Intrinsic value of Ciena - CIEN

Previous Close

$21.42

  Intrinsic Value

$31.88

stock screener

  Rating & Target

buy

+49%

  Value-price divergence*

-7%

Previous close

$21.42

 
Intrinsic value

$31.88

 
Up/down potential

+49%

 
Rating

buy

 
Value-price divergence*

-7%

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

We calculate the intrinsic value of CIEN 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 3.1

 

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, %
  6.34
  10.30
  9.77
  9.29
  8.86
  8.48
  8.13
  7.82
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
  5.72
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
Revenue, $m
  2,601
  2,869
  3,149
  3,442
  3,747
  4,065
  4,395
  4,739
  5,096
  5,467
  5,852
  6,253
  6,670
  7,103
  7,554
  8,023
  8,512
  9,021
  9,552
  10,105
  10,683
  11,286
  11,916
  12,574
  13,261
  13,980
  14,733
  15,520
  16,344
  17,206
  18,109
Variable operating expenses, $m
 
  1,830
  2,007
  2,191
  2,383
  2,582
  2,790
  3,006
  3,230
  3,464
  3,706
  3,931
  4,193
  4,466
  4,749
  5,044
  5,352
  5,672
  6,005
  6,354
  6,717
  7,096
  7,492
  7,905
  8,338
  8,790
  9,263
  9,758
  10,276
  10,818
  11,386
Fixed operating expenses, $m
 
  823
  844
  865
  886
  909
  931
  955
  978
  1,003
  1,028
  1,054
  1,080
  1,107
  1,135
  1,163
  1,192
  1,222
  1,252
  1,284
  1,316
  1,349
  1,382
  1,417
  1,452
  1,489
  1,526
  1,564
  1,603
  1,643
  1,684
Total operating expenses, $m
  2,444
  2,653
  2,851
  3,056
  3,269
  3,491
  3,721
  3,961
  4,208
  4,467
  4,734
  4,985
  5,273
  5,573
  5,884
  6,207
  6,544
  6,894
  7,257
  7,638
  8,033
  8,445
  8,874
  9,322
  9,790
  10,279
  10,789
  11,322
  11,879
  12,461
  13,070
Operating income, $m
  156
  215
  299
  386
  478
  574
  674
  778
  887
  1,000
  1,118
  1,268
  1,396
  1,530
  1,670
  1,816
  1,968
  2,127
  2,294
  2,468
  2,650
  2,841
  3,041
  3,251
  3,471
  3,702
  3,944
  4,198
  4,465
  4,745
  5,039
EBITDA, $m
  297
  334
  426
  523
  625
  731
  841
  956
  1,076
  1,202
  1,332
  1,468
  1,610
  1,757
  1,912
  2,072
  2,240
  2,416
  2,599
  2,791
  2,992
  3,202
  3,423
  3,653
  3,895
  4,149
  4,415
  4,694
  4,988
  5,295
  5,619
Interest expense (income), $m
  47
  38
  35
  42
  49
  56
  63
  71
  79
  87
  96
  105
  114
  124
  134
  145
  156
  167
  179
  191
  204
  218
  232
  246
  262
  278
  294
  312
  330
  350
  370
Earnings before tax, $m
  87
  178
  263
  344
  429
  518
  611
  707
  808
  913
  1,022
  1,163
  1,282
  1,406
  1,536
  1,671
  1,812
  1,960
  2,115
  2,277
  2,446
  2,624
  2,810
  3,005
  3,209
  3,424
  3,649
  3,886
  4,134
  4,395
  4,669
Tax expense, $m
  14
  48
  71
  93
  116
  140
  165
  191
  218
  246
  276
  314
  346
  380
  415
  451
  489
  529
  571
  615
  660
  708
  759
  811
  867
  924
  985
  1,049
  1,116
  1,187
  1,261
Net income, $m
  73
  130
  192
  251
  313
  378
  446
  516
  590
  666
  746
  849
  936
  1,026
  1,121
  1,220
  1,323
  1,431
  1,544
  1,662
  1,786
  1,915
  2,051
  2,194
  2,343
  2,500
  2,664
  2,837
  3,018
  3,208
  3,409

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,053
  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
  2,874
  2,009
  2,205
  2,410
  2,624
  2,846
  3,078
  3,318
  3,568
  3,828
  4,098
  4,379
  4,671
  4,974
  5,290
  5,618
  5,961
  6,317
  6,689
  7,077
  7,481
  7,903
  8,344
  8,805
  9,287
  9,790
  10,317
  10,868
  11,445
  12,049
  12,682
Adjusted assets (=assets-cash), $m
  1,821
  2,009
  2,205
  2,410
  2,624
  2,846
  3,078
  3,318
  3,568
  3,828
  4,098
  4,379
  4,671
  4,974
  5,290
  5,618
  5,961
  6,317
  6,689
  7,077
  7,481
  7,903
  8,344
  8,805
  9,287
  9,790
  10,317
  10,868
  11,445
  12,049
  12,682
Revenue / Adjusted assets
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
  1.428
Average production assets, $m
  415
  459
  504
  551
  600
  650
  703
  758
  815
  875
  936
  1,000
  1,067
  1,136
  1,209
  1,284
  1,362
  1,443
  1,528
  1,617
  1,709
  1,806
  1,906
  2,012
  2,122
  2,237
  2,357
  2,483
  2,615
  2,753
  2,897
Working capital, $m
  1,121
  339
  372
  406
  442
  480
  519
  559
  601
  645
  691
  738
  787
  838
  891
  947
  1,004
  1,064
  1,127
  1,192
  1,261
  1,332
  1,406
  1,484
  1,565
  1,650
  1,738
  1,831
  1,929
  2,030
  2,137
Total debt, $m
  1,256
  956
  1,133
  1,317
  1,510
  1,710
  1,918
  2,134
  2,360
  2,593
  2,836
  3,089
  3,352
  3,625
  3,909
  4,205
  4,513
  4,833
  5,168
  5,517
  5,881
  6,261
  6,658
  7,073
  7,506
  7,959
  8,433
  8,929
  9,449
  9,992
  10,561
Total liabilities, $m
  2,107
  1,808
  1,985
  2,169
  2,362
  2,562
  2,770
  2,986
  3,212
  3,445
  3,688
  3,941
  4,204
  4,477
  4,761
  5,057
  5,365
  5,685
  6,020
  6,369
  6,733
  7,113
  7,510
  7,925
  8,358
  8,811
  9,285
  9,781
  10,301
  10,844
  11,413
Total equity, $m
  766
  201
  221
  241
  262
  285
  308
  332
  357
  383
  410
  438
  467
  497
  529
  562
  596
  632
  669
  708
  748
  790
  834
  881
  929
  979
  1,032
  1,087
  1,145
  1,205
  1,268
Total liabilities and equity, $m
  2,873
  2,009
  2,206
  2,410
  2,624
  2,847
  3,078
  3,318
  3,569
  3,828
  4,098
  4,379
  4,671
  4,974
  5,290
  5,619
  5,961
  6,317
  6,689
  7,077
  7,481
  7,903
  8,344
  8,806
  9,287
  9,790
  10,317
  10,868
  11,446
  12,049
  12,681
Debt-to-equity ratio
  1.640
  4.760
  5.140
  5.470
  5.750
  6.010
  6.230
  6.430
  6.610
  6.770
  6.920
  7.050
  7.180
  7.290
  7.390
  7.480
  7.570
  7.650
  7.730
  7.800
  7.860
  7.920
  7.980
  8.030
  8.080
  8.130
  8.170
  8.220
  8.260
  8.290
  8.330
Adjusted equity ratio
  -0.158
  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
  73
  130
  192
  251
  313
  378
  446
  516
  590
  666
  746
  849
  936
  1,026
  1,121
  1,220
  1,323
  1,431
  1,544
  1,662
  1,786
  1,915
  2,051
  2,194
  2,343
  2,500
  2,664
  2,837
  3,018
  3,208
  3,409
Depreciation, amort., depletion, $m
  141
  119
  127
  137
  147
  157
  167
  178
  190
  202
  214
  200
  213
  227
  242
  257
  272
  289
  306
  323
  342
  361
  381
  402
  424
  447
  471
  497
  523
  551
  579
Funds from operations, $m
  239
  248
  320
  388
  460
  535
  613
  694
  779
  868
  960
  1,049
  1,149
  1,254
  1,363
  1,477
  1,595
  1,720
  1,850
  1,985
  2,128
  2,276
  2,432
  2,596
  2,767
  2,947
  3,135
  3,333
  3,541
  3,759
  3,988
Change in working capital, $m
  -51
  32
  33
  35
  36
  37
  39
  41
  42
  44
  45
  47
  49
  51
  53
  55
  58
  60
  63
  65
  68
  71
  74
  78
  81
  85
  89
  93
  97
  102
  107
Cash from operations, $m
  290
  217
  287
  354
  424
  497
  574
  654
  737
  824
  915
  1,002
  1,100
  1,203
  1,310
  1,421
  1,538
  1,660
  1,787
  1,920
  2,059
  2,205
  2,358
  2,518
  2,686
  2,862
  3,047
  3,240
  3,444
  3,657
  3,882
Maintenance CAPEX, $m
  0
  -83
  -92
  -101
  -110
  -120
  -130
  -141
  -152
  -163
  -175
  -187
  -200
  -213
  -227
  -242
  -257
  -272
  -289
  -306
  -323
  -342
  -361
  -381
  -402
  -424
  -447
  -471
  -497
  -523
  -551
New CAPEX, $m
  -107
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -92
  -96
  -101
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -145
Cash from investing activities, $m
  -296
  -127
  -137
  -148
  -159
  -171
  -183
  -196
  -209
  -222
  -237
  -251
  -267
  -282
  -299
  -317
  -335
  -353
  -374
  -395
  -415
  -438
  -462
  -486
  -512
  -539
  -567
  -597
  -629
  -661
  -696
Free cash flow, $m
  -6
  90
  150
  206
  265
  327
  391
  458
  529
  602
  678
  750
  833
  920
  1,010
  1,104
  1,203
  1,306
  1,413
  1,526
  1,644
  1,767
  1,896
  2,032
  2,174
  2,323
  2,479
  2,643
  2,815
  2,996
  3,186
Issuance/(repayment) of debt, $m
  -23
  -61
  177
  184
  192
  200
  208
  217
  225
  234
  243
  253
  263
  273
  284
  296
  308
  321
  335
  349
  364
  380
  397
  415
  433
  453
  474
  496
  519
  544
  569
Issuance/(repurchase) of shares, $m
  23
  119
  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  
  -4
  58
  177
  184
  192
  200
  208
  217
  225
  234
  243
  253
  263
  273
  284
  296
  308
  321
  335
  349
  364
  380
  397
  415
  433
  453
  474
  496
  519
  544
  569
Total cash flow (excl. dividends), $m
  -13
  148
  327
  391
  457
  527
  599
  675
  754
  836
  921
  1,003
  1,096
  1,193
  1,294
  1,400
  1,511
  1,627
  1,748
  1,875
  2,008
  2,147
  2,293
  2,446
  2,607
  2,776
  2,953
  3,139
  3,335
  3,540
  3,756
Retained Cash Flow (-), $m
  -145
  -249
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60
  -63
Prev. year cash balance distribution, $m
 
  814
  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
 
  713
  307
  370
  436
  505
  576
  651
  729
  810
  894
  975
  1,067
  1,163
  1,263
  1,367
  1,477
  1,591
  1,711
  1,836
  1,967
  2,105
  2,249
  2,400
  2,559
  2,725
  2,900
  3,084
  3,277
  3,479
  3,692
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
 
  684
  281
  322
  359
  391
  418
  440
  455
  465
  469
  463
  455
  442
  424
  401
  375
  346
  315
  283
  250
  218
  187
  157
  130
  106
  85
  66
  51
  38
  28
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks. It segments include Networking Platforms; Software and Software-Related Services, and Global Services. The Networking Platforms segment consists of Converged Packet Optical, Packet Networking and Optical Transport product portfolios. The software business is engaged in the development and licensing of element and network management software and software-related services that support its hardware offerings. It offers a suite of consulting and support services that help its customers to design, optimize, deploy and maintain their communications networks.

FINANCIAL RATIOS  of  Ciena (CIEN)

Valuation Ratios
P/E Ratio 41
Price to Sales 1.2
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 10.3
Price to Free Cash Flow 16.4
Growth Rates
Sales Growth Rate 6.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 72.6%
Cap. Spend. - 3 Yr. Gr. Rate 19.5%
Financial Strength
Quick Ratio 4
Current Ratio 0.1
LT Debt to Equity 132.8%
Total Debt to Equity 164%
Interest Coverage 3
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 2%
Return On Total Capital 3.7%
Ret/ On T. Cap. - 3 Yr. Avg. 0.4%
Return On Equity 10.5%
Return On Equity - 3 Yr. Avg. 22.8%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 44.7%
Gross Margin - 3 Yr. Avg. 43.4%
EBITDA Margin 10.6%
EBITDA Margin - 3 Yr. Avg. 8%
Operating Margin 6%
Oper. Margin - 3 Yr. Avg. 4%
Pre-Tax Margin 3.3%
Pre-Tax Margin - 3 Yr. Avg. 1%
Net Profit Margin 2.8%
Net Profit Margin - 3 Yr. Avg. 0.5%
Effective Tax Rate 16.1%
Eff/ Tax Rate - 3 Yr. Avg. 4.7%
Payout Ratio 0%

CIEN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CIEN stock intrinsic value calculation we used $2601 million for the last fiscal year's total revenue generated by Ciena. The default revenue input number comes from 2016 income statement of Ciena. 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 CIEN stock valuation model: a) initial revenue growth rate of 10.3% 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 CIEN is calculated based on our internal credit rating of Ciena, 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 Ciena.
    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 CIEN stock the variable cost ratio is equal to 63.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $803 million in the base year in the intrinsic value calculation for CIEN 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 3.7% for Ciena.

Corporate tax rate of 27% is the nominal tax rate for Ciena. 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 CIEN 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 CIEN are equal to 16%.

Life of production assets of 4.8 years is the average useful life of capital assets used in Ciena 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 CIEN is equal to 11.8%. 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 - $766 million for Ciena - 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 143.695 million for Ciena 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 Ciena at the current share price and the inputted number of shares is $3.1 billion.

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COMPANY NEWS

▶ ETFs with exposure to Ciena Corp. : October 17, 2017   [Oct-17-17 09:38AM  Capital Cube]
▶ Colt Expands Asia Pacific Network with Ciena   [Oct-05-17 09:00AM  Business Wire]
▶ ETFs with exposure to Ciena Corp. : September 26, 2017   [Sep-26-17 10:46AM  Capital Cube]
▶ Ciena: Seeking to Stem the Volatility, Says Needham   [Sep-25-17 10:25AM  Barrons.com]
▶ Acacia Can Ride the Rise of Silicon Photonics, Says MKM   [Sep-18-17 07:25PM  Barrons.com]
▶ 3 Things Ciena Management Wants You to Know   [Sep-15-17 07:05PM  Motley Fool]
▶ ETFs with exposure to Ciena Corp. : September 13, 2017   [Sep-13-17 05:48PM  Capital Cube]
▶ Why Finisar Corp. Stock Fell 11% in August   [Sep-12-17 12:55PM  Motley Fool]
▶ Here's Why Ciena Corporation Stock Fell 16.1% in August   [Sep-08-17 06:05PM  Motley Fool]
▶ Ciena CEO Smith on What Wall Street's Missing   [Sep-07-17 03:16PM  Barrons.com]
▶ Ciena beats Street 3Q forecasts   [Aug-31-17 09:28PM  Associated Press]
▶ Why Ciena Corporation Shares Sank Today   [02:21PM  Motley Fool]
▶ The Blitz: Soup to nuts   [01:37PM  CNBC Videos]
▶ Quarterly Results Propel Declines   [12:45PM  GuruFocus.com]
▶ Lululemon, Ciena Among 4 Notable Earnings Due Thursday: Investing Action Plan   [Aug-30-17 04:08PM  Investor's Business Daily]
▶ Ciena FYQ3 On Tap: Amazon Biz Among Healthy Signs   [Aug-29-17 07:48PM  Barrons.com]
▶ Ciena Appoints Bill Fathers to Board of Directors   [Aug-24-17 09:00AM  Business Wire]
▶ Bulls buying up Alibaba   [Aug-23-17 12:34PM  CNBC Videos]
▶ Ciena to Webcast Financial Community Events   [09:00AM  Business Wire]
▶ The key takeaways from Weibo's earnings   [Aug-09-17 09:10PM  CNBC Videos]
▶ Ciena Corp. Value Analysis (NYSE:CIEN) : August 1, 2017   [Aug-01-17 06:03PM  Capital Cube]
▶ Alaska Communications and Ciena Boost Network Potential   [Jul-26-17 09:00AM  Business Wire]
▶ Get bullish on these three stocks   [Jul-18-17 01:55PM  CNBC Videos]
▶ Futures: Tesla Rallies; Watch These 3 95+ Optical Stocks   [Jul-07-17 07:10AM  Investor's Business Daily]
▶ How Infinera Corporation Makes Most of Its Money   [Jun-21-17 10:13AM  Motley Fool]
▶ Where Does Upgrade Leave Ciena?   [Jun-20-17 02:14PM  TheStreet.com]
▶ Mulling A Stock Buy? Check Out These 5 Failed Tech Breakouts First   [Jun-16-17 04:20PM  Investor's Business Daily]
▶ Five Failed Tech Breakouts Highlight Risks   [06:31AM  Investor's Business Daily]
▶ ETFs with exposure to Ciena Corp. : June 12, 2017   [Jun-12-17 01:55PM  Capital Cube]
▶ Futures: These 2 Top Tech Stocks Are Just Below Buy Zones   [Jun-06-17 06:49AM  Investor's Business Daily]
▶ [$$] Ciena Strength Lifts Optical Stocks   [Jun-05-17 03:20PM  Barrons.com]
▶ Earnings Calendar, Analyst Estimates And Stocks To Watch   [Jun-02-17 04:43PM  Investor's Business Daily]
Financial statements of CIEN
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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