Intrinsic value of Coherent - COHR

Previous Close

$186.60

  Intrinsic Value

$135.68

stock screener

  Rating & Target

sell

-27%

Previous close

$186.60

 
Intrinsic value

$135.68

 
Up/down potential

-27%

 
Rating

sell

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 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 4.5

 

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, %
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
Revenue, $m
  1,791
  1,862
  1,939
  2,020
  2,107
  2,198
  2,295
  2,398
  2,507
  2,621
  2,742
  2,870
  3,005
  3,146
  3,296
  3,453
  3,619
  3,793
  3,976
  4,169
  4,372
  4,585
  4,810
  5,046
  5,293
  5,554
  5,828
  6,115
  6,418
  6,735
Variable operating expenses, $m
  1,391
  1,444
  1,501
  1,561
  1,625
  1,694
  1,766
  1,842
  1,923
  2,008
  2,037
  2,132
  2,232
  2,337
  2,448
  2,565
  2,688
  2,817
  2,953
  3,097
  3,247
  3,406
  3,572
  3,748
  3,932
  4,125
  4,328
  4,542
  4,767
  5,002
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
  1,456
  1,511
  1,569
  1,631
  1,696
  1,767
  1,841
  1,918
  2,001
  2,088
  2,118
  2,215
  2,317
  2,424
  2,537
  2,656
  2,781
  2,912
  3,050
  3,196
  3,348
  3,509
  3,678
  3,856
  4,042
  4,238
  4,443
  4,660
  4,887
  5,125
Operating income, $m
  334
  351
  370
  389
  410
  432
  455
  480
  506
  534
  624
  655
  688
  723
  759
  798
  838
  881
  926
  974
  1,024
  1,076
  1,132
  1,190
  1,252
  1,316
  1,384
  1,456
  1,531
  1,610
EBITDA, $m
  469
  489
  511
  533
  558
  583
  611
  640
  671
  703
  737
  774
  812
  853
  895
  940
  988
  1,038
  1,090
  1,146
  1,204
  1,266
  1,330
  1,399
  1,470
  1,545
  1,625
  1,708
  1,796
  1,888
Interest expense (income), $m
  27
  67
  72
  77
  83
  89
  96
  103
  110
  118
  126
  135
  144
  154
  164
  175
  186
  198
  211
  224
  238
  253
  268
  284
  301
  319
  338
  358
  379
  401
  424
Earnings before tax, $m
  268
  280
  293
  306
  321
  336
  352
  370
  388
  408
  489
  511
  534
  559
  584
  612
  640
  670
  702
  736
  771
  808
  848
  889
  932
  978
  1,026
  1,077
  1,130
  1,186
Tax expense, $m
  72
  76
  79
  83
  87
  91
  95
  100
  105
  110
  132
  138
  144
  151
  158
  165
  173
  181
  190
  199
  208
  218
  229
  240
  252
  264
  277
  291
  305
  320
Net income, $m
  196
  204
  214
  223
  234
  245
  257
  270
  283
  298
  357
  373
  390
  408
  427
  446
  467
  489
  513
  537
  563
  590
  619
  649
  681
  714
  749
  786
  825
  866

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
  2,365
  2,460
  2,561
  2,669
  2,783
  2,904
  3,032
  3,168
  3,311
  3,463
  3,623
  3,791
  3,969
  4,156
  4,354
  4,562
  4,780
  5,011
  5,253
  5,508
  5,776
  6,057
  6,354
  6,665
  6,993
  7,337
  7,698
  8,078
  8,478
  8,897
Adjusted assets (=assets-cash), $m
  2,365
  2,460
  2,561
  2,669
  2,783
  2,904
  3,032
  3,168
  3,311
  3,463
  3,623
  3,791
  3,969
  4,156
  4,354
  4,562
  4,780
  5,011
  5,253
  5,508
  5,776
  6,057
  6,354
  6,665
  6,993
  7,337
  7,698
  8,078
  8,478
  8,897
Revenue / Adjusted assets
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
Average production assets, $m
  399
  415
  432
  451
  470
  490
  512
  535
  559
  585
  612
  640
  670
  702
  735
  770
  807
  846
  887
  930
  975
  1,023
  1,073
  1,125
  1,180
  1,239
  1,300
  1,364
  1,431
  1,502
Working capital, $m
  437
  454
  473
  493
  514
  536
  560
  585
  612
  640
  669
  700
  733
  768
  804
  843
  883
  925
  970
  1,017
  1,067
  1,119
  1,174
  1,231
  1,292
  1,355
  1,422
  1,492
  1,566
  1,643
Total debt, $m
  640
  689
  741
  796
  855
  917
  983
  1,053
  1,127
  1,204
  1,287
  1,373
  1,465
  1,561
  1,662
  1,769
  1,882
  2,000
  2,125
  2,256
  2,393
  2,538
  2,690
  2,851
  3,019
  3,196
  3,382
  3,577
  3,782
  3,998
Total liabilities, $m
  1,216
  1,265
  1,316
  1,372
  1,430
  1,493
  1,559
  1,628
  1,702
  1,780
  1,862
  1,949
  2,040
  2,136
  2,238
  2,345
  2,457
  2,575
  2,700
  2,831
  2,969
  3,114
  3,266
  3,426
  3,594
  3,771
  3,957
  4,152
  4,358
  4,573
Total equity, $m
  1,150
  1,196
  1,245
  1,297
  1,352
  1,411
  1,474
  1,540
  1,609
  1,683
  1,761
  1,843
  1,929
  2,020
  2,116
  2,217
  2,323
  2,435
  2,553
  2,677
  2,807
  2,944
  3,088
  3,239
  3,398
  3,566
  3,741
  3,926
  4,120
  4,324
Total liabilities and equity, $m
  2,366
  2,461
  2,561
  2,669
  2,782
  2,904
  3,033
  3,168
  3,311
  3,463
  3,623
  3,792
  3,969
  4,156
  4,354
  4,562
  4,780
  5,010
  5,253
  5,508
  5,776
  6,058
  6,354
  6,665
  6,992
  7,337
  7,698
  8,078
  8,478
  8,897
Debt-to-equity ratio
  0.560
  0.580
  0.600
  0.610
  0.630
  0.650
  0.670
  0.680
  0.700
  0.720
  0.730
  0.750
  0.760
  0.770
  0.790
  0.800
  0.810
  0.820
  0.830
  0.840
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.900
  0.910
  0.920
  0.920
Adjusted equity ratio
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  196
  204
  214
  223
  234
  245
  257
  270
  283
  298
  357
  373
  390
  408
  427
  446
  467
  489
  513
  537
  563
  590
  619
  649
  681
  714
  749
  786
  825
  866
Depreciation, amort., depletion, $m
  135
  138
  141
  144
  148
  152
  156
  160
  164
  169
  113
  119
  124
  130
  136
  143
  149
  157
  164
  172
  181
  189
  199
  208
  219
  229
  241
  253
  265
  278
Funds from operations, $m
  330
  342
  354
  368
  382
  397
  413
  430
  448
  467
  470
  492
  514
  538
  563
  589
  617
  646
  677
  709
  743
  779
  817
  857
  899
  943
  990
  1,039
  1,090
  1,144
Change in working capital, $m
  16
  18
  19
  20
  21
  22
  24
  25
  26
  28
  30
  31
  33
  35
  36
  38
  40
  43
  45
  47
  50
  52
  55
  58
  60
  64
  67
  70
  74
  77
Cash from operations, $m
  314
  324
  336
  348
  361
  375
  389
  405
  421
  439
  441
  460
  481
  503
  526
  551
  576
  603
  632
  662
  694
  727
  763
  800
  839
  880
  923
  968
  1,016
  1,067
Maintenance CAPEX, $m
  -71
  -74
  -77
  -80
  -83
  -87
  -91
  -95
  -99
  -104
  -108
  -113
  -119
  -124
  -130
  -136
  -143
  -149
  -157
  -164
  -172
  -181
  -189
  -199
  -208
  -219
  -229
  -241
  -253
  -265
New CAPEX, $m
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -71
Cash from investing activities, $m
  -86
  -90
  -94
  -98
  -102
  -107
  -113
  -118
  -123
  -130
  -135
  -141
  -149
  -156
  -163
  -171
  -180
  -188
  -198
  -207
  -217
  -229
  -239
  -252
  -263
  -277
  -290
  -305
  -320
  -336
Free cash flow, $m
  227
  234
  242
  250
  258
  267
  277
  287
  298
  310
  306
  319
  333
  347
  363
  379
  397
  415
  435
  455
  477
  499
  523
  548
  575
  603
  633
  664
  696
  731
Issuance/(repayment) of debt, $m
  46
  49
  52
  55
  59
  62
  66
  70
  74
  78
  82
  87
  91
  96
  101
  107
  112
  118
  125
  131
  138
  145
  152
  160
  168
  177
  186
  195
  205
  216
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  
  46
  49
  52
  55
  59
  62
  66
  70
  74
  78
  82
  87
  91
  96
  101
  107
  112
  118
  125
  131
  138
  145
  152
  160
  168
  177
  186
  195
  205
  216
Total cash flow (excl. dividends), $m
  273
  283
  294
  305
  317
  329
  343
  357
  372
  388
  388
  405
  424
  444
  464
  486
  509
  534
  559
  586
  614
  644
  676
  709
  743
  780
  818
  859
  902
  946
Retained Cash Flow (-), $m
  -44
  -46
  -49
  -52
  -55
  -59
  -62
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -96
  -101
  -106
  -112
  -118
  -124
  -130
  -137
  -144
  -151
  -159
  -167
  -176
  -185
  -194
  -204
Prev. year cash balance distribution, $m
  58
  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
  287
  237
  245
  253
  261
  270
  280
  291
  302
  314
  310
  324
  338
  353
  368
  385
  403
  422
  441
  462
  484
  507
  532
  557
  584
  613
  643
  674
  707
  742
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
  276
  217
  213
  208
  203
  196
  189
  182
  174
  165
  147
  138
  128
  118
  108
  98
  88
  78
  68
  59
  50
  42
  35
  28
  23
  18
  14
  10
  8
  6
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

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 22.2
Price to Sales 2.7
Price to Book 4
Price to Tangible Book
Price to Cash Flow 12
Price to Free Cash Flow 14.4
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 $1723.311 million for the last fiscal year's total revenue generated by Coherent. The default revenue input number comes from 0001 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 3.9% 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 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 COHR are equal to 22.3%.

Life of production assets of 5.4 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 24.4%. 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 - $1163.264 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 24.299 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 $4.5 billion.

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COMPANY NEWS

▶ Why Coherent, Inc. Stock Gained 20.6% in August   [Sep-11-18 04:25PM  Motley Fool]
▶ A Look At The Intrinsic Value Of Coherent Inc (NASDAQ:COHR)   [Aug-31-18 08:37AM  Simply Wall St.]
▶ Coherent: Fiscal 3Q Earnings Snapshot   [Jul-31-18 04:54PM  Associated Press]
▶ Coherent, Inc. to Host Earnings Call   [02:30PM  ACCESSWIRE]
▶ 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]

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