Intrinsic value of ViaSat - VSAT

Previous Close

$64.76

  Intrinsic Value

$6.95

stock screener

  Rating & Target

str. sell

-89%

Previous close

$64.76

 
Intrinsic value

$6.95

 
Up/down potential

-89%

 
Rating

str. sell

We calculate the intrinsic value of VSAT 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 3.8

 

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, %
  10.02
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  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
Revenue, $m
  1,559
  1,632
  1,709
  1,791
  1,876
  1,967
  2,061
  2,161
  2,266
  2,377
  2,493
  2,615
  2,743
  2,878
  3,019
  3,168
  3,325
  3,489
  3,662
  3,843
  4,034
  4,234
  4,444
  4,665
  4,897
  5,141
  5,397
  5,666
  5,948
  6,245
  6,556
Variable operating expenses, $m
 
  1,584
  1,659
  1,737
  1,820
  1,906
  1,998
  2,094
  2,195
  2,301
  2,413
  2,519
  2,642
  2,772
  2,909
  3,052
  3,203
  3,361
  3,527
  3,702
  3,886
  4,079
  4,281
  4,494
  4,718
  4,952
  5,199
  5,458
  5,730
  6,015
  6,315
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
  1,523
  1,584
  1,659
  1,737
  1,820
  1,906
  1,998
  2,094
  2,195
  2,301
  2,413
  2,519
  2,642
  2,772
  2,909
  3,052
  3,203
  3,361
  3,527
  3,702
  3,886
  4,079
  4,281
  4,494
  4,718
  4,952
  5,199
  5,458
  5,730
  6,015
  6,315
Operating income, $m
  36
  48
  51
  54
  57
  60
  64
  67
  71
  75
  79
  96
  101
  106
  111
  116
  122
  128
  134
  141
  148
  155
  163
  171
  180
  189
  198
  208
  218
  229
  241
EBITDA, $m
  282
  302
  316
  331
  347
  363
  381
  399
  419
  439
  460
  483
  507
  532
  558
  585
  614
  645
  676
  710
  745
  782
  821
  862
  905
  950
  997
  1,047
  1,099
  1,154
  1,211
Interest expense (income), $m
  10
  30
  32
  34
  36
  38
  41
  43
  46
  49
  52
  55
  59
  62
  66
  70
  74
  78
  83
  87
  92
  98
  103
  109
  115
  121
  128
  135
  142
  150
  158
Earnings before tax, $m
  25
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  41
  42
  43
  45
  47
  48
  50
  52
  54
  56
  58
  60
  62
  65
  68
  70
  73
  76
  79
  83
Tax expense, $m
  3
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  11
  11
  12
  12
  13
  13
  13
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  21
  22
Net income, $m
  24
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  30
  31
  32
  33
  34
  35
  36
  38
  39
  41
  42
  44
  46
  47
  49
  51
  53
  56
  58
  60

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  130
  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
  2,955
  2,957
  3,097
  3,244
  3,399
  3,563
  3,734
  3,915
  4,105
  4,305
  4,516
  4,737
  4,969
  5,213
  5,470
  5,740
  6,023
  6,321
  6,634
  6,962
  7,308
  7,670
  8,051
  8,452
  8,872
  9,313
  9,777
  10,264
  10,776
  11,313
  11,877
Adjusted assets (=assets-cash), $m
  2,825
  2,957
  3,097
  3,244
  3,399
  3,563
  3,734
  3,915
  4,105
  4,305
  4,516
  4,737
  4,969
  5,213
  5,470
  5,740
  6,023
  6,321
  6,634
  6,962
  7,308
  7,670
  8,051
  8,452
  8,872
  9,313
  9,777
  10,264
  10,776
  11,313
  11,877
Revenue / Adjusted assets
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
Average production assets, $m
  1,755
  1,836
  1,923
  2,015
  2,111
  2,212
  2,319
  2,431
  2,549
  2,674
  2,804
  2,941
  3,086
  3,237
  3,397
  3,564
  3,740
  3,925
  4,120
  4,324
  4,538
  4,763
  5,000
  5,248
  5,510
  5,784
  6,072
  6,374
  6,692
  7,025
  7,375
Working capital, $m
  289
  166
  174
  183
  191
  201
  210
  220
  231
  242
  254
  267
  280
  294
  308
  323
  339
  356
  374
  392
  411
  432
  453
  476
  500
  524
  550
  578
  607
  637
  669
Total debt, $m
  849
  906
  967
  1,030
  1,098
  1,168
  1,242
  1,320
  1,402
  1,489
  1,580
  1,675
  1,776
  1,881
  1,992
  2,109
  2,231
  2,360
  2,495
  2,637
  2,786
  2,943
  3,107
  3,280
  3,462
  3,652
  3,853
  4,063
  4,284
  4,516
  4,760
Total liabilities, $m
  1,220
  1,277
  1,338
  1,401
  1,469
  1,539
  1,613
  1,691
  1,773
  1,860
  1,951
  2,046
  2,147
  2,252
  2,363
  2,480
  2,602
  2,731
  2,866
  3,008
  3,157
  3,314
  3,478
  3,651
  3,833
  4,023
  4,224
  4,434
  4,655
  4,887
  5,131
Total equity, $m
  1,735
  1,680
  1,759
  1,843
  1,931
  2,024
  2,121
  2,224
  2,332
  2,445
  2,565
  2,690
  2,822
  2,961
  3,107
  3,260
  3,421
  3,590
  3,768
  3,955
  4,151
  4,357
  4,573
  4,801
  5,039
  5,290
  5,553
  5,830
  6,121
  6,426
  6,746
Total liabilities and equity, $m
  2,955
  2,957
  3,097
  3,244
  3,400
  3,563
  3,734
  3,915
  4,105
  4,305
  4,516
  4,736
  4,969
  5,213
  5,470
  5,740
  6,023
  6,321
  6,634
  6,963
  7,308
  7,671
  8,051
  8,452
  8,872
  9,313
  9,777
  10,264
  10,776
  11,313
  11,877
Debt-to-equity ratio
  0.489
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.590
  0.600
  0.610
  0.620
  0.620
  0.630
  0.640
  0.640
  0.650
  0.650
  0.660
  0.660
  0.670
  0.670
  0.680
  0.680
  0.680
  0.690
  0.690
  0.690
  0.700
  0.700
  0.700
  0.710
Adjusted equity ratio
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  24
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  30
  31
  32
  33
  34
  35
  36
  38
  39
  41
  42
  44
  46
  47
  49
  51
  53
  56
  58
  60
Depreciation, amort., depletion, $m
  246
  254
  265
  277
  290
  303
  317
  332
  347
  364
  381
  387
  406
  426
  447
  469
  492
  516
  542
  569
  597
  627
  658
  691
  725
  761
  799
  839
  880
  924
  970
Funds from operations, $m
  454
  267
  279
  292
  305
  319
  334
  349
  366
  383
  401
  417
  437
  458
  480
  503
  527
  553
  580
  608
  638
  669
  702
  736
  772
  810
  850
  892
  936
  982
  1,031
Change in working capital, $m
  43
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  19
  20
  21
  23
  24
  25
  26
  27
  29
  30
  32
Cash from operations, $m
  411
  259
  271
  283
  296
  310
  324
  339
  355
  372
  389
  404
  424
  444
  465
  488
  511
  536
  562
  590
  618
  649
  680
  714
  749
  785
  824
  865
  907
  952
  999
Maintenance CAPEX, $m
  0
  -231
  -242
  -253
  -265
  -278
  -291
  -305
  -320
  -335
  -352
  -369
  -387
  -406
  -426
  -447
  -469
  -492
  -516
  -542
  -569
  -597
  -627
  -658
  -691
  -725
  -761
  -799
  -839
  -880
  -924
New CAPEX, $m
  -586
  -82
  -87
  -91
  -96
  -101
  -107
  -112
  -118
  -124
  -131
  -137
  -144
  -152
  -159
  -168
  -176
  -185
  -194
  -204
  -214
  -225
  -237
  -249
  -261
  -274
  -288
  -302
  -318
  -334
  -350
Cash from investing activities, $m
  -715
  -313
  -329
  -344
  -361
  -379
  -398
  -417
  -438
  -459
  -483
  -506
  -531
  -558
  -585
  -615
  -645
  -677
  -710
  -746
  -783
  -822
  -864
  -907
  -952
  -999
  -1,049
  -1,101
  -1,157
  -1,214
  -1,274
Free cash flow, $m
  -304
  -53
  -57
  -61
  -65
  -69
  -74
  -78
  -83
  -88
  -93
  -102
  -108
  -114
  -120
  -127
  -134
  -141
  -149
  -157
  -165
  -174
  -183
  -193
  -203
  -214
  -225
  -237
  -249
  -262
  -276
Issuance/(repayment) of debt, $m
  -103
  57
  60
  64
  67
  71
  74
  78
  82
  86
  91
  95
  100
  106
  111
  117
  122
  129
  135
  142
  149
  157
  165
  173
  182
  191
  200
  210
  221
  232
  244
Issuance/(repurchase) of shares, $m
  504
  61
  66
  69
  73
  77
  81
  85
  90
  95
  99
  96
  101
  107
  113
  119
  126
  133
  140
  147
  155
  164
  173
  182
  191
  201
  212
  223
  235
  247
  260
Cash from financing (excl. dividends), $m  
  393
  118
  126
  133
  140
  148
  155
  163
  172
  181
  190
  191
  201
  213
  224
  236
  248
  262
  275
  289
  304
  321
  338
  355
  373
  392
  412
  433
  456
  479
  504
Total cash flow (excl. dividends), $m
  88
  65
  69
  72
  75
  78
  81
  85
  89
  93
  97
  89
  94
  99
  104
  109
  115
  120
  127
  133
  140
  147
  154
  162
  170
  179
  188
  197
  207
  217
  228
Retained Cash Flow (-), $m
  -606
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -119
  -126
  -132
  -139
  -146
  -153
  -161
  -169
  -178
  -187
  -196
  -206
  -216
  -227
  -239
  -251
  -263
  -277
  -290
  -305
  -320
Prev. year cash balance distribution, $m
 
  130
  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
 
  121
  -11
  -12
  -13
  -15
  -16
  -18
  -19
  -21
  -22
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -92
Discount rate, %
 
  4.80
  5.04
  5.29
  5.56
  5.83
  6.13
  6.43
  6.75
  7.09
  7.45
  7.82
  8.21
  8.62
  9.05
  9.50
  9.98
  10.48
  11.00
  11.55
  12.13
  12.74
  13.37
  14.04
  14.74
  15.48
  16.25
  17.07
  17.92
  18.82
  19.76
PV of cash for distribution, $m
 
  115
  -10
  -10
  -11
  -11
  -11
  -11
  -11
  -11
  -11
  -16
  -15
  -14
  -12
  -11
  -10
  -9
  -8
  -7
  -6
  -5
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  98.3
  96.5
  94.8
  93.1
  91.4
  89.8
  88.1
  86.5
  84.9
  83.4
  82.0
  80.6
  79.2
  77.8
  76.4
  75.1
  73.8
  72.5
  71.2
  69.9
  68.7
  67.5
  66.2
  65.0
  63.9
  62.7
  61.6
  60.4
  59.3
  58.2

ViaSat, Inc. is engaged in broadband technologies and services. The Company operates through three segments: satellite services, commercial networks and government systems. The satellite services segment provides satellite-based broadband services to consumers, enterprises, commercial airlines and mobile broadband customers primarily in the United States. The commercial networks segment develops and produces a range of end-to-end satellite and wireless communication systems, ground networking equipment and space-to-earth connectivity systems. The government systems segment develops and produces network-centric Internet Protocol (IP)-based fixed and mobile secure government communications systems, products, services and solutions, which are designed to enable the collection and dissemination of real-time digital information between command centers, communications nodes and air defense systems.

FINANCIAL RATIOS  of  ViaSat (VSAT)

Valuation Ratios
P/E Ratio 155.4
Price to Sales 2.4
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow -21.3
Growth Rates
Sales Growth Rate 10%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 29.9%
Cap. Spend. - 3 Yr. Gr. Rate 10.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 48.9%
Total Debt to Equity 48.9%
Interest Coverage 4
Management Effectiveness
Return On Assets 1.2%
Ret/ On Assets - 3 Yr. Avg. 2.1%
Return On Total Capital 1%
Ret/ On T. Cap. - 3 Yr. Avg. 1.5%
Return On Equity 1.7%
Return On Equity - 3 Yr. Avg. 2.6%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 32.7%
Gross Margin - 3 Yr. Avg. 31.2%
EBITDA Margin 18%
EBITDA Margin - 3 Yr. Avg. 20%
Operating Margin 2.3%
Oper. Margin - 3 Yr. Avg. 3.8%
Pre-Tax Margin 1.6%
Pre-Tax Margin - 3 Yr. Avg. 2.3%
Net Profit Margin 1.5%
Net Profit Margin - 3 Yr. Avg. 2%
Effective Tax Rate 12%
Eff/ Tax Rate - 3 Yr. Avg. 5.2%
Payout Ratio 0%

VSAT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VSAT stock intrinsic value calculation we used $1559 million for the last fiscal year's total revenue generated by ViaSat. The default revenue input number comes from 2017 income statement of ViaSat. 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 VSAT stock valuation model: a) initial revenue growth rate of 4.7% 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 4.8%, whose default value for VSAT is calculated based on our internal credit rating of ViaSat, 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 ViaSat.
    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 VSAT stock the variable cost ratio is equal to 97.1%.

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 VSAT 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 ViaSat.

Corporate tax rate of 27% is the nominal tax rate for ViaSat. 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 VSAT 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 VSAT are equal to 112.5%.

Life of production assets of 7.6 years is the average useful life of capital assets used in ViaSat 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 VSAT is equal to 10.2%. 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 - $1735 million for ViaSat - 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 58.061 million for ViaSat 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 ViaSat at the current share price and the inputted number of shares is $3.8 billion.

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COMPANY NEWS

▶ You Won't Guess Seth Klarman's Biggest Position   [Sep-29-17 05:49PM  GuruFocus.com]
▶ ETFs with exposure to ViaSat, Inc. : September 6, 2017   [Sep-05-17 10:17PM  Capital Cube]
▶ ViaSat Opens New Asia-Pacific Headquarters in Melbourne   [Aug-28-17 09:22PM  PR Newswire]
▶ ViaSat reports 1Q loss   [Aug-08-17 05:58PM  Associated Press]
▶ ViaSat Welcomes Varsha Rao to Board of Directors   [Jul-12-17 08:00AM  PR Newswire]
▶ [$$] Inmarsat Aims High on In-Flight Wi-Fi   [Jun-30-17 12:18AM  The Wall Street Journal]
▶ [$$] Inmarsat Aims High on In-Flight Wi-Fi   [Jun-29-17 03:34AM  The Wall Street Journal]
▶ Mason Hawkins Buys Consol Energy, Viasat, Sonic   [Jun-09-17 04:59PM  GuruFocus.com]
▶ Viasat surges on successful satellite launch   [Jun-02-17 01:24PM  CNBC Videos]
▶ ViaSat-2 Successfully Launched   [08:00AM  PR Newswire]
▶ ViaSat tops Street 4Q forecasts   [04:25PM  Associated Press]
▶ Qantas Turns On Fast, Free, Gate-to-Gate In-flight Wi-Fi   [Apr-07-17 08:00AM  PR Newswire]
▶ Qantas launching beta on-board Wi-Fi   [Apr-05-17 02:35AM  ZDNet]
Financial statements of VSAT
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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