Intrinsic value of HubSpot - HUBS

Previous Close

$81.80

  Intrinsic Value

$8.94

stock screener

  Rating & Target

str. sell

-89%

  Value-price divergence*

-113%

Previous close

$81.80

 
Intrinsic value

$8.94

 
Up/down potential

-89%

 
Rating

str. sell

 
Value-price divergence*

-113%

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

We calculate the intrinsic value of HUBS 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 3.0

 

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, %
  48.90
  36.90
  33.71
  30.84
  28.26
  25.93
  23.84
  21.95
  20.26
  18.73
  17.36
  16.12
  15.01
  14.01
  13.11
  12.30
  11.57
  10.91
  10.32
  9.79
  9.31
  8.88
  8.49
  8.14
  7.83
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
Revenue, $m
  271
  371
  496
  649
  832
  1,048
  1,298
  1,583
  1,904
  2,260
  2,653
  3,081
  3,543
  4,039
  4,569
  5,131
  5,724
  6,349
  7,004
  7,690
  8,405
  9,152
  9,929
  10,737
  11,577
  12,451
  13,359
  14,302
  15,282
  16,301
  17,361
Variable operating expenses, $m
 
  367
  490
  641
  821
  1,034
  1,280
  1,561
  1,877
  2,228
  2,615
  3,035
  3,491
  3,980
  4,502
  5,055
  5,640
  6,256
  6,901
  7,577
  8,282
  9,017
  9,783
  10,579
  11,407
  12,268
  13,162
  14,092
  15,058
  16,062
  17,106
Fixed operating expenses, $m
 
  50
  51
  53
  54
  55
  57
  58
  60
  61
  63
  64
  66
  68
  69
  71
  73
  75
  76
  78
  80
  82
  84
  86
  89
  91
  93
  95
  98
  100
  103
Total operating expenses, $m
  316
  417
  541
  694
  875
  1,089
  1,337
  1,619
  1,937
  2,289
  2,678
  3,099
  3,557
  4,048
  4,571
  5,126
  5,713
  6,331
  6,977
  7,655
  8,362
  9,099
  9,867
  10,665
  11,496
  12,359
  13,255
  14,187
  15,156
  16,162
  17,209
Operating income, $m
  -45
  -46
  -45
  -44
  -43
  -41
  -39
  -36
  -33
  -29
  -25
  -19
  -14
  -8
  -2
  4
  11
  19
  26
  35
  43
  52
  61
  71
  81
  92
  103
  115
  127
  139
  152
EBITDA, $m
  -34
  -37
  -33
  -29
  -23
  -17
  -9
  0
  11
  22
  35
  49
  65
  81
  99
  118
  138
  160
  182
  205
  230
  255
  282
  310
  338
  368
  400
  432
  466
  501
  538
Interest expense (income), $m
  0
  0
  1
  4
  6
  9
  13
  17
  22
  27
  33
  40
  47
  55
  64
  73
  82
  92
  103
  114
  126
  138
  150
  164
  177
  192
  206
  222
  238
  254
  272
Earnings before tax, $m
  -45
  -46
  -47
  -48
  -49
  -50
  -52
  -53
  -55
  -56
  -58
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -76
  -79
  -82
  -86
  -89
  -92
  -96
  -100
  -103
  -107
  -111
  -115
  -120
Tax expense, $m
  1
  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
  -46
  -46
  -47
  -48
  -49
  -50
  -52
  -53
  -55
  -56
  -58
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -76
  -79
  -82
  -86
  -89
  -92
  -96
  -100
  -103
  -107
  -111
  -115
  -120

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  114
  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
  260
  200
  267
  350
  449
  565
  699
  853
  1,026
  1,218
  1,429
  1,660
  1,909
  2,176
  2,462
  2,764
  3,084
  3,421
  3,774
  4,143
  4,529
  4,931
  5,349
  5,785
  6,238
  6,708
  7,197
  7,706
  8,234
  8,783
  9,354
Adjusted assets (=assets-cash), $m
  146
  200
  267
  350
  449
  565
  699
  853
  1,026
  1,218
  1,429
  1,660
  1,909
  2,176
  2,462
  2,764
  3,084
  3,421
  3,774
  4,143
  4,529
  4,931
  5,349
  5,785
  6,238
  6,708
  7,197
  7,706
  8,234
  8,783
  9,354
Revenue / Adjusted assets
  1.856
  1.855
  1.858
  1.854
  1.853
  1.855
  1.857
  1.856
  1.856
  1.856
  1.857
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
  1.856
Average production assets, $m
  30
  41
  55
  72
  92
  116
  144
  176
  211
  251
  294
  342
  393
  448
  507
  570
  635
  705
  777
  854
  933
  1,016
  1,102
  1,192
  1,285
  1,382
  1,483
  1,587
  1,696
  1,809
  1,927
Working capital, $m
  49
  -88
  -117
  -153
  -196
  -247
  -306
  -374
  -449
  -533
  -626
  -727
  -836
  -953
  -1,078
  -1,211
  -1,351
  -1,498
  -1,653
  -1,815
  -1,984
  -2,160
  -2,343
  -2,534
  -2,732
  -2,938
  -3,153
  -3,375
  -3,607
  -3,847
  -4,097
Total debt, $m
  1
  40
  101
  175
  264
  368
  489
  628
  783
  956
  1,146
  1,354
  1,578
  1,819
  2,075
  2,348
  2,636
  2,939
  3,256
  3,589
  3,936
  4,298
  4,675
  5,067
  5,474
  5,898
  6,338
  6,795
  7,271
  7,765
  8,279
Total liabilities, $m
  141
  180
  241
  315
  404
  508
  629
  768
  923
  1,096
  1,286
  1,494
  1,718
  1,959
  2,215
  2,488
  2,776
  3,079
  3,396
  3,729
  4,076
  4,438
  4,815
  5,207
  5,614
  6,038
  6,478
  6,935
  7,411
  7,905
  8,419
Total equity, $m
  119
  20
  27
  35
  45
  56
  70
  85
  103
  122
  143
  166
  191
  218
  246
  276
  308
  342
  377
  414
  453
  493
  535
  579
  624
  671
  720
  771
  823
  878
  935
Total liabilities and equity, $m
  260
  200
  268
  350
  449
  564
  699
  853
  1,026
  1,218
  1,429
  1,660
  1,909
  2,177
  2,461
  2,764
  3,084
  3,421
  3,773
  4,143
  4,529
  4,931
  5,350
  5,786
  6,238
  6,709
  7,198
  7,706
  8,234
  8,783
  9,354
Debt-to-equity ratio
  0.008
  2.000
  3.760
  5.000
  5.880
  6.520
  7.000
  7.360
  7.640
  7.850
  8.020
  8.160
  8.270
  8.360
  8.430
  8.490
  8.550
  8.590
  8.630
  8.660
  8.690
  8.720
  8.740
  8.760
  8.780
  8.790
  8.810
  8.820
  8.830
  8.840
  8.850
Adjusted equity ratio
  0.034
  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
  -46
  -46
  -47
  -48
  -49
  -50
  -52
  -53
  -55
  -56
  -58
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -76
  -79
  -82
  -86
  -89
  -92
  -96
  -100
  -103
  -107
  -111
  -115
  -120
Depreciation, amort., depletion, $m
  11
  9
  12
  15
  19
  24
  30
  36
  43
  51
  60
  68
  79
  90
  101
  114
  127
  141
  155
  171
  187
  203
  220
  238
  257
  276
  297
  317
  339
  362
  385
Funds from operations, $m
  36
  -37
  -35
  -32
  -29
  -26
  -22
  -17
  -11
  -5
  2
  9
  17
  26
  36
  46
  56
  67
  79
  91
  104
  118
  131
  146
  161
  177
  193
  210
  228
  247
  266
Change in working capital, $m
  17
  -24
  -30
  -36
  -43
  -51
  -59
  -67
  -76
  -84
  -93
  -101
  -109
  -117
  -125
  -133
  -140
  -147
  -155
  -162
  -169
  -176
  -183
  -191
  -198
  -206
  -214
  -223
  -231
  -241
  -250
Cash from operations, $m
  19
  -13
  -5
  4
  14
  25
  37
  50
  64
  79
  94
  110
  127
  143
  161
  178
  196
  215
  234
  253
  273
  294
  315
  337
  359
  383
  407
  433
  459
  487
  516
Maintenance CAPEX, $m
  0
  -6
  -8
  -11
  -14
  -18
  -23
  -29
  -35
  -42
  -50
  -59
  -68
  -79
  -90
  -101
  -114
  -127
  -141
  -155
  -171
  -187
  -203
  -220
  -238
  -257
  -276
  -297
  -317
  -339
  -362
New CAPEX, $m
  -22
  -11
  -14
  -17
  -20
  -24
  -28
  -32
  -36
  -40
  -44
  -47
  -51
  -55
  -59
  -62
  -66
  -69
  -73
  -76
  -79
  -83
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -113
  -118
Cash from investing activities, $m
  -23
  -17
  -22
  -28
  -34
  -42
  -51
  -61
  -71
  -82
  -94
  -106
  -119
  -134
  -149
  -163
  -180
  -196
  -214
  -231
  -250
  -270
  -289
  -310
  -331
  -354
  -377
  -402
  -426
  -452
  -480
Free cash flow, $m
  -4
  -30
  -27
  -24
  -21
  -17
  -14
  -10
  -6
  -3
  1
  4
  7
  10
  12
  14
  17
  18
  20
  22
  23
  24
  25
  27
  28
  29
  30
  32
  33
  35
  37
Issuance/(repayment) of debt, $m
  -1
  40
  61
  74
  89
  105
  121
  138
  156
  173
  190
  207
  224
  241
  257
  272
  288
  303
  318
  332
  347
  362
  377
  392
  408
  424
  440
  457
  475
  494
  514
Issuance/(repurchase) of shares, $m
  12
  60
  53
  56
  59
  62
  65
  68
  72
  76
  79
  82
  86
  90
  94
  99
  103
  107
  112
  116
  121
  126
  131
  136
  141
  147
  152
  158
  164
  170
  177
Cash from financing (excl. dividends), $m  
  8
  100
  114
  130
  148
  167
  186
  206
  228
  249
  269
  289
  310
  331
  351
  371
  391
  410
  430
  448
  468
  488
  508
  528
  549
  571
  592
  615
  639
  664
  691
Total cash flow (excl. dividends), $m
  4
  70
  87
  106
  127
  149
  172
  196
  221
  246
  270
  293
  317
  340
  363
  385
  407
  428
  449
  470
  491
  512
  533
  555
  577
  599
  623
  647
  673
  699
  727
Retained Cash Flow (-), $m
  3
  -60
  -53
  -56
  -59
  -62
  -65
  -68
  -72
  -76
  -79
  -82
  -86
  -90
  -94
  -99
  -103
  -107
  -112
  -116
  -121
  -126
  -131
  -136
  -141
  -147
  -152
  -158
  -164
  -170
  -177
Prev. year cash balance distribution, $m
 
  113
  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
 
  123
  33
  50
  68
  87
  107
  128
  149
  170
  191
  211
  231
  250
  269
  287
  304
  321
  338
  354
  370
  386
  402
  419
  435
  453
  470
  489
  509
  529
  551
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
 
  118
  31
  43
  56
  68
  78
  86
  93
  98
  100
  100
  99
  95
  90
  84
  77
  70
  62
  55
  47
  40
  33
  27
  22
  18
  14
  10
  8
  6
  4
Current shareholders' claim on cash, %
  100
  50.1
  39.5
  32.7
  28.0
  24.6
  22.1
  20.1
  18.5
  17.3
  16.2
  15.3
  14.6
  13.9
  13.3
  12.8
  12.4
  11.9
  11.6
  11.2
  10.9
  10.6
  10.3
  10.1
  9.8
  9.6
  9.4
  9.2
  9.0
  8.8
  8.6

HubSpot, Inc. (HubSpot) provides a cloud-based marketing and sales software platform. The Company's software platform features integrated applications to help businesses attract visitors to their Websites, convert visitors into leads, close leads into customers and delight customers so that they become promoters of those businesses. These integrated applications include social media, search engine optimization, blogging, Website content management, marketing automation, e-mail, sales productivity, customer relationship management (CRM), analytics and reporting. The Company's products include HubSpot Marketing, HubSpot CRM and HubSpot Sales. The Company offers Professional Services and support. It offers professional services to educate and train customers on how to leverage its software platform and inbound marketing methodology to transform how their business attracts, engages and delights customers.

FINANCIAL RATIOS  of  HubSpot (HUBS)

Valuation Ratios
P/E Ratio -63.6
Price to Sales 10.8
Price to Book 24.6
Price to Tangible Book
Price to Cash Flow 154
Price to Free Cash Flow -975.6
Growth Rates
Sales Growth Rate 48.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 69.2%
Cap. Spend. - 3 Yr. Gr. Rate 22.4%
Financial Strength
Quick Ratio 114
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0.8%
Interest Coverage 0
Management Effectiveness
Return On Assets -19.2%
Ret/ On Assets - 3 Yr. Avg. -28.3%
Return On Total Capital -37.9%
Ret/ On T. Cap. - 3 Yr. Avg. -52.6%
Return On Equity -38.2%
Return On Equity - 3 Yr. Avg. -52.8%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 77.1%
Gross Margin - 3 Yr. Avg. 73.5%
EBITDA Margin -12.5%
EBITDA Margin - 3 Yr. Avg. -23.4%
Operating Margin -16.6%
Oper. Margin - 3 Yr. Avg. -27.8%
Pre-Tax Margin -16.6%
Pre-Tax Margin - 3 Yr. Avg. -27.8%
Net Profit Margin -17%
Net Profit Margin - 3 Yr. Avg. -27.9%
Effective Tax Rate -2.2%
Eff/ Tax Rate - 3 Yr. Avg. -0.7%
Payout Ratio 0%

HUBS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HUBS stock intrinsic value calculation we used $271 million for the last fiscal year's total revenue generated by HubSpot. The default revenue input number comes from 2016 income statement of HubSpot. 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 HUBS stock valuation model: a) initial revenue growth rate of 36.9% 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 HUBS is calculated based on our internal credit rating of HubSpot, 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 HubSpot.
    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 HUBS stock the variable cost ratio is equal to 98.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $49 million in the base year in the intrinsic value calculation for HUBS 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 HubSpot.

Corporate tax rate of 27% is the nominal tax rate for HubSpot. 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 HUBS 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 HUBS are equal to 11.1%.

Life of production assets of 3.6 years is the average useful life of capital assets used in HubSpot 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 HUBS is equal to -23.6%. 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 - $119 million for HubSpot - 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 36.166 million for HubSpot 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 HubSpot at the current share price and the inputted number of shares is $3.0 billion.

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COMPANY NEWS

▶ HubSpot Announces Jill Ward Joins Board of Directors   [Oct-17-17 04:05PM  PR Newswire]
▶ 3 Stocks With Apple-Like Return Potential   [Oct-12-17 10:32AM  Motley Fool]
▶ Why HubSpot Inc. Stock Jumped 14.6% in September   [Oct-03-17 06:23PM  Motley Fool]
▶ Stocks With Rising Relative Price Strength: Hubspot   [Sep-28-17 03:00AM  Investor's Business Daily]
▶ Why HubSpot Inc. Stock Popped Today   [12:46PM  Motley Fool]
▶ HubSpot stock rises after raising earnings expectations   [12:05PM  American City Business Journals]
▶ HubSpot Increasing Expectations   [Sep-26-17 05:44PM  PR Newswire]
▶ Drift adds Sequoia as investor in $32M round, plans SF office   [12:50PM  American City Business Journals]
▶ Is There Now An Opportunity In HubSpot Inc (HUBS)?   [Sep-24-17 12:16PM  Simply Wall St.]
▶ Is This IPO An Early Investing Hot Spot For AI, Machine Learning?   [Sep-22-17 04:05PM  Investor's Business Daily]
▶ HubSpot is acquiring Chicago chatbot startup Motion AI   [Sep-20-17 12:10PM  American City Business Journals]
▶ 3 Stocks That Could Put Alibaba's Returns to Shame   [Sep-15-17 08:30AM  Motley Fool]
▶ HubSpot extends its startups program to support Series A companies   [Sep-05-17 09:55AM  American City Business Journals]
▶ HubSpot Signs Global Agreement with Qstream   [Aug-10-17 09:00AM  PR Newswire]
▶ HubSpot reports 2Q loss   [Aug-02-17 11:08PM  Associated Press]
▶ HubSpot Reports Q2 2017 Results   [04:07PM  PR Newswire]
▶ Direct-mail tech startup Inkit lands partnership with HubSpot   [Aug-01-17 10:50AM  American City Business Journals]
▶ HubSpot buys tiny California-based AI startup   [Jul-25-17 11:30AM  American City Business Journals]
▶ ETFs with exposure to HubSpot, Inc. : July 24, 2017   [Jul-24-17 04:37PM  Capital Cube]
▶ 3 Growth Stocks for Canny Investors   [Jul-12-17 09:04PM  Motley Fool]
▶ ETFs with exposure to HubSpot, Inc. : July 11, 2017   [Jul-11-17 02:39PM  Capital Cube]
▶ Microsoft Expands Paid Leave for Family Caregivers   [Jun-27-17 02:03PM  Fortune]
▶ HubSpot will give someone $100K to quit their job and start a company   [Jun-26-17 02:43PM  American City Business Journals]
▶ HubSpot, Inc. Value Analysis (NYSE:HUBS) : June 16, 2017   [Jun-16-17 04:50PM  Capital Cube]
▶ ETFs with exposure to HubSpot, Inc. : June 12, 2017   [Jun-12-17 02:09PM  Capital Cube]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [Jun-02-17 01:25PM  Investor's Business Daily]
▶ ETFs with exposure to HubSpot, Inc. : May 29, 2017   [May-29-17 12:47PM  Capital Cube]
▶ HubSpot joins Microsoft in funding San Francisco startup   [May-23-17 09:30AM  American City Business Journals]
▶ ETFs with exposure to HubSpot, Inc. : May 18, 2017   [May-18-17 01:47PM  Capital Cube]
▶ ETFs with exposure to HubSpot, Inc. : May 5, 2017   [May-05-17 04:13PM  Capital Cube]
▶ Here's Why HubSpot Is on Cloud Nine Today   [May-03-17 06:02PM  Motley Fool]
▶ HubSpot Surges 9% on Q1 Beat, Higher Forecast   [May-02-17 05:46PM  Barrons.com]
▶ HubSpot reports 1Q loss   [05:30PM  Associated Press]
▶ [$$] Four Smaller Cloud Picks Ahead of Earnings   [Apr-27-17 03:38PM  Barrons.com]
Financial statements of HUBS
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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