Intrinsic value of WageWorks - WAGE

Previous Close

$66.75

  Intrinsic Value

$504.27

stock screener

  Rating & Target

str. buy

+655%

  Value-price divergence*

+36%

Previous close

$66.75

 
Intrinsic value

$504.27

 
Up/down potential

+655%

 
Rating

str. buy

 
Value-price divergence*

+36%

*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 2.4

 

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
  43.70
  39.83
  36.35
  33.21
  30.39
  27.85
  25.57
  23.51
  21.66
  19.99
  18.49
  17.14
  15.93
  14.84
  13.85
  12.97
  12.17
  11.45
  10.81
  10.23
  9.71
  9.23
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.03
  6.82
Revenue, $m
  365
  525
  733
  1,000
  1,332
  1,737
  2,221
  2,788
  3,444
  4,190
  5,028
  5,958
  6,979
  8,091
  9,291
  10,578
  11,950
  13,405
  14,940
  16,555
  18,248
  20,019
  21,867
  23,794
  25,800
  27,887
  30,056
  32,310
  34,652
  37,087
  39,617
Variable operating expenses, $m
 
  448
  615
  827
  1,092
  1,415
  1,801
  2,254
  2,777
  3,372
  4,040
  4,752
  5,567
  6,453
  7,411
  8,438
  9,532
  10,692
  11,917
  13,205
  14,555
  15,968
  17,442
  18,979
  20,579
  22,243
  23,973
  25,771
  27,640
  29,582
  31,600
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
  448
  615
  827
  1,092
  1,415
  1,801
  2,254
  2,777
  3,372
  4,040
  4,752
  5,567
  6,453
  7,411
  8,438
  9,532
  10,692
  11,917
  13,205
  14,555
  15,968
  17,442
  18,979
  20,579
  22,243
  23,973
  25,771
  27,640
  29,582
  31,600
Operating income, $m
  33
  76
  119
  173
  240
  322
  420
  535
  667
  818
  988
  1,206
  1,412
  1,637
  1,880
  2,141
  2,418
  2,713
  3,023
  3,350
  3,693
  4,051
  4,425
  4,815
  5,221
  5,643
  6,082
  6,539
  7,013
  7,505
  8,017
EBITDA, $m
  75
  132
  185
  252
  336
  438
  560
  703
  869
  1,057
  1,268
  1,503
  1,761
  2,041
  2,344
  2,669
  3,015
  3,382
  3,769
  4,176
  4,603
  5,050
  5,517
  6,003
  6,509
  7,035
  7,582
  8,151
  8,742
  9,356
  9,994
Interest expense (income), $m
  2
  9
  21
  39
  62
  91
  125
  167
  216
  272
  337
  409
  489
  577
  672
  776
  886
  1,004
  1,130
  1,262
  1,401
  1,547
  1,699
  1,858
  2,024
  2,196
  2,376
  2,563
  2,757
  2,958
  3,168
Earnings before tax, $m
  32
  68
  98
  134
  178
  231
  294
  367
  451
  546
  651
  797
  924
  1,061
  1,208
  1,365
  1,532
  1,708
  1,894
  2,088
  2,292
  2,505
  2,726
  2,957
  3,197
  3,447
  3,706
  3,976
  4,256
  4,547
  4,849
Tax expense, $m
  12
  18
  26
  36
  48
  62
  79
  99
  122
  147
  176
  215
  249
  286
  326
  369
  414
  461
  511
  564
  619
  676
  736
  798
  863
  931
  1,001
  1,073
  1,149
  1,228
  1,309
Net income, $m
  20
  49
  71
  97
  130
  169
  215
  268
  329
  398
  475
  582
  674
  774
  882
  997
  1,118
  1,247
  1,382
  1,525
  1,673
  1,828
  1,990
  2,159
  2,334
  2,516
  2,706
  2,902
  3,107
  3,319
  3,540

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
  1,433
  2,004
  2,732
  3,640
  4,746
  6,068
  7,619
  9,410
  11,448
  13,737
  16,278
  19,068
  22,106
  25,386
  28,902
  32,650
  36,624
  40,819
  45,231
  49,858
  54,696
  59,747
  65,012
  70,492
  76,193
  82,119
  88,278
  94,679
  101,330
  108,244
Adjusted assets (=assets-cash), $m
  665
  1,433
  2,004
  2,732
  3,640
  4,746
  6,068
  7,619
  9,410
  11,448
  13,737
  16,278
  19,068
  22,106
  25,386
  28,902
  32,650
  36,624
  40,819
  45,231
  49,858
  54,696
  59,747
  65,012
  70,492
  76,193
  82,119
  88,278
  94,679
  101,330
  108,244
Revenue / Adjusted assets
  0.549
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
Average production assets, $m
  182
  262
  366
  499
  665
  867
  1,108
  1,391
  1,719
  2,091
  2,509
  2,973
  3,483
  4,037
  4,636
  5,279
  5,963
  6,689
  7,455
  8,261
  9,106
  9,989
  10,912
  11,873
  12,874
  13,915
  14,998
  16,123
  17,292
  18,506
  19,769
Working capital, $m
  114
  -52
  -73
  -100
  -133
  -174
  -222
  -279
  -344
  -419
  -503
  -596
  -698
  -809
  -929
  -1,058
  -1,195
  -1,340
  -1,494
  -1,655
  -1,825
  -2,002
  -2,187
  -2,379
  -2,580
  -2,789
  -3,006
  -3,231
  -3,465
  -3,709
  -3,962
Total debt, $m
  249
  604
  1,117
  1,773
  2,590
  3,585
  4,775
  6,171
  7,783
  9,617
  11,677
  13,964
  16,475
  19,209
  22,161
  25,326
  28,699
  32,276
  36,051
  40,022
  44,186
  48,541
  53,086
  57,824
  62,757
  67,887
  73,221
  78,765
  84,525
  90,511
  96,734
Total liabilities, $m
  935
  1,290
  1,803
  2,459
  3,276
  4,271
  5,461
  6,857
  8,469
  10,303
  12,363
  14,650
  17,161
  19,895
  22,847
  26,012
  29,385
  32,962
  36,737
  40,708
  44,872
  49,227
  53,772
  58,510
  63,443
  68,573
  73,907
  79,451
  85,211
  91,197
  97,420
Total equity, $m
  408
  143
  200
  273
  364
  475
  607
  762
  941
  1,145
  1,374
  1,628
  1,907
  2,211
  2,539
  2,890
  3,265
  3,662
  4,082
  4,523
  4,986
  5,470
  5,975
  6,501
  7,049
  7,619
  8,212
  8,828
  9,468
  10,133
  10,824
Total liabilities and equity, $m
  1,343
  1,433
  2,003
  2,732
  3,640
  4,746
  6,068
  7,619
  9,410
  11,448
  13,737
  16,278
  19,068
  22,106
  25,386
  28,902
  32,650
  36,624
  40,819
  45,231
  49,858
  54,697
  59,747
  65,011
  70,492
  76,192
  82,119
  88,279
  94,679
  101,330
  108,244
Debt-to-equity ratio
  0.610
  4.210
  5.580
  6.490
  7.120
  7.550
  7.870
  8.100
  8.270
  8.400
  8.500
  8.580
  8.640
  8.690
  8.730
  8.760
  8.790
  8.810
  8.830
  8.850
  8.860
  8.870
  8.890
  8.890
  8.900
  8.910
  8.920
  8.920
  8.930
  8.930
  8.940
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
  49
  71
  97
  130
  169
  215
  268
  329
  398
  475
  582
  674
  774
  882
  997
  1,118
  1,247
  1,382
  1,525
  1,673
  1,828
  1,990
  2,159
  2,334
  2,516
  2,706
  2,902
  3,107
  3,319
  3,540
Depreciation, amort., depletion, $m
  42
  56
  66
  80
  96
  116
  141
  169
  202
  239
  281
  297
  348
  404
  464
  528
  596
  669
  746
  826
  911
  999
  1,091
  1,187
  1,287
  1,392
  1,500
  1,612
  1,729
  1,851
  1,977
Funds from operations, $m
  460
  105
  138
  177
  226
  285
  355
  437
  531
  637
  756
  879
  1,022
  1,178
  1,345
  1,524
  1,715
  1,916
  2,128
  2,351
  2,584
  2,827
  3,081
  3,346
  3,621
  3,908
  4,205
  4,515
  4,836
  5,170
  5,517
Change in working capital, $m
  195
  -16
  -21
  -27
  -33
  -40
  -48
  -57
  -66
  -75
  -84
  -93
  -102
  -111
  -120
  -129
  -137
  -145
  -154
  -161
  -169
  -177
  -185
  -193
  -201
  -209
  -217
  -225
  -234
  -243
  -253
Cash from operations, $m
  265
  121
  158
  204
  259
  326
  404
  494
  597
  712
  840
  972
  1,125
  1,289
  1,465
  1,653
  1,852
  2,061
  2,281
  2,512
  2,753
  3,004
  3,266
  3,539
  3,822
  4,116
  4,422
  4,740
  5,070
  5,413
  5,770
Maintenance CAPEX, $m
  0
  -18
  -26
  -37
  -50
  -66
  -87
  -111
  -139
  -172
  -209
  -251
  -297
  -348
  -404
  -464
  -528
  -596
  -669
  -746
  -826
  -911
  -999
  -1,091
  -1,187
  -1,287
  -1,392
  -1,500
  -1,612
  -1,729
  -1,851
New CAPEX, $m
  -49
  -80
  -104
  -133
  -166
  -202
  -241
  -283
  -327
  -372
  -418
  -464
  -510
  -555
  -599
  -642
  -685
  -726
  -766
  -806
  -845
  -884
  -922
  -961
  -1,001
  -1,041
  -1,082
  -1,125
  -1,169
  -1,215
  -1,263
Cash from investing activities, $m
  -283
  -98
  -130
  -170
  -216
  -268
  -328
  -394
  -466
  -544
  -627
  -715
  -807
  -903
  -1,003
  -1,106
  -1,213
  -1,322
  -1,435
  -1,552
  -1,671
  -1,795
  -1,921
  -2,052
  -2,188
  -2,328
  -2,474
  -2,625
  -2,781
  -2,944
  -3,114
Free cash flow, $m
  -18
  23
  28
  34
  44
  57
  76
  100
  130
  168
  213
  257
  318
  386
  463
  547
  639
  739
  846
  961
  1,082
  1,210
  1,345
  1,486
  1,634
  1,788
  1,948
  2,115
  2,289
  2,469
  2,657
Issuance/(repayment) of debt, $m
  170
  355
  514
  656
  817
  996
  1,190
  1,396
  1,612
  1,834
  2,060
  2,286
  2,512
  2,734
  2,952
  3,165
  3,373
  3,577
  3,775
  3,971
  4,164
  4,355
  4,546
  4,738
  4,932
  5,131
  5,334
  5,543
  5,760
  5,986
  6,222
Issuance/(repurchase) of shares, $m
  27
  32
  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
  387
  514
  656
  817
  996
  1,190
  1,396
  1,612
  1,834
  2,060
  2,286
  2,512
  2,734
  2,952
  3,165
  3,373
  3,577
  3,775
  3,971
  4,164
  4,355
  4,546
  4,738
  4,932
  5,131
  5,334
  5,543
  5,760
  5,986
  6,222
Total cash flow (excl. dividends), $m
  177
  409
  542
  690
  860
  1,053
  1,265
  1,496
  1,742
  2,002
  2,273
  2,544
  2,829
  3,120
  3,415
  3,712
  4,013
  4,316
  4,622
  4,932
  5,246
  5,565
  5,891
  6,224
  6,566
  6,918
  7,282
  7,659
  8,049
  8,456
  8,879
Retained Cash Flow (-), $m
  -71
  -81
  -57
  -73
  -91
  -111
  -132
  -155
  -179
  -204
  -229
  -254
  -279
  -304
  -328
  -352
  -375
  -397
  -419
  -441
  -463
  -484
  -505
  -526
  -548
  -570
  -593
  -616
  -640
  -665
  -691
Prev. year cash balance distribution, $m
 
  346
  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
 
  674
  485
  617
  770
  942
  1,133
  1,341
  1,563
  1,798
  2,044
  2,290
  2,550
  2,816
  3,087
  3,361
  3,638
  3,918
  4,202
  4,490
  4,783
  5,081
  5,386
  5,698
  6,018
  6,348
  6,690
  7,043
  7,409
  7,791
  8,188
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
 
  647
  444
  537
  634
  730
  822
  906
  977
  1,033
  1,071
  1,087
  1,088
  1,071
  1,036
  987
  924
  853
  774
  691
  608
  526
  447
  373
  307
  247
  195
  151
  115
  85
  62
Current shareholders' claim on cash, %
  100
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0

WageWorks, Inc. engages in administering consumer-directed benefits (CDBs), which empower employees to save money on taxes, as well as provides corporate tax advantages for employers in the United States. It administers CDBs, 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 offers commuter benefit services, including transit and parking programs, wellness programs, Consolidated Omnibus Budget Reconciliation Act, and other employee benefits. As of January 31, 2017, it had approximately 6.5 million employee participants from approximately 100,000 employer clients. WageWorks, Inc. was incorporated in 2000 and is based in San Mateo, California.

FINANCIAL RATIOS  of  WageWorks (WAGE)

Valuation Ratios
P/E Ratio 123.2
Price to Sales 6.7
Price to Book 6
Price to Tangible Book
Price to Cash Flow 9.3
Price to Free Cash Flow 11.4
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 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 43.7% 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 10 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 -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 - $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 35.673 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 $2.4 billion.

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COMPANY NEWS

▶ 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]
Stock chart of WAGE Financial statements of WAGE Annual reports 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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