Intrinsic value of Virtusa - VRTU

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$29.77

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$29.77

 
Intrinsic value

$100.16

 
Up/down potential

+236%

 
Rating

str. buy

 
Value-price divergence* premium content

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

We calculate the intrinsic value of VRTU 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 0.9

 

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, %
  43.17
  31.40
  28.76
  26.38
  24.25
  22.32
  20.59
  19.03
  17.63
  16.36
  15.23
  14.21
  13.28
  12.46
  11.71
  11.04
  10.44
  9.89
  9.40
  8.96
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.24
Revenue, $m
  859
  1,129
  1,453
  1,837
  2,282
  2,792
  3,366
  4,007
  4,713
  5,484
  6,320
  7,217
  8,176
  9,195
  10,271
  11,405
  12,595
  13,841
  15,143
  16,500
  17,913
  19,384
  20,913
  22,503
  24,154
  25,871
  27,654
  29,509
  31,437
  33,443
  35,532
Variable operating expenses, $m
 
  1,037
  1,330
  1,675
  2,076
  2,535
  3,052
  3,629
  4,265
  4,960
  5,712
  6,499
  7,362
  8,279
  9,249
  10,270
  11,341
  12,463
  13,635
  14,857
  16,130
  17,454
  18,831
  20,262
  21,749
  23,295
  24,901
  26,571
  28,307
  30,114
  31,994
Fixed operating expenses, $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
Total operating expenses, $m
  840
  1,037
  1,330
  1,675
  2,076
  2,535
  3,052
  3,629
  4,265
  4,960
  5,712
  6,499
  7,362
  8,279
  9,249
  10,270
  11,341
  12,463
  13,635
  14,857
  16,130
  17,454
  18,831
  20,262
  21,749
  23,295
  24,901
  26,571
  28,307
  30,114
  31,994
Operating income, $m
  18
  91
  124
  162
  206
  257
  314
  378
  448
  525
  608
  719
  814
  915
  1,023
  1,136
  1,254
  1,378
  1,508
  1,643
  1,784
  1,930
  2,082
  2,240
  2,405
  2,576
  2,753
  2,938
  3,130
  3,330
  3,538
EBITDA, $m
  44
  125
  161
  203
  253
  309
  373
  444
  522
  607
  700
  799
  906
  1,018
  1,138
  1,263
  1,395
  1,533
  1,677
  1,828
  1,984
  2,147
  2,316
  2,492
  2,675
  2,866
  3,063
  3,268
  3,482
  3,704
  3,936
Interest expense (income), $m
  0
  6
  11
  16
  23
  30
  39
  49
  60
  72
  85
  99
  114
  131
  148
  166
  185
  206
  227
  249
  272
  296
  321
  347
  374
  402
  431
  462
  493
  526
  560
Earnings before tax, $m
  19
  85
  113
  145
  183
  226
  275
  329
  388
  453
  523
  620
  700
  785
  875
  969
  1,069
  1,172
  1,281
  1,394
  1,511
  1,634
  1,761
  1,893
  2,031
  2,174
  2,322
  2,476
  2,637
  2,804
  2,978
Tax expense, $m
  3
  23
  30
  39
  49
  61
  74
  89
  105
  122
  141
  167
  189
  212
  236
  262
  289
  317
  346
  376
  408
  441
  476
  511
  548
  587
  627
  669
  712
  757
  804
Net income, $m
  12
  62
  82
  106
  134
  165
  201
  240
  284
  331
  382
  452
  511
  573
  639
  708
  780
  856
  935
  1,017
  1,103
  1,193
  1,286
  1,382
  1,482
  1,587
  1,695
  1,808
  1,925
  2,047
  2,174

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  217
  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
  923
  927
  1,194
  1,509
  1,875
  2,294
  2,766
  3,292
  3,873
  4,507
  5,193
  5,930
  6,718
  7,555
  8,440
  9,372
  10,350
  11,373
  12,443
  13,558
  14,719
  15,928
  17,184
  18,490
  19,847
  21,258
  22,723
  24,247
  25,832
  27,480
  29,196
Adjusted assets (=assets-cash), $m
  706
  927
  1,194
  1,509
  1,875
  2,294
  2,766
  3,292
  3,873
  4,507
  5,193
  5,930
  6,718
  7,555
  8,440
  9,372
  10,350
  11,373
  12,443
  13,558
  14,719
  15,928
  17,184
  18,490
  19,847
  21,258
  22,723
  24,247
  25,832
  27,480
  29,196
Revenue / Adjusted assets
  1.217
  1.218
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
  1.217
Average production assets, $m
  121
  158
  203
  257
  319
  391
  471
  561
  660
  768
  885
  1,010
  1,145
  1,287
  1,438
  1,597
  1,763
  1,938
  2,120
  2,310
  2,508
  2,714
  2,928
  3,150
  3,382
  3,622
  3,872
  4,131
  4,401
  4,682
  4,974
Working capital, $m
  354
  192
  247
  312
  388
  475
  572
  681
  801
  932
  1,074
  1,227
  1,390
  1,563
  1,746
  1,939
  2,141
  2,353
  2,574
  2,805
  3,045
  3,295
  3,555
  3,825
  4,106
  4,398
  4,701
  5,016
  5,344
  5,685
  6,040
Total debt, $m
  186
  308
  466
  652
  868
  1,116
  1,395
  1,706
  2,049
  2,423
  2,829
  3,265
  3,731
  4,225
  4,748
  5,299
  5,877
  6,482
  7,114
  7,773
  8,459
  9,173
  9,916
  10,688
  11,490
  12,323
  13,190
  14,090
  15,027
  16,001
  17,015
Total liabilities, $m
  426
  548
  706
  892
  1,108
  1,356
  1,635
  1,946
  2,289
  2,663
  3,069
  3,505
  3,971
  4,465
  4,988
  5,539
  6,117
  6,722
  7,354
  8,013
  8,699
  9,413
  10,156
  10,928
  11,730
  12,563
  13,430
  14,330
  15,267
  16,241
  17,255
Total equity, $m
  497
  379
  488
  617
  767
  938
  1,131
  1,347
  1,584
  1,843
  2,124
  2,426
  2,748
  3,090
  3,452
  3,833
  4,233
  4,652
  5,089
  5,545
  6,020
  6,514
  7,028
  7,562
  8,118
  8,694
  9,294
  9,917
  10,565
  11,239
  11,941
Total liabilities and equity, $m
  923
  927
  1,194
  1,509
  1,875
  2,294
  2,766
  3,293
  3,873
  4,506
  5,193
  5,931
  6,719
  7,555
  8,440
  9,372
  10,350
  11,374
  12,443
  13,558
  14,719
  15,927
  17,184
  18,490
  19,848
  21,257
  22,724
  24,247
  25,832
  27,480
  29,196
Debt-to-equity ratio
  0.374
  0.810
  0.950
  1.060
  1.130
  1.190
  1.230
  1.270
  1.290
  1.310
  1.330
  1.350
  1.360
  1.370
  1.380
  1.380
  1.390
  1.390
  1.400
  1.400
  1.410
  1.410
  1.410
  1.410
  1.420
  1.420
  1.420
  1.420
  1.420
  1.420
  1.420
Adjusted equity ratio
  0.397
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  12
  62
  82
  106
  134
  165
  201
  240
  284
  331
  382
  452
  511
  573
  639
  708
  780
  856
  935
  1,017
  1,103
  1,193
  1,286
  1,382
  1,482
  1,587
  1,695
  1,808
  1,925
  2,047
  2,174
Depreciation, amort., depletion, $m
  26
  34
  37
  42
  47
  52
  59
  66
  74
  83
  92
  81
  92
  103
  115
  128
  141
  155
  170
  185
  201
  217
  234
  252
  271
  290
  310
  330
  352
  375
  398
Funds from operations, $m
  -10
  96
  120
  148
  180
  218
  260
  306
  357
  413
  474
  533
  602
  676
  754
  835
  921
  1,011
  1,105
  1,202
  1,304
  1,410
  1,520
  1,634
  1,753
  1,876
  2,005
  2,138
  2,277
  2,421
  2,572
Change in working capital, $m
  -32
  46
  55
  65
  76
  87
  98
  109
  120
  131
  142
  153
  163
  173
  183
  193
  202
  212
  221
  231
  240
  250
  260
  270
  281
  292
  303
  315
  328
  341
  355
Cash from operations, $m
  22
  -12
  65
  83
  105
  131
  162
  197
  237
  282
  332
  381
  439
  503
  571
  643
  719
  799
  883
  972
  1,064
  1,160
  1,260
  1,364
  1,472
  1,585
  1,702
  1,823
  1,949
  2,080
  2,217
Maintenance CAPEX, $m
  0
  -10
  -13
  -16
  -21
  -26
  -31
  -38
  -45
  -53
  -61
  -71
  -81
  -92
  -103
  -115
  -128
  -141
  -155
  -170
  -185
  -201
  -217
  -234
  -252
  -271
  -290
  -310
  -330
  -352
  -375
New CAPEX, $m
  -15
  -38
  -45
  -54
  -62
  -71
  -80
  -90
  -99
  -108
  -117
  -126
  -134
  -143
  -151
  -159
  -167
  -174
  -182
  -190
  -198
  -206
  -214
  -223
  -231
  -240
  -250
  -260
  -270
  -281
  -292
Cash from investing activities, $m
  67
  -48
  -58
  -70
  -83
  -97
  -111
  -128
  -144
  -161
  -178
  -197
  -215
  -235
  -254
  -274
  -295
  -315
  -337
  -360
  -383
  -407
  -431
  -457
  -483
  -511
  -540
  -570
  -600
  -633
  -667
Free cash flow, $m
  89
  -60
  6
  13
  22
  34
  50
  70
  94
  122
  154
  184
  224
  269
  317
  369
  424
  484
  546
  612
  681
  753
  829
  907
  989
  1,074
  1,162
  1,254
  1,349
  1,447
  1,550
Issuance/(repayment) of debt, $m
  -10
  131
  158
  186
  216
  247
  279
  311
  343
  375
  406
  436
  466
  495
  523
  551
  578
  605
  632
  659
  686
  714
  743
  772
  802
  833
  866
  901
  936
  974
  1,014
Issuance/(repurchase) of shares, $m
  10
  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 from financing (excl. dividends), $m  
  -91
  131
  158
  186
  216
  247
  279
  311
  343
  375
  406
  436
  466
  495
  523
  551
  578
  605
  632
  659
  686
  714
  743
  772
  802
  833
  866
  901
  936
  974
  1,014
Total cash flow (excl. dividends), $m
  -4
  71
  164
  199
  238
  282
  329
  381
  437
  496
  559
  620
  690
  763
  840
  919
  1,002
  1,089
  1,178
  1,271
  1,367
  1,467
  1,571
  1,679
  1,791
  1,907
  2,028
  2,154
  2,285
  2,422
  2,564
Retained Cash Flow (-), $m
  -22
  -90
  -109
  -129
  -150
  -171
  -193
  -215
  -237
  -259
  -281
  -302
  -322
  -342
  -362
  -381
  -400
  -419
  -437
  -456
  -475
  -494
  -514
  -534
  -555
  -577
  -599
  -623
  -648
  -674
  -702
Prev. year cash balance distribution, $m
 
  208
  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
 
  189
  55
  70
  88
  110
  136
  166
  199
  237
  278
  318
  368
  421
  478
  538
  602
  670
  741
  815
  892
  973
  1,057
  1,145
  1,236
  1,331
  1,429
  1,531
  1,637
  1,747
  1,862
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
 
  181
  50
  61
  73
  86
  99
  112
  125
  136
  146
  151
  157
  160
  160
  158
  153
  146
  136
  125
  113
  101
  88
  75
  63
  52
  42
  33
  25
  19
  14
Current shareholders' claim on cash, %
  100
  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
  100.0

Virtusa Corporation operates as an information technology (IT) services company. It offers business and IT consulting services comprising application inventory and portfolio assessment, business/technology alignment analysis, business process optimization, and quality assurance process consulting; accelerated solution design, enterprise architecture analysis, technology roadmaps, product evaluation and selection, and business process analysis and design; and program governance and change management, program management planning, and complex program management. The company also provides technology implementation services, such as application development, package implementation and integration, software product engineering, application maintenance and support, business process management, CRM and SAP implementation, customer experience and content management, enterprise mobility, cloud computing, and social media solutions; systems consolidation and rationalization, technology migration and porting, and legacy application Web-enablement; data management, business intelligence, reporting and decision support, master data management, data integration, and big data analytics; and software quality assurance and managed testing services. In addition, it offers application outsourcing services, such as the production support, application maintenance and enhancement, and ongoing software engineering; systems and database administration, and monitoring; outsourcing of quality assurance planning; and preparation and execution of test cases, scripts, and data. Virtusa Corporation provides its services to communications and technology; banking, financial services, and insurance; and media and information industries worldwide. The company was formerly known as eRunway, Inc. and changed its name to Virtusa Corporation in April 2002. Virtusa Corporation was founded in 1996 and is headquartered in Westborough, Massachusetts.

FINANCIAL RATIOS  of  Virtusa (VRTU)

Valuation Ratios
P/E Ratio 73.8
Price to Sales 1
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 40.2
Price to Free Cash Flow 126.4
Growth Rates
Sales Growth Rate 43.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 15.4%
Cap. Spend. - 3 Yr. Gr. Rate 16.5%
Financial Strength
Quick Ratio 24
Current Ratio 0.2
LT Debt to Equity 35.6%
Total Debt to Equity 37.4%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.3%
Ret/ On Assets - 3 Yr. Avg. 5.4%
Return On Total Capital 1.8%
Ret/ On T. Cap. - 3 Yr. Avg. 6.8%
Return On Equity 2.5%
Return On Equity - 3 Yr. Avg. 7.7%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 27.7%
Gross Margin - 3 Yr. Avg. 33.1%
EBITDA Margin 5.2%
EBITDA Margin - 3 Yr. Avg. 10.8%
Operating Margin 2.2%
Oper. Margin - 3 Yr. Avg. 6.9%
Pre-Tax Margin 2.2%
Pre-Tax Margin - 3 Yr. Avg. 7.9%
Net Profit Margin 1.4%
Net Profit Margin - 3 Yr. Avg. 5.9%
Effective Tax Rate 15.8%
Eff/ Tax Rate - 3 Yr. Avg. 21.5%
Payout Ratio 0%

VRTU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VRTU stock intrinsic value calculation we used $859 million for the last fiscal year's total revenue generated by Virtusa. The default revenue input number comes from 2017 income statement of Virtusa. 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 VRTU stock valuation model: a) initial revenue growth rate of 31.4% 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 VRTU is calculated based on our internal credit rating of Virtusa, 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 Virtusa.
    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 VRTU stock the variable cost ratio is equal to 92.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for VRTU 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 Virtusa.

Corporate tax rate of 27% is the nominal tax rate for Virtusa. 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 VRTU 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 VRTU are equal to 14%.

Life of production assets of 12.5 years is the average useful life of capital assets used in Virtusa 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 VRTU is equal to 17%. 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 - $497 million for Virtusa - 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 30.653 million for Virtusa 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 Virtusa at the current share price and the inputted number of shares is $0.9 billion.


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COMPANY NEWS

▶ Virtusa misses Street 4Q forecasts   [07:02AM  Associated Press]
▶ New Strong Sell Stocks for May 10th   [May-10-17 09:06AM  Zacks]
▶ IAOP® Recognizes VirtusaPolaris as an Outsourcing Leader   [Apr-25-17 10:00AM  Business Wire]
▶ Virtusa tops 3Q profit forecasts   [07:59AM  Associated Press]
▶ Hedge Funds Arent Crazy About Virtusa Corporation (VRTU) Anymore   [Dec-15-16 06:14AM  at Insider Monkey]
▶ Virtusa reports 1Q loss   [06:49AM  AP]
▶ ETFs with exposure to Virtusa Corp. : May 3, 2016   [May-03-16 02:50PM  at Capital Cube]
Stock chart of VRTU Financial statements of VRTU Annual reports of VRTU
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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