Intrinsic value of WageWorks - WAGE

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$70.35

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$70.35

 
Intrinsic value

$695.17

 
Up/down potential

+888%

 
Rating

str. buy

 
Value-price divergence* premium content

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*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 2.6

 

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, %
  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
  133
  186
  254
  338
  441
  564
  708
  874
  1,063
  1,276
  1,512
  1,771
  2,054
  2,358
  2,685
  3,033
  3,402
  3,792
  4,202
  4,632
  5,081
  5,550
  6,039
  6,548
  7,078
  7,629
  8,201
  8,795
  9,413
  10,055
Interest expense (income), $m
  2
  9
  6
  18
  33
  52
  76
  103
  136
  174
  216
  264
  318
  376
  440
  509
  583
  662
  745
  833
  926
  1,023
  1,125
  1,231
  1,341
  1,456
  1,576
  1,700
  1,830
  1,964
  2,104
Earnings before tax, $m
  32
  68
  113
  155
  207
  269
  344
  431
  531
  645
  771
  941
  1,095
  1,261
  1,440
  1,632
  1,835
  2,051
  2,278
  2,517
  2,767
  3,028
  3,301
  3,585
  3,880
  4,187
  4,506
  4,838
  5,183
  5,541
  5,913
Tax expense, $m
  12
  18
  30
  42
  56
  73
  93
  116
  143
  174
  208
  254
  296
  340
  389
  441
  496
  554
  615
  680
  747
  818
  891
  968
  1,048
  1,131
  1,217
  1,306
  1,399
  1,496
  1,597
Net income, $m
  20
  49
  82
  113
  151
  197
  251
  315
  388
  471
  563
  687
  799
  920
  1,051
  1,191
  1,340
  1,497
  1,663
  1,837
  2,020
  2,211
  2,410
  2,617
  2,832
  3,057
  3,290
  3,532
  3,783
  4,045
  4,317

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
  955
  1,336
  1,821
  2,426
  3,164
  4,045
  5,079
  6,273
  7,632
  9,158
  10,852
  12,712
  14,737
  16,924
  19,268
  21,767
  24,416
  27,213
  30,154
  33,238
  36,464
  39,831
  43,341
  46,995
  50,795
  54,746
  58,852
  63,119
  67,554
  72,163
Adjusted assets (=assets-cash), $m
  665
  955
  1,336
  1,821
  2,426
  3,164
  4,045
  5,079
  6,273
  7,632
  9,158
  10,852
  12,712
  14,737
  16,924
  19,268
  21,767
  24,416
  27,213
  30,154
  33,238
  36,464
  39,831
  43,341
  46,995
  50,795
  54,746
  58,852
  63,119
  67,554
  72,163
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
  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
  -810
  -1,133
  -1,545
  -2,058
  -2,684
  -3,431
  -4,308
  -5,321
  -6,474
  -7,768
  -9,204
  -10,783
  -12,500
  -14,355
  -16,343
  -18,463
  -20,710
  -23,082
  -25,577
  -28,193
  -30,929
  -33,785
  -36,762
  -39,861
  -43,085
  -46,436
  -49,919
  -53,538
  -57,299
  -61,209
Total debt, $m
  249
  174
  516
  953
  1,498
  2,161
  2,955
  3,885
  4,960
  6,183
  7,556
  9,081
  10,755
  12,577
  14,545
  16,655
  18,904
  21,289
  23,806
  26,453
  29,229
  32,132
  35,162
  38,321
  41,609
  45,030
  48,585
  52,281
  56,121
  60,112
  64,260
Total liabilities, $m
  935
  860
  1,202
  1,639
  2,184
  2,847
  3,641
  4,571
  5,646
  6,869
  8,242
  9,767
  11,441
  13,263
  15,231
  17,341
  19,590
  21,975
  24,492
  27,139
  29,915
  32,818
  35,848
  39,007
  42,295
  45,716
  49,271
  52,967
  56,807
  60,798
  64,946
Total equity, $m
  408
  96
  134
  182
  243
  316
  405
  508
  627
  763
  916
  1,085
  1,271
  1,474
  1,692
  1,927
  2,177
  2,442
  2,721
  3,015
  3,324
  3,646
  3,983
  4,334
  4,699
  5,080
  5,475
  5,885
  6,312
  6,755
  7,216
Total liabilities and equity, $m
  1,343
  956
  1,336
  1,821
  2,427
  3,163
  4,046
  5,079
  6,273
  7,632
  9,158
  10,852
  12,712
  14,737
  16,923
  19,268
  21,767
  24,417
  27,213
  30,154
  33,239
  36,464
  39,831
  43,341
  46,994
  50,796
  54,746
  58,852
  63,119
  67,553
  72,162
Debt-to-equity ratio
  0.610
  1.820
  3.860
  5.230
  6.170
  6.830
  7.300
  7.650
  7.910
  8.100
  8.250
  8.370
  8.460
  8.530
  8.590
  8.640
  8.680
  8.720
  8.750
  8.770
  8.790
  8.810
  8.830
  8.840
  8.850
  8.860
  8.870
  8.880
  8.890
  8.900
  8.900
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
  82
  113
  151
  197
  251
  315
  388
  471
  563
  687
  799
  920
  1,051
  1,191
  1,340
  1,497
  1,663
  1,837
  2,020
  2,211
  2,410
  2,617
  2,832
  3,057
  3,290
  3,532
  3,783
  4,045
  4,317
Depreciation, amort., depletion, $m
  42
  57
  67
  81
  98
  119
  144
  173
  207
  245
  288
  306
  359
  416
  478
  544
  615
  690
  769
  852
  939
  1,030
  1,125
  1,224
  1,327
  1,435
  1,546
  1,662
  1,783
  1,908
  2,038
Funds from operations, $m
  460
  106
  150
  194
  249
  316
  395
  488
  595
  716
  851
  994
  1,158
  1,337
  1,529
  1,735
  1,955
  2,187
  2,432
  2,689
  2,959
  3,240
  3,534
  3,841
  4,160
  4,491
  4,836
  5,194
  5,566
  5,953
  6,355
Change in working capital, $m
  195
  -246
  -323
  -412
  -513
  -625
  -747
  -877
  -1,013
  -1,152
  -1,294
  -1,437
  -1,578
  -1,718
  -1,855
  -1,989
  -2,119
  -2,247
  -2,372
  -2,495
  -2,616
  -2,736
  -2,856
  -2,977
  -3,099
  -3,224
  -3,351
  -3,483
  -3,619
  -3,761
  -3,909
Cash from operations, $m
  265
  404
  472
  606
  762
  941
  1,143
  1,365
  1,608
  1,868
  2,146
  2,430
  2,736
  3,054
  3,384
  3,724
  4,074
  4,434
  4,804
  5,184
  5,575
  5,977
  6,391
  6,818
  7,259
  7,715
  8,187
  8,677
  9,185
  9,714
  10,264
Maintenance CAPEX, $m
  0
  -19
  -27
  -38
  -51
  -69
  -89
  -114
  -143
  -177
  -216
  -259
  -306
  -359
  -416
  -478
  -544
  -615
  -690
  -769
  -852
  -939
  -1,030
  -1,125
  -1,224
  -1,327
  -1,435
  -1,546
  -1,662
  -1,783
  -1,908
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
  -99
  -131
  -171
  -217
  -271
  -330
  -397
  -470
  -549
  -634
  -723
  -816
  -914
  -1,015
  -1,120
  -1,229
  -1,341
  -1,456
  -1,575
  -1,697
  -1,823
  -1,952
  -2,086
  -2,225
  -2,368
  -2,517
  -2,671
  -2,831
  -2,998
  -3,171
Free cash flow, $m
  -18
  305
  341
  435
  545
  671
  812
  968
  1,137
  1,319
  1,512
  1,707
  1,920
  2,141
  2,369
  2,604
  2,845
  3,093
  3,348
  3,610
  3,878
  4,154
  4,438
  4,731
  5,034
  5,346
  5,670
  6,006
  6,354
  6,717
  7,094
Issuance/(repayment) of debt, $m
  170
  -75
  342
  437
  544
  664
  793
  931
  1,075
  1,223
  1,373
  1,524
  1,674
  1,823
  1,968
  2,110
  2,249
  2,384
  2,517
  2,647
  2,776
  2,903
  3,031
  3,159
  3,288
  3,420
  3,556
  3,696
  3,840
  3,991
  4,148
Issuance/(repurchase) of shares, $m
  27
  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 from financing (excl. dividends), $m  
  196
  -75
  342
  437
  544
  664
  793
  931
  1,075
  1,223
  1,373
  1,524
  1,674
  1,823
  1,968
  2,110
  2,249
  2,384
  2,517
  2,647
  2,776
  2,903
  3,031
  3,159
  3,288
  3,420
  3,556
  3,696
  3,840
  3,991
  4,148
Total cash flow (excl. dividends), $m
  177
  230
  684
  872
  1,089
  1,334
  1,605
  1,898
  2,212
  2,542
  2,885
  3,232
  3,594
  3,963
  4,337
  4,714
  5,094
  5,478
  5,865
  6,257
  6,654
  7,057
  7,469
  7,890
  8,322
  8,767
  9,226
  9,701
  10,195
  10,708
  11,242
Retained Cash Flow (-), $m
  -71
  -366
  -38
  -49
  -60
  -74
  -88
  -103
  -119
  -136
  -153
  -169
  -186
  -203
  -219
  -234
  -250
  -265
  -280
  -294
  -308
  -323
  -337
  -351
  -365
  -380
  -395
  -411
  -427
  -443
  -461
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
 
  542
  646
  824
  1,029
  1,261
  1,517
  1,795
  2,092
  2,406
  2,733
  3,062
  3,408
  3,761
  4,118
  4,479
  4,844
  5,213
  5,585
  5,963
  6,345
  6,735
  7,132
  7,539
  7,957
  8,387
  8,831
  9,291
  9,768
  10,264
  10,781
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
 
  520
  591
  717
  847
  977
  1,101
  1,213
  1,308
  1,382
  1,433
  1,454
  1,454
  1,430
  1,382
  1,315
  1,231
  1,134
  1,029
  918
  806
  697
  592
  494
  405
  326
  258
  199
  151
  112
  81
Current shareholders' claim on cash, %
  100
  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
  100.0

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 129.8
Price to Sales 7.1
Price to Book 6.4
Price to Tangible Book
Price to Cash Flow 9.8
Price to Free Cash Flow 12
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 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 37.006 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 $2.6 billion.


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COMPANY NEWS

▶ 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]
▶ Motley Fool Money: 3 Stocks on Our Radar This Week   [May-19-16 04:29PM  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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