Intrinsic value of Veeco Instruments - VECO

Previous Close

$8.29

  Intrinsic Value

$32.31

stock screener

  Rating & Target

str. buy

+290%

Previous close

$8.29

 
Intrinsic value

$32.31

 
Up/down potential

+290%

 
Rating

str. buy

We calculate the intrinsic value of VECO 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, %
  40.60
  37.04
  33.84
  30.95
  28.36
  26.02
  23.92
  22.03
  20.32
  18.79
  17.41
  16.17
  15.05
  14.05
  13.14
  12.33
  11.60
  10.94
  10.34
  9.81
  9.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.86
  6.68
Revenue, $m
  682
  934
  1,250
  1,637
  2,101
  2,648
  3,281
  4,004
  4,818
  5,723
  6,720
  7,807
  8,982
  10,244
  11,590
  13,019
  14,529
  16,118
  17,785
  19,530
  21,351
  23,251
  25,228
  27,286
  29,425
  31,648
  33,959
  36,360
  38,855
  41,449
Variable operating expenses, $m
  403
  527
  682
  872
  1,100
  1,369
  1,680
  2,035
  2,435
  2,880
  3,302
  3,836
  4,413
  5,033
  5,695
  6,397
  7,139
  7,920
  8,739
  9,596
  10,491
  11,424
  12,396
  13,407
  14,458
  15,550
  16,685
  17,865
  19,091
  20,366
Fixed operating expenses, $m
  253
  259
  265
  271
  277
  283
  289
  295
  302
  308
  315
  322
  329
  336
  344
  351
  359
  367
  375
  383
  392
  400
  409
  418
  427
  437
  446
  456
  466
  476
Total operating expenses, $m
  656
  786
  947
  1,143
  1,377
  1,652
  1,969
  2,330
  2,737
  3,188
  3,617
  4,158
  4,742
  5,369
  6,039
  6,748
  7,498
  8,287
  9,114
  9,979
  10,883
  11,824
  12,805
  13,825
  14,885
  15,987
  17,131
  18,321
  19,557
  20,842
Operating income, $m
  26
  148
  303
  494
  725
  997
  1,313
  1,674
  2,081
  2,535
  3,103
  3,649
  4,240
  4,874
  5,552
  6,271
  7,031
  7,832
  8,671
  9,551
  10,469
  11,426
  12,423
  13,461
  14,540
  15,661
  16,827
  18,038
  19,298
  20,607
EBITDA, $m
  134
  272
  445
  659
  917
  1,222
  1,575
  1,979
  2,435
  2,943
  3,502
  4,113
  4,773
  5,483
  6,240
  7,044
  7,894
  8,789
  9,728
  10,711
  11,737
  12,807
  13,922
  15,082
  16,287
  17,541
  18,844
  20,198
  21,605
  23,069
Interest expense (income), $m
  0
  39
  70
  110
  161
  222
  296
  383
  484
  599
  729
  873
  1,032
  1,205
  1,392
  1,593
  1,808
  2,035
  2,276
  2,529
  2,794
  3,072
  3,362
  3,665
  3,980
  4,308
  4,648
  5,003
  5,371
  5,753
  6,150
Earnings before tax, $m
  -13
  78
  193
  334
  502
  700
  929
  1,190
  1,482
  1,806
  2,230
  2,617
  3,034
  3,482
  3,958
  4,463
  4,996
  5,556
  6,143
  6,756
  7,396
  8,064
  8,758
  9,481
  10,232
  11,013
  11,824
  12,668
  13,545
  14,456
Tax expense, $m
  0
  21
  52
  90
  136
  189
  251
  321
  400
  488
  602
  707
  819
  940
  1,069
  1,205
  1,349
  1,500
  1,658
  1,824
  1,997
  2,177
  2,365
  2,560
  2,763
  2,973
  3,193
  3,420
  3,657
  3,903
Net income, $m
  -13
  57
  141
  244
  367
  511
  678
  868
  1,082
  1,318
  1,628
  1,910
  2,215
  2,542
  2,890
  3,258
  3,647
  4,056
  4,484
  4,932
  5,399
  5,887
  6,394
  6,921
  7,469
  8,039
  8,632
  9,247
  9,888
  10,553

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
  1,803
  2,471
  3,307
  4,331
  5,559
  7,005
  8,681
  10,593
  12,746
  15,141
  17,777
  20,652
  23,761
  27,100
  30,662
  34,442
  38,436
  42,640
  47,051
  51,666
  56,485
  61,510
  66,742
  72,185
  77,844
  83,726
  89,838
  96,189
  102,791
  109,654
Adjusted assets (=assets-cash), $m
  1,803
  2,471
  3,307
  4,331
  5,559
  7,005
  8,681
  10,593
  12,746
  15,141
  17,777
  20,652
  23,761
  27,100
  30,662
  34,442
  38,436
  42,640
  47,051
  51,666
  56,485
  61,510
  66,742
  72,185
  77,844
  83,726
  89,838
  96,189
  102,791
  109,654
Revenue / Adjusted assets
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
Average production assets, $m
  401
  549
  735
  963
  1,235
  1,557
  1,929
  2,354
  2,833
  3,365
  3,951
  4,590
  5,281
  6,023
  6,815
  7,655
  8,543
  9,477
  10,458
  11,483
  12,555
  13,671
  14,834
  16,044
  17,302
  18,609
  19,968
  21,379
  22,847
  24,372
Working capital, $m
  63
  86
  115
  151
  193
  244
  302
  368
  443
  527
  618
  718
  826
  942
  1,066
  1,198
  1,337
  1,483
  1,636
  1,797
  1,964
  2,139
  2,321
  2,510
  2,707
  2,912
  3,124
  3,345
  3,575
  3,813
Total debt, $m
  498
  783
  1,140
  1,577
  2,102
  2,719
  3,435
  4,251
  5,171
  6,193
  7,319
  8,547
  9,874
  11,300
  12,821
  14,435
  16,141
  17,936
  19,819
  21,790
  23,848
  25,993
  28,227
  30,551
  32,968
  35,479
  38,089
  40,801
  43,620
  46,550
Total liabilities, $m
  770
  1,055
  1,412
  1,849
  2,374
  2,991
  3,707
  4,523
  5,442
  6,465
  7,591
  8,819
  10,146
  11,572
  13,093
  14,707
  16,412
  18,207
  20,091
  22,061
  24,119
  26,265
  28,499
  30,823
  33,239
  35,751
  38,361
  41,073
  43,892
  46,822
Total equity, $m
  1,033
  1,416
  1,895
  2,481
  3,185
  4,014
  4,974
  6,070
  7,303
  8,676
  10,186
  11,834
  13,615
  15,528
  17,569
  19,735
  22,024
  24,433
  26,960
  29,605
  32,366
  35,245
  38,243
  41,362
  44,605
  47,975
  51,477
  55,116
  58,899
  62,832
Total liabilities and equity, $m
  1,803
  2,471
  3,307
  4,330
  5,559
  7,005
  8,681
  10,593
  12,745
  15,141
  17,777
  20,653
  23,761
  27,100
  30,662
  34,442
  38,436
  42,640
  47,051
  51,666
  56,485
  61,510
  66,742
  72,185
  77,844
  83,726
  89,838
  96,189
  102,791
  109,654
Debt-to-equity ratio
  0.480
  0.550
  0.600
  0.640
  0.660
  0.680
  0.690
  0.700
  0.710
  0.710
  0.720
  0.720
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
Adjusted equity ratio
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -13
  57
  141
  244
  367
  511
  678
  868
  1,082
  1,318
  1,628
  1,910
  2,215
  2,542
  2,890
  3,258
  3,647
  4,056
  4,484
  4,932
  5,399
  5,887
  6,394
  6,921
  7,469
  8,039
  8,632
  9,247
  9,888
  10,553
Depreciation, amort., depletion, $m
  108
  123
  142
  165
  192
  225
  263
  306
  354
  408
  399
  464
  533
  608
  688
  773
  863
  957
  1,056
  1,160
  1,268
  1,381
  1,498
  1,621
  1,748
  1,880
  2,017
  2,160
  2,308
  2,462
Funds from operations, $m
  95
  180
  283
  408
  559
  736
  941
  1,174
  1,436
  1,726
  2,027
  2,374
  2,749
  3,150
  3,578
  4,031
  4,510
  5,013
  5,540
  6,092
  6,668
  7,268
  7,892
  8,542
  9,217
  9,919
  10,649
  11,407
  12,195
  13,015
Change in working capital, $m
  18
  23
  29
  36
  43
  50
  58
  66
  75
  83
  92
  100
  108
  116
  124
  131
  139
  146
  153
  160
  168
  175
  182
  189
  197
  205
  213
  221
  230
  239
Cash from operations, $m
  77
  157
  254
  373
  516
  686
  883
  1,107
  1,361
  1,643
  1,935
  2,274
  2,640
  3,034
  3,454
  3,900
  4,371
  4,867
  5,387
  5,931
  6,500
  7,093
  7,710
  8,352
  9,020
  9,715
  10,436
  11,186
  11,966
  12,776
Maintenance CAPEX, $m
  -29
  -40
  -55
  -74
  -97
  -125
  -157
  -195
  -238
  -286
  -340
  -399
  -464
  -533
  -608
  -688
  -773
  -863
  -957
  -1,056
  -1,160
  -1,268
  -1,381
  -1,498
  -1,621
  -1,748
  -1,880
  -2,017
  -2,160
  -2,308
New CAPEX, $m
  -115
  -148
  -186
  -228
  -273
  -321
  -372
  -425
  -479
  -532
  -586
  -639
  -691
  -742
  -792
  -840
  -888
  -934
  -980
  -1,026
  -1,071
  -1,117
  -1,163
  -1,210
  -1,258
  -1,307
  -1,358
  -1,412
  -1,467
  -1,525
Cash from investing activities, $m
  -144
  -188
  -241
  -302
  -370
  -446
  -529
  -620
  -717
  -818
  -926
  -1,038
  -1,155
  -1,275
  -1,400
  -1,528
  -1,661
  -1,797
  -1,937
  -2,082
  -2,231
  -2,385
  -2,544
  -2,708
  -2,879
  -3,055
  -3,238
  -3,429
  -3,627
  -3,833
Free cash flow, $m
  -67
  -32
  12
  71
  146
  240
  353
  487
  644
  824
  1,009
  1,236
  1,486
  1,759
  2,054
  2,371
  2,710
  3,070
  3,449
  3,849
  4,269
  4,708
  5,166
  5,644
  6,142
  6,660
  7,198
  7,757
  8,339
  8,943
Issuance/(repayment) of debt, $m
  223
  285
  357
  437
  524
  618
  715
  816
  919
  1,023
  1,126
  1,228
  1,328
  1,425
  1,521
  1,614
  1,706
  1,795
  1,883
  1,971
  2,058
  2,145
  2,234
  2,324
  2,416
  2,511
  2,610
  2,712
  2,819
  2,931
Issuance/(repurchase) of shares, $m
  311
  326
  338
  343
  337
  318
  282
  227
  152
  54
  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  
  534
  611
  695
  780
  861
  936
  997
  1,043
  1,071
  1,077
  1,126
  1,228
  1,328
  1,425
  1,521
  1,614
  1,706
  1,795
  1,883
  1,971
  2,058
  2,145
  2,234
  2,324
  2,416
  2,511
  2,610
  2,712
  2,819
  2,931
Total cash flow (excl. dividends), $m
  466
  579
  708
  851
  1,008
  1,175
  1,350
  1,531
  1,716
  1,901
  2,135
  2,463
  2,813
  3,184
  3,575
  3,986
  4,415
  4,865
  5,333
  5,820
  6,327
  6,853
  7,400
  7,968
  8,558
  9,171
  9,808
  10,470
  11,158
  11,874
Retained Cash Flow (-), $m
  -311
  -383
  -479
  -587
  -704
  -829
  -960
  -1,096
  -1,234
  -1,372
  -1,511
  -1,647
  -1,782
  -1,913
  -2,041
  -2,166
  -2,289
  -2,409
  -2,527
  -2,645
  -2,762
  -2,879
  -2,998
  -3,119
  -3,243
  -3,370
  -3,502
  -3,639
  -3,783
  -3,933
Prev. year cash balance distribution, $m
  104
  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
  259
  196
  229
  265
  304
  346
  390
  436
  482
  529
  624
  816
  1,032
  1,271
  1,534
  1,819
  2,127
  2,456
  2,806
  3,175
  3,565
  3,974
  4,402
  4,850
  5,316
  5,801
  6,306
  6,830
  7,375
  7,941
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
  249
  180
  199
  218
  236
  251
  264
  272
  277
  277
  296
  348
  392
  427
  450
  462
  463
  452
  432
  404
  369
  330
  289
  247
  207
  169
  135
  106
  81
  60
Current shareholders' claim on cash, %
  62.4
  43.0
  32.1
  25.5
  21.3
  18.7
  17.0
  15.9
  15.4
  15.2
  15.2
  15.2
  15.2
  15.2
  15.2
  15.2
  15.2
  15.2
  15.2
  15.2
  15.2
  15.2
  15.2
  15.2
  15.2
  15.2
  15.2
  15.2
  15.2
  15.2

Veeco Instruments Inc. is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. The Company's geographical segments include the United States; China; Europe, Middle East and Africa (EMEA), and Rest of World (ROW). The Company's portfolio of technology solutions focus on market areas, including Lighting, Display & Power Electronics; Advanced Packaging, micro-electromechanical systems (MEMS) & radio frequency (RF); Scientific & Industrial, and Data Storage. The Company's equipment is used to make electronic devices, including light emitting diodes (LEDs), MEMS, wireless devices, power electronics, hard disk drives (HDDs) and semiconductor devices. The Company's System products include Metal Organic Chemical Vapor Deposition Systems, Precision Surface Processing Systems, Ion Beam Etch and Deposition Systems, Molecular Beam Epitaxy Systems, and Other Deposition and Industrial Products.

FINANCIAL RATIOS  of  Veeco Instruments (VECO)

Valuation Ratios
P/E Ratio -2.8
Price to Sales 1
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow -14
Price to Free Cash Flow -9.6
Growth Rates
Sales Growth Rate -30.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.4%
Cap. Spend. - 3 Yr. Gr. Rate 4.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0.2%
Total Debt to Equity 0.2%
Interest Coverage 0
Management Effectiveness
Return On Assets -14.8%
Ret/ On Assets - 3 Yr. Avg. -8.5%
Return On Total Capital -18.6%
Ret/ On T. Cap. - 3 Yr. Avg. -10.6%
Return On Equity -18.6%
Return On Equity - 3 Yr. Avg. -10.6%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 40.1%
Gross Margin - 3 Yr. Avg. 37.2%
EBITDA Margin -25.9%
EBITDA Margin - 3 Yr. Avg. -11.9%
Operating Margin -36.4%
Oper. Margin - 3 Yr. Avg. -20.5%
Pre-Tax Margin -35.8%
Pre-Tax Margin - 3 Yr. Avg. -20.2%
Net Profit Margin -36.7%
Net Profit Margin - 3 Yr. Avg. -20.2%
Effective Tax Rate -2.5%
Eff/ Tax Rate - 3 Yr. Avg. -9.2%
Payout Ratio 0%

VECO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VECO stock intrinsic value calculation we used $484.756 million for the last fiscal year's total revenue generated by Veeco Instruments. The default revenue input number comes from 0001 income statement of Veeco 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 VECO stock valuation model: a) initial revenue growth rate of 40.6% 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 VECO is calculated based on our internal credit rating of Veeco 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 Veeco 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 VECO stock the variable cost ratio is equal to 63.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $248 million in the base year in the intrinsic value calculation for VECO 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 14.1% for Veeco Instruments.

Corporate tax rate of 27% is the nominal tax rate for Veeco 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 VECO 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 VECO are equal to 58.8%.

Life of production assets of 9.9 years is the average useful life of capital assets used in Veeco 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 VECO is equal to 9.2%. 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 - $840.093 million for Veeco 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 48.692 million for Veeco 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 Veeco Instruments at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Why Veeco Instruments Stock Fell Thursday   [Nov-01-18 01:12PM  Motley Fool]
▶ Veeco: 3Q Earnings Snapshot   [07:43AM  Associated Press]
▶ Veeco Announces Changes to Executive Leadership Team   [Sep-04-18 04:05PM  GlobeNewswire]
▶ Veeco: 2Q Earnings Snapshot   [08:03AM  Associated Press]
▶ Is Veeco Instruments Inc (NASDAQ:VECO) Undervalued?   [Jun-23-18 09:10AM  Simply Wall St.]
▶ Veeco Announces Upcoming Investor Events   [May-23-18 08:00AM  GlobeNewswire]
▶ Veeco: 1Q Earnings Snapshot   [May-07-18 04:25PM  Associated Press]
▶ 3 Takeaways From Veeco Instruments' Earnings Report   [Mar-04-18 07:17PM  Motley Fool]
▶ Ichor Holdings Upgraded To Strong Buy; Veeco Rallies On Earnings Report   [Feb-13-18 04:11PM  Investor's Business Daily]
▶ Veeco reports 4Q loss   [Feb-12-18 04:33PM  Associated Press]
▶ Veeco, AMEC, and SGL Settle Patent Litigation   [Feb-08-18 09:18AM  GlobeNewswire]
▶ OSRAM Orders Multiple Veeco MOCVD Systems   [Jan-09-18 08:00AM  Marketwired]
▶ Veeco Authorizes $100 Million Share Repurchase Program   [Dec-11-17 04:05PM  Marketwired]
▶ Why Veeco Instruments Inc. Stock Is Plummeting Today   [Dec-08-17 02:44PM  Motley Fool]
▶ Veeco Provides Update on Patent Litigation   [Dec-07-17 04:05PM  Marketwired]
▶ Veeco Preliminary Injunction Confirmed After Challenge   [Nov-16-17 04:05PM  Marketwired]
▶ Veeco reports 3Q loss   [Nov-02-17 04:26PM  Associated Press]

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