GLW
Corning Inc
TMT
10/03/2016
Presented
| Date | 09/29/2016 |
| Price | $23.52 |
| Market Cap | $27.80B |
| Ent Value | $23.62B |
| P/E Ratio | 12.69x |
| Book Value | $16.69 |
| Div Yield | 0.02% |
| Shares O/S | 1,182.00M |
| Ave Daily Vol | 8,983,508 |
| Short Int | 7.22% |
Current
| Price | $45.76 |
| Market Cap | $39.16B |
| Corning, Inc. develops and manufactures specialty glass and ceramics. The company provides glass for notebook computers, flat panel desktop monitors, LCD televisions, and other information display applications; optical fiber and cable and hardware and equipment products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies. It operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials and Life Sciences. The Display Technologies segment manufactures glass substrates for active matrix liquid crystal displays which are used primarily in notebook computers, flat panel desktop monitors, and LCD televisions. The Optical Communications segment manufactures optical fiber and cable, and hardware and equipment to being a comprehensive provider of industry-leading optical solutions across the broader communications industry pioneer optical fiber, cable and connectivity solutions. The Environmental Technologies segment manufactures ceramic substrates and filter products for emissions control in mobile and stationary applications around the world. The Specialty Materials segment manufactures products that provide more than 150 material formulations for glass, glass ceramics and fluoride crystals to meet demand for unique customer needs. The Life Sciences segment develops, manufactures and supplies scientific laboratory products. Corning was founded by Amory Houghton Sr. in 1851 and is headquartered in Corning, NY. |
Public companies mentioned herein: Corning Incorporated (GLW), LG Display (LPL), Samsung (005930 KS) and Apple (AAPL).
Highlights
The presenter conceded that he viewed Corning as a short as recently as the beginning of the year, but he has since come around to the view that the company’s core display business - which represents roughly 40% of revenues and 75% of operating profits - is in far better shape than he once feared. Panel makers have slowly started to behave more rationally, gradually reducing capacity after years of enduring razor thin net profit margins of 3% or less. With gross margin pressure now less of a concern than previously believed, the presenter opines that shares could trade to the $28-$30 level over the next year assuming a 15 times multiple on his $1.85 EPS estimate.
◆Signing up and creating account with us unlocks this content for you. Contact us today for full access to DeMatteo Research and more.
◆Signing up and creating account with us unlocks this content for you. Contact us today for full access to DeMatteo Research and more.