Intrinsic value of Camtek - CAMT

Previous Close

$4.19

  Intrinsic Value

$0.53

stock screener

  Rating & Target

str. sell

-87%

  Value-price divergence*

-210%

Previous close

$4.19

 
Intrinsic value

$0.53

 
Up/down potential

-87%

 
Rating

str. sell

 
Value-price divergence*

-210%

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

We calculate the intrinsic value of CAMT 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 0.1

 

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, %
  11.11
  29.20
  26.78
  24.60
  22.64
  20.88
  19.29
  17.86
  16.57
  15.42
  14.38
  13.44
  12.59
  11.83
  11.15
  10.54
  9.98
  9.48
  9.04
  8.63
  8.27
  7.94
  7.65
  7.38
  7.14
  6.93
  6.74
  6.56
  6.41
  6.27
  6.14
Revenue, $m
  110
  142
  180
  225
  275
  333
  397
  468
  545
  630
  720
  817
  920
  1,029
  1,143
  1,264
  1,390
  1,522
  1,659
  1,802
  1,952
  2,107
  2,268
  2,435
  2,609
  2,790
  2,978
  3,173
  3,377
  3,588
  3,808
Variable operating expenses, $m
 
  156
  198
  247
  303
  366
  437
  515
  600
  693
  792
  899
  1,012
  1,131
  1,258
  1,390
  1,529
  1,674
  1,825
  1,983
  2,147
  2,317
  2,494
  2,679
  2,870
  3,069
  3,276
  3,491
  3,714
  3,947
  4,189
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
  103
  156
  198
  247
  303
  366
  437
  515
  600
  693
  792
  899
  1,012
  1,131
  1,258
  1,390
  1,529
  1,674
  1,825
  1,983
  2,147
  2,317
  2,494
  2,679
  2,870
  3,069
  3,276
  3,491
  3,714
  3,947
  4,189
Operating income, $m
  7
  -14
  -18
  -22
  -28
  -33
  -40
  -47
  -55
  -63
  -72
  -82
  -92
  -103
  -114
  -126
  -139
  -152
  -166
  -180
  -195
  -211
  -227
  -244
  -261
  -279
  -298
  -317
  -338
  -359
  -381
EBITDA, $m
  9
  -12
  -16
  -19
  -24
  -29
  -34
  -41
  -47
  -55
  -63
  -71
  -80
  -89
  -99
  -110
  -121
  -132
  -144
  -156
  -169
  -183
  -197
  -211
  -226
  -242
  -258
  -275
  -293
  -311
  -331
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  2
  3
  4
  5
  5
  6
  7
  9
  10
  11
  12
  13
  15
  16
  18
  19
  21
  23
  24
  26
  28
  30
  32
  34
  37
Earnings before tax, $m
  6
  -14
  -18
  -23
  -29
  -35
  -42
  -50
  -58
  -68
  -77
  -88
  -99
  -111
  -124
  -137
  -151
  -166
  -181
  -197
  -213
  -230
  -248
  -266
  -285
  -305
  -326
  -347
  -370
  -393
  -417
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
  5
  -14
  -18
  -23
  -29
  -35
  -42
  -50
  -58
  -68
  -77
  -88
  -99
  -111
  -124
  -137
  -151
  -166
  -181
  -197
  -213
  -230
  -248
  -266
  -285
  -305
  -326
  -347
  -370
  -393
  -417

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  20
  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
  106
  111
  141
  176
  215
  260
  310
  366
  427
  492
  563
  639
  719
  804
  894
  988
  1,087
  1,190
  1,297
  1,409
  1,526
  1,647
  1,773
  1,904
  2,040
  2,181
  2,328
  2,481
  2,640
  2,805
  2,978
Adjusted assets (=assets-cash), $m
  86
  111
  141
  176
  215
  260
  310
  366
  427
  492
  563
  639
  719
  804
  894
  988
  1,087
  1,190
  1,297
  1,409
  1,526
  1,647
  1,773
  1,904
  2,040
  2,181
  2,328
  2,481
  2,640
  2,805
  2,978
Revenue / Adjusted assets
  1.279
  1.279
  1.277
  1.278
  1.279
  1.281
  1.281
  1.279
  1.276
  1.280
  1.279
  1.279
  1.280
  1.280
  1.279
  1.279
  1.279
  1.279
  1.279
  1.279
  1.279
  1.279
  1.279
  1.279
  1.279
  1.279
  1.279
  1.279
  1.279
  1.279
  1.279
Average production assets, $m
  15
  19
  24
  30
  36
  44
  52
  62
  72
  83
  95
  108
  121
  136
  151
  167
  183
  201
  219
  238
  258
  278
  299
  321
  344
  368
  393
  419
  446
  474
  503
Working capital, $m
  54
  44
  56
  69
  85
  103
  123
  145
  169
  195
  223
  252
  284
  318
  353
  391
  429
  470
  513
  557
  603
  651
  701
  752
  806
  862
  920
  981
  1,043
  1,109
  1,177
Total debt, $m
  0
  10
  21
  34
  50
  67
  86
  107
  131
  156
  183
  212
  243
  276
  310
  346
  384
  424
  465
  508
  553
  599
  648
  698
  750
  805
  861
  920
  981
  1,044
  1,110
Total liabilities, $m
  32
  43
  54
  67
  83
  100
  119
  140
  164
  189
  216
  245
  276
  309
  343
  379
  417
  457
  498
  541
  586
  632
  681
  731
  783
  838
  894
  953
  1,014
  1,077
  1,143
Total equity, $m
  73
  68
  87
  108
  133
  160
  191
  225
  263
  303
  347
  393
  443
  495
  551
  609
  669
  733
  799
  868
  940
  1,015
  1,092
  1,173
  1,257
  1,344
  1,434
  1,528
  1,626
  1,728
  1,834
Total liabilities and equity, $m
  105
  111
  141
  175
  216
  260
  310
  365
  427
  492
  563
  638
  719
  804
  894
  988
  1,086
  1,190
  1,297
  1,409
  1,526
  1,647
  1,773
  1,904
  2,040
  2,182
  2,328
  2,481
  2,640
  2,805
  2,977
Debt-to-equity ratio
  0.000
  0.140
  0.240
  0.320
  0.370
  0.420
  0.450
  0.480
  0.500
  0.510
  0.530
  0.540
  0.550
  0.560
  0.560
  0.570
  0.570
  0.580
  0.580
  0.590
  0.590
  0.590
  0.590
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.610
Adjusted equity ratio
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  -14
  -18
  -23
  -29
  -35
  -42
  -50
  -58
  -68
  -77
  -88
  -99
  -111
  -124
  -137
  -151
  -166
  -181
  -197
  -213
  -230
  -248
  -266
  -285
  -305
  -326
  -347
  -370
  -393
  -417
Depreciation, amort., depletion, $m
  2
  2
  2
  3
  4
  4
  5
  6
  7
  8
  10
  11
  12
  14
  15
  17
  18
  20
  22
  24
  26
  28
  30
  32
  34
  37
  39
  42
  45
  47
  50
Funds from operations, $m
  -37
  -12
  -16
  -20
  -25
  -31
  -37
  -44
  -51
  -59
  -68
  -77
  -87
  -98
  -109
  -121
  -133
  -146
  -159
  -173
  -187
  -202
  -218
  -234
  -251
  -268
  -287
  -306
  -325
  -346
  -367
Change in working capital, $m
  -20
  10
  12
  14
  16
  18
  20
  22
  24
  26
  28
  30
  32
  34
  35
  37
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
Cash from operations, $m
  -17
  -22
  -28
  -34
  -41
  -48
  -57
  -66
  -75
  -85
  -96
  -107
  -119
  -131
  -144
  -158
  -172
  -186
  -201
  -217
  -233
  -250
  -268
  -286
  -305
  -324
  -345
  -366
  -388
  -411
  -435
Maintenance CAPEX, $m
  0
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -10
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -37
  -39
  -42
  -45
  -47
New CAPEX, $m
  -2
  -4
  -5
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
Cash from investing activities, $m
  6
  -5
  -7
  -8
  -10
  -12
  -12
  -14
  -16
  -18
  -20
  -23
  -25
  -26
  -29
  -31
  -34
  -35
  -38
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -73
  -76
Free cash flow, $m
  -11
  -28
  -35
  -42
  -50
  -60
  -70
  -80
  -91
  -104
  -116
  -129
  -143
  -158
  -173
  -189
  -205
  -222
  -240
  -258
  -277
  -296
  -317
  -338
  -360
  -383
  -406
  -431
  -457
  -484
  -512
Issuance/(repayment) of debt, $m
  0
  10
  11
  13
  15
  17
  19
  21
  23
  25
  27
  29
  31
  33
  34
  36
  38
  40
  41
  43
  45
  47
  48
  50
  52
  54
  56
  59
  61
  64
  66
Issuance/(repurchase) of shares, $m
  0
  30
  37
  45
  53
  63
  73
  84
  96
  108
  121
  135
  149
  164
  179
  195
  212
  229
  247
  266
  285
  305
  325
  347
  369
  392
  416
  442
  468
  495
  524
Cash from financing (excl. dividends), $m  
  0
  40
  48
  58
  68
  80
  92
  105
  119
  133
  148
  164
  180
  197
  213
  231
  250
  269
  288
  309
  330
  352
  373
  397
  421
  446
  472
  501
  529
  559
  590
Total cash flow (excl. dividends), $m
  -11
  11
  13
  16
  18
  20
  23
  25
  27
  30
  32
  34
  36
  39
  41
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  69
  72
  75
  78
Retained Cash Flow (-), $m
  -5
  -30
  -37
  -45
  -53
  -63
  -73
  -84
  -96
  -108
  -121
  -135
  -149
  -164
  -179
  -195
  -212
  -229
  -247
  -266
  -285
  -305
  -325
  -347
  -369
  -392
  -416
  -442
  -468
  -495
  -524
Prev. year cash balance distribution, $m
 
  20
  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
  -23
  -29
  -35
  -42
  -50
  -59
  -68
  -78
  -89
  -100
  -113
  -125
  -139
  -153
  -167
  -182
  -198
  -215
  -232
  -250
  -268
  -288
  -308
  -328
  -350
  -372
  -396
  -420
  -446
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
  -21
  -25
  -29
  -33
  -36
  -40
  -43
  -45
  -47
  -48
  -48
  -48
  -47
  -45
  -42
  -40
  -37
  -33
  -29
  -26
  -22
  -19
  -16
  -13
  -10
  -8
  -6
  -5
  -3
Current shareholders' claim on cash, %
  100
  77.9
  61.2
  48.6
  38.9
  31.3
  25.5
  20.8
  17.1
  14.2
  11.8
  9.8
  8.3
  7.0
  5.9
  5.0
  4.2
  3.6
  3.1
  2.6
  2.3
  1.9
  1.7
  1.4
  1.2
  1.1
  0.9
  0.8
  0.7
  0.6
  0.5

Camtek Ltd. designs, develops, manufactures, and markets automated optical inspection (AOI) systems and functional ink technology (FIT) products. It operates in two segments, Microelectronics and Printed Circuit Boards. The company’s AOI systems are computerized systems that optically inspect various types of electronic product components for defect caused during the manufacturing process, as well as is used to enhance production processes and yields for manufacturers in the semiconductor fabrication and printed circuit boards (PCB) industries. It offers various AOI systems, which include Eagle, Condor, Gannet, and Falcon for the semiconductor industry; and Phoenix, Dragon, Orion, Phoenix Photo Tool, and CVR-100 for the PCB industry. The company’s FIT product includes the Gryphon System that replaces the conventional solder mask and legend application lines for prototypes and high mix low volume production, as well as offers manufacturers a digital printing technology solution. It serves semiconductor fabrication, PCB, electronic packaging, and electronics supply chain industries in the Asia Pacific, North America, and Europe. Camtek Ltd. was founded in 1987 and is headquartered in Migdal Ha’emek, Israel.

FINANCIAL RATIOS  of  Camtek (CAMT)

Valuation Ratios
P/E Ratio 29.6
Price to Sales 1.3
Price to Book 2
Price to Tangible Book
Price to Cash Flow -8.7
Price to Free Cash Flow -7.8
Growth Rates
Sales Growth Rate 11.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
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 4.5%
Ret/ On Assets - 3 Yr. Avg. -0.6%
Return On Total Capital 7.1%
Ret/ On T. Cap. - 3 Yr. Avg. -1%
Return On Equity 7.1%
Return On Equity - 3 Yr. Avg. -1%
Asset Turnover 1
Profitability Ratios
Gross Margin 44.5%
Gross Margin - 3 Yr. Avg. 44.9%
EBITDA Margin 7.3%
EBITDA Margin - 3 Yr. Avg. 1.3%
Operating Margin 6.4%
Oper. Margin - 3 Yr. Avg. 0.6%
Pre-Tax Margin 5.5%
Pre-Tax Margin - 3 Yr. Avg. -0.7%
Net Profit Margin 4.5%
Net Profit Margin - 3 Yr. Avg. -0.7%
Effective Tax Rate 16.7%
Eff/ Tax Rate - 3 Yr. Avg. 19.4%
Payout Ratio 0%

CAMT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CAMT stock intrinsic value calculation we used $110 million for the last fiscal year's total revenue generated by Camtek. The default revenue input number comes from 2016 income statement of Camtek. 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 CAMT stock valuation model: a) initial revenue growth rate of 29.2% 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 CAMT is calculated based on our internal credit rating of Camtek, 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 Camtek.
    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 CAMT stock the variable cost ratio is equal to 110%.

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 CAMT 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 Camtek.

Corporate tax rate of 27% is the nominal tax rate for Camtek. 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 CAMT 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 CAMT are equal to 13.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Camtek 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 CAMT is equal to 30.9%. 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 - $73 million for Camtek - 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 34.333 million for Camtek 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 Camtek at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Camtek reports 2Q loss   [Aug-04-17 02:35AM  Associated Press]
▶ Camtek Announces Second Quarter 2017 Results   [Aug-03-17 07:10AM  PR Newswire]
▶ 5 of the Best Stocks Under $10 for 2017   [Jul-05-17 12:54PM  Zacks]
▶ Why Camtek Ltd.'s Stock Fell Sharply on Tuesday   [Jun-27-17 07:31PM  Motley Fool]
▶ Clarification Issued by Camtek   [Jun-09-17 08:10AM  PR Newswire]
▶ This Week's Hidden Gems: (CAMT)(PATK)   [Jun-08-17 04:26PM  Zacks]
▶ Why Shares of Camtek Ltd. Are Falling Today   [Jun-07-17 12:28PM  Motley Fool]
▶ 5 Best Performing Stocks of May   [Jun-01-17 02:12PM  Zacks]
▶ Investor Network: Camtek Ltd to Host Earnings Call   [May-09-17 08:30AM  Accesswire]
▶ Camtek posts 1Q profit   [06:33AM  Associated Press]
▶ Camtek Announces Filing of Shelf Registration Statement   [Mar-27-17 07:02AM  PR Newswire]
▶ Camtek posts 4Q profit   [Feb-08-17 07:29AM  Associated Press]
▶ Camtek posts 2Q profit   [Jul-21-16 07:27AM  AP]
▶ Camtek to Present at the 28th Annual Roth Conference   [Feb-25-16 07:00AM  PR Newswire]
▶ Camtek reports 4Q loss   [Feb-11-16 09:38AM  AP]
▶ Camtek Announces Final Ruling in Patent Litigation Case   [Feb-03-16 03:53PM  PR Newswire]
▶ Camtek posts 3Q profit   [Oct-29  08:19AM  AP]
Stock chart of CAMT Financial statements of CAMT
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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