Intrinsic value of Coherent - COHR

Previous Close

$169.10

  Intrinsic Value

$1,566

stock screener

  Rating & Target

str. buy

+826%

Previous close

$169.10

 
Intrinsic value

$1,566

 
Up/down potential

+826%

 
Rating

str. buy

We calculate the intrinsic value of COHR 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 4.1

 

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, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  2,757
  4,259
  6,370
  9,242
  13,039
  17,926
  24,062
  31,595
  40,655
  51,351
  63,766
  77,960
  93,968
  111,803
  131,461
  152,920
  176,151
  201,116
  227,775
  256,086
  286,014
  317,528
  350,602
  385,223
  421,384
  459,091
  498,360
  539,217
  581,699
  625,853
Variable operating expenses, $m
  2,108
  3,224
  4,792
  6,925
  9,745
  13,375
  17,932
  23,527
  30,256
  38,200
  47,360
  57,902
  69,791
  83,038
  97,637
  113,576
  130,830
  149,372
  169,171
  190,199
  212,426
  235,832
  260,397
  286,110
  312,967
  340,973
  370,138
  400,483
  432,035
  464,829
Fixed operating expenses, $m
  65
  67
  68
  70
  71
  73
  75
  76
  78
  80
  81
  83
  85
  87
  89
  91
  93
  95
  97
  99
  101
  103
  106
  108
  110
  113
  115
  118
  120
  123
Total operating expenses, $m
  2,173
  3,291
  4,860
  6,995
  9,816
  13,448
  18,007
  23,603
  30,334
  38,280
  47,441
  57,985
  69,876
  83,125
  97,726
  113,667
  130,923
  149,467
  169,268
  190,298
  212,527
  235,935
  260,503
  286,218
  313,077
  341,086
  370,253
  400,601
  432,155
  464,952
Operating income, $m
  583
  968
  1,510
  2,247
  3,223
  4,478
  6,056
  7,992
  10,321
  13,071
  16,325
  19,975
  24,092
  28,679
  33,734
  39,254
  45,229
  51,650
  58,507
  65,789
  73,487
  81,592
  90,100
  99,005
  108,306
  118,006
  128,107
  138,616
  149,543
  160,901
EBITDA, $m
  734
  1,169
  1,779
  2,611
  3,711
  5,127
  6,906
  9,089
  11,716
  14,817
  18,416
  22,532
  27,174
  32,346
  38,046
  44,270
  51,007
  58,247
  65,978
  74,188
  82,868
  92,007
  101,600
  111,640
  122,128
  133,064
  144,453
  156,302
  168,623
  181,429
Interest expense (income), $m
  27
  66
  144
  259
  419
  637
  926
  1,297
  1,764
  2,336
  3,025
  3,838
  4,781
  5,860
  7,077
  8,432
  9,926
  11,557
  13,322
  15,220
  17,246
  19,398
  21,672
  24,067
  26,581
  29,212
  31,960
  34,826
  37,810
  40,915
  44,144
Earnings before tax, $m
  517
  824
  1,251
  1,828
  2,585
  3,552
  4,758
  6,228
  7,985
  10,047
  12,487
  15,194
  18,232
  21,602
  25,302
  29,328
  33,672
  38,328
  43,287
  48,543
  54,089
  59,920
  66,033
  72,424
  79,095
  86,046
  93,281
  100,806
  108,628
  116,757
Tax expense, $m
  140
  222
  338
  494
  698
  959
  1,285
  1,682
  2,156
  2,713
  3,372
  4,102
  4,923
  5,833
  6,832
  7,919
  9,091
  10,348
  11,687
  13,107
  14,604
  16,179
  17,829
  19,555
  21,356
  23,232
  25,186
  27,218
  29,330
  31,524
Net income, $m
  377
  601
  913
  1,335
  1,887
  2,593
  3,473
  4,547
  5,829
  7,334
  9,116
  11,091
  13,309
  15,770
  18,471
  21,409
  24,581
  27,979
  31,599
  35,436
  39,485
  43,742
  48,204
  52,870
  57,739
  62,813
  68,095
  73,588
  79,298
  85,233

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
  3,647
  5,634
  8,426
  12,225
  17,248
  23,712
  31,828
  41,792
  53,776
  67,924
  84,346
  103,121
  124,296
  147,888
  173,890
  202,275
  233,004
  266,027
  301,289
  338,738
  378,326
  420,010
  463,759
  509,554
  557,386
  607,264
  659,206
  713,250
  769,442
  827,848
Adjusted assets (=assets-cash), $m
  3,647
  5,634
  8,426
  12,225
  17,248
  23,712
  31,828
  41,792
  53,776
  67,924
  84,346
  103,121
  124,296
  147,888
  173,890
  202,275
  233,004
  266,027
  301,289
  338,738
  378,326
  420,010
  463,759
  509,554
  557,386
  607,264
  659,206
  713,250
  769,442
  827,848
Revenue / Adjusted assets
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
  0.756
Average production assets, $m
  904
  1,397
  2,089
  3,031
  4,277
  5,880
  7,892
  10,363
  13,335
  16,843
  20,915
  25,571
  30,821
  36,671
  43,119
  50,158
  57,778
  65,966
  74,710
  83,996
  93,813
  104,149
  114,997
  126,353
  138,214
  150,582
  163,462
  176,863
  190,797
  205,280
Working capital, $m
  543
  839
  1,255
  1,821
  2,569
  3,531
  4,740
  6,224
  8,009
  10,116
  12,562
  15,358
  18,512
  22,025
  25,898
  30,125
  34,702
  39,620
  44,872
  50,449
  56,345
  62,553
  69,069
  75,889
  83,013
  90,441
  98,177
  106,226
  114,595
  123,293
Total debt, $m
  1,290
  2,309
  3,742
  5,691
  8,267
  11,583
  15,747
  20,859
  27,007
  34,264
  42,689
  52,321
  63,183
  75,286
  88,625
  103,187
  118,951
  135,891
  153,981
  173,192
  193,500
  214,884
  237,328
  260,820
  285,358
  310,945
  337,592
  365,316
  394,143
  424,105
Total liabilities, $m
  1,871
  2,890
  4,322
  6,271
  8,848
  12,164
  16,328
  21,439
  27,587
  34,845
  43,270
  52,901
  63,764
  75,866
  89,205
  103,767
  119,531
  136,472
  154,561
  173,773
  194,081
  215,465
  237,908
  261,401
  285,939
  311,526
  338,173
  365,897
  394,724
  424,686
Total equity, $m
  1,776
  2,744
  4,103
  5,954
  8,400
  11,548
  15,500
  20,353
  26,189
  33,079
  41,077
  50,220
  60,532
  72,021
  84,684
  98,508
  113,473
  129,555
  146,728
  164,966
  184,245
  204,545
  225,851
  248,153
  271,447
  295,737
  321,034
  347,353
  374,718
  403,162
Total liabilities and equity, $m
  3,647
  5,634
  8,425
  12,225
  17,248
  23,712
  31,828
  41,792
  53,776
  67,924
  84,347
  103,121
  124,296
  147,887
  173,889
  202,275
  233,004
  266,027
  301,289
  338,739
  378,326
  420,010
  463,759
  509,554
  557,386
  607,263
  659,207
  713,250
  769,442
  827,848
Debt-to-equity ratio
  0.730
  0.840
  0.910
  0.960
  0.980
  1.000
  1.020
  1.020
  1.030
  1.040
  1.040
  1.040
  1.040
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
Adjusted equity ratio
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  377
  601
  913
  1,335
  1,887
  2,593
  3,473
  4,547
  5,829
  7,334
  9,116
  11,091
  13,309
  15,770
  18,471
  21,409
  24,581
  27,979
  31,599
  35,436
  39,485
  43,742
  48,204
  52,870
  57,739
  62,813
  68,095
  73,588
  79,298
  85,233
Depreciation, amort., depletion, $m
  151
  201
  270
  364
  488
  649
  850
  1,097
  1,394
  1,745
  2,092
  2,557
  3,082
  3,667
  4,312
  5,016
  5,778
  6,597
  7,471
  8,400
  9,381
  10,415
  11,500
  12,635
  13,821
  15,058
  16,346
  17,686
  19,080
  20,528
Funds from operations, $m
  529
  802
  1,183
  1,699
  2,376
  3,242
  4,324
  5,644
  7,223
  9,079
  11,207
  13,649
  16,391
  19,437
  22,783
  26,425
  30,358
  34,576
  39,070
  43,836
  48,866
  54,157
  59,704
  65,505
  71,560
  77,871
  84,441
  91,274
  98,378
  105,761
Change in working capital, $m
  204
  296
  416
  566
  748
  963
  1,209
  1,484
  1,785
  2,107
  2,446
  2,796
  3,154
  3,514
  3,873
  4,228
  4,577
  4,918
  5,252
  5,577
  5,896
  6,208
  6,516
  6,820
  7,124
  7,428
  7,736
  8,049
  8,369
  8,698
Cash from operations, $m
  325
  506
  767
  1,133
  1,628
  2,279
  3,115
  4,160
  5,439
  6,972
  8,761
  10,852
  13,238
  15,923
  18,910
  22,198
  25,782
  29,658
  33,819
  38,259
  42,971
  47,949
  53,188
  58,685
  64,437
  70,443
  76,705
  83,226
  90,009
  97,062
Maintenance CAPEX, $m
  -56
  -90
  -140
  -209
  -303
  -428
  -588
  -789
  -1,036
  -1,333
  -1,684
  -2,092
  -2,557
  -3,082
  -3,667
  -4,312
  -5,016
  -5,778
  -6,597
  -7,471
  -8,400
  -9,381
  -10,415
  -11,500
  -12,635
  -13,821
  -15,058
  -16,346
  -17,686
  -19,080
New CAPEX, $m
  -340
  -493
  -692
  -942
  -1,245
  -1,603
  -2,013
  -2,471
  -2,972
  -3,508
  -4,072
  -4,656
  -5,251
  -5,850
  -6,448
  -7,039
  -7,620
  -8,189
  -8,744
  -9,286
  -9,816
  -10,336
  -10,848
  -11,356
  -11,861
  -12,368
  -12,880
  -13,401
  -13,934
  -14,483
Cash from investing activities, $m
  -396
  -583
  -832
  -1,151
  -1,548
  -2,031
  -2,601
  -3,260
  -4,008
  -4,841
  -5,756
  -6,748
  -7,808
  -8,932
  -10,115
  -11,351
  -12,636
  -13,967
  -15,341
  -16,757
  -18,216
  -19,717
  -21,263
  -22,856
  -24,496
  -26,189
  -27,938
  -29,747
  -31,620
  -33,563
Free cash flow, $m
  -71
  -77
  -65
  -18
  79
  249
  514
  900
  1,431
  2,131
  3,005
  4,105
  5,430
  6,991
  8,795
  10,847
  13,146
  15,691
  18,478
  21,501
  24,755
  28,231
  31,925
  35,829
  39,940
  44,254
  48,767
  53,478
  58,389
  63,500
Issuance/(repayment) of debt, $m
  701
  1,020
  1,432
  1,949
  2,577
  3,316
  4,164
  5,112
  6,148
  7,258
  8,425
  9,632
  10,863
  12,103
  13,339
  14,562
  15,764
  16,941
  18,090
  19,211
  20,308
  21,384
  22,443
  23,493
  24,538
  25,587
  26,647
  27,724
  28,827
  29,962
Issuance/(repurchase) of shares, $m
  288
  367
  446
  516
  559
  555
  479
  306
  7
  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  
  989
  1,387
  1,878
  2,465
  3,136
  3,871
  4,643
  5,418
  6,155
  7,258
  8,425
  9,632
  10,863
  12,103
  13,339
  14,562
  15,764
  16,941
  18,090
  19,211
  20,308
  21,384
  22,443
  23,493
  24,538
  25,587
  26,647
  27,724
  28,827
  29,962
Total cash flow (excl. dividends), $m
  918
  1,309
  1,814
  2,446
  3,215
  4,119
  5,157
  6,317
  7,586
  9,388
  11,430
  13,737
  16,293
  19,094
  22,134
  25,409
  28,910
  32,632
  36,568
  40,713
  45,063
  49,615
  54,368
  59,322
  64,479
  69,841
  75,413
  81,203
  87,216
  93,462
Retained Cash Flow (-), $m
  -665
  -968
  -1,360
  -1,850
  -2,446
  -3,148
  -3,953
  -4,853
  -5,836
  -6,890
  -7,998
  -9,143
  -10,312
  -11,489
  -12,663
  -13,824
  -14,965
  -16,082
  -17,173
  -18,238
  -19,279
  -20,300
  -21,306
  -22,302
  -23,294
  -24,290
  -25,296
  -26,319
  -27,366
  -28,443
Prev. year cash balance distribution, $m
  52
  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
  24
  39
  60
  89
  129
  183
  251
  337
  442
  569
  719
  893
  1,091
  1,316
  1,565
  1,840
  2,141
  2,466
  2,816
  3,189
  3,585
  4,004
  4,445
  4,908
  5,393
  5,899
  6,427
  6,977
  7,549
  8,144
Cash available for distribution, $m
  305
  341
  454
  596
  768
  972
  1,204
  1,465
  1,749
  2,498
  3,432
  4,593
  5,981
  7,604
  9,471
  11,585
  13,945
  16,550
  19,395
  22,475
  25,784
  29,315
  33,062
  37,020
  41,184
  45,551
  50,117
  54,884
  59,850
  65,018
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
  292
  312
  395
  491
  596
  705
  814
  915
  1,005
  1,310
  1,630
  1,960
  2,274
  2,553
  2,781
  2,944
  3,034
  3,048
  2,986
  2,856
  2,667
  2,432
  2,167
  1,886
  1,602
  1,329
  1,076
  849
  653
  490
Current shareholders' claim on cash, %
  93.1
  87.9
  84.0
  81.1
  78.9
  77.5
  76.6
  76.1
  76.1
  76.1
  76.1
  76.1
  76.1
  76.1
  76.1
  76.1
  76.1
  76.1
  76.1
  76.1
  76.1
  76.1
  76.1
  76.1
  76.1
  76.1
  76.1
  76.1
  76.1
  76.1

Coherent, Inc. is a photonics manufacturer. The Company is engaged in designing, manufacturing, servicing and marketing of lasers and related accessories for a range of scientific, commercial and industrial applications. It operates through two segments: Specialty Lasers and Systems (SLS) and Commercial Lasers and Components (CLC). SLS develops and manufactures configurable products serving the microelectronics, scientific research and government programs, and original equipment manufacturer (OEM) components and instrumentation markets. The Commercial Lasers and Components segment focuses on higher volume products that are offered in set configurations. The product architectures are designed for exchange at the point of use such that substantially all product service and repairs are based upon advanced replacement and depot (that is factory) repair. CLC's primary markets include materials processing, OEM components, and instrumentation and microelectronics.

FINANCIAL RATIOS  of  Coherent (COHR)

Valuation Ratios
P/E Ratio 20.1
Price to Sales 2.4
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 10.8
Price to Free Cash Flow 13
Growth Rates
Sales Growth Rate 101.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 30.6%
Cap. Spend. - 3 Yr. Gr. Rate 22.7%
Financial Strength
Quick Ratio 95
Current Ratio 0.1
LT Debt to Equity 50.6%
Total Debt to Equity 51.1%
Interest Coverage 12
Management Effectiveness
Return On Assets 12.9%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 15.4%
Ret/ On T. Cap. - 3 Yr. Avg. 11.7%
Return On Equity 20%
Return On Equity - 3 Yr. Avg. 13.2%
Asset Turnover 1
Profitability Ratios
Gross Margin 43.5%
Gross Margin - 3 Yr. Avg. 43.3%
EBITDA Margin 25.2%
EBITDA Margin - 3 Yr. Avg. 20%
Operating Margin 18.9%
Oper. Margin - 3 Yr. Avg. 15.4%
Pre-Tax Margin 17.5%
Pre-Tax Margin - 3 Yr. Avg. 14.8%
Net Profit Margin 12%
Net Profit Margin - 3 Yr. Avg. 10.6%
Effective Tax Rate 30.8%
Eff/ Tax Rate - 3 Yr. Avg. 27.7%
Payout Ratio 0%

COHR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the COHR stock intrinsic value calculation we used $1723 million for the last fiscal year's total revenue generated by Coherent. The default revenue input number comes from 2017 income statement of Coherent. 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 COHR stock valuation model: a) initial revenue growth rate of 60% 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 COHR is calculated based on our internal credit rating of Coherent, 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 Coherent.
    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 COHR stock the variable cost ratio is equal to 77.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $64 million in the base year in the intrinsic value calculation for COHR 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 11.2% for Coherent.

Corporate tax rate of 27% is the nominal tax rate for Coherent. 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 COHR 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 COHR are equal to 32.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Coherent 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 COHR is equal to 19.7%. 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 - $1163 million for Coherent - 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 24 million for Coherent 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 Coherent at the current share price and the inputted number of shares is $4.1 billion.

RELATED COMPANIES Price Int.Val. Rating
IPGP IPG Photonics 238.07 692.64  str.buy
NOVT Novanta 68.55 96.39  str.buy
VIAV Viavi Solution 10.32 0.92  str.sell
LITE Lumentum Holdi 54.40 54.61  hold
MKSI MKS Instrument 101.40 1,156.69  str.buy
IIVI II-VI 43.85 30.11  sell
DYSL Dynasil of Ame 1.36 0.18  str.sell

COMPANY NEWS

▶ Reasons Why I Like Coherent Inc (NASDAQ:COHR)   [Jun-19-18 02:29PM  Simply Wall St.]
▶ Coherent, Inc. to Present at the Stifel Conference   [Jun-07-18 06:00PM  PR Newswire]
▶ Should You Buy Coherent Inc (NASDAQ:COHR) At This PE Ratio?   [Jun-01-18 12:10PM  Simply Wall St.]
▶ Top Undervalued NasdaqGS Stocks This Month   [May-10-18 10:02AM  Simply Wall St.]
▶ Coherent: Fiscal 2Q Earnings Snapshot   [May-01-18 05:04PM  Associated Press]
▶ Coherent Q2 Earnings Preview   [07:28AM  Benzinga]
▶ Coherent Shareholders Discover Lasers Can Cut Both Ways   [Apr-02-18 11:29AM  TheStreet.com]
▶ 3 Stocks That Are Absurdly Cheap Right Now   [Feb-26-18 03:15PM  Motley Fool]
▶ 3 Growth Stocks I'd Buy Right Now   [Feb-23-18 07:31PM  Motley Fool]
▶ Why Tesla, Coherent, and iRobot Slumped Today   [Feb-08-18 04:32PM  Motley Fool]
▶ Why Coherent Stock Crashed Today   [01:07PM  Motley Fool]
▶ Coherent posts 1Q profit   [05:01AM  Associated Press]
▶ Coherent, Inc. Reports First Fiscal Quarter Results   [Feb-07-18 04:57PM  PR Newswire]
▶ Coherent, Inc. to Host Earnings Call   [12:30PM  ACCESSWIRE]
▶ Bulls Power Dow Past 26,000; Bitcoin Slammed While Apple Rallies   [Jan-17-18 04:14PM  Investor's Business Daily]
▶ ETFs with exposure to Coherent, Inc. : January 2, 2018   [Jan-02-18 11:04AM  Capital Cube]
▶ ETFs with exposure to Coherent, Inc. : December 22, 2017   [Dec-22-17 11:35AM  Capital Cube]
▶ ETFs with exposure to Coherent, Inc. : December 11, 2017   [Dec-11-17 01:42PM  Capital Cube]
▶ 10 Best of the Best Stocks to Buy for 2018   [Dec-08-17 02:09PM  InvestorPlace]
▶ New Strong Buy Stocks for December 4th   [Dec-04-17 09:42AM  Zacks]
▶ ETFs with exposure to Coherent, Inc. : December 1, 2017   [Dec-01-17 10:34AM  Capital Cube]
▶ Stocks Modestly Lower; These Two IBD 50 Leaders Are Breaking Out   [Nov-08-17 10:12AM  Investor's Business Daily]
▶ Coherent posts 4Q profit   [Nov-07-17 06:27PM  Associated Press]
▶ 3 Value Stocks to Dive Into   [Oct-30-17 07:15AM  Motley Fool]
▶ ETFs with exposure to Coherent, Inc. : October 16, 2017   [Oct-16-17 09:50AM  Capital Cube]
▶ ETFs with exposure to Coherent, Inc. : October 3, 2017   [Oct-03-17 11:06AM  Capital Cube]
▶ ETFs with exposure to Coherent, Inc. : September 22, 2017   [Sep-22-17 10:17AM  Capital Cube]
▶ ETFs with exposure to Coherent, Inc. : September 12, 2017   [Sep-11-17 10:21PM  Capital Cube]
▶ ETFs with exposure to Coherent, Inc. : September 1, 2017   [Sep-01-17 07:19PM  Capital Cube]
▶ ETFs with exposure to Coherent, Inc. : August 7, 2017   [Aug-07-17 04:24PM  Capital Cube]
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.