Intrinsic value of Motorola Solutions - MSI

Previous Close

$90.00

  Intrinsic Value

$17.15

stock screener

  Rating & Target

str. sell

-81%

Previous close

$90.00

 
Intrinsic value

$17.15

 
Up/down potential

-81%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of MSI 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 2016), $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 14.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.02
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
Revenue, $m
  6,038
  6,322
  6,621
  6,936
  7,267
  7,616
  7,984
  8,370
  8,777
  9,204
  9,654
  10,126
  10,623
  11,145
  11,694
  12,271
  12,877
  13,513
  14,182
  14,885
  15,623
  16,399
  17,213
  18,069
  18,967
  19,911
  20,903
  21,944
  23,037
  24,185
  25,391
Variable operating expenses, $m
 
  4,972
  5,204
  5,448
  5,705
  5,975
  6,260
  6,559
  6,874
  7,206
  7,554
  7,847
  8,232
  8,637
  9,062
  9,509
  9,979
  10,472
  10,990
  11,535
  12,107
  12,708
  13,339
  14,002
  14,699
  15,430
  16,198
  17,005
  17,852
  18,742
  19,677
Fixed operating expenses, $m
 
  236
  242
  248
  254
  260
  267
  273
  280
  287
  294
  302
  309
  317
  325
  333
  341
  350
  359
  368
  377
  386
  396
  406
  416
  426
  437
  448
  459
  471
  482
Total operating expenses, $m
  4,977
  5,208
  5,446
  5,696
  5,959
  6,235
  6,527
  6,832
  7,154
  7,493
  7,848
  8,149
  8,541
  8,954
  9,387
  9,842
  10,320
  10,822
  11,349
  11,903
  12,484
  13,094
  13,735
  14,408
  15,115
  15,856
  16,635
  17,453
  18,311
  19,213
  20,159
Operating income, $m
  1,061
  1,114
  1,176
  1,240
  1,309
  1,381
  1,457
  1,538
  1,622
  1,711
  1,805
  1,977
  2,081
  2,191
  2,307
  2,429
  2,557
  2,691
  2,833
  2,982
  3,139
  3,304
  3,478
  3,661
  3,853
  4,055
  4,267
  4,491
  4,725
  4,972
  5,232
EBITDA, $m
  1,356
  1,388
  1,459
  1,534
  1,613
  1,696
  1,784
  1,876
  1,974
  2,077
  2,185
  2,299
  2,419
  2,546
  2,679
  2,819
  2,966
  3,121
  3,284
  3,455
  3,636
  3,826
  4,025
  4,235
  4,456
  4,688
  4,932
  5,188
  5,458
  5,741
  6,039
Interest expense (income), $m
  191
  193
  85
  100
  115
  131
  148
  166
  184
  204
  225
  247
  269
  294
  319
  345
  373
  403
  434
  466
  500
  536
  573
  613
  654
  698
  744
  792
  842
  895
  951
Earnings before tax, $m
  844
  921
  1,091
  1,141
  1,194
  1,250
  1,309
  1,372
  1,438
  1,507
  1,581
  1,731
  1,812
  1,898
  1,988
  2,083
  2,183
  2,289
  2,399
  2,516
  2,639
  2,768
  2,905
  3,048
  3,198
  3,357
  3,523
  3,699
  3,883
  4,077
  4,281
Tax expense, $m
  282
  249
  294
  308
  322
  338
  354
  370
  388
  407
  427
  467
  489
  512
  537
  562
  589
  618
  648
  679
  713
  747
  784
  823
  864
  906
  951
  999
  1,048
  1,101
  1,156
Net income, $m
  560
  672
  796
  833
  872
  913
  956
  1,002
  1,050
  1,100
  1,154
  1,263
  1,323
  1,385
  1,451
  1,521
  1,594
  1,671
  1,752
  1,837
  1,927
  2,021
  2,120
  2,225
  2,335
  2,450
  2,572
  2,700
  2,835
  2,976
  3,125

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,076
  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
  8,463
  7,738
  8,104
  8,489
  8,895
  9,322
  9,772
  10,245
  10,743
  11,266
  11,816
  12,395
  13,003
  13,642
  14,313
  15,019
  15,761
  16,540
  17,359
  18,219
  19,123
  20,072
  21,069
  22,116
  23,216
  24,371
  25,584
  26,859
  28,197
  29,602
  31,078
Adjusted assets (=assets-cash), $m
  7,387
  7,738
  8,104
  8,489
  8,895
  9,322
  9,772
  10,245
  10,743
  11,266
  11,816
  12,395
  13,003
  13,642
  14,313
  15,019
  15,761
  16,540
  17,359
  18,219
  19,123
  20,072
  21,069
  22,116
  23,216
  24,371
  25,584
  26,859
  28,197
  29,602
  31,078
Revenue / Adjusted assets
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
Average production assets, $m
  1,073
  1,125
  1,179
  1,235
  1,294
  1,356
  1,421
  1,490
  1,562
  1,638
  1,718
  1,802
  1,891
  1,984
  2,082
  2,184
  2,292
  2,405
  2,524
  2,650
  2,781
  2,919
  3,064
  3,216
  3,376
  3,544
  3,721
  3,906
  4,101
  4,305
  4,520
Working capital, $m
  800
  -284
  -298
  -312
  -327
  -343
  -359
  -377
  -395
  -414
  -434
  -456
  -478
  -502
  -526
  -552
  -579
  -608
  -638
  -670
  -703
  -738
  -775
  -813
  -854
  -896
  -941
  -987
  -1,037
  -1,088
  -1,143
Total debt, $m
  4,396
  1,933
  2,262
  2,609
  2,975
  3,359
  3,764
  4,190
  4,637
  5,108
  5,603
  6,124
  6,671
  7,247
  7,851
  8,486
  9,154
  9,855
  10,592
  11,366
  12,179
  13,034
  13,931
  14,873
  15,863
  16,903
  17,995
  19,142
  20,346
  21,611
  22,940
Total liabilities, $m
  9,427
  6,964
  7,293
  7,640
  8,006
  8,390
  8,795
  9,221
  9,668
  10,139
  10,634
  11,155
  11,702
  12,278
  12,882
  13,517
  14,185
  14,886
  15,623
  16,397
  17,210
  18,065
  18,962
  19,904
  20,894
  21,934
  23,026
  24,173
  25,377
  26,642
  27,971
Total equity, $m
  -964
  774
  810
  849
  890
  932
  977
  1,025
  1,074
  1,127
  1,182
  1,239
  1,300
  1,364
  1,431
  1,502
  1,576
  1,654
  1,736
  1,822
  1,912
  2,007
  2,107
  2,212
  2,322
  2,437
  2,558
  2,686
  2,820
  2,960
  3,108
Total liabilities and equity, $m
  8,463
  7,738
  8,103
  8,489
  8,896
  9,322
  9,772
  10,246
  10,742
  11,266
  11,816
  12,394
  13,002
  13,642
  14,313
  15,019
  15,761
  16,540
  17,359
  18,219
  19,122
  20,072
  21,069
  22,116
  23,216
  24,371
  25,584
  26,859
  28,197
  29,602
  31,079
Debt-to-equity ratio
  -4.560
  2.500
  2.790
  3.070
  3.340
  3.600
  3.850
  4.090
  4.320
  4.530
  4.740
  4.940
  5.130
  5.310
  5.490
  5.650
  5.810
  5.960
  6.100
  6.240
  6.370
  6.490
  6.610
  6.730
  6.830
  6.940
  7.030
  7.130
  7.220
  7.300
  7.380
Adjusted equity ratio
  -0.276
  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
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  560
  672
  796
  833
  872
  913
  956
  1,002
  1,050
  1,100
  1,154
  1,263
  1,323
  1,385
  1,451
  1,521
  1,594
  1,671
  1,752
  1,837
  1,927
  2,021
  2,120
  2,225
  2,335
  2,450
  2,572
  2,700
  2,835
  2,976
  3,125
Depreciation, amort., depletion, $m
  295
  274
  283
  293
  304
  315
  327
  339
  352
  365
  380
  322
  338
  354
  372
  390
  409
  430
  451
  473
  497
  521
  547
  574
  603
  633
  664
  697
  732
  769
  807
Funds from operations, $m
  1,104
  946
  1,079
  1,126
  1,175
  1,228
  1,282
  1,340
  1,401
  1,466
  1,534
  1,585
  1,660
  1,740
  1,823
  1,911
  2,003
  2,100
  2,202
  2,310
  2,423
  2,542
  2,667
  2,799
  2,938
  3,083
  3,237
  3,398
  3,567
  3,745
  3,932
Change in working capital, $m
  -61
  -13
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -40
  -42
  -45
  -47
  -49
  -52
  -54
Cash from operations, $m
  1,165
  959
  1,093
  1,140
  1,190
  1,243
  1,299
  1,358
  1,420
  1,485
  1,554
  1,607
  1,683
  1,763
  1,848
  1,937
  2,030
  2,129
  2,233
  2,342
  2,456
  2,577
  2,704
  2,838
  2,978
  3,126
  3,281
  3,444
  3,616
  3,797
  3,987
Maintenance CAPEX, $m
  0
  -192
  -201
  -210
  -220
  -231
  -242
  -254
  -266
  -279
  -293
  -307
  -322
  -338
  -354
  -372
  -390
  -409
  -430
  -451
  -473
  -497
  -521
  -547
  -574
  -603
  -633
  -664
  -697
  -732
  -769
New CAPEX, $m
  -271
  -52
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -93
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -138
  -145
  -152
  -160
  -168
  -176
  -185
  -195
  -204
  -215
Cash from investing activities, $m
  -1,002
  -244
  -254
  -266
  -279
  -293
  -307
  -323
  -338
  -355
  -373
  -391
  -410
  -431
  -452
  -475
  -498
  -522
  -549
  -576
  -604
  -635
  -666
  -699
  -734
  -771
  -809
  -849
  -892
  -936
  -984
Free cash flow, $m
  163
  715
  839
  874
  911
  950
  992
  1,035
  1,081
  1,130
  1,181
  1,216
  1,272
  1,332
  1,396
  1,462
  1,532
  1,606
  1,684
  1,766
  1,852
  1,942
  2,038
  2,138
  2,244
  2,355
  2,472
  2,595
  2,724
  2,860
  3,003
Issuance/(repayment) of debt, $m
  -13
  -2,459
  329
  347
  365
  385
  405
  426
  448
  471
  495
  521
  547
  575
  605
  635
  668
  701
  737
  774
  813
  854
  897
  942
  990
  1,040
  1,092
  1,147
  1,204
  1,265
  1,328
Issuance/(repurchase) of shares, $m
  -749
  2,137
  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 from financing (excl. dividends), $m  
  -762
  -322
  329
  347
  365
  385
  405
  426
  448
  471
  495
  521
  547
  575
  605
  635
  668
  701
  737
  774
  813
  854
  897
  942
  990
  1,040
  1,092
  1,147
  1,204
  1,265
  1,328
Total cash flow (excl. dividends), $m
  -670
  393
  1,168
  1,221
  1,276
  1,335
  1,396
  1,461
  1,529
  1,601
  1,676
  1,736
  1,820
  1,908
  2,000
  2,098
  2,200
  2,308
  2,421
  2,540
  2,665
  2,797
  2,935
  3,081
  3,234
  3,395
  3,564
  3,742
  3,928
  4,125
  4,331
Retained Cash Flow (-), $m
  858
  -2,810
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -90
  -95
  -100
  -105
  -110
  -116
  -121
  -127
  -134
  -141
  -148
Prev. year cash balance distribution, $m
 
  1,072
  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
 
  -1,344
  1,131
  1,182
  1,236
  1,292
  1,351
  1,414
  1,479
  1,549
  1,621
  1,678
  1,759
  1,844
  1,933
  2,027
  2,126
  2,230
  2,339
  2,454
  2,575
  2,702
  2,835
  2,976
  3,124
  3,279
  3,442
  3,614
  3,795
  3,984
  4,184
Discount rate, %
 
  10.90
  11.45
  12.02
  12.62
  13.25
  13.91
  14.61
  15.34
  16.10
  16.91
  17.75
  18.64
  19.57
  20.55
  21.58
  22.66
  23.79
  24.98
  26.23
  27.54
  28.92
  30.37
  31.89
  33.48
  35.15
  36.91
  38.76
  40.69
  42.73
  44.87
PV of cash for distribution, $m
 
  -1,212
  911
  841
  768
  694
  618
  544
  472
  404
  340
  278
  226
  180
  141
  108
  81
  59
  42
  29
  20
  13
  8
  5
  3
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Motorola Solutions, Inc. is a provider of communication infrastructure, devices, accessories, software and services. The Company operates through two segments: Products and Services. The Company's Products segment offers a portfolio of infrastructure, devices, accessories and software. The Products segment has two product lines: Devices and Systems. The primary customers of the Products segment are government, public safety and first-responder agencies, municipalities, and commercial and industrial customers operating private communications networks and manage a mobile workforce. The Company's Services segment provides a range of service offerings for government, public safety and commercial communication networks. The Services segment product lines include Integration services, Managed & Support services, and Integrated Digital Enhanced Network (iDEN) services.

FINANCIAL RATIOS  of  Motorola Solutions (MSI)

Valuation Ratios
P/E Ratio 26.5
Price to Sales 2.5
Price to Book -15.4
Price to Tangible Book
Price to Cash Flow 12.7
Price to Free Cash Flow 16.6
Growth Rates
Sales Growth Rate 6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 54.9%
Cap. Spend. - 3 Yr. Gr. Rate 9.9%
Financial Strength
Quick Ratio 269
Current Ratio 0
LT Debt to Equity -455.6%
Total Debt to Equity -456%
Interest Coverage 5
Management Effectiveness
Return On Assets 8.2%
Ret/ On Assets - 3 Yr. Avg. 9.4%
Return On Total Capital 14.6%
Ret/ On T. Cap. - 3 Yr. Avg. 15.8%
Return On Equity -104.7%
Return On Equity - 3 Yr. Avg. -5.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 47.5%
Gross Margin - 3 Yr. Avg. 47.8%
EBITDA Margin 22%
EBITDA Margin - 3 Yr. Avg. 9.7%
Operating Margin 17.6%
Oper. Margin - 3 Yr. Avg. 5.7%
Pre-Tax Margin 14%
Pre-Tax Margin - 3 Yr. Avg. 3.4%
Net Profit Margin 9.3%
Net Profit Margin - 3 Yr. Avg. 14%
Effective Tax Rate 33.4%
Eff/ Tax Rate - 3 Yr. Avg. 34.4%
Payout Ratio 50%

MSI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MSI stock intrinsic value calculation we used $6038 million for the last fiscal year's total revenue generated by Motorola Solutions. The default revenue input number comes from 2016 income statement of Motorola Solutions. 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 MSI stock valuation model: a) initial revenue growth rate of 4.7% 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 10.9%, whose default value for MSI is calculated based on our internal credit rating of Motorola Solutions, 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 Motorola Solutions.
    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 MSI stock the variable cost ratio is equal to 78.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $230 million in the base year in the intrinsic value calculation for MSI 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 4.4% for Motorola Solutions.

Corporate tax rate of 27% is the nominal tax rate for Motorola Solutions. 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 MSI 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 MSI are equal to 17.8%.

Life of production assets of 5.6 years is the average useful life of capital assets used in Motorola Solutions 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 MSI is equal to -4.5%. 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 - $-964 million for Motorola Solutions - 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 162.667 million for Motorola Solutions 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 Motorola Solutions at the current share price and the inputted number of shares is $14.6 billion.

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COMPANY NEWS

▶ Motorola Solutions leading the IQ100   [03:32PM  CNBC Videos]
▶ Apple Shows Market Leadership With Jump To 81 RS Rating   [Sep-27-17 03:00AM  Investor's Business Daily]
▶ How Communication Equipment Companies Earnings Stack Up   [Sep-22-17 07:36AM  Market Realist]
▶ The Communication Equipment Space: Earnings and Valuation   [Sep-21-17 10:36AM  Market Realist]
▶ Zagg CEO demos the new iPhone wireless charging base   [01:42PM  Yahoo Finance Video]
▶ Yahoo Finance Live: Market Movers - Sep 8th, 2017   [Sep-08-17 07:20AM  Yahoo Finance Video]
▶ A Decade of Delivering Better Business Communication   [Aug-30-17 09:00AM  Business Wire]
▶ Motorola Solutions Completes Acquisition of Kodiak Networks   [Aug-28-17 01:00PM  Business Wire]
▶ Motorola Solutions Declares¬†Quarterly¬†Dividend   [Aug-22-17 02:19PM  Business Wire]
▶ [$$] Static Ahead for Motorola Solutions?   [12:00AM  Barrons.com]
▶ Motorola Is Developing Self-Healing Phone Screens   [Aug-17-17 09:26AM  Fortune]
▶ L.A. to launch cybersecurity threat partnership with businesses   [Aug-15-17 03:00PM  American City Business Journals]
▶ Motorola beats Street 2Q forecasts   [Aug-03-17 05:20PM  Associated Press]
▶ What Analysts Think about Motorola Stock in July 2017   [Aug-01-17 07:41AM  Market Realist]
▶ How Is Motorola Solutions Increasing Shareholder Value?   [Jul-31-17 06:05PM  Market Realist]
▶ Airbus Agrees to Sell Software Unit to Motorola   [Jul-28-17 09:55AM  TheStreet.com]
▶ Motorola Is Releasing a Shatterproof Phone   [Jul-26-17 05:22PM  Investopedia]
▶ Broward County on Leading Edge of Emergency Communications   [Jul-10-17 09:00AM  Business Wire]
▶ Three Companies the iPhone Killed   [Jun-30-17 01:39PM  Investopedia]
▶ Seattle data firm Socrata names Microsoft, Salesforce veteran as top sales exec   [Jun-19-17 08:15PM  American City Business Journals]
▶ Acacia Research as an Investment Opportunity   [Jun-09-17 03:11PM  GuruFocus.com]
▶ ShotSpotter's shares shoot up in debut   [Jun-07-17 10:47AM  Reuters]
Financial statements of MSI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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