Intrinsic value of Veeco Instruments - VECO

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$31.75

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$31.75

 
Intrinsic value

$57.26

 
Up/down potential

+80%

 
Rating

str. buy

 
Value-price divergence* premium content

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

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 1.3

 

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
  20.50
  18.95
  17.56
  16.30
  15.17
  14.15
  13.24
  12.41
  11.67
  11.01
  10.40
  9.86
  9.38
  8.94
  8.55
  8.19
  7.87
  7.58
  7.33
  7.09
  6.88
  6.70
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
Revenue, $m
  332
  400
  476
  559
  651
  749
  855
  969
  1,089
  1,216
  1,350
  1,490
  1,637
  1,791
  1,951
  2,117
  2,291
  2,471
  2,659
  2,853
  3,056
  3,266
  3,485
  3,712
  3,949
  4,195
  4,452
  4,719
  4,997
  5,288
  5,591
Variable operating expenses, $m
 
  128
  150
  174
  200
  229
  260
  293
  328
  365
  403
  433
  475
  520
  566
  615
  665
  718
  772
  829
  887
  948
  1,012
  1,078
  1,147
  1,218
  1,293
  1,370
  1,451
  1,535
  1,623
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
  491
  522
  555
  591
  630
  671
  714
  759
  807
  856
  897
  951
  1,008
  1,066
  1,128
  1,191
  1,257
  1,324
  1,395
  1,467
  1,543
  1,621
  1,703
  1,787
  1,874
  1,966
  2,060
  2,158
  2,259
  2,366
Operating income, $m
  -120
  -90
  -46
  4
  59
  120
  185
  255
  330
  409
  493
  593
  686
  783
  884
  990
  1,100
  1,215
  1,335
  1,459
  1,588
  1,723
  1,864
  2,010
  2,162
  2,321
  2,486
  2,659
  2,839
  3,028
  3,225
EBITDA, $m
  -87
  -56
  -6
  49
  109
  175
  247
  323
  405
  492
  584
  680
  782
  888
  998
  1,114
  1,234
  1,360
  1,490
  1,626
  1,767
  1,915
  2,068
  2,227
  2,393
  2,567
  2,747
  2,936
  3,132
  3,338
  3,552
Interest expense (income), $m
  0
  0
  1
  3
  4
  6
  7
  9
  11
  13
  15
  18
  20
  23
  25
  28
  31
  34
  37
  40
  44
  47
  51
  55
  58
  63
  67
  71
  76
  81
  86
Earnings before tax, $m
  -119
  -90
  -47
  2
  55
  114
  178
  246
  319
  396
  478
  575
  666
  760
  859
  962
  1,069
  1,181
  1,298
  1,419
  1,545
  1,676
  1,813
  1,955
  2,104
  2,258
  2,420
  2,588
  2,764
  2,947
  3,139
Tax expense, $m
  3
  0
  0
  0
  15
  31
  48
  66
  86
  107
  129
  155
  180
  205
  232
  260
  289
  319
  350
  383
  417
  453
  489
  528
  568
  610
  653
  699
  746
  796
  848
Net income, $m
  -122
  -90
  -47
  1
  40
  83
  130
  180
  233
  289
  349
  420
  486
  555
  627
  702
  781
  862
  947
  1,036
  1,128
  1,224
  1,323
  1,427
  1,536
  1,649
  1,766
  1,889
  2,017
  2,151
  2,292

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
  500
  595
  699
  813
  937
  1,069
  1,211
  1,361
  1,520
  1,687
  1,863
  2,046
  2,238
  2,438
  2,647
  2,864
  3,089
  3,323
  3,567
  3,820
  4,083
  4,356
  4,640
  4,936
  5,244
  5,565
  5,898
  6,247
  6,610
  6,988
Adjusted assets (=assets-cash), $m
  415
  500
  595
  699
  813
  937
  1,069
  1,211
  1,361
  1,520
  1,687
  1,863
  2,046
  2,238
  2,438
  2,647
  2,864
  3,089
  3,323
  3,567
  3,820
  4,083
  4,356
  4,640
  4,936
  5,244
  5,565
  5,898
  6,247
  6,610
  6,988
Revenue / Adjusted assets
  0.800
  0.800
  0.800
  0.800
  0.801
  0.799
  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
  199
  237
  279
  324
  373
  426
  482
  542
  606
  672
  742
  815
  892
  971
  1,054
  1,141
  1,231
  1,324
  1,421
  1,522
  1,627
  1,735
  1,849
  1,967
  2,089
  2,217
  2,350
  2,489
  2,633
  2,784
Working capital, $m
  358
  17
  20
  23
  27
  31
  36
  41
  46
  51
  57
  63
  69
  75
  82
  89
  96
  104
  112
  120
  128
  137
  146
  156
  166
  176
  187
  198
  210
  222
  235
Total debt, $m
  1
  35
  72
  113
  158
  207
  259
  315
  375
  437
  503
  573
  645
  721
  800
  882
  968
  1,057
  1,150
  1,246
  1,346
  1,450
  1,558
  1,670
  1,787
  1,908
  2,035
  2,167
  2,304
  2,448
  2,597
Total liabilities, $m
  164
  198
  235
  276
  321
  370
  422
  478
  538
  600
  666
  736
  808
  884
  963
  1,045
  1,131
  1,220
  1,313
  1,409
  1,509
  1,613
  1,721
  1,833
  1,950
  2,071
  2,198
  2,330
  2,467
  2,611
  2,760
Total equity, $m
  595
  303
  360
  423
  492
  567
  647
  732
  823
  919
  1,021
  1,127
  1,238
  1,354
  1,475
  1,601
  1,732
  1,869
  2,011
  2,158
  2,311
  2,470
  2,635
  2,807
  2,986
  3,173
  3,367
  3,569
  3,779
  3,999
  4,228
Total liabilities and equity, $m
  759
  501
  595
  699
  813
  937
  1,069
  1,210
  1,361
  1,519
  1,687
  1,863
  2,046
  2,238
  2,438
  2,646
  2,863
  3,089
  3,324
  3,567
  3,820
  4,083
  4,356
  4,640
  4,936
  5,244
  5,565
  5,899
  6,246
  6,610
  6,988
Debt-to-equity ratio
  0.002
  0.110
  0.200
  0.270
  0.320
  0.370
  0.400
  0.430
  0.450
  0.480
  0.490
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.570
  0.580
  0.580
  0.590
  0.590
  0.590
  0.600
  0.600
  0.600
  0.610
  0.610
  0.610
  0.610
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
  -90
  -47
  1
  40
  83
  130
  180
  233
  289
  349
  420
  486
  555
  627
  702
  781
  862
  947
  1,036
  1,128
  1,224
  1,323
  1,427
  1,536
  1,649
  1,766
  1,889
  2,017
  2,151
  2,292
Depreciation, amort., depletion, $m
  33
  35
  39
  44
  50
  55
  62
  68
  75
  83
  91
  87
  96
  105
  114
  124
  134
  145
  156
  167
  179
  191
  204
  217
  231
  246
  261
  276
  293
  310
  328
Funds from operations, $m
  -44
  -56
  -8
  46
  90
  139
  191
  248
  308
  372
  439
  507
  582
  660
  741
  826
  915
  1,007
  1,103
  1,203
  1,307
  1,415
  1,528
  1,645
  1,767
  1,894
  2,027
  2,166
  2,310
  2,461
  2,619
Change in working capital, $m
  -20
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
Cash from operations, $m
  -24
  -105
  -11
  42
  86
  135
  187
  243
  303
  367
  434
  501
  576
  653
  735
  819
  907
  999
  1,095
  1,195
  1,298
  1,406
  1,518
  1,635
  1,757
  1,884
  2,016
  2,154
  2,299
  2,449
  2,606
Maintenance CAPEX, $m
  0
  -19
  -23
  -28
  -33
  -38
  -44
  -50
  -57
  -64
  -71
  -79
  -87
  -96
  -105
  -114
  -124
  -134
  -145
  -156
  -167
  -179
  -191
  -204
  -217
  -231
  -246
  -261
  -276
  -293
  -310
New CAPEX, $m
  -11
  -34
  -38
  -42
  -45
  -49
  -53
  -56
  -60
  -63
  -67
  -70
  -73
  -76
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -123
  -128
  -133
  -139
  -145
  -151
Cash from investing activities, $m
  47
  -53
  -61
  -70
  -78
  -87
  -97
  -106
  -117
  -127
  -138
  -149
  -160
  -172
  -185
  -197
  -210
  -224
  -238
  -253
  -268
  -284
  -300
  -317
  -335
  -354
  -374
  -394
  -415
  -438
  -461
Free cash flow, $m
  23
  -158
  -72
  -27
  8
  47
  90
  137
  186
  239
  296
  352
  415
  481
  550
  622
  697
  775
  857
  942
  1,030
  1,122
  1,218
  1,318
  1,422
  1,530
  1,643
  1,761
  1,883
  2,012
  2,146
Issuance/(repayment) of debt, $m
  0
  34
  37
  41
  45
  49
  52
  56
  59
  63
  66
  69
  73
  76
  79
  82
  86
  89
  93
  96
  100
  104
  108
  112
  117
  122
  127
  132
  137
  143
  150
Issuance/(repurchase) of shares, $m
  -12
  0
  92
  49
  16
  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
  34
  129
  90
  61
  49
  52
  56
  59
  63
  66
  69
  73
  76
  79
  82
  86
  89
  93
  96
  100
  104
  108
  112
  117
  122
  127
  132
  137
  143
  150
Total cash flow (excl. dividends), $m
  8
  -125
  -34
  14
  53
  96
  143
  192
  246
  302
  362
  422
  488
  557
  629
  704
  783
  864
  950
  1,038
  1,130
  1,226
  1,326
  1,430
  1,539
  1,652
  1,769
  1,892
  2,021
  2,155
  2,295
Retained Cash Flow (-), $m
  120
  -52
  -57
  -63
  -69
  -75
  -80
  -86
  -91
  -96
  -101
  -106
  -111
  -116
  -121
  -126
  -131
  -136
  -142
  -147
  -153
  -159
  -165
  -172
  -179
  -186
  -194
  -202
  -211
  -220
  -229
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
 
  168
  0
  0
  0
  21
  62
  107
  155
  206
  261
  316
  377
  441
  508
  578
  652
  728
  808
  891
  977
  1,067
  1,161
  1,258
  1,360
  1,465
  1,576
  1,690
  1,810
  1,935
  2,066
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
 
  161
  0
  0
  0
  17
  45
  72
  97
  118
  137
  150
  161
  168
  171
  170
  166
  158
  149
  137
  124
  110
  96
  82
  69
  57
  46
  36
  28
  21
  16
Current shareholders' claim on cash, %
  100
  100.0
  87.6
  82.3
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8

Veeco Instruments Inc., together with its subsidiaries, designs, develops, manufactures, markets, and supports thin film process equipment to make light emitting diodes (LEDs), micro-electromechanical systems (MEMS), power electronics, wireless devices, hard disk drives (HDDs), and semiconductor devices worldwide. It offers 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, as well as support services. The company sells its products to LED, MEMS, outsourced semiconductor assembly and test, HDD, and semiconductor manufacturers, as well as research centers and universities. Veeco Instruments Inc. was founded in 1945 and is headquartered in Plainview, New York.

FINANCIAL RATIOS  of  Veeco Instruments (VECO)

Valuation Ratios
P/E Ratio -10.6
Price to Sales 3.9
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow -53.7
Price to Free Cash Flow -36.8
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 20.5% 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 40 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 $1.3 billion.


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COMPANY NEWS

▶ 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]
▶ Is Veeco Instruments Inc. (VECO) A Good Stock To Buy?   [Dec-12-16 08:49AM  at Insider Monkey]
▶ Veeco Announces Upcoming Investor Events   [Nov-03-16 08:00AM  Marketwired]
▶ Veeco reports 2Q loss   [04:19PM  AP]
Stock chart of VECO Financial statements of VECO Annual reports 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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