Intrinsic value of II-VI - IIVI

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$35.50

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$35.50

 
Intrinsic value

$12.22

 
Up/down potential

-66%

 
Rating

str. sell

 
Value-price divergence* premium content

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*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 2.1

 

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
  21.50
  19.85
  18.37
  17.03
  15.83
  14.74
  13.77
  12.89
  12.10
  11.39
  10.75
  10.18
  9.66
  9.19
  8.77
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.62
  6.46
  6.32
  6.18
  6.07
  5.96
  5.86
  5.78
Revenue, $m
  827
  1,005
  1,204
  1,425
  1,668
  1,932
  2,217
  2,522
  2,847
  3,192
  3,556
  3,938
  4,339
  4,758
  5,195
  5,651
  6,126
  6,619
  7,133
  7,666
  8,220
  8,796
  9,395
  10,017
  10,664
  11,338
  12,039
  12,769
  13,530
  14,324
  15,151
Variable operating expenses, $m
 
  882
  1,053
  1,242
  1,449
  1,675
  1,918
  2,179
  2,457
  2,752
  3,062
  3,366
  3,708
  4,067
  4,441
  4,830
  5,236
  5,658
  6,096
  6,552
  7,026
  7,518
  8,030
  8,561
  9,115
  9,690
  10,290
  10,914
  11,564
  12,242
  12,950
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
  886
  1,057
  1,246
  1,453
  1,680
  1,923
  2,184
  2,462
  2,757
  3,067
  3,371
  3,713
  4,073
  4,447
  4,836
  5,242
  5,664
  6,102
  6,558
  7,033
  7,525
  8,037
  8,568
  9,122
  9,697
  10,298
  10,922
  11,572
  12,250
  12,958
Operating income, $m
  93
  118
  147
  179
  215
  253
  294
  338
  385
  435
  488
  567
  625
  686
  749
  815
  884
  956
  1,030
  1,107
  1,188
  1,271
  1,358
  1,448
  1,542
  1,640
  1,742
  1,848
  1,958
  2,073
  2,193
EBITDA, $m
  149
  184
  221
  263
  308
  357
  410
  467
  528
  593
  660
  732
  807
  885
  967
  1,052
  1,141
  1,233
  1,329
  1,429
  1,532
  1,640
  1,752
  1,868
  1,989
  2,115
  2,246
  2,383
  2,525
  2,673
  2,828
Interest expense (income), $m
  3
  8
  11
  14
  18
  22
  27
  32
  37
  43
  48
  55
  61
  68
  76
  83
  91
  99
  108
  117
  126
  136
  146
  156
  167
  178
  190
  202
  214
  228
  241
Earnings before tax, $m
  90
  111
  137
  165
  197
  231
  267
  307
  349
  393
  440
  512
  564
  617
  674
  732
  793
  856
  922
  991
  1,062
  1,136
  1,212
  1,292
  1,375
  1,462
  1,552
  1,646
  1,743
  1,845
  1,952
Tax expense, $m
  25
  30
  37
  45
  53
  62
  72
  83
  94
  106
  119
  138
  152
  167
  182
  198
  214
  231
  249
  267
  287
  307
  327
  349
  371
  395
  419
  444
  471
  498
  527
Net income, $m
  65
  81
  100
  121
  144
  168
  195
  224
  254
  287
  321
  374
  411
  451
  492
  534
  579
  625
  673
  723
  775
  829
  885
  943
  1,004
  1,067
  1,133
  1,201
  1,273
  1,347
  1,425

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
  1,208
  1,447
  1,713
  2,005
  2,322
  2,665
  3,032
  3,422
  3,837
  4,274
  4,733
  5,215
  5,719
  6,245
  6,792
  7,363
  7,956
  8,573
  9,214
  9,880
  10,572
  11,291
  12,040
  12,818
  13,627
  14,470
  15,348
  16,262
  17,216
  18,210
Adjusted assets (=assets-cash), $m
  994
  1,208
  1,447
  1,713
  2,005
  2,322
  2,665
  3,032
  3,422
  3,837
  4,274
  4,733
  5,215
  5,719
  6,245
  6,792
  7,363
  7,956
  8,573
  9,214
  9,880
  10,572
  11,291
  12,040
  12,818
  13,627
  14,470
  15,348
  16,262
  17,216
  18,210
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
  421
  505
  597
  699
  810
  929
  1,057
  1,193
  1,337
  1,490
  1,650
  1,818
  1,994
  2,177
  2,368
  2,567
  2,774
  2,989
  3,212
  3,444
  3,685
  3,936
  4,197
  4,468
  4,751
  5,044
  5,350
  5,669
  6,002
  6,348
Working capital, $m
  412
  260
  312
  369
  432
  500
  574
  653
  737
  827
  921
  1,020
  1,124
  1,232
  1,346
  1,464
  1,587
  1,714
  1,847
  1,985
  2,129
  2,278
  2,433
  2,594
  2,762
  2,936
  3,118
  3,307
  3,504
  3,710
  3,924
Total debt, $m
  235
  303
  401
  511
  631
  762
  903
  1,054
  1,215
  1,386
  1,566
  1,755
  1,954
  2,161
  2,378
  2,603
  2,838
  3,083
  3,337
  3,601
  3,875
  4,161
  4,457
  4,765
  5,086
  5,419
  5,767
  6,128
  6,505
  6,898
  7,308
Total liabilities, $m
  430
  498
  596
  706
  826
  957
  1,098
  1,249
  1,410
  1,581
  1,761
  1,950
  2,149
  2,356
  2,573
  2,798
  3,033
  3,278
  3,532
  3,796
  4,070
  4,356
  4,652
  4,960
  5,281
  5,614
  5,962
  6,323
  6,700
  7,093
  7,503
Total equity, $m
  782
  710
  851
  1,007
  1,179
  1,366
  1,567
  1,783
  2,012
  2,256
  2,513
  2,783
  3,066
  3,363
  3,672
  3,994
  4,329
  4,678
  5,041
  5,418
  5,809
  6,216
  6,639
  7,079
  7,537
  8,013
  8,508
  9,024
  9,562
  10,123
  10,708
Total liabilities and equity, $m
  1,212
  1,208
  1,447
  1,713
  2,005
  2,323
  2,665
  3,032
  3,422
  3,837
  4,274
  4,733
  5,215
  5,719
  6,245
  6,792
  7,362
  7,956
  8,573
  9,214
  9,879
  10,572
  11,291
  12,039
  12,818
  13,627
  14,470
  15,347
  16,262
  17,216
  18,211
Debt-to-equity ratio
  0.301
  0.430
  0.470
  0.510
  0.540
  0.560
  0.580
  0.590
  0.600
  0.610
  0.620
  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
  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
  81
  100
  121
  144
  168
  195
  224
  254
  287
  321
  374
  411
  451
  492
  534
  579
  625
  673
  723
  775
  829
  885
  943
  1,004
  1,067
  1,133
  1,201
  1,273
  1,347
  1,425
Depreciation, amort., depletion, $m
  56
  66
  74
  83
  93
  104
  116
  129
  143
  157
  172
  165
  182
  199
  218
  237
  257
  277
  299
  321
  344
  369
  394
  420
  447
  475
  504
  535
  567
  600
  635
Funds from operations, $m
  114
  147
  174
  204
  237
  273
  312
  353
  397
  444
  493
  539
  593
  650
  709
  771
  836
  902
  972
  1,044
  1,119
  1,198
  1,279
  1,363
  1,451
  1,542
  1,637
  1,736
  1,840
  1,947
  2,059
Change in working capital, $m
  -9
  46
  52
  57
  63
  68
  74
  79
  84
  89
  94
  99
  104
  109
  113
  118
  123
  128
  133
  138
  144
  149
  155
  161
  168
  174
  182
  189
  197
  205
  214
Cash from operations, $m
  123
  121
  122
  147
  174
  204
  238
  274
  313
  355
  399
  440
  489
  542
  596
  653
  713
  775
  839
  906
  976
  1,048
  1,124
  1,202
  1,283
  1,368
  1,456
  1,547
  1,643
  1,742
  1,845
Maintenance CAPEX, $m
  0
  -35
  -42
  -50
  -60
  -70
  -81
  -93
  -106
  -119
  -134
  -149
  -165
  -182
  -199
  -218
  -237
  -257
  -277
  -299
  -321
  -344
  -369
  -394
  -420
  -447
  -475
  -504
  -535
  -567
  -600
New CAPEX, $m
  -58
  -75
  -84
  -93
  -102
  -111
  -119
  -128
  -136
  -144
  -152
  -160
  -168
  -176
  -183
  -191
  -199
  -207
  -215
  -223
  -232
  -241
  -251
  -261
  -271
  -282
  -294
  -306
  -319
  -332
  -347
Cash from investing activities, $m
  -135
  -110
  -126
  -143
  -162
  -181
  -200
  -221
  -242
  -263
  -286
  -309
  -333
  -358
  -382
  -409
  -436
  -464
  -492
  -522
  -553
  -585
  -620
  -655
  -691
  -729
  -769
  -810
  -854
  -899
  -947
Free cash flow, $m
  -12
  12
  -4
  3
  13
  24
  37
  53
  71
  91
  113
  131
  156
  184
  213
  244
  277
  311
  347
  384
  423
  463
  504
  548
  592
  639
  687
  737
  789
  842
  898
Issuance/(repayment) of debt, $m
  60
  88
  99
  110
  120
  131
  141
  151
  161
  171
  180
  189
  198
  208
  217
  226
  235
  244
  254
  264
  274
  285
  296
  308
  321
  334
  347
  362
  377
  393
  410
Issuance/(repurchase) of shares, $m
  3
  0
  46
  43
  39
  32
  23
  11
  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
  88
  145
  153
  159
  163
  164
  162
  161
  171
  180
  189
  198
  208
  217
  226
  235
  244
  254
  264
  274
  285
  296
  308
  321
  334
  347
  362
  377
  393
  410
Total cash flow (excl. dividends), $m
  45
  99
  95
  113
  133
  155
  178
  204
  232
  262
  293
  320
  355
  392
  430
  470
  512
  556
  601
  648
  697
  748
  801
  856
  913
  972
  1,034
  1,098
  1,165
  1,235
  1,308
Retained Cash Flow (-), $m
  -53
  -126
  -141
  -156
  -172
  -187
  -201
  -216
  -230
  -244
  -257
  -270
  -283
  -296
  -309
  -322
  -335
  -349
  -363
  -377
  -392
  -407
  -423
  -440
  -457
  -476
  -496
  -516
  -538
  -561
  -585
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
 
  171
  0
  0
  0
  0
  0
  0
  2
  18
  36
  50
  72
  95
  121
  148
  177
  207
  238
  271
  305
  341
  378
  416
  455
  496
  539
  582
  628
  675
  723
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
 
  164
  0
  0
  0
  0
  0
  0
  1
  10
  19
  24
  31
  36
  41
  43
  45
  45
  44
  42
  39
  35
  31
  27
  23
  19
  16
  12
  10
  7
  5
Current shareholders' claim on cash, %
  100
  100.0
  97.7
  95.9
  94.6
  93.7
  93.1
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9

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 33.8
Price to Sales 2.7
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 17.9
Price to Free Cash Flow 33.8
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 21.5% 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 $2.1 billion.


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COMPANY NEWS

▶ 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]
▶ II-VI Infrared Offers Precision Polygon Scanner Mirrors   [Jan-04-17 04:05PM  GlobeNewswire]
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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