Intrinsic value of Iridium Communications - IRDM

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$10.80

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of IRDM 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, %
  5.60
  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
  434
  443
  453
  465
  478
  492
  508
  525
  544
  564
  586
  609
  634
  660
  688
  718
  749
  782
  818
  855
  894
  935
  979
  1,025
  1,074
  1,125
  1,179
  1,235
  1,295
  1,358
  1,424
Variable operating expenses, $m
 
  364
  373
  382
  393
  405
  418
  432
  448
  464
  482
  501
  521
  543
  566
  591
  616
  644
  673
  703
  736
  770
  806
  844
  884
  926
  970
  1,017
  1,066
  1,117
  1,172
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
  257
  364
  373
  382
  393
  405
  418
  432
  448
  464
  482
  501
  521
  543
  566
  591
  616
  644
  673
  703
  736
  770
  806
  844
  884
  926
  970
  1,017
  1,066
  1,117
  1,172
Operating income, $m
  176
  78
  80
  82
  85
  87
  90
  93
  96
  100
  104
  108
  112
  117
  122
  127
  133
  138
  145
  151
  158
  166
  173
  181
  190
  199
  209
  219
  229
  240
  252
EBITDA, $m
  225
  128
  131
  135
  138
  143
  147
  152
  158
  163
  170
  176
  184
  191
  199
  208
  217
  227
  237
  248
  259
  271
  284
  297
  311
  326
  342
  358
  375
  393
  412
Interest expense (income), $m
  23
  58
  60
  62
  64
  66
  68
  71
  74
  77
  81
  85
  89
  93
  98
  103
  108
  113
  119
  125
  132
  139
  146
  153
  161
  170
  179
  188
  198
  209
  219
Earnings before tax, $m
  178
  20
  20
  21
  21
  21
  22
  22
  22
  22
  23
  23
  23
  24
  24
  24
  25
  25
  26
  26
  27
  27
  28
  28
  29
  29
  30
  30
  31
  32
  33
Tax expense, $m
  67
  5
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
  8
  9
  9
Net income, $m
  111
  15
  15
  15
  15
  15
  16
  16
  16
  16
  17
  17
  17
  17
  18
  18
  18
  18
  19
  19
  19
  20
  20
  20
  21
  21
  22
  22
  23
  23
  24

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  411
  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
  3,500
  3,162
  3,235
  3,318
  3,411
  3,515
  3,628
  3,752
  3,885
  4,029
  4,184
  4,350
  4,526
  4,714
  4,914
  5,126
  5,350
  5,588
  5,840
  6,105
  6,386
  6,682
  6,994
  7,323
  7,670
  8,035
  8,419
  8,824
  9,250
  9,698
  10,169
Adjusted assets (=assets-cash), $m
  3,089
  3,162
  3,235
  3,318
  3,411
  3,515
  3,628
  3,752
  3,885
  4,029
  4,184
  4,350
  4,526
  4,714
  4,914
  5,126
  5,350
  5,588
  5,840
  6,105
  6,386
  6,682
  6,994
  7,323
  7,670
  8,035
  8,419
  8,824
  9,250
  9,698
  10,169
Revenue / Adjusted assets
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
Average production assets, $m
  1,453
  1,482
  1,516
  1,555
  1,599
  1,647
  1,701
  1,758
  1,821
  1,889
  1,961
  2,039
  2,121
  2,210
  2,303
  2,403
  2,508
  2,619
  2,737
  2,862
  2,993
  3,132
  3,278
  3,432
  3,595
  3,766
  3,946
  4,136
  4,336
  4,546
  4,766
Working capital, $m
  434
  23
  24
  25
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  40
  41
  43
  45
  47
  50
  52
  54
  57
  60
  62
  65
  69
  72
  75
Total debt, $m
  1,657
  1,708
  1,759
  1,817
  1,882
  1,954
  2,033
  2,120
  2,213
  2,314
  2,422
  2,537
  2,660
  2,791
  2,931
  3,079
  3,236
  3,402
  3,577
  3,763
  3,958
  4,165
  4,383
  4,612
  4,854
  5,109
  5,378
  5,660
  5,957
  6,270
  6,599
Total liabilities, $m
  2,156
  2,207
  2,258
  2,316
  2,381
  2,453
  2,532
  2,619
  2,712
  2,813
  2,921
  3,036
  3,159
  3,290
  3,430
  3,578
  3,735
  3,901
  4,076
  4,262
  4,457
  4,664
  4,882
  5,111
  5,353
  5,608
  5,877
  6,159
  6,456
  6,769
  7,098
Total equity, $m
  1,344
  955
  977
  1,002
  1,030
  1,061
  1,096
  1,133
  1,173
  1,217
  1,264
  1,314
  1,367
  1,424
  1,484
  1,548
  1,616
  1,688
  1,764
  1,844
  1,929
  2,018
  2,112
  2,212
  2,316
  2,427
  2,543
  2,665
  2,793
  2,929
  3,071
Total liabilities and equity, $m
  3,500
  3,162
  3,235
  3,318
  3,411
  3,514
  3,628
  3,752
  3,885
  4,030
  4,185
  4,350
  4,526
  4,714
  4,914
  5,126
  5,351
  5,589
  5,840
  6,106
  6,386
  6,682
  6,994
  7,323
  7,669
  8,035
  8,420
  8,824
  9,249
  9,698
  10,169
Debt-to-equity ratio
  1.233
  1.790
  1.800
  1.810
  1.830
  1.840
  1.860
  1.870
  1.890
  1.900
  1.920
  1.930
  1.950
  1.960
  1.970
  1.990
  2.000
  2.020
  2.030
  2.040
  2.050
  2.060
  2.080
  2.090
  2.100
  2.110
  2.120
  2.120
  2.130
  2.140
  2.150
Adjusted equity ratio
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  111
  15
  15
  15
  15
  15
  16
  16
  16
  16
  17
  17
  17
  17
  18
  18
  18
  18
  19
  19
  19
  20
  20
  20
  21
  21
  22
  22
  23
  23
  24
Depreciation, amort., depletion, $m
  49
  50
  51
  52
  54
  55
  57
  59
  61
  64
  66
  69
  71
  74
  78
  81
  84
  88
  92
  96
  101
  105
  110
  116
  121
  127
  133
  139
  146
  153
  160
Funds from operations, $m
  209
  65
  66
  67
  69
  71
  73
  75
  77
  80
  83
  85
  88
  92
  95
  99
  103
  107
  111
  115
  120
  125
  130
  136
  142
  148
  155
  161
  169
  176
  184
Change in working capital, $m
  -16
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
Cash from operations, $m
  225
  64
  65
  67
  68
  70
  72
  74
  76
  79
  81
  84
  87
  90
  94
  97
  101
  105
  109
  113
  118
  123
  128
  134
  139
  145
  152
  158
  166
  173
  181
Maintenance CAPEX, $m
  0
  -49
  -50
  -51
  -52
  -54
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -71
  -74
  -78
  -81
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -116
  -121
  -127
  -133
  -139
  -146
  -153
New CAPEX, $m
  -406
  -29
  -34
  -39
  -44
  -48
  -53
  -58
  -63
  -68
  -72
  -78
  -83
  -88
  -94
  -99
  -105
  -111
  -118
  -125
  -131
  -139
  -146
  -154
  -162
  -171
  -180
  -190
  -200
  -210
  -221
Cash from investing activities, $m
  -242
  -78
  -84
  -90
  -96
  -102
  -108
  -115
  -122
  -129
  -136
  -144
  -152
  -159
  -168
  -177
  -186
  -195
  -206
  -217
  -227
  -240
  -251
  -264
  -278
  -292
  -307
  -323
  -339
  -356
  -374
Free cash flow, $m
  -17
  -14
  -19
  -23
  -28
  -32
  -37
  -41
  -45
  -50
  -55
  -59
  -64
  -69
  -74
  -80
  -85
  -91
  -97
  -103
  -110
  -117
  -124
  -131
  -139
  -147
  -155
  -164
  -173
  -183
  -193
Issuance/(repayment) of debt, $m
  252
  51
  51
  58
  65
  72
  79
  86
  93
  101
  108
  115
  123
  131
  139
  148
  157
  166
  176
  185
  196
  207
  218
  230
  242
  255
  268
  282
  297
  313
  329
Issuance/(repurchase) of shares, $m
  1
  7
  7
  10
  13
  16
  19
  21
  24
  27
  30
  33
  36
  39
  43
  46
  50
  53
  57
  61
  65
  70
  74
  79
  84
  89
  94
  100
  106
  112
  119
Cash from financing (excl. dividends), $m  
  217
  58
  58
  68
  78
  88
  98
  107
  117
  128
  138
  148
  159
  170
  182
  194
  207
  219
  233
  246
  261
  277
  292
  309
  326
  344
  362
  382
  403
  425
  448
Total cash flow (excl. dividends), $m
  201
  44
  39
  45
  50
  56
  61
  67
  72
  78
  83
  89
  95
  101
  108
  114
  121
  128
  136
  143
  151
  160
  168
  178
  187
  197
  207
  218
  230
  242
  254
Retained Cash Flow (-), $m
  -115
  -22
  -22
  -25
  -28
  -31
  -34
  -37
  -40
  -44
  -47
  -50
  -53
  -57
  -60
  -64
  -68
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -105
  -110
  -116
  -122
  -129
  -135
  -142
Prev. year cash balance distribution, $m
 
  411
  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
 
  434
  17
  20
  22
  25
  27
  29
  32
  34
  37
  39
  42
  45
  47
  50
  53
  57
  60
  63
  67
  70
  74
  78
  82
  87
  91
  96
  101
  106
  112
Discount rate, %
 
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
 
  404
  15
  16
  16
  16
  16
  15
  14
  13
  12
  11
  10
  9
  8
  6
  5
  4
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.0
  98.0
  96.6
  95.0
  93.0
  90.9
  88.5
  86.0
  83.3
  80.6
  77.8
  75.0
  72.2
  69.3
  66.5
  63.7
  61.0
  58.3
  55.6
  53.1
  50.6
  48.2
  45.8
  43.6
  41.4
  39.3
  37.3
  35.4
  33.6
  31.8

Iridium Communications Inc. provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign governments, non-governmental organizations, and consumers worldwide. It offers postpaid mobile voice and data satellite communications services; prepaid mobile voice satellite communications services; broadband data services; push-to-talk services; and machine-to-machine services for sending and receiving data from fixed and mobile assets in remote locations to a central monitoring station. The company also provides other services, such as inbound connections from the public switched telephone network, short message services, subscriber identity module, activation, customer reactivation, and other peripheral services. In addition, it offers voice and data solutions, including personnel tracking devices; asset tracking devices for equipment, vehicles, and aircraft; aircraft and submarine communications applications; specialized communications solutions for high-value individuals; mobile communications and data devices for the military and intelligence community, such as secure satellite handsets, as well as offers netted voice, messaging, and paging services; and maintenance services for the department of defense’s dedicated gateway. Further, the company provides satellite handsets, personal connectivity devices, voice and data modems, broadband data devices, and machine-to-machine data devices; various accessories for its devices that include batteries, holsters, earbud headphones, portable auxiliary antennas, antenna adaptors, USB data cables, charging units, and others; and engineering and support services. The company sells its products and services to commercial end users through wholesale distribution network, service providers, and value-added resellers and manufacturers. As of December 31, 2016, it had approximately 850,000 billable subscribers. The company was founded in 2000 and is headquartered in McLean, Virginia.

FINANCIAL RATIOS  of  Iridium Communications (IRDM)

Valuation Ratios
P/E Ratio 9.3
Price to Sales 2.4
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 4.6
Price to Free Cash Flow -5.7
Growth Rates
Sales Growth Rate 5.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -18%
Cap. Spend. - 3 Yr. Gr. Rate 0.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 123.3%
Total Debt to Equity 123.3%
Interest Coverage 9
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 2.5%
Return On Total Capital 4%
Ret/ On T. Cap. - 3 Yr. Avg. 2.5%
Return On Equity 8.6%
Return On Equity - 3 Yr. Avg. 5.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 74.7%
Gross Margin - 3 Yr. Avg. 73.8%
EBITDA Margin 57.6%
EBITDA Margin - 3 Yr. Avg. 47.5%
Operating Margin 40.8%
Oper. Margin - 3 Yr. Avg. 29.5%
Pre-Tax Margin 41%
Pre-Tax Margin - 3 Yr. Avg. 29%
Net Profit Margin 25.6%
Net Profit Margin - 3 Yr. Avg. 15.2%
Effective Tax Rate 37.6%
Eff/ Tax Rate - 3 Yr. Avg. 54.5%
Payout Ratio 13.5%

IRDM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IRDM stock intrinsic value calculation we used $434 million for the last fiscal year's total revenue generated by Iridium Communications. The default revenue input number comes from 2016 income statement of Iridium 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 IRDM 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 7.4%, whose default value for IRDM is calculated based on our internal credit rating of Iridium 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 Iridium 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 IRDM stock the variable cost ratio is equal to 82.3%.

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 IRDM 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 Iridium Communications.

Corporate tax rate of 27% is the nominal tax rate for Iridium 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 IRDM 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 IRDM are equal to 334.8%.

Life of production assets of 29.7 years is the average useful life of capital assets used in Iridium 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 IRDM is equal to 5.3%. 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 - $1344 million for Iridium 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 91.185 million for Iridium 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 Iridium Communications at the current share price and the inputted number of shares is $1.0 billion.


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COMPANY NEWS

▶ Iridium says newly launched satellites are functioning well   [Jun-26-17 07:09PM  Associated Press]
▶ SpaceX launches 10 satellites from California air base   [Jun-25-17 08:11PM  Associated Press]
▶ Iridium to Present at William Blair Growth Stock Conference   [May-31-17 04:01PM  GlobeNewswire]
▶ Iridium Readies for Second Round Satellite Launch   [May-28-17 04:46PM  Motley Fool]
▶ New Target Date for Second Iridium® NEXT Launch   [May-25-17 02:00PM  GlobeNewswire]
▶ Iridium Remains Confident in Its Long-Term Prospects   [Apr-27-17 09:45AM  Motley Fool]
▶ Iridium beats 1Q profit forecasts   [08:51AM  Associated Press]
▶ Better Buy: Iridium Communications vs. Globalstar   [Mar-17-17 08:29AM  Motley Fool]
▶ Aireon Takes Full Control of First ADS-B Hosted-Payload   [Mar-02-17 08:00AM  PR Newswire]
▶ Iridium misses Street 4Q forecasts   [10:29AM  Associated Press]
▶ SpaceX adds another Iridium launch order   [Jan-31-17 05:40PM  at bizjournals.com]
▶ Iridium Communications Stock Roars Higher   [Jan-27-17 09:41AM  at Motley Fool]
▶ SpaceX Starts Off 2017 Right   [Jan-19-17 11:41AM  at Motley Fool]
▶ [$$] SpaceX Delays Rocket Launch Owing to Weather   [Jan-08-17 11:54PM  at The Wall Street Journal]
▶ [$$] SpaceX Delays Rocket Launch Owing to Weather   [03:56PM  at The Wall Street Journal]
▶ Success! SpaceX Figures Out Why Its Rocket Blew Up   [Jan-07-17 10:26AM  at Motley Fool]
▶ SpaceX Aims for a Return to Flight on Sunday   [Jan-03-17 05:39PM  at Motley Fool]
▶ [$$] SpaceX Launches Set to Resume in January   [Jan-02-17 11:47PM  at The Wall Street Journal]
▶ [$$] SpaceX Plans to Resume Rocket Launches   [08:37AM  at The Wall Street Journal]
▶ SpaceX: Delayed Again   [Dec-13-16 11:37AM  at Motley Fool]
▶ Is Iridium Communications Inc (IRDM) A Good Stock To Buy?   [Dec-09-16 07:28PM  at Insider Monkey]
▶ SpaceX delays launch to January   [Dec-07-16 06:25PM  at bizjournals.com]
▶ SpaceX Plans a Return to Flight Next Week   [Dec-04-16 08:48AM  at Motley Fool]
Stock chart of IRDM Financial statements of IRDM Annual reports of IRDM
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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