Intrinsic value of VeriSign - VRSN

Previous Close

$99.23

  Intrinsic Value

$30.28

stock screener

  Rating & Target

str. sell

-69%

  Value-price divergence*

+16%

Previous close

$99.23

 
Intrinsic value

$30.28

 
Up/down potential

-69%

 
Rating

str. sell

 
Value-price divergence*

+16%

*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 10.1

 

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
  2.50
  2.75
  2.97
  3.18
  3.36
  3.52
  3.67
  3.80
  3.92
  4.03
  4.13
  4.22
  4.29
  4.36
  4.43
  4.49
  4.54
  4.58
  4.62
  4.66
  4.70
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
Revenue, $m
  1,142
  1,171
  1,203
  1,239
  1,278
  1,321
  1,367
  1,418
  1,471
  1,529
  1,591
  1,657
  1,726
  1,801
  1,879
  1,962
  2,050
  2,143
  2,242
  2,345
  2,455
  2,570
  2,691
  2,819
  2,954
  3,096
  3,245
  3,402
  3,567
  3,741
  3,923
Variable operating expenses, $m
 
  101
  103
  106
  109
  113
  117
  121
  125
  130
  135
  135
  140
  146
  153
  160
  167
  174
  182
  191
  200
  209
  219
  229
  240
  252
  264
  277
  290
  304
  319
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
  481
  493
  506
  519
  533
  547
  562
  577
  593
  610
  622
  639
  657
  677
  697
  718
  739
  761
  784
  808
  832
  858
  884
  911
  940
  969
  1,000
  1,031
  1,063
  1,097
Operating income, $m
  687
  690
  710
  733
  759
  788
  821
  856
  894
  936
  981
  1,035
  1,087
  1,143
  1,202
  1,265
  1,333
  1,404
  1,481
  1,561
  1,647
  1,738
  1,834
  1,935
  2,043
  2,156
  2,276
  2,403
  2,536
  2,677
  2,826
EBITDA, $m
  745
  724
  745
  769
  796
  826
  859
  896
  936
  979
  1,026
  1,076
  1,129
  1,187
  1,248
  1,314
  1,383
  1,457
  1,536
  1,619
  1,707
  1,801
  1,900
  2,005
  2,115
  2,232
  2,356
  2,486
  2,624
  2,769
  2,923
Interest expense (income), $m
  116
  116
  30
  34
  38
  42
  47
  53
  58
  64
  71
  78
  86
  94
  102
  111
  120
  130
  141
  152
  164
  177
  190
  204
  218
  234
  250
  267
  285
  304
  323
Earnings before tax, $m
  581
  574
  680
  699
  721
  746
  773
  803
  836
  872
  910
  957
  1,001
  1,049
  1,100
  1,154
  1,212
  1,274
  1,339
  1,409
  1,483
  1,561
  1,644
  1,732
  1,824
  1,922
  2,026
  2,136
  2,252
  2,374
  2,503
Tax expense, $m
  140
  155
  184
  189
  195
  201
  209
  217
  226
  235
  246
  258
  270
  283
  297
  312
  327
  344
  362
  380
  400
  421
  444
  468
  493
  519
  547
  577
  608
  641
  676
Net income, $m
  441
  419
  496
  510
  527
  545
  565
  586
  610
  636
  664
  699
  731
  766
  803
  843
  885
  930
  978
  1,029
  1,082
  1,140
  1,200
  1,264
  1,332
  1,403
  1,479
  1,559
  1,644
  1,733
  1,827

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
  2,394
  2,460
  2,533
  2,613
  2,701
  2,796
  2,899
  3,009
  3,127
  3,253
  3,388
  3,530
  3,682
  3,843
  4,013
  4,193
  4,383
  4,584
  4,796
  5,020
  5,255
  5,504
  5,765
  6,041
  6,331
  6,636
  6,957
  7,295
  7,650
  8,023
Adjusted assets (=assets-cash), $m
  537
  2,394
  2,460
  2,533
  2,613
  2,701
  2,796
  2,899
  3,009
  3,127
  3,253
  3,388
  3,530
  3,682
  3,843
  4,013
  4,193
  4,383
  4,584
  4,796
  5,020
  5,255
  5,504
  5,765
  6,041
  6,331
  6,636
  6,957
  7,295
  7,650
  8,023
Revenue / Adjusted assets
  2.127
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
Average production assets, $m
  281
  288
  296
  305
  314
  325
  336
  349
  362
  376
  391
  408
  425
  443
  462
  483
  504
  527
  551
  577
  604
  632
  662
  694
  727
  762
  798
  837
  878
  920
  965
Working capital, $m
  320
  -117
  -120
  -124
  -128
  -132
  -137
  -142
  -147
  -153
  -159
  -166
  -173
  -180
  -188
  -196
  -205
  -214
  -224
  -235
  -245
  -257
  -269
  -282
  -295
  -310
  -324
  -340
  -357
  -374
  -392
Total debt, $m
  1,867
  485
  545
  610
  683
  762
  848
  940
  1,039
  1,146
  1,259
  1,380
  1,508
  1,645
  1,789
  1,943
  2,105
  2,276
  2,457
  2,647
  2,849
  3,061
  3,284
  3,520
  3,768
  4,029
  4,303
  4,592
  4,896
  5,216
  5,552
Total liabilities, $m
  3,535
  2,154
  2,214
  2,279
  2,352
  2,431
  2,517
  2,609
  2,708
  2,815
  2,928
  3,049
  3,177
  3,314
  3,458
  3,612
  3,774
  3,945
  4,126
  4,316
  4,518
  4,730
  4,953
  5,189
  5,437
  5,698
  5,972
  6,261
  6,565
  6,885
  7,221
Total equity, $m
  -1,201
  239
  246
  253
  261
  270
  280
  290
  301
  313
  325
  339
  353
  368
  384
  401
  419
  438
  458
  480
  502
  526
  550
  577
  604
  633
  664
  696
  729
  765
  802
Total liabilities and equity, $m
  2,334
  2,393
  2,460
  2,532
  2,613
  2,701
  2,797
  2,899
  3,009
  3,128
  3,253
  3,388
  3,530
  3,682
  3,842
  4,013
  4,193
  4,383
  4,584
  4,796
  5,020
  5,256
  5,503
  5,766
  6,041
  6,331
  6,636
  6,957
  7,294
  7,650
  8,023
Debt-to-equity ratio
  -1.555
  2.030
  2.210
  2.410
  2.610
  2.820
  3.030
  3.240
  3.450
  3.660
  3.870
  4.070
  4.270
  4.470
  4.660
  4.840
  5.020
  5.190
  5.360
  5.520
  5.680
  5.820
  5.970
  6.110
  6.240
  6.360
  6.480
  6.600
  6.710
  6.820
  6.920
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
  419
  496
  510
  527
  545
  565
  586
  610
  636
  664
  699
  731
  766
  803
  843
  885
  930
  978
  1,029
  1,082
  1,140
  1,200
  1,264
  1,332
  1,403
  1,479
  1,559
  1,644
  1,733
  1,827
Depreciation, amort., depletion, $m
  58
  34
  35
  36
  37
  38
  39
  40
  41
  43
  44
  41
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  69
  73
  76
  80
  84
  88
  92
  97
Funds from operations, $m
  731
  453
  531
  546
  563
  582
  603
  627
  652
  679
  709
  739
  774
  810
  849
  891
  935
  983
  1,033
  1,086
  1,143
  1,203
  1,266
  1,333
  1,404
  1,480
  1,559
  1,643
  1,731
  1,825
  1,923
Change in working capital, $m
  63
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -17
  -18
Cash from operations, $m
  668
  456
  534
  550
  567
  587
  608
  632
  657
  685
  715
  746
  780
  818
  857
  899
  944
  992
  1,043
  1,097
  1,154
  1,214
  1,278
  1,346
  1,418
  1,494
  1,574
  1,659
  1,748
  1,842
  1,942
Maintenance CAPEX, $m
  0
  -28
  -29
  -30
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -88
  -92
New CAPEX, $m
  -170
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
Cash from investing activities, $m
  -40
  -35
  -37
  -39
  -40
  -42
  -43
  -46
  -48
  -50
  -53
  -55
  -58
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -88
  -93
  -97
  -102
  -108
  -113
  -119
  -125
  -131
  -137
Free cash flow, $m
  628
  420
  498
  511
  527
  545
  564
  586
  609
  635
  662
  691
  723
  757
  793
  833
  874
  919
  966
  1,016
  1,069
  1,126
  1,185
  1,249
  1,315
  1,386
  1,461
  1,540
  1,624
  1,712
  1,805
Issuance/(repayment) of debt, $m
  0
  -1,382
  59
  66
  72
  79
  86
  92
  99
  106
  113
  121
  129
  136
  145
  153
  162
  171
  181
  191
  201
  212
  224
  235
  248
  261
  275
  289
  304
  320
  336
Issuance/(repurchase) of shares, $m
  -649
  1,021
  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
  -361
  59
  66
  72
  79
  86
  92
  99
  106
  113
  121
  129
  136
  145
  153
  162
  171
  181
  191
  201
  212
  224
  235
  248
  261
  275
  289
  304
  320
  336
Total cash flow (excl. dividends), $m
  3
  60
  557
  577
  599
  624
  650
  678
  708
  741
  776
  811
  851
  893
  938
  986
  1,036
  1,090
  1,147
  1,207
  1,270
  1,338
  1,409
  1,484
  1,563
  1,647
  1,736
  1,829
  1,928
  2,031
  2,141
Retained Cash Flow (-), $m
  131
  -1,440
  -7
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -37
Prev. year cash balance distribution, $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 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
 
  -1,380
  550
  570
  591
  615
  640
  668
  697
  729
  763
  798
  837
  878
  922
  969
  1,018
  1,071
  1,127
  1,186
  1,248
  1,314
  1,384
  1,458
  1,536
  1,618
  1,705
  1,797
  1,894
  1,996
  2,104
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
 
  -1,323
  504
  496
  487
  477
  465
  451
  436
  419
  400
  379
  357
  334
  310
  284
  259
  233
  207
  183
  159
  136
  115
  96
  78
  63
  50
  39
  29
  22
  16
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 23.2
Price to Sales 9
Price to Book -8.5
Price to Tangible Book
Price to Cash Flow 15.3
Price to Free Cash Flow 20.5
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 2.5% 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 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 10 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 -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 - $-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 102.235 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 $10.1 billion.

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COMPANY NEWS

▶ ETFs with exposure to VeriSign, Inc. : August 14, 2017   [Aug-14-17 05:25PM  Capital Cube]
▶ "Fast Money" final trades: MAR, NVDA, and more   [Aug-07-17 05:59PM  CNBC Videos]
▶ Trading stocks from 1999: 3 names   [05:00PM  CNBC Videos]
▶ VeriSign beats 2Q profit forecasts   [Jul-27-17 04:46PM  Associated Press]
▶ Verisign Reports Second Quarter 2017 Results   [04:05PM  Business Wire]
▶ Verisign to Report Second Quarter 2017 Financial Results   [Jul-03-17 01:05PM  Business Wire]
▶ Good Companies From Warren Buffett's Portfolio   [Jun-23-17 05:25PM  GuruFocus.com]
▶ ETFs with exposure to VeriSign, Inc. : June 5, 2017   [Jun-05-17 02:54PM  Capital Cube]
▶ 4 Safe Cybersecurity Stocks: VRSN, NICE, QLYS, MIME   [May-23-17 04:34PM  TheStreet.com]
▶ ETFs with exposure to VeriSign, Inc. : May 4, 2017   [May-04-17 04:27PM  Capital Cube]
▶ 7 Companies Where Warren Buffett Owns More Than 10%   [May-01-17 07:03AM  Motley Fool]
▶ 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]
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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