Intrinsic value of Qorvo - QRVO

Previous Close

$69.30

  Intrinsic Value

$10.05

stock screener

  Rating & Target

str. sell

-85%

  Value-price divergence*

-106%

Previous close

$69.30

 
Intrinsic value

$10.05

 
Up/down potential

-85%

 
Rating

str. sell

 
Value-price divergence*

-106%

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

We calculate the intrinsic value of QRVO 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 8.6

 

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, %
  16.16
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
Revenue, $m
  3,033
  3,209
  3,392
  3,584
  3,784
  3,993
  4,212
  4,440
  4,679
  4,929
  5,191
  5,465
  5,752
  6,053
  6,368
  6,698
  7,044
  7,406
  7,786
  8,185
  8,603
  9,042
  9,502
  9,984
  10,491
  11,022
  11,579
  12,164
  12,778
  13,422
  14,098
Variable operating expenses, $m
 
  2,619
  2,756
  2,899
  3,049
  3,206
  3,369
  3,540
  3,719
  3,906
  4,102
  4,090
  4,304
  4,529
  4,765
  5,012
  5,271
  5,542
  5,827
  6,125
  6,438
  6,766
  7,110
  7,471
  7,850
  8,248
  8,665
  9,103
  9,562
  10,044
  10,550
Fixed operating expenses, $m
 
  481
  493
  505
  518
  531
  544
  557
  571
  586
  600
  615
  631
  647
  663
  679
  696
  714
  731
  750
  769
  788
  807
  828
  848
  869
  891
  914
  936
  960
  984
Total operating expenses, $m
  2,945
  3,100
  3,249
  3,404
  3,567
  3,737
  3,913
  4,097
  4,290
  4,492
  4,702
  4,705
  4,935
  5,176
  5,428
  5,691
  5,967
  6,256
  6,558
  6,875
  7,207
  7,554
  7,917
  8,299
  8,698
  9,117
  9,556
  10,017
  10,498
  11,004
  11,534
Operating income, $m
  88
  109
  144
  180
  217
  257
  299
  343
  389
  437
  489
  760
  817
  877
  940
  1,006
  1,076
  1,150
  1,228
  1,310
  1,397
  1,488
  1,584
  1,685
  1,792
  1,904
  2,023
  2,148
  2,280
  2,418
  2,565
EBITDA, $m
  793
  626
  677
  731
  787
  847
  909
  974
  1,042
  1,114
  1,190
  1,269
  1,353
  1,441
  1,533
  1,631
  1,733
  1,841
  1,954
  2,073
  2,199
  2,331
  2,470
  2,616
  2,770
  2,932
  3,102
  3,282
  3,471
  3,669
  3,878
Interest expense (income), $m
  71
  71
  78
  85
  93
  100
  108
  117
  126
  135
  145
  155
  165
  176
  188
  200
  213
  226
  240
  255
  270
  287
  303
  321
  340
  359
  380
  401
  424
  448
  473
Earnings before tax, $m
  27
  38
  66
  94
  125
  157
  190
  226
  263
  303
  344
  605
  652
  700
  752
  806
  864
  924
  988
  1,055
  1,126
  1,201
  1,280
  1,364
  1,452
  1,545
  1,643
  1,746
  1,856
  1,971
  2,092
Tax expense, $m
  44
  10
  18
  25
  34
  42
  51
  61
  71
  82
  93
  163
  176
  189
  203
  218
  233
  249
  267
  285
  304
  324
  346
  368
  392
  417
  444
  472
  501
  532
  565
Net income, $m
  -17
  28
  48
  69
  91
  114
  139
  165
  192
  221
  251
  442
  476
  511
  549
  589
  630
  675
  721
  770
  822
  877
  935
  996
  1,060
  1,128
  1,199
  1,275
  1,355
  1,438
  1,527

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  545
  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
  6,522
  6,329
  6,691
  7,069
  7,464
  7,876
  8,307
  8,758
  9,229
  9,723
  10,239
  10,779
  11,345
  11,938
  12,559
  13,210
  13,893
  14,608
  15,358
  16,144
  16,969
  17,834
  18,741
  19,693
  20,691
  21,739
  22,839
  23,992
  25,203
  26,474
  27,808
Adjusted assets (=assets-cash), $m
  5,977
  6,329
  6,691
  7,069
  7,464
  7,876
  8,307
  8,758
  9,229
  9,723
  10,239
  10,779
  11,345
  11,938
  12,559
  13,210
  13,893
  14,608
  15,358
  16,144
  16,969
  17,834
  18,741
  19,693
  20,691
  21,739
  22,839
  23,992
  25,203
  26,474
  27,808
Revenue / Adjusted assets
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
Average production assets, $m
  2,827
  2,991
  3,162
  3,340
  3,527
  3,722
  3,925
  4,138
  4,361
  4,594
  4,838
  5,094
  5,361
  5,641
  5,935
  6,242
  6,565
  6,903
  7,257
  7,629
  8,018
  8,427
  8,856
  9,305
  9,777
  10,272
  10,792
  11,337
  11,909
  12,510
  13,140
Working capital, $m
  1,043
  526
  556
  588
  621
  655
  691
  728
  767
  808
  851
  896
  943
  993
  1,044
  1,098
  1,155
  1,215
  1,277
  1,342
  1,411
  1,483
  1,558
  1,637
  1,720
  1,808
  1,899
  1,995
  2,096
  2,201
  2,312
Total debt, $m
  989
  1,086
  1,184
  1,287
  1,394
  1,506
  1,624
  1,746
  1,874
  2,009
  2,149
  2,296
  2,450
  2,611
  2,780
  2,957
  3,143
  3,337
  3,541
  3,755
  3,980
  4,215
  4,462
  4,720
  4,992
  5,277
  5,576
  5,890
  6,219
  6,565
  6,928
Total liabilities, $m
  1,626
  1,722
  1,820
  1,923
  2,030
  2,142
  2,260
  2,382
  2,510
  2,645
  2,785
  2,932
  3,086
  3,247
  3,416
  3,593
  3,779
  3,973
  4,177
  4,391
  4,616
  4,851
  5,098
  5,356
  5,628
  5,913
  6,212
  6,526
  6,855
  7,201
  7,564
Total equity, $m
  4,897
  4,608
  4,871
  5,146
  5,434
  5,734
  6,048
  6,376
  6,719
  7,078
  7,454
  7,847
  8,259
  8,691
  9,143
  9,617
  10,114
  10,635
  11,180
  11,753
  12,353
  12,983
  13,643
  14,336
  15,063
  15,826
  16,627
  17,467
  18,348
  19,273
  20,244
Total liabilities and equity, $m
  6,523
  6,330
  6,691
  7,069
  7,464
  7,876
  8,308
  8,758
  9,229
  9,723
  10,239
  10,779
  11,345
  11,938
  12,559
  13,210
  13,893
  14,608
  15,357
  16,144
  16,969
  17,834
  18,741
  19,692
  20,691
  21,739
  22,839
  23,993
  25,203
  26,474
  27,808
Debt-to-equity ratio
  0.202
  0.240
  0.240
  0.250
  0.260
  0.260
  0.270
  0.270
  0.280
  0.280
  0.290
  0.290
  0.300
  0.300
  0.300
  0.310
  0.310
  0.310
  0.320
  0.320
  0.320
  0.320
  0.330
  0.330
  0.330
  0.330
  0.340
  0.340
  0.340
  0.340
  0.340
Adjusted equity ratio
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -17
  28
  48
  69
  91
  114
  139
  165
  192
  221
  251
  442
  476
  511
  549
  589
  630
  675
  721
  770
  822
  877
  935
  996
  1,060
  1,128
  1,199
  1,275
  1,355
  1,438
  1,527
Depreciation, amort., depletion, $m
  705
  516
  534
  551
  570
  590
  610
  631
  654
  677
  701
  509
  536
  564
  593
  624
  656
  690
  726
  763
  802
  843
  886
  931
  978
  1,027
  1,079
  1,134
  1,191
  1,251
  1,314
Funds from operations, $m
  798
  544
  581
  620
  661
  704
  749
  796
  846
  898
  952
  951
  1,012
  1,075
  1,142
  1,213
  1,287
  1,365
  1,447
  1,533
  1,624
  1,720
  1,820
  1,926
  2,038
  2,155
  2,279
  2,409
  2,545
  2,689
  2,841
Change in working capital, $m
  21
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  69
  72
  75
  79
  83
  87
  91
  96
  101
  106
  111
Cash from operations, $m
  777
  516
  551
  589
  628
  670
  713
  759
  806
  857
  909
  906
  965
  1,026
  1,091
  1,159
  1,230
  1,305
  1,385
  1,468
  1,555
  1,648
  1,745
  1,847
  1,955
  2,068
  2,187
  2,313
  2,445
  2,584
  2,730
Maintenance CAPEX, $m
  0
  -283
  -299
  -316
  -334
  -353
  -372
  -393
  -414
  -436
  -459
  -484
  -509
  -536
  -564
  -593
  -624
  -656
  -690
  -726
  -763
  -802
  -843
  -886
  -931
  -978
  -1,027
  -1,079
  -1,134
  -1,191
  -1,251
New CAPEX, $m
  -553
  -164
  -171
  -179
  -186
  -195
  -204
  -213
  -223
  -233
  -244
  -255
  -267
  -280
  -294
  -308
  -322
  -338
  -354
  -372
  -390
  -409
  -429
  -450
  -472
  -495
  -520
  -545
  -572
  -600
  -630
Cash from investing activities, $m
  -490
  -447
  -470
  -495
  -520
  -548
  -576
  -606
  -637
  -669
  -703
  -739
  -776
  -816
  -858
  -901
  -946
  -994
  -1,044
  -1,098
  -1,153
  -1,211
  -1,272
  -1,336
  -1,403
  -1,473
  -1,547
  -1,624
  -1,706
  -1,791
  -1,881
Free cash flow, $m
  287
  69
  81
  94
  108
  122
  137
  153
  170
  187
  206
  167
  188
  210
  233
  258
  284
  311
  340
  371
  403
  437
  473
  512
  552
  595
  640
  688
  739
  792
  849
Issuance/(repayment) of debt, $m
  0
  97
  98
  103
  107
  112
  117
  123
  128
  134
  140
  147
  154
  161
  169
  177
  186
  195
  204
  214
  224
  235
  247
  259
  272
  285
  299
  314
  329
  346
  363
Issuance/(repurchase) of shares, $m
  -150
  228
  216
  206
  196
  186
  175
  163
  151
  138
  125
  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  
  -166
  325
  314
  309
  303
  298
  292
  286
  279
  272
  265
  147
  154
  161
  169
  177
  186
  195
  204
  214
  224
  235
  247
  259
  272
  285
  299
  314
  329
  346
  363
Total cash flow (excl. dividends), $m
  120
  393
  395
  403
  411
  420
  429
  439
  449
  460
  471
  314
  342
  371
  402
  435
  469
  505
  544
  584
  627
  672
  720
  771
  824
  880
  939
  1,002
  1,068
  1,138
  1,212
Retained Cash Flow (-), $m
  103
  -256
  -264
  -275
  -287
  -300
  -314
  -328
  -343
  -359
  -376
  -393
  -412
  -432
  -452
  -474
  -497
  -521
  -546
  -572
  -600
  -630
  -661
  -693
  -727
  -763
  -800
  -840
  -881
  -925
  -971
Prev. year cash balance distribution, $m
 
  545
  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
 
  682
  132
  128
  124
  120
  115
  111
  106
  101
  95
  -79
  -70
  -61
  -50
  -39
  -28
  -15
  -2
  12
  27
  43
  60
  78
  97
  117
  139
  162
  187
  213
  241
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
 
  654
  121
  111
  102
  93
  84
  75
  66
  58
  50
  -38
  -30
  -23
  -17
  -12
  -7
  -3
  0
  2
  3
  4
  5
  5
  5
  5
  4
  3
  3
  2
  2
Current shareholders' claim on cash, %
  100
  97.1
  94.6
  92.3
  90.4
  88.6
  87.1
  85.8
  84.6
  83.7
  82.8
  82.8
  82.8
  82.8
  82.8
  82.8
  82.8
  82.8
  82.8
  82.8
  82.8
  82.8
  82.8
  82.8
  82.8
  82.8
  82.8
  82.8
  82.8
  82.8
  82.8

Qorvo, Inc. provides technologies and radio frequency (RF) solutions for mobile, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers RF front end modules that combine high-performance filters, power amplifiers (PA), low noise amplifiers and switches, PA modules, transmit modules, antenna control solutions, antenna switch modules, diversity receive modules, and envelope tracking power management devices. This segment supplies its RF solutions into mobile devices, including smartphones, notebook computers, wearables, tablets, and cellular-based applications for the Internet of things. The IDP segment provides high power gallium arsenide, gallium nitride power amplifiers, low noise amplifiers, switches, radio frequency filter solutions, CMOS system-on-a-chip solutions, fixed frequency and voltage-controlled oscillators, filters, attenuators, modulators, driver and transimpedance amplifiers, and various multichip and hybrid assemblies. This segment supplies its RF solutions to wireless network infrastructure, defense, and aerospace markets; and connectivity applications for commercial, consumer, industrial, and automotive markets. The company sells its products directly to customers, as well as through a network of domestic and foreign sales representative firms and distributors to original equipment manufacturers and original design manufacturers. Qorvo, Inc. is headquartered in Greensboro, North Carolina.

FINANCIAL RATIOS  of  Qorvo (QRVO)

Valuation Ratios
P/E Ratio -515.5
Price to Sales 2.9
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 11.3
Price to Free Cash Flow 39.1
Growth Rates
Sales Growth Rate 16.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 75%
Cap. Spend. - 3 Yr. Gr. Rate 52.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 20.2%
Total Debt to Equity 20.2%
Interest Coverage 1
Management Effectiveness
Return On Assets -0.9%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital -0.3%
Ret/ On T. Cap. - 3 Yr. Avg. 1.6%
Return On Equity -0.3%
Return On Equity - 3 Yr. Avg. 1.6%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 37.5%
Gross Margin - 3 Yr. Avg. 39.3%
EBITDA Margin 26.5%
EBITDA Margin - 3 Yr. Avg. 24%
Operating Margin 2.9%
Oper. Margin - 3 Yr. Avg. 3.5%
Pre-Tax Margin 0.9%
Pre-Tax Margin - 3 Yr. Avg. 2.6%
Net Profit Margin -0.6%
Net Profit Margin - 3 Yr. Avg. 3.3%
Effective Tax Rate 163%
Eff/ Tax Rate - 3 Yr. Avg. -255.2%
Payout Ratio 0%

QRVO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the QRVO stock intrinsic value calculation we used $3033 million for the last fiscal year's total revenue generated by Qorvo. The default revenue input number comes from 2017 income statement of Qorvo. 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 QRVO stock valuation model: a) initial revenue growth rate of 5.8% 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 4.3%, whose default value for QRVO is calculated based on our internal credit rating of Qorvo, 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 Qorvo.
    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 QRVO stock the variable cost ratio is equal to 82%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $469 million in the base year in the intrinsic value calculation for QRVO 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 7.2% for Qorvo.

Corporate tax rate of 27% is the nominal tax rate for Qorvo. 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 QRVO 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 QRVO are equal to 93.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Qorvo 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 QRVO is equal to 16.4%. 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 - $4897 million for Qorvo - 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 123.655 million for Qorvo 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 Qorvo at the current share price and the inputted number of shares is $8.6 billion.

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COMPANY NEWS

▶ [$$] Qorvo Seen Preferred to Skyworks   [Jul-20-17 03:15PM  Barrons.com]
▶ Better Buy: Cirrus Logic vs. Qorvo   [Jul-11-17 06:19AM  Motley Fool]
▶ Is Qorvo a Great Stock for Value Investors?   [Jul-06-17 09:40AM  Zacks]
▶ Why Qorvo Stock Fell Last Month   [Jul-03-17 04:04PM  Market Realist]
▶ [$$] Intel, AMD Face Near-Term Supply Headwinds   [Jun-28-17 02:57PM  Barrons.com]
▶ Qorvo® Demystifies 5G RF   [08:00AM  GlobeNewswire]
▶ Qorvo® Beijing Earns Automotive ISO Quality Certification   [Jun-26-17 08:00AM  GlobeNewswire]
▶ Whats the Possibility of a Delay in Apples iPhone 8 Launch?   [Jun-19-17 10:35AM  Market Realist]
▶ Five Stocks You Might Want to Sell   [Jun-09-17 03:12PM  GuruFocus.com]
▶ How Qorvo Inc. Rose 14.6% in May   [Jun-03-17 03:42PM  Motley Fool]
▶ Tech Bubble? AVGO's Results Show It's Anything But   [Jun-02-17 06:00AM  Investopedia]
▶ Why Qorvo Investors Need to Be Cautious After Q4 Results   [May-28-17 04:59PM  Motley Fool]
▶ Analysts Are Bullish On These 4 Top-Rated Chip Stocks   [May-26-17 04:17PM  Investor's Business Daily]
▶ Qualcomm, Qorvo, Best Buy, Costco Get Price-Target Hikes   [08:40AM  Investor's Business Daily]
▶ Top Gainers in the Tech Sector during the Week Ended May 19   [May-23-17 09:08AM  Market Realist]
▶ Why Qorvo Shares Rose Last Week   [May-22-17 04:38PM  Market Realist]
▶ Four Stocks Moving On Both News And The Charts   [May-17-17 06:59PM  Forbes]
▶ The Hot Stock: Qorvo Jumps 5.5%   [May-15-17 04:14PM  Barrons.com]
▶ QRVO Jumps After Baupost Takes Stake   [03:03PM  Investopedia]
▶ Seth Klarman's Baupost made a near $500 million bet   [May-12-17 04:54PM  Business Insider]
▶ Facebook Price Target Hiked, Tesla Model 3 Debated, Square Praised   [May-04-17 04:57PM  Investor's Business Daily]
▶ Chipmaker Qorvo Divides Wall Street With Quarterly Report   [04:43PM  Investor's Business Daily]
▶ Earnings Calendar, Analyst Estimates And Stocks To Watch   [01:56PM  Investor's Business Daily]
▶ Qorvo beats Street 4Q forecasts   [May-03-17 05:34PM  Associated Press]
▶ Qorvo Cites Slow Demand In China For Weak June Guidance   [04:11PM  Investor's Business Daily]
▶ Apple's iPhone Sales Miss Hit These Chip Companies Hardest   [03:20PM  Investor's Business Daily]
▶ Qorvo, Inc. Value Analysis (NASDAQ:QRVO) : May 2, 2017   [May-02-17 05:27PM  Capital Cube]
▶ These Are The Five 'Top 5%' Stocks With Earnings Due This Week   [May-01-17 04:08PM  Investor's Business Daily]
▶ Stock Futures Up: Can These 2 Tech Leaders Restart Chips?   [06:10AM  Investor's Business Daily]
▶ iPhone 8 Could Bring Good News to Qorvo   [Apr-29-17 10:11AM  Motley Fool]
▶ 3 Apple Suppliers for Investors to Consider   [Apr-27-17 02:22PM  Motley Fool]
▶ 4 Reasons I Would Not Buy Qorvo Stock   [Apr-19-17 09:25PM  Motley Fool]
▶ Apple In-Sourcing Hit List To Spare Cirrus, Skyworks: Analyst   [Apr-12-17 04:51PM  Investor's Business Daily]
▶ Qorvo® BAW Accelerates 802.11ax Transition   [09:00AM  GlobeNewswire]
▶ Apple iPhone Chip Report Hits Dialog, Rattles Supply Chain   [Apr-11-17 04:34PM  Investor's Business Daily]
▶ [$$] The Chip Stocks That Dont Need a Smartphone Supercycle   [12:34AM  The Wall Street Journal]
▶ [$$] The Chip Stocks That Don't Need a Smartphone Supercycle   [Apr-06-17 03:37PM  The Wall Street Journal]
▶ BMO Bullish on 2 Apple Suppliers But Lowers a 3rd   [Apr-04-17 11:20AM  Investopedia]
▶ Qorvo, Skyworks Get Price-Target Hikes; Synaptics Lowered   [Apr-03-17 04:11PM  Investor's Business Daily]
▶ Broadcom, Cavium, Intel Started At Buy; Nvidia, AMD At Neutral   [Mar-31-17 04:28PM  Investor's Business Daily]
▶ [$$] Galaxy S8 Benefits Four Stocks   [10:46AM  Barrons.com]
▶ Samsung Galaxy S8 Should Help These Notable Tech Firms   [Mar-30-17 04:20PM  Investor's Business Daily]
▶ Cypress Semi: P/E Trap or Screaming Buy?   [09:19AM  at Investopedia]
▶ Better Buy: Skyworks Solutions vs. Qorvo   [Mar-21-17 08:51AM  at Motley Fool]
▶ Hidden Value of Small-Cap Semiconductor Stocks   [06:00AM  at Investopedia]
▶ Wells Fargo Starts Qorvo At Hold   [Mar-08-17 11:00AM  at Barrons.com]
▶ Don't Miss the Red Flags at Qorvo   [Mar-03-17 08:11AM  at Motley Fool]
Stock chart of QRVO Financial statements of QRVO Annual reports of QRVO
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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