Intrinsic value of IPG Photonics - IPGP

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$120.55

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$120.55

 
Intrinsic value

$165.82

 
Up/down potential

+38%

 
Rating

buy

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

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

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 6.5

 

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
  25.00
  23.00
  21.20
  19.58
  18.12
  16.81
  15.63
  14.57
  13.61
  12.75
  11.97
  11.28
  10.65
  10.08
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
Revenue, $m
  1,006
  1,258
  1,547
  1,875
  2,242
  2,648
  3,093
  3,576
  4,097
  4,655
  5,248
  5,877
  6,540
  7,236
  7,966
  8,728
  9,524
  10,353
  11,216
  12,114
  13,047
  14,016
  15,024
  16,071
  17,159
  18,291
  19,468
  20,693
  21,969
  23,297
  24,681
Variable operating expenses, $m
 
  779
  958
  1,161
  1,387
  1,638
  1,914
  2,212
  2,534
  2,879
  3,246
  3,632
  4,042
  4,472
  4,923
  5,394
  5,886
  6,398
  6,932
  7,486
  8,063
  8,662
  9,285
  9,932
  10,605
  11,304
  12,032
  12,789
  13,577
  14,398
  15,253
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
  779
  958
  1,161
  1,387
  1,638
  1,914
  2,212
  2,534
  2,879
  3,246
  3,632
  4,042
  4,472
  4,923
  5,394
  5,886
  6,398
  6,932
  7,486
  8,063
  8,662
  9,285
  9,932
  10,605
  11,304
  12,032
  12,789
  13,577
  14,398
  15,253
Operating income, $m
  364
  478
  589
  714
  854
  1,009
  1,180
  1,364
  1,563
  1,776
  2,003
  2,245
  2,498
  2,764
  3,043
  3,334
  3,638
  3,955
  4,284
  4,627
  4,984
  5,354
  5,739
  6,139
  6,555
  6,987
  7,437
  7,905
  8,392
  8,899
  9,428
EBITDA, $m
  415
  542
  666
  808
  966
  1,141
  1,333
  1,541
  1,765
  2,006
  2,261
  2,532
  2,818
  3,118
  3,432
  3,761
  4,104
  4,461
  4,833
  5,220
  5,622
  6,039
  6,473
  6,925
  7,394
  7,881
  8,388
  8,916
  9,466
  10,038
  10,635
Interest expense (income), $m
  1
  1
  3
  6
  8
  11
  14
  18
  22
  26
  30
  35
  40
  45
  51
  57
  63
  69
  76
  83
  90
  97
  105
  113
  121
  130
  139
  149
  158
  168
  179
Earnings before tax, $m
  367
  477
  585
  708
  846
  998
  1,165
  1,346
  1,541
  1,750
  1,972
  2,210
  2,458
  2,719
  2,992
  3,277
  3,575
  3,886
  4,209
  4,545
  4,894
  5,257
  5,634
  6,026
  6,433
  6,857
  7,298
  7,756
  8,233
  8,731
  9,249
Tax expense, $m
  106
  129
  158
  191
  228
  270
  315
  363
  416
  473
  533
  597
  664
  734
  808
  885
  965
  1,049
  1,136
  1,227
  1,321
  1,419
  1,521
  1,627
  1,737
  1,851
  1,970
  2,094
  2,223
  2,357
  2,497
Net income, $m
  261
  348
  427
  517
  618
  729
  851
  983
  1,125
  1,278
  1,440
  1,613
  1,794
  1,985
  2,184
  2,392
  2,610
  2,836
  3,072
  3,318
  3,572
  3,837
  4,113
  4,399
  4,696
  5,006
  5,327
  5,662
  6,010
  6,373
  6,752

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
  1,199
  1,474
  1,787
  2,137
  2,524
  2,949
  3,409
  3,906
  4,438
  5,003
  5,602
  6,234
  6,898
  7,593
  8,321
  9,079
  9,870
  10,692
  11,548
  12,437
  13,362
  14,322
  15,320
  16,358
  17,437
  18,559
  19,727
  20,942
  22,209
  23,528
Adjusted assets (=assets-cash), $m
  959
  1,199
  1,474
  1,787
  2,137
  2,524
  2,949
  3,409
  3,906
  4,438
  5,003
  5,602
  6,234
  6,898
  7,593
  8,321
  9,079
  9,870
  10,692
  11,548
  12,437
  13,362
  14,322
  15,320
  16,358
  17,437
  18,559
  19,727
  20,942
  22,209
  23,528
Revenue / Adjusted assets
  1.049
  1.049
  1.050
  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
  443
  544
  660
  789
  932
  1,089
  1,259
  1,442
  1,639
  1,847
  2,069
  2,302
  2,547
  2,804
  3,072
  3,352
  3,644
  3,948
  4,264
  4,592
  4,934
  5,288
  5,657
  6,040
  6,438
  6,853
  7,284
  7,733
  8,201
  8,688
Working capital, $m
  1,143
  394
  484
  587
  702
  829
  968
  1,119
  1,282
  1,457
  1,643
  1,839
  2,047
  2,265
  2,493
  2,732
  2,981
  3,241
  3,511
  3,792
  4,084
  4,387
  4,702
  5,030
  5,371
  5,725
  6,094
  6,477
  6,876
  7,292
  7,725
Total debt, $m
  41
  96
  161
  236
  320
  412
  514
  624
  743
  870
  1,005
  1,148
  1,299
  1,458
  1,624
  1,798
  1,979
  2,168
  2,364
  2,569
  2,782
  3,002
  3,232
  3,471
  3,719
  3,976
  4,245
  4,524
  4,814
  5,117
  5,432
Total liabilities, $m
  232
  287
  352
  427
  511
  603
  705
  815
  934
  1,061
  1,196
  1,339
  1,490
  1,649
  1,815
  1,989
  2,170
  2,359
  2,555
  2,760
  2,973
  3,193
  3,423
  3,662
  3,910
  4,167
  4,436
  4,715
  5,005
  5,308
  5,623
Total equity, $m
  1,558
  912
  1,122
  1,360
  1,626
  1,921
  2,244
  2,595
  2,972
  3,377
  3,807
  4,263
  4,744
  5,249
  5,779
  6,332
  6,909
  7,511
  8,137
  8,788
  9,465
  10,168
  10,899
  11,659
  12,448
  13,269
  14,123
  15,012
  15,937
  16,901
  17,905
Total liabilities and equity, $m
  1,790
  1,199
  1,474
  1,787
  2,137
  2,524
  2,949
  3,410
  3,906
  4,438
  5,003
  5,602
  6,234
  6,898
  7,594
  8,321
  9,079
  9,870
  10,692
  11,548
  12,438
  13,361
  14,322
  15,321
  16,358
  17,436
  18,559
  19,727
  20,942
  22,209
  23,528
Debt-to-equity ratio
  0.026
  0.100
  0.140
  0.170
  0.200
  0.210
  0.230
  0.240
  0.250
  0.260
  0.260
  0.270
  0.270
  0.280
  0.280
  0.280
  0.290
  0.290
  0.290
  0.290
  0.290
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
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
  348
  427
  517
  618
  729
  851
  983
  1,125
  1,278
  1,440
  1,613
  1,794
  1,985
  2,184
  2,392
  2,610
  2,836
  3,072
  3,318
  3,572
  3,837
  4,113
  4,399
  4,696
  5,006
  5,327
  5,662
  6,010
  6,373
  6,752
Depreciation, amort., depletion, $m
  51
  63
  78
  94
  112
  131
  153
  177
  202
  230
  259
  287
  320
  354
  389
  427
  466
  506
  548
  592
  638
  685
  735
  786
  839
  894
  952
  1,012
  1,074
  1,139
  1,207
Funds from operations, $m
  212
  412
  505
  611
  729
  860
  1,004
  1,160
  1,327
  1,507
  1,698
  1,900
  2,114
  2,338
  2,573
  2,819
  3,076
  3,343
  3,621
  3,910
  4,210
  4,523
  4,847
  5,185
  5,535
  5,900
  6,279
  6,674
  7,084
  7,512
  7,958
Change in working capital, $m
  -80
  79
  91
  103
  115
  127
  139
  151
  163
  175
  186
  197
  207
  218
  228
  239
  249
  260
  270
  281
  292
  303
  315
  328
  341
  354
  368
  383
  399
  416
  433
Cash from operations, $m
  292
  387
  414
  508
  614
  733
  864
  1,008
  1,164
  1,333
  1,513
  1,704
  1,907
  2,120
  2,345
  2,580
  2,826
  3,083
  3,351
  3,629
  3,918
  4,219
  4,532
  4,857
  5,194
  5,546
  5,911
  6,290
  6,685
  7,097
  7,525
Maintenance CAPEX, $m
  0
  -49
  -61
  -76
  -92
  -110
  -129
  -151
  -175
  -200
  -228
  -257
  -287
  -320
  -354
  -389
  -427
  -466
  -506
  -548
  -592
  -638
  -685
  -735
  -786
  -839
  -894
  -952
  -1,012
  -1,074
  -1,139
New CAPEX, $m
  -127
  -88
  -102
  -115
  -129
  -143
  -157
  -170
  -183
  -196
  -209
  -221
  -233
  -245
  -257
  -268
  -280
  -292
  -304
  -316
  -328
  -341
  -355
  -369
  -383
  -398
  -414
  -431
  -449
  -468
  -487
Cash from investing activities, $m
  -274
  -137
  -163
  -191
  -221
  -253
  -286
  -321
  -358
  -396
  -437
  -478
  -520
  -565
  -611
  -657
  -707
  -758
  -810
  -864
  -920
  -979
  -1,040
  -1,104
  -1,169
  -1,237
  -1,308
  -1,383
  -1,461
  -1,542
  -1,626
Free cash flow, $m
  18
  250
  251
  317
  393
  480
  578
  687
  806
  936
  1,076
  1,226
  1,386
  1,556
  1,734
  1,922
  2,120
  2,326
  2,541
  2,765
  2,998
  3,240
  3,492
  3,754
  4,026
  4,308
  4,602
  4,907
  5,225
  5,555
  5,899
Issuance/(repayment) of debt, $m
  21
  58
  66
  75
  84
  93
  101
  110
  119
  127
  135
  143
  151
  159
  166
  174
  181
  189
  197
  204
  213
  221
  230
  239
  248
  258
  268
  279
  291
  303
  315
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
  58
  66
  75
  84
  93
  101
  110
  119
  127
  135
  143
  151
  159
  166
  174
  181
  189
  197
  204
  213
  221
  230
  239
  248
  258
  268
  279
  291
  303
  315
Total cash flow (excl. dividends), $m
  41
  308
  317
  392
  477
  573
  680
  797
  925
  1,063
  1,211
  1,369
  1,537
  1,714
  1,901
  2,096
  2,301
  2,515
  2,737
  2,969
  3,210
  3,461
  3,722
  3,992
  4,274
  4,566
  4,870
  5,186
  5,515
  5,858
  6,214
Retained Cash Flow (-), $m
  -298
  -182
  -210
  -238
  -266
  -295
  -323
  -351
  -378
  -405
  -431
  -456
  -481
  -505
  -529
  -553
  -577
  -602
  -626
  -651
  -677
  -703
  -731
  -760
  -790
  -821
  -854
  -889
  -925
  -964
  -1,004
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
 
  953
  107
  154
  211
  278
  357
  446
  547
  659
  781
  913
  1,056
  1,209
  1,371
  1,543
  1,724
  1,913
  2,111
  2,318
  2,533
  2,758
  2,991
  3,233
  3,484
  3,745
  4,016
  4,298
  4,590
  4,894
  5,210
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
 
  914
  98
  134
  174
  216
  259
  302
  342
  378
  409
  434
  451
  460
  460
  453
  438
  416
  389
  357
  322
  285
  248
  212
  177
  146
  117
  92
  71
  53
  39
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 develops and manufactures a range of high-performance fiber lasers, fiber amplifiers, and diode lasers used in various applications, primarily in materials processing worldwide. The company's laser products include low, medium, and high power lasers; fiber pigtailed packaged diodes and fiber coupled direct diode laser systems; high-energy pulsed lasers, multi-wavelength and tunable lasers, and single-polarization and single-frequency lasers; laser diode chips and packaged laser diodes; and high power optical fiber delivery cables, fiber couplers, beam switches, chillers, scanners, and other accessories. It also provides erbium-doped fiber and Raman amplifiers, and integrated communications systems, which are deployed in broadband networks, such as fiber to the home, fiber to the curb, passive optical networks, and dense wavelength division multiplexing networks; ytterbium and thulium specialty fiber amplifiers and broadband light sources; and single-frequency, linearly polarized, and polarization-maintaining versions of its amplifier products. In addition, the company offers integrated laser systems, industrial grade ultra violet excimers, and diode pumped solid state and picosecond laser micromachining systems; specialized fiber laser systems for material processing applications; and welding seam stepper and picker, a fiber laser welding tool for use in automotive assembly, appliances, rail cars, and other sheet metal fabrication. Its lasers and amplifiers are also used in advanced, communications, and medical applications. The company markets its products to original equipment manufacturers, system integrators, and end users through direct sales force, as well as through agreements with independent sales representatives and distributors. IPG Photonics Corporation was founded in 1990 and is headquartered in Oxford, Massachusetts.

FINANCIAL RATIOS  of  IPG Photonics (IPGP)

Valuation Ratios
P/E Ratio 24.6
Price to Sales 6.4
Price to Book 4.1
Price to Tangible Book
Price to Cash Flow 22
Price to Free Cash Flow 38.9
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 25% 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 53.853 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 $6.5 billion.


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COMPANY NEWS

▶ Breakout Watch: 24 Mutual Funds With A+ Ratings Own This Stock   [Apr-04-17 04:38PM  Investor's Business Daily]
▶ IPG Photonics Stock Shoots Up Like Laser After Earnings, Outlook   [Feb-15-17 04:33PM  Investor's Business Daily]
▶ IPG tops Street 4Q forecasts   [08:16AM  Associated Press]
▶ Why GoPro, Movado Group, and IPG Photonics Jumped Today   [Jan-30-17 05:37PM  at Motley Fool]
▶ 3 Top Stocks We Refuse to Sell   [Jan-03-17 04:09PM  at Motley Fool]
▶ Is IPG Photonics Corporation (IPGP) A Good Stock To Buy?   [Dec-14-16 10:12AM  at Insider Monkey]
▶ How Amsurg Corp (AMSG) Stacks Up Against Its Peers   [Nov-26-16 07:34PM  at Insider Monkey]
▶ 3 Growth Stocks to Buy in November   [Nov-03-16 05:15PM  at Motley Fool]
▶ 3 Stocks That Have That 'Wow' Factor   [11:28AM  at Forbes]
▶ Why Shares of IPG Photonics Soared Today   [Oct-27-16 07:05PM  at Motley Fool]
▶ IPG beats Street 2Q forecasts   [Jul-28-16 08:31AM  AP]
▶ Can IPG Photonics Get Back on Target?   [Jul-22-16 09:36AM  at Motley Fool]
▶ IPG Photonics to Host 2016 Investor Day   [09:00AM  Business Wire]
▶ Why IPG Photonics Corp. Stock Slumped Today   [11:41AM  at Motley Fool]
Stock chart of IPGP 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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