Intrinsic value of Harmonic - HLIT

Previous Close

$4.45

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$4.45

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of HLIT 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 0.4

 

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
  365
  374
  383
  394
  406
  419
  433
  449
  465
  483
  502
  523
  544
  567
  592
  618
  645
  674
  705
  737
  772
  808
  846
  886
  928
  972
  1,019
  1,068
  1,120
  1,174
Variable operating expenses, $m
  335
  342
  350
  359
  369
  380
  392
  405
  419
  434
  424
  441
  460
  479
  500
  522
  545
  569
  595
  623
  651
  682
  714
  748
  783
  821
  860
  902
  946
  991
Fixed operating expenses, $m
  104
  107
  109
  111
  114
  116
  119
  121
  124
  127
  130
  132
  135
  138
  141
  144
  148
  151
  154
  158
  161
  165
  168
  172
  176
  180
  184
  188
  192
  196
Total operating expenses, $m
  439
  449
  459
  470
  483
  496
  511
  526
  543
  561
  554
  573
  595
  617
  641
  666
  693
  720
  749
  781
  812
  847
  882
  920
  959
  1,001
  1,044
  1,090
  1,138
  1,187
Operating income, $m
  -74
  -75
  -76
  -76
  -77
  -77
  -78
  -78
  -78
  -78
  -51
  -51
  -51
  -50
  -49
  -48
  -47
  -46
  -44
  -43
  -41
  -39
  -37
  -34
  -31
  -28
  -25
  -21
  -17
  -13
EBITDA, $m
  -17
  -18
  -18
  -17
  -17
  -16
  -16
  -14
  -13
  -12
  -10
  -8
  -6
  -3
  0
  3
  6
  10
  14
  18
  23
  28
  33
  39
  45
  52
  59
  67
  75
  84
Interest expense (income), $m
  5
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  26
  28
  29
  31
  33
  35
  38
  40
  43
  45
  48
  51
  54
  57
  61
  64
Earnings before tax, $m
  -85
  -87
  -88
  -89
  -91
  -92
  -93
  -94
  -96
  -97
  -71
  -72
  -73
  -74
  -75
  -76
  -76
  -77
  -78
  -78
  -79
  -79
  -79
  -79
  -79
  -79
  -79
  -78
  -78
  -77
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
Net income, $m
  -85
  -87
  -88
  -89
  -91
  -92
  -93
  -94
  -96
  -97
  -71
  -72
  -73
  -74
  -75
  -76
  -76
  -77
  -78
  -78
  -79
  -79
  -79
  -79
  -79
  -79
  -79
  -78
  -78
  -77

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
  518
  530
  543
  559
  576
  594
  615
  636
  660
  685
  712
  741
  772
  805
  840
  876
  915
  957
  1,000
  1,046
  1,095
  1,146
  1,200
  1,256
  1,316
  1,379
  1,445
  1,515
  1,589
  1,666
Adjusted assets (=assets-cash), $m
  518
  530
  543
  559
  576
  594
  615
  636
  660
  685
  712
  741
  772
  805
  840
  876
  915
  957
  1,000
  1,046
  1,095
  1,146
  1,200
  1,256
  1,316
  1,379
  1,445
  1,515
  1,589
  1,666
Revenue / Adjusted assets
  0.705
  0.706
  0.705
  0.705
  0.705
  0.705
  0.704
  0.706
  0.705
  0.705
  0.705
  0.706
  0.705
  0.704
  0.705
  0.705
  0.705
  0.704
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
Average production assets, $m
  302
  309
  316
  325
  335
  346
  358
  371
  384
  399
  415
  432
  450
  469
  489
  510
  533
  557
  582
  609
  637
  667
  699
  732
  766
  803
  842
  882
  925
  970
Working capital, $m
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
Total debt, $m
  137
  144
  151
  160
  170
  180
  192
  204
  218
  232
  248
  264
  282
  300
  320
  341
  363
  387
  412
  438
  466
  495
  525
  558
  592
  628
  666
  705
  747
  791
Total liabilities, $m
  295
  302
  310
  319
  328
  339
  350
  363
  376
  391
  406
  423
  440
  459
  479
  500
  522
  545
  570
  596
  624
  653
  684
  716
  750
  786
  824
  864
  905
  949
Total equity, $m
  223
  228
  234
  240
  248
  256
  264
  274
  284
  295
  306
  319
  332
  346
  361
  377
  394
  411
  430
  450
  471
  493
  516
  540
  566
  593
  622
  652
  683
  716
Total liabilities and equity, $m
  518
  530
  544
  559
  576
  595
  614
  637
  660
  686
  712
  742
  772
  805
  840
  877
  916
  956
  1,000
  1,046
  1,095
  1,146
  1,200
  1,256
  1,316
  1,379
  1,446
  1,516
  1,588
  1,665
Debt-to-equity ratio
  0.610
  0.630
  0.650
  0.670
  0.690
  0.710
  0.730
  0.750
  0.770
  0.790
  0.810
  0.830
  0.850
  0.870
  0.890
  0.910
  0.920
  0.940
  0.960
  0.970
  0.990
  1.000
  1.020
  1.030
  1.050
  1.060
  1.070
  1.080
  1.090
  1.100
Adjusted equity ratio
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -85
  -87
  -88
  -89
  -91
  -92
  -93
  -94
  -96
  -97
  -71
  -72
  -73
  -74
  -75
  -76
  -76
  -77
  -78
  -78
  -79
  -79
  -79
  -79
  -79
  -79
  -79
  -78
  -78
  -77
Depreciation, amort., depletion, $m
  57
  57
  58
  59
  60
  61
  62
  63
  65
  66
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  73
  77
  80
  84
  88
  93
  97
Funds from operations, $m
  -29
  -29
  -30
  -30
  -31
  -31
  -31
  -31
  -31
  -30
  -30
  -29
  -28
  -27
  -26
  -25
  -23
  -21
  -19
  -17
  -15
  -12
  -9
  -6
  -3
  1
  5
  10
  15
  20
Change in working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from operations, $m
  -28
  -29
  -30
  -30
  -31
  -31
  -31
  -31
  -30
  -30
  -29
  -29
  -28
  -27
  -26
  -24
  -23
  -21
  -19
  -17
  -14
  -11
  -8
  -5
  -2
  2
  6
  11
  16
  21
Maintenance CAPEX, $m
  -30
  -30
  -31
  -32
  -33
  -34
  -35
  -36
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -93
New CAPEX, $m
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
Cash from investing activities, $m
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -114
  -119
  -125
  -131
  -138
Free cash flow, $m
  -64
  -66
  -69
  -71
  -73
  -75
  -77
  -79
  -81
  -83
  -85
  -87
  -89
  -91
  -93
  -95
  -96
  -98
  -100
  -102
  -103
  -105
  -107
  -108
  -110
  -111
  -113
  -114
  -115
  -117
Issuance/(repayment) of debt, $m
  5
  7
  8
  9
  10
  11
  12
  12
  13
  14
  15
  16
  18
  19
  20
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
Issuance/(repurchase) of shares, $m
  90
  92
  94
  96
  98
  100
  102
  104
  106
  108
  83
  85
  87
  88
  90
  92
  93
  95
  96
  98
  99
  101
  102
  104
  105
  106
  107
  108
  110
  110
Cash from financing (excl. dividends), $m  
  95
  99
  102
  105
  108
  111
  114
  116
  119
  122
  98
  101
  105
  107
  110
  113
  115
  118
  121
  124
  127
  130
  133
  136
  139
  142
  145
  148
  152
  154
Total cash flow (excl. dividends), $m
  31
  32
  33
  34
  35
  36
  36
  37
  38
  39
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
Retained Cash Flow (-), $m
  -90
  -92
  -94
  -96
  -98
  -100
  -102
  -104
  -106
  -108
  -83
  -85
  -87
  -88
  -90
  -92
  -93
  -95
  -96
  -98
  -99
  -101
  -102
  -104
  -105
  -106
  -107
  -108
  -110
  -110
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
  16
  17
  17
  18
  18
  19
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  52
Cash available for distribution, $m
  -58
  -59
  -61
  -62
  -63
  -64
  -66
  -67
  -68
  -69
  -70
  -71
  -71
  -72
  -73
  -74
  -74
  -75
  -75
  -75
  -76
  -76
  -76
  -76
  -76
  -75
  -75
  -74
  -74
  -73
Discount rate, %
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
  -56
  -54
  -52
  -49
  -47
  -44
  -41
  -38
  -35
  -32
  -29
  -26
  -23
  -20
  -17
  -15
  -12
  -10
  -8
  -7
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  80.1
  64.1
  51.3
  41.1
  33.0
  26.5
  21.4
  17.3
  14.0
  11.4
  9.7
  8.3
  7.2
  6.2
  5.3
  4.6
  4.0
  3.5
  3.1
  2.7
  2.4
  2.1
  1.9
  1.7
  1.5
  1.3
  1.2
  1.1
  1.0
  0.9

Harmonic Inc. (Harmonic) designs, manufactures and sells video infrastructure products, and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers. Its Cable Edge business sells cable edge solutions and related services to cable operators around the world. The Video segment offers a range of products and solutions, as well as software-based media processing platforms. The Company's Narrowcast Services Gateway (NSG) products are integrated edge gateway products that integrate routing, multiplexing, scrambling and modulation into a single package for the delivery of narrowcast services to subscribers over cable networks.

FINANCIAL RATIOS  of  Harmonic (HLIT)

Valuation Ratios
P/E Ratio -4.8
Price to Sales 0.9
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow -23.3
Growth Rates
Sales Growth Rate 7.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 7.1%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 9
Current Ratio 0.1
LT Debt to Equity 43.2%
Total Debt to Equity 45.8%
Interest Coverage -15
Management Effectiveness
Return On Assets -12.5%
Ret/ On Assets - 3 Yr. Avg. -8.1%
Return On Total Capital -17.5%
Ret/ On T. Cap. - 3 Yr. Avg. -10.7%
Return On Equity -24%
Return On Equity - 3 Yr. Avg. -13.1%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 50.2%
Gross Margin - 3 Yr. Avg. 51.1%
EBITDA Margin -10.1%
EBITDA Margin - 3 Yr. Avg. -1.9%
Operating Margin -17.2%
Oper. Margin - 3 Yr. Avg. -8.7%
Pre-Tax Margin -19.7%
Pre-Tax Margin - 3 Yr. Avg. -9.7%
Net Profit Margin -17.7%
Net Profit Margin - 3 Yr. Avg. -10.9%
Effective Tax Rate 10%
Eff/ Tax Rate - 3 Yr. Avg. -33%
Payout Ratio 0%

HLIT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HLIT stock intrinsic value calculation we used $358 million for the last fiscal year's total revenue generated by Harmonic. The default revenue input number comes from 2017 income statement of Harmonic. 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 HLIT 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 5.1%, whose default value for HLIT is calculated based on our internal credit rating of Harmonic, 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 Harmonic.
    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 HLIT stock the variable cost ratio is equal to 91.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $102 million in the base year in the intrinsic value calculation for HLIT 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 8.6% for Harmonic.

Corporate tax rate of 27% is the nominal tax rate for Harmonic. 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 HLIT stock is equal to 4.6%.

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 HLIT are equal to 82.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Harmonic 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 HLIT is equal to -2%. 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 - $218 million for Harmonic - 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 81 million for Harmonic 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 Harmonic at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Harmonic: 1Q Earnings Snapshot   [Apr-30-18 04:41PM  Associated Press]
▶ Harmonic Inc. to Host Earnings Call   [01:30PM  ACCESSWIRE]
▶ Harmonic reports 4Q loss   [Feb-28-18 07:25PM  Associated Press]
▶ Harmonic Inc. to Host Earnings Call   [01:00PM  ACCESSWIRE]
▶ Harmonic Q4 Earnings Outlook   [09:42AM  Benzinga]
▶ Harmonic Appoints David Krall to its Board of Directors   [Feb-12-18 04:05PM  PR Newswire]
▶ ETFs with exposure to Harmonic, Inc. : December 25, 2017   [Dec-25-17 11:59AM  Capital Cube]
▶ ETFs with exposure to Harmonic, Inc. : December 14, 2017   [Dec-14-17 01:29PM  Capital Cube]
▶ ETFs with exposure to Harmonic, Inc. : November 8, 2017   [Nov-08-17 06:15PM  Capital Cube]
▶ YES Launches Live UHD-HDR Channel With Harmonic   [Nov-07-17 08:00AM  PR Newswire]
▶ Why Harmonic Inc. Stock Popped Today   [Oct-31-17 01:53PM  Motley Fool]
▶ Harmonic reports 3Q loss   [Oct-30-17 05:11PM  Associated Press]
▶ Harmonic Inc. to Host Earnings Call   [11:00AM  ACCESSWIRE]
▶ ETFs with exposure to Harmonic, Inc. : October 23, 2017   [Oct-23-17 10:41AM  Capital Cube]
▶ ETFs with exposure to Harmonic, Inc. : October 11, 2017   [Oct-11-17 11:38AM  Capital Cube]
▶ ETFs with exposure to Harmonic, Inc. : September 6, 2017   [Sep-05-17 08:55PM  Capital Cube]
▶ Harmonic reports 2Q loss   [Jul-31-17 09:24PM  Associated Press]
▶ ETFs with exposure to Harmonic, Inc. : July 24, 2017   [Jul-24-17 04:27PM  Capital Cube]
▶ ETFs with exposure to Harmonic, Inc. : July 14, 2017   [Jul-14-17 02:51PM  Capital Cube]
▶ Harmonic slashes Q2 outlook   [07:25AM  MarketWatch]
▶ ETFs with exposure to Harmonic, Inc. : June 14, 2017   [Jun-14-17 01:37PM  Capital Cube]
▶ What Makes Harmonic (HLIT) a Strong Sell?   [May-23-17 08:49AM  Zacks]
▶ ETFs with exposure to Harmonic, Inc. : May 22, 2017   [May-22-17 01:45PM  Capital Cube]
▶ ETFs with exposure to Harmonic, Inc. : May 11, 2017   [May-11-17 04:49PM  Capital Cube]
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