Intrinsic value of Globalstar - GSAT

Previous Close

$1.62

  Intrinsic Value

$0.04

stock screener

  Rating & Target

str. sell

-98%

Previous close

$1.62

 
Intrinsic value

$0.04

 
Up/down potential

-98%

 
Rating

str. sell

We calculate the intrinsic value of GSAT 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 1.8

 

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, %
  7.78
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
Revenue, $m
  97
  109
  121
  134
  147
  161
  176
  192
  208
  224
  242
  259
  278
  298
  318
  339
  361
  383
  407
  431
  457
  484
  512
  541
  571
  603
  636
  671
  707
  745
  785
Variable operating expenses, $m
 
  38
  42
  47
  52
  57
  62
  67
  73
  79
  85
  91
  98
  104
  112
  119
  127
  135
  143
  151
  160
  170
  180
  190
  201
  212
  223
  235
  248
  262
  275
Fixed operating expenses, $m
 
  133
  137
  140
  143
  147
  151
  155
  158
  162
  166
  171
  175
  179
  184
  188
  193
  198
  203
  208
  213
  218
  224
  229
  235
  241
  247
  253
  260
  266
  273
Total operating expenses, $m
  160
  171
  179
  187
  195
  204
  213
  222
  231
  241
  251
  262
  273
  283
  296
  307
  320
  333
  346
  359
  373
  388
  404
  419
  436
  453
  470
  488
  508
  528
  548
Operating income, $m
  -63
  -63
  -58
  -53
  -48
  -42
  -36
  -30
  -24
  -17
  -10
  -2
  6
  14
  23
  32
  41
  51
  61
  72
  84
  96
  108
  122
  136
  150
  166
  182
  199
  218
  237
EBITDA, $m
  14
  24
  38
  53
  69
  86
  104
  122
  142
  162
  183
  204
  227
  251
  275
  301
  328
  356
  385
  416
  448
  481
  516
  552
  590
  630
  672
  716
  762
  811
  862
Interest expense (income), $m
  22
  22
  26
  31
  36
  41
  46
  52
  57
  64
  70
  76
  83
  90
  98
  105
  113
  121
  130
  139
  148
  158
  168
  179
  190
  201
  213
  226
  239
  252
  267
Earnings before tax, $m
  -139
  -84
  -84
  -84
  -83
  -83
  -82
  -82
  -81
  -80
  -79
  -79
  -77
  -76
  -75
  -74
  -72
  -70
  -69
  -67
  -65
  -62
  -60
  -57
  -54
  -51
  -47
  -43
  -39
  -35
  -30
Tax expense, $m
  -6
  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
Net income, $m
  -133
  -84
  -84
  -84
  -83
  -83
  -82
  -82
  -81
  -80
  -79
  -79
  -77
  -76
  -75
  -74
  -72
  -70
  -69
  -67
  -65
  -62
  -60
  -57
  -54
  -51
  -47
  -43
  -39
  -35
  -30

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  10
  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
  1,133
  1,263
  1,406
  1,556
  1,713
  1,878
  2,049
  2,228
  2,414
  2,607
  2,808
  3,017
  3,234
  3,460
  3,694
  3,938
  4,192
  4,456
  4,731
  5,017
  5,315
  5,626
  5,951
  6,289
  6,643
  7,012
  7,398
  7,801
  8,223
  8,664
  9,126
Adjusted assets (=assets-cash), $m
  1,123
  1,263
  1,406
  1,556
  1,713
  1,878
  2,049
  2,228
  2,414
  2,607
  2,808
  3,017
  3,234
  3,460
  3,694
  3,938
  4,192
  4,456
  4,731
  5,017
  5,315
  5,626
  5,951
  6,289
  6,643
  7,012
  7,398
  7,801
  8,223
  8,664
  9,126
Revenue / Adjusted assets
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
Average production assets, $m
  1,074
  1,202
  1,338
  1,481
  1,631
  1,787
  1,950
  2,120
  2,297
  2,481
  2,673
  2,872
  3,078
  3,293
  3,516
  3,748
  3,990
  4,241
  4,503
  4,775
  5,059
  5,355
  5,664
  5,986
  6,322
  6,674
  7,041
  7,425
  7,826
  8,246
  8,686
Working capital, $m
  -134
  -76
  -85
  -94
  -103
  -113
  -124
  -134
  -146
  -157
  -169
  -182
  -195
  -209
  -223
  -237
  -253
  -269
  -285
  -302
  -320
  -339
  -359
  -379
  -400
  -423
  -446
  -470
  -496
  -522
  -550
Total debt, $m
  576
  686
  809
  937
  1,072
  1,212
  1,359
  1,512
  1,671
  1,837
  2,009
  2,188
  2,374
  2,567
  2,767
  2,976
  3,193
  3,419
  3,655
  3,900
  4,155
  4,421
  4,699
  4,989
  5,291
  5,607
  5,938
  6,283
  6,644
  7,022
  7,417
Total liabilities, $m
  971
  1,081
  1,204
  1,332
  1,467
  1,607
  1,754
  1,907
  2,066
  2,232
  2,404
  2,583
  2,769
  2,962
  3,162
  3,371
  3,588
  3,814
  4,050
  4,295
  4,550
  4,816
  5,094
  5,384
  5,686
  6,002
  6,333
  6,678
  7,039
  7,417
  7,812
Total equity, $m
  162
  182
  202
  224
  247
  270
  295
  321
  348
  375
  404
  434
  466
  498
  532
  567
  604
  642
  681
  722
  765
  810
  857
  906
  957
  1,010
  1,065
  1,123
  1,184
  1,248
  1,314
Total liabilities and equity, $m
  1,133
  1,263
  1,406
  1,556
  1,714
  1,877
  2,049
  2,228
  2,414
  2,607
  2,808
  3,017
  3,235
  3,460
  3,694
  3,938
  4,192
  4,456
  4,731
  5,017
  5,315
  5,626
  5,951
  6,290
  6,643
  7,012
  7,398
  7,801
  8,223
  8,665
  9,126
Debt-to-equity ratio
  3.556
  3.770
  3.990
  4.180
  4.340
  4.480
  4.610
  4.710
  4.810
  4.890
  4.970
  5.040
  5.100
  5.150
  5.200
  5.250
  5.290
  5.330
  5.360
  5.400
  5.430
  5.460
  5.480
  5.510
  5.530
  5.550
  5.570
  5.590
  5.610
  5.630
  5.640
Adjusted equity ratio
  0.135
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -133
  -84
  -84
  -84
  -83
  -83
  -82
  -82
  -81
  -80
  -79
  -79
  -77
  -76
  -75
  -74
  -72
  -70
  -69
  -67
  -65
  -62
  -60
  -57
  -54
  -51
  -47
  -43
  -39
  -35
  -30
Depreciation, amort., depletion, $m
  77
  86
  96
  107
  117
  129
  140
  153
  165
  179
  192
  207
  221
  237
  253
  270
  287
  305
  324
  344
  364
  385
  407
  431
  455
  480
  507
  534
  563
  593
  625
Funds from operations, $m
  11
  2
  12
  23
  34
  46
  58
  71
  84
  98
  113
  128
  144
  161
  178
  196
  215
  235
  255
  277
  299
  323
  348
  374
  401
  429
  459
  491
  524
  558
  595
Change in working capital, $m
  2
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
Cash from operations, $m
  9
  10
  21
  32
  43
  55
  68
  81
  95
  110
  125
  141
  157
  174
  192
  211
  230
  251
  272
  294
  317
  342
  367
  394
  422
  452
  483
  515
  549
  585
  623
Maintenance CAPEX, $m
  0
  -77
  -86
  -96
  -107
  -117
  -129
  -140
  -153
  -165
  -179
  -192
  -207
  -221
  -237
  -253
  -270
  -287
  -305
  -324
  -344
  -364
  -385
  -407
  -431
  -455
  -480
  -507
  -534
  -563
  -593
New CAPEX, $m
  -25
  -129
  -136
  -143
  -150
  -156
  -163
  -170
  -177
  -184
  -191
  -199
  -207
  -215
  -223
  -232
  -241
  -251
  -262
  -272
  -284
  -296
  -309
  -322
  -336
  -351
  -367
  -384
  -401
  -420
  -440
Cash from investing activities, $m
  -25
  -206
  -222
  -239
  -257
  -273
  -292
  -310
  -330
  -349
  -370
  -391
  -414
  -436
  -460
  -485
  -511
  -538
  -567
  -596
  -628
  -660
  -694
  -729
  -767
  -806
  -847
  -891
  -935
  -983
  -1,033
Free cash flow, $m
  -16
  -196
  -202
  -207
  -213
  -218
  -224
  -229
  -234
  -240
  -245
  -250
  -256
  -262
  -268
  -274
  -281
  -288
  -295
  -302
  -310
  -318
  -327
  -336
  -345
  -355
  -365
  -375
  -386
  -398
  -410
Issuance/(repayment) of debt, $m
  -33
  120
  122
  128
  135
  141
  147
  153
  159
  166
  172
  179
  186
  193
  201
  209
  217
  226
  235
  245
  255
  266
  278
  290
  303
  316
  330
  345
  361
  378
  395
Issuance/(repurchase) of shares, $m
  51
  104
  105
  105
  106
  107
  107
  108
  108
  108
  108
  109
  109
  109
  109
  109
  109
  108
  108
  108
  107
  107
  106
  106
  105
  104
  103
  102
  100
  98
  97
Cash from financing (excl. dividends), $m  
  19
  224
  227
  233
  241
  248
  254
  261
  267
  274
  280
  288
  295
  302
  310
  318
  326
  334
  343
  353
  362
  373
  384
  396
  408
  420
  433
  447
  461
  476
  492
Total cash flow (excl. dividends), $m
  3
  29
  25
  27
  28
  29
  30
  32
  33
  34
  36
  37
  38
  40
  42
  43
  45
  47
  49
  51
  53
  55
  57
  60
  63
  65
  68
  71
  75
  78
  82
Retained Cash Flow (-), $m
  75
  -104
  -105
  -105
  -106
  -107
  -107
  -108
  -108
  -108
  -108
  -109
  -109
  -109
  -109
  -109
  -109
  -108
  -108
  -108
  -107
  -107
  -106
  -106
  -105
  -104
  -103
  -102
  -100
  -98
  -97
Prev. year cash balance distribution, $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 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
 
  -75
  -79
  -79
  -78
  -78
  -77
  -76
  -75
  -74
  -73
  -72
  -70
  -69
  -67
  -66
  -64
  -62
  -60
  -57
  -55
  -52
  -49
  -46
  -42
  -39
  -34
  -30
  -25
  -20
  -15
Discount rate, %
 
  12.70
  13.34
  14.00
  14.70
  15.44
  16.21
  17.02
  17.87
  18.76
  19.70
  20.69
  21.72
  22.81
  23.95
  25.15
  26.40
  27.72
  29.11
  30.56
  32.09
  33.70
  35.38
  37.15
  39.01
  40.96
  43.01
  45.16
  47.41
  49.79
  52.27
PV of cash for distribution, $m
 
  -67
  -62
  -53
  -45
  -38
  -31
  -25
  -20
  -16
  -12
  -9
  -7
  -5
  -3
  -2
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  94.0
  88.8
  84.4
  80.6
  77.3
  74.3
  71.7
  69.4
  67.3
  65.4
  63.7
  62.1
  60.7
  59.4
  58.2
  57.1
  56.1
  55.2
  54.3
  53.5
  52.8
  52.1
  51.5
  50.9
  50.3
  49.8
  49.4
  48.9
  48.5
  48.2

Globalstar, Inc. (Globalstar) provides mobile satellite services (MSS), including voice and data communications services globally through satellite. The Company provides wireless communications services in areas not served or underserved by terrestrial wireless and wireline networks and in circumstances where terrestrial networks are not operational due to natural or man-made disasters. It offers voice and data communication services over its network of in-orbit satellites and its active ground stations (gateways), which it refers to collectively as the Globalstar System. The Company's services are available only with equipment designed to work on its network two-way voice communication and data transmissions (Duplex) using mobile or fixed devices, and one-way data transmissions (Simplex) using a mobile or fixed device that transmits its location and other information to a central monitoring station, including certain SPOT and Simplex products.

FINANCIAL RATIOS  of  Globalstar (GSAT)

Valuation Ratios
P/E Ratio -13.5
Price to Sales 18.5
Price to Book 11.1
Price to Tangible Book
Price to Cash Flow 199.2
Price to Free Cash Flow -112
Growth Rates
Sales Growth Rate 7.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -24.2%
Cap. Spend. - 3 Yr. Gr. Rate -11.1%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 308.6%
Total Debt to Equity 355.6%
Interest Coverage -5
Management Effectiveness
Return On Assets -9.7%
Ret/ On Assets - 3 Yr. Avg. -11.9%
Return On Total Capital -17.1%
Ret/ On T. Cap. - 3 Yr. Avg. -23.2%
Return On Equity -66.7%
Return On Equity - 3 Yr. Avg. -164.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 56.7%
Gross Margin - 3 Yr. Avg. 45.6%
EBITDA Margin -41.2%
EBITDA Margin - 3 Yr. Avg. -82.3%
Operating Margin -64.9%
Oper. Margin - 3 Yr. Avg. -97.6%
Pre-Tax Margin -143.3%
Pre-Tax Margin - 3 Yr. Avg. -191.5%
Net Profit Margin -137.1%
Net Profit Margin - 3 Yr. Avg. -190.5%
Effective Tax Rate 4.3%
Eff/ Tax Rate - 3 Yr. Avg. 2.3%
Payout Ratio 0%

GSAT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GSAT stock intrinsic value calculation we used $97 million for the last fiscal year's total revenue generated by Globalstar. The default revenue input number comes from 2016 income statement of Globalstar. 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 GSAT stock valuation model: a) initial revenue growth rate of 12% 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 12.7%, whose default value for GSAT is calculated based on our internal credit rating of Globalstar, 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 Globalstar.
    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 GSAT stock the variable cost ratio is equal to 35.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $130 million in the base year in the intrinsic value calculation for GSAT 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 3.8% for Globalstar.

Corporate tax rate of 27% is the nominal tax rate for Globalstar. 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 GSAT 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 GSAT are equal to 1106.7%.

Life of production assets of 13.9 years is the average useful life of capital assets used in Globalstar 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 GSAT is equal to -70.1%. 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 - $162 million for Globalstar - 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 1096.77 million for Globalstar 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 Globalstar at the current share price and the inputted number of shares is $1.8 billion.

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COMPANY NEWS

▶ Globalstar, Inc. to Host Earnings Call   [Nov-02-17 01:45PM  ACCESSWIRE]
▶ Globalstar posts 3Q profit   [08:47AM  Associated Press]
▶ Globalstar, Inc. Earnings Call Release Notice   [Oct-27-17 04:30PM  GlobeNewswire]
▶ Does Globalstar Incs (GSAT) Debt Level Pose A Serious Problem?   [Oct-20-17 10:36AM  Simply Wall St.]
▶ How Globalstar, Inc. Stock Fell 15.1% in September   [Oct-10-17 05:07PM  Motley Fool]
▶ What You Must Know About Globalstar Incs (GSAT) Risks   [Sep-20-17 01:15PM  Simply Wall St.]
▶ ETFs with exposure to Globalstar, Inc. : August 28, 2017   [Aug-28-17 05:27PM  Capital Cube]
▶ ETFs with exposure to Globalstar, Inc. : August 18, 2017   [Aug-18-17 05:04PM  Capital Cube]
▶ What's Up With Globalstar Inc.?   [Aug-14-17 08:21PM  Motley Fool]
▶ Don't Buy the Hype With Globalstar Inc.   [Aug-08-17 01:10PM  Motley Fool]
▶ Globalstar reports 2Q loss   [Aug-05-17 01:10AM  Associated Press]
▶ Globalstar Announces Second Quarter 2017 Results   [Aug-03-17 04:20PM  GlobeNewswire]
▶ Globalstar, Inc. Earnings Call Release Notice   [Jul-31-17 04:45PM  GlobeNewswire]
▶ ETFs with exposure to Globalstar, Inc. : July 24, 2017   [Jul-24-17 04:16PM  Capital Cube]
▶ ETFs with exposure to Globalstar, Inc. : July 14, 2017   [Jul-14-17 02:42PM  Capital Cube]
▶ Why Is No One Talking About Globalstar, Inc. Stock?   [Jun-30-17 06:41PM  Motley Fool]
▶ Sprint, T-Mobile Merger Starting to Come Into Focus   [Jun-20-17 04:39PM  TheStreet.com]
▶ ETFs with exposure to Globalstar, Inc. : June 2, 2017   [Jun-02-17 02:10PM  Capital Cube]
▶ Penny Stocks to Watch for June 2017   [May-31-17 09:46AM  Investopedia]
▶ Globalstar Could Draw FANG Stocks   [May-26-17 07:00PM  TheStreet.com]
▶ ETFs with exposure to Globalstar, Inc. : May 22, 2017   [May-22-17 01:42PM  Capital Cube]
▶ Solus CEO Says GSAT Spectrum May Appeal to Amazon   [May-18-17 03:49PM  Bloomberg Video]
▶ Why AstraZeneca, Globalstar, and Snap Jumped Today   [May-12-17 04:39PM  Motley Fool]
▶ Why Globalstar, Inc. Stock Popped Today   [02:32PM  Motley Fool]
▶ ETFs with exposure to Globalstar, Inc. : May 11, 2017   [May-11-17 04:46PM  Capital Cube]
▶ Globalstar reports 1Q loss   [May-04-17 07:49AM  Associated Press]
▶ Could Globalstar be a Takeover Target   [May-01-17 08:00AM  Accesswire]
▶ Globalstar, Inc. Earnings Call Release Notice   [Apr-28-17 04:05PM  GlobeNewswire]
▶ Globalstar Is on Life Support. Will It Survive?   [Apr-18-17 06:02PM  Motley Fool]
▶ Why Shares of Globalstar Surged Today   [Apr-17-17 04:57PM  Motley Fool]
▶ ETFs with exposure to Globalstar, Inc. : April 7, 2017   [Apr-07-17 04:42PM  Capital Cube]
▶ ETFs with exposure to Globalstar, Inc. : March 27, 2017   [Mar-27-17 03:58PM  Capital Cube]
▶ Better Buy: Iridium Communications vs. Globalstar   [Mar-17-17 08:29AM  Motley Fool]
▶ ETFs with exposure to Globalstar, Inc. : March 6, 2017   [Mar-06-17 01:43PM  Capital Cube]
▶ Globalstar reports 4Q loss   [07:07PM  AP]
Financial statements of GSAT
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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