Intrinsic value of WageWorks - WAGE

Previous Close

$55.05

  Intrinsic Value

$138.26

stock screener

  Rating & Target

str. buy

+151%

Previous close

$55.05

 
Intrinsic value

$138.26

 
Up/down potential

+151%

 
Rating

str. buy

We calculate the intrinsic value of WAGE 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, %
  9.28
  30.30
  27.77
  25.49
  23.44
  21.60
  19.94
  18.45
  17.10
  15.89
  14.80
  13.82
  12.94
  12.15
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.63
  6.47
  6.32
  6.19
Revenue, $m
  365
  476
  608
  763
  941
  1,145
  1,373
  1,626
  1,904
  2,207
  2,534
  2,884
  3,257
  3,652
  4,070
  4,509
  4,969
  5,451
  5,953
  6,477
  7,022
  7,589
  8,179
  8,791
  9,428
  10,090
  10,778
  11,493
  12,236
  13,010
  13,816
Variable operating expenses, $m
 
  409
  514
  638
  781
  943
  1,125
  1,327
  1,549
  1,790
  2,051
  2,300
  2,598
  2,913
  3,246
  3,596
  3,964
  4,348
  4,748
  5,166
  5,601
  6,053
  6,524
  7,012
  7,520
  8,048
  8,597
  9,167
  9,760
  10,377
  11,020
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
  332
  409
  514
  638
  781
  943
  1,125
  1,327
  1,549
  1,790
  2,051
  2,300
  2,598
  2,913
  3,246
  3,596
  3,964
  4,348
  4,748
  5,166
  5,601
  6,053
  6,524
  7,012
  7,520
  8,048
  8,597
  9,167
  9,760
  10,377
  11,020
Operating income, $m
  33
  67
  93
  125
  161
  202
  248
  299
  356
  417
  483
  584
  659
  739
  824
  912
  1,006
  1,103
  1,205
  1,311
  1,421
  1,536
  1,655
  1,779
  1,908
  2,042
  2,181
  2,326
  2,476
  2,633
  2,796
EBITDA, $m
  41
  104
  133
  167
  206
  251
  301
  356
  417
  483
  555
  632
  713
  800
  891
  987
  1,088
  1,194
  1,304
  1,418
  1,538
  1,662
  1,791
  1,925
  2,065
  2,210
  2,360
  2,517
  2,680
  2,849
  3,026
Interest expense (income), $m
  2
  9
  3
  11
  20
  30
  42
  55
  69
  85
  103
  121
  141
  163
  186
  210
  235
  261
  289
  318
  348
  379
  411
  445
  480
  517
  555
  594
  635
  678
  722
Earnings before tax, $m
  32
  58
  90
  114
  141
  172
  206
  245
  286
  332
  380
  462
  518
  576
  638
  703
  771
  842
  916
  993
  1,073
  1,157
  1,244
  1,334
  1,428
  1,525
  1,626
  1,731
  1,841
  1,955
  2,073
Tax expense, $m
  12
  16
  24
  31
  38
  46
  56
  66
  77
  90
  103
  125
  140
  156
  172
  190
  208
  227
  247
  268
  290
  312
  336
  360
  385
  412
  439
  467
  497
  528
  560
Net income, $m
  20
  42
  66
  83
  103
  126
  151
  179
  209
  242
  278
  337
  378
  421
  466
  513
  563
  615
  669
  725
  784
  845
  908
  974
  1,042
  1,113
  1,187
  1,264
  1,344
  1,427
  1,514

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  678
  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
  1,343
  866
  1,107
  1,389
  1,715
  2,085
  2,501
  2,962
  3,469
  4,020
  4,615
  5,253
  5,932
  6,653
  7,413
  8,213
  9,051
  9,928
  10,844
  11,798
  12,791
  13,824
  14,898
  16,014
  17,173
  18,379
  19,631
  20,934
  22,289
  23,698
  25,165
Adjusted assets (=assets-cash), $m
  665
  866
  1,107
  1,389
  1,715
  2,085
  2,501
  2,962
  3,469
  4,020
  4,615
  5,253
  5,932
  6,653
  7,413
  8,213
  9,051
  9,928
  10,844
  11,798
  12,791
  13,824
  14,898
  16,014
  17,173
  18,379
  19,631
  20,934
  22,289
  23,698
  25,165
Revenue / Adjusted assets
  0.549
  0.550
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
Average production assets, $m
  182
  237
  303
  381
  470
  571
  685
  811
  950
  1,101
  1,264
  1,439
  1,625
  1,823
  2,031
  2,250
  2,480
  2,720
  2,971
  3,232
  3,504
  3,787
  4,081
  4,387
  4,705
  5,035
  5,378
  5,735
  6,106
  6,492
  6,894
Working capital, $m
  114
  -735
  -939
  -1,178
  -1,454
  -1,769
  -2,121
  -2,512
  -2,942
  -3,410
  -3,914
  -4,455
  -5,032
  -5,643
  -6,288
  -6,966
  -7,677
  -8,421
  -9,198
  -10,007
  -10,849
  -11,725
  -12,636
  -13,583
  -14,567
  -15,589
  -16,651
  -17,756
  -18,905
  -20,101
  -21,345
Total debt, $m
  249
  94
  310
  564
  857
  1,191
  1,565
  1,980
  2,436
  2,932
  3,467
  4,041
  4,653
  5,302
  5,986
  6,706
  7,460
  8,250
  9,073
  9,932
  10,826
  11,755
  12,722
  13,726
  14,770
  15,855
  16,982
  18,154
  19,374
  20,642
  21,963
Total liabilities, $m
  935
  780
  996
  1,250
  1,543
  1,877
  2,251
  2,666
  3,122
  3,618
  4,153
  4,727
  5,339
  5,988
  6,672
  7,392
  8,146
  8,936
  9,759
  10,618
  11,512
  12,441
  13,408
  14,412
  15,456
  16,541
  17,668
  18,840
  20,060
  21,328
  22,649
Total equity, $m
  408
  87
  111
  139
  171
  209
  250
  296
  347
  402
  461
  525
  593
  665
  741
  821
  905
  993
  1,084
  1,180
  1,279
  1,382
  1,490
  1,601
  1,717
  1,838
  1,963
  2,093
  2,229
  2,370
  2,517
Total liabilities and equity, $m
  1,343
  867
  1,107
  1,389
  1,714
  2,086
  2,501
  2,962
  3,469
  4,020
  4,614
  5,252
  5,932
  6,653
  7,413
  8,213
  9,051
  9,929
  10,843
  11,798
  12,791
  13,823
  14,898
  16,013
  17,173
  18,379
  19,631
  20,933
  22,289
  23,698
  25,166
Debt-to-equity ratio
  0.610
  1.080
  2.800
  4.060
  5.000
  5.710
  6.260
  6.680
  7.020
  7.290
  7.510
  7.690
  7.840
  7.970
  8.070
  8.160
  8.240
  8.310
  8.370
  8.420
  8.460
  8.500
  8.540
  8.570
  8.600
  8.630
  8.650
  8.670
  8.690
  8.710
  8.730
Adjusted equity ratio
  -0.406
  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
  20
  42
  66
  83
  103
  126
  151
  179
  209
  242
  278
  337
  378
  421
  466
  513
  563
  615
  669
  725
  784
  845
  908
  974
  1,042
  1,113
  1,187
  1,264
  1,344
  1,427
  1,514
Depreciation, amort., depletion, $m
  8
  38
  40
  42
  45
  49
  53
  57
  61
  66
  72
  48
  54
  61
  68
  75
  83
  91
  99
  108
  117
  126
  136
  146
  157
  168
  179
  191
  204
  216
  230
Funds from operations, $m
  460
  80
  106
  125
  148
  174
  203
  235
  270
  309
  350
  385
  432
  481
  533
  588
  645
  705
  768
  833
  900
  971
  1,044
  1,120
  1,199
  1,281
  1,366
  1,455
  1,547
  1,643
  1,743
Change in working capital, $m
  195
  -171
  -204
  -239
  -276
  -314
  -353
  -391
  -430
  -468
  -505
  -541
  -576
  -611
  -645
  -678
  -711
  -744
  -776
  -809
  -842
  -876
  -911
  -947
  -984
  -1,022
  -1,063
  -1,105
  -1,149
  -1,196
  -1,245
Cash from operations, $m
  265
  251
  310
  365
  425
  488
  556
  627
  700
  776
  854
  926
  1,009
  1,093
  1,179
  1,266
  1,357
  1,449
  1,544
  1,642
  1,743
  1,847
  1,955
  2,067
  2,183
  2,303
  2,429
  2,560
  2,696
  2,839
  2,988
Maintenance CAPEX, $m
  0
  -6
  -8
  -10
  -13
  -16
  -19
  -23
  -27
  -32
  -37
  -42
  -48
  -54
  -61
  -68
  -75
  -83
  -91
  -99
  -108
  -117
  -126
  -136
  -146
  -157
  -168
  -179
  -191
  -204
  -216
New CAPEX, $m
  -49
  -55
  -66
  -77
  -89
  -101
  -114
  -126
  -139
  -151
  -163
  -175
  -186
  -197
  -208
  -219
  -230
  -240
  -251
  -261
  -272
  -283
  -294
  -306
  -318
  -330
  -343
  -357
  -371
  -386
  -402
Cash from investing activities, $m
  -283
  -61
  -74
  -87
  -102
  -117
  -133
  -149
  -166
  -183
  -200
  -217
  -234
  -251
  -269
  -287
  -305
  -323
  -342
  -360
  -380
  -400
  -420
  -442
  -464
  -487
  -511
  -536
  -562
  -590
  -618
Free cash flow, $m
  -18
  189
  236
  277
  323
  371
  423
  477
  534
  593
  655
  710
  774
  841
  909
  980
  1,052
  1,126
  1,203
  1,282
  1,363
  1,447
  1,534
  1,625
  1,719
  1,816
  1,918
  2,024
  2,134
  2,249
  2,370
Issuance/(repayment) of debt, $m
  170
  -155
  217
  254
  293
  333
  374
  415
  456
  496
  535
  574
  612
  648
  684
  720
  755
  789
  824
  859
  894
  930
  966
  1,004
  1,044
  1,085
  1,127
  1,172
  1,219
  1,269
  1,321
Issuance/(repurchase) of shares, $m
  27
  314
  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  
  196
  159
  217
  254
  293
  333
  374
  415
  456
  496
  535
  574
  612
  648
  684
  720
  755
  789
  824
  859
  894
  930
  966
  1,004
  1,044
  1,085
  1,127
  1,172
  1,219
  1,269
  1,321
Total cash flow (excl. dividends), $m
  177
  348
  452
  531
  616
  705
  797
  893
  990
  1,089
  1,190
  1,284
  1,386
  1,489
  1,594
  1,699
  1,807
  1,915
  2,026
  2,140
  2,257
  2,377
  2,501
  2,629
  2,762
  2,901
  3,045
  3,196
  3,353
  3,518
  3,690
Retained Cash Flow (-), $m
  -71
  -357
  -24
  -28
  -33
  -37
  -42
  -46
  -51
  -55
  -59
  -64
  -68
  -72
  -76
  -80
  -84
  -88
  -92
  -95
  -99
  -103
  -107
  -112
  -116
  -121
  -125
  -130
  -135
  -141
  -147
Prev. year cash balance distribution, $m
 
  678
  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
 
  670
  428
  503
  583
  668
  756
  846
  939
  1,034
  1,130
  1,220
  1,318
  1,417
  1,518
  1,619
  1,723
  1,828
  1,935
  2,045
  2,157
  2,274
  2,393
  2,518
  2,647
  2,781
  2,920
  3,066
  3,218
  3,377
  3,543
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
 
  642
  392
  438
  480
  517
  548
  572
  587
  594
  593
  579
  562
  539
  510
  475
  438
  398
  356
  315
  274
  235
  199
  165
  135
  108
  85
  66
  50
  37
  27
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

WageWorks, Inc. is engaged in administering Consumer-Directed Benefits (CDBs). The Company administers CBDs, including pre-tax spending accounts, such as Health Savings Accounts (HSAs), health and dependent care Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs), as well as Commuter Benefit Services, including transit and parking programs, wellness programs, Consolidated Omnibus Budget Reconciliation Act (COBRA) and other employee benefits. Its CDB programs assist employees and their families in saving money by using pre-tax dollars to pay for certain of their healthcare, dependent care and commuter expenses. Employers financially benefit from its programs through reduced payroll taxes. It provides operational support services to its clients and its cross-functional teams, including customer support and claims processing. It administers HSAs for employers that allow employee participants to invest funds to be used for qualified healthcare expenses.

FINANCIAL RATIOS  of  WageWorks (WAGE)

Valuation Ratios
P/E Ratio 101.6
Price to Sales 5.6
Price to Book 5
Price to Tangible Book
Price to Cash Flow 7.7
Price to Free Cash Flow 9.4
Growth Rates
Sales Growth Rate 9.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 75%
Cap. Spend. - 3 Yr. Gr. Rate 28.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 61%
Total Debt to Equity 61%
Interest Coverage 17
Management Effectiveness
Return On Assets 1.9%
Ret/ On Assets - 3 Yr. Avg. 2.5%
Return On Total Capital 3.7%
Ret/ On T. Cap. - 3 Yr. Avg. 5.2%
Return On Equity 5.4%
Return On Equity - 3 Yr. Avg. 6.6%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 64.1%
Gross Margin - 3 Yr. Avg. 63.9%
EBITDA Margin 11.5%
EBITDA Margin - 3 Yr. Avg. 13%
Operating Margin 9%
Oper. Margin - 3 Yr. Avg. 10.9%
Pre-Tax Margin 8.8%
Pre-Tax Margin - 3 Yr. Avg. 10.4%
Net Profit Margin 5.5%
Net Profit Margin - 3 Yr. Avg. 6.4%
Effective Tax Rate 37.5%
Eff/ Tax Rate - 3 Yr. Avg. 39%
Payout Ratio 0%

WAGE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WAGE stock intrinsic value calculation we used $365 million for the last fiscal year's total revenue generated by WageWorks. The default revenue input number comes from 2016 income statement of WageWorks. 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 WAGE stock valuation model: a) initial revenue growth rate of 30.3% 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 WAGE is calculated based on our internal credit rating of WageWorks, 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 WageWorks.
    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 WAGE stock the variable cost ratio is equal to 87.9%.

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 WAGE 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 WageWorks.

Corporate tax rate of 27% is the nominal tax rate for WageWorks. 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 WAGE 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 WAGE are equal to 49.9%.

Life of production assets of 51.1 years is the average useful life of capital assets used in WageWorks 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 WAGE is equal to -154.5%. 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 - $408 million for WageWorks - 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 39.677 million for WageWorks 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 WageWorks at the current share price and the inputted number of shares is $2.2 billion.

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COMPANY NEWS

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▶ WageWorks Inc. Remains on the Hunt for New Acquisitions   [Nov-09-17 09:01PM  Motley Fool]
▶ WageWorks beats 3Q profit forecasts   [Nov-08-17 06:34PM  Associated Press]
▶ WageWorks, Inc. to Host Earnings Call   [01:40PM  ACCESSWIRE]
▶ WageWorks unveils huge renovated facility in South End (PHOTOS)   [Sep-20-17 10:10AM  American City Business Journals]
▶ New Strong Sell Stocks for August 18 (Revised)   [Aug-23-17 08:54AM  Zacks]
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▶ WageWorks Inc. Delivers 37% Revenue Growth   [Aug-02-17 07:35PM  Motley Fool]
▶ WageWorks tops Street 2Q forecasts   [Aug-01-17 06:23PM  Associated Press]
▶ ETFs with exposure to WageWorks, Inc. : July 11, 2017   [Jul-11-17 03:11PM  Capital Cube]
▶ ETFs with exposure to WageWorks, Inc. : June 27, 2017   [Jun-27-17 03:58PM  Capital Cube]
▶ ETFs with exposure to WageWorks, Inc. : June 15, 2017   [Jun-15-17 03:45PM  Capital Cube]
▶ 3 Stocks on the Motley Fool Money Radar This Week   [May-17-17 11:08AM  Motley Fool]
▶ WageWorks Inc. Revenue Soars 44%   [May-08-17 10:00AM  Motley Fool]
▶ WageWorks tops Street 1Q forecasts   [May-05-17 05:03AM  Associated Press]
▶ WageWorks, Inc. Value Analysis (NYSE:WAGE) : May 4, 2017   [May-04-17 05:10PM  Capital Cube]
▶ ETFs with exposure to WageWorks, Inc. : April 7, 2017   [Apr-07-17 05:44PM  Capital Cube]
▶ WageWorks Inc. Sales Jump 22%   [08:35AM  Motley Fool]
▶ WageWorks Inc. Sales Jump 22%   [08:35AM  at Motley Fool]
▶ WageWorks beats 4Q profit forecasts   [Feb-23-17 06:37PM  Associated Press]
▶ WageWorks to Present at the Needham Growth Conference   [Jan-03-17 04:15PM  GlobeNewswire]
▶ Is Wageworks Inc (WAGE) A Good Stock To Buy?   [Dec-12-16 04:44AM  at Insider Monkey]
Financial statements of WAGE
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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