Intrinsic value of AVX - AVX

Previous Close

$17.03

  Intrinsic Value

$16.16

stock screener

  Rating & Target

hold

-5%

Previous close

$17.03

 
Intrinsic value

$16.16

 
Up/down potential

-5%

 
Rating

hold

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 2.9

 

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
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.00
Revenue, $m
  1,313
  1,380
  1,450
  1,524
  1,601
  1,682
  1,767
  1,857
  1,950
  2,049
  2,152
  2,260
  2,374
  2,494
  2,619
  2,750
  2,888
  3,033
  3,186
  3,345
  3,513
  3,689
  3,874
  4,068
  4,272
  4,486
  4,710
  4,946
  5,194
  5,454
  5,727
Variable operating expenses, $m
 
  907
  952
  999
  1,049
  1,101
  1,156
  1,213
  1,273
  1,336
  1,402
  1,451
  1,524
  1,600
  1,681
  1,765
  1,854
  1,947
  2,044
  2,147
  2,255
  2,368
  2,486
  2,611
  2,742
  2,879
  3,023
  3,174
  3,333
  3,500
  3,675
Fixed operating expenses, $m
 
  299
  307
  314
  322
  330
  339
  347
  356
  365
  374
  383
  393
  403
  413
  423
  433
  444
  455
  467
  478
  490
  503
  515
  528
  541
  555
  569
  583
  598
  612
Total operating expenses, $m
  1,149
  1,206
  1,259
  1,313
  1,371
  1,431
  1,495
  1,560
  1,629
  1,701
  1,776
  1,834
  1,917
  2,003
  2,094
  2,188
  2,287
  2,391
  2,499
  2,614
  2,733
  2,858
  2,989
  3,126
  3,270
  3,420
  3,578
  3,743
  3,916
  4,098
  4,287
Operating income, $m
  164
  174
  191
  210
  230
  251
  273
  297
  322
  348
  376
  427
  458
  491
  526
  562
  601
  642
  686
  732
  780
  831
  885
  942
  1,002
  1,066
  1,132
  1,203
  1,278
  1,356
  1,439
EBITDA, $m
  207
  221
  240
  260
  281
  304
  328
  353
  379
  408
  437
  469
  502
  537
  575
  614
  655
  699
  745
  794
  846
  900
  958
  1,018
  1,082
  1,149
  1,221
  1,296
  1,375
  1,458
  1,546
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  3
  3
  4
  4
  5
  6
  7
  7
  8
  9
  10
  11
  12
  13
  14
  15
  17
  18
  19
  21
  22
  24
  25
  27
  29
Earnings before tax, $m
  175
  174
  191
  209
  228
  249
  271
  294
  318
  343
  371
  421
  451
  483
  517
  553
  591
  631
  674
  718
  766
  816
  868
  924
  983
  1,045
  1,110
  1,179
  1,252
  1,329
  1,410
Tax expense, $m
  49
  47
  52
  56
  62
  67
  73
  79
  86
  93
  100
  114
  122
  130
  140
  149
  160
  170
  182
  194
  207
  220
  234
  250
  265
  282
  300
  318
  338
  359
  381
Net income, $m
  126
  127
  139
  153
  167
  182
  198
  214
  232
  251
  271
  307
  329
  353
  378
  404
  432
  461
  492
  524
  559
  595
  634
  675
  717
  763
  811
  861
  914
  970
  1,029

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
  1,440
  1,514
  1,591
  1,671
  1,756
  1,845
  1,938
  2,036
  2,139
  2,246
  2,359
  2,478
  2,603
  2,734
  2,871
  3,015
  3,166
  3,325
  3,492
  3,667
  3,851
  4,044
  4,246
  4,459
  4,682
  4,917
  5,163
  5,421
  5,693
  5,978
Adjusted assets (=assets-cash), $m
  1,370
  1,440
  1,514
  1,591
  1,671
  1,756
  1,845
  1,938
  2,036
  2,139
  2,246
  2,359
  2,478
  2,603
  2,734
  2,871
  3,015
  3,166
  3,325
  3,492
  3,667
  3,851
  4,044
  4,246
  4,459
  4,682
  4,917
  5,163
  5,421
  5,693
  5,978
Revenue / Adjusted assets
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
Average production assets, $m
  285
  299
  315
  331
  347
  365
  384
  403
  423
  445
  467
  491
  515
  541
  568
  597
  627
  658
  691
  726
  762
  801
  841
  883
  927
  973
  1,022
  1,073
  1,127
  1,183
  1,243
Working capital, $m
  1,620
  540
  567
  596
  626
  658
  691
  726
  763
  801
  841
  884
  928
  975
  1,024
  1,075
  1,129
  1,186
  1,246
  1,308
  1,374
  1,442
  1,515
  1,591
  1,670
  1,754
  1,842
  1,934
  2,031
  2,132
  2,239
Total debt, $m
  0
  14
  28
  43
  58
  74
  91
  109
  128
  147
  168
  190
  212
  236
  261
  287
  315
  344
  374
  406
  439
  475
  511
  550
  591
  633
  678
  725
  775
  826
  881
Total liabilities, $m
  261
  275
  289
  304
  319
  335
  352
  370
  389
  408
  429
  451
  473
  497
  522
  548
  576
  605
  635
  667
  700
  736
  772
  811
  852
  894
  939
  986
  1,036
  1,087
  1,142
Total equity, $m
  2,216
  1,165
  1,225
  1,287
  1,352
  1,421
  1,493
  1,568
  1,647
  1,730
  1,817
  1,909
  2,005
  2,106
  2,211
  2,323
  2,439
  2,562
  2,690
  2,825
  2,967
  3,115
  3,271
  3,435
  3,607
  3,788
  3,978
  4,177
  4,386
  4,606
  4,836
Total liabilities and equity, $m
  2,477
  1,440
  1,514
  1,591
  1,671
  1,756
  1,845
  1,938
  2,036
  2,138
  2,246
  2,360
  2,478
  2,603
  2,733
  2,871
  3,015
  3,167
  3,325
  3,492
  3,667
  3,851
  4,043
  4,246
  4,459
  4,682
  4,917
  5,163
  5,422
  5,693
  5,978
Debt-to-equity ratio
  0.000
  0.010
  0.020
  0.030
  0.040
  0.050
  0.060
  0.070
  0.080
  0.090
  0.090
  0.100
  0.110
  0.110
  0.120
  0.120
  0.130
  0.130
  0.140
  0.140
  0.150
  0.150
  0.160
  0.160
  0.160
  0.170
  0.170
  0.170
  0.180
  0.180
  0.180
Adjusted equity ratio
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  126
  127
  139
  153
  167
  182
  198
  214
  232
  251
  271
  307
  329
  353
  378
  404
  432
  461
  492
  524
  559
  595
  634
  675
  717
  763
  811
  861
  914
  970
  1,029
Depreciation, amort., depletion, $m
  43
  47
  48
  50
  51
  53
  54
  56
  58
  60
  62
  42
  44
  47
  49
  51
  54
  57
  60
  63
  66
  69
  72
  76
  80
  84
  88
  93
  97
  102
  107
Funds from operations, $m
  223
  174
  188
  202
  218
  234
  252
  270
  290
  310
  332
  349
  374
  399
  427
  455
  486
  518
  551
  587
  625
  664
  706
  751
  797
  847
  899
  953
  1,011
  1,072
  1,136
Change in working capital, $m
  28
  26
  27
  29
  30
  32
  33
  35
  37
  38
  40
  42
  44
  47
  49
  51
  54
  57
  60
  62
  66
  69
  72
  76
  80
  84
  88
  92
  97
  102
  107
Cash from operations, $m
  195
  148
  160
  174
  188
  203
  219
  235
  253
  272
  292
  307
  329
  353
  378
  404
  432
  461
  492
  525
  559
  596
  634
  675
  718
  763
  811
  861
  914
  971
  1,030
Maintenance CAPEX, $m
  0
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -80
  -84
  -88
  -93
  -97
  -102
New CAPEX, $m
  -66
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
Cash from investing activities, $m
  -4
  -39
  -41
  -43
  -46
  -48
  -49
  -52
  -55
  -57
  -60
  -64
  -67
  -70
  -74
  -78
  -81
  -85
  -90
  -95
  -99
  -104
  -109
  -114
  -120
  -126
  -133
  -139
  -147
  -153
  -161
Free cash flow, $m
  191
  109
  119
  131
  143
  155
  169
  183
  198
  214
  231
  243
  262
  282
  304
  326
  350
  375
  402
  430
  460
  492
  525
  560
  597
  637
  678
  722
  768
  817
  868
Issuance/(repayment) of debt, $m
  0
  14
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  37
  39
  41
  43
  45
  47
  49
  52
  54
Issuance/(repurchase) of shares, $m
  5
  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  
  6
  14
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  37
  39
  41
  43
  45
  47
  49
  52
  54
Total cash flow (excl. dividends), $m
  196
  123
  133
  145
  158
  171
  186
  201
  217
  234
  252
  265
  285
  306
  329
  353
  378
  404
  432
  462
  494
  527
  562
  599
  638
  679
  723
  769
  818
  869
  923
Retained Cash Flow (-), $m
  -39
  -56
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -106
  -111
  -117
  -122
  -129
  -135
  -142
  -149
  -156
  -164
  -172
  -181
  -190
  -199
  -209
  -220
  -230
Prev. year cash balance distribution, $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
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
 
  1,174
  74
  83
  93
  103
  114
  125
  138
  151
  164
  173
  189
  205
  223
  241
  261
  282
  304
  327
  352
  378
  406
  435
  466
  499
  533
  570
  608
  649
  692
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
 
  1,125
  68
  72
  76
  80
  83
  85
  86
  87
  86
  82
  81
  78
  75
  71
  66
  61
  56
  50
  45
  39
  34
  29
  24
  19
  16
  12
  9
  7
  5
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

AVX Corporation (AVX) is a manufacturer and supplier and reseller of a line of passive electronic components, interconnect devices and related products. AVX operates in three segments: Passive Components, Kyocera Electronic Devices (KED Resale) and Interconnect. The Passive Components segment consists of surface mount and leaded ceramic capacitors, surface mount and leaded tantalum capacitors, surface mount and leaded film capacitors, thick and thin film packages of multiple passive integrated components, thermistors, inductors and resistive products. The KED Resale segment consists of ceramic capacitors, frequency control devices, surface acoustic wave (SAW) devices, sensor products, radio frequency (RF) modules, actuators, acoustic devices and connectors produced by Kyocera and resold by AVX. The Interconnect segment consists primarily of AVX Interconnect automotive, telecom and memory connectors manufactured by AVX Interconnect or purchased from other manufacturers for resale.

FINANCIAL RATIOS  of  AVX (AVX)

Valuation Ratios
P/E Ratio 22.7
Price to Sales 2.2
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 14.7
Price to Free Cash Flow 22.2
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 $1313 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 5.1% 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 65.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $292 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 21.7%.

Life of production assets of 11.6 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 39.1%. 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 - $2216 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 168.2 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 $2.9 billion.

RELATED COMPANIES Price Int.Val. Rating
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APH Amphenol Cl A 89.23 70.62  hold
TEL TE Connectivit 95.51 77.26  hold
CTS CTS 25.45 8.53  str.sell
LFUS Littelfuse 193.04 130.79  sell

COMPANY NEWS

▶ ETFs with exposure to AVX Corp. : December 1, 2017   [Dec-01-17 10:26AM  Capital Cube]
▶ ETFs with exposure to AVX Corp. : November 9, 2017   [Nov-09-17 11:57AM  Capital Cube]
▶ AVX Corp. Value Analysis (NYSE:AVX) : November 1, 2017   [Nov-01-17 01:06PM  Capital Cube]
▶ AVX posts 2Q profit   [08:41AM  Associated Press]
▶ AVX Corporation Declares Increased Dividend   [Oct-20-17 08:30AM  Business Wire]
▶ Is There Now An Opportunity In AVX Corporation (AVX)?   [Sep-15-17 03:01PM  Simply Wall St.]
▶ ETFs with exposure to AVX Corp. : September 7, 2017   [Sep-07-17 12:39PM  Capital Cube]
▶ AVX Corporation Declares Dividend   [Aug-03-17 08:30AM  Business Wire]
▶ New Strong Buy Stocks for August 1st   [Aug-01-17 10:21AM  Zacks]
▶ Top Ranked Income Stocks to Buy for July 31st   [Jul-31-17 10:12AM  Zacks]
▶ AVX Received a 2017 Bosch Global Supplier Award   [Jul-27-17 09:30AM  GlobeNewswire]
▶ AVX posts 1Q profit   [Jul-26-17 09:54PM  Associated Press]
▶ ETFs with exposure to AVX Corp. : July 24, 2017   [Jul-24-17 02:14PM  Capital Cube]
▶ ETFs with exposure to AVX Corp. : July 14, 2017   [Jul-14-17 12:59PM  Capital Cube]
▶ AVX Corp. Value Analysis (NYSE:AVX) : July 11, 2017   [Jul-11-17 03:20PM  Capital Cube]
▶ 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]
Financial statements 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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