Intrinsic value of Corning Incorporated - GLW

Previous Close

$27.63

  Intrinsic Value

$3.36

stock screener

  Rating & Target

str. sell

-88%

Previous close

$27.63

 
Intrinsic value

$3.36

 
Up/down potential

-88%

 
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 21.7

 

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, %
  15.10
  14.09
  13.18
  12.36
  11.63
  10.96
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.52
  6.36
  6.23
  6.11
  5.99
  5.90
  5.81
  5.73
  5.65
  5.59
  5.53
  5.48
Revenue, $m
  12,995
  14,826
  16,780
  18,854
  21,047
  23,354
  25,775
  28,309
  30,956
  33,715
  36,588
  39,577
  42,684
  45,914
  49,271
  52,759
  56,385
  60,154
  64,073
  68,151
  72,395
  76,815
  81,420
  86,220
  91,225
  96,448
  101,900
  107,593
  113,542
  119,759
Variable operating expenses, $m
  10,984
  12,486
  14,089
  15,791
  17,590
  19,483
  21,469
  23,548
  25,719
  27,983
  30,017
  32,469
  35,019
  37,669
  40,422
  43,284
  46,258
  49,350
  52,566
  55,912
  59,394
  63,020
  66,798
  70,735
  74,842
  79,127
  83,600
  88,271
  93,151
  98,251
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
  10,984
  12,486
  14,089
  15,791
  17,590
  19,483
  21,469
  23,548
  25,719
  27,983
  30,017
  32,469
  35,019
  37,669
  40,422
  43,284
  46,258
  49,350
  52,566
  55,912
  59,394
  63,020
  66,798
  70,735
  74,842
  79,127
  83,600
  88,271
  93,151
  98,251
Operating income, $m
  2,011
  2,340
  2,691
  3,063
  3,457
  3,871
  4,306
  4,761
  5,237
  5,732
  6,571
  7,108
  7,666
  8,246
  8,849
  9,475
  10,126
  10,803
  11,507
  12,239
  13,002
  13,795
  14,622
  15,484
  16,383
  17,321
  18,300
  19,323
  20,391
  21,508
EBITDA, $m
  3,700
  4,221
  4,778
  5,369
  5,993
  6,650
  7,339
  8,061
  8,814
  9,600
  10,418
  11,269
  12,154
  13,074
  14,029
  15,023
  16,055
  17,128
  18,244
  19,405
  20,614
  21,872
  23,184
  24,550
  25,976
  27,463
  29,015
  30,636
  32,330
  34,100
Interest expense (income), $m
  184
  324
  437
  558
  686
  823
  967
  1,118
  1,277
  1,444
  1,618
  1,799
  1,988
  2,184
  2,389
  2,601
  2,822
  3,051
  3,289
  3,537
  3,794
  4,062
  4,341
  4,632
  4,934
  5,250
  5,579
  5,922
  6,280
  6,655
  7,046
Earnings before tax, $m
  1,687
  1,902
  2,133
  2,377
  2,634
  2,905
  3,188
  3,484
  3,793
  4,114
  4,772
  5,120
  5,481
  5,857
  6,248
  6,654
  7,075
  7,514
  7,970
  8,445
  8,939
  9,454
  9,991
  10,550
  11,133
  11,742
  12,378
  13,042
  13,737
  14,462
Tax expense, $m
  456
  514
  576
  642
  711
  784
  861
  941
  1,024
  1,111
  1,288
  1,382
  1,480
  1,581
  1,687
  1,796
  1,910
  2,029
  2,152
  2,280
  2,414
  2,553
  2,697
  2,848
  3,006
  3,170
  3,342
  3,521
  3,709
  3,905
Net income, $m
  1,232
  1,389
  1,557
  1,735
  1,923
  2,120
  2,327
  2,543
  2,769
  3,003
  3,483
  3,737
  4,001
  4,276
  4,561
  4,857
  5,165
  5,485
  5,818
  6,165
  6,526
  6,901
  7,293
  7,701
  8,127
  8,572
  9,036
  9,521
  10,028
  10,557

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
  31,695
  36,160
  40,927
  45,986
  51,333
  56,961
  62,867
  69,047
  75,501
  82,231
  89,238
  96,528
  104,108
  111,986
  120,173
  128,681
  137,523
  146,716
  156,276
  166,222
  176,574
  187,354
  198,585
  210,292
  222,501
  235,239
  248,536
  262,423
  276,931
  292,095
Adjusted assets (=assets-cash), $m
  31,695
  36,160
  40,927
  45,986
  51,333
  56,961
  62,867
  69,047
  75,501
  82,231
  89,238
  96,528
  104,108
  111,986
  120,173
  128,681
  137,523
  146,716
  156,276
  166,222
  176,574
  187,354
  198,585
  210,292
  222,501
  235,239
  248,536
  262,423
  276,931
  292,095
Revenue / Adjusted assets
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
Average production assets, $m
  18,310
  20,889
  23,643
  26,566
  29,655
  32,906
  36,317
  39,888
  43,616
  47,504
  51,552
  55,763
  60,142
  64,693
  69,423
  74,338
  79,446
  84,756
  90,279
  96,025
  102,005
  108,233
  114,721
  121,484
  128,537
  135,895
  143,577
  151,599
  159,980
  168,740
Working capital, $m
  1,585
  1,809
  2,047
  2,300
  2,568
  2,849
  3,145
  3,454
  3,777
  4,113
  4,464
  4,828
  5,207
  5,602
  6,011
  6,437
  6,879
  7,339
  7,817
  8,314
  8,832
  9,371
  9,933
  10,519
  11,130
  11,767
  12,432
  13,126
  13,852
  14,611
Total debt, $m
  8,101
  10,329
  12,707
  15,232
  17,900
  20,709
  23,655
  26,739
  29,960
  33,318
  36,815
  40,453
  44,235
  48,166
  52,251
  56,497
  60,909
  65,496
  70,267
  75,230
  80,395
  85,775
  91,379
  97,221
  103,313
  109,669
  116,305
  123,234
  130,474
  138,041
Total liabilities, $m
  15,816
  18,044
  20,422
  22,947
  25,615
  28,424
  31,370
  34,454
  37,675
  41,033
  44,530
  48,168
  51,950
  55,881
  59,966
  64,212
  68,624
  73,211
  77,982
  82,945
  88,110
  93,490
  99,094
  104,936
  111,028
  117,384
  124,020
  130,949
  138,189
  145,756
Total equity, $m
  15,879
  18,116
  20,504
  23,039
  25,718
  28,538
  31,496
  34,593
  37,826
  41,198
  44,708
  48,361
  52,158
  56,105
  60,207
  64,469
  68,899
  73,505
  78,294
  83,277
  88,464
  93,864
  99,491
  105,356
  111,473
  117,855
  124,517
  131,474
  138,743
  146,340
Total liabilities and equity, $m
  31,695
  36,160
  40,926
  45,986
  51,333
  56,962
  62,866
  69,047
  75,501
  82,231
  89,238
  96,529
  104,108
  111,986
  120,173
  128,681
  137,523
  146,716
  156,276
  166,222
  176,574
  187,354
  198,585
  210,292
  222,501
  235,239
  248,537
  262,423
  276,932
  292,096
Debt-to-equity ratio
  0.510
  0.570
  0.620
  0.660
  0.700
  0.730
  0.750
  0.770
  0.790
  0.810
  0.820
  0.840
  0.850
  0.860
  0.870
  0.880
  0.880
  0.890
  0.900
  0.900
  0.910
  0.910
  0.920
  0.920
  0.930
  0.930
  0.930
  0.940
  0.940
  0.940
Adjusted equity ratio
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501
  0.501

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,232
  1,389
  1,557
  1,735
  1,923
  2,120
  2,327
  2,543
  2,769
  3,003
  3,483
  3,737
  4,001
  4,276
  4,561
  4,857
  5,165
  5,485
  5,818
  6,165
  6,526
  6,901
  7,293
  7,701
  8,127
  8,572
  9,036
  9,521
  10,028
  10,557
Depreciation, amort., depletion, $m
  1,689
  1,882
  2,087
  2,305
  2,536
  2,778
  3,033
  3,299
  3,578
  3,868
  3,847
  4,161
  4,488
  4,828
  5,181
  5,548
  5,929
  6,325
  6,737
  7,166
  7,612
  8,077
  8,561
  9,066
  9,592
  10,141
  10,715
  11,313
  11,939
  12,593
Funds from operations, $m
  2,921
  3,270
  3,644
  4,041
  4,459
  4,899
  5,360
  5,843
  6,346
  6,871
  7,330
  7,899
  8,490
  9,104
  9,742
  10,405
  11,094
  11,810
  12,555
  13,331
  14,138
  14,978
  15,854
  16,767
  17,720
  18,713
  19,751
  20,834
  21,966
  23,150
Change in working capital, $m
  208
  223
  238
  253
  267
  282
  295
  309
  323
  337
  351
  365
  379
  394
  410
  426
  442
  460
  478
  497
  518
  539
  562
  586
  611
  637
  665
  695
  726
  759
Cash from operations, $m
  2,713
  3,047
  3,406
  3,788
  4,192
  4,617
  5,065
  5,534
  6,024
  6,535
  6,980
  7,534
  8,110
  8,710
  9,332
  9,979
  10,652
  11,350
  12,077
  12,833
  13,620
  14,439
  15,293
  16,182
  17,109
  18,076
  19,086
  20,140
  21,241
  22,391
Maintenance CAPEX, $m
  -1,187
  -1,366
  -1,559
  -1,764
  -1,983
  -2,213
  -2,456
  -2,710
  -2,977
  -3,255
  -3,545
  -3,847
  -4,161
  -4,488
  -4,828
  -5,181
  -5,548
  -5,929
  -6,325
  -6,737
  -7,166
  -7,612
  -8,077
  -8,561
  -9,066
  -9,592
  -10,141
  -10,715
  -11,313
  -11,939
New CAPEX, $m
  -2,406
  -2,580
  -2,753
  -2,923
  -3,089
  -3,251
  -3,412
  -3,570
  -3,729
  -3,888
  -4,048
  -4,212
  -4,379
  -4,551
  -4,729
  -4,915
  -5,108
  -5,310
  -5,523
  -5,746
  -5,980
  -6,228
  -6,488
  -6,763
  -7,053
  -7,359
  -7,682
  -8,022
  -8,381
  -8,760
Cash from investing activities, $m
  -3,593
  -3,946
  -4,312
  -4,687
  -5,072
  -5,464
  -5,868
  -6,280
  -6,706
  -7,143
  -7,593
  -8,059
  -8,540
  -9,039
  -9,557
  -10,096
  -10,656
  -11,239
  -11,848
  -12,483
  -13,146
  -13,840
  -14,565
  -15,324
  -16,119
  -16,951
  -17,823
  -18,737
  -19,694
  -20,699
Free cash flow, $m
  -880
  -899
  -907
  -900
  -880
  -847
  -802
  -747
  -682
  -608
  -613
  -525
  -430
  -330
  -225
  -116
  -4
  111
  230
  350
  474
  599
  727
  858
  990
  1,125
  1,263
  1,403
  1,546
  1,693
Issuance/(repayment) of debt, $m
  2,103
  2,228
  2,378
  2,525
  2,668
  2,808
  2,947
  3,084
  3,221
  3,358
  3,497
  3,638
  3,782
  3,931
  4,085
  4,245
  4,412
  4,587
  4,770
  4,963
  5,166
  5,379
  5,604
  5,842
  6,092
  6,356
  6,635
  6,929
  7,240
  7,567
Issuance/(repurchase) of shares, $m
  855
  849
  831
  800
  756
  699
  631
  553
  465
  368
  27
  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  
  2,958
  3,077
  3,209
  3,325
  3,424
  3,507
  3,578
  3,637
  3,686
  3,726
  3,524
  3,638
  3,782
  3,931
  4,085
  4,245
  4,412
  4,587
  4,770
  4,963
  5,166
  5,379
  5,604
  5,842
  6,092
  6,356
  6,635
  6,929
  7,240
  7,567
Total cash flow (excl. dividends), $m
  2,078
  2,178
  2,303
  2,425
  2,544
  2,661
  2,776
  2,890
  3,004
  3,118
  2,911
  3,113
  3,353
  3,601
  3,860
  4,129
  4,408
  4,698
  5,000
  5,313
  5,639
  5,979
  6,332
  6,699
  7,082
  7,482
  7,898
  8,332
  8,786
  9,259
Retained Cash Flow (-), $m
  -2,087
  -2,237
  -2,388
  -2,535
  -2,679
  -2,820
  -2,959
  -3,096
  -3,234
  -3,371
  -3,511
  -3,652
  -3,798
  -3,947
  -4,102
  -4,262
  -4,430
  -4,605
  -4,790
  -4,983
  -5,186
  -5,401
  -5,627
  -5,865
  -6,117
  -6,382
  -6,662
  -6,957
  -7,269
  -7,597
Prev. year cash balance distribution, $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 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
  -9
  -59
  -85
  -110
  -135
  -159
  -183
  -206
  -230
  -253
  -600
  -539
  -445
  -346
  -242
  -134
  -22
  93
  210
  331
  453
  578
  705
  834
  966
  1,100
  1,236
  1,375
  1,517
  1,662
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
  -9
  -54
  -74
  -91
  -105
  -115
  -123
  -129
  -132
  -133
  -285
  -230
  -169
  -116
  -71
  -34
  -5
  17
  32
  42
  47
  48
  46
  42
  38
  32
  27
  21
  17
  13
Current shareholders' claim on cash, %
  96.2
  93.1
  90.4
  88.2
  86.4
  85.0
  83.8
  82.9
  82.2
  81.7
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6

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 Incorporated (GLW)

Valuation Ratios
P/E Ratio 6.9
Price to Sales 2.7
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 10.1
Price to Free Cash Flow 18.4
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 $11290 million for the last fiscal year's total revenue generated by Corning Incorporated. The default revenue input number comes from 0001 income statement of Corning Incorporated. 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 15.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for GLW is calculated based on our internal credit rating of Corning Incorporated, 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 Incorporated.
    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 84.9%.

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 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 Incorporated.

Corporate tax rate of 27% is the nominal tax rate for Corning Incorporated. 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 140.9%.

Life of production assets of 13.4 years is the average useful life of capital assets used in Corning Incorporated 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 12.2%. 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 - $13792 million for Corning Incorporated - 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 786.790 million for Corning Incorporated 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 Incorporated at the current share price and the inputted number of shares is $21.7 billion.

RELATED COMPANIES Price Int.Val. Rating
COMM CommScope Hold 10.83 28.60  buy
IIVI II-VI Incorpor 38.26 7.71  str.sell
CLFD Clearfield, In 10.88 1.07  str.sell
OCC Optical Cable 3.51 0.88  str.sell

CONTACT US      

About X-FIN       Privacy policy       Terms of use      

Copyright © X-FIN.com 2005-2019. All rigths reserved.