Intrinsic value of II-VI - IIVI

Previous Close

$38.30

  Intrinsic Value

$44.30

stock screener

  Rating & Target

hold

+16%

Previous close

$38.30

 
Intrinsic value

$44.30

 
Up/down potential

+16%

 
Rating

hold

We calculate the intrinsic value of IIVI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  17.53
  18.00
  16.70
  15.53
  14.48
  13.53
  12.68
  11.91
  11.22
  10.60
  10.04
  9.53
  9.08
  8.67
  8.30
  7.97
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
Revenue, $m
  972
  1,147
  1,339
  1,546
  1,770
  2,010
  2,265
  2,534
  2,818
  3,117
  3,430
  3,757
  4,098
  4,453
  4,823
  5,208
  5,608
  6,023
  6,455
  6,904
  7,370
  7,855
  8,359
  8,884
  9,431
  10,000
  10,594
  11,212
  11,858
  12,531
  13,234
Variable operating expenses, $m
 
  882
  1,025
  1,181
  1,348
  1,527
  1,717
  1,919
  2,131
  2,354
  2,588
  2,807
  3,062
  3,328
  3,604
  3,892
  4,190
  4,501
  4,824
  5,159
  5,507
  5,870
  6,247
  6,639
  7,048
  7,473
  7,916
  8,379
  8,861
  9,364
  9,890
Fixed operating expenses, $m
 
  99
  102
  104
  107
  110
  112
  115
  118
  121
  124
  127
  130
  134
  137
  140
  144
  148
  151
  155
  159
  163
  167
  171
  175
  180
  184
  189
  194
  199
  203
Total operating expenses, $m
  846
  981
  1,127
  1,285
  1,455
  1,637
  1,829
  2,034
  2,249
  2,475
  2,712
  2,934
  3,192
  3,462
  3,741
  4,032
  4,334
  4,649
  4,975
  5,314
  5,666
  6,033
  6,414
  6,810
  7,223
  7,653
  8,100
  8,568
  9,055
  9,563
  10,093
Operating income, $m
  126
  165
  211
  261
  315
  373
  435
  500
  569
  642
  718
  822
  905
  992
  1,082
  1,176
  1,273
  1,375
  1,480
  1,590
  1,704
  1,822
  1,946
  2,074
  2,208
  2,347
  2,493
  2,645
  2,803
  2,968
  3,141
EBITDA, $m
  190
  239
  293
  352
  415
  483
  555
  632
  713
  798
  887
  981
  1,078
  1,180
  1,285
  1,395
  1,510
  1,629
  1,752
  1,881
  2,014
  2,153
  2,298
  2,449
  2,606
  2,769
  2,940
  3,117
  3,303
  3,497
  3,699
Interest expense (income), $m
  7
  12
  16
  19
  24
  28
  33
  38
  43
  49
  55
  61
  68
  75
  82
  89
  97
  105
  113
  122
  131
  140
  150
  160
  170
  181
  193
  204
  217
  230
  243
Earnings before tax, $m
  119
  153
  196
  242
  292
  345
  402
  462
  526
  593
  663
  761
  837
  917
  1,000
  1,087
  1,176
  1,270
  1,367
  1,468
  1,573
  1,682
  1,796
  1,914
  2,038
  2,166
  2,300
  2,440
  2,586
  2,739
  2,898
Tax expense, $m
  24
  41
  53
  65
  79
  93
  109
  125
  142
  160
  179
  205
  226
  248
  270
  293
  318
  343
  369
  396
  425
  454
  485
  517
  550
  585
  621
  659
  698
  739
  782
Net income, $m
  95
  112
  143
  177
  213
  252
  293
  337
  384
  433
  484
  556
  611
  670
  730
  793
  859
  927
  998
  1,072
  1,148
  1,228
  1,311
  1,397
  1,488
  1,581
  1,679
  1,781
  1,888
  1,999
  2,116

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  272
  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
  1,477
  1,421
  1,659
  1,916
  2,194
  2,490
  2,806
  3,140
  3,493
  3,863
  4,250
  4,655
  5,078
  5,518
  5,977
  6,453
  6,949
  7,464
  7,999
  8,555
  9,132
  9,733
  10,359
  11,009
  11,686
  12,392
  13,127
  13,894
  14,693
  15,528
  16,400
Adjusted assets (=assets-cash), $m
  1,205
  1,421
  1,659
  1,916
  2,194
  2,490
  2,806
  3,140
  3,493
  3,863
  4,250
  4,655
  5,078
  5,518
  5,977
  6,453
  6,949
  7,464
  7,999
  8,555
  9,132
  9,733
  10,359
  11,009
  11,686
  12,392
  13,127
  13,894
  14,693
  15,528
  16,400
Revenue / Adjusted assets
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
Average production assets, $m
  434
  513
  598
  691
  791
  898
  1,012
  1,133
  1,260
  1,393
  1,533
  1,679
  1,832
  1,991
  2,156
  2,328
  2,507
  2,692
  2,885
  3,086
  3,294
  3,511
  3,737
  3,971
  4,216
  4,470
  4,735
  5,012
  5,300
  5,601
  5,916
Working capital, $m
  517
  313
  365
  422
  483
  549
  618
  692
  769
  851
  936
  1,026
  1,119
  1,216
  1,317
  1,422
  1,531
  1,644
  1,762
  1,885
  2,012
  2,144
  2,282
  2,425
  2,575
  2,730
  2,892
  3,061
  3,237
  3,421
  3,613
Total debt, $m
  365
  444
  554
  672
  800
  937
  1,083
  1,237
  1,399
  1,570
  1,748
  1,935
  2,130
  2,333
  2,544
  2,764
  2,992
  3,230
  3,476
  3,733
  3,999
  4,276
  4,564
  4,864
  5,176
  5,502
  5,841
  6,194
  6,563
  6,947
  7,349
Total liabilities, $m
  577
  655
  765
  883
  1,011
  1,148
  1,294
  1,448
  1,610
  1,781
  1,959
  2,146
  2,341
  2,544
  2,755
  2,975
  3,203
  3,441
  3,687
  3,944
  4,210
  4,487
  4,775
  5,075
  5,387
  5,713
  6,052
  6,405
  6,774
  7,158
  7,560
Total equity, $m
  901
  766
  894
  1,033
  1,182
  1,342
  1,512
  1,693
  1,882
  2,082
  2,291
  2,509
  2,737
  2,974
  3,221
  3,478
  3,745
  4,023
  4,311
  4,611
  4,922
  5,246
  5,583
  5,934
  6,299
  6,679
  7,076
  7,489
  7,920
  8,370
  8,839
Total liabilities and equity, $m
  1,478
  1,421
  1,659
  1,916
  2,193
  2,490
  2,806
  3,141
  3,492
  3,863
  4,250
  4,655
  5,078
  5,518
  5,976
  6,453
  6,948
  7,464
  7,998
  8,555
  9,132
  9,733
  10,358
  11,009
  11,686
  12,392
  13,128
  13,894
  14,694
  15,528
  16,399
Debt-to-equity ratio
  0.405
  0.580
  0.620
  0.650
  0.680
  0.700
  0.720
  0.730
  0.740
  0.750
  0.760
  0.770
  0.780
  0.780
  0.790
  0.790
  0.800
  0.800
  0.810
  0.810
  0.810
  0.820
  0.820
  0.820
  0.820
  0.820
  0.830
  0.830
  0.830
  0.830
  0.830
Adjusted equity ratio
  0.522
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  95
  112
  143
  177
  213
  252
  293
  337
  384
  433
  484
  556
  611
  670
  730
  793
  859
  927
  998
  1,072
  1,148
  1,228
  1,311
  1,397
  1,488
  1,581
  1,679
  1,781
  1,888
  1,999
  2,116
Depreciation, amort., depletion, $m
  64
  73
  81
  90
  100
  110
  120
  132
  144
  156
  170
  158
  173
  188
  203
  220
  236
  254
  272
  291
  311
  331
  353
  375
  398
  422
  447
  473
  500
  528
  558
Funds from operations, $m
  70
  185
  224
  267
  313
  362
  414
  469
  528
  589
  653
  714
  784
  857
  934
  1,013
  1,095
  1,181
  1,270
  1,363
  1,459
  1,559
  1,664
  1,772
  1,885
  2,003
  2,126
  2,254
  2,388
  2,528
  2,674
Change in working capital, $m
  -49
  48
  52
  57
  61
  65
  70
  74
  78
  82
  85
  89
  93
  97
  101
  105
  109
  113
  118
  122
  127
  132
  138
  143
  149
  155
  162
  169
  176
  184
  192
Cash from operations, $m
  119
  138
  172
  210
  252
  296
  344
  396
  450
  508
  568
  625
  691
  760
  833
  908
  986
  1,068
  1,152
  1,240
  1,332
  1,427
  1,526
  1,629
  1,736
  1,848
  1,964
  2,085
  2,212
  2,344
  2,482
Maintenance CAPEX, $m
  0
  -41
  -48
  -56
  -65
  -75
  -85
  -95
  -107
  -119
  -131
  -145
  -158
  -173
  -188
  -203
  -220
  -236
  -254
  -272
  -291
  -311
  -331
  -353
  -375
  -398
  -422
  -447
  -473
  -500
  -528
New CAPEX, $m
  -139
  -79
  -86
  -93
  -100
  -107
  -114
  -121
  -127
  -133
  -140
  -146
  -152
  -159
  -165
  -172
  -179
  -186
  -193
  -201
  -208
  -217
  -226
  -235
  -244
  -254
  -265
  -277
  -288
  -301
  -314
Cash from investing activities, $m
  -177
  -120
  -134
  -149
  -165
  -182
  -199
  -216
  -234
  -252
  -271
  -291
  -310
  -332
  -353
  -375
  -399
  -422
  -447
  -473
  -499
  -528
  -557
  -588
  -619
  -652
  -687
  -724
  -761
  -801
  -842
Free cash flow, $m
  -58
  18
  38
  61
  86
  115
  146
  180
  216
  255
  297
  334
  380
  429
  479
  533
  588
  645
  705
  767
  832
  899
  969
  1,042
  1,117
  1,195
  1,277
  1,362
  1,450
  1,543
  1,639
Issuance/(repayment) of debt, $m
  104
  99
  109
  119
  128
  137
  146
  154
  162
  171
  179
  187
  195
  203
  211
  220
  228
  237
  247
  256
  266
  277
  288
  300
  312
  325
  339
  353
  369
  385
  402
Issuance/(repurchase) of shares, $m
  15
  5
  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  
  112
  104
  109
  119
  128
  137
  146
  154
  162
  171
  179
  187
  195
  203
  211
  220
  228
  237
  247
  256
  266
  277
  288
  300
  312
  325
  339
  353
  369
  385
  402
Total cash flow (excl. dividends), $m
  53
  122
  148
  179
  214
  251
  291
  334
  379
  426
  475
  521
  575
  632
  691
  752
  816
  883
  952
  1,024
  1,099
  1,176
  1,257
  1,342
  1,429
  1,521
  1,616
  1,715
  1,819
  1,927
  2,041
Retained Cash Flow (-), $m
  -119
  -117
  -128
  -139
  -150
  -160
  -170
  -180
  -190
  -199
  -209
  -218
  -228
  -237
  -247
  -257
  -267
  -277
  -288
  -300
  -312
  -324
  -337
  -351
  -365
  -380
  -396
  -413
  -431
  -450
  -470
Prev. year cash balance distribution, $m
 
  252
  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
 
  257
  20
  41
  65
  91
  121
  154
  189
  226
  266
  302
  347
  394
  444
  495
  549
  605
  663
  724
  787
  852
  920
  991
  1,064
  1,140
  1,220
  1,302
  1,388
  1,478
  1,571
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
 
  247
  18
  35
  53
  71
  88
  104
  118
  130
  140
  144
  148
  150
  149
  145
  140
  132
  122
  111
  100
  88
  76
  65
  54
  44
  36
  28
  21
  16
  12
Current shareholders' claim on cash, %
  100
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7

II-VI Incorporated develops and manufactures engineered materials, optoelectronic components and products. The Company has three segments: II-VI Laser Solutions, II-VI Photonics and II-VI Performance Products. The II-VI Laser Solutions segment designs, manufactures and markets optical and electro-optical components and materials sold under the II-VI Infrared brand name and used in carbon dioxide (CO2) lasers, fiber-delivered beam delivery systems and processing tools and direct diode lasers for industrial lasers sold under the II-VI HIGHYAG and II-VI Laser Enterprise brand names. The II-VI Photonics segment manufactures crystal materials, optics, microchip lasers and opto-electronic modules for use in optical communication networks and other consumer and commercial applications. The II-VI Performance Products segment designs, manufactures and markets infrared optical components and high-precision optical assemblies for military, medical and commercial laser imaging applications.

FINANCIAL RATIOS  of  II-VI (IIVI)

Valuation Ratios
P/E Ratio 25.5
Price to Sales 2.5
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 20.3
Price to Free Cash Flow -120.9
Growth Rates
Sales Growth Rate 17.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 139.7%
Cap. Spend. - 3 Yr. Gr. Rate 36.8%
Financial Strength
Quick Ratio 14
Current Ratio 0
LT Debt to Equity 38.3%
Total Debt to Equity 40.5%
Interest Coverage 18
Management Effectiveness
Return On Assets 7.5%
Ret/ On Assets - 3 Yr. Avg. 6.6%
Return On Total Capital 8.3%
Ret/ On T. Cap. - 3 Yr. Avg. 7.4%
Return On Equity 11.3%
Return On Equity - 3 Yr. Avg. 9.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 39.9%
Gross Margin - 3 Yr. Avg. 38.1%
EBITDA Margin 19.5%
EBITDA Margin - 3 Yr. Avg. 18.6%
Operating Margin 13%
Oper. Margin - 3 Yr. Avg. 11.8%
Pre-Tax Margin 12.2%
Pre-Tax Margin - 3 Yr. Avg. 11.3%
Net Profit Margin 9.8%
Net Profit Margin - 3 Yr. Avg. 8.8%
Effective Tax Rate 20.2%
Eff/ Tax Rate - 3 Yr. Avg. 21.5%
Payout Ratio 0%

IIVI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IIVI stock intrinsic value calculation we used $972 million for the last fiscal year's total revenue generated by II-VI. The default revenue input number comes from 2017 income statement of II-VI. 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 IIVI stock valuation model: a) initial revenue growth rate of 18% 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 IIVI is calculated based on our internal credit rating of II-VI, 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 II-VI.
    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 IIVI stock the variable cost ratio is equal to 77.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $97 million in the base year in the intrinsic value calculation for IIVI 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 II-VI.

Corporate tax rate of 27% is the nominal tax rate for II-VI. 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 IIVI 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 IIVI are equal to 44.7%.

Life of production assets of 10.6 years is the average useful life of capital assets used in II-VI 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 IIVI is equal to 27.3%. 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 - $901 million for II-VI - 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 63.259 million for II-VI 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 II-VI at the current share price and the inputted number of shares is $2.4 billion.

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COMPANY NEWS

▶ Acacia, II-VI Among Best Optical Names, Says Piper   [Feb-13-18 11:37PM  Barrons.com]
▶ II-VI Sees Revenue Shoot Higher   [Feb-02-18 08:39AM  Motley Fool]
▶ II-VI posts 2Q profit   [Feb-01-18 06:11PM  Associated Press]
▶ These Optical Company Stocks Sell Off Amid Apple iPhone X Woes   [04:18PM  Investor's Business Daily]
▶ Top-Rated Stocks Near Buy Point With Earnings Due: II-VI   [Jan-09-18 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to II-VI, Inc. : December 19, 2017   [Dec-19-17 01:20PM  Capital Cube]
▶ Here's One Surprising New Way to Invest in Apple   [Dec-14-17 09:54AM  TheStreet.com]
▶ ETFs with exposure to II-VI, Inc. : December 8, 2017   [Dec-08-17 01:05PM  Capital Cube]
▶ Top-Rated Stocks: II-VI Sees Composite Rating Climb To 96   [03:00AM  Investor's Business Daily]
▶ Stocks Flashing Renewed Technical Strength: II-VI   [03:00AM  Investor's Business Daily]
▶ II-VI Earns Relative Strength Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Sequential Declines Scare II-VI Investors   [11:23AM  Motley Fool]
▶ II-VI misses 1Q profit forecasts   [07:59AM  Associated Press]
▶ Should You Sell II-VI Incorporated (IIVI) At This PE Ratio?   [Sep-29-17 02:27PM  Simply Wall St.]
▶ II-VI Joins Elite List Of Stocks With 95-Plus Composite Rating   [03:00AM  Investor's Business Daily]
▶ ETFs with exposure to II-VI, Inc. : September 26, 2017   [Sep-26-17 10:54AM  Capital Cube]
▶ ETFs with exposure to II-VI, Inc. : August 29, 2017   [Aug-29-17 07:26PM  Capital Cube]
▶ II-VI Announces Proposed Convertible Senior Notes Offering   [Aug-22-17 04:01PM  GlobeNewswire]
▶ II-VI posts 4Q profit   [Aug-07-17 11:58PM  Associated Press]
▶ John Hussman Invests Heavily in Technology in 2nd Quarter   [Aug-02-17 06:51PM  GuruFocus.com]
▶ 3 Stocks That Doubled in the Past Year   [Jul-25-17 12:45PM  Motley Fool]
▶ ETFs with exposure to II-VI, Inc. : July 12, 2017   [Jul-12-17 02:41PM  Capital Cube]
▶ Why II-VI Inc. Shares Gained 14.3% in June   [Jul-11-17 11:47AM  Motley Fool]
Financial statements of IIVI
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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