Intrinsic value of ShoreTel - SHOR

Previous Close

$7.45

  Intrinsic Value

$4.10

stock screener

  Rating & Target

sell

-45%

  Value-price divergence*

+111%

Previous close

$7.45

 
Intrinsic value

$4.10

 
Up/down potential

-45%

 
Rating

sell

 
Value-price divergence*

+111%

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

We calculate the intrinsic value of SHOR 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 0.5

 

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, %
  0.00
  3.50
  3.65
  3.78
  3.91
  4.02
  4.11
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
Revenue, $m
  360
  373
  386
  401
  416
  433
  451
  470
  490
  511
  534
  558
  583
  610
  638
  668
  699
  732
  767
  804
  842
  883
  925
  970
  1,017
  1,067
  1,119
  1,174
  1,232
  1,293
  1,356
Variable operating expenses, $m
 
  374
  388
  402
  417
  433
  450
  469
  488
  509
  531
  541
  566
  592
  619
  648
  678
  710
  744
  780
  817
  856
  898
  941
  987
  1,035
  1,086
  1,139
  1,195
  1,254
  1,316
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
  362
  374
  388
  402
  417
  433
  450
  469
  488
  509
  531
  541
  566
  592
  619
  648
  678
  710
  744
  780
  817
  856
  898
  941
  987
  1,035
  1,086
  1,139
  1,195
  1,254
  1,316
Operating income, $m
  -2
  -2
  -1
  -1
  0
  0
  1
  1
  2
  2
  3
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  37
  39
  40
EBITDA, $m
  19
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  49
  51
  53
  56
Interest expense (income), $m
  0
  0
  0
  0
  1
  1
  1
  1
  1
  2
  2
  2
  3
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  13
Earnings before tax, $m
  -4
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  1
  1
  14
  15
  15
  16
  16
  17
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
Tax expense, $m
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
Net income, $m
  -5
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  1
  10
  11
  11
  11
  12
  12
  13
  13
  13
  14
  14
  15
  16
  16
  17
  17
  18
  19
  20
  20

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  108
  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
  342
  242
  251
  261
  271
  282
  293
  306
  319
  333
  347
  363
  379
  397
  415
  434
  455
  476
  499
  522
  548
  574
  602
  631
  662
  694
  728
  763
  801
  840
  882
Adjusted assets (=assets-cash), $m
  234
  242
  251
  261
  271
  282
  293
  306
  319
  333
  347
  363
  379
  397
  415
  434
  455
  476
  499
  522
  548
  574
  602
  631
  662
  694
  728
  763
  801
  840
  882
Revenue / Adjusted assets
  1.538
  1.541
  1.538
  1.536
  1.535
  1.535
  1.539
  1.536
  1.536
  1.535
  1.539
  1.537
  1.538
  1.537
  1.537
  1.539
  1.536
  1.538
  1.537
  1.540
  1.536
  1.538
  1.537
  1.537
  1.536
  1.537
  1.537
  1.539
  1.538
  1.539
  1.537
Average production assets, $m
  42
  43
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  102
  106
  112
  117
  123
  129
  135
  142
  149
  156
Working capital, $m
  52
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -136
Total debt, $m
  0
  5
  10
  16
  22
  28
  35
  43
  50
  59
  67
  76
  86
  97
  107
  119
  131
  144
  157
  171
  186
  202
  218
  236
  254
  273
  293
  314
  337
  360
  385
Total liabilities, $m
  140
  144
  149
  155
  161
  167
  174
  182
  189
  198
  206
  215
  225
  236
  246
  258
  270
  283
  296
  310
  325
  341
  357
  375
  393
  412
  432
  453
  476
  499
  524
Total equity, $m
  203
  98
  102
  106
  110
  114
  119
  124
  129
  135
  141
  147
  154
  161
  168
  176
  185
  193
  202
  212
  222
  233
  244
  256
  269
  282
  295
  310
  325
  341
  358
Total liabilities and equity, $m
  343
  242
  251
  261
  271
  281
  293
  306
  318
  333
  347
  362
  379
  397
  414
  434
  455
  476
  498
  522
  547
  574
  601
  631
  662
  694
  727
  763
  801
  840
  882
Debt-to-equity ratio
  0.000
  0.050
  0.100
  0.150
  0.200
  0.250
  0.300
  0.340
  0.390
  0.430
  0.480
  0.520
  0.560
  0.600
  0.640
  0.670
  0.710
  0.740
  0.780
  0.810
  0.840
  0.870
  0.890
  0.920
  0.950
  0.970
  0.990
  1.010
  1.040
  1.060
  1.070
Adjusted equity ratio
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -5
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  1
  10
  11
  11
  11
  12
  12
  13
  13
  13
  14
  14
  15
  16
  16
  17
  17
  18
  19
  20
  20
Depreciation, amort., depletion, $m
  21
  17
  17
  18
  18
  18
  18
  18
  19
  19
  19
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
Funds from operations, $m
  45
  15
  16
  16
  17
  17
  18
  18
  19
  19
  20
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
Change in working capital, $m
  10
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
Cash from operations, $m
  35
  17
  17
  18
  18
  19
  19
  20
  21
  21
  22
  19
  20
  21
  22
  22
  23
  24
  25
  26
  28
  29
  30
  31
  33
  34
  35
  37
  39
  40
  42
Maintenance CAPEX, $m
  0
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
New CAPEX, $m
  -11
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
Cash from investing activities, $m
  -64
  -5
  -6
  -6
  -7
  -7
  -7
  -7
  -7
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -12
  -12
  -12
  -13
  -13
  -15
  -15
  -16
  -16
  -18
  -18
  -19
  -21
  -21
  -22
Free cash flow, $m
  -29
  11
  11
  12
  12
  12
  12
  13
  13
  13
  14
  10
  11
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
Issuance/(repayment) of debt, $m
  0
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  25
Issuance/(repurchase) of shares, $m
  10
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  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  
  8
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  25
Total cash flow (excl. dividends), $m
  -20
  21
  22
  22
  23
  24
  24
  25
  26
  27
  28
  20
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
Retained Cash Flow (-), $m
  -13
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
Prev. year cash balance distribution, $m
 
  108
  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
 
  124
  17
  17
  18
  19
  19
  20
  21
  21
  22
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
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
 
  119
  15
  15
  15
  14
  14
  14
  13
  12
  11
  6
  6
  5
  5
  4
  4
  4
  3
  3
  2
  2
  2
  1
  1
  1
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.8
  95.7
  93.8
  91.9
  90.1
  88.5
  86.9
  85.5
  84.1
  82.7
  82.7
  82.7
  82.7
  82.7
  82.7
  82.7
  82.7
  82.7
  82.7
  82.7
  82.7
  82.7
  82.7
  82.7
  82.7
  82.7
  82.7
  82.7
  82.7
  82.7

ShoreTel, Inc. provides business communication solutions for small and medium sized businesses. The company offers integrated voice, video, data, and mobile applications based on Internet protocol technologies. It offers various solutions, such as ShoreTel Voice Switches; ShoreTel Service Appliances for messaging, conferencing, and collaboration applications; ShoreTel Director, which enables IT administrators to view and manage the entire system from various locations using a single application; ShoreTel IP Phones; and Small Business Edition 100 for smaller businesses. The company also provides ShoreTel Mobility for smartphone users that allows the user to communicate from various locations, including office, home, or through Wi-Fi hotspots; ShoreTel Communicator that enables to communicate through video, voice, and instant messaging; conferencing and collaboration solutions; Microsoft Integration that offers a range of integration options with applications, such as Microsoft Lync, Microsoft Exchange, Microsoft Office, and Microsoft Internet Explorer; and ShoreTel contact center that enables organizations to route incoming contacts to appropriate agent in a multisite contact center. In addition, it offers standard and custom software development services; system design and installation services; training services, including certification programs; and technical support services, such as Web-based access support services and tools, access to technical support engineers, and hardware replacement, as well as software updates and monitoring capabilities. The company serves a range of vertical markets, including professional services, financial services, government, education, health care, sports and entertainment, manufacturing, non-profit organizations, and technology industries through a network of approximately 1,200 resellers and distributors in the United States and internationally. ShoreTel, Inc. was founded in 1996 and is headquartered in Sunnyvale, California.

FINANCIAL RATIOS  of  ShoreTel (SHOR)

Valuation Ratios
P/E Ratio -100.4
Price to Sales 1.4
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 14.3
Price to Free Cash Flow 20.9
Growth Rates
Sales Growth Rate 0%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15.4%
Cap. Spend. - 3 Yr. Gr. Rate -4.7%
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 -1.5%
Ret/ On Assets - 3 Yr. Avg. -1%
Return On Total Capital -2.5%
Ret/ On T. Cap. - 3 Yr. Avg. -1.8%
Return On Equity -2.5%
Return On Equity - 3 Yr. Avg. -1.8%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 63.3%
Gross Margin - 3 Yr. Avg. 61.2%
EBITDA Margin 4.7%
EBITDA Margin - 3 Yr. Avg. 4.8%
Operating Margin -0.6%
Oper. Margin - 3 Yr. Avg. -0.3%
Pre-Tax Margin -1.1%
Pre-Tax Margin - 3 Yr. Avg. -0.6%
Net Profit Margin -1.4%
Net Profit Margin - 3 Yr. Avg. -0.9%
Effective Tax Rate -25%
Eff/ Tax Rate - 3 Yr. Avg. -19.4%
Payout Ratio 0%

SHOR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SHOR stock intrinsic value calculation we used $360 million for the last fiscal year's total revenue generated by ShoreTel. The default revenue input number comes from 2016 income statement of ShoreTel. 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 SHOR stock valuation model: a) initial revenue growth rate of 3.5% 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 SHOR is calculated based on our internal credit rating of ShoreTel, 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 ShoreTel.
    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 SHOR stock the variable cost ratio is equal to 100.6%.

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 SHOR 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 ShoreTel.

Corporate tax rate of 27% is the nominal tax rate for ShoreTel. 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 SHOR 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 SHOR are equal to 11.5%.

Life of production assets of 10 years is the average useful life of capital assets used in ShoreTel 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 SHOR is equal to -10%. 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 - $203 million for ShoreTel - 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 65.669 million for ShoreTel 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 ShoreTel at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ ShoreTel reports 4Q loss   [Aug-03-17 12:16AM  Associated Press]
▶ Back to buying: Mitel makes $430 million acquisition   [04:10PM  American City Business Journals]
▶ Why ShoreTel Shares Soared Today   [12:20PM  Motley Fool]
▶ Mitel to Acquire ShoreTel   [12:19PM  TheStreet.com]
▶ ShoreTel to Offer SMS APIs Through Google Cloud Platform   [Jun-22-17 09:00AM  PR Newswire]
▶ ETFs with exposure to ShoreTel, Inc. : June 15, 2017   [Jun-15-17 03:18PM  Capital Cube]
▶ ShoreTel Announces Transition of Chairperson of Board   [Jun-12-17 04:05PM  PR Newswire]
▶ ETFs with exposure to ShoreTel, Inc. : May 25, 2017   [May-25-17 12:48PM  Capital Cube]
▶ What Makes Harmonic (HLIT) a Strong Sell?   [May-23-17 08:49AM  Zacks]
▶ ETFs with exposure to ShoreTel, Inc. : May 12, 2017   [May-12-17 04:30PM  Capital Cube]
▶ ShoreTel, Inc. Value Analysis (NASDAQ:SHOR) : May 1, 2017   [May-01-17 05:22PM  Capital Cube]
▶ ShoreTel reports 3Q loss   [Apr-26-17 06:18PM  Associated Press]
▶ ShoreTel Launches Partner Program for Summit Platform   [Mar-23-17 09:00AM  PR Newswire]
▶ ShoreTel (SHOR) is Oversold: Can It Recover?   [Mar-02-17 10:40AM  Zacks]
▶ ETFs with exposure to ShoreTel, Inc. : February 2, 2017   [Feb-02-17 02:40PM  Capital Cube]
▶ ShoreTel Connect CLOUD Launches in the UK   [Feb-01-17 12:03PM  PR Newswire]
▶ ShoreTel Names Circle of Excellence Winners for 2016   [Dec-13-16 09:00AM  PR Newswire]
▶ ShoreTel Inc (SHOR): Are Hedge Funds Right About This Stock?   [Dec-07-16 03:24AM  at Insider Monkey]
Stock chart of SHOR Financial statements of SHOR
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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