Intrinsic value of Lumentum Holdings - LITE

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$45.20

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$45.20

 
Intrinsic value

$140.27

 
Up/down potential

+210%

 
Rating

str. buy

 
Value-price divergence* premium content

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

We calculate the intrinsic value of LITE 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 2.7

 

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, %
  7.89
  21.60
  19.94
  18.45
  17.10
  15.89
  14.80
  13.82
  12.94
  12.15
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.63
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
Revenue, $m
  903
  1,098
  1,317
  1,560
  1,827
  2,117
  2,430
  2,766
  3,124
  3,504
  3,904
  4,325
  4,767
  5,229
  5,711
  6,213
  6,736
  7,280
  7,846
  8,434
  9,044
  9,679
  10,339
  11,025
  11,738
  12,481
  13,254
  14,058
  14,897
  15,771
  16,683
Variable operating expenses, $m
 
  516
  619
  733
  858
  994
  1,141
  1,299
  1,467
  1,645
  1,833
  2,031
  2,238
  2,455
  2,681
  2,917
  3,162
  3,418
  3,683
  3,959
  4,246
  4,544
  4,854
  5,176
  5,511
  5,859
  6,222
  6,600
  6,993
  7,404
  7,832
Fixed operating expenses, $m
 
  492
  504
  517
  530
  543
  557
  571
  585
  599
  614
  630
  646
  662
  678
  695
  713
  730
  749
  767
  787
  806
  826
  847
  868
  890
  912
  935
  958
  982
  1,007
Total operating expenses, $m
  892
  1,008
  1,123
  1,250
  1,388
  1,537
  1,698
  1,870
  2,052
  2,244
  2,447
  2,661
  2,884
  3,117
  3,359
  3,612
  3,875
  4,148
  4,432
  4,726
  5,033
  5,350
  5,680
  6,023
  6,379
  6,749
  7,134
  7,535
  7,951
  8,386
  8,839
Operating income, $m
  12
  90
  194
  310
  439
  580
  732
  897
  1,072
  1,259
  1,456
  1,665
  1,884
  2,112
  2,352
  2,601
  2,861
  3,132
  3,414
  3,707
  4,012
  4,329
  4,659
  5,002
  5,360
  5,732
  6,120
  6,524
  6,945
  7,385
  7,844
EBITDA, $m
  66
  135
  247
  373
  513
  665
  830
  1,008
  1,198
  1,400
  1,614
  1,839
  2,075
  2,323
  2,581
  2,851
  3,132
  3,425
  3,729
  4,046
  4,376
  4,718
  5,075
  5,446
  5,832
  6,234
  6,652
  7,089
  7,544
  8,019
  8,515
Interest expense (income), $m
  0
  0
  2
  4
  6
  8
  11
  14
  17
  20
  23
  27
  30
  34
  38
  43
  47
  52
  57
  62
  67
  72
  78
  84
  90
  96
  103
  109
  117
  124
  132
Earnings before tax, $m
  10
  90
  192
  307
  433
  571
  722
  883
  1,056
  1,239
  1,433
  1,638
  1,853
  2,078
  2,313
  2,559
  2,814
  3,081
  3,358
  3,646
  3,945
  4,257
  4,581
  4,919
  5,270
  5,636
  6,017
  6,414
  6,829
  7,261
  7,713
Tax expense, $m
  1
  24
  52
  83
  117
  154
  195
  238
  285
  335
  387
  442
  500
  561
  625
  691
  760
  832
  907
  984
  1,065
  1,149
  1,237
  1,328
  1,423
  1,522
  1,625
  1,732
  1,844
  1,961
  2,082
Net income, $m
  9
  66
  140
  224
  316
  417
  527
  645
  771
  905
  1,046
  1,196
  1,353
  1,517
  1,689
  1,868
  2,054
  2,249
  2,451
  2,661
  2,880
  3,108
  3,344
  3,591
  3,847
  4,114
  4,392
  4,682
  4,985
  5,301
  5,630

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  157
  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
  726
  692
  830
  983
  1,151
  1,334
  1,531
  1,743
  1,969
  2,208
  2,460
  2,726
  3,004
  3,295
  3,599
  3,915
  4,245
  4,587
  4,944
  5,314
  5,699
  6,099
  6,515
  6,947
  7,397
  7,864
  8,351
  8,858
  9,387
  9,938
  10,512
Adjusted assets (=assets-cash), $m
  569
  692
  830
  983
  1,151
  1,334
  1,531
  1,743
  1,969
  2,208
  2,460
  2,726
  3,004
  3,295
  3,599
  3,915
  4,245
  4,587
  4,944
  5,314
  5,699
  6,099
  6,515
  6,947
  7,397
  7,864
  8,351
  8,858
  9,387
  9,938
  10,512
Revenue / Adjusted assets
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
  1.587
Average production assets, $m
  182
  221
  265
  314
  367
  426
  488
  556
  628
  704
  785
  869
  958
  1,051
  1,148
  1,249
  1,354
  1,463
  1,577
  1,695
  1,818
  1,946
  2,078
  2,216
  2,359
  2,509
  2,664
  2,826
  2,994
  3,170
  3,353
Working capital, $m
  316
  193
  232
  275
  321
  373
  428
  487
  550
  617
  687
  761
  839
  920
  1,005
  1,094
  1,186
  1,281
  1,381
  1,484
  1,592
  1,704
  1,820
  1,940
  2,066
  2,197
  2,333
  2,474
  2,622
  2,776
  2,936
Total debt, $m
  0
  49
  105
  166
  234
  307
  387
  472
  562
  659
  760
  867
  979
  1,095
  1,218
  1,345
  1,477
  1,615
  1,758
  1,907
  2,062
  2,223
  2,390
  2,564
  2,744
  2,932
  3,128
  3,332
  3,545
  3,766
  3,997
Total liabilities, $m
  229
  278
  334
  395
  463
  536
  616
  701
  791
  888
  989
  1,096
  1,208
  1,324
  1,447
  1,574
  1,706
  1,844
  1,987
  2,136
  2,291
  2,452
  2,619
  2,793
  2,973
  3,161
  3,357
  3,561
  3,774
  3,995
  4,226
Total equity, $m
  497
  414
  496
  588
  688
  798
  916
  1,042
  1,177
  1,320
  1,471
  1,630
  1,796
  1,970
  2,152
  2,341
  2,538
  2,743
  2,956
  3,178
  3,408
  3,647
  3,896
  4,154
  4,423
  4,703
  4,994
  5,297
  5,613
  5,943
  6,286
Total liabilities and equity, $m
  726
  692
  830
  983
  1,151
  1,334
  1,532
  1,743
  1,968
  2,208
  2,460
  2,726
  3,004
  3,294
  3,599
  3,915
  4,244
  4,587
  4,943
  5,314
  5,699
  6,099
  6,515
  6,947
  7,396
  7,864
  8,351
  8,858
  9,387
  9,938
  10,512
Debt-to-equity ratio
  0.000
  0.120
  0.210
  0.280
  0.340
  0.390
  0.420
  0.450
  0.480
  0.500
  0.520
  0.530
  0.540
  0.560
  0.570
  0.570
  0.580
  0.590
  0.590
  0.600
  0.610
  0.610
  0.610
  0.620
  0.620
  0.620
  0.630
  0.630
  0.630
  0.630
  0.640
Adjusted equity ratio
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  9
  66
  140
  224
  316
  417
  527
  645
  771
  905
  1,046
  1,196
  1,353
  1,517
  1,689
  1,868
  2,054
  2,249
  2,451
  2,661
  2,880
  3,108
  3,344
  3,591
  3,847
  4,114
  4,392
  4,682
  4,985
  5,301
  5,630
Depreciation, amort., depletion, $m
  54
  45
  53
  63
  74
  86
  98
  112
  126
  141
  157
  174
  192
  210
  230
  250
  271
  293
  315
  339
  364
  389
  416
  443
  472
  502
  533
  565
  599
  634
  671
Funds from operations, $m
  85
  110
  194
  287
  390
  503
  625
  756
  897
  1,046
  1,204
  1,370
  1,545
  1,727
  1,918
  2,118
  2,325
  2,541
  2,766
  3,000
  3,244
  3,497
  3,760
  4,034
  4,319
  4,616
  4,925
  5,248
  5,584
  5,935
  6,301
Change in working capital, $m
  -2
  34
  39
  43
  47
  51
  55
  59
  63
  67
  70
  74
  78
  81
  85
  88
  92
  96
  100
  103
  108
  112
  116
  121
  126
  131
  136
  142
  148
  154
  160
Cash from operations, $m
  87
  93
  155
  244
  343
  452
  570
  697
  834
  979
  1,133
  1,296
  1,467
  1,646
  1,833
  2,029
  2,233
  2,446
  2,667
  2,897
  3,136
  3,385
  3,644
  3,913
  4,193
  4,485
  4,789
  5,106
  5,436
  5,781
  6,140
Maintenance CAPEX, $m
  0
  -36
  -44
  -53
  -63
  -73
  -85
  -98
  -111
  -126
  -141
  -157
  -174
  -192
  -210
  -230
  -250
  -271
  -293
  -315
  -339
  -364
  -389
  -416
  -443
  -472
  -502
  -533
  -565
  -599
  -634
New CAPEX, $m
  -82
  -39
  -44
  -49
  -54
  -58
  -63
  -68
  -72
  -76
  -81
  -85
  -89
  -93
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -128
  -133
  -138
  -143
  -149
  -155
  -162
  -169
  -176
  -183
Cash from investing activities, $m
  -82
  -75
  -88
  -102
  -117
  -131
  -148
  -166
  -183
  -202
  -222
  -242
  -263
  -285
  -307
  -331
  -355
  -380
  -407
  -433
  -462
  -492
  -522
  -554
  -586
  -621
  -657
  -695
  -734
  -775
  -817
Free cash flow, $m
  5
  17
  67
  142
  227
  320
  422
  532
  651
  777
  912
  1,054
  1,204
  1,362
  1,526
  1,699
  1,878
  2,066
  2,260
  2,463
  2,674
  2,894
  3,122
  3,360
  3,607
  3,864
  4,132
  4,411
  4,703
  5,006
  5,323
Issuance/(repayment) of debt, $m
  0
  49
  55
  62
  68
  74
  79
  85
  91
  96
  101
  107
  112
  117
  122
  127
  132
  138
  143
  149
  155
  161
  167
  174
  181
  188
  196
  204
  212
  221
  231
Issuance/(repurchase) of shares, $m
  5
  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  
  137
  49
  55
  62
  68
  74
  79
  85
  91
  96
  101
  107
  112
  117
  122
  127
  132
  138
  143
  149
  155
  161
  167
  174
  181
  188
  196
  204
  212
  221
  231
Total cash flow (excl. dividends), $m
  143
  66
  123
  204
  294
  393
  501
  617
  741
  873
  1,013
  1,161
  1,316
  1,479
  1,648
  1,826
  2,011
  2,203
  2,404
  2,612
  2,829
  3,055
  3,289
  3,533
  3,787
  4,052
  4,328
  4,615
  4,915
  5,228
  5,554
Retained Cash Flow (-), $m
  -116
  -74
  -83
  -92
  -101
  -109
  -118
  -127
  -135
  -143
  -151
  -159
  -166
  -174
  -182
  -189
  -197
  -205
  -213
  -221
  -230
  -239
  -249
  -258
  -269
  -280
  -291
  -303
  -316
  -329
  -344
Prev. year cash balance distribution, $m
 
  157
  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
 
  149
  40
  112
  194
  284
  383
  491
  606
  730
  863
  1,002
  1,150
  1,305
  1,467
  1,637
  1,814
  1,998
  2,191
  2,391
  2,599
  2,815
  3,041
  3,275
  3,519
  3,772
  4,037
  4,312
  4,599
  4,898
  5,211
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
 
  143
  37
  98
  160
  220
  278
  331
  379
  420
  452
  476
  491
  496
  492
  480
  461
  435
  403
  368
  330
  291
  252
  215
  179
  147
  118
  93
  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

Lumentum Holdings Inc. manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. It operates in two segments, Optical Communications and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables. It offers tunable transponders, transceivers, and transmitter modules; tunable lasers, receivers, and modulators; and transport products comprising reconfigurable optical add/drop multiplexers, amplifiers, and optical channel monitors, as well as components consisting of 980nm, multi-mode, and Raman pumps. This segment also offers Super Transport Blade, which integrates optical transport functions into a single-slot blade; products for 3-D sensing applications, including a light source product; vertical-cavity surface-emitting lasers; distributed feedback and electro-absorption modulated lasers; and individual and compact laser arrays. It serves customers in telecommunications, data communications, and consumer and industrial markets. The Commercial Lasers segment offers diode, direct-diode, diode-pumped solid-state, fiber, and gas lasers. This segment serves customers in markets and applications, such as manufacturing, biotechnology, graphics and imaging, and remote sensing, as well as in precision machining, including drilling in printed circuit boards, wafer singulation, and solar cell scribing. Its lasers products are used in various original equipment manufacturer applications. Lumentum Holdings Inc. was incorporated in 2015 and is headquartered in Milpitas, California.

FINANCIAL RATIOS  of  Lumentum Holdings (LITE)

Valuation Ratios
P/E Ratio 299.2
Price to Sales 3
Price to Book 5.4
Price to Tangible Book
Price to Cash Flow 31
Price to Free Cash Flow 538.6
Growth Rates
Sales Growth Rate 7.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 51.9%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.5%
Ret/ On Assets - 3 Yr. Avg. 1.1%
Return On Total Capital 2.1%
Ret/ On T. Cap. - 3 Yr. Avg. 1.6%
Return On Equity 2.1%
Return On Equity - 3 Yr. Avg. 1.6%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 30.7%
Gross Margin - 3 Yr. Avg. 31%
EBITDA Margin 7.1%
EBITDA Margin - 3 Yr. Avg. 5.6%
Operating Margin 1.2%
Oper. Margin - 3 Yr. Avg. -0.2%
Pre-Tax Margin 1.1%
Pre-Tax Margin - 3 Yr. Avg. -0.2%
Net Profit Margin 1%
Net Profit Margin - 3 Yr. Avg. 0.7%
Effective Tax Rate 10%
Eff/ Tax Rate - 3 Yr. Avg. 29.3%
Payout Ratio 11.1%

LITE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LITE stock intrinsic value calculation we used $903 million for the last fiscal year's total revenue generated by Lumentum Holdings. The default revenue input number comes from 2016 income statement of Lumentum Holdings. 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 LITE stock valuation model: a) initial revenue growth rate of 21.6% 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 LITE is calculated based on our internal credit rating of Lumentum Holdings, 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 Lumentum Holdings.
    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 LITE stock the variable cost ratio is equal to 47%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $480 million in the base year in the intrinsic value calculation for LITE 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 Lumentum Holdings.

Corporate tax rate of 27% is the nominal tax rate for Lumentum Holdings. 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 LITE 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 LITE are equal to 20.1%.

Life of production assets of 3.5 years is the average useful life of capital assets used in Lumentum Holdings 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 LITE is equal to 17.6%. 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 - $497 million for Lumentum Holdings - 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 60.544 million for Lumentum Holdings 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 Lumentum Holdings at the current share price and the inputted number of shares is $2.7 billion.


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Stock chart of LITE Financial statements of LITE
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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