Intrinsic value of Ericsson ADR - ERIC

Previous Close

$7.78

  Intrinsic Value

$4.62

stock screener

  Rating & Target

sell

-41%

Previous close

$7.78

 
Intrinsic value

$4.62

 
Up/down potential

-41%

 
Rating

sell

We calculate the intrinsic value of ERIC 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 25.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  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
  25,089
  25,666
  26,326
  27,066
  27,887
  28,787
  29,767
  30,829
  31,972
  33,199
  34,512
  35,912
  37,404
  38,989
  40,670
  42,453
  44,339
  46,335
  48,443
  50,668
  53,017
  55,494
  58,105
  60,855
  63,753
  66,803
  70,014
  73,392
  76,946
  80,685
Variable operating expenses, $m
  24,378
  24,928
  25,557
  26,263
  27,046
  27,905
  28,840
  29,852
  30,943
  32,113
  32,919
  34,255
  35,677
  37,189
  38,793
  40,493
  42,293
  44,196
  46,207
  48,330
  50,570
  52,932
  55,423
  58,046
  60,810
  63,719
  66,782
  70,004
  73,395
  76,961
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
  24,378
  24,928
  25,557
  26,263
  27,046
  27,905
  28,840
  29,852
  30,943
  32,113
  32,919
  34,255
  35,677
  37,189
  38,793
  40,493
  42,293
  44,196
  46,207
  48,330
  50,570
  52,932
  55,423
  58,046
  60,810
  63,719
  66,782
  70,004
  73,395
  76,961
Operating income, $m
  711
  738
  769
  803
  841
  882
  927
  976
  1,029
  1,086
  1,593
  1,658
  1,727
  1,800
  1,877
  1,960
  2,047
  2,139
  2,236
  2,339
  2,447
  2,562
  2,682
  2,809
  2,943
  3,084
  3,232
  3,388
  3,552
  3,724
EBITDA, $m
  1,891
  1,934
  1,984
  2,040
  2,102
  2,169
  2,243
  2,323
  2,409
  2,502
  2,601
  2,706
  2,819
  2,938
  3,065
  3,199
  3,341
  3,492
  3,651
  3,818
  3,995
  4,182
  4,379
  4,586
  4,804
  5,034
  5,276
  5,531
  5,799
  6,080
Interest expense (income), $m
  62
  218
  246
  280
  318
  361
  409
  461
  518
  580
  647
  718
  795
  876
  963
  1,055
  1,153
  1,257
  1,366
  1,483
  1,605
  1,735
  1,871
  2,016
  2,167
  2,328
  2,496
  2,674
  2,860
  3,057
  3,264
Earnings before tax, $m
  493
  492
  489
  485
  479
  473
  466
  458
  449
  439
  875
  863
  851
  837
  822
  807
  790
  772
  754
  734
  713
  690
  667
  642
  615
  588
  558
  527
  495
  461
Tax expense, $m
  133
  133
  132
  131
  129
  128
  126
  124
  121
  119
  236
  233
  230
  226
  222
  218
  213
  209
  203
  198
  192
  186
  180
  173
  166
  159
  151
  142
  134
  124
Net income, $m
  360
  359
  357
  354
  350
  345
  340
  334
  328
  321
  639
  630
  621
  611
  600
  589
  577
  564
  550
  536
  520
  504
  487
  468
  449
  429
  408
  385
  361
  336

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  32,457
  33,203
  34,056
  35,014
  36,076
  37,241
  38,509
  39,882
  41,361
  42,948
  44,646
  46,458
  48,388
  50,438
  52,614
  54,920
  57,360
  59,941
  62,668
  65,548
  68,586
  71,790
  75,168
  78,726
  82,474
  86,420
  90,574
  94,944
  99,543
  104,379
Adjusted assets (=assets-cash), $m
  32,457
  33,203
  34,056
  35,014
  36,076
  37,241
  38,509
  39,882
  41,361
  42,948
  44,646
  46,458
  48,388
  50,438
  52,614
  54,920
  57,360
  59,941
  62,668
  65,548
  68,586
  71,790
  75,168
  78,726
  82,474
  86,420
  90,574
  94,944
  99,543
  104,379
Revenue / Adjusted assets
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
Average production assets, $m
  7,326
  7,494
  7,687
  7,903
  8,143
  8,406
  8,692
  9,002
  9,336
  9,694
  10,077
  10,486
  10,922
  11,385
  11,876
  12,396
  12,947
  13,530
  14,145
  14,795
  15,481
  16,204
  16,967
  17,770
  18,616
  19,506
  20,444
  21,430
  22,468
  23,560
Working capital, $m
  -176
  -180
  -184
  -189
  -195
  -202
  -208
  -216
  -224
  -232
  -242
  -251
  -262
  -273
  -285
  -297
  -310
  -324
  -339
  -355
  -371
  -388
  -407
  -426
  -446
  -468
  -490
  -514
  -539
  -565
Total debt, $m
  4,559
  5,181
  5,892
  6,690
  7,574
  8,544
  9,601
  10,745
  11,977
  13,299
  14,713
  16,223
  17,830
  19,538
  21,350
  23,271
  25,304
  27,454
  29,726
  32,124
  34,655
  37,324
  40,138
  43,102
  46,224
  49,511
  52,971
  56,612
  60,442
  64,471
Total liabilities, $m
  27,036
  27,658
  28,369
  29,167
  30,051
  31,021
  32,078
  33,222
  34,454
  35,776
  37,190
  38,700
  40,307
  42,015
  43,827
  45,748
  47,781
  49,931
  52,203
  54,601
  57,132
  59,801
  62,615
  65,579
  68,701
  71,988
  75,448
  79,089
  82,919
  86,948
Total equity, $m
  5,420
  5,545
  5,687
  5,847
  6,025
  6,219
  6,431
  6,660
  6,907
  7,172
  7,456
  7,759
  8,081
  8,423
  8,787
  9,172
  9,579
  10,010
  10,466
  10,946
  11,454
  11,989
  12,553
  13,147
  13,773
  14,432
  15,126
  15,856
  16,624
  17,431
Total liabilities and equity, $m
  32,456
  33,203
  34,056
  35,014
  36,076
  37,240
  38,509
  39,882
  41,361
  42,948
  44,646
  46,459
  48,388
  50,438
  52,614
  54,920
  57,360
  59,941
  62,669
  65,547
  68,586
  71,790
  75,168
  78,726
  82,474
  86,420
  90,574
  94,945
  99,543
  104,379
Debt-to-equity ratio
  0.840
  0.930
  1.040
  1.140
  1.260
  1.370
  1.490
  1.610
  1.730
  1.850
  1.970
  2.090
  2.210
  2.320
  2.430
  2.540
  2.640
  2.740
  2.840
  2.930
  3.030
  3.110
  3.200
  3.280
  3.360
  3.430
  3.500
  3.570
  3.640
  3.700
Adjusted equity ratio
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  360
  359
  357
  354
  350
  345
  340
  334
  328
  321
  639
  630
  621
  611
  600
  589
  577
  564
  550
  536
  520
  504
  487
  468
  449
  429
  408
  385
  361
  336
Depreciation, amort., depletion, $m
  1,179
  1,196
  1,215
  1,237
  1,261
  1,287
  1,316
  1,347
  1,380
  1,416
  1,008
  1,049
  1,092
  1,138
  1,188
  1,240
  1,295
  1,353
  1,415
  1,480
  1,548
  1,620
  1,697
  1,777
  1,862
  1,951
  2,044
  2,143
  2,247
  2,356
Funds from operations, $m
  1,539
  1,555
  1,572
  1,591
  1,611
  1,633
  1,656
  1,681
  1,708
  1,737
  1,646
  1,679
  1,713
  1,749
  1,788
  1,829
  1,871
  1,917
  1,965
  2,015
  2,068
  2,124
  2,183
  2,245
  2,311
  2,380
  2,452
  2,528
  2,608
  2,692
Change in working capital, $m
  -3
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
Cash from operations, $m
  1,543
  1,559
  1,577
  1,596
  1,617
  1,639
  1,663
  1,689
  1,716
  1,745
  1,656
  1,689
  1,724
  1,761
  1,800
  1,841
  1,885
  1,931
  1,979
  2,031
  2,085
  2,142
  2,202
  2,265
  2,331
  2,401
  2,474
  2,552
  2,633
  2,718
Maintenance CAPEX, $m
  -718
  -733
  -749
  -769
  -790
  -814
  -841
  -869
  -900
  -934
  -969
  -1,008
  -1,049
  -1,092
  -1,138
  -1,188
  -1,240
  -1,295
  -1,353
  -1,415
  -1,480
  -1,548
  -1,620
  -1,697
  -1,777
  -1,862
  -1,951
  -2,044
  -2,143
  -2,247
New CAPEX, $m
  -142
  -168
  -193
  -216
  -240
  -263
  -286
  -310
  -334
  -358
  -383
  -409
  -435
  -463
  -491
  -520
  -551
  -583
  -616
  -650
  -686
  -723
  -762
  -803
  -846
  -891
  -938
  -987
  -1,038
  -1,092
Cash from investing activities, $m
  -860
  -901
  -942
  -985
  -1,030
  -1,077
  -1,127
  -1,179
  -1,234
  -1,292
  -1,352
  -1,417
  -1,484
  -1,555
  -1,629
  -1,708
  -1,791
  -1,878
  -1,969
  -2,065
  -2,166
  -2,271
  -2,382
  -2,500
  -2,623
  -2,753
  -2,889
  -3,031
  -3,181
  -3,339
Free cash flow, $m
  682
  658
  635
  611
  587
  562
  536
  510
  482
  453
  303
  272
  239
  206
  170
  133
  94
  54
  11
  -34
  -81
  -130
  -181
  -235
  -292
  -351
  -414
  -479
  -548
  -620
Issuance/(repayment) of debt, $m
  522
  622
  711
  798
  884
  970
  1,056
  1,144
  1,232
  1,322
  1,415
  1,509
  1,607
  1,708
  1,812
  1,921
  2,033
  2,150
  2,272
  2,399
  2,531
  2,669
  2,813
  2,964
  3,122
  3,287
  3,460
  3,641
  3,830
  4,029
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  31
  77
  126
  177
  230
  286
  345
  407
  471
Cash from financing (excl. dividends), $m  
  522
  622
  711
  798
  884
  970
  1,056
  1,144
  1,232
  1,322
  1,415
  1,509
  1,607
  1,708
  1,812
  1,921
  2,033
  2,150
  2,272
  2,399
  2,531
  2,700
  2,890
  3,090
  3,299
  3,517
  3,746
  3,986
  4,237
  4,500
Total cash flow (excl. dividends), $m
  1,204
  1,280
  1,346
  1,409
  1,471
  1,532
  1,593
  1,653
  1,714
  1,776
  1,717
  1,781
  1,847
  1,914
  1,982
  2,054
  2,127
  2,204
  2,283
  2,365
  2,450
  2,571
  2,710
  2,855
  3,007
  3,166
  3,332
  3,506
  3,689
  3,880
Retained Cash Flow (-), $m
  -99
  -125
  -143
  -160
  -177
  -195
  -212
  -229
  -247
  -265
  -284
  -303
  -322
  -342
  -363
  -385
  -408
  -431
  -455
  -481
  -507
  -535
  -564
  -594
  -626
  -659
  -694
  -730
  -768
  -808
Prev. year cash balance distribution, $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 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
  1,105
  1,155
  1,203
  1,249
  1,294
  1,337
  1,381
  1,424
  1,467
  1,510
  1,434
  1,479
  1,524
  1,571
  1,619
  1,669
  1,720
  1,772
  1,827
  1,884
  1,943
  2,036
  2,146
  2,261
  2,381
  2,507
  2,639
  2,777
  2,921
  3,072
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
  1,059
  1,058
  1,047
  1,028
  1,003
  971
  933
  890
  843
  792
  681
  631
  580
  527
  475
  424
  374
  326
  281
  239
  201
  169
  141
  115
  93
  73
  57
  43
  32
  23
Current shareholders' claim on cash, %
  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
  99.9
  99.8
  99.6
  99.3
  99.0
  98.6
  98.1
  97.6
  97.0

Telefonaktiebolaget LM Ericsson (Ericsson) provides infrastructure, services and software to the telecommunication industry and other sectors. The Company's segments include Networks, IT & Cloud and Media. The Networks segment consists of two business units: Network Products and Network Services. The overall focus is on evolving and managing access networks, including the development of hardware and software for radio access and transport networks. The IT & Cloud business includes two business units: IT & Cloud Products and IT & Cloud Services. The focus in IT & Cloud is to help telecom operators and selected enterprises through the digital transformations ahead. It develops and delivers software-based solutions for television and media and combines a product portfolio that spans the television value chain, with systems integration and managed services. The portfolio includes compression, content publishing through set-top box or pure over-the-top, content delivery and analytics.

FINANCIAL RATIOS  of  Ericsson ADR (ERIC)

Valuation Ratios
P/E Ratio 133.9
Price to Sales 1
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 16.4
Price to Free Cash Flow 67.8
Growth Rates
Sales Growth Rate -9.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -8.8%
Cap. Spend. - 3 Yr. Gr. Rate 14.4%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 13.3%
Total Debt to Equity 19.1%
Interest Coverage 8
Management Effectiveness
Return On Assets 0.7%
Ret/ On Assets - 3 Yr. Avg. 3.3%
Return On Total Capital 1%
Ret/ On T. Cap. - 3 Yr. Avg. 5.3%
Return On Equity 1.2%
Return On Equity - 3 Yr. Avg. 6.2%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 31.4%
Gross Margin - 3 Yr. Avg. 34.6%
EBITDA Margin 6.1%
EBITDA Margin - 3 Yr. Avg. 10.1%
Operating Margin 2.8%
Oper. Margin - 3 Yr. Avg. 6.3%
Pre-Tax Margin 1.8%
Pre-Tax Margin - 3 Yr. Avg. 5.6%
Net Profit Margin 0.8%
Net Profit Margin - 3 Yr. Avg. 3.8%
Effective Tax Rate 53%
Eff/ Tax Rate - 3 Yr. Avg. 37.9%
Payout Ratio 713.2%

ERIC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ERIC stock intrinsic value calculation we used $24597 million for the last fiscal year's total revenue generated by Ericsson ADR. The default revenue input number comes from 2017 income statement of Ericsson ADR. 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 ERIC 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 ERIC is calculated based on our internal credit rating of Ericsson ADR, 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 Ericsson ADR.
    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 ERIC stock the variable cost ratio is equal to 97.2%.

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 ERIC 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 5.4% for Ericsson ADR.

Corporate tax rate of 27% is the nominal tax rate for Ericsson ADR. 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 ERIC 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 ERIC are equal to 29.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Ericsson ADR 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 ERIC is equal to -0.7%. 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 - $5321 million for Ericsson ADR - 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 3277 million for Ericsson ADR 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 Ericsson ADR at the current share price and the inputted number of shares is $25.5 billion.

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COMPANY NEWS

▶ How Ericsson's Garcia Gomez is helping the Swedish giant with AT&T   [Aug-07-18 03:02PM  American City Business Journals]
▶ Nokia's profit expected to drop ahead of 5G fillip   [Jul-25-18 06:12AM  Reuters]
▶ Yahoo Finance Live: Market Movers - Jul 18th, 2018   [07:20AM  Yahoo Finance Video]
▶ Ericsson: 2Q Earnings Snapshot   [05:01AM  Associated Press]
▶ [$$] Ericsson Losses Widen   [02:42AM  The Wall Street Journal]
▶ LM Ericsson Telephone's Earnings Preview   [Jul-17-18 03:48PM  Benzinga]
▶ 5 of the Best Stocks Under $10 for 2018   [Jul-06-18 10:15AM  InvestorPlace]
▶ [$$] Ericsson bullish on 5G despite rivals doubts   [Jun-11-18 11:31PM  Financial Times]
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