Intrinsic value of Veeva Systems Cl A - VEEV

Previous Close

$63.12

  Intrinsic Value

$59.67

stock screener

  Rating & Target

hold

-5%

  Value-price divergence*

-71%

Previous close

$63.12

 
Intrinsic value

$59.67

 
Up/down potential

-5%

 
Rating

hold

 
Value-price divergence*

-71%

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

We calculate the intrinsic value of VEEV 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 2017), $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 8.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  33.01
  31.60
  28.94
  26.55
  24.39
  22.45
  20.71
  19.14
  17.72
  16.45
  15.31
  14.27
  13.35
  12.51
  11.76
  11.09
  10.48
  9.93
  9.44
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
  6.55
  6.39
  6.25
Revenue, $m
  544
  716
  923
  1,168
  1,453
  1,779
  2,148
  2,559
  3,012
  3,508
  4,045
  4,622
  5,239
  5,894
  6,588
  7,318
  8,085
  8,887
  9,726
  10,601
  11,511
  12,459
  13,445
  14,469
  15,534
  16,640
  17,790
  18,985
  20,228
  21,521
  22,867
Variable operating expenses, $m
 
  554
  711
  898
  1,114
  1,362
  1,643
  1,955
  2,300
  2,677
  3,085
  3,514
  3,983
  4,482
  5,009
  5,564
  6,147
  6,757
  7,395
  8,060
  8,753
  9,473
  10,223
  11,002
  11,811
  12,652
  13,527
  14,435
  15,381
  16,364
  17,387
Fixed operating expenses, $m
 
  13
  14
  14
  14
  15
  15
  15
  16
  16
  17
  17
  17
  18
  18
  19
  19
  20
  20
  21
  21
  22
  22
  23
  24
  24
  25
  25
  26
  27
  27
Total operating expenses, $m
  436
  567
  725
  912
  1,128
  1,377
  1,658
  1,970
  2,316
  2,693
  3,102
  3,531
  4,000
  4,500
  5,027
  5,583
  6,166
  6,777
  7,415
  8,081
  8,774
  9,495
  10,245
  11,025
  11,835
  12,676
  13,552
  14,460
  15,407
  16,391
  17,414
Operating income, $m
  108
  149
  198
  256
  324
  402
  490
  588
  696
  815
  943
  1,091
  1,238
  1,395
  1,560
  1,735
  1,918
  2,110
  2,311
  2,520
  2,737
  2,964
  3,200
  3,445
  3,699
  3,964
  4,239
  4,524
  4,822
  5,131
  5,453
EBITDA, $m
  122
  167
  219
  281
  352
  434
  527
  630
  744
  869
  1,004
  1,149
  1,304
  1,469
  1,643
  1,827
  2,020
  2,222
  2,433
  2,653
  2,882
  3,121
  3,369
  3,627
  3,895
  4,173
  4,463
  4,764
  5,076
  5,402
  5,741
Interest expense (income), $m
  0
  0
  3
  6
  11
  16
  21
  27
  34
  42
  51
  60
  70
  80
  91
  103
  115
  129
  142
  157
  171
  187
  203
  220
  237
  256
  274
  294
  314
  336
  358
Earnings before tax, $m
  110
  149
  195
  250
  314
  387
  469
  561
  662
  773
  893
  1,031
  1,168
  1,315
  1,469
  1,632
  1,803
  1,981
  2,168
  2,363
  2,566
  2,777
  2,996
  3,225
  3,462
  3,708
  3,964
  4,230
  4,507
  4,795
  5,095
Tax expense, $m
  41
  40
  53
  67
  85
  104
  127
  151
  179
  209
  241
  278
  315
  355
  397
  441
  487
  535
  585
  638
  693
  750
  809
  871
  935
  1,001
  1,070
  1,142
  1,217
  1,295
  1,376
Net income, $m
  69
  109
  142
  182
  229
  282
  342
  409
  483
  564
  652
  753
  853
  960
  1,072
  1,191
  1,316
  1,446
  1,583
  1,725
  1,873
  2,027
  2,187
  2,354
  2,527
  2,707
  2,894
  3,088
  3,290
  3,501
  3,719

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  519
  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
  918
  525
  677
  857
  1,066
  1,305
  1,576
  1,877
  2,210
  2,574
  2,967
  3,391
  3,844
  4,325
  4,833
  5,369
  5,931
  6,520
  7,136
  7,777
  8,446
  9,141
  9,864
  10,616
  11,397
  12,209
  13,052
  13,929
  14,841
  15,790
  16,777
Adjusted assets (=assets-cash), $m
  399
  525
  677
  857
  1,066
  1,305
  1,576
  1,877
  2,210
  2,574
  2,967
  3,391
  3,844
  4,325
  4,833
  5,369
  5,931
  6,520
  7,136
  7,777
  8,446
  9,141
  9,864
  10,616
  11,397
  12,209
  13,052
  13,929
  14,841
  15,790
  16,777
Revenue / Adjusted assets
  1.363
  1.364
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
Average production assets, $m
  93
  122
  157
  199
  247
  302
  365
  435
  512
  596
  688
  786
  891
  1,002
  1,120
  1,244
  1,374
  1,511
  1,653
  1,802
  1,957
  2,118
  2,286
  2,460
  2,641
  2,829
  3,024
  3,227
  3,439
  3,659
  3,887
Working capital, $m
  465
  -71
  -91
  -116
  -144
  -176
  -213
  -253
  -298
  -347
  -400
  -458
  -519
  -584
  -652
  -724
  -800
  -880
  -963
  -1,049
  -1,140
  -1,233
  -1,331
  -1,432
  -1,538
  -1,647
  -1,761
  -1,880
  -2,003
  -2,131
  -2,264
Total debt, $m
  0
  84
  185
  304
  443
  602
  781
  982
  1,202
  1,444
  1,705
  1,987
  2,287
  2,607
  2,944
  3,300
  3,673
  4,065
  4,473
  4,899
  5,343
  5,805
  6,285
  6,784
  7,303
  7,841
  8,402
  8,984
  9,589
  10,219
  10,875
Total liabilities, $m
  265
  349
  450
  569
  708
  867
  1,046
  1,247
  1,467
  1,709
  1,970
  2,252
  2,552
  2,872
  3,209
  3,565
  3,938
  4,330
  4,738
  5,164
  5,608
  6,070
  6,550
  7,049
  7,568
  8,106
  8,667
  9,249
  9,854
  10,484
  11,140
Total equity, $m
  653
  176
  228
  288
  358
  439
  529
  631
  743
  865
  997
  1,139
  1,291
  1,453
  1,624
  1,804
  1,993
  2,191
  2,398
  2,613
  2,838
  3,071
  3,314
  3,567
  3,829
  4,102
  4,386
  4,680
  4,987
  5,305
  5,637
Total liabilities and equity, $m
  918
  525
  678
  857
  1,066
  1,306
  1,575
  1,878
  2,210
  2,574
  2,967
  3,391
  3,843
  4,325
  4,833
  5,369
  5,931
  6,521
  7,136
  7,777
  8,446
  9,141
  9,864
  10,616
  11,397
  12,208
  13,053
  13,929
  14,841
  15,789
  16,777
Debt-to-equity ratio
  0.000
  0.470
  0.810
  1.060
  1.240
  1.370
  1.480
  1.560
  1.620
  1.670
  1.710
  1.740
  1.770
  1.790
  1.810
  1.830
  1.840
  1.860
  1.870
  1.870
  1.880
  1.890
  1.900
  1.900
  1.910
  1.910
  1.920
  1.920
  1.920
  1.930
  1.930
Adjusted equity ratio
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  69
  109
  142
  182
  229
  282
  342
  409
  483
  564
  652
  753
  853
  960
  1,072
  1,191
  1,316
  1,446
  1,583
  1,725
  1,873
  2,027
  2,187
  2,354
  2,527
  2,707
  2,894
  3,088
  3,290
  3,501
  3,719
Depreciation, amort., depletion, $m
  14
  19
  21
  24
  28
  32
  37
  42
  48
  54
  61
  58
  66
  74
  83
  92
  102
  112
  122
  133
  145
  157
  169
  182
  196
  210
  224
  239
  255
  271
  288
Funds from operations, $m
  168
  127
  164
  207
  257
  314
  379
  451
  531
  618
  712
  811
  919
  1,034
  1,155
  1,283
  1,418
  1,558
  1,705
  1,859
  2,018
  2,184
  2,357
  2,536
  2,723
  2,916
  3,118
  3,327
  3,545
  3,772
  4,007
Change in working capital, $m
  24
  -17
  -21
  -24
  -28
  -32
  -36
  -41
  -45
  -49
  -53
  -57
  -61
  -65
  -69
  -72
  -76
  -79
  -83
  -87
  -90
  -94
  -98
  -101
  -105
  -110
  -114
  -118
  -123
  -128
  -133
Cash from operations, $m
  144
  144
  184
  231
  285
  347
  415
  492
  576
  667
  765
  868
  980
  1,099
  1,224
  1,356
  1,494
  1,638
  1,788
  1,945
  2,108
  2,278
  2,454
  2,638
  2,828
  3,026
  3,232
  3,446
  3,668
  3,900
  4,141
Maintenance CAPEX, $m
  0
  -7
  -9
  -12
  -15
  -18
  -22
  -27
  -32
  -38
  -44
  -51
  -58
  -66
  -74
  -83
  -92
  -102
  -112
  -122
  -133
  -145
  -157
  -169
  -182
  -196
  -210
  -224
  -239
  -255
  -271
New CAPEX, $m
  -8
  -29
  -35
  -42
  -48
  -55
  -63
  -70
  -77
  -84
  -91
  -98
  -105
  -111
  -118
  -124
  -130
  -136
  -143
  -149
  -155
  -161
  -168
  -174
  -181
  -188
  -195
  -203
  -211
  -220
  -229
Cash from investing activities, $m
  -97
  -36
  -44
  -54
  -63
  -73
  -85
  -97
  -109
  -122
  -135
  -149
  -163
  -177
  -192
  -207
  -222
  -238
  -255
  -271
  -288
  -306
  -325
  -343
  -363
  -384
  -405
  -427
  -450
  -475
  -500
Free cash flow, $m
  47
  108
  140
  178
  222
  273
  330
  395
  466
  545
  630
  719
  817
  921
  1,032
  1,149
  1,271
  1,400
  1,534
  1,674
  1,820
  1,972
  2,130
  2,294
  2,465
  2,642
  2,827
  3,018
  3,218
  3,425
  3,641
Issuance/(repayment) of debt, $m
  0
  84
  101
  119
  139
  159
  179
  200
  221
  241
  262
  281
  301
  319
  338
  356
  373
  391
  409
  426
  444
  462
  480
  499
  519
  539
  560
  582
  606
  630
  656
Issuance/(repurchase) of shares, $m
  12
  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  
  38
  84
  101
  119
  139
  159
  179
  200
  221
  241
  262
  281
  301
  319
  338
  356
  373
  391
  409
  426
  444
  462
  480
  499
  519
  539
  560
  582
  606
  630
  656
Total cash flow (excl. dividends), $m
  85
  192
  241
  297
  361
  432
  510
  595
  687
  786
  891
  1,000
  1,117
  1,241
  1,370
  1,504
  1,645
  1,791
  1,942
  2,100
  2,264
  2,434
  2,610
  2,793
  2,983
  3,181
  3,387
  3,601
  3,823
  4,055
  4,296
Retained Cash Flow (-), $m
  -148
  -42
  -51
  -60
  -70
  -80
  -91
  -101
  -112
  -122
  -132
  -142
  -152
  -162
  -171
  -180
  -189
  -198
  -207
  -216
  -225
  -234
  -243
  -253
  -262
  -273
  -283
  -295
  -306
  -319
  -332
Prev. year cash balance distribution, $m
 
  519
  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
 
  668
  190
  237
  290
  351
  419
  494
  576
  664
  759
  858
  965
  1,079
  1,199
  1,324
  1,456
  1,593
  1,736
  1,884
  2,039
  2,200
  2,367
  2,541
  2,721
  2,909
  3,103
  3,306
  3,517
  3,736
  3,965
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
 
  641
  174
  206
  239
  272
  304
  334
  360
  381
  398
  407
  412
  410
  402
  389
  370
  347
  320
  290
  259
  228
  196
  167
  139
  113
  91
  71
  54
  41
  30
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

Veeva Systems Inc. provides industry cloud software and data solutions for the life sciences industry in North America, the European Union, the Asia Pacific, and internationally. The company offers Veeva CRM family of applications for multichannel customer relationship management applications that allow pharmaceutical and biotechnology companies to market and sell compliantly to physicians, other healthcare professionals, and healthcare organizations through multiple touch points, including in-person, email, and online; and Veeva Vault, a cloud-based content and information management solution that enables the management of content-centric processes in various commercial functions, including medical, sales, and marketing, as well as research and development functions, such as clinical, regulatory, and quality. It also provides Veeva Network master data management solutions for the management of customer master and product master data. In addition, the company offers data and data services, such as Veeva OpenData customer data, compliance data, data services, and email services for customer reference data, as well as Veeva KOL data and services for various opinion leader data. Further, it provides professional and support services in the areas of implementation and deployment planning and project management; requirements analysis, solution design, and configuration; systems environment management and deployment services; services focused on advancing or transforming business and operating processes related to Veeva solutions; technical consulting services related to data migration and systems integrations; training on its solutions; and ongoing managed services, such as outsourced systems administration. The company was formerly known as Verticals onDemand, Inc. and changed its name to Veeva Systems Inc. in April 2009. Veeva Systems Inc. was founded in 2007 and is headquartered in Pleasanton, California.

FINANCIAL RATIOS  of  Veeva Systems Cl A (VEEV)

Valuation Ratios
P/E Ratio 126.1
Price to Sales 16
Price to Book 13.3
Price to Tangible Book
Price to Cash Flow 60.4
Price to Free Cash Flow 64
Growth Rates
Sales Growth Rate 33%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -63.6%
Cap. Spend. - 3 Yr. Gr. Rate 21.7%
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 8.5%
Ret/ On Assets - 3 Yr. Avg. 8.6%
Return On Total Capital 11.9%
Ret/ On T. Cap. - 3 Yr. Avg. 11.8%
Return On Equity 11.9%
Return On Equity - 3 Yr. Avg. 11.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 68%
Gross Margin - 3 Yr. Avg. 65.5%
EBITDA Margin 22.8%
EBITDA Margin - 3 Yr. Avg. 22.2%
Operating Margin 19.9%
Oper. Margin - 3 Yr. Avg. 20.4%
Pre-Tax Margin 20.2%
Pre-Tax Margin - 3 Yr. Avg. 20.3%
Net Profit Margin 12.7%
Net Profit Margin - 3 Yr. Avg. 12.9%
Effective Tax Rate 37.3%
Eff/ Tax Rate - 3 Yr. Avg. 36.4%
Payout Ratio 0%

VEEV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VEEV stock intrinsic value calculation we used $544 million for the last fiscal year's total revenue generated by Veeva Systems Cl A. The default revenue input number comes from 2017 income statement of Veeva Systems 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 VEEV stock valuation model: a) initial revenue growth rate of 31.6% 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 VEEV is calculated based on our internal credit rating of Veeva Systems 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 Veeva Systems 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 VEEV stock the variable cost ratio is equal to 77.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $13 million in the base year in the intrinsic value calculation for VEEV 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 Veeva Systems Cl A.

Corporate tax rate of 27% is the nominal tax rate for Veeva Systems 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 VEEV 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 VEEV are equal to 17%.

Life of production assets of 13.5 years is the average useful life of capital assets used in Veeva Systems 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 VEEV is equal to -9.9%. 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 - $653 million for Veeva Systems 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 135.857 million for Veeva Systems 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 Veeva Systems Cl A at the current share price and the inputted number of shares is $8.6 billion.

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COMPANY NEWS

▶ ETFs with exposure to Veeva Systems, Inc. : July 25, 2017   [Jul-25-17 01:59PM  Capital Cube]
▶ 3 Stocks That Look Just Like eBay in 1998   [Jul-20-17 03:30PM  Motley Fool]
▶ ETFs with exposure to Veeva Systems, Inc. : July 14, 2017   [Jul-14-17 05:27PM  Capital Cube]
▶ Apple Zooms; Will These 3 Hot Growth Stocks Win Big In 2nd Half?   [Jul-13-17 03:30PM  Investor's Business Daily]
▶ Better Buy: Veeva Systems Inc. vs. athenahealth, Inc.   [Jul-09-17 07:41AM  Motley Fool]
▶ Medical Software Uptrend Steady, Even As TrumpCare Rocks The Boat   [Jul-06-17 05:23PM  Investor's Business Daily]
▶ ETFs with exposure to Veeva Systems, Inc. : June 26, 2017   [Jun-26-17 05:10PM  Capital Cube]
▶ 3 Stocks With Veeva Systems-Like Return Potential   [Jun-23-17 02:42PM  Motley Fool]
▶ Nasdaq Still Leads; Can These 3 Software Firms Beat Oracle's Breakout?   [Jun-22-17 03:45PM  Investor's Business Daily]
▶ Mark Carges Joins Veeva Board of Directors   [07:03AM  Business Wire]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [Jun-19-17 05:20PM  Investor's Business Daily]
▶ ETFs with exposure to Veeva Systems, Inc. : June 13, 2017   [Jun-13-17 01:02PM  Capital Cube]
▶ Veeva Further Expands Clinical Leadership   [07:03AM  Business Wire]
▶ Nasdaq Leads Drop; Why GE Is Not A Buy Yet; Sell Apple Or Hold?   [Jun-12-17 04:10PM  Investor's Business Daily]
▶ 3 Stocks With Promising, Amazon-Like Growth Potential   [Jun-10-17 06:41AM  Motley Fool]
▶ Better Buy: Veeva Systems Inc. vs. Salesforce.com   [Jun-08-17 10:41AM  Motley Fool]
▶ Apple Cut On Post-iPhone 8 Risks; Snap's Price Target Cropped   [Jun-05-17 09:37AM  Investor's Business Daily]
▶ Veeva's Rally Looks Long in the Tooth   [Jun-02-17 03:15PM  TheStreet.com]
▶ Veeva Systems: Cramer's Top Takeaways   [06:38AM  TheStreet.com]
▶ Veeva to Present at Upcoming Investor Conferences   [Jun-01-17 04:05PM  Business Wire]
▶ 3 Mid-Cap Stocks to Consider   [11:44AM  Motley Fool]
▶ IBD 50 Stock Veeva Flies To Record High On 'Another Exceptional Quarter'   [May-26-17 04:04PM  Investor's Business Daily]
▶ Why Veeva Systems Inc. Jumped Today   [01:32PM  Motley Fool]
▶ Story Stocks from Briefing.com   [11:00AM  Briefing.com]
▶ Stock Futures Mixed After Positive Q1 GDP Data   [08:50AM  Investor's Business Daily]
▶ IBD 50 Stock Veeva Surges On Consensus-Crushing Q1   [05:09PM  Investor's Business Daily]
▶ Earnings Calendar, Analyst Estimates And Stocks To Watch   [05:02PM  Investor's Business Daily]
▶ Veeva tops Street 1Q forecasts   [04:14PM  Associated Press]
▶ 3 Stocks In Or Near Buy Range With Earnings Due: Investing Action Plan   [May-24-17 04:32PM  Investor's Business Daily]
▶ Stock investors are stuck in a Trump reality check   [May-22-17 01:53PM  Yahoo Finance]
▶ Better Buy: Veeva Systems Inc. vs. athenahealth   [May-16-17 04:37PM  Motley Fool]
▶ What Is Digital Health?   [May-09-17 07:04AM  Motley Fool]
▶ CEO Gassner Makes Sure Veeva Has A 'Second Act' And More   [Apr-24-17 04:42PM  Investor's Business Daily]
▶ Are These Highflyers About to Crash?   [11:00AM  Motley Fool]
▶ 3 Top Software Stocks to Buy in 2017   [Apr-19-17 06:21PM  Motley Fool]
▶ 3 Mid-Cap Stocks to Buy in April   [08:30AM  Motley Fool]
▶ Investors in Veeva Systems Cant Miss This   [Apr-12-17 08:27AM  Motley Fool]
▶ Veeva Systems Inc: Buy at the High?   [Apr-11-17 09:02AM  Motley Fool]
▶ How Will Veeva Systems Succeed Outside of Life Sciences?   [Apr-10-17 09:08AM  Motley Fool]
▶ Veeva Systems Approach to Dominating Quality Management   [Apr-08-17 08:07AM  Motley Fool]
▶ Veeva Systems Total Addressable Market Just Exploded   [Apr-06-17 09:01AM  Motley Fool]
▶ ETFs with exposure to Veeva Systems, Inc. : April 5, 2017   [Apr-05-17 05:40PM  Capital Cube]
▶ Veeva Systems Bold Leap Outside of Life Sciences   [Apr-04-17 09:42AM  Motley Fool]
Stock chart of VEEV Financial statements of VEEV
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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