Intrinsic value of VSE - VSEC

Previous Close

$49.28

  Intrinsic Value

$123.98

stock screener

  Rating & Target

str. buy

+152%

  Value-price divergence*

-68%

Previous close

$49.28

 
Intrinsic value

$123.98

 
Up/down potential

+152%

 
Rating

str. buy

 
Value-price divergence*

-68%

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

We calculate the intrinsic value of VSEC 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 0.5

 

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, %
  29.59
  36.80
  33.62
  30.76
  28.18
  25.86
  23.78
  21.90
  20.21
  18.69
  17.32
  16.09
  14.98
  13.98
  13.08
  12.27
  11.55
  10.89
  10.30
  9.77
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.28
  7.05
  6.85
  6.66
  6.50
Revenue, $m
  692
  947
  1,265
  1,654
  2,120
  2,668
  3,303
  4,026
  4,840
  5,745
  6,740
  7,824
  8,996
  10,253
  11,595
  13,018
  14,521
  16,103
  17,762
  19,498
  21,311
  23,200
  25,167
  27,214
  29,342
  31,553
  33,851
  36,239
  38,721
  41,301
  43,985
Variable operating expenses, $m
 
  849
  1,128
  1,469
  1,878
  2,358
  2,914
  3,548
  4,261
  5,054
  5,925
  6,856
  7,882
  8,984
  10,160
  11,407
  12,724
  14,110
  15,564
  17,085
  18,673
  20,329
  22,053
  23,846
  25,710
  27,648
  29,662
  31,754
  33,929
  36,190
  38,542
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
  640
  849
  1,128
  1,469
  1,878
  2,358
  2,914
  3,548
  4,261
  5,054
  5,925
  6,856
  7,882
  8,984
  10,160
  11,407
  12,724
  14,110
  15,564
  17,085
  18,673
  20,329
  22,053
  23,846
  25,710
  27,648
  29,662
  31,754
  33,929
  36,190
  38,542
Operating income, $m
  52
  97
  137
  185
  242
  310
  389
  478
  579
  691
  814
  968
  1,113
  1,269
  1,435
  1,611
  1,797
  1,993
  2,198
  2,413
  2,637
  2,871
  3,115
  3,368
  3,631
  3,905
  4,189
  4,485
  4,792
  5,111
  5,443
EBITDA, $m
  78
  135
  180
  236
  302
  380
  471
  574
  689
  818
  960
  1,114
  1,281
  1,461
  1,652
  1,854
  2,069
  2,294
  2,530
  2,778
  3,036
  3,305
  3,585
  3,877
  4,180
  4,495
  4,822
  5,162
  5,516
  5,883
  6,266
Interest expense (income), $m
  8
  8
  14
  20
  28
  38
  49
  62
  77
  94
  112
  133
  155
  179
  205
  233
  262
  293
  326
  360
  396
  433
  472
  512
  555
  598
  644
  691
  741
  792
  845
Earnings before tax, $m
  42
  89
  123
  165
  214
  273
  340
  416
  502
  597
  702
  835
  958
  1,090
  1,230
  1,378
  1,535
  1,700
  1,872
  2,053
  2,242
  2,438
  2,643
  2,855
  3,077
  3,306
  3,545
  3,794
  4,052
  4,320
  4,599
Tax expense, $m
  15
  24
  33
  44
  58
  74
  92
  112
  136
  161
  189
  226
  259
  294
  332
  372
  414
  459
  506
  554
  605
  658
  714
  771
  831
  893
  957
  1,024
  1,094
  1,166
  1,242
Net income, $m
  27
  65
  90
  120
  156
  199
  248
  304
  367
  436
  512
  610
  699
  795
  898
  1,006
  1,120
  1,241
  1,367
  1,499
  1,636
  1,780
  1,929
  2,084
  2,246
  2,414
  2,588
  2,769
  2,958
  3,153
  3,357

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
  0
Total assets, $m
  662
  906
  1,210
  1,583
  2,029
  2,554
  3,161
  3,853
  4,632
  5,497
  6,449
  7,487
  8,608
  9,812
  11,096
  12,458
  13,896
  15,410
  16,997
  18,659
  20,393
  22,201
  24,084
  26,042
  28,078
  30,194
  32,393
  34,678
  37,054
  39,523
  42,091
Adjusted assets (=assets-cash), $m
  662
  906
  1,210
  1,583
  2,029
  2,554
  3,161
  3,853
  4,632
  5,497
  6,449
  7,487
  8,608
  9,812
  11,096
  12,458
  13,896
  15,410
  16,997
  18,659
  20,393
  22,201
  24,084
  26,042
  28,078
  30,194
  32,393
  34,678
  37,054
  39,523
  42,091
Revenue / Adjusted assets
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
Average production assets, $m
  198
  271
  362
  473
  606
  763
  945
  1,152
  1,384
  1,643
  1,927
  2,238
  2,573
  2,932
  3,316
  3,723
  4,153
  4,605
  5,080
  5,576
  6,095
  6,635
  7,198
  7,783
  8,392
  9,024
  9,681
  10,364
  11,074
  11,812
  12,580
Working capital, $m
  110
  179
  239
  313
  401
  504
  624
  761
  915
  1,086
  1,274
  1,479
  1,700
  1,938
  2,191
  2,460
  2,745
  3,043
  3,357
  3,685
  4,028
  4,385
  4,757
  5,143
  5,546
  5,964
  6,398
  6,849
  7,318
  7,806
  8,313
Total debt, $m
  237
  387
  574
  803
  1,078
  1,400
  1,774
  2,200
  2,678
  3,211
  3,796
  4,434
  5,124
  5,864
  6,654
  7,491
  8,376
  9,307
  10,283
  11,305
  12,372
  13,484
  14,641
  15,846
  17,098
  18,399
  19,752
  21,157
  22,618
  24,137
  25,716
Total liabilities, $m
  407
  557
  744
  973
  1,248
  1,570
  1,944
  2,370
  2,848
  3,381
  3,966
  4,604
  5,294
  6,034
  6,824
  7,661
  8,546
  9,477
  10,453
  11,475
  12,542
  13,654
  14,811
  16,016
  17,268
  18,569
  19,922
  21,327
  22,788
  24,307
  25,886
Total equity, $m
  255
  349
  466
  609
  781
  983
  1,217
  1,483
  1,783
  2,116
  2,483
  2,882
  3,314
  3,778
  4,272
  4,796
  5,350
  5,933
  6,544
  7,184
  7,851
  8,547
  9,272
  10,026
  10,810
  11,625
  12,471
  13,351
  14,266
  15,216
  16,205
Total liabilities and equity, $m
  662
  906
  1,210
  1,582
  2,029
  2,553
  3,161
  3,853
  4,631
  5,497
  6,449
  7,486
  8,608
  9,812
  11,096
  12,457
  13,896
  15,410
  16,997
  18,659
  20,393
  22,201
  24,083
  26,042
  28,078
  30,194
  32,393
  34,678
  37,054
  39,523
  42,091
Debt-to-equity ratio
  0.929
  1.110
  1.230
  1.320
  1.380
  1.420
  1.460
  1.480
  1.500
  1.520
  1.530
  1.540
  1.550
  1.550
  1.560
  1.560
  1.570
  1.570
  1.570
  1.570
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.590
  1.590
  1.590
Adjusted equity ratio
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  27
  65
  90
  120
  156
  199
  248
  304
  367
  436
  512
  610
  699
  795
  898
  1,006
  1,120
  1,241
  1,367
  1,499
  1,636
  1,780
  1,929
  2,084
  2,246
  2,414
  2,588
  2,769
  2,958
  3,153
  3,357
Depreciation, amort., depletion, $m
  26
  38
  44
  51
  60
  70
  82
  95
  110
  127
  146
  146
  168
  192
  217
  243
  271
  301
  332
  364
  398
  434
  470
  509
  548
  590
  633
  677
  724
  772
  822
Funds from operations, $m
  42
  103
  133
  171
  216
  269
  330
  399
  477
  563
  658
  756
  868
  987
  1,114
  1,249
  1,392
  1,542
  1,699
  1,863
  2,035
  2,214
  2,400
  2,593
  2,794
  3,004
  3,221
  3,447
  3,681
  3,925
  4,179
Change in working capital, $m
  -5
  48
  60
  74
  88
  104
  120
  137
  154
  171
  188
  205
  221
  238
  254
  269
  284
  299
  314
  328
  343
  357
  372
  387
  402
  418
  434
  451
  469
  488
  507
Cash from operations, $m
  47
  54
  73
  98
  128
  165
  210
  262
  323
  392
  470
  551
  646
  749
  861
  980
  1,108
  1,243
  1,385
  1,535
  1,692
  1,856
  2,028
  2,206
  2,392
  2,586
  2,787
  2,995
  3,212
  3,438
  3,672
Maintenance CAPEX, $m
  0
  -13
  -18
  -24
  -31
  -40
  -50
  -62
  -75
  -90
  -107
  -126
  -146
  -168
  -192
  -217
  -243
  -271
  -301
  -332
  -364
  -398
  -434
  -470
  -509
  -548
  -590
  -633
  -677
  -724
  -772
New CAPEX, $m
  -7
  -73
  -91
  -111
  -133
  -157
  -181
  -207
  -233
  -259
  -285
  -310
  -335
  -360
  -384
  -407
  -430
  -452
  -475
  -496
  -518
  -540
  -563
  -585
  -609
  -632
  -657
  -683
  -710
  -738
  -768
Cash from investing activities, $m
  -6
  -86
  -109
  -135
  -164
  -197
  -231
  -269
  -308
  -349
  -392
  -436
  -481
  -528
  -576
  -624
  -673
  -723
  -776
  -828
  -882
  -938
  -997
  -1,055
  -1,118
  -1,180
  -1,247
  -1,316
  -1,387
  -1,462
  -1,540
Free cash flow, $m
  41
  -31
  -35
  -37
  -36
  -31
  -22
  -6
  15
  43
  78
  115
  165
  221
  286
  357
  435
  519
  610
  707
  809
  918
  1,032
  1,151
  1,275
  1,405
  1,539
  1,680
  1,825
  1,976
  2,132
Issuance/(repayment) of debt, $m
  -20
  150
  187
  229
  274
  323
  373
  426
  479
  532
  586
  638
  690
  740
  789
  838
  885
  931
  976
  1,022
  1,067
  1,112
  1,158
  1,204
  1,252
  1,301
  1,352
  1,405
  1,461
  1,519
  1,579
Issuance/(repurchase) of shares, $m
  0
  29
  27
  23
  15
  3
  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  
  -39
  179
  214
  252
  289
  326
  373
  426
  479
  532
  586
  638
  690
  740
  789
  838
  885
  931
  976
  1,022
  1,067
  1,112
  1,158
  1,204
  1,252
  1,301
  1,352
  1,405
  1,461
  1,519
  1,579
Total cash flow (excl. dividends), $m
  2
  148
  179
  215
  253
  294
  352
  419
  494
  576
  664
  753
  854
  962
  1,075
  1,194
  1,319
  1,450
  1,586
  1,728
  1,876
  2,030
  2,189
  2,355
  2,527
  2,706
  2,892
  3,085
  3,286
  3,495
  3,712
Retained Cash Flow (-), $m
  -26
  -94
  -117
  -143
  -172
  -202
  -234
  -266
  -300
  -333
  -367
  -399
  -432
  -463
  -494
  -524
  -554
  -583
  -611
  -640
  -668
  -696
  -725
  -754
  -784
  -815
  -847
  -880
  -914
  -951
  -989
Prev. year cash balance distribution, $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 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
 
  54
  62
  71
  82
  92
  118
  153
  194
  242
  297
  354
  423
  498
  581
  670
  765
  867
  975
  1,089
  1,208
  1,334
  1,464
  1,601
  1,743
  1,891
  2,045
  2,205
  2,371
  2,544
  2,723
Discount rate, %
 
  7.70
  8.09
  8.49
  8.91
  9.36
  9.83
  10.32
  10.83
  11.38
  11.95
  12.54
  13.17
  13.83
  14.52
  15.25
  16.01
  16.81
  17.65
  18.53
  19.46
  20.43
  21.45
  22.52
  23.65
  24.83
  26.07
  27.38
  28.75
  30.18
  31.69
PV of cash for distribution, $m
 
  50
  53
  56
  58
  59
  67
  77
  85
  92
  96
  96
  96
  93
  87
  80
  71
  62
  52
  43
  35
  27
  20
  15
  11
  7
  5
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  94.8
  91.3
  89.2
  88.1
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0

VSE Corporation operates as a diversified services and supply company in the United States. The company’s Supply Chain Management Group segment offers sourcing, acquisition, scheduling, transportation, shipping, logistics, data management, and other services to assist its clients with supply chain management. This segment supplies vehicle parts and mission critical supply chain support through a managed inventory program to the United States Postal Service (USPS) truck fleet, other projects to support the USPS, managed inventory services and parts sales to support commercial client truck fleets, and part sales to Department of Defense. Its Aviation Group segment provides maintenance, repair, and overhaul (MRO) services; parts supply and distribution; and supply chain solutions for general aviation jet aircraft engines and engine accessories. This segment serves corporate and private aircraft owners, regional airlines, aviation manufacturers, other aviation MRO providers, cargo transporters, and agricultural clients. The company’s Federal Services Group segment offers foreign military sales services and refurbishment services to extend and enhance the life of existing vehicles and equipment; fleet-wide ship and aircraft support; aircraft sustainment and maintenance; and other technical, management, engineering, logistics, maintenance, configuration management, prototyping, technology, and field support services to the U.S. Navy and Marine Corps, U.S. Army and Army Reserve, U.S. Air Force, and other customers. Its IT, Energy and Management Consulting Group segment provides technical and consulting services primarily to the United States Department of Defense and various federal civilian agencies. The company was founded in 1959 and is headquartered in Alexandria, Virginia.

FINANCIAL RATIOS  of  VSE (VSEC)

Valuation Ratios
P/E Ratio 19.7
Price to Sales 0.8
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 11.3
Price to Free Cash Flow 13.3
Growth Rates
Sales Growth Rate 29.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -36.4%
Cap. Spend. - 3 Yr. Gr. Rate 11.8%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 84.7%
Total Debt to Equity 92.9%
Interest Coverage 6
Management Effectiveness
Return On Assets 5%
Ret/ On Assets - 3 Yr. Avg. 5.5%
Return On Total Capital 5.5%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity 11.2%
Return On Equity - 3 Yr. Avg. 10.8%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 10.7%
Gross Margin - 3 Yr. Avg. 10.2%
EBITDA Margin 11%
EBITDA Margin - 3 Yr. Avg. 12.5%
Operating Margin 7.5%
Oper. Margin - 3 Yr. Avg. 8.6%
Pre-Tax Margin 6.1%
Pre-Tax Margin - 3 Yr. Avg. 7.2%
Net Profit Margin 3.9%
Net Profit Margin - 3 Yr. Avg. 4.4%
Effective Tax Rate 35.7%
Eff/ Tax Rate - 3 Yr. Avg. 38%
Payout Ratio 7.4%

VSEC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VSEC stock intrinsic value calculation we used $692 million for the last fiscal year's total revenue generated by VSE. The default revenue input number comes from 2016 income statement of VSE. 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 VSEC stock valuation model: a) initial revenue growth rate of 36.8% 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 7.7%, whose default value for VSEC is calculated based on our internal credit rating of VSE, 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 VSE.
    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 VSEC stock the variable cost ratio is equal to 90.5%.

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 VSEC 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 VSE.

Corporate tax rate of 27% is the nominal tax rate for VSE. 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 VSEC 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 VSEC are equal to 28.6%.

Life of production assets of 15.3 years is the average useful life of capital assets used in VSE 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 VSEC is equal to 18.9%. 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 - $255 million for VSE - 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 10.699 million for VSE 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 VSE at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ VSE Reports Financial Results for Second Quarter 2017   [Jul-27-17 04:15PM  Business Wire]
▶ VSE Corporation Receives $46.2M in New Awards   [Jul-18-17 04:30PM  Business Wire]
▶ VSE Awarded $22.3M Air Force Ground Equipment Task Order   [Jun-14-17 05:00PM  Business Wire]
▶ VSE Declares a $0.07 Per Share Cash Dividend   [May-03-17 04:30PM  Business Wire]
▶ VSE posts 1Q profit   [Apr-27-17 07:10PM  Associated Press]
▶ VSE posts 4Q profit   [Feb-27-17 07:06PM  Associated Press]
▶ ETFs with exposure to VSE Corp. : January 17, 2017   [Jan-17-17 01:50PM  Capital Cube]
▶ VSE Corporation Awarded $53.4M in FMS Delivery Orders   [Oct-11-16 05:00PM  Business Wire]
▶ VSE Reports Financial Results for Second Quarter 2016   [Jul-28-16 07:01PM  Business Wire]
▶ VSE Announces Jury Verdict in Civil Litigation Matter   [Jul-01-16 04:52PM  Business Wire]
▶ VSE Reports Financial Results for First Quarter 2016   [Apr-28-16 05:52PM  Business Wire]
▶ VSE Corporation Receives $42M in New Awards   [Dec-17  04:30PM  Business Wire]
▶ VSE Corporation Receives $59M in New Awards   [Nov-30  04:57PM  Business Wire]
▶ Are Hedge Funds Dumping VSE Corporation (VSEC)?   [Nov-27  09:07AM  at Insider Monkey]
Stock chart of VSEC Financial statements of VSEC
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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