Intrinsic value of Cohu, Inc. - COHU

Previous Close

$15.06

  Intrinsic Value

$20.76

stock screener

  Rating & Target

buy

+38%

Previous close

$15.06

 
Intrinsic value

$20.76

 
Up/down potential

+38%

 
Rating

buy

We calculate the intrinsic value of COHU 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 0.6

 

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, %
  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
  723
  1,117
  1,671
  2,425
  3,421
  4,703
  6,312
  8,288
  10,665
  13,471
  16,728
  20,451
  24,651
  29,330
  34,486
  40,116
  46,210
  52,759
  59,753
  67,180
  75,031
  83,298
  91,975
  101,057
  110,543
  120,435
  130,736
  141,454
  152,599
  164,182
Variable operating expenses, $m
  642
  988
  1,474
  2,135
  3,009
  4,135
  5,547
  7,282
  9,367
  11,830
  14,681
  17,949
  21,634
  25,741
  30,266
  35,207
  40,555
  46,303
  52,441
  58,959
  65,849
  73,105
  80,719
  88,690
  97,016
  105,697
  114,738
  124,144
  133,925
  144,091
Fixed operating expenses, $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 operating expenses, $m
  642
  988
  1,474
  2,135
  3,009
  4,135
  5,547
  7,282
  9,367
  11,830
  14,681
  17,949
  21,634
  25,741
  30,266
  35,207
  40,555
  46,303
  52,441
  58,959
  65,849
  73,105
  80,719
  88,690
  97,016
  105,697
  114,738
  124,144
  133,925
  144,091
Operating income, $m
  81
  129
  197
  289
  411
  568
  765
  1,007
  1,298
  1,641
  2,047
  2,503
  3,017
  3,589
  4,220
  4,909
  5,655
  6,456
  7,312
  8,221
  9,182
  10,193
  11,255
  12,366
  13,527
  14,738
  15,998
  17,310
  18,674
  20,091
EBITDA, $m
  112
  174
  260
  377
  532
  731
  981
  1,288
  1,658
  2,094
  2,600
  3,179
  3,831
  4,559
  5,360
  6,235
  7,182
  8,200
  9,287
  10,442
  11,662
  12,947
  14,295
  15,707
  17,181
  18,719
  20,320
  21,986
  23,718
  25,518
Interest expense (income), $m
  0
  19
  38
  65
  103
  156
  225
  313
  425
  562
  727
  921
  1,147
  1,404
  1,695
  2,020
  2,377
  2,767
  3,189
  3,643
  4,127
  4,642
  5,185
  5,758
  6,359
  6,988
  7,646
  8,331
  9,044
  9,787
  10,559
Earnings before tax, $m
  62
  92
  132
  186
  256
  343
  452
  582
  736
  915
  1,126
  1,356
  1,612
  1,894
  2,201
  2,532
  2,888
  3,267
  3,669
  4,094
  4,540
  5,008
  5,497
  6,007
  6,539
  7,092
  7,668
  8,266
  8,887
  9,532
Tax expense, $m
  17
  25
  36
  50
  69
  93
  122
  157
  199
  247
  304
  366
  435
  511
  594
  684
  780
  882
  991
  1,105
  1,226
  1,352
  1,484
  1,622
  1,766
  1,915
  2,070
  2,232
  2,399
  2,574
Net income, $m
  45
  67
  96
  136
  187
  251
  330
  425
  537
  668
  822
  990
  1,177
  1,382
  1,606
  1,849
  2,108
  2,385
  2,679
  2,989
  3,314
  3,656
  4,013
  4,385
  4,773
  5,177
  5,597
  6,034
  6,487
  6,958

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
  1,795
  2,773
  4,146
  6,016
  8,488
  11,669
  15,663
  20,567
  26,464
  33,427
  41,508
  50,748
  61,168
  72,778
  85,574
  99,544
  114,666
  130,917
  148,270
  166,700
  186,181
  206,695
  228,225
  250,761
  274,300
  298,846
  324,408
  351,004
  378,657
  407,399
Adjusted assets (=assets-cash), $m
  1,795
  2,773
  4,146
  6,016
  8,488
  11,669
  15,663
  20,567
  26,464
  33,427
  41,508
  50,748
  61,168
  72,778
  85,574
  99,544
  114,666
  130,917
  148,270
  166,700
  186,181
  206,695
  228,225
  250,761
  274,300
  298,846
  324,408
  351,004
  378,657
  407,399
Revenue / Adjusted assets
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
Average production assets, $m
  344
  532
  795
  1,154
  1,628
  2,238
  3,005
  3,945
  5,077
  6,412
  7,962
  9,735
  11,734
  13,961
  16,416
  19,095
  21,996
  25,113
  28,442
  31,978
  35,715
  39,650
  43,780
  48,103
  52,618
  57,327
  62,231
  67,332
  72,637
  78,151
Working capital, $m
  266
  411
  615
  892
  1,259
  1,731
  2,323
  3,050
  3,925
  4,957
  6,156
  7,526
  9,072
  10,793
  12,691
  14,763
  17,005
  19,415
  21,989
  24,722
  27,611
  30,654
  33,847
  37,189
  40,680
  44,320
  48,111
  52,055
  56,156
  60,419
Total debt, $m
  700
  1,205
  1,916
  2,882
  4,160
  5,805
  7,870
  10,405
  13,454
  17,053
  21,232
  26,009
  31,396
  37,398
  44,014
  51,236
  59,054
  67,456
  76,427
  85,956
  96,028
  106,633
  117,764
  129,415
  141,585
  154,275
  167,491
  181,241
  195,538
  210,397
Total liabilities, $m
  928
  1,433
  2,144
  3,110
  4,388
  6,033
  8,098
  10,633
  13,682
  17,282
  21,460
  26,237
  31,624
  37,626
  44,242
  51,464
  59,282
  67,684
  76,656
  86,184
  96,256
  106,861
  117,992
  129,643
  141,813
  154,503
  167,719
  181,469
  195,766
  210,625
Total equity, $m
  867
  1,339
  2,003
  2,906
  4,100
  5,636
  7,565
  9,934
  12,782
  16,145
  20,049
  24,511
  29,544
  35,152
  41,332
  48,080
  55,384
  63,233
  71,614
  80,516
  89,926
  99,834
  110,232
  121,118
  132,487
  144,343
  156,689
  169,535
  182,891
  196,774
Total liabilities and equity, $m
  1,795
  2,772
  4,147
  6,016
  8,488
  11,669
  15,663
  20,567
  26,464
  33,427
  41,509
  50,748
  61,168
  72,778
  85,574
  99,544
  114,666
  130,917
  148,270
  166,700
  186,182
  206,695
  228,224
  250,761
  274,300
  298,846
  324,408
  351,004
  378,657
  407,399
Debt-to-equity ratio
  0.810
  0.900
  0.960
  0.990
  1.010
  1.030
  1.040
  1.050
  1.050
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.070
  1.070
  1.070
  1.070
  1.070
  1.070
  1.070
  1.070
  1.070
  1.070
  1.070
  1.070
  1.070
  1.070
  1.070
Adjusted equity ratio
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  45
  67
  96
  136
  187
  251
  330
  425
  537
  668
  822
  990
  1,177
  1,382
  1,606
  1,849
  2,108
  2,385
  2,679
  2,989
  3,314
  3,656
  4,013
  4,385
  4,773
  5,177
  5,597
  6,034
  6,487
  6,958
Depreciation, amort., depletion, $m
  31
  44
  63
  88
  120
  163
  216
  281
  360
  453
  553
  676
  815
  970
  1,140
  1,326
  1,528
  1,744
  1,975
  2,221
  2,480
  2,753
  3,040
  3,340
  3,654
  3,981
  4,322
  4,676
  5,044
  5,427
Funds from operations, $m
  77
  111
  159
  223
  307
  414
  546
  706
  897
  1,120
  1,375
  1,666
  1,992
  2,352
  2,746
  3,175
  3,636
  4,129
  4,654
  5,209
  5,794
  6,409
  7,053
  7,726
  8,427
  9,158
  9,919
  10,710
  11,532
  12,386
Change in working capital, $m
  100
  145
  204
  277
  367
  472
  592
  727
  875
  1,033
  1,199
  1,370
  1,545
  1,722
  1,898
  2,072
  2,243
  2,410
  2,574
  2,733
  2,889
  3,042
  3,193
  3,342
  3,491
  3,640
  3,791
  3,944
  4,101
  4,263
Cash from operations, $m
  -23
  -34
  -45
  -54
  -60
  -58
  -47
  -21
  22
  88
  176
  296
  446
  630
  849
  1,103
  1,393
  1,719
  2,080
  2,476
  2,905
  3,367
  3,860
  4,384
  4,936
  5,518
  6,128
  6,765
  7,430
  8,123
Maintenance CAPEX, $m
  -15
  -24
  -37
  -55
  -80
  -113
  -155
  -209
  -274
  -353
  -445
  -553
  -676
  -815
  -970
  -1,140
  -1,326
  -1,528
  -1,744
  -1,975
  -2,221
  -2,480
  -2,753
  -3,040
  -3,340
  -3,654
  -3,981
  -4,322
  -4,676
  -5,044
New CAPEX, $m
  -129
  -188
  -264
  -359
  -474
  -610
  -766
  -941
  -1,131
  -1,336
  -1,550
  -1,772
  -1,999
  -2,227
  -2,455
  -2,680
  -2,901
  -3,117
  -3,329
  -3,535
  -3,737
  -3,935
  -4,130
  -4,323
  -4,515
  -4,709
  -4,904
  -5,102
  -5,305
  -5,514
Cash from investing activities, $m
  -144
  -212
  -301
  -414
  -554
  -723
  -921
  -1,150
  -1,405
  -1,689
  -1,995
  -2,325
  -2,675
  -3,042
  -3,425
  -3,820
  -4,227
  -4,645
  -5,073
  -5,510
  -5,958
  -6,415
  -6,883
  -7,363
  -7,855
  -8,363
  -8,885
  -9,424
  -9,981
  -10,558
Free cash flow, $m
  -167
  -245
  -345
  -468
  -614
  -781
  -968
  -1,170
  -1,383
  -1,600
  -1,819
  -2,030
  -2,229
  -2,412
  -2,575
  -2,717
  -2,834
  -2,926
  -2,993
  -3,034
  -3,053
  -3,048
  -3,023
  -2,980
  -2,919
  -2,844
  -2,757
  -2,658
  -2,550
  -2,435
Issuance/(repayment) of debt, $m
  347
  506
  710
  967
  1,278
  1,645
  2,065
  2,535
  3,049
  3,600
  4,178
  4,777
  5,387
  6,002
  6,616
  7,222
  7,818
  8,402
  8,972
  9,528
  10,072
  10,605
  11,131
  11,651
  12,170
  12,690
  13,216
  13,750
  14,297
  14,860
Issuance/(repurchase) of shares, $m
  280
  406
  567
  767
  1,007
  1,286
  1,600
  1,944
  2,311
  2,695
  3,081
  3,473
  3,856
  4,225
  4,574
  4,899
  5,196
  5,464
  5,703
  5,913
  6,095
  6,252
  6,386
  6,500
  6,596
  6,678
  6,749
  6,812
  6,869
  6,924
Cash from financing (excl. dividends), $m  
  627
  912
  1,277
  1,734
  2,285
  2,931
  3,665
  4,479
  5,360
  6,295
  7,259
  8,250
  9,243
  10,227
  11,190
  12,121
  13,014
  13,866
  14,675
  15,441
  16,167
  16,857
  17,517
  18,151
  18,766
  19,368
  19,965
  20,562
  21,166
  21,784
Total cash flow (excl. dividends), $m
  460
  666
  932
  1,266
  1,671
  2,149
  2,696
  3,308
  3,978
  4,694
  5,441
  6,220
  7,015
  7,816
  8,614
  9,404
  10,180
  10,940
  11,682
  12,407
  13,115
  13,809
  14,494
  15,171
  15,846
  16,524
  17,208
  17,904
  18,616
  19,349
Retained Cash Flow (-), $m
  -325
  -472
  -664
  -903
  -1,194
  -1,536
  -1,929
  -2,368
  -2,849
  -3,363
  -3,903
  -4,463
  -5,033
  -5,608
  -6,180
  -6,747
  -7,304
  -7,849
  -8,382
  -8,901
  -9,410
  -9,908
  -10,399
  -10,885
  -11,369
  -11,856
  -12,346
  -12,846
  -13,357
  -13,882
Prev. year cash balance distribution, $m
  4
  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
  139
  193
  269
  363
  478
  612
  767
  940
  1,129
  1,332
  1,537
  1,757
  1,982
  2,208
  2,434
  2,657
  2,876
  3,091
  3,300
  3,505
  3,705
  3,901
  4,095
  4,286
  4,477
  4,668
  4,862
  5,058
  5,259
  5,466
Discount rate, %
  5.70
  5.99
  6.28
  6.60
  6.93
  7.27
  7.64
  8.02
  8.42
  8.84
  9.28
  9.75
  10.24
  10.75
  11.29
  11.85
  12.44
  13.06
  13.72
  14.40
  15.12
  15.88
  16.67
  17.51
  18.38
  19.30
  20.27
  21.28
  22.34
  23.46
PV of cash for distribution, $m
  131
  172
  224
  281
  342
  402
  458
  507
  545
  571
  579
  575
  558
  529
  489
  443
  392
  339
  287
  238
  192
  152
  118
  89
  66
  47
  33
  23
  15
  10
Current shareholders' claim on cash, %
  68.5
  48.3
  35.1
  26.2
  20.0
  15.6
  12.5
  10.1
  8.4
  7.1
  6.0
  5.2
  4.6
  4.1
  3.6
  3.3
  3.0
  2.8
  2.6
  2.4
  2.2
  2.1
  2.0
  1.9
  1.8
  1.7
  1.7
  1.6
  1.5
  1.5

Cohu, Inc. is a supplier of semiconductor test and inspection handlers, micro-electro mechanical system (MEMS) test modules, test contactors and thermal sub-systems used by global semiconductor manufacturers and test subcontractors. It develops, manufactures, sells and services a line of equipment capable of handling a range of integrated circuits and light-emitting diodes. It operates through semiconductor equipment segment. It offers products for the pick-and-place, gravity-feed, test-in-strip and turret handling, MEMS, burn-in and system-level test markets. It sells various products, including Delta MATRiX, Delta Pyramid, Delta Eclipse, Delta LinX, Rasco SO1000, Rasco SO2000, Rasco Saturn and Jupiter, Rasco Jaguar, Ismeca NY32, Ismeca NY20 and Delta Fusion HD. Its manufacturing operations are located in Malacca, Malaysia (handlers); Poway, California (thermal subsystems); Laguna, the Philippines (kits and contactors); Kolbermoor, Germany (handlers), and Osaka, Japan (contactors).

FINANCIAL RATIOS  of  Cohu, Inc. (COHU)

Valuation Ratios
P/E Ratio 134.7
Price to Sales 1.4
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 16.2
Price to Free Cash Flow 18.4
Growth Rates
Sales Growth Rate 4.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -57.1%
Cap. Spend. - 3 Yr. Gr. Rate -5.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.9%
Ret/ On Assets - 3 Yr. Avg. 1.2%
Return On Total Capital 1.3%
Ret/ On T. Cap. - 3 Yr. Avg. 1.6%
Return On Equity 1.3%
Return On Equity - 3 Yr. Avg. 1.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 33.7%
Gross Margin - 3 Yr. Avg. 33.4%
EBITDA Margin 5.7%
EBITDA Margin - 3 Yr. Avg. 7.7%
Operating Margin 2.1%
Oper. Margin - 3 Yr. Avg. 3.8%
Pre-Tax Margin 2.1%
Pre-Tax Margin - 3 Yr. Avg. 3.7%
Net Profit Margin 1.1%
Net Profit Margin - 3 Yr. Avg. 1.3%
Effective Tax Rate 50%
Eff/ Tax Rate - 3 Yr. Avg. 32%
Payout Ratio 200%

COHU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the COHU stock intrinsic value calculation we used $452 million for the last fiscal year's total revenue generated by Cohu, Inc.. The default revenue input number comes from 0001 income statement of Cohu, 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 COHU 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 5.7%, whose default value for COHU is calculated based on our internal credit rating of Cohu, 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 Cohu, 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 COHU stock the variable cost ratio is equal to 89.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for COHU 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 Cohu, Inc..

Corporate tax rate of 27% is the nominal tax rate for Cohu, 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 COHU 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 COHU are equal to 47.6%.

Life of production assets of 14.4 years is the average useful life of capital assets used in Cohu, 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 COHU is equal to 36.8%. 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 - $546.243 million for Cohu, 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 40.700 million for Cohu, 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 Cohu, Inc. at the current share price and the inputted number of shares is $0.6 billion.

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