Intrinsic value of Verint Systems - VRNT

Previous Close

$41.30

  Intrinsic Value

$51.65

stock screener

  Rating & Target

buy

+25%

Previous close

$41.30

 
Intrinsic value

$51.65

 
Up/down potential

+25%

 
Rating

buy

We calculate the intrinsic value of VRNT 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 2.6

 

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, %
  -6.02
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
Revenue, $m
  1,062
  1,115
  1,171
  1,229
  1,291
  1,355
  1,423
  1,494
  1,569
  1,648
  1,730
  1,816
  1,907
  2,003
  2,103
  2,208
  2,318
  2,434
  2,556
  2,684
  2,818
  2,959
  3,107
  3,262
  3,425
  3,596
  3,776
  3,965
  4,163
  4,371
  4,590
Variable operating expenses, $m
 
  272
  280
  287
  295
  304
  313
  322
  332
  342
  353
  238
  250
  262
  275
  289
  303
  319
  335
  351
  369
  387
  407
  427
  448
  471
  494
  519
  545
  572
  601
Fixed operating expenses, $m
 
  820
  841
  862
  883
  905
  928
  951
  975
  999
  1,024
  1,050
  1,076
  1,103
  1,130
  1,159
  1,188
  1,217
  1,248
  1,279
  1,311
  1,344
  1,377
  1,412
  1,447
  1,483
  1,520
  1,558
  1,597
  1,637
  1,678
Total operating expenses, $m
  1,045
  1,092
  1,121
  1,149
  1,178
  1,209
  1,241
  1,273
  1,307
  1,341
  1,377
  1,288
  1,326
  1,365
  1,405
  1,448
  1,491
  1,536
  1,583
  1,630
  1,680
  1,731
  1,784
  1,839
  1,895
  1,954
  2,014
  2,077
  2,142
  2,209
  2,279
Operating income, $m
  17
  23
  51
  80
  112
  146
  183
  221
  262
  306
  353
  529
  582
  638
  697
  760
  827
  898
  974
  1,053
  1,138
  1,228
  1,323
  1,423
  1,530
  1,642
  1,762
  1,888
  2,021
  2,162
  2,311
EBITDA, $m
  131
  174
  203
  234
  268
  303
  341
  381
  424
  470
  518
  570
  624
  682
  744
  810
  879
  953
  1,031
  1,113
  1,201
  1,294
  1,392
  1,496
  1,606
  1,723
  1,846
  1,976
  2,114
  2,260
  2,414
Interest expense (income), $m
  22
  26
  28
  31
  33
  36
  39
  42
  45
  49
  52
  56
  60
  64
  68
  72
  77
  82
  87
  92
  98
  104
  110
  117
  124
  131
  139
  147
  155
  164
  173
Earnings before tax, $m
  -23
  -3
  22
  50
  79
  110
  144
  179
  217
  258
  301
  473
  522
  574
  629
  688
  750
  816
  887
  961
  1,040
  1,124
  1,212
  1,306
  1,406
  1,511
  1,623
  1,741
  1,866
  1,998
  2,138
Tax expense, $m
  3
  0
  6
  13
  21
  30
  39
  48
  59
  70
  81
  128
  141
  155
  170
  186
  203
  220
  239
  259
  281
  303
  327
  353
  380
  408
  438
  470
  504
  540
  577
Net income, $m
  -29
  -3
  16
  36
  58
  80
  105
  131
  159
  188
  220
  346
  381
  419
  459
  502
  548
  596
  647
  702
  759
  820
  885
  954
  1,026
  1,103
  1,185
  1,271
  1,362
  1,459
  1,561

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  311
  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
  2,363
  2,153
  2,260
  2,373
  2,492
  2,617
  2,747
  2,885
  3,029
  3,181
  3,340
  3,507
  3,682
  3,866
  4,059
  4,262
  4,475
  4,699
  4,934
  5,181
  5,440
  5,712
  5,997
  6,297
  6,612
  6,943
  7,290
  7,654
  8,037
  8,439
  8,861
Adjusted assets (=assets-cash), $m
  2,052
  2,153
  2,260
  2,373
  2,492
  2,617
  2,747
  2,885
  3,029
  3,181
  3,340
  3,507
  3,682
  3,866
  4,059
  4,262
  4,475
  4,699
  4,934
  5,181
  5,440
  5,712
  5,997
  6,297
  6,612
  6,943
  7,290
  7,654
  8,037
  8,439
  8,861
Revenue / Adjusted assets
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
Average production assets, $m
  326
  341
  358
  376
  395
  415
  435
  457
  480
  504
  529
  556
  584
  613
  643
  676
  709
  745
  782
  821
  862
  905
  951
  998
  1,048
  1,100
  1,155
  1,213
  1,274
  1,338
  1,405
Working capital, $m
  210
  -100
  -105
  -111
  -116
  -122
  -128
  -134
  -141
  -148
  -156
  -163
  -172
  -180
  -189
  -199
  -209
  -219
  -230
  -242
  -254
  -266
  -280
  -294
  -308
  -324
  -340
  -357
  -375
  -393
  -413
Total debt, $m
  749
  809
  880
  955
  1,033
  1,115
  1,201
  1,291
  1,386
  1,486
  1,590
  1,700
  1,816
  1,937
  2,064
  2,198
  2,338
  2,485
  2,640
  2,802
  2,972
  3,151
  3,339
  3,537
  3,744
  3,961
  4,190
  4,430
  4,681
  4,946
  5,223
Total liabilities, $m
  1,356
  1,416
  1,487
  1,562
  1,640
  1,722
  1,808
  1,898
  1,993
  2,093
  2,197
  2,307
  2,423
  2,544
  2,671
  2,805
  2,945
  3,092
  3,247
  3,409
  3,579
  3,758
  3,946
  4,144
  4,351
  4,568
  4,797
  5,037
  5,288
  5,553
  5,830
Total equity, $m
  1,007
  736
  773
  812
  852
  895
  940
  987
  1,036
  1,088
  1,142
  1,199
  1,259
  1,322
  1,388
  1,458
  1,531
  1,607
  1,687
  1,772
  1,860
  1,953
  2,051
  2,154
  2,261
  2,374
  2,493
  2,618
  2,749
  2,886
  3,030
Total liabilities and equity, $m
  2,363
  2,152
  2,260
  2,374
  2,492
  2,617
  2,748
  2,885
  3,029
  3,181
  3,339
  3,506
  3,682
  3,866
  4,059
  4,263
  4,476
  4,699
  4,934
  5,181
  5,439
  5,711
  5,997
  6,298
  6,612
  6,942
  7,290
  7,655
  8,037
  8,439
  8,860
Debt-to-equity ratio
  0.744
  1.100
  1.140
  1.180
  1.210
  1.250
  1.280
  1.310
  1.340
  1.370
  1.390
  1.420
  1.440
  1.460
  1.490
  1.510
  1.530
  1.550
  1.560
  1.580
  1.600
  1.610
  1.630
  1.640
  1.660
  1.670
  1.680
  1.690
  1.700
  1.710
  1.720
Adjusted equity ratio
  0.339
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -29
  -3
  16
  36
  58
  80
  105
  131
  159
  188
  220
  346
  381
  419
  459
  502
  548
  596
  647
  702
  759
  820
  885
  954
  1,026
  1,103
  1,185
  1,271
  1,362
  1,459
  1,561
Depreciation, amort., depletion, $m
  114
  151
  153
  154
  155
  157
  158
  160
  162
  163
  165
  41
  43
  45
  47
  49
  52
  54
  57
  60
  63
  66
  69
  73
  77
  80
  84
  89
  93
  98
  103
Funds from operations, $m
  187
  148
  169
  190
  213
  237
  263
  291
  320
  351
  385
  386
  424
  464
  506
  552
  599
  650
  704
  762
  822
  886
  954
  1,027
  1,103
  1,184
  1,269
  1,360
  1,455
  1,556
  1,663
Change in working capital, $m
  15
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
Cash from operations, $m
  172
  153
  174
  195
  218
  243
  269
  297
  327
  359
  392
  394
  432
  472
  515
  561
  609
  661
  715
  773
  834
  899
  968
  1,041
  1,118
  1,199
  1,285
  1,377
  1,473
  1,575
  1,683
Maintenance CAPEX, $m
  0
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -73
  -77
  -80
  -84
  -89
  -93
  -98
New CAPEX, $m
  -30
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -52
  -55
  -58
  -61
  -64
  -67
Cash from investing activities, $m
  -156
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -96
  -101
  -106
  -111
  -117
  -123
  -129
  -135
  -142
  -150
  -157
  -165
Free cash flow, $m
  16
  113
  132
  151
  172
  194
  218
  244
  271
  299
  330
  329
  364
  401
  440
  482
  526
  574
  624
  677
  733
  793
  856
  924
  995
  1,070
  1,150
  1,234
  1,324
  1,418
  1,518
Issuance/(repayment) of debt, $m
  -3
  65
  71
  74
  78
  82
  86
  90
  95
  100
  105
  110
  115
  121
  127
  134
  140
  147
  155
  162
  170
  179
  188
  197
  207
  218
  228
  240
  252
  264
  278
Issuance/(repurchase) of shares, $m
  -47
  39
  21
  2
  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  
  -57
  104
  92
  76
  78
  82
  86
  90
  95
  100
  105
  110
  115
  121
  127
  134
  140
  147
  155
  162
  170
  179
  188
  197
  207
  218
  228
  240
  252
  264
  278
Total cash flow (excl. dividends), $m
  -45
  217
  223
  228
  250
  276
  304
  334
  366
  399
  435
  439
  479
  522
  567
  615
  667
  721
  778
  839
  904
  972
  1,044
  1,121
  1,202
  1,288
  1,378
  1,474
  1,576
  1,683
  1,796
Retained Cash Flow (-), $m
  53
  -39
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -73
  -77
  -80
  -84
  -89
  -93
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -137
  -144
Prev. year cash balance distribution, $m
 
  306
  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
 
  485
  187
  190
  210
  234
  260
  287
  316
  347
  380
  382
  419
  459
  501
  546
  594
  644
  698
  755
  815
  879
  947
  1,018
  1,094
  1,175
  1,260
  1,350
  1,445
  1,545
  1,652
Discount rate, %
 
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
 
  460
  167
  160
  165
  171
  175
  178
  178
  176
  173
  153
  148
  141
  132
  122
  111
  100
  89
  77
  66
  55
  46
  37
  29
  23
  17
  13
  9
  6
  4
Current shareholders' claim on cash, %
  100
  97.9
  96.9
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8

Verint Systems Inc. offers Actionable Intelligence solutions. The Company delivers its Actionable Intelligence solutions through two operating segments: Customer Engagement Solutions and Cyber Intelligence Solutions. It is a provider of customer engagement software and services that can be deployed on-premises or in the cloud. Its Customer Engagement vision is powered by its Actionable Intelligence platform to generate intelligence from structured and unstructured data. It offers solutions that help organizations empower their customers and employees through intelligence that can be shared enterprise-wide. It is a provider of security and intelligence data mining software. Its solutions are used for a range of applications, including predictive intelligence, advanced and complex investigations, security threat analysis, and electronic data and physical assets protection, as well as for generating legal evidence and preventing criminal activity and terrorism.

FINANCIAL RATIOS  of  Verint Systems (VRNT)

Valuation Ratios
P/E Ratio -88.9
Price to Sales 2.4
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 15
Price to Free Cash Flow 18.2
Growth Rates
Sales Growth Rate -6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 6.4%
Financial Strength
Quick Ratio 62
Current Ratio 0
LT Debt to Equity 73.9%
Total Debt to Equity 74.4%
Interest Coverage 0
Management Effectiveness
Return On Assets -0.2%
Ret/ On Assets - 3 Yr. Avg. 1.8%
Return On Total Capital -1.6%
Ret/ On T. Cap. - 3 Yr. Avg. 0.5%
Return On Equity -2.8%
Return On Equity - 3 Yr. Avg. 0.9%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 60.2%
Gross Margin - 3 Yr. Avg. 61.8%
EBITDA Margin 10.6%
EBITDA Margin - 3 Yr. Avg. 12.4%
Operating Margin 1.6%
Oper. Margin - 3 Yr. Avg. 4.5%
Pre-Tax Margin -2.2%
Pre-Tax Margin - 3 Yr. Avg. 0.6%
Net Profit Margin -2.7%
Net Profit Margin - 3 Yr. Avg. 0.5%
Effective Tax Rate -13%
Eff/ Tax Rate - 3 Yr. Avg. -26.7%
Payout Ratio 0%

VRNT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VRNT stock intrinsic value calculation we used $1062 million for the last fiscal year's total revenue generated by Verint Systems. The default revenue input number comes from 2017 income statement of Verint Systems. 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 VRNT stock valuation model: a) initial revenue growth rate of 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 5.3%, whose default value for VRNT is calculated based on our internal credit rating of Verint Systems, 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 Verint Systems.
    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 VRNT stock the variable cost ratio is equal to 25%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $800 million in the base year in the intrinsic value calculation for VRNT 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 Verint Systems.

Corporate tax rate of 27% is the nominal tax rate for Verint Systems. 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 VRNT 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 VRNT are equal to 30.6%.

Life of production assets of 13.7 years is the average useful life of capital assets used in Verint Systems 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 VRNT is equal to -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 - $1007 million for Verint Systems - 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 63.657 million for Verint Systems 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 Verint Systems at the current share price and the inputted number of shares is $2.6 billion.

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COMPANY NEWS

▶ Verint tops Street 3Q forecasts   [Dec-06-17 04:27PM  Associated Press]
▶ Verint Reports Third Quarter Results   [04:05PM  Business Wire]
▶ The Hottest Tech Sector In 2018   [Dec-04-17 07:30PM  Oilprice.com]
▶ Verint Systems Getting Closer To Key Technical Benchmark   [03:00AM  Investor's Business Daily]
▶ 4 Ultra-Cheap PEG Stocks for Value Investors   [Oct-04-17 09:00AM  Zacks]
▶ Verint Bounces Back   [07:00AM  Morningstar]
▶ Verint reports 2Q loss   [Sep-06-17 11:57PM  Associated Press]
▶ Verint Reports Second Quarter Results   [04:05PM  Business Wire]
▶ Verint Systems Inc. (VRNT) Stock Can Secure Your Portfolio   [Aug-11-17 10:03AM  InvestorPlace]
▶ Why Is the Software Market So Hot Right Now?   [Jul-14-17 01:45PM  Zacks]
▶ Verint Presents Awards at Annual EMEA Partner Summit   [Jun-28-17 08:30AM  Business Wire]
▶ Company News for June 09, 2017   [10:23AM  Zacks]
▶ After-hours buzz: GEF, MYL & more   [Jun-07-17 05:37PM  CNBC]
▶ Verint reports 1Q loss   [04:32PM  Associated Press]
Financial statements of VRNT
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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