Intrinsic value of Iridium Communications - IRDM

Previous Close

$20.00

  Intrinsic Value

$3.94

stock screener

  Rating & Target

str. sell

-80%

Previous close

$20.00

 
Intrinsic value

$3.94

 
Up/down potential

-80%

 
Rating

str. sell

We calculate the intrinsic value of IRDM 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 2.0

 

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, %
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
Revenue, $m
  463
  479
  496
  515
  535
  556
  579
  603
  629
  656
  685
  716
  748
  782
  818
  857
  897
  939
  983
  1,030
  1,080
  1,132
  1,186
  1,244
  1,304
  1,368
  1,435
  1,505
  1,579
  1,657
Variable operating expenses, $m
  275
  284
  294
  305
  317
  329
  342
  357
  372
  388
  399
  417
  436
  456
  477
  499
  523
  547
  573
  601
  629
  660
  692
  725
  760
  797
  836
  877
  920
  966
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
  275
  284
  294
  305
  317
  329
  342
  357
  372
  388
  399
  417
  436
  456
  477
  499
  523
  547
  573
  601
  629
  660
  692
  725
  760
  797
  836
  877
  920
  966
Operating income, $m
  188
  195
  202
  210
  218
  227
  237
  247
  257
  269
  286
  299
  312
  326
  341
  357
  374
  392
  410
  430
  450
  472
  495
  519
  544
  571
  599
  628
  659
  691
EBITDA, $m
  509
  527
  546
  566
  588
  612
  637
  664
  692
  722
  754
  787
  823
  861
  900
  942
  986
  1,033
  1,082
  1,133
  1,188
  1,245
  1,305
  1,368
  1,435
  1,505
  1,579
  1,656
  1,737
  1,823
Interest expense (income), $m
  23
  87
  91
  95
  99
  104
  109
  114
  120
  126
  133
  140
  147
  155
  163
  171
  180
  190
  200
  211
  222
  234
  246
  259
  273
  288
  303
  319
  336
  354
  372
Earnings before tax, $m
  101
  104
  107
  111
  114
  118
  122
  127
  131
  136
  146
  152
  158
  164
  170
  177
  184
  192
  199
  208
  217
  226
  235
  246
  256
  268
  280
  292
  305
  319
Tax expense, $m
  27
  28
  29
  30
  31
  32
  33
  34
  35
  37
  40
  41
  43
  44
  46
  48
  50
  52
  54
  56
  58
  61
  64
  66
  69
  72
  75
  79
  82
  86
Net income, $m
  73
  76
  78
  81
  83
  86
  89
  92
  96
  99
  107
  111
  115
  119
  124
  129
  134
  140
  146
  152
  158
  165
  172
  179
  187
  195
  204
  213
  223
  233

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
  3,702
  3,831
  3,970
  4,119
  4,279
  4,450
  4,632
  4,826
  5,032
  5,250
  5,482
  5,727
  5,986
  6,259
  6,548
  6,852
  7,173
  7,511
  7,868
  8,243
  8,638
  9,054
  9,492
  9,952
  10,436
  10,945
  11,480
  12,043
  12,634
  13,256
Adjusted assets (=assets-cash), $m
  3,702
  3,831
  3,970
  4,119
  4,279
  4,450
  4,632
  4,826
  5,032
  5,250
  5,482
  5,727
  5,986
  6,259
  6,548
  6,852
  7,173
  7,511
  7,868
  8,243
  8,638
  9,054
  9,492
  9,952
  10,436
  10,945
  11,480
  12,043
  12,634
  13,256
Revenue / Adjusted assets
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
Average production assets, $m
  3,160
  3,270
  3,388
  3,516
  3,653
  3,798
  3,954
  4,120
  4,295
  4,482
  4,679
  4,888
  5,109
  5,343
  5,589
  5,849
  6,123
  6,412
  6,716
  7,037
  7,374
  7,729
  8,102
  8,495
  8,908
  9,343
  9,800
  10,280
  10,785
  11,316
Working capital, $m
  -24
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -63
  -67
  -70
  -73
  -77
  -81
  -85
Total debt, $m
  1,680
  1,755
  1,836
  1,923
  2,016
  2,116
  2,223
  2,336
  2,456
  2,584
  2,719
  2,862
  3,013
  3,173
  3,341
  3,519
  3,707
  3,904
  4,112
  4,331
  4,562
  4,805
  5,061
  5,329
  5,612
  5,909
  6,222
  6,551
  6,896
  7,259
Total liabilities, $m
  2,162
  2,237
  2,318
  2,405
  2,499
  2,599
  2,705
  2,818
  2,939
  3,066
  3,201
  3,344
  3,496
  3,655
  3,824
  4,002
  4,189
  4,387
  4,595
  4,814
  5,045
  5,288
  5,543
  5,812
  6,095
  6,392
  6,704
  7,033
  7,378
  7,741
Total equity, $m
  1,540
  1,594
  1,651
  1,713
  1,780
  1,851
  1,927
  2,008
  2,093
  2,184
  2,280
  2,382
  2,490
  2,604
  2,724
  2,850
  2,984
  3,125
  3,273
  3,429
  3,594
  3,766
  3,949
  4,140
  4,341
  4,553
  4,776
  5,010
  5,256
  5,514
Total liabilities and equity, $m
  3,702
  3,831
  3,969
  4,118
  4,279
  4,450
  4,632
  4,826
  5,032
  5,250
  5,481
  5,726
  5,986
  6,259
  6,548
  6,852
  7,173
  7,512
  7,868
  8,243
  8,639
  9,054
  9,492
  9,952
  10,436
  10,945
  11,480
  12,043
  12,634
  13,255
Debt-to-equity ratio
  1.090
  1.100
  1.110
  1.120
  1.130
  1.140
  1.150
  1.160
  1.170
  1.180
  1.190
  1.200
  1.210
  1.220
  1.230
  1.230
  1.240
  1.250
  1.260
  1.260
  1.270
  1.280
  1.280
  1.290
  1.290
  1.300
  1.300
  1.310
  1.310
  1.320
Adjusted equity ratio
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  73
  76
  78
  81
  83
  86
  89
  92
  96
  99
  107
  111
  115
  119
  124
  129
  134
  140
  146
  152
  158
  165
  172
  179
  187
  195
  204
  213
  223
  233
Depreciation, amort., depletion, $m
  321
  332
  344
  357
  370
  385
  400
  417
  435
  453
  468
  489
  511
  534
  559
  585
  612
  641
  672
  704
  737
  773
  810
  850
  891
  934
  980
  1,028
  1,079
  1,132
Funds from operations, $m
  395
  408
  422
  437
  454
  471
  490
  509
  530
  553
  575
  600
  626
  654
  683
  714
  747
  781
  817
  855
  895
  938
  982
  1,029
  1,078
  1,130
  1,184
  1,241
  1,301
  1,364
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
Cash from operations, $m
  395
  409
  423
  438
  455
  472
  491
  511
  532
  554
  576
  601
  628
  656
  685
  716
  749
  783
  819
  858
  898
  940
  985
  1,032
  1,081
  1,133
  1,187
  1,245
  1,305
  1,368
Maintenance CAPEX, $m
  -306
  -316
  -327
  -339
  -352
  -365
  -380
  -395
  -412
  -430
  -448
  -468
  -489
  -511
  -534
  -559
  -585
  -612
  -641
  -672
  -704
  -737
  -773
  -810
  -850
  -891
  -934
  -980
  -1,028
  -1,079
New CAPEX, $m
  -101
  -110
  -118
  -127
  -137
  -146
  -156
  -166
  -176
  -186
  -198
  -209
  -221
  -233
  -246
  -260
  -274
  -289
  -304
  -320
  -337
  -355
  -373
  -393
  -413
  -435
  -457
  -480
  -505
  -531
Cash from investing activities, $m
  -407
  -426
  -445
  -466
  -489
  -511
  -536
  -561
  -588
  -616
  -646
  -677
  -710
  -744
  -780
  -819
  -859
  -901
  -945
  -992
  -1,041
  -1,092
  -1,146
  -1,203
  -1,263
  -1,326
  -1,391
  -1,460
  -1,533
  -1,610
Free cash flow, $m
  -11
  -17
  -22
  -28
  -33
  -39
  -45
  -50
  -56
  -62
  -69
  -76
  -82
  -89
  -96
  -103
  -110
  -118
  -126
  -134
  -143
  -152
  -161
  -171
  -182
  -192
  -204
  -216
  -228
  -241
Issuance/(repayment) of debt, $m
  62
  75
  81
  87
  93
  100
  106
  113
  120
  128
  135
  143
  151
  160
  169
  178
  187
  198
  208
  219
  231
  243
  256
  269
  283
  297
  313
  329
  345
  363
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  3
  4
  6
  8
  10
  12
  14
  16
  19
  21
  23
  26
Cash from financing (excl. dividends), $m  
  62
  75
  81
  87
  93
  100
  106
  113
  120
  128
  135
  143
  151
  160
  169
  178
  187
  199
  211
  223
  237
  251
  266
  281
  297
  313
  332
  350
  368
  389
Total cash flow (excl. dividends), $m
  50
  58
  59
  59
  60
  61
  62
  63
  64
  66
  66
  67
  69
  71
  73
  75
  77
  81
  85
  89
  94
  99
  104
  110
  115
  121
  127
  134
  141
  148
Retained Cash Flow (-), $m
  -44
  -53
  -58
  -62
  -67
  -71
  -76
  -81
  -86
  -91
  -96
  -102
  -108
  -114
  -120
  -127
  -134
  -141
  -148
  -156
  -164
  -173
  -182
  -191
  -201
  -212
  -223
  -234
  -246
  -259
Prev. year cash balance distribution, $m
  100
  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
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  52
  54
  57
Cash available for distribution, $m
  106
  5
  1
  -3
  -7
  -10
  -14
  -18
  -22
  -25
  -31
  -35
  -39
  -43
  -47
  -52
  -56
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -91
  -95
  -100
  -105
  -111
Discount rate, %
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
  99
  4
  1
  -2
  -4
  -6
  -8
  -9
  -9
  -9
  -10
  -9
  -9
  -8
  -7
  -6
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
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
  99.9
  99.8
  99.6
  99.5
  99.2
  99.0
  98.7
  98.4
  98.1
  97.7
  97.4
  97.0

Iridium Communications Inc. is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure. As of December 31, 2016, the Company sold its products and services to customers through a wholesale distribution network of approximately 65 service providers, approximately 195 value-added resellers (VARs) and approximately 80 value-added manufacturers (VAMs). The Company's commercial end user base includes markets, such as emergency services, maritime, aviation, government, utilities, oil and gas, mining, recreation, forestry, heavy equipment, construction and transportation.

FINANCIAL RATIOS  of  Iridium Communications (IRDM)

Valuation Ratios
P/E Ratio 17.3
Price to Sales 4.4
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 8.5
Price to Free Cash Flow -10.6
Growth Rates
Sales Growth Rate 5.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -18%
Cap. Spend. - 3 Yr. Gr. Rate 0.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 123.3%
Total Debt to Equity 123.3%
Interest Coverage 9
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 2.5%
Return On Total Capital 4%
Ret/ On T. Cap. - 3 Yr. Avg. 2.5%
Return On Equity 8.6%
Return On Equity - 3 Yr. Avg. 5.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 74.7%
Gross Margin - 3 Yr. Avg. 73.8%
EBITDA Margin 57.6%
EBITDA Margin - 3 Yr. Avg. 47.5%
Operating Margin 40.8%
Oper. Margin - 3 Yr. Avg. 29.5%
Pre-Tax Margin 41%
Pre-Tax Margin - 3 Yr. Avg. 29%
Net Profit Margin 25.6%
Net Profit Margin - 3 Yr. Avg. 15.2%
Effective Tax Rate 37.6%
Eff/ Tax Rate - 3 Yr. Avg. 54.5%
Payout Ratio 13.5%

IRDM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IRDM stock intrinsic value calculation we used $448 million for the last fiscal year's total revenue generated by Iridium Communications. The default revenue input number comes from 2017 income statement of Iridium Communications. 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 IRDM stock valuation model: a) initial revenue growth rate of 3.3% 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 6.7%, whose default value for IRDM is calculated based on our internal credit rating of Iridium Communications, 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 Iridium Communications.
    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 IRDM stock the variable cost ratio is equal to 59.4%.

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 IRDM 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 Iridium Communications.

Corporate tax rate of 27% is the nominal tax rate for Iridium Communications. 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 IRDM stock is equal to 3.6%.

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 IRDM are equal to 682.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Iridium Communications 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 IRDM is equal to -5.1%. 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 - $1596 million for Iridium Communications - 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 98 million for Iridium Communications 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 Iridium Communications at the current share price and the inputted number of shares is $2.0 billion.

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COMPANY NEWS

▶ Iridium Communications Stock Is Ready to Blast Into Orbit   [Aug-07-18 01:11PM  InvestorPlace]
▶ Iridium is defying expectations. Can anything bring it back to Earth?   [Aug-01-18 02:23PM  American City Business Journals]
▶ Iridium: 2Q Earnings Snapshot   [08:08AM  Associated Press]
▶ SpaceX catches rocket booster in rough weather, misses payload fairing   [Jul-25-18 12:50PM  American City Business Journals]
▶ Iridium-7 Target Launch Date Announced   [Jun-15-18 08:01AM  PR Newswire]
▶ Why Iridium Communications, Inc. Stock Jumped Friday   [Jun-01-18 11:55AM  Motley Fool]
▶ IBD Rating Upgrades: Iridium Communications Shows Improved Price Strength   [May-24-18 03:00AM  Investor's Business Daily]
▶ NASA, Iridium carpooled on Tuesdays SpaceX mission   [May-22-18 05:41PM  American City Business Journals]
▶ Iridium Makes Maritime Industry History   [May-21-18 04:28PM  GlobeNewswire]
▶ Iridium Communications Rockets Into a New Era of Telecom   [May-09-18 09:45PM  Motley Fool]
▶ Iridium: 1Q Earnings Snapshot   [09:33AM  Associated Press]
▶ SpaceX launches 10 Iridium satellites from California   [Mar-30-18 04:34PM  Associated Press]
▶ This One Metric Is Why I Own Iridium Communications   [Mar-14-18 11:18AM  Motley Fool]
▶ Iridium Makes Progress Toward a Brighter 2018   [Feb-22-18 11:18AM  Motley Fool]
▶ Iridium misses 4Q profit forecasts   [10:15AM  Associated Press]
▶ Iridium to Participate at March Conferences   [Feb-16-18 04:01PM  GlobeNewswire]
▶ Iridium Announces Date for Fifth Iridium® NEXT Launch   [Jan-22-18 08:01AM  GlobeNewswire]
▶ Stocks Generating Improved Relative Strength: Iridium Communications   [Dec-19-17 03:00AM  Investor's Business Daily]
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