Intrinsic value of WageWorks - WAGE

Previous Close

$58.80

  Intrinsic Value

$205.26

stock screener

  Rating & Target

str. buy

+249%

  Value-price divergence*

+354%

Previous close

$58.80

 
Intrinsic value

$205.26

 
Up/down potential

+249%

 
Rating

str. buy

 
Value-price divergence*

+354%

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

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

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 2.3

 

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
  36.40
  33.26
  30.43
  27.89
  25.60
  23.54
  21.69
  20.02
  18.52
  17.17
  15.95
  14.85
  13.87
  12.98
  12.18
  11.46
  10.82
  10.24
  9.71
  9.24
  8.82
  8.44
  8.09
  7.78
  7.50
  7.25
  7.03
  6.83
  6.64
  6.48
Revenue, $m
  365
  498
  663
  865
  1,107
  1,390
  1,717
  2,090
  2,508
  2,972
  3,483
  4,038
  4,638
  5,281
  5,967
  6,694
  7,461
  8,268
  9,115
  10,000
  10,924
  11,887
  12,890
  13,933
  15,018
  16,145
  17,316
  18,533
  19,798
  21,113
  22,481
Variable operating expenses, $m
 
  427
  559
  720
  912
  1,138
  1,399
  1,697
  2,030
  2,401
  2,808
  3,221
  3,699
  4,212
  4,759
  5,339
  5,951
  6,595
  7,270
  7,976
  8,713
  9,482
  10,282
  11,114
  11,979
  12,877
  13,812
  14,782
  15,791
  16,841
  17,932
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
  427
  559
  720
  912
  1,138
  1,399
  1,697
  2,030
  2,401
  2,808
  3,221
  3,699
  4,212
  4,759
  5,339
  5,951
  6,595
  7,270
  7,976
  8,713
  9,482
  10,282
  11,114
  11,979
  12,877
  13,812
  14,782
  15,791
  16,841
  17,932
Operating income, $m
  33
  71
  105
  145
  194
  252
  318
  393
  478
  572
  675
  817
  939
  1,069
  1,207
  1,355
  1,510
  1,673
  1,845
  2,024
  2,211
  2,406
  2,609
  2,820
  3,039
  3,267
  3,504
  3,751
  4,007
  4,273
  4,549
EBITDA, $m
  75
  126
  168
  220
  281
  353
  436
  530
  637
  754
  884
  1,025
  1,177
  1,340
  1,514
  1,699
  1,894
  2,099
  2,313
  2,538
  2,773
  3,017
  3,272
  3,536
  3,812
  4,098
  4,395
  4,704
  5,025
  5,359
  5,706
Interest expense (income), $m
  2
  9
  5
  14
  26
  39
  56
  75
  96
  120
  147
  176
  208
  242
  279
  318
  360
  404
  450
  499
  550
  603
  658
  716
  775
  838
  902
  970
  1,039
  1,112
  1,187
Earnings before tax, $m
  32
  62
  100
  131
  169
  212
  262
  319
  382
  452
  529
  641
  731
  827
  928
  1,036
  1,150
  1,269
  1,394
  1,525
  1,661
  1,803
  1,951
  2,104
  2,264
  2,430
  2,602
  2,781
  2,967
  3,161
  3,362
Tax expense, $m
  12
  17
  27
  35
  46
  57
  71
  86
  103
  122
  143
  173
  197
  223
  251
  280
  310
  343
  376
  412
  448
  487
  527
  568
  611
  656
  703
  751
  801
  853
  908
Net income, $m
  20
  46
  73
  96
  123
  155
  191
  233
  279
  330
  386
  468
  534
  603
  678
  756
  839
  926
  1,018
  1,113
  1,212
  1,316
  1,424
  1,536
  1,652
  1,774
  1,899
  2,030
  2,166
  2,307
  2,454

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
  907
  1,208
  1,576
  2,016
  2,532
  3,128
  3,806
  4,568
  5,414
  6,344
  7,355
  8,448
  9,620
  10,868
  12,192
  13,590
  15,061
  16,602
  18,215
  19,898
  21,653
  23,479
  25,379
  27,355
  29,407
  31,541
  33,758
  36,062
  38,458
  40,949
Adjusted assets (=assets-cash), $m
  665
  907
  1,208
  1,576
  2,016
  2,532
  3,128
  3,806
  4,568
  5,414
  6,344
  7,355
  8,448
  9,620
  10,868
  12,192
  13,590
  15,061
  16,602
  18,215
  19,898
  21,653
  23,479
  25,379
  27,355
  29,407
  31,541
  33,758
  36,062
  38,458
  40,949
Revenue / Adjusted assets
  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
  0.549
  0.549
Average production assets, $m
  182
  248
  331
  432
  552
  694
  857
  1,043
  1,252
  1,483
  1,738
  2,015
  2,314
  2,635
  2,977
  3,340
  3,723
  4,126
  4,548
  4,990
  5,451
  5,932
  6,432
  6,953
  7,494
  8,056
  8,641
  9,248
  9,879
  10,535
  11,218
Working capital, $m
  114
  -769
  -1,025
  -1,337
  -1,710
  -2,148
  -2,653
  -3,229
  -3,875
  -4,592
  -5,381
  -6,239
  -7,166
  -8,159
  -9,219
  -10,342
  -11,527
  -12,774
  -14,082
  -15,450
  -16,878
  -18,366
  -19,915
  -21,527
  -23,202
  -24,943
  -26,753
  -28,633
  -30,588
  -32,620
  -34,733
Total debt, $m
  249
  130
  402
  733
  1,128
  1,593
  2,129
  2,740
  3,426
  4,187
  5,023
  5,934
  6,917
  7,972
  9,095
  10,287
  11,545
  12,869
  14,256
  15,707
  17,222
  18,801
  20,445
  22,155
  23,933
  25,781
  27,701
  29,696
  31,770
  33,926
  36,168
Total liabilities, $m
  935
  816
  1,088
  1,419
  1,814
  2,279
  2,815
  3,426
  4,112
  4,873
  5,709
  6,620
  7,603
  8,658
  9,781
  10,973
  12,231
  13,555
  14,942
  16,393
  17,908
  19,487
  21,131
  22,841
  24,619
  26,467
  28,387
  30,382
  32,456
  34,612
  36,854
Total equity, $m
  408
  91
  121
  158
  202
  253
  313
  381
  457
  541
  634
  736
  845
  962
  1,087
  1,219
  1,359
  1,506
  1,660
  1,821
  1,990
  2,165
  2,348
  2,538
  2,735
  2,941
  3,154
  3,376
  3,606
  3,846
  4,095
Total liabilities and equity, $m
  1,343
  907
  1,209
  1,577
  2,016
  2,532
  3,128
  3,807
  4,569
  5,414
  6,343
  7,356
  8,448
  9,620
  10,868
  12,192
  13,590
  15,061
  16,602
  18,214
  19,898
  21,652
  23,479
  25,379
  27,354
  29,408
  31,541
  33,758
  36,062
  38,458
  40,949
Debt-to-equity ratio
  0.610
  1.440
  3.320
  4.650
  5.600
  6.290
  6.810
  7.200
  7.500
  7.730
  7.920
  8.070
  8.190
  8.290
  8.370
  8.440
  8.500
  8.540
  8.590
  8.620
  8.660
  8.680
  8.710
  8.730
  8.750
  8.770
  8.780
  8.800
  8.810
  8.820
  8.830
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
  46
  73
  96
  123
  155
  191
  233
  279
  330
  386
  468
  534
  603
  678
  756
  839
  926
  1,018
  1,113
  1,212
  1,316
  1,424
  1,536
  1,652
  1,774
  1,899
  2,030
  2,166
  2,307
  2,454
Depreciation, amort., depletion, $m
  42
  55
  64
  74
  87
  101
  118
  137
  159
  183
  209
  208
  239
  272
  307
  344
  384
  425
  469
  514
  562
  612
  663
  717
  773
  831
  891
  953
  1,018
  1,086
  1,157
Funds from operations, $m
  460
  101
  137
  170
  210
  256
  309
  370
  438
  513
  595
  676
  772
  875
  985
  1,101
  1,223
  1,352
  1,487
  1,627
  1,774
  1,928
  2,087
  2,253
  2,425
  2,604
  2,790
  2,984
  3,184
  3,393
  3,611
Change in working capital, $m
  195
  -205
  -256
  -312
  -373
  -438
  -506
  -575
  -646
  -718
  -788
  -858
  -927
  -994
  -1,059
  -1,123
  -1,186
  -1,247
  -1,308
  -1,368
  -1,428
  -1,488
  -1,549
  -1,612
  -1,675
  -1,741
  -1,809
  -1,880
  -1,954
  -2,032
  -2,113
Cash from operations, $m
  265
  306
  393
  482
  583
  694
  815
  945
  1,084
  1,230
  1,383
  1,534
  1,699
  1,869
  2,044
  2,224
  2,409
  2,599
  2,794
  2,995
  3,202
  3,416
  3,636
  3,864
  4,100
  4,345
  4,600
  4,864
  5,139
  5,426
  5,724
Maintenance CAPEX, $m
  0
  -19
  -26
  -34
  -45
  -57
  -72
  -88
  -108
  -129
  -153
  -179
  -208
  -239
  -272
  -307
  -344
  -384
  -425
  -469
  -514
  -562
  -612
  -663
  -717
  -773
  -831
  -891
  -953
  -1,018
  -1,086
New CAPEX, $m
  -49
  -66
  -83
  -101
  -120
  -141
  -163
  -186
  -209
  -232
  -255
  -277
  -299
  -321
  -342
  -363
  -383
  -403
  -422
  -442
  -461
  -481
  -500
  -521
  -541
  -562
  -584
  -607
  -631
  -656
  -683
Cash from investing activities, $m
  -283
  -85
  -109
  -135
  -165
  -198
  -235
  -274
  -317
  -361
  -408
  -456
  -507
  -560
  -614
  -670
  -727
  -787
  -847
  -911
  -975
  -1,043
  -1,112
  -1,184
  -1,258
  -1,335
  -1,415
  -1,498
  -1,584
  -1,674
  -1,769
Free cash flow, $m
  -18
  221
  284
  347
  418
  495
  580
  671
  768
  869
  975
  1,078
  1,192
  1,309
  1,430
  1,554
  1,682
  1,812
  1,947
  2,085
  2,227
  2,373
  2,524
  2,681
  2,843
  3,010
  3,185
  3,366
  3,554
  3,751
  3,956
Issuance/(repayment) of debt, $m
  170
  -119
  271
  331
  396
  464
  536
  611
  686
  761
  836
  911
  983
  1,054
  1,124
  1,192
  1,258
  1,323
  1,388
  1,451
  1,515
  1,579
  1,644
  1,710
  1,778
  1,848
  1,920
  1,995
  2,074
  2,156
  2,242
Issuance/(repurchase) of shares, $m
  27
  315
  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
  196
  271
  331
  396
  464
  536
  611
  686
  761
  836
  911
  983
  1,054
  1,124
  1,192
  1,258
  1,323
  1,388
  1,451
  1,515
  1,579
  1,644
  1,710
  1,778
  1,848
  1,920
  1,995
  2,074
  2,156
  2,242
Total cash flow (excl. dividends), $m
  177
  417
  556
  678
  813
  960
  1,117
  1,282
  1,453
  1,631
  1,812
  1,988
  2,175
  2,364
  2,554
  2,746
  2,940
  3,136
  3,334
  3,536
  3,742
  3,952
  4,168
  4,391
  4,620
  4,858
  5,105
  5,361
  5,628
  5,907
  6,198
Retained Cash Flow (-), $m
  -71
  -361
  -30
  -37
  -44
  -52
  -60
  -68
  -76
  -85
  -93
  -101
  -109
  -117
  -125
  -132
  -140
  -147
  -154
  -161
  -168
  -175
  -183
  -190
  -198
  -205
  -213
  -222
  -230
  -240
  -249
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
 
  735
  526
  641
  769
  908
  1,057
  1,214
  1,377
  1,546
  1,719
  1,887
  2,066
  2,247
  2,429
  2,614
  2,800
  2,989
  3,180
  3,375
  3,573
  3,777
  3,986
  4,201
  4,423
  4,653
  4,891
  5,139
  5,398
  5,667
  5,949
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
 
  704
  481
  558
  633
  704
  767
  820
  861
  888
  901
  896
  882
  854
  816
  767
  712
  650
  586
  520
  454
  391
  331
  275
  225
  181
  143
  110
  84
  62
  45
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 108.5
Price to Sales 5.9
Price to Book 5.3
Price to Tangible Book
Price to Cash Flow 8.2
Price to Free Cash Flow 10
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 20.8%
EBITDA Margin - 3 Yr. Avg. 21.5%
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 36.4% 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 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 9.7 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 39.932 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 $2.3 billion.

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COMPANY NEWS

▶ 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]
▶ New Strong Sell Stocks for August 18th   [Aug-18-17 09:29AM  Zacks]
▶ New Strong Sell Stocks for August 7th   [Aug-07-17 08:33AM  Zacks]
▶ 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]
▶ Acquisitions to Fuel Growth at WageWorks Inc.   [07:39AM  at Motley Fool]
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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