Intrinsic value of Materion - MTRN

Previous Close

$55.95

  Intrinsic Value

$4.87

stock screener

  Rating & Target

str. sell

-91%

Previous close

$55.95

 
Intrinsic value

$4.87

 
Up/down potential

-91%

 
Rating

str. sell

We calculate the intrinsic value of MTRN 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 1.1

 

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, %
  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
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
Revenue, $m
  1,191
  1,245
  1,302
  1,362
  1,426
  1,493
  1,564
  1,638
  1,717
  1,799
  1,886
  1,977
  2,074
  2,175
  2,281
  2,392
  2,510
  2,633
  2,763
  2,899
  3,042
  3,193
  3,351
  3,517
  3,692
  3,875
  4,067
  4,269
  4,482
  4,705
Variable operating expenses, $m
  1,120
  1,171
  1,224
  1,280
  1,339
  1,402
  1,468
  1,537
  1,610
  1,687
  1,758
  1,843
  1,933
  2,027
  2,126
  2,230
  2,340
  2,455
  2,576
  2,703
  2,836
  2,976
  3,124
  3,279
  3,441
  3,612
  3,791
  3,980
  4,178
  4,386
Fixed operating expenses, $m
  15
  16
  16
  16
  17
  17
  17
  18
  18
  19
  19
  19
  20
  20
  21
  21
  22
  22
  23
  23
  24
  24
  25
  25
  26
  26
  27
  28
  28
  29
Total operating expenses, $m
  1,135
  1,187
  1,240
  1,296
  1,356
  1,419
  1,485
  1,555
  1,628
  1,706
  1,777
  1,862
  1,953
  2,047
  2,147
  2,251
  2,362
  2,477
  2,599
  2,726
  2,860
  3,000
  3,149
  3,304
  3,467
  3,638
  3,818
  4,008
  4,206
  4,415
Operating income, $m
  55
  59
  62
  66
  70
  74
  79
  83
  88
  93
  109
  115
  121
  127
  134
  141
  149
  156
  165
  173
  183
  192
  203
  213
  225
  236
  249
  262
  276
  290
EBITDA, $m
  104
  109
  114
  120
  126
  132
  139
  146
  153
  161
  170
  178
  187
  197
  207
  218
  229
  241
  254
  267
  281
  295
  310
  326
  343
  361
  380
  399
  420
  442
Interest expense (income), $m
  2
  4
  6
  9
  11
  14
  17
  20
  24
  27
  31
  35
  39
  43
  48
  52
  58
  63
  68
  74
  80
  87
  94
  101
  108
  116
  124
  133
  142
  152
  162
Earnings before tax, $m
  52
  53
  54
  55
  56
  57
  58
  60
  61
  62
  74
  76
  78
  79
  81
  84
  86
  88
  91
  93
  96
  99
  102
  105
  109
  112
  116
  120
  124
  129
Tax expense, $m
  14
  14
  15
  15
  15
  15
  16
  16
  16
  17
  20
  20
  21
  21
  22
  23
  23
  24
  24
  25
  26
  27
  28
  28
  29
  30
  31
  32
  34
  35
Net income, $m
  38
  38
  39
  40
  41
  42
  43
  44
  45
  46
  54
  55
  57
  58
  59
  61
  63
  64
  66
  68
  70
  72
  74
  77
  79
  82
  85
  88
  91
  94

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
  827
  865
  904
  946
  990
  1,037
  1,086
  1,138
  1,192
  1,249
  1,310
  1,373
  1,440
  1,510
  1,584
  1,661
  1,743
  1,829
  1,919
  2,013
  2,113
  2,217
  2,327
  2,442
  2,564
  2,691
  2,824
  2,965
  3,112
  3,267
Adjusted assets (=assets-cash), $m
  827
  865
  904
  946
  990
  1,037
  1,086
  1,138
  1,192
  1,249
  1,310
  1,373
  1,440
  1,510
  1,584
  1,661
  1,743
  1,829
  1,919
  2,013
  2,113
  2,217
  2,327
  2,442
  2,564
  2,691
  2,824
  2,965
  3,112
  3,267
Revenue / Adjusted assets
  1.440
  1.439
  1.440
  1.440
  1.440
  1.440
  1.440
  1.439
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
  1.440
Average production assets, $m
  318
  332
  348
  364
  381
  399
  418
  437
  458
  480
  504
  528
  554
  581
  609
  639
  670
  703
  738
  774
  812
  853
  895
  939
  986
  1,035
  1,086
  1,140
  1,197
  1,256
Working capital, $m
  254
  265
  277
  290
  304
  318
  333
  349
  366
  383
  402
  421
  442
  463
  486
  510
  535
  561
  589
  618
  648
  680
  714
  749
  786
  825
  866
  909
  955
  1,002
Total debt, $m
  33
  47
  62
  77
  94
  111
  130
  149
  169
  191
  213
  237
  262
  288
  316
  345
  375
  407
  441
  477
  514
  553
  594
  637
  682
  730
  780
  832
  888
  946
Total liabilities, $m
  309
  323
  338
  354
  370
  388
  406
  426
  446
  467
  490
  514
  539
  565
  592
  621
  652
  684
  718
  753
  790
  829
  870
  913
  959
  1,006
  1,056
  1,109
  1,164
  1,222
Total equity, $m
  518
  541
  566
  592
  620
  649
  680
  712
  746
  782
  820
  860
  901
  945
  992
  1,040
  1,091
  1,145
  1,201
  1,260
  1,323
  1,388
  1,457
  1,529
  1,605
  1,684
  1,768
  1,856
  1,948
  2,045
Total liabilities and equity, $m
  827
  864
  904
  946
  990
  1,037
  1,086
  1,138
  1,192
  1,249
  1,310
  1,374
  1,440
  1,510
  1,584
  1,661
  1,743
  1,829
  1,919
  2,013
  2,113
  2,217
  2,327
  2,442
  2,564
  2,690
  2,824
  2,965
  3,112
  3,267
Debt-to-equity ratio
  0.060
  0.090
  0.110
  0.130
  0.150
  0.170
  0.190
  0.210
  0.230
  0.240
  0.260
  0.280
  0.290
  0.310
  0.320
  0.330
  0.340
  0.360
  0.370
  0.380
  0.390
  0.400
  0.410
  0.420
  0.430
  0.430
  0.440
  0.450
  0.460
  0.460
Adjusted equity ratio
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  38
  38
  39
  40
  41
  42
  43
  44
  45
  46
  54
  55
  57
  58
  59
  61
  63
  64
  66
  68
  70
  72
  74
  77
  79
  82
  85
  88
  91
  94
Depreciation, amort., depletion, $m
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  61
  64
  67
  70
  73
  77
  81
  85
  89
  93
  98
  103
  108
  113
  119
  125
  131
  137
  144
  151
Funds from operations, $m
  86
  89
  91
  94
  97
  100
  103
  106
  110
  114
  115
  119
  123
  128
  133
  138
  143
  149
  155
  161
  168
  175
  182
  190
  198
  207
  216
  225
  235
  245
Change in working capital, $m
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  18
  19
  20
  22
  23
  24
  25
  26
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  48
Cash from operations, $m
  75
  77
  79
  81
  83
  85
  88
  90
  93
  96
  96
  99
  103
  106
  110
  114
  118
  123
  127
  132
  137
  143
  149
  155
  161
  168
  175
  182
  190
  198
Maintenance CAPEX, $m
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -81
  -85
  -89
  -93
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -137
  -144
New CAPEX, $m
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -57
  -60
Cash from investing activities, $m
  -51
  -52
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -90
  -94
  -98
  -103
  -108
  -114
  -120
  -125
  -131
  -138
  -145
  -152
  -160
  -168
  -176
  -185
  -194
  -204
Free cash flow, $m
  24
  24
  24
  23
  22
  22
  21
  20
  19
  19
  15
  14
  14
  13
  12
  11
  10
  9
  8
  7
  6
  5
  4
  2
  1
  0
  -2
  -3
  -4
  -6
Issuance/(repayment) of debt, $m
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  30
  32
  34
  35
  37
  39
  41
  43
  45
  48
  50
  53
  55
  58
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
  2
  3
Cash from financing (excl. dividends), $m  
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  30
  32
  34
  35
  37
  39
  41
  43
  45
  48
  50
  53
  57
  61
Total cash flow (excl. dividends), $m
  38
  38
  39
  39
  39
  39
  39
  40
  40
  40
  38
  38
  39
  39
  39
  40
  40
  41
  42
  42
  43
  44
  45
  46
  46
  47
  48
  50
  52
  55
Retained Cash Flow (-), $m
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -92
  -97
Prev. year cash balance distribution, $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 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
  15
  15
  14
  12
  11
  10
  9
  7
  6
  4
  0
  -2
  -3
  -5
  -7
  -9
  -11
  -13
  -15
  -17
  -19
  -22
  -24
  -27
  -29
  -32
  -35
  -38
  -40
  -42
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
  14
  14
  12
  10
  9
  7
  6
  4
  3
  2
  0
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  0
  0
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
  99.9

Materion Corporation, through its subsidiaries, is an integrated producer of engineered materials used in a range of electrical, electronic, thermal, and structural applications. The Company operates in four segments: Performance Alloys and Composites, Advanced Materials, Precision Coatings, and Other. The Performance Alloys and Composites segment consists of businesses, such as Performance Metals and Technical Materials. The Advanced Materials segment produces chemicals, microelectronics packaging, precious metal, non-precious metal and specialty metal products. The Precision Coatings segment includes units, such as Precision Optics and Large Area Coatings. Its products include inorganic chemicals and powders, specialty coatings, specialty engineered beryllium and copper-based alloys, beryllium composites, ceramics and engineered clad, and plated metal systems.

FINANCIAL RATIOS  of  Materion (MTRN)

Valuation Ratios
P/E Ratio 42.9
Price to Sales 1.2
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 16.7
Price to Free Cash Flow 27.9
Growth Rates
Sales Growth Rate -5.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -10%
Cap. Spend. - 3 Yr. Gr. Rate -0.7%
Financial Strength
Quick Ratio 31
Current Ratio 0
LT Debt to Equity 0.6%
Total Debt to Equity 0.8%
Interest Coverage 14
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 5.2%
Ret/ On T. Cap. - 3 Yr. Avg. 6.7%
Return On Equity 5.3%
Return On Equity - 3 Yr. Avg. 7.1%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 18.9%
Gross Margin - 3 Yr. Avg. 18.6%
EBITDA Margin 7.5%
EBITDA Margin - 3 Yr. Avg. 8.2%
Operating Margin 2.8%
Oper. Margin - 3 Yr. Avg. 4.1%
Pre-Tax Margin 2.6%
Pre-Tax Margin - 3 Yr. Avg. 3.9%
Net Profit Margin 2.7%
Net Profit Margin - 3 Yr. Avg. 3.2%
Effective Tax Rate -4%
Eff/ Tax Rate - 3 Yr. Avg. 15.1%
Payout Ratio 30.8%

MTRN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MTRN stock intrinsic value calculation we used $1139.447 million for the last fiscal year's total revenue generated by Materion. The default revenue input number comes from 0001 income statement of Materion. 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 MTRN stock valuation model: a) initial revenue growth rate of 4.5% 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 MTRN is calculated based on our internal credit rating of Materion, 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 Materion.
    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 MTRN stock the variable cost ratio is equal to 94.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $15 million in the base year in the intrinsic value calculation for MTRN 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 18.2% for Materion.

Corporate tax rate of 27% is the nominal tax rate for Materion. 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 MTRN 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 MTRN are equal to 26.7%.

Life of production assets of 8.3 years is the average useful life of capital assets used in Materion 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 MTRN is equal to 21.3%. 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 - $494.981 million for Materion - 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 20.236 million for Materion 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 Materion at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ Materion (MTRN) Q3 Earnings Surpass Estimates   [Oct-25-18 09:10AM  Zacks]
▶ Materion: 3Q Earnings Snapshot   [08:07AM  Associated Press]
▶ Materion Corporation Conference Call Scheduled   [Oct-11-18 09:13AM  Business Wire]
▶ Materion Corporation Announces Quarterly Cash Dividend   [Aug-02-18 08:30AM  Business Wire]
▶ Materion: 2Q Earnings Snapshot   [Jul-26-18 10:03AM  Associated Press]
▶ Materion Corporation Conference Call Scheduled   [Jul-12-18 08:26AM  Business Wire]
▶ Materion Receives AS9100D Certification   [Jul-09-18 10:38AM  Business Wire]
▶ Materion Corporation Increases Quarterly Cash Dividend   [May-02-18 04:15PM  Business Wire]
▶ Materion: 1Q Earnings Snapshot   [Apr-26-18 09:46AM  Associated Press]
▶ Materion Recognized for Supplier Excellence   [Apr-18-18 10:18AM  Business Wire]
▶ Materion Corporation Conference Call Scheduled   [Apr-12-18 09:13AM  Business Wire]
▶ 10 Small Caps Punching Above Their Weight   [Mar-23-18 02:57PM  InvestorPlace]
▶ Materion reports 4Q loss   [08:20AM  Associated Press]
▶ Materion Corporation Conference Call Scheduled   [Jan-31-18 09:07AM  Business Wire]
▶ ETFs with exposure to Materion Corp. : December 7, 2017   [Dec-07-17 02:22PM  Capital Cube]
▶ Materions SupremEX® Receives Second SAE-AMS Specification   [Nov-16-17 09:35AM  Business Wire]
▶ ETFs with exposure to Materion Corp. : November 9, 2017   [Nov-09-17 12:57PM  Capital Cube]
▶ Is It Time To Buy Materion Corporation (MTRN)?   [Nov-03-17 10:49AM  Simply Wall St.]
▶ Materion tops Street 3Q forecasts   [08:11AM  Associated Press]
▶ Materion Corporation Conference Call Scheduled   [Oct-13-17 09:00AM  Business Wire]
▶ ETFs with exposure to Materion Corp. : August 11, 2017   [Aug-11-17 06:02PM  Capital Cube]
▶ Materion Corporation Declares Third Quarter Dividend   [Aug-02-17 03:17PM  Business Wire]
▶ Materion beats 2Q profit forecasts   [12:13AM  Associated Press]
▶ Materion Corporation Conference Call Scheduled   [Jul-14-17 09:07AM  Business Wire]
▶ ETFs with exposure to Materion Corp. : May 5, 2017   [May-05-17 04:21PM  Capital Cube]
▶ Materion Corporation Increases Quarterly Cash Dividend   [May-03-17 11:36AM  Business Wire]
▶ Materion beats 1Q profit forecasts   [Apr-28-17 08:08AM  Associated Press]
▶ Materion Corporation Conference Call Scheduled   [Apr-17-17 11:36AM  Business Wire]

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