Intrinsic value of SuperCom - SPCB

Previous Close

$1.34

  Intrinsic Value

$24.12

stock screener

  Rating & Target

str. buy

+999%

Previous close

$1.34

 
Intrinsic value

$24.12

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of SPCB 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 0.0

 

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
  53
  82
  123
  178
  252
  346
  465
  610
  785
  991
  1,231
  1,505
  1,814
  2,158
  2,538
  2,952
  3,401
  3,883
  4,397
  4,944
  5,522
  6,130
  6,769
  7,437
  8,135
  8,863
  9,621
  10,410
  11,230
  12,083
Variable operating expenses, $m
  32
  49
  72
  103
  144
  197
  264
  346
  444
  561
  693
  848
  1,022
  1,216
  1,429
  1,663
  1,915
  2,187
  2,477
  2,784
  3,110
  3,452
  3,812
  4,188
  4,582
  4,992
  5,419
  5,863
  6,325
  6,805
Fixed operating expenses, $m
  19
  20
  20
  21
  21
  22
  22
  23
  23
  24
  24
  25
  25
  26
  26
  27
  28
  28
  29
  29
  30
  31
  31
  32
  33
  33
  34
  35
  36
  36
Total operating expenses, $m
  51
  69
  92
  124
  165
  219
  286
  369
  467
  585
  717
  873
  1,047
  1,242
  1,455
  1,690
  1,943
  2,215
  2,506
  2,813
  3,140
  3,483
  3,843
  4,220
  4,615
  5,025
  5,453
  5,898
  6,361
  6,841
Operating income, $m
  1
  14
  31
  55
  86
  127
  178
  241
  317
  407
  514
  633
  767
  917
  1,082
  1,263
  1,458
  1,668
  1,892
  2,130
  2,382
  2,647
  2,925
  3,217
  3,521
  3,838
  4,168
  4,512
  4,870
  5,241
EBITDA, $m
  7
  21
  41
  68
  105
  151
  210
  282
  369
  471
  591
  727
  881
  1,052
  1,241
  1,447
  1,671
  1,911
  2,167
  2,439
  2,727
  3,030
  3,348
  3,681
  4,029
  4,392
  4,770
  5,163
  5,572
  5,996
Interest expense (income), $m
  0
  0
  1
  2
  3
  5
  8
  11
  15
  20
  27
  34
  42
  52
  63
  75
  88
  103
  119
  136
  154
  173
  193
  215
  237
  261
  285
  311
  338
  365
  394
Earnings before tax, $m
  1
  13
  29
  52
  81
  119
  167
  226
  297
  380
  480
  591
  715
  854
  1,007
  1,174
  1,355
  1,549
  1,757
  1,977
  2,209
  2,454
  2,711
  2,979
  3,260
  3,553
  3,858
  4,175
  4,504
  4,847
Tax expense, $m
  0
  3
  8
  14
  22
  32
  45
  61
  80
  103
  130
  159
  193
  231
  272
  317
  366
  418
  474
  534
  596
  663
  732
  804
  880
  959
  1,042
  1,127
  1,216
  1,309
Net income, $m
  1
  9
  21
  38
  59
  87
  122
  165
  217
  278
  350
  431
  522
  624
  735
  857
  989
  1,131
  1,282
  1,443
  1,613
  1,791
  1,979
  2,175
  2,380
  2,594
  2,816
  3,048
  3,288
  3,538

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
  87
  135
  202
  293
  413
  568
  763
  1,002
  1,289
  1,628
  2,021
  2,471
  2,979
  3,544
  4,167
  4,848
  5,584
  6,376
  7,221
  8,118
  9,067
  10,066
  11,114
  12,212
  13,358
  14,554
  15,798
  17,094
  18,440
  19,840
Adjusted assets (=assets-cash), $m
  87
  135
  202
  293
  413
  568
  763
  1,002
  1,289
  1,628
  2,021
  2,471
  2,979
  3,544
  4,167
  4,848
  5,584
  6,376
  7,221
  8,118
  9,067
  10,066
  11,114
  12,212
  13,358
  14,554
  15,798
  17,094
  18,440
  19,840
Revenue / Adjusted assets
  0.609
  0.607
  0.609
  0.608
  0.610
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
Average production assets, $m
  23
  35
  52
  76
  107
  147
  197
  259
  334
  421
  523
  640
  771
  917
  1,079
  1,255
  1,445
  1,650
  1,869
  2,101
  2,347
  2,605
  2,877
  3,161
  3,457
  3,767
  4,089
  4,424
  4,773
  5,135
Working capital, $m
  13
  20
  30
  44
  62
  85
  114
  149
  192
  243
  302
  369
  444
  529
  622
  723
  833
  951
  1,077
  1,211
  1,353
  1,502
  1,658
  1,822
  1,993
  2,171
  2,357
  2,550
  2,751
  2,960
Total debt, $m
  14
  33
  59
  96
  143
  205
  282
  377
  491
  626
  782
  960
  1,162
  1,386
  1,634
  1,904
  2,196
  2,510
  2,846
  3,202
  3,579
  3,975
  4,392
  4,827
  5,282
  5,757
  6,251
  6,765
  7,300
  7,856
Total liabilities, $m
  35
  54
  80
  116
  164
  226
  303
  398
  512
  646
  803
  981
  1,183
  1,407
  1,654
  1,925
  2,217
  2,531
  2,867
  3,223
  3,600
  3,996
  4,412
  4,848
  5,303
  5,778
  6,272
  6,786
  7,321
  7,877
Total equity, $m
  53
  81
  122
  177
  249
  343
  460
  604
  777
  982
  1,219
  1,490
  1,796
  2,137
  2,513
  2,923
  3,367
  3,844
  4,354
  4,895
  5,467
  6,070
  6,702
  7,364
  8,055
  8,776
  9,526
  10,307
  11,120
  11,964
Total liabilities and equity, $m
  88
  135
  202
  293
  413
  569
  763
  1,002
  1,289
  1,628
  2,022
  2,471
  2,979
  3,544
  4,167
  4,848
  5,584
  6,375
  7,221
  8,118
  9,067
  10,066
  11,114
  12,212
  13,358
  14,554
  15,798
  17,093
  18,441
  19,841
Debt-to-equity ratio
  0.260
  0.400
  0.490
  0.540
  0.580
  0.600
  0.610
  0.620
  0.630
  0.640
  0.640
  0.640
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
Adjusted equity ratio
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1
  9
  21
  38
  59
  87
  122
  165
  217
  278
  350
  431
  522
  624
  735
  857
  989
  1,131
  1,282
  1,443
  1,613
  1,791
  1,979
  2,175
  2,380
  2,594
  2,816
  3,048
  3,288
  3,538
Depreciation, amort., depletion, $m
  6
  8
  10
  14
  18
  24
  31
  41
  51
  64
  77
  94
  113
  135
  159
  185
  213
  243
  275
  309
  345
  383
  423
  465
  508
  554
  601
  651
  702
  755
Funds from operations, $m
  7
  17
  31
  51
  77
  111
  154
  206
  268
  342
  427
  525
  636
  759
  894
  1,042
  1,202
  1,374
  1,557
  1,752
  1,958
  2,174
  2,402
  2,640
  2,888
  3,147
  3,417
  3,698
  3,990
  4,294
Change in working capital, $m
  5
  7
  10
  14
  18
  23
  29
  36
  43
  51
  59
  67
  76
  84
  93
  102
  110
  118
  126
  134
  142
  149
  156
  164
  171
  178
  186
  193
  201
  209
Cash from operations, $m
  2
  10
  21
  38
  59
  88
  125
  170
  225
  292
  368
  458
  560
  674
  801
  940
  1,092
  1,256
  1,431
  1,618
  1,816
  2,025
  2,245
  2,476
  2,717
  2,969
  3,232
  3,505
  3,789
  4,085
Maintenance CAPEX, $m
  -2
  -3
  -5
  -8
  -11
  -16
  -22
  -29
  -38
  -49
  -62
  -77
  -94
  -113
  -135
  -159
  -185
  -213
  -243
  -275
  -309
  -345
  -383
  -423
  -465
  -508
  -554
  -601
  -651
  -702
New CAPEX, $m
  -9
  -12
  -17
  -24
  -31
  -40
  -50
  -62
  -74
  -88
  -102
  -116
  -131
  -146
  -161
  -176
  -191
  -205
  -219
  -232
  -246
  -259
  -271
  -284
  -297
  -309
  -322
  -335
  -349
  -362
Cash from investing activities, $m
  -11
  -15
  -22
  -32
  -42
  -56
  -72
  -91
  -112
  -137
  -164
  -193
  -225
  -259
  -296
  -335
  -376
  -418
  -462
  -507
  -555
  -604
  -654
  -707
  -762
  -817
  -876
  -936
  -1,000
  -1,064
Free cash flow, $m
  -9
  -6
  -1
  6
  17
  32
  53
  79
  113
  155
  205
  265
  334
  414
  505
  606
  717
  838
  970
  1,111
  1,262
  1,422
  1,591
  1,769
  1,956
  2,151
  2,355
  2,568
  2,790
  3,021
Issuance/(repayment) of debt, $m
  13
  19
  27
  36
  48
  62
  77
  95
  114
  135
  156
  179
  201
  224
  247
  270
  292
  314
  336
  356
  377
  397
  416
  436
  455
  475
  494
  514
  535
  556
Issuance/(repurchase) of shares, $m
  19
  19
  19
  17
  13
  6
  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  
  32
  38
  46
  53
  61
  68
  77
  95
  114
  135
  156
  179
  201
  224
  247
  270
  292
  314
  336
  356
  377
  397
  416
  436
  455
  475
  494
  514
  535
  556
Total cash flow (excl. dividends), $m
  23
  32
  45
  60
  78
  100
  130
  174
  227
  289
  361
  443
  536
  639
  752
  876
  1,009
  1,152
  1,305
  1,467
  1,638
  1,818
  2,007
  2,205
  2,411
  2,626
  2,850
  3,083
  3,325
  3,576
Retained Cash Flow (-), $m
  -20
  -29
  -40
  -55
  -73
  -93
  -117
  -144
  -173
  -204
  -237
  -271
  -306
  -341
  -376
  -410
  -444
  -477
  -510
  -541
  -572
  -602
  -632
  -662
  -691
  -721
  -751
  -781
  -812
  -844
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
  3
  4
  4
  5
  6
  7
  13
  30
  54
  85
  124
  172
  230
  298
  376
  466
  565
  675
  796
  926
  1,066
  1,216
  1,375
  1,543
  1,720
  1,905
  2,099
  2,302
  2,513
  2,732
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
  3
  3
  4
  4
  4
  5
  8
  19
  31
  45
  59
  73
  87
  100
  111
  118
  123
  124
  122
  118
  110
  101
  90
  79
  67
  56
  45
  36
  27
  21
Current shareholders' claim on cash, %
  54.7
  35.9
  26.9
  22.4
  20.2
  19.5
  19.5
  19.5
  19.5
  19.5
  19.5
  19.5
  19.5
  19.5
  19.5
  19.5
  19.5
  19.5
  19.5
  19.5
  19.5
  19.5
  19.5
  19.5
  19.5
  19.5
  19.5
  19.5
  19.5
  19.5

SuperCom Ltd is a provider of traditional and digital identity solutions, providing safety, identification, tracking and security products to governments, and private and public organizations throughout the world. Through its e-government platforms and solutions for traditional and biometrics enrollment, personalization, issuance and border control services, the Company enables governments and national agencies to design and issue multi-identification documents and digital identity solutions to their citizens and visitors. Its Machine to Machine solutions identify, track and monitor people or objects in real time, enabling its customers to detect unauthorized movement of people, vehicles and other monitored objects. Its SFS products and solutions include SuperPay Suite, PureMoney Suite, SuperPOS, SafeMoney for Smartphones and PowaPOS. Its other offerings include RFID and Mobile PureRF suite, domestic violence victim protection system and PureProtect application, among others.

FINANCIAL RATIOS  of  SuperCom (SPCB)

Valuation Ratios
P/E Ratio -1.4
Price to Sales 1
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow -1.8
Price to Free Cash Flow -1.4
Growth Rates
Sales Growth Rate -28.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -23.5%
Ret/ On Assets - 3 Yr. Avg. -1.8%
Return On Total Capital -30.1%
Ret/ On T. Cap. - 3 Yr. Avg. -0.7%
Return On Equity -30.1%
Return On Equity - 3 Yr. Avg. -0.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 15%
Gross Margin - 3 Yr. Avg. 50.9%
EBITDA Margin -45%
EBITDA Margin - 3 Yr. Avg. -0.3%
Operating Margin -60%
Oper. Margin - 3 Yr. Avg. -9.9%
Pre-Tax Margin -60%
Pre-Tax Margin - 3 Yr. Avg. -9.9%
Net Profit Margin -70%
Net Profit Margin - 3 Yr. Avg. -15.5%
Effective Tax Rate -16.7%
Eff/ Tax Rate - 3 Yr. Avg. 2.8%
Payout Ratio 0%

SPCB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SPCB stock intrinsic value calculation we used $33.264 million for the last fiscal year's total revenue generated by SuperCom. The default revenue input number comes from 0001 income statement of SuperCom. 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 SPCB 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 SPCB is calculated based on our internal credit rating of SuperCom, 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 SuperCom.
    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 SPCB stock the variable cost ratio is equal to 63.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $19 million in the base year in the intrinsic value calculation for SPCB 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 SuperCom.

Corporate tax rate of 27% is the nominal tax rate for SuperCom. 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 SPCB 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 SPCB are equal to 42.5%.

Life of production assets of 6.8 years is the average useful life of capital assets used in SuperCom 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 SPCB is equal to 24.5%. 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 - $32.707 million for SuperCom - 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 14.958 million for SuperCom 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 SuperCom at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ SuperCom: 3Q Earnings Snapshot   [09:04AM  Associated Press]
▶ Brady (BRC) in Focus: Stock Moves 8.7% Higher   [Sep-14-18 08:53AM  Zacks]
▶ SuperCom: 2Q Earnings Snapshot   [Aug-13-18 08:15AM  Associated Press]
▶ SuperCom Ltd. to Host Earnings Call   [08:00AM  ACCESSWIRE]
▶ SuperCom: 1Q Earnings Snapshot   [Jul-16-18 09:50AM  Associated Press]
▶ SuperCom Ltd. to Host Earnings Call   [08:00AM  ACCESSWIRE]
▶ SuperCom: 4Q Earnings Snapshot   [May-14-18 09:48AM  Associated Press]
▶ SuperCom Ltd. to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ SuperCom Secures $4 Million e-Gov Contract   [Apr-02-18 09:00AM  PR Newswire]
▶ Should You Buy SuperCom Ltd (NASDAQ:SPCB)?   [Mar-15-18 07:58PM  Simply Wall St.]
▶ Calculating The Intrinsic Value Of SuperCom Ltd (NASDAQ:SPCB)   [Dec-13-17 04:04PM  Simply Wall St.]
▶ Are SuperCom Ltds (SPCB) Interest Costs Too High?   [Nov-20-17 05:55PM  Simply Wall St.]
▶ 2 Technology Stocks To Watch On Monday   [Oct-30-17 01:05PM  ACCESSWIRE]
▶ SuperCom posts 3Q profit   [08:46AM  Associated Press]
▶ SuperCom reports 2Q loss   [Jul-31-17 11:02PM  Associated Press]
▶ SuperCom reports 1Q loss   [Jun-05-17 10:06AM  Associated Press]
▶ SuperCom Reports Full Year 2016 Financial Results   [May-15-17 10:00AM  PR Newswire]
▶ SuperCom Awarded a $3 Million e-ID Contract   [Mar-14-17 08:30AM  PR Newswire]
▶ SuperCom Ltd.: Strong price momentum but will it sustain?   [Feb-02-17 04:41PM  Capital Cube]
▶ SuperCom Announces PureSecurity Deployment in Canada   [Dec-19-16 09:00AM  PR Newswire]
▶ SuperCom Reports Second Quarter 2016 Financial Results   [Oct-27-16 06:10PM  PR Newswire]
▶ SuperCom Announces PureSecurity Deployment in Ohio   [Oct-19-16 08:30AM  PR Newswire]

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