Intrinsic value of KLA-Tencor - KLAC

Previous Close

$115.02

  Intrinsic Value

$329.62

stock screener

  Rating & Target

str. buy

+187%

Previous close

$115.02

 
Intrinsic value

$329.62

 
Up/down potential

+187%

 
Rating

str. buy

*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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  29.20
  26.78
  24.60
  22.64
  20.88
  19.29
  17.86
  16.57
  15.42
  14.38
  13.44
  12.59
  11.83
  11.15
  10.54
  9.98
  9.48
  9.04
  8.63
  8.27
  7.94
  7.65
  7.38
  7.14
  6.93
  6.74
  6.56
  6.41
  6.27
  6.14
Revenue, $m
  3,480
  4,496
  5,700
  7,103
  8,711
  10,529
  12,560
  14,804
  17,258
  19,918
  22,782
  25,843
  29,098
  32,541
  36,170
  39,981
  43,972
  48,143
  52,493
  57,024
  61,740
  66,643
  71,740
  77,036
  82,541
  88,261
  94,207
  100,391
  106,823
  113,517
  120,487
Variable operating expenses, $m
 
  1,622
  2,047
  2,542
  3,109
  3,751
  4,468
  5,260
  6,126
  7,065
  8,076
  9,121
  10,270
  11,485
  12,766
  14,111
  15,520
  16,992
  18,527
  20,126
  21,790
  23,521
  25,320
  27,189
  29,132
  31,151
  33,250
  35,432
  37,702
  40,065
  42,525
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
  2,611
  3,061
  3,581
  4,174
  4,843
  5,587
  6,407
  7,302
  8,270
  9,311
  10,387
  11,568
  12,815
  14,130
  15,509
  16,953
  18,460
  20,032
  21,669
  23,371
  25,142
  26,981
  28,892
  30,877
  32,940
  35,084
  37,312
  39,629
  42,040
  44,549
Operating income, $m
  1,276
  1,885
  2,640
  3,522
  4,536
  5,686
  6,973
  8,397
  9,956
  11,648
  13,471
  15,456
  17,530
  19,726
  22,041
  24,472
  27,020
  29,683
  32,461
  35,355
  38,368
  41,501
  44,758
  48,144
  51,663
  55,321
  59,124
  63,079
  67,194
  71,477
  75,938
EBITDA, $m
  1,334
  1,955
  2,718
  3,611
  4,638
  5,802
  7,105
  8,546
  10,124
  11,837
  13,681
  15,655
  17,754
  19,977
  22,319
  24,781
  27,359
  30,054
  32,865
  35,795
  38,844
  42,015
  45,311
  48,738
  52,299
  56,001
  59,850
  63,853
  68,017
  72,352
  76,866
Interest expense (income), $m
  120
  107
  66
  97
  134
  175
  223
  275
  334
  398
  467
  541
  621
  705
  795
  889
  988
  1,092
  1,200
  1,313
  1,431
  1,554
  1,681
  1,814
  1,951
  2,094
  2,243
  2,398
  2,558
  2,726
  2,900
Earnings before tax, $m
  1,173
  1,778
  2,574
  3,424
  4,403
  5,511
  6,751
  8,121
  9,622
  11,251
  13,004
  14,915
  16,909
  19,021
  21,246
  23,583
  26,032
  28,591
  31,260
  34,042
  36,937
  39,947
  43,077
  46,330
  49,712
  53,226
  56,881
  60,681
  64,636
  68,752
  73,038
Tax expense, $m
  247
  480
  695
  925
  1,189
  1,488
  1,823
  2,193
  2,598
  3,038
  3,511
  4,027
  4,566
  5,136
  5,736
  6,368
  7,029
  7,720
  8,440
  9,191
  9,973
  10,786
  11,631
  12,509
  13,422
  14,371
  15,358
  16,384
  17,452
  18,563
  19,720
Net income, $m
  926
  1,298
  1,879
  2,500
  3,214
  4,023
  4,928
  5,929
  7,024
  8,213
  9,493
  10,888
  12,344
  13,885
  15,509
  17,216
  19,003
  20,871
  22,820
  24,851
  26,964
  29,162
  31,446
  33,821
  36,290
  38,855
  41,523
  44,297
  47,184
  50,189
  53,318

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
  3,246
  4,116
  5,128
  6,289
  7,602
  9,069
  10,689
  12,460
  14,381
  16,449
  18,659
  21,009
  23,496
  26,116
  28,867
  31,749
  34,760
  37,901
  41,173
  44,577
  48,118
  51,798
  55,622
  59,596
  63,726
  68,020
  72,484
  77,128
  81,962
  86,994
Adjusted assets (=assets-cash), $m
  2,512
  3,246
  4,116
  5,128
  6,289
  7,602
  9,069
  10,689
  12,460
  14,381
  16,449
  18,659
  21,009
  23,496
  26,116
  28,867
  31,749
  34,760
  37,901
  41,173
  44,577
  48,118
  51,798
  55,622
  59,596
  63,726
  68,020
  72,484
  77,128
  81,962
  86,994
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
  378
  479
  597
  732
  884
  1,055
  1,244
  1,450
  1,673
  1,914
  2,171
  2,444
  2,733
  3,038
  3,358
  3,694
  4,044
  4,409
  4,790
  5,186
  5,598
  6,026
  6,471
  6,933
  7,414
  7,913
  8,433
  8,973
  9,535
  10,121
Working capital, $m
  3,099
  427
  542
  675
  828
  1,000
  1,193
  1,406
  1,639
  1,892
  2,164
  2,455
  2,764
  3,091
  3,436
  3,798
  4,177
  4,574
  4,987
  5,417
  5,865
  6,331
  6,815
  7,318
  7,841
  8,385
  8,950
  9,537
  10,148
  10,784
  11,446
Total debt, $m
  2,930
  1,646
  2,428
  3,339
  4,384
  5,566
  6,886
  8,344
  9,938
  11,667
  13,528
  15,517
  17,632
  19,870
  22,228
  24,704
  27,298
  30,008
  32,835
  35,779
  38,844
  42,030
  45,342
  48,784
  52,360
  56,078
  59,942
  63,960
  68,140
  72,490
  77,019
Total liabilities, $m
  4,206
  2,922
  3,704
  4,615
  5,660
  6,842
  8,162
  9,620
  11,214
  12,943
  14,804
  16,793
  18,908
  21,146
  23,504
  25,980
  28,574
  31,284
  34,111
  37,055
  40,120
  43,306
  46,618
  50,060
  53,636
  57,354
  61,218
  65,236
  69,416
  73,766
  78,295
Total equity, $m
  1,326
  325
  412
  513
  629
  760
  907
  1,069
  1,246
  1,438
  1,645
  1,866
  2,101
  2,350
  2,612
  2,887
  3,175
  3,476
  3,790
  4,117
  4,458
  4,812
  5,180
  5,562
  5,960
  6,373
  6,802
  7,248
  7,713
  8,196
  8,699
Total liabilities and equity, $m
  5,532
  3,247
  4,116
  5,128
  6,289
  7,602
  9,069
  10,689
  12,460
  14,381
  16,449
  18,659
  21,009
  23,496
  26,116
  28,867
  31,749
  34,760
  37,901
  41,172
  44,578
  48,118
  51,798
  55,622
  59,596
  63,727
  68,020
  72,484
  77,129
  81,962
  86,994
Debt-to-equity ratio
  2.210
  5.070
  5.900
  6.510
  6.970
  7.320
  7.590
  7.810
  7.980
  8.110
  8.220
  8.320
  8.390
  8.460
  8.510
  8.560
  8.600
  8.630
  8.660
  8.690
  8.710
  8.730
  8.750
  8.770
  8.790
  8.800
  8.810
  8.820
  8.830
  8.840
  8.850
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
  1,298
  1,879
  2,500
  3,214
  4,023
  4,928
  5,929
  7,024
  8,213
  9,493
  10,888
  12,344
  13,885
  15,509
  17,216
  19,003
  20,871
  22,820
  24,851
  26,964
  29,162
  31,446
  33,821
  36,290
  38,855
  41,523
  44,297
  47,184
  50,189
  53,318
Depreciation, amort., depletion, $m
  58
  70
  79
  90
  102
  116
  132
  149
  168
  188
  211
  199
  224
  251
  279
  308
  339
  371
  405
  439
  476
  514
  553
  594
  636
  680
  726
  774
  823
  875
  929
Funds from operations, $m
  1,122
  1,368
  1,958
  2,590
  3,316
  4,139
  5,060
  6,078
  7,192
  8,401
  9,704
  11,087
  12,568
  14,136
  15,788
  17,524
  19,342
  21,242
  23,225
  25,290
  27,439
  29,675
  31,999
  34,415
  36,926
  39,535
  42,249
  45,071
  48,007
  51,064
  54,246
Change in working capital, $m
  42
  97
  114
  133
  153
  173
  193
  213
  233
  253
  272
  291
  309
  327
  345
  362
  379
  396
  413
  430
  448
  466
  484
  503
  523
  543
  565
  587
  611
  636
  662
Cash from operations, $m
  1,080
  1,271
  1,843
  2,456
  3,163
  3,966
  4,867
  5,865
  6,959
  8,149
  9,431
  10,796
  12,259
  13,809
  15,443
  17,162
  18,963
  20,846
  22,811
  24,859
  26,992
  29,209
  31,515
  33,912
  36,403
  38,992
  41,684
  44,484
  47,396
  50,428
  53,584
Maintenance CAPEX, $m
  0
  -27
  -35
  -44
  -55
  -67
  -81
  -97
  -114
  -133
  -153
  -176
  -199
  -224
  -251
  -279
  -308
  -339
  -371
  -405
  -439
  -476
  -514
  -553
  -594
  -636
  -680
  -726
  -774
  -823
  -875
New CAPEX, $m
  -39
  -85
  -101
  -118
  -135
  -153
  -171
  -188
  -206
  -223
  -241
  -257
  -273
  -289
  -305
  -320
  -335
  -350
  -365
  -381
  -396
  -412
  -428
  -445
  -462
  -481
  -499
  -519
  -540
  -562
  -585
Cash from investing activities, $m
  -561
  -112
  -136
  -162
  -190
  -220
  -252
  -285
  -320
  -356
  -394
  -433
  -472
  -513
  -556
  -599
  -643
  -689
  -736
  -786
  -835
  -888
  -942
  -998
  -1,056
  -1,117
  -1,179
  -1,245
  -1,314
  -1,385
  -1,460
Free cash flow, $m
  519
  1,159
  1,708
  2,295
  2,973
  3,746
  4,615
  5,579
  6,639
  7,792
  9,037
  10,363
  11,786
  13,295
  14,888
  16,563
  18,320
  20,157
  22,075
  24,074
  26,156
  28,322
  30,573
  32,914
  35,347
  37,875
  40,504
  43,238
  46,082
  49,042
  52,124
Issuance/(repayment) of debt, $m
  -130
  -1,034
  782
  911
  1,045
  1,182
  1,320
  1,458
  1,594
  1,729
  1,861
  1,989
  2,115
  2,238
  2,358
  2,476
  2,594
  2,710
  2,827
  2,945
  3,064
  3,186
  3,312
  3,442
  3,577
  3,717
  3,864
  4,018
  4,180
  4,350
  4,529
Issuance/(repurchase) of shares, $m
  20
  471
  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
  -563
  782
  911
  1,045
  1,182
  1,320
  1,458
  1,594
  1,729
  1,861
  1,989
  2,115
  2,238
  2,358
  2,476
  2,594
  2,710
  2,827
  2,945
  3,064
  3,186
  3,312
  3,442
  3,577
  3,717
  3,864
  4,018
  4,180
  4,350
  4,529
Total cash flow (excl. dividends), $m
  389
  595
  2,490
  3,206
  4,018
  4,928
  5,935
  7,037
  8,233
  9,521
  10,898
  12,353
  13,901
  15,533
  17,246
  19,039
  20,913
  22,867
  24,902
  27,019
  29,220
  31,508
  33,885
  36,356
  38,923
  41,593
  44,368
  47,256
  50,262
  53,392
  56,653
Retained Cash Flow (-), $m
  -637
  -1,769
  -87
  -101
  -116
  -131
  -147
  -162
  -177
  -192
  -207
  -221
  -235
  -249
  -262
  -275
  -288
  -301
  -314
  -327
  -340
  -354
  -368
  -382
  -397
  -413
  -429
  -446
  -464
  -483
  -503
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
 
  1,597
  2,403
  3,105
  3,902
  4,797
  5,788
  6,875
  8,056
  9,329
  10,691
  12,132
  13,666
  15,284
  16,984
  18,764
  20,625
  22,566
  24,588
  26,692
  28,880
  31,154
  33,517
  35,973
  38,526
  41,180
  43,939
  46,810
  49,798
  52,909
  56,150
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
 
  1,531
  2,200
  2,702
  3,213
  3,718
  4,201
  4,645
  5,035
  5,359
  5,605
  5,761
  5,832
  5,811
  5,702
  5,509
  5,241
  4,910
  4,528
  4,110
  3,670
  3,222
  2,781
  2,358
  1,962
  1,602
  1,282
  1,005
  770
  578
  423
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 19.5
Price to Sales 5.2
Price to Book 13.6
Price to Tangible Book
Price to Cash Flow 16.7
Price to Free Cash Flow 17.3
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 29.2% 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 161.036 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 $18.5 billion.

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COMPANY NEWS

▶ My Top Stock Pick for 2018 Is This Semiconductor Stock   [Jan-04-18 11:00AM  TheStreet.com]
▶ Stocks With Rising Relative Strength: KLA Tencor   [03:00AM  Investor's Business Daily]
▶ S&P 500 Futures Rise As Bitcoin Dives Again; Here Are The New Leaders   [Dec-22-17 07:17AM  Investor's Business Daily]
▶ Intel, These Top Chip Plays Signal Key Tech Sector Is Back: S&P 500 Index   [Dec-18-17 06:45PM  Investor's Business Daily]
▶ KLA Tencor Sees Relative Strength Rating Improve To 74   [Dec-14-17 03:00AM  Investor's Business Daily]
▶ IBD Rating Upgrades: KLA Tencor Shows Improved Price Strength   [03:00AM  Investor's Business Daily]
▶ KLA-Tencor Announces Upcoming Investor Presentation   [Nov-20-17 04:15PM  PR Newswire]
▶ 2 Top Growth and Income Companies for 2018   [Nov-16-17 03:20PM  Zacks]
▶ KLA Tencor Earns Relative Strength Rating Upgrade; Hits Key Benchmark   [Nov-08-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to KLA-Tencor Corp. : November 2, 2017   [Nov-02-17 12:17PM  Capital Cube]
▶ Tech a month after Q3 earnings season   [Oct-31-17 12:49PM  CNBC Videos]
▶ KLA Tencor Receives IBD Stock Rating Upgrade   [Oct-30-17 03:00AM  Investor's Business Daily]
▶ These are tech's big winners during earnings season   [Oct-27-17 01:55PM  CNBC Videos]
▶ KLA Tencor Slips: FYQ2 Forecast Misses   [Oct-26-17 07:00PM  Barrons.com]
▶ Chip Gear Maker KLA-Tencor Trounces September-Quarter Targets   [05:40PM  Investor's Business Daily]
▶ KLA-Tencor beats Street 1Q forecasts   [04:45PM  Associated Press]
▶ KLA Tencor Could Be Forming a Double Top   [Oct-25-17 12:14PM  TheStreet.com]
▶ ETFs with exposure to KLA-Tencor Corp. : October 23, 2017   [Oct-23-17 10:44AM  Capital Cube]
▶ 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]
Financial statements of KLAC
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