Intrinsic value of Silver Spring Networks - SSNI

Previous Close

$16.24

  Intrinsic Value

$387.43

stock screener

  Rating & Target

str. buy

+999%

Previous close

$16.24

 
Intrinsic value

$387.43

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of SSNI 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 0.9

 

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, %
  -36.53
  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
  311
  498
  769
  1,150
  1,668
  2,354
  3,236
  4,343
  5,703
  7,338
  9,269
  11,510
  14,072
  16,961
  20,180
  23,729
  27,602
  31,795
  36,301
  41,113
  46,223
  51,625
  57,313
  63,283
  69,532
  76,059
  82,866
  89,954
  97,328
  104,996
  112,966
Variable operating expenses, $m
 
  210
  325
  485
  703
  992
  1,363
  1,830
  2,402
  3,091
  3,904
  4,847
  5,926
  7,142
  8,498
  9,992
  11,623
  13,389
  15,287
  17,313
  19,465
  21,740
  24,135
  26,649
  29,280
  32,029
  34,895
  37,880
  40,985
  44,214
  47,571
Fixed operating expenses, $m
 
  209
  214
  220
  225
  231
  237
  242
  249
  255
  261
  268
  274
  281
  288
  295
  303
  310
  318
  326
  334
  343
  351
  360
  369
  378
  388
  397
  407
  417
  428
Total operating expenses, $m
  331
  419
  539
  705
  928
  1,223
  1,600
  2,072
  2,651
  3,346
  4,165
  5,115
  6,200
  7,423
  8,786
  10,287
  11,926
  13,699
  15,605
  17,639
  19,799
  22,083
  24,486
  27,009
  29,649
  32,407
  35,283
  38,277
  41,392
  44,631
  47,999
Operating income, $m
  -20
  78
  230
  445
  740
  1,131
  1,636
  2,271
  3,052
  3,992
  5,104
  6,395
  7,872
  9,537
  11,394
  13,441
  15,676
  18,096
  20,696
  23,474
  26,424
  29,543
  32,827
  36,274
  39,883
  43,652
  47,583
  51,676
  55,935
  60,364
  64,967
EBITDA, $m
  -11
  79
  231
  446
  741
  1,132
  1,637
  2,272
  3,053
  3,993
  5,104
  6,395
  7,872
  9,537
  11,394
  13,441
  15,676
  18,096
  20,696
  23,474
  26,424
  29,543
  32,827
  36,274
  39,883
  43,652
  47,583
  51,676
  55,935
  60,364
  64,967
Interest expense (income), $m
  0
  0
  0
  9
  22
  39
  62
  91
  128
  173
  228
  292
  367
  452
  549
  656
  774
  903
  1,043
  1,193
  1,354
  1,524
  1,704
  1,894
  2,093
  2,301
  2,519
  2,745
  2,982
  3,228
  3,483
Earnings before tax, $m
  -19
  78
  230
  436
  718
  1,092
  1,574
  2,180
  2,924
  3,819
  4,876
  6,103
  7,505
  9,085
  10,845
  12,785
  14,902
  17,192
  19,653
  22,281
  25,070
  28,019
  31,123
  34,381
  37,790
  41,351
  45,064
  48,931
  52,954
  57,137
  61,484
Tax expense, $m
  3
  21
  62
  118
  194
  295
  425
  589
  789
  1,031
  1,316
  1,648
  2,026
  2,453
  2,928
  3,452
  4,023
  4,642
  5,306
  6,016
  6,769
  7,565
  8,403
  9,283
  10,203
  11,165
  12,167
  13,211
  14,298
  15,427
  16,601
Net income, $m
  -22
  57
  168
  318
  524
  797
  1,149
  1,591
  2,134
  2,788
  3,559
  4,455
  5,478
  6,632
  7,917
  9,333
  10,878
  12,550
  14,347
  16,265
  18,301
  20,454
  22,720
  25,098
  27,587
  30,186
  32,897
  35,719
  38,656
  41,710
  44,884

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  118
  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
  447
  527
  814
  1,217
  1,765
  2,491
  3,424
  4,596
  6,035
  7,765
  9,808
  12,180
  14,891
  17,948
  21,355
  25,110
  29,208
  33,646
  38,414
  43,506
  48,914
  54,630
  60,649
  66,967
  73,579
  80,486
  87,688
  95,189
  102,993
  111,107
  119,541
Adjusted assets (=assets-cash), $m
  329
  527
  814
  1,217
  1,765
  2,491
  3,424
  4,596
  6,035
  7,765
  9,808
  12,180
  14,891
  17,948
  21,355
  25,110
  29,208
  33,646
  38,414
  43,506
  48,914
  54,630
  60,649
  66,967
  73,579
  80,486
  87,688
  95,189
  102,993
  111,107
  119,541
Revenue / Adjusted assets
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
  0.945
Average production assets, $m
  -5
  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
  15
  -165
  -254
  -381
  -552
  -779
  -1,071
  -1,438
  -1,888
  -2,429
  -3,068
  -3,810
  -4,658
  -5,614
  -6,680
  -7,854
  -9,136
  -10,524
  -12,016
  -13,608
  -15,300
  -17,088
  -18,971
  -20,947
  -23,015
  -25,176
  -27,429
  -29,775
  -32,216
  -34,754
  -37,392
Total debt, $m
  0
  -5
  253
  616
  1,110
  1,763
  2,603
  3,657
  4,952
  6,510
  8,348
  10,483
  12,923
  15,674
  18,740
  22,120
  25,809
  29,802
  34,094
  38,676
  43,543
  48,688
  54,105
  59,791
  65,742
  71,959
  78,441
  85,191
  92,214
  99,517
  107,108
Total liabilities, $m
  479
  474
  732
  1,095
  1,589
  2,242
  3,082
  4,136
  5,431
  6,989
  8,827
  10,962
  13,402
  16,153
  19,219
  22,599
  26,288
  30,281
  34,573
  39,155
  44,022
  49,167
  54,584
  60,270
  66,221
  72,438
  78,920
  85,670
  92,693
  99,996
  107,587
Total equity, $m
  -32
  53
  81
  122
  177
  249
  342
  460
  603
  777
  981
  1,218
  1,489
  1,795
  2,135
  2,511
  2,921
  3,365
  3,841
  4,351
  4,891
  5,463
  6,065
  6,697
  7,358
  8,049
  8,769
  9,519
  10,299
  11,111
  11,954
Total liabilities and equity, $m
  447
  527
  813
  1,217
  1,766
  2,491
  3,424
  4,596
  6,034
  7,766
  9,808
  12,180
  14,891
  17,948
  21,354
  25,110
  29,209
  33,646
  38,414
  43,506
  48,913
  54,630
  60,649
  66,967
  73,579
  80,487
  87,689
  95,189
  102,992
  111,107
  119,541
Debt-to-equity ratio
  0.000
  -0.100
  3.110
  5.060
  6.290
  7.080
  7.600
  7.960
  8.210
  8.380
  8.510
  8.610
  8.680
  8.730
  8.780
  8.810
  8.840
  8.860
  8.880
  8.890
  8.900
  8.910
  8.920
  8.930
  8.930
  8.940
  8.950
  8.950
  8.950
  8.960
  8.960
Adjusted equity ratio
  -0.456
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -22
  57
  168
  318
  524
  797
  1,149
  1,591
  2,134
  2,788
  3,559
  4,455
  5,478
  6,632
  7,917
  9,333
  10,878
  12,550
  14,347
  16,265
  18,301
  20,454
  22,720
  25,098
  27,587
  30,186
  32,897
  35,719
  38,656
  41,710
  44,884
Depreciation, amort., depletion, $m
  9
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  21
  58
  169
  319
  525
  798
  1,150
  1,592
  2,135
  2,789
  3,560
  4,455
  5,478
  6,632
  7,917
  9,333
  10,878
  12,550
  14,347
  16,265
  18,301
  20,454
  22,720
  25,098
  27,587
  30,186
  32,897
  35,719
  38,656
  41,710
  44,884
Change in working capital, $m
  0
  -62
  -90
  -126
  -172
  -227
  -292
  -367
  -450
  -541
  -639
  -742
  -848
  -956
  -1,066
  -1,174
  -1,282
  -1,388
  -1,492
  -1,593
  -1,691
  -1,788
  -1,883
  -1,976
  -2,068
  -2,160
  -2,253
  -2,346
  -2,441
  -2,538
  -2,638
Cash from operations, $m
  21
  120
  259
  445
  697
  1,025
  1,442
  1,959
  2,585
  3,330
  4,199
  5,197
  6,326
  7,589
  8,983
  10,507
  12,160
  13,938
  15,838
  17,858
  19,993
  22,242
  24,603
  27,074
  29,655
  32,347
  35,150
  38,066
  41,097
  44,248
  47,522
Maintenance CAPEX, $m
  0
  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
New CAPEX, $m
  -25
  -5
  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
  -34
  -4
  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
  -13
  116
  259
  445
  697
  1,025
  1,442
  1,959
  2,585
  3,330
  4,199
  5,197
  6,326
  7,589
  8,983
  10,507
  12,160
  13,938
  15,838
  17,858
  19,993
  22,242
  24,603
  27,074
  29,655
  32,347
  35,150
  38,066
  41,097
  44,248
  47,522
Issuance/(repayment) of debt, $m
  0
  -5
  258
  363
  494
  653
  840
  1,055
  1,295
  1,557
  1,839
  2,134
  2,440
  2,752
  3,066
  3,379
  3,689
  3,994
  4,292
  4,583
  4,867
  5,145
  5,417
  5,686
  5,951
  6,216
  6,482
  6,750
  7,023
  7,303
  7,590
Issuance/(repurchase) of shares, $m
  5
  146
  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  
  -2
  141
  258
  363
  494
  653
  840
  1,055
  1,295
  1,557
  1,839
  2,134
  2,440
  2,752
  3,066
  3,379
  3,689
  3,994
  4,292
  4,583
  4,867
  5,145
  5,417
  5,686
  5,951
  6,216
  6,482
  6,750
  7,023
  7,303
  7,590
Total cash flow (excl. dividends), $m
  -15
  256
  517
  808
  1,190
  1,678
  2,282
  3,014
  3,880
  4,888
  6,038
  7,331
  8,767
  10,340
  12,049
  13,887
  15,849
  17,932
  20,130
  22,440
  24,860
  27,387
  30,020
  32,760
  35,607
  38,563
  41,632
  44,816
  48,121
  51,551
  55,112
Retained Cash Flow (-), $m
  -2
  -203
  -29
  -40
  -55
  -73
  -93
  -117
  -144
  -173
  -204
  -237
  -271
  -306
  -341
  -375
  -410
  -444
  -477
  -509
  -541
  -572
  -602
  -632
  -661
  -691
  -720
  -750
  -780
  -811
  -843
Prev. year cash balance distribution, $m
 
  118
  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
 
  172
  488
  768
  1,136
  1,605
  2,189
  2,896
  3,736
  4,715
  5,834
  7,094
  8,495
  10,035
  11,708
  13,511
  15,439
  17,488
  19,653
  21,931
  24,319
  26,815
  29,418
  32,128
  34,945
  37,872
  40,911
  44,066
  47,340
  50,739
  54,268
Discount rate, %
 
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
 
  162
  433
  636
  872
  1,135
  1,416
  1,700
  1,974
  2,222
  2,430
  2,585
  2,680
  2,710
  2,674
  2,576
  2,425
  2,230
  2,004
  1,760
  1,510
  1,265
  1,034
  825
  642
  487
  359
  258
  180
  122
  80
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Silver Spring Networks, Inc. is engaged in creating, building and deploying large-scale networks and solutions enabling the Internet of things (IoT) for critical infrastructure. The Company provides a networking platform and solutions that enable utilities to transform the power grid infrastructure into the smart grid. Its networking platform enables customers to communicate with devices connected to the power grid. Its networking platform comprises hardware, such as access points and relays; its communications modules; its SilverLinkOS network operating software, and its GridScape management and security software. It offers solutions built upon SilverLink Network and Data platforms, including advanced metering, distribution automation, demand-side management, street lights and its wireless Internet protocol version 6 (IPv6) network service for the IoT, Starfish. Through its managed application services, it manages the SilverLink Control Platform and SilverLink Applications.

FINANCIAL RATIOS  of  Silver Spring Networks (SSNI)

Valuation Ratios
P/E Ratio -38.5
Price to Sales 2.7
Price to Book -26.5
Price to Tangible Book
Price to Cash Flow 40.4
Price to Free Cash Flow -211.9
Growth Rates
Sales Growth Rate -36.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 400%
Cap. Spend. - 3 Yr. Gr. Rate 44.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0.5
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -4.9%
Ret/ On Assets - 3 Yr. Avg. -1.9%
Return On Total Capital 66.7%
Ret/ On T. Cap. - 3 Yr. Avg. 18.7%
Return On Equity 66.7%
Return On Equity - 3 Yr. Avg. 18.5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 44.4%
Gross Margin - 3 Yr. Avg. 39.9%
EBITDA Margin -3.2%
EBITDA Margin - 3 Yr. Avg. -9.2%
Operating Margin -6.4%
Oper. Margin - 3 Yr. Avg. -11.9%
Pre-Tax Margin -6.1%
Pre-Tax Margin - 3 Yr. Avg. -11.7%
Net Profit Margin -7.1%
Net Profit Margin - 3 Yr. Avg. -12.4%
Effective Tax Rate -15.8%
Eff/ Tax Rate - 3 Yr. Avg. -4.4%
Payout Ratio 0%

SSNI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SSNI stock intrinsic value calculation we used $311 million for the last fiscal year's total revenue generated by Silver Spring Networks. The default revenue input number comes from 2016 income statement of Silver Spring Networks. 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 SSNI 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 5.9%, whose default value for SSNI is calculated based on our internal credit rating of Silver Spring Networks, 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 Silver Spring Networks.
    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 SSNI stock the variable cost ratio is equal to 42.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $204 million in the base year in the intrinsic value calculation for SSNI 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 Silver Spring Networks.

Corporate tax rate of 27% is the nominal tax rate for Silver Spring Networks. 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 SSNI 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 SSNI are equal to 0%.

Life of production assets of 0.4 years is the average useful life of capital assets used in Silver Spring Networks 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 SSNI is equal to -33.1%. 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 - $-32 million for Silver Spring Networks - 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 53.565 million for Silver Spring Networks 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 Silver Spring Networks at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ Silver Spring Networks reports 3Q loss   [Nov-08-17 06:34PM  Associated Press]
▶ /C O R R E C T I O N -- Kahn Swick & Foti, LLC/   [Sep-20-17 06:30PM  PR Newswire]
▶ Silver Spring Networks Scores Relative Strength Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Why Silver Spring Networks Stock Fell Today   [May-10-17 12:46PM  Motley Fool]
▶ Silver Spring Networks reports 1Q loss   [05:03AM  Associated Press]
▶ This Week in Solar   [Feb-25-17 09:03AM  Motley Fool]
▶ This Week in Solar   [09:03AM  at Motley Fool]
Financial statements of SSNI
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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