Intrinsic value of Advanced Semiconductor Engineering ADR - ASX

Previous Close

$6.38

  Intrinsic Value

$2.98

stock screener

  Rating & Target

str. sell

-53%

  Value-price divergence*

-99%

Previous close

$6.38

 
Intrinsic value

$2.98

 
Up/down potential

-53%

 
Rating

str. sell

 
Value-price divergence*

-99%

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

We calculate the intrinsic value of ASX 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 10.6

 

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, %
  -2.98
  5.50
  5.45
  5.40
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
Revenue, $m
  8,837
  9,323
  9,831
  10,363
  10,918
  11,500
  12,109
  12,747
  13,415
  14,114
  14,847
  15,615
  16,421
  17,265
  18,150
  19,078
  20,052
  21,073
  22,144
  23,268
  24,447
  25,685
  26,983
  28,345
  29,775
  31,276
  32,851
  34,504
  36,239
  38,061
  39,973
Variable operating expenses, $m
 
  8,510
  8,972
  9,455
  9,961
  10,489
  11,043
  11,623
  12,230
  12,866
  13,533
  14,197
  14,930
  15,697
  16,502
  17,346
  18,231
  19,159
  20,133
  21,155
  22,227
  23,352
  24,532
  25,771
  27,071
  28,435
  29,867
  31,370
  32,948
  34,604
  36,343
Fixed operating expenses, $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
Total operating expenses, $m
  8,010
  8,510
  8,972
  9,455
  9,961
  10,489
  11,043
  11,623
  12,230
  12,866
  13,533
  14,197
  14,930
  15,697
  16,502
  17,346
  18,231
  19,159
  20,133
  21,155
  22,227
  23,352
  24,532
  25,771
  27,071
  28,435
  29,867
  31,370
  32,948
  34,604
  36,343
Operating income, $m
  827
  813
  859
  907
  958
  1,011
  1,066
  1,124
  1,185
  1,248
  1,315
  1,418
  1,491
  1,568
  1,648
  1,733
  1,821
  1,914
  2,011
  2,113
  2,220
  2,333
  2,450
  2,574
  2,704
  2,840
  2,983
  3,133
  3,291
  3,456
  3,630
EBITDA, $m
  1,773
  1,779
  1,876
  1,977
  2,083
  2,194
  2,311
  2,432
  2,560
  2,693
  2,833
  2,980
  3,133
  3,294
  3,463
  3,640
  3,826
  4,021
  4,225
  4,440
  4,665
  4,901
  5,149
  5,409
  5,681
  5,968
  6,268
  6,584
  6,915
  7,262
  7,627
Interest expense (income), $m
  66
  83
  93
  104
  115
  127
  139
  151
  165
  179
  193
  208
  224
  241
  259
  277
  297
  317
  338
  360
  384
  408
  434
  461
  489
  519
  551
  583
  618
  654
  692
Earnings before tax, $m
  901
  730
  766
  803
  843
  884
  927
  972
  1,020
  1,069
  1,121
  1,210
  1,267
  1,327
  1,390
  1,455
  1,524
  1,597
  1,673
  1,753
  1,836
  1,924
  2,016
  2,113
  2,214
  2,321
  2,433
  2,550
  2,673
  2,803
  2,938
Tax expense, $m
  163
  197
  207
  217
  228
  239
  250
  263
  275
  289
  303
  327
  342
  358
  375
  393
  412
  431
  452
  473
  496
  520
  544
  571
  598
  627
  657
  689
  722
  757
  793
Net income, $m
  697
  533
  559
  586
  615
  645
  677
  710
  744
  781
  819
  883
  925
  968
  1,014
  1,062
  1,113
  1,166
  1,221
  1,279
  1,341
  1,405
  1,472
  1,542
  1,617
  1,694
  1,776
  1,862
  1,951
  2,046
  2,145

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,342
  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
  11,507
  10,728
  11,313
  11,925
  12,564
  13,234
  13,935
  14,668
  15,437
  16,242
  17,085
  17,969
  18,896
  19,868
  20,886
  21,954
  23,075
  24,250
  25,483
  26,776
  28,133
  29,556
  31,050
  32,618
  34,264
  35,990
  37,803
  39,705
  41,702
  43,798
  45,998
Adjusted assets (=assets-cash), $m
  10,165
  10,728
  11,313
  11,925
  12,564
  13,234
  13,935
  14,668
  15,437
  16,242
  17,085
  17,969
  18,896
  19,868
  20,886
  21,954
  23,075
  24,250
  25,483
  26,776
  28,133
  29,556
  31,050
  32,618
  34,264
  35,990
  37,803
  39,705
  41,702
  43,798
  45,998
Revenue / Adjusted assets
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
Average production assets, $m
  4,772
  5,034
  5,309
  5,596
  5,896
  6,210
  6,539
  6,883
  7,244
  7,622
  8,017
  8,432
  8,867
  9,323
  9,801
  10,302
  10,828
  11,380
  11,958
  12,565
  13,202
  13,870
  14,571
  15,306
  16,079
  16,889
  17,739
  18,632
  19,569
  20,553
  21,585
Working capital, $m
  1,232
  1,147
  1,209
  1,275
  1,343
  1,415
  1,489
  1,568
  1,650
  1,736
  1,826
  1,921
  2,020
  2,124
  2,232
  2,347
  2,466
  2,592
  2,724
  2,862
  3,007
  3,159
  3,319
  3,486
  3,662
  3,847
  4,041
  4,244
  4,457
  4,681
  4,917
Total debt, $m
  3,571
  2,669
  2,971
  3,287
  3,618
  3,964
  4,326
  4,706
  5,103
  5,519
  5,955
  6,412
  6,891
  7,394
  7,920
  8,472
  9,052
  9,659
  10,297
  10,965
  11,667
  12,403
  13,175
  13,986
  14,836
  15,729
  16,666
  17,650
  18,682
  19,766
  20,903
Total liabilities, $m
  6,449
  5,547
  5,849
  6,165
  6,496
  6,842
  7,204
  7,584
  7,981
  8,397
  8,833
  9,290
  9,769
  10,272
  10,798
  11,350
  11,930
  12,537
  13,175
  13,843
  14,545
  15,281
  16,053
  16,864
  17,714
  18,607
  19,544
  20,528
  21,560
  22,644
  23,781
Total equity, $m
  5,058
  5,182
  5,464
  5,760
  6,069
  6,392
  6,730
  7,085
  7,456
  7,845
  8,252
  8,679
  9,127
  9,596
  10,088
  10,604
  11,145
  11,713
  12,308
  12,933
  13,588
  14,276
  14,997
  15,755
  16,549
  17,383
  18,259
  19,178
  20,142
  21,154
  22,217
Total liabilities and equity, $m
  11,507
  10,729
  11,313
  11,925
  12,565
  13,234
  13,934
  14,669
  15,437
  16,242
  17,085
  17,969
  18,896
  19,868
  20,886
  21,954
  23,075
  24,250
  25,483
  26,776
  28,133
  29,557
  31,050
  32,619
  34,263
  35,990
  37,803
  39,706
  41,702
  43,798
  45,998
Debt-to-equity ratio
  0.706
  0.510
  0.540
  0.570
  0.600
  0.620
  0.640
  0.660
  0.680
  0.700
  0.720
  0.740
  0.760
  0.770
  0.790
  0.800
  0.810
  0.820
  0.840
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.900
  0.910
  0.920
  0.930
  0.930
  0.940
Adjusted equity ratio
  0.432
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  697
  533
  559
  586
  615
  645
  677
  710
  744
  781
  819
  883
  925
  968
  1,014
  1,062
  1,113
  1,166
  1,221
  1,279
  1,341
  1,405
  1,472
  1,542
  1,617
  1,694
  1,776
  1,862
  1,951
  2,046
  2,145
Depreciation, amort., depletion, $m
  946
  966
  1,017
  1,070
  1,126
  1,184
  1,245
  1,308
  1,375
  1,445
  1,518
  1,562
  1,642
  1,726
  1,815
  1,908
  2,005
  2,107
  2,214
  2,327
  2,445
  2,568
  2,698
  2,835
  2,978
  3,128
  3,285
  3,450
  3,624
  3,806
  3,997
Funds from operations, $m
  1,422
  1,499
  1,576
  1,656
  1,741
  1,829
  1,921
  2,018
  2,120
  2,226
  2,337
  2,445
  2,567
  2,695
  2,829
  2,970
  3,118
  3,273
  3,436
  3,606
  3,785
  3,973
  4,170
  4,377
  4,594
  4,822
  5,061
  5,312
  5,575
  5,852
  6,142
Change in working capital, $m
  -253
  60
  62
  65
  68
  72
  75
  78
  82
  86
  90
  94
  99
  104
  109
  114
  120
  126
  132
  138
  145
  152
  160
  168
  176
  185
  194
  203
  213
  224
  235
Cash from operations, $m
  1,675
  1,439
  1,513
  1,591
  1,672
  1,758
  1,847
  1,940
  2,037
  2,140
  2,247
  2,350
  2,468
  2,591
  2,720
  2,856
  2,998
  3,147
  3,304
  3,468
  3,640
  3,821
  4,011
  4,209
  4,418
  4,637
  4,867
  5,109
  5,362
  5,628
  5,907
Maintenance CAPEX, $m
  0
  -884
  -932
  -983
  -1,036
  -1,092
  -1,150
  -1,211
  -1,275
  -1,341
  -1,411
  -1,485
  -1,562
  -1,642
  -1,726
  -1,815
  -1,908
  -2,005
  -2,107
  -2,214
  -2,327
  -2,445
  -2,568
  -2,698
  -2,835
  -2,978
  -3,128
  -3,285
  -3,450
  -3,624
  -3,806
New CAPEX, $m
  -875
  -262
  -274
  -287
  -300
  -314
  -329
  -344
  -361
  -378
  -396
  -415
  -435
  -456
  -478
  -501
  -526
  -551
  -578
  -607
  -637
  -668
  -701
  -736
  -772
  -810
  -851
  -893
  -937
  -984
  -1,032
Cash from investing activities, $m
  -1,388
  -1,146
  -1,206
  -1,270
  -1,336
  -1,406
  -1,479
  -1,555
  -1,636
  -1,719
  -1,807
  -1,900
  -1,997
  -2,098
  -2,204
  -2,316
  -2,434
  -2,556
  -2,685
  -2,821
  -2,964
  -3,113
  -3,269
  -3,434
  -3,607
  -3,788
  -3,979
  -4,178
  -4,387
  -4,608
  -4,838
Free cash flow, $m
  287
  293
  307
  321
  336
  352
  368
  385
  402
  421
  440
  451
  471
  493
  516
  540
  565
  591
  618
  647
  677
  708
  741
  775
  812
  849
  889
  931
  975
  1,020
  1,068
Issuance/(repayment) of debt, $m
  -225
  294
  302
  316
  331
  346
  362
  379
  397
  416
  436
  457
  479
  502
  527
  552
  579
  608
  637
  669
  702
  736
  772
  811
  851
  893
  937
  984
  1,032
  1,084
  1,138
Issuance/(repurchase) of shares, $m
  32
  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  
  -284
  294
  302
  316
  331
  346
  362
  379
  397
  416
  436
  457
  479
  502
  527
  552
  579
  608
  637
  669
  702
  736
  772
  811
  851
  893
  937
  984
  1,032
  1,084
  1,138
Total cash flow (excl. dividends), $m
  -148
  586
  609
  637
  667
  698
  730
  764
  800
  837
  876
  908
  950
  995
  1,043
  1,092
  1,144
  1,198
  1,255
  1,315
  1,378
  1,444
  1,513
  1,586
  1,662
  1,742
  1,826
  1,914
  2,007
  2,104
  2,206
Retained Cash Flow (-), $m
  -22
  -270
  -282
  -295
  -309
  -323
  -338
  -354
  -371
  -389
  -407
  -427
  -448
  -469
  -492
  -516
  -541
  -568
  -595
  -625
  -655
  -688
  -722
  -757
  -795
  -834
  -875
  -919
  -964
  -1,012
  -1,063
Prev. year cash balance distribution, $m
 
  146
  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
 
  463
  326
  342
  358
  374
  392
  410
  428
  448
  468
  481
  503
  526
  551
  576
  603
  631
  660
  691
  723
  756
  792
  829
  868
  908
  951
  996
  1,042
  1,092
  1,143
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  444
  299
  297
  295
  290
  284
  277
  268
  257
  246
  228
  215
  200
  185
  169
  153
  137
  122
  106
  92
  78
  66
  54
  44
  35
  28
  21
  16
  12
  9
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 Semiconductor Engineering, Inc. is a provider of semiconductor packaging and testing services. The Company offers a range of semiconductors packaging, testing and electronic manufacturing services (EMS). The Company's segments include Packaging, Testing, EMS and Others. The Company provides services in packaging bare semiconductors into finished semiconductors with a range of electrical and thermal characteristics, as well as testing services, including front-end engineering testing, wafer probing and final testing services. It also sells goods from EMS. The Company engages in other activities, such as substrate production and real estate business. It provides integrated solutions for EMS in relation to computers, peripherals, communications, industrial, automotive, and storage and server applications. The Company provides front-end engineering testing services, including customized software development, electrical design validation, and reliability and failure analysis.

FINANCIAL RATIOS  of  Advanced Semiconductor Engineering ADR (ASX)

Valuation Ratios
P/E Ratio 70.5
Price to Sales 5.6
Price to Book 9.7
Price to Tangible Book
Price to Cash Flow 29.3
Price to Free Cash Flow 61.4
Growth Rates
Sales Growth Rate -3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11.5%
Cap. Spend. - 3 Yr. Gr. Rate -1.6%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 47%
Total Debt to Equity 70.6%
Interest Coverage 15
Management Effectiveness
Return On Assets 6.5%
Ret/ On Assets - 3 Yr. Avg. 6.9%
Return On Total Capital 8%
Ret/ On T. Cap. - 3 Yr. Avg. 8.4%
Return On Equity 13.8%
Return On Equity - 3 Yr. Avg. 14.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 19.4%
Gross Margin - 3 Yr. Avg. 19.3%
EBITDA Margin 21.6%
EBITDA Margin - 3 Yr. Avg. 21.3%
Operating Margin 9.4%
Oper. Margin - 3 Yr. Avg. 9.8%
Pre-Tax Margin 10.2%
Pre-Tax Margin - 3 Yr. Avg. 10.1%
Net Profit Margin 7.9%
Net Profit Margin - 3 Yr. Avg. 8%
Effective Tax Rate 18.1%
Eff/ Tax Rate - 3 Yr. Avg. 17.5%
Payout Ratio 56.5%

ASX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ASX stock intrinsic value calculation we used $8837 million for the last fiscal year's total revenue generated by Advanced Semiconductor Engineering ADR. The default revenue input number comes from 2016 income statement of Advanced Semiconductor Engineering ADR. 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 ASX stock valuation model: a) initial revenue growth rate of 5.5% 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 4.3%, whose default value for ASX is calculated based on our internal credit rating of Advanced Semiconductor Engineering ADR, 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 Semiconductor Engineering ADR.
    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 ASX stock the variable cost ratio is equal to 91.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ASX 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 3.5% for Advanced Semiconductor Engineering ADR.

Corporate tax rate of 27% is the nominal tax rate for Advanced Semiconductor Engineering ADR. 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 ASX 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 ASX are equal to 54%.

Life of production assets of 5.4 years is the average useful life of capital assets used in Advanced Semiconductor Engineering ADR 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 ASX is equal to 12.3%. 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 - $5058 million for Advanced Semiconductor Engineering ADR - 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 1659.05 million for Advanced Semiconductor Engineering ADR 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 Semiconductor Engineering ADR at the current share price and the inputted number of shares is $10.6 billion.

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COMPANY NEWS

▶ ASE K7 Receives Green Factory Label   [Sep-01-17 03:12AM  Business Wire]
▶ Advanced Semiconductor Engineering posts 2Q profit   [Jul-28-17 08:03PM  Associated Press]
▶ Advanced Semiconductor Engineering posts 1Q profit   [Apr-28-17 05:02AM  Associated Press]
▶ Advanced Semiconductor Engineering Is Pumping Up Profits   [Jan-31-17 01:55PM  Motley Fool]
▶ Advanced Semiconductor Engineering posts 4Q profit   [Jan-26-17 05:00AM  Associated Press]
▶ Is XL Group Ltd (XL) Worthy of Your Portfolio?   [Dec-08-16 11:48AM  at Insider Monkey]
▶ Here is What Hedge Funds Think About Stericycle Inc (SRCL)   [Nov-30-16 10:37AM  at Insider Monkey]
▶ Joint Announcement by ASE and SPIL   [Nov-18-16 05:30AM  PR Newswire]
▶ ASE Hosts Forum on Supplier Sustainability   [04:05AM  Business Wire]
▶ Joint Statement by SPIL and ASE   [Jun-30-16 09:34AM  PR Newswire]
▶ Joint Announcement by ASE and SPIL   [09:00AM  PR Newswire]
▶ Apple's iPhone Faces Strong Headwinds In Japan   [Jun-28-16 04:20PM  at Investor's Business Daily]
▶ ASE Receives 2016 Asia Responsible Entrepreneurship Award   [Jun-23-16 05:00PM  Business Wire]
▶ Hedge Funds Like These 5 Taiwan ADRs   [Jun-09-16 09:32AM  at Insider Monkey]
▶ 3 Tech Stocks Waking Up After a Long Slumber   [May-31-16 02:17PM  at Investopedia]
▶ Joint Statement by ASE and SPIL   [05:45AM  PR Newswire]
▶ ADVANCED SEMICONDUCTOR ENGINEERING INC Financials   [01:04PM  EDGAR Online Financials]
Financial statements of ASX
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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