Intrinsic value of ViaSat, Inc. - VSAT

Previous Close

$79.32

  Intrinsic Value

$6.97

stock screener

  Rating & Target

str. sell

-91%

Previous close

$79.32

 
Intrinsic value

$6.97

 
Up/down potential

-91%

 
Rating

str. sell

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 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 4.8

 

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, %
  45.30
  41.27
  37.64
  34.38
  31.44
  28.80
  26.42
  24.28
  22.35
  20.61
  19.05
  17.65
  16.38
  15.24
  14.22
  13.30
  12.47
  11.72
  11.05
  10.44
  9.90
  9.41
  8.97
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
Revenue, $m
  2,318
  3,274
  4,506
  6,056
  7,960
  10,252
  12,960
  16,106
  19,705
  23,767
  28,295
  33,288
  38,742
  44,647
  50,996
  57,777
  64,980
  72,597
  80,618
  89,037
  97,852
  107,059
  116,661
  126,661
  137,065
  147,884
  159,129
  170,815
  182,958
  195,579
Variable operating expenses, $m
  2,257
  3,183
  4,375
  5,874
  7,715
  9,933
  12,553
  15,596
  19,078
  23,008
  27,373
  32,203
  37,479
  43,192
  49,334
  55,894
  62,863
  70,231
  77,990
  86,135
  94,663
  103,570
  112,859
  122,533
  132,598
  143,064
  153,943
  165,247
  176,995
  189,204
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
  2,257
  3,183
  4,375
  5,874
  7,715
  9,933
  12,553
  15,596
  19,078
  23,008
  27,373
  32,203
  37,479
  43,192
  49,334
  55,894
  62,863
  70,231
  77,990
  86,135
  94,663
  103,570
  112,859
  122,533
  132,598
  143,064
  153,943
  165,247
  176,995
  189,204
Operating income, $m
  60
  91
  132
  182
  244
  319
  407
  510
  627
  759
  922
  1,085
  1,263
  1,455
  1,662
  1,883
  2,118
  2,366
  2,628
  2,902
  3,189
  3,489
  3,802
  4,128
  4,467
  4,820
  5,186
  5,567
  5,963
  6,374
EBITDA, $m
  431
  609
  838
  1,126
  1,480
  1,906
  2,410
  2,995
  3,665
  4,420
  5,262
  6,191
  7,205
  8,303
  9,484
  10,745
  12,084
  13,501
  14,992
  16,558
  18,197
  19,910
  21,695
  23,555
  25,490
  27,502
  29,593
  31,766
  34,025
  36,372
Interest expense (income), $m
  10
  55
  94
  145
  211
  294
  395
  518
  662
  831
  1,023
  1,240
  1,482
  1,748
  2,040
  2,355
  2,694
  3,057
  3,441
  3,848
  4,277
  4,727
  5,198
  5,689
  6,202
  6,737
  7,292
  7,870
  8,471
  9,095
  9,744
Earnings before tax, $m
  5
  -3
  -13
  -29
  -50
  -77
  -111
  -153
  -204
  -263
  -318
  -397
  -486
  -585
  -693
  -811
  -939
  -1,075
  -1,221
  -1,375
  -1,537
  -1,708
  -1,887
  -2,074
  -2,269
  -2,473
  -2,684
  -2,904
  -3,132
  -3,370
Tax expense, $m
  1
  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
Net income, $m
  4
  -3
  -13
  -29
  -50
  -77
  -111
  -153
  -204
  -263
  -318
  -397
  -486
  -585
  -693
  -811
  -939
  -1,075
  -1,221
  -1,375
  -1,537
  -1,708
  -1,887
  -2,074
  -2,269
  -2,473
  -2,684
  -2,904
  -3,132
  -3,370

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
  4,963
  7,011
  9,650
  12,967
  17,044
  21,952
  27,751
  34,488
  42,196
  50,893
  60,589
  71,281
  82,959
  95,604
  109,199
  123,719
  139,144
  155,453
  172,629
  190,658
  209,533
  229,249
  249,809
  271,222
  293,502
  316,669
  340,748
  365,770
  391,773
  418,798
Adjusted assets (=assets-cash), $m
  4,963
  7,011
  9,650
  12,967
  17,044
  21,952
  27,751
  34,488
  42,196
  50,893
  60,589
  71,281
  82,959
  95,604
  109,199
  123,719
  139,144
  155,453
  172,629
  190,658
  209,533
  229,249
  249,809
  271,222
  293,502
  316,669
  340,748
  365,770
  391,773
  418,798
Revenue / Adjusted assets
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
Average production assets, $m
  2,737
  3,867
  5,322
  7,152
  9,400
  12,107
  15,306
  19,021
  23,272
  28,069
  33,417
  39,314
  45,754
  52,728
  60,226
  68,235
  76,742
  85,737
  95,210
  105,153
  115,563
  126,437
  137,777
  149,586
  161,874
  174,651
  187,931
  201,732
  216,073
  230,979
Working capital, $m
  174
  246
  338
  454
  597
  769
  972
  1,208
  1,478
  1,783
  2,122
  2,497
  2,906
  3,349
  3,825
  4,333
  4,874
  5,445
  6,046
  6,678
  7,339
  8,029
  8,750
  9,500
  10,280
  11,091
  11,935
  12,811
  13,722
  14,668
Total debt, $m
  1,739
  2,686
  3,905
  5,438
  7,321
  9,589
  12,268
  15,380
  18,941
  22,959
  27,439
  32,379
  37,774
  43,616
  49,897
  56,605
  63,731
  71,266
  79,201
  87,531
  96,251
  105,360
  114,859
  124,751
  135,045
  145,748
  156,872
  168,433
  180,446
  192,932
Total liabilities, $m
  2,293
  3,239
  4,458
  5,991
  7,874
  10,142
  12,821
  15,934
  19,494
  23,513
  27,992
  32,932
  38,327
  44,169
  50,450
  57,158
  64,285
  71,819
  79,755
  88,084
  96,804
  105,913
  115,412
  125,305
  135,598
  146,301
  157,425
  168,986
  180,999
  193,485
Total equity, $m
  2,670
  3,772
  5,192
  6,976
  9,170
  11,810
  14,930
  18,555
  22,701
  27,381
  32,597
  38,349
  44,632
  51,435
  58,749
  66,561
  74,860
  83,634
  92,874
  102,574
  112,729
  123,336
  134,397
  145,918
  157,904
  170,368
  183,322
  196,784
  210,774
  225,313
Total liabilities and equity, $m
  4,963
  7,011
  9,650
  12,967
  17,044
  21,952
  27,751
  34,489
  42,195
  50,894
  60,589
  71,281
  82,959
  95,604
  109,199
  123,719
  139,145
  155,453
  172,629
  190,658
  209,533
  229,249
  249,809
  271,223
  293,502
  316,669
  340,747
  365,770
  391,773
  418,798
Debt-to-equity ratio
  0.650
  0.710
  0.750
  0.780
  0.800
  0.810
  0.820
  0.830
  0.830
  0.840
  0.840
  0.840
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.860
  0.860
  0.860
  0.860
  0.860
  0.860
Adjusted equity ratio
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4
  -3
  -13
  -29
  -50
  -77
  -111
  -153
  -204
  -263
  -318
  -397
  -486
  -585
  -693
  -811
  -939
  -1,075
  -1,221
  -1,375
  -1,537
  -1,708
  -1,887
  -2,074
  -2,269
  -2,473
  -2,684
  -2,904
  -3,132
  -3,370
Depreciation, amort., depletion, $m
  371
  517
  706
  944
  1,236
  1,588
  2,003
  2,486
  3,038
  3,661
  4,340
  5,106
  5,942
  6,848
  7,822
  8,862
  9,966
  11,135
  12,365
  13,656
  15,008
  16,420
  17,893
  19,427
  21,023
  22,682
  24,407
  26,199
  28,061
  29,997
Funds from operations, $m
  374
  515
  693
  915
  1,187
  1,511
  1,892
  2,333
  2,834
  3,397
  4,022
  4,709
  5,456
  6,263
  7,128
  8,050
  9,028
  10,059
  11,144
  12,281
  13,471
  14,712
  16,006
  17,353
  18,753
  20,209
  21,723
  23,295
  24,929
  26,628
Change in working capital, $m
  54
  72
  92
  116
  143
  172
  203
  236
  270
  305
  340
  374
  409
  443
  476
  509
  540
  571
  602
  631
  661
  691
  720
  750
  780
  811
  843
  876
  911
  947
Cash from operations, $m
  320
  443
  601
  799
  1,044
  1,339
  1,689
  2,097
  2,564
  3,092
  3,683
  4,334
  5,047
  5,820
  6,652
  7,542
  8,487
  9,488
  10,542
  11,650
  12,810
  14,022
  15,286
  16,603
  17,973
  19,398
  20,879
  22,419
  24,018
  25,681
Maintenance CAPEX, $m
  -245
  -355
  -502
  -691
  -929
  -1,221
  -1,572
  -1,988
  -2,470
  -3,022
  -3,645
  -4,340
  -5,106
  -5,942
  -6,848
  -7,822
  -8,862
  -9,966
  -11,135
  -12,365
  -13,656
  -15,008
  -16,420
  -17,893
  -19,427
  -21,023
  -22,682
  -24,407
  -26,199
  -28,061
New CAPEX, $m
  -853
  -1,130
  -1,455
  -1,830
  -2,249
  -2,707
  -3,198
  -3,716
  -4,251
  -4,797
  -5,348
  -5,897
  -6,440
  -6,975
  -7,498
  -8,009
  -8,507
  -8,995
  -9,473
  -9,944
  -10,410
  -10,874
  -11,340
  -11,810
  -12,288
  -12,777
  -13,280
  -13,801
  -14,341
  -14,905
Cash from investing activities, $m
  -1,098
  -1,485
  -1,957
  -2,521
  -3,178
  -3,928
  -4,770
  -5,704
  -6,721
  -7,819
  -8,993
  -10,237
  -11,546
  -12,917
  -14,346
  -15,831
  -17,369
  -18,961
  -20,608
  -22,309
  -24,066
  -25,882
  -27,760
  -29,703
  -31,715
  -33,800
  -35,962
  -38,208
  -40,540
  -42,966
Free cash flow, $m
  -777
  -1,042
  -1,357
  -1,722
  -2,134
  -2,589
  -3,082
  -3,606
  -4,157
  -4,727
  -5,310
  -5,902
  -6,499
  -7,096
  -7,693
  -8,288
  -8,881
  -9,473
  -10,065
  -10,659
  -11,256
  -11,861
  -12,474
  -13,100
  -13,742
  -14,402
  -15,083
  -15,789
  -16,522
  -17,286
Issuance/(repayment) of debt, $m
  716
  946
  1,219
  1,533
  1,884
  2,268
  2,679
  3,112
  3,561
  4,018
  4,480
  4,940
  5,395
  5,842
  6,281
  6,709
  7,126
  7,535
  7,935
  8,330
  8,720
  9,109
  9,499
  9,893
  10,293
  10,703
  11,124
  11,560
  12,013
  12,486
Issuance/(repurchase) of shares, $m
  829
  1,104
  1,433
  1,814
  2,243
  2,717
  3,231
  3,777
  4,350
  4,943
  5,534
  6,149
  6,768
  7,388
  8,007
  8,623
  9,237
  9,850
  10,461
  11,075
  11,692
  12,316
  12,949
  13,594
  14,256
  14,936
  15,638
  16,366
  17,122
  17,909
Cash from financing (excl. dividends), $m  
  1,545
  2,050
  2,652
  3,347
  4,127
  4,985
  5,910
  6,889
  7,911
  8,961
  10,014
  11,089
  12,163
  13,230
  14,288
  15,332
  16,363
  17,385
  18,396
  19,405
  20,412
  21,425
  22,448
  23,487
  24,549
  25,639
  26,762
  27,926
  29,135
  30,395
Total cash flow (excl. dividends), $m
  768
  1,009
  1,295
  1,625
  1,993
  2,396
  2,828
  3,283
  3,754
  4,234
  4,703
  5,186
  5,664
  6,134
  6,594
  7,044
  7,482
  7,911
  8,332
  8,746
  9,155
  9,564
  9,973
  10,387
  10,807
  11,237
  11,680
  12,138
  12,613
  13,109
Retained Cash Flow (-), $m
  -833
  -1,104
  -1,433
  -1,814
  -2,243
  -2,717
  -3,231
  -3,777
  -4,350
  -4,943
  -5,534
  -6,149
  -6,768
  -7,388
  -8,007
  -8,623
  -9,237
  -9,850
  -10,461
  -11,075
  -11,692
  -12,316
  -12,949
  -13,594
  -14,256
  -14,936
  -15,638
  -16,366
  -17,122
  -17,909
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
  -65
  -96
  -138
  -189
  -250
  -321
  -402
  -494
  -596
  -709
  -831
  -963
  -1,104
  -1,254
  -1,413
  -1,580
  -1,755
  -1,939
  -2,130
  -2,329
  -2,536
  -2,752
  -2,975
  -3,207
  -3,448
  -3,699
  -3,958
  -4,228
  -4,509
  -4,800
Discount rate, %
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
  -62
  -86
  -116
  -149
  -183
  -217
  -249
  -278
  -302
  -322
  -334
  -340
  -339
  -330
  -316
  -297
  -273
  -246
  -218
  -189
  -160
  -133
  -108
  -86
  -67
  -51
  -37
  -27
  -19
  -13
Current shareholders' claim on cash, %
  85.3
  73.6
  64.2
  56.6
  50.4
  45.3
  41.0
  37.4
  34.3
  31.6
  29.4
  27.4
  25.7
  24.1
  22.8
  21.5
  20.5
  19.5
  18.6
  17.8
  17.0
  16.3
  15.7
  15.1
  14.6
  14.1
  13.6
  13.1
  12.7
  12.3

ViaSat, Inc. is engaged in broadband technologies and services. The Company operates through three segments: satellite services, commercial networks and government systems. The satellite services segment provides satellite-based broadband services to consumers, enterprises, commercial airlines and mobile broadband customers primarily in the United States. The commercial networks segment develops and produces a range of end-to-end satellite and wireless communication systems, ground networking equipment and space-to-earth connectivity systems. The government systems segment develops and produces network-centric Internet Protocol (IP)-based fixed and mobile secure government communications systems, products, services and solutions, which are designed to enable the collection and dissemination of real-time digital information between command centers, communications nodes and air defense systems.

FINANCIAL RATIOS  of  ViaSat, Inc. (VSAT)

Valuation Ratios
P/E Ratio 190.4
Price to Sales 2.9
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 11.1
Price to Free Cash Flow -26.1
Growth Rates
Sales Growth Rate 10%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 29.9%
Cap. Spend. - 3 Yr. Gr. Rate 10.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 48.9%
Total Debt to Equity 48.9%
Interest Coverage 4
Management Effectiveness
Return On Assets 1.2%
Ret/ On Assets - 3 Yr. Avg. 2.1%
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%
EBITDA Margin - 3 Yr. Avg. 20%
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 $1595 million for the last fiscal year's total revenue generated by ViaSat, Inc.. The default revenue input number comes from 0001 income statement of ViaSat, Inc.. 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 45.3% 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 5.3%, whose default value for VSAT is calculated based on our internal credit rating of ViaSat, Inc., 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, Inc..
    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 97.7%.

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 5.4% for ViaSat, Inc..

Corporate tax rate of 27% is the nominal tax rate for ViaSat, Inc.. 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 118.1%.

Life of production assets of 7.7 years is the average useful life of capital assets used in ViaSat, Inc. 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 7.5%. 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 - $1837.166 million for ViaSat, Inc. - 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 60.422 million for ViaSat, Inc. 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, Inc. at the current share price and the inputted number of shares is $4.8 billion.

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