Intrinsic value of Ciena - CIEN

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$26.30

  Intrinsic Value

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  Value-price divergence*

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*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 3.7

 

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
  3.50
  3.65
  3.78
  3.91
  4.02
  4.11
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
Revenue, $m
  2,601
  2,692
  2,790
  2,896
  3,009
  3,130
  3,259
  3,396
  3,541
  3,695
  3,858
  4,031
  4,214
  4,407
  4,610
  4,825
  5,051
  5,290
  5,541
  5,806
  6,084
  6,377
  6,686
  7,010
  7,351
  7,710
  8,087
  8,484
  8,900
  9,338
  9,799
Variable operating expenses, $m
 
  1,719
  1,781
  1,847
  1,919
  1,995
  2,076
  2,162
  2,253
  2,350
  2,453
  2,535
  2,649
  2,771
  2,899
  3,034
  3,176
  3,326
  3,484
  3,650
  3,825
  4,010
  4,203
  4,407
  4,622
  4,848
  5,085
  5,334
  5,596
  5,871
  6,161
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
  2,542
  2,625
  2,712
  2,805
  2,904
  3,007
  3,117
  3,231
  3,353
  3,481
  3,589
  3,729
  3,878
  4,034
  4,197
  4,368
  4,548
  4,736
  4,934
  5,141
  5,359
  5,585
  5,824
  6,074
  6,337
  6,611
  6,898
  7,199
  7,514
  7,845
Operating income, $m
  156
  150
  166
  184
  204
  227
  252
  279
  310
  342
  378
  443
  485
  529
  577
  628
  683
  742
  805
  872
  943
  1,019
  1,100
  1,186
  1,277
  1,374
  1,477
  1,586
  1,701
  1,824
  1,954
EBITDA, $m
  297
  263
  282
  303
  327
  354
  383
  415
  450
  487
  528
  572
  619
  670
  725
  783
  845
  911
  982
  1,057
  1,138
  1,223
  1,314
  1,410
  1,512
  1,620
  1,735
  1,857
  1,986
  2,123
  2,267
Interest expense (income), $m
  47
  40
  34
  36
  38
  41
  44
  47
  50
  53
  57
  60
  64
  68
  73
  77
  82
  87
  93
  99
  105
  111
  118
  125
  132
  140
  148
  157
  166
  175
  185
Earnings before tax, $m
  87
  110
  132
  148
  166
  186
  208
  233
  260
  289
  321
  383
  420
  461
  504
  551
  601
  655
  712
  773
  838
  908
  982
  1,061
  1,145
  1,234
  1,329
  1,429
  1,536
  1,649
  1,769
Tax expense, $m
  14
  30
  36
  40
  45
  50
  56
  63
  70
  78
  87
  103
  113
  124
  136
  149
  162
  177
  192
  209
  226
  245
  265
  286
  309
  333
  359
  386
  415
  445
  477
Net income, $m
  73
  80
  96
  108
  121
  136
  152
  170
  190
  211
  235
  279
  307
  336
  368
  402
  439
  478
  520
  564
  612
  663
  717
  774
  836
  901
  970
  1,043
  1,121
  1,204
  1,291

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
  1,893
  1,962
  2,037
  2,116
  2,201
  2,292
  2,388
  2,490
  2,599
  2,713
  2,835
  2,963
  3,099
  3,242
  3,393
  3,552
  3,720
  3,897
  4,083
  4,279
  4,485
  4,702
  4,930
  5,170
  5,422
  5,687
  5,966
  6,259
  6,567
  6,891
Adjusted assets (=assets-cash), $m
  1,829
  1,893
  1,962
  2,037
  2,116
  2,201
  2,292
  2,388
  2,490
  2,599
  2,713
  2,835
  2,963
  3,099
  3,242
  3,393
  3,552
  3,720
  3,897
  4,083
  4,279
  4,485
  4,702
  4,930
  5,170
  5,422
  5,687
  5,966
  6,259
  6,567
  6,891
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
  431
  446
  463
  481
  501
  521
  543
  567
  591
  617
  645
  674
  705
  738
  772
  808
  846
  887
  929
  973
  1,020
  1,070
  1,122
  1,176
  1,234
  1,294
  1,357
  1,424
  1,494
  1,568
Working capital, $m
  1,121
  318
  329
  342
  355
  369
  385
  401
  418
  436
  455
  476
  497
  520
  544
  569
  596
  624
  654
  685
  718
  753
  789
  827
  867
  910
  954
  1,001
  1,050
  1,102
  1,156
Total debt, $m
  1,347
  935
  997
  1,064
  1,135
  1,212
  1,293
  1,380
  1,472
  1,570
  1,673
  1,782
  1,898
  2,020
  2,149
  2,285
  2,428
  2,579
  2,738
  2,905
  3,082
  3,267
  3,462
  3,668
  3,884
  4,111
  4,349
  4,600
  4,864
  5,141
  5,433
Total liabilities, $m
  2,116
  1,704
  1,766
  1,833
  1,904
  1,981
  2,062
  2,149
  2,241
  2,339
  2,442
  2,551
  2,667
  2,789
  2,918
  3,054
  3,197
  3,348
  3,507
  3,674
  3,851
  4,036
  4,231
  4,437
  4,653
  4,880
  5,118
  5,369
  5,633
  5,910
  6,202
Total equity, $m
  766
  189
  196
  204
  212
  220
  229
  239
  249
  260
  271
  283
  296
  310
  324
  339
  355
  372
  390
  408
  428
  448
  470
  493
  517
  542
  569
  597
  626
  657
  689
Total liabilities and equity, $m
  2,882
  1,893
  1,962
  2,037
  2,116
  2,201
  2,291
  2,388
  2,490
  2,599
  2,713
  2,834
  2,963
  3,099
  3,242
  3,393
  3,552
  3,720
  3,897
  4,082
  4,279
  4,484
  4,701
  4,930
  5,170
  5,422
  5,687
  5,966
  6,259
  6,567
  6,891
Debt-to-equity ratio
  1.758
  4.940
  5.080
  5.220
  5.370
  5.510
  5.640
  5.780
  5.910
  6.040
  6.170
  6.290
  6.400
  6.520
  6.630
  6.730
  6.840
  6.930
  7.030
  7.120
  7.200
  7.290
  7.360
  7.440
  7.510
  7.580
  7.650
  7.710
  7.770
  7.830
  7.880
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
  80
  96
  108
  121
  136
  152
  170
  190
  211
  235
  279
  307
  336
  368
  402
  439
  478
  520
  564
  612
  663
  717
  774
  836
  901
  970
  1,043
  1,121
  1,204
  1,291
Depreciation, amort., depletion, $m
  141
  113
  116
  119
  123
  127
  131
  135
  140
  145
  150
  129
  135
  141
  148
  154
  162
  169
  177
  186
  195
  204
  214
  224
  235
  247
  259
  271
  285
  299
  314
Funds from operations, $m
  239
  193
  212
  227
  244
  263
  283
  305
  330
  356
  385
  408
  442
  477
  516
  557
  600
  647
  697
  750
  807
  867
  931
  999
  1,071
  1,147
  1,229
  1,315
  1,406
  1,502
  1,605
Change in working capital, $m
  -51
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  45
  47
  49
  52
  54
Cash from operations, $m
  290
  202
  201
  215
  231
  248
  268
  289
  313
  338
  366
  388
  420
  455
  492
  531
  574
  619
  667
  719
  774
  832
  894
  961
  1,031
  1,105
  1,184
  1,268
  1,357
  1,451
  1,550
Maintenance CAPEX, $m
  0
  -83
  -86
  -89
  -93
  -96
  -100
  -104
  -109
  -113
  -118
  -123
  -129
  -135
  -141
  -148
  -154
  -162
  -169
  -177
  -186
  -195
  -204
  -214
  -224
  -235
  -247
  -259
  -271
  -285
  -299
New CAPEX, $m
  -107
  -16
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -55
  -57
  -60
  -63
  -67
  -70
  -74
Cash from investing activities, $m
  -296
  -99
  -102
  -106
  -111
  -115
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -166
  -174
  -182
  -190
  -200
  -209
  -219
  -231
  -242
  -253
  -266
  -279
  -292
  -307
  -322
  -338
  -355
  -373
Free cash flow, $m
  -6
  104
  99
  109
  120
  133
  147
  163
  181
  200
  221
  237
  262
  289
  318
  349
  383
  419
  458
  499
  544
  591
  641
  695
  752
  812
  877
  946
  1,018
  1,096
  1,178
Issuance/(repayment) of debt, $m
  -23
  -173
  62
  67
  72
  76
  82
  87
  92
  98
  103
  109
  116
  122
  129
  136
  143
  151
  159
  167
  176
  186
  195
  205
  216
  227
  239
  251
  264
  277
  291
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
  -173
  62
  67
  72
  76
  82
  87
  92
  98
  103
  109
  116
  122
  129
  136
  143
  151
  159
  167
  176
  186
  195
  205
  216
  227
  239
  251
  264
  277
  291
Total cash flow (excl. dividends), $m
  -13
  -70
  161
  175
  191
  209
  229
  250
  273
  298
  325
  346
  377
  411
  447
  485
  526
  570
  617
  667
  720
  776
  836
  900
  968
  1,040
  1,116
  1,197
  1,282
  1,373
  1,469
Retained Cash Flow (-), $m
  -145
  -237
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
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
 
  507
  154
  168
  184
  201
  219
  240
  262
  287
  313
  334
  365
  397
  433
  470
  510
  553
  599
  648
  700
  756
  815
  877
  944
  1,014
  1,089
  1,169
  1,253
  1,342
  1,437
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
 
  486
  141
  146
  151
  156
  159
  162
  164
  165
  164
  159
  156
  151
  145
  138
  130
  120
  110
  100
  89
  78
  68
  57
  48
  39
  32
  25
  19
  15
  11
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 50.4
Price to Sales 1.4
Price to Book 4.8
Price to Tangible Book
Price to Cash Flow 12.7
Price to Free Cash Flow 20.1
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 3.5% 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 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 $3.7 billion.


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COMPANY NEWS

▶ 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]
▶ 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]
Stock chart of CIEN Financial statements of CIEN Annual reports 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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