Intrinsic value of PC-Tel - PCTI

Previous Close

$7.40

  Intrinsic Value

$8.85

stock screener

  Rating & Target

hold

+20%

Previous close

$7.40

 
Intrinsic value

$8.85

 
Up/down potential

+20%

 
Rating

hold

We calculate the intrinsic value of PCTI 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, %
  -9.35
  14.30
  13.37
  12.53
  11.78
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
Revenue, $m
  97
  111
  126
  141
  158
  176
  194
  213
  234
  255
  276
  299
  323
  348
  373
  400
  427
  456
  486
  517
  550
  583
  618
  655
  693
  733
  774
  818
  863
  910
  960
Variable operating expenses, $m
 
  66
  75
  84
  94
  105
  116
  127
  139
  152
  165
  178
  192
  207
  222
  238
  254
  271
  289
  308
  327
  347
  368
  390
  412
  436
  461
  486
  513
  542
  571
Fixed operating expenses, $m
 
  50
  51
  53
  54
  55
  57
  58
  60
  61
  63
  64
  66
  68
  69
  71
  73
  75
  76
  78
  80
  82
  84
  86
  89
  91
  93
  95
  98
  100
  103
Total operating expenses, $m
  106
  116
  126
  137
  148
  160
  173
  185
  199
  213
  228
  242
  258
  275
  291
  309
  327
  346
  365
  386
  407
  429
  452
  476
  501
  527
  554
  581
  611
  642
  674
Operating income, $m
  -9
  -6
  -1
  4
  10
  15
  22
  28
  35
  42
  49
  57
  65
  73
  82
  91
  100
  110
  120
  131
  142
  154
  166
  179
  192
  206
  221
  236
  252
  269
  286
EBITDA, $m
  -4
  -1
  5
  11
  17
  23
  30
  37
  45
  53
  61
  70
  79
  88
  98
  108
  118
  129
  141
  153
  165
  179
  192
  206
  221
  237
  253
  270
  288
  307
  327
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
Earnings before tax, $m
  -9
  -6
  -1
  4
  9
  15
  21
  27
  34
  41
  48
  56
  64
  72
  81
  90
  99
  109
  119
  129
  140
  152
  164
  176
  189
  203
  218
  233
  248
  265
  282
Tax expense, $m
  9
  0
  0
  1
  3
  4
  6
  7
  9
  11
  13
  15
  17
  19
  22
  24
  27
  29
  32
  35
  38
  41
  44
  48
  51
  55
  59
  63
  67
  72
  76
Net income, $m
  -18
  -6
  -1
  3
  7
  11
  15
  20
  25
  30
  35
  41
  47
  53
  59
  65
  72
  79
  87
  94
  102
  111
  120
  129
  138
  148
  159
  170
  181
  193
  206

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  33
  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
  92
  67
  76
  86
  96
  107
  118
  130
  142
  155
  168
  182
  196
  211
  227
  243
  260
  277
  296
  315
  334
  355
  376
  398
  422
  446
  471
  497
  525
  554
  584
Adjusted assets (=assets-cash), $m
  59
  67
  76
  86
  96
  107
  118
  130
  142
  155
  168
  182
  196
  211
  227
  243
  260
  277
  296
  315
  334
  355
  376
  398
  422
  446
  471
  497
  525
  554
  584
Revenue / Adjusted assets
  1.644
  1.657
  1.658
  1.640
  1.646
  1.645
  1.644
  1.638
  1.648
  1.645
  1.643
  1.643
  1.648
  1.649
  1.643
  1.646
  1.642
  1.646
  1.642
  1.641
  1.647
  1.642
  1.644
  1.646
  1.642
  1.643
  1.643
  1.646
  1.644
  1.643
  1.644
Average production assets, $m
  21
  23
  27
  30
  33
  37
  41
  45
  49
  54
  58
  63
  68
  73
  79
  84
  90
  96
  103
  109
  116
  123
  130
  138
  146
  155
  163
  173
  182
  192
  203
Working capital, $m
  55
  25
  29
  32
  36
  40
  44
  48
  53
  58
  63
  68
  73
  79
  85
  91
  97
  104
  110
  117
  125
  132
  140
  149
  157
  166
  176
  186
  196
  207
  218
Total debt, $m
  0
  2
  4
  6
  8
  11
  13
  16
  18
  21
  24
  27
  30
  34
  37
  41
  44
  48
  52
  56
  61
  65
  70
  75
  80
  85
  91
  96
  102
  109
  115
Total liabilities, $m
  14
  15
  17
  19
  21
  24
  26
  29
  31
  34
  37
  40
  43
  47
  50
  54
  57
  61
  65
  69
  74
  78
  83
  88
  93
  98
  104
  109
  115
  122
  128
Total equity, $m
  79
  53
  60
  67
  75
  83
  92
  101
  111
  121
  131
  142
  153
  165
  177
  190
  203
  216
  231
  245
  261
  277
  293
  311
  329
  348
  367
  388
  409
  432
  455
Total liabilities and equity, $m
  93
  68
  77
  86
  96
  107
  118
  130
  142
  155
  168
  182
  196
  212
  227
  244
  260
  277
  296
  314
  335
  355
  376
  399
  422
  446
  471
  497
  524
  554
  583
Debt-to-equity ratio
  0.000
  0.030
  0.060
  0.090
  0.110
  0.130
  0.140
  0.150
  0.160
  0.170
  0.180
  0.190
  0.200
  0.200
  0.210
  0.210
  0.220
  0.220
  0.230
  0.230
  0.230
  0.240
  0.240
  0.240
  0.240
  0.240
  0.250
  0.250
  0.250
  0.250
  0.250
Adjusted equity ratio
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -18
  -6
  -1
  3
  7
  11
  15
  20
  25
  30
  35
  41
  47
  53
  59
  65
  72
  79
  87
  94
  102
  111
  120
  129
  138
  148
  159
  170
  181
  193
  206
Depreciation, amort., depletion, $m
  5
  5
  6
  6
  7
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  29
  31
  33
  35
  36
  38
  41
Funds from operations, $m
  15
  -1
  5
  9
  14
  19
  24
  29
  35
  41
  47
  54
  60
  67
  75
  82
  90
  99
  107
  116
  126
  135
  146
  156
  168
  179
  192
  204
  218
  232
  247
Change in working capital, $m
  5
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
Cash from operations, $m
  10
  -4
  1
  6
  10
  15
  20
  25
  30
  36
  42
  48
  55
  62
  69
  76
  84
  92
  100
  109
  118
  128
  138
  148
  159
  170
  182
  194
  207
  221
  235
Maintenance CAPEX, $m
  0
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -36
  -38
New CAPEX, $m
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
Cash from investing activities, $m
  4
  -7
  -8
  -8
  -10
  -11
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -28
  -29
  -30
  -32
  -34
  -36
  -37
  -40
  -42
  -45
  -46
  -48
Free cash flow, $m
  14
  -11
  -6
  -3
  1
  4
  8
  13
  17
  22
  27
  32
  37
  43
  49
  55
  61
  68
  75
  82
  90
  98
  106
  114
  123
  133
  142
  153
  163
  175
  186
Issuance/(repayment) of debt, $m
  0
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
Issuance/(repurchase) of shares, $m
  -3
  12
  8
  4
  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
Cash from financing (excl. dividends), $m  
  -4
  14
  10
  6
  3
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
Total cash flow (excl. dividends), $m
  11
  3
  3
  4
  4
  7
  11
  15
  20
  25
  30
  35
  41
  46
  52
  59
  65
  72
  79
  86
  94
  102
  110
  119
  128
  138
  148
  158
  169
  181
  193
Retained Cash Flow (-), $m
  21
  -12
  -8
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
Prev. year cash balance distribution, $m
 
  33
  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
 
  24
  -5
  -4
  -4
  -2
  2
  6
  10
  15
  19
  24
  29
  35
  40
  46
  52
  58
  65
  72
  79
  86
  94
  102
  110
  119
  128
  138
  148
  159
  170
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
 
  23
  -4
  -3
  -3
  -1
  2
  4
  6
  8
  10
  11
  12
  13
  13
  13
  13
  13
  12
  11
  10
  9
  8
  7
  6
  5
  4
  3
  2
  2
  1
Current shareholders' claim on cash, %
  100
  86.7
  79.7
  76.4
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8

PCTEL, Inc. (PCTEL) delivers telecom solutions. The Company operates in two segments: Connected Solutions and RF Solutions. The RF Solutions segment develops and provides test equipment, software and engineering services for wireless networks. The Connected Solutions segment designs and delivers antennas and site solutions for wireless networks globally. PCTEL antennas and site solutions support networks across the world, including Supervisory Control and Data Acquisition (SCADA) for oil, gas and utilities, fleet management, industrial operations, healthcare, small cell and network timing deployment, defense, public safety, education and broadband access. Its SeeGull flex scanning receivers are used around the world for indoor and drive test applications, including baseline testing, acceptance testing, spectrum clearing, troubleshooting and network optimization. PCTEL provides wireless network testing, commissioning, optimization, design, integration and consulting services.

FINANCIAL RATIOS  of  PC-Tel (PCTI)

Valuation Ratios
P/E Ratio -7.1
Price to Sales 1.3
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 12.8
Price to Free Cash Flow 16
Growth Rates
Sales Growth Rate -9.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -7.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -17.5%
Ret/ On Assets - 3 Yr. Avg. -5.1%
Return On Total Capital -20.1%
Ret/ On T. Cap. - 3 Yr. Avg. -5.9%
Return On Equity -20.1%
Return On Equity - 3 Yr. Avg. -5.9%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 36.1%
Gross Margin - 3 Yr. Avg. 37.3%
EBITDA Margin -4.1%
EBITDA Margin - 3 Yr. Avg. 3.6%
Operating Margin -9.3%
Oper. Margin - 3 Yr. Avg. -3.4%
Pre-Tax Margin -9.3%
Pre-Tax Margin - 3 Yr. Avg. -1.8%
Net Profit Margin -18.6%
Net Profit Margin - 3 Yr. Avg. -5.3%
Effective Tax Rate -100%
Eff/ Tax Rate - 3 Yr. Avg. -27.8%
Payout Ratio -16.7%

PCTI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PCTI stock intrinsic value calculation we used $97 million for the last fiscal year's total revenue generated by PC-Tel. The default revenue input number comes from 2016 income statement of PC-Tel. 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 PCTI stock valuation model: a) initial revenue growth rate of 14.3% 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 PCTI is calculated based on our internal credit rating of PC-Tel, 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 PC-Tel.
    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 PCTI stock the variable cost ratio is equal to 59.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $49 million in the base year in the intrinsic value calculation for PCTI 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 3.5% for PC-Tel.

Corporate tax rate of 27% is the nominal tax rate for PC-Tel. 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 PCTI 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 PCTI are equal to 21.1%.

Life of production assets of 4.7 years is the average useful life of capital assets used in PC-Tel 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 PCTI is equal to 22.7%. 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 - $79 million for PC-Tel - 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 18.497 million for PC-Tel 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 PC-Tel at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ PCTEL Declares Regular Quarterly Dividend   [Jan-26-18 08:50AM  Business Wire]
▶ ETFs with exposure to PCTEL, Inc. : December 19, 2017   [Dec-19-17 01:46PM  Capital Cube]
▶ ETFs with exposure to PCTEL, Inc. : December 8, 2017   [Dec-08-17 01:18PM  Capital Cube]
▶ PCTEL Expands Embedded Antenna Portfolio   [Nov-28-17 08:50AM  Business Wire]
▶ Pctel posts 3Q profit   [Nov-08-17 04:43PM  Associated Press]
▶ PCTEL, Inc. to Host Earnings Call   [12:30PM  ACCESSWIRE]
▶ PCTEL Opens Wireless System Performance Lab   [Nov-01-17 08:50AM  Business Wire]
▶ PCTEL Declares Regular Quarterly Dividend   [Oct-27-17 08:50AM  Business Wire]
▶ PCTEL Schedules Third Quarter 2017 Earnings Release   [Oct-13-17 08:50AM  Business Wire]
▶ ETFs with exposure to PCTEL, Inc. : September 6, 2017   [Sep-05-17 09:45PM  Capital Cube]
▶ PCTEL to Present at Midwest IDEAS Investor Conference   [Aug-17-17 08:50AM  Business Wire]
▶ PCTEL Reports $21.5 Million in Second Quarter Revenue   [Aug-08-17 04:30PM  Business Wire]
▶ PCTEL Schedules Second Quarter 2017 Earnings Release   [Jul-21-17 08:50AM  Business Wire]
▶ PCTEL Board of Directors Approves Dividend Increase   [Jun-26-17 04:30PM  Business Wire]
▶ PCTEL Simplifies Narrow Band Public Safety Network Testing   [Jun-06-17 08:50AM  Business Wire]
▶ PCTEL Announces Interference Hunting for 600 MHz Spectrum   [May-23-17 08:50AM  Business Wire]
▶ ETFs with exposure to PCTEL, Inc. : May 15, 2017   [May-15-17 04:19PM  Capital Cube]
▶ Pctel posts 1Q loss   [05:02AM  Associated Press]
▶ PCTEL Reports $25.0 Million in First Quarter Revenue   [May-09-17 04:30PM  Business Wire]
▶ PCTEL to Present at East Coast IDEAS Investor Conference   [May-08-17 08:50AM  Business Wire]
▶ 3 Tech Stocks Under $10 to Buy Now   [May-01-17 06:32PM  Zacks]
▶ PCTEL Declares Regular Quarterly Dividend   [Apr-28-17 08:50AM  Business Wire]
▶ PCTEL Schedules First Quarter 2017 Earnings Release   [Apr-21-17 08:50AM  Business Wire]
▶ Bet on 4 Stocks With Increasing Cash Flows   [Apr-13-17 08:40AM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for April 7th   [Apr-07-17 11:05AM  Zacks]
▶ 3 Tech Stocks Under $10 to Buy Now   [Apr-03-17 06:15PM  Zacks]
▶ A Low Price Stock Seeing Big Accumulation   [02:25PM  Investopedia]
▶ A Low Price Stock Seeing Big Accumulation   [02:25PM  at Investopedia]
▶ Pctel reports 4Q loss   [07:50AM  Associated Press]
▶ PCTEL Schedules Fourth Quarter 2016 Earnings Release   [Feb-21-17 04:30PM  Business Wire]
▶ PCTEL Declares Regular Quarterly Dividend   [Jan-27-17 08:50AM  Business Wire]
▶ PCTEL Will Ring Nasdaq Opening Bell on January 12   [Jan-09-17 08:50AM  Business Wire]
▶ PCTEL Appoints David Neumann as CEO   [Jan-02-17 08:50AM  Business Wire]
Financial statements of PCTI
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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