Intrinsic value of Finisar - FNSR

Previous Close

$21.89

  Intrinsic Value

$127.26

stock screener

  Rating & Target

str. buy

+481%

  Value-price divergence*

+1439%

Previous close

$21.89

 
Intrinsic value

$127.26

 
Up/down potential

+481%

 
Rating

str. buy

 
Value-price divergence*

+1439%

*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 2017), $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 2.5

 

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, %
  14.73
  14.70
  13.73
  12.86
  12.07
  11.36
  10.73
  10.15
  9.64
  9.18
  8.76
  8.38
  8.04
  7.74
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
Revenue, $m
  1,449
  1,662
  1,890
  2,133
  2,391
  2,662
  2,948
  3,247
  3,560
  3,887
  4,228
  4,582
  4,950
  5,334
  5,732
  6,146
  6,576
  7,023
  7,487
  7,971
  8,474
  8,997
  9,543
  10,111
  10,703
  11,321
  11,966
  12,640
  13,343
  14,078
  14,846
Variable operating expenses, $m
 
  446
  505
  569
  636
  707
  782
  860
  942
  1,028
  1,117
  1,199
  1,295
  1,395
  1,500
  1,608
  1,720
  1,837
  1,959
  2,085
  2,217
  2,354
  2,497
  2,645
  2,800
  2,962
  3,131
  3,307
  3,491
  3,683
  3,884
Fixed operating expenses, $m
 
  927
  950
  974
  998
  1,023
  1,048
  1,075
  1,101
  1,129
  1,157
  1,186
  1,216
  1,246
  1,277
  1,309
  1,342
  1,376
  1,410
  1,445
  1,481
  1,518
  1,556
  1,595
  1,635
  1,676
  1,718
  1,761
  1,805
  1,850
  1,896
Total operating expenses, $m
  1,272
  1,373
  1,455
  1,543
  1,634
  1,730
  1,830
  1,935
  2,043
  2,157
  2,274
  2,385
  2,511
  2,641
  2,777
  2,917
  3,062
  3,213
  3,369
  3,530
  3,698
  3,872
  4,053
  4,240
  4,435
  4,638
  4,849
  5,068
  5,296
  5,533
  5,780
Operating income, $m
  177
  290
  435
  591
  757
  932
  1,118
  1,313
  1,517
  1,731
  1,954
  2,197
  2,440
  2,692
  2,955
  3,229
  3,513
  3,810
  4,119
  4,440
  4,776
  5,125
  5,490
  5,871
  6,268
  6,684
  7,118
  7,572
  8,047
  8,545
  9,066
EBITDA, $m
  272
  348
  500
  663
  836
  1,019
  1,213
  1,416
  1,629
  1,852
  2,085
  2,328
  2,581
  2,845
  3,119
  3,404
  3,701
  4,011
  4,333
  4,668
  5,018
  5,382
  5,763
  6,160
  6,574
  7,007
  7,460
  7,934
  8,429
  8,947
  9,490
Interest expense (income), $m
  1
  25
  30
  35
  41
  47
  53
  60
  67
  75
  82
  90
  99
  107
  116
  126
  136
  146
  156
  167
  179
  191
  203
  216
  229
  243
  258
  273
  289
  306
  323
Earnings before tax, $m
  163
  265
  405
  556
  716
  885
  1,064
  1,252
  1,450
  1,656
  1,871
  2,107
  2,341
  2,585
  2,838
  3,103
  3,378
  3,664
  3,962
  4,273
  4,597
  4,935
  5,287
  5,655
  6,039
  6,440
  6,860
  7,299
  7,758
  8,239
  8,743
Tax expense, $m
  -86
  72
  109
  150
  193
  239
  287
  338
  391
  447
  505
  569
  632
  698
  766
  838
  912
  989
  1,070
  1,154
  1,241
  1,332
  1,427
  1,527
  1,630
  1,739
  1,852
  1,971
  2,095
  2,225
  2,361
Net income, $m
  249
  194
  296
  406
  523
  646
  777
  914
  1,058
  1,209
  1,366
  1,538
  1,709
  1,887
  2,072
  2,265
  2,466
  2,675
  2,892
  3,119
  3,356
  3,602
  3,859
  4,128
  4,408
  4,701
  5,008
  5,328
  5,664
  6,015
  6,382

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,237
  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
  2,540
  1,495
  1,700
  1,918
  2,150
  2,394
  2,651
  2,920
  3,202
  3,496
  3,802
  4,120
  4,452
  4,796
  5,155
  5,527
  5,913
  6,315
  6,733
  7,168
  7,620
  8,091
  8,582
  9,093
  9,625
  10,181
  10,761
  11,367
  11,999
  12,660
  13,351
Adjusted assets (=assets-cash), $m
  1,303
  1,495
  1,700
  1,918
  2,150
  2,394
  2,651
  2,920
  3,202
  3,496
  3,802
  4,120
  4,452
  4,796
  5,155
  5,527
  5,913
  6,315
  6,733
  7,168
  7,620
  8,091
  8,582
  9,093
  9,625
  10,181
  10,761
  11,367
  11,999
  12,660
  13,351
Revenue / Adjusted assets
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
  1.112
Average production assets, $m
  208
  238
  270
  305
  342
  381
  422
  464
  509
  556
  605
  655
  708
  763
  820
  879
  940
  1,004
  1,071
  1,140
  1,212
  1,287
  1,365
  1,446
  1,531
  1,619
  1,711
  1,807
  1,908
  2,013
  2,123
Working capital, $m
  1,657
  482
  548
  619
  693
  772
  855
  942
  1,033
  1,127
  1,226
  1,329
  1,436
  1,547
  1,662
  1,782
  1,907
  2,037
  2,171
  2,312
  2,457
  2,609
  2,767
  2,932
  3,104
  3,283
  3,470
  3,665
  3,869
  4,083
  4,305
Total debt, $m
  708
  852
  1,006
  1,170
  1,343
  1,527
  1,719
  1,921
  2,132
  2,353
  2,582
  2,821
  3,070
  3,328
  3,597
  3,876
  4,166
  4,467
  4,781
  5,107
  5,446
  5,799
  6,167
  6,550
  6,950
  7,367
  7,802
  8,256
  8,730
  9,226
  9,744
Total liabilities, $m
  977
  1,121
  1,275
  1,439
  1,612
  1,796
  1,988
  2,190
  2,401
  2,622
  2,851
  3,090
  3,339
  3,597
  3,866
  4,145
  4,435
  4,736
  5,050
  5,376
  5,715
  6,068
  6,436
  6,819
  7,219
  7,636
  8,071
  8,525
  8,999
  9,495
  10,013
Total equity, $m
  1,563
  374
  425
  480
  537
  599
  663
  730
  800
  874
  950
  1,030
  1,113
  1,199
  1,289
  1,382
  1,478
  1,579
  1,683
  1,792
  1,905
  2,023
  2,145
  2,273
  2,406
  2,545
  2,690
  2,842
  3,000
  3,165
  3,338
Total liabilities and equity, $m
  2,540
  1,495
  1,700
  1,919
  2,149
  2,395
  2,651
  2,920
  3,201
  3,496
  3,801
  4,120
  4,452
  4,796
  5,155
  5,527
  5,913
  6,315
  6,733
  7,168
  7,620
  8,091
  8,581
  9,092
  9,625
  10,181
  10,761
  11,367
  11,999
  12,660
  13,351
Debt-to-equity ratio
  0.453
  2.280
  2.370
  2.440
  2.500
  2.550
  2.590
  2.630
  2.660
  2.690
  2.720
  2.740
  2.760
  2.780
  2.790
  2.810
  2.820
  2.830
  2.840
  2.850
  2.860
  2.870
  2.870
  2.880
  2.890
  2.890
  2.900
  2.910
  2.910
  2.920
  2.920
Adjusted equity ratio
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  249
  194
  296
  406
  523
  646
  777
  914
  1,058
  1,209
  1,366
  1,538
  1,709
  1,887
  2,072
  2,265
  2,466
  2,675
  2,892
  3,119
  3,356
  3,602
  3,859
  4,128
  4,408
  4,701
  5,008
  5,328
  5,664
  6,015
  6,382
Depreciation, amort., depletion, $m
  95
  58
  65
  72
  79
  87
  95
  104
  113
  122
  132
  131
  142
  153
  164
  176
  188
  201
  214
  228
  242
  257
  273
  289
  306
  324
  342
  361
  382
  403
  425
Funds from operations, $m
  144
  252
  361
  477
  602
  733
  872
  1,018
  1,171
  1,331
  1,498
  1,669
  1,850
  2,039
  2,236
  2,441
  2,654
  2,876
  3,107
  3,347
  3,598
  3,860
  4,132
  4,417
  4,714
  5,025
  5,350
  5,690
  6,045
  6,417
  6,807
Change in working capital, $m
  -84
  62
  66
  70
  75
  79
  83
  87
  91
  95
  99
  103
  107
  111
  115
  120
  125
  130
  135
  140
  146
  152
  158
  165
  172
  179
  187
  195
  204
  213
  223
Cash from operations, $m
  228
  190
  295
  407
  527
  654
  789
  931
  1,080
  1,236
  1,399
  1,566
  1,744
  1,928
  2,121
  2,321
  2,529
  2,746
  2,972
  3,207
  3,452
  3,708
  3,974
  4,252
  4,543
  4,846
  5,163
  5,495
  5,841
  6,204
  6,584
Maintenance CAPEX, $m
  0
  -42
  -48
  -54
  -61
  -68
  -76
  -84
  -93
  -102
  -111
  -121
  -131
  -142
  -153
  -164
  -176
  -188
  -201
  -214
  -228
  -242
  -257
  -273
  -289
  -306
  -324
  -342
  -361
  -382
  -403
New CAPEX, $m
  -142
  -30
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -101
  -105
  -110
Cash from investing activities, $m
  -853
  -72
  -81
  -89
  -98
  -107
  -117
  -127
  -138
  -149
  -160
  -172
  -184
  -197
  -210
  -223
  -237
  -252
  -267
  -283
  -300
  -317
  -335
  -354
  -374
  -394
  -416
  -438
  -462
  -487
  -513
Free cash flow, $m
  -625
  118
  214
  318
  429
  547
  672
  804
  942
  1,087
  1,239
  1,395
  1,560
  1,732
  1,911
  2,098
  2,292
  2,494
  2,704
  2,924
  3,152
  3,390
  3,639
  3,898
  4,169
  4,452
  4,747
  5,056
  5,379
  5,717
  6,072
Issuance/(repayment) of debt, $m
  569
  144
  154
  164
  174
  183
  193
  202
  211
  220
  230
  239
  249
  258
  269
  279
  290
  301
  313
  326
  339
  353
  368
  383
  400
  417
  435
  454
  474
  496
  518
Issuance/(repurchase) of shares, $m
  17
  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  
  586
  144
  154
  164
  174
  183
  193
  202
  211
  220
  230
  239
  249
  258
  269
  279
  290
  301
  313
  326
  339
  353
  368
  383
  400
  417
  435
  454
  474
  496
  518
Total cash flow (excl. dividends), $m
  -39
  262
  368
  482
  603
  730
  865
  1,006
  1,153
  1,308
  1,469
  1,634
  1,808
  1,990
  2,180
  2,377
  2,582
  2,795
  3,018
  3,250
  3,491
  3,744
  4,007
  4,281
  4,568
  4,868
  5,182
  5,510
  5,854
  6,213
  6,590
Retained Cash Flow (-), $m
  -395
  -48
  -51
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -100
  -104
  -109
  -113
  -118
  -123
  -128
  -133
  -139
  -145
  -151
  -158
  -165
  -173
Prev. year cash balance distribution, $m
 
  1,237
  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
 
  1,452
  317
  427
  545
  669
  801
  938
  1,083
  1,234
  1,392
  1,554
  1,725
  1,904
  2,090
  2,284
  2,485
  2,695
  2,913
  3,141
  3,378
  3,626
  3,884
  4,154
  4,435
  4,729
  5,037
  5,359
  5,695
  6,048
  6,417
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
 
  1,392
  290
  372
  449
  519
  581
  634
  677
  709
  730
  738
  736
  724
  702
  670
  632
  586
  537
  484
  429
  375
  322
  272
  226
  184
  147
  115
  88
  66
  48
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

Finisar Corporation (Finisar) is a provider of optical subsystems and components that are used in data communication and telecommunication applications. The Company's optical subsystems consist of transmitters, receivers, transceivers, transponders and active optical cables, which provide the fundamental optical-electrical or optoelectronic interface for interconnecting the electronic equipment used in these networks, including the switches, routers, and servers used in wireline networks. These products rely on the use of semiconductor lasers and photodetectors in conjunction with integrated circuits and optoelectronic packaging to provide a means for transmitting and receiving digital signals over fiber optic cable at speeds ranging from less than one gigabit per second (Gbps), to more than 100 Gbps, over distances of less than 10 meters to more than 2,000 kilometers, using a range of network protocols and physical configurations.

FINANCIAL RATIOS  of  Finisar (FNSR)

Valuation Ratios
P/E Ratio 9.8
Price to Sales 1.7
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 10.7
Price to Free Cash Flow 28.4
Growth Rates
Sales Growth Rate 14.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 19.3%
Cap. Spend. - 3 Yr. Gr. Rate 1.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 45.3%
Total Debt to Equity 45.3%
Interest Coverage 164
Management Effectiveness
Return On Assets 12%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 13.6%
Ret/ On T. Cap. - 3 Yr. Avg. 5.7%
Return On Equity 18.2%
Return On Equity - 3 Yr. Avg. 7.5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 34.8%
Gross Margin - 3 Yr. Avg. 30.5%
EBITDA Margin 17.9%
EBITDA Margin - 3 Yr. Avg. 12.5%
Operating Margin 12.2%
Oper. Margin - 3 Yr. Avg. 5.9%
Pre-Tax Margin 11.2%
Pre-Tax Margin - 3 Yr. Avg. 5.2%
Net Profit Margin 17.2%
Net Profit Margin - 3 Yr. Avg. 7%
Effective Tax Rate -52.8%
Eff/ Tax Rate - 3 Yr. Avg. -3.3%
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 $1449 million for the last fiscal year's total revenue generated by Finisar. The default revenue input number comes from 2017 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 14.7% 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 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 26.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $904 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 3.3 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 29%. 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 - $1563 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 114.228 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 $2.5 billion.

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COMPANY NEWS

▶ Is It Too Late To Buy Finisar Corporation (FNSR)?   [Oct-12-17 09:36PM  Simply Wall St.]
▶ Better Buy: Lumentum vs. Finisar   [10:33AM  Motley Fool]
▶ ETFs with exposure to Finisar Corp. : October 11, 2017   [Oct-11-17 11:32AM  Capital Cube]
▶ These 2 Chipmakers Could Get an Augmented Reality Boost   [Oct-06-17 02:16PM  Motley Fool]
▶ Finisar Management Hopes to Buy More Time   [Sep-25-17 10:46PM  Motley Fool]
▶ 5 Tech Companies Gurus Are Buying   [11:47AM  GuruFocus.com]
▶ 3 Stocks With Nike-Like Return Potential   [Sep-23-17 08:21PM  Motley Fool]
▶ Why Finisar Corp. Stock Fell 11% in August   [Sep-12-17 12:55PM  Motley Fool]
▶ Seven stocks to watch during the iPhone launch   [Sep-11-17 04:44PM  Reuters]
▶ Company News For Sep 11, 2017   [10:14AM  Zacks]
▶ Finisar Delays Adding To Fears Over Apple iPhone 8 Production   [04:25PM  Investor's Business Daily]
▶ Finisar meets 1Q profit forecasts   [Sep-07-17 09:17PM  Associated Press]
▶ What to Watch in Finisar's Earnings Report   [Sep-05-17 08:47PM  Motley Fool]
▶ [$$] Finisar Is the Most Attractive iPhone Supplier   [Aug-05-17 12:52AM  Barrons.com]
▶ Here's Why Optical Stocks Are Selling Off Today   [12:33PM  Investor's Business Daily]
▶ [$$] 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]
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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