Intrinsic value of Ciena - CIEN

Previous Close

$21.85

  Intrinsic Value

$22.09

stock screener

  Rating & Target

hold

+1%

Previous close

$21.85

 
Intrinsic value

$22.09

 
Up/down potential

+1%

 
Rating

hold

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.73
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
Revenue, $m
  2,802
  2,911
  3,028
  3,152
  3,285
  3,425
  3,574
  3,732
  3,899
  4,076
  4,262
  4,459
  4,666
  4,885
  5,116
  5,359
  5,614
  5,884
  6,167
  6,465
  6,779
  7,109
  7,456
  7,820
  8,204
  8,607
  9,030
  9,475
  9,943
  10,435
  10,951
Variable operating expenses, $m
 
  2,127
  2,211
  2,301
  2,397
  2,498
  2,605
  2,719
  2,840
  2,967
  3,102
  3,217
  3,367
  3,524
  3,691
  3,866
  4,051
  4,245
  4,449
  4,665
  4,891
  5,129
  5,379
  5,642
  5,919
  6,210
  6,515
  6,836
  7,174
  7,528
  7,901
Fixed operating expenses, $m
 
  570
  584
  599
  614
  629
  645
  661
  677
  694
  712
  730
  748
  766
  786
  805
  825
  846
  867
  889
  911
  934
  957
  981
  1,006
  1,031
  1,057
  1,083
  1,110
  1,138
  1,166
Total operating expenses, $m
  2,591
  2,697
  2,795
  2,900
  3,011
  3,127
  3,250
  3,380
  3,517
  3,661
  3,814
  3,947
  4,115
  4,290
  4,477
  4,671
  4,876
  5,091
  5,316
  5,554
  5,802
  6,063
  6,336
  6,623
  6,925
  7,241
  7,572
  7,919
  8,284
  8,666
  9,067
Operating income, $m
  211
  214
  233
  253
  274
  298
  324
  352
  382
  414
  449
  512
  552
  594
  639
  687
  738
  793
  851
  912
  977
  1,046
  1,119
  1,197
  1,279
  1,366
  1,459
  1,556
  1,659
  1,769
  1,884
EBITDA, $m
  334
  319
  341
  364
  390
  417
  447
  479
  514
  551
  590
  633
  678
  726
  777
  832
  890
  951
  1,017
  1,086
  1,160
  1,238
  1,320
  1,408
  1,501
  1,599
  1,702
  1,812
  1,928
  2,050
  2,179
Interest expense (income), $m
  47
  27
  29
  32
  34
  37
  40
  44
  47
  50
  54
  58
  62
  67
  72
  76
  82
  87
  93
  99
  105
  112
  119
  127
  134
  143
  151
  160
  170
  180
  190
Earnings before tax, $m
  156
  187
  203
  221
  240
  261
  284
  308
  335
  364
  394
  454
  490
  527
  568
  611
  657
  706
  758
  813
  872
  934
  1,000
  1,071
  1,145
  1,224
  1,308
  1,396
  1,490
  1,589
  1,694
Tax expense, $m
  -1,106
  51
  55
  60
  65
  70
  77
  83
  90
  98
  106
  123
  132
  142
  153
  165
  177
  191
  205
  219
  235
  252
  270
  289
  309
  330
  353
  377
  402
  429
  457
Net income, $m
  1,262
  137
  148
  161
  175
  190
  207
  225
  245
  265
  288
  332
  357
  385
  414
  446
  479
  515
  553
  593
  636
  682
  730
  782
  836
  893
  954
  1,019
  1,087
  1,160
  1,236

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  920
  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
  3,952
  3,151
  3,277
  3,412
  3,555
  3,707
  3,868
  4,039
  4,220
  4,411
  4,613
  4,826
  5,050
  5,287
  5,537
  5,799
  6,076
  6,368
  6,674
  6,997
  7,337
  7,694
  8,069
  8,464
  8,879
  9,315
  9,773
  10,255
  10,761
  11,293
  11,852
Adjusted assets (=assets-cash), $m
  3,032
  3,151
  3,277
  3,412
  3,555
  3,707
  3,868
  4,039
  4,220
  4,411
  4,613
  4,826
  5,050
  5,287
  5,537
  5,799
  6,076
  6,368
  6,674
  6,997
  7,337
  7,694
  8,069
  8,464
  8,879
  9,315
  9,773
  10,255
  10,761
  11,293
  11,852
Revenue / Adjusted assets
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
Average production assets, $m
  423
  440
  457
  476
  496
  517
  540
  564
  589
  615
  644
  673
  705
  738
  772
  809
  848
  888
  931
  976
  1,024
  1,073
  1,126
  1,181
  1,239
  1,300
  1,364
  1,431
  1,501
  1,576
  1,654
Working capital, $m
  968
  419
  436
  454
  473
  493
  515
  537
  561
  587
  614
  642
  672
  703
  737
  772
  808
  847
  888
  931
  976
  1,024
  1,074
  1,126
  1,181
  1,239
  1,300
  1,364
  1,432
  1,503
  1,577
Total debt, $m
  1,013
  716
  777
  841
  910
  984
  1,062
  1,144
  1,231
  1,323
  1,420
  1,523
  1,631
  1,745
  1,866
  1,992
  2,126
  2,266
  2,414
  2,570
  2,733
  2,905
  3,086
  3,276
  3,476
  3,687
  3,908
  4,140
  4,384
  4,640
  4,910
Total liabilities, $m
  1,815
  1,519
  1,580
  1,644
  1,713
  1,787
  1,865
  1,947
  2,034
  2,126
  2,223
  2,326
  2,434
  2,548
  2,669
  2,795
  2,929
  3,069
  3,217
  3,373
  3,536
  3,708
  3,889
  4,079
  4,279
  4,490
  4,711
  4,943
  5,187
  5,443
  5,713
Total equity, $m
  2,136
  1,632
  1,698
  1,767
  1,841
  1,920
  2,004
  2,092
  2,186
  2,285
  2,389
  2,500
  2,616
  2,739
  2,868
  3,004
  3,148
  3,298
  3,457
  3,624
  3,800
  3,985
  4,180
  4,384
  4,599
  4,825
  5,062
  5,312
  5,574
  5,850
  6,139
Total liabilities and equity, $m
  3,951
  3,151
  3,278
  3,411
  3,554
  3,707
  3,869
  4,039
  4,220
  4,411
  4,612
  4,826
  5,050
  5,287
  5,537
  5,799
  6,077
  6,367
  6,674
  6,997
  7,336
  7,693
  8,069
  8,463
  8,878
  9,315
  9,773
  10,255
  10,761
  11,293
  11,852
Debt-to-equity ratio
  0.474
  0.440
  0.460
  0.480
  0.490
  0.510
  0.530
  0.550
  0.560
  0.580
  0.590
  0.610
  0.620
  0.640
  0.650
  0.660
  0.680
  0.690
  0.700
  0.710
  0.720
  0.730
  0.740
  0.750
  0.760
  0.760
  0.770
  0.780
  0.790
  0.790
  0.800
Adjusted equity ratio
  0.401
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,262
  137
  148
  161
  175
  190
  207
  225
  245
  265
  288
  332
  357
  385
  414
  446
  479
  515
  553
  593
  636
  682
  730
  782
  836
  893
  954
  1,019
  1,087
  1,160
  1,236
Depreciation, amort., depletion, $m
  123
  105
  108
  112
  115
  119
  123
  127
  132
  137
  142
  120
  126
  132
  138
  144
  151
  159
  166
  174
  183
  192
  201
  211
  221
  232
  243
  255
  268
  281
  295
Funds from operations, $m
  79
  242
  257
  273
  290
  310
  330
  352
  376
  402
  430
  452
  483
  517
  552
  590
  631
  674
  719
  768
  819
  874
  931
  992
  1,057
  1,126
  1,198
  1,275
  1,356
  1,441
  1,532
Change in working capital, $m
  -156
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  32
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  55
  58
  61
  64
  67
  71
  74
Cash from operations, $m
  235
  226
  240
  255
  271
  289
  309
  330
  352
  377
  403
  423
  453
  485
  519
  555
  594
  635
  679
  725
  774
  826
  881
  940
  1,002
  1,068
  1,137
  1,210
  1,288
  1,370
  1,457
Maintenance CAPEX, $m
  0
  -75
  -79
  -82
  -85
  -89
  -92
  -96
  -101
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -144
  -151
  -159
  -166
  -174
  -183
  -192
  -201
  -211
  -221
  -232
  -243
  -255
  -268
  -281
New CAPEX, $m
  -95
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
Cash from investing activities, $m
  -61
  -92
  -97
  -101
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -145
  -151
  -159
  -167
  -175
  -183
  -192
  -202
  -211
  -221
  -233
  -244
  -256
  -269
  -282
  -296
  -310
  -326
  -342
  -359
Free cash flow, $m
  174
  134
  144
  155
  166
  180
  194
  210
  226
  245
  265
  279
  302
  326
  353
  381
  411
  443
  477
  514
  552
  593
  637
  684
  733
  785
  841
  900
  962
  1,028
  1,098
Issuance/(repayment) of debt, $m
  -331
  59
  61
  65
  69
  73
  78
  82
  87
  92
  97
  103
  108
  114
  120
  127
  133
  140
  148
  156
  164
  172
  181
  190
  200
  210
  221
  232
  244
  256
  269
Issuance/(repurchase) of shares, $m
  20
  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  
  -311
  59
  61
  65
  69
  73
  78
  82
  87
  92
  97
  103
  108
  114
  120
  127
  133
  140
  148
  156
  164
  172
  181
  190
  200
  210
  221
  232
  244
  256
  269
Total cash flow (excl. dividends), $m
  -137
  192
  205
  219
  235
  253
  272
  292
  314
  337
  362
  381
  410
  440
  473
  507
  544
  583
  625
  669
  716
  766
  818
  874
  933
  996
  1,062
  1,132
  1,206
  1,284
  1,367
Retained Cash Flow (-), $m
  -1,370
  -60
  -65
  -70
  -74
  -79
  -84
  -88
  -94
  -99
  -105
  -110
  -116
  -123
  -129
  -136
  -143
  -151
  -159
  -167
  -176
  -185
  -194
  -204
  -215
  -226
  -237
  -250
  -262
  -276
  -289
Prev. year cash balance distribution, $m
 
  564
  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
  139
  150
  161
  174
  188
  203
  220
  238
  257
  271
  294
  318
  344
  371
  401
  432
  466
  502
  540
  581
  624
  670
  718
  770
  824
  882
  944
  1,009
  1,078
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
 
  668
  127
  130
  133
  135
  136
  137
  137
  137
  135
  129
  125
  121
  115
  109
  102
  94
  86
  77
  69
  60
  52
  44
  37
  30
  24
  19
  15
  11
  8
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 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 2.5
Price to Sales 1.1
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 13.3
Price to Free Cash Flow 22.3
Growth Rates
Sales Growth Rate 7.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11.2%
Cap. Spend. - 3 Yr. Gr. Rate 14.6%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 30.8%
Total Debt to Equity 47.4%
Interest Coverage 4
Management Effectiveness
Return On Assets 48.1%
Ret/ On Assets - 3 Yr. Avg. 17.8%
Return On Total Capital 48.8%
Ret/ On T. Cap. - 3 Yr. Avg. 17.8%
Return On Equity 87%
Return On Equity - 3 Yr. Avg. 34%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 44.5%
Gross Margin - 3 Yr. Avg. 44.4%
EBITDA Margin 11.6%
EBITDA Margin - 3 Yr. Avg. 10.1%
Operating Margin 7.5%
Oper. Margin - 3 Yr. Avg. 5.9%
Pre-Tax Margin 5.6%
Pre-Tax Margin - 3 Yr. Avg. 3.3%
Net Profit Margin 45%
Net Profit Margin - 3 Yr. Avg. 16.1%
Effective Tax Rate -709%
Eff/ Tax Rate - 3 Yr. Avg. -214.3%
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 $2802 million for the last fiscal year's total revenue generated by Ciena. The default revenue input number comes from 2017 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 3.9% 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 73.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $556 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 4.1% 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 15.1%.

Life of production assets of 5.6 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 14.4%. 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 - $2136 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 145.724 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 $3.2 billion.

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COMPANY NEWS

▶ Finisar Downgraded, Ciena Upgraded On Industry Merger Speculation   [Jan-16-18 04:12PM  Investor's Business Daily]
▶ Wired News Qualcomm Names New President   [07:30AM  ACCESSWIRE]
▶ 4 Takeaways From Ciena's Long-Term Update   [Dec-30-17 01:05PM  Motley Fool]
▶ ETFs with exposure to Ciena Corp. : December 27, 2017   [Dec-27-17 11:05AM  Capital Cube]
▶ Ciena Misses But Firm Sets $300 Million Buyback; Shares Rise   [Dec-07-17 04:05PM  Investor's Business Daily]
▶ Ciena stock falls on 4Q earnings miss   [11:50AM  American City Business Journals]
▶ Ciena misses 4Q profit forecasts   [07:47AM  Associated Press]
▶ Ciena Upgraded, Seen Positioned For Eventual Spending Recovery   [Nov-27-17 04:24PM  Investor's Business Daily]
▶ ETFs with exposure to Ciena Corp. : November 10, 2017   [Nov-10-17 12:02PM  Capital Cube]
▶ 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]
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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