Intrinsic value of NeoPhotonics - NPTN

Previous Close

$5.46

  Intrinsic Value

$1.65

stock screener

  Rating & Target

str. sell

-70%

Previous close

$5.46

 
Intrinsic value

$1.65

 
Up/down potential

-70%

 
Rating

str. sell

We calculate the intrinsic value of NPTN 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 0.2

 

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, %
  21.24
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  411
  419
  429
  440
  452
  466
  481
  497
  515
  534
  555
  577
  600
  625
  651
  680
  709
  741
  774
  809
  847
  886
  927
  971
  1,017
  1,065
  1,116
  1,170
  1,226
  1,286
  1,348
Variable operating expenses, $m
 
  414
  424
  435
  447
  460
  475
  491
  509
  528
  548
  570
  593
  617
  643
  671
  701
  732
  765
  800
  836
  875
  916
  959
  1,004
  1,052
  1,103
  1,156
  1,211
  1,270
  1,332
Fixed operating expenses, $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
Total operating expenses, $m
  408
  414
  424
  435
  447
  460
  475
  491
  509
  528
  548
  570
  593
  617
  643
  671
  701
  732
  765
  800
  836
  875
  916
  959
  1,004
  1,052
  1,103
  1,156
  1,211
  1,270
  1,332
Operating income, $m
  3
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
EBITDA, $m
  25
  24
  25
  25
  26
  27
  28
  29
  30
  31
  32
  33
  34
  36
  37
  39
  41
  43
  44
  46
  49
  51
  53
  56
  58
  61
  64
  67
  70
  74
  77
Interest expense (income), $m
  0
  0
  0
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
Earnings before tax, $m
  3
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  6
  6
Tax expense, $m
  3
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
Net income, $m
  0
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  102
  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
  391
  295
  302
  309
  318
  328
  338
  350
  362
  376
  390
  406
  422
  440
  458
  478
  499
  521
  544
  569
  595
  623
  652
  683
  715
  749
  785
  823
  862
  904
  948
Adjusted assets (=assets-cash), $m
  289
  295
  302
  309
  318
  328
  338
  350
  362
  376
  390
  406
  422
  440
  458
  478
  499
  521
  544
  569
  595
  623
  652
  683
  715
  749
  785
  823
  862
  904
  948
Revenue / Adjusted assets
  1.422
  1.420
  1.421
  1.424
  1.421
  1.421
  1.423
  1.420
  1.423
  1.420
  1.423
  1.421
  1.422
  1.420
  1.421
  1.423
  1.421
  1.422
  1.423
  1.422
  1.424
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.423
  1.422
Average production assets, $m
  93
  95
  97
  99
  102
  105
  109
  112
  116
  121
  125
  130
  136
  141
  147
  154
  160
  167
  175
  183
  191
  200
  210
  219
  230
  241
  252
  264
  277
  291
  305
Working capital, $m
  125
  55
  56
  58
  59
  61
  63
  65
  67
  70
  73
  76
  79
  82
  85
  89
  93
  97
  101
  106
  111
  116
  121
  127
  133
  140
  146
  153
  161
  168
  177
Total debt, $m
  41
  13
  16
  19
  24
  28
  33
  38
  44
  50
  57
  64
  72
  80
  89
  98
  108
  118
  129
  141
  153
  166
  180
  194
  209
  225
  242
  259
  278
  297
  318
Total liabilities, $m
  165
  138
  141
  144
  149
  153
  158
  163
  169
  175
  182
  189
  197
  205
  214
  223
  233
  243
  254
  266
  278
  291
  305
  319
  334
  350
  367
  384
  403
  422
  443
Total equity, $m
  225
  157
  161
  165
  170
  175
  180
  186
  193
  200
  208
  216
  225
  234
  244
  255
  266
  278
  290
  303
  317
  332
  348
  364
  381
  399
  418
  438
  460
  482
  505
Total liabilities and equity, $m
  390
  295
  302
  309
  319
  328
  338
  349
  362
  375
  390
  405
  422
  439
  458
  478
  499
  521
  544
  569
  595
  623
  653
  683
  715
  749
  785
  822
  863
  904
  948
Debt-to-equity ratio
  0.182
  0.080
  0.100
  0.120
  0.140
  0.160
  0.180
  0.210
  0.230
  0.250
  0.280
  0.300
  0.320
  0.340
  0.360
  0.390
  0.410
  0.430
  0.450
  0.460
  0.480
  0.500
  0.520
  0.530
  0.550
  0.560
  0.580
  0.590
  0.600
  0.620
  0.630
Adjusted equity ratio
  0.529
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  0
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
Depreciation, amort., depletion, $m
  22
  19
  19
  20
  21
  21
  22
  23
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  37
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
Funds from operations, $m
  67
  22
  23
  23
  24
  25
  25
  26
  27
  28
  29
  30
  31
  32
  33
  35
  36
  37
  39
  41
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  65
Change in working capital, $m
  13
  1
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
Cash from operations, $m
  54
  21
  22
  22
  22
  23
  23
  24
  25
  25
  26
  27
  28
  29
  30
  31
  32
  33
  35
  36
  37
  39
  41
  42
  44
  46
  48
  50
  52
  55
  57
Maintenance CAPEX, $m
  0
  -19
  -19
  -19
  -20
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
New CAPEX, $m
  -52
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
Cash from investing activities, $m
  -49
  -21
  -21
  -21
  -23
  -23
  -24
  -26
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -35
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -62
  -66
  -68
  -72
Free cash flow, $m
  5
  1
  1
  0
  0
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
Issuance/(repayment) of debt, $m
  -2
  3
  3
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
Issuance/(repurchase) of shares, $m
  7
  0
  0
  1
  1
  2
  2
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
Cash from financing (excl. dividends), $m  
  4
  3
  3
  5
  5
  7
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  26
  28
  30
  32
  34
  36
  38
  40
Total cash flow (excl. dividends), $m
  6
  4
  4
  4
  5
  5
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
Retained Cash Flow (-), $m
  -13
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
Prev. year cash balance distribution, $m
 
  71
  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
 
  72
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
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
 
  69
  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
Current shareholders' claim on cash, %
  100
  100.0
  99.9
  99.5
  98.8
  97.9
  96.8
  95.5
  94.0
  92.4
  90.7
  88.8
  86.9
  84.9
  82.9
  80.8
  78.6
  76.5
  74.3
  72.1
  70.0
  67.8
  65.7
  63.5
  61.5
  59.4
  57.4
  55.4
  53.5
  51.6
  49.7

NeoPhotonics Corporation develops, manufactures and markets optoelectronic products that transmit, receive and switch digital optical signals for communications networks. The Company develops and manufactures Transmitter Products, Receiver Products and Switch Products that are used in ultra-high speed digital optical communications, high speed switching and provisioning, and access connections for wireless and fiber-to-the-home communications networks. The Company's products are categorized into groups, including High Speed Products and Network Products and Solutions. The High Speed Products includes products designed for 100G and beyond for telecommunication and datacenter or content provider networks and applications. Its Network Products and Solutions consist of various products designed for applications below 100G, and include 40G products. The Company combines its transmitter and receiver products into Transceiver modules.

FINANCIAL RATIOS  of  NeoPhotonics (NPTN)

Valuation Ratios
P/E Ratio 0
Price to Sales 0.6
Price to Book 1
Price to Tangible Book
Price to Cash Flow 4.3
Price to Free Cash Flow 116.1
Growth Rates
Sales Growth Rate 21.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 205.9%
Cap. Spend. - 3 Yr. Gr. Rate 21.1%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 4.4%
Total Debt to Equity 18.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. -1.6%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. -2.6%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. -3.2%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 28.5%
Gross Margin - 3 Yr. Avg. 27.1%
EBITDA Margin 6.1%
EBITDA Margin - 3 Yr. Avg. 5.8%
Operating Margin 0.7%
Oper. Margin - 3 Yr. Avg. -1.4%
Pre-Tax Margin 0.7%
Pre-Tax Margin - 3 Yr. Avg. -0.9%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. -1.8%
Effective Tax Rate 100%
Eff/ Tax Rate - 3 Yr. Avg. 41.7%
Payout Ratio 0%

NPTN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NPTN stock intrinsic value calculation we used $411 million for the last fiscal year's total revenue generated by NeoPhotonics. The default revenue input number comes from 2016 income statement of NeoPhotonics. 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 NPTN stock valuation model: a) initial revenue growth rate of 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 NPTN is calculated based on our internal credit rating of NeoPhotonics, 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 NeoPhotonics.
    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 NPTN stock the variable cost ratio is equal to 98.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for NPTN 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 NeoPhotonics.

Corporate tax rate of 27% is the nominal tax rate for NeoPhotonics. 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 NPTN 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 NPTN are equal to 22.6%.

Life of production assets of 4.3 years is the average useful life of capital assets used in NeoPhotonics 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 NPTN is equal to 13.1%. 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 - $225 million for NeoPhotonics - 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 43.639 million for NeoPhotonics 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 NeoPhotonics at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Navient, NeoPhotonics Dive into Thursdays 52-Week Low Club   [Oct-05-17 04:04PM  24/7 Wall St.]
▶ Why Shares of NeoPhotonics Tumbled Today   [12:54PM  Motley Fool]
▶ 3 Stocks With Alphabet-Like Return Potential   [Sep-14-17 02:49PM  Motley Fool]
▶ NeoPhotonics Announces New Credit Facility   [Sep-11-17 08:00AM  Business Wire]
▶ NeoPhotonics (NPTN) Jumps: Stock Rises 10.7%   [Aug-24-17 08:48AM  Zacks]
▶ Why NeoPhotonics Shares Jumped and Then Fell Today   [Aug-04-17 05:15PM  Motley Fool]
▶ NeoPhotonics Reports Second Quarter 2017 Financial Results   [Aug-03-17 04:08PM  Business Wire]
▶ Here's Why Optical Stocks Are Selling Off Today   [Aug-02-17 12:33PM  Investor's Business Daily]
▶ 3 Value Stocks for Shrewd Investors   [Jul-31-17 08:19PM  Motley Fool]
▶ ETFs with exposure to NeoPhotonics Corp. : July 3, 2017   [Jul-03-17 03:32PM  Capital Cube]
▶ Applied Opto, Finisar Initiated At Buy, But China Remains A Problem   [Jun-30-17 02:31PM  Investor's Business Daily]
▶ ETFs with exposure to NeoPhotonics Corp. : June 19, 2017   [Jun-19-17 03:48PM  Capital Cube]
▶ ETFs with exposure to NeoPhotonics Corp. : June 5, 2017   [Jun-05-17 02:34PM  Capital Cube]
▶ ETFs with exposure to NeoPhotonics Corp. : May 26, 2017   [May-26-17 01:19PM  Capital Cube]
▶ 3 Stocks With NVIDIA-Like Return Potential   [May-18-17 12:00PM  Motley Fool]
▶ Why Shares of NeoPhotonics Corp. Rose Today   [May-09-17 04:33PM  Motley Fool]
▶ Why NeoPhotonics Corp. Jumped, Fell, and Wobbled Today   [May-05-17 02:45PM  Motley Fool]
▶ NeoPhotonics reports 1Q loss   [06:13AM  Associated Press]
▶ ETFs with exposure to NeoPhotonics Corp. : May 4, 2017   [May-04-17 04:13PM  Capital Cube]
▶ ETFs with exposure to NeoPhotonics Corp. : April 21, 2017   [Apr-21-17 03:01PM  Capital Cube]
▶ NeoPhotonics Drops 6% on CFO Departure   [Apr-06-17 05:47PM  Barrons.com]
▶ NeoPhotonics Announces CFO Departure   [04:40PM  Business Wire]
▶ ETFs with exposure to NeoPhotonics Corp. : March 27, 2017   [Mar-27-17 04:01PM  Capital Cube]
▶ Ciena Merchant Chip Strategy Targets Acacia, Inphi And China   [Mar-21-17 04:11PM  Investor's Business Daily]
▶ Why NeoPhotonics Corp Stock Jumped Today   [Mar-15-17 05:35PM  Motley Fool]
Financial statements of NPTN
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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