Intrinsic value of AVX - AVX

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$16.28

  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 AVX 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 2017), $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 2.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.78
  18.80
  17.42
  16.18
  15.06
  14.05
  13.15
  12.33
  11.60
  10.94
  10.35
  9.81
  9.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
Revenue, $m
  1,313
  1,421
  1,668
  1,938
  2,230
  2,544
  2,878
  3,233
  3,608
  4,003
  4,417
  4,850
  5,303
  5,775
  6,266
  6,777
  7,309
  7,861
  8,435
  9,031
  9,651
  10,296
  10,966
  11,663
  12,389
  13,145
  13,932
  14,753
  15,609
  16,503
  17,435
Variable operating expenses, $m
 
  611
  714
  826
  947
  1,077
  1,216
  1,364
  1,519
  1,683
  1,855
  2,014
  2,202
  2,398
  2,602
  2,814
  3,034
  3,264
  3,502
  3,750
  4,007
  4,275
  4,553
  4,843
  5,144
  5,458
  5,785
  6,125
  6,481
  6,852
  7,239
Fixed operating expenses, $m
 
  582
  597
  612
  627
  643
  659
  675
  692
  709
  727
  745
  764
  783
  803
  823
  843
  864
  886
  908
  931
  954
  978
  1,002
  1,027
  1,053
  1,079
  1,106
  1,134
  1,162
  1,191
Total operating expenses, $m
  1,149
  1,193
  1,311
  1,438
  1,574
  1,720
  1,875
  2,039
  2,211
  2,392
  2,582
  2,759
  2,966
  3,181
  3,405
  3,637
  3,877
  4,128
  4,388
  4,658
  4,938
  5,229
  5,531
  5,845
  6,171
  6,511
  6,864
  7,231
  7,615
  8,014
  8,430
Operating income, $m
  164
  227
  358
  501
  656
  824
  1,003
  1,194
  1,397
  1,610
  1,835
  2,091
  2,337
  2,594
  2,862
  3,141
  3,431
  3,733
  4,047
  4,374
  4,713
  5,067
  5,435
  5,819
  6,218
  6,634
  7,068
  7,522
  7,994
  8,488
  9,005
EBITDA, $m
  207
  275
  409
  557
  718
  891
  1,077
  1,274
  1,483
  1,704
  1,936
  2,179
  2,434
  2,699
  2,976
  3,264
  3,564
  3,875
  4,200
  4,537
  4,889
  5,254
  5,634
  6,030
  6,443
  6,873
  7,321
  7,789
  8,278
  8,788
  9,321
Interest expense (income), $m
  0
  0
  1
  3
  5
  7
  9
  11
  14
  16
  19
  22
  25
  28
  31
  34
  38
  42
  45
  49
  53
  57
  62
  66
  71
  76
  81
  87
  92
  98
  104
Earnings before tax, $m
  175
  227
  356
  497
  651
  817
  994
  1,183
  1,383
  1,594
  1,816
  2,069
  2,312
  2,566
  2,831
  3,106
  3,393
  3,691
  4,002
  4,324
  4,660
  5,010
  5,373
  5,752
  6,147
  6,558
  6,987
  7,435
  7,902
  8,391
  8,901
Tax expense, $m
  49
  61
  96
  134
  176
  220
  268
  319
  373
  430
  490
  559
  624
  693
  764
  839
  916
  997
  1,080
  1,168
  1,258
  1,353
  1,451
  1,553
  1,660
  1,771
  1,887
  2,007
  2,134
  2,265
  2,403
Net income, $m
  126
  166
  260
  363
  475
  596
  726
  863
  1,009
  1,164
  1,325
  1,511
  1,688
  1,873
  2,066
  2,268
  2,477
  2,695
  2,921
  3,157
  3,402
  3,657
  3,923
  4,199
  4,487
  4,788
  5,101
  5,428
  5,769
  6,125
  6,498

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,107
  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
  2,477
  1,735
  2,037
  2,367
  2,723
  3,106
  3,514
  3,948
  4,405
  4,887
  5,393
  5,922
  6,475
  7,051
  7,651
  8,275
  8,924
  9,598
  10,299
  11,027
  11,784
  12,571
  13,389
  14,241
  15,127
  16,050
  17,012
  18,014
  19,059
  20,150
  21,288
Adjusted assets (=assets-cash), $m
  1,370
  1,735
  2,037
  2,367
  2,723
  3,106
  3,514
  3,948
  4,405
  4,887
  5,393
  5,922
  6,475
  7,051
  7,651
  8,275
  8,924
  9,598
  10,299
  11,027
  11,784
  12,571
  13,389
  14,241
  15,127
  16,050
  17,012
  18,014
  19,059
  20,150
  21,288
Revenue / Adjusted assets
  0.958
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
Average production assets, $m
  285
  320
  375
  436
  502
  572
  648
  727
  812
  901
  994
  1,091
  1,193
  1,299
  1,410
  1,525
  1,644
  1,769
  1,898
  2,032
  2,172
  2,317
  2,467
  2,624
  2,788
  2,958
  3,135
  3,319
  3,512
  3,713
  3,923
Working capital, $m
  1,620
  664
  779
  905
  1,041
  1,188
  1,344
  1,510
  1,685
  1,869
  2,063
  2,265
  2,476
  2,697
  2,926
  3,165
  3,413
  3,671
  3,939
  4,218
  4,507
  4,808
  5,121
  5,447
  5,786
  6,139
  6,506
  6,890
  7,290
  7,707
  8,142
Total debt, $m
  0
  43
  91
  143
  200
  261
  326
  395
  467
  544
  625
  709
  797
  888
  983
  1,083
  1,186
  1,293
  1,405
  1,520
  1,641
  1,766
  1,896
  2,031
  2,172
  2,319
  2,472
  2,631
  2,797
  2,971
  3,152
Total liabilities, $m
  261
  276
  324
  376
  433
  494
  559
  628
  700
  777
  858
  942
  1,030
  1,121
  1,216
  1,316
  1,419
  1,526
  1,638
  1,753
  1,874
  1,999
  2,129
  2,264
  2,405
  2,552
  2,705
  2,864
  3,030
  3,204
  3,385
Total equity, $m
  2,216
  1,459
  1,713
  1,990
  2,290
  2,612
  2,955
  3,320
  3,705
  4,110
  4,536
  4,981
  5,445
  5,930
  6,434
  6,959
  7,505
  8,072
  8,661
  9,274
  9,911
  10,572
  11,261
  11,977
  12,722
  13,498
  14,307
  15,150
  16,029
  16,946
  17,903
Total liabilities and equity, $m
  2,477
  1,735
  2,037
  2,366
  2,723
  3,106
  3,514
  3,948
  4,405
  4,887
  5,394
  5,923
  6,475
  7,051
  7,650
  8,275
  8,924
  9,598
  10,299
  11,027
  11,785
  12,571
  13,390
  14,241
  15,127
  16,050
  17,012
  18,014
  19,059
  20,150
  21,288
Debt-to-equity ratio
  0.000
  0.030
  0.050
  0.070
  0.090
  0.100
  0.110
  0.120
  0.130
  0.130
  0.140
  0.140
  0.150
  0.150
  0.150
  0.160
  0.160
  0.160
  0.160
  0.160
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.180
  0.180
Adjusted equity ratio
  0.809
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  126
  166
  260
  363
  475
  596
  726
  863
  1,009
  1,164
  1,325
  1,511
  1,688
  1,873
  2,066
  2,268
  2,477
  2,695
  2,921
  3,157
  3,402
  3,657
  3,923
  4,199
  4,487
  4,788
  5,101
  5,428
  5,769
  6,125
  6,498
Depreciation, amort., depletion, $m
  43
  47
  52
  56
  62
  67
  74
  80
  87
  94
  101
  88
  96
  105
  114
  123
  133
  143
  153
  164
  175
  187
  199
  212
  225
  239
  253
  268
  283
  299
  316
Funds from operations, $m
  223
  213
  312
  420
  537
  664
  799
  943
  1,096
  1,257
  1,427
  1,599
  1,784
  1,978
  2,180
  2,391
  2,610
  2,837
  3,074
  3,321
  3,577
  3,844
  4,122
  4,411
  4,712
  5,026
  5,354
  5,695
  6,052
  6,425
  6,814
Change in working capital, $m
  28
  105
  116
  126
  136
  146
  156
  166
  175
  184
  193
  202
  211
  220
  229
  239
  248
  258
  268
  279
  290
  301
  313
  326
  339
  353
  368
  383
  400
  417
  435
Cash from operations, $m
  195
  115
  196
  293
  401
  517
  643
  778
  921
  1,073
  1,233
  1,396
  1,573
  1,758
  1,951
  2,152
  2,361
  2,579
  2,806
  3,042
  3,288
  3,543
  3,809
  4,085
  4,373
  4,673
  4,986
  5,312
  5,652
  6,007
  6,378
Maintenance CAPEX, $m
  0
  -22
  -26
  -30
  -35
  -40
  -46
  -52
  -59
  -65
  -73
  -80
  -88
  -96
  -105
  -114
  -123
  -133
  -143
  -153
  -164
  -175
  -187
  -199
  -212
  -225
  -239
  -253
  -268
  -283
  -299
New CAPEX, $m
  -66
  -50
  -56
  -61
  -66
  -71
  -75
  -80
  -84
  -89
  -93
  -98
  -102
  -106
  -111
  -115
  -120
  -124
  -129
  -134
  -139
  -145
  -151
  -157
  -163
  -170
  -177
  -185
  -193
  -201
  -210
Cash from investing activities, $m
  -4
  -72
  -82
  -91
  -101
  -111
  -121
  -132
  -143
  -154
  -166
  -178
  -190
  -202
  -216
  -229
  -243
  -257
  -272
  -287
  -303
  -320
  -338
  -356
  -375
  -395
  -416
  -438
  -461
  -484
  -509
Free cash flow, $m
  191
  43
  114
  202
  300
  406
  522
  646
  778
  919
  1,068
  1,219
  1,383
  1,555
  1,735
  1,923
  2,119
  2,323
  2,534
  2,755
  2,984
  3,223
  3,471
  3,729
  3,998
  4,278
  4,570
  4,874
  5,192
  5,523
  5,869
Issuance/(repayment) of debt, $m
  0
  43
  48
  52
  57
  61
  65
  69
  73
  77
  80
  84
  88
  92
  95
  99
  103
  107
  111
  116
  120
  125
  130
  135
  141
  147
  153
  159
  166
  173
  181
Issuance/(repurchase) of shares, $m
  5
  0
  92
  22
  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  
  6
  43
  140
  74
  57
  61
  65
  69
  73
  77
  80
  84
  88
  92
  95
  99
  103
  107
  111
  116
  120
  125
  130
  135
  141
  147
  153
  159
  166
  173
  181
Total cash flow (excl. dividends), $m
  196
  86
  163
  255
  356
  467
  586
  714
  851
  995
  1,148
  1,303
  1,471
  1,647
  1,831
  2,022
  2,222
  2,430
  2,646
  2,871
  3,105
  3,348
  3,601
  3,865
  4,139
  4,425
  4,723
  5,034
  5,358
  5,697
  6,050
Retained Cash Flow (-), $m
  -39
  -231
  -254
  -277
  -300
  -322
  -343
  -365
  -385
  -405
  -425
  -445
  -465
  -485
  -505
  -525
  -546
  -567
  -589
  -612
  -637
  -662
  -688
  -716
  -745
  -776
  -809
  -843
  -879
  -917
  -957
Prev. year cash balance distribution, $m
 
  949
  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
 
  804
  0
  0
  57
  145
  243
  350
  466
  590
  723
  858
  1,006
  1,163
  1,326
  1,498
  1,676
  1,863
  2,056
  2,258
  2,468
  2,686
  2,913
  3,149
  3,394
  3,649
  3,914
  4,191
  4,479
  4,779
  5,093
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
 
  770
  0
  0
  47
  113
  176
  236
  291
  339
  379
  407
  429
  442
  445
  440
  426
  405
  379
  348
  314
  278
  242
  206
  173
  142
  114
  90
  69
  52
  38
Current shareholders' claim on cash, %
  100
  100.0
  95.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1

AVX Corporation, together with its subsidiaries, manufactures and supplies various passive electronic components, interconnect devices, and related products worldwide. The company operates through three segments: Passive Components, Kyocera Electronic Devices (KED Resale), and Interconnect. The Passive Components segment primarily offers surface mount and leaded ceramic capacitors, RF thick and thin film components, surface mount and leaded tantalum capacitors, surface mount and leaded film capacitors, ceramic and film power capacitors, super capacitors, EMI filters, thick and thin film packages of multiple passive integrated components, varistors, thermistors, inductors, and resistive products. This segmentÂ’s product portfolio enables its customers to store, filter, or regulate electric energy in electronic devices. The KED Resale segment distributes and sells ceramic capacitors, frequency control devices, SAW devices, sensor products, RF modules, actuators, acoustic devices, and connectors produced by Kyocera Corporation of Japan. The Interconnect segment manufactures and resells electronic connectors and interconnect systems for use in various industries. It serves various industries, such as telecommunications, information technology hardware, automotive electronics, medical devices and instrumentation, industrial instrumentation, transportation, energy harvesting, defense and aerospace electronic systems, and consumer electronics industries. The company markets its products through its direct sales force and independent manufacturersÂ’ representatives to multi-national original equipment manufacturers, independent electronic component distributors, and electronic manufacturing service providers. The company was founded in 1972 and is headquartered in Fountain Inn, South Carolina. AVX Corporation is a subsidiary of Kyocera Corporation.

FINANCIAL RATIOS  of  AVX (AVX)

Valuation Ratios
P/E Ratio 21.7
Price to Sales 2.1
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 14
Price to Free Cash Flow 21.2
Growth Rates
Sales Growth Rate 9.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 37.5%
Cap. Spend. - 3 Yr. Gr. Rate 19.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 5.2%
Ret/ On Assets - 3 Yr. Avg. 6.2%
Return On Total Capital 5.7%
Ret/ On T. Cap. - 3 Yr. Avg. 7.1%
Return On Equity 5.7%
Return On Equity - 3 Yr. Avg. 7.1%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 21.7%
Gross Margin - 3 Yr. Avg. 23.4%
EBITDA Margin 16.6%
EBITDA Margin - 3 Yr. Avg. 16.7%
Operating Margin 12.5%
Oper. Margin - 3 Yr. Avg. 12.9%
Pre-Tax Margin 13.3%
Pre-Tax Margin - 3 Yr. Avg. 13.5%
Net Profit Margin 9.6%
Net Profit Margin - 3 Yr. Avg. 11.6%
Effective Tax Rate 28%
Eff/ Tax Rate - 3 Yr. Avg. 15.8%
Payout Ratio 57.1%

AVX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AVX stock intrinsic value calculation we used $1196 million for the last fiscal year's total revenue generated by AVX. The default revenue input number comes from 2017 income statement of AVX. 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 AVX stock valuation model: a) initial revenue growth rate of 18.8% 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 AVX is calculated based on our internal credit rating of AVX, 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 AVX.
    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 AVX stock the variable cost ratio is equal to 43.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $568 million in the base year in the intrinsic value calculation for AVX 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 AVX.

Corporate tax rate of 27% is the nominal tax rate for AVX. 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 AVX 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 AVX are equal to 22.5%.

Life of production assets of 12.4 years is the average useful life of capital assets used in AVX 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 AVX is equal to 46.7%. 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 - $2177 million for AVX - 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 163.125 million for AVX 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 AVX at the current share price and the inputted number of shares is $2.7 billion.


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COMPANY NEWS

▶ AVX is Showcasing its RF/Microwave Solutions at IMS 2017   [Jun-05-17 07:30AM  GlobeNewswire]
▶ ETFs with exposure to AVX Corp. : May 25, 2017   [May-25-17 12:35PM  Capital Cube]
▶ AVX Corporation Declares Dividend   [09:35AM  Business Wire]
▶ AVX Corp. Value Analysis (NYSE:AVX) : May 19, 2017   [May-19-17 02:21PM  Capital Cube]
▶ AVX to Launch New Products at EDS 2017   [May-02-17 09:30AM  Marketwired]
▶ AVX posts 4Q profit   [Apr-28-17 08:42AM  Associated Press]
▶ Top Ranked Income Stocks to Buy for April 24th   [Apr-24-17 11:13AM  Zacks]
▶ AVX to Launch New EV/HEV Capacitors at APEC 2017   [Mar-07-17 09:30AM  Marketwired]
▶ AVX Corporation Declares Dividend   [08:30AM  Business Wire]
▶ AVX posts 3Q profit   [08:41AM  AP]
▶ Is AVX Corporation (AVX) A Good Stock To Buy?   [Dec-02-16 10:03AM  at Insider Monkey]
▶ AVX is Exhibiting at Electronica 2016   [Oct-24-16 09:30AM  Marketwired]
▶ AVX Corporation Declares Increased Dividend   [Oct-20-16 09:00AM  Business Wire]
Stock chart of AVX Financial statements of AVX Annual reports of AVX
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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