Intrinsic value of Shaw Communications Cl B NV - SJR

Previous Close

$22.68

  Intrinsic Value

$10.62

stock screener

  Rating & Target

str. sell

-53%

Previous close

$22.68

 
Intrinsic value

$10.62

 
Up/down potential

-53%

 
Rating

str. sell

We calculate the intrinsic value of SJR 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 11.3

 

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, %
  8.89
  2.80
  3.02
  3.22
  3.40
  3.56
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
Revenue, $m
  3,615
  3,716
  3,828
  3,952
  4,086
  4,231
  4,388
  4,556
  4,736
  4,928
  5,132
  5,349
  5,580
  5,824
  6,083
  6,356
  6,645
  6,950
  7,272
  7,612
  7,970
  8,347
  8,745
  9,163
  9,603
  10,066
  10,554
  11,067
  11,606
  12,173
  12,769
Variable operating expenses, $m
 
  2,792
  2,873
  2,963
  3,060
  3,165
  3,279
  3,401
  3,531
  3,670
  3,818
  3,879
  4,046
  4,223
  4,411
  4,609
  4,818
  5,040
  5,273
  5,519
  5,779
  6,052
  6,341
  6,644
  6,963
  7,299
  7,652
  8,024
  8,415
  8,826
  9,258
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
  2,804
  2,792
  2,873
  2,963
  3,060
  3,165
  3,279
  3,401
  3,531
  3,670
  3,818
  3,879
  4,046
  4,223
  4,411
  4,609
  4,818
  5,040
  5,273
  5,519
  5,779
  6,052
  6,341
  6,644
  6,963
  7,299
  7,652
  8,024
  8,415
  8,826
  9,258
Operating income, $m
  811
  924
  955
  989
  1,026
  1,066
  1,109
  1,155
  1,205
  1,257
  1,314
  1,471
  1,534
  1,601
  1,672
  1,747
  1,827
  1,911
  1,999
  2,093
  2,191
  2,295
  2,404
  2,519
  2,640
  2,767
  2,901
  3,042
  3,191
  3,346
  3,510
EBITDA, $m
  1,523
  1,631
  1,681
  1,735
  1,794
  1,857
  1,926
  2,000
  2,079
  2,163
  2,253
  2,348
  2,450
  2,557
  2,670
  2,790
  2,917
  3,051
  3,193
  3,342
  3,499
  3,664
  3,839
  4,022
  4,216
  4,419
  4,633
  4,858
  5,095
  5,344
  5,605
Interest expense (income), $m
  226
  208
  219
  230
  243
  257
  272
  288
  305
  324
  343
  364
  387
  410
  435
  462
  490
  520
  551
  584
  619
  656
  695
  735
  778
  823
  871
  921
  974
  1,029
  1,087
Earnings before tax, $m
  464
  716
  736
  759
  783
  809
  837
  867
  899
  934
  970
  1,106
  1,147
  1,191
  1,237
  1,285
  1,337
  1,391
  1,448
  1,509
  1,572
  1,639
  1,710
  1,784
  1,862
  1,944
  2,030
  2,121
  2,217
  2,317
  2,423
Tax expense, $m
  126
  193
  199
  205
  211
  218
  226
  234
  243
  252
  262
  299
  310
  322
  334
  347
  361
  376
  391
  407
  424
  443
  462
  482
  503
  525
  548
  573
  599
  626
  654
Net income, $m
  903
  523
  538
  554
  572
  591
  611
  633
  657
  682
  708
  808
  838
  869
  903
  938
  976
  1,015
  1,057
  1,101
  1,148
  1,196
  1,248
  1,302
  1,359
  1,419
  1,482
  1,549
  1,618
  1,692
  1,769

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  300
  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
  11,385
  11,399
  11,744
  12,122
  12,533
  12,979
  13,459
  13,975
  14,527
  15,115
  15,742
  16,409
  17,116
  17,865
  18,659
  19,498
  20,384
  21,320
  22,308
  23,350
  24,448
  25,605
  26,824
  28,107
  29,457
  30,879
  32,374
  33,946
  35,600
  37,339
  39,168
Adjusted assets (=assets-cash), $m
  11,085
  11,399
  11,744
  12,122
  12,533
  12,979
  13,459
  13,975
  14,527
  15,115
  15,742
  16,409
  17,116
  17,865
  18,659
  19,498
  20,384
  21,320
  22,308
  23,350
  24,448
  25,605
  26,824
  28,107
  29,457
  30,879
  32,374
  33,946
  35,600
  37,339
  39,168
Revenue / Adjusted assets
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
Average production assets, $m
  5,518
  5,671
  5,842
  6,030
  6,235
  6,457
  6,696
  6,952
  7,227
  7,520
  7,831
  8,163
  8,515
  8,888
  9,282
  9,700
  10,141
  10,606
  11,098
  11,616
  12,162
  12,738
  13,344
  13,982
  14,654
  15,361
  16,105
  16,887
  17,710
  18,575
  19,485
Working capital, $m
  -698
  -714
  -735
  -759
  -784
  -812
  -842
  -875
  -909
  -946
  -985
  -1,027
  -1,071
  -1,118
  -1,168
  -1,220
  -1,276
  -1,334
  -1,396
  -1,462
  -1,530
  -1,603
  -1,679
  -1,759
  -1,844
  -1,933
  -2,026
  -2,125
  -2,228
  -2,337
  -2,452
Total debt, $m
  4,154
  4,054
  4,267
  4,501
  4,757
  5,033
  5,331
  5,651
  5,993
  6,358
  6,746
  7,159
  7,598
  8,063
  8,554
  9,075
  9,624
  10,205
  10,817
  11,463
  12,144
  12,861
  13,617
  14,412
  15,250
  16,131
  17,058
  18,033
  19,058
  20,136
  21,270
Total liabilities, $m
  7,168
  7,068
  7,281
  7,515
  7,771
  8,047
  8,345
  8,665
  9,007
  9,372
  9,760
  10,173
  10,612
  11,077
  11,568
  12,089
  12,638
  13,219
  13,831
  14,477
  15,158
  15,875
  16,631
  17,426
  18,264
  19,145
  20,072
  21,047
  22,072
  23,150
  24,284
Total equity, $m
  4,217
  4,332
  4,463
  4,606
  4,763
  4,932
  5,115
  5,311
  5,520
  5,744
  5,982
  6,235
  6,504
  6,789
  7,090
  7,409
  7,746
  8,102
  8,477
  8,873
  9,290
  9,730
  10,193
  10,681
  11,194
  11,734
  12,302
  12,900
  13,528
  14,189
  14,884
Total liabilities and equity, $m
  11,385
  11,400
  11,744
  12,121
  12,534
  12,979
  13,460
  13,976
  14,527
  15,116
  15,742
  16,408
  17,116
  17,866
  18,658
  19,498
  20,384
  21,321
  22,308
  23,350
  24,448
  25,605
  26,824
  28,107
  29,458
  30,879
  32,374
  33,947
  35,600
  37,339
  39,168
Debt-to-equity ratio
  0.985
  0.940
  0.960
  0.980
  1.000
  1.020
  1.040
  1.060
  1.090
  1.110
  1.130
  1.150
  1.170
  1.190
  1.210
  1.220
  1.240
  1.260
  1.280
  1.290
  1.310
  1.320
  1.340
  1.350
  1.360
  1.370
  1.390
  1.400
  1.410
  1.420
  1.430
Adjusted equity ratio
  0.353
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  903
  523
  538
  554
  572
  591
  611
  633
  657
  682
  708
  808
  838
  869
  903
  938
  976
  1,015
  1,057
  1,101
  1,148
  1,196
  1,248
  1,302
  1,359
  1,419
  1,482
  1,549
  1,618
  1,692
  1,769
Depreciation, amort., depletion, $m
  712
  707
  725
  746
  768
  792
  817
  845
  874
  906
  939
  878
  916
  956
  998
  1,043
  1,090
  1,140
  1,193
  1,249
  1,308
  1,370
  1,435
  1,503
  1,576
  1,652
  1,732
  1,816
  1,904
  1,997
  2,095
Funds from operations, $m
  1,284
  1,230
  1,263
  1,300
  1,339
  1,382
  1,428
  1,478
  1,531
  1,588
  1,648
  1,685
  1,753
  1,825
  1,901
  1,981
  2,066
  2,156
  2,251
  2,350
  2,455
  2,566
  2,683
  2,806
  2,935
  3,071
  3,214
  3,364
  3,523
  3,689
  3,864
Change in working capital, $m
  53
  -19
  -22
  -24
  -26
  -28
  -30
  -32
  -35
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -55
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -85
  -89
  -94
  -98
  -104
  -109
  -114
Cash from operations, $m
  1,231
  1,249
  1,285
  1,323
  1,365
  1,410
  1,458
  1,510
  1,566
  1,624
  1,687
  1,727
  1,797
  1,872
  1,951
  2,034
  2,122
  2,215
  2,312
  2,415
  2,524
  2,639
  2,759
  2,886
  3,019
  3,160
  3,307
  3,463
  3,626
  3,798
  3,978
Maintenance CAPEX, $m
  0
  -593
  -610
  -628
  -648
  -670
  -694
  -720
  -748
  -777
  -809
  -842
  -878
  -916
  -956
  -998
  -1,043
  -1,090
  -1,140
  -1,193
  -1,249
  -1,308
  -1,370
  -1,435
  -1,503
  -1,576
  -1,652
  -1,732
  -1,816
  -1,904
  -1,997
New CAPEX, $m
  -887
  -153
  -171
  -188
  -205
  -222
  -239
  -257
  -274
  -293
  -312
  -331
  -352
  -373
  -395
  -417
  -441
  -466
  -491
  -518
  -546
  -576
  -606
  -638
  -672
  -707
  -744
  -782
  -823
  -865
  -910
Cash from investing activities, $m
  -908
  -746
  -781
  -816
  -853
  -892
  -933
  -977
  -1,022
  -1,070
  -1,121
  -1,173
  -1,230
  -1,289
  -1,351
  -1,415
  -1,484
  -1,556
  -1,631
  -1,711
  -1,795
  -1,884
  -1,976
  -2,073
  -2,175
  -2,283
  -2,396
  -2,514
  -2,639
  -2,769
  -2,907
Free cash flow, $m
  323
  503
  504
  507
  512
  518
  525
  534
  544
  554
  566
  553
  568
  583
  600
  618
  638
  658
  680
  704
  729
  755
  783
  813
  844
  877
  912
  949
  987
  1,028
  1,071
Issuance/(repayment) of debt, $m
  -38
  200
  213
  234
  255
  276
  298
  320
  342
  365
  389
  413
  438
  465
  492
  520
  550
  580
  612
  646
  681
  717
  756
  796
  837
  881
  927
  975
  1,025
  1,078
  1,134
Issuance/(repurchase) of shares, $m
  28
  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 financing (excl. dividends), $m  
  -27
  200
  213
  234
  255
  276
  298
  320
  342
  365
  389
  413
  438
  465
  492
  520
  550
  580
  612
  646
  681
  717
  756
  796
  837
  881
  927
  975
  1,025
  1,078
  1,134
Total cash flow (excl. dividends), $m
  296
  702
  717
  741
  767
  794
  823
  853
  886
  919
  955
  967
  1,006
  1,048
  1,092
  1,139
  1,187
  1,239
  1,293
  1,350
  1,410
  1,473
  1,539
  1,608
  1,681
  1,758
  1,839
  1,924
  2,013
  2,107
  2,205
Retained Cash Flow (-), $m
  -655
  -115
  -131
  -144
  -156
  -169
  -183
  -196
  -210
  -224
  -238
  -253
  -269
  -285
  -301
  -319
  -337
  -356
  -375
  -396
  -417
  -440
  -463
  -488
  -513
  -540
  -568
  -598
  -628
  -661
  -695
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
 
  587
  586
  598
  611
  625
  641
  658
  676
  696
  717
  713
  738
  763
  791
  820
  851
  883
  918
  954
  992
  1,033
  1,076
  1,121
  1,168
  1,218
  1,271
  1,326
  1,384
  1,446
  1,510
Discount rate, %
 
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
 
  550
  510
  480
  449
  418
  386
  354
  322
  290
  259
  221
  193
  167
  143
  120
  100
  81
  65
  52
  40
  30
  22
  16
  12
  8
  5
  4
  2
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Shaw Communications Inc. (Shaw) is a diversified connectivity provider. The Company operates through four divisions: Consumer, Wireless, Business Network Services and Business Infrastructure Services. Under the Consumer division, the Company offers Cable telecommunications and Satellite video services to residential customers. Its Business Network Services division offers data networking, Cable telecommunications, Satellite video and fleet tracking services to businesses and public sector entities. Its Business Infrastructure Services division offers data center colocation, cloud technology and managed information technology (IT) solutions to businesses. The Company offers wireless services for voice and data communications through its Wireless division. Its wireline services offer approximately 120 high definition (HD) channels and over 10,000 on-demand, pay-per-view and subscription movie and television programming titles.

FINANCIAL RATIOS  of  Shaw Communications Cl B NV (SJR)

Valuation Ratios
P/E Ratio 12.2
Price to Sales 3.1
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 9
Price to Free Cash Flow 32.1
Growth Rates
Sales Growth Rate 8.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 12%
Cap. Spend. - 3 Yr. Gr. Rate 3.6%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 91.3%
Total Debt to Equity 98.5%
Interest Coverage 3
Management Effectiveness
Return On Assets 9.6%
Ret/ On Assets - 3 Yr. Avg. 8.5%
Return On Total Capital 11.2%
Ret/ On T. Cap. - 3 Yr. Avg. 9.7%
Return On Equity 23.2%
Return On Equity - 3 Yr. Avg. 20.2%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 43.3%
Gross Margin - 3 Yr. Avg. 44%
EBITDA Margin 38.8%
EBITDA Margin - 3 Yr. Avg. 42.3%
Operating Margin 22.4%
Oper. Margin - 3 Yr. Avg. 24.9%
Pre-Tax Margin 12.8%
Pre-Tax Margin - 3 Yr. Avg. 18.4%
Net Profit Margin 25%
Net Profit Margin - 3 Yr. Avg. 20.1%
Effective Tax Rate 27.2%
Eff/ Tax Rate - 3 Yr. Avg. 25.8%
Payout Ratio 32.2%

SJR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SJR stock intrinsic value calculation we used $3615 million for the last fiscal year's total revenue generated by Shaw Communications Cl B NV. The default revenue input number comes from 2016 income statement of Shaw Communications Cl B NV. 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 SJR stock valuation model: a) initial revenue growth rate of 2.8% 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 6.9%, whose default value for SJR is calculated based on our internal credit rating of Shaw Communications Cl B NV, 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 Shaw Communications Cl B NV.
    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 SJR stock the variable cost ratio is equal to 75.2%.

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 SJR 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 5.4% for Shaw Communications Cl B NV.

Corporate tax rate of 27% is the nominal tax rate for Shaw Communications Cl B NV. 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 SJR 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 SJR are equal to 152.6%.

Life of production assets of 9.3 years is the average useful life of capital assets used in Shaw Communications Cl B NV 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 SJR is equal to -19.2%. 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 - $4217 million for Shaw Communications Cl B NV - 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 499.31 million for Shaw Communications Cl B NV 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 Shaw Communications Cl B NV at the current share price and the inputted number of shares is $11.3 billion.

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COMPANY NEWS

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▶ Shaw Communications Shows Strength, Earns Upgrade   [Oct-31-17 04:50PM  TheStreet.com]
▶ Shaw Communications revenue rises, but so do costs   [Oct-26-17 09:55AM  Reuters]
▶ Shaw tops 4Q profit forecasts   [09:42AM  Associated Press]
▶ Shaw Declares Monthly Dividends   [07:41AM  Marketwired]
▶ Shaw Welcomes Mike Sievert to its Board   [07:29AM  Marketwired]
▶ Shaw Communications Fourth Quarter 2017 Conference Call   [Sep-14-17 05:00PM  Marketwired]
▶ Stocks With Rising Relative Strength: Shaw Communications   [Sep-08-17 03:00AM  Investor's Business Daily]
▶ Stock Market News for June 29, 2017   [Jun-29-17 10:08AM  Zacks]
▶ Shaw beats 3Q profit forecasts   [Jun-28-17 09:54PM  Associated Press]
▶ Shaw Declares Monthly Dividends   [01:45PM  Marketwired]
▶ Story Stocks from Briefing.com   [11:32AM  Briefing.com]
▶ [$$] The Add-On Deal Roundup: June 2   [Jun-02-17 11:08AM  The Wall Street Journal]
▶ Shaw Communications Third Quarter 2017 Conference Call   [May-23-17 05:00PM  Marketwired]
Financial statements of SJR
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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