Intrinsic value of Oclaro - OCLR

Previous Close

$8.41

  Intrinsic Value

$163.28

stock screener

  Rating & Target

str. buy

+999%

Previous close

$8.41

 
Intrinsic value

$163.28

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of OCLR 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 2017), $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 1.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  47.30
  47.30
  43.07
  39.26
  35.84
  32.75
  29.98
  27.48
  25.23
  23.21
  21.39
  19.75
  18.27
  16.95
  15.75
  14.68
  13.71
  12.84
  12.05
  11.35
  10.71
  10.14
  9.63
  9.17
  8.75
  8.37
  8.04
  7.73
  7.46
  7.21
  6.99
Revenue, $m
  601
  885
  1,267
  1,764
  2,396
  3,181
  4,134
  5,270
  6,600
  8,132
  9,871
  11,821
  13,981
  16,350
  18,925
  21,703
  24,678
  27,847
  31,203
  34,745
  38,467
  42,369
  46,448
  50,706
  55,142
  59,760
  64,562
  69,555
  74,743
  80,135
  85,739
Variable operating expenses, $m
 
  413
  590
  822
  1,117
  1,482
  1,927
  2,456
  3,076
  3,789
  4,600
  5,508
  6,515
  7,619
  8,819
  10,114
  11,500
  12,977
  14,541
  16,191
  17,926
  19,744
  21,645
  23,629
  25,696
  27,848
  30,086
  32,413
  34,830
  37,343
  39,954
Fixed operating expenses, $m
 
  212
  217
  223
  228
  234
  240
  246
  252
  259
  265
  272
  278
  285
  292
  300
  307
  315
  323
  331
  339
  348
  356
  365
  374
  384
  393
  403
  413
  424
  434
Total operating expenses, $m
  482
  625
  807
  1,045
  1,345
  1,716
  2,167
  2,702
  3,328
  4,048
  4,865
  5,780
  6,793
  7,904
  9,111
  10,414
  11,807
  13,292
  14,864
  16,522
  18,265
  20,092
  22,001
  23,994
  26,070
  28,232
  30,479
  32,816
  35,243
  37,767
  40,388
Operating income, $m
  119
  261
  459
  719
  1,051
  1,464
  1,968
  2,568
  3,272
  4,084
  5,006
  6,041
  7,187
  8,446
  9,814
  11,290
  12,871
  14,555
  16,340
  18,223
  20,202
  22,277
  24,447
  26,712
  29,071
  31,528
  34,083
  36,739
  39,500
  42,369
  45,350
EBITDA, $m
  141
  287
  497
  772
  1,123
  1,560
  2,092
  2,727
  3,472
  4,329
  5,304
  6,398
  7,610
  8,939
  10,385
  11,945
  13,616
  15,396
  17,282
  19,272
  21,364
  23,557
  25,850
  28,243
  30,737
  33,333
  36,033
  38,840
  41,757
  44,789
  47,940
Interest expense (income), $m
  13
  1
  26
  60
  105
  161
  231
  317
  418
  537
  674
  830
  1,004
  1,198
  1,409
  1,640
  1,888
  2,155
  2,438
  2,738
  3,055
  3,388
  3,737
  4,102
  4,483
  4,880
  5,293
  5,722
  6,169
  6,633
  7,115
Earnings before tax, $m
  103
  260
  433
  659
  946
  1,303
  1,736
  2,252
  2,854
  3,547
  4,332
  5,211
  6,183
  7,248
  8,404
  9,650
  10,983
  12,401
  13,902
  15,485
  17,147
  18,889
  20,710
  22,610
  24,589
  26,648
  28,790
  31,017
  33,331
  35,736
  38,235
Tax expense, $m
  -25
  70
  117
  178
  255
  352
  469
  608
  771
  958
  1,170
  1,407
  1,669
  1,957
  2,269
  2,605
  2,965
  3,348
  3,754
  4,181
  4,630
  5,100
  5,592
  6,105
  6,639
  7,195
  7,773
  8,375
  8,999
  9,649
  10,323
Net income, $m
  128
  190
  316
  481
  691
  951
  1,267
  1,644
  2,083
  2,589
  3,162
  3,804
  4,514
  5,291
  6,135
  7,044
  8,017
  9,052
  10,148
  11,304
  12,518
  13,789
  15,118
  16,505
  17,950
  19,453
  21,017
  22,642
  24,332
  26,087
  27,911

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  257
  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
  665
  601
  860
  1,197
  1,627
  2,159
  2,807
  3,578
  4,481
  5,521
  6,701
  8,025
  9,491
  11,100
  12,848
  14,734
  16,754
  18,905
  21,184
  23,588
  26,115
  28,764
  31,533
  34,423
  37,435
  40,570
  43,830
  47,220
  50,742
  54,403
  58,207
Adjusted assets (=assets-cash), $m
  408
  601
  860
  1,197
  1,627
  2,159
  2,807
  3,578
  4,481
  5,521
  6,701
  8,025
  9,491
  11,100
  12,848
  14,734
  16,754
  18,905
  21,184
  23,588
  26,115
  28,764
  31,533
  34,423
  37,435
  40,570
  43,830
  47,220
  50,742
  54,403
  58,207
Revenue / Adjusted assets
  1.473
  1.473
  1.473
  1.474
  1.473
  1.473
  1.473
  1.473
  1.473
  1.473
  1.473
  1.473
  1.473
  1.473
  1.473
  1.473
  1.473
  1.473
  1.473
  1.473
  1.473
  1.473
  1.473
  1.473
  1.473
  1.473
  1.473
  1.473
  1.473
  1.473
  1.473
Average production assets, $m
  91
  134
  191
  266
  362
  480
  624
  796
  997
  1,228
  1,491
  1,785
  2,111
  2,469
  2,858
  3,277
  3,726
  4,205
  4,712
  5,246
  5,809
  6,398
  7,014
  7,657
  8,326
  9,024
  9,749
  10,503
  11,286
  12,100
  12,947
Working capital, $m
  389
  197
  282
  393
  534
  709
  922
  1,175
  1,472
  1,813
  2,201
  2,636
  3,118
  3,646
  4,220
  4,840
  5,503
  6,210
  6,958
  7,748
  8,578
  9,448
  10,358
  11,307
  12,297
  13,326
  14,397
  15,511
  16,668
  17,870
  19,120
Total debt, $m
  4
  72
  167
  290
  447
  641
  877
  1,159
  1,488
  1,868
  2,299
  2,782
  3,317
  3,904
  4,543
  5,231
  5,968
  6,753
  7,585
  8,463
  9,385
  10,352
  11,363
  12,418
  13,517
  14,661
  15,851
  17,088
  18,374
  19,710
  21,098
Total liabilities, $m
  151
  219
  314
  437
  594
  788
  1,024
  1,306
  1,635
  2,015
  2,446
  2,929
  3,464
  4,051
  4,690
  5,378
  6,115
  6,900
  7,732
  8,610
  9,532
  10,499
  11,510
  12,565
  13,664
  14,808
  15,998
  17,235
  18,521
  19,857
  21,245
Total equity, $m
  514
  382
  546
  760
  1,033
  1,371
  1,782
  2,272
  2,845
  3,506
  4,255
  5,096
  6,027
  7,048
  8,159
  9,356
  10,639
  12,005
  13,452
  14,978
  16,583
  18,265
  20,024
  21,859
  23,771
  25,762
  27,832
  29,985
  32,221
  34,546
  36,961
Total liabilities and equity, $m
  665
  601
  860
  1,197
  1,627
  2,159
  2,806
  3,578
  4,480
  5,521
  6,701
  8,025
  9,491
  11,099
  12,849
  14,734
  16,754
  18,905
  21,184
  23,588
  26,115
  28,764
  31,534
  34,424
  37,435
  40,570
  43,830
  47,220
  50,742
  54,403
  58,206
Debt-to-equity ratio
  0.008
  0.190
  0.310
  0.380
  0.430
  0.470
  0.490
  0.510
  0.520
  0.530
  0.540
  0.550
  0.550
  0.550
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
Adjusted equity ratio
  0.630
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  128
  190
  316
  481
  691
  951
  1,267
  1,644
  2,083
  2,589
  3,162
  3,804
  4,514
  5,291
  6,135
  7,044
  8,017
  9,052
  10,148
  11,304
  12,518
  13,789
  15,118
  16,505
  17,950
  19,453
  21,017
  22,642
  24,332
  26,087
  27,911
Depreciation, amort., depletion, $m
  22
  27
  38
  53
  72
  96
  125
  159
  199
  246
  298
  357
  422
  494
  572
  655
  745
  841
  942
  1,049
  1,162
  1,280
  1,403
  1,531
  1,665
  1,805
  1,950
  2,101
  2,257
  2,420
  2,589
Funds from operations, $m
  32
  216
  354
  534
  763
  1,047
  1,392
  1,803
  2,283
  2,835
  3,460
  4,161
  4,936
  5,785
  6,707
  7,700
  8,763
  9,893
  11,091
  12,353
  13,679
  15,069
  16,521
  18,036
  19,615
  21,258
  22,967
  24,743
  26,589
  28,507
  30,501
Change in working capital, $m
  -55
  63
  85
  111
  141
  175
  213
  253
  297
  342
  388
  435
  482
  528
  574
  619
  663
  707
  749
  790
  830
  870
  910
  949
  989
  1,030
  1,071
  1,113
  1,157
  1,202
  1,250
Cash from operations, $m
  87
  153
  269
  423
  622
  872
  1,180
  1,549
  1,986
  2,493
  3,072
  3,726
  4,454
  5,256
  6,132
  7,080
  8,099
  9,187
  10,342
  11,563
  12,849
  14,199
  15,611
  17,087
  18,626
  20,228
  21,896
  23,630
  25,432
  27,305
  29,251
Maintenance CAPEX, $m
  0
  -18
  -27
  -38
  -53
  -72
  -96
  -125
  -159
  -199
  -246
  -298
  -357
  -422
  -494
  -572
  -655
  -745
  -841
  -942
  -1,049
  -1,162
  -1,280
  -1,403
  -1,531
  -1,665
  -1,805
  -1,950
  -2,101
  -2,257
  -2,420
New CAPEX, $m
  -62
  -43
  -58
  -75
  -95
  -118
  -144
  -172
  -201
  -231
  -263
  -294
  -326
  -358
  -389
  -419
  -449
  -478
  -507
  -535
  -562
  -589
  -616
  -643
  -670
  -697
  -725
  -754
  -783
  -814
  -846
Cash from investing activities, $m
  -99
  -61
  -85
  -113
  -148
  -190
  -240
  -297
  -360
  -430
  -509
  -592
  -683
  -780
  -883
  -991
  -1,104
  -1,223
  -1,348
  -1,477
  -1,611
  -1,751
  -1,896
  -2,046
  -2,201
  -2,362
  -2,530
  -2,704
  -2,884
  -3,071
  -3,266
Free cash flow, $m
  -12
  92
  185
  310
  473
  681
  940
  1,253
  1,626
  2,062
  2,564
  3,134
  3,771
  4,476
  5,250
  6,089
  6,994
  7,963
  8,994
  10,086
  11,238
  12,448
  13,716
  15,041
  16,425
  17,866
  19,366
  20,926
  22,548
  24,233
  25,985
Issuance/(repayment) of debt, $m
  -2
  70
  94
  123
  157
  194
  236
  282
  330
  380
  431
  483
  535
  587
  638
  688
  737
  785
  832
  878
  922
  967
  1,011
  1,055
  1,099
  1,144
  1,190
  1,237
  1,286
  1,336
  1,388
Issuance/(repurchase) of shares, $m
  136
  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 from financing (excl. dividends), $m  
  133
  70
  94
  123
  157
  194
  236
  282
  330
  380
  431
  483
  535
  587
  638
  688
  737
  785
  832
  878
  922
  967
  1,011
  1,055
  1,099
  1,144
  1,190
  1,237
  1,286
  1,336
  1,388
Total cash flow (excl. dividends), $m
  123
  163
  279
  433
  630
  876
  1,176
  1,535
  1,956
  2,442
  2,995
  3,617
  4,306
  5,064
  5,888
  6,778
  7,732
  8,748
  9,826
  10,964
  12,160
  13,415
  14,727
  16,096
  17,524
  19,010
  20,556
  22,163
  23,833
  25,569
  27,374
Retained Cash Flow (-), $m
  -347
  -123
  -164
  -214
  -272
  -338
  -411
  -490
  -573
  -660
  -750
  -840
  -931
  -1,021
  -1,110
  -1,197
  -1,283
  -1,366
  -1,447
  -1,527
  -1,605
  -1,682
  -1,759
  -1,835
  -1,912
  -1,991
  -2,070
  -2,152
  -2,237
  -2,324
  -2,416
Prev. year cash balance distribution, $m
 
  255
  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
 
  295
  115
  219
  358
  538
  765
  1,045
  1,382
  1,782
  2,245
  2,776
  3,375
  4,042
  4,778
  5,580
  6,449
  7,382
  8,379
  9,437
  10,555
  11,733
  12,968
  14,261
  15,611
  17,019
  18,485
  20,011
  21,597
  23,245
  24,958
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
 
  283
  105
  190
  294
  417
  555
  706
  864
  1,023
  1,177
  1,318
  1,440
  1,537
  1,604
  1,638
  1,639
  1,606
  1,543
  1,453
  1,341
  1,214
  1,076
  935
  795
  662
  539
  429
  334
  254
  188
Current shareholders' claim on cash, %
  100
  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
  100.0

Oclaro, Inc. is a provider of optical components, modules and subsystems for the core optical transport, service provider, enterprise and data center markets. The Company provides various solutions for optical networks and interconnects driving the next wave of streaming video, cloud computing, application virtualization and other bandwidth-intensive and high-speed applications. The Company's product offerings include client side transceivers, line side transceivers, tunable laser transmitters, lithium niobate modulators, transponder modules, and discrete lasers and receivers. It designs, manufactures and markets optical components, modules and subsystems that generate, detect, combine and separate light signals in optical communications networks. The Company supplies transmission products at the component level and the module level into 10 gigabits per second (Gb/s), 40 Gb/s and 100 Gb/s communications solutions.

FINANCIAL RATIOS  of  Oclaro (OCLR)

Valuation Ratios
P/E Ratio 11
Price to Sales 2.3
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 16.2
Price to Free Cash Flow 56.4
Growth Rates
Sales Growth Rate 47.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 121.4%
Cap. Spend. - 3 Yr. Gr. Rate 47.1%
Financial Strength
Quick Ratio 129
Current Ratio 0
LT Debt to Equity 0.4%
Total Debt to Equity 0.8%
Interest Coverage 9
Management Effectiveness
Return On Assets 28.2%
Ret/ On Assets - 3 Yr. Avg. 5.2%
Return On Total Capital 34%
Ret/ On T. Cap. - 3 Yr. Avg. 4%
Return On Equity 37.6%
Return On Equity - 3 Yr. Avg. 3.9%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 39.1%
Gross Margin - 3 Yr. Avg. 28.1%
EBITDA Margin 23%
EBITDA Margin - 3 Yr. Avg. 7.3%
Operating Margin 19.8%
Oper. Margin - 3 Yr. Avg. 3.4%
Pre-Tax Margin 17.1%
Pre-Tax Margin - 3 Yr. Avg. 1.8%
Net Profit Margin 21.3%
Net Profit Margin - 3 Yr. Avg. 2.3%
Effective Tax Rate -24.3%
Eff/ Tax Rate - 3 Yr. Avg. -8.1%
Payout Ratio 0%

OCLR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OCLR stock intrinsic value calculation we used $601 million for the last fiscal year's total revenue generated by Oclaro. The default revenue input number comes from 2017 income statement of Oclaro. 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 OCLR stock valuation model: a) initial revenue growth rate of 47.3% 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 OCLR is calculated based on our internal credit rating of Oclaro, 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 Oclaro.
    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 OCLR stock the variable cost ratio is equal to 46.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $207 million in the base year in the intrinsic value calculation for OCLR 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 36.1% for Oclaro.

Corporate tax rate of 27% is the nominal tax rate for Oclaro. 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 OCLR 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 OCLR are equal to 15.1%.

Life of production assets of 4.1 years is the average useful life of capital assets used in Oclaro 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 OCLR is equal to 22.3%. 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 - $514 million for Oclaro - 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 168.847 million for Oclaro 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 Oclaro at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ ETFs with exposure to Oclaro, Inc. : October 17, 2017   [Oct-17-17 09:54AM  Capital Cube]
▶ ETFs with exposure to Oclaro, Inc. : September 19, 2017   [Sep-19-17 06:14PM  Capital Cube]
▶ Why Oclaro, Inc. Shares Lost 14% in August   [Sep-17-17 02:23PM  Motley Fool]
▶ Oclaro (OCLR) Surges: Stock Moves 5.3% Higher   [Sep-14-17 09:00AM  Zacks]
▶ This Cisco supplier could be set for a break out   [Sep-13-17 02:02PM  CNBC Videos]
▶ ETFs with exposure to Oclaro, Inc. : September 9, 2017   [Sep-09-17 12:57AM  Capital Cube]
▶ ETFs with exposure to Oclaro, Inc. : August 30, 2017   [Aug-29-17 08:10PM  Capital Cube]
▶ Oclaro to Participate in Upcoming Investor Conferences   [Aug-10-17 09:00AM  PR Newswire]
▶ Oclaro tops Street 4Q forecasts   [Aug-02-17 11:13PM  Associated Press]
▶ These 5 Top Stocks In IBD's No. 1 Group Are In Bases, Near Buy Zones   [Jul-24-17 07:21AM  Investor's Business Daily]
▶ Fiber Stocks Rally As Applied Optoelectronics Preannounces Q2 Beat   [Jul-13-17 06:06PM  Investor's Business Daily]
▶ Oclaro, Inc. Value Analysis (NASDAQ:OCLR) : July 10, 2017   [Jul-10-17 04:22PM  Capital Cube]
▶ ETFs with exposure to Oclaro, Inc. : July 7, 2017   [Jul-07-17 03:19PM  Capital Cube]
▶ Fiber-Optic Stocks Rated Strong Buys; One Gets Big Price-Target Hike   [Jul-06-17 11:23AM  Investor's Business Daily]
▶ Benzinga's Option Alert Recap From June 30   [Jun-30-17 04:10PM  Benzinga]
▶ Benzinga's Option Alert Recap From June 16   [Jun-16-17 04:20PM  Benzinga]
▶ Benzinga's Option Alert Recap From June 14   [Jun-14-17 04:10PM  Benzinga]
▶ 4 Top Small-Cap Stocks to Buy in June   [Jun-12-17 08:49AM  Motley Fool]
▶ ETFs with exposure to Oclaro, Inc. : June 8, 2017   [Jun-08-17 01:50PM  Capital Cube]
▶ Lumentum Holdings Hits New High, Other Fiber Stocks Rally   [Jun-06-17 04:32PM  Investor's Business Daily]
▶ Why Oclaro, Inc. Jumped 13% Higher Today   [01:26PM  Motley Fool]
▶ ETFs with exposure to Oclaro, Inc. : May 29, 2017   [May-29-17 12:51PM  Capital Cube]
▶ Oclaro, Inc.: Strong price momentum but will it sustain?   [May-23-17 11:24AM  Capital Cube]
▶ This Market is Now Overbought; Waiting for Another Pullback   [May-22-17 10:56AM  TheStreet.com]
▶ ETFs with exposure to Oclaro, Inc. : May 18, 2017   [May-18-17 01:55PM  Capital Cube]
▶ Oclaro, Inc. Value Analysis (NASDAQ:OCLR) : May 16, 2017   [May-16-17 01:13PM  Capital Cube]
▶ How Oclaro, Inc. Shares Fell 18% in April   [May-08-17 06:42PM  Motley Fool]
▶ Who Needs China? Fiber Optic Stocks Rally Off Lows On Amazon, Verizon Hopes   [May-03-17 04:36PM  Investor's Business Daily]
▶ Story Stocks from Briefing.com   [09:51AM  Briefing.com]
▶ Oclaro beats Street 3Q forecasts   [May-02-17 06:37PM  Associated Press]
▶ Why Fiber-Optic Stocks Were The Market's Biggest Losers Today   [Apr-26-17 04:58PM  Investor's Business Daily]
Financial statements of OCLR
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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