Intrinsic value of ViaSat - VSAT

Previous Close

$59.30

  Intrinsic Value

$9.75

stock screener

  Rating & Target

str. sell

-84%

  Value-price divergence*

+1%

Previous close

$59.30

 
Intrinsic value

$9.75

 
Up/down potential

-84%

 
Rating

str. sell

 
Value-price divergence*

+1%

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

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 3.4

 

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
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
Revenue, $m
  1,559
  1,743
  1,937
  2,140
  2,353
  2,576
  2,808
  3,050
  3,302
  3,564
  3,836
  4,118
  4,412
  4,718
  5,035
  5,365
  5,709
  6,066
  6,438
  6,826
  7,230
  7,651
  8,090
  8,549
  9,028
  9,528
  10,051
  10,598
  11,170
  11,768
  12,394
Variable operating expenses, $m
 
  1,691
  1,878
  2,074
  2,279
  2,494
  2,717
  2,950
  3,193
  3,445
  3,707
  3,967
  4,250
  4,545
  4,850
  5,168
  5,499
  5,843
  6,202
  6,575
  6,964
  7,370
  7,793
  8,235
  8,697
  9,179
  9,682
  10,209
  10,760
  11,336
  11,939
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
  1,691
  1,878
  2,074
  2,279
  2,494
  2,717
  2,950
  3,193
  3,445
  3,707
  3,967
  4,250
  4,545
  4,850
  5,168
  5,499
  5,843
  6,202
  6,575
  6,964
  7,370
  7,793
  8,235
  8,697
  9,179
  9,682
  10,209
  10,760
  11,336
  11,939
Operating income, $m
  36
  52
  59
  67
  74
  83
  91
  100
  109
  119
  129
  151
  162
  173
  185
  197
  209
  223
  236
  250
  265
  281
  297
  314
  331
  350
  369
  389
  410
  432
  455
EBITDA, $m
  278
  156
  173
  191
  210
  230
  251
  272
  295
  318
  343
  368
  394
  421
  450
  479
  510
  542
  575
  610
  646
  683
  722
  763
  806
  851
  898
  946
  997
  1,051
  1,107
Interest expense (income), $m
  22
  30
  35
  40
  46
  51
  58
  64
  71
  77
  85
  92
  100
  108
  116
  125
  134
  143
  153
  163
  174
  185
  197
  209
  221
  234
  248
  262
  277
  293
  309
Earnings before tax, $m
  25
  22
  24
  27
  29
  31
  34
  36
  39
  41
  44
  59
  62
  65
  69
  72
  76
  79
  83
  87
  91
  96
  100
  105
  110
  115
  121
  127
  133
  139
  146
Tax expense, $m
  3
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  16
  17
  18
  19
  19
  20
  21
  22
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  39
Net income, $m
  24
  16
  18
  19
  21
  23
  24
  26
  28
  30
  32
  43
  45
  48
  50
  53
  55
  58
  61
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  101
  106

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
  3,158
  3,509
  3,877
  4,263
  4,667
  5,088
  5,526
  5,982
  6,456
  6,949
  7,461
  7,993
  8,546
  9,122
  9,719
  10,342
  10,989
  11,663
  12,365
  13,097
  13,860
  14,656
  15,487
  16,355
  17,261
  18,209
  19,199
  20,235
  21,319
  22,453
Adjusted assets (=assets-cash), $m
  2,825
  3,158
  3,509
  3,877
  4,263
  4,667
  5,088
  5,526
  5,982
  6,456
  6,949
  7,461
  7,993
  8,546
  9,122
  9,719
  10,342
  10,989
  11,663
  12,365
  13,097
  13,860
  14,656
  15,487
  16,355
  17,261
  18,209
  19,199
  20,235
  21,319
  22,453
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
  821
  917
  1,019
  1,126
  1,238
  1,355
  1,477
  1,604
  1,737
  1,875
  2,018
  2,166
  2,321
  2,481
  2,648
  2,822
  3,003
  3,191
  3,386
  3,590
  3,803
  4,024
  4,255
  4,497
  4,749
  5,012
  5,287
  5,575
  5,875
  6,190
  6,519
Working capital, $m
  289
  178
  198
  218
  240
  263
  286
  311
  337
  363
  391
  420
  450
  481
  514
  547
  582
  619
  657
  696
  737
  780
  825
  872
  921
  972
  1,025
  1,081
  1,139
  1,200
  1,264
Total debt, $m
  848
  992
  1,144
  1,303
  1,470
  1,644
  1,826
  2,015
  2,212
  2,417
  2,630
  2,851
  3,081
  3,320
  3,568
  3,827
  4,096
  4,375
  4,666
  4,970
  5,286
  5,616
  5,960
  6,318
  6,693
  7,085
  7,494
  7,922
  8,370
  8,838
  9,328
Total liabilities, $m
  1,220
  1,364
  1,516
  1,675
  1,842
  2,016
  2,198
  2,387
  2,584
  2,789
  3,002
  3,223
  3,453
  3,692
  3,940
  4,199
  4,468
  4,747
  5,038
  5,342
  5,658
  5,988
  6,332
  6,690
  7,065
  7,457
  7,866
  8,294
  8,742
  9,210
  9,700
Total equity, $m
  1,735
  1,793
  1,993
  2,202
  2,422
  2,651
  2,890
  3,139
  3,398
  3,667
  3,947
  4,238
  4,540
  4,854
  5,181
  5,521
  5,874
  6,242
  6,625
  7,023
  7,439
  7,873
  8,325
  8,797
  9,290
  9,804
  10,343
  10,905
  11,494
  12,109
  12,753
Total liabilities and equity, $m
  2,955
  3,157
  3,509
  3,877
  4,264
  4,667
  5,088
  5,526
  5,982
  6,456
  6,949
  7,461
  7,993
  8,546
  9,121
  9,720
  10,342
  10,989
  11,663
  12,365
  13,097
  13,861
  14,657
  15,487
  16,355
  17,261
  18,209
  19,199
  20,236
  21,319
  22,453
Debt-to-equity ratio
  0.489
  0.550
  0.570
  0.590
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.670
  0.680
  0.680
  0.690
  0.690
  0.700
  0.700
  0.700
  0.710
  0.710
  0.710
  0.720
  0.720
  0.720
  0.720
  0.720
  0.730
  0.730
  0.730
  0.730
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
  16
  18
  19
  21
  23
  24
  26
  28
  30
  32
  43
  45
  48
  50
  53
  55
  58
  61
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  101
  106
Depreciation, amort., depletion, $m
  242
  104
  114
  125
  136
  148
  160
  172
  186
  199
  214
  217
  232
  248
  265
  282
  300
  319
  339
  359
  380
  402
  426
  450
  475
  501
  529
  557
  588
  619
  652
Funds from operations, $m
  245
  120
  132
  144
  157
  170
  184
  199
  214
  230
  246
  260
  277
  296
  315
  335
  355
  377
  399
  423
  447
  472
  499
  526
  555
  585
  617
  650
  684
  720
  758
Change in working capital, $m
  -52
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  40
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
Cash from operations, $m
  297
  101
  112
  123
  135
  147
  160
  174
  188
  203
  218
  231
  247
  265
  283
  301
  320
  340
  361
  383
  406
  429
  454
  480
  506
  534
  564
  594
  626
  659
  694
Maintenance CAPEX, $m
  0
  -82
  -92
  -102
  -113
  -124
  -136
  -148
  -160
  -174
  -187
  -202
  -217
  -232
  -248
  -265
  -282
  -300
  -319
  -339
  -359
  -380
  -402
  -426
  -450
  -475
  -501
  -529
  -557
  -588
  -619
New CAPEX, $m
  -451
  -96
  -102
  -107
  -112
  -117
  -122
  -127
  -132
  -138
  -143
  -149
  -155
  -161
  -167
  -174
  -181
  -188
  -196
  -204
  -212
  -222
  -231
  -241
  -252
  -263
  -275
  -288
  -301
  -315
  -329
Cash from investing activities, $m
  -456
  -178
  -194
  -209
  -225
  -241
  -258
  -275
  -292
  -312
  -330
  -351
  -372
  -393
  -415
  -439
  -463
  -488
  -515
  -543
  -571
  -602
  -633
  -667
  -702
  -738
  -776
  -817
  -858
  -903
  -948
Free cash flow, $m
  -159
  -77
  -82
  -86
  -90
  -93
  -97
  -101
  -105
  -108
  -112
  -120
  -124
  -128
  -133
  -137
  -142
  -148
  -153
  -159
  -166
  -172
  -180
  -187
  -195
  -204
  -213
  -222
  -232
  -243
  -254
Issuance/(repayment) of debt, $m
  146
  144
  152
  159
  167
  174
  182
  189
  197
  205
  213
  221
  230
  239
  248
  258
  269
  280
  291
  303
  316
  330
  344
  359
  375
  392
  409
  428
  447
  468
  490
Issuance/(repurchase) of shares, $m
  6
  172
  182
  190
  198
  206
  215
  223
  231
  239
  248
  248
  257
  267
  277
  287
  298
  310
  322
  335
  349
  364
  379
  395
  412
  431
  450
  470
  492
  514
  538
Cash from financing (excl. dividends), $m  
  149
  316
  334
  349
  365
  380
  397
  412
  428
  444
  461
  469
  487
  506
  525
  545
  567
  590
  613
  638
  665
  694
  723
  754
  787
  823
  859
  898
  939
  982
  1,028
Total cash flow (excl. dividends), $m
  -10
  239
  252
  264
  275
  287
  299
  311
  323
  336
  348
  350
  363
  377
  392
  408
  424
  442
  460
  479
  499
  521
  543
  567
  592
  619
  646
  676
  707
  740
  774
Retained Cash Flow (-), $m
  -606
  -188
  -199
  -209
  -219
  -229
  -239
  -249
  -259
  -269
  -280
  -291
  -302
  -314
  -327
  -340
  -353
  -368
  -383
  -399
  -416
  -433
  -452
  -472
  -493
  -515
  -538
  -563
  -588
  -616
  -644
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
 
  181
  52
  54
  56
  58
  60
  62
  64
  66
  68
  59
  61
  63
  66
  68
  71
  74
  77
  80
  84
  87
  91
  95
  99
  104
  108
  113
  118
  124
  130
Discount rate, %
 
  4.90
  5.15
  5.40
  5.67
  5.96
  6.25
  6.57
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
PV of cash for distribution, $m
 
  172
  47
  46
  45
  44
  42
  40
  38
  35
  33
  25
  23
  21
  19
  17
  15
  13
  11
  10
  8
  7
  5
  4
  3
  3
  2
  1
  1
  1
  1
Current shareholders' claim on cash, %
  100
  94.8
  90.1
  85.9
  82.1
  78.6
  75.5
  72.6
  70.0
  67.5
  65.3
  63.2
  61.3
  59.5
  57.8
  56.2
  54.7
  53.3
  51.9
  50.6
  49.3
  48.1
  46.9
  45.8
  44.8
  43.7
  42.7
  41.7
  40.8
  39.9
  39.0

ViaSat, Inc. provides broadband and communications products and services worldwide. The company’s Satellite Services segment offers fixed broadband services, including broadband Internet access and voice over Internet protocol services under the Exede and WildBlue brands to consumers and businesses; in-flight Internet and broadband connectivity services to commercial airlines and business jets; mobile broadband services comprising network management and high-speed Internet connectivity services for customers using airborne, maritime, and ground mobile satellite systems; and enterprise broadband services. As of March 31, 2016, this segment provided broadband Internet services to approximately 697,000 consumer and small business subscribers. Its Commercial Networks segment offers fixed satellite networks that comprise satellite network infrastructure and ground terminals designed to access Ka-band broadband services; mobile broadband satellite communication systems; and antenna systems for terrestrial and satellite applications, such as earth imaging, remote sensing, mobile satellite communication, Ka-band earth stations, and other multi-band antennas. This segment also provides design and technology services, including analysis, design, and specification of satellites and ground systems; ASIC and MMIC design and production; and wide area network compression for enterprise networks. The company’s Government Systems segment offers government satellite communication systems, including various mobile and fixed broadband modems, terminals, network access control systems, and antenna systems; cybersecurity and information assurance products and services; and tactical radio and information distribution systems to enable real-time collection and dissemination of secure real-time digital information between command centers, communications nodes, and air defense systems. ViaSat, Inc. was founded in 1986 and is headquartered in Carlsbad, California.

FINANCIAL RATIOS  of  ViaSat (VSAT)

Valuation Ratios
P/E Ratio 142.3
Price to Sales 2.2
Price to Book 2
Price to Tangible Book
Price to Cash Flow 11.5
Price to Free Cash Flow -22.2
Growth Rates
Sales Growth Rate 10%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 7.6%
Cap. Spend. - 3 Yr. Gr. Rate 17.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 48.9%
Total Debt to Equity 48.9%
Interest Coverage 2
Management Effectiveness
Return On Assets 1.6%
Ret/ On Assets - 3 Yr. Avg. 2.5%
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 18.5%
EBITDA Margin - 3 Yr. Avg. 19.1%
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 11.8% 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 4.9%, 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 52.6%.

Life of production assets of 10 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 56.94 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 $3.4 billion.

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COMPANY NEWS

▶ 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]
▶ Can Gogo Stock Keep Going After Last Week's 12% Pop?   [Mar-13-17 09:09AM  Motley Fool]
▶ [$$] Hughes Targets Suburban U.S. With Faster Satellite Internet Service   [Mar-07-17 06:34PM  at The Wall Street Journal]
▶ What Does Seth Klarman Like About ViaSat?   [Feb-20-17 02:34PM  Gurufocus]
▶ Buy or Sell ViaSat? 3 Analysts Debate   [12:44PM  at Motley Fool]
▶ Dish Is Optimistic about Its Broadband Services: Heres Why   [Jan-18-17 09:08AM  at Market Realist]
▶ Why Gogo Inc. Stock Plunged 47.6% in 2016   [Jan-06-17 12:30PM  at Motley Fool]
Stock chart of VSAT 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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