Intrinsic value of GTT Communications - GTT

Previous Close

$40.10

  Intrinsic Value

$157.38

stock screener

  Rating & Target

str. buy

+292%

Previous close

$40.10

 
Intrinsic value

$157.38

 
Up/down potential

+292%

 
Rating

str. buy

We calculate the intrinsic value of GTT 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 1.7

 

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, %
  41.46
  44.20
  40.28
  36.75
  33.58
  30.72
  28.15
  25.83
  23.75
  21.87
  20.19
  18.67
  17.30
  16.07
  14.96
  13.97
  13.07
  12.26
  11.54
  10.88
  10.30
  9.77
  9.29
  8.86
  8.47
  8.13
  7.81
  7.53
  7.28
  7.05
  6.85
Revenue, $m
  522
  753
  1,056
  1,444
  1,929
  2,521
  3,231
  4,066
  5,031
  6,132
  7,370
  8,745
  10,259
  11,907
  13,689
  15,601
  17,640
  19,804
  22,089
  24,493
  27,014
  29,652
  32,407
  35,278
  38,268
  41,378
  44,611
  47,971
  51,463
  55,092
  58,864
Variable operating expenses, $m
 
  548
  758
  1,026
  1,361
  1,771
  2,261
  2,838
  3,506
  4,266
  5,122
  6,045
  7,090
  8,230
  9,461
  10,783
  12,192
  13,688
  15,267
  16,929
  18,671
  20,495
  22,399
  24,383
  26,449
  28,599
  30,834
  33,156
  35,570
  38,078
  40,685
Fixed operating expenses, $m
 
  98
  101
  103
  106
  109
  111
  114
  117
  120
  123
  126
  129
  132
  136
  139
  143
  146
  150
  153
  157
  161
  165
  169
  174
  178
  182
  187
  192
  196
  201
Total operating expenses, $m
  483
  646
  859
  1,129
  1,467
  1,880
  2,372
  2,952
  3,623
  4,386
  5,245
  6,171
  7,219
  8,362
  9,597
  10,922
  12,335
  13,834
  15,417
  17,082
  18,828
  20,656
  22,564
  24,552
  26,623
  28,777
  31,016
  33,343
  35,762
  38,274
  40,886
Operating income, $m
  39
  106
  197
  314
  462
  642
  858
  1,113
  1,409
  1,746
  2,125
  2,575
  3,039
  3,545
  4,092
  4,679
  5,305
  5,970
  6,672
  7,411
  8,186
  8,996
  9,843
  10,726
  11,645
  12,601
  13,595
  14,628
  15,702
  16,818
  17,978
EBITDA, $m
  102
  175
  283
  422
  595
  808
  1,063
  1,364
  1,712
  2,110
  2,557
  3,054
  3,601
  4,197
  4,841
  5,533
  6,271
  7,054
  7,881
  8,752
  9,665
  10,620
  11,617
  12,657
  13,740
  14,866
  16,037
  17,255
  18,519
  19,834
  21,201
Interest expense (income), $m
  26
  33
  50
  72
  100
  135
  178
  229
  289
  359
  438
  528
  627
  736
  855
  984
  1,122
  1,269
  1,425
  1,590
  1,763
  1,945
  2,136
  2,334
  2,542
  2,757
  2,982
  3,215
  3,458
  3,710
  3,972
Earnings before tax, $m
  9
  73
  147
  243
  362
  507
  681
  885
  1,120
  1,387
  1,687
  2,047
  2,412
  2,809
  3,237
  3,695
  4,184
  4,701
  5,247
  5,821
  6,422
  7,051
  7,707
  8,391
  9,103
  9,843
  10,613
  11,413
  12,244
  13,108
  14,006
Tax expense, $m
  4
  20
  40
  65
  98
  137
  184
  239
  302
  374
  455
  553
  651
  758
  874
  998
  1,130
  1,269
  1,417
  1,572
  1,734
  1,904
  2,081
  2,266
  2,458
  2,658
  2,865
  3,081
  3,306
  3,539
  3,782
Net income, $m
  5
  53
  107
  177
  264
  370
  497
  646
  817
  1,012
  1,231
  1,495
  1,761
  2,051
  2,363
  2,698
  3,054
  3,432
  3,830
  4,249
  4,688
  5,147
  5,626
  6,126
  6,645
  7,186
  7,747
  8,331
  8,938
  9,569
  10,224

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  30
  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
  953
  1,330
  1,866
  2,551
  3,408
  4,455
  5,709
  7,183
  8,889
  10,834
  13,021
  15,451
  18,125
  21,038
  24,186
  27,564
  31,167
  34,989
  39,026
  43,273
  47,728
  52,389
  57,256
  62,329
  67,611
  73,105
  78,818
  84,755
  90,925
  97,336
  104,000
Adjusted assets (=assets-cash), $m
  923
  1,330
  1,866
  2,551
  3,408
  4,455
  5,709
  7,183
  8,889
  10,834
  13,021
  15,451
  18,125
  21,038
  24,186
  27,564
  31,167
  34,989
  39,026
  43,273
  47,728
  52,389
  57,256
  62,329
  67,611
  73,105
  78,818
  84,755
  90,925
  97,336
  104,000
Revenue / Adjusted assets
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
Average production assets, $m
  229
  330
  462
  632
  845
  1,104
  1,415
  1,781
  2,204
  2,686
  3,228
  3,831
  4,493
  5,215
  5,996
  6,833
  7,726
  8,674
  9,675
  10,728
  11,832
  12,988
  14,194
  15,452
  16,761
  18,123
  19,540
  21,011
  22,541
  24,130
  25,783
Working capital, $m
  23
  -3
  -4
  -6
  -8
  -10
  -13
  -16
  -20
  -25
  -29
  -35
  -41
  -48
  -55
  -62
  -71
  -79
  -88
  -98
  -108
  -119
  -130
  -141
  -153
  -166
  -178
  -192
  -206
  -220
  -235
Total debt, $m
  731
  1,087
  1,563
  2,171
  2,932
  3,862
  4,975
  6,285
  7,800
  9,526
  11,468
  13,627
  16,001
  18,587
  21,383
  24,383
  27,582
  30,976
  34,561
  38,333
  42,289
  46,428
  50,749
  55,254
  59,944
  64,824
  69,896
  75,169
  80,647
  86,341
  92,258
Total liabilities, $m
  826
  1,181
  1,657
  2,265
  3,026
  3,956
  5,069
  6,379
  7,894
  9,620
  11,562
  13,721
  16,095
  18,681
  21,477
  24,477
  27,676
  31,070
  34,655
  38,427
  42,383
  46,522
  50,843
  55,348
  60,038
  64,918
  69,990
  75,263
  80,741
  86,435
  92,352
Total equity, $m
  128
  149
  209
  286
  382
  499
  639
  805
  996
  1,213
  1,458
  1,731
  2,030
  2,356
  2,709
  3,087
  3,491
  3,919
  4,371
  4,847
  5,346
  5,868
  6,413
  6,981
  7,572
  8,188
  8,828
  9,493
  10,184
  10,902
  11,648
Total liabilities and equity, $m
  954
  1,330
  1,866
  2,551
  3,408
  4,455
  5,708
  7,184
  8,890
  10,833
  13,020
  15,452
  18,125
  21,037
  24,186
  27,564
  31,167
  34,989
  39,026
  43,274
  47,729
  52,390
  57,256
  62,329
  67,610
  73,106
  78,818
  84,756
  90,925
  97,337
  104,000
Debt-to-equity ratio
  5.711
  7.300
  7.480
  7.600
  7.680
  7.740
  7.780
  7.810
  7.830
  7.850
  7.860
  7.870
  7.880
  7.890
  7.890
  7.900
  7.900
  7.900
  7.910
  7.910
  7.910
  7.910
  7.910
  7.920
  7.920
  7.920
  7.920
  7.920
  7.920
  7.920
  7.920
Adjusted equity ratio
  0.106
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  53
  107
  177
  264
  370
  497
  646
  817
  1,012
  1,231
  1,495
  1,761
  2,051
  2,363
  2,698
  3,054
  3,432
  3,830
  4,249
  4,688
  5,147
  5,626
  6,126
  6,645
  7,186
  7,747
  8,331
  8,938
  9,569
  10,224
Depreciation, amort., depletion, $m
  63
  69
  86
  107
  134
  166
  205
  251
  304
  364
  432
  479
  562
  652
  749
  854
  966
  1,084
  1,209
  1,341
  1,479
  1,623
  1,774
  1,931
  2,095
  2,265
  2,442
  2,626
  2,818
  3,016
  3,223
Funds from operations, $m
  31
  122
  193
  284
  398
  536
  702
  896
  1,121
  1,376
  1,663
  1,973
  2,323
  2,702
  3,112
  3,552
  4,020
  4,516
  5,040
  5,590
  6,167
  6,771
  7,401
  8,057
  8,740
  9,451
  10,190
  10,958
  11,756
  12,585
  13,447
Change in working capital, $m
  -30
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
Cash from operations, $m
  61
  123
  195
  286
  400
  539
  705
  900
  1,125
  1,381
  1,668
  1,979
  2,329
  2,709
  3,120
  3,559
  4,028
  4,525
  5,049
  5,600
  6,177
  6,781
  7,412
  8,068
  8,752
  9,463
  10,203
  10,971
  11,770
  12,600
  13,462
Maintenance CAPEX, $m
  0
  -29
  -41
  -58
  -79
  -106
  -138
  -177
  -223
  -275
  -336
  -403
  -479
  -562
  -652
  -749
  -854
  -966
  -1,084
  -1,209
  -1,341
  -1,479
  -1,623
  -1,774
  -1,931
  -2,095
  -2,265
  -2,442
  -2,626
  -2,818
  -3,016
New CAPEX, $m
  -44
  -101
  -133
  -170
  -212
  -260
  -311
  -366
  -423
  -482
  -542
  -603
  -663
  -722
  -780
  -837
  -893
  -948
  -1,001
  -1,053
  -1,104
  -1,156
  -1,206
  -1,258
  -1,309
  -1,362
  -1,416
  -1,472
  -1,530
  -1,589
  -1,652
Cash from investing activities, $m
  -363
  -130
  -174
  -228
  -291
  -366
  -449
  -543
  -646
  -757
  -878
  -1,006
  -1,142
  -1,284
  -1,432
  -1,586
  -1,747
  -1,914
  -2,085
  -2,262
  -2,445
  -2,635
  -2,829
  -3,032
  -3,240
  -3,457
  -3,681
  -3,914
  -4,156
  -4,407
  -4,668
Free cash flow, $m
  -302
  -7
  21
  58
  108
  174
  256
  357
  479
  623
  790
  973
  1,187
  1,425
  1,687
  1,973
  2,281
  2,611
  2,964
  3,337
  3,732
  4,147
  4,582
  5,037
  5,511
  6,006
  6,521
  7,057
  7,614
  8,193
  8,794
Issuance/(repayment) of debt, $m
  339
  361
  476
  609
  761
  930
  1,113
  1,310
  1,515
  1,727
  1,942
  2,158
  2,374
  2,587
  2,795
  3,000
  3,199
  3,394
  3,585
  3,772
  3,956
  4,139
  4,322
  4,505
  4,690
  4,879
  5,073
  5,272
  5,479
  5,693
  5,918
Issuance/(repurchase) of shares, $m
  2
  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  
  319
  361
  476
  609
  761
  930
  1,113
  1,310
  1,515
  1,727
  1,942
  2,158
  2,374
  2,587
  2,795
  3,000
  3,199
  3,394
  3,585
  3,772
  3,956
  4,139
  4,322
  4,505
  4,690
  4,879
  5,073
  5,272
  5,479
  5,693
  5,918
Total cash flow (excl. dividends), $m
  15
  354
  496
  667
  869
  1,103
  1,369
  1,667
  1,994
  2,350
  2,732
  3,131
  3,561
  4,012
  4,483
  4,972
  5,480
  6,006
  6,548
  7,109
  7,688
  8,286
  8,903
  9,541
  10,202
  10,885
  11,594
  12,329
  13,093
  13,886
  14,712
Retained Cash Flow (-), $m
  -18
  -46
  -60
  -77
  -96
  -117
  -140
  -165
  -191
  -218
  -245
  -272
  -299
  -326
  -353
  -378
  -404
  -428
  -452
  -476
  -499
  -522
  -545
  -568
  -592
  -615
  -640
  -665
  -691
  -718
  -746
Prev. year cash balance distribution, $m
 
  25
  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
 
  333
  436
  590
  773
  986
  1,229
  1,502
  1,803
  2,132
  2,487
  2,859
  3,262
  3,686
  4,130
  4,594
  5,077
  5,577
  6,096
  6,633
  7,189
  7,764
  8,358
  8,973
  9,610
  10,270
  10,954
  11,664
  12,402
  13,168
  13,965
Discount rate, %
 
  11.90
  12.50
  13.12
  13.78
  14.46
  15.19
  15.95
  16.74
  17.58
  18.46
  19.38
  20.35
  21.37
  22.44
  23.56
  24.74
  25.98
  27.28
  28.64
  30.07
  31.57
  33.15
  34.81
  36.55
  38.38
  40.30
  42.31
  44.43
  46.65
  48.98
PV of cash for distribution, $m
 
  298
  345
  408
  461
  502
  526
  533
  523
  496
  457
  407
  353
  297
  243
  192
  148
  110
  79
  55
  37
  24
  15
  9
  5
  3
  2
  1
  0
  0
  0
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

GTT Communications, Inc. provides cloud networking services to a range of clients. The Company offers a portfolio of global communications services, wide area network (WAN) services; Internet services; managed network and security services, and voice and unified communication services. It provides Layer 2 (Ethernet) and Layer 3 (multiprotocol label switching (MPLS)) WAN solutions for multinational clients. It offers customers with high-bandwidth global Internet connectivity and Internet protocol (IP) transit with availability and packet delivery. The Company offers managed network services, including managed equipment, managed security services and managed remote access. Its Session Initiation Protocol (SIP) Trunking service is an enterprise-built unified communications offering that integrates voice, video and chat onto a single IP connection. As of December 31, 2016, it had provided services to multinational enterprises, carriers and government customers in over 100 countries.

FINANCIAL RATIOS  of  GTT Communications (GTT)

Valuation Ratios
P/E Ratio 298.6
Price to Sales 2.9
Price to Book 11.7
Price to Tangible Book
Price to Cash Flow 24.5
Price to Free Cash Flow 87.8
Growth Rates
Sales Growth Rate 41.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 214.3%
Cap. Spend. - 3 Yr. Gr. Rate 40.6%
Financial Strength
Quick Ratio 6
Current Ratio 0.1
LT Debt to Equity 567.2%
Total Debt to Equity 571.1%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. -1.1%
Return On Total Capital 0.7%
Ret/ On T. Cap. - 3 Yr. Avg. -3%
Return On Equity 4.2%
Return On Equity - 3 Yr. Avg. -9.3%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 47.5%
Gross Margin - 3 Yr. Avg. 43.5%
EBITDA Margin 18.8%
EBITDA Margin - 3 Yr. Avg. 12.3%
Operating Margin 7.5%
Oper. Margin - 3 Yr. Avg. 1.8%
Pre-Tax Margin 1.7%
Pre-Tax Margin - 3 Yr. Avg. -4.2%
Net Profit Margin 1%
Net Profit Margin - 3 Yr. Avg. -1.7%
Effective Tax Rate 44.4%
Eff/ Tax Rate - 3 Yr. Avg. 87.2%
Payout Ratio 0%

GTT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GTT stock intrinsic value calculation we used $522 million for the last fiscal year's total revenue generated by GTT Communications. The default revenue input number comes from 2016 income statement of GTT Communications. 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 GTT stock valuation model: a) initial revenue growth rate of 44.2% 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 11.9%, whose default value for GTT is calculated based on our internal credit rating of GTT Communications, 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 GTT Communications.
    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 GTT stock the variable cost ratio is equal to 74.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $96 million in the base year in the intrinsic value calculation for GTT 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 4.6% for GTT Communications.

Corporate tax rate of 27% is the nominal tax rate for GTT Communications. 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 GTT 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 GTT are equal to 43.8%.

Life of production assets of 8 years is the average useful life of capital assets used in GTT Communications 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 GTT is equal to -0.4%. 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 - $128 million for GTT Communications - 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 41.504 million for GTT Communications 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 GTT Communications at the current share price and the inputted number of shares is $1.7 billion.

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COMPANY NEWS

▶ GTT to Present at Upcoming Investor Conferences   [Dec-04-17 08:00AM  Business Wire]
▶ GTT Wins CEO of the Year at the World Communication Awards   [Nov-29-17 08:00AM  Business Wire]
▶ GTT to Present at Wells Fargo Media & Telecom Conference   [Nov-06-17 08:00AM  Business Wire]
▶ GTT Communications reports 3Q loss   [Nov-02-17 08:17AM  Associated Press]
▶ GTT Named a Fortune Future 50 Company   [Oct-31-17 08:00AM  Business Wire]
▶ GTT Announces Earnings Call for Third Quarter 2017   [Oct-25-17 08:00AM  Business Wire]
▶ Funding roundup: Mapping the Wi-Fi world, roadside assistance and more   [Oct-05-17 03:05PM  American City Business Journals]
▶ GTT Acquires Transbeam   [08:00AM  Business Wire]
▶ GTT Completes Acquisition of Global Capacity   [Sep-18-17 08:00AM  Business Wire]
▶ GTT to Present at Capacity North America   [Aug-31-17 08:00AM  Business Wire]
▶ GTT Expands Ultra Low Latency Services to Brazil   [Aug-23-17 08:00AM  Business Wire]
▶ GTT Communications tops 2Q profit forecasts   [Aug-04-17 03:17AM  Associated Press]
▶ GTT Reports Second Quarter 2017 Financial Results   [Aug-03-17 08:00AM  Business Wire]
▶ GTT to Present at August 2017 Investor Conferences   [Aug-01-17 08:00AM  Business Wire]
▶ GTT Announces Earnings Call for Second Quarter 2017   [Jul-18-17 08:00AM  Business Wire]
▶ GTT to Acquire Global Capacity   [Jun-26-17 08:00AM  Business Wire]
▶ GTT Acquires Perseus   [Jun-20-17 08:00AM  Business Wire]
▶ GTT to Present at Spring 2017 Investor Conferences   [May-26-17 08:00AM  Business Wire]
▶ GTT Introduces DDoS Mitigation Service   [May-15-17 08:00AM  Business Wire]
▶ GTT Communications reports 1Q loss   [May-04-17 08:41AM  Associated Press]
▶ GTT Announces Earnings Call for First Quarter 2017   [Apr-20-17 10:00AM  Business Wire]
▶ GTT to Speak at UCaaS Capital Conference   [08:00AM  Business Wire]
▶ GTT Launches Managed SD-WAN Service   [08:00AM  Business Wire]
▶ GTT to Present at William Blair Technology Conference   [Apr-10-17 08:00AM  Business Wire]
▶ GTT President and CEO Rick Calder to Speak at INCOMPAS   [Mar-30-17 08:00AM  Business Wire]
▶ GTT Communications reports 4Q loss   [07:14AM  Associated Press]
▶ GTT Announces Earnings Call for Fourth Quarter 2016   [Feb-22-17 08:00AM  Business Wire]
▶ GTT Completes Acquisition of Hibernia Networks   [Jan-09-17 06:06PM  Business Wire]
▶ GTT to Sponsor and Speak at PTC17   [Jan-05-17 08:00AM  Business Wire]
▶ GTT Expands Reach in U.S. With New Points of Presence   [Dec-15-16 08:00AM  Business Wire]
Financial statements of GTT
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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