Intrinsic value of MKS Instruments - MKSI

Previous Close

$88.90

  Intrinsic Value

$1,153

stock screener

  Rating & Target

str. buy

+999%

Previous close

$88.90

 
Intrinsic value

$1,153

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of MKSI 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 4.8

 

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, %
  47.90
  43.61
  39.75
  36.27
  33.15
  30.33
  27.80
  25.52
  23.47
  21.62
  19.96
  18.46
  17.12
  15.90
  14.81
  13.83
  12.95
  12.15
  11.44
  10.80
  10.22
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.25
  7.02
Revenue, $m
  2,834
  4,070
  5,687
  7,750
  10,319
  13,449
  17,188
  21,574
  26,637
  32,396
  38,861
  46,036
  53,915
  62,491
  71,748
  81,673
  92,249
  103,461
  115,296
  127,743
  140,792
  154,441
  168,687
  183,536
  198,993
  215,071
  231,786
  249,158
  267,210
  285,969
Variable operating expenses, $m
  1,649
  2,326
  3,213
  4,343
  5,751
  7,466
  9,515
  11,919
  14,694
  17,850
  21,298
  25,230
  29,548
  34,248
  39,322
  44,761
  50,557
  56,702
  63,188
  70,010
  77,162
  84,642
  92,450
  100,587
  109,059
  117,870
  127,031
  136,551
  146,445
  156,726
Fixed operating expenses, $m
  379
  388
  396
  405
  414
  423
  432
  442
  451
  461
  471
  482
  492
  503
  514
  526
  537
  549
  561
  573
  586
  599
  612
  625
  639
  653
  668
  682
  697
  713
Total operating expenses, $m
  2,028
  2,714
  3,609
  4,748
  6,165
  7,889
  9,947
  12,361
  15,145
  18,311
  21,769
  25,712
  30,040
  34,751
  39,836
  45,287
  51,094
  57,251
  63,749
  70,583
  77,748
  85,241
  93,062
  101,212
  109,698
  118,523
  127,699
  137,233
  147,142
  157,439
Operating income, $m
  806
  1,356
  2,079
  3,002
  4,154
  5,560
  7,240
  9,213
  11,491
  14,084
  17,092
  20,324
  23,875
  27,739
  31,912
  36,386
  41,155
  46,210
  51,547
  57,160
  63,045
  69,200
  75,626
  82,323
  89,295
  96,548
  104,088
  111,924
  120,067
  128,531
EBITDA, $m
  1,072
  1,696
  2,516
  3,563
  4,869
  6,462
  8,367
  10,603
  13,185
  16,124
  19,424
  23,086
  27,110
  31,489
  36,217
  41,287
  46,690
  52,418
  58,465
  64,824
  71,492
  78,467
  85,747
  93,335
  101,235
  109,452
  117,995
  126,873
  136,100
  145,689
Interest expense (income), $m
  21
  24
  49
  82
  125
  180
  248
  331
  431
  548
  683
  836
  1,008
  1,199
  1,409
  1,637
  1,884
  2,148
  2,430
  2,729
  3,044
  3,375
  3,723
  4,086
  4,466
  4,861
  5,273
  5,701
  6,146
  6,609
  7,089
Earnings before tax, $m
  782
  1,307
  1,997
  2,878
  3,975
  5,312
  6,909
  8,782
  10,944
  13,402
  16,256
  19,316
  22,675
  26,330
  30,275
  34,502
  39,006
  43,780
  48,818
  54,116
  59,670
  65,478
  71,540
  77,858
  84,434
  91,275
  98,387
  105,778
  113,459
  121,441
Tax expense, $m
  211
  353
  539
  777
  1,073
  1,434
  1,865
  2,371
  2,955
  3,618
  4,389
  5,215
  6,122
  7,109
  8,174
  9,316
  10,532
  11,821
  13,181
  14,611
  16,111
  17,679
  19,316
  21,022
  22,797
  24,644
  26,564
  28,560
  30,634
  32,789
Net income, $m
  571
  954
  1,458
  2,101
  2,902
  3,878
  5,043
  6,411
  7,989
  9,783
  11,867
  14,101
  16,553
  19,221
  22,101
  25,187
  28,475
  31,960
  35,637
  39,505
  43,559
  47,799
  52,224
  56,836
  61,637
  66,631
  71,822
  77,218
  82,825
  88,652

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
  3,195
  4,588
  6,412
  8,737
  11,634
  15,162
  19,377
  24,322
  30,030
  36,523
  43,812
  51,901
  60,784
  70,452
  80,888
  92,077
  104,001
  116,642
  129,984
  144,016
  158,729
  174,116
  190,178
  206,917
  224,344
  242,470
  261,315
  280,899
  301,251
  322,401
Adjusted assets (=assets-cash), $m
  3,195
  4,588
  6,412
  8,737
  11,634
  15,162
  19,377
  24,322
  30,030
  36,523
  43,812
  51,901
  60,784
  70,452
  80,888
  92,077
  104,001
  116,642
  129,984
  144,016
  158,729
  174,116
  190,178
  206,917
  224,344
  242,470
  261,315
  280,899
  301,251
  322,401
Revenue / Adjusted assets
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
Average production assets, $m
  1,700
  2,442
  3,412
  4,650
  6,191
  8,069
  10,313
  12,944
  15,982
  19,437
  23,317
  27,622
  32,349
  37,494
  43,049
  49,004
  55,349
  62,077
  69,178
  76,646
  84,475
  92,665
  101,212
  110,121
  119,396
  129,043
  139,072
  149,495
  160,326
  171,582
Working capital, $m
  380
  545
  762
  1,039
  1,383
  1,802
  2,303
  2,891
  3,569
  4,341
  5,207
  6,169
  7,225
  8,374
  9,614
  10,944
  12,361
  13,864
  15,450
  17,118
  18,866
  20,695
  22,604
  24,594
  26,665
  28,820
  31,059
  33,387
  35,806
  38,320
Total debt, $m
  785
  1,316
  2,011
  2,897
  4,000
  5,345
  6,951
  8,835
  11,009
  13,483
  16,260
  19,342
  22,727
  26,410
  30,386
  34,649
  39,192
  44,008
  49,092
  54,438
  60,044
  65,906
  72,026
  78,403
  85,043
  91,949
  99,129
  106,591
  114,345
  122,403
Total liabilities, $m
  1,217
  1,748
  2,443
  3,329
  4,432
  5,777
  7,383
  9,267
  11,441
  13,915
  16,692
  19,774
  23,159
  26,842
  30,818
  35,081
  39,624
  44,440
  49,524
  54,870
  60,476
  66,338
  72,458
  78,836
  85,475
  92,381
  99,561
  107,023
  114,777
  122,835
Total equity, $m
  1,978
  2,840
  3,969
  5,409
  7,201
  9,386
  11,995
  15,055
  18,589
  22,607
  27,120
  32,126
  37,625
  43,610
  50,070
  56,996
  64,377
  72,201
  80,460
  89,146
  98,253
  107,778
  117,720
  128,082
  138,869
  150,089
  161,754
  173,877
  186,474
  199,566
Total liabilities and equity, $m
  3,195
  4,588
  6,412
  8,738
  11,633
  15,163
  19,378
  24,322
  30,030
  36,522
  43,812
  51,900
  60,784
  70,452
  80,888
  92,077
  104,001
  116,641
  129,984
  144,016
  158,729
  174,116
  190,178
  206,918
  224,344
  242,470
  261,315
  280,900
  301,251
  322,401
Debt-to-equity ratio
  0.400
  0.460
  0.510
  0.540
  0.560
  0.570
  0.580
  0.590
  0.590
  0.600
  0.600
  0.600
  0.600
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
Adjusted equity ratio
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  571
  954
  1,458
  2,101
  2,902
  3,878
  5,043
  6,411
  7,989
  9,783
  11,867
  14,101
  16,553
  19,221
  22,101
  25,187
  28,475
  31,960
  35,637
  39,505
  43,559
  47,799
  52,224
  56,836
  61,637
  66,631
  71,822
  77,218
  82,825
  88,652
Depreciation, amort., depletion, $m
  266
  340
  437
  561
  715
  903
  1,127
  1,390
  1,694
  2,039
  2,332
  2,762
  3,235
  3,749
  4,305
  4,900
  5,535
  6,208
  6,918
  7,665
  8,448
  9,266
  10,121
  11,012
  11,940
  12,904
  13,907
  14,949
  16,033
  17,158
Funds from operations, $m
  836
  1,294
  1,895
  2,661
  3,616
  4,780
  6,170
  7,801
  9,683
  11,823
  14,198
  16,863
  19,788
  22,971
  26,405
  30,087
  34,010
  38,167
  42,555
  47,169
  52,006
  57,065
  62,345
  67,848
  73,577
  79,535
  85,730
  92,167
  98,857
  105,810
Change in working capital, $m
  123
  166
  217
  276
  344
  419
  501
  588
  678
  772
  866
  961
  1,056
  1,149
  1,240
  1,330
  1,417
  1,502
  1,586
  1,668
  1,749
  1,829
  1,909
  1,990
  2,071
  2,154
  2,240
  2,328
  2,419
  2,514
Cash from operations, $m
  713
  1,129
  1,678
  2,385
  3,272
  4,361
  5,669
  7,213
  9,004
  11,051
  13,332
  15,901
  18,732
  21,821
  25,165
  28,757
  32,592
  36,665
  40,969
  45,501
  50,258
  55,236
  60,436
  65,858
  71,505
  77,381
  83,490
  89,840
  96,439
  103,296
Maintenance CAPEX, $m
  -115
  -170
  -244
  -341
  -465
  -619
  -807
  -1,031
  -1,294
  -1,598
  -1,944
  -2,332
  -2,762
  -3,235
  -3,749
  -4,305
  -4,900
  -5,535
  -6,208
  -6,918
  -7,665
  -8,448
  -9,266
  -10,121
  -11,012
  -11,940
  -12,904
  -13,907
  -14,949
  -16,033
New CAPEX, $m
  -550
  -741
  -971
  -1,238
  -1,541
  -1,878
  -2,243
  -2,632
  -3,038
  -3,455
  -3,879
  -4,305
  -4,728
  -5,145
  -5,554
  -5,955
  -6,346
  -6,727
  -7,101
  -7,468
  -7,830
  -8,189
  -8,548
  -8,909
  -9,274
  -9,647
  -10,029
  -10,423
  -10,831
  -11,256
Cash from investing activities, $m
  -665
  -911
  -1,215
  -1,579
  -2,006
  -2,497
  -3,050
  -3,663
  -4,332
  -5,053
  -5,823
  -6,637
  -7,490
  -8,380
  -9,303
  -10,260
  -11,246
  -12,262
  -13,309
  -14,386
  -15,495
  -16,637
  -17,814
  -19,030
  -20,286
  -21,587
  -22,933
  -24,330
  -25,780
  -27,289
Free cash flow, $m
  48
  217
  463
  806
  1,266
  1,864
  2,619
  3,550
  4,672
  5,997
  7,509
  9,265
  11,242
  13,442
  15,861
  18,497
  21,346
  24,402
  27,661
  31,116
  34,763
  38,600
  42,622
  46,828
  51,219
  55,794
  60,556
  65,510
  70,658
  76,008
Issuance/(repayment) of debt, $m
  395
  531
  695
  886
  1,103
  1,344
  1,606
  1,884
  2,175
  2,474
  2,777
  3,082
  3,385
  3,683
  3,976
  4,263
  4,543
  4,816
  5,084
  5,346
  5,605
  5,863
  6,119
  6,378
  6,640
  6,906
  7,180
  7,462
  7,754
  8,058
Issuance/(repurchase) of shares, $m
  68
  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  
  463
  531
  695
  886
  1,103
  1,344
  1,606
  1,884
  2,175
  2,474
  2,777
  3,082
  3,385
  3,683
  3,976
  4,263
  4,543
  4,816
  5,084
  5,346
  5,605
  5,863
  6,119
  6,378
  6,640
  6,906
  7,180
  7,462
  7,754
  8,058
Total cash flow (excl. dividends), $m
  511
  748
  1,158
  1,692
  2,369
  3,208
  4,225
  5,434
  6,847
  8,471
  10,286
  12,347
  14,627
  17,125
  19,837
  22,760
  25,889
  29,219
  32,744
  36,462
  40,369
  44,462
  48,741
  53,206
  57,858
  62,700
  67,736
  72,971
  78,412
  84,066
Retained Cash Flow (-), $m
  -639
  -862
  -1,129
  -1,440
  -1,793
  -2,184
  -2,609
  -3,061
  -3,533
  -4,019
  -4,512
  -5,007
  -5,499
  -5,984
  -6,460
  -6,926
  -7,381
  -7,825
  -8,259
  -8,686
  -9,107
  -9,525
  -9,942
  -10,362
  -10,787
  -11,220
  -11,665
  -12,123
  -12,598
  -13,092
Prev. year cash balance distribution, $m
  251
  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
  25
  37
  53
  74
  101
  134
  175
  223
  280
  346
  421
  505
  598
  701
  812
  933
  1,062
  1,199
  1,345
  1,499
  1,661
  1,830
  2,008
  2,193
  2,386
  2,587
  2,796
  3,013
  3,239
  3,474
Cash available for distribution, $m
  123
  -114
  29
  252
  577
  1,024
  1,616
  2,373
  3,314
  4,452
  5,774
  7,340
  9,128
  11,141
  13,377
  15,834
  18,508
  21,394
  24,485
  27,776
  31,262
  34,937
  38,799
  42,844
  47,071
  51,480
  56,072
  60,848
  65,814
  70,974
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
  118
  -105
  25
  208
  447
  743
  1,092
  1,483
  1,904
  2,334
  2,742
  3,132
  3,471
  3,740
  3,927
  4,024
  4,027
  3,940
  3,770
  3,530
  3,234
  2,899
  2,543
  2,182
  1,831
  1,502
  1,203
  941
  718
  534
Current shareholders' claim on cash, %
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3

MKS Instruments, Inc. is a global provider of instruments, subsystems and process control solutions that measures, controls, powers, delivers, monitors and analyzes critical parameters of advanced manufacturing processes. The Company operates through two segments, including the Vacuum & Analysis segment and the Light & Motion segment. The Vacuum & Analysis segment provides a range of instruments, components, subsystems and software, which are derived from its core competencies in pressure measurement and control, flow measurement and control, gas and vapor delivery, gas composition analysis, residual gas analysis, leak detection, control and information technology, ozone generation and delivery, radio frequency (RF) and direct current (DC) power, reactive gas generation and vacuum technology. The Light & Motion segment provides a range of instruments, components and subsystems, which are derived from its core competencies in lasers, photonics and optics.

FINANCIAL RATIOS  of  MKS Instruments (MKSI)

Valuation Ratios
P/E Ratio 45.4
Price to Sales 3.7
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 26.5
Price to Free Cash Flow 29.6
Growth Rates
Sales Growth Rate 59.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 58.3%
Cap. Spend. - 3 Yr. Gr. Rate 9.6%
Financial Strength
Quick Ratio 38
Current Ratio 0.2
LT Debt to Equity 48.4%
Total Debt to Equity 49.3%
Interest Coverage 7
Management Effectiveness
Return On Assets 7%
Ret/ On Assets - 3 Yr. Avg. 8.8%
Return On Total Capital 7%
Ret/ On T. Cap. - 3 Yr. Avg. 9.6%
Return On Equity 8.7%
Return On Equity - 3 Yr. Avg. 10.2%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 43.7%
Gross Margin - 3 Yr. Avg. 43.9%
EBITDA Margin 16.6%
EBITDA Margin - 3 Yr. Avg. 19.6%
Operating Margin 12.1%
Oper. Margin - 3 Yr. Avg. 16.2%
Pre-Tax Margin 9.9%
Pre-Tax Margin - 3 Yr. Avg. 15.6%
Net Profit Margin 8.1%
Net Profit Margin - 3 Yr. Avg. 12.6%
Effective Tax Rate 18%
Eff/ Tax Rate - 3 Yr. Avg. 18.6%
Payout Ratio 34.3%

MKSI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MKSI stock intrinsic value calculation we used $1916 million for the last fiscal year's total revenue generated by MKS Instruments. The default revenue input number comes from 2017 income statement of MKS Instruments. 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 MKSI stock valuation model: a) initial revenue growth rate of 47.9% 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 MKSI is calculated based on our internal credit rating of MKS Instruments, 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 MKS Instruments.
    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 MKSI stock the variable cost ratio is equal to 59.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $371 million in the base year in the intrinsic value calculation for MKSI 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 6.2% for MKS Instruments.

Corporate tax rate of 27% is the nominal tax rate for MKS Instruments. 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 MKSI stock is equal to 1.3%.

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 MKSI are equal to 60%.

Life of production assets of 10 years is the average useful life of capital assets used in MKS Instruments 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 MKSI is equal to 13.4%. 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 - $1589 million for MKS Instruments - 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 54 million for MKS Instruments 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 MKS Instruments at the current share price and the inputted number of shares is $4.8 billion.

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COMPANY NEWS

▶ MKS Instruments: 2Q Earnings Snapshot   [Jul-24-18 05:01PM  Associated Press]
▶ Earnings Preview For MKS Instruments   [08:24AM  Benzinga]
▶ MKS Instruments Announces Upcoming Investor Events   [Jul-16-18 09:00AM  GlobeNewswire]
▶ 10 Top Nasdaq Stocks to Buy Now   [Jul-13-18 02:17PM  Kiplinger]
▶ Today's Bell Ringer, June 19, 2018   [09:15AM  CNBC Videos]
▶ 5 Excellent Dividend Growth Stocks to Evade Trade Fears   [Jun-18-18 02:15PM  InvestorPlace]
▶ Should You Buy MKS Instruments Inc (NASDAQ:MKSI)?   [Jun-08-18 09:40AM  Simply Wall St.]
▶ Stocks Flashing Renewed Technical Strength: MKS Instruments   [May-24-18 03:00AM  Investor's Business Daily]
▶ MKS Instruments Promotes Dr. John T.C. Lee to President   [May-09-18 04:30PM  GlobeNewswire]
▶ MKS Instruments: 1Q Earnings Snapshot   [Apr-24-18 05:08PM  Associated Press]
▶ 6 Chips Stocks Ready to Rebound   [Apr-13-18 01:30PM  Investopedia]
▶ ASML, Lam Research, Taiwan Semiconductor Kick Off Chip Earnings Season   [Apr-12-18 04:29PM  Investor's Business Daily]
▶ Apple Leads Stock Market Higher; Will These 3 Chip Stocks Rally Again?   [Apr-09-18 03:45PM  Investor's Business Daily]
▶ Anatomy of Success: MKS Instruments (MKSI)   [Mar-22-18 01:06PM  Zacks]
▶ A Look At The Fair Value Of MKS Instruments Inc (NASDAQ:MKSI)   [Feb-19-18 08:51AM  Simply Wall St.]
▶ Top 3 Nuclear Stocks for 2018   [Feb-16-18 02:52PM  Investopedia]
▶ MKS Instruments Declares Quarterly Cash Dividend   [Feb-13-18 09:00AM  GlobeNewswire]
▶ MKS Instruments beats Street 4Q forecasts   [Jan-31-18 05:51PM  Associated Press]
▶ Stocks To Watch Ahead Of Earnings: MKS Instruments   [Jan-18-18 03:00AM  Investor's Business Daily]
▶ Are MKS Instruments Incs (MKSI) Interest Costs Too High?   [Dec-05-17 01:25PM  Simply Wall St.]
▶ MKS Instruments Announces Upcoming Investor Events   [Nov-16-17 09:00AM  GlobeNewswire]
▶ MKS Instruments Increases Quarterly Cash Dividend   [Oct-31-17 09:00AM  GlobeNewswire]
▶ MKS Instruments Crushes Third-Quarter Estimates, Stock Rises   [Oct-24-17 05:55PM  Investor's Business Daily]
▶ MKS Instruments beats Street 3Q forecasts   [04:59PM  Associated Press]
▶ In the Chips: 10 Experts Share Semiconductor Buys   [Oct-11-17 10:35AM  Investopedia]
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