Intrinsic value of Corning - GLW

Previous Close

$32.71

  Intrinsic Value

$8.90

stock screener

  Rating & Target

str. sell

-73%

Previous close

$32.71

 
Intrinsic value

$8.90

 
Up/down potential

-73%

 
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 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 28.4

 

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, %
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
Revenue, $m
  10,895
  11,704
  12,546
  13,420
  14,329
  15,273
  16,256
  17,279
  18,344
  19,453
  20,609
  21,814
  23,071
  24,383
  25,752
  27,183
  28,678
  30,241
  31,876
  33,586
  35,376
  37,249
  39,210
  41,265
  43,417
  45,672
  48,035
  50,512
  53,109
  55,832
Variable operating expenses, $m
  7,574
  8,118
  8,683
  9,270
  9,880
  10,515
  11,175
  11,862
  12,577
  13,322
  13,842
  14,651
  15,496
  16,377
  17,297
  18,258
  19,262
  20,312
  21,410
  22,558
  23,760
  25,019
  26,336
  27,716
  29,161
  30,676
  32,263
  33,927
  35,671
  37,500
Fixed operating expenses, $m
  1,606
  1,641
  1,677
  1,714
  1,752
  1,790
  1,830
  1,870
  1,911
  1,953
  1,996
  2,040
  2,085
  2,131
  2,177
  2,225
  2,274
  2,324
  2,375
  2,428
  2,481
  2,536
  2,591
  2,648
  2,707
  2,766
  2,827
  2,889
  2,953
  3,018
Total operating expenses, $m
  9,180
  9,759
  10,360
  10,984
  11,632
  12,305
  13,005
  13,732
  14,488
  15,275
  15,838
  16,691
  17,581
  18,508
  19,474
  20,483
  21,536
  22,636
  23,785
  24,986
  26,241
  27,555
  28,927
  30,364
  31,868
  33,442
  35,090
  36,816
  38,624
  40,518
Operating income, $m
  1,715
  1,946
  2,186
  2,436
  2,697
  2,968
  3,252
  3,547
  3,856
  4,178
  4,771
  5,122
  5,490
  5,875
  6,278
  6,700
  7,142
  7,605
  8,091
  8,600
  9,134
  9,694
  10,283
  10,900
  11,549
  12,229
  12,944
  13,696
  14,485
  15,314
EBITDA, $m
  3,668
  4,024
  4,396
  4,782
  5,184
  5,603
  6,039
  6,494
  6,968
  7,463
  7,979
  8,519
  9,082
  9,672
  10,288
  10,932
  11,607
  12,314
  13,054
  13,829
  14,642
  15,494
  16,388
  17,325
  18,309
  19,340
  20,423
  21,560
  22,754
  24,007
Interest expense (income), $m
  184
  256
  305
  354
  406
  459
  515
  572
  632
  695
  760
  828
  898
  972
  1,048
  1,128
  1,212
  1,299
  1,391
  1,486
  1,586
  1,690
  1,800
  1,914
  2,034
  2,159
  2,291
  2,428
  2,572
  2,724
  2,882
Earnings before tax, $m
  1,459
  1,641
  1,831
  2,030
  2,237
  2,454
  2,679
  2,915
  3,161
  3,418
  3,943
  4,224
  4,519
  4,827
  5,150
  5,488
  5,842
  6,214
  6,604
  7,014
  7,444
  7,895
  8,369
  8,866
  9,389
  9,939
  10,516
  11,123
  11,761
  12,432
Tax expense, $m
  394
  443
  494
  548
  604
  663
  723
  787
  853
  923
  1,065
  1,141
  1,220
  1,303
  1,390
  1,482
  1,577
  1,678
  1,783
  1,894
  2,010
  2,132
  2,260
  2,394
  2,535
  2,683
  2,839
  3,003
  3,175
  3,357
Net income, $m
  1,065
  1,198
  1,337
  1,482
  1,633
  1,791
  1,956
  2,128
  2,307
  2,495
  2,879
  3,084
  3,299
  3,524
  3,759
  4,006
  4,265
  4,536
  4,821
  5,120
  5,434
  5,763
  6,109
  6,473
  6,854
  7,255
  7,677
  8,120
  8,586
  9,075

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
  28,446
  30,560
  32,756
  35,039
  37,411
  39,878
  42,445
  45,115
  47,895
  50,791
  53,808
  56,955
  60,237
  63,662
  67,238
  70,974
  74,878
  78,959
  83,227
  87,692
  92,364
  97,255
  102,377
  107,741
  113,360
  119,247
  125,418
  131,885
  138,666
  145,776
Adjusted assets (=assets-cash), $m
  28,446
  30,560
  32,756
  35,039
  37,411
  39,878
  42,445
  45,115
  47,895
  50,791
  53,808
  56,955
  60,237
  63,662
  67,238
  70,974
  74,878
  78,959
  83,227
  87,692
  92,364
  97,255
  102,377
  107,741
  113,360
  119,247
  125,418
  131,885
  138,666
  145,776
Revenue / Adjusted assets
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
Average production assets, $m
  16,963
  18,224
  19,534
  20,895
  22,310
  23,781
  25,311
  26,903
  28,561
  30,288
  32,088
  33,964
  35,921
  37,964
  40,096
  42,324
  44,652
  47,086
  49,631
  52,293
  55,080
  57,996
  61,050
  64,249
  67,600
  71,111
  74,790
  78,647
  82,691
  86,931
Working capital, $m
  294
  316
  339
  362
  387
  412
  439
  467
  495
  525
  556
  589
  623
  658
  695
  734
  774
  817
  861
  907
  955
  1,006
  1,059
  1,114
  1,172
  1,233
  1,297
  1,364
  1,434
  1,507
Total debt, $m
  5,649
  6,564
  7,515
  8,504
  9,531
  10,599
  11,710
  12,867
  14,071
  15,324
  16,631
  17,993
  19,415
  20,898
  22,446
  24,064
  25,754
  27,521
  29,369
  31,303
  33,326
  35,444
  37,661
  39,984
  42,417
  44,966
  47,638
  50,438
  53,374
  56,453
Total liabilities, $m
  12,317
  13,232
  14,183
  15,172
  16,199
  17,267
  18,378
  19,535
  20,739
  21,992
  23,299
  24,661
  26,083
  27,566
  29,114
  30,732
  32,422
  34,189
  36,037
  37,971
  39,994
  42,112
  44,329
  46,652
  49,085
  51,634
  54,306
  57,106
  60,042
  63,121
Total equity, $m
  16,129
  17,327
  18,573
  19,867
  21,212
  22,611
  24,066
  25,580
  27,156
  28,798
  30,509
  32,293
  34,154
  36,096
  38,124
  40,242
  42,456
  44,770
  47,190
  49,721
  52,371
  55,144
  58,048
  61,089
  64,275
  67,613
  71,112
  74,779
  78,624
  82,655
Total liabilities and equity, $m
  28,446
  30,559
  32,756
  35,039
  37,411
  39,878
  42,444
  45,115
  47,895
  50,790
  53,808
  56,954
  60,237
  63,662
  67,238
  70,974
  74,878
  78,959
  83,227
  87,692
  92,365
  97,256
  102,377
  107,741
  113,360
  119,247
  125,418
  131,885
  138,666
  145,776
Debt-to-equity ratio
  0.350
  0.380
  0.400
  0.430
  0.450
  0.470
  0.490
  0.500
  0.520
  0.530
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.610
  0.620
  0.630
  0.640
  0.640
  0.650
  0.650
  0.660
  0.670
  0.670
  0.670
  0.680
  0.680
Adjusted equity ratio
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,065
  1,198
  1,337
  1,482
  1,633
  1,791
  1,956
  2,128
  2,307
  2,495
  2,879
  3,084
  3,299
  3,524
  3,759
  4,006
  4,265
  4,536
  4,821
  5,120
  5,434
  5,763
  6,109
  6,473
  6,854
  7,255
  7,677
  8,120
  8,586
  9,075
Depreciation, amort., depletion, $m
  1,953
  2,079
  2,210
  2,346
  2,487
  2,634
  2,787
  2,947
  3,112
  3,285
  3,209
  3,396
  3,592
  3,796
  4,010
  4,232
  4,465
  4,709
  4,963
  5,229
  5,508
  5,800
  6,105
  6,425
  6,760
  7,111
  7,479
  7,865
  8,269
  8,693
Funds from operations, $m
  3,018
  3,276
  3,547
  3,828
  4,121
  4,426
  4,743
  5,075
  5,420
  5,780
  6,087
  6,480
  6,891
  7,320
  7,769
  8,238
  8,730
  9,245
  9,784
  10,349
  10,942
  11,563
  12,214
  12,897
  13,614
  14,366
  15,156
  15,985
  16,855
  17,768
Change in working capital, $m
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
  39
  40
  42
  44
  46
  48
  51
  53
  55
  58
  61
  64
  67
  70
  74
Cash from operations, $m
  2,997
  3,255
  3,524
  3,804
  4,096
  4,400
  4,717
  5,047
  5,391
  5,750
  6,056
  6,448
  6,857
  7,284
  7,732
  8,200
  8,690
  9,203
  9,740
  10,303
  10,893
  11,512
  12,161
  12,842
  13,556
  14,306
  15,092
  15,918
  16,785
  17,695
Maintenance CAPEX, $m
  -1,575
  -1,696
  -1,822
  -1,953
  -2,089
  -2,231
  -2,378
  -2,531
  -2,690
  -2,856
  -3,029
  -3,209
  -3,396
  -3,592
  -3,796
  -4,010
  -4,232
  -4,465
  -4,709
  -4,963
  -5,229
  -5,508
  -5,800
  -6,105
  -6,425
  -6,760
  -7,111
  -7,479
  -7,865
  -8,269
New CAPEX, $m
  -1,214
  -1,260
  -1,310
  -1,361
  -1,415
  -1,471
  -1,530
  -1,592
  -1,658
  -1,727
  -1,800
  -1,876
  -1,957
  -2,043
  -2,133
  -2,228
  -2,328
  -2,434
  -2,545
  -2,663
  -2,786
  -2,917
  -3,054
  -3,199
  -3,351
  -3,511
  -3,680
  -3,857
  -4,044
  -4,240
Cash from investing activities, $m
  -2,789
  -2,956
  -3,132
  -3,314
  -3,504
  -3,702
  -3,908
  -4,123
  -4,348
  -4,583
  -4,829
  -5,085
  -5,353
  -5,635
  -5,929
  -6,238
  -6,560
  -6,899
  -7,254
  -7,626
  -8,015
  -8,425
  -8,854
  -9,304
  -9,776
  -10,271
  -10,791
  -11,336
  -11,909
  -12,509
Free cash flow, $m
  208
  298
  392
  490
  592
  698
  808
  923
  1,043
  1,167
  1,228
  1,363
  1,503
  1,650
  1,803
  1,963
  2,129
  2,304
  2,487
  2,678
  2,878
  3,088
  3,308
  3,538
  3,780
  4,035
  4,301
  4,582
  4,876
  5,186
Issuance/(repayment) of debt, $m
  900
  915
  951
  988
  1,027
  1,068
  1,111
  1,156
  1,204
  1,254
  1,307
  1,362
  1,421
  1,483
  1,549
  1,618
  1,690
  1,767
  1,848
  1,933
  2,023
  2,118
  2,218
  2,323
  2,433
  2,549
  2,672
  2,801
  2,936
  3,078
Issuance/(repurchase) of shares, $m
  95
  1
  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  
  995
  916
  951
  988
  1,027
  1,068
  1,111
  1,156
  1,204
  1,254
  1,307
  1,362
  1,421
  1,483
  1,549
  1,618
  1,690
  1,767
  1,848
  1,933
  2,023
  2,118
  2,218
  2,323
  2,433
  2,549
  2,672
  2,801
  2,936
  3,078
Total cash flow (excl. dividends), $m
  1,203
  1,214
  1,343
  1,478
  1,619
  1,766
  1,920
  2,080
  2,247
  2,421
  2,534
  2,725
  2,924
  3,133
  3,351
  3,580
  3,820
  4,071
  4,335
  4,611
  4,901
  5,205
  5,525
  5,861
  6,213
  6,584
  6,973
  7,382
  7,812
  8,264
Retained Cash Flow (-), $m
  -1,160
  -1,198
  -1,245
  -1,294
  -1,345
  -1,399
  -1,455
  -1,514
  -1,576
  -1,642
  -1,711
  -1,784
  -1,861
  -1,942
  -2,028
  -2,118
  -2,213
  -2,314
  -2,420
  -2,532
  -2,649
  -2,773
  -2,904
  -3,041
  -3,186
  -3,338
  -3,499
  -3,667
  -3,845
  -4,031
Prev. year cash balance distribution, $m
  729
  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
  772
  15
  97
  184
  274
  367
  465
  566
  670
  779
  823
  941
  1,063
  1,191
  1,324
  1,462
  1,606
  1,757
  1,915
  2,079
  2,252
  2,432
  2,621
  2,820
  3,027
  3,246
  3,475
  3,715
  3,968
  4,233
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
  740
  14
  85
  151
  212
  267
  314
  353
  385
  409
  391
  402
  404
  400
  389
  372
  350
  324
  295
  264
  233
  202
  172
  144
  118
  95
  75
  57
  43
  32
Current shareholders' claim on cash, %
  99.7
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6

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 8.2
Price to Sales 3.2
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 12
Price to Free Cash Flow 21.8
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 2017 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 7.7% 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 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 $1571 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 155.7%.

Life of production assets of 10 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 2.7%. 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 869 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 $28.4 billion.

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COMPANY NEWS

▶ 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]
▶ Better Buy: Qualcomm Inc. vs. Corning Inc.   [Jun-12-18 09:31AM  Motley Fool]
▶ Can Corning's Dividend Even Survive?   [Jun-09-18 11:16AM  Motley Fool]
▶ Closing Bell: LIVE MARKETS BLOG   [Jun-07-18 04:01PM  TheStreet.com]
▶ Is It Safe to Buy Corning Stock Yet? 1 Analyst Thinks So   [May-31-18 12:48PM  Motley Fool]
▶ Corning Holds Annual Meeting of Shareholders   [Apr-26-18 12:02PM  GlobeNewswire]
▶ Corning Declares Quarterly Dividend   [09:06AM  GlobeNewswire]
▶ Is Corning Stock a Buy?   [Apr-25-18 10:18PM  Motley Fool]
▶ Corning Posts a Deceptively Strong Quarter   [Apr-24-18 09:45PM  Motley Fool]
▶ Corning: 1Q Earnings Snapshot   [07:26AM  Associated Press]
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