Intrinsic value of Finisar - FNSR

Previous Close

$22.05

  Intrinsic Value

$29.19

stock screener

  Rating & Target

buy

+32%

Previous close

$22.05

 
Intrinsic value

$29.19

 
Up/down potential

+32%

 
Rating

buy

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
  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
  1,449
  1,478
  1,512
  1,551
  1,594
  1,643
  1,696
  1,754
  1,816
  1,883
  1,956
  2,033
  2,116
  2,203
  2,297
  2,396
  2,501
  2,612
  2,730
  2,854
  2,985
  3,123
  3,269
  3,423
  3,585
  3,756
  3,935
  4,124
  4,323
  4,533
  4,753
Variable operating expenses, $m
 
  397
  406
  416
  428
  440
  454
  469
  486
  503
  522
  532
  553
  576
  601
  627
  654
  683
  714
  747
  781
  817
  855
  895
  938
  983
  1,030
  1,079
  1,131
  1,186
  1,243
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
  1,324
  1,356
  1,390
  1,426
  1,463
  1,502
  1,544
  1,587
  1,632
  1,679
  1,718
  1,769
  1,822
  1,878
  1,936
  1,996
  2,059
  2,124
  2,192
  2,262
  2,335
  2,411
  2,490
  2,573
  2,659
  2,748
  2,840
  2,936
  3,036
  3,139
Operating income, $m
  177
  154
  156
  161
  169
  180
  193
  210
  229
  251
  276
  315
  346
  381
  419
  460
  505
  553
  606
  662
  723
  788
  858
  932
  1,012
  1,097
  1,188
  1,285
  1,388
  1,497
  1,613
EBITDA, $m
  272
  207
  210
  216
  225
  237
  252
  270
  291
  316
  343
  373
  407
  444
  484
  528
  576
  628
  684
  744
  808
  877
  951
  1,030
  1,115
  1,205
  1,300
  1,403
  1,511
  1,627
  1,749
Interest expense (income), $m
  1
  25
  25
  26
  27
  28
  29
  31
  32
  33
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  88
  93
  98
Earnings before tax, $m
  163
  129
  130
  135
  142
  151
  164
  179
  197
  218
  241
  278
  308
  340
  376
  415
  457
  504
  553
  607
  665
  727
  793
  864
  941
  1,022
  1,109
  1,201
  1,300
  1,404
  1,516
Tax expense, $m
  -86
  35
  35
  36
  38
  41
  44
  48
  53
  59
  65
  75
  83
  92
  102
  112
  124
  136
  149
  164
  179
  196
  214
  233
  254
  276
  299
  324
  351
  379
  409
Net income, $m
  249
  94
  95
  98
  103
  110
  120
  131
  144
  159
  176
  203
  225
  248
  274
  303
  334
  368
  404
  443
  485
  531
  579
  631
  687
  746
  809
  877
  949
  1,025
  1,107

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
  1,329
  1,360
  1,395
  1,434
  1,477
  1,525
  1,577
  1,633
  1,694
  1,759
  1,828
  1,903
  1,982
  2,065
  2,155
  2,249
  2,349
  2,455
  2,566
  2,684
  2,809
  2,940
  3,078
  3,224
  3,377
  3,539
  3,709
  3,888
  4,076
  4,274
Adjusted assets (=assets-cash), $m
  1,303
  1,329
  1,360
  1,395
  1,434
  1,477
  1,525
  1,577
  1,633
  1,694
  1,759
  1,828
  1,903
  1,982
  2,065
  2,155
  2,249
  2,349
  2,455
  2,566
  2,684
  2,809
  2,940
  3,078
  3,224
  3,377
  3,539
  3,709
  3,888
  4,076
  4,274
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
  211
  216
  222
  228
  235
  243
  251
  260
  269
  280
  291
  303
  315
  328
  343
  358
  374
  390
  408
  427
  447
  467
  489
  513
  537
  563
  590
  618
  648
  680
Working capital, $m
  1,657
  429
  438
  450
  462
  476
  492
  509
  527
  546
  567
  590
  614
  639
  666
  695
  725
  757
  792
  828
  866
  906
  948
  993
  1,040
  1,089
  1,141
  1,196
  1,254
  1,315
  1,378
Total debt, $m
  708
  728
  751
  777
  806
  839
  875
  914
  956
  1,001
  1,050
  1,102
  1,158
  1,217
  1,280
  1,347
  1,418
  1,493
  1,572
  1,656
  1,744
  1,837
  1,936
  2,040
  2,149
  2,264
  2,385
  2,513
  2,647
  2,788
  2,937
Total liabilities, $m
  977
  997
  1,020
  1,046
  1,075
  1,108
  1,144
  1,183
  1,225
  1,270
  1,319
  1,371
  1,427
  1,486
  1,549
  1,616
  1,687
  1,762
  1,841
  1,925
  2,013
  2,106
  2,205
  2,309
  2,418
  2,533
  2,654
  2,782
  2,916
  3,057
  3,206
Total equity, $m
  1,563
  332
  340
  349
  358
  369
  381
  394
  408
  423
  440
  457
  476
  495
  516
  539
  562
  587
  614
  642
  671
  702
  735
  770
  806
  844
  885
  927
  972
  1,019
  1,069
Total liabilities and equity, $m
  2,540
  1,329
  1,360
  1,395
  1,433
  1,477
  1,525
  1,577
  1,633
  1,693
  1,759
  1,828
  1,903
  1,981
  2,065
  2,155
  2,249
  2,349
  2,455
  2,567
  2,684
  2,808
  2,940
  3,079
  3,224
  3,377
  3,539
  3,709
  3,888
  4,076
  4,275
Debt-to-equity ratio
  0.453
  2.190
  2.210
  2.230
  2.250
  2.270
  2.290
  2.320
  2.340
  2.360
  2.390
  2.410
  2.430
  2.460
  2.480
  2.500
  2.520
  2.540
  2.560
  2.580
  2.600
  2.620
  2.630
  2.650
  2.670
  2.680
  2.700
  2.710
  2.720
  2.740
  2.750
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
  94
  95
  98
  103
  110
  120
  131
  144
  159
  176
  203
  225
  248
  274
  303
  334
  368
  404
  443
  485
  531
  579
  631
  687
  746
  809
  877
  949
  1,025
  1,107
Depreciation, amort., depletion, $m
  95
  53
  54
  55
  56
  58
  59
  61
  63
  65
  67
  58
  61
  63
  66
  69
  72
  75
  78
  82
  85
  89
  93
  98
  103
  107
  113
  118
  124
  130
  136
Funds from operations, $m
  144
  147
  149
  153
  160
  168
  179
  191
  206
  223
  243
  261
  285
  311
  340
  371
  405
  442
  482
  525
  571
  620
  673
  729
  789
  853
  922
  995
  1,072
  1,155
  1,243
Change in working capital, $m
  -84
  8
  10
  11
  13
  14
  15
  17
  18
  20
  21
  22
  24
  25
  27
  29
  30
  32
  34
  36
  38
  40
  42
  45
  47
  49
  52
  55
  58
  61
  64
Cash from operations, $m
  228
  139
  139
  142
  147
  154
  163
  175
  188
  204
  222
  239
  261
  286
  313
  343
  375
  410
  448
  489
  533
  580
  630
  684
  742
  804
  870
  940
  1,015
  1,094
  1,179
Maintenance CAPEX, $m
  0
  -42
  -42
  -43
  -44
  -46
  -47
  -49
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -98
  -103
  -107
  -113
  -118
  -124
  -130
New CAPEX, $m
  -142
  -4
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
Cash from investing activities, $m
  -853
  -46
  -47
  -49
  -50
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -74
  -76
  -80
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -115
  -121
  -127
  -133
  -140
  -146
  -154
  -161
Free cash flow, $m
  -625
  94
  92
  93
  96
  102
  109
  118
  129
  142
  158
  172
  191
  213
  237
  263
  291
  323
  356
  393
  432
  475
  520
  569
  621
  677
  737
  800
  868
  941
  1,018
Issuance/(repayment) of debt, $m
  569
  20
  23
  26
  29
  33
  36
  39
  42
  45
  49
  52
  56
  59
  63
  67
  71
  75
  79
  84
  88
  93
  98
  104
  109
  115
  121
  128
  134
  141
  149
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
  20
  23
  26
  29
  33
  36
  39
  42
  45
  49
  52
  56
  59
  63
  67
  71
  75
  79
  84
  88
  93
  98
  104
  109
  115
  121
  128
  134
  141
  149
Total cash flow (excl. dividends), $m
  -39
  113
  115
  119
  126
  134
  145
  157
  171
  188
  206
  224
  247
  272
  300
  330
  362
  398
  436
  477
  521
  568
  618
  673
  730
  792
  858
  928
  1,002
  1,082
  1,166
Retained Cash Flow (-), $m
  -395
  -6
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -36
  -38
  -40
  -43
  -45
  -47
  -50
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
 
  1,344
  107
  111
  116
  123
  133
  144
  157
  173
  190
  207
  228
  252
  279
  307
  339
  373
  409
  449
  491
  537
  586
  638
  694
  754
  817
  885
  958
  1,035
  1,117
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
 
  1,289
  98
  96
  96
  96
  96
  97
  98
  99
  100
  98
  97
  96
  94
  90
  86
  81
  75
  69
  62
  56
  49
  42
  35
  29
  24
  19
  15
  11
  8
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 9.9
Price to Sales 1.7
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 10.8
Price to Free Cash Flow 28.6
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 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 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 113.765 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

▶ How you can profit from Apples move into lasers   [Dec-15-17 02:52PM  MarketWatch]
▶ Apple Deal For Manufacturing Ramp-Up With Finisar Clarified   [04:41PM  Investor's Business Daily]
▶ Finisar clarifies: $390M 'award' from Apple is not an investment   [10:28AM  American City Business Journals]
▶ Company News For Dec 14, 2017   [10:28AM  Zacks]
▶ Finisar shares jump following surprise $390M award from Apple   [10:07AM  American City Business Journals]
▶ Investors Turn Their Eyes Back to Gold   [07:30AM  InvestorPlace]
▶ [$$] Why Apple Is Chipping In on Finisar   [12:59AM  The Wall Street Journal]
▶ [$$] Apple Awards $390 Million to Face ID Tech Company Finisar   [Dec-13-17 08:44PM  The Wall Street Journal]
▶ Bull markets 'die on euphoria'   [07:07PM  CNBC Videos]
▶ Why Apple Is Investing $390 Million in Finisar   [06:47PM  Bloomberg Video]
▶ [$$] Apple Boosts Face ID Tech Maker Finisar   [05:49PM  The Wall Street Journal]
▶ What Happened in the Stock Market Today   [05:05PM  Motley Fool]
▶ Apple To Invest $390 Million In Laser Sensor Supplier Finisar   [04:04PM  Investor's Business Daily]
▶ Why Finisar Shares Are Soaring Today   [12:32PM  Motley Fool]
▶ Apple, Finisar bringing 500 high-paying jobs to DFW   [12:25PM  American City Business Journals]
▶ Market Open: December 13, 2017   [10:03AM  CNBC Videos]
▶ CAT, Apple Drive Dow; Nasdaq Gets Traction Ahead Of Fed   [09:37AM  Investor's Business Daily]
▶ Apple has its investment shoes on this week   [09:37AM  Associated Press]
▶ Apple makes $390M investment in Finisar   [06:13AM  CNBC Videos]
▶ 3 Apple Supplier Stocks to Watch   [10:30AM  Motley Fool]
▶ World Stock Markets in the Green Friday   [Dec-08-17 05:34PM  GuruFocus.com]
▶ Finisar Earnings Miss; Will Expand 3D Manufacturing, Shares Up   [Dec-07-17 04:38PM  Investor's Business Daily]
▶ Finisar misses 2Q profit forecasts   [04:19PM  Associated Press]
▶ Ciena Misses But Firm Sets $300 Million Buyback; Shares Rise   [04:05PM  Investor's Business Daily]
▶ Undervalued Finisar Fights to Stay Tops in Optics   [Dec-01-17 07:00AM  Morningstar]
▶ Does Finisar Corporations (FNSR) PE Ratio Warrant A Buy?   [Nov-17-17 02:54PM  Simply Wall St.]
▶ New Strong Sell Stocks for November 13th   [Nov-13-17 11:17AM  Zacks]
▶ 5 Bearish Bets: These Stocks Look Good Short   [Nov-12-17 10:00AM  TheStreet.com]
▶ Better Buy: Himax Technologies vs. Finisar   [Nov-07-17 08:08PM  Motley Fool]
▶ 2 Reasons Goldman Downgraded Finisar   [12:20PM  Benzinga]
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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