Intrinsic value of Gilat Satellite Networks - GILT

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$5.07

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$5.07

 
Intrinsic value

$34.19

 
Up/down potential

+574%

 
Rating

str. buy

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

We calculate the intrinsic value of GILT 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 0.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  41.41
  17.60
  16.34
  15.21
  14.19
  13.27
  12.44
  11.70
  11.03
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.90
  5.81
  5.73
  5.66
  5.59
Revenue, $m
  280
  329
  383
  441
  504
  571
  642
  717
  796
  879
  966
  1,056
  1,151
  1,250
  1,352
  1,459
  1,569
  1,685
  1,804
  1,928
  2,058
  2,192
  2,332
  2,477
  2,629
  2,787
  2,951
  3,123
  3,302
  3,489
  3,684
Variable operating expenses, $m
 
  152
  176
  202
  230
  260
  292
  326
  361
  399
  438
  474
  516
  561
  607
  654
  704
  756
  809
  865
  923
  983
  1,046
  1,112
  1,179
  1,250
  1,324
  1,401
  1,481
  1,565
  1,653
Fixed operating expenses, $m
 
  157
  161
  165
  169
  173
  177
  182
  186
  191
  196
  201
  206
  211
  216
  222
  227
  233
  239
  245
  251
  257
  263
  270
  277
  284
  291
  298
  305
  313
  321
Total operating expenses, $m
  279
  309
  337
  367
  399
  433
  469
  508
  547
  590
  634
  675
  722
  772
  823
  876
  931
  989
  1,048
  1,110
  1,174
  1,240
  1,309
  1,382
  1,456
  1,534
  1,615
  1,699
  1,786
  1,878
  1,974
Operating income, $m
  1
  20
  46
  74
  105
  137
  172
  209
  248
  289
  332
  382
  429
  478
  529
  583
  638
  696
  756
  819
  884
  952
  1,022
  1,096
  1,173
  1,253
  1,337
  1,424
  1,515
  1,611
  1,710
EBITDA, $m
  14
  33
  60
  90
  122
  157
  193
  232
  273
  316
  362
  409
  459
  511
  565
  621
  679
  740
  803
  869
  938
  1,009
  1,083
  1,161
  1,241
  1,326
  1,414
  1,506
  1,601
  1,702
  1,807
Interest expense (income), $m
  0
  0
  1
  2
  4
  5
  6
  8
  9
  11
  13
  15
  17
  19
  21
  23
  25
  27
  30
  32
  35
  38
  40
  43
  46
  50
  53
  56
  60
  64
  68
Earnings before tax, $m
  -4
  20
  45
  72
  101
  132
  166
  201
  239
  278
  319
  367
  412
  459
  509
  560
  613
  669
  726
  786
  849
  914
  982
  1,053
  1,126
  1,203
  1,284
  1,368
  1,455
  1,547
  1,643
Tax expense, $m
  1
  5
  12
  19
  27
  36
  45
  54
  64
  75
  86
  99
  111
  124
  137
  151
  166
  181
  196
  212
  229
  247
  265
  284
  304
  325
  347
  369
  393
  418
  444
Net income, $m
  -5
  15
  33
  52
  74
  97
  121
  147
  174
  203
  233
  268
  301
  335
  371
  409
  448
  488
  530
  574
  620
  667
  717
  768
  822
  878
  937
  998
  1,062
  1,129
  1,199

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  40
  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
  383
  404
  469
  541
  618
  700
  787
  879
  975
  1,077
  1,183
  1,295
  1,411
  1,531
  1,657
  1,788
  1,923
  2,064
  2,211
  2,363
  2,522
  2,686
  2,858
  3,036
  3,222
  3,415
  3,617
  3,827
  4,047
  4,276
  4,515
Adjusted assets (=assets-cash), $m
  343
  404
  469
  541
  618
  700
  787
  879
  975
  1,077
  1,183
  1,295
  1,411
  1,531
  1,657
  1,788
  1,923
  2,064
  2,211
  2,363
  2,522
  2,686
  2,858
  3,036
  3,222
  3,415
  3,617
  3,827
  4,047
  4,276
  4,515
Revenue / Adjusted assets
  0.816
  0.814
  0.817
  0.815
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.817
  0.815
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
Average production assets, $m
  55
  65
  75
  87
  99
  112
  126
  141
  156
  172
  189
  207
  226
  245
  265
  286
  308
  330
  354
  378
  403
  430
  457
  486
  515
  546
  578
  612
  647
  684
  722
Working capital, $m
  92
  67
  78
  90
  103
  116
  131
  146
  162
  179
  197
  216
  235
  255
  276
  298
  320
  344
  368
  393
  420
  447
  476
  505
  536
  569
  602
  637
  674
  712
  752
Total debt, $m
  12
  37
  69
  104
  142
  182
  224
  269
  317
  367
  419
  473
  530
  589
  651
  715
  781
  851
  922
  997
  1,075
  1,155
  1,239
  1,327
  1,418
  1,513
  1,611
  1,714
  1,822
  1,934
  2,051
Total liabilities, $m
  173
  198
  230
  265
  303
  343
  385
  430
  478
  528
  580
  634
  691
  750
  812
  876
  942
  1,012
  1,083
  1,158
  1,236
  1,316
  1,400
  1,488
  1,579
  1,674
  1,772
  1,875
  1,983
  2,095
  2,212
Total equity, $m
  210
  206
  239
  276
  315
  357
  401
  448
  497
  549
  604
  660
  719
  781
  845
  912
  981
  1,053
  1,128
  1,205
  1,286
  1,370
  1,457
  1,548
  1,643
  1,742
  1,845
  1,952
  2,064
  2,181
  2,303
Total liabilities and equity, $m
  383
  404
  469
  541
  618
  700
  786
  878
  975
  1,077
  1,184
  1,294
  1,410
  1,531
  1,657
  1,788
  1,923
  2,065
  2,211
  2,363
  2,522
  2,686
  2,857
  3,036
  3,222
  3,416
  3,617
  3,827
  4,047
  4,276
  4,515
Debt-to-equity ratio
  0.057
  0.180
  0.290
  0.380
  0.450
  0.510
  0.560
  0.600
  0.640
  0.670
  0.690
  0.720
  0.740
  0.750
  0.770
  0.780
  0.800
  0.810
  0.820
  0.830
  0.840
  0.840
  0.850
  0.860
  0.860
  0.870
  0.870
  0.880
  0.880
  0.890
  0.890
Adjusted equity ratio
  0.496
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -5
  15
  33
  52
  74
  97
  121
  147
  174
  203
  233
  268
  301
  335
  371
  409
  448
  488
  530
  574
  620
  667
  717
  768
  822
  878
  937
  998
  1,062
  1,129
  1,199
Depreciation, amort., depletion, $m
  13
  13
  14
  16
  17
  19
  21
  23
  25
  27
  30
  28
  30
  33
  35
  38
  41
  44
  47
  50
  54
  57
  61
  65
  69
  73
  77
  82
  86
  91
  96
Funds from operations, $m
  14
  28
  47
  68
  91
  116
  142
  170
  199
  230
  263
  296
  331
  368
  407
  447
  489
  532
  577
  624
  673
  725
  778
  833
  891
  951
  1,014
  1,080
  1,149
  1,220
  1,295
Change in working capital, $m
  3
  10
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  19
  20
  21
  22
  23
  23
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  38
  40
Cash from operations, $m
  11
  -26
  36
  56
  78
  102
  128
  155
  183
  213
  245
  277
  312
  348
  386
  425
  466
  509
  553
  599
  647
  697
  749
  803
  860
  919
  981
  1,045
  1,112
  1,182
  1,256
Maintenance CAPEX, $m
  0
  -7
  -9
  -10
  -12
  -13
  -15
  -17
  -19
  -21
  -23
  -25
  -28
  -30
  -33
  -35
  -38
  -41
  -44
  -47
  -50
  -54
  -57
  -61
  -65
  -69
  -73
  -77
  -82
  -86
  -91
New CAPEX, $m
  -4
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
Cash from investing activities, $m
  -14
  -17
  -20
  -21
  -24
  -26
  -29
  -32
  -34
  -37
  -40
  -43
  -47
  -49
  -53
  -56
  -60
  -64
  -67
  -71
  -75
  -80
  -84
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -129
Free cash flow, $m
  -3
  -43
  17
  35
  55
  76
  99
  123
  149
  176
  205
  234
  266
  299
  333
  369
  406
  445
  485
  528
  571
  617
  665
  714
  766
  819
  876
  934
  995
  1,059
  1,126
Issuance/(repayment) of debt, $m
  -12
  30
  32
  35
  38
  40
  43
  45
  47
  50
  52
  54
  57
  59
  62
  64
  67
  69
  72
  75
  78
  81
  84
  87
  91
  95
  99
  103
  108
  112
  117
Issuance/(repurchase) of shares, $m
  36
  9
  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  
  24
  39
  32
  35
  38
  40
  43
  45
  47
  50
  52
  54
  57
  59
  62
  64
  67
  69
  72
  75
  78
  81
  84
  87
  91
  95
  99
  103
  108
  112
  117
Total cash flow (excl. dividends), $m
  22
  -14
  49
  70
  92
  116
  141
  168
  196
  226
  257
  289
  322
  358
  395
  433
  473
  514
  557
  602
  649
  698
  748
  801
  857
  914
  974
  1,037
  1,103
  1,172
  1,243
Retained Cash Flow (-), $m
  -32
  -31
  -34
  -36
  -39
  -42
  -44
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -95
  -99
  -103
  -107
  -112
  -117
  -122
Prev. year cash balance distribution, $m
 
  35
  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
 
  0
  16
  34
  53
  74
  97
  121
  147
  174
  203
  232
  263
  296
  330
  366
  403
  442
  483
  525
  568
  614
  661
  710
  762
  816
  871
  930
  991
  1,055
  1,121
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
 
  0
  14
  29
  44
  58
  70
  82
  92
  100
  106
  110
  112
  113
  111
  108
  103
  96
  89
  81
  72
  63
  55
  47
  39
  32
  25
  20
  15
  12
  8
Current shareholders' claim on cash, %
  100
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1

Gilat Satellite Networks Ltd., together with its subsidiaries, provides broadband satellite communication, and networking solutions and services worldwide. The company designs, manufactures, and provides network management and equipment for satellite communication (Satcom), as well as professional services. Its equipment consists of very small aperture terminals, solid-state power amplifiers, block up converters, low-profile antennas, and on-the-move/on-the-pause terminals. In addition, the company offers various solutions, including fully managed Satcom, satellite capacity, remote network operation, call center support, hub and field operations, and build operate transfer of rural communication networks. It sells its products and solutions to communication service providers and operators, mobile network operators, and system integrators, as well as to defense and homeland security organizations, and directly to end-users. The company has a strategic partnership with Air Esurfing to provide in-flight connectivity for China’s domestic airline market; and a strategic collaboration with SES S.A. to focus on delivering affordable connectivity to a range of small ships and vessels left underserved at sea in the Caribbean and beyond. Gilat Satellite Networks Ltd. was founded in 1987 and is headquartered in Petah Tikva, Israel.

FINANCIAL RATIOS  of  Gilat Satellite Networks (GILT)

Valuation Ratios
P/E Ratio -45
Price to Sales 0.8
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 20.4
Price to Free Cash Flow 32.1
Growth Rates
Sales Growth Rate 41.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 8
Current Ratio 0.6
LT Debt to Equity 3.3%
Total Debt to Equity 5.7%
Interest Coverage 0
Management Effectiveness
Return On Assets -1.3%
Ret/ On Assets - 3 Yr. Avg. -5.3%
Return On Total Capital -2.3%
Ret/ On T. Cap. - 3 Yr. Avg. -8.2%
Return On Equity -2.6%
Return On Equity - 3 Yr. Avg. -9.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 26.8%
Gross Margin - 3 Yr. Avg. 29.9%
EBITDA Margin 3.2%
EBITDA Margin - 3 Yr. Avg. -2%
Operating Margin 0.4%
Oper. Margin - 3 Yr. Avg. -6.4%
Pre-Tax Margin -1.4%
Pre-Tax Margin - 3 Yr. Avg. -8.9%
Net Profit Margin -1.8%
Net Profit Margin - 3 Yr. Avg. -9.6%
Effective Tax Rate -25%
Eff/ Tax Rate - 3 Yr. Avg. 57.7%
Payout Ratio 0%

GILT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GILT stock intrinsic value calculation we used $280 million for the last fiscal year's total revenue generated by Gilat Satellite Networks. The default revenue input number comes from 2016 income statement of Gilat Satellite Networks. 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 GILT stock valuation model: a) initial revenue growth rate of 17.6% 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 GILT is calculated based on our internal credit rating of Gilat Satellite Networks, 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 Gilat Satellite Networks.
    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 GILT stock the variable cost ratio is equal to 46.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $153 million in the base year in the intrinsic value calculation for GILT 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 3.5% for Gilat Satellite Networks.

Corporate tax rate of 27% is the nominal tax rate for Gilat Satellite Networks. 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 GILT 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 GILT are equal to 19.6%.

Life of production assets of 7.5 years is the average useful life of capital assets used in Gilat Satellite Networks 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 GILT is equal to 20.4%. 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 - $210 million for Gilat Satellite Networks - 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 54.059 million for Gilat Satellite Networks 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 Gilat Satellite Networks at the current share price and the inputted number of shares is $0.3 billion.


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COMPANY NEWS

▶ Gilat to Report First Quarter 2017 Results on May 16   [Apr-20-17 06:15AM  GlobeNewswire]
▶ Gilat Announces Filing of 2016 Annual Report   [Mar-29-17 03:12PM  GlobeNewswire]
▶ Gilat posts 4Q profit   [Feb-14-17 10:32AM  Associated Press]
▶ Gilat Announces Third Quarter 2016 Results   [06:50AM  GlobeNewswire]
▶ Gilat reports 2Q loss   [Aug-10-16 08:15AM  AP]
▶ Gilat Announces Second Quarter 2016 Results   [08:03AM  GlobeNewswire]
▶ Gilats Second Quarter 2016 Earnings Announcement Schedule   [Jul-14-16 07:34AM  GlobeNewswire]
▶ SES and Gilat to Launch Hybrid Broadband Solution in Asia   [May-30-16 05:44AM  GlobeNewswire]
▶ Gilats First Quarter 2016 Earnings Announcement Schedule   [Apr-19-16 08:26AM  GlobeNewswire]
▶ Gilat Announces Results of Rights Offering   [Mar-24-16 07:05AM  GlobeNewswire]
▶ Gilat Announces Filing of 2015 Annual Report   [Mar-22-16 07:32AM  GlobeNewswire]
▶ Gilat Announces Commencement of Rights Offering   [Feb-18-16 10:40AM  GlobeNewswire]
▶ Gilat reports 4Q loss   [Feb-17-16 07:45AM  AP]
▶ Gilat Wins Bid of $108 Million for a New Project in Peru   [Dec-17  07:50AM  GlobeNewswire]
▶ Gilat reports 3Q loss   [Nov-18  07:57AM  AP]
▶ Gilat Announces Third Quarter 2015 Results   [07:47AM  GlobeNewswire]
▶ Gilats Third Quarter 2015 Earnings Announcement Schedule   [Nov-02  08:36AM  GlobeNewswire]
▶ Gilat reports 2Q loss   [08:48AM  AP]
Stock chart of GILT Financial statements of GILT
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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