Intrinsic value of Mitel Networks - MITL

Previous Close

$10.97

  Intrinsic Value

$41.52

stock screener

  Rating & Target

str. buy

+279%

Previous close

$10.97

 
Intrinsic value

$41.52

 
Up/down potential

+279%

 
Rating

str. buy

We calculate the intrinsic value of MITL 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 0001), $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 1.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  36.10
  32.99
  30.19
  27.67
  25.40
  23.36
  21.53
  19.88
  18.39
  17.05
  15.84
  14.76
  13.78
  12.91
  12.11
  11.40
  10.76
  10.19
  9.67
  9.20
  8.78
  8.40
  8.06
  7.76
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
Revenue, $m
  1,441
  1,917
  2,496
  3,186
  3,996
  4,929
  5,991
  7,181
  8,502
  9,951
  11,528
  13,229
  15,053
  16,995
  19,054
  21,227
  23,512
  25,907
  28,411
  31,025
  33,750
  36,586
  39,535
  42,602
  45,789
  49,101
  52,542
  56,120
  59,839
  63,707
Variable operating expenses, $m
  1,335
  1,744
  2,242
  2,836
  3,533
  4,336
  5,249
  6,273
  7,409
  8,656
  9,918
  11,381
  12,950
  14,621
  16,393
  18,262
  20,228
  22,288
  24,443
  26,692
  29,036
  31,476
  34,013
  36,652
  39,393
  42,243
  45,204
  48,281
  51,481
  54,809
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
  1,335
  1,744
  2,242
  2,836
  3,533
  4,336
  5,249
  6,273
  7,409
  8,656
  9,918
  11,381
  12,950
  14,621
  16,393
  18,262
  20,228
  22,288
  24,443
  26,692
  29,036
  31,476
  34,013
  36,652
  39,393
  42,243
  45,204
  48,281
  51,481
  54,809
Operating income, $m
  106
  173
  254
  350
  463
  594
  742
  908
  1,092
  1,295
  1,610
  1,848
  2,102
  2,374
  2,661
  2,965
  3,284
  3,618
  3,968
  4,333
  4,714
  5,110
  5,522
  5,950
  6,395
  6,858
  7,339
  7,838
  8,358
  8,898
EBITDA, $m
  256
  341
  444
  566
  710
  876
  1,065
  1,276
  1,511
  1,769
  2,049
  2,351
  2,675
  3,021
  3,387
  3,773
  4,179
  4,604
  5,050
  5,514
  5,998
  6,502
  7,027
  7,572
  8,138
  8,727
  9,338
  9,974
  10,635
  11,323
Interest expense (income), $m
  37
  34
  59
  90
  128
  174
  227
  288
  357
  435
  522
  617
  720
  832
  952
  1,079
  1,214
  1,356
  1,506
  1,663
  1,827
  1,999
  2,177
  2,363
  2,557
  2,758
  2,967
  3,184
  3,410
  3,644
  3,888
Earnings before tax, $m
  72
  114
  163
  222
  290
  367
  454
  551
  657
  773
  993
  1,127
  1,270
  1,422
  1,582
  1,751
  1,928
  2,112
  2,305
  2,506
  2,715
  2,933
  3,159
  3,393
  3,638
  3,891
  4,155
  4,429
  4,714
  5,010
Tax expense, $m
  20
  31
  44
  60
  78
  99
  123
  149
  177
  209
  268
  304
  343
  384
  427
  473
  520
  570
  622
  677
  733
  792
  853
  916
  982
  1,051
  1,122
  1,196
  1,273
  1,353
Net income, $m
  53
  83
  119
  162
  211
  268
  331
  402
  480
  564
  725
  823
  927
  1,038
  1,155
  1,278
  1,407
  1,542
  1,683
  1,829
  1,982
  2,141
  2,306
  2,477
  2,655
  2,841
  3,033
  3,233
  3,441
  3,657

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
  2,221
  2,954
  3,845
  4,910
  6,157
  7,595
  9,230
  11,065
  13,100
  15,333
  17,762
  20,384
  23,194
  26,187
  29,359
  32,707
  36,227
  39,918
  43,777
  47,805
  52,003
  56,372
  60,917
  65,642
  70,553
  75,656
  80,959
  86,471
  92,202
  98,162
Adjusted assets (=assets-cash), $m
  2,221
  2,954
  3,845
  4,910
  6,157
  7,595
  9,230
  11,065
  13,100
  15,333
  17,762
  20,384
  23,194
  26,187
  29,359
  32,707
  36,227
  39,918
  43,777
  47,805
  52,003
  56,372
  60,917
  65,642
  70,553
  75,656
  80,959
  86,471
  92,202
  98,162
Revenue / Adjusted assets
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
Average production assets, $m
  538
  715
  931
  1,189
  1,490
  1,839
  2,234
  2,679
  3,171
  3,712
  4,300
  4,934
  5,615
  6,339
  7,107
  7,918
  8,770
  9,663
  10,597
  11,572
  12,589
  13,646
  14,747
  15,891
  17,079
  18,315
  19,598
  20,933
  22,320
  23,763
Working capital, $m
  -20
  -27
  -35
  -45
  -56
  -69
  -84
  -101
  -119
  -139
  -161
  -185
  -211
  -238
  -267
  -297
  -329
  -363
  -398
  -434
  -472
  -512
  -553
  -596
  -641
  -687
  -736
  -786
  -838
  -892
Total debt, $m
  1,094
  1,672
  2,375
  3,213
  4,196
  5,329
  6,618
  8,064
  9,667
  11,427
  13,341
  15,407
  17,621
  19,979
  22,479
  25,117
  27,891
  30,799
  33,840
  37,014
  40,322
  43,766
  47,347
  51,070
  54,940
  58,961
  63,140
  67,483
  71,999
  76,696
Total liabilities, $m
  1,750
  2,328
  3,030
  3,869
  4,852
  5,985
  7,274
  8,719
  10,323
  12,082
  13,997
  16,063
  18,277
  20,635
  23,135
  25,773
  28,547
  31,455
  34,496
  37,670
  40,978
  44,421
  48,003
  51,726
  55,596
  59,617
  63,796
  68,139
  72,655
  77,352
Total equity, $m
  471
  626
  815
  1,041
  1,305
  1,610
  1,957
  2,346
  2,777
  3,251
  3,766
  4,321
  4,917
  5,552
  6,224
  6,934
  7,680
  8,463
  9,281
  10,135
  11,025
  11,951
  12,914
  13,916
  14,957
  16,039
  17,163
  18,332
  19,547
  20,810
Total liabilities and equity, $m
  2,221
  2,954
  3,845
  4,910
  6,157
  7,595
  9,231
  11,065
  13,100
  15,333
  17,763
  20,384
  23,194
  26,187
  29,359
  32,707
  36,227
  39,918
  43,777
  47,805
  52,003
  56,372
  60,917
  65,642
  70,553
  75,656
  80,959
  86,471
  92,202
  98,162
Debt-to-equity ratio
  2.320
  2.670
  2.910
  3.090
  3.210
  3.310
  3.380
  3.440
  3.480
  3.520
  3.540
  3.570
  3.580
  3.600
  3.610
  3.620
  3.630
  3.640
  3.650
  3.650
  3.660
  3.660
  3.670
  3.670
  3.670
  3.680
  3.680
  3.680
  3.680
  3.690
Adjusted equity ratio
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  53
  83
  119
  162
  211
  268
  331
  402
  480
  564
  725
  823
  927
  1,038
  1,155
  1,278
  1,407
  1,542
  1,683
  1,829
  1,982
  2,141
  2,306
  2,477
  2,655
  2,841
  3,033
  3,233
  3,441
  3,657
Depreciation, amort., depletion, $m
  150
  168
  190
  216
  247
  283
  323
  368
  419
  474
  439
  504
  573
  647
  725
  808
  895
  986
  1,081
  1,181
  1,285
  1,392
  1,505
  1,621
  1,743
  1,869
  2,000
  2,136
  2,278
  2,425
Funds from operations, $m
  203
  251
  309
  378
  458
  550
  654
  770
  898
  1,038
  1,164
  1,326
  1,500
  1,685
  1,880
  2,086
  2,302
  2,528
  2,764
  3,010
  3,267
  3,533
  3,811
  4,099
  4,398
  4,709
  5,033
  5,369
  5,718
  6,082
Change in working capital, $m
  -5
  -7
  -8
  -10
  -11
  -13
  -15
  -17
  -18
  -20
  -22
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
Cash from operations, $m
  208
  258
  317
  388
  470
  564
  669
  787
  917
  1,058
  1,186
  1,350
  1,526
  1,712
  1,909
  2,116
  2,334
  2,562
  2,799
  3,047
  3,305
  3,573
  3,852
  4,142
  4,443
  4,756
  5,081
  5,419
  5,771
  6,136
Maintenance CAPEX, $m
  -40
  -55
  -73
  -95
  -121
  -152
  -188
  -228
  -273
  -324
  -379
  -439
  -504
  -573
  -647
  -725
  -808
  -895
  -986
  -1,081
  -1,181
  -1,285
  -1,392
  -1,505
  -1,621
  -1,743
  -1,869
  -2,000
  -2,136
  -2,278
New CAPEX, $m
  -143
  -177
  -216
  -258
  -302
  -348
  -396
  -444
  -493
  -541
  -588
  -635
  -680
  -725
  -768
  -810
  -852
  -893
  -934
  -975
  -1,016
  -1,058
  -1,100
  -1,144
  -1,189
  -1,235
  -1,284
  -1,334
  -1,387
  -1,443
Cash from investing activities, $m
  -183
  -232
  -289
  -353
  -423
  -500
  -584
  -672
  -766
  -865
  -967
  -1,074
  -1,184
  -1,298
  -1,415
  -1,535
  -1,660
  -1,788
  -1,920
  -2,056
  -2,197
  -2,343
  -2,492
  -2,649
  -2,810
  -2,978
  -3,153
  -3,334
  -3,523
  -3,721
Free cash flow, $m
  25
  25
  28
  35
  47
  63
  86
  115
  151
  194
  219
  277
  342
  415
  494
  581
  674
  773
  879
  990
  1,108
  1,231
  1,359
  1,493
  1,633
  1,778
  1,928
  2,085
  2,247
  2,416
Issuance/(repayment) of debt, $m
  465
  577
  703
  839
  983
  1,134
  1,288
  1,446
  1,603
  1,760
  1,914
  2,066
  2,214
  2,359
  2,500
  2,638
  2,774
  2,908
  3,041
  3,174
  3,308
  3,443
  3,582
  3,723
  3,870
  4,021
  4,179
  4,343
  4,516
  4,697
Issuance/(repurchase) of shares, $m
  72
  72
  70
  64
  53
  37
  15
  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  
  537
  649
  773
  903
  1,036
  1,171
  1,303
  1,446
  1,603
  1,760
  1,914
  2,066
  2,214
  2,359
  2,500
  2,638
  2,774
  2,908
  3,041
  3,174
  3,308
  3,443
  3,582
  3,723
  3,870
  4,021
  4,179
  4,343
  4,516
  4,697
Total cash flow (excl. dividends), $m
  563
  675
  801
  937
  1,082
  1,234
  1,390
  1,560
  1,754
  1,954
  2,133
  2,343
  2,556
  2,773
  2,994
  3,219
  3,448
  3,681
  3,920
  4,164
  4,415
  4,674
  4,941
  5,216
  5,502
  5,799
  6,107
  6,428
  6,763
  7,113
Retained Cash Flow (-), $m
  -125
  -155
  -189
  -226
  -264
  -305
  -347
  -389
  -431
  -473
  -515
  -556
  -596
  -635
  -673
  -710
  -746
  -782
  -818
  -854
  -890
  -926
  -964
  -1,002
  -1,041
  -1,082
  -1,124
  -1,169
  -1,215
  -1,264
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
  438
  520
  612
  712
  818
  929
  1,043
  1,172
  1,323
  1,480
  1,618
  1,787
  1,961
  2,139
  2,322
  2,509
  2,702
  2,899
  3,102
  3,310
  3,526
  3,748
  3,977
  4,215
  4,461
  4,717
  4,983
  5,260
  5,548
  5,849
Discount rate, %
  9.90
  10.40
  10.91
  11.46
  12.03
  12.64
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.83
  25.02
  26.27
  27.58
  28.96
  30.41
  31.93
  33.52
  35.20
  36.96
  38.81
  40.75
PV of cash for distribution, $m
  398
  426
  448
  461
  463
  455
  436
  413
  387
  355
  312
  273
  234
  195
  158
  126
  97
  73
  53
  38
  26
  18
  11
  7
  4
  3
  1
  1
  0
  0
Current shareholders' claim on cash, %
  94.9
  91.3
  88.8
  87.0
  85.9
  85.3
  85.1
  85.1
  85.1
  85.1
  85.1
  85.1
  85.1
  85.1
  85.1
  85.1
  85.1
  85.1
  85.1
  85.1
  85.1
  85.1
  85.1
  85.1
  85.1
  85.1
  85.1
  85.1
  85.1
  85.1

Mitel Networks Corporation is a provider of business communications and collaboration software, services and solutions. The Company's segments include Cloud and Enterprise. The Enterprise segment sells and supports products and services for premise-based customers. The Cloud segment sells and supports products that are deployed in a cloud environment. The Company's product portfolio includes premises and cloud-based enterprise communications infrastructure products and solutions, unified communications and collaboration (UCC) and contact center applications and a range of service offerings. The Company's Cloud Division offers a range of private, public, hybrid and mobile Software as a Service (SaaS) solutions for businesses of all sizes. This includes Unified Communications as a Service (UCaaS) solutions. Its Enterprise Division portfolio integrates voice, UCC applications, and contact center applications on fixed and mobile networks across a range of end user devices.

FINANCIAL RATIOS  of  Mitel Networks (MITL)

Valuation Ratios
P/E Ratio -6.2
Price to Sales 1.4
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 13.4
Price to Free Cash Flow 16.1
Growth Rates
Sales Growth Rate -3.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.3%
Cap. Spend. - 3 Yr. Gr. Rate 41.5%
Financial Strength
Quick Ratio 2
Current Ratio 0.3
LT Debt to Equity 142.8%
Total Debt to Equity 153%
Interest Coverage 2
Management Effectiveness
Return On Assets -10.5%
Ret/ On Assets - 3 Yr. Avg. -3.6%
Return On Total Capital -19.6%
Ret/ On T. Cap. - 3 Yr. Avg. -7.6%
Return On Equity -43.9%
Return On Equity - 3 Yr. Avg. -16.8%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 53.8%
Gross Margin - 3 Yr. Avg. 53.5%
EBITDA Margin 17.4%
EBITDA Margin - 3 Yr. Avg. 12.1%
Operating Margin 4.9%
Oper. Margin - 3 Yr. Avg. 1.4%
Pre-Tax Margin 3.4%
Pre-Tax Margin - 3 Yr. Avg. 0.6%
Net Profit Margin -22%
Net Profit Margin - 3 Yr. Avg. -8.2%
Effective Tax Rate -2.9%
Eff/ Tax Rate - 3 Yr. Avg. 34.6%
Payout Ratio 0%

MITL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MITL stock intrinsic value calculation we used $1059.1 million for the last fiscal year's total revenue generated by Mitel Networks. The default revenue input number comes from 0001 income statement of Mitel Networks. 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 MITL stock valuation model: a) initial revenue growth rate of 36.1% 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 9.9%, whose default value for MITL is calculated based on our internal credit rating of Mitel Networks, 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 Mitel Networks.
    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 MITL stock the variable cost ratio is equal to 95%.

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 MITL 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 Mitel Networks.

Corporate tax rate of 27% is the nominal tax rate for Mitel Networks. 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 MITL 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 MITL are equal to 37.3%.

Life of production assets of 9.8 years is the average useful life of capital assets used in Mitel Networks 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 MITL is equal to -1.4%. 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 - $345.7 million for Mitel Networks - 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 122.679 million for Mitel Networks 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 Mitel Networks at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ Mitel Networks: 3Q Earnings Snapshot   [05:05AM  Associated Press]
▶ Mitel Reports Third Quarter Results   [Oct-24-18 04:00PM  GlobeNewswire]
▶ IIROC Trade Resumption - MNW   [Sep-20-18 09:43AM  CNW Group]
▶ IIROC Trading Halt - MNW   [09:41AM  CNW Group]
▶ Mitel Reports Second Quarter Results   [Aug-01-18 04:05PM  GlobeNewswire]
▶ [$$] Mitel 'Go-Shop' Period Ends With No New Bids   [Jun-08-18 11:19AM  The Wall Street Journal]
▶ Mitel Networks: 1Q Earnings Snapshot   [08:41AM  Associated Press]
▶ Mitel Reports First Quarter Results   [08:28AM  GlobeNewswire]
▶ Mitel Buyout Latest in Web Calling Mania: Who's Next?   [Apr-24-18 02:00PM  Barrons.com]
▶ Why Mitel Networks Shares Popped Today   [01:41PM  Motley Fool]
▶ [$$] Searchlight to Acquire Mitel for $2 Billion   [12:25PM  The Wall Street Journal]
▶ Mitel Announces New Go-to-Market Strategy   [06:00AM  GlobeNewswire]
▶ Mitel Networks reports 4Q loss   [09:31AM  Associated Press]
▶ Mitel Reports Fourth Quarter Results   [06:30AM  GlobeNewswire]
▶ 9 Global Stocks to Heat Up Your Portfolio   [Feb-20-18 03:22PM  InvestorPlace]
▶ Mitel Outlines Integrated Portfolio for North America   [Jan-29-18 10:00AM  PR Newswire]

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