Intrinsic value of Vonage Holdings - VG

Previous Close

$8.03

  Intrinsic Value

$4.42

stock screener

  Rating & Target

sell

-45%

  Value-price divergence*

-3%

Previous close

$8.03

 
Intrinsic value

$4.42

 
Up/down potential

-45%

 
Rating

sell

 
Value-price divergence*

-3%

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

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 1.7

 

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
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
Revenue, $m
  956
  1,023
  1,092
  1,165
  1,240
  1,318
  1,400
  1,485
  1,573
  1,665
  1,761
  1,862
  1,967
  2,076
  2,190
  2,310
  2,435
  2,566
  2,703
  2,846
  2,996
  3,153
  3,317
  3,490
  3,670
  3,860
  4,058
  4,267
  4,485
  4,714
  4,954
Variable operating expenses, $m
 
  959
  1,022
  1,087
  1,155
  1,226
  1,299
  1,376
  1,455
  1,539
  1,625
  1,680
  1,775
  1,873
  1,976
  2,084
  2,197
  2,315
  2,439
  2,568
  2,703
  2,845
  2,993
  3,149
  3,312
  3,483
  3,662
  3,850
  4,047
  4,253
  4,470
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
  959
  1,022
  1,087
  1,155
  1,226
  1,299
  1,376
  1,455
  1,539
  1,625
  1,680
  1,775
  1,873
  1,976
  2,084
  2,197
  2,315
  2,439
  2,568
  2,703
  2,845
  2,993
  3,149
  3,312
  3,483
  3,662
  3,850
  4,047
  4,253
  4,470
Operating income, $m
  44
  64
  71
  78
  85
  93
  101
  109
  118
  127
  136
  182
  192
  203
  214
  226
  238
  251
  264
  278
  293
  308
  324
  341
  358
  377
  396
  417
  438
  460
  484
EBITDA, $m
  117
  126
  134
  143
  152
  162
  172
  182
  193
  204
  216
  229
  241
  255
  269
  284
  299
  315
  332
  349
  368
  387
  407
  428
  451
  474
  498
  524
  551
  579
  608
Interest expense (income), $m
  12
  10
  14
  18
  22
  26
  31
  35
  40
  45
  50
  56
  61
  67
  73
  80
  87
  94
  101
  109
  117
  125
  134
  143
  153
  163
  174
  185
  197
  209
  222
Earnings before tax, $m
  31
  54
  57
  60
  63
  66
  70
  74
  78
  82
  86
  126
  131
  136
  141
  146
  151
  157
  163
  169
  176
  183
  190
  198
  205
  214
  222
  232
  241
  251
  262
Tax expense, $m
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  34
  35
  37
  38
  39
  41
  42
  44
  46
  47
  49
  51
  53
  55
  58
  60
  63
  65
  68
  71
Net income, $m
  18
  39
  41
  44
  46
  49
  51
  54
  57
  60
  63
  92
  95
  99
  103
  106
  110
  115
  119
  124
  128
  133
  139
  144
  150
  156
  162
  169
  176
  183
  191

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
  970
  1,036
  1,104
  1,175
  1,250
  1,327
  1,407
  1,491
  1,578
  1,670
  1,765
  1,864
  1,968
  2,076
  2,189
  2,308
  2,432
  2,562
  2,697
  2,840
  2,988
  3,144
  3,308
  3,479
  3,659
  3,847
  4,044
  4,251
  4,468
  4,696
Adjusted assets (=assets-cash), $m
  906
  970
  1,036
  1,104
  1,175
  1,250
  1,327
  1,407
  1,491
  1,578
  1,670
  1,765
  1,864
  1,968
  2,076
  2,189
  2,308
  2,432
  2,562
  2,697
  2,840
  2,988
  3,144
  3,308
  3,479
  3,659
  3,847
  4,044
  4,251
  4,468
  4,696
Revenue / Adjusted assets
  1.055
  1.055
  1.054
  1.055
  1.055
  1.054
  1.055
  1.055
  1.055
  1.055
  1.054
  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
  257
  274
  292
  311
  331
  351
  373
  395
  418
  442
  467
  494
  521
  550
  580
  611
  644
  678
  714
  752
  791
  833
  876
  921
  969
  1,019
  1,071
  1,126
  1,183
  1,243
Working capital, $m
  -92
  -102
  -109
  -116
  -124
  -132
  -140
  -148
  -157
  -167
  -176
  -186
  -197
  -208
  -219
  -231
  -243
  -257
  -270
  -285
  -300
  -315
  -332
  -349
  -367
  -386
  -406
  -427
  -448
  -471
  -495
Total debt, $m
  113
  124
  159
  195
  232
  271
  312
  354
  398
  444
  492
  542
  594
  649
  706
  766
  828
  893
  961
  1,033
  1,108
  1,186
  1,268
  1,354
  1,444
  1,538
  1,637
  1,741
  1,850
  1,964
  2,084
Total liabilities, $m
  499
  510
  545
  581
  618
  657
  698
  740
  784
  830
  878
  928
  980
  1,035
  1,092
  1,152
  1,214
  1,279
  1,347
  1,419
  1,494
  1,572
  1,654
  1,740
  1,830
  1,924
  2,023
  2,127
  2,236
  2,350
  2,470
Total equity, $m
  437
  460
  491
  523
  557
  592
  629
  667
  707
  748
  791
  836
  884
  933
  984
  1,038
  1,094
  1,153
  1,214
  1,279
  1,346
  1,417
  1,490
  1,568
  1,649
  1,734
  1,823
  1,917
  2,015
  2,118
  2,226
Total liabilities and equity, $m
  936
  970
  1,036
  1,104
  1,175
  1,249
  1,327
  1,407
  1,491
  1,578
  1,669
  1,764
  1,864
  1,968
  2,076
  2,190
  2,308
  2,432
  2,561
  2,698
  2,840
  2,989
  3,144
  3,308
  3,479
  3,658
  3,846
  4,044
  4,251
  4,468
  4,696
Debt-to-equity ratio
  0.259
  0.270
  0.320
  0.370
  0.420
  0.460
  0.500
  0.530
  0.560
  0.590
  0.620
  0.650
  0.670
  0.700
  0.720
  0.740
  0.760
  0.770
  0.790
  0.810
  0.820
  0.840
  0.850
  0.860
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
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
  39
  41
  44
  46
  49
  51
  54
  57
  60
  63
  92
  95
  99
  103
  106
  110
  115
  119
  124
  128
  133
  139
  144
  150
  156
  162
  169
  176
  183
  191
Depreciation, amort., depletion, $m
  73
  62
  63
  65
  67
  69
  71
  73
  75
  78
  80
  47
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  88
  92
  97
  102
  107
  113
  118
  124
Funds from operations, $m
  50
  101
  105
  109
  113
  118
  122
  127
  132
  137
  143
  139
  145
  151
  158
  164
  172
  179
  187
  195
  204
  213
  222
  232
  242
  253
  264
  276
  289
  302
  315
Change in working capital, $m
  -37
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
Cash from operations, $m
  87
  108
  112
  116
  121
  125
  130
  136
  141
  147
  152
  149
  155
  162
  169
  176
  184
  192
  200
  209
  219
  228
  238
  249
  260
  272
  284
  297
  310
  325
  339
Maintenance CAPEX, $m
  0
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -88
  -92
  -97
  -102
  -107
  -113
  -118
New CAPEX, $m
  -38
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -48
  -50
  -52
  -55
  -57
  -60
Cash from investing activities, $m
  -191
  -41
  -43
  -45
  -48
  -51
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -76
  -81
  -85
  -89
  -94
  -98
  -104
  -109
  -114
  -120
  -126
  -133
  -140
  -147
  -154
  -162
  -170
  -178
Free cash flow, $m
  -104
  66
  69
  71
  73
  75
  77
  79
  82
  84
  87
  79
  82
  85
  88
  91
  95
  98
  102
  106
  109
  114
  118
  122
  127
  132
  137
  143
  149
  155
  161
Issuance/(repayment) of debt, $m
  100
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  55
  57
  60
  62
  65
  68
  71
  75
  78
  82
  86
  90
  94
  99
  104
  109
  114
  120
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
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  55
  57
  60
  62
  65
  68
  71
  75
  78
  82
  86
  90
  94
  99
  104
  109
  114
  120
Total cash flow (excl. dividends), $m
  -29
  99
  103
  107
  110
  114
  117
  121
  126
  130
  134
  130
  135
  140
  145
  151
  157
  163
  170
  177
  184
  192
  200
  208
  217
  227
  236
  247
  257
  269
  281
Retained Cash Flow (-), $m
  -48
  -31
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -71
  -74
  -77
  -81
  -85
  -89
  -94
  -98
  -103
  -108
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
 
  77
  72
  74
  76
  79
  81
  83
  86
  89
  91
  84
  87
  91
  94
  97
  101
  105
  108
  113
  117
  121
  126
  131
  136
  142
  147
  153
  159
  166
  173
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
 
  74
  66
  65
  63
  61
  59
  56
  54
  51
  48
  40
  37
  34
  32
  29
  26
  23
  20
  17
  15
  13
  10
  9
  7
  6
  4
  3
  2
  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. provides communications services connecting people through cloud-connected devices worldwide. It offers various business services, including basic dial tone, call queue, conferencing, call groups, mobile functionality, CRM integration, and detailed analytics, as well as Vonage Essential services. The company also provides home telephone replacement services through various service plans with basic features, such as voicemail, call waiting, call forwarding, simulring, visual voicemail, and extensions, as well as area code selection, virtual phone number, and Web-enabled voicemail. Its primary home telephone offering is Vonage World that offers unlimited domestic calling; calling to landline phones in approximately 60 countries; and calling to mobile phones in various countries. mobile services, including Vonage Mobile, a mobile application that provides free calling and messaging between users who have the application, as well as international calling to other phone; and Vonage-enabled devices, which allow customers to use the Internet connection for their computer and telephones at the same time. Further, it offers high-speed broadband Internet service that allows calls over the Internet either from a telephone through a Vonage-enabled device, or through soft phone software, or mobile client applications. The company sells its products through its sales agents, Websites, toll free numbers, and regional and national retailers for consumers and businesses in the United States, the United Kingdom, and Canada. As of December 31, 2015, it had approximately 2.5 million consumer subscriber lines and business seats. The company was incorporated in 2000 and is headquartered in Holmdel, New Jersey.

FINANCIAL RATIOS  of  Vonage Holdings (VG)

Valuation Ratios
P/E Ratio 97.7
Price to Sales 1.8
Price to Book 4
Price to Tangible Book
Price to Cash Flow 20.2
Price to Free Cash Flow 35.9
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% 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 10 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%. 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 210 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 $1.7 billion.

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COMPANY NEWS

▶ 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]
▶ Vonage Receives Record Number of New Patents in 2016   [Jan-24-17 08:30AM  PR Newswire]
▶ Why Vonage Holdings Corp. Gained 21.3% in 2016   [Jan-11-17 05:39PM  at Motley Fool]
Stock chart of VG 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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