Intrinsic value of ATN International - ATNI

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$68.30

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$68.30

 
Intrinsic value

$74.66

 
Up/down potential

+9%

 
Rating

hold

 
Value-price divergence* premium content

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

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

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 1.0

 

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
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.11
  5.09
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
Revenue, $m
  457
  375
  396
  418
  441
  466
  491
  517
  545
  574
  604
  636
  669
  703
  740
  778
  818
  860
  904
  950
  999
  1,049
  1,103
  1,159
  1,217
  1,279
  1,343
  1,411
  1,482
  1,557
  1,635
Variable operating expenses, $m
 
  280
  295
  311
  328
  346
  364
  384
  404
  425
  447
  466
  490
  516
  543
  571
  600
  631
  663
  697
  732
  770
  809
  850
  893
  938
  985
  1,035
  1,087
  1,142
  1,199
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
  407
  280
  295
  311
  328
  346
  364
  384
  404
  425
  447
  466
  490
  516
  543
  571
  600
  631
  663
  697
  732
  770
  809
  850
  893
  938
  985
  1,035
  1,087
  1,142
  1,199
Operating income, $m
  50
  96
  101
  107
  113
  120
  126
  133
  141
  148
  157
  169
  178
  188
  197
  207
  218
  229
  241
  253
  266
  280
  294
  309
  325
  341
  358
  376
  395
  415
  436
EBITDA, $m
  126
  154
  163
  172
  182
  192
  202
  213
  224
  236
  248
  262
  275
  289
  304
  320
  337
  354
  372
  391
  411
  432
  454
  477
  501
  526
  553
  581
  610
  641
  673
Interest expense (income), $m
  4
  2
  3
  5
  6
  7
  9
  10
  12
  14
  15
  17
  19
  21
  23
  26
  28
  30
  33
  35
  38
  41
  44
  47
  51
  54
  58
  62
  66
  70
  75
Earnings before tax, $m
  45
  93
  98
  102
  107
  112
  117
  123
  129
  135
  141
  152
  159
  166
  174
  182
  190
  199
  208
  218
  228
  239
  250
  261
  274
  287
  300
  314
  329
  345
  361
Tax expense, $m
  21
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  64
  67
  71
  74
  77
  81
  85
  89
  93
  98
Net income, $m
  12
  68
  71
  75
  78
  82
  86
  90
  94
  98
  103
  111
  116
  121
  127
  133
  139
  145
  152
  159
  166
  174
  182
  191
  200
  209
  219
  229
  240
  252
  264

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
  584
  617
  652
  688
  725
  764
  806
  849
  893
  941
  990
  1,042
  1,096
  1,152
  1,212
  1,274
  1,340
  1,408
  1,480
  1,555
  1,635
  1,718
  1,805
  1,896
  1,992
  2,092
  2,198
  2,309
  2,425
  2,547
Adjusted assets (=assets-cash), $m
  919
  584
  617
  652
  688
  725
  764
  806
  849
  893
  941
  990
  1,042
  1,096
  1,152
  1,212
  1,274
  1,340
  1,408
  1,480
  1,555
  1,635
  1,718
  1,805
  1,896
  1,992
  2,092
  2,198
  2,309
  2,425
  2,547
Revenue / Adjusted assets
  0.497
  0.642
  0.642
  0.641
  0.641
  0.643
  0.643
  0.641
  0.642
  0.643
  0.642
  0.642
  0.642
  0.641
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
Average production assets, $m
  564
  440
  465
  491
  518
  546
  576
  607
  639
  673
  708
  745
  784
  825
  868
  913
  960
  1,009
  1,060
  1,115
  1,171
  1,231
  1,293
  1,359
  1,428
  1,500
  1,576
  1,655
  1,739
  1,826
  1,918
Working capital, $m
  217
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
Total debt, $m
  157
  42
  57
  73
  90
  107
  126
  145
  165
  186
  208
  231
  255
  281
  307
  335
  364
  395
  427
  461
  496
  533
  572
  613
  655
  700
  747
  797
  849
  903
  960
Total liabilities, $m
  521
  274
  289
  305
  322
  339
  358
  377
  397
  418
  440
  463
  487
  513
  539
  567
  596
  627
  659
  693
  728
  765
  804
  845
  887
  932
  979
  1,029
  1,081
  1,135
  1,192
Total equity, $m
  677
  311
  328
  347
  366
  386
  407
  429
  451
  475
  500
  527
  554
  583
  613
  645
  678
  713
  749
  787
  828
  870
  914
  960
  1,009
  1,060
  1,113
  1,169
  1,228
  1,290
  1,355
Total liabilities and equity, $m
  1,198
  585
  617
  652
  688
  725
  765
  806
  848
  893
  940
  990
  1,041
  1,096
  1,152
  1,212
  1,274
  1,340
  1,408
  1,480
  1,556
  1,635
  1,718
  1,805
  1,896
  1,992
  2,092
  2,198
  2,309
  2,425
  2,547
Debt-to-equity ratio
  0.232
  0.130
  0.170
  0.210
  0.250
  0.280
  0.310
  0.340
  0.370
  0.390
  0.420
  0.440
  0.460
  0.480
  0.500
  0.520
  0.540
  0.550
  0.570
  0.590
  0.600
  0.610
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
Adjusted equity ratio
  0.433
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  12
  68
  71
  75
  78
  82
  86
  90
  94
  98
  103
  111
  116
  121
  127
  133
  139
  145
  152
  159
  166
  174
  182
  191
  200
  209
  219
  229
  240
  252
  264
Depreciation, amort., depletion, $m
  76
  59
  62
  65
  68
  72
  76
  79
  83
  88
  92
  92
  97
  102
  107
  113
  118
  125
  131
  138
  145
  152
  160
  168
  176
  185
  195
  204
  215
  225
  237
Funds from operations, $m
  138
  127
  133
  140
  147
  154
  161
  169
  177
  186
  195
  203
  213
  223
  234
  246
  257
  270
  283
  297
  311
  326
  342
  359
  376
  394
  414
  434
  455
  477
  500
Change in working capital, $m
  26
  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 operations, $m
  112
  129
  133
  140
  147
  154
  161
  169
  178
  186
  195
  203
  213
  224
  234
  246
  258
  270
  283
  297
  311
  327
  342
  359
  376
  395
  414
  434
  455
  478
  501
Maintenance CAPEX, $m
  0
  -51
  -54
  -57
  -61
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -118
  -125
  -131
  -138
  -145
  -152
  -160
  -168
  -176
  -185
  -195
  -204
  -215
  -225
New CAPEX, $m
  -135
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -62
  -66
  -69
  -72
  -76
  -79
  -83
  -88
  -92
Cash from investing activities, $m
  -309
  -75
  -79
  -83
  -88
  -92
  -97
  -102
  -107
  -113
  -118
  -124
  -131
  -138
  -145
  -152
  -160
  -167
  -177
  -185
  -195
  -205
  -214
  -226
  -237
  -248
  -261
  -274
  -287
  -303
  -317
Free cash flow, $m
  -197
  54
  54
  57
  59
  62
  64
  67
  70
  73
  77
  79
  82
  86
  90
  94
  98
  102
  107
  112
  117
  122
  128
  134
  140
  146
  153
  160
  168
  175
  184
Issuance/(repayment) of debt, $m
  92
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  52
  54
  57
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
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  52
  54
  57
Total cash flow (excl. dividends), $m
  -101
  68
  70
  73
  76
  79
  83
  87
  90
  94
  99
  102
  106
  111
  116
  122
  127
  133
  139
  146
  152
  159
  167
  175
  183
  191
  200
  210
  219
  230
  241
Retained Cash Flow (-), $m
  3
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -62
  -65
Prev. year cash balance distribution, $m
 
  386
  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
 
  437
  52
  54
  57
  59
  62
  65
  68
  70
  74
  76
  79
  82
  86
  90
  94
  98
  103
  107
  112
  117
  123
  128
  134
  140
  147
  153
  160
  168
  176
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
 
  419
  48
  47
  47
  46
  45
  44
  42
  40
  39
  36
  34
  31
  29
  26
  24
  21
  19
  17
  14
  12
  10
  8
  7
  5
  4
  3
  2
  2
  1
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., through its subsidiaries, provides wireless and wireline telecommunications services in North America, Bermuda, and the Caribbean. The company operates through five segments: U.S. Wireless, International Integrated Telephony, Island Wireless, U.S. Wireline, and Renewable Energy. It offers wholesale wireless voice and data roaming services; wireline local and long-distance telephone services; and facilities-based integrated voice and data communications services, as well as wholesale transport services to enterprise and residential customers. The company also provides wireless devices and accessories comprising smartphones, feature phones, wireless hot spots, and various wireless solutions for small businesses; and sells original equipment manufacturer and after-market accessories, such as phone protection, battery charging solutions, and Bluetooth hands-free kits. In addition, it owns and operates commercial distributed generation solar power systems in the United States; and terrestrial and submarine fiber optic transport systems in the United States and the Caribbean. The company offers its services through direct sales, retail stores, and independent dealers. The company was formerly known as Atlantic Tele-Network, Inc. and changed its name to ATN International, Inc. in June 2016. ATN International, Inc. was founded in 1987 and is headquartered in Beverly, Massachusetts.

FINANCIAL RATIOS  of  ATN International (ATNI)

Valuation Ratios
P/E Ratio 91.9
Price to Sales 2.4
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 9.8
Price to Free Cash Flow -47.9
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 $355 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 5.7% 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 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 74.6%.

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 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 8.3% 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 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 ATNI are equal to 117.3%.

Life of production assets of 8.1 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 -0.6%. 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 - $680 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 15.098 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 $1.0 billion.


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COMPANY NEWS

▶ 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]
▶ ATN Reports Second Quarter and Six Month 2016 Results   [Jul-27-16 05:21PM  GlobeNewswire]
▶ ATN Sets Date To Report Second Quarter 2016 Results   [Jul-15-16 10:57AM  GlobeNewswire]
▶ ATN Board Declares Quarterly Dividend   [Jun-22-16 01:01PM  GlobeNewswire]
▶ Atlantic Tele-Network is Now ATN International   [Jun-21-16 03:11PM  GlobeNewswire]
▶ ATN to Speak at Citis 2016 Small and Mid Cap Conference   [May-24-16 09:30AM  GlobeNewswire]
▶ ATN to Speak at Stephens Spring Investment Conference   [May-23-16 03:00PM  GlobeNewswire]
▶ Atlantic Tele-Network posts 1Q profit   [Apr-27-16 07:45PM  AP]
▶ ATN Reports First Quarter 2016 Results   [05:09PM  GlobeNewswire]
▶ ATN Sets Date To Report First Quarter 2016 Results   [Apr-14-16 01:00PM  GlobeNewswire]
▶ ATN Board Declares Quarterly Dividend   [Mar-15-16 12:00PM  GlobeNewswire]
▶ ATN Reports Fourth Quarter and Full Year 2015 Results   [Feb-24-16 05:45PM  GlobeNewswire]
Stock chart of ATNI Financial statements of ATNI Annual reports 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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