Intrinsic value of CVD Equipment - CVV

Previous Close

$4.31

  Intrinsic Value

$9.53

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  Rating & Target

str. buy

+121%

Previous close

$4.31

 
Intrinsic value

$9.53

 
Up/down potential

+121%

 
Rating

str. buy

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 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 0.0

 

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
  42
  43
  44
  45
  47
  48
  50
  52
  53
  56
  58
  60
  63
  65
  68
  71
  74
  77
  81
  85
  89
  93
  97
  102
  107
  112
  117
  123
  129
  135
Variable operating expenses, $m
  26
  26
  27
  28
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  52
  54
  56
  59
  62
  65
  68
  71
  75
  78
  82
Fixed operating expenses, $m
  9
  9
  10
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  15
  16
  16
  16
  17
  17
  17
Total operating expenses, $m
  35
  35
  37
  38
  38
  39
  40
  42
  44
  45
  46
  49
  50
  52
  53
  56
  58
  60
  63
  66
  68
  71
  74
  77
  81
  84
  87
  92
  95
  99
Operating income, $m
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  30
  32
  33
  36
EBITDA, $m
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  27
  28
  30
  32
  34
  36
  38
Interest expense (income), $m
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
Earnings before tax, $m
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  26
  27
  29
  31
  33
Tax expense, $m
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
Net income, $m
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24

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
  51
  52
  53
  55
  56
  58
  60
  62
  64
  67
  70
  72
  75
  79
  82
  86
  89
  93
  98
  102
  107
  112
  117
  123
  129
  135
  141
  148
  155
  163
Adjusted assets (=assets-cash), $m
  51
  52
  53
  55
  56
  58
  60
  62
  64
  67
  70
  72
  75
  79
  82
  86
  89
  93
  98
  102
  107
  112
  117
  123
  129
  135
  141
  148
  155
  163
Revenue / Adjusted assets
  0.824
  0.827
  0.830
  0.818
  0.839
  0.828
  0.833
  0.839
  0.828
  0.836
  0.829
  0.833
  0.840
  0.823
  0.829
  0.826
  0.831
  0.828
  0.827
  0.833
  0.832
  0.830
  0.829
  0.829
  0.829
  0.830
  0.830
  0.831
  0.832
  0.828
Average production assets, $m
  22
  23
  23
  24
  25
  26
  27
  27
  28
  30
  31
  32
  33
  35
  36
  38
  40
  41
  43
  45
  47
  49
  52
  54
  57
  60
  62
  65
  69
  72
Working capital, $m
  9
  9
  9
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
Total debt, $m
  14
  14
  15
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  39
  42
  44
  46
  49
  51
  54
Total liabilities, $m
  18
  18
  19
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
Total equity, $m
  33
  33
  34
  35
  36
  37
  39
  40
  41
  43
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  79
  83
  87
  91
  95
  100
  105
Total liabilities and equity, $m
  51
  51
  53
  54
  56
  58
  60
  62
  64
  67
  70
  73
  76
  79
  82
  86
  90
  93
  98
  102
  107
  112
  117
  123
  129
  135
  141
  148
  155
  163
Debt-to-equity ratio
  0.420
  0.430
  0.430
  0.430
  0.440
  0.440
  0.440
  0.450
  0.450
  0.450
  0.460
  0.460
  0.470
  0.470
  0.470
  0.480
  0.480
  0.480
  0.490
  0.490
  0.490
  0.500
  0.500
  0.500
  0.500
  0.510
  0.510
  0.510
  0.510
  0.510
Adjusted equity ratio
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
Depreciation, amort., depletion, $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
Funds from operations, $m
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  27
Change in working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Cash from operations, $m
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
Maintenance CAPEX, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
New CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
Cash from investing activities, $m
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
Free cash flow, $m
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
Issuance/(repayment) of debt, $m
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
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  
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
Total cash flow (excl. dividends), $m
  4
  5
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  20
  21
  22
Retained Cash Flow (-), $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
Prev. year cash balance distribution, $m
  9
  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
  13
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
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
  12
  4
  3
  3
  3
  3
  3
  3
  3
  3
  2
  2
  2
  2
  2
  2
  2
  1
  1
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
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

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 1.3
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 3
Price to Free Cash Flow 3.4
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 $41.128639 million for the last fiscal year's total revenue generated by CVD Equipment. The default revenue input number comes from 0001 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 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 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 61%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $9 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 5.4% 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 53.3%.

Life of production assets of 25.5 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 21.4%. 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 - $40.653636 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 6.486 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 $0.0 billion.

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COMPANY NEWS

▶ CVD Reports Third Quarter 2018 Results   [Nov-14-18 04:05PM  Business Wire]
▶ CVD Equipment to Announce Third Quarter 2018 Results   [Nov-01-18 12:04PM  Business Wire]
▶ CVD Establishes Position of Lead Independent Director   [Sep-12-18 05:06PM  Business Wire]
▶ CVD Reports Second Quarter 2018 Results   [Aug-14-18 04:10PM  Business Wire]
▶ CVD Equipment to Announce Second Quarter 2018 Results   [Jul-31-18 03:55PM  Business Wire]
▶ CVD Reports First Quarter 2018 Results   [May-15-18 04:10PM  Business Wire]
▶ CVD Equipment to Announce First Quarter 2018 Results   [May-01-18 03:19PM  Business Wire]
▶ CVD Names Dr. Max Shatalov VP of Engineering and Technology   [Apr-25-18 04:31PM  Business Wire]
▶ Dr. Robert M. Brill Joins CVDs Board of Directors   [Apr-17-18 05:31PM  Business Wire]
▶ After-hours buzz: SWCH, VIAB, CVV & CGIX   [Apr-02-18 05:37PM  CNBC]
▶ CVD Reports Record Breaking 2017 Results   [04:05PM  Business Wire]
▶ CVD Equipment to Announce 2017 Results   [Mar-19-18 03:20PM  Business Wire]
▶ CVD Completes Purchase of 180,000 Sq. Ft. Facility   [Dec-06-17 04:05PM  Business Wire]
▶ CVD Reports Third Quarter 2017 Results   [Nov-14-17 04:05PM  Business Wire]
▶ CVD Acquires Assets of MesoScribe Technologies, Inc.   [Nov-02-17 04:44PM  Business Wire]
▶ CVD Equipment to Announce Third Quarter 2017 Results   [Oct-31-17 03:33PM  Business Wire]
▶ CVD Plans Expansion   [Oct-30-17 06:59PM  Business Wire]
▶ 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]

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