Intrinsic value of Q2 Holdings - QTWO

Previous Close

$38.45

  Intrinsic Value

$0.52

stock screener

  Rating & Target

str. sell

-99%

Previous close

$38.45

 
Intrinsic value

$0.52

 
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

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, %
  37.61
  31.60
  28.94
  26.55
  24.39
  22.45
  20.71
  19.14
  17.72
  16.45
  15.31
  14.27
  13.35
  12.51
  11.76
  11.09
  10.48
  9.93
  9.44
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
  6.55
  6.39
  6.25
Revenue, $m
  150
  197
  255
  322
  401
  491
  592
  706
  831
  967
  1,115
  1,274
  1,445
  1,625
  1,816
  2,018
  2,229
  2,451
  2,682
  2,923
  3,174
  3,435
  3,707
  3,990
  4,283
  4,588
  4,905
  5,235
  5,578
  5,934
  6,305
Variable operating expenses, $m
 
  242
  311
  394
  489
  599
  723
  861
  1,013
  1,180
  1,360
  1,553
  1,760
  1,980
  2,213
  2,458
  2,716
  2,986
  3,267
  3,561
  3,867
  4,186
  4,517
  4,861
  5,218
  5,590
  5,976
  6,378
  6,795
  7,230
  7,682
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
  242
  311
  394
  489
  599
  723
  861
  1,013
  1,180
  1,360
  1,553
  1,760
  1,980
  2,213
  2,458
  2,716
  2,986
  3,267
  3,561
  3,867
  4,186
  4,517
  4,861
  5,218
  5,590
  5,976
  6,378
  6,795
  7,230
  7,682
Operating income, $m
  -36
  -44
  -57
  -72
  -89
  -108
  -131
  -155
  -183
  -212
  -245
  -278
  -315
  -355
  -397
  -441
  -487
  -535
  -586
  -638
  -693
  -750
  -809
  -871
  -935
  -1,002
  -1,071
  -1,143
  -1,218
  -1,296
  -1,377
EBITDA, $m
  -24
  -32
  -41
  -52
  -65
  -80
  -96
  -115
  -135
  -157
  -181
  -207
  -234
  -264
  -295
  -328
  -362
  -398
  -435
  -474
  -515
  -558
  -602
  -648
  -695
  -745
  -796
  -850
  -905
  -963
  -1,024
Interest expense (income), $m
  0
  0
  1
  2
  4
  5
  7
  9
  12
  15
  18
  21
  24
  28
  32
  36
  41
  45
  50
  55
  60
  66
  72
  77
  84
  90
  97
  104
  111
  118
  126
Earnings before tax, $m
  -36
  -44
  -58
  -74
  -92
  -114
  -138
  -165
  -195
  -227
  -262
  -299
  -340
  -383
  -429
  -477
  -527
  -580
  -636
  -693
  -753
  -816
  -881
  -949
  -1,019
  -1,092
  -1,168
  -1,247
  -1,329
  -1,414
  -1,503
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
  -44
  -58
  -74
  -92
  -114
  -138
  -165
  -195
  -227
  -262
  -299
  -340
  -383
  -429
  -477
  -527
  -580
  -636
  -693
  -753
  -816
  -881
  -949
  -1,019
  -1,092
  -1,168
  -1,247
  -1,329
  -1,414
  -1,503

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
  137
  177
  223
  278
  340
  411
  489
  576
  671
  773
  884
  1,002
  1,127
  1,260
  1,399
  1,546
  1,699
  1,860
  2,027
  2,201
  2,382
  2,571
  2,767
  2,970
  3,182
  3,402
  3,630
  3,868
  4,115
  4,373
Adjusted assets (=assets-cash), $m
  104
  137
  177
  223
  278
  340
  411
  489
  576
  671
  773
  884
  1,002
  1,127
  1,260
  1,399
  1,546
  1,699
  1,860
  2,027
  2,201
  2,382
  2,571
  2,767
  2,970
  3,182
  3,402
  3,630
  3,868
  4,115
  4,373
Revenue / Adjusted assets
  1.442
  1.438
  1.441
  1.444
  1.442
  1.444
  1.440
  1.444
  1.443
  1.441
  1.442
  1.441
  1.442
  1.442
  1.441
  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
Average production assets, $m
  42
  55
  71
  90
  112
  137
  166
  198
  233
  271
  312
  357
  404
  455
  509
  565
  624
  686
  751
  818
  889
  962
  1,038
  1,117
  1,199
  1,285
  1,373
  1,466
  1,562
  1,662
  1,765
Working capital, $m
  67
  -39
  -51
  -64
  -80
  -98
  -118
  -141
  -166
  -193
  -223
  -255
  -289
  -325
  -363
  -404
  -446
  -490
  -536
  -585
  -635
  -687
  -741
  -798
  -857
  -918
  -981
  -1,047
  -1,116
  -1,187
  -1,261
Total debt, $m
  0
  22
  58
  100
  149
  205
  269
  339
  417
  503
  595
  694
  801
  913
  1,033
  1,158
  1,290
  1,428
  1,573
  1,723
  1,880
  2,043
  2,213
  2,389
  2,572
  2,763
  2,961
  3,166
  3,380
  3,603
  3,834
Total liabilities, $m
  101
  123
  159
  201
  250
  306
  370
  440
  518
  604
  696
  795
  902
  1,014
  1,134
  1,259
  1,391
  1,529
  1,674
  1,824
  1,981
  2,144
  2,314
  2,490
  2,673
  2,864
  3,062
  3,267
  3,481
  3,704
  3,935
Total equity, $m
  100
  14
  18
  22
  28
  34
  41
  49
  58
  67
  77
  88
  100
  113
  126
  140
  155
  170
  186
  203
  220
  238
  257
  277
  297
  318
  340
  363
  387
  412
  437
Total liabilities and equity, $m
  201
  137
  177
  223
  278
  340
  411
  489
  576
  671
  773
  883
  1,002
  1,127
  1,260
  1,399
  1,546
  1,699
  1,860
  2,027
  2,201
  2,382
  2,571
  2,767
  2,970
  3,182
  3,402
  3,630
  3,868
  4,116
  4,372
Debt-to-equity ratio
  0.000
  1.620
  3.280
  4.480
  5.360
  6.030
  6.540
  6.940
  7.250
  7.490
  7.690
  7.860
  7.990
  8.100
  8.200
  8.280
  8.350
  8.410
  8.460
  8.500
  8.540
  8.580
  8.610
  8.630
  8.660
  8.680
  8.700
  8.720
  8.740
  8.750
  8.770
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
  -44
  -58
  -74
  -92
  -114
  -138
  -165
  -195
  -227
  -262
  -299
  -340
  -383
  -429
  -477
  -527
  -580
  -636
  -693
  -753
  -816
  -881
  -949
  -1,019
  -1,092
  -1,168
  -1,247
  -1,329
  -1,414
  -1,503
Depreciation, amort., depletion, $m
  12
  12
  16
  19
  24
  29
  34
  41
  48
  55
  64
  71
  81
  91
  102
  113
  125
  137
  150
  164
  178
  192
  208
  223
  240
  257
  275
  293
  312
  332
  353
Funds from operations, $m
  10
  -32
  -42
  -54
  -69
  -85
  -103
  -124
  -147
  -172
  -199
  -228
  -259
  -292
  -327
  -364
  -402
  -443
  -485
  -530
  -576
  -623
  -673
  -725
  -779
  -835
  -893
  -953
  -1,016
  -1,082
  -1,150
Change in working capital, $m
  7
  -9
  -11
  -14
  -16
  -18
  -20
  -23
  -25
  -27
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -63
  -66
  -69
  -71
  -74
Cash from operations, $m
  3
  -23
  -31
  -41
  -53
  -67
  -83
  -101
  -122
  -144
  -169
  -196
  -225
  -256
  -289
  -323
  -360
  -399
  -439
  -481
  -525
  -571
  -619
  -669
  -720
  -774
  -830
  -888
  -948
  -1,010
  -1,075
Maintenance CAPEX, $m
  0
  -8
  -11
  -14
  -18
  -22
  -27
  -33
  -40
  -47
  -54
  -62
  -71
  -81
  -91
  -102
  -113
  -125
  -137
  -150
  -164
  -178
  -192
  -208
  -223
  -240
  -257
  -275
  -293
  -312
  -332
New CAPEX, $m
  -15
  -13
  -16
  -19
  -22
  -25
  -28
  -32
  -35
  -38
  -41
  -45
  -48
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
Cash from investing activities, $m
  -17
  -21
  -27
  -33
  -40
  -47
  -55
  -65
  -75
  -85
  -95
  -107
  -119
  -132
  -145
  -158
  -172
  -187
  -202
  -218
  -234
  -251
  -268
  -287
  -305
  -325
  -346
  -367
  -389
  -412
  -436
Free cash flow, $m
  -14
  -44
  -58
  -74
  -93
  -114
  -139
  -166
  -196
  -229
  -265
  -303
  -344
  -387
  -433
  -482
  -532
  -586
  -641
  -699
  -759
  -822
  -887
  -955
  -1,026
  -1,099
  -1,175
  -1,254
  -1,337
  -1,422
  -1,512
Issuance/(repayment) of debt, $m
  -5
  22
  36
  42
  49
  56
  63
  71
  78
  85
  92
  99
  106
  113
  119
  126
  132
  138
  144
  151
  157
  163
  170
  176
  183
  190
  198
  206
  214
  223
  232
Issuance/(repurchase) of shares, $m
  6
  55
  62
  78
  98
  120
  145
  173
  203
  237
  273
  310
  351
  395
  442
  491
  542
  596
  652
  710
  771
  834
  900
  968
  1,039
  1,113
  1,190
  1,269
  1,352
  1,439
  1,528
Cash from financing (excl. dividends), $m  
  1
  77
  98
  120
  147
  176
  208
  244
  281
  322
  365
  409
  457
  508
  561
  617
  674
  734
  796
  861
  928
  997
  1,070
  1,144
  1,222
  1,303
  1,388
  1,475
  1,566
  1,662
  1,760
Total cash flow (excl. dividends), $m
  -12
  33
  40
  47
  54
  62
  69
  77
  85
  93
  100
  107
  114
  121
  128
  135
  142
  148
  155
  161
  168
  175
  182
  189
  197
  204
  212
  221
  229
  239
  248
Retained Cash Flow (-), $m
  18
  -55
  -62
  -78
  -98
  -120
  -145
  -173
  -203
  -237
  -273
  -310
  -351
  -395
  -442
  -491
  -542
  -596
  -652
  -710
  -771
  -834
  -900
  -968
  -1,039
  -1,113
  -1,190
  -1,269
  -1,352
  -1,439
  -1,528
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
 
  75
  -22
  -32
  -44
  -58
  -76
  -95
  -118
  -144
  -172
  -204
  -238
  -274
  -314
  -356
  -400
  -447
  -497
  -548
  -603
  -659
  -718
  -779
  -843
  -909
  -977
  -1,049
  -1,123
  -1,200
  -1,280
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
 
  72
  -20
  -28
  -36
  -45
  -55
  -64
  -74
  -83
  -90
  -97
  -101
  -104
  -105
  -104
  -102
  -97
  -91
  -84
  -77
  -68
  -60
  -51
  -43
  -35
  -29
  -23
  -17
  -13
  -10
Current shareholders' claim on cash, %
  100
  35.3
  24.3
  16.8
  11.7
  8.2
  5.7
  4.0
  2.9
  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 -43.2
Price to Sales 10.4
Price to Book 15.5
Price to Tangible Book
Price to Cash Flow 518
Price to Free Cash Flow -129.5
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 31.6% 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 41.791 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

▶ Q2 Holdings' Biggest Growth Opportunities   [Dec-24-17 07:01AM  Motley Fool]
▶ Best High Growth NasdaqCM Stocks This Week   [Dec-19-17 11:02AM  Simply Wall St.]
▶ Q2 Holdings' Sales Surge 31%   [Nov-10-17 03:30PM  Motley Fool]
▶ Q2 Holdings reports 3Q loss   [Nov-02-17 05:50AM  Associated Press]
▶ 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]
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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