Intrinsic value of Veeco Instruments - VECO

Previous Close

$16.65

  Intrinsic Value

$396.89

stock screener

  Rating & Target

str. buy

+999%

Previous close

$16.65

 
Intrinsic value

$396.89

 
Up/down potential

+999%

 
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

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 0.8

 

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
  53.30
  48.47
  44.12
  40.21
  36.69
  33.52
  30.67
  28.10
  25.79
  23.71
  21.84
  20.16
  18.64
  17.28
  16.05
  14.94
  13.95
  13.06
  12.25
  11.52
  10.87
  10.28
  9.76
  9.28
  8.85
  8.47
  8.12
  7.81
  7.53
  7.27
Revenue, $m
  332
  509
  756
  1,089
  1,527
  2,087
  2,787
  3,642
  4,665
  5,868
  7,260
  8,845
  10,628
  12,609
  14,788
  17,161
  19,726
  22,477
  25,412
  28,525
  31,812
  35,271
  38,898
  42,694
  46,656
  50,786
  55,086
  59,560
  64,211
  69,044
  74,067
Variable operating expenses, $m
 
  159
  231
  328
  455
  618
  821
  1,069
  1,366
  1,715
  2,119
  2,568
  3,086
  3,661
  4,294
  4,983
  5,728
  6,527
  7,379
  8,283
  9,237
  10,241
  11,295
  12,397
  13,547
  14,746
  15,995
  17,294
  18,644
  20,048
  21,506
Fixed operating expenses, $m
 
  363
  372
  381
  391
  401
  411
  421
  431
  442
  453
  464
  476
  488
  500
  513
  526
  539
  552
  566
  580
  595
  609
  625
  640
  656
  673
  690
  707
  724
  743
Total operating expenses, $m
  453
  522
  603
  709
  846
  1,019
  1,232
  1,490
  1,797
  2,157
  2,572
  3,032
  3,562
  4,149
  4,794
  5,496
  6,254
  7,066
  7,931
  8,849
  9,817
  10,836
  11,904
  13,022
  14,187
  15,402
  16,668
  17,984
  19,351
  20,772
  22,249
Operating income, $m
  -120
  -13
  153
  380
  681
  1,069
  1,556
  2,152
  2,868
  3,711
  4,687
  5,812
  7,066
  8,460
  9,994
  11,665
  13,473
  15,412
  17,481
  19,676
  21,995
  24,435
  26,994
  29,672
  32,468
  35,384
  38,419
  41,576
  44,860
  48,272
  51,818
EBITDA, $m
  -87
  28
  209
  455
  782
  1,203
  1,730
  2,377
  3,152
  4,066
  5,124
  6,331
  7,689
  9,199
  10,860
  12,671
  14,628
  16,729
  18,970
  21,348
  23,859
  26,501
  29,273
  32,174
  35,202
  38,359
  41,646
  45,066
  48,622
  52,317
  56,158
Interest expense (income), $m
  0
  0
  3
  7
  13
  21
  30
  42
  57
  75
  96
  120
  147
  178
  212
  250
  291
  335
  383
  433
  487
  544
  604
  667
  732
  801
  872
  946
  1,024
  1,104
  1,187
Earnings before tax, $m
  -119
  -13
  150
  373
  668
  1,048
  1,525
  2,109
  2,810
  3,636
  4,591
  5,693
  6,919
  8,282
  9,782
  11,416
  13,182
  15,077
  17,098
  19,243
  21,508
  23,891
  26,391
  29,006
  31,736
  34,583
  37,547
  40,630
  43,836
  47,168
  50,631
Tax expense, $m
  3
  0
  40
  101
  180
  283
  412
  570
  759
  982
  1,240
  1,537
  1,868
  2,236
  2,641
  3,082
  3,559
  4,071
  4,617
  5,196
  5,807
  6,451
  7,125
  7,832
  8,569
  9,337
  10,138
  10,970
  11,836
  12,735
  13,670
Net income, $m
  -122
  -13
  109
  272
  488
  765
  1,113
  1,540
  2,052
  2,654
  3,352
  4,156
  5,051
  6,046
  7,141
  8,333
  9,623
  11,006
  12,482
  14,047
  15,701
  17,440
  19,265
  21,174
  23,168
  25,246
  27,409
  29,660
  32,000
  34,433
  36,961

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
  636
  945
  1,361
  1,909
  2,609
  3,484
  4,552
  5,831
  7,335
  9,074
  11,056
  13,285
  15,762
  18,485
  21,451
  24,657
  28,097
  31,765
  35,656
  39,765
  44,089
  48,623
  53,367
  58,320
  63,483
  68,858
  74,450
  80,263
  86,305
  92,584
Adjusted assets (=assets-cash), $m
  415
  636
  945
  1,361
  1,909
  2,609
  3,484
  4,552
  5,831
  7,335
  9,074
  11,056
  13,285
  15,762
  18,485
  21,451
  24,657
  28,097
  31,765
  35,656
  39,765
  44,089
  48,623
  53,367
  58,320
  63,483
  68,858
  74,450
  80,263
  86,305
  92,584
Revenue / Adjusted assets
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
Average production assets, $m
  166
  253
  376
  542
  760
  1,039
  1,388
  1,814
  2,323
  2,922
  3,615
  4,405
  5,293
  6,279
  7,364
  8,546
  9,823
  11,194
  12,655
  14,205
  15,842
  17,565
  19,371
  21,261
  23,235
  25,291
  27,433
  29,661
  31,977
  34,384
  36,885
Working capital, $m
  358
  21
  32
  46
  64
  88
  117
  153
  196
  246
  305
  371
  446
  530
  621
  721
  828
  944
  1,067
  1,198
  1,336
  1,481
  1,634
  1,793
  1,960
  2,133
  2,314
  2,502
  2,697
  2,900
  3,111
Total debt, $m
  1
  88
  210
  375
  591
  868
  1,213
  1,635
  2,140
  2,734
  3,421
  4,204
  5,085
  6,063
  7,138
  8,310
  9,577
  10,935
  12,384
  13,921
  15,544
  17,252
  19,043
  20,917
  22,873
  24,913
  27,036
  29,245
  31,541
  33,928
  36,408
Total liabilities, $m
  164
  251
  373
  538
  754
  1,031
  1,376
  1,798
  2,303
  2,897
  3,584
  4,367
  5,248
  6,226
  7,301
  8,473
  9,740
  11,098
  12,547
  14,084
  15,707
  17,415
  19,206
  21,080
  23,036
  25,076
  27,199
  29,408
  31,704
  34,091
  36,571
Total equity, $m
  595
  385
  571
  824
  1,155
  1,578
  2,108
  2,754
  3,528
  4,438
  5,490
  6,689
  8,037
  9,536
  11,183
  12,978
  14,918
  16,999
  19,218
  21,572
  24,058
  26,674
  29,417
  32,287
  35,283
  38,407
  41,659
  45,042
  48,559
  52,215
  56,013
Total liabilities and equity, $m
  759
  636
  944
  1,362
  1,909
  2,609
  3,484
  4,552
  5,831
  7,335
  9,074
  11,056
  13,285
  15,762
  18,484
  21,451
  24,658
  28,097
  31,765
  35,656
  39,765
  44,089
  48,623
  53,367
  58,319
  63,483
  68,858
  74,450
  80,263
  86,306
  92,584
Debt-to-equity ratio
  0.002
  0.230
  0.370
  0.450
  0.510
  0.550
  0.580
  0.590
  0.610
  0.620
  0.620
  0.630
  0.630
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
Adjusted equity ratio
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -122
  -13
  109
  272
  488
  765
  1,113
  1,540
  2,052
  2,654
  3,352
  4,156
  5,051
  6,046
  7,141
  8,333
  9,623
  11,006
  12,482
  14,047
  15,701
  17,440
  19,265
  21,174
  23,168
  25,246
  27,409
  29,660
  32,000
  34,433
  36,961
Depreciation, amort., depletion, $m
  33
  41
  56
  75
  101
  134
  175
  225
  285
  355
  437
  518
  623
  739
  866
  1,005
  1,156
  1,317
  1,489
  1,671
  1,864
  2,066
  2,279
  2,501
  2,733
  2,975
  3,227
  3,490
  3,762
  4,045
  4,339
Funds from operations, $m
  -44
  28
  165
  347
  589
  899
  1,288
  1,765
  2,336
  3,009
  3,788
  4,674
  5,673
  6,785
  8,007
  9,339
  10,778
  12,323
  13,971
  15,719
  17,565
  19,507
  21,544
  23,676
  25,901
  28,221
  30,637
  33,150
  35,762
  38,478
  41,300
Change in working capital, $m
  -20
  7
  10
  14
  18
  24
  29
  36
  43
  51
  58
  67
  75
  83
  91
  100
  108
  116
  123
  131
  138
  145
  152
  159
  166
  173
  181
  188
  195
  203
  211
Cash from operations, $m
  -24
  21
  155
  333
  570
  876
  1,259
  1,729
  2,293
  2,959
  3,730
  4,607
  5,599
  6,701
  7,915
  9,239
  10,671
  12,208
  13,847
  15,588
  17,426
  19,362
  21,392
  23,516
  25,735
  28,048
  30,456
  32,962
  35,567
  38,275
  41,089
Maintenance CAPEX, $m
  0
  -19
  -30
  -44
  -64
  -89
  -122
  -163
  -213
  -273
  -344
  -425
  -518
  -623
  -739
  -866
  -1,005
  -1,156
  -1,317
  -1,489
  -1,671
  -1,864
  -2,066
  -2,279
  -2,501
  -2,733
  -2,975
  -3,227
  -3,490
  -3,762
  -4,045
New CAPEX, $m
  -11
  -88
  -123
  -166
  -218
  -279
  -348
  -426
  -510
  -599
  -693
  -790
  -888
  -987
  -1,085
  -1,182
  -1,277
  -1,370
  -1,461
  -1,550
  -1,637
  -1,722
  -1,807
  -1,890
  -1,973
  -2,057
  -2,142
  -2,228
  -2,316
  -2,407
  -2,501
Cash from investing activities, $m
  47
  -107
  -153
  -210
  -282
  -368
  -470
  -589
  -723
  -872
  -1,037
  -1,215
  -1,406
  -1,610
  -1,824
  -2,048
  -2,282
  -2,526
  -2,778
  -3,039
  -3,308
  -3,586
  -3,873
  -4,169
  -4,474
  -4,790
  -5,117
  -5,455
  -5,806
  -6,169
  -6,546
Free cash flow, $m
  23
  -87
  2
  123
  288
  507
  788
  1,140
  1,570
  2,086
  2,693
  3,392
  4,192
  5,092
  6,092
  7,191
  8,388
  9,682
  11,069
  12,549
  14,118
  15,775
  17,519
  19,347
  21,260
  23,257
  25,339
  27,506
  29,761
  32,106
  34,542
Issuance/(repayment) of debt, $m
  0
  87
  122
  165
  216
  277
  345
  422
  505
  594
  687
  783
  880
  978
  1,076
  1,172
  1,266
  1,359
  1,449
  1,537
  1,623
  1,708
  1,791
  1,874
  1,956
  2,039
  2,123
  2,209
  2,296
  2,387
  2,480
Issuance/(repurchase) of shares, $m
  -12
  147
  77
  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  
  -15
  234
  199
  165
  216
  277
  345
  422
  505
  594
  687
  783
  880
  978
  1,076
  1,172
  1,266
  1,359
  1,449
  1,537
  1,623
  1,708
  1,791
  1,874
  1,956
  2,039
  2,123
  2,209
  2,296
  2,387
  2,480
Total cash flow (excl. dividends), $m
  8
  148
  201
  288
  505
  784
  1,134
  1,562
  2,076
  2,680
  3,380
  4,175
  5,073
  6,070
  7,167
  8,363
  9,654
  11,040
  12,518
  14,086
  15,741
  17,483
  19,310
  21,221
  23,216
  25,297
  27,462
  29,715
  32,058
  34,492
  37,023
Retained Cash Flow (-), $m
  120
  -147
  -187
  -252
  -331
  -424
  -529
  -646
  -774
  -910
  -1,052
  -1,199
  -1,348
  -1,498
  -1,648
  -1,795
  -1,940
  -2,081
  -2,219
  -2,354
  -2,486
  -2,616
  -2,743
  -2,870
  -2,996
  -3,124
  -3,252
  -3,383
  -3,517
  -3,655
  -3,799
Prev. year cash balance distribution, $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
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
 
  345
  15
  36
  174
  360
  604
  916
  1,302
  1,771
  2,328
  2,976
  3,724
  4,572
  5,520
  6,568
  7,715
  8,959
  10,299
  11,732
  13,255
  14,867
  16,567
  18,351
  20,220
  22,173
  24,210
  26,332
  28,541
  30,837
  33,224
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
 
  330
  13
  31
  143
  279
  439
  619
  814
  1,017
  1,220
  1,413
  1,589
  1,738
  1,853
  1,928
  1,960
  1,949
  1,897
  1,806
  1,684
  1,538
  1,375
  1,203
  1,030
  863
  706
  565
  442
  337
  250
Current shareholders' claim on cash, %
  100
  69.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8
  60.8

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 -5.5
Price to Sales 2
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow -28.2
Price to Free Cash Flow -19.3
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 $332 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 53.3% 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 32.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $354 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 3.5% 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 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 VECO are equal to 49.8%.

Life of production assets of 8.5 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 4.2%. 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 - $595 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 48.471 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 $0.8 billion.

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COMPANY NEWS

▶ 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]
▶ Amazon Price Target Raised To 1,250; Disney Downgraded; Sonic Upgraded   [Apr-24-17 04:32PM  Investor's Business Daily]
▶ Bull Of The Day: Ultra Clean (UCTT)   [Mar-27-17 12:08PM  Zacks]
▶ Is Veeco (VECO) Stock a Solid Choice Right Now?   [Mar-09-17 08:36AM  Zacks]
▶ Veeco reports 4Q loss   [Feb-16-17 04:25PM  Associated Press]
▶ Veeco Instruments-Ultratech Would Be a 'Dream' Merger   [Feb-15-17 02:10PM  at TheStreet]
▶ FPA Capital Comments on Veeco Instruments   [Jan-30-17 12:46PM  Gurufocus]
▶ After hours buzz: UAL, PE & more   [Jan-10-17 05:45PM  at CNBC]
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.

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