VDSI

[BigSully1]

now up 27%.

I hope this bodes well for SCUR.

[setravis]

Reading the thread.......
and here is the chart
This company has great fundamentals.
"best in class" according to IBD.
There will be better buy ops after a breif shakeout.

52wk Range: 6.88 - 19.73
Volume: 4,715,234
Avg Vol (3m): 637,011

Technicals
Record Price High
Gap Up
Percentage Gainer
Price Gainer

Last Price Quote is:
26.66%above 13-day MA
31.02%above 50-day MA
RS Rating: 97 

Fundamentals
Reports Earnings
Analyst Upgrade to Buy
Earnings Expected on Apr 26

Key Data:
Market Cap (M): $639.62 
P/E Ratio: 52.21 
PEG Ratio: 1.25667 
Next Earnings: 07/26/2007
Last Analyst Rating: Buy

[la-onda]

Started my analysis @ 8$, never bought 
1)
Vasco 1Q Profit Surges on Sales Boost
Thursday April 26, 3:29 pm ET
Vasco Data Security International 1st-Quarter Profit Triples on Sales Jump; Shares Peak

OAKBROOK TERRACE, Ill. (AP) -- Security software maker Vasco Data Security International Inc. said Thursday its first-quarter profit more than quadrupled as sales nearly doubled.
The company earned $5 million, or 13 cents per share, compared with a profit of $1.2 million, or 3 cents per share, during the same period a year prior. Revenue jumped to $26.4 million from $13.7 million. Analysts polled by Thomson Financial expected a profit of 11 cents per share on revenue of $24.8 million. Vasco sold 619 new accounts in the first quarter, compared with 341 a year prior.
Vasco reaffirmed its 2007 forecast for revenue growth of 35 percent to 45 percent, implying revenue of $102.7 million to $110.3 million.
Shares of Vasco soared $4.55, or 25.8 percent, to $22.21 on the Nasdaq Stock Market in afternoon trading. The stock reached a 52-week high of $22.72 earlier in the trading session, eclipsing a previous peak of $19.73.

2)
VDSI: Brean Murray Ups to Buy from Hold; Sets Tgt @ $26; Analyst Notes
Thursday , April 26, 2007 14:48ET
Issuer: Vasco Data Security International Inc (NasdaqSC: VDSI)
Analyst Firm:  Brean Murray
Ratings Action: UPGRADE
Current Rating: Buy (from Hold)
Target Price: $26.00
Analyst Comments: The company significantly outperformed 1Q07 expectations with revenue of $26.4 million (93% YoY) and pro forma EPS of 15c (135% YoY) versus expectations of $25 million and 11c, respectively. The firm's concerns on VASCO were clearly premature. While at the end of last quarter the company guided below their original 2007 revenue estimate, 1Q07 revenue and 2Q07 backlog highlighted that the guidance was unreasonably cautious and even their original revenue estimates were conservative. Consequently, they believe the company's momentum is sustainable and are upgrading the stock to Buy. The firm's $26 target price is based on 30x their 2008 EPS estimate of 88c, representing less than 1x 2008E PEG.

[la-onda]

VDSI: Friedman Ups to Outperform from Mkt Perform; Ups Tgt to $28 vs $17; Analyst Notes
Wednesday, June 13, 2007 08:04ET

Issuer: Vasco Data Security International Inc (NasdaqSC: VDSI)
Analyst Firm:  Friedman Billings Ramsey Group Inc.
Ratings Action: UPGRADE
Current Rating: Outperform (from Mkt Perform)
Target Price Action: INCREASE
Target Price: $28.00 (+64.71% from $17.00)

Analyst Comments: While the stock has had a tremendous run during the past year, the firm believes there is still plenty of upside left, given our positive field checks on the name. Specifically, it appears that the company is starting to gain some significant traction within the U.S. market, as more banks are starting to adopt authentication-based technology to protect enterprises and their customers on the heels of regulatory pressures. Although, today, the U.S. market is still a small piece of the overall revenue pie (~10%), the firm believes the combination of strong technology and well-thought-out marketing initiatives has placed VDSI in an enviable position to gain market share in this fertile segment during the next 12 to 18 months.

[la-onda]

fyi:

Thursday , June 14, 2007 08:35ET
Jeffries update:
Investment Summary
We are downgrading VDSI to Hold from Buy and lowering our price target to $22. We have slightly reduced our forward estimates to better account for slower backlog growth, spurred by mid-year seasonality. We continue to believe Vasco is one of the best run small cap companies.

Event
Recent checks indicate continued health in the two-factor authentication market, but  seasonality could weigh on high valued stocks like VDSI.
Key Points
• We are lowering our 2H:07 estimates to better reflect seasonality. Vasco has reported two stellar quarters in a row, whereby revenue and backlog have far exceeded estimates. This
upside has been aided in part by regulation requiring the use of two-factor authentication in the U.S. and a growing awareness worldwide of the need to protect online financial transactions. The 70%+ y/y increases in backlog and 60%+ y/y revenue increase reported last quarter are unsustainable, and we have lowered our September and 2007 estimates to reflect we what think will be the beginning of a longer-term reversion to market rate of growth
(30-40% per IDC), propelled initially by summer seasonality. Our new revenue/GAAP EPS est for Sept are $28mm/$0.13, down from $29mm/$0.13. For 2007, we now expect $113mm/$0.51, down from $114mm/$0.52. This equates to y/y revenue growth of 48%, down from 50%. Our est for June remain at $28mm/$0.13, below consensus of $30mm/$0.14.

• Expectations are quite high for Vasco. Consensus revenue for 2007 contemplates 56% y/y growth, above the 35-45% guided range. The consensus estimated GAAP operating margin for the year also appears to be above guidance of 18-25%. We think it is likely that management will raise revenue growth and operating margin guidance for the year, but we think it's unlikely that annual revenue guidance will exceed 56% growth y/y, especially given a high likelihood of revenue upside for June.

• It's highly unlikely that y/y growth in backlog will accelerate in June, and there's some chance backlog will be flat or even down in absolute dollars q/q. Even in the best case scenario, we
expect the absolute q/q dollar increase in backlog to be significantly less than the $4.4mm increase from December to March. We have attached a historical and forward-looking revenue and backlog analysis that supports this hypothesis.

• We have both lowered our EPS estimate for 2008 and contracted the EPS multiple to reflect a more moderate level of growth. Despite today's downgrade we continue to believe Vasco is one of the best managed small cap companies in all of technology.

Valuation/Risks
Our $22 PT equates to 35x our '08 EPS estimate of 62c. We have modeled a 34% revenue CAGR through 2009. Investment risks include: difficult competition from larger EMC/RSA (EMC, $15.57, NC), concentrated industry exposure, high expectations, and potential pricing pressure.


download link for complete analysis:
http://www.knobias.com/research.pdf?id=11259

shorts:
VDSI: Short Interest UP 28.6% to 4.1M in Jun 2007
Tuesday , June 26, 2007 16:39ET

According to new short interest data from NASDAQ, short interest for Vasco Data Security International Inc (NasdaqSC: VDSI) INCREASED 28.6% to 4,097,824 shares for the month ended mid-June, 2007.

SYMBOL        MAY            JUNE          CHANGE       %CHANGE     DAYS/COVER
--------   -------------   -------------   -------------  ------------  ----------
VDSI     3,186,746       4,097,824     +911,078       +28.59%           7

Based on VDSI's 20-day average daily share volume of 628,255, it would require approximately 7 day(s) of buying to cover this short interest.

chart:

[la-onda]

wow 

1)
VASCO Data Security International upgraded to "market outperform"

Friday, July 27, 2007 4:59:21 AM ET
Rodman & Renshaw

NEW YORK, July 27 (newratings.com) - Analyst Amit Dayal of Rodman & Renshaw upgrades VASCO Data Security International Inc (VDSI.NAS) from "market perform" to "market outperform," while raising his estimates for the company. The 12-18 month target price is set to $32.

In a research note published yesterday, the analyst mentions that the company has reported its 2Q07 EPS and revenues ahead of the estimates and the consensus. The upgrade in rating is based on VASCO Data Security International's raised guidance for 2007 and robust demand trends for the company's security products, the analyst says. The EPS estimates for 2007 and 2008 have been raised from $0.63 to $0.70 and from $0.79 to $1.01, respectively.

2)
VASCO Data Security "buy," target price raised

Friday, July 27, 2007 5:58:14 AM ET
Brean Murray, Carret & Co

NEW YORK, July 27 (newratings.com) - Analyst Andrey Glukhov of Brean Murray reiterates his "buy" rating on VASCO Data Security International Inc (VDSI.NAS), while raising his estimates for the company. The target price has been raised from $26 to $29.

In a research note published this morning, the analyst mentions that the company has posted robust 2Q results, with the pro-forma EPS and revenues significantly ahead of the estimates. VASCO Data Security achieved sequential expansion of 270 bps in its operating margins during 2Q, the analyst says. The company has raised its revenue growth and operating margin guidance for 2007 to 55%-65% y/y and 23%-30%, respectively. The EPS estimates for 2007 and 2008 have been raised from $0.64 to $0.73 and from $0.88 to $0.97, respectively.

3)
VASCO Data Security International "buy," target price raised

Friday, July 27, 2007 10:11:41 AM ET
Dougherty & Company

NEW YORK, July 27 (newratings.com) - Analysts at Dougherty & Company reiterate their "buy" rating on VASCO Data Security International Inc (VDSI.NAS). The target price has been raised from $25 to $30.

4)
VDSI: Q2 EPS 18c vs 8c Beats 15c Est; Guidance Comments
Thursday , July 26, 2007 08:51ET

QUARTER RESULTS
Vasco Data Security International Inc (VDSI) reported Q2 results ended June 2007. Q2 Revenues were $32.44M; +75.27% vs yr-ago; BEATING revenue consensus by +7.07%. Q2 EPS was 18c; +125.00% vs yr-ago; BEATING earnings consensus by +20.00%.

Q2 RESULTS   Reported      Year-Ago     Y/Y Chg      Estimate    SURPRISE
----------  ------------  ------------  ----------  ------------  ----------
Revenues:   $32.44M       $18.51M     +75.27%       $30.30M      +7.07%
----------  ------------  ------------  ----------  ------------  ----------
EPS:               18c            8c            +125.00%        15c        +20.00%
----------  ------------  ------------  ----------  ------------  ----------

GUIDANCE

FY-07 Revenue Outlook : Revenue growth is projected to be 55% to 65% for the full-year 2007 over full-year 2006, as compared to previous guidance of 35% to 45%.


Chart:

[la-onda]

VDSI: Morgan Keegan Starts @ Mkt Perform; Analyst Notes
Friday , August 17, 2007 07:49ET
Issuer: Vasco Data Security International Inc (NasdaqSC: VDSI)
Analyst Firm:  Morgan Keegan Inc.
Ratings Action: INITIATE
Current Rating: Mkt Perform
Analyst Comments: While the firm's DCF and relative valuation methodology indicate VASCO shares to be overvalued at current levels, they believe the company's growth rate, which significantly exceeds that of its market segment warrants a premium valuation. Analysts' project revenue in the internet security sector will grow at a 16% CAGR over the next five years. Given the company's small market share relative to the sector, they believe the potential exists for the company to continue to outpace the broader market segment over the next several years. Accordingly, they will continue to monitor their current rating in the context of relative market share growth and valuation.

[la-onda]

updated chart, great VDSI run in difficult market 
(unfortunately never bought from my side; my 1st analysis was @ 9$    )

[setravis]

Featured in IBD.......
Featured in New America in IBD this weekend.
Company does digital tags and security for bank accounts and other secure access systems. Strong growth projections well into the future. 


Technicals
Percentage Gainer

Last Price Quote is:
6.41%above 13-day MA
19.92%above 50-day MA
RS Rating: 98 

Fundamentals
Key Data:
Market Cap (M): $1,201.74 
P/E Ratio: 60.89 
PEG Ratio: 1.49231 
Next Earnings: 10/25/2007
Last Analyst Rating: Mkt Perform

[setravis]

Press Release Source: VASCO Data Security International, Inc.


VASCO Turns Belgian eID Into Digipass Strong Authentication
Tuesday September 11, 3:00 am ET 
VASCO's VACMAN Controller and Complete Digipass Card Reader Range eID Compliant; eID is New Platform for Digipass/VACMAN; VASCO's Products Protect Users' Online Privacy


OAKBROOK TERRACE, Ill., and ZURICH, Switzerland, Sept. 11 /PRNewswire-FirstCall/ -- VASCO Data Security International, Inc. (Nasdaq: VDSI - News; http://www.vasco.com), the leading software security company specializing in authentication products, today announced that its renowned VACMAN Controller and the entire Digipass smart card reader product range are fully compatible with the Belgian eID card. In order to strengthen the positioning of its eID product range in the Belgian market, VASCO has launched a dedicated eID website (http://www.digipassforeid.be).


For VASCO, the eID platform is an important additional platform to bring its VACMAN and Digipass technology to new verticals and new applications. In the banking sector, VASCO has built a very dominant position in the Belgian market, with the vast majority of banks offering different models of Digipass to their end-user for retail banking.

VASCO's entire card reader product line is eID enabled.

The unconnected reader range for eID range includes VACMAN Controller, Digipass 800, Digipass 805, Digipass 810, Digipass 820 and Digipass 840, the card reader for the blind and visually impaired.

VASCO's USB-connected Digipass readers for eID include the "transparent" Digipass 905 and the pin-pad secured Digipass 850.

The unconnected Digipass readers for eID combine the world leading Digipass technology and the specific secrets stored on the eID card. This allows users to calculate one-time passwords without jeopardizing their privacy. Their identity details will not be released on the Internet. In addition, the unconnected Digipass for eID readers can be used to read the public information on the eID card, an important tool for law enforcement and the public sector in general.

VASCO's USB-connected Digipass 905 for eID, a transparent card reader, can be used to read and access the eID PKI-certificates stored on a PC. Digipass 850, the pin-pad secured connected eID-reader, combines all functionalities of Digipass 905 with the ability to calculate one-time passwords.

"With Digipass for eID, we allow the Belgian citizen to us his/her Id card as a truly secure online platform," said Jan Valcke, VASCO's President and COO. "With this product range, we bring banking level security to other applications, including e-government. We expect that this product range will allow VASCO to further penetrate the e-government and e-commerce markets."

About VASCO

VASCO is the number one supplier of strong authentication and e-signature solutions and services.

VASCO has established itself as the world's leading software company specialized in Internet Security, with a customer base of over 5,300 companies in more than 100 countries, including close to 850 international financial institutions. VASCO's prime markets are the financial sector, enterprise security, e-commerce and e-government.

Forward Looking Statements

Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "believes," "anticipates," "plans," "expects," and similar words, is forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.

Reference is made to the Company's public filings with the US Securities and Exchange Commission for further information regarding the Company and its operations.

For more information contact:

Jochem Binst, +32 2 609 97 40, jbinstvasco.com

--------------------------------------------------------------------------------
Source: VASCO Data Security International, Inc.

[la-onda]

fyi:
VDSI: Friedman Cuts to Mkt Perform from Outperform; Keeps Tgt @ $36; Analyst Notes
Tuesday , September 11, 2007 08:32ET
Issuer: Vasco Data Security International Inc (NasdaqSC: VDSI)
Analyst Firm:  Friedman Billings Ramsey Group Inc.
Ratings Action: DOWNGRADE
Current Rating: Mkt Perform (from Outperform)
Target Price Action: MAINTAIN
Target Price: $36.00
Analyst Comments: With shares up roughly 60% since their upgrade in June, the firm sees minimal upside from current levels, as the stock is approaching their $36 price target, which they believe represents VDSI's fair value. While they believe the September quarter (3Q07) is tracking in line to slightly ahead of our expectations, which also bodes well for a strong year-end finish, they think the shares are already baking in this good news, which limits significant upside in the near term. In the firm's opinion, VDSI has done a great job of communicating its authentication strategy to financial institutions of all shapes and sizes, a dynamic that should continue to buoy top-line growth in the coming years, especially as authentication spending remains a high priority for many IT departments.

chart:

[la-onda]

VDSI: Pacific Crest Starts @ Outperform
Monday , September 17, 2007 08:36ET
Issuer: Vasco Data Security International Inc (NasdaqSC: VDSI)
Analyst Firm:  Pacific Crest Capital Inc.
Ratings Action: INITIATE
Current Rating: Outperform

Chart:

[la-onda]

Vasco Data Security downgraded to "underperform"

Thursday, September 20, 2007 11:51:07 AM ET
RBC Capital Markets

NEW YORK, September 20 (newratings.com) - Analysts at RBC Capital Markets downgrade Vasco Data Security International Inc (VDSI.NAS) from "sector perform" to "underperform." The target price is set to $27.

In a research note published this morning, the analysts mention that in the event of a slow down in financial market spending, given its more than 85% exposure to the banking industry, the company is likely to be at a significant risk. The ramp in penetrating the US banking market, which could serve as a catalyst for Vasco Data Security's performance, is likely to take longer than expected, the analysts say. The company's performance in 3Q is trending in-line with the expectations, RBC Capital Markets adds.

[la-onda]

Don't Bank On Vasco
Carl Gutierrez, 09.20.07, 9:03 PM ET

Vasco Data Security has been very successful over the past year, but heavy exposure to the banking industry may prove dangerous to its future.

On Thursday, RBC Capital Markets analyst Robert Breza kept his target price of $27 on Vasco Data Security International (nasdaq: VDSI - news - people ), but lowered his rating on the company to "underperform" from "sector perform" due to what he describes as an unfavorable risk/reward trade-off and a challenging industry backdrop. It provides security for online Internet applications in industries including banking, brokerage and health care.

Shares of the Oakbrook Terrace, Ill.-based company ended the trading day down 8.1%, or $3.02, to close $34.26. After looking at the company's price-to-earnings ratio, and comparing them to the company's current share price, Breza concluded Vasco was considerably overpriced.

"Although we applaud the company for what they've accomplished," Breza said, he encouraged investors to accumulate shares in the high $20s, versus current prices.

Vasco's shares have risen some 54.0% over the past three months, despite the summer's unrest. Over the past year, the company shares have risen 256.6%. According to Breza, the "challenging industry backdrop" for Vasco stems from its over 85% exposure to the banking industry, leaving it more at risk than its peers for a slowdown in financial market spending.

"Although not likely to show up in the current quarter's results," Breza said, "we believe the subprime issues seen in the financial markets over the past few months could translate to a more conservative outlook and may ultimately slow the growth in the backlog heading into 2008."

T. Kendall Hunt, Vasco's chief executive, begs to differ. Although Hunt admitted nearly 85% of the company's sales come from the banking industry, in an interview with Forbes.com he said Vasco's bank business is unrelated to the subprime mortgage industry. "I can say unequivocally we are not seeing any problems from the subprime mortgage debacle," he said.

Breza noted that declining enterprise and government IT spending, ongoing accounting issues and weakening demand for the company's products pose potential risks to his price target.
The financial industry has been roiled by the summer's turmoil, caused by the large drop in value of mortgage-backed securities and the subsequent credit squeeze. Geographically, Vasco only takes in approximately 10% of its sales from the U.S., while 64% comes from Europe, the Middle East, and Africa, 15% from Asia, and the rest from Latin America and other regions.

[la-onda]

VASCO Data Security International "market outperform," target price raised

Monday, October 08, 2007 7:45:01 AM ET
Rodman & Renshaw

NEW YORK, October 8 (newratings.com) - Analyst Amit Dayal of Rodman & Renshaw maintains his "market outperform" rating on VASCO Data Security International Inc (VDSI.NAS). The target price has been raised from $32 to $45.

In a research note published this morning, the analyst mentions that the demand environment for the company's security offerings is robust. VASCO Data Security International is likely to generate earnings and revenue growth of at least 30% in the forthcoming few years beyond 2008, benefiting from customer additions, the analyst says. The company is unlikely to be impacted by the mortgage-related volatility in the financial markets, Rodman & Renshaw adds.