Intrinsic value of Advanced Semiconductor Engineering ADR - ASX

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$6.31

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$6.31

 
Intrinsic value

$3.14

 
Up/down potential

-50%

 
Rating

str. sell

 
Value-price divergence* premium content

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*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 10.1

 

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
  2.10
  2.39
  2.65
  2.89
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
Revenue, $m
  8,837
  9,023
  9,238
  9,483
  9,757
  10,059
  10,390
  10,749
  11,137
  11,555
  12,003
  12,482
  12,992
  13,536
  14,113
  14,725
  15,373
  16,059
  16,784
  17,550
  18,359
  19,213
  20,112
  21,060
  22,059
  23,111
  24,219
  25,384
  26,611
  27,901
  29,258
Variable operating expenses, $m
 
  8,237
  8,433
  8,656
  8,904
  9,179
  9,480
  9,807
  10,160
  10,540
  10,947
  11,348
  11,812
  12,306
  12,831
  13,387
  13,977
  14,600
  15,260
  15,956
  16,692
  17,467
  18,285
  19,147
  20,055
  21,012
  22,019
  23,078
  24,193
  25,366
  26,600
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
  8,237
  8,433
  8,656
  8,904
  9,179
  9,480
  9,807
  10,160
  10,540
  10,947
  11,348
  11,812
  12,306
  12,831
  13,387
  13,977
  14,600
  15,260
  15,956
  16,692
  17,467
  18,285
  19,147
  20,055
  21,012
  22,019
  23,078
  24,193
  25,366
  26,600
Operating income, $m
  827
  786
  805
  828
  852
  880
  910
  943
  978
  1,016
  1,056
  1,134
  1,180
  1,230
  1,282
  1,338
  1,396
  1,459
  1,525
  1,594
  1,668
  1,745
  1,827
  1,913
  2,004
  2,099
  2,200
  2,306
  2,417
  2,534
  2,658
EBITDA, $m
  1,773
  1,722
  1,763
  1,810
  1,862
  1,920
  1,983
  2,051
  2,125
  2,205
  2,291
  2,382
  2,479
  2,583
  2,693
  2,810
  2,934
  3,065
  3,203
  3,349
  3,504
  3,666
  3,838
  4,019
  4,210
  4,410
  4,622
  4,844
  5,078
  5,324
  5,583
Interest expense (income), $m
  66
  83
  87
  91
  96
  102
  108
  115
  123
  131
  139
  148
  158
  169
  180
  192
  204
  218
  232
  247
  263
  279
  297
  315
  335
  355
  377
  400
  424
  449
  476
Earnings before tax, $m
  901
  703
  718
  736
  756
  778
  802
  827
  855
  885
  917
  985
  1,022
  1,061
  1,102
  1,146
  1,192
  1,241
  1,293
  1,347
  1,405
  1,466
  1,530
  1,598
  1,669
  1,744
  1,823
  1,906
  1,993
  2,085
  2,182
Tax expense, $m
  163
  190
  194
  199
  204
  210
  216
  223
  231
  239
  248
  266
  276
  286
  298
  309
  322
  335
  349
  364
  379
  396
  413
  431
  451
  471
  492
  515
  538
  563
  589
Net income, $m
  697
  513
  524
  537
  552
  568
  585
  604
  624
  646
  670
  719
  746
  774
  805
  836
  870
  906
  944
  984
  1,026
  1,070
  1,117
  1,166
  1,218
  1,273
  1,331
  1,391
  1,455
  1,522
  1,593

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
  10,383
  10,631
  10,913
  11,228
  11,575
  11,956
  12,369
  12,816
  13,297
  13,813
  14,364
  14,951
  15,576
  16,240
  16,944
  17,690
  18,480
  19,315
  20,196
  21,127
  22,109
  23,144
  24,235
  25,385
  26,595
  27,870
  29,211
  30,622
  32,107
  33,668
Adjusted assets (=assets-cash), $m
  10,165
  10,383
  10,631
  10,913
  11,228
  11,575
  11,956
  12,369
  12,816
  13,297
  13,813
  14,364
  14,951
  15,576
  16,240
  16,944
  17,690
  18,480
  19,315
  20,196
  21,127
  22,109
  23,144
  24,235
  25,385
  26,595
  27,870
  29,211
  30,622
  32,107
  33,668
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
  4,771
  4,872
  4,989
  5,121
  5,269
  5,432
  5,610
  5,804
  6,014
  6,240
  6,482
  6,740
  7,016
  7,309
  7,621
  7,951
  8,301
  8,672
  9,064
  9,477
  9,914
  10,375
  10,861
  11,373
  11,912
  12,480
  13,078
  13,707
  14,370
  15,066
  15,799
Working capital, $m
  1,232
  1,164
  1,192
  1,223
  1,259
  1,298
  1,340
  1,387
  1,437
  1,491
  1,548
  1,610
  1,676
  1,746
  1,821
  1,899
  1,983
  2,072
  2,165
  2,264
  2,368
  2,478
  2,594
  2,717
  2,846
  2,981
  3,124
  3,275
  3,433
  3,599
  3,774
Total debt, $m
  3,628
  2,486
  2,612
  2,756
  2,917
  3,095
  3,289
  3,501
  3,729
  3,975
  4,238
  4,520
  4,820
  5,139
  5,479
  5,839
  6,220
  6,623
  7,050
  7,500
  7,976
  8,478
  9,007
  9,564
  10,152
  10,770
  11,421
  12,107
  12,828
  13,587
  14,384
Total liabilities, $m
  6,449
  5,306
  5,432
  5,576
  5,737
  5,915
  6,109
  6,321
  6,549
  6,795
  7,058
  7,340
  7,640
  7,959
  8,299
  8,659
  9,040
  9,443
  9,870
  10,320
  10,796
  11,298
  11,827
  12,384
  12,972
  13,590
  14,241
  14,927
  15,648
  16,407
  17,204
Total equity, $m
  5,059
  5,077
  5,198
  5,336
  5,490
  5,660
  5,846
  6,049
  6,267
  6,502
  6,754
  7,024
  7,311
  7,617
  7,941
  8,286
  8,651
  9,037
  9,445
  9,876
  10,331
  10,811
  11,317
  11,851
  12,413
  13,005
  13,628
  14,284
  14,974
  15,700
  16,464
Total liabilities and equity, $m
  11,508
  10,383
  10,630
  10,912
  11,227
  11,575
  11,955
  12,370
  12,816
  13,297
  13,812
  14,364
  14,951
  15,576
  16,240
  16,945
  17,691
  18,480
  19,315
  20,196
  21,127
  22,109
  23,144
  24,235
  25,385
  26,595
  27,869
  29,211
  30,622
  32,107
  33,668
Debt-to-equity ratio
  0.717
  0.490
  0.500
  0.520
  0.530
  0.550
  0.560
  0.580
  0.600
  0.610
  0.630
  0.640
  0.660
  0.670
  0.690
  0.700
  0.720
  0.730
  0.750
  0.760
  0.770
  0.780
  0.800
  0.810
  0.820
  0.830
  0.840
  0.850
  0.860
  0.870
  0.870
Adjusted equity ratio
  0.432
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  697
  513
  524
  537
  552
  568
  585
  604
  624
  646
  670
  719
  746
  774
  805
  836
  870
  906
  944
  984
  1,026
  1,070
  1,117
  1,166
  1,218
  1,273
  1,331
  1,391
  1,455
  1,522
  1,593
Depreciation, amort., depletion, $m
  946
  936
  958
  982
  1,010
  1,040
  1,073
  1,109
  1,148
  1,189
  1,234
  1,248
  1,299
  1,354
  1,411
  1,472
  1,537
  1,606
  1,678
  1,755
  1,836
  1,921
  2,011
  2,106
  2,206
  2,311
  2,422
  2,538
  2,661
  2,790
  2,926
Funds from operations, $m
  1,422
  1,449
  1,482
  1,520
  1,561
  1,608
  1,658
  1,713
  1,772
  1,836
  1,904
  1,968
  2,045
  2,128
  2,216
  2,309
  2,408
  2,512
  2,622
  2,739
  2,862
  2,991
  3,128
  3,272
  3,424
  3,584
  3,753
  3,930
  4,116
  4,312
  4,519
Change in working capital, $m
  -253
  24
  28
  32
  35
  39
  43
  46
  50
  54
  58
  62
  66
  70
  74
  79
  84
  88
  94
  99
  104
  110
  116
  122
  129
  136
  143
  150
  158
  166
  175
Cash from operations, $m
  1,675
  1,330
  1,454
  1,488
  1,526
  1,569
  1,615
  1,666
  1,722
  1,782
  1,846
  1,906
  1,979
  2,058
  2,141
  2,230
  2,324
  2,423
  2,529
  2,640
  2,757
  2,881
  3,012
  3,150
  3,295
  3,449
  3,610
  3,779
  3,958
  4,146
  4,344
Maintenance CAPEX, $m
  0
  -884
  -902
  -924
  -948
  -976
  -1,006
  -1,039
  -1,075
  -1,114
  -1,156
  -1,200
  -1,248
  -1,299
  -1,354
  -1,411
  -1,472
  -1,537
  -1,606
  -1,678
  -1,755
  -1,836
  -1,921
  -2,011
  -2,106
  -2,206
  -2,311
  -2,422
  -2,538
  -2,661
  -2,790
New CAPEX, $m
  -875
  -101
  -116
  -132
  -148
  -163
  -179
  -194
  -210
  -226
  -242
  -259
  -276
  -293
  -312
  -330
  -350
  -370
  -392
  -414
  -437
  -461
  -486
  -512
  -539
  -568
  -598
  -629
  -662
  -697
  -733
Cash from investing activities, $m
  -1,388
  -985
  -1,018
  -1,056
  -1,096
  -1,139
  -1,185
  -1,233
  -1,285
  -1,340
  -1,398
  -1,459
  -1,524
  -1,592
  -1,666
  -1,741
  -1,822
  -1,907
  -1,998
  -2,092
  -2,192
  -2,297
  -2,407
  -2,523
  -2,645
  -2,774
  -2,909
  -3,051
  -3,200
  -3,358
  -3,523
Free cash flow, $m
  287
  345
  436
  432
  430
  430
  431
  433
  437
  442
  449
  447
  456
  465
  476
  488
  501
  516
  531
  548
  566
  585
  605
  627
  650
  675
  701
  728
  757
  788
  821
Issuance/(repayment) of debt, $m
  -225
  110
  127
  144
  161
  178
  194
  211
  228
  246
  263
  282
  300
  319
  339
  360
  381
  403
  426
  451
  476
  502
  529
  558
  587
  619
  651
  685
  721
  759
  798
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
  110
  127
  144
  161
  178
  194
  211
  228
  246
  263
  282
  300
  319
  339
  360
  381
  403
  426
  451
  476
  502
  529
  558
  587
  619
  651
  685
  721
  759
  798
Total cash flow (excl. dividends), $m
  -148
  455
  562
  576
  591
  607
  625
  645
  666
  688
  712
  729
  756
  785
  815
  848
  883
  919
  958
  998
  1,041
  1,086
  1,134
  1,184
  1,237
  1,293
  1,352
  1,414
  1,479
  1,547
  1,619
Retained Cash Flow (-), $m
  -23
  -108
  -121
  -138
  -154
  -170
  -186
  -202
  -219
  -235
  -252
  -269
  -287
  -306
  -325
  -344
  -365
  -386
  -408
  -431
  -455
  -480
  -506
  -534
  -562
  -592
  -623
  -656
  -690
  -726
  -764
Prev. year cash balance distribution, $m
 
  90
  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
 
  437
  441
  438
  437
  437
  439
  443
  447
  453
  460
  459
  469
  479
  491
  504
  518
  533
  549
  567
  586
  606
  628
  651
  675
  701
  729
  758
  788
  821
  855
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
 
  419
  404
  381
  360
  339
  319
  299
  279
  260
  241
  218
  200
  182
  165
  148
  132
  116
  101
  87
  74
  63
  52
  43
  34
  27
  21
  16
  12
  9
  6
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. provides semiconductor packaging and testing services in the United States, Taiwan, Asia, Europe, and internationally. It operates through Packaging, Testing, and Electronic Manufacturing Services segments. The company offers packaging services, including various packages, such as flip-chip ball grid array (BGA), flip-chip chip scale package, advanced chip scale packages, quad flat packages, thin quad flat packages, bump chip carrier and quad flat no-lead (QFN) packages, plastic BGAs, and 3D chip packages; stacked die solutions in various package types; and copper wire and silver bonding solutions. It also provides advanced packages, including wafer level chip scale, flip-chip (FC) chip scale, FC package in, FC BGA/HF FCBGA, FC and wire bonding, and integrated passive device packages; IC wire bonding packages, including lead frame-based package types, such as lead frame-based packages and substrate-based packages; system-in-package (SiP) products, as well as module assembly services; and interconnect materials. In addition, the company offers a range of semiconductor testing services, including front-end engineering testing, wafer probing, logic/mixed-signal/RF module and SiP/ MEMS/discrete final testing, and test-related services, as well as drop shipment services. Further, it provides electronic manufacturing services in relation to computers, peripherals, communications, industrial, automotive, and storage and server applications. Advanced Semiconductor Engineering, Inc. was founded in 1984 and is based in Kaohsiung, Taiwan.

FINANCIAL RATIOS  of  Advanced Semiconductor Engineering ADR (ASX)

Valuation Ratios
P/E Ratio 69.7
Price to Sales 5.5
Price to Book 9.6
Price to Tangible Book
Price to Cash Flow 29
Price to Free Cash Flow 60.7
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 71.7%
Interest Coverage 15
Management Effectiveness
Return On Assets 6.5%
Ret/ On Assets - 3 Yr. Avg. 6.9%
Return On Total Capital 7.9%
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 2.1% 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 12.9%. 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 - $5059 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 1598.77 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 $10.1 billion.


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Stock chart of ASX 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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