Intrinsic value of Corning - GLW

Previous Close

$31.59

  Intrinsic Value

$8.77

stock screener

  Rating & Target

str. sell

-72%

Previous close

$31.59

 
Intrinsic value

$8.77

 
Up/down potential

-72%

 
Rating

str. sell

We calculate the intrinsic value of GLW 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 25.6

 

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, %
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
Revenue, $m
  11,128
  12,185
  13,287
  14,436
  15,632
  16,875
  18,167
  19,510
  20,905
  22,355
  23,863
  25,430
  27,061
  28,758
  30,525
  32,365
  34,283
  36,283
  38,370
  40,547
  42,821
  45,196
  47,679
  50,274
  52,988
  55,828
  58,800
  61,911
  65,168
  68,580
Variable operating expenses, $m
  7,730
  8,440
  9,181
  9,953
  10,755
  11,590
  12,458
  13,360
  14,297
  15,271
  16,028
  17,081
  18,176
  19,316
  20,502
  21,738
  23,027
  24,370
  25,771
  27,234
  28,761
  30,357
  32,024
  33,767
  35,590
  37,498
  39,494
  41,583
  43,771
  46,063
Fixed operating expenses, $m
  1,607
  1,642
  1,678
  1,715
  1,753
  1,791
  1,831
  1,871
  1,912
  1,954
  1,997
  2,041
  2,086
  2,132
  2,179
  2,227
  2,276
  2,326
  2,377
  2,429
  2,483
  2,537
  2,593
  2,650
  2,708
  2,768
  2,829
  2,891
  2,955
  3,020
Total operating expenses, $m
  9,337
  10,082
  10,859
  11,668
  12,508
  13,381
  14,289
  15,231
  16,209
  17,225
  18,025
  19,122
  20,262
  21,448
  22,681
  23,965
  25,303
  26,696
  28,148
  29,663
  31,244
  32,894
  34,617
  36,417
  38,298
  40,266
  42,323
  44,474
  46,726
  49,083
Operating income, $m
  1,791
  2,102
  2,428
  2,769
  3,123
  3,493
  3,878
  4,278
  4,695
  5,130
  5,838
  6,309
  6,799
  7,310
  7,844
  8,400
  8,981
  9,587
  10,221
  10,884
  11,577
  12,302
  13,062
  13,857
  14,689
  15,562
  16,477
  17,436
  18,442
  19,497
EBITDA, $m
  3,221
  3,644
  4,087
  4,548
  5,029
  5,530
  6,051
  6,593
  7,158
  7,745
  8,356
  8,992
  9,654
  10,345
  11,064
  11,815
  12,598
  13,416
  14,270
  15,162
  16,095
  17,071
  18,092
  19,161
  20,281
  21,453
  22,681
  23,969
  25,318
  26,734
Interest expense (income), $m
  184
  277
  339
  403
  470
  540
  613
  689
  767
  849
  934
  1,023
  1,115
  1,210
  1,310
  1,413
  1,521
  1,633
  1,750
  1,872
  1,999
  2,131
  2,270
  2,415
  2,566
  2,724
  2,890
  3,063
  3,244
  3,433
  3,632
Earnings before tax, $m
  1,514
  1,764
  2,025
  2,298
  2,583
  2,880
  3,189
  3,511
  3,846
  4,195
  4,815
  5,194
  5,589
  6,001
  6,431
  6,879
  7,348
  7,838
  8,350
  8,885
  9,446
  10,032
  10,647
  11,291
  11,965
  12,673
  13,414
  14,193
  15,009
  15,866
Tax expense, $m
  409
  476
  547
  621
  697
  778
  861
  948
  1,038
  1,133
  1,300
  1,402
  1,509
  1,620
  1,736
  1,857
  1,984
  2,116
  2,254
  2,399
  2,550
  2,709
  2,875
  3,048
  3,231
  3,422
  3,622
  3,832
  4,052
  4,284
Net income, $m
  1,105
  1,288
  1,479
  1,678
  1,886
  2,102
  2,328
  2,563
  2,808
  3,062
  3,515
  3,792
  4,080
  4,381
  4,694
  5,022
  5,364
  5,721
  6,095
  6,486
  6,895
  7,324
  7,772
  8,242
  8,735
  9,251
  9,793
  10,361
  10,957
  11,582

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
  28,606
  31,323
  34,158
  37,111
  40,184
  43,379
  46,701
  50,153
  53,740
  57,468
  61,343
  65,373
  69,565
  73,927
  78,469
  83,201
  88,131
  93,273
  98,637
  104,235
  110,080
  116,186
  122,568
  129,239
  136,217
  143,516
  151,156
  159,153
  167,527
  176,298
Adjusted assets (=assets-cash), $m
  28,606
  31,323
  34,158
  37,111
  40,184
  43,379
  46,701
  50,153
  53,740
  57,468
  61,343
  65,373
  69,565
  73,927
  78,469
  83,201
  88,131
  93,273
  98,637
  104,235
  110,080
  116,186
  122,568
  129,239
  136,217
  143,516
  151,156
  159,153
  167,527
  176,298
Revenue / Adjusted assets
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
Average production assets, $m
  15,968
  17,485
  19,067
  20,716
  22,431
  24,215
  26,069
  27,996
  29,999
  32,080
  34,243
  36,492
  38,832
  41,267
  43,803
  46,444
  49,196
  52,066
  55,060
  58,185
  61,448
  64,857
  68,419
  72,143
  76,038
  80,113
  84,377
  88,842
  93,516
  98,412
Working capital, $m
  1,847
  2,023
  2,206
  2,396
  2,595
  2,801
  3,016
  3,239
  3,470
  3,711
  3,961
  4,221
  4,492
  4,774
  5,067
  5,373
  5,691
  6,023
  6,369
  6,731
  7,108
  7,503
  7,915
  8,345
  8,796
  9,267
  9,761
  10,277
  10,818
  11,384
Total debt, $m
  6,269
  7,462
  8,706
  10,003
  11,352
  12,755
  14,213
  15,728
  17,303
  18,940
  20,641
  22,410
  24,250
  26,165
  28,159
  30,236
  32,401
  34,658
  37,012
  39,470
  42,036
  44,717
  47,518
  50,447
  53,510
  56,715
  60,068
  63,579
  67,255
  71,106
Total liabilities, $m
  12,558
  13,751
  14,995
  16,292
  17,641
  19,044
  20,502
  22,017
  23,592
  25,229
  26,930
  28,699
  30,539
  32,454
  34,448
  36,525
  38,690
  40,947
  43,301
  45,759
  48,325
  51,006
  53,807
  56,736
  59,799
  63,004
  66,357
  69,868
  73,544
  77,395
Total equity, $m
  16,048
  17,572
  19,163
  20,819
  22,543
  24,336
  26,199
  28,136
  30,148
  32,240
  34,414
  36,674
  39,026
  41,473
  44,021
  46,676
  49,442
  52,326
  55,335
  58,476
  61,755
  65,180
  68,760
  72,503
  76,417
  80,513
  84,798
  89,285
  93,983
  98,903
Total liabilities and equity, $m
  28,606
  31,323
  34,158
  37,111
  40,184
  43,380
  46,701
  50,153
  53,740
  57,469
  61,344
  65,373
  69,565
  73,927
  78,469
  83,201
  88,132
  93,273
  98,636
  104,235
  110,080
  116,186
  122,567
  129,239
  136,216
  143,517
  151,155
  159,153
  167,527
  176,298
Debt-to-equity ratio
  0.390
  0.420
  0.450
  0.480
  0.500
  0.520
  0.540
  0.560
  0.570
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.660
  0.670
  0.670
  0.680
  0.690
  0.690
  0.700
  0.700
  0.700
  0.710
  0.710
  0.720
  0.720
Adjusted equity ratio
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,105
  1,288
  1,479
  1,678
  1,886
  2,102
  2,328
  2,563
  2,808
  3,062
  3,515
  3,792
  4,080
  4,381
  4,694
  5,022
  5,364
  5,721
  6,095
  6,486
  6,895
  7,324
  7,772
  8,242
  8,735
  9,251
  9,793
  10,361
  10,957
  11,582
Depreciation, amort., depletion, $m
  1,430
  1,542
  1,658
  1,780
  1,906
  2,037
  2,173
  2,315
  2,462
  2,615
  2,518
  2,683
  2,855
  3,034
  3,221
  3,415
  3,617
  3,828
  4,049
  4,278
  4,518
  4,769
  5,031
  5,305
  5,591
  5,891
  6,204
  6,532
  6,876
  7,236
Funds from operations, $m
  2,535
  2,830
  3,137
  3,457
  3,791
  4,139
  4,501
  4,878
  5,270
  5,678
  6,033
  6,475
  6,935
  7,415
  7,915
  8,437
  8,981
  9,550
  10,144
  10,765
  11,414
  12,093
  12,803
  13,547
  14,326
  15,142
  15,997
  16,893
  17,833
  18,818
Change in working capital, $m
  168
  175
  183
  191
  198
  206
  214
  223
  232
  241
  250
  260
  271
  282
  293
  306
  318
  332
  346
  361
  377
  394
  412
  431
  451
  471
  493
  516
  541
  566
Cash from operations, $m
  2,368
  2,654
  2,954
  3,267
  3,593
  3,933
  4,287
  4,655
  5,038
  5,437
  5,783
  6,215
  6,665
  7,133
  7,622
  8,131
  8,663
  9,218
  9,797
  10,403
  11,036
  11,698
  12,391
  13,116
  13,875
  14,670
  15,503
  16,377
  17,292
  18,252
Maintenance CAPEX, $m
  -1,067
  -1,174
  -1,286
  -1,402
  -1,523
  -1,649
  -1,781
  -1,917
  -2,059
  -2,206
  -2,359
  -2,518
  -2,683
  -2,855
  -3,034
  -3,221
  -3,415
  -3,617
  -3,828
  -4,049
  -4,278
  -4,518
  -4,769
  -5,031
  -5,305
  -5,591
  -5,891
  -6,204
  -6,532
  -6,876
New CAPEX, $m
  -1,453
  -1,517
  -1,582
  -1,648
  -1,715
  -1,784
  -1,854
  -1,927
  -2,002
  -2,081
  -2,163
  -2,249
  -2,340
  -2,435
  -2,535
  -2,641
  -2,752
  -2,870
  -2,994
  -3,125
  -3,263
  -3,409
  -3,562
  -3,724
  -3,895
  -4,075
  -4,264
  -4,464
  -4,675
  -4,896
Cash from investing activities, $m
  -2,520
  -2,691
  -2,868
  -3,050
  -3,238
  -3,433
  -3,635
  -3,844
  -4,061
  -4,287
  -4,522
  -4,767
  -5,023
  -5,290
  -5,569
  -5,862
  -6,167
  -6,487
  -6,822
  -7,174
  -7,541
  -7,927
  -8,331
  -8,755
  -9,200
  -9,666
  -10,155
  -10,668
  -11,207
  -11,772
Free cash flow, $m
  -152
  -37
  86
  216
  354
  500
  652
  811
  977
  1,150
  1,261
  1,447
  1,641
  1,843
  2,052
  2,269
  2,495
  2,730
  2,975
  3,230
  3,495
  3,771
  4,060
  4,361
  4,676
  5,004
  5,348
  5,708
  6,085
  6,480
Issuance/(repayment) of debt, $m
  1,141
  1,193
  1,244
  1,296
  1,349
  1,403
  1,458
  1,515
  1,575
  1,637
  1,701
  1,769
  1,840
  1,915
  1,994
  2,077
  2,165
  2,257
  2,355
  2,458
  2,566
  2,681
  2,801
  2,929
  3,063
  3,205
  3,354
  3,511
  3,676
  3,850
Issuance/(repurchase) of shares, $m
  353
  237
  112
  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  
  1,494
  1,430
  1,356
  1,296
  1,349
  1,403
  1,458
  1,515
  1,575
  1,637
  1,701
  1,769
  1,840
  1,915
  1,994
  2,077
  2,165
  2,257
  2,355
  2,458
  2,566
  2,681
  2,801
  2,929
  3,063
  3,205
  3,354
  3,511
  3,676
  3,850
Total cash flow (excl. dividends), $m
  1,341
  1,393
  1,442
  1,513
  1,703
  1,903
  2,110
  2,327
  2,552
  2,787
  2,962
  3,216
  3,482
  3,758
  4,046
  4,347
  4,660
  4,988
  5,330
  5,687
  6,061
  6,452
  6,861
  7,290
  7,739
  8,209
  8,702
  9,219
  9,761
  10,330
Retained Cash Flow (-), $m
  -1,458
  -1,525
  -1,590
  -1,657
  -1,724
  -1,793
  -1,863
  -1,937
  -2,012
  -2,091
  -2,174
  -2,261
  -2,352
  -2,447
  -2,548
  -2,654
  -2,766
  -2,884
  -3,009
  -3,141
  -3,279
  -3,426
  -3,580
  -3,743
  -3,914
  -4,095
  -4,286
  -4,486
  -4,698
  -4,920
Prev. year cash balance distribution, $m
  1,108
  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
  991
  -132
  -148
  -144
  -21
  110
  247
  390
  540
  695
  788
  956
  1,130
  1,311
  1,498
  1,692
  1,894
  2,103
  2,321
  2,547
  2,782
  3,026
  3,281
  3,547
  3,824
  4,114
  4,416
  4,733
  5,063
  5,409
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
  951
  -120
  -129
  -119
  -16
  80
  167
  244
  310
  364
  374
  408
  430
  440
  440
  430
  412
  387
  357
  324
  288
  251
  215
  181
  149
  120
  95
  73
  55
  41
Current shareholders' claim on cash, %
  98.5
  97.7
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs). The Optical Communications segment manufactures carrier and enterprise network components for the telecommunications industry. The Environmental Technologies segment manufactures ceramic substrates and filters for automotive and diesel emission control applications. As of December 31, 2016, the Specialty Materials segment manufactured products, which provided more than 150 material formulations for glass, glass ceramics and fluoride crystals. The Life Sciences segment manufactures glass and plastic labware, equipment, media and reagents. The All Other segment consists of its Pharmaceutical Technologies business and non-LCD glass business, and among others.

FINANCIAL RATIOS  of  Corning (GLW)

Valuation Ratios
P/E Ratio 7.9
Price to Sales 3.1
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 11.6
Price to Free Cash Flow 21
Growth Rates
Sales Growth Rate 3.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -9.6%
Cap. Spend. - 3 Yr. Gr. Rate 2.1%
Financial Strength
Quick Ratio 21
Current Ratio 0.3
LT Debt to Equity 20.4%
Total Debt to Equity 21.8%
Interest Coverage 21
Management Effectiveness
Return On Assets 13.7%
Ret/ On Assets - 3 Yr. Avg. 9.2%
Return On Total Capital 16.4%
Ret/ On T. Cap. - 3 Yr. Avg. 10.7%
Return On Equity 20.1%
Return On Equity - 3 Yr. Avg. 12.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 39.9%
Gross Margin - 3 Yr. Avg. 40.6%
EBITDA Margin 54%
EBITDA Margin - 3 Yr. Avg. 45.4%
Operating Margin 14.8%
Oper. Margin - 3 Yr. Avg. 16.7%
Pre-Tax Margin 39.3%
Pre-Tax Margin - 3 Yr. Avg. 30.8%
Net Profit Margin 39.4%
Net Profit Margin - 3 Yr. Avg. 26.5%
Effective Tax Rate -0.1%
Eff/ Tax Rate - 3 Yr. Avg. 13.5%
Payout Ratio 17.5%

GLW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GLW stock intrinsic value calculation we used $10116 million for the last fiscal year's total revenue generated by Corning. The default revenue input number comes from 0001 income statement of Corning. 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 GLW stock valuation model: a) initial revenue growth rate of 10% 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 GLW is calculated based on our internal credit rating of Corning, 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 Corning.
    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 GLW stock the variable cost ratio is equal to 69.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1572 million in the base year in the intrinsic value calculation for GLW 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 Corning.

Corporate tax rate of 27% is the nominal tax rate for Corning. 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 GLW 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 GLW are equal to 143.5%.

Life of production assets of 13.6 years is the average useful life of capital assets used in Corning 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 GLW is equal to 16.6%. 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 - $15698 million for Corning - 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 810.015 million for Corning 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 Corning at the current share price and the inputted number of shares is $25.6 billion.

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COMPANY NEWS

▶ Is Corning Incorporated (GLW) A Good Stock To Buy?   [Dec-08-18 12:13PM  Insider Monkey]
▶ 3 Top Value Stocks to Buy Right Now   [Nov-10-18 03:00PM  Motley Fool]
▶ David Carlson Buys 3, Sells 2 in 3rd Quarter   [12:40PM  GuruFocus.com]
▶ 3 Reasons Corning Is a Buy   [09:32AM  Motley Fool]
▶ The Key Takeaways From Cornings Third Quarter Earnings   [Oct-24-18 05:00PM  Motley Fool]
▶ 2 Stocks Obscured by Market's Wild Ride   [11:14AM  TheStreet.com]
▶ Corning: 3Q Earnings Snapshot   [07:29AM  Associated Press]
▶ Corning Has a Lot to Prove This Week   [Oct-22-18 04:46PM  Motley Fool]
▶ Corning Q3 Earnings Preview   [03:14PM  Benzinga]
▶ Has Corning Become Too Expensive Now?   [Oct-05-18 06:33PM  GuruFocus.com]
▶ Corning Stock Wins an Upgrade -- but Does It Make Sense?   [Sep-14-18 01:08PM  Motley Fool]
▶ Corning CFO: We're not expecting a 'big impact' from Hurricane Florence   [07:12AM  American City Business Journals]
▶ 3 Dividend Stocks That Are Perfect for Retirement   [Sep-11-18 05:14PM  Motley Fool]
▶ Exploit the Nasdaq Dip With These 6 Tech Stocks   [Sep-06-18 09:00AM  Zacks]
▶ Corning to bring $60M optical cable plant, 110 jobs to new Hickory business park   [Aug-14-18 02:19PM  American City Business Journals]
▶ Tech Stocks Will Get Big Boost From Buybacks: Goldman   [Aug-09-18 08:00AM  Investopedia]
▶ Why Corning's Glass Is Half Full   [07:50AM  Motley Fool]
▶ 3 Top Value Stocks to Buy Now   [09:00AM  Motley Fool]
▶ The Market Couldn't Ignore Corning's Strength This Time   [Jul-26-18 08:49PM  Motley Fool]
▶ Why Natus Medical, Grubhub, and Corning Jumped Today   [Jul-25-18 04:30PM  Motley Fool]
▶ Corning: 2Q Earnings Snapshot   [07:29AM  Associated Press]
▶ Corning Inc to Host Earnings Call   [06:30AM  ACCESSWIRE]
▶ Corning Optical HQ tops out, heads for early 2019 completion   [Jul-23-18 02:45PM  American City Business Journals]
▶ Coming soon to your smartphone: Accident-tough Gorilla Glass 6   [07:53AM  American City Business Journals]
▶ Invest in What You Know -- the Screens Edition   [Jul-20-18 03:20PM  Motley Fool]
▶ Corning Declares Quarterly Dividend   [Jul-19-18 10:26AM  GlobeNewswire]
▶ Why Shares of Corning Fell 14% in the First Half of 2018   [Jul-16-18 05:42PM  Motley Fool]

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