Intrinsic value of KLA-Tencor - KLAC

Previous Close

$108.34

  Intrinsic Value

$47.04

stock screener

  Rating & Target

str. sell

-57%

Previous close

$108.34

 
Intrinsic value

$47.04

 
Up/down potential

-57%

 
Rating

str. sell

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

We calculate the intrinsic value of KLAC 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 17.0

 

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, %
  16.62
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  3,480
  3,557
  3,645
  3,744
  3,855
  3,977
  4,110
  4,255
  4,410
  4,578
  4,757
  4,948
  5,152
  5,369
  5,599
  5,843
  6,102
  6,375
  6,664
  6,969
  7,292
  7,631
  7,990
  8,367
  8,765
  9,183
  9,624
  10,088
  10,576
  11,089
  11,629
Variable operating expenses, $m
 
  1,290
  1,321
  1,357
  1,396
  1,439
  1,486
  1,537
  1,592
  1,651
  1,714
  1,746
  1,818
  1,895
  1,976
  2,062
  2,154
  2,250
  2,352
  2,460
  2,574
  2,693
  2,820
  2,953
  3,093
  3,241
  3,397
  3,560
  3,733
  3,914
  4,104
Fixed operating expenses, $m
 
  989
  1,014
  1,039
  1,065
  1,092
  1,119
  1,147
  1,176
  1,205
  1,235
  1,266
  1,298
  1,330
  1,364
  1,398
  1,433
  1,468
  1,505
  1,543
  1,581
  1,621
  1,661
  1,703
  1,745
  1,789
  1,834
  1,880
  1,927
  1,975
  2,024
Total operating expenses, $m
  2,204
  2,279
  2,335
  2,396
  2,461
  2,531
  2,605
  2,684
  2,768
  2,856
  2,949
  3,012
  3,116
  3,225
  3,340
  3,460
  3,587
  3,718
  3,857
  4,003
  4,155
  4,314
  4,481
  4,656
  4,838
  5,030
  5,231
  5,440
  5,660
  5,889
  6,128
Operating income, $m
  1,276
  1,277
  1,310
  1,349
  1,394
  1,447
  1,505
  1,571
  1,643
  1,722
  1,808
  1,936
  2,036
  2,144
  2,260
  2,383
  2,516
  2,657
  2,807
  2,967
  3,137
  3,317
  3,508
  3,711
  3,926
  4,153
  4,393
  4,648
  4,916
  5,200
  5,500
EBITDA, $m
  1,334
  1,340
  1,373
  1,412
  1,459
  1,512
  1,572
  1,639
  1,712
  1,792
  1,879
  1,974
  2,076
  2,185
  2,303
  2,428
  2,563
  2,706
  2,858
  3,021
  3,193
  3,376
  3,570
  3,776
  3,993
  4,224
  4,468
  4,725
  4,998
  5,286
  5,590
Interest expense (income), $m
  120
  107
  41
  44
  46
  49
  52
  56
  60
  64
  68
  73
  78
  83
  89
  95
  101
  108
  115
  122
  130
  138
  147
  157
  166
  177
  188
  199
  211
  224
  237
Earnings before tax, $m
  1,173
  1,170
  1,268
  1,305
  1,348
  1,397
  1,453
  1,515
  1,583
  1,658
  1,740
  1,863
  1,958
  2,061
  2,171
  2,289
  2,415
  2,549
  2,692
  2,845
  3,007
  3,179
  3,361
  3,554
  3,759
  3,976
  4,206
  4,449
  4,705
  4,977
  5,263
Tax expense, $m
  247
  316
  342
  352
  364
  377
  392
  409
  428
  448
  470
  503
  529
  556
  586
  618
  652
  688
  727
  768
  812
  858
  907
  960
  1,015
  1,074
  1,136
  1,201
  1,270
  1,344
  1,421
Net income, $m
  926
  854
  926
  953
  984
  1,020
  1,061
  1,106
  1,156
  1,211
  1,270
  1,360
  1,430
  1,504
  1,585
  1,671
  1,763
  1,861
  1,965
  2,077
  2,195
  2,320
  2,454
  2,595
  2,744
  2,903
  3,070
  3,247
  3,435
  3,633
  3,842

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3,020
  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
  5,532
  2,568
  2,632
  2,703
  2,783
  2,872
  2,968
  3,072
  3,184
  3,305
  3,435
  3,573
  3,720
  3,877
  4,043
  4,219
  4,406
  4,603
  4,812
  5,032
  5,265
  5,510
  5,769
  6,041
  6,328
  6,630
  6,949
  7,284
  7,636
  8,006
  8,396
Adjusted assets (=assets-cash), $m
  2,512
  2,568
  2,632
  2,703
  2,783
  2,872
  2,968
  3,072
  3,184
  3,305
  3,435
  3,573
  3,720
  3,877
  4,043
  4,219
  4,406
  4,603
  4,812
  5,032
  5,265
  5,510
  5,769
  6,041
  6,328
  6,630
  6,949
  7,284
  7,636
  8,006
  8,396
Revenue / Adjusted assets
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
Average production assets, $m
  293
  299
  306
  315
  324
  334
  345
  357
  370
  385
  400
  416
  433
  451
  470
  491
  513
  536
  560
  585
  612
  641
  671
  703
  736
  771
  808
  847
  888
  931
  977
Working capital, $m
  3,099
  338
  346
  356
  366
  378
  390
  404
  419
  435
  452
  470
  489
  510
  532
  555
  580
  606
  633
  662
  693
  725
  759
  795
  833
  872
  914
  958
  1,005
  1,053
  1,105
Total debt, $m
  2,930
  1,035
  1,092
  1,157
  1,229
  1,308
  1,395
  1,489
  1,590
  1,699
  1,815
  1,939
  2,072
  2,213
  2,363
  2,521
  2,689
  2,867
  3,055
  3,253
  3,462
  3,683
  3,916
  4,161
  4,419
  4,691
  4,978
  5,279
  5,596
  5,930
  6,281
Total liabilities, $m
  4,206
  2,311
  2,368
  2,433
  2,505
  2,584
  2,671
  2,765
  2,866
  2,975
  3,091
  3,215
  3,348
  3,489
  3,639
  3,797
  3,965
  4,143
  4,331
  4,529
  4,738
  4,959
  5,192
  5,437
  5,695
  5,967
  6,254
  6,555
  6,872
  7,206
  7,557
Total equity, $m
  1,326
  257
  263
  270
  278
  287
  297
  307
  318
  331
  343
  357
  372
  388
  404
  422
  441
  460
  481
  503
  526
  551
  577
  604
  633
  663
  695
  728
  764
  801
  840
Total liabilities and equity, $m
  5,532
  2,568
  2,631
  2,703
  2,783
  2,871
  2,968
  3,072
  3,184
  3,306
  3,434
  3,572
  3,720
  3,877
  4,043
  4,219
  4,406
  4,603
  4,812
  5,032
  5,264
  5,510
  5,769
  6,041
  6,328
  6,630
  6,949
  7,283
  7,636
  8,007
  8,397
Debt-to-equity ratio
  2.210
  4.030
  4.150
  4.280
  4.420
  4.560
  4.700
  4.850
  4.990
  5.140
  5.280
  5.430
  5.570
  5.710
  5.840
  5.980
  6.100
  6.230
  6.350
  6.460
  6.580
  6.680
  6.790
  6.890
  6.980
  7.080
  7.160
  7.250
  7.330
  7.410
  7.480
Adjusted equity ratio
  -0.674
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  926
  854
  926
  953
  984
  1,020
  1,061
  1,106
  1,156
  1,211
  1,270
  1,360
  1,430
  1,504
  1,585
  1,671
  1,763
  1,861
  1,965
  2,077
  2,195
  2,320
  2,454
  2,595
  2,744
  2,903
  3,070
  3,247
  3,435
  3,633
  3,842
Depreciation, amort., depletion, $m
  58
  62
  63
  64
  65
  66
  67
  68
  69
  70
  72
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  64
  68
  71
  74
  78
  82
  85
  90
Funds from operations, $m
  1,122
  916
  989
  1,016
  1,049
  1,086
  1,127
  1,174
  1,225
  1,281
  1,342
  1,398
  1,469
  1,546
  1,628
  1,716
  1,810
  1,910
  2,017
  2,130
  2,251
  2,379
  2,515
  2,659
  2,812
  2,973
  3,144
  3,325
  3,516
  3,718
  3,932
Change in working capital, $m
  42
  7
  8
  9
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
  49
  51
Cash from operations, $m
  1,080
  909
  980
  1,007
  1,038
  1,074
  1,115
  1,160
  1,210
  1,265
  1,325
  1,380
  1,450
  1,525
  1,606
  1,693
  1,785
  1,884
  1,989
  2,101
  2,220
  2,347
  2,481
  2,623
  2,774
  2,934
  3,103
  3,281
  3,470
  3,670
  3,880
Maintenance CAPEX, $m
  0
  -27
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -64
  -68
  -71
  -74
  -78
  -82
  -85
New CAPEX, $m
  -39
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
Cash from investing activities, $m
  -561
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60
  -64
  -67
  -70
  -73
  -77
  -81
  -85
  -89
  -94
  -97
  -103
  -108
  -113
  -119
  -125
  -130
Free cash flow, $m
  519
  876
  946
  971
  1,000
  1,034
  1,073
  1,116
  1,164
  1,217
  1,274
  1,327
  1,395
  1,467
  1,545
  1,629
  1,719
  1,814
  1,916
  2,024
  2,140
  2,262
  2,392
  2,530
  2,676
  2,831
  2,995
  3,168
  3,351
  3,545
  3,750
Issuance/(repayment) of debt, $m
  -130
  -1,645
  57
  65
  72
  79
  86
  94
  101
  109
  116
  124
  133
  141
  150
  159
  168
  178
  188
  198
  209
  221
  233
  245
  258
  272
  286
  301
  317
  334
  351
Issuance/(repurchase) of shares, $m
  20
  847
  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  
  -129
  -798
  57
  65
  72
  79
  86
  94
  101
  109
  116
  124
  133
  141
  150
  159
  168
  178
  188
  198
  209
  221
  233
  245
  258
  272
  286
  301
  317
  334
  351
Total cash flow (excl. dividends), $m
  389
  78
  1,003
  1,035
  1,072
  1,113
  1,159
  1,210
  1,265
  1,326
  1,391
  1,452
  1,527
  1,608
  1,695
  1,788
  1,887
  1,992
  2,104
  2,223
  2,349
  2,483
  2,625
  2,775
  2,935
  3,103
  3,281
  3,469
  3,668
  3,879
  4,100
Retained Cash Flow (-), $m
  -637
  -1,701
  -6
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
Prev. year cash balance distribution, $m
 
  2,770
  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
 
  1,147
  997
  1,028
  1,064
  1,105
  1,150
  1,200
  1,254
  1,314
  1,378
  1,438
  1,512
  1,593
  1,678
  1,770
  1,868
  1,972
  2,083
  2,201
  2,326
  2,458
  2,599
  2,748
  2,906
  3,073
  3,249
  3,436
  3,633
  3,841
  4,061
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
 
  1,100
  912
  895
  876
  856
  834
  810
  784
  755
  722
  683
  645
  606
  563
  520
  475
  429
  384
  339
  296
  254
  216
  180
  148
  120
  95
  74
  56
  42
  31
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

KLA-Tencor Corporation (KLA-Tencor) is a supplier of process control and yield management solutions for the semiconductor and related nanoelectronics industries. The Company's products are also used in a number of other high technology industries, including the light emitting diode (LED) and data storage industries, as well as general materials research. Its products and services are used by bare wafer, integrated circuit (IC), lithography reticle (reticle or mask) and disk manufacturers around the world. The Company's inspection and metrology products and related offerings are categorized in various groups, including Chip Manufacturing, Wafer Manufacturing, Reticle Manufacturing, LED, Power Device and Compound Semiconductor Manufacturing, Data Storage Media/Head Manufacturing, Microelectromechanical Systems (MEMS) Manufacturing, and General Purpose/Lab Applications. It also provides refurbished KLA-Tencor tools as service and support for its products.

FINANCIAL RATIOS  of  KLA-Tencor (KLAC)

Valuation Ratios
P/E Ratio 18.3
Price to Sales 4.9
Price to Book 12.8
Price to Tangible Book
Price to Cash Flow 15.7
Price to Free Cash Flow 16.3
Growth Rates
Sales Growth Rate 16.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 21.9%
Cap. Spend. - 3 Yr. Gr. Rate -10.5%
Financial Strength
Quick Ratio 12
Current Ratio 0
LT Debt to Equity 202.1%
Total Debt to Equity 221%
Interest Coverage 11
Management Effectiveness
Return On Assets 19.5%
Ret/ On Assets - 3 Yr. Avg. 14.8%
Return On Total Capital 23.1%
Ret/ On T. Cap. - 3 Yr. Avg. 17.1%
Return On Equity 91.9%
Return On Equity - 3 Yr. Avg. 78.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 63%
Gross Margin - 3 Yr. Avg. 60.4%
EBITDA Margin 38.8%
EBITDA Margin - 3 Yr. Avg. 31.8%
Operating Margin 36.7%
Oper. Margin - 3 Yr. Avg. 29.2%
Pre-Tax Margin 33.7%
Pre-Tax Margin - 3 Yr. Avg. 26%
Net Profit Margin 26.6%
Net Profit Margin - 3 Yr. Avg. 21.1%
Effective Tax Rate 21.1%
Eff/ Tax Rate - 3 Yr. Avg. 18.2%
Payout Ratio 37.1%

KLAC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KLAC stock intrinsic value calculation we used $3480 million for the last fiscal year's total revenue generated by KLA-Tencor. The default revenue input number comes from 2017 income statement of KLA-Tencor. 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 KLAC stock valuation model: a) initial revenue growth rate of 2.2% 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 KLAC is calculated based on our internal credit rating of KLA-Tencor, 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 KLA-Tencor.
    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 KLAC stock the variable cost ratio is equal to 36.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $965 million in the base year in the intrinsic value calculation for KLAC 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 4% for KLA-Tencor.

Corporate tax rate of 27% is the nominal tax rate for KLA-Tencor. 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 KLAC 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 KLAC are equal to 8.4%.

Life of production assets of 10.9 years is the average useful life of capital assets used in KLA-Tencor 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 KLAC is equal to 9.5%. 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 - $1326 million for KLA-Tencor - 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 156.913 million for KLA-Tencor 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 KLA-Tencor at the current share price and the inputted number of shares is $17.0 billion.

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COMPANY NEWS

▶ Why KLA-Tencor Corporation (KLAC) Could Be A Buy   [Oct-13-17 12:57PM  Simply Wall St.]
▶ KLA-Tencor Is Poised for Further Gains   [Sep-27-17 10:25AM  TheStreet.com]
▶ KLA Tencor Reaches 80-Plus Relative Strength Rating Benchmark   [Sep-20-17 03:00AM  Investor's Business Daily]
▶ Your Top 5 Semiconductor Stocks by Dividend Yield   [Sep-18-17 09:11AM  Market Realist]
▶ KLA Tencor Earns IBD Rating Upgrade   [Sep-12-17 03:00AM  Investor's Business Daily]
▶ KLA-Tencor Announces Upcoming Investor Presentation   [Aug-24-17 04:15PM  PR Newswire]
▶ ETFs with exposure to KLA-Tencor Corp. : August 23, 2017   [Aug-23-17 04:30PM  Capital Cube]
▶ What AMATs Price Ratios Say about Its Valuation   [Aug-17-17 09:05AM  Market Realist]
▶ Could AMAT Achieve New Revenue Milestones in Fiscal 2017?   [Aug-14-17 09:08AM  Market Realist]
▶ KLA-Tencor Has Corrected for Two Months -- What's Next?   [Aug-07-17 03:17PM  TheStreet.com]
▶ Are the Semis Now on Shaky Ground?   [Aug-06-17 02:00PM  TheStreet.com]
▶ KLA-Tencor beats Street 4Q forecasts   [Jul-27-17 10:36PM  Associated Press]
▶ Chip Giant Intel Beats Second-Quarter Sales, Earnings Targets   [06:44PM  Investor's Business Daily]
▶ Is KLA-Tencor (KLAC) a Great Growth Stock?   [Jul-11-17 08:30AM  Zacks]
▶ Tracking-Chip Maker Gets Stock-Rating Downgrade; Qualcomm Resumed At Hold   [Jun-19-17 04:35PM  Investor's Business Daily]
▶ 3 Strong Buy Growth Stocks   [Jun-14-17 05:01PM  Zacks]
▶ Broadcom Gets Flood Of Price-Target Hikes; Analog Devices Downgraded   [Jun-02-17 04:08PM  Investor's Business Daily]
▶ A Look at Applied Materials Price Ratios and Valuation   [May-31-17 07:35AM  Market Realist]
▶ KLA-Tencor's Climb Has Slowed   [May-30-17 03:51PM  TheStreet.com]
▶ Analyzing Applied Materials Stock Price Trend   [10:35AM  Market Realist]
▶ How Applied Materials Plans to Improve Its Profits   [May-25-17 10:37AM  Market Realist]
▶ KLA-Tencor Is Still Pointed Higher, but Lock in Gains   [May-19-17 04:03PM  TheStreet.com]
▶ KLA-Tencor Announces Upcoming Investor Presentation   [May-18-17 06:15PM  PR Newswire]
▶ Is KLA-Tencor (KLAC) a Great Growth Stock?   [May-15-17 08:38AM  Zacks]
▶ AMD Rating Cut; KLA-Tencor Gets Price-Target Increase   [May-02-17 04:25PM  Investor's Business Daily]
▶ Intel Tumbles On Just-Shy Sales, But These 3 Chip Plays Beat   [Apr-27-17 06:55PM  Investor's Business Daily]
▶ KLA-Tencor tops Street 3Q forecasts   [04:58PM  Associated Press]
▶ [$$] Semiconductor Gear: Still Some Chips to Play   [12:03AM  The Wall Street Journal]
▶ [$$] Semiconductor Gear: Still Some Chips to Play   [Apr-23-17 02:10PM  The Wall Street Journal]
Financial statements of KLAC
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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