Intrinsic value of Ubiquiti Networks - UBNT

Previous Close

$54.18

  Intrinsic Value

$137.19

stock screener

  Rating & Target

str. buy

+153%

  Value-price divergence*

-33%

Previous close

$54.18

 
Intrinsic value

$137.19

 
Up/down potential

+153%

 
Rating

str. buy

 
Value-price divergence*

-33%

*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 2017), $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 4.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  29.88
  23.10
  21.29
  19.66
  18.19
  16.88
  15.69
  14.62
  13.66
  12.79
  12.01
  11.31
  10.68
  10.11
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
Revenue, $m
  865
  1,065
  1,292
  1,545
  1,827
  2,135
  2,470
  2,831
  3,217
  3,629
  4,065
  4,525
  5,008
  5,514
  6,044
  6,596
  7,172
  7,771
  8,394
  9,042
  9,715
  10,415
  11,142
  11,897
  12,683
  13,500
  14,351
  15,236
  16,158
  17,119
  18,121
Variable operating expenses, $m
 
  678
  823
  984
  1,164
  1,360
  1,573
  1,803
  2,050
  2,312
  2,589
  2,882
  3,190
  3,513
  3,850
  4,202
  4,569
  4,950
  5,347
  5,760
  6,189
  6,634
  7,097
  7,579
  8,079
  8,600
  9,141
  9,705
  10,293
  10,905
  11,543
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
  576
  678
  823
  984
  1,164
  1,360
  1,573
  1,803
  2,050
  2,312
  2,589
  2,882
  3,190
  3,513
  3,850
  4,202
  4,569
  4,950
  5,347
  5,760
  6,189
  6,634
  7,097
  7,579
  8,079
  8,600
  9,141
  9,705
  10,293
  10,905
  11,543
Operating income, $m
  290
  387
  469
  561
  663
  775
  897
  1,028
  1,168
  1,317
  1,476
  1,642
  1,818
  2,002
  2,194
  2,394
  2,603
  2,821
  3,047
  3,282
  3,527
  3,781
  4,044
  4,319
  4,604
  4,901
  5,209
  5,531
  5,865
  6,214
  6,578
EBITDA, $m
  296
  388
  471
  563
  666
  778
  900
  1,032
  1,173
  1,323
  1,482
  1,650
  1,826
  2,011
  2,204
  2,405
  2,615
  2,833
  3,061
  3,297
  3,542
  3,797
  4,062
  4,338
  4,624
  4,922
  5,232
  5,555
  5,891
  6,242
  6,607
Interest expense (income), $m
  2
  8
  10
  13
  17
  20
  25
  29
  34
  39
  45
  50
  57
  63
  70
  77
  84
  92
  100
  108
  117
  126
  135
  145
  155
  166
  177
  188
  200
  212
  225
Earnings before tax, $m
  285
  378
  459
  548
  646
  754
  872
  999
  1,134
  1,278
  1,431
  1,592
  1,761
  1,939
  2,124
  2,318
  2,519
  2,729
  2,947
  3,174
  3,410
  3,655
  3,909
  4,174
  4,449
  4,735
  5,033
  5,343
  5,666
  6,002
  6,353
Tax expense, $m
  27
  102
  124
  148
  175
  204
  235
  270
  306
  345
  386
  430
  476
  523
  574
  626
  680
  737
  796
  857
  921
  987
  1,055
  1,127
  1,201
  1,278
  1,359
  1,443
  1,530
  1,621
  1,715
Net income, $m
  258
  276
  335
  400
  472
  551
  637
  729
  828
  933
  1,045
  1,162
  1,286
  1,415
  1,551
  1,692
  1,839
  1,992
  2,151
  2,317
  2,489
  2,668
  2,854
  3,047
  3,248
  3,457
  3,674
  3,900
  4,136
  4,382
  4,638

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  604
  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
  971
  452
  548
  656
  775
  906
  1,048
  1,201
  1,365
  1,540
  1,725
  1,920
  2,125
  2,340
  2,564
  2,799
  3,043
  3,297
  3,561
  3,836
  4,122
  4,419
  4,727
  5,048
  5,381
  5,728
  6,089
  6,464
  6,855
  7,263
  7,688
Adjusted assets (=assets-cash), $m
  367
  452
  548
  656
  775
  906
  1,048
  1,201
  1,365
  1,540
  1,725
  1,920
  2,125
  2,340
  2,564
  2,799
  3,043
  3,297
  3,561
  3,836
  4,122
  4,419
  4,727
  5,048
  5,381
  5,728
  6,089
  6,464
  6,855
  7,263
  7,688
Revenue / Adjusted assets
  2.357
  2.356
  2.358
  2.355
  2.357
  2.357
  2.357
  2.357
  2.357
  2.356
  2.357
  2.357
  2.357
  2.356
  2.357
  2.357
  2.357
  2.357
  2.357
  2.357
  2.357
  2.357
  2.357
  2.357
  2.357
  2.357
  2.357
  2.357
  2.357
  2.357
  2.357
Average production assets, $m
  7
  9
  10
  12
  15
  17
  20
  23
  26
  29
  33
  36
  40
  44
  48
  53
  57
  62
  67
  72
  78
  83
  89
  95
  101
  108
  115
  122
  129
  137
  145
Working capital, $m
  854
  326
  395
  473
  559
  653
  756
  866
  985
  1,110
  1,244
  1,385
  1,532
  1,687
  1,849
  2,018
  2,195
  2,378
  2,569
  2,767
  2,973
  3,187
  3,409
  3,641
  3,881
  4,131
  4,391
  4,662
  4,944
  5,238
  5,545
Total debt, $m
  257
  295
  381
  478
  585
  703
  831
  969
  1,117
  1,274
  1,440
  1,616
  1,800
  1,994
  2,196
  2,407
  2,627
  2,855
  3,093
  3,341
  3,598
  3,865
  4,142
  4,431
  4,731
  5,043
  5,368
  5,706
  6,058
  6,425
  6,807
Total liabilities, $m
  369
  407
  493
  590
  697
  815
  943
  1,081
  1,229
  1,386
  1,552
  1,728
  1,912
  2,106
  2,308
  2,519
  2,739
  2,967
  3,205
  3,453
  3,710
  3,977
  4,254
  4,543
  4,843
  5,155
  5,480
  5,818
  6,170
  6,537
  6,919
Total equity, $m
  602
  45
  55
  66
  77
  91
  105
  120
  137
  154
  172
  192
  212
  234
  256
  280
  304
  330
  356
  384
  412
  442
  473
  505
  538
  573
  609
  646
  686
  726
  769
Total liabilities and equity, $m
  971
  452
  548
  656
  774
  906
  1,048
  1,201
  1,366
  1,540
  1,724
  1,920
  2,124
  2,340
  2,564
  2,799
  3,043
  3,297
  3,561
  3,837
  4,122
  4,419
  4,727
  5,048
  5,381
  5,728
  6,089
  6,464
  6,856
  7,263
  7,688
Debt-to-equity ratio
  0.427
  6.520
  6.960
  7.290
  7.550
  7.760
  7.930
  8.070
  8.180
  8.270
  8.350
  8.420
  8.470
  8.520
  8.560
  8.600
  8.630
  8.660
  8.690
  8.710
  8.730
  8.750
  8.760
  8.780
  8.790
  8.800
  8.820
  8.830
  8.840
  8.850
  8.850
Adjusted equity ratio
  -0.005
  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
  258
  276
  335
  400
  472
  551
  637
  729
  828
  933
  1,045
  1,162
  1,286
  1,415
  1,551
  1,692
  1,839
  1,992
  2,151
  2,317
  2,489
  2,668
  2,854
  3,047
  3,248
  3,457
  3,674
  3,900
  4,136
  4,382
  4,638
Depreciation, amort., depletion, $m
  6
  2
  2
  2
  3
  3
  4
  5
  5
  6
  7
  7
  8
  9
  10
  11
  11
  12
  13
  14
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
Funds from operations, $m
  178
  278
  337
  402
  475
  554
  640
  733
  833
  939
  1,051
  1,169
  1,294
  1,424
  1,560
  1,702
  1,850
  2,005
  2,165
  2,331
  2,505
  2,685
  2,872
  3,066
  3,268
  3,478
  3,697
  3,925
  4,162
  4,409
  4,667
Change in working capital, $m
  -20
  61
  69
  78
  86
  94
  102
  110
  118
  126
  133
  141
  148
  155
  162
  169
  176
  183
  191
  198
  206
  214
  222
  231
  240
  250
  260
  271
  282
  294
  307
Cash from operations, $m
  198
  217
  267
  325
  389
  460
  538
  623
  715
  813
  918
  1,029
  1,146
  1,269
  1,398
  1,533
  1,674
  1,821
  1,974
  2,133
  2,299
  2,470
  2,649
  2,835
  3,028
  3,228
  3,437
  3,654
  3,880
  4,115
  4,360
Maintenance CAPEX, $m
  0
  -1
  -2
  -2
  -2
  -3
  -3
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
New CAPEX, $m
  -6
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
Cash from investing activities, $m
  -6
  -3
  -4
  -4
  -4
  -5
  -6
  -7
  -8
  -8
  -9
  -11
  -11
  -12
  -13
  -14
  -16
  -16
  -17
  -18
  -19
  -22
  -23
  -24
  -25
  -27
  -29
  -30
  -31
  -34
  -35
Free cash flow, $m
  192
  214
  264
  320
  384
  454
  532
  616
  707
  805
  908
  1,019
  1,135
  1,257
  1,385
  1,519
  1,659
  1,805
  1,957
  2,115
  2,279
  2,449
  2,627
  2,811
  3,002
  3,201
  3,408
  3,624
  3,848
  4,081
  4,325
Issuance/(repayment) of debt, $m
  106
  53
  87
  97
  107
  118
  128
  138
  148
  157
  166
  176
  185
  193
  202
  211
  220
  229
  238
  247
  257
  267
  278
  289
  300
  312
  325
  338
  352
  367
  383
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
  53
  87
  97
  107
  118
  128
  138
  148
  157
  166
  176
  185
  193
  202
  211
  220
  229
  238
  247
  257
  267
  278
  289
  300
  312
  325
  338
  352
  367
  383
Total cash flow (excl. dividends), $m
  105
  266
  350
  417
  491
  572
  660
  754
  855
  962
  1,075
  1,194
  1,319
  1,450
  1,587
  1,730
  1,879
  2,034
  2,195
  2,362
  2,536
  2,716
  2,904
  3,099
  3,302
  3,513
  3,733
  3,962
  4,200
  4,448
  4,707
Retained Cash Flow (-), $m
  -162
  -32
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
Prev. year cash balance distribution, $m
 
  589
  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
 
  823
  341
  407
  479
  559
  646
  739
  838
  944
  1,056
  1,175
  1,299
  1,429
  1,565
  1,707
  1,855
  2,008
  2,168
  2,334
  2,507
  2,687
  2,873
  3,067
  3,269
  3,479
  3,697
  3,924
  4,161
  4,408
  4,665
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
 
  789
  312
  354
  395
  433
  469
  499
  524
  542
  554
  558
  554
  543
  525
  501
  471
  437
  399
  359
  319
  278
  238
  201
  166
  135
  108
  84
  64
  48
  35
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 performance networking technology for service providers and enterprises. The Company offers a portfolio of networking products and solutions. Its service provider product platforms provide carrier-class network infrastructure for fixed wireless broadband, wireless backhaul systems and routing. Its enterprise product platforms provide wireless local area network (WLAN) 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 that are designed to deliver carrier and enterprise class wireless broadband access and other services primarily in the unlicensed radio frequency spectrum. Its service provider and carrier solutions include Base Station/Backhaul/Customer Premise Equipment (CPE)/Bridge-airMAX, Network Routing Platform-EdgeMAX and Point-to-point Wireless Backhaul-airFiber.

FINANCIAL RATIOS  of  Ubiquiti Networks (UBNT)

Valuation Ratios
P/E Ratio 16.9
Price to Sales 5
Price to Book 7.2
Price to Tangible Book
Price to Cash Flow 22
Price to Free Cash Flow 22.7
Growth Rates
Sales Growth Rate 29.9%
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 40
Current Ratio 0.6
LT Debt to Equity 40.2%
Total Debt to Equity 42.7%
Interest Coverage 144
Management Effectiveness
Return On Assets 30.2%
Ret/ On Assets - 3 Yr. Avg. 28.9%
Return On Total Capital 34.4%
Ret/ On T. Cap. - 3 Yr. Avg. 33.1%
Return On Equity 49.5%
Return On Equity - 3 Yr. Avg. 44.5%
Asset Turnover 1
Profitability Ratios
Gross Margin 45.8%
Gross Margin - 3 Yr. Avg. 46.2%
EBITDA Margin 33.9%
EBITDA Margin - 3 Yr. Avg. 32%
Operating Margin 33.4%
Oper. Margin - 3 Yr. Avg. 31.5%
Pre-Tax Margin 32.9%
Pre-Tax Margin - 3 Yr. Avg. 31.2%
Net Profit Margin 29.8%
Net Profit Margin - 3 Yr. Avg. 27.9%
Effective Tax Rate 9.5%
Eff/ Tax Rate - 3 Yr. Avg. 10.4%
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 $865 million for the last fiscal year's total revenue generated by Ubiquiti Networks. The default revenue input number comes from 2017 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 23.1% 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 63.7%.

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 0.8%.

Life of production assets of 1.2 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 30.6%. 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 - $602 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 79.969 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 $4.3 billion.

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COMPANY NEWS

▶ It's Buyer Beware on Ubiquiti Networks   [03:52PM  TheStreet.com]
▶ [$$] Ubiquiti/Citron: sour power   [07:40AM  Financial Times]
▶ What Happened in the Stock Market Today   [05:03PM  Motley Fool]
▶ Ubiquiti Networks Trying To Close In On Key Technical Measure   [Sep-15-17 03:00AM  Investor's Business Daily]
▶ What Is Ubiquiti Networks' Competitive Advantage?   [Aug-21-17 06:03PM  Motley Fool]
▶ Introducing FrontRow: The Camera Re-Invented   [09:00AM  Business Wire]
▶ AmpliFi HD Mesh Wi-Fi Products Launch in the United Kingdom   [Aug-08-17 06:00AM  Business Wire]
▶ These 3 Top Stocks Soared Into Buy Zones On Earnings   [Aug-03-17 04:08PM  Investor's Business Daily]
▶ Networking Stock Soars Into Buy Zone On Earnings And Guidance   [04:05PM  Investor's Business Daily]
▶ Ubiquiti Networks Gaps Up On Earnings   [05:02AM  Investor's Business Daily]
▶ 3 Top Stocks for the Second Half of 2017   [Jul-24-17 04:11PM  Motley Fool]
▶ Why Ubiquiti Networks, Inc. Stock Jumped 10.2% in June   [Jul-03-17 09:01PM  Motley Fool]
▶ 1 Stock That Reminds Me of Amazon in the Beginning   [Jun-22-17 06:04PM  Motley Fool]
▶ 3 Value Stocks for Sharp Investors   [May-31-17 04:58PM  Motley Fool]
▶ 3 Things Ubiquiti Networks Management Wants You to Know   [May-25-17 03:52PM  Motley Fool]
▶ Ubiquiti tops Street 3Q forecasts   [May-04-17 06:14PM  Associated Press]
▶ Ubiquiti Earnings Preview: What Investors Need to Know   [Apr-29-17 05:11PM  Motley Fool]
▶ Did Ubiquiti's Slide Create Value Opportunity?   [Apr-13-17 11:22PM  Investopedia]
▶ Stocks To Watch In Market Weakness   [01:49PM  Benzinga]
▶ Harry Boxers four stocks to watch   [12:51PM  MarketWatch]
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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