Intrinsic value of ViaSat - VSAT

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$66.00

  Intrinsic Value

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  Value-price divergence*

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*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 3.8

 

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
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
Revenue, $m
  1,559
  1,552
  1,692
  1,838
  1,991
  2,149
  2,313
  2,484
  2,662
  2,847
  3,039
  3,238
  3,446
  3,662
  3,887
  4,121
  4,366
  4,620
  4,886
  5,163
  5,453
  5,755
  6,071
  6,402
  6,748
  7,109
  7,488
  7,884
  8,299
  8,733
  9,188
Variable operating expenses, $m
 
  1,456
  1,587
  1,723
  1,864
  2,012
  2,165
  2,324
  2,489
  2,661
  2,840
  3,014
  3,207
  3,408
  3,618
  3,836
  4,063
  4,300
  4,548
  4,806
  5,075
  5,357
  5,651
  5,959
  6,280
  6,617
  6,969
  7,338
  7,724
  8,128
  8,552
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
  1,456
  1,587
  1,723
  1,864
  2,012
  2,165
  2,324
  2,489
  2,661
  2,840
  3,014
  3,207
  3,408
  3,618
  3,836
  4,063
  4,300
  4,548
  4,806
  5,075
  5,357
  5,651
  5,959
  6,280
  6,617
  6,969
  7,338
  7,724
  8,128
  8,552
Operating income, $m
  36
  96
  105
  116
  126
  137
  149
  160
  173
  185
  199
  224
  239
  254
  269
  285
  302
  320
  338
  358
  378
  399
  420
  443
  467
  492
  519
  546
  575
  605
  636
EBITDA, $m
  278
  353
  385
  418
  453
  489
  526
  565
  605
  647
  691
  737
  784
  833
  884
  937
  993
  1,051
  1,111
  1,174
  1,240
  1,309
  1,381
  1,456
  1,535
  1,617
  1,703
  1,793
  1,887
  1,986
  2,090
Interest expense (income), $m
  22
  33
  37
  42
  46
  51
  56
  61
  66
  72
  78
  84
  90
  97
  103
  110
  118
  125
  133
  142
  150
  159
  169
  179
  189
  200
  211
  223
  235
  248
  262
Earnings before tax, $m
  25
  63
  68
  74
  80
  86
  93
  99
  106
  113
  121
  140
  149
  157
  166
  175
  185
  195
  205
  216
  227
  239
  252
  265
  278
  293
  307
  323
  339
  357
  374
Tax expense, $m
  3
  17
  18
  20
  22
  23
  25
  27
  29
  31
  33
  38
  40
  42
  45
  47
  50
  53
  55
  58
  61
  65
  68
  71
  75
  79
  83
  87
  92
  96
  101
Net income, $m
  24
  46
  50
  54
  58
  63
  68
  72
  78
  83
  88
  103
  109
  115
  121
  128
  135
  142
  150
  158
  166
  175
  184
  193
  203
  214
  224
  236
  248
  260
  273

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
  2,577
  2,811
  3,054
  3,307
  3,569
  3,843
  4,127
  4,422
  4,729
  5,048
  5,379
  5,724
  6,083
  6,457
  6,846
  7,252
  7,675
  8,116
  8,577
  9,058
  9,560
  10,085
  10,634
  11,209
  11,809
  12,438
  13,096
  13,785
  14,507
  15,263
Adjusted assets (=assets-cash), $m
  2,825
  2,577
  2,811
  3,054
  3,307
  3,569
  3,843
  4,127
  4,422
  4,729
  5,048
  5,379
  5,724
  6,083
  6,457
  6,846
  7,252
  7,675
  8,116
  8,577
  9,058
  9,560
  10,085
  10,634
  11,209
  11,809
  12,438
  13,096
  13,785
  14,507
  15,263
Revenue / Adjusted assets
  0.552
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
Average production assets, $m
  821
  1,620
  1,766
  1,919
  2,078
  2,243
  2,415
  2,594
  2,779
  2,972
  3,172
  3,381
  3,598
  3,823
  4,058
  4,303
  4,558
  4,824
  5,101
  5,391
  5,693
  6,009
  6,339
  6,684
  7,044
  7,422
  7,817
  8,231
  8,664
  9,117
  9,592
Working capital, $m
  289
  219
  239
  259
  281
  303
  326
  350
  375
  401
  428
  457
  486
  516
  548
  581
  616
  651
  689
  728
  769
  812
  856
  903
  951
  1,002
  1,056
  1,112
  1,170
  1,231
  1,296
Total debt, $m
  848
  1,065
  1,190
  1,321
  1,457
  1,598
  1,745
  1,898
  2,057
  2,222
  2,394
  2,572
  2,758
  2,951
  3,152
  3,361
  3,580
  3,807
  4,045
  4,292
  4,551
  4,821
  5,104
  5,399
  5,708
  6,031
  6,370
  6,724
  7,094
  7,483
  7,889
Total liabilities, $m
  1,220
  1,387
  1,512
  1,643
  1,779
  1,920
  2,067
  2,220
  2,379
  2,544
  2,716
  2,894
  3,080
  3,273
  3,474
  3,683
  3,902
  4,129
  4,367
  4,614
  4,873
  5,143
  5,426
  5,721
  6,030
  6,353
  6,692
  7,046
  7,416
  7,805
  8,211
Total equity, $m
  1,735
  1,191
  1,299
  1,411
  1,528
  1,649
  1,775
  1,907
  2,043
  2,185
  2,332
  2,485
  2,645
  2,810
  2,983
  3,163
  3,350
  3,546
  3,750
  3,963
  4,185
  4,417
  4,659
  4,913
  5,178
  5,456
  5,746
  6,050
  6,369
  6,702
  7,051
Total liabilities and equity, $m
  2,955
  2,578
  2,811
  3,054
  3,307
  3,569
  3,842
  4,127
  4,422
  4,729
  5,048
  5,379
  5,725
  6,083
  6,457
  6,846
  7,252
  7,675
  8,117
  8,577
  9,058
  9,560
  10,085
  10,634
  11,208
  11,809
  12,438
  13,096
  13,785
  14,507
  15,262
Debt-to-equity ratio
  0.489
  0.890
  0.920
  0.940
  0.950
  0.970
  0.980
  1.000
  1.010
  1.020
  1.030
  1.030
  1.040
  1.050
  1.060
  1.060
  1.070
  1.070
  1.080
  1.080
  1.090
  1.090
  1.100
  1.100
  1.100
  1.110
  1.110
  1.110
  1.110
  1.120
  1.120
Adjusted equity ratio
  0.568
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462
  0.462

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  24
  46
  50
  54
  58
  63
  68
  72
  78
  83
  88
  103
  109
  115
  121
  128
  135
  142
  150
  158
  166
  175
  184
  193
  203
  214
  224
  236
  248
  260
  273
Depreciation, amort., depletion, $m
  242
  257
  279
  302
  327
  352
  378
  405
  433
  462
  492
  512
  545
  579
  615
  652
  691
  731
  773
  817
  863
  910
  960
  1,013
  1,067
  1,125
  1,184
  1,247
  1,313
  1,381
  1,453
Funds from operations, $m
  245
  303
  329
  356
  385
  414
  445
  477
  510
  545
  581
  615
  654
  694
  736
  780
  825
  873
  923
  974
  1,029
  1,085
  1,144
  1,206
  1,271
  1,338
  1,409
  1,483
  1,560
  1,642
  1,727
Change in working capital, $m
  -52
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
Cash from operations, $m
  297
  403
  309
  336
  363
  392
  422
  453
  485
  519
  554
  587
  624
  663
  704
  747
  791
  837
  885
  935
  988
  1,042
  1,100
  1,159
  1,222
  1,287
  1,355
  1,427
  1,502
  1,580
  1,663
Maintenance CAPEX, $m
  0
  -224
  -245
  -268
  -291
  -315
  -340
  -366
  -393
  -421
  -450
  -481
  -512
  -545
  -579
  -615
  -652
  -691
  -731
  -773
  -817
  -863
  -910
  -960
  -1,013
  -1,067
  -1,125
  -1,184
  -1,247
  -1,313
  -1,381
New CAPEX, $m
  -451
  -140
  -147
  -153
  -159
  -165
  -172
  -179
  -186
  -193
  -200
  -208
  -217
  -226
  -235
  -245
  -255
  -266
  -277
  -290
  -302
  -316
  -330
  -345
  -361
  -378
  -395
  -414
  -433
  -454
  -475
Cash from investing activities, $m
  -456
  -364
  -392
  -421
  -450
  -480
  -512
  -545
  -579
  -614
  -650
  -689
  -729
  -771
  -814
  -860
  -907
  -957
  -1,008
  -1,063
  -1,119
  -1,179
  -1,240
  -1,305
  -1,374
  -1,445
  -1,520
  -1,598
  -1,680
  -1,767
  -1,856
Free cash flow, $m
  -159
  39
  -83
  -85
  -86
  -88
  -90
  -91
  -93
  -95
  -97
  -102
  -105
  -107
  -110
  -113
  -116
  -119
  -123
  -127
  -131
  -136
  -141
  -146
  -152
  -158
  -164
  -171
  -178
  -186
  -194
Issuance/(repayment) of debt, $m
  146
  119
  125
  131
  136
  141
  147
  153
  159
  165
  172
  178
  186
  193
  201
  209
  218
  228
  237
  248
  259
  270
  283
  295
  309
  323
  338
  354
  371
  388
  407
Issuance/(repurchase) of shares, $m
  6
  0
  65
  66
  67
  68
  69
  70
  71
  72
  73
  77
  78
  80
  81
  83
  85
  87
  90
  92
  95
  98
  101
  104
  108
  112
  116
  121
  126
  131
  137
Cash from financing (excl. dividends), $m  
  149
  119
  190
  197
  203
  209
  216
  223
  230
  237
  245
  255
  264
  273
  282
  292
  303
  315
  327
  340
  354
  368
  384
  399
  417
  435
  454
  475
  497
  519
  544
Total cash flow (excl. dividends), $m
  -10
  157
  43
  46
  50
  54
  57
  61
  66
  70
  74
  76
  81
  86
  91
  97
  102
  108
  114
  121
  127
  134
  142
  149
  157
  165
  174
  183
  193
  202
  213
Retained Cash Flow (-), $m
  -606
  -104
  -108
  -112
  -117
  -121
  -126
  -131
  -136
  -142
  -147
  -153
  -159
  -166
  -173
  -180
  -187
  -195
  -204
  -213
  -222
  -232
  -243
  -254
  -265
  -278
  -290
  -304
  -318
  -333
  -349
Prev. year cash balance distribution, $m
 
  42
  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
 
  96
  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
Discount rate, %
 
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
 
  90
  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
Current shareholders' claim on cash, %
  100
  100.0
  98.4
  96.9
  95.5
  94.3
  93.1
  92.0
  91.0
  90.1
  89.2
  88.3
  87.5
  86.7
  85.9
  85.2
  84.5
  83.9
  83.2
  82.6
  82.0
  81.5
  80.9
  80.4
  79.8
  79.3
  78.8
  78.3
  77.8
  77.4
  76.9

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 158.4
Price to Sales 2.4
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 12.8
Price to Free Cash Flow -24.7
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 $1417 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 9.5% 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 6.2%, 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 93.9%.

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 104.4%.

Life of production assets of 6.6 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 14.1%. 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 - $1129 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 $3.8 billion.


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COMPANY NEWS

▶ 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]
▶ Is ViaSat, Inc. (VSAT) A Good Stock To Buy?   [Dec-13-16 10:37AM  at Insider Monkey]
▶ ViaSat Buys Acronics to Boost In-Flight Offerings   [Nov-21-16 09:24AM  at Investopedia]
▶ American Airlines to Install More ViaSat Equipment (AAL, VSAT)   [Nov-11-16 11:51AM  at Investopedia]
▶ American Goes All In on Faster Wi-Fi   [Nov-09-16 12:38PM  at Bloomberg]
Stock chart of VSAT Financial statements of VSAT Annual reports 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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