Intrinsic value of Kulicke&Soffa Industries - KLIC

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$24.65

  Intrinsic Value

$20.39

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  Rating & Target

hold

-17%

Previous close

$24.65

 
Intrinsic value

$20.39

 
Up/down potential

-17%

 
Rating

hold

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

We calculate the intrinsic value of KLIC 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 2016), $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 1.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  16.98
  13.00
  12.20
  11.48
  10.83
  10.25
  9.72
  9.25
  8.83
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
Revenue, $m
  627
  709
  795
  886
  982
  1,083
  1,188
  1,298
  1,413
  1,532
  1,656
  1,785
  1,919
  2,058
  2,203
  2,354
  2,510
  2,673
  2,842
  3,018
  3,202
  3,393
  3,592
  3,800
  4,017
  4,244
  4,480
  4,728
  4,986
  5,256
  5,539
Variable operating expenses, $m
 
  591
  662
  738
  817
  899
  986
  1,077
  1,171
  1,269
  1,371
  1,469
  1,580
  1,694
  1,813
  1,937
  2,066
  2,200
  2,339
  2,484
  2,635
  2,793
  2,957
  3,128
  3,307
  3,493
  3,688
  3,891
  4,104
  4,326
  4,559
Fixed operating expenses, $m
 
  53
  55
  56
  57
  59
  60
  62
  63
  65
  67
  68
  70
  72
  73
  75
  77
  79
  81
  83
  85
  87
  90
  92
  94
  96
  99
  101
  104
  106
  109
Total operating expenses, $m
  575
  644
  717
  794
  874
  958
  1,046
  1,139
  1,234
  1,334
  1,438
  1,537
  1,650
  1,766
  1,886
  2,012
  2,143
  2,279
  2,420
  2,567
  2,720
  2,880
  3,047
  3,220
  3,401
  3,589
  3,787
  3,992
  4,208
  4,432
  4,668
Operating income, $m
  53
  64
  78
  93
  108
  125
  142
  160
  178
  198
  218
  248
  270
  292
  316
  341
  367
  394
  422
  451
  481
  513
  546
  581
  617
  654
  694
  735
  778
  824
  871
EBITDA, $m
  69
  82
  97
  114
  131
  148
  167
  187
  207
  228
  250
  273
  297
  322
  348
  375
  403
  432
  463
  494
  528
  562
  598
  635
  675
  716
  759
  803
  850
  899
  951
Interest expense (income), $m
  1
  1
  2
  4
  5
  7
  9
  11
  12
  14
  16
  19
  21
  23
  25
  28
  30
  33
  36
  39
  42
  45
  48
  51
  55
  59
  63
  67
  71
  75
  80
Earnings before tax, $m
  55
  63
  75
  89
  103
  118
  133
  149
  166
  184
  202
  229
  249
  269
  291
  313
  336
  361
  386
  412
  440
  468
  498
  529
  562
  596
  631
  669
  708
  748
  791
Tax expense, $m
  8
  17
  20
  24
  28
  32
  36
  40
  45
  50
  55
  62
  67
  73
  79
  85
  91
  97
  104
  111
  119
  126
  134
  143
  152
  161
  170
  181
  191
  202
  214
Net income, $m
  47
  46
  55
  65
  75
  86
  97
  109
  121
  134
  147
  167
  182
  197
  212
  229
  246
  263
  282
  301
  321
  342
  364
  386
  410
  435
  461
  488
  516
  546
  577

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  548
  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
  982
  490
  550
  613
  680
  749
  822
  898
  978
  1,060
  1,146
  1,235
  1,328
  1,424
  1,525
  1,629
  1,737
  1,850
  1,967
  2,089
  2,216
  2,348
  2,486
  2,630
  2,780
  2,937
  3,101
  3,272
  3,451
  3,637
  3,833
Adjusted assets (=assets-cash), $m
  434
  490
  550
  613
  680
  749
  822
  898
  978
  1,060
  1,146
  1,235
  1,328
  1,424
  1,525
  1,629
  1,737
  1,850
  1,967
  2,089
  2,216
  2,348
  2,486
  2,630
  2,780
  2,937
  3,101
  3,272
  3,451
  3,637
  3,833
Revenue / Adjusted assets
  1.445
  1.447
  1.445
  1.445
  1.444
  1.446
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
  1.445
Average production assets, $m
  106
  120
  134
  150
  166
  183
  201
  219
  239
  259
  280
  302
  324
  348
  372
  398
  424
  452
  480
  510
  541
  573
  607
  642
  679
  717
  757
  799
  843
  888
  936
Working capital, $m
  662
  129
  145
  161
  179
  197
  216
  236
  257
  279
  301
  325
  349
  375
  401
  428
  457
  486
  517
  549
  583
  618
  654
  692
  731
  772
  815
  860
  907
  957
  1,008
Total debt, $m
  17
  40
  64
  89
  116
  144
  173
  204
  236
  269
  304
  340
  377
  416
  456
  498
  542
  587
  635
  684
  735
  788
  844
  902
  962
  1,026
  1,092
  1,160
  1,233
  1,308
  1,387
Total liabilities, $m
  176
  198
  222
  247
  274
  302
  331
  362
  394
  427
  462
  498
  535
  574
  614
  656
  700
  745
  793
  842
  893
  946
  1,002
  1,060
  1,120
  1,184
  1,250
  1,318
  1,391
  1,466
  1,545
Total equity, $m
  807
  293
  328
  366
  406
  447
  491
  536
  584
  633
  684
  737
  793
  850
  910
  972
  1,037
  1,104
  1,174
  1,247
  1,323
  1,402
  1,484
  1,570
  1,660
  1,753
  1,851
  1,953
  2,060
  2,172
  2,288
Total liabilities and equity, $m
  983
  491
  550
  613
  680
  749
  822
  898
  978
  1,060
  1,146
  1,235
  1,328
  1,424
  1,524
  1,628
  1,737
  1,849
  1,967
  2,089
  2,216
  2,348
  2,486
  2,630
  2,780
  2,937
  3,101
  3,271
  3,451
  3,638
  3,833
Debt-to-equity ratio
  0.021
  0.140
  0.190
  0.240
  0.290
  0.320
  0.350
  0.380
  0.400
  0.430
  0.440
  0.460
  0.480
  0.490
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.560
  0.570
  0.570
  0.580
  0.580
  0.590
  0.590
  0.600
  0.600
  0.610
Adjusted equity ratio
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  47
  46
  55
  65
  75
  86
  97
  109
  121
  134
  147
  167
  182
  197
  212
  229
  246
  263
  282
  301
  321
  342
  364
  386
  410
  435
  461
  488
  516
  546
  577
Depreciation, amort., depletion, $m
  16
  18
  20
  21
  22
  24
  25
  27
  29
  30
  32
  26
  28
  30
  32
  34
  36
  39
  41
  44
  46
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
Funds from operations, $m
  75
  64
  75
  86
  97
  110
  122
  136
  150
  164
  179
  193
  209
  226
  244
  263
  282
  302
  323
  344
  367
  391
  415
  441
  468
  496
  526
  556
  589
  622
  657
Change in working capital, $m
  7
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  23
  24
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
Cash from operations, $m
  68
  49
  59
  69
  80
  91
  103
  116
  129
  143
  157
  170
  185
  201
  218
  235
  253
  272
  292
  312
  334
  356
  379
  403
  429
  455
  483
  511
  541
  573
  606
Maintenance CAPEX, $m
  0
  -9
  -10
  -11
  -13
  -14
  -16
  -17
  -19
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
New CAPEX, $m
  -6
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
Cash from investing activities, $m
  -5
  -23
  -25
  -26
  -29
  -31
  -34
  -36
  -38
  -40
  -43
  -46
  -49
  -52
  -54
  -57
  -60
  -63
  -68
  -71
  -75
  -78
  -83
  -87
  -92
  -96
  -101
  -107
  -112
  -118
  -124
Free cash flow, $m
  63
  27
  34
  42
  51
  60
  70
  80
  91
  102
  114
  124
  137
  150
  164
  178
  193
  209
  225
  242
  259
  277
  296
  316
  337
  359
  381
  405
  430
  455
  482
Issuance/(repayment) of debt, $m
  -1
  23
  24
  25
  27
  28
  29
  31
  32
  33
  35
  36
  37
  39
  40
  42
  44
  45
  47
  49
  51
  53
  56
  58
  61
  63
  66
  69
  72
  75
  79
Issuance/(repurchase) of shares, $m
  -14
  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  
  -14
  23
  24
  25
  27
  28
  29
  31
  32
  33
  35
  36
  37
  39
  40
  42
  44
  45
  47
  49
  51
  53
  56
  58
  61
  63
  66
  69
  72
  75
  79
Total cash flow (excl. dividends), $m
  49
  49
  58
  68
  78
  88
  99
  111
  123
  135
  148
  160
  174
  189
  204
  220
  237
  254
  272
  291
  310
  331
  352
  374
  398
  422
  447
  474
  502
  531
  561
Retained Cash Flow (-), $m
  -38
  -34
  -36
  -38
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -86
  -90
  -94
  -98
  -102
  -107
  -112
  -117
Prev. year cash balance distribution, $m
 
  548
  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
 
  564
  23
  30
  38
  47
  56
  65
  75
  86
  97
  106
  119
  131
  144
  158
  172
  187
  202
  218
  234
  252
  270
  288
  308
  328
  349
  372
  395
  419
  444
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
 
  540
  21
  26
  31
  36
  40
  44
  47
  49
  51
  51
  51
  50
  48
  46
  44
  41
  37
  34
  30
  26
  22
  19
  16
  13
  10
  8
  6
  5
  3
Current shareholders' claim on cash, %
  100
  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

Kulicke and Soffa Industries, Inc. designs, manufactures and sells capital equipment and expendable tools, as well as services, maintains, repairs and upgrades equipment, all used to assemble semiconductor devices. The Company supplies a range of bonding equipment. The Company operates through two segments: Equipment and Expendable Tools. The Equipment segment manufactures and sells a line of ball bonders, wedge bonders, advanced packaging and surface mount technology solutions. The Expendable Tools segment manufactures and sells expendable tools for a range of semiconductor packaging applications. It offers capital equipment and expendable tools used to assemble semiconductor devices, including integrated circuits, high and low powered discrete devices, light-emitting diodes and power modules. Its customers primarily consist of semiconductor device manufacturers, outsourced semiconductor assembly and test providers, other electronics manufacturers and automotive electronics suppliers.

FINANCIAL RATIOS  of  Kulicke&Soffa Industries (KLIC)

Valuation Ratios
P/E Ratio 36.9
Price to Sales 2.8
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 25.5
Price to Free Cash Flow 28
Growth Rates
Sales Growth Rate 17%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -40%
Cap. Spend. - 3 Yr. Gr. Rate -18.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 2.1%
Total Debt to Equity 2.1%
Interest Coverage 56
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 5.9%
Return On Total Capital 5.8%
Ret/ On T. Cap. - 3 Yr. Avg. 6.8%
Return On Equity 6%
Return On Equity - 3 Yr. Avg. 7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 45.8%
Gross Margin - 3 Yr. Avg. 47.4%
EBITDA Margin 11.5%
EBITDA Margin - 3 Yr. Avg. 12.8%
Operating Margin 8.3%
Oper. Margin - 3 Yr. Avg. 9.6%
Pre-Tax Margin 8.8%
Pre-Tax Margin - 3 Yr. Avg. 9.8%
Net Profit Margin 7.5%
Net Profit Margin - 3 Yr. Avg. 9.4%
Effective Tax Rate 14.5%
Eff/ Tax Rate - 3 Yr. Avg. -0.5%
Payout Ratio 0%

KLIC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KLIC stock intrinsic value calculation we used $627 million for the last fiscal year's total revenue generated by Kulicke&Soffa Industries. The default revenue input number comes from 2016 income statement of Kulicke&Soffa Industries. 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 KLIC stock valuation model: a) initial revenue growth rate of 13% 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 KLIC is calculated based on our internal credit rating of Kulicke&Soffa Industries, 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 Kulicke&Soffa Industries.
    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 KLIC stock the variable cost ratio is equal to 83.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $52 million in the base year in the intrinsic value calculation for KLIC 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 6.1% for Kulicke&Soffa Industries.

Corporate tax rate of 27% is the nominal tax rate for Kulicke&Soffa Industries. 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 KLIC 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 KLIC are equal to 16.9%.

Life of production assets of 11.7 years is the average useful life of capital assets used in Kulicke&Soffa Industries 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 KLIC is equal to 18.2%. 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 - $807 million for Kulicke&Soffa Industries - 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 71.202 million for Kulicke&Soffa Industries 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 Kulicke&Soffa Industries at the current share price and the inputted number of shares is $1.8 billion.

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COMPANY NEWS

▶ 10 A-Rated Tech Stocks to Grow Your Returns   [Dec-01-17 02:03PM  InvestorPlace]
▶ This Top Chip-Gear Maker Soars 20% On Strong Earnings   [04:09PM  Investor's Business Daily]
▶ Kulicke and Soffa posts 4Q profit   [07:08AM  Associated Press]
▶ Stocks Rise; Chips In Focus, But This Other Sector Is Making Breakouts   [Nov-06-17 01:26PM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: Kulicke & Soffa Industries   [Sep-13-17 03:00AM  Investor's Business Daily]
▶ Kulicke & Soffa to Participate at SEMICON Taiwan 2017   [Sep-11-17 09:05AM  Business Wire]
▶ Kulicke & Soffa Completes Existing $100M Repurchase Program   [Aug-15-17 09:05AM  Business Wire]
▶ Kulicke and Soffa posts 3Q profit   [Aug-02-17 09:58PM  Associated Press]
▶ Kulicke & Soffa Misses Estimates, Chip Gear Makers Fall   [01:18PM  Investor's Business Daily]
▶ Kulicke & Soffa to Participate at SEMICON West 2017   [Jul-10-17 09:05AM  Business Wire]
▶ 5 Low Price-to-Book Stocks for Big Returns   [Jul-03-17 08:58AM  Zacks]
▶ Can Kulicke & Soffa 'KLIC' With Investors?   [Jun-29-17 12:08PM  TheStreet.com]
▶ 3 Winning Stocks You Never Saw Coming   [May-13-17 08:12AM  Motley Fool]
▶ Kulicke & Soffa to Participate at SMT Hybrid Packaging 2017   [May-12-17 09:05AM  Business Wire]
▶ 3 Small Value Stocks That Came Up Big on Thursday   [May-05-17 11:00AM  TheStreet.com]
▶ Kulicke and Soffa beats 2Q profit forecasts   [May-03-17 07:02AM  Associated Press]
▶ Top Ranked Growth Stocks to Buy for April 4th   [Apr-04-17 10:42AM  Zacks]
▶ Kulicke & Soffa to Participate at SEMICON China 2017   [Mar-10-17 09:05AM  Business Wire]
Financial statements of KLIC
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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