Intrinsic value of Finisar - FNSR

Previous Close

$23.73

  Intrinsic Value

$4.07

stock screener

  Rating & Target

str. sell

-83%

  Value-price divergence*

-110%

Previous close

$23.73

 
Intrinsic value

$4.07

 
Up/down potential

-83%

 
Rating

str. sell

 
Value-price divergence*

-110%

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

We calculate the intrinsic value of FNSR 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 2.6

 

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, %
  0.96
  23.30
  21.47
  19.82
  18.34
  17.01
  15.81
  14.73
  13.75
  12.88
  12.09
  11.38
  10.74
  10.17
  9.65
  9.19
  8.77
  8.39
  8.05
  7.75
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
Revenue, $m
  1,263
  1,557
  1,892
  2,267
  2,682
  3,138
  3,635
  4,170
  4,743
  5,354
  6,001
  6,684
  7,402
  8,155
  8,942
  9,764
  10,620
  11,511
  12,438
  13,401
  14,403
  15,443
  16,524
  17,649
  18,817
  20,033
  21,298
  22,614
  23,986
  25,415
  26,904
Variable operating expenses, $m
 
  1,522
  1,847
  2,211
  2,614
  3,057
  3,538
  4,058
  4,614
  5,207
  5,835
  6,487
  7,184
  7,915
  8,679
  9,476
  10,307
  11,172
  12,071
  13,006
  13,978
  14,988
  16,037
  17,128
  18,263
  19,442
  20,670
  21,948
  23,279
  24,666
  26,111
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
  1,222
  1,522
  1,847
  2,211
  2,614
  3,057
  3,538
  4,058
  4,614
  5,207
  5,835
  6,487
  7,184
  7,915
  8,679
  9,476
  10,307
  11,172
  12,071
  13,006
  13,978
  14,988
  16,037
  17,128
  18,263
  19,442
  20,670
  21,948
  23,279
  24,666
  26,111
Operating income, $m
  41
  35
  45
  56
  68
  82
  96
  112
  129
  147
  166
  197
  218
  240
  264
  288
  313
  339
  367
  395
  424
  455
  487
  520
  555
  590
  628
  666
  707
  749
  793
EBITDA, $m
  135
  68
  83
  99
  117
  137
  159
  183
  208
  234
  263
  293
  324
  357
  391
  427
  465
  504
  544
  587
  630
  676
  723
  773
  824
  877
  932
  990
  1,050
  1,112
  1,178
Interest expense (income), $m
  1
  8
  12
  16
  21
  27
  33
  39
  46
  54
  62
  71
  80
  89
  99
  109
  120
  132
  143
  156
  168
  182
  195
  210
  224
  240
  256
  273
  290
  308
  327
Earnings before tax, $m
  35
  27
  33
  40
  47
  55
  64
  73
  83
  93
  104
  126
  139
  151
  165
  178
  193
  208
  223
  239
  256
  274
  292
  311
  330
  351
  372
  394
  417
  441
  466
Tax expense, $m
  0
  7
  9
  11
  13
  15
  17
  20
  22
  25
  28
  34
  37
  41
  44
  48
  52
  56
  60
  65
  69
  74
  79
  84
  89
  95
  100
  106
  113
  119
  126
Net income, $m
  35
  20
  24
  29
  34
  40
  46
  53
  60
  68
  76
  92
  101
  110
  120
  130
  141
  152
  163
  175
  187
  200
  213
  227
  241
  256
  271
  288
  304
  322
  340

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  562
  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
  1,645
  1,336
  1,622
  1,944
  2,300
  2,692
  3,117
  3,576
  4,068
  4,592
  5,147
  5,733
  6,349
  6,994
  7,669
  8,374
  9,108
  9,872
  10,667
  11,493
  12,352
  13,245
  14,172
  15,136
  16,138
  17,181
  18,265
  19,395
  20,571
  21,796
  23,074
Adjusted assets (=assets-cash), $m
  1,083
  1,336
  1,622
  1,944
  2,300
  2,692
  3,117
  3,576
  4,068
  4,592
  5,147
  5,733
  6,349
  6,994
  7,669
  8,374
  9,108
  9,872
  10,667
  11,493
  12,352
  13,245
  14,172
  15,136
  16,138
  17,181
  18,265
  19,395
  20,571
  21,796
  23,074
Revenue / Adjusted assets
  1.166
  1.165
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
  1.166
Average production assets, $m
  181
  223
  271
  324
  384
  449
  520
  596
  678
  766
  858
  956
  1,059
  1,166
  1,279
  1,396
  1,519
  1,646
  1,779
  1,916
  2,060
  2,208
  2,363
  2,524
  2,691
  2,865
  3,046
  3,234
  3,430
  3,634
  3,847
Working capital, $m
  915
  434
  528
  632
  748
  876
  1,014
  1,163
  1,323
  1,494
  1,674
  1,865
  2,065
  2,275
  2,495
  2,724
  2,963
  3,212
  3,470
  3,739
  4,018
  4,309
  4,610
  4,924
  5,250
  5,589
  5,942
  6,309
  6,692
  7,091
  7,506
Total debt, $m
  229
  340
  466
  607
  764
  936
  1,124
  1,325
  1,542
  1,772
  2,017
  2,274
  2,545
  2,829
  3,126
  3,436
  3,759
  4,096
  4,445
  4,809
  5,187
  5,580
  5,988
  6,412
  6,853
  7,312
  7,789
  8,286
  8,803
  9,342
  9,905
Total liabilities, $m
  478
  588
  714
  855
  1,012
  1,184
  1,372
  1,573
  1,790
  2,020
  2,265
  2,522
  2,793
  3,077
  3,374
  3,684
  4,007
  4,344
  4,693
  5,057
  5,435
  5,828
  6,236
  6,660
  7,101
  7,560
  8,037
  8,534
  9,051
  9,590
  10,153
Total equity, $m
  1,168
  748
  909
  1,089
  1,288
  1,507
  1,746
  2,003
  2,278
  2,571
  2,882
  3,210
  3,555
  3,917
  4,295
  4,689
  5,100
  5,528
  5,974
  6,436
  6,917
  7,417
  7,936
  8,476
  9,037
  9,621
  10,229
  10,861
  11,520
  12,206
  12,921
Total liabilities and equity, $m
  1,646
  1,336
  1,623
  1,944
  2,300
  2,691
  3,118
  3,576
  4,068
  4,591
  5,147
  5,732
  6,348
  6,994
  7,669
  8,373
  9,107
  9,872
  10,667
  11,493
  12,352
  13,245
  14,172
  15,136
  16,138
  17,181
  18,266
  19,395
  20,571
  21,796
  23,074
Debt-to-equity ratio
  0.196
  0.450
  0.510
  0.560
  0.590
  0.620
  0.640
  0.660
  0.680
  0.690
  0.700
  0.710
  0.720
  0.720
  0.730
  0.730
  0.740
  0.740
  0.740
  0.750
  0.750
  0.750
  0.750
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.770
  0.770
Adjusted equity ratio
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  35
  20
  24
  29
  34
  40
  46
  53
  60
  68
  76
  92
  101
  110
  120
  130
  141
  152
  163
  175
  187
  200
  213
  227
  241
  256
  271
  288
  304
  322
  340
Depreciation, amort., depletion, $m
  94
  33
  38
  43
  49
  56
  63
  70
  79
  87
  97
  96
  106
  117
  128
  140
  152
  165
  178
  192
  206
  221
  236
  252
  269
  286
  305
  323
  343
  363
  385
Funds from operations, $m
  180
  53
  62
  72
  83
  96
  109
  124
  139
  155
  173
  188
  207
  227
  248
  270
  293
  316
  341
  366
  393
  421
  449
  479
  510
  542
  576
  611
  647
  685
  725
Change in working capital, $m
  -4
  82
  93
  105
  116
  127
  138
  149
  160
  170
  181
  191
  200
  210
  220
  229
  239
  249
  259
  269
  279
  290
  302
  314
  326
  339
  353
  367
  383
  399
  416
Cash from operations, $m
  184
  -29
  -31
  -32
  -33
  -32
  -29
  -26
  -21
  -15
  -8
  -3
  7
  17
  28
  41
  54
  68
  82
  98
  114
  130
  148
  165
  184
  203
  223
  244
  265
  287
  309
Maintenance CAPEX, $m
  0
  -18
  -22
  -27
  -32
  -38
  -45
  -52
  -60
  -68
  -77
  -86
  -96
  -106
  -117
  -128
  -140
  -152
  -165
  -178
  -192
  -206
  -221
  -236
  -252
  -269
  -286
  -305
  -323
  -343
  -363
New CAPEX, $m
  -119
  -42
  -48
  -54
  -59
  -65
  -71
  -77
  -82
  -87
  -93
  -98
  -103
  -108
  -113
  -117
  -122
  -127
  -133
  -138
  -143
  -149
  -155
  -161
  -167
  -174
  -181
  -188
  -196
  -204
  -213
Cash from investing activities, $m
  -89
  -60
  -70
  -81
  -91
  -103
  -116
  -129
  -142
  -155
  -170
  -184
  -199
  -214
  -230
  -245
  -262
  -279
  -298
  -316
  -335
  -355
  -376
  -397
  -419
  -443
  -467
  -493
  -519
  -547
  -576
Free cash flow, $m
  95
  -90
  -101
  -113
  -124
  -135
  -145
  -154
  -163
  -170
  -177
  -186
  -192
  -196
  -201
  -205
  -208
  -212
  -215
  -218
  -221
  -225
  -228
  -232
  -235
  -240
  -244
  -249
  -255
  -261
  -267
Issuance/(repayment) of debt, $m
  0
  111
  126
  142
  157
  172
  187
  202
  216
  230
  244
  258
  271
  284
  297
  310
  323
  336
  350
  364
  378
  393
  408
  424
  441
  459
  477
  497
  517
  539
  562
Issuance/(repurchase) of shares, $m
  7
  122
  136
  151
  165
  179
  192
  204
  215
  225
  235
  236
  244
  251
  258
  264
  270
  276
  282
  288
  294
  300
  306
  313
  320
  328
  336
  345
  354
  364
  375
Cash from financing (excl. dividends), $m  
  7
  233
  262
  293
  322
  351
  379
  406
  431
  455
  479
  494
  515
  535
  555
  574
  593
  612
  632
  652
  672
  693
  714
  737
  761
  787
  813
  842
  871
  903
  937
Total cash flow (excl. dividends), $m
  102
  143
  161
  179
  198
  216
  234
  252
  269
  286
  302
  307
  323
  339
  354
  370
  385
  401
  417
  434
  451
  468
  487
  506
  526
  547
  569
  592
  617
  643
  670
Retained Cash Flow (-), $m
  -64
  -142
  -161
  -180
  -200
  -219
  -238
  -257
  -275
  -293
  -311
  -328
  -345
  -362
  -378
  -395
  -411
  -428
  -445
  -463
  -481
  -500
  -519
  -540
  -561
  -584
  -607
  -632
  -659
  -686
  -716
Prev. year cash balance distribution, $m
 
  562
  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
 
  563
  1
  -1
  -2
  -3
  -4
  -6
  -7
  -8
  -9
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -43
  -45
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
 
  540
  1
  -1
  -2
  -2
  -3
  -4
  -4
  -4
  -5
  -10
  -9
  -9
  -8
  -7
  -7
  -6
  -5
  -5
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  91.6
  84.6
  78.7
  73.6
  69.3
  65.5
  62.2
  59.3
  56.8
  54.5
  52.5
  50.8
  49.2
  47.8
  46.5
  45.3
  44.2
  43.2
  42.3
  41.4
  40.6
  39.9
  39.2
  38.5
  37.9
  37.3
  36.8
  36.2
  35.7
  35.2

Finisar Corporation provides optical subsystems and components for data communication and telecommunication applications in the United States, Malaysia, China, and internationally. Its optical subsystems primarily consist of transmitters, receivers, transceivers, transponders, and active optical cables that provide the fundamental optical-electrical or optoelectronic interface for interconnecting the electronic equipment used in communication networks, including the switches, routers, and servers used in wireline networks, as well as the antennas and base stations used in wireless networks. The company also offers wavelength selective switches, which are used to switch network traffic from one optical fiber to multiple other fibers without converting to an electronic signal. In addition, it provides optical components comprising packaged lasers, receivers, and photodetectors for data communication and telecommunication applications; and passive optical components for telecommunication applications. Finisar Corporation markets its products through its direct sales force, as well as through a network of distributors and manufacturersÂ’ representatives to the original equipment manufacturers of storage systems, networking equipment, and telecommunication equipment, as well as to their contract manufacturers. Finisar Corporation was founded in 1987 and is headquartered in Sunnyvale, California.

FINANCIAL RATIOS  of  Finisar (FNSR)

Valuation Ratios
P/E Ratio 73
Price to Sales 2
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 13.9
Price to Free Cash Flow 39.3
Growth Rates
Sales Growth Rate 1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20.1%
Cap. Spend. - 3 Yr. Gr. Rate 5.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 19.6%
Total Debt to Equity 19.6%
Interest Coverage 36
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 2.6%
Ret/ On T. Cap. - 3 Yr. Avg. 4.7%
Return On Equity 3.1%
Return On Equity - 3 Yr. Avg. 5.5%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 28.2%
Gross Margin - 3 Yr. Avg. 30.3%
EBITDA Margin 10.3%
EBITDA Margin - 3 Yr. Avg. 11.9%
Operating Margin 3.2%
Oper. Margin - 3 Yr. Avg. 5%
Pre-Tax Margin 2.8%
Pre-Tax Margin - 3 Yr. Avg. 4.8%
Net Profit Margin 2.8%
Net Profit Margin - 3 Yr. Avg. 4.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 14.9%
Payout Ratio 0%

FNSR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FNSR stock intrinsic value calculation we used $1263 million for the last fiscal year's total revenue generated by Finisar. The default revenue input number comes from 2016 income statement of Finisar. 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 FNSR stock valuation model: a) initial revenue growth rate of 23.3% 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 FNSR is calculated based on our internal credit rating of Finisar, 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 Finisar.
    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 FNSR stock the variable cost ratio is equal to 97.9%.

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 FNSR 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 Finisar.

Corporate tax rate of 27% is the nominal tax rate for Finisar. 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 FNSR 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 FNSR are equal to 14.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Finisar 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 FNSR is equal to 27.9%. 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 - $1168 million for Finisar - 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 108.525 million for Finisar 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 Finisar at the current share price and the inputted number of shares is $2.6 billion.

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COMPANY NEWS

▶ [$$] Finisar Is the Most Attractive iPhone Supplier   [Aug-05-17 12:52AM  Barrons.com]
▶ Here's Why Optical Stocks Are Selling Off Today   [12:33PM  Investor's Business Daily]
▶ [$$] An Existential Threat to Fiberoptics Makers?   [Jul-21-17 11:50PM  Barrons.com]
▶ Fiber Stocks Rally As Applied Optoelectronics Preannounces Q2 Beat   [Jul-13-17 06:06PM  Investor's Business Daily]
▶ Fiber-Optic Stocks Rated Strong Buys; One Gets Big Price-Target Hike   [Jul-06-17 11:23AM  Investor's Business Daily]
▶ Applied Opto, Finisar Initiated At Buy, But China Remains A Problem   [Jun-30-17 02:31PM  Investor's Business Daily]
▶ Bear of the Day: Finisar (FNSR)   [07:15AM  Zacks]
▶ ETFs with exposure to Finisar Corp. : June 26, 2017   [Jun-26-17 04:00PM  Capital Cube]
▶ New Strong Sell Stocks for June 23rd   [Jun-23-17 11:13AM  Zacks]
▶ Lumentum 'Best Play' On Apple 3D Sensor Market, Price Target Hiked   [Jun-22-17 04:04PM  Investor's Business Daily]
▶ Company News for June 19, 2017   [Jun-19-17 09:59AM  Zacks]
▶ Earnings Calendar, Analyst Estimates And Stocks To Watch   [09:51AM  Investor's Business Daily]
▶ Booz Allen and Target tumble while Whole Foods, Finisar soar   [Jun-16-17 05:18PM  Associated Press]
▶ Why Finisar Stock Soared Today   [12:39PM  Motley Fool]
▶ Story Stocks from Briefing.com   [12:33PM  Briefing.com]
▶ Stocks Erase Opening Gains; Amazon To Acquire Whole Foods   [09:37AM  Investor's Business Daily]
▶ Fiber Optic Stocks Climb Amid iPhone 8 3D Sensing Prospects   [07:36AM  Investor's Business Daily]
▶ Finisar Guidance Bakes In China Weakness, 3D Sensor Outlook Key   [Jun-15-17 04:46PM  Investor's Business Daily]
▶ Finisar meets 4Q profit forecasts   [04:33PM  Associated Press]
▶ This Hot Sector Is Putting Stocks In Buy Range: Investing Action Plan   [Jun-14-17 04:27PM  Investor's Business Daily]
▶ Lumentum Price Target Hiked, Analyst Expects Apple Production Ramp   [Jun-12-17 04:00PM  Investor's Business Daily]
▶ Lumentum Holdings Hits New High, Other Fiber Stocks Rally   [Jun-06-17 04:32PM  Investor's Business Daily]
▶ Finisar Corp. Value Analysis (NASDAQ:FNSR) : May 30, 2017   [May-30-17 01:05PM  Capital Cube]
▶ Applied Optoelectronics, Finisar Rise On Data Centers, China   [May-22-17 04:05PM  Investor's Business Daily]
▶ Applied Optoelectronics Stock Hits New High; Fiber-Optic Stocks Rally   [May-09-17 04:13PM  Investor's Business Daily]
▶ Lumentum Has Apple iPhone 3D Sensor Design Win In The Bag: Analyst   [May-04-17 04:53PM  Investor's Business Daily]
▶ Why Fiber-Optic Stocks Were The Market's Biggest Losers Today   [Apr-26-17 04:58PM  Investor's Business Daily]
▶ The 3 Worst Performing Tech Stocks in April   [Apr-25-17 08:43PM  Motley Fool]
▶ Finisar Et. Al.: Don't Fear China, Says Raymond James   [Apr-24-17 10:47AM  Barrons.com]
▶ Why Rite Aid, Diana Shipping, and Finisar Slumped Today   [Apr-19-17 05:03PM  Motley Fool]
▶ Finisar, Optical Stocks Sell Off On China Fears   [04:53PM  Investor's Business Daily]
▶ 3 Mid-Cap Stocks to Buy in April   [08:30AM  Motley Fool]
▶ Fiber-Optic Group Stages Easter Rally, But Can It Sidestep Consolidation?   [Apr-17-17 09:45AM  Investor's Business Daily]
▶ 3 Stocks That Could Double Your Money   [Apr-14-17 08:44AM  Motley Fool]
▶ Why Finisar Corporation Stock Fell 18.3% in March   [Apr-12-17 07:00AM  Motley Fool]
▶ Is Finisar (FNSR) A Good Value Pick?   [Apr-11-17 10:05AM  Zacks]
▶ ETFs with exposure to Finisar Corp. : April 7, 2017   [Apr-07-17 04:34PM  Capital Cube]
▶ Did Apple iPhone 8 Rumor Shake Up Two Fiber Stocks?   [Apr-05-17 04:34PM  Investor's Business Daily]
▶ How Oclaro, Inc. Rose 15.5% in March   [Apr-04-17 06:19PM  Motley Fool]
▶ 3 New Communications Equipment Firms Under Coverage   [Apr-03-17 07:00AM  Morningstar]
▶ ETFs with exposure to Finisar Corp. : March 27, 2017   [Mar-27-17 03:56PM  Capital Cube]
▶ Fiber Optic Stocks Are Hot, But This Is Why M&A Is On The Back Burner   [Mar-24-17 04:14PM  Investor's Business Daily]
Stock chart of FNSR Financial statements of FNSR
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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