Intrinsic value of Jabil Circuit - JBL

Previous Close

$31.20

  Intrinsic Value

$40.01

stock screener

  Rating & Target

buy

+28%

  Value-price divergence*

-135%

Previous close

$31.20

 
Intrinsic value

$40.01

 
Up/down potential

+28%

 
Rating

buy

 
Value-price divergence*

-135%

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

We calculate the intrinsic value of JBL 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 5.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.54
  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
  18,353
  18,720
  19,151
  19,643
  20,195
  20,808
  21,479
  22,211
  23,003
  23,856
  24,771
  25,751
  26,796
  27,909
  29,091
  30,346
  31,676
  33,084
  34,572
  36,145
  37,806
  39,559
  41,407
  43,355
  45,407
  47,569
  49,845
  52,240
  54,761
  57,413
  60,203
Variable operating expenses, $m
 
  18,139
  18,554
  19,030
  19,563
  20,155
  20,803
  21,510
  22,275
  23,098
  23,983
  24,869
  25,878
  26,953
  28,095
  29,307
  30,591
  31,951
  33,389
  34,908
  36,512
  38,204
  39,989
  41,870
  43,852
  45,940
  48,138
  50,452
  52,886
  55,447
  58,142
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
  17,830
  18,139
  18,554
  19,030
  19,563
  20,155
  20,803
  21,510
  22,275
  23,098
  23,983
  24,869
  25,878
  26,953
  28,095
  29,307
  30,591
  31,951
  33,389
  34,908
  36,512
  38,204
  39,989
  41,870
  43,852
  45,940
  48,138
  50,452
  52,886
  55,447
  58,142
Operating income, $m
  523
  582
  596
  613
  632
  653
  676
  701
  728
  757
  789
  882
  918
  956
  996
  1,039
  1,085
  1,133
  1,184
  1,238
  1,295
  1,355
  1,418
  1,485
  1,555
  1,629
  1,707
  1,789
  1,875
  1,966
  2,061
EBITDA, $m
  1,220
  984
  1,006
  1,032
  1,061
  1,093
  1,129
  1,167
  1,209
  1,253
  1,302
  1,353
  1,408
  1,466
  1,529
  1,594
  1,664
  1,738
  1,817
  1,899
  1,986
  2,078
  2,176
  2,278
  2,386
  2,499
  2,619
  2,745
  2,877
  3,017
  3,163
Interest expense (income), $m
  128
  141
  152
  164
  179
  195
  212
  232
  253
  276
  301
  328
  356
  386
  419
  453
  489
  528
  569
  612
  658
  706
  757
  811
  867
  927
  990
  1,056
  1,125
  1,199
  1,276
Earnings before tax, $m
  387
  440
  444
  449
  453
  458
  464
  469
  475
  481
  488
  554
  562
  569
  577
  586
  595
  605
  615
  625
  637
  648
  661
  674
  687
  702
  717
  733
  750
  767
  786
Tax expense, $m
  132
  119
  120
  121
  122
  124
  125
  127
  128
  130
  132
  150
  152
  154
  156
  158
  161
  163
  166
  169
  172
  175
  178
  182
  186
  190
  194
  198
  202
  207
  212
Net income, $m
  254
  322
  324
  328
  331
  335
  338
  342
  347
  351
  356
  405
  410
  416
  422
  428
  434
  441
  449
  457
  465
  473
  482
  492
  502
  512
  523
  535
  547
  560
  574

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  912
  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
  10,323
  9,600
  9,821
  10,073
  10,357
  10,671
  11,015
  11,390
  11,796
  12,234
  12,703
  13,206
  13,741
  14,312
  14,919
  15,562
  16,244
  16,966
  17,729
  18,536
  19,388
  20,286
  21,234
  22,233
  23,286
  24,394
  25,561
  26,790
  28,083
  29,443
  30,873
Adjusted assets (=assets-cash), $m
  9,411
  9,600
  9,821
  10,073
  10,357
  10,671
  11,015
  11,390
  11,796
  12,234
  12,703
  13,206
  13,741
  14,312
  14,919
  15,562
  16,244
  16,966
  17,729
  18,536
  19,388
  20,286
  21,234
  22,233
  23,286
  24,394
  25,561
  26,790
  28,083
  29,443
  30,873
Revenue / Adjusted assets
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
Average production assets, $m
  3,359
  3,426
  3,505
  3,595
  3,696
  3,808
  3,931
  4,065
  4,210
  4,366
  4,533
  4,712
  4,904
  5,107
  5,324
  5,553
  5,797
  6,054
  6,327
  6,615
  6,919
  7,239
  7,577
  7,934
  8,310
  8,705
  9,122
  9,560
  10,021
  10,507
  11,017
Working capital, $m
  280
  -599
  -613
  -629
  -646
  -666
  -687
  -711
  -736
  -763
  -793
  -824
  -857
  -893
  -931
  -971
  -1,014
  -1,059
  -1,106
  -1,157
  -1,210
  -1,266
  -1,325
  -1,387
  -1,453
  -1,522
  -1,595
  -1,672
  -1,752
  -1,837
  -1,926
Total debt, $m
  2,120
  2,232
  2,416
  2,626
  2,862
  3,124
  3,411
  3,723
  4,061
  4,426
  4,817
  5,235
  5,682
  6,157
  6,662
  7,198
  7,766
  8,368
  9,004
  9,676
  10,385
  11,134
  11,923
  12,755
  13,632
  14,555
  15,528
  16,551
  17,628
  18,761
  19,952
Total liabilities, $m
  7,885
  7,997
  8,181
  8,391
  8,627
  8,889
  9,176
  9,488
  9,826
  10,191
  10,582
  11,000
  11,447
  11,922
  12,427
  12,963
  13,531
  14,133
  14,769
  15,441
  16,150
  16,899
  17,688
  18,520
  19,397
  20,320
  21,293
  22,316
  23,393
  24,526
  25,717
Total equity, $m
  2,438
  1,603
  1,640
  1,682
  1,730
  1,782
  1,840
  1,902
  1,970
  2,043
  2,121
  2,205
  2,295
  2,390
  2,491
  2,599
  2,713
  2,833
  2,961
  3,096
  3,238
  3,388
  3,546
  3,713
  3,889
  4,074
  4,269
  4,474
  4,690
  4,917
  5,156
Total liabilities and equity, $m
  10,323
  9,600
  9,821
  10,073
  10,357
  10,671
  11,016
  11,390
  11,796
  12,234
  12,703
  13,205
  13,742
  14,312
  14,918
  15,562
  16,244
  16,966
  17,730
  18,537
  19,388
  20,287
  21,234
  22,233
  23,286
  24,394
  25,562
  26,790
  28,083
  29,443
  30,873
Debt-to-equity ratio
  0.870
  1.390
  1.470
  1.560
  1.650
  1.750
  1.850
  1.960
  2.060
  2.170
  2.270
  2.370
  2.480
  2.580
  2.670
  2.770
  2.860
  2.950
  3.040
  3.130
  3.210
  3.290
  3.360
  3.440
  3.510
  3.570
  3.640
  3.700
  3.760
  3.820
  3.870
Adjusted equity ratio
  0.162
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  254
  322
  324
  328
  331
  335
  338
  342
  347
  351
  356
  405
  410
  416
  422
  428
  434
  441
  449
  457
  465
  473
  482
  492
  502
  512
  523
  535
  547
  560
  574
Depreciation, amort., depletion, $m
  697
  402
  410
  419
  429
  440
  453
  466
  480
  496
  513
  471
  490
  511
  532
  555
  580
  605
  633
  661
  692
  724
  758
  793
  831
  871
  912
  956
  1,002
  1,051
  1,102
Funds from operations, $m
  821
  724
  734
  747
  760
  775
  791
  808
  827
  847
  869
  876
  900
  926
  954
  983
  1,014
  1,047
  1,081
  1,118
  1,157
  1,197
  1,240
  1,285
  1,333
  1,383
  1,436
  1,491
  1,549
  1,611
  1,675
Change in working capital, $m
  -95
  -12
  -14
  -16
  -18
  -20
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -36
  -38
  -40
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -89
Cash from operations, $m
  916
  735
  748
  762
  778
  794
  812
  832
  853
  875
  898
  907
  934
  962
  992
  1,023
  1,057
  1,092
  1,129
  1,168
  1,210
  1,253
  1,299
  1,348
  1,398
  1,452
  1,508
  1,568
  1,630
  1,696
  1,765
Maintenance CAPEX, $m
  0
  -336
  -343
  -350
  -359
  -370
  -381
  -393
  -406
  -421
  -437
  -453
  -471
  -490
  -511
  -532
  -555
  -580
  -605
  -633
  -661
  -692
  -724
  -758
  -793
  -831
  -871
  -912
  -956
  -1,002
  -1,051
New CAPEX, $m
  -924
  -67
  -79
  -90
  -101
  -112
  -123
  -134
  -145
  -156
  -168
  -179
  -191
  -204
  -216
  -230
  -243
  -258
  -272
  -288
  -304
  -321
  -338
  -356
  -376
  -396
  -417
  -438
  -461
  -485
  -510
Cash from investing activities, $m
  -1,180
  -403
  -422
  -440
  -460
  -482
  -504
  -527
  -551
  -577
  -605
  -632
  -662
  -694
  -727
  -762
  -798
  -838
  -877
  -921
  -965
  -1,013
  -1,062
  -1,114
  -1,169
  -1,227
  -1,288
  -1,350
  -1,417
  -1,487
  -1,561
Free cash flow, $m
  -264
  333
  327
  322
  317
  313
  309
  305
  301
  298
  294
  275
  271
  268
  265
  261
  258
  255
  251
  248
  244
  241
  237
  233
  229
  226
  221
  217
  213
  208
  203
Issuance/(repayment) of debt, $m
  458
  158
  184
  210
  236
  262
  287
  312
  338
  364
  391
  418
  446
  475
  505
  536
  568
  601
  636
  672
  709
  749
  789
  832
  877
  923
  972
  1,023
  1,077
  1,133
  1,192
Issuance/(repurchase) of shares, $m
  -127
  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  
  316
  158
  184
  210
  236
  262
  287
  312
  338
  364
  391
  418
  446
  475
  505
  536
  568
  601
  636
  672
  709
  749
  789
  832
  877
  923
  972
  1,023
  1,077
  1,133
  1,192
Total cash flow (excl. dividends), $m
  60
  491
  511
  532
  553
  574
  596
  617
  639
  662
  685
  693
  718
  743
  770
  797
  826
  856
  887
  920
  954
  989
  1,027
  1,066
  1,106
  1,149
  1,194
  1,241
  1,290
  1,341
  1,395
Retained Cash Flow (-), $m
  -123
  -31
  -37
  -42
  -47
  -52
  -58
  -63
  -68
  -73
  -78
  -84
  -90
  -95
  -101
  -107
  -114
  -121
  -127
  -135
  -142
  -150
  -158
  -167
  -176
  -185
  -195
  -205
  -216
  -227
  -239
Prev. year cash balance distribution, $m
 
  866
  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
 
  1,325
  474
  490
  506
  522
  538
  555
  572
  589
  607
  609
  628
  648
  669
  690
  712
  735
  760
  785
  812
  839
  868
  899
  930
  964
  999
  1,035
  1,074
  1,114
  1,156
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
 
  1,271
  434
  426
  417
  405
  391
  375
  357
  338
  318
  289
  268
  246
  224
  203
  181
  160
  140
  121
  103
  87
  72
  59
  47
  37
  29
  22
  17
  12
  9
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

Jabil Circuit, Inc., together with its subsidiaries, provides electronic manufacturing services and solutions worldwide. The company operates in two segments, Electronics Manufacturing Services and Diversified Manufacturing Services. It provides electronics design, production, and product management services. The company offers electronic circuit design services, including application-specific integrated circuit design, firmware development, and rapid prototyping services, as well as designs the look and feel of the plastic and metal enclosures that comprise the electro-mechanics, such as the printed circuit board assemblies (PCBA). It also specializes in three-dimensional mechanical design comprising the analysis of electronic, electro-mechanical, and optical assemblies, as well as the provision of various industrial design, advance mechanism development, and tooling management services. In addition, the company offers computer-assisted design services consisting of PCBA design, and PCBA design validation and verification services, as well as other consulting services, which include the generation of a bill of materials, approved vendor list, and assembly equipment configuration for various PCBA designs. Further, it provides product and process validation services that comprise product system, product safety, regulatory compliance, and reliability tests, as well as manufacturing test solution development services. Additionally, the company offers systems assembly, test, direct-order fulfillment, and configure-to-order services. It provides its services to companies in the automotive, capital equipment, consumer lifestyles and wearable technologies, computing and storage, defense and aerospace, digital home, emerging growth, healthcare, industrial and energy, mobility, networking and telecommunications, packaging, point of sale, and printing industries. The company was founded in 1966 and is headquartered in St. Petersburg, Florida.

FINANCIAL RATIOS  of  Jabil Circuit (JBL)

Valuation Ratios
P/E Ratio 23
Price to Sales 0.3
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 6.4
Price to Free Cash Flow -729.3
Growth Rates
Sales Growth Rate 2.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4%
Cap. Spend. - 3 Yr. Gr. Rate 4.6%
Financial Strength
Quick Ratio 20
Current Ratio 0
LT Debt to Equity 85.1%
Total Debt to Equity 87%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.4%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital 6%
Ret/ On T. Cap. - 3 Yr. Avg. 6.3%
Return On Equity 10.7%
Return On Equity - 3 Yr. Avg. 11.2%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 8.3%
Gross Margin - 3 Yr. Avg. 7.7%
EBITDA Margin 6.6%
EBITDA Margin - 3 Yr. Avg. 5.6%
Operating Margin 2.8%
Oper. Margin - 3 Yr. Avg. 2.4%
Pre-Tax Margin 2.1%
Pre-Tax Margin - 3 Yr. Avg. 1.7%
Net Profit Margin 1.4%
Net Profit Margin - 3 Yr. Avg. 1.5%
Effective Tax Rate 34.1%
Eff/ Tax Rate - 3 Yr. Avg. 56.3%
Payout Ratio 24.4%

JBL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JBL stock intrinsic value calculation we used $18353 million for the last fiscal year's total revenue generated by Jabil Circuit. The default revenue input number comes from 2016 income statement of Jabil Circuit. 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 JBL 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 JBL is calculated based on our internal credit rating of Jabil Circuit, 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 Jabil Circuit.
    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 JBL stock the variable cost ratio is equal to 96.9%.

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 JBL 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 6.8% for Jabil Circuit.

Corporate tax rate of 27% is the nominal tax rate for Jabil Circuit. 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 JBL 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 JBL are equal to 18.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Jabil Circuit 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 JBL is equal to -3.2%. 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 - $2438 million for Jabil Circuit - 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 176.834 million for Jabil Circuit 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 Jabil Circuit at the current share price and the inputted number of shares is $5.5 billion.

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COMPANY NEWS

▶ AAOI and JBL are Aggressive Growth Rank Buys   [Jul-27-17 04:15PM  Zacks]
▶ ETFs with exposure to Jabil, Inc. : July 24, 2017   [Jul-24-17 04:48PM  Capital Cube]
▶ Jabil Declares Quarterly Dividend   [Jul-20-17 04:02PM  Business Wire]
▶ What a credit agency sees ahead for St. Petersburgs largest public company   [Jul-17-17 06:25PM  American City Business Journals]
▶ ETFs with exposure to Jabil, Inc. : July 14, 2017   [Jul-14-17 03:09PM  Capital Cube]
▶ Three Events to Watch: Global Week Ahead   [Jun-26-17 12:47PM  Zacks]
▶ Why Dow 40,000 By 2030 Is A Bearish Call   [Jun-22-17 03:27PM  Forbes]
▶ New Strong Buy Stocks for June 21st   [Jun-21-17 09:28AM  Zacks]
▶ Coupas Procure-to-Pay Solution Selected by Jabil   [Jun-19-17 08:30AM  GlobeNewswire]
▶ This Company's Outlook Points To Strong Apple iPhone 8 Cycle   [Jun-15-17 04:37PM  Investor's Business Daily]
▶ Earnings Calendar, Analyst Estimates And Stocks To Watch   [04:27PM  Investor's Business Daily]
▶ Jabil Is Showing Some Weakness   [02:22PM  TheStreet.com]
▶ Story Stocks from Briefing.com   [12:31PM  Briefing.com]
▶ Jabil Circuit Sinks Despite Beating Earnings   [11:20AM  24/7 Wall St.]
▶ Heres the next big thing for Jabil   [08:05AM  American City Business Journals]
▶ Jabil beat on top line   [04:22PM  CNBC Videos]
▶ Jabil reports 3Q loss   [04:10PM  Associated Press]
▶ Jabil Posts Third Quarter Results   [04:02PM  Business Wire]
▶ Jabil Circuit to Release 3rd-Quarter Results   [01:50PM  GuruFocus.com]
▶ Five Tampa Bay companies make the new Fortune 500 list   [Jun-07-17 02:30PM  American City Business Journals]
▶ St. Pete Fortune 500 company changes its name   [07:50AM  American City Business Journals]
▶ Hot Tech Stocks Breaking Higher   [May-17-17 01:00PM  Investopedia]
▶ Apple highlights Florida, U.S. jobs as it launches $1 billion investment fund   [May-04-17 02:20PM  American City Business Journals]
▶ How a female Jabil leader bucked tradition and became a manufacturing award winner   [Apr-21-17 02:10PM  American City Business Journals]
▶ Jabil Declares Quarterly Dividend   [Apr-20-17 04:02PM  Business Wire]
▶ Heres how the C-suite is changing at Jabil   [01:30PM  American City Business Journals]
▶ One Tampa Bay CEO makes list of highest-paid chief executives   [Apr-13-17 11:55AM  American City Business Journals]
▶ Why Apple Suppliers Shares Have Risen in 2017   [Apr-10-17 02:05PM  Market Realist]
▶ HPs in 3D, But Can It Deliver?   [Apr-03-17 10:41AM  Market Realist]
▶ Here are Tampa Bays top performing stocks in Q1 2017   [08:33AM  American City Business Journals]
▶ 3 Tampa Bay companies among America's 'most valuable brands'   [Mar-30-17 08:00AM  at bizjournals.com]
▶ 3 Tampa Bay companies among America's 'most valuable brands'   [08:00AM  American City Business Journals]
▶ IBM Safer than Apple If Trump Rally Crashes, Says RBC   [Mar-28-17 01:01PM  Barrons.com]
▶ This News Suggests Apple iPhone 'Supercycle Is Brewing'   [Mar-16-17 04:35PM  Investor's Business Daily]
▶ How Jabil is prepping for Apples new iPhone   [08:31AM  at bizjournals.com]
▶ Jabil Circuit Beats on Q2 Earnings   [04:05PM  at TheStreet]
▶ Jabil Posts Second Quarter Results   [04:02PM  Business Wire]
Stock chart of JBL Financial statements of JBL Annual reports of JBL
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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