Intrinsic value of Electro Scientific Industries - ESIO

Previous Close

$15.04

  Intrinsic Value

$774.76

stock screener

  Rating & Target

str. buy

+999%

Previous close

$15.04

 
Intrinsic value

$774.76

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of ESIO 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 0.5

 

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, %
  52.20
  47.48
  43.23
  39.41
  35.97
  32.87
  30.08
  27.58
  25.32
  23.29
  21.46
  19.81
  18.33
  17.00
  15.80
  14.72
  13.75
  12.87
  12.08
  11.38
  10.74
  10.16
  9.65
  9.18
  8.76
  8.39
  8.05
  7.74
  7.47
  7.22
Revenue, $m
  560
  826
  1,183
  1,649
  2,242
  2,979
  3,875
  4,944
  6,195
  7,638
  9,277
  11,115
  13,152
  15,388
  17,819
  20,441
  23,251
  26,244
  29,415
  32,762
  36,280
  39,967
  43,824
  47,848
  52,042
  56,407
  60,948
  65,668
  70,574
  75,671
Variable operating expenses, $m
  252
  371
  532
  741
  1,007
  1,338
  1,740
  2,220
  2,782
  3,429
  4,164
  4,989
  5,904
  6,907
  7,998
  9,176
  10,437
  11,780
  13,204
  14,706
  16,285
  17,941
  19,672
  21,478
  23,361
  25,320
  27,358
  29,477
  31,679
  33,967
Fixed operating expenses, $m
  132
  135
  138
  141
  144
  147
  150
  154
  157
  160
  164
  167
  171
  175
  179
  183
  187
  191
  195
  199
  204
  208
  213
  217
  222
  227
  232
  237
  242
  248
Total operating expenses, $m
  384
  506
  670
  882
  1,151
  1,485
  1,890
  2,374
  2,939
  3,589
  4,328
  5,156
  6,075
  7,082
  8,177
  9,359
  10,624
  11,971
  13,399
  14,905
  16,489
  18,149
  19,885
  21,695
  23,583
  25,547
  27,590
  29,714
  31,921
  34,215
Operating income, $m
  176
  320
  513
  767
  1,091
  1,494
  1,985
  2,570
  3,257
  4,048
  4,949
  5,958
  7,077
  8,306
  9,641
  11,083
  12,627
  14,273
  16,016
  17,856
  19,791
  21,819
  23,939
  26,152
  28,459
  30,860
  33,357
  35,954
  38,652
  41,456
EBITDA, $m
  185
  332
  531
  791
  1,124
  1,537
  2,040
  2,641
  3,345
  4,158
  5,080
  6,116
  7,264
  8,524
  9,894
  11,373
  12,958
  14,645
  16,434
  18,321
  20,306
  22,386
  24,561
  26,832
  29,198
  31,661
  34,223
  36,886
  39,654
  42,531
Interest expense (income), $m
  0
  1
  4
  8
  13
  21
  30
  41
  55
  72
  92
  114
  140
  169
  200
  235
  273
  314
  358
  405
  454
  507
  562
  619
  680
  742
  808
  876
  947
  1,021
  1,097
Earnings before tax, $m
  175
  316
  506
  754
  1,070
  1,464
  1,943
  2,515
  3,184
  3,957
  4,835
  5,818
  6,909
  8,105
  9,406
  10,810
  12,313
  13,914
  15,611
  17,402
  19,284
  21,257
  23,320
  25,473
  27,717
  30,052
  32,481
  35,007
  37,631
  40,359
Tax expense, $m
  47
  85
  136
  204
  289
  395
  525
  679
  860
  1,068
  1,305
  1,571
  1,865
  2,188
  2,540
  2,919
  3,325
  3,757
  4,215
  4,698
  5,207
  5,739
  6,296
  6,878
  7,483
  8,114
  8,770
  9,452
  10,160
  10,897
Net income, $m
  128
  231
  369
  550
  781
  1,069
  1,418
  1,836
  2,325
  2,888
  3,529
  4,247
  5,043
  5,917
  6,866
  7,891
  8,989
  10,158
  11,396
  12,703
  14,077
  15,518
  17,023
  18,595
  20,233
  21,938
  23,711
  25,555
  27,471
  29,462

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
  503
  742
  1,063
  1,481
  2,014
  2,676
  3,482
  4,442
  5,566
  6,862
  8,335
  9,986
  11,817
  13,825
  16,010
  18,366
  20,891
  23,579
  26,429
  29,435
  32,596
  35,910
  39,374
  42,990
  46,758
  50,680
  54,760
  59,001
  63,409
  67,989
Adjusted assets (=assets-cash), $m
  503
  742
  1,063
  1,481
  2,014
  2,676
  3,482
  4,442
  5,566
  6,862
  8,335
  9,986
  11,817
  13,825
  16,010
  18,366
  20,891
  23,579
  26,429
  29,435
  32,596
  35,910
  39,374
  42,990
  46,758
  50,680
  54,760
  59,001
  63,409
  67,989
Revenue / Adjusted assets
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
  1.113
Average production assets, $m
  40
  59
  84
  117
  159
  212
  275
  351
  440
  542
  659
  789
  934
  1,093
  1,265
  1,451
  1,651
  1,863
  2,088
  2,326
  2,576
  2,838
  3,111
  3,397
  3,695
  4,005
  4,327
  4,662
  5,011
  5,373
Working capital, $m
  120
  178
  254
  355
  482
  640
  833
  1,063
  1,332
  1,642
  1,995
  2,390
  2,828
  3,308
  3,831
  4,395
  4,999
  5,642
  6,324
  7,044
  7,800
  8,593
  9,422
  10,287
  11,189
  12,128
  13,104
  14,119
  15,173
  16,269
Total debt, $m
  68
  145
  248
  383
  555
  768
  1,027
  1,336
  1,698
  2,116
  2,590
  3,122
  3,711
  4,358
  5,061
  5,820
  6,633
  7,499
  8,416
  9,384
  10,402
  11,469
  12,585
  13,749
  14,962
  16,225
  17,539
  18,904
  20,324
  21,798
Total liabilities, $m
  162
  239
  342
  477
  649
  862
  1,121
  1,430
  1,792
  2,210
  2,684
  3,216
  3,805
  4,452
  5,155
  5,914
  6,727
  7,593
  8,510
  9,478
  10,496
  11,563
  12,679
  13,843
  15,056
  16,319
  17,633
  18,998
  20,418
  21,892
Total equity, $m
  341
  503
  720
  1,004
  1,366
  1,815
  2,361
  3,011
  3,774
  4,653
  5,651
  6,771
  8,012
  9,374
  10,854
  12,452
  14,164
  15,987
  17,919
  19,957
  22,100
  24,347
  26,696
  29,147
  31,702
  34,361
  37,127
  40,003
  42,991
  46,096
Total liabilities and equity, $m
  503
  742
  1,062
  1,481
  2,015
  2,677
  3,482
  4,441
  5,566
  6,863
  8,335
  9,987
  11,817
  13,826
  16,009
  18,366
  20,891
  23,580
  26,429
  29,435
  32,596
  35,910
  39,375
  42,990
  46,758
  50,680
  54,760
  59,001
  63,409
  67,988
Debt-to-equity ratio
  0.200
  0.290
  0.340
  0.380
  0.410
  0.420
  0.440
  0.440
  0.450
  0.450
  0.460
  0.460
  0.460
  0.460
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
Adjusted equity ratio
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678
  0.678

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  128
  231
  369
  550
  781
  1,069
  1,418
  1,836
  2,325
  2,888
  3,529
  4,247
  5,043
  5,917
  6,866
  7,891
  8,989
  10,158
  11,396
  12,703
  14,077
  15,518
  17,023
  18,595
  20,233
  21,938
  23,711
  25,555
  27,471
  29,462
Depreciation, amort., depletion, $m
  9
  13
  18
  24
  33
  43
  56
  71
  89
  109
  132
  158
  187
  219
  253
  290
  330
  373
  418
  465
  515
  568
  622
  679
  739
  801
  865
  932
  1,002
  1,075
Funds from operations, $m
  137
  243
  387
  574
  814
  1,112
  1,474
  1,907
  2,413
  2,998
  3,661
  4,405
  5,230
  6,135
  7,119
  8,181
  9,319
  10,530
  11,814
  13,168
  14,592
  16,085
  17,646
  19,275
  20,972
  22,739
  24,577
  26,487
  28,473
  30,536
Change in working capital, $m
  41
  57
  77
  100
  128
  158
  193
  230
  269
  310
  352
  395
  438
  481
  523
  564
  604
  643
  682
  719
  756
  793
  829
  865
  902
  939
  976
  1,015
  1,055
  1,096
Cash from operations, $m
  95
  186
  310
  474
  686
  953
  1,282
  1,677
  2,144
  2,687
  3,309
  4,010
  4,792
  5,655
  6,597
  7,617
  8,715
  9,887
  11,132
  12,449
  13,836
  15,292
  16,817
  18,409
  20,070
  21,800
  23,601
  25,472
  27,418
  29,440
Maintenance CAPEX, $m
  -5
  -8
  -12
  -17
  -23
  -32
  -42
  -55
  -70
  -88
  -108
  -132
  -158
  -187
  -219
  -253
  -290
  -330
  -373
  -418
  -465
  -515
  -568
  -622
  -679
  -739
  -801
  -865
  -932
  -1,002
New CAPEX, $m
  -14
  -19
  -25
  -33
  -42
  -52
  -64
  -76
  -89
  -102
  -116
  -130
  -145
  -159
  -173
  -186
  -200
  -212
  -225
  -238
  -250
  -262
  -274
  -286
  -298
  -310
  -322
  -335
  -348
  -362
Cash from investing activities, $m
  -19
  -27
  -37
  -50
  -65
  -84
  -106
  -131
  -159
  -190
  -224
  -262
  -303
  -346
  -392
  -439
  -490
  -542
  -598
  -656
  -715
  -777
  -842
  -908
  -977
  -1,049
  -1,123
  -1,200
  -1,280
  -1,364
Free cash flow, $m
  77
  159
  273
  424
  621
  869
  1,176
  1,546
  1,985
  2,497
  3,084
  3,748
  4,490
  5,309
  6,206
  7,178
  8,225
  9,344
  10,534
  11,794
  13,121
  14,515
  15,975
  17,501
  19,093
  20,751
  22,477
  24,272
  26,137
  28,076
Issuance/(repayment) of debt, $m
  55
  77
  103
  135
  172
  213
  259
  309
  362
  417
  474
  532
  589
  647
  703
  759
  813
  866
  918
  968
  1,018
  1,067
  1,116
  1,164
  1,213
  1,263
  1,314
  1,366
  1,419
  1,475
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  
  55
  77
  103
  135
  172
  213
  259
  309
  362
  417
  474
  532
  589
  647
  703
  759
  813
  866
  918
  968
  1,018
  1,067
  1,116
  1,164
  1,213
  1,263
  1,314
  1,366
  1,419
  1,475
Total cash flow (excl. dividends), $m
  132
  236
  376
  559
  792
  1,082
  1,435
  1,855
  2,347
  2,914
  3,558
  4,279
  5,079
  5,956
  6,909
  7,937
  9,038
  10,210
  11,452
  12,762
  14,139
  15,582
  17,091
  18,666
  20,307
  22,014
  23,791
  25,637
  27,557
  29,551
Retained Cash Flow (-), $m
  -117
  -162
  -217
  -284
  -361
  -449
  -546
  -651
  -762
  -879
  -998
  -1,120
  -1,241
  -1,362
  -1,481
  -1,598
  -1,712
  -1,823
  -1,932
  -2,038
  -2,143
  -2,246
  -2,349
  -2,452
  -2,555
  -2,659
  -2,766
  -2,875
  -2,988
  -3,105
Prev. year cash balance distribution, $m
  42
  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
  57
  74
  159
  275
  431
  633
  889
  1,204
  1,585
  2,036
  2,560
  3,160
  3,838
  4,594
  5,428
  6,339
  7,326
  8,387
  9,520
  10,723
  11,996
  13,336
  14,742
  16,214
  17,752
  19,355
  21,025
  22,762
  24,568
  26,446
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
  55
  68
  138
  227
  334
  460
  601
  753
  910
  1,067
  1,215
  1,348
  1,459
  1,542
  1,594
  1,611
  1,594
  1,545
  1,466
  1,363
  1,241
  1,107
  966
  826
  691
  565
  451
  352
  268
  199
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

Electro Scientific Industries, Inc. and its subsidiaries supply laser-based manufacturing solutions for industries reliant on microtechnologies. The Company operates through two segments: Component Processing and Micromachining. The Component Processing segment includes interconnect products, semiconductor products and component products. The interconnect, semiconductor and component products are sold to manufacturers of electronic components and are used to drill, cut, trim, ablate and test and mark features for the functionality of the component. The Micromachining segment includes products that are sold to manufacturers of end devices across various industries and are used to drill, cut or mark features on a range of materials, generally on the casing or external surface of the end device. Its integrated solutions allow industrial designers and process engineers to control the power of laser light to transform materials. It has operations in Asia, Europe and North America.

FINANCIAL RATIOS  of  Electro Scientific Industries (ESIO)

Valuation Ratios
P/E Ratio -13.5
Price to Sales 3.1
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow -500.2
Price to Free Cash Flow -100
Growth Rates
Sales Growth Rate -12.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -12.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 9%
Total Debt to Equity 9%
Interest Coverage 0
Management Effectiveness
Return On Assets -16.6%
Ret/ On Assets - 3 Yr. Avg. -13.3%
Return On Total Capital -22.6%
Ret/ On T. Cap. - 3 Yr. Avg. -17.2%
Return On Equity -23.5%
Return On Equity - 3 Yr. Avg. -17.5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 37.9%
Gross Margin - 3 Yr. Avg. 37.4%
EBITDA Margin -16.8%
EBITDA Margin - 3 Yr. Avg. -13.4%
Operating Margin -23.6%
Oper. Margin - 3 Yr. Avg. -19.4%
Pre-Tax Margin -23%
Pre-Tax Margin - 3 Yr. Avg. -19.1%
Net Profit Margin -23%
Net Profit Margin - 3 Yr. Avg. -19.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ESIO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ESIO stock intrinsic value calculation we used $367.884 million for the last fiscal year's total revenue generated by Electro Scientific Industries. The default revenue input number comes from 0001 income statement of Electro Scientific Industries. 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 ESIO stock valuation model: a) initial revenue growth rate of 52.2% 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 ESIO is calculated based on our internal credit rating of Electro Scientific Industries, 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 Electro Scientific Industries.
    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 ESIO stock the variable cost ratio is equal to 45.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $129 million in the base year in the intrinsic value calculation for ESIO 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 Electro Scientific Industries.

Corporate tax rate of 27% is the nominal tax rate for Electro Scientific Industries. 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 ESIO 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 ESIO are equal to 7.1%.

Life of production assets of 3.3 years is the average useful life of capital assets used in Electro Scientific Industries 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 ESIO is equal to 21.5%. 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 - $266.358 million for Electro Scientific Industries - 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 34.138 million for Electro Scientific Industries 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 Electro Scientific Industries at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

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▶ ESI To Release First Quarter 2019 Results on August 1   [Jul-12-18 04:10PM  GlobeNewswire]
▶ Electro Scientific Industries: Fiscal 4Q Earnings Snapshot   [May-09-18 05:19AM  Associated Press]
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▶ ESI stock pops on strong preliminary Q3 results   [03:20PM  American City Business Journals]
▶ David Nierenberg: Informational Advantages   [Jan-09-18 03:44PM  GuruFocus.com]
▶ ESI to Present at the 2018 Needham Growth Conference   [Jan-05-18 07:30AM  GlobeNewswire]
▶ ESI CFO leaves for other interests, local tech vet fills the post   [Dec-05-17 04:25PM  American City Business Journals]
▶ ESI Selects Allen Muhich To Be Next CFO   [Dec-04-17 05:18PM  GlobeNewswire]
▶ ESI to Present at Two December Investor Conferences   [Nov-20-17 07:45AM  GlobeNewswire]
▶ Electro Scientific Industries Receives Composite Rating Upgrade   [Nov-03-17 03:00AM  Investor's Business Daily]
▶ Electro Scientific Industries posts 2Q profit   [Nov-01-17 05:37PM  Associated Press]
▶ ESI Announces Passing of Board Member John Medica   [Oct-18-17 08:00AM  GlobeNewswire]
▶ ESI Appoints Lynne Camp to Board of Directors   [Sep-26-17 08:00AM  GlobeNewswire]
▶ ESI to Participate at Two September Investor Conferences   [Sep-11-17 11:59AM  GlobeNewswire]
▶ ESI to Present at Two Upcoming Investor Conferences   [Aug-14-17 07:50AM  GlobeNewswire]
▶ Why Electro Scientific Instruments Shares Jumped Today   [Aug-03-17 01:57PM  Motley Fool]
▶ Electro Scientific Industries posts 1Q profit   [Aug-02-17 10:59PM  Associated Press]

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