Intrinsic value of Intevac - IVAC

Previous Close

$6.80

  Intrinsic Value

$83.59

stock screener

  Rating & Target

str. buy

+999%

Previous close

$6.80

 
Intrinsic value

$83.59

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of IVAC 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 0.1

 

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, %
  6.67
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  80
  128
  198
  296
  429
  605
  832
  1,117
  1,467
  1,888
  2,384
  2,961
  3,620
  4,363
  5,191
  6,104
  7,100
  8,179
  9,338
  10,576
  11,890
  13,280
  14,743
  16,279
  17,886
  19,565
  21,316
  23,139
  25,036
  27,009
  29,059
Variable operating expenses, $m
 
  102
  158
  237
  343
  484
  666
  894
  1,174
  1,510
  1,907
  2,369
  2,896
  3,490
  4,153
  4,883
  5,680
  6,543
  7,470
  8,461
  9,512
  10,624
  11,794
  13,023
  14,309
  15,652
  17,053
  18,511
  20,029
  21,607
  23,247
Fixed operating expenses, $m
 
  26
  26
  27
  28
  28
  29
  30
  30
  31
  32
  33
  34
  34
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  52
Total operating expenses, $m
  88
  128
  184
  264
  371
  512
  695
  924
  1,204
  1,541
  1,939
  2,402
  2,930
  3,524
  4,188
  4,919
  5,717
  6,581
  7,509
  8,501
  9,553
  10,666
  11,837
  13,067
  14,354
  15,698
  17,101
  18,560
  20,079
  21,658
  23,299
Operating income, $m
  -8
  0
  13
  32
  58
  93
  137
  194
  263
  346
  445
  559
  690
  838
  1,003
  1,185
  1,383
  1,598
  1,829
  2,075
  2,337
  2,614
  2,906
  3,212
  3,532
  3,867
  4,216
  4,579
  4,957
  5,351
  5,759
EBITDA, $m
  -3
  4
  20
  43
  73
  114
  167
  233
  314
  412
  528
  663
  817
  991
  1,185
  1,398
  1,631
  1,884
  2,155
  2,445
  2,753
  3,079
  3,422
  3,781
  4,158
  4,551
  4,962
  5,389
  5,834
  6,296
  6,776
Interest expense (income), $m
  0
  0
  1
  2
  3
  5
  8
  12
  16
  21
  28
  35
  44
  54
  66
  78
  92
  108
  124
  142
  161
  181
  202
  225
  248
  273
  299
  325
  353
  382
  413
Earnings before tax, $m
  -7
  0
  13
  30
  55
  87
  129
  182
  247
  325
  417
  524
  646
  784
  937
  1,106
  1,291
  1,490
  1,705
  1,933
  2,176
  2,433
  2,703
  2,987
  3,284
  3,594
  3,917
  4,254
  4,604
  4,968
  5,347
Tax expense, $m
  0
  0
  3
  8
  15
  24
  35
  49
  67
  88
  113
  141
  174
  212
  253
  299
  348
  402
  460
  522
  588
  657
  730
  806
  887
  970
  1,058
  1,149
  1,243
  1,341
  1,444
Net income, $m
  -7
  0
  9
  22
  40
  64
  94
  133
  180
  237
  305
  383
  472
  572
  684
  808
  942
  1,088
  1,244
  1,411
  1,589
  1,776
  1,973
  2,180
  2,397
  2,624
  2,859
  3,105
  3,361
  3,627
  3,903

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  45
  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
  108
  101
  156
  233
  338
  477
  655
  880
  1,155
  1,486
  1,877
  2,331
  2,850
  3,435
  4,087
  4,806
  5,591
  6,440
  7,353
  8,327
  9,362
  10,457
  11,609
  12,818
  14,084
  15,406
  16,784
  18,220
  19,714
  21,267
  22,881
Adjusted assets (=assets-cash), $m
  63
  101
  156
  233
  338
  477
  655
  880
  1,155
  1,486
  1,877
  2,331
  2,850
  3,435
  4,087
  4,806
  5,591
  6,440
  7,353
  8,327
  9,362
  10,457
  11,609
  12,818
  14,084
  15,406
  16,784
  18,220
  19,714
  21,267
  22,881
Revenue / Adjusted assets
  1.270
  1.267
  1.269
  1.270
  1.269
  1.268
  1.270
  1.269
  1.270
  1.271
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
Average production assets, $m
  14
  22
  35
  52
  75
  106
  146
  196
  257
  330
  417
  518
  633
  764
  908
  1,068
  1,243
  1,431
  1,634
  1,851
  2,081
  2,324
  2,580
  2,849
  3,130
  3,424
  3,730
  4,049
  4,381
  4,727
  5,085
Working capital, $m
  57
  19
  30
  44
  64
  91
  125
  168
  220
  283
  358
  444
  543
  654
  779
  916
  1,065
  1,227
  1,401
  1,586
  1,784
  1,992
  2,211
  2,442
  2,683
  2,935
  3,197
  3,471
  3,755
  4,051
  4,359
Total debt, $m
  0
  21
  52
  94
  153
  230
  329
  454
  607
  791
  1,009
  1,261
  1,550
  1,875
  2,238
  2,637
  3,073
  3,546
  4,053
  4,595
  5,170
  5,779
  6,419
  7,092
  7,795
  8,531
  9,297
  10,095
  10,926
  11,789
  12,687
Total liabilities, $m
  35
  56
  87
  129
  188
  265
  364
  489
  642
  826
  1,044
  1,296
  1,585
  1,910
  2,273
  2,672
  3,108
  3,581
  4,088
  4,630
  5,205
  5,814
  6,454
  7,127
  7,830
  8,566
  9,332
  10,130
  10,961
  11,824
  12,722
Total equity, $m
  73
  45
  69
  103
  150
  212
  291
  391
  513
  660
  834
  1,035
  1,265
  1,525
  1,815
  2,134
  2,482
  2,859
  3,265
  3,697
  4,157
  4,643
  5,154
  5,691
  6,253
  6,840
  7,452
  8,090
  8,753
  9,442
  10,159
Total liabilities and equity, $m
  108
  101
  156
  232
  338
  477
  655
  880
  1,155
  1,486
  1,878
  2,331
  2,850
  3,435
  4,088
  4,806
  5,590
  6,440
  7,353
  8,327
  9,362
  10,457
  11,608
  12,818
  14,083
  15,406
  16,784
  18,220
  19,714
  21,266
  22,881
Debt-to-equity ratio
  0.000
  0.470
  0.750
  0.910
  1.020
  1.090
  1.130
  1.160
  1.180
  1.200
  1.210
  1.220
  1.220
  1.230
  1.230
  1.240
  1.240
  1.240
  1.240
  1.240
  1.240
  1.240
  1.250
  1.250
  1.250
  1.250
  1.250
  1.250
  1.250
  1.250
  1.250
Adjusted equity ratio
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -7
  0
  9
  22
  40
  64
  94
  133
  180
  237
  305
  383
  472
  572
  684
  808
  942
  1,088
  1,244
  1,411
  1,589
  1,776
  1,973
  2,180
  2,397
  2,624
  2,859
  3,105
  3,361
  3,627
  3,903
Depreciation, amort., depletion, $m
  5
  4
  7
  10
  15
  21
  29
  39
  51
  66
  83
  104
  127
  153
  182
  214
  249
  286
  327
  370
  416
  465
  516
  570
  626
  685
  746
  810
  876
  945
  1,017
Funds from operations, $m
  7
  4
  16
  33
  55
  85
  124
  172
  232
  303
  388
  486
  598
  725
  866
  1,021
  1,191
  1,374
  1,571
  1,781
  2,005
  2,241
  2,489
  2,750
  3,023
  3,308
  3,606
  3,915
  4,237
  4,572
  4,920
Change in working capital, $m
  3
  7
  10
  15
  20
  26
  34
  43
  52
  63
  74
  86
  99
  111
  124
  137
  149
  162
  174
  186
  197
  208
  219
  230
  241
  252
  263
  273
  285
  296
  308
Cash from operations, $m
  4
  -3
  6
  18
  35
  59
  90
  129
  179
  240
  313
  400
  500
  613
  742
  884
  1,041
  1,212
  1,397
  1,596
  1,808
  2,032
  2,270
  2,520
  2,782
  3,056
  3,343
  3,642
  3,953
  4,276
  4,613
Maintenance CAPEX, $m
  0
  -3
  -4
  -7
  -10
  -15
  -21
  -29
  -39
  -51
  -66
  -83
  -104
  -127
  -153
  -182
  -214
  -249
  -286
  -327
  -370
  -416
  -465
  -516
  -570
  -626
  -685
  -746
  -810
  -876
  -945
New CAPEX, $m
  -3
  -8
  -12
  -17
  -23
  -31
  -40
  -50
  -61
  -74
  -87
  -101
  -115
  -130
  -145
  -160
  -174
  -189
  -203
  -217
  -230
  -243
  -256
  -269
  -281
  -294
  -306
  -319
  -332
  -345
  -359
Cash from investing activities, $m
  9
  -11
  -16
  -24
  -33
  -46
  -61
  -79
  -100
  -125
  -153
  -184
  -219
  -257
  -298
  -342
  -388
  -438
  -489
  -544
  -600
  -659
  -721
  -785
  -851
  -920
  -991
  -1,065
  -1,142
  -1,221
  -1,304
Free cash flow, $m
  13
  -14
  -11
  -6
  1
  13
  29
  50
  79
  115
  161
  215
  281
  357
  444
  543
  653
  775
  908
  1,052
  1,207
  1,373
  1,549
  1,735
  1,931
  2,137
  2,352
  2,576
  2,811
  3,055
  3,309
Issuance/(repayment) of debt, $m
  0
  21
  31
  43
  58
  77
  99
  125
  153
  184
  217
  252
  289
  325
  363
  400
  436
  472
  507
  542
  575
  608
  641
  672
  704
  735
  766
  798
  830
  864
  898
Issuance/(repurchase) of shares, $m
  1
  17
  15
  12
  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
Cash from financing (excl. dividends), $m  
  1
  38
  46
  55
  65
  77
  99
  125
  153
  184
  217
  252
  289
  325
  363
  400
  436
  472
  507
  542
  575
  608
  641
  672
  704
  735
  766
  798
  830
  864
  898
Total cash flow (excl. dividends), $m
  13
  24
  35
  49
  66
  90
  128
  175
  232
  299
  378
  468
  569
  682
  807
  942
  1,089
  1,247
  1,416
  1,594
  1,783
  1,981
  2,190
  2,407
  2,635
  2,872
  3,118
  3,375
  3,641
  3,918
  4,206
Retained Cash Flow (-), $m
  3
  -17
  -24
  -34
  -47
  -62
  -79
  -100
  -122
  -147
  -174
  -202
  -230
  -260
  -290
  -319
  -348
  -377
  -405
  -433
  -460
  -486
  -512
  -537
  -562
  -587
  -612
  -637
  -663
  -690
  -717
Prev. year cash balance distribution, $m
 
  45
  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
 
  52
  10
  14
  20
  28
  49
  76
  110
  152
  204
  266
  339
  422
  517
  623
  741
  870
  1,010
  1,162
  1,323
  1,496
  1,678
  1,871
  2,073
  2,285
  2,506
  2,737
  2,978
  3,229
  3,489
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
 
  50
  9
  13
  16
  22
  35
  51
  69
  88
  107
  126
  145
  161
  174
  183
  188
  189
  186
  179
  168
  155
  139
  123
  106
  89
  73
  59
  46
  35
  26
Current shareholders' claim on cash, %
  100
  77.2
  66.1
  60.9
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0

Intevac, Inc. (Intevac) is a provider of vacuum deposition equipment for a range of thin-film applications, and digital night-vision technologies and products to the defense industry. The Company's segments include Thin-film Equipment and Photonics. The Company designs, manufactures, markets and services capital equipment used to deposit thin films and lubricants onto substrates to produce magnetic disks that are used in hard disk drives. Its thin film equipment products include 200 Lean Disk Sputtering System, 200 Lean Etch and Deposition System, AccuLuber Disk Lubrication System, INTEVAC VERTEX System, INTEVAC MATRIX Implant System, ENERGi Implant System and INTEVAC MATRIX System. The Company's photonic segment develops, manufactures and sells compact digital-optical products for the capture and display of low-light images.

FINANCIAL RATIOS  of  Intevac (IVAC)

Valuation Ratios
P/E Ratio -20.3
Price to Sales 1.8
Price to Book 2
Price to Tangible Book
Price to Cash Flow 35.6
Price to Free Cash Flow 142.4
Growth Rates
Sales Growth Rate 6.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 8.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -6.8%
Ret/ On Assets - 3 Yr. Avg. -11.7%
Return On Total Capital -9.4%
Ret/ On T. Cap. - 3 Yr. Avg. -14.4%
Return On Equity -9.4%
Return On Equity - 3 Yr. Avg. -14.4%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 37.5%
Gross Margin - 3 Yr. Avg. 32.6%
EBITDA Margin -2.5%
EBITDA Margin - 3 Yr. Avg. -9.7%
Operating Margin -10%
Oper. Margin - 3 Yr. Avg. -16.9%
Pre-Tax Margin -8.8%
Pre-Tax Margin - 3 Yr. Avg. -16.5%
Net Profit Margin -8.8%
Net Profit Margin - 3 Yr. Avg. -20.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -14%
Payout Ratio 0%

IVAC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IVAC stock intrinsic value calculation we used $80 million for the last fiscal year's total revenue generated by Intevac. The default revenue input number comes from 2016 income statement of Intevac. 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 IVAC stock valuation model: a) initial revenue growth rate of 60% 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 IVAC is calculated based on our internal credit rating of Intevac, 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 Intevac.
    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 IVAC stock the variable cost ratio is equal to 80%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $25 million in the base year in the intrinsic value calculation for IVAC 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 Intevac.

Corporate tax rate of 27% is the nominal tax rate for Intevac. 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 IVAC 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 IVAC are equal to 17.5%.

Life of production assets of 2.8 years is the average useful life of capital assets used in Intevac 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 IVAC is equal to 15%. 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 - $73 million for Intevac - 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 21.783 million for Intevac 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 Intevac at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ ETFs with exposure to Intevac, Inc. : December 8, 2017   [Dec-08-17 01:06PM  Capital Cube]
▶ ETFs with exposure to Intevac, Inc. : November 27, 2017   [Nov-27-17 02:19PM  Capital Cube]
▶ ETFs with exposure to Intevac, Inc. : November 6, 2017   [Nov-06-17 11:51AM  Capital Cube]
▶ Intevac beats Street 3Q forecasts   [04:17PM  Associated Press]
▶ Intevac Announces Retirement of Chairman Norman H. Pond   [Aug-21-17 04:05PM  Business Wire]
▶ ETFs with exposure to Intevac, Inc. : August 16, 2017   [Aug-16-17 05:57PM  Capital Cube]
▶ Intevac tops Street 2Q forecasts   [Jul-31-17 09:28PM  Associated Press]
▶ ETFs with exposure to Intevac, Inc. : July 11, 2017   [Jul-11-17 02:43PM  Capital Cube]
▶ Intevac to Announce Second Quarter Results on July 31, 2017   [Jul-10-17 09:00AM  Business Wire]
▶ Intevac Announces Additional HDD Order for 200 Lean System   [Jun-12-17 09:00AM  Business Wire]
▶ ETFs with exposure to Intevac, Inc. : May 5, 2017   [May-05-17 04:15PM  Capital Cube]
▶ Intevac tops Street 1Q forecasts   [May-01-17 05:02PM  Associated Press]
▶ Intevac to Announce First Quarter Results on May 1, 2017   [Apr-12-17 04:05PM  Business Wire]
▶ 5 of the Best Stocks Under $10 for 2017   [Mar-02-17 01:42PM  Zacks]
▶ Intevac to Present at 29th Annual ROTH Conference   [Feb-27-17 04:05PM  Business Wire]
▶ Bull Of The Day: Intevac (IVAC)   [05:59AM  Zacks]
▶ Intevac to Present at 19th Annual Needham Growth Conference   [Jan-03-17 04:05PM  Business Wire]
▶ [$$] Northern Right Shakes Up Small Companies   [Dec-24-16 12:01AM  at Barrons.com]
▶ Do Hedge Funds Love Intevac, Inc. (IVAC)?   [Dec-14-16 08:54AM  at Insider Monkey]
▶ Intevac to Participate in 5th Annual Midtown CAP Summit NYC   [Nov-17-16 09:00AM  Business Wire]
▶ [$$] Morgan Stanley Says JPMorgan Is Advantaged   [Nov-05-16 12:21AM  at Barrons.com]
▶ Intevac Announces New VERTEX Order   [04:10PM  Business Wire]
▶ Intevac reports 2Q loss   [04:22PM  AP]
Financial statements of IVAC
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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