Intrinsic value of RingCentral Cl A - RNG

Previous Close

$39.40

  Intrinsic Value

$13.06

stock screener

  Rating & Target

str. sell

-67%

  Value-price divergence*

+1015%

Previous close

$39.40

 
Intrinsic value

$13.06

 
Up/down potential

-67%

 
Rating

str. sell

 
Value-price divergence*

+1015%

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

We calculate the intrinsic value of RNG 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 2.8

 

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, %
  28.38
  28.70
  26.33
  24.20
  22.28
  20.55
  18.99
  17.60
  16.34
  15.20
  14.18
  13.26
  12.44
  11.69
  11.02
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
Revenue, $m
  380
  489
  618
  767
  938
  1,131
  1,346
  1,583
  1,841
  2,121
  2,422
  2,743
  3,084
  3,445
  3,825
  4,224
  4,641
  5,077
  5,531
  6,005
  6,497
  7,009
  7,541
  8,094
  8,669
  9,266
  9,887
  10,533
  11,205
  11,904
  12,632
Variable operating expenses, $m
 
  459
  580
  720
  880
  1,060
  1,262
  1,483
  1,726
  1,988
  2,269
  2,569
  2,889
  3,227
  3,583
  3,956
  4,347
  4,755
  5,181
  5,624
  6,085
  6,565
  7,063
  7,581
  8,120
  8,679
  9,261
  9,866
  10,495
  11,150
  11,832
Fixed operating expenses, $m
 
  51
  53
  54
  55
  57
  58
  59
  61
  62
  64
  66
  67
  69
  71
  72
  74
  76
  78
  80
  82
  84
  86
  88
  90
  93
  95
  97
  100
  102
  105
Total operating expenses, $m
  406
  510
  633
  774
  935
  1,117
  1,320
  1,542
  1,787
  2,050
  2,333
  2,635
  2,956
  3,296
  3,654
  4,028
  4,421
  4,831
  5,259
  5,704
  6,167
  6,649
  7,149
  7,669
  8,210
  8,772
  9,356
  9,963
  10,595
  11,252
  11,937
Operating income, $m
  -26
  -21
  -14
  -6
  3
  14
  26
  40
  55
  71
  89
  108
  128
  149
  172
  195
  220
  246
  273
  301
  330
  360
  392
  425
  459
  494
  532
  570
  610
  652
  696
EBITDA, $m
  -11
  -16
  -8
  1
  12
  25
  39
  54
  72
  90
  110
  132
  155
  179
  205
  232
  260
  289
  320
  352
  386
  420
  457
  494
  533
  574
  617
  661
  707
  754
  804
Interest expense (income), $m
  1
  0
  2
  4
  6
  9
  13
  16
  20
  25
  29
  34
  40
  45
  51
  58
  64
  71
  79
  86
  94
  103
  111
  120
  129
  139
  149
  159
  170
  182
  193
Earnings before tax, $m
  -29
  -21
  -16
  -10
  -3
  5
  14
  24
  35
  47
  59
  74
  89
  104
  120
  137
  155
  174
  194
  214
  235
  258
  281
  305
  330
  356
  383
  411
  440
  471
  502
Tax expense, $m
  0
  0
  0
  0
  0
  1
  4
  6
  9
  13
  16
  20
  24
  28
  32
  37
  42
  47
  52
  58
  64
  70
  76
  82
  89
  96
  103
  111
  119
  127
  136
Net income, $m
  -29
  -21
  -16
  -10
  -3
  4
  10
  17
  25
  34
  43
  54
  65
  76
  88
  100
  113
  127
  141
  156
  172
  188
  205
  222
  241
  260
  279
  300
  321
  343
  367

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  160
  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
  253
  163
  206
  256
  313
  377
  449
  528
  614
  708
  808
  915
  1,029
  1,149
  1,276
  1,409
  1,548
  1,693
  1,845
  2,003
  2,167
  2,338
  2,515
  2,700
  2,892
  3,091
  3,298
  3,513
  3,737
  3,971
  4,214
Adjusted assets (=assets-cash), $m
  93
  163
  206
  256
  313
  377
  449
  528
  614
  708
  808
  915
  1,029
  1,149
  1,276
  1,409
  1,548
  1,693
  1,845
  2,003
  2,167
  2,338
  2,515
  2,700
  2,892
  3,091
  3,298
  3,513
  3,737
  3,971
  4,214
Revenue / Adjusted assets
  4.086
  3.000
  3.000
  2.996
  2.997
  3.000
  2.998
  2.998
  2.998
  2.996
  2.998
  2.998
  2.997
  2.998
  2.998
  2.998
  2.998
  2.999
  2.998
  2.998
  2.998
  2.998
  2.998
  2.998
  2.998
  2.998
  2.998
  2.998
  2.998
  2.998
  2.998
Average production assets, $m
  33
  42
  53
  66
  81
  97
  116
  136
  158
  182
  208
  236
  265
  296
  329
  363
  399
  437
  476
  516
  559
  603
  649
  696
  746
  797
  850
  906
  964
  1,024
  1,086
Working capital, $m
  90
  -49
  -62
  -77
  -94
  -113
  -135
  -158
  -184
  -212
  -242
  -274
  -308
  -345
  -382
  -422
  -464
  -508
  -553
  -600
  -650
  -701
  -754
  -809
  -867
  -927
  -989
  -1,053
  -1,120
  -1,190
  -1,263
Total debt, $m
  15
  31
  68
  110
  159
  213
  274
  342
  415
  495
  580
  672
  769
  871
  979
  1,092
  1,211
  1,335
  1,464
  1,598
  1,738
  1,884
  2,035
  2,192
  2,356
  2,525
  2,702
  2,885
  3,076
  3,275
  3,482
Total liabilities, $m
  123
  139
  176
  218
  267
  321
  382
  450
  523
  603
  688
  780
  877
  979
  1,087
  1,200
  1,319
  1,443
  1,572
  1,706
  1,846
  1,992
  2,143
  2,300
  2,464
  2,633
  2,810
  2,993
  3,184
  3,383
  3,590
Total equity, $m
  130
  24
  30
  38
  46
  56
  66
  78
  91
  105
  120
  135
  152
  170
  189
  209
  229
  251
  273
  296
  321
  346
  372
  400
  428
  457
  488
  520
  553
  588
  624
Total liabilities and equity, $m
  253
  163
  206
  256
  313
  377
  448
  528
  614
  708
  808
  915
  1,029
  1,149
  1,276
  1,409
  1,548
  1,694
  1,845
  2,002
  2,167
  2,338
  2,515
  2,700
  2,892
  3,090
  3,298
  3,513
  3,737
  3,971
  4,214
Debt-to-equity ratio
  0.115
  1.280
  2.220
  2.910
  3.430
  3.820
  4.130
  4.370
  4.570
  4.730
  4.850
  4.960
  5.050
  5.120
  5.180
  5.240
  5.290
  5.330
  5.360
  5.390
  5.420
  5.440
  5.470
  5.490
  5.500
  5.520
  5.540
  5.550
  5.560
  5.570
  5.580
Adjusted equity ratio
  -0.323
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -29
  -21
  -16
  -10
  -3
  4
  10
  17
  25
  34
  43
  54
  65
  76
  88
  100
  113
  127
  141
  156
  172
  188
  205
  222
  241
  260
  279
  300
  321
  343
  367
Depreciation, amort., depletion, $m
  15
  5
  6
  7
  9
  11
  12
  15
  17
  19
  22
  24
  27
  30
  33
  36
  40
  44
  48
  52
  56
  60
  65
  70
  75
  80
  85
  91
  96
  102
  109
Funds from operations, $m
  40
  -16
  -10
  -3
  6
  14
  23
  32
  42
  53
  65
  78
  91
  106
  121
  137
  153
  171
  189
  208
  228
  248
  270
  292
  315
  339
  364
  390
  418
  446
  475
Change in working capital, $m
  10
  -11
  -13
  -15
  -17
  -19
  -21
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
Cash from operations, $m
  30
  -5
  3
  12
  23
  33
  44
  56
  68
  81
  95
  110
  125
  142
  159
  177
  195
  214
  234
  255
  277
  300
  323
  347
  373
  399
  426
  455
  485
  516
  548
Maintenance CAPEX, $m
  0
  -3
  -4
  -5
  -7
  -8
  -10
  -12
  -14
  -16
  -18
  -21
  -24
  -27
  -30
  -33
  -36
  -40
  -44
  -48
  -52
  -56
  -60
  -65
  -70
  -75
  -80
  -85
  -91
  -96
  -102
New CAPEX, $m
  -16
  -10
  -11
  -13
  -15
  -17
  -18
  -20
  -22
  -24
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -49
  -51
  -53
  -56
  -58
  -60
  -63
Cash from investing activities, $m
  -16
  -13
  -15
  -18
  -22
  -25
  -28
  -32
  -36
  -40
  -44
  -49
  -53
  -58
  -63
  -67
  -72
  -77
  -83
  -89
  -94
  -100
  -106
  -113
  -119
  -126
  -133
  -141
  -149
  -156
  -165
Free cash flow, $m
  14
  -18
  -12
  -6
  2
  9
  16
  24
  32
  41
  51
  61
  72
  84
  96
  109
  123
  137
  152
  167
  183
  200
  217
  235
  254
  273
  293
  314
  336
  359
  383
Issuance/(repayment) of debt, $m
  -6
  31
  37
  42
  49
  55
  61
  67
  73
  80
  85
  91
  97
  103
  108
  113
  119
  124
  129
  135
  140
  146
  151
  157
  163
  170
  176
  184
  191
  199
  207
Issuance/(repurchase) of shares, $m
  15
  27
  22
  17
  12
  6
  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
Cash from financing (excl. dividends), $m  
  9
  58
  59
  59
  61
  61
  62
  67
  73
  80
  85
  91
  97
  103
  108
  113
  119
  124
  129
  135
  140
  146
  151
  157
  163
  170
  176
  184
  191
  199
  207
Total cash flow (excl. dividends), $m
  23
  40
  47
  54
  62
  70
  77
  91
  106
  121
  137
  153
  169
  187
  204
  223
  241
  261
  281
  302
  323
  345
  368
  392
  417
  443
  470
  498
  527
  558
  590
Retained Cash Flow (-), $m
  -20
  -27
  -22
  -17
  -12
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
Prev. year cash balance distribution, $m
 
  111
  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
 
  124
  24
  37
  50
  60
  67
  79
  93
  107
  122
  137
  152
  169
  186
  203
  221
  239
  258
  278
  299
  320
  342
  365
  389
  413
  439
  466
  494
  523
  554
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
 
  119
  22
  32
  41
  47
  48
  54
  58
  61
  64
  65
  65
  64
  62
  60
  56
  52
  48
  43
  38
  33
  28
  24
  20
  16
  13
  10
  8
  6
  4
Current shareholders' claim on cash, %
  100
  87.6
  80.1
  75.8
  73.5
  72.6
  72.5
  72.5
  72.5
  72.5
  72.5
  72.5
  72.5
  72.5
  72.5
  72.5
  72.5
  72.5
  72.5
  72.5
  72.5
  72.5
  72.5
  72.5
  72.5
  72.5
  72.5
  72.5
  72.5
  72.5
  72.5

RingCentral, Inc. provides software-as-a-service solutions for business communications primarily in the United States. The company’s products include RingCentral Office, a multi-location, multi-user, enterprise-grade communications solution that enables employees to communicate through voice, text, team messaging collaboration, HD video for Web conferencing, and fax on devices, including smartphones, tablets, PCs, and desk phones for businesses that require a communications solution; RingCentral Professional, an inbound call routing service with text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that provides Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine. Its products also comprise RingCentral Contact Center, which provides a cloud based contact center solution that delivers multi-channel capabilities; and Glip by RingCentral, a team messaging and collaboration solution that allows diverse teams to stay connected through multiple modes of communication through an integration with RingCentral Office. The company serves advertising, consulting, finance, healthcare, legal, real estate, retail, and technology industries through its direct sales representatives and resellers. RingCentral, Inc. was founded in 1999 and is headquartered in Belmont, California.

FINANCIAL RATIOS  of  RingCentral Cl A (RNG)

Valuation Ratios
P/E Ratio -101.1
Price to Sales 7.7
Price to Book 22.5
Price to Tangible Book
Price to Cash Flow 97.7
Price to Free Cash Flow 209.3
Growth Rates
Sales Growth Rate 28.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5.9%
Cap. Spend. - 3 Yr. Gr. Rate 7.8%
Financial Strength
Quick Ratio 11
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 11.5%
Interest Coverage -28
Management Effectiveness
Return On Assets -12%
Ret/ On Assets - 3 Yr. Avg. -18.4%
Return On Total Capital -21.2%
Ret/ On T. Cap. - 3 Yr. Avg. -29.9%
Return On Equity -24.2%
Return On Equity - 3 Yr. Avg. -38.2%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 75.8%
Gross Margin - 3 Yr. Avg. 70.5%
EBITDA Margin -3.4%
EBITDA Margin - 3 Yr. Avg. -8.8%
Operating Margin -6.8%
Oper. Margin - 3 Yr. Avg. -12.6%
Pre-Tax Margin -7.6%
Pre-Tax Margin - 3 Yr. Avg. -13.5%
Net Profit Margin -7.6%
Net Profit Margin - 3 Yr. Avg. -13.4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 1%
Payout Ratio 0%

RNG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RNG stock intrinsic value calculation we used $380 million for the last fiscal year's total revenue generated by RingCentral Cl A. The default revenue input number comes from 2016 income statement of RingCentral Cl A. 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 RNG stock valuation model: a) initial revenue growth rate of 28.7% 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 RNG is calculated based on our internal credit rating of RingCentral Cl A, 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 RingCentral Cl A.
    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 RNG stock the variable cost ratio is equal to 93.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $50 million in the base year in the intrinsic value calculation for RNG 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 5.9% for RingCentral Cl A.

Corporate tax rate of 27% is the nominal tax rate for RingCentral Cl A. 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 RNG 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 RNG are equal to 8.6%.

Life of production assets of 10 years is the average useful life of capital assets used in RingCentral Cl A 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 RNG is equal to -10%. 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 - $130 million for RingCentral Cl A - 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 72.15 million for RingCentral Cl A 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 RingCentral Cl A at the current share price and the inputted number of shares is $2.8 billion.

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COMPANY NEWS

▶ Why RingCentral Inc. Stock Jumped Today   [Aug-09-17 12:29PM  Motley Fool]
▶ RingCentral reports 2Q loss   [Aug-02-17 11:17PM  Associated Press]
▶ ETFs with exposure to RingCentral, Inc. : August 1, 2017   [Aug-01-17 05:14PM  Capital Cube]
▶ ETFs with exposure to RingCentral, Inc. : July 7, 2017   [Jul-07-17 03:26PM  Capital Cube]
▶ ETFs with exposure to RingCentral, Inc. : June 26, 2017   [Jun-26-17 04:47PM  Capital Cube]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [Jun-16-17 05:23PM  Investor's Business Daily]
▶ Kenneth Goldman Joins RingCentral Board of Directors   [Jun-13-17 11:00AM  Business Wire]
▶ RingCentral to Speak at Upcoming Investor Conferences   [Jun-05-17 09:00AM  Business Wire]
▶ RingCentral reports 1Q loss   [Apr-25-17 04:44PM  Associated Press]
▶ RingCentral An Earns Composite Rating Upgrade   [Apr-21-17 11:22AM  Investor's Business Daily]
▶ RingCentral Unveils Next-Generation RingCentral Office®   [Mar-23-17 09:00AM  Business Wire]
▶ RingCentral Announces New European Offering   [09:00AM  Business Wire]
▶ RingCentral CEO Shmunis Sees Growth Re-Accelerating   [Feb-13-17 08:24PM  at Barrons.com]
▶ RingCentral Hits Major Milestone with 100 U.S. Patents   [Nov-14-16 09:00AM  Business Wire]
Stock chart of RNG Financial statements of RNG
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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