Intrinsic value of Ubiquiti Networks - UBNT

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$50.04

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$50.04

 
Intrinsic value

$119.65

 
Up/down potential

+139%

 
Rating

str. buy

 
Value-price divergence* premium content

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

We calculate the intrinsic value of UBNT 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 4.1

 

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, %
  11.74
  32.10
  29.39
  26.95
  24.76
  22.78
  21.00
  19.40
  17.96
  16.67
  15.50
  14.45
  13.50
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
Revenue, $m
  666
  880
  1,138
  1,445
  1,803
  2,214
  2,679
  3,198
  3,773
  4,401
  5,084
  5,818
  6,604
  7,439
  8,324
  9,256
  10,235
  11,261
  12,333
  13,452
  14,617
  15,829
  17,090
  18,400
  19,762
  21,178
  22,649
  24,178
  25,767
  27,421
  29,142
Variable operating expenses, $m
 
  663
  858
  1,090
  1,359
  1,669
  2,020
  2,411
  2,845
  3,319
  3,833
  4,387
  4,979
  5,609
  6,276
  6,979
  7,718
  8,491
  9,299
  10,142
  11,021
  11,935
  12,886
  13,874
  14,901
  15,968
  17,077
  18,230
  19,429
  20,676
  21,973
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
  424
  663
  858
  1,090
  1,359
  1,669
  2,020
  2,411
  2,845
  3,319
  3,833
  4,387
  4,979
  5,609
  6,276
  6,979
  7,718
  8,491
  9,299
  10,142
  11,021
  11,935
  12,886
  13,874
  14,901
  15,968
  17,077
  18,230
  19,429
  20,676
  21,973
Operating income, $m
  242
  216
  280
  356
  444
  545
  659
  787
  928
  1,083
  1,251
  1,431
  1,625
  1,830
  2,048
  2,277
  2,518
  2,770
  3,034
  3,309
  3,596
  3,894
  4,204
  4,526
  4,862
  5,210
  5,572
  5,948
  6,339
  6,746
  7,169
EBITDA, $m
  248
  220
  285
  362
  451
  554
  671
  801
  945
  1,102
  1,273
  1,457
  1,654
  1,863
  2,084
  2,318
  2,563
  2,820
  3,088
  3,368
  3,660
  3,964
  4,279
  4,607
  4,948
  5,303
  5,671
  6,054
  6,452
  6,866
  7,297
Interest expense (income), $m
  2
  7
  5
  7
  10
  13
  17
  21
  26
  31
  37
  43
  50
  58
  65
  74
  82
  91
  101
  111
  121
  132
  143
  155
  167
  180
  193
  206
  220
  235
  251
Earnings before tax, $m
  240
  210
  276
  349
  434
  531
  642
  766
  902
  1,051
  1,213
  1,388
  1,574
  1,773
  1,982
  2,203
  2,436
  2,679
  2,933
  3,198
  3,475
  3,762
  4,061
  4,372
  4,695
  5,030
  5,379
  5,741
  6,118
  6,510
  6,918
Tax expense, $m
  26
  57
  74
  94
  117
  143
  173
  207
  244
  284
  328
  375
  425
  479
  535
  595
  658
  723
  792
  864
  938
  1,016
  1,096
  1,180
  1,268
  1,358
  1,452
  1,550
  1,652
  1,758
  1,868
Net income, $m
  214
  153
  201
  254
  317
  388
  469
  559
  659
  768
  886
  1,013
  1,149
  1,294
  1,447
  1,609
  1,778
  1,956
  2,141
  2,335
  2,536
  2,746
  2,965
  3,191
  3,427
  3,672
  3,927
  4,191
  4,466
  4,753
  5,050

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  551
  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
  747
  259
  335
  425
  531
  651
  788
  941
  1,110
  1,295
  1,496
  1,712
  1,943
  2,189
  2,450
  2,724
  3,012
  3,314
  3,630
  3,959
  4,302
  4,658
  5,029
  5,415
  5,816
  6,232
  6,665
  7,115
  7,583
  8,070
  8,576
Adjusted assets (=assets-cash), $m
  196
  259
  335
  425
  531
  651
  788
  941
  1,110
  1,295
  1,496
  1,712
  1,943
  2,189
  2,450
  2,724
  3,012
  3,314
  3,630
  3,959
  4,302
  4,658
  5,029
  5,415
  5,816
  6,232
  6,665
  7,115
  7,583
  8,070
  8,576
Revenue / Adjusted assets
  3.398
  3.398
  3.397
  3.400
  3.395
  3.401
  3.400
  3.399
  3.399
  3.398
  3.398
  3.398
  3.399
  3.398
  3.398
  3.398
  3.398
  3.398
  3.398
  3.398
  3.398
  3.398
  3.398
  3.398
  3.398
  3.398
  3.398
  3.398
  3.398
  3.398
  3.398
Average production assets, $m
  15
  19
  25
  32
  40
  49
  59
  70
  83
  97
  112
  128
  145
  164
  183
  204
  225
  248
  271
  296
  322
  348
  376
  405
  435
  466
  498
  532
  567
  603
  641
Working capital, $m
  637
  128
  166
  211
  263
  323
  391
  467
  551
  643
  742
  849
  964
  1,086
  1,215
  1,351
  1,494
  1,644
  1,801
  1,964
  2,134
  2,311
  2,495
  2,686
  2,885
  3,092
  3,307
  3,530
  3,762
  4,003
  4,255
Total debt, $m
  203
  129
  198
  279
  374
  482
  605
  743
  895
  1,062
  1,242
  1,437
  1,645
  1,866
  2,101
  2,348
  2,607
  2,879
  3,163
  3,459
  3,767
  4,088
  4,422
  4,770
  5,130
  5,505
  5,895
  6,300
  6,721
  7,159
  7,615
Total liabilities, $m
  307
  233
  302
  383
  478
  586
  709
  847
  999
  1,166
  1,346
  1,541
  1,749
  1,970
  2,205
  2,452
  2,711
  2,983
  3,267
  3,563
  3,871
  4,192
  4,526
  4,874
  5,234
  5,609
  5,999
  6,404
  6,825
  7,263
  7,719
Total equity, $m
  440
  26
  34
  43
  53
  65
  79
  94
  111
  130
  150
  171
  194
  219
  245
  272
  301
  331
  363
  396
  430
  466
  503
  542
  582
  623
  667
  712
  758
  807
  858
Total liabilities and equity, $m
  747
  259
  336
  426
  531
  651
  788
  941
  1,110
  1,296
  1,496
  1,712
  1,943
  2,189
  2,450
  2,724
  3,012
  3,314
  3,630
  3,959
  4,301
  4,658
  5,029
  5,416
  5,816
  6,232
  6,666
  7,116
  7,583
  8,070
  8,577
Debt-to-equity ratio
  0.461
  4.980
  5.900
  6.550
  7.040
  7.400
  7.680
  7.900
  8.060
  8.200
  8.300
  8.390
  8.460
  8.520
  8.580
  8.620
  8.650
  8.690
  8.710
  8.740
  8.760
  8.780
  8.790
  8.810
  8.820
  8.830
  8.840
  8.850
  8.860
  8.870
  8.880
Adjusted equity ratio
  -0.566
  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
  214
  153
  201
  254
  317
  388
  469
  559
  659
  768
  886
  1,013
  1,149
  1,294
  1,447
  1,609
  1,778
  1,956
  2,141
  2,335
  2,536
  2,746
  2,965
  3,191
  3,427
  3,672
  3,927
  4,191
  4,466
  4,753
  5,050
Depreciation, amort., depletion, $m
  6
  4
  5
  6
  8
  10
  12
  14
  17
  19
  22
  26
  29
  33
  37
  41
  45
  50
  54
  59
  64
  70
  75
  81
  87
  93
  100
  106
  113
  121
  128
Funds from operations, $m
  178
  157
  206
  261
  325
  398
  480
  573
  675
  787
  908
  1,039
  1,178
  1,327
  1,484
  1,649
  1,823
  2,005
  2,196
  2,394
  2,601
  2,816
  3,040
  3,272
  3,514
  3,765
  4,026
  4,298
  4,580
  4,873
  5,179
Change in working capital, $m
  -20
  31
  38
  45
  52
  60
  68
  76
  84
  92
  100
  107
  115
  122
  129
  136
  143
  150
  157
  163
  170
  177
  184
  191
  199
  207
  215
  223
  232
  241
  251
Cash from operations, $m
  198
  125
  168
  216
  272
  338
  413
  497
  591
  695
  809
  931
  1,064
  1,205
  1,355
  1,513
  1,680
  1,855
  2,039
  2,231
  2,431
  2,639
  2,856
  3,081
  3,315
  3,559
  3,811
  4,074
  4,348
  4,632
  4,927
Maintenance CAPEX, $m
  0
  -3
  -4
  -5
  -6
  -8
  -10
  -12
  -14
  -17
  -19
  -22
  -26
  -29
  -33
  -37
  -41
  -45
  -50
  -54
  -59
  -64
  -70
  -75
  -81
  -87
  -93
  -100
  -106
  -113
  -121
New CAPEX, $m
  -6
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
Cash from investing activities, $m
  -6
  -8
  -10
  -12
  -14
  -17
  -20
  -23
  -27
  -31
  -34
  -38
  -43
  -47
  -52
  -58
  -63
  -68
  -74
  -79
  -85
  -91
  -98
  -104
  -111
  -118
  -125
  -134
  -141
  -149
  -159
Free cash flow, $m
  192
  117
  159
  204
  258
  321
  393
  474
  565
  665
  774
  893
  1,021
  1,157
  1,302
  1,456
  1,618
  1,788
  1,966
  2,152
  2,346
  2,548
  2,758
  2,977
  3,204
  3,440
  3,686
  3,941
  4,206
  4,482
  4,769
Issuance/(repayment) of debt, $m
  106
  -63
  68
  81
  95
  109
  123
  138
  152
  167
  181
  195
  208
  221
  234
  247
  259
  272
  284
  296
  309
  321
  334
  347
  361
  375
  390
  405
  421
  438
  456
Issuance/(repurchase) of shares, $m
  -192
  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  
  -87
  -63
  68
  81
  95
  109
  123
  138
  152
  167
  181
  195
  208
  221
  234
  247
  259
  272
  284
  296
  309
  321
  334
  347
  361
  375
  390
  405
  421
  438
  456
Total cash flow (excl. dividends), $m
  105
  55
  227
  286
  353
  430
  516
  611
  717
  831
  955
  1,087
  1,229
  1,379
  1,537
  1,703
  1,877
  2,060
  2,250
  2,448
  2,654
  2,869
  3,092
  3,324
  3,565
  3,815
  4,076
  4,346
  4,627
  4,920
  5,225
Retained Cash Flow (-), $m
  -18
  -126
  -8
  -9
  -11
  -12
  -14
  -15
  -17
  -19
  -20
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
Prev. year cash balance distribution, $m
 
  540
  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
 
  469
  220
  277
  342
  417
  502
  596
  700
  813
  935
  1,066
  1,206
  1,354
  1,511
  1,676
  1,848
  2,029
  2,218
  2,415
  2,620
  2,833
  3,055
  3,285
  3,525
  3,774
  4,032
  4,301
  4,581
  4,871
  5,174
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
 
  449
  201
  241
  282
  324
  364
  403
  437
  467
  490
  506
  514
  515
  507
  492
  470
  442
  409
  372
  333
  293
  253
  215
  180
  147
  118
  92
  71
  53
  39
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

Ubiquiti Networks, Inc. develops networking technology for service providers and enterprises worldwide. The company’s service provider product platforms offer carrier-class network infrastructure for fixed wireless broadband, wireless backhaul systems, and routing; and enterprise product platforms provide wireless LAN infrastructure, video surveillance products, switching and routing solutions, and machine-to-machine communication components. Its products and solutions include radios, antennas, software, communications protocols, and management tools designed to deliver carrier and enterprise class wireless broadband access and other services in the unlicensed RF spectrum. The company also provides technology platforms, such as airMAX platform, which includes proprietary protocols that contain technologies for minimizing signal noise; EdgeMAX, a disruptive software and system routing platform; AirFiber, a point-to-point radio system; and sunMAX, an end-to-end plug and play solar solution. In addition, it offers UniFi Enterprise Wi-Fi System that includes Wi-Fi certified hardware with a software based management controller; UniFi Video IP cameras for data transmission and power-over-Ethernet; UniFi Switches that deliver performance, switching, and PoE+ support for enterprise networks; and UniFi Security Gateway that extends the UniFi enterprise solutions to provide routing and network security. Further, the company provides mFi that consists of hardware sensors, power devices, and management software, which allow devices to be monitored and controlled remotely through Wi-Fi; and develops AmpliFi platform, a Wi-Fi system solution designed to serve connected home. It also offers embedded radio products; and mounting brackets, cables, and power Ethernet adapters. The company was formerly known as Pera Networks, Inc. and changed its name to Ubiquiti Networks, Inc. in 2005. Ubiquiti Networks, Inc. was incorporated in 2003 and is headquartered in San Jose, California.

FINANCIAL RATIOS  of  Ubiquiti Networks (UBNT)

Valuation Ratios
P/E Ratio 19.1
Price to Sales 6.1
Price to Book 9.3
Price to Tangible Book
Price to Cash Flow 20.6
Price to Free Cash Flow 21.3
Growth Rates
Sales Growth Rate 11.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -53.8%
Cap. Spend. - 3 Yr. Gr. Rate 3.7%
Financial Strength
Quick Ratio 50
Current Ratio 0.3
LT Debt to Equity 43.6%
Total Debt to Equity 46.1%
Interest Coverage 121
Management Effectiveness
Return On Assets 32%
Ret/ On Assets - 3 Yr. Avg. 34.3%
Return On Total Capital 36.8%
Ret/ On T. Cap. - 3 Yr. Avg. 40.3%
Return On Equity 49.7%
Return On Equity - 3 Yr. Avg. 52.5%
Asset Turnover 1
Profitability Ratios
Gross Margin 48.8%
Gross Margin - 3 Yr. Avg. 45.7%
EBITDA Margin 37.2%
EBITDA Margin - 3 Yr. Avg. 32.6%
Operating Margin 36.3%
Oper. Margin - 3 Yr. Avg. 31.7%
Pre-Tax Margin 36%
Pre-Tax Margin - 3 Yr. Avg. 31.5%
Net Profit Margin 32.1%
Net Profit Margin - 3 Yr. Avg. 28.3%
Effective Tax Rate 10.8%
Eff/ Tax Rate - 3 Yr. Avg. 10.3%
Payout Ratio 0%

UBNT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UBNT stock intrinsic value calculation we used $666 million for the last fiscal year's total revenue generated by Ubiquiti Networks. The default revenue input number comes from 2016 income statement of Ubiquiti 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 UBNT stock valuation model: a) initial revenue growth rate of 32.1% 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 UBNT is calculated based on our internal credit rating of Ubiquiti 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 Ubiquiti 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 UBNT stock the variable cost ratio is equal to 75.4%.

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 UBNT 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 Ubiquiti Networks.

Corporate tax rate of 27% is the nominal tax rate for Ubiquiti 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 UBNT 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 UBNT are equal to 2.2%.

Life of production assets of 2.4 years is the average useful life of capital assets used in Ubiquiti 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 UBNT is equal to 14.6%. 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 - $440 million for Ubiquiti 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 81.576 million for Ubiquiti 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 Ubiquiti Networks at the current share price and the inputted number of shares is $4.1 billion.


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Stock chart of UBNT Financial statements of UBNT
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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