Intrinsic value of Insperity - NSP

Previous Close

$114.45

  Intrinsic Value

$129.69

stock screener

  Rating & Target

hold

+13%

Previous close

$114.45

 
Intrinsic value

$129.69

 
Up/down potential

+13%

 
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

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, %
  12.94
  12.90
  12.11
  11.40
  10.76
  10.18
  9.66
  9.20
  8.78
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
Revenue, $m
  2,941
  3,320
  3,722
  4,147
  4,593
  5,061
  5,550
  6,060
  6,592
  7,146
  7,722
  8,321
  8,943
  9,590
  10,262
  10,961
  11,687
  12,442
  13,228
  14,047
  14,899
  15,787
  16,713
  17,678
  18,686
  19,738
  20,837
  21,985
  23,185
  24,441
  25,754
Variable operating expenses, $m
 
  2,925
  3,279
  3,653
  4,046
  4,458
  4,888
  5,338
  5,806
  6,294
  6,801
  7,327
  7,875
  8,445
  9,036
  9,651
  10,291
  10,956
  11,648
  12,369
  13,119
  13,901
  14,717
  15,567
  16,454
  17,381
  18,348
  19,359
  20,416
  21,521
  22,678
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
  3,180
  3,541
  3,921
  4,321
  4,740
  5,177
  5,634
  6,109
  6,605
  7,120
  7,654
  8,210
  8,788
  9,388
  10,012
  10,661
  11,335
  12,036
  12,767
  13,527
  14,319
  15,146
  16,006
  16,904
  17,843
  18,821
  19,844
  20,913
  22,031
  23,200
Operating income, $m
  106
  140
  182
  226
  272
  321
  373
  427
  483
  541
  602
  667
  733
  802
  874
  949
  1,026
  1,107
  1,192
  1,280
  1,372
  1,467
  1,568
  1,672
  1,782
  1,896
  2,016
  2,141
  2,272
  2,410
  2,554
EBITDA, $m
  123
  157
  201
  247
  296
  347
  401
  457
  516
  577
  641
  707
  776
  848
  923
  1,001
  1,082
  1,167
  1,255
  1,347
  1,443
  1,543
  1,648
  1,757
  1,871
  1,991
  2,116
  2,246
  2,383
  2,527
  2,677
Interest expense (income), $m
  2
  4
  -4
  -1
  2
  5
  8
  12
  15
  19
  23
  27
  32
  36
  41
  46
  51
  56
  61
  67
  73
  79
  85
  92
  99
  106
  114
  122
  130
  139
  148
Earnings before tax, $m
  105
  136
  186
  227
  271
  317
  365
  415
  467
  522
  579
  640
  702
  766
  833
  903
  976
  1,051
  1,130
  1,213
  1,299
  1,388
  1,482
  1,580
  1,682
  1,790
  1,902
  2,019
  2,142
  2,271
  2,406
Tax expense, $m
  39
  37
  50
  61
  73
  85
  98
  112
  126
  141
  156
  173
  189
  207
  225
  244
  263
  284
  305
  327
  351
  375
  400
  427
  454
  483
  513
  545
  578
  613
  650
Net income, $m
  66
  99
  136
  166
  198
  231
  266
  303
  341
  381
  423
  467
  512
  559
  608
  659
  712
  767
  825
  885
  948
  1,013
  1,082
  1,153
  1,228
  1,306
  1,388
  1,474
  1,564
  1,658
  1,756

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
  699
  784
  873
  967
  1,065
  1,168
  1,276
  1,388
  1,504
  1,625
  1,751
  1,882
  2,019
  2,160
  2,307
  2,460
  2,619
  2,784
  2,957
  3,136
  3,323
  3,518
  3,721
  3,933
  4,155
  4,386
  4,627
  4,880
  5,144
  5,421
Adjusted assets (=assets-cash), $m
  619
  699
  784
  873
  967
  1,065
  1,168
  1,276
  1,388
  1,504
  1,625
  1,751
  1,882
  2,019
  2,160
  2,307
  2,460
  2,619
  2,784
  2,957
  3,136
  3,323
  3,518
  3,721
  3,933
  4,155
  4,386
  4,627
  4,880
  5,144
  5,421
Revenue / Adjusted assets
  4.751
  4.750
  4.747
  4.750
  4.750
  4.752
  4.752
  4.749
  4.749
  4.751
  4.752
  4.752
  4.752
  4.750
  4.751
  4.751
  4.751
  4.751
  4.751
  4.750
  4.751
  4.751
  4.751
  4.751
  4.751
  4.750
  4.751
  4.751
  4.751
  4.751
  4.751
Average production assets, $m
  72
  80
  89
  100
  110
  121
  133
  145
  158
  172
  185
  200
  215
  230
  246
  263
  280
  299
  317
  337
  358
  379
  401
  424
  448
  474
  500
  528
  556
  587
  618
Working capital, $m
  39
  -282
  -316
  -352
  -390
  -430
  -472
  -515
  -560
  -607
  -656
  -707
  -760
  -815
  -872
  -932
  -993
  -1,058
  -1,124
  -1,194
  -1,266
  -1,342
  -1,421
  -1,503
  -1,588
  -1,678
  -1,771
  -1,869
  -1,971
  -2,077
  -2,189
Total debt, $m
  104
  -113
  -37
  44
  128
  217
  309
  406
  507
  612
  721
  834
  952
  1,075
  1,202
  1,334
  1,472
  1,615
  1,764
  1,919
  2,080
  2,249
  2,424
  2,607
  2,798
  2,997
  3,205
  3,423
  3,650
  3,888
  4,137
Total liabilities, $m
  847
  629
  705
  786
  870
  959
  1,051
  1,148
  1,249
  1,354
  1,463
  1,576
  1,694
  1,817
  1,944
  2,076
  2,214
  2,357
  2,506
  2,661
  2,822
  2,991
  3,166
  3,349
  3,540
  3,739
  3,947
  4,165
  4,392
  4,630
  4,879
Total equity, $m
  61
  70
  78
  87
  97
  107
  117
  128
  139
  150
  163
  175
  188
  202
  216
  231
  246
  262
  278
  296
  314
  332
  352
  372
  393
  415
  439
  463
  488
  514
  542
Total liabilities and equity, $m
  908
  699
  783
  873
  967
  1,066
  1,168
  1,276
  1,388
  1,504
  1,626
  1,751
  1,882
  2,019
  2,160
  2,307
  2,460
  2,619
  2,784
  2,957
  3,136
  3,323
  3,518
  3,721
  3,933
  4,154
  4,386
  4,628
  4,880
  5,144
  5,421
Debt-to-equity ratio
  1.705
  -1.620
  -0.470
  0.500
  1.320
  2.030
  2.650
  3.180
  3.650
  4.070
  4.430
  4.760
  5.060
  5.320
  5.560
  5.780
  5.980
  6.170
  6.340
  6.490
  6.630
  6.770
  6.890
  7.010
  7.110
  7.210
  7.310
  7.400
  7.480
  7.560
  7.630
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
  99
  136
  166
  198
  231
  266
  303
  341
  381
  423
  467
  512
  559
  608
  659
  712
  767
  825
  885
  948
  1,013
  1,082
  1,153
  1,228
  1,306
  1,388
  1,474
  1,564
  1,658
  1,756
Depreciation, amort., depletion, $m
  17
  17
  19
  21
  23
  26
  28
  30
  33
  36
  38
  40
  43
  46
  49
  53
  56
  60
  63
  67
  72
  76
  80
  85
  90
  95
  100
  106
  111
  117
  124
Funds from operations, $m
  163
  117
  155
  187
  221
  257
  294
  333
  374
  417
  461
  507
  555
  605
  657
  712
  768
  827
  889
  953
  1,020
  1,089
  1,162
  1,238
  1,318
  1,401
  1,488
  1,580
  1,675
  1,775
  1,880
Change in working capital, $m
  30
  -32
  -34
  -36
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -72
  -75
  -79
  -82
  -86
  -89
  -93
  -98
  -102
  -107
  -112
Cash from operations, $m
  133
  149
  189
  223
  259
  296
  336
  377
  419
  464
  510
  558
  608
  660
  715
  771
  830
  891
  955
  1,022
  1,092
  1,165
  1,241
  1,320
  1,404
  1,491
  1,582
  1,677
  1,777
  1,882
  1,992
Maintenance CAPEX, $m
  0
  -14
  -16
  -18
  -20
  -22
  -24
  -27
  -29
  -32
  -34
  -37
  -40
  -43
  -46
  -49
  -53
  -56
  -60
  -63
  -67
  -72
  -76
  -80
  -85
  -90
  -95
  -100
  -106
  -111
  -117
New CAPEX, $m
  -34
  -8
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
Cash from investing activities, $m
  -26
  -22
  -26
  -28
  -31
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -55
  -59
  -62
  -66
  -70
  -74
  -79
  -83
  -87
  -93
  -98
  -103
  -109
  -115
  -121
  -128
  -135
  -141
  -149
Free cash flow, $m
  107
  126
  164
  195
  228
  263
  300
  338
  377
  419
  462
  506
  553
  602
  652
  705
  760
  817
  877
  939
  1,004
  1,072
  1,143
  1,217
  1,295
  1,376
  1,461
  1,550
  1,643
  1,740
  1,843
Issuance/(repayment) of debt, $m
  104
  -217
  76
  80
  85
  89
  93
  97
  101
  105
  109
  113
  118
  123
  127
  132
  138
  143
  149
  155
  161
  168
  175
  183
  191
  199
  208
  218
  227
  238
  249
Issuance/(repurchase) of shares, $m
  -175
  198
  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
  -19
  76
  80
  85
  89
  93
  97
  101
  105
  109
  113
  118
  123
  127
  132
  138
  143
  149
  155
  161
  168
  175
  183
  191
  199
  208
  218
  227
  238
  249
Total cash flow (excl. dividends), $m
  38
  107
  240
  276
  313
  352
  392
  434
  478
  524
  571
  620
  671
  724
  780
  837
  898
  960
  1,026
  1,094
  1,166
  1,240
  1,318
  1,400
  1,485
  1,575
  1,669
  1,767
  1,870
  1,978
  2,092
Retained Cash Flow (-), $m
  111
  -297
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -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
 
  98
  231
  267
  303
  342
  382
  424
  467
  512
  559
  607
  658
  711
  766
  823
  882
  944
  1,009
  1,077
  1,148
  1,221
  1,299
  1,380
  1,464
  1,553
  1,646
  1,743
  1,845
  1,952
  2,064
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
 
  94
  212
  232
  250
  265
  277
  286
  292
  294
  293
  288
  281
  270
  257
  242
  224
  205
  186
  166
  146
  126
  108
  90
  75
  60
  48
  37
  29
  21
  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 36.5
Price to Sales 0.8
Price to Book 39.4
Price to Tangible Book
Price to Cash Flow 18.1
Price to Free Cash Flow 24.3
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 12.9% 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 20.831 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 $2.4 billion.

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COMPANY NEWS

▶ 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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