Intrinsic value of ON Semiconductor - ON

Previous Close

$19.71

  Intrinsic Value

$11.38

stock screener

  Rating & Target

sell

-42%

  Value-price divergence*

+77%

Previous close

$19.71

 
Intrinsic value

$11.38

 
Up/down potential

-42%

 
Rating

sell

 
Value-price divergence*

+77%

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

We calculate the intrinsic value of ON 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 8.2

 

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, %
  11.76
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
Revenue, $m
  3,907
  4,368
  4,854
  5,364
  5,898
  6,456
  7,038
  7,644
  8,275
  8,931
  9,613
  10,321
  11,058
  11,823
  12,618
  13,446
  14,306
  15,202
  16,134
  17,106
  18,118
  19,174
  20,275
  21,425
  22,625
  23,879
  25,189
  26,559
  27,992
  29,492
  31,061
Variable operating expenses, $m
 
  3,711
  4,113
  4,535
  4,978
  5,440
  5,922
  6,424
  6,947
  7,490
  8,055
  8,549
  9,159
  9,793
  10,452
  11,137
  11,850
  12,592
  13,364
  14,169
  15,008
  15,882
  16,794
  17,746
  18,741
  19,779
  20,865
  22,000
  23,187
  24,429
  25,728
Fixed operating expenses, $m
 
  271
  277
  284
  291
  299
  306
  314
  322
  330
  338
  346
  355
  364
  373
  382
  392
  402
  412
  422
  433
  443
  454
  466
  478
  489
  502
  514
  527
  540
  554
Total operating expenses, $m
  3,585
  3,982
  4,390
  4,819
  5,269
  5,739
  6,228
  6,738
  7,269
  7,820
  8,393
  8,895
  9,514
  10,157
  10,825
  11,519
  12,242
  12,994
  13,776
  14,591
  15,441
  16,325
  17,248
  18,212
  19,219
  20,268
  21,367
  22,514
  23,714
  24,969
  26,282
Operating income, $m
  322
  387
  463
  544
  629
  717
  810
  906
  1,006
  1,111
  1,220
  1,426
  1,543
  1,666
  1,793
  1,926
  2,064
  2,208
  2,358
  2,515
  2,678
  2,848
  3,026
  3,212
  3,407
  3,610
  3,823
  4,045
  4,279
  4,523
  4,779
EBITDA, $m
  686
  799
  912
  1,030
  1,153
  1,283
  1,418
  1,559
  1,705
  1,858
  2,017
  2,182
  2,354
  2,532
  2,718
  2,911
  3,113
  3,322
  3,541
  3,768
  4,006
  4,253
  4,512
  4,782
  5,065
  5,360
  5,669
  5,992
  6,330
  6,684
  7,055
Interest expense (income), $m
  107
  132
  155
  179
  204
  231
  259
  287
  318
  349
  382
  415
  451
  487
  525
  565
  606
  649
  693
  739
  788
  838
  890
  945
  1,002
  1,062
  1,124
  1,189
  1,257
  1,328
  1,403
Earnings before tax, $m
  181
  255
  309
  365
  424
  486
  551
  619
  689
  762
  838
  1,010
  1,093
  1,179
  1,268
  1,361
  1,458
  1,559
  1,665
  1,775
  1,890
  2,010
  2,136
  2,267
  2,404
  2,548
  2,699
  2,856
  3,021
  3,194
  3,376
Tax expense, $m
  -4
  69
  83
  99
  115
  131
  149
  167
  186
  206
  226
  273
  295
  318
  342
  368
  394
  421
  450
  479
  510
  543
  577
  612
  649
  688
  729
  771
  816
  862
  911
Net income, $m
  182
  186
  225
  267
  310
  355
  402
  452
  503
  556
  612
  737
  798
  860
  926
  994
  1,065
  1,138
  1,215
  1,296
  1,380
  1,468
  1,559
  1,655
  1,755
  1,860
  1,970
  2,085
  2,206
  2,332
  2,464

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,028
  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
  6,924
  6,588
  7,321
  8,090
  8,896
  9,737
  10,615
  11,530
  12,481
  13,470
  14,499
  15,568
  16,678
  17,832
  19,032
  20,280
  21,578
  22,929
  24,335
  25,800
  27,327
  28,920
  30,581
  32,314
  34,125
  36,016
  37,993
  40,060
  42,221
  44,482
  46,849
Adjusted assets (=assets-cash), $m
  5,896
  6,588
  7,321
  8,090
  8,896
  9,737
  10,615
  11,530
  12,481
  13,470
  14,499
  15,568
  16,678
  17,832
  19,032
  20,280
  21,578
  22,929
  24,335
  25,800
  27,327
  28,920
  30,581
  32,314
  34,125
  36,016
  37,993
  40,060
  42,221
  44,482
  46,849
Revenue / Adjusted assets
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
Average production assets, $m
  2,261
  2,529
  2,810
  3,106
  3,415
  3,738
  4,075
  4,426
  4,791
  5,171
  5,566
  5,976
  6,402
  6,845
  7,306
  7,785
  8,283
  8,802
  9,342
  9,904
  10,490
  11,102
  11,739
  12,405
  13,100
  13,826
  14,585
  15,378
  16,208
  17,076
  17,984
Working capital, $m
  1,366
  996
  1,107
  1,223
  1,345
  1,472
  1,605
  1,743
  1,887
  2,036
  2,192
  2,353
  2,521
  2,696
  2,877
  3,066
  3,262
  3,466
  3,679
  3,900
  4,131
  4,372
  4,623
  4,885
  5,158
  5,444
  5,743
  6,056
  6,382
  6,724
  7,082
Total debt, $m
  3,622
  3,601
  4,162
  4,751
  5,368
  6,013
  6,685
  7,386
  8,115
  8,872
  9,660
  10,479
  11,329
  12,214
  13,133
  14,088
  15,083
  16,117
  17,195
  18,317
  19,487
  20,706
  21,979
  23,307
  24,694
  26,143
  27,657
  29,240
  30,895
  32,627
  34,440
Total liabilities, $m
  5,068
  5,047
  5,608
  6,197
  6,814
  7,459
  8,131
  8,832
  9,561
  10,318
  11,106
  11,925
  12,775
  13,660
  14,579
  15,534
  16,529
  17,563
  18,641
  19,763
  20,933
  22,152
  23,425
  24,753
  26,140
  27,589
  29,103
  30,686
  32,341
  34,073
  35,886
Total equity, $m
  1,856
  1,542
  1,713
  1,893
  2,082
  2,279
  2,484
  2,698
  2,921
  3,152
  3,393
  3,643
  3,903
  4,173
  4,454
  4,746
  5,049
  5,365
  5,694
  6,037
  6,395
  6,767
  7,156
  7,562
  7,985
  8,428
  8,890
  9,374
  9,880
  10,409
  10,963
Total liabilities and equity, $m
  6,924
  6,589
  7,321
  8,090
  8,896
  9,738
  10,615
  11,530
  12,482
  13,470
  14,499
  15,568
  16,678
  17,833
  19,033
  20,280
  21,578
  22,928
  24,335
  25,800
  27,328
  28,919
  30,581
  32,315
  34,125
  36,017
  37,993
  40,060
  42,221
  44,482
  46,849
Debt-to-equity ratio
  1.952
  2.340
  2.430
  2.510
  2.580
  2.640
  2.690
  2.740
  2.780
  2.810
  2.850
  2.880
  2.900
  2.930
  2.950
  2.970
  2.990
  3.000
  3.020
  3.030
  3.050
  3.060
  3.070
  3.080
  3.090
  3.100
  3.110
  3.120
  3.130
  3.130
  3.140
Adjusted equity ratio
  0.140
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  182
  186
  225
  267
  310
  355
  402
  452
  503
  556
  612
  737
  798
  860
  926
  994
  1,065
  1,138
  1,215
  1,296
  1,380
  1,468
  1,559
  1,655
  1,755
  1,860
  1,970
  2,085
  2,206
  2,332
  2,464
Depreciation, amort., depletion, $m
  364
  413
  448
  486
  525
  566
  608
  653
  699
  747
  797
  756
  810
  867
  925
  985
  1,049
  1,114
  1,182
  1,254
  1,328
  1,405
  1,486
  1,570
  1,658
  1,750
  1,846
  1,947
  2,052
  2,161
  2,276
Funds from operations, $m
  600
  599
  673
  752
  835
  921
  1,011
  1,104
  1,202
  1,303
  1,409
  1,494
  1,608
  1,727
  1,850
  1,979
  2,113
  2,253
  2,398
  2,550
  2,708
  2,873
  3,045
  3,225
  3,413
  3,610
  3,816
  4,032
  4,257
  4,493
  4,741
Change in working capital, $m
  19
  105
  111
  116
  122
  127
  133
  138
  144
  150
  155
  162
  168
  174
  181
  189
  196
  204
  213
  221
  231
  241
  251
  262
  274
  286
  299
  312
  327
  342
  358
Cash from operations, $m
  581
  494
  563
  636
  713
  793
  878
  966
  1,058
  1,154
  1,254
  1,332
  1,440
  1,552
  1,669
  1,791
  1,917
  2,048
  2,185
  2,328
  2,477
  2,632
  2,794
  2,963
  3,140
  3,324
  3,517
  3,719
  3,930
  4,151
  4,383
Maintenance CAPEX, $m
  0
  -286
  -320
  -356
  -393
  -432
  -473
  -516
  -560
  -606
  -655
  -705
  -756
  -810
  -867
  -925
  -985
  -1,049
  -1,114
  -1,182
  -1,254
  -1,328
  -1,405
  -1,486
  -1,570
  -1,658
  -1,750
  -1,846
  -1,947
  -2,052
  -2,161
New CAPEX, $m
  -211
  -269
  -281
  -295
  -309
  -323
  -337
  -351
  -365
  -380
  -395
  -410
  -426
  -443
  -461
  -479
  -498
  -519
  -540
  -562
  -586
  -611
  -638
  -666
  -695
  -726
  -759
  -793
  -830
  -868
  -908
Cash from investing activities, $m
  -2,435
  -555
  -601
  -651
  -702
  -755
  -810
  -867
  -925
  -986
  -1,050
  -1,115
  -1,182
  -1,253
  -1,328
  -1,404
  -1,483
  -1,568
  -1,654
  -1,744
  -1,840
  -1,939
  -2,043
  -2,152
  -2,265
  -2,384
  -2,509
  -2,639
  -2,777
  -2,920
  -3,069
Free cash flow, $m
  -1,854
  -61
  -39
  -15
  10
  38
  68
  99
  133
  168
  204
  218
  257
  299
  342
  387
  433
  481
  531
  583
  637
  693
  751
  812
  875
  940
  1,008
  1,080
  1,154
  1,232
  1,313
Issuance/(repayment) of debt, $m
  2,258
  533
  561
  589
  617
  645
  672
  700
  729
  758
  788
  819
  851
  884
  919
  956
  994
  1,035
  1,077
  1,122
  1,170
  1,220
  1,272
  1,328
  1,387
  1,449
  1,514
  1,583
  1,656
  1,732
  1,813
Issuance/(repurchase) of shares, $m
  30
  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  
  2,265
  533
  561
  589
  617
  645
  672
  700
  729
  758
  788
  819
  851
  884
  919
  956
  994
  1,035
  1,077
  1,122
  1,170
  1,220
  1,272
  1,328
  1,387
  1,449
  1,514
  1,583
  1,656
  1,732
  1,813
Total cash flow (excl. dividends), $m
  411
  471
  523
  574
  627
  683
  740
  800
  861
  925
  992
  1,036
  1,108
  1,183
  1,261
  1,342
  1,427
  1,516
  1,609
  1,705
  1,807
  1,913
  2,024
  2,140
  2,261
  2,389
  2,523
  2,663
  2,810
  2,964
  3,126
Retained Cash Flow (-), $m
  -248
  -160
  -171
  -180
  -188
  -197
  -205
  -214
  -223
  -232
  -241
  -250
  -260
  -270
  -281
  -292
  -304
  -316
  -329
  -343
  -357
  -373
  -389
  -406
  -424
  -443
  -463
  -484
  -506
  -529
  -554
Prev. year cash balance distribution, $m
 
  474
  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
 
  786
  351
  394
  439
  486
  535
  586
  639
  694
  751
  786
  848
  913
  980
  1,051
  1,124
  1,200
  1,280
  1,363
  1,449
  1,540
  1,635
  1,734
  1,838
  1,946
  2,060
  2,179
  2,304
  2,435
  2,572
Discount rate, %
 
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
 
  730
  301
  310
  313
  312
  307
  297
  283
  266
  246
  218
  196
  173
  150
  128
  107
  88
  71
  56
  43
  33
  24
  17
  12
  8
  5
  3
  2
  1
  1
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

ON Semiconductor Corporation offers a portfolio of sensors, power management, connectivity, custom and system on chip (SoC), analog, logic, timing, and discrete devices. The Company's segments include Power Solutions Group, Analog Solutions Group and Image Sensor Group. The Power Solutions Group offers a range of discrete, module and integrated semiconductor products. The Analog Solutions Group designs and develops analog, mixed-signal and logic application specific integrated circuits (ASICs) and application specific standard products (ASSPs), and power solutions. The Image Sensor Group designs and develops complementary metal oxide semiconductor (CMOS) and charge-coupled device (CCD) image sensors, as well as proximity sensors, image signal processors, and actuator drivers for autofocus and image stabilization for various end users in the automotive, industrial, consumer, wireless, medical, and aerospace/defense markets.

FINANCIAL RATIOS  of  ON Semiconductor (ON)

Valuation Ratios
P/E Ratio 45.4
Price to Sales 2.1
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 14.2
Price to Free Cash Flow 22.3
Growth Rates
Sales Growth Rate 11.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -22.1%
Cap. Spend. - 3 Yr. Gr. Rate 6.4%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 165.3%
Total Debt to Equity 195.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 4.3%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity 10.5%
Return On Equity - 3 Yr. Avg. 11.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 33.2%
Gross Margin - 3 Yr. Avg. 33.9%
EBITDA Margin 16.7%
EBITDA Margin - 3 Yr. Avg. 16.5%
Operating Margin 8.2%
Oper. Margin - 3 Yr. Avg. 7.6%
Pre-Tax Margin 4.6%
Pre-Tax Margin - 3 Yr. Avg. 5.7%
Net Profit Margin 4.7%
Net Profit Margin - 3 Yr. Avg. 5.5%
Effective Tax Rate -2.2%
Eff/ Tax Rate - 3 Yr. Avg. 0.9%
Payout Ratio 0%

ON stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ON stock intrinsic value calculation we used $3907 million for the last fiscal year's total revenue generated by ON Semiconductor. The default revenue input number comes from 2016 income statement of ON Semiconductor. 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 ON stock valuation model: a) initial revenue growth rate of 11.8% 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 7.6%, whose default value for ON is calculated based on our internal credit rating of ON Semiconductor, 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 ON Semiconductor.
    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 ON stock the variable cost ratio is equal to 85.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $264 million in the base year in the intrinsic value calculation for ON 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 4.3% for ON Semiconductor.

Corporate tax rate of 27% is the nominal tax rate for ON Semiconductor. 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 ON 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 ON are equal to 57.9%.

Life of production assets of 7.9 years is the average useful life of capital assets used in ON Semiconductor 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 ON is equal to 22.8%. 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 - $1856 million for ON Semiconductor - 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 413.6 million for ON Semiconductor 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 ON Semiconductor at the current share price and the inputted number of shares is $8.2 billion.

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COMPANY NEWS

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▶ Growth and Value Combined in 1 Stock   [Aug-29-17 05:40PM  GuruFocus.com]
▶ Highlights From ON Semiconductor's Q2 2017 Report   [Aug-10-17 09:34PM  Motley Fool]
▶ ON Semiconductor reports whopping jump in profit, sales thanks to healthy sector   [Aug-09-17 12:47PM  American City Business Journals]
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▶ Chip Stocks And Semiconductor Industry News   [01:02PM  Investor's Business Daily]
▶ ON Semiconductor Reports First Quarter 2017 Results   [May-07-17 03:00PM  Business Wire]
Financial statements of ON
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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