Intrinsic value of Cypress Semiconductor - CY

Previous Close

$17.39

  Intrinsic Value

$0.34

stock screener

  Rating & Target

str. sell

-98%

Previous close

$17.39

 
Intrinsic value

$0.34

 
Up/down potential

-98%

 
Rating

str. sell

We calculate the intrinsic value of CY 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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  19.59
  15.50
  14.45
  13.51
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.30
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
Revenue, $m
  1,923
  2,221
  2,542
  2,885
  3,250
  3,637
  4,044
  4,472
  4,920
  5,389
  5,877
  6,386
  6,916
  7,467
  8,040
  8,635
  9,253
  9,896
  10,564
  11,259
  11,981
  12,733
  13,516
  14,332
  15,182
  16,068
  16,993
  17,957
  18,965
  20,017
  21,117
Variable operating expenses, $m
 
  2,665
  3,030
  3,419
  3,834
  4,272
  4,735
  5,220
  5,729
  6,261
  6,816
  7,250
  7,851
  8,476
  9,126
  9,802
  10,504
  11,234
  11,992
  12,780
  13,601
  14,454
  15,343
  16,269
  17,234
  18,240
  19,289
  20,385
  21,528
  22,723
  23,972
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
  2,535
  2,665
  3,030
  3,419
  3,834
  4,272
  4,735
  5,220
  5,729
  6,261
  6,816
  7,250
  7,851
  8,476
  9,126
  9,802
  10,504
  11,234
  11,992
  12,780
  13,601
  14,454
  15,343
  16,269
  17,234
  18,240
  19,289
  20,385
  21,528
  22,723
  23,972
Operating income, $m
  -612
  -444
  -488
  -534
  -583
  -635
  -691
  -748
  -809
  -872
  -938
  -863
  -935
  -1,009
  -1,087
  -1,167
  -1,251
  -1,338
  -1,428
  -1,522
  -1,619
  -1,721
  -1,827
  -1,937
  -2,052
  -2,172
  -2,297
  -2,427
  -2,563
  -2,706
  -2,854
EBITDA, $m
  -346
  -167
  -192
  -217
  -245
  -274
  -305
  -337
  -371
  -406
  -443
  -481
  -521
  -563
  -606
  -651
  -697
  -746
  -796
  -848
  -903
  -960
  -1,019
  -1,080
  -1,144
  -1,211
  -1,281
  -1,353
  -1,429
  -1,509
  -1,591
Interest expense (income), $m
  33
  42
  52
  64
  76
  89
  103
  117
  132
  148
  165
  182
  200
  219
  238
  259
  280
  302
  325
  348
  373
  399
  425
  453
  482
  512
  544
  576
  611
  646
  684
Earnings before tax, $m
  -667
  -486
  -540
  -598
  -659
  -724
  -793
  -865
  -941
  -1,020
  -1,103
  -1,045
  -1,135
  -1,228
  -1,325
  -1,426
  -1,531
  -1,639
  -1,753
  -1,870
  -1,993
  -2,120
  -2,252
  -2,390
  -2,534
  -2,684
  -2,840
  -3,004
  -3,174
  -3,352
  -3,538
Tax expense, $m
  2
  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
Net income, $m
  -686
  -486
  -540
  -598
  -659
  -724
  -793
  -865
  -941
  -1,020
  -1,103
  -1,045
  -1,135
  -1,228
  -1,325
  -1,426
  -1,531
  -1,639
  -1,753
  -1,870
  -1,993
  -2,120
  -2,252
  -2,390
  -2,534
  -2,684
  -2,840
  -3,004
  -3,174
  -3,352
  -3,538

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  120
  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
  3,872
  4,330
  4,955
  5,624
  6,336
  7,089
  7,883
  8,718
  9,591
  10,504
  11,457
  12,449
  13,482
  14,556
  15,672
  16,832
  18,037
  19,290
  20,593
  21,947
  23,355
  24,821
  26,347
  27,937
  29,594
  31,322
  33,124
  35,005
  36,969
  39,020
  41,164
Adjusted assets (=assets-cash), $m
  3,752
  4,330
  4,955
  5,624
  6,336
  7,089
  7,883
  8,718
  9,591
  10,504
  11,457
  12,449
  13,482
  14,556
  15,672
  16,832
  18,037
  19,290
  20,593
  21,947
  23,355
  24,821
  26,347
  27,937
  29,594
  31,322
  33,124
  35,005
  36,969
  39,020
  41,164
Revenue / Adjusted assets
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
Average production assets, $m
  1,209
  1,395
  1,596
  1,812
  2,041
  2,284
  2,540
  2,808
  3,090
  3,384
  3,691
  4,011
  4,343
  4,689
  5,049
  5,423
  5,811
  6,215
  6,634
  7,070
  7,524
  7,997
  8,488
  9,000
  9,534
  10,091
  10,671
  11,277
  11,910
  12,571
  13,262
Working capital, $m
  192
  118
  135
  153
  172
  193
  214
  237
  261
  286
  311
  338
  367
  396
  426
  458
  490
  524
  560
  597
  635
  675
  716
  760
  805
  852
  901
  952
  1,005
  1,061
  1,119
Total debt, $m
  1,225
  1,496
  1,822
  2,170
  2,540
  2,931
  3,344
  3,778
  4,232
  4,707
  5,203
  5,719
  6,256
  6,814
  7,394
  7,998
  8,624
  9,276
  9,953
  10,657
  11,390
  12,152
  12,946
  13,772
  14,634
  15,532
  16,469
  17,448
  18,469
  19,536
  20,650
Total liabilities, $m
  1,980
  2,251
  2,577
  2,925
  3,295
  3,686
  4,099
  4,533
  4,987
  5,462
  5,958
  6,474
  7,011
  7,569
  8,149
  8,753
  9,379
  10,031
  10,708
  11,412
  12,145
  12,907
  13,701
  14,527
  15,389
  16,287
  17,224
  18,203
  19,224
  20,291
  21,405
Total equity, $m
  1,892
  2,078
  2,378
  2,700
  3,041
  3,403
  3,784
  4,184
  4,604
  5,042
  5,499
  5,976
  6,471
  6,987
  7,523
  8,079
  8,658
  9,259
  9,884
  10,534
  11,211
  11,914
  12,647
  13,410
  14,205
  15,034
  15,899
  16,802
  17,745
  18,730
  19,759
Total liabilities and equity, $m
  3,872
  4,329
  4,955
  5,625
  6,336
  7,089
  7,883
  8,717
  9,591
  10,504
  11,457
  12,450
  13,482
  14,556
  15,672
  16,832
  18,037
  19,290
  20,592
  21,946
  23,356
  24,821
  26,348
  27,937
  29,594
  31,321
  33,123
  35,005
  36,969
  39,021
  41,164
Debt-to-equity ratio
  0.647
  0.720
  0.770
  0.800
  0.840
  0.860
  0.880
  0.900
  0.920
  0.930
  0.950
  0.960
  0.970
  0.980
  0.980
  0.990
  1.000
  1.000
  1.010
  1.010
  1.020
  1.020
  1.020
  1.030
  1.030
  1.030
  1.040
  1.040
  1.040
  1.040
  1.050
Adjusted equity ratio
  0.472
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -686
  -486
  -540
  -598
  -659
  -724
  -793
  -865
  -941
  -1,020
  -1,103
  -1,045
  -1,135
  -1,228
  -1,325
  -1,426
  -1,531
  -1,639
  -1,753
  -1,870
  -1,993
  -2,120
  -2,252
  -2,390
  -2,534
  -2,684
  -2,840
  -3,004
  -3,174
  -3,352
  -3,538
Depreciation, amort., depletion, $m
  266
  277
  296
  316
  338
  361
  386
  411
  438
  466
  495
  382
  414
  447
  481
  516
  553
  592
  632
  673
  717
  762
  808
  857
  908
  961
  1,016
  1,074
  1,134
  1,197
  1,263
Funds from operations, $m
  237
  -209
  -244
  -281
  -321
  -363
  -407
  -454
  -503
  -554
  -608
  -663
  -721
  -782
  -844
  -910
  -977
  -1,048
  -1,121
  -1,197
  -1,276
  -1,358
  -1,444
  -1,533
  -1,626
  -1,723
  -1,824
  -1,930
  -2,040
  -2,155
  -2,275
Change in working capital, $m
  20
  16
  17
  18
  19
  20
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  53
  56
  58
Cash from operations, $m
  217
  -225
  -261
  -299
  -340
  -383
  -429
  -477
  -527
  -579
  -634
  -690
  -749
  -811
  -875
  -941
  -1,010
  -1,082
  -1,156
  -1,234
  -1,314
  -1,398
  -1,485
  -1,576
  -1,671
  -1,770
  -1,873
  -1,981
  -2,093
  -2,211
  -2,333
Maintenance CAPEX, $m
  0
  -115
  -133
  -152
  -173
  -194
  -218
  -242
  -267
  -294
  -322
  -352
  -382
  -414
  -447
  -481
  -516
  -553
  -592
  -632
  -673
  -717
  -762
  -808
  -857
  -908
  -961
  -1,016
  -1,074
  -1,134
  -1,197
New CAPEX, $m
  -57
  -186
  -202
  -216
  -229
  -243
  -256
  -269
  -281
  -294
  -307
  -320
  -333
  -346
  -360
  -374
  -388
  -404
  -420
  -436
  -454
  -472
  -492
  -512
  -534
  -557
  -581
  -606
  -633
  -661
  -691
Cash from investing activities, $m
  -613
  -301
  -335
  -368
  -402
  -437
  -474
  -511
  -548
  -588
  -629
  -672
  -715
  -760
  -807
  -855
  -904
  -957
  -1,012
  -1,068
  -1,127
  -1,189
  -1,254
  -1,320
  -1,391
  -1,465
  -1,542
  -1,622
  -1,707
  -1,795
  -1,888
Free cash flow, $m
  -396
  -526
  -595
  -667
  -742
  -821
  -902
  -987
  -1,076
  -1,167
  -1,263
  -1,362
  -1,464
  -1,570
  -1,681
  -1,796
  -1,915
  -2,039
  -2,168
  -2,302
  -2,441
  -2,587
  -2,739
  -2,897
  -3,062
  -3,235
  -3,415
  -3,603
  -3,800
  -4,006
  -4,221
Issuance/(repayment) of debt, $m
  599
  301
  325
  348
  370
  392
  413
  434
  454
  475
  495
  516
  537
  558
  580
  603
  627
  651
  677
  704
  732
  762
  794
  827
  862
  898
  937
  978
  1,021
  1,067
  1,115
Issuance/(repurchase) of shares, $m
  -132
  762
  840
  919
  1,001
  1,086
  1,174
  1,266
  1,361
  1,459
  1,560
  1,522
  1,631
  1,744
  1,861
  1,983
  2,109
  2,241
  2,378
  2,520
  2,669
  2,823
  2,985
  3,153
  3,329
  3,513
  3,706
  3,907
  4,117
  4,337
  4,567
Cash from financing (excl. dividends), $m  
  431
  1,063
  1,165
  1,267
  1,371
  1,478
  1,587
  1,700
  1,815
  1,934
  2,055
  2,038
  2,168
  2,302
  2,441
  2,586
  2,736
  2,892
  3,055
  3,224
  3,401
  3,585
  3,779
  3,980
  4,191
  4,411
  4,643
  4,885
  5,138
  5,404
  5,682
Total cash flow (excl. dividends), $m
  34
  537
  570
  600
  629
  657
  685
  712
  739
  766
  793
  676
  704
  732
  761
  790
  821
  854
  887
  923
  960
  999
  1,040
  1,083
  1,129
  1,177
  1,228
  1,282
  1,338
  1,398
  1,461
Retained Cash Flow (-), $m
  829
  -762
  -840
  -919
  -1,001
  -1,086
  -1,174
  -1,266
  -1,361
  -1,459
  -1,560
  -1,522
  -1,631
  -1,744
  -1,861
  -1,983
  -2,109
  -2,241
  -2,378
  -2,520
  -2,669
  -2,823
  -2,985
  -3,153
  -3,329
  -3,513
  -3,706
  -3,907
  -4,117
  -4,337
  -4,567
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
 
  -135
  -270
  -319
  -372
  -429
  -489
  -554
  -621
  -693
  -767
  -846
  -927
  -1,012
  -1,100
  -1,192
  -1,288
  -1,387
  -1,490
  -1,598
  -1,709
  -1,825
  -1,945
  -2,070
  -2,201
  -2,336
  -2,478
  -2,625
  -2,779
  -2,939
  -3,107
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
 
  -126
  -234
  -255
  -272
  -285
  -293
  -296
  -293
  -286
  -274
  -258
  -239
  -217
  -194
  -170
  -146
  -124
  -102
  -83
  -66
  -51
  -39
  -29
  -21
  -14
  -10
  -7
  -4
  -3
  -2
Current shareholders' claim on cash, %
  100
  87.9
  77.7
  69.0
  61.6
  55.2
  49.6
  44.8
  40.5
  36.7
  33.3
  30.6
  28.1
  25.8
  23.8
  21.9
  20.2
  18.6
  17.2
  15.9
  14.7
  13.6
  12.5
  11.6
  10.7
  9.9
  9.2
  8.5
  7.9
  7.3
  6.8

Cypress Semiconductor Corporation manufactures embedded system solutions for automotive, industrial, home automation and appliances, consumer electronics and medical products. The Company's segments include Microcontroller and Connectivity Division (MCD), and Memory Products Division (MPD). MCD focuses on microcontroller (MCU), analog and wireless and wired connectivity solutions. MPD focuses on parallel and serial NOR flash memories, NAND flash memories, static random access memory (SRAM), ferroelectric-random access memory (F-RAM) ferroelectric memory devices and other specialty memories. The Company's products include Traveo MCUs and Flexible MCUs; PSoC 1, PSoC 3, PSoC 4 and PSoC 5LP; CapSense, and TrueTouch Analog Power Management integrated circuits (PMICs) and energy harvesting solutions.

FINANCIAL RATIOS  of  Cypress Semiconductor (CY)

Valuation Ratios
P/E Ratio -8.2
Price to Sales 2.9
Price to Book 3
Price to Tangible Book
Price to Cash Flow 25.9
Price to Free Cash Flow 35.2
Growth Rates
Sales Growth Rate 19.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 21.3%
Cap. Spend. - 3 Yr. Gr. Rate 9%
Financial Strength
Quick Ratio 4
Current Ratio 0.1
LT Debt to Equity 63.2%
Total Debt to Equity 64.7%
Interest Coverage -19
Management Effectiveness
Return On Assets -16.6%
Ret/ On Assets - 3 Yr. Avg. -9.9%
Return On Total Capital -21%
Ret/ On T. Cap. - 3 Yr. Avg. -12.2%
Return On Equity -29.7%
Return On Equity - 3 Yr. Avg. -15.4%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 35.6%
Gross Margin - 3 Yr. Avg. 36.9%
EBITDA Margin -19.1%
EBITDA Margin - 3 Yr. Avg. -5.5%
Operating Margin -31.8%
Oper. Margin - 3 Yr. Avg. -16.5%
Pre-Tax Margin -34.7%
Pre-Tax Margin - 3 Yr. Avg. -18%
Net Profit Margin -35.7%
Net Profit Margin - 3 Yr. Avg. -18.9%
Effective Tax Rate -0.3%
Eff/ Tax Rate - 3 Yr. Avg. -5%
Payout Ratio -20.6%

CY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CY stock intrinsic value calculation we used $1923 million for the last fiscal year's total revenue generated by Cypress Semiconductor. The default revenue input number comes from 2017 income statement of Cypress Semiconductor. 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 CY stock valuation model: a) initial revenue growth rate of 15.5% 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 7%, whose default value for CY is calculated based on our internal credit rating of Cypress Semiconductor, 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 Cypress Semiconductor.
    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 CY stock the variable cost ratio is equal to 121%.

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 CY 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 Cypress Semiconductor.

Corporate tax rate of 27% is the nominal tax rate for Cypress Semiconductor. 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 CY 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 CY are equal to 62.8%.

Life of production assets of 10.5 years is the average useful life of capital assets used in Cypress Semiconductor 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 CY is equal to 5.3%. 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 - $1892 million for Cypress Semiconductor - 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 334.646 million for Cypress Semiconductor 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 Cypress Semiconductor at the current share price and the inputted number of shares is $5.8 billion.

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▶ Cypress tops 3Q profit forecasts   [06:05PM  Associated Press]
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Financial statements of CY
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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