Intrinsic value of Nova Measuring Instruments - NVMI

Previous Close

$30.04

  Intrinsic Value

$1.44

stock screener

  Rating & Target

str. sell

-95%

Previous close

$30.04

 
Intrinsic value

$1.44

 
Up/down potential

-95%

 
Rating

str. sell

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

We calculate the intrinsic value of NVMI 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 2016), $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 0.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.07
  55.60
  50.54
  45.99
  41.89
  38.20
  34.88
  31.89
  29.20
  26.78
  24.60
  22.64
  20.88
  19.29
  17.86
  16.58
  15.42
  14.38
  13.44
  12.59
  11.84
  11.15
  10.54
  9.98
  9.48
  9.04
  8.63
  8.27
  7.94
  7.65
  7.38
Revenue, $m
  164
  255
  384
  561
  796
  1,100
  1,483
  1,956
  2,528
  3,204
  3,993
  4,897
  5,919
  7,061
  8,322
  9,702
  11,198
  12,808
  14,529
  16,359
  18,295
  20,335
  22,478
  24,722
  27,066
  29,512
  32,060
  34,711
  37,468
  40,333
  43,311
Variable operating expenses, $m
 
  234
  351
  512
  725
  1,001
  1,350
  1,780
  2,299
  2,914
  3,631
  4,450
  5,380
  6,417
  7,563
  8,817
  10,177
  11,640
  13,204
  14,867
  16,626
  18,481
  20,428
  22,467
  24,598
  26,821
  29,136
  31,545
  34,051
  36,655
  39,361
Fixed operating expenses, $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 operating expenses, $m
  154
  234
  351
  512
  725
  1,001
  1,350
  1,780
  2,299
  2,914
  3,631
  4,450
  5,380
  6,417
  7,563
  8,817
  10,177
  11,640
  13,204
  14,867
  16,626
  18,481
  20,428
  22,467
  24,598
  26,821
  29,136
  31,545
  34,051
  36,655
  39,361
Operating income, $m
  10
  21
  33
  49
  71
  98
  133
  176
  228
  290
  362
  447
  540
  644
  759
  885
  1,021
  1,168
  1,325
  1,492
  1,668
  1,854
  2,050
  2,254
  2,468
  2,691
  2,924
  3,165
  3,417
  3,678
  3,950
EBITDA, $m
  17
  29
  44
  64
  90
  125
  168
  222
  287
  364
  453
  556
  672
  802
  945
  1,101
  1,271
  1,454
  1,649
  1,857
  2,077
  2,309
  2,552
  2,807
  3,073
  3,350
  3,640
  3,941
  4,254
  4,579
  4,917
Interest expense (income), $m
  0
  0
  1
  2
  4
  6
  9
  12
  17
  22
  29
  36
  44
  54
  65
  77
  90
  104
  119
  135
  152
  170
  190
  210
  231
  253
  276
  300
  325
  351
  378
Earnings before tax, $m
  11
  21
  32
  47
  67
  92
  124
  164
  212
  268
  334
  411
  495
  590
  694
  808
  932
  1,064
  1,206
  1,357
  1,516
  1,684
  1,860
  2,045
  2,238
  2,439
  2,648
  2,866
  3,092
  3,328
  3,572
Tax expense, $m
  1
  6
  9
  13
  18
  25
  34
  44
  57
  72
  90
  111
  134
  159
  187
  218
  252
  287
  326
  366
  409
  455
  502
  552
  604
  658
  715
  774
  835
  898
  965
Net income, $m
  10
  16
  23
  34
  49
  67
  91
  120
  155
  196
  243
  300
  362
  431
  507
  590
  680
  777
  880
  990
  1,107
  1,229
  1,358
  1,493
  1,633
  1,780
  1,933
  2,092
  2,257
  2,429
  2,608

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  91
  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
  219
  199
  300
  438
  621
  858
  1,158
  1,527
  1,973
  2,501
  3,117
  3,823
  4,621
  5,512
  6,497
  7,574
  8,741
  9,998
  11,342
  12,770
  14,282
  15,874
  17,547
  19,299
  21,129
  23,038
  25,027
  27,097
  29,249
  31,486
  33,810
Adjusted assets (=assets-cash), $m
  128
  199
  300
  438
  621
  858
  1,158
  1,527
  1,973
  2,501
  3,117
  3,823
  4,621
  5,512
  6,497
  7,574
  8,741
  9,998
  11,342
  12,770
  14,282
  15,874
  17,547
  19,299
  21,129
  23,038
  25,027
  27,097
  29,249
  31,486
  33,810
Revenue / Adjusted assets
  1.281
  1.281
  1.280
  1.281
  1.282
  1.282
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
Average production assets, $m
  22
  34
  51
  75
  107
  147
  199
  262
  339
  429
  535
  656
  793
  946
  1,115
  1,300
  1,501
  1,716
  1,947
  2,192
  2,452
  2,725
  3,012
  3,313
  3,627
  3,955
  4,296
  4,651
  5,021
  5,405
  5,804
Working capital, $m
  129
  59
  89
  130
  185
  255
  344
  454
  586
  743
  926
  1,136
  1,373
  1,638
  1,931
  2,251
  2,598
  2,971
  3,371
  3,795
  4,244
  4,718
  5,215
  5,735
  6,279
  6,847
  7,438
  8,053
  8,693
  9,357
  10,048
Total debt, $m
  0
  25
  59
  107
  170
  251
  354
  481
  635
  817
  1,028
  1,271
  1,546
  1,852
  2,191
  2,561
  2,963
  3,395
  3,858
  4,349
  4,869
  5,417
  5,992
  6,595
  7,224
  7,881
  8,565
  9,277
  10,018
  10,787
  11,587
Total liabilities, $m
  44
  69
  103
  151
  214
  295
  398
  525
  679
  861
  1,072
  1,315
  1,590
  1,896
  2,235
  2,605
  3,007
  3,439
  3,902
  4,393
  4,913
  5,461
  6,036
  6,639
  7,268
  7,925
  8,609
  9,321
  10,062
  10,831
  11,631
Total equity, $m
  175
  131
  197
  287
  407
  563
  760
  1,002
  1,294
  1,641
  2,045
  2,508
  3,031
  3,616
  4,262
  4,968
  5,734
  6,559
  7,440
  8,377
  9,369
  10,414
  11,511
  12,660
  13,861
  15,113
  16,418
  17,775
  19,187
  20,655
  22,180
Total liabilities and equity, $m
  219
  200
  300
  438
  621
  858
  1,158
  1,527
  1,973
  2,502
  3,117
  3,823
  4,621
  5,512
  6,497
  7,573
  8,741
  9,998
  11,342
  12,770
  14,282
  15,875
  17,547
  19,299
  21,129
  23,038
  25,027
  27,096
  29,249
  31,486
  33,811
Debt-to-equity ratio
  0.000
  0.190
  0.300
  0.370
  0.420
  0.450
  0.470
  0.480
  0.490
  0.500
  0.500
  0.510
  0.510
  0.510
  0.510
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
Adjusted equity ratio
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  10
  16
  23
  34
  49
  67
  91
  120
  155
  196
  243
  300
  362
  431
  507
  590
  680
  777
  880
  990
  1,107
  1,229
  1,358
  1,493
  1,633
  1,780
  1,933
  2,092
  2,257
  2,429
  2,608
Depreciation, amort., depletion, $m
  7
  8
  11
  15
  20
  27
  35
  46
  58
  74
  91
  109
  132
  158
  186
  217
  250
  286
  324
  365
  409
  454
  502
  552
  604
  659
  716
  775
  837
  901
  967
Funds from operations, $m
  -28
  23
  34
  49
  69
  94
  126
  165
  213
  269
  335
  409
  494
  588
  693
  807
  930
  1,063
  1,205
  1,356
  1,515
  1,683
  1,860
  2,045
  2,238
  2,439
  2,649
  2,867
  3,094
  3,330
  3,575
Change in working capital, $m
  -24
  21
  30
  41
  54
  71
  89
  110
  133
  157
  183
  210
  237
  265
  293
  320
  347
  373
  399
  425
  449
  473
  497
  521
  544
  567
  591
  615
  640
  665
  691
Cash from operations, $m
  -4
  2
  4
  8
  14
  23
  37
  56
  80
  112
  152
  199
  257
  323
  400
  487
  583
  689
  806
  931
  1,066
  1,210
  1,363
  1,524
  1,694
  1,872
  2,058
  2,252
  2,454
  2,665
  2,884
Maintenance CAPEX, $m
  0
  -4
  -6
  -9
  -13
  -18
  -25
  -33
  -44
  -56
  -72
  -89
  -109
  -132
  -158
  -186
  -217
  -250
  -286
  -324
  -365
  -409
  -454
  -502
  -552
  -604
  -659
  -716
  -775
  -837
  -901
New CAPEX, $m
  -3
  -12
  -17
  -24
  -31
  -41
  -51
  -63
  -77
  -91
  -106
  -121
  -137
  -153
  -169
  -185
  -200
  -216
  -231
  -245
  -259
  -273
  -287
  -301
  -314
  -328
  -341
  -355
  -369
  -384
  -399
Cash from investing activities, $m
  -4
  -16
  -23
  -33
  -44
  -59
  -76
  -96
  -121
  -147
  -178
  -210
  -246
  -285
  -327
  -371
  -417
  -466
  -517
  -569
  -624
  -682
  -741
  -803
  -866
  -932
  -1,000
  -1,071
  -1,144
  -1,221
  -1,300
Free cash flow, $m
  -8
  -14
  -19
  -24
  -30
  -35
  -39
  -41
  -40
  -35
  -25
  -11
  10
  38
  73
  116
  166
  224
  289
  362
  441
  528
  622
  722
  828
  940
  1,057
  1,181
  1,310
  1,444
  1,584
Issuance/(repayment) of debt, $m
  0
  25
  35
  47
  63
  82
  103
  127
  153
  182
  212
  243
  275
  307
  339
  370
  402
  432
  462
  491
  520
  548
  575
  603
  630
  657
  684
  712
  740
  770
  800
Issuance/(repurchase) of shares, $m
  1
  31
  43
  56
  72
  88
  106
  123
  138
  151
  160
  163
  162
  154
  139
  117
  86
  47
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1
  56
  78
  103
  135
  170
  209
  250
  291
  333
  372
  406
  437
  461
  478
  487
  488
  479
  463
  491
  520
  548
  575
  603
  630
  657
  684
  712
  740
  770
  800
Total cash flow (excl. dividends), $m
  -7
  42
  58
  79
  105
  135
  170
  209
  252
  298
  347
  395
  447
  499
  551
  603
  654
  703
  752
  853
  961
  1,076
  1,197
  1,324
  1,457
  1,596
  1,742
  1,893
  2,050
  2,214
  2,384
Retained Cash Flow (-), $m
  -14
  -47
  -66
  -90
  -120
  -156
  -196
  -242
  -293
  -347
  -404
  -463
  -524
  -585
  -646
  -706
  -766
  -824
  -881
  -937
  -991
  -1,045
  -1,097
  -1,149
  -1,201
  -1,252
  -1,305
  -1,358
  -1,412
  -1,467
  -1,525
Prev. year cash balance distribution, $m
 
  91
  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
 
  86
  -8
  -11
  -16
  -21
  -27
  -34
  -41
  -49
  -57
  -68
  -77
  -86
  -95
  -104
  -112
  -121
  -129
  -84
  -30
  31
  100
  175
  256
  344
  437
  535
  638
  746
  859
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
 
  83
  -7
  -10
  -13
  -16
  -19
  -23
  -26
  -28
  -30
  -32
  -33
  -33
  -32
  -30
  -29
  -26
  -24
  -13
  -4
  3
  8
  11
  13
  13
  13
  11
  10
  8
  6
Current shareholders' claim on cash, %
  100
  92.6
  86.5
  81.4
  77.3
  73.8
  70.9
  68.6
  66.6
  64.9
  63.6
  62.5
  61.6
  61.0
  60.5
  60.1
  59.9
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8

Nova Measuring Instruments Ltd. provides metrology solutions for the semiconductor manufacturing industry. The Company offers in-line Optical and x-ray stand-alone metrology systems, as well as integrated optical metrology systems, which are attached directly to wafer fabrication process equipment. Its metrology systems measure various film thickness and composition properties, as well as critical-dimension (CD) variables during various front-end and back-end of line steps in the semiconductor wafer fabrication process. Its product portfolio includes a set of in-situ, integrated and stand-alone metrology platforms suited for dimensional, films and material metrology measurements for process control across multiple semiconductor manufacturing process steps. Its products include NovaScan 2040, NovaScan 3090Next, Nova i500, Nova T500, Nova T600, Nova V2600 TSV metrology system, NovaMars, Nova Hybrid Metrology solution, Nova Fleet Management, VeraFlex II, VeraFlex III XF and QED.

FINANCIAL RATIOS  of  Nova Measuring Instruments (NVMI)

Valuation Ratios
P/E Ratio 81.4
Price to Sales 5
Price to Book 4.7
Price to Tangible Book
Price to Cash Flow -203.4
Price to Free Cash Flow -116.3
Growth Rates
Sales Growth Rate 10.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25%
Cap. Spend. - 3 Yr. Gr. Rate -5.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 8.2%
Return On Total Capital 6%
Ret/ On T. Cap. - 3 Yr. Avg. 10.1%
Return On Equity 6%
Return On Equity - 3 Yr. Avg. 10.1%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 45.7%
Gross Margin - 3 Yr. Avg. 50.1%
EBITDA Margin 11%
EBITDA Margin - 3 Yr. Avg. 14.4%
Operating Margin 6.1%
Oper. Margin - 3 Yr. Avg. 9.4%
Pre-Tax Margin 6.7%
Pre-Tax Margin - 3 Yr. Avg. 9.6%
Net Profit Margin 6.1%
Net Profit Margin - 3 Yr. Avg. 10.8%
Effective Tax Rate 9.1%
Eff/ Tax Rate - 3 Yr. Avg. -12%
Payout Ratio 0%

NVMI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NVMI stock intrinsic value calculation we used $164 million for the last fiscal year's total revenue generated by Nova Measuring Instruments. The default revenue input number comes from 2016 income statement of Nova Measuring 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 NVMI stock valuation model: a) initial revenue growth rate of 55.6% 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 NVMI is calculated based on our internal credit rating of Nova Measuring 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 Nova Measuring 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 NVMI stock the variable cost ratio is equal to 92.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for NVMI 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 Nova Measuring Instruments.

Corporate tax rate of 27% is the nominal tax rate for Nova Measuring 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 NVMI 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 NVMI are equal to 13.4%.

Life of production assets of 6 years is the average useful life of capital assets used in Nova Measuring 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 NVMI is equal to 23.2%. 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 - $175 million for Nova Measuring 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 26.915 million for Nova Measuring 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 Nova Measuring Instruments at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ 3 Under-the-Radar Small Cap Gems   [11:14AM  Investopedia]
▶ Scott Black Establishes 4 New Positions in 2nd Quarter   [Aug-22-17 12:45PM  GuruFocus.com]
▶ Nova Measuring Instruments posts 2Q profit   [Aug-02-17 10:50PM  Associated Press]
▶ Nova Measuring Instruments posts 2Q profit   [05:02AM  Associated Press]
▶ Nova to Attend SEMICON West 2017   [09:30AM  PR Newswire]
▶ 5 Dependable Tech Stocks in a Volatile Industry   [Jun-15-17 03:32PM  Zacks]
▶ Shark Bites: Market Isn't a Morning Person   [May-12-17 12:10PM  TheStreet.com]
▶ Nova Measuring Instruments posts 1Q profit   [May-09-17 05:32AM  Associated Press]
▶ Top 10 Stocks Under $20   [Apr-06-17 03:55PM  Zacks]
▶ Crude Bucks Choppy Trend - Dave's Daily Dive   [Apr-04-17 07:52PM  Zacks]
▶ Eli Fruchter Joins Nova's Board of Directors   [Aug-08-16 07:20AM  PR Newswire]
Financial statements of NVMI
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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