Intrinsic value of Motorola Solutions - MSI

Previous Close

$121.68

  Intrinsic Value

$29.00

stock screener

  Rating & Target

str. sell

-76%

Previous close

$121.68

 
Intrinsic value

$29.00

 
Up/down potential

-76%

 
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
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.11
  5.09
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
Revenue, $m
  6,038
  6,744
  7,123
  7,520
  7,934
  8,367
  8,820
  9,294
  9,790
  10,309
  10,852
  11,422
  12,018
  12,642
  13,297
  13,983
  14,702
  15,457
  16,247
  17,077
  17,947
  18,860
  19,817
  20,821
  21,875
  22,981
  24,142
  25,360
  26,638
  27,980
  29,388
Variable operating expenses, $m
 
  2,498
  2,629
  2,765
  2,908
  3,057
  3,212
  3,375
  3,546
  3,724
  3,911
  3,927
  4,132
  4,346
  4,572
  4,807
  5,055
  5,314
  5,586
  5,871
  6,170
  6,484
  6,813
  7,158
  7,521
  7,901
  8,300
  8,719
  9,158
  9,620
  10,104
Fixed operating expenses, $m
 
  2,848
  2,911
  2,975
  3,040
  3,107
  3,176
  3,246
  3,317
  3,390
  3,465
  3,541
  3,619
  3,698
  3,780
  3,863
  3,948
  4,035
  4,123
  4,214
  4,307
  4,402
  4,498
  4,597
  4,698
  4,802
  4,907
  5,015
  5,126
  5,239
  5,354
Total operating expenses, $m
  4,977
  5,346
  5,540
  5,740
  5,948
  6,164
  6,388
  6,621
  6,863
  7,114
  7,376
  7,468
  7,751
  8,044
  8,352
  8,670
  9,003
  9,349
  9,709
  10,085
  10,477
  10,886
  11,311
  11,755
  12,219
  12,703
  13,207
  13,734
  14,284
  14,859
  15,458
Operating income, $m
  1,061
  1,397
  1,583
  1,780
  1,986
  2,203
  2,432
  2,673
  2,927
  3,195
  3,477
  3,954
  4,267
  4,598
  4,946
  5,313
  5,700
  6,108
  6,538
  6,992
  7,470
  7,974
  8,505
  9,066
  9,656
  10,279
  10,934
  11,626
  12,354
  13,122
  13,931
EBITDA, $m
  1,356
  1,841
  2,042
  2,254
  2,476
  2,710
  2,957
  3,217
  3,490
  3,778
  4,081
  4,401
  4,737
  5,092
  5,466
  5,860
  6,275
  6,712
  7,173
  7,659
  8,172
  8,711
  9,280
  9,880
  10,511
  11,177
  11,878
  12,617
  13,396
  14,216
  15,080
Interest expense (income), $m
  191
  241
  126
  150
  174
  200
  228
  256
  285
  316
  349
  383
  419
  456
  495
  536
  579
  624
  671
  720
  772
  827
  884
  944
  1,006
  1,072
  1,142
  1,214
  1,290
  1,370
  1,454
Earnings before tax, $m
  844
  1,156
  1,457
  1,630
  1,812
  2,003
  2,205
  2,418
  2,642
  2,878
  3,128
  3,571
  3,849
  4,142
  4,451
  4,777
  5,121
  5,484
  5,867
  6,271
  6,698
  7,147
  7,622
  8,122
  8,650
  9,206
  9,793
  10,412
  11,064
  11,752
  12,476
Tax expense, $m
  282
  312
  394
  440
  489
  541
  595
  653
  713
  777
  845
  964
  1,039
  1,118
  1,202
  1,290
  1,383
  1,481
  1,584
  1,693
  1,808
  1,930
  2,058
  2,193
  2,335
  2,486
  2,644
  2,811
  2,987
  3,173
  3,369
Net income, $m
  560
  844
  1,064
  1,190
  1,322
  1,462
  1,609
  1,765
  1,929
  2,101
  2,283
  2,607
  2,810
  3,024
  3,249
  3,487
  3,738
  4,003
  4,283
  4,578
  4,889
  5,218
  5,564
  5,929
  6,314
  6,720
  7,149
  7,600
  8,077
  8,579
  9,108

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
  8,679
  9,168
  9,678
  10,211
  10,769
  11,352
  11,962
  12,600
  13,268
  13,967
  14,700
  15,467
  16,271
  17,113
  17,996
  18,922
  19,893
  20,911
  21,978
  23,098
  24,272
  25,504
  26,797
  28,154
  29,577
  31,071
  32,638
  34,284
  36,010
  37,823
Adjusted assets (=assets-cash), $m
  7,387
  8,679
  9,168
  9,678
  10,211
  10,769
  11,352
  11,962
  12,600
  13,268
  13,967
  14,700
  15,467
  16,271
  17,113
  17,996
  18,922
  19,893
  20,911
  21,978
  23,098
  24,272
  25,504
  26,797
  28,154
  29,577
  31,071
  32,638
  34,284
  36,010
  37,823
Revenue / Adjusted assets
  0.817
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
Average production assets, $m
  1,073
  2,637
  2,785
  2,940
  3,102
  3,272
  3,449
  3,634
  3,828
  4,031
  4,243
  4,466
  4,699
  4,943
  5,199
  5,467
  5,749
  6,044
  6,353
  6,677
  7,017
  7,374
  7,748
  8,141
  8,553
  8,986
  9,440
  9,916
  10,416
  10,940
  11,491
Working capital, $m
  800
  -283
  -299
  -316
  -333
  -351
  -370
  -390
  -411
  -433
  -456
  -480
  -505
  -531
  -558
  -587
  -618
  -649
  -682
  -717
  -754
  -792
  -832
  -875
  -919
  -965
  -1,014
  -1,065
  -1,119
  -1,175
  -1,234
Total debt, $m
  4,396
  2,332
  2,772
  3,231
  3,711
  4,213
  4,738
  5,286
  5,861
  6,462
  7,091
  7,751
  8,441
  9,165
  9,923
  10,718
  11,551
  12,424
  13,340
  14,301
  15,309
  16,366
  17,475
  18,639
  19,859
  21,140
  22,485
  23,896
  25,376
  26,930
  28,562
Total liabilities, $m
  9,427
  7,811
  8,251
  8,710
  9,190
  9,692
  10,217
  10,765
  11,340
  11,941
  12,570
  13,230
  13,920
  14,644
  15,402
  16,197
  17,030
  17,903
  18,819
  19,780
  20,788
  21,845
  22,954
  24,118
  25,338
  26,619
  27,964
  29,375
  30,855
  32,409
  34,041
Total equity, $m
  -964
  868
  917
  968
  1,021
  1,077
  1,135
  1,196
  1,260
  1,327
  1,397
  1,470
  1,547
  1,627
  1,711
  1,800
  1,892
  1,989
  2,091
  2,198
  2,310
  2,427
  2,550
  2,680
  2,815
  2,958
  3,107
  3,264
  3,428
  3,601
  3,782
Total liabilities and equity, $m
  8,463
  8,679
  9,168
  9,678
  10,211
  10,769
  11,352
  11,961
  12,600
  13,268
  13,967
  14,700
  15,467
  16,271
  17,113
  17,997
  18,922
  19,892
  20,910
  21,978
  23,098
  24,272
  25,504
  26,798
  28,153
  29,577
  31,071
  32,639
  34,283
  36,010
  37,823
Debt-to-equity ratio
  -4.560
  2.690
  3.020
  3.340
  3.630
  3.910
  4.170
  4.420
  4.650
  4.870
  5.080
  5.270
  5.460
  5.630
  5.800
  5.960
  6.100
  6.250
  6.380
  6.510
  6.630
  6.740
  6.850
  6.960
  7.050
  7.150
  7.240
  7.320
  7.400
  7.480
  7.550
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
  844
  1,064
  1,190
  1,322
  1,462
  1,609
  1,765
  1,929
  2,101
  2,283
  2,607
  2,810
  3,024
  3,249
  3,487
  3,738
  4,003
  4,283
  4,578
  4,889
  5,218
  5,564
  5,929
  6,314
  6,720
  7,149
  7,600
  8,077
  8,579
  9,108
Depreciation, amort., depletion, $m
  295
  444
  458
  474
  490
  507
  525
  543
  563
  583
  604
  447
  470
  494
  520
  547
  575
  604
  635
  668
  702
  737
  775
  814
  855
  899
  944
  992
  1,042
  1,094
  1,149
Funds from operations, $m
  1,104
  1,287
  1,522
  1,664
  1,813
  1,969
  2,134
  2,308
  2,491
  2,684
  2,888
  3,053
  3,280
  3,518
  3,769
  4,034
  4,313
  4,608
  4,918
  5,246
  5,591
  5,955
  6,339
  6,743
  7,170
  7,619
  8,093
  8,592
  9,118
  9,673
  10,257
Change in working capital, $m
  -61
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
Cash from operations, $m
  1,165
  1,302
  1,538
  1,680
  1,830
  1,987
  2,153
  2,328
  2,512
  2,706
  2,910
  3,077
  3,305
  3,544
  3,797
  4,063
  4,344
  4,640
  4,952
  5,281
  5,628
  5,993
  6,379
  6,785
  7,214
  7,665
  8,142
  8,643
  9,172
  9,729
  10,316
Maintenance CAPEX, $m
  0
  -250
  -264
  -279
  -294
  -310
  -327
  -345
  -363
  -383
  -403
  -424
  -447
  -470
  -494
  -520
  -547
  -575
  -604
  -635
  -668
  -702
  -737
  -775
  -814
  -855
  -899
  -944
  -992
  -1,042
  -1,094
New CAPEX, $m
  -271
  -140
  -148
  -155
  -162
  -169
  -177
  -185
  -194
  -203
  -212
  -223
  -233
  -244
  -256
  -268
  -281
  -295
  -309
  -324
  -340
  -357
  -374
  -393
  -412
  -432
  -454
  -476
  -500
  -525
  -551
Cash from investing activities, $m
  -1,002
  -390
  -412
  -434
  -456
  -479
  -504
  -530
  -557
  -586
  -615
  -647
  -680
  -714
  -750
  -788
  -828
  -870
  -913
  -959
  -1,008
  -1,059
  -1,111
  -1,168
  -1,226
  -1,287
  -1,353
  -1,420
  -1,492
  -1,567
  -1,645
Free cash flow, $m
  163
  912
  1,126
  1,247
  1,374
  1,508
  1,649
  1,798
  1,955
  2,120
  2,295
  2,431
  2,625
  2,830
  3,046
  3,275
  3,516
  3,770
  4,038
  4,321
  4,620
  4,935
  5,267
  5,618
  5,988
  6,378
  6,789
  7,223
  7,680
  8,163
  8,671
Issuance/(repayment) of debt, $m
  -13
  -2,139
  440
  459
  480
  502
  525
  549
  574
  601
  629
  659
  691
  724
  758
  795
  833
  874
  916
  961
  1,008
  1,057
  1,109
  1,164
  1,221
  1,281
  1,344
  1,411
  1,481
  1,554
  1,631
Issuance/(repurchase) of shares, $m
  -749
  1,766
  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
  -373
  440
  459
  480
  502
  525
  549
  574
  601
  629
  659
  691
  724
  758
  795
  833
  874
  916
  961
  1,008
  1,057
  1,109
  1,164
  1,221
  1,281
  1,344
  1,411
  1,481
  1,554
  1,631
Total cash flow (excl. dividends), $m
  -670
  540
  1,566
  1,706
  1,854
  2,010
  2,174
  2,347
  2,529
  2,721
  2,924
  3,090
  3,315
  3,553
  3,805
  4,069
  4,349
  4,643
  4,954
  5,282
  5,627
  5,992
  6,376
  6,781
  7,208
  7,659
  8,133
  8,634
  9,161
  9,717
  10,303
Retained Cash Flow (-), $m
  858
  -2,610
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -136
  -142
  -149
  -157
  -165
  -173
  -181
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  64
  67
  71
  75
  79
  84
  88
  93
  98
  103
  109
  114
  120
  126
  133
  140
  147
  155
  162
  171
  179
  189
  198
  208
  219
  230
  241
  254
  266
  280
Cash available for distribution, $m
 
  -2,070
  1,517
  1,655
  1,801
  1,954
  2,115
  2,286
  2,465
  2,655
  2,854
  3,016
  3,239
  3,473
  3,720
  3,981
  4,256
  4,546
  4,852
  5,175
  5,515
  5,874
  6,253
  6,652
  7,073
  7,516
  7,984
  8,477
  8,997
  9,544
  10,121
Discount rate, %
 
  10.40
  10.92
  11.47
  12.04
  12.64
  13.27
  13.94
  14.63
  15.37
  16.13
  16.94
  17.79
  18.68
  19.61
  20.59
  21.62
  22.70
  23.84
  25.03
  26.28
  27.59
  28.97
  30.42
  31.94
  33.54
  35.22
  36.98
  38.83
  40.77
  42.81
PV of cash for distribution, $m
 
  -1,875
  1,233
  1,195
  1,143
  1,077
  1,001
  917
  827
  733
  640
  539
  454
  375
  303
  240
  186
  140
  103
  74
  52
  35
  23
  15
  9
  5
  3
  2
  1
  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 35.8
Price to Sales 3.3
Price to Book -20.8
Price to Tangible Book
Price to Cash Flow 17.2
Price to Free Cash Flow 22.4
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 $6380 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 5.7% 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 10.4%, 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 37.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2787 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 5.4% 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 1%.

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 39.1%.

Life of production assets of 10 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 -4.2%. 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 - $-1742 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 163 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 $19.8 billion.

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COMPANY NEWS

▶ Is The Motorola Solutions Rally Justified?   [Jun-01-18 01:06PM  Forbes]
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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