Intrinsic value of Amtech Systems - ASYS

Previous Close

$11.23

  Intrinsic Value

$232.72

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

-124%

Previous close

$11.23

 
Intrinsic value

$232.72

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

-124%

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

We calculate the intrinsic value of ASYS 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 0.2

 

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, %
  14.29
  45.50
  41.45
  37.81
  34.52
  31.57
  28.91
  26.52
  24.37
  22.43
  20.69
  19.12
  17.71
  16.44
  15.29
  14.27
  13.34
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
  6.91
Revenue, $m
  120
  175
  247
  340
  458
  602
  777
  983
  1,222
  1,496
  1,806
  2,151
  2,532
  2,948
  3,399
  3,884
  4,402
  4,952
  5,534
  6,148
  6,791
  7,465
  8,169
  8,904
  9,668
  10,464
  11,292
  12,152
  13,046
  13,974
  14,940
Variable operating expenses, $m
 
  116
  164
  225
  302
  397
  512
  647
  805
  985
  1,189
  1,415
  1,666
  1,939
  2,236
  2,555
  2,896
  3,258
  3,641
  4,044
  4,468
  4,911
  5,374
  5,857
  6,360
  6,884
  7,428
  7,994
  8,582
  9,193
  9,828
Fixed operating expenses, $m
 
  50
  51
  53
  54
  55
  57
  58
  60
  61
  63
  64
  66
  68
  69
  71
  73
  75
  76
  78
  80
  82
  84
  86
  89
  91
  93
  95
  98
  100
  103
Total operating expenses, $m
  128
  166
  215
  278
  356
  452
  569
  705
  865
  1,046
  1,252
  1,479
  1,732
  2,007
  2,305
  2,626
  2,969
  3,333
  3,717
  4,122
  4,548
  4,993
  5,458
  5,943
  6,449
  6,975
  7,521
  8,089
  8,680
  9,293
  9,931
Operating income, $m
  -8
  8
  32
  63
  101
  150
  208
  277
  357
  450
  554
  672
  800
  941
  1,094
  1,258
  1,433
  1,620
  1,817
  2,025
  2,243
  2,472
  2,711
  2,960
  3,220
  3,490
  3,771
  4,062
  4,366
  4,681
  5,009
EBITDA, $m
  -5
  12
  37
  69
  110
  161
  222
  294
  378
  475
  585
  707
  842
  989
  1,149
  1,321
  1,505
  1,701
  1,908
  2,126
  2,355
  2,594
  2,845
  3,106
  3,378
  3,661
  3,955
  4,261
  4,579
  4,910
  5,253
Interest expense (income), $m
  0
  0
  1
  2
  4
  5
  7
  10
  13
  16
  20
  25
  30
  36
  42
  48
  55
  63
  71
  79
  88
  98
  108
  118
  129
  140
  151
  163
  176
  189
  203
Earnings before tax, $m
  -5
  8
  31
  60
  98
  144
  200
  267
  344
  433
  534
  647
  770
  906
  1,052
  1,210
  1,378
  1,557
  1,746
  1,946
  2,155
  2,374
  2,603
  2,842
  3,091
  3,350
  3,619
  3,899
  4,190
  4,492
  4,806
Tax expense, $m
  4
  2
  8
  16
  26
  39
  54
  72
  93
  117
  144
  175
  208
  245
  284
  327
  372
  420
  472
  525
  582
  641
  703
  767
  835
  904
  977
  1,053
  1,131
  1,213
  1,298
Net income, $m
  -7
  6
  22
  44
  71
  105
  146
  195
  251
  316
  390
  472
  562
  661
  768
  883
  1,006
  1,137
  1,275
  1,420
  1,573
  1,733
  1,900
  2,075
  2,256
  2,445
  2,642
  2,846
  3,059
  3,279
  3,509

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  28
  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
  118
  131
  185
  255
  343
  452
  583
  737
  917
  1,122
  1,355
  1,614
  1,899
  2,212
  2,550
  2,914
  3,302
  3,715
  4,152
  4,612
  5,095
  5,600
  6,129
  6,679
  7,253
  7,850
  8,471
  9,116
  9,787
  10,483
  11,208
Adjusted assets (=assets-cash), $m
  90
  131
  185
  255
  343
  452
  583
  737
  917
  1,122
  1,355
  1,614
  1,899
  2,212
  2,550
  2,914
  3,302
  3,715
  4,152
  4,612
  5,095
  5,600
  6,129
  6,679
  7,253
  7,850
  8,471
  9,116
  9,787
  10,483
  11,208
Revenue / Adjusted assets
  1.333
  1.336
  1.335
  1.333
  1.335
  1.332
  1.333
  1.334
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
Average production assets, $m
  21
  31
  43
  60
  80
  105
  136
  172
  214
  262
  316
  376
  443
  516
  595
  680
  770
  867
  969
  1,076
  1,188
  1,306
  1,430
  1,558
  1,692
  1,831
  1,976
  2,127
  2,283
  2,446
  2,614
Working capital, $m
  45
  26
  37
  51
  69
  90
  116
  147
  183
  224
  271
  323
  380
  442
  510
  583
  660
  743
  830
  922
  1,019
  1,120
  1,225
  1,336
  1,450
  1,570
  1,694
  1,823
  1,957
  2,096
  2,241
Total debt, $m
  10
  32
  62
  101
  150
  210
  283
  369
  469
  583
  712
  856
  1,015
  1,189
  1,377
  1,579
  1,795
  2,025
  2,267
  2,523
  2,792
  3,073
  3,366
  3,673
  3,992
  4,324
  4,669
  5,028
  5,400
  5,788
  6,190
Total liabilities, $m
  51
  73
  103
  142
  191
  251
  324
  410
  510
  624
  753
  897
  1,056
  1,230
  1,418
  1,620
  1,836
  2,066
  2,308
  2,564
  2,833
  3,114
  3,407
  3,714
  4,033
  4,365
  4,710
  5,069
  5,441
  5,829
  6,231
Total equity, $m
  67
  58
  82
  113
  152
  201
  259
  327
  407
  498
  601
  716
  843
  982
  1,132
  1,294
  1,466
  1,650
  1,843
  2,048
  2,262
  2,487
  2,721
  2,966
  3,220
  3,485
  3,761
  4,048
  4,345
  4,655
  4,976
Total liabilities and equity, $m
  118
  131
  185
  255
  343
  452
  583
  737
  917
  1,122
  1,354
  1,613
  1,899
  2,212
  2,550
  2,914
  3,302
  3,716
  4,151
  4,612
  5,095
  5,601
  6,128
  6,680
  7,253
  7,850
  8,471
  9,117
  9,786
  10,484
  11,207
Debt-to-equity ratio
  0.149
  0.550
  0.750
  0.890
  0.980
  1.050
  1.090
  1.130
  1.150
  1.170
  1.180
  1.200
  1.200
  1.210
  1.220
  1.220
  1.220
  1.230
  1.230
  1.230
  1.230
  1.240
  1.240
  1.240
  1.240
  1.240
  1.240
  1.240
  1.240
  1.240
  1.240
Adjusted equity ratio
  0.433
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -7
  6
  22
  44
  71
  105
  146
  195
  251
  316
  390
  472
  562
  661
  768
  883
  1,006
  1,137
  1,275
  1,420
  1,573
  1,733
  1,900
  2,075
  2,256
  2,445
  2,642
  2,846
  3,059
  3,279
  3,509
Depreciation, amort., depletion, $m
  3
  4
  5
  7
  9
  11
  14
  17
  21
  26
  31
  35
  41
  48
  56
  64
  72
  81
  91
  101
  111
  122
  134
  146
  158
  171
  185
  199
  213
  229
  244
Funds from operations, $m
  -17
  10
  28
  51
  80
  116
  160
  212
  273
  342
  420
  507
  604
  709
  824
  947
  1,078
  1,218
  1,365
  1,521
  1,684
  1,855
  2,034
  2,220
  2,415
  2,617
  2,827
  3,045
  3,272
  3,508
  3,753
Change in working capital, $m
  -7
  8
  11
  14
  18
  22
  26
  31
  36
  41
  46
  52
  57
  62
  68
  73
  78
  83
  87
  92
  97
  101
  106
  110
  115
  119
  124
  129
  134
  139
  145
Cash from operations, $m
  -10
  2
  17
  37
  62
  95
  134
  181
  237
  301
  374
  456
  547
  647
  756
  874
  1,000
  1,135
  1,278
  1,429
  1,588
  1,754
  1,928
  2,110
  2,300
  2,497
  2,703
  2,916
  3,138
  3,369
  3,608
Maintenance CAPEX, $m
  0
  -2
  -3
  -4
  -6
  -7
  -10
  -13
  -16
  -20
  -24
  -30
  -35
  -41
  -48
  -56
  -64
  -72
  -81
  -91
  -101
  -111
  -122
  -134
  -146
  -158
  -171
  -185
  -199
  -213
  -229
New CAPEX, $m
  -1
  -10
  -13
  -16
  -21
  -25
  -30
  -36
  -42
  -48
  -54
  -60
  -67
  -73
  -79
  -85
  -91
  -96
  -102
  -107
  -113
  -118
  -123
  -129
  -134
  -139
  -145
  -151
  -156
  -163
  -169
Cash from investing activities, $m
  11
  -12
  -16
  -20
  -27
  -32
  -40
  -49
  -58
  -68
  -78
  -90
  -102
  -114
  -127
  -141
  -155
  -168
  -183
  -198
  -214
  -229
  -245
  -263
  -280
  -297
  -316
  -336
  -355
  -376
  -398
Free cash flow, $m
  1
  -10
  1
  16
  36
  62
  94
  132
  179
  233
  295
  366
  445
  533
  629
  733
  846
  967
  1,095
  1,231
  1,375
  1,525
  1,683
  1,848
  2,020
  2,200
  2,387
  2,581
  2,783
  2,993
  3,211
Issuance/(repayment) of debt, $m
  0
  23
  30
  39
  49
  60
  73
  86
  100
  114
  129
  144
  159
  174
  188
  202
  216
  230
  243
  256
  268
  281
  294
  306
  319
  332
  345
  359
  373
  387
  403
Issuance/(repurchase) of shares, $m
  0
  12
  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
Cash from financing (excl. dividends), $m  
  0
  35
  32
  39
  49
  60
  73
  86
  100
  114
  129
  144
  159
  174
  188
  202
  216
  230
  243
  256
  268
  281
  294
  306
  319
  332
  345
  359
  373
  387
  403
Total cash flow (excl. dividends), $m
  2
  25
  33
  55
  85
  122
  166
  218
  278
  347
  424
  510
  604
  706
  817
  936
  1,062
  1,196
  1,338
  1,487
  1,643
  1,806
  1,977
  2,154
  2,339
  2,532
  2,732
  2,940
  3,156
  3,380
  3,613
Retained Cash Flow (-), $m
  6
  -18
  -24
  -31
  -39
  -48
  -58
  -69
  -80
  -91
  -103
  -115
  -127
  -139
  -150
  -162
  -173
  -183
  -194
  -204
  -214
  -224
  -235
  -245
  -255
  -265
  -276
  -286
  -298
  -309
  -322
Prev. year cash balance distribution, $m
 
  27
  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
 
  34
  9
  24
  46
  74
  108
  150
  199
  256
  321
  395
  477
  568
  667
  774
  890
  1,013
  1,144
  1,283
  1,429
  1,582
  1,742
  1,910
  2,085
  2,267
  2,456
  2,653
  2,858
  3,071
  3,292
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
 
  33
  8
  21
  38
  57
  79
  101
  124
  147
  168
  187
  203
  216
  224
  227
  226
  220
  211
  198
  182
  164
  145
  125
  106
  88
  72
  57
  44
  34
  25
Current shareholders' claim on cash, %
  100
  88.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6

Amtech Systems, Inc. is engaged in the manufacture of capital equipment, including thermal processing, silicon wafer handling automation and related consumables used in fabricating solar cells, Light Emitting Diode (LED) and semiconductor devices. The Company operates through three business segments: solar, semiconductor and polishing. The solar segment supplies thermal processing systems, including diffusion; plasma-enhanced chemical vapor deposition (PECVD); atomic layer deposition (ALD), and related automation, parts and services to the solar/photovoltaic industry. The semiconductor segment supplies thermal processing equipment, including solder reflow equipment and related controls for use by the semiconductor manufacturers and in electronics assembly for automotive and other industries. The polishing supplies segment produces consumables and machinery for lapping (fine abrading) and polishing of materials, such as sapphire substrates and optical components.

FINANCIAL RATIOS  of  Amtech Systems (ASYS)

Valuation Ratios
P/E Ratio -21.1
Price to Sales 1.2
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow -14.8
Price to Free Cash Flow -13.5
Growth Rates
Sales Growth Rate 14.3%
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 28
Current Ratio 0.2
LT Debt to Equity 13.4%
Total Debt to Equity 14.9%
Interest Coverage 0
Management Effectiveness
Return On Assets -5.8%
Ret/ On Assets - 3 Yr. Avg. -8.7%
Return On Total Capital -8.8%
Ret/ On T. Cap. - 3 Yr. Avg. -13.9%
Return On Equity -10%
Return On Equity - 3 Yr. Avg. -14.6%
Asset Turnover 1
Profitability Ratios
Gross Margin 28.3%
Gross Margin - 3 Yr. Avg. 25%
EBITDA Margin -1.7%
EBITDA Margin - 3 Yr. Avg. -7.6%
Operating Margin -6.7%
Oper. Margin - 3 Yr. Avg. -14%
Pre-Tax Margin -4.2%
Pre-Tax Margin - 3 Yr. Avg. -10.6%
Net Profit Margin -5.8%
Net Profit Margin - 3 Yr. Avg. -12.1%
Effective Tax Rate -80%
Eff/ Tax Rate - 3 Yr. Avg. -42.6%
Payout Ratio 0%

ASYS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ASYS stock intrinsic value calculation we used $120 million for the last fiscal year's total revenue generated by Amtech Systems. The default revenue input number comes from 2016 income statement of Amtech Systems. 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 ASYS stock valuation model: a) initial revenue growth rate of 45.5% 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 ASYS is calculated based on our internal credit rating of Amtech Systems, 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 Amtech Systems.
    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 ASYS stock the variable cost ratio is equal to 66.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $49 million in the base year in the intrinsic value calculation for ASYS 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 Amtech Systems.

Corporate tax rate of 27% is the nominal tax rate for Amtech Systems. 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 ASYS 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 ASYS are equal to 17.5%.

Life of production assets of 10.7 years is the average useful life of capital assets used in Amtech Systems 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 ASYS is equal to 15%. 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 - $67 million for Amtech Systems - 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 14.245 million for Amtech Systems 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 Amtech Systems at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Amtech posts 3Q profit   [Aug-09-17 10:20PM  Associated Press]
▶ Amtech (ASYS) in Focus: Stock Moves 5.1% Higher   [Jun-08-17 08:35AM  Zacks]
▶ ETFs with exposure to Amtech Systems, Inc. : May 30, 2017   [May-30-17 12:17PM  Capital Cube]
▶ Amtech Systems reports big revenue increase, record solar bookings   [May-11-17 01:15AM  American City Business Journals]
▶ Amtech reports 2Q loss   [May-10-17 05:22PM  Associated Press]
▶ Amtech posts 1Q loss   [Feb-09-17 06:21PM  Associated Press]
▶ Amtech Systems shrinks quarterly loss on lower revenue   [Aug-04-16 06:56PM  at bizjournals.com]
▶ Amtech reports 3Q loss   [05:25PM  AP]
▶ Amtech Announces New Solar Orders   [Mar-17-16 09:00AM  PR Newswire]
▶ Amtech Systems Announces Officer Changes   [05:00PM  PR Newswire]
▶ Amtech Systems reports large revenue jump in latest quarter   [Feb-08-16 04:00PM  at bizjournals.com]
▶ Amtech reports 1Q loss   [Feb-04-16 05:41PM  AP]
▶ Does Lombard Medical Inc (EVAR) Represent A Good Investment?   [Nov-26  08:51AM  at Insider Monkey]
Financial statements of ASYS
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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