Intrinsic value of Applied Materials, Inc. - AMAT

Previous Close

$43.95

  Intrinsic Value

$51.07

stock screener

  Rating & Target

hold

+16%

Previous close

$43.95

 
Intrinsic value

$51.07

 
Up/down potential

+16%

 
Rating

hold

We calculate the intrinsic value of AMAT 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 41.7

 

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, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  17,598
  18,003
  18,465
  18,985
  19,560
  20,192
  20,880
  21,624
  22,426
  23,287
  24,207
  25,190
  26,236
  27,348
  28,527
  29,778
  31,101
  32,500
  33,979
  35,540
  37,188
  38,925
  40,756
  42,686
  44,718
  46,857
  49,109
  51,479
  53,972
  56,595
Variable operating expenses, $m
  11,577
  11,840
  12,140
  12,478
  12,852
  13,262
  13,709
  14,193
  14,714
  15,273
  15,731
  16,370
  17,049
  17,772
  18,538
  19,351
  20,211
  21,120
  22,081
  23,096
  24,166
  25,295
  26,485
  27,739
  29,060
  30,450
  31,913
  33,453
  35,074
  36,778
Fixed operating expenses, $m
  1,148
  1,173
  1,199
  1,225
  1,252
  1,280
  1,308
  1,337
  1,366
  1,396
  1,427
  1,458
  1,490
  1,523
  1,556
  1,591
  1,626
  1,661
  1,698
  1,735
  1,774
  1,813
  1,852
  1,893
  1,935
  1,977
  2,021
  2,065
  2,111
  2,157
Total operating expenses, $m
  12,725
  13,013
  13,339
  13,703
  14,104
  14,542
  15,017
  15,530
  16,080
  16,669
  17,158
  17,828
  18,539
  19,295
  20,094
  20,942
  21,837
  22,781
  23,779
  24,831
  25,940
  27,108
  28,337
  29,632
  30,995
  32,427
  33,934
  35,518
  37,185
  38,935
Operating income, $m
  4,874
  4,990
  5,126
  5,282
  5,456
  5,650
  5,863
  6,095
  6,346
  6,617
  7,050
  7,362
  7,696
  8,053
  8,433
  8,836
  9,264
  9,719
  10,200
  10,709
  11,248
  11,817
  12,419
  13,053
  13,723
  14,430
  15,175
  15,960
  16,788
  17,660
EBITDA, $m
  5,304
  5,428
  5,571
  5,735
  5,920
  6,123
  6,347
  6,592
  6,856
  7,142
  7,449
  7,777
  8,129
  8,504
  8,903
  9,327
  9,777
  10,254
  10,760
  11,295
  11,861
  12,459
  13,090
  13,757
  14,460
  15,202
  15,984
  16,809
  17,677
  18,592
Interest expense (income), $m
  186
  287
  299
  313
  328
  346
  365
  387
  410
  435
  462
  491
  522
  556
  591
  629
  668
  711
  755
  803
  853
  906
  961
  1,020
  1,082
  1,147
  1,216
  1,288
  1,364
  1,444
  1,529
Earnings before tax, $m
  4,587
  4,691
  4,814
  4,953
  5,111
  5,285
  5,476
  5,685
  5,911
  6,155
  6,558
  6,840
  7,141
  7,462
  7,804
  8,168
  8,554
  8,963
  9,397
  9,856
  10,342
  10,856
  11,399
  11,971
  12,576
  13,214
  13,887
  14,596
  15,343
  16,131
Tax expense, $m
  1,238
  1,267
  1,300
  1,337
  1,380
  1,427
  1,478
  1,535
  1,596
  1,662
  1,771
  1,847
  1,928
  2,015
  2,107
  2,205
  2,309
  2,420
  2,537
  2,661
  2,792
  2,931
  3,078
  3,232
  3,396
  3,568
  3,749
  3,941
  4,143
  4,355
Net income, $m
  3,348
  3,424
  3,514
  3,616
  3,731
  3,858
  3,997
  4,150
  4,315
  4,493
  4,788
  4,993
  5,213
  5,447
  5,697
  5,962
  6,244
  6,543
  6,860
  7,195
  7,550
  7,925
  8,321
  8,739
  9,181
  9,646
  10,137
  10,655
  11,201
  11,776

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
  17,884
  18,296
  18,766
  19,294
  19,879
  20,520
  21,219
  21,976
  22,791
  23,665
  24,601
  25,599
  26,663
  27,792
  28,991
  30,262
  31,607
  33,029
  34,531
  36,118
  37,792
  39,558
  41,419
  43,380
  45,445
  47,619
  49,908
  52,316
  54,850
  57,515
Adjusted assets (=assets-cash), $m
  17,884
  18,296
  18,766
  19,294
  19,879
  20,520
  21,219
  21,976
  22,791
  23,665
  24,601
  25,599
  26,663
  27,792
  28,991
  30,262
  31,607
  33,029
  34,531
  36,118
  37,792
  39,558
  41,419
  43,380
  45,445
  47,619
  49,908
  52,316
  54,850
  57,515
Revenue / Adjusted assets
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
Average production assets, $m
  3,132
  3,205
  3,287
  3,379
  3,482
  3,594
  3,717
  3,849
  3,992
  4,145
  4,309
  4,484
  4,670
  4,868
  5,078
  5,300
  5,536
  5,785
  6,048
  6,326
  6,619
  6,929
  7,255
  7,598
  7,960
  8,341
  8,741
  9,163
  9,607
  10,074
Working capital, $m
  2,710
  2,772
  2,844
  2,924
  3,012
  3,110
  3,215
  3,330
  3,454
  3,586
  3,728
  3,879
  4,040
  4,212
  4,393
  4,586
  4,790
  5,005
  5,233
  5,473
  5,727
  5,994
  6,276
  6,574
  6,887
  7,216
  7,563
  7,928
  8,312
  8,716
Total debt, $m
  5,538
  5,791
  6,081
  6,406
  6,766
  7,162
  7,592
  8,058
  8,560
  9,099
  9,675
  10,290
  10,945
  11,641
  12,380
  13,162
  13,991
  14,867
  15,792
  16,770
  17,801
  18,889
  20,035
  21,243
  22,515
  23,854
  25,264
  26,748
  28,309
  29,950
Total liabilities, $m
  11,017
  11,270
  11,560
  11,885
  12,245
  12,641
  13,071
  13,537
  14,039
  14,578
  15,154
  15,769
  16,424
  17,120
  17,859
  18,641
  19,470
  20,346
  21,271
  22,249
  23,280
  24,368
  25,514
  26,722
  27,994
  29,333
  30,743
  32,227
  33,788
  35,429
Total equity, $m
  6,868
  7,025
  7,206
  7,409
  7,633
  7,880
  8,148
  8,439
  8,752
  9,087
  9,447
  9,830
  10,238
  10,672
  11,133
  11,621
  12,137
  12,683
  13,260
  13,869
  14,512
  15,190
  15,905
  16,658
  17,451
  18,286
  19,165
  20,089
  21,062
  22,086
Total liabilities and equity, $m
  17,885
  18,295
  18,766
  19,294
  19,878
  20,521
  21,219
  21,976
  22,791
  23,665
  24,601
  25,599
  26,662
  27,792
  28,992
  30,262
  31,607
  33,029
  34,531
  36,118
  37,792
  39,558
  41,419
  43,380
  45,445
  47,619
  49,908
  52,316
  54,850
  57,515
Debt-to-equity ratio
  0.810
  0.820
  0.840
  0.860
  0.890
  0.910
  0.930
  0.950
  0.980
  1.000
  1.020
  1.050
  1.070
  1.090
  1.110
  1.130
  1.150
  1.170
  1.190
  1.210
  1.230
  1.240
  1.260
  1.280
  1.290
  1.300
  1.320
  1.330
  1.340
  1.360
Adjusted equity ratio
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  3,348
  3,424
  3,514
  3,616
  3,731
  3,858
  3,997
  4,150
  4,315
  4,493
  4,788
  4,993
  5,213
  5,447
  5,697
  5,962
  6,244
  6,543
  6,860
  7,195
  7,550
  7,925
  8,321
  8,739
  9,181
  9,646
  10,137
  10,655
  11,201
  11,776
Depreciation, amort., depletion, $m
  431
  437
  445
  454
  463
  473
  485
  497
  510
  524
  399
  415
  432
  451
  470
  491
  513
  536
  560
  586
  613
  642
  672
  704
  737
  772
  809
  848
  890
  933
Funds from operations, $m
  3,779
  3,862
  3,959
  4,070
  4,194
  4,331
  4,482
  4,647
  4,825
  5,018
  5,187
  5,408
  5,645
  5,898
  6,167
  6,453
  6,757
  7,079
  7,420
  7,781
  8,163
  8,566
  8,993
  9,443
  9,918
  10,419
  10,947
  11,504
  12,090
  12,708
Change in working capital, $m
  53
  62
  71
  80
  89
  97
  106
  115
  124
  133
  142
  151
  161
  171
  182
  193
  204
  216
  228
  240
  254
  268
  282
  297
  313
  329
  347
  365
  384
  404
Cash from operations, $m
  3,726
  3,800
  3,888
  3,990
  4,105
  4,234
  4,376
  4,532
  4,702
  4,885
  5,045
  5,257
  5,484
  5,727
  5,985
  6,261
  6,553
  6,863
  7,192
  7,541
  7,909
  8,299
  8,711
  9,146
  9,605
  10,089
  10,600
  11,139
  11,706
  12,305
Maintenance CAPEX, $m
  -285
  -290
  -297
  -304
  -313
  -322
  -333
  -344
  -356
  -370
  -384
  -399
  -415
  -432
  -451
  -470
  -491
  -513
  -536
  -560
  -586
  -613
  -642
  -672
  -704
  -737
  -772
  -809
  -848
  -890
New CAPEX, $m
  -56
  -72
  -82
  -92
  -102
  -112
  -122
  -133
  -143
  -153
  -164
  -175
  -186
  -198
  -210
  -223
  -236
  -249
  -263
  -278
  -293
  -309
  -326
  -343
  -362
  -381
  -401
  -422
  -444
  -467
Cash from investing activities, $m
  -341
  -362
  -379
  -396
  -415
  -434
  -455
  -477
  -499
  -523
  -548
  -574
  -601
  -630
  -661
  -693
  -727
  -762
  -799
  -838
  -879
  -922
  -968
  -1,015
  -1,066
  -1,118
  -1,173
  -1,231
  -1,292
  -1,357
Free cash flow, $m
  3,385
  3,437
  3,509
  3,593
  3,690
  3,799
  3,921
  4,056
  4,203
  4,362
  4,497
  4,683
  4,883
  5,096
  5,325
  5,568
  5,827
  6,102
  6,393
  6,703
  7,030
  7,377
  7,743
  8,130
  8,539
  8,971
  9,427
  9,907
  10,414
  10,948
Issuance/(repayment) of debt, $m
  229
  253
  290
  325
  360
  395
  430
  466
  502
  539
  576
  615
  655
  696
  739
  783
  828
  876
  926
  977
  1,031
  1,088
  1,146
  1,208
  1,272
  1,339
  1,410
  1,484
  1,561
  1,642
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  
  229
  253
  290
  325
  360
  395
  430
  466
  502
  539
  576
  615
  655
  696
  739
  783
  828
  876
  926
  977
  1,031
  1,088
  1,146
  1,208
  1,272
  1,339
  1,410
  1,484
  1,561
  1,642
Total cash flow (excl. dividends), $m
  3,614
  3,691
  3,798
  3,918
  4,050
  4,195
  4,352
  4,522
  4,705
  4,901
  5,073
  5,298
  5,538
  5,792
  6,063
  6,350
  6,655
  6,978
  7,319
  7,680
  8,061
  8,464
  8,890
  9,338
  9,812
  10,311
  10,837
  11,391
  11,975
  12,590
Retained Cash Flow (-), $m
  -131
  -158
  -181
  -203
  -225
  -246
  -268
  -290
  -313
  -336
  -359
  -383
  -408
  -434
  -460
  -488
  -516
  -546
  -577
  -609
  -643
  -678
  -715
  -753
  -793
  -835
  -879
  -925
  -973
  -1,023
Prev. year cash balance distribution, $m
  108
  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
  3,592
  3,533
  3,618
  3,715
  3,825
  3,948
  4,083
  4,231
  4,392
  4,565
  4,714
  4,915
  5,129
  5,359
  5,603
  5,863
  6,139
  6,432
  6,742
  7,071
  7,419
  7,786
  8,175
  8,585
  9,019
  9,476
  9,958
  10,466
  11,002
  11,566
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
  3,444
  3,234
  3,148
  3,059
  2,965
  2,865
  2,759
  2,645
  2,523
  2,393
  2,239
  2,097
  1,950
  1,799
  1,645
  1,490
  1,336
  1,184
  1,038
  898
  767
  646
  536
  437
  351
  276
  214
  162
  120
  87
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

Applied Materials, Inc. provides manufacturing equipment, services and software to the global semiconductor, display and related industries. The Company's segments are Semiconductor Systems, which includes semiconductor capital equipment for etch, rapid thermal processing, deposition, chemical mechanical planarization, metrology and inspection, wafer packaging, and ion implantation; Applied Global Services, which provides integrated solutions to optimize equipment and fab performance and productivity; Display and Adjacent Markets, which includes products for manufacturing liquid crystal displays, organic light-emitting diodes, upgrades and roll-to-roll Web coating systems and other display technologies for televisions, personal computers, smart phones and other consumer-oriented devices, and Corporate and Other segment, which includes revenues from products, as well as costs of products sold for fabricating solar photovoltaic cells and modules, and certain operating expenses.

FINANCIAL RATIOS  of  Applied Materials, Inc. (AMAT)

Valuation Ratios
P/E Ratio 13.6
Price to Sales 3.2
Price to Book 5
Price to Tangible Book
Price to Cash Flow 12.9
Price to Free Cash Flow 14.3
Growth Rates
Sales Growth Rate 34.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 36.4%
Cap. Spend. - 3 Yr. Gr. Rate 7.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 56.7%
Total Debt to Equity 56.7%
Interest Coverage 21
Management Effectiveness
Return On Assets 21.2%
Ret/ On Assets - 3 Yr. Avg. 14.6%
Return On Total Capital 27.3%
Ret/ On T. Cap. - 3 Yr. Avg. 18.3%
Return On Equity 41.5%
Return On Equity - 3 Yr. Avg. 27.5%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 44.9%
Gross Margin - 3 Yr. Avg. 42.5%
EBITDA Margin 29.7%
EBITDA Margin - 3 Yr. Avg. 24.9%
Operating Margin 26.6%
Oper. Margin - 3 Yr. Avg. 21.3%
Pre-Tax Margin 25.7%
Pre-Tax Margin - 3 Yr. Avg. 20.3%
Net Profit Margin 23.6%
Net Profit Margin - 3 Yr. Avg. 17.9%
Effective Tax Rate 8%
Eff/ Tax Rate - 3 Yr. Avg. 12.1%
Payout Ratio 12.5%

AMAT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AMAT stock intrinsic value calculation we used $17253 million for the last fiscal year's total revenue generated by Applied Materials, Inc.. The default revenue input number comes from 0001 income statement of Applied Materials, Inc.. 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 AMAT stock valuation model: a) initial revenue growth rate of 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 AMAT is calculated based on our internal credit rating of Applied Materials, Inc., 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 Applied Materials, Inc..
    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 AMAT stock the variable cost ratio is equal to 65.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1123 million in the base year in the intrinsic value calculation for AMAT 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 Applied Materials, Inc..

Corporate tax rate of 27% is the nominal tax rate for Applied Materials, Inc.. 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 AMAT 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 AMAT are equal to 17.8%.

Life of production assets of 10.8 years is the average useful life of capital assets used in Applied Materials, Inc. 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 AMAT is equal to 15.4%. 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 - $6845 million for Applied Materials, Inc. - 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 949.492 million for Applied Materials, Inc. 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 Applied Materials, Inc. at the current share price and the inputted number of shares is $41.7 billion.

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