Intrinsic value of West - WSTC

Previous Close

$23.36

  Intrinsic Value

$11.33

stock screener

  Rating & Target

str. sell

-52%

  Value-price divergence*

-2%

Previous close

$23.36

 
Intrinsic value

$11.33

 
Up/down potential

-52%

 
Rating

str. sell

 
Value-price divergence*

-2%

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

We calculate the intrinsic value of WSTC 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 1.9

 

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, %
  0.53
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,292
  2,338
  2,392
  2,453
  2,522
  2,599
  2,682
  2,774
  2,873
  2,979
  3,094
  3,216
  3,346
  3,485
  3,633
  3,790
  3,956
  4,132
  4,318
  4,514
  4,721
  4,940
  5,171
  5,414
  5,671
  5,941
  6,225
  6,524
  6,839
  7,170
  7,518
Variable operating expenses, $m
 
  1,866
  1,905
  1,949
  1,998
  2,053
  2,113
  2,179
  2,250
  2,326
  2,408
  2,304
  2,397
  2,497
  2,603
  2,715
  2,834
  2,960
  3,093
  3,234
  3,382
  3,539
  3,705
  3,879
  4,062
  4,256
  4,460
  4,674
  4,899
  5,137
  5,386
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
  1,848
  1,866
  1,905
  1,949
  1,998
  2,053
  2,113
  2,179
  2,250
  2,326
  2,408
  2,304
  2,397
  2,497
  2,603
  2,715
  2,834
  2,960
  3,093
  3,234
  3,382
  3,539
  3,705
  3,879
  4,062
  4,256
  4,460
  4,674
  4,899
  5,137
  5,386
Operating income, $m
  444
  471
  487
  504
  524
  545
  569
  595
  623
  653
  686
  912
  949
  988
  1,030
  1,075
  1,122
  1,172
  1,224
  1,280
  1,339
  1,401
  1,466
  1,535
  1,608
  1,685
  1,765
  1,850
  1,939
  2,033
  2,132
EBITDA, $m
  639
  715
  731
  750
  771
  795
  820
  848
  878
  911
  946
  983
  1,023
  1,066
  1,111
  1,159
  1,210
  1,263
  1,320
  1,380
  1,444
  1,511
  1,581
  1,656
  1,734
  1,816
  1,903
  1,995
  2,091
  2,192
  2,299
Interest expense (income), $m
  138
  133
  103
  106
  109
  113
  118
  122
  127
  133
  139
  146
  153
  160
  168
  176
  185
  195
  205
  215
  226
  238
  250
  264
  277
  292
  307
  323
  340
  358
  377
Earnings before tax, $m
  260
  338
  384
  398
  414
  432
  452
  473
  496
  520
  547
  766
  796
  828
  862
  899
  937
  977
  1,020
  1,065
  1,113
  1,163
  1,216
  1,272
  1,331
  1,393
  1,458
  1,527
  1,599
  1,675
  1,755
Tax expense, $m
  67
  91
  104
  108
  112
  117
  122
  128
  134
  140
  148
  207
  215
  224
  233
  243
  253
  264
  275
  288
  300
  314
  328
  343
  359
  376
  394
  412
  432
  452
  474
Net income, $m
  193
  247
  280
  291
  302
  315
  330
  345
  362
  380
  399
  559
  581
  605
  630
  656
  684
  713
  745
  777
  812
  849
  888
  929
  971
  1,017
  1,064
  1,115
  1,167
  1,223
  1,281

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  183
  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
  3,441
  3,510
  3,591
  3,683
  3,787
  3,902
  4,028
  4,165
  4,313
  4,473
  4,645
  4,829
  5,025
  5,233
  5,455
  5,690
  5,940
  6,204
  6,483
  6,778
  7,089
  7,418
  7,764
  8,130
  8,514
  8,920
  9,347
  9,796
  10,269
  10,766
  11,289
Adjusted assets (=assets-cash), $m
  3,258
  3,510
  3,591
  3,683
  3,787
  3,902
  4,028
  4,165
  4,313
  4,473
  4,645
  4,829
  5,025
  5,233
  5,455
  5,690
  5,940
  6,204
  6,483
  6,778
  7,089
  7,418
  7,764
  8,130
  8,514
  8,920
  9,347
  9,796
  10,269
  10,766
  11,289
Revenue / Adjusted assets
  0.703
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
Average production assets, $m
  676
  690
  706
  724
  744
  767
  791
  818
  847
  879
  913
  949
  987
  1,028
  1,072
  1,118
  1,167
  1,219
  1,274
  1,332
  1,393
  1,457
  1,525
  1,597
  1,673
  1,752
  1,836
  1,925
  2,017
  2,115
  2,218
Working capital, $m
  199
  56
  57
  59
  61
  62
  64
  67
  69
  72
  74
  77
  80
  84
  87
  91
  95
  99
  104
  108
  113
  119
  124
  130
  136
  143
  149
  157
  164
  172
  180
Total debt, $m
  3,170
  2,446
  2,519
  2,602
  2,695
  2,799
  2,912
  3,035
  3,169
  3,313
  3,467
  3,633
  3,809
  3,997
  4,197
  4,408
  4,633
  4,870
  5,122
  5,387
  5,667
  5,963
  6,275
  6,604
  6,950
  7,315
  7,699
  8,103
  8,529
  8,976
  9,447
Total liabilities, $m
  3,883
  3,159
  3,232
  3,315
  3,408
  3,512
  3,625
  3,748
  3,882
  4,026
  4,180
  4,346
  4,522
  4,710
  4,910
  5,121
  5,346
  5,583
  5,835
  6,100
  6,380
  6,676
  6,988
  7,317
  7,663
  8,028
  8,412
  8,816
  9,242
  9,689
  10,160
Total equity, $m
  -442
  351
  359
  368
  379
  390
  403
  416
  431
  447
  464
  483
  502
  523
  546
  569
  594
  620
  648
  678
  709
  742
  776
  813
  851
  892
  935
  980
  1,027
  1,077
  1,129
Total liabilities and equity, $m
  3,441
  3,510
  3,591
  3,683
  3,787
  3,902
  4,028
  4,164
  4,313
  4,473
  4,644
  4,829
  5,024
  5,233
  5,456
  5,690
  5,940
  6,203
  6,483
  6,778
  7,089
  7,418
  7,764
  8,130
  8,514
  8,920
  9,347
  9,796
  10,269
  10,766
  11,289
Debt-to-equity ratio
  -7.172
  6.970
  7.010
  7.060
  7.120
  7.170
  7.230
  7.290
  7.350
  7.410
  7.470
  7.520
  7.580
  7.640
  7.690
  7.750
  7.800
  7.850
  7.900
  7.950
  7.990
  8.040
  8.080
  8.120
  8.160
  8.200
  8.240
  8.270
  8.310
  8.340
  8.370
Adjusted equity ratio
  -0.192
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  193
  247
  280
  291
  302
  315
  330
  345
  362
  380
  399
  559
  581
  605
  630
  656
  684
  713
  745
  777
  812
  849
  888
  929
  971
  1,017
  1,064
  1,115
  1,167
  1,223
  1,281
Depreciation, amort., depletion, $m
  195
  243
  245
  246
  248
  249
  251
  253
  255
  258
  260
  71
  74
  77
  81
  84
  88
  92
  96
  100
  105
  110
  115
  120
  126
  132
  138
  145
  152
  159
  167
Funds from operations, $m
  437
  490
  525
  537
  550
  565
  581
  598
  617
  637
  659
  631
  656
  682
  710
  740
  772
  805
  840
  878
  917
  959
  1,002
  1,049
  1,097
  1,149
  1,202
  1,259
  1,319
  1,382
  1,448
Change in working capital, $m
  9
  1
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  8
  8
  8
Cash from operations, $m
  428
  489
  524
  535
  548
  563
  579
  596
  615
  635
  656
  628
  652
  679
  707
  736
  768
  801
  836
  873
  912
  953
  997
  1,043
  1,091
  1,142
  1,196
  1,252
  1,311
  1,374
  1,440
Maintenance CAPEX, $m
  0
  -51
  -52
  -53
  -54
  -56
  -58
  -59
  -62
  -64
  -66
  -69
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -145
  -152
  -159
New CAPEX, $m
  -127
  -14
  -16
  -18
  -20
  -23
  -25
  -27
  -29
  -31
  -34
  -36
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -84
  -88
  -93
  -98
  -103
Cash from investing activities, $m
  -108
  -65
  -68
  -71
  -74
  -79
  -83
  -86
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -140
  -147
  -154
  -161
  -170
  -178
  -187
  -196
  -206
  -216
  -226
  -238
  -250
  -262
Free cash flow, $m
  320
  425
  456
  464
  474
  484
  496
  510
  524
  540
  557
  523
  543
  564
  586
  609
  635
  661
  689
  719
  751
  784
  819
  856
  895
  937
  980
  1,026
  1,074
  1,125
  1,178
Issuance/(repayment) of debt, $m
  -191
  -724
  73
  83
  93
  103
  113
  123
  134
  144
  155
  165
  176
  188
  200
  212
  224
  238
  251
  265
  280
  296
  312
  329
  346
  365
  384
  404
  425
  448
  471
Issuance/(repurchase) of shares, $m
  -15
  546
  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  
  -237
  -178
  73
  83
  93
  103
  113
  123
  134
  144
  155
  165
  176
  188
  200
  212
  224
  238
  251
  265
  280
  296
  312
  329
  346
  365
  384
  404
  425
  448
  471
Total cash flow (excl. dividends), $m
  76
  247
  529
  547
  567
  588
  610
  633
  658
  684
  711
  688
  719
  751
  785
  821
  859
  899
  941
  985
  1,031
  1,080
  1,131
  1,185
  1,242
  1,301
  1,364
  1,430
  1,499
  1,572
  1,649
Retained Cash Flow (-), $m
  -110
  -793
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -38
  -41
  -43
  -45
  -47
  -50
  -52
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
 
  -546
  520
  538
  556
  576
  597
  619
  643
  668
  694
  670
  699
  730
  763
  798
  834
  872
  913
  955
  1,000
  1,047
  1,096
  1,149
  1,203
  1,261
  1,321
  1,385
  1,452
  1,522
  1,596
Discount rate, %
 
  14.10
  14.81
  15.55
  16.32
  17.14
  18.00
  18.90
  19.84
  20.83
  21.87
  22.97
  24.12
  25.32
  26.59
  27.92
  29.31
  30.78
  32.32
  33.93
  35.63
  37.41
  39.28
  41.25
  43.31
  45.47
  47.75
  50.13
  52.64
  55.27
  58.04
PV of cash for distribution, $m
 
  -478
  395
  349
  304
  261
  221
  184
  151
  122
  96
  69
  52
  39
  28
  20
  14
  9
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

West Corporation, together with its subsidiaries, provides communication and network infrastructure services. It operates through four segments: Unified Communications Services, Safety Services, Interactive Services, and Specialized Agent Services. The Unified Communications Services segment offers unified communications as a service; managed voice services comprising hosted Internet protocol (IP)-private branch exchange, enterprise call management, and hosted IP trunking solutions; network services, such as hosted managed multiprotocol label switching network, cloud-based network security, and professional and system integration services; conferencing services consisting of audio, Web, and video collaboration services; digital media services comprising Webcasting and Webinars, virtual event environments, and video managed and video bridging services; and telecom services, including toll-free, direct inward dialing, and termination services. The Safety Services segment provides carrier, next generation 9-1-1, government solutions, and database management services for wireline and wireless carriers; satellite, telematics, and cable operators; voice over IP providers; alarm/security companies; and public safety organizations, government agencies, and enterprises. The Interactive Services segment offers proactive notifications and mobility, interactive voice response self-service, cloud contact center, Web, mobile, and professional services. The Specialized Agent Services segment provides healthcare advocacy products and services, as well as cost management solutions. The company provides its services to small and medium enterprises in telecommunications, retail, financial services, government, education, utilities, technology, and healthcare industries. It has operations in the United States, Canada, Europe, the Middle East, the Asia-Pacific, Latin America, and South America. West Corporation was founded in 1986 and is headquartered in Omaha, Nebraska.

FINANCIAL RATIOS  of  West (WSTC)

Valuation Ratios
P/E Ratio 10.1
Price to Sales 0.8
Price to Book -4.4
Price to Tangible Book
Price to Cash Flow 4.5
Price to Free Cash Flow 6.5
Growth Rates
Sales Growth Rate 0.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7.3%
Cap. Spend. - 3 Yr. Gr. Rate 2.2%
Financial Strength
Quick Ratio 5
Current Ratio 0.2
LT Debt to Equity -708.1%
Total Debt to Equity -717.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 8.4%
Ret/ On Assets - 3 Yr. Avg. 8.6%
Return On Total Capital 7%
Ret/ On T. Cap. - 3 Yr. Avg. 6.9%
Return On Equity -38.8%
Return On Equity - 3 Yr. Avg. -33.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 57.2%
Gross Margin - 3 Yr. Avg. 57.4%
EBITDA Margin 25.9%
EBITDA Margin - 3 Yr. Avg. 27.2%
Operating Margin 19.4%
Oper. Margin - 3 Yr. Avg. 20.1%
Pre-Tax Margin 11.3%
Pre-Tax Margin - 3 Yr. Avg. 11.3%
Net Profit Margin 8.4%
Net Profit Margin - 3 Yr. Avg. 8.7%
Effective Tax Rate 25.8%
Eff/ Tax Rate - 3 Yr. Avg. 32.2%
Payout Ratio 38.9%

WSTC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WSTC stock intrinsic value calculation we used $2292 million for the last fiscal year's total revenue generated by West. The default revenue input number comes from 2016 income statement of West. 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 WSTC stock valuation model: a) initial revenue growth rate of 2% 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 14.1%, whose default value for WSTC is calculated based on our internal credit rating of West, 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 West.
    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 WSTC stock the variable cost ratio is equal to 80%.

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 WSTC 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 4.2% for West.

Corporate tax rate of 27% is the nominal tax rate for West. 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 WSTC 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 WSTC are equal to 29.5%.

Life of production assets of 13.3 years is the average useful life of capital assets used in West 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 WSTC is equal to 2.4%. 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 - $-442 million for West - 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 81.683 million for West 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 West at the current share price and the inputted number of shares is $1.9 billion.

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COMPANY NEWS

▶ West beats 2Q profit forecasts   [Aug-03-17 09:57AM  Associated Press]
▶ ETFs with exposure to West Corp. : July 25, 2017   [Jul-25-17 02:17PM  Capital Cube]
▶ ETFs with exposure to West Corp. : July 14, 2017   [Jul-14-17 05:41PM  Capital Cube]
▶ West Corp. Value Analysis (NASDAQ:WSTC) : July 12, 2017   [Jul-12-17 03:41PM  Capital Cube]
▶ Top Ranked Income Stocks to Buy for July 3rd   [Jul-03-17 11:24AM  Zacks]
▶ Top Ranked Income Stocks to Buy for June 27th   [Jun-27-17 10:19AM  Zacks]
▶ ETFs with exposure to West Corp. : May 16, 2017   [May-16-17 01:03PM  Capital Cube]
▶ West beats Street 1Q forecasts   [05:03AM  Associated Press]
▶ West Corporation Reports First Quarter 2017 Results   [May-09-17 07:40PM  GlobeNewswire]
▶ West Corp. Value Analysis (NASDAQ:WSTC) : May 4, 2017   [May-04-17 05:12PM  Capital Cube]
▶ Why Shares of West Corp. Dropped Today   [May-02-17 02:00PM  Motley Fool]
▶ West Corporation Schedules Analyst Day   [Feb-24-17 12:47PM  GlobeNewswire]
▶ West beats Street 4Q forecasts   [Feb-01-17 07:24PM  Associated Press]
▶ West Acquires 911 ETC   [Dec-12-16 08:00AM  GlobeNewswire]
▶ Is West Corp (WSTC) Going to Burn These Hedge Funds?   [Dec-04-16 03:44PM  at Insider Monkey]
▶ West Corporation Reports Third Quarter 2016 Results   [Nov-01-16 08:01PM  GlobeNewswire]
▶ West Corporation to Present at Deutsche Bank Conference   [Sep-20-16 04:15PM  GlobeNewswire]
▶ West Corporation to Present at Citi Conference   [Aug-30-16 04:15PM  GlobeNewswire]
▶ This Little-Known Small Cap Dominates A Niche Market   [Aug-17-16 01:30PM  StreetAuthority Network]
Stock chart of WSTC Financial statements of WSTC
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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