Intrinsic value of AXT - AXTI

Previous Close

$7.55

  Intrinsic Value

$1.03

stock screener

  Rating & Target

str. sell

-86%

  Value-price divergence*

-99%

Previous close

$7.55

 
Intrinsic value

$1.03

 
Up/down potential

-86%

 
Rating

str. sell

 
Value-price divergence*

-99%

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

We calculate the intrinsic value of AXTI 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, %
  3.85
  10.50
  9.95
  9.45
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.36
  5.32
  5.29
  5.26
Revenue, $m
  81
  90
  98
  108
  117
  128
  138
  149
  160
  172
  184
  197
  210
  224
  239
  254
  269
  285
  302
  320
  338
  357
  377
  398
  420
  443
  467
  492
  518
  545
  574
Variable operating expenses, $m
 
  94
  103
  113
  123
  134
  145
  156
  168
  181
  193
  207
  221
  235
  250
  266
  282
  299
  317
  335
  355
  375
  396
  418
  441
  465
  490
  516
  543
  572
  602
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
  75
  94
  103
  113
  123
  134
  145
  156
  168
  181
  193
  207
  221
  235
  250
  266
  282
  299
  317
  335
  355
  375
  396
  418
  441
  465
  490
  516
  543
  572
  602
Operating income, $m
  6
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -18
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
EBITDA, $m
  11
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -8
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
Earnings before tax, $m
  6
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
Tax expense, $m
  1
  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
Net income, $m
  6
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  48
  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
  154
  117
  129
  141
  154
  167
  181
  195
  210
  225
  241
  258
  275
  294
  312
  332
  352
  373
  396
  419
  443
  468
  494
  521
  550
  580
  611
  644
  678
  714
  751
Adjusted assets (=assets-cash), $m
  106
  117
  129
  141
  154
  167
  181
  195
  210
  225
  241
  258
  275
  294
  312
  332
  352
  373
  396
  419
  443
  468
  494
  521
  550
  580
  611
  644
  678
  714
  751
Revenue / Adjusted assets
  0.764
  0.769
  0.760
  0.766
  0.760
  0.766
  0.762
  0.764
  0.762
  0.764
  0.763
  0.764
  0.764
  0.762
  0.766
  0.765
  0.764
  0.764
  0.763
  0.764
  0.763
  0.763
  0.763
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.763
  0.764
Average production assets, $m
  29
  32
  35
  39
  42
  46
  49
  53
  57
  62
  66
  71
  75
  80
  85
  91
  96
  102
  108
  114
  121
  128
  135
  143
  150
  159
  167
  176
  185
  195
  206
Working capital, $m
  94
  45
  49
  54
  59
  64
  69
  74
  80
  86
  92
  99
  105
  112
  119
  127
  135
  143
  151
  160
  169
  179
  189
  199
  210
  221
  233
  246
  259
  273
  287
Total debt, $m
  0
  2
  4
  6
  8
  10
  13
  15
  18
  20
  23
  26
  29
  32
  35
  38
  42
  45
  49
  53
  57
  62
  66
  71
  75
  81
  86
  91
  97
  103
  110
Total liabilities, $m
  18
  20
  22
  24
  26
  28
  31
  33
  36
  38
  41
  44
  47
  50
  53
  56
  60
  63
  67
  71
  75
  80
  84
  89
  93
  99
  104
  109
  115
  121
  128
Total equity, $m
  136
  97
  107
  117
  128
  139
  150
  162
  174
  187
  200
  214
  229
  244
  259
  275
  292
  310
  328
  347
  367
  388
  410
  433
  456
  481
  507
  534
  563
  592
  624
Total liabilities and equity, $m
  154
  117
  129
  141
  154
  167
  181
  195
  210
  225
  241
  258
  276
  294
  312
  331
  352
  373
  395
  418
  442
  468
  494
  522
  549
  580
  611
  643
  678
  713
  752
Debt-to-equity ratio
  0.000
  0.020
  0.040
  0.050
  0.060
  0.070
  0.080
  0.090
  0.100
  0.110
  0.110
  0.120
  0.130
  0.130
  0.140
  0.140
  0.140
  0.150
  0.150
  0.150
  0.160
  0.160
  0.160
  0.160
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.180
Adjusted equity ratio
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  6
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
Depreciation, amort., depletion, $m
  5
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
Funds from operations, $m
  13
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -11
  -11
Change in working capital, $m
  0
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  14
  14
Cash from operations, $m
  13
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
Maintenance CAPEX, $m
  0
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
New CAPEX, $m
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
Cash from investing activities, $m
  -1
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -9
  -10
  -10
  -12
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
Free cash flow, $m
  12
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -55
Issuance/(repayment) of debt, $m
  0
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
Issuance/(repurchase) of shares, $m
  1
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
  37
  38
  40
  42
  45
  47
  49
  52
  54
  57
  60
  63
Cash from financing (excl. dividends), $m  
  1
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  27
  29
  30
  31
  33
  34
  37
  39
  41
  42
  44
  46
  50
  52
  54
  57
  60
  63
  66
  69
Total cash flow (excl. dividends), $m
  11
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
Retained Cash Flow (-), $m
  -4
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -63
Prev. year cash balance distribution, $m
 
  48
  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
 
  39
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
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
 
  37
  -9
  -10
  -10
  -10
  -10
  -10
  -10
  -9
  -9
  -9
  -8
  -8
  -7
  -7
  -6
  -5
  -5
  -4
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  92.2
  85.2
  79.0
  73.3
  68.2
  63.6
  59.4
  55.5
  51.9
  48.6
  45.6
  42.8
  40.2
  37.8
  35.6
  33.5
  31.6
  29.7
  28.0
  26.5
  25.0
  23.6
  22.2
  21.0
  19.8
  18.7
  17.7
  16.7
  15.8
  14.9

AXT, Inc. designs, develops, manufactures, and distributes compound and single element semiconductor substrates. The company manufactures its semiconductor substrates using its proprietary vertical gradient freeze technology. It offers semi-insulating substrates made from gallium with arsenic (GaAs), which are used for applications in power amplifiers and radio frequency integrated circuits for wireless handsets; direct broadcast televisions; transistors; and satellite communications. AXT, Inc. also provides semi-conducting substrates made from GaAs that have applications in light emitting diodes, lasers, vertical cavity surface emitting lasers (VCSELs), printer heads, and optical couplers; indium with phosphorous substrates for fiber optic lasers and detectors, data center connectivity products, silicon photonics, opto electronics ICs, terrestrial solar cells, lasers, and VCSELs; and germanium substrates for satellite and terrestrial solar cells, as well as optical sensors and detectors. In addition, the company, through its subsidiaries and joint ventures, manufactures and sells raw materials for gallium, gallium alloys, indium phosphide poly-crystal, germanium, germanium dioxide, high purity arsenic, pyrolytic boron nitride, and boron oxide. AXT, Inc. sells its products through direct sales force in the United States and China, as well as through independent sales representatives and distributors in Europe and other parts of Asia. The company was formerly known as American Xtal Technology, Inc. and changed its name to AXT, Inc. in July 2000. AXT, Inc. was founded in 1986 and is headquartered in Fremont, California.

FINANCIAL RATIOS  of  AXT (AXTI)

Valuation Ratios
P/E Ratio 41.6
Price to Sales 3.1
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 19.2
Price to Free Cash Flow 24.9
Growth Rates
Sales Growth Rate 3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25%
Cap. Spend. - 3 Yr. Gr. Rate -9.7%
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 3.9%
Ret/ On Assets - 3 Yr. Avg. 0.7%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. 0.8%
Return On Equity 4.5%
Return On Equity - 3 Yr. Avg. 0.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 32.1%
Gross Margin - 3 Yr. Avg. 24.7%
EBITDA Margin 13.6%
EBITDA Margin - 3 Yr. Avg. 8.2%
Operating Margin 7.4%
Oper. Margin - 3 Yr. Avg. -0%
Pre-Tax Margin 7.4%
Pre-Tax Margin - 3 Yr. Avg. 1.6%
Net Profit Margin 7.4%
Net Profit Margin - 3 Yr. Avg. 1.2%
Effective Tax Rate 16.7%
Eff/ Tax Rate - 3 Yr. Avg. -11.1%
Payout Ratio 0%

AXTI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AXTI stock intrinsic value calculation we used $81 million for the last fiscal year's total revenue generated by AXT. The default revenue input number comes from 2016 income statement of AXT. 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 AXTI stock valuation model: a) initial revenue growth rate of 10.5% 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 AXTI is calculated based on our internal credit rating of AXT, 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 AXT.
    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 AXTI stock the variable cost ratio is equal to 104.9%.

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 AXTI 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 AXT.

Corporate tax rate of 27% is the nominal tax rate for AXT. 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 AXTI 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 AXTI are equal to 35.8%.

Life of production assets of 10 years is the average useful life of capital assets used in AXT 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 AXTI is equal to 50%. 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 - $136 million for AXT - 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 33.024 million for AXT 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 AXT at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ AXT Appoints Wilson Lin as Chief Operating Officer   [Aug-22-17 06:30AM  GlobeNewswire]
▶ ETFs with exposure to AXT, Inc. : August 8, 2017   [Aug-08-17 04:03PM  Capital Cube]
▶ AXT, Inc.: Leads amongst peers with strong fundamentals   [Jul-28-17 03:25PM  Capital Cube]
▶ Why Shares of AXT Inc. Are Up Today   [Jul-27-17 12:47PM  Motley Fool]
▶ AXT meets 2Q profit forecasts   [12:00AM  Associated Press]
▶ AXT, Inc. Announces Second Quarter 2017 Financial Results   [Jul-26-17 04:10PM  GlobeNewswire]
▶ ETFs with exposure to AXT, Inc. : July 13, 2017   [Jul-13-17 03:33PM  Capital Cube]
▶ ETFs with exposure to AXT, Inc. : July 3, 2017   [Jul-03-17 02:55PM  Capital Cube]
▶ ETFs with exposure to AXT, Inc. : June 5, 2017   [Jun-05-17 02:02PM  Capital Cube]
▶ ETFs with exposure to AXT, Inc. : May 26, 2017   [May-26-17 12:59PM  Capital Cube]
▶ ETFs with exposure to AXT, Inc. : April 27, 2017   [Apr-27-17 03:45PM  Capital Cube]
▶ Why Shares of AXT Inc. Jumped Today   [12:24PM  Motley Fool]
▶ AXT tops Street 1Q forecasts   [Apr-26-17 06:20PM  Associated Press]
▶ Why Shares of AXT Inc. Dropped Today   [Mar-16-17 11:49AM  Motley Fool]
▶ Why Shares of AXT Inc. Dropped Today   [11:49AM  at Motley Fool]
▶ Why Shares of AXT Inc. Slumped on Thursday   [Mar-02-17 11:45AM  at Motley Fool]
▶ Why Shares of AXT Inc. Moved Higher Today   [Feb-23-17 03:29PM  at Motley Fool]
▶ AXT beats Street 4Q forecasts   [Feb-22-17 05:40PM  AP]
▶ Hedge Funds Are Buying AXT Inc (AXTI)   [Dec-10-16 10:10AM  at Insider Monkey]
Financial statements of AXTI
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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