Intrinsic value of Boingo Wireless - WIFI

Previous Close

$21.93

  Intrinsic Value

$3.42

stock screener

  Rating & Target

str. sell

-84%

Previous close

$21.93

 
Intrinsic value

$3.42

 
Up/down potential

-84%

 
Rating

str. sell

We calculate the intrinsic value of WIFI 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 0.9

 

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, %
  28.30
  25.97
  23.87
  21.99
  20.29
  18.76
  17.38
  16.14
  15.03
  14.03
  13.12
  12.31
  11.58
  10.92
  10.33
  9.80
  9.32
  8.89
  8.50
  8.15
  7.83
  7.55
  7.29
  7.07
  6.86
  6.67
  6.51
  6.35
  6.22
  6.10
Revenue, $m
  262
  330
  408
  498
  599
  712
  835
  970
  1,116
  1,273
  1,440
  1,617
  1,804
  2,001
  2,208
  2,424
  2,650
  2,886
  3,131
  3,386
  3,651
  3,927
  4,213
  4,511
  4,820
  5,142
  5,476
  5,825
  6,187
  6,564
Variable operating expenses, $m
  229
  287
  355
  431
  518
  614
  720
  835
  960
  1,093
  1,231
  1,383
  1,543
  1,711
  1,888
  2,073
  2,266
  2,467
  2,677
  2,895
  3,122
  3,358
  3,602
  3,857
  4,121
  4,397
  4,683
  4,980
  5,290
  5,612
Fixed operating expenses, $m
  47
  48
  49
  50
  51
  52
  54
  55
  56
  57
  58
  60
  61
  62
  64
  65
  67
  68
  70
  71
  73
  74
  76
  78
  79
  81
  83
  85
  86
  88
Total operating expenses, $m
  276
  335
  404
  481
  569
  666
  774
  890
  1,016
  1,150
  1,289
  1,443
  1,604
  1,773
  1,952
  2,138
  2,333
  2,535
  2,747
  2,966
  3,195
  3,432
  3,678
  3,935
  4,200
  4,478
  4,766
  5,065
  5,376
  5,700
Operating income, $m
  -14
  -6
  5
  17
  30
  45
  62
  81
  101
  122
  150
  175
  201
  228
  256
  286
  318
  350
  384
  420
  457
  495
  535
  576
  620
  664
  711
  760
  810
  863
EBITDA, $m
  31
  50
  72
  98
  127
  159
  195
  234
  276
  321
  369
  421
  475
  532
  592
  655
  721
  790
  861
  935
  1,012
  1,093
  1,176
  1,263
  1,353
  1,447
  1,545
  1,646
  1,752
  1,862
Interest expense (income), $m
  0
  1
  5
  10
  16
  23
  31
  39
  48
  59
  70
  82
  94
  108
  122
  137
  152
  169
  186
  203
  222
  241
  261
  282
  304
  326
  350
  374
  399
  426
  453
Earnings before tax, $m
  -15
  -11
  -5
  1
  7
  15
  23
  32
  42
  52
  69
  81
  93
  106
  120
  134
  149
  165
  181
  198
  215
  234
  253
  273
  293
  315
  337
  360
  385
  410
Tax expense, $m
  0
  0
  0
  0
  2
  4
  6
  9
  11
  14
  19
  22
  25
  29
  32
  36
  40
  44
  49
  53
  58
  63
  68
  74
  79
  85
  91
  97
  104
  111
Net income, $m
  -15
  -11
  -5
  0
  5
  11
  17
  23
  31
  38
  50
  59
  68
  77
  87
  98
  109
  120
  132
  144
  157
  171
  185
  199
  214
  230
  246
  263
  281
  299

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
  492
  620
  768
  936
  1,126
  1,338
  1,570
  1,824
  2,098
  2,392
  2,706
  3,039
  3,391
  3,762
  4,150
  4,557
  4,982
  5,424
  5,885
  6,365
  6,863
  7,381
  7,920
  8,479
  9,061
  9,665
  10,294
  10,948
  11,629
  12,338
Adjusted assets (=assets-cash), $m
  492
  620
  768
  936
  1,126
  1,338
  1,570
  1,824
  2,098
  2,392
  2,706
  3,039
  3,391
  3,762
  4,150
  4,557
  4,982
  5,424
  5,885
  6,365
  6,863
  7,381
  7,920
  8,479
  9,061
  9,665
  10,294
  10,948
  11,629
  12,338
Revenue / Adjusted assets
  0.533
  0.532
  0.531
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
Average production assets, $m
  398
  502
  622
  758
  912
  1,083
  1,271
  1,477
  1,699
  1,937
  2,191
  2,461
  2,746
  3,046
  3,361
  3,690
  4,034
  4,392
  4,765
  5,153
  5,557
  5,977
  6,413
  6,866
  7,337
  7,826
  8,335
  8,865
  9,416
  9,990
Working capital, $m
  -15
  -19
  -23
  -28
  -34
  -41
  -48
  -55
  -64
  -73
  -82
  -92
  -103
  -114
  -126
  -138
  -151
  -164
  -178
  -193
  -208
  -224
  -240
  -257
  -275
  -293
  -312
  -332
  -353
  -374
Total debt, $m
  94
  189
  299
  425
  566
  724
  897
  1,086
  1,290
  1,509
  1,743
  1,991
  2,254
  2,530
  2,819
  3,122
  3,438
  3,768
  4,112
  4,469
  4,840
  5,226
  5,627
  6,044
  6,477
  6,928
  7,396
  7,884
  8,391
  8,919
Total liabilities, $m
  367
  462
  572
  698
  839
  997
  1,170
  1,359
  1,563
  1,782
  2,016
  2,264
  2,527
  2,803
  3,092
  3,395
  3,711
  4,041
  4,384
  4,742
  5,113
  5,499
  5,900
  6,317
  6,750
  7,201
  7,669
  8,157
  8,664
  9,192
Total equity, $m
  125
  158
  196
  239
  287
  341
  400
  465
  535
  610
  690
  775
  865
  959
  1,058
  1,162
  1,270
  1,383
  1,501
  1,623
  1,750
  1,882
  2,020
  2,162
  2,311
  2,465
  2,625
  2,792
  2,965
  3,146
Total liabilities and equity, $m
  492
  620
  768
  937
  1,126
  1,338
  1,570
  1,824
  2,098
  2,392
  2,706
  3,039
  3,392
  3,762
  4,150
  4,557
  4,981
  5,424
  5,885
  6,365
  6,863
  7,381
  7,920
  8,479
  9,061
  9,666
  10,294
  10,949
  11,629
  12,338
Debt-to-equity ratio
  0.750
  1.190
  1.530
  1.780
  1.970
  2.120
  2.240
  2.330
  2.410
  2.470
  2.530
  2.570
  2.610
  2.640
  2.660
  2.690
  2.710
  2.720
  2.740
  2.750
  2.770
  2.780
  2.790
  2.800
  2.800
  2.810
  2.820
  2.820
  2.830
  2.830
Adjusted equity ratio
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -15
  -11
  -5
  0
  5
  11
  17
  23
  31
  38
  50
  59
  68
  77
  87
  98
  109
  120
  132
  144
  157
  171
  185
  199
  214
  230
  246
  263
  281
  299
Depreciation, amort., depletion, $m
  45
  55
  67
  81
  97
  114
  132
  153
  175
  199
  219
  246
  275
  305
  336
  369
  403
  439
  477
  515
  556
  598
  641
  687
  734
  783
  834
  886
  942
  999
Funds from operations, $m
  30
  45
  62
  82
  102
  124
  149
  176
  206
  237
  269
  305
  342
  382
  423
  467
  512
  559
  609
  660
  713
  768
  826
  886
  948
  1,012
  1,080
  1,150
  1,223
  1,298
Change in working capital, $m
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
Cash from operations, $m
  33
  49
  67
  87
  108
  131
  156
  184
  214
  246
  279
  315
  353
  393
  435
  479
  525
  573
  623
  674
  728
  784
  842
  903
  965
  1,031
  1,099
  1,169
  1,243
  1,320
Maintenance CAPEX, $m
  -31
  -40
  -50
  -62
  -76
  -91
  -108
  -127
  -148
  -170
  -194
  -219
  -246
  -275
  -305
  -336
  -369
  -403
  -439
  -477
  -515
  -556
  -598
  -641
  -687
  -734
  -783
  -834
  -886
  -942
New CAPEX, $m
  -87
  -103
  -120
  -137
  -154
  -171
  -188
  -205
  -222
  -238
  -254
  -270
  -285
  -300
  -315
  -329
  -344
  -358
  -373
  -388
  -404
  -420
  -436
  -453
  -471
  -490
  -509
  -530
  -551
  -574
Cash from investing activities, $m
  -118
  -143
  -170
  -199
  -230
  -262
  -296
  -332
  -370
  -408
  -448
  -489
  -531
  -575
  -620
  -665
  -713
  -761
  -812
  -865
  -919
  -976
  -1,034
  -1,094
  -1,158
  -1,224
  -1,292
  -1,364
  -1,437
  -1,516
Free cash flow, $m
  -85
  -95
  -103
  -112
  -122
  -131
  -140
  -148
  -156
  -162
  -169
  -174
  -178
  -181
  -184
  -186
  -188
  -189
  -190
  -190
  -191
  -191
  -192
  -192
  -192
  -193
  -193
  -194
  -195
  -196
Issuance/(repayment) of debt, $m
  80
  95
  110
  126
  142
  157
  173
  189
  204
  219
  234
  248
  262
  276
  290
  303
  316
  330
  343
  357
  371
  386
  401
  417
  433
  450
  468
  487
  507
  528
Issuance/(repurchase) of shares, $m
  43
  43
  43
  43
  43
  43
  42
  41
  39
  37
  30
  26
  22
  17
  12
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  123
  138
  153
  169
  185
  200
  215
  230
  243
  256
  264
  274
  284
  293
  302
  309
  316
  330
  343
  357
  371
  386
  401
  417
  433
  450
  468
  487
  507
  528
Total cash flow (excl. dividends), $m
  38
  44
  50
  56
  63
  69
  75
  82
  88
  94
  95
  100
  106
  112
  117
  123
  129
  141
  154
  167
  180
  195
  210
  225
  241
  258
  275
  294
  313
  332
Retained Cash Flow (-), $m
  -43
  -43
  -43
  -43
  -48
  -54
  -59
  -65
  -70
  -75
  -80
  -85
  -90
  -94
  -99
  -104
  -108
  -113
  -118
  -122
  -127
  -132
  -137
  -143
  -148
  -154
  -160
  -167
  -174
  -181
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
  14
  18
  23
  29
  35
  42
  50
  58
  68
  78
  89
  101
  113
  126
  140
  155
  170
  186
  202
  219
  237
  256
  275
  295
  316
  337
  360
  383
  408
  433
Cash available for distribution, $m
  -5
  1
  7
  13
  14
  15
  16
  17
  18
  19
  15
  16
  16
  17
  18
  19
  20
  28
  36
  44
  53
  63
  72
  82
  93
  104
  115
  127
  139
  152
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
  -5
  1
  6
  11
  11
  11
  11
  11
  10
  10
  7
  7
  6
  6
  5
  5
  4
  5
  6
  6
  6
  5
  5
  4
  4
  3
  2
  2
  2
  1
Current shareholders' claim on cash, %
  95.4
  91.8
  89.1
  87.0
  85.3
  83.9
  82.7
  81.8
  81.0
  80.4
  80.0
  79.6
  79.4
  79.2
  79.1
  79.1
  79.1
  79.1
  79.1
  79.1
  79.1
  79.1
  79.1
  79.1
  79.1
  79.1
  79.1
  79.1
  79.1
  79.1

Boingo Wireless, Inc. is a provider of commercial mobile wireless fidelity (Wi-Fi) Internet solutions and indoor direct-attached storage (DAS) services. The Company operates as a service provider of wireless connectivity solutions across its managed and operated network and aggregated network for mobile devices such as laptops, smartphones, tablets and other wireless-enabled consumer devices. It acquires long-term wireless rights at venues, such as airports, transportation hubs, stadiums, arenas, universities, convention centers, and office campuses; builds wireless networks, such as DAS, Wi-Fi and small cells at those venues, and monetizes the wireless networks through a range of products and services. As of December 31, 2016, the Company operated 36 DAS networks containing approximately 19,200 DAS nodes. Its Wi-Fi network includes locations that the Company manages and operates, as well as networks managed and operated by third-parties with whom it contracts for access.

FINANCIAL RATIOS  of  Boingo Wireless (WIFI)

Valuation Ratios
P/E Ratio -31.3
Price to Sales 5.3
Price to Book 8.6
Price to Tangible Book
Price to Cash Flow 7.4
Price to Free Cash Flow 105.7
Growth Rates
Sales Growth Rate 13.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 3.9%
Cap. Spend. - 3 Yr. Gr. Rate 29%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 21.4%
Total Debt to Equity 26.5%
Interest Coverage 0
Management Effectiveness
Return On Assets -7.5%
Ret/ On Assets - 3 Yr. Avg. -8.2%
Return On Total Capital -21.1%
Ret/ On T. Cap. - 3 Yr. Avg. -17.5%
Return On Equity -25.8%
Return On Equity - 3 Yr. Avg. -19.8%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 30.2%
Gross Margin - 3 Yr. Avg. 29.8%
EBITDA Margin 15.7%
EBITDA Margin - 3 Yr. Avg. 13.6%
Operating Margin -16.4%
Oper. Margin - 3 Yr. Avg. -15.5%
Pre-Tax Margin -17%
Pre-Tax Margin - 3 Yr. Avg. -15.9%
Net Profit Margin -17%
Net Profit Margin - 3 Yr. Avg. -16.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -1.9%
Payout Ratio 0%

WIFI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WIFI stock intrinsic value calculation we used $204 million for the last fiscal year's total revenue generated by Boingo Wireless. The default revenue input number comes from 2017 income statement of Boingo Wireless. 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 WIFI stock valuation model: a) initial revenue growth rate of 28.3% 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 WIFI is calculated based on our internal credit rating of Boingo Wireless, 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 Boingo Wireless.
    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 WIFI stock the variable cost ratio is equal to 88.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $46 million in the base year in the intrinsic value calculation for WIFI 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 Boingo Wireless.

Corporate tax rate of 27% is the nominal tax rate for Boingo Wireless. 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 WIFI stock is equal to 7%.

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 WIFI are equal to 152.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Boingo Wireless 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 WIFI is equal to -5.7%. 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 - $98 million for Boingo Wireless - 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 40 million for Boingo Wireless 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 Boingo Wireless at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ Boingo Deploys CBRS at Dallas Love Field Airport   [Jul-23-18 09:00AM  GlobeNewswire]
▶ Boingo: 1Q Earnings Snapshot   [May-04-18 05:11AM  Associated Press]
▶ Is It The Right Time To Buy Boingo Wireless Inc (NASDAQ:WIFI)?   [Apr-14-18 08:39AM  Simply Wall St.]
▶ Boingo CEO: 5G will revolutionize the world   [11:30AM  Fox Business Videos]
▶ Boingo reports 4Q loss   [05:04AM  Associated Press]
▶ Boingo Wireless Q4 Earnings Outlook   [12:03PM  Benzinga]
▶ Free Wi-Fi service now available at Honolulu international airport   [Dec-22-17 12:30PM  American City Business Journals]
▶ Boingo Wireless Inc (WIFI) Shares Soar on Q3 Earnings Beat   [Nov-03-17 04:56PM  InvestorPlace]
▶ Boingo reports 3Q loss   [05:44PM  Associated Press]
▶ Boingo Wireless to Host Analyst and Investor Day   [Oct-17-17 09:46AM  GlobeNewswire]
▶ LAX's cell service speeds among the worst   [Jul-24-17 05:50PM  American City Business Journals]
▶ Your first trade for Tuesday, July 11   [Jul-11-17 09:32AM  CNBC]
▶ Boingo Wireless starts to see positive results with business transformation   [May-23-17 02:45PM  American City Business Journals]
▶ Boingo reports 1Q loss   [May-04-17 05:38PM  Associated Press]
▶ Boingos Derek Peterson Named CTO of the Year   [Mar-28-17 09:00AM  GlobeNewswire]
▶ 3 tech and biotech stocks with momentum   [08:52AM  MarketWatch]
▶ 3 tech and biotech stocks with momentum   [08:52AM  at MarketWatch]
▶ Boingo reports 4Q loss   [04:15PM  Associated Press]
▶ Boingo Calls for Convergence at Mobile World Congress 2017   [Feb-23-17 09:00AM  GlobeNewswire]
▶ Boingo Named Best WiFi Service by Global Traveler Magazine   [Dec-19-16 09:00AM  GlobeNewswire]
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