%
Net Profit Margin 2.2%
Net Profit Margin - 3 Yr. Avg. 1.6%
Effective Tax Rate 37.1%
Eff/ Tax Rate - 3 Yr. Avg. 39.9%
Payout Ratio 31.8%

NSP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NSP stock intrinsic value calculation we used $2941 million for the last fiscal year's total revenue generated by Insperity. The default revenue input number comes from 2016 income statement of Insperity. 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 NSP stock valuation model: a) initial revenue growth rate of 10.1% 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 NSP is calculated based on our internal credit rating of Insperity, 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 Insperity.
    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 NSP stock the variable cost ratio is equal to 88.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $249 million in the base year in the intrinsic value calculation for NSP 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 3.8% for Insperity.

Corporate tax rate of 27% is the nominal tax rate for Insperity. 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 NSP 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 NSP are equal to 2.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Insperity 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 NSP is equal to -8.5%. 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 - $61 million for Insperity - 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 21.348 million for Insperity 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 Insperity at the current share price and the inputted number of shares is $1.5 billion.

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ADP Automatic Data 104.58 101.80  hold
WAGE WageWorks 64.60 503.31  str.buy
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COMPANY NEWS

▶ ETFs with exposure to Insperity, Inc. : June 29, 2017   [Jun-29-17 03:11PM  Capital Cube]
▶ ETFs with exposure to Insperity, Inc. : May 4, 2017   [May-04-17 04:13PM  Capital Cube]
▶ Stocks Poised For Gains On Budget Deal; Dunkin' Gets Upgrade   [May-01-17 08:45AM  Investor's Business Daily]
▶ Insperity beats 1Q profit forecasts   [08:06AM  Associated Press]
▶ Insperity Announces First Quarter Results   [08:00AM  Business Wire]
▶ Insperity boosts dividend by 20%   [07:37AM  MarketWatch]
▶ Insperity Raises Quarterly Dividend 20%   [07:30AM  Business Wire]
▶ Market Recon: Another Fed Meeting Beckons   [07:17AM  TheStreet.com]
▶ Can The Uptrend Continue for Insperity (NSP)?   [Feb-23-17 09:39AM  Zacks]
▶ Should You Avoid Insperity Inc (NSP)?   [09:15AM  at Insider Monkey]
▶ Hedge Funds Are Buying Cambrex Corporation (CBM)   [Nov-28-16 01:18PM  at Insider Monkey]
▶ Insperity Enters Indianapolis   [Nov-14-16 09:00AM  Business Wire]
▶ Exclusive: Insperity to consolidate 200 employees in new building   [Oct-06-16 09:35AM  at bizjournals.com]
▶ Insperity Enters Relationship with iSolved HCM   [Oct-04-16 09:00AM  Business Wire]
▶ Insperity Declares Quarterly Dividend of $0.25   [Sep-02-16 08:00AM  Business Wire]
▶ Value Holdings Likes These 5 Industrials Stocks   [Aug-06-16 12:58AM  at Insider Monkey]
▶ Heres Why These Five Stocks Are Trending on Monday   [11:45AM  at Insider Monkey]
Stock chart of NSP Financial statements of NSP Annual reports of NSP
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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