Intrinsic value of MiX Telematics ADR - MIXT

Previous Close

$17.64

  Intrinsic Value

$8.84

stock screener

  Rating & Target

sell

-50%

Previous close

$17.64

 
Intrinsic value

$8.84

 
Up/down potential

-50%

 
Rating

sell

We calculate the intrinsic value of MIXT 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 14.1

 

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, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  2,464
  3,807
  5,693
  8,261
  11,654
  16,022
  21,506
  28,239
  36,337
  45,897
  56,993
  69,680
  83,987
  99,928
  117,498
  136,679
  157,442
  179,756
  203,583
  228,887
  255,637
  283,803
  313,364
  344,308
  376,629
  410,331
  445,429
  481,947
  519,916
  559,381
Variable operating expenses, $m
  2,179
  3,319
  4,920
  7,099
  9,980
  13,687
  18,341
  24,056
  30,928
  39,042
  48,372
  59,139
  71,282
  84,812
  99,724
  116,003
  133,626
  152,564
  172,786
  194,263
  216,966
  240,871
  265,961
  292,224
  319,655
  348,259
  378,048
  409,041
  441,267
  474,762
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
  2,179
  3,319
  4,920
  7,099
  9,980
  13,687
  18,341
  24,056
  30,928
  39,042
  48,372
  59,139
  71,282
  84,812
  99,724
  116,003
  133,626
  152,564
  172,786
  194,263
  216,966
  240,871
  265,961
  292,224
  319,655
  348,259
  378,048
  409,041
  441,267
  474,762
Operating income, $m
  285
  488
  773
  1,161
  1,675
  2,336
  3,165
  4,184
  5,409
  6,855
  8,622
  10,541
  12,705
  15,116
  17,774
  20,676
  23,817
  27,192
  30,796
  34,624
  38,671
  42,932
  47,403
  52,084
  56,974
  62,072
  67,381
  72,905
  78,649
  84,619
EBITDA, $m
  473
  730
  1,092
  1,585
  2,236
  3,074
  4,126
  5,418
  6,972
  8,806
  10,935
  13,370
  16,115
  19,174
  22,545
  26,225
  30,209
  34,490
  39,062
  43,917
  49,050
  54,454
  60,126
  66,063
  72,265
  78,731
  85,466
  92,472
  99,758
  107,330
Interest expense (income), $m
  0
  0
  147
  360
  659
  1,065
  1,603
  2,296
  3,165
  4,232
  5,515
  7,030
  8,789
  10,799
  13,067
  15,593
  18,378
  21,418
  24,709
  28,245
  32,021
  36,032
  40,271
  44,735
  49,420
  54,324
  59,447
  64,788
  70,350
  76,138
  82,156
Earnings before tax, $m
  285
  341
  413
  503
  609
  732
  870
  1,019
  1,177
  1,340
  1,591
  1,752
  1,906
  2,049
  2,181
  2,298
  2,399
  2,484
  2,552
  2,603
  2,639
  2,661
  2,669
  2,664
  2,649
  2,625
  2,593
  2,555
  2,511
  2,463
Tax expense, $m
  77
  92
  112
  136
  165
  198
  235
  275
  318
  362
  430
  473
  514
  553
  589
  620
  648
  671
  689
  703
  713
  718
  720
  719
  715
  709
  700
  690
  678
  665
Net income, $m
  208
  249
  302
  367
  445
  535
  635
  744
  859
  978
  1,162
  1,279
  1,391
  1,496
  1,592
  1,677
  1,751
  1,813
  1,863
  1,900
  1,927
  1,942
  1,948
  1,945
  1,934
  1,916
  1,893
  1,865
  1,833
  1,798

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
  3,009
  4,648
  6,951
  10,086
  14,230
  19,563
  26,259
  34,480
  44,368
  56,040
  69,589
  85,079
  102,549
  122,013
  143,465
  166,885
  192,237
  219,482
  248,575
  279,472
  312,133
  346,524
  382,618
  420,401
  459,864
  501,015
  543,870
  588,457
  634,818
  683,005
Adjusted assets (=assets-cash), $m
  3,009
  4,648
  6,951
  10,086
  14,230
  19,563
  26,259
  34,480
  44,368
  56,040
  69,589
  85,079
  102,549
  122,013
  143,465
  166,885
  192,237
  219,482
  248,575
  279,472
  312,133
  346,524
  382,618
  420,401
  459,864
  501,015
  543,870
  588,457
  634,818
  683,005
Revenue / Adjusted assets
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
Average production assets, $m
  1,000
  1,546
  2,311
  3,354
  4,732
  6,505
  8,732
  11,465
  14,753
  18,634
  23,139
  28,290
  34,099
  40,571
  47,704
  55,491
  63,922
  72,981
  82,655
  92,928
  103,789
  115,224
  127,226
  139,789
  152,911
  166,594
  180,844
  195,670
  211,086
  227,109
Working capital, $m
  -453
  -700
  -1,048
  -1,520
  -2,144
  -2,948
  -3,957
  -5,196
  -6,686
  -8,445
  -10,487
  -12,821
  -15,454
  -18,387
  -21,620
  -25,149
  -28,969
  -33,075
  -37,459
  -42,115
  -47,037
  -52,220
  -57,659
  -63,353
  -69,300
  -75,501
  -81,959
  -88,678
  -95,665
  -102,926
Total debt, $m
  267
  654
  1,197
  1,937
  2,915
  4,174
  5,754
  7,694
  10,028
  12,782
  15,980
  19,635
  23,758
  28,352
  33,415
  38,942
  44,925
  51,354
  58,220
  65,512
  73,220
  81,336
  89,855
  98,771
  108,085
  117,796
  127,910
  138,433
  149,374
  160,746
Total liabilities, $m
  710
  1,097
  1,641
  2,380
  3,358
  4,617
  6,197
  8,137
  10,471
  13,225
  16,423
  20,079
  24,202
  28,795
  33,858
  39,385
  45,368
  51,798
  58,664
  65,955
  73,663
  81,780
  90,298
  99,215
  108,528
  118,239
  128,353
  138,876
  149,817
  161,189
Total equity, $m
  2,299
  3,551
  5,311
  7,706
  10,872
  14,946
  20,062
  26,343
  33,897
  42,814
  53,166
  65,000
  78,347
  93,218
  109,608
  127,500
  146,869
  167,684
  189,911
  213,516
  238,469
  264,744
  292,320
  321,186
  351,336
  382,775
  415,516
  449,581
  485,001
  521,816
Total liabilities and equity, $m
  3,009
  4,648
  6,952
  10,086
  14,230
  19,563
  26,259
  34,480
  44,368
  56,039
  69,589
  85,079
  102,549
  122,013
  143,466
  166,885
  192,237
  219,482
  248,575
  279,471
  312,132
  346,524
  382,618
  420,401
  459,864
  501,014
  543,869
  588,457
  634,818
  683,005
Debt-to-equity ratio
  0.120
  0.180
  0.230
  0.250
  0.270
  0.280
  0.290
  0.290
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
Adjusted equity ratio
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  208
  249
  302
  367
  445
  535
  635
  744
  859
  978
  1,162
  1,279
  1,391
  1,496
  1,592
  1,677
  1,751
  1,813
  1,863
  1,900
  1,927
  1,942
  1,948
  1,945
  1,934
  1,916
  1,893
  1,865
  1,833
  1,798
Depreciation, amort., depletion, $m
  188
  243
  319
  424
  561
  739
  961
  1,235
  1,563
  1,952
  2,314
  2,829
  3,410
  4,057
  4,770
  5,549
  6,392
  7,298
  8,265
  9,293
  10,379
  11,522
  12,723
  13,979
  15,291
  16,659
  18,084
  19,567
  21,109
  22,711
Funds from operations, $m
  396
  492
  621
  791
  1,006
  1,273
  1,596
  1,979
  2,423
  2,929
  3,476
  4,108
  4,801
  5,553
  6,362
  7,226
  8,143
  9,111
  10,128
  11,193
  12,305
  13,465
  14,671
  15,924
  17,225
  18,576
  19,978
  21,432
  22,942
  24,509
Change in working capital, $m
  -170
  -247
  -347
  -472
  -624
  -804
  -1,009
  -1,239
  -1,490
  -1,759
  -2,042
  -2,334
  -2,633
  -2,933
  -3,233
  -3,529
  -3,821
  -4,106
  -4,384
  -4,656
  -4,922
  -5,183
  -5,439
  -5,694
  -5,947
  -6,201
  -6,458
  -6,719
  -6,986
  -7,261
Cash from operations, $m
  566
  739
  968
  1,263
  1,631
  2,077
  2,605
  3,217
  3,913
  4,688
  5,517
  6,442
  7,434
  8,486
  9,595
  10,756
  11,964
  13,217
  14,512
  15,849
  17,227
  18,647
  20,110
  21,617
  23,172
  24,777
  26,436
  28,151
  29,928
  31,771
Maintenance CAPEX, $m
  -62
  -100
  -155
  -231
  -335
  -473
  -650
  -873
  -1,147
  -1,475
  -1,863
  -2,314
  -2,829
  -3,410
  -4,057
  -4,770
  -5,549
  -6,392
  -7,298
  -8,265
  -9,293
  -10,379
  -11,522
  -12,723
  -13,979
  -15,291
  -16,659
  -18,084
  -19,567
  -21,109
New CAPEX, $m
  -375
  -545
  -766
  -1,042
  -1,378
  -1,773
  -2,227
  -2,734
  -3,288
  -3,881
  -4,505
  -5,151
  -5,809
  -6,472
  -7,133
  -7,787
  -8,430
  -9,059
  -9,674
  -10,274
  -10,860
  -11,435
  -12,002
  -12,563
  -13,122
  -13,683
  -14,250
  -14,826
  -15,416
  -16,023
Cash from investing activities, $m
  -437
  -645
  -921
  -1,273
  -1,713
  -2,246
  -2,877
  -3,607
  -4,435
  -5,356
  -6,368
  -7,465
  -8,638
  -9,882
  -11,190
  -12,557
  -13,979
  -15,451
  -16,972
  -18,539
  -20,153
  -21,814
  -23,524
  -25,286
  -27,101
  -28,974
  -30,909
  -32,910
  -34,983
  -37,132
Free cash flow, $m
  128
  93
  48
  -10
  -83
  -170
  -272
  -389
  -522
  -668
  -851
  -1,023
  -1,204
  -1,396
  -1,595
  -1,802
  -2,015
  -2,235
  -2,460
  -2,690
  -2,926
  -3,167
  -3,414
  -3,668
  -3,929
  -4,197
  -4,474
  -4,759
  -5,055
  -5,361
Issuance/(repayment) of debt, $m
  267
  387
  544
  740
  978
  1,259
  1,580
  1,940
  2,333
  2,755
  3,198
  3,656
  4,123
  4,594
  5,063
  5,527
  5,983
  6,430
  6,866
  7,292
  7,708
  8,116
  8,518
  8,917
  9,313
  9,712
  10,114
  10,523
  10,941
  11,372
Issuance/(repurchase) of shares, $m
  655
  1,004
  1,458
  2,028
  2,721
  3,540
  4,481
  5,537
  6,695
  7,940
  9,190
  10,556
  11,956
  13,374
  14,798
  16,215
  17,618
  19,002
  20,364
  21,705
  23,026
  24,332
  25,628
  26,921
  28,216
  29,523
  30,848
  32,200
  33,587
  35,016
Cash from financing (excl. dividends), $m  
  922
  1,391
  2,002
  2,768
  3,699
  4,799
  6,061
  7,477
  9,028
  10,695
  12,388
  14,212
  16,079
  17,968
  19,861
  21,742
  23,601
  25,432
  27,230
  28,997
  30,734
  32,448
  34,146
  35,838
  37,529
  39,235
  40,962
  42,723
  44,528
  46,388
Total cash flow (excl. dividends), $m
  1,049
  1,484
  2,049
  2,757
  3,616
  4,629
  5,790
  7,088
  8,507
  10,026
  11,536
  13,189
  14,874
  16,572
  18,265
  19,940
  21,586
  23,197
  24,771
  26,307
  27,809
  29,282
  30,732
  32,169
  33,601
  35,037
  36,488
  37,963
  39,473
  41,027
Retained Cash Flow (-), $m
  -862
  -1,253
  -1,760
  -2,395
  -3,166
  -4,074
  -5,116
  -6,281
  -7,554
  -8,918
  -10,351
  -11,834
  -13,347
  -14,871
  -16,390
  -17,892
  -19,369
  -20,815
  -22,227
  -23,605
  -24,953
  -26,275
  -27,576
  -28,866
  -30,150
  -31,439
  -32,741
  -34,065
  -35,420
  -36,814
Prev. year cash balance distribution, $m
  8
  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
  195
  232
  290
  362
  451
  554
  674
  807
  953
  1,109
  1,185
  1,354
  1,527
  1,702
  1,876
  2,048
  2,217
  2,382
  2,544
  2,701
  2,856
  3,007
  3,156
  3,303
  3,450
  3,598
  3,747
  3,898
  4,054
  4,213
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
  187
  212
  252
  298
  349
  402
  455
  504
  547
  581
  563
  578
  581
  571
  551
  520
  482
  439
  392
  343
  295
  249
  207
  168
  134
  105
  80
  60
  44
  32
Current shareholders' claim on cash, %
  95.5
  91.4
  87.8
  84.5
  81.5
  78.9
  76.5
  74.4
  72.5
  70.8
  69.3
  67.9
  66.7
  65.5
  64.5
  63.5
  62.6
  61.8
  61.0
  60.3
  59.7
  59.1
  58.5
  57.9
  57.4
  56.9
  56.5
  56.0
  55.6
  55.2

MiX Telematics Limited is a South Africa-based provider of fleet and mobile asset management solutions delivered as Software-as-a-Service (SaaS) to customers. The Company's operating segments include Africa, Europe, Americas, Middle East and Australasia, Brazil and Central Services Organization. The Company's products and services provide enterprise fleets, small fleets and consumers with solutions for safety, risk management and security. The Company's solutions include MiX Fleet Manager, which consists of an on-board computer, an online tracking and information portal, as well as access to fleet and driver reports and analytics; MiX SafeDrive provides In-Vehicle Monitoring Systems (IVMS) that monitor driver performance, identify unsafe behaviors and provide audible alerts; Matrix is focused on personal safety and consumer telematics through vehicle tracking-and-recovery products and services, and Beam-e, which is a wireless device that fits into vehicles, motorbikes or caravan.

FINANCIAL RATIOS  of  MiX Telematics ADR (MIXT)

Valuation Ratios
P/E Ratio 1104.3
Price to Sales 85.7
Price to Book 91.2
Price to Tangible Book
Price to Cash Flow 414.1
Price to Free Cash Flow 993.9
Growth Rates
Sales Growth Rate 4.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.7%
Cap. Spend. - 3 Yr. Gr. Rate 18.5%
Financial Strength
Quick Ratio 28
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 5.6%
Ret/ On Assets - 3 Yr. Avg. 6.9%
Return On Total Capital 7%
Ret/ On T. Cap. - 3 Yr. Avg. 8.3%
Return On Equity 7.1%
Return On Equity - 3 Yr. Avg. 8.4%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 68.1%
Gross Margin - 3 Yr. Avg. 68.4%
EBITDA Margin 18.1%
EBITDA Margin - 3 Yr. Avg. 23.6%
Operating Margin 8.6%
Oper. Margin - 3 Yr. Avg. 9.7%
Pre-Tax Margin 9.5%
Pre-Tax Margin - 3 Yr. Avg. 15.2%
Net Profit Margin 7.8%
Net Profit Margin - 3 Yr. Avg. 10.3%
Effective Tax Rate 18.2%
Eff/ Tax Rate - 3 Yr. Avg. 29.9%
Payout Ratio 44.4%

MIXT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MIXT stock intrinsic value calculation we used $1540 million for the last fiscal year's total revenue generated by MiX Telematics ADR. The default revenue input number comes from 2017 income statement of MiX Telematics 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 MIXT stock valuation model: a) initial revenue growth rate of 60% 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 MIXT is calculated based on our internal credit rating of MiX Telematics 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 MiX Telematics 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 MIXT stock the variable cost ratio is equal to 90.6%.

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 MIXT 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 55% for MiX Telematics ADR.

Corporate tax rate of 27% is the nominal tax rate for MiX Telematics 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 MIXT 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 MIXT are equal to 40.6%.

Life of production assets of 10 years is the average useful life of capital assets used in MiX Telematics 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 MIXT is equal to -18.4%. 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 - $1444 million for MiX Telematics 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 799 million for MiX Telematics 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 MiX Telematics ADR at the current share price and the inputted number of shares is $14.1 billion.

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COMPANY NEWS

▶ MiX Telematics Introduces MiX Integrate   [Jun-05-18 08:00AM  PR Newswire]
▶ MiX Telematics to Present at Upcoming Investor Conferences   [Jul-26-17 09:00AM  Business Wire]
▶ Tech Slide Makes These 5 Value Stocks Must-Buys   [Jun-13-17 02:14PM  Zacks]
▶ 5 Breakout Stocks Offering Stupendous Returns   [Jun-05-17 08:56AM  Zacks]
▶ 5 of the Best Stocks Under $10 for 2017   [Mar-02-17 01:42PM  Zacks]
▶ MiX Telematics Appoints Interim Chief Financial Officer   [Feb-02-17 06:05AM  Business Wire]
▶ How Limelight Networks, Inc. (LLNW) Stacks Up Against Its Peers   [Dec-12-16 08:19PM  at Insider Monkey]
▶ MiX Telematics Announces Changes to the Board of Directors   [Oct-03-16 09:00AM  Business Wire]
▶ MiX Telematics to Hold Analyst and Investor Day   [Aug-29-16 04:15PM  Business Wire]
▶ MiX Telematics Announces Results of General Meeting   [Aug-01-16 12:45PM  Business Wire]
▶ MiX Telematics to Present at Upcoming Investor Conferences   [Jul-27-16 04:15PM  Business Wire]
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