Intrinsic value of II-VI - IIVI

Previous Close

$37.85

  Intrinsic Value

$12.48

stock screener

  Rating & Target

str. sell

-67%

  Value-price divergence*

-75%

Previous close

$37.85

 
Intrinsic value

$12.48

 
Up/down potential

-67%

 
Rating

str. sell

 
Value-price divergence*

-75%

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

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

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 2.3

 

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, %
  11.46
  19.50
  18.05
  16.75
  15.57
  14.51
  13.56
  12.71
  11.94
  11.24
  10.62
  10.06
  9.55
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
Revenue, $m
  827
  988
  1,167
  1,362
  1,574
  1,803
  2,047
  2,307
  2,582
  2,873
  3,178
  3,497
  3,831
  4,180
  4,543
  4,921
  5,314
  5,722
  6,147
  6,588
  7,046
  7,523
  8,018
  8,533
  9,070
  9,628
  10,210
  10,816
  11,448
  12,107
  12,795
Variable operating expenses, $m
 
  868
  1,021
  1,188
  1,369
  1,564
  1,773
  1,995
  2,231
  2,479
  2,739
  2,989
  3,275
  3,572
  3,883
  4,206
  4,542
  4,891
  5,253
  5,630
  6,022
  6,430
  6,853
  7,294
  7,752
  8,229
  8,726
  9,244
  9,785
  10,348
  10,936
Fixed operating expenses, $m
 
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
Total operating expenses, $m
  734
  872
  1,025
  1,192
  1,373
  1,569
  1,778
  2,000
  2,236
  2,484
  2,744
  2,994
  3,280
  3,578
  3,889
  4,212
  4,548
  4,897
  5,259
  5,636
  6,029
  6,437
  6,860
  7,301
  7,759
  8,236
  8,734
  9,252
  9,793
  10,356
  10,944
Operating income, $m
  93
  116
  142
  170
  201
  234
  269
  307
  347
  389
  433
  503
  551
  602
  654
  709
  766
  825
  887
  951
  1,017
  1,086
  1,158
  1,233
  1,311
  1,392
  1,476
  1,564
  1,655
  1,751
  1,851
EBITDA, $m
  149
  181
  214
  251
  290
  333
  379
  427
  479
  533
  590
  649
  712
  777
  845
  915
  989
  1,065
  1,144
  1,227
  1,312
  1,401
  1,494
  1,590
  1,691
  1,795
  1,904
  2,017
  2,135
  2,258
  2,387
Interest expense (income), $m
  3
  8
  10
  13
  17
  20
  24
  29
  33
  38
  43
  48
  54
  60
  66
  72
  78
  85
  92
  100
  107
  115
  124
  132
  141
  150
  160
  170
  181
  192
  203
Earnings before tax, $m
  90
  109
  132
  157
  184
  214
  245
  278
  314
  351
  390
  455
  498
  542
  589
  637
  688
  740
  794
  851
  910
  971
  1,035
  1,101
  1,169
  1,241
  1,316
  1,394
  1,475
  1,559
  1,648
Tax expense, $m
  25
  29
  36
  42
  50
  58
  66
  75
  85
  95
  105
  123
  134
  146
  159
  172
  186
  200
  215
  230
  246
  262
  279
  297
  316
  335
  355
  376
  398
  421
  445
Net income, $m
  65
  79
  96
  114
  134
  156
  179
  203
  229
  256
  285
  332
  363
  396
  430
  465
  502
  540
  580
  621
  664
  709
  755
  803
  854
  906
  961
  1,017
  1,077
  1,138
  1,203

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  218
  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
  1,212
  1,188
  1,402
  1,637
  1,892
  2,166
  2,460
  2,773
  3,104
  3,453
  3,819
  4,203
  4,605
  5,024
  5,460
  5,914
  6,387
  6,877
  7,388
  7,918
  8,469
  9,041
  9,637
  10,256
  10,901
  11,572
  12,271
  13,000
  13,759
  14,552
  15,379
Adjusted assets (=assets-cash), $m
  994
  1,188
  1,402
  1,637
  1,892
  2,166
  2,460
  2,773
  3,104
  3,453
  3,819
  4,203
  4,605
  5,024
  5,460
  5,914
  6,387
  6,877
  7,388
  7,918
  8,469
  9,041
  9,637
  10,256
  10,901
  11,572
  12,271
  13,000
  13,759
  14,552
  15,379
Revenue / Adjusted assets
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
Average production assets, $m
  347
  414
  489
  571
  660
  755
  858
  967
  1,082
  1,204
  1,331
  1,465
  1,605
  1,751
  1,903
  2,062
  2,226
  2,398
  2,575
  2,760
  2,952
  3,152
  3,360
  3,575
  3,800
  4,034
  4,278
  4,532
  4,797
  5,073
  5,361
Working capital, $m
  412
  256
  302
  353
  408
  467
  530
  598
  669
  744
  823
  906
  992
  1,083
  1,177
  1,274
  1,376
  1,482
  1,592
  1,706
  1,825
  1,948
  2,077
  2,210
  2,349
  2,494
  2,644
  2,801
  2,965
  3,136
  3,314
Total debt, $m
  235
  294
  383
  479
  584
  698
  819
  947
  1,084
  1,228
  1,379
  1,537
  1,702
  1,875
  2,055
  2,242
  2,436
  2,639
  2,849
  3,067
  3,294
  3,530
  3,775
  4,031
  4,296
  4,573
  4,861
  5,161
  5,474
  5,800
  6,141
Total liabilities, $m
  430
  489
  578
  674
  779
  893
  1,014
  1,142
  1,279
  1,423
  1,574
  1,732
  1,897
  2,070
  2,250
  2,437
  2,631
  2,834
  3,044
  3,262
  3,489
  3,725
  3,970
  4,226
  4,491
  4,768
  5,056
  5,356
  5,669
  5,995
  6,336
Total equity, $m
  782
  698
  825
  963
  1,112
  1,274
  1,447
  1,630
  1,825
  2,030
  2,246
  2,472
  2,708
  2,954
  3,211
  3,478
  3,755
  4,044
  4,344
  4,656
  4,980
  5,316
  5,667
  6,031
  6,410
  6,804
  7,216
  7,644
  8,091
  8,556
  9,043
Total liabilities and equity, $m
  1,212
  1,187
  1,403
  1,637
  1,891
  2,167
  2,461
  2,772
  3,104
  3,453
  3,820
  4,204
  4,605
  5,024
  5,461
  5,915
  6,386
  6,878
  7,388
  7,918
  8,469
  9,041
  9,637
  10,257
  10,901
  11,572
  12,272
  13,000
  13,760
  14,551
  15,379
Debt-to-equity ratio
  0.301
  0.420
  0.460
  0.500
  0.530
  0.550
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.630
  0.640
  0.640
  0.650
  0.650
  0.660
  0.660
  0.660
  0.660
  0.670
  0.670
  0.670
  0.670
  0.670
  0.680
  0.680
  0.680
  0.680
Adjusted equity ratio
  0.567
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  65
  79
  96
  114
  134
  156
  179
  203
  229
  256
  285
  332
  363
  396
  430
  465
  502
  540
  580
  621
  664
  709
  755
  803
  854
  906
  961
  1,017
  1,077
  1,138
  1,203
Depreciation, amort., depletion, $m
  56
  65
  72
  80
  89
  99
  109
  120
  132
  144
  157
  147
  161
  175
  190
  206
  223
  240
  258
  276
  295
  315
  336
  358
  380
  403
  428
  453
  480
  507
  536
Funds from operations, $m
  114
  144
  168
  195
  224
  255
  288
  323
  361
  400
  441
  478
  524
  571
  620
  671
  725
  780
  838
  897
  959
  1,024
  1,091
  1,161
  1,234
  1,309
  1,388
  1,470
  1,556
  1,646
  1,739
Change in working capital, $m
  -9
  42
  46
  51
  55
  59
  63
  67
  71
  75
  79
  83
  87
  90
  94
  98
  102
  106
  110
  114
  119
  123
  128
  133
  139
  145
  151
  157
  164
  171
  178
Cash from operations, $m
  123
  102
  122
  144
  169
  196
  225
  256
  289
  325
  362
  396
  437
  481
  526
  574
  623
  674
  728
  783
  841
  901
  963
  1,028
  1,095
  1,165
  1,238
  1,314
  1,393
  1,475
  1,561
Maintenance CAPEX, $m
  0
  -35
  -41
  -49
  -57
  -66
  -76
  -86
  -97
  -108
  -120
  -133
  -147
  -161
  -175
  -190
  -206
  -223
  -240
  -258
  -276
  -295
  -315
  -336
  -358
  -380
  -403
  -428
  -453
  -480
  -507
New CAPEX, $m
  -58
  -68
  -75
  -82
  -89
  -96
  -102
  -109
  -115
  -122
  -128
  -134
  -140
  -146
  -152
  -158
  -165
  -171
  -178
  -185
  -192
  -200
  -208
  -216
  -225
  -234
  -244
  -254
  -265
  -276
  -288
Cash from investing activities, $m
  -135
  -103
  -116
  -131
  -146
  -162
  -178
  -195
  -212
  -230
  -248
  -267
  -287
  -307
  -327
  -348
  -371
  -394
  -418
  -443
  -468
  -495
  -523
  -552
  -583
  -614
  -647
  -682
  -718
  -756
  -795
Free cash flow, $m
  -12
  0
  6
  14
  23
  34
  47
  61
  77
  95
  114
  129
  151
  174
  199
  225
  252
  280
  310
  341
  373
  406
  440
  476
  513
  551
  591
  632
  675
  719
  765
Issuance/(repayment) of debt, $m
  60
  79
  88
  97
  105
  113
  121
  129
  136
  144
  151
  158
  165
  173
  180
  187
  195
  202
  210
  218
  227
  236
  245
  255
  266
  277
  288
  300
  313
  326
  341
Issuance/(repurchase) of shares, $m
  3
  35
  30
  24
  15
  6
  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  
  61
  114
  118
  121
  120
  119
  121
  129
  136
  144
  151
  158
  165
  173
  180
  187
  195
  202
  210
  218
  227
  236
  245
  255
  266
  277
  288
  300
  313
  326
  341
Total cash flow (excl. dividends), $m
  45
  115
  124
  134
  143
  153
  168
  190
  214
  239
  265
  287
  316
  347
  379
  412
  447
  483
  520
  559
  600
  642
  685
  731
  778
  827
  879
  932
  987
  1,045
  1,106
Retained Cash Flow (-), $m
  -53
  -114
  -126
  -138
  -150
  -161
  -173
  -184
  -195
  -205
  -216
  -226
  -236
  -246
  -257
  -267
  -278
  -289
  -300
  -312
  -324
  -337
  -350
  -364
  -379
  -395
  -411
  -428
  -447
  -466
  -486
Prev. year cash balance distribution, $m
 
  198
  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
 
  198
  -2
  -4
  -6
  -9
  -5
  6
  19
  34
  50
  61
  80
  100
  122
  145
  169
  194
  220
  247
  276
  305
  335
  367
  399
  433
  468
  504
  541
  579
  620
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
 
  190
  -2
  -4
  -5
  -7
  -4
  4
  12
  19
  26
  29
  34
  38
  41
  43
  43
  42
  41
  38
  35
  32
  28
  24
  20
  17
  14
  11
  8
  6
  5
Current shareholders' claim on cash, %
  100
  98.0
  96.6
  95.6
  95.1
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9

II-VI Incorporated develops, manufactures, and sells engineered materials and optoelectronic components and products worldwide. It operates through three segments: II-VI Laser Solutions, II-VI Photonics, and II-VI Performance Products. The company offers precision infrared optoelectronic components, such as lenses, output couplers, windows, mirrors, and scan-lenses for use in CO2 and fiber lasers; and tools for laser materials processing, including modular laser processing heads for fiber lasers, direct diode lasers, and other one-micron laser systems, as well as fiber optic cables and modular beam systems. It also provides semiconductor laser and low-power polarization locked laser diodes products; laser cutting machines; laser gain materials, optics, optical components, and optical module assemblies; crystal components; and solid state and fiber lasers. In addition, the company offers assemblies, modules, transceivers, and monitor products; pump laser diodes; optical modules; optical components and assemblies for ultraviolet, visible, and infrared systems, such as windows, domes, laser rods and optics, and related sub-assemblies; and zinc sulfide, gallium arsenide, yttrium aluminum garnet, yttrium lithium fluoride, calcium fluoride, selenium, telluride, bismuth telluride, and silicon. Further, it provides thermoelectric modules and assemblies; metal matrix composites and reaction bonded ceramics products; and single crystal silicon carbide substrates, and polycrystalline chemical vapor deposition diamond materials. The company markets and sells its products through a direct sales force, representatives, and distributors. II-VI Incorporated was founded in 1971 and is headquartered in Saxonburg, Pennsylvania.

FINANCIAL RATIOS  of  II-VI (IIVI)

Valuation Ratios
P/E Ratio 36
Price to Sales 2.8
Price to Book 3
Price to Tangible Book
Price to Cash Flow 19
Price to Free Cash Flow 36
Growth Rates
Sales Growth Rate 11.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.5%
Cap. Spend. - 3 Yr. Gr. Rate 18.3%
Financial Strength
Quick Ratio 11
Current Ratio 0
LT Debt to Equity 27.5%
Total Debt to Equity 30.1%
Interest Coverage 31
Management Effectiveness
Return On Assets 5.9%
Ret/ On Assets - 3 Yr. Avg. 5.6%
Return On Total Capital 6.8%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity 8.6%
Return On Equity - 3 Yr. Avg. 7.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 37.8%
Gross Margin - 3 Yr. Avg. 35.9%
EBITDA Margin 18%
EBITDA Margin - 3 Yr. Avg. 17.1%
Operating Margin 11.2%
Oper. Margin - 3 Yr. Avg. 9.9%
Pre-Tax Margin 10.9%
Pre-Tax Margin - 3 Yr. Avg. 9.4%
Net Profit Margin 7.9%
Net Profit Margin - 3 Yr. Avg. 7.4%
Effective Tax Rate 27.8%
Eff/ Tax Rate - 3 Yr. Avg. 20.5%
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 $827 million for the last fiscal year's total revenue generated by II-VI. The default revenue input number comes from 2016 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 19.5% 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 88.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4 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 41.9%.

Life of production assets of 10 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 25.9%. 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 - $782 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 60.44 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 $2.3 billion.

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COMPANY NEWS

▶ 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]
▶ II-VI Incorporated Unveils 10 kW Fiber Laser Combiners   [Jun-06-17 04:05PM  GlobeNewswire]
▶ ETFs with exposure to II-VI, Inc. : May 26, 2017   [May-26-17 01:12PM  Capital Cube]
▶ Why II-VI Stock Got Clobbered Today   [May-02-17 12:32PM  Motley Fool]
▶ II-VI Lights Up With Strong Growth   [10:03AM  Motley Fool]
▶ II-VI posts 3Q profit   [08:45AM  Associated Press]
▶ II-VI's Optics Are Excellent   [Feb-21-17 04:00PM  at TheStreet]
▶ Why II-VI, Inc. Gained 23% in January 2017   [Feb-08-17 06:08PM  at Motley Fool]
▶ II-VI Shoots Higher As Laser Focus Pays Off   [12:36PM  at Motley Fool]
▶ Why Shares of II-VI Inc. Soared Today   [11:31AM  at Motley Fool]
Stock chart of IIVI Financial statements of IIVI Annual reports 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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