Using the industry peer median P/E multiple (trailing + forward), Corning Incorporated (GLW) has a fair value of $66.18 based on 9 comparable companies in the Hardware, Equipment & Parts industry.
USD in millions except Fair Price. Subject company highlighted.
| Mkt Cap ($M) | Trailing P/E | Forward P/E | |
|---|---|---|---|
| Corning IncorporatedGLW | 116,939 | 73.5x | 69.6x |
| Amphenol CorporationAPH | 151,894 | 37.0x | 37.4x |
| TE Connectivity Ltd.TEL | 60,046 | 33.2x | 23.8x |
| Keysight Technologies, Inc.KEYS | 48,479 | 57.9x | 39.9x |
| Garmin Ltd.GRMN | 45,583 | 27.6x | 33.5x |
| Celestica Inc.CLS | 31,833 | 38.0x | 72.6x |
| Jabil Inc.JBL | 28,529 | 45.1x | 31.8x |
| Teledyne Technologies IncorporatedTDY | 28,423 | 32.5x | 31.6x |
| Fortive CorporationFTV | 17,451 | 31.6x | 18.5x |
| Trimble Inc.TRMB | 15,577 | 37.4x | 23.0x |
| Industry Median | 37.0x | 31.8x | |
| (*) Profit after tax | 1,596 | 1,679 | |
| Equity Value | 59,047 | 54,789 | |
| (/) Outstanding shares | 860 | 860 | |
| Fair Price | $69 | $64 | |
This P/E relative valuation uses the industry peer median Price-to-Earnings ratio to estimate fair value. Both trailing (last 12 months) and forward (next fiscal year analyst estimates) P/E multiples are computed independently.
The industry median trailing P/E is applied to the company's TTM net income, and the forward P/E to analyst-estimated net income. Each produces an equity value divided by shares outstanding to yield a fair price per share. The selected fair value is the average of the trailing and forward legs.