Intrinsic value of RADCOM - RDCM

Previous Close

$20.75

  Intrinsic Value

$13.47

stock screener

  Rating & Target

sell

-35%

  Value-price divergence*

-92%

Previous close

$20.75

 
Intrinsic value

$13.47

 
Up/down potential

-35%

 
Rating

sell

 
Value-price divergence*

-92%

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

We calculate the intrinsic value of RDCM 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 0.2

 

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, %
  57.89
  28.60
  26.24
  24.12
  22.20
  20.48
  18.94
  17.54
  16.29
  15.16
  14.14
  13.23
  12.41
  11.67
  11.00
  10.40
  9.86
  9.37
  8.94
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.52
  6.37
  6.24
  6.11
Revenue, $m
  30
  39
  49
  60
  74
  89
  106
  124
  145
  167
  190
  215
  242
  270
  300
  331
  364
  398
  434
  471
  509
  549
  591
  634
  679
  726
  774
  825
  878
  932
  989
Variable operating expenses, $m
 
  32
  41
  50
  62
  74
  88
  104
  121
  139
  158
  179
  202
  225
  250
  276
  303
  332
  361
  392
  424
  457
  492
  528
  566
  605
  645
  687
  731
  777
  824
Fixed operating expenses, $m
 
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
Total operating expenses, $m
  28
  35
  44
  53
  65
  77
  91
  108
  125
  143
  162
  183
  206
  229
  254
  280
  307
  337
  366
  397
  429
  462
  497
  533
  571
  611
  651
  693
  737
  783
  830
Operating income, $m
  1
  3
  5
  7
  9
  11
  14
  17
  21
  24
  28
  32
  36
  41
  46
  51
  56
  62
  68
  74
  80
  87
  94
  101
  108
  116
  124
  132
  141
  150
  159
EBITDA, $m
  1
  4
  5
  7
  9
  12
  15
  18
  21
  25
  29
  33
  38
  42
  47
  53
  58
  64
  70
  76
  83
  89
  96
  104
  111
  119
  127
  136
  145
  154
  164
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  2
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  11
Earnings before tax, $m
  2
  3
  5
  7
  9
  11
  14
  16
  19
  23
  26
  30
  34
  38
  43
  48
  53
  58
  63
  69
  75
  81
  87
  94
  101
  108
  115
  123
  131
  139
  148
Tax expense, $m
  0
  1
  1
  2
  2
  3
  4
  4
  5
  6
  7
  8
  9
  10
  12
  13
  14
  16
  17
  19
  20
  22
  24
  25
  27
  29
  31
  33
  35
  38
  40
Net income, $m
  2
  2
  4
  5
  6
  8
  10
  12
  14
  17
  19
  22
  25
  28
  31
  35
  38
  42
  46
  50
  55
  59
  64
  68
  73
  79
  84
  90
  95
  101
  108

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  43
  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
  55
  15
  19
  24
  30
  36
  42
  50
  58
  67
  76
  86
  97
  108
  120
  132
  146
  159
  173
  188
  204
  220
  236
  254
  272
  290
  310
  330
  351
  373
  396
Adjusted assets (=assets-cash), $m
  12
  15
  19
  24
  30
  36
  42
  50
  58
  67
  76
  86
  97
  108
  120
  132
  146
  159
  173
  188
  204
  220
  236
  254
  272
  290
  310
  330
  351
  373
  396
Revenue / Adjusted assets
  2.500
  2.600
  2.579
  2.500
  2.467
  2.472
  2.524
  2.480
  2.500
  2.493
  2.500
  2.500
  2.495
  2.500
  2.500
  2.508
  2.493
  2.503
  2.509
  2.505
  2.495
  2.495
  2.504
  2.496
  2.496
  2.503
  2.497
  2.500
  2.501
  2.499
  2.497
Average production assets, $m
  2
  2
  2
  3
  4
  4
  5
  6
  7
  8
  10
  11
  12
  14
  15
  17
  18
  20
  22
  24
  25
  27
  30
  32
  34
  36
  39
  41
  44
  47
  49
Working capital, $m
  39
  -5
  -6
  -8
  -10
  -12
  -14
  -17
  -19
  -22
  -25
  -29
  -32
  -36
  -40
  -44
  -48
  -53
  -58
  -63
  -68
  -73
  -79
  -84
  -90
  -97
  -103
  -110
  -117
  -124
  -132
Total debt, $m
  0
  -1
  3
  7
  12
  17
  23
  30
  37
  45
  53
  63
  72
  82
  93
  104
  116
  128
  141
  154
  168
  183
  198
  213
  229
  246
  264
  282
  301
  321
  341
Total liabilities, $m
  14
  14
  18
  22
  27
  32
  38
  45
  52
  60
  68
  78
  87
  97
  108
  119
  131
  143
  156
  169
  183
  198
  213
  228
  244
  261
  279
  297
  316
  336
  356
Total equity, $m
  40
  2
  2
  2
  3
  4
  4
  5
  6
  7
  8
  9
  10
  11
  12
  13
  15
  16
  17
  19
  20
  22
  24
  25
  27
  29
  31
  33
  35
  37
  40
Total liabilities and equity, $m
  54
  16
  20
  24
  30
  36
  42
  50
  58
  67
  76
  87
  97
  108
  120
  132
  146
  159
  173
  188
  203
  220
  237
  253
  271
  290
  310
  330
  351
  373
  396
Debt-to-equity ratio
  0.000
  -0.720
  1.300
  2.800
  3.920
  4.790
  5.460
  5.990
  6.410
  6.750
  7.030
  7.260
  7.450
  7.610
  7.750
  7.870
  7.970
  8.060
  8.140
  8.200
  8.260
  8.320
  8.370
  8.410
  8.450
  8.480
  8.520
  8.550
  8.570
  8.600
  8.620
Adjusted equity ratio
  -0.250
  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
  2
  2
  4
  5
  6
  8
  10
  12
  14
  17
  19
  22
  25
  28
  31
  35
  38
  42
  46
  50
  55
  59
  64
  68
  73
  79
  84
  90
  95
  101
  108
Depreciation, amort., depletion, $m
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
Funds from operations, $m
  14
  3
  4
  5
  7
  9
  10
  13
  15
  17
  20
  23
  26
  29
  33
  36
  40
  44
  48
  53
  57
  62
  67
  72
  77
  82
  88
  94
  100
  106
  113
Change in working capital, $m
  5
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
Cash from operations, $m
  9
  4
  5
  7
  9
  11
  13
  15
  18
  20
  23
  26
  30
  33
  37
  41
  45
  49
  53
  58
  62
  67
  72
  77
  83
  88
  94
  100
  107
  113
  120
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
New CAPEX, $m
  -1
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
Cash from investing activities, $m
  -1
  0
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -7
  -7
  -7
  -8
Free cash flow, $m
  8
  3
  5
  6
  8
  9
  11
  14
  16
  19
  21
  24
  27
  31
  34
  38
  41
  45
  49
  54
  58
  63
  67
  72
  77
  83
  88
  94
  100
  106
  113
Issuance/(repayment) of debt, $m
  0
  -1
  4
  4
  5
  5
  6
  7
  7
  8
  8
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  17
  18
  19
  20
  21
Issuance/(repurchase) of shares, $m
  26
  2
  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  
  26
  1
  4
  4
  5
  5
  6
  7
  7
  8
  8
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  17
  18
  19
  20
  21
Total cash flow (excl. dividends), $m
  34
  4
  8
  10
  12
  15
  17
  20
  23
  26
  30
  33
  37
  41
  45
  49
  53
  58
  62
  67
  72
  77
  82
  88
  94
  100
  106
  112
  119
  126
  133
Retained Cash Flow (-), $m
  -30
  -5
  0
  0
  -1
  -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
Prev. year cash balance distribution, $m
 
  43
  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
 
  43
  8
  10
  12
  14
  17
  20
  22
  26
  29
  32
  36
  40
  44
  48
  52
  56
  61
  65
  70
  75
  81
  86
  92
  98
  104
  110
  117
  124
  131
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
 
  41
  7
  8
  10
  11
  12
  13
  14
  15
  15
  15
  15
  15
  15
  14
  13
  12
  11
  10
  9
  8
  7
  6
  5
  4
  3
  2
  2
  1
  1
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
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RADCOM Ltd. (RADCOM) provides service assurance and customer experience management solutions for communication service providers (CSPs). The Company provides solutions for networks, including long-term evolution (LTE), LTE Advanced (LTE-A), voice over LTE (VoLTE), Internet protocol multimedia subsystem (IMS), Voice over Internet protocol (VoIP), universal mobile telecommunications system (UMTS) or global system for mobile communications (GSM) and mobile broadband. Its software-based solutions enable CSPs to manage both existing networks and network functions virtualization (NFV) based architectures. Its products and solutions include The MaveriQ Solution for Service Assurance and customer experience management (CEM). The MaveriQ solution is a probe-based customer and service assurance solution designed to enable CSPs to carry out end-to-end voice and data quality monitoring and to manage their networks and services. The MaveriQ solution offers analysis and troubleshooting tools.

FINANCIAL RATIOS  of  RADCOM (RDCM)

Valuation Ratios
P/E Ratio 120.2
Price to Sales 8
Price to Book 6
Price to Tangible Book
Price to Cash Flow 26.7
Price to Free Cash Flow 30.1
Growth Rates
Sales Growth Rate 57.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 5.3%
Ret/ On Assets - 3 Yr. Avg. 1.8%
Return On Total Capital 8%
Ret/ On T. Cap. - 3 Yr. Avg. 3%
Return On Equity 8%
Return On Equity - 3 Yr. Avg. 3.8%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 70%
Gross Margin - 3 Yr. Avg. 68.7%
EBITDA Margin 6.7%
EBITDA Margin - 3 Yr. Avg. 1.9%
Operating Margin 6.7%
Oper. Margin - 3 Yr. Avg. 5%
Pre-Tax Margin 6.7%
Pre-Tax Margin - 3 Yr. Avg. 1.9%
Net Profit Margin 6.7%
Net Profit Margin - 3 Yr. Avg. 1.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

RDCM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RDCM stock intrinsic value calculation we used $30 million for the last fiscal year's total revenue generated by RADCOM. The default revenue input number comes from 2016 income statement of RADCOM. 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 RDCM stock valuation model: a) initial revenue growth rate of 28.6% 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 RDCM is calculated based on our internal credit rating of RADCOM, 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 RADCOM.
    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 RDCM stock the variable cost ratio is equal to 83.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3 million in the base year in the intrinsic value calculation for RDCM 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 RADCOM.

Corporate tax rate of 27% is the nominal tax rate for RADCOM. 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 RDCM 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 RDCM are equal to 5%.

Life of production assets of 10 years is the average useful life of capital assets used in RADCOM 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 RDCM is equal to -13.3%. 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 - $40 million for RADCOM - 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 11.752 million for RADCOM 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 RADCOM at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ RADCOM to Publish Q3 Results on Monday November 6, 2017   [Oct-03-17 07:00AM  PR Newswire]
▶ Should You Buy Radcom Ltd (RDCM)?   [Sep-11-17 04:03PM  Simply Wall St.]
▶ Radcom reports 2Q loss   [Aug-07-17 11:54PM  Associated Press]
▶ Radcom reports 2Q loss   [07:42AM  Associated Press]
▶ RADCOM to Publish Q2 Results on Monday August 7, 2017   [Jul-03-17 07:00AM  PR Newswire]
▶ RADCOM to Participate in Upcoming Investor Conferences   [May-30-17 07:00AM  PR Newswire]
▶ Investor Network: RADCOM Ltd. to Host Earnings Call   [May-04-17 07:05AM  Accesswire]
▶ Radcom reports 1Q loss   [06:24AM  Associated Press]
▶ RADCOM to Participate in Industry Leading NFV Conference   [Apr-25-17 07:00AM  PR Newswire]
▶ RADCOM to Publish Q1 Results on Thursday May 4, 2017   [Apr-03-17 07:00AM  PR Newswire]
▶ RADCOM Announces General Availability of MaveriQ A+:   [Feb-27-17 01:00AM  PR Newswire]
▶ Radcom reports 4Q loss   [Feb-14-17 08:08AM  Associated Press]
▶ How Hallador Energy Co (HNRG) Stacks Up Against Its Peers   [Dec-14-16 07:32AM  at Insider Monkey]
▶ RADCOM to Publish Q3 Results on Tuesday November 1, 2016   [Oct-06-16 07:00AM  PR Newswire]
▶ Radcom posts 2Q profit   [Aug-03-16 07:44AM  AP]
▶ RADCOM Calls Annual General Meeting of Shareholders   [Jul-12-16 09:23AM  PR Newswire]
▶ RADCOM to Publish Q2 Results on Wednesday August 3, 2016   [Jul-05-16 07:00AM  PR Newswire]
▶ RADCOM Names Ran Vered to Become its New CFO   [Jun-20-16 07:00AM  PR Newswire]
▶ RADCOM Appoints Harel Givon as Chief Business Officer   [Jun-07-16 07:00AM  PR Newswire]
▶ RADCOM Closes Public Offering of Ordinary Shares   [May-25-16 01:55PM  PR Newswire]
▶ RADCOM Announces Participation in NV & SDN Europe   [May-24-16 07:00AM  PR Newswire]
▶ Radcom posts 1Q profit   [May-10-16 07:30AM  AP]
▶ RADCOM to Publish Q1 Results on Tuesday May 10, 2016   [Apr-04-16 07:00AM  PR Newswire]
▶ Eyal Harari Promoted to Chief Operating Officer   [Feb-24-16 07:00AM  PR Newswire]
▶ Radcom reports 4Q loss   [Feb-17-16 07:33AM  AP]
▶ Is Cumberland Pharmaceuticals, Inc. (CPIX) A Good Stock To Buy?   [Nov-28  11:30AM  at Insider Monkey]
▶ RADCOM Calls Annual General Meeting of Shareholders   [Nov-20  04:22PM  PR Newswire]
▶ Radcom posts 3Q profit   [Oct-27  07:27AM  AP]
▶ RADCOM Announces Participation in Futurecom 2015   [Oct-21  07:00AM  PR Newswire]
▶ RADCOM Reports Q2 & H1 Financial Results   [08:10AM  PR Newswire]
Financial statements of RDCM
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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