William Delano
Value

magicJack: Short-Term Catalyst, And Significant Upside

magicJack VocalTec Ltd.

Executive Summary "Long"

magicJack VocalTec Ltd. (NASDAQ:CALL), a cloud-based communications company that provides Voice-over-Internet Protocol (VoIP) service, is a great example of a stock that Warren Buffett would refer to as a "cigar butt" - it may not necessarily be a great company, but you don't have to pay anything for it. Despite the fact that magicJack has a new and competent management team in place and has launched a new and improved product, magicJack is significantly undervalued… even if its customer base were to shrink or its revenues were to decline.

At $14.04/share, I am recommending a long position in magicJack for three primary reasons:

    Over the short term, I believe that there will...
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