Intrinsic value of Mercury Systems - MRCY

Previous Close

$41.14

  Intrinsic Value

$1.28

stock screener

  Rating & Target

str. sell

-97%

Previous close

$41.14

 
Intrinsic value

$1.28

 
Up/down potential

-97%

 
Rating

str. sell

We calculate the intrinsic value of MRCY 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 1.7

 

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, %
  51.20
  46.58
  42.42
  38.68
  35.31
  32.28
  29.55
  27.10
  24.89
  22.90
  21.11
  19.50
  18.05
  16.74
  15.57
  14.51
  13.56
  12.70
  11.93
  11.24
  10.62
  10.06
  9.55
  9.09
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
Revenue, $m
  618
  906
  1,291
  1,790
  2,423
  3,205
  4,152
  5,277
  6,590
  8,099
  9,808
  11,721
  13,836
  16,153
  18,668
  21,377
  24,276
  27,360
  30,625
  34,068
  37,685
  41,474
  45,435
  49,567
  53,872
  58,352
  63,011
  67,855
  72,888
  78,119
Variable operating expenses, $m
  532
  757
  1,056
  1,444
  1,936
  2,545
  3,282
  4,158
  5,180
  6,354
  7,634
  9,122
  10,769
  12,572
  14,529
  16,638
  18,894
  21,294
  23,836
  26,515
  29,330
  32,279
  35,362
  38,578
  41,929
  45,416
  49,042
  52,812
  56,729
  60,800
Fixed operating expenses, $m
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
Total operating expenses, $m
  534
  759
  1,058
  1,446
  1,938
  2,547
  3,284
  4,160
  5,182
  6,356
  7,637
  9,125
  10,772
  12,575
  14,532
  16,641
  18,897
  21,297
  23,839
  26,518
  29,333
  32,282
  35,365
  38,581
  41,932
  45,420
  49,046
  52,816
  56,733
  60,804
Operating income, $m
  84
  148
  233
  344
  484
  657
  867
  1,116
  1,407
  1,742
  2,172
  2,596
  3,065
  3,578
  4,136
  4,736
  5,379
  6,063
  6,786
  7,550
  8,351
  9,191
  10,069
  10,985
  11,940
  12,933
  13,966
  15,039
  16,155
  17,315
EBITDA, $m
  215
  315
  450
  625
  846
  1,120
  1,452
  1,846
  2,306
  2,834
  3,433
  4,103
  4,844
  5,656
  6,536
  7,485
  8,501
  9,581
  10,725
  11,931
  13,198
  14,525
  15,912
  17,360
  18,867
  20,437
  22,069
  23,765
  25,529
  27,361
Interest expense (income), $m
  6
  0
  4
  9
  15
  24
  35
  49
  65
  85
  108
  135
  165
  198
  235
  276
  320
  367
  418
  472
  529
  589
  652
  719
  788
  860
  936
  1,014
  1,096
  1,180
  1,269
Earnings before tax, $m
  84
  144
  224
  328
  460
  622
  818
  1,051
  1,322
  1,634
  2,037
  2,431
  2,867
  3,343
  3,860
  4,417
  5,012
  5,645
  6,315
  7,021
  7,762
  8,539
  9,351
  10,197
  11,079
  11,997
  12,952
  13,944
  14,975
  16,046
Tax expense, $m
  23
  39
  61
  89
  124
  168
  221
  284
  357
  441
  550
  656
  774
  903
  1,042
  1,193
  1,353
  1,524
  1,705
  1,896
  2,096
  2,305
  2,525
  2,753
  2,991
  3,239
  3,497
  3,765
  4,043
  4,332
Net income, $m
  61
  105
  164
  240
  336
  454
  597
  767
  965
  1,193
  1,487
  1,775
  2,093
  2,441
  2,818
  3,224
  3,659
  4,121
  4,610
  5,125
  5,666
  6,233
  6,826
  7,444
  8,088
  8,758
  9,455
  10,179
  10,931
  11,714

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
  1,234
  1,809
  2,577
  3,574
  4,835
  6,396
  8,287
  10,532
  13,153
  16,165
  19,578
  23,395
  27,617
  32,241
  37,261
  42,668
  48,455
  54,611
  61,128
  68,000
  75,219
  82,782
  90,688
  98,935
  107,528
  116,471
  125,771
  135,439
  145,485
  155,925
Adjusted assets (=assets-cash), $m
  1,234
  1,809
  2,577
  3,574
  4,835
  6,396
  8,287
  10,532
  13,153
  16,165
  19,578
  23,395
  27,617
  32,241
  37,261
  42,668
  48,455
  54,611
  61,128
  68,000
  75,219
  82,782
  90,688
  98,935
  107,528
  116,471
  125,771
  135,439
  145,485
  155,925
Revenue / Adjusted assets
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
Average production assets, $m
  795
  1,166
  1,660
  2,302
  3,115
  4,121
  5,339
  6,786
  8,475
  10,415
  12,614
  15,073
  17,793
  20,773
  24,007
  27,491
  31,219
  35,185
  39,384
  43,811
  48,462
  53,335
  58,429
  63,743
  69,279
  75,041
  81,033
  87,261
  93,734
  100,461
Working capital, $m
  81
  119
  169
  235
  317
  420
  544
  691
  863
  1,061
  1,285
  1,535
  1,813
  2,116
  2,445
  2,800
  3,180
  3,584
  4,012
  4,463
  4,937
  5,433
  5,952
  6,493
  7,057
  7,644
  8,254
  8,889
  9,548
  10,234
Total debt, $m
  46
  110
  195
  306
  446
  619
  829
  1,078
  1,369
  1,704
  2,082
  2,506
  2,975
  3,488
  4,045
  4,645
  5,288
  5,971
  6,694
  7,457
  8,259
  9,098
  9,976
  10,891
  11,845
  12,838
  13,870
  14,943
  16,058
  17,217
Total liabilities, $m
  137
  201
  286
  397
  537
  710
  920
  1,169
  1,460
  1,794
  2,173
  2,597
  3,066
  3,579
  4,136
  4,736
  5,378
  6,062
  6,785
  7,548
  8,349
  9,189
  10,066
  10,982
  11,936
  12,928
  13,961
  15,034
  16,149
  17,308
Total equity, $m
  1,097
  1,608
  2,291
  3,177
  4,299
  5,686
  7,367
  9,363
  11,693
  14,371
  17,405
  20,798
  24,552
  28,663
  33,125
  37,932
  43,076
  48,549
  54,343
  60,452
  66,870
  73,593
  80,621
  87,954
  95,593
  103,543
  111,811
  120,405
  129,336
  138,618
Total liabilities and equity, $m
  1,234
  1,809
  2,577
  3,574
  4,836
  6,396
  8,287
  10,532
  13,153
  16,165
  19,578
  23,395
  27,618
  32,242
  37,261
  42,668
  48,454
  54,611
  61,128
  68,000
  75,219
  82,782
  90,687
  98,936
  107,529
  116,471
  125,772
  135,439
  145,485
  155,926
Debt-to-equity ratio
  0.040
  0.070
  0.090
  0.100
  0.100
  0.110
  0.110
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
Adjusted equity ratio
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  61
  105
  164
  240
  336
  454
  597
  767
  965
  1,193
  1,487
  1,775
  2,093
  2,441
  2,818
  3,224
  3,659
  4,121
  4,610
  5,125
  5,666
  6,233
  6,826
  7,444
  8,088
  8,758
  9,455
  10,179
  10,931
  11,714
Depreciation, amort., depletion, $m
  131
  168
  217
  281
  363
  463
  585
  730
  898
  1,093
  1,261
  1,507
  1,779
  2,077
  2,401
  2,749
  3,122
  3,518
  3,938
  4,381
  4,846
  5,334
  5,843
  6,374
  6,928
  7,504
  8,103
  8,726
  9,373
  10,046
Funds from operations, $m
  192
  273
  381
  521
  698
  917
  1,182
  1,497
  1,864
  2,285
  2,749
  3,282
  3,872
  4,518
  5,219
  5,973
  6,781
  7,639
  8,548
  9,506
  10,513
  11,567
  12,669
  13,818
  15,016
  16,262
  17,558
  18,905
  20,305
  21,760
Change in working capital, $m
  27
  38
  50
  65
  83
  102
  124
  147
  172
  198
  224
  251
  277
  303
  329
  355
  380
  404
  428
  451
  474
  496
  519
  541
  564
  587
  610
  634
  659
  685
Cash from operations, $m
  164
  235
  330
  455
  615
  815
  1,058
  1,349
  1,692
  2,088
  2,525
  3,032
  3,595
  4,214
  4,889
  5,618
  6,401
  7,235
  8,120
  9,055
  10,039
  11,071
  12,150
  13,277
  14,452
  15,675
  16,947
  18,270
  19,646
  21,074
Maintenance CAPEX, $m
  -53
  -80
  -117
  -166
  -230
  -312
  -412
  -534
  -679
  -847
  -1,042
  -1,261
  -1,507
  -1,779
  -2,077
  -2,401
  -2,749
  -3,122
  -3,518
  -3,938
  -4,381
  -4,846
  -5,334
  -5,843
  -6,374
  -6,928
  -7,504
  -8,103
  -8,726
  -9,373
New CAPEX, $m
  -270
  -370
  -495
  -642
  -813
  -1,006
  -1,218
  -1,447
  -1,689
  -1,941
  -2,199
  -2,459
  -2,720
  -2,979
  -3,234
  -3,484
  -3,728
  -3,966
  -4,199
  -4,427
  -4,651
  -4,873
  -5,093
  -5,314
  -5,536
  -5,762
  -5,992
  -6,229
  -6,473
  -6,726
Cash from investing activities, $m
  -323
  -450
  -612
  -808
  -1,043
  -1,318
  -1,630
  -1,981
  -2,368
  -2,788
  -3,241
  -3,720
  -4,227
  -4,758
  -5,311
  -5,885
  -6,477
  -7,088
  -7,717
  -8,365
  -9,032
  -9,719
  -10,427
  -11,157
  -11,910
  -12,690
  -13,496
  -14,332
  -15,199
  -16,099
Free cash flow, $m
  -158
  -215
  -281
  -353
  -428
  -503
  -572
  -631
  -676
  -701
  -715
  -689
  -633
  -544
  -422
  -266
  -76
  147
  403
  690
  1,006
  1,351
  1,723
  2,120
  2,541
  2,985
  3,451
  3,939
  4,446
  4,975
Issuance/(repayment) of debt, $m
  46
  64
  85
  111
  140
  173
  210
  249
  291
  334
  379
  424
  469
  513
  557
  600
  642
  683
  723
  763
  801
  840
  878
  916
  954
  993
  1,032
  1,073
  1,115
  1,159
Issuance/(repurchase) of shares, $m
  311
  406
  519
  646
  786
  934
  1,083
  1,229
  1,365
  1,485
  1,546
  1,619
  1,661
  1,670
  1,645
  1,583
  1,485
  1,352
  1,184
  984
  752
  490
  202
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  357
  470
  604
  757
  926
  1,107
  1,293
  1,478
  1,656
  1,819
  1,925
  2,043
  2,130
  2,183
  2,202
  2,183
  2,127
  2,035
  1,907
  1,747
  1,553
  1,330
  1,080
  916
  954
  993
  1,032
  1,073
  1,115
  1,159
Total cash flow (excl. dividends), $m
  199
  255
  323
  404
  498
  604
  721
  847
  980
  1,119
  1,210
  1,353
  1,497
  1,639
  1,780
  1,917
  2,051
  2,182
  2,311
  2,436
  2,559
  2,681
  2,803
  3,036
  3,495
  3,978
  4,484
  5,012
  5,562
  6,133
Retained Cash Flow (-), $m
  -372
  -511
  -682
  -886
  -1,122
  -1,388
  -1,680
  -1,996
  -2,330
  -2,678
  -3,034
  -3,394
  -3,754
  -4,111
  -4,462
  -4,807
  -5,144
  -5,473
  -5,794
  -6,109
  -6,418
  -6,724
  -7,028
  -7,332
  -7,639
  -7,950
  -8,268
  -8,594
  -8,931
  -9,281
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
  23
  34
  49
  68
  92
  122
  158
  201
  250
  308
  373
  445
  526
  614
  709
  812
  922
  1,040
  1,164
  1,295
  1,432
  1,576
  1,727
  1,884
  2,047
  2,217
  2,394
  2,578
  2,770
Cash available for distribution, $m
  -173
  -256
  -359
  -482
  -623
  -783
  -959
  -1,149
  -1,350
  -1,559
  -1,824
  -2,040
  -2,257
  -2,472
  -2,683
  -2,890
  -3,093
  -3,290
  -3,483
  -3,673
  -3,859
  -4,043
  -4,225
  -4,297
  -4,144
  -3,972
  -3,784
  -3,583
  -3,370
  -3,148
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
  -166
  -235
  -313
  -397
  -483
  -568
  -648
  -718
  -776
  -817
  -866
  -871
  -858
  -830
  -788
  -734
  -673
  -606
  -536
  -467
  -399
  -335
  -277
  -219
  -161
  -116
  -81
  -55
  -37
  -24
Current shareholders' claim on cash, %
  84.7
  73.4
  64.6
  57.8
  52.3
  48.0
  44.4
  41.5
  39.1
  37.1
  35.5
  34.2
  33.1
  32.2
  31.4
  30.8
  30.3
  29.9
  29.6
  29.4
  29.2
  29.1
  29.1
  29.1
  29.1
  29.1
  29.1
  29.1
  29.1
  29.1

Mercury Systems, Inc. is a commercial provider of secure processing subsystems designed and made in the United States. The Company's solutions support a range of defense and intelligence programs. Its technologies include embedded processing modules and subsystems, radio frequency (RF) and microwave multi-function assemblies, as well as subsystems, and RF and microwave components. It designs and builds RF and microwave components and subsystems for the electronic warfare (EW), signals intelligence (SIGINT) and other communications requirements and applications. It offers analyst services and systems engineering support, consulting, maintenance and other support, testing and installation. It designs, markets and sells software and middleware environments for the development and execution of signal and image processing applications on a range of heterogeneous and multi-computing platforms. It also offers solutions in mission computing, safety-critical avionics and platform management.

FINANCIAL RATIOS  of  Mercury Systems (MRCY)

Valuation Ratios
P/E Ratio 76.2
Price to Sales 4.7
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 32.3
Price to Free Cash Flow 73.3
Growth Rates
Sales Growth Rate 51.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 312.5%
Cap. Spend. - 3 Yr. Gr. Rate 36.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 6
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3.5%
Return On Equity 4.2%
Return On Equity - 3 Yr. Avg. 4%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 46.9%
Gross Margin - 3 Yr. Avg. 47.6%
EBITDA Margin 16.9%
EBITDA Margin - 3 Yr. Avg. 15.5%
Operating Margin 9.3%
Oper. Margin - 3 Yr. Avg. 8.8%
Pre-Tax Margin 7.6%
Pre-Tax Margin - 3 Yr. Avg. 8.3%
Net Profit Margin 6.1%
Net Profit Margin - 3 Yr. Avg. 5.9%
Effective Tax Rate 19.4%
Eff/ Tax Rate - 3 Yr. Avg. 21.9%
Payout Ratio 0%

MRCY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MRCY stock intrinsic value calculation we used $409 million for the last fiscal year's total revenue generated by Mercury Systems. The default revenue input number comes from 2017 income statement of Mercury Systems. 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 MRCY stock valuation model: a) initial revenue growth rate of 51.2% 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 MRCY is calculated based on our internal credit rating of Mercury Systems, 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 Mercury Systems.
    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 MRCY stock the variable cost ratio is equal to 90.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2 million in the base year in the intrinsic value calculation for MRCY 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 7.9% for Mercury Systems.

Corporate tax rate of 27% is the nominal tax rate for Mercury Systems. 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 MRCY stock is equal to 3.8%.

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 MRCY are equal to 128.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Mercury Systems 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 MRCY is equal to 13.1%. 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 - $725 million for Mercury Systems - 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 42 million for Mercury Systems 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 Mercury Systems at the current share price and the inputted number of shares is $1.7 billion.

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COMPANY NEWS

▶ Gabelli & Companys Aerospace & Defense Conference   [Jun-28-18 07:30AM  Business Wire]
▶ Mercury Systems Receives $10.8M Order for Rugged Servers   [May-03-18 04:15PM  GlobeNewswire]
▶ Mercury Systems: Fiscal 3Q Earnings Snapshot   [Apr-24-18 04:17PM  Associated Press]
▶ Mercury Systems Q3 Earnings Outlook   [07:25AM  Benzinga]
▶ Mercury Systems Launches Latest Intel-based Rugged XMC   [Feb-15-18 04:15PM  GlobeNewswire]
▶ Mercury Systems misses 2Q profit forecasts   [Jan-23-18 04:11PM  Associated Press]
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