Intrinsic value of VeriSign - VRSN

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$88.92

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$88.92

 
Intrinsic value

$47.97

 
Up/down potential

-46%

 
Rating

sell

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

We calculate the intrinsic value of VRSN 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 9.1

 

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, %
  7.84
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
Revenue, $m
  1,142
  1,197
  1,255
  1,315
  1,379
  1,446
  1,517
  1,591
  1,669
  1,751
  1,837
  1,928
  2,023
  2,123
  2,228
  2,338
  2,454
  2,576
  2,704
  2,839
  2,980
  3,128
  3,284
  3,447
  3,619
  3,799
  3,989
  4,188
  4,397
  4,616
  4,846
Variable operating expenses, $m
 
  103
  107
  112
  117
  123
  129
  135
  141
  148
  155
  157
  165
  173
  181
  190
  200
  210
  220
  231
  242
  254
  267
  280
  294
  309
  325
  341
  358
  376
  394
Fixed operating expenses, $m
 
  380
  390
  400
  410
  420
  430
  441
  452
  463
  475
  487
  499
  511
  524
  537
  551
  565
  579
  593
  608
  623
  639
  655
  671
  688
  705
  723
  741
  759
  778
Total operating expenses, $m
  456
  483
  497
  512
  527
  543
  559
  576
  593
  611
  630
  644
  664
  684
  705
  727
  751
  775
  799
  824
  850
  877
  906
  935
  965
  997
  1,030
  1,064
  1,099
  1,135
  1,172
Operating income, $m
  687
  714
  757
  803
  852
  903
  958
  1,015
  1,076
  1,140
  1,208
  1,284
  1,359
  1,439
  1,523
  1,611
  1,704
  1,802
  1,906
  2,015
  2,129
  2,250
  2,378
  2,512
  2,654
  2,802
  2,959
  3,124
  3,298
  3,481
  3,674
EBITDA, $m
  745
  770
  816
  864
  916
  970
  1,027
  1,088
  1,152
  1,220
  1,291
  1,366
  1,445
  1,529
  1,617
  1,710
  1,808
  1,911
  2,020
  2,135
  2,256
  2,383
  2,517
  2,658
  2,807
  2,964
  3,128
  3,302
  3,485
  3,677
  3,879
Interest expense (income), $m
  116
  77
  -72
  -71
  -69
  -67
  -66
  -64
  -62
  -60
  -58
  -55
  -53
  -50
  -48
  -45
  -42
  -39
  -36
  -33
  -29
  -25
  -21
  -17
  -13
  -9
  -4
  1
  6
  12
  18
Earnings before tax, $m
  581
  637
  829
  874
  921
  971
  1,023
  1,079
  1,138
  1,200
  1,265
  1,339
  1,412
  1,489
  1,570
  1,656
  1,746
  1,841
  1,941
  2,047
  2,158
  2,276
  2,399
  2,529
  2,667
  2,811
  2,963
  3,123
  3,292
  3,469
  3,656
Tax expense, $m
  140
  172
  224
  236
  249
  262
  276
  291
  307
  324
  342
  362
  381
  402
  424
  447
  471
  497
  524
  553
  583
  614
  648
  683
  720
  759
  800
  843
  889
  937
  987
Net income, $m
  441
  465
  605
  638
  672
  709
  747
  788
  830
  876
  924
  978
  1,031
  1,087
  1,146
  1,209
  1,275
  1,344
  1,417
  1,494
  1,576
  1,661
  1,751
  1,847
  1,947
  2,052
  2,163
  2,280
  2,403
  2,533
  2,669

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,798
  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
  2,335
  563
  590
  618
  648
  680
  713
  748
  785
  823
  864
  906
  951
  998
  1,048
  1,099
  1,154
  1,211
  1,271
  1,335
  1,401
  1,471
  1,544
  1,621
  1,701
  1,786
  1,875
  1,969
  2,067
  2,170
  2,279
Adjusted assets (=assets-cash), $m
  537
  563
  590
  618
  648
  680
  713
  748
  785
  823
  864
  906
  951
  998
  1,048
  1,099
  1,154
  1,211
  1,271
  1,335
  1,401
  1,471
  1,544
  1,621
  1,701
  1,786
  1,875
  1,969
  2,067
  2,170
  2,279
Revenue / Adjusted assets
  2.127
  2.126
  2.127
  2.128
  2.128
  2.126
  2.128
  2.127
  2.126
  2.128
  2.126
  2.128
  2.127
  2.127
  2.126
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.126
  2.127
  2.126
  2.128
  2.127
  2.127
  2.127
  2.127
  2.127
  2.126
Average production assets, $m
  281
  294
  309
  324
  339
  356
  373
  391
  411
  431
  452
  474
  498
  522
  548
  575
  604
  634
  665
  698
  733
  769
  808
  848
  890
  935
  981
  1,030
  1,082
  1,136
  1,192
Working capital, $m
  320
  -889
  -932
  -977
  -1,025
  -1,075
  -1,127
  -1,182
  -1,240
  -1,301
  -1,365
  -1,432
  -1,503
  -1,577
  -1,655
  -1,737
  -1,824
  -1,914
  -2,009
  -2,109
  -2,214
  -2,324
  -2,440
  -2,561
  -2,689
  -2,823
  -2,964
  -3,112
  -3,267
  -3,430
  -3,601
Total debt, $m
  1,867
  -1,163
  -1,138
  -1,112
  -1,085
  -1,057
  -1,027
  -996
  -963
  -928
  -892
  -853
  -813
  -771
  -726
  -680
  -630
  -579
  -525
  -468
  -408
  -345
  -280
  -210
  -138
  -61
  19
  103
  191
  284
  382
Total liabilities, $m
  3,535
  506
  531
  557
  584
  612
  642
  673
  706
  741
  777
  816
  856
  898
  943
  989
  1,039
  1,090
  1,144
  1,201
  1,261
  1,324
  1,389
  1,459
  1,531
  1,608
  1,688
  1,772
  1,860
  1,953
  2,051
Total equity, $m
  -1,201
  56
  59
  62
  65
  68
  71
  75
  78
  82
  86
  91
  95
  100
  105
  110
  115
  121
  127
  133
  140
  147
  154
  162
  170
  179
  188
  197
  207
  217
  228
Total liabilities and equity, $m
  2,334
  562
  590
  619
  649
  680
  713
  748
  784
  823
  863
  907
  951
  998
  1,048
  1,099
  1,154
  1,211
  1,271
  1,334
  1,401
  1,471
  1,543
  1,621
  1,701
  1,787
  1,876
  1,969
  2,067
  2,170
  2,279
Debt-to-equity ratio
  -1.555
  -20.660
  -19.300
  -17.990
  -16.740
  -15.550
  -14.400
  -13.310
  -12.270
  -11.270
  -10.320
  -9.410
  -8.550
  -7.720
  -6.930
  -6.180
  -5.460
  -4.780
  -4.130
  -3.510
  -2.910
  -2.350
  -1.810
  -1.300
  -0.810
  -0.340
  0.100
  0.520
  0.930
  1.310
  1.680
Adjusted equity ratio
  -5.585
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  441
  465
  605
  638
  672
  709
  747
  788
  830
  876
  924
  978
  1,031
  1,087
  1,146
  1,209
  1,275
  1,344
  1,417
  1,494
  1,576
  1,661
  1,751
  1,847
  1,947
  2,052
  2,163
  2,280
  2,403
  2,533
  2,669
Depreciation, amort., depletion, $m
  58
  56
  59
  61
  64
  67
  70
  73
  76
  80
  83
  82
  86
  90
  95
  99
  104
  109
  115
  120
  126
  133
  139
  146
  153
  161
  169
  178
  186
  196
  206
Funds from operations, $m
  731
  521
  664
  699
  736
  775
  817
  860
  907
  955
  1,007
  1,060
  1,117
  1,177
  1,241
  1,308
  1,379
  1,453
  1,532
  1,615
  1,702
  1,794
  1,891
  1,993
  2,100
  2,213
  2,332
  2,458
  2,590
  2,728
  2,875
Change in working capital, $m
  63
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -91
  -95
  -100
  -105
  -110
  -116
  -122
  -128
  -134
  -141
  -148
  -155
  -163
  -171
Cash from operations, $m
  668
  547
  707
  744
  784
  825
  869
  916
  965
  1,016
  1,071
  1,127
  1,188
  1,252
  1,319
  1,390
  1,465
  1,544
  1,627
  1,715
  1,807
  1,904
  2,006
  2,114
  2,228
  2,347
  2,473
  2,605
  2,745
  2,891
  3,046
Maintenance CAPEX, $m
  0
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -115
  -120
  -126
  -133
  -139
  -146
  -153
  -161
  -169
  -178
  -186
  -196
New CAPEX, $m
  -170
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -57
Cash from investing activities, $m
  -40
  -62
  -65
  -68
  -72
  -75
  -78
  -82
  -86
  -91
  -95
  -100
  -105
  -111
  -116
  -122
  -128
  -134
  -140
  -148
  -155
  -162
  -171
  -179
  -188
  -197
  -208
  -218
  -229
  -240
  -253
Free cash flow, $m
  628
  485
  642
  676
  712
  750
  790
  833
  878
  925
  975
  1,027
  1,082
  1,141
  1,203
  1,268
  1,337
  1,410
  1,486
  1,567
  1,652
  1,741
  1,835
  1,935
  2,039
  2,149
  2,265
  2,387
  2,516
  2,651
  2,793
Issuance/(repayment) of debt, $m
  0
  -2,400
  24
  26
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
  66
  69
  73
  76
  80
  84
  88
  93
  97
Issuance/(repurchase) of shares, $m
  -649
  3,172
  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  
  -624
  772
  24
  26
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
  66
  69
  73
  76
  80
  84
  88
  93
  97
Total cash flow (excl. dividends), $m
  3
  -1,914
  666
  702
  739
  779
  820
  864
  911
  960
  1,012
  1,065
  1,123
  1,183
  1,248
  1,315
  1,386
  1,461
  1,540
  1,624
  1,712
  1,804
  1,901
  2,004
  2,112
  2,226
  2,345
  2,471
  2,604
  2,744
  2,891
Retained Cash Flow (-), $m
  131
  -2,425
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
Prev. year cash balance distribution, $m
 
  1,168
  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
 
  0
  664
  699
  736
  775
  817
  861
  907
  956
  1,008
  1,061
  1,118
  1,179
  1,243
  1,310
  1,381
  1,456
  1,534
  1,617
  1,705
  1,797
  1,894
  1,996
  2,104
  2,217
  2,336
  2,462
  2,594
  2,734
  2,880
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
 
  0
  608
  608
  606
  601
  593
  582
  567
  549
  528
  504
  477
  448
  417
  385
  351
  317
  283
  249
  217
  186
  157
  131
  107
  86
  68
  53
  40
  30
  22
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

VeriSign, Inc. provides domain name registry services and Internet security worldwide. The company offers registry services that operate the authoritative directory of .com, .net, .cc, .tv, and .name domain names, as well as the back-end systems for .gov, .jobs, .edu, and other domain names. Its registry services allow individuals and organizations to establish their online identities. The company also provides infrastructure assurance services consisting of distributed denial of service protection services, Verisign iDefense security intelligence services, and managed domain name system services. It serves financial institutions, software-as-a-service providers, e-commerce providers, and media companies, as well as governmental and quasi-governmental organizations through direct sales and indirect channels. VeriSign, Inc. was founded in 1995 and is headquartered in Reston, Virginia.

FINANCIAL RATIOS  of  VeriSign (VRSN)

Valuation Ratios
P/E Ratio 20.8
Price to Sales 8
Price to Book -7.6
Price to Tangible Book
Price to Cash Flow 13.7
Price to Free Cash Flow 18.4
Growth Rates
Sales Growth Rate 7.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 314.6%
Cap. Spend. - 3 Yr. Gr. Rate 20.8%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity -103%
Total Debt to Equity -155.5%
Interest Coverage 6
Management Effectiveness
Return On Assets 22.5%
Ret/ On Assets - 3 Yr. Avg. 20.6%
Return On Total Capital 60.2%
Ret/ On T. Cap. - 3 Yr. Avg. 56.2%
Return On Equity -38.8%
Return On Equity - 3 Yr. Avg. -43.9%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 82.7%
Gross Margin - 3 Yr. Avg. 82%
EBITDA Margin 66.1%
EBITDA Margin - 3 Yr. Avg. 63%
Operating Margin 60.1%
Oper. Margin - 3 Yr. Avg. 57.7%
Pre-Tax Margin 50.9%
Pre-Tax Margin - 3 Yr. Avg. 48.3%
Net Profit Margin 38.6%
Net Profit Margin - 3 Yr. Avg. 36.4%
Effective Tax Rate 24.1%
Eff/ Tax Rate - 3 Yr. Avg. 24.6%
Payout Ratio 0%

VRSN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VRSN stock intrinsic value calculation we used $1142 million for the last fiscal year's total revenue generated by VeriSign. The default revenue input number comes from 2016 income statement of VeriSign. 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 VRSN stock valuation model: a) initial revenue growth rate of 4.8% 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 VRSN is calculated based on our internal credit rating of VeriSign, 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 VeriSign.
    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 VRSN stock the variable cost ratio is equal to 8.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $371 million in the base year in the intrinsic value calculation for VRSN 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 6.2% for VeriSign.

Corporate tax rate of 27% is the nominal tax rate for VeriSign. 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 VRSN 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 VRSN are equal to 24.6%.

Life of production assets of 5.8 years is the average useful life of capital assets used in VeriSign 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 VRSN is equal to -74.3%. 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 - $-1201 million for VeriSign - 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 102.284 million for VeriSign 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 VeriSign at the current share price and the inputted number of shares is $9.1 billion.


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COMPANY NEWS

▶ VeriSign beats Street 1Q forecasts   [Apr-27-17 04:14PM  Associated Press]
▶ Verisign Reports First Quarter 2017 Results   [04:05PM  Business Wire]
▶ These Greater Washington companies may be most affected by Trump's tax reform   [Apr-26-17 03:39PM  American City Business Journals]
▶ Verisign to Report First Quarter 2017 Financial Results   [Apr-03-17 04:05PM  Business Wire]
▶ Dow Futures Lower: Keep These 5 Cybersecurity Plays Under Surveillance   [Mar-31-17 12:52AM  Investor's Business Daily]
▶ Five Stocks Breaking Out of Weekly Technical Chart Patterns   [Mar-13-17 06:30AM  TheStreet.com]
▶ Stocks Buffett Hinted Are Undervalued Based on Buybacks   [Mar-08-17 03:13PM  GuruFocus.com]
▶ 20 stocks that will help you sleep at night   [Feb-14-17 11:09AM  at MarketWatch]
▶ Is Verisign, Inc. (VRSN) Going to Burn These Hedge Funds?   [Dec-01-16 04:04PM  at Insider Monkey]
▶ Stock Buybacks: 3 Companies Repurchasing Shares in 2016   [Nov-20-16 09:26AM  at Motley Fool]
▶ Verisign Reports Third Quarter 2016 Results   [04:05PM  Business Wire]
▶ Baron Funds Comments on Verisign Inc.   [Oct-21-16 04:11PM  Gurufocus]
▶ Verisign to Report Third Quarter 2016 Financial Results   [Oct-03-16 04:05PM  Business Wire]
▶ Why Verisign (VRSN) Stock Is Soaring Today   [01:53PM  at TheStreet]
▶ [$$] Deals Stoke Criticism Over U.S.s Plan to End Internet Oversight   [Sep-01-16 01:01AM  at The Wall Street Journal]
▶ [$$] Deals Stoke Criticism Over U.S.'s Plan to End Internet Oversight   [Aug-31-16 12:19PM  at The Wall Street Journal]
▶ Three S&P 500 Laggards Set to Outperform   [12:17PM  at Investopedia]
▶ Here's Why Verisign Is Headed Even Higher   [Aug-01-16 09:08AM  at TheStreet]
Stock chart of VRSN Financial statements of VRSN
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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