Intrinsic value of NeoPhotonics - NPTN

Previous Close

$8.24

  Intrinsic Value

$2.24

stock screener

  Rating & Target

str. sell

-73%

Previous close

$8.24

 
Intrinsic value

$2.24

 
Up/down potential

-73%

 
Rating

str. sell

We calculate the intrinsic value of NPTN 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 0.4

 

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, %
  10.80
  10.22
  9.70
  9.23
  8.81
  8.42
  8.08
  7.77
  7.50
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.07
  5.97
  5.87
  5.78
  5.71
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
Revenue, $m
  325
  358
  392
  429
  466
  506
  546
  589
  633
  679
  727
  776
  828
  881
  937
  995
  1,056
  1,119
  1,184
  1,253
  1,324
  1,399
  1,477
  1,558
  1,643
  1,732
  1,825
  1,923
  2,025
  2,132
Variable operating expenses, $m
  176
  194
  213
  232
  253
  274
  296
  319
  343
  368
  393
  420
  448
  477
  507
  539
  571
  605
  641
  678
  717
  757
  799
  843
  889
  937
  988
  1,041
  1,096
  1,154
Fixed operating expenses, $m
  193
  197
  202
  206
  211
  215
  220
  225
  230
  235
  240
  245
  251
  256
  262
  268
  274
  280
  286
  292
  298
  305
  312
  319
  326
  333
  340
  348
  355
  363
Total operating expenses, $m
  369
  391
  415
  438
  464
  489
  516
  544
  573
  603
  633
  665
  699
  733
  769
  807
  845
  885
  927
  970
  1,015
  1,062
  1,111
  1,162
  1,215
  1,270
  1,328
  1,389
  1,451
  1,517
Operating income, $m
  -45
  -34
  -22
  -10
  3
  16
  30
  45
  60
  76
  93
  111
  129
  148
  168
  189
  211
  234
  258
  283
  309
  337
  366
  396
  428
  462
  497
  535
  574
  615
EBITDA, $m
  -18
  -4
  10
  26
  41
  58
  75
  94
  113
  132
  153
  174
  197
  220
  245
  271
  297
  325
  355
  386
  418
  452
  487
  524
  563
  604
  647
  692
  740
  790
Interest expense (income), $m
  0
  4
  6
  7
  8
  10
  11
  13
  14
  16
  17
  19
  21
  23
  25
  27
  29
  31
  34
  36
  39
  41
  44
  47
  50
  53
  56
  60
  63
  67
  71
Earnings before tax, $m
  -49
  -39
  -29
  -18
  -7
  5
  18
  31
  44
  59
  74
  90
  106
  123
  141
  160
  179
  200
  221
  244
  268
  293
  319
  346
  375
  406
  438
  471
  507
  544
Tax expense, $m
  0
  0
  0
  0
  0
  1
  5
  8
  12
  16
  20
  24
  29
  33
  38
  43
  48
  54
  60
  66
  72
  79
  86
  94
  101
  110
  118
  127
  137
  147
Net income, $m
  -49
  -39
  -29
  -18
  -7
  4
  13
  22
  32
  43
  54
  65
  77
  90
  103
  117
  131
  146
  162
  178
  196
  214
  233
  253
  274
  296
  320
  344
  370
  397

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
  446
  492
  540
  590
  641
  695
  752
  810
  871
  934
  1,000
  1,068
  1,139
  1,212
  1,289
  1,369
  1,452
  1,539
  1,629
  1,723
  1,822
  1,924
  2,031
  2,143
  2,260
  2,383
  2,511
  2,645
  2,785
  2,932
Adjusted assets (=assets-cash), $m
  446
  492
  540
  590
  641
  695
  752
  810
  871
  934
  1,000
  1,068
  1,139
  1,212
  1,289
  1,369
  1,452
  1,539
  1,629
  1,723
  1,822
  1,924
  2,031
  2,143
  2,260
  2,383
  2,511
  2,645
  2,785
  2,932
Revenue / Adjusted assets
  0.729
  0.728
  0.726
  0.727
  0.727
  0.728
  0.726
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
Average production assets, $m
  133
  147
  161
  176
  191
  207
  224
  241
  260
  278
  298
  318
  339
  361
  384
  408
  433
  459
  486
  514
  543
  574
  605
  639
  674
  710
  748
  788
  830
  874
Working capital, $m
  65
  72
  78
  86
  93
  101
  109
  118
  127
  136
  145
  155
  166
  176
  187
  199
  211
  224
  237
  251
  265
  280
  295
  312
  329
  346
  365
  385
  405
  426
Total debt, $m
  104
  128
  153
  178
  205
  233
  262
  293
  324
  357
  390
  426
  462
  500
  540
  581
  624
  669
  716
  765
  815
  868
  924
  982
  1,042
  1,106
  1,172
  1,241
  1,314
  1,390
Total liabilities, $m
  231
  254
  279
  305
  332
  360
  389
  419
  450
  483
  517
  552
  589
  627
  666
  708
  751
  796
  842
  891
  942
  995
  1,050
  1,108
  1,169
  1,232
  1,298
  1,367
  1,440
  1,516
Total equity, $m
  216
  238
  261
  285
  310
  336
  363
  391
  421
  451
  483
  516
  550
  586
  623
  661
  701
  743
  787
  832
  880
  929
  981
  1,035
  1,092
  1,151
  1,213
  1,278
  1,345
  1,416
Total liabilities and equity, $m
  447
  492
  540
  590
  642
  696
  752
  810
  871
  934
  1,000
  1,068
  1,139
  1,213
  1,289
  1,369
  1,452
  1,539
  1,629
  1,723
  1,822
  1,924
  2,031
  2,143
  2,261
  2,383
  2,511
  2,645
  2,785
  2,932
Debt-to-equity ratio
  0.480
  0.540
  0.590
  0.630
  0.660
  0.690
  0.720
  0.750
  0.770
  0.790
  0.810
  0.830
  0.840
  0.850
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.930
  0.940
  0.950
  0.950
  0.960
  0.970
  0.970
  0.980
  0.980
Adjusted equity ratio
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -49
  -39
  -29
  -18
  -7
  4
  13
  22
  32
  43
  54
  65
  77
  90
  103
  117
  131
  146
  162
  178
  196
  214
  233
  253
  274
  296
  320
  344
  370
  397
Depreciation, amort., depletion, $m
  27
  30
  33
  36
  39
  42
  45
  49
  52
  56
  60
  64
  68
  72
  77
  82
  87
  92
  97
  103
  109
  115
  121
  128
  135
  142
  150
  158
  166
  175
Funds from operations, $m
  -22
  -10
  4
  17
  32
  46
  58
  71
  85
  99
  114
  129
  145
  162
  180
  198
  218
  238
  259
  281
  304
  328
  354
  381
  409
  438
  469
  502
  536
  572
Change in working capital, $m
  6
  7
  7
  7
  8
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
Cash from operations, $m
  -28
  -16
  -3
  10
  24
  38
  50
  63
  76
  90
  104
  119
  135
  151
  169
  187
  205
  225
  246
  267
  290
  314
  338
  364
  392
  420
  451
  482
  516
  551
Maintenance CAPEX, $m
  -24
  -27
  -29
  -32
  -35
  -38
  -41
  -45
  -48
  -52
  -56
  -60
  -64
  -68
  -72
  -77
  -82
  -87
  -92
  -97
  -103
  -109
  -115
  -121
  -128
  -135
  -142
  -150
  -158
  -166
New CAPEX, $m
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
Cash from investing activities, $m
  -37
  -41
  -43
  -47
  -50
  -54
  -58
  -62
  -66
  -71
  -76
  -80
  -85
  -90
  -95
  -101
  -107
  -113
  -119
  -125
  -132
  -140
  -147
  -154
  -163
  -171
  -180
  -190
  -200
  -210
Free cash flow, $m
  -65
  -56
  -47
  -37
  -26
  -17
  -8
  0
  10
  19
  29
  39
  50
  62
  74
  86
  99
  113
  127
  142
  158
  174
  192
  210
  229
  249
  270
  293
  316
  341
Issuance/(repayment) of debt, $m
  22
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
  58
  61
  63
  66
  69
  73
  76
Issuance/(repurchase) of shares, $m
  70
  61
  52
  42
  32
  22
  14
  6
  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  
  92
  85
  77
  68
  59
  50
  43
  36
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
  58
  61
  63
  66
  69
  73
  76
Total cash flow (excl. dividends), $m
  27
  29
  30
  31
  33
  34
  35
  37
  41
  52
  63
  75
  87
  100
  113
  127
  142
  157
  174
  191
  209
  227
  247
  268
  290
  313
  337
  362
  389
  417
Retained Cash Flow (-), $m
  -70
  -61
  -52
  -42
  -32
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -47
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
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
  -43
  -33
  -22
  -11
  1
  8
  8
  8
  12
  21
  31
  42
  53
  64
  76
  89
  102
  116
  130
  145
  161
  178
  195
  214
  233
  253
  275
  297
  321
  346
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
  -41
  -30
  -19
  -9
  0
  6
  5
  5
  7
  11
  15
  18
  20
  22
  22
  23
  22
  21
  20
  18
  17
  15
  13
  11
  9
  7
  6
  5
  4
  3
Current shareholders' claim on cash, %
  84.1
  73.3
  65.7
  60.6
  57.2
  55.2
  54.0
  53.5
  53.5
  53.5
  53.5
  53.5
  53.5
  53.5
  53.5
  53.5
  53.5
  53.5
  53.5
  53.5
  53.5
  53.5
  53.5
  53.5
  53.5
  53.5
  53.5
  53.5
  53.5
  53.5

NeoPhotonics Corporation develops, manufactures and markets optoelectronic products that transmit, receive and switch digital optical signals for communications networks. The Company develops and manufactures Transmitter Products, Receiver Products and Switch Products that are used in ultra-high speed digital optical communications, high speed switching and provisioning, and access connections for wireless and fiber-to-the-home communications networks. The Company's products are categorized into groups, including High Speed Products and Network Products and Solutions. The High Speed Products includes products designed for 100G and beyond for telecommunication and datacenter or content provider networks and applications. Its Network Products and Solutions consist of various products designed for applications below 100G, and include 40G products. The Company combines its transmitter and receiver products into Transceiver modules.

FINANCIAL RATIOS  of  NeoPhotonics (NPTN)

Valuation Ratios
P/E Ratio 0
Price to Sales 0.9
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 6.5
Price to Free Cash Flow 175.2
Growth Rates
Sales Growth Rate 21.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 205.9%
Cap. Spend. - 3 Yr. Gr. Rate 21.1%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 4.4%
Total Debt to Equity 18.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. -1.6%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. -2.6%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. -3.2%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 28.5%
Gross Margin - 3 Yr. Avg. 27.1%
EBITDA Margin 6.1%
EBITDA Margin - 3 Yr. Avg. 5.8%
Operating Margin 0.7%
Oper. Margin - 3 Yr. Avg. -1.4%
Pre-Tax Margin 0.7%
Pre-Tax Margin - 3 Yr. Avg. -0.9%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. -1.8%
Effective Tax Rate 100%
Eff/ Tax Rate - 3 Yr. Avg. 41.7%
Payout Ratio 0%

NPTN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NPTN stock intrinsic value calculation we used $292.894 million for the last fiscal year's total revenue generated by NeoPhotonics. The default revenue input number comes from 0001 income statement of NeoPhotonics. 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 NPTN stock valuation model: a) initial revenue growth rate of 10.8% 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 NPTN is calculated based on our internal credit rating of NeoPhotonics, 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 NeoPhotonics.
    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 NPTN stock the variable cost ratio is equal to 54.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $189 million in the base year in the intrinsic value calculation for NPTN 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 NeoPhotonics.

Corporate tax rate of 27% is the nominal tax rate for NeoPhotonics. 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 NPTN 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 NPTN are equal to 41%.

Life of production assets of 4.3 years is the average useful life of capital assets used in NeoPhotonics 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 NPTN is equal to 20%. 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 - $194.451 million for NeoPhotonics - 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 45.302 million for NeoPhotonics 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 NeoPhotonics at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ IBD Stock Of The Day: Paying Attention To Ciena Supplier And Rival   [Nov-09-18 04:20PM  Investor's Business Daily]
▶ NeoPhotonics: 3Q Earnings Snapshot   [07:25AM  Associated Press]
▶ How NeoPhotonics Corp. Shares Gained 38% Last Month   [Sep-02-18 05:40PM  Motley Fool]
▶ NeoPhotonics: 2Q Earnings Snapshot   [05:44PM  Associated Press]
▶ At US$06.42, Is NeoPhotonics Corporation (NYSE:NPTN) A Buy?   [Jun-26-18 10:36AM  Simply Wall St.]
▶ Why Optical Networking Stocks Surged in May   [Jun-13-18 11:59AM  Motley Fool]
▶ Acacia, Lumentum Gain As U.S. To Lift Ban On ZTE Component Sales   [Jun-07-18 04:59PM  Investor's Business Daily]
▶ Is NeoPhotonics Corporations (NYSE:NPTN) CEO Being Overpaid?   [May-31-18 10:34AM  Simply Wall St.]
▶ These 3 Optical Networking Stocks Are Ridiculously Cheap   [May-29-18 09:33AM  Motley Fool]
▶ Acacia, Lumentum, Finisar Rise As Trump Nears ZTE Deal With China   [May-25-18 01:06PM  Investor's Business Daily]
▶ NeoPhotonics: 1Q Earnings Snapshot   [May-08-18 07:01PM  Associated Press]
▶ Why NeoPhotonics Stock Tumbled Today   [Apr-25-18 01:12PM  Motley Fool]
▶ NeoPhotonics reveals effect of ZTE export ban on revenue   [Apr-17-18 07:18AM  MarketWatch]
▶ NeoPhotonics reports 4Q loss   [Mar-01-18 05:53PM  Associated Press]
▶ 3 Stocks That Could Put Amazon's Returns to Shame   [Jan-19-18 08:21PM  Motley Fool]
▶ Does China Optical Plan Mean Trouble For Oclaro, Lumentum, Finisar?   [Jan-08-18 04:58PM  Investor's Business Daily]
▶ 3 Tech Stocks to Buy for 2018   [Dec-15-17 09:33AM  Motley Fool]
▶ Why Shares of NeoPhotonics Are Surging Today   [Nov-07-17 01:31PM  Motley Fool]
▶ NeoPhotonics reports 3Q loss   [Nov-06-17 05:37PM  Associated Press]
▶ Navient, NeoPhotonics Dive into Thursdays 52-Week Low Club   [Oct-05-17 04:04PM  24/7 Wall St.]
▶ Why Shares of NeoPhotonics Tumbled Today   [12:54PM  Motley Fool]
▶ 3 Stocks With Alphabet-Like Return Potential   [Sep-14-17 02:49PM  Motley Fool]
▶ NeoPhotonics Announces New Credit Facility   [Sep-11-17 08:00AM  Business Wire]
▶ NeoPhotonics (NPTN) Jumps: Stock Rises 10.7%   [Aug-24-17 08:48AM  Zacks]
▶ Why NeoPhotonics Shares Jumped and Then Fell Today   [Aug-04-17 05:15PM  Motley Fool]
▶ NeoPhotonics Reports Second Quarter 2017 Financial Results   [Aug-03-17 04:08PM  Business Wire]
▶ Here's Why Optical Stocks Are Selling Off Today   [Aug-02-17 12:33PM  Investor's Business Daily]
▶ 3 Value Stocks for Shrewd Investors   [Jul-31-17 08:19PM  Motley Fool]

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