Intrinsic value of FormFactor - FORM

Previous Close

$17.45

  Intrinsic Value

$5.83

stock screener

  Rating & Target

str. sell

-67%

Previous close

$17.45

 
Intrinsic value

$5.83

 
Up/down potential

-67%

 
Rating

str. sell

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

We calculate the intrinsic value of FORM 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 1.3

 

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, %
  36.17
  36.20
  33.08
  30.27
  27.74
  25.47
  23.42
  21.58
  19.92
  18.43
  17.09
  15.88
  14.79
  13.81
  12.93
  12.14
  11.42
  10.78
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.77
  7.49
  7.24
  7.02
  6.81
  6.63
  6.47
Revenue, $m
  384
  523
  696
  907
  1,158
  1,453
  1,794
  2,181
  2,615
  3,097
  3,627
  4,202
  4,824
  5,490
  6,200
  6,953
  7,747
  8,582
  9,458
  10,374
  11,330
  12,326
  13,363
  14,442
  15,563
  16,729
  17,940
  19,198
  20,507
  21,867
  23,281
Variable operating expenses, $m
 
  523
  690
  893
  1,135
  1,420
  1,748
  2,121
  2,540
  3,005
  3,515
  4,051
  4,651
  5,293
  5,977
  6,703
  7,468
  8,274
  9,118
  10,001
  10,922
  11,883
  12,882
  13,922
  15,004
  16,127
  17,295
  18,508
  19,769
  21,080
  22,444
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
  432
  523
  690
  893
  1,135
  1,420
  1,748
  2,121
  2,540
  3,005
  3,515
  4,051
  4,651
  5,293
  5,977
  6,703
  7,468
  8,274
  9,118
  10,001
  10,922
  11,883
  12,882
  13,922
  15,004
  16,127
  17,295
  18,508
  19,769
  21,080
  22,444
Operating income, $m
  -48
  0
  6
  14
  23
  33
  46
  60
  75
  93
  112
  151
  173
  197
  223
  250
  279
  309
  340
  373
  407
  443
  481
  519
  560
  602
  645
  690
  737
  786
  837
EBITDA, $m
  -1
  49
  65
  84
  108
  135
  167
  203
  244
  289
  338
  391
  449
  511
  578
  648
  722
  800
  881
  966
  1,055
  1,148
  1,245
  1,345
  1,450
  1,558
  1,671
  1,788
  1,910
  2,037
  2,169
Interest expense (income), $m
  2
  4
  7
  10
  14
  19
  24
  31
  38
  46
  55
  65
  76
  87
  100
  113
  127
  142
  158
  174
  191
  209
  228
  247
  267
  288
  310
  332
  356
  380
  406
Earnings before tax, $m
  -50
  -4
  -1
  4
  9
  15
  21
  29
  37
  47
  57
  86
  98
  110
  123
  137
  151
  167
  183
  199
  216
  234
  253
  272
  293
  314
  335
  358
  381
  406
  431
Tax expense, $m
  -43
  0
  0
  1
  2
  4
  6
  8
  10
  13
  15
  23
  26
  30
  33
  37
  41
  45
  49
  54
  58
  63
  68
  74
  79
  85
  91
  97
  103
  110
  116
Net income, $m
  -7
  -4
  -1
  3
  6
  11
  16
  21
  27
  34
  41
  63
  71
  80
  90
  100
  111
  122
  133
  145
  158
  171
  185
  199
  214
  229
  245
  261
  278
  296
  315

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  109
  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
  619
  695
  924
  1,204
  1,538
  1,930
  2,382
  2,896
  3,473
  4,113
  4,816
  5,581
  6,406
  7,291
  8,234
  9,233
  10,288
  11,397
  12,560
  13,777
  15,046
  16,369
  17,746
  19,179
  20,668
  22,216
  23,824
  25,496
  27,233
  29,040
  30,918
Adjusted assets (=assets-cash), $m
  510
  695
  924
  1,204
  1,538
  1,930
  2,382
  2,896
  3,473
  4,113
  4,816
  5,581
  6,406
  7,291
  8,234
  9,233
  10,288
  11,397
  12,560
  13,777
  15,046
  16,369
  17,746
  19,179
  20,668
  22,216
  23,824
  25,496
  27,233
  29,040
  30,918
Revenue / Adjusted assets
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
Average production assets, $m
  110
  150
  199
  259
  331
  416
  513
  624
  748
  886
  1,037
  1,202
  1,380
  1,570
  1,773
  1,988
  2,216
  2,455
  2,705
  2,967
  3,240
  3,525
  3,822
  4,130
  4,451
  4,784
  5,131
  5,491
  5,865
  6,254
  6,658
Working capital, $m
  172
  104
  138
  180
  229
  288
  355
  432
  518
  613
  718
  832
  955
  1,087
  1,228
  1,377
  1,534
  1,699
  1,873
  2,054
  2,243
  2,441
  2,646
  2,859
  3,081
  3,312
  3,552
  3,801
  4,060
  4,330
  4,610
Total debt, $m
  138
  199
  292
  404
  538
  696
  878
  1,084
  1,316
  1,574
  1,856
  2,164
  2,495
  2,851
  3,230
  3,632
  4,056
  4,502
  4,969
  5,458
  5,968
  6,500
  7,054
  7,630
  8,229
  8,851
  9,497
  10,169
  10,868
  11,594
  12,349
Total liabilities, $m
  218
  279
  372
  484
  618
  776
  958
  1,164
  1,396
  1,654
  1,936
  2,244
  2,575
  2,931
  3,310
  3,712
  4,136
  4,582
  5,049
  5,538
  6,048
  6,580
  7,134
  7,710
  8,309
  8,931
  9,577
  10,249
  10,948
  11,674
  12,429
Total equity, $m
  401
  415
  553
  720
  920
  1,154
  1,424
  1,732
  2,077
  2,460
  2,880
  3,337
  3,831
  4,360
  4,924
  5,522
  6,152
  6,816
  7,511
  8,238
  8,998
  9,789
  10,612
  11,469
  12,360
  13,285
  14,247
  15,247
  16,285
  17,366
  18,489
Total liabilities and equity, $m
  619
  694
  925
  1,204
  1,538
  1,930
  2,382
  2,896
  3,473
  4,114
  4,816
  5,581
  6,406
  7,291
  8,234
  9,234
  10,288
  11,398
  12,560
  13,776
  15,046
  16,369
  17,746
  19,179
  20,669
  22,216
  23,824
  25,496
  27,233
  29,040
  30,918
Debt-to-equity ratio
  0.344
  0.480
  0.530
  0.560
  0.590
  0.600
  0.620
  0.630
  0.630
  0.640
  0.640
  0.650
  0.650
  0.650
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
Adjusted equity ratio
  0.573
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598
  0.598

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -7
  -4
  -1
  3
  6
  11
  16
  21
  27
  34
  41
  63
  71
  80
  90
  100
  111
  122
  133
  145
  158
  171
  185
  199
  214
  229
  245
  261
  278
  296
  315
Depreciation, amort., depletion, $m
  47
  49
  59
  71
  85
  102
  121
  144
  168
  196
  226
  240
  276
  314
  355
  398
  443
  491
  541
  593
  648
  705
  764
  826
  890
  957
  1,026
  1,098
  1,173
  1,251
  1,332
Funds from operations, $m
  -2
  44
  58
  73
  91
  113
  137
  165
  196
  230
  268
  303
  347
  394
  445
  498
  554
  613
  674
  739
  806
  876
  949
  1,025
  1,104
  1,186
  1,271
  1,359
  1,451
  1,547
  1,647
Change in working capital, $m
  -19
  28
  34
  42
  50
  58
  67
  77
  86
  95
  105
  114
  123
  132
  141
  149
  157
  165
  173
  181
  189
  197
  205
  214
  222
  231
  240
  249
  259
  269
  280
Cash from operations, $m
  17
  17
  24
  32
  42
  54
  70
  88
  110
  134
  163
  189
  224
  262
  304
  349
  396
  447
  501
  557
  617
  679
  744
  811
  882
  955
  1,031
  1,110
  1,192
  1,278
  1,366
Maintenance CAPEX, $m
  0
  -22
  -30
  -40
  -52
  -66
  -83
  -103
  -125
  -150
  -177
  -207
  -240
  -276
  -314
  -355
  -398
  -443
  -491
  -541
  -593
  -648
  -705
  -764
  -826
  -890
  -957
  -1,026
  -1,098
  -1,173
  -1,251
New CAPEX, $m
  -12
  -40
  -49
  -60
  -72
  -84
  -97
  -111
  -124
  -138
  -151
  -165
  -178
  -191
  -203
  -215
  -227
  -239
  -250
  -262
  -273
  -285
  -297
  -309
  -321
  -333
  -346
  -360
  -374
  -389
  -405
Cash from investing activities, $m
  -206
  -62
  -79
  -100
  -124
  -150
  -180
  -214
  -249
  -288
  -328
  -372
  -418
  -467
  -517
  -570
  -625
  -682
  -741
  -803
  -866
  -933
  -1,002
  -1,073
  -1,147
  -1,223
  -1,303
  -1,386
  -1,472
  -1,562
  -1,656
Free cash flow, $m
  -189
  -45
  -56
  -68
  -82
  -96
  -111
  -125
  -139
  -153
  -166
  -183
  -194
  -204
  -213
  -221
  -228
  -235
  -240
  -246
  -250
  -254
  -258
  -262
  -265
  -269
  -272
  -276
  -280
  -284
  -289
Issuance/(repayment) of debt, $m
  139
  74
  92
  112
  134
  158
  182
  207
  232
  257
  283
  307
  332
  356
  379
  402
  424
  446
  467
  489
  510
  532
  554
  576
  599
  622
  647
  672
  698
  726
  755
Issuance/(repurchase) of shares, $m
  6
  115
  138
  165
  193
  224
  255
  286
  318
  349
  379
  394
  422
  449
  474
  498
  520
  542
  562
  582
  601
  620
  639
  658
  677
  697
  717
  738
  760
  784
  809
Cash from financing (excl. dividends), $m  
  144
  189
  230
  277
  327
  382
  437
  493
  550
  606
  662
  701
  754
  805
  853
  900
  944
  988
  1,029
  1,071
  1,111
  1,152
  1,193
  1,234
  1,276
  1,319
  1,364
  1,410
  1,458
  1,510
  1,564
Total cash flow (excl. dividends), $m
  -45
  144
  175
  209
  246
  285
  326
  368
  410
  453
  496
  519
  560
  600
  640
  678
  716
  753
  789
  825
  861
  898
  935
  972
  1,011
  1,050
  1,091
  1,134
  1,179
  1,226
  1,275
Retained Cash Flow (-), $m
  -106
  -115
  -138
  -167
  -200
  -234
  -270
  -307
  -345
  -383
  -420
  -457
  -494
  -529
  -564
  -598
  -631
  -663
  -695
  -727
  -759
  -791
  -824
  -857
  -891
  -926
  -962
  -1,000
  -1,039
  -1,080
  -1,123
Prev. year cash balance distribution, $m
 
  96
  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
 
  125
  37
  41
  46
  50
  55
  60
  65
  70
  75
  62
  67
  71
  76
  81
  85
  89
  94
  98
  102
  107
  111
  115
  120
  125
  130
  135
  140
  146
  151
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
 
  120
  33
  36
  38
  39
  40
  41
  41
  40
  40
  29
  28
  27
  26
  24
  22
  19
  17
  15
  13
  11
  9
  8
  6
  5
  4
  3
  2
  2
  1
Current shareholders' claim on cash, %
  100
  89.4
  80.9
  73.9
  68.2
  63.3
  59.2
  55.6
  52.6
  49.9
  47.6
  45.7
  43.9
  42.3
  40.9
  39.7
  38.5
  37.5
  36.5
  35.7
  34.8
  34.1
  33.4
  32.8
  32.2
  31.6
  31.1
  30.6
  30.1
  29.7
  29.2

FormFactor, Inc. is a provider of test and measurement solutions. The Company's segments include the Probe Cards segment and Systems segment. The Company designs, manufactures and sells multiple product lines, including probe cards, analytical probes, probe stations, integrated measurement systems, thermal sub-systems, reliability test systems, and related services. Its products provide electrical information from a range of semiconductor and electro-optical devices and integrated circuits (devices) from development to production. Probe Cards segment consists of probe card products and analytical probes. Systems segment consists of wafer probing, thermal and reliability products to enable precision on-wafer measurement of integrated circuits. Systems products are used in the early phases of the development and characterization of semiconductor processes.

FINANCIAL RATIOS  of  FormFactor (FORM)

Valuation Ratios
P/E Ratio -176.8
Price to Sales 3.2
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 72.8
Price to Free Cash Flow 247.5
Growth Rates
Sales Growth Rate 36.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.3%
Cap. Spend. - 3 Yr. Gr. Rate 5.9%
Financial Strength
Quick Ratio 8
Current Ratio 0
LT Debt to Equity 31.2%
Total Debt to Equity 34.4%
Interest Coverage -24
Management Effectiveness
Return On Assets -1.4%
Ret/ On Assets - 3 Yr. Avg. -2.5%
Return On Total Capital -1.7%
Ret/ On T. Cap. - 3 Yr. Avg. -3%
Return On Equity -2%
Return On Equity - 3 Yr. Avg. -3.1%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 26.8%
Gross Margin - 3 Yr. Avg. 28.6%
EBITDA Margin -0.3%
EBITDA Margin - 3 Yr. Avg. 3.9%
Operating Margin -12.5%
Oper. Margin - 3 Yr. Avg. -7.1%
Pre-Tax Margin -13%
Pre-Tax Margin - 3 Yr. Avg. -6.9%
Net Profit Margin -1.8%
Net Profit Margin - 3 Yr. Avg. -3.2%
Effective Tax Rate 86%
Eff/ Tax Rate - 3 Yr. Avg. -3%
Payout Ratio 0%

FORM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FORM stock intrinsic value calculation we used $384 million for the last fiscal year's total revenue generated by FormFactor. The default revenue input number comes from 2016 income statement of FormFactor. 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 FORM stock valuation model: a) initial revenue growth rate of 36.2% 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 FORM is calculated based on our internal credit rating of FormFactor, 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 FormFactor.
    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 FORM stock the variable cost ratio is equal to 101.3%.

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 FORM 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 FormFactor.

Corporate tax rate of 27% is the nominal tax rate for FormFactor. 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 FORM 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 FORM are equal to 28.6%.

Life of production assets of 4.7 years is the average useful life of capital assets used in FormFactor 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 FORM is equal to 19.8%. 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 - $401 million for FormFactor - 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 72.779 million for FormFactor 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 FormFactor at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ Stocks To Watch: Formfactor Sees RS Rating Jump To 92   [Sep-12-17 03:00AM  Investor's Business Daily]
▶ 10 Stock Buys For The Next 6 Months   [Aug-24-17 01:08PM  Forbes]
▶ Top Ranked Growth Stocks to Buy for August 22nd   [Aug-22-17 09:35AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for August 21st   [Aug-21-17 11:55AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for August 15th   [Aug-15-17 10:30AM  Zacks]
▶ FormFactor Announces Participation at Upcoming Conferences   [Aug-14-17 12:27PM  GlobeNewswire]
▶ Top 10 Stocks Under $20   [Aug-11-17 02:15PM  Zacks]
▶ 5 Top Stocks for August   [Aug-08-17 06:05PM  Motley Fool]
▶ FormFactor tops Street 2Q forecasts   [01:05AM  Associated Press]
▶ FormFactor, Inc. Reports Second Quarter Results   [Aug-02-17 04:05PM  GlobeNewswire]
▶ 3 Stocks Warren Buffett Can't Buy, but You Can   [Jul-31-17 02:02PM  Motley Fool]
▶ Why FormFactor, Inc. Stock Rose 32% in May   [Jun-10-17 10:20AM  Motley Fool]
▶ ETFs with exposure to FormFactor, Inc. : May 26, 2017   [May-26-17 01:09PM  Capital Cube]
▶ FormFactor Announces Participation at Upcoming Conferences   [May-22-17 04:34PM  GlobeNewswire]
▶ FormFactor, Inc. Kicks Off 2017 on a High Note   [May-04-17 06:20PM  Motley Fool]
▶ Why FormFactor, Inc. Is Soaring Today   [11:55AM  Motley Fool]
▶ FormFactor tops Street 1Q forecasts   [05:02AM  Associated Press]
▶ FormFactor, Inc. Reports First Quarter Results   [May-03-17 04:05PM  GlobeNewswire]
▶ FormFactor, Inc. Delivers on Its Promises   [Feb-09-17 04:25PM  Motley Fool]
▶ FormFactor, Inc. Delivers on Its Promises   [04:25PM  at Motley Fool]
▶ FormFactor reports 4Q loss   [Feb-08-17 06:34PM  Associated Press]
Financial statements of FORM
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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