Intrinsic value of Microsemi - MSCC

Previous Close

$53.65

  Intrinsic Value

$19.97

stock screener

  Rating & Target

str. sell

-63%

  Value-price divergence*

+7%

Previous close

$53.65

 
Intrinsic value

$19.97

 
Up/down potential

-63%

 
Rating

str. sell

 
Value-price divergence*

+7%

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

We calculate the intrinsic value of MSCC 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 6.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  32.83
  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
  1,655
  1,688
  1,727
  1,771
  1,821
  1,876
  1,937
  2,003
  2,074
  2,151
  2,234
  2,322
  2,416
  2,517
  2,623
  2,736
  2,856
  2,983
  3,118
  3,259
  3,409
  3,567
  3,734
  3,910
  4,095
  4,290
  4,495
  4,711
  4,938
  5,177
  5,429
Variable operating expenses, $m
 
  1,518
  1,547
  1,580
  1,618
  1,659
  1,705
  1,754
  1,808
  1,866
  1,928
  1,747
  1,818
  1,893
  1,973
  2,058
  2,149
  2,244
  2,345
  2,452
  2,564
  2,683
  2,809
  2,941
  3,080
  3,227
  3,381
  3,544
  3,715
  3,894
  4,084
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
  1,601
  1,518
  1,547
  1,580
  1,618
  1,659
  1,705
  1,754
  1,808
  1,866
  1,928
  1,747
  1,818
  1,893
  1,973
  2,058
  2,149
  2,244
  2,345
  2,452
  2,564
  2,683
  2,809
  2,941
  3,080
  3,227
  3,381
  3,544
  3,715
  3,894
  4,084
Operating income, $m
  54
  170
  180
  191
  203
  217
  232
  248
  266
  285
  306
  575
  599
  624
  650
  678
  708
  739
  773
  808
  845
  884
  925
  969
  1,015
  1,063
  1,114
  1,167
  1,224
  1,283
  1,345
EBITDA, $m
  261
  483
  495
  507
  522
  537
  555
  574
  594
  616
  640
  665
  692
  721
  751
  784
  818
  854
  893
  933
  976
  1,022
  1,069
  1,120
  1,173
  1,228
  1,287
  1,349
  1,414
  1,483
  1,555
Interest expense (income), $m
  89
  120
  123
  126
  130
  135
  140
  145
  151
  157
  164
  172
  180
  188
  197
  207
  217
  228
  239
  251
  264
  277
  291
  306
  322
  339
  356
  375
  394
  415
  436
Earnings before tax, $m
  -25
  51
  57
  65
  73
  82
  92
  103
  115
  128
  141
  404
  419
  435
  453
  471
  491
  512
  533
  557
  581
  607
  634
  662
  692
  724
  757
  792
  829
  868
  909
Tax expense, $m
  8
  14
  15
  17
  20
  22
  25
  28
  31
  34
  38
  109
  113
  118
  122
  127
  133
  138
  144
  150
  157
  164
  171
  179
  187
  195
  204
  214
  224
  234
  245
Net income, $m
  -33
  37
  42
  47
  53
  60
  67
  75
  84
  93
  103
  295
  306
  318
  331
  344
  358
  373
  389
  406
  424
  443
  463
  483
  505
  529
  553
  579
  605
  634
  664

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  190
  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
  4,423
  4,317
  4,417
  4,530
  4,658
  4,799
  4,954
  5,122
  5,305
  5,502
  5,713
  5,939
  6,180
  6,437
  6,709
  6,999
  7,305
  7,630
  7,973
  8,336
  8,719
  9,123
  9,550
  9,999
  10,472
  10,971
  11,496
  12,048
  12,630
  13,241
  13,885
Adjusted assets (=assets-cash), $m
  4,233
  4,317
  4,417
  4,530
  4,658
  4,799
  4,954
  5,122
  5,305
  5,502
  5,713
  5,939
  6,180
  6,437
  6,709
  6,999
  7,305
  7,630
  7,973
  8,336
  8,719
  9,123
  9,550
  9,999
  10,472
  10,971
  11,496
  12,048
  12,630
  13,241
  13,885
Revenue / Adjusted assets
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
Average production assets, $m
  811
  827
  846
  868
  892
  919
  949
  981
  1,016
  1,054
  1,095
  1,138
  1,184
  1,233
  1,285
  1,341
  1,400
  1,462
  1,528
  1,597
  1,671
  1,748
  1,830
  1,916
  2,006
  2,102
  2,202
  2,308
  2,420
  2,537
  2,660
Working capital, $m
  415
  272
  278
  285
  293
  302
  312
  322
  334
  346
  360
  374
  389
  405
  422
  441
  460
  480
  502
  525
  549
  574
  601
  629
  659
  691
  724
  758
  795
  834
  874
Total debt, $m
  2,179
  2,192
  2,254
  2,325
  2,405
  2,494
  2,591
  2,697
  2,811
  2,935
  3,067
  3,209
  3,360
  3,521
  3,692
  3,873
  4,066
  4,269
  4,484
  4,712
  4,952
  5,205
  5,473
  5,754
  6,051
  6,364
  6,693
  7,039
  7,404
  7,787
  8,191
Total liabilities, $m
  2,694
  2,707
  2,769
  2,840
  2,920
  3,009
  3,106
  3,212
  3,326
  3,450
  3,582
  3,724
  3,875
  4,036
  4,207
  4,388
  4,581
  4,784
  4,999
  5,227
  5,467
  5,720
  5,988
  6,269
  6,566
  6,879
  7,208
  7,554
  7,919
  8,302
  8,706
Total equity, $m
  1,729
  1,610
  1,647
  1,690
  1,737
  1,790
  1,848
  1,911
  1,979
  2,052
  2,131
  2,215
  2,305
  2,401
  2,503
  2,611
  2,725
  2,846
  2,974
  3,109
  3,252
  3,403
  3,562
  3,730
  3,906
  4,092
  4,288
  4,494
  4,711
  4,939
  5,179
Total liabilities and equity, $m
  4,423
  4,317
  4,416
  4,530
  4,657
  4,799
  4,954
  5,123
  5,305
  5,502
  5,713
  5,939
  6,180
  6,437
  6,710
  6,999
  7,306
  7,630
  7,973
  8,336
  8,719
  9,123
  9,550
  9,999
  10,472
  10,971
  11,496
  12,048
  12,630
  13,241
  13,885
Debt-to-equity ratio
  1.260
  1.360
  1.370
  1.380
  1.380
  1.390
  1.400
  1.410
  1.420
  1.430
  1.440
  1.450
  1.460
  1.470
  1.480
  1.480
  1.490
  1.500
  1.510
  1.520
  1.520
  1.530
  1.540
  1.540
  1.550
  1.560
  1.560
  1.570
  1.570
  1.580
  1.580
Adjusted equity ratio
  0.364
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -33
  37
  42
  47
  53
  60
  67
  75
  84
  93
  103
  295
  306
  318
  331
  344
  358
  373
  389
  406
  424
  443
  463
  483
  505
  529
  553
  579
  605
  634
  664
Depreciation, amort., depletion, $m
  207
  313
  315
  316
  318
  320
  323
  325
  328
  331
  334
  90
  93
  97
  101
  106
  110
  115
  120
  126
  132
  138
  144
  151
  158
  166
  173
  182
  191
  200
  209
Funds from operations, $m
  361
  350
  356
  364
  372
  380
  390
  401
  412
  424
  437
  384
  399
  415
  432
  450
  469
  489
  510
  532
  556
  580
  607
  634
  663
  694
  726
  760
  796
  834
  873
Change in working capital, $m
  86
  5
  6
  7
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  40
Cash from operations, $m
  275
  345
  350
  356
  364
  372
  380
  390
  400
  412
  424
  370
  384
  399
  415
  431
  449
  468
  488
  509
  531
  555
  580
  606
  634
  663
  693
  725
  759
  795
  833
Maintenance CAPEX, $m
  0
  -64
  -65
  -67
  -68
  -70
  -72
  -75
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -106
  -110
  -115
  -120
  -126
  -132
  -138
  -144
  -151
  -158
  -166
  -173
  -182
  -191
  -200
New CAPEX, $m
  -49
  -17
  -19
  -22
  -24
  -27
  -30
  -32
  -35
  -38
  -40
  -43
  -46
  -49
  -52
  -55
  -59
  -62
  -66
  -70
  -73
  -77
  -82
  -86
  -91
  -96
  -101
  -106
  -111
  -117
  -123
Cash from investing activities, $m
  -1,414
  -81
  -84
  -89
  -92
  -97
  -102
  -107
  -112
  -118
  -123
  -129
  -136
  -142
  -149
  -156
  -165
  -172
  -181
  -190
  -199
  -209
  -220
  -230
  -242
  -254
  -267
  -279
  -293
  -308
  -323
Free cash flow, $m
  -1,139
  264
  266
  268
  271
  274
  278
  283
  288
  294
  300
  241
  248
  256
  265
  275
  285
  296
  307
  319
  332
  346
  361
  376
  392
  409
  427
  446
  466
  487
  510
Issuance/(repayment) of debt, $m
  1,164
  54
  62
  71
  80
  89
  97
  106
  115
  123
  132
  142
  151
  161
  171
  181
  192
  204
  215
  227
  240
  253
  267
  282
  297
  313
  329
  346
  365
  384
  403
Issuance/(repurchase) of shares, $m
  5
  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  
  1,073
  54
  62
  71
  80
  89
  97
  106
  115
  123
  132
  142
  151
  161
  171
  181
  192
  204
  215
  227
  240
  253
  267
  282
  297
  313
  329
  346
  365
  384
  403
Total cash flow (excl. dividends), $m
  -67
  318
  328
  339
  351
  363
  375
  389
  403
  417
  433
  382
  399
  417
  436
  456
  477
  499
  522
  547
  572
  599
  628
  658
  689
  722
  756
  793
  831
  871
  913
Retained Cash Flow (-), $m
  -522
  -30
  -37
  -42
  -48
  -53
  -58
  -63
  -68
  -73
  -79
  -84
  -90
  -96
  -102
  -108
  -114
  -121
  -128
  -135
  -143
  -151
  -159
  -168
  -177
  -186
  -196
  -206
  -217
  -228
  -240
Prev. year cash balance distribution, $m
 
  149
  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
 
  437
  291
  297
  303
  310
  318
  326
  335
  344
  354
  298
  309
  322
  335
  348
  363
  378
  394
  412
  430
  449
  469
  490
  512
  536
  561
  587
  614
  643
  673
Discount rate, %
 
  9.00
  9.45
  9.92
  10.42
  10.94
  11.49
  12.06
  12.66
  13.30
  13.96
  14.66
  15.39
  16.16
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.74
  23.88
  25.07
  26.33
  27.64
  29.03
  30.48
  32.00
  33.60
  35.28
  37.05
PV of cash for distribution, $m
 
  401
  243
  223
  204
  185
  165
  147
  129
  112
  96
  66
  56
  46
  37
  30
  23
  18
  13
  10
  7
  5
  3
  2
  1
  1
  1
  0
  0
  0
  0
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

Microsemi Corporation designs, manufactures, and markets analog and mixed-signal semiconductor solutions in the United States, Europe, and Asia. The company offers analog mixed-signal integrated circuits; field programmable gate arrays; system on chip solutions and application-specific integrated circuits; power management products; and timing and synchronization devices, and precise time solutions. It also provides voice processing devices, radio frequency solutions, discrete components, enterprise storage and communication solutions, security technologies and scalable anti-tamper products, Ethernet solutions, and power-over-Ethernet integrated circuits and midspans, as well as custom design capabilities and services. The company’s products are used in various applications, such as communications infrastructure systems comprising wireless and wired LAN systems; implantable pacemakers and defibrillators; radar systems; missile systems; military and commercial satellites and aircraft; oil field equipment; and enterprise storage and hyper scale data centers. It serves aerospace and defense, communications, data center, and industrial markets. The company was formerly known as Microsemiconductor Corp and changed its name to Microsemi Corporation in March 1983. Microsemi Corporation was founded in 1960 and is headquartered in Aliso Viejo, California.

FINANCIAL RATIOS  of  Microsemi (MSCC)

Valuation Ratios
P/E Ratio -184.7
Price to Sales 3.7
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 22.2
Price to Free Cash Flow 27
Growth Rates
Sales Growth Rate 32.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.4%
Cap. Spend. - 3 Yr. Gr. Rate 5.8%
Financial Strength
Quick Ratio 5
Current Ratio 0.3
LT Debt to Equity 123.7%
Total Debt to Equity 126%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 3.3%
Return On Total Capital -1.1%
Ret/ On T. Cap. - 3 Yr. Avg. 1.5%
Return On Equity -2.2%
Return On Equity - 3 Yr. Avg. 2.4%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 56.6%
Gross Margin - 3 Yr. Avg. 55.1%
EBITDA Margin 16.4%
EBITDA Margin - 3 Yr. Avg. 17.6%
Operating Margin 3.3%
Oper. Margin - 3 Yr. Avg. 6%
Pre-Tax Margin -1.5%
Pre-Tax Margin - 3 Yr. Avg. 2.8%
Net Profit Margin -2%
Net Profit Margin - 3 Yr. Avg. 2.3%
Effective Tax Rate -32%
Eff/ Tax Rate - 3 Yr. Avg. -5.2%
Payout Ratio 0%

MSCC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MSCC stock intrinsic value calculation we used $1655 million for the last fiscal year's total revenue generated by Microsemi. The default revenue input number comes from 2016 income statement of Microsemi. 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 MSCC 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 9%, whose default value for MSCC is calculated based on our internal credit rating of Microsemi, 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 Microsemi.
    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 MSCC stock the variable cost ratio is equal to 90.2%.

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 MSCC 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 5.6% for Microsemi.

Corporate tax rate of 27% is the nominal tax rate for Microsemi. 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 MSCC 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 MSCC are equal to 49%.

Life of production assets of 12.7 years is the average useful life of capital assets used in Microsemi 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 MSCC is equal to 16.1%. 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 - $1729 million for Microsemi - 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 111.424 million for Microsemi 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 Microsemi at the current share price and the inputted number of shares is $6.0 billion.

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COMPANY NEWS

▶ Microsemi meets 3Q profit forecasts   [Jul-27-17 11:56PM  Associated Press]
▶ Chip Giant Intel Beats Second-Quarter Sales, Earnings Targets   [06:44PM  Investor's Business Daily]
▶ ETFs with exposure to Microsemi Corp. : July 24, 2017   [Jul-24-17 05:25PM  Capital Cube]
▶ 5 Things You Didn't Know About Skyworks Solutions, Inc.   [Jul-18-17 07:03AM  Motley Fool]
▶ ETFs with exposure to Microsemi Corp. : July 14, 2017   [Jul-14-17 03:42PM  Capital Cube]
▶ Microsemi Picks Up on Sales Outlook, M&A Possibilities   [Jul-06-17 04:49PM  TheStreet.com]
▶ Benzinga's Option Alert Recap From July 5   [Jul-05-17 04:07PM  Benzinga]
▶ Chip Stocks To Watch And Semiconductor Industry News   [Jun-16-17 02:42PM  Investor's Business Daily]
▶ ETFs with exposure to Microsemi Corp. : June 15, 2017   [Jun-15-17 02:37PM  Capital Cube]
▶ Nvidia To See Lift From Nintendo Switch Sales, Gets Price-Target Hike   [Jun-14-17 04:25PM  Investor's Business Daily]
▶ Microsemi Announces Early Results of Tender Offer   [May-25-17 07:00AM  PR Newswire]
▶ ETFs with exposure to Microsemi Corp. : May 18, 2017   [May-18-17 01:53PM  Capital Cube]
▶ Rambus Joins Microsemis SoC Partner Program   [May-10-17 04:30PM  Business Wire]
▶ ETFs with exposure to Microsemi Corp. : May 3, 2017   [May-03-17 04:07PM  Capital Cube]
▶ Intel Tumbles On Just-Shy Sales, But These 3 Chip Plays Beat   [Apr-27-17 06:55PM  Investor's Business Daily]
▶ Microsemi meets 2Q profit forecasts   [04:40PM  Associated Press]
▶ Microsemi to Close China Manufacturing Facility   [Mar-21-17 04:02PM  PR Newswire]
Stock chart of MSCC Financial statements of MSCC Annual reports of MSCC
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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