Intrinsic value of Bruker - BRKR

Previous Close

$27.62

  Intrinsic Value

$13.82

stock screener

  Rating & Target

sell

-50%

  Value-price divergence*

+49%

Previous close

$27.62

 
Intrinsic value

$13.82

 
Up/down potential

-50%

 
Rating

sell

 
Value-price divergence*

+49%

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

We calculate the intrinsic value of BRKR 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 4.3

 

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, %
  -0.80
  2.70
  2.93
  3.14
  3.32
  3.49
  3.64
  3.78
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
Revenue, $m
  1,611
  1,654
  1,703
  1,756
  1,815
  1,878
  1,947
  2,020
  2,099
  2,183
  2,273
  2,368
  2,469
  2,577
  2,691
  2,811
  2,938
  3,073
  3,214
  3,364
  3,522
  3,688
  3,863
  4,048
  4,242
  4,446
  4,661
  4,887
  5,125
  5,375
  5,638
Variable operating expenses, $m
 
  1,505
  1,549
  1,597
  1,650
  1,707
  1,769
  1,835
  1,906
  1,982
  2,063
  2,136
  2,227
  2,324
  2,427
  2,535
  2,650
  2,771
  2,899
  3,034
  3,176
  3,326
  3,484
  3,650
  3,826
  4,010
  4,204
  4,408
  4,622
  4,848
  5,085
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
  1,425
  1,505
  1,549
  1,597
  1,650
  1,707
  1,769
  1,835
  1,906
  1,982
  2,063
  2,136
  2,227
  2,324
  2,427
  2,535
  2,650
  2,771
  2,899
  3,034
  3,176
  3,326
  3,484
  3,650
  3,826
  4,010
  4,204
  4,408
  4,622
  4,848
  5,085
Operating income, $m
  186
  149
  154
  159
  165
  171
  178
  185
  193
  201
  210
  232
  242
  253
  264
  276
  288
  302
  315
  330
  346
  362
  379
  397
  416
  436
  457
  480
  503
  527
  553
EBITDA, $m
  240
  194
  200
  206
  213
  220
  228
  237
  246
  256
  266
  278
  289
  302
  315
  330
  344
  360
  377
  394
  413
  432
  453
  475
  497
  521
  546
  573
  601
  630
  661
Interest expense (income), $m
  13
  15
  16
  17
  19
  20
  22
  24
  26
  28
  30
  32
  35
  37
  40
  43
  46
  49
  53
  57
  60
  65
  69
  73
  78
  83
  89
  94
  100
  106
  113
Earnings before tax, $m
  178
  134
  138
  142
  146
  151
  156
  161
  167
  174
  180
  200
  208
  216
  224
  233
  242
  252
  263
  274
  285
  297
  310
  324
  338
  353
  369
  385
  403
  421
  440
Tax expense, $m
  23
  36
  37
  38
  40
  41
  42
  44
  45
  47
  49
  54
  56
  58
  60
  63
  65
  68
  71
  74
  77
  80
  84
  87
  91
  95
  100
  104
  109
  114
  119
Net income, $m
  154
  98
  101
  104
  107
  110
  114
  118
  122
  127
  132
  146
  152
  157
  164
  170
  177
  184
  192
  200
  208
  217
  226
  236
  247
  258
  269
  281
  294
  307
  322

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  500
  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
  1,808
  1,343
  1,382
  1,426
  1,473
  1,524
  1,580
  1,640
  1,704
  1,772
  1,845
  1,922
  2,004
  2,092
  2,184
  2,282
  2,385
  2,494
  2,609
  2,731
  2,859
  2,994
  3,136
  3,285
  3,443
  3,609
  3,783
  3,967
  4,160
  4,363
  4,576
Adjusted assets (=assets-cash), $m
  1,308
  1,343
  1,382
  1,426
  1,473
  1,524
  1,580
  1,640
  1,704
  1,772
  1,845
  1,922
  2,004
  2,092
  2,184
  2,282
  2,385
  2,494
  2,609
  2,731
  2,859
  2,994
  3,136
  3,285
  3,443
  3,609
  3,783
  3,967
  4,160
  4,363
  4,576
Revenue / Adjusted assets
  1.232
  1.232
  1.232
  1.231
  1.232
  1.232
  1.232
  1.232
  1.232
  1.232
  1.232
  1.232
  1.232
  1.232
  1.232
  1.232
  1.232
  1.232
  1.232
  1.232
  1.232
  1.232
  1.232
  1.232
  1.232
  1.232
  1.232
  1.232
  1.232
  1.232
  1.232
Average production assets, $m
  309
  316
  325
  335
  347
  359
  372
  386
  401
  417
  434
  452
  472
  492
  514
  537
  561
  587
  614
  643
  673
  704
  738
  773
  810
  849
  890
  933
  979
  1,027
  1,077
Working capital, $m
  751
  278
  286
  295
  305
  316
  327
  339
  353
  367
  382
  398
  415
  433
  452
  472
  494
  516
  540
  565
  592
  620
  649
  680
  713
  747
  783
  821
  861
  903
  947
Total debt, $m
  412
  422
  455
  492
  532
  575
  622
  672
  726
  784
  845
  910
  980
  1,053
  1,131
  1,213
  1,300
  1,392
  1,490
  1,592
  1,700
  1,814
  1,933
  2,060
  2,192
  2,332
  2,479
  2,634
  2,797
  2,968
  3,148
Total liabilities, $m
  1,122
  1,132
  1,165
  1,202
  1,242
  1,285
  1,332
  1,382
  1,436
  1,494
  1,555
  1,620
  1,690
  1,763
  1,841
  1,923
  2,010
  2,102
  2,200
  2,302
  2,410
  2,524
  2,643
  2,770
  2,902
  3,042
  3,189
  3,344
  3,507
  3,678
  3,858
Total equity, $m
  686
  211
  217
  224
  231
  239
  248
  257
  267
  278
  290
  302
  315
  328
  343
  358
  374
  392
  410
  429
  449
  470
  492
  516
  541
  567
  594
  623
  653
  685
  718
Total liabilities and equity, $m
  1,808
  1,343
  1,382
  1,426
  1,473
  1,524
  1,580
  1,639
  1,703
  1,772
  1,845
  1,922
  2,005
  2,091
  2,184
  2,281
  2,384
  2,494
  2,610
  2,731
  2,859
  2,994
  3,135
  3,286
  3,443
  3,609
  3,783
  3,967
  4,160
  4,363
  4,576
Debt-to-equity ratio
  0.601
  2.000
  2.100
  2.200
  2.300
  2.400
  2.510
  2.610
  2.710
  2.820
  2.920
  3.020
  3.110
  3.210
  3.300
  3.390
  3.470
  3.560
  3.640
  3.710
  3.790
  3.860
  3.930
  3.990
  4.060
  4.120
  4.170
  4.230
  4.280
  4.330
  4.380
Adjusted equity ratio
  0.142
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  154
  98
  101
  104
  107
  110
  114
  118
  122
  127
  132
  146
  152
  157
  164
  170
  177
  184
  192
  200
  208
  217
  226
  236
  247
  258
  269
  281
  294
  307
  322
Depreciation, amort., depletion, $m
  54
  45
  46
  47
  48
  49
  50
  52
  53
  55
  57
  45
  47
  49
  51
  54
  56
  59
  61
  64
  67
  70
  74
  77
  81
  85
  89
  93
  98
  103
  108
Funds from operations, $m
  42
  143
  146
  150
  155
  159
  164
  170
  175
  181
  188
  191
  199
  207
  215
  224
  233
  243
  253
  264
  275
  287
  300
  314
  328
  343
  358
  375
  392
  410
  429
Change in working capital, $m
  -89
  7
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
Cash from operations, $m
  131
  135
  138
  141
  145
  149
  153
  157
  162
  167
  173
  175
  182
  189
  196
  203
  212
  220
  229
  239
  249
  260
  271
  283
  295
  308
  322
  337
  352
  368
  385
Maintenance CAPEX, $m
  0
  -31
  -32
  -33
  -34
  -35
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -103
New CAPEX, $m
  -37
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
Cash from investing activities, $m
  -22
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -68
  -71
  -74
  -78
  -82
  -86
  -90
  -94
  -99
  -103
  -109
  -114
  -120
  -126
  -132
  -138
  -146
  -153
Free cash flow, $m
  109
  97
  97
  99
  100
  102
  104
  106
  108
  111
  114
  114
  117
  121
  125
  129
  134
  138
  143
  149
  155
  161
  167
  174
  181
  188
  196
  204
  213
  222
  232
Issuance/(repayment) of debt, $m
  146
  30
  33
  37
  40
  43
  47
  50
  54
  58
  61
  65
  69
  74
  78
  82
  87
  92
  97
  102
  108
  114
  120
  126
  133
  140
  147
  155
  163
  171
  180
Issuance/(repurchase) of shares, $m
  -149
  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  
  -1
  30
  33
  37
  40
  43
  47
  50
  54
  58
  61
  65
  69
  74
  78
  82
  87
  92
  97
  102
  108
  114
  120
  126
  133
  140
  147
  155
  163
  171
  180
Total cash flow (excl. dividends), $m
  101
  127
  131
  135
  140
  145
  151
  156
  162
  169
  175
  179
  187
  194
  203
  211
  221
  230
  240
  251
  262
  274
  287
  300
  314
  328
  343
  359
  376
  394
  412
Retained Cash Flow (-), $m
  40
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -34
Prev. year cash balance distribution, $m
 
  480
  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
 
  602
  124
  128
  133
  137
  142
  147
  152
  158
  164
  167
  174
  181
  188
  196
  204
  213
  222
  232
  242
  253
  264
  276
  289
  302
  316
  330
  346
  362
  379
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
 
  578
  114
  112
  109
  106
  103
  99
  95
  91
  86
  79
  74
  69
  63
  58
  52
  46
  41
  36
  31
  26
  22
  18
  15
  12
  9
  7
  5
  4
  3
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

Bruker Corporation, together with its subsidiaries, designs and manufactures scientific instruments, and analytical and diagnostic solutions worldwide. The company operates through two segments, Bruker Scientific Instruments, and Bruker Energy & Supercon Technologies. It offers scientific instruments, and analytical and diagnostic solutions for use in life science research, pharmaceuticals, biotechnology, applied markets, cell biology, clinical research, microbiology, in-vitro diagnostics, nanotechnology, and materials science research. The companyÂ’s technology platforms include magnetic resonance, mass spectrometry, gas and liquid chromatography triple quadrupole mass spectrometry, X-ray, spark-optical emission spectroscopy, atomic force microscopy, stylus and optical metrology technology, fluorescence optical microscopy, and infrared and Raman molecular spectroscopy technologies. It also provides field analytical systems for chemical, biological, radiological, nuclear and explosives, and detection; high and low temperature superconducting materials and devices; and non-superconducting high technology tools, such as synchrotron and beamline instrumentation. The company serves pharmaceutical, biotechnology and diagnostics, chemical, food and beverage, clinical, polymer, nanotechnology, semiconductor, and industrial companies; nonprofit laboratories; contract research organizations, academic institutions, medical schools, nonprofit or for-profit forensics, agriculture, food and beverage safety, environmental and clinical microbiology laboratories, hospitals, and government departments and agencies; and raw material manufacturers, and other businesses involved in materials analysis. It markets its products through direct sales forces, distributors, independent sales representatives, and various other representatives. Bruker Corporation was founded in 1991 and is headquartered in Billerica, Massachusetts.

FINANCIAL RATIOS  of  Bruker (BRKR)

Valuation Ratios
P/E Ratio 28.7
Price to Sales 2.7
Price to Book 6.4
Price to Tangible Book
Price to Cash Flow 33.7
Price to Free Cash Flow 47
Growth Rates
Sales Growth Rate -0.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8.8%
Cap. Spend. - 3 Yr. Gr. Rate -5.8%
Financial Strength
Quick Ratio 25
Current Ratio 0.2
LT Debt to Equity 57.1%
Total Debt to Equity 60.1%
Interest Coverage 15
Management Effectiveness
Return On Assets 9.3%
Ret/ On Assets - 3 Yr. Avg. 6.3%
Return On Total Capital 14.7%
Ret/ On T. Cap. - 3 Yr. Avg. 9.8%
Return On Equity 21.8%
Return On Equity - 3 Yr. Avg. 14.2%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 46.1%
Gross Margin - 3 Yr. Avg. 44%
EBITDA Margin 15.2%
EBITDA Margin - 3 Yr. Avg. 12.2%
Operating Margin 11.5%
Oper. Margin - 3 Yr. Avg. 8.8%
Pre-Tax Margin 11%
Pre-Tax Margin - 3 Yr. Avg. 8.2%
Net Profit Margin 9.6%
Net Profit Margin - 3 Yr. Avg. 6.3%
Effective Tax Rate 12.9%
Eff/ Tax Rate - 3 Yr. Avg. 23.8%
Payout Ratio 16.9%

BRKR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BRKR stock intrinsic value calculation we used $1611 million for the last fiscal year's total revenue generated by Bruker. The default revenue input number comes from 2016 income statement of Bruker. 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 BRKR stock valuation model: a) initial revenue growth rate of 2.7% 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 BRKR is calculated based on our internal credit rating of Bruker, 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 Bruker.
    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 BRKR stock the variable cost ratio is equal to 91%.

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 BRKR 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 3.8% for Bruker.

Corporate tax rate of 27% is the nominal tax rate for Bruker. 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 BRKR 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 BRKR are equal to 19.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Bruker 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 BRKR is equal to 16.8%. 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 - $686 million for Bruker - 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 156.871 million for Bruker 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 Bruker at the current share price and the inputted number of shares is $4.3 billion.

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COMPANY NEWS

▶ Bruker Announces Quarterly Dividend   [Aug-14-17 07:00AM  PR Newswire]
▶ Bruker beats Street 2Q forecasts   [02:34AM  Associated Press]
▶ Bruker Reports Second Quarter 2017 Financial Results   [Aug-03-17 04:05PM  PR Newswire]
▶ New Strong Buy Stocks for July 11th   [Jul-11-17 10:42AM  Zacks]
▶ Weekly CEO Buys Highlights   [May-22-17 01:55PM  GuruFocus.com]
▶ Bruker meets 1Q profit forecasts   [May-03-17 06:17PM  Associated Press]
▶ Bruker Corp. Value Analysis (NASDAQ:BRKR) : May 1, 2017   [May-01-17 04:49PM  Capital Cube]
▶ Bruker Corporation to Present at Investor Conferences   [Feb-27-17 04:05PM  PR Newswire]
▶ Bruker Announces Quarterly Dividend   [Feb-21-17 07:00AM  PR Newswire]
▶ Is MAXIMUS, Inc. (MMS) A Good Stock To Buy?   [Dec-12-16 01:20PM  at Insider Monkey]
▶ Should You Avoid Bruker Corporation (BRKR)?   [Dec-01-16 02:20PM  at Insider Monkey]
▶ Bruker Announces Quarterly Dividend   [07:00AM  PR Newswire]
Stock chart of BRKR Financial statements of BRKR
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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