Intrinsic value of Kulicke&Soffa Industries - KLIC

Previous Close

$18.90

  Intrinsic Value

$36.13

stock screener

  Rating & Target

str. buy

+91%

  Value-price divergence*

-48%

Previous close

$18.90

 
Intrinsic value

$36.13

 
Up/down potential

+91%

 
Rating

str. buy

 
Value-price divergence*

-48%

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

We calculate the intrinsic value of KLIC 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 1.3

 

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, %
  16.98
  28.20
  25.88
  23.79
  21.91
  20.22
  18.70
  17.33
  16.10
  14.99
  13.99
  13.09
  12.28
  11.55
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.28
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
Revenue, $m
  627
  804
  1,012
  1,253
  1,527
  1,836
  2,179
  2,557
  2,968
  3,413
  3,891
  4,400
  4,940
  5,511
  6,111
  6,741
  7,400
  8,089
  8,806
  9,553
  10,330
  11,138
  11,977
  12,850
  13,757
  14,699
  15,679
  16,698
  17,758
  18,862
  20,011
Variable operating expenses, $m
 
  670
  841
  1,039
  1,265
  1,519
  1,802
  2,113
  2,451
  2,817
  3,210
  3,621
  4,066
  4,536
  5,030
  5,549
  6,091
  6,658
  7,248
  7,863
  8,502
  9,167
  9,858
  10,577
  11,323
  12,099
  12,905
  13,744
  14,616
  15,525
  16,470
Fixed operating expenses, $m
 
  53
  55
  56
  57
  59
  60
  62
  63
  65
  67
  68
  70
  72
  73
  75
  77
  79
  81
  83
  85
  87
  90
  92
  94
  96
  99
  101
  104
  106
  109
Total operating expenses, $m
  575
  723
  896
  1,095
  1,322
  1,578
  1,862
  2,175
  2,514
  2,882
  3,277
  3,689
  4,136
  4,608
  5,103
  5,624
  6,168
  6,737
  7,329
  7,946
  8,587
  9,254
  9,948
  10,669
  11,417
  12,195
  13,004
  13,845
  14,720
  15,631
  16,579
Operating income, $m
  53
  81
  116
  158
  205
  258
  317
  382
  454
  531
  614
  710
  804
  903
  1,008
  1,117
  1,232
  1,352
  1,477
  1,607
  1,742
  1,883
  2,030
  2,182
  2,340
  2,504
  2,675
  2,853
  3,038
  3,231
  3,431
EBITDA, $m
  69
  101
  139
  184
  235
  292
  357
  427
  505
  588
  678
  774
  875
  983
  1,096
  1,215
  1,339
  1,469
  1,604
  1,745
  1,892
  2,044
  2,203
  2,367
  2,538
  2,716
  2,902
  3,094
  3,294
  3,503
  3,720
Interest expense (income), $m
  1
  1
  4
  8
  12
  16
  22
  27
  34
  41
  48
  57
  65
  74
  84
  94
  105
  116
  128
  140
  153
  166
  180
  194
  209
  224
  240
  257
  274
  292
  311
Earnings before tax, $m
  55
  80
  112
  150
  193
  242
  296
  355
  420
  490
  565
  654
  739
  829
  924
  1,023
  1,127
  1,236
  1,349
  1,467
  1,589
  1,717
  1,850
  1,988
  2,131
  2,280
  2,435
  2,596
  2,763
  2,938
  3,120
Tax expense, $m
  8
  22
  30
  40
  52
  65
  80
  96
  113
  132
  153
  176
  199
  224
  249
  276
  304
  334
  364
  396
  429
  464
  499
  537
  575
  616
  657
  701
  746
  793
  842
Net income, $m
  47
  58
  82
  109
  141
  176
  216
  259
  306
  358
  413
  477
  539
  605
  674
  747
  823
  902
  985
  1,071
  1,160
  1,253
  1,350
  1,451
  1,555
  1,664
  1,777
  1,895
  2,017
  2,145
  2,278

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  548
  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
  982
  556
  700
  867
  1,057
  1,270
  1,508
  1,769
  2,054
  2,362
  2,692
  3,045
  3,419
  3,814
  4,229
  4,665
  5,121
  5,598
  6,094
  6,611
  7,149
  7,708
  8,289
  8,893
  9,520
  10,172
  10,850
  11,556
  12,289
  13,053
  13,848
Adjusted assets (=assets-cash), $m
  434
  556
  700
  867
  1,057
  1,270
  1,508
  1,769
  2,054
  2,362
  2,692
  3,045
  3,419
  3,814
  4,229
  4,665
  5,121
  5,598
  6,094
  6,611
  7,149
  7,708
  8,289
  8,893
  9,520
  10,172
  10,850
  11,556
  12,289
  13,053
  13,848
Revenue / Adjusted assets
  1.445
  1.446
  1.446
  1.445
  1.445
  1.446
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
Average production assets, $m
  106
  136
  171
  212
  258
  310
  368
  432
  502
  577
  658
  744
  835
  931
  1,033
  1,139
  1,251
  1,367
  1,488
  1,614
  1,746
  1,882
  2,024
  2,172
  2,325
  2,484
  2,650
  2,822
  3,001
  3,188
  3,382
Working capital, $m
  662
  146
  184
  228
  278
  334
  397
  465
  540
  621
  708
  801
  899
  1,003
  1,112
  1,227
  1,347
  1,472
  1,603
  1,739
  1,880
  2,027
  2,180
  2,339
  2,504
  2,675
  2,854
  3,039
  3,232
  3,433
  3,642
Total debt, $m
  17
  66
  124
  191
  268
  354
  450
  555
  670
  794
  927
  1,069
  1,220
  1,379
  1,546
  1,722
  1,906
  2,098
  2,298
  2,506
  2,723
  2,948
  3,182
  3,426
  3,679
  3,941
  4,215
  4,499
  4,795
  5,102
  5,423
Total liabilities, $m
  176
  224
  282
  349
  426
  512
  608
  713
  828
  952
  1,085
  1,227
  1,378
  1,537
  1,704
  1,880
  2,064
  2,256
  2,456
  2,664
  2,881
  3,106
  3,340
  3,584
  3,837
  4,099
  4,373
  4,657
  4,953
  5,260
  5,581
Total equity, $m
  807
  332
  418
  518
  631
  758
  900
  1,056
  1,226
  1,410
  1,607
  1,818
  2,041
  2,277
  2,525
  2,785
  3,057
  3,342
  3,638
  3,947
  4,268
  4,602
  4,948
  5,309
  5,684
  6,073
  6,478
  6,899
  7,337
  7,793
  8,267
Total liabilities and equity, $m
  983
  556
  700
  867
  1,057
  1,270
  1,508
  1,769
  2,054
  2,362
  2,692
  3,045
  3,419
  3,814
  4,229
  4,665
  5,121
  5,598
  6,094
  6,611
  7,149
  7,708
  8,288
  8,893
  9,521
  10,172
  10,851
  11,556
  12,290
  13,053
  13,848
Debt-to-equity ratio
  0.021
  0.200
  0.300
  0.370
  0.420
  0.470
  0.500
  0.530
  0.550
  0.560
  0.580
  0.590
  0.600
  0.610
  0.610
  0.620
  0.620
  0.630
  0.630
  0.640
  0.640
  0.640
  0.640
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.660
Adjusted equity ratio
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  47
  58
  82
  109
  141
  176
  216
  259
  306
  358
  413
  477
  539
  605
  674
  747
  823
  902
  985
  1,071
  1,160
  1,253
  1,350
  1,451
  1,555
  1,664
  1,777
  1,895
  2,017
  2,145
  2,278
Depreciation, amort., depletion, $m
  16
  20
  23
  26
  30
  35
  40
  45
  51
  57
  64
  64
  71
  80
  88
  97
  107
  117
  127
  138
  149
  161
  173
  186
  199
  212
  226
  241
  257
  272
  289
Funds from operations, $m
  75
  78
  105
  136
  171
  211
  255
  304
  357
  415
  477
  541
  611
  685
  763
  844
  930
  1,019
  1,112
  1,209
  1,310
  1,414
  1,523
  1,636
  1,754
  1,877
  2,004
  2,136
  2,274
  2,417
  2,567
Change in working capital, $m
  7
  32
  38
  44
  50
  56
  62
  69
  75
  81
  87
  93
  98
  104
  109
  115
  120
  125
  131
  136
  141
  147
  153
  159
  165
  172
  178
  185
  193
  201
  209
Cash from operations, $m
  68
  46
  67
  92
  121
  155
  193
  235
  283
  334
  390
  448
  512
  581
  653
  730
  810
  894
  981
  1,073
  1,168
  1,267
  1,370
  1,478
  1,589
  1,705
  1,825
  1,951
  2,081
  2,216
  2,357
Maintenance CAPEX, $m
  0
  -9
  -12
  -15
  -18
  -22
  -27
  -31
  -37
  -43
  -49
  -56
  -64
  -71
  -80
  -88
  -97
  -107
  -117
  -127
  -138
  -149
  -161
  -173
  -186
  -199
  -212
  -226
  -241
  -257
  -272
New CAPEX, $m
  -6
  -30
  -35
  -41
  -46
  -52
  -58
  -64
  -70
  -75
  -81
  -86
  -91
  -96
  -101
  -106
  -111
  -116
  -121
  -126
  -131
  -137
  -142
  -147
  -153
  -159
  -166
  -172
  -179
  -186
  -194
Cash from investing activities, $m
  -5
  -39
  -47
  -56
  -64
  -74
  -85
  -95
  -107
  -118
  -130
  -142
  -155
  -167
  -181
  -194
  -208
  -223
  -238
  -253
  -269
  -286
  -303
  -320
  -339
  -358
  -378
  -398
  -420
  -443
  -466
Free cash flow, $m
  63
  7
  20
  37
  57
  80
  108
  140
  176
  216
  260
  306
  358
  413
  472
  535
  601
  670
  743
  819
  899
  982
  1,068
  1,157
  1,250
  1,347
  1,448
  1,552
  1,661
  1,773
  1,891
Issuance/(repayment) of debt, $m
  -1
  49
  58
  67
  77
  86
  96
  105
  115
  124
  133
  142
  151
  159
  167
  176
  184
  192
  200
  208
  217
  225
  234
  243
  253
  263
  273
  284
  296
  308
  320
Issuance/(repurchase) of shares, $m
  -14
  15
  4
  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  
  -14
  64
  62
  67
  77
  86
  96
  105
  115
  124
  133
  142
  151
  159
  167
  176
  184
  192
  200
  208
  217
  225
  234
  243
  253
  263
  273
  284
  296
  308
  320
Total cash flow (excl. dividends), $m
  49
  71
  82
  104
  133
  167
  204
  245
  291
  340
  393
  448
  508
  572
  640
  710
  785
  862
  943
  1,028
  1,116
  1,207
  1,302
  1,401
  1,503
  1,610
  1,721
  1,836
  1,956
  2,081
  2,211
Retained Cash Flow (-), $m
  -38
  -73
  -86
  -99
  -113
  -128
  -142
  -156
  -170
  -184
  -197
  -210
  -223
  -236
  -248
  -260
  -272
  -284
  -296
  -309
  -321
  -334
  -347
  -360
  -375
  -389
  -405
  -421
  -438
  -456
  -475
Prev. year cash balance distribution, $m
 
  548
  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
 
  546
  -4
  4
  20
  39
  62
  89
  121
  156
  196
  237
  285
  336
  392
  450
  512
  578
  647
  719
  794
  873
  955
  1,040
  1,129
  1,221
  1,316
  1,415
  1,518
  1,625
  1,737
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
 
  523
  -4
  4
  16
  30
  45
  60
  76
  90
  103
  113
  122
  128
  131
  132
  130
  126
  119
  111
  101
  90
  79
  68
  57
  47
  38
  30
  23
  18
  13
Current shareholders' claim on cash, %
  100
  96.6
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9

Kulicke and Soffa Industries, Inc. designs, manufactures, and sells capital equipment and expendable tools to assemble semiconductor devices. It operates in two segments, Equipment and Expendable Tools. The Equipment segment manufactures and sells a line of ball bonders to connect very fine wires made of gold, silver alloy, or copper between the bond pads of the semiconductor devices or dies, and the leads on its package; wafer level bonders, which mechanically applies bumps to dies for some variants of the flip chip assembly process; and wedge bonders to connect semiconductor chips for the power packages, power hybrids, and automotive modules. This segment also provides advanced packaging with adaptive machine analytics chip-to-substrate bonders for flip chip and thermo-compression bonding applications; and electronic assembly solutions, as well as spare parts, equipment repair, maintenance and servicing, equipment upgrading, and training services. The Expendable Tools segment offers various expendable tools for a range of semiconductor packaging applications. This segmentÂ’s products include capillaries for use in ball bonders, as well as gold wire bonding; bonding wedges for use in heavy wire wedge bonders; dicing blades that are used for cutting silicon wafers into individual semiconductor dies. The company serves semiconductor device manufacturers, outsourced semiconductor assembly and test providers, other electronics manufacturers, and automotive electronics suppliers primarily in the United States and the Asia/Pacific region. Kulicke and Soffa Industries, Inc. was founded in 1951 and is headquartered in Singapore.

FINANCIAL RATIOS  of  Kulicke&Soffa Industries (KLIC)

Valuation Ratios
P/E Ratio 28.3
Price to Sales 2.1
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 19.6
Price to Free Cash Flow 21.5
Growth Rates
Sales Growth Rate 17%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -40%
Cap. Spend. - 3 Yr. Gr. Rate -18.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 2.1%
Total Debt to Equity 2.1%
Interest Coverage 56
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 5.9%
Return On Total Capital 5.8%
Ret/ On T. Cap. - 3 Yr. Avg. 6.8%
Return On Equity 6%
Return On Equity - 3 Yr. Avg. 7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 45.8%
Gross Margin - 3 Yr. Avg. 47.4%
EBITDA Margin 11.5%
EBITDA Margin - 3 Yr. Avg. 12.8%
Operating Margin 8.3%
Oper. Margin - 3 Yr. Avg. 9.6%
Pre-Tax Margin 8.8%
Pre-Tax Margin - 3 Yr. Avg. 9.8%
Net Profit Margin 7.5%
Net Profit Margin - 3 Yr. Avg. 9.4%
Effective Tax Rate 14.5%
Eff/ Tax Rate - 3 Yr. Avg. -0.5%
Payout Ratio 0%

KLIC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KLIC stock intrinsic value calculation we used $627 million for the last fiscal year's total revenue generated by Kulicke&Soffa Industries. The default revenue input number comes from 2016 income statement of Kulicke&Soffa Industries. 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 KLIC stock valuation model: a) initial revenue growth rate of 28.2% 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 KLIC is calculated based on our internal credit rating of Kulicke&Soffa Industries, 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 Kulicke&Soffa Industries.
    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 KLIC stock the variable cost ratio is equal to 83.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $52 million in the base year in the intrinsic value calculation for KLIC 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 6.1% for Kulicke&Soffa Industries.

Corporate tax rate of 27% is the nominal tax rate for Kulicke&Soffa Industries. 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 KLIC 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 KLIC are equal to 16.9%.

Life of production assets of 11.7 years is the average useful life of capital assets used in Kulicke&Soffa Industries 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 KLIC is equal to 18.2%. 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 - $807 million for Kulicke&Soffa Industries - 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 70.47 million for Kulicke&Soffa Industries 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 Kulicke&Soffa Industries at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ Kulicke & Soffa Completes Existing $100M Repurchase Program   [Aug-15-17 09:05AM  Business Wire]
▶ Kulicke and Soffa posts 3Q profit   [Aug-02-17 09:58PM  Associated Press]
▶ Kulicke & Soffa Misses Estimates, Chip Gear Makers Fall   [01:18PM  Investor's Business Daily]
▶ Kulicke & Soffa to Participate at SEMICON West 2017   [Jul-10-17 09:05AM  Business Wire]
▶ 5 Low Price-to-Book Stocks for Big Returns   [Jul-03-17 08:58AM  Zacks]
▶ Can Kulicke & Soffa 'KLIC' With Investors?   [Jun-29-17 12:08PM  TheStreet.com]
▶ 3 Winning Stocks You Never Saw Coming   [May-13-17 08:12AM  Motley Fool]
▶ Kulicke & Soffa to Participate at SMT Hybrid Packaging 2017   [May-12-17 09:05AM  Business Wire]
▶ 3 Small Value Stocks That Came Up Big on Thursday   [May-05-17 11:00AM  TheStreet.com]
▶ Kulicke and Soffa beats 2Q profit forecasts   [May-03-17 07:02AM  Associated Press]
▶ Top Ranked Growth Stocks to Buy for April 4th   [Apr-04-17 10:42AM  Zacks]
▶ Kulicke & Soffa to Participate at SEMICON China 2017   [Mar-10-17 09:05AM  Business Wire]
▶ Kulicke & Soffa to Participate at IPC APEX EXPO 2017   [Feb-09-17 09:05AM  Business Wire]
▶ My 3 Biggest Stock Holdings   [Jan-07-17 12:28PM  at Motley Fool]
▶ 2 Top Small-Cap Stocks to Buy in October   [Oct-13-16 12:00PM  at Motley Fool]
Stock chart of KLIC Financial statements of KLIC
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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