Intrinsic value of Electro Scientific Industries - ESIO

Previous Close

$15.40

  Intrinsic Value

$1.03

stock screener

  Rating & Target

str. sell

-93%

  Value-price divergence*

-121%

Previous close

$15.40

 
Intrinsic value

$1.03

 
Up/down potential

-93%

 
Rating

str. sell

 
Value-price divergence*

-121%

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

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 2017), $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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -12.50
  52.10
  47.39
  43.15
  39.34
  35.90
  32.81
  30.03
  27.53
  25.28
  23.25
  21.42
  19.78
  18.30
  16.97
  15.77
  14.70
  13.73
  12.85
  12.07
  11.36
  10.73
  10.15
  9.64
  9.17
  8.76
  8.38
  8.04
  7.74
  7.46
  7.22
Revenue, $m
  161
  245
  361
  517
  720
  978
  1,299
  1,690
  2,155
  2,699
  3,327
  4,040
  4,839
  5,724
  6,696
  7,752
  8,891
  10,112
  11,412
  12,789
  14,242
  15,770
  17,371
  19,046
  20,793
  22,614
  24,509
  26,480
  28,530
  30,659
  32,873
Variable operating expenses, $m
 
  261
  385
  551
  768
  1,043
  1,386
  1,802
  2,298
  2,878
  3,547
  4,307
  5,159
  6,103
  7,139
  8,265
  9,479
  10,781
  12,167
  13,635
  15,184
  16,813
  18,520
  20,305
  22,168
  24,109
  26,130
  28,232
  30,417
  32,687
  35,047
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
  199
  261
  385
  551
  768
  1,043
  1,386
  1,802
  2,298
  2,878
  3,547
  4,307
  5,159
  6,103
  7,139
  8,265
  9,479
  10,781
  12,167
  13,635
  15,184
  16,813
  18,520
  20,305
  22,168
  24,109
  26,130
  28,232
  30,417
  32,687
  35,047
Operating income, $m
  -38
  -16
  -24
  -34
  -48
  -65
  -86
  -112
  -143
  -179
  -220
  -267
  -320
  -379
  -443
  -513
  -588
  -669
  -755
  -846
  -942
  -1,043
  -1,149
  -1,260
  -1,375
  -1,496
  -1,621
  -1,751
  -1,887
  -2,028
  -2,174
EBITDA, $m
  -28
  -7
  -10
  -15
  -21
  -28
  -38
  -49
  -62
  -78
  -96
  -117
  -140
  -166
  -194
  -224
  -257
  -293
  -330
  -370
  -412
  -456
  -503
  -551
  -602
  -654
  -709
  -766
  -826
  -887
  -951
Interest expense (income), $m
  0
  0
  2
  4
  7
  10
  15
  20
  27
  35
  45
  56
  68
  82
  97
  114
  132
  152
  174
  196
  220
  245
  272
  300
  329
  359
  391
  424
  458
  494
  531
Earnings before tax, $m
  -37
  -17
  -26
  -38
  -55
  -75
  -101
  -132
  -170
  -214
  -265
  -323
  -388
  -460
  -540
  -627
  -721
  -821
  -928
  -1,042
  -1,162
  -1,288
  -1,421
  -1,559
  -1,704
  -1,855
  -2,012
  -2,175
  -2,345
  -2,522
  -2,705
Tax expense, $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
  0
Net income, $m
  -37
  -17
  -26
  -38
  -55
  -75
  -101
  -132
  -170
  -214
  -265
  -323
  -388
  -460
  -540
  -627
  -721
  -821
  -928
  -1,042
  -1,162
  -1,288
  -1,421
  -1,559
  -1,704
  -1,855
  -2,012
  -2,175
  -2,345
  -2,522
  -2,705

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  62
  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
  225
  248
  365
  523
  729
  990
  1,315
  1,710
  2,181
  2,732
  3,367
  4,089
  4,897
  5,794
  6,777
  7,846
  8,999
  10,235
  11,550
  12,945
  14,415
  15,962
  17,582
  19,277
  21,045
  22,888
  24,807
  26,802
  28,876
  31,032
  33,272
Adjusted assets (=assets-cash), $m
  163
  248
  365
  523
  729
  990
  1,315
  1,710
  2,181
  2,732
  3,367
  4,089
  4,897
  5,794
  6,777
  7,846
  8,999
  10,235
  11,550
  12,945
  14,415
  15,962
  17,582
  19,277
  21,045
  22,888
  24,807
  26,802
  28,876
  31,032
  33,272
Revenue / Adjusted assets
  0.988
  0.988
  0.989
  0.989
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
Average production assets, $m
  30
  46
  67
  96
  134
  182
  242
  314
  401
  502
  619
  751
  900
  1,065
  1,245
  1,442
  1,654
  1,881
  2,123
  2,379
  2,649
  2,933
  3,231
  3,542
  3,867
  4,206
  4,559
  4,925
  5,307
  5,703
  6,114
Working capital, $m
  116
  82
  121
  173
  241
  328
  435
  566
  722
  904
  1,115
  1,353
  1,621
  1,918
  2,243
  2,597
  2,979
  3,388
  3,823
  4,284
  4,771
  5,283
  5,819
  6,380
  6,966
  7,576
  8,211
  8,871
  9,557
  10,271
  11,012
Total debt, $m
  13
  55
  112
  190
  291
  419
  579
  773
  1,004
  1,274
  1,586
  1,941
  2,338
  2,778
  3,261
  3,785
  4,352
  4,958
  5,604
  6,289
  7,011
  7,770
  8,566
  9,398
  10,266
  11,171
  12,113
  13,093
  14,111
  15,170
  16,269
Total liabilities, $m
  80
  122
  179
  257
  358
  486
  646
  840
  1,071
  1,341
  1,653
  2,008
  2,405
  2,845
  3,328
  3,852
  4,419
  5,025
  5,671
  6,356
  7,078
  7,837
  8,633
  9,465
  10,333
  11,238
  12,180
  13,160
  14,178
  15,237
  16,336
Total equity, $m
  145
  126
  186
  266
  371
  504
  669
  870
  1,110
  1,391
  1,714
  2,081
  2,493
  2,949
  3,450
  3,994
  4,581
  5,210
  5,879
  6,589
  7,337
  8,124
  8,949
  9,812
  10,712
  11,650
  12,627
  13,642
  14,698
  15,795
  16,935
Total liabilities and equity, $m
  225
  248
  365
  523
  729
  990
  1,315
  1,710
  2,181
  2,732
  3,367
  4,089
  4,898
  5,794
  6,778
  7,846
  9,000
  10,235
  11,550
  12,945
  14,415
  15,961
  17,582
  19,277
  21,045
  22,888
  24,807
  26,802
  28,876
  31,032
  33,271
Debt-to-equity ratio
  0.090
  0.430
  0.600
  0.710
  0.780
  0.830
  0.860
  0.890
  0.900
  0.920
  0.930
  0.930
  0.940
  0.940
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
Adjusted equity ratio
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -37
  -17
  -26
  -38
  -55
  -75
  -101
  -132
  -170
  -214
  -265
  -323
  -388
  -460
  -540
  -627
  -721
  -821
  -928
  -1,042
  -1,162
  -1,288
  -1,421
  -1,559
  -1,704
  -1,855
  -2,012
  -2,175
  -2,345
  -2,522
  -2,705
Depreciation, amort., depletion, $m
  10
  9
  14
  20
  27
  37
  49
  63
  80
  101
  124
  150
  180
  213
  249
  288
  331
  376
  425
  476
  530
  587
  646
  708
  773
  841
  912
  985
  1,061
  1,141
  1,223
Funds from operations, $m
  9
  -8
  -12
  -19
  -27
  -38
  -52
  -69
  -89
  -113
  -141
  -172
  -208
  -247
  -291
  -338
  -390
  -445
  -504
  -566
  -632
  -702
  -775
  -851
  -931
  -1,014
  -1,100
  -1,190
  -1,284
  -1,381
  -1,482
Change in working capital, $m
  10
  28
  39
  52
  68
  87
  108
  131
  156
  182
  210
  239
  268
  297
  325
  354
  382
  409
  435
  461
  487
  512
  536
  561
  585
  610
  635
  660
  687
  713
  741
Cash from operations, $m
  -1
  -36
  -51
  -71
  -96
  -125
  -160
  -200
  -245
  -296
  -351
  -411
  -476
  -544
  -616
  -692
  -771
  -854
  -939
  -1,028
  -1,119
  -1,213
  -1,311
  -1,412
  -1,516
  -1,624
  -1,735
  -1,851
  -1,970
  -2,095
  -2,224
Maintenance CAPEX, $m
  0
  -6
  -9
  -13
  -19
  -27
  -36
  -48
  -63
  -80
  -100
  -124
  -150
  -180
  -213
  -249
  -288
  -331
  -376
  -425
  -476
  -530
  -587
  -646
  -708
  -773
  -841
  -912
  -985
  -1,061
  -1,141
New CAPEX, $m
  -4
  -16
  -22
  -29
  -38
  -48
  -60
  -73
  -87
  -101
  -117
  -133
  -149
  -165
  -181
  -196
  -212
  -227
  -242
  -256
  -270
  -284
  -298
  -311
  -325
  -339
  -353
  -367
  -381
  -396
  -412
Cash from investing activities, $m
  3
  -22
  -31
  -42
  -57
  -75
  -96
  -121
  -150
  -181
  -217
  -257
  -299
  -345
  -394
  -445
  -500
  -558
  -618
  -681
  -746
  -814
  -885
  -957
  -1,033
  -1,112
  -1,194
  -1,279
  -1,366
  -1,457
  -1,553
Free cash flow, $m
  2
  -57
  -82
  -113
  -153
  -200
  -256
  -321
  -395
  -477
  -568
  -667
  -775
  -889
  -1,010
  -1,138
  -1,272
  -1,412
  -1,557
  -1,708
  -1,865
  -2,027
  -2,196
  -2,369
  -2,549
  -2,736
  -2,929
  -3,129
  -3,337
  -3,552
  -3,776
Issuance/(repayment) of debt, $m
  14
  42
  58
  77
  101
  128
  160
  194
  231
  271
  312
  354
  397
  440
  483
  525
  566
  607
  646
  684
  722
  759
  796
  832
  868
  905
  942
  980
  1,018
  1,058
  1,100
Issuance/(repurchase) of shares, $m
  1
  60
  86
  119
  159
  208
  266
  333
  409
  495
  588
  690
  800
  917
  1,041
  1,171
  1,308
  1,450
  1,598
  1,752
  1,911
  2,075
  2,246
  2,422
  2,604
  2,793
  2,988
  3,191
  3,401
  3,619
  3,845
Cash from financing (excl. dividends), $m  
  14
  102
  144
  196
  260
  336
  426
  527
  640
  766
  900
  1,044
  1,197
  1,357
  1,524
  1,696
  1,874
  2,057
  2,244
  2,436
  2,633
  2,834
  3,042
  3,254
  3,472
  3,698
  3,930
  4,171
  4,419
  4,677
  4,945
Total cash flow (excl. dividends), $m
  15
  45
  62
  83
  108
  137
  170
  206
  246
  288
  332
  377
  422
  468
  513
  558
  602
  645
  687
  728
  768
  807
  846
  885
  923
  962
  1,001
  1,042
  1,083
  1,125
  1,169
Retained Cash Flow (-), $m
  25
  -60
  -86
  -119
  -159
  -208
  -266
  -333
  -409
  -495
  -588
  -690
  -800
  -917
  -1,041
  -1,171
  -1,308
  -1,450
  -1,598
  -1,752
  -1,911
  -2,075
  -2,246
  -2,422
  -2,604
  -2,793
  -2,988
  -3,191
  -3,401
  -3,619
  -3,845
Prev. year cash balance distribution, $m
 
  62
  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
 
  47
  -24
  -36
  -52
  -71
  -96
  -127
  -163
  -206
  -256
  -313
  -377
  -449
  -527
  -613
  -706
  -805
  -911
  -1,024
  -1,143
  -1,268
  -1,400
  -1,537
  -1,681
  -1,831
  -1,987
  -2,149
  -2,318
  -2,494
  -2,676
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
 
  45
  -22
  -31
  -42
  -55
  -70
  -86
  -102
  -119
  -134
  -149
  -161
  -171
  -177
  -180
  -179
  -175
  -168
  -158
  -145
  -131
  -116
  -101
  -86
  -71
  -58
  -46
  -36
  -27
  -20
Current shareholders' claim on cash, %
  100
  83.5
  70.4
  60.0
  51.5
  44.7
  39.1
  34.4
  30.5
  27.2
  24.3
  21.9
  19.9
  18.0
  16.5
  15.1
  13.8
  12.7
  11.7
  10.9
  10.1
  9.3
  8.7
  8.1
  7.5
  7.0
  6.6
  6.2
  5.8
  5.4
  5.1

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 -13.8
Price to Sales 3.2
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow -512.2
Price to Free Cash Flow -102.4
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 $161 million for the last fiscal year's total revenue generated by Electro Scientific Industries. The default revenue input number comes from 2017 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 52.1% 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 106.8%.

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 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 3.5% 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 18.6%.

Life of production assets of 3.5 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 33.5%. 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 - $145 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 34.483 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

▶ 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]
▶ Why Electro Scientific Industries Stock Jumped Today   [May-10-17 03:44PM  Motley Fool]
▶ Electro Scientific Industries posts 4Q loss   [May-09-17 05:32PM  Associated Press]
▶ ESI To Release Fiscal 2017 Fourth Quarter Results On May 9   [Apr-18-17 08:00AM  GlobeNewswire]
▶ Restructuring at Portland-based ESI called 'an answered prayer'   [Feb-10-17 07:30PM  at bizjournals.com]
▶ Restructuring at Portland-based ESI called 'an answered prayer'   [07:30PM  American City Business Journals]
▶ ESI Announces Corporate Restructuring   [07:00AM  GlobeNewswire]
▶ Electro Scientific Industries posts 3Q loss   [05:22PM  Associated Press]
▶ ESI to Present at the 2017 Needham Growth Conference   [Dec-20-16 08:50AM  GlobeNewswire]
▶ How Iradimed Corp (IRMD) Stacks Up Against Its Peers   [Dec-15-16 06:13PM  at Insider Monkey]
▶ ESI to Present at Two Upcoming Investor Conferences   [Nov-23-16 08:45AM  GlobeNewswire]
▶ David Nierenberg Trims Position in Electro Scientific   [Oct-10-16 01:35PM  Gurufocus]
▶ ESI taps former Cascade Microtech CEO for top job   [Aug-19-16 01:25PM  at bizjournals.com]
Financial statements of ESIO
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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