Intrinsic value of Intevac - IVAC

Previous Close

$4.95

  Intrinsic Value

$77.78

stock screener

  Rating & Target

str. buy

+999%

Previous close

$4.95

 
Intrinsic value

$77.78

 
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

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, %
  6.67
  40.80
  37.22
  34.00
  31.10
  28.49
  26.14
  24.03
  22.12
  20.41
  18.87
  17.48
  16.23
  15.11
  14.10
  13.19
  12.37
  11.63
  10.97
  10.37
  9.84
  9.35
  8.92
  8.53
  8.17
  7.86
  7.57
  7.31
  7.08
  6.87
  6.69
Revenue, $m
  80
  159
  218
  293
  384
  493
  622
  771
  941
  1,134
  1,348
  1,583
  1,840
  2,118
  2,417
  2,736
  3,074
  3,432
  3,808
  4,203
  4,617
  5,049
  5,499
  5,968
  6,455
  6,962
  7,489
  8,037
  8,606
  9,198
  9,813
Variable operating expenses, $m
 
  99
  135
  181
  237
  305
  384
  477
  582
  701
  833
  979
  1,138
  1,310
  1,494
  1,691
  1,901
  2,122
  2,354
  2,599
  2,854
  3,121
  3,399
  3,689
  3,991
  4,304
  4,630
  4,969
  5,321
  5,686
  6,067
Fixed operating expenses, $m
 
  40
  41
  42
  43
  43
  44
  45
  46
  47
  48
  50
  51
  52
  53
  54
  55
  56
  58
  59
  60
  62
  63
  64
  66
  67
  69
  70
  72
  73
  75
Total operating expenses, $m
  88
  139
  176
  223
  280
  348
  428
  522
  628
  748
  881
  1,029
  1,189
  1,362
  1,547
  1,745
  1,956
  2,178
  2,412
  2,658
  2,914
  3,183
  3,462
  3,753
  4,057
  4,371
  4,699
  5,039
  5,393
  5,759
  6,142
Operating income, $m
  -8
  21
  42
  70
  104
  144
  193
  249
  313
  385
  466
  555
  652
  757
  870
  990
  1,118
  1,254
  1,396
  1,546
  1,702
  1,866
  2,036
  2,214
  2,399
  2,591
  2,791
  2,998
  3,214
  3,438
  3,671
EBITDA, $m
  -3
  23
  45
  74
  109
  151
  200
  258
  325
  399
  482
  574
  674
  783
  899
  1,024
  1,156
  1,296
  1,443
  1,597
  1,759
  1,927
  2,103
  2,287
  2,477
  2,676
  2,882
  3,096
  3,319
  3,550
  3,791
Interest expense (income), $m
  0
  0
  1
  2
  3
  4
  6
  8
  10
  13
  16
  19
  23
  27
  31
  36
  41
  46
  51
  57
  63
  70
  76
  83
  91
  98
  106
  114
  123
  132
  141
Earnings before tax, $m
  -7
  21
  42
  68
  101
  140
  187
  241
  303
  372
  450
  536
  629
  730
  839
  955
  1,078
  1,208
  1,345
  1,488
  1,639
  1,796
  1,960
  2,130
  2,308
  2,493
  2,684
  2,884
  3,091
  3,307
  3,531
Tax expense, $m
  0
  6
  11
  18
  27
  38
  50
  65
  82
  101
  121
  145
  170
  197
  226
  258
  291
  326
  363
  402
  443
  485
  529
  575
  623
  673
  725
  779
  835
  893
  953
Net income, $m
  -7
  15
  30
  50
  74
  102
  136
  176
  221
  272
  328
  391
  459
  533
  612
  697
  787
  882
  982
  1,087
  1,196
  1,311
  1,431
  1,555
  1,685
  1,820
  1,960
  2,105
  2,257
  2,414
  2,577

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
  152
  209
  280
  367
  471
  594
  737
  900
  1,084
  1,288
  1,514
  1,759
  2,025
  2,311
  2,615
  2,939
  3,281
  3,641
  4,018
  4,414
  4,827
  5,257
  5,705
  6,171
  6,656
  7,160
  7,684
  8,228
  8,793
  9,381
Adjusted assets (=assets-cash), $m
  63
  152
  209
  280
  367
  471
  594
  737
  900
  1,084
  1,288
  1,514
  1,759
  2,025
  2,311
  2,615
  2,939
  3,281
  3,641
  4,018
  4,414
  4,827
  5,257
  5,705
  6,171
  6,656
  7,160
  7,684
  8,228
  8,793
  9,381
Revenue / Adjusted assets
  1.270
  1.046
  1.043
  1.046
  1.046
  1.047
  1.047
  1.046
  1.046
  1.046
  1.047
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
Average production assets, $m
  14
  19
  27
  36
  47
  60
  76
  94
  115
  138
  164
  193
  225
  258
  295
  334
  375
  419
  465
  513
  563
  616
  671
  728
  788
  849
  914
  981
  1,050
  1,122
  1,197
Working capital, $m
  57
  42
  58
  77
  101
  130
  164
  204
  249
  299
  356
  418
  486
  559
  638
  722
  812
  906
  1,005
  1,110
  1,219
  1,333
  1,452
  1,575
  1,704
  1,838
  1,977
  2,122
  2,272
  2,428
  2,591
Total debt, $m
  0
  14
  31
  52
  78
  109
  146
  189
  238
  293
  354
  422
  496
  576
  661
  753
  850
  952
  1,060
  1,174
  1,292
  1,416
  1,545
  1,680
  1,819
  1,965
  2,116
  2,273
  2,436
  2,606
  2,782
Total liabilities, $m
  35
  46
  63
  84
  110
  141
  178
  221
  270
  325
  386
  454
  528
  608
  693
  785
  882
  984
  1,092
  1,206
  1,324
  1,448
  1,577
  1,712
  1,851
  1,997
  2,148
  2,305
  2,468
  2,638
  2,814
Total equity, $m
  73
  106
  146
  196
  257
  330
  416
  516
  630
  759
  902
  1,059
  1,231
  1,418
  1,617
  1,831
  2,057
  2,297
  2,549
  2,813
  3,090
  3,379
  3,680
  3,994
  4,320
  4,659
  5,012
  5,379
  5,759
  6,155
  6,567
Total liabilities and equity, $m
  108
  152
  209
  280
  367
  471
  594
  737
  900
  1,084
  1,288
  1,513
  1,759
  2,026
  2,310
  2,616
  2,939
  3,281
  3,641
  4,019
  4,414
  4,827
  5,257
  5,706
  6,171
  6,656
  7,160
  7,684
  8,227
  8,793
  9,381
Debt-to-equity ratio
  0.000
  0.130
  0.210
  0.270
  0.300
  0.330
  0.350
  0.370
  0.380
  0.390
  0.390
  0.400
  0.400
  0.410
  0.410
  0.410
  0.410
  0.410
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
Adjusted equity ratio
  0.444
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -7
  15
  30
  50
  74
  102
  136
  176
  221
  272
  328
  391
  459
  533
  612
  697
  787
  882
  982
  1,087
  1,196
  1,311
  1,431
  1,555
  1,685
  1,820
  1,960
  2,105
  2,257
  2,414
  2,577
Depreciation, amort., depletion, $m
  5
  2
  3
  4
  5
  6
  8
  10
  12
  14
  17
  19
  22
  26
  29
  33
  38
  42
  46
  51
  56
  62
  67
  73
  79
  85
  91
  98
  105
  112
  120
Funds from operations, $m
  7
  17
  33
  54
  79
  109
  144
  185
  233
  286
  345
  410
  482
  559
  642
  730
  824
  924
  1,028
  1,138
  1,253
  1,373
  1,498
  1,628
  1,764
  1,905
  2,051
  2,203
  2,362
  2,526
  2,697
Change in working capital, $m
  3
  12
  16
  20
  24
  29
  34
  39
  45
  51
  56
  62
  68
  73
  79
  84
  89
  94
  99
  104
  109
  114
  119
  124
  129
  134
  139
  145
  150
  156
  162
Cash from operations, $m
  4
  5
  18
  34
  54
  80
  110
  146
  188
  235
  289
  348
  414
  485
  563
  646
  735
  829
  929
  1,034
  1,144
  1,259
  1,379
  1,504
  1,635
  1,771
  1,912
  2,059
  2,211
  2,370
  2,535
Maintenance CAPEX, $m
  0
  -1
  -2
  -3
  -4
  -5
  -6
  -8
  -9
  -11
  -14
  -16
  -19
  -22
  -26
  -29
  -33
  -38
  -42
  -46
  -51
  -56
  -62
  -67
  -73
  -79
  -85
  -91
  -98
  -105
  -112
New CAPEX, $m
  -3
  -6
  -7
  -9
  -11
  -13
  -16
  -18
  -21
  -23
  -26
  -29
  -31
  -34
  -36
  -39
  -41
  -44
  -46
  -48
  -50
  -53
  -55
  -57
  -60
  -62
  -64
  -67
  -69
  -72
  -75
Cash from investing activities, $m
  9
  -7
  -9
  -12
  -15
  -18
  -22
  -26
  -30
  -34
  -40
  -45
  -50
  -56
  -62
  -68
  -74
  -82
  -88
  -94
  -101
  -109
  -117
  -124
  -133
  -141
  -149
  -158
  -167
  -177
  -187
Free cash flow, $m
  13
  -2
  8
  22
  40
  62
  88
  120
  157
  200
  249
  303
  363
  429
  501
  578
  660
  748
  841
  939
  1,042
  1,150
  1,262
  1,380
  1,503
  1,630
  1,763
  1,901
  2,044
  2,193
  2,347
Issuance/(repayment) of debt, $m
  0
  14
  17
  21
  26
  31
  37
  43
  49
  55
  61
  68
  74
  80
  86
  91
  97
  103
  108
  113
  119
  124
  129
  134
  140
  145
  151
  157
  163
  170
  176
Issuance/(repurchase) of shares, $m
  1
  16
  9
  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  
  1
  30
  26
  21
  26
  31
  37
  43
  49
  55
  61
  68
  74
  80
  86
  91
  97
  103
  108
  113
  119
  124
  129
  134
  140
  145
  151
  157
  163
  170
  176
Total cash flow (excl. dividends), $m
  13
  27
  35
  44
  66
  93
  125
  163
  206
  255
  310
  371
  437
  509
  586
  669
  757
  851
  949
  1,052
  1,160
  1,274
  1,392
  1,514
  1,642
  1,775
  1,914
  2,058
  2,207
  2,362
  2,524
Retained Cash Flow (-), $m
  3
  -31
  -40
  -50
  -61
  -73
  -86
  -100
  -114
  -129
  -143
  -158
  -172
  -186
  -200
  -213
  -226
  -239
  -252
  -264
  -277
  -289
  -301
  -314
  -326
  -339
  -353
  -367
  -381
  -396
  -412
Prev. year cash balance distribution, $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
Cash flow adjustment, $m
 
  4
  6
  8
  11
  14
  18
  23
  29
  35
  42
  50
  59
  68
  78
  89
  101
  114
  127
  141
  156
  171
  187
  203
  221
  239
  258
  277
  297
  318
  340
Cash available for distribution, $m
 
  4
  -5
  -6
  5
  20
  39
  63
  92
  127
  167
  213
  265
  323
  386
  456
  531
  611
  697
  788
  884
  985
  1,090
  1,201
  1,316
  1,436
  1,561
  1,691
  1,826
  1,966
  2,112
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
 
  4
  -5
  -5
  4
  15
  28
  43
  58
  73
  87
  101
  113
  123
  130
  134
  135
  133
  128
  121
  112
  102
  90
  79
  67
  56
  46
  36
  28
  21
  16
Current shareholders' claim on cash, %
  100
  86.5
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2

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 -14.8
Price to Sales 1.3
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 25.9
Price to Free Cash Flow 103.7
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 $113 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 40.8% 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 62%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $39 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 5.4% 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 3.7%.

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 12.2%.

Life of production assets of 10 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 26.4%. 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 - $83 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 22 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

▶ Intevac to Announce Second Quarter Results on July 30th   [Jul-16-18 09:00AM  Business Wire]
▶ Intevac Announces Orders for Multiple 200 Lean® Systems   [Jun-20-18 09:00AM  Business Wire]
▶ Is Intevac Incs (NASDAQ:IVAC) CEO Incentives Align With Yours?   [May-08-18 05:39PM  Simply Wall St.]
▶ Intevac: 1Q Earnings Snapshot   [Apr-30-18 04:10PM  Associated Press]
▶ Intevac, Inc. to Host Earnings Call   [12:00PM  ACCESSWIRE]
▶ 5 Stocks Priced Under $10 That You Must Buy   [Apr-17-18 07:53AM  TheStreet.com]
▶ Intevac to Announce First Quarter Results on April 30th   [Apr-12-18 09:00AM  Business Wire]
▶ At $6.9, Is It Time To Buy Intevac Inc (NASDAQ:IVAC)?   [Mar-30-18 08:23PM  Simply Wall St.]
▶ Who Just Ramped Up Their Shares In Intevac Inc (NASDAQ:IVAC)?   [Mar-22-18 06:58PM  Simply Wall St.]
▶ Intevac posts 4Q loss   [Jan-31-18 07:07PM  Associated Press]
▶ Intevac, Inc. to Host Earnings Call   [09:15AM  ACCESSWIRE]
▶ Intevac to Present at 20th Annual Needham Growth Conference   [Jan-10-18 09:00AM  Business Wire]
▶ What Is Intevac Incs (NASDAQ:IVAC) Financial Position?   [Jan-05-18 09:00AM  Simply Wall St.]
▶ Is It Time To Buy Intevac Inc (NASDAQ:IVAC)?   [Dec-28-17 09:45AM  Simply Wall St.]
▶ ETFs with exposure to Intevac, Inc. : December 21, 2017   [Dec-21-17 11:33AM  Capital Cube]
▶ 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]
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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