Intrinsic value of Viavi Solutions - VIAV

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$10.84

  Intrinsic Value

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  Value-price divergence*

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$10.84

 
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*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 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 2.5

 

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, %
  3.66
  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
  906
  924
  945
  970
  997
  1,027
  1,060
  1,096
  1,136
  1,178
  1,223
  1,271
  1,323
  1,378
  1,436
  1,498
  1,564
  1,633
  1,707
  1,784
  1,866
  1,953
  2,044
  2,140
  2,242
  2,348
  2,461
  2,579
  2,703
  2,834
  2,972
Variable operating expenses, $m
 
  1,002
  1,025
  1,051
  1,080
  1,112
  1,148
  1,186
  1,228
  1,273
  1,321
  1,358
  1,413
  1,472
  1,534
  1,600
  1,670
  1,745
  1,823
  1,906
  1,994
  2,086
  2,184
  2,286
  2,394
  2,508
  2,628
  2,755
  2,888
  3,028
  3,175
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
  991
  1,002
  1,025
  1,051
  1,080
  1,112
  1,148
  1,186
  1,228
  1,273
  1,321
  1,358
  1,413
  1,472
  1,534
  1,600
  1,670
  1,745
  1,823
  1,906
  1,994
  2,086
  2,184
  2,286
  2,394
  2,508
  2,628
  2,755
  2,888
  3,028
  3,175
Operating income, $m
  -84
  -78
  -80
  -81
  -83
  -85
  -88
  -90
  -93
  -96
  -99
  -87
  -90
  -94
  -98
  -102
  -107
  -111
  -116
  -122
  -127
  -133
  -139
  -146
  -153
  -160
  -168
  -176
  -184
  -193
  -203
EBITDA, $m
  -13
  -55
  -57
  -58
  -60
  -62
  -64
  -66
  -68
  -71
  -73
  -76
  -79
  -83
  -86
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -122
  -128
  -134
  -141
  -147
  -155
  -162
  -170
  -178
Interest expense (income), $m
  7
  20
  21
  22
  23
  24
  25
  26
  28
  29
  31
  33
  34
  36
  38
  41
  43
  46
  48
  51
  54
  57
  60
  64
  68
  72
  76
  80
  84
  89
  94
Earnings before tax, $m
  -46
  -99
  -101
  -103
  -106
  -109
  -113
  -116
  -120
  -125
  -129
  -119
  -125
  -130
  -136
  -143
  -150
  -157
  -165
  -173
  -181
  -190
  -200
  -210
  -221
  -232
  -243
  -256
  -269
  -283
  -297
Tax expense, $m
  4
  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
  -99
  -99
  -101
  -103
  -106
  -109
  -113
  -116
  -120
  -125
  -129
  -119
  -125
  -130
  -136
  -143
  -150
  -157
  -165
  -173
  -181
  -190
  -200
  -210
  -221
  -232
  -243
  -256
  -269
  -283
  -297

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  968
  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
  1,678
  1,158
  1,185
  1,215
  1,249
  1,287
  1,329
  1,374
  1,423
  1,476
  1,532
  1,593
  1,658
  1,726
  1,800
  1,877
  1,960
  2,047
  2,139
  2,236
  2,339
  2,447
  2,561
  2,682
  2,809
  2,943
  3,083
  3,232
  3,388
  3,552
  3,724
Adjusted assets (=assets-cash), $m
  710
  1,158
  1,185
  1,215
  1,249
  1,287
  1,329
  1,374
  1,423
  1,476
  1,532
  1,593
  1,658
  1,726
  1,800
  1,877
  1,960
  2,047
  2,139
  2,236
  2,339
  2,447
  2,561
  2,682
  2,809
  2,943
  3,083
  3,232
  3,388
  3,552
  3,724
Revenue / Adjusted assets
  1.276
  0.798
  0.797
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
Average production assets, $m
  76
  77
  78
  80
  83
  85
  88
  91
  94
  98
  101
  106
  110
  114
  119
  124
  130
  136
  142
  148
  155
  162
  170
  178
  186
  195
  204
  214
  224
  235
  247
Working capital, $m
  986
  18
  19
  19
  20
  21
  21
  22
  23
  24
  24
  25
  26
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  52
  54
  57
  59
Total debt, $m
  583
  604
  627
  654
  683
  716
  753
  792
  835
  881
  930
  983
  1,039
  1,099
  1,163
  1,231
  1,303
  1,379
  1,459
  1,544
  1,633
  1,728
  1,828
  1,933
  2,043
  2,160
  2,283
  2,412
  2,548
  2,691
  2,842
Total liabilities, $m
  989
  1,010
  1,033
  1,060
  1,089
  1,122
  1,159
  1,198
  1,241
  1,287
  1,336
  1,389
  1,445
  1,505
  1,569
  1,637
  1,709
  1,785
  1,865
  1,950
  2,039
  2,134
  2,234
  2,339
  2,449
  2,566
  2,689
  2,818
  2,954
  3,097
  3,248
Total equity, $m
  689
  148
  152
  156
  160
  165
  170
  176
  182
  189
  196
  204
  212
  221
  230
  240
  251
  262
  274
  286
  299
  313
  328
  343
  360
  377
  395
  414
  434
  455
  477
Total liabilities and equity, $m
  1,678
  1,158
  1,185
  1,216
  1,249
  1,287
  1,329
  1,374
  1,423
  1,476
  1,532
  1,593
  1,657
  1,726
  1,799
  1,877
  1,960
  2,047
  2,139
  2,236
  2,338
  2,447
  2,562
  2,682
  2,809
  2,943
  3,084
  3,232
  3,388
  3,552
  3,725
Debt-to-equity ratio
  0.846
  4.070
  4.140
  4.200
  4.270
  4.350
  4.430
  4.500
  4.580
  4.660
  4.740
  4.820
  4.900
  4.980
  5.050
  5.120
  5.190
  5.260
  5.330
  5.390
  5.460
  5.520
  5.570
  5.630
  5.680
  5.730
  5.780
  5.830
  5.880
  5.920
  5.960
Adjusted equity ratio
  -0.393
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -99
  -99
  -101
  -103
  -106
  -109
  -113
  -116
  -120
  -125
  -129
  -119
  -125
  -130
  -136
  -143
  -150
  -157
  -165
  -173
  -181
  -190
  -200
  -210
  -221
  -232
  -243
  -256
  -269
  -283
  -297
Depreciation, amort., depletion, $m
  71
  23
  23
  23
  23
  24
  24
  24
  25
  25
  25
  11
  11
  11
  12
  12
  13
  14
  14
  15
  15
  16
  17
  18
  19
  19
  20
  21
  22
  24
  25
Funds from operations, $m
  40
  -76
  -78
  -80
  -83
  -85
  -89
  -92
  -96
  -100
  -104
  -109
  -114
  -119
  -125
  -130
  -137
  -143
  -151
  -158
  -166
  -174
  -183
  -192
  -202
  -212
  -223
  -234
  -246
  -259
  -272
Change in working capital, $m
  -13
  0
  0
  0
  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
  3
  3
Cash from operations, $m
  53
  -76
  -78
  -81
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -145
  -152
  -160
  -168
  -176
  -185
  -194
  -204
  -214
  -225
  -237
  -249
  -262
  -275
Maintenance CAPEX, $m
  0
  -8
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -24
New CAPEX, $m
  -36
  -1
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
Cash from investing activities, $m
  244
  -9
  -10
  -10
  -10
  -11
  -12
  -12
  -12
  -12
  -14
  -14
  -15
  -16
  -16
  -17
  -17
  -19
  -20
  -20
  -22
  -22
  -24
  -25
  -26
  -28
  -28
  -30
  -31
  -33
  -35
Free cash flow, $m
  297
  -85
  -88
  -90
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -130
  -136
  -142
  -149
  -156
  -164
  -172
  -180
  -189
  -199
  -209
  -219
  -230
  -242
  -254
  -267
  -281
  -295
  -310
Issuance/(repayment) of debt, $m
  -6
  21
  23
  27
  30
  33
  36
  39
  43
  46
  49
  53
  56
  60
  64
  68
  72
  76
  80
  85
  90
  95
  100
  105
  111
  117
  123
  129
  136
  143
  150
Issuance/(repurchase) of shares, $m
  -4
  101
  104
  107
  110
  114
  118
  122
  127
  132
  137
  127
  133
  139
  146
  153
  160
  168
  176
  185
  195
  204
  215
  225
  237
  249
  261
  275
  289
  304
  319
Cash from financing (excl. dividends), $m  
  -148
  122
  127
  134
  140
  147
  154
  161
  170
  178
  186
  180
  189
  199
  210
  221
  232
  244
  256
  270
  285
  299
  315
  330
  348
  366
  384
  404
  425
  447
  469
Total cash flow (excl. dividends), $m
  135
  37
  40
  43
  47
  50
  54
  57
  60
  64
  68
  56
  60
  64
  68
  72
  76
  81
  85
  90
  95
  100
  106
  111
  117
  124
  130
  137
  144
  152
  160
Retained Cash Flow (-), $m
  412
  -101
  -104
  -107
  -110
  -114
  -118
  -122
  -127
  -132
  -137
  -127
  -133
  -139
  -146
  -153
  -160
  -168
  -176
  -185
  -195
  -204
  -215
  -225
  -237
  -249
  -261
  -275
  -289
  -304
  -319
Prev. year cash balance distribution, $m
 
  543
  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
 
  479
  -64
  -64
  -64
  -64
  -64
  -65
  -66
  -68
  -69
  -71
  -73
  -76
  -78
  -81
  -84
  -88
  -91
  -95
  -100
  -104
  -109
  -114
  -119
  -125
  -131
  -138
  -145
  -152
  -160
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
 
  459
  -59
  -56
  -52
  -49
  -47
  -44
  -41
  -39
  -36
  -34
  -31
  -29
  -26
  -24
  -21
  -19
  -17
  -15
  -13
  -11
  -9
  -7
  -6
  -5
  -4
  -3
  -2
  -2
  -1
Current shareholders' claim on cash, %
  100
  84.0
  70.4
  58.9
  49.3
  41.2
  34.4
  28.7
  24.0
  20.0
  16.7
  14.2
  12.0
  10.2
  8.6
  7.3
  6.2
  5.2
  4.4
  3.7
  3.1
  2.6
  2.2
  1.9
  1.6
  1.3
  1.1
  0.9
  0.8
  0.6
  0.5

Viavi Solutions Inc. provides network test, monitoring, and assurance solutions to communications service providers, and enterprises and their ecosystems worldwide. The company operates through Network Enablement, Service Enablement, and Optical Security and Performance Products segments. The Network Enablement segment offers testing solutions that access the network to perform build-out and maintenance tasks. This segment provides solutions that include instruments, software and services to design, build, activate, certify, troubleshoot, and optimize networks. It also offers support and professional services, such as repair, calibration, software support, and technical assistance for the products; and system integration projects comprising project management, installation, and implementation, as well as product and technology training, and consulting services. The Service Enablement segment provides embedded systems and enterprise performance management solutions for communication service providers and enterprises with visibility into network, service, and application. This segmentÂ’s solutions include instruments, microprobes, and software, which monitor, collect, and analyze network data to reveal the actual customer experience and to identify opportunities for new revenue streams and network optimization. The Optical Security and Performance Products segment provides optical security solutions with a strategic focus on serving the anti-counterfeiting market through advanced security pigments, thread substrates, and printed features for the currency, pharmaceutical, and consumer electronic sectors. This segment also offers thin-film coating solutions for 3D sensing applications. The company was formerly known as JDS Uniphase Corporation and changed its name to Viavi Solutions Inc. in August 2015. Viavi Solutions Inc. was founded in 1979 and is headquartered in Milpitas, California.

FINANCIAL RATIOS  of  Viavi Solutions (VIAV)

Valuation Ratios
P/E Ratio -25.4
Price to Sales 2.8
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow 47.5
Price to Free Cash Flow 147.9
Growth Rates
Sales Growth Rate 3.7%
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 0.1
LT Debt to Equity 84.6%
Total Debt to Equity 84.6%
Interest Coverage -6
Management Effectiveness
Return On Assets -4.7%
Ret/ On Assets - 3 Yr. Avg. -2.9%
Return On Total Capital -6.7%
Ret/ On T. Cap. - 3 Yr. Avg. -4.4%
Return On Equity -11.1%
Return On Equity - 3 Yr. Avg. -6.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 60.7%
Gross Margin - 3 Yr. Avg. 59.1%
EBITDA Margin 3.5%
EBITDA Margin - 3 Yr. Avg. 4.6%
Operating Margin -9.4%
Oper. Margin - 3 Yr. Avg. -8%
Pre-Tax Margin -5.1%
Pre-Tax Margin - 3 Yr. Avg. -8.8%
Net Profit Margin -10.9%
Net Profit Margin - 3 Yr. Avg. -7.6%
Effective Tax Rate -8.7%
Eff/ Tax Rate - 3 Yr. Avg. -6.9%
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 $906 million for the last fiscal year's total revenue generated by Viavi Solutions. The default revenue input number comes from 2016 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 108.5%.

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 8.3%.

Life of production assets of 10 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 2%. 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 - $689 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 231.076 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 $2.5 billion.


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▶ Viav Solutions tops 3Q profit forecasts   [May-02-17 06:23PM  Associated Press]
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▶ Viav Solutions tops Street 2Q forecasts   [Jan-31-17 05:02PM  AP]
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▶ Is Viavi Solutions Inc (VIAV) A Good Stock To Buy?   [Dec-13-16 10:31AM  at Insider Monkey]
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▶ Viavi's OneExpert Supports Openreach on G.fast Pilot   [Dec-05-16 08:30AM  PR Newswire]
▶ Hedge Funds Arent Crazy About NetGear, Inc. (NTGR) Anymore   [Dec-02-16 01:18PM  at Insider Monkey]
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▶ Viav Solutions beats Street 1Q forecasts   [Nov-01-16 06:21PM  AP]
Stock chart of VIAV Financial statements of VIAV Annual reports 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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