Intrinsic value of Sierra Wireless - SWIR

Previous Close

$21.75

  Intrinsic Value

$11.77

stock screener

  Rating & Target

sell

-46%

  Value-price divergence*

-52%

Previous close

$21.75

 
Intrinsic value

$11.77

 
Up/down potential

-46%

 
Rating

sell

 
Value-price divergence*

-52%

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

We calculate the intrinsic value of SWIR 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 0.7

 

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, %
  1.32
  13.30
  12.47
  11.72
  11.05
  10.45
  9.90
  9.41
  8.97
  8.57
  8.22
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
Revenue, $m
  616
  698
  785
  877
  974
  1,076
  1,182
  1,293
  1,409
  1,530
  1,656
  1,787
  1,923
  2,064
  2,210
  2,363
  2,521
  2,686
  2,858
  3,036
  3,222
  3,416
  3,618
  3,828
  4,048
  4,277
  4,516
  4,766
  5,027
  5,301
  5,586
Variable operating expenses, $m
 
  685
  768
  856
  949
  1,047
  1,149
  1,256
  1,367
  1,483
  1,603
  1,713
  1,844
  1,979
  2,120
  2,266
  2,418
  2,576
  2,741
  2,912
  3,090
  3,276
  3,469
  3,671
  3,882
  4,101
  4,331
  4,571
  4,821
  5,083
  5,357
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
  594
  685
  768
  856
  949
  1,047
  1,149
  1,256
  1,367
  1,483
  1,603
  1,713
  1,844
  1,979
  2,120
  2,266
  2,418
  2,576
  2,741
  2,912
  3,090
  3,276
  3,469
  3,671
  3,882
  4,101
  4,331
  4,571
  4,821
  5,083
  5,357
Operating income, $m
  21
  13
  17
  21
  25
  29
  33
  38
  42
  47
  52
  73
  79
  85
  91
  97
  103
  110
  117
  124
  132
  140
  148
  157
  166
  175
  185
  195
  206
  217
  229
EBITDA, $m
  47
  40
  45
  50
  55
  61
  67
  73
  80
  87
  94
  101
  109
  117
  125
  134
  143
  152
  162
  172
  183
  194
  205
  217
  229
  242
  256
  270
  285
  301
  317
Interest expense (income), $m
  0
  0
  1
  2
  3
  4
  6
  7
  8
  10
  11
  13
  14
  16
  18
  20
  21
  23
  25
  28
  30
  32
  34
  37
  39
  42
  45
  48
  51
  54
  58
Earnings before tax, $m
  20
  13
  16
  18
  21
  24
  27
  31
  34
  38
  41
  60
  64
  69
  73
  77
  82
  87
  92
  97
  102
  108
  114
  120
  127
  133
  140
  148
  155
  163
  172
Tax expense, $m
  5
  4
  4
  5
  6
  7
  7
  8
  9
  10
  11
  16
  17
  19
  20
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
Net income, $m
  15
  10
  12
  13
  16
  18
  20
  22
  25
  27
  30
  44
  47
  50
  53
  56
  60
  63
  67
  71
  75
  79
  83
  88
  92
  97
  102
  108
  113
  119
  125

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  103
  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
  578
  538
  605
  676
  751
  829
  911
  997
  1,087
  1,180
  1,277
  1,378
  1,482
  1,591
  1,704
  1,822
  1,944
  2,071
  2,203
  2,341
  2,484
  2,634
  2,789
  2,951
  3,121
  3,297
  3,482
  3,675
  3,876
  4,087
  4,307
Adjusted assets (=assets-cash), $m
  475
  538
  605
  676
  751
  829
  911
  997
  1,087
  1,180
  1,277
  1,378
  1,482
  1,591
  1,704
  1,822
  1,944
  2,071
  2,203
  2,341
  2,484
  2,634
  2,789
  2,951
  3,121
  3,297
  3,482
  3,675
  3,876
  4,087
  4,307
Revenue / Adjusted assets
  1.297
  1.297
  1.298
  1.297
  1.297
  1.298
  1.297
  1.297
  1.296
  1.297
  1.297
  1.297
  1.298
  1.297
  1.297
  1.297
  1.297
  1.297
  1.297
  1.297
  1.297
  1.297
  1.297
  1.297
  1.297
  1.297
  1.297
  1.297
  1.297
  1.297
  1.297
Average production assets, $m
  97
  110
  123
  138
  153
  169
  186
  203
  221
  240
  260
  281
  302
  324
  347
  371
  396
  422
  449
  477
  506
  536
  568
  601
  635
  671
  709
  748
  789
  832
  877
Working capital, $m
  121
  20
  23
  25
  28
  31
  34
  38
  41
  44
  48
  52
  56
  60
  64
  69
  73
  78
  83
  88
  93
  99
  105
  111
  117
  124
  131
  138
  146
  154
  162
Total debt, $m
  0
  29
  59
  92
  126
  161
  199
  238
  278
  321
  365
  411
  458
  508
  559
  613
  669
  726
  787
  849
  914
  982
  1,053
  1,127
  1,204
  1,284
  1,368
  1,456
  1,548
  1,644
  1,744
Total liabilities, $m
  217
  245
  275
  308
  342
  377
  415
  454
  494
  537
  581
  627
  674
  724
  775
  829
  885
  942
  1,003
  1,065
  1,130
  1,198
  1,269
  1,343
  1,420
  1,500
  1,584
  1,672
  1,764
  1,860
  1,960
Total equity, $m
  362
  293
  330
  369
  409
  452
  497
  543
  592
  643
  696
  751
  808
  867
  929
  993
  1,060
  1,129
  1,201
  1,276
  1,354
  1,435
  1,520
  1,609
  1,701
  1,797
  1,898
  2,003
  2,113
  2,227
  2,347
Total liabilities and equity, $m
  579
  538
  605
  677
  751
  829
  912
  997
  1,086
  1,180
  1,277
  1,378
  1,482
  1,591
  1,704
  1,822
  1,945
  2,071
  2,204
  2,341
  2,484
  2,633
  2,789
  2,952
  3,121
  3,297
  3,482
  3,675
  3,877
  4,087
  4,307
Debt-to-equity ratio
  0.000
  0.100
  0.180
  0.250
  0.310
  0.360
  0.400
  0.440
  0.470
  0.500
  0.520
  0.550
  0.570
  0.590
  0.600
  0.620
  0.630
  0.640
  0.650
  0.670
  0.680
  0.680
  0.690
  0.700
  0.710
  0.710
  0.720
  0.730
  0.730
  0.740
  0.740
Adjusted equity ratio
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  15
  10
  12
  13
  16
  18
  20
  22
  25
  27
  30
  44
  47
  50
  53
  56
  60
  63
  67
  71
  75
  79
  83
  88
  92
  97
  102
  108
  113
  119
  125
Depreciation, amort., depletion, $m
  26
  26
  28
  29
  31
  32
  34
  36
  38
  39
  41
  28
  30
  32
  35
  37
  40
  42
  45
  48
  51
  54
  57
  60
  64
  67
  71
  75
  79
  83
  88
Funds from operations, $m
  62
  36
  39
  43
  46
  50
  54
  58
  62
  67
  72
  72
  77
  82
  88
  94
  99
  105
  112
  118
  125
  132
  140
  148
  156
  164
  173
  183
  192
  202
  213
Change in working capital, $m
  15
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
Cash from operations, $m
  47
  34
  37
  40
  43
  47
  51
  55
  59
  63
  68
  68
  73
  78
  84
  89
  95
  101
  107
  113
  120
  127
  134
  142
  150
  158
  166
  175
  185
  194
  205
Maintenance CAPEX, $m
  0
  -10
  -11
  -12
  -14
  -15
  -17
  -19
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -35
  -37
  -40
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -83
New CAPEX, $m
  -18
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
Cash from investing activities, $m
  -27
  -23
  -25
  -26
  -29
  -31
  -34
  -36
  -38
  -41
  -44
  -47
  -49
  -52
  -55
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -86
  -90
  -94
  -100
  -105
  -110
  -116
  -122
  -128
Free cash flow, $m
  20
  11
  12
  13
  14
  16
  17
  19
  21
  22
  24
  22
  24
  26
  28
  30
  33
  35
  38
  40
  43
  46
  49
  52
  55
  58
  62
  65
  69
  73
  77
Issuance/(repayment) of debt, $m
  0
  29
  31
  32
  34
  36
  37
  39
  41
  42
  44
  46
  48
  50
  51
  53
  56
  58
  60
  63
  65
  68
  71
  74
  77
  80
  84
  88
  92
  96
  100
Issuance/(repurchase) of shares, $m
  -12
  25
  25
  25
  25
  25
  25
  24
  24
  23
  23
  11
  10
  9
  8
  8
  7
  6
  5
  4
  3
  2
  2
  1
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -14
  54
  56
  57
  59
  61
  62
  63
  65
  65
  67
  57
  58
  59
  59
  61
  63
  64
  65
  67
  68
  70
  73
  75
  77
  80
  84
  88
  92
  96
  100
Total cash flow (excl. dividends), $m
  9
  64
  68
  71
  74
  77
  79
  82
  85
  88
  91
  79
  82
  85
  88
  92
  95
  99
  103
  107
  112
  116
  121
  126
  132
  139
  146
  153
  160
  168
  177
Retained Cash Flow (-), $m
  -4
  -34
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -101
  -105
  -110
  -115
  -120
Prev. year cash balance distribution, $m
 
  103
  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
 
  133
  31
  32
  33
  34
  35
  35
  36
  37
  38
  24
  25
  25
  26
  28
  29
  30
  31
  32
  34
  35
  36
  38
  40
  42
  45
  48
  51
  54
  57
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
 
  128
  28
  28
  27
  26
  25
  24
  23
  21
  20
  11
  10
  10
  9
  8
  7
  6
  6
  5
  4
  4
  3
  2
  2
  2
  1
  1
  1
  1
  0
Current shareholders' claim on cash, %
  100
  95.2
  91.1
  87.5
  84.5
  81.8
  79.5
  77.5
  75.7
  74.2
  72.8
  72.2
  71.7
  71.3
  70.9
  70.6
  70.4
  70.1
  70.0
  69.8
  69.7
  69.7
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6

Sierra Wireless, Inc., together with its subsidiaries, engages in building the Internet of Things (IoT) with intelligent wireless solutions in North America, Europe, and the Asia Pacific. It operates in three segments: Original Equipment Manufacturer (OEM) Solutions, Enterprise Solutions, and Cloud and Connectivity Services. The OEM Solutions segment offers cellular embedded modules, software, and tools to integrate wireless connectivity into various products and solutions for OEM customers, including the AirPrime embedded wireless modules product portfolio; and Legato, an open source, Linux-based application framework. This segment provides its products and solutions to a range of industries, including automotive, transportation, enterprise networking, energy, sales and payment, mobile computing, security, industrial monitoring, field services, and healthcare industries. It also offers professional services to OEM customers during their product development and launch process. The Enterprise Solutions segment provides a range of second, third, and fourth generation cellular embedded wireless modules and gateways, as well as security and device management solutions, and professional services to public safety, transportation, field service, energy, industrial, retail, and financial enterprises. The Cloud and Connectivity Services segment provides secure and scalable cloud based platform for IoT applications; connectivity services, which include smart SIM supported by mobile networks; and managed wireless broadband services. Sierra Wireless, Inc. sells its products directly, as well as through various indirect channels, such as OEMs, distributors, value added resellers, and mobile network operators. The company was founded in 1993 and is headquartered in Richmond, Canada.

FINANCIAL RATIOS  of  Sierra Wireless (SWIR)

Valuation Ratios
P/E Ratio 45.7
Price to Sales 1.1
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 14.6
Price to Free Cash Flow 23.6
Growth Rates
Sales Growth Rate 1.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20%
Cap. Spend. - 3 Yr. Gr. Rate 5.2%
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 2.7%
Ret/ On Assets - 3 Yr. Avg. -0.4%
Return On Total Capital 4.2%
Ret/ On T. Cap. - 3 Yr. Avg. -0.5%
Return On Equity 4.2%
Return On Equity - 3 Yr. Avg. -0.5%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 35.4%
Gross Margin - 3 Yr. Avg. 33.3%
EBITDA Margin 7.5%
EBITDA Margin - 3 Yr. Avg. 3.8%
Operating Margin 3.6%
Oper. Margin - 3 Yr. Avg. 1.4%
Pre-Tax Margin 3.2%
Pre-Tax Margin - 3 Yr. Avg. -0.1%
Net Profit Margin 2.4%
Net Profit Margin - 3 Yr. Avg. -0.4%
Effective Tax Rate 25%
Eff/ Tax Rate - 3 Yr. Avg. -6.5%
Payout Ratio 0%

SWIR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SWIR stock intrinsic value calculation we used $616 million for the last fiscal year's total revenue generated by Sierra Wireless. The default revenue input number comes from 2016 income statement of Sierra Wireless. 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 SWIR stock valuation model: a) initial revenue growth rate of 13.3% 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 SWIR is calculated based on our internal credit rating of Sierra Wireless, 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 Sierra Wireless.
    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 SWIR stock the variable cost ratio is equal to 98.4%.

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 SWIR 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 Sierra Wireless.

Corporate tax rate of 27% is the nominal tax rate for Sierra Wireless. 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 SWIR 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 SWIR are equal to 15.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Sierra Wireless 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 SWIR is equal to 2.9%. 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 - $362 million for Sierra Wireless - 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 31.383 million for Sierra Wireless 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 Sierra Wireless at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ Sierra Wireless: Cramer's Top Takeaways   [Aug-08-17 06:29AM  TheStreet.com]
▶ WeissLaw LLP Investigates Numerex Corp. Acquisition   [Aug-04-17 02:53PM  PR Newswire]
▶ Stocks Lower, But Dow Inches Up; Earnings Roil These Leaders   [Aug-03-17 01:37PM  Investor's Business Daily]
▶ Sierra Wireless beats Street 2Q forecasts   [10:24AM  Associated Press]
▶ Sierra Wireless beats Street 2Q forecasts   [05:05AM  Associated Press]
▶ Sierra Wireless to Acquire Numerex Corp.   [04:39PM  Business Wire]
▶ What to Expect From Sierra Wireless' Q2 Earnings Report   [Jul-31-17 09:15PM  Motley Fool]
▶ 5 Things You Didn't Know About Sierra Wireless, Inc.   [Jul-17-17 01:24PM  Motley Fool]
▶ Sierra Wireless, Inc.: The Bear Case From a Bull   [Jul-01-17 04:35PM  Motley Fool]
▶ Better Buy: CalAmp Corp. vs. Sierra Wireless   [Jun-22-17 11:17AM  Motley Fool]
▶ Better Buy: Sierra Wireless, Inc. vs. NVIDIA   [Jun-21-17 09:02PM  Motley Fool]
▶ How Risky Is Sierra Wireless Inc.?   [02:19PM  Motley Fool]
▶ Better Buy: Sierra Wireless vs. Micron Technology   [Jun-20-17 05:13PM  Motley Fool]
▶ 3 Stocks With NVIDIA-Like Return Potential   [Jun-13-17 04:31PM  Motley Fool]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [Jun-09-17 09:16AM  Investor's Business Daily]
▶ Why Sierra Wireless, Inc. Stock Popped Today   [Jun-08-17 05:41PM  Motley Fool]
▶ Is Sierra Wireless (SWIR) a Great Growth Stock?   [Jun-02-17 08:48AM  Zacks]
▶ 3 Tech Stocks for May   [12:36PM  Motley Fool]
▶ Stock Futures Mixed; Dow Lags As Buffett Dumps IBM   [08:03AM  Investor's Business Daily]
▶ Sierra Wireless reports 1Q loss   [05:03AM  Associated Press]
▶ Sierra Wireless Reports First Quarter 2017 Results   [May-04-17 04:29PM  Business Wire]
▶ Better Buy: Sierra Wireless vs. Qualcomm   [03:14PM  Motley Fool]
▶ How Sierra Wireless, Inc. Is Helping Make Drones Safer   [Mar-15-17 05:07PM  Motley Fool]
▶ Better Buy: CalAmp vs. Sierra Wireless   [Mar-03-17 11:13AM  at Motley Fool]
▶ Will These Catalysts Push Sierra Wireless Inc. Higher?   [Feb-27-17 08:00PM  at Motley Fool]
Stock chart of SWIR Financial statements of SWIR
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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