Intrinsic value of IPG Photonics - IPGP

Previous Close

$260.95

  Intrinsic Value

$426.14

stock screener

  Rating & Target

str. buy

+63%

Previous close

$260.95

 
Intrinsic value

$426.14

 
Up/down potential

+63%

 
Rating

str. buy

We calculate the intrinsic value of IPGP 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
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, %
  11.65
  47.70
  43.43
  39.59
  36.13
  33.02
  30.21
  27.69
  25.42
  23.38
  21.54
  19.89
  18.40
  17.06
  15.85
  14.77
  13.79
  12.91
  12.12
  11.41
  10.77
  10.19
  9.67
  9.20
  8.78
  8.41
  8.07
  7.76
  7.48
  7.23
  7.01
Revenue, $m
  1,006
  1,486
  2,131
  2,975
  4,050
  5,387
  7,014
  8,956
  11,233
  13,860
  16,846
  20,196
  23,912
  27,992
  32,429
  37,219
  42,352
  47,820
  53,617
  59,734
  66,166
  72,909
  79,961
  87,322
  94,992
  102,977
  111,283
  119,917
  128,891
  138,216
  147,906
Variable operating expenses, $m
 
  920
  1,319
  1,840
  2,505
  3,331
  4,337
  5,537
  6,944
  8,568
  10,413
  12,482
  14,778
  17,299
  20,042
  23,002
  26,174
  29,554
  33,136
  36,916
  40,891
  45,059
  49,417
  53,966
  58,706
  63,641
  68,774
  74,110
  79,656
  85,419
  91,408
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
  642
  920
  1,319
  1,840
  2,505
  3,331
  4,337
  5,537
  6,944
  8,568
  10,413
  12,482
  14,778
  17,299
  20,042
  23,002
  26,174
  29,554
  33,136
  36,916
  40,891
  45,059
  49,417
  53,966
  58,706
  63,641
  68,774
  74,110
  79,656
  85,419
  91,408
Operating income, $m
  364
  566
  812
  1,134
  1,545
  2,056
  2,677
  3,419
  4,289
  5,292
  6,433
  7,715
  9,134
  10,692
  12,388
  14,217
  16,178
  18,267
  20,481
  22,818
  25,275
  27,850
  30,544
  33,356
  36,286
  39,336
  42,509
  45,807
  49,235
  52,797
  56,498
EBITDA, $m
  415
  640
  918
  1,282
  1,745
  2,321
  3,022
  3,859
  4,840
  5,972
  7,258
  8,702
  10,303
  12,061
  13,973
  16,037
  18,248
  20,605
  23,102
  25,738
  28,509
  31,415
  34,453
  37,625
  40,930
  44,371
  47,949
  51,670
  55,536
  59,554
  63,729
Interest expense (income), $m
  1
  1
  5
  10
  17
  26
  36
  49
  65
  83
  104
  128
  154
  184
  217
  252
  290
  331
  375
  421
  470
  521
  575
  631
  690
  751
  814
  881
  950
  1,021
  1,095
Earnings before tax, $m
  367
  564
  807
  1,124
  1,528
  2,030
  2,641
  3,370
  4,224
  5,209
  6,329
  7,587
  8,980
  10,508
  12,171
  13,965
  15,888
  17,936
  20,106
  22,397
  24,805
  27,330
  29,970
  32,725
  35,596
  38,585
  41,694
  44,926
  48,285
  51,776
  55,403
Tax expense, $m
  106
  152
  218
  303
  413
  548
  713
  910
  1,141
  1,407
  1,709
  2,049
  2,425
  2,837
  3,286
  3,771
  4,290
  4,843
  5,429
  6,047
  6,697
  7,379
  8,092
  8,836
  9,611
  10,418
  11,257
  12,130
  13,037
  13,979
  14,959
Net income, $m
  261
  412
  589
  821
  1,115
  1,482
  1,928
  2,460
  3,084
  3,803
  4,620
  5,539
  6,555
  7,671
  8,885
  10,195
  11,598
  13,093
  14,678
  16,350
  18,108
  19,951
  21,878
  23,889
  25,985
  28,167
  30,437
  32,796
  35,248
  37,796
  40,444

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  831
  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
  1,790
  1,416
  2,032
  2,836
  3,860
  5,135
  6,686
  8,538
  10,709
  13,213
  16,059
  19,253
  22,795
  26,684
  30,915
  35,480
  40,373
  45,587
  51,112
  56,944
  63,075
  69,504
  76,226
  83,243
  90,555
  98,167
  106,085
  114,316
  122,870
  131,759
  140,997
Adjusted assets (=assets-cash), $m
  959
  1,416
  2,032
  2,836
  3,860
  5,135
  6,686
  8,538
  10,709
  13,213
  16,059
  19,253
  22,795
  26,684
  30,915
  35,480
  40,373
  45,587
  51,112
  56,944
  63,075
  69,504
  76,226
  83,243
  90,555
  98,167
  106,085
  114,316
  122,870
  131,759
  140,997
Revenue / Adjusted assets
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
  1.049
Average production assets, $m
  355
  523
  750
  1,047
  1,425
  1,896
  2,469
  3,153
  3,954
  4,879
  5,930
  7,109
  8,417
  9,853
  11,415
  13,101
  14,908
  16,833
  18,873
  21,026
  23,290
  25,664
  28,146
  30,737
  33,437
  36,248
  39,172
  42,211
  45,370
  48,652
  52,063
Working capital, $m
  1,143
  465
  667
  931
  1,268
  1,686
  2,195
  2,803
  3,516
  4,338
  5,273
  6,321
  7,485
  8,761
  10,150
  11,649
  13,256
  14,968
  16,782
  18,697
  20,710
  22,821
  25,028
  27,332
  29,733
  32,232
  34,832
  37,534
  40,343
  43,261
  46,295
Total debt, $m
  41
  148
  295
  487
  732
  1,036
  1,407
  1,850
  2,368
  2,967
  3,647
  4,410
  5,257
  6,187
  7,198
  8,289
  9,458
  10,704
  12,025
  13,419
  14,884
  16,420
  18,027
  19,704
  21,452
  23,271
  25,163
  27,130
  29,175
  31,300
  33,507
Total liabilities, $m
  232
  339
  486
  678
  923
  1,227
  1,598
  2,041
  2,559
  3,158
  3,838
  4,601
  5,448
  6,378
  7,389
  8,480
  9,649
  10,895
  12,216
  13,610
  15,075
  16,611
  18,218
  19,895
  21,643
  23,462
  25,354
  27,321
  29,366
  31,491
  33,698
Total equity, $m
  1,558
  1,078
  1,546
  2,158
  2,938
  3,908
  5,088
  6,497
  8,149
  10,055
  12,221
  14,651
  17,347
  20,307
  23,526
  27,000
  30,724
  34,691
  38,896
  43,334
  48,000
  52,892
  58,008
  63,348
  68,912
  74,705
  80,731
  86,994
  93,504
  100,269
  107,299
Total liabilities and equity, $m
  1,790
  1,417
  2,032
  2,836
  3,861
  5,135
  6,686
  8,538
  10,708
  13,213
  16,059
  19,252
  22,795
  26,685
  30,915
  35,480
  40,373
  45,586
  51,112
  56,944
  63,075
  69,503
  76,226
  83,243
  90,555
  98,167
  106,085
  114,315
  122,870
  131,760
  140,997
Debt-to-equity ratio
  0.026
  0.140
  0.190
  0.230
  0.250
  0.270
  0.280
  0.280
  0.290
  0.300
  0.300
  0.300
  0.300
  0.300
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
Adjusted equity ratio
  0.758
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  261
  412
  589
  821
  1,115
  1,482
  1,928
  2,460
  3,084
  3,803
  4,620
  5,539
  6,555
  7,671
  8,885
  10,195
  11,598
  13,093
  14,678
  16,350
  18,108
  19,951
  21,878
  23,889
  25,985
  28,167
  30,437
  32,796
  35,248
  37,796
  40,444
Depreciation, amort., depletion, $m
  51
  75
  106
  147
  200
  265
  345
  440
  551
  680
  826
  987
  1,169
  1,368
  1,585
  1,820
  2,071
  2,338
  2,621
  2,920
  3,235
  3,564
  3,909
  4,269
  4,644
  5,034
  5,441
  5,863
  6,301
  6,757
  7,231
Funds from operations, $m
  212
  487
  695
  968
  1,315
  1,747
  2,273
  2,900
  3,635
  4,483
  5,446
  6,526
  7,724
  9,040
  10,470
  12,014
  13,669
  15,431
  17,299
  19,270
  21,342
  23,515
  25,787
  28,158
  30,629
  33,202
  35,877
  38,659
  41,550
  44,553
  47,675
Change in working capital, $m
  -80
  150
  202
  264
  336
  418
  509
  608
  713
  822
  935
  1,049
  1,163
  1,277
  1,389
  1,499
  1,607
  1,712
  1,814
  1,915
  2,013
  2,111
  2,207
  2,304
  2,401
  2,499
  2,600
  2,703
  2,809
  2,919
  3,033
Cash from operations, $m
  292
  336
  493
  704
  979
  1,329
  1,763
  2,292
  2,922
  3,660
  4,511
  5,477
  6,561
  7,763
  9,081
  10,515
  12,062
  13,719
  15,485
  17,355
  19,329
  21,404
  23,580
  25,854
  28,228
  30,702
  33,278
  35,956
  38,741
  41,635
  44,642
Maintenance CAPEX, $m
  0
  -49
  -73
  -104
  -145
  -198
  -263
  -343
  -438
  -549
  -678
  -824
  -987
  -1,169
  -1,368
  -1,585
  -1,820
  -2,071
  -2,338
  -2,621
  -2,920
  -3,235
  -3,564
  -3,909
  -4,269
  -4,644
  -5,034
  -5,441
  -5,863
  -6,301
  -6,757
New CAPEX, $m
  -127
  -169
  -227
  -297
  -378
  -471
  -573
  -684
  -802
  -925
  -1,051
  -1,179
  -1,308
  -1,436
  -1,562
  -1,686
  -1,807
  -1,925
  -2,040
  -2,153
  -2,264
  -2,374
  -2,482
  -2,591
  -2,700
  -2,811
  -2,924
  -3,039
  -3,159
  -3,282
  -3,411
Cash from investing activities, $m
  -274
  -218
  -300
  -401
  -523
  -669
  -836
  -1,027
  -1,240
  -1,474
  -1,729
  -2,003
  -2,295
  -2,605
  -2,930
  -3,271
  -3,627
  -3,996
  -4,378
  -4,774
  -5,184
  -5,609
  -6,046
  -6,500
  -6,969
  -7,455
  -7,958
  -8,480
  -9,022
  -9,583
  -10,168
Free cash flow, $m
  18
  119
  193
  303
  455
  660
  927
  1,265
  1,683
  2,187
  2,783
  3,474
  4,266
  5,158
  6,151
  7,244
  8,436
  9,724
  11,106
  12,581
  14,145
  15,796
  17,533
  19,354
  21,259
  23,248
  25,320
  27,476
  29,720
  32,051
  34,474
Issuance/(repayment) of debt, $m
  21
  110
  147
  192
  245
  305
  371
  443
  519
  598
  680
  763
  847
  929
  1,011
  1,091
  1,169
  1,246
  1,321
  1,394
  1,465
  1,536
  1,607
  1,677
  1,748
  1,819
  1,892
  1,967
  2,044
  2,125
  2,208
Issuance/(repurchase) of shares, $m
  7
  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  
  33
  110
  147
  192
  245
  305
  371
  443
  519
  598
  680
  763
  847
  929
  1,011
  1,091
  1,169
  1,246
  1,321
  1,394
  1,465
  1,536
  1,607
  1,677
  1,748
  1,819
  1,892
  1,967
  2,044
  2,125
  2,208
Total cash flow (excl. dividends), $m
  41
  228
  340
  495
  700
  965
  1,298
  1,708
  2,202
  2,785
  3,463
  4,238
  5,112
  6,087
  7,162
  8,335
  9,605
  10,970
  12,427
  13,974
  15,610
  17,332
  19,140
  21,031
  23,007
  25,067
  27,212
  29,444
  31,764
  34,176
  36,682
Retained Cash Flow (-), $m
  -298
  -348
  -468
  -612
  -780
  -970
  -1,181
  -1,409
  -1,652
  -1,905
  -2,166
  -2,431
  -2,696
  -2,959
  -3,219
  -3,474
  -3,724
  -3,967
  -4,205
  -4,438
  -4,666
  -4,892
  -5,116
  -5,340
  -5,565
  -5,793
  -6,025
  -6,264
  -6,510
  -6,765
  -7,030
Prev. year cash balance distribution, $m
 
  828
  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
 
  708
  -128
  -117
  -80
  -5
  117
  299
  550
  880
  1,297
  1,807
  2,417
  3,128
  3,942
  4,861
  5,881
  7,003
  8,222
  9,537
  10,944
  12,440
  14,024
  15,692
  17,442
  19,274
  21,187
  23,180
  25,254
  27,411
  29,651
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
 
  679
  -117
  -102
  -66
  -4
  85
  202
  344
  505
  680
  858
  1,031
  1,189
  1,324
  1,427
  1,495
  1,524
  1,514
  1,468
  1,391
  1,287
  1,164
  1,028
  888
  750
  618
  498
  391
  299
  223
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

IPG Photonics Corporation is a developer and manufacturer of a line of fiber lasers, fiber amplifiers, diode lasers, laser systems and optical accessories that are used for various applications. The Company offers a line of lasers and amplifiers, which are used in materials processing, communications and medical applications. The Company sells its products globally to original equipment manufacturers (OEMs), system integrators and end users. The Company's manufacturing facilities are located in the United States, Germany and Russia. The Company offers laser-based systems for certain markets and applications. Its products are designed to be used as general-purpose energy or light sources. Its product line includes High-Power Ytterbium CW (1,000-100,000 Watts), Mid-Power Ytterbium CW (100-999 Watts), Pulsed Ytterbium (0.1 to 200 Watts), Pulsed and CW, Quasi-CW Ytterbium (100-4,500 Watts), Erbium Amplifiers and Transceivers.

FINANCIAL RATIOS  of  IPG Photonics (IPGP)

Valuation Ratios
P/E Ratio 53.2
Price to Sales 13.8
Price to Book 8.9
Price to Tangible Book
Price to Cash Flow 47.6
Price to Free Cash Flow 84.2
Growth Rates
Sales Growth Rate 11.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 81.4%
Cap. Spend. - 3 Yr. Gr. Rate 12.3%
Financial Strength
Quick Ratio 277
Current Ratio 0
LT Debt to Equity 2.4%
Total Debt to Equity 2.6%
Interest Coverage 368
Management Effectiveness
Return On Assets 16.1%
Ret/ On Assets - 3 Yr. Avg. 17.3%
Return On Total Capital 18.1%
Ret/ On T. Cap. - 3 Yr. Avg. 19.4%
Return On Equity 18.5%
Return On Equity - 3 Yr. Avg. 19.9%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 54.9%
Gross Margin - 3 Yr. Avg. 54.5%
EBITDA Margin 41.7%
EBITDA Margin - 3 Yr. Avg. 42%
Operating Margin 36.2%
Oper. Margin - 3 Yr. Avg. 37%
Pre-Tax Margin 36.5%
Pre-Tax Margin - 3 Yr. Avg. 37.1%
Net Profit Margin 25.9%
Net Profit Margin - 3 Yr. Avg. 26.3%
Effective Tax Rate 28.9%
Eff/ Tax Rate - 3 Yr. Avg. 29.2%
Payout Ratio 0%

IPGP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IPGP stock intrinsic value calculation we used $1006 million for the last fiscal year's total revenue generated by IPG Photonics. The default revenue input number comes from 2016 income statement of IPG Photonics. 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 IPGP stock valuation model: a) initial revenue growth rate of 47.7% 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 IPGP is calculated based on our internal credit rating of IPG Photonics, 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 IPG Photonics.
    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 IPGP stock the variable cost ratio is equal to 62%.

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 IPGP 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 IPG Photonics.

Corporate tax rate of 27% is the nominal tax rate for IPG Photonics. 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 IPGP 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 IPGP are equal to 35.2%.

Life of production assets of 7.2 years is the average useful life of capital assets used in IPG Photonics 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 IPGP is equal to 31.3%. 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 - $1558 million for IPG Photonics - 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 54.126 million for IPG Photonics 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 IPG Photonics at the current share price and the inputted number of shares is $14.1 billion.

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▶ Apple, Opticals, Drug Giants Headline Tuesday's Investing Action Plan   [May-01-17 04:52PM  Investor's Business Daily]
▶ Breakout Watch: 24 Mutual Funds With A+ Ratings Own This Stock   [Apr-04-17 04:38PM  Investor's Business Daily]
Financial statements of IPGP
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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