Intrinsic value of Insperity - NSP

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$88.65

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$88.65

 
Intrinsic value

$116.16

 
Up/down potential

+31%

 
Rating

buy

 
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*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 1.9

 

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
  12.20
  11.48
  10.83
  10.25
  9.72
  9.25
  8.83
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
  5.34
Revenue, $m
  2,941
  3,300
  3,679
  4,077
  4,495
  4,932
  5,388
  5,864
  6,359
  6,874
  7,410
  7,966
  8,544
  9,145
  9,770
  10,419
  11,095
  11,798
  12,529
  13,291
  14,085
  14,912
  15,775
  16,676
  17,616
  18,598
  19,624
  20,697
  21,818
  22,991
  24,219
Variable operating expenses, $m
 
  2,907
  3,241
  3,591
  3,959
  4,344
  4,746
  5,165
  5,601
  6,054
  6,526
  7,015
  7,524
  8,053
  8,603
  9,175
  9,770
  10,388
  11,033
  11,703
  12,402
  13,131
  13,891
  14,684
  15,512
  16,377
  17,280
  18,225
  19,212
  20,245
  21,326
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
  3,162
  3,503
  3,859
  4,234
  4,626
  5,035
  5,461
  5,904
  6,365
  6,845
  7,342
  7,859
  8,396
  8,955
  9,536
  10,140
  10,767
  11,421
  12,101
  12,810
  13,549
  14,320
  15,123
  15,962
  16,839
  17,753
  18,710
  19,709
  20,755
  21,848
Operating income, $m
  106
  138
  176
  218
  261
  306
  354
  403
  455
  509
  565
  625
  686
  749
  815
  884
  956
  1,030
  1,108
  1,189
  1,274
  1,363
  1,456
  1,552
  1,654
  1,760
  1,871
  1,987
  2,109
  2,237
  2,370
EBITDA, $m
  123
  155
  195
  238
  284
  331
  381
  433
  487
  543
  602
  663
  727
  793
  862
  934
  1,009
  1,087
  1,168
  1,253
  1,342
  1,435
  1,531
  1,632
  1,738
  1,849
  1,965
  2,086
  2,214
  2,347
  2,487
Interest expense (income), $m
  2
  4
  -4
  -2
  1
  4
  7
  11
  14
  18
  21
  25
  29
  33
  38
  42
  47
  52
  57
  62
  67
  73
  79
  85
  92
  99
  106
  113
  121
  129
  137
Earnings before tax, $m
  105
  134
  181
  219
  260
  302
  346
  393
  441
  491
  544
  600
  657
  716
  777
  842
  909
  979
  1,051
  1,127
  1,207
  1,290
  1,376
  1,467
  1,562
  1,661
  1,765
  1,874
  1,988
  2,108
  2,233
Tax expense, $m
  39
  36
  49
  59
  70
  82
  93
  106
  119
  133
  147
  162
  177
  193
  210
  227
  245
  264
  284
  304
  326
  348
  372
  396
  422
  449
  477
  506
  537
  569
  603
Net income, $m
  66
  98
  132
  160
  189
  220
  253
  287
  322
  359
  397
  438
  479
  523
  568
  614
  663
  714
  768
  823
  881
  942
  1,005
  1,071
  1,140
  1,213
  1,289
  1,368
  1,451
  1,539
  1,630

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
  695
  774
  858
  946
  1,038
  1,134
  1,234
  1,338
  1,447
  1,560
  1,677
  1,798
  1,925
  2,056
  2,193
  2,335
  2,483
  2,637
  2,797
  2,965
  3,139
  3,320
  3,510
  3,708
  3,915
  4,131
  4,356
  4,592
  4,839
  5,098
Adjusted assets (=assets-cash), $m
  619
  695
  774
  858
  946
  1,038
  1,134
  1,234
  1,338
  1,447
  1,560
  1,677
  1,798
  1,925
  2,056
  2,193
  2,335
  2,483
  2,637
  2,797
  2,965
  3,139
  3,320
  3,510
  3,708
  3,915
  4,131
  4,356
  4,592
  4,839
  5,098
Revenue / Adjusted assets
  4.751
  4.748
  4.753
  4.752
  4.752
  4.751
  4.751
  4.752
  4.753
  4.751
  4.750
  4.750
  4.752
  4.751
  4.752
  4.751
  4.752
  4.752
  4.751
  4.752
  4.750
  4.751
  4.752
  4.751
  4.751
  4.750
  4.750
  4.751
  4.751
  4.751
  4.751
Average production assets, $m
  72
  79
  88
  98
  108
  118
  129
  141
  153
  165
  178
  191
  205
  219
  234
  250
  266
  283
  301
  319
  338
  358
  379
  400
  423
  446
  471
  497
  524
  552
  581
Working capital, $m
  39
  -280
  -313
  -347
  -382
  -419
  -458
  -498
  -541
  -584
  -630
  -677
  -726
  -777
  -830
  -886
  -943
  -1,003
  -1,065
  -1,130
  -1,197
  -1,268
  -1,341
  -1,417
  -1,497
  -1,581
  -1,668
  -1,759
  -1,855
  -1,954
  -2,059
Total debt, $m
  104
  -117
  -45
  30
  109
  192
  279
  369
  463
  560
  662
  767
  877
  990
  1,109
  1,232
  1,360
  1,493
  1,631
  1,776
  1,926
  2,083
  2,246
  2,417
  2,595
  2,781
  2,975
  3,179
  3,391
  3,613
  3,846
Total liabilities, $m
  847
  625
  697
  772
  851
  934
  1,021
  1,111
  1,205
  1,302
  1,404
  1,509
  1,619
  1,732
  1,851
  1,974
  2,102
  2,235
  2,373
  2,518
  2,668
  2,825
  2,988
  3,159
  3,337
  3,523
  3,717
  3,921
  4,133
  4,355
  4,588
Total equity, $m
  61
  69
  77
  86
  95
  104
  113
  123
  134
  145
  156
  168
  180
  192
  206
  219
  234
  248
  264
  280
  296
  314
  332
  351
  371
  391
  413
  436
  459
  484
  510
Total liabilities and equity, $m
  908
  694
  774
  858
  946
  1,038
  1,134
  1,234
  1,339
  1,447
  1,560
  1,677
  1,799
  1,924
  2,057
  2,193
  2,336
  2,483
  2,637
  2,798
  2,964
  3,139
  3,320
  3,510
  3,708
  3,914
  4,130
  4,357
  4,592
  4,839
  5,098
Debt-to-equity ratio
  1.705
  -1.680
  -0.580
  0.350
  1.160
  1.850
  2.460
  2.990
  3.460
  3.870
  4.240
  4.570
  4.870
  5.150
  5.390
  5.620
  5.820
  6.010
  6.190
  6.350
  6.500
  6.640
  6.770
  6.890
  7.000
  7.100
  7.200
  7.300
  7.380
  7.470
  7.540
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
  98
  132
  160
  189
  220
  253
  287
  322
  359
  397
  438
  479
  523
  568
  614
  663
  714
  768
  823
  881
  942
  1,005
  1,071
  1,140
  1,213
  1,289
  1,368
  1,451
  1,539
  1,630
Depreciation, amort., depletion, $m
  17
  17
  19
  21
  23
  25
  27
  29
  32
  34
  37
  38
  41
  44
  47
  50
  53
  57
  60
  64
  68
  72
  76
  80
  85
  89
  94
  99
  105
  110
  116
Funds from operations, $m
  163
  115
  151
  181
  212
  245
  280
  316
  354
  393
  434
  476
  520
  566
  614
  664
  717
  771
  828
  887
  949
  1,013
  1,081
  1,151
  1,225
  1,302
  1,383
  1,467
  1,556
  1,649
  1,746
Change in working capital, $m
  30
  -30
  -32
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -77
  -80
  -83
  -87
  -91
  -95
  -100
  -104
Cash from operations, $m
  133
  154
  183
  215
  248
  283
  319
  356
  396
  437
  479
  523
  569
  617
  668
  720
  774
  831
  890
  952
  1,016
  1,083
  1,154
  1,228
  1,305
  1,385
  1,470
  1,559
  1,651
  1,749
  1,851
Maintenance CAPEX, $m
  0
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -31
  -33
  -36
  -38
  -41
  -44
  -47
  -50
  -53
  -57
  -60
  -64
  -68
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -105
  -110
New CAPEX, $m
  -34
  -8
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
Cash from investing activities, $m
  -26
  -22
  -25
  -28
  -30
  -32
  -35
  -37
  -40
  -43
  -46
  -49
  -52
  -55
  -59
  -63
  -66
  -70
  -75
  -78
  -83
  -88
  -93
  -98
  -103
  -109
  -114
  -120
  -126
  -133
  -139
Free cash flow, $m
  107
  132
  158
  188
  218
  250
  284
  319
  356
  394
  433
  474
  517
  562
  609
  657
  708
  761
  816
  873
  933
  996
  1,062
  1,130
  1,202
  1,277
  1,356
  1,439
  1,525
  1,616
  1,711
Issuance/(repayment) of debt, $m
  104
  -221
  72
  75
  79
  83
  86
  90
  94
  98
  101
  105
  110
  114
  118
  123
  128
  133
  139
  144
  150
  157
  163
  171
  178
  186
  194
  203
  212
  222
  233
Issuance/(repurchase) of shares, $m
  -175
  98
  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
  -123
  72
  75
  79
  83
  86
  90
  94
  98
  101
  105
  110
  114
  118
  123
  128
  133
  139
  144
  150
  157
  163
  171
  178
  186
  194
  203
  212
  222
  233
Total cash flow (excl. dividends), $m
  38
  -89
  230
  263
  297
  333
  371
  409
  449
  491
  535
  580
  627
  676
  727
  780
  836
  894
  954
  1,017
  1,084
  1,153
  1,225
  1,301
  1,380
  1,463
  1,550
  1,642
  1,738
  1,838
  1,944
Retained Cash Flow (-), $m
  111
  -296
  -8
  -8
  -9
  -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
Prev. year cash balance distribution, $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
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
 
  0
  222
  255
  289
  324
  361
  399
  439
  480
  524
  568
  615
  663
  714
  767
  822
  879
  939
  1,001
  1,067
  1,135
  1,207
  1,282
  1,360
  1,443
  1,529
  1,619
  1,714
  1,813
  1,918
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
 
  0
  203
  222
  238
  251
  262
  270
  274
  276
  274
  270
  262
  252
  240
  225
  209
  191
  173
  154
  136
  117
  100
  84
  69
  56
  45
  35
  27
  20
  14
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

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 28.2
Price to Sales 0.6
Price to Book 30.5
Price to Tangible Book
Price to Cash Flow 14
Price to Free Cash Flow 18.8
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 12.2% 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 5 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 21.433 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 $1.9 billion.


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COMPANY NEWS

▶ 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]
▶ Insperity Announces Second Quarter Results   [07:00AM  Business Wire]
▶ 10 NYSE Stocks Hitting 52-Week Highs Monday   [Jul-19-16 11:07AM  at Insider Monkey]
▶ Cramer: Behind the staggering moves of Insperity   [Jun-28-16 06:46PM  at CNBC]
Stock chart of NSP Financial statements 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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