Intrinsic value of II-VI - IIVI

Previous Close

$43.30

  Intrinsic Value

$36.89

stock screener

  Rating & Target

hold

-15%

Previous close

$43.30

 
Intrinsic value

$36.89

 
Up/down potential

-15%

 
Rating

hold

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

We calculate the intrinsic value of IIVI 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 2.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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, %
  17.53
  13.70
  12.83
  12.05
  11.34
  10.71
  10.14
  9.62
  9.16
  8.75
  8.37
  8.03
  7.73
  7.46
  7.21
  6.99
  6.79
  6.61
  6.45
  6.31
  6.18
  6.06
  5.95
  5.86
  5.77
  5.69
  5.62
  5.56
  5.51
  5.46
  5.41
Revenue, $m
  972
  1,105
  1,247
  1,397
  1,556
  1,722
  1,897
  2,079
  2,270
  2,468
  2,675
  2,890
  3,113
  3,345
  3,587
  3,837
  4,098
  4,369
  4,651
  4,944
  5,249
  5,567
  5,899
  6,244
  6,605
  6,981
  7,373
  7,783
  8,212
  8,660
  9,128
Variable operating expenses, $m
 
  851
  957
  1,069
  1,188
  1,312
  1,442
  1,579
  1,721
  1,870
  2,024
  2,160
  2,326
  2,500
  2,680
  2,868
  3,062
  3,265
  3,475
  3,695
  3,923
  4,160
  4,408
  4,666
  4,935
  5,216
  5,510
  5,816
  6,137
  6,471
  6,821
Fixed operating expenses, $m
 
  99
  102
  104
  107
  110
  112
  115
  118
  121
  124
  127
  130
  134
  137
  140
  144
  148
  151
  155
  159
  163
  167
  171
  175
  180
  184
  189
  194
  199
  203
Total operating expenses, $m
  846
  950
  1,059
  1,173
  1,295
  1,422
  1,554
  1,694
  1,839
  1,991
  2,148
  2,287
  2,456
  2,634
  2,817
  3,008
  3,206
  3,413
  3,626
  3,850
  4,082
  4,323
  4,575
  4,837
  5,110
  5,396
  5,694
  6,005
  6,331
  6,670
  7,024
Operating income, $m
  126
  155
  188
  224
  261
  300
  342
  385
  430
  478
  527
  603
  656
  712
  769
  829
  892
  957
  1,024
  1,094
  1,168
  1,244
  1,324
  1,407
  1,494
  1,584
  1,679
  1,778
  1,882
  1,990
  2,103
EBITDA, $m
  190
  226
  266
  308
  352
  398
  447
  498
  551
  607
  665
  725
  788
  853
  921
  991
  1,064
  1,141
  1,220
  1,303
  1,389
  1,479
  1,572
  1,670
  1,772
  1,879
  1,990
  2,106
  2,228
  2,355
  2,488
Interest expense (income), $m
  7
  12
  15
  18
  21
  24
  27
  31
  34
  38
  42
  46
  50
  55
  60
  64
  69
  75
  80
  86
  91
  98
  104
  111
  117
  125
  132
  140
  148
  157
  166
Earnings before tax, $m
  119
  143
  174
  206
  241
  277
  315
  355
  396
  440
  485
  557
  606
  657
  710
  765
  822
  882
  944
  1,009
  1,076
  1,146
  1,220
  1,296
  1,376
  1,460
  1,547
  1,638
  1,733
  1,833
  1,938
Tax expense, $m
  24
  39
  47
  56
  65
  75
  85
  96
  107
  119
  131
  150
  164
  177
  192
  207
  222
  238
  255
  272
  291
  310
  329
  350
  372
  394
  418
  442
  468
  495
  523
Net income, $m
  95
  104
  127
  150
  176
  202
  230
  259
  289
  321
  354
  407
  442
  480
  518
  558
  600
  644
  689
  736
  786
  837
  890
  946
  1,005
  1,066
  1,129
  1,196
  1,265
  1,338
  1,415

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  272
  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
  1,477
  1,369
  1,545
  1,731
  1,928
  2,134
  2,350
  2,577
  2,813
  3,059
  3,315
  3,581
  3,858
  4,145
  4,444
  4,755
  5,078
  5,414
  5,763
  6,126
  6,505
  6,899
  7,309
  7,738
  8,184
  8,650
  9,137
  9,645
  10,176
  10,731
  11,311
Adjusted assets (=assets-cash), $m
  1,205
  1,369
  1,545
  1,731
  1,928
  2,134
  2,350
  2,577
  2,813
  3,059
  3,315
  3,581
  3,858
  4,145
  4,444
  4,755
  5,078
  5,414
  5,763
  6,126
  6,505
  6,899
  7,309
  7,738
  8,184
  8,650
  9,137
  9,645
  10,176
  10,731
  11,311
Revenue / Adjusted assets
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
Average production assets, $m
  434
  494
  557
  625
  695
  770
  848
  929
  1,015
  1,103
  1,196
  1,292
  1,392
  1,495
  1,603
  1,715
  1,832
  1,953
  2,079
  2,210
  2,346
  2,489
  2,637
  2,791
  2,952
  3,120
  3,296
  3,479
  3,671
  3,871
  4,080
Working capital, $m
  517
  302
  340
  381
  425
  470
  518
  568
  620
  674
  730
  789
  850
  913
  979
  1,048
  1,119
  1,193
  1,270
  1,350
  1,433
  1,520
  1,610
  1,705
  1,803
  1,906
  2,013
  2,125
  2,242
  2,364
  2,492
Total debt, $m
  365
  420
  501
  587
  678
  773
  873
  977
  1,086
  1,199
  1,317
  1,440
  1,567
  1,700
  1,838
  1,981
  2,130
  2,285
  2,446
  2,613
  2,788
  2,969
  3,159
  3,356
  3,562
  3,777
  4,001
  4,235
  4,480
  4,736
  5,004
Total liabilities, $m
  577
  631
  712
  798
  889
  984
  1,084
  1,188
  1,297
  1,410
  1,528
  1,651
  1,778
  1,911
  2,049
  2,192
  2,341
  2,496
  2,657
  2,824
  2,999
  3,180
  3,370
  3,567
  3,773
  3,988
  4,212
  4,446
  4,691
  4,947
  5,215
Total equity, $m
  901
  738
  833
  933
  1,039
  1,150
  1,267
  1,389
  1,516
  1,649
  1,787
  1,930
  2,079
  2,234
  2,396
  2,563
  2,737
  2,918
  3,106
  3,302
  3,506
  3,718
  3,940
  4,171
  4,411
  4,662
  4,925
  5,199
  5,485
  5,784
  6,097
Total liabilities and equity, $m
  1,478
  1,369
  1,545
  1,731
  1,928
  2,134
  2,351
  2,577
  2,813
  3,059
  3,315
  3,581
  3,857
  4,145
  4,445
  4,755
  5,078
  5,414
  5,763
  6,126
  6,505
  6,898
  7,310
  7,738
  8,184
  8,650
  9,137
  9,645
  10,176
  10,731
  11,312
Debt-to-equity ratio
  0.405
  0.570
  0.600
  0.630
  0.650
  0.670
  0.690
  0.700
  0.720
  0.730
  0.740
  0.750
  0.750
  0.760
  0.770
  0.770
  0.780
  0.780
  0.790
  0.790
  0.800
  0.800
  0.800
  0.800
  0.810
  0.810
  0.810
  0.810
  0.820
  0.820
  0.820
Adjusted equity ratio
  0.522
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  95
  104
  127
  150
  176
  202
  230
  259
  289
  321
  354
  407
  442
  480
  518
  558
  600
  644
  689
  736
  786
  837
  890
  946
  1,005
  1,066
  1,129
  1,196
  1,265
  1,338
  1,415
Depreciation, amort., depletion, $m
  64
  72
  78
  84
  91
  98
  105
  113
  121
  129
  138
  122
  131
  141
  151
  162
  173
  184
  196
  208
  221
  235
  249
  263
  279
  294
  311
  328
  346
  365
  385
Funds from operations, $m
  70
  176
  204
  234
  266
  300
  335
  372
  410
  450
  492
  528
  574
  621
  669
  720
  773
  828
  885
  945
  1,007
  1,072
  1,139
  1,210
  1,283
  1,360
  1,440
  1,524
  1,612
  1,703
  1,799
Change in working capital, $m
  -49
  36
  39
  41
  43
  45
  48
  50
  52
  54
  56
  59
  61
  63
  66
  68
  71
  74
  77
  80
  83
  87
  90
  94
  98
  103
  107
  112
  117
  122
  128
Cash from operations, $m
  119
  139
  166
  193
  223
  254
  287
  322
  358
  396
  435
  470
  513
  557
  604
  652
  702
  754
  808
  865
  924
  985
  1,049
  1,115
  1,185
  1,257
  1,333
  1,412
  1,495
  1,581
  1,672
Maintenance CAPEX, $m
  0
  -41
  -47
  -53
  -59
  -66
  -73
  -80
  -88
  -96
  -104
  -113
  -122
  -131
  -141
  -151
  -162
  -173
  -184
  -196
  -208
  -221
  -235
  -249
  -263
  -279
  -294
  -311
  -328
  -346
  -365
New CAPEX, $m
  -139
  -60
  -63
  -67
  -71
  -74
  -78
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -112
  -116
  -121
  -126
  -131
  -136
  -142
  -148
  -154
  -161
  -168
  -176
  -183
  -192
  -200
  -209
Cash from investing activities, $m
  -177
  -101
  -110
  -120
  -130
  -140
  -151
  -162
  -173
  -185
  -196
  -209
  -222
  -235
  -249
  -263
  -278
  -294
  -310
  -327
  -344
  -363
  -383
  -403
  -424
  -447
  -470
  -494
  -520
  -546
  -574
Free cash flow, $m
  -58
  39
  56
  74
  93
  114
  136
  160
  185
  211
  239
  261
  291
  322
  355
  388
  424
  460
  498
  538
  579
  621
  666
  712
  760
  811
  863
  918
  975
  1,035
  1,097
Issuance/(repayment) of debt, $m
  104
  75
  81
  86
  91
  95
  100
  104
  109
  113
  118
  123
  128
  133
  138
  143
  149
  155
  161
  168
  174
  182
  189
  197
  206
  215
  224
  234
  245
  256
  268
Issuance/(repurchase) of shares, $m
  15
  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  
  112
  75
  81
  86
  91
  95
  100
  104
  109
  113
  118
  123
  128
  133
  138
  143
  149
  155
  161
  168
  174
  182
  189
  197
  206
  215
  224
  234
  245
  256
  268
Total cash flow (excl. dividends), $m
  53
  114
  137
  159
  184
  209
  236
  264
  294
  325
  357
  384
  419
  455
  492
  532
  573
  615
  659
  705
  753
  803
  855
  909
  966
  1,025
  1,087
  1,152
  1,220
  1,291
  1,365
Retained Cash Flow (-), $m
  -119
  -89
  -95
  -100
  -106
  -111
  -117
  -122
  -127
  -133
  -138
  -144
  -149
  -155
  -161
  -167
  -174
  -181
  -188
  -196
  -204
  -212
  -221
  -231
  -241
  -251
  -262
  -274
  -286
  -299
  -313
Prev. year cash balance distribution, $m
 
  252
  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
 
  277
  42
  59
  78
  98
  120
  143
  167
  192
  219
  240
  269
  300
  331
  364
  398
  434
  471
  509
  549
  591
  634
  679
  726
  774
  825
  878
  933
  991
  1,052
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
 
  265
  38
  51
  64
  76
  87
  96
  104
  110
  115
  114
  115
  114
  111
  107
  101
  94
  87
  78
  70
  61
  53
  44
  37
  30
  24
  19
  14
  11
  8
Current shareholders' claim on cash, %
  100
  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

II-VI Incorporated develops and manufactures engineered materials, optoelectronic components and products. The Company has three segments: II-VI Laser Solutions, II-VI Photonics and II-VI Performance Products. The II-VI Laser Solutions segment designs, manufactures and markets optical and electro-optical components and materials sold under the II-VI Infrared brand name and used in carbon dioxide (CO2) lasers, fiber-delivered beam delivery systems and processing tools and direct diode lasers for industrial lasers sold under the II-VI HIGHYAG and II-VI Laser Enterprise brand names. The II-VI Photonics segment manufactures crystal materials, optics, microchip lasers and opto-electronic modules for use in optical communication networks and other consumer and commercial applications. The II-VI Performance Products segment designs, manufactures and markets infrared optical components and high-precision optical assemblies for military, medical and commercial laser imaging applications.

FINANCIAL RATIOS  of  II-VI (IIVI)

Valuation Ratios
P/E Ratio 28.8
Price to Sales 2.8
Price to Book 3
Price to Tangible Book
Price to Cash Flow 23
Price to Free Cash Flow -136.7
Growth Rates
Sales Growth Rate 17.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 139.7%
Cap. Spend. - 3 Yr. Gr. Rate 36.8%
Financial Strength
Quick Ratio 14
Current Ratio 0
LT Debt to Equity 38.3%
Total Debt to Equity 40.5%
Interest Coverage 18
Management Effectiveness
Return On Assets 7.5%
Ret/ On Assets - 3 Yr. Avg. 6.6%
Return On Total Capital 8.3%
Ret/ On T. Cap. - 3 Yr. Avg. 7.4%
Return On Equity 11.3%
Return On Equity - 3 Yr. Avg. 9.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 39.9%
Gross Margin - 3 Yr. Avg. 38.1%
EBITDA Margin 19.5%
EBITDA Margin - 3 Yr. Avg. 18.6%
Operating Margin 13%
Oper. Margin - 3 Yr. Avg. 11.8%
Pre-Tax Margin 12.2%
Pre-Tax Margin - 3 Yr. Avg. 11.3%
Net Profit Margin 9.8%
Net Profit Margin - 3 Yr. Avg. 8.8%
Effective Tax Rate 20.2%
Eff/ Tax Rate - 3 Yr. Avg. 21.5%
Payout Ratio 0%

IIVI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IIVI stock intrinsic value calculation we used $972 million for the last fiscal year's total revenue generated by II-VI. The default revenue input number comes from 2017 income statement of II-VI. 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 IIVI stock valuation model: a) initial revenue growth rate of 13.7% 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 IIVI is calculated based on our internal credit rating of II-VI, 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 II-VI.
    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 IIVI stock the variable cost ratio is equal to 77.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $97 million in the base year in the intrinsic value calculation for IIVI 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 II-VI.

Corporate tax rate of 27% is the nominal tax rate for II-VI. 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 IIVI 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 IIVI are equal to 44.7%.

Life of production assets of 10.6 years is the average useful life of capital assets used in II-VI 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 IIVI is equal to 27.3%. 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 - $901 million for II-VI - 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 62.818 million for II-VI 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 II-VI at the current share price and the inputted number of shares is $2.7 billion.

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COMPANY NEWS

▶ Should You Sell II-VI Incorporated (IIVI) At This PE Ratio?   [Sep-29-17 02:27PM  Simply Wall St.]
▶ II-VI Joins Elite List Of Stocks With 95-Plus Composite Rating   [03:00AM  Investor's Business Daily]
▶ ETFs with exposure to II-VI, Inc. : September 26, 2017   [Sep-26-17 10:54AM  Capital Cube]
▶ ETFs with exposure to II-VI, Inc. : August 29, 2017   [Aug-29-17 07:26PM  Capital Cube]
▶ II-VI Announces Proposed Convertible Senior Notes Offering   [Aug-22-17 04:01PM  GlobeNewswire]
▶ II-VI posts 4Q profit   [Aug-07-17 11:58PM  Associated Press]
▶ John Hussman Invests Heavily in Technology in 2nd Quarter   [Aug-02-17 06:51PM  GuruFocus.com]
▶ 3 Stocks That Doubled in the Past Year   [Jul-25-17 12:45PM  Motley Fool]
▶ ETFs with exposure to II-VI, Inc. : July 12, 2017   [Jul-12-17 02:41PM  Capital Cube]
▶ Why II-VI Inc. Shares Gained 14.3% in June   [Jul-11-17 11:47AM  Motley Fool]
▶ II-VI Incorporated Unveils 10 kW Fiber Laser Combiners   [Jun-06-17 04:05PM  GlobeNewswire]
▶ ETFs with exposure to II-VI, Inc. : May 26, 2017   [May-26-17 01:12PM  Capital Cube]
▶ Why II-VI Stock Got Clobbered Today   [May-02-17 12:32PM  Motley Fool]
▶ II-VI Lights Up With Strong Growth   [10:03AM  Motley Fool]
▶ II-VI posts 3Q profit   [08:45AM  Associated Press]
▶ II-VI's Optics Are Excellent   [Feb-21-17 04:00PM  at TheStreet]
Financial statements of IIVI
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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