Intrinsic value of Veeva Systems Cl A - VEEV

Previous Close

$55.98

  Intrinsic Value

$45.89

stock screener

  Rating & Target

hold

-18%

Previous close

$55.98

 
Intrinsic value

$45.89

 
Up/down potential

-18%

 
Rating

hold

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 7.9

 

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
  27.50
  25.25
  23.23
  21.40
  19.76
  18.29
  16.96
  15.76
  14.69
  13.72
  12.85
  12.06
  11.35
  10.72
  10.15
  9.63
  9.17
  8.75
  8.38
  8.04
  7.74
  7.46
  7.22
  6.99
  6.79
  6.62
  6.45
  6.31
  6.18
  6.06
Revenue, $m
  544
  694
  869
  1,070
  1,300
  1,556
  1,841
  2,153
  2,493
  2,859
  3,251
  3,668
  4,111
  4,578
  5,068
  5,583
  6,120
  6,682
  7,266
  7,875
  8,508
  9,166
  9,850
  10,561
  11,300
  12,067
  12,866
  13,696
  14,560
  15,460
  16,396
Variable operating expenses, $m
 
  537
  670
  824
  998
  1,193
  1,409
  1,647
  1,905
  2,183
  2,481
  2,789
  3,126
  3,481
  3,854
  4,245
  4,654
  5,080
  5,525
  5,988
  6,469
  6,970
  7,490
  8,030
  8,592
  9,176
  9,783
  10,414
  11,071
  11,755
  12,467
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
  550
  684
  838
  1,012
  1,208
  1,424
  1,662
  1,921
  2,199
  2,498
  2,806
  3,143
  3,499
  3,872
  4,264
  4,673
  5,100
  5,545
  6,009
  6,490
  6,992
  7,512
  8,053
  8,616
  9,200
  9,808
  10,439
  11,097
  11,782
  12,494
Operating income, $m
  108
  143
  185
  233
  287
  349
  417
  491
  572
  659
  753
  862
  968
  1,079
  1,196
  1,319
  1,447
  1,581
  1,721
  1,866
  2,018
  2,175
  2,338
  2,508
  2,684
  2,868
  3,059
  3,257
  3,463
  3,678
  3,902
EBITDA, $m
  122
  162
  205
  256
  313
  378
  449
  528
  613
  705
  803
  908
  1,019
  1,137
  1,260
  1,389
  1,524
  1,666
  1,813
  1,966
  2,125
  2,290
  2,462
  2,641
  2,827
  3,020
  3,221
  3,429
  3,647
  3,873
  4,109
Interest expense (income), $m
  0
  0
  3
  6
  9
  13
  17
  22
  27
  33
  39
  46
  53
  61
  68
  77
  86
  95
  104
  114
  124
  135
  146
  158
  170
  183
  196
  209
  223
  238
  253
Earnings before tax, $m
  110
  143
  182
  227
  279
  336
  399
  469
  545
  626
  714
  816
  915
  1,019
  1,128
  1,242
  1,362
  1,487
  1,617
  1,752
  1,893
  2,040
  2,192
  2,350
  2,514
  2,685
  2,863
  3,048
  3,240
  3,440
  3,649
Tax expense, $m
  41
  39
  49
  61
  75
  91
  108
  127
  147
  169
  193
  220
  247
  275
  304
  335
  368
  401
  437
  473
  511
  551
  592
  635
  679
  725
  773
  823
  875
  929
  985
Net income, $m
  69
  105
  133
  166
  203
  245
  292
  342
  398
  457
  521
  596
  668
  744
  823
  907
  994
  1,085
  1,180
  1,279
  1,382
  1,489
  1,600
  1,716
  1,836
  1,960
  2,090
  2,225
  2,365
  2,511
  2,664

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
  917
  507
  636
  783
  951
  1,139
  1,347
  1,575
  1,823
  2,091
  2,378
  2,684
  3,007
  3,349
  3,708
  4,084
  4,477
  4,888
  5,316
  5,761
  6,224
  6,705
  7,206
  7,726
  8,266
  8,828
  9,412
  10,019
  10,651
  11,309
  11,994
Adjusted assets (=assets-cash), $m
  398
  507
  636
  783
  951
  1,139
  1,347
  1,575
  1,823
  2,091
  2,378
  2,684
  3,007
  3,349
  3,708
  4,084
  4,477
  4,888
  5,316
  5,761
  6,224
  6,705
  7,206
  7,726
  8,266
  8,828
  9,412
  10,019
  10,651
  11,309
  11,994
Revenue / Adjusted assets
  1.367
  1.369
  1.366
  1.367
  1.367
  1.366
  1.367
  1.367
  1.368
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
Average production assets, $m
  93
  118
  148
  182
  221
  265
  313
  366
  424
  486
  553
  624
  699
  778
  862
  949
  1,040
  1,136
  1,235
  1,339
  1,446
  1,558
  1,675
  1,795
  1,921
  2,051
  2,187
  2,328
  2,475
  2,628
  2,787
Working capital, $m
  465
  -69
  -86
  -106
  -129
  -154
  -182
  -213
  -247
  -283
  -322
  -363
  -407
  -453
  -502
  -553
  -606
  -661
  -719
  -780
  -842
  -907
  -975
  -1,046
  -1,119
  -1,195
  -1,274
  -1,356
  -1,441
  -1,530
  -1,623
Total debt, $m
  0
  72
  157
  255
  366
  491
  629
  780
  945
  1,122
  1,313
  1,515
  1,730
  1,956
  2,194
  2,444
  2,704
  2,977
  3,260
  3,555
  3,862
  4,182
  4,513
  4,858
  5,216
  5,589
  5,976
  6,379
  6,798
  7,234
  7,688
Total liabilities, $m
  265
  336
  421
  519
  630
  755
  893
  1,044
  1,209
  1,386
  1,577
  1,779
  1,994
  2,220
  2,458
  2,708
  2,968
  3,241
  3,524
  3,819
  4,126
  4,446
  4,777
  5,122
  5,480
  5,853
  6,240
  6,643
  7,062
  7,498
  7,952
Total equity, $m
  653
  171
  214
  264
  320
  384
  454
  531
  614
  705
  801
  904
  1,013
  1,128
  1,249
  1,376
  1,509
  1,647
  1,791
  1,941
  2,097
  2,260
  2,428
  2,604
  2,786
  2,975
  3,172
  3,376
  3,589
  3,811
  4,042
Total liabilities and equity, $m
  918
  507
  635
  783
  950
  1,139
  1,347
  1,575
  1,823
  2,091
  2,378
  2,683
  3,007
  3,348
  3,707
  4,084
  4,477
  4,888
  5,315
  5,760
  6,223
  6,706
  7,205
  7,726
  8,266
  8,828
  9,412
  10,019
  10,651
  11,309
  11,994
Debt-to-equity ratio
  0.000
  0.420
  0.730
  0.970
  1.140
  1.280
  1.390
  1.470
  1.540
  1.590
  1.640
  1.680
  1.710
  1.730
  1.760
  1.780
  1.790
  1.810
  1.820
  1.830
  1.840
  1.850
  1.860
  1.870
  1.870
  1.880
  1.880
  1.890
  1.890
  1.900
  1.900
Adjusted equity ratio
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  69
  105
  133
  166
  203
  245
  292
  342
  398
  457
  521
  596
  668
  744
  823
  907
  994
  1,085
  1,180
  1,279
  1,382
  1,489
  1,600
  1,716
  1,836
  1,960
  2,090
  2,225
  2,365
  2,511
  2,664
Depreciation, amort., depletion, $m
  14
  18
  21
  23
  26
  29
  33
  37
  41
  46
  51
  46
  52
  58
  64
  70
  77
  84
  92
  99
  107
  115
  124
  133
  142
  152
  162
  172
  183
  195
  206
Funds from operations, $m
  168
  123
  154
  189
  229
  274
  324
  379
  439
  503
  571
  642
  719
  801
  887
  977
  1,071
  1,169
  1,272
  1,378
  1,489
  1,604
  1,724
  1,848
  1,978
  2,112
  2,252
  2,397
  2,549
  2,706
  2,870
Change in working capital, $m
  24
  -15
  -17
  -20
  -23
  -25
  -28
  -31
  -34
  -36
  -39
  -41
  -44
  -46
  -49
  -51
  -53
  -56
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -93
Cash from operations, $m
  144
  138
  171
  209
  252
  300
  352
  410
  472
  539
  610
  683
  763
  847
  936
  1,028
  1,124
  1,225
  1,330
  1,439
  1,552
  1,670
  1,792
  1,919
  2,051
  2,188
  2,331
  2,480
  2,634
  2,795
  2,963
Maintenance CAPEX, $m
  0
  -7
  -9
  -11
  -13
  -16
  -20
  -23
  -27
  -31
  -36
  -41
  -46
  -52
  -58
  -64
  -70
  -77
  -84
  -92
  -99
  -107
  -115
  -124
  -133
  -142
  -152
  -162
  -172
  -183
  -195
New CAPEX, $m
  -8
  -25
  -30
  -34
  -39
  -44
  -48
  -53
  -58
  -62
  -67
  -71
  -75
  -79
  -83
  -87
  -91
  -95
  -99
  -103
  -108
  -112
  -116
  -121
  -126
  -131
  -136
  -141
  -147
  -153
  -159
Cash from investing activities, $m
  -97
  -32
  -39
  -45
  -52
  -60
  -68
  -76
  -85
  -93
  -103
  -112
  -121
  -131
  -141
  -151
  -161
  -172
  -183
  -195
  -207
  -219
  -231
  -245
  -259
  -273
  -288
  -303
  -319
  -336
  -354
Free cash flow, $m
  47
  105
  133
  164
  200
  240
  284
  334
  387
  445
  508
  571
  642
  716
  795
  877
  963
  1,053
  1,146
  1,244
  1,345
  1,451
  1,560
  1,674
  1,792
  1,915
  2,043
  2,176
  2,315
  2,459
  2,609
Issuance/(repayment) of debt, $m
  0
  72
  85
  98
  111
  125
  138
  151
  165
  178
  190
  203
  215
  226
  238
  249
  261
  272
  284
  295
  307
  319
  332
  345
  358
  372
  387
  403
  419
  436
  454
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
  72
  85
  98
  111
  125
  138
  151
  165
  178
  190
  203
  215
  226
  238
  249
  261
  272
  284
  295
  307
  319
  332
  345
  358
  372
  387
  403
  419
  436
  454
Total cash flow (excl. dividends), $m
  85
  178
  217
  262
  311
  364
  423
  485
  552
  623
  698
  774
  856
  943
  1,033
  1,126
  1,224
  1,325
  1,430
  1,539
  1,652
  1,770
  1,892
  2,019
  2,151
  2,288
  2,430
  2,579
  2,734
  2,895
  3,063
Retained Cash Flow (-), $m
  -148
  -37
  -43
  -50
  -56
  -63
  -70
  -77
  -84
  -90
  -97
  -103
  -109
  -115
  -121
  -127
  -133
  -138
  -144
  -150
  -156
  -162
  -169
  -175
  -182
  -189
  -197
  -205
  -213
  -222
  -231
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
 
  660
  174
  212
  254
  301
  352
  408
  468
  533
  601
  671
  747
  828
  912
  999
  1,091
  1,186
  1,286
  1,389
  1,496
  1,607
  1,723
  1,843
  1,969
  2,098
  2,234
  2,374
  2,521
  2,673
  2,832
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
 
  633
  160
  184
  209
  233
  256
  276
  293
  306
  315
  319
  319
  315
  306
  293
  277
  258
  237
  214
  190
  166
  143
  121
  100
  82
  65
  51
  39
  29
  21
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. (Veeva) is a provider of cloud-based software solutions for the global life sciences industry. The Company offers solutions for a range of requirements within life sciences companies, including multichannel customer relationship management, regulated content and information management, master data management and customer data. The Company offers solutions to areas, including the Veeva CRM family of applications for multichannel customer relationship management to enable coordinated and personalized customer engagement through multiple touch points; Veeva Vault for regulated content management and information management solutions to enable the management of content-centric processes; the Veeva Network master data management solutions for the management of customer master and product master data, and Veeva's data and data services offerings, including Veeva OpenData for customer reference data and Veeva KOL Data for data.

FINANCIAL RATIOS  of  Veeva Systems Cl A (VEEV)

Valuation Ratios
P/E Ratio 111.9
Price to Sales 14.2
Price to Book 11.8
Price to Tangible Book
Price to Cash Flow 53.6
Price to Free Cash Flow 56.8
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 27.5% 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 140.656 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 $7.9 billion.

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COMPANY NEWS

▶ 3 Growth Stocks I'd Buy Right Now   [Dec-10-17 09:41AM  Motley Fool]
▶ [$$] Veeva Is a Bargain   [12:01AM  Barrons.com]
▶ What Happened in the Stock Market Today   [Dec-06-17 05:13PM  Motley Fool]
▶ Veeva Beats Views But Offers In-Line Outlook; Shares Drop   [Dec-05-17 05:19PM  Investor's Business Daily]
▶ Veeva tops Street 3Q forecasts   [04:14PM  Associated Press]
▶ Veeva Systems Trying To Close In On Key Technical Benchmark   [Dec-01-17 03:00AM  Investor's Business Daily]
▶ Trading Advantage's Bauer Has an Options Play for Veeva   [Nov-30-17 04:25PM  Bloomberg Video]
▶ Here's why tech stocks are tanking right now: NYSE trader   [Nov-29-17 01:20PM  Yahoo Finance Video]
▶ 3 Earnings Reports to Watch Before Thanksgiving   [Nov-17-17 11:46AM  InvestorPlace]
▶ Better Buy: Veeva Systems Inc vs. Athenahealth, Inc   [Nov-15-17 05:14PM  Motley Fool]
▶ Stocks To Watch Ahead Of Earnings: Veeva Systems   [03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Price Strength: Veeva Systems   [Oct-27-17 03:00AM  Investor's Business Daily]
▶ 3 Stocks That Could Soar More Than Salesforce   [Oct-25-17 01:57PM  Motley Fool]
▶ 3 Stocks With Salesforce-Like Return Potential   [Oct-18-17 07:30PM  Motley Fool]
▶ Better Buy: Veeva Systems Inc vs. salesforce.com, inc.   [Oct-15-17 01:00PM  Motley Fool]
▶ Veeva Nears $1 Billion In Sales; Expensive But 'Worth It'   [Oct-12-17 04:33PM  Investor's Business Daily]
▶ Better Buy: Shopify Inc. vs. Veeva Systems   [Oct-05-17 09:00AM  Motley Fool]
▶ Is Veeva Systems Inc. a Buy?   [Sep-28-17 07:47PM  Motley Fool]
▶ Veeva Systems Trying To Close In On Key Technical Measure   [03:00AM  Investor's Business Daily]
▶ Veeva Looks Beyond Life Sciences   [07:00AM  Morningstar]
▶ After Sharp Pullback, Can This Life Sciences Tech IPO Rise Again?   [Sep-22-17 11:52AM  Investor's Business Daily]
▶ Veeva Systems: Cramer's Top Takeaways   [06:43AM  TheStreet.com]
▶ Earnings Calendar, Analyst Estimates And Stocks To Watch   [12:42PM  Investor's Business Daily]
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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