Intrinsic value of RF Industries - RFIL

Previous Close

$8.26

  Intrinsic Value

$0.38

stock screener

  Rating & Target

str. sell

-95%

Previous close

$8.26

 
Intrinsic value

$0.38

 
Up/down potential

-95%

 
Rating

str. sell

We calculate the intrinsic value of RFIL 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 0.1

 

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, %
  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
  50
  77
  114
  166
  234
  322
  432
  568
  731
  923
  1,146
  1,401
  1,689
  2,009
  2,362
  2,748
  3,166
  3,614
  4,093
  4,602
  5,140
  5,706
  6,301
  6,923
  7,573
  8,250
  8,956
  9,690
  10,454
  11,247
Variable operating expenses, $m
  57
  88
  131
  190
  267
  367
  492
  646
  831
  1,050
  1,303
  1,593
  1,920
  2,284
  2,686
  3,124
  3,599
  4,109
  4,653
  5,232
  5,843
  6,487
  7,163
  7,870
  8,609
  9,379
  10,181
  11,016
  11,884
  12,786
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
  57
  88
  131
  190
  267
  367
  492
  646
  831
  1,050
  1,303
  1,593
  1,920
  2,284
  2,686
  3,124
  3,599
  4,109
  4,653
  5,232
  5,843
  6,487
  7,163
  7,870
  8,609
  9,379
  10,181
  11,016
  11,884
  12,786
Operating income, $m
  -8
  -11
  -16
  -23
  -33
  -45
  -60
  -78
  -101
  -127
  -157
  -192
  -231
  -275
  -323
  -376
  -433
  -495
  -560
  -630
  -703
  -781
  -862
  -947
  -1,036
  -1,129
  -1,225
  -1,326
  -1,430
  -1,539
EBITDA, $m
  -6
  -9
  -14
  -20
  -28
  -39
  -52
  -69
  -89
  -112
  -139
  -170
  -205
  -244
  -287
  -334
  -384
  -439
  -497
  -559
  -624
  -693
  -765
  -840
  -919
  -1,001
  -1,087
  -1,176
  -1,269
  -1,365
Interest expense (income), $m
  0
  0
  0
  0
  1
  1
  1
  2
  3
  3
  5
  6
  7
  9
  11
  13
  15
  18
  20
  23
  26
  30
  33
  37
  40
  45
  49
  53
  58
  62
  67
Earnings before tax, $m
  -8
  -11
  -17
  -24
  -34
  -46
  -62
  -81
  -104
  -132
  -163
  -199
  -240
  -286
  -336
  -391
  -451
  -515
  -583
  -656
  -733
  -814
  -899
  -988
  -1,081
  -1,178
  -1,278
  -1,384
  -1,493
  -1,606
Tax expense, $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
Net income, $m
  -8
  -11
  -17
  -24
  -34
  -46
  -62
  -81
  -104
  -132
  -163
  -199
  -240
  -286
  -336
  -391
  -451
  -515
  -583
  -656
  -733
  -814
  -899
  -988
  -1,081
  -1,178
  -1,278
  -1,384
  -1,493
  -1,606

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
  36
  56
  83
  121
  171
  235
  315
  414
  533
  673
  836
  1,022
  1,232
  1,466
  1,723
  2,004
  2,309
  2,636
  2,986
  3,357
  3,749
  4,162
  4,596
  5,049
  5,523
  6,018
  6,532
  7,068
  7,625
  8,204
Adjusted assets (=assets-cash), $m
  36
  56
  83
  121
  171
  235
  315
  414
  533
  673
  836
  1,022
  1,232
  1,466
  1,723
  2,004
  2,309
  2,636
  2,986
  3,357
  3,749
  4,162
  4,596
  5,049
  5,523
  6,018
  6,532
  7,068
  7,625
  8,204
Revenue / Adjusted assets
  1.389
  1.375
  1.373
  1.372
  1.368
  1.370
  1.371
  1.372
  1.371
  1.371
  1.371
  1.371
  1.371
  1.370
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
Average production assets, $m
  7
  11
  17
  25
  35
  48
  65
  85
  110
  138
  172
  210
  253
  301
  354
  412
  475
  542
  614
  690
  771
  856
  945
  1,038
  1,136
  1,238
  1,343
  1,454
  1,568
  1,687
Working capital, $m
  11
  18
  26
  38
  54
  74
  100
  131
  169
  213
  265
  324
  390
  464
  546
  635
  731
  835
  946
  1,063
  1,187
  1,318
  1,455
  1,599
  1,749
  1,906
  2,069
  2,238
  2,415
  2,598
Total debt, $m
  2
  5
  10
  16
  24
  35
  48
  64
  84
  107
  133
  164
  198
  237
  279
  325
  375
  429
  486
  547
  611
  679
  750
  824
  902
  983
  1,068
  1,155
  1,247
  1,342
Total liabilities, $m
  6
  9
  14
  20
  28
  39
  52
  68
  87
  110
  137
  168
  202
  240
  283
  329
  379
  432
  490
  551
  615
  683
  754
  828
  906
  987
  1,071
  1,159
  1,250
  1,345
Total equity, $m
  30
  47
  70
  101
  143
  196
  264
  346
  446
  563
  699
  854
  1,030
  1,225
  1,441
  1,676
  1,930
  2,204
  2,496
  2,806
  3,134
  3,480
  3,842
  4,221
  4,618
  5,031
  5,461
  5,909
  6,374
  6,858
Total liabilities and equity, $m
  36
  56
  84
  121
  171
  235
  316
  414
  533
  673
  836
  1,022
  1,232
  1,465
  1,724
  2,005
  2,309
  2,636
  2,986
  3,357
  3,749
  4,163
  4,596
  5,049
  5,524
  6,018
  6,532
  7,068
  7,624
  8,203
Debt-to-equity ratio
  0.070
  0.120
  0.140
  0.160
  0.170
  0.180
  0.180
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
Adjusted equity ratio
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -8
  -11
  -17
  -24
  -34
  -46
  -62
  -81
  -104
  -132
  -163
  -199
  -240
  -286
  -336
  -391
  -451
  -515
  -583
  -656
  -733
  -814
  -899
  -988
  -1,081
  -1,178
  -1,278
  -1,384
  -1,493
  -1,606
Depreciation, amort., depletion, $m
  2
  2
  3
  3
  4
  6
  7
  10
  12
  15
  18
  22
  26
  31
  37
  42
  49
  56
  63
  71
  79
  88
  97
  107
  117
  128
  138
  150
  162
  174
Funds from operations, $m
  -6
  -9
  -14
  -21
  -29
  -40
  -54
  -71
  -92
  -117
  -145
  -177
  -214
  -255
  -299
  -349
  -402
  -459
  -520
  -585
  -653
  -726
  -801
  -881
  -964
  -1,050
  -1,140
  -1,234
  -1,331
  -1,432
Change in working capital, $m
  4
  6
  9
  12
  16
  20
  25
  31
  38
  44
  52
  59
  66
  74
  82
  89
  96
  104
  111
  118
  124
  131
  137
  144
  150
  157
  163
  170
  176
  183
Cash from operations, $m
  -10
  -16
  -23
  -33
  -45
  -61
  -80
  -103
  -130
  -161
  -196
  -236
  -280
  -329
  -381
  -438
  -498
  -563
  -631
  -702
  -778
  -856
  -939
  -1,024
  -1,114
  -1,207
  -1,303
  -1,403
  -1,507
  -1,616
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -3
  -4
  -5
  -7
  -9
  -11
  -14
  -18
  -22
  -26
  -31
  -37
  -42
  -49
  -56
  -63
  -71
  -79
  -88
  -97
  -107
  -117
  -128
  -138
  -150
  -162
New CAPEX, $m
  -3
  -4
  -6
  -8
  -10
  -13
  -17
  -20
  -24
  -29
  -33
  -38
  -43
  -48
  -53
  -58
  -63
  -67
  -72
  -76
  -81
  -85
  -89
  -93
  -97
  -102
  -106
  -110
  -115
  -119
Cash from investing activities, $m
  -3
  -5
  -7
  -10
  -13
  -17
  -22
  -27
  -33
  -40
  -47
  -56
  -65
  -74
  -84
  -95
  -105
  -116
  -128
  -139
  -152
  -164
  -177
  -190
  -204
  -219
  -234
  -248
  -265
  -281
Free cash flow, $m
  -14
  -20
  -30
  -42
  -58
  -77
  -101
  -130
  -163
  -201
  -244
  -292
  -345
  -403
  -465
  -532
  -603
  -679
  -758
  -842
  -929
  -1,021
  -1,116
  -1,215
  -1,318
  -1,425
  -1,536
  -1,652
  -1,772
  -1,896
Issuance/(repayment) of debt, $m
  2
  3
  5
  6
  8
  11
  13
  16
  19
  23
  27
  31
  34
  38
  42
  46
  50
  54
  57
  61
  64
  68
  71
  74
  78
  81
  84
  88
  91
  95
Issuance/(repurchase) of shares, $m
  19
  28
  40
  55
  75
  100
  129
  164
  203
  249
  299
  354
  415
  481
  551
  626
  705
  788
  875
  966
  1,061
  1,159
  1,261
  1,367
  1,477
  1,591
  1,709
  1,831
  1,958
  2,090
Cash from financing (excl. dividends), $m  
  21
  31
  45
  61
  83
  111
  142
  180
  222
  272
  326
  385
  449
  519
  593
  672
  755
  842
  932
  1,027
  1,125
  1,227
  1,332
  1,441
  1,555
  1,672
  1,793
  1,919
  2,049
  2,185
Total cash flow (excl. dividends), $m
  8
  11
  15
  20
  26
  33
  41
  50
  60
  71
  81
  93
  105
  117
  129
  140
  152
  163
  174
  185
  196
  206
  216
  226
  236
  247
  257
  267
  278
  289
Retained Cash Flow (-), $m
  -19
  -28
  -40
  -55
  -75
  -100
  -129
  -164
  -203
  -249
  -299
  -354
  -415
  -481
  -551
  -626
  -705
  -788
  -875
  -966
  -1,061
  -1,159
  -1,261
  -1,367
  -1,477
  -1,591
  -1,709
  -1,831
  -1,958
  -2,090
Prev. year cash balance distribution, $m
  2
  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
  -9
  -17
  -25
  -36
  -50
  -67
  -88
  -114
  -143
  -178
  -217
  -262
  -311
  -364
  -423
  -486
  -553
  -625
  -701
  -781
  -865
  -953
  -1,045
  -1,141
  -1,240
  -1,344
  -1,452
  -1,564
  -1,680
  -1,801
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
  -9
  -16
  -22
  -30
  -39
  -49
  -60
  -71
  -82
  -93
  -103
  -112
  -118
  -122
  -124
  -123
  -120
  -115
  -108
  -99
  -89
  -79
  -68
  -58
  -48
  -39
  -31
  -24
  -18
  -14
Current shareholders' claim on cash, %
  78.2
  62.2
  50.2
  41.1
  34.0
  28.5
  24.1
  20.5
  17.6
  15.2
  13.3
  11.6
  10.2
  9.1
  8.0
  7.2
  6.4
  5.8
  5.2
  4.7
  4.2
  3.8
  3.5
  3.2
  2.9
  2.6
  2.4
  2.2
  2.0
  1.8

RF Industries, Ltd. is engaged in the design, manufacture and marketing of interconnect products and systems, including coaxial and specialty cables, fiber optic cables and connectors, and electrical and electronic specialty cables. It operates through two segments: RF Connector and Cable Assembly, which consists of Connector and Cable Assembly Division, and the Custom Cabling Manufacturing and Assembly, which consists of subsidiaries, including Cables Unlimited, Inc. (Cables Unlimited,) Comnet Telecom Supply, Inc. (Comnet) and Rel-Tech Electronics, Inc. (Rel-Tech). The Connector and Cable Assembly Division designs, manufactures and distributes coaxial connectors and cable assemblies. Cables Unlimited manufactures custom and standard cable assemblies, hybrid fiber optic power solution cables and adapters, among others. Comnet manufactures and sells fiber optics cable and cabling technologies, among others. Rel-Tech designs and manufactures cable assemblies and wiring harnesses.

FINANCIAL RATIOS  of  RF Industries (RFIL)

Valuation Ratios
P/E Ratio -18.3
Price to Sales 2.4
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow -73
Price to Free Cash Flow -73
Growth Rates
Sales Growth Rate -9.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -13.8%
Ret/ On Assets - 3 Yr. Avg. -2.4%
Return On Total Capital -17%
Ret/ On T. Cap. - 3 Yr. Avg. -3.1%
Return On Equity -17%
Return On Equity - 3 Yr. Avg. -3.1%
Asset Turnover 1
Profitability Ratios
Gross Margin 26.7%
Gross Margin - 3 Yr. Avg. 34.5%
EBITDA Margin -13.3%
EBITDA Margin - 3 Yr. Avg. 1.9%
Operating Margin -16.7%
Oper. Margin - 3 Yr. Avg. -1.6%
Pre-Tax Margin -16.7%
Pre-Tax Margin - 3 Yr. Avg. -1.6%
Net Profit Margin -13.3%
Net Profit Margin - 3 Yr. Avg. -2%
Effective Tax Rate 20%
Eff/ Tax Rate - 3 Yr. Avg. 23.3%
Payout Ratio -25%

RFIL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RFIL stock intrinsic value calculation we used $30.964 million for the last fiscal year's total revenue generated by RF Industries. The default revenue input number comes from 0001 income statement of RF Industries. 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 RFIL 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 RFIL is calculated based on our internal credit rating of RF Industries, 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 RF Industries.
    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 RFIL stock the variable cost ratio is equal to 116.1%.

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 RFIL 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 RF Industries.

Corporate tax rate of 27% is the nominal tax rate for RF Industries. 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 RFIL 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 RFIL are equal to 15%.

Life of production assets of 9.7 years is the average useful life of capital assets used in RF Industries 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 RFIL is equal to 23.1%. 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 - $21.343 million for RF Industries - 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 9.246 million for RF Industries 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 RF Industries at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ RF Industries Engages MKR Group for Investor Relations   [Aug-01-18 08:30AM  GlobeNewswire]
▶ Benzinga Pro's 5 Stocks To Watch Today   [Mar-14-18 08:53AM  Benzinga]
▶ 8 Stocks Moving In Tuesday's After-Hours Session   [Mar-13-18 06:26PM  Benzinga]
▶ /C O R R E C T I O N -- RF Industries, Ltd./   [Mar-12-18 12:56PM  PR Newswire]
▶ RF Industries Announces Quarterly Cash Dividend   [Mar-09-18 08:30AM  PR Newswire]
▶ RF Industries Announces Quarterly Cash Dividend   [Dec-14-17 08:30AM  PR Newswire]
▶ Who Are The Largest Shareholders In RF Industries Ltd (RFIL)?   [Nov-30-17 06:05PM  Simply Wall St.]
▶ ETFs with exposure to RF Industries Ltd. : June 19, 2017   [Jun-19-17 04:03PM  Capital Cube]
▶ ETFs with exposure to RF Industries Ltd. : May 26, 2017   [May-26-17 01:24PM  Capital Cube]
▶ ETFs with exposure to RF Industries Ltd. : May 1, 2017   [May-01-17 04:21PM  Capital Cube]
▶ ETFs with exposure to RF Industries Ltd. : April 7, 2017   [Apr-07-17 05:23PM  Capital Cube]
▶ RF Industries Announces Quarterly Cash Dividend   [Dec-09-16 08:30AM  PR Newswire]
▶ RF Industries Joins The Safer Buildings Coalition   [Sep-06-16 08:30AM  PR Newswire]
▶ Two Little Gems Are Hidden Amid Small-Caps   [Apr-21-16 01:00PM  at TheStreet]
▶ RF Industries Announces Quarterly Cash Dividend   [Dec-18  08:00AM  PR Newswire]

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