Intrinsic value of FormFactor - FORM

Previous Close

$14.15

  Intrinsic Value

$4.60

stock screener

  Rating & Target

str. sell

-67%

  Value-price divergence*

-164%

Previous close

$14.15

 
Intrinsic value

$4.60

 
Up/down potential

-67%

 
Rating

str. sell

 
Value-price divergence*

-164%

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

We calculate the intrinsic value of FORM 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 0.9

 

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, %
  36.17
  36.20
  33.08
  30.27
  27.74
  25.47
  23.42
  21.58
  19.92
  18.43
  17.09
  15.88
  14.79
  13.81
  12.93
  12.14
  11.42
  10.78
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.77
  7.49
  7.24
  7.02
  6.81
  6.63
  6.47
Revenue, $m
  384
  523
  696
  907
  1,158
  1,453
  1,794
  2,181
  2,615
  3,097
  3,627
  4,202
  4,824
  5,490
  6,200
  6,953
  7,747
  8,582
  9,458
  10,374
  11,330
  12,326
  13,363
  14,442
  15,563
  16,729
  17,940
  19,198
  20,507
  21,867
  23,281
Variable operating expenses, $m
 
  523
  690
  893
  1,135
  1,420
  1,748
  2,121
  2,540
  3,005
  3,515
  4,051
  4,651
  5,293
  5,977
  6,703
  7,468
  8,274
  9,118
  10,001
  10,922
  11,883
  12,882
  13,922
  15,004
  16,127
  17,295
  18,508
  19,769
  21,080
  22,444
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
  432
  523
  690
  893
  1,135
  1,420
  1,748
  2,121
  2,540
  3,005
  3,515
  4,051
  4,651
  5,293
  5,977
  6,703
  7,468
  8,274
  9,118
  10,001
  10,922
  11,883
  12,882
  13,922
  15,004
  16,127
  17,295
  18,508
  19,769
  21,080
  22,444
Operating income, $m
  -48
  0
  6
  14
  23
  33
  46
  60
  75
  93
  112
  151
  173
  197
  223
  250
  279
  309
  340
  373
  407
  443
  481
  519
  560
  602
  645
  690
  737
  786
  837
EBITDA, $m
  -1
  34
  45
  59
  75
  94
  116
  141
  169
  200
  234
  271
  311
  354
  400
  449
  500
  554
  611
  670
  731
  796
  863
  932
  1,005
  1,080
  1,158
  1,239
  1,324
  1,412
  1,503
Interest expense (income), $m
  2
  4
  7
  10
  14
  19
  24
  31
  38
  46
  55
  65
  76
  87
  100
  113
  127
  142
  158
  174
  191
  209
  228
  247
  267
  288
  310
  332
  356
  380
  406
Earnings before tax, $m
  -50
  -4
  -1
  4
  9
  15
  21
  29
  37
  47
  57
  86
  98
  110
  123
  137
  151
  167
  183
  199
  216
  234
  253
  272
  293
  314
  335
  358
  381
  406
  431
Tax expense, $m
  -43
  0
  0
  1
  2
  4
  6
  8
  10
  13
  15
  23
  26
  30
  33
  37
  41
  45
  49
  54
  58
  63
  68
  74
  79
  85
  91
  97
  103
  110
  116
Net income, $m
  -7
  -4
  -1
  3
  6
  11
  16
  21
  27
  34
  41
  63
  71
  80
  90
  100
  111
  122
  133
  145
  158
  171
  185
  199
  214
  229
  245
  261
  278
  296
  315

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  109
  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
  619
  695
  924
  1,204
  1,538
  1,930
  2,382
  2,896
  3,473
  4,113
  4,816
  5,581
  6,406
  7,291
  8,234
  9,233
  10,288
  11,397
  12,560
  13,777
  15,046
  16,369
  17,746
  19,179
  20,668
  22,216
  23,824
  25,496
  27,233
  29,040
  30,918
Adjusted assets (=assets-cash), $m
  510
  695
  924
  1,204
  1,538
  1,930
  2,382
  2,896
  3,473
  4,113
  4,816
  5,581
  6,406
  7,291
  8,234
  9,233
  10,288
  11,397
  12,560
  13,777
  15,046
  16,369
  17,746
  19,179
  20,668
  22,216
  23,824
  25,496
  27,233
  29,040
  30,918
Revenue / Adjusted assets
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
Average production assets, $m
  110
  150
  199
  259
  331
  416
  513
  624
  748
  886
  1,037
  1,202
  1,380
  1,570
  1,773
  1,988
  2,216
  2,455
  2,705
  2,967
  3,240
  3,525
  3,822
  4,130
  4,451
  4,784
  5,131
  5,491
  5,865
  6,254
  6,658
Working capital, $m
  172
  104
  138
  180
  229
  288
  355
  432
  518
  613
  718
  832
  955
  1,087
  1,228
  1,377
  1,534
  1,699
  1,873
  2,054
  2,243
  2,441
  2,646
  2,859
  3,081
  3,312
  3,552
  3,801
  4,060
  4,330
  4,610
Total debt, $m
  138
  199
  292
  404
  538
  696
  878
  1,084
  1,316
  1,574
  1,856
  2,164
  2,495
  2,851
  3,230
  3,632
  4,056
  4,502
  4,969
  5,458
  5,968
  6,500
  7,054
  7,630
  8,229
  8,851
  9,497
  10,169
  10,868
  11,594
  12,349
Total liabilities, $m
  218
  279
  372
  484
  618
  776
  958
  1,164
  1,396
  1,654
  1,936
  2,244
  2,575
  2,931
  3,310
  3,712
  4,136
  4,582
  5,049
  5,538
  6,048
  6,580
  7,134
  7,710
  8,309
  8,931
  9,577
  10,249
  10,948
  11,674
  12,429
Total equity, $m
  401
  415
  553
  720
  920
  1,154
  1,424
  1,732
  2,077
  2,460
  2,880
  3,337
  3,831
  4,360
  4,924
  5,522
  6,152
  6,816
  7,511
  8,238
  8,998
  9,789
  10,612
  11,469
  12,360
  13,285
  14,247
  15,247
  16,285
  17,366
  18,489
Total liabilities and equity, $m
  619
  694
  925
  1,204
  1,538
  1,930
  2,382
  2,896
  3,473
  4,114
  4,816
  5,581
  6,406
  7,291
  8,234
  9,234
  10,288
  11,398
  12,560
  13,776
  15,046
  16,369
  17,746
  19,179
  20,669
  22,216
  23,824
  25,496
  27,233
  29,040
  30,918
Debt-to-equity ratio
  0.344
  0.480
  0.530
  0.560
  0.590
  0.600
  0.620
  0.630
  0.630
  0.640
  0.640
  0.650
  0.650
  0.650
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
Adjusted equity ratio
  0.573
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -7
  -4
  -1
  3
  6
  11
  16
  21
  27
  34
  41
  63
  71
  80
  90
  100
  111
  122
  133
  145
  158
  171
  185
  199
  214
  229
  245
  261
  278
  296
  315
Depreciation, amort., depletion, $m
  47
  34
  39
  45
  52
  60
  70
  81
  94
  107
  123
  120
  138
  157
  177
  199
  222
  245
  270
  297
  324
  353
  382
  413
  445
  478
  513
  549
  586
  625
  666
Funds from operations, $m
  -2
  29
  38
  47
  58
  71
  86
  102
  121
  141
  164
  183
  209
  237
  267
  299
  332
  367
  404
  442
  482
  524
  567
  612
  659
  707
  758
  810
  865
  922
  981
Change in working capital, $m
  -19
  28
  34
  42
  50
  58
  67
  77
  86
  95
  105
  114
  123
  132
  141
  149
  157
  165
  173
  181
  189
  197
  205
  214
  222
  231
  240
  249
  259
  269
  280
Cash from operations, $m
  17
  2
  4
  6
  8
  13
  18
  26
  35
  46
  59
  69
  86
  105
  127
  150
  175
  202
  230
  261
  293
  326
  362
  398
  437
  477
  518
  561
  606
  652
  701
Maintenance CAPEX, $m
  0
  -11
  -15
  -20
  -26
  -33
  -42
  -51
  -62
  -75
  -89
  -104
  -120
  -138
  -157
  -177
  -199
  -222
  -245
  -270
  -297
  -324
  -353
  -382
  -413
  -445
  -478
  -513
  -549
  -586
  -625
New CAPEX, $m
  -12
  -40
  -49
  -60
  -72
  -84
  -97
  -111
  -124
  -138
  -151
  -165
  -178
  -191
  -203
  -215
  -227
  -239
  -250
  -262
  -273
  -285
  -297
  -309
  -321
  -333
  -346
  -360
  -374
  -389
  -405
Cash from investing activities, $m
  -206
  -51
  -64
  -80
  -98
  -117
  -139
  -162
  -186
  -213
  -240
  -269
  -298
  -329
  -360
  -392
  -426
  -461
  -495
  -532
  -570
  -609
  -650
  -691
  -734
  -778
  -824
  -873
  -923
  -975
  -1,030
Free cash flow, $m
  -189
  -49
  -61
  -75
  -89
  -105
  -121
  -136
  -152
  -167
  -181
  -199
  -212
  -223
  -233
  -243
  -251
  -259
  -266
  -272
  -277
  -283
  -288
  -292
  -297
  -302
  -307
  -312
  -317
  -323
  -329
Issuance/(repayment) of debt, $m
  138
  74
  92
  112
  134
  158
  182
  207
  232
  257
  283
  307
  332
  356
  379
  402
  424
  446
  467
  489
  510
  532
  554
  576
  599
  622
  647
  672
  698
  726
  755
Issuance/(repurchase) of shares, $m
  6
  115
  138
  165
  193
  224
  255
  286
  318
  349
  379
  394
  422
  449
  474
  498
  520
  542
  562
  582
  601
  620
  639
  658
  677
  697
  717
  738
  760
  784
  809
Cash from financing (excl. dividends), $m  
  144
  189
  230
  277
  327
  382
  437
  493
  550
  606
  662
  701
  754
  805
  853
  900
  944
  988
  1,029
  1,071
  1,111
  1,152
  1,193
  1,234
  1,276
  1,319
  1,364
  1,410
  1,458
  1,510
  1,564
Total cash flow (excl. dividends), $m
  -45
  140
  170
  203
  238
  276
  316
  357
  398
  439
  481
  503
  542
  581
  619
  657
  693
  729
  764
  799
  834
  869
  905
  941
  979
  1,017
  1,057
  1,098
  1,142
  1,187
  1,234
Retained Cash Flow (-), $m
  -106
  -115
  -138
  -167
  -200
  -234
  -270
  -307
  -345
  -383
  -420
  -457
  -494
  -529
  -564
  -598
  -631
  -663
  -695
  -727
  -759
  -791
  -824
  -857
  -891
  -926
  -962
  -1,000
  -1,039
  -1,080
  -1,123
Prev. year cash balance distribution, $m
 
  96
  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
 
  122
  32
  35
  39
  42
  46
  49
  53
  57
  60
  45
  49
  52
  56
  59
  62
  66
  69
  72
  75
  78
  81
  85
  88
  91
  95
  99
  103
  107
  111
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
 
  116
  29
  31
  32
  33
  33
  33
  33
  33
  32
  21
  21
  20
  19
  17
  16
  14
  13
  11
  10
  8
  7
  6
  4
  4
  3
  2
  2
  1
  1
Current shareholders' claim on cash, %
  100
  86.3
  75.6
  67.2
  60.3
  54.7
  50.0
  46.1
  42.8
  39.9
  37.5
  35.4
  33.6
  32.0
  30.6
  29.4
  28.3
  27.2
  26.3
  25.5
  24.7
  24.0
  23.4
  22.8
  22.2
  21.7
  21.2
  20.8
  20.3
  19.9
  19.5

FormFactor, Inc. designs, develops, manufactures, sells, and supports semiconductor probe card products worldwide. Its probe cards are used to perform wafer test, which is the testing of the semiconductor die or chips on the semiconductor wafer. The company’s probe cards are used to test DRAM chips, including LPDDR2, LPDDR3, LPDDR4, DDR, DDR2, DDR3, DDR4, SDRAM, PSRAM, and graphic DRAM; NOR, PCM, and NAND flash memory chips; and system-on-chip (SoC) devices, such as microprocessors, mobile application processors, microcontrollers, graphic processors, RF, analog and mixed-signal devices, and chipsets. It markets and sells its products through direct sales force and distributors to semiconductor chip manufacturers in the DRAM, flash, and SoC markets. FormFactor, Inc. was founded in 1993 and is headquartered in Livermore, California.

FINANCIAL RATIOS  of  FormFactor (FORM)

Valuation Ratios
P/E Ratio -143.3
Price to Sales 2.6
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 59
Price to Free Cash Flow 200.7
Growth Rates
Sales Growth Rate 36.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.3%
Cap. Spend. - 3 Yr. Gr. Rate 5.9%
Financial Strength
Quick Ratio 8
Current Ratio 0
LT Debt to Equity 31.2%
Total Debt to Equity 34.4%
Interest Coverage -24
Management Effectiveness
Return On Assets -1.4%
Ret/ On Assets - 3 Yr. Avg. -2.5%
Return On Total Capital -1.7%
Ret/ On T. Cap. - 3 Yr. Avg. -3%
Return On Equity -2%
Return On Equity - 3 Yr. Avg. -3.1%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 26.8%
Gross Margin - 3 Yr. Avg. 28.6%
EBITDA Margin -0.3%
EBITDA Margin - 3 Yr. Avg. 3.9%
Operating Margin -12.5%
Oper. Margin - 3 Yr. Avg. -7.1%
Pre-Tax Margin -13%
Pre-Tax Margin - 3 Yr. Avg. -6.9%
Net Profit Margin -1.8%
Net Profit Margin - 3 Yr. Avg. -3.2%
Effective Tax Rate 86%
Eff/ Tax Rate - 3 Yr. Avg. -3%
Payout Ratio 0%

FORM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FORM stock intrinsic value calculation we used $384 million for the last fiscal year's total revenue generated by FormFactor. The default revenue input number comes from 2016 income statement of FormFactor. 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 FORM stock valuation model: a) initial revenue growth rate of 36.2% 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 FORM is calculated based on our internal credit rating of FormFactor, 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 FormFactor.
    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 FORM stock the variable cost ratio is equal to 101.3%.

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 FORM 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 FormFactor.

Corporate tax rate of 27% is the nominal tax rate for FormFactor. 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 FORM 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 FORM are equal to 28.6%.

Life of production assets of 10 years is the average useful life of capital assets used in FormFactor 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 FORM is equal to 19.8%. 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 - $401 million for FormFactor - 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 66.976 million for FormFactor 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 FormFactor at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ Top Ranked Growth Stocks to Buy for August 15th   [Aug-15-17 10:30AM  Zacks]
▶ FormFactor Announces Participation at Upcoming Conferences   [Aug-14-17 12:27PM  GlobeNewswire]
▶ Top 10 Stocks Under $20   [Aug-11-17 02:15PM  Zacks]
▶ 5 Top Stocks for August   [Aug-08-17 06:05PM  Motley Fool]
▶ FormFactor tops Street 2Q forecasts   [01:05AM  Associated Press]
▶ FormFactor, Inc. Reports Second Quarter Results   [Aug-02-17 04:05PM  GlobeNewswire]
▶ 3 Stocks Warren Buffett Can't Buy, but You Can   [Jul-31-17 02:02PM  Motley Fool]
▶ Why FormFactor, Inc. Stock Rose 32% in May   [Jun-10-17 10:20AM  Motley Fool]
▶ ETFs with exposure to FormFactor, Inc. : May 26, 2017   [May-26-17 01:09PM  Capital Cube]
▶ FormFactor Announces Participation at Upcoming Conferences   [May-22-17 04:34PM  GlobeNewswire]
▶ FormFactor, Inc. Kicks Off 2017 on a High Note   [May-04-17 06:20PM  Motley Fool]
▶ Why FormFactor, Inc. Is Soaring Today   [11:55AM  Motley Fool]
▶ FormFactor tops Street 1Q forecasts   [05:02AM  Associated Press]
▶ FormFactor, Inc. Reports First Quarter Results   [May-03-17 04:05PM  GlobeNewswire]
▶ FormFactor, Inc. Delivers on Its Promises   [Feb-09-17 04:25PM  Motley Fool]
▶ FormFactor, Inc. Delivers on Its Promises   [04:25PM  at Motley Fool]
▶ FormFactor reports 4Q loss   [Feb-08-17 06:34PM  Associated Press]
▶ Do Hedge Funds Love Calgon Carbon Corporation (CCC)?   [Dec-09-16 05:42AM  at Insider Monkey]
▶ Should You Avoid MTS Systems Corporation (MTSC)?   [Dec-08-16 08:35AM  at Insider Monkey]
▶ Why FormFactor, Inc. Fell 17% in October   [Nov-11-16 09:30AM  at Motley Fool]
▶ Here's Why FormFactor, Inc. Is Tumbling Today   [12:21PM  at Motley Fool]
Stock chart of FORM Financial statements of FORM
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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