Intrinsic value of Ciena - CIEN

Previous Close

$21.77

  Intrinsic Value

$53.26

stock screener

  Rating & Target

str. buy

+145%

  Value-price divergence*

-603%

Previous close

$21.77

 
Intrinsic value

$53.26

 
Up/down potential

+145%

 
Rating

str. buy

 
Value-price divergence*

-603%

*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 3.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.34
  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
  316
  389
  466
  546
  629
  716
  806
  901
  999
  1,102
  1,210
  1,322
  1,440
  1,563
  1,692
  1,826
  1,968
  2,116
  2,271
  2,434
  2,605
  2,785
  2,973
  3,171
  3,379
  3,598
  3,828
  4,070
  4,324
  4,592
Interest expense (income), $m
  47
  40
  37
  42
  47
  53
  59
  65
  72
  78
  85
  93
  100
  108
  116
  125
  134
  143
  153
  163
  173
  184
  196
  208
  220
  234
  247
  262
  277
  293
  309
Earnings before tax, $m
  87
  159
  228
  292
  358
  427
  499
  575
  653
  735
  821
  938
  1,032
  1,130
  1,233
  1,340
  1,453
  1,572
  1,696
  1,826
  1,963
  2,107
  2,258
  2,417
  2,584
  2,760
  2,944
  3,138
  3,343
  3,558
  3,784
Tax expense, $m
  14
  43
  62
  79
  97
  115
  135
  155
  176
  199
  222
  253
  279
  305
  333
  362
  392
  424
  458
  493
  530
  569
  610
  653
  698
  745
  795
  847
  903
  961
  1,022
Net income, $m
  73
  116
  167
  213
  261
  312
  364
  419
  477
  537
  599
  685
  753
  825
  900
  978
  1,061
  1,147
  1,238
  1,333
  1,433
  1,538
  1,648
  1,764
  1,886
  2,014
  2,149
  2,291
  2,440
  2,597
  2,762

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
  1,986
  2,150
  2,320
  2,497
  2,681
  2,872
  3,071
  3,277
  3,492
  3,715
  3,947
  4,189
  4,441
  4,704
  4,978
  5,264
  5,562
  5,874
  6,199
  6,539
  6,895
  7,267
  7,656
  8,063
  8,489
  8,936
  9,403
  9,893
  10,406
  10,944
Adjusted assets (=assets-cash), $m
  1,829
  1,986
  2,150
  2,320
  2,497
  2,681
  2,872
  3,071
  3,277
  3,492
  3,715
  3,947
  4,189
  4,441
  4,704
  4,978
  5,264
  5,562
  5,874
  6,199
  6,539
  6,895
  7,267
  7,656
  8,063
  8,489
  8,936
  9,403
  9,893
  10,406
  10,944
Revenue / Adjusted assets
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
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
  1,019
  1,166
  1,319
  1,478
  1,644
  1,816
  1,995
  2,180
  2,374
  2,574
  2,784
  3,001
  3,228
  3,465
  3,711
  3,968
  4,237
  4,517
  4,810
  5,116
  5,436
  5,771
  6,121
  6,488
  6,871
  7,273
  7,694
  8,135
  8,597
  9,081
Total liabilities, $m
  2,116
  1,788
  1,935
  2,088
  2,247
  2,413
  2,585
  2,764
  2,949
  3,143
  3,343
  3,553
  3,770
  3,997
  4,234
  4,480
  4,737
  5,006
  5,286
  5,579
  5,885
  6,205
  6,540
  6,890
  7,257
  7,640
  8,042
  8,463
  8,904
  9,366
  9,850
Total equity, $m
  766
  199
  215
  232
  250
  268
  287
  307
  328
  349
  371
  395
  419
  444
  470
  498
  526
  556
  587
  620
  654
  689
  727
  766
  806
  849
  894
  940
  989
  1,041
  1,094
Total liabilities and equity, $m
  2,882
  1,987
  2,150
  2,320
  2,497
  2,681
  2,872
  3,071
  3,277
  3,492
  3,714
  3,948
  4,189
  4,441
  4,704
  4,978
  5,263
  5,562
  5,873
  6,199
  6,539
  6,894
  7,267
  7,656
  8,063
  8,489
  8,936
  9,403
  9,893
  10,407
  10,944
Debt-to-equity ratio
  1.758
  5.130
  5.420
  5.690
  5.920
  6.130
  6.320
  6.500
  6.650
  6.800
  6.930
  7.050
  7.160
  7.270
  7.370
  7.460
  7.540
  7.620
  7.690
  7.760
  7.820
  7.880
  7.940
  8.000
  8.050
  8.090
  8.140
  8.180
  8.220
  8.260
  8.300
Adjusted equity ratio
  -0.157
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  73
  116
  167
  213
  261
  312
  364
  419
  477
  537
  599
  685
  753
  825
  900
  978
  1,061
  1,147
  1,238
  1,333
  1,433
  1,538
  1,648
  1,764
  1,886
  2,014
  2,149
  2,291
  2,440
  2,597
  2,762
Depreciation, amort., depletion, $m
  141
  117
  125
  132
  140
  149
  157
  166
  176
  186
  196
  180
  191
  202
  214
  227
  240
  253
  267
  282
  298
  314
  331
  348
  367
  386
  407
  428
  450
  474
  498
Funds from operations, $m
  239
  233
  291
  345
  402
  460
  522
  586
  653
  722
  795
  864
  944
  1,027
  1,114
  1,205
  1,300
  1,400
  1,505
  1,615
  1,731
  1,852
  1,979
  2,113
  2,253
  2,401
  2,556
  2,719
  2,890
  3,071
  3,260
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
  227
  264
  317
  372
  430
  490
  553
  618
  686
  758
  825
  903
  985
  1,070
  1,159
  1,252
  1,350
  1,453
  1,561
  1,674
  1,792
  1,917
  2,048
  2,185
  2,329
  2,481
  2,640
  2,808
  2,985
  3,170
Maintenance CAPEX, $m
  0
  -83
  -90
  -98
  -106
  -114
  -122
  -131
  -140
  -149
  -159
  -169
  -180
  -191
  -202
  -214
  -227
  -240
  -253
  -267
  -282
  -298
  -314
  -331
  -348
  -367
  -386
  -407
  -428
  -450
  -474
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
  -120
  -127
  -137
  -146
  -156
  -165
  -176
  -187
  -198
  -210
  -222
  -235
  -248
  -262
  -276
  -292
  -308
  -324
  -341
  -359
  -379
  -399
  -420
  -441
  -464
  -488
  -513
  -539
  -567
  -596
Free cash flow, $m
  -6
  107
  136
  180
  226
  274
  324
  377
  431
  488
  548
  603
  668
  737
  808
  883
  961
  1,043
  1,129
  1,219
  1,314
  1,414
  1,518
  1,628
  1,744
  1,865
  1,993
  2,127
  2,269
  2,418
  2,574
Issuance/(repayment) of debt, $m
  -23
  -89
  147
  153
  159
  165
  172
  179
  186
  193
  201
  209
  218
  227
  236
  247
  257
  268
  280
  293
  306
  320
  335
  350
  366
  384
  402
  421
  441
  462
  484
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
  -89
  147
  153
  159
  165
  172
  179
  186
  193
  201
  209
  218
  227
  236
  247
  257
  268
  280
  293
  306
  320
  335
  350
  366
  384
  402
  421
  441
  462
  484
Total cash flow (excl. dividends), $m
  -13
  18
  283
  333
  385
  440
  496
  555
  617
  682
  749
  812
  886
  963
  1,044
  1,129
  1,218
  1,312
  1,409
  1,512
  1,620
  1,734
  1,853
  1,979
  2,110
  2,249
  2,395
  2,548
  2,710
  2,880
  3,058
Retained Cash Flow (-), $m
  -145
  -247
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
Prev. year cash balance distribution, $m
 
  814
  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
 
  585
  267
  316
  368
  421
  477
  535
  596
  660
  727
  789
  862
  938
  1,018
  1,102
  1,190
  1,282
  1,378
  1,480
  1,586
  1,698
  1,816
  1,940
  2,070
  2,206
  2,350
  2,502
  2,661
  2,828
  3,005
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
 
  561
  244
  275
  303
  326
  346
  362
  373
  379
  381
  375
  368
  357
  342
  323
  302
  279
  254
  228
  202
  176
  151
  127
  105
  86
  69
  54
  41
  31
  23
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 41.7
Price to Sales 1.2
Price to Book 4
Price to Tangible Book
Price to Cash Flow 10.5
Price to Free Cash Flow 16.6
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 4.8 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 140.618 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 $3.1 billion.

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COMPANY NEWS

▶ 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]
▶ Ciena Merchant Chip Strategy Targets Acacia, Inphi And China   [Mar-21-17 04:11PM  Investor's Business Daily]
▶ Is Finisar Stock Worth a Look After Falling 20%?   [Mar-20-17 04:07PM  Investopedia]
▶ [$$] Ciena's Miss Hasn't Marred the Sector   [12:08PM  at Barrons.com]
▶ Here's Why Infinera Is Rising Today   [11:46AM  at Motley Fool]
▶ Ericsson, Nokia: China Weighs on Telecom Spend, Says BMO   [Mar-15-17 01:29PM  at Barrons.com]
▶ [$$] Ciena: AT&T a Drag, Verizon a Driver   [11:02AM  at Barrons.com]
▶ [$$] Ciena Stock at an Attractive Entry Point   [06:56AM  at Barrons.com]
▶ Why Ciena Stock Slumped 8.8% on Wednesday   [04:10PM  at Motley Fool]
▶ Ciena Stock Sinking on First Quarter Miss   [03:23PM  at TheStreet]
▶ Ciena Sinks 8% On Disappointing Q1 Earnings   [12:02PM  at Barrons.com]
▶ [$$] Ciena Swings to Profit but Misses Views   [12:01PM  at The Wall Street Journal]
▶ [$$] CommScope, Dycom Boosted by MWC   [Mar-06-17 03:50PM  at Barrons.com]
▶ [$$] Telecom's New Frontier: Connecting Things, Not People   [Mar-04-17 01:11AM  at Barrons.com]
▶ Angola Cables Selects Ciena for MONET Subsea Cable System   [Mar-02-17 09:00AM  Business Wire]
▶ Oclaro Is Cheap Here, Will Not Remain So For Long   [Feb-19-17 05:44AM  at Forbes]
▶ Colt Deploys Pan-Regional Optical Network with Ciena   [Feb-16-17 09:00AM  Business Wire]
▶ F5 Networks names CEO to replace John McAdam   [Jan-30-17 04:48PM  at bizjournals.com]
▶ Cablevisión Argentina and Ciena Deploy 200G Network   [Jan-18-17 09:00AM  Business Wire]
▶ Bruce Pile's Top Technology Stocks For 2017   [Jan-11-17 01:32PM  at Forbes]
Stock chart of CIEN 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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