Intrinsic value of Q2 Holdings - QTWO

Previous Close

$41.50

  Intrinsic Value

$0.53

stock screener

  Rating & Target

str. sell

-99%

Previous close

$41.50

 
Intrinsic value

$0.53

 
Up/down potential

-99%

 
Rating

str. sell

We calculate the intrinsic value of QTWO 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 1.7

 

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, %
  37.61
  33.30
  30.47
  27.92
  25.63
  23.57
  21.71
  20.04
  18.54
  17.18
  15.96
  14.87
  13.88
  12.99
  12.19
  11.47
  10.83
  10.24
  9.72
  9.25
  8.82
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
Revenue, $m
  150
  200
  261
  334
  419
  518
  631
  757
  897
  1,051
  1,219
  1,400
  1,595
  1,802
  2,022
  2,254
  2,498
  2,754
  3,021
  3,301
  3,592
  3,895
  4,210
  4,538
  4,879
  5,233
  5,601
  5,984
  6,381
  6,795
  7,225
Variable operating expenses, $m
 
  245
  319
  408
  512
  632
  770
  923
  1,094
  1,282
  1,487
  1,706
  1,943
  2,196
  2,463
  2,746
  3,043
  3,355
  3,681
  4,021
  4,376
  4,746
  5,130
  5,529
  5,944
  6,376
  6,824
  7,290
  7,775
  8,278
  8,803
Fixed operating expenses, $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
Total operating expenses, $m
  186
  245
  319
  408
  512
  632
  770
  923
  1,094
  1,282
  1,487
  1,706
  1,943
  2,196
  2,463
  2,746
  3,043
  3,355
  3,681
  4,021
  4,376
  4,746
  5,130
  5,529
  5,944
  6,376
  6,824
  7,290
  7,775
  8,278
  8,803
Operating income, $m
  -36
  -45
  -58
  -74
  -93
  -114
  -139
  -167
  -197
  -231
  -267
  -306
  -348
  -393
  -441
  -492
  -545
  -601
  -660
  -721
  -784
  -850
  -919
  -991
  -1,065
  -1,143
  -1,223
  -1,306
  -1,393
  -1,484
  -1,577
EBITDA, $m
  -24
  -32
  -42
  -54
  -68
  -84
  -102
  -123
  -146
  -171
  -198
  -227
  -259
  -293
  -328
  -366
  -405
  -447
  -490
  -536
  -583
  -632
  -684
  -737
  -792
  -850
  -909
  -971
  -1,036
  -1,103
  -1,173
Interest expense (income), $m
  0
  0
  1
  2
  4
  6
  8
  10
  13
  16
  19
  23
  27
  31
  36
  41
  46
  51
  57
  62
  69
  75
  82
  88
  96
  103
  111
  119
  127
  136
  145
Earnings before tax, $m
  -36
  -45
  -59
  -76
  -97
  -120
  -147
  -177
  -210
  -247
  -287
  -329
  -375
  -425
  -477
  -533
  -591
  -652
  -716
  -783
  -853
  -925
  -1,001
  -1,079
  -1,161
  -1,246
  -1,334
  -1,425
  -1,520
  -1,619
  -1,722
Tax expense, $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
  0
Net income, $m
  -36
  -45
  -59
  -76
  -97
  -120
  -147
  -177
  -210
  -247
  -287
  -329
  -375
  -425
  -477
  -533
  -591
  -652
  -716
  -783
  -853
  -925
  -1,001
  -1,079
  -1,161
  -1,246
  -1,334
  -1,425
  -1,520
  -1,619
  -1,722

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  97
  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
  201
  139
  181
  231
  291
  359
  437
  525
  622
  729
  845
  971
  1,106
  1,250
  1,402
  1,563
  1,732
  1,910
  2,095
  2,289
  2,491
  2,701
  2,920
  3,147
  3,384
  3,629
  3,884
  4,150
  4,425
  4,712
  5,011
Adjusted assets (=assets-cash), $m
  104
  139
  181
  231
  291
  359
  437
  525
  622
  729
  845
  971
  1,106
  1,250
  1,402
  1,563
  1,732
  1,910
  2,095
  2,289
  2,491
  2,701
  2,920
  3,147
  3,384
  3,629
  3,884
  4,150
  4,425
  4,712
  5,011
Revenue / Adjusted assets
  1.442
  1.439
  1.442
  1.446
  1.440
  1.443
  1.444
  1.442
  1.442
  1.442
  1.443
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
Average production assets, $m
  42
  56
  73
  93
  117
  145
  177
  212
  251
  294
  341
  392
  447
  505
  566
  631
  699
  771
  846
  924
  1,006
  1,091
  1,179
  1,271
  1,366
  1,465
  1,568
  1,675
  1,787
  1,903
  2,023
Working capital, $m
  67
  -40
  -52
  -67
  -84
  -104
  -126
  -151
  -179
  -210
  -244
  -280
  -319
  -360
  -404
  -451
  -500
  -551
  -604
  -660
  -718
  -779
  -842
  -908
  -976
  -1,047
  -1,120
  -1,197
  -1,276
  -1,359
  -1,445
Total debt, $m
  0
  24
  62
  107
  161
  222
  293
  371
  459
  555
  660
  773
  894
  1,024
  1,161
  1,306
  1,458
  1,618
  1,785
  1,959
  2,141
  2,330
  2,527
  2,732
  2,944
  3,165
  3,395
  3,634
  3,882
  4,140
  4,408
Total liabilities, $m
  101
  125
  163
  208
  262
  323
  394
  472
  560
  656
  761
  874
  995
  1,125
  1,262
  1,407
  1,559
  1,719
  1,886
  2,060
  2,242
  2,431
  2,628
  2,833
  3,045
  3,266
  3,496
  3,735
  3,983
  4,241
  4,509
Total equity, $m
  100
  14
  18
  23
  29
  36
  44
  52
  62
  73
  85
  97
  111
  125
  140
  156
  173
  191
  210
  229
  249
  270
  292
  315
  338
  363
  388
  415
  443
  471
  501
Total liabilities and equity, $m
  201
  139
  181
  231
  291
  359
  438
  524
  622
  729
  846
  971
  1,106
  1,250
  1,402
  1,563
  1,732
  1,910
  2,096
  2,289
  2,491
  2,701
  2,920
  3,148
  3,383
  3,629
  3,884
  4,150
  4,426
  4,712
  5,010
Debt-to-equity ratio
  0.000
  1.720
  3.420
  4.640
  5.530
  6.190
  6.690
  7.080
  7.380
  7.610
  7.810
  7.960
  8.090
  8.190
  8.280
  8.350
  8.420
  8.470
  8.520
  8.560
  8.590
  8.630
  8.650
  8.680
  8.700
  8.720
  8.740
  8.760
  8.770
  8.790
  8.800
Adjusted equity ratio
  0.029
  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
  -36
  -45
  -59
  -76
  -97
  -120
  -147
  -177
  -210
  -247
  -287
  -329
  -375
  -425
  -477
  -533
  -591
  -652
  -716
  -783
  -853
  -925
  -1,001
  -1,079
  -1,161
  -1,246
  -1,334
  -1,425
  -1,520
  -1,619
  -1,722
Depreciation, amort., depletion, $m
  12
  12
  16
  20
  25
  30
  37
  44
  52
  60
  70
  78
  89
  101
  113
  126
  140
  154
  169
  185
  201
  218
  236
  254
  273
  293
  314
  335
  357
  381
  405
Funds from operations, $m
  10
  -32
  -43
  -56
  -72
  -90
  -110
  -133
  -159
  -187
  -217
  -250
  -286
  -324
  -364
  -406
  -451
  -498
  -547
  -598
  -652
  -707
  -765
  -825
  -888
  -953
  -1,020
  -1,090
  -1,163
  -1,239
  -1,318
Change in working capital, $m
  7
  -10
  -12
  -15
  -17
  -20
  -22
  -25
  -28
  -31
  -34
  -36
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -76
  -80
  -83
  -86
Cash from operations, $m
  3
  -22
  -31
  -42
  -55
  -70
  -88
  -108
  -131
  -156
  -184
  -214
  -247
  -282
  -320
  -360
  -402
  -447
  -494
  -542
  -593
  -647
  -702
  -760
  -819
  -882
  -946
  -1,014
  -1,084
  -1,156
  -1,232
Maintenance CAPEX, $m
  0
  -8
  -11
  -15
  -19
  -23
  -29
  -35
  -42
  -50
  -59
  -68
  -78
  -89
  -101
  -113
  -126
  -140
  -154
  -169
  -185
  -201
  -218
  -236
  -254
  -273
  -293
  -314
  -335
  -357
  -381
New CAPEX, $m
  -15
  -14
  -17
  -20
  -24
  -28
  -31
  -35
  -39
  -43
  -47
  -51
  -54
  -58
  -62
  -65
  -68
  -72
  -75
  -78
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -120
Cash from investing activities, $m
  -17
  -22
  -28
  -35
  -43
  -51
  -60
  -70
  -81
  -93
  -106
  -119
  -132
  -147
  -163
  -178
  -194
  -212
  -229
  -247
  -267
  -286
  -306
  -328
  -349
  -372
  -396
  -421
  -446
  -473
  -501
Free cash flow, $m
  -14
  -45
  -59
  -77
  -97
  -121
  -148
  -179
  -212
  -249
  -290
  -333
  -380
  -430
  -483
  -538
  -597
  -658
  -723
  -790
  -860
  -933
  -1,008
  -1,087
  -1,169
  -1,254
  -1,343
  -1,434
  -1,530
  -1,629
  -1,733
Issuance/(repayment) of debt, $m
  -5
  24
  38
  45
  53
  62
  70
  79
  88
  96
  105
  113
  121
  129
  137
  145
  152
  160
  167
  174
  182
  189
  197
  205
  213
  221
  230
  239
  248
  258
  269
Issuance/(repurchase) of shares, $m
  6
  56
  63
  81
  103
  127
  155
  186
  220
  258
  299
  341
  389
  439
  492
  549
  608
  670
  735
  802
  873
  946
  1,023
  1,102
  1,185
  1,270
  1,359
  1,452
  1,548
  1,648
  1,752
Cash from financing (excl. dividends), $m  
  1
  80
  101
  126
  156
  189
  225
  265
  308
  354
  404
  454
  510
  568
  629
  694
  760
  830
  902
  976
  1,055
  1,135
  1,220
  1,307
  1,398
  1,491
  1,589
  1,691
  1,796
  1,906
  2,021
Total cash flow (excl. dividends), $m
  -12
  35
  42
  50
  59
  67
  77
  86
  95
  105
  114
  121
  130
  139
  147
  155
  163
  171
  179
  187
  195
  203
  211
  219
  228
  237
  246
  256
  266
  277
  288
Retained Cash Flow (-), $m
  18
  -56
  -63
  -81
  -103
  -127
  -155
  -186
  -220
  -258
  -299
  -341
  -389
  -439
  -492
  -549
  -608
  -670
  -735
  -802
  -873
  -946
  -1,023
  -1,102
  -1,185
  -1,270
  -1,359
  -1,452
  -1,548
  -1,648
  -1,752
Prev. year cash balance distribution, $m
 
  97
  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
 
  76
  -21
  -31
  -44
  -59
  -78
  -100
  -125
  -153
  -185
  -220
  -259
  -300
  -345
  -393
  -445
  -499
  -556
  -615
  -678
  -743
  -812
  -883
  -956
  -1,033
  -1,113
  -1,196
  -1,282
  -1,371
  -1,464
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
 
  73
  -19
  -27
  -36
  -46
  -57
  -67
  -78
  -88
  -97
  -105
  -110
  -114
  -116
  -116
  -113
  -109
  -102
  -95
  -86
  -77
  -67
  -58
  -49
  -40
  -32
  -26
  -20
  -15
  -11
Current shareholders' claim on cash, %
  100
  35.0
  24.0
  16.6
  11.5
  8.0
  5.6
  3.9
  2.8
  2.0
  1.4
  1.0
  0.7
  0.5
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Q2 Holdings, Inc. is a provider of cloud-based digital banking solutions. The Company enables regional and community financial institutions (RCFIs), to deliver a suite of integrated digital banking services. The Company's solutions all operate on a common platform that supports the delivery of unified digital banking services across online, mobile and voice channels. Its platform provides a single point of management enabling RCFIs to deliver targeted experiences, including tailored rights, features and branding to account holders. Its cloud-based solutions and common platform provide its RCFI customers with a view of account holder access and activity across devices and channels. Its solutions include Q2online, Q2 Risk & Fraud Analytics, Q2 Corporate, Q2 SMART, Q2mobility Application, Q2mobile Remote Deposit Capture, Q2text, Q2themes, Q2clarity, Centrix Dispute Tracking System (DTS), Centrix Payments I.Q. System (PIQS), and Centrix Exact/Transaction Management System (Exact/TMS).

FINANCIAL RATIOS  of  Q2 Holdings (QTWO)

Valuation Ratios
P/E Ratio -46.6
Price to Sales 11.2
Price to Book 16.8
Price to Tangible Book
Price to Cash Flow 559.1
Price to Free Cash Flow -139.8
Growth Rates
Sales Growth Rate 37.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 114.3%
Cap. Spend. - 3 Yr. Gr. Rate 6.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -17.8%
Ret/ On Assets - 3 Yr. Avg. -17.5%
Return On Total Capital -33%
Ret/ On T. Cap. - 3 Yr. Avg. -33.6%
Return On Equity -33%
Return On Equity - 3 Yr. Avg. -35.2%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 48.7%
Gross Margin - 3 Yr. Avg. 45.4%
EBITDA Margin -16%
EBITDA Margin - 3 Yr. Avg. -17.6%
Operating Margin -24%
Oper. Margin - 3 Yr. Avg. -23.7%
Pre-Tax Margin -24%
Pre-Tax Margin - 3 Yr. Avg. -24.1%
Net Profit Margin -24%
Net Profit Margin - 3 Yr. Avg. -24.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

QTWO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the QTWO stock intrinsic value calculation we used $150 million for the last fiscal year's total revenue generated by Q2 Holdings. The default revenue input number comes from 2016 income statement of Q2 Holdings. 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 QTWO stock valuation model: a) initial revenue growth rate of 33.3% 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 QTWO is calculated based on our internal credit rating of Q2 Holdings, 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 Q2 Holdings.
    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 QTWO stock the variable cost ratio is equal to 122.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for QTWO 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 Q2 Holdings.

Corporate tax rate of 27% is the nominal tax rate for Q2 Holdings. 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 QTWO 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 QTWO are equal to 28%.

Life of production assets of 4.6 years is the average useful life of capital assets used in Q2 Holdings 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 QTWO is equal to -20%. 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 - $100 million for Q2 Holdings - 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 41.205 million for Q2 Holdings 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 Q2 Holdings at the current share price and the inputted number of shares is $1.7 billion.

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COMPANY NEWS

▶ ETFs with exposure to Q2 Holdings, Inc. : October 6, 2017   [Oct-06-17 11:01AM  Capital Cube]
▶ The 3 Stocks on the MFM Team's Radar This Week   [Oct-03-17 08:12PM  Motley Fool]
▶ ETFs with exposure to Q2 Holdings, Inc. : August 7, 2017   [Aug-07-17 04:50PM  Capital Cube]
▶ Q2 Holdings reports 2Q loss   [Aug-03-17 06:26PM  Associated Press]
▶ ETFs with exposure to Q2 Holdings, Inc. : July 24, 2017   [Jul-24-17 06:29PM  Capital Cube]
▶ ETFs with exposure to Q2 Holdings, Inc. : July 13, 2017   [Jul-13-17 04:31PM  Capital Cube]
▶ ETFs with exposure to Q2 Holdings, Inc. : June 27, 2017   [Jun-27-17 03:36PM  Capital Cube]
▶ ETFs with exposure to Q2 Holdings, Inc. : June 16, 2017   [Jun-16-17 04:14PM  Capital Cube]
▶ Q2 Holdings reports 1Q loss   [May-03-17 06:13PM  Associated Press]
▶ Q2 Holdings reports 4Q loss   [Feb-15-17 06:50PM  Associated Press]
▶ Analysts Weigh in on Electronic Payments Firms   [Jan-10-17 05:26PM  at Investopedia]
▶ Is Q2 Holdings Inc (QTWO) Going to Burn Investors?   [Dec-09-16 02:43PM  at Insider Monkey]
▶ Q2 Holdings reports 3Q loss   [Nov-02-16 07:02PM  AP]
▶ Q2 Holdings reports 2Q loss   [Aug-03-16 07:29PM  AP]
Financial statements of QTWO
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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