JDSU  Jds Uniphase Corporation

Exchange

NASDAQ

Sector

Technology

Industry

Semiconductors

Market Cap.

2.55B

Vuru Grade

33.44/100

Current Price

$10.87
+0.00 (+0.00%)

Growth Price

$7.17
Overvalued by 34.04%

Stability Price

$2.21
Overvalued by 79.65%

Company Metrics

  • P/E 26.14
  • P/S 1.47
  • P/B 2.27
  • EPS -0.32
  • Cash ROIC 10.18%
  • Cash Ratio 2.08
  • Dividend 0 / 0%
  • Avg. Vol. 2.70M
  • Shares 234.59M
  • Market Cap. 2.55B

Company Description

JDS Uniphase Corporation provides communications test and measurement solutions, and optical products for telecommunications service providers, cable operators, and network equipment manufacturers. The company's Communications Test and Measurement segment supplies instruments, solutions, and services to enable the design, deployment, and maintenance of communication equipment and networks. This se... more


Download 10 Years of Financial Statements:
Income Statement   Balance Sheet   Cash Flow

News

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Growth Rate Assumed by Market

We did a reverse valuation to calculate the growth rate the market is assuming for JDSU to be considered fairly valued at its current market price. It's useful to compare this to the growth rate we're assuming for the Growth Price.

Future Free Cash Flow Growth Rate

This is the annual growth rate we've applied to calculate JDSU's Free Cash Flow for the next 10 years. To calculate it, we looked at several time periods of the last 10 years. Feel free to adjust it, but we limit the initial growth rate to 20% and slow it down over the years. Otherwise, long-term sustainability issues come into play.

Discount Rate

The discount rate is the annual rate of return an investor requires to take the risk of investing in a single stock. To account for that risk, this should be above 8-10%, as this is the avg. annual rate of return for the S&P500 over the past 100 years.

$10.87 Current Price

$7.17 Growth Price (DCF)

Overvalued by 34.04%


Growth Rate Assumed by Market: 24.78%


Future Free Cash Flow Growth Rate: 0.0%


Discount Rate: 15.0%


Show Free Cash Flow numbers

$2.21 Stability Price (EPV)

Overvalued by 79.65%


Discount Rate: 15.0%

$1.05 NCA Price

Overvalued by 90.38%

$12.12 Book Price

Undervalued by 11.49%


Satisfactory Cash Return on Invested Capital over the past 5 years

JDSU has somewhat efficiently invested its financial resources in buildings, projects, and equipment. If CROIC is inconsistent, it's likely JDSU could be benefiting from a one-time event or has a mixed history of investing capital productively. Read the company's Annual Report to determine whether this can improve.

JDSU has created $10.18 of cash for every $100 invested.
Figures in USD. Fiscal year ends in June
20102011201220132014
Free Cash Flow 77.80M 88.60M 46.90M 122.70M 76.80M
divided by
Invested Capital 785.10M 839.30M 493.80M 881.30M 1.09B
Cash ROIC 9.91% 10.56% 9.50% 13.92% 7.02%

Very Poor Return on Equity over the past 5 years

JDSU has shown an inability to deliver results for shareholders. This could be due to poor management, JDSU operating in a highly competitive industry, or having a weak business in general.

JDSU has generated a $0.40 loss for every $100 of Shareholders' Equity.
Figures in USD. Fiscal year ends in June
20102011201220132014
Net Income -61.80M 71.60M -55.60M 57.00M -17.80M
divided by
Stockholders' Equity 908.70M 1.07B 1.04B 1.16B 1.19B
Return on Equity -6.80% 6.72% -5.35% 4.91% -1.50%

Good Business Performance over the past 10 years

It's likely JDSU has been unable to maintain profitability in tough economic times, making it a somewhat cyclical business. The other possibility is JDSU has expended significant capital on items such as property, plant and equipment in specific years. Look for correlations.

JDSU has created positive free cash flow for 7 or 8 of the past 10 years.
Figures in USD. Fiscal year ends in June
2005200620072008200920102011201220132014
Free Cash Flow -176.70M -148.40M -14.40M 145.50M 52.70M 77.80M 88.60M 46.90M 122.70M 76.80M

Strong Balance Sheet

JDSU is financially strong with Current Assets covering Total Liabilities. It's in a fairly liquid position and dependent on the amount and saleability of any inventory; it may have the financial security to survive an economic downturn.
Figures in USD. Fiscal year ends in June
2005200620072008200920102011201220132014
Cash 1.30B 1.22B 1.13B 873.60M 685.20M 567.60M 692.80M 721.60M 486.20M 849.40M
Current Assets 1.59B 1.81B 1.66B 1.43B 1.11B 1.07B 1.30B 1.31B 1.03B 1.41B
Total Assets 2.08B 3.07B 3.03B 2.91B 1.67B 1.70B 1.95B 1.87B 1.72B 2.35B
Current Liabilities 239.80M 422.40M 347.90M 445.40M 309.90M 350.90M 418.60M 654.10M 347.70M 408.40M
Total Liabilities 750.70M 1.48B 1.29B 1.09B 809.20M 794.90M 885.30M 830.70M 553.90M 1.16B
Stockholder' Equity 1.33B 1.58B 1.74B 1.82B 860.60M 908.70M 1.07B 1.04B 1.16B 1.19B
Current Ratio 6.62 4.27 4.77 3.21 3.58 3.06 3.12 2.00 2.96 3.45
TL-to-TA 0.36 0.48 0.43 0.37 0.48 0.47 0.45 0.44 0.32 0.50

Low or No Reinvestment of Profits over the past 10 years

JDSU has either been retaining a small amount of their earnings or has done so inconsistently. A lack of consistency could be due to JDSU operating at a loss or them having such a strong economic moat they feel comfortable spending profits on growth. Be wary of future prospects and if applicable, inspect the moat's sustainability.
Figures in USD. Fiscal year ends in June
2005200620072008200920102011201220132014
Retained Earnings -67.27B -67.42B -67.45B -67.59B -68.54B -68.68B -68.61B -68.66B -68.61B -68.78B
Retained Earnings Growth - -0.22% -0.04% -0.20% -1.41% -0.21% 0.10% -0.08% 0.08% -0.25%

Loss Making Entity over the past 10 years

JDSU has been unable to maintain profitability. It's Costs of Sales have outstripped Revenue consistently. This is a huge red flag, unless the company has been investing heavily for the future. However, even that is dubious since accurately predicting the future of a company like that is extremely difficult.

$12.10 of every $100 of Revenue have been a loss, on average over the past 10 years.
Figures in USD. Fiscal year ends in June
2005200620072008200920102011201220132014
Net Income -261.30M -151.20M -26.30M -21.70M -866.40M -61.80M 71.60M -55.60M 57.00M -17.80M
divided by
Revenue 712.20M 1.20B 1.40B 1.53B 1.29B 1.36B 1.80B 1.68B 1.68B 1.74B
Net Profit Margin -36.69% -12.56% -1.88% -1.42% -66.93% -4.53% 3.97% -3.31% 3.40% -1.02%

Growing Pricing Power over the past 10 years

JDSU has growing gross margins, suggesting that they have been able to set higher prices without consideration of the cost of goods sold. Look at its future prospects to determine sustainability and whether the economic moat will continue to strengthen.

$37.68 of every $100 worth of sales have been Gross Profit, on average over the past 10 years.
Figures in USD. Fiscal year ends in June
2005200620072008200920102011201220132014
Gross Profit 125.60M 340.50M 472.00M 591.30M 545.90M 597.70M 790.90M 710.00M 694.60M 784.30M
divided by
Revenue 712.20M 1.20B 1.40B 1.53B 1.29B 1.36B 1.80B 1.68B 1.68B 1.74B
Gross Margin 17.64% 28.27% 33.79% 38.64% 42.17% 43.82% 43.83% 42.21% 41.42% 44.99%

High Capital Intensity over the past 10 years

JDSU spends large amounts of capital buying new equipment or investing in new facilities to stay competitive. Over the long term, those costs may have to be fuelled by debt. Look at the growth of Shareholders' Equity to see if this strategy is having a positive or negative impact.

138.60% of Profits are being spent on Capital Expenditures, like Property, Plant, & Equipment, required to run the business.
Figures in USD. Fiscal year ends in June
2005200620072008200920102011201220132014
Capital Expenditure 35.80M 67.20M 75.70M 51.70M 54.70M 41.40M 116.70M 72.20M 65.10M 99.80M
divided by
Net Income -261.30M -151.20M -26.30M -21.70M -866.40M -61.80M 71.60M -55.60M 57.00M -17.80M
Capital Expenditure Ratio -13.70% -44.44% -287.83% -238.25% -6.31% -66.99% 162.99% -129.86% 114.21% -560.67%

No Dividend History over the past 10 years

JDSU has never distributed dividends or has recently suspended their dividend distribution.
Figures in USD. Fiscal year ends in June
2005200620072008200920102011201220132014
Dividend Paid - - - - - - - - - -
divided by
Shares Outstanding 180.68M 206.24M 211.70M 223.80M 215.60M 218.90M 232.60M 230.00M 239.30M 234.20M
Dividend Paid Per Share - - - - - - - - - -
Price at Year End 18.88 16.66 13.42 3.58 8.48 14.60 10.44 13.16 13.03 13.93
Dividend Yield - - - - - - - - - -

History of Stock Buybacks over the past 10 years

JDSU has some history of delivering increased value for shareholders in the form of stock buybacks. These have helped improve financial metrics and increase each shareholders' relative ownership stake in the company, due to fewer shares outstanding and holding the same number of shares.
Figures in USD. Fiscal year ends in June
2005200620072008200920102011201220132014
Shares Outstanding 180.68M 206.24M 211.70M 223.80M 215.60M 218.90M 232.60M 230.00M 239.30M 234.20M
Stock Bought Back - -12.39% -2.58% -5.41% 3.80% -1.51% -5.89% 1.13% -3.89% 2.18%
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