Intrinsic value of AudioCodes - AUDC

Previous Close

$11.28

  Intrinsic Value

$8.00

stock screener

  Rating & Target

sell

-29%

Previous close

$11.28

 
Intrinsic value

$8.00

 
Up/down potential

-29%

 
Rating

sell

We calculate the intrinsic value of AUDC 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 0001), $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 0.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
Revenue, $m
  169
  181
  194
  208
  222
  237
  252
  268
  284
  301
  319
  338
  357
  378
  399
  421
  444
  469
  494
  520
  548
  577
  608
  639
  673
  708
  744
  783
  823
  865
Variable operating expenses, $m
  136
  146
  156
  167
  178
  190
  201
  214
  227
  240
  251
  265
  280
  296
  313
  330
  349
  368
  388
  408
  430
  453
  477
  502
  528
  555
  584
  614
  646
  679
Fixed operating expenses, $m
  20
  21
  21
  22
  22
  23
  23
  24
  24
  25
  25
  26
  27
  27
  28
  28
  29
  30
  30
  31
  32
  32
  33
  34
  34
  35
  36
  37
  38
  38
Total operating expenses, $m
  156
  167
  177
  189
  200
  213
  224
  238
  251
  265
  276
  291
  307
  323
  341
  358
  378
  398
  418
  439
  462
  485
  510
  536
  562
  590
  620
  651
  684
  717
Operating income, $m
  12
  14
  17
  19
  22
  24
  27
  30
  33
  36
  43
  47
  50
  54
  58
  62
  67
  71
  76
  81
  86
  92
  98
  104
  110
  117
  124
  132
  140
  148
EBITDA, $m
  17
  20
  22
  25
  27
  30
  33
  36
  39
  43
  46
  50
  53
  57
  62
  66
  71
  75
  80
  86
  91
  97
  103
  109
  116
  123
  131
  138
  147
  155
Interest expense (income), $m
  0
  0
  1
  1
  1
  2
  2
  3
  3
  3
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
  12
  13
  14
  14
  15
  16
  17
  18
Earnings before tax, $m
  12
  14
  16
  18
  20
  22
  25
  27
  30
  32
  39
  42
  45
  48
  52
  55
  59
  63
  67
  72
  76
  81
  86
  91
  97
  103
  109
  115
  122
  129
Tax expense, $m
  3
  4
  4
  5
  5
  6
  7
  7
  8
  9
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  29
  31
  33
  35
Net income, $m
  8
  10
  11
  13
  14
  16
  18
  20
  22
  24
  28
  31
  33
  35
  38
  40
  43
  46
  49
  52
  56
  59
  63
  67
  71
  75
  80
  84
  89
  94

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
Total assets, $m
  184
  198
  212
  227
  242
  258
  274
  292
  310
  328
  348
  368
  389
  412
  435
  459
  484
  510
  538
  567
  597
  629
  662
  696
  733
  771
  811
  853
  896
  942
Adjusted assets (=assets-cash), $m
  184
  198
  212
  227
  242
  258
  274
  292
  310
  328
  348
  368
  389
  412
  435
  459
  484
  510
  538
  567
  597
  629
  662
  696
  733
  771
  811
  853
  896
  942
Revenue / Adjusted assets
  0.918
  0.914
  0.915
  0.916
  0.917
  0.919
  0.920
  0.918
  0.916
  0.918
  0.917
  0.918
  0.918
  0.917
  0.917
  0.917
  0.917
  0.920
  0.918
  0.917
  0.918
  0.917
  0.918
  0.918
  0.918
  0.918
  0.917
  0.918
  0.919
  0.918
Average production assets, $m
  25
  27
  29
  31
  33
  35
  37
  40
  42
  45
  47
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  85
  90
  95
  100
  105
  110
  116
  122
  128
Working capital, $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
Total debt, $m
  15
  21
  28
  34
  41
  49
  56
  64
  73
  81
  90
  100
  109
  120
  130
  141
  153
  165
  178
  191
  205
  219
  235
  251
  267
  285
  303
  322
  343
  364
Total liabilities, $m
  85
  91
  97
  104
  111
  119
  126
  134
  142
  151
  160
  169
  179
  189
  200
  211
  223
  235
  247
  261
  275
  289
  304
  320
  337
  355
  373
  392
  412
  433
Total equity, $m
  99
  107
  114
  122
  131
  139
  148
  157
  167
  177
  188
  199
  210
  222
  235
  248
  261
  276
  291
  306
  322
  339
  357
  376
  396
  416
  438
  460
  484
  509
Total liabilities and equity, $m
  184
  198
  211
  226
  242
  258
  274
  291
  309
  328
  348
  368
  389
  411
  435
  459
  484
  511
  538
  567
  597
  628
  661
  696
  733
  771
  811
  852
  896
  942
Debt-to-equity ratio
  0.150
  0.200
  0.240
  0.280
  0.320
  0.350
  0.380
  0.410
  0.430
  0.460
  0.480
  0.500
  0.520
  0.540
  0.550
  0.570
  0.580
  0.600
  0.610
  0.620
  0.640
  0.650
  0.660
  0.670
  0.680
  0.680
  0.690
  0.700
  0.710
  0.710
Adjusted equity ratio
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  8
  10
  11
  13
  14
  16
  18
  20
  22
  24
  28
  31
  33
  35
  38
  40
  43
  46
  49
  52
  56
  59
  63
  67
  71
  75
  80
  84
  89
  94
Depreciation, amort., depletion, $m
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
Funds from operations, $m
  14
  15
  17
  18
  20
  22
  24
  26
  28
  30
  31
  34
  36
  39
  41
  44
  47
  50
  53
  57
  60
  64
  68
  72
  76
  81
  86
  91
  96
  102
Change in working capital, $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 from operations, $m
  14
  15
  17
  18
  20
  22
  24
  26
  28
  30
  31
  33
  36
  38
  41
  44
  47
  50
  53
  57
  60
  64
  68
  72
  76
  81
  86
  91
  96
  102
Maintenance CAPEX, $m
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
New CAPEX, $m
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
Cash from investing activities, $m
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
Free cash flow, $m
  11
  12
  13
  15
  16
  18
  20
  21
  23
  25
  26
  28
  30
  32
  35
  37
  40
  43
  45
  48
  52
  55
  58
  62
  66
  70
  74
  79
  83
  88
Issuance/(repayment) of debt, $m
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
Total cash flow (excl. dividends), $m
  17
  18
  20
  22
  23
  25
  27
  29
  31
  34
  35
  37
  40
  43
  45
  48
  51
  55
  58
  62
  66
  70
  74
  78
  83
  88
  93
  98
  104
  110
Retained Cash Flow (-), $m
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
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
  10
  11
  12
  14
  15
  17
  18
  20
  22
  23
  24
  26
  28
  31
  33
  35
  38
  40
  43
  46
  49
  52
  56
  59
  63
  67
  71
  75
  80
  85
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  9
  10
  11
  11
  12
  12
  12
  12
  12
  12
  12
  11
  11
  10
  10
  9
  8
  7
  7
  6
  5
  4
  4
  3
  2
  2
  2
  1
  1
  1
Current shareholders' claim on cash, %
  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
  100.0

AudioCodes Ltd. designs, develops and sells Voice over-Internet Protocol (VoIP) and converged VoIP, and data networking solutions, products and applications that facilitate Unified Communications (UC) and Contact Center (CC) services. The Company categorizes its products and services into two main business lines: network and technology. Network products consist of customer premises equipment (CPE), gateways for the enterprise and service provider (or carrier) markets and of carrier-grade-oriented low- and mid-density media gateways for service providers and Enterprise Session Border Controls (ESBCs). Complementing its media gateways and session border gateways as network products are its multi-service business routers (MSBR), Internet Protocol (IP) phones, media servers, mobile VoIP solutions and value added application products. Technology products consist of its chips and boards business products. Its products are deployed in enterprise, service provider cloud networks.

FINANCIAL RATIOS  of  AudioCodes (AUDC)

Valuation Ratios
P/E Ratio 22.8
Price to Sales 2.5
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 20.3
Price to Free Cash Flow 21.5
Growth Rates
Sales Growth Rate 4.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -50%
Cap. Spend. - 3 Yr. Gr. Rate -12.9%
Financial Strength
Quick Ratio 10
Current Ratio 0.1
LT Debt to Equity 8.3%
Total Debt to Equity 11%
Interest Coverage 0
Management Effectiveness
Return On Assets 8.5%
Ret/ On Assets - 3 Yr. Avg. 2.8%
Return On Total Capital 12.9%
Ret/ On T. Cap. - 3 Yr. Avg. 4.3%
Return On Equity 14.2%
Return On Equity - 3 Yr. Avg. 4.7%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 60.3%
Gross Margin - 3 Yr. Avg. 59.4%
EBITDA Margin 7.5%
EBITDA Margin - 3 Yr. Avg. 5.3%
Operating Margin 5.5%
Oper. Margin - 3 Yr. Avg. 3.4%
Pre-Tax Margin 5.5%
Pre-Tax Margin - 3 Yr. Avg. 3.2%
Net Profit Margin 11%
Net Profit Margin - 3 Yr. Avg. 3.7%
Effective Tax Rate -100%
Eff/ Tax Rate - 3 Yr. Avg. 33.3%
Payout Ratio 0%

AUDC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AUDC stock intrinsic value calculation we used $156.739 million for the last fiscal year's total revenue generated by AudioCodes. The default revenue input number comes from 0001 income statement of AudioCodes. 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 AUDC stock valuation model: a) initial revenue growth rate of 7.7% 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 4.3%, whose default value for AUDC is calculated based on our internal credit rating of AudioCodes, 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 AudioCodes.
    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 AUDC stock the variable cost ratio is equal to 80.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $20 million in the base year in the intrinsic value calculation for AUDC 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 5.4% for AudioCodes.

Corporate tax rate of 27% is the nominal tax rate for AudioCodes. 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 AUDC 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 AUDC are equal to 14.8%.

Life of production assets of 17.4 years is the average useful life of capital assets used in AudioCodes 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 AUDC is equal to 0.3%. 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 - $92.381 million for AudioCodes - 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 28.892 million for AudioCodes 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 AudioCodes at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ AudioCodes: 3Q Earnings Snapshot   [Oct-23-18 05:05AM  Associated Press]
▶ Does AudioCodes Ltds (NASDAQ:AUDC) PE Ratio Warrant A Sell?   [Oct-19-18 09:55AM  Simply Wall St.]
▶ AudioCodes Announces Third Quarter 2018 Reporting Date   [Oct-03-18 09:12AM  PR Newswire]
▶ 5 Best Performing Stocks of July   [Aug-01-18 11:59AM  InvestorPlace]
▶ 5 Best Performing Stocks of July   [08:20AM  Zacks]
▶ 3 Buy-Ranked Tech Stocks That Soared This Month   [Jul-27-18 03:38PM  Zacks]
▶ AudioCodes (AUDC) Continue to Surge Higher?   [Jul-26-18 09:57AM  Zacks]
▶ AudioCodes Ltd. to Host Earnings Call   [06:00AM  ACCESSWIRE]
▶ AudioCodes: 2Q Earnings Snapshot   [05:46AM  Associated Press]
▶ Earnings Preview: AudioCodes   [Jul-23-18 04:32PM  Benzinga]
▶ AudioCodes Announces Second Quarter 2018 Reporting Date   [Jul-03-18 09:23AM  PR Newswire]
▶ Top 10 Stocks Under $20   [Jun-26-18 12:45PM  InvestorPlace]
▶ Top 10 Stocks Under $20   [Jun-25-18 03:45PM  Zacks]
▶ 5 of the Best Stocks Under $10 for 2018   [Jun-06-18 03:32PM  Zacks]
▶ Top 10 Stocks Under $20   [May-24-18 02:46PM  Zacks]
▶ 5 of the Best Stocks Under $10 for 2018   [May-08-18 03:28PM  Zacks]
▶ Top 10 Stocks Under $20   [May-02-18 11:56AM  Zacks]
▶ AudioCodes Ltd. to Host Earnings Call   [06:15AM  ACCESSWIRE]
▶ AudioCodes: 1Q Earnings Snapshot   [05:02AM  Associated Press]
▶ AudioCodes Announces First Quarter 2018 Reporting   [Apr-03-18 09:00AM  PR Newswire]
▶ AudioCodes Adds Support for Microsoft Teams   [Mar-12-18 09:25AM  PR Newswire]
▶ 3 Tech Stocks Under $10 to Buy Now   [Feb-08-18 12:54PM  Zacks]
▶ AudioCodes posts 4Q profit   [Jan-24-18 05:03AM  Associated Press]
▶ AudioCodes Announces Voice.AI Business Unit   [Jan-23-18 09:30AM  PR Newswire]
▶ ETFs with exposure to AudioCodes Ltd. : December 15, 2017   [Dec-15-17 12:54PM  Capital Cube]
▶ ETFs with exposure to AudioCodes Ltd. : November 29, 2017   [Nov-29-17 11:05AM  Capital Cube]
▶ ETFs with exposure to AudioCodes Ltd. : November 13, 2017   [Nov-13-17 11:44AM  Capital Cube]
▶ ETFs with exposure to AudioCodes Ltd. : November 1, 2017   [Nov-01-17 11:52AM  Capital Cube]
▶ AudioCodes Ltd. to Host Earnings Call   [06:05AM  ACCESSWIRE]
▶ AudioCodes posts 3Q profit   [05:03AM  Associated Press]
▶ BT Selects AudioCodes for Business Voice Services   [Oct-16-17 09:00AM  PR Newswire]
▶ AudioCodes Enhances Enterprise Voice Management Suite   [Oct-09-17 09:00AM  PR Newswire]
▶ AudioCodes Enhances One Voice for Microsoft 365   [Oct-03-17 12:22PM  PR Newswire]
▶ AudioCodes Announces Third Quarter 2017 Reporting Date   [Oct-02-17 09:00AM  PR Newswire]
▶ AudioCodes Introduces 445HD IP Phone for Microsoft 365   [Sep-21-17 10:05AM  PR Newswire]
▶ ETFs with exposure to AudioCodes Ltd. : September 7, 2017   [Sep-07-17 12:38PM  Capital Cube]
▶ Should AudioCodes (AUDC) Be On Your Radar Now?   [Aug-25-17 08:32AM  Zacks]
▶ ETFs with exposure to AudioCodes Ltd. : August 14, 2017   [Aug-14-17 04:09PM  Capital Cube]

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