Intrinsic value of Rada Electronic Industries - RADA

Previous Close

$3.34

  Intrinsic Value

$0.13

stock screener

  Rating & Target

str. sell

-96%

Previous close

$3.34

 
Intrinsic value

$0.13

 
Up/down potential

-96%

 
Rating

str. sell

We calculate the intrinsic value of RADA 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, %
  -7.14
  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
  13
  21
  32
  48
  70
  98
  135
  182
  238
  307
  387
  481
  588
  709
  844
  992
  1,154
  1,329
  1,517
  1,719
  1,932
  2,158
  2,396
  2,645
  2,906
  3,179
  3,464
  3,760
  4,068
  4,389
  4,722
Variable operating expenses, $m
 
  21
  32
  48
  70
  98
  135
  182
  238
  307
  387
  481
  588
  709
  844
  992
  1,154
  1,329
  1,517
  1,719
  1,932
  2,158
  2,396
  2,645
  2,906
  3,179
  3,464
  3,760
  4,068
  4,389
  4,722
Fixed operating expenses, $m
 
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
Total operating expenses, $m
  16
  24
  35
  51
  73
  101
  138
  186
  242
  311
  391
  485
  592
  713
  848
  996
  1,158
  1,334
  1,522
  1,724
  1,937
  2,163
  2,401
  2,650
  2,911
  3,185
  3,470
  3,766
  4,074
  4,395
  4,728
Operating income, $m
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -6
EBITDA, $m
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -6
Interest expense (income), $m
  0
  0
  0
  1
  1
  1
  2
  3
  4
  6
  7
  9
  11
  14
  17
  20
  24
  28
  32
  37
  41
  47
  52
  58
  64
  70
  77
  84
  91
  98
  106
Earnings before tax, $m
  -5
  -3
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -11
  -13
  -15
  -18
  -21
  -25
  -28
  -32
  -37
  -41
  -46
  -52
  -57
  -63
  -69
  -76
  -83
  -90
  -97
  -105
  -112
Tax expense, $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
Net income, $m
  -5
  -3
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -11
  -13
  -15
  -18
  -21
  -25
  -28
  -32
  -37
  -41
  -46
  -52
  -57
  -63
  -69
  -76
  -83
  -90
  -97
  -105
  -112

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  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
  0
  0
  0
  0
Total assets, $m
  21
  32
  49
  74
  107
  151
  208
  279
  367
  472
  596
  740
  905
  1,091
  1,298
  1,526
  1,775
  2,045
  2,334
  2,644
  2,973
  3,320
  3,686
  4,070
  4,472
  4,891
  5,329
  5,785
  6,259
  6,752
  7,265
Adjusted assets (=assets-cash), $m
  20
  32
  49
  74
  107
  151
  208
  279
  367
  472
  596
  740
  905
  1,091
  1,298
  1,526
  1,775
  2,045
  2,334
  2,644
  2,973
  3,320
  3,686
  4,070
  4,472
  4,891
  5,329
  5,785
  6,259
  6,752
  7,265
Revenue / Adjusted assets
  0.650
  0.656
  0.653
  0.649
  0.654
  0.649
  0.649
  0.652
  0.649
  0.650
  0.649
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
Average production assets, $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
Working capital, $m
  11
  10
  16
  24
  35
  49
  68
  91
  119
  153
  194
  241
  294
  354
  422
  496
  577
  665
  759
  859
  966
  1,079
  1,198
  1,323
  1,453
  1,590
  1,732
  1,880
  2,034
  2,194
  2,361
Total debt, $m
  4
  8
  16
  27
  42
  62
  88
  120
  159
  206
  262
  327
  401
  485
  578
  681
  793
  914
  1,045
  1,184
  1,332
  1,488
  1,653
  1,825
  2,006
  2,195
  2,392
  2,597
  2,811
  3,032
  3,263
Total liabilities, $m
  10
  14
  22
  33
  48
  68
  94
  126
  165
  212
  268
  333
  407
  491
  584
  687
  799
  920
  1,051
  1,190
  1,338
  1,494
  1,659
  1,831
  2,012
  2,201
  2,398
  2,603
  2,817
  3,038
  3,269
Total equity, $m
  11
  18
  27
  41
  59
  83
  114
  154
  202
  260
  328
  407
  498
  600
  714
  839
  976
  1,125
  1,284
  1,454
  1,635
  1,826
  2,027
  2,238
  2,459
  2,690
  2,931
  3,182
  3,442
  3,714
  3,996
Total liabilities and equity, $m
  21
  32
  49
  74
  107
  151
  208
  280
  367
  472
  596
  740
  905
  1,091
  1,298
  1,526
  1,775
  2,045
  2,335
  2,644
  2,973
  3,320
  3,686
  4,069
  4,471
  4,891
  5,329
  5,785
  6,259
  6,752
  7,265
Debt-to-equity ratio
  0.364
  0.480
  0.600
  0.670
  0.720
  0.750
  0.770
  0.780
  0.790
  0.800
  0.800
  0.800
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
Adjusted equity ratio
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -5
  -3
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -11
  -13
  -15
  -18
  -21
  -25
  -28
  -32
  -37
  -41
  -46
  -52
  -57
  -63
  -69
  -76
  -83
  -90
  -97
  -105
  -112
Depreciation, amort., depletion, $m
  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
  0
  0
  0
  0
Funds from operations, $m
  -7
  -3
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -11
  -13
  -15
  -18
  -21
  -25
  -28
  -32
  -37
  -41
  -46
  -52
  -57
  -63
  -69
  -76
  -83
  -90
  -97
  -105
  -112
Change in working capital, $m
  -2
  4
  6
  8
  11
  14
  18
  23
  28
  34
  40
  47
  54
  60
  67
  74
  81
  88
  94
  101
  107
  113
  119
  125
  131
  136
  142
  148
  154
  160
  167
Cash from operations, $m
  -5
  -7
  -9
  -12
  -15
  -19
  -24
  -30
  -36
  -43
  -51
  -60
  -69
  -79
  -88
  -99
  -109
  -120
  -131
  -142
  -153
  -165
  -176
  -188
  -200
  -212
  -225
  -238
  -251
  -265
  -279
Maintenance CAPEX, $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
New CAPEX, $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 investing activities, $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
Free cash flow, $m
  -5
  -7
  -9
  -12
  -15
  -19
  -24
  -30
  -36
  -43
  -51
  -60
  -69
  -79
  -88
  -99
  -109
  -120
  -131
  -142
  -153
  -165
  -176
  -188
  -200
  -212
  -225
  -238
  -251
  -265
  -279
Issuance/(repayment) of debt, $m
  -2
  5
  8
  11
  15
  20
  26
  32
  39
  47
  56
  65
  74
  84
  93
  103
  112
  121
  130
  139
  148
  156
  165
  173
  181
  189
  197
  205
  213
  222
  231
Issuance/(repurchase) of shares, $m
  7
  10
  13
  17
  23
  29
  37
  46
  56
  67
  79
  92
  106
  120
  135
  150
  165
  181
  196
  212
  227
  243
  258
  274
  290
  307
  323
  340
  358
  376
  394
Cash from financing (excl. dividends), $m  
  5
  15
  21
  28
  38
  49
  63
  78
  95
  114
  135
  157
  180
  204
  228
  253
  277
  302
  326
  351
  375
  399
  423
  447
  471
  496
  520
  545
  571
  598
  625
Total cash flow (excl. dividends), $m
  1
  8
  12
  17
  23
  30
  38
  48
  59
  71
  84
  97
  111
  125
  140
  154
  168
  182
  196
  209
  222
  234
  247
  259
  271
  283
  295
  308
  320
  333
  346
Retained Cash Flow (-), $m
  -2
  -10
  -13
  -17
  -23
  -29
  -37
  -46
  -56
  -67
  -79
  -92
  -106
  -120
  -135
  -150
  -165
  -181
  -196
  -212
  -227
  -243
  -258
  -274
  -290
  -307
  -323
  -340
  -358
  -376
  -394
Prev. year cash balance distribution, $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 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
 
  -2
  -1
  -1
  0
  1
  1
  2
  3
  4
  4
  5
  5
  5
  5
  4
  3
  1
  0
  -3
  -5
  -8
  -12
  -15
  -19
  -23
  -28
  -33
  -38
  -43
  -48
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
 
  -2
  -1
  -1
  0
  0
  1
  1
  1
  2
  2
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  90.9
  83.9
  78.4
  73.8
  69.9
  66.6
  63.7
  61.2
  59.0
  57.1
  55.3
  53.7
  52.3
  51.0
  49.8
  48.8
  47.8
  46.9
  46.0
  45.2
  44.5
  43.8
  43.1
  42.5
  41.9
  41.4
  40.8
  40.3
  39.8
  39.4

RADA Electronic Industries Ltd. is an aviation and defense company. The Company develops, manufactures and sells defense electronics, including, avionics solutions (including avionics for unmanned aerial vehicles (UAVs)), airborne data/video recording and management systems, inertial navigation systems and tactical land radars for defense forces and border protection systems. The Company's product lines include Military avionics (Data/video recorders, core avionics for aircraft and UAVs); Inertial navigation systems (INS) for aerial and land platforms, and Tactical Radars for defense forces and border protection systems (land-based). The Company's INS products are used by multiple combat platforms and weapon systems. The Company develops ground radars for tactical applications, such as defense forces protection and border protection. Its products are primarily sold to governmental agencies, governmental authorities and government-owned companies.

FINANCIAL RATIOS  of  Rada Electronic Industries (RADA)

Valuation Ratios
P/E Ratio -14.2
Price to Sales 5.5
Price to Book 6.5
Price to Tangible Book
Price to Cash Flow -14.2
Price to Free Cash Flow -14.2
Growth Rates
Sales Growth Rate -7.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 1
Current Ratio 0.5
LT Debt to Equity 27.3%
Total Debt to Equity 36.4%
Interest Coverage 0
Management Effectiveness
Return On Assets -25%
Ret/ On Assets - 3 Yr. Avg. -18.6%
Return On Total Capital -35.7%
Ret/ On T. Cap. - 3 Yr. Avg. -26.7%
Return On Equity -50%
Return On Equity - 3 Yr. Avg. -47.4%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 7.7%
Gross Margin - 3 Yr. Avg. 17.9%
EBITDA Margin -30.8%
EBITDA Margin - 3 Yr. Avg. -20.6%
Operating Margin -23.1%
Oper. Margin - 3 Yr. Avg. -13.3%
Pre-Tax Margin -38.5%
Pre-Tax Margin - 3 Yr. Avg. -27.1%
Net Profit Margin -38.5%
Net Profit Margin - 3 Yr. Avg. -27.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

RADA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RADA stock intrinsic value calculation we used $13 million for the last fiscal year's total revenue generated by Rada Electronic Industries. The default revenue input number comes from 2016 income statement of Rada Electronic Industries. 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 RADA 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 7.2%, whose default value for RADA is calculated based on our internal credit rating of Rada Electronic Industries, 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 Rada Electronic Industries.
    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 RADA stock the variable cost ratio is equal to 100%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3 million in the base year in the intrinsic value calculation for RADA 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 Rada Electronic Industries.

Corporate tax rate of 27% is the nominal tax rate for Rada Electronic Industries. 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 RADA 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 RADA are equal to 0%.

Life of production assets of 0 years is the average useful life of capital assets used in Rada Electronic Industries 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 RADA is equal to 50%. 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 - $11 million for Rada Electronic Industries - 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 29.346 million for Rada Electronic Industries 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 Rada Electronic Industries at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ RADA Radar Selected to Support Industrial UAS Operations   [Dec-04-17 09:00AM  GlobeNewswire]
▶ Penny Stocks to Watch for October 2017   [Oct-02-17 10:01AM  Investopedia]
▶ RADA Provides Update on Recent Capital Raising Activity   [Sep-06-17 09:00AM  GlobeNewswire]
▶ RADA Announces Loan Conversion by its Major Shareholder   [Aug-28-17 10:25AM  GlobeNewswire]
▶ These 3 Stocks Have Moved Higher Ahead of Fed Minutes   [Aug-16-17 09:25AM  ACCESSWIRE]
▶ Opening Bell, July 10, 2017   [Jul-10-17 09:29AM  CNBC Videos]
▶ RADA Provides Financial Outlook for 2017   [Mar-02-17 08:00AM  GlobeNewswire]
▶ RADA Electronic Industries Announces 2016 Q3 Results   [Nov-28-16 12:00PM  GlobeNewswire]
▶ Mr. Zvi Alon to Step Down as RADAs CEO   [07:40AM  GlobeNewswire]
▶ RADA Reports Order of $2M from Strategic Customer   [Sep-06-16 06:00AM  GlobeNewswire]
▶ RADA Electronic Industries Announces 2016 Q2 Results   [Jul-21-16 01:33PM  GlobeNewswire]
▶ RADA Avionics Products Integrated in IAI Heron TP   [Jul-05-16 07:02AM  GlobeNewswire]
▶ RADA Electronic Industries Announces 2016 Q1 Results   [Jun-14-16 03:01PM  GlobeNewswire]
▶ Alderman Completes Restructuring Engagement   [May-19-16 12:29PM  PR Newswire]
▶ RADA Electronic Industries Announces Full Year 2015 Results   [May-17-16 12:14AM  GlobeNewswire]
▶ One Factor Bringing RADA Electronics (RADA) Stock Up   [Sep-09  09:57AM  at TheStreet]
▶ RADA Radar Selected for Evaluation by a Customer in Asia   [Aug-06  11:00AM  GlobeNewswire]
▶ 4 Stocks Under $10 Triggering Breakout Trades   [Oct-31  07:00AM  at TheStreet]
▶ RADA Reports New Orders of $26 Million During 2013   [Feb-05  09:30AM  GlobeNewswire]
Financial statements of RADA
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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