Intrinsic value of Axcelis Technologies - ACLS

Previous Close

$19.20

  Intrinsic Value

$73.84

stock screener

  Rating & Target

str. buy

+285%

Previous close

$19.20

 
Intrinsic value

$73.84

 
Up/down potential

+285%

 
Rating

str. buy

We calculate the intrinsic value of ACLS 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 2017), $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 0.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  53.80
  48.92
  44.53
  40.58
  37.02
  33.82
  30.93
  28.34
  26.01
  23.91
  22.02
  20.31
  18.78
  17.40
  16.16
  15.05
  14.04
  13.14
  12.32
  11.59
  10.93
  10.34
  9.81
  9.33
  8.89
  8.50
  8.15
  7.84
  7.55
  7.30
Revenue, $m
  632
  941
  1,361
  1,913
  2,621
  3,507
  4,591
  5,893
  7,425
  9,200
  11,226
  13,506
  16,043
  18,835
  21,880
  25,172
  28,707
  32,478
  36,481
  40,710
  45,161
  49,831
  54,717
  59,819
  65,139
  70,678
  76,440
  82,431
  88,658
  95,129
Variable operating expenses, $m
  494
  736
  1,064
  1,496
  2,049
  2,742
  3,591
  4,608
  5,807
  7,195
  8,779
  10,562
  12,546
  14,729
  17,110
  19,684
  22,449
  25,398
  28,528
  31,835
  35,316
  38,968
  42,789
  46,779
  50,938
  55,270
  59,776
  64,461
  69,331
  74,391
Fixed operating expenses, $m
  43
  44
  45
  46
  47
  48
  49
  50
  51
  52
  53
  55
  56
  57
  58
  59
  61
  62
  64
  65
  66
  68
  69
  71
  72
  74
  76
  77
  79
  81
Total operating expenses, $m
  537
  780
  1,109
  1,542
  2,096
  2,790
  3,640
  4,658
  5,858
  7,247
  8,832
  10,617
  12,602
  14,786
  17,168
  19,743
  22,510
  25,460
  28,592
  31,900
  35,382
  39,036
  42,858
  46,850
  51,010
  55,344
  59,852
  64,538
  69,410
  74,472
Operating income, $m
  95
  161
  252
  371
  524
  717
  952
  1,235
  1,568
  1,953
  2,394
  2,890
  3,442
  4,049
  4,712
  5,428
  6,197
  7,018
  7,889
  8,810
  9,779
  10,795
  11,859
  12,970
  14,128
  15,334
  16,588
  17,893
  19,249
  20,657
EBITDA, $m
  100
  169
  263
  387
  546
  745
  990
  1,283
  1,628
  2,029
  2,486
  3,001
  3,573
  4,204
  4,891
  5,634
  6,433
  7,284
  8,189
  9,144
  10,149
  11,204
  12,308
  13,460
  14,662
  15,913
  17,215
  18,569
  19,975
  21,437
Interest expense (income), $m
  5
  5
  13
  24
  39
  58
  83
  114
  152
  198
  252
  314
  385
  465
  554
  653
  760
  875
  999
  1,132
  1,273
  1,421
  1,578
  1,742
  1,913
  2,093
  2,280
  2,474
  2,677
  2,887
  3,106
Earnings before tax, $m
  90
  148
  228
  333
  466
  634
  838
  1,083
  1,370
  1,702
  2,080
  2,505
  2,976
  3,495
  4,059
  4,668
  5,322
  6,019
  6,757
  7,537
  8,358
  9,218
  10,117
  11,056
  12,035
  13,054
  14,114
  15,216
  16,361
  17,551
Tax expense, $m
  24
  40
  62
  90
  126
  171
  226
  292
  370
  459
  562
  676
  804
  944
  1,096
  1,260
  1,437
  1,625
  1,824
  2,035
  2,257
  2,489
  2,732
  2,985
  3,249
  3,525
  3,811
  4,108
  4,418
  4,739
Net income, $m
  66
  108
  166
  243
  341
  463
  612
  790
  1,000
  1,242
  1,518
  1,828
  2,173
  2,551
  2,963
  3,408
  3,885
  4,394
  4,933
  5,502
  6,101
  6,729
  7,386
  8,071
  8,786
  9,529
  10,303
  11,108
  11,944
  12,812

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  667
  994
  1,437
  2,020
  2,767
  3,703
  4,848
  6,222
  7,841
  9,715
  11,854
  14,262
  16,941
  19,889
  23,104
  26,581
  30,313
  34,296
  38,523
  42,989
  47,689
  52,619
  57,779
  63,167
  68,784
  74,633
  80,718
  87,045
  93,620
  100,453
Adjusted assets (=assets-cash), $m
  667
  994
  1,437
  2,020
  2,767
  3,703
  4,848
  6,222
  7,841
  9,715
  11,854
  14,262
  16,941
  19,889
  23,104
  26,581
  30,313
  34,296
  38,523
  42,989
  47,689
  52,619
  57,779
  63,167
  68,784
  74,633
  80,718
  87,045
  93,620
  100,453
Revenue / Adjusted assets
  0.948
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
Average production assets, $m
  52
  77
  112
  157
  215
  288
  376
  483
  609
  754
  921
  1,108
  1,316
  1,544
  1,794
  2,064
  2,354
  2,663
  2,991
  3,338
  3,703
  4,086
  4,487
  4,905
  5,341
  5,796
  6,268
  6,759
  7,270
  7,801
Working capital, $m
  135
  201
  291
  409
  561
  750
  983
  1,261
  1,589
  1,969
  2,402
  2,890
  3,433
  4,031
  4,682
  5,387
  6,143
  6,950
  7,807
  8,712
  9,664
  10,664
  11,709
  12,801
  13,940
  15,125
  16,358
  17,640
  18,973
  20,358
Total debt, $m
  121
  223
  360
  542
  774
  1,065
  1,421
  1,849
  2,352
  2,935
  3,600
  4,349
  5,182
  6,099
  7,099
  8,180
  9,341
  10,580
  11,894
  13,283
  14,745
  16,278
  17,883
  19,558
  21,305
  23,124
  25,017
  26,984
  29,029
  31,154
Total liabilities, $m
  208
  309
  447
  628
  861
  1,152
  1,508
  1,935
  2,438
  3,021
  3,687
  4,436
  5,269
  6,186
  7,185
  8,267
  9,427
  10,666
  11,981
  13,369
  14,831
  16,365
  17,969
  19,645
  21,392
  23,211
  25,103
  27,071
  29,116
  31,241
Total equity, $m
  460
  685
  990
  1,391
  1,907
  2,551
  3,341
  4,287
  5,402
  6,694
  8,167
  9,827
  11,672
  13,704
  15,919
  18,314
  20,886
  23,630
  26,542
  29,619
  32,857
  36,255
  39,810
  43,522
  47,392
  51,422
  55,615
  59,974
  64,504
  69,212
Total liabilities and equity, $m
  668
  994
  1,437
  2,019
  2,768
  3,703
  4,849
  6,222
  7,840
  9,715
  11,854
  14,263
  16,941
  19,890
  23,104
  26,581
  30,313
  34,296
  38,523
  42,988
  47,688
  52,620
  57,779
  63,167
  68,784
  74,633
  80,718
  87,045
  93,620
  100,453
Debt-to-equity ratio
  0.260
  0.330
  0.360
  0.390
  0.410
  0.420
  0.430
  0.430
  0.440
  0.440
  0.440
  0.440
  0.440
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
Adjusted equity ratio
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  66
  108
  166
  243
  341
  463
  612
  790
  1,000
  1,242
  1,518
  1,828
  2,173
  2,551
  2,963
  3,408
  3,885
  4,394
  4,933
  5,502
  6,101
  6,729
  7,386
  8,071
  8,786
  9,529
  10,303
  11,108
  11,944
  12,812
Depreciation, amort., depletion, $m
  5
  8
  11
  16
  21
  29
  38
  48
  61
  75
  92
  111
  132
  154
  179
  206
  235
  266
  299
  334
  370
  409
  449
  491
  534
  580
  627
  676
  727
  780
Funds from operations, $m
  71
  116
  178
  258
  362
  491
  649
  839
  1,061
  1,318
  1,610
  1,939
  2,304
  2,706
  3,142
  3,614
  4,120
  4,660
  5,232
  5,836
  6,471
  7,137
  7,834
  8,562
  9,320
  10,109
  10,930
  11,784
  12,671
  13,592
Change in working capital, $m
  47
  66
  90
  118
  152
  190
  232
  278
  328
  380
  433
  488
  543
  598
  652
  705
  756
  807
  857
  905
  952
  999
  1,046
  1,092
  1,138
  1,185
  1,233
  1,282
  1,333
  1,385
Cash from operations, $m
  23
  50
  88
  140
  211
  302
  417
  560
  733
  938
  1,177
  1,451
  1,761
  2,108
  2,491
  2,910
  3,364
  3,853
  4,375
  4,931
  5,519
  6,138
  6,789
  7,470
  8,181
  8,924
  9,697
  10,501
  11,338
  12,208
Maintenance CAPEX, $m
  -3
  -5
  -8
  -11
  -16
  -21
  -29
  -38
  -48
  -61
  -75
  -92
  -111
  -132
  -154
  -179
  -206
  -235
  -266
  -299
  -334
  -370
  -409
  -449
  -491
  -534
  -580
  -627
  -676
  -727
New CAPEX, $m
  -18
  -25
  -34
  -45
  -58
  -73
  -89
  -107
  -126
  -146
  -166
  -187
  -208
  -229
  -250
  -270
  -290
  -309
  -328
  -347
  -365
  -383
  -401
  -418
  -436
  -454
  -473
  -491
  -511
  -531
Cash from investing activities, $m
  -21
  -30
  -42
  -56
  -74
  -94
  -118
  -145
  -174
  -207
  -241
  -279
  -319
  -361
  -404
  -449
  -496
  -544
  -594
  -646
  -699
  -753
  -810
  -867
  -927
  -988
  -1,053
  -1,118
  -1,187
  -1,258
Free cash flow, $m
  2
  19
  46
  84
  137
  208
  300
  416
  559
  731
  935
  1,172
  1,443
  1,747
  2,087
  2,460
  2,868
  3,308
  3,781
  4,285
  4,820
  5,385
  5,979
  6,603
  7,255
  7,935
  8,645
  9,383
  10,152
  10,950
Issuance/(repayment) of debt, $m
  73
  102
  138
  181
  233
  291
  356
  427
  503
  583
  665
  749
  833
  917
  1,000
  1,081
  1,161
  1,239
  1,315
  1,389
  1,462
  1,533
  1,605
  1,676
  1,747
  1,819
  1,892
  1,968
  2,045
  2,125
Issuance/(repurchase) of shares, $m
  95
  117
  139
  159
  175
  182
  177
  156
  115
  49
  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  
  168
  219
  277
  340
  408
  473
  533
  583
  618
  632
  665
  749
  833
  917
  1,000
  1,081
  1,161
  1,239
  1,315
  1,389
  1,462
  1,533
  1,605
  1,676
  1,747
  1,819
  1,892
  1,968
  2,045
  2,125
Total cash flow (excl. dividends), $m
  170
  238
  322
  424
  544
  681
  833
  1,000
  1,177
  1,364
  1,601
  1,921
  2,276
  2,664
  3,087
  3,542
  4,029
  4,547
  5,095
  5,674
  6,282
  6,918
  7,584
  8,278
  9,002
  9,754
  10,537
  11,351
  12,196
  13,075
Retained Cash Flow (-), $m
  -161
  -225
  -305
  -402
  -515
  -645
  -789
  -947
  -1,115
  -1,291
  -1,474
  -1,659
  -1,846
  -2,031
  -2,215
  -2,395
  -2,572
  -2,744
  -2,912
  -3,077
  -3,238
  -3,397
  -3,555
  -3,712
  -3,870
  -4,030
  -4,192
  -4,359
  -4,530
  -4,708
Prev. year cash balance distribution, $m
  55
  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
  6
  9
  13
  19
  27
  37
  49
  64
  82
  104
  129
  157
  189
  225
  264
  306
  352
  402
  455
  511
  570
  632
  698
  766
  837
  912
  989
  1,070
  1,154
  1,241
Cash available for distribution, $m
  64
  13
  17
  22
  29
  36
  44
  53
  62
  72
  127
  262
  430
  633
  872
  1,146
  1,457
  1,803
  2,183
  2,597
  3,043
  3,521
  4,029
  4,566
  5,131
  5,724
  6,345
  6,992
  7,666
  8,367
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
  62
  11
  15
  18
  22
  26
  30
  33
  36
  38
  60
  112
  164
  213
  256
  291
  317
  332
  336
  330
  315
  292
  264
  233
  200
  167
  136
  108
  84
  63
Current shareholders' claim on cash, %
  84.1
  73.1
  65.2
  59.5
  55.4
  52.4
  50.3
  49.0
  48.2
  47.9
  47.9
  47.9
  47.9
  47.9
  47.9
  47.9
  47.9
  47.9
  47.9
  47.9
  47.9
  47.9
  47.9
  47.9
  47.9
  47.9
  47.9
  47.9
  47.9
  47.9

Axcelis Technologies, Inc. designs, manufactures and services ion implantation and other processing equipment used in the fabrication of semiconductor chips. The Company also provides aftermarket lifecycle products and services, including used tools, spare parts, equipment upgrades, maintenance services and customer training. The Company offers a complete line of high energy, high current and medium current implanters for all application requirements. The Company's Purion XE high energy system combines its radio frequency (RF) Linac high energy, spot beam technology with the Purion platform. The Company also offers the Purion M medium current system. The Company's Purion M systems also offer differentiation for specialty applications, such as hot silicon carbide. The Company's Purion H high current system is extendable into ultra-low energy applications to satisfy future process requirements, including leakage current performance.

FINANCIAL RATIOS  of  Axcelis Technologies (ACLS)

Valuation Ratios
P/E Ratio 51.5
Price to Sales 2.1
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow -63
Price to Free Cash Flow -47.2
Growth Rates
Sales Growth Rate -11.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate 24.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 23.9%
Total Debt to Equity 23.9%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 2.9%
Return On Total Capital 4.6%
Ret/ On T. Cap. - 3 Yr. Avg. 2%
Return On Equity 5.7%
Return On Equity - 3 Yr. Avg. 2.6%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 37.5%
Gross Margin - 3 Yr. Avg. 35.2%
EBITDA Margin 7.5%
EBITDA Margin - 3 Yr. Avg. 4.5%
Operating Margin 6.4%
Oper. Margin - 3 Yr. Avg. 2.6%
Pre-Tax Margin 4.1%
Pre-Tax Margin - 3 Yr. Avg. 1.4%
Net Profit Margin 4.1%
Net Profit Margin - 3 Yr. Avg. 1.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -3.3%
Payout Ratio 0%

ACLS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ACLS stock intrinsic value calculation we used $411 million for the last fiscal year's total revenue generated by Axcelis Technologies. The default revenue input number comes from 2017 income statement of Axcelis Technologies. 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 ACLS stock valuation model: a) initial revenue growth rate of 53.8% 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 ACLS is calculated based on our internal credit rating of Axcelis Technologies, 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 Axcelis Technologies.
    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 ACLS stock the variable cost ratio is equal to 78.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $42 million in the base year in the intrinsic value calculation for ACLS 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 10.7% for Axcelis Technologies.

Corporate tax rate of 27% is the nominal tax rate for Axcelis Technologies. 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 ACLS stock is equal to 1.4%.

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 ACLS are equal to 8.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Axcelis Technologies 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 ACLS is equal to 21.4%. 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 - $354 million for Axcelis Technologies - 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 31 million for Axcelis Technologies 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 Axcelis Technologies at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ Axcelis: 2Q Earnings Snapshot   [05:49PM  Associated Press]
▶ Top 4 Small-Cap Stocks for 2018   [Jul-09-18 07:20PM  Investopedia]
▶ Axcelis: 1Q Earnings Snapshot   [May-02-18 06:55PM  Associated Press]
▶ 10 Risky (But Rewarding) Small-Cap Stocks to Buy Now   [Apr-27-18 12:36PM  InvestorPlace]
▶ Axcelis tops Street 4Q forecasts   [Feb-06-18 05:09PM  Associated Press]
▶ [$$] Primecap: Two Stocks It's Buying, One It's Selling   [Jan-05-18 07:13AM  Barrons.com]
▶ Top 4 Small-Cap Stocks for 2017   [Nov-06-17 11:59AM  Investopedia]
▶ Axcelis tops Street 3Q forecasts   [Nov-02-17 05:31PM  Associated Press]
▶ Axcelis misses 2Q profit forecasts   [Aug-04-17 02:28AM  Associated Press]
▶ Could These Chip-Gear Stocks Start To Rally After Recent Slide?   [Jun-30-17 12:30PM  Investor's Business Daily]
▶ Two Chip Gear Makers Earn Price-Target Hikes In Hot Semiconductor Market   [Jun-16-17 04:27PM  Investor's Business Daily]
▶ Chip Stocks To Watch And Semiconductor Industry News   [12:51PM  Investor's Business Daily]
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