Intrinsic value of PC-Tel - PCTI

Previous Close

$6.12

  Intrinsic Value

$15.80

stock screener

  Rating & Target

str. buy

+158%

  Value-price divergence*

-96%

Previous close

$6.12

 
Intrinsic value

$15.80

 
Up/down potential

+158%

 
Rating

str. buy

 
Value-price divergence*

-96%

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

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

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, %
  -9.35
  19.00
  17.60
  16.34
  15.21
  14.19
  13.27
  12.44
  11.70
  11.03
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.90
  5.81
  5.73
  5.66
Revenue, $m
  97
  115
  136
  158
  182
  208
  235
  265
  296
  328
  362
  398
  436
  475
  515
  557
  601
  647
  694
  744
  795
  848
  904
  961
  1,021
  1,084
  1,149
  1,217
  1,287
  1,361
  1,438
Variable operating expenses, $m
 
  69
  81
  94
  109
  124
  140
  158
  176
  195
  216
  237
  259
  282
  306
  332
  358
  385
  413
  442
  473
  505
  538
  572
  608
  645
  683
  724
  766
  810
  856
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
  119
  132
  147
  163
  179
  197
  216
  236
  256
  279
  301
  325
  350
  375
  403
  431
  460
  489
  520
  553
  587
  622
  658
  697
  736
  776
  819
  864
  910
  959
Operating income, $m
  -9
  -4
  3
  11
  19
  28
  38
  49
  60
  71
  84
  97
  111
  125
  139
  155
  171
  188
  205
  223
  242
  261
  282
  303
  325
  348
  372
  397
  424
  451
  480
EBITDA, $m
  -4
  -1
  6
  15
  23
  33
  43
  55
  66
  79
  92
  105
  120
  135
  150
  167
  184
  201
  220
  239
  259
  279
  301
  323
  347
  371
  397
  423
  451
  480
  510
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
Earnings before tax, $m
  -9
  -4
  3
  11
  19
  28
  38
  48
  59
  70
  83
  96
  109
  123
  138
  153
  169
  185
  202
  220
  239
  258
  278
  299
  321
  344
  368
  393
  418
  446
  474
Tax expense, $m
  9
  0
  1
  3
  5
  8
  10
  13
  16
  19
  22
  26
  29
  33
  37
  41
  46
  50
  55
  59
  64
  70
  75
  81
  87
  93
  99
  106
  113
  120
  128
Net income, $m
  -18
  -4
  2
  8
  14
  20
  28
  35
  43
  51
  60
  70
  80
  90
  101
  112
  123
  135
  148
  161
  174
  188
  203
  218
  234
  251
  268
  287
  305
  325
  346

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
  70
  83
  96
  111
  126
  143
  161
  180
  200
  220
  242
  265
  289
  313
  339
  366
  394
  422
  452
  484
  516
  550
  585
  621
  659
  699
  740
  783
  828
  875
Adjusted assets (=assets-cash), $m
  59
  70
  83
  96
  111
  126
  143
  161
  180
  200
  220
  242
  265
  289
  313
  339
  366
  394
  422
  452
  484
  516
  550
  585
  621
  659
  699
  740
  783
  828
  875
Revenue / Adjusted assets
  1.644
  1.643
  1.639
  1.646
  1.640
  1.651
  1.643
  1.646
  1.644
  1.640
  1.645
  1.645
  1.645
  1.644
  1.645
  1.643
  1.642
  1.642
  1.645
  1.646
  1.643
  1.643
  1.644
  1.643
  1.644
  1.645
  1.644
  1.645
  1.644
  1.644
  1.643
Average production assets, $m
  21
  24
  29
  33
  38
  44
  50
  56
  62
  69
  76
  84
  92
  100
  109
  118
  127
  137
  147
  157
  168
  179
  191
  203
  216
  229
  242
  257
  272
  287
  303
Working capital, $m
  55
  26
  31
  36
  41
  47
  53
  60
  67
  74
  82
  90
  99
  108
  117
  127
  136
  147
  158
  169
  180
  193
  205
  218
  232
  246
  261
  276
  292
  309
  326
Total debt, $m
  0
  2
  5
  8
  11
  15
  18
  22
  27
  31
  35
  40
  45
  50
  56
  62
  67
  74
  80
  87
  93
  101
  108
  116
  124
  132
  141
  150
  159
  169
  179
Total liabilities, $m
  14
  15
  18
  21
  24
  28
  31
  35
  40
  44
  48
  53
  58
  63
  69
  75
  80
  87
  93
  100
  106
  114
  121
  129
  137
  145
  154
  163
  172
  182
  192
Total equity, $m
  79
  55
  64
  75
  86
  99
  112
  126
  140
  156
  172
  189
  207
  225
  244
  264
  285
  307
  329
  353
  377
  402
  429
  456
  485
  514
  545
  577
  611
  646
  682
Total liabilities and equity, $m
  93
  70
  82
  96
  110
  127
  143
  161
  180
  200
  220
  242
  265
  288
  313
  339
  365
  394
  422
  453
  483
  516
  550
  585
  622
  659
  699
  740
  783
  828
  874
Debt-to-equity ratio
  0.000
  0.040
  0.080
  0.110
  0.130
  0.150
  0.170
  0.180
  0.190
  0.200
  0.210
  0.210
  0.220
  0.220
  0.230
  0.230
  0.240
  0.240
  0.240
  0.250
  0.250
  0.250
  0.250
  0.250
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
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
  -4
  2
  8
  14
  20
  28
  35
  43
  51
  60
  70
  80
  90
  101
  112
  123
  135
  148
  161
  174
  188
  203
  218
  234
  251
  268
  287
  305
  325
  346
Depreciation, amort., depletion, $m
  5
  3
  3
  4
  4
  5
  5
  6
  7
  7
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  30
Funds from operations, $m
  15
  -1
  5
  11
  18
  25
  33
  41
  50
  59
  68
  78
  89
  100
  111
  123
  136
  149
  162
  176
  191
  206
  222
  239
  256
  274
  293
  312
  333
  354
  376
Change in working capital, $m
  5
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
Cash from operations, $m
  10
  -5
  1
  6
  13
  19
  27
  34
  43
  51
  61
  70
  80
  91
  102
  114
  126
  138
  152
  165
  179
  194
  210
  226
  242
  260
  278
  297
  317
  337
  359
Maintenance CAPEX, $m
  0
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -29
New CAPEX, $m
  -2
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
Cash from investing activities, $m
  4
  -6
  -6
  -8
  -8
  -9
  -10
  -11
  -13
  -13
  -14
  -16
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -38
  -41
  -43
  -45
Free cash flow, $m
  14
  -11
  -6
  -1
  4
  10
  16
  23
  30
  38
  46
  55
  64
  74
  84
  94
  105
  116
  128
  140
  153
  166
  180
  194
  209
  225
  241
  258
  276
  295
  314
Issuance/(repayment) of debt, $m
  0
  2
  3
  3
  3
  3
  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
Issuance/(repurchase) of shares, $m
  -3
  13
  7
  3
  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  
  -4
  15
  10
  6
  3
  3
  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
Total cash flow (excl. dividends), $m
  11
  4
  4
  5
  7
  13
  20
  27
  35
  43
  51
  60
  69
  79
  89
  100
  111
  122
  134
  147
  160
  173
  187
  202
  217
  233
  250
  267
  285
  304
  324
Retained Cash Flow (-), $m
  21
  -13
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
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
  -6
  -4
  1
  7
  13
  20
  27
  35
  43
  51
  60
  70
  80
  90
  101
  112
  123
  135
  148
  161
  175
  189
  204
  219
  235
  252
  269
  288
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
  -5
  -5
  -3
  1
  5
  9
  12
  16
  18
  20
  22
  23
  23
  23
  23
  22
  21
  19
  17
  15
  13
  11
  10
  8
  6
  5
  4
  3
  2
Current shareholders' claim on cash, %
  100
  82.9
  75.3
  73.0
  73.0
  73.0
  73.0
  73.0
  73.0
  73.0
  73.0
  73.0
  73.0
  73.0
  73.0
  73.0
  73.0
  73.0
  73.0
  73.0
  73.0
  73.0
  73.0
  73.0
  73.0
  73.0
  73.0
  73.0
  73.0
  73.0
  73.0

PCTEL, Inc., together with its subsidiaries, delivers performance critical telecom solutions worldwide. The company’s Connected Solutions segment designs and delivers performance critical antennas and site solutions support networks, such as supervisory control and data acquisition for oil, gas and utilities, fleet management, industrial operations, health care, small cell and network timing deployment, defense, public safety, education, and broadband access. This segment offers MAXRAD and Bluewave antenna solutions comprising GPS and GNSS products, including mobile and indoor LTE, broadband, and LMR antennas and PIM-rated antennas for transit, in-building, and small cell applications. Its RF Solutions segment develops and provides performance critical test equipment, software, and engineering services for wireless networks. This segment also offers SeeGull flex scanning receivers used for indoor and drive test applications, including baseline testing, acceptance testing, competitive benchmarking, spectrum clearing, troubleshooting, and network optimization, as well as provides RF measurements to build, tune, troubleshoot, and expand commercial wireless networks. In addition, it offers engineering services, such as wireless network testing, optimization, design, integration, and consulting services for in-building distributed antenna systems and outdoor networks; and software products that translate real-time network performance data into engineering actions to optimize operator performance. The company sells its products directly, as well as through test and measurement value-added resellers, distributors, and original equipment manufacturers (OEM) providers to public and private carriers, wireless infrastructure providers, wireless equipment distributors, value added resellers, and OEMs. PCTEL, Inc. was founded in 1994 and is headquartered in Bloomingdale, Illinois.

FINANCIAL RATIOS  of  PC-Tel (PCTI)

Valuation Ratios
P/E Ratio -5.9
Price to Sales 1.1
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 10.6
Price to Free Cash Flow 13.3
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 19% 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 10 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 17.095 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 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]
▶ How Zafgen Inc (ZFGN) Stacks Up Against Its Peers   [Dec-12-16 11:44PM  at Insider Monkey]
▶ PCTEL Unveils Rhino Heavy Duty LTE Multiband Antenna   [Nov-08-16 08:50AM  Business Wire]
▶ Pctel posts 3Q profit   [Oct-28-16 05:03AM  AP]
▶ PCTEL Achieves $24.7 Million in Third Quarter Revenue   [Oct-27-16 04:30PM  Business Wire]
▶ PCTEL Declares Regular Quarterly Dividend   [Oct-25-16 08:50AM  Business Wire]
▶ PCTEL Schedules Third Quarter 2016 Earnings Release   [Oct-11-16 04:30PM  Business Wire]
▶ PCTEL Engages Three Part Advisors for Investor Relations   [Oct-03-16 08:50AM  Business Wire]
▶ Arnt Arvik Joins PCTELs Management Team   [Sep-30-16 08:50AM  Business Wire]
▶ SeeHawk Engage Integrates with iBwave   [Sep-21-16 08:50AM  Business Wire]
Stock chart of PCTI 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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