Intrinsic value of CVD Equipment - CVV

Previous Close

$11.71

  Intrinsic Value

$179.54

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

+1449%

Previous close

$11.71

 
Intrinsic value

$179.54

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

+1449%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CVV 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 2016), $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 0.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -46.15
  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
  21
  34
  52
  78
  113
  159
  218
  293
  385
  496
  626
  777
  950
  1,145
  1,363
  1,602
  1,864
  2,147
  2,451
  2,776
  3,121
  3,486
  3,870
  4,273
  4,695
  5,136
  5,595
  6,074
  6,572
  7,090
  7,628
Variable operating expenses, $m
 
  22
  35
  52
  75
  106
  146
  196
  257
  331
  417
  518
  634
  764
  909
  1,069
  1,243
  1,432
  1,635
  1,852
  2,082
  2,325
  2,581
  2,850
  3,132
  3,426
  3,732
  4,051
  4,384
  4,729
  5,088
Fixed operating expenses, $m
 
  8
  8
  9
  9
  9
  9
  10
  10
  10
  10
  10
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  16
  16
  16
  17
Total operating expenses, $m
  22
  30
  43
  61
  84
  115
  155
  206
  267
  341
  427
  528
  645
  775
  920
  1,081
  1,255
  1,444
  1,647
  1,865
  2,095
  2,338
  2,595
  2,864
  3,146
  3,441
  3,747
  4,067
  4,400
  4,745
  5,105
Operating income, $m
  -1
  3
  9
  17
  29
  44
  63
  88
  118
  155
  198
  248
  306
  370
  442
  522
  609
  703
  804
  912
  1,026
  1,147
  1,275
  1,409
  1,549
  1,695
  1,848
  2,007
  2,173
  2,345
  2,523
EBITDA, $m
  0
  5
  11
  21
  34
  51
  74
  102
  137
  179
  228
  285
  351
  425
  507
  598
  697
  805
  920
  1,044
  1,175
  1,313
  1,459
  1,612
  1,772
  1,940
  2,114
  2,296
  2,485
  2,682
  2,886
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  3
  4
  6
  7
  10
  12
  15
  19
  23
  27
  32
  37
  43
  49
  55
  62
  69
  77
  85
  94
  102
  112
  121
  131
  141
Earnings before tax, $m
  -1
  3
  9
  17
  27
  42
  61
  84
  113
  148
  189
  236
  290
  352
  420
  495
  577
  666
  761
  863
  971
  1,085
  1,206
  1,332
  1,464
  1,602
  1,746
  1,895
  2,051
  2,213
  2,382
Tax expense, $m
  -1
  1
  2
  4
  7
  11
  16
  23
  30
  40
  51
  64
  78
  95
  113
  134
  156
  180
  206
  233
  262
  293
  325
  360
  395
  432
  471
  512
  554
  598
  643
Net income, $m
  0
  2
  6
  12
  20
  31
  44
  61
  82
  108
  138
  172
  212
  257
  307
  361
  421
  486
  556
  630
  709
  792
  880
  972
  1,069
  1,169
  1,274
  1,384
  1,497
  1,616
  1,739

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  22
  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
  46
  38
  59
  89
  129
  182
  250
  335
  440
  566
  715
  888
  1,086
  1,309
  1,557
  1,831
  2,130
  2,454
  2,801
  3,173
  3,567
  3,984
  4,423
  4,884
  5,366
  5,870
  6,395
  6,942
  7,511
  8,103
  8,718
Adjusted assets (=assets-cash), $m
  24
  38
  59
  89
  129
  182
  250
  335
  440
  566
  715
  888
  1,086
  1,309
  1,557
  1,831
  2,130
  2,454
  2,801
  3,173
  3,567
  3,984
  4,423
  4,884
  5,366
  5,870
  6,395
  6,942
  7,511
  8,103
  8,718
Revenue / Adjusted assets
  0.875
  0.895
  0.881
  0.876
  0.876
  0.874
  0.872
  0.875
  0.875
  0.876
  0.876
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
Average production assets, $m
  7
  11
  17
  26
  38
  53
  73
  98
  128
  165
  208
  259
  316
  381
  454
  534
  621
  715
  816
  924
  1,039
  1,161
  1,289
  1,423
  1,563
  1,710
  1,863
  2,023
  2,188
  2,361
  2,540
Working capital, $m
  20
  -3
  -5
  -7
  -11
  -15
  -21
  -28
  -37
  -47
  -59
  -74
  -90
  -109
  -129
  -152
  -177
  -204
  -233
  -264
  -297
  -331
  -368
  -406
  -446
  -488
  -532
  -577
  -624
  -674
  -725
Total debt, $m
  3
  10
  21
  35
  55
  82
  116
  159
  211
  274
  349
  435
  534
  645
  770
  907
  1,056
  1,218
  1,392
  1,577
  1,775
  1,983
  2,202
  2,433
  2,674
  2,926
  3,188
  3,462
  3,746
  4,042
  4,350
Total liabilities, $m
  11
  19
  30
  44
  64
  91
  125
  168
  220
  283
  358
  444
  543
  654
  779
  916
  1,065
  1,227
  1,401
  1,586
  1,784
  1,992
  2,211
  2,442
  2,683
  2,935
  3,197
  3,471
  3,755
  4,051
  4,359
Total equity, $m
  34
  19
  30
  44
  64
  91
  125
  168
  220
  283
  358
  444
  543
  654
  779
  916
  1,065
  1,227
  1,401
  1,586
  1,784
  1,992
  2,211
  2,442
  2,683
  2,935
  3,197
  3,471
  3,755
  4,051
  4,359
Total liabilities and equity, $m
  45
  38
  60
  88
  128
  182
  250
  336
  440
  566
  716
  888
  1,086
  1,308
  1,558
  1,832
  2,130
  2,454
  2,802
  3,172
  3,568
  3,984
  4,422
  4,884
  5,366
  5,870
  6,394
  6,942
  7,510
  8,102
  8,718
Debt-to-equity ratio
  0.088
  0.530
  0.700
  0.800
  0.860
  0.900
  0.930
  0.950
  0.960
  0.970
  0.970
  0.980
  0.980
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
Adjusted equity ratio
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  0
  2
  6
  12
  20
  31
  44
  61
  82
  108
  138
  172
  212
  257
  307
  361
  421
  486
  556
  630
  709
  792
  880
  972
  1,069
  1,169
  1,274
  1,384
  1,497
  1,616
  1,739
Depreciation, amort., depletion, $m
  1
  2
  2
  4
  5
  8
  10
  14
  18
  24
  30
  37
  45
  54
  65
  76
  89
  102
  117
  132
  148
  166
  184
  203
  223
  244
  266
  289
  313
  337
  363
Funds from operations, $m
  17
  4
  9
  16
  25
  38
  55
  75
  101
  131
  167
  209
  257
  311
  371
  438
  510
  588
  672
  762
  857
  958
  1,064
  1,175
  1,292
  1,414
  1,541
  1,673
  1,810
  1,953
  2,102
Change in working capital, $m
  8
  -1
  -2
  -2
  -3
  -4
  -6
  -7
  -9
  -10
  -12
  -14
  -16
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -45
  -47
  -49
  -51
Cash from operations, $m
  9
  5
  10
  18
  29
  43
  60
  82
  109
  142
  180
  224
  274
  330
  392
  460
  535
  615
  701
  793
  890
  993
  1,101
  1,214
  1,332
  1,456
  1,584
  1,718
  1,857
  2,002
  2,153
Maintenance CAPEX, $m
  0
  -1
  -2
  -2
  -4
  -5
  -8
  -10
  -14
  -18
  -24
  -30
  -37
  -45
  -54
  -65
  -76
  -89
  -102
  -117
  -132
  -148
  -166
  -184
  -203
  -223
  -244
  -266
  -289
  -313
  -337
New CAPEX, $m
  -1
  -4
  -6
  -9
  -12
  -15
  -20
  -25
  -31
  -37
  -43
  -50
  -58
  -65
  -72
  -80
  -87
  -94
  -101
  -108
  -115
  -121
  -128
  -134
  -141
  -147
  -153
  -159
  -166
  -172
  -179
Cash from investing activities, $m
  0
  -5
  -8
  -11
  -16
  -20
  -28
  -35
  -45
  -55
  -67
  -80
  -95
  -110
  -126
  -145
  -163
  -183
  -203
  -225
  -247
  -269
  -294
  -318
  -344
  -370
  -397
  -425
  -455
  -485
  -516
Free cash flow, $m
  9
  0
  3
  7
  13
  22
  33
  47
  65
  87
  113
  144
  179
  220
  265
  316
  371
  432
  498
  568
  643
  723
  807
  895
  988
  1,085
  1,187
  1,293
  1,403
  1,517
  1,636
Issuance/(repayment) of debt, $m
  0
  7
  10
  15
  20
  26
  34
  43
  52
  63
  74
  86
  99
  111
  124
  137
  149
  162
  174
  186
  197
  208
  219
  230
  241
  252
  263
  273
  285
  296
  308
Issuance/(repurchase) of shares, $m
  0
  5
  4
  3
  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  
  0
  12
  14
  18
  20
  26
  34
  43
  52
  63
  74
  86
  99
  111
  124
  137
  149
  162
  174
  186
  197
  208
  219
  230
  241
  252
  263
  273
  285
  296
  308
Total cash flow (excl. dividends), $m
  9
  12
  17
  24
  33
  48
  67
  90
  117
  150
  187
  230
  278
  331
  389
  453
  521
  594
  672
  754
  840
  931
  1,026
  1,126
  1,229
  1,337
  1,449
  1,566
  1,687
  1,813
  1,944
Retained Cash Flow (-), $m
  -1
  -7
  -10
  -15
  -20
  -26
  -34
  -43
  -52
  -63
  -74
  -86
  -99
  -111
  -124
  -137
  -149
  -162
  -174
  -186
  -197
  -208
  -219
  -230
  -241
  -252
  -263
  -273
  -285
  -296
  -308
Prev. year cash balance distribution, $m
 
  22
  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
 
  27
  7
  10
  13
  22
  33
  47
  65
  87
  113
  144
  179
  220
  265
  316
  371
  432
  498
  568
  643
  723
  807
  895
  988
  1,085
  1,187
  1,293
  1,403
  1,517
  1,636
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
 
  26
  6
  9
  11
  17
  24
  32
  41
  50
  59
  68
  76
  83
  89
  93
  94
  94
  92
  87
  82
  75
  67
  59
  50
  42
  35
  28
  22
  17
  12
Current shareholders' claim on cash, %
  100
  83.9
  76.2
  73.3
  73.3
  73.3
  73.3
  73.3
  73.3
  73.3
  73.3
  73.3
  73.3
  73.3
  73.3
  73.3
  73.3
  73.3
  73.3
  73.3
  73.3
  73.3
  73.3
  73.3
  73.3
  73.3
  73.3
  73.3
  73.3
  73.3
  73.3

CVD Equipment Corporation designs and manufactures equipment and process solutions used to develop and manufacture materials and coatings for research and industrial applications. The Company operates through two divisions: CVD/First Nano and Stainless Design Concepts (SDC). The Company's CVD/First Nano division supplies chemical vapor deposition systems for use in the research, development and manufacturing of aerospace and medical components, semiconductors, light emitting diodes (LEDs), carbon nanotubes, nanowires, solar cells and a number of other industrial applications. The Company's SDC division designs and manufactures purity gas and chemical delivery control systems for semiconductor fabrication processes, solar cells, LEDs, carbon nanotubes, nanowires, and other industrial applications. Its products include chemical vapor deposition, rapid thermal processing (RTP), annealing and diffusion furnaces, purity gas and liquid control systems, and quartz-ware.

FINANCIAL RATIOS  of  CVD Equipment (CVV)

Valuation Ratios
P/E Ratio 0
Price to Sales 3.5
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 8.3
Price to Free Cash Flow 9.3
Growth Rates
Sales Growth Rate -46.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate -12.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.4
LT Debt to Equity 8.8%
Total Debt to Equity 8.8%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0.7%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0.9%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 1%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 33.3%
Gross Margin - 3 Yr. Avg. 38.2%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 1.6%
Operating Margin -4.8%
Oper. Margin - 3 Yr. Avg. -2.1%
Pre-Tax Margin -4.8%
Pre-Tax Margin - 3 Yr. Avg. -2.1%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0.2%
Effective Tax Rate 100%
Eff/ Tax Rate - 3 Yr. Avg. 63.3%
Payout Ratio 0%

CVV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CVV stock intrinsic value calculation we used $21 million for the last fiscal year's total revenue generated by CVD Equipment. The default revenue input number comes from 2016 income statement of CVD Equipment. 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 CVV 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 CVV is calculated based on our internal credit rating of CVD Equipment, 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 CVD Equipment.
    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 CVV stock the variable cost ratio is equal to 66.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $8 million in the base year in the intrinsic value calculation for CVV 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 3.5% for CVD Equipment.

Corporate tax rate of 27% is the nominal tax rate for CVD Equipment. 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 CVV 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 CVV are equal to 33.3%.

Life of production assets of 7 years is the average useful life of capital assets used in CVD Equipment 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 CVV is equal to -9.5%. 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 - $34 million for CVD Equipment - 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 6.406 million for CVD Equipment 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 CVD Equipment at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ CVD Reports Second Quarter 2017 Results   [Aug-14-17 04:05PM  Business Wire]
▶ CVD Equipment to Announce Second Quarter 2017 Results   [Jul-31-17 10:28AM  Business Wire]
▶ ETFs with exposure to CVD Equipment Corp. : July 7, 2017   [Jul-07-17 02:47PM  Capital Cube]
▶ ETFs with exposure to CVD Equipment Corp. : June 6, 2017   [Jun-06-17 11:40AM  Capital Cube]
▶ ETFs with exposure to CVD Equipment Corp. : May 26, 2017   [May-26-17 01:04PM  Capital Cube]
▶ CVD Reports First Quarter 2017 Results   [May-15-17 04:05PM  Business Wire]
▶ CVD Equipment to Announce First Quarter 2017 Results   [May-01-17 04:03PM  Business Wire]
▶ ETFs with exposure to CVD Equipment Corp. : April 7, 2017   [Apr-07-17 04:19PM  Capital Cube]
▶ CVD Equipment to Announce 2016 Results   [Mar-15-17 03:27PM  Business Wire]
▶ CVD Receives $10 Million In Orders   [Mar-06-17 08:30AM  Business Wire]
▶ CVD Names Emmanuel Lakios VP of Sales and Marketing   [Feb-07-17 05:19PM  Business Wire]
▶ CVD Announces Expansion Plans for Tantaline in US   [Jan-30-17 04:15PM  Business Wire]
▶ CVD Acquires Assets of Tantaline A/S   [Dec-19-16 04:05PM  Business Wire]
▶ CVD Reports Third Quarter 2016 Results   [04:01PM  Business Wire]
▶ CVD Equipment to Announce Q3 2016 Results   [Oct-31-16 12:00PM  Business Wire]
▶ CVD Reports Second Quarter 2016 Results   [04:05PM  Business Wire]
▶ CVD Equipment to Announce Q2 2016 Results   [Aug-03-16 04:46PM  Business Wire]
▶ CVD Receives $30 Million Order   [Jun-22-16 04:15PM  Business Wire]
▶ CVD Reports First Quarter 2016 Results   [04:15PM  Business Wire]
▶ CVD Equipment to Announce Q1 2016 Results   [May-05-16 05:00PM  Business Wire]
▶ CVD Conference Call Correction   [Mar-29-16 10:35AM  Business Wire]
▶ CVD Equipment to Announce 2015 Results   [Mar-24-16 04:55PM  Business Wire]
▶ 10-Q for CVD Equipment Corp.   [Aug-15  08:10PM  at Company Spotlight]
▶ CVD Reports Over $13 Million in Orders for Q2 2015   [Jul-16  08:30AM  Business Wire]
▶ 10-Q for CVD Equipment Corp.   [May-17  08:11PM  at Company Spotlight]
▶ 10-K for CVD Equipment Corp.   [Apr-25  08:09PM  at Company Spotlight]
▶ CVD Files 10K - Record Orders for 2014 Reported   [Apr-01  09:09AM  at noodls]
▶ CVD Files 10K - Record Orders for 2014 Reported   [Mar-31  07:51PM  Business Wire]
▶ CVD Reports $45 Million in 2014 Orders   [Feb-12  09:16AM  at noodls]
▶ CVD Reports $45 Million in 2014 Orders   [08:51AM  Business Wire]
▶ CVD Reports $10.2 Million in Orders for November   [Nov-17  08:15AM  Business Wire]
▶ CVD Reports 88% Revenue Increase in Q3   [08:00AM  Business Wire]
▶ 10-Q for CVD Equipment Corp.   [Nov-16  07:08PM  Company Spotlight]
Financial statements of CVV
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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