William Blair analyst Dmitry Netis believes Vonage's (VG) partnership with Amazon Chime (AMZN) is "underappreciated and not well understood." Investor misconception of the Chime opportunity may stem from the assumption that it is a free service and only a reselling arrangement for Vonage, which is "simply not the case," Netis tells investors in a research note. His scenario analysis implies annual revenue ranges of $58M to $611M within three years, using "very modest and the most aggressive assumptions." The analyst's baseline scenario yields $243M in revenue. He continues to see Vonage's Nexmo as incremental to margins and revenues given early evidence of share gains, improving developer awareness, and incremental opportunity with strategic accounts like Amazon. Netis' research also indicates that Nexmo has replaced an incumbent at one of the top taxi-hailing app services. He views Vonage shares as "highly compelling on a sum-of-the- parts basis." Netis recommends buying the stock with an Outperform rating.

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