Intrinsic value of Photronics - PLAB

Previous Close

$7.65

  Intrinsic Value

$36.22

stock screener

  Rating & Target

str. buy

+373%

Previous close

$7.65

 
Intrinsic value

$36.22

 
Up/down potential

+373%

 
Rating

str. buy

We calculate the intrinsic value of PLAB 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -6.63
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
Revenue, $m
  451
  510
  573
  639
  709
  782
  858
  938
  1,021
  1,108
  1,198
  1,292
  1,389
  1,491
  1,596
  1,705
  1,819
  1,937
  2,060
  2,188
  2,322
  2,461
  2,605
  2,756
  2,914
  3,079
  3,250
  3,430
  3,618
  3,814
  4,019
Variable operating expenses, $m
 
  89
  100
  112
  124
  137
  150
  164
  179
  194
  210
  226
  243
  261
  279
  298
  318
  339
  361
  383
  406
  431
  456
  482
  510
  539
  569
  600
  633
  667
  703
Fixed operating expenses, $m
 
  355
  364
  373
  382
  391
  401
  411
  422
  432
  443
  454
  465
  477
  489
  501
  514
  526
  540
  553
  567
  581
  596
  611
  626
  641
  658
  674
  691
  708
  726
Total operating expenses, $m
  419
  444
  464
  485
  506
  528
  551
  575
  601
  626
  653
  680
  708
  738
  768
  799
  832
  865
  901
  936
  973
  1,012
  1,052
  1,093
  1,136
  1,180
  1,227
  1,274
  1,324
  1,375
  1,429
Operating income, $m
  32
  66
  109
  155
  203
  253
  307
  363
  421
  482
  546
  612
  681
  753
  828
  906
  987
  1,072
  1,160
  1,252
  1,348
  1,449
  1,554
  1,664
  1,778
  1,898
  2,024
  2,156
  2,294
  2,438
  2,590
EBITDA, $m
  114
  159
  213
  270
  331
  395
  462
  533
  606
  683
  763
  846
  933
  1,023
  1,117
  1,215
  1,317
  1,423
  1,533
  1,649
  1,769
  1,895
  2,026
  2,163
  2,306
  2,456
  2,613
  2,777
  2,949
  3,129
  3,318
Interest expense (income), $m
  0
  2
  3
  5
  6
  7
  9
  11
  12
  14
  16
  18
  20
  22
  24
  26
  28
  31
  33
  36
  38
  41
  44
  47
  50
  54
  57
  61
  65
  69
  73
Earnings before tax, $m
  27
  64
  106
  150
  197
  246
  298
  352
  409
  468
  530
  594
  661
  731
  804
  880
  959
  1,041
  1,127
  1,216
  1,310
  1,408
  1,510
  1,616
  1,728
  1,845
  1,967
  2,095
  2,229
  2,370
  2,517
Tax expense, $m
  6
  17
  29
  41
  53
  66
  80
  95
  110
  126
  143
  160
  179
  197
  217
  238
  259
  281
  304
  328
  354
  380
  408
  436
  467
  498
  531
  566
  602
  640
  680
Net income, $m
  13
  47
  77
  110
  144
  180
  217
  257
  298
  342
  387
  434
  483
  534
  587
  642
  700
  760
  823
  888
  956
  1,028
  1,102
  1,180
  1,261
  1,347
  1,436
  1,529
  1,627
  1,730
  1,838

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  308
  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
  1,021
  806
  905
  1,009
  1,120
  1,235
  1,356
  1,482
  1,614
  1,750
  1,893
  2,041
  2,195
  2,355
  2,521
  2,694
  2,874
  3,060
  3,255
  3,457
  3,668
  3,887
  4,116
  4,355
  4,604
  4,864
  5,135
  5,419
  5,715
  6,025
  6,349
Adjusted assets (=assets-cash), $m
  713
  806
  905
  1,009
  1,120
  1,235
  1,356
  1,482
  1,614
  1,750
  1,893
  2,041
  2,195
  2,355
  2,521
  2,694
  2,874
  3,060
  3,255
  3,457
  3,668
  3,887
  4,116
  4,355
  4,604
  4,864
  5,135
  5,419
  5,715
  6,025
  6,349
Revenue / Adjusted assets
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
Average production assets, $m
  540
  610
  685
  764
  848
  935
  1,026
  1,122
  1,222
  1,325
  1,433
  1,545
  1,662
  1,783
  1,909
  2,039
  2,175
  2,317
  2,464
  2,617
  2,777
  2,943
  3,116
  3,297
  3,485
  3,682
  3,888
  4,102
  4,327
  4,561
  4,807
Working capital, $m
  367
  72
  81
  91
  101
  111
  122
  133
  145
  157
  170
  183
  197
  212
  227
  242
  258
  275
  293
  311
  330
  349
  370
  391
  414
  437
  462
  487
  514
  542
  571
Total debt, $m
  62
  92
  130
  170
  211
  255
  301
  349
  399
  451
  505
  562
  620
  681
  744
  810
  878
  949
  1,023
  1,100
  1,180
  1,263
  1,350
  1,441
  1,535
  1,634
  1,737
  1,845
  1,958
  2,076
  2,199
Total liabilities, $m
  276
  306
  344
  384
  425
  469
  515
  563
  613
  665
  719
  776
  834
  895
  958
  1,024
  1,092
  1,163
  1,237
  1,314
  1,394
  1,477
  1,564
  1,655
  1,749
  1,848
  1,951
  2,059
  2,172
  2,290
  2,413
Total equity, $m
  745
  500
  561
  626
  694
  766
  841
  919
  1,000
  1,085
  1,174
  1,265
  1,361
  1,460
  1,563
  1,670
  1,782
  1,897
  2,018
  2,143
  2,274
  2,410
  2,552
  2,700
  2,854
  3,015
  3,184
  3,360
  3,543
  3,736
  3,937
Total liabilities and equity, $m
  1,021
  806
  905
  1,010
  1,119
  1,235
  1,356
  1,482
  1,613
  1,750
  1,893
  2,041
  2,195
  2,355
  2,521
  2,694
  2,874
  3,060
  3,255
  3,457
  3,668
  3,887
  4,116
  4,355
  4,603
  4,863
  5,135
  5,419
  5,715
  6,026
  6,350
Debt-to-equity ratio
  0.083
  0.180
  0.230
  0.270
  0.300
  0.330
  0.360
  0.380
  0.400
  0.420
  0.430
  0.440
  0.460
  0.470
  0.480
  0.480
  0.490
  0.500
  0.510
  0.510
  0.520
  0.520
  0.530
  0.530
  0.540
  0.540
  0.550
  0.550
  0.550
  0.560
  0.560
Adjusted equity ratio
  0.613
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  13
  47
  77
  110
  144
  180
  217
  257
  298
  342
  387
  434
  483
  534
  587
  642
  700
  760
  823
  888
  956
  1,028
  1,102
  1,180
  1,261
  1,347
  1,436
  1,529
  1,627
  1,730
  1,838
Depreciation, amort., depletion, $m
  82
  92
  104
  116
  128
  142
  156
  170
  185
  201
  217
  234
  252
  270
  289
  309
  330
  351
  373
  397
  421
  446
  472
  500
  528
  558
  589
  622
  656
  691
  728
Funds from operations, $m
  81
  139
  181
  225
  272
  321
  373
  427
  484
  542
  604
  668
  734
  804
  876
  951
  1,029
  1,111
  1,196
  1,285
  1,377
  1,473
  1,574
  1,679
  1,789
  1,904
  2,025
  2,151
  2,283
  2,421
  2,566
Change in working capital, $m
  -16
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  17
  18
  19
  20
  21
  21
  22
  23
  24
  25
  27
  28
  29
Cash from operations, $m
  97
  131
  172
  216
  262
  311
  362
  416
  472
  530
  591
  655
  721
  789
  861
  936
  1,013
  1,094
  1,178
  1,266
  1,358
  1,454
  1,554
  1,658
  1,767
  1,881
  2,000
  2,125
  2,256
  2,393
  2,537
Maintenance CAPEX, $m
  0
  -82
  -92
  -104
  -116
  -128
  -142
  -156
  -170
  -185
  -201
  -217
  -234
  -252
  -270
  -289
  -309
  -330
  -351
  -373
  -397
  -421
  -446
  -472
  -500
  -528
  -558
  -589
  -622
  -656
  -691
New CAPEX, $m
  -93
  -71
  -75
  -79
  -83
  -87
  -91
  -96
  -100
  -104
  -108
  -112
  -117
  -121
  -126
  -131
  -136
  -141
  -147
  -153
  -159
  -166
  -173
  -181
  -189
  -197
  -206
  -215
  -224
  -235
  -245
Cash from investing activities, $m
  -98
  -153
  -167
  -183
  -199
  -215
  -233
  -252
  -270
  -289
  -309
  -329
  -351
  -373
  -396
  -420
  -445
  -471
  -498
  -526
  -556
  -587
  -619
  -653
  -689
  -725
  -764
  -804
  -846
  -891
  -936
Free cash flow, $m
  -1
  -21
  5
  33
  63
  95
  129
  165
  202
  241
  282
  325
  370
  417
  465
  516
  568
  623
  680
  740
  802
  867
  934
  1,005
  1,079
  1,156
  1,237
  1,322
  1,410
  1,503
  1,600
Issuance/(repayment) of debt, $m
  -5
  35
  38
  40
  42
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  68
  71
  74
  77
  80
  83
  87
  91
  95
  99
  103
  108
  113
  118
  123
Issuance/(repurchase) of shares, $m
  0
  11
  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  
  -11
  46
  38
  40
  42
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  68
  71
  74
  77
  80
  83
  87
  91
  95
  99
  103
  108
  113
  118
  123
Total cash flow (excl. dividends), $m
  -6
  25
  42
  73
  105
  139
  175
  213
  252
  293
  337
  382
  428
  477
  528
  581
  637
  694
  754
  817
  882
  950
  1,021
  1,096
  1,174
  1,255
  1,340
  1,429
  1,523
  1,621
  1,723
Retained Cash Flow (-), $m
  -35
  -58
  -61
  -65
  -68
  -72
  -75
  -78
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -125
  -131
  -136
  -142
  -148
  -154
  -161
  -168
  -176
  -184
  -192
  -201
Prev. year cash balance distribution, $m
 
  303
  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
 
  270
  -19
  8
  37
  67
  100
  134
  171
  209
  248
  290
  333
  378
  425
  474
  525
  578
  634
  691
  751
  814
  880
  948
  1,019
  1,094
  1,172
  1,254
  1,339
  1,429
  1,522
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
 
  259
  -17
  7
  30
  52
  73
  91
  107
  120
  130
  138
  142
  144
  143
  139
  133
  126
  117
  106
  95
  84
  73
  62
  52
  43
  34
  27
  21
  16
  11
Current shareholders' claim on cash, %
  100
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7

Photronics, Inc. is a manufacturer of photomasks, which are photographic quartz plates containing microscopic images of electronic circuits. As of October 30, 2016, the Company operated principally from nine manufacturing facilities: two located in Europe, three in Taiwan, one in Korea and three in the United States. Photomasks are used in the manufacture of semiconductors and flat panel displays (FPDs), and are used as masters to transfer circuit patterns onto semiconductor wafers and flat panel substrates during the fabrication of integrated circuits (ICs), and a range of FPDs and other types of electrical and optical components. The Company offers reticle and photomask maintenance, including pellicle replacement, mask cleaning and re-certification, at all its sites across the world. Its products include Mature Binary, Advanced Binary Reticles, Phase Shift Masks-Embedded Attenuated Phase Shift Masks (EAPSM), Other Advanced Products and Large Area Masks.

FINANCIAL RATIOS  of  Photronics (PLAB)

Valuation Ratios
P/E Ratio 40.4
Price to Sales 1.2
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 5.4
Price to Free Cash Flow 131.3
Growth Rates
Sales Growth Rate -6.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 86%
Cap. Spend. - 3 Yr. Gr. Rate 0.4%
Financial Strength
Quick Ratio 62
Current Ratio 0.1
LT Debt to Equity 7.7%
Total Debt to Equity 8.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.3%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital 1.6%
Ret/ On T. Cap. - 3 Yr. Avg. 4.5%
Return On Equity 1.8%
Return On Equity - 3 Yr. Avg. 5.2%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 20.2%
Gross Margin - 3 Yr. Avg. 24%
EBITDA Margin 24.2%
EBITDA Margin - 3 Yr. Avg. 26.9%
Operating Margin 7.1%
Oper. Margin - 3 Yr. Avg. 11.2%
Pre-Tax Margin 6%
Pre-Tax Margin - 3 Yr. Avg. 10.6%
Net Profit Margin 2.9%
Net Profit Margin - 3 Yr. Avg. 7%
Effective Tax Rate 22.2%
Eff/ Tax Rate - 3 Yr. Avg. 15.8%
Payout Ratio 0%

PLAB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PLAB stock intrinsic value calculation we used $451 million for the last fiscal year's total revenue generated by Photronics. The default revenue input number comes from 2017 income statement of Photronics. 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 PLAB stock valuation model: a) initial revenue growth rate of 13.1% 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 PLAB is calculated based on our internal credit rating of Photronics, 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 Photronics.
    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 PLAB stock the variable cost ratio is equal to 17.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $346 million in the base year in the intrinsic value calculation for PLAB 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 Photronics.

Corporate tax rate of 27% is the nominal tax rate for Photronics. 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 PLAB 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 PLAB are equal to 119.6%.

Life of production assets of 6.6 years is the average useful life of capital assets used in Photronics 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 PLAB is equal to 14.2%. 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 - $745 million for Photronics - 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 68.891 million for Photronics 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 Photronics at the current share price and the inputted number of shares is $0.5 billion.

RELATED COMPANIES Price Int.Val. Rating
MU Micron Technol 44.54 2,466.81  str.buy
ASML ASML Holding 194.41 253.04  buy
COHU Cohu 19.46 7.74  str.sell
AMAT Applied Materi 56.13 182.04  str.buy
ON ON Semiconduct 23.23 68.44  str.buy
TXN Texas Instrume 103.66 74.55  sell

COMPANY NEWS

▶ Photronics, Inc. to Host Earnings Call   [Feb-14-18 07:00AM  ACCESSWIRE]
▶ Photronics posts 1Q profit   [06:09AM  Associated Press]
▶ Photronics to Report First Quarter Earnings   [Jan-31-18 12:00PM  Marketwired]
▶ Company News For Nov 30, 2017   [10:21AM  Zacks]
▶ Photronics, Inc. to Host Earnings Call   [Nov-29-17 07:00AM  ACCESSWIRE]
▶ Photronics posts 4Q profit   [06:16AM  Associated Press]
▶ Photronics Inc (PLAB): Should The Recent EPS Drop Worry You?   [Nov-19-17 06:44PM  Simply Wall St.]
▶ Photronics to Report Fourth Quarter Earnings   [Nov-14-17 03:00PM  Marketwired]
▶ ETFs with exposure to Photronics, Inc. : November 6, 2017   [Nov-06-17 12:20PM  Capital Cube]
▶ ETFs with exposure to Photronics, Inc. : October 2, 2017   [Oct-02-17 11:01AM  Capital Cube]
▶ Why Shares of Photronics Tumbled Today   [Aug-15-17 04:36PM  Motley Fool]
▶ Photronics misses Street 3Q forecasts   [Aug-14-17 11:24PM  Associated Press]
▶ ETFs with exposure to Photronics, Inc. : July 10, 2017   [Jul-10-17 03:03PM  Capital Cube]
▶ ETFs with exposure to Photronics, Inc. : June 26, 2017   [Jun-26-17 04:43PM  Capital Cube]
▶ ETFs with exposure to Photronics, Inc. : June 12, 2017   [Jun-12-17 02:21PM  Capital Cube]
▶ What Happened in the Stock Market Today   [May-17-17 04:53PM  Motley Fool]
▶ Why Shares of Photronics Are Down Today   [01:15PM  Motley Fool]
▶ Photronics misses Street 2Q forecasts   [06:10AM  Associated Press]
▶ Photronics misses 1Q profit forecasts   [06:06AM  Associated Press]
▶ ETFs with exposure to Photronics, Inc. : January 12, 2017   [Jan-12-17 02:22PM  Capital Cube]
▶ Hedge Funds Arent Crazy About Photronics, Inc. (PLAB) Anymore   [Dec-05-16 02:04AM  at Insider Monkey]
▶ Photronics Receives Best Partner Award from UMC   [Nov-28-16 04:30PM  Marketwired]
▶ Why Photronics, Inc. Stock Plunged Today   [Nov-11-16 08:27PM  at Motley Fool]
Financial statements of PLAB
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.