Intrinsic value of Lumentum Holdings - LITE

Previous Close

$59.50

  Intrinsic Value

$18.15

stock screener

  Rating & Target

str. sell

-70%

Previous close

$59.50

 
Intrinsic value

$18.15

 
Up/down potential

-70%

 
Rating

str. sell

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

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 3.7

 

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, %
  10.96
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,002
  1,022
  1,046
  1,072
  1,103
  1,136
  1,173
  1,213
  1,256
  1,302
  1,352
  1,406
  1,463
  1,524
  1,588
  1,657
  1,729
  1,806
  1,888
  1,973
  2,064
  2,160
  2,261
  2,367
  2,479
  2,597
  2,721
  2,852
  2,990
  3,135
  3,287
Variable operating expenses, $m
 
  641
  656
  672
  691
  712
  735
  760
  787
  816
  848
  880
  916
  954
  994
  1,037
  1,082
  1,131
  1,181
  1,235
  1,292
  1,352
  1,415
  1,482
  1,552
  1,626
  1,703
  1,785
  1,871
  1,962
  2,057
Fixed operating expenses, $m
 
  342
  351
  360
  369
  378
  387
  397
  407
  417
  428
  438
  449
  460
  472
  484
  496
  508
  521
  534
  547
  561
  575
  589
  604
  619
  635
  651
  667
  684
  701
Total operating expenses, $m
  954
  983
  1,007
  1,032
  1,060
  1,090
  1,122
  1,157
  1,194
  1,233
  1,276
  1,318
  1,365
  1,414
  1,466
  1,521
  1,578
  1,639
  1,702
  1,769
  1,839
  1,913
  1,990
  2,071
  2,156
  2,245
  2,338
  2,436
  2,538
  2,646
  2,758
Operating income, $m
  48
  39
  39
  40
  43
  46
  50
  56
  62
  69
  77
  88
  98
  110
  122
  136
  151
  167
  185
  204
  225
  247
  271
  296
  323
  352
  383
  416
  452
  489
  529
EBITDA, $m
  109
  89
  91
  93
  97
  102
  108
  115
  123
  133
  144
  155
  169
  183
  199
  216
  234
  255
  276
  299
  324
  351
  380
  410
  443
  478
  515
  554
  596
  640
  687
Interest expense (income), $m
  0
  11
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  20
  21
  22
  23
  25
  26
  28
  30
  32
  34
  36
  38
  40
  42
  45
  48
  50
  53
  56
Earnings before tax, $m
  -60
  28
  28
  28
  30
  33
  36
  41
  46
  53
  60
  69
  78
  89
  100
  113
  126
  141
  157
  174
  193
  213
  235
  258
  283
  310
  338
  369
  401
  436
  473
Tax expense, $m
  43
  7
  7
  8
  8
  9
  10
  11
  12
  14
  16
  19
  21
  24
  27
  30
  34
  38
  42
  47
  52
  58
  63
  70
  76
  84
  91
  100
  108
  118
  128
Net income, $m
  -103
  20
  20
  21
  22
  24
  27
  30
  34
  38
  44
  51
  57
  65
  73
  82
  92
  103
  115
  127
  141
  156
  172
  189
  207
  226
  247
  269
  293
  318
  345

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  555
  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
  1,233
  692
  707
  726
  746
  769
  793
  820
  850
  881
  915
  951
  990
  1,031
  1,075
  1,121
  1,170
  1,222
  1,277
  1,335
  1,397
  1,461
  1,530
  1,601
  1,677
  1,757
  1,841
  1,930
  2,023
  2,121
  2,224
Adjusted assets (=assets-cash), $m
  678
  692
  707
  726
  746
  769
  793
  820
  850
  881
  915
  951
  990
  1,031
  1,075
  1,121
  1,170
  1,222
  1,277
  1,335
  1,397
  1,461
  1,530
  1,601
  1,677
  1,757
  1,841
  1,930
  2,023
  2,121
  2,224
Revenue / Adjusted assets
  1.478
  1.477
  1.479
  1.477
  1.479
  1.477
  1.479
  1.479
  1.478
  1.478
  1.478
  1.478
  1.478
  1.478
  1.477
  1.478
  1.478
  1.478
  1.478
  1.478
  1.477
  1.478
  1.478
  1.478
  1.478
  1.478
  1.478
  1.478
  1.478
  1.478
  1.478
Average production assets, $m
  241
  246
  252
  258
  266
  274
  283
  292
  303
  314
  326
  339
  353
  367
  383
  399
  417
  435
  455
  476
  497
  520
  545
  570
  597
  626
  656
  687
  721
  755
  792
Working capital, $m
  746
  195
  200
  205
  211
  217
  224
  232
  240
  249
  258
  269
  279
  291
  303
  316
  330
  345
  361
  377
  394
  413
  432
  452
  473
  496
  520
  545
  571
  599
  628
Total debt, $m
  318
  326
  341
  357
  375
  396
  418
  442
  469
  497
  528
  560
  595
  632
  671
  713
  757
  804
  853
  906
  961
  1,019
  1,081
  1,145
  1,214
  1,285
  1,361
  1,441
  1,525
  1,613
  1,705
Total liabilities, $m
  614
  622
  637
  653
  671
  692
  714
  738
  765
  793
  824
  856
  891
  928
  967
  1,009
  1,053
  1,100
  1,149
  1,202
  1,257
  1,315
  1,377
  1,441
  1,510
  1,581
  1,657
  1,737
  1,821
  1,909
  2,001
Total equity, $m
  619
  69
  71
  73
  75
  77
  79
  82
  85
  88
  92
  95
  99
  103
  107
  112
  117
  122
  128
  134
  140
  146
  153
  160
  168
  176
  184
  193
  202
  212
  222
Total liabilities and equity, $m
  1,233
  691
  708
  726
  746
  769
  793
  820
  850
  881
  916
  951
  990
  1,031
  1,074
  1,121
  1,170
  1,222
  1,277
  1,336
  1,397
  1,461
  1,530
  1,601
  1,678
  1,757
  1,841
  1,930
  2,023
  2,121
  2,223
Debt-to-equity ratio
  0.514
  4.720
  4.820
  4.920
  5.030
  5.150
  5.270
  5.390
  5.520
  5.640
  5.770
  5.890
  6.010
  6.130
  6.250
  6.360
  6.470
  6.580
  6.680
  6.780
  6.880
  6.970
  7.060
  7.150
  7.240
  7.320
  7.390
  7.470
  7.540
  7.600
  7.670
Adjusted equity ratio
  0.094
  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
  -103
  20
  20
  21
  22
  24
  27
  30
  34
  38
  44
  51
  57
  65
  73
  82
  92
  103
  115
  127
  141
  156
  172
  189
  207
  226
  247
  269
  293
  318
  345
Depreciation, amort., depletion, $m
  61
  50
  51
  53
  54
  56
  58
  60
  62
  64
  66
  68
  71
  73
  77
  80
  83
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  144
  151
  158
Funds from operations, $m
  46
  71
  72
  74
  76
  80
  84
  89
  95
  102
  110
  118
  128
  138
  150
  162
  175
  190
  206
  222
  240
  260
  281
  303
  326
  351
  378
  407
  437
  469
  503
Change in working capital, $m
  -39
  4
  4
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
Cash from operations, $m
  85
  67
  67
  68
  71
  73
  77
  82
  87
  93
  100
  108
  117
  127
  137
  149
  162
  175
  190
  206
  223
  242
  261
  282
  305
  329
  354
  382
  411
  442
  474
Maintenance CAPEX, $m
  0
  -48
  -49
  -50
  -52
  -53
  -55
  -57
  -58
  -61
  -63
  -65
  -68
  -71
  -73
  -77
  -80
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -144
  -151
New CAPEX, $m
  -138
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -17
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -32
  -33
  -35
  -37
Cash from investing activities, $m
  -426
  -53
  -55
  -56
  -59
  -61
  -64
  -67
  -68
  -72
  -75
  -78
  -82
  -86
  -89
  -94
  -97
  -102
  -107
  -112
  -117
  -122
  -128
  -135
  -141
  -147
  -155
  -163
  -170
  -179
  -188
Free cash flow, $m
  -341
  13
  12
  12
  12
  12
  14
  16
  18
  22
  26
  30
  35
  41
  48
  56
  64
  73
  83
  94
  106
  119
  133
  148
  164
  181
  199
  219
  240
  263
  287
Issuance/(repayment) of debt, $m
  442
  8
  14
  16
  18
  20
  22
  24
  26
  28
  30
  33
  35
  37
  39
  42
  44
  47
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  84
  88
  93
Issuance/(repurchase) of shares, $m
  12
  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  
  458
  8
  14
  16
  18
  20
  22
  24
  26
  28
  30
  33
  35
  37
  39
  42
  44
  47
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  84
  88
  93
Total cash flow (excl. dividends), $m
  117
  22
  27
  28
  30
  33
  36
  40
  45
  50
  56
  63
  70
  78
  88
  98
  108
  120
  133
  147
  161
  177
  194
  212
  232
  253
  275
  299
  324
  351
  379
Retained Cash Flow (-), $m
  -122
  -5
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
Prev. year cash balance distribution, $m
 
  555
  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
 
  571
  25
  26
  28
  30
  33
  37
  42
  47
  53
  59
  66
  74
  83
  93
  104
  115
  127
  141
  155
  171
  187
  205
  224
  245
  267
  290
  315
  341
  369
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
 
  548
  23
  23
  23
  24
  24
  25
  26
  27
  28
  28
  28
  28
  28
  27
  26
  25
  23
  22
  20
  18
  16
  13
  11
  10
  8
  6
  5
  4
  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

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 -35.5
Price to Sales 3.7
Price to Book 5.9
Price to Tangible Book
Price to Cash Flow 43
Price to Free Cash Flow -69
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 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 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 62.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $334 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 3.5% 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 24.1%.

Life of production assets of 4.1 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 19.1%. 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 62.02 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 $3.7 billion.

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COMPANY NEWS

▶ Is It Time To Buy Lumentum Holdings Inc (LITE)?   [Oct-12-17 09:16PM  Simply Wall St.]
▶ Better Buy: Lumentum vs. Finisar   [10:33AM  Motley Fool]
▶ 5 Innovation-Forward Technology Stocks to Buy Now   [Oct-02-17 07:00AM  Motley Fool]
▶ Stocks Showing Improved Relative Strength: Lumentum   [03:00AM  Investor's Business Daily]
▶ [$$] Lumentum Has Appeal Beyond the iPhone   [Sep-28-17 01:17PM  Barrons.com]
▶ Lumentum Exhibits At Nine Tradeshows In Four Months   [Sep-14-17 04:10PM  PR Newswire]
▶ Should You Buy Lumentum Holdings Inc (LITE)?   [02:13PM  Simply Wall St.]
▶ Lumentum Slips, Analysts Ponder Apple's iPhone X Sensor Content   [Sep-12-17 04:40PM  Investor's Business Daily]
▶ Finisar Delays Adding To Fears Over Apple iPhone 8 Production   [Sep-08-17 04:25PM  Investor's Business Daily]
▶ Nasdaq Falls, But Market Shows Pockets Of Strength   [Aug-24-17 12:10PM  Investor's Business Daily]
▶ Lumentum et al Jump on China Mobile Optical Tender   [Aug-23-17 04:03PM  Barrons.com]
▶ Rumored Apple Inc. Supplier Talks 3D Sensing   [Aug-14-17 08:45AM  Motley Fool]
▶ Lumentum: China Woes; High Hopes For 3-D Sensing   [Aug-10-17 12:07PM  Barrons.com]
▶ Lumentum reports 4Q loss   [Aug-09-17 10:45PM  Associated Press]
▶ S&P 500 Futures: These 2 IBD 50 iPhone 8 Plays Are Near Buys   [Aug-08-17 07:04AM  Investor's Business Daily]
▶ ETF Flopper: No Power In This Tech ETF   [Aug-04-17 05:42PM  Barrons.com]
▶ S&P 500 Futures: Jobs Report On Tap; These Optical Stocks Fall   [06:53AM  Investor's Business Daily]
▶ How This Small-Cap Tech ETF Topped Its Larger Rivals   [Jul-24-17 09:02PM  Motley Fool]
▶ Nasdaq Closes At New Record, But Alphabet Lower After Earnings   [04:32PM  Investor's Business Daily]
▶ 'Sell the News' Hits Alphabet After Earnings   [04:29PM  TheStreet.com]
▶ 3 Top Small-Cap Technology Stocks to Buy Now   [Jul-16-17 08:01AM  Motley Fool]
▶ Acacia Stock Falls As Manufacturing Issue Hits Q2 EPS, Revenue   [07:41AM  Investor's Business Daily]
▶ Fiber Stocks Rally As Applied Optoelectronics Preannounces Q2 Beat   [Jul-13-17 06:06PM  Investor's Business Daily]
▶ Top Funds Are Banking Gains With BofA, Morgan Stanley   [Jul-07-17 03:50PM  Investor's Business Daily]
▶ Futures: Tesla Rallies; Watch These 3 95+ Optical Stocks   [07:10AM  Investor's Business Daily]
▶ Fiber-Optic Stocks Rated Strong Buys; One Gets Big Price-Target Hike   [Jul-06-17 11:23AM  Investor's Business Daily]
▶ These Stocks Poised To Benefit From 3D-Sensing Smartphones   [Jul-03-17 02:31PM  Investor's Business Daily]
▶ Lumentum Showcases New Technologies and Solutions   [Jun-26-17 03:00AM  GlobeNewswire]
▶ Analysts Weigh In On These 3 IBD 50 Stocks   [Jun-23-17 04:11PM  Investor's Business Daily]
▶ Lumentum 'Best Play' On Apple 3D Sensor Market, Price Target Hiked   [Jun-22-17 04:04PM  Investor's Business Daily]
▶ Oracle, CarMax Upgraded; 2 Opticals Get Price-Target Hikes   [04:02PM  Investor's Business Daily]
▶ Finisar Stock Pops On Expectations It Will Supply Apple iPhones   [Jun-16-17 04:03PM  Investor's Business Daily]
▶ Finisar Guidance Bakes In China Weakness, 3D Sensor Outlook Key   [Jun-15-17 04:46PM  Investor's Business Daily]
▶ Lumentum Price Target Hiked, Analyst Expects Apple Production Ramp   [Jun-12-17 04:00PM  Investor's Business Daily]
Financial statements of LITE
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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