Intrinsic value of Vonage Holdings - VG

Previous Close

$10.15

  Intrinsic Value

$4.22

stock screener

  Rating & Target

str. sell

-58%

Previous close

$10.15

 
Intrinsic value

$4.22

 
Up/down potential

-58%

 
Rating

str. sell

We calculate the intrinsic value of VG 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 2.3

 

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, %
  6.82
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
Revenue, $m
  956
  1,030
  1,106
  1,186
  1,268
  1,354
  1,443
  1,536
  1,633
  1,734
  1,838
  1,948
  2,061
  2,180
  2,304
  2,434
  2,569
  2,710
  2,858
  3,012
  3,174
  3,343
  3,520
  3,706
  3,900
  4,103
  4,316
  4,539
  4,774
  5,019
  5,276
Variable operating expenses, $m
 
  965
  1,034
  1,106
  1,180
  1,258
  1,338
  1,422
  1,509
  1,600
  1,695
  1,757
  1,860
  1,967
  2,079
  2,196
  2,318
  2,446
  2,579
  2,718
  2,864
  3,017
  3,176
  3,344
  3,519
  3,702
  3,895
  4,096
  4,307
  4,529
  4,761
Fixed operating expenses, $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
Total operating expenses, $m
  911
  965
  1,034
  1,106
  1,180
  1,258
  1,338
  1,422
  1,509
  1,600
  1,695
  1,757
  1,860
  1,967
  2,079
  2,196
  2,318
  2,446
  2,579
  2,718
  2,864
  3,017
  3,176
  3,344
  3,519
  3,702
  3,895
  4,096
  4,307
  4,529
  4,761
Operating income, $m
  44
  65
  72
  80
  88
  96
  105
  114
  123
  133
  144
  190
  201
  213
  225
  238
  251
  265
  279
  294
  310
  326
  344
  362
  381
  401
  422
  443
  466
  490
  515
EBITDA, $m
  117
  136
  146
  157
  167
  179
  191
  203
  216
  229
  243
  257
  272
  288
  304
  321
  339
  358
  377
  398
  419
  441
  465
  489
  515
  542
  570
  599
  630
  663
  697
Interest expense (income), $m
  12
  10
  14
  19
  23
  28
  33
  38
  43
  48
  54
  60
  66
  73
  79
  86
  93
  101
  109
  117
  126
  135
  145
  155
  165
  176
  188
  200
  212
  225
  239
Earnings before tax, $m
  31
  54
  58
  61
  65
  68
  72
  76
  81
  85
  89
  130
  135
  140
  146
  151
  157
  164
  170
  177
  184
  191
  199
  207
  216
  225
  234
  244
  254
  265
  276
Tax expense, $m
  13
  15
  16
  16
  17
  18
  20
  21
  22
  23
  24
  35
  37
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
Net income, $m
  18
  40
  42
  45
  47
  50
  53
  56
  59
  62
  65
  95
  99
  102
  106
  111
  115
  119
  124
  129
  134
  140
  145
  151
  157
  164
  171
  178
  185
  193
  202

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  30
  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
  936
  976
  1,048
  1,124
  1,202
  1,284
  1,368
  1,456
  1,548
  1,643
  1,743
  1,846
  1,954
  2,067
  2,184
  2,307
  2,435
  2,569
  2,709
  2,855
  3,009
  3,169
  3,337
  3,512
  3,696
  3,889
  4,091
  4,303
  4,525
  4,757
  5,001
Adjusted assets (=assets-cash), $m
  906
  976
  1,048
  1,124
  1,202
  1,284
  1,368
  1,456
  1,548
  1,643
  1,743
  1,846
  1,954
  2,067
  2,184
  2,307
  2,435
  2,569
  2,709
  2,855
  3,009
  3,169
  3,337
  3,512
  3,696
  3,889
  4,091
  4,303
  4,525
  4,757
  5,001
Revenue / Adjusted assets
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
  1.055
Average production assets, $m
  240
  258
  278
  298
  318
  340
  362
  386
  410
  435
  461
  489
  517
  547
  578
  611
  645
  680
  717
  756
  797
  839
  884
  930
  979
  1,030
  1,083
  1,139
  1,198
  1,260
  1,324
Working capital, $m
  -92
  -108
  -116
  -124
  -133
  -142
  -152
  -161
  -171
  -182
  -193
  -204
  -216
  -229
  -242
  -256
  -270
  -285
  -300
  -316
  -333
  -351
  -370
  -389
  -409
  -431
  -453
  -477
  -501
  -527
  -554
Total debt, $m
  113
  127
  165
  205
  246
  289
  334
  380
  428
  478
  531
  585
  642
  701
  763
  827
  895
  965
  1,039
  1,116
  1,196
  1,281
  1,369
  1,461
  1,558
  1,660
  1,766
  1,877
  1,994
  2,116
  2,245
Total liabilities, $m
  499
  513
  551
  591
  632
  675
  720
  766
  814
  864
  917
  971
  1,028
  1,087
  1,149
  1,213
  1,281
  1,351
  1,425
  1,502
  1,582
  1,667
  1,755
  1,847
  1,944
  2,046
  2,152
  2,263
  2,380
  2,502
  2,631
Total equity, $m
  437
  463
  497
  533
  570
  608
  649
  690
  734
  779
  826
  875
  926
  980
  1,035
  1,093
  1,154
  1,218
  1,284
  1,353
  1,426
  1,502
  1,582
  1,665
  1,752
  1,843
  1,939
  2,040
  2,145
  2,255
  2,371
Total liabilities and equity, $m
  936
  976
  1,048
  1,124
  1,202
  1,283
  1,369
  1,456
  1,548
  1,643
  1,743
  1,846
  1,954
  2,067
  2,184
  2,306
  2,435
  2,569
  2,709
  2,855
  3,008
  3,169
  3,337
  3,512
  3,696
  3,889
  4,091
  4,303
  4,525
  4,757
  5,002
Debt-to-equity ratio
  0.259
  0.280
  0.330
  0.390
  0.430
  0.480
  0.510
  0.550
  0.580
  0.610
  0.640
  0.670
  0.690
  0.720
  0.740
  0.760
  0.780
  0.790
  0.810
  0.820
  0.840
  0.850
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
Adjusted equity ratio
  0.449
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  18
  40
  42
  45
  47
  50
  53
  56
  59
  62
  65
  95
  99
  102
  106
  111
  115
  119
  124
  129
  134
  140
  145
  151
  157
  164
  171
  178
  185
  193
  202
Depreciation, amort., depletion, $m
  73
  71
  74
  77
  80
  83
  86
  89
  92
  96
  99
  67
  71
  75
  79
  84
  88
  93
  98
  104
  109
  115
  121
  127
  134
  141
  148
  156
  164
  173
  181
Funds from operations, $m
  50
  111
  116
  121
  127
  132
  138
  145
  151
  158
  165
  162
  170
  177
  186
  194
  203
  213
  222
  233
  243
  255
  266
  279
  292
  305
  319
  334
  350
  366
  383
Change in working capital, $m
  -37
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
Cash from operations, $m
  87
  119
  124
  130
  135
  142
  148
  154
  161
  168
  176
  174
  182
  190
  199
  208
  217
  227
  238
  249
  260
  272
  285
  298
  312
  326
  342
  357
  374
  392
  410
Maintenance CAPEX, $m
  0
  -33
  -35
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -104
  -109
  -115
  -121
  -127
  -134
  -141
  -148
  -156
  -164
  -173
New CAPEX, $m
  -38
  -19
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -42
  -44
  -47
  -49
  -51
  -53
  -56
  -59
  -62
  -65
Cash from investing activities, $m
  -191
  -52
  -54
  -58
  -62
  -66
  -69
  -73
  -77
  -81
  -86
  -90
  -96
  -101
  -106
  -111
  -118
  -123
  -130
  -137
  -145
  -151
  -159
  -168
  -176
  -185
  -194
  -204
  -215
  -226
  -238
Free cash flow, $m
  -104
  67
  70
  72
  74
  76
  79
  81
  84
  87
  90
  83
  86
  89
  93
  96
  100
  104
  108
  112
  116
  121
  126
  131
  136
  141
  147
  153
  159
  166
  173
Issuance/(repayment) of debt, $m
  100
  36
  38
  40
  41
  43
  45
  46
  48
  50
  52
  54
  57
  59
  62
  65
  67
  70
  74
  77
  81
  84
  88
  92
  97
  101
  106
  111
  117
  122
  128
Issuance/(repurchase) of shares, $m
  -24
  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  
  75
  36
  38
  40
  41
  43
  45
  46
  48
  50
  52
  54
  57
  59
  62
  65
  67
  70
  74
  77
  81
  84
  88
  92
  97
  101
  106
  111
  117
  122
  128
Total cash flow (excl. dividends), $m
  -29
  103
  108
  111
  115
  119
  123
  128
  132
  137
  142
  137
  143
  148
  154
  161
  167
  174
  181
  189
  197
  205
  214
  223
  233
  243
  253
  264
  276
  288
  301
Retained Cash Flow (-), $m
  -48
  -34
  -34
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -63
  -66
  -69
  -73
  -76
  -80
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -116
Prev. year cash balance distribution, $m
 
  8
  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
 
  78
  73
  76
  78
  81
  83
  86
  89
  92
  95
  88
  92
  95
  99
  103
  106
  111
  115
  119
  124
  129
  134
  140
  145
  151
  158
  164
  171
  178
  186
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
 
  75
  67
  66
  64
  62
  60
  58
  55
  53
  50
  42
  39
  36
  33
  30
  27
  24
  21
  18
  16
  13
  11
  9
  7
  6
  5
  4
  3
  2
  1
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

Vonage Holdings Corp. is a provider of cloud communications services for businesses and consumers, and consumer and communication solutions across multiple devices. The Company operates through two segments: Business and Consumer. For business services customers, the Company provides cloud-based unified communications as a service (UCaaS) solutions, consisting of integrated voice, text, video, data, collaboration, and mobile applications over its scalable session initiation protocol (SIP) based voice over Internet protocol (VoIP) network. It serves a range of the business market, including the small and medium business (SMB), mid-market and enterprise segments. Through its cloud-based middleware solution, gUnify, the Company provides customers the ability to integrate its cloud communications platform with various cloud-based productivity and customer relationship management (CRM) solutions, including Google's G Suite, Zendesk, Salesforce's Sales Cloud, Oracle and Clio.

FINANCIAL RATIOS  of  Vonage Holdings (VG)

Valuation Ratios
P/E Ratio 123.5
Price to Sales 2.3
Price to Book 5.1
Price to Tangible Book
Price to Cash Flow 25.6
Price to Free Cash Flow 45.4
Growth Rates
Sales Growth Rate 6.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.8%
Cap. Spend. - 3 Yr. Gr. Rate 11.6%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 20.8%
Total Debt to Equity 25.9%
Interest Coverage 4
Management Effectiveness
Return On Assets 2.9%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital 3.5%
Ret/ On T. Cap. - 3 Yr. Avg. 4.4%
Return On Equity 4.4%
Return On Equity - 3 Yr. Avg. 5.5%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 62.8%
Gross Margin - 3 Yr. Avg. 66.3%
EBITDA Margin 12.1%
EBITDA Margin - 3 Yr. Avg. 12.4%
Operating Margin 4.7%
Oper. Margin - 3 Yr. Avg. 5.8%
Pre-Tax Margin 3.2%
Pre-Tax Margin - 3 Yr. Avg. 4.6%
Net Profit Margin 1.9%
Net Profit Margin - 3 Yr. Avg. 2.3%
Effective Tax Rate 41.9%
Eff/ Tax Rate - 3 Yr. Avg. 41.7%
Payout Ratio 0%

VG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VG stock intrinsic value calculation we used $956 million for the last fiscal year's total revenue generated by Vonage Holdings. The default revenue input number comes from 2016 income statement of Vonage Holdings. 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 VG stock valuation model: a) initial revenue growth rate of 7.7% 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 VG is calculated based on our internal credit rating of Vonage Holdings, 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 Vonage Holdings.
    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 VG stock the variable cost ratio is equal to 94%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for VG 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 11.3% for Vonage Holdings.

Corporate tax rate of 27% is the nominal tax rate for Vonage Holdings. 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 VG 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 VG are equal to 25.1%.

Life of production assets of 7.3 years is the average useful life of capital assets used in Vonage Holdings 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 VG is equal to -10.5%. 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 - $437 million for Vonage Holdings - 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 227.833 million for Vonage Holdings 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 Vonage Holdings at the current share price and the inputted number of shares is $2.3 billion.

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COMPANY NEWS

▶ Bandwidth Surges After Its First Public Report   [Dec-14-17 09:50AM  Investopedia]
▶ How Vonage Holdings, Inc. Stock Rose 25% in November   [Dec-07-17 04:35PM  Motley Fool]
▶ Vonage Receives Innovation Award for Nexmo Voice API   [Nov-30-17 08:30AM  PR Newswire]
▶ RingCentral (RNG) Catches Eye: Stock Jumps 8.9%   [Nov-10-17 08:41AM  Zacks]
▶ Vonage meets 3Q profit forecasts   [Nov-07-17 08:09AM  Associated Press]
▶ Vonage Launches SMS Automation Platform   [Nov-01-17 08:30AM  PR Newswire]
▶ The 3 Biggest Misconceptions About Twilio Inc.   [Oct-04-17 10:12AM  Motley Fool]
▶ Vonage Names Bob Crissman Channel Chief   [Sep-19-17 08:00AM  PR Newswire]
▶ Vonage Granted 19 New Patents   [Sep-06-17 08:30AM  PR Newswire]
▶ Why Vonage Holdings Corp. Shares Rose 26% in August   [Sep-04-17 01:28PM  Motley Fool]
▶ Better Buy: Twilio Inc vs. Vonage Holdings   [Sep-01-17 12:00PM  Motley Fool]
▶ Why Shares of Vonage Holdings Popped Today   [Aug-03-17 01:34PM  Motley Fool]
▶ Vonage meets 2Q profit forecasts   [09:56AM  Associated Press]
▶ Vonage to Present at Upcoming Investor Conferences   [Jun-05-17 11:22AM  PR Newswire]
▶ Story Stocks from Briefing.com   [01:38PM  Briefing.com]
▶ Vonage meets 1Q profit forecasts   [08:43AM  Associated Press]
▶ Twilio's Uber Bomb: Why Investors Shouldn't Panic (Yet)   [May-06-17 12:00PM  Motley Fool]
▶ Vonage to Present at Upcoming Investor Conferences   [May-02-17 08:30AM  PR Newswire]
▶ Where Will Twilio Inc. Be in 10 Years?   [May-01-17 01:44PM  Motley Fool]
▶ Vonage Launches Nexmo API Extension for Zoho┬« CRM   [Mar-29-17 08:30AM  PR Newswire]
▶ Vonage Integrates with Zoho PhoneBridge   [12:15PM  PR Newswire]
Financial statements of VG
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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