Intrinsic value of ATN International - ATNI

Previous Close

$73.23

  Intrinsic Value

$47.80

stock screener

  Rating & Target

sell

-35%

Previous close

$73.23

 
Intrinsic value

$47.80

 
Up/down potential

-35%

 
Rating

sell

We calculate the intrinsic value of ATNI 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  28.73
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
Revenue, $m
  457
  506
  533
  561
  590
  621
  653
  687
  722
  759
  798
  839
  882
  927
  974
  1,023
  1,075
  1,129
  1,186
  1,246
  1,309
  1,375
  1,444
  1,516
  1,593
  1,673
  1,757
  1,845
  1,937
  2,034
  2,136
Variable operating expenses, $m
 
  234
  245
  257
  269
  283
  296
  311
  326
  342
  358
  358
  377
  396
  416
  437
  459
  482
  507
  532
  559
  587
  617
  648
  680
  715
  750
  788
  828
  869
  913
Fixed operating expenses, $m
 
  212
  216
  221
  226
  231
  236
  241
  246
  252
  257
  263
  269
  275
  281
  287
  293
  300
  306
  313
  320
  327
  334
  341
  349
  357
  364
  373
  381
  389
  398
Total operating expenses, $m
  407
  446
  461
  478
  495
  514
  532
  552
  572
  594
  615
  621
  646
  671
  697
  724
  752
  782
  813
  845
  879
  914
  951
  989
  1,029
  1,072
  1,114
  1,161
  1,209
  1,258
  1,311
Operating income, $m
  50
  61
  72
  83
  95
  108
  121
  135
  150
  166
  183
  218
  236
  256
  277
  299
  322
  347
  373
  401
  430
  460
  493
  527
  563
  601
  642
  684
  729
  776
  826
EBITDA, $m
  126
  162
  177
  193
  210
  227
  246
  266
  287
  309
  332
  356
  382
  409
  438
  468
  500
  533
  569
  606
  646
  687
  731
  777
  826
  877
  932
  989
  1,049
  1,112
  1,179
Interest expense (income), $m
  4
  8
  10
  11
  13
  15
  17
  19
  21
  23
  25
  27
  30
  32
  35
  38
  41
  44
  47
  51
  54
  58
  62
  66
  70
  75
  80
  85
  90
  96
  101
Earnings before tax, $m
  45
  53
  62
  72
  82
  93
  104
  117
  130
  143
  158
  190
  206
  224
  242
  261
  282
  303
  326
  350
  376
  402
  431
  461
  493
  526
  562
  599
  639
  681
  725
Tax expense, $m
  21
  14
  17
  19
  22
  25
  28
  31
  35
  39
  43
  51
  56
  60
  65
  71
  76
  82
  88
  95
  101
  109
  116
  124
  133
  142
  152
  162
  172
  184
  196
Net income, $m
  12
  39
  45
  52
  60
  68
  76
  85
  95
  105
  115
  139
  151
  163
  177
  191
  206
  221
  238
  256
  274
  294
  315
  337
  360
  384
  410
  437
  466
  497
  529

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  279
  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
  1,198
  1,200
  1,263
  1,330
  1,399
  1,472
  1,548
  1,628
  1,712
  1,799
  1,891
  1,988
  2,089
  2,196
  2,307
  2,424
  2,547
  2,675
  2,810
  2,952
  3,101
  3,257
  3,421
  3,593
  3,774
  3,963
  4,162
  4,371
  4,591
  4,821
  5,063
Adjusted assets (=assets-cash), $m
  919
  1,200
  1,263
  1,330
  1,399
  1,472
  1,548
  1,628
  1,712
  1,799
  1,891
  1,988
  2,089
  2,196
  2,307
  2,424
  2,547
  2,675
  2,810
  2,952
  3,101
  3,257
  3,421
  3,593
  3,774
  3,963
  4,162
  4,371
  4,591
  4,821
  5,063
Revenue / Adjusted assets
  0.497
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
Average production assets, $m
  564
  836
  880
  926
  975
  1,025
  1,079
  1,134
  1,193
  1,254
  1,318
  1,385
  1,456
  1,530
  1,607
  1,689
  1,774
  1,864
  1,958
  2,057
  2,161
  2,269
  2,384
  2,503
  2,629
  2,761
  2,900
  3,046
  3,198
  3,359
  3,527
Working capital, $m
  217
  -106
  -111
  -117
  -123
  -130
  -137
  -144
  -151
  -159
  -167
  -175
  -184
  -194
  -203
  -214
  -225
  -236
  -248
  -260
  -274
  -287
  -302
  -317
  -333
  -350
  -367
  -386
  -405
  -425
  -447
Total debt, $m
  157
  172
  200
  230
  260
  293
  327
  362
  399
  438
  479
  522
  567
  614
  663
  715
  770
  827
  887
  950
  1,016
  1,085
  1,158
  1,235
  1,315
  1,399
  1,487
  1,580
  1,677
  1,780
  1,887
Total liabilities, $m
  521
  533
  561
  590
  621
  653
  687
  723
  760
  799
  840
  883
  928
  975
  1,024
  1,076
  1,131
  1,188
  1,248
  1,311
  1,377
  1,446
  1,519
  1,595
  1,676
  1,760
  1,848
  1,941
  2,038
  2,141
  2,248
Total equity, $m
  677
  667
  702
  739
  778
  818
  861
  905
  952
  1,000
  1,052
  1,105
  1,162
  1,221
  1,283
  1,348
  1,416
  1,487
  1,563
  1,641
  1,724
  1,811
  1,902
  1,998
  2,098
  2,204
  2,314
  2,431
  2,552
  2,680
  2,815
Total liabilities and equity, $m
  1,198
  1,200
  1,263
  1,329
  1,399
  1,471
  1,548
  1,628
  1,712
  1,799
  1,892
  1,988
  2,090
  2,196
  2,307
  2,424
  2,547
  2,675
  2,811
  2,952
  3,101
  3,257
  3,421
  3,593
  3,774
  3,964
  4,162
  4,372
  4,590
  4,821
  5,063
Debt-to-equity ratio
  0.232
  0.260
  0.280
  0.310
  0.330
  0.360
  0.380
  0.400
  0.420
  0.440
  0.460
  0.470
  0.490
  0.500
  0.520
  0.530
  0.540
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.630
  0.640
  0.650
  0.660
  0.660
  0.670
Adjusted equity ratio
  0.433
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556
  0.556

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  12
  39
  45
  52
  60
  68
  76
  85
  95
  105
  115
  139
  151
  163
  177
  191
  206
  221
  238
  256
  274
  294
  315
  337
  360
  384
  410
  437
  466
  497
  529
Depreciation, amort., depletion, $m
  76
  101
  105
  110
  115
  120
  125
  131
  136
  143
  149
  139
  146
  153
  161
  169
  177
  186
  196
  206
  216
  227
  238
  250
  263
  276
  290
  305
  320
  336
  353
Funds from operations, $m
  138
  140
  151
  162
  175
  188
  201
  216
  231
  247
  264
  277
  296
  316
  337
  360
  383
  408
  434
  461
  490
  521
  553
  587
  623
  660
  700
  742
  786
  833
  882
Change in working capital, $m
  26
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
Cash from operations, $m
  112
  145
  156
  168
  181
  194
  208
  223
  238
  255
  272
  286
  305
  326
  347
  370
  394
  419
  446
  474
  503
  535
  567
  602
  639
  677
  718
  760
  806
  853
  903
Maintenance CAPEX, $m
  0
  -79
  -84
  -88
  -93
  -97
  -103
  -108
  -113
  -119
  -125
  -132
  -139
  -146
  -153
  -161
  -169
  -177
  -186
  -196
  -206
  -216
  -227
  -238
  -250
  -263
  -276
  -290
  -305
  -320
  -336
New CAPEX, $m
  -135
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -81
  -85
  -90
  -94
  -99
  -104
  -109
  -114
  -120
  -126
  -132
  -139
  -146
  -153
  -160
  -168
Cash from investing activities, $m
  -309
  -121
  -128
  -134
  -141
  -148
  -156
  -164
  -171
  -180
  -189
  -199
  -210
  -220
  -231
  -242
  -254
  -267
  -280
  -295
  -310
  -325
  -341
  -358
  -376
  -395
  -415
  -436
  -458
  -480
  -504
Free cash flow, $m
  -197
  24
  29
  34
  40
  46
  52
  59
  67
  74
  83
  87
  96
  106
  117
  128
  139
  152
  165
  179
  194
  210
  226
  244
  262
  282
  303
  325
  348
  373
  399
Issuance/(repayment) of debt, $m
  92
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  52
  54
  57
  60
  63
  66
  69
  73
  76
  80
  84
  88
  93
  97
  102
  107
Issuance/(repurchase) of shares, $m
  -3
  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  
  96
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  52
  54
  57
  60
  63
  66
  69
  73
  76
  80
  84
  88
  93
  97
  102
  107
Total cash flow (excl. dividends), $m
  -101
  51
  57
  63
  71
  78
  86
  95
  104
  113
  124
  130
  141
  153
  166
  180
  194
  209
  225
  242
  260
  279
  299
  320
  343
  366
  391
  418
  446
  475
  506
Retained Cash Flow (-), $m
  3
  -33
  -35
  -37
  -39
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -91
  -96
  -100
  -105
  -111
  -116
  -122
  -128
  -134
Prev. year cash balance distribution, $m
 
  54
  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
 
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  28
Cash available for distribution, $m
 
  72
  21
  27
  32
  38
  44
  50
  57
  65
  72
  76
  85
  94
  104
  115
  126
  137
  150
  163
  177
  192
  208
  225
  242
  261
  281
  302
  324
  347
  372
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
 
  70
  20
  23
  26
  29
  32
  34
  36
  37
  38
  36
  36
  36
  35
  34
  32
  30
  28
  25
  23
  20
  17
  15
  12
  10
  8
  6
  5
  4
  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

ATN International, Inc. (ATN), formerly Atlantic Tele-Network, Inc., is a holding company. The Company's segments include U.S. Telecom, International Telecom and Renewable Energy. In the United States, it provides wholesale wireless voice and data roaming services in rural markets to national, regional, local and selected international wireless carriers. Its wholesale networks are located principally in the western United States. It provides wireless voice and data service to retail and business customers in Bermuda under the One name, in Guyana under the GTT name and in the United States Virgin Islands under the Innovative and Choice brand names. The Company offers voice services that include local exchange, regional and long distance calling and voice messaging services in Bermuda, Guyana, the United States Virgin Islands, and in other smaller markets in the Caribbean and the United States. It offers services, which include Wireless, Wireline and Renewable Energy.

FINANCIAL RATIOS  of  ATN International (ATNI)

Valuation Ratios
P/E Ratio 98.5
Price to Sales 2.6
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 10.6
Price to Free Cash Flow -51.4
Growth Rates
Sales Growth Rate 28.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 107.7%
Cap. Spend. - 3 Yr. Gr. Rate 14.4%
Financial Strength
Quick Ratio 23
Current Ratio 0
LT Debt to Equity 21.4%
Total Debt to Equity 23.2%
Interest Coverage 12
Management Effectiveness
Return On Assets 1.3%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital 1.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3.7%
Return On Equity 1.8%
Return On Equity - 3 Yr. Avg. 3.8%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 71.3%
Gross Margin - 3 Yr. Avg. 73.7%
EBITDA Margin 27.4%
EBITDA Margin - 3 Yr. Avg. 33.9%
Operating Margin 10.9%
Oper. Margin - 3 Yr. Avg. 19.4%
Pre-Tax Margin 9.8%
Pre-Tax Margin - 3 Yr. Avg. 17.1%
Net Profit Margin 2.6%
Net Profit Margin - 3 Yr. Avg. 7.2%
Effective Tax Rate 46.7%
Eff/ Tax Rate - 3 Yr. Avg. 40.7%
Payout Ratio 175%

ATNI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ATNI stock intrinsic value calculation we used $481 million for the last fiscal year's total revenue generated by ATN International. The default revenue input number comes from 2016 income statement of ATN 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 ATNI stock valuation model: a) initial revenue growth rate of 5.3% 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 ATNI is calculated based on our internal credit rating of ATN 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 ATN 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 ATNI stock the variable cost ratio is equal to 46.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $207 million in the base year in the intrinsic value calculation for ATNI 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 5.7% for ATN International.

Corporate tax rate of 27% is the nominal tax rate for ATN 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 ATNI stock is equal to 1.4%.

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 ATNI are equal to 165.1%.

Life of production assets of 10 years is the average useful life of capital assets used in ATN 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 ATNI is equal to -20.9%. 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 - $689 million for ATN 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 16 million for ATN 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 ATN International at the current share price and the inputted number of shares is $1.2 billion.

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COMPANY NEWS

▶ Atlantic Tele-Network: 2Q Earnings Snapshot   [Jul-25-18 07:48PM  Associated Press]
▶ ATN Reports Second Quarter 2018 Results   [04:55PM  GlobeNewswire]
▶ ATN Sets Date To Report┬áSecond Quarter 2018 Results   [Jul-13-18 11:30AM  GlobeNewswire]
▶ ATN Board Declares Quarterly Dividend   [Jun-14-18 10:56AM  GlobeNewswire]
▶ ATN International, Inc. to Host Earnings Call   [Apr-26-18 08:10AM  ACCESSWIRE]
▶ Atlantic Tele-Network: 1Q Earnings Snapshot   [Apr-25-18 07:43PM  Associated Press]
▶ ATN Reports First Quarter 2018 Results   [05:01PM  GlobeNewswire]
▶ ATN Sets Date to Report First Quarter 2018 Results   [Apr-16-18 05:43PM  GlobeNewswire]
▶ ATN Board Declares Quarterly Dividend   [01:43PM  GlobeNewswire]
▶ ATN International, Inc. to Host Earnings Call   [Feb-22-18 08:00AM  ACCESSWIRE]
▶ Atlantic Tele-Network posts 4Q profit   [05:03AM  Associated Press]
▶ ATN Reports Fourth Quarter and Full Year 2017 Results   [Feb-21-18 05:05PM  GlobeNewswire]
▶ ATN Sets Date To Report Fourth Quarter 2017 Results   [Feb-15-18 12:46PM  GlobeNewswire]
▶ ATN Board Declares Quarterly Dividend   [10:20AM  GlobeNewswire]
▶ Atlantic Tele-Network reports 3Q loss   [Oct-30-17 06:46PM  Associated Press]
▶ ATN Reports Third Quarter 2017 Results   [06:16PM  GlobeNewswire]
▶ ATN Sets Date To Report Third Quarter 2017 Results   [Oct-24-17 02:11PM  GlobeNewswire]
▶ Atlantic Tele-Network posts 2Q profit   [12:44AM  Associated Press]
▶ Atlantic Tele-Network posts 2Q profit   [Jul-27-17 07:42PM  Associated Press]
▶ ATN Reports Second Quarter 2017 Results   [05:01PM  GlobeNewswire]
▶ ATN Sets Date To Report Second Quarter 2017 Results   [Jul-18-17 05:07PM  GlobeNewswire]
▶ ATN Board Declares Quarterly Dividend   [Jun-16-17 01:58PM  GlobeNewswire]
▶ CORRECTION -- ATN Reports First Quarter 2017 Results   [Apr-26-17 08:07PM  GlobeNewswire]
▶ Atlantic Tele-Network posts 1Q profit   [05:20PM  Associated Press]
▶ ATN Reports First Quarter 2017 Results   [05:00PM  GlobeNewswire]
▶ ATN Sets Date To Report First Quarter 2017 Results   [Apr-17-17 03:13PM  GlobeNewswire]
▶ ATN Board Declares Quarterly Dividend   [Mar-13-17 09:53AM  GlobeNewswire]
▶ Atlantic Tele-Network posts 4Q profit   [Feb-22-17 06:28PM  Associated Press]
▶ Hedge Funds Are Betting On James River Group Holdings Ltd (JRVR)   [Dec-12-16 05:00PM  at Insider Monkey]
▶ ATN Board Declares Quarterly Dividend   [03:40PM  GlobeNewswire]
Financial statements of ATNI
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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