Intrinsic value of Photronics - PLAB

Previous Close

$9.48

  Intrinsic Value

$36.83

stock screener

  Rating & Target

str. buy

+289%

Previous close

$9.48

 
Intrinsic value

$36.83

 
Up/down potential

+289%

 
Rating

str. buy

We calculate the intrinsic value of PLAB 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 0.7

 

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, %
  20.80
  19.22
  17.80
  16.52
  15.37
  14.33
  13.40
  12.56
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
Revenue, $m
  544
  649
  765
  891
  1,028
  1,175
  1,332
  1,500
  1,677
  1,863
  2,059
  2,264
  2,478
  2,702
  2,935
  3,177
  3,429
  3,690
  3,962
  4,245
  4,539
  4,844
  5,162
  5,492
  5,836
  6,194
  6,567
  6,956
  7,361
  7,784
Variable operating expenses, $m
  204
  243
  286
  332
  383
  438
  496
  558
  624
  693
  764
  840
  920
  1,003
  1,089
  1,179
  1,273
  1,370
  1,471
  1,576
  1,685
  1,798
  1,916
  2,039
  2,166
  2,299
  2,438
  2,582
  2,732
  2,889
Fixed operating expenses, $m
  262
  267
  273
  279
  285
  292
  298
  305
  311
  318
  325
  332
  340
  347
  355
  363
  371
  379
  387
  396
  404
  413
  422
  432
  441
  451
  461
  471
  481
  492
Total operating expenses, $m
  466
  510
  559
  611
  668
  730
  794
  863
  935
  1,011
  1,089
  1,172
  1,260
  1,350
  1,444
  1,542
  1,644
  1,749
  1,858
  1,972
  2,089
  2,211
  2,338
  2,471
  2,607
  2,750
  2,899
  3,053
  3,213
  3,381
Operating income, $m
  79
  139
  206
  279
  359
  445
  538
  637
  741
  852
  969
  1,091
  1,219
  1,352
  1,490
  1,635
  1,785
  1,942
  2,104
  2,274
  2,450
  2,633
  2,823
  3,022
  3,229
  3,444
  3,669
  3,903
  4,147
  4,403
EBITDA, $m
  184
  264
  352
  450
  556
  670
  792
  923
  1,061
  1,206
  1,360
  1,520
  1,688
  1,864
  2,047
  2,237
  2,435
  2,641
  2,855
  3,078
  3,310
  3,551
  3,802
  4,063
  4,335
  4,618
  4,913
  5,221
  5,542
  5,878
Interest expense (income), $m
  0
  3
  6
  10
  14
  18
  22
  27
  32
  37
  43
  49
  56
  62
  69
  77
  84
  92
  100
  109
  118
  127
  136
  146
  157
  167
  179
  190
  202
  215
  228
Earnings before tax, $m
  76
  133
  196
  266
  341
  423
  511
  605
  704
  808
  920
  1,036
  1,156
  1,282
  1,414
  1,551
  1,693
  1,842
  1,996
  2,156
  2,323
  2,497
  2,677
  2,865
  3,061
  3,266
  3,478
  3,701
  3,932
  4,175
Tax expense, $m
  20
  36
  53
  72
  92
  114
  138
  163
  190
  218
  248
  280
  312
  346
  382
  419
  457
  497
  539
  582
  627
  674
  723
  774
  827
  882
  939
  999
  1,062
  1,127
Net income, $m
  55
  97
  143
  194
  249
  309
  373
  441
  514
  590
  672
  756
  844
  936
  1,032
  1,132
  1,236
  1,344
  1,457
  1,574
  1,696
  1,822
  1,954
  2,092
  2,235
  2,384
  2,539
  2,701
  2,871
  3,047

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
  953
  1,137
  1,339
  1,560
  1,800
  2,058
  2,334
  2,627
  2,937
  3,263
  3,606
  3,965
  4,340
  4,732
  5,139
  5,563
  6,005
  6,463
  6,939
  7,434
  7,949
  8,484
  9,040
  9,619
  10,221
  10,848
  11,501
  12,182
  12,891
  13,632
Adjusted assets (=assets-cash), $m
  953
  1,137
  1,339
  1,560
  1,800
  2,058
  2,334
  2,627
  2,937
  3,263
  3,606
  3,965
  4,340
  4,732
  5,139
  5,563
  6,005
  6,463
  6,939
  7,434
  7,949
  8,484
  9,040
  9,619
  10,221
  10,848
  11,501
  12,182
  12,891
  13,632
Revenue / Adjusted assets
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
Average production assets, $m
  640
  763
  898
  1,047
  1,208
  1,381
  1,566
  1,762
  1,970
  2,189
  2,419
  2,660
  2,912
  3,175
  3,448
  3,733
  4,029
  4,336
  4,656
  4,988
  5,333
  5,692
  6,065
  6,453
  6,857
  7,278
  7,716
  8,173
  8,649
  9,146
Working capital, $m
  77
  92
  109
  127
  146
  167
  189
  213
  238
  265
  292
  322
  352
  384
  417
  451
  487
  524
  563
  603
  645
  688
  733
  780
  829
  880
  933
  988
  1,045
  1,105
Total debt, $m
  118
  181
  251
  327
  410
  498
  593
  694
  801
  913
  1,031
  1,154
  1,283
  1,418
  1,558
  1,704
  1,856
  2,014
  2,178
  2,348
  2,525
  2,709
  2,900
  3,099
  3,306
  3,522
  3,747
  3,981
  4,225
  4,480
Total liabilities, $m
  328
  391
  461
  537
  619
  708
  803
  904
  1,010
  1,123
  1,240
  1,364
  1,493
  1,628
  1,768
  1,914
  2,066
  2,223
  2,387
  2,557
  2,734
  2,918
  3,110
  3,309
  3,516
  3,732
  3,956
  4,190
  4,435
  4,689
Total equity, $m
  625
  746
  878
  1,023
  1,181
  1,350
  1,531
  1,723
  1,926
  2,141
  2,366
  2,601
  2,847
  3,104
  3,371
  3,650
  3,939
  4,240
  4,552
  4,877
  5,215
  5,565
  5,930
  6,310
  6,705
  7,116
  7,545
  7,991
  8,457
  8,943
Total liabilities and equity, $m
  953
  1,137
  1,339
  1,560
  1,800
  2,058
  2,334
  2,627
  2,936
  3,264
  3,606
  3,965
  4,340
  4,732
  5,139
  5,564
  6,005
  6,463
  6,939
  7,434
  7,949
  8,483
  9,040
  9,619
  10,221
  10,848
  11,501
  12,181
  12,892
  13,632
Debt-to-equity ratio
  0.190
  0.240
  0.290
  0.320
  0.350
  0.370
  0.390
  0.400
  0.420
  0.430
  0.440
  0.440
  0.450
  0.460
  0.460
  0.470
  0.470
  0.470
  0.480
  0.480
  0.480
  0.490
  0.490
  0.490
  0.490
  0.490
  0.500
  0.500
  0.500
  0.500
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

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  55
  97
  143
  194
  249
  309
  373
  441
  514
  590
  672
  756
  844
  936
  1,032
  1,132
  1,236
  1,344
  1,457
  1,574
  1,696
  1,822
  1,954
  2,092
  2,235
  2,384
  2,539
  2,701
  2,871
  3,047
Depreciation, amort., depletion, $m
  105
  125
  147
  171
  196
  224
  254
  286
  319
  355
  390
  429
  470
  512
  556
  602
  650
  699
  751
  805
  860
  918
  978
  1,041
  1,106
  1,174
  1,245
  1,318
  1,395
  1,475
Funds from operations, $m
  160
  222
  290
  364
  446
  533
  627
  727
  833
  945
  1,062
  1,185
  1,314
  1,448
  1,588
  1,734
  1,886
  2,044
  2,208
  2,378
  2,556
  2,741
  2,933
  3,133
  3,341
  3,558
  3,784
  4,020
  4,266
  4,523
Change in working capital, $m
  13
  15
  16
  18
  19
  21
  22
  24
  25
  26
  28
  29
  30
  32
  33
  34
  36
  37
  39
  40
  42
  43
  45
  47
  49
  51
  53
  55
  58
  60
Cash from operations, $m
  147
  207
  273
  347
  426
  513
  605
  704
  808
  919
  1,034
  1,156
  1,283
  1,416
  1,555
  1,700
  1,850
  2,007
  2,169
  2,338
  2,514
  2,697
  2,888
  3,086
  3,292
  3,507
  3,731
  3,964
  4,208
  4,463
Maintenance CAPEX, $m
  -85
  -103
  -123
  -145
  -169
  -195
  -223
  -253
  -284
  -318
  -353
  -390
  -429
  -470
  -512
  -556
  -602
  -650
  -699
  -751
  -805
  -860
  -918
  -978
  -1,041
  -1,106
  -1,174
  -1,245
  -1,318
  -1,395
New CAPEX, $m
  -110
  -123
  -136
  -148
  -161
  -173
  -185
  -197
  -208
  -219
  -230
  -241
  -252
  -263
  -273
  -285
  -296
  -308
  -320
  -332
  -345
  -359
  -373
  -388
  -404
  -421
  -438
  -457
  -476
  -497
Cash from investing activities, $m
  -195
  -226
  -259
  -293
  -330
  -368
  -408
  -450
  -492
  -537
  -583
  -631
  -681
  -733
  -785
  -841
  -898
  -958
  -1,019
  -1,083
  -1,150
  -1,219
  -1,291
  -1,366
  -1,445
  -1,527
  -1,612
  -1,702
  -1,794
  -1,892
Free cash flow, $m
  -48
  -19
  15
  53
  97
  145
  197
  254
  316
  382
  451
  525
  603
  684
  770
  859
  952
  1,049
  1,150
  1,255
  1,364
  1,478
  1,596
  1,719
  1,847
  1,980
  2,119
  2,263
  2,414
  2,571
Issuance/(repayment) of debt, $m
  56
  63
  70
  76
  82
  89
  95
  101
  107
  112
  118
  124
  129
  135
  140
  146
  152
  158
  164
  170
  177
  184
  191
  199
  207
  216
  225
  234
  244
  255
Issuance/(repurchase) of shares, $m
  52
  23
  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  
  108
  86
  70
  76
  82
  89
  95
  101
  107
  112
  118
  124
  129
  135
  140
  146
  152
  158
  164
  170
  177
  184
  191
  199
  207
  216
  225
  234
  244
  255
Total cash flow (excl. dividends), $m
  60
  67
  84
  129
  179
  233
  292
  355
  423
  494
  569
  648
  732
  819
  910
  1,005
  1,104
  1,207
  1,314
  1,426
  1,541
  1,662
  1,788
  1,918
  2,054
  2,196
  2,343
  2,497
  2,658
  2,825
Retained Cash Flow (-), $m
  -107
  -120
  -133
  -145
  -157
  -169
  -181
  -192
  -203
  -214
  -225
  -236
  -246
  -257
  -267
  -278
  -289
  -301
  -313
  -325
  -338
  -351
  -365
  -380
  -395
  -411
  -428
  -447
  -466
  -486
Prev. year cash balance distribution, $m
  226
  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
  179
  -53
  -49
  -16
  22
  64
  111
  163
  219
  280
  344
  413
  486
  562
  643
  727
  815
  906
  1,002
  1,101
  1,204
  1,311
  1,423
  1,539
  1,659
  1,785
  1,915
  2,051
  2,192
  2,340
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
  172
  -49
  -42
  -13
  17
  47
  75
  102
  126
  147
  163
  176
  185
  189
  189
  185
  177
  167
  154
  140
  125
  109
  93
  78
  65
  52
  41
  32
  24
  18
Current shareholders' claim on cash, %
  89.9
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3

Photronics, Inc. is a manufacturer of photomasks, which are photographic quartz plates containing microscopic images of electronic circuits. As of October 30, 2016, the Company operated principally from nine manufacturing facilities: two located in Europe, three in Taiwan, one in Korea and three in the United States. Photomasks are used in the manufacture of semiconductors and flat panel displays (FPDs), and are used as masters to transfer circuit patterns onto semiconductor wafers and flat panel substrates during the fabrication of integrated circuits (ICs), and a range of FPDs and other types of electrical and optical components. The Company offers reticle and photomask maintenance, including pellicle replacement, mask cleaning and re-certification, at all its sites across the world. Its products include Mature Binary, Advanced Binary Reticles, Phase Shift Masks-Embedded Attenuated Phase Shift Masks (EAPSM), Other Advanced Products and Large Area Masks.

FINANCIAL RATIOS  of  Photronics (PLAB)

Valuation Ratios
P/E Ratio 50.1
Price to Sales 1.4
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 6.7
Price to Free Cash Flow 162.7
Growth Rates
Sales Growth Rate -6.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 86%
Cap. Spend. - 3 Yr. Gr. Rate 0.4%
Financial Strength
Quick Ratio 62
Current Ratio 0.1
LT Debt to Equity 7.7%
Total Debt to Equity 8.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.3%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital 1.6%
Ret/ On T. Cap. - 3 Yr. Avg. 4.5%
Return On Equity 1.8%
Return On Equity - 3 Yr. Avg. 5.2%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 20.2%
Gross Margin - 3 Yr. Avg. 24%
EBITDA Margin 24.2%
EBITDA Margin - 3 Yr. Avg. 26.9%
Operating Margin 7.1%
Oper. Margin - 3 Yr. Avg. 11.2%
Pre-Tax Margin 6%
Pre-Tax Margin - 3 Yr. Avg. 10.6%
Net Profit Margin 2.9%
Net Profit Margin - 3 Yr. Avg. 7%
Effective Tax Rate 22.2%
Eff/ Tax Rate - 3 Yr. Avg. 15.8%
Payout Ratio 0%

PLAB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PLAB stock intrinsic value calculation we used $450.678 million for the last fiscal year's total revenue generated by Photronics. The default revenue input number comes from 0001 income statement of Photronics. 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 PLAB stock valuation model: a) initial revenue growth rate of 20.8% 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 PLAB is calculated based on our internal credit rating of Photronics, 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 Photronics.
    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 PLAB stock the variable cost ratio is equal to 37.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $256 million in the base year in the intrinsic value calculation for PLAB 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 Photronics.

Corporate tax rate of 27% is the nominal tax rate for Photronics. 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 PLAB 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 PLAB are equal to 117.5%.

Life of production assets of 6.2 years is the average useful life of capital assets used in Photronics 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 PLAB is equal to 14.2%. 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 - $744.564 million for Photronics - 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 69.934 million for Photronics 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 Photronics at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ Photronics: Fiscal 4Q Earnings Snapshot   [07:00AM  Associated Press]
▶ Photronics to Report Fourth Quarter Earnings   [10:25AM  GlobeNewswire]
▶ Photronics Announces $25 Million Share Repurchase Program   [Oct-12-18 04:05PM  GlobeNewswire]
▶ 3 Tech Stocks Under $10 to Buy Now   [Oct-09-18 04:04PM  Zacks]
▶ Dip in Semiconductor Stocks Temporary: 4 Picks   [Oct-05-18 08:49AM  Zacks]
▶ Top 10 Stocks Under $20   [Sep-26-18 04:36PM  Zacks]
▶ Top 10 Stocks Under $20   [Aug-27-18 05:23PM  Zacks]
▶ Photronics: Fiscal 3Q Earnings Snapshot   [06:37AM  Associated Press]
▶ Photronics, Inc. to Host Earnings Call   [06:30AM  ACCESSWIRE]
▶ Photronics to Report Third Quarter Earnings   [Aug-08-18 02:00PM  GlobeNewswire]
▶ Photronics Announces $20 Million Share Repurchase Program   [Jul-06-18 04:05PM  GlobeNewswire]
▶ The Top 5 Semiconductor Stocks to Buy   [Jun-25-18 02:26PM  InvestorPlace]
▶ Photronics Receives Supplier Award from Nanya Technology   [Jun-11-18 11:00AM  GlobeNewswire]
▶ Photronics, Inc. to Host Earnings Call   [06:30AM  ACCESSWIRE]
▶ Photronics: Fiscal 2Q Earnings Snapshot   [06:17AM  Associated Press]
▶ Photronics to Report Second Quarter Earnings   [May-02-18 11:00AM  GlobeNewswire]
▶ Photronics, Inc. to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ Photronics posts 1Q profit   [06:09AM  Associated Press]
▶ Photronics to Report First Quarter Earnings   [Jan-31-18 12:00PM  Marketwired]
▶ Company News For Nov 30, 2017   [10:21AM  Zacks]
▶ Photronics, Inc. to Host Earnings Call   [Nov-29-17 07:00AM  ACCESSWIRE]
▶ Photronics posts 4Q profit   [06:16AM  Associated Press]
▶ Photronics Inc (PLAB): Should The Recent EPS Drop Worry You?   [Nov-19-17 06:44PM  Simply Wall St.]
▶ Photronics to Report Fourth Quarter Earnings   [Nov-14-17 03:00PM  Marketwired]
▶ ETFs with exposure to Photronics, Inc. : November 6, 2017   [Nov-06-17 12:20PM  Capital Cube]
▶ ETFs with exposure to Photronics, Inc. : October 2, 2017   [Oct-02-17 11:01AM  Capital Cube]
▶ Why Shares of Photronics Tumbled Today   [Aug-15-17 04:36PM  Motley Fool]
▶ Photronics misses Street 3Q forecasts   [Aug-14-17 11:24PM  Associated Press]
▶ ETFs with exposure to Photronics, Inc. : July 10, 2017   [Jul-10-17 03:03PM  Capital Cube]
▶ ETFs with exposure to Photronics, Inc. : June 26, 2017   [Jun-26-17 04:43PM  Capital Cube]
▶ ETFs with exposure to Photronics, Inc. : June 12, 2017   [Jun-12-17 02:21PM  Capital Cube]

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