Intrinsic value of Flex Ltd - FLEX

Previous Close

$17.78

  Intrinsic Value

$18.28

stock screener

  Rating & Target

hold

+3%

Previous close

$17.78

 
Intrinsic value

$18.28

 
Up/down potential

+3%

 
Rating

hold

We calculate the intrinsic value of FLEX 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 2017), $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 9.5

 

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, %
  -2.28
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  23,863
  24,340
  24,900
  25,540
  26,258
  27,055
  27,928
  28,879
  29,909
  31,018
  32,208
  33,482
  34,841
  36,288
  37,825
  39,457
  41,186
  43,016
  44,952
  46,997
  49,156
  51,435
  53,838
  56,371
  59,039
  61,850
  64,809
  67,924
  71,202
  74,650
  78,277
Variable operating expenses, $m
 
  20,931
  21,410
  21,957
  22,572
  23,254
  24,001
  24,815
  25,697
  26,646
  27,665
  28,656
  29,819
  31,057
  32,374
  33,770
  35,250
  36,816
  38,473
  40,224
  42,072
  44,022
  46,078
  48,246
  50,530
  52,936
  55,469
  58,134
  60,940
  63,891
  66,995
Fixed operating expenses, $m
 
  3,024
  3,099
  3,177
  3,256
  3,338
  3,421
  3,507
  3,594
  3,684
  3,776
  3,871
  3,967
  4,067
  4,168
  4,272
  4,379
  4,489
  4,601
  4,716
  4,834
  4,955
  5,079
  5,206
  5,336
  5,469
  5,606
  5,746
  5,890
  6,037
  6,188
Total operating expenses, $m
  23,393
  23,955
  24,509
  25,134
  25,828
  26,592
  27,422
  28,322
  29,291
  30,330
  31,441
  32,527
  33,786
  35,124
  36,542
  38,042
  39,629
  41,305
  43,074
  44,940
  46,906
  48,977
  51,157
  53,452
  55,866
  58,405
  61,075
  63,880
  66,830
  69,928
  73,183
Operating income, $m
  470
  386
  391
  406
  430
  463
  506
  557
  618
  688
  767
  955
  1,054
  1,163
  1,283
  1,414
  1,557
  1,711
  1,878
  2,058
  2,251
  2,458
  2,681
  2,919
  3,173
  3,445
  3,735
  4,044
  4,373
  4,722
  5,094
EBITDA, $m
  1,080
  939
  954
  981
  1,018
  1,067
  1,125
  1,195
  1,275
  1,365
  1,467
  1,580
  1,704
  1,841
  1,989
  2,151
  2,326
  2,514
  2,717
  2,935
  3,168
  3,419
  3,686
  3,971
  4,276
  4,600
  4,945
  5,312
  5,702
  6,116
  6,555
Interest expense (income), $m
  127
  127
  127
  137
  148
  161
  175
  191
  208
  226
  246
  267
  290
  314
  340
  368
  397
  428
  461
  495
  532
  570
  611
  654
  699
  747
  797
  850
  905
  964
  1,026
Earnings before tax, $m
  371
  259
  264
  269
  281
  302
  330
  366
  410
  461
  521
  688
  764
  849
  943
  1,047
  1,160
  1,283
  1,417
  1,562
  1,719
  1,888
  2,070
  2,265
  2,474
  2,698
  2,938
  3,194
  3,467
  3,758
  4,069
Tax expense, $m
  51
  70
  71
  73
  76
  82
  89
  99
  111
  125
  141
  186
  206
  229
  255
  283
  313
  346
  383
  422
  464
  510
  559
  612
  668
  729
  793
  862
  936
  1,015
  1,099
Net income, $m
  320
  189
  193
  196
  205
  220
  241
  267
  299
  337
  380
  502
  558
  620
  688
  764
  847
  937
  1,035
  1,141
  1,255
  1,378
  1,511
  1,654
  1,806
  1,970
  2,145
  2,332
  2,531
  2,744
  2,970

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,831
  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
  12,593
  10,979
  11,231
  11,520
  11,844
  12,203
  12,597
  13,026
  13,491
  13,991
  14,528
  15,102
  15,715
  16,368
  17,061
  17,797
  18,577
  19,403
  20,276
  21,199
  22,173
  23,200
  24,284
  25,427
  26,630
  27,898
  29,233
  30,638
  32,116
  33,672
  35,308
Adjusted assets (=assets-cash), $m
  10,762
  10,979
  11,231
  11,520
  11,844
  12,203
  12,597
  13,026
  13,491
  13,991
  14,528
  15,102
  15,715
  16,368
  17,061
  17,797
  18,577
  19,403
  20,276
  21,199
  22,173
  23,200
  24,284
  25,427
  26,630
  27,898
  29,233
  30,638
  32,116
  33,672
  35,308
Revenue / Adjusted assets
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
Average production assets, $m
  2,671
  2,726
  2,789
  2,860
  2,941
  3,030
  3,128
  3,234
  3,350
  3,474
  3,607
  3,750
  3,902
  4,064
  4,236
  4,419
  4,613
  4,818
  5,035
  5,264
  5,506
  5,761
  6,030
  6,314
  6,612
  6,927
  7,259
  7,608
  7,975
  8,361
  8,767
Working capital, $m
  1,883
  122
  125
  128
  131
  135
  140
  144
  150
  155
  161
  167
  174
  181
  189
  197
  206
  215
  225
  235
  246
  257
  269
  282
  295
  309
  324
  340
  356
  373
  391
Total debt, $m
  2,952
  2,885
  3,112
  3,372
  3,664
  3,987
  4,341
  4,728
  5,146
  5,596
  6,079
  6,596
  7,148
  7,735
  8,359
  9,022
  9,724
  10,467
  11,252
  12,083
  12,959
  13,884
  14,860
  15,888
  16,971
  18,112
  19,314
  20,578
  21,909
  23,309
  24,781
Total liabilities, $m
  9,949
  9,881
  10,108
  10,368
  10,660
  10,983
  11,337
  11,724
  12,142
  12,592
  13,075
  13,592
  14,144
  14,731
  15,355
  16,018
  16,720
  17,463
  18,248
  19,079
  19,955
  20,880
  21,856
  22,884
  23,967
  25,108
  26,310
  27,574
  28,905
  30,305
  31,777
Total equity, $m
  2,645
  1,098
  1,123
  1,152
  1,184
  1,220
  1,260
  1,303
  1,349
  1,399
  1,453
  1,510
  1,572
  1,637
  1,706
  1,780
  1,858
  1,940
  2,028
  2,120
  2,217
  2,320
  2,428
  2,543
  2,663
  2,790
  2,923
  3,064
  3,212
  3,367
  3,531
Total liabilities and equity, $m
  12,594
  10,979
  11,231
  11,520
  11,844
  12,203
  12,597
  13,027
  13,491
  13,991
  14,528
  15,102
  15,716
  16,368
  17,061
  17,798
  18,578
  19,403
  20,276
  21,199
  22,172
  23,200
  24,284
  25,427
  26,630
  27,898
  29,233
  30,638
  32,117
  33,672
  35,308
Debt-to-equity ratio
  1.116
  2.630
  2.770
  2.930
  3.090
  3.270
  3.450
  3.630
  3.810
  4.000
  4.180
  4.370
  4.550
  4.730
  4.900
  5.070
  5.230
  5.390
  5.550
  5.700
  5.840
  5.980
  6.120
  6.250
  6.370
  6.490
  6.610
  6.720
  6.820
  6.920
  7.020
Adjusted equity ratio
  0.076
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  320
  189
  193
  196
  205
  220
  241
  267
  299
  337
  380
  502
  558
  620
  688
  764
  847
  937
  1,035
  1,141
  1,255
  1,378
  1,511
  1,654
  1,806
  1,970
  2,145
  2,332
  2,531
  2,744
  2,970
Depreciation, amort., depletion, $m
  610
  553
  563
  575
  589
  604
  620
  638
  657
  678
  700
  625
  650
  677
  706
  737
  769
  803
  839
  877
  918
  960
  1,005
  1,052
  1,102
  1,155
  1,210
  1,268
  1,329
  1,393
  1,461
Funds from operations, $m
  1,287
  742
  756
  771
  794
  824
  861
  905
  956
  1,014
  1,080
  1,127
  1,208
  1,297
  1,394
  1,500
  1,615
  1,740
  1,874
  2,018
  2,173
  2,339
  2,516
  2,706
  2,908
  3,124
  3,355
  3,600
  3,860
  4,137
  4,431
Change in working capital, $m
  137
  2
  3
  3
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
Cash from operations, $m
  1,150
  739
  753
  768
  791
  820
  856
  900
  951
  1,009
  1,074
  1,121
  1,201
  1,290
  1,387
  1,492
  1,607
  1,731
  1,864
  2,008
  2,162
  2,327
  2,504
  2,693
  2,895
  3,110
  3,340
  3,584
  3,844
  4,120
  4,413
Maintenance CAPEX, $m
  0
  -445
  -454
  -465
  -477
  -490
  -505
  -521
  -539
  -558
  -579
  -601
  -625
  -650
  -677
  -706
  -737
  -769
  -803
  -839
  -877
  -918
  -960
  -1,005
  -1,052
  -1,102
  -1,155
  -1,210
  -1,268
  -1,329
  -1,393
New CAPEX, $m
  -525
  -56
  -63
  -72
  -80
  -89
  -98
  -107
  -115
  -124
  -133
  -143
  -152
  -162
  -172
  -183
  -194
  -205
  -217
  -229
  -242
  -255
  -269
  -284
  -299
  -315
  -331
  -349
  -367
  -386
  -406
Cash from investing activities, $m
  -702
  -501
  -517
  -537
  -557
  -579
  -603
  -628
  -654
  -682
  -712
  -744
  -777
  -812
  -849
  -889
  -931
  -974
  -1,020
  -1,068
  -1,119
  -1,173
  -1,229
  -1,289
  -1,351
  -1,417
  -1,486
  -1,559
  -1,635
  -1,715
  -1,799
Free cash flow, $m
  448
  239
  236
  232
  233
  241
  254
  272
  296
  326
  362
  377
  424
  477
  537
  604
  677
  757
  844
  939
  1,043
  1,154
  1,275
  1,405
  1,544
  1,693
  1,854
  2,025
  2,209
  2,404
  2,613
Issuance/(repayment) of debt, $m
  171
  -5
  227
  260
  292
  323
  355
  386
  418
  450
  483
  517
  552
  587
  624
  662
  702
  743
  786
  830
  877
  925
  975
  1,028
  1,083
  1,141
  1,201
  1,264
  1,331
  1,400
  1,472
Issuance/(repurchase) of shares, $m
  -337
  33
  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  
  -242
  28
  227
  260
  292
  323
  355
  386
  418
  450
  483
  517
  552
  587
  624
  662
  702
  743
  786
  830
  877
  925
  975
  1,028
  1,083
  1,141
  1,201
  1,264
  1,331
  1,400
  1,472
Total cash flow (excl. dividends), $m
  223
  267
  463
  492
  525
  564
  608
  658
  714
  777
  845
  894
  976
  1,065
  1,161
  1,266
  1,379
  1,500
  1,630
  1,770
  1,919
  2,079
  2,250
  2,433
  2,627
  2,834
  3,055
  3,290
  3,539
  3,804
  4,086
Retained Cash Flow (-), $m
  -74
  -222
  -25
  -29
  -32
  -36
  -39
  -43
  -46
  -50
  -54
  -57
  -61
  -65
  -69
  -74
  -78
  -83
  -87
  -92
  -97
  -103
  -108
  -114
  -120
  -127
  -133
  -140
  -148
  -156
  -164
Prev. year cash balance distribution, $m
 
  1,769
  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
 
  1,814
  438
  463
  493
  528
  569
  615
  668
  727
  791
  836
  914
  1,000
  1,092
  1,192
  1,301
  1,417
  1,543
  1,677
  1,822
  1,977
  2,142
  2,318
  2,507
  2,708
  2,922
  3,149
  3,391
  3,649
  3,922
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
 
  1,739
  401
  403
  406
  409
  413
  416
  418
  417
  415
  397
  390
  380
  367
  350
  331
  308
  284
  258
  232
  204
  178
  152
  128
  105
  85
  68
  52
  40
  30
Current shareholders' claim on cash, %
  100
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0

Flex Ltd, formerly Flextronics International Ltd. provides design, engineering, manufacturing, and supply chain services and solutions. The Company designs, builds, ships and services packaged consumer electronics and industrial products for original equipment manufacturers (OEMs). Its segments include High Reliability Solutions (HRS), Consumer Technologies Group (CTG), Industrial and Emerging Industries (IEI) and Communications & Enterprise Compute (CEC). The HRS segment consists of its medical business, automotive business, and defense and aerospace businesses. The CTG segment includes its mobile devices business, consumer electronics business and high-volume computing business. The IEI segment consists of semiconductor and capital equipment, office solutions, household industrial and lifestyle, industrial automation and kiosks, energy and metering, and lighting. The CEC segment includes radio access base stations, remote radio heads, and small cells for wireless infrastructure.

FINANCIAL RATIOS  of  Flex Ltd (FLEX)

Valuation Ratios
P/E Ratio 29.5
Price to Sales 0.4
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 8.2
Price to Free Cash Flow 15.1
Growth Rates
Sales Growth Rate -2.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2.7%
Cap. Spend. - 3 Yr. Gr. Rate -3%
Financial Strength
Quick Ratio 30
Current Ratio 0.1
LT Debt to Equity 109.3%
Total Debt to Equity 111.6%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.4%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 5.8%
Ret/ On T. Cap. - 3 Yr. Avg. 9.6%
Return On Equity 12.3%
Return On Equity - 3 Yr. Avg. 18.9%
Asset Turnover 1.9
Profitability Ratios
Gross Margin 6.5%
Gross Margin - 3 Yr. Avg. 6.3%
EBITDA Margin 4.6%
EBITDA Margin - 3 Yr. Avg. 4.7%
Operating Margin 2%
Oper. Margin - 3 Yr. Avg. 2.3%
Pre-Tax Margin 1.6%
Pre-Tax Margin - 3 Yr. Avg. 2%
Net Profit Margin 1.3%
Net Profit Margin - 3 Yr. Avg. 1.8%
Effective Tax Rate 13.7%
Eff/ Tax Rate - 3 Yr. Avg. 8.9%
Payout Ratio 0%

FLEX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FLEX stock intrinsic value calculation we used $23863 million for the last fiscal year's total revenue generated by Flex Ltd. The default revenue input number comes from 2017 income statement of Flex Ltd. 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 FLEX stock valuation model: a) initial revenue growth rate of 2% 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 FLEX is calculated based on our internal credit rating of Flex Ltd, 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 Flex Ltd.
    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 FLEX stock the variable cost ratio is equal to 86%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2950 million in the base year in the intrinsic value calculation for FLEX 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 4.4% for Flex Ltd.

Corporate tax rate of 27% is the nominal tax rate for Flex Ltd. 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 FLEX 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 FLEX are equal to 11.2%.

Life of production assets of 6 years is the average useful life of capital assets used in Flex Ltd 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 FLEX is equal to 0.5%. 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 - $2645 million for Flex Ltd - 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 532.621 million for Flex Ltd 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 Flex Ltd at the current share price and the inputted number of shares is $9.5 billion.

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COMPANY NEWS

▶ ETFs with exposure to Flex Ltd. : October 11, 2017   [Oct-11-17 11:31AM  Capital Cube]
▶ Flex To Report Second Quarter Fiscal 2018 Results   [Oct-02-17 05:49PM  PR Newswire]
▶ ETFs with exposure to Flex Ltd. : August 28, 2017   [Aug-28-17 05:19PM  Capital Cube]
▶ Flex receives approval for additional share repurchase   [Aug-18-17 07:38PM  Investing.com]
▶ ETFs with exposure to Flex Ltd. : August 16, 2017   [Aug-16-17 05:45PM  Capital Cube]
▶ An Easy-To-Use Cheat Sheet For Apple Suppliers   [Aug-10-17 08:42AM  Benzinga]
▶ Flex To Participate In Upcoming Investor Conferences   [Aug-01-17 01:47PM  PR Newswire]
▶ Flextronics misses 1Q profit forecasts   [Jul-27-17 10:16PM  Associated Press]
▶ ETFs with exposure to Flex Ltd. : July 24, 2017   [Jul-24-17 03:54PM  Capital Cube]
▶ [$$] Flex Shares Could Rise 25% in a Year   [Jul-22-17 01:56AM  Barrons.com]
▶ Flex Ltd. Value Analysis (NASDAQ:FLEX) : July 14, 2017   [Jul-14-17 06:01PM  Capital Cube]
▶ Fedex, Apple Are on a Roll Explains Jim Cramer   [Jun-27-17 04:19PM  TheStreet.com]
▶ Cramer: Playing Catch-Up   [Jun-23-17 07:01PM  TheStreet.com]
▶ Flex To Report First Quarter Fiscal 2018 Results   [Jun-19-17 01:04PM  PR Newswire]
▶ ETFs with exposure to Flex Ltd. : June 16, 2017   [Jun-16-17 03:47PM  Capital Cube]
▶ This Week in Solar   [Jun-09-17 04:41PM  Motley Fool]
▶ ETFs with exposure to Flex Ltd. : June 5, 2017   [Jun-05-17 02:17PM  Capital Cube]
▶ Flex Announces 2017 Preferred Supplier Award Recipients   [May-31-17 03:00PM  PR Newswire]
▶ ETFs with exposure to Flex Ltd. : May 25, 2017   [May-25-17 12:39PM  Capital Cube]
▶ Flex To Participate In Upcoming Investor Conferences   [May-19-17 04:16PM  PR Newswire]
▶ Uber Your Supply Chain   [May-18-17 12:15PM  Forbes]
▶ Flex Ltd. Value Analysis (NASDAQ:FLEX) : May 15, 2017   [May-15-17 05:14PM  Capital Cube]
▶ 6 Hot Stock Charts WIth Unusual Volume   [07:00AM  TheStreet.com]
▶ Flex Ltd. Pitches Larger Future for Itself   [May-11-17 10:26PM  Investopedia]
▶ Today's Bell Ringer, May 11, 2017   [09:15AM  CNBC Videos]
▶ Flextronics beats Street 4Q forecasts   [Apr-27-17 06:32PM  Associated Press]
▶ Flex Launches Renewable Energy Storage Solution   [Apr-18-17 04:05PM  PR Newswire]
▶ San Jose supply chain startup is first to get cash from new SAP fund   [03:34PM  American City Business Journals]
▶ The Latest Craze In Silicon Valley: Bankruptcy   [Mar-15-17 07:00AM  at Forbes]
▶ How to Play a U.S. Trade War With China   [Mar-13-17 03:17PM  TheStreet.com]
▶ Flex: Cramer's Top Takeaways   [Feb-15-17 06:28AM  TheStreet.com]
▶ Flex To Participate In Upcoming Investor Conference   [Feb-01-17 12:00PM  PR Newswire]
▶ Can Flex Keep Roaring Ahead?   [09:31AM  at TheStreet]
▶ [$$] When High Can Go Higher   [Jan-21-17 12:33AM  at Barrons.com]
Financial statements of FLEX
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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