Intrinsic value of Axcelis Technologies - ACLS

Previous Close

$34.30

  Intrinsic Value

$1.62

stock screener

  Rating & Target

str. sell

-95%

Previous close

$34.30

 
Intrinsic value

$1.62

 
Up/down potential

-95%

 
Rating

str. sell

We calculate the intrinsic value of ACLS 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 1.1

 

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, %
  -11.59
  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
  267
  427
  660
  987
  1,432
  2,021
  2,778
  3,729
  4,896
  6,300
  7,957
  9,881
  12,081
  14,561
  17,325
  20,371
  23,697
  27,297
  31,165
  35,296
  39,684
  44,321
  49,205
  54,330
  59,695
  65,299
  71,142
  77,227
  83,558
  90,141
  96,984
Variable operating expenses, $m
 
  378
  583
  873
  1,266
  1,786
  2,456
  3,296
  4,328
  5,569
  7,034
  8,735
  10,679
  12,872
  15,316
  18,008
  20,948
  24,130
  27,550
  31,202
  35,080
  39,180
  43,497
  48,028
  52,770
  57,724
  62,889
  68,269
  73,866
  79,685
  85,733
Fixed operating expenses, $m
 
  14
  15
  15
  15
  16
  16
  17
  17
  17
  18
  18
  19
  19
  20
  20
  21
  21
  22
  22
  23
  24
  24
  25
  25
  26
  27
  27
  28
  29
  29
Total operating expenses, $m
  250
  392
  598
  888
  1,281
  1,802
  2,472
  3,313
  4,345
  5,586
  7,052
  8,753
  10,698
  12,891
  15,336
  18,028
  20,969
  24,151
  27,572
  31,224
  35,103
  39,204
  43,521
  48,053
  52,795
  57,750
  62,916
  68,296
  73,894
  79,714
  85,762
Operating income, $m
  17
  35
  62
  99
  151
  219
  306
  416
  551
  713
  905
  1,128
  1,383
  1,670
  1,990
  2,343
  2,728
  3,145
  3,593
  4,072
  4,580
  5,118
  5,684
  6,278
  6,899
  7,549
  8,226
  8,931
  9,665
  10,428
  11,221
EBITDA, $m
  21
  42
  72
  114
  172
  249
  347
  472
  624
  807
  1,024
  1,275
  1,563
  1,887
  2,248
  2,647
  3,081
  3,552
  4,058
  4,598
  5,172
  5,779
  6,418
  7,088
  7,790
  8,523
  9,287
  10,083
  10,911
  11,772
  12,667
Interest expense (income), $m
  5
  5
  11
  20
  33
  51
  74
  104
  141
  187
  242
  307
  383
  469
  567
  676
  795
  926
  1,068
  1,220
  1,382
  1,555
  1,737
  1,929
  2,130
  2,341
  2,562
  2,791
  3,031
  3,280
  3,538
Earnings before tax, $m
  11
  30
  51
  79
  117
  168
  232
  312
  410
  526
  663
  821
  1,000
  1,200
  1,423
  1,667
  1,933
  2,219
  2,526
  2,852
  3,198
  3,563
  3,947
  4,349
  4,769
  5,207
  5,664
  6,140
  6,634
  7,148
  7,682
Tax expense, $m
  0
  8
  14
  21
  32
  45
  63
  84
  111
  142
  179
  222
  270
  324
  384
  450
  522
  599
  682
  770
  864
  962
  1,066
  1,174
  1,288
  1,406
  1,529
  1,658
  1,791
  1,930
  2,074
Net income, $m
  11
  22
  37
  58
  86
  122
  169
  228
  299
  384
  484
  599
  730
  876
  1,039
  1,217
  1,411
  1,620
  1,844
  2,082
  2,335
  2,601
  2,881
  3,174
  3,481
  3,801
  4,135
  4,482
  4,843
  5,218
  5,608

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  71
  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
  302
  370
  571
  854
  1,239
  1,748
  2,403
  3,226
  4,235
  5,450
  6,884
  8,548
  10,451
  12,596
  14,987
  17,622
  20,499
  23,613
  26,960
  30,533
  34,328
  38,340
  42,565
  46,998
  51,639
  56,487
  61,541
  66,805
  72,282
  77,977
  83,896
Adjusted assets (=assets-cash), $m
  231
  370
  571
  854
  1,239
  1,748
  2,403
  3,226
  4,235
  5,450
  6,884
  8,548
  10,451
  12,596
  14,987
  17,622
  20,499
  23,613
  26,960
  30,533
  34,328
  38,340
  42,565
  46,998
  51,639
  56,487
  61,541
  66,805
  72,282
  77,977
  83,896
Revenue / Adjusted assets
  1.156
  1.154
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
  1.156
Average production assets, $m
  47
  75
  116
  174
  252
  356
  489
  656
  862
  1,109
  1,401
  1,739
  2,126
  2,563
  3,049
  3,585
  4,171
  4,804
  5,485
  6,212
  6,984
  7,801
  8,660
  9,562
  10,506
  11,493
  12,521
  13,592
  14,706
  15,865
  17,069
Working capital, $m
  193
  195
  302
  451
  655
  923
  1,269
  1,704
  2,237
  2,879
  3,637
  4,516
  5,521
  6,655
  7,918
  9,310
  10,829
  12,475
  14,243
  16,130
  18,135
  20,255
  22,487
  24,829
  27,281
  29,841
  32,512
  35,293
  38,186
  41,195
  44,321
Total debt, $m
  48
  108
  197
  320
  488
  711
  997
  1,357
  1,798
  2,329
  2,955
  3,682
  4,514
  5,452
  6,496
  7,648
  8,905
  10,266
  11,728
  13,290
  14,949
  16,702
  18,548
  20,485
  22,513
  24,632
  26,841
  29,141
  31,534
  34,023
  36,609
Total liabilities, $m
  101
  161
  250
  373
  541
  764
  1,050
  1,410
  1,851
  2,382
  3,008
  3,735
  4,567
  5,505
  6,549
  7,701
  8,958
  10,319
  11,781
  13,343
  15,002
  16,755
  18,601
  20,538
  22,566
  24,685
  26,894
  29,194
  31,587
  34,076
  36,662
Total equity, $m
  201
  208
  321
  481
  698
  984
  1,353
  1,816
  2,384
  3,068
  3,875
  4,812
  5,884
  7,092
  8,438
  9,921
  11,541
  13,294
  15,178
  17,190
  19,327
  21,586
  23,964
  26,460
  29,073
  31,802
  34,648
  37,611
  40,695
  43,901
  47,233
Total liabilities and equity, $m
  302
  369
  571
  854
  1,239
  1,748
  2,403
  3,226
  4,235
  5,450
  6,883
  8,547
  10,451
  12,597
  14,987
  17,622
  20,499
  23,613
  26,959
  30,533
  34,329
  38,341
  42,565
  46,998
  51,639
  56,487
  61,542
  66,805
  72,282
  77,977
  83,895
Debt-to-equity ratio
  0.239
  0.520
  0.610
  0.670
  0.700
  0.720
  0.740
  0.750
  0.750
  0.760
  0.760
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.780
Adjusted equity ratio
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  11
  22
  37
  58
  86
  122
  169
  228
  299
  384
  484
  599
  730
  876
  1,039
  1,217
  1,411
  1,620
  1,844
  2,082
  2,335
  2,601
  2,881
  3,174
  3,481
  3,801
  4,135
  4,482
  4,843
  5,218
  5,608
Depreciation, amort., depletion, $m
  4
  6
  10
  15
  21
  30
  41
  56
  73
  94
  119
  147
  180
  217
  258
  304
  353
  407
  465
  526
  592
  661
  734
  810
  890
  974
  1,061
  1,152
  1,246
  1,344
  1,447
Funds from operations, $m
  -40
  28
  47
  72
  107
  153
  211
  284
  372
  478
  603
  746
  910
  1,093
  1,297
  1,521
  1,764
  2,027
  2,309
  2,609
  2,927
  3,262
  3,615
  3,985
  4,372
  4,775
  5,196
  5,634
  6,089
  6,563
  7,055
Change in working capital, $m
  -31
  73
  106
  149
  203
  269
  346
  435
  533
  642
  757
  879
  1,005
  1,134
  1,263
  1,392
  1,520
  1,645
  1,768
  1,888
  2,005
  2,119
  2,232
  2,342
  2,452
  2,561
  2,670
  2,781
  2,893
  3,008
  3,127
Cash from operations, $m
  -9
  -45
  -60
  -77
  -96
  -116
  -135
  -151
  -161
  -163
  -155
  -133
  -95
  -40
  34
  129
  245
  382
  541
  721
  922
  1,143
  1,383
  1,643
  1,920
  2,214
  2,526
  2,853
  3,196
  3,554
  3,928
Maintenance CAPEX, $m
  0
  -4
  -6
  -10
  -15
  -21
  -30
  -41
  -56
  -73
  -94
  -119
  -147
  -180
  -217
  -258
  -304
  -353
  -407
  -465
  -526
  -592
  -661
  -734
  -810
  -890
  -974
  -1,061
  -1,152
  -1,246
  -1,344
New CAPEX, $m
  -3
  -28
  -41
  -58
  -78
  -104
  -133
  -167
  -205
  -247
  -292
  -339
  -387
  -437
  -486
  -536
  -585
  -634
  -681
  -727
  -772
  -816
  -859
  -902
  -944
  -986
  -1,028
  -1,071
  -1,114
  -1,159
  -1,204
Cash from investing activities, $m
  -2
  -32
  -47
  -68
  -93
  -125
  -163
  -208
  -261
  -320
  -386
  -458
  -534
  -617
  -703
  -794
  -889
  -987
  -1,088
  -1,192
  -1,298
  -1,408
  -1,520
  -1,636
  -1,754
  -1,876
  -2,002
  -2,132
  -2,266
  -2,405
  -2,548
Free cash flow, $m
  -11
  -77
  -107
  -144
  -189
  -241
  -299
  -360
  -422
  -484
  -540
  -590
  -630
  -657
  -669
  -666
  -645
  -605
  -547
  -471
  -377
  -265
  -137
  7
  165
  338
  523
  721
  930
  1,149
  1,379
Issuance/(repayment) of debt, $m
  0
  60
  88
  124
  168
  222
  286
  359
  441
  531
  627
  727
  831
  938
  1,045
  1,152
  1,257
  1,361
  1,462
  1,562
  1,658
  1,753
  1,846
  1,938
  2,028
  2,118
  2,209
  2,300
  2,393
  2,489
  2,587
Issuance/(repurchase) of shares, $m
  3
  56
  76
  102
  131
  164
  199
  235
  269
  300
  323
  338
  342
  332
  307
  267
  209
  133
  40
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  2
  116
  164
  226
  299
  386
  485
  594
  710
  831
  950
  1,065
  1,173
  1,270
  1,352
  1,419
  1,466
  1,494
  1,502
  1,562
  1,658
  1,753
  1,846
  1,938
  2,028
  2,118
  2,209
  2,300
  2,393
  2,489
  2,587
Total cash flow (excl. dividends), $m
  -8
  40
  57
  81
  110
  145
  187
  235
  288
  347
  409
  475
  543
  613
  683
  752
  821
  889
  955
  1,090
  1,282
  1,488
  1,709
  1,944
  2,193
  2,456
  2,732
  3,021
  3,323
  3,638
  3,966
Retained Cash Flow (-), $m
  -17
  -78
  -113
  -159
  -217
  -287
  -369
  -463
  -569
  -684
  -807
  -937
  -1,071
  -1,208
  -1,346
  -1,484
  -1,620
  -1,753
  -1,884
  -2,012
  -2,137
  -2,259
  -2,378
  -2,496
  -2,613
  -2,729
  -2,846
  -2,964
  -3,083
  -3,206
  -3,332
Prev. year cash balance distribution, $m
 
  71
  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
 
  32
  -56
  -79
  -107
  -141
  -182
  -228
  -280
  -337
  -398
  -462
  -528
  -595
  -663
  -731
  -798
  -864
  -929
  -921
  -855
  -771
  -670
  -552
  -419
  -273
  -114
  58
  240
  432
  633
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
 
  31
  -51
  -68
  -88
  -109
  -132
  -154
  -175
  -194
  -209
  -219
  -225
  -226
  -223
  -215
  -203
  -188
  -171
  -142
  -109
  -80
  -56
  -36
  -21
  -11
  -3
  1
  4
  5
  5
Current shareholders' claim on cash, %
  100
  92.5
  86.5
  81.6
  77.7
  74.4
  71.6
  69.4
  67.5
  65.9
  64.6
  63.6
  62.8
  62.1
  61.6
  61.2
  61.0
  60.9
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8

Axcelis Technologies, Inc. designs, manufactures and services ion implantation and other processing equipment used in the fabrication of semiconductor chips. The Company also provides aftermarket lifecycle products and services, including used tools, spare parts, equipment upgrades, maintenance services and customer training. The Company offers a complete line of high energy, high current and medium current implanters for all application requirements. The Company's Purion XE high energy system combines its radio frequency (RF) Linac high energy, spot beam technology with the Purion platform. The Company also offers the Purion M medium current system. The Company's Purion M systems also offer differentiation for specialty applications, such as hot silicon carbide. The Company's Purion H high current system is extendable into ultra-low energy applications to satisfy future process requirements, including leakage current performance.

FINANCIAL RATIOS  of  Axcelis Technologies (ACLS)

Valuation Ratios
P/E Ratio 92
Price to Sales 3.8
Price to Book 5
Price to Tangible Book
Price to Cash Flow -112.5
Price to Free Cash Flow -84.4
Growth Rates
Sales Growth Rate -11.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate 24.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 23.9%
Total Debt to Equity 23.9%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 2.9%
Return On Total Capital 4.6%
Ret/ On T. Cap. - 3 Yr. Avg. 2%
Return On Equity 5.7%
Return On Equity - 3 Yr. Avg. 2.6%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 37.5%
Gross Margin - 3 Yr. Avg. 35.2%
EBITDA Margin 7.5%
EBITDA Margin - 3 Yr. Avg. 4.5%
Operating Margin 6.4%
Oper. Margin - 3 Yr. Avg. 2.6%
Pre-Tax Margin 4.1%
Pre-Tax Margin - 3 Yr. Avg. 1.4%
Net Profit Margin 4.1%
Net Profit Margin - 3 Yr. Avg. 1.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -3.3%
Payout Ratio 0%

ACLS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ACLS stock intrinsic value calculation we used $267 million for the last fiscal year's total revenue generated by Axcelis Technologies. The default revenue input number comes from 2016 income statement of Axcelis Technologies. 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 ACLS 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 ACLS is calculated based on our internal credit rating of Axcelis Technologies, 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 Axcelis Technologies.
    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 ACLS stock the variable cost ratio is equal to 88.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $14 million in the base year in the intrinsic value calculation for ACLS 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 10.4% for Axcelis Technologies.

Corporate tax rate of 27% is the nominal tax rate for Axcelis Technologies. 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 ACLS 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 ACLS are equal to 17.6%.

Life of production assets of 11.8 years is the average useful life of capital assets used in Axcelis Technologies 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 ACLS is equal to 45.7%. 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 - $201 million for Axcelis Technologies - 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 31.118 million for Axcelis Technologies 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 Axcelis Technologies at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ Top 4 Small-Cap Stocks for 2017   [Nov-06-17 11:59AM  Investopedia]
▶ Axcelis tops Street 3Q forecasts   [Nov-02-17 05:31PM  Associated Press]
▶ Axcelis misses 2Q profit forecasts   [Aug-04-17 02:28AM  Associated Press]
▶ Could These Chip-Gear Stocks Start To Rally After Recent Slide?   [Jun-30-17 12:30PM  Investor's Business Daily]
▶ Two Chip Gear Makers Earn Price-Target Hikes In Hot Semiconductor Market   [Jun-16-17 04:27PM  Investor's Business Daily]
▶ Chip Stocks To Watch And Semiconductor Industry News   [12:51PM  Investor's Business Daily]
▶ Axcelis Technologies Gets A Composite Rating Upgrade   [10:45AM  Investor's Business Daily]
▶ Why Shares of Axcelis Technologies Popped Today   [May-05-17 02:55PM  Motley Fool]
▶ Axcelis tops Street 1Q forecasts   [May-04-17 05:44PM  Associated Press]
▶ Why Axcelis Technologies Inc. Stock Rose 21.7% in March   [Apr-10-17 05:40PM  Motley Fool]
▶ Top Ranked Growth Stocks to Buy for March 27th   [Mar-27-17 11:46AM  Zacks]
Financial statements of ACLS
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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