Intrinsic value of pdvWireless - PDVW

Previous Close

$32.75

  Intrinsic Value

$3.92

stock screener

  Rating & Target

str. sell

-88%

Previous close

$32.75

 
Intrinsic value

$3.92

 
Up/down potential

-88%

 
Rating

str. sell

We calculate the intrinsic value of PDVW 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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  25.00
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  5
  8
  12
  18
  27
  38
  52
  70
  92
  118
  149
  185
  226
  273
  324
  381
  444
  511
  584
  661
  743
  830
  921
  1,017
  1,118
  1,223
  1,332
  1,446
  1,565
  1,688
  1,816
Variable operating expenses, $m
 
  50
  77
  115
  166
  235
  323
  433
  568
  731
  924
  1,147
  1,403
  1,691
  2,012
  2,365
  2,751
  3,169
  3,618
  4,098
  4,607
  5,146
  5,713
  6,308
  6,931
  7,581
  8,260
  8,966
  9,702
  10,466
  11,260
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
  38
  50
  77
  115
  166
  235
  323
  433
  568
  731
  924
  1,147
  1,403
  1,691
  2,012
  2,365
  2,751
  3,169
  3,618
  4,098
  4,607
  5,146
  5,713
  6,308
  6,931
  7,581
  8,260
  8,966
  9,702
  10,466
  11,260
Operating income, $m
  -33
  -42
  -64
  -96
  -139
  -197
  -271
  -363
  -477
  -613
  -775
  -962
  -1,176
  -1,418
  -1,687
  -1,984
  -2,308
  -2,658
  -3,035
  -3,437
  -3,864
  -4,316
  -4,791
  -5,291
  -5,813
  -6,359
  -6,928
  -7,520
  -8,137
  -8,778
  -9,444
EBITDA, $m
  -31
  -35
  -54
  -81
  -118
  -167
  -229
  -307
  -404
  -519
  -656
  -815
  -996
  -1,201
  -1,429
  -1,680
  -1,954
  -2,251
  -2,570
  -2,911
  -3,272
  -3,655
  -4,057
  -4,480
  -4,922
  -5,384
  -5,866
  -6,368
  -6,890
  -7,433
  -7,997
Interest expense (income), $m
  0
  0
  0
  1
  2
  2
  4
  5
  7
  10
  13
  16
  20
  25
  30
  36
  42
  49
  57
  65
  74
  83
  93
  103
  114
  125
  137
  150
  162
  176
  190
Earnings before tax, $m
  -33
  -42
  -65
  -97
  -141
  -199
  -274
  -368
  -484
  -623
  -788
  -978
  -1,197
  -1,443
  -1,717
  -2,020
  -2,350
  -2,708
  -3,092
  -3,502
  -3,938
  -4,399
  -4,884
  -5,394
  -5,927
  -6,484
  -7,065
  -7,670
  -8,299
  -8,954
  -9,634
Tax expense, $m
  6
  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
Net income, $m
  -39
  -42
  -65
  -97
  -141
  -199
  -274
  -368
  -484
  -623
  -788
  -978
  -1,197
  -1,443
  -1,717
  -2,020
  -2,350
  -2,708
  -3,092
  -3,502
  -3,938
  -4,399
  -4,884
  -5,394
  -5,927
  -6,484
  -7,065
  -7,670
  -8,299
  -8,954
  -9,634

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  124
  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
  245
  195
  301
  451
  654
  923
  1,269
  1,703
  2,236
  2,877
  3,635
  4,513
  5,518
  6,651
  7,913
  9,305
  10,823
  12,468
  14,235
  16,122
  18,125
  20,244
  22,474
  24,815
  27,265
  29,825
  32,494
  35,273
  38,165
  41,172
  44,297
Adjusted assets (=assets-cash), $m
  121
  195
  301
  451
  654
  923
  1,269
  1,703
  2,236
  2,877
  3,635
  4,513
  5,518
  6,651
  7,913
  9,305
  10,823
  12,468
  14,235
  16,122
  18,125
  20,244
  22,474
  24,815
  27,265
  29,825
  32,494
  35,273
  38,165
  41,172
  44,297
Revenue / Adjusted assets
  0.041
  0.041
  0.040
  0.040
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
Average production assets, $m
  120
  191
  295
  442
  641
  904
  1,243
  1,669
  2,191
  2,820
  3,561
  4,423
  5,407
  6,517
  7,754
  9,118
  10,606
  12,217
  13,949
  15,797
  17,761
  19,837
  22,022
  24,316
  26,717
  29,225
  31,841
  34,564
  37,398
  40,344
  43,407
Working capital, $m
  121
  -3
  -5
  -7
  -11
  -15
  -21
  -28
  -37
  -47
  -60
  -74
  -90
  -109
  -130
  -153
  -178
  -204
  -233
  -264
  -297
  -332
  -369
  -407
  -447
  -489
  -533
  -578
  -626
  -675
  -726
Total debt, $m
  1
  10
  24
  44
  70
  106
  151
  209
  279
  364
  464
  580
  712
  862
  1,029
  1,212
  1,413
  1,630
  1,863
  2,112
  2,377
  2,656
  2,951
  3,260
  3,583
  3,921
  4,273
  4,640
  5,022
  5,419
  5,831
Total liabilities, $m
  18
  26
  40
  60
  86
  122
  167
  225
  295
  380
  480
  596
  728
  878
  1,045
  1,228
  1,429
  1,646
  1,879
  2,128
  2,393
  2,672
  2,967
  3,276
  3,599
  3,937
  4,289
  4,656
  5,038
  5,435
  5,847
Total equity, $m
  228
  169
  262
  391
  568
  801
  1,101
  1,478
  1,941
  2,498
  3,155
  3,917
  4,790
  5,773
  6,869
  8,076
  9,395
  10,822
  12,356
  13,993
  15,733
  17,571
  19,508
  21,539
  23,666
  25,888
  28,205
  30,617
  33,127
  35,737
  38,450
Total liabilities and equity, $m
  246
  195
  302
  451
  654
  923
  1,268
  1,703
  2,236
  2,878
  3,635
  4,513
  5,518
  6,651
  7,914
  9,304
  10,824
  12,468
  14,235
  16,121
  18,126
  20,243
  22,475
  24,815
  27,265
  29,825
  32,494
  35,273
  38,165
  41,172
  44,297
Debt-to-equity ratio
  0.004
  0.060
  0.090
  0.110
  0.120
  0.130
  0.140
  0.140
  0.140
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
Adjusted equity ratio
  0.860
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868
  0.868

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -39
  -42
  -65
  -97
  -141
  -199
  -274
  -368
  -484
  -623
  -788
  -978
  -1,197
  -1,443
  -1,717
  -2,020
  -2,350
  -2,708
  -3,092
  -3,502
  -3,938
  -4,399
  -4,884
  -5,394
  -5,927
  -6,484
  -7,065
  -7,670
  -8,299
  -8,954
  -9,634
Depreciation, amort., depletion, $m
  2
  6
  10
  15
  21
  30
  41
  56
  73
  94
  119
  147
  180
  217
  258
  304
  354
  407
  465
  527
  592
  661
  734
  811
  891
  974
  1,061
  1,152
  1,247
  1,345
  1,447
Funds from operations, $m
  -28
  -35
  -55
  -82
  -120
  -169
  -233
  -313
  -411
  -529
  -669
  -831
  -1,016
  -1,226
  -1,459
  -1,716
  -1,996
  -2,300
  -2,627
  -2,976
  -3,346
  -3,738
  -4,150
  -4,583
  -5,036
  -5,510
  -6,004
  -6,518
  -7,053
  -7,609
  -8,187
Change in working capital, $m
  -1
  -1
  -2
  -2
  -3
  -4
  -6
  -7
  -9
  -11
  -12
  -14
  -16
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -47
  -49
  -51
Cash from operations, $m
  -27
  -34
  -53
  -80
  -116
  -165
  -227
  -306
  -402
  -519
  -656
  -817
  -1,000
  -1,207
  -1,438
  -1,693
  -1,972
  -2,273
  -2,598
  -2,945
  -3,313
  -3,703
  -4,114
  -4,545
  -4,996
  -5,468
  -5,960
  -6,472
  -7,005
  -7,559
  -8,136
Maintenance CAPEX, $m
  0
  -4
  -6
  -10
  -15
  -21
  -30
  -41
  -56
  -73
  -94
  -119
  -147
  -180
  -217
  -258
  -304
  -354
  -407
  -465
  -527
  -592
  -661
  -734
  -811
  -891
  -974
  -1,061
  -1,152
  -1,247
  -1,345
New CAPEX, $m
  -2
  -72
  -104
  -146
  -199
  -263
  -339
  -426
  -522
  -628
  -742
  -861
  -984
  -1,110
  -1,237
  -1,363
  -1,488
  -1,611
  -1,731
  -1,849
  -1,964
  -2,076
  -2,186
  -2,294
  -2,401
  -2,508
  -2,615
  -2,724
  -2,834
  -2,946
  -3,062
Cash from investing activities, $m
  -2
  -76
  -110
  -156
  -214
  -284
  -369
  -467
  -578
  -701
  -836
  -980
  -1,131
  -1,290
  -1,454
  -1,621
  -1,792
  -1,965
  -2,138
  -2,314
  -2,491
  -2,668
  -2,847
  -3,028
  -3,212
  -3,399
  -3,589
  -3,785
  -3,986
  -4,193
  -4,407
Free cash flow, $m
  -29
  -110
  -164
  -236
  -330
  -449
  -596
  -773
  -980
  -1,220
  -1,492
  -1,796
  -2,132
  -2,498
  -2,892
  -3,315
  -3,764
  -4,238
  -4,737
  -5,259
  -5,804
  -6,371
  -6,961
  -7,573
  -8,208
  -8,867
  -9,549
  -10,257
  -10,991
  -11,752
  -12,543
Issuance/(repayment) of debt, $m
  0
  10
  14
  20
  27
  35
  46
  57
  70
  85
  100
  116
  133
  150
  167
  184
  200
  217
  233
  249
  265
  280
  294
  309
  323
  338
  352
  367
  382
  397
  413
Issuance/(repurchase) of shares, $m
  0
  106
  157
  227
  317
  433
  574
  745
  947
  1,180
  1,445
  1,741
  2,069
  2,426
  2,813
  3,227
  3,668
  4,135
  4,626
  5,140
  5,678
  6,238
  6,820
  7,426
  8,054
  8,706
  9,381
  10,082
  10,809
  11,563
  12,346
Cash from financing (excl. dividends), $m  
  0
  116
  171
  247
  344
  468
  620
  802
  1,017
  1,265
  1,545
  1,857
  2,202
  2,576
  2,980
  3,411
  3,868
  4,352
  4,859
  5,389
  5,943
  6,518
  7,114
  7,735
  8,377
  9,044
  9,733
  10,449
  11,191
  11,960
  12,759
Total cash flow (excl. dividends), $m
  -29
  6
  7
  10
  14
  19
  24
  30
  37
  44
  52
  61
  69
  78
  87
  96
  105
  114
  122
  130
  139
  147
  154
  162
  169
  177
  185
  192
  200
  208
  216
Retained Cash Flow (-), $m
  34
  -106
  -157
  -227
  -317
  -433
  -574
  -745
  -947
  -1,180
  -1,445
  -1,741
  -2,069
  -2,426
  -2,813
  -3,227
  -3,668
  -4,135
  -4,626
  -5,140
  -5,678
  -6,238
  -6,820
  -7,426
  -8,054
  -8,706
  -9,381
  -10,082
  -10,809
  -11,563
  -12,346
Prev. year cash balance distribution, $m
 
  123
  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
 
  23
  -150
  -216
  -303
  -414
  -551
  -715
  -910
  -1,136
  -1,392
  -1,680
  -1,999
  -2,348
  -2,726
  -3,131
  -3,563
  -4,021
  -4,503
  -5,010
  -5,539
  -6,091
  -6,666
  -7,264
  -7,885
  -8,529
  -9,197
  -9,890
  -10,609
  -11,356
  -12,130
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
 
  22
  -137
  -188
  -250
  -321
  -400
  -483
  -569
  -652
  -730
  -798
  -853
  -893
  -915
  -919
  -906
  -875
  -829
  -771
  -704
  -630
  -553
  -476
  -402
  -332
  -268
  -212
  -164
  -124
  -91
Current shareholders' claim on cash, %
  100
  67.4
  46.7
  33.0
  23.8
  17.4
  13.0
  9.8
  7.5
  5.8
  4.6
  3.6
  2.9
  2.3
  1.9
  1.5
  1.3
  1.0
  0.9
  0.7
  0.6
  0.5
  0.4
  0.4
  0.3
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1

pdvWireless, Inc., formerly Pacific DataVision, Inc., is a wireless communications carrier and a provider of mobile workforce communication and location-based solutions. The Company's solutions focus on enhancing the productivity of its customers' field-based workers, and the efficiency of their dispatch and call center operations. The Company is deploying and operating the two-way radio networks that offer push-to-talk (PTT) communications services to primarily dispatch-centric, small and medium-sized businesses. The Company has launched its PTT networks in markets throughout the United States. The Company offers its DispatchPlus service, which combines pdvConnect, its suite of mobile communication and workforce management applications with digital network architecture and mobile devices. Developed for dispatch-centric businesses, pdvConnect enables businesses to locate and communicate with their field workers.

FINANCIAL RATIOS  of  pdvWireless (PDVW)

Valuation Ratios
P/E Ratio -12.1
Price to Sales 94.1
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow -17.4
Price to Free Cash Flow -16.2
Growth Rates
Sales Growth Rate 25%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -81.8%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 124
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0.4%
Interest Coverage 0
Management Effectiveness
Return On Assets -15%
Ret/ On Assets - 3 Yr. Avg. -12%
Return On Total Capital -15.9%
Ret/ On T. Cap. - 3 Yr. Avg. -13.1%
Return On Equity -15.9%
Return On Equity - 3 Yr. Avg. -13.1%
Asset Turnover 0
Profitability Ratios
Gross Margin -40%
Gross Margin - 3 Yr. Avg. 8.9%
EBITDA Margin -620%
EBITDA Margin - 3 Yr. Avg. -537.2%
Operating Margin -660%
Oper. Margin - 3 Yr. Avg. -550.6%
Pre-Tax Margin -660%
Pre-Tax Margin - 3 Yr. Avg. -570%
Net Profit Margin -780%
Net Profit Margin - 3 Yr. Avg. -610%
Effective Tax Rate -18.2%
Eff/ Tax Rate - 3 Yr. Avg. -6.1%
Payout Ratio 0%

PDVW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PDVW stock intrinsic value calculation we used $5 million for the last fiscal year's total revenue generated by pdvWireless. The default revenue input number comes from 2017 income statement of pdvWireless. 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 PDVW stock valuation model: a) initial revenue growth rate of 60% 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 PDVW is calculated based on our internal credit rating of pdvWireless, 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 pdvWireless.
    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 PDVW stock the variable cost ratio is equal to 620%.

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 PDVW 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 pdvWireless.

Corporate tax rate of 27% is the nominal tax rate for pdvWireless. 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 PDVW 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 PDVW are equal to 2390%.

Life of production assets of 59.8 years is the average useful life of capital assets used in pdvWireless 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 PDVW is equal to -40%. 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 - $228 million for pdvWireless - 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 14.551 million for pdvWireless 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 pdvWireless at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ pdvWireless Reports Third Quarter Results   [Feb-06-18 04:05PM  PR Newswire]
▶ pdvWireless, Inc. to Host Earnings Call   [12:30PM  ACCESSWIRE]
▶ pdvWireless Reports Second Quarter Results   [Nov-07-17 04:24PM  PR Newswire]
▶ pdvWireless, Inc. to Host Earnings Call   [12:40PM  ACCESSWIRE]
▶ pdvWireless Files Comments on FCC Notice of Inquiry   [Oct-03-17 01:13PM  PR Newswire]
▶ pdvWireless Reports First Quarter Results   [Aug-08-17 04:15PM  PR Newswire]
▶ pdvWireless Announces Issuance of Notice of Inquiry   [Aug-04-17 05:55PM  PR Newswire]
▶ ETFs with exposure to pdvWireless, Inc. : June 12, 2017   [Jun-12-17 02:20PM  Capital Cube]
▶ pdvWireless Reports Year End Results   [Jun-06-17 04:33PM  PR Newswire]
▶ pdvWireless Reports Third Quarter Results   [04:15PM  PR Newswire]
▶ pdvWireless Reports First Quarter Results   [04:10PM  PR Newswire]
Financial statements of PDVW
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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