Intrinsic value of BroadSoft - BSFT

Previous Close

$43.55

  Intrinsic Value

$27.39

stock screener

  Rating & Target

sell

-37%

  Value-price divergence*

-55%

Previous close

$43.55

 
Intrinsic value

$27.39

 
Up/down potential

-37%

 
Rating

sell

 
Value-price divergence*

-55%

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

We calculate the intrinsic value of BSFT 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 1.3

 

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, %
  22.22
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
Revenue, $m
  341
  374
  408
  443
  481
  519
  559
  601
  644
  689
  736
  784
  835
  887
  942
  999
  1,059
  1,121
  1,185
  1,253
  1,323
  1,397
  1,473
  1,554
  1,638
  1,726
  1,818
  1,914
  2,015
  2,120
  2,231
Variable operating expenses, $m
 
  353
  385
  417
  452
  487
  524
  563
  602
  644
  687
  724
  770
  819
  869
  922
  977
  1,034
  1,093
  1,156
  1,221
  1,289
  1,359
  1,434
  1,511
  1,592
  1,677
  1,766
  1,859
  1,956
  2,058
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
  325
  353
  385
  417
  452
  487
  524
  563
  602
  644
  687
  724
  770
  819
  869
  922
  977
  1,034
  1,093
  1,156
  1,221
  1,289
  1,359
  1,434
  1,511
  1,592
  1,677
  1,766
  1,859
  1,956
  2,058
Operating income, $m
  16
  21
  23
  26
  29
  32
  35
  38
  42
  45
  49
  61
  65
  69
  73
  77
  82
  87
  92
  97
  102
  108
  114
  120
  127
  133
  141
  148
  156
  164
  173
EBITDA, $m
  37
  34
  37
  40
  43
  47
  51
  54
  58
  62
  66
  71
  75
  80
  85
  90
  96
  101
  107
  113
  120
  126
  133
  140
  148
  156
  164
  173
  182
  192
  202
Interest expense (income), $m
  3
  7
  8
  9
  11
  12
  13
  15
  16
  18
  20
  21
  23
  25
  27
  29
  31
  33
  35
  37
  40
  42
  45
  48
  51
  54
  57
  60
  64
  67
  71
Earnings before tax, $m
  2
  14
  15
  17
  18
  20
  22
  23
  25
  27
  29
  39
  42
  44
  46
  49
  51
  54
  57
  60
  63
  66
  69
  72
  76
  80
  84
  88
  92
  97
  102
Tax expense, $m
  1
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
  11
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
Net income, $m
  1
  10
  11
  12
  13
  14
  16
  17
  18
  20
  21
  29
  30
  32
  34
  36
  37
  39
  41
  43
  46
  48
  50
  53
  56
  58
  61
  64
  67
  71
  74

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  219
  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
  651
  474
  517
  562
  609
  658
  709
  761
  816
  873
  932
  994
  1,058
  1,125
  1,194
  1,266
  1,342
  1,420
  1,502
  1,588
  1,677
  1,770
  1,867
  1,969
  2,076
  2,187
  2,304
  2,426
  2,554
  2,687
  2,828
Adjusted assets (=assets-cash), $m
  432
  474
  517
  562
  609
  658
  709
  761
  816
  873
  932
  994
  1,058
  1,125
  1,194
  1,266
  1,342
  1,420
  1,502
  1,588
  1,677
  1,770
  1,867
  1,969
  2,076
  2,187
  2,304
  2,426
  2,554
  2,687
  2,828
Revenue / Adjusted assets
  0.789
  0.789
  0.789
  0.788
  0.790
  0.789
  0.788
  0.790
  0.789
  0.789
  0.790
  0.789
  0.789
  0.788
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
Average production assets, $m
  45
  49
  53
  58
  62
  67
  73
  78
  84
  90
  96
  102
  109
  115
  122
  130
  138
  146
  154
  163
  172
  182
  192
  202
  213
  224
  236
  249
  262
  276
  290
Working capital, $m
  228
  10
  11
  12
  12
  13
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  28
  29
  31
  33
  34
  36
  38
  40
  43
  45
  47
  50
  52
  55
  58
Total debt, $m
  201
  235
  270
  306
  344
  384
  425
  468
  512
  558
  606
  656
  708
  762
  818
  877
  938
  1,001
  1,068
  1,137
  1,209
  1,285
  1,364
  1,446
  1,532
  1,623
  1,717
  1,816
  1,919
  2,028
  2,141
Total liabilities, $m
  350
  384
  419
  455
  493
  533
  574
  617
  661
  707
  755
  805
  857
  911
  967
  1,026
  1,087
  1,150
  1,217
  1,286
  1,358
  1,434
  1,513
  1,595
  1,681
  1,772
  1,866
  1,965
  2,068
  2,177
  2,290
Total equity, $m
  301
  90
  98
  107
  116
  125
  135
  145
  155
  166
  177
  189
  201
  214
  227
  241
  255
  270
  285
  302
  319
  336
  355
  374
  394
  416
  438
  461
  485
  511
  537
Total liabilities and equity, $m
  651
  474
  517
  562
  609
  658
  709
  762
  816
  873
  932
  994
  1,058
  1,125
  1,194
  1,267
  1,342
  1,420
  1,502
  1,588
  1,677
  1,770
  1,868
  1,969
  2,075
  2,188
  2,304
  2,426
  2,553
  2,688
  2,827
Debt-to-equity ratio
  0.668
  2.610
  2.750
  2.870
  2.980
  3.070
  3.160
  3.230
  3.300
  3.370
  3.420
  3.470
  3.520
  3.570
  3.610
  3.640
  3.680
  3.710
  3.740
  3.770
  3.800
  3.820
  3.840
  3.860
  3.890
  3.900
  3.920
  3.940
  3.960
  3.970
  3.990
Adjusted equity ratio
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1
  10
  11
  12
  13
  14
  16
  17
  18
  20
  21
  29
  30
  32
  34
  36
  37
  39
  41
  43
  46
  48
  50
  53
  56
  58
  61
  64
  67
  71
  74
Depreciation, amort., depletion, $m
  21
  13
  14
  14
  15
  15
  16
  16
  17
  17
  18
  10
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
Funds from operations, $m
  50
  23
  25
  26
  28
  29
  31
  33
  35
  37
  39
  39
  41
  44
  46
  48
  51
  54
  57
  60
  63
  66
  70
  73
  77
  81
  85
  89
  94
  98
  103
Change in working capital, $m
  -17
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
Cash from operations, $m
  67
  22
  24
  25
  27
  28
  30
  32
  34
  36
  38
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  64
  68
  71
  75
  78
  82
  87
  91
  95
  100
Maintenance CAPEX, $m
  0
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
New CAPEX, $m
  -16
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
Cash from investing activities, $m
  -156
  -8
  -9
  -10
  -11
  -11
  -12
  -12
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -19
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -37
  -38
  -40
  -42
Free cash flow, $m
  -89
  14
  14
  15
  16
  17
  18
  19
  20
  22
  23
  22
  23
  24
  26
  27
  29
  30
  32
  34
  36
  37
  39
  41
  44
  46
  48
  50
  53
  56
  58
Issuance/(repayment) of debt, $m
  0
  34
  35
  37
  38
  40
  41
  43
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
  66
  69
  72
  76
  79
  82
  86
  90
  94
  99
  103
  108
  114
Issuance/(repurchase) of shares, $m
  15
  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  
  -2
  34
  35
  37
  38
  40
  41
  43
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
  66
  69
  72
  76
  79
  82
  86
  90
  94
  99
  103
  108
  114
Total cash flow (excl. dividends), $m
  -93
  47
  49
  52
  54
  57
  59
  62
  65
  68
  71
  72
  75
  78
  82
  86
  90
  94
  98
  103
  108
  113
  118
  124
  130
  136
  142
  149
  156
  164
  172
Retained Cash Flow (-), $m
  -44
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
Prev. year cash balance distribution, $m
 
  219
  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
 
  258
  41
  43
  45
  48
  50
  52
  54
  57
  60
  60
  63
  66
  69
  72
  76
  79
  83
  87
  91
  95
  100
  105
  110
  115
  120
  126
  132
  139
  145
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
 
  248
  38
  38
  37
  37
  36
  35
  34
  33
  31
  29
  27
  25
  23
  21
  19
  17
  15
  13
  12
  10
  8
  7
  6
  4
  4
  3
  2
  2
  1
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

BroadSoft, Inc. provides software and services that enable telecommunications service providers to deliver hosted cloud-based unified communications (UC) to their enterprise customers in North America, Europe, the Middle East, and Africa. Its products include UC-One, a cloud communication and collaboration solution that offers integrated business, such as phone services, messaging and presence, audio and video conferencing, screen sharing, file sharing, and virtual meeting rooms. The company also provides Team-One, a collaboration solution that allows users to chat, track notes, share files, and organize projects into shareable workspaces; and CC-One, a contact center solution that enables enterprises to have omni-channel interactions over Web, email, chat, and social media with customers, as well as provides integrated collaboration between call center agents and the back office through voice, chat, and video. It offers its enterprise and consumer communications services through BroadWorks application server software and BroadCloud software-as-a-service platform. In addition, the company provides a range of professional support services, such as pre-sales support; installation, network integration, project management, and remote upgrade services, as well as consulting services; product life-cycle services; and training services. It markets and sells its products directly, as well as through distribution partners comprising telecommunications equipment vendors, value-added resellers, and other distributors. BroadSoft, Inc. was founded in 1998 and is headquartered in Gaithersburg, Maryland.

FINANCIAL RATIOS  of  BroadSoft (BSFT)

Valuation Ratios
P/E Ratio 1321.7
Price to Sales 3.9
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 19.7
Price to Free Cash Flow 25.9
Growth Rates
Sales Growth Rate 22.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 23.1%
Cap. Spend. - 3 Yr. Gr. Rate 21.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 66.8%
Total Debt to Equity 66.8%
Interest Coverage 2
Management Effectiveness
Return On Assets 0.4%
Ret/ On Assets - 3 Yr. Avg. 0.2%
Return On Total Capital 0.2%
Ret/ On T. Cap. - 3 Yr. Avg. 0.1%
Return On Equity 0.4%
Return On Equity - 3 Yr. Avg. 0.1%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 73.3%
Gross Margin - 3 Yr. Avg. 72.9%
EBITDA Margin 7.6%
EBITDA Margin - 3 Yr. Avg. 7.2%
Operating Margin 4.7%
Oper. Margin - 3 Yr. Avg. 4.4%
Pre-Tax Margin 0.6%
Pre-Tax Margin - 3 Yr. Avg. -0.1%
Net Profit Margin 0.3%
Net Profit Margin - 3 Yr. Avg. 0.1%
Effective Tax Rate 50%
Eff/ Tax Rate - 3 Yr. Avg. 50%
Payout Ratio 0%

BSFT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BSFT stock intrinsic value calculation we used $341 million for the last fiscal year's total revenue generated by BroadSoft. The default revenue input number comes from 2016 income statement of BroadSoft. 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 BSFT stock valuation model: a) initial revenue growth rate of 9.6% 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 BSFT is calculated based on our internal credit rating of BroadSoft, 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 BroadSoft.
    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 BSFT stock the variable cost ratio is equal to 94.7%.

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 BSFT 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 BroadSoft.

Corporate tax rate of 27% is the nominal tax rate for BroadSoft. 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 BSFT 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 BSFT are equal to 13%.

Life of production assets of 10 years is the average useful life of capital assets used in BroadSoft 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 BSFT is equal to 2.6%. 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 - $301 million for BroadSoft - 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 29.792 million for BroadSoft 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 BroadSoft at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ BroadSoft reports 2Q loss   [Aug-07-17 11:57PM  Associated Press]
▶ BroadSoft to Announce Q2 Fiscal Results on August 7, 2017   [Jul-17-17 05:00PM  GlobeNewswire]
▶ [$$] Outlooks Soft in Communications Tech   [May-09-17 07:49AM  Barrons.com]
▶ BroadSoft Launches BroadCloud PaaS   [May-08-17 08:00AM  GlobeNewswire]
▶ ETFs with exposure to BroadSoft, Inc. : May 5, 2017   [May-05-17 03:54PM  Capital Cube]
▶ What Happened in the Stock Market Today   [04:55PM  Motley Fool]
▶ Why BroadSoft Inc. Stock Plunged Today   [03:59PM  Motley Fool]
▶ BroadSoft reports 1Q loss   [07:42AM  Associated Press]
▶ BroadSoft to Announce Q1 Fiscal Results on May 1, 2017   [Apr-12-17 05:00PM  GlobeNewswire]
▶ BroadSoft beats Street 4Q forecasts   [08:19AM  Associated Press]
▶ Dino Di Palma Appointed BroadSoft Chief Revenue Officer   [Jan-09-17 02:00AM  GlobeNewswire]
▶ BroadSoft Introduces Team-One for Business Collaboration   [Nov-16-16 08:02AM  GlobeNewswire]
Stock chart of BSFT Financial statements of BSFT
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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