Intrinsic value of Nortel Inversora ADR - NTL

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$27.40

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$27.40

 
Intrinsic value

$4,364

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence* premium content

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*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
  21.20
  19.58
  18.12
  16.81
  15.63
  14.57
  13.61
  12.75
  11.97
  11.28
  10.65
  10.08
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
Revenue, $m
  3,413
  4,137
  4,946
  5,843
  6,825
  7,892
  9,041
  10,272
  11,581
  12,968
  14,430
  15,967
  17,577
  19,260
  21,016
  22,846
  24,750
  26,730
  28,789
  30,929
  33,152
  35,462
  37,864
  40,361
  42,959
  45,662
  48,476
  51,407
  54,462
  57,647
  60,969
Variable operating expenses, $m
 
  3,504
  4,190
  4,949
  5,781
  6,684
  7,658
  8,700
  9,809
  10,984
  12,222
  13,524
  14,888
  16,313
  17,801
  19,350
  20,963
  22,641
  24,384
  26,196
  28,080
  30,037
  32,071
  34,186
  36,386
  38,676
  41,059
  43,542
  46,129
  48,827
  51,641
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
  3,504
  4,190
  4,949
  5,781
  6,684
  7,658
  8,700
  9,809
  10,984
  12,222
  13,524
  14,888
  16,313
  17,801
  19,350
  20,963
  22,641
  24,384
  26,196
  28,080
  30,037
  32,071
  34,186
  36,386
  38,676
  41,059
  43,542
  46,129
  48,827
  51,641
Operating income, $m
  500
  633
  757
  894
  1,044
  1,207
  1,383
  1,572
  1,772
  1,984
  2,208
  2,443
  2,689
  2,947
  3,215
  3,495
  3,787
  4,090
  4,405
  4,732
  5,072
  5,426
  5,793
  6,175
  6,573
  6,986
  7,417
  7,865
  8,333
  8,820
  9,328
EBITDA, $m
  897
  751
  898
  1,061
  1,239
  1,433
  1,642
  1,865
  2,103
  2,355
  2,621
  2,900
  3,192
  3,498
  3,816
  4,149
  4,495
  4,854
  5,228
  5,617
  6,020
  6,440
  6,876
  7,330
  7,801
  8,292
  8,803
  9,336
  9,890
  10,469
  11,072
Interest expense (income), $m
  101
  104
  190
  287
  394
  512
  639
  777
  924
  1,080
  1,246
  1,421
  1,604
  1,797
  1,998
  2,208
  2,427
  2,654
  2,891
  3,137
  3,393
  3,659
  3,935
  4,222
  4,520
  4,831
  5,154
  5,490
  5,841
  6,206
  6,586
Earnings before tax, $m
  358
  529
  566
  607
  650
  696
  744
  795
  848
  904
  962
  1,022
  1,085
  1,150
  1,217
  1,287
  1,360
  1,435
  1,514
  1,595
  1,679
  1,767
  1,858
  1,953
  2,052
  2,155
  2,263
  2,375
  2,492
  2,614
  2,742
Tax expense, $m
  103
  143
  153
  164
  175
  188
  201
  215
  229
  244
  260
  276
  293
  310
  329
  348
  367
  388
  409
  431
  453
  477
  502
  527
  554
  582
  611
  641
  673
  706
  740
Net income, $m
  140
  386
  413
  443
  474
  508
  543
  580
  619
  660
  702
  746
  792
  839
  889
  940
  993
  1,048
  1,105
  1,164
  1,226
  1,290
  1,357
  1,426
  1,498
  1,573
  1,652
  1,734
  1,819
  1,908
  2,002

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
  3,275
  3,916
  4,626
  5,404
  6,248
  7,159
  8,133
  9,170
  10,268
  11,425
  12,642
  13,917
  15,249
  16,640
  18,088
  19,596
  21,164
  22,794
  24,488
  26,248
  28,078
  29,979
  31,957
  34,013
  36,154
  38,382
  40,702
  43,121
  45,643
  48,273
Adjusted assets (=assets-cash), $m
  2,702
  3,275
  3,916
  4,626
  5,404
  6,248
  7,159
  8,133
  9,170
  10,268
  11,425
  12,642
  13,917
  15,249
  16,640
  18,088
  19,596
  21,164
  22,794
  24,488
  26,248
  28,078
  29,979
  31,957
  34,013
  36,154
  38,382
  40,702
  43,121
  45,643
  48,273
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
  592
  707
  836
  976
  1,129
  1,293
  1,469
  1,656
  1,854
  2,064
  2,283
  2,513
  2,754
  3,005
  3,267
  3,539
  3,822
  4,117
  4,423
  4,741
  5,071
  5,415
  5,772
  6,143
  6,530
  6,932
  7,351
  7,788
  8,243
  8,719
Working capital, $m
  -58
  -265
  -317
  -374
  -437
  -505
  -579
  -657
  -741
  -830
  -924
  -1,022
  -1,125
  -1,233
  -1,345
  -1,462
  -1,584
  -1,711
  -1,842
  -1,979
  -2,122
  -2,270
  -2,423
  -2,583
  -2,749
  -2,922
  -3,102
  -3,290
  -3,486
  -3,689
  -3,902
Total debt, $m
  762
  1,013
  1,528
  2,098
  2,722
  3,400
  4,131
  4,914
  5,746
  6,628
  7,558
  8,534
  9,558
  10,628
  11,745
  12,908
  14,119
  15,378
  16,687
  18,047
  19,460
  20,929
  22,456
  24,044
  25,696
  27,414
  29,203
  31,067
  33,009
  35,034
  37,146
Total liabilities, $m
  2,379
  2,630
  3,145
  3,715
  4,339
  5,017
  5,748
  6,531
  7,363
  8,245
  9,175
  10,151
  11,175
  12,245
  13,362
  14,525
  15,736
  16,995
  18,304
  19,664
  21,077
  22,546
  24,073
  25,661
  27,313
  29,031
  30,820
  32,684
  34,626
  36,651
  38,763
Total equity, $m
  691
  645
  772
  911
  1,065
  1,231
  1,410
  1,602
  1,806
  2,023
  2,251
  2,490
  2,742
  3,004
  3,278
  3,563
  3,860
  4,169
  4,490
  4,824
  5,171
  5,531
  5,906
  6,295
  6,701
  7,122
  7,561
  8,018
  8,495
  8,992
  9,510
Total liabilities and equity, $m
  3,070
  3,275
  3,917
  4,626
  5,404
  6,248
  7,158
  8,133
  9,169
  10,268
  11,426
  12,641
  13,917
  15,249
  16,640
  18,088
  19,596
  21,164
  22,794
  24,488
  26,248
  28,077
  29,979
  31,956
  34,014
  36,153
  38,381
  40,702
  43,121
  45,643
  48,273
Debt-to-equity ratio
  1.103
  1.570
  1.980
  2.300
  2.560
  2.760
  2.930
  3.070
  3.180
  3.280
  3.360
  3.430
  3.490
  3.540
  3.580
  3.620
  3.660
  3.690
  3.720
  3.740
  3.760
  3.780
  3.800
  3.820
  3.830
  3.850
  3.860
  3.870
  3.890
  3.900
  3.910
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
  386
  413
  443
  474
  508
  543
  580
  619
  660
  702
  746
  792
  839
  889
  940
  993
  1,048
  1,105
  1,164
  1,226
  1,290
  1,357
  1,426
  1,498
  1,573
  1,652
  1,734
  1,819
  1,908
  2,002
Depreciation, amort., depletion, $m
  397
  118
  141
  167
  195
  226
  259
  294
  331
  371
  413
  457
  503
  551
  601
  653
  708
  764
  823
  885
  948
  1,014
  1,083
  1,154
  1,229
  1,306
  1,386
  1,470
  1,558
  1,649
  1,744
Funds from operations, $m
  536
  504
  555
  610
  670
  734
  802
  874
  950
  1,031
  1,115
  1,203
  1,295
  1,390
  1,490
  1,593
  1,701
  1,812
  1,928
  2,049
  2,174
  2,304
  2,440
  2,580
  2,727
  2,879
  3,038
  3,204
  3,377
  3,557
  3,745
Change in working capital, $m
  -189
  -46
  -52
  -57
  -63
  -68
  -74
  -79
  -84
  -89
  -94
  -98
  -103
  -108
  -112
  -117
  -122
  -127
  -132
  -137
  -142
  -148
  -154
  -160
  -166
  -173
  -180
  -188
  -195
  -204
  -213
Cash from operations, $m
  725
  549
  607
  667
  732
  802
  875
  953
  1,034
  1,119
  1,208
  1,301
  1,398
  1,498
  1,602
  1,710
  1,823
  1,939
  2,060
  2,186
  2,316
  2,452
  2,593
  2,740
  2,893
  3,052
  3,218
  3,392
  3,572
  3,761
  3,958
Maintenance CAPEX, $m
  0
  -98
  -118
  -141
  -167
  -195
  -226
  -259
  -294
  -331
  -371
  -413
  -457
  -503
  -551
  -601
  -653
  -708
  -764
  -823
  -885
  -948
  -1,014
  -1,083
  -1,154
  -1,229
  -1,306
  -1,386
  -1,470
  -1,558
  -1,649
New CAPEX, $m
  -726
  -104
  -116
  -128
  -140
  -153
  -164
  -176
  -187
  -198
  -209
  -220
  -230
  -241
  -251
  -262
  -272
  -283
  -294
  -306
  -318
  -330
  -343
  -357
  -371
  -387
  -402
  -419
  -437
  -455
  -475
Cash from investing activities, $m
  -726
  -202
  -234
  -269
  -307
  -348
  -390
  -435
  -481
  -529
  -580
  -633
  -687
  -744
  -802
  -863
  -925
  -991
  -1,058
  -1,129
  -1,203
  -1,278
  -1,357
  -1,440
  -1,525
  -1,616
  -1,708
  -1,805
  -1,907
  -2,013
  -2,124
Free cash flow, $m
  -1
  348
  373
  398
  425
  454
  485
  518
  553
  590
  628
  669
  711
  755
  800
  848
  897
  948
  1,001
  1,056
  1,114
  1,174
  1,236
  1,300
  1,367
  1,437
  1,510
  1,586
  1,665
  1,748
  1,834
Issuance/(repayment) of debt, $m
  410
  460
  515
  570
  624
  678
  731
  782
  833
  882
  930
  977
  1,024
  1,070
  1,116
  1,163
  1,211
  1,259
  1,309
  1,360
  1,414
  1,469
  1,527
  1,588
  1,652
  1,719
  1,789
  1,864
  1,942
  2,025
  2,112
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
  460
  515
  570
  624
  678
  731
  782
  833
  882
  930
  977
  1,024
  1,070
  1,116
  1,163
  1,211
  1,259
  1,309
  1,360
  1,414
  1,469
  1,527
  1,588
  1,652
  1,719
  1,789
  1,864
  1,942
  2,025
  2,112
Total cash flow (excl. dividends), $m
  288
  808
  888
  968
  1,049
  1,132
  1,216
  1,301
  1,386
  1,472
  1,558
  1,646
  1,734
  1,825
  1,917
  2,011
  2,108
  2,207
  2,310
  2,417
  2,527
  2,643
  2,763
  2,888
  3,019
  3,156
  3,299
  3,450
  3,607
  3,773
  3,946
Retained Cash Flow (-), $m
  -76
  -113
  -126
  -140
  -153
  -166
  -179
  -192
  -204
  -216
  -228
  -240
  -251
  -263
  -274
  -285
  -297
  -309
  -321
  -334
  -347
  -360
  -375
  -390
  -405
  -422
  -439
  -457
  -476
  -497
  -518
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
 
  853
  761
  828
  896
  966
  1,037
  1,109
  1,181
  1,255
  1,330
  1,406
  1,483
  1,562
  1,643
  1,725
  1,811
  1,898
  1,989
  2,083
  2,181
  2,282
  2,388
  2,498
  2,614
  2,734
  2,860
  2,992
  3,131
  3,276
  3,428
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
 
  818
  697
  720
  738
  749
  752
  749
  738
  721
  697
  668
  633
  594
  551
  507
  460
  413
  366
  321
  277
  236
  198
  164
  133
  106
  83
  64
  48
  36
  26
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., through its subsidiary, Telecom Argentina S.A., provides fixed-line public and mobile telecommunication services in Argentina and internationally. It operates through three segments: Fixed Services, Personal Mobile Services, and NĂșcleo Mobile Services. The company offers local fixed telephony, public telephony, domestic and international long-distance telephony, domestic and international point-to-point link, domestic and international telex, and Internet access services. It also provides value-added services, data transmission, videoconferencing, transportation of audio and video signals, and mobile radio communication services. In addition, the company offers call forwarding, call waiting, three-way calling, itemized billing, voicemail, SMS, MMS, GPRS, mobile Internet, online streaming, corporate e-mail and social network access, and other miscellaneous cellular services; provides IT solution outsourcing services; and sells mobile communication devices. The company was founded in 1990 and is based in Buenos Aires, Argentina.

FINANCIAL RATIOS  of  Nortel Inversora ADR (NTL)

Valuation Ratios
P/E Ratio 1.3
Price to Sales 0.1
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 0.3
Price to Free Cash Flow -186.3
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 21.2% 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 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 3.052 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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Stock chart of NTL Financial statements of NTL
Valuation of Stocks

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