Intrinsic value of VeriSign - VRSN

Previous Close

$114.37

  Intrinsic Value

$33.10

stock screener

  Rating & Target

str. sell

-71%

Previous close

$114.37

 
Intrinsic value

$33.10

 
Up/down potential

-71%

 
Rating

str. sell

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 11.4

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,142
  1,165
  1,192
  1,222
  1,257
  1,295
  1,337
  1,382
  1,431
  1,484
  1,541
  1,602
  1,667
  1,737
  1,810
  1,888
  1,971
  2,059
  2,151
  2,249
  2,352
  2,462
  2,576
  2,698
  2,825
  2,960
  3,102
  3,251
  3,407
  3,573
  3,746
Variable operating expenses, $m
 
  100
  102
  105
  108
  111
  114
  118
  122
  126
  131
  130
  136
  141
  147
  154
  160
  167
  175
  183
  191
  200
  210
  219
  230
  241
  252
  264
  277
  291
  305
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
  480
  492
  505
  518
  531
  544
  559
  574
  589
  606
  617
  635
  652
  671
  691
  711
  732
  754
  776
  799
  823
  849
  874
  901
  929
  957
  987
  1,018
  1,050
  1,083
Operating income, $m
  687
  684
  700
  718
  740
  764
  792
  823
  858
  895
  936
  985
  1,033
  1,084
  1,139
  1,197
  1,260
  1,327
  1,398
  1,473
  1,553
  1,638
  1,728
  1,824
  1,925
  2,031
  2,144
  2,264
  2,390
  2,523
  2,663
EBITDA, $m
  745
  739
  755
  775
  798
  825
  854
  887
  924
  963
  1,006
  1,053
  1,103
  1,158
  1,215
  1,277
  1,344
  1,414
  1,489
  1,568
  1,653
  1,743
  1,837
  1,938
  2,044
  2,157
  2,276
  2,401
  2,534
  2,674
  2,822
Interest expense (income), $m
  116
  77
  -73
  -72
  -71
  -71
  -70
  -68
  -67
  -66
  -65
  -63
  -61
  -60
  -58
  -56
  -54
  -52
  -49
  -47
  -44
  -42
  -39
  -36
  -33
  -29
  -26
  -22
  -18
  -14
  -10
Earnings before tax, $m
  581
  608
  773
  790
  811
  835
  862
  892
  925
  961
  1,000
  1,048
  1,094
  1,144
  1,197
  1,253
  1,314
  1,378
  1,447
  1,520
  1,598
  1,680
  1,767
  1,859
  1,957
  2,061
  2,170
  2,286
  2,408
  2,537
  2,673
Tax expense, $m
  140
  164
  209
  213
  219
  225
  233
  241
  250
  259
  270
  283
  295
  309
  323
  338
  355
  372
  391
  410
  431
  454
  477
  502
  528
  556
  586
  617
  650
  685
  722
Net income, $m
  441
  444
  564
  577
  592
  609
  629
  651
  675
  701
  730
  765
  799
  835
  874
  915
  959
  1,006
  1,056
  1,110
  1,166
  1,226
  1,290
  1,357
  1,429
  1,504
  1,584
  1,669
  1,758
  1,852
  1,951

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
  548
  560
  575
  591
  609
  628
  650
  673
  698
  725
  753
  784
  816
  851
  888
  927
  968
  1,011
  1,057
  1,106
  1,157
  1,211
  1,268
  1,328
  1,392
  1,458
  1,528
  1,602
  1,680
  1,761
Adjusted assets (=assets-cash), $m
  537
  548
  560
  575
  591
  609
  628
  650
  673
  698
  725
  753
  784
  816
  851
  888
  927
  968
  1,011
  1,057
  1,106
  1,157
  1,211
  1,268
  1,328
  1,392
  1,458
  1,528
  1,602
  1,680
  1,761
Revenue / Adjusted assets
  2.127
  2.126
  2.129
  2.125
  2.127
  2.126
  2.129
  2.126
  2.126
  2.126
  2.126
  2.127
  2.126
  2.129
  2.127
  2.126
  2.126
  2.127
  2.128
  2.128
  2.127
  2.128
  2.127
  2.128
  2.127
  2.126
  2.128
  2.128
  2.127
  2.127
  2.127
Average production assets, $m
  281
  287
  293
  301
  309
  319
  329
  340
  352
  365
  379
  394
  410
  427
  445
  465
  485
  506
  529
  553
  579
  606
  634
  664
  695
  728
  763
  800
  838
  879
  922
Working capital, $m
  320
  -865
  -885
  -908
  -934
  -962
  -993
  -1,027
  -1,063
  -1,103
  -1,145
  -1,191
  -1,239
  -1,290
  -1,345
  -1,403
  -1,464
  -1,530
  -1,598
  -1,671
  -1,748
  -1,829
  -1,914
  -2,004
  -2,099
  -2,199
  -2,304
  -2,415
  -2,532
  -2,654
  -2,783
Total debt, $m
  1,867
  -1,176
  -1,165
  -1,152
  -1,137
  -1,121
  -1,103
  -1,084
  -1,063
  -1,041
  -1,017
  -991
  -963
  -934
  -903
  -870
  -835
  -798
  -759
  -717
  -674
  -627
  -579
  -528
  -473
  -417
  -357
  -294
  -227
  -157
  -84
Total liabilities, $m
  3,535
  493
  504
  517
  532
  548
  566
  585
  606
  628
  652
  678
  706
  735
  766
  799
  834
  871
  910
  952
  995
  1,042
  1,090
  1,141
  1,196
  1,252
  1,312
  1,375
  1,442
  1,512
  1,585
Total equity, $m
  -1,201
  55
  56
  57
  59
  61
  63
  65
  67
  70
  72
  75
  78
  82
  85
  89
  93
  97
  101
  106
  111
  116
  121
  127
  133
  139
  146
  153
  160
  168
  176
Total liabilities and equity, $m
  2,334
  548
  560
  574
  591
  609
  629
  650
  673
  698
  724
  753
  784
  817
  851
  888
  927
  968
  1,011
  1,058
  1,106
  1,158
  1,211
  1,268
  1,329
  1,391
  1,458
  1,528
  1,602
  1,680
  1,761
Debt-to-equity ratio
  -1.555
  -21.480
  -20.790
  -20.040
  -19.250
  -18.420
  -17.560
  -16.690
  -15.800
  -14.910
  -14.030
  -13.160
  -12.290
  -11.440
  -10.610
  -9.800
  -9.010
  -8.240
  -7.500
  -6.780
  -6.090
  -5.420
  -4.780
  -4.160
  -3.560
  -2.990
  -2.450
  -1.920
  -1.420
  -0.940
  -0.480
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
  444
  564
  577
  592
  609
  629
  651
  675
  701
  730
  765
  799
  835
  874
  915
  959
  1,006
  1,056
  1,110
  1,166
  1,226
  1,290
  1,357
  1,429
  1,504
  1,584
  1,669
  1,758
  1,852
  1,951
Depreciation, amort., depletion, $m
  58
  55
  56
  57
  59
  60
  62
  64
  66
  68
  71
  68
  71
  74
  77
  80
  84
  87
  91
  95
  100
  104
  109
  114
  120
  126
  132
  138
  145
  152
  159
Funds from operations, $m
  731
  498
  620
  634
  651
  670
  691
  715
  741
  770
  801
  833
  869
  908
  950
  995
  1,043
  1,094
  1,148
  1,205
  1,266
  1,331
  1,399
  1,472
  1,549
  1,630
  1,716
  1,806
  1,902
  2,003
  2,110
Change in working capital, $m
  63
  -17
  -20
  -23
  -26
  -28
  -31
  -34
  -37
  -39
  -42
  -45
  -48
  -51
  -55
  -58
  -61
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -129
Cash from operations, $m
  668
  515
  640
  657
  676
  698
  722
  749
  778
  809
  843
  878
  918
  960
  1,005
  1,053
  1,104
  1,159
  1,216
  1,278
  1,343
  1,412
  1,485
  1,562
  1,643
  1,730
  1,821
  1,917
  2,019
  2,126
  2,239
Maintenance CAPEX, $m
  0
  -48
  -49
  -51
  -52
  -53
  -55
  -57
  -59
  -61
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -100
  -104
  -109
  -114
  -120
  -126
  -132
  -138
  -145
  -152
New CAPEX, $m
  -170
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
Cash from investing activities, $m
  -40
  -54
  -56
  -59
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -100
  -106
  -110
  -115
  -120
  -127
  -132
  -139
  -145
  -153
  -161
  -169
  -177
  -186
  -195
Free cash flow, $m
  628
  461
  584
  599
  616
  635
  657
  681
  707
  735
  766
  798
  834
  872
  913
  957
  1,004
  1,053
  1,106
  1,162
  1,222
  1,285
  1,352
  1,423
  1,498
  1,577
  1,661
  1,749
  1,842
  1,941
  2,045
Issuance/(repayment) of debt, $m
  0
  -2,413
  11
  13
  15
  16
  18
  19
  21
  22
  24
  26
  28
  29
  31
  33
  35
  37
  39
  41
  44
  46
  49
  51
  54
  57
  60
  63
  66
  70
  73
Issuance/(repurchase) of shares, $m
  -649
  1,980
  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
  -433
  11
  13
  15
  16
  18
  19
  21
  22
  24
  26
  28
  29
  31
  33
  35
  37
  39
  41
  44
  46
  49
  51
  54
  57
  60
  63
  66
  70
  73
Total cash flow (excl. dividends), $m
  3
  28
  595
  612
  630
  651
  675
  700
  728
  758
  790
  824
  861
  901
  944
  990
  1,039
  1,091
  1,146
  1,204
  1,266
  1,331
  1,401
  1,474
  1,552
  1,634
  1,720
  1,812
  1,909
  2,011
  2,118
Retained Cash Flow (-), $m
  131
  -2,424
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
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
 
  -1,228
  594
  610
  629
  650
  673
  698
  725
  755
  788
  821
  858
  898
  941
  986
  1,035
  1,086
  1,141
  1,199
  1,261
  1,326
  1,395
  1,468
  1,546
  1,627
  1,714
  1,805
  1,901
  2,003
  2,110
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
 
  -1,177
  544
  531
  518
  504
  488
  472
  453
  434
  413
  390
  366
  342
  316
  290
  263
  236
  210
  185
  160
  137
  116
  96
  79
  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. is a provider of domain name registry services and Internet security. The Company operates through Registry Services and Security Services segment. Registry Services ensure the security, stability and resiliency of Internet infrastructure and services, including the .com and .net domains, and operation of the root-zone maintainer functions for the core of the Internet's Domain Name System (DNS). Security Services provides infrastructure assurance services consisting of Distributed Denial of Services (DDoS) Protection Services and Managed DNS Services. DDoS Protection Services supports online business continuity by providing monitoring and mitigation services against DDoS attacks. Managed DNS Services is a hosting service that delivers DNS resolution for the availability of Web-based systems.

FINANCIAL RATIOS  of  VeriSign (VRSN)

Valuation Ratios
P/E Ratio 26.7
Price to Sales 10.3
Price to Book -9.8
Price to Tangible Book
Price to Cash Flow 17.7
Price to Free Cash Flow 23.7
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% 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 99.963 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 $11.4 billion.

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COMPANY NEWS

▶ 3 Stocks to Buy Before the Shorts Get Squeezed   [Dec-13-17 01:36PM  InvestorPlace]
▶ ETFs with exposure to VeriSign, Inc. : December 12, 2017   [Dec-12-17 02:27PM  Capital Cube]
▶ ETFs with exposure to VeriSign, Inc. : November 27, 2017   [Nov-27-17 04:21PM  Capital Cube]
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▶ ETFs with exposure to VeriSign, Inc. : November 13, 2017   [Nov-13-17 01:30PM  Capital Cube]
▶ ETFs with exposure to VeriSign, Inc. : October 30, 2017   [Oct-30-17 12:22PM  Capital Cube]
▶ VeriSign beats 3Q profit forecasts   [04:12PM  Associated Press]
▶ Verisign Reports Third Quarter 2017 Results   [04:05PM  Business Wire]
▶ Verisign to Report Third Quarter 2017 Financial Results   [Oct-02-17 04:05PM  Business Wire]
▶ ETFs with exposure to VeriSign, Inc. : August 14, 2017   [Aug-14-17 05:25PM  Capital Cube]
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▶ 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]
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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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