Intrinsic value of Sierra Wireless - SWIR

Previous Close

$19.90

  Intrinsic Value

$10.92

stock screener

  Rating & Target

sell

-45%

Previous close

$19.90

 
Intrinsic value

$10.92

 
Up/down potential

-45%

 
Rating

sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  12.30
  11.57
  10.91
  10.32
  9.79
  9.31
  8.88
  8.49
  8.14
  7.83
  7.55
  7.29
  7.06
  6.86
  6.67
  6.50
  6.35
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
Revenue, $m
  616
  692
  772
  856
  944
  1,037
  1,133
  1,234
  1,339
  1,448
  1,561
  1,679
  1,801
  1,929
  2,061
  2,198
  2,341
  2,490
  2,645
  2,806
  2,974
  3,149
  3,332
  3,522
  3,721
  3,929
  4,146
  4,373
  4,610
  4,858
  5,117
Variable operating expenses, $m
 
  679
  756
  836
  921
  1,010
  1,102
  1,199
  1,299
  1,404
  1,513
  1,610
  1,727
  1,849
  1,976
  2,108
  2,245
  2,388
  2,536
  2,691
  2,852
  3,020
  3,195
  3,378
  3,568
  3,768
  3,976
  4,193
  4,421
  4,659
  4,908
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
  679
  756
  836
  921
  1,010
  1,102
  1,199
  1,299
  1,404
  1,513
  1,610
  1,727
  1,849
  1,976
  2,108
  2,245
  2,388
  2,536
  2,691
  2,852
  3,020
  3,195
  3,378
  3,568
  3,768
  3,976
  4,193
  4,421
  4,659
  4,908
Operating income, $m
  21
  13
  16
  20
  23
  27
  31
  35
  39
  44
  49
  69
  74
  79
  84
  90
  96
  102
  108
  115
  122
  129
  137
  144
  153
  161
  170
  179
  189
  199
  210
EBITDA, $m
  47
  40
  44
  49
  54
  59
  65
  71
  77
  83
  89
  96
  103
  110
  118
  126
  134
  142
  151
  160
  170
  180
  191
  201
  213
  225
  237
  250
  264
  278
  293
Interest expense (income), $m
  0
  0
  1
  2
  3
  4
  5
  6
  8
  9
  10
  12
  13
  15
  16
  18
  19
  21
  23
  25
  27
  29
  31
  33
  36
  38
  41
  43
  46
  49
  52
Earnings before tax, $m
  20
  13
  15
  18
  20
  23
  26
  29
  32
  35
  38
  57
  61
  65
  68
  72
  77
  81
  85
  90
  95
  100
  105
  111
  117
  123
  129
  136
  143
  150
  158
Tax expense, $m
  5
  3
  4
  5
  5
  6
  7
  8
  9
  9
  10
  15
  16
  17
  18
  20
  21
  22
  23
  24
  26
  27
  28
  30
  32
  33
  35
  37
  39
  41
  43
Net income, $m
  15
  9
  11
  13
  15
  17
  19
  21
  23
  26
  28
  42
  44
  47
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  85
  90
  94
  99
  104
  110
  115

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
  533
  595
  660
  728
  799
  874
  951
  1,032
  1,116
  1,204
  1,294
  1,389
  1,487
  1,589
  1,695
  1,805
  1,920
  2,039
  2,163
  2,293
  2,428
  2,569
  2,716
  2,869
  3,029
  3,196
  3,371
  3,554
  3,745
  3,946
Adjusted assets (=assets-cash), $m
  475
  533
  595
  660
  728
  799
  874
  951
  1,032
  1,116
  1,204
  1,294
  1,389
  1,487
  1,589
  1,695
  1,805
  1,920
  2,039
  2,163
  2,293
  2,428
  2,569
  2,716
  2,869
  3,029
  3,196
  3,371
  3,554
  3,745
  3,946
Revenue / Adjusted assets
  1.297
  1.298
  1.297
  1.297
  1.297
  1.298
  1.296
  1.298
  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
  1.297
Average production assets, $m
  97
  109
  121
  134
  148
  163
  178
  194
  210
  227
  245
  264
  283
  303
  324
  345
  368
  391
  415
  441
  467
  494
  523
  553
  584
  617
  651
  686
  724
  763
  803
Working capital, $m
  121
  20
  22
  25
  27
  30
  33
  36
  39
  42
  45
  49
  52
  56
  60
  64
  68
  72
  77
  81
  86
  91
  97
  102
  108
  114
  120
  127
  134
  141
  148
Total debt, $m
  0
  27
  55
  84
  115
  148
  182
  217
  254
  292
  332
  373
  416
  461
  507
  555
  605
  657
  712
  768
  827
  889
  953
  1,020
  1,089
  1,162
  1,238
  1,318
  1,401
  1,488
  1,579
Total liabilities, $m
  217
  243
  271
  300
  331
  364
  398
  433
  470
  508
  548
  589
  632
  677
  723
  771
  821
  873
  928
  984
  1,043
  1,105
  1,169
  1,236
  1,305
  1,378
  1,454
  1,534
  1,617
  1,704
  1,795
Total equity, $m
  362
  291
  324
  360
  397
  436
  476
  519
  563
  608
  656
  705
  757
  810
  866
  924
  984
  1,046
  1,111
  1,179
  1,250
  1,323
  1,400
  1,480
  1,564
  1,651
  1,742
  1,837
  1,937
  2,041
  2,150
Total liabilities and equity, $m
  579
  534
  595
  660
  728
  800
  874
  952
  1,033
  1,116
  1,204
  1,294
  1,389
  1,487
  1,589
  1,695
  1,805
  1,919
  2,039
  2,163
  2,293
  2,428
  2,569
  2,716
  2,869
  3,029
  3,196
  3,371
  3,554
  3,745
  3,945
Debt-to-equity ratio
  0.000
  0.090
  0.170
  0.230
  0.290
  0.340
  0.380
  0.420
  0.450
  0.480
  0.510
  0.530
  0.550
  0.570
  0.590
  0.600
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.700
  0.710
  0.720
  0.720
  0.730
  0.730
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
  9
  11
  13
  15
  17
  19
  21
  23
  26
  28
  42
  44
  47
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  85
  90
  94
  99
  104
  110
  115
Depreciation, amort., depletion, $m
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  27
  29
  31
  33
  36
  38
  40
  43
  45
  48
  51
  54
  57
  60
  64
  67
  71
  75
  79
  83
Funds from operations, $m
  62
  36
  39
  42
  46
  49
  53
  56
  60
  64
  69
  69
  74
  78
  83
  88
  94
  99
  105
  111
  118
  124
  131
  138
  146
  153
  161
  170
  179
  188
  198
Change in working capital, $m
  15
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
Cash from operations, $m
  47
  34
  37
  40
  43
  46
  50
  54
  57
  61
  65
  66
  70
  75
  79
  84
  90
  95
  101
  107
  113
  119
  126
  133
  140
  147
  155
  163
  172
  181
  190
Maintenance CAPEX, $m
  0
  -10
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -22
  -23
  -25
  -27
  -29
  -31
  -33
  -36
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
New CAPEX, $m
  -18
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
Cash from investing activities, $m
  -27
  -22
  -24
  -25
  -28
  -30
  -32
  -34
  -36
  -39
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -80
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -120
Free cash flow, $m
  20
  12
  13
  14
  15
  17
  18
  19
  21
  22
  24
  22
  24
  25
  27
  29
  32
  34
  36
  38
  41
  43
  46
  49
  52
  54
  58
  61
  64
  67
  71
Issuance/(repayment) of debt, $m
  0
  27
  28
  30
  31
  32
  34
  35
  37
  38
  40
  41
  43
  45
  46
  48
  50
  52
  54
  57
  59
  61
  64
  67
  70
  73
  76
  80
  83
  87
  91
Issuance/(repurchase) of shares, $m
  -12
  22
  22
  22
  22
  22
  22
  21
  21
  20
  20
  8
  7
  6
  6
  5
  4
  3
  3
  2
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -14
  49
  50
  52
  53
  54
  56
  56
  58
  58
  60
  49
  50
  51
  52
  53
  54
  55
  57
  59
  60
  61
  64
  67
  70
  73
  76
  80
  83
  87
  91
Total cash flow (excl. dividends), $m
  9
  61
  64
  66
  69
  71
  73
  76
  78
  81
  84
  71
  74
  76
  79
  83
  86
  89
  93
  97
  101
  105
  110
  116
  121
  127
  134
  140
  147
  155
  162
Retained Cash Flow (-), $m
  -4
  -32
  -34
  -35
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -49
  -51
  -53
  -56
  -58
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -100
  -104
  -109
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
 
  132
  30
  31
  31
  32
  33
  34
  34
  35
  36
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
  38
  40
  42
  45
  48
  50
  53
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
 
  127
  27
  27
  26
  25
  24
  23
  21
  20
  19
  10
  9
  9
  8
  7
  7
  6
  5
  4
  4
  3
  3
  2
  2
  2
  1
  1
  1
  1
  0
Current shareholders' claim on cash, %
  100
  95.4
  91.5
  88.1
  85.2
  82.6
  80.4
  78.5
  76.8
  75.3
  73.9
  73.4
  73.0
  72.7
  72.4
  72.2
  72.0
  71.9
  71.8
  71.7
  71.7
  71.6
  71.6
  71.6
  71.6
  71.6
  71.6
  71.6
  71.6
  71.6
  71.6

Sierra Wireless, Inc. is engaged in building the Internet of Things (IoT) with wireless solutions for organizations. The Company's OEM Solution segment offers cellular embedded wireless modules for IoT connectivity, including an embedded application framework to support customer applications. The Company's Enterprise Solution segment offers intelligent routers and gateways, including management tools and applications that enable cellular connectivity. The Company's Cloud and Connectivity Services segment offers a cloud based platform for deploying and managing IoT applications, Smart SIM supported by mobile core networks, and managed wireless broadband services to enable customer IoT deployments. The Company offers a portfolio of second generation, third generation, and fourth generation cellular embedded wireless modules and gateways, integrated with its secure cloud and connectivity services. The Company offers its products to original equipment manufacturers (OEMs) and enterprises.

FINANCIAL RATIOS  of  Sierra Wireless (SWIR)

Valuation Ratios
P/E Ratio 41.8
Price to Sales 1
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 13.3
Price to Free Cash Flow 21.6
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 12.3% 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 9.7 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 32.692 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

▶ Why Sierra Wireless, Inc. Stock Soared 22.3% in 2017   [Jan-17-18 10:00AM  Motley Fool]
▶ New Strong Sell Stocks for January 12th   [Jan-12-18 06:40AM  Zacks]
▶ 3 Stocks That Blew It in the Second Half   [Jan-10-18 11:35AM  Motley Fool]
▶ Is CalAmp Corp. a Buy After Post-Earnings Sell-Off?   [Jan-05-18 05:47PM  Motley Fool]
▶ Why Sierra Wireless, Inc. Stock Fell 11.8% in December   [Dec-30-17 01:00PM  Motley Fool]
▶ Better Buy: Skyworks Solutions vs. Sierra Wireless   [Dec-22-17 01:51PM  Motley Fool]
▶ Time to Get Greedy With Sierra Wireless, Inc. Stock   [Dec-14-17 03:12PM  Motley Fool]
▶ The Best Internet of Things Stocks of 2017   [Dec-08-17 12:00PM  Motley Fool]
▶ Better Buy: Sierra Wireless, Inc vs. NVIDIA   [Nov-30-17 10:31AM  Motley Fool]
▶ 2 Catalysts Sierra Wireless Investors Shouldnt Miss   [Nov-17-17 11:17AM  Motley Fool]
▶ Sierra Wireless beats Street 3Q forecasts   [05:39AM  Associated Press]
▶ Sierra Wireless, Inc. Demonstrates Continued Improvement   [Nov-03-17 04:25PM  Motley Fool]
▶ Sierra Wireless Reports Third Quarter 2017 Results   [Nov-02-17 04:27PM  Business Wire]
▶ Are You Ready for Sierra Wireless Q3 Report?   [Nov-01-17 07:21PM  Motley Fool]
▶ Better Buy: Sierra Wireless vs. Qorvo   [Oct-18-17 09:08PM  Motley Fool]
▶ Better IoT Buy: Sierra Wireless Inc. vs. Cisco Systems   [Oct-09-17 01:00PM  Motley Fool]
▶ 3 Stocks That Look Just Like Intel in 1971   [Sep-16-17 06:00PM  Motley Fool]
▶ Why Sierra Wireless, Inc. Stock Fell 24.6% in August   [Sep-12-17 08:38PM  Motley Fool]
▶ How Sierra Wireless Makes Most of Its Money   [Sep-05-17 10:30PM  Motley Fool]
▶ 2 Reasons Sierra Wireless Can Get Better   [Sep-04-17 08:24AM  Motley Fool]
▶ Better Buy: Sierra Wireless vs. Qualcomm   [Sep-03-17 12:00PM  Motley Fool]
▶ 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]
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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