Intrinsic value of Flex Ltd - FLEX

Previous Close

$19.61

  Intrinsic Value

$29.31

stock screener

  Rating & Target

buy

+49%

Previous close

$19.61

 
Intrinsic value

$29.31

 
Up/down potential

+49%

 
Rating

buy

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

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, %
  -2.28
  4.30
  4.37
  4.43
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.89
  4.91
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
Revenue, $m
  23,863
  24,889
  25,977
  27,128
  28,346
  29,633
  30,993
  32,427
  33,940
  35,534
  37,215
  38,985
  40,848
  42,810
  44,874
  47,046
  49,331
  51,733
  54,259
  56,915
  59,707
  62,642
  65,726
  68,967
  72,373
  75,951
  79,710
  83,660
  87,809
  92,167
  96,745
Variable operating expenses, $m
 
  21,400
  22,331
  23,317
  24,359
  25,461
  26,624
  27,852
  29,147
  30,511
  31,950
  33,366
  34,961
  36,640
  38,407
  40,265
  42,221
  44,277
  46,439
  48,712
  51,102
  53,613
  56,253
  59,027
  61,942
  65,004
  68,222
  71,602
  75,153
  78,883
  82,801
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
  24,424
  25,430
  26,494
  27,615
  28,799
  30,045
  31,359
  32,741
  34,195
  35,726
  37,237
  38,928
  40,707
  42,575
  44,537
  46,600
  48,766
  51,040
  53,428
  55,936
  58,568
  61,332
  64,233
  67,278
  70,473
  73,828
  77,348
  81,043
  84,920
  88,989
Operating income, $m
  470
  465
  546
  635
  731
  835
  947
  1,068
  1,199
  1,339
  1,489
  1,748
  1,920
  2,103
  2,299
  2,508
  2,731
  2,967
  3,219
  3,487
  3,772
  4,074
  4,394
  4,734
  5,095
  5,477
  5,883
  6,312
  6,766
  7,247
  7,756
EBITDA, $m
  1,080
  1,028
  1,130
  1,240
  1,358
  1,487
  1,624
  1,772
  1,931
  2,101
  2,282
  2,476
  2,682
  2,903
  3,137
  3,386
  3,651
  3,933
  4,232
  4,549
  4,886
  5,243
  5,621
  6,022
  6,446
  6,895
  7,371
  7,873
  8,405
  8,967
  9,562
Interest expense (income), $m
  127
  127
  137
  156
  177
  198
  221
  246
  271
  298
  327
  357
  389
  422
  457
  494
  533
  573
  616
  661
  709
  759
  811
  866
  924
  985
  1,049
  1,116
  1,187
  1,261
  1,338
Earnings before tax, $m
  371
  338
  409
  478
  554
  636
  726
  823
  927
  1,040
  1,162
  1,391
  1,531
  1,682
  1,843
  2,014
  2,198
  2,394
  2,603
  2,826
  3,063
  3,315
  3,583
  3,868
  4,171
  4,493
  4,834
  5,196
  5,579
  5,986
  6,417
Tax expense, $m
  51
  91
  111
  129
  150
  172
  196
  222
  250
  281
  314
  376
  413
  454
  497
  544
  593
  646
  703
  763
  827
  895
  967
  1,044
  1,126
  1,213
  1,305
  1,403
  1,506
  1,616
  1,733
Net income, $m
  320
  247
  299
  349
  404
  465
  530
  601
  677
  760
  848
  1,016
  1,118
  1,228
  1,345
  1,471
  1,605
  1,748
  1,900
  2,063
  2,236
  2,420
  2,616
  2,824
  3,045
  3,280
  3,529
  3,793
  4,073
  4,370
  4,685

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
  11,226
  11,717
  12,236
  12,786
  13,366
  13,980
  14,626
  15,309
  16,028
  16,786
  17,584
  18,425
  19,310
  20,241
  21,221
  22,251
  23,335
  24,474
  25,672
  26,932
  28,255
  29,646
  31,108
  32,644
  34,258
  35,954
  37,736
  39,607
  41,573
  43,638
Adjusted assets (=assets-cash), $m
  10,762
  11,226
  11,717
  12,236
  12,786
  13,366
  13,980
  14,626
  15,309
  16,028
  16,786
  17,584
  18,425
  19,310
  20,241
  21,221
  22,251
  23,335
  24,474
  25,672
  26,932
  28,255
  29,646
  31,108
  32,644
  34,258
  35,954
  37,736
  39,607
  41,573
  43,638
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
  2,788
  2,909
  3,038
  3,175
  3,319
  3,471
  3,632
  3,801
  3,980
  4,168
  4,366
  4,575
  4,795
  5,026
  5,269
  5,525
  5,794
  6,077
  6,375
  6,687
  7,016
  7,361
  7,724
  8,106
  8,506
  8,928
  9,370
  9,835
  10,323
  10,835
Working capital, $m
  1,883
  124
  130
  136
  142
  148
  155
  162
  170
  178
  186
  195
  204
  214
  224
  235
  247
  259
  271
  285
  299
  313
  329
  345
  362
  380
  399
  418
  439
  461
  484
Total debt, $m
  2,952
  3,108
  3,549
  4,017
  4,511
  5,034
  5,586
  6,168
  6,782
  7,429
  8,111
  8,830
  9,587
  10,383
  11,221
  12,103
  13,030
  14,005
  15,031
  16,109
  17,242
  18,434
  19,686
  21,001
  22,384
  23,837
  25,363
  26,966
  28,650
  30,419
  32,278
Total liabilities, $m
  9,949
  10,104
  10,545
  11,013
  11,507
  12,030
  12,582
  13,164
  13,778
  14,425
  15,107
  15,826
  16,583
  17,379
  18,217
  19,099
  20,026
  21,001
  22,027
  23,105
  24,238
  25,430
  26,682
  27,997
  29,380
  30,833
  32,359
  33,962
  35,646
  37,415
  39,274
Total equity, $m
  2,645
  1,123
  1,172
  1,224
  1,279
  1,337
  1,398
  1,463
  1,531
  1,603
  1,679
  1,758
  1,843
  1,931
  2,024
  2,122
  2,225
  2,333
  2,447
  2,567
  2,693
  2,826
  2,965
  3,111
  3,264
  3,426
  3,595
  3,774
  3,961
  4,157
  4,364
Total liabilities and equity, $m
  12,594
  11,227
  11,717
  12,237
  12,786
  13,367
  13,980
  14,627
  15,309
  16,028
  16,786
  17,584
  18,426
  19,310
  20,241
  21,221
  22,251
  23,334
  24,474
  25,672
  26,931
  28,256
  29,647
  31,108
  32,644
  34,259
  35,954
  37,736
  39,607
  41,572
  43,638
Debt-to-equity ratio
  1.116
  2.770
  3.030
  3.280
  3.530
  3.770
  4.000
  4.220
  4.430
  4.640
  4.830
  5.020
  5.200
  5.380
  5.540
  5.700
  5.860
  6.000
  6.140
  6.270
  6.400
  6.520
  6.640
  6.750
  6.860
  6.960
  7.050
  7.150
  7.230
  7.320
  7.400
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
  247
  299
  349
  404
  465
  530
  601
  677
  760
  848
  1,016
  1,118
  1,228
  1,345
  1,471
  1,605
  1,748
  1,900
  2,063
  2,236
  2,420
  2,616
  2,824
  3,045
  3,280
  3,529
  3,793
  4,073
  4,370
  4,685
Depreciation, amort., depletion, $m
  610
  563
  583
  605
  628
  652
  677
  704
  732
  762
  793
  728
  763
  799
  838
  878
  921
  966
  1,013
  1,062
  1,115
  1,169
  1,227
  1,287
  1,351
  1,418
  1,488
  1,562
  1,639
  1,720
  1,806
Funds from operations, $m
  1,287
  810
  882
  954
  1,032
  1,116
  1,207
  1,304
  1,409
  1,521
  1,641
  1,743
  1,880
  2,027
  2,183
  2,349
  2,525
  2,713
  2,913
  3,125
  3,350
  3,589
  3,843
  4,111
  4,396
  4,697
  5,017
  5,355
  5,712
  6,090
  6,491
Change in working capital, $m
  137
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
Cash from operations, $m
  1,150
  805
  877
  948
  1,026
  1,110
  1,200
  1,297
  1,402
  1,513
  1,633
  1,734
  1,871
  2,017
  2,172
  2,338
  2,514
  2,701
  2,900
  3,112
  3,336
  3,575
  3,827
  4,095
  4,379
  4,679
  4,998
  5,335
  5,691
  6,069
  6,468
Maintenance CAPEX, $m
  0
  -445
  -465
  -485
  -506
  -529
  -553
  -579
  -605
  -634
  -663
  -695
  -728
  -763
  -799
  -838
  -878
  -921
  -966
  -1,013
  -1,062
  -1,115
  -1,169
  -1,227
  -1,287
  -1,351
  -1,418
  -1,488
  -1,562
  -1,639
  -1,720
New CAPEX, $m
  -525
  -117
  -122
  -129
  -136
  -144
  -152
  -161
  -169
  -179
  -188
  -198
  -209
  -220
  -231
  -243
  -256
  -269
  -283
  -297
  -313
  -329
  -345
  -363
  -381
  -401
  -421
  -442
  -465
  -488
  -513
Cash from investing activities, $m
  -702
  -562
  -587
  -614
  -642
  -673
  -705
  -740
  -774
  -813
  -851
  -893
  -937
  -983
  -1,030
  -1,081
  -1,134
  -1,190
  -1,249
  -1,310
  -1,375
  -1,444
  -1,514
  -1,590
  -1,668
  -1,752
  -1,839
  -1,930
  -2,027
  -2,127
  -2,233
Free cash flow, $m
  448
  242
  290
  335
  383
  436
  495
  558
  627
  701
  782
  842
  935
  1,035
  1,142
  1,257
  1,380
  1,511
  1,652
  1,802
  1,961
  2,131
  2,312
  2,505
  2,710
  2,928
  3,159
  3,405
  3,665
  3,941
  4,234
Issuance/(repayment) of debt, $m
  171
  218
  442
  467
  494
  523
  552
  582
  614
  647
  682
  719
  757
  796
  838
  882
  927
  975
  1,026
  1,078
  1,133
  1,191
  1,252
  1,316
  1,383
  1,453
  1,526
  1,603
  1,684
  1,769
  1,858
Issuance/(repurchase) of shares, $m
  -337
  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  
  -242
  218
  442
  467
  494
  523
  552
  582
  614
  647
  682
  719
  757
  796
  838
  882
  927
  975
  1,026
  1,078
  1,133
  1,191
  1,252
  1,316
  1,383
  1,453
  1,526
  1,603
  1,684
  1,769
  1,858
Total cash flow (excl. dividends), $m
  223
  460
  732
  802
  878
  959
  1,046
  1,140
  1,241
  1,349
  1,464
  1,560
  1,691
  1,831
  1,980
  2,139
  2,307
  2,487
  2,677
  2,880
  3,095
  3,323
  3,564
  3,821
  4,093
  4,380
  4,685
  5,008
  5,349
  5,711
  6,093
Retained Cash Flow (-), $m
  -74
  -247
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -126
  -132
  -139
  -146
  -154
  -161
  -170
  -178
  -187
  -197
  -206
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
 
  1,983
  683
  750
  823
  901
  985
  1,076
  1,173
  1,277
  1,388
  1,480
  1,607
  1,743
  1,887
  2,041
  2,204
  2,378
  2,563
  2,760
  2,969
  3,190
  3,425
  3,675
  3,939
  4,219
  4,516
  4,830
  5,162
  5,514
  5,886
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
 
  1,901
  625
  653
  677
  698
  715
  727
  733
  733
  728
  703
  686
  663
  633
  599
  560
  517
  472
  425
  377
  330
  284
  241
  201
  164
  132
  104
  80
  60
  44
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

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 32.6
Price to Sales 0.4
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow 16.7
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 4.3% 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 530.85 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 $10.4 billion.

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COMPANY NEWS

▶ Flex Sees IBD RS Rating Climb To 73   [Jan-16-18 03:00AM  Investor's Business Daily]
▶ Flex Appoints Jennifer Li To Its Board Of Directors   [Jan-08-18 04:05PM  PR Newswire]
▶ Flex To Report Third Quarter Fiscal 2018 Results   [Dec-21-17 04:05PM  PR Newswire]
▶ Flex Shows Improved Relative Strength; Still Shy Of Benchmark   [Dec-20-17 03:00AM  Investor's Business Daily]
▶ Flex Ltd. Value Analysis (NASDAQ:FLEX) : December 8, 2017   [Dec-08-17 01:59PM  Capital Cube]
▶ ETFs with exposure to Flex Ltd. : December 7, 2017   [Dec-07-17 01:44PM  Capital Cube]
▶ [$$] KKR-Led Group to Sell Aricent for 1.73 Billion   [Nov-30-17 11:47AM  The Wall Street Journal]
▶ ETFs with exposure to Flex Ltd. : November 24, 2017   [Nov-24-17 10:38AM  Capital Cube]
▶ ETFs with exposure to Flex Ltd. : November 13, 2017   [Nov-13-17 12:22PM  Capital Cube]
▶ ETFs with exposure to Flex Ltd. : November 2, 2017   [Nov-02-17 12:09PM  Capital Cube]
▶ Flex To Participate In Upcoming Investor Conferences   [Nov-01-17 02:00PM  PR Newswire]
▶ Stocks With Rising Relative Strength: Flex   [Oct-30-17 03:00AM  Investor's Business Daily]
▶ Flextronics beats Street 2Q forecasts   [Oct-26-17 06:45PM  Associated Press]
▶ Flex Ltd. to Host Earnings Call   [12:20PM  ACCESSWIRE]
▶ ETFs with exposure to Flex Ltd. : October 11, 2017   [Oct-11-17 11:31AM  Capital Cube]
▶ Flex To Report Second Quarter Fiscal 2018 Results   [Oct-02-17 05:49PM  PR Newswire]
▶ ETFs with exposure to Flex Ltd. : August 28, 2017   [Aug-28-17 05:19PM  Capital Cube]
▶ Flex receives approval for additional share repurchase   [Aug-18-17 07:38PM  Investing.com]
▶ ETFs with exposure to Flex Ltd. : August 16, 2017   [Aug-16-17 05:45PM  Capital Cube]
▶ An Easy-To-Use Cheat Sheet For Apple Suppliers   [Aug-10-17 08:42AM  Benzinga]
▶ Flex To Participate In Upcoming Investor Conferences   [Aug-01-17 01:47PM  PR Newswire]
▶ Flextronics misses 1Q profit forecasts   [Jul-27-17 10:16PM  Associated Press]
▶ ETFs with exposure to Flex Ltd. : July 24, 2017   [Jul-24-17 03:54PM  Capital Cube]
▶ [$$] 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]
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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