Intrinsic value of Marvell Technology Group - MRVL

Previous Close

$20.29

  Intrinsic Value

$2.03

stock screener

  Rating & Target

str. sell

-90%

Previous close

$20.29

 
Intrinsic value

$2.03

 
Up/down potential

-90%

 
Rating

str. sell

We calculate the intrinsic value of MRVL 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 10.1

 

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, %
  -12.50
  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
  2,318
  2,364
  2,419
  2,481
  2,551
  2,628
  2,713
  2,805
  2,905
  3,013
  3,129
  3,252
  3,384
  3,525
  3,674
  3,833
  4,001
  4,179
  4,367
  4,565
  4,775
  4,996
  5,230
  5,476
  5,735
  6,008
  6,295
  6,598
  6,916
  7,251
  7,604
Variable operating expenses, $m
 
  3,057
  3,127
  3,208
  3,298
  3,398
  3,508
  3,627
  3,757
  3,896
  4,045
  4,205
  4,376
  4,558
  4,751
  4,956
  5,173
  5,403
  5,646
  5,903
  6,174
  6,460
  6,762
  7,080
  7,415
  7,768
  8,140
  8,531
  8,943
  9,376
  9,832
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,218
  3,057
  3,127
  3,208
  3,298
  3,398
  3,508
  3,627
  3,757
  3,896
  4,045
  4,205
  4,376
  4,558
  4,751
  4,956
  5,173
  5,403
  5,646
  5,903
  6,174
  6,460
  6,762
  7,080
  7,415
  7,768
  8,140
  8,531
  8,943
  9,376
  9,832
Operating income, $m
  100
  -693
  -709
  -727
  -747
  -770
  -795
  -822
  -851
  -883
  -917
  -953
  -992
  -1,033
  -1,077
  -1,123
  -1,172
  -1,224
  -1,279
  -1,338
  -1,399
  -1,464
  -1,532
  -1,604
  -1,680
  -1,760
  -1,845
  -1,933
  -2,027
  -2,125
  -2,228
EBITDA, $m
  219
  -624
  -639
  -655
  -673
  -694
  -716
  -741
  -767
  -795
  -826
  -859
  -893
  -931
  -970
  -1,012
  -1,056
  -1,103
  -1,153
  -1,205
  -1,261
  -1,319
  -1,381
  -1,446
  -1,514
  -1,586
  -1,662
  -1,742
  -1,826
  -1,914
  -2,007
Interest expense (income), $m
  0
  1
  1
  1
  2
  3
  3
  4
  5
  6
  7
  8
  9
  10
  11
  13
  14
  16
  17
  19
  21
  23
  25
  27
  29
  31
  34
  36
  39
  42
  45
Earnings before tax, $m
  117
  -693
  -710
  -728
  -749
  -773
  -798
  -826
  -856
  -889
  -923
  -961
  -1,001
  -1,043
  -1,088
  -1,136
  -1,186
  -1,240
  -1,297
  -1,357
  -1,420
  -1,487
  -1,557
  -1,631
  -1,709
  -1,792
  -1,878
  -1,970
  -2,066
  -2,167
  -2,273
Tax expense, $m
  73
  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
  21
  -693
  -710
  -728
  -749
  -773
  -798
  -826
  -856
  -889
  -923
  -961
  -1,001
  -1,043
  -1,088
  -1,136
  -1,186
  -1,240
  -1,297
  -1,357
  -1,420
  -1,487
  -1,557
  -1,631
  -1,709
  -1,792
  -1,878
  -1,970
  -2,066
  -2,167
  -2,273

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,668
  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
  4,649
  3,039
  3,109
  3,189
  3,279
  3,378
  3,487
  3,606
  3,734
  3,873
  4,021
  4,180
  4,350
  4,531
  4,723
  4,926
  5,142
  5,371
  5,613
  5,868
  6,137
  6,422
  6,722
  7,038
  7,371
  7,722
  8,092
  8,481
  8,890
  9,321
  9,773
Adjusted assets (=assets-cash), $m
  2,981
  3,039
  3,109
  3,189
  3,279
  3,378
  3,487
  3,606
  3,734
  3,873
  4,021
  4,180
  4,350
  4,531
  4,723
  4,926
  5,142
  5,371
  5,613
  5,868
  6,137
  6,422
  6,722
  7,038
  7,371
  7,722
  8,092
  8,481
  8,890
  9,321
  9,773
Revenue / Adjusted assets
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
Average production assets, $m
  1,299
  1,324
  1,354
  1,389
  1,428
  1,472
  1,519
  1,571
  1,627
  1,687
  1,752
  1,821
  1,895
  1,974
  2,058
  2,146
  2,240
  2,340
  2,445
  2,557
  2,674
  2,798
  2,929
  3,066
  3,212
  3,364
  3,525
  3,695
  3,873
  4,061
  4,258
Working capital, $m
  1,794
  151
  155
  159
  163
  168
  174
  180
  186
  193
  200
  208
  217
  226
  235
  245
  256
  267
  279
  292
  306
  320
  335
  350
  367
  385
  403
  422
  443
  464
  487
Total debt, $m
  37
  27
  41
  57
  75
  95
  117
  141
  167
  194
  224
  256
  290
  327
  365
  406
  450
  496
  544
  595
  650
  707
  767
  831
  898
  968
  1,042
  1,121
  1,203
  1,289
  1,380
Total liabilities, $m
  621
  611
  625
  641
  659
  679
  701
  725
  751
  778
  808
  840
  874
  911
  949
  990
  1,034
  1,080
  1,128
  1,179
  1,234
  1,291
  1,351
  1,415
  1,482
  1,552
  1,626
  1,705
  1,787
  1,873
  1,964
Total equity, $m
  4,028
  2,428
  2,484
  2,548
  2,620
  2,699
  2,786
  2,881
  2,984
  3,094
  3,213
  3,340
  3,476
  3,620
  3,773
  3,936
  4,109
  4,291
  4,484
  4,688
  4,904
  5,131
  5,371
  5,624
  5,890
  6,170
  6,465
  6,776
  7,103
  7,447
  7,809
Total liabilities and equity, $m
  4,649
  3,039
  3,109
  3,189
  3,279
  3,378
  3,487
  3,606
  3,735
  3,872
  4,021
  4,180
  4,350
  4,531
  4,722
  4,926
  5,143
  5,371
  5,612
  5,867
  6,138
  6,422
  6,722
  7,039
  7,372
  7,722
  8,091
  8,481
  8,890
  9,320
  9,773
Debt-to-equity ratio
  0.009
  0.010
  0.020
  0.020
  0.030
  0.040
  0.040
  0.050
  0.060
  0.060
  0.070
  0.080
  0.080
  0.090
  0.100
  0.100
  0.110
  0.120
  0.120
  0.130
  0.130
  0.140
  0.140
  0.150
  0.150
  0.160
  0.160
  0.170
  0.170
  0.170
  0.180
Adjusted equity ratio
  0.792
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  21
  -693
  -710
  -728
  -749
  -773
  -798
  -826
  -856
  -889
  -923
  -961
  -1,001
  -1,043
  -1,088
  -1,136
  -1,186
  -1,240
  -1,297
  -1,357
  -1,420
  -1,487
  -1,557
  -1,631
  -1,709
  -1,792
  -1,878
  -1,970
  -2,066
  -2,167
  -2,273
Depreciation, amort., depletion, $m
  119
  69
  70
  72
  74
  76
  79
  81
  84
  87
  91
  94
  98
  102
  107
  111
  116
  121
  127
  132
  139
  145
  152
  159
  166
  174
  183
  191
  201
  210
  221
Funds from operations, $m
  -1,067
  -625
  -639
  -656
  -675
  -696
  -719
  -745
  -772
  -801
  -833
  -866
  -902
  -941
  -981
  -1,025
  -1,070
  -1,119
  -1,170
  -1,224
  -1,281
  -1,342
  -1,405
  -1,472
  -1,543
  -1,617
  -1,696
  -1,778
  -1,865
  -1,956
  -2,052
Change in working capital, $m
  -709
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  23
Cash from operations, $m
  -358
  -628
  -643
  -660
  -680
  -701
  -725
  -751
  -778
  -808
  -840
  -874
  -911
  -950
  -991
  -1,035
  -1,081
  -1,130
  -1,182
  -1,237
  -1,295
  -1,356
  -1,420
  -1,488
  -1,560
  -1,635
  -1,714
  -1,798
  -1,885
  -1,978
  -2,075
Maintenance CAPEX, $m
  0
  -67
  -69
  -70
  -72
  -74
  -76
  -79
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -107
  -111
  -116
  -121
  -127
  -132
  -139
  -145
  -152
  -159
  -166
  -174
  -183
  -191
  -201
  -210
New CAPEX, $m
  -55
  -26
  -30
  -35
  -39
  -43
  -48
  -52
  -56
  -60
  -65
  -69
  -74
  -79
  -84
  -89
  -94
  -100
  -105
  -111
  -117
  -124
  -131
  -138
  -145
  -153
  -161
  -169
  -178
  -188
  -197
Cash from investing activities, $m
  162
  -93
  -99
  -105
  -111
  -117
  -124
  -131
  -137
  -144
  -152
  -160
  -168
  -177
  -186
  -196
  -205
  -216
  -226
  -238
  -249
  -263
  -276
  -290
  -304
  -319
  -335
  -352
  -369
  -389
  -407
Free cash flow, $m
  -196
  -720
  -742
  -765
  -791
  -819
  -849
  -881
  -916
  -953
  -992
  -1,034
  -1,079
  -1,127
  -1,177
  -1,230
  -1,286
  -1,346
  -1,409
  -1,475
  -1,545
  -1,618
  -1,696
  -1,778
  -1,864
  -1,954
  -2,049
  -2,150
  -2,255
  -2,366
  -2,483
Issuance/(repayment) of debt, $m
  -21
  12
  14
  16
  18
  20
  22
  24
  26
  28
  30
  32
  34
  36
  39
  41
  43
  46
  49
  51
  54
  57
  60
  64
  67
  71
  74
  78
  82
  87
  91
Issuance/(repurchase) of shares, $m
  -107
  739
  765
  792
  821
  852
  885
  921
  959
  999
  1,042
  1,088
  1,136
  1,187
  1,241
  1,299
  1,359
  1,423
  1,490
  1,561
  1,635
  1,714
  1,797
  1,884
  1,976
  2,072
  2,174
  2,280
  2,393
  2,511
  2,635
Cash from financing (excl. dividends), $m  
  -145
  751
  779
  808
  839
  872
  907
  945
  985
  1,027
  1,072
  1,120
  1,170
  1,223
  1,280
  1,340
  1,402
  1,469
  1,539
  1,612
  1,689
  1,771
  1,857
  1,948
  2,043
  2,143
  2,248
  2,358
  2,475
  2,598
  2,726
Total cash flow (excl. dividends), $m
  -342
  31
  38
  43
  48
  53
  59
  64
  69
  74
  80
  85
  91
  97
  103
  109
  116
  123
  130
  137
  145
  153
  161
  170
  179
  188
  198
  209
  220
  231
  243
Retained Cash Flow (-), $m
  112
  -739
  -765
  -792
  -821
  -852
  -885
  -921
  -959
  -999
  -1,042
  -1,088
  -1,136
  -1,187
  -1,241
  -1,299
  -1,359
  -1,423
  -1,490
  -1,561
  -1,635
  -1,714
  -1,797
  -1,884
  -1,976
  -2,072
  -2,174
  -2,280
  -2,393
  -2,511
  -2,635
Prev. year cash balance distribution, $m
 
  1,646
  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
 
  937
  -728
  -749
  -773
  -799
  -827
  -857
  -890
  -925
  -962
  -1,002
  -1,045
  -1,090
  -1,138
  -1,189
  -1,243
  -1,300
  -1,360
  -1,424
  -1,491
  -1,561
  -1,636
  -1,714
  -1,797
  -1,884
  -1,975
  -2,072
  -2,173
  -2,280
  -2,392
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
 
  899
  -666
  -652
  -636
  -619
  -600
  -579
  -556
  -531
  -505
  -476
  -446
  -415
  -382
  -349
  -316
  -283
  -250
  -219
  -189
  -161
  -136
  -112
  -92
  -73
  -58
  -44
  -34
  -25
  -18
Current shareholders' claim on cash, %
  100
  88.9
  79.0
  70.0
  62.0
  54.9
  48.5
  42.8
  37.8
  33.3
  29.4
  25.9
  22.8
  20.0
  17.6
  15.5
  13.6
  11.9
  10.5
  9.2
  8.1
  7.1
  6.2
  5.5
  4.8
  4.2
  3.7
  3.2
  2.8
  2.5
  2.2

Marvell Technology Group Ltd. is a semiconductor provider of application-specific standard products. The Company is engaged in the design, development and sale of integrated circuits. The Company develops System-on-a-Chip (SoC) devices. It also develops integrated hardware platforms along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution. Its product portfolio includes devices for storage, networking and connectivity. In storage, it is engaged in data storage controller solutions spanning consumer, mobile, desktop and enterprise markets. Its storage solutions enable customers to engineer products for hard disk drives and solid state drives. Its networking products address end markets in cloud, enterprise, small and medium business and service provider networks. The Company's connectivity products address end markets in consumer, enterprise, desktop, service provider networks and automotive.

FINANCIAL RATIOS  of  Marvell Technology Group (MRVL)

Valuation Ratios
P/E Ratio 489
Price to Sales 4.4
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow -28.7
Price to Free Cash Flow -24.9
Growth Rates
Sales Growth Rate -12.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.8%
Cap. Spend. - 3 Yr. Gr. Rate -8.1%
Financial Strength
Quick Ratio 76
Current Ratio 0.1
LT Debt to Equity 0.4%
Total Debt to Equity 0.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.4%
Ret/ On Assets - 3 Yr. Avg. -2.1%
Return On Total Capital 0.5%
Ret/ On T. Cap. - 3 Yr. Avg. -2.7%
Return On Equity 0.5%
Return On Equity - 3 Yr. Avg. -2.7%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 55.6%
Gross Margin - 3 Yr. Avg. 50.7%
EBITDA Margin 10.2%
EBITDA Margin - 3 Yr. Avg. 0.8%
Operating Margin 4.3%
Oper. Margin - 3 Yr. Avg. -4.1%
Pre-Tax Margin 5%
Pre-Tax Margin - 3 Yr. Avg. -3.5%
Net Profit Margin 0.9%
Net Profit Margin - 3 Yr. Avg. -5.9%
Effective Tax Rate 62.4%
Eff/ Tax Rate - 3 Yr. Avg. 20%
Payout Ratio 581%

MRVL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MRVL stock intrinsic value calculation we used $2318 million for the last fiscal year's total revenue generated by Marvell Technology Group. The default revenue input number comes from 2017 income statement of Marvell Technology Group. 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 MRVL 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 MRVL is calculated based on our internal credit rating of Marvell Technology Group, 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 Marvell Technology Group.
    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 MRVL stock the variable cost ratio is equal to 129.3%.

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 MRVL 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 Marvell Technology Group.

Corporate tax rate of 27% is the nominal tax rate for Marvell Technology Group. 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 MRVL 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 MRVL are equal to 56%.

Life of production assets of 19.3 years is the average useful life of capital assets used in Marvell Technology Group 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 MRVL is equal to 6.4%. 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 - $4028 million for Marvell Technology Group - 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 495.926 million for Marvell Technology Group 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 Marvell Technology Group at the current share price and the inputted number of shares is $10.1 billion.

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COMPANY NEWS

▶ Why Marvell Technology Stock Soared Yesterday   [08:14AM  Market Realist]
▶ Marvell Technology Scores Relative Strength Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Stocks Rise; Chips In Focus, But This Other Sector Is Making Breakouts   [Nov-06-17 01:26PM  Investor's Business Daily]
▶ Barron's: Intel could rally 25%   [01:09PM  CNBC Videos]
▶ Why Shares of Cavium Inc. Jumped Today   [12:09PM  Motley Fool]
▶ [$$] Marvell Technology Group in Advanced Talks to Combine With Cavium   [Nov-03-17 11:02PM  The Wall Street Journal]
▶ Marvell Hits Buy Point; Maxim, Texas Instruments Get Target Hikes   [Oct-23-17 04:17PM  Investor's Business Daily]
▶ Better Buy: Marvell Technology vs. Broadcom   [Oct-05-17 08:36AM  Motley Fool]
▶ 2 Reasons Marvell Technology Could Keep Getting Better   [Sep-19-17 08:56PM  Motley Fool]
▶ Mapping Marvell Technologys Rise Last Month   [Sep-05-17 12:00PM  Market Realist]
▶ Marvell Technology Sees Relative Strength Rating Improve To 76   [03:00AM  Investor's Business Daily]
▶ Marvell tops Street 2Q forecasts   [Aug-24-17 09:18PM  Associated Press]
▶ Are semiconductors the next M&A target?   [Aug-15-17 01:19PM  CNBC Videos]
▶ 3 "Internet of Things" Stocks to Buy Now   [Jul-06-17 06:27PM  Zacks]
▶ Netflix Price Target Hiked, Nvidia Upgraded, Nike PT Lowered   [Jun-20-17 04:27PM  Investor's Business Daily]
▶ Chip Stock With 132% EPS Growth Tests Support, Gets Rating Upgrade   [Jun-16-17 05:27PM  Investor's Business Daily]
▶ [$$] Synaptics Deal Lets Marvell Focus   [03:06PM  Barrons.com]
▶ San Jose-based Apple supplier buys 2 businesses for $438M   [Jun-12-17 07:03PM  American City Business Journals]
▶ 3 "Internet of Things" Stocks to Buy Now   [Jun-05-17 06:10PM  Zacks]
▶ 3 Stocks Set for Higher Highs   [Jun-02-17 04:35PM  Zacks]
▶ Chip Stocks And Semiconductor Industry News   [Jun-01-17 10:37AM  Investor's Business Daily]
▶ Which Stocks Are Showing Rising Relative Strength?   [03:30PM  Investor's Business Daily]
▶ Chip Stock With 700% Growth Is Re-Testing Buy Zone   [02:57PM  Investor's Business Daily]
▶ Company News for May 30, 2017   [10:15AM  Zacks]
▶ Marvell Technology Group Ltd. Proved Its Mettle in Q1   [May-27-17 01:00PM  Motley Fool]
Financial statements of MRVL
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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