Intrinsic value of Viavi Solutions - VIAV

Previous Close

$9.53

  Intrinsic Value

$1.12

stock screener

  Rating & Target

str. sell

-88%

  Value-price divergence*

-108%

Previous close

$9.53

 
Intrinsic value

$1.12

 
Up/down potential

-88%

 
Rating

str. sell

 
Value-price divergence*

-108%

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

We calculate the intrinsic value of VIAV 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 2.1

 

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, %
  -10.49
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  811
  827
  846
  868
  892
  919
  949
  981
  1,016
  1,054
  1,095
  1,138
  1,184
  1,233
  1,286
  1,341
  1,400
  1,462
  1,528
  1,597
  1,671
  1,748
  1,830
  1,916
  2,006
  2,102
  2,203
  2,308
  2,420
  2,537
  2,660
Variable operating expenses, $m
 
  905
  925
  949
  975
  1,004
  1,036
  1,071
  1,108
  1,149
  1,192
  1,224
  1,273
  1,326
  1,382
  1,442
  1,505
  1,572
  1,643
  1,717
  1,796
  1,880
  1,967
  2,060
  2,157
  2,260
  2,368
  2,482
  2,602
  2,728
  2,861
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
  798
  905
  925
  949
  975
  1,004
  1,036
  1,071
  1,108
  1,149
  1,192
  1,224
  1,273
  1,326
  1,382
  1,442
  1,505
  1,572
  1,643
  1,717
  1,796
  1,880
  1,967
  2,060
  2,157
  2,260
  2,368
  2,482
  2,602
  2,728
  2,861
Operating income, $m
  14
  -77
  -79
  -81
  -82
  -84
  -87
  -89
  -92
  -95
  -98
  -86
  -89
  -93
  -97
  -101
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -144
  -151
  -158
  -166
  -174
  -182
  -191
  -200
EBITDA, $m
  85
  -53
  -54
  -56
  -57
  -59
  -61
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -86
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -141
  -148
  -155
  -163
  -170
Interest expense (income), $m
  7
  33
  8
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  19
  20
  21
  23
  24
  26
  28
  30
  32
  34
  36
  39
  41
  44
  47
  50
  53
Earnings before tax, $m
  187
  -110
  -87
  -89
  -91
  -94
  -97
  -100
  -104
  -107
  -111
  -101
  -105
  -110
  -115
  -121
  -127
  -133
  -139
  -146
  -154
  -162
  -170
  -178
  -187
  -197
  -207
  -218
  -229
  -241
  -253
Tax expense, $m
  22
  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
Net income, $m
  167
  -110
  -87
  -89
  -91
  -94
  -97
  -100
  -104
  -107
  -111
  -101
  -105
  -110
  -115
  -121
  -127
  -133
  -139
  -146
  -154
  -162
  -170
  -178
  -187
  -197
  -207
  -218
  -229
  -241
  -253

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,437
  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
  2,111
  688
  703
  722
  742
  764
  789
  816
  845
  876
  910
  946
  984
  1,025
  1,069
  1,115
  1,164
  1,215
  1,270
  1,328
  1,389
  1,453
  1,521
  1,593
  1,668
  1,747
  1,831
  1,919
  2,012
  2,109
  2,211
Adjusted assets (=assets-cash), $m
  674
  688
  703
  722
  742
  764
  789
  816
  845
  876
  910
  946
  984
  1,025
  1,069
  1,115
  1,164
  1,215
  1,270
  1,328
  1,389
  1,453
  1,521
  1,593
  1,668
  1,747
  1,831
  1,919
  2,012
  2,109
  2,211
Revenue / Adjusted assets
  1.203
  1.202
  1.203
  1.202
  1.202
  1.203
  1.203
  1.202
  1.202
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
Average production assets, $m
  46
  46
  47
  49
  50
  51
  53
  55
  57
  59
  61
  64
  66
  69
  72
  75
  78
  82
  86
  89
  94
  98
  102
  107
  112
  118
  123
  129
  136
  142
  149
Working capital, $m
  1,438
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
Total debt, $m
  931
  225
  239
  255
  274
  294
  316
  340
  366
  395
  425
  457
  492
  529
  568
  609
  653
  700
  749
  801
  856
  914
  975
  1,039
  1,107
  1,179
  1,254
  1,333
  1,416
  1,504
  1,596
Total liabilities, $m
  1,324
  619
  633
  649
  668
  688
  710
  734
  760
  789
  819
  851
  886
  923
  962
  1,003
  1,047
  1,094
  1,143
  1,195
  1,250
  1,308
  1,369
  1,433
  1,501
  1,573
  1,648
  1,727
  1,810
  1,898
  1,990
Total equity, $m
  786
  69
  70
  72
  74
  76
  79
  82
  84
  88
  91
  95
  98
  103
  107
  111
  116
  122
  127
  133
  139
  145
  152
  159
  167
  175
  183
  192
  201
  211
  221
Total liabilities and equity, $m
  2,110
  688
  703
  721
  742
  764
  789
  816
  844
  877
  910
  946
  984
  1,026
  1,069
  1,114
  1,163
  1,216
  1,270
  1,328
  1,389
  1,453
  1,521
  1,592
  1,668
  1,748
  1,831
  1,919
  2,011
  2,109
  2,211
Debt-to-equity ratio
  1.184
  3.270
  3.400
  3.540
  3.690
  3.850
  4.010
  4.170
  4.340
  4.500
  4.670
  4.830
  5.000
  5.160
  5.310
  5.470
  5.610
  5.760
  5.900
  6.030
  6.160
  6.290
  6.410
  6.530
  6.640
  6.750
  6.850
  6.950
  7.040
  7.130
  7.220
Adjusted equity ratio
  -0.966
  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
  167
  -110
  -87
  -89
  -91
  -94
  -97
  -100
  -104
  -107
  -111
  -101
  -105
  -110
  -115
  -121
  -127
  -133
  -139
  -146
  -154
  -162
  -170
  -178
  -187
  -197
  -207
  -218
  -229
  -241
  -253
Depreciation, amort., depletion, $m
  71
  24
  25
  25
  25
  25
  26
  26
  27
  27
  27
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  20
  21
  22
  24
  25
  26
  27
  28
  30
Funds from operations, $m
  40
  -86
  -62
  -64
  -66
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -117
  -122
  -129
  -135
  -142
  -149
  -157
  -165
  -173
  -182
  -192
  -202
  -212
  -223
Change in working capital, $m
  -13
  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 operations, $m
  53
  -86
  -62
  -64
  -66
  -69
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -117
  -122
  -129
  -135
  -142
  -149
  -157
  -165
  -173
  -182
  -192
  -202
  -212
  -223
Maintenance CAPEX, $m
  0
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -24
  -25
  -26
  -27
  -28
New CAPEX, $m
  -36
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
Cash from investing activities, $m
  244
  -10
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -13
  -14
  -14
  -16
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -25
  -26
  -27
  -30
  -31
  -32
  -34
  -35
Free cash flow, $m
  297
  -96
  -72
  -75
  -77
  -80
  -83
  -86
  -90
  -94
  -98
  -102
  -107
  -112
  -118
  -123
  -129
  -136
  -142
  -150
  -157
  -165
  -173
  -182
  -192
  -201
  -212
  -222
  -234
  -246
  -258
Issuance/(repayment) of debt, $m
  -6
  -706
  14
  16
  18
  20
  22
  24
  26
  28
  30
  32
  35
  37
  39
  41
  44
  47
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  88
  92
Issuance/(repurchase) of shares, $m
  -4
  830
  88
  91
  93
  96
  99
  103
  107
  110
  115
  104
  109
  114
  120
  125
  132
  138
  145
  152
  160
  168
  176
  185
  195
  205
  215
  226
  238
  250
  263
Cash from financing (excl. dividends), $m  
  -148
  124
  102
  107
  111
  116
  121
  127
  133
  138
  145
  136
  144
  151
  159
  166
  176
  185
  194
  204
  215
  226
  237
  249
  263
  276
  290
  305
  321
  338
  355
Total cash flow (excl. dividends), $m
  135
  28
  30
  32
  34
  36
  39
  41
  43
  45
  47
  34
  36
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  92
  97
Retained Cash Flow (-), $m
  -97
  -830
  -88
  -91
  -93
  -96
  -99
  -103
  -107
  -110
  -115
  -104
  -109
  -114
  -120
  -125
  -132
  -138
  -145
  -152
  -160
  -168
  -176
  -185
  -195
  -205
  -215
  -226
  -238
  -250
  -263
Prev. year cash balance distribution, $m
 
  1,437
  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
 
  635
  -58
  -58
  -59
  -60
  -61
  -62
  -64
  -66
  -68
  -70
  -73
  -75
  -79
  -82
  -85
  -89
  -93
  -98
  -102
  -107
  -112
  -118
  -124
  -130
  -136
  -143
  -151
  -158
  -166
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
 
  609
  -53
  -51
  -49
  -46
  -44
  -42
  -40
  -38
  -36
  -33
  -31
  -29
  -26
  -24
  -22
  -19
  -17
  -15
  -13
  -11
  -9
  -8
  -6
  -5
  -4
  -3
  -2
  -2
  -1
Current shareholders' claim on cash, %
  100
  50.0
  34.0
  23.1
  15.7
  10.6
  7.2
  4.9
  3.3
  2.2
  1.5
  1.1
  0.7
  0.5
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Viavi Solutions Inc. (Viavi) is a provider of network test, monitoring and assurance solutions to communications service providers, enterprises and their ecosystems. The Company also offers thin film optical coatings, providing light management solutions to anti-counterfeiting, consumer and industrial, government and healthcare and other markets. The Company's segments include Network Enablement (NE), Service Enablement (SE), and Optical Security and Performance Products (OSP). The NE segment provides testing solutions that access the network to perform build-out and maintenance tasks. The SE segment offers solutions, which are embedded systems that yield network, service and application performance data. The OSP segment provides optical security solutions. The OSP segment's security offerings for the currency market include Optically Variable Pigment (OVP), Optically Variable Magnetic Pigment (OVMP) and banknote thread substrates.

FINANCIAL RATIOS  of  Viavi Solutions (VIAV)

Valuation Ratios
P/E Ratio 13
Price to Sales 2.7
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 40.8
Price to Free Cash Flow 127.3
Growth Rates
Sales Growth Rate -10.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -64.7%
Cap. Spend. - 3 Yr. Gr. Rate -11.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 118.4%
Total Debt to Equity 118.4%
Interest Coverage 28
Management Effectiveness
Return On Assets 9.1%
Ret/ On Assets - 3 Yr. Avg. 0.3%
Return On Total Capital 11.2%
Ret/ On T. Cap. - 3 Yr. Avg. -0.2%
Return On Equity 22.6%
Return On Equity - 3 Yr. Avg. 1.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 59.9%
Gross Margin - 3 Yr. Avg. 60%
EBITDA Margin 32.7%
EBITDA Margin - 3 Yr. Avg. 15.8%
Operating Margin 1.6%
Oper. Margin - 3 Yr. Avg. -5.4%
Pre-Tax Margin 23.1%
Pre-Tax Margin - 3 Yr. Avg. 2%
Net Profit Margin 20.6%
Net Profit Margin - 3 Yr. Avg. -0.1%
Effective Tax Rate 11.8%
Eff/ Tax Rate - 3 Yr. Avg. -7.2%
Payout Ratio 0%

VIAV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VIAV stock intrinsic value calculation we used $811 million for the last fiscal year's total revenue generated by Viavi Solutions. The default revenue input number comes from 2017 income statement of Viavi Solutions. 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 VIAV stock valuation model: a) initial revenue growth rate of 2% 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 VIAV is calculated based on our internal credit rating of Viavi Solutions, 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 Viavi Solutions.
    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 VIAV stock the variable cost ratio is equal to 109.4%.

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 VIAV 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 Viavi Solutions.

Corporate tax rate of 27% is the nominal tax rate for Viavi Solutions. 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 VIAV 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 VIAV are equal to 5.6%.

Life of production assets of 2.8 years is the average useful life of capital assets used in Viavi Solutions 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 VIAV is equal to 0.1%. 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 - $786 million for Viavi Solutions - 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 225.296 million for Viavi Solutions 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 Viavi Solutions at the current share price and the inputted number of shares is $2.1 billion.

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COMPANY NEWS

▶ IBD Rating Upgrades: Viavi Solutions Flashes Improved Relative Price Strength   [Sep-13-17 03:00AM  Investor's Business Daily]
▶ Stocks Showing Improved Relative Strength: Viavi Solutions   [03:00AM  Investor's Business Daily]
▶ Viav Solutions beats Street 4Q forecasts   [Aug-15-17 09:36PM  Associated Press]
▶ These Stocks Poised To Benefit From 3D-Sensing Smartphones   [Jul-03-17 02:31PM  Investor's Business Daily]
▶ Lumentum 'Best Play' On Apple 3D Sensor Market, Price Target Hiked   [Jun-22-17 04:04PM  Investor's Business Daily]
▶ Oracle, CarMax Upgraded; 2 Opticals Get Price-Target Hikes   [04:02PM  Investor's Business Daily]
▶ Viavi To Participate At Upcoming Investor Conferences   [May-31-17 07:00AM  PR Newswire]
▶ Viav Solutions tops 3Q profit forecasts   [May-02-17 06:23PM  Associated Press]
▶ 3 New Communications Equipment Firms Under Coverage   [Apr-03-17 07:00AM  Morningstar]
▶ Niles: Short Snap, long Facebook   [Mar-28-17 05:34PM  CNBC Videos]
▶ New Board Members Appointed at Rackspace   [Feb-27-17 09:00AM  Marketwired]
▶ Viavi Lights the Path to 5G at Mobile World Congress   [Feb-22-17 08:30AM  PR Newswire]
▶ Viav Solutions tops Street 2Q forecasts   [Jan-31-17 05:02PM  AP]
▶ George Soros' Best-Performing Stocks of 2017 So Far   [Jan-29-17 02:45PM  at Motley Fool]
Financial statements of VIAV
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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