Intrinsic value of Verint Systems - VRNT

Previous Close

$42.85

  Intrinsic Value

$64.67

stock screener

  Rating & Target

str. buy

+51%

  Value-price divergence*

+2%

Previous close

$42.85

 
Intrinsic value

$64.67

 
Up/down potential

+51%

 
Rating

str. buy

 
Value-price divergence*

+2%

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

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 2.7

 

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
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
Revenue, $m
  1,062
  1,131
  1,203
  1,278
  1,355
  1,437
  1,521
  1,609
  1,701
  1,797
  1,898
  2,002
  2,112
  2,227
  2,346
  2,472
  2,603
  2,740
  2,884
  3,035
  3,193
  3,358
  3,532
  3,714
  3,904
  4,104
  4,314
  4,534
  4,764
  5,006
  5,260
Variable operating expenses, $m
 
  275
  284
  294
  304
  315
  326
  337
  349
  362
  375
  262
  276
  291
  307
  324
  341
  359
  378
  397
  418
  440
  462
  486
  511
  537
  565
  593
  624
  655
  688
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
  1,095
  1,125
  1,156
  1,187
  1,220
  1,254
  1,288
  1,324
  1,361
  1,399
  1,312
  1,352
  1,394
  1,437
  1,483
  1,529
  1,576
  1,626
  1,676
  1,729
  1,784
  1,839
  1,898
  1,958
  2,020
  2,085
  2,151
  2,221
  2,292
  2,366
Operating income, $m
  17
  36
  78
  122
  168
  217
  268
  321
  377
  437
  499
  691
  760
  832
  909
  990
  1,075
  1,164
  1,259
  1,359
  1,464
  1,575
  1,692
  1,816
  1,946
  2,084
  2,229
  2,382
  2,543
  2,714
  2,893
EBITDA, $m
  131
  188
  232
  277
  325
  376
  428
  484
  542
  603
  668
  735
  807
  882
  961
  1,045
  1,133
  1,226
  1,323
  1,427
  1,535
  1,650
  1,771
  1,899
  2,033
  2,175
  2,325
  2,483
  2,650
  2,826
  3,011
Interest expense (income), $m
  22
  26
  29
  32
  36
  39
  43
  46
  50
  54
  59
  63
  68
  73
  78
  83
  89
  94
  101
  107
  114
  121
  128
  136
  144
  152
  161
  171
  180
  191
  201
Earnings before tax, $m
  -23
  10
  49
  90
  133
  178
  225
  275
  327
  382
  440
  628
  692
  760
  831
  907
  986
  1,070
  1,158
  1,252
  1,350
  1,454
  1,564
  1,680
  1,802
  1,931
  2,068
  2,211
  2,363
  2,523
  2,692
Tax expense, $m
  3
  3
  13
  24
  36
  48
  61
  74
  88
  103
  119
  169
  187
  205
  224
  245
  266
  289
  313
  338
  365
  393
  422
  454
  487
  521
  558
  597
  638
  681
  727
Net income, $m
  -29
  8
  36
  66
  97
  130
  164
  201
  239
  279
  321
  458
  505
  555
  607
  662
  720
  781
  846
  914
  986
  1,062
  1,142
  1,226
  1,316
  1,410
  1,509
  1,614
  1,725
  1,842
  1,965

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
  2,183
  2,322
  2,466
  2,617
  2,773
  2,937
  3,107
  3,284
  3,470
  3,663
  3,866
  4,077
  4,298
  4,530
  4,772
  5,025
  5,290
  5,568
  5,859
  6,164
  6,483
  6,818
  7,169
  7,537
  7,923
  8,328
  8,752
  9,197
  9,664
  10,154
Adjusted assets (=assets-cash), $m
  2,052
  2,183
  2,322
  2,466
  2,617
  2,773
  2,937
  3,107
  3,284
  3,470
  3,663
  3,866
  4,077
  4,298
  4,530
  4,772
  5,025
  5,290
  5,568
  5,859
  6,164
  6,483
  6,818
  7,169
  7,537
  7,923
  8,328
  8,752
  9,197
  9,664
  10,154
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
  346
  368
  391
  415
  440
  465
  492
  521
  550
  581
  613
  646
  681
  718
  756
  797
  839
  883
  929
  977
  1,028
  1,081
  1,136
  1,195
  1,256
  1,320
  1,387
  1,458
  1,532
  1,610
Working capital, $m
  210
  -102
  -108
  -115
  -122
  -129
  -137
  -145
  -153
  -162
  -171
  -180
  -190
  -200
  -211
  -222
  -234
  -247
  -260
  -273
  -287
  -302
  -318
  -334
  -351
  -369
  -388
  -408
  -429
  -451
  -473
Total debt, $m
  749
  830
  921
  1,016
  1,115
  1,218
  1,325
  1,437
  1,554
  1,676
  1,804
  1,937
  2,076
  2,221
  2,374
  2,533
  2,700
  2,874
  3,057
  3,248
  3,449
  3,659
  3,879
  4,110
  4,352
  4,606
  4,873
  5,152
  5,445
  5,752
  6,075
Total liabilities, $m
  1,356
  1,437
  1,528
  1,623
  1,722
  1,825
  1,932
  2,044
  2,161
  2,283
  2,411
  2,544
  2,683
  2,828
  2,981
  3,140
  3,307
  3,481
  3,664
  3,855
  4,056
  4,266
  4,486
  4,717
  4,959
  5,213
  5,480
  5,759
  6,052
  6,359
  6,682
Total equity, $m
  1,007
  747
  794
  844
  895
  948
  1,004
  1,063
  1,123
  1,187
  1,253
  1,322
  1,394
  1,470
  1,549
  1,632
  1,719
  1,809
  1,904
  2,004
  2,108
  2,217
  2,332
  2,452
  2,578
  2,710
  2,848
  2,993
  3,145
  3,305
  3,473
Total liabilities and equity, $m
  2,363
  2,184
  2,322
  2,467
  2,617
  2,773
  2,936
  3,107
  3,284
  3,470
  3,664
  3,866
  4,077
  4,298
  4,530
  4,772
  5,026
  5,290
  5,568
  5,859
  6,164
  6,483
  6,818
  7,169
  7,537
  7,923
  8,328
  8,752
  9,197
  9,664
  10,155
Debt-to-equity ratio
  0.744
  1.110
  1.160
  1.200
  1.250
  1.280
  1.320
  1.350
  1.380
  1.410
  1.440
  1.460
  1.490
  1.510
  1.530
  1.550
  1.570
  1.590
  1.610
  1.620
  1.640
  1.650
  1.660
  1.680
  1.690
  1.700
  1.710
  1.720
  1.730
  1.740
  1.750
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
  8
  36
  66
  97
  130
  164
  201
  239
  279
  321
  458
  505
  555
  607
  662
  720
  781
  846
  914
  986
  1,062
  1,142
  1,226
  1,316
  1,410
  1,509
  1,614
  1,725
  1,842
  1,965
Depreciation, amort., depletion, $m
  114
  152
  153
  155
  157
  159
  160
  162
  165
  167
  169
  45
  47
  50
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  92
  96
  101
  106
  112
  117
Funds from operations, $m
  187
  159
  189
  221
  254
  288
  325
  363
  403
  446
  490
  503
  552
  604
  659
  717
  778
  842
  910
  982
  1,057
  1,137
  1,221
  1,309
  1,403
  1,502
  1,606
  1,716
  1,831
  1,954
  2,083
Change in working capital, $m
  15
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
Cash from operations, $m
  172
  166
  196
  228
  261
  296
  332
  371
  412
  454
  499
  512
  562
  615
  670
  728
  790
  855
  923
  995
  1,071
  1,152
  1,236
  1,326
  1,420
  1,520
  1,625
  1,735
  1,852
  1,976
  2,106
Maintenance CAPEX, $m
  0
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -106
  -112
New CAPEX, $m
  -30
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -71
  -74
  -78
Cash from investing activities, $m
  -156
  -45
  -47
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -79
  -82
  -87
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -128
  -135
  -141
  -148
  -156
  -163
  -172
  -180
  -190
Free cash flow, $m
  16
  121
  149
  178
  208
  241
  274
  310
  347
  387
  428
  438
  484
  532
  584
  638
  694
  754
  818
  885
  955
  1,030
  1,108
  1,191
  1,279
  1,371
  1,469
  1,572
  1,680
  1,795
  1,916
Issuance/(repayment) of debt, $m
  -3
  86
  91
  95
  99
  103
  107
  112
  117
  122
  127
  133
  139
  146
  152
  159
  167
  175
  183
  191
  201
  210
  220
  231
  242
  254
  266
  279
  293
  307
  322
Issuance/(repurchase) of shares, $m
  -47
  38
  11
  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  
  -57
  124
  102
  95
  99
  103
  107
  112
  117
  122
  127
  133
  139
  146
  152
  159
  167
  175
  183
  191
  201
  210
  220
  231
  242
  254
  266
  279
  293
  307
  322
Total cash flow (excl. dividends), $m
  -45
  245
  251
  273
  307
  344
  382
  422
  464
  509
  556
  571
  623
  678
  736
  797
  861
  929
  1,001
  1,076
  1,156
  1,240
  1,329
  1,422
  1,521
  1,625
  1,735
  1,851
  1,973
  2,102
  2,239
Retained Cash Flow (-), $m
  53
  -46
  -47
  -49
  -51
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -104
  -109
  -115
  -120
  -126
  -132
  -138
  -145
  -152
  -160
  -168
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
 
  505
  204
  223
  256
  290
  326
  364
  404
  445
  490
  502
  551
  602
  657
  714
  774
  838
  906
  977
  1,052
  1,131
  1,214
  1,302
  1,395
  1,493
  1,597
  1,706
  1,821
  1,943
  2,071
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
 
  480
  183
  188
  202
  212
  220
  225
  227
  226
  222
  202
  194
  185
  173
  160
  145
  130
  115
  100
  85
  71
  59
  47
  37
  29
  22
  16
  12
  8
  6
Current shareholders' claim on cash, %
  100
  98.0
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5

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 -92.2
Price to Sales 2.5
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 15.6
Price to Free Cash Flow 18.8
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 6.5% 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 63.212 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 $2.7 billion.

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COMPANY NEWS

▶ 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]
▶ Verint Reports First Quarter Results   [04:10PM  Business Wire]
▶ Verint Welcomes 2017 Customer Advisory Board   [May-02-17 08:30AM  Business Wire]
▶ Why Verint Systems Inc. Stock Jumped 14.9% in March   [Apr-12-17 09:00AM  Motley Fool]
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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