Intrinsic value of Veeco Instruments - VECO

Previous Close

$15.45

  Intrinsic Value

$26.31

stock screener

  Rating & Target

str. buy

+70%

Previous close

$15.45

 
Intrinsic value

$26.31

 
Up/down potential

+70%

 
Rating

str. buy

We calculate the intrinsic value of VECO 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
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, %
  -30.40
  45.80
  41.72
  38.05
  34.74
  31.77
  29.09
  26.68
  24.51
  22.56
  20.81
  19.23
  17.80
  16.52
  15.37
  14.33
  13.40
  12.56
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.62
  8.25
  7.93
  7.64
  7.37
  7.14
  6.92
Revenue, $m
  332
  707
  1,002
  1,383
  1,864
  2,456
  3,171
  4,017
  5,002
  6,130
  7,406
  8,830
  10,402
  12,120
  13,983
  15,987
  18,130
  20,407
  22,816
  25,354
  28,019
  30,810
  33,726
  36,767
  39,935
  43,231
  46,659
  50,222
  53,925
  57,772
  61,771
Variable operating expenses, $m
 
  417
  562
  750
  987
  1,280
  1,632
  2,050
  2,536
  3,092
  3,722
  4,357
  5,132
  5,980
  6,899
  7,888
  8,945
  10,069
  11,258
  12,510
  13,825
  15,202
  16,641
  18,141
  19,704
  21,331
  23,022
  24,780
  26,607
  28,506
  30,479
Fixed operating expenses, $m
 
  253
  259
  265
  271
  277
  283
  289
  295
  302
  308
  315
  322
  329
  336
  344
  351
  359
  367
  375
  383
  392
  400
  409
  418
  427
  437
  446
  456
  466
  476
Total operating expenses, $m
  453
  670
  821
  1,015
  1,258
  1,557
  1,915
  2,339
  2,831
  3,394
  4,030
  4,672
  5,454
  6,309
  7,235
  8,232
  9,296
  10,428
  11,625
  12,885
  14,208
  15,594
  17,041
  18,550
  20,122
  21,758
  23,459
  25,226
  27,063
  28,972
  30,955
Operating income, $m
  -120
  37
  181
  368
  606
  900
  1,256
  1,678
  2,171
  2,736
  3,376
  4,158
  4,947
  5,811
  6,747
  7,755
  8,833
  9,979
  11,191
  12,469
  13,811
  15,216
  16,685
  18,217
  19,812
  21,473
  23,200
  24,996
  26,861
  28,801
  30,816
EBITDA, $m
  -87
  177
  352
  578
  865
  1,220
  1,649
  2,159
  2,752
  3,433
  4,204
  5,065
  6,016
  7,056
  8,183
  9,397
  10,695
  12,075
  13,535
  15,073
  16,688
  18,380
  20,148
  21,993
  23,914
  25,913
  27,992
  30,153
  32,400
  34,734
  37,160
Interest expense (income), $m
  0
  39
  74
  121
  182
  258
  352
  466
  600
  757
  936
  1,139
  1,365
  1,615
  1,888
  2,184
  2,502
  2,843
  3,205
  3,587
  3,991
  4,414
  4,858
  5,321
  5,804
  6,308
  6,832
  7,376
  7,942
  8,531
  9,142
Earnings before tax, $m
  -119
  -2
  107
  247
  424
  642
  904
  1,213
  1,571
  1,980
  2,440
  3,019
  3,582
  4,196
  4,860
  5,571
  6,331
  7,136
  7,987
  8,882
  9,820
  10,802
  11,827
  12,896
  14,008
  15,165
  16,369
  17,619
  18,919
  20,270
  21,674
Tax expense, $m
  3
  0
  29
  67
  115
  173
  244
  327
  424
  534
  659
  815
  967
  1,133
  1,312
  1,504
  1,709
  1,927
  2,156
  2,398
  2,651
  2,917
  3,193
  3,482
  3,782
  4,095
  4,420
  4,757
  5,108
  5,473
  5,852
Net income, $m
  -122
  -2
  78
  181
  310
  469
  660
  885
  1,147
  1,445
  1,781
  2,204
  2,615
  3,063
  3,547
  4,067
  4,621
  5,209
  5,830
  6,484
  7,169
  7,885
  8,634
  9,414
  10,226
  11,071
  11,949
  12,862
  13,811
  14,797
  15,822

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  344
  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
  759
  1,871
  2,651
  3,660
  4,931
  6,498
  8,389
  10,627
  13,232
  16,218
  19,592
  23,359
  27,517
  32,064
  36,992
  42,295
  47,963
  53,987
  60,360
  67,074
  74,124
  81,507
  89,221
  97,267
  105,648
  114,369
  123,437
  132,863
  142,658
  152,837
  163,416
Adjusted assets (=assets-cash), $m
  415
  1,871
  2,651
  3,660
  4,931
  6,498
  8,389
  10,627
  13,232
  16,218
  19,592
  23,359
  27,517
  32,064
  36,992
  42,295
  47,963
  53,987
  60,360
  67,074
  74,124
  81,507
  89,221
  97,267
  105,648
  114,369
  123,437
  132,863
  142,658
  152,837
  163,416
Revenue / Adjusted assets
  0.800
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
Average production assets, $m
  166
  726
  1,029
  1,421
  1,914
  2,523
  3,256
  4,125
  5,137
  6,296
  7,606
  9,068
  10,682
  12,447
  14,361
  16,419
  18,619
  20,958
  23,432
  26,038
  28,776
  31,642
  34,636
  37,760
  41,013
  44,399
  47,919
  51,578
  55,381
  59,332
  63,439
Working capital, $m
  358
  102
  144
  199
  268
  354
  457
  578
  720
  883
  1,066
  1,271
  1,498
  1,745
  2,014
  2,302
  2,611
  2,939
  3,285
  3,651
  4,035
  4,437
  4,857
  5,294
  5,751
  6,225
  6,719
  7,232
  7,765
  8,319
  8,895
Total debt, $m
  1
  526
  859
  1,288
  1,830
  2,498
  3,303
  4,256
  5,366
  6,638
  8,075
  9,680
  11,452
  13,389
  15,488
  17,747
  20,161
  22,728
  25,443
  28,303
  31,306
  34,451
  37,738
  41,165
  44,735
  48,450
  52,313
  56,329
  60,502
  64,838
  69,345
Total liabilities, $m
  164
  797
  1,129
  1,559
  2,101
  2,768
  3,574
  4,527
  5,637
  6,909
  8,346
  9,951
  11,722
  13,659
  15,759
  18,018
  20,432
  22,998
  25,713
  28,573
  31,577
  34,722
  38,008
  41,436
  45,006
  48,721
  52,584
  56,600
  60,772
  65,109
  69,615
Total equity, $m
  595
  1,074
  1,522
  2,101
  2,831
  3,730
  4,815
  6,100
  7,595
  9,309
  11,246
  13,408
  15,795
  18,405
  21,234
  24,277
  27,531
  30,988
  34,646
  38,500
  42,547
  46,785
  51,213
  55,831
  60,642
  65,648
  70,853
  76,263
  81,886
  87,729
  93,801
Total liabilities and equity, $m
  759
  1,871
  2,651
  3,660
  4,932
  6,498
  8,389
  10,627
  13,232
  16,218
  19,592
  23,359
  27,517
  32,064
  36,993
  42,295
  47,963
  53,986
  60,359
  67,073
  74,124
  81,507
  89,221
  97,267
  105,648
  114,369
  123,437
  132,863
  142,658
  152,838
  163,416
Debt-to-equity ratio
  0.002
  0.490
  0.560
  0.610
  0.650
  0.670
  0.690
  0.700
  0.710
  0.710
  0.720
  0.720
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
Adjusted equity ratio
  0.605
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574
  0.574

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -122
  -2
  78
  181
  310
  469
  660
  885
  1,147
  1,445
  1,781
  2,204
  2,615
  3,063
  3,547
  4,067
  4,621
  5,209
  5,830
  6,484
  7,169
  7,885
  8,634
  9,414
  10,226
  11,071
  11,949
  12,862
  13,811
  14,797
  15,822
Depreciation, amort., depletion, $m
  33
  140
  171
  210
  259
  320
  393
  480
  581
  697
  828
  907
  1,068
  1,245
  1,436
  1,642
  1,862
  2,096
  2,343
  2,604
  2,878
  3,164
  3,464
  3,776
  4,101
  4,440
  4,792
  5,158
  5,538
  5,933
  6,344
Funds from operations, $m
  -44
  139
  249
  390
  569
  789
  1,053
  1,366
  1,728
  2,142
  2,609
  3,111
  3,683
  4,308
  4,984
  5,709
  6,483
  7,305
  8,174
  9,087
  10,046
  11,050
  12,097
  13,190
  14,327
  15,511
  16,741
  18,020
  19,349
  20,730
  22,166
Change in working capital, $m
  -20
  32
  42
  55
  69
  85
  103
  122
  142
  163
  184
  205
  226
  247
  268
  289
  309
  328
  347
  365
  384
  402
  420
  438
  456
  475
  494
  513
  533
  554
  576
Cash from operations, $m
  -24
  107
  206
  335
  500
  703
  950
  1,244
  1,586
  1,980
  2,426
  2,906
  3,457
  4,060
  4,715
  5,420
  6,175
  6,977
  7,827
  8,722
  9,662
  10,648
  11,678
  12,752
  13,871
  15,036
  16,247
  17,507
  18,816
  20,176
  21,590
Maintenance CAPEX, $m
  0
  -50
  -73
  -103
  -142
  -191
  -252
  -326
  -413
  -514
  -630
  -761
  -907
  -1,068
  -1,245
  -1,436
  -1,642
  -1,862
  -2,096
  -2,343
  -2,604
  -2,878
  -3,164
  -3,464
  -3,776
  -4,101
  -4,440
  -4,792
  -5,158
  -5,538
  -5,933
New CAPEX, $m
  -11
  -228
  -303
  -392
  -494
  -608
  -734
  -869
  -1,011
  -1,159
  -1,310
  -1,462
  -1,614
  -1,765
  -1,913
  -2,058
  -2,200
  -2,339
  -2,474
  -2,607
  -2,737
  -2,866
  -2,995
  -3,123
  -3,253
  -3,385
  -3,520
  -3,659
  -3,803
  -3,952
  -4,107
Cash from investing activities, $m
  47
  -278
  -376
  -495
  -636
  -799
  -986
  -1,195
  -1,424
  -1,673
  -1,940
  -2,223
  -2,521
  -2,833
  -3,158
  -3,494
  -3,842
  -4,201
  -4,570
  -4,950
  -5,341
  -5,744
  -6,159
  -6,587
  -7,029
  -7,486
  -7,960
  -8,451
  -8,961
  -9,490
  -10,040
Free cash flow, $m
  23
  -171
  -170
  -159
  -136
  -96
  -36
  49
  162
  307
  486
  683
  936
  1,227
  1,557
  1,926
  2,333
  2,777
  3,257
  3,772
  4,322
  4,904
  5,519
  6,165
  6,842
  7,549
  8,287
  9,056
  9,855
  10,687
  11,550
Issuance/(repayment) of debt, $m
  0
  251
  332
  430
  542
  667
  805
  954
  1,110
  1,272
  1,437
  1,605
  1,772
  1,937
  2,100
  2,259
  2,414
  2,566
  2,715
  2,860
  3,003
  3,145
  3,286
  3,428
  3,570
  3,715
  3,863
  4,015
  4,173
  4,336
  4,507
Issuance/(repurchase) of shares, $m
  -12
  339
  370
  398
  420
  431
  425
  399
  349
  269
  156
  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  
  -15
  590
  702
  828
  962
  1,098
  1,230
  1,353
  1,459
  1,541
  1,593
  1,605
  1,772
  1,937
  2,100
  2,259
  2,414
  2,566
  2,715
  2,860
  3,003
  3,145
  3,286
  3,428
  3,570
  3,715
  3,863
  4,015
  4,173
  4,336
  4,507
Total cash flow (excl. dividends), $m
  8
  419
  533
  669
  826
  1,002
  1,195
  1,402
  1,621
  1,848
  2,079
  2,288
  2,707
  3,164
  3,657
  4,185
  4,747
  5,343
  5,972
  6,633
  7,325
  8,049
  8,805
  9,592
  10,412
  11,264
  12,150
  13,071
  14,028
  15,023
  16,057
Retained Cash Flow (-), $m
  120
  -339
  -448
  -579
  -730
  -899
  -1,085
  -1,285
  -1,495
  -1,714
  -1,937
  -2,162
  -2,387
  -2,610
  -2,829
  -3,044
  -3,253
  -3,458
  -3,658
  -3,854
  -4,047
  -4,238
  -4,428
  -4,618
  -4,810
  -5,006
  -5,205
  -5,410
  -5,623
  -5,843
  -6,072
Prev. year cash balance distribution, $m
 
  105
  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
 
  24
  35
  50
  69
  93
  123
  159
  201
  250
  307
  370
  441
  520
  606
  699
  799
  906
  1,020
  1,141
  1,268
  1,401
  1,540
  1,686
  1,838
  1,997
  2,162
  2,333
  2,511
  2,696
  2,889
Cash available for distribution, $m
 
  184
  85
  90
  96
  102
  110
  117
  125
  134
  143
  125
  320
  554
  828
  1,141
  1,494
  1,885
  2,314
  2,778
  3,278
  3,811
  4,377
  4,974
  5,601
  6,259
  6,945
  7,661
  8,406
  9,180
  9,984
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
 
  176
  78
  78
  79
  79
  80
  79
  78
  77
  75
  60
  137
  211
  278
  335
  380
  410
  426
  428
  417
  394
  363
  326
  285
  243
  203
  164
  130
  100
  75
Current shareholders' claim on cash, %
  100
  63.7
  44.6
  33.7
  27.0
  22.7
  19.9
  18.1
  16.9
  16.2
  15.9
  15.9
  15.9
  15.9
  15.9
  15.9
  15.9
  15.9
  15.9
  15.9
  15.9
  15.9
  15.9
  15.9
  15.9
  15.9
  15.9
  15.9
  15.9
  15.9
  15.9

Veeco Instruments Inc. is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. The Company's geographical segments include the United States; China; Europe, Middle East and Africa (EMEA), and Rest of World (ROW). The Company's portfolio of technology solutions focus on market areas, including Lighting, Display & Power Electronics; Advanced Packaging, micro-electromechanical systems (MEMS) & radio frequency (RF); Scientific & Industrial, and Data Storage. The Company's equipment is used to make electronic devices, including light emitting diodes (LEDs), MEMS, wireless devices, power electronics, hard disk drives (HDDs) and semiconductor devices. The Company's System products include Metal Organic Chemical Vapor Deposition Systems, Precision Surface Processing Systems, Ion Beam Etch and Deposition Systems, Molecular Beam Epitaxy Systems, and Other Deposition and Industrial Products.

FINANCIAL RATIOS  of  Veeco Instruments (VECO)

Valuation Ratios
P/E Ratio -5.1
Price to Sales 1.9
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow -26.1
Price to Free Cash Flow -17.9
Growth Rates
Sales Growth Rate -30.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.4%
Cap. Spend. - 3 Yr. Gr. Rate 4.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0.2%
Total Debt to Equity 0.2%
Interest Coverage 0
Management Effectiveness
Return On Assets -14.8%
Ret/ On Assets - 3 Yr. Avg. -8.5%
Return On Total Capital -18.6%
Ret/ On T. Cap. - 3 Yr. Avg. -10.6%
Return On Equity -18.6%
Return On Equity - 3 Yr. Avg. -10.6%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 40.1%
Gross Margin - 3 Yr. Avg. 37.2%
EBITDA Margin -25.9%
EBITDA Margin - 3 Yr. Avg. -11.9%
Operating Margin -36.4%
Oper. Margin - 3 Yr. Avg. -20.5%
Pre-Tax Margin -35.8%
Pre-Tax Margin - 3 Yr. Avg. -20.2%
Net Profit Margin -36.7%
Net Profit Margin - 3 Yr. Avg. -20.2%
Effective Tax Rate -2.5%
Eff/ Tax Rate - 3 Yr. Avg. -9.2%
Payout Ratio 0%

VECO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VECO stock intrinsic value calculation we used $485 million for the last fiscal year's total revenue generated by Veeco Instruments. The default revenue input number comes from 2016 income statement of Veeco Instruments. 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 VECO stock valuation model: a) initial revenue growth rate of 45.8% 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 VECO is calculated based on our internal credit rating of Veeco Instruments, 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 Veeco Instruments.
    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 VECO stock the variable cost ratio is equal to 63.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $248 million in the base year in the intrinsic value calculation for VECO 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 14.1% for Veeco Instruments.

Corporate tax rate of 27% is the nominal tax rate for Veeco Instruments. 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 VECO stock is equal to 5%.

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 VECO are equal to 102.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Veeco Instruments 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 VECO is equal to 14.4%. 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 - $841 million for Veeco Instruments - 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 44 million for Veeco Instruments 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 Veeco Instruments at the current share price and the inputted number of shares is $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating
AMAT Applied Materi 46.76 367.23  str.buy
LRCX Lam Research 177.81 1,086.82  str.buy
IVAC Intevac 4.95 81.85  str.buy
CVV CVD Equipment 7.20 382.44  str.buy
ASYS Amtech Systems 5.75 226.37  str.buy
CAJ Canon ADR 31.73 37.58  hold
RTEC Rudolph Techno 30.05 28.53  hold

COMPANY NEWS

▶ Is Veeco Instruments Inc (NASDAQ:VECO) Undervalued?   [Jun-23-18 09:10AM  Simply Wall St.]
▶ Veeco Announces Upcoming Investor Events   [May-23-18 08:00AM  GlobeNewswire]
▶ Veeco: 1Q Earnings Snapshot   [May-07-18 04:25PM  Associated Press]
▶ 3 Takeaways From Veeco Instruments' Earnings Report   [Mar-04-18 07:17PM  Motley Fool]
▶ Ichor Holdings Upgraded To Strong Buy; Veeco Rallies On Earnings Report   [Feb-13-18 04:11PM  Investor's Business Daily]
▶ Veeco reports 4Q loss   [Feb-12-18 04:33PM  Associated Press]
▶ Veeco, AMEC, and SGL Settle Patent Litigation   [Feb-08-18 09:18AM  GlobeNewswire]
▶ OSRAM Orders Multiple Veeco MOCVD Systems   [Jan-09-18 08:00AM  Marketwired]
▶ Veeco Authorizes $100 Million Share Repurchase Program   [Dec-11-17 04:05PM  Marketwired]
▶ Why Veeco Instruments Inc. Stock Is Plummeting Today   [Dec-08-17 02:44PM  Motley Fool]
▶ Veeco Provides Update on Patent Litigation   [Dec-07-17 04:05PM  Marketwired]
▶ Veeco Preliminary Injunction Confirmed After Challenge   [Nov-16-17 04:05PM  Marketwired]
▶ Veeco reports 3Q loss   [Nov-02-17 04:26PM  Associated Press]
▶ Why Shares of Veeco Instruments Tumbled Today   [Aug-04-17 01:48PM  Motley Fool]
▶ Veeco Reports Second Quarter 2017 Financial Results   [Aug-03-17 04:05PM  Marketwired]
▶ Veeco Completes Acquisition of Ultratech   [May-26-17 08:51AM  Marketwired]
▶ Tracking-Chip Maker Impinj Rallies To High On Earnings, Can't Hold Buy   [May-05-17 04:30PM  Investor's Business Daily]
▶ Universal Display, Zillow Beat, Guide High; Impinj, Veeco Guide Low   [May-04-17 05:14PM  Investor's Business Daily]
▶ Veeco beats Street 1Q forecasts   [04:40PM  Associated Press]
Financial statements of VECO
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.