Intrinsic value of Adtran - ADTN

Previous Close

$22.65

  Intrinsic Value

$80.67

stock screener

  Rating & Target

str. buy

+256%

  Value-price divergence*

0%

Previous close

$22.65

 
Intrinsic value

$80.67

 
Up/down potential

+256%

 
Rating

str. buy

 
Value-price divergence*

0%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ADTN 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 2016), $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 1.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.17
  13.50
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.96
  7.67
  7.40
  7.16
  6.94
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
Revenue, $m
  637
  723
  814
  911
  1,013
  1,120
  1,233
  1,350
  1,472
  1,600
  1,733
  1,871
  2,014
  2,163
  2,318
  2,479
  2,646
  2,820
  3,001
  3,190
  3,386
  3,590
  3,803
  4,025
  4,256
  4,498
  4,750
  5,014
  5,289
  5,577
  5,879
Variable operating expenses, $m
 
  235
  265
  296
  329
  364
  400
  438
  478
  520
  563
  607
  654
  702
  752
  804
  859
  915
  974
  1,035
  1,099
  1,165
  1,234
  1,306
  1,381
  1,460
  1,542
  1,627
  1,717
  1,810
  1,908
Fixed operating expenses, $m
 
  412
  422
  433
  444
  455
  466
  478
  490
  502
  515
  527
  541
  554
  568
  582
  597
  612
  627
  643
  659
  675
  692
  709
  727
  745
  764
  783
  803
  823
  843
Total operating expenses, $m
  599
  647
  687
  729
  773
  819
  866
  916
  968
  1,022
  1,078
  1,134
  1,195
  1,256
  1,320
  1,386
  1,456
  1,527
  1,601
  1,678
  1,758
  1,840
  1,926
  2,015
  2,108
  2,205
  2,306
  2,410
  2,520
  2,633
  2,751
Operating income, $m
  38
  76
  127
  182
  240
  302
  366
  434
  504
  578
  655
  736
  820
  907
  998
  1,092
  1,191
  1,293
  1,400
  1,512
  1,628
  1,750
  1,877
  2,009
  2,148
  2,293
  2,445
  2,604
  2,770
  2,945
  3,128
EBITDA, $m
  52
  92
  145
  202
  262
  326
  392
  463
  536
  612
  692
  776
  862
  953
  1,047
  1,145
  1,247
  1,353
  1,464
  1,579
  1,700
  1,826
  1,957
  2,094
  2,238
  2,388
  2,545
  2,710
  2,882
  3,063
  3,252
Interest expense (income), $m
  1
  1
  2
  3
  4
  5
  6
  7
  9
  10
  11
  13
  14
  16
  17
  19
  20
  22
  24
  26
  28
  30
  32
  34
  37
  39
  42
  44
  47
  50
  53
Earnings before tax, $m
  47
  75
  126
  179
  237
  297
  360
  426
  496
  569
  644
  724
  806
  891
  981
  1,073
  1,170
  1,271
  1,376
  1,486
  1,600
  1,720
  1,844
  1,975
  2,111
  2,254
  2,403
  2,559
  2,723
  2,895
  3,074
Tax expense, $m
  12
  20
  34
  48
  64
  80
  97
  115
  134
  154
  174
  195
  218
  241
  265
  290
  316
  343
  372
  401
  432
  464
  498
  533
  570
  609
  649
  691
  735
  782
  830
Net income, $m
  35
  55
  92
  131
  173
  217
  263
  311
  362
  415
  470
  528
  588
  651
  716
  784
  854
  928
  1,005
  1,085
  1,168
  1,255
  1,346
  1,442
  1,541
  1,645
  1,754
  1,868
  1,988
  2,113
  2,244

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  123
  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
  667
  617
  696
  778
  865
  957
  1,053
  1,153
  1,257
  1,366
  1,480
  1,597
  1,720
  1,847
  1,979
  2,117
  2,260
  2,408
  2,563
  2,724
  2,891
  3,066
  3,248
  3,437
  3,635
  3,841
  4,057
  4,282
  4,517
  4,763
  5,020
Adjusted assets (=assets-cash), $m
  544
  617
  696
  778
  865
  957
  1,053
  1,153
  1,257
  1,366
  1,480
  1,597
  1,720
  1,847
  1,979
  2,117
  2,260
  2,408
  2,563
  2,724
  2,891
  3,066
  3,248
  3,437
  3,635
  3,841
  4,057
  4,282
  4,517
  4,763
  5,020
Revenue / Adjusted assets
  1.171
  1.172
  1.170
  1.171
  1.171
  1.170
  1.171
  1.171
  1.171
  1.171
  1.171
  1.172
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
Average production assets, $m
  85
  96
  108
  121
  135
  149
  164
  180
  196
  213
  230
  249
  268
  288
  308
  330
  352
  375
  399
  424
  450
  477
  506
  535
  566
  598
  632
  667
  704
  742
  782
Working capital, $m
  226
  117
  132
  148
  164
  182
  200
  219
  239
  259
  281
  303
  326
  350
  376
  402
  429
  457
  486
  517
  548
  582
  616
  652
  690
  729
  770
  812
  857
  904
  952
Total debt, $m
  27
  52
  79
  108
  138
  169
  202
  237
  273
  310
  349
  390
  432
  475
  521
  568
  617
  668
  722
  777
  835
  895
  957
  1,022
  1,090
  1,161
  1,236
  1,313
  1,394
  1,478
  1,567
Total liabilities, $m
  188
  212
  239
  268
  298
  329
  362
  397
  433
  470
  509
  550
  592
  635
  681
  728
  777
  828
  882
  937
  995
  1,055
  1,117
  1,182
  1,250
  1,321
  1,396
  1,473
  1,554
  1,638
  1,727
Total equity, $m
  480
  405
  456
  510
  568
  628
  691
  756
  825
  896
  971
  1,048
  1,128
  1,212
  1,299
  1,389
  1,482
  1,580
  1,681
  1,787
  1,897
  2,011
  2,130
  2,255
  2,384
  2,520
  2,661
  2,809
  2,963
  3,125
  3,293
Total liabilities and equity, $m
  668
  617
  695
  778
  866
  957
  1,053
  1,153
  1,258
  1,366
  1,480
  1,598
  1,720
  1,847
  1,980
  2,117
  2,259
  2,408
  2,563
  2,724
  2,892
  3,066
  3,247
  3,437
  3,634
  3,841
  4,057
  4,282
  4,517
  4,763
  5,020
Debt-to-equity ratio
  0.056
  0.130
  0.170
  0.210
  0.240
  0.270
  0.290
  0.310
  0.330
  0.350
  0.360
  0.370
  0.380
  0.390
  0.400
  0.410
  0.420
  0.420
  0.430
  0.430
  0.440
  0.440
  0.450
  0.450
  0.460
  0.460
  0.460
  0.470
  0.470
  0.470
  0.480
Adjusted equity ratio
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  35
  55
  92
  131
  173
  217
  263
  311
  362
  415
  470
  528
  588
  651
  716
  784
  854
  928
  1,005
  1,085
  1,168
  1,255
  1,346
  1,442
  1,541
  1,645
  1,754
  1,868
  1,988
  2,113
  2,244
Depreciation, amort., depletion, $m
  14
  16
  17
  20
  22
  24
  26
  29
  31
  34
  37
  39
  43
  46
  49
  52
  56
  60
  63
  67
  71
  76
  80
  85
  90
  95
  100
  106
  112
  118
  124
Funds from operations, $m
  39
  70
  109
  151
  194
  241
  289
  340
  393
  449
  507
  568
  631
  696
  765
  836
  910
  987
  1,068
  1,152
  1,240
  1,331
  1,427
  1,527
  1,631
  1,740
  1,854
  1,974
  2,099
  2,231
  2,368
Change in working capital, $m
  -3
  14
  15
  16
  17
  17
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  34
  36
  38
  39
  41
  43
  45
  47
  49
Cash from operations, $m
  42
  56
  94
  135
  178
  223
  271
  321
  374
  428
  486
  545
  607
  672
  740
  810
  883
  959
  1,039
  1,121
  1,208
  1,298
  1,392
  1,491
  1,593
  1,701
  1,814
  1,931
  2,055
  2,184
  2,320
Maintenance CAPEX, $m
  0
  -13
  -15
  -17
  -19
  -21
  -24
  -26
  -29
  -31
  -34
  -37
  -39
  -43
  -46
  -49
  -52
  -56
  -60
  -63
  -67
  -71
  -76
  -80
  -85
  -90
  -95
  -100
  -106
  -112
  -118
New CAPEX, $m
  -21
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
Cash from investing activities, $m
  -6
  -25
  -27
  -30
  -33
  -35
  -39
  -42
  -45
  -48
  -52
  -55
  -58
  -63
  -67
  -70
  -74
  -79
  -84
  -88
  -93
  -98
  -104
  -110
  -116
  -122
  -129
  -135
  -143
  -150
  -158
Free cash flow, $m
  36
  31
  67
  105
  145
  188
  232
  279
  329
  380
  434
  490
  549
  610
  673
  740
  808
  880
  955
  1,033
  1,114
  1,199
  1,288
  1,381
  1,478
  1,579
  1,685
  1,796
  1,912
  2,034
  2,162
Issuance/(repayment) of debt, $m
  -1
  25
  27
  28
  30
  31
  33
  34
  36
  37
  39
  41
  42
  44
  46
  47
  49
  51
  53
  55
  58
  60
  63
  65
  68
  71
  74
  77
  81
  85
  88
Issuance/(repurchase) of shares, $m
  -21
  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 from financing (excl. dividends), $m  
  -22
  25
  27
  28
  30
  31
  33
  34
  36
  37
  39
  41
  42
  44
  46
  47
  49
  51
  53
  55
  58
  60
  63
  65
  68
  71
  74
  77
  81
  85
  88
Total cash flow (excl. dividends), $m
  13
  57
  94
  133
  175
  219
  265
  314
  365
  418
  473
  531
  591
  654
  719
  787
  858
  931
  1,008
  1,088
  1,172
  1,259
  1,351
  1,446
  1,546
  1,650
  1,759
  1,874
  1,993
  2,119
  2,250
Retained Cash Flow (-), $m
  0
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -97
  -101
  -106
  -110
  -114
  -119
  -124
  -130
  -135
  -141
  -148
  -154
  -161
  -169
Prev. year cash balance distribution, $m
 
  123
  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
 
  132
  43
  79
  118
  159
  202
  248
  296
  346
  399
  454
  511
  570
  632
  697
  764
  834
  907
  983
  1,062
  1,145
  1,231
  1,322
  1,416
  1,515
  1,618
  1,726
  1,839
  1,957
  2,082
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  126
  39
  69
  97
  123
  147
  168
  185
  199
  209
  215
  218
  217
  212
  205
  194
  181
  167
  151
  135
  118
  102
  87
  72
  59
  47
  37
  28
  21
  16
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

ADTRAN, Inc. (ADTRAN) is a provider of networking and communications equipment. The Company's solutions enable voice, data, video and Internet communications across a range of network infrastructures. It operates through two segments: Network Solutions and Services & Support. Network Solutions includes software and hardware products that enable CSPs and enterprise customers to realize a fully connected world. It provides a full-range of network implementation, maintenance and managed services. Its solutions include Access & Aggregation, Customer Devices, and Traditional & Other Products. Its Access & Aggregation solutions are used by communications service providers (CSPs) to connect their network infrastructure to their subscribers. The portfolio of ADTRAN solutions within Access & Aggregation category includes a range of modular or fixed physical form factors designed to deliver the technology and economic fit based on the target subscriber density and environmental conditions.

FINANCIAL RATIOS  of  Adtran (ADTN)

Valuation Ratios
P/E Ratio 31.4
Price to Sales 1.7
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 26.1
Price to Free Cash Flow 52.3
Growth Rates
Sales Growth Rate 6.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 75%
Cap. Spend. - 3 Yr. Gr. Rate 21.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 5.6%
Total Debt to Equity 5.6%
Interest Coverage 48
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 4.8%
Return On Total Capital 6.9%
Ret/ On T. Cap. - 3 Yr. Avg. 5.9%
Return On Equity 7.3%
Return On Equity - 3 Yr. Avg. 6.3%
Asset Turnover 1
Profitability Ratios
Gross Margin 45.7%
Gross Margin - 3 Yr. Avg. 46.5%
EBITDA Margin 9.7%
EBITDA Margin - 3 Yr. Avg. 9.5%
Operating Margin 6%
Oper. Margin - 3 Yr. Avg. 5.2%
Pre-Tax Margin 7.4%
Pre-Tax Margin - 3 Yr. Avg. 7.1%
Net Profit Margin 5.5%
Net Profit Margin - 3 Yr. Avg. 5.3%
Effective Tax Rate 25.5%
Eff/ Tax Rate - 3 Yr. Avg. 25.8%
Payout Ratio 51.4%

ADTN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ADTN stock intrinsic value calculation we used $637 million for the last fiscal year's total revenue generated by Adtran. The default revenue input number comes from 2016 income statement of Adtran. 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 ADTN stock valuation model: a) initial revenue growth rate of 13.5% 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 4.3%, whose default value for ADTN is calculated based on our internal credit rating of Adtran, 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 Adtran.
    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 ADTN stock the variable cost ratio is equal to 32.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $402 million in the base year in the intrinsic value calculation for ADTN 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 3.6% for Adtran.

Corporate tax rate of 27% is the nominal tax rate for Adtran. 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 ADTN 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 ADTN are equal to 13.3%.

Life of production assets of 6.3 years is the average useful life of capital assets used in Adtran 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 ADTN is equal to 16.2%. 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 - $480 million for Adtran - 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 48.09 million for Adtran 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 Adtran at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ ADTRAN Establishes Mosaic Open Network Alliance   [Aug-28-17 05:00AM  Business Wire]
▶ ETFs with exposure to ADTRAN, Inc. : August 18, 2017   [Aug-18-17 04:17PM  Capital Cube]
▶ Why ADTRAN (ADTN) Stock Might be a Great Pick   [Jul-28-17 08:32AM  Zacks]
▶ Adtran tops Street 2Q forecasts   [Jul-19-17 08:06PM  Associated Press]
▶ ADTRAN, Inc. Value Analysis (NASDAQ:ADTN) : July 10, 2017   [Jul-10-17 03:36PM  Capital Cube]
▶ ADTRAN RFoG Beats OBI Without Cabinets   [May-30-17 02:00AM  Business Wire]
▶ Adtran Stock Trades Ex-Dividend Tuesday   [Apr-27-17 08:40AM  Investopedia]
▶ Stock Market News for April 19, 2017   [Apr-19-17 11:08AM  Zacks]
▶ Story Stocks from Briefing.com   [09:59AM  Briefing.com]
▶ Adtran beats Street 1Q forecasts   [05:01AM  Associated Press]
▶ ADTRAN Surpasses its 10 Millionth Vectoring Port Shipment   [Mar-14-17 08:00AM  Business Wire]
▶ ADTRAN Mobilizes Software Defined Access   [Mar-01-17 02:00AM  Business Wire]
▶ ADTRAN Looks Attractive From the Long Side   [Dec-23-16 08:53AM  at TheStreet]
▶ ADTRANs Mike Foliano Elected to QuEST Forum Executive Board   [Dec-14-16 08:00AM  Business Wire]
▶ Here is What Hedge Funds Think About ADTRAN, Inc. (ADTN)   [Dec-09-16 04:24AM  at Insider Monkey]
Financial statements of ADTN
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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