Intrinsic value of Advanced Energy Industries - AEIS

Previous Close

$59.84

  Intrinsic Value

$497.22

stock screener

  Rating & Target

str. buy

+731%

Previous close

$59.84

 
Intrinsic value

$497.22

 
Up/down potential

+731%

 
Rating

str. buy

We calculate the intrinsic value of AEIS 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 2.4

 

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, %
  38.70
  35.33
  32.30
  29.57
  27.11
  24.90
  22.91
  21.12
  19.51
  18.06
  16.75
  15.58
  14.52
  13.57
  12.71
  11.94
  11.24
  10.62
  10.06
  9.55
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
Revenue, $m
  931
  1,259
  1,666
  2,159
  2,744
  3,428
  4,213
  5,102
  6,098
  7,199
  8,405
  9,714
  11,124
  12,633
  14,239
  15,938
  17,731
  19,614
  21,586
  23,648
  25,800
  28,041
  30,374
  32,800
  35,321
  37,942
  40,665
  43,495
  46,437
  49,496
Variable operating expenses, $m
  560
  754
  995
  1,287
  1,633
  2,038
  2,503
  3,030
  3,619
  4,271
  4,976
  5,751
  6,586
  7,479
  8,430
  9,436
  10,497
  11,612
  12,780
  14,001
  15,274
  16,601
  17,982
  19,418
  20,911
  22,463
  24,075
  25,751
  27,492
  29,303
Fixed operating expenses, $m
  66
  68
  69
  71
  72
  74
  76
  77
  79
  81
  83
  84
  86
  88
  90
  92
  94
  96
  98
  100
  103
  105
  107
  110
  112
  114
  117
  120
  122
  125
Total operating expenses, $m
  626
  822
  1,064
  1,358
  1,705
  2,112
  2,579
  3,107
  3,698
  4,352
  5,059
  5,835
  6,672
  7,567
  8,520
  9,528
  10,591
  11,708
  12,878
  14,101
  15,377
  16,706
  18,089
  19,528
  21,023
  22,577
  24,192
  25,871
  27,614
  29,428
Operating income, $m
  305
  437
  602
  801
  1,038
  1,316
  1,634
  1,996
  2,400
  2,847
  3,346
  3,878
  4,452
  5,066
  5,719
  6,410
  7,139
  7,906
  8,708
  9,547
  10,423
  11,335
  12,284
  13,272
  14,298
  15,365
  16,473
  17,625
  18,823
  20,068
EBITDA, $m
  326
  464
  634
  840
  1,086
  1,373
  1,702
  2,076
  2,495
  2,958
  3,465
  4,015
  4,609
  5,244
  5,919
  6,635
  7,389
  8,182
  9,013
  9,881
  10,787
  11,730
  12,712
  13,734
  14,796
  15,900
  17,046
  18,238
  19,477
  20,766
Interest expense (income), $m
  0
  0
  4
  10
  17
  26
  36
  47
  61
  76
  93
  112
  132
  155
  179
  205
  232
  261
  292
  324
  358
  394
  430
  469
  509
  550
  593
  638
  685
  733
  784
Earnings before tax, $m
  305
  433
  592
  784
  1,013
  1,280
  1,587
  1,935
  2,324
  2,754
  3,234
  3,746
  4,297
  4,887
  5,514
  6,178
  6,878
  7,613
  8,384
  9,189
  10,029
  10,905
  11,815
  12,763
  13,748
  14,771
  15,835
  16,940
  18,089
  19,284
Tax expense, $m
  82
  117
  160
  212
  273
  346
  428
  522
  627
  744
  873
  1,011
  1,160
  1,319
  1,489
  1,668
  1,857
  2,056
  2,264
  2,481
  2,708
  2,944
  3,190
  3,446
  3,712
  3,988
  4,275
  4,574
  4,884
  5,207
Net income, $m
  222
  316
  432
  572
  739
  934
  1,159
  1,412
  1,697
  2,011
  2,361
  2,735
  3,137
  3,567
  4,025
  4,510
  5,021
  5,558
  6,120
  6,708
  7,321
  7,960
  8,625
  9,317
  10,036
  10,783
  11,559
  12,366
  13,205
  14,077

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
  595
  805
  1,065
  1,380
  1,755
  2,192
  2,694
  3,262
  3,899
  4,603
  5,374
  6,211
  7,112
  8,077
  9,104
  10,191
  11,337
  12,541
  13,802
  15,120
  16,496
  17,929
  19,421
  20,972
  22,584
  24,260
  26,001
  27,810
  29,691
  31,647
Adjusted assets (=assets-cash), $m
  595
  805
  1,065
  1,380
  1,755
  2,192
  2,694
  3,262
  3,899
  4,603
  5,374
  6,211
  7,112
  8,077
  9,104
  10,191
  11,337
  12,541
  13,802
  15,120
  16,496
  17,929
  19,421
  20,972
  22,584
  24,260
  26,001
  27,810
  29,691
  31,647
Revenue / Adjusted assets
  1.565
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
Average production assets, $m
  131
  178
  235
  304
  387
  483
  594
  719
  860
  1,015
  1,185
  1,370
  1,568
  1,781
  2,008
  2,247
  2,500
  2,766
  3,044
  3,334
  3,638
  3,954
  4,283
  4,625
  4,980
  5,350
  5,734
  6,133
  6,548
  6,979
Working capital, $m
  42
  57
  75
  97
  123
  154
  190
  230
  274
  324
  378
  437
  501
  568
  641
  717
  798
  883
  971
  1,064
  1,161
  1,262
  1,367
  1,476
  1,589
  1,707
  1,830
  1,957
  2,090
  2,227
Total debt, $m
  83
  187
  316
  472
  658
  875
  1,124
  1,406
  1,722
  2,071
  2,453
  2,868
  3,315
  3,794
  4,303
  4,842
  5,411
  6,008
  6,634
  7,287
  7,970
  8,681
  9,420
  10,190
  10,989
  11,820
  12,684
  13,582
  14,515
  15,485
Total liabilities, $m
  295
  399
  528
  685
  870
  1,087
  1,336
  1,618
  1,934
  2,283
  2,665
  3,081
  3,528
  4,006
  4,516
  5,055
  5,623
  6,220
  6,846
  7,500
  8,182
  8,893
  9,633
  10,402
  11,202
  12,033
  12,896
  13,794
  14,727
  15,697
Total equity, $m
  300
  406
  537
  696
  884
  1,105
  1,358
  1,644
  1,965
  2,320
  2,708
  3,130
  3,585
  4,071
  4,588
  5,136
  5,714
  6,321
  6,956
  7,621
  8,314
  9,036
  9,788
  10,570
  11,382
  12,227
  13,104
  14,016
  14,964
  15,950
Total liabilities and equity, $m
  595
  805
  1,065
  1,381
  1,754
  2,192
  2,694
  3,262
  3,899
  4,603
  5,373
  6,211
  7,113
  8,077
  9,104
  10,191
  11,337
  12,541
  13,802
  15,121
  16,496
  17,929
  19,421
  20,972
  22,584
  24,260
  26,000
  27,810
  29,691
  31,647
Debt-to-equity ratio
  0.280
  0.460
  0.590
  0.680
  0.740
  0.790
  0.830
  0.860
  0.880
  0.890
  0.910
  0.920
  0.920
  0.930
  0.940
  0.940
  0.950
  0.950
  0.950
  0.960
  0.960
  0.960
  0.960
  0.960
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
Adjusted equity ratio
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  222
  316
  432
  572
  739
  934
  1,159
  1,412
  1,697
  2,011
  2,361
  2,735
  3,137
  3,567
  4,025
  4,510
  5,021
  5,558
  6,120
  6,708
  7,321
  7,960
  8,625
  9,317
  10,036
  10,783
  11,559
  12,366
  13,205
  14,077
Depreciation, amort., depletion, $m
  22
  26
  32
  39
  47
  57
  68
  81
  95
  110
  119
  137
  157
  178
  201
  225
  250
  277
  304
  333
  364
  395
  428
  462
  498
  535
  573
  613
  655
  698
Funds from operations, $m
  244
  342
  464
  612
  787
  991
  1,227
  1,493
  1,791
  2,121
  2,480
  2,872
  3,294
  3,745
  4,226
  4,735
  5,271
  5,834
  6,425
  7,041
  7,685
  8,356
  9,054
  9,779
  10,534
  11,318
  12,133
  12,980
  13,860
  14,775
Change in working capital, $m
  12
  15
  18
  22
  26
  31
  35
  40
  45
  50
  54
  59
  63
  68
  72
  76
  81
  85
  89
  93
  97
  101
  105
  109
  113
  118
  123
  127
  132
  138
Cash from operations, $m
  232
  328
  446
  589
  760
  961
  1,191
  1,453
  1,746
  2,071
  2,425
  2,813
  3,230
  3,677
  4,154
  4,658
  5,190
  5,750
  6,336
  6,949
  7,588
  8,255
  8,949
  9,670
  10,420
  11,200
  12,010
  12,852
  13,727
  14,638
Maintenance CAPEX, $m
  -9
  -13
  -18
  -23
  -30
  -39
  -48
  -59
  -72
  -86
  -102
  -119
  -137
  -157
  -178
  -201
  -225
  -250
  -277
  -304
  -333
  -364
  -395
  -428
  -462
  -498
  -535
  -573
  -613
  -655
New CAPEX, $m
  -37
  -46
  -57
  -69
  -83
  -96
  -111
  -125
  -140
  -155
  -170
  -185
  -199
  -213
  -226
  -240
  -253
  -266
  -278
  -291
  -303
  -316
  -329
  -342
  -356
  -370
  -384
  -399
  -415
  -431
Cash from investing activities, $m
  -46
  -59
  -75
  -92
  -113
  -135
  -159
  -184
  -212
  -241
  -272
  -304
  -336
  -370
  -404
  -441
  -478
  -516
  -555
  -595
  -636
  -680
  -724
  -770
  -818
  -868
  -919
  -972
  -1,028
  -1,086
Free cash flow, $m
  186
  268
  371
  496
  647
  826
  1,032
  1,268
  1,534
  1,830
  2,154
  2,510
  2,894
  3,308
  3,749
  4,218
  4,713
  5,234
  5,781
  6,354
  6,952
  7,575
  8,224
  8,900
  9,602
  10,332
  11,091
  11,880
  12,699
  13,552
Issuance/(repayment) of debt, $m
  83
  104
  129
  156
  186
  217
  249
  282
  316
  349
  382
  415
  447
  479
  509
  539
  568
  597
  626
  654
  682
  711
  740
  769
  800
  831
  864
  898
  933
  970
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  83
  104
  129
  156
  186
  217
  249
  282
  316
  349
  382
  415
  447
  479
  509
  539
  568
  597
  626
  654
  682
  711
  740
  769
  800
  831
  864
  898
  933
  970
Total cash flow (excl. dividends), $m
  269
  372
  500
  653
  833
  1,042
  1,281
  1,550
  1,850
  2,179
  2,536
  2,925
  3,342
  3,786
  4,258
  4,757
  5,281
  5,831
  6,407
  7,008
  7,634
  8,286
  8,964
  9,669
  10,402
  11,164
  11,955
  12,777
  13,632
  14,522
Retained Cash Flow (-), $m
  -83
  -106
  -131
  -159
  -189
  -220
  -253
  -287
  -321
  -355
  -389
  -422
  -454
  -486
  -517
  -548
  -578
  -607
  -636
  -664
  -693
  -722
  -752
  -782
  -813
  -844
  -878
  -912
  -948
  -986
Prev. year cash balance distribution, $m
  304
  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
  13
  18
  24
  32
  41
  52
  65
  80
  97
  116
  137
  160
  185
  211
  240
  271
  303
  337
  373
  410
  449
  490
  533
  577
  623
  671
  721
  773
  826
  882
Cash available for distribution, $m
  490
  266
  369
  494
  644
  822
  1,028
  1,264
  1,529
  1,825
  2,148
  2,503
  2,887
  3,300
  3,741
  4,209
  4,704
  5,224
  5,771
  6,343
  6,941
  7,564
  8,212
  8,887
  9,589
  10,319
  11,077
  11,865
  12,684
  13,536
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
  470
  244
  321
  407
  500
  597
  695
  790
  878
  957
  1,020
  1,068
  1,098
  1,108
  1,098
  1,070
  1,023
  962
  889
  806
  718
  628
  538
  453
  373
  301
  238
  184
  138
  102
Current shareholders' claim on cash, %
  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

Advanced Energy Industries, Inc. is a provider of engineered, precision power conversion, measurement and control solutions. The Company is engaged in designing, manufacturing, selling and supporting its power conversion products and solutions that transform power into various forms in various applications ranging from manufacturing and industrial processes to instrumentation, and test and measurement. It also provides repair and maintenance services for all of its products. Its process power systems include direct current (DC), pulsed DC, low frequency, high voltage, and radio frequency (RF) power supplies, matching networks, remote plasma sources for reactive gas applications and RF instrumentation. These power conversion systems refine, modify and control the raw electrical power from a utility and convert it into power that may be customized and is predictable and repeatable. Its power control modules and thermal instrumentation products are used in the semiconductor industry.

FINANCIAL RATIOS  of  Advanced Energy Industries (AEIS)

Valuation Ratios
P/E Ratio 18.7
Price to Sales 4.9
Price to Book 6.1
Price to Tangible Book
Price to Cash Flow 20
Price to Free Cash Flow 21.2
Growth Rates
Sales Growth Rate 16.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 75%
Cap. Spend. - 3 Yr. Gr. Rate 18.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 24.5%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 38.7%
Ret/ On T. Cap. - 3 Yr. Avg. 1.9%
Return On Equity 38.7%
Return On Equity - 3 Yr. Avg. 2%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 52.3%
Gross Margin - 3 Yr. Avg. 51.9%
EBITDA Margin 28.1%
EBITDA Margin - 3 Yr. Avg. 27.2%
Operating Margin 26.2%
Oper. Margin - 3 Yr. Avg. 25.2%
Pre-Tax Margin 26.4%
Pre-Tax Margin - 3 Yr. Avg. 25.1%
Net Profit Margin 26.2%
Net Profit Margin - 3 Yr. Avg. 0.3%
Effective Tax Rate 8.6%
Eff/ Tax Rate - 3 Yr. Avg. 16.1%
Payout Ratio 0%

AEIS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AEIS stock intrinsic value calculation we used $671 million for the last fiscal year's total revenue generated by Advanced Energy Industries. The default revenue input number comes from 2017 income statement of Advanced Energy Industries. 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 AEIS stock valuation model: a) initial revenue growth rate of 38.7% 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 AEIS is calculated based on our internal credit rating of Advanced Energy Industries, 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 Advanced Energy Industries.
    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 AEIS stock the variable cost ratio is equal to 60.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $65 million in the base year in the intrinsic value calculation for AEIS 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 5.4% for Advanced Energy Industries.

Corporate tax rate of 27% is the nominal tax rate for Advanced Energy Industries. 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 AEIS stock is equal to 1.9%.

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 AEIS are equal to 14.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Advanced Energy Industries 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 AEIS is equal to 4.5%. 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 - $521 million for Advanced Energy Industries - 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 Advanced Energy Industries 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 Advanced Energy Industries at the current share price and the inputted number of shares is $2.4 billion.

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COMPANY NEWS

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▶ Advanced Energy to Attend the Cowen TMT Conference   [May-23-18 08:00AM  GlobeNewswire]
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▶ New Strong Buy Stocks for May 8th   [May-08-18 08:00AM  Zacks]
▶ Tina M. Donikowski Joins Advanced Energy Board of Directors   [May-04-18 04:05PM  GlobeNewswire]
▶ Advanced Energy Announces First Quarter 2018 Results   [Apr-30-18 04:05PM  GlobeNewswire]
▶ Harry Boxer on three stocks that could feel more pain   [Mar-01-18 12:06PM  MarketWatch]
▶ Advanced Energy Acquires High Voltage Power Company   [Feb-01-18 08:30AM  GlobeNewswire]
▶ Feeling Chipper: Broadcom Jumps On Outlook, AMD Pops On Earnings   [Jan-31-18 10:37AM  Investor's Business Daily]
▶ Advanced Energy to Announce Fourth Quarter 2017 Results   [Jan-22-18 08:00AM  GlobeNewswire]
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▶ Is Advanced Energy Industries Inc (AEIS) Undervalued?   [Nov-13-17 04:45PM  Simply Wall St.]
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▶ Advanced Energy to Announce Third Quarter 2017 Results   [Oct-16-17 08:30AM  GlobeNewswire]
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