Intrinsic value of ARRIS International - ARRS

Previous Close

$27.51

  Intrinsic Value

$28.35

stock screener

  Rating & Target

hold

+3%

  Value-price divergence*

0%

Previous close

$27.51

 
Intrinsic value

$28.35

 
Up/down potential

+3%

 
Rating

hold

 
Value-price divergence*

0%

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

We calculate the intrinsic value of ARRS 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 5.2

 

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, %
  42.33
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  6,829
  6,966
  7,126
  7,309
  7,515
  7,742
  7,992
  8,264
  8,559
  8,877
  9,217
  9,582
  9,971
  10,385
  10,825
  11,292
  11,786
  12,310
  12,864
  13,449
  14,067
  14,719
  15,407
  16,132
  16,896
  17,700
  18,547
  19,438
  20,376
  21,363
  22,401
Variable operating expenses, $m
 
  6,655
  6,803
  6,973
  7,164
  7,375
  7,606
  7,858
  8,131
  8,426
  8,741
  8,877
  9,237
  9,621
  10,029
  10,461
  10,920
  11,405
  11,918
  12,461
  13,033
  13,637
  14,274
  14,946
  15,653
  16,399
  17,183
  18,009
  18,878
  19,792
  20,754
Fixed operating expenses, $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
Total operating expenses, $m
  6,718
  6,655
  6,803
  6,973
  7,164
  7,375
  7,606
  7,858
  8,131
  8,426
  8,741
  8,877
  9,237
  9,621
  10,029
  10,461
  10,920
  11,405
  11,918
  12,461
  13,033
  13,637
  14,274
  14,946
  15,653
  16,399
  17,183
  18,009
  18,878
  19,792
  20,754
Operating income, $m
  111
  311
  322
  336
  351
  368
  386
  406
  428
  451
  476
  704
  733
  763
  796
  830
  867
  905
  946
  989
  1,034
  1,082
  1,133
  1,186
  1,242
  1,301
  1,364
  1,429
  1,498
  1,571
  1,647
EBITDA, $m
  606
  673
  689
  706
  726
  748
  772
  799
  827
  858
  891
  926
  963
  1,003
  1,046
  1,091
  1,139
  1,189
  1,243
  1,299
  1,359
  1,422
  1,489
  1,559
  1,632
  1,710
  1,792
  1,878
  1,969
  2,064
  2,164
Interest expense (income), $m
  71
  81
  84
  88
  92
  97
  103
  109
  115
  123
  130
  139
  147
  157
  167
  178
  189
  201
  214
  227
  241
  256
  272
  289
  307
  325
  345
  365
  387
  410
  434
Earnings before tax, $m
  24
  230
  238
  248
  259
  270
  283
  297
  312
  328
  346
  566
  586
  607
  629
  653
  678
  704
  732
  762
  793
  826
  860
  897
  936
  976
  1,019
  1,064
  1,111
  1,161
  1,213
Tax expense, $m
  15
  62
  64
  67
  70
  73
  76
  80
  84
  89
  93
  153
  158
  164
  170
  176
  183
  190
  198
  206
  214
  223
  232
  242
  253
  264
  275
  287
  300
  313
  328
Net income, $m
  18
  168
  174
  181
  189
  197
  207
  217
  228
  240
  252
  413
  427
  443
  459
  476
  495
  514
  534
  556
  579
  603
  628
  655
  683
  713
  744
  777
  811
  847
  886

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,096
  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
  7,758
  6,796
  6,952
  7,131
  7,331
  7,554
  7,797
  8,063
  8,350
  8,660
  8,992
  9,348
  9,727
  10,131
  10,561
  11,016
  11,499
  12,010
  12,550
  13,121
  13,724
  14,360
  15,031
  15,738
  16,484
  17,268
  18,094
  18,964
  19,879
  20,842
  21,855
Adjusted assets (=assets-cash), $m
  6,662
  6,796
  6,952
  7,131
  7,331
  7,554
  7,797
  8,063
  8,350
  8,660
  8,992
  9,348
  9,727
  10,131
  10,561
  11,016
  11,499
  12,010
  12,550
  13,121
  13,724
  14,360
  15,031
  15,738
  16,484
  17,268
  18,094
  18,964
  19,879
  20,842
  21,855
Revenue / Adjusted assets
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
Average production assets, $m
  1,577
  1,609
  1,646
  1,688
  1,736
  1,788
  1,846
  1,909
  1,977
  2,050
  2,129
  2,213
  2,303
  2,399
  2,500
  2,608
  2,723
  2,844
  2,972
  3,107
  3,250
  3,400
  3,559
  3,726
  3,903
  4,089
  4,284
  4,490
  4,707
  4,935
  5,175
Working capital, $m
  1,446
  439
  449
  460
  473
  488
  504
  521
  539
  559
  581
  604
  628
  654
  682
  711
  743
  776
  810
  847
  886
  927
  971
  1,016
  1,064
  1,115
  1,168
  1,225
  1,284
  1,346
  1,411
Total debt, $m
  2,263
  2,267
  2,373
  2,493
  2,628
  2,778
  2,942
  3,120
  3,314
  3,522
  3,746
  3,985
  4,241
  4,512
  4,801
  5,108
  5,433
  5,777
  6,140
  6,525
  6,930
  7,359
  7,810
  8,286
  8,787
  9,316
  9,872
  10,457
  11,073
  11,721
  12,402
Total liabilities, $m
  4,570
  4,573
  4,679
  4,799
  4,934
  5,084
  5,248
  5,426
  5,620
  5,828
  6,052
  6,291
  6,547
  6,818
  7,107
  7,414
  7,739
  8,083
  8,446
  8,831
  9,236
  9,665
  10,116
  10,592
  11,093
  11,622
  12,178
  12,763
  13,379
  14,027
  14,708
Total equity, $m
  3,189
  2,222
  2,273
  2,332
  2,397
  2,470
  2,550
  2,637
  2,731
  2,832
  2,941
  3,057
  3,181
  3,313
  3,453
  3,602
  3,760
  3,927
  4,104
  4,291
  4,488
  4,696
  4,915
  5,146
  5,390
  5,647
  5,917
  6,201
  6,501
  6,815
  7,146
Total liabilities and equity, $m
  7,759
  6,795
  6,952
  7,131
  7,331
  7,554
  7,798
  8,063
  8,351
  8,660
  8,993
  9,348
  9,728
  10,131
  10,560
  11,016
  11,499
  12,010
  12,550
  13,122
  13,724
  14,361
  15,031
  15,738
  16,483
  17,269
  18,095
  18,964
  19,880
  20,842
  21,854
Debt-to-equity ratio
  0.710
  1.020
  1.040
  1.070
  1.100
  1.120
  1.150
  1.180
  1.210
  1.240
  1.270
  1.300
  1.330
  1.360
  1.390
  1.420
  1.440
  1.470
  1.500
  1.520
  1.540
  1.570
  1.590
  1.610
  1.630
  1.650
  1.670
  1.690
  1.700
  1.720
  1.740
Adjusted equity ratio
  0.314
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  18
  168
  174
  181
  189
  197
  207
  217
  228
  240
  252
  413
  427
  443
  459
  476
  495
  514
  534
  556
  579
  603
  628
  655
  683
  713
  744
  777
  811
  847
  886
Depreciation, amort., depletion, $m
  495
  363
  366
  370
  375
  380
  386
  393
  399
  407
  415
  221
  230
  240
  250
  261
  272
  284
  297
  311
  325
  340
  356
  373
  390
  409
  428
  449
  471
  493
  517
Funds from operations, $m
  275
  530
  540
  551
  564
  578
  593
  609
  627
  646
  667
  634
  658
  683
  709
  737
  767
  798
  832
  867
  904
  943
  984
  1,028
  1,073
  1,121
  1,172
  1,226
  1,282
  1,341
  1,403
Change in working capital, $m
  -88
  9
  10
  12
  13
  14
  16
  17
  19
  20
  21
  23
  24
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
  62
  65
Cash from operations, $m
  363
  522
  530
  540
  551
  563
  577
  592
  609
  626
  645
  611
  633
  657
  681
  708
  736
  765
  797
  830
  865
  902
  941
  982
  1,025
  1,071
  1,119
  1,169
  1,223
  1,279
  1,338
Maintenance CAPEX, $m
  0
  -158
  -161
  -165
  -169
  -174
  -179
  -185
  -191
  -198
  -205
  -213
  -221
  -230
  -240
  -250
  -261
  -272
  -284
  -297
  -311
  -325
  -340
  -356
  -373
  -390
  -409
  -428
  -449
  -471
  -493
New CAPEX, $m
  -72
  -33
  -37
  -42
  -47
  -53
  -58
  -63
  -68
  -73
  -79
  -84
  -90
  -96
  -102
  -108
  -114
  -121
  -128
  -135
  -143
  -151
  -159
  -167
  -176
  -186
  -196
  -206
  -217
  -228
  -240
Cash from investing activities, $m
  -525
  -191
  -198
  -207
  -216
  -227
  -237
  -248
  -259
  -271
  -284
  -297
  -311
  -326
  -342
  -358
  -375
  -393
  -412
  -432
  -454
  -476
  -499
  -523
  -549
  -576
  -605
  -634
  -666
  -699
  -733
Free cash flow, $m
  -162
  331
  332
  333
  335
  337
  341
  345
  350
  355
  362
  314
  322
  331
  340
  350
  361
  372
  384
  397
  411
  426
  442
  458
  476
  495
  514
  535
  557
  580
  605
Issuance/(repayment) of debt, $m
  479
  87
  105
  120
  135
  150
  164
  179
  193
  208
  224
  239
  255
  272
  289
  307
  325
  344
  364
  384
  406
  428
  452
  476
  501
  528
  556
  585
  616
  648
  682
Issuance/(repurchase) of shares, $m
  -183
  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  
  291
  87
  105
  120
  135
  150
  164
  179
  193
  208
  224
  239
  255
  272
  289
  307
  325
  344
  364
  384
  406
  428
  452
  476
  501
  528
  556
  585
  616
  648
  682
Total cash flow (excl. dividends), $m
  117
  419
  437
  453
  470
  487
  505
  524
  543
  564
  585
  554
  577
  603
  629
  656
  685
  716
  748
  782
  817
  854
  893
  934
  978
  1,023
  1,070
  1,120
  1,173
  1,228
  1,286
Retained Cash Flow (-), $m
  -1,395
  -46
  -51
  -58
  -66
  -73
  -80
  -87
  -94
  -101
  -109
  -116
  -124
  -132
  -140
  -149
  -158
  -167
  -177
  -187
  -197
  -208
  -219
  -231
  -244
  -257
  -270
  -284
  -299
  -315
  -331
Prev. year cash balance distribution, $m
 
  1,013
  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
 
  1,386
  386
  395
  404
  414
  425
  437
  449
  462
  477
  437
  453
  470
  488
  507
  528
  549
  571
  595
  620
  646
  674
  703
  734
  766
  800
  836
  874
  913
  955
Discount rate, %
 
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
 
  1,320
  349
  336
  323
  308
  293
  277
  261
  244
  226
  185
  169
  154
  138
  123
  108
  94
  81
  69
  57
  47
  38
  30
  24
  18
  14
  10
  7
  5
  3
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

ARRIS International plc provides media entertainment and data communications solutions in the United States and internationally. It operates through two segments, Customer Premises Equipment and Network & Cloud. The Customer Premises Equipment segment offers various product solutions, including set-top boxes, gateways, digital subscriber lines and cable modems, and embedded multimedia terminal adapters and voice/data modems that enable service providers to offer voice, video, and high-speed data services to residential and business subscribers. The Network & Cloud segment provides cable modem termination system, converged cable access platform, multichannel video programming distributors, programmer equipment, Ad insertion technologies, and equipment in the ground or on transmission poles, as well as equipment used to initiate the distribution of content-carrying signals. This segment also offers technical support, professional services, and systems integration capabilities; software products that enable providers to deliver user experiences; multiscreen recommendations, offer management, and advertising services; network management products that collect information from the broadband network; and workforce management solutions enabling service providers to efficiently manage and dispatch field technicians, as well as network surveillance and issue correlation software and services. The company was formerly known as ARRIS Group, Inc. and changed its name to ARRIS International plc in January 2016. ARRIS International plc was founded in 1969 and is headquartered in Suwanee, Georgia.

FINANCIAL RATIOS  of  ARRIS International (ARRS)

Valuation Ratios
P/E Ratio 225.4
Price to Sales 0.6
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow 13.9
Growth Rates
Sales Growth Rate 42.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -19.1%
Cap. Spend. - 3 Yr. Gr. Rate 0.3%
Financial Strength
Quick Ratio 13
Current Ratio 0.1
LT Debt to Equity 68.4%
Total Debt to Equity 71%
Interest Coverage 1
Management Effectiveness
Return On Assets 0.7%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 0.4%
Ret/ On T. Cap. - 3 Yr. Avg. 4.6%
Return On Equity 0.7%
Return On Equity - 3 Yr. Avg. 9.2%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 25%
Gross Margin - 3 Yr. Avg. 28.1%
EBITDA Margin 8.6%
EBITDA Margin - 3 Yr. Avg. 10%
Operating Margin 1.6%
Oper. Margin - 3 Yr. Avg. 4.1%
Pre-Tax Margin 0.4%
Pre-Tax Margin - 3 Yr. Avg. 2.4%
Net Profit Margin 0.3%
Net Profit Margin - 3 Yr. Avg. 2.8%
Effective Tax Rate 62.5%
Eff/ Tax Rate - 3 Yr. Avg. 15.7%
Payout Ratio 0%

ARRS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ARRS stock intrinsic value calculation we used $6829 million for the last fiscal year's total revenue generated by ARRIS International. The default revenue input number comes from 2016 income statement of ARRIS International. 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 ARRS stock valuation model: a) initial revenue growth rate of 2% 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 5%, whose default value for ARRS is calculated based on our internal credit rating of ARRIS International, 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 ARRIS International.
    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 ARRS stock the variable cost ratio is equal to 95.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ARRS 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 3.7% for ARRIS International.

Corporate tax rate of 27% is the nominal tax rate for ARRIS International. 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 ARRS 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 ARRS are equal to 23.1%.

Life of production assets of 10 years is the average useful life of capital assets used in ARRIS International 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 ARRS is equal to 6.3%. 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 - $3189 million for ARRIS International - 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 187.669 million for ARRIS International 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 ARRIS International at the current share price and the inputted number of shares is $5.2 billion.

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COMPANY NEWS

▶ Arris Group tops 2Q profit forecasts   [Aug-02-17 10:56PM  Associated Press]
▶ Arris Rated A Buy Despite Set-Top Box Decline; Ruckus Deal A Plus   [Jun-15-17 04:22PM  Investor's Business Daily]
▶ ARRIS to Present at NASDAQ's 36th Investor Program   [Jun-01-17 11:00AM  PR Newswire]
▶ Ferrari Leads 5 Stocks Racing Higher On Earnings   [May-04-17 04:02PM  Investor's Business Daily]
▶ Arris Group reports 1Q loss   [May-03-17 05:44PM  Associated Press]
▶ ZoneTV Expands Its Pay-TV Set-Top Box Reach Through Cloud   [Apr-24-17 10:45AM  Business Wire]
▶ [$$] Broadcom-Brocade Deal Gets Better   [Mar-30-17 03:00PM  Barrons.com]
▶ [$$] Broadcom-Brocade Deal Gets Better   [03:00PM  at Barrons.com]
▶ ARRIS Unveils SURFboard® Voice Gateway   [Mar-20-17 06:00AM  PR Newswire]
▶ Why ARRIS International plc Fell 15% Today   [01:48PM  at Motley Fool]
▶ ARRIS Announces 2017 Investor Day   [02:30PM  PR Newswire]
Stock chart of ARRS Financial statements of ARRS
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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