Intrinsic value of Kulicke&Soffa Industries - KLIC

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$19.49

  Intrinsic Value

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  Value-price divergence*

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*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 1.4

 

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
  17.00
  15.80
  14.72
  13.75
  12.87
  12.09
  11.38
  10.74
  10.17
  9.65
  9.18
  8.77
  8.39
  8.05
  7.75
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
Revenue, $m
  627
  734
  849
  975
  1,109
  1,251
  1,402
  1,562
  1,730
  1,906
  2,089
  2,281
  2,481
  2,690
  2,906
  3,131
  3,365
  3,608
  3,861
  4,123
  4,396
  4,680
  4,976
  5,283
  5,604
  5,937
  6,285
  6,648
  7,027
  7,423
  7,836
Variable operating expenses, $m
 
  612
  707
  810
  921
  1,038
  1,162
  1,294
  1,432
  1,577
  1,728
  1,878
  2,042
  2,214
  2,392
  2,577
  2,770
  2,970
  3,178
  3,394
  3,619
  3,852
  4,095
  4,349
  4,612
  4,887
  5,173
  5,472
  5,784
  6,110
  6,450
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
  665
  762
  866
  978
  1,097
  1,222
  1,356
  1,495
  1,642
  1,795
  1,946
  2,112
  2,286
  2,465
  2,652
  2,847
  3,049
  3,259
  3,477
  3,704
  3,939
  4,185
  4,441
  4,706
  4,983
  5,272
  5,573
  5,888
  6,216
  6,559
Operating income, $m
  53
  68
  88
  108
  131
  154
  180
  206
  235
  264
  295
  335
  369
  404
  441
  479
  518
  559
  602
  646
  693
  741
  791
  843
  897
  954
  1,013
  1,075
  1,139
  1,207
  1,277
EBITDA, $m
  69
  87
  108
  130
  155
  181
  208
  237
  268
  300
  333
  368
  405
  443
  483
  524
  567
  611
  658
  706
  756
  808
  863
  919
  978
  1,040
  1,104
  1,171
  1,241
  1,314
  1,390
Interest expense (income), $m
  1
  1
  3
  5
  7
  9
  12
  14
  17
  20
  23
  26
  29
  33
  36
  40
  44
  48
  52
  56
  61
  65
  70
  75
  80
  86
  91
  97
  103
  110
  117
Earnings before tax, $m
  55
  67
  85
  104
  124
  145
  168
  192
  218
  244
  272
  309
  340
  372
  405
  439
  475
  512
  550
  590
  632
  676
  721
  768
  817
  868
  922
  978
  1,036
  1,097
  1,161
Tax expense, $m
  8
  18
  23
  28
  33
  39
  45
  52
  59
  66
  73
  84
  92
  100
  109
  118
  128
  138
  149
  159
  171
  182
  195
  207
  221
  234
  249
  264
  280
  296
  313
Net income, $m
  47
  49
  62
  76
  90
  106
  123
  140
  159
  178
  199
  226
  248
  271
  295
  320
  346
  373
  402
  431
  461
  493
  526
  561
  596
  634
  673
  714
  756
  801
  847

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
  508
  588
  674
  767
  866
  971
  1,081
  1,197
  1,319
  1,446
  1,579
  1,717
  1,861
  2,011
  2,167
  2,329
  2,497
  2,672
  2,853
  3,042
  3,239
  3,443
  3,656
  3,878
  4,109
  4,350
  4,601
  4,863
  5,137
  5,423
Adjusted assets (=assets-cash), $m
  434
  508
  588
  674
  767
  866
  971
  1,081
  1,197
  1,319
  1,446
  1,579
  1,717
  1,861
  2,011
  2,167
  2,329
  2,497
  2,672
  2,853
  3,042
  3,239
  3,443
  3,656
  3,878
  4,109
  4,350
  4,601
  4,863
  5,137
  5,423
Revenue / Adjusted assets
  1.445
  1.445
  1.444
  1.447
  1.446
  1.445
  1.444
  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
  124
  144
  165
  187
  211
  237
  264
  292
  322
  353
  386
  419
  455
  491
  529
  569
  610
  652
  697
  743
  791
  841
  893
  947
  1,003
  1,062
  1,124
  1,188
  1,254
  1,324
Working capital, $m
  662
  134
  155
  177
  202
  228
  255
  284
  315
  347
  380
  415
  452
  489
  529
  570
  612
  657
  703
  750
  800
  852
  906
  962
  1,020
  1,081
  1,144
  1,210
  1,279
  1,351
  1,426
Total debt, $m
  17
  47
  79
  114
  151
  191
  233
  278
  324
  373
  425
  478
  534
  592
  652
  715
  780
  848
  919
  992
  1,068
  1,147
  1,230
  1,315
  1,405
  1,498
  1,595
  1,696
  1,802
  1,912
  2,027
Total liabilities, $m
  176
  205
  237
  272
  309
  349
  391
  436
  482
  531
  583
  636
  692
  750
  810
  873
  938
  1,006
  1,077
  1,150
  1,226
  1,305
  1,388
  1,473
  1,563
  1,656
  1,753
  1,854
  1,960
  2,070
  2,185
Total equity, $m
  807
  303
  351
  403
  458
  517
  579
  645
  715
  787
  863
  943
  1,025
  1,111
  1,201
  1,294
  1,390
  1,491
  1,595
  1,704
  1,816
  1,934
  2,056
  2,183
  2,315
  2,453
  2,597
  2,747
  2,903
  3,067
  3,237
Total liabilities and equity, $m
  983
  508
  588
  675
  767
  866
  970
  1,081
  1,197
  1,318
  1,446
  1,579
  1,717
  1,861
  2,011
  2,167
  2,328
  2,497
  2,672
  2,854
  3,042
  3,239
  3,444
  3,656
  3,878
  4,109
  4,350
  4,601
  4,863
  5,137
  5,422
Debt-to-equity ratio
  0.021
  0.150
  0.220
  0.280
  0.330
  0.370
  0.400
  0.430
  0.450
  0.470
  0.490
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.580
  0.590
  0.590
  0.600
  0.600
  0.610
  0.610
  0.610
  0.620
  0.620
  0.620
  0.630
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
  49
  62
  76
  90
  106
  123
  140
  159
  178
  199
  226
  248
  271
  295
  320
  346
  373
  402
  431
  461
  493
  526
  561
  596
  634
  673
  714
  756
  801
  847
Depreciation, amort., depletion, $m
  16
  19
  20
  22
  24
  26
  28
  31
  33
  36
  38
  33
  36
  39
  42
  45
  49
  52
  56
  60
  64
  68
  72
  76
  81
  86
  91
  96
  102
  107
  113
Funds from operations, $m
  75
  68
  82
  98
  114
  132
  151
  171
  192
  214
  237
  259
  284
  310
  337
  366
  395
  426
  457
  490
  525
  561
  598
  637
  677
  720
  764
  810
  858
  908
  960
Change in working capital, $m
  7
  19
  21
  23
  24
  26
  28
  29
  31
  32
  33
  35
  36
  38
  39
  41
  43
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
Cash from operations, $m
  68
  44
  61
  75
  90
  106
  124
  142
  161
  182
  204
  224
  248
  272
  298
  325
  352
  381
  411
  443
  475
  509
  544
  581
  619
  659
  700
  744
  789
  836
  885
Maintenance CAPEX, $m
  0
  -9
  -11
  -12
  -14
  -16
  -18
  -20
  -23
  -25
  -28
  -30
  -33
  -36
  -39
  -42
  -45
  -49
  -52
  -56
  -60
  -64
  -68
  -72
  -76
  -81
  -86
  -91
  -96
  -102
  -107
New CAPEX, $m
  -6
  -18
  -20
  -21
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
Cash from investing activities, $m
  -5
  -27
  -31
  -33
  -37
  -40
  -44
  -47
  -51
  -55
  -59
  -62
  -67
  -71
  -76
  -80
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -124
  -130
  -137
  -145
  -152
  -160
  -169
  -177
Free cash flow, $m
  63
  17
  31
  42
  53
  66
  80
  95
  111
  127
  145
  161
  181
  201
  222
  245
  268
  292
  317
  343
  370
  398
  427
  457
  489
  522
  556
  592
  629
  668
  708
Issuance/(repayment) of debt, $m
  -1
  30
  32
  35
  37
  40
  42
  45
  47
  49
  51
  54
  56
  58
  60
  63
  65
  68
  70
  73
  76
  79
  82
  86
  89
  93
  97
  101
  106
  110
  115
Issuance/(repurchase) of shares, $m
  -14
  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  
  -14
  30
  32
  35
  37
  40
  42
  45
  47
  49
  51
  54
  56
  58
  60
  63
  65
  68
  70
  73
  76
  79
  82
  86
  89
  93
  97
  101
  106
  110
  115
Total cash flow (excl. dividends), $m
  49
  47
  63
  76
  91
  106
  122
  139
  157
  176
  196
  215
  237
  259
  283
  307
  333
  359
  387
  416
  446
  477
  509
  543
  578
  615
  653
  693
  734
  778
  823
Retained Cash Flow (-), $m
  -38
  -44
  -48
  -52
  -55
  -59
  -62
  -66
  -69
  -73
  -76
  -79
  -83
  -86
  -89
  -93
  -97
  -100
  -104
  -108
  -113
  -117
  -122
  -127
  -132
  -138
  -144
  -150
  -157
  -163
  -171
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
 
  551
  15
  25
  35
  47
  60
  73
  88
  104
  120
  136
  154
  173
  193
  214
  236
  259
  283
  307
  333
  359
  387
  416
  446
  477
  509
  543
  578
  615
  653
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
 
  528
  14
  22
  29
  36
  43
  50
  55
  60
  63
  64
  66
  66
  65
  63
  60
  56
  52
  47
  42
  37
  32
  27
  23
  19
  15
  12
  9
  7
  5
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

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 29.2
Price to Sales 2.2
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 20.2
Price to Free Cash Flow 22.1
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 17% 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 $1.4 billion.


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COMPANY NEWS

▶ 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]
▶ Is Kulicke & Soffa a Buyout Candidate?   [Sep-09-16 12:00PM  at TheStreet]
▶ Kulicke & Soffa Joins Chip-on-Wafer Consortium II   [Jun-30-16 09:05AM  Business Wire]
Stock chart of KLIC Financial statements of KLIC Annual reports 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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