Intrinsic value of IPG Photonics - IPGP

Previous Close

$137.58

  Intrinsic Value

$172.37

stock screener

  Rating & Target

buy

+25%

Previous close

$137.58

 
Intrinsic value

$172.37

 
Up/down potential

+25%

 
Rating

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 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 7.4

 

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, %
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
Revenue, $m
  1,578
  1,756
  1,944
  2,140
  2,345
  2,560
  2,783
  3,015
  3,257
  3,508
  3,769
  4,040
  4,322
  4,615
  4,920
  5,236
  5,566
  5,909
  6,267
  6,640
  7,028
  7,433
  7,856
  8,298
  8,759
  9,241
  9,745
  10,272
  10,823
  11,400
Variable operating expenses, $m
  805
  895
  989
  1,088
  1,191
  1,299
  1,412
  1,528
  1,650
  1,777
  1,897
  2,034
  2,176
  2,323
  2,476
  2,636
  2,802
  2,975
  3,155
  3,342
  3,538
  3,742
  3,955
  4,177
  4,409
  4,652
  4,906
  5,171
  5,448
  5,739
Fixed operating expenses, $m
  129
  132
  135
  137
  140
  144
  147
  150
  153
  157
  160
  164
  167
  171
  175
  178
  182
  186
  191
  195
  199
  203
  208
  212
  217
  222
  227
  232
  237
  242
Total operating expenses, $m
  934
  1,027
  1,124
  1,225
  1,331
  1,443
  1,559
  1,678
  1,803
  1,934
  2,057
  2,198
  2,343
  2,494
  2,651
  2,814
  2,984
  3,161
  3,346
  3,537
  3,737
  3,945
  4,163
  4,389
  4,626
  4,874
  5,133
  5,403
  5,685
  5,981
Operating income, $m
  644
  730
  820
  915
  1,013
  1,117
  1,224
  1,337
  1,453
  1,575
  1,711
  1,843
  1,979
  2,121
  2,268
  2,422
  2,582
  2,748
  2,922
  3,102
  3,291
  3,488
  3,694
  3,908
  4,133
  4,367
  4,612
  4,869
  5,138
  5,419
EBITDA, $m
  722
  815
  913
  1,016
  1,123
  1,236
  1,353
  1,475
  1,602
  1,734
  1,871
  2,014
  2,162
  2,316
  2,477
  2,644
  2,817
  2,998
  3,187
  3,384
  3,589
  3,803
  4,026
  4,260
  4,503
  4,758
  5,025
  5,304
  5,596
  5,902
Interest expense (income), $m
  1
  3
  5
  7
  10
  12
  15
  18
  21
  24
  27
  30
  34
  37
  41
  45
  49
  53
  57
  62
  66
  71
  76
  81
  87
  93
  99
  105
  112
  119
  126
Earnings before tax, $m
  641
  725
  813
  905
  1,001
  1,102
  1,207
  1,316
  1,430
  1,548
  1,681
  1,809
  1,942
  2,080
  2,224
  2,373
  2,529
  2,691
  2,860
  3,036
  3,220
  3,412
  3,612
  3,821
  4,040
  4,268
  4,507
  4,757
  5,019
  5,293
Tax expense, $m
  173
  196
  219
  244
  270
  298
  326
  355
  386
  418
  454
  488
  524
  562
  600
  641
  683
  727
  772
  820
  869
  921
  975
  1,032
  1,091
  1,152
  1,217
  1,285
  1,355
  1,429
Net income, $m
  468
  529
  593
  661
  731
  804
  881
  961
  1,044
  1,130
  1,227
  1,321
  1,418
  1,518
  1,623
  1,733
  1,846
  1,965
  2,088
  2,216
  2,351
  2,491
  2,637
  2,789
  2,949
  3,116
  3,290
  3,473
  3,664
  3,864

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
  1,620
  1,803
  1,996
  2,197
  2,408
  2,628
  2,857
  3,095
  3,344
  3,601
  3,869
  4,148
  4,437
  4,738
  5,051
  5,376
  5,715
  6,067
  6,434
  6,817
  7,216
  7,632
  8,066
  8,519
  8,993
  9,488
  10,005
  10,546
  11,112
  11,704
Adjusted assets (=assets-cash), $m
  1,620
  1,803
  1,996
  2,197
  2,408
  2,628
  2,857
  3,095
  3,344
  3,601
  3,869
  4,148
  4,437
  4,738
  5,051
  5,376
  5,715
  6,067
  6,434
  6,817
  7,216
  7,632
  8,066
  8,519
  8,993
  9,488
  10,005
  10,546
  11,112
  11,704
Revenue / Adjusted assets
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
Average production assets, $m
  514
  573
  634
  698
  765
  834
  907
  983
  1,062
  1,144
  1,229
  1,317
  1,409
  1,504
  1,604
  1,707
  1,815
  1,926
  2,043
  2,165
  2,291
  2,423
  2,561
  2,705
  2,855
  3,013
  3,177
  3,349
  3,528
  3,716
Working capital, $m
  495
  551
  610
  672
  736
  804
  874
  947
  1,023
  1,101
  1,183
  1,269
  1,357
  1,449
  1,545
  1,644
  1,748
  1,856
  1,968
  2,085
  2,207
  2,334
  2,467
  2,605
  2,750
  2,902
  3,060
  3,225
  3,398
  3,580
Total debt, $m
  90
  133
  179
  226
  276
  328
  382
  438
  497
  558
  621
  687
  755
  826
  900
  976
  1,056
  1,140
  1,226
  1,316
  1,411
  1,509
  1,611
  1,718
  1,830
  1,947
  2,069
  2,196
  2,330
  2,470
Total liabilities, $m
  382
  426
  471
  519
  568
  620
  674
  731
  789
  850
  913
  979
  1,047
  1,118
  1,192
  1,269
  1,349
  1,432
  1,518
  1,609
  1,703
  1,801
  1,904
  2,011
  2,122
  2,239
  2,361
  2,489
  2,622
  2,762
Total equity, $m
  1,238
  1,378
  1,525
  1,679
  1,840
  2,008
  2,183
  2,365
  2,554
  2,751
  2,956
  3,169
  3,390
  3,620
  3,859
  4,107
  4,366
  4,635
  4,916
  5,208
  5,513
  5,831
  6,162
  6,509
  6,870
  7,249
  7,644
  8,057
  8,489
  8,942
Total liabilities and equity, $m
  1,620
  1,804
  1,996
  2,198
  2,408
  2,628
  2,857
  3,096
  3,343
  3,601
  3,869
  4,148
  4,437
  4,738
  5,051
  5,376
  5,715
  6,067
  6,434
  6,817
  7,216
  7,632
  8,066
  8,520
  8,992
  9,488
  10,005
  10,546
  11,111
  11,704
Debt-to-equity ratio
  0.070
  0.100
  0.120
  0.130
  0.150
  0.160
  0.170
  0.190
  0.190
  0.200
  0.210
  0.220
  0.220
  0.230
  0.230
  0.240
  0.240
  0.250
  0.250
  0.250
  0.260
  0.260
  0.260
  0.260
  0.270
  0.270
  0.270
  0.270
  0.270
  0.280
Adjusted equity ratio
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  468
  529
  593
  661
  731
  804
  881
  961
  1,044
  1,130
  1,227
  1,321
  1,418
  1,518
  1,623
  1,733
  1,846
  1,965
  2,088
  2,216
  2,351
  2,491
  2,637
  2,789
  2,949
  3,116
  3,290
  3,473
  3,664
  3,864
Depreciation, amort., depletion, $m
  78
  85
  93
  101
  110
  119
  129
  138
  149
  159
  160
  171
  183
  195
  208
  222
  236
  250
  265
  281
  298
  315
  333
  351
  371
  391
  413
  435
  458
  483
Funds from operations, $m
  546
  614
  686
  762
  841
  923
  1,009
  1,099
  1,192
  1,289
  1,387
  1,492
  1,601
  1,714
  1,832
  1,954
  2,082
  2,215
  2,353
  2,498
  2,648
  2,805
  2,969
  3,141
  3,320
  3,507
  3,703
  3,908
  4,122
  4,347
Change in working capital, $m
  53
  56
  59
  62
  64
  67
  70
  73
  76
  79
  82
  85
  89
  92
  96
  99
  104
  108
  112
  117
  122
  127
  133
  139
  145
  151
  158
  165
  173
  181
Cash from operations, $m
  493
  558
  628
  700
  776
  856
  939
  1,026
  1,116
  1,210
  1,305
  1,407
  1,512
  1,622
  1,736
  1,855
  1,978
  2,107
  2,241
  2,381
  2,526
  2,678
  2,837
  3,002
  3,175
  3,356
  3,545
  3,742
  3,949
  4,166
Maintenance CAPEX, $m
  -60
  -67
  -74
  -82
  -91
  -99
  -108
  -118
  -128
  -138
  -149
  -160
  -171
  -183
  -195
  -208
  -222
  -236
  -250
  -265
  -281
  -298
  -315
  -333
  -351
  -371
  -391
  -413
  -435
  -458
New CAPEX, $m
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -88
  -92
  -96
  -99
  -103
  -107
  -112
  -117
  -121
  -127
  -132
  -138
  -144
  -150
  -157
  -164
  -172
  -180
  -188
Cash from investing activities, $m
  -116
  -125
  -135
  -146
  -158
  -169
  -181
  -194
  -207
  -220
  -234
  -248
  -263
  -279
  -294
  -311
  -329
  -348
  -367
  -386
  -408
  -430
  -453
  -477
  -501
  -528
  -555
  -585
  -615
  -646
Free cash flow, $m
  377
  433
  492
  554
  619
  687
  758
  833
  910
  990
  1,071
  1,159
  1,249
  1,343
  1,441
  1,543
  1,649
  1,759
  1,874
  1,994
  2,118
  2,248
  2,384
  2,526
  2,673
  2,828
  2,989
  3,158
  3,335
  3,519
Issuance/(repayment) of debt, $m
  41
  43
  45
  48
  50
  52
  54
  56
  59
  61
  63
  66
  68
  71
  74
  77
  80
  83
  87
  90
  94
  98
  102
  107
  112
  117
  122
  128
  134
  140
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  
  41
  43
  45
  48
  50
  52
  54
  56
  59
  61
  63
  66
  68
  71
  74
  77
  80
  83
  87
  90
  94
  98
  102
  107
  112
  117
  122
  128
  134
  140
Total cash flow (excl. dividends), $m
  419
  477
  537
  602
  669
  739
  812
  889
  968
  1,051
  1,135
  1,224
  1,317
  1,414
  1,515
  1,620
  1,729
  1,843
  1,961
  2,084
  2,213
  2,347
  2,487
  2,633
  2,785
  2,945
  3,111
  3,286
  3,468
  3,659
Retained Cash Flow (-), $m
  -133
  -140
  -147
  -154
  -161
  -168
  -175
  -182
  -190
  -197
  -205
  -213
  -221
  -230
  -239
  -249
  -259
  -269
  -280
  -292
  -305
  -318
  -332
  -346
  -362
  -378
  -395
  -413
  -432
  -452
Prev. year cash balance distribution, $m
  917
  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
  1,203
  337
  390
  447
  508
  571
  637
  707
  779
  854
  930
  1,012
  1,096
  1,185
  1,276
  1,371
  1,470
  1,573
  1,680
  1,792
  1,908
  2,029
  2,155
  2,286
  2,423
  2,567
  2,716
  2,872
  3,036
  3,207
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
  1,153
  308
  340
  368
  393
  414
  431
  442
  447
  448
  442
  432
  417
  398
  375
  348
  320
  290
  259
  228
  197
  168
  141
  116
  94
  75
  58
  44
  33
  24
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 28.1
Price to Sales 7.3
Price to Book 4.7
Price to Tangible Book
Price to Cash Flow 25.1
Price to Free Cash Flow 44.4
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 $1408.889 million for the last fiscal year's total revenue generated by IPG Photonics. The default revenue input number comes from 0001 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 12% 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 51.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $126 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 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 IPGP are equal to 32.6%.

Life of production assets of 7.7 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 31.4%. 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 - $2022.322 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 53.694 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 $7.4 billion.

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COMPANY NEWS

▶ Why IPG Photonics Corp. Shares Fell 11.1% Last Month   [Oct-09-18 04:07PM  Motley Fool]
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▶ 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]
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▶ 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]

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