Intrinsic value of Lumentum Holdings - LITE

Previous Close

$54.40

  Intrinsic Value

$54.61

stock screener

  Rating & Target

hold

0%

Previous close

$54.40

 
Intrinsic value

$54.61

 
Up/down potential

0%

 
Rating

hold

We calculate the intrinsic value of LITE 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 3.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
Revenue, $m
  1,111
  1,226
  1,346
  1,471
  1,601
  1,737
  1,878
  2,025
  2,178
  2,337
  2,502
  2,673
  2,851
  3,037
  3,229
  3,430
  3,639
  3,857
  4,084
  4,321
  4,568
  4,826
  5,095
  5,376
  5,670
  5,978
  6,300
  6,636
  6,989
  7,357
Variable operating expenses, $m
  704
  777
  852
  931
  1,014
  1,100
  1,189
  1,282
  1,378
  1,479
  1,581
  1,689
  1,801
  1,919
  2,040
  2,167
  2,299
  2,437
  2,580
  2,730
  2,886
  3,049
  3,219
  3,397
  3,583
  3,777
  3,980
  4,193
  4,415
  4,648
Fixed operating expenses, $m
  334
  342
  349
  357
  365
  373
  381
  389
  398
  406
  415
  425
  434
  443
  453
  463
  473
  484
  494
  505
  516
  528
  539
  551
  563
  576
  588
  601
  615
  628
Total operating expenses, $m
  1,038
  1,119
  1,201
  1,288
  1,379
  1,473
  1,570
  1,671
  1,776
  1,885
  1,996
  2,114
  2,235
  2,362
  2,493
  2,630
  2,772
  2,921
  3,074
  3,235
  3,402
  3,577
  3,758
  3,948
  4,146
  4,353
  4,568
  4,794
  5,030
  5,276
Operating income, $m
  73
  108
  144
  183
  223
  265
  309
  354
  402
  452
  506
  560
  616
  675
  736
  800
  867
  936
  1,009
  1,086
  1,165
  1,249
  1,337
  1,428
  1,524
  1,625
  1,731
  1,842
  1,959
  2,081
EBITDA, $m
  103
  140
  180
  221
  265
  310
  358
  407
  458
  512
  568
  626
  687
  750
  816
  885
  957
  1,032
  1,111
  1,193
  1,279
  1,369
  1,463
  1,562
  1,666
  1,774
  1,888
  2,007
  2,133
  2,264
Interest expense (income), $m
  0
  17
  21
  25
  29
  33
  37
  42
  46
  51
  56
  61
  67
  73
  78
  85
  91
  98
  105
  112
  119
  127
  135
  144
  153
  162
  172
  182
  193
  204
  216
Earnings before tax, $m
  56
  87
  120
  154
  190
  228
  267
  308
  351
  396
  444
  493
  543
  596
  651
  709
  769
  832
  897
  966
  1,038
  1,114
  1,193
  1,275
  1,362
  1,453
  1,549
  1,649
  1,755
  1,865
Tax expense, $m
  15
  23
  32
  42
  51
  61
  72
  83
  95
  107
  120
  133
  147
  161
  176
  191
  208
  225
  242
  261
  280
  301
  322
  344
  368
  392
  418
  445
  474
  504
Net income, $m
  41
  63
  87
  112
  139
  166
  195
  225
  256
  289
  324
  360
  397
  435
  475
  517
  561
  607
  655
  705
  758
  813
  871
  931
  994
  1,061
  1,131
  1,204
  1,281
  1,362

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
  956
  1,055
  1,158
  1,266
  1,378
  1,495
  1,617
  1,743
  1,874
  2,011
  2,153
  2,300
  2,454
  2,613
  2,779
  2,952
  3,132
  3,319
  3,515
  3,718
  3,931
  4,153
  4,385
  4,627
  4,880
  5,145
  5,421
  5,711
  6,014
  6,332
Adjusted assets (=assets-cash), $m
  956
  1,055
  1,158
  1,266
  1,378
  1,495
  1,617
  1,743
  1,874
  2,011
  2,153
  2,300
  2,454
  2,613
  2,779
  2,952
  3,132
  3,319
  3,515
  3,718
  3,931
  4,153
  4,385
  4,627
  4,880
  5,145
  5,421
  5,711
  6,014
  6,332
Revenue / Adjusted assets
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.161
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
Average production assets, $m
  277
  305
  335
  366
  399
  433
  468
  504
  542
  582
  623
  666
  710
  756
  804
  854
  906
  960
  1,017
  1,076
  1,137
  1,202
  1,269
  1,339
  1,412
  1,489
  1,569
  1,652
  1,740
  1,832
Working capital, $m
  33
  37
  40
  44
  48
  52
  56
  61
  65
  70
  75
  80
  86
  91
  97
  103
  109
  116
  123
  130
  137
  145
  153
  161
  170
  179
  189
  199
  210
  221
Total debt, $m
  385
  456
  529
  606
  686
  770
  856
  946
  1,040
  1,137
  1,239
  1,344
  1,453
  1,567
  1,685
  1,808
  1,937
  2,070
  2,209
  2,355
  2,506
  2,665
  2,830
  3,002
  3,183
  3,372
  3,569
  3,776
  3,992
  4,218
Total liabilities, $m
  682
  752
  826
  902
  983
  1,066
  1,153
  1,243
  1,336
  1,434
  1,535
  1,640
  1,750
  1,863
  1,982
  2,105
  2,233
  2,367
  2,506
  2,651
  2,803
  2,961
  3,126
  3,299
  3,479
  3,668
  3,865
  4,072
  4,288
  4,514
Total equity, $m
  274
  303
  332
  363
  395
  429
  464
  500
  538
  577
  618
  660
  704
  750
  798
  847
  899
  953
  1,009
  1,067
  1,128
  1,192
  1,258
  1,328
  1,401
  1,476
  1,556
  1,639
  1,726
  1,817
Total liabilities and equity, $m
  956
  1,055
  1,158
  1,265
  1,378
  1,495
  1,617
  1,743
  1,874
  2,011
  2,153
  2,300
  2,454
  2,613
  2,780
  2,952
  3,132
  3,320
  3,515
  3,718
  3,931
  4,153
  4,384
  4,627
  4,880
  5,144
  5,421
  5,711
  6,014
  6,331
Debt-to-equity ratio
  1.400
  1.510
  1.590
  1.670
  1.730
  1.790
  1.850
  1.890
  1.930
  1.970
  2.000
  2.040
  2.060
  2.090
  2.110
  2.130
  2.150
  2.170
  2.190
  2.210
  2.220
  2.240
  2.250
  2.260
  2.270
  2.280
  2.290
  2.300
  2.310
  2.320
Adjusted equity ratio
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  41
  63
  87
  112
  139
  166
  195
  225
  256
  289
  324
  360
  397
  435
  475
  517
  561
  607
  655
  705
  758
  813
  871
  931
  994
  1,061
  1,131
  1,204
  1,281
  1,362
Depreciation, amort., depletion, $m
  30
  33
  36
  39
  42
  45
  49
  53
  56
  60
  62
  67
  71
  76
  80
  85
  91
  96
  102
  108
  114
  120
  127
  134
  141
  149
  157
  165
  174
  183
Funds from operations, $m
  70
  96
  123
  151
  181
  212
  244
  278
  313
  349
  387
  426
  468
  511
  556
  603
  652
  703
  757
  813
  872
  933
  997
  1,065
  1,136
  1,210
  1,288
  1,369
  1,455
  1,545
Change in working capital, $m
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
Cash from operations, $m
  67
  93
  119
  148
  177
  208
  240
  273
  308
  344
  382
  421
  462
  505
  550
  597
  646
  697
  750
  806
  864
  925
  989
  1,057
  1,127
  1,201
  1,278
  1,359
  1,444
  1,534
Maintenance CAPEX, $m
  -25
  -28
  -31
  -34
  -37
  -40
  -43
  -47
  -50
  -54
  -58
  -62
  -67
  -71
  -76
  -80
  -85
  -91
  -96
  -102
  -108
  -114
  -120
  -127
  -134
  -141
  -149
  -157
  -165
  -174
New CAPEX, $m
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
Cash from investing activities, $m
  -53
  -57
  -61
  -65
  -69
  -74
  -78
  -84
  -88
  -94
  -99
  -105
  -111
  -117
  -124
  -130
  -137
  -145
  -153
  -161
  -170
  -178
  -187
  -197
  -207
  -218
  -229
  -241
  -253
  -266
Free cash flow, $m
  15
  36
  59
  83
  108
  134
  161
  190
  220
  251
  282
  316
  351
  388
  426
  466
  508
  552
  597
  645
  695
  747
  802
  860
  920
  983
  1,049
  1,118
  1,191
  1,268
Issuance/(repayment) of debt, $m
  68
  70
  74
  77
  80
  83
  87
  90
  94
  97
  101
  105
  109
  114
  118
  123
  128
  134
  139
  145
  152
  158
  165
  173
  180
  189
  197
  207
  216
  226
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  
  68
  70
  74
  77
  80
  83
  87
  90
  94
  97
  101
  105
  109
  114
  118
  123
  128
  134
  139
  145
  152
  158
  165
  173
  180
  189
  197
  207
  216
  226
Total cash flow (excl. dividends), $m
  83
  107
  133
  160
  188
  217
  248
  280
  313
  348
  384
  421
  461
  502
  545
  590
  636
  685
  737
  790
  847
  906
  967
  1,032
  1,100
  1,172
  1,246
  1,325
  1,408
  1,494
Retained Cash Flow (-), $m
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -64
  -67
  -69
  -73
  -76
  -79
  -83
  -87
  -91
Prev. year cash balance distribution, $m
  371
  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
  29
  32
  36
  39
  43
  46
  50
  54
  59
  63
  68
  73
  78
  83
  88
  94
  99
  106
  112
  118
  125
  132
  140
  148
  156
  164
  173
  183
  192
  203
Cash available for distribution, $m
  427
  78
  103
  129
  156
  184
  213
  244
  276
  309
  343
  379
  417
  456
  497
  540
  585
  632
  681
  732
  786
  842
  901
  963
  1,028
  1,096
  1,167
  1,242
  1,321
  1,403
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
  410
  72
  90
  106
  121
  133
  144
  152
  158
  162
  163
  162
  158
  153
  146
  137
  127
  116
  105
  93
  81
  70
  59
  49
  40
  32
  25
  19
  14
  11
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

Lumentum Holdings Inc. is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers). The Company's OpComms products include a range of components, modules and subsystems to support and maintain customers in its two primary markets: Telecom and Datacom. The Company's Lasers products serve customers in markets and applications, such as manufacturing, biotechnology, graphics and imaging, remote sensing, and precision machining, such as drilling in printed circuit boards, wafer singulation and solar cell scribing. The Company's customers include original equipment manufacturers (OEMs).

FINANCIAL RATIOS  of  Lumentum Holdings (LITE)

Valuation Ratios
P/E Ratio -32.5
Price to Sales 3.3
Price to Book 5.4
Price to Tangible Book
Price to Cash Flow 39.3
Price to Free Cash Flow -63.1
Growth Rates
Sales Growth Rate 11%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 68.3%
Cap. Spend. - 3 Yr. Gr. Rate 60.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 51.4%
Total Debt to Equity 51.4%
Interest Coverage 0
Management Effectiveness
Return On Assets -10.5%
Ret/ On Assets - 3 Yr. Avg. -3.2%
Return On Total Capital -14.4%
Ret/ On T. Cap. - 3 Yr. Avg. -4.4%
Return On Equity -18.5%
Return On Equity - 3 Yr. Avg. -5.7%
Asset Turnover 1
Profitability Ratios
Gross Margin 31.7%
Gross Margin - 3 Yr. Avg. 31.1%
EBITDA Margin 0.1%
EBITDA Margin - 3 Yr. Avg. 3.4%
Operating Margin 4.8%
Oper. Margin - 3 Yr. Avg. 1%
Pre-Tax Margin -6%
Pre-Tax Margin - 3 Yr. Avg. -2.6%
Net Profit Margin -10.3%
Net Profit Margin - 3 Yr. Avg. -3.2%
Effective Tax Rate -71.7%
Eff/ Tax Rate - 3 Yr. Avg. 8.8%
Payout Ratio -1%

LITE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LITE stock intrinsic value calculation we used $1002 million for the last fiscal year's total revenue generated by Lumentum Holdings. The default revenue input number comes from 2017 income statement of Lumentum Holdings. 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 LITE stock valuation model: a) initial revenue growth rate of 10.9% 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 LITE is calculated based on our internal credit rating of Lumentum Holdings, 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 Lumentum Holdings.
    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 LITE stock the variable cost ratio is equal to 63.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $327 million in the base year in the intrinsic value calculation for LITE 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 Lumentum Holdings.

Corporate tax rate of 27% is the nominal tax rate for Lumentum Holdings. 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 LITE stock is equal to 2.9%.

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 LITE are equal to 24.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Lumentum Holdings 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 LITE is equal to 3%. 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 - $619 million for Lumentum Holdings - 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 61 million for Lumentum Holdings 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 Lumentum Holdings at the current share price and the inputted number of shares is $3.3 billion.

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COMPANY NEWS

▶ China's ZTE clears hurdle to lifting U.S. ban   [Jul-11-18 05:36PM  Reuters]
▶ Lumentum stock surges after Goldman Sachs upgrade   [Jun-21-18 09:06AM  MarketWatch]
▶ Broadcom and KLA-Tencor skid; Stitch Fix and Monster climb   [Jun-08-18 04:44PM  Associated Press]
▶ Acacia, Lumentum Gain As U.S. To Lift Ban On ZTE Component Sales   [Jun-07-18 04:59PM  Investor's Business Daily]
▶ 9 Augmented Reality Stocks to Enhance Your Portfolio   [Jun-06-18 03:32PM  InvestorPlace]
▶ Acacia, Lumentum, Finisar Rise As Trump Nears ZTE Deal With China   [May-25-18 01:06PM  Investor's Business Daily]
▶ Shares of Silicon Valley suppliers jump as Trump signals possible reversal of ZTE ban   [May-14-18 04:44PM  American City Business Journals]
▶ Why Oclaro, Inc. Stock Dropped 17.2% in April   [May-11-18 11:45AM  Motley Fool]
▶ Lumentum Holdings Is Just Getting Started   [May-05-18 02:04PM  Motley Fool]
▶ Apple Device Supplier Lumentum Pops, Outlook Above Estimates   [May-02-18 04:35PM  Investor's Business Daily]
▶ Lumentum: Fiscal 3Q Earnings Snapshot   [08:13AM  Associated Press]
▶ Lumentum Earnings Preview   [May-01-18 04:12PM  Benzinga]
▶ Apple Seen Sticking With Finisar, Which May Get An Overhaul   [Apr-05-18 10:44AM  Investor's Business Daily]
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▶ Here's The Upshot On Possible Mergers In The Optical Industry   [Mar-15-18 04:16PM  Investor's Business Daily]
▶ Company News For Mar 13, 2018   [10:20AM  Zacks]
▶ Lumentum Buying Oclaro for $1.8 Billion   [09:29AM  Investopedia]
▶ Why Oclaro Inc. Stock Popped Today   [Mar-12-18 08:25PM  Motley Fool]
▶ Lumentum To Buy Oclaro; Is Industry Consolidation On Horizon?   [04:43PM  Investor's Business Daily]
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