Intrinsic value of Adtran - ADTN

Previous Close

$23.80

  Intrinsic Value

$145.13

stock screener

  Rating & Target

str. buy

+510%

  Value-price divergence*

+2106%

Previous close

$23.80

 
Intrinsic value

$145.13

 
Up/down potential

+510%

 
Rating

str. buy

 
Value-price divergence*

+2106%

*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
  19.70
  18.23
  16.91
  15.72
  14.64
  13.68
  12.81
  12.03
  11.33
  10.70
  10.13
  9.61
  9.15
  8.74
  8.36
  8.03
  7.72
  7.45
  7.21
  6.99
  6.79
  6.61
  6.45
  6.30
  6.17
  6.06
  5.95
  5.85
  5.77
  5.69
Revenue, $m
  637
  762
  901
  1,054
  1,220
  1,398
  1,589
  1,793
  2,009
  2,236
  2,475
  2,726
  2,988
  3,262
  3,547
  3,843
  4,152
  4,472
  4,806
  5,152
  5,512
  5,886
  6,275
  6,680
  7,101
  7,539
  7,995
  8,471
  8,967
  9,484
  10,024
Variable operating expenses, $m
 
  248
  293
  342
  396
  454
  516
  582
  652
  726
  804
  885
  970
  1,059
  1,151
  1,247
  1,347
  1,451
  1,560
  1,672
  1,789
  1,910
  2,036
  2,168
  2,304
  2,447
  2,595
  2,749
  2,910
  3,078
  3,253
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
  660
  715
  775
  840
  909
  982
  1,060
  1,142
  1,228
  1,319
  1,412
  1,511
  1,613
  1,719
  1,829
  1,944
  2,063
  2,187
  2,315
  2,448
  2,585
  2,728
  2,877
  3,031
  3,192
  3,359
  3,532
  3,713
  3,901
  4,096
Operating income, $m
  38
  103
  186
  279
  380
  489
  607
  733
  867
  1,008
  1,157
  1,314
  1,478
  1,649
  1,828
  2,014
  2,208
  2,409
  2,619
  2,837
  3,064
  3,301
  3,546
  3,802
  4,069
  4,347
  4,637
  4,939
  5,254
  5,584
  5,928
EBITDA, $m
  52
  113
  199
  293
  396
  508
  629
  757
  894
  1,038
  1,190
  1,350
  1,518
  1,692
  1,875
  2,065
  2,263
  2,469
  2,683
  2,906
  3,138
  3,379
  3,630
  3,891
  4,164
  4,447
  4,743
  5,052
  5,374
  5,710
  6,061
Interest expense (income), $m
  1
  1
  2
  4
  5
  7
  9
  11
  13
  15
  18
  20
  23
  26
  29
  32
  35
  38
  42
  45
  49
  53
  56
  61
  65
  69
  74
  79
  84
  89
  95
Earnings before tax, $m
  47
  102
  184
  275
  374
  482
  598
  722
  854
  993
  1,139
  1,294
  1,455
  1,623
  1,799
  1,982
  2,173
  2,371
  2,578
  2,792
  3,016
  3,248
  3,490
  3,742
  4,004
  4,278
  4,563
  4,860
  5,171
  5,495
  5,833
Tax expense, $m
  12
  27
  50
  74
  101
  130
  161
  195
  230
  268
  308
  349
  393
  438
  486
  535
  587
  640
  696
  754
  814
  877
  942
  1,010
  1,081
  1,155
  1,232
  1,312
  1,396
  1,484
  1,575
Net income, $m
  35
  74
  134
  201
  273
  352
  437
  527
  623
  725
  832
  944
  1,062
  1,185
  1,313
  1,447
  1,586
  1,731
  1,882
  2,038
  2,201
  2,371
  2,548
  2,732
  2,923
  3,123
  3,331
  3,548
  3,774
  4,011
  4,258

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
  651
  770
  900
  1,041
  1,194
  1,357
  1,531
  1,715
  1,910
  2,114
  2,328
  2,552
  2,785
  3,029
  3,282
  3,545
  3,819
  4,104
  4,400
  4,707
  5,026
  5,359
  5,704
  6,064
  6,438
  6,828
  7,234
  7,658
  8,099
  8,560
Adjusted assets (=assets-cash), $m
  544
  651
  770
  900
  1,041
  1,194
  1,357
  1,531
  1,715
  1,910
  2,114
  2,328
  2,552
  2,785
  3,029
  3,282
  3,545
  3,819
  4,104
  4,400
  4,707
  5,026
  5,359
  5,704
  6,064
  6,438
  6,828
  7,234
  7,658
  8,099
  8,560
Revenue / Adjusted assets
  1.171
  1.171
  1.170
  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
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
Average production assets, $m
  85
  101
  120
  140
  162
  186
  211
  238
  267
  297
  329
  363
  397
  434
  472
  511
  552
  595
  639
  685
  733
  783
  835
  888
  944
  1,003
  1,063
  1,127
  1,193
  1,261
  1,333
Working capital, $m
  226
  124
  146
  171
  198
  226
  257
  290
  325
  362
  401
  442
  484
  528
  575
  623
  673
  725
  779
  835
  893
  954
  1,017
  1,082
  1,150
  1,221
  1,295
  1,372
  1,453
  1,536
  1,624
Total debt, $m
  27
  64
  105
  150
  198
  251
  307
  367
  430
  497
  567
  641
  718
  798
  882
  969
  1,060
  1,154
  1,252
  1,353
  1,459
  1,569
  1,683
  1,802
  1,926
  2,055
  2,189
  2,329
  2,474
  2,626
  2,785
Total liabilities, $m
  188
  224
  265
  310
  358
  411
  467
  527
  590
  657
  727
  801
  878
  958
  1,042
  1,129
  1,220
  1,314
  1,412
  1,513
  1,619
  1,729
  1,843
  1,962
  2,086
  2,215
  2,349
  2,489
  2,634
  2,786
  2,945
Total equity, $m
  480
  427
  505
  590
  683
  783
  890
  1,004
  1,125
  1,253
  1,387
  1,527
  1,674
  1,827
  1,987
  2,153
  2,326
  2,505
  2,692
  2,886
  3,088
  3,297
  3,515
  3,742
  3,978
  4,223
  4,479
  4,746
  5,023
  5,313
  5,616
Total liabilities and equity, $m
  668
  651
  770
  900
  1,041
  1,194
  1,357
  1,531
  1,715
  1,910
  2,114
  2,328
  2,552
  2,785
  3,029
  3,282
  3,546
  3,819
  4,104
  4,399
  4,707
  5,026
  5,358
  5,704
  6,064
  6,438
  6,828
  7,235
  7,657
  8,099
  8,561
Debt-to-equity ratio
  0.056
  0.150
  0.210
  0.250
  0.290
  0.320
  0.340
  0.370
  0.380
  0.400
  0.410
  0.420
  0.430
  0.440
  0.440
  0.450
  0.460
  0.460
  0.460
  0.470
  0.470
  0.480
  0.480
  0.480
  0.480
  0.490
  0.490
  0.490
  0.490
  0.490
  0.500
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
  74
  134
  201
  273
  352
  437
  527
  623
  725
  832
  944
  1,062
  1,185
  1,313
  1,447
  1,586
  1,731
  1,882
  2,038
  2,201
  2,371
  2,548
  2,732
  2,923
  3,123
  3,331
  3,548
  3,774
  4,011
  4,258
Depreciation, amort., depletion, $m
  14
  10
  12
  14
  17
  19
  21
  24
  27
  30
  33
  36
  40
  43
  47
  51
  55
  59
  64
  69
  73
  78
  83
  89
  94
  100
  106
  113
  119
  126
  133
Funds from operations, $m
  39
  85
  147
  215
  290
  371
  458
  551
  650
  755
  865
  981
  1,102
  1,228
  1,360
  1,498
  1,641
  1,790
  1,946
  2,107
  2,275
  2,449
  2,631
  2,820
  3,018
  3,223
  3,437
  3,661
  3,894
  4,137
  4,392
Change in working capital, $m
  -3
  20
  23
  25
  27
  29
  31
  33
  35
  37
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  68
  71
  74
  77
  80
  84
  87
Cash from operations, $m
  42
  64
  124
  190
  263
  342
  427
  518
  615
  718
  826
  940
  1,059
  1,184
  1,314
  1,450
  1,591
  1,738
  1,892
  2,051
  2,216
  2,389
  2,568
  2,755
  2,949
  3,152
  3,363
  3,583
  3,813
  4,053
  4,304
Maintenance CAPEX, $m
  0
  -8
  -10
  -12
  -14
  -16
  -19
  -21
  -24
  -27
  -30
  -33
  -36
  -40
  -43
  -47
  -51
  -55
  -59
  -64
  -69
  -73
  -78
  -83
  -89
  -94
  -100
  -106
  -113
  -119
  -126
New CAPEX, $m
  -21
  -17
  -18
  -20
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
Cash from investing activities, $m
  -6
  -25
  -28
  -32
  -36
  -40
  -44
  -48
  -53
  -57
  -62
  -66
  -71
  -76
  -81
  -86
  -92
  -98
  -103
  -110
  -117
  -123
  -130
  -137
  -145
  -152
  -161
  -169
  -179
  -188
  -198
Free cash flow, $m
  36
  39
  95
  158
  227
  302
  383
  470
  563
  661
  765
  874
  988
  1,108
  1,233
  1,363
  1,499
  1,641
  1,788
  1,941
  2,100
  2,266
  2,438
  2,618
  2,804
  2,999
  3,202
  3,414
  3,635
  3,865
  4,106
Issuance/(repayment) of debt, $m
  -1
  37
  41
  45
  49
  52
  56
  60
  63
  67
  70
  74
  77
  80
  84
  87
  91
  94
  98
  102
  106
  110
  114
  119
  124
  129
  134
  140
  146
  152
  159
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
  37
  41
  45
  49
  52
  56
  60
  63
  67
  70
  74
  77
  80
  84
  87
  91
  94
  98
  102
  106
  110
  114
  119
  124
  129
  134
  140
  146
  152
  159
Total cash flow (excl. dividends), $m
  13
  76
  136
  203
  276
  354
  439
  530
  626
  728
  835
  947
  1,065
  1,188
  1,317
  1,450
  1,590
  1,735
  1,886
  2,043
  2,206
  2,376
  2,552
  2,736
  2,928
  3,128
  3,336
  3,554
  3,780
  4,017
  4,265
Retained Cash Flow (-), $m
  0
  -70
  -78
  -85
  -93
  -100
  -107
  -114
  -121
  -127
  -134
  -140
  -147
  -153
  -160
  -166
  -173
  -180
  -187
  -194
  -202
  -210
  -218
  -227
  -236
  -246
  -256
  -266
  -278
  -290
  -302
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
 
  129
  58
  117
  183
  254
  332
  416
  505
  600
  701
  807
  918
  1,035
  1,157
  1,284
  1,417
  1,555
  1,699
  1,849
  2,004
  2,166
  2,334
  2,510
  2,692
  2,882
  3,081
  3,287
  3,503
  3,728
  3,962
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
 
  124
  53
  102
  151
  197
  241
  281
  316
  345
  367
  383
  392
  394
  388
  377
  360
  338
  313
  285
  255
  224
  194
  164
  137
  112
  90
  71
  54
  41
  30
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. manufactures and sells networking and communications equipment worldwide. It operates in two divisions, Carrier Networks and Enterprise Networks. The Carrier Networks division provides broadband access products, such as multi-service access node products, fiber to the node products, digital subscriber line access multiplexer products, and distribution point units; optical products, including optical networking edge products, fiber Ethernet access devices, multi-service edge switches, multi-service provisioning platforms, and pluggable optical products; and time division multiplexed systems under the Total Access and hiX brand names. This division serves local exchange carriers, public telephone and telegraphs companies, cable multi-service operators, independent operating companies, utilities, municipalities, and wireless service providers. The Enterprise Networks division provides internetworking products, such as Total Access Internet protocol business gateways, optical network terminals, virtual wireless local area networking products, access routers, enterprise session border controllers, managed Ethernet switches, unified communications solutions, carrier Ethernet network terminating equipment, carrier Ethernet routers and gateways, and network management solutions. This division serves service providers, cable multi-service operators, and independent communications companies, as well as retail, food service, healthcare, finance, government, education, manufacturing, military, transportation, hospitality, and energy/utility markets. The company also offers loop access products, including high bit-rate digital subscriber line, digital data service, and integrated services digital network products. ADTRAN, Inc. was founded in 1985 and is headquartered in Huntsville, Alabama.

FINANCIAL RATIOS  of  Adtran (ADTN)

Valuation Ratios
P/E Ratio 33
Price to Sales 1.8
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 27.5
Price to Free Cash Flow 54.9
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 19.7% 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 10 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 47.14 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.

RELATED COMPANIES Price Int.Val. Rating
CIEN Ciena 26.80 49.03  str.buy
DZSI DASAN Zhone So 7.36 0.21  str.sell
NOK Nokia ADR 6.16 8.49  buy
CALX Calix 6.85 0.94  str.sell
CSCO Cisco Systems 32.12 41.04  buy
JNPR Juniper Networ 29.96 68.24  str.buy
AUDC AudioCodes 6.76 13.59  str.buy
EXTR Extreme Networ 9.38 0.05  str.sell

COMPANY NEWS

▶ Adtran tops Street 2Q forecasts   [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]
Stock chart of ADTN Financial statements of ADTN Annual reports 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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.