Intrinsic value of CommScope Holding - COMM

Previous Close

$38.77

  Intrinsic Value

$22.20

stock screener

  Rating & Target

sell

-43%

Previous close

$38.77

 
Intrinsic value

$22.20

 
Up/down potential

-43%

 
Rating

sell

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

We calculate the intrinsic value of COMM 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 7.5

 

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, %
  29.31
  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
  4,924
  5,022
  5,138
  5,270
  5,418
  5,583
  5,763
  5,959
  6,171
  6,400
  6,646
  6,909
  7,189
  7,488
  7,805
  8,142
  8,498
  8,876
  9,276
  9,698
  10,143
  10,613
  11,109
  11,632
  12,182
  12,762
  13,373
  14,016
  14,692
  15,404
  16,152
Variable operating expenses, $m
 
  3,249
  3,317
  3,396
  3,483
  3,580
  3,687
  3,803
  3,929
  4,064
  4,210
  4,089
  4,254
  4,431
  4,619
  4,818
  5,029
  5,253
  5,489
  5,739
  6,003
  6,281
  6,574
  6,884
  7,209
  7,553
  7,914
  8,294
  8,695
  9,116
  9,559
Fixed operating expenses, $m
 
  1,218
  1,248
  1,279
  1,311
  1,344
  1,378
  1,412
  1,447
  1,484
  1,521
  1,559
  1,598
  1,638
  1,679
  1,721
  1,764
  1,808
  1,853
  1,899
  1,947
  1,995
  2,045
  2,096
  2,149
  2,202
  2,258
  2,314
  2,372
  2,431
  2,492
Total operating expenses, $m
  4,349
  4,467
  4,565
  4,675
  4,794
  4,924
  5,065
  5,215
  5,376
  5,548
  5,731
  5,648
  5,852
  6,069
  6,298
  6,539
  6,793
  7,061
  7,342
  7,638
  7,950
  8,276
  8,619
  8,980
  9,358
  9,755
  10,172
  10,608
  11,067
  11,547
  12,051
Operating income, $m
  575
  556
  572
  595
  624
  658
  698
  744
  795
  852
  915
  1,262
  1,337
  1,419
  1,508
  1,603
  1,706
  1,816
  1,934
  2,060
  2,194
  2,337
  2,490
  2,652
  2,824
  3,007
  3,202
  3,407
  3,626
  3,857
  4,102
EBITDA, $m
  974
  1,027
  1,048
  1,076
  1,110
  1,151
  1,198
  1,251
  1,311
  1,377
  1,449
  1,529
  1,615
  1,709
  1,810
  1,918
  2,034
  2,159
  2,292
  2,435
  2,586
  2,748
  2,920
  3,102
  3,296
  3,501
  3,719
  3,950
  4,194
  4,453
  4,727
Interest expense (income), $m
  261
  241
  247
  254
  263
  272
  282
  293
  305
  318
  332
  348
  364
  381
  400
  419
  440
  462
  485
  510
  536
  563
  593
  623
  655
  689
  725
  763
  803
  844
  888
Earnings before tax, $m
  273
  315
  325
  341
  361
  386
  416
  451
  490
  534
  583
  914
  973
  1,038
  1,108
  1,184
  1,266
  1,354
  1,448
  1,550
  1,658
  1,774
  1,897
  2,029
  2,169
  2,318
  2,476
  2,645
  2,823
  3,013
  3,213
Tax expense, $m
  50
  85
  88
  92
  98
  104
  112
  122
  132
  144
  157
  247
  263
  280
  299
  320
  342
  366
  391
  418
  448
  479
  512
  548
  586
  626
  669
  714
  762
  813
  868
Net income, $m
  223
  230
  237
  249
  264
  282
  304
  329
  358
  390
  426
  667
  710
  758
  809
  864
  924
  988
  1,057
  1,131
  1,210
  1,295
  1,385
  1,481
  1,583
  1,692
  1,808
  1,931
  2,061
  2,199
  2,346

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  428
  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
  7,142
  6,852
  7,010
  7,190
  7,392
  7,616
  7,862
  8,130
  8,420
  8,732
  9,067
  9,425
  9,808
  10,215
  10,648
  11,107
  11,594
  12,109
  12,654
  13,230
  13,838
  14,479
  15,156
  15,869
  16,620
  17,411
  18,244
  19,121
  20,044
  21,015
  22,036
Adjusted assets (=assets-cash), $m
  6,714
  6,852
  7,010
  7,190
  7,392
  7,616
  7,862
  8,130
  8,420
  8,732
  9,067
  9,425
  9,808
  10,215
  10,648
  11,107
  11,594
  12,109
  12,654
  13,230
  13,838
  14,479
  15,156
  15,869
  16,620
  17,411
  18,244
  19,121
  20,044
  21,015
  22,036
Revenue / Adjusted assets
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
Average production assets, $m
  2,475
  2,526
  2,584
  2,651
  2,725
  2,808
  2,899
  2,997
  3,104
  3,219
  3,343
  3,475
  3,616
  3,766
  3,926
  4,095
  4,275
  4,465
  4,666
  4,878
  5,102
  5,339
  5,588
  5,851
  6,128
  6,420
  6,727
  7,050
  7,390
  7,748
  8,125
Working capital, $m
  1,136
  733
  750
  769
  791
  815
  841
  870
  901
  934
  970
  1,009
  1,050
  1,093
  1,140
  1,189
  1,241
  1,296
  1,354
  1,416
  1,481
  1,550
  1,622
  1,698
  1,779
  1,863
  1,952
  2,046
  2,145
  2,249
  2,358
Total debt, $m
  4,562
  4,666
  4,800
  4,954
  5,127
  5,318
  5,528
  5,757
  6,004
  6,271
  6,557
  6,863
  7,190
  7,538
  7,907
  8,300
  8,715
  9,155
  9,621
  10,112
  10,632
  11,179
  11,757
  12,366
  13,007
  13,683
  14,395
  15,143
  15,931
  16,760
  17,632
Total liabilities, $m
  5,748
  5,852
  5,986
  6,140
  6,313
  6,504
  6,714
  6,943
  7,190
  7,457
  7,743
  8,049
  8,376
  8,724
  9,093
  9,486
  9,901
  10,341
  10,807
  11,298
  11,818
  12,365
  12,943
  13,552
  14,193
  14,869
  15,581
  16,329
  17,117
  17,946
  18,818
Total equity, $m
  1,394
  1,000
  1,023
  1,050
  1,079
  1,112
  1,148
  1,187
  1,229
  1,275
  1,324
  1,376
  1,432
  1,491
  1,555
  1,622
  1,693
  1,768
  1,848
  1,932
  2,020
  2,114
  2,213
  2,317
  2,427
  2,542
  2,664
  2,792
  2,926
  3,068
  3,217
Total liabilities and equity, $m
  7,142
  6,852
  7,009
  7,190
  7,392
  7,616
  7,862
  8,130
  8,419
  8,732
  9,067
  9,425
  9,808
  10,215
  10,648
  11,108
  11,594
  12,109
  12,655
  13,230
  13,838
  14,479
  15,156
  15,869
  16,620
  17,411
  18,245
  19,121
  20,043
  21,014
  22,035
Debt-to-equity ratio
  3.273
  4.660
  4.690
  4.720
  4.750
  4.780
  4.820
  4.850
  4.880
  4.920
  4.950
  4.990
  5.020
  5.050
  5.090
  5.120
  5.150
  5.180
  5.210
  5.240
  5.260
  5.290
  5.310
  5.340
  5.360
  5.380
  5.400
  5.420
  5.440
  5.460
  5.480
Adjusted equity ratio
  0.144
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  223
  230
  237
  249
  264
  282
  304
  329
  358
  390
  426
  667
  710
  758
  809
  864
  924
  988
  1,057
  1,131
  1,210
  1,295
  1,385
  1,481
  1,583
  1,692
  1,808
  1,931
  2,061
  2,199
  2,346
Depreciation, amort., depletion, $m
  399
  471
  476
  481
  486
  493
  500
  507
  516
  524
  534
  267
  278
  290
  302
  315
  329
  343
  359
  375
  392
  411
  430
  450
  471
  494
  517
  542
  568
  596
  625
Funds from operations, $m
  633
  701
  713
  729
  750
  775
  804
  836
  873
  914
  960
  935
  989
  1,047
  1,111
  1,179
  1,253
  1,332
  1,416
  1,506
  1,603
  1,705
  1,815
  1,931
  2,055
  2,186
  2,325
  2,473
  2,629
  2,795
  2,971
Change in working capital, $m
  27
  14
  17
  19
  22
  24
  26
  29
  31
  33
  36
  38
  41
  44
  46
  49
  52
  55
  58
  62
  65
  69
  72
  76
  80
  85
  89
  94
  99
  104
  109
Cash from operations, $m
  606
  686
  696
  710
  728
  751
  777
  808
  842
  881
  924
  896
  948
  1,004
  1,065
  1,130
  1,201
  1,277
  1,358
  1,445
  1,538
  1,637
  1,742
  1,855
  1,974
  2,101
  2,236
  2,379
  2,531
  2,691
  2,861
Maintenance CAPEX, $m
  0
  -190
  -194
  -199
  -204
  -210
  -216
  -223
  -231
  -239
  -248
  -257
  -267
  -278
  -290
  -302
  -315
  -329
  -343
  -359
  -375
  -392
  -411
  -430
  -450
  -471
  -494
  -517
  -542
  -568
  -596
New CAPEX, $m
  -68
  -51
  -58
  -66
  -75
  -83
  -91
  -99
  -107
  -115
  -124
  -132
  -141
  -150
  -160
  -169
  -179
  -190
  -201
  -212
  -224
  -236
  -249
  -263
  -277
  -292
  -307
  -323
  -340
  -358
  -376
Cash from investing activities, $m
  -55
  -241
  -252
  -265
  -279
  -293
  -307
  -322
  -338
  -354
  -372
  -389
  -408
  -428
  -450
  -471
  -494
  -519
  -544
  -571
  -599
  -628
  -660
  -693
  -727
  -763
  -801
  -840
  -882
  -926
  -972
Free cash flow, $m
  551
  445
  444
  445
  450
  459
  471
  486
  505
  527
  553
  507
  539
  575
  615
  659
  706
  758
  814
  874
  938
  1,008
  1,082
  1,162
  1,247
  1,338
  1,435
  1,538
  1,648
  1,765
  1,889
Issuance/(repayment) of debt, $m
  -699
  117
  135
  154
  173
  191
  210
  229
  248
  267
  286
  306
  327
  348
  370
  392
  416
  440
  465
  492
  519
  548
  578
  609
  642
  676
  711
  749
  788
  829
  872
Issuance/(repurchase) of shares, $m
  17
  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 financing (excl. dividends), $m  
  -674
  117
  135
  154
  173
  191
  210
  229
  248
  267
  286
  306
  327
  348
  370
  392
  416
  440
  465
  492
  519
  548
  578
  609
  642
  676
  711
  749
  788
  829
  872
Total cash flow (excl. dividends), $m
  -135
  561
  578
  599
  623
  650
  681
  715
  752
  794
  839
  813
  866
  923
  985
  1,051
  1,122
  1,198
  1,279
  1,365
  1,458
  1,556
  1,660
  1,771
  1,889
  2,014
  2,146
  2,287
  2,436
  2,594
  2,761
Retained Cash Flow (-), $m
  -171
  -21
  -23
  -26
  -30
  -33
  -36
  -39
  -42
  -46
  -49
  -52
  -56
  -59
  -63
  -67
  -71
  -75
  -80
  -84
  -89
  -94
  -99
  -104
  -110
  -116
  -122
  -128
  -135
  -142
  -149
Prev. year cash balance distribution, $m
 
  415
  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
 
  955
  555
  573
  593
  617
  645
  676
  710
  748
  790
  761
  810
  864
  922
  984
  1,051
  1,123
  1,199
  1,281
  1,369
  1,462
  1,561
  1,667
  1,779
  1,898
  2,025
  2,159
  2,301
  2,452
  2,612
Discount rate, %
 
  10.40
  10.92
  11.47
  12.04
  12.64
  13.27
  13.94
  14.63
  15.37
  16.13
  16.94
  17.79
  18.68
  19.61
  20.59
  21.62
  22.70
  23.84
  25.03
  26.28
  27.59
  28.97
  30.42
  31.94
  33.54
  35.22
  36.98
  38.83
  40.77
  42.81
PV of cash for distribution, $m
 
  865
  451
  413
  376
  340
  305
  271
  238
  207
  177
  136
  114
  93
  75
  59
  46
  35
  26
  18
  13
  9
  6
  4
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  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
  100.0

CommScope Holding Company, Inc. (CommScope) is a provider of infrastructure solutions for the core, access and edge layers of communications networks. The Company operates through two segments: CommScope Connectivity Solutions (CCS) and CommScope Mobility Solutions (CMS). Its portfolio includes wireless and fiber optic solutions. The Company's solutions are found in the venues and outdoor spaces, including in data centers and buildings of all shapes, sizes and complexities; at wireless cell sites; in telecom central offices and cable head ends; in fiber-to-the-X (FTTX) deployments, and in airports, trains and tunnels. As of December 31, 2016, it served customers in over 100 countries through a network of more than 30 manufacturing and distribution facilities located around the globe. Its customers include global telecommunication operators and enterprise customers, including Fortune 500 enterprises and multi-system operators (MSOs).

FINANCIAL RATIOS  of  CommScope Holding (COMM)

Valuation Ratios
P/E Ratio 33.7
Price to Sales 1.5
Price to Book 5.4
Price to Tangible Book
Price to Cash Flow 12.4
Price to Free Cash Flow 14
Growth Rates
Sales Growth Rate 29.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 19.3%
Cap. Spend. - 3 Yr. Gr. Rate 12.9%
Financial Strength
Quick Ratio 33
Current Ratio 0
LT Debt to Equity 326.3%
Total Debt to Equity 327.3%
Interest Coverage 2
Management Effectiveness
Return On Assets 6%
Ret/ On Assets - 3 Yr. Avg. 5.5%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 2.8%
Return On Equity 17%
Return On Equity - 3 Yr. Avg. 10.4%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 41.3%
Gross Margin - 3 Yr. Avg. 37.7%
EBITDA Margin 18.9%
EBITDA Margin - 3 Yr. Avg. 16.9%
Operating Margin 11.7%
Oper. Margin - 3 Yr. Avg. 10.5%
Pre-Tax Margin 5.5%
Pre-Tax Margin - 3 Yr. Avg. 4.1%
Net Profit Margin 4.5%
Net Profit Margin - 3 Yr. Avg. 3%
Effective Tax Rate 18.3%
Eff/ Tax Rate - 3 Yr. Avg. 9.7%
Payout Ratio 0%

COMM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the COMM stock intrinsic value calculation we used $4924 million for the last fiscal year's total revenue generated by CommScope Holding. The default revenue input number comes from 2016 income statement of CommScope Holding. 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 COMM 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 10.4%, whose default value for COMM is calculated based on our internal credit rating of CommScope Holding, 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 CommScope Holding.
    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 COMM stock the variable cost ratio is equal to 64.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1188 million in the base year in the intrinsic value calculation for COMM 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 5.3% for CommScope Holding.

Corporate tax rate of 27% is the nominal tax rate for CommScope Holding. 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 COMM 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 COMM are equal to 50.3%.

Life of production assets of 13 years is the average useful life of capital assets used in CommScope Holding 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 COMM is equal to 14.6%. 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 - $1394 million for CommScope Holding - 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 192.956 million for CommScope Holding 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 CommScope Holding at the current share price and the inputted number of shares is $7.5 billion.

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COMPANY NEWS

▶ CommScope Announces Participation in Investor Conferences   [Nov-27-17 02:00PM  Business Wire]
▶ CommScope Holding Co., Inc. to Host Earnings Call   [Nov-01-17 06:25AM  ACCESSWIRE]
▶ CommScope tops 3Q profit forecasts   [06:13AM  Associated Press]
▶ CommScope Reports Third Quarter 2017 Results   [06:00AM  Business Wire]
▶ CommScope Tells Convergence Story at Cable-Tec Expo 2017   [Oct-18-17 09:15AM  Business Wire]
▶ CommScope Opens New Advanced Technology Centre in Belgium   [Sep-21-17 02:00AM  Business Wire]
▶ CommScope Files Patent Infringement Suit Against Comlab AG   [Sep-12-17 01:01PM  Business Wire]
▶ CommScope Announces Participation in Investor Conferences   [Aug-25-17 10:30AM  Business Wire]
▶ CommScope misses Street 2Q forecasts   [Aug-04-17 02:28AM  Associated Press]
▶ Why CommScope Holding Company, Inc. Tumbled on Thursday   [Aug-03-17 11:37AM  Motley Fool]
▶ CommScope Completes Acquisition of Cable Exchange   [Aug-01-17 04:00PM  Business Wire]
▶ CommScope securing its connection with data center installs with California deal   [Jul-12-17 11:35AM  American City Business Journals]
▶ CommScope to Acquire Cable Exchange   [07:00AM  Business Wire]
▶ CommScope Forms Multi-Tenant Data Center Alliance   [Jun-08-17 09:15AM  Business Wire]
▶ CommScope Announces Participation in Upcoming Conferences   [May-17-17 09:15AM  Business Wire]
▶ New Strong Sell Stocks for May 11th   [May-11-17 09:14AM  Zacks]
▶ [$$] Outlooks Soft in Communications Tech   [May-09-17 07:49AM  Barrons.com]
▶ CommScope Stockholders Approve Proxy Proposals   [May-05-17 01:25PM  Business Wire]
▶ Indexes Trim Losses As Oil Stocks Sink; Did Tesla Flash A Sell Signal?   [May-04-17 02:49PM  Investor's Business Daily]
▶ CommScope misses 1Q profit forecasts   [06:24AM  Associated Press]
▶ CommScope Joins Smart Cities Council as Lead Partner   [Apr-19-17 09:05AM  Business Wire]
▶ [$$] CommScope, Dycom Boosted by MWC   [Mar-06-17 03:50PM  at Barrons.com]
▶ CommScope Commences Notes Offering   [08:15AM  Business Wire]
Financial statements of COMM
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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