Intrinsic value of Mitel Networks - MITL

Previous Close

$8.74

  Intrinsic Value

$1.89

stock screener

  Rating & Target

str. sell

-78%

  Value-price divergence*

-40%

Previous close

$8.74

 
Intrinsic value

$1.89

 
Up/down potential

-78%

 
Rating

str. sell

 
Value-price divergence*

-40%

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

We calculate the intrinsic value of MITL 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 1.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -3.70
  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
  988
  1,008
  1,031
  1,057
  1,087
  1,120
  1,156
  1,196
  1,238
  1,284
  1,334
  1,386
  1,443
  1,502
  1,566
  1,634
  1,705
  1,781
  1,861
  1,946
  2,035
  2,130
  2,229
  2,334
  2,444
  2,561
  2,683
  2,812
  2,948
  3,091
  3,241
Variable operating expenses, $m
 
  1,000
  1,022
  1,048
  1,076
  1,108
  1,142
  1,180
  1,221
  1,265
  1,312
  1,328
  1,382
  1,439
  1,500
  1,565
  1,634
  1,706
  1,783
  1,864
  1,950
  2,040
  2,135
  2,236
  2,342
  2,453
  2,571
  2,694
  2,824
  2,961
  3,105
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
  940
  1,000
  1,022
  1,048
  1,076
  1,108
  1,142
  1,180
  1,221
  1,265
  1,312
  1,328
  1,382
  1,439
  1,500
  1,565
  1,634
  1,706
  1,783
  1,864
  1,950
  2,040
  2,135
  2,236
  2,342
  2,453
  2,571
  2,694
  2,824
  2,961
  3,105
Operating income, $m
  48
  8
  9
  10
  11
  12
  14
  16
  17
  19
  21
  58
  61
  63
  66
  69
  72
  75
  78
  82
  86
  89
  94
  98
  103
  108
  113
  118
  124
  130
  136
EBITDA, $m
  149
  75
  76
  78
  80
  83
  86
  89
  92
  95
  99
  103
  107
  111
  116
  121
  126
  132
  138
  144
  151
  158
  165
  173
  181
  190
  199
  208
  218
  229
  240
Interest expense (income), $m
  37
  33
  34
  36
  38
  40
  42
  44
  47
  50
  53
  57
  60
  64
  68
  73
  77
  82
  88
  93
  99
  105
  112
  119
  126
  134
  142
  150
  159
  168
  178
Earnings before tax, $m
  34
  -25
  -25
  -26
  -27
  -27
  -28
  -29
  -30
  -31
  -32
  2
  0
  -1
  -3
  -4
  -6
  -8
  -9
  -11
  -14
  -16
  -18
  -21
  -23
  -26
  -29
  -32
  -35
  -38
  -42
Tax expense, $m
  -1
  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
  -217
  -25
  -25
  -26
  -27
  -27
  -28
  -29
  -30
  -31
  -32
  1
  0
  -1
  -3
  -4
  -6
  -8
  -9
  -11
  -14
  -16
  -18
  -21
  -23
  -26
  -29
  -32
  -35
  -38
  -42

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  97
  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
  1,561
  1,493
  1,527
  1,567
  1,611
  1,659
  1,713
  1,771
  1,835
  1,903
  1,976
  2,054
  2,137
  2,226
  2,320
  2,420
  2,526
  2,639
  2,757
  2,883
  3,015
  3,155
  3,302
  3,458
  3,621
  3,794
  3,975
  4,166
  4,367
  4,579
  4,801
Adjusted assets (=assets-cash), $m
  1,464
  1,493
  1,527
  1,567
  1,611
  1,659
  1,713
  1,771
  1,835
  1,903
  1,976
  2,054
  2,137
  2,226
  2,320
  2,420
  2,526
  2,639
  2,757
  2,883
  3,015
  3,155
  3,302
  3,458
  3,621
  3,794
  3,975
  4,166
  4,367
  4,579
  4,801
Revenue / Adjusted assets
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
Average production assets, $m
  159
  161
  165
  169
  174
  179
  185
  191
  198
  205
  213
  222
  231
  240
  251
  261
  273
  285
  298
  311
  326
  341
  357
  373
  391
  410
  429
  450
  472
  495
  519
Working capital, $m
  157
  101
  103
  106
  109
  112
  116
  120
  124
  128
  133
  139
  144
  150
  157
  163
  171
  178
  186
  195
  204
  213
  223
  233
  244
  256
  268
  281
  295
  309
  324
Total debt, $m
  586
  570
  596
  627
  661
  699
  741
  786
  835
  888
  945
  1,006
  1,071
  1,140
  1,213
  1,291
  1,373
  1,461
  1,553
  1,651
  1,754
  1,863
  1,977
  2,098
  2,225
  2,360
  2,501
  2,649
  2,806
  2,970
  3,143
Total liabilities, $m
  1,179
  1,162
  1,188
  1,219
  1,253
  1,291
  1,333
  1,378
  1,427
  1,480
  1,537
  1,598
  1,663
  1,732
  1,805
  1,883
  1,965
  2,053
  2,145
  2,243
  2,346
  2,455
  2,569
  2,690
  2,817
  2,952
  3,093
  3,241
  3,398
  3,562
  3,735
Total equity, $m
  383
  331
  339
  348
  358
  368
  380
  393
  407
  422
  439
  456
  474
  494
  515
  537
  561
  586
  612
  640
  669
  700
  733
  768
  804
  842
  883
  925
  970
  1,017
  1,066
Total liabilities and equity, $m
  1,562
  1,493
  1,527
  1,567
  1,611
  1,659
  1,713
  1,771
  1,834
  1,902
  1,976
  2,054
  2,137
  2,226
  2,320
  2,420
  2,526
  2,639
  2,757
  2,883
  3,015
  3,155
  3,302
  3,458
  3,621
  3,794
  3,976
  4,166
  4,368
  4,579
  4,801
Debt-to-equity ratio
  1.530
  1.720
  1.760
  1.800
  1.850
  1.900
  1.950
  2.000
  2.050
  2.100
  2.150
  2.210
  2.260
  2.310
  2.360
  2.400
  2.450
  2.490
  2.540
  2.580
  2.620
  2.660
  2.700
  2.730
  2.770
  2.800
  2.830
  2.860
  2.890
  2.920
  2.950
Adjusted equity ratio
  0.195
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -217
  -25
  -25
  -26
  -27
  -27
  -28
  -29
  -30
  -31
  -32
  1
  0
  -1
  -3
  -4
  -6
  -8
  -9
  -11
  -14
  -16
  -18
  -21
  -23
  -26
  -29
  -32
  -35
  -38
  -42
Depreciation, amort., depletion, $m
  101
  67
  68
  68
  69
  70
  72
  73
  74
  76
  77
  44
  46
  48
  50
  52
  55
  57
  60
  62
  65
  68
  71
  75
  78
  82
  86
  90
  94
  99
  104
Funds from operations, $m
  104
  42
  42
  42
  43
  43
  44
  44
  44
  45
  45
  45
  46
  47
  48
  48
  49
  49
  50
  51
  52
  52
  53
  54
  55
  56
  57
  58
  59
  60
  62
Change in working capital, $m
  4
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
Cash from operations, $m
  100
  40
  40
  40
  40
  40
  40
  40
  40
  40
  40
  40
  41
  41
  41
  41
  42
  42
  42
  42
  43
  43
  43
  44
  44
  44
  45
  45
  46
  46
  47
Maintenance CAPEX, $m
  0
  -32
  -32
  -33
  -34
  -35
  -36
  -37
  -38
  -40
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -94
  -99
New CAPEX, $m
  -17
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
Cash from investing activities, $m
  -17
  -35
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -63
  -67
  -70
  -74
  -76
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -117
  -123
Free cash flow, $m
  83
  5
  4
  3
  1
  0
  -2
  -3
  -5
  -7
  -8
  -11
  -13
  -15
  -17
  -20
  -22
  -25
  -28
  -31
  -34
  -37
  -41
  -44
  -48
  -52
  -57
  -61
  -66
  -71
  -76
Issuance/(repayment) of debt, $m
  -71
  23
  27
  31
  34
  38
  42
  45
  49
  53
  57
  61
  65
  69
  73
  78
  83
  87
  92
  98
  103
  109
  115
  121
  127
  134
  141
  149
  156
  165
  173
Issuance/(repurchase) of shares, $m
  2
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  16
  18
  21
  24
  26
  29
  32
  36
  39
  43
  47
  51
  55
  60
  64
  69
  74
  80
  85
  91
Cash from financing (excl. dividends), $m  
  -69
  55
  60
  66
  70
  76
  82
  87
  93
  99
  105
  77
  83
  90
  97
  104
  112
  119
  128
  137
  146
  156
  166
  176
  187
  198
  210
  223
  236
  250
  264
Total cash flow (excl. dividends), $m
  9
  59
  64
  68
  72
  76
  80
  84
  88
  92
  96
  66
  71
  75
  80
  85
  90
  95
  100
  106
  112
  118
  125
  131
  138
  146
  154
  162
  170
  179
  188
Retained Cash Flow (-), $m
  222
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -17
  -19
  -21
  -24
  -26
  -29
  -32
  -36
  -39
  -43
  -47
  -51
  -55
  -60
  -64
  -69
  -74
  -80
  -85
  -91
Prev. year cash balance distribution, $m
 
  58
  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
 
  86
  31
  33
  36
  38
  40
  42
  44
  46
  48
  49
  52
  54
  56
  58
  60
  62
  65
  67
  69
  71
  74
  76
  79
  82
  84
  87
  90
  94
  97
Discount rate, %
 
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
 
  79
  26
  26
  25
  24
  22
  21
  19
  17
  15
  12
  11
  9
  8
  6
  5
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.3
  94.6
  91.9
  89.2
  86.6
  84.0
  81.4
  78.9
  76.4
  74.0
  73.2
  72.4
  71.5
  70.5
  69.5
  68.4
  67.3
  66.2
  65.0
  63.7
  62.5
  61.2
  59.9
  58.6
  57.3
  56.0
  54.7
  53.4
  52.0
  50.7

Mitel Networks Corporation is a provider of business communications and collaboration software, services and solutions. The Company's segments include Cloud and Enterprise. The Enterprise segment sells and supports products and services for premise-based customers. The Cloud segment sells and supports products that are deployed in a cloud environment. The Company's product portfolio includes premises and cloud-based enterprise communications infrastructure products and solutions, unified communications and collaboration (UCC) and contact center applications and a range of service offerings. The Company's Cloud Division offers a range of private, public, hybrid and mobile Software as a Service (SaaS) solutions for businesses of all sizes. This includes Unified Communications as a Service (UCaaS) solutions. Its Enterprise Division portfolio integrates voice, UCC applications, and contact center applications on fixed and mobile networks across a range of end user devices.

FINANCIAL RATIOS  of  Mitel Networks (MITL)

Valuation Ratios
P/E Ratio -4.9
Price to Sales 1.1
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 10.7
Price to Free Cash Flow 12.8
Growth Rates
Sales Growth Rate -3.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.3%
Cap. Spend. - 3 Yr. Gr. Rate 41.5%
Financial Strength
Quick Ratio 2
Current Ratio 0.3
LT Debt to Equity 142.8%
Total Debt to Equity 153%
Interest Coverage 2
Management Effectiveness
Return On Assets -10.5%
Ret/ On Assets - 3 Yr. Avg. -3.6%
Return On Total Capital -19.6%
Ret/ On T. Cap. - 3 Yr. Avg. -7.6%
Return On Equity -43.9%
Return On Equity - 3 Yr. Avg. -16.8%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 53.8%
Gross Margin - 3 Yr. Avg. 53.5%
EBITDA Margin 17.4%
EBITDA Margin - 3 Yr. Avg. 12.1%
Operating Margin 4.9%
Oper. Margin - 3 Yr. Avg. 1.4%
Pre-Tax Margin 3.4%
Pre-Tax Margin - 3 Yr. Avg. 0.6%
Net Profit Margin -22%
Net Profit Margin - 3 Yr. Avg. -8.2%
Effective Tax Rate -2.9%
Eff/ Tax Rate - 3 Yr. Avg. 34.6%
Payout Ratio 0%

MITL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MITL stock intrinsic value calculation we used $988 million for the last fiscal year's total revenue generated by Mitel Networks. The default revenue input number comes from 2016 income statement of Mitel Networks. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MITL 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 8.1%, whose default value for MITL is calculated based on our internal credit rating of Mitel Networks, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Mitel Networks.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MITL stock the variable cost ratio is equal to 99.3%.

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 MITL 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 6% for Mitel Networks.

Corporate tax rate of 27% is the nominal tax rate for Mitel Networks. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MITL 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 MITL are equal to 16%.

Life of production assets of 5 years is the average useful life of capital assets used in Mitel Networks operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MITL is equal to 10%. 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 - $383 million for Mitel Networks - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 152.812 million for Mitel Networks is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Mitel Networks at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ Mitel Appoints Jeremy Butt as SVP of EMEA   [Oct-04-17 08:00AM  GlobeNewswire]
▶ Done deal: Mitel completes $530-million acquisition   [Sep-25-17 01:30PM  American City Business Journals]
▶ Mitel Completes Acquisition of ShoreTel   [09:20AM  GlobeNewswire]
▶ Mitel Appoints Don Schleicher as SVP of America Sales   [Sep-12-17 08:30AM  GlobeNewswire]
▶ Mitel Networks misses 2Q profit forecasts   [Jul-28-17 08:04PM  Associated Press]
▶ Back to buying: Mitel makes $430 million acquisition   [04:10PM  American City Business Journals]
▶ Why ShoreTel Shares Soared Today   [Jul-27-17 12:20PM  Motley Fool]
▶ Mitel to Acquire ShoreTel   [12:19PM  TheStreet.com]
▶ Mitel Reports June Quarter Results   [06:35AM  GlobeNewswire]
▶ After job cut announcement, Mitel buys a business unit off Toshiba   [Jul-06-17 03:10PM  American City Business Journals]
▶ Mitel Awards Americas Partners for Standout Performance   [Jun-08-17 08:30AM  GlobeNewswire]
▶ Mitel, After a Stumble, Returns to Its Value Roots   [May-29-17 04:51PM  Barrons.com]
▶ CORRECTION Mitel Networks   [May-23-17 04:02PM  GlobeNewswire]
▶ Mitel to cut more than 300 jobs, impacting Plano headquarters   [May-05-17 01:35PM  American City Business Journals]
▶ Mitel Networks reports 1Q loss   [05:02AM  Associated Press]
▶ Mitel User Group Hosts Elite Experience Event May 30-June 2   [Apr-20-17 09:00AM  GlobeNewswire]
▶ Mitel Appoints Todd Abbott as EVP Global Sales   [Apr-04-17 08:30AM  GlobeNewswire]
▶ Mitel Announces Closing of New Credit Facility   [Mar-09-17 08:01AM  GlobeNewswire]
Financial statements of MITL
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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