Intrinsic value of Finisar - FNSR

Previous Close

$19.13

  Intrinsic Value

$123.06

stock screener

  Rating & Target

str. buy

+543%

Previous close

$19.13

 
Intrinsic value

$123.06

 
Up/down potential

+543%

 
Rating

str. buy

We calculate the intrinsic value of FNSR 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 2.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  14.70
  13.73
  12.86
  12.07
  11.36
  10.73
  10.15
  9.64
  9.18
  8.76
  8.38
  8.04
  7.74
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
Revenue, $m
  1,662
  1,890
  2,133
  2,391
  2,662
  2,948
  3,247
  3,560
  3,887
  4,228
  4,582
  4,950
  5,334
  5,732
  6,146
  6,576
  7,023
  7,487
  7,971
  8,474
  8,997
  9,543
  10,111
  10,703
  11,321
  11,966
  12,640
  13,343
  14,078
  14,846
Variable operating expenses, $m
  447
  507
  570
  638
  709
  784
  862
  944
  1,029
  1,118
  1,199
  1,296
  1,396
  1,500
  1,608
  1,721
  1,838
  1,960
  2,086
  2,218
  2,355
  2,497
  2,646
  2,801
  2,963
  3,132
  3,308
  3,492
  3,684
  3,885
Fixed operating expenses, $m
  920
  940
  961
  982
  1,003
  1,026
  1,048
  1,071
  1,095
  1,119
  1,143
  1,169
  1,194
  1,221
  1,247
  1,275
  1,303
  1,332
  1,361
  1,391
  1,421
  1,453
  1,485
  1,517
  1,551
  1,585
  1,620
  1,655
  1,692
  1,729
Total operating expenses, $m
  1,367
  1,447
  1,531
  1,620
  1,712
  1,810
  1,910
  2,015
  2,124
  2,237
  2,342
  2,465
  2,590
  2,721
  2,855
  2,996
  3,141
  3,292
  3,447
  3,609
  3,776
  3,950
  4,131
  4,318
  4,514
  4,717
  4,928
  5,147
  5,376
  5,614
Operating income, $m
  295
  443
  602
  771
  950
  1,139
  1,337
  1,545
  1,763
  1,990
  2,239
  2,486
  2,743
  3,011
  3,290
  3,580
  3,882
  4,196
  4,524
  4,865
  5,221
  5,593
  5,980
  6,385
  6,808
  7,250
  7,712
  8,196
  8,702
  9,232
EBITDA, $m
  363
  519
  686
  864
  1,052
  1,250
  1,459
  1,677
  1,906
  2,145
  2,394
  2,653
  2,923
  3,204
  3,497
  3,801
  4,118
  4,449
  4,792
  5,151
  5,524
  5,914
  6,321
  6,746
  7,189
  7,653
  8,138
  8,645
  9,176
  9,732
Interest expense (income), $m
  1
  38
  46
  54
  63
  72
  82
  93
  104
  115
  127
  139
  152
  166
  180
  194
  209
  225
  241
  258
  275
  294
  313
  333
  353
  375
  397
  421
  445
  471
  498
Earnings before tax, $m
  257
  398
  548
  708
  878
  1,057
  1,245
  1,442
  1,648
  1,863
  2,100
  2,334
  2,578
  2,832
  3,096
  3,371
  3,657
  3,955
  4,266
  4,590
  4,927
  5,280
  5,647
  6,031
  6,433
  6,852
  7,291
  7,750
  8,231
  8,734
Tax expense, $m
  69
  107
  148
  191
  237
  285
  336
  389
  445
  503
  567
  630
  696
  765
  836
  910
  987
  1,068
  1,152
  1,239
  1,330
  1,426
  1,525
  1,629
  1,737
  1,850
  1,969
  2,093
  2,222
  2,358
Net income, $m
  188
  290
  400
  517
  641
  771
  909
  1,053
  1,203
  1,360
  1,533
  1,704
  1,882
  2,067
  2,260
  2,461
  2,670
  2,887
  3,114
  3,350
  3,597
  3,854
  4,123
  4,403
  4,696
  5,002
  5,322
  5,658
  6,008
  6,376

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
  1,783
  2,028
  2,289
  2,565
  2,857
  3,163
  3,484
  3,820
  4,171
  4,536
  4,916
  5,312
  5,723
  6,150
  6,594
  7,055
  7,535
  8,034
  8,552
  9,092
  9,654
  10,239
  10,849
  11,484
  12,147
  12,839
  13,562
  14,316
  15,105
  15,929
Adjusted assets (=assets-cash), $m
  1,783
  2,028
  2,289
  2,565
  2,857
  3,163
  3,484
  3,820
  4,171
  4,536
  4,916
  5,312
  5,723
  6,150
  6,594
  7,055
  7,535
  8,034
  8,552
  9,092
  9,654
  10,239
  10,849
  11,484
  12,147
  12,839
  13,562
  14,316
  15,105
  15,929
Revenue / Adjusted assets
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
Average production assets, $m
  560
  637
  719
  806
  897
  993
  1,094
  1,200
  1,310
  1,425
  1,544
  1,668
  1,797
  1,932
  2,071
  2,216
  2,367
  2,523
  2,686
  2,856
  3,032
  3,216
  3,407
  3,607
  3,815
  4,033
  4,260
  4,497
  4,744
  5,003
Working capital, $m
  219
  250
  282
  316
  351
  389
  429
  470
  513
  558
  605
  653
  704
  757
  811
  868
  927
  988
  1,052
  1,119
  1,188
  1,260
  1,335
  1,413
  1,494
  1,580
  1,668
  1,761
  1,858
  1,960
Total debt, $m
  851
  1,005
  1,168
  1,342
  1,525
  1,717
  1,919
  2,130
  2,350
  2,580
  2,818
  3,067
  3,325
  3,593
  3,872
  4,162
  4,463
  4,776
  5,102
  5,441
  5,793
  6,161
  6,544
  6,943
  7,359
  7,794
  8,248
  8,722
  9,217
  9,734
Total liabilities, $m
  1,120
  1,274
  1,437
  1,611
  1,794
  1,986
  2,188
  2,399
  2,619
  2,849
  3,087
  3,336
  3,594
  3,862
  4,141
  4,431
  4,732
  5,045
  5,371
  5,710
  6,063
  6,430
  6,813
  7,212
  7,629
  8,063
  8,517
  8,991
  9,486
  10,004
Total equity, $m
  663
  754
  851
  954
  1,063
  1,177
  1,296
  1,421
  1,552
  1,687
  1,829
  1,976
  2,129
  2,288
  2,453
  2,625
  2,803
  2,989
  3,181
  3,382
  3,591
  3,809
  4,036
  4,272
  4,519
  4,776
  5,045
  5,326
  5,619
  5,926
Total liabilities and equity, $m
  1,783
  2,028
  2,288
  2,565
  2,857
  3,163
  3,484
  3,820
  4,171
  4,536
  4,916
  5,312
  5,723
  6,150
  6,594
  7,056
  7,535
  8,034
  8,552
  9,092
  9,654
  10,239
  10,849
  11,484
  12,148
  12,839
  13,562
  14,317
  15,105
  15,930
Debt-to-equity ratio
  1.280
  1.330
  1.370
  1.410
  1.430
  1.460
  1.480
  1.500
  1.510
  1.530
  1.540
  1.550
  1.560
  1.570
  1.580
  1.590
  1.590
  1.600
  1.600
  1.610
  1.610
  1.620
  1.620
  1.630
  1.630
  1.630
  1.630
  1.640
  1.640
  1.640
Adjusted equity ratio
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  188
  290
  400
  517
  641
  771
  909
  1,053
  1,203
  1,360
  1,533
  1,704
  1,882
  2,067
  2,260
  2,461
  2,670
  2,887
  3,114
  3,350
  3,597
  3,854
  4,123
  4,403
  4,696
  5,002
  5,322
  5,658
  6,008
  6,376
Depreciation, amort., depletion, $m
  68
  76
  84
  93
  102
  111
  121
  132
  143
  154
  154
  167
  180
  193
  207
  222
  237
  252
  269
  286
  303
  322
  341
  361
  382
  403
  426
  450
  474
  500
Funds from operations, $m
  256
  366
  484
  609
  742
  883
  1,030
  1,185
  1,346
  1,515
  1,687
  1,871
  2,062
  2,260
  2,467
  2,682
  2,906
  3,140
  3,383
  3,636
  3,900
  4,176
  4,463
  4,764
  5,077
  5,405
  5,748
  6,107
  6,483
  6,876
Change in working capital, $m
  28
  30
  32
  34
  36
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
  57
  59
  61
  64
  66
  69
  72
  75
  78
  82
  85
  89
  93
  97
  101
Cash from operations, $m
  228
  336
  452
  575
  707
  845
  991
  1,143
  1,303
  1,470
  1,641
  1,822
  2,011
  2,208
  2,412
  2,625
  2,847
  3,078
  3,319
  3,570
  3,831
  4,104
  4,388
  4,685
  4,996
  5,320
  5,660
  6,014
  6,386
  6,775
Maintenance CAPEX, $m
  -49
  -56
  -64
  -72
  -81
  -90
  -99
  -109
  -120
  -131
  -142
  -154
  -167
  -180
  -193
  -207
  -222
  -237
  -252
  -269
  -286
  -303
  -322
  -341
  -361
  -382
  -403
  -426
  -450
  -474
New CAPEX, $m
  -71
  -77
  -82
  -87
  -92
  -96
  -101
  -105
  -110
  -115
  -119
  -124
  -129
  -134
  -139
  -145
  -151
  -157
  -163
  -170
  -176
  -184
  -192
  -200
  -208
  -217
  -227
  -237
  -248
  -259
Cash from investing activities, $m
  -120
  -133
  -146
  -159
  -173
  -186
  -200
  -214
  -230
  -246
  -261
  -278
  -296
  -314
  -332
  -352
  -373
  -394
  -415
  -439
  -462
  -487
  -514
  -541
  -569
  -599
  -630
  -663
  -698
  -733
Free cash flow, $m
  107
  203
  306
  417
  534
  659
  790
  928
  1,073
  1,224
  1,379
  1,543
  1,715
  1,894
  2,080
  2,273
  2,475
  2,685
  2,904
  3,132
  3,369
  3,617
  3,875
  4,145
  4,427
  4,721
  5,029
  5,351
  5,689
  6,041
Issuance/(repayment) of debt, $m
  143
  154
  164
  174
  183
  192
  202
  211
  220
  229
  239
  248
  258
  268
  279
  290
  301
  313
  326
  339
  353
  367
  383
  399
  416
  435
  454
  474
  495
  518
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  
  143
  154
  164
  174
  183
  192
  202
  211
  220
  229
  239
  248
  258
  268
  279
  290
  301
  313
  326
  339
  353
  367
  383
  399
  416
  435
  454
  474
  495
  518
Total cash flow (excl. dividends), $m
  250
  357
  470
  590
  718
  851
  992
  1,139
  1,293
  1,453
  1,618
  1,792
  1,973
  2,162
  2,359
  2,563
  2,776
  2,998
  3,229
  3,470
  3,722
  3,984
  4,258
  4,544
  4,843
  5,156
  5,483
  5,825
  6,184
  6,559
Retained Cash Flow (-), $m
  -85
  -91
  -97
  -103
  -108
  -114
  -119
  -125
  -130
  -136
  -141
  -147
  -153
  -159
  -165
  -172
  -178
  -185
  -193
  -201
  -209
  -218
  -227
  -236
  -247
  -257
  -269
  -281
  -293
  -307
Prev. year cash balance distribution, $m
  985
  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
  52
  60
  68
  77
  86
  96
  106
  117
  128
  140
  152
  165
  178
  192
  206
  221
  237
  253
  270
  287
  305
  324
  344
  364
  385
  408
  431
  455
  480
  507
Cash available for distribution, $m
  1,150
  266
  373
  488
  609
  737
  873
  1,014
  1,163
  1,318
  1,476
  1,645
  1,820
  2,003
  2,193
  2,392
  2,598
  2,813
  3,036
  3,270
  3,513
  3,767
  4,031
  4,308
  4,597
  4,899
  5,214
  5,545
  5,890
  6,252
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
  1,102
  243
  325
  401
  472
  535
  589
  634
  668
  691
  701
  702
  692
  672
  644
  608
  565
  518
  468
  415
  363
  313
  264
  219
  179
  143
  112
  86
  64
  47
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

Finisar Corporation (Finisar) is a provider of optical subsystems and components that are used in data communication and telecommunication applications. The Company's optical subsystems consist of transmitters, receivers, transceivers, transponders and active optical cables, which provide the fundamental optical-electrical or optoelectronic interface for interconnecting the electronic equipment used in these networks, including the switches, routers, and servers used in wireline networks. These products rely on the use of semiconductor lasers and photodetectors in conjunction with integrated circuits and optoelectronic packaging to provide a means for transmitting and receiving digital signals over fiber optic cable at speeds ranging from less than one gigabit per second (Gbps), to more than 100 Gbps, over distances of less than 10 meters to more than 2,000 kilometers, using a range of network protocols and physical configurations.

FINANCIAL RATIOS  of  Finisar (FNSR)

Valuation Ratios
P/E Ratio 8.6
Price to Sales 1.5
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 9.4
Price to Free Cash Flow 24.8
Growth Rates
Sales Growth Rate 14.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 19.3%
Cap. Spend. - 3 Yr. Gr. Rate 1.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 45.3%
Total Debt to Equity 45.3%
Interest Coverage 164
Management Effectiveness
Return On Assets 12%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 13.6%
Ret/ On T. Cap. - 3 Yr. Avg. 5.7%
Return On Equity 18.2%
Return On Equity - 3 Yr. Avg. 7.5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 34.8%
Gross Margin - 3 Yr. Avg. 30.5%
EBITDA Margin 17.9%
EBITDA Margin - 3 Yr. Avg. 12.5%
Operating Margin 12.2%
Oper. Margin - 3 Yr. Avg. 5.9%
Pre-Tax Margin 11.2%
Pre-Tax Margin - 3 Yr. Avg. 5.2%
Net Profit Margin 17.2%
Net Profit Margin - 3 Yr. Avg. 7%
Effective Tax Rate -52.8%
Eff/ Tax Rate - 3 Yr. Avg. -3.3%
Payout Ratio 0%

FNSR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FNSR stock intrinsic value calculation we used $1449 million for the last fiscal year's total revenue generated by Finisar. The default revenue input number comes from 2017 income statement of Finisar. 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 FNSR stock valuation model: a) initial revenue growth rate of 14.7% 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 FNSR is calculated based on our internal credit rating of Finisar, 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 Finisar.
    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 FNSR stock the variable cost ratio is equal to 27%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $900 million in the base year in the intrinsic value calculation for FNSR 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 Finisar.

Corporate tax rate of 27% is the nominal tax rate for Finisar. 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 FNSR stock is equal to 3.6%.

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 FNSR are equal to 33.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Finisar 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 FNSR is equal to 13.2%. 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 - $1563 million for Finisar - 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 110 million for Finisar 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 Finisar at the current share price and the inputted number of shares is $2.1 billion.

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COMPANY NEWS

▶ Will Finisar Finally Hit a Higher Gear?   [Jul-17-18 03:04PM  Motley Fool]
▶ Major Apple supplier continues hiring at new DFW plant   [Jul-05-18 11:32AM  American City Business Journals]
▶ Lumentum stock surges after Goldman Sachs upgrade   [Jun-21-18 09:06AM  MarketWatch]
▶ Free Research Report as EchoStars Revenues Jumped 16%   [Jun-18-18 07:35AM  ACCESSWIRE]
▶ Finisar: Fiscal 4Q Earnings Snapshot   [04:46PM  Associated Press]
▶ A Preview Of Finisar's Q4 Earnings   [07:37AM  Benzinga]
▶ Apple Inc. Is Trying to Corner the Augmented Reality Market   [Jun-05-18 06:44PM  InvestorPlace]
▶ Finisar to Announce Fiscal 2018 Financial Results   [Jun-04-18 12:43PM  GlobeNewswire]
▶ These 3 Optical Networking Stocks Are Ridiculously Cheap   [May-29-18 09:33AM  Motley Fool]
▶ Acacia, Lumentum, Finisar Rise As Trump Nears ZTE Deal With China   [May-25-18 01:06PM  Investor's Business Daily]
▶ Tech companies climb as Trump lobbies for China's ZTE   [May-14-18 04:55PM  Associated Press]
▶ Lumentum Holdings Is Just Getting Started   [May-05-18 02:04PM  Motley Fool]
▶ What's Holding Finisar Corporation Back?   [Apr-10-18 10:15AM  Motley Fool]
▶ Apple Seen Sticking With Finisar, Which May Get An Overhaul   [10:44AM  Investor's Business Daily]
▶ Can Finisar Make a Comeback?   [09:18AM  Motley Fool]
▶ Finisar: A New Name in Double-Net Land   [Mar-29-18 02:00PM  TheStreet.com]
▶ Here's The Upshot On Possible Mergers In The Optical Industry   [Mar-15-18 04:16PM  Investor's Business Daily]
▶ Company News For Mar 12, 2018   [Mar-12-18 10:18AM  Zacks]
▶ What Happened in the Stock Market Today   [Mar-09-18 05:13PM  Motley Fool]
▶ Why Finisar Shares Plunged Today   [12:46PM  Motley Fool]
▶ Finisar Earnings, Revenue Miss Expectations, Outlook Disappoints   [Mar-08-18 04:28PM  Investor's Business Daily]
▶ Finisar reports 3Q loss   [04:11PM  Associated Press]
▶ Finisar Earnings Outlook   [08:53AM  Benzinga]
▶ A New iPad Pro With Face ID Could Be Imminent   [Mar-07-18 02:38PM  Motley Fool]
▶ Ciena earnings beat boosts shares of Finisar, Infinera   [Mar-06-18 12:13PM  MarketWatch]
▶ Fiber-Optic Stocks Take Wild Ride On Volatile Market Days   [Feb-23-18 04:43PM  Investor's Business Daily]
▶ Is Lumentums Weak Outlook a Red Flag?   [Feb-14-18 10:12PM  Motley Fool]
▶ 3 Top Stocks for Next-Gen Technologies   [Feb-10-18 01:04PM  Motley Fool]
▶ Oclaro, Optical Device Makers Rebound On Hopes Bottom Is Near   [Feb-06-18 04:20PM  Investor's Business Daily]
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