Intrinsic value of Insperity - NSP

Previous Close

$60.70

  Intrinsic Value

$66.60

stock screener

  Rating & Target

hold

+10%

Previous close

$60.70

 
Intrinsic value

$66.60

 
Up/down potential

+10%

 
Rating

hold

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

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, %
  12.94
  13.20
  12.38
  11.64
  10.98
  10.38
  9.84
  9.36
  8.92
  8.53
  8.18
  7.86
  7.57
  7.32
  7.08
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.65
  5.59
  5.53
  5.48
  5.43
  5.39
Revenue, $m
  2,941
  3,329
  3,741
  4,177
  4,635
  5,117
  5,620
  6,146
  6,695
  7,266
  7,860
  8,477
  9,119
  9,787
  10,480
  11,200
  11,950
  12,729
  13,539
  14,383
  15,261
  16,176
  17,130
  18,125
  19,163
  20,247
  21,378
  22,560
  23,796
  25,088
  26,439
Variable operating expenses, $m
 
  2,933
  3,296
  3,679
  4,083
  4,507
  4,950
  5,413
  5,896
  6,399
  6,922
  7,465
  8,030
  8,618
  9,228
  9,863
  10,522
  11,208
  11,922
  12,665
  13,438
  14,244
  15,084
  15,960
  16,874
  17,828
  18,825
  19,866
  20,954
  22,091
  23,281
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
  3,188
  3,558
  3,947
  4,358
  4,789
  5,239
  5,709
  6,199
  6,710
  7,241
  7,792
  8,365
  8,961
  9,580
  10,224
  10,892
  11,587
  12,310
  13,063
  13,846
  14,662
  15,513
  16,399
  17,324
  18,290
  19,298
  20,351
  21,451
  22,601
  23,803
Operating income, $m
  106
  141
  184
  229
  278
  328
  381
  437
  495
  556
  619
  686
  754
  826
  900
  977
  1,058
  1,141
  1,229
  1,320
  1,415
  1,514
  1,617
  1,726
  1,839
  1,957
  2,080
  2,210
  2,345
  2,487
  2,636
EBITDA, $m
  123
  158
  203
  251
  301
  354
  410
  468
  528
  592
  658
  727
  798
  873
  950
  1,031
  1,115
  1,203
  1,294
  1,389
  1,488
  1,592
  1,700
  1,813
  1,930
  2,054
  2,183
  2,318
  2,459
  2,607
  2,763
Interest expense (income), $m
  2
  4
  -4
  -1
  2
  5
  9
  12
  16
  20
  24
  28
  33
  37
  42
  47
  52
  58
  63
  69
  75
  82
  88
  95
  102
  110
  118
  126
  134
  143
  152
Earnings before tax, $m
  105
  137
  188
  231
  276
  323
  373
  425
  479
  536
  595
  657
  722
  788
  858
  930
  1,005
  1,084
  1,165
  1,251
  1,339
  1,432
  1,529
  1,630
  1,736
  1,847
  1,963
  2,084
  2,211
  2,344
  2,483
Tax expense, $m
  39
  37
  51
  62
  74
  87
  101
  115
  129
  145
  161
  178
  195
  213
  232
  251
  271
  293
  315
  338
  362
  387
  413
  440
  469
  499
  530
  563
  597
  633
  670
Net income, $m
  66
  100
  137
  168
  201
  236
  272
  310
  350
  391
  434
  480
  527
  575
  626
  679
  734
  791
  851
  913
  978
  1,046
  1,116
  1,190
  1,267
  1,348
  1,433
  1,521
  1,614
  1,711
  1,813

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
  701
  787
  879
  976
  1,077
  1,183
  1,294
  1,409
  1,529
  1,654
  1,784
  1,919
  2,060
  2,206
  2,357
  2,515
  2,679
  2,850
  3,027
  3,212
  3,405
  3,606
  3,815
  4,033
  4,262
  4,500
  4,749
  5,009
  5,281
  5,565
Adjusted assets (=assets-cash), $m
  619
  701
  787
  879
  976
  1,077
  1,183
  1,294
  1,409
  1,529
  1,654
  1,784
  1,919
  2,060
  2,206
  2,357
  2,515
  2,679
  2,850
  3,027
  3,212
  3,405
  3,606
  3,815
  4,033
  4,262
  4,500
  4,749
  5,009
  5,281
  5,565
Revenue / Adjusted assets
  4.751
  4.749
  4.753
  4.752
  4.749
  4.751
  4.751
  4.750
  4.752
  4.752
  4.752
  4.752
  4.752
  4.751
  4.751
  4.752
  4.751
  4.751
  4.751
  4.752
  4.751
  4.751
  4.750
  4.751
  4.752
  4.751
  4.751
  4.750
  4.751
  4.751
  4.751
Average production assets, $m
  72
  80
  90
  100
  111
  123
  135
  148
  161
  174
  189
  203
  219
  235
  252
  269
  287
  305
  325
  345
  366
  388
  411
  435
  460
  486
  513
  541
  571
  602
  635
Working capital, $m
  39
  -283
  -318
  -355
  -394
  -435
  -478
  -522
  -569
  -618
  -668
  -721
  -775
  -832
  -891
  -952
  -1,016
  -1,082
  -1,151
  -1,223
  -1,297
  -1,375
  -1,456
  -1,541
  -1,629
  -1,721
  -1,817
  -1,918
  -2,023
  -2,132
  -2,247
Total debt, $m
  104
  -111
  -33
  49
  136
  227
  323
  422
  526
  634
  747
  864
  986
  1,112
  1,243
  1,380
  1,522
  1,669
  1,823
  1,983
  2,149
  2,322
  2,503
  2,692
  2,888
  3,093
  3,308
  3,532
  3,766
  4,010
  4,266
Total liabilities, $m
  847
  631
  709
  791
  878
  969
  1,065
  1,164
  1,268
  1,376
  1,489
  1,606
  1,728
  1,854
  1,985
  2,122
  2,264
  2,411
  2,565
  2,725
  2,891
  3,064
  3,245
  3,434
  3,630
  3,835
  4,050
  4,274
  4,508
  4,752
  5,008
Total equity, $m
  61
  70
  79
  88
  98
  108
  118
  129
  141
  153
  165
  178
  192
  206
  221
  236
  252
  268
  285
  303
  321
  340
  361
  382
  403
  426
  450
  475
  501
  528
  556
Total liabilities and equity, $m
  908
  701
  788
  879
  976
  1,077
  1,183
  1,293
  1,409
  1,529
  1,654
  1,784
  1,920
  2,060
  2,206
  2,358
  2,516
  2,679
  2,850
  3,028
  3,212
  3,404
  3,606
  3,816
  4,033
  4,261
  4,500
  4,749
  5,009
  5,280
  5,564
Debt-to-equity ratio
  1.705
  -1.590
  -0.420
  0.560
  1.400
  2.110
  2.730
  3.260
  3.730
  4.150
  4.510
  4.840
  5.130
  5.400
  5.640
  5.850
  6.050
  6.230
  6.400
  6.550
  6.690
  6.820
  6.940
  7.060
  7.160
  7.260
  7.350
  7.440
  7.520
  7.590
  7.670
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
  100
  137
  168
  201
  236
  272
  310
  350
  391
  434
  480
  527
  575
  626
  679
  734
  791
  851
  913
  978
  1,046
  1,116
  1,190
  1,267
  1,348
  1,433
  1,521
  1,614
  1,711
  1,813
Depreciation, amort., depletion, $m
  17
  17
  19
  21
  24
  26
  28
  31
  33
  36
  39
  41
  44
  47
  50
  54
  57
  61
  65
  69
  73
  78
  82
  87
  92
  97
  103
  108
  114
  120
  127
Funds from operations, $m
  163
  117
  157
  190
  225
  262
  300
  341
  383
  427
  473
  521
  570
  622
  676
  733
  791
  852
  916
  982
  1,051
  1,123
  1,199
  1,277
  1,359
  1,445
  1,535
  1,630
  1,728
  1,831
  1,940
Change in working capital, $m
  30
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -50
  -53
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -105
  -110
  -115
Cash from operations, $m
  133
  150
  192
  227
  264
  303
  343
  385
  430
  476
  524
  573
  625
  679
  735
  794
  855
  918
  985
  1,054
  1,126
  1,201
  1,280
  1,362
  1,448
  1,538
  1,632
  1,730
  1,833
  1,941
  2,055
Maintenance CAPEX, $m
  0
  -14
  -16
  -18
  -20
  -22
  -25
  -27
  -30
  -32
  -35
  -38
  -41
  -44
  -47
  -50
  -54
  -57
  -61
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -103
  -108
  -114
  -120
New CAPEX, $m
  -34
  -8
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
Cash from investing activities, $m
  -26
  -22
  -26
  -28
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -53
  -56
  -60
  -64
  -67
  -72
  -76
  -80
  -85
  -90
  -95
  -101
  -106
  -112
  -118
  -124
  -131
  -138
  -145
  -152
Free cash flow, $m
  107
  128
  166
  198
  233
  269
  306
  346
  387
  430
  474
  521
  569
  619
  672
  726
  783
  842
  904
  968
  1,036
  1,106
  1,179
  1,256
  1,336
  1,420
  1,507
  1,599
  1,695
  1,796
  1,902
Issuance/(repayment) of debt, $m
  104
  -215
  78
  83
  87
  91
  95
  100
  104
  108
  113
  117
  122
  126
  131
  137
  142
  148
  154
  160
  166
  173
  181
  188
  197
  205
  214
  224
  234
  245
  256
Issuance/(repurchase) of shares, $m
  -175
  197
  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
  78
  83
  87
  91
  95
  100
  104
  108
  113
  117
  122
  126
  131
  137
  142
  148
  154
  160
  166
  173
  181
  188
  197
  205
  214
  224
  234
  245
  256
Total cash flow (excl. dividends), $m
  38
  109
  244
  281
  320
  360
  402
  445
  491
  538
  587
  638
  691
  746
  803
  863
  925
  990
  1,058
  1,128
  1,202
  1,279
  1,360
  1,444
  1,532
  1,625
  1,722
  1,823
  1,929
  2,041
  2,158
Retained Cash Flow (-), $m
  111
  -297
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
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
 
  100
  235
  272
  310
  350
  391
  434
  479
  526
  575
  625
  677
  732
  788
  848
  909
  973
  1,041
  1,110
  1,184
  1,260
  1,340
  1,423
  1,511
  1,602
  1,698
  1,798
  1,903
  2,014
  2,129
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
 
  96
  215
  236
  255
  271
  284
  293
  300
  302
  301
  297
  289
  278
  265
  249
  231
  212
  192
  171
  150
  130
  111
  93
  77
  62
  50
  39
  29
  22
  16
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 a range of human resources (HR) and business solutions. The Company's HR services offerings are provided through its Workforce Optimization and Workforce Synchronization solutions (together, its professional employer organization (PEO) HR Outsourcing solutions), which encompass a range of human resources functions, including payroll and employment administration, employee benefits, workers' compensation, performance management and training and development services, along with its cloud-based human capital management platform, the Employee Service Center (ESC). In addition to its PEO HR Outsourcing solutions, it offers various other business performance solutions, including Human Capital Management, Time and Attendance, Performance Management, Organizational Planning, Recruiting Services, Employment Screening, Retirement Services and Insurance Services, which are offered through desktop applications and cloud-based delivery models.

FINANCIAL RATIOS  of  Insperity (NSP)

Valuation Ratios
P/E Ratio 38.7
Price to Sales 0.9
Price to Book 41.8
Price to Tangible Book
Price to Cash Flow 19.2
Price to Free Cash Flow 25.8
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 13.2% 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 41.674 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 $2.5 billion.

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COMPANY NEWS

▶ Insperity Enters Milwaukee Market   [Jan-18-18 09:00AM  Business Wire]
▶ Insperity president announces retirement   [Jan-08-18 04:30PM  American City Business Journals]
▶ Insperity Sees Composite Rating Move Up To 96   [Jan-02-18 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Insperity, Inc. : December 28, 2017   [Dec-28-17 12:31PM  Capital Cube]
▶ Calculating The Fair Value Of Insperity Inc (NYSE:NSP)   [Dec-20-17 05:05PM  Simply Wall St.]
▶ Only 1 energy company makes Glassdoors 2018 Best Places to Work list   [Dec-07-17 04:15PM  American City Business Journals]
▶ Insperity Enters Fort Lauderdale   [Dec-04-17 09:00AM  Business Wire]
▶ Is It Time To Sell Insperity Inc (NSP) Based Off Its PE Ratio?   [Nov-24-17 06:25PM  Simply Wall St.]
▶ Insperity Sees Composite Rating Move Up To 97   [03:00AM  Investor's Business Daily]
▶ Insperity tops Street 3Q forecasts   [Nov-01-17 08:09AM  Associated Press]
▶ Insperity, Inc. to Host Earnings Call   [07:30AM  ACCESSWIRE]
▶ Insperity Wins 2 Stevie Awards for Great Employers   [Sep-26-17 09:00AM  Business Wire]
▶ Insperity Appoints New Independent Director to Board   [Sep-22-17 08:00AM  Business Wire]
▶ Should You Buy Insperity Inc (NSP)?   [Sep-15-17 02:31PM  Simply Wall St.]
▶ Insperity Declares Quarterly Dividend of $0.30   [Aug-24-17 09:00AM  Business Wire]
▶ ETFs with exposure to Insperity, Inc. : August 17, 2017   [Aug-17-17 03:49PM  Capital Cube]
▶ Insperity tops Street 2Q forecasts   [Aug-01-17 09:36PM  Associated Press]
▶ 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]
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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