Intrinsic value of Electro Scientific Industries - ESIO

Previous Close

$18.03

  Intrinsic Value

$1.02

stock screener

  Rating & Target

str. sell

-94%

Previous close

$18.03

 
Intrinsic value

$1.02

 
Up/down potential

-94%

 
Rating

str. sell

We calculate the intrinsic value of ESIO 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, %
  -12.50
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  161
  164
  168
  172
  177
  183
  188
  195
  202
  209
  217
  226
  235
  245
  255
  266
  278
  290
  303
  317
  332
  347
  363
  380
  398
  417
  437
  458
  480
  504
  528
Variable operating expenses, $m
 
  175
  179
  184
  189
  195
  201
  208
  215
  223
  232
  240
  250
  260
  271
  283
  295
  308
  322
  337
  352
  368
  386
  404
  423
  443
  464
  487
  510
  535
  561
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
  199
  175
  179
  184
  189
  195
  201
  208
  215
  223
  232
  240
  250
  260
  271
  283
  295
  308
  322
  337
  352
  368
  386
  404
  423
  443
  464
  487
  510
  535
  561
Operating income, $m
  -38
  -11
  -11
  -12
  -12
  -12
  -13
  -13
  -13
  -14
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -33
EBITDA, $m
  -28
  -7
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
Interest expense (income), $m
  0
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
Earnings before tax, $m
  -37
  -12
  -12
  -13
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -38
  -40
  -43
Tax expense, $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
  0
Net income, $m
  -37
  -12
  -12
  -13
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -38
  -40
  -43

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  62
  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
  225
  225
  230
  236
  243
  250
  258
  267
  276
  287
  298
  309
  322
  335
  350
  365
  381
  398
  415
  434
  454
  475
  498
  521
  546
  572
  599
  628
  658
  690
  723
Adjusted assets (=assets-cash), $m
  163
  225
  230
  236
  243
  250
  258
  267
  276
  287
  298
  309
  322
  335
  350
  365
  381
  398
  415
  434
  454
  475
  498
  521
  546
  572
  599
  628
  658
  690
  723
Revenue / Adjusted assets
  0.988
  0.729
  0.730
  0.729
  0.728
  0.732
  0.729
  0.730
  0.732
  0.728
  0.728
  0.731
  0.730
  0.731
  0.729
  0.729
  0.730
  0.729
  0.730
  0.730
  0.731
  0.731
  0.729
  0.729
  0.729
  0.729
  0.730
  0.729
  0.729
  0.730
  0.730
Average production assets, $m
  30
  36
  37
  38
  39
  40
  41
  42
  44
  46
  47
  49
  51
  53
  56
  58
  61
  63
  66
  69
  72
  76
  79
  83
  87
  91
  95
  100
  105
  110
  115
Working capital, $m
  116
  38
  39
  40
  41
  43
  44
  46
  47
  49
  51
  53
  55
  57
  60
  62
  65
  68
  71
  74
  78
  81
  85
  89
  93
  98
  102
  107
  112
  118
  124
Total debt, $m
  13
  16
  18
  20
  22
  25
  28
  31
  34
  38
  42
  46
  51
  56
  61
  66
  72
  78
  85
  92
  99
  107
  115
  123
  132
  142
  152
  162
  173
  185
  197
Total liabilities, $m
  80
  82
  84
  86
  88
  91
  94
  97
  101
  104
  108
  113
  117
  122
  127
  133
  139
  145
  151
  158
  165
  173
  181
  190
  199
  208
  218
  229
  240
  251
  263
Total equity, $m
  145
  143
  146
  150
  154
  159
  164
  170
  176
  182
  189
  197
  205
  213
  222
  232
  242
  253
  264
  276
  289
  302
  316
  331
  347
  364
  381
  399
  419
  439
  460
Total liabilities and equity, $m
  225
  225
  230
  236
  242
  250
  258
  267
  277
  286
  297
  310
  322
  335
  349
  365
  381
  398
  415
  434
  454
  475
  497
  521
  546
  572
  599
  628
  659
  690
  723
Debt-to-equity ratio
  0.090
  0.110
  0.120
  0.130
  0.140
  0.160
  0.170
  0.180
  0.200
  0.210
  0.220
  0.240
  0.250
  0.260
  0.270
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.350
  0.360
  0.370
  0.380
  0.390
  0.400
  0.410
  0.410
  0.420
  0.430
Adjusted equity ratio
  0.509
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -37
  -12
  -12
  -13
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -38
  -40
  -43
Depreciation, amort., depletion, $m
  10
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  12
Funds from operations, $m
  9
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -29
  -31
Change in working capital, $m
  10
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
Cash from operations, $m
  -1
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
Maintenance CAPEX, $m
  0
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
New CAPEX, $m
  -4
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
Cash from investing activities, $m
  3
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -7
  -7
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -12
  -12
  -12
  -13
  -13
  -15
  -15
  -15
  -16
Free cash flow, $m
  2
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -50
  -53
Issuance/(repayment) of debt, $m
  14
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  12
  12
Issuance/(repurchase) of shares, $m
  1
  14
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  31
  33
  34
  36
  38
  40
  42
  45
  47
  49
  52
  55
  58
  61
  64
Cash from financing (excl. dividends), $m  
  14
  16
  18
  18
  19
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  34
  37
  39
  41
  43
  45
  48
  50
  54
  56
  58
  62
  65
  69
  73
  76
Total cash flow (excl. dividends), $m
  15
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
Retained Cash Flow (-), $m
  25
  -14
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -55
  -58
  -61
  -64
Prev. year cash balance distribution, $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
Cash flow adjustment, $m
 
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
Cash available for distribution, $m
 
  -6
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
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
 
  -6
  -10
  -10
  -10
  -9
  -9
  -9
  -9
  -8
  -8
  -7
  -7
  -7
  -6
  -6
  -5
  -5
  -4
  -4
  -3
  -3
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  97.6
  95.1
  92.6
  90.0
  87.5
  85.0
  82.6
  80.1
  77.7
  75.4
  73.1
  70.9
  68.8
  66.7
  64.6
  62.6
  60.6
  58.6
  56.7
  54.9
  53.1
  51.3
  49.6
  48.0
  46.4
  44.8
  43.3
  41.8
  40.4
  39.0

Electro Scientific Industries, Inc. and its subsidiaries supply laser-based manufacturing solutions for industries reliant on microtechnologies. The Company operates through two segments: Component Processing and Micromachining. The Component Processing segment includes interconnect products, semiconductor products and component products. The interconnect, semiconductor and component products are sold to manufacturers of electronic components and are used to drill, cut, trim, ablate and test and mark features for the functionality of the component. The Micromachining segment includes products that are sold to manufacturers of end devices across various industries and are used to drill, cut or mark features on a range of materials, generally on the casing or external surface of the end device. Its integrated solutions allow industrial designers and process engineers to control the power of laser light to transform materials. It has operations in Asia, Europe and North America.

FINANCIAL RATIOS  of  Electro Scientific Industries (ESIO)

Valuation Ratios
P/E Ratio -16.2
Price to Sales 3.7
Price to Book 4.1
Price to Tangible Book
Price to Cash Flow -599.7
Price to Free Cash Flow -119.9
Growth Rates
Sales Growth Rate -12.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -12.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 9%
Total Debt to Equity 9%
Interest Coverage 0
Management Effectiveness
Return On Assets -16.6%
Ret/ On Assets - 3 Yr. Avg. -13.3%
Return On Total Capital -22.6%
Ret/ On T. Cap. - 3 Yr. Avg. -17.2%
Return On Equity -23.5%
Return On Equity - 3 Yr. Avg. -17.5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 37.9%
Gross Margin - 3 Yr. Avg. 37.4%
EBITDA Margin -16.8%
EBITDA Margin - 3 Yr. Avg. -13.4%
Operating Margin -23.6%
Oper. Margin - 3 Yr. Avg. -19.4%
Pre-Tax Margin -23%
Pre-Tax Margin - 3 Yr. Avg. -19.1%
Net Profit Margin -23%
Net Profit Margin - 3 Yr. Avg. -19.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ESIO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ESIO stock intrinsic value calculation we used $161 million for the last fiscal year's total revenue generated by Electro Scientific Industries. The default revenue input number comes from 2017 income statement of Electro Scientific Industries. 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 ESIO stock valuation model: a) initial revenue growth rate of 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 ESIO is calculated based on our internal credit rating of Electro Scientific Industries, 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 Electro Scientific Industries.
    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 ESIO stock the variable cost ratio is equal to 106.8%.

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 ESIO 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 5.4% for Electro Scientific Industries.

Corporate tax rate of 27% is the nominal tax rate for Electro Scientific Industries. 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 ESIO stock is equal to 4.4%.

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 ESIO are equal to 21.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Electro Scientific Industries 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 ESIO is equal to 23.4%. 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 - $145 million for Electro Scientific Industries - 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 million for Electro Scientific Industries 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 Electro Scientific Industries at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ ESI To Release First Quarter 2019 Results on August 1   [Jul-12-18 04:10PM  GlobeNewswire]
▶ Electro Scientific Industries: Fiscal 4Q Earnings Snapshot   [May-09-18 05:19AM  Associated Press]
▶ Top Ranked Growth Stocks to Buy for March 20th   [Mar-20-18 10:03AM  Zacks]
▶ Top 10 Stocks Under $20   [Mar-02-18 01:23PM  Zacks]
▶ Why Electro Scientific Industries Shares Plunged Today   [Feb-01-18 01:58PM  Motley Fool]
▶ ESI Announces Strong Third Quarter Fiscal 2018 Results   [Jan-31-18 04:03PM  GlobeNewswire]
▶ Top Stock Picks for the Week of January 22nd   [Jan-22-18 03:22PM  Zacks]
▶ These 5 Stocks Are Racing To Buys From The Hottest Group Right Now   [Jan-19-18 04:25PM  Investor's Business Daily]
▶ ESI stock pops on strong preliminary Q3 results   [03:20PM  American City Business Journals]
▶ David Nierenberg: Informational Advantages   [Jan-09-18 03:44PM  GuruFocus.com]
▶ ESI to Present at the 2018 Needham Growth Conference   [Jan-05-18 07:30AM  GlobeNewswire]
▶ ESI CFO leaves for other interests, local tech vet fills the post   [Dec-05-17 04:25PM  American City Business Journals]
▶ ESI Selects Allen Muhich To Be Next CFO   [Dec-04-17 05:18PM  GlobeNewswire]
▶ ESI to Present at Two December Investor Conferences   [Nov-20-17 07:45AM  GlobeNewswire]
▶ Electro Scientific Industries Receives Composite Rating Upgrade   [Nov-03-17 03:00AM  Investor's Business Daily]
▶ Electro Scientific Industries posts 2Q profit   [Nov-01-17 05:37PM  Associated Press]
▶ ESI Announces Passing of Board Member John Medica   [Oct-18-17 08:00AM  GlobeNewswire]
▶ ESI Appoints Lynne Camp to Board of Directors   [Sep-26-17 08:00AM  GlobeNewswire]
▶ ESI to Participate at Two September Investor Conferences   [Sep-11-17 11:59AM  GlobeNewswire]
▶ ESI to Present at Two Upcoming Investor Conferences   [Aug-14-17 07:50AM  GlobeNewswire]
▶ Why Electro Scientific Instruments Shares Jumped Today   [Aug-03-17 01:57PM  Motley Fool]
▶ Electro Scientific Industries posts 1Q profit   [Aug-02-17 10:59PM  Associated Press]
▶ Why Electro Scientific Industries Stock Jumped Today   [May-10-17 03:44PM  Motley Fool]
▶ Electro Scientific Industries posts 4Q loss   [May-09-17 05:32PM  Associated Press]
▶ ESI To Release Fiscal 2017 Fourth Quarter Results On May 9   [Apr-18-17 08:00AM  GlobeNewswire]
Financial statements of ESIO
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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