Intrinsic value of Q2 Holdings - QTWO

Previous Close

$41.10

  Intrinsic Value

$0.56

stock screener

  Rating & Target

str. sell

-99%

  Value-price divergence*

-97%

Previous close

$41.10

 
Intrinsic value

$0.56

 
Up/down potential

-99%

 
Rating

str. sell

 
Value-price divergence*

-97%

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

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 1.6

 

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
  32.40
  29.66
  27.19
  24.97
  22.98
  21.18
  19.56
  18.11
  16.79
  15.62
  14.55
  13.60
  12.74
  11.96
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
Revenue, $m
  150
  199
  258
  328
  409
  503
  610
  729
  861
  1,006
  1,163
  1,332
  1,514
  1,706
  1,911
  2,126
  2,352
  2,589
  2,837
  3,095
  3,365
  3,645
  3,937
  4,240
  4,555
  4,882
  5,222
  5,575
  5,943
  6,325
  6,723
Variable operating expenses, $m
 
  243
  315
  400
  500
  615
  744
  890
  1,051
  1,227
  1,418
  1,623
  1,844
  2,079
  2,328
  2,590
  2,866
  3,154
  3,456
  3,771
  4,099
  4,441
  4,796
  5,165
  5,549
  5,948
  6,362
  6,793
  7,241
  7,707
  8,191
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
  243
  315
  400
  500
  615
  744
  890
  1,051
  1,227
  1,418
  1,623
  1,844
  2,079
  2,328
  2,590
  2,866
  3,154
  3,456
  3,771
  4,099
  4,441
  4,796
  5,165
  5,549
  5,948
  6,362
  6,793
  7,241
  7,707
  8,191
Operating income, $m
  -36
  -45
  -58
  -73
  -91
  -111
  -134
  -161
  -189
  -221
  -255
  -291
  -330
  -373
  -417
  -464
  -514
  -565
  -619
  -676
  -735
  -796
  -859
  -926
  -994
  -1,066
  -1,140
  -1,217
  -1,298
  -1,381
  -1,468
EBITDA, $m
  -24
  -38
  -49
  -62
  -78
  -96
  -116
  -139
  -164
  -191
  -221
  -254
  -288
  -325
  -364
  -405
  -448
  -493
  -540
  -589
  -640
  -694
  -749
  -807
  -867
  -929
  -994
  -1,061
  -1,131
  -1,204
  -1,280
Interest expense (income), $m
  0
  0
  1
  2
  4
  5
  7
  10
  12
  15
  18
  22
  26
  30
  34
  38
  43
  48
  53
  58
  64
  70
  76
  82
  89
  96
  103
  111
  118
  126
  135
Earnings before tax, $m
  -36
  -45
  -58
  -75
  -94
  -117
  -142
  -170
  -202
  -236
  -274
  -313
  -356
  -402
  -451
  -502
  -556
  -613
  -672
  -734
  -799
  -866
  -936
  -1,008
  -1,083
  -1,162
  -1,243
  -1,328
  -1,416
  -1,507
  -1,603
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
  -58
  -75
  -94
  -117
  -142
  -170
  -202
  -236
  -274
  -313
  -356
  -402
  -451
  -502
  -556
  -613
  -672
  -734
  -799
  -866
  -936
  -1,008
  -1,083
  -1,162
  -1,243
  -1,328
  -1,416
  -1,507
  -1,603

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
  138
  179
  227
  284
  349
  423
  506
  597
  698
  807
  924
  1,050
  1,183
  1,325
  1,474
  1,631
  1,795
  1,967
  2,147
  2,333
  2,528
  2,730
  2,940
  3,158
  3,385
  3,621
  3,866
  4,121
  4,387
  4,663
Adjusted assets (=assets-cash), $m
  104
  138
  179
  227
  284
  349
  423
  506
  597
  698
  807
  924
  1,050
  1,183
  1,325
  1,474
  1,631
  1,795
  1,967
  2,147
  2,333
  2,528
  2,730
  2,940
  3,158
  3,385
  3,621
  3,866
  4,121
  4,387
  4,663
Revenue / Adjusted assets
  1.442
  1.442
  1.441
  1.445
  1.440
  1.441
  1.442
  1.441
  1.442
  1.441
  1.441
  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
  72
  92
  115
  141
  171
  204
  241
  282
  326
  373
  424
  478
  535
  595
  659
  725
  794
  867
  942
  1,021
  1,102
  1,187
  1,275
  1,367
  1,462
  1,561
  1,664
  1,771
  1,883
Working capital, $m
  67
  -20
  -26
  -33
  -41
  -50
  -61
  -73
  -86
  -101
  -116
  -133
  -151
  -171
  -191
  -213
  -235
  -259
  -284
  -310
  -336
  -365
  -394
  -424
  -455
  -488
  -522
  -558
  -594
  -633
  -672
Total debt, $m
  0
  23
  60
  103
  154
  213
  280
  354
  437
  527
  625
  731
  844
  964
  1,091
  1,226
  1,367
  1,515
  1,670
  1,831
  1,999
  2,174
  2,356
  2,545
  2,742
  2,946
  3,158
  3,379
  3,608
  3,847
  4,095
Total liabilities, $m
  101
  124
  161
  204
  255
  314
  381
  455
  538
  628
  726
  832
  945
  1,065
  1,192
  1,327
  1,468
  1,616
  1,771
  1,932
  2,100
  2,275
  2,457
  2,646
  2,843
  3,047
  3,259
  3,480
  3,709
  3,948
  4,196
Total equity, $m
  100
  14
  18
  23
  28
  35
  42
  51
  60
  70
  81
  92
  105
  118
  132
  147
  163
  180
  197
  215
  233
  253
  273
  294
  316
  339
  362
  387
  412
  439
  466
Total liabilities and equity, $m
  201
  138
  179
  227
  283
  349
  423
  506
  598
  698
  807
  924
  1,050
  1,183
  1,324
  1,474
  1,631
  1,796
  1,968
  2,147
  2,333
  2,528
  2,730
  2,940
  3,159
  3,386
  3,621
  3,867
  4,121
  4,387
  4,662
Debt-to-equity ratio
  0.000
  1.670
  3.340
  4.550
  5.440
  6.110
  6.610
  7.000
  7.310
  7.550
  7.750
  7.910
  8.040
  8.150
  8.240
  8.310
  8.380
  8.440
  8.490
  8.530
  8.570
  8.600
  8.630
  8.660
  8.680
  8.700
  8.720
  8.740
  8.750
  8.770
  8.780
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
  -58
  -75
  -94
  -117
  -142
  -170
  -202
  -236
  -274
  -313
  -356
  -402
  -451
  -502
  -556
  -613
  -672
  -734
  -799
  -866
  -936
  -1,008
  -1,083
  -1,162
  -1,243
  -1,328
  -1,416
  -1,507
  -1,603
Depreciation, amort., depletion, $m
  12
  7
  9
  10
  13
  15
  18
  22
  25
  29
  34
  37
  42
  48
  53
  60
  66
  72
  79
  87
  94
  102
  110
  119
  128
  137
  146
  156
  166
  177
  188
Funds from operations, $m
  10
  -38
  -50
  -64
  -82
  -101
  -124
  -149
  -176
  -207
  -240
  -275
  -314
  -354
  -397
  -443
  -491
  -541
  -593
  -648
  -704
  -764
  -825
  -889
  -956
  -1,025
  -1,097
  -1,172
  -1,249
  -1,330
  -1,414
Change in working capital, $m
  7
  -5
  -6
  -7
  -8
  -9
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
Cash from operations, $m
  3
  -33
  -44
  -57
  -73
  -92
  -113
  -137
  -163
  -192
  -224
  -259
  -296
  -335
  -377
  -421
  -468
  -517
  -568
  -622
  -678
  -736
  -796
  -859
  -924
  -992
  -1,063
  -1,136
  -1,213
  -1,292
  -1,375
Maintenance CAPEX, $m
  0
  -4
  -6
  -7
  -9
  -11
  -14
  -17
  -20
  -24
  -28
  -33
  -37
  -42
  -48
  -53
  -60
  -66
  -72
  -79
  -87
  -94
  -102
  -110
  -119
  -128
  -137
  -146
  -156
  -166
  -177
New CAPEX, $m
  -15
  -14
  -16
  -20
  -23
  -26
  -30
  -33
  -37
  -41
  -44
  -47
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -111
Cash from investing activities, $m
  -17
  -18
  -22
  -27
  -32
  -37
  -44
  -50
  -57
  -65
  -72
  -80
  -88
  -96
  -105
  -113
  -123
  -132
  -141
  -151
  -162
  -172
  -184
  -195
  -207
  -220
  -232
  -245
  -259
  -273
  -288
Free cash flow, $m
  -14
  -51
  -66
  -84
  -105
  -130
  -157
  -187
  -221
  -257
  -296
  -339
  -384
  -431
  -482
  -535
  -591
  -649
  -710
  -774
  -840
  -908
  -980
  -1,054
  -1,131
  -1,212
  -1,295
  -1,382
  -1,472
  -1,565
  -1,663
Issuance/(repayment) of debt, $m
  -5
  23
  37
  44
  51
  59
  67
  74
  82
  90
  98
  106
  113
  120
  127
  134
  141
  148
  155
  161
  168
  175
  182
  189
  197
  204
  212
  221
  229
  239
  248
Issuance/(repurchase) of shares, $m
  6
  55
  62
  80
  100
  123
  149
  179
  211
  246
  285
  325
  369
  415
  465
  517
  572
  630
  690
  752
  817
  885
  956
  1,029
  1,105
  1,185
  1,267
  1,352
  1,441
  1,534
  1,630
Cash from financing (excl. dividends), $m  
  1
  78
  99
  124
  151
  182
  216
  253
  293
  336
  383
  431
  482
  535
  592
  651
  713
  778
  845
  913
  985
  1,060
  1,138
  1,218
  1,302
  1,389
  1,479
  1,573
  1,670
  1,773
  1,878
Total cash flow (excl. dividends), $m
  -12
  28
  33
  39
  46
  52
  59
  66
  73
  80
  86
  92
  98
  104
  111
  117
  122
  128
  134
  140
  146
  152
  158
  164
  171
  177
  184
  191
  199
  207
  215
Retained Cash Flow (-), $m
  18
  -55
  -62
  -80
  -100
  -123
  -149
  -179
  -211
  -246
  -285
  -325
  -369
  -415
  -465
  -517
  -572
  -630
  -690
  -752
  -817
  -885
  -956
  -1,029
  -1,105
  -1,185
  -1,267
  -1,352
  -1,441
  -1,534
  -1,630
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
 
  69
  -29
  -41
  -54
  -71
  -90
  -113
  -138
  -167
  -198
  -233
  -270
  -311
  -354
  -401
  -450
  -501
  -555
  -612
  -672
  -733
  -798
  -865
  -935
  -1,007
  -1,083
  -1,161
  -1,242
  -1,327
  -1,415
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
 
  66
  -27
  -35
  -45
  -55
  -66
  -76
  -86
  -96
  -104
  -111
  -115
  -118
  -119
  -118
  -114
  -109
  -102
  -94
  -85
  -76
  -66
  -57
  -48
  -39
  -32
  -25
  -19
  -14
  -11
Current shareholders' claim on cash, %
  100
  35.1
  24.2
  16.7
  11.6
  8.1
  5.7
  4.0
  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. provides cloud-based digital banking solutions to regional and community financial institutions (RCFIs) in the United States. The company offers Q2online, a browser-based digital banking solution that delivers RCFI-branded digital banking capabilities; Q2 Risk & Fraud Analytics, a security analytics solution for customers to detect and block suspect transactions in digital banking solutions; Q2 Corporate to support RCFIs to attract and retain larger commercial accounts; and Q2 SMART, a targeting and messaging platform that allows customers to analyze account holder data. It also provides Q2mobility App to access, engage, and complete banking transactions, such as adding and managing payees, transferring funds, executing single or recurring payments, viewing e-statements or check images, and managing other general banking services through mobile and tablet devices; Q2mobile Remote Deposit Capture, a partnered solution that allows remote check deposit capture; and Q2text, a mobile solution, which enables digital banking activities through the text messaging function of the device. In addition, the company offers Q2voice, a voice-based solution for telephones; Q2themes, a personalization solution for customizing digital banking services through personal, local, loyalty, and audience-specific themes, such as language preferences, font styles, and designs specific; and Q2clarity, an analytics solution for Q2online customers. Further, it provides Centrix Dispute Tracking System, an electronic transaction dispute management solution; Centrix Payments I.Q. System, an ACH file monitoring and risk reporting solution; and Centrix Exact/Transaction Management System, a fraud prevention tool. The company was formerly known as CBG Holdings, Inc. and changed its name to Q2 Holdings, Inc. in March 2013. Q2 Holdings, Inc. was founded in 2005 and is headquartered in Austin, Texas.

FINANCIAL RATIOS  of  Q2 Holdings (QTWO)

Valuation Ratios
P/E Ratio -46.1
Price to Sales 11.1
Price to Book 16.6
Price to Tangible Book
Price to Cash Flow 553.8
Price to Free Cash Flow -138.4
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 32.4% 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 10 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 -10%. 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 39.031 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 $1.6 billion.

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COMPANY NEWS

▶ 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]
▶ 6 Software Stocks To Watch As The Companies Turn Profitable   [Jul-07-16 04:22PM  at Investor's Business Daily]
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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