Intrinsic value of Ciena - CIEN

Previous Close

$23.47

  Intrinsic Value

$49.03

stock screener

  Rating & Target

str. buy

+109%

  Value-price divergence*

-115%

Previous close

$23.47

 
Intrinsic value

$49.03

 
Up/down potential

+109%

 
Rating

str. buy

 
Value-price divergence*

-115%

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

We calculate the intrinsic value of CIEN 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 3.3

 

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, %
  6.34
  8.60
  8.24
  7.92
  7.62
  7.36
  7.13
  6.91
  6.72
  6.55
  6.39
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
Revenue, $m
  2,601
  2,825
  3,057
  3,299
  3,551
  3,812
  4,084
  4,366
  4,660
  4,965
  5,283
  5,613
  5,957
  6,316
  6,689
  7,079
  7,485
  7,909
  8,352
  8,815
  9,299
  9,804
  10,333
  10,886
  11,466
  12,072
  12,706
  13,371
  14,068
  14,798
  15,563
Variable operating expenses, $m
 
  1,803
  1,949
  2,101
  2,259
  2,424
  2,595
  2,772
  2,957
  3,148
  3,348
  3,529
  3,746
  3,971
  4,206
  4,451
  4,706
  4,973
  5,251
  5,542
  5,846
  6,164
  6,497
  6,845
  7,209
  7,590
  7,989
  8,407
  8,845
  9,304
  9,785
Fixed operating expenses, $m
 
  823
  844
  865
  886
  909
  931
  955
  978
  1,003
  1,028
  1,054
  1,080
  1,107
  1,135
  1,163
  1,192
  1,222
  1,252
  1,284
  1,316
  1,349
  1,382
  1,417
  1,452
  1,489
  1,526
  1,564
  1,603
  1,643
  1,684
Total operating expenses, $m
  2,444
  2,626
  2,793
  2,966
  3,145
  3,333
  3,526
  3,727
  3,935
  4,151
  4,376
  4,583
  4,826
  5,078
  5,341
  5,614
  5,898
  6,195
  6,503
  6,826
  7,162
  7,513
  7,879
  8,262
  8,661
  9,079
  9,515
  9,971
  10,448
  10,947
  11,469
Operating income, $m
  156
  199
  265
  334
  405
  480
  558
  640
  725
  814
  907
  1,030
  1,132
  1,238
  1,349
  1,465
  1,587
  1,715
  1,849
  1,989
  2,136
  2,291
  2,454
  2,625
  2,804
  2,993
  3,192
  3,400
  3,620
  3,851
  4,094
EBITDA, $m
  297
  271
  340
  413
  489
  568
  650
  736
  826
  920
  1,018
  1,120
  1,227
  1,339
  1,456
  1,578
  1,707
  1,841
  1,982
  2,130
  2,285
  2,448
  2,619
  2,799
  2,988
  3,186
  3,395
  3,614
  3,845
  4,087
  4,343
Interest expense (income), $m
  47
  40
  46
  52
  58
  65
  71
  78
  86
  93
  101
  110
  118
  127
  136
  146
  156
  167
  178
  189
  201
  214
  227
  241
  255
  270
  286
  302
  320
  338
  357
Earnings before tax, $m
  87
  159
  219
  282
  347
  416
  487
  561
  639
  720
  805
  921
  1,014
  1,111
  1,212
  1,319
  1,431
  1,548
  1,671
  1,800
  1,935
  2,077
  2,227
  2,384
  2,549
  2,723
  2,906
  3,098
  3,300
  3,513
  3,737
Tax expense, $m
  14
  43
  59
  76
  94
  112
  131
  152
  173
  195
  217
  249
  274
  300
  327
  356
  386
  418
  451
  486
  522
  561
  601
  644
  688
  735
  785
  836
  891
  948
  1,009
Net income, $m
  73
  116
  160
  206
  254
  303
  356
  410
  467
  526
  588
  672
  740
  811
  885
  963
  1,044
  1,130
  1,220
  1,314
  1,413
  1,516
  1,626
  1,740
  1,861
  1,988
  2,121
  2,261
  2,409
  2,564
  2,728

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,053
  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
  2,882
  2,665
  2,884
  3,113
  3,350
  3,597
  3,853
  4,119
  4,396
  4,684
  4,984
  5,295
  5,620
  5,958
  6,311
  6,678
  7,061
  7,462
  7,880
  8,316
  8,772
  9,249
  9,748
  10,270
  10,817
  11,388
  11,987
  12,615
  13,272
  13,960
  14,682
Adjusted assets (=assets-cash), $m
  1,829
  2,665
  2,884
  3,113
  3,350
  3,597
  3,853
  4,119
  4,396
  4,684
  4,984
  5,295
  5,620
  5,958
  6,311
  6,678
  7,061
  7,462
  7,880
  8,316
  8,772
  9,249
  9,748
  10,270
  10,817
  11,388
  11,987
  12,615
  13,272
  13,960
  14,682
Revenue / Adjusted assets
  1.422
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
Average production assets, $m
  415
  452
  489
  528
  568
  610
  653
  699
  746
  794
  845
  898
  953
  1,011
  1,070
  1,133
  1,198
  1,265
  1,336
  1,410
  1,488
  1,569
  1,653
  1,742
  1,834
  1,931
  2,033
  2,139
  2,251
  2,368
  2,490
Working capital, $m
  1,121
  333
  361
  389
  419
  450
  482
  515
  550
  586
  623
  662
  703
  745
  789
  835
  883
  933
  986
  1,040
  1,097
  1,157
  1,219
  1,285
  1,353
  1,424
  1,499
  1,578
  1,660
  1,746
  1,836
Total debt, $m
  1,347
  1,270
  1,438
  1,612
  1,794
  1,982
  2,179
  2,382
  2,594
  2,814
  3,044
  3,282
  3,530
  3,789
  4,059
  4,340
  4,633
  4,939
  5,259
  5,593
  5,942
  6,307
  6,688
  7,088
  7,506
  7,943
  8,401
  8,881
  9,384
  9,911
  10,463
Total liabilities, $m
  2,116
  2,039
  2,207
  2,381
  2,563
  2,751
  2,948
  3,151
  3,363
  3,583
  3,813
  4,051
  4,299
  4,558
  4,828
  5,109
  5,402
  5,708
  6,028
  6,362
  6,711
  7,076
  7,457
  7,857
  8,275
  8,712
  9,170
  9,650
  10,153
  10,680
  11,232
Total equity, $m
  766
  626
  678
  731
  787
  845
  905
  968
  1,033
  1,101
  1,171
  1,244
  1,321
  1,400
  1,483
  1,569
  1,659
  1,753
  1,852
  1,954
  2,062
  2,174
  2,291
  2,414
  2,542
  2,676
  2,817
  2,964
  3,119
  3,281
  3,450
Total liabilities and equity, $m
  2,882
  2,665
  2,885
  3,112
  3,350
  3,596
  3,853
  4,119
  4,396
  4,684
  4,984
  5,295
  5,620
  5,958
  6,311
  6,678
  7,061
  7,461
  7,880
  8,316
  8,773
  9,250
  9,748
  10,271
  10,817
  11,388
  11,987
  12,614
  13,272
  13,961
  14,682
Debt-to-equity ratio
  1.758
  2.030
  2.120
  2.200
  2.280
  2.350
  2.410
  2.460
  2.510
  2.560
  2.600
  2.640
  2.670
  2.710
  2.740
  2.770
  2.790
  2.820
  2.840
  2.860
  2.880
  2.900
  2.920
  2.940
  2.950
  2.970
  2.980
  3.000
  3.010
  3.020
  3.030
Adjusted equity ratio
  -0.157
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  73
  116
  160
  206
  254
  303
  356
  410
  467
  526
  588
  672
  740
  811
  885
  963
  1,044
  1,130
  1,220
  1,314
  1,413
  1,516
  1,626
  1,740
  1,861
  1,988
  2,121
  2,261
  2,409
  2,564
  2,728
Depreciation, amort., depletion, $m
  141
  72
  76
  79
  84
  88
  92
  97
  101
  106
  111
  90
  95
  101
  107
  113
  120
  127
  134
  141
  149
  157
  165
  174
  183
  193
  203
  214
  225
  237
  249
Funds from operations, $m
  239
  188
  236
  285
  337
  391
  448
  506
  568
  632
  699
  762
  835
  912
  992
  1,076
  1,164
  1,256
  1,353
  1,455
  1,561
  1,673
  1,791
  1,915
  2,044
  2,181
  2,324
  2,475
  2,634
  2,801
  2,977
Change in working capital, $m
  -51
  26
  27
  29
  30
  31
  32
  33
  35
  36
  37
  39
  41
  42
  44
  46
  48
  50
  52
  55
  57
  60
  62
  65
  68
  72
  75
  78
  82
  86
  90
Cash from operations, $m
  290
  162
  208
  257
  307
  360
  415
  473
  533
  596
  662
  723
  795
  870
  948
  1,030
  1,116
  1,206
  1,301
  1,400
  1,504
  1,614
  1,729
  1,849
  1,976
  2,109
  2,249
  2,397
  2,552
  2,715
  2,887
Maintenance CAPEX, $m
  0
  -42
  -45
  -49
  -53
  -57
  -61
  -65
  -70
  -75
  -79
  -85
  -90
  -95
  -101
  -107
  -113
  -120
  -127
  -134
  -141
  -149
  -157
  -165
  -174
  -183
  -193
  -203
  -214
  -225
  -237
New CAPEX, $m
  -107
  -37
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -97
  -102
  -106
  -111
  -117
  -122
Cash from investing activities, $m
  -296
  -79
  -82
  -88
  -93
  -99
  -104
  -110
  -117
  -124
  -130
  -138
  -145
  -152
  -161
  -169
  -178
  -188
  -198
  -208
  -218
  -230
  -242
  -254
  -267
  -280
  -295
  -309
  -325
  -342
  -359
Free cash flow, $m
  -6
  83
  126
  169
  214
  262
  311
  363
  416
  473
  531
  586
  650
  717
  787
  861
  938
  1,019
  1,104
  1,193
  1,286
  1,384
  1,487
  1,595
  1,709
  1,829
  1,955
  2,087
  2,227
  2,373
  2,527
Issuance/(repayment) of debt, $m
  -23
  162
  168
  175
  182
  189
  196
  204
  212
  220
  229
  238
  248
  259
  270
  281
  293
  306
  320
  334
  349
  365
  382
  399
  418
  437
  458
  480
  503
  527
  552
Issuance/(repurchase) of shares, $m
  23
  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  
  -4
  162
  168
  175
  182
  189
  196
  204
  212
  220
  229
  238
  248
  259
  270
  281
  293
  306
  320
  334
  349
  365
  382
  399
  418
  437
  458
  480
  503
  527
  552
Total cash flow (excl. dividends), $m
  -13
  245
  294
  344
  396
  450
  507
  566
  628
  693
  761
  824
  898
  976
  1,057
  1,142
  1,231
  1,325
  1,423
  1,527
  1,635
  1,749
  1,869
  1,995
  2,127
  2,266
  2,413
  2,567
  2,729
  2,900
  3,080
Retained Cash Flow (-), $m
  -145
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -83
  -86
  -90
  -94
  -98
  -103
  -107
  -112
  -117
  -123
  -128
  -134
  -141
  -147
  -154
  -162
  -170
Prev. year cash balance distribution, $m
 
  190
  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
 
  384
  242
  290
  340
  392
  447
  504
  563
  625
  690
  751
  822
  896
  974
  1,056
  1,141
  1,231
  1,325
  1,424
  1,528
  1,637
  1,751
  1,872
  1,999
  2,132
  2,272
  2,420
  2,575
  2,738
  2,910
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
 
  369
  222
  252
  280
  304
  324
  340
  352
  359
  362
  357
  351
  341
  327
  310
  290
  268
  244
  219
  194
  169
  145
  123
  102
  83
  66
  52
  40
  30
  22
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

Ciena Corporation provides equipment, software, and services that support the transport, switching, aggregation, service delivery, and management of voice, video, and data traffic on communications networks worldwide. The company’s Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching. Its products include 6500 Packet-Optical Platform and the 5430 Reconfigurable Switching System, Waveserver stackable interconnect system, CoreDirector Multiservice Optical Switches, and OTN configuration for the 5410 Reconfigurable Switching System, as well as Z-Series Packet-Optical Platform; 3000 family of service delivery switches and service aggregation switches, and the 5000 family of service aggregation switches, as well as 8700 Packetwave Platform and the Ethernet packet configuration for the 5410 Service Aggregation Switch; and 4200 Advanced Services Platform, Corestream 5100/5200 Advanced Services Platform, Common Photonic Layer, and 6100 Multiservice Optical Platform. This segment also sells operating system software and enhanced software features embedded in each of these products. The company’s Software and Software-Related Services segment offers network management solutions, including the OneControl Unified Management System, ON-Center Network & Service Management Suite, Ethernet Services Manager, Optical Suite Release, and Planet Operate; and Blue Planet network virtualization, service orchestration, and network management software platform, as well as related installation, support, and consulting services. Its Global Services segment provides consulting and network design, installation and deployment, maintenance support, and training services. The company sells its products through direct and indirect sales channels to network operators. Ciena Corporation was founded in 1992 and is headquartered in Hanover, Maryland.

FINANCIAL RATIOS  of  Ciena (CIEN)

Valuation Ratios
P/E Ratio 44.9
Price to Sales 1.3
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 11.3
Price to Free Cash Flow 17.9
Growth Rates
Sales Growth Rate 6.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 72.6%
Cap. Spend. - 3 Yr. Gr. Rate 19.5%
Financial Strength
Quick Ratio 4
Current Ratio 0.1
LT Debt to Equity 144.6%
Total Debt to Equity 175.8%
Interest Coverage 3
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 2%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 0.4%
Return On Equity 10.5%
Return On Equity - 3 Yr. Avg. 22.8%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 44.7%
Gross Margin - 3 Yr. Avg. 43.4%
EBITDA Margin 10.6%
EBITDA Margin - 3 Yr. Avg. 8%
Operating Margin 6%
Oper. Margin - 3 Yr. Avg. 4%
Pre-Tax Margin 3.3%
Pre-Tax Margin - 3 Yr. Avg. 1%
Net Profit Margin 2.8%
Net Profit Margin - 3 Yr. Avg. 0.5%
Effective Tax Rate 16.1%
Eff/ Tax Rate - 3 Yr. Avg. 4.7%
Payout Ratio 0%

CIEN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CIEN stock intrinsic value calculation we used $2601 million for the last fiscal year's total revenue generated by Ciena. The default revenue input number comes from 2016 income statement of Ciena. 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 CIEN stock valuation model: a) initial revenue growth rate of 8.6% 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 CIEN is calculated based on our internal credit rating of Ciena, 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 Ciena.
    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 CIEN stock the variable cost ratio is equal to 63.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $803 million in the base year in the intrinsic value calculation for CIEN 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 Ciena.

Corporate tax rate of 27% is the nominal tax rate for Ciena. 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 CIEN 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 CIEN are equal to 16%.

Life of production assets of 10 years is the average useful life of capital assets used in Ciena 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 CIEN is equal to 11.8%. 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 - $766 million for Ciena - 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 141.613 million for Ciena 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 Ciena at the current share price and the inputted number of shares is $3.3 billion.

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COMPANY NEWS

▶ Bulls buying up Alibaba   [Aug-23-17 12:34PM  CNBC Videos]
▶ Ciena to Webcast Financial Community Events   [09:00AM  Business Wire]
▶ The key takeaways from Weibo's earnings   [Aug-09-17 09:10PM  CNBC Videos]
▶ Ciena Corp. Value Analysis (NYSE:CIEN) : August 1, 2017   [Aug-01-17 06:03PM  Capital Cube]
▶ Alaska Communications and Ciena Boost Network Potential   [Jul-26-17 09:00AM  Business Wire]
▶ Get bullish on these three stocks   [Jul-18-17 01:55PM  CNBC Videos]
▶ Futures: Tesla Rallies; Watch These 3 95+ Optical Stocks   [Jul-07-17 07:10AM  Investor's Business Daily]
▶ How Infinera Corporation Makes Most of Its Money   [Jun-21-17 10:13AM  Motley Fool]
▶ Where Does Upgrade Leave Ciena?   [Jun-20-17 02:14PM  TheStreet.com]
▶ Mulling A Stock Buy? Check Out These 5 Failed Tech Breakouts First   [Jun-16-17 04:20PM  Investor's Business Daily]
▶ Five Failed Tech Breakouts Highlight Risks   [06:31AM  Investor's Business Daily]
▶ ETFs with exposure to Ciena Corp. : June 12, 2017   [Jun-12-17 01:55PM  Capital Cube]
▶ Futures: These 2 Top Tech Stocks Are Just Below Buy Zones   [Jun-06-17 06:49AM  Investor's Business Daily]
▶ [$$] Ciena Strength Lifts Optical Stocks   [Jun-05-17 03:20PM  Barrons.com]
▶ Earnings Calendar, Analyst Estimates And Stocks To Watch   [Jun-02-17 04:43PM  Investor's Business Daily]
▶ Ciena shares skyrocket 15 percent after strong earnings report   [11:30AM  American City Business Journals]
▶ Ciena to Webcast Financial Community Event   [09:00AM  Business Wire]
▶ Ciena Earnings, Revenue Top Expectations; Outlook Above Views   [04:32PM  Investor's Business Daily]
▶ Ciena's CEO on What the Street Is Missing   [04:13PM  Barrons.com]
▶ Story Stocks from Briefing.com   [12:52PM  Briefing.com]
▶ Why Ciena Corp. Jumped 19% Today   [12:04PM  Motley Fool]
▶ Ciena tops Street 2Q forecasts   [07:10AM  Associated Press]
▶ Ciena Traction In Data-Center Market Eyed; Earnings On Tap   [May-30-17 04:22PM  Investor's Business Daily]
▶ Broadcom Leads Top-Rated Companies Reporting: Investing Action Plan   [May-26-17 04:16PM  Investor's Business Daily]
▶ Ciena to Webcast Financial Community Event   [May-25-17 09:00AM  Business Wire]
▶ U.S. Steel, Nucor Upgraded; Shake Shack Started At Buy; Ciena Downgraded   [May-24-17 04:09PM  Investor's Business Daily]
▶ [$$] Ciena Stock Seen Reaching $30   [07:39AM  Barrons.com]
▶ Apple's Price Target Raised; Qualcomm, Ciena, Finish Line Upgraded   [May-22-17 04:14PM  Investor's Business Daily]
▶ Ciena Stock Jumps on Stifel Upgrade   [10:34AM  TheStreet.com]
▶ Ciena Stock Gains on Stifel Upgrade   [10:33AM  TheStreet.com]
▶ Ciena Corp. Value Analysis (NYSE:CIEN) : May 11, 2017   [May-11-17 06:26PM  Capital Cube]
▶ ETFs with exposure to Ciena Corp. : April 26, 2017   [Apr-26-17 03:11PM  Capital Cube]
▶ Fiber-Optic Group Stages Easter Rally, But Can It Sidestep Consolidation?   [Apr-17-17 09:45AM  Investor's Business Daily]
▶ Is Ciena a Suitable Stock for Value Investors?   [Apr-11-17 09:55AM  Zacks]
▶ Ciena to Webcast Financial Community Event   [09:00AM  Business Wire]
▶ ETFs with exposure to Ciena Corp. : April 7, 2017   [Apr-07-17 04:10PM  Capital Cube]
▶ Why Ciena Corp. Fell 10% in March   [Apr-05-17 05:45PM  Motley Fool]
▶ ETFs with exposure to Ciena Corp. : March 27, 2017   [Mar-27-17 03:52PM  Capital Cube]
▶ Fiber-Optic Vendors Eye Red-Hot Internet Data-Center Market   [Mar-23-17 01:07PM  Investor's Business Daily]
▶ 4 Things to Know Aout Ciena   [09:11AM  Motley Fool]
Financial statements of CIEN
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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