Intrinsic value of Advanced Micro Devices - AMD

Previous Close

$16.50

  Intrinsic Value

$78.97

stock screener

  Rating & Target

str. buy

+379%

Previous close

$16.50

 
Intrinsic value

$78.97

 
Up/down potential

+379%

 
Rating

str. buy

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  24.70
  22.73
  20.96
  19.36
  17.93
  16.63
  15.47
  14.42
  13.48
  12.63
  11.87
  11.18
  10.56
  10.01
  9.51
  9.06
  8.65
  8.29
  7.96
  7.66
  7.40
  7.16
  6.94
  6.75
  6.57
  6.41
  6.27
  6.15
  6.03
  5.93
Revenue, $m
  4,272
  6,645
  8,156
  9,865
  11,775
  13,886
  16,195
  18,700
  21,397
  24,282
  27,349
  30,595
  34,016
  37,610
  41,374
  45,307
  49,410
  53,684
  58,132
  62,758
  67,566
  72,562
  77,754
  83,151
  88,760
  94,593
  100,660
  106,974
  113,548
  120,397
  127,534
Variable operating expenses, $m
 
  3,016
  3,696
  4,464
  5,323
  6,272
  7,310
  8,436
  9,649
  10,945
  12,324
  13,755
  15,293
  16,909
  18,601
  20,369
  22,214
  24,135
  26,135
  28,214
  30,376
  32,622
  34,957
  37,383
  39,904
  42,527
  45,254
  48,093
  51,049
  54,128
  57,336
Fixed operating expenses, $m
 
  2,820
  2,882
  2,945
  3,010
  3,076
  3,144
  3,213
  3,284
  3,356
  3,430
  3,505
  3,582
  3,661
  3,742
  3,824
  3,908
  3,994
  4,082
  4,172
  4,264
  4,357
  4,453
  4,551
  4,651
  4,754
  4,858
  4,965
  5,074
  5,186
  5,300
Total operating expenses, $m
  4,712
  5,836
  6,578
  7,409
  8,333
  9,348
  10,454
  11,649
  12,933
  14,301
  15,754
  17,260
  18,875
  20,570
  22,343
  24,193
  26,122
  28,129
  30,217
  32,386
  34,640
  36,979
  39,410
  41,934
  44,555
  47,281
  50,112
  53,058
  56,123
  59,314
  62,636
Operating income, $m
  -440
  809
  1,578
  2,456
  3,442
  4,538
  5,741
  7,051
  8,465
  9,981
  11,595
  13,335
  15,141
  17,040
  19,031
  21,114
  23,288
  25,555
  27,915
  30,372
  32,926
  35,583
  38,345
  41,217
  44,204
  47,312
  50,547
  53,916
  57,425
  61,083
  64,897
EBITDA, $m
  -307
  900
  1,684
  2,577
  3,582
  4,697
  5,923
  7,256
  8,695
  10,238
  11,881
  13,623
  15,461
  17,394
  19,420
  21,540
  23,753
  26,060
  28,462
  30,961
  33,561
  36,265
  39,076
  41,998
  45,039
  48,202
  51,494
  54,922
  58,493
  62,215
  66,096
Interest expense (income), $m
  149
  124
  188
  262
  346
  439
  543
  656
  778
  910
  1,051
  1,201
  1,360
  1,527
  1,703
  1,887
  2,079
  2,280
  2,489
  2,706
  2,933
  3,168
  3,412
  3,666
  3,930
  4,204
  4,490
  4,786
  5,095
  5,417
  5,752
Earnings before tax, $m
  -448
  685
  1,390
  2,194
  3,096
  4,099
  5,199
  6,396
  7,687
  9,071
  10,544
  12,134
  13,781
  15,513
  17,329
  19,227
  21,209
  23,275
  25,426
  27,665
  29,993
  32,415
  34,932
  37,551
  40,274
  43,108
  46,058
  49,130
  52,330
  55,666
  59,146
Tax expense, $m
  39
  185
  375
  592
  836
  1,107
  1,404
  1,727
  2,076
  2,449
  2,847
  3,276
  3,721
  4,189
  4,679
  5,191
  5,726
  6,284
  6,865
  7,470
  8,098
  8,752
  9,432
  10,139
  10,874
  11,639
  12,436
  13,265
  14,129
  15,030
  15,969
Net income, $m
  -497
  500
  1,015
  1,601
  2,260
  2,992
  3,795
  4,669
  5,612
  6,622
  7,697
  8,858
  10,060
  11,325
  12,650
  14,036
  15,483
  16,991
  18,561
  20,195
  21,895
  23,663
  25,501
  27,412
  29,400
  31,469
  33,622
  35,865
  38,201
  40,637
  43,176

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
  4,415
  5,419
  6,555
  7,824
  9,226
  10,761
  12,426
  14,218
  16,134
  18,172
  20,329
  22,602
  24,990
  27,491
  30,104
  32,831
  35,671
  38,626
  41,699
  44,894
  48,214
  51,664
  55,250
  58,977
  62,852
  66,884
  71,079
  75,447
  79,998
  84,740
Adjusted assets (=assets-cash), $m
  2,057
  4,415
  5,419
  6,555
  7,824
  9,226
  10,761
  12,426
  14,218
  16,134
  18,172
  20,329
  22,602
  24,990
  27,491
  30,104
  32,831
  35,671
  38,626
  41,699
  44,894
  48,214
  51,664
  55,250
  58,977
  62,852
  66,884
  71,079
  75,447
  79,998
  84,740
Revenue / Adjusted assets
  2.077
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
  1.505
Average production assets, $m
  387
  625
  767
  927
  1,107
  1,305
  1,522
  1,758
  2,011
  2,282
  2,571
  2,876
  3,198
  3,535
  3,889
  4,259
  4,645
  5,046
  5,464
  5,899
  6,351
  6,821
  7,309
  7,816
  8,343
  8,892
  9,462
  10,056
  10,674
  11,317
  11,988
Working capital, $m
  1,184
  -73
  -90
  -109
  -130
  -153
  -178
  -206
  -235
  -267
  -301
  -337
  -374
  -414
  -455
  -498
  -544
  -591
  -639
  -690
  -743
  -798
  -855
  -915
  -976
  -1,041
  -1,107
  -1,177
  -1,249
  -1,324
  -1,403
Total debt, $m
  1,435
  2,118
  2,948
  3,887
  4,936
  6,096
  7,365
  8,742
  10,224
  11,809
  13,494
  15,278
  17,158
  19,133
  21,201
  23,362
  25,617
  27,966
  30,410
  32,951
  35,593
  38,339
  41,192
  44,157
  47,240
  50,445
  53,779
  57,249
  60,861
  64,624
  68,546
Total liabilities, $m
  2,905
  3,652
  4,482
  5,421
  6,470
  7,630
  8,899
  10,276
  11,758
  13,343
  15,028
  16,812
  18,692
  20,667
  22,735
  24,896
  27,151
  29,500
  31,944
  34,485
  37,127
  39,873
  42,726
  45,691
  48,774
  51,979
  55,313
  58,783
  62,395
  66,158
  70,080
Total equity, $m
  416
  764
  938
  1,134
  1,354
  1,596
  1,862
  2,150
  2,460
  2,791
  3,144
  3,517
  3,910
  4,323
  4,756
  5,208
  5,680
  6,171
  6,682
  7,214
  7,767
  8,341
  8,938
  9,558
  10,203
  10,873
  11,571
  12,297
  13,052
  13,840
  14,660
Total liabilities and equity, $m
  3,321
  4,416
  5,420
  6,555
  7,824
  9,226
  10,761
  12,426
  14,218
  16,134
  18,172
  20,329
  22,602
  24,990
  27,491
  30,104
  32,831
  35,671
  38,626
  41,699
  44,894
  48,214
  51,664
  55,249
  58,977
  62,852
  66,884
  71,080
  75,447
  79,998
  84,740
Debt-to-equity ratio
  3.450
  2.770
  3.140
  3.430
  3.650
  3.820
  3.960
  4.070
  4.160
  4.230
  4.290
  4.340
  4.390
  4.430
  4.460
  4.490
  4.510
  4.530
  4.550
  4.570
  4.580
  4.600
  4.610
  4.620
  4.630
  4.640
  4.650
  4.660
  4.660
  4.670
  4.680
Adjusted equity ratio
  -0.412
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -497
  500
  1,015
  1,601
  2,260
  2,992
  3,795
  4,669
  5,612
  6,622
  7,697
  8,858
  10,060
  11,325
  12,650
  14,036
  15,483
  16,991
  18,561
  20,195
  21,895
  23,663
  25,501
  27,412
  29,400
  31,469
  33,622
  35,865
  38,201
  40,637
  43,176
Depreciation, amort., depletion, $m
  133
  91
  106
  122
  140
  159
  181
  205
  230
  257
  286
  288
  320
  354
  389
  426
  464
  505
  546
  590
  635
  682
  731
  782
  834
  889
  946
  1,006
  1,067
  1,132
  1,199
Funds from operations, $m
  270
  591
  1,120
  1,723
  2,400
  3,151
  3,976
  4,874
  5,842
  6,879
  7,983
  9,146
  10,380
  11,678
  13,039
  14,462
  15,947
  17,495
  19,108
  20,785
  22,530
  24,345
  26,232
  28,194
  30,235
  32,358
  34,568
  36,870
  39,268
  41,768
  44,375
Change in working capital, $m
  180
  -14
  -17
  -19
  -21
  -23
  -25
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -79
Cash from operations, $m
  90
  606
  1,137
  1,742
  2,421
  3,175
  4,002
  4,901
  5,871
  6,910
  8,017
  9,181
  10,418
  11,718
  13,080
  14,505
  15,992
  17,542
  19,157
  20,836
  22,583
  24,400
  26,289
  28,253
  30,296
  32,422
  34,635
  36,940
  39,341
  41,844
  44,454
Maintenance CAPEX, $m
  0
  -50
  -62
  -77
  -93
  -111
  -131
  -152
  -176
  -201
  -228
  -257
  -288
  -320
  -354
  -389
  -426
  -464
  -505
  -546
  -590
  -635
  -682
  -731
  -782
  -834
  -889
  -946
  -1,006
  -1,067
  -1,132
New CAPEX, $m
  -77
  -123
  -142
  -161
  -180
  -198
  -217
  -235
  -254
  -271
  -288
  -305
  -322
  -338
  -354
  -370
  -386
  -402
  -418
  -435
  -452
  -470
  -488
  -507
  -527
  -548
  -570
  -594
  -618
  -644
  -671
Cash from investing activities, $m
  267
  -173
  -204
  -238
  -273
  -309
  -348
  -387
  -430
  -472
  -516
  -562
  -610
  -658
  -708
  -759
  -812
  -866
  -923
  -981
  -1,042
  -1,105
  -1,170
  -1,238
  -1,309
  -1,382
  -1,459
  -1,540
  -1,624
  -1,711
  -1,803
Free cash flow, $m
  357
  433
  932
  1,504
  2,149
  2,866
  3,654
  4,513
  5,442
  6,438
  7,500
  8,619
  9,809
  11,060
  12,373
  13,746
  15,181
  16,676
  18,234
  19,855
  21,541
  23,295
  25,119
  27,015
  28,987
  31,040
  33,176
  35,400
  37,717
  40,133
  42,651
Issuance/(repayment) of debt, $m
  -561
  723
  830
  939
  1,050
  1,160
  1,269
  1,377
  1,482
  1,585
  1,686
  1,784
  1,880
  1,975
  2,068
  2,161
  2,255
  2,349
  2,444
  2,542
  2,642
  2,746
  2,853
  2,965
  3,082
  3,205
  3,334
  3,470
  3,613
  3,763
  3,922
Issuance/(repurchase) of shares, $m
  667
  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 from financing (excl. dividends), $m  
  122
  723
  830
  939
  1,050
  1,160
  1,269
  1,377
  1,482
  1,585
  1,686
  1,784
  1,880
  1,975
  2,068
  2,161
  2,255
  2,349
  2,444
  2,542
  2,642
  2,746
  2,853
  2,965
  3,082
  3,205
  3,334
  3,470
  3,613
  3,763
  3,922
Total cash flow (excl. dividends), $m
  479
  1,155
  1,762
  2,444
  3,198
  4,025
  4,923
  5,890
  6,924
  8,023
  9,186
  10,403
  11,689
  13,035
  14,441
  15,908
  17,435
  19,025
  20,678
  22,397
  24,183
  26,041
  27,972
  29,980
  32,070
  34,245
  36,510
  38,870
  41,330
  43,896
  46,573
Retained Cash Flow (-), $m
  -828
  -153
  -174
  -196
  -220
  -243
  -265
  -288
  -310
  -332
  -353
  -373
  -393
  -413
  -433
  -452
  -472
  -491
  -511
  -532
  -553
  -574
  -597
  -620
  -645
  -670
  -697
  -726
  -756
  -787
  -820
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  96
  120
  147
  178
  212
  250
  292
  337
  385
  437
  492
  551
  612
  677
  745
  816
  889
  966
  1,046
  1,130
  1,216
  1,306
  1,400
  1,497
  1,598
  1,703
  1,812
  1,926
  2,044
  2,167
Cash available for distribution, $m
 
  1,002
  1,589
  2,247
  2,979
  3,783
  4,658
  5,602
  6,614
  7,692
  8,833
  10,030
  11,295
  12,622
  14,008
  15,456
  16,964
  18,534
  20,167
  21,865
  23,631
  25,466
  27,375
  29,360
  31,425
  33,574
  35,812
  38,144
  40,574
  43,108
  45,753
Discount rate, %
 
  4.80
  5.04
  5.29
  5.56
  5.83
  6.13
  6.43
  6.75
  7.09
  7.45
  7.82
  8.21
  8.62
  9.05
  9.50
  9.98
  10.48
  11.00
  11.55
  12.13
  12.74
  13.37
  14.04
  14.74
  15.48
  16.25
  17.07
  17.92
  18.82
  19.76
PV of cash for distribution, $m
 
  956
  1,440
  1,925
  2,399
  2,849
  3,260
  3,621
  3,921
  4,152
  4,307
  4,382
  4,382
  4,308
  4,165
  3,960
  3,703
  3,406
  3,081
  2,740
  2,394
  2,054
  1,730
  1,430
  1,158
  919
  713
  542
  402
  290
  205
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Advanced Micro Devices, Inc. is a global semiconductor company. The Company is engaged in offering x86 microprocessors, as standalone devices or as incorporated into 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's segments include the Computing and Graphics segment, and the Enterprise, Embedded and Semi-Custom segment. The Computing and Graphics segment primarily includes desktop and notebook processors and chipsets, discrete GPUs and professional graphics. The Enterprise, Embedded and Semi-Custom segment primarily includes server and embedded processors, semi-custom SoC products, development services, technology for game consoles and licensing portions of its intellectual property portfolio.

FINANCIAL RATIOS  of  Advanced Micro Devices (AMD)

Valuation Ratios
P/E Ratio -31
Price to Sales 3.6
Price to Book 37.1
Price to Tangible Book
Price to Cash Flow 171.4
Price to Free Cash Flow 1186.7
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 $5329 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 24.7% 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 4.8%, 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 45.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2759 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 8.9% 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 1.8%.

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 9.4%.

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 -1.1%. 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 - $611 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 952 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 $15.7 billion.

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Financial statements 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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