Intrinsic value of Infinera - INFN

Previous Close

$6.72

  Intrinsic Value

$5.70

stock screener

  Rating & Target

hold

-15%

Previous close

$6.72

 
Intrinsic value

$5.70

 
Up/down potential

-15%

 
Rating

hold

We calculate the intrinsic value of INFN 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 1.0

 

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, %
  -1.92
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  870
  887
  908
  931
  957
  986
  1,018
  1,053
  1,090
  1,131
  1,174
  1,221
  1,270
  1,323
  1,379
  1,439
  1,502
  1,568
  1,639
  1,713
  1,792
  1,875
  1,963
  2,055
  2,152
  2,255
  2,363
  2,476
  2,596
  2,722
  2,854
Variable operating expenses, $m
 
  827
  845
  867
  890
  917
  946
  978
  1,012
  1,049
  1,088
  1,113
  1,158
  1,206
  1,257
  1,311
  1,369
  1,430
  1,494
  1,562
  1,634
  1,710
  1,789
  1,874
  1,962
  2,056
  2,154
  2,258
  2,367
  2,481
  2,602
Fixed operating expenses, $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
Total operating expenses, $m
  896
  827
  845
  867
  890
  917
  946
  978
  1,012
  1,049
  1,088
  1,113
  1,158
  1,206
  1,257
  1,311
  1,369
  1,430
  1,494
  1,562
  1,634
  1,710
  1,789
  1,874
  1,962
  2,056
  2,154
  2,258
  2,367
  2,481
  2,602
Operating income, $m
  -26
  61
  63
  65
  67
  69
  72
  75
  79
  82
  86
  108
  112
  117
  122
  127
  133
  139
  145
  151
  158
  166
  173
  182
  190
  199
  209
  219
  229
  240
  252
EBITDA, $m
  35
  114
  117
  120
  123
  127
  131
  136
  140
  146
  151
  157
  164
  170
  178
  185
  193
  202
  211
  221
  231
  241
  253
  265
  277
  290
  304
  319
  334
  350
  367
Interest expense (income), $m
  3
  5
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  26
  27
  29
  31
  33
  35
  37
Earnings before tax, $m
  -29
  56
  58
  59
  61
  63
  66
  68
  71
  74
  77
  98
  101
  105
  109
  113
  118
  123
  128
  133
  139
  145
  151
  158
  165
  172
  180
  188
  196
  205
  215
Tax expense, $m
  -5
  15
  16
  16
  17
  17
  18
  18
  19
  20
  21
  26
  27
  28
  29
  31
  32
  33
  35
  36
  37
  39
  41
  43
  44
  46
  49
  51
  53
  55
  58
Net income, $m
  -24
  41
  42
  43
  45
  46
  48
  50
  52
  54
  56
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
  106
  110
  115
  120
  126
  131
  137
  143
  150
  157

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  304
  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
  1,199
  913
  934
  958
  985
  1,015
  1,048
  1,083
  1,122
  1,163
  1,208
  1,256
  1,307
  1,361
  1,419
  1,480
  1,545
  1,613
  1,686
  1,763
  1,844
  1,929
  2,019
  2,114
  2,214
  2,320
  2,431
  2,548
  2,671
  2,800
  2,936
Adjusted assets (=assets-cash), $m
  895
  913
  934
  958
  985
  1,015
  1,048
  1,083
  1,122
  1,163
  1,208
  1,256
  1,307
  1,361
  1,419
  1,480
  1,545
  1,613
  1,686
  1,763
  1,844
  1,929
  2,019
  2,114
  2,214
  2,320
  2,431
  2,548
  2,671
  2,800
  2,936
Revenue / Adjusted assets
  0.972
  0.972
  0.972
  0.972
  0.972
  0.971
  0.971
  0.972
  0.971
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
Average production assets, $m
  250
  255
  261
  267
  275
  283
  292
  302
  313
  325
  337
  350
  365
  380
  396
  413
  431
  450
  470
  492
  514
  538
  563
  590
  618
  647
  678
  711
  745
  781
  819
Working capital, $m
  513
  213
  218
  223
  230
  237
  244
  253
  262
  271
  282
  293
  305
  318
  331
  345
  360
  376
  393
  411
  430
  450
  471
  493
  517
  541
  567
  594
  623
  653
  685
Total debt, $m
  134
  143
  153
  164
  178
  192
  208
  226
  244
  265
  287
  310
  335
  361
  389
  419
  451
  484
  520
  557
  597
  638
  682
  729
  778
  829
  883
  940
  1,000
  1,063
  1,130
Total liabilities, $m
  436
  446
  456
  467
  481
  495
  511
  529
  547
  568
  590
  613
  638
  664
  692
  722
  754
  787
  823
  860
  900
  941
  985
  1,032
  1,081
  1,132
  1,186
  1,243
  1,303
  1,366
  1,433
Total equity, $m
  762
  467
  478
  490
  504
  520
  536
  555
  574
  596
  619
  643
  669
  697
  726
  758
  791
  826
  863
  903
  944
  988
  1,034
  1,083
  1,134
  1,188
  1,245
  1,304
  1,367
  1,434
  1,503
Total liabilities and equity, $m
  1,198
  913
  934
  957
  985
  1,015
  1,047
  1,084
  1,121
  1,164
  1,209
  1,256
  1,307
  1,361
  1,418
  1,480
  1,545
  1,613
  1,686
  1,763
  1,844
  1,929
  2,019
  2,115
  2,215
  2,320
  2,431
  2,547
  2,670
  2,800
  2,936
Debt-to-equity ratio
  0.176
  0.300
  0.320
  0.340
  0.350
  0.370
  0.390
  0.410
  0.430
  0.440
  0.460
  0.480
  0.500
  0.520
  0.540
  0.550
  0.570
  0.590
  0.600
  0.620
  0.630
  0.650
  0.660
  0.670
  0.690
  0.700
  0.710
  0.720
  0.730
  0.740
  0.750
Adjusted equity ratio
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -24
  41
  42
  43
  45
  46
  48
  50
  52
  54
  56
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
  106
  110
  115
  120
  126
  131
  137
  143
  150
  157
Depreciation, amort., depletion, $m
  61
  54
  54
  55
  56
  58
  59
  60
  62
  63
  65
  49
  51
  53
  56
  58
  61
  63
  66
  69
  72
  76
  79
  83
  87
  91
  96
  100
  105
  110
  115
Funds from operations, $m
  -16
  94
  96
  99
  101
  104
  107
  110
  113
  117
  121
  121
  125
  130
  135
  141
  147
  153
  160
  166
  174
  181
  190
  198
  207
  217
  227
  237
  248
  260
  272
Change in working capital, $m
  -54
  4
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
Cash from operations, $m
  38
  90
  91
  93
  95
  97
  99
  102
  104
  107
  111
  110
  113
  118
  122
  127
  132
  137
  143
  149
  155
  162
  169
  176
  184
  192
  201
  210
  220
  230
  241
Maintenance CAPEX, $m
  0
  -35
  -36
  -37
  -38
  -39
  -40
  -41
  -43
  -44
  -46
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -96
  -100
  -105
  -110
New CAPEX, $m
  -43
  -5
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
Cash from investing activities, $m
  -12
  -40
  -42
  -44
  -46
  -47
  -49
  -51
  -54
  -56
  -58
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -83
  -87
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -129
  -134
  -141
  -148
Free cash flow, $m
  26
  50
  50
  50
  50
  50
  50
  50
  51
  52
  53
  49
  50
  51
  52
  54
  55
  57
  59
  61
  63
  65
  68
  70
  73
  76
  79
  82
  85
  89
  93
Issuance/(repayment) of debt, $m
  0
  9
  10
  12
  13
  15
  16
  17
  19
  20
  22
  23
  25
  26
  28
  30
  32
  34
  35
  37
  40
  42
  44
  46
  49
  51
  54
  57
  60
  63
  66
Issuance/(repurchase) of shares, $m
  18
  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  
  -9
  9
  10
  12
  13
  15
  16
  17
  19
  20
  22
  23
  25
  26
  28
  30
  32
  34
  35
  37
  40
  42
  44
  46
  49
  51
  54
  57
  60
  63
  66
Total cash flow (excl. dividends), $m
  14
  59
  60
  61
  63
  64
  66
  68
  70
  72
  74
  72
  75
  78
  81
  84
  87
  91
  94
  98
  103
  107
  112
  117
  122
  127
  133
  139
  145
  152
  159
Retained Cash Flow (-), $m
  0
  -9
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -70
Prev. year cash balance distribution, $m
 
  304
  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
 
  353
  49
  49
  49
  49
  49
  50
  50
  51
  52
  48
  49
  50
  51
  52
  54
  56
  57
  59
  61
  63
  65
  68
  70
  73
  76
  79
  82
  86
  89
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
 
  339
  45
  43
  40
  38
  36
  34
  31
  29
  27
  23
  21
  19
  17
  15
  14
  12
  11
  9
  8
  7
  5
  4
  4
  3
  2
  2
  1
  1
  1
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

Infinera Corporation provides optical transport networking equipment, software and services to telecommunications service providers, Internet content providers (ICPs), cable providers, wholesale and enterprise carriers, research and education institutions, enterprise customers and government entities across the globe. The Company's portfolio consists of the Infinera DTN-X Family, the Infinera DTN platform, the Infinera Cloud Xpress Family, the Infinera XTM Series, the Infinera XTG Series and the Infinera FlexILS platform, addressing long-haul, subsea and metro networks end-to-end. Its technology includes Infinera Intelligent Transport Network Architecture, Infinera Photonic Integrated Circuits, Infinera FlexCoherent Processor, Super-Channels, Sliceable Photonics, Disaggregation, Integrated Digital Switching, Infinera Instant Bandwidth, Infinera Packet-Optical Transport, Multi-layer Switching and Optimization, and Management, Control and Security.

FINANCIAL RATIOS  of  Infinera (INFN)

Valuation Ratios
P/E Ratio -40.6
Price to Sales 1.1
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 25.6
Price to Free Cash Flow -194.9
Growth Rates
Sales Growth Rate -1.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2.4%
Cap. Spend. - 3 Yr. Gr. Rate 15.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 17.6%
Total Debt to Equity 17.6%
Interest Coverage -9
Management Effectiveness
Return On Assets -1.8%
Ret/ On Assets - 3 Yr. Avg. 1.9%
Return On Total Capital -2.7%
Ret/ On T. Cap. - 3 Yr. Avg. 2.2%
Return On Equity -3.1%
Return On Equity - 3 Yr. Avg. 2.7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 45.3%
Gross Margin - 3 Yr. Avg. 44.6%
EBITDA Margin 4%
EBITDA Margin - 3 Yr. Avg. 7%
Operating Margin -3%
Oper. Margin - 3 Yr. Avg. 2.6%
Pre-Tax Margin -3.3%
Pre-Tax Margin - 3 Yr. Avg. 1.6%
Net Profit Margin -2.8%
Net Profit Margin - 3 Yr. Avg. 1.7%
Effective Tax Rate 17.2%
Eff/ Tax Rate - 3 Yr. Avg. 10.6%
Payout Ratio 0%

INFN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INFN stock intrinsic value calculation we used $870 million for the last fiscal year's total revenue generated by Infinera. The default revenue input number comes from 2016 income statement of Infinera. 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 INFN stock valuation model: a) initial revenue growth rate of 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 4.3%, whose default value for INFN is calculated based on our internal credit rating of Infinera, 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 Infinera.
    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 INFN stock the variable cost ratio is equal to 93.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for INFN 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 Infinera.

Corporate tax rate of 27% is the nominal tax rate for Infinera. 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 INFN 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 INFN are equal to 28.7%.

Life of production assets of 7.1 years is the average useful life of capital assets used in Infinera 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 INFN is equal to 24%. 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 - $762 million for Infinera - 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 147.636 million for Infinera 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 Infinera at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ ETFs with exposure to Infinera Corp. : December 13, 2017   [Dec-13-17 01:32PM  Capital Cube]
▶ Why Infinera Corp. Stock Fell 13.5% in November   [Dec-12-17 02:16PM  Motley Fool]
▶ Is Infinera Corporation a Buy?   [Nov-24-17 08:37AM  Motley Fool]
▶ Better Buy: Infinera Corp. vs. Oclaro Inc.   [Nov-16-17 09:37PM  Motley Fool]
▶ ETFs with exposure to Infinera Corp. : November 14, 2017   [Nov-14-17 02:28PM  Capital Cube]
▶ Why Infinera Is Tanking Today   [01:03PM  Motley Fool]
▶ Infinera reports 3Q loss   [Nov-08-17 04:23PM  Associated Press]
▶ Infinera to Participate in MKM Investor Conference   [Nov-07-17 04:30PM  GlobeNewswire]
▶ Infinera to Participate in Needham Investor Conference   [Nov-06-17 04:30PM  GlobeNewswire]
▶ ETFs with exposure to Infinera Corp. : October 13, 2017   [Oct-13-17 10:57AM  Capital Cube]
▶ Why I Love Infinera Corporation   [Sep-27-17 10:08PM  Motley Fool]
▶ Better Buy: Infinera Corporation vs. Ciena Corporation   [Sep-15-17 10:00AM  Motley Fool]
▶ Why Finisar Corp. Stock Fell 11% in August   [Sep-12-17 12:55PM  Motley Fool]
▶ How Infinera Corp. Stock Fell 28% in August   [Sep-08-17 03:13PM  Motley Fool]
▶ ETFs with exposure to Infinera Corp. : September 2, 2017   [Sep-01-17 08:02PM  Capital Cube]
▶ How Communications Technology Stocks Reacted To Earnings   [Aug-07-17 10:10AM  Barrons.com]
▶ Infinera reports 2Q loss   [Aug-03-17 11:52PM  Associated Press]
▶ The No. 1 Stock In Leading Group Is Crashing On Guidance   [05:56PM  Investor's Business Daily]
▶ Juniper Networks Nears Buy Point As Earnings Top   [Jul-25-17 04:30PM  Investor's Business Daily]
▶ Fiber Stocks Rally As Applied Optoelectronics Preannounces Q2 Beat   [Jul-13-17 06:06PM  Investor's Business Daily]
▶ Fiber-Optic Stocks Rated Strong Buys; One Gets Big Price-Target Hike   [Jul-06-17 11:23AM  Investor's Business Daily]
▶ How Infinera Corporation Makes Most of Its Money   [Jun-21-17 10:13AM  Motley Fool]
▶ Activision, EA Touted Post-E3; Costco Cut After Amazon-Whole Foods   [Jun-19-17 04:07PM  Investor's Business Daily]
▶ [$$] Infinera Stock Back in Buying Shape   [Jun-15-17 02:21PM  Barrons.com]
▶ Infinera Stock Upgraded: What You Need to Know   [Jun-14-17 01:25PM  Motley Fool]
▶ ETFs with exposure to Infinera Corp. : June 9, 2017   [Jun-09-17 01:39PM  Capital Cube]
▶ Infinera to Participate in Stifel Investor Conference   [Jun-02-17 12:10PM  GlobeNewswire]
▶ [$$] Infinera: Better to Be Early in the Stock   [May-30-17 02:10PM  Barrons.com]
▶ Infinera to Participate in JP Morgan Investor Conference   [May-17-17 08:00AM  GlobeNewswire]
Financial statements of INFN
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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