Intrinsic value of Advanced Micro Devices - AMD

Previous Close

$13.80

  Intrinsic Value

$0.04

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-234%

Previous close

$13.80

 
Intrinsic value

$0.04

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-234%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AMD stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 12.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.04
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
Revenue, $m
  4,272
  4,571
  4,882
  5,205
  5,541
  5,891
  6,255
  6,634
  7,030
  7,441
  7,871
  8,320
  8,788
  9,277
  9,788
  10,322
  10,881
  11,465
  12,077
  12,717
  13,387
  14,089
  14,824
  15,594
  16,402
  17,248
  18,135
  19,065
  20,041
  21,064
  22,137
Variable operating expenses, $m
 
  3,902
  4,165
  4,439
  4,724
  5,020
  5,328
  5,650
  5,985
  6,334
  6,698
  7,049
  7,445
  7,860
  8,293
  8,745
  9,219
  9,714
  10,232
  10,774
  11,342
  11,936
  12,559
  13,212
  13,896
  14,613
  15,365
  16,153
  16,979
  17,846
  18,755
Fixed operating expenses, $m
 
  1,117
  1,145
  1,174
  1,203
  1,233
  1,264
  1,296
  1,328
  1,361
  1,395
  1,430
  1,466
  1,503
  1,540
  1,579
  1,618
  1,659
  1,700
  1,743
  1,786
  1,831
  1,877
  1,923
  1,972
  2,021
  2,071
  2,123
  2,176
  2,231
  2,286
Total operating expenses, $m
  4,712
  5,019
  5,310
  5,613
  5,927
  6,253
  6,592
  6,946
  7,313
  7,695
  8,093
  8,479
  8,911
  9,363
  9,833
  10,324
  10,837
  11,373
  11,932
  12,517
  13,128
  13,767
  14,436
  15,135
  15,868
  16,634
  17,436
  18,276
  19,155
  20,077
  21,041
Operating income, $m
  -440
  -448
  -428
  -408
  -386
  -362
  -337
  -311
  -283
  -253
  -222
  -159
  -123
  -85
  -45
  -2
  44
  93
  145
  200
  259
  322
  388
  459
  534
  614
  699
  789
  885
  987
  1,095
EBITDA, $m
  -307
  -378
  -355
  -332
  -307
  -280
  -252
  -222
  -191
  -157
  -122
  -84
  -44
  -2
  43
  91
  142
  196
  254
  315
  379
  448
  521
  599
  682
  769
  862
  961
  1,066
  1,177
  1,295
Interest expense (income), $m
  149
  116
  133
  150
  168
  186
  205
  225
  246
  268
  291
  314
  339
  365
  392
  420
  449
  480
  512
  546
  581
  618
  657
  697
  740
  784
  831
  880
  931
  985
  1,041
Earnings before tax, $m
  -448
  -564
  -561
  -557
  -553
  -548
  -543
  -536
  -529
  -521
  -512
  -474
  -463
  -450
  -437
  -422
  -405
  -387
  -367
  -346
  -322
  -297
  -269
  -238
  -206
  -170
  -132
  -90
  -46
  3
  54
Tax expense, $m
  39
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  15
Net income, $m
  -497
  -564
  -561
  -557
  -553
  -548
  -543
  -536
  -529
  -521
  -512
  -474
  -463
  -450
  -437
  -422
  -405
  -387
  -367
  -346
  -322
  -297
  -269
  -238
  -206
  -170
  -132
  -90
  -46
  2
  40

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,264
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,321
  3,492
  3,729
  3,976
  4,233
  4,500
  4,779
  5,068
  5,370
  5,685
  6,013
  6,356
  6,713
  7,087
  7,477
  7,885
  8,312
  8,759
  9,226
  9,715
  10,227
  10,763
  11,325
  11,913
  12,530
  13,176
  13,854
  14,565
  15,310
  16,092
  16,911
Adjusted assets (=assets-cash), $m
  2,057
  3,492
  3,729
  3,976
  4,233
  4,500
  4,779
  5,068
  5,370
  5,685
  6,013
  6,356
  6,713
  7,087
  7,477
  7,885
  8,312
  8,759
  9,226
  9,715
  10,227
  10,763
  11,325
  11,913
  12,530
  13,176
  13,854
  14,565
  15,310
  16,092
  16,911
Revenue / Adjusted assets
  2.077
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
Average production assets, $m
  387
  411
  439
  468
  499
  530
  563
  597
  633
  670
  708
  749
  791
  835
  881
  929
  979
  1,032
  1,087
  1,144
  1,205
  1,268
  1,334
  1,403
  1,476
  1,552
  1,632
  1,716
  1,804
  1,896
  1,992
Working capital, $m
  1,184
  -87
  -93
  -99
  -105
  -112
  -119
  -126
  -134
  -141
  -150
  -158
  -167
  -176
  -186
  -196
  -207
  -218
  -229
  -242
  -254
  -268
  -282
  -296
  -312
  -328
  -345
  -362
  -381
  -400
  -421
Total debt, $m
  1,435
  1,638
  1,849
  2,069
  2,298
  2,535
  2,783
  3,041
  3,309
  3,590
  3,882
  4,187
  4,505
  4,837
  5,185
  5,548
  5,928
  6,325
  6,741
  7,176
  7,632
  8,109
  8,609
  9,133
  9,682
  10,257
  10,860
  11,493
  12,156
  12,851
  13,581
Total liabilities, $m
  2,905
  3,108
  3,319
  3,539
  3,768
  4,005
  4,253
  4,511
  4,779
  5,060
  5,352
  5,657
  5,975
  6,307
  6,655
  7,018
  7,398
  7,795
  8,211
  8,646
  9,102
  9,579
  10,079
  10,603
  11,152
  11,727
  12,330
  12,963
  13,626
  14,321
  15,051
Total equity, $m
  416
  384
  410
  437
  466
  495
  526
  558
  591
  625
  661
  699
  738
  780
  823
  867
  914
  963
  1,015
  1,069
  1,125
  1,184
  1,246
  1,310
  1,378
  1,449
  1,524
  1,602
  1,684
  1,770
  1,860
Total liabilities and equity, $m
  3,321
  3,492
  3,729
  3,976
  4,234
  4,500
  4,779
  5,069
  5,370
  5,685
  6,013
  6,356
  6,713
  7,087
  7,478
  7,885
  8,312
  8,758
  9,226
  9,715
  10,227
  10,763
  11,325
  11,913
  12,530
  13,176
  13,854
  14,565
  15,310
  16,091
  16,911
Debt-to-equity ratio
  3.450
  4.260
  4.510
  4.730
  4.930
  5.120
  5.290
  5.450
  5.600
  5.740
  5.870
  5.990
  6.100
  6.210
  6.300
  6.400
  6.480
  6.570
  6.640
  6.720
  6.780
  6.850
  6.910
  6.970
  7.020
  7.080
  7.130
  7.170
  7.220
  7.260
  7.300
Adjusted equity ratio
  -0.412
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -497
  -564
  -561
  -557
  -553
  -548
  -543
  -536
  -529
  -521
  -512
  -474
  -463
  -450
  -437
  -422
  -405
  -387
  -367
  -346
  -322
  -297
  -269
  -238
  -206
  -170
  -132
  -90
  -46
  2
  40
Depreciation, amort., depletion, $m
  133
  70
  73
  76
  79
  82
  85
  89
  92
  96
  100
  75
  79
  83
  88
  93
  98
  103
  109
  114
  120
  127
  133
  140
  148
  155
  163
  172
  180
  190
  199
Funds from operations, $m
  270
  -494
  -488
  -482
  -474
  -466
  -458
  -448
  -437
  -426
  -413
  -399
  -383
  -367
  -349
  -329
  -307
  -284
  -259
  -231
  -202
  -170
  -135
  -98
  -58
  -15
  31
  81
  135
  191
  239
Change in working capital, $m
  180
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -19
  -20
Cash from operations, $m
  90
  -488
  -482
  -475
  -468
  -460
  -451
  -441
  -430
  -418
  -405
  -390
  -375
  -358
  -339
  -319
  -297
  -273
  -247
  -219
  -189
  -157
  -121
  -83
  -43
  1
  48
  99
  153
  211
  259
Maintenance CAPEX, $m
  0
  -39
  -41
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -79
  -83
  -88
  -93
  -98
  -103
  -109
  -114
  -120
  -127
  -133
  -140
  -148
  -155
  -163
  -172
  -180
  -190
New CAPEX, $m
  -77
  -25
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -88
  -92
  -97
Cash from investing activities, $m
  267
  -64
  -69
  -73
  -77
  -81
  -86
  -90
  -96
  -100
  -106
  -111
  -117
  -123
  -129
  -136
  -143
  -151
  -158
  -167
  -174
  -183
  -193
  -202
  -213
  -224
  -235
  -247
  -260
  -272
  -287
Free cash flow, $m
  357
  -552
  -551
  -548
  -545
  -541
  -536
  -531
  -525
  -518
  -510
  -501
  -492
  -481
  -468
  -455
  -440
  -423
  -405
  -386
  -364
  -340
  -314
  -286
  -256
  -223
  -187
  -148
  -106
  -62
  -27
Issuance/(repayment) of debt, $m
  -561
  203
  211
  220
  229
  238
  248
  258
  269
  280
  292
  305
  318
  332
  347
  363
  380
  397
  416
  435
  456
  477
  500
  524
  549
  575
  603
  632
  663
  696
  730
Issuance/(repurchase) of shares, $m
  667
  589
  587
  585
  581
  578
  573
  568
  563
  556
  549
  511
  502
  491
  480
  467
  452
  436
  419
  400
  379
  356
  331
  303
  273
  241
  206
  168
  128
  84
  50
Cash from financing (excl. dividends), $m  
  122
  792
  798
  805
  810
  816
  821
  826
  832
  836
  841
  816
  820
  823
  827
  830
  832
  833
  835
  835
  835
  833
  831
  827
  822
  816
  809
  800
  791
  780
  780
Total cash flow (excl. dividends), $m
  479
  241
  247
  256
  265
  274
  284
  295
  306
  318
  331
  315
  329
  343
  359
  375
  392
  410
  429
  449
  470
  493
  516
  541
  567
  594
  623
  653
  685
  718
  753
Retained Cash Flow (-), $m
  -828
  -589
  -587
  -585
  -581
  -578
  -573
  -568
  -563
  -556
  -549
  -511
  -502
  -491
  -480
  -467
  -452
  -436
  -419
  -400
  -379
  -356
  -331
  -303
  -273
  -241
  -206
  -168
  -128
  -86
  -90
Prev. year cash balance distribution, $m
 
  57
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -292
  -340
  -329
  -317
  -303
  -289
  -273
  -256
  -238
  -218
  -197
  -173
  -148
  -121
  -92
  -60
  -26
  10
  50
  92
  137
  186
  238
  293
  353
  416
  485
  557
  632
  663
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
 
  -274
  -298
  -267
  -237
  -207
  -179
  -152
  -127
  -104
  -83
  -65
  -49
  -35
  -24
  -15
  -8
  -3
  1
  3
  4
  5
  5
  4
  4
  3
  2
  2
  1
  1
  1
Current shareholders' claim on cash, %
  100
  85.9
  74.5
  65.2
  57.6
  51.2
  45.9
  41.4
  37.6
  34.4
  31.6
  29.3
  27.4
  25.7
  24.2
  22.9
  21.7
  20.8
  19.9
  19.1
  18.5
  17.9
  17.4
  17.0
  16.7
  16.4
  16.2
  16.0
  15.8
  15.8
  15.7

Advanced Micro Devices, Inc. operates as a semiconductor company worldwide. Its primarily offers x86 microprocessors as an accelerated processing unit (APU), chipsets, discrete graphics processing units (GPUs), and professional graphics; and server and embedded processors, and semi-custom System-on-Chip (SoC) products and technology for game consoles. The company provides x86 microprocessors for desktop PCs under the AMD A-Series, AMD E-Series, AMD FX CPU, AMD Athlon CPU and APU, AMD Sempron APU and CPU, and AMD Pro A-Series APU brands; and microprocessors for notebook and 2-in-1s under the AMD A-Series, AMD E-Series, AMD C-Series, AMD Z-Series, AMD FX APU, AMD Phenom, AMD Athlon CPU and APU, AMD Turion, and AMD Sempron APU and CPU brand names. It also offers chipsets with and without integrated graphics features for desktop, notebook PCs, and servers, as well as controller hub-based chipsets for its APUs under the AMD brand; and AMD PRO mobile and desktop PC solutions. In addition, the company provides discrete GPUs for desktop and notebook PCs under the AMD Radeon brand; professional graphics products under the AMD FirePro brand name; and customer-specific solutions based on AMD’s CPU, GPU, and multi-media technologies. Further, it offers microprocessors for server platforms under the AMD Opteron; embedded processor solutions for interactive digital signage, casino gaming, and medical imaging under the AMD Opteron, AMD Athlon, AMD Sempron, AMD Geode, AMD R-Series, and G-Series brand names; and semi-custom SoC products that power the Sony Playstation 4, Microsoft Xbox One, and Xbox One S game consoles. The company sells its products through its direct sales force, independent distributors, and sales representatives. It primarily serves original equipment manufacturers, original design manufacturers, system builders, and independent distributors. Advanced Micro Devices, Inc. was founded in 1969 and is headquartered in Sunnyvale, California.

FINANCIAL RATIOS  of  Advanced Micro Devices (AMD)

Valuation Ratios
P/E Ratio -26
Price to Sales 3
Price to Book 31
Price to Tangible Book
Price to Cash Flow 143.4
Price to Free Cash Flow 992.5
Growth Rates
Sales Growth Rate 7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -19.8%
Cap. Spend. - 3 Yr. Gr. Rate -1.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 345%
Total Debt to Equity 345%
Interest Coverage -2
Management Effectiveness
Return On Assets -10.5%
Ret/ On Assets - 3 Yr. Avg. -10.6%
Return On Total Capital -27%
Ret/ On T. Cap. - 3 Yr. Avg. -24.8%
Return On Equity -24850%
Return On Equity - 3 Yr. Avg. -8124.5%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 23.4%
Gross Margin - 3 Yr. Avg. 27.9%
EBITDA Margin -3.9%
EBITDA Margin - 3 Yr. Avg. -4.4%
Operating Margin -10.3%
Oper. Margin - 3 Yr. Avg. -8.8%
Pre-Tax Margin -10.5%
Pre-Tax Margin - 3 Yr. Avg. -11.3%
Net Profit Margin -11.6%
Net Profit Margin - 3 Yr. Avg. -11.8%
Effective Tax Rate -8.7%
Eff/ Tax Rate - 3 Yr. Avg. -4%
Payout Ratio 0%

AMD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AMD stock intrinsic value calculation we used $4272 million for the last fiscal year's total revenue generated by Advanced Micro Devices. The default revenue input number comes from 2016 income statement of Advanced Micro Devices. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AMD stock valuation model: a) initial revenue growth rate of 7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.5%, whose default value for AMD is calculated based on our internal credit rating of Advanced Micro Devices, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Advanced Micro Devices.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AMD stock the variable cost ratio is equal to 85.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1090 million in the base year in the intrinsic value calculation for AMD stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 8.1% for Advanced Micro Devices.

Corporate tax rate of 27% is the nominal tax rate for Advanced Micro Devices. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AMD stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AMD are equal to 9%.

Life of production assets of 10 years is the average useful life of capital assets used in Advanced Micro Devices operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AMD is equal to -1.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $416 million for Advanced Micro Devices - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 894.983 million for Advanced Micro Devices is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Advanced Micro Devices at the current share price and the inputted number of shares is $12.4 billion.

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Stock chart of AMD Financial statements of AMD Annual reports of AMD
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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