Intrinsic value of Advanced Energy Industries - AEIS

Previous Close

$41.99

  Intrinsic Value

$155.75

stock screener

  Rating & Target

str. buy

+271%

Previous close

$41.99

 
Intrinsic value

$155.75

 
Up/down potential

+271%

 
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 0001), $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 1.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  18.20
  16.88
  15.69
  14.62
  13.66
  12.79
  12.02
  11.31
  10.68
  10.11
  9.60
  9.14
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
Revenue, $m
  793
  927
  1,072
  1,229
  1,397
  1,576
  1,765
  1,965
  2,175
  2,395
  2,625
  2,865
  3,115
  3,375
  3,646
  3,927
  4,220
  4,524
  4,839
  5,168
  5,509
  5,864
  6,234
  6,618
  7,019
  7,436
  7,871
  8,325
  8,799
  9,294
Variable operating expenses, $m
  478
  558
  644
  736
  836
  942
  1,054
  1,172
  1,296
  1,427
  1,554
  1,696
  1,844
  1,998
  2,158
  2,325
  2,498
  2,678
  2,865
  3,059
  3,261
  3,471
  3,690
  3,918
  4,155
  4,402
  4,660
  4,929
  5,209
  5,502
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
  544
  626
  713
  807
  908
  1,016
  1,130
  1,249
  1,375
  1,508
  1,637
  1,780
  1,930
  2,086
  2,248
  2,417
  2,592
  2,774
  2,963
  3,159
  3,364
  3,576
  3,797
  4,028
  4,267
  4,516
  4,777
  5,049
  5,331
  5,627
Operating income, $m
  248
  302
  359
  422
  489
  560
  636
  716
  800
  888
  988
  1,085
  1,185
  1,289
  1,398
  1,510
  1,628
  1,750
  1,876
  2,008
  2,145
  2,288
  2,436
  2,591
  2,752
  2,920
  3,095
  3,277
  3,468
  3,667
EBITDA, $m
  264
  318
  377
  441
  509
  582
  659
  741
  826
  916
  1,010
  1,108
  1,210
  1,317
  1,427
  1,543
  1,662
  1,787
  1,916
  2,050
  2,190
  2,336
  2,487
  2,645
  2,809
  2,981
  3,159
  3,346
  3,540
  3,743
Interest expense (income), $m
  0
  0
  2
  4
  7
  10
  12
  16
  19
  22
  26
  30
  33
  38
  42
  46
  51
  56
  61
  66
  71
  77
  83
  89
  95
  102
  109
  116
  123
  131
  139
Earnings before tax, $m
  248
  300
  355
  415
  479
  548
  620
  697
  777
  862
  959
  1,051
  1,147
  1,247
  1,351
  1,459
  1,572
  1,689
  1,810
  1,937
  2,068
  2,205
  2,347
  2,495
  2,650
  2,811
  2,979
  3,154
  3,337
  3,528
Tax expense, $m
  67
  81
  96
  112
  129
  148
  167
  188
  210
  233
  259
  284
  310
  337
  365
  394
  424
  456
  489
  523
  558
  595
  634
  674
  715
  759
  804
  852
  901
  953
Net income, $m
  181
  219
  259
  303
  350
  400
  453
  509
  568
  629
  700
  767
  837
  910
  986
  1,065
  1,147
  1,233
  1,322
  1,414
  1,510
  1,610
  1,713
  1,822
  1,934
  2,052
  2,175
  2,302
  2,436
  2,575

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
  507
  593
  686
  786
  893
  1,008
  1,129
  1,256
  1,391
  1,531
  1,678
  1,832
  1,992
  2,158
  2,331
  2,511
  2,698
  2,892
  3,094
  3,304
  3,522
  3,749
  3,986
  4,232
  4,488
  4,755
  5,033
  5,323
  5,626
  5,942
Adjusted assets (=assets-cash), $m
  507
  593
  686
  786
  893
  1,008
  1,129
  1,256
  1,391
  1,531
  1,678
  1,832
  1,992
  2,158
  2,331
  2,511
  2,698
  2,892
  3,094
  3,304
  3,522
  3,749
  3,986
  4,232
  4,488
  4,755
  5,033
  5,323
  5,626
  5,942
Revenue / Adjusted assets
  1.564
  1.563
  1.563
  1.564
  1.564
  1.563
  1.563
  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
  65
  76
  88
  101
  115
  129
  145
  161
  178
  196
  215
  235
  255
  277
  299
  322
  346
  371
  397
  424
  452
  481
  511
  543
  576
  610
  645
  683
  722
  762
Working capital, $m
  93
  108
  125
  144
  163
  184
  207
  230
  254
  280
  307
  335
  364
  395
  427
  460
  494
  529
  566
  605
  645
  686
  729
  774
  821
  870
  921
  974
  1,030
  1,087
Total debt, $m
  39
  81
  127
  177
  230
  287
  347
  411
  477
  547
  620
  696
  775
  858
  944
  1,033
  1,126
  1,222
  1,322
  1,426
  1,534
  1,647
  1,764
  1,886
  2,013
  2,146
  2,284
  2,428
  2,578
  2,735
Total liabilities, $m
  252
  294
  340
  390
  443
  500
  560
  623
  690
  760
  832
  909
  988
  1,070
  1,156
  1,246
  1,338
  1,435
  1,535
  1,639
  1,747
  1,860
  1,977
  2,099
  2,226
  2,358
  2,496
  2,640
  2,791
  2,947
Total equity, $m
  256
  299
  346
  396
  450
  508
  569
  633
  701
  772
  846
  923
  1,004
  1,088
  1,175
  1,266
  1,360
  1,458
  1,560
  1,665
  1,775
  1,890
  2,009
  2,133
  2,262
  2,396
  2,537
  2,683
  2,836
  2,995
Total liabilities and equity, $m
  508
  593
  686
  786
  893
  1,008
  1,129
  1,256
  1,391
  1,532
  1,678
  1,832
  1,992
  2,158
  2,331
  2,512
  2,698
  2,893
  3,095
  3,304
  3,522
  3,750
  3,986
  4,232
  4,488
  4,754
  5,033
  5,323
  5,627
  5,942
Debt-to-equity ratio
  0.150
  0.270
  0.370
  0.450
  0.510
  0.570
  0.610
  0.650
  0.680
  0.710
  0.730
  0.750
  0.770
  0.790
  0.800
  0.820
  0.830
  0.840
  0.850
  0.860
  0.860
  0.870
  0.880
  0.880
  0.890
  0.900
  0.900
  0.900
  0.910
  0.910
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
  181
  219
  259
  303
  350
  400
  453
  509
  568
  629
  700
  767
  837
  910
  986
  1,065
  1,147
  1,233
  1,322
  1,414
  1,510
  1,610
  1,713
  1,822
  1,934
  2,052
  2,175
  2,302
  2,436
  2,575
Depreciation, amort., depletion, $m
  15
  16
  18
  19
  20
  22
  23
  25
  27
  28
  22
  23
  26
  28
  30
  32
  35
  37
  40
  42
  45
  48
  51
  54
  58
  61
  65
  68
  72
  76
Funds from operations, $m
  197
  235
  277
  322
  370
  422
  476
  534
  594
  658
  722
  791
  863
  938
  1,016
  1,098
  1,182
  1,270
  1,361
  1,456
  1,555
  1,658
  1,765
  1,876
  1,992
  2,113
  2,239
  2,371
  2,508
  2,652
Change in working capital, $m
  14
  16
  17
  18
  20
  21
  22
  23
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  38
  40
  42
  43
  45
  47
  49
  51
  53
  55
  58
Cash from operations, $m
  182
  219
  260
  303
  350
  401
  454
  510
  570
  632
  695
  763
  834
  908
  985
  1,065
  1,148
  1,234
  1,324
  1,418
  1,515
  1,616
  1,721
  1,831
  1,945
  2,064
  2,188
  2,318
  2,453
  2,594
Maintenance CAPEX, $m
  -5
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -16
  -18
  -20
  -22
  -23
  -26
  -28
  -30
  -32
  -35
  -37
  -40
  -42
  -45
  -48
  -51
  -54
  -58
  -61
  -65
  -68
  -72
New CAPEX, $m
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
Cash from investing activities, $m
  -15
  -18
  -20
  -22
  -24
  -26
  -29
  -30
  -33
  -36
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -107
  -113
Free cash flow, $m
  167
  202
  240
  282
  327
  375
  425
  479
  536
  596
  656
  721
  790
  861
  935
  1,012
  1,092
  1,175
  1,261
  1,351
  1,445
  1,542
  1,643
  1,748
  1,858
  1,972
  2,091
  2,216
  2,346
  2,481
Issuance/(repayment) of debt, $m
  39
  42
  46
  50
  53
  57
  60
  63
  67
  70
  73
  76
  79
  83
  86
  89
  93
  96
  100
  104
  108
  113
  117
  122
  127
  132
  138
  144
  150
  157
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  
  39
  42
  46
  50
  53
  57
  60
  63
  67
  70
  73
  76
  79
  83
  86
  89
  93
  96
  100
  104
  108
  113
  117
  122
  127
  132
  138
  144
  150
  157
Total cash flow (excl. dividends), $m
  206
  244
  286
  332
  380
  431
  486
  543
  603
  666
  729
  798
  869
  943
  1,021
  1,101
  1,184
  1,271
  1,361
  1,455
  1,553
  1,654
  1,760
  1,870
  1,985
  2,105
  2,229
  2,360
  2,496
  2,638
Retained Cash Flow (-), $m
  -39
  -43
  -47
  -51
  -54
  -58
  -61
  -64
  -68
  -71
  -74
  -77
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -135
  -140
  -146
  -153
  -159
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
  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
  471
  201
  239
  281
  326
  374
  424
  478
  535
  595
  655
  720
  788
  859
  933
  1,010
  1,090
  1,173
  1,260
  1,349
  1,443
  1,540
  1,641
  1,746
  1,856
  1,970
  2,089
  2,213
  2,343
  2,478
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
  451
  184
  208
  231
  252
  271
  287
  299
  307
  312
  311
  307
  300
  289
  274
  257
  237
  216
  194
  171
  149
  128
  108
  89
  72
  57
  45
  34
  26
  19
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 13.1
Price to Sales 3.4
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 14
Price to Free Cash Flow 14.9
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 $671.012 million for the last fiscal year's total revenue generated by Advanced Energy Industries. The default revenue input number comes from 0001 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 18.2% 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 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 AEIS are equal to 8.2%.

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 11.7%. 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 - $520.641 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 39.329 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 $1.7 billion.

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COMPANY NEWS

▶ Why Advanced Energy is moving 100 management employees to Denver   [08:00AM  American City Business Journals]
▶ Global electronics firm moving management office, 100 employees to Denver   [Oct-25-18 02:11PM  American City Business Journals]
▶ Advanced Energy to Announce Third Quarter 2018 Results   [Oct-15-18 08:10AM  GlobeNewswire]
▶ Five Ways To Spot The Bullish Base-On-Base Stock Pattern   [Oct-08-18 09:00PM  Investor's Business Daily]
▶ Semiconductor Equipment Stocks Whacked On Micron, KLA-Tencor Comments   [Sep-06-18 04:21PM  Investor's Business Daily]
▶ Advanced Energy Announces Acquisition of LumaSense   [Sep-04-18 04:04PM  GlobeNewswire]
▶ Advanced Energy Announces New Investor Relations Team   [Aug-28-18 04:05PM  GlobeNewswire]
▶ Advanced Energy Industries, Inc. to Host Earnings Call   [Jul-31-18 06:30AM  ACCESSWIRE]
▶ Advanced Energy to Announce Second Quarter 2018 Results   [Jul-16-18 08:30AM  GlobeNewswire]
▶ Chip Equipment Stocks Get Price-Target Cuts On Market Slowdown   [Jul-09-18 04:16PM  Investor's Business Daily]
▶ New Strong Buy Stocks for June 15th   [Jun-15-18 10:01AM  Zacks]
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▶ Advanced Energy to Attend the Cowen TMT Conference   [May-23-18 08:00AM  GlobeNewswire]
▶ Advanced Energy to Attend JP Morgan Global TMC Conference   [May-10-18 04:05PM  GlobeNewswire]
▶ 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]
▶ Colorado Eco Devo Commission offers money to keep companies growing in-state   [Dec-21-17 04:40PM  American City Business Journals]
▶ Is It Time To Sell Your Tech Stocks? Analyze IBD 50, Stock Market Rotation   [Dec-05-17 04:15PM  Investor's Business Daily]
▶ Is There A Buy Opportunity In These Sinking Chip-Gear Firms?   [Dec-01-17 04:26PM  Investor's Business Daily]

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