Intrinsic value of BlackBerry - BBRY

Previous Close

$11.57

  Intrinsic Value

$0.97

stock screener

  Rating & Target

str. sell

-92%

  Value-price divergence*

-99%

Previous close

$11.57

 
Intrinsic value

$0.97

 
Up/down potential

-92%

 
Rating

str. sell

 
Value-price divergence*

-99%

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

We calculate the intrinsic value of BBRY 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 6.2

 

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, %
  -39.40
  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
  1,309
  1,335
  1,366
  1,401
  1,440
  1,484
  1,532
  1,584
  1,641
  1,701
  1,767
  1,837
  1,911
  1,991
  2,075
  2,164
  2,259
  2,360
  2,466
  2,578
  2,696
  2,821
  2,953
  3,092
  3,239
  3,393
  3,555
  3,726
  3,906
  4,095
  4,294
Variable operating expenses, $m
 
  1,472
  1,504
  1,541
  1,583
  1,629
  1,680
  1,736
  1,795
  1,860
  1,929
  1,947
  2,026
  2,111
  2,200
  2,295
  2,395
  2,502
  2,615
  2,733
  2,859
  2,992
  3,131
  3,279
  3,434
  3,597
  3,769
  3,951
  4,141
  4,342
  4,553
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
  2,490
  1,472
  1,504
  1,541
  1,583
  1,629
  1,680
  1,736
  1,795
  1,860
  1,929
  1,947
  2,026
  2,111
  2,200
  2,295
  2,395
  2,502
  2,615
  2,733
  2,859
  2,992
  3,131
  3,279
  3,434
  3,597
  3,769
  3,951
  4,141
  4,342
  4,553
Operating income, $m
  -1,181
  -136
  -138
  -140
  -143
  -145
  -148
  -151
  -155
  -158
  -162
  -111
  -115
  -120
  -125
  -131
  -136
  -142
  -149
  -155
  -163
  -170
  -178
  -186
  -195
  -205
  -214
  -225
  -236
  -247
  -259
EBITDA, $m
  -942
  81
  83
  85
  88
  90
  93
  97
  100
  104
  108
  112
  116
  121
  126
  132
  138
  144
  150
  157
  164
  172
  180
  188
  197
  207
  217
  227
  238
  250
  262
Interest expense (income), $m
  48
  30
  31
  33
  35
  36
  38
  41
  43
  46
  49
  52
  55
  59
  62
  66
  70
  75
  80
  85
  90
  95
  101
  108
  114
  121
  128
  136
  144
  152
  161
Earnings before tax, $m
  -1,208
  -167
  -170
  -173
  -177
  -182
  -187
  -192
  -198
  -204
  -211
  -162
  -170
  -179
  -187
  -197
  -207
  -217
  -228
  -240
  -252
  -266
  -279
  -294
  -309
  -326
  -343
  -360
  -379
  -399
  -420
Tax expense, $m
  -2
  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
  -1,206
  -167
  -170
  -173
  -177
  -182
  -187
  -192
  -198
  -204
  -211
  -162
  -170
  -179
  -187
  -197
  -207
  -217
  -228
  -240
  -252
  -266
  -279
  -294
  -309
  -326
  -343
  -360
  -379
  -399
  -420

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,378
  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
  3,263
  1,924
  1,968
  2,019
  2,076
  2,138
  2,207
  2,283
  2,364
  2,452
  2,546
  2,646
  2,754
  2,868
  2,990
  3,119
  3,255
  3,400
  3,553
  3,715
  3,885
  4,066
  4,255
  4,456
  4,667
  4,889
  5,123
  5,369
  5,628
  5,900
  6,187
Adjusted assets (=assets-cash), $m
  1,885
  1,924
  1,968
  2,019
  2,076
  2,138
  2,207
  2,283
  2,364
  2,452
  2,546
  2,646
  2,754
  2,868
  2,990
  3,119
  3,255
  3,400
  3,553
  3,715
  3,885
  4,066
  4,255
  4,456
  4,667
  4,889
  5,123
  5,369
  5,628
  5,900
  6,187
Revenue / Adjusted assets
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
Average production assets, $m
  1,159
  1,182
  1,209
  1,240
  1,275
  1,313
  1,356
  1,402
  1,452
  1,506
  1,564
  1,625
  1,691
  1,762
  1,836
  1,915
  1,999
  2,088
  2,182
  2,282
  2,386
  2,497
  2,614
  2,737
  2,866
  3,003
  3,146
  3,297
  3,457
  3,624
  3,800
Working capital, $m
  1,085
  -299
  -306
  -314
  -323
  -332
  -343
  -355
  -368
  -381
  -396
  -411
  -428
  -446
  -465
  -485
  -506
  -529
  -552
  -577
  -604
  -632
  -662
  -693
  -725
  -760
  -796
  -835
  -875
  -917
  -962
Total debt, $m
  591
  616
  645
  677
  713
  754
  798
  846
  898
  954
  1,014
  1,079
  1,147
  1,221
  1,298
  1,381
  1,468
  1,561
  1,659
  1,762
  1,872
  1,987
  2,108
  2,237
  2,372
  2,514
  2,663
  2,821
  2,987
  3,161
  3,345
Total liabilities, $m
  1,206
  1,231
  1,260
  1,292
  1,328
  1,369
  1,413
  1,461
  1,513
  1,569
  1,629
  1,694
  1,762
  1,836
  1,913
  1,996
  2,083
  2,176
  2,274
  2,377
  2,487
  2,602
  2,723
  2,852
  2,987
  3,129
  3,278
  3,436
  3,602
  3,776
  3,960
Total equity, $m
  2,057
  693
  709
  727
  747
  770
  795
  822
  851
  883
  916
  953
  991
  1,033
  1,076
  1,123
  1,172
  1,224
  1,279
  1,337
  1,399
  1,464
  1,532
  1,604
  1,680
  1,760
  1,844
  1,933
  2,026
  2,124
  2,227
Total liabilities and equity, $m
  3,263
  1,924
  1,969
  2,019
  2,075
  2,139
  2,208
  2,283
  2,364
  2,452
  2,545
  2,647
  2,753
  2,869
  2,989
  3,119
  3,255
  3,400
  3,553
  3,714
  3,886
  4,066
  4,255
  4,456
  4,667
  4,889
  5,122
  5,369
  5,628
  5,900
  6,187
Debt-to-equity ratio
  0.287
  0.890
  0.910
  0.930
  0.950
  0.980
  1.000
  1.030
  1.060
  1.080
  1.110
  1.130
  1.160
  1.180
  1.210
  1.230
  1.250
  1.280
  1.300
  1.320
  1.340
  1.360
  1.380
  1.390
  1.410
  1.430
  1.440
  1.460
  1.470
  1.490
  1.500
Adjusted equity ratio
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -1,206
  -167
  -170
  -173
  -177
  -182
  -187
  -192
  -198
  -204
  -211
  -162
  -170
  -179
  -187
  -197
  -207
  -217
  -228
  -240
  -252
  -266
  -279
  -294
  -309
  -326
  -343
  -360
  -379
  -399
  -420
Depreciation, amort., depletion, $m
  239
  218
  221
  226
  231
  236
  242
  248
  255
  262
  270
  223
  232
  241
  252
  262
  274
  286
  299
  313
  327
  342
  358
  375
  393
  411
  431
  452
  474
  496
  521
Funds from operations, $m
  -327
  51
  52
  52
  53
  54
  55
  56
  57
  58
  59
  60
  61
  63
  64
  66
  67
  69
  71
  72
  74
  76
  79
  81
  83
  86
  88
  91
  94
  97
  100
Change in working capital, $m
  -103
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -45
Cash from operations, $m
  -224
  57
  59
  60
  62
  64
  66
  68
  69
  72
  74
  76
  78
  81
  83
  86
  88
  91
  94
  98
  101
  104
  108
  112
  116
  120
  125
  129
  134
  140
  145
Maintenance CAPEX, $m
  0
  -159
  -162
  -166
  -170
  -175
  -180
  -186
  -192
  -199
  -206
  -214
  -223
  -232
  -241
  -252
  -262
  -274
  -286
  -299
  -313
  -327
  -342
  -358
  -375
  -393
  -411
  -431
  -452
  -474
  -496
New CAPEX, $m
  -69
  -23
  -27
  -31
  -35
  -39
  -42
  -46
  -50
  -54
  -58
  -62
  -66
  -70
  -75
  -79
  -84
  -89
  -94
  -99
  -105
  -111
  -117
  -123
  -130
  -136
  -144
  -151
  -159
  -167
  -176
Cash from investing activities, $m
  724
  -182
  -189
  -197
  -205
  -214
  -222
  -232
  -242
  -253
  -264
  -276
  -289
  -302
  -316
  -331
  -346
  -363
  -380
  -398
  -418
  -438
  -459
  -481
  -505
  -529
  -555
  -582
  -611
  -641
  -672
Free cash flow, $m
  500
  -124
  -130
  -136
  -143
  -149
  -157
  -164
  -173
  -181
  -190
  -200
  -210
  -221
  -233
  -245
  -258
  -271
  -286
  -301
  -316
  -333
  -351
  -369
  -388
  -409
  -430
  -453
  -476
  -501
  -528
Issuance/(repayment) of debt, $m
  -710
  25
  28
  32
  36
  40
  44
  48
  52
  56
  60
  64
  69
  73
  78
  83
  87
  93
  98
  103
  109
  115
  122
  128
  135
  142
  150
  158
  166
  174
  183
Issuance/(repurchase) of shares, $m
  5
  180
  186
  191
  198
  204
  212
  219
  227
  236
  245
  199
  209
  220
  231
  243
  256
  269
  283
  298
  314
  330
  348
  366
  385
  405
  427
  449
  473
  497
  523
Cash from financing (excl. dividends), $m  
  -722
  205
  214
  223
  234
  244
  256
  267
  279
  292
  305
  263
  278
  293
  309
  326
  343
  362
  381
  401
  423
  445
  470
  494
  520
  547
  577
  607
  639
  671
  706
Total cash flow (excl. dividends), $m
  -223
  81
  84
  88
  91
  95
  99
  103
  107
  111
  115
  63
  67
  72
  76
  81
  85
  90
  96
  101
  107
  113
  119
  125
  132
  139
  146
  154
  162
  170
  179
Retained Cash Flow (-), $m
  1,151
  -180
  -186
  -191
  -198
  -204
  -212
  -219
  -227
  -236
  -245
  -199
  -209
  -220
  -231
  -243
  -256
  -269
  -283
  -298
  -314
  -330
  -348
  -366
  -385
  -405
  -427
  -449
  -473
  -497
  -523
Prev. year cash balance distribution, $m
 
  1,378
  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
 
  1,279
  -102
  -104
  -106
  -109
  -112
  -116
  -120
  -125
  -130
  -136
  -142
  -148
  -155
  -162
  -170
  -179
  -188
  -197
  -207
  -218
  -229
  -241
  -253
  -267
  -280
  -295
  -311
  -327
  -344
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
 
  1,226
  -93
  -90
  -88
  -85
  -82
  -79
  -75
  -72
  -68
  -64
  -60
  -56
  -52
  -48
  -43
  -39
  -35
  -30
  -26
  -23
  -19
  -16
  -13
  -10
  -8
  -6
  -5
  -4
  -3
Current shareholders' claim on cash, %
  100
  91.9
  84.3
  77.4
  70.9
  65.0
  59.5
  54.5
  49.9
  45.7
  41.8
  39.0
  36.3
  33.8
  31.5
  29.3
  27.2
  25.3
  23.5
  21.8
  20.2
  18.7
  17.3
  16.1
  14.9
  13.8
  12.7
  11.8
  10.9
  10.1
  9.3

BlackBerry Limited (BlackBerry) provides mobile communications solutions. The Company is engaged in the sale of smartphones and enterprise software and services. The Company's products and services include Enterprise Solutions and Services, Devices, BlackBerry Technology Solutions and Messaging. It is engaged in providing enterprise mobility management (EMM) and mobile security, and offers a portfolio of enterprise software solutions and services that can be deployed across a range of ecosystems and devices, including BlackBerry Enterprise Service (BES) 12 and Good Platforms, BES12 Cloud, enterprise file-sync-and-share (EFSS), SecuSUITE for Enterprise, Enhanced subscriber identity module (SIM)-Based Licensing (ESBL), WorkLife by BlackBerry solution and Professional Cybersecurity Services. The BlackBerry Technology Solutions business unit consists of five units: QNX, Certicom, Paratek, the BlackBerry IoT Platform and Intellectual Property and Patent Licensing (IPPL).

FINANCIAL RATIOS  of  BlackBerry (BBRY)

Valuation Ratios
P/E Ratio -5.1
Price to Sales 4.7
Price to Book 3
Price to Tangible Book
Price to Cash Flow -27.4
Price to Free Cash Flow -20.9
Growth Rates
Sales Growth Rate -39.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -32.4%
Cap. Spend. - 3 Yr. Gr. Rate -44.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 28.7%
Total Debt to Equity 28.7%
Interest Coverage -24
Management Effectiveness
Return On Assets -26.3%
Ret/ On Assets - 3 Yr. Avg. -10.8%
Return On Total Capital -33.8%
Ret/ On T. Cap. - 3 Yr. Avg. -14.7%
Return On Equity -45.8%
Return On Equity - 3 Yr. Avg. -20.2%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 49%
Gross Margin - 3 Yr. Avg. 47.8%
EBITDA Margin -70.4%
EBITDA Margin - 3 Yr. Avg. -13.3%
Operating Margin -90.2%
Oper. Margin - 3 Yr. Avg. -37.7%
Pre-Tax Margin -92.3%
Pre-Tax Margin - 3 Yr. Avg. -39%
Net Profit Margin -92.1%
Net Profit Margin - 3 Yr. Avg. -37%
Effective Tax Rate 0.2%
Eff/ Tax Rate - 3 Yr. Avg. 15.8%
Payout Ratio 0%

BBRY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BBRY stock intrinsic value calculation we used $1309 million for the last fiscal year's total revenue generated by BlackBerry. The default revenue input number comes from 2017 income statement of BlackBerry. 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 BBRY 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 BBRY is calculated based on our internal credit rating of BlackBerry, 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 BlackBerry.
    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 BBRY stock the variable cost ratio is equal to 110.3%.

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 BBRY 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 5.1% for BlackBerry.

Corporate tax rate of 27% is the nominal tax rate for BlackBerry. 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 BBRY 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 BBRY are equal to 88.5%.

Life of production assets of 7.3 years is the average useful life of capital assets used in BlackBerry 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 BBRY is equal to -22.4%. 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 - $2057 million for BlackBerry - 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 532.814 million for BlackBerry 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 BlackBerry at the current share price and the inputted number of shares is $6.2 billion.

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COMPANY NEWS

▶ NAFTA Discussions Are 'Troublesome', BlackBerry's CEO Says   [Oct-17-17 07:05AM  TheStreet.com]
▶ The BlackBerry You Knew of No Longer Exists   [07:04PM  TheStreet.com]
▶ The BlackBerry Motion: Competition with Apple and Samsung   [Oct-10-17 11:05AM  Market Realist]
▶ BlackBerry Stock Rises on Earnings Beat   [09:25AM  Market Realist]
▶ How BlackBerry Views Fiscal 2018   [01:54PM  Market Realist]
▶ Why BlackBerry Shares Popped Today   [12:47PM  Motley Fool]
▶ Is BlackBerry Limited (BBRY) Undervalued?   [07:50AM  Simply Wall St.]
▶ A Look at the QualcommApple Dispute   [07:44AM  Market Realist]
Financial statements of BBRY
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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