Intrinsic value of Sierra Wireless - SWIR

Previous Close

$21.95

  Intrinsic Value

$10.99

stock screener

  Rating & Target

sell

-50%

Previous close

$21.95

 
Intrinsic value

$10.99

 
Up/down potential

-50%

 
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

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
  11.50
  10.85
  10.27
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.20
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
Revenue, $m
  616
  687
  761
  840
  921
  1,007
  1,096
  1,188
  1,285
  1,385
  1,489
  1,597
  1,709
  1,826
  1,948
  2,074
  2,206
  2,342
  2,485
  2,633
  2,788
  2,950
  3,118
  3,294
  3,478
  3,670
  3,870
  4,080
  4,299
  4,529
  4,769
Variable operating expenses, $m
 
  674
  746
  820
  899
  981
  1,066
  1,155
  1,247
  1,343
  1,443
  1,532
  1,639
  1,751
  1,868
  1,989
  2,115
  2,246
  2,383
  2,526
  2,674
  2,829
  2,990
  3,159
  3,335
  3,519
  3,712
  3,913
  4,123
  4,343
  4,574
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
  674
  746
  820
  899
  981
  1,066
  1,155
  1,247
  1,343
  1,443
  1,532
  1,639
  1,751
  1,868
  1,989
  2,115
  2,246
  2,383
  2,526
  2,674
  2,829
  2,990
  3,159
  3,335
  3,519
  3,712
  3,913
  4,123
  4,343
  4,574
Operating income, $m
  21
  13
  16
  19
  22
  26
  30
  33
  37
  41
  46
  65
  70
  75
  80
  85
  90
  96
  102
  108
  114
  121
  128
  135
  143
  150
  159
  167
  176
  186
  196
EBITDA, $m
  47
  39
  44
  48
  53
  58
  63
  68
  73
  79
  85
  91
  98
  104
  111
  119
  126
  134
  142
  151
  159
  169
  178
  188
  199
  210
  221
  233
  246
  259
  273
Interest expense (income), $m
  0
  0
  1
  2
  3
  4
  5
  6
  7
  8
  9
  11
  12
  13
  15
  16
  18
  20
  21
  23
  25
  27
  29
  31
  33
  35
  37
  40
  43
  45
  48
Earnings before tax, $m
  20
  13
  15
  17
  20
  22
  25
  27
  30
  33
  36
  55
  58
  61
  65
  69
  73
  77
  81
  85
  90
  94
  99
  104
  110
  115
  121
  127
  134
  140
  147
Tax expense, $m
  5
  3
  4
  5
  5
  6
  7
  7
  8
  9
  10
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  34
  36
  38
  40
Net income, $m
  15
  9
  11
  13
  14
  16
  18
  20
  22
  24
  26
  40
  42
  45
  47
  50
  53
  56
  59
  62
  65
  69
  72
  76
  80
  84
  88
  93
  98
  103
  108

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
  530
  587
  647
  710
  776
  845
  916
  990
  1,068
  1,148
  1,231
  1,318
  1,408
  1,502
  1,599
  1,701
  1,806
  1,916
  2,030
  2,150
  2,274
  2,404
  2,540
  2,681
  2,829
  2,984
  3,146
  3,315
  3,492
  3,677
Adjusted assets (=assets-cash), $m
  475
  530
  587
  647
  710
  776
  845
  916
  990
  1,068
  1,148
  1,231
  1,318
  1,408
  1,502
  1,599
  1,701
  1,806
  1,916
  2,030
  2,150
  2,274
  2,404
  2,540
  2,681
  2,829
  2,984
  3,146
  3,315
  3,492
  3,677
Revenue / Adjusted assets
  1.297
  1.296
  1.296
  1.298
  1.297
  1.298
  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
  1.297
  1.297
  1.297
Average production assets, $m
  97
  108
  120
  132
  145
  158
  172
  187
  202
  217
  234
  251
  268
  287
  306
  326
  346
  368
  390
  413
  438
  463
  490
  517
  546
  576
  608
  641
  675
  711
  749
Working capital, $m
  121
  20
  22
  24
  27
  29
  32
  34
  37
  40
  43
  46
  50
  53
  56
  60
  64
  68
  72
  76
  81
  86
  90
  96
  101
  106
  112
  118
  125
  131
  138
Total debt, $m
  0
  25
  51
  79
  107
  137
  168
  201
  235
  270
  306
  344
  384
  425
  467
  512
  558
  606
  656
  708
  762
  819
  878
  940
  1,004
  1,071
  1,142
  1,215
  1,292
  1,373
  1,457
Total liabilities, $m
  217
  241
  267
  295
  323
  353
  384
  417
  451
  486
  522
  560
  600
  641
  683
  728
  774
  822
  872
  924
  978
  1,035
  1,094
  1,156
  1,220
  1,287
  1,358
  1,431
  1,508
  1,589
  1,673
Total equity, $m
  362
  289
  320
  353
  387
  423
  460
  499
  540
  582
  626
  671
  718
  767
  818
  872
  927
  984
  1,044
  1,107
  1,172
  1,239
  1,310
  1,384
  1,461
  1,542
  1,626
  1,714
  1,807
  1,903
  2,004
Total liabilities and equity, $m
  579
  530
  587
  648
  710
  776
  844
  916
  991
  1,068
  1,148
  1,231
  1,318
  1,408
  1,501
  1,600
  1,701
  1,806
  1,916
  2,031
  2,150
  2,274
  2,404
  2,540
  2,681
  2,829
  2,984
  3,145
  3,315
  3,492
  3,677
Debt-to-equity ratio
  0.000
  0.090
  0.160
  0.220
  0.280
  0.320
  0.370
  0.400
  0.430
  0.460
  0.490
  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
  0.690
  0.700
  0.710
  0.720
  0.720
  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
  14
  16
  18
  20
  22
  24
  26
  40
  42
  45
  47
  50
  53
  56
  59
  62
  65
  69
  72
  76
  80
  84
  88
  93
  98
  103
  108
Depreciation, amort., depletion, $m
  26
  27
  28
  29
  30
  32
  33
  35
  36
  38
  39
  26
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
  50
  53
  56
  59
  63
  66
  70
  73
  77
Funds from operations, $m
  62
  36
  39
  42
  45
  48
  51
  55
  58
  62
  66
  66
  70
  74
  79
  84
  89
  94
  99
  105
  110
  117
  123
  129
  136
  144
  151
  159
  167
  176
  185
Change in working capital, $m
  15
  2
  2
  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
Cash from operations, $m
  47
  34
  36
  39
  42
  45
  49
  52
  55
  59
  63
  63
  67
  71
  75
  80
  85
  90
  95
  100
  106
  112
  118
  124
  131
  138
  145
  153
  161
  169
  178
Maintenance CAPEX, $m
  0
  -10
  -11
  -12
  -14
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -73
New CAPEX, $m
  -18
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -38
Cash from investing activities, $m
  -27
  -21
  -23
  -24
  -27
  -28
  -30
  -33
  -34
  -37
  -38
  -41
  -44
  -46
  -49
  -52
  -55
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -90
  -96
  -100
  -106
  -111
Free cash flow, $m
  20
  12
  14
  15
  16
  17
  18
  20
  21
  23
  24
  22
  23
  25
  27
  29
  31
  33
  35
  37
  39
  41
  44
  46
  49
  52
  54
  57
  60
  64
  67
Issuance/(repayment) of debt, $m
  0
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  38
  39
  41
  43
  44
  46
  48
  50
  52
  54
  57
  59
  62
  64
  67
  70
  74
  77
  81
  84
Issuance/(repurchase) of shares, $m
  -12
  20
  20
  20
  20
  20
  19
  19
  18
  18
  17
  5
  5
  4
  4
  3
  2
  2
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -14
  45
  46
  47
  49
  50
  50
  51
  52
  53
  54
  43
  44
  45
  47
  47
  48
  50
  51
  52
  54
  57
  59
  62
  64
  67
  70
  74
  77
  81
  84
Total cash flow (excl. dividends), $m
  9
  58
  60
  62
  65
  67
  69
  71
  73
  76
  78
  65
  68
  70
  73
  76
  79
  82
  86
  89
  93
  98
  103
  108
  113
  119
  125
  131
  137
  144
  151
Retained Cash Flow (-), $m
  -4
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -101
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
 
  131
  29
  30
  30
  31
  32
  32
  33
  34
  34
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
  50
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
 
  126
  26
  26
  25
  24
  23
  22
  21
  19
  18
  9
  9
  8
  7
  7
  6
  5
  5
  4
  4
  3
  3
  2
  2
  1
  1
  1
  1
  1
  0
Current shareholders' claim on cash, %
  100
  96.1
  92.8
  89.9
  87.3
  85.1
  83.2
  81.4
  79.9
  78.6
  77.4
  77.1
  76.8
  76.6
  76.4
  76.2
  76.1
  76.1
  76.0
  76.0
  76.0
  76.0
  76.0
  76.0
  76.0
  76.0
  76.0
  76.0
  76.0
  76.0
  76.0

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 46.1
Price to Sales 1.1
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 14.7
Price to Free Cash Flow 23.8
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 11.5% 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 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 32.186 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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TRMB Trimble 41.12 17.76  str.sell

COMPANY NEWS

▶ 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]
▶ 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]
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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