Intrinsic value of Oclaro - OCLR

Previous Close

$9.86

  Intrinsic Value

$33.99

stock screener

  Rating & Target

str. buy

+245%

  Value-price divergence*

+5000%

Previous close

$9.86

 
Intrinsic value

$33.99

 
Up/down potential

+245%

 
Rating

str. buy

 
Value-price divergence*

+5000%

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

We calculate the intrinsic value of OCLR 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 1.6

 

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, %
  19.65
  19.60
  18.14
  16.83
  15.64
  14.58
  13.62
  12.76
  11.98
  11.28
  10.66
  10.09
  9.58
  9.12
  8.71
  8.34
  8.01
  7.71
  7.43
  7.19
  6.97
  6.78
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
Revenue, $m
  408
  488
  576
  673
  779
  892
  1,014
  1,143
  1,280
  1,425
  1,577
  1,736
  1,902
  2,076
  2,256
  2,445
  2,640
  2,844
  3,055
  3,275
  3,503
  3,741
  3,987
  4,244
  4,511
  4,789
  5,079
  5,381
  5,695
  6,024
  6,366
Variable operating expenses, $m
 
  111
  131
  154
  178
  203
  231
  261
  292
  325
  359
  396
  434
  473
  514
  557
  602
  648
  697
  747
  799
  853
  909
  968
  1,029
  1,092
  1,158
  1,227
  1,299
  1,373
  1,452
Fixed operating expenses, $m
 
  326
  334
  342
  351
  360
  369
  378
  387
  397
  407
  417
  428
  438
  449
  461
  472
  484
  496
  508
  521
  534
  547
  561
  575
  590
  604
  619
  635
  651
  667
Total operating expenses, $m
  392
  437
  465
  496
  529
  563
  600
  639
  679
  722
  766
  813
  862
  911
  963
  1,018
  1,074
  1,132
  1,193
  1,255
  1,320
  1,387
  1,456
  1,529
  1,604
  1,682
  1,762
  1,846
  1,934
  2,024
  2,119
Operating income, $m
  16
  51
  111
  177
  250
  329
  414
  505
  601
  703
  810
  923
  1,041
  1,164
  1,293
  1,427
  1,566
  1,711
  1,863
  2,020
  2,183
  2,354
  2,531
  2,715
  2,907
  3,108
  3,317
  3,534
  3,762
  4,000
  4,248
EBITDA, $m
  33
  57
  119
  187
  261
  341
  428
  520
  618
  722
  832
  947
  1,067
  1,192
  1,324
  1,460
  1,602
  1,750
  1,904
  2,065
  2,231
  2,405
  2,585
  2,773
  2,969
  3,173
  3,386
  3,608
  3,840
  4,082
  4,335
Interest expense (income), $m
  4
  4
  6
  9
  11
  14
  17
  21
  24
  28
  32
  36
  41
  45
  50
  55
  60
  66
  71
  77
  83
  89
  96
  103
  110
  117
  125
  133
  141
  150
  159
Earnings before tax, $m
  9
  47
  105
  169
  239
  315
  397
  484
  577
  675
  778
  887
  1,000
  1,119
  1,243
  1,372
  1,506
  1,646
  1,791
  1,943
  2,100
  2,264
  2,435
  2,612
  2,797
  2,990
  3,192
  3,401
  3,621
  3,849
  4,089
Tax expense, $m
  0
  13
  28
  46
  65
  85
  107
  131
  156
  182
  210
  239
  270
  302
  336
  370
  407
  444
  484
  525
  567
  611
  657
  705
  755
  807
  862
  918
  978
  1,039
  1,104
Net income, $m
  9
  34
  77
  123
  175
  230
  290
  353
  421
  493
  568
  647
  730
  817
  907
  1,001
  1,099
  1,201
  1,308
  1,418
  1,533
  1,653
  1,777
  1,907
  2,042
  2,183
  2,330
  2,483
  2,643
  2,810
  2,985

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  96
  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
  359
  315
  372
  434
  502
  575
  654
  737
  825
  919
  1,017
  1,119
  1,226
  1,338
  1,455
  1,576
  1,702
  1,833
  1,970
  2,111
  2,259
  2,412
  2,571
  2,736
  2,909
  3,088
  3,275
  3,469
  3,672
  3,884
  4,105
Adjusted assets (=assets-cash), $m
  263
  315
  372
  434
  502
  575
  654
  737
  825
  919
  1,017
  1,119
  1,226
  1,338
  1,455
  1,576
  1,702
  1,833
  1,970
  2,111
  2,259
  2,412
  2,571
  2,736
  2,909
  3,088
  3,275
  3,469
  3,672
  3,884
  4,105
Revenue / Adjusted assets
  1.551
  1.549
  1.548
  1.551
  1.552
  1.551
  1.550
  1.551
  1.552
  1.551
  1.551
  1.551
  1.551
  1.552
  1.551
  1.551
  1.551
  1.552
  1.551
  1.551
  1.551
  1.551
  1.551
  1.551
  1.551
  1.551
  1.551
  1.551
  1.551
  1.551
  1.551
Average production assets, $m
  56
  67
  79
  92
  107
  122
  139
  157
  175
  195
  216
  238
  261
  284
  309
  335
  362
  390
  419
  449
  480
  512
  546
  581
  618
  656
  696
  737
  780
  825
  872
Working capital, $m
  180
  105
  125
  145
  168
  193
  219
  247
  277
  308
  341
  375
  411
  448
  487
  528
  570
  614
  660
  707
  757
  808
  861
  917
  974
  1,034
  1,097
  1,162
  1,230
  1,301
  1,375
Total debt, $m
  68
  101
  142
  186
  235
  287
  343
  403
  466
  533
  603
  676
  753
  833
  916
  1,003
  1,093
  1,187
  1,284
  1,386
  1,491
  1,600
  1,714
  1,832
  1,956
  2,084
  2,217
  2,356
  2,502
  2,653
  2,811
Total liabilities, $m
  192
  225
  266
  310
  359
  411
  467
  527
  590
  657
  727
  800
  877
  957
  1,040
  1,127
  1,217
  1,311
  1,408
  1,510
  1,615
  1,724
  1,838
  1,956
  2,080
  2,208
  2,341
  2,480
  2,626
  2,777
  2,935
Total equity, $m
  167
  90
  106
  124
  143
  164
  186
  210
  235
  262
  290
  319
  350
  381
  415
  449
  485
  523
  561
  602
  644
  687
  733
  780
  829
  880
  933
  989
  1,047
  1,107
  1,170
Total liabilities and equity, $m
  359
  315
  372
  434
  502
  575
  653
  737
  825
  919
  1,017
  1,119
  1,227
  1,338
  1,455
  1,576
  1,702
  1,834
  1,969
  2,112
  2,259
  2,411
  2,571
  2,736
  2,909
  3,088
  3,274
  3,469
  3,673
  3,884
  4,105
Debt-to-equity ratio
  0.407
  1.130
  1.340
  1.510
  1.640
  1.750
  1.840
  1.920
  1.980
  2.040
  2.080
  2.120
  2.150
  2.180
  2.210
  2.230
  2.250
  2.270
  2.290
  2.300
  2.320
  2.330
  2.340
  2.350
  2.360
  2.370
  2.380
  2.380
  2.390
  2.400
  2.400
Adjusted equity ratio
  0.270
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  9
  34
  77
  123
  175
  230
  290
  353
  421
  493
  568
  647
  730
  817
  907
  1,001
  1,099
  1,201
  1,308
  1,418
  1,533
  1,653
  1,777
  1,907
  2,042
  2,183
  2,330
  2,483
  2,643
  2,810
  2,985
Depreciation, amort., depletion, $m
  17
  7
  8
  9
  11
  12
  14
  16
  18
  20
  22
  24
  26
  28
  31
  33
  36
  39
  42
  45
  48
  51
  55
  58
  62
  66
  70
  74
  78
  83
  87
Funds from operations, $m
  -21
  41
  84
  133
  185
  242
  304
  369
  439
  512
  590
  671
  756
  845
  938
  1,035
  1,136
  1,240
  1,350
  1,463
  1,581
  1,704
  1,832
  1,965
  2,104
  2,249
  2,399
  2,557
  2,721
  2,893
  3,072
Change in working capital, $m
  -27
  17
  19
  21
  23
  25
  26
  28
  30
  31
  33
  34
  36
  37
  39
  41
  42
  44
  46
  47
  49
  51
  53
  55
  58
  60
  63
  65
  68
  71
  74
Cash from operations, $m
  6
  24
  65
  112
  162
  218
  277
  341
  409
  481
  557
  637
  720
  808
  899
  994
  1,093
  1,197
  1,304
  1,416
  1,532
  1,653
  1,779
  1,910
  2,046
  2,189
  2,337
  2,492
  2,653
  2,822
  2,998
Maintenance CAPEX, $m
  0
  -6
  -7
  -8
  -9
  -11
  -12
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -31
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -55
  -58
  -62
  -66
  -70
  -74
  -78
  -83
New CAPEX, $m
  -28
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
Cash from investing activities, $m
  -25
  -17
  -19
  -21
  -23
  -27
  -29
  -32
  -35
  -38
  -41
  -44
  -47
  -50
  -53
  -57
  -60
  -64
  -68
  -72
  -76
  -81
  -85
  -90
  -95
  -100
  -106
  -111
  -117
  -123
  -130
Free cash flow, $m
  -19
  7
  47
  90
  139
  191
  248
  309
  375
  444
  517
  593
  674
  758
  846
  937
  1,033
  1,132
  1,236
  1,344
  1,456
  1,572
  1,694
  1,820
  1,952
  2,089
  2,232
  2,381
  2,536
  2,699
  2,868
Issuance/(repayment) of debt, $m
  -3
  37
  41
  45
  49
  52
  56
  60
  63
  67
  70
  73
  77
  80
  83
  87
  90
  94
  97
  101
  105
  109
  114
  118
  123
  128
  134
  139
  145
  151
  158
Issuance/(repurchase) of shares, $m
  -1
  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  
  -5
  37
  41
  45
  49
  52
  56
  60
  63
  67
  70
  73
  77
  80
  83
  87
  90
  94
  97
  101
  105
  109
  114
  118
  123
  128
  134
  139
  145
  151
  158
Total cash flow (excl. dividends), $m
  -16
  44
  87
  135
  187
  244
  304
  369
  438
  510
  587
  667
  750
  838
  929
  1,024
  1,123
  1,226
  1,333
  1,445
  1,561
  1,682
  1,807
  1,938
  2,075
  2,217
  2,365
  2,520
  2,681
  2,850
  3,026
Retained Cash Flow (-), $m
  -14
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
Prev. year cash balance distribution, $m
 
  92
  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
 
  121
  71
  117
  168
  223
  282
  345
  413
  484
  559
  637
  720
  806
  896
  990
  1,087
  1,189
  1,295
  1,405
  1,519
  1,638
  1,762
  1,891
  2,026
  2,166
  2,312
  2,464
  2,623
  2,790
  2,963
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
 
  116
  65
  102
  138
  173
  205
  233
  258
  278
  293
  303
  307
  306
  301
  291
  276
  259
  238
  216
  193
  169
  146
  124
  103
  84
  67
  53
  41
  30
  22
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

Oclaro, Inc. designs, manufactures, and markets lasers and optical components, modules, and subsystems for the optical communications, industrial, and consumer laser markets worldwide. The company’s products generate, detect, combine, and separate light signals in optical communications networks. It offers client side transceivers, including pluggable transceivers; line side transceivers; tunable laser transmitters, such as discrete lasers and co-packaged laser modulators; lithium niobate modulators to manipulate the phase or the amplitude of an optical signal; transponder modules for transmitter and receiver functions; and discrete lasers and receivers for metro and long-haul applications. The company markets its products through direct sales force, as well as through sales representatives and resellers. It serves network equipment manufacturers of telecommunications and datacom systems, and hyperscale data center operators. The company was formerly known as Bookham, Inc. and changed its name to Oclaro, Inc. in April 2009. Oclaro, Inc. was founded in 1988 and is headquartered in San Jose, California.

FINANCIAL RATIOS  of  Oclaro (OCLR)

Valuation Ratios
P/E Ratio 122.9
Price to Sales 2.7
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 184.4
Price to Free Cash Flow -50.3
Growth Rates
Sales Growth Rate 19.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 55.6%
Cap. Spend. - 3 Yr. Gr. Rate 10.5%
Financial Strength
Quick Ratio 24
Current Ratio 0
LT Debt to Equity 38.3%
Total Debt to Equity 40.7%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. -2%
Return On Total Capital 4%
Ret/ On T. Cap. - 3 Yr. Avg. -4.9%
Return On Equity 5.6%
Return On Equity - 3 Yr. Avg. -5.3%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 28.4%
Gross Margin - 3 Yr. Avg. 19.5%
EBITDA Margin 7.4%
EBITDA Margin - 3 Yr. Avg. -6.8%
Operating Margin 3.9%
Oper. Margin - 3 Yr. Avg. -11.9%
Pre-Tax Margin 2.2%
Pre-Tax Margin - 3 Yr. Avg. -13.4%
Net Profit Margin 2.2%
Net Profit Margin - 3 Yr. Avg. -3.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 2.7%
Payout Ratio 0%

OCLR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OCLR stock intrinsic value calculation we used $408 million for the last fiscal year's total revenue generated by Oclaro. The default revenue input number comes from 2016 income statement of Oclaro. 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 OCLR stock valuation model: a) initial revenue growth rate of 19.6% 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 OCLR is calculated based on our internal credit rating of Oclaro, 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 Oclaro.
    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 OCLR stock the variable cost ratio is equal to 22.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $318 million in the base year in the intrinsic value calculation for OCLR 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% for Oclaro.

Corporate tax rate of 27% is the nominal tax rate for Oclaro. 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 OCLR 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 OCLR are equal to 13.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Oclaro 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 OCLR is equal to 21.6%. 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 - $167 million for Oclaro - 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 160.045 million for Oclaro 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 Oclaro at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ Fiber Stocks Rally As Applied Optoelectronics Preannounces Q2 Beat   [Jul-13-17 06:06PM  Investor's Business Daily]
▶ Oclaro, Inc. Value Analysis (NASDAQ:OCLR) : July 10, 2017   [Jul-10-17 04:22PM  Capital Cube]
▶ ETFs with exposure to Oclaro, Inc. : July 7, 2017   [Jul-07-17 03:19PM  Capital Cube]
▶ Fiber-Optic Stocks Rated Strong Buys; One Gets Big Price-Target Hike   [Jul-06-17 11:23AM  Investor's Business Daily]
▶ Benzinga's Option Alert Recap From June 30   [Jun-30-17 04:10PM  Benzinga]
▶ Benzinga's Option Alert Recap From June 16   [Jun-16-17 04:20PM  Benzinga]
▶ Benzinga's Option Alert Recap From June 14   [Jun-14-17 04:10PM  Benzinga]
▶ 4 Top Small-Cap Stocks to Buy in June   [Jun-12-17 08:49AM  Motley Fool]
▶ ETFs with exposure to Oclaro, Inc. : June 8, 2017   [Jun-08-17 01:50PM  Capital Cube]
▶ Lumentum Holdings Hits New High, Other Fiber Stocks Rally   [Jun-06-17 04:32PM  Investor's Business Daily]
▶ Why Oclaro, Inc. Jumped 13% Higher Today   [01:26PM  Motley Fool]
▶ ETFs with exposure to Oclaro, Inc. : May 29, 2017   [May-29-17 12:51PM  Capital Cube]
▶ Oclaro, Inc.: Strong price momentum but will it sustain?   [May-23-17 11:24AM  Capital Cube]
▶ This Market is Now Overbought; Waiting for Another Pullback   [May-22-17 10:56AM  TheStreet.com]
▶ ETFs with exposure to Oclaro, Inc. : May 18, 2017   [May-18-17 01:55PM  Capital Cube]
▶ Oclaro, Inc. Value Analysis (NASDAQ:OCLR) : May 16, 2017   [May-16-17 01:13PM  Capital Cube]
▶ How Oclaro, Inc. Shares Fell 18% in April   [May-08-17 06:42PM  Motley Fool]
▶ Who Needs China? Fiber Optic Stocks Rally Off Lows On Amazon, Verizon Hopes   [May-03-17 04:36PM  Investor's Business Daily]
▶ Story Stocks from Briefing.com   [09:51AM  Briefing.com]
▶ Oclaro beats Street 3Q forecasts   [May-02-17 06:37PM  Associated Press]
▶ Why Fiber-Optic Stocks Were The Market's Biggest Losers Today   [Apr-26-17 04:58PM  Investor's Business Daily]
▶ ETFs with exposure to Oclaro, Inc. : April 5, 2017   [Apr-05-17 05:13PM  Capital Cube]
▶ How Oclaro, Inc. Rose 15.5% in March   [Apr-04-17 06:19PM  Motley Fool]
▶ Fiber Optic Stocks Are Hot, But This Is Why M&A Is On The Back Burner   [Mar-24-17 04:14PM  Investor's Business Daily]
▶ Ciena Merchant Chip Strategy Targets Acacia, Inphi And China   [Mar-21-17 04:11PM  Investor's Business Daily]
▶ Five Cheap Tech Stocks to Buy Now   [01:19PM  Insider Monkey]
▶ 3 High-Growth Stocks You May Be Overlooking   [Mar-19-17 09:54AM  at Motley Fool]
▶ Panic Selling In Oclaro Creates An Opportunity   [Mar-02-17 05:13AM  at Forbes]
▶ Oclaro to Participate in the 29th Annual ROTH Conference   [Feb-28-17 04:05PM  PR Newswire]
▶ Bears Are Getting Squeezed Once Again   [Feb-23-17 01:42PM  at TheStreet]
▶ Oclaro Is Cheap Here, Will Not Remain So For Long   [Feb-19-17 05:44AM  at Forbes]
Stock chart of OCLR Financial statements of OCLR Annual reports of OCLR
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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