Stryker (SYK:NYS) and T-Mobile US (TMUS:NAS) Downgraded

Stockcalc – Free Trial

Have a free look inside the StockCalc website at www.stockcalc.com



I have used the analysis tools on the website stockcalc.com to generate some of the content of this blog post. These tools and reports are available for free at www.stockcalc.com/toppicks.aspx.

Downgraded Stocks on NYSE, NASDAQ, AMEX, TSE, and TSX

Today we are looking at companies whose share price has been downgraded by at least one analyst in the last few days.

Why Do Companies Get Downgraded?

Companies can get downgraded for a number of reasons but primarily due to reduced future earnings potential due to loss of contracts, faultering product lines, increasing costs relative to revenue or financial risk.

In the list below you can see the number of analysts we have in the StockCalc database along with the number of buy-hold-sell on the company.

Today’s Data on NYSE, NASDAQ, AMEX, TSE, and TSX

Below we have today’s data for companies listed on all of the New York Stock Exchange, NASDAQ Stock Exchange, American Stock Exchange, Toronto Stock Exchange, and TSX Venture Exchange.

New York Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
SYK Stryker Corp 5 0 4 1 0 0 3.9000 4.1000 Outperform
PUK Prudential PLC 2 0 1 0 1 0 3.5000 3.8000 Hold
VFC VF Corp 6 0 3 1 0 0 4.1000 4.2000 Outperform
FTS Fortis Inc 3 3 4 0 0 0 3.9000 4.1000 Outperform
VST Vistra Energy Corp 3 0 1 1 0 0 4.0000 4.5000 Outperform
FDS FactSet Research Systems Inc 0 0 5 0 2 0 2.4286 2.5000 Underperform
PGRE Paramount Group Inc 0 0 1 0 0 0 3.0000 4.0000 Hold
SRC Spirit Realty Capital Inc 0 0 1 0 0 0 3.0000 4.0000 Hold
TVPT Travelport Worldwide Ltd 1 1 1 0 0 0 4.0000 4.2500 Outperform
Toronto Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
FTS Fortis Inc 3 3 4 0 0 0 3.9000 4.1000 Outperform
SNC SNC-Lavalin Group Inc 6 2 4 0 0 0 4.1667 4.4167 Outperform
PSI Pason Systems Inc 1 2 3 0 0 0 3.6667 4.0000 Outperform
TDG Trinidad Drilling Ltd 0 0 3 0 2 0 2.2000 2.3333 Underperform
DML Denison Mines Corp 2 0 3 0 0 0 3.8000 3.8333 Outperform
AUG Auryn Resources Inc 2 3 0 0 0 0 4.4000 4.5000 Outperform
TSX Venture Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
OGI OrganiGram Holdings Inc 4 3 0 0 0 0 4.5714 4.6667 Buy
American Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
DNN Denison Mines Corp 2 0 3 0 0 0 3.8000 3.8333 Outperform
AUG Auryn Resources Inc 2 3 0 0 0 0 4.4000 4.5000 Outperform
NASDAQ
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
TMUS T-Mobile US Inc 4 0 2 0 0 0 4.3333 4.6667 Outperform
ATVI Activision Blizzard Inc 5 1 2 0 0 0 4.3750 4.6250 Outperform
LRCX Lam Research Corp 5 0 4 0 0 0 4.1111 4.2222 Outperform
INFO IHS Markit Ltd 1 0 4 0 0 0 3.4000 3.6667 Hold
DNLI Denali Therapeutics Inc 0 0 1 0 0 0 3.0000 5.0000 Hold
ICHR Ichor Holdings Ltd 0 0 1 0 0 0 3.0000 4.0000 Hold

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

SYK:NYS Stryker

http://www.stryker.com
Stryker has 33000 employees and is headquartered in United States.
Stryker Corp is engaged in designing, manufacturing and marketing of medical equipment, instruments, and implantable devices. Its products include hip and knee replacements, endoscopy systems, operating room equipment, embolic coils, and spinal devices.

TMUS:NAS T-Mobile US

http://www.t-mobile.com
T-Mobile US has 51000 employees and is headquartered in United States.
T-Mobile US Inc is a US-based wireless company which provides wireless communications services, including voice, messaging and data in the postpaid, prepaid and wholesale markets. It also provides wireless devices and accessories.

Free Valuation

Run a valuation on any of the companies listed above at www.stockcalc.com/valureport.aspx or subscribe at our Stockcalc Facebook Page to receive this list each day Stockcalc Reports.

The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. You should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment decision.

Booking Holdings (BKNG:NAS) and Intuitive Surgical (ISRG:NAS) Are Undervalued

Stockcalc – Free Trial

Have a free look inside the StockCalc website at www.stockcalc.com



I have used the analysis tools on the website stockcalc.com to generate some of the content of this blog post. These tools and reports are available for free at www.stockcalc.com/TopPicks.aspx.

Undervalued Stocks on NASDAQ

Today we are looking at companies that are considered undervalued based on the Analyst data in the StockCalc database.

In the table below we can see the close price and target price for these companies along with the number of analysts covering the stock. We also have included the fiscal year for the target price as sometimes these analyst targets are not for the current or even the next fiscal year.

There can be a number of reasons why a company would be on this list. What is particularly interesting are companies with a large analyst following that make this list. We need to dig deeper into these companies to understand why the difference in price versus target.

Today’s Data on NASDAQ

Today’s data is for companies listed on the NASDAQ.

Symbol Name Target Year Close Price Target Price Mean Currency Target Price # of Estimates
AMZN Amazon.com Inc 2019 1593.880000 2151.3640 USD 11
GOOG Alphabet Inc 2019 1060.620000 1365.0000 USD 10
GOOGL Alphabet Inc 2019 1070.060000 1365.0000 USD 10
NFLX Netflix Inc 2019 328.900000 398.1000 USD 10
BKNG Booking Holdings Inc 2019 1808.800000 2215.0000 USD 5
NVDA NVIDIA Corp 2020 131.600000 208.7500 USD 8
CHTR Charter Communications Inc 2019 289.780000 359.7500 USD 4
ISRG Intuitive Surgical Inc 2019 494.250000 591.0000 USD 5
ILMN Illumina Inc 2019 285.260000 365.0000 USD 3
EQIX Equinix Inc 2019 379.290000 480.6667 USD 3
ALGN Align Technology Inc 2019 222.030000 282.0000 USD 3
SIVB SVB Financial Group 2019 240.680000 298.3333 USD 3
SRPT Sarepta Therapeutics Inc 2019 115.810000 200.8000 USD 5
ULTI The Ultimate Software Group Inc 2019 268.330000 326.6667 USD 3
TLRY Tilray Inc 2019 79.060000 200.0000 USD 1
SAGE Sage Therapeutics Inc 2019 131.630000 213.3333 USD 3
STMP Stamps.com Inc 2019 176.080000 260.0000 USD 1
COHR Coherent Inc 2019 122.810000 214.5000 USD 2
LGND Ligand Pharmaceuticals Inc 2019 115.960000 238.0000 USD 2
GBT Global Blood Therapeutics Inc 2019 44.900000 109.3333 USD 3
WTW Weight Watchers International Inc 2019 32.230000 99.3333 USD 3
ANAB AnaptysBio Inc 2019 61.950000 123.2500 USD 4
MDGL Madrigal Pharmaceuticals Inc 2019 110.770000 301.6667 USD 3
ALBO Albireo Pharma Inc 2019 22.580000 86.0000 USD 1
CATB Catabasis Pharmaceuticals Inc 2019 5.880000 77.0000 USD 1

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

BKNG:NAS Booking Holdings

http://www.bookingholdings.com
Booking Holdings has 24000 employees and is headquartered in United States.
Booking Holdings Inc is an online travel agency. The firm through its branded sites offer booking services for hotel rooms, airline tickets, rental restaurant reservations, cruises, and other vacation packages.

ISRG:NAS Intuitive Surgical

http://www.intuitivesurgical.com
Intuitive Surgical has 4444 employees and is headquartered in United States.
Intuitive Surgical Inc designs, manufactures, markets da Vinci Surgical Systems, and related instruments. The da Vinci surgery, combines the benefits of minimally invasive surgery for patients with the ease of use, precision and dexterity of open surgery.

Free Valuation

Run a valuation on any of the companies listed above at www.stockcalc.com/valureport.aspx or subscribe at our Stockcalc Facebook Page to receive this list each day Stockcalc Reports.

The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. You should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment decision.

Regeneron Pharmaceuticals (REGN:NAS) and Workday (WDAY:NAS) Are Fully Valued

Stockcalc – Free Trial

Have a free look inside the StockCalc website at www.stockcalc.com



I have used the analysis tools on the website stockcalc.com to generate some of the content of this blog post. These tools and reports are available for free at www.stockcalc.com/TopPicks.aspx.

Fully Valued Stocks on NASDAQ

Today we are looking at companies that are considered fully valued based on the Analyst data in the StockCalc database.

In this table we can see the close price and target price for these companies along with the number of analysts covering the stock. We also have included the fiscal year for the target price as sometimes these analyst targets are not for the current or even the next fiscal year.

There can be a number of reasons why a company would be on this list. What is particularly interesting are companies with a large analyst following that make this list. We need to dig deeper into these companies to understand why the difference in price versus target.

Today’s Data on NASDAQ

Today’s data is for companies listed on the NASDAQ.

Symbol Name Target Year Close Price Target Price Mean Currency Target Price # of Estimates
REGN Regeneron Pharmaceuticals Inc 2019 417.150000 411.0000 USD 6
WDAY Workday Inc 2020 166.690000 157.0000 USD 8
XLNX Xilinx Inc 2020 109.390000 103.3333 USD 3
CINF Cincinnati Financial Corp 2019 79.390000 71.0000 USD 2
IEP Icahn Enterprises LP 2019 67.460000 53.0000 USD 1
STX Seagate Technology PLC 2019 42.770000 37.5000 USD 2
CACC Credit Acceptance Corp 2019 408.670000 390.6667 USD 3
MKTX MarketAxess Holdings Inc 2019 213.500000 205.0000 USD 1
UBNT Ubiquiti Networks Inc 2019 106.230000 86.0000 USD 1
FIVE Five Below Inc 2020 123.500000 118.3333 USD 3
BRKR Bruker Corp 2019 34.470000 30.0000 USD 1
WIX Wix.com Ltd 2019 103.790000 99.3333 USD 3
TREE LendingTree Inc 2019 287.550000 267.5000 USD 6
VSAT Viasat Inc 2020 61.500000 45.0000 USD 1
AMCX AMC Networks Inc 2019 64.610000 56.2500 USD 4
MANT Mantech International Corp 2019 54.570000 48.0000 USD 1
APPN Appian Corp 2019 31.660000 27.0000 USD 1
POWI Power Integrations Inc 2019 65.490000 60.0000 USD 1
SCWX SecureWorks Corp 2020 20.070000 15.6667 USD 3
CLVS Clovis Oncology Inc 2019 24.480000 19.0000 USD 1
TCMD Tactile Systems Technology Inc 2019 64.920000 55.0000 USD 1
SNBR Sleep Number Corp 2019 35.150000 27.0000 USD 1
ATNI ATN International Inc 2019 73.500000 45.0000 USD 1
CYOU Changyou.com Ltd 2019 20.110000 15.0000 USD 1
SPNS Sapiens International Corp NV 2019 12.110000 5.0000 USD 1

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

REGN:NAS Regeneron Pharmaceuticals

http://www.regeneron.com
Regeneron Pharmaceuticals has 6200 employees and is headquartered in United States.
Regeneron Pharmaceuticals Inc is an integrated biopharmaceutical company. It discovers, invents, develops, manufactures, and commercializes medicines for the treatment of serious medical conditions.

WDAY:NAS Workday

http://www.workday.com
Workday has 10200 employees and is headquartered in United States.
Workday Inc is a SaaS provider offering enterprise resource planning, or ERP, software for medium and large enterprises. The company’s product portfolio is built around human capital and financial management software.

Free Valuation

Run a valuation on any of the companies listed above at www.stockcalc.com/valureport.aspx or subscribe at our Stockcalc Facebook Page to receive this list each day Stockcalc Reports.

The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. You should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment decision.

NVIDIA (NVDA:NAS) and Applied Materials (AMAT:NAS) Upgraded

Stockcalc – Free Trial

Have a free look inside the StockCalc website at www.stockcalc.com



I have used the analysis tools on the website stockcalc.com to generate some of the content of this blog post. These tools and reports are available for free at www.stockcalc.com/toppicks.aspx.

Upgraded Stocks on NYSE, NASDAQ, AMEX, TSE, and TSX

Today we are looking at companies whose share price has been upgraded by at least one analyst in the last few days.

Why Do Companies Get Upgraded?

Companies can get upgraded for a number of reasons, but primarily due to improved future earnings potential due to new contracts, new products, cost savings or restructuring.

In the list below you can see the number of analysts we have in the StockCalc database along with the number of buy-hold-sell on the company.

Today’s Data on NYSE, NASDAQ, AMEX, TSE, and TSX

Below we have today’s data for companies listed on all of the New York Stock Exchange, NASDAQ Stock Exchange, American Stock Exchange, Toronto Stock Exchange, and TSX Venture Exchange.

New York Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
AGR Avangrid Inc 0 1 0 0 0 0 4.0000 3.0000 Outperform
RMD ResMed Inc 1 0 2 0 1 0 3.0000 2.7500 Hold
LYV Live Nation Entertainment Inc 1 0 1 0 0 0 4.0000 3.0000 Outperform
AEG Aegon NV 1 1 3 0 1 0 3.1667 3.0000 Hold
TRGP Targa Resources Corp 4 1 0 0 0 0 4.8000 4.4000 Buy
BB BlackBerry Ltd 2 2 6 0 0 0 3.6000 3.5455 Outperform
IAG Iamgold Corp 6 5 4 0 0 0 4.1333 4.0000 Outperform
IRT Independence Realty Trust Inc 1 0 1 0 0 0 4.0000 3.6667 Outperform
CIO City Office REIT Inc 4 0 0 0 0 0 5.0000 4.6000 Buy
Toronto Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
BB BlackBerry Ltd 2 2 6 0 0 0 3.6000 3.5455 Outperform
IMG Iamgold Corp 6 5 4 0 0 0 4.1333 4.0000 Outperform
NASDAQ
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
NVDA NVIDIA Corp 10 0 1 0 0 0 4.8182 4.6364 Buy
AMAT Applied Materials Inc 4 1 2 0 0 0 4.2857 4.1250 Outperform
ZLAB Zai Lab Ltd 1 0 0 0 0 0 5.0000 0.0000 Buy
LBAI Lakeland Bancorp Inc 1 0 1 0 0 0 4.0000 3.0000 Outperform
VCEL Vericel Corp 1 0 0 0 0 0 5.0000 3.0000 Buy
CFMS Conformis Inc 2 0 0 0 0 0 5.0000 4.0000 Buy

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

NVDA:NAS NVIDIA

http://www.nvidia.com
NVIDIA has 11528 employees and is headquartered in United States.
NVIDIA Corp is a developer of graphics processing unit. It caters to areas like gaming, professional visualization, datacenter and automobiles.

AMAT:NAS Applied Materials

http://www.appliedmaterials.com
Applied Materials has 21000 employees and is headquartered in United States.
Applied Materials Inc is a supplier of semiconductor manufacturing equipment. It provides manufacturing equipment, services and software to the semiconductor, flat panel display, solar photovoltaic and related industries.

Free Valuation

Run a valuation on any of the companies listed above at www.stockcalc.com/valureport.aspx or subscribe at our Stockcalc Facebook Page to receive this list each day Stockcalc Reports.

The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. You should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment decision.

H.B. Fuller (FUL:NYS) Fundamental Valuation Report

Fundamental Valuation Report

H.B. Fuller(FUL:NYS)

Basic Materials:Specialty Chemicals

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$47.50 (USD) 29/01/2019

Weighted Valuation
$58.10 (USD)

Overall Rating
Undervalued by 22.3%

Valuation Models Analyst Consensus: $60.00 (USD)
(in order of importance) Adjusted Book Value: $55.26 (USD)
Valuation Methods This company is:
Cash Flow: Undervalued on a Cash Flow Valuation
Comparable Company: Undervalued on a Comparable Valuation
Asset: Undervalued on an Asset Valuation

Company Overview (FUL:NYS USD)

Price 47.50
Range 46.99 – 47.88
52 week 39.83 – 58.97
Open 47.05
Vol / Avg. 353491/590321
Mkt cap 2.41B
P/E 18.92
Div/yield 0.62/0.01
EPS 3.29
Shares 50.77M
Beta 1.41

Company Description

H.B. Fuller Company manufactures and sells adhesives, sealants, and other chemical-based products. The company’s adhesives are typically used by manufacturers of food and beverage containers, disposable diapers, windows, doors, flooring, appliances, textiles, multiwall bags, water filtration products, insulation, and electronics. The company organizes itself into five segments based on product and geography: Americas Adhesives, EIMEA, Asia Pacific, Construction Adhesives and Engineering Adhesives. The Americas adhesives and Asia Pacific segments, which generate the majority of revenue, sell adhesives and solvents. More revenue comes from the United States than any other geography.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for FUL:NYS

Using a discounted cash flow model we generated an intrinsic value of $132.23 (USD) for FUL:NYS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

FUL:NYS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $132.23 1% 5% 1% 5%
WACC (or Ke) 7.03 $168.82 $107.77
Terminal Growth Rate 2.00 $109.71 $165.91
Tax Rate 0.04 $141.24 $123.26
Cash Flow 543,660,000 $122.67 $141.78
Capital Expenditures -73,112,200 $131.10 $133.36
Long Term Debt 711,570,000 $132.93 $131.53

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $65.39 (USD) for FUL:NYS. We also generated a valuation of $64.16 (USD) using other metrics and comparables.
The comparable companies were Ferro (FOE:NYS), Quaker Chemical (KWR:NYS), Platform Specialty (PAH:NYS), Stepan (SCL:NYS) and Sensient Technologies (SXT:NYS).

Company FUL:NYS End Date Value
Earnings/Share $3.29 (USD)
Book Value/Share $22.23 (USD)
Sales/Share $56.85 (USD)
Cash Flow/Share $3.41 (USD)
EBITDA/Share $7.94 (USD)
Price Based on Comps Adjustment Factor (%)
$93.78 (USD) -2.2
$68.13 (USD) -51.8
$78.61 (USD) -32.3
$45.72 (USD) -12.3
$107.74 (USD) 10.2
FUL:NYS Ratios Used Average Values FOE:NYS KWR:NYS PAH:NYS SCL:NYS SXT:NYS
18.16 PE Ratio 28.50 22.08 56.60 0.00 18.05 17.29
1.92 PB Ratio 3.07 3.44 5.49 1.46 2.14 2.79
0.75 PS Ratio 1.38 0.84 2.72 0.77 0.86 1.72
12.53 PCF Ratio 26.12 15.60 31.55 58.99 10.14 14.30
13.69 EV to EBITDA 13.56 10.39 21.69 16.33 7.36 12.05

Multiples

Using a multiples approach we generated a valuation of  $72.23 (USD) for FUL:NYS

Company FUL:NYS End Date Value
Earnings/Share $3.29 (USD)
Book Value/Share $22.23 (USD)
Sales/Share $56.85 (USD)
Cash Flow/Share $3.41 (USD)
EBITDA/Share $7.94 (USD)
Price Based on Comps Adjustment Factor
$84.64 (USD) 0
$54.57 (USD) 0
$61.80 (USD) 0
$54.81 (USD) 0
$105.33 (USD) 0
Ratios Ratio Average
PE Ratio 25.73
PB Ratio 2.46
PS Ratio 1.09
PCF Ratio 16.09
EV to EBITDA 13.26

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  FUL:NYS for the last 10 years was  2.43

We ran the Adjusted Book Value for  FUL:NYS and generated a book value of  $22.70 (USD)
By multiplying these we get an adjusted valuation of  $55.26 (USD)

Analyst Data

In the Stockcalc database there are 2 analysts that provide a valuation for FUL:NYS. The 2 analysts have a concensus valuation for FUL:NYS for 2019 of $60.00 (USD).

FUL:NYS H.B. Fuller

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
3 0 0 5.0000 Buy 2019-1-28

Current Price: 47.5 USD

Analyst Consensus
USD Millions 2019 2020 2021
Mean EPS 3.52 3.99 4.35
# EPS Analysts 3 2 1
Mean Revenue 3,100.70 3,226.50 3,286.00
# Revenue Analysts 2 2 1
Mean Target Price 60.00
Mean Cash Flow 6.25 6.63
Mean EBITDA 473.00 500.00 533.00
Mean Net Income 173.40 220.10
Mean Debt Outstanding 1,881.00 1,644.00 1,410.00
Mean Tax Rate 27.50 26.00
Mean Growth Rate 14.80
Mean Capital Expenditure 100.00 96.00 100.00

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.


Lennar (LEN:NYS) Fundamental Valuation Report

Fundamental Valuation Report

Lennar(LEN:NYS)

Consumer Cyclical:Residential Construction

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$45.95 (USD) 29/01/2019

Weighted Valuation
$50.37 (USD)

Overall Rating
Undervalued by 9.6%

Valuation Models Analyst Consensus: $51.00 (USD)
(in order of importance) Comparables: $49.42 (USD)
Valuation Methods This company is:
Cash Flow: Undervalued on a Cash Flow Valuation
Comparable Company: Undervalued on a Comparable Valuation
Asset: Undervalued on an Asset Valuation

Company Overview (LEN:NYS USD)

Price 45.95
Range 43.26 – 46.09
52 week 38.06 – 64.00
Open 44.16
Vol / Avg. 5.01M/4.71M
Mkt cap 14.57B
P/E 10.16
Div/yield 0.16/0.00
EPS 5.44
Shares 324.2M
Beta 1.17

Company Description

After merging with CalAtlantic in February 2018, Lennar is positioned to become the largest homebuilder in the United States. The company’s homebuilding operations target first-time, move-up, and active adult homebuyers mainly under the Lennar brand name. Lennar’s financial-services segment provides mortgage financing and related services to its homebuyers and third parties. Miami-based Lennar is also involved in multifamily construction.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for LEN:NYS

Using a discounted cash flow model we generated an intrinsic value of $104.09 (USD) for LEN:NYS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

LEN:NYS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $104.09 1% 5% 1% 5%
WACC (or Ke) 5.36 $135.95 $82.94
Terminal Growth Rate 0.40 $84.51 $133.57
Tax Rate 0.24 $115.51 $92.68
Cash Flow 3,797,219,352 $95.38 $112.80
Capital Expenditures -38,137,800 $104.01 $104.17
Long Term Debt 6,410,336,000 $105.08 $103.10

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $49.42 (USD) for LEN:NYS. We also generated a valuation of $91.42 (USD) using other metrics and comparables.
The comparable companies were D.R. Horton (DHI:NYS), NVR (NVR:NYS), PulteGroup (PHM:NYS) and Toll Brothers (TOL:NYS).

Company LEN:NYS End Date Value
Earnings/Share $5.44 (USD)
Book Value/Share $43.28 (USD)
Sales/Share $62.47 (USD)
Cash Flow/Share $4.95 (USD)
EBITDA/Share $6.75 (USD)
Price Based on Comps Adjustment Factor (%)
$53.60 (USD) -37.4
$99.25 (USD) -7.4
$58.56 (USD) 9.6
$31.74 (USD) -65.7
$53.04 (USD) 74.2
LEN:NYS Ratios Used Average Values DHI:NYS NVR:NYS PHM:NYS TOL:NYS
9.26 PE Ratio 9.85 9.10 14.77 8.75 6.79
0.90 PB Ratio 2.29 1.44 5.18 1.54 1.01
0.63 PS Ratio 0.94 0.83 1.46 0.75 0.71
7.91 PCF Ratio 13.04 24.37 14.10 5.25 8.43
12.66 EV to EBITDA 7.86 6.98 8.81 6.66 9.01

Multiples

Using a multiples approach we generated a valuation of  $78.72 (USD) for LEN:NYS

Company LEN:NYS End Date Value
Earnings/Share $5.44 (USD)
Book Value/Share $43.28 (USD)
Sales/Share $62.47 (USD)
Cash Flow/Share $4.95 (USD)
EBITDA/Share $6.75 (USD)
Price Based on Comps Adjustment Factor
$79.46 (USD) 0
$75.92 (USD) 0
$67.57 (USD) 0
$80.59 (USD) 0
$90.04 (USD) 0
Ratios Ratio Average
PE Ratio 14.61
PB Ratio 1.75
PS Ratio 1.08
PCF Ratio 16.29
EV to EBITDA 13.35

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  LEN:NYS for the last 10 years was  1.74

We ran the Adjusted Book Value for  LEN:NYS and generated a book value of  $44.97 (USD)
By multiplying these we get an adjusted valuation of  $78.42 (USD)

Analyst Data

In the Stockcalc database there are 3 analysts that provide a valuation for LEN:NYS. The 3 analysts have a concensus valuation for LEN:NYS for 2019 of $51.00 (USD).

LEN:NYS Lennar

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
3 1 0 4.4000 Outperform 2019-1-28

Current Price: 45.95 USD

Analyst Consensus
USD Millions 2019 2020
Mean EPS 5.43 5.75
# EPS Analysts 6 6
Mean Revenue 21,537.00 21,990.50
# Revenue Analysts 3 3
Mean Target Price 51.00
Mean Cash Flow 5.31 5.80
Mean EBITDA 3,073.00 3,385.10
Mean Net Income 1,836.10 2,226.60
Mean Debt Outstanding 6,115.20 4,036.30
Mean Tax Rate 24.00 24.00
Mean Growth Rate 10.30
Mean Capital Expenditure 86.80 88.20

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.


Lennar (LEN.B:NYS) Fundamental Valuation Report

Fundamental Valuation Report

Lennar(LEN.B:NYS)

Consumer Cyclical:Residential Construction

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$37.20 (USD) 29/01/2019

Weighted Valuation
$47.19 (USD)

Overall Rating
Undervalued by 26.9%

Valuation Models Analyst Consensus: $51.00 (USD)
(in order of importance) Comparables: $41.48 (USD)
Valuation Methods This company is:
Cash Flow: Undervalued on a Cash Flow Valuation
Comparable Company: Undervalued on a Comparable Valuation
Asset: Undervalued on an Asset Valuation

Company Overview (LEN.B:NYS USD)

Price 0.00
Range 0.00 – 0.00
52 week 0.00 – 0.00
Open 0.00
Vol / Avg. 0/0
Mkt cap 0
P/E 0.00
Div/yield 0.00/0.00
EPS 0.00
Shares 0
Beta 0.00

Company Description

After merging with CalAtlantic in February 2018, Lennar is positioned to become the largest homebuilder in the United States. The company’s homebuilding operations target first-time, move-up, and active adult homebuyers mainly under the Lennar brand name. Lennar’s financial-services segment provides mortgage financing and related services to its homebuyers and third parties. Miami-based Lennar is also involved in multifamily construction.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for LEN.B:NYS

Using a discounted cash flow model we generated an intrinsic value of $104.15 (USD) for LEN.B:NYS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

LEN.B:NYS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $104.15 1% 5% 1% 5%
WACC (or Ke) 5.36 $136.04 $82.98
Terminal Growth Rate 0.40 $84.55 $133.66
Tax Rate 0.24 $115.57 $92.73
Cash Flow 3,797,219,352 $95.44 $112.87
Capital Expenditures -38,137,800 $104.07 $104.23
Long Term Debt 6,410,336,000 $105.14 $103.16

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $41.48 (USD) for LEN.B:NYS. We also generated a valuation of $46.77 (USD) using other metrics and comparables.
The comparable companies were D.R. Horton (DHI:NYS), NVR (NVR:NYS), PulteGroup (PHM:NYS) and Toll Brothers (TOL:NYS).

Company LEN.B:NYS End Date Value
Earnings/Share $5.44 (USD)
Book Value/Share $43.28 (USD)
Sales/Share $62.47 (USD)
Cash Flow/Share $4.95 (USD)
EBITDA/Share $6.75 (USD)
Price Based on Comps Adjustment Factor (%)
$53.60 (USD) -49.0
$99.25 (USD) -25.0
$58.56 (USD) -11.4
$31.74 (USD) -72.2
$53.04 (USD) 76.6
LEN.B:NYS Ratios Used Average Values DHI:NYS NVR:NYS PHM:NYS TOL:NYS
7.41 PE Ratio 9.85 9.10 14.77 8.75 6.79
0.72 PB Ratio 2.29 1.44 5.18 1.54 1.01
0.50 PS Ratio 0.94 0.83 1.46 0.75 0.71
6.33 PCF Ratio 13.04 24.37 14.10 5.25 8.43
12.66 EV to EBITDA 7.86 6.98 8.81 6.66 9.01

Multiples

Using a multiples approach we generated a valuation of  $66.31 (USD) for LEN.B:NYS

Company LEN.B:NYS End Date Value
Earnings/Share $5.44 (USD)
Book Value/Share $43.28 (USD)
Sales/Share $62.47 (USD)
Cash Flow/Share $4.95 (USD)
EBITDA/Share $6.75 (USD)
Price Based on Comps Adjustment Factor
$65.65 (USD) 0
$61.91 (USD) 0
$55.17 (USD) 0
$65.92 (USD) 0
$82.91 (USD) 0
Ratios Ratio Average
PE Ratio 12.07
PB Ratio 1.43
PS Ratio 0.88
PCF Ratio 13.32
EV to EBITDA 12.29

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  LEN.B:NYS for the last 10 years was  1.42

We ran the Adjusted Book Value for  LEN.B:NYS and generated a book value of  $44.97 (USD)
By multiplying these we get an adjusted valuation of  $64.03 (USD)

Analyst Data

In the Stockcalc database there are 3 analysts that provide a valuation for LEN.B:NYS. The 3 analysts have a concensus valuation for LEN.B:NYS for 2019 of $51.00 (USD).

LEN.B:NYS Lennar

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
3 1 0 4.4000 Outperform 2019-1-28

Current Price: 37.2 USD

Analyst Consensus
USD Millions 2019 2020
Mean EPS 5.43 5.75
# EPS Analysts 6 6
Mean Revenue 21,537.00 21,990.50
# Revenue Analysts 3 3
Mean Target Price 51.00
Mean Cash Flow 5.31 5.80
Mean EBITDA 3,073.00 3,385.10
Mean Net Income 1,836.10 2,226.60
Mean Debt Outstanding 6,115.20 4,036.30
Mean Tax Rate 24.00 24.00
Mean Growth Rate 10.30
Mean Capital Expenditure 86.80 88.20

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.


Synnex (SNX:NYS) Fundamental Valuation Report

Fundamental Valuation Report

Synnex(SNX:NYS)

Industrials:Business Services

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$96.28 (USD) 29/01/2019

Weighted Valuation
$124.23 (USD)

Overall Rating
Undervalued by 29.0%

Valuation Models Analyst Consensus: $130.00 (USD)
(in order of importance) Discounted Cash Flow: $120.05 (USD)
Multiples: $115.30 (USD)
Valuation Methods This company is:
Cash Flow: Undervalued on a Cash Flow Valuation
Comparable Company: Overvalued on a Comparable Valuation
Asset: Undervalued on an Asset Valuation

Company Overview (SNX:NYS USD)

Price 96.28
Range 95.88 – 97.47
52 week 73.27 – 127.54
Open 97.43
Vol / Avg. 436582/617154
Mkt cap 4.93B
P/E 11.18
Div/yield 1.40/0.02
EPS 7.19
Shares 51.23M
Beta 0.68

Company Description

Synnex Corp is a provider of wholesale IT integration, distribution, and outsourcing services. The company operates two business segments: technology solutions and Concentrix. Technology solutions, the larger segment by revenue, resells and distributes peripherals; IT systems, including data center servers and storage solutions; system components; software, networking, communication, and security equipment; consumer electronics; and complementary products. Concentrix offers end-to-end business services focused on consumer engagement and process optimisation. Clients include resellers, retailers, original equipment manufacturers, and financial and insurance institutions. Most of the firm’s revenue is generated in the United States of America.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for SNX:NYS

Using a discounted cash flow model we generated an intrinsic value of $120.05 (USD) for SNX:NYS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

SNX:NYS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $120.05 1% 5% 1% 5%
WACC (or Ke) 5.92 $154.89 $96.81
Terminal Growth Rate 0.90 $98.53 $152.27
Tax Rate 0.34 $136.28 $103.82
Cash Flow 944,265,008 $108.42 $131.68
Capital Expenditures -100,713,400 $118.84 $121.26
Long Term Debt 808,422,000 $120.84 $119.26

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $46.69 (USD) for SNX:NYS. We also generated a valuation of $135.80 (USD) using other metrics and comparables.
The comparable companies were Booz Allen Hamilton Hldg (BAH:NYS), Conduent (CNDT:NYS), Deluxe (DLX:NYS), FTI Consulting (FCN:NYS) and Maximus (MMS:NYS).

Company SNX:NYS End Date Value
Earnings/Share $7.19 (USD)
Book Value/Share $45.91 (USD)
Sales/Share $496.52 (USD)
Cash Flow/Share $5.45 (USD)
EBITDA/Share $18.73 (USD)
Price Based on Comps Adjustment Factor (%)
$110.59 (USD) -58.6
$166.50 (USD) -70.9
$453.01 (USD) -90.9
($24.96) (USD) -50.7
$182.38 (USD) -30.1
SNX:NYS Ratios Used Average Values BAH:NYS CNDT:NYS DLX:NYS FCN:NYS MMS:NYS
11.65 PE Ratio 15.38 18.40 0.00 10.47 13.22 19.43
1.76 PB Ratio 3.63 9.93 0.67 1.79 1.89 3.85
0.16 PS Ratio 1.09 1.03 0.42 0.93 1.27 1.79
14.84 PCF Ratio 10.73 14.05 8.71 5.53 12.09 13.26
8.04 EV to EBITDA 9.74 12.55 9.47 6.58 9.59 10.50

Multiples

Using a multiples approach we generated a valuation of  $115.30 (USD) for SNX:NYS

Company SNX:NYS End Date Value
Earnings/Share $7.19 (USD)
Book Value/Share $45.91 (USD)
Sales/Share $496.52 (USD)
Cash Flow/Share $5.45 (USD)
EBITDA/Share $18.73 (USD)
Price Based on Comps Adjustment Factor
$122.66 (USD) 0
$92.11 (USD) 0
$129.33 (USD) 0
$59.29 (USD) 0
$173.12 (USD) 0
Ratios Ratio Average
PE Ratio 17.06
PB Ratio 2.01
PS Ratio 0.26
PCF Ratio 10.89
EV to EBITDA 9.24

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  SNX:NYS for the last 10 years was  1.95

We ran the Adjusted Book Value for  SNX:NYS and generated a book value of  $67.70 (USD)
By multiplying these we get an adjusted valuation of  $131.70 (USD)

Analyst Data

In the Stockcalc database there are 1 analysts that provide a valuation for SNX:NYS. The 1 analysts have a concensus valuation for SNX:NYS for 2019 of $130.00 (USD).

SNX:NYS Synnex

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
1 0 0 5.0000 Buy 2018-10-26

Current Price: 96.28 USD

Analyst Consensus
USD Millions 2019
Mean EPS 10.89
# EPS Analysts 1
Mean Revenue 20,666.30
# Revenue Analysts 1
Mean Target Price 130.00
Mean Cash Flow
Mean EBITDA
Mean Net Income 435.60
Mean Debt Outstanding
Mean Tax Rate 28.40
Mean Growth Rate
Mean Capital Expenditure

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.


II-VI (IIVI:NAS) Fundamental Valuation Report

Fundamental Valuation Report

II-VI(IIVI:NAS)

Technology:Scientific & Technical Instruments

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$32.79 (USD) 29/01/2019

Weighted Valuation
$45.79 (USD)

Overall Rating
Undervalued by 39.7%

Valuation Models Analyst Consensus: $54.67 (USD)
(in order of importance) Comparables: $38.86 (USD)
Adjusted Book Value: $33.05 (USD)
Valuation Methods This company is:
Cash Flow: Undervalued on a Cash Flow Valuation
Comparable Company: Undervalued on a Comparable Valuation
Asset: Fairly valued on an Asset Valuation

Company Overview (IIVI:NAS USD)

Price 32.79
Range 32.78 – 33.94
52 week 29.58 – 50.45
Open 33.60
Vol / Avg. 549530/692611
Mkt cap 2.08B
P/E 27.58
Div/yield 0.00/0.00
EPS 1.35
Shares 63.33M
Beta 0.81

Company Description

II-VI Inc manufactures engineered materials, optoelectronic components and products used in industrial, optical communications, military, semiconductor, consumer, and life science applications. The firm operates in three segments: laser solutions, photonics, and performance products. The photonics segment contributes the largest proportion of revenue and manufactures customized optics and optical components. The laser solutions segment manufactures high-power lasers, laser diodes, laser material processing tools, and infrared optics. The performance products segment manufactures optical systems, thermoelectric modules, and products for semiconductor, defense, and industrial companies. II-VI generates the majority of its revenue outside the United States.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for IIVI:NAS

Using a discounted cash flow model we generated an intrinsic value of $55.42 (USD) for IIVI:NAS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

IIVI:NAS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $55.42 1% 5% 1% 5%
WACC (or Ke) 7.25 $71.09 $45.04
Terminal Growth Rate 2.30 $45.92 $69.73
Tax Rate 0.28 $60.37 $50.47
Cash Flow 402,784,246 $51.17 $59.67
Capital Expenditures -86,331,600 $54.53 $56.31
Long Term Debt 248,206,000 $55.62 $55.22

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $38.86 (USD) for IIVI:NAS. We also generated a valuation of $60.79 (USD) using other metrics and comparables.
The comparable companies were Cognex (CGNX:NAS), Coherent (COHR:NAS), FLIR Systems (FLIR:NAS), MKS Instruments (MKSI:NAS) and Teledyne Technologies (TDY:NYS).

Company IIVI:NAS End Date Value
Earnings/Share $1.43 (USD)
Book Value/Share $16.48 (USD)
Sales/Share $18.54 (USD)
Cash Flow/Share $2.57 (USD)
EBITDA/Share $3.39 (USD)
Price Based on Comps Adjustment Factor (%)
$39.07 (USD) -41.2
$53.23 (USD) -22.6
$66.69 (USD) -1.9
$36.27 (USD) -36.2
$45.68 (USD) -4.3
IIVI:NAS Ratios Used Average Values CGNX:NAS COHR:NAS FLIR:NAS MKSI:NAS TDY:NYS
22.70 PE Ratio 27.32 46.59 10.62 45.83 8.94 24.62
1.97 PB Ratio 3.23 5.79 1.96 3.10 1.93 3.37
1.75 PS Ratio 3.60 8.89 1.38 3.37 1.68 2.67
12.65 PCF Ratio 16.76 29.29 11.13 16.38 9.93 17.06
10.16 EV to EBITDA 13.49 25.75 5.37 15.34 5.35 15.64

Multiples

Using a multiples approach we generated a valuation of  $35.48 (USD) for IIVI:NAS

Company IIVI:NAS End Date Value
Earnings/Share $1.43 (USD)
Book Value/Share $16.48 (USD)
Sales/Share $18.54 (USD)
Cash Flow/Share $2.57 (USD)
EBITDA/Share $3.39 (USD)
Price Based on Comps Adjustment Factor
$34.68 (USD) 0
$32.78 (USD) 0
$35.51 (USD) 0
$36.95 (USD) 0
$37.50 (USD) 0
Ratios Ratio Average
PE Ratio 24.25
PB Ratio 1.99
PS Ratio 1.92
PCF Ratio 14.40
EV to EBITDA 11.07

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  IIVI:NAS for the last 10 years was  2.00

We ran the Adjusted Book Value for  IIVI:NAS and generated a book value of  $16.49 (USD)
By multiplying these we get an adjusted valuation of  $33.05 (USD)

Analyst Data

In the Stockcalc database there are 3 analysts that provide a valuation for IIVI:NAS. The 3 analysts have a concensus valuation for IIVI:NAS for 2019 of $54.67 (USD).

IIVI:NAS II-VI

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
3 0 0 5.0000 Buy 2019-1-28

Current Price: 32.79 USD

Analyst Consensus
USD Millions 2019 2020 2021
Mean EPS 2.29 3.12 4.05
# EPS Analysts 3 2 1
Mean Revenue 1,351.00 1,505.50
# Revenue Analysts 3 2
Mean Target Price 54.67
Mean Cash Flow
Mean EBITDA 257.80 207.70
Mean Net Income 151.00 216.10
Mean Debt Outstanding
Mean Tax Rate 19.03 19.05
Mean Growth Rate 12.00
Mean Capital Expenditure

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.


Kearny Financial (KRNY:NAS) Fundamental Valuation Report

Fundamental Valuation Report

Kearny Financial(KRNY:NAS)

Financial Services:Savings & Cooperative Banks

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$13.21 (USD) 29/01/2019

Weighted Valuation
$14.04 (USD)

Overall Rating
Undervalued by 6.3%

Valuation Models Analyst Consensus: $15.00 (USD)
(in order of importance) Adjusted Book Value: $14.23 (USD)
Comparables: $10.81 (USD)
Valuation Methods This company is:
Cash Flow: Overvalued on a Cash Flow Valuation
Comparable Company: Overvalued on a Comparable Valuation
Asset: Undervalued on an Asset Valuation

Company Overview (KRNY:NAS USD)

Price 13.21
Range 13.20 – 13.40
52 week 11.97 – 14.75
Open 13.21
Vol / Avg. 175379/303775
Mkt cap 1.27B
P/E 44.62
Div/yield 0.25/0.01
EPS 0.24
Shares 96.33M
Beta 0.56

Company Description

Kearny Financial Corp is a Maryland holding company for Kearny Bank, a federally-chartered stock savings bank. The bank is engaged in the business of attracting deposits from the general public in New Jersey and New York, and using these deposits, together with other funds, to originate or purchase loans for its portfolios and invest in securities. The bank’s loan portfolio is chiefly comprised of loans collateralized by commercial and residential real estate. It is also heavily into secured and unsecured business and consumer loans. The bank’s primary source of income is net interest income.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for KRNY:NAS

Using a discounted cash flow model we generated an intrinsic value of $5.30 (USD) for KRNY:NAS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

KRNY:NAS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $5.30 1% 5% 1% 5%
WACC (or Ke) 7.96 $6.66 $4.41
Terminal Growth Rate 3.00 $4.49 $6.53
Tax Rate 0.25 $5.67 $4.93
Cash Flow 41,750,936 $5.01 $5.60
Capital Expenditures -4,008,800 $5.28 $5.33
Long Term Debt 0 $5.30 $5.30

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $10.81 (USD) for KRNY:NAS. We also generated a valuation of $14.64 (USD) using other metrics and comparables.
The comparable companies were Capitol Federal Financial (CFFN:NAS), Flagstar Bancorp (FBC:NYS), Northwest Bancshares (NWBI:NAS), Provident Financial (PFS:NYS) and Washington Federal (WAFD:NAS).

Company KRNY:NAS End Date Value
Earnings/Share $0.29 (USD)
Book Value/Share $12.83 (USD)
Sales/Share $1.71 (USD)
Cash Flow/Share $0.61 (USD)
EBITDA/Share $0.97 (USD)
Price Based on Comps Adjustment Factor (%)
$4.58 (USD) 0.0
$15.42 (USD) 32.4
$7.74 (USD) 0.0
($6.65) (USD) 45.7
$0.00 (USD) 0.0
KRNY:NAS Ratios Used Average Values CFFN:NAS FBC:NYS NWBI:NAS PFS:NYS WAFD:NAS
44.21 PE Ratio 15.79 17.49 17.48 17.46 15.37 11.13
1.00 PB Ratio 1.20 1.30 1.00 1.41 1.21 1.09
7.49 PS Ratio 4.52 7.79 1.85 4.09 4.46 4.40
21.13 PCF Ratio 11.88 13.86 0.00 11.91 9.84 11.92
0.00 EV to EBITDA 0.00 0.00 0.00 0.00 0.00 0.00

Multiples

Using a multiples approach we generated a valuation of  $31.26 (USD) for KRNY:NAS

Company KRNY:NAS End Date Value
Earnings/Share $0.29 (USD)
Book Value/Share $12.83 (USD)
Sales/Share $1.71 (USD)
Cash Flow/Share $0.61 (USD)
EBITDA/Share $0.97 (USD)
Price Based on Comps Adjustment Factor
$21.63 (USD) 0
$14.48 (USD) 0
$19.37 (USD) 0
$19.15 (USD) 0
$81.69 (USD) 0
Ratios Ratio Average
PE Ratio 74.60
PB Ratio 1.13
PS Ratio 11.32
PCF Ratio 31.57
EV to EBITDA 83.99

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  KRNY:NAS for the last 10 years was  1.15

We ran the Adjusted Book Value for  KRNY:NAS and generated a book value of  $12.41 (USD)
By multiplying these we get an adjusted valuation of  $14.23 (USD)

Analyst Data

In the Stockcalc database there are 1 analysts that provide a valuation for KRNY:NAS. The 1 analysts have a concensus valuation for KRNY:NAS for 2019 of $15.00 (USD).

KRNY:NAS Kearny Financial

No analyst recommendation
Current Price: not available

No analyst consensus

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.