Intrinsic value of Nortel Inversora ADR - NTL

Previous Close

$37.50

  Intrinsic Value

$5,390

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

-165%

Previous close

$37.50

 
Intrinsic value

$5,390

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

-165%

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

We calculate the intrinsic value of NTL 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 0.1

 

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, %
  31.57
  22.30
  20.57
  19.01
  17.61
  16.35
  15.22
  14.19
  13.27
  12.45
  11.70
  11.03
  10.43
  9.89
  9.40
  8.96
  8.56
  8.21
  7.89
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.81
Revenue, $m
  3,413
  4,174
  5,033
  5,990
  7,044
  8,196
  9,443
  10,784
  12,215
  13,736
  15,343
  17,036
  18,812
  20,672
  22,615
  24,641
  26,750
  28,945
  31,228
  33,600
  36,065
  38,627
  41,290
  44,057
  46,936
  49,930
  53,047
  56,292
  59,673
  63,197
  66,872
Variable operating expenses, $m
 
  3,535
  4,263
  5,073
  5,967
  6,942
  7,999
  9,134
  10,346
  11,634
  12,996
  14,429
  15,934
  17,509
  19,155
  20,871
  22,657
  24,517
  26,450
  28,459
  30,547
  32,717
  34,972
  37,317
  39,755
  42,291
  44,931
  47,680
  50,543
  53,528
  56,641
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
  2,913
  3,535
  4,263
  5,073
  5,967
  6,942
  7,999
  9,134
  10,346
  11,634
  12,996
  14,429
  15,934
  17,509
  19,155
  20,871
  22,657
  24,517
  26,450
  28,459
  30,547
  32,717
  34,972
  37,317
  39,755
  42,291
  44,931
  47,680
  50,543
  53,528
  56,641
Operating income, $m
  500
  639
  770
  916
  1,078
  1,254
  1,445
  1,650
  1,869
  2,102
  2,347
  2,606
  2,878
  3,163
  3,460
  3,770
  4,093
  4,429
  4,778
  5,141
  5,518
  5,910
  6,317
  6,741
  7,181
  7,639
  8,116
  8,613
  9,130
  9,669
  10,231
EBITDA, $m
  897
  758
  914
  1,088
  1,279
  1,488
  1,715
  1,958
  2,218
  2,494
  2,786
  3,094
  3,416
  3,754
  4,107
  4,475
  4,858
  5,256
  5,671
  6,102
  6,549
  7,015
  7,498
  8,001
  8,524
  9,067
  9,633
  10,223
  10,837
  11,477
  12,144
Interest expense (income), $m
  101
  104
  195
  298
  412
  538
  676
  825
  985
  1,156
  1,338
  1,530
  1,732
  1,945
  2,167
  2,399
  2,641
  2,893
  3,156
  3,429
  3,712
  4,007
  4,313
  4,631
  4,962
  5,306
  5,664
  6,037
  6,425
  6,829
  7,250
Earnings before tax, $m
  358
  535
  575
  619
  666
  716
  769
  825
  884
  945
  1,010
  1,077
  1,146
  1,218
  1,293
  1,371
  1,452
  1,535
  1,622
  1,712
  1,806
  1,903
  2,004
  2,110
  2,219
  2,333
  2,452
  2,576
  2,705
  2,841
  2,982
Tax expense, $m
  103
  144
  155
  167
  180
  193
  208
  223
  239
  255
  273
  291
  309
  329
  349
  370
  392
  415
  438
  462
  488
  514
  541
  570
  599
  630
  662
  696
  730
  767
  805
Net income, $m
  140
  390
  420
  452
  486
  523
  561
  602
  645
  690
  737
  786
  837
  889
  944
  1,001
  1,060
  1,121
  1,184
  1,250
  1,318
  1,389
  1,463
  1,540
  1,620
  1,703
  1,790
  1,881
  1,975
  2,074
  2,177

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  368
  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
  3,070
  3,305
  3,985
  4,742
  5,578
  6,490
  7,477
  8,538
  9,672
  10,875
  12,148
  13,488
  14,895
  16,368
  17,906
  19,510
  21,180
  22,918
  24,725
  26,603
  28,555
  30,584
  32,692
  34,883
  37,162
  39,533
  42,001
  44,570
  47,247
  50,037
  52,947
Adjusted assets (=assets-cash), $m
  2,702
  3,305
  3,985
  4,742
  5,578
  6,490
  7,477
  8,538
  9,672
  10,875
  12,148
  13,488
  14,895
  16,368
  17,906
  19,510
  21,180
  22,918
  24,725
  26,603
  28,555
  30,584
  32,692
  34,883
  37,162
  39,533
  42,001
  44,570
  47,247
  50,037
  52,947
Revenue / Adjusted assets
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
  1.263
Average production assets, $m
  488
  597
  720
  857
  1,007
  1,172
  1,350
  1,542
  1,747
  1,964
  2,194
  2,436
  2,690
  2,956
  3,234
  3,524
  3,825
  4,139
  4,466
  4,805
  5,157
  5,524
  5,904
  6,300
  6,712
  7,140
  7,586
  8,050
  8,533
  9,037
  9,563
Working capital, $m
  -58
  -267
  -322
  -383
  -451
  -525
  -604
  -690
  -782
  -879
  -982
  -1,090
  -1,204
  -1,323
  -1,447
  -1,577
  -1,712
  -1,853
  -1,999
  -2,150
  -2,308
  -2,472
  -2,643
  -2,820
  -3,004
  -3,196
  -3,395
  -3,603
  -3,819
  -4,045
  -4,280
Total debt, $m
  762
  1,037
  1,583
  2,191
  2,862
  3,594
  4,387
  5,239
  6,149
  7,116
  8,138
  9,214
  10,344
  11,526
  12,761
  14,049
  15,391
  16,786
  18,237
  19,745
  21,313
  22,942
  24,634
  26,394
  28,224
  30,128
  32,110
  34,173
  36,322
  38,563
  40,899
Total liabilities, $m
  2,379
  2,654
  3,200
  3,808
  4,479
  5,211
  6,004
  6,856
  7,766
  8,733
  9,755
  10,831
  11,961
  13,143
  14,378
  15,666
  17,008
  18,403
  19,854
  21,362
  22,930
  24,559
  26,251
  28,011
  29,841
  31,745
  33,727
  35,790
  37,939
  40,180
  42,516
Total equity, $m
  691
  651
  785
  934
  1,099
  1,278
  1,473
  1,682
  1,905
  2,142
  2,393
  2,657
  2,934
  3,224
  3,527
  3,843
  4,172
  4,515
  4,871
  5,241
  5,625
  6,025
  6,440
  6,872
  7,321
  7,788
  8,274
  8,780
  9,308
  9,857
  10,431
Total liabilities and equity, $m
  3,070
  3,305
  3,985
  4,742
  5,578
  6,489
  7,477
  8,538
  9,671
  10,875
  12,148
  13,488
  14,895
  16,367
  17,905
  19,509
  21,180
  22,918
  24,725
  26,603
  28,555
  30,584
  32,691
  34,883
  37,162
  39,533
  42,001
  44,570
  47,247
  50,037
  52,947
Debt-to-equity ratio
  1.103
  1.590
  2.020
  2.350
  2.600
  2.810
  2.980
  3.110
  3.230
  3.320
  3.400
  3.470
  3.530
  3.570
  3.620
  3.660
  3.690
  3.720
  3.740
  3.770
  3.790
  3.810
  3.830
  3.840
  3.860
  3.870
  3.880
  3.890
  3.900
  3.910
  3.920
Adjusted equity ratio
  0.120
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  140
  390
  420
  452
  486
  523
  561
  602
  645
  690
  737
  786
  837
  889
  944
  1,001
  1,060
  1,121
  1,184
  1,250
  1,318
  1,389
  1,463
  1,540
  1,620
  1,703
  1,790
  1,881
  1,975
  2,074
  2,177
Depreciation, amort., depletion, $m
  397
  119
  144
  171
  201
  234
  270
  308
  349
  393
  439
  487
  538
  591
  647
  705
  765
  828
  893
  961
  1,031
  1,105
  1,181
  1,260
  1,342
  1,428
  1,517
  1,610
  1,707
  1,807
  1,913
Funds from operations, $m
  536
  510
  564
  623
  688
  757
  832
  911
  995
  1,083
  1,176
  1,273
  1,375
  1,481
  1,591
  1,705
  1,825
  1,949
  2,077
  2,211
  2,350
  2,494
  2,644
  2,800
  2,962
  3,131
  3,307
  3,491
  3,682
  3,881
  4,089
Change in working capital, $m
  -189
  -49
  -55
  -61
  -68
  -74
  -80
  -86
  -92
  -97
  -103
  -108
  -114
  -119
  -124
  -130
  -135
  -140
  -146
  -152
  -158
  -164
  -170
  -177
  -184
  -192
  -199
  -208
  -216
  -226
  -235
Cash from operations, $m
  725
  558
  619
  684
  755
  831
  911
  997
  1,086
  1,180
  1,279
  1,381
  1,488
  1,600
  1,715
  1,835
  1,960
  2,089
  2,223
  2,363
  2,507
  2,658
  2,814
  2,977
  3,147
  3,323
  3,507
  3,698
  3,898
  4,107
  4,324
Maintenance CAPEX, $m
  0
  -98
  -119
  -144
  -171
  -201
  -234
  -270
  -308
  -349
  -393
  -439
  -487
  -538
  -591
  -647
  -705
  -765
  -828
  -893
  -961
  -1,031
  -1,105
  -1,181
  -1,260
  -1,342
  -1,428
  -1,517
  -1,610
  -1,707
  -1,807
New CAPEX, $m
  -726
  -109
  -123
  -137
  -151
  -165
  -178
  -192
  -205
  -217
  -230
  -242
  -254
  -266
  -278
  -290
  -302
  -314
  -326
  -339
  -353
  -366
  -381
  -396
  -412
  -428
  -446
  -464
  -483
  -504
  -525
Cash from investing activities, $m
  -726
  -207
  -242
  -281
  -322
  -366
  -412
  -462
  -513
  -566
  -623
  -681
  -741
  -804
  -869
  -937
  -1,007
  -1,079
  -1,154
  -1,232
  -1,314
  -1,397
  -1,486
  -1,577
  -1,672
  -1,770
  -1,874
  -1,981
  -2,093
  -2,211
  -2,332
Free cash flow, $m
  -1
  352
  377
  404
  433
  465
  499
  535
  573
  614
  656
  701
  747
  796
  846
  899
  953
  1,010
  1,069
  1,130
  1,194
  1,260
  1,329
  1,400
  1,475
  1,552
  1,633
  1,717
  1,805
  1,896
  1,991
Issuance/(repayment) of debt, $m
  410
  484
  546
  608
  671
  732
  793
  852
  910
  967
  1,022
  1,076
  1,130
  1,182
  1,235
  1,288
  1,341
  1,396
  1,451
  1,508
  1,567
  1,629
  1,693
  1,760
  1,830
  1,904
  1,982
  2,063
  2,150
  2,240
  2,336
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  274
  484
  546
  608
  671
  732
  793
  852
  910
  967
  1,022
  1,076
  1,130
  1,182
  1,235
  1,288
  1,341
  1,396
  1,451
  1,508
  1,567
  1,629
  1,693
  1,760
  1,830
  1,904
  1,982
  2,063
  2,150
  2,240
  2,336
Total cash flow (excl. dividends), $m
  288
  836
  922
  1,012
  1,104
  1,197
  1,292
  1,387
  1,483
  1,580
  1,678
  1,777
  1,877
  1,978
  2,081
  2,187
  2,295
  2,406
  2,520
  2,639
  2,761
  2,889
  3,022
  3,160
  3,305
  3,456
  3,614
  3,780
  3,954
  4,136
  4,328
Retained Cash Flow (-), $m
  -76
  -119
  -134
  -149
  -165
  -180
  -195
  -209
  -223
  -237
  -251
  -264
  -277
  -290
  -303
  -316
  -329
  -342
  -356
  -370
  -385
  -400
  -415
  -432
  -449
  -467
  -486
  -506
  -527
  -550
  -573
Prev. year cash balance distribution, $m
 
  159
  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
 
  876
  789
  863
  939
  1,017
  1,097
  1,178
  1,260
  1,343
  1,427
  1,513
  1,600
  1,688
  1,778
  1,871
  1,966
  2,063
  2,164
  2,269
  2,377
  2,489
  2,606
  2,729
  2,856
  2,989
  3,128
  3,274
  3,427
  3,587
  3,755
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
 
  840
  722
  751
  773
  789
  796
  796
  788
  772
  748
  718
  683
  642
  597
  549
  499
  449
  399
  349
  302
  257
  216
  179
  145
  116
  91
  70
  53
  39
  28
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

Nortel Inversora S.A. is a holding company. The Company owns a controlling interest in Telecom Argentina S.A., which provides fixed-line public telecommunication services, international long-distance service, data transmission and Internet services in Argentina. The Company's Fixed Services segment offers products and services, including local area, national long-distance and international communications, supplementary services (including call waiting, itemized invoicing and voicemail), interconnection with other operators, data transmission, Internet services, information technology (IT) solution outsourcing and sales of equipment. The Company's Personal Mobile Services segment and Nucleo Mobile Services segment offer services, including voice communications, mobile Internet content and applications download, multimedia messaging services (MMS), short message service (SMS), online streaming, corporate e-mail and social network access, and sale of mobile communication devices.

FINANCIAL RATIOS  of  Nortel Inversora ADR (NTL)

Valuation Ratios
P/E Ratio 1.8
Price to Sales 0.1
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow 0.4
Price to Free Cash Flow -255
Growth Rates
Sales Growth Rate 31.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 75.8%
Cap. Spend. - 3 Yr. Gr. Rate 22%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 80%
Total Debt to Equity 110.3%
Interest Coverage 5
Management Effectiveness
Return On Assets 7.7%
Ret/ On Assets - 3 Yr. Avg. 7.6%
Return On Total Capital 11.8%
Ret/ On T. Cap. - 3 Yr. Avg. 18.1%
Return On Equity 21.4%
Return On Equity - 3 Yr. Avg. 23.4%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 83.6%
Gross Margin - 3 Yr. Avg. 82.8%
EBITDA Margin 25.1%
EBITDA Margin - 3 Yr. Avg. 25.6%
Operating Margin 14.6%
Oper. Margin - 3 Yr. Avg. 15.4%
Pre-Tax Margin 10.5%
Pre-Tax Margin - 3 Yr. Avg. 13.4%
Net Profit Margin 4.1%
Net Profit Margin - 3 Yr. Avg. 4.9%
Effective Tax Rate 28.8%
Eff/ Tax Rate - 3 Yr. Avg. 32.2%
Payout Ratio 65.7%

NTL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NTL stock intrinsic value calculation we used $3413 million for the last fiscal year's total revenue generated by Nortel Inversora ADR. The default revenue input number comes from 2016 income statement of Nortel Inversora ADR. 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 NTL stock valuation model: a) initial revenue growth rate of 22.3% 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 NTL is calculated based on our internal credit rating of Nortel Inversora ADR, 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 Nortel Inversora ADR.
    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 NTL stock the variable cost ratio is equal to 84.7%.

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 NTL 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 18.8% for Nortel Inversora ADR.

Corporate tax rate of 27% is the nominal tax rate for Nortel Inversora ADR. 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 NTL 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 NTL are equal to 14.3%.

Life of production assets of 1.2 years is the average useful life of capital assets used in Nortel Inversora ADR 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 NTL is equal to -6.4%. 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 - $691 million for Nortel Inversora ADR - 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 2.637 million for Nortel Inversora ADR 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 Nortel Inversora ADR at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

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▶ 3 Stocks Going Ex-Dividend Monday: NTL, PFLT, PGH   [Oct-17  10:03AM  at TheStreet]
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Financial statements of NTL
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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