Intrinsic value of Deswell Industries - DSWL

Previous Close

$2.65

  Intrinsic Value

$1.19

stock screener

  Rating & Target

str. sell

-55%

  Value-price divergence*

-34%

Previous close

$2.65

 
Intrinsic value

$1.19

 
Up/down potential

-55%

 
Rating

str. sell

 
Value-price divergence*

-34%

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

We calculate the intrinsic value of DSWL 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 0.0

 

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, %
  18.42
  18.40
  17.06
  15.85
  14.77
  13.79
  12.91
  12.12
  11.41
  10.77
  10.19
  9.67
  9.21
  8.78
  8.41
  8.07
  7.76
  7.48
  7.23
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
Revenue, $m
  45
  53
  62
  72
  83
  94
  107
  119
  133
  147
  162
  178
  195
  212
  229
  248
  267
  287
  308
  330
  352
  375
  400
  425
  451
  479
  507
  537
  568
  600
  634
Variable operating expenses, $m
 
  53
  62
  72
  83
  94
  107
  119
  133
  147
  162
  178
  195
  212
  229
  248
  267
  287
  308
  330
  352
  375
  400
  425
  451
  479
  507
  537
  568
  600
  634
Fixed operating expenses, $m
 
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
  9
  10
  10
  10
  10
  10
Total operating expenses, $m
  50
  58
  67
  77
  89
  100
  113
  125
  139
  153
  168
  185
  202
  219
  236
  255
  274
  295
  316
  338
  360
  383
  409
  434
  460
  488
  517
  547
  578
  610
  644
Operating income, $m
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -9
  -10
  -10
  -10
  -10
  -10
EBITDA, $m
  -3
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -9
  -10
  -10
  -10
  -10
  -10
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
Earnings before tax, $m
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
Tax expense, $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
  0
Net income, $m
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  31
  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
  88
  68
  79
  92
  105
  120
  135
  151
  169
  187
  206
  226
  247
  268
  291
  314
  339
  364
  390
  418
  446
  476
  506
  538
  572
  607
  643
  680
  720
  761
  804
Adjusted assets (=assets-cash), $m
  57
  68
  79
  92
  105
  120
  135
  151
  169
  187
  206
  226
  247
  268
  291
  314
  339
  364
  390
  418
  446
  476
  506
  538
  572
  607
  643
  680
  720
  761
  804
Revenue / Adjusted assets
  0.789
  0.779
  0.785
  0.783
  0.790
  0.783
  0.793
  0.788
  0.787
  0.786
  0.786
  0.788
  0.789
  0.791
  0.787
  0.790
  0.788
  0.788
  0.790
  0.789
  0.789
  0.788
  0.791
  0.790
  0.788
  0.789
  0.788
  0.790
  0.789
  0.788
  0.789
Average production assets, $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
  0
Working capital, $m
  40
  11
  12
  14
  17
  19
  21
  24
  27
  29
  32
  36
  39
  42
  46
  50
  53
  57
  62
  66
  70
  75
  80
  85
  90
  96
  101
  107
  114
  120
  127
Total debt, $m
  0
  2
  4
  7
  9
  12
  15
  18
  22
  25
  29
  33
  37
  41
  45
  50
  54
  59
  64
  70
  75
  81
  87
  93
  99
  106
  113
  120
  128
  136
  144
Total liabilities, $m
  11
  13
  15
  18
  20
  23
  26
  29
  33
  36
  40
  44
  48
  52
  56
  61
  65
  70
  75
  81
  86
  92
  98
  104
  110
  117
  124
  131
  139
  147
  155
Total equity, $m
  77
  54
  64
  74
  85
  97
  109
  122
  136
  151
  166
  182
  199
  216
  235
  254
  273
  294
  315
  337
  360
  384
  409
  435
  461
  489
  519
  549
  581
  614
  648
Total liabilities and equity, $m
  88
  67
  79
  92
  105
  120
  135
  151
  169
  187
  206
  226
  247
  268
  291
  315
  338
  364
  390
  418
  446
  476
  507
  539
  571
  606
  643
  680
  720
  761
  803
Debt-to-equity ratio
  0.000
  0.040
  0.070
  0.090
  0.110
  0.130
  0.140
  0.150
  0.160
  0.170
  0.170
  0.180
  0.180
  0.190
  0.190
  0.200
  0.200
  0.200
  0.200
  0.210
  0.210
  0.210
  0.210
  0.210
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
Adjusted equity ratio
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
Depreciation, amort., depletion, $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
Funds from operations, $m
  2
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
Change in working capital, $m
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
Cash from operations, $m
  1
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -20
  -21
  -22
Maintenance CAPEX, $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
  0
New CAPEX, $m
  -1
  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 investing activities, $m
  -1
  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
Free cash flow, $m
  0
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -20
  -21
  -22
Issuance/(repayment) of debt, $m
  0
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
Issuance/(repurchase) of shares, $m
  0
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
Cash from financing (excl. dividends), $m  
  0
  16
  17
  18
  20
  21
  22
  23
  24
  26
  27
  28
  29
  30
  31
  33
  34
  35
  36
  37
  39
  41
  42
  44
  45
  48
  49
  51
  54
  56
  58
Total cash flow (excl. dividends), $m
  0
  9
  10
  11
  11
  12
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
  36
Retained Cash Flow (-), $m
  7
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
Prev. year cash balance distribution, $m
 
  31
  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
 
  26
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -12
  -13
  -13
  -14
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
 
  25
  -5
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -3
  -3
  -3
  -3
  -3
  -2
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  70.3
  50.8
  37.6
  28.5
  21.9
  17.2
  13.7
  11.0
  9.0
  7.4
  6.1
  5.1
  4.3
  3.7
  3.2
  2.7
  2.3
  2.0
  1.8
  1.6
  1.4
  1.2
  1.1
  0.9
  0.8
  0.7
  0.7
  0.6
  0.5
  0.5

Deswell Industries, Inc. manufactures and sells injection-molded plastic parts and components; and assembles electronic products for original equipment manufacturers and contract manufacturers. It produces a range of plastic parts and components that are used in the manufacture of consumer and industrial products, which include plastic components of electronic entertainment products; cases for flashlights, telephones, paging machines, projectors, and alarm clocks; toner cartridges and cases for photocopy and printer machines; and parts for electrical products, such as air-conditioning and ventilators, as well as parts for audio equipment and cases, and key tops for personal organizers and remote controls; double injection caps and baby products; parts for medical products comprising apparatus for blood tests; laser key caps; and automobile components. In addition, it provides electronic products that consist of audio equipment, including digital audio workstations, digital or analogue mixing consoles, instrument amplifiers, signal processors, firewire/USB audio interfaces, keyboard controllers, and speaker enclosures; home theatre audio products, such as 7.1-channel audio-visual Hi-Fi stereo receivers-amplifiers; printed circuit board assemblies; and telecommunication products comprising VoIP keysets for business communications. The company sells its products primarily in the People’s Republic of China, the United States, Europe, Hong Kong, the United Kingdom, Norway, Holland, and Canada. Deswell Industries, Inc. was founded in 1987 and is based in Macau.

FINANCIAL RATIOS  of  Deswell Industries (DSWL)

Valuation Ratios
P/E Ratio -8.5
Price to Sales 0.9
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 42.6
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate 18.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -5.4%
Ret/ On Assets - 3 Yr. Avg. -5%
Return On Total Capital -6.2%
Ret/ On T. Cap. - 3 Yr. Avg. -5.7%
Return On Equity -6.2%
Return On Equity - 3 Yr. Avg. -5.7%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 11.1%
Gross Margin - 3 Yr. Avg. 10.5%
EBITDA Margin -6.7%
EBITDA Margin - 3 Yr. Avg. -3%
Operating Margin -11.1%
Oper. Margin - 3 Yr. Avg. -13.8%
Pre-Tax Margin -11.1%
Pre-Tax Margin - 3 Yr. Avg. -10.3%
Net Profit Margin -11.1%
Net Profit Margin - 3 Yr. Avg. -12%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -5.6%
Payout Ratio -40%

DSWL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DSWL stock intrinsic value calculation we used $45 million for the last fiscal year's total revenue generated by Deswell Industries. The default revenue input number comes from 2016 income statement of Deswell Industries. 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 DSWL stock valuation model: a) initial revenue growth rate of 18.4% 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 DSWL is calculated based on our internal credit rating of Deswell Industries, 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 Deswell Industries.
    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 DSWL stock the variable cost ratio is equal to 100%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $5 million in the base year in the intrinsic value calculation for DSWL 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 Deswell Industries.

Corporate tax rate of 27% is the nominal tax rate for Deswell Industries. 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 DSWL 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 DSWL are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Deswell Industries 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 DSWL is equal to 20%. 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 - $77 million for Deswell Industries - 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 16.235 million for Deswell Industries 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 Deswell Industries at the current share price and the inputted number of shares is $0.0 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Deswell Announces Second Half 2017 Results   [Jun-12-17 08:24AM  Business Wire]
▶ Deswell Announces First Half 2017 Results   [Nov-17-16 08:45AM  Business Wire]
▶ Deswell Announces Fourth Quarter 2016 Results   [Jun-24-16 10:04AM  Business Wire]
▶ Deswell Announces New Corporate Headquarters   [Jun-03-16 08:30AM  Business Wire]
▶ Deswell Announces Third Quarter 2016 Results   [Mar-11-16 08:30AM  Business Wire]
▶ Deswell Announces Second Quarter 2016 Results   [Nov-11  08:30AM  Business Wire]
▶ Deswell Announces Fourth Quarter 2015 Results   [Jun-22  08:00AM  Business Wire]
▶ Deswell Announces Third Quarter 2015 Results   [Feb-13  10:26AM  Business Wire]
▶ Deswell Announces Second Quarter 2015 Results   [Jan-08  08:30AM  Business Wire]
▶ Deswell Announces First Quarter 2015 Results   [Aug-22  10:41AM  Business Wire]
▶ 3 Sell-Rated Dividend Stocks: LPHI, DSWL, ACRE   [Jul-03  11:30AM  at TheStreet]
▶ Deswell Announces Fourth Quarter 2014 Results   [Jun-10  08:30AM  Business Wire]
▶ 3 Hold-Rated Dividend Stocks: SPH, DSWL, HRZN   [Apr-01  11:30AM  at TheStreet]
▶ Deswell Announces Third Quarter 2014 Results   [Feb-25  08:15AM  Business Wire]
▶ Deswell Industries: A 1-Foot Hurdle Investors Can Step Over   [Jan-30  05:21PM  at Seeking Alpha]
▶ 4 Hold-Rated Dividend Stocks: MCGC, EFC, INTX, DSWL   [Jan-16  10:30AM  at TheStreet]
▶ 4 Hold-Rated Dividend Stocks: NGPC, BKCC, DSWL, VOC   [Jan-07  10:30AM  at TheStreet]
▶ Deswell Announces Second Quarter 2014 Results   [Nov-13  08:31AM  Business Wire]
▶ A Classic Net-Net: Deswell Industries   [Oct-09  10:26AM  at Seeking Alpha]
▶ Deswell Announces First Quarter 2014 Results   [Aug-30  08:15AM  Business Wire]
▶ 4 Hold-Rated Dividend Stocks: PBT, RSO, MCC, DSWL   [Jul-15  11:30AM  at TheStreet]
▶ 4 Hold-Rated Dividend Stocks: NSH, RSO, QRE, DSWL   [Jul-05  11:30AM  at TheStreet]
▶ 5 Hold-Rated Dividend Stocks: KFN, NKA, APTS, DSWL, VALU   [Jun-26  11:30AM  at TheStreet]
▶ Deswell: Valuation Of A Classic Net-Net   [Jun-25  01:39AM  at Seeking Alpha]
▶ 3 Hold-Rated Dividend Stocks: VLY, VALU, DSWL   [Jun-17  11:30AM  at TheStreet]
▶ Deswell Announces Fourth Quarter 2013 Results   [Jun-13  08:30AM  Business Wire]
▶ 5 Hold-Rated Dividend Stocks   [May-03  11:30AM  at TheStreet]
▶ 5 Hold-Rated Dividend Stocks   [Apr-23  11:30AM  at TheStreet]
▶ 5 Hold-Rated Dividend Stocks   [Apr-12  11:30AM  at TheStreet]
▶ 4 Hold-Rated Dividend Stocks   [Apr-02  11:31AM  at TheStreet]
▶ 4 Hold-Rated Dividend Stocks   [Mar-25  11:30AM  at TheStreet]
▶ Deswell Announces Third Quarter 2013 Results   [Feb-05  09:12AM  Business Wire]
▶ Deswell Announces Second Quarter 2013 Results   [Nov-16-12 08:47AM  Business Wire]
▶ X Factor: 13 Stocks Hit Ex-Dividend Date on August 23   [Aug-22-12 09:55AM  at Minyanville]
▶ DSWL Ex-Dividend Reminder - 8/23/12   [Aug-21-12 10:32AM  at Forbes]
▶ Deswell Announces First Quarter 2013 Results   [Aug-15-12 09:25AM  Business Wire]
▶ Basic Materials Sector Wrap   [Jul-23-12 05:52PM  at Fox Business]
▶ Deswell Industries Ex-Dividend Reminder   [Jun-29-12 10:23AM  at Forbes]
▶ Deswell Announces Fourth Quarter Results   [Jun-18-12 09:27AM  Business Wire]
▶ Deswell Industries Inc. Stock Upgraded (DSWL)   [Apr-16-12 05:07AM  at TheStreet]
▶ Deswell Announces $4 Million Stock Buyback Plan   [Mar-14-12 08:33AM  Business Wire]
▶ Deswell Announces Third Quarter Results   [Mar-07-12 09:13AM  Business Wire]
▶ Daily Dividend Report: OFG, BLK, DVN, AMT, DSWL   [Nov-30-11 04:35PM  at Forbes]
▶ Deswell Announces Second Quarter Results   [08:50AM  Business Wire]
▶ Deswell Announces First Quarter Results   [Sep-08-11 08:25AM  Business Wire]
▶ Carlisle Companies Trades Ex-Dividend   [Aug-11-11 10:11AM  at Forbes]
▶ Deswell Announces Fourth Quarter Results   [Jun-29-11 09:30AM  Business Wire]
▶ 5 Basic Materials Companies Paying High Dividends   [May-06-11 03:06PM  Wall St. Cheat Sheet]
▶ Drilling Down on Deswell Industries   [Mar-14-11 02:02PM  at Seeking Alpha]
▶ Deswell Announces Third Quarter Results   [Mar-10-11 08:57AM  Business Wire]
▶ Deswell Announces Second Quarter Results   [Dec-15-10 10:21AM  Business Wire]
▶ Statoil - Upgrades & Downgrades   [Sep-10-10 11:06AM  at TheStreet.com]
▶ Deswell Announces First Quarter Results   [Sep-09-10 07:16AM  Business Wire]
▶ Superior Value In Basic Materials Shares   [Jun-29-10 08:29AM  at Investopedia]
▶ Is Deswell Industries Seeing an Uptick?   [Jun-27-10 04:13PM  at Seeking Alpha]
▶ Deswell Announces Fourth Quarter Results   [Jun-23-10 08:20AM  Business Wire]
▶ 10 Companies With Dividends of Up to 13%   [Jun-17-10 05:01AM  at TheStreet.com]
▶ What's Up (Down) With Deswell?   [Jun-09-10 03:44PM  at Seeking Alpha]
▶ Micro Stock Value Screen / Strategy   [May-21-10 04:55AM  at Seeking Alpha]
▶ [$$] Big Upside in Little China   [May-18-10 10:00AM  at TheStreet.com]
Stock chart of DSWL Financial statements of DSWL
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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