Intrinsic value of Boingo Wireless - WIFI

Previous Close

$22.96

  Intrinsic Value

$0.35

stock screener

  Rating & Target

str. sell

-98%

Previous close

$22.96

 
Intrinsic value

$0.35

 
Up/down potential

-98%

 
Rating

str. sell

We calculate the intrinsic value of WIFI 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 0.9

 

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, %
  13.57
  25.60
  23.54
  21.69
  20.02
  18.52
  17.16
  15.95
  14.85
  13.87
  12.98
  12.18
  11.46
  10.82
  10.24
  9.71
  9.24
  8.82
  8.44
  8.09
  7.78
  7.50
  7.25
  7.03
  6.83
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
Revenue, $m
  159
  200
  247
  300
  360
  427
  500
  580
  666
  759
  857
  962
  1,072
  1,188
  1,309
  1,437
  1,569
  1,708
  1,852
  2,002
  2,157
  2,319
  2,487
  2,662
  2,844
  3,033
  3,229
  3,434
  3,647
  3,868
  4,099
Variable operating expenses, $m
 
  229
  282
  342
  409
  484
  567
  657
  753
  857
  968
  1,081
  1,205
  1,336
  1,472
  1,615
  1,765
  1,920
  2,082
  2,251
  2,426
  2,608
  2,797
  2,994
  3,198
  3,411
  3,632
  3,862
  4,101
  4,350
  4,610
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
  185
  229
  282
  342
  409
  484
  567
  657
  753
  857
  968
  1,081
  1,205
  1,336
  1,472
  1,615
  1,765
  1,920
  2,082
  2,251
  2,426
  2,608
  2,797
  2,994
  3,198
  3,411
  3,632
  3,862
  4,101
  4,350
  4,610
Operating income, $m
  -26
  -29
  -35
  -42
  -49
  -57
  -67
  -76
  -87
  -99
  -111
  -120
  -134
  -148
  -163
  -179
  -196
  -213
  -231
  -249
  -269
  -289
  -310
  -332
  -354
  -378
  -402
  -428
  -454
  -482
  -511
EBITDA, $m
  26
  31
  38
  46
  55
  66
  77
  89
  102
  116
  132
  148
  164
  182
  201
  220
  241
  262
  284
  307
  331
  356
  382
  409
  436
  465
  496
  527
  560
  594
  629
Interest expense (income), $m
  0
  1
  3
  6
  9
  13
  17
  22
  27
  32
  37
  43
  50
  57
  64
  71
  79
  87
  96
  104
  114
  123
  133
  143
  154
  165
  177
  189
  201
  214
  228
Earnings before tax, $m
  -27
  -30
  -38
  -48
  -58
  -70
  -84
  -98
  -114
  -131
  -148
  -163
  -183
  -205
  -227
  -250
  -274
  -300
  -326
  -354
  -382
  -412
  -443
  -475
  -508
  -543
  -579
  -617
  -656
  -696
  -739
Tax expense, $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
  0
Net income, $m
  -27
  -30
  -38
  -48
  -58
  -70
  -84
  -98
  -114
  -131
  -148
  -163
  -183
  -205
  -227
  -250
  -274
  -300
  -326
  -354
  -382
  -412
  -443
  -475
  -508
  -543
  -579
  -617
  -656
  -696
  -739

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  19
  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
  381
  455
  562
  684
  821
  973
  1,140
  1,321
  1,518
  1,728
  1,953
  2,190
  2,442
  2,706
  2,983
  3,272
  3,575
  3,890
  4,218
  4,559
  4,914
  5,283
  5,666
  6,064
  6,478
  6,909
  7,356
  7,822
  8,307
  8,812
  9,338
Adjusted assets (=assets-cash), $m
  362
  455
  562
  684
  821
  973
  1,140
  1,321
  1,518
  1,728
  1,953
  2,190
  2,442
  2,706
  2,983
  3,272
  3,575
  3,890
  4,218
  4,559
  4,914
  5,283
  5,666
  6,064
  6,478
  6,909
  7,356
  7,822
  8,307
  8,812
  9,338
Revenue / Adjusted assets
  0.439
  0.440
  0.440
  0.439
  0.438
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
Average production assets, $m
  248
  311
  384
  467
  561
  665
  779
  903
  1,037
  1,181
  1,335
  1,497
  1,669
  1,849
  2,039
  2,237
  2,443
  2,659
  2,883
  3,116
  3,359
  3,611
  3,873
  4,145
  4,428
  4,722
  5,028
  5,347
  5,678
  6,023
  6,383
Working capital, $m
  -31
  -57
  -70
  -85
  -102
  -121
  -142
  -164
  -189
  -215
  -243
  -272
  -303
  -336
  -371
  -407
  -444
  -483
  -524
  -566
  -611
  -656
  -704
  -753
  -805
  -858
  -914
  -972
  -1,032
  -1,095
  -1,160
Total debt, $m
  26
  92
  175
  268
  373
  490
  618
  758
  909
  1,070
  1,243
  1,425
  1,618
  1,821
  2,034
  2,256
  2,488
  2,730
  2,982
  3,245
  3,517
  3,800
  4,095
  4,400
  4,718
  5,049
  5,393
  5,750
  6,123
  6,510
  6,914
Total liabilities, $m
  283
  349
  432
  525
  630
  747
  875
  1,015
  1,166
  1,327
  1,500
  1,682
  1,875
  2,078
  2,291
  2,513
  2,745
  2,987
  3,239
  3,502
  3,774
  4,057
  4,352
  4,657
  4,975
  5,306
  5,650
  6,007
  6,380
  6,767
  7,171
Total equity, $m
  98
  106
  130
  159
  190
  226
  264
  307
  352
  401
  453
  508
  566
  628
  692
  759
  829
  902
  979
  1,058
  1,140
  1,226
  1,315
  1,407
  1,503
  1,603
  1,707
  1,815
  1,927
  2,044
  2,166
Total liabilities and equity, $m
  381
  455
  562
  684
  820
  973
  1,139
  1,322
  1,518
  1,728
  1,953
  2,190
  2,441
  2,706
  2,983
  3,272
  3,574
  3,889
  4,218
  4,560
  4,914
  5,283
  5,667
  6,064
  6,478
  6,909
  7,357
  7,822
  8,307
  8,811
  9,337
Debt-to-equity ratio
  0.265
  0.880
  1.340
  1.690
  1.960
  2.170
  2.340
  2.470
  2.580
  2.670
  2.740
  2.800
  2.860
  2.900
  2.940
  2.970
  3.000
  3.030
  3.050
  3.070
  3.080
  3.100
  3.110
  3.130
  3.140
  3.150
  3.160
  3.170
  3.180
  3.180
  3.190
Adjusted equity ratio
  0.218
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -27
  -30
  -38
  -48
  -58
  -70
  -84
  -98
  -114
  -131
  -148
  -163
  -183
  -205
  -227
  -250
  -274
  -300
  -326
  -354
  -382
  -412
  -443
  -475
  -508
  -543
  -579
  -617
  -656
  -696
  -739
Depreciation, amort., depletion, $m
  52
  60
  73
  88
  104
  123
  143
  165
  189
  215
  243
  267
  298
  330
  364
  399
  436
  475
  515
  556
  600
  645
  692
  740
  791
  843
  898
  955
  1,014
  1,076
  1,140
Funds from operations, $m
  191
  30
  35
  40
  46
  52
  60
  67
  76
  85
  94
  104
  115
  126
  137
  149
  162
  175
  189
  203
  217
  233
  249
  265
  282
  300
  319
  338
  358
  379
  401
Change in working capital, $m
  76
  -12
  -13
  -15
  -17
  -19
  -21
  -23
  -24
  -26
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -49
  -51
  -53
  -56
  -58
  -60
  -63
  -65
Cash from operations, $m
  115
  41
  48
  55
  63
  71
  80
  90
  100
  111
  122
  134
  146
  158
  172
  185
  199
  214
  229
  245
  262
  279
  296
  315
  334
  354
  374
  396
  419
  442
  467
Maintenance CAPEX, $m
  0
  -44
  -56
  -69
  -83
  -100
  -119
  -139
  -161
  -185
  -211
  -238
  -267
  -298
  -330
  -364
  -399
  -436
  -475
  -515
  -556
  -600
  -645
  -692
  -740
  -791
  -843
  -898
  -955
  -1,014
  -1,076
New CAPEX, $m
  -107
  -63
  -73
  -83
  -94
  -104
  -114
  -124
  -134
  -144
  -153
  -163
  -172
  -181
  -189
  -198
  -207
  -215
  -224
  -233
  -243
  -252
  -262
  -272
  -283
  -294
  -306
  -318
  -331
  -345
  -360
Cash from investing activities, $m
  -107
  -107
  -129
  -152
  -177
  -204
  -233
  -263
  -295
  -329
  -364
  -401
  -439
  -479
  -519
  -562
  -606
  -651
  -699
  -748
  -799
  -852
  -907
  -964
  -1,023
  -1,085
  -1,149
  -1,216
  -1,286
  -1,359
  -1,436
Free cash flow, $m
  8
  -66
  -81
  -97
  -114
  -133
  -152
  -173
  -195
  -218
  -242
  -267
  -293
  -320
  -348
  -377
  -407
  -438
  -470
  -503
  -537
  -573
  -610
  -649
  -689
  -731
  -775
  -820
  -868
  -917
  -969
Issuance/(repayment) of debt, $m
  -3
  71
  82
  94
  105
  117
  128
  140
  151
  162
  172
  183
  193
  203
  213
  222
  232
  242
  252
  262
  273
  283
  294
  306
  318
  331
  344
  358
  372
  388
  404
Issuance/(repurchase) of shares, $m
  3
  51
  63
  76
  90
  106
  122
  140
  159
  179
  200
  218
  242
  266
  291
  317
  345
  373
  402
  433
  465
  498
  532
  567
  604
  643
  683
  725
  768
  813
  861
Cash from financing (excl. dividends), $m  
  -3
  122
  145
  170
  195
  223
  250
  280
  310
  341
  372
  401
  435
  469
  504
  539
  577
  615
  654
  695
  738
  781
  826
  873
  922
  974
  1,027
  1,083
  1,140
  1,201
  1,265
Total cash flow (excl. dividends), $m
  5
  57
  64
  73
  81
  90
  98
  106
  115
  123
  130
  134
  141
  149
  156
  163
  170
  177
  185
  192
  200
  208
  216
  224
  233
  242
  252
  262
  273
  284
  296
Retained Cash Flow (-), $m
  13
  -51
  -63
  -76
  -90
  -106
  -122
  -140
  -159
  -179
  -200
  -218
  -242
  -266
  -291
  -317
  -345
  -373
  -402
  -433
  -465
  -498
  -532
  -567
  -604
  -643
  -683
  -725
  -768
  -813
  -861
Prev. year cash balance distribution, $m
 
  14
  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
 
  19
  1
  -3
  -9
  -16
  -24
  -34
  -45
  -57
  -70
  -85
  -100
  -117
  -135
  -154
  -174
  -196
  -218
  -241
  -265
  -290
  -316
  -343
  -371
  -401
  -431
  -463
  -495
  -529
  -565
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
 
  18
  1
  -3
  -7
  -12
  -18
  -23
  -28
  -33
  -37
  -40
  -43
  -45
  -45
  -45
  -44
  -43
  -40
  -37
  -34
  -30
  -26
  -22
  -19
  -16
  -13
  -10
  -8
  -6
  -4
Current shareholders' claim on cash, %
  100
  93.9
  88.3
  83.1
  78.4
  74.0
  70.0
  66.2
  62.8
  59.5
  56.5
  53.8
  51.2
  48.7
  46.4
  44.3
  42.2
  40.3
  38.5
  36.8
  35.1
  33.6
  32.1
  30.7
  29.3
  28.1
  26.8
  25.7
  24.6
  23.5
  22.5

Boingo Wireless, Inc. is a provider of commercial mobile wireless fidelity (Wi-Fi) Internet solutions and indoor direct-attached storage (DAS) services. The Company operates as a service provider of wireless connectivity solutions across its managed and operated network and aggregated network for mobile devices such as laptops, smartphones, tablets and other wireless-enabled consumer devices. It acquires long-term wireless rights at venues, such as airports, transportation hubs, stadiums, arenas, universities, convention centers, and office campuses; builds wireless networks, such as DAS, Wi-Fi and small cells at those venues, and monetizes the wireless networks through a range of products and services. As of December 31, 2016, the Company operated 36 DAS networks containing approximately 19,200 DAS nodes. Its Wi-Fi network includes locations that the Company manages and operates, as well as networks managed and operated by third-parties with whom it contracts for access.

FINANCIAL RATIOS  of  Boingo Wireless (WIFI)

Valuation Ratios
P/E Ratio -32.8
Price to Sales 5.6
Price to Book 9
Price to Tangible Book
Price to Cash Flow 7.7
Price to Free Cash Flow 110.7
Growth Rates
Sales Growth Rate 13.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 3.9%
Cap. Spend. - 3 Yr. Gr. Rate 29%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 21.4%
Total Debt to Equity 26.5%
Interest Coverage 0
Management Effectiveness
Return On Assets -7.5%
Ret/ On Assets - 3 Yr. Avg. -8.2%
Return On Total Capital -21.1%
Ret/ On T. Cap. - 3 Yr. Avg. -17.5%
Return On Equity -25.8%
Return On Equity - 3 Yr. Avg. -19.8%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 30.2%
Gross Margin - 3 Yr. Avg. 29.8%
EBITDA Margin 15.7%
EBITDA Margin - 3 Yr. Avg. 13.6%
Operating Margin -16.4%
Oper. Margin - 3 Yr. Avg. -15.5%
Pre-Tax Margin -17%
Pre-Tax Margin - 3 Yr. Avg. -15.9%
Net Profit Margin -17%
Net Profit Margin - 3 Yr. Avg. -16.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -1.9%
Payout Ratio 0%

WIFI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WIFI stock intrinsic value calculation we used $159 million for the last fiscal year's total revenue generated by Boingo Wireless. The default revenue input number comes from 2016 income statement of Boingo 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 WIFI stock valuation model: a) initial revenue growth rate of 25.6% 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 WIFI is calculated based on our internal credit rating of Boingo 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 Boingo 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 WIFI stock the variable cost ratio is equal to 115.1%.

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 WIFI 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 Boingo Wireless.

Corporate tax rate of 27% is the nominal tax rate for Boingo 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 WIFI 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 WIFI are equal to 155.7%.

Life of production assets of 5.6 years is the average useful life of capital assets used in Boingo 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 WIFI is equal to -28.3%. 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 - $98 million for Boingo 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 40.109 million for Boingo 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 Boingo Wireless at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ Boingo Wireless Inc (WIFI) Shares Soar on Q3 Earnings Beat   [Nov-03-17 04:56PM  InvestorPlace]
▶ Boingo reports 3Q loss   [05:44PM  Associated Press]
▶ Boingo Wireless to Host Analyst and Investor Day   [Oct-17-17 09:46AM  GlobeNewswire]
▶ LAX's cell service speeds among the worst   [Jul-24-17 05:50PM  American City Business Journals]
▶ Your first trade for Tuesday, July 11   [Jul-11-17 09:32AM  CNBC]
▶ Boingo Wireless starts to see positive results with business transformation   [May-23-17 02:45PM  American City Business Journals]
▶ Boingo reports 1Q loss   [May-04-17 05:38PM  Associated Press]
▶ Boingos Derek Peterson Named CTO of the Year   [Mar-28-17 09:00AM  GlobeNewswire]
▶ 3 tech and biotech stocks with momentum   [08:52AM  MarketWatch]
▶ 3 tech and biotech stocks with momentum   [08:52AM  at MarketWatch]
▶ Boingo reports 4Q loss   [04:15PM  Associated Press]
▶ Boingo Calls for Convergence at Mobile World Congress 2017   [Feb-23-17 09:00AM  GlobeNewswire]
▶ Boingo Named Best WiFi Service by Global Traveler Magazine   [Dec-19-16 09:00AM  GlobeNewswire]
▶ Is Boingo Wireless Inc (WIFI) A Good Stock To Buy?   [Dec-04-16 03:46PM  at Insider Monkey]
▶ 10 Analyst Stock Picks Under $10 for Massive Upside   [Sep-18-16 10:15AM  at 24/7 Wall St.]
Financial statements of WIFI
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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