Intrinsic value of Cognex - CGNX

Previous Close

$60.89

  Intrinsic Value

$56.93

stock screener

  Rating & Target

hold

-6%

Previous close

$60.89

 
Intrinsic value

$56.93

 
Up/down potential

-6%

 
Rating

hold

We calculate the intrinsic value of CGNX 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 5.3

 

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, %
  15.52
  17.70
  16.43
  15.29
  14.26
  13.33
  12.50
  11.75
  11.07
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.61
  7.35
  7.12
  6.91
  6.72
  6.54
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
Revenue, $m
  521
  613
  714
  823
  940
  1,066
  1,199
  1,340
  1,488
  1,644
  1,807
  1,978
  2,155
  2,340
  2,533
  2,733
  2,941
  3,158
  3,382
  3,616
  3,859
  4,111
  4,374
  4,647
  4,932
  5,229
  5,538
  5,860
  6,196
  6,547
  6,914
Variable operating expenses, $m
 
  270
  313
  359
  409
  462
  519
  579
  642
  708
  777
  840
  916
  994
  1,076
  1,161
  1,249
  1,341
  1,437
  1,536
  1,639
  1,746
  1,858
  1,974
  2,095
  2,221
  2,352
  2,489
  2,632
  2,781
  2,937
Fixed operating expenses, $m
 
  135
  139
  142
  146
  149
  153
  157
  161
  165
  169
  173
  178
  182
  187
  191
  196
  201
  206
  211
  216
  222
  227
  233
  239
  245
  251
  257
  264
  270
  277
Total operating expenses, $m
  360
  405
  452
  501
  555
  611
  672
  736
  803
  873
  946
  1,013
  1,094
  1,176
  1,263
  1,352
  1,445
  1,542
  1,643
  1,747
  1,855
  1,968
  2,085
  2,207
  2,334
  2,466
  2,603
  2,746
  2,896
  3,051
  3,214
Operating income, $m
  161
  208
  263
  322
  386
  454
  527
  604
  686
  771
  861
  964
  1,062
  1,164
  1,271
  1,381
  1,496
  1,616
  1,740
  1,869
  2,003
  2,143
  2,289
  2,440
  2,598
  2,763
  2,935
  3,114
  3,301
  3,496
  3,700
EBITDA, $m
  176
  222
  278
  338
  403
  472
  546
  625
  707
  794
  885
  980
  1,080
  1,183
  1,291
  1,403
  1,520
  1,641
  1,767
  1,898
  2,034
  2,176
  2,324
  2,478
  2,638
  2,805
  2,979
  3,161
  3,351
  3,549
  3,756
Interest expense (income), $m
  0
  0
  0
  1
  2
  2
  3
  3
  4
  5
  6
  7
  7
  8
  9
  10
  11
  12
  13
  15
  16
  17
  18
  20
  21
  23
  24
  26
  27
  29
  31
Earnings before tax, $m
  169
  208
  262
  321
  384
  452
  524
  601
  682
  766
  855
  958
  1,055
  1,156
  1,261
  1,371
  1,485
  1,603
  1,726
  1,854
  1,988
  2,126
  2,271
  2,421
  2,577
  2,741
  2,911
  3,088
  3,274
  3,467
  3,670
Tax expense, $m
  19
  56
  71
  87
  104
  122
  142
  162
  184
  207
  231
  259
  285
  312
  341
  370
  401
  433
  466
  501
  537
  574
  613
  654
  696
  740
  786
  834
  884
  936
  991
Net income, $m
  150
  152
  191
  234
  280
  330
  383
  439
  498
  560
  624
  699
  770
  844
  921
  1,001
  1,084
  1,170
  1,260
  1,354
  1,451
  1,552
  1,657
  1,767
  1,881
  2,001
  2,125
  2,254
  2,390
  2,531
  2,679

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  421
  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
  1,039
  727
  847
  976
  1,116
  1,264
  1,422
  1,590
  1,766
  1,950
  2,144
  2,346
  2,557
  2,776
  3,005
  3,242
  3,489
  3,746
  4,012
  4,289
  4,578
  4,877
  5,189
  5,513
  5,851
  6,203
  6,569
  6,952
  7,351
  7,767
  8,202
Adjusted assets (=assets-cash), $m
  618
  727
  847
  976
  1,116
  1,264
  1,422
  1,590
  1,766
  1,950
  2,144
  2,346
  2,557
  2,776
  3,005
  3,242
  3,489
  3,746
  4,012
  4,289
  4,578
  4,877
  5,189
  5,513
  5,851
  6,203
  6,569
  6,952
  7,351
  7,767
  8,202
Revenue / Adjusted assets
  0.843
  0.843
  0.843
  0.843
  0.842
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
Average production assets, $m
  34
  40
  46
  54
  61
  69
  78
  87
  97
  107
  117
  129
  140
  152
  165
  178
  191
  205
  220
  235
  251
  267
  284
  302
  321
  340
  360
  381
  403
  426
  449
Working capital, $m
  460
  46
  54
  62
  71
  80
  90
  100
  112
  123
  136
  148
  162
  176
  190
  205
  221
  237
  254
  271
  289
  308
  328
  349
  370
  392
  415
  440
  465
  491
  519
Total debt, $m
  0
  13
  28
  44
  61
  80
  99
  120
  141
  164
  188
  213
  238
  265
  294
  323
  353
  385
  418
  452
  487
  524
  562
  602
  644
  687
  732
  779
  828
  879
  933
Total liabilities, $m
  76
  89
  104
  120
  137
  156
  175
  196
  217
  240
  264
  289
  314
  341
  370
  399
  429
  461
  494
  528
  563
  600
  638
  678
  720
  763
  808
  855
  904
  955
  1,009
Total equity, $m
  963
  638
  743
  856
  978
  1,109
  1,247
  1,394
  1,548
  1,710
  1,880
  2,057
  2,242
  2,435
  2,635
  2,843
  3,060
  3,285
  3,519
  3,762
  4,014
  4,277
  4,550
  4,835
  5,131
  5,440
  5,761
  6,097
  6,446
  6,812
  7,193
Total liabilities and equity, $m
  1,039
  727
  847
  976
  1,115
  1,265
  1,422
  1,590
  1,765
  1,950
  2,144
  2,346
  2,556
  2,776
  3,005
  3,242
  3,489
  3,746
  4,013
  4,290
  4,577
  4,877
  5,188
  5,513
  5,851
  6,203
  6,569
  6,952
  7,350
  7,767
  8,202
Debt-to-equity ratio
  0.000
  0.020
  0.040
  0.050
  0.060
  0.070
  0.080
  0.090
  0.090
  0.100
  0.100
  0.100
  0.110
  0.110
  0.110
  0.110
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
Adjusted equity ratio
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  150
  152
  191
  234
  280
  330
  383
  439
  498
  560
  624
  699
  770
  844
  921
  1,001
  1,084
  1,170
  1,260
  1,354
  1,451
  1,552
  1,657
  1,767
  1,881
  2,001
  2,125
  2,254
  2,390
  2,531
  2,679
Depreciation, amort., depletion, $m
  15
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  16
  17
  19
  20
  22
  24
  25
  27
  29
  31
  33
  35
  37
  40
  42
  44
  47
  50
  53
  55
Funds from operations, $m
  182
  166
  207
  250
  298
  348
  402
  459
  519
  582
  648
  715
  787
  863
  941
  1,023
  1,107
  1,196
  1,287
  1,383
  1,482
  1,585
  1,693
  1,804
  1,921
  2,043
  2,169
  2,301
  2,439
  2,584
  2,734
Change in working capital, $m
  0
  7
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
Cash from operations, $m
  182
  159
  199
  242
  289
  339
  392
  448
  508
  571
  636
  702
  774
  849
  927
  1,008
  1,092
  1,179
  1,271
  1,365
  1,464
  1,566
  1,673
  1,784
  1,900
  2,020
  2,146
  2,277
  2,414
  2,557
  2,707
Maintenance CAPEX, $m
  0
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -15
  -16
  -17
  -19
  -20
  -22
  -24
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -44
  -47
  -50
  -53
New CAPEX, $m
  -13
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
Cash from investing activities, $m
  -122
  -10
  -12
  -13
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -26
  -28
  -29
  -32
  -33
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -73
  -77
Free cash flow, $m
  60
  149
  187
  229
  275
  323
  375
  430
  488
  548
  612
  677
  747
  819
  895
  974
  1,056
  1,142
  1,231
  1,323
  1,419
  1,519
  1,623
  1,731
  1,844
  1,961
  2,084
  2,212
  2,345
  2,485
  2,630
Issuance/(repayment) of debt, $m
  0
  13
  15
  16
  17
  18
  19
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  35
  37
  38
  40
  42
  43
  45
  47
  49
  51
  53
Issuance/(repurchase) of shares, $m
  -4
  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  
  -4
  13
  15
  16
  17
  18
  19
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  35
  37
  38
  40
  42
  43
  45
  47
  49
  51
  53
Total cash flow (excl. dividends), $m
  53
  163
  202
  245
  292
  341
  394
  450
  509
  571
  636
  702
  773
  846
  923
  1,003
  1,087
  1,173
  1,263
  1,357
  1,454
  1,556
  1,661
  1,771
  1,885
  2,005
  2,129
  2,259
  2,394
  2,536
  2,684
Retained Cash Flow (-), $m
  -137
  -96
  -105
  -114
  -122
  -130
  -139
  -147
  -154
  -162
  -170
  -177
  -185
  -193
  -200
  -208
  -217
  -225
  -234
  -243
  -253
  -263
  -273
  -284
  -296
  -309
  -322
  -335
  -350
  -365
  -381
Prev. year cash balance distribution, $m
 
  421
  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
 
  488
  97
  132
  170
  211
  256
  304
  355
  409
  467
  524
  588
  654
  723
  795
  870
  948
  1,030
  1,114
  1,202
  1,293
  1,388
  1,487
  1,589
  1,696
  1,808
  1,924
  2,045
  2,171
  2,303
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
 
  468
  89
  115
  140
  163
  185
  205
  222
  235
  245
  249
  251
  249
  243
  233
  221
  206
  190
  172
  153
  134
  115
  97
  81
  66
  53
  41
  32
  24
  17
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

Cognex Corporation (Cognex) is a provider of machine vision products that capture and analyze visual information in order to automate tasks, primarily in manufacturing processes, where vision is required. The Company operates through the machine vision technology segment. The Company's machine vision products are used to automate the manufacture and tracking of discrete items, such as mobile phones, aspirin bottles and automobile tires, by locating, identifying, inspecting and measuring them during the manufacturing or distribution process. The Company's products include vision software, vision systems, vision sensors and identification (ID) products. Its products range from vision sensors that are integrated, to personal computer (PC)-based systems for users. Its products also have a range of physical forms, depending upon the user's need. Cognex sells its products through a direct sales force, as well as through a global network of integration and distribution partners.

FINANCIAL RATIOS  of  Cognex (CGNX)

Valuation Ratios
P/E Ratio 34.9
Price to Sales 10
Price to Book 5.4
Price to Tangible Book
Price to Cash Flow 28.8
Price to Free Cash Flow 31
Growth Rates
Sales Growth Rate 15.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -55.2%
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 15.6%
Ret/ On Assets - 3 Yr. Avg. 17.7%
Return On Total Capital 16.8%
Ret/ On T. Cap. - 3 Yr. Avg. 19.4%
Return On Equity 16.8%
Return On Equity - 3 Yr. Avg. 19.4%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 77.7%
Gross Margin - 3 Yr. Avg. 77.6%
EBITDA Margin 35.3%
EBITDA Margin - 3 Yr. Avg. 33.5%
Operating Margin 30.9%
Oper. Margin - 3 Yr. Avg. 29.3%
Pre-Tax Margin 32.4%
Pre-Tax Margin - 3 Yr. Avg. 30.5%
Net Profit Margin 28.8%
Net Profit Margin - 3 Yr. Avg. 32.9%
Effective Tax Rate 11.2%
Eff/ Tax Rate - 3 Yr. Avg. 14%
Payout Ratio 16.7%

CGNX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CGNX stock intrinsic value calculation we used $521 million for the last fiscal year's total revenue generated by Cognex. The default revenue input number comes from 2016 income statement of Cognex. 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 CGNX stock valuation model: a) initial revenue growth rate of 17.7% 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 CGNX is calculated based on our internal credit rating of Cognex, 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 Cognex.
    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 CGNX stock the variable cost ratio is equal to 44.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $132 million in the base year in the intrinsic value calculation for CGNX 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 Cognex.

Corporate tax rate of 27% is the nominal tax rate for Cognex. 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 CGNX 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 CGNX are equal to 6.5%.

Life of production assets of 8.1 years is the average useful life of capital assets used in Cognex 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 CGNX is equal to 7.5%. 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 - $963 million for Cognex - 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 86.573 million for Cognex 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 Cognex at the current share price and the inputted number of shares is $5.3 billion.

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COMPANY NEWS

▶ Cognex Joins Rank Of Stocks With 95-Plus Composite Rating   [Dec-07-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Cognex Corp. : December 5, 2017   [Dec-05-17 12:32PM  Capital Cube]
▶ ETFs with exposure to Cognex Corp. : November 24, 2017   [Nov-24-17 10:28AM  Capital Cube]
▶ 5 Stocks Ripping Higher Ahead of Tax Reform   [Nov-14-17 04:32PM  Zacks]
▶ Cognex Delivers on Its Monster Quarter   [08:11AM  Motley Fool]
▶ ETFs with exposure to Cognex Corp. : November 13, 2017   [Nov-13-17 11:59AM  Capital Cube]
▶ ETFs with exposure to Cognex Corp. : November 1, 2017   [Nov-01-17 11:58AM  Capital Cube]
▶ Cognex Earnings Show Broad-Based Strength   [10:34AM  Motley Fool]
▶ Cognex beats Street 3Q forecasts   [04:15PM  Associated Press]
▶ Cognex to Webcast Conference Presentations   [Oct-23-17 04:41PM  Business Wire]
▶ Q3 Earnings Preview: Stocks Expecting 50%-Plus Growth   [Oct-19-17 11:11AM  Investor's Business Daily]
▶ Q3 Earnings Preview: Stocks Expecting 50%-Plus Growth   [Sep-30-17 01:53PM  Investor's Business Daily]
▶ Is Cognex Corporation (CGNX) Undervalued?   [Sep-21-17 08:57AM  Simply Wall St.]
▶ Robots, cruises & clouds in the trader blitz   [Sep-15-17 01:55PM  CNBC Videos]
▶ These 2 local firms got State Streets Fearless Girl treatment   [Sep-10-17 08:55PM  American City Business Journals]
▶ ETFs with exposure to Cognex Corp. : August 15, 2017   [Aug-15-17 03:41PM  Capital Cube]
▶ Cognex Corporation Prepares for a Monster Quarter   [Aug-01-17 06:33PM  Motley Fool]
▶ What Happened in the Stock Market Today   [05:02PM  Motley Fool]
▶ Dow Flirts With 22,000; Financials Extend Gains, Cognex Soars   [01:33PM  Investor's Business Daily]
▶ Why Shares of Cognex Are Soaring Today   [01:09PM  Motley Fool]
▶ Blue Chips Set The Pace; Several IBD 50 Stocks Near Entries   [11:59AM  Investor's Business Daily]
▶ Cognex Soars On Earnings   [05:09AM  Investor's Business Daily]
▶ Cognex tops Street 2Q forecasts   [Jul-31-17 09:16PM  Associated Press]
▶ Cognex Declares Quarterly Cash Dividend   [04:06PM  Business Wire]
▶ ETFs with exposure to Cognex Corp. : July 24, 2017   [Jul-24-17 02:49PM  Capital Cube]
▶ ETFs with exposure to Cognex Corp. : July 14, 2017   [Jul-14-17 01:28PM  Capital Cube]
▶ These 3 Stocks Are Up Big in 2017: Is There Room to Run?   [Jun-21-17 07:41AM  Motley Fool]
▶ Nasdaq Leads Drop; Why GE Is Not A Buy Yet; Sell Apple Or Hold?   [Jun-12-17 04:10PM  Investor's Business Daily]
▶ Looking to propose a shareholder vote? It may get tougher   [Jun-06-17 06:57PM  Associated Press]
Financial statements of CGNX
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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