Intrinsic value of KLA-Tencor - KLAC

Previous Close

$93.54

  Intrinsic Value

$257.06

stock screener

  Rating & Target

str. buy

+175%

Previous close

$93.54

 
Intrinsic value

$257.06

 
Up/down potential

+175%

 
Rating

str. buy

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 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 14.6

 

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, %
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
Revenue, $m
  4,602
  5,205
  5,844
  6,520
  7,231
  7,977
  8,757
  9,572
  10,421
  11,306
  12,226
  13,183
  14,177
  15,210
  16,284
  17,400
  18,560
  19,766
  21,022
  22,328
  23,689
  25,107
  26,585
  28,126
  29,734
  31,413
  33,166
  34,998
  36,913
  38,915
Variable operating expenses, $m
  2,328
  2,628
  2,946
  3,283
  3,637
  4,008
  4,396
  4,802
  5,225
  5,665
  6,085
  6,561
  7,056
  7,571
  8,105
  8,660
  9,238
  9,838
  10,463
  11,114
  11,791
  12,496
  13,232
  13,999
  14,800
  15,635
  16,508
  17,420
  18,373
  19,369
Fixed operating expenses, $m
  439
  449
  459
  469
  479
  490
  501
  512
  523
  535
  546
  558
  571
  583
  596
  609
  622
  636
  650
  664
  679
  694
  709
  725
  741
  757
  774
  791
  808
  826
Total operating expenses, $m
  2,767
  3,077
  3,405
  3,752
  4,116
  4,498
  4,897
  5,314
  5,748
  6,200
  6,631
  7,119
  7,627
  8,154
  8,701
  9,269
  9,860
  10,474
  11,113
  11,778
  12,470
  13,190
  13,941
  14,724
  15,541
  16,392
  17,282
  18,211
  19,181
  20,195
Operating income, $m
  1,834
  2,128
  2,439
  2,768
  3,115
  3,479
  3,860
  4,259
  4,674
  5,107
  5,594
  6,063
  6,550
  7,056
  7,583
  8,130
  8,699
  9,292
  9,908
  10,550
  11,219
  11,916
  12,643
  13,402
  14,194
  15,020
  15,884
  16,787
  17,732
  18,720
EBITDA, $m
  1,923
  2,223
  2,542
  2,878
  3,233
  3,605
  3,995
  4,403
  4,827
  5,270
  5,731
  6,210
  6,708
  7,226
  7,764
  8,324
  8,906
  9,512
  10,142
  10,799
  11,483
  12,196
  12,939
  13,715
  14,525
  15,370
  16,254
  17,177
  18,143
  19,153
Interest expense (income), $m
  120
  121
  124
  153
  183
  216
  249
  285
  322
  361
  401
  444
  487
  533
  580
  630
  681
  734
  789
  847
  906
  969
  1,034
  1,101
  1,172
  1,245
  1,322
  1,402
  1,485
  1,572
  1,664
Earnings before tax, $m
  1,714
  2,003
  2,286
  2,585
  2,900
  3,230
  3,575
  3,936
  4,313
  4,705
  5,151
  5,575
  6,017
  6,476
  6,953
  7,449
  7,966
  8,503
  9,062
  9,644
  10,250
  10,883
  11,542
  12,230
  12,949
  13,699
  14,483
  15,302
  16,159
  17,056
Tax expense, $m
  463
  541
  617
  698
  783
  872
  965
  1,063
  1,164
  1,270
  1,391
  1,505
  1,625
  1,749
  1,877
  2,011
  2,151
  2,296
  2,447
  2,604
  2,768
  2,938
  3,116
  3,302
  3,496
  3,699
  3,910
  4,132
  4,363
  4,605
Net income, $m
  1,251
  1,463
  1,669
  1,887
  2,117
  2,358
  2,610
  2,874
  3,148
  3,435
  3,760
  4,070
  4,392
  4,727
  5,076
  5,438
  5,815
  6,207
  6,615
  7,040
  7,483
  7,944
  8,426
  8,928
  9,452
  10,000
  10,572
  11,171
  11,796
  12,451

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
  4,512
  5,103
  5,730
  6,392
  7,089
  7,820
  8,585
  9,384
  10,217
  11,084
  11,986
  12,924
  13,899
  14,912
  15,964
  17,058
  18,196
  19,379
  20,609
  21,890
  23,224
  24,614
  26,063
  27,574
  29,151
  30,797
  32,516
  34,312
  36,189
  38,152
Adjusted assets (=assets-cash), $m
  4,512
  5,103
  5,730
  6,392
  7,089
  7,820
  8,585
  9,384
  10,217
  11,084
  11,986
  12,924
  13,899
  14,912
  15,964
  17,058
  18,196
  19,379
  20,609
  21,890
  23,224
  24,614
  26,063
  27,574
  29,151
  30,797
  32,516
  34,312
  36,189
  38,152
Revenue / Adjusted assets
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
Average production assets, $m
  538
  609
  684
  763
  846
  933
  1,025
  1,120
  1,219
  1,323
  1,430
  1,542
  1,659
  1,780
  1,905
  2,036
  2,171
  2,313
  2,460
  2,612
  2,772
  2,937
  3,110
  3,291
  3,479
  3,675
  3,880
  4,095
  4,319
  4,553
Working capital, $m
  515
  583
  655
  730
  810
  893
  981
  1,072
  1,167
  1,266
  1,369
  1,476
  1,588
  1,704
  1,824
  1,949
  2,079
  2,214
  2,354
  2,501
  2,653
  2,812
  2,977
  3,150
  3,330
  3,518
  3,715
  3,920
  4,134
  4,358
Total debt, $m
  2,299
  2,831
  3,395
  3,991
  4,619
  5,277
  5,966
  6,684
  7,434
  8,214
  9,026
  9,870
  10,748
  11,659
  12,606
  13,591
  14,615
  15,679
  16,787
  17,940
  19,141
  20,392
  21,696
  23,055
  24,474
  25,956
  27,503
  29,119
  30,809
  32,575
Total liabilities, $m
  4,060
  4,592
  5,157
  5,753
  6,380
  7,038
  7,727
  8,446
  9,195
  9,976
  10,788
  11,632
  12,509
  13,421
  14,368
  15,353
  16,376
  17,441
  18,548
  19,701
  20,902
  22,153
  23,457
  24,817
  26,236
  27,717
  29,264
  30,881
  32,570
  34,337
Total equity, $m
  451
  510
  573
  639
  709
  782
  859
  938
  1,022
  1,108
  1,199
  1,292
  1,390
  1,491
  1,596
  1,706
  1,820
  1,938
  2,061
  2,189
  2,322
  2,461
  2,606
  2,757
  2,915
  3,080
  3,252
  3,431
  3,619
  3,815
Total liabilities and equity, $m
  4,511
  5,102
  5,730
  6,392
  7,089
  7,820
  8,586
  9,384
  10,217
  11,084
  11,987
  12,924
  13,899
  14,912
  15,964
  17,059
  18,196
  19,379
  20,609
  21,890
  23,224
  24,614
  26,063
  27,574
  29,151
  30,797
  32,516
  34,312
  36,189
  38,152
Debt-to-equity ratio
  5.100
  5.550
  5.930
  6.240
  6.520
  6.750
  6.950
  7.120
  7.280
  7.410
  7.530
  7.640
  7.730
  7.820
  7.900
  7.970
  8.030
  8.090
  8.150
  8.200
  8.240
  8.280
  8.320
  8.360
  8.400
  8.430
  8.460
  8.490
  8.510
  8.540
Adjusted equity ratio
  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
  1,251
  1,463
  1,669
  1,887
  2,117
  2,358
  2,610
  2,874
  3,148
  3,435
  3,760
  4,070
  4,392
  4,727
  5,076
  5,438
  5,815
  6,207
  6,615
  7,040
  7,483
  7,944
  8,426
  8,928
  9,452
  10,000
  10,572
  11,171
  11,796
  12,451
Depreciation, amort., depletion, $m
  89
  95
  103
  110
  118
  126
  135
  144
  154
  163
  136
  147
  158
  169
  181
  194
  207
  220
  234
  249
  264
  280
  296
  313
  331
  350
  370
  390
  411
  434
Funds from operations, $m
  1,340
  1,558
  1,771
  1,997
  2,235
  2,484
  2,745
  3,018
  3,302
  3,598
  3,896
  4,217
  4,550
  4,897
  5,257
  5,632
  6,022
  6,427
  6,849
  7,289
  7,747
  8,224
  8,722
  9,241
  9,784
  10,350
  10,942
  11,561
  12,208
  12,884
Change in working capital, $m
  63
  68
  72
  76
  80
  84
  87
  91
  95
  99
  103
  107
  111
  116
  120
  125
  130
  135
  141
  146
  152
  159
  166
  173
  180
  188
  196
  205
  214
  224
Cash from operations, $m
  1,276
  1,490
  1,700
  1,921
  2,155
  2,400
  2,658
  2,926
  3,207
  3,499
  3,793
  4,110
  4,439
  4,781
  5,137
  5,507
  5,892
  6,292
  6,709
  7,142
  7,594
  8,065
  8,556
  9,069
  9,604
  10,162
  10,746
  11,356
  11,993
  12,660
Maintenance CAPEX, $m
  -45
  -51
  -58
  -65
  -73
  -81
  -89
  -98
  -107
  -116
  -126
  -136
  -147
  -158
  -169
  -181
  -194
  -207
  -220
  -234
  -249
  -264
  -280
  -296
  -313
  -331
  -350
  -370
  -390
  -411
New CAPEX, $m
  -68
  -71
  -75
  -79
  -83
  -87
  -91
  -95
  -99
  -103
  -108
  -112
  -116
  -121
  -126
  -131
  -136
  -141
  -147
  -153
  -159
  -166
  -173
  -180
  -188
  -196
  -205
  -214
  -224
  -234
Cash from investing activities, $m
  -113
  -122
  -133
  -144
  -156
  -168
  -180
  -193
  -206
  -219
  -234
  -248
  -263
  -279
  -295
  -312
  -330
  -348
  -367
  -387
  -408
  -430
  -453
  -476
  -501
  -527
  -555
  -584
  -614
  -645
Free cash flow, $m
  1,164
  1,369
  1,567
  1,777
  1,999
  2,233
  2,477
  2,733
  3,001
  3,280
  3,560
  3,862
  4,176
  4,502
  4,842
  5,195
  5,562
  5,944
  6,341
  6,755
  7,186
  7,635
  8,104
  8,592
  9,102
  9,634
  10,190
  10,772
  11,379
  12,015
Issuance/(repayment) of debt, $m
  62
  532
  564
  596
  627
  658
  689
  719
  750
  780
  812
  844
  877
  912
  947
  985
  1,024
  1,065
  1,108
  1,153
  1,201
  1,251
  1,304
  1,360
  1,419
  1,481
  1,547
  1,616
  1,689
  1,767
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  
  62
  532
  564
  596
  627
  658
  689
  719
  750
  780
  812
  844
  877
  912
  947
  985
  1,024
  1,065
  1,108
  1,153
  1,201
  1,251
  1,304
  1,360
  1,419
  1,481
  1,547
  1,616
  1,689
  1,767
Total cash flow (excl. dividends), $m
  1,226
  1,901
  2,131
  2,373
  2,627
  2,891
  3,166
  3,452
  3,750
  4,060
  4,372
  4,706
  5,053
  5,414
  5,789
  6,180
  6,586
  7,009
  7,449
  7,908
  8,387
  8,886
  9,408
  9,952
  10,521
  11,116
  11,738
  12,388
  13,069
  13,781
Retained Cash Flow (-), $m
  -493
  -59
  -63
  -66
  -70
  -73
  -77
  -80
  -83
  -87
  -90
  -94
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -128
  -133
  -139
  -145
  -151
  -158
  -165
  -172
  -180
  -188
  -196
Prev. year cash balance distribution, $m
  1,662
  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
  2,395
  1,841
  2,069
  2,307
  2,557
  2,818
  3,089
  3,373
  3,667
  3,973
  4,281
  4,612
  4,956
  5,313
  5,684
  6,070
  6,472
  6,890
  7,326
  7,780
  8,254
  8,747
  9,263
  9,801
  10,363
  10,951
  11,566
  12,208
  12,881
  13,585
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
  2,296
  1,686
  1,800
  1,900
  1,982
  2,045
  2,087
  2,108
  2,107
  2,083
  2,033
  1,968
  1,884
  1,784
  1,669
  1,543
  1,408
  1,269
  1,128
  989
  854
  726
  607
  499
  403
  319
  248
  189
  141
  102
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

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 15.8
Price to Sales 4.2
Price to Book 11.1
Price to Tangible Book
Price to Cash Flow 13.6
Price to Free Cash Flow 14.1
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 $4036.701 million for the last fiscal year's total revenue generated by KLA-Tencor. The default revenue input number comes from 0001 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 14% 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 50.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $430 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 5.4% 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 11.7%.

Life of production assets of 10.5 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 11.2%. 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 - $1620.511 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 155.872 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 $14.6 billion.

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COMPANY NEWS

▶ KLA-Tencor Corporation (KLAC)Hedge Funds Are Snapping Up   [Dec-12-18 02:07AM  Insider Monkey]
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▶ KLA-Tencor Announces Upcoming Investor Presentation   [Nov-20-18 04:01PM  PR Newswire]
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▶ KLA-Tencor Declares Regular Cash Dividend   [Nov-07-18 05:00PM  PR Newswire]
▶ KLA-Tencor Announces Upcoming Investor Presentation   [Nov-01-18 04:15PM  PR Newswire]
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▶ KLA-Tencor: Fiscal 1Q Earnings Snapshot   [04:35PM  Associated Press]
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▶ KLA-Tencor Announces Upcoming Investor Presentation   [Aug-23-18 04:15PM  PR Newswire]
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