Intrinsic value of Advanced Energy Industries - AEIS

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$65.78

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of AEIS 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 2.6

 

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, %
  16.63
  55.20
  50.18
  45.66
  41.60
  37.94
  34.64
  31.68
  29.01
  26.61
  24.45
  22.50
  20.75
  19.18
  17.76
  16.48
  15.34
  14.30
  13.37
  12.53
  11.78
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
Revenue, $m
  484
  751
  1,128
  1,643
  2,327
  3,209
  4,321
  5,690
  7,341
  9,294
  11,566
  14,169
  17,110
  20,391
  24,013
  27,971
  32,261
  36,875
  41,806
  47,046
  52,588
  58,427
  64,558
  70,978
  77,684
  84,679
  91,965
  99,546
  107,429
  115,623
  124,138
Variable operating expenses, $m
 
  532
  796
  1,158
  1,638
  2,258
  3,039
  4,000
  5,160
  6,532
  8,128
  9,951
  12,017
  14,321
  16,865
  19,645
  22,657
  25,898
  29,361
  33,041
  36,934
  41,035
  45,341
  49,849
  54,559
  59,472
  64,589
  69,913
  75,450
  81,205
  87,185
Fixed operating expenses, $m
 
  13
  14
  14
  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
Total operating expenses, $m
  357
  545
  810
  1,172
  1,652
  2,273
  3,054
  4,015
  5,176
  6,548
  8,145
  9,968
  12,034
  14,339
  16,883
  19,664
  22,676
  25,918
  29,381
  33,062
  36,955
  41,057
  45,363
  49,872
  54,583
  59,496
  64,614
  69,938
  75,476
  81,232
  87,212
Operating income, $m
  127
  206
  318
  471
  674
  936
  1,267
  1,674
  2,165
  2,746
  3,422
  4,201
  5,076
  6,052
  7,130
  8,308
  9,584
  10,957
  12,424
  13,984
  15,633
  17,371
  19,195
  21,105
  23,101
  25,183
  27,351
  29,607
  31,953
  34,392
  36,926
EBITDA, $m
  135
  217
  332
  489
  698
  967
  1,307
  1,726
  2,230
  2,828
  3,523
  4,319
  5,218
  6,222
  7,329
  8,540
  9,852
  11,264
  12,772
  14,375
  16,071
  17,857
  19,732
  21,696
  23,748
  25,887
  28,116
  30,435
  32,847
  35,354
  37,958
Interest expense (income), $m
  0
  0
  3
  8
  15
  24
  36
  50
  68
  89
  115
  144
  178
  217
  259
  307
  358
  414
  474
  538
  607
  679
  755
  835
  918
  1,006
  1,097
  1,192
  1,290
  1,393
  1,500
Earnings before tax, $m
  128
  206
  314
  463
  659
  912
  1,232
  1,624
  2,097
  2,657
  3,307
  4,056
  4,897
  5,836
  6,870
  8,001
  9,226
  10,543
  11,950
  13,445
  15,027
  16,692
  18,440
  20,271
  22,183
  24,177
  26,254
  28,416
  30,663
  32,999
  35,426
Tax expense, $m
  11
  56
  85
  125
  178
  246
  333
  439
  566
  717
  893
  1,095
  1,322
  1,576
  1,855
  2,160
  2,491
  2,847
  3,227
  3,630
  4,057
  4,507
  4,979
  5,473
  5,989
  6,528
  7,089
  7,672
  8,279
  8,910
  9,565
Net income, $m
  127
  150
  230
  338
  481
  666
  899
  1,186
  1,531
  1,940
  2,414
  2,961
  3,575
  4,260
  5,015
  5,841
  6,735
  7,696
  8,724
  9,815
  10,969
  12,185
  13,461
  14,798
  16,194
  17,649
  19,166
  20,743
  22,384
  24,089
  25,861

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  287
  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
  572
  442
  664
  968
  1,370
  1,890
  2,545
  3,351
  4,323
  5,474
  6,812
  8,345
  10,077
  12,009
  14,142
  16,473
  18,999
  21,717
  24,621
  27,707
  30,971
  34,410
  38,020
  41,801
  45,751
  49,870
  54,161
  58,625
  63,268
  68,094
  73,108
Adjusted assets (=assets-cash), $m
  285
  442
  664
  968
  1,370
  1,890
  2,545
  3,351
  4,323
  5,474
  6,812
  8,345
  10,077
  12,009
  14,142
  16,473
  18,999
  21,717
  24,621
  27,707
  30,971
  34,410
  38,020
  41,801
  45,751
  49,870
  54,161
  58,625
  63,268
  68,094
  73,108
Revenue / Adjusted assets
  1.698
  1.699
  1.699
  1.697
  1.699
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
Average production assets, $m
  43
  67
  100
  146
  207
  286
  385
  506
  653
  827
  1,029
  1,261
  1,523
  1,815
  2,137
  2,489
  2,871
  3,282
  3,721
  4,187
  4,680
  5,200
  5,746
  6,317
  6,914
  7,536
  8,185
  8,860
  9,561
  10,290
  11,048
Working capital, $m
  343
  87
  131
  191
  270
  372
  501
  660
  852
  1,078
  1,342
  1,644
  1,985
  2,365
  2,785
  3,245
  3,742
  4,277
  4,849
  5,457
  6,100
  6,778
  7,489
  8,233
  9,011
  9,823
  10,668
  11,547
  12,462
  13,412
  14,400
Total debt, $m
  0
  100
  240
  432
  686
  1,015
  1,428
  1,938
  2,552
  3,279
  4,125
  5,094
  6,188
  7,410
  8,758
  10,231
  11,828
  13,545
  15,380
  17,331
  19,394
  21,567
  23,849
  26,238
  28,734
  31,338
  34,050
  36,871
  39,805
  42,855
  46,025
Total liabilities, $m
  179
  280
  420
  612
  866
  1,195
  1,608
  2,118
  2,732
  3,459
  4,305
  5,274
  6,368
  7,590
  8,938
  10,411
  12,008
  13,725
  15,560
  17,511
  19,574
  21,747
  24,029
  26,418
  28,914
  31,518
  34,230
  37,051
  39,985
  43,035
  46,205
Total equity, $m
  392
  163
  244
  356
  504
  696
  937
  1,233
  1,591
  2,014
  2,507
  3,071
  3,708
  4,419
  5,204
  6,062
  6,992
  7,992
  9,060
  10,196
  11,397
  12,663
  13,991
  15,383
  16,836
  18,352
  19,931
  21,574
  23,283
  25,058
  26,904
Total liabilities and equity, $m
  571
  443
  664
  968
  1,370
  1,891
  2,545
  3,351
  4,323
  5,473
  6,812
  8,345
  10,076
  12,009
  14,142
  16,473
  19,000
  21,717
  24,620
  27,707
  30,971
  34,410
  38,020
  41,801
  45,750
  49,870
  54,161
  58,625
  63,268
  68,093
  73,109
Debt-to-equity ratio
  0.000
  0.610
  0.980
  1.210
  1.360
  1.460
  1.530
  1.570
  1.600
  1.630
  1.650
  1.660
  1.670
  1.680
  1.680
  1.690
  1.690
  1.690
  1.700
  1.700
  1.700
  1.700
  1.700
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
Adjusted equity ratio
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  127
  150
  230
  338
  481
  666
  899
  1,186
  1,531
  1,940
  2,414
  2,961
  3,575
  4,260
  5,015
  5,841
  6,735
  7,696
  8,724
  9,815
  10,969
  12,185
  13,461
  14,798
  16,194
  17,649
  19,166
  20,743
  22,384
  24,089
  25,861
Depreciation, amort., depletion, $m
  8
  10
  14
  18
  24
  31
  40
  52
  65
  82
  100
  118
  142
  170
  200
  233
  268
  307
  348
  391
  437
  486
  537
  590
  646
  704
  765
  828
  894
  962
  1,033
Funds from operations, $m
  111
  161
  243
  356
  505
  697
  939
  1,237
  1,596
  2,021
  2,515
  3,079
  3,717
  4,430
  5,215
  6,073
  7,003
  8,003
  9,071
  10,206
  11,407
  12,671
  13,998
  15,388
  16,840
  18,354
  19,931
  21,571
  23,277
  25,051
  26,893
Change in working capital, $m
  -8
  31
  44
  60
  79
  102
  129
  159
  191
  227
  264
  302
  341
  381
  420
  459
  498
  535
  572
  608
  643
  677
  711
  745
  778
  811
  845
  879
  914
  950
  988
Cash from operations, $m
  119
  129
  199
  296
  425
  595
  810
  1,078
  1,405
  1,794
  2,251
  2,777
  3,376
  4,049
  4,795
  5,614
  6,506
  7,468
  8,499
  9,599
  10,764
  11,994
  13,287
  14,643
  16,062
  17,542
  19,086
  20,692
  22,363
  24,100
  25,906
Maintenance CAPEX, $m
  0
  -4
  -6
  -9
  -14
  -19
  -27
  -36
  -47
  -61
  -77
  -96
  -118
  -142
  -170
  -200
  -233
  -268
  -307
  -348
  -391
  -437
  -486
  -537
  -590
  -646
  -704
  -765
  -828
  -894
  -962
New CAPEX, $m
  -7
  -24
  -34
  -46
  -61
  -79
  -99
  -122
  -147
  -174
  -202
  -232
  -262
  -292
  -322
  -352
  -382
  -411
  -439
  -466
  -493
  -520
  -546
  -571
  -597
  -623
  -648
  -675
  -702
  -729
  -758
Cash from investing activities, $m
  0
  -28
  -40
  -55
  -75
  -98
  -126
  -158
  -194
  -235
  -279
  -328
  -380
  -434
  -492
  -552
  -615
  -679
  -746
  -814
  -884
  -957
  -1,032
  -1,108
  -1,187
  -1,269
  -1,352
  -1,440
  -1,530
  -1,623
  -1,720
Free cash flow, $m
  119
  101
  160
  241
  351
  497
  685
  921
  1,211
  1,560
  1,972
  2,449
  2,997
  3,615
  4,303
  5,062
  5,891
  6,789
  7,754
  8,784
  9,879
  11,037
  12,256
  13,535
  14,875
  16,274
  17,733
  19,252
  20,833
  22,477
  24,186
Issuance/(repayment) of debt, $m
  0
  100
  140
  192
  254
  329
  414
  510
  614
  727
  846
  969
  1,095
  1,221
  1,348
  1,473
  1,597
  1,717
  1,835
  1,950
  2,063
  2,173
  2,282
  2,389
  2,496
  2,604
  2,712
  2,822
  2,934
  3,050
  3,169
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  2
  100
  140
  192
  254
  329
  414
  510
  614
  727
  846
  969
  1,095
  1,221
  1,348
  1,473
  1,597
  1,717
  1,835
  1,950
  2,063
  2,173
  2,282
  2,389
  2,496
  2,604
  2,712
  2,822
  2,934
  3,050
  3,169
Total cash flow (excl. dividends), $m
  120
  201
  300
  432
  605
  825
  1,098
  1,430
  1,825
  2,287
  2,817
  3,418
  4,091
  4,836
  5,651
  6,536
  7,488
  8,506
  9,589
  10,735
  11,942
  13,210
  14,537
  15,924
  17,371
  18,877
  20,444
  22,074
  23,768
  25,527
  27,355
Retained Cash Flow (-), $m
  -128
  -58
  -82
  -112
  -148
  -191
  -241
  -297
  -358
  -423
  -492
  -564
  -637
  -711
  -785
  -858
  -930
  -1,000
  -1,069
  -1,136
  -1,201
  -1,265
  -1,329
  -1,391
  -1,454
  -1,516
  -1,579
  -1,643
  -1,708
  -1,776
  -1,845
Prev. year cash balance distribution, $m
 
  287
  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
 
  430
  218
  321
  457
  634
  857
  1,133
  1,467
  1,863
  2,325
  2,854
  3,454
  4,125
  4,866
  5,678
  6,558
  7,506
  8,521
  9,599
  10,741
  11,945
  13,209
  14,533
  15,917
  17,361
  18,865
  20,431
  22,059
  23,751
  25,510
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
 
  412
  200
  279
  376
  491
  622
  766
  917
  1,070
  1,219
  1,355
  1,474
  1,568
  1,634
  1,667
  1,667
  1,633
  1,569
  1,478
  1,365
  1,235
  1,096
  953
  811
  675
  550
  439
  341
  259
  192
Current shareholders' claim on cash, %
  100
  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
  100.0

Advanced Energy Industries, Inc., together with its subsidiaries, designs, manufactures, sells, and supports power conversion products and solutions that transform power into various usable forms. The company offers thin film deposition power conversion systems, including direct current (DC), pulsed DC low frequency, high voltage, and radio frequency (RF) power supplies, as well as matching networks and remote plasma sources for reactive gas applications and RF instrumentation. Its power conversion systems are used by semiconductor, solar panel, and similar thin film manufacturers, including flat panel display, data storage, industrial hard coating and ophthalmic optical coating equipment makers, and architectural glass manufacturers. The company also provides power control modules and thermal instrumentation products for rapid thermal processing, chemical vapor deposition, crystal growing, and other semiconductor and solar applications, as well as in chemical processing, glass manufacturing, and other general industrial power applications. In addition, it offers repair, conversions, upgrades, and refurbishments services. The company markets and sells its products through direct sales force, independent sales representatives, and distributors in North America, Europe, and Asia. Advanced Energy Industries, Inc. was founded in 1981 and is headquartered in Fort Collins, Colorado.

FINANCIAL RATIOS  of  Advanced Energy Industries (AEIS)

Valuation Ratios
P/E Ratio 20.6
Price to Sales 5.4
Price to Book 6.7
Price to Tangible Book
Price to Cash Flow 22
Price to Free Cash Flow 23.3
Growth Rates
Sales Growth Rate 16.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 75%
Cap. Spend. - 3 Yr. Gr. Rate 18.5%
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 24.5%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 38.7%
Ret/ On T. Cap. - 3 Yr. Avg. 1.9%
Return On Equity 38.7%
Return On Equity - 3 Yr. Avg. 2%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 52.3%
Gross Margin - 3 Yr. Avg. 51.9%
EBITDA Margin 28.1%
EBITDA Margin - 3 Yr. Avg. 27.2%
Operating Margin 26.2%
Oper. Margin - 3 Yr. Avg. 25.2%
Pre-Tax Margin 26.4%
Pre-Tax Margin - 3 Yr. Avg. 25.1%
Net Profit Margin 26.2%
Net Profit Margin - 3 Yr. Avg. 0.3%
Effective Tax Rate 8.6%
Eff/ Tax Rate - 3 Yr. Avg. 16.1%
Payout Ratio 0%

AEIS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AEIS stock intrinsic value calculation we used $484 million for the last fiscal year's total revenue generated by Advanced Energy Industries. The default revenue input number comes from 2016 income statement of Advanced Energy 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 AEIS stock valuation model: a) initial revenue growth rate of 55.2% 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 AEIS is calculated based on our internal credit rating of Advanced Energy 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 Advanced Energy 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 AEIS stock the variable cost ratio is equal to 71.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $13 million in the base year in the intrinsic value calculation for AEIS 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 3.5% for Advanced Energy Industries.

Corporate tax rate of 27% is the nominal tax rate for Advanced Energy 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 AEIS 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 AEIS are equal to 8.9%.

Life of production assets of 10.7 years is the average useful life of capital assets used in Advanced Energy 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 AEIS is equal to 11.6%. 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 - $392 million for Advanced Energy 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 39.095 million for Advanced Energy 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 Advanced Energy Industries at the current share price and the inputted number of shares is $2.6 billion.


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Stock chart of AEIS Financial statements of AEIS Annual reports of AEIS
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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