Intrinsic value of Motorola Solutions - MSI

Previous Close

$105.91

  Intrinsic Value

$19.49

stock screener

  Rating & Target

str. sell

-82%

Previous close

$105.91

 
Intrinsic value

$19.49

 
Up/down potential

-82%

 
Rating

str. sell

We calculate the intrinsic value of MSI 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  6.02
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
Revenue, $m
  6,038
  6,400
  6,778
  7,172
  7,583
  8,011
  8,459
  8,927
  9,416
  9,928
  10,462
  11,022
  11,608
  12,221
  12,863
  13,536
  14,240
  14,979
  15,753
  16,564
  17,414
  18,306
  19,242
  20,223
  21,252
  22,331
  23,464
  24,652
  25,899
  27,208
  28,581
Variable operating expenses, $m
 
  5,033
  5,325
  5,630
  5,949
  6,281
  6,628
  6,991
  7,370
  7,766
  8,181
  8,541
  8,995
  9,471
  9,968
  10,489
  11,035
  11,608
  12,207
  12,836
  13,495
  14,186
  14,911
  15,671
  16,469
  17,306
  18,183
  19,104
  20,070
  21,084
  22,149
Fixed operating expenses, $m
 
  236
  242
  248
  254
  260
  267
  273
  280
  287
  294
  302
  309
  317
  325
  333
  341
  350
  359
  368
  377
  386
  396
  406
  416
  426
  437
  448
  459
  471
  482
Total operating expenses, $m
  4,977
  5,269
  5,567
  5,878
  6,203
  6,541
  6,895
  7,264
  7,650
  8,053
  8,475
  8,843
  9,304
  9,788
  10,293
  10,822
  11,376
  11,958
  12,566
  13,204
  13,872
  14,572
  15,307
  16,077
  16,885
  17,732
  18,620
  19,552
  20,529
  21,555
  22,631
Operating income, $m
  1,061
  1,132
  1,211
  1,294
  1,380
  1,470
  1,564
  1,663
  1,766
  1,874
  1,987
  2,179
  2,303
  2,433
  2,570
  2,713
  2,863
  3,021
  3,187
  3,360
  3,542
  3,734
  3,935
  4,145
  4,367
  4,599
  4,844
  5,100
  5,370
  5,653
  5,950
EBITDA, $m
  1,356
  1,408
  1,499
  1,594
  1,694
  1,797
  1,906
  2,019
  2,138
  2,263
  2,393
  2,529
  2,672
  2,822
  2,979
  3,143
  3,316
  3,497
  3,687
  3,887
  4,096
  4,316
  4,546
  4,788
  5,042
  5,309
  5,589
  5,884
  6,193
  6,517
  6,858
Interest expense (income), $m
  191
  193
  89
  107
  126
  146
  167
  189
  211
  235
  260
  286
  313
  341
  371
  402
  435
  469
  505
  542
  581
  623
  666
  711
  759
  809
  861
  916
  974
  1,034
  1,097
Earnings before tax, $m
  844
  939
  1,122
  1,186
  1,254
  1,324
  1,397
  1,474
  1,555
  1,639
  1,728
  1,893
  1,990
  2,092
  2,199
  2,311
  2,429
  2,552
  2,682
  2,818
  2,961
  3,111
  3,269
  3,434
  3,608
  3,791
  3,983
  4,184
  4,396
  4,619
  4,853
Tax expense, $m
  282
  253
  303
  320
  338
  357
  377
  398
  420
  443
  466
  511
  537
  565
  594
  624
  656
  689
  724
  761
  799
  840
  883
  927
  974
  1,023
  1,075
  1,130
  1,187
  1,247
  1,310
Net income, $m
  560
  685
  819
  866
  915
  966
  1,020
  1,076
  1,135
  1,197
  1,261
  1,382
  1,453
  1,527
  1,605
  1,687
  1,773
  1,863
  1,958
  2,057
  2,161
  2,271
  2,386
  2,507
  2,634
  2,767
  2,907
  3,054
  3,209
  3,372
  3,542

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,076
  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
  8,463
  7,834
  8,296
  8,778
  9,281
  9,806
  10,354
  10,927
  11,525
  12,151
  12,806
  13,491
  14,208
  14,958
  15,744
  16,568
  17,430
  18,334
  19,281
  20,274
  21,315
  22,407
  23,552
  24,752
  26,012
  27,333
  28,720
  30,174
  31,700
  33,302
  34,983
Adjusted assets (=assets-cash), $m
  7,387
  7,834
  8,296
  8,778
  9,281
  9,806
  10,354
  10,927
  11,525
  12,151
  12,806
  13,491
  14,208
  14,958
  15,744
  16,568
  17,430
  18,334
  19,281
  20,274
  21,315
  22,407
  23,552
  24,752
  26,012
  27,333
  28,720
  30,174
  31,700
  33,302
  34,983
Revenue / Adjusted assets
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
Average production assets, $m
  1,073
  1,139
  1,206
  1,277
  1,350
  1,426
  1,506
  1,589
  1,676
  1,767
  1,862
  1,962
  2,066
  2,175
  2,290
  2,409
  2,535
  2,666
  2,804
  2,948
  3,100
  3,259
  3,425
  3,600
  3,783
  3,975
  4,177
  4,388
  4,610
  4,843
  5,087
Working capital, $m
  800
  -288
  -305
  -323
  -341
  -361
  -381
  -402
  -424
  -447
  -471
  -496
  -522
  -550
  -579
  -609
  -641
  -674
  -709
  -745
  -784
  -824
  -866
  -910
  -956
  -1,005
  -1,056
  -1,109
  -1,165
  -1,224
  -1,286
Total debt, $m
  4,396
  2,019
  2,435
  2,869
  3,322
  3,794
  4,288
  4,803
  5,342
  5,905
  6,494
  7,111
  7,756
  8,432
  9,139
  9,880
  10,656
  11,469
  12,322
  13,216
  14,153
  15,135
  16,166
  17,246
  18,380
  19,569
  20,817
  22,126
  23,499
  24,941
  26,454
Total liabilities, $m
  9,427
  7,050
  7,466
  7,900
  8,353
  8,825
  9,319
  9,834
  10,373
  10,936
  11,525
  12,142
  12,787
  13,463
  14,170
  14,911
  15,687
  16,500
  17,353
  18,247
  19,184
  20,166
  21,197
  22,277
  23,411
  24,600
  25,848
  27,157
  28,530
  29,972
  31,485
Total equity, $m
  -964
  783
  830
  878
  928
  981
  1,035
  1,093
  1,153
  1,215
  1,281
  1,349
  1,421
  1,496
  1,574
  1,657
  1,743
  1,833
  1,928
  2,027
  2,132
  2,241
  2,355
  2,475
  2,601
  2,733
  2,872
  3,017
  3,170
  3,330
  3,498
Total liabilities and equity, $m
  8,463
  7,833
  8,296
  8,778
  9,281
  9,806
  10,354
  10,927
  11,526
  12,151
  12,806
  13,491
  14,208
  14,959
  15,744
  16,568
  17,430
  18,333
  19,281
  20,274
  21,316
  22,407
  23,552
  24,752
  26,012
  27,333
  28,720
  30,174
  31,700
  33,302
  34,983
Debt-to-equity ratio
  -4.560
  2.580
  2.940
  3.270
  3.580
  3.870
  4.140
  4.400
  4.630
  4.860
  5.070
  5.270
  5.460
  5.640
  5.800
  5.960
  6.110
  6.260
  6.390
  6.520
  6.640
  6.750
  6.860
  6.970
  7.070
  7.160
  7.250
  7.330
  7.410
  7.490
  7.560
Adjusted equity ratio
  -0.276
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  560
  685
  819
  866
  915
  966
  1,020
  1,076
  1,135
  1,197
  1,261
  1,382
  1,453
  1,527
  1,605
  1,687
  1,773
  1,863
  1,958
  2,057
  2,161
  2,271
  2,386
  2,507
  2,634
  2,767
  2,907
  3,054
  3,209
  3,372
  3,542
Depreciation, amort., depletion, $m
  295
  276
  288
  301
  314
  327
  342
  357
  372
  388
  405
  350
  369
  388
  409
  430
  453
  476
  501
  526
  554
  582
  612
  643
  676
  710
  746
  784
  823
  865
  908
Funds from operations, $m
  1,104
  961
  1,107
  1,167
  1,229
  1,294
  1,362
  1,433
  1,507
  1,585
  1,667
  1,732
  1,822
  1,916
  2,014
  2,117
  2,226
  2,339
  2,458
  2,584
  2,715
  2,853
  2,998
  3,150
  3,309
  3,477
  3,653
  3,838
  4,032
  4,236
  4,451
Change in working capital, $m
  -61
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -59
  -62
Cash from operations, $m
  1,165
  978
  1,124
  1,185
  1,247
  1,313
  1,382
  1,454
  1,529
  1,608
  1,691
  1,757
  1,848
  1,943
  2,043
  2,148
  2,257
  2,372
  2,493
  2,620
  2,753
  2,893
  3,040
  3,194
  3,356
  3,526
  3,704
  3,892
  4,088
  4,295
  4,513
Maintenance CAPEX, $m
  0
  -192
  -203
  -215
  -228
  -241
  -255
  -269
  -284
  -299
  -316
  -333
  -350
  -369
  -388
  -409
  -430
  -453
  -476
  -501
  -526
  -554
  -582
  -612
  -643
  -676
  -710
  -746
  -784
  -823
  -865
New CAPEX, $m
  -271
  -66
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -95
  -100
  -104
  -109
  -114
  -120
  -125
  -131
  -138
  -144
  -151
  -159
  -166
  -175
  -183
  -192
  -202
  -212
  -222
  -233
  -244
Cash from investing activities, $m
  -1,002
  -258
  -270
  -285
  -301
  -317
  -335
  -352
  -371
  -390
  -411
  -433
  -454
  -478
  -502
  -529
  -555
  -584
  -614
  -645
  -677
  -713
  -748
  -787
  -826
  -868
  -912
  -958
  -1,006
  -1,056
  -1,109
Free cash flow, $m
  163
  720
  854
  899
  946
  996
  1,048
  1,102
  1,158
  1,218
  1,280
  1,325
  1,394
  1,465
  1,540
  1,619
  1,702
  1,788
  1,879
  1,975
  2,075
  2,181
  2,291
  2,408
  2,530
  2,658
  2,793
  2,934
  3,083
  3,239
  3,403
Issuance/(repayment) of debt, $m
  -13
  -2,373
  416
  434
  453
  472
  493
  515
  539
  563
  589
  616
  645
  675
  707
  741
  776
  813
  853
  894
  937
  983
  1,030
  1,081
  1,134
  1,189
  1,248
  1,309
  1,374
  1,441
  1,513
Issuance/(repurchase) of shares, $m
  -749
  2,134
  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  
  -762
  -239
  416
  434
  453
  472
  493
  515
  539
  563
  589
  616
  645
  675
  707
  741
  776
  813
  853
  894
  937
  983
  1,030
  1,081
  1,134
  1,189
  1,248
  1,309
  1,374
  1,441
  1,513
Total cash flow (excl. dividends), $m
  -670
  482
  1,270
  1,333
  1,399
  1,468
  1,541
  1,617
  1,697
  1,781
  1,869
  1,942
  2,039
  2,141
  2,248
  2,360
  2,478
  2,602
  2,732
  2,869
  3,012
  3,163
  3,322
  3,488
  3,663
  3,847
  4,040
  4,243
  4,457
  4,681
  4,916
Retained Cash Flow (-), $m
  858
  -2,819
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -65
  -68
  -72
  -75
  -79
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -114
  -120
  -126
  -132
  -139
  -145
  -153
  -160
  -168
Prev. year cash balance distribution, $m
 
  1,072
  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
 
  -1,266
  1,223
  1,285
  1,349
  1,416
  1,486
  1,560
  1,637
  1,718
  1,804
  1,873
  1,967
  2,066
  2,169
  2,278
  2,392
  2,511
  2,637
  2,769
  2,908
  3,054
  3,207
  3,368
  3,537
  3,715
  3,902
  4,098
  4,304
  4,520
  4,748
Discount rate, %
 
  10.90
  11.45
  12.02
  12.62
  13.25
  13.91
  14.61
  15.34
  16.10
  16.91
  17.75
  18.64
  19.57
  20.55
  21.58
  22.66
  23.79
  24.98
  26.23
  27.54
  28.92
  30.37
  31.89
  33.48
  35.15
  36.91
  38.76
  40.69
  42.73
  44.87
PV of cash for distribution, $m
 
  -1,141
  985
  914
  838
  760
  680
  601
  523
  448
  378
  310
  253
  202
  158
  121
  91
  67
  48
  33
  22
  15
  9
  6
  3
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Motorola Solutions, Inc. is a provider of communication infrastructure, devices, accessories, software and services. The Company operates through two segments: Products and Services. The Company's Products segment offers a portfolio of infrastructure, devices, accessories and software. The Products segment has two product lines: Devices and Systems. The primary customers of the Products segment are government, public safety and first-responder agencies, municipalities, and commercial and industrial customers operating private communications networks and manage a mobile workforce. The Company's Services segment provides a range of service offerings for government, public safety and commercial communication networks. The Services segment product lines include Integration services, Managed & Support services, and Integrated Digital Enhanced Network (iDEN) services.

FINANCIAL RATIOS  of  Motorola Solutions (MSI)

Valuation Ratios
P/E Ratio 31.1
Price to Sales 2.9
Price to Book -18.1
Price to Tangible Book
Price to Cash Flow 15
Price to Free Cash Flow 19.5
Growth Rates
Sales Growth Rate 6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 54.9%
Cap. Spend. - 3 Yr. Gr. Rate 9.9%
Financial Strength
Quick Ratio 269
Current Ratio 0
LT Debt to Equity -455.6%
Total Debt to Equity -456%
Interest Coverage 5
Management Effectiveness
Return On Assets 8.2%
Ret/ On Assets - 3 Yr. Avg. 9.4%
Return On Total Capital 14.6%
Ret/ On T. Cap. - 3 Yr. Avg. 15.8%
Return On Equity -104.7%
Return On Equity - 3 Yr. Avg. -5.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 47.5%
Gross Margin - 3 Yr. Avg. 47.8%
EBITDA Margin 22%
EBITDA Margin - 3 Yr. Avg. 9.7%
Operating Margin 17.6%
Oper. Margin - 3 Yr. Avg. 5.7%
Pre-Tax Margin 14%
Pre-Tax Margin - 3 Yr. Avg. 3.4%
Net Profit Margin 9.3%
Net Profit Margin - 3 Yr. Avg. 14%
Effective Tax Rate 33.4%
Eff/ Tax Rate - 3 Yr. Avg. 34.4%
Payout Ratio 50%

MSI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MSI stock intrinsic value calculation we used $6038 million for the last fiscal year's total revenue generated by Motorola Solutions. The default revenue input number comes from 2016 income statement of Motorola Solutions. 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 MSI stock valuation model: a) initial revenue growth rate of 6% 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 10.9%, whose default value for MSI is calculated based on our internal credit rating of Motorola Solutions, 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 Motorola Solutions.
    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 MSI stock the variable cost ratio is equal to 78.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $230 million in the base year in the intrinsic value calculation for MSI 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 4.4% for Motorola Solutions.

Corporate tax rate of 27% is the nominal tax rate for Motorola Solutions. 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 MSI 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 MSI are equal to 17.8%.

Life of production assets of 5.6 years is the average useful life of capital assets used in Motorola Solutions 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 MSI is equal to -4.5%. 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 - $-964 million for Motorola Solutions - 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 162.387 million for Motorola Solutions 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 Motorola Solutions at the current share price and the inputted number of shares is $17.2 billion.

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COMPANY NEWS

▶ City Council to vote on $108 million public safety radio contract   [Feb-14-18 02:15PM  American City Business Journals]
▶ Motorola Solutions to acquire security camera maker Avigilon for around $1B   [Feb-02-18 01:40PM  American City Business Journals]
▶ Motorola reports 4Q loss   [04:53PM  Associated Press]
▶ General Electric among IQ 100 laggards   [Jan-12-18 02:42PM  CNBC Videos]
▶ 5 Tech Companies Gurus Are Buying   [Dec-28-17 10:45AM  GuruFocus.com]
▶ Five Companies Hit 52-Week Highs   [10:21AM  GuruFocus.com]
▶ Johnson Controls up over 2% among leaders   [Nov-28-17 01:36PM  CNBC Videos]
▶ Motorolas new Moto Mod turns your Moto Z into a Polaroid camera   [Nov-15-17 03:10PM  American City Business Journals]
▶ Motorola beats Street 3Q forecasts   [Nov-02-17 04:29PM  Associated Press]
▶ Motorola Solutions leading the IQ100   [03:32PM  CNBC Videos]
▶ Apple Shows Market Leadership With Jump To 81 RS Rating   [Sep-27-17 03:00AM  Investor's Business Daily]
▶ How Communication Equipment Companies Earnings Stack Up   [Sep-22-17 07:36AM  Market Realist]
▶ The Communication Equipment Space: Earnings and Valuation   [Sep-21-17 10:36AM  Market Realist]
▶ Zagg CEO demos the new iPhone wireless charging base   [01:42PM  Yahoo Finance Video]
▶ Yahoo Finance Live: Market Movers - Sep 8th, 2017   [Sep-08-17 07:20AM  Yahoo Finance Video]
▶ A Decade of Delivering Better Business Communication   [Aug-30-17 09:00AM  Business Wire]
Financial statements of MSI
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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