Intrinsic value of Coherent - COHR

Previous Close

$321.91

  Intrinsic Value

$3,394

stock screener

  Rating & Target

str. buy

+954%

Previous close

$321.91

 
Intrinsic value

$3,394

 
Up/down potential

+954%

 
Rating

str. buy

We calculate the intrinsic value of COHR 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  101.05
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  1,723
  2,757
  4,259
  6,370
  9,242
  13,039
  17,926
  24,062
  31,595
  40,655
  51,351
  63,766
  77,960
  93,968
  111,803
  131,461
  152,920
  176,151
  201,116
  227,775
  256,086
  286,014
  317,528
  350,602
  385,223
  421,384
  459,091
  498,360
  539,217
  581,699
  625,853
Variable operating expenses, $m
 
  2,100
  3,222
  4,798
  6,943
  9,779
  13,428
  18,010
  23,635
  30,401
  38,387
  47,616
  58,216
  70,169
  83,488
  98,167
  114,192
  131,539
  150,182
  170,088
  191,230
  213,578
  237,110
  261,808
  287,661
  314,664
  342,822
  372,145
  402,655
  434,378
  467,349
Fixed operating expenses, $m
 
  73
  75
  76
  78
  80
  82
  84
  87
  89
  91
  93
  95
  98
  100
  103
  105
  108
  111
  114
  116
  119
  122
  125
  128
  132
  135
  138
  142
  145
  149
Total operating expenses, $m
  1,398
  2,173
  3,297
  4,874
  7,021
  9,859
  13,510
  18,094
  23,722
  30,490
  38,478
  47,709
  58,311
  70,267
  83,588
  98,270
  114,297
  131,647
  150,293
  170,202
  191,346
  213,697
  237,232
  261,933
  287,789
  314,796
  342,957
  372,283
  402,797
  434,523
  467,498
Operating income, $m
  326
  584
  962
  1,495
  2,220
  3,180
  4,416
  5,968
  7,873
  10,166
  12,872
  16,056
  19,649
  23,700
  28,215
  33,191
  38,623
  44,504
  50,824
  57,573
  64,740
  72,317
  80,295
  88,668
  97,433
  106,588
  116,135
  126,076
  136,420
  147,176
  158,355
EBITDA, $m
  431
  716
  1,144
  1,746
  2,565
  3,649
  5,045
  6,798
  8,951
  11,540
  14,597
  18,146
  22,204
  26,780
  31,880
  37,500
  43,636
  50,278
  57,416
  65,039
  73,134
  81,692
  90,703
  100,160
  110,060
  120,400
  131,183
  142,412
  154,095
  166,242
  178,869
Interest expense (income), $m
  27
  52
  114
  203
  329
  501
  728
  1,020
  1,386
  1,837
  2,378
  3,017
  3,759
  4,607
  5,563
  6,629
  7,803
  9,085
  10,473
  11,965
  13,557
  15,249
  17,037
  18,920
  20,896
  22,964
  25,124
  27,377
  29,723
  32,164
  34,702
Earnings before tax, $m
  302
  532
  849
  1,292
  1,891
  2,679
  3,688
  4,948
  6,487
  8,329
  10,495
  13,039
  15,890
  19,094
  22,652
  26,562
  30,820
  35,419
  40,351
  45,608
  51,183
  57,068
  63,258
  69,749
  76,538
  83,624
  91,010
  98,699
  106,697
  115,011
  123,652
Tax expense, $m
  93
  144
  229
  349
  511
  723
  996
  1,336
  1,751
  2,249
  2,834
  3,521
  4,290
  5,155
  6,116
  7,172
  8,321
  9,563
  10,895
  12,314
  13,819
  15,408
  17,080
  18,832
  20,665
  22,579
  24,573
  26,649
  28,808
  31,053
  33,386
Net income, $m
  207
  388
  620
  943
  1,380
  1,956
  2,692
  3,612
  4,735
  6,080
  7,661
  9,519
  11,600
  13,938
  16,536
  19,391
  22,499
  25,856
  29,456
  33,294
  37,363
  41,660
  46,178
  50,917
  55,872
  61,046
  66,437
  72,050
  77,889
  83,958
  90,266

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  476
  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
  2,338
  2,980
  4,605
  6,886
  9,992
  14,097
  19,380
  26,013
  34,157
  43,951
  55,514
  68,936
  84,281
  101,587
  120,868
  142,120
  165,319
  190,434
  217,423
  246,243
  276,850
  309,205
  343,273
  379,029
  416,457
  455,550
  496,315
  538,768
  582,937
  628,863
  676,598
Adjusted assets (=assets-cash), $m
  1,862
  2,980
  4,605
  6,886
  9,992
  14,097
  19,380
  26,013
  34,157
  43,951
  55,514
  68,936
  84,281
  101,587
  120,868
  142,120
  165,319
  190,434
  217,423
  246,243
  276,850
  309,205
  343,273
  379,029
  416,457
  455,550
  496,315
  538,768
  582,937
  628,863
  676,598
Revenue / Adjusted assets
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
Average production assets, $m
  305
  488
  754
  1,127
  1,636
  2,308
  3,173
  4,259
  5,592
  7,196
  9,089
  11,287
  13,799
  16,632
  19,789
  23,269
  27,067
  31,179
  35,598
  40,316
  45,327
  50,625
  56,202
  62,057
  68,184
  74,585
  81,259
  88,210
  95,441
  102,961
  110,776
Working capital, $m
  893
  675
  1,044
  1,561
  2,264
  3,195
  4,392
  5,895
  7,741
  9,960
  12,581
  15,623
  19,100
  23,022
  27,392
  32,208
  37,465
  43,157
  49,273
  55,805
  62,741
  70,074
  77,794
  85,897
  94,380
  103,239
  112,477
  122,098
  132,108
  142,516
  153,334
Total debt, $m
  594
  1,291
  2,311
  3,744
  5,694
  8,272
  11,589
  15,755
  20,869
  27,020
  34,282
  42,711
  52,347
  63,215
  75,324
  88,670
  103,239
  119,011
  135,961
  154,059
  173,281
  193,600
  214,994
  237,449
  260,954
  285,505
  311,105
  337,765
  365,503
  394,345
  424,322
Total liabilities, $m
  1,175
  1,872
  2,892
  4,325
  6,275
  8,853
  12,170
  16,336
  21,450
  27,601
  34,863
  43,292
  52,928
  63,796
  75,905
  89,251
  103,820
  119,592
  136,542
  154,640
  173,862
  194,181
  215,575
  238,030
  261,535
  286,086
  311,686
  338,346
  366,084
  394,926
  424,903
Total equity, $m
  1,163
  1,109
  1,713
  2,562
  3,717
  5,244
  7,209
  9,677
  12,706
  16,350
  20,651
  25,644
  31,352
  37,790
  44,963
  52,868
  61,499
  70,841
  80,881
  91,602
  102,988
  115,024
  127,698
  140,999
  154,922
  169,465
  184,629
  200,422
  216,853
  233,937
  251,694
Total liabilities and equity, $m
  2,338
  2,981
  4,605
  6,887
  9,992
  14,097
  19,379
  26,013
  34,156
  43,951
  55,514
  68,936
  84,280
  101,586
  120,868
  142,119
  165,319
  190,433
  217,423
  246,242
  276,850
  309,205
  343,273
  379,029
  416,457
  455,551
  496,315
  538,768
  582,937
  628,863
  676,597
Debt-to-equity ratio
  0.511
  1.160
  1.350
  1.460
  1.530
  1.580
  1.610
  1.630
  1.640
  1.650
  1.660
  1.670
  1.670
  1.670
  1.680
  1.680
  1.680
  1.680
  1.680
  1.680
  1.680
  1.680
  1.680
  1.680
  1.680
  1.680
  1.690
  1.690
  1.690
  1.690
  1.690
Adjusted equity ratio
  0.369
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  207
  388
  620
  943
  1,380
  1,956
  2,692
  3,612
  4,735
  6,080
  7,661
  9,519
  11,600
  13,938
  16,536
  19,391
  22,499
  25,856
  29,456
  33,294
  37,363
  41,660
  46,178
  50,917
  55,872
  61,046
  66,437
  72,050
  77,889
  83,958
  90,266
Depreciation, amort., depletion, $m
  105
  132
  181
  251
  345
  469
  629
  830
  1,077
  1,374
  1,725
  2,090
  2,555
  3,080
  3,665
  4,309
  5,012
  5,774
  6,592
  7,466
  8,394
  9,375
  10,408
  11,492
  12,627
  13,812
  15,048
  16,335
  17,674
  19,067
  20,514
Funds from operations, $m
  439
  520
  801
  1,193
  1,725
  2,425
  3,322
  4,442
  5,813
  7,455
  9,386
  11,609
  14,155
  17,019
  20,201
  23,699
  27,511
  31,630
  36,048
  40,760
  45,757
  51,035
  56,586
  62,408
  68,499
  74,858
  81,485
  88,386
  95,563
  103,025
  110,780
Change in working capital, $m
  55
  253
  368
  517
  704
  930
  1,197
  1,503
  1,846
  2,220
  2,620
  3,042
  3,478
  3,922
  4,370
  4,816
  5,258
  5,692
  6,116
  6,531
  6,936
  7,332
  7,721
  8,103
  8,482
  8,860
  9,238
  9,621
  10,010
  10,408
  10,818
Cash from operations, $m
  384
  267
  433
  676
  1,021
  1,495
  2,124
  2,939
  3,967
  5,235
  6,766
  8,567
  10,678
  13,097
  15,831
  18,883
  22,254
  25,938
  29,932
  34,229
  38,821
  43,702
  48,865
  54,305
  60,017
  65,998
  72,247
  78,765
  85,553
  92,617
  99,962
Maintenance CAPEX, $m
  0
  -56
  -90
  -140
  -209
  -303
  -427
  -588
  -789
  -1,036
  -1,333
  -1,683
  -2,090
  -2,555
  -3,080
  -3,665
  -4,309
  -5,012
  -5,774
  -6,592
  -7,466
  -8,394
  -9,375
  -10,408
  -11,492
  -12,627
  -13,812
  -15,048
  -16,335
  -17,674
  -19,067
New CAPEX, $m
  -64
  -183
  -266
  -374
  -508
  -672
  -865
  -1,086
  -1,333
  -1,604
  -1,893
  -2,197
  -2,512
  -2,833
  -3,157
  -3,479
  -3,798
  -4,112
  -4,419
  -4,719
  -5,011
  -5,297
  -5,578
  -5,854
  -6,128
  -6,401
  -6,674
  -6,951
  -7,232
  -7,519
  -7,815
Cash from investing activities, $m
  -810
  -239
  -356
  -514
  -717
  -975
  -1,292
  -1,674
  -2,122
  -2,640
  -3,226
  -3,880
  -4,602
  -5,388
  -6,237
  -7,144
  -8,107
  -9,124
  -10,193
  -11,311
  -12,477
  -13,691
  -14,953
  -16,262
  -17,620
  -19,028
  -20,486
  -21,999
  -23,567
  -25,193
  -26,882
Free cash flow, $m
  -426
  28
  77
  163
  304
  520
  832
  1,266
  1,845
  2,596
  3,540
  4,686
  6,075
  7,708
  9,594
  11,739
  14,146
  16,814
  19,739
  22,918
  26,344
  30,011
  33,913
  38,043
  42,397
  46,971
  51,761
  56,766
  61,986
  67,423
  73,080
Issuance/(repayment) of debt, $m
  539
  702
  1,020
  1,433
  1,950
  2,578
  3,318
  4,166
  5,114
  6,151
  7,261
  8,429
  9,637
  10,868
  12,109
  13,346
  14,569
  15,772
  16,949
  18,099
  19,221
  20,319
  21,395
  22,455
  23,505
  24,551
  25,600
  26,660
  27,738
  28,842
  29,977
Issuance/(repurchase) of shares, $m
  -8
  28
  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  
  506
  730
  1,020
  1,433
  1,950
  2,578
  3,318
  4,166
  5,114
  6,151
  7,261
  8,429
  9,637
  10,868
  12,109
  13,346
  14,569
  15,772
  16,949
  18,099
  19,221
  20,319
  21,395
  22,455
  23,505
  24,551
  25,600
  26,660
  27,738
  28,842
  29,977
Total cash flow (excl. dividends), $m
  103
  758
  1,097
  1,596
  2,254
  3,098
  4,150
  5,431
  6,960
  8,747
  10,801
  13,115
  15,712
  18,576
  21,703
  25,085
  28,716
  32,586
  36,688
  41,017
  45,565
  50,330
  55,308
  60,498
  65,902
  71,521
  77,361
  83,426
  89,725
  96,265
  103,057
Retained Cash Flow (-), $m
  -252
  -417
  -604
  -849
  -1,155
  -1,527
  -1,965
  -2,468
  -3,029
  -3,644
  -4,301
  -4,993
  -5,708
  -6,438
  -7,173
  -7,905
  -8,630
  -9,343
  -10,040
  -10,721
  -11,386
  -12,036
  -12,673
  -13,301
  -13,923
  -14,543
  -15,164
  -15,792
  -16,431
  -17,085
  -17,757
Prev. year cash balance distribution, $m
 
  471
  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
 
  812
  492
  747
  1,099
  1,571
  2,184
  2,964
  3,930
  5,103
  6,500
  8,122
  10,003
  12,138
  14,530
  17,180
  20,085
  23,243
  26,649
  30,296
  34,179
  38,294
  42,634
  47,197
  51,979
  56,979
  62,197
  67,634
  73,294
  79,181
  85,300
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
 
  779
  451
  650
  905
  1,217
  1,585
  2,002
  2,456
  2,932
  3,408
  3,857
  4,269
  4,615
  4,878
  5,044
  5,104
  5,057
  4,908
  4,665
  4,343
  3,961
  3,538
  3,093
  2,647
  2,217
  1,815
  1,452
  1,134
  864
  642
Current shareholders' claim on cash, %
  100
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4

Coherent, Inc. is a photonics manufacturer. The Company is engaged in designing, manufacturing, servicing and marketing of lasers and related accessories for a range of scientific, commercial and industrial applications. It operates through two segments: Specialty Lasers and Systems (SLS) and Commercial Lasers and Components (CLC). SLS develops and manufactures configurable products serving the microelectronics, scientific research and government programs, and original equipment manufacturer (OEM) components and instrumentation markets. The Commercial Lasers and Components segment focuses on higher volume products that are offered in set configurations. The product architectures are designed for exchange at the point of use such that substantially all product service and repairs are based upon advanced replacement and depot (that is factory) repair. CLC's primary markets include materials processing, OEM components, and instrumentation and microelectronics.

FINANCIAL RATIOS  of  Coherent (COHR)

Valuation Ratios
P/E Ratio 38.3
Price to Sales 4.6
Price to Book 6.8
Price to Tangible Book
Price to Cash Flow 20.6
Price to Free Cash Flow 24.8
Growth Rates
Sales Growth Rate 101.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 30.6%
Cap. Spend. - 3 Yr. Gr. Rate 22.7%
Financial Strength
Quick Ratio 95
Current Ratio 0.1
LT Debt to Equity 50.6%
Total Debt to Equity 51.1%
Interest Coverage 12
Management Effectiveness
Return On Assets 12.9%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 15.4%
Ret/ On T. Cap. - 3 Yr. Avg. 11.7%
Return On Equity 20%
Return On Equity - 3 Yr. Avg. 13.2%
Asset Turnover 1
Profitability Ratios
Gross Margin 43.5%
Gross Margin - 3 Yr. Avg. 43.3%
EBITDA Margin 25.2%
EBITDA Margin - 3 Yr. Avg. 20%
Operating Margin 18.9%
Oper. Margin - 3 Yr. Avg. 15.4%
Pre-Tax Margin 17.5%
Pre-Tax Margin - 3 Yr. Avg. 14.8%
Net Profit Margin 12%
Net Profit Margin - 3 Yr. Avg. 10.6%
Effective Tax Rate 30.8%
Eff/ Tax Rate - 3 Yr. Avg. 27.7%
Payout Ratio 0%

COHR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the COHR stock intrinsic value calculation we used $1723 million for the last fiscal year's total revenue generated by Coherent. The default revenue input number comes from 2017 income statement of Coherent. 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 COHR stock valuation model: a) initial revenue growth rate of 60% 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 COHR is calculated based on our internal credit rating of Coherent, 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 Coherent.
    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 COHR stock the variable cost ratio is equal to 77.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $71 million in the base year in the intrinsic value calculation for COHR 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 8.8% for Coherent.

Corporate tax rate of 27% is the nominal tax rate for Coherent. 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 COHR 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 COHR are equal to 17.7%.

Life of production assets of 5.4 years is the average useful life of capital assets used in Coherent 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 COHR is equal to 24.5%. 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 - $1163 million for Coherent - 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 25.158 million for Coherent 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 Coherent at the current share price and the inputted number of shares is $8.1 billion.

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COMPANY NEWS

▶ Bulls Power Dow Past 26,000; Bitcoin Slammed While Apple Rallies   [Jan-17-18 04:14PM  Investor's Business Daily]
▶ ETFs with exposure to Coherent, Inc. : January 2, 2018   [Jan-02-18 11:04AM  Capital Cube]
▶ ETFs with exposure to Coherent, Inc. : December 22, 2017   [Dec-22-17 11:35AM  Capital Cube]
▶ ETFs with exposure to Coherent, Inc. : December 11, 2017   [Dec-11-17 01:42PM  Capital Cube]
▶ 10 Best of the Best Stocks to Buy for 2018   [Dec-08-17 02:09PM  InvestorPlace]
▶ New Strong Buy Stocks for December 4th   [Dec-04-17 09:42AM  Zacks]
▶ ETFs with exposure to Coherent, Inc. : December 1, 2017   [Dec-01-17 10:34AM  Capital Cube]
▶ Stocks Modestly Lower; These Two IBD 50 Leaders Are Breaking Out   [Nov-08-17 10:12AM  Investor's Business Daily]
▶ Coherent posts 4Q profit   [Nov-07-17 06:27PM  Associated Press]
▶ 3 Value Stocks to Dive Into   [Oct-30-17 07:15AM  Motley Fool]
▶ ETFs with exposure to Coherent, Inc. : October 16, 2017   [Oct-16-17 09:50AM  Capital Cube]
▶ ETFs with exposure to Coherent, Inc. : October 3, 2017   [Oct-03-17 11:06AM  Capital Cube]
▶ ETFs with exposure to Coherent, Inc. : September 22, 2017   [Sep-22-17 10:17AM  Capital Cube]
▶ ETFs with exposure to Coherent, Inc. : September 12, 2017   [Sep-11-17 10:21PM  Capital Cube]
▶ ETFs with exposure to Coherent, Inc. : September 1, 2017   [Sep-01-17 07:19PM  Capital Cube]
▶ ETFs with exposure to Coherent, Inc. : August 7, 2017   [Aug-07-17 04:24PM  Capital Cube]
▶ Why Coherent Shares Got Crushed Today   [01:07PM  Motley Fool]
▶ Coherent Down Sharply On Earnings   [05:31AM  Investor's Business Daily]
▶ Coherent posts 3Q profit   [Aug-01-17 09:48PM  Associated Press]
▶ 3 Companies Whose Sales Could Double in 2017   [Jul-29-17 02:06PM  Motley Fool]
▶ ETFs with exposure to Coherent, Inc. : July 24, 2017   [Jul-24-17 03:00PM  Capital Cube]
▶ ETFs with exposure to Coherent, Inc. : July 12, 2017   [Jul-12-17 02:22PM  Capital Cube]
▶ Apple Looking To Use OLED Screens On All New iPhones Next Year   [Jul-06-17 04:36PM  Investor's Business Daily]
▶ ETFs with exposure to Coherent, Inc. : June 30, 2017   [Jun-30-17 02:48PM  Capital Cube]
▶ [$$] Mid-Year Roundtable: 26 Investment Picks   [Jun-10-17 12:01AM  Barrons.com]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [Jun-05-17 02:59PM  Investor's Business Daily]
▶ Sometimes an M&A Slam Dunk Takes Years   [12:16PM  Bloomberg]
▶ ETFs with exposure to Coherent, Inc. : May 19, 2017   [May-19-17 01:45PM  Capital Cube]
Financial statements of COHR
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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