Intrinsic value of Amtech Systems - ASYS

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$8.25

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$8.25

 
Intrinsic value

$382.83

 
Up/down potential

+999%

 
Rating

str. buy

 
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*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 0.1

 

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, %
  14.29
  50.00
  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
Revenue, $m
  120
  180
  262
  370
  511
  687
  904
  1,165
  1,474
  1,833
  2,244
  2,709
  3,226
  3,798
  4,422
  5,098
  5,826
  6,603
  7,429
  8,302
  9,221
  10,187
  11,198
  12,254
  13,356
  14,503
  15,696
  16,938
  18,228
  19,568
  20,962
Variable operating expenses, $m
 
  120
  173
  245
  337
  453
  596
  767
  971
  1,207
  1,477
  1,782
  2,122
  2,498
  2,909
  3,354
  3,832
  4,344
  4,887
  5,461
  6,066
  6,701
  7,366
  8,061
  8,786
  9,540
  10,326
  11,142
  11,991
  12,873
  13,789
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
  170
  224
  298
  391
  508
  653
  825
  1,031
  1,268
  1,540
  1,846
  2,188
  2,566
  2,978
  3,425
  3,905
  4,419
  4,963
  5,539
  6,146
  6,783
  7,450
  8,147
  8,875
  9,631
  10,419
  11,237
  12,089
  12,973
  13,892
Operating income, $m
  -8
  10
  37
  73
  119
  178
  251
  339
  443
  565
  704
  862
  1,038
  1,232
  1,444
  1,674
  1,921
  2,185
  2,465
  2,762
  3,075
  3,403
  3,747
  4,106
  4,481
  4,872
  5,278
  5,700
  6,139
  6,595
  7,070
EBITDA, $m
  -5
  14
  42
  80
  129
  191
  267
  359
  469
  596
  742
  907
  1,091
  1,294
  1,516
  1,757
  2,016
  2,293
  2,587
  2,898
  3,226
  3,570
  3,930
  4,307
  4,700
  5,109
  5,534
  5,977
  6,437
  6,915
  7,412
Interest expense (income), $m
  0
  0
  1
  2
  4
  6
  9
  12
  16
  20
  25
  31
  38
  46
  54
  63
  73
  84
  95
  107
  120
  133
  147
  162
  177
  194
  210
  228
  246
  265
  284
Earnings before tax, $m
  -5
  10
  36
  71
  116
  172
  243
  327
  428
  545
  679
  831
  1,000
  1,186
  1,390
  1,610
  1,848
  2,101
  2,370
  2,655
  2,955
  3,270
  3,600
  3,944
  4,304
  4,678
  5,067
  5,472
  5,893
  6,331
  6,785
Tax expense, $m
  4
  3
  10
  19
  31
  47
  66
  88
  116
  147
  183
  224
  270
  320
  375
  435
  499
  567
  640
  717
  798
  883
  972
  1,065
  1,162
  1,263
  1,368
  1,478
  1,591
  1,709
  1,832
Net income, $m
  -7
  7
  26
  51
  84
  126
  177
  239
  312
  398
  495
  607
  730
  866
  1,015
  1,176
  1,349
  1,534
  1,730
  1,938
  2,157
  2,387
  2,628
  2,879
  3,142
  3,415
  3,699
  3,995
  4,302
  4,621
  4,953

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
  135
  196
  278
  383
  515
  678
  874
  1,106
  1,375
  1,684
  2,032
  2,420
  2,849
  3,317
  3,825
  4,370
  4,953
  5,573
  6,228
  6,918
  7,642
  8,401
  9,193
  10,019
  10,880
  11,775
  12,706
  13,674
  14,680
  15,725
Adjusted assets (=assets-cash), $m
  90
  135
  196
  278
  383
  515
  678
  874
  1,106
  1,375
  1,684
  2,032
  2,420
  2,849
  3,317
  3,825
  4,370
  4,953
  5,573
  6,228
  6,918
  7,642
  8,401
  9,193
  10,019
  10,880
  11,775
  12,706
  13,674
  14,680
  15,725
Revenue / Adjusted assets
  1.333
  1.333
  1.337
  1.331
  1.334
  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
  1.333
  1.333
Average production assets, $m
  21
  32
  46
  65
  89
  120
  158
  204
  258
  321
  393
  474
  565
  665
  774
  892
  1,020
  1,156
  1,300
  1,453
  1,614
  1,783
  1,960
  2,144
  2,337
  2,538
  2,747
  2,964
  3,190
  3,424
  3,668
Working capital, $m
  45
  27
  39
  56
  77
  103
  136
  175
  221
  275
  337
  406
  484
  570
  663
  765
  874
  990
  1,114
  1,245
  1,383
  1,528
  1,680
  1,838
  2,003
  2,175
  2,354
  2,541
  2,734
  2,935
  3,144
Total debt, $m
  10
  34
  68
  114
  172
  245
  336
  445
  574
  724
  895
  1,089
  1,305
  1,543
  1,803
  2,086
  2,389
  2,713
  3,057
  3,422
  3,805
  4,208
  4,630
  5,070
  5,530
  6,008
  6,506
  7,024
  7,562
  8,121
  8,702
Total liabilities, $m
  51
  75
  109
  155
  213
  286
  377
  486
  615
  765
  936
  1,130
  1,346
  1,584
  1,844
  2,127
  2,430
  2,754
  3,098
  3,463
  3,846
  4,249
  4,671
  5,111
  5,571
  6,049
  6,547
  7,065
  7,603
  8,162
  8,743
Total equity, $m
  67
  60
  87
  123
  170
  229
  301
  388
  491
  611
  748
  902
  1,075
  1,265
  1,473
  1,698
  1,940
  2,199
  2,474
  2,765
  3,072
  3,393
  3,730
  4,082
  4,449
  4,831
  5,228
  5,642
  6,071
  6,518
  6,982
Total liabilities and equity, $m
  118
  135
  196
  278
  383
  515
  678
  874
  1,106
  1,376
  1,684
  2,032
  2,421
  2,849
  3,317
  3,825
  4,370
  4,953
  5,572
  6,228
  6,918
  7,642
  8,401
  9,193
  10,020
  10,880
  11,775
  12,707
  13,674
  14,680
  15,725
Debt-to-equity ratio
  0.149
  0.570
  0.780
  0.920
  1.010
  1.070
  1.120
  1.150
  1.170
  1.190
  1.200
  1.210
  1.210
  1.220
  1.220
  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
  1.250
  1.250
  1.250
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
  7
  26
  51
  84
  126
  177
  239
  312
  398
  495
  607
  730
  866
  1,015
  1,176
  1,349
  1,534
  1,730
  1,938
  2,157
  2,387
  2,628
  2,879
  3,142
  3,415
  3,699
  3,995
  4,302
  4,621
  4,953
Depreciation, amort., depletion, $m
  3
  4
  5
  7
  9
  12
  16
  20
  25
  31
  38
  44
  53
  62
  72
  83
  95
  108
  121
  136
  151
  167
  183
  200
  218
  237
  257
  277
  298
  320
  343
Funds from operations, $m
  -17
  11
  32
  59
  94
  138
  193
  259
  338
  429
  533
  651
  783
  928
  1,087
  1,259
  1,444
  1,642
  1,852
  2,074
  2,308
  2,554
  2,811
  3,080
  3,360
  3,652
  3,956
  4,272
  4,600
  4,941
  5,296
Change in working capital, $m
  -7
  9
  12
  16
  21
  26
  33
  39
  46
  54
  62
  70
  78
  86
  94
  101
  109
  117
  124
  131
  138
  145
  152
  158
  165
  172
  179
  186
  194
  201
  209
Cash from operations, $m
  -10
  1
  19
  42
  73
  112
  160
  220
  291
  375
  472
  581
  705
  842
  993
  1,158
  1,335
  1,525
  1,728
  1,943
  2,170
  2,409
  2,659
  2,921
  3,195
  3,480
  3,777
  4,086
  4,407
  4,740
  5,087
Maintenance CAPEX, $m
  0
  -2
  -3
  -4
  -6
  -8
  -11
  -15
  -19
  -24
  -30
  -37
  -44
  -53
  -62
  -72
  -83
  -95
  -108
  -121
  -136
  -151
  -167
  -183
  -200
  -218
  -237
  -257
  -277
  -298
  -320
New CAPEX, $m
  -1
  -11
  -14
  -19
  -25
  -31
  -38
  -46
  -54
  -63
  -72
  -81
  -91
  -100
  -109
  -118
  -127
  -136
  -144
  -153
  -161
  -169
  -177
  -185
  -193
  -201
  -209
  -217
  -226
  -235
  -244
Cash from investing activities, $m
  11
  -13
  -17
  -23
  -31
  -39
  -49
  -61
  -73
  -87
  -102
  -118
  -135
  -153
  -171
  -190
  -210
  -231
  -252
  -274
  -297
  -320
  -344
  -368
  -393
  -419
  -446
  -474
  -503
  -533
  -564
Free cash flow, $m
  1
  -11
  2
  19
  42
  73
  111
  160
  218
  288
  370
  463
  570
  690
  822
  967
  1,124
  1,294
  1,476
  1,669
  1,873
  2,089
  2,316
  2,553
  2,802
  3,061
  3,331
  3,612
  3,904
  4,208
  4,523
Issuance/(repayment) of debt, $m
  0
  25
  34
  45
  58
  74
  90
  109
  129
  150
  172
  194
  216
  238
  260
  282
  303
  324
  344
  364
  384
  403
  422
  441
  459
  478
  498
  518
  538
  559
  581
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  0
  25
  34
  45
  58
  74
  90
  109
  129
  150
  172
  194
  216
  238
  260
  282
  303
  324
  344
  364
  384
  403
  422
  441
  459
  478
  498
  518
  538
  559
  581
Total cash flow (excl. dividends), $m
  2
  14
  36
  64
  101
  146
  202
  268
  347
  438
  541
  657
  786
  928
  1,082
  1,249
  1,428
  1,618
  1,820
  2,033
  2,257
  2,492
  2,738
  2,994
  3,261
  3,539
  3,829
  4,129
  4,442
  4,767
  5,104
Retained Cash Flow (-), $m
  6
  -20
  -27
  -36
  -47
  -59
  -72
  -87
  -103
  -120
  -137
  -155
  -173
  -190
  -208
  -225
  -242
  -259
  -275
  -291
  -306
  -322
  -337
  -352
  -367
  -382
  -398
  -413
  -430
  -447
  -464
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
 
  21
  9
  28
  54
  87
  130
  181
  244
  318
  404
  502
  614
  738
  874
  1,024
  1,185
  1,359
  1,545
  1,742
  1,951
  2,170
  2,401
  2,642
  2,894
  3,157
  3,431
  3,716
  4,012
  4,320
  4,640
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
 
  20
  8
  25
  44
  68
  94
  123
  153
  183
  212
  239
  262
  280
  294
  301
  301
  296
  285
  268
  248
  224
  199
  173
  147
  123
  100
  80
  62
  47
  35
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

Amtech Systems, Inc. manufactures and sells capital equipment and related consumables for use in fabricating solar cells, LED, and semiconductor devices primarily in the United States, Asia, Europe, and internationally. It operates in three segments: Solar, Semiconductor, and Polishing. The Solar segment supplies thermal processing systems, including diffusion, plasma-enhanced chemical vapor deposition, and atomic layer deposition systems; and automation equipment comprising mass wafer transfer systems, sorters, long-boat transfer systems, load station elevators, buffers, and conveyers, as well as related parts and services. The Semiconductor segment designs, manufactures, sells, and services thermal processing equipment, including solder reflow equipment and related controls for use by various semiconductor manufacturers, as well as in electronics assembly for automotive and other industries. Its products include horizontal and vertical diffusion furnaces used to produce semiconductors, silicon wafers, and microelectromechanical systems, as well as lapping equipment, polishing templates and wafer insert carriers, mass wafer transfer systems, loaders, and sorters. The Polishing segment provides silicon wafers for semiconductor products; sapphire substrates for LED lighting and mobile devices; silicon carbide wafers for LED and power device applications; various glass and silica components for 3D image transmission; quartz and ceramic components for telecommunications devices; and medical device components and computer hard disks under the PR Hoffman brand name. The company sells its products through sales personnel, as well as a network of independent sales representatives and distributors. The company was formerly known as Quartz Engineering & Materials, Inc. and changed its name to Amtech Systems, Inc. in 1987. Amtech Systems, Inc. was founded in 1981 and is based in Tempe, Arizona.

FINANCIAL RATIOS  of  Amtech Systems (ASYS)

Valuation Ratios
P/E Ratio -15.5
Price to Sales 0.9
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow -10.9
Price to Free Cash Flow -9.9
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 50% 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 12.978 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 $0.1 billion.


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COMPANY NEWS

▶ 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]
▶ Amtech posts 4Q profit   [Nov-19  05:37PM  AP]
▶ 5 Stocks Insiders Love Right Now   [Oct-21  10:53AM  at TheStreet]
▶ 10-Q for Amtech Systems, Inc.   [Aug-08  08:10PM  at Company Spotlight]
▶ Amtech Systems reports loss on soft market conditions   [Aug-07  02:25PM  at bizjournals.com]
Stock chart of ASYS Financial statements of ASYS Annual reports 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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