Intrinsic value of West - WSTC

Previous Close

$23.50

  Intrinsic Value

$11.19

stock screener

  Rating & Target

str. sell

-52%

  Value-price divergence*

-22%

Previous close

$23.50

 
Intrinsic value

$11.19

 
Up/down potential

-52%

 
Rating

str. sell

 
Value-price divergence*

-22%

*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 2.0

 

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
  131
  96
  99
  102
  106
  110
  114
  119
  125
  130
  136
  143
  150
  157
  165
  174
  183
  192
  202
  213
  224
  236
  248
  261
  275
  289
  305
  321
  338
  356
Earnings before tax, $m
  260
  340
  391
  405
  422
  440
  459
  481
  504
  529
  555
  776
  806
  838
  873
  909
  948
  989
  1,032
  1,078
  1,126
  1,177
  1,231
  1,287
  1,347
  1,410
  1,476
  1,545
  1,619
  1,696
  1,777
Tax expense, $m
  67
  92
  106
  109
  114
  119
  124
  130
  136
  143
  150
  209
  218
  226
  236
  246
  256
  267
  279
  291
  304
  318
  332
  348
  364
  381
  398
  417
  437
  458
  480
Net income, $m
  193
  248
  285
  296
  308
  321
  335
  351
  368
  386
  405
  566
  588
  612
  637
  664
  692
  722
  754
  787
  822
  859
  898
  940
  983
  1,029
  1,077
  1,128
  1,182
  1,238
  1,297

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
  3,326
  3,402
  3,489
  3,588
  3,696
  3,816
  3,946
  4,086
  4,238
  4,400
  4,574
  4,760
  4,958
  5,168
  5,391
  5,627
  5,877
  6,142
  6,421
  6,716
  7,027
  7,356
  7,702
  8,066
  8,450
  8,855
  9,280
  9,728
  10,199
  10,695
Adjusted assets (=assets-cash), $m
  3,258
  3,326
  3,402
  3,489
  3,588
  3,696
  3,816
  3,946
  4,086
  4,238
  4,400
  4,574
  4,760
  4,958
  5,168
  5,391
  5,627
  5,877
  6,142
  6,421
  6,716
  7,027
  7,356
  7,702
  8,066
  8,450
  8,855
  9,280
  9,728
  10,199
  10,695
Revenue / Adjusted assets
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
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
  2,280
  2,349
  2,427
  2,516
  2,614
  2,721
  2,838
  2,965
  3,101
  3,247
  3,404
  3,571
  3,749
  3,938
  4,139
  4,351
  4,576
  4,814
  5,066
  5,331
  5,612
  5,907
  6,219
  6,547
  6,892
  7,256
  7,639
  8,042
  8,466
  8,912
Total liabilities, $m
  3,883
  2,993
  3,062
  3,140
  3,229
  3,327
  3,434
  3,551
  3,678
  3,814
  3,960
  4,117
  4,284
  4,462
  4,651
  4,852
  5,064
  5,289
  5,527
  5,779
  6,044
  6,325
  6,620
  6,932
  7,260
  7,605
  7,969
  8,352
  8,755
  9,179
  9,625
Total equity, $m
  -442
  333
  340
  349
  359
  370
  382
  395
  409
  424
  440
  457
  476
  496
  517
  539
  563
  588
  614
  642
  672
  703
  736
  770
  807
  845
  885
  928
  973
  1,020
  1,069
Total liabilities and equity, $m
  3,441
  3,326
  3,402
  3,489
  3,588
  3,697
  3,816
  3,946
  4,087
  4,238
  4,400
  4,574
  4,760
  4,958
  5,168
  5,391
  5,627
  5,877
  6,141
  6,421
  6,716
  7,028
  7,356
  7,702
  8,067
  8,450
  8,854
  9,280
  9,728
  10,199
  10,694
Debt-to-equity ratio
  -7.172
  6.860
  6.900
  6.960
  7.010
  7.070
  7.130
  7.190
  7.260
  7.320
  7.380
  7.440
  7.500
  7.560
  7.620
  7.680
  7.730
  7.790
  7.840
  7.890
  7.940
  7.990
  8.030
  8.070
  8.120
  8.160
  8.190
  8.230
  8.270
  8.300
  8.330
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
  248
  285
  296
  308
  321
  335
  351
  368
  386
  405
  566
  588
  612
  637
  664
  692
  722
  754
  787
  822
  859
  898
  940
  983
  1,029
  1,077
  1,128
  1,182
  1,238
  1,297
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
  492
  530
  542
  555
  570
  586
  604
  623
  644
  666
  638
  663
  689
  718
  748
  780
  814
  849
  887
  927
  969
  1,013
  1,060
  1,109
  1,161
  1,215
  1,273
  1,333
  1,397
  1,464
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
  491
  529
  540
  554
  568
  584
  602
  621
  641
  663
  635
  660
  686
  714
  744
  776
  809
  845
  882
  922
  964
  1,008
  1,054
  1,103
  1,154
  1,209
  1,266
  1,326
  1,389
  1,455
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
  426
  461
  469
  479
  490
  502
  515
  530
  546
  563
  530
  550
  571
  593
  617
  643
  670
  698
  729
  761
  794
  830
  868
  907
  949
  993
  1,039
  1,088
  1,139
  1,194
Issuance/(repayment) of debt, $m
  -191
  -850
  69
  79
  88
  98
  107
  117
  127
  136
  146
  157
  167
  178
  189
  201
  213
  225
  238
  251
  266
  280
  295
  311
  328
  346
  364
  383
  403
  424
  446
Issuance/(repurchase) of shares, $m
  -15
  669
  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
  -181
  69
  79
  88
  98
  107
  117
  127
  136
  146
  157
  167
  178
  189
  201
  213
  225
  238
  251
  266
  280
  295
  311
  328
  346
  364
  383
  403
  424
  446
Total cash flow (excl. dividends), $m
  76
  245
  530
  548
  567
  588
  609
  632
  657
  682
  710
  686
  717
  749
  782
  818
  855
  895
  936
  980
  1,026
  1,075
  1,125
  1,179
  1,235
  1,295
  1,357
  1,422
  1,491
  1,564
  1,640
Retained Cash Flow (-), $m
  -110
  -918
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -43
  -45
  -47
  -50
Prev. year cash balance distribution, $m
 
  143
  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
 
  -529
  522
  539
  557
  577
  597
  619
  643
  667
  693
  669
  698
  729
  761
  796
  832
  870
  910
  952
  997
  1,043
  1,093
  1,144
  1,199
  1,256
  1,316
  1,380
  1,446
  1,516
  1,590
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
 
  -464
  396
  350
  304
  262
  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 is a provider of communication and network infrastructure services. The Company helps its clients communicate, collaborate and connect with their audiences through a portfolio of solutions that include unified communications services, safety services, and interactive services, such as automated notifications, specialized agent services and telecom services. The Company's segments include Unified Communications Services, which includes collaboration services, Unified Communications as a Service (UCaaS) and telecom services; Safety Services, which includes carrier services, government solutions and advanced services; Interactive Services, including outbound (proactive notifications-voice, text/short messaging service (SMS) and chat), inbound speech solutions (interactive voice response or IVR), Web, mobile and professional services, and Specialized Agent Services, which includes healthcare advocacy services, cost management services and revenue generation.

FINANCIAL RATIOS  of  West (WSTC)

Valuation Ratios
P/E Ratio 10.1
Price to Sales 0.9
Price to Book -4.4
Price to Tangible Book
Price to Cash Flow 4.6
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 83.476 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 $2.0 billion.

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COMPANY NEWS

▶ ETFs with exposure to West Corp. : October 10, 2017   [Oct-10-17 11:55AM  Capital Cube]
▶ At $23.49, Is West Corporation (WSTC) A Buy?   [Oct-03-17 04:06PM  Simply Wall St.]
▶ Does West Corporations (WSTC) PE Ratio Warrant A Buy?   [Sep-19-17 12:57PM  Simply Wall St.]
▶ ETFs with exposure to West Corp. : August 24, 2017   [Aug-24-17 04:18PM  Capital Cube]
▶ 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]
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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