(281)-719-8904 KenFaulkenberry@AAAMP.com

Corning (GLW) Dividend Analyzer Analysis

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Corning (GLW) Dividend

(updated 8/18/2017)

The Corning dividend has been paid continuously since 2007 and increased for 5 consecutive years.
GLW is included in the Arbor Dividend Growers / Producers List.

Price: $27.91
Current Dividend: $0.62

Dividend Yield: 2.2%
Cash Dividend Payout Ratio: 41%

Market Capitalization: 25 B
Enterprise Value: 27 B

Description

Sector: Technology
Industry: Electronic Components

Corning (GLW) is a global technology company concentrating in specialty glass, ceramics and optical physics. Operating in five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences; GLW provides products for the Aerospace & Defense, Architecture & Design, Automotive, Consumer Electronics, Communications, Life Sciences, and Optics industries.

Dividend Analyzer Checklist

(updated July 2017)

Dividend Safety Score (29/33 points)

Dividend Per Share (ttm): $0.56
Dividend Payout Ratio (ttm): 15%
Dividend Per Share (10 Year Growth): n/a
Cash From Operations (CFO) Per Share (ttm): $2.61
CFO Dividend Coverage (CFO / DPS): 4.7 (5/6 points)
Free Cash Flow (FCF) Per Share (ttm): $1.46
FCF Dividend Coverage (FCF / DPS): 2.6 (5/6 points)
Net Financial Debt: $-946 M
Total Assets: $28305 M
Net Financial Debt / Total Assets: -3% (11/12 points)
Net Financial Debt to EBITDA (ttm):  71%
Total Liabilities to Assets Ratio (Qtr.): 35%
Piotroski Score (1-9) (TTM): (8/9 points)

Profitability & Growth Score (10/33 points)

Revenue (10 Year Growth) *CAGR > 4.14%: 6.1% (4/4 points)
EPS Basic Cont. Operations (10 Year Growth) CAGR > 4.14%: 11.4% (4/4 points)
Cash From Operations (10 Year Growth) CAGR > 4.14%: 3.4% (0/6 points)
Operating Earnings Yield (ttm): 5.0% (0/7 points)
Net Income (ttm): $4149 M
Gross Profit (ttm): $3939 M
Total Assets: $28305M
Gross Profitability Ratio = GP / Total Assets: 14% (2/12 points)
Cash Return On Invested Capital (CROIC)(tttm): 7%
Return on Invested Capital (ROIC): 18%
Return on Invested Capital (ROIC) (5 Year Median): 8%
Return on Invested Capital (ROIC) (10 Year Median): 11%

Valuation Score (28/34 points)

Free Cash Flow Yield (ttm): 4.7% (5/9 points)
EV to EBIT (ttm): 6.6  (9/9 points)
EV to EBITDA (ttm): 5.2 (8/9 points)
PE10: 16.9 (6/7 points)
Price to Sales Ratio (ttm): 3.3
Price to Book Value (ttm): 1.7
Price to Earnings Ratio (P/E) (ttm):  8.3

TOTAL POINTS – (67/100) (50 is an average score)

*Compound Annual Growth Rate (CAGR)
**A Compound Annual Growth Rate of 4.14% = a 50% gain over 10 years.

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Conclusion

(updated July 2017)

Corning (GLW) is ranked #24 (out of 251) overall and #4 (out of 16) in the Technology Sector by the Dividend Analyzer.

GLW is a sound company with shareholder friendly management. An outstanding balance sheet and attractive valuation makes it a good company to monitor. A upturn in earnings could propel the stock price much higher.

Type of Investor / Recommendation

Large Diversified Dividend Portfolios / Should Be Considered
Looking For Exposure to Technology Sector /  Should Be Considered
Deep Value Investors / Watchlist

Portfolio Position Disclosures:
DVB Foundation Portfolio:  None
DVB Dividend Growth: None
DVB High Income: None
Arbor Asset Allocation Model Portfolio (AAAMP): None

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Disclaimer: While Arbor Investment Planner has used reasonable efforts to obtain information from reliable sources, we make no representations or warranties as to the accuracy, reliability, or completeness of third-party information presented herein. The sole purpose of this analysis is information. Nothing presented herein is, or is intended to constitute investment advice. Consult your financial advisor before making investment decisions.
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