Intrinsic value of Lumentum Holdings - LITE

Previous Close

$60.25

  Intrinsic Value

$86.45

stock screener

  Rating & Target

buy

+43%

Previous close

$60.25

 
Intrinsic value

$86.45

 
Up/down potential

+43%

 
Rating

buy

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 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 3.8

 

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, %
  16.80
  15.62
  14.56
  13.60
  12.74
  11.97
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
Revenue, $m
  1,170
  1,353
  1,550
  1,760
  1,985
  2,222
  2,473
  2,736
  3,011
  3,300
  3,600
  3,914
  4,240
  4,579
  4,932
  5,298
  5,679
  6,074
  6,486
  6,913
  7,358
  7,821
  8,303
  8,805
  9,328
  9,874
  10,443
  11,037
  11,657
  12,304
Variable operating expenses, $m
  739
  854
  978
  1,111
  1,252
  1,402
  1,559
  1,725
  1,899
  2,080
  2,268
  2,465
  2,671
  2,884
  3,106
  3,337
  3,577
  3,826
  4,085
  4,354
  4,635
  4,926
  5,230
  5,546
  5,875
  6,219
  6,577
  6,951
  7,342
  7,750
Fixed operating expenses, $m
  336
  344
  351
  359
  367
  375
  383
  392
  400
  409
  418
  427
  437
  446
  456
  466
  476
  487
  497
  508
  520
  531
  543
  555
  567
  579
  592
  605
  618
  632
Total operating expenses, $m
  1,075
  1,198
  1,329
  1,470
  1,619
  1,777
  1,942
  2,117
  2,299
  2,489
  2,686
  2,892
  3,108
  3,330
  3,562
  3,803
  4,053
  4,313
  4,582
  4,862
  5,155
  5,457
  5,773
  6,101
  6,442
  6,798
  7,169
  7,556
  7,960
  8,382
Operating income, $m
  95
  155
  220
  290
  366
  445
  530
  619
  712
  810
  915
  1,022
  1,133
  1,249
  1,369
  1,495
  1,626
  1,762
  1,903
  2,051
  2,204
  2,364
  2,531
  2,705
  2,886
  3,075
  3,273
  3,480
  3,696
  3,922
EBITDA, $m
  152
  221
  296
  376
  462
  553
  650
  751
  858
  969
  1,086
  1,208
  1,335
  1,467
  1,604
  1,747
  1,896
  2,051
  2,212
  2,380
  2,554
  2,736
  2,926
  3,124
  3,330
  3,545
  3,770
  4,005
  4,251
  4,508
Interest expense (income), $m
  0
  17
  23
  29
  35
  42
  50
  58
  66
  75
  84
  93
  103
  114
  124
  136
  147
  159
  172
  185
  199
  213
  228
  243
  259
  275
  293
  311
  330
  349
  370
Earnings before tax, $m
  77
  132
  191
  255
  323
  396
  472
  553
  638
  727
  821
  918
  1,019
  1,124
  1,234
  1,348
  1,466
  1,590
  1,718
  1,852
  1,991
  2,136
  2,288
  2,446
  2,611
  2,783
  2,962
  3,150
  3,347
  3,552
Tax expense, $m
  21
  36
  52
  69
  87
  107
  128
  149
  172
  196
  222
  248
  275
  304
  333
  364
  396
  429
  464
  500
  538
  577
  618
  660
  705
  751
  800
  851
  904
  959
Net income, $m
  57
  96
  140
  186
  236
  289
  345
  404
  466
  530
  600
  670
  744
  821
  901
  984
  1,070
  1,160
  1,254
  1,352
  1,454
  1,560
  1,670
  1,785
  1,906
  2,031
  2,163
  2,300
  2,443
  2,593

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
  1,006
  1,163
  1,332
  1,514
  1,706
  1,911
  2,126
  2,352
  2,589
  2,837
  3,096
  3,365
  3,646
  3,937
  4,240
  4,556
  4,883
  5,223
  5,577
  5,945
  6,327
  6,725
  7,139
  7,571
  8,021
  8,490
  8,979
  9,490
  10,023
  10,580
Adjusted assets (=assets-cash), $m
  1,006
  1,163
  1,332
  1,514
  1,706
  1,911
  2,126
  2,352
  2,589
  2,837
  3,096
  3,365
  3,646
  3,937
  4,240
  4,556
  4,883
  5,223
  5,577
  5,945
  6,327
  6,725
  7,139
  7,571
  8,021
  8,490
  8,979
  9,490
  10,023
  10,580
Revenue / Adjusted assets
  1.163
  1.163
  1.164
  1.162
  1.164
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
Average production assets, $m
  278
  322
  369
  419
  472
  529
  588
  651
  717
  785
  857
  931
  1,009
  1,090
  1,174
  1,261
  1,352
  1,446
  1,544
  1,645
  1,751
  1,861
  1,976
  2,096
  2,220
  2,350
  2,485
  2,627
  2,774
  2,928
Working capital, $m
  222
  257
  294
  334
  377
  422
  470
  520
  572
  627
  684
  744
  806
  870
  937
  1,007
  1,079
  1,154
  1,232
  1,314
  1,398
  1,486
  1,578
  1,673
  1,772
  1,876
  1,984
  2,097
  2,215
  2,338
Total debt, $m
  421
  533
  653
  783
  920
  1,066
  1,219
  1,381
  1,550
  1,726
  1,911
  2,103
  2,303
  2,511
  2,727
  2,951
  3,185
  3,427
  3,680
  3,942
  4,215
  4,498
  4,794
  5,102
  5,422
  5,757
  6,106
  6,470
  6,850
  7,247
Total liabilities, $m
  717
  829
  950
  1,079
  1,217
  1,362
  1,516
  1,677
  1,846
  2,023
  2,207
  2,399
  2,599
  2,807
  3,023
  3,248
  3,482
  3,724
  3,976
  4,238
  4,511
  4,795
  5,090
  5,398
  5,719
  6,053
  6,402
  6,766
  7,146
  7,543
Total equity, $m
  289
  334
  382
  434
  490
  548
  610
  675
  743
  814
  889
  966
  1,046
  1,130
  1,217
  1,307
  1,401
  1,499
  1,601
  1,706
  1,816
  1,930
  2,049
  2,173
  2,302
  2,437
  2,577
  2,724
  2,877
  3,036
Total liabilities and equity, $m
  1,006
  1,163
  1,332
  1,513
  1,707
  1,910
  2,126
  2,352
  2,589
  2,837
  3,096
  3,365
  3,645
  3,937
  4,240
  4,555
  4,883
  5,223
  5,577
  5,944
  6,327
  6,725
  7,139
  7,571
  8,021
  8,490
  8,979
  9,490
  10,023
  10,579
Debt-to-equity ratio
  1.460
  1.600
  1.710
  1.800
  1.880
  1.940
  2.000
  2.040
  2.090
  2.120
  2.150
  2.180
  2.200
  2.220
  2.240
  2.260
  2.270
  2.290
  2.300
  2.310
  2.320
  2.330
  2.340
  2.350
  2.360
  2.360
  2.370
  2.380
  2.380
  2.390
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
  57
  96
  140
  186
  236
  289
  345
  404
  466
  530
  600
  670
  744
  821
  901
  984
  1,070
  1,160
  1,254
  1,352
  1,454
  1,560
  1,670
  1,785
  1,906
  2,031
  2,163
  2,300
  2,443
  2,593
Depreciation, amort., depletion, $m
  58
  67
  76
  86
  97
  108
  120
  132
  145
  159
  171
  186
  202
  218
  235
  252
  270
  289
  309
  329
  350
  372
  395
  419
  444
  470
  497
  525
  555
  586
Funds from operations, $m
  114
  163
  216
  272
  333
  397
  465
  536
  611
  690
  771
  857
  946
  1,039
  1,135
  1,236
  1,341
  1,450
  1,563
  1,681
  1,804
  1,932
  2,065
  2,204
  2,350
  2,501
  2,660
  2,825
  2,998
  3,179
Change in working capital, $m
  32
  35
  37
  40
  43
  45
  48
  50
  52
  55
  57
  60
  62
  64
  67
  70
  72
  75
  78
  81
  85
  88
  92
  95
  99
  104
  108
  113
  118
  123
Cash from operations, $m
  82
  128
  178
  232
  290
  352
  417
  486
  559
  635
  714
  797
  884
  974
  1,068
  1,166
  1,268
  1,374
  1,485
  1,600
  1,719
  1,844
  1,974
  2,109
  2,250
  2,398
  2,552
  2,712
  2,880
  3,056
Maintenance CAPEX, $m
  -48
  -56
  -64
  -74
  -84
  -94
  -106
  -118
  -130
  -143
  -157
  -171
  -186
  -202
  -218
  -235
  -252
  -270
  -289
  -309
  -329
  -350
  -372
  -395
  -419
  -444
  -470
  -497
  -525
  -555
New CAPEX, $m
  -40
  -43
  -47
  -50
  -53
  -57
  -60
  -63
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -115
  -119
  -125
  -130
  -135
  -141
  -148
  -154
Cash from investing activities, $m
  -88
  -99
  -111
  -124
  -137
  -151
  -166
  -181
  -196
  -212
  -229
  -246
  -264
  -283
  -302
  -322
  -343
  -364
  -387
  -411
  -435
  -460
  -487
  -514
  -544
  -574
  -605
  -638
  -673
  -709
Free cash flow, $m
  -5
  29
  67
  108
  153
  201
  252
  306
  363
  423
  485
  551
  620
  692
  767
  845
  926
  1,010
  1,098
  1,189
  1,284
  1,383
  1,487
  1,594
  1,707
  1,824
  1,946
  2,074
  2,207
  2,347
Issuance/(repayment) of debt, $m
  103
  112
  121
  129
  138
  146
  154
  161
  169
  177
  184
  192
  200
  208
  216
  225
  233
  243
  252
  262
  273
  284
  295
  308
  321
  334
  349
  364
  380
  397
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  
  103
  112
  121
  129
  138
  146
  154
  161
  169
  177
  184
  192
  200
  208
  216
  225
  233
  243
  252
  262
  273
  284
  295
  308
  321
  334
  349
  364
  380
  397
Total cash flow (excl. dividends), $m
  98
  141
  188
  237
  290
  346
  405
  467
  532
  600
  670
  743
  820
  900
  983
  1,069
  1,159
  1,253
  1,350
  1,451
  1,557
  1,667
  1,782
  1,902
  2,027
  2,158
  2,295
  2,438
  2,587
  2,744
Retained Cash Flow (-), $m
  -41
  -45
  -49
  -52
  -55
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -90
  -94
  -98
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -135
  -140
  -147
  -153
  -160
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
  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
  428
  96
  139
  185
  235
  288
  343
  402
  464
  528
  595
  666
  739
  816
  896
  979
  1,065
  1,155
  1,248
  1,346
  1,447
  1,553
  1,663
  1,778
  1,898
  2,024
  2,155
  2,291
  2,434
  2,584
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
  411
  88
  121
  153
  182
  209
  232
  251
  266
  277
  283
  284
  281
  274
  263
  249
  232
  213
  192
  171
  150
  129
  109
  91
  74
  59
  46
  35
  27
  19
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 -36
Price to Sales 3.7
Price to Book 6
Price to Tangible Book
Price to Cash Flow 43.6
Price to Free Cash Flow -69.9
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 $1001.6 million for the last fiscal year's total revenue generated by Lumentum Holdings. The default revenue input number comes from 0001 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 16.8% 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 63.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $329 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 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 LITE are equal to 23.8%.

Life of production assets of 4.6 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 19%. 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 - $618.8 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 62.6 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 $3.8 billion.

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COMPANY NEWS

▶ Delphix Adds Penny Herscher to Board of Directors   [Sep-18-18 09:00AM  GlobeNewswire]
▶ Is Lumentum Holdings Incs (NASDAQ:LITE) CEO Pay Justified?   [Aug-16-18 02:13PM  Simply Wall St.]
▶ Apple Supplier Hints At Greater 3D-Sensing iPhone Production   [Aug-08-18 04:22PM  Investor's Business Daily]
▶ Lumentum: Fiscal 4Q Earnings Snapshot   [08:25AM  Associated Press]
▶ Three Smart Ways to Play the Augmented Reality Trend   [Jul-27-18 10:41AM  InvestorPlace]
▶ 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]
▶ Can Finisar Make a Comeback?   [09:18AM  Motley Fool]
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▶ Here's The Upshot On Possible Mergers In The Optical Industry   [Mar-15-18 04:16PM  Investor's Business Daily]

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