11-08-2012, 05:58 PM
Vicom remain as a promising stock in my watch list. No doubt it is a good stock with consistent growth, free cash flow, but the price is never right for me. 
Base on DCF valuation, with following parameters
- discount rate of 10%
- FCF in 2011 as 19 Mils with 11% growth for next 5 years
- Terminal value at the end of the 5 years @ 15x FCF
The valuation is approx $4.5 per share, which is the current market price
There is no margin of safety...
any comments?

Base on DCF valuation, with following parameters
- discount rate of 10%
- FCF in 2011 as 19 Mils with 11% growth for next 5 years
- Terminal value at the end of the 5 years @ 15x FCF
The valuation is approx $4.5 per share, which is the current market price
There is no margin of safety...
any comments?
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡