Intrinsic value of IPG Photonics - IPGP

Previous Close

$164.53

  Intrinsic Value

$692.64

stock screener

  Rating & Target

str. buy

+321%

Previous close

$164.53

 
Intrinsic value

$692.64

 
Up/down potential

+321%

 
Rating

str. buy

We calculate the intrinsic value of IPGP 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 8.7

 

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, %
  40.00
  36.50
  33.35
  30.52
  27.96
  25.67
  23.60
  21.74
  20.07
  18.56
  17.20
  15.98
  14.89
  13.90
  13.01
  12.21
  11.49
  10.84
  10.25
  9.73
  9.26
  8.83
  8.45
  8.10
  7.79
  7.51
  7.26
  7.04
  6.83
  6.65
Revenue, $m
  1,973
  2,693
  3,591
  4,686
  5,997
  7,536
  9,314
  11,339
  13,615
  16,142
  18,919
  21,942
  25,208
  28,712
  32,446
  36,407
  40,588
  44,987
  49,599
  54,424
  59,461
  64,711
  70,177
  75,863
  81,774
  87,918
  94,302
  100,936
  107,832
  115,001
Variable operating expenses, $m
  1,006
  1,369
  1,822
  2,374
  3,035
  3,812
  4,709
  5,730
  6,878
  8,153
  9,543
  11,068
  12,715
  14,482
  16,366
  18,364
  20,473
  22,691
  25,018
  27,452
  29,993
  32,641
  35,398
  38,266
  41,247
  44,346
  47,566
  50,913
  54,391
  58,007
Fixed operating expenses, $m
  128
  131
  133
  136
  139
  142
  146
  149
  152
  155
  159
  162
  166
  170
  173
  177
  181
  185
  189
  193
  197
  202
  206
  211
  215
  220
  225
  230
  235
  240
Total operating expenses, $m
  1,134
  1,500
  1,955
  2,510
  3,174
  3,954
  4,855
  5,879
  7,030
  8,308
  9,702
  11,230
  12,881
  14,652
  16,539
  18,541
  20,654
  22,876
  25,207
  27,645
  30,190
  32,843
  35,604
  38,477
  41,462
  44,566
  47,791
  51,143
  54,626
  58,247
Operating income, $m
  839
  1,193
  1,635
  2,175
  2,822
  3,582
  4,460
  5,460
  6,585
  7,834
  9,217
  10,712
  12,327
  14,060
  15,907
  17,866
  19,934
  22,110
  24,392
  26,779
  29,271
  31,869
  34,573
  37,387
  40,311
  43,351
  46,510
  49,793
  53,206
  56,754
EBITDA, $m
  919
  1,299
  1,773
  2,352
  3,044
  3,858
  4,799
  5,871
  7,076
  8,414
  9,885
  11,487
  13,217
  15,073
  17,052
  19,151
  21,367
  23,698
  26,143
  28,700
  31,370
  34,153
  37,051
  40,065
  43,198
  46,455
  49,839
  53,356
  57,012
  60,813
Interest expense (income), $m
  1
  2
  10
  19
  31
  45
  62
  82
  106
  132
  162
  195
  231
  270
  313
  359
  408
  459
  514
  571
  632
  695
  760
  829
  900
  974
  1,052
  1,132
  1,215
  1,302
  1,392
Earnings before tax, $m
  837
  1,183
  1,616
  2,145
  2,777
  3,519
  4,377
  5,355
  6,453
  7,672
  9,022
  10,481
  12,057
  13,747
  15,548
  17,458
  19,475
  21,596
  23,821
  26,148
  28,577
  31,109
  33,744
  36,486
  39,337
  42,300
  45,379
  48,578
  51,904
  55,362
Tax expense, $m
  226
  320
  436
  579
  750
  950
  1,182
  1,446
  1,742
  2,071
  2,436
  2,830
  3,255
  3,712
  4,198
  4,714
  5,258
  5,831
  6,432
  7,060
  7,716
  8,399
  9,111
  9,851
  10,621
  11,421
  12,252
  13,116
  14,014
  14,948
Net income, $m
  611
  864
  1,180
  1,566
  2,027
  2,569
  3,196
  3,909
  4,710
  5,600
  6,586
  7,651
  8,801
  10,035
  11,350
  12,744
  14,217
  15,765
  17,389
  19,088
  20,861
  22,709
  24,633
  26,635
  28,716
  30,879
  33,126
  35,462
  37,890
  40,414

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
  2,029
  2,770
  3,694
  4,821
  6,169
  7,753
  9,583
  11,666
  14,007
  16,607
  19,464
  22,574
  25,935
  29,539
  33,381
  37,455
  41,757
  46,282
  51,028
  55,992
  61,174
  66,576
  72,199
  78,049
  84,130
  90,450
  97,018
  103,844
  110,938
  118,314
Adjusted assets (=assets-cash), $m
  2,029
  2,770
  3,694
  4,821
  6,169
  7,753
  9,583
  11,666
  14,007
  16,607
  19,464
  22,574
  25,935
  29,539
  33,381
  37,455
  41,757
  46,282
  51,028
  55,992
  61,174
  66,576
  72,199
  78,049
  84,130
  90,450
  97,018
  103,844
  110,938
  118,314
Revenue / Adjusted assets
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
  0.972
Average production assets, $m
  696
  950
  1,267
  1,654
  2,117
  2,660
  3,288
  4,003
  4,806
  5,698
  6,678
  7,746
  8,899
  10,135
  11,453
  12,851
  14,328
  15,880
  17,508
  19,212
  20,990
  22,843
  24,773
  26,780
  28,866
  31,035
  33,289
  35,630
  38,065
  40,595
Working capital, $m
  381
  520
  693
  904
  1,157
  1,454
  1,798
  2,188
  2,628
  3,115
  3,651
  4,235
  4,865
  5,541
  6,262
  7,026
  7,833
  8,682
  9,573
  10,504
  11,476
  12,489
  13,544
  14,642
  15,782
  16,968
  18,200
  19,481
  20,812
  22,195
Total debt, $m
  181
  355
  572
  837
  1,154
  1,526
  1,956
  2,445
  2,995
  3,606
  4,278
  5,009
  5,798
  6,645
  7,548
  8,506
  9,517
  10,580
  11,695
  12,862
  14,080
  15,349
  16,670
  18,045
  19,474
  20,960
  22,503
  24,107
  25,774
  27,507
Total liabilities, $m
  477
  651
  868
  1,133
  1,450
  1,822
  2,252
  2,742
  3,292
  3,903
  4,574
  5,305
  6,095
  6,942
  7,844
  8,802
  9,813
  10,876
  11,992
  13,158
  14,376
  15,645
  16,967
  18,341
  19,771
  21,256
  22,799
  24,403
  26,070
  27,804
Total equity, $m
  1,553
  2,119
  2,826
  3,688
  4,720
  5,931
  7,331
  8,924
  10,715
  12,704
  14,890
  17,269
  19,840
  22,597
  25,536
  28,653
  31,944
  35,406
  39,036
  42,834
  46,798
  50,930
  55,232
  59,707
  64,359
  69,195
  74,219
  79,440
  84,868
  90,510
Total liabilities and equity, $m
  2,030
  2,770
  3,694
  4,821
  6,170
  7,753
  9,583
  11,666
  14,007
  16,607
  19,464
  22,574
  25,935
  29,539
  33,380
  37,455
  41,757
  46,282
  51,028
  55,992
  61,174
  66,575
  72,199
  78,048
  84,130
  90,451
  97,018
  103,843
  110,938
  118,314
Debt-to-equity ratio
  0.120
  0.170
  0.200
  0.230
  0.240
  0.260
  0.270
  0.270
  0.280
  0.280
  0.290
  0.290
  0.290
  0.290
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
Adjusted equity ratio
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  611
  864
  1,180
  1,566
  2,027
  2,569
  3,196
  3,909
  4,710
  5,600
  6,586
  7,651
  8,801
  10,035
  11,350
  12,744
  14,217
  15,765
  17,389
  19,088
  20,861
  22,709
  24,633
  26,635
  28,716
  30,879
  33,126
  35,462
  37,890
  40,414
Depreciation, amort., depletion, $m
  80
  106
  137
  176
  222
  277
  339
  411
  491
  580
  668
  775
  890
  1,014
  1,145
  1,285
  1,433
  1,588
  1,751
  1,921
  2,099
  2,284
  2,477
  2,678
  2,887
  3,103
  3,329
  3,563
  3,806
  4,060
Funds from operations, $m
  691
  970
  1,317
  1,742
  2,249
  2,846
  3,535
  4,320
  5,202
  6,181
  7,254
  8,426
  9,691
  11,049
  12,495
  14,030
  15,649
  17,353
  19,140
  21,009
  22,960
  24,994
  27,111
  29,313
  31,603
  33,982
  36,455
  39,025
  41,696
  44,474
Change in working capital, $m
  109
  139
  173
  211
  253
  297
  343
  391
  439
  488
  536
  584
  630
  676
  721
  764
  807
  849
  890
  931
  972
  1,013
  1,055
  1,097
  1,141
  1,186
  1,232
  1,280
  1,331
  1,384
Cash from operations, $m
  582
  831
  1,144
  1,530
  1,996
  2,549
  3,192
  3,929
  4,763
  5,693
  6,718
  7,842
  9,061
  10,372
  11,775
  13,265
  14,842
  16,504
  18,250
  20,078
  21,988
  23,980
  26,056
  28,216
  30,462
  32,797
  35,223
  37,745
  40,366
  43,090
Maintenance CAPEX, $m
  -50
  -70
  -95
  -127
  -165
  -212
  -266
  -329
  -400
  -481
  -570
  -668
  -775
  -890
  -1,014
  -1,145
  -1,285
  -1,433
  -1,588
  -1,751
  -1,921
  -2,099
  -2,284
  -2,477
  -2,678
  -2,887
  -3,103
  -3,329
  -3,563
  -3,806
New CAPEX, $m
  -199
  -254
  -317
  -387
  -463
  -543
  -628
  -715
  -803
  -892
  -980
  -1,067
  -1,153
  -1,237
  -1,318
  -1,398
  -1,476
  -1,553
  -1,628
  -1,703
  -1,778
  -1,853
  -1,929
  -2,007
  -2,087
  -2,169
  -2,254
  -2,342
  -2,434
  -2,531
Cash from investing activities, $m
  -249
  -324
  -412
  -514
  -628
  -755
  -894
  -1,044
  -1,203
  -1,373
  -1,550
  -1,735
  -1,928
  -2,127
  -2,332
  -2,543
  -2,761
  -2,986
  -3,216
  -3,454
  -3,699
  -3,952
  -4,213
  -4,484
  -4,765
  -5,056
  -5,357
  -5,671
  -5,997
  -6,337
Free cash flow, $m
  334
  507
  732
  1,017
  1,368
  1,794
  2,298
  2,885
  3,559
  4,321
  5,168
  6,107
  7,133
  8,246
  9,443
  10,722
  12,081
  13,519
  15,033
  16,624
  18,289
  20,028
  21,842
  23,731
  25,697
  27,741
  29,866
  32,074
  34,368
  36,753
Issuance/(repayment) of debt, $m
  135
  174
  217
  265
  317
  372
  430
  490
  550
  611
  671
  731
  790
  847
  903
  958
  1,011
  1,063
  1,115
  1,167
  1,218
  1,269
  1,322
  1,375
  1,429
  1,485
  1,543
  1,604
  1,667
  1,733
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  135
  174
  217
  265
  317
  372
  430
  490
  550
  611
  671
  731
  790
  847
  903
  958
  1,011
  1,063
  1,115
  1,167
  1,218
  1,269
  1,322
  1,375
  1,429
  1,485
  1,543
  1,604
  1,667
  1,733
Total cash flow (excl. dividends), $m
  469
  681
  949
  1,282
  1,685
  2,166
  2,728
  3,375
  4,109
  4,932
  5,840
  6,838
  7,923
  9,093
  10,346
  11,679
  13,092
  14,582
  16,149
  17,790
  19,506
  21,297
  23,163
  25,106
  27,126
  29,227
  31,410
  33,678
  36,036
  38,486
Retained Cash Flow (-), $m
  -444
  -567
  -707
  -862
  -1,031
  -1,211
  -1,400
  -1,594
  -1,791
  -1,989
  -2,186
  -2,380
  -2,571
  -2,757
  -2,939
  -3,117
  -3,291
  -3,462
  -3,630
  -3,797
  -3,964
  -4,132
  -4,302
  -4,475
  -4,652
  -4,835
  -5,024
  -5,221
  -5,427
  -5,642
Prev. year cash balance distribution, $m
  914
  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
  23
  32
  43
  57
  75
  96
  121
  149
  181
  218
  258
  303
  351
  403
  459
  519
  583
  649
  720
  794
  871
  951
  1,035
  1,123
  1,214
  1,308
  1,407
  1,509
  1,615
  1,725
Cash available for distribution, $m
  939
  114
  242
  419
  654
  954
  1,328
  1,781
  2,318
  2,943
  3,654
  4,458
  5,353
  6,336
  7,407
  8,562
  9,801
  11,121
  12,518
  13,993
  15,542
  17,165
  18,862
  20,631
  22,474
  24,392
  26,385
  28,456
  30,608
  32,844
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
  900
  105
  211
  345
  507
  693
  897
  1,113
  1,332
  1,543
  1,735
  1,902
  2,035
  2,127
  2,174
  2,176
  2,133
  2,048
  1,927
  1,778
  1,608
  1,424
  1,236
  1,051
  874
  712
  566
  440
  334
  247
Current shareholders' claim on cash, %
  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

IPG Photonics Corporation is a developer and manufacturer of a line of fiber lasers, fiber amplifiers, diode lasers, laser systems and optical accessories that are used for various applications. The Company offers a line of lasers and amplifiers, which are used in materials processing, communications and medical applications. The Company sells its products globally to original equipment manufacturers (OEMs), system integrators and end users. The Company's manufacturing facilities are located in the United States, Germany and Russia. The Company offers laser-based systems for certain markets and applications. Its products are designed to be used as general-purpose energy or light sources. Its product line includes High-Power Ytterbium CW (1,000-100,000 Watts), Mid-Power Ytterbium CW (100-999 Watts), Pulsed Ytterbium (0.1 to 200 Watts), Pulsed and CW, Quasi-CW Ytterbium (100-4,500 Watts), Erbium Amplifiers and Transceivers.

FINANCIAL RATIOS  of  IPG Photonics (IPGP)

Valuation Ratios
P/E Ratio 33.6
Price to Sales 8.7
Price to Book 5.6
Price to Tangible Book
Price to Cash Flow 30
Price to Free Cash Flow 53.1
Growth Rates
Sales Growth Rate 11.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 81.4%
Cap. Spend. - 3 Yr. Gr. Rate 12.3%
Financial Strength
Quick Ratio 277
Current Ratio 0
LT Debt to Equity 2.4%
Total Debt to Equity 2.6%
Interest Coverage 368
Management Effectiveness
Return On Assets 16.1%
Ret/ On Assets - 3 Yr. Avg. 17.3%
Return On Total Capital 18.1%
Ret/ On T. Cap. - 3 Yr. Avg. 19.4%
Return On Equity 18.5%
Return On Equity - 3 Yr. Avg. 19.9%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 54.9%
Gross Margin - 3 Yr. Avg. 54.5%
EBITDA Margin 41.7%
EBITDA Margin - 3 Yr. Avg. 42%
Operating Margin 36.2%
Oper. Margin - 3 Yr. Avg. 37%
Pre-Tax Margin 36.5%
Pre-Tax Margin - 3 Yr. Avg. 37.1%
Net Profit Margin 25.9%
Net Profit Margin - 3 Yr. Avg. 26.3%
Effective Tax Rate 28.9%
Eff/ Tax Rate - 3 Yr. Avg. 29.2%
Payout Ratio 0%

IPGP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IPGP stock intrinsic value calculation we used $1409 million for the last fiscal year's total revenue generated by IPG Photonics. The default revenue input number comes from 2017 income statement of IPG Photonics. 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 IPGP stock valuation model: a) initial revenue growth rate of 40% 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 IPGP is calculated based on our internal credit rating of IPG Photonics, 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 IPG Photonics.
    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 IPGP stock the variable cost ratio is equal to 51.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $125 million in the base year in the intrinsic value calculation for IPGP 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 IPG Photonics.

Corporate tax rate of 27% is the nominal tax rate for IPG Photonics. 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 IPGP stock is equal to 1.6%.

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 IPGP are equal to 35.3%.

Life of production assets of 10 years is the average useful life of capital assets used in IPG Photonics 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 IPGP is equal to 19.3%. 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 - $2022 million for IPG Photonics - 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 53 million for IPG Photonics 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 IPG Photonics at the current share price and the inputted number of shares is $8.7 billion.

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COMPANY NEWS

▶ What Happened in the Stock Market Today   [05:26PM  Motley Fool]
▶ Why IPG Photonics Is Falling Hard Today   [10:29AM  Motley Fool]
▶ IPG: 2Q Earnings Snapshot   [08:15AM  Associated Press]
▶ What to Expect When IPG Photonics Reports Earnings   [Jul-28-18 10:43AM  Motley Fool]
▶ My Top 8 Growth Stocks for the Next Decade   [Jun-29-18 02:32PM  InvestorPlace]
▶ 3 Advanced Materials Industry Stocks to Buy   [Jun-08-18 06:19AM  Motley Fool]
▶ These 3 Stocks Doubled in 2017 -- Are They Still Buys?   [Jun-04-18 09:30AM  Motley Fool]
▶ IPG Photonics' Laser Focus Produces Record First Quarter   [May-14-18 07:45AM  Motley Fool]
▶ Why IPG Photonics Sees Even Better Times Ahead   [May-02-18 08:29AM  Motley Fool]
▶ The Biggest Movers: IPG Photonics Pops, Tapestry Drops   [May-01-18 04:47PM  Barrons.com]
▶ IPG: 1Q Earnings Snapshot   [08:32AM  Associated Press]
▶ Edited Transcript of IPGP presentation 7-Mar-17 4:35pm GMT   [Apr-10-18 05:01PM  Thomson Reuters StreetEvents]
▶ IPG Photonics Caps Off a Laser-Hot Year   [Feb-21-18 09:33AM  Motley Fool]
▶ Why IPG Photonics Stock Just Dropped 10%   [Feb-16-18 12:43PM  Motley Fool]
▶ IPG beats Street 4Q forecasts   [08:33AM  Associated Press]
▶ These 3 Hot Stocks Plus Food Giants Lead Earnings: Investing Action Plan   [Feb-15-18 04:07PM  Investor's Business Daily]
▶ Dow Leads Stocks Up; Will Bitcoin ETF Recover From Its Climax Run?   [Jan-17-18 01:40PM  Investor's Business Daily]
▶ My Biggest Investing Mistake -- and How You Can Avoid It   [Jan-11-18 06:03PM  Motley Fool]
▶ These Five Top Stocks Hit Buys; Why This One Stands Out: S&P 500 Futures   [Jan-09-18 07:01AM  Investor's Business Daily]
▶ Nasdaq Leads; Bitcoin ETF Cuts Losses; Why Tesla Is Not A Buy Right Now   [Jan-08-18 03:09PM  Investor's Business Daily]
▶ Why IPG Photonics Stock Dropped Today   [Dec-04-17 05:02PM  Motley Fool]
▶ Dow Rallies; 3 Reasons Why The Tech-Stock Run Isn't Over   [Nov-29-17 03:45PM  Investor's Business Daily]
▶ 5 Stocks Hitting New Highs to Buy Right Now   [Nov-14-17 12:54PM  Zacks]
▶ IPG tops Street 3Q forecasts   [08:08AM  Associated Press]
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