Intrinsic value of Vishay Intertechnology - VSH

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$16.35

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$16.35

 
Intrinsic value

$24.74

 
Up/down potential

+51%

 
Rating

str. buy

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

We calculate the intrinsic value of VSH 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 2.4

 

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, %
  1.00
  2.70
  2.93
  3.14
  3.32
  3.49
  3.64
  3.78
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
Revenue, $m
  2,323
  2,386
  2,456
  2,533
  2,617
  2,708
  2,807
  2,913
  3,026
  3,148
  3,277
  3,415
  3,561
  3,716
  3,880
  4,053
  4,237
  4,431
  4,635
  4,851
  5,078
  5,318
  5,571
  5,837
  6,116
  6,411
  6,721
  7,047
  7,390
  7,751
  8,130
Variable operating expenses, $m
 
  458
  471
  485
  501
  518
  536
  556
  577
  599
  623
  635
  662
  691
  721
  754
  788
  824
  862
  902
  944
  989
  1,036
  1,085
  1,137
  1,192
  1,250
  1,310
  1,374
  1,441
  1,512
Fixed operating expenses, $m
 
  1,855
  1,902
  1,949
  1,998
  2,048
  2,099
  2,152
  2,205
  2,260
  2,317
  2,375
  2,434
  2,495
  2,557
  2,621
  2,687
  2,754
  2,823
  2,894
  2,966
  3,040
  3,116
  3,194
  3,274
  3,356
  3,440
  3,526
  3,614
  3,704
  3,797
Total operating expenses, $m
  2,208
  2,313
  2,373
  2,434
  2,499
  2,566
  2,635
  2,708
  2,782
  2,859
  2,940
  3,010
  3,096
  3,186
  3,278
  3,375
  3,475
  3,578
  3,685
  3,796
  3,910
  4,029
  4,152
  4,279
  4,411
  4,548
  4,690
  4,836
  4,988
  5,145
  5,309
Operating income, $m
  115
  73
  83
  98
  118
  143
  172
  206
  244
  288
  337
  405
  464
  530
  601
  678
  762
  853
  950
  1,055
  1,168
  1,289
  1,419
  1,557
  1,705
  1,863
  2,032
  2,211
  2,402
  2,606
  2,822
EBITDA, $m
  274
  228
  243
  263
  287
  317
  352
  392
  438
  489
  545
  607
  676
  750
  831
  919
  1,013
  1,115
  1,225
  1,343
  1,469
  1,604
  1,749
  1,903
  2,068
  2,243
  2,430
  2,629
  2,840
  3,065
  3,303
Interest expense (income), $m
  19
  19
  21
  23
  25
  27
  30
  33
  36
  39
  42
  46
  50
  54
  58
  63
  68
  73
  78
  84
  90
  96
  103
  110
  118
  125
  134
  142
  152
  161
  171
Earnings before tax, $m
  94
  54
  62
  76
  93
  115
  142
  173
  209
  249
  294
  359
  415
  476
  543
  615
  694
  780
  872
  971
  1,078
  1,193
  1,316
  1,447
  1,588
  1,738
  1,898
  2,069
  2,251
  2,444
  2,650
Tax expense, $m
  45
  14
  17
  20
  25
  31
  38
  47
  56
  67
  79
  97
  112
  128
  147
  166
  187
  211
  235
  262
  291
  322
  355
  391
  429
  469
  512
  559
  608
  660
  716
Net income, $m
  49
  39
  46
  55
  68
  84
  103
  126
  152
  182
  215
  262
  303
  347
  396
  449
  507
  569
  637
  709
  787
  871
  960
  1,056
  1,159
  1,269
  1,386
  1,510
  1,643
  1,784
  1,935

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,098
  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
  3,078
  2,034
  2,093
  2,159
  2,231
  2,309
  2,393
  2,483
  2,580
  2,684
  2,794
  2,911
  3,036
  3,168
  3,308
  3,456
  3,612
  3,777
  3,952
  4,135
  4,329
  4,534
  4,749
  4,976
  5,214
  5,466
  5,730
  6,008
  6,300
  6,608
  6,931
Adjusted assets (=assets-cash), $m
  1,980
  2,034
  2,093
  2,159
  2,231
  2,309
  2,393
  2,483
  2,580
  2,684
  2,794
  2,911
  3,036
  3,168
  3,308
  3,456
  3,612
  3,777
  3,952
  4,135
  4,329
  4,534
  4,749
  4,976
  5,214
  5,466
  5,730
  6,008
  6,300
  6,608
  6,931
Revenue / Adjusted assets
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
  1.173
Average production assets, $m
  951
  976
  1,004
  1,036
  1,070
  1,108
  1,148
  1,191
  1,238
  1,287
  1,340
  1,397
  1,456
  1,520
  1,587
  1,658
  1,733
  1,812
  1,896
  1,984
  2,077
  2,175
  2,278
  2,387
  2,502
  2,622
  2,749
  2,882
  3,023
  3,170
  3,325
Working capital, $m
  1,407
  317
  327
  337
  348
  360
  373
  387
  403
  419
  436
  454
  474
  494
  516
  539
  563
  589
  616
  645
  675
  707
  741
  776
  813
  853
  894
  937
  983
  1,031
  1,081
Total debt, $m
  446
  488
  533
  584
  638
  698
  762
  831
  905
  984
  1,068
  1,158
  1,253
  1,354
  1,461
  1,574
  1,694
  1,820
  1,953
  2,093
  2,242
  2,398
  2,562
  2,735
  2,918
  3,110
  3,312
  3,524
  3,747
  3,982
  4,229
Total liabilities, $m
  1,512
  1,554
  1,599
  1,650
  1,704
  1,764
  1,828
  1,897
  1,971
  2,050
  2,134
  2,224
  2,319
  2,420
  2,527
  2,640
  2,760
  2,886
  3,019
  3,159
  3,308
  3,464
  3,628
  3,801
  3,984
  4,176
  4,378
  4,590
  4,813
  5,048
  5,295
Total equity, $m
  1,566
  480
  494
  510
  526
  545
  565
  586
  609
  633
  659
  687
  716
  748
  781
  816
  852
  891
  933
  976
  1,022
  1,070
  1,121
  1,174
  1,231
  1,290
  1,352
  1,418
  1,487
  1,559
  1,636
Total liabilities and equity, $m
  3,078
  2,034
  2,093
  2,160
  2,230
  2,309
  2,393
  2,483
  2,580
  2,683
  2,793
  2,911
  3,035
  3,168
  3,308
  3,456
  3,612
  3,777
  3,952
  4,135
  4,330
  4,534
  4,749
  4,975
  5,215
  5,466
  5,730
  6,008
  6,300
  6,607
  6,931
Debt-to-equity ratio
  0.285
  1.020
  1.080
  1.150
  1.210
  1.280
  1.350
  1.420
  1.490
  1.550
  1.620
  1.690
  1.750
  1.810
  1.870
  1.930
  1.990
  2.040
  2.090
  2.150
  2.190
  2.240
  2.290
  2.330
  2.370
  2.410
  2.450
  2.490
  2.520
  2.550
  2.590
Adjusted equity ratio
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  49
  39
  46
  55
  68
  84
  103
  126
  152
  182
  215
  262
  303
  347
  396
  449
  507
  569
  637
  709
  787
  871
  960
  1,056
  1,159
  1,269
  1,386
  1,510
  1,643
  1,784
  1,935
Depreciation, amort., depletion, $m
  159
  156
  160
  164
  169
  175
  180
  187
  193
  201
  208
  202
  211
  220
  230
  240
  251
  263
  275
  288
  301
  315
  330
  346
  363
  380
  398
  418
  438
  459
  482
Funds from operations, $m
  314
  195
  205
  219
  237
  259
  284
  313
  346
  382
  423
  464
  514
  568
  626
  690
  758
  832
  911
  997
  1,088
  1,186
  1,291
  1,402
  1,522
  1,649
  1,784
  1,928
  2,081
  2,244
  2,417
Change in working capital, $m
  18
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
  43
  46
  48
  50
Cash from operations, $m
  296
  169
  196
  209
  226
  247
  271
  299
  331
  366
  406
  446
  494
  547
  604
  666
  734
  806
  884
  968
  1,058
  1,154
  1,257
  1,367
  1,484
  1,610
  1,743
  1,885
  2,036
  2,196
  2,366
Maintenance CAPEX, $m
  0
  -138
  -141
  -146
  -150
  -155
  -161
  -166
  -173
  -179
  -187
  -194
  -202
  -211
  -220
  -230
  -240
  -251
  -263
  -275
  -288
  -301
  -315
  -330
  -346
  -363
  -380
  -398
  -418
  -438
  -459
New CAPEX, $m
  -135
  -25
  -29
  -32
  -34
  -37
  -40
  -43
  -46
  -50
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -109
  -114
  -120
  -127
  -133
  -140
  -147
  -155
Cash from investing activities, $m
  -149
  -163
  -170
  -178
  -184
  -192
  -201
  -209
  -219
  -229
  -240
  -250
  -262
  -274
  -287
  -301
  -315
  -330
  -347
  -363
  -381
  -399
  -418
  -439
  -460
  -483
  -507
  -531
  -558
  -585
  -614
Free cash flow, $m
  147
  6
  26
  32
  41
  54
  70
  89
  112
  137
  167
  196
  232
  273
  317
  365
  418
  476
  538
  605
  677
  755
  839
  928
  1,024
  1,126
  1,236
  1,353
  1,478
  1,610
  1,752
Issuance/(repayment) of debt, $m
  -82
  42
  46
  50
  55
  59
  64
  69
  74
  79
  84
  90
  95
  101
  107
  113
  119
  126
  133
  141
  148
  156
  164
  173
  182
  192
  202
  212
  223
  235
  247
Issuance/(repurchase) of shares, $m
  -23
  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  
  -105
  42
  46
  50
  55
  59
  64
  69
  74
  79
  84
  90
  95
  101
  107
  113
  119
  126
  133
  141
  148
  156
  164
  173
  182
  192
  202
  212
  223
  235
  247
Total cash flow (excl. dividends), $m
  33
  48
  71
  82
  96
  114
  134
  158
  186
  216
  251
  285
  327
  373
  424
  479
  538
  602
  671
  746
  825
  911
  1,003
  1,101
  1,206
  1,318
  1,438
  1,565
  1,701
  1,845
  1,999
Retained Cash Flow (-), $m
  56
  -12
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -76
Prev. year cash balance distribution, $m
 
  1,098
  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
 
  1,134
  57
  67
  79
  95
  114
  137
  163
  192
  225
  258
  298
  342
  391
  444
  501
  563
  630
  702
  780
  863
  952
  1,048
  1,150
  1,259
  1,376
  1,500
  1,632
  1,773
  1,922
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
 
  1,087
  52
  58
  65
  74
  83
  92
  102
  110
  118
  122
  127
  130
  131
  130
  127
  122
  116
  108
  99
  89
  79
  69
  59
  49
  40
  32
  25
  19
  14
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

Vishay Intertechnology, Inc. manufactures and supplies discrete semiconductors and passive components in the United States, Europe, and Asia. The company operates in five segments: MOSFETs, Diodes, Optoelectronic Components, Resistors & Inductors, and Capacitors. The MOSFETs segment offers low- and medium-voltage TrenchFET MOSFETs, high-voltage planar MOSFETs, high voltage super junction MOSFETs, power integrated circuits, and integrated function power devices. The Diodes segment provides rectifiers, small signal diodes, protection diodes, thyristors or silicon-controlled rectifiers, power modules, and IGBTs. The Optoelectronic segment provides standard and customer specific optoelectronic components, such as infrared (IR) emitters and detectors, IR remote control receivers, optocouplers, solid-state relays, optical sensors, light-emitting diodes, 7-segment displays, and IR data transceiver modules. The Resistors & Inductors segment provides film, wirewound, power metal strip, crowbar and steel blade, variable, and non-linear resistors, as well as battery management shunts, thermo fuses, chip fuses, pryotechnic initiators/ignitors, networks/arrays, magnetics, and connectors. The Capacitors segment offers tantalum, ceramic, film, power, heavy-current, and aluminum electrolytic capacitors. The company’s semiconductor components are used for power control, power conversion, power management, signal switching, signal routing, signal blocking, signal amplification, two-way data transfer, one-way remote control, and circuit isolation functions; and passive components are used to restrict current flow, suppress voltage increases, store and discharge energy, control alternating current and voltage, filter out unwanted electrical signals, and perform other functions. It serves industrial, computing, automotive, consumer, telecommunications, military, power supplies, aerospace, and medical markets. The company was founded in 1962 and is based in Malvern, Pennsylvania.

FINANCIAL RATIOS  of  Vishay Intertechnology (VSH)

Valuation Ratios
P/E Ratio 48.7
Price to Sales 1
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 8.1
Price to Free Cash Flow 14.8
Growth Rates
Sales Growth Rate 1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -8.2%
Cap. Spend. - 3 Yr. Gr. Rate -2.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 28.5%
Total Debt to Equity 28.5%
Interest Coverage 6
Management Effectiveness
Return On Assets 1.9%
Ret/ On Assets - 3 Yr. Avg. 0.6%
Return On Total Capital 2.4%
Ret/ On T. Cap. - 3 Yr. Avg. 0.9%
Return On Equity 3.1%
Return On Equity - 3 Yr. Avg. 1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 24.5%
Gross Margin - 3 Yr. Avg. 24.2%
EBITDA Margin 11.7%
EBITDA Margin - 3 Yr. Avg. 12.7%
Operating Margin 5%
Oper. Margin - 3 Yr. Avg. 5.5%
Pre-Tax Margin 4%
Pre-Tax Margin - 3 Yr. Avg. 4.7%
Net Profit Margin 2.1%
Net Profit Margin - 3 Yr. Avg. 0.7%
Effective Tax Rate 47.9%
Eff/ Tax Rate - 3 Yr. Avg. 107.1%
Payout Ratio 75.5%

VSH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VSH stock intrinsic value calculation we used $2323 million for the last fiscal year's total revenue generated by Vishay Intertechnology. The default revenue input number comes from 2016 income statement of Vishay Intertechnology. 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 VSH stock valuation model: a) initial revenue growth rate of 2.7% 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 VSH is calculated based on our internal credit rating of Vishay Intertechnology, 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 Vishay Intertechnology.
    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 VSH stock the variable cost ratio is equal to 19.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1810 million in the base year in the intrinsic value calculation for VSH 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 4.3% for Vishay Intertechnology.

Corporate tax rate of 27% is the nominal tax rate for Vishay Intertechnology. 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 VSH 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 VSH are equal to 40.9%.

Life of production assets of 6.9 years is the average useful life of capital assets used in Vishay Intertechnology 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 VSH is equal to 13.3%. 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 - $1566 million for Vishay Intertechnology - 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 144.073 million for Vishay Intertechnology 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 Vishay Intertechnology at the current share price and the inputted number of shares is $2.4 billion.


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COMPANY NEWS

▶ Vishay reports 4Q loss   [07:58AM  AP]
▶ Is Vishay Intertechnology (VSH) a Good Stock To Buy?   [Dec-04-16 03:03PM  at Insider Monkey]
▶ Should You Buy MasTec, Inc. (MTZ)?   [Nov-29-16 06:35AM  at Insider Monkey]
▶ Vishay Intertechnology Declares Quarterly Dividend   [Nov-14-16 06:53PM  GlobeNewswire]
▶ 4 Stocks Shining In Apple's Ecosystem   [12:18PM  at Forbes]
Stock chart of VSH Financial statements of VSH
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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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