Intrinsic value of IDT Cl B - IDT

Previous Close

$13.62

  Intrinsic Value

$43.81

stock screener

  Rating & Target

str. buy

+222%

  Value-price divergence*

+19%

Previous close

$13.62

 
Intrinsic value

$43.81

 
Up/down potential

+222%

 
Rating

str. buy

 
Value-price divergence*

+19%

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

We calculate the intrinsic value of IDT 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 0.3

 

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, %
  -6.32
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.57
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
Revenue, $m
  1,496
  1,559
  1,626
  1,696
  1,771
  1,850
  1,934
  2,023
  2,116
  2,215
  2,319
  2,428
  2,543
  2,665
  2,793
  2,927
  3,069
  3,217
  3,374
  3,539
  3,712
  3,894
  4,085
  4,286
  4,497
  4,719
  4,953
  5,198
  5,455
  5,726
  6,010
Variable operating expenses, $m
 
  525
  548
  572
  597
  623
  652
  681
  713
  746
  781
  816
  855
  896
  939
  984
  1,032
  1,082
  1,135
  1,190
  1,248
  1,309
  1,374
  1,441
  1,512
  1,587
  1,665
  1,748
  1,834
  1,925
  2,021
Fixed operating expenses, $m
 
  1,015
  1,040
  1,066
  1,093
  1,120
  1,148
  1,177
  1,206
  1,236
  1,267
  1,299
  1,331
  1,365
  1,399
  1,434
  1,470
  1,506
  1,544
  1,583
  1,622
  1,663
  1,704
  1,747
  1,791
  1,835
  1,881
  1,928
  1,977
  2,026
  2,077
Total operating expenses, $m
  1,470
  1,540
  1,588
  1,638
  1,690
  1,743
  1,800
  1,858
  1,919
  1,982
  2,048
  2,115
  2,186
  2,261
  2,338
  2,418
  2,502
  2,588
  2,679
  2,773
  2,870
  2,972
  3,078
  3,188
  3,303
  3,422
  3,546
  3,676
  3,811
  3,951
  4,098
Operating income, $m
  26
  19
  38
  59
  82
  107
  135
  165
  197
  232
  271
  313
  357
  404
  455
  509
  567
  629
  695
  766
  841
  922
  1,007
  1,098
  1,194
  1,297
  1,406
  1,522
  1,644
  1,774
  1,912
EBITDA, $m
  47
  29
  49
  70
  93
  119
  147
  178
  211
  247
  286
  327
  372
  420
  471
  527
  585
  648
  716
  787
  864
  945
  1,032
  1,124
  1,221
  1,325
  1,436
  1,553
  1,677
  1,809
  1,948
Interest expense (income), $m
  1
  0
  -19
  -15
  -11
  -6
  -1
  4
  10
  15
  21
  28
  35
  42
  49
  57
  65
  74
  83
  93
  103
  114
  125
  137
  149
  162
  176
  190
  206
  221
  238
Earnings before tax, $m
  29
  19
  57
  74
  92
  113
  136
  161
  188
  217
  249
  285
  322
  362
  405
  452
  502
  555
  612
  673
  738
  808
  882
  961
  1,045
  1,135
  1,230
  1,331
  1,439
  1,553
  1,674
Tax expense, $m
  4
  5
  15
  20
  25
  30
  37
  43
  51
  59
  67
  77
  87
  98
  109
  122
  135
  150
  165
  182
  199
  218
  238
  259
  282
  306
  332
  359
  388
  419
  452
Net income, $m
  24
  14
  41
  54
  67
  82
  99
  117
  137
  158
  182
  208
  235
  264
  296
  330
  366
  405
  447
  491
  539
  590
  644
  702
  763
  828
  898
  972
  1,050
  1,134
  1,222

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  162
  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
  470
  321
  335
  349
  365
  381
  398
  416
  436
  456
  477
  500
  524
  549
  575
  603
  632
  662
  695
  729
  764
  802
  841
  882
  926
  972
  1,020
  1,070
  1,123
  1,179
  1,237
Adjusted assets (=assets-cash), $m
  308
  321
  335
  349
  365
  381
  398
  416
  436
  456
  477
  500
  524
  549
  575
  603
  632
  662
  695
  729
  764
  802
  841
  882
  926
  972
  1,020
  1,070
  1,123
  1,179
  1,237
Revenue / Adjusted assets
  4.857
  4.857
  4.854
  4.860
  4.852
  4.856
  4.859
  4.863
  4.853
  4.857
  4.862
  4.856
  4.853
  4.854
  4.857
  4.854
  4.856
  4.860
  4.855
  4.855
  4.859
  4.855
  4.857
  4.859
  4.856
  4.855
  4.856
  4.858
  4.858
  4.857
  4.859
Average production assets, $m
  45
  47
  49
  51
  53
  56
  58
  61
  63
  66
  70
  73
  76
  80
  84
  88
  92
  97
  101
  106
  111
  117
  123
  129
  135
  142
  149
  156
  164
  172
  180
Working capital, $m
  -5
  -175
  -182
  -190
  -198
  -207
  -217
  -227
  -237
  -248
  -260
  -272
  -285
  -298
  -313
  -328
  -344
  -360
  -378
  -396
  -416
  -436
  -458
  -480
  -504
  -529
  -555
  -582
  -611
  -641
  -673
Total debt, $m
  0
  -57
  -45
  -32
  -18
  -3
  12
  29
  46
  64
  84
  104
  125
  148
  171
  196
  223
  250
  279
  310
  342
  376
  411
  448
  487
  528
  572
  617
  665
  715
  768
Total liabilities, $m
  346
  289
  301
  314
  328
  343
  358
  375
  392
  410
  430
  450
  471
  494
  517
  542
  569
  596
  625
  656
  688
  722
  757
  794
  833
  874
  918
  963
  1,011
  1,061
  1,114
Total equity, $m
  124
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  73
  76
  80
  84
  88
  93
  97
  102
  107
  112
  118
  124
Total liabilities and equity, $m
  470
  321
  334
  349
  364
  381
  398
  417
  436
  456
  478
  500
  523
  549
  574
  602
  632
  662
  694
  729
  764
  802
  841
  882
  926
  971
  1,020
  1,070
  1,123
  1,179
  1,238
Debt-to-equity ratio
  0.000
  -1.780
  -1.340
  -0.910
  -0.490
  -0.080
  0.310
  0.690
  1.060
  1.410
  1.750
  2.080
  2.390
  2.690
  2.980
  3.260
  3.520
  3.780
  4.020
  4.250
  4.470
  4.680
  4.890
  5.080
  5.260
  5.440
  5.610
  5.770
  5.920
  6.060
  6.200
Adjusted equity ratio
  -0.123
  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
  24
  14
  41
  54
  67
  82
  99
  117
  137
  158
  182
  208
  235
  264
  296
  330
  366
  405
  447
  491
  539
  590
  644
  702
  763
  828
  898
  972
  1,050
  1,134
  1,222
Depreciation, amort., depletion, $m
  21
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  25
  26
  27
  28
  30
  31
  33
  34
  36
Funds from operations, $m
  53
  24
  52
  65
  79
  95
  112
  130
  151
  173
  197
  222
  250
  280
  313
  347
  385
  424
  467
  513
  561
  613
  668
  727
  790
  857
  928
  1,003
  1,083
  1,168
  1,258
Change in working capital, $m
  4
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
Cash from operations, $m
  49
  31
  60
  73
  87
  104
  121
  140
  161
  184
  208
  235
  263
  294
  327
  363
  400
  441
  485
  531
  581
  633
  690
  750
  814
  882
  954
  1,030
  1,112
  1,198
  1,290
Maintenance CAPEX, $m
  0
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
New CAPEX, $m
  -18
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
Cash from investing activities, $m
  -16
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -22
  -24
  -25
  -26
  -27
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
Free cash flow, $m
  33
  20
  48
  61
  75
  91
  108
  126
  146
  168
  192
  217
  245
  275
  307
  342
  379
  418
  461
  506
  554
  606
  661
  719
  782
  848
  918
  993
  1,073
  1,157
  1,247
Issuance/(repayment) of debt, $m
  -6
  -57
  12
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  48
  50
  53
Issuance/(repurchase) of shares, $m
  -4
  56
  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  
  -11
  -1
  12
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  48
  50
  53
Total cash flow (excl. dividends), $m
  16
  19
  61
  74
  89
  105
  123
  142
  164
  187
  211
  238
  267
  298
  331
  367
  405
  446
  490
  536
  586
  639
  696
  756
  821
  889
  962
  1,039
  1,121
  1,208
  1,300
Retained Cash Flow (-), $m
  10
  -70
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
Prev. year cash balance distribution, $m
 
  162
  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
 
  111
  59
  73
  87
  104
  121
  141
  162
  184
  209
  236
  264
  295
  328
  364
  402
  443
  486
  533
  583
  636
  692
  752
  816
  884
  957
  1,034
  1,115
  1,202
  1,294
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
 
  107
  54
  63
  72
  80
  88
  95
  101
  106
  110
  112
  113
  112
  110
  107
  102
  96
  90
  82
  74
  66
  57
  49
  42
  34
  28
  22
  17
  13
  10
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

IDT Corporation is a holding company with operations primarily in the telecommunications and payment industries. The Company's segments include Telecom Platform Services, Consumer Phone Services and All Other. The Company's Telecom Platform Services segment provides retail telecommunications and payment offerings, as well as wholesale international long distance traffic termination. The Telecom Platform Services segment markets and distributes multiple communications and payment services across four businesses: Retail Communications, Wholesale Carrier Services, Payment Services and Hosted Platform Solutions. The Company's Consumer Phone Services segment provides consumer local and long distance services in certain states of the United States. The Telecom Platform Services and Consumer Phone Services segments comprise the Company's IDT Telecom division. The All Other segment includes its real estate holdings and other smaller businesses.

FINANCIAL RATIOS  of  IDT Cl B (IDT)

Valuation Ratios
P/E Ratio 13.1
Price to Sales 0.2
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 6.4
Price to Free Cash Flow 10.1
Growth Rates
Sales Growth Rate -6.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -37.9%
Cap. Spend. - 3 Yr. Gr. Rate 3.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0.3
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 30
Management Effectiveness
Return On Assets 5.2%
Ret/ On Assets - 3 Yr. Avg. 9%
Return On Total Capital 18.2%
Ret/ On T. Cap. - 3 Yr. Avg. 32.9%
Return On Equity 18.6%
Return On Equity - 3 Yr. Avg. 36.8%
Asset Turnover 3.1
Profitability Ratios
Gross Margin 16.7%
Gross Margin - 3 Yr. Avg. 16.9%
EBITDA Margin 3.4%
EBITDA Margin - 3 Yr. Avg. 4.3%
Operating Margin 1.7%
Oper. Margin - 3 Yr. Avg. 3.1%
Pre-Tax Margin 1.9%
Pre-Tax Margin - 3 Yr. Avg. 3.1%
Net Profit Margin 1.6%
Net Profit Margin - 3 Yr. Avg. 2.7%
Effective Tax Rate 13.8%
Eff/ Tax Rate - 3 Yr. Avg. 12.1%
Payout Ratio 70.8%

IDT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IDT stock intrinsic value calculation we used $1496 million for the last fiscal year's total revenue generated by IDT Cl B. The default revenue input number comes from 2016 income statement of IDT Cl B. 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 IDT stock valuation model: a) initial revenue growth rate of 4.2% 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 IDT is calculated based on our internal credit rating of IDT Cl B, 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 IDT Cl B.
    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 IDT stock the variable cost ratio is equal to 33.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $990 million in the base year in the intrinsic value calculation for IDT 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 33.3% for IDT Cl B.

Corporate tax rate of 27% is the nominal tax rate for IDT Cl B. 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 IDT 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 IDT are equal to 3%.

Life of production assets of 2.7 years is the average useful life of capital assets used in IDT Cl B 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 IDT is equal to -11.2%. 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 - $124 million for IDT Cl B - 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 25.502 million for IDT Cl B 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 IDT Cl B at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ What Are The Drivers Of IDT Corporations (IDT) Risks?   [Oct-09-17 08:19AM  Simply Wall St.]
▶ IDT reports 4Q loss   [Oct-03-17 10:06PM  Associated Press]
▶ Should You Buy IDT Corporation (IDT) At $14.08?   [Oct-02-17 09:13PM  Simply Wall St.]
▶ IDT Corp. Value Analysis (NYSE:IDT) : August 19, 2017   [Aug-18-17 08:07PM  Capital Cube]
▶ Are semiconductors the next M&A target?   [Aug-15-17 01:19PM  CNBC Videos]
▶ ETFs with exposure to IDT Corp. : June 29, 2017   [Jun-29-17 03:05PM  Capital Cube]
▶ IDT Corporation to Sell Gibraltar Based Banking Unit   [Jun-22-17 09:00AM  PR Newswire]
▶ ETFs with exposure to IDT Corp. : June 14, 2017   [Jun-14-17 01:38PM  Capital Cube]
▶ IDT reports 3Q loss   [Jun-06-17 04:41PM  Associated Press]
▶ net2phone Launches Hosted PBX Service in Argentina   [May-22-17 08:00AM  PR Newswire]
▶ Is IDT's High-Yielding Dividend a Good Investment?   [May-04-17 04:05PM  Motley Fool]
▶ net2phone Named Polycom Platinum Partner   [08:30AM  PR Newswire]
▶ ABP Technology Announces Partnership With net2phone   [May-01-17 08:30AM  PR Newswire]
▶ ETFs with exposure to IDT Corp. : April 27, 2017   [Apr-27-17 04:05PM  Capital Cube]
▶ IDT Corp. Value Analysis (NYSE:IDT) : April 26, 2017   [Apr-26-17 04:11PM  Capital Cube]
▶ AT&T Spends $1.6B to Upgrade Its 5G Wireless Plan   [Apr-10-17 04:54PM  TheStreet.com]
▶ ETFs with exposure to IDT Corp. : April 5, 2017   [Apr-05-17 04:54PM  Capital Cube]
▶ IDT posts 2Q profit   [05:12PM  Associated Press]
▶ IDT Introduces the BOSS Revolution Money App   [Feb-23-17 08:30AM  PR Newswire]
▶ National Retail Solutions (NRS) Partners with Jetro   [Jan-25-17 08:00AM  PR Newswire]
▶ PicuP Goes Live   [08:30AM  PR Newswire]
▶ [$$] IDT's Net2phone Acquires LiveNinja   [Jan-09-17 05:10PM  at The Wall Street Journal]
▶ Miami startup acquired by public company's subsidiary   [Jan-04-17 03:17PM  at bizjournals.com]
▶ net2phone Acquires LiveNinja   [11:42AM  PR Newswire]
▶ Is IDT Corporation (IDT) A Good Stock to Buy?   [Dec-13-16 06:01AM  at Insider Monkey]
▶ Why Las Vegas Sands, Horizon Pharma, and IDT Slumped Today   [Dec-08-16 06:37PM  at Motley Fool]
▶ IDT posts 1Q profit   [Dec-07-16 04:38PM  AP]
Financial statements of IDT
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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