Intrinsic value of AU Optronics ADR - AUO

Previous Close

$4.19

  Intrinsic Value

$3.01

stock screener

  Rating & Target

sell

-28%

Previous close

$4.19

 
Intrinsic value

$3.01

 
Up/down potential

-28%

 
Rating

sell

We calculate the intrinsic value of AUO 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 4.1

 

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, %
  -8.68
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.15
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
Revenue, $m
  10,580
  11,151
  11,749
  12,375
  13,029
  13,715
  14,433
  15,186
  15,974
  16,800
  17,666
  18,574
  19,526
  20,524
  21,571
  22,670
  23,822
  25,031
  26,299
  27,630
  29,026
  30,492
  32,029
  33,644
  35,338
  37,116
  38,982
  40,941
  42,998
  45,157
  47,423
Variable operating expenses, $m
 
  10,982
  11,569
  12,183
  12,826
  13,499
  14,203
  14,942
  15,716
  16,527
  17,377
  18,232
  19,166
  20,146
  21,174
  22,252
  23,383
  24,569
  25,814
  27,120
  28,491
  29,930
  31,439
  33,023
  34,686
  36,432
  38,264
  40,187
  42,206
  44,325
  46,549
Fixed operating expenses, $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 operating expenses, $m
  10,215
  10,982
  11,569
  12,183
  12,826
  13,499
  14,203
  14,942
  15,716
  16,527
  17,377
  18,232
  19,166
  20,146
  21,174
  22,252
  23,383
  24,569
  25,814
  27,120
  28,491
  29,930
  31,439
  33,023
  34,686
  36,432
  38,264
  40,187
  42,206
  44,325
  46,549
Operating income, $m
  365
  169
  180
  192
  204
  216
  230
  244
  258
  273
  289
  342
  360
  378
  398
  418
  439
  461
  485
  509
  535
  562
  590
  620
  651
  684
  718
  755
  792
  832
  874
EBITDA, $m
  1,641
  1,482
  1,562
  1,645
  1,732
  1,823
  1,918
  2,018
  2,123
  2,233
  2,348
  2,469
  2,595
  2,728
  2,867
  3,013
  3,166
  3,327
  3,495
  3,672
  3,858
  4,053
  4,257
  4,472
  4,697
  4,933
  5,181
  5,442
  5,715
  6,002
  6,303
Interest expense (income), $m
  68
  119
  133
  148
  163
  179
  196
  213
  232
  251
  271
  292
  314
  337
  362
  387
  414
  442
  471
  502
  535
  569
  604
  642
  681
  722
  765
  811
  859
  909
  961
Earnings before tax, $m
  360
  50
  47
  44
  41
  37
  34
  30
  27
  23
  18
  50
  46
  41
  36
  31
  25
  20
  13
  7
  0
  -7
  -14
  -22
  -30
  -38
  -47
  -56
  -66
  -76
  -87
Tax expense, $m
  148
  13
  13
  12
  11
  10
  9
  8
  7
  6
  5
  14
  12
  11
  10
  8
  7
  5
  4
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  251
  36
  34
  32
  30
  27
  25
  22
  19
  17
  13
  37
  33
  30
  26
  23
  18
  14
  10
  5
  0
  -7
  -14
  -22
  -30
  -38
  -47
  -56
  -66
  -76
  -87

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,596
  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
  13,817
  11,825
  12,459
  13,123
  13,817
  14,544
  15,306
  16,103
  16,939
  17,816
  18,734
  19,697
  20,706
  21,765
  22,875
  24,040
  25,262
  26,544
  27,889
  29,300
  30,781
  32,335
  33,965
  35,677
  37,474
  39,359
  41,339
  43,416
  45,597
  47,886
  50,290
Adjusted assets (=assets-cash), $m
  11,221
  11,825
  12,459
  13,123
  13,817
  14,544
  15,306
  16,103
  16,939
  17,816
  18,734
  19,697
  20,706
  21,765
  22,875
  24,040
  25,262
  26,544
  27,889
  29,300
  30,781
  32,335
  33,965
  35,677
  37,474
  39,359
  41,339
  43,416
  45,597
  47,886
  50,290
Revenue / Adjusted assets
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
Average production assets, $m
  7,027
  7,404
  7,801
  8,217
  8,651
  9,107
  9,584
  10,083
  10,607
  11,155
  11,730
  12,333
  12,965
  13,628
  14,323
  15,053
  15,818
  16,620
  17,462
  18,346
  19,273
  20,246
  21,268
  22,339
  23,464
  24,645
  25,884
  27,185
  28,551
  29,984
  31,489
Working capital, $m
  1,481
  -513
  -540
  -569
  -599
  -631
  -664
  -699
  -735
  -773
  -813
  -854
  -898
  -944
  -992
  -1,043
  -1,096
  -1,151
  -1,210
  -1,271
  -1,335
  -1,403
  -1,473
  -1,548
  -1,626
  -1,707
  -1,793
  -1,883
  -1,978
  -2,077
  -2,181
Total debt, $m
  4,041
  3,808
  4,224
  4,659
  5,115
  5,592
  6,091
  6,615
  7,163
  7,738
  8,340
  8,972
  9,634
  10,329
  11,057
  11,821
  12,623
  13,464
  14,346
  15,272
  16,243
  17,262
  18,332
  19,455
  20,634
  21,871
  23,169
  24,532
  25,963
  27,464
  29,041
Total liabilities, $m
  7,990
  7,757
  8,173
  8,608
  9,064
  9,541
  10,040
  10,564
  11,112
  11,687
  12,289
  12,921
  13,583
  14,278
  15,006
  15,770
  16,572
  17,413
  18,295
  19,221
  20,192
  21,211
  22,281
  23,404
  24,583
  25,820
  27,118
  28,481
  29,912
  31,413
  32,990
Total equity, $m
  5,827
  4,068
  4,286
  4,514
  4,753
  5,003
  5,265
  5,540
  5,827
  6,129
  6,444
  6,776
  7,123
  7,487
  7,869
  8,270
  8,690
  9,131
  9,594
  10,079
  10,589
  11,123
  11,684
  12,273
  12,891
  13,540
  14,220
  14,935
  15,685
  16,473
  17,300
Total liabilities and equity, $m
  13,817
  11,825
  12,459
  13,122
  13,817
  14,544
  15,305
  16,104
  16,939
  17,816
  18,733
  19,697
  20,706
  21,765
  22,875
  24,040
  25,262
  26,544
  27,889
  29,300
  30,781
  32,334
  33,965
  35,677
  37,474
  39,360
  41,338
  43,416
  45,597
  47,886
  50,290
Debt-to-equity ratio
  0.693
  0.940
  0.990
  1.030
  1.080
  1.120
  1.160
  1.190
  1.230
  1.260
  1.290
  1.320
  1.350
  1.380
  1.410
  1.430
  1.450
  1.470
  1.500
  1.520
  1.530
  1.550
  1.570
  1.590
  1.600
  1.620
  1.630
  1.640
  1.660
  1.670
  1.680
Adjusted equity ratio
  0.289
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  251
  36
  34
  32
  30
  27
  25
  22
  19
  17
  13
  37
  33
  30
  26
  23
  18
  14
  10
  5
  0
  -7
  -14
  -22
  -30
  -38
  -47
  -56
  -66
  -76
  -87
Depreciation, amort., depletion, $m
  1,276
  1,313
  1,381
  1,453
  1,528
  1,606
  1,689
  1,775
  1,865
  1,960
  2,059
  2,126
  2,235
  2,350
  2,470
  2,595
  2,727
  2,866
  3,011
  3,163
  3,323
  3,491
  3,667
  3,852
  4,046
  4,249
  4,463
  4,687
  4,923
  5,170
  5,429
Funds from operations, $m
  678
  1,349
  1,416
  1,485
  1,558
  1,634
  1,713
  1,797
  1,884
  1,976
  2,072
  2,163
  2,269
  2,380
  2,496
  2,618
  2,746
  2,880
  3,021
  3,168
  3,323
  3,484
  3,653
  3,830
  4,016
  4,211
  4,416
  4,631
  4,856
  5,093
  5,342
Change in working capital, $m
  -502
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -90
  -95
  -99
  -104
Cash from operations, $m
  1,180
  1,376
  1,443
  1,514
  1,588
  1,665
  1,747
  1,832
  1,921
  2,014
  2,112
  2,205
  2,313
  2,426
  2,544
  2,668
  2,799
  2,935
  3,079
  3,230
  3,388
  3,552
  3,724
  3,904
  4,094
  4,293
  4,502
  4,721
  4,951
  5,193
  5,446
Maintenance CAPEX, $m
  0
  -1,212
  -1,277
  -1,345
  -1,417
  -1,492
  -1,570
  -1,652
  -1,738
  -1,829
  -1,923
  -2,022
  -2,126
  -2,235
  -2,350
  -2,470
  -2,595
  -2,727
  -2,866
  -3,011
  -3,163
  -3,323
  -3,491
  -3,667
  -3,852
  -4,046
  -4,249
  -4,463
  -4,687
  -4,923
  -5,170
New CAPEX, $m
  -1,486
  -377
  -397
  -415
  -435
  -455
  -477
  -500
  -523
  -549
  -575
  -603
  -632
  -663
  -695
  -729
  -765
  -803
  -842
  -884
  -927
  -973
  -1,021
  -1,072
  -1,125
  -1,181
  -1,239
  -1,301
  -1,366
  -1,434
  -1,505
Cash from investing activities, $m
  -1,359
  -1,589
  -1,674
  -1,760
  -1,852
  -1,947
  -2,047
  -2,152
  -2,261
  -2,378
  -2,498
  -2,625
  -2,758
  -2,898
  -3,045
  -3,199
  -3,360
  -3,530
  -3,708
  -3,895
  -4,090
  -4,296
  -4,512
  -4,739
  -4,977
  -5,227
  -5,488
  -5,764
  -6,053
  -6,357
  -6,675
Free cash flow, $m
  -179
  -214
  -230
  -247
  -264
  -282
  -300
  -320
  -341
  -363
  -386
  -420
  -446
  -473
  -501
  -531
  -562
  -594
  -629
  -665
  -703
  -744
  -788
  -834
  -883
  -933
  -987
  -1,043
  -1,102
  -1,163
  -1,228
Issuance/(repayment) of debt, $m
  485
  394
  416
  435
  456
  477
  500
  523
  548
  575
  602
  632
  662
  695
  728
  764
  802
  841
  882
  926
  971
  1,019
  1,070
  1,123
  1,179
  1,237
  1,298
  1,363
  1,431
  1,502
  1,577
Issuance/(repurchase) of shares, $m
  0
  174
  184
  196
  209
  223
  237
  252
  268
  285
  302
  294
  314
  334
  356
  378
  402
  427
  453
  480
  509
  541
  575
  610
  648
  687
  728
  771
  816
  864
  914
Cash from financing (excl. dividends), $m  
  453
  568
  600
  631
  665
  700
  737
  775
  816
  860
  904
  926
  976
  1,029
  1,084
  1,142
  1,204
  1,268
  1,335
  1,406
  1,480
  1,560
  1,645
  1,733
  1,827
  1,924
  2,026
  2,134
  2,247
  2,366
  2,491
Total cash flow (excl. dividends), $m
  150
  355
  369
  385
  401
  418
  436
  455
  475
  496
  519
  506
  530
  556
  583
  612
  642
  673
  706
  741
  778
  816
  857
  899
  943
  990
  1,039
  1,091
  1,145
  1,202
  1,262
Retained Cash Flow (-), $m
  24
  -210
  -218
  -228
  -239
  -250
  -262
  -274
  -288
  -301
  -316
  -331
  -347
  -364
  -382
  -401
  -420
  -441
  -463
  -485
  -509
  -541
  -575
  -610
  -648
  -687
  -728
  -771
  -816
  -864
  -914
Prev. year cash balance distribution, $m
 
  1,969
  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
 
  2,114
  151
  156
  162
  168
  174
  181
  188
  195
  203
  174
  183
  192
  201
  211
  221
  232
  244
  256
  268
  275
  282
  289
  296
  304
  312
  320
  329
  338
  348
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
 
  2,026
  138
  136
  133
  130
  126
  122
  117
  112
  106
  83
  78
  73
  68
  62
  56
  51
  45
  39
  34
  28
  23
  19
  15
  12
  9
  7
  5
  4
  3
Current shareholders' claim on cash, %
  100
  94.0
  88.3
  83.0
  77.8
  73.0
  68.4
  64.0
  59.9
  56.0
  52.4
  49.2
  46.2
  43.3
  40.5
  38.0
  35.5
  33.2
  31.0
  29.0
  27.0
  25.2
  23.5
  21.9
  20.3
  18.9
  17.6
  16.3
  15.1
  14.0
  13.0

AU Optronics Corp. is a thin-film-transistor liquid-crystal display (TFT-LCD) panel provider. The Company operates in two business segments: display business and solar business. Through Display business segment, the Company designs, develops, manufactures, assembles and markets flat panel displays and most of its products are TFT-LCD panels. Its panels are primarily used in televisions, monitors, mobile personal computers (PCs), mobile devices and commercial and other applications (such as displays for automobiles, industrial PCs, automated teller machines, point of sale terminals and pachinko machines). Through Solar business segment, the Company is capable of manufacturing upstream and midstream products, such as ingots, solar wafers and solar cells. Through the Company's subsidiaries AUO Crystal Corp. and M.Setek Co., Ltd. (M.Setek), it mainly focuses on research, production and sales of solar materials, such as ingots and solar wafers.

FINANCIAL RATIOS  of  AU Optronics ADR (AUO)

Valuation Ratios
P/E Ratio 160.7
Price to Sales 3.8
Price to Book 6.9
Price to Tangible Book
Price to Cash Flow 34.2
Price to Free Cash Flow -131.8
Growth Rates
Sales Growth Rate -8.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 38.2%
Cap. Spend. - 3 Yr. Gr. Rate 12.7%
Financial Strength
Quick Ratio 4
Current Ratio 0.1
LT Debt to Equity 58.6%
Total Debt to Equity 69.3%
Interest Coverage 6
Management Effectiveness
Return On Assets 2.1%
Ret/ On Assets - 3 Yr. Avg. 2.6%
Return On Total Capital 2.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3.2%
Return On Equity 4.3%
Return On Equity - 3 Yr. Avg. 6.1%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 10.5%
Gross Margin - 3 Yr. Avg. 11.1%
EBITDA Margin 16.1%
EBITDA Margin - 3 Yr. Avg. 17.3%
Operating Margin 3.4%
Oper. Margin - 3 Yr. Avg. 3.3%
Pre-Tax Margin 3.4%
Pre-Tax Margin - 3 Yr. Avg. 3.5%
Net Profit Margin 2.4%
Net Profit Margin - 3 Yr. Avg. 2.6%
Effective Tax Rate 41.1%
Eff/ Tax Rate - 3 Yr. Avg. 31.1%
Payout Ratio 43%

AUO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AUO stock intrinsic value calculation we used $10580 million for the last fiscal year's total revenue generated by AU Optronics ADR. The default revenue input number comes from 2016 income statement of AU Optronics ADR. 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 AUO stock valuation model: a) initial revenue growth rate of 5.4% 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 AUO is calculated based on our internal credit rating of AU Optronics ADR, 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 AU Optronics ADR.
    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 AUO stock the variable cost ratio is equal to 98.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AUO 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 AU Optronics ADR.

Corporate tax rate of 27% is the nominal tax rate for AU Optronics ADR. 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 AUO 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 AUO are equal to 66.4%.

Life of production assets of 5.8 years is the average useful life of capital assets used in AU Optronics ADR 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 AUO is equal to -4.6%. 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 - $5827 million for AU Optronics ADR - 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 980.44 million for AU Optronics ADR 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 AU Optronics ADR at the current share price and the inputted number of shares is $4.1 billion.

RELATED COMPANIES Price Int.Val. Rating
LPL LG Display ADR 13.61 16.76  buy

COMPANY NEWS

▶ 3 Stocks That Could Put Amazon's Returns to Shame   [Oct-30-17 08:49PM  Motley Fool]
▶ 3 Stocks With Starbucks-Like Return Potential   [Aug-12-17 10:35AM  Motley Fool]
▶ ETFs with exposure to AU Optronics Corp. : August 8, 2017   [Aug-08-17 04:00PM  Capital Cube]
▶ AU Optronics posts 2Q profit   [Jul-26-17 09:54PM  Associated Press]
▶ ETFs with exposure to AU Optronics Corp. : June 28, 2017   [Jun-28-17 02:33PM  Capital Cube]
▶ 3 Great Stocks Under $10   [Jun-19-17 12:04PM  Motley Fool]
▶ Top Ranked Value Stocks to Buy for June 16th   [Jun-16-17 11:46AM  Zacks]
▶ 3 Stocks With Electronic Arts-Like Return Potential   [Jun-08-17 04:17PM  Motley Fool]
▶ Flat Panel Display Stocks: Why It's Time to Sell   [Jun-07-17 09:00PM  Barrons.com]
▶ ETFs with exposure to AU Optronics Corp. : June 5, 2017   [Jun-05-17 02:01PM  Capital Cube]
▶ ETFs with exposure to AU Optronics Corp. : May 25, 2017   [May-25-17 12:35PM  Capital Cube]
▶ 3 Top Stocks Under $5   [May-20-17 09:11AM  Motley Fool]
▶ IIROC Trading Resumption - AUO.P   [May-19-17 04:10PM  PR Newswire]
▶ IIROC Trading Resumption - AUO.P   [04:10PM  CNW Group]
▶ IIROC Trading Halt - AUO.P   [07:52AM  CNW Group]
▶ Top Ranked Value Stocks to Buy for May 9th   [May-09-17 11:04AM  Zacks]
▶ AU Optronics posts 1Q profit   [Apr-27-17 05:00AM  Associated Press]
▶ AU Optronics Corp. Files 2016 Annual Report on Form 20-F   [Mar-30-17 08:59AM  PR Newswire]
▶ Top Ranked Momentum Stocks to Buy for March 1st   [Mar-01-17 10:49AM  Zacks]
▶ AU Optronics posts 4Q profit   [Feb-14-17 05:03AM  AP]
▶ JPMorgan Turns Sour On LCD Display   [Feb-12-17 10:57PM  at Barrons.com]
▶ Is AU Optronics Corp (ADR) (AUO) Going to Burn These Hedge Funds?   [Dec-12-16 11:21AM  at Insider Monkey]
▶ AU Optronics reports 2Q loss   [Jul-27-16 05:03AM  AP]
▶ 10 Fresh Analyst Stocks Under $10 With Massive Upside Calls   [Jul-24-16 10:15AM  at 24/7 Wall St.]
▶ Credit Suisse Sees Large Shift In TV Market   [Jun-29-16 01:52AM  at Barrons.com]
▶ 5 Top Stocks Under $5   [Jun-04-16 09:04AM  at Motley Fool]
▶ AU Optronics Corp. Files 2015 Annual Report on Form 20-F   [Apr-01-16 03:08AM  PR Newswire]
▶ Apple's OLED iPhone Looks More Inevitable by the Day   [Jan-20-16 02:15PM  at Motley Fool]
Financial statements of AUO
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.