Intrinsic value of Ciena - CIEN

Previous Close

$21.94

  Intrinsic Value

$26.63

stock screener

  Rating & Target

buy

+21%

Previous close

$21.94

 
Intrinsic value

$26.63

 
Up/down potential

+21%

 
Rating

buy

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
  38
  34
  40
  45
  51
  57
  64
  70
  77
  84
  92
  99
  107
  116
  124
  134
  143
  153
  163
  174
  185
  197
  209
  222
  236
  250
  265
  280
  297
  314
Earnings before tax, $m
  87
  161
  230
  294
  360
  429
  501
  576
  655
  737
  822
  939
  1,032
  1,130
  1,233
  1,341
  1,453
  1,572
  1,696
  1,826
  1,962
  2,106
  2,257
  2,415
  2,582
  2,757
  2,942
  3,135
  3,339
  3,554
  3,780
Tax expense, $m
  14
  44
  62
  79
  97
  116
  135
  156
  177
  199
  222
  253
  279
  305
  333
  362
  392
  424
  458
  493
  530
  569
  609
  652
  697
  744
  794
  847
  902
  960
  1,021
Net income, $m
  73
  118
  168
  214
  263
  313
  366
  421
  478
  538
  600
  685
  754
  825
  900
  979
  1,061
  1,147
  1,238
  1,333
  1,433
  1,537
  1,647
  1,763
  1,885
  2,013
  2,147
  2,289
  2,438
  2,595
  2,759

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
  2,874
  1,978
  2,141
  2,311
  2,487
  2,670
  2,860
  3,058
  3,263
  3,477
  3,699
  3,931
  4,172
  4,423
  4,684
  4,957
  5,242
  5,539
  5,849
  6,173
  6,512
  6,866
  7,236
  7,624
  8,029
  8,454
  8,898
  9,364
  9,851
  10,363
  10,898
Adjusted assets (=assets-cash), $m
  1,821
  1,978
  2,141
  2,311
  2,487
  2,670
  2,860
  3,058
  3,263
  3,477
  3,699
  3,931
  4,172
  4,423
  4,684
  4,957
  5,242
  5,539
  5,849
  6,173
  6,512
  6,866
  7,236
  7,624
  8,029
  8,454
  8,898
  9,364
  9,851
  10,363
  10,898
Revenue / Adjusted assets
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
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
  1,256
  928
  1,075
  1,227
  1,386
  1,551
  1,722
  1,900
  2,085
  2,277
  2,477
  2,686
  2,903
  3,128
  3,364
  3,609
  3,866
  4,133
  4,412
  4,704
  5,009
  5,327
  5,660
  6,009
  6,374
  6,756
  7,156
  7,575
  8,014
  8,474
  8,956
Total liabilities, $m
  2,107
  1,780
  1,927
  2,079
  2,238
  2,403
  2,574
  2,752
  2,937
  3,129
  3,329
  3,538
  3,755
  3,980
  4,216
  4,461
  4,718
  4,985
  5,264
  5,556
  5,861
  6,179
  6,512
  6,861
  7,226
  7,608
  8,008
  8,427
  8,866
  9,326
  9,808
Total equity, $m
  766
  198
  214
  231
  249
  267
  286
  306
  326
  348
  370
  393
  417
  442
  468
  496
  524
  554
  585
  617
  651
  687
  724
  762
  803
  845
  890
  936
  985
  1,036
  1,090
Total liabilities and equity, $m
  2,873
  1,978
  2,141
  2,310
  2,487
  2,670
  2,860
  3,058
  3,263
  3,477
  3,699
  3,931
  4,172
  4,422
  4,684
  4,957
  5,242
  5,539
  5,849
  6,173
  6,512
  6,866
  7,236
  7,623
  8,029
  8,453
  8,898
  9,363
  9,851
  10,362
  10,898
Debt-to-equity ratio
  1.640
  4.690
  5.020
  5.310
  5.570
  5.810
  6.020
  6.210
  6.390
  6.550
  6.700
  6.830
  6.960
  7.070
  7.180
  7.280
  7.370
  7.460
  7.540
  7.620
  7.690
  7.760
  7.820
  7.880
  7.940
  7.990
  8.040
  8.090
  8.140
  8.180
  8.220
Adjusted equity ratio
  -0.158
  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
  118
  168
  214
  263
  313
  366
  421
  478
  538
  600
  685
  754
  825
  900
  979
  1,061
  1,147
  1,238
  1,333
  1,433
  1,537
  1,647
  1,763
  1,885
  2,013
  2,147
  2,289
  2,438
  2,595
  2,759
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
  235
  293
  347
  403
  462
  523
  587
  654
  723
  796
  865
  944
  1,027
  1,114
  1,205
  1,300
  1,400
  1,505
  1,615
  1,730
  1,851
  1,978
  2,112
  2,252
  2,399
  2,554
  2,717
  2,888
  3,068
  3,257
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
  208
  265
  318
  373
  431
  491
  554
  619
  687
  759
  826
  904
  985
  1,070
  1,159
  1,253
  1,350
  1,453
  1,560
  1,673
  1,791
  1,916
  2,046
  2,183
  2,328
  2,479
  2,638
  2,806
  2,982
  3,167
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
  88
  138
  182
  228
  276
  326
  378
  432
  489
  549
  604
  669
  737
  808
  883
  961
  1,043
  1,129
  1,219
  1,314
  1,413
  1,517
  1,627
  1,742
  1,864
  1,991
  2,125
  2,266
  2,415
  2,571
Issuance/(repayment) of debt, $m
  -23
  -89
  147
  153
  159
  165
  171
  178
  185
  192
  200
  208
  217
  226
  235
  246
  256
  267
  279
  292
  305
  319
  333
  349
  365
  382
  400
  419
  439
  460
  482
Issuance/(repurchase) of shares, $m
  23
  128
  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
  39
  147
  153
  159
  165
  171
  178
  185
  192
  200
  208
  217
  226
  235
  246
  256
  267
  279
  292
  305
  319
  333
  349
  365
  382
  400
  419
  439
  460
  482
Total cash flow (excl. dividends), $m
  -13
  128
  284
  334
  386
  440
  497
  556
  617
  682
  749
  812
  886
  963
  1,044
  1,128
  1,217
  1,310
  1,408
  1,511
  1,618
  1,732
  1,851
  1,976
  2,107
  2,246
  2,391
  2,544
  2,705
  2,875
  3,053
Retained Cash Flow (-), $m
  -145
  -246
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -42
  -44
  -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
 
  696
  268
  317
  368
  422
  478
  536
  597
  660
  727
  789
  862
  938
  1,018
  1,101
  1,189
  1,281
  1,377
  1,478
  1,585
  1,696
  1,814
  1,937
  2,067
  2,203
  2,347
  2,498
  2,657
  2,824
  3,000
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
 
  667
  245
  276
  303
  327
  347
  362
  373
  379
  381
  375
  368
  357
  342
  323
  302
  279
  254
  228
  201
  175
  150
  127
  105
  86
  68
  54
  41
  31
  23
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks. It segments include Networking Platforms; Software and Software-Related Services, and Global Services. The Networking Platforms segment consists of Converged Packet Optical, Packet Networking and Optical Transport product portfolios. The software business is engaged in the development and licensing of element and network management software and software-related services that support its hardware offerings. It offers a suite of consulting and support services that help its customers to design, optimize, deploy and maintain their communications networks.

FINANCIAL RATIOS  of  Ciena (CIEN)

Valuation Ratios
P/E Ratio 42
Price to Sales 1.2
Price to Book 4
Price to Tangible Book
Price to Cash Flow 10.6
Price to Free Cash Flow 16.8
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 132.8%
Total Debt to Equity 164%
Interest Coverage 3
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 2%
Return On Total Capital 3.7%
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 3.7% 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 142.662 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

▶ ETFs with exposure to Ciena Corp. : October 17, 2017   [Oct-17-17 09:38AM  Capital Cube]
▶ Colt Expands Asia Pacific Network with Ciena   [Oct-05-17 09:00AM  Business Wire]
▶ ETFs with exposure to Ciena Corp. : September 26, 2017   [Sep-26-17 10:46AM  Capital Cube]
▶ Ciena: Seeking to Stem the Volatility, Says Needham   [Sep-25-17 10:25AM  Barrons.com]
▶ Acacia Can Ride the Rise of Silicon Photonics, Says MKM   [Sep-18-17 07:25PM  Barrons.com]
▶ 3 Things Ciena Management Wants You to Know   [Sep-15-17 07:05PM  Motley Fool]
▶ ETFs with exposure to Ciena Corp. : September 13, 2017   [Sep-13-17 05:48PM  Capital Cube]
▶ Why Finisar Corp. Stock Fell 11% in August   [Sep-12-17 12:55PM  Motley Fool]
▶ Here's Why Ciena Corporation Stock Fell 16.1% in August   [Sep-08-17 06:05PM  Motley Fool]
▶ Ciena CEO Smith on What Wall Street's Missing   [Sep-07-17 03:16PM  Barrons.com]
▶ Ciena beats Street 3Q forecasts   [Aug-31-17 09:28PM  Associated Press]
▶ Why Ciena Corporation Shares Sank Today   [02:21PM  Motley Fool]
▶ The Blitz: Soup to nuts   [01:37PM  CNBC Videos]
▶ Quarterly Results Propel Declines   [12:45PM  GuruFocus.com]
▶ Lululemon, Ciena Among 4 Notable Earnings Due Thursday: Investing Action Plan   [Aug-30-17 04:08PM  Investor's Business Daily]
▶ Ciena FYQ3 On Tap: Amazon Biz Among Healthy Signs   [Aug-29-17 07:48PM  Barrons.com]
▶ Ciena Appoints Bill Fathers to Board of Directors   [Aug-24-17 09:00AM  Business Wire]
▶ 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]
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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