Intrinsic value of Qorvo - QRVO

Previous Close

$77.33

  Intrinsic Value

$12.48

stock screener

  Rating & Target

str. sell

-84%

Previous close

$77.33

 
Intrinsic value

$12.48

 
Up/down potential

-84%

 
Rating

str. sell

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 9.8

 

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
  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
  3,033
  3,094
  3,165
  3,246
  3,337
  3,439
  3,550
  3,671
  3,801
  3,942
  4,094
  4,256
  4,428
  4,612
  4,808
  5,015
  5,235
  5,467
  5,713
  5,973
  6,248
  6,537
  6,843
  7,165
  7,504
  7,861
  8,237
  8,633
  9,050
  9,488
  9,949
Variable operating expenses, $m
 
  2,532
  2,586
  2,647
  2,715
  2,791
  2,874
  2,964
  3,062
  3,168
  3,281
  3,185
  3,314
  3,451
  3,598
  3,753
  3,917
  4,091
  4,275
  4,470
  4,675
  4,892
  5,121
  5,362
  5,615
  5,883
  6,164
  6,460
  6,772
  7,100
  7,445
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
  3,013
  3,079
  3,152
  3,233
  3,322
  3,418
  3,521
  3,633
  3,754
  3,881
  3,800
  3,945
  4,098
  4,261
  4,432
  4,613
  4,805
  5,006
  5,220
  5,444
  5,680
  5,928
  6,190
  6,463
  6,752
  7,055
  7,374
  7,708
  8,060
  8,429
Operating income, $m
  88
  80
  86
  95
  105
  117
  132
  149
  168
  189
  213
  456
  484
  514
  547
  583
  621
  662
  706
  754
  804
  858
  915
  976
  1,040
  1,109
  1,182
  1,259
  1,341
  1,428
  1,520
EBITDA, $m
  793
  704
  719
  738
  760
  786
  815
  848
  884
  924
  967
  1,014
  1,065
  1,120
  1,178
  1,241
  1,308
  1,380
  1,456
  1,538
  1,624
  1,716
  1,813
  1,916
  2,025
  2,141
  2,263
  2,393
  2,529
  2,674
  2,826
Interest expense (income), $m
  71
  71
  74
  76
  80
  83
  87
  91
  96
  101
  106
  112
  119
  125
  132
  140
  148
  156
  165
  175
  185
  196
  207
  219
  231
  244
  258
  272
  288
  304
  321
Earnings before tax, $m
  27
  9
  13
  18
  25
  34
  45
  58
  72
  88
  106
  343
  365
  389
  415
  443
  473
  506
  541
  579
  619
  662
  708
  757
  809
  865
  924
  987
  1,054
  1,124
  1,200
Tax expense, $m
  44
  3
  3
  5
  7
  9
  12
  16
  19
  24
  29
  93
  99
  105
  112
  120
  128
  137
  146
  156
  167
  179
  191
  204
  219
  234
  249
  266
  284
  304
  324
Net income, $m
  -17
  7
  9
  13
  18
  25
  33
  42
  52
  64
  77
  251
  267
  284
  303
  323
  346
  369
  395
  422
  452
  483
  517
  553
  591
  631
  675
  720
  769
  821
  876

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
  6,102
  6,242
  6,403
  6,583
  6,782
  7,001
  7,240
  7,498
  7,776
  8,074
  8,394
  8,734
  9,097
  9,482
  9,891
  10,325
  10,784
  11,269
  11,782
  12,323
  12,894
  13,497
  14,132
  14,801
  15,505
  16,247
  17,028
  17,850
  18,714
  19,623
Adjusted assets (=assets-cash), $m
  5,977
  6,102
  6,242
  6,403
  6,583
  6,782
  7,001
  7,240
  7,498
  7,776
  8,074
  8,394
  8,734
  9,097
  9,482
  9,891
  10,325
  10,784
  11,269
  11,782
  12,323
  12,894
  13,497
  14,132
  14,801
  15,505
  16,247
  17,028
  17,850
  18,714
  19,623
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
  2,883
  2,950
  3,025
  3,111
  3,205
  3,308
  3,421
  3,543
  3,674
  3,815
  3,966
  4,127
  4,299
  4,481
  4,674
  4,879
  5,096
  5,325
  5,567
  5,823
  6,093
  6,378
  6,678
  6,994
  7,327
  7,677
  8,046
  8,434
  8,843
  9,273
Working capital, $m
  1,043
  507
  519
  532
  547
  564
  582
  602
  623
  647
  671
  698
  726
  756
  788
  822
  859
  897
  937
  980
  1,025
  1,072
  1,122
  1,175
  1,231
  1,289
  1,351
  1,416
  1,484
  1,556
  1,632
Total debt, $m
  989
  1,024
  1,062
  1,106
  1,155
  1,209
  1,268
  1,333
  1,403
  1,479
  1,560
  1,647
  1,740
  1,838
  1,943
  2,054
  2,172
  2,297
  2,429
  2,569
  2,716
  2,871
  3,035
  3,208
  3,390
  3,581
  3,783
  3,996
  4,219
  4,454
  4,702
Total liabilities, $m
  1,626
  1,660
  1,698
  1,742
  1,791
  1,845
  1,904
  1,969
  2,039
  2,115
  2,196
  2,283
  2,376
  2,474
  2,579
  2,690
  2,808
  2,933
  3,065
  3,205
  3,352
  3,507
  3,671
  3,844
  4,026
  4,217
  4,419
  4,632
  4,855
  5,090
  5,338
Total equity, $m
  4,897
  4,442
  4,544
  4,661
  4,792
  4,938
  5,097
  5,271
  5,458
  5,661
  5,878
  6,111
  6,359
  6,623
  6,903
  7,201
  7,517
  7,851
  8,204
  8,577
  8,971
  9,387
  9,826
  10,288
  10,775
  11,288
  11,828
  12,396
  12,995
  13,624
  14,286
Total liabilities and equity, $m
  6,523
  6,102
  6,242
  6,403
  6,583
  6,783
  7,001
  7,240
  7,497
  7,776
  8,074
  8,394
  8,735
  9,097
  9,482
  9,891
  10,325
  10,784
  11,269
  11,782
  12,323
  12,894
  13,497
  14,132
  14,801
  15,505
  16,247
  17,028
  17,850
  18,714
  19,624
Debt-to-equity ratio
  0.202
  0.230
  0.230
  0.240
  0.240
  0.240
  0.250
  0.250
  0.260
  0.260
  0.270
  0.270
  0.270
  0.280
  0.280
  0.290
  0.290
  0.290
  0.300
  0.300
  0.300
  0.310
  0.310
  0.310
  0.310
  0.320
  0.320
  0.320
  0.320
  0.330
  0.330
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
  7
  9
  13
  18
  25
  33
  42
  52
  64
  77
  251
  267
  284
  303
  323
  346
  369
  395
  422
  452
  483
  517
  553
  591
  631
  675
  720
  769
  821
  876
Depreciation, amort., depletion, $m
  705
  623
  633
  644
  656
  669
  683
  699
  716
  735
  755
  559
  581
  605
  631
  658
  687
  718
  750
  784
  820
  858
  898
  941
  985
  1,032
  1,081
  1,133
  1,188
  1,245
  1,306
Funds from operations, $m
  798
  630
  642
  657
  674
  694
  716
  741
  769
  799
  832
  809
  848
  889
  934
  982
  1,033
  1,087
  1,145
  1,207
  1,272
  1,341
  1,415
  1,493
  1,576
  1,663
  1,756
  1,854
  1,957
  2,066
  2,182
Change in working capital, $m
  21
  10
  12
  13
  15
  17
  18
  20
  21
  23
  25
  27
  28
  30
  32
  34
  36
  38
  40
  43
  45
  47
  50
  53
  56
  59
  62
  65
  68
  72
  76
Cash from operations, $m
  777
  620
  630
  643
  659
  677
  698
  721
  747
  776
  807
  783
  820
  859
  902
  948
  997
  1,049
  1,105
  1,164
  1,227
  1,294
  1,365
  1,440
  1,520
  1,605
  1,694
  1,789
  1,889
  1,994
  2,106
Maintenance CAPEX, $m
  0
  -398
  -406
  -415
  -426
  -438
  -451
  -466
  -482
  -499
  -518
  -537
  -559
  -581
  -605
  -631
  -658
  -687
  -718
  -750
  -784
  -820
  -858
  -898
  -941
  -985
  -1,032
  -1,081
  -1,133
  -1,188
  -1,245
New CAPEX, $m
  -553
  -57
  -66
  -76
  -85
  -94
  -103
  -113
  -122
  -131
  -141
  -151
  -161
  -171
  -182
  -193
  -205
  -217
  -229
  -242
  -256
  -270
  -285
  -300
  -316
  -333
  -351
  -369
  -388
  -408
  -430
Cash from investing activities, $m
  -490
  -455
  -472
  -491
  -511
  -532
  -554
  -579
  -604
  -630
  -659
  -688
  -720
  -752
  -787
  -824
  -863
  -904
  -947
  -992
  -1,040
  -1,090
  -1,143
  -1,198
  -1,257
  -1,318
  -1,383
  -1,450
  -1,521
  -1,596
  -1,675
Free cash flow, $m
  287
  165
  158
  152
  148
  145
  143
  143
  144
  146
  149
  94
  100
  107
  114
  123
  134
  145
  158
  172
  187
  204
  222
  242
  264
  287
  312
  338
  367
  398
  431
Issuance/(repayment) of debt, $m
  0
  35
  38
  44
  49
  54
  60
  65
  70
  76
  81
  87
  93
  99
  105
  111
  118
  125
  132
  139
  147
  155
  164
  173
  182
  192
  202
  212
  224
  235
  247
Issuance/(repurchase) of shares, $m
  -150
  83
  93
  104
  113
  120
  127
  132
  135
  138
  140
  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
  118
  131
  148
  162
  174
  187
  197
  205
  214
  221
  87
  93
  99
  105
  111
  118
  125
  132
  139
  147
  155
  164
  173
  182
  192
  202
  212
  224
  235
  247
Total cash flow (excl. dividends), $m
  120
  284
  289
  299
  309
  319
  329
  339
  349
  359
  370
  181
  193
  205
  219
  235
  251
  270
  290
  311
  334
  359
  386
  415
  446
  478
  513
  551
  591
  633
  678
Retained Cash Flow (-), $m
  103
  -90
  -102
  -117
  -131
  -145
  -159
  -174
  -188
  -202
  -217
  -232
  -248
  -264
  -281
  -298
  -316
  -334
  -353
  -373
  -394
  -416
  -439
  -462
  -487
  -513
  -540
  -568
  -598
  -629
  -662
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
 
  738
  187
  183
  178
  174
  170
  166
  161
  157
  153
  -51
  -55
  -59
  -61
  -63
  -64
  -64
  -64
  -62
  -60
  -57
  -52
  -47
  -41
  -35
  -27
  -18
  -7
  4
  16
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
 
  708
  171
  159
  147
  135
  123
  112
  101
  90
  80
  -24
  -24
  -22
  -21
  -19
  -16
  -14
  -12
  -10
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.1
  98.0
  96.9
  95.8
  94.6
  93.4
  92.2
  91.1
  89.9
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8

Qorvo, Inc. is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs). Its segments include Mobile Products (MP) and Infrastructure and Defense Products (IDP). The MP segment is a supplier of radio frequency (RF) solutions that perform various functions in the cellular radio front end section of smartphones and other cellular devices. The IDP segment is a supplier of RF solutions that support various global applications, including ubiquitous high-speed network connectivity to the cloud, data center communications, Internet connectivity throughout the home and workplace, and upgraded military capabilities across the globe. It operates design, sales and manufacturing facilities located throughout Asia, Europe and North America.

FINANCIAL RATIOS  of  Qorvo (QRVO)

Valuation Ratios
P/E Ratio -575.2
Price to Sales 3.2
Price to Book 2
Price to Tangible Book
Price to Cash Flow 12.6
Price to Free Cash Flow 43.7
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 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 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 7.1 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 127.288 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 $9.8 billion.

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COMPANY NEWS

▶ S&P 500 Futures Rally On Wal-Mart; Cisco Set To Retake Buy   [07:14AM  Investor's Business Daily]
▶ Qorvo Stock: Time to Bail Out?   [Nov-15-17 12:57PM  Motley Fool]
▶ ETFs with exposure to Qorvo, Inc. : November 13, 2017   [Nov-13-17 01:05PM  Capital Cube]
▶ Your first trade for Thursday, November 9   [Nov-09-17 08:25AM  CNBC]
▶ Final Trade: QRVO, C & more   [Nov-08-17 05:30PM  CNBC Videos]
▶ Stocks To Watch: Qorvo Sees RS Rating Jump To 85   [03:00AM  Investor's Business Daily]
▶ Broadcom's Bid Could Spark A Wave of Chipmaker Takeovers   [Nov-06-17 12:19PM  Investopedia]
▶ Here Are 5 Key Apple iPhone Chip Plays With One In Buy Range   [Nov-05-17 08:00AM  Investor's Business Daily]
▶ Qorvo Keeps Giving Mixed Signals   [Nov-03-17 02:01PM  TheStreet.com]
▶ [$$] Qorvo Can Overcome iPhone Ramp Delay   [12:59PM  Barrons.com]
▶ Qorvo Downgraded, Hit With Price-Target Cuts On Guidance Miss   [05:45PM  Investor's Business Daily]
▶ Qorvo Downgraded, Hit With Price-Target Cuts On Guidance Miss   [03:53PM  Investor's Business Daily]
▶ Chipmaker Qorvo Beats September-Quarter Targets, But Guidance Misses   [Nov-01-17 05:20PM  Investor's Business Daily]
▶ Qorvo tops Street 2Q forecasts   [05:16PM  Associated Press]
▶ Apple's Chip Suppliers Are Breaking Out   [06:00AM  Investopedia]
▶ Qorvo Investors Will Be Scrutinizing the iPhone Effect   [Oct-30-17 10:04PM  Motley Fool]
▶ These 5 Apple iPhone Plays Are Near Buy Zones; S&P 500 Futures   [07:02AM  Investor's Business Daily]
▶ Stocks Generating Improved Relative Strength: Qorvo   [03:00AM  Investor's Business Daily]
▶ [$$] iPhone X Pushout: Two Chip Stocks to Buy   [Oct-24-17 03:18PM  Barrons.com]
▶ Better Buy: Sierra Wireless vs. Qorvo   [Oct-18-17 09:08PM  Motley Fool]
▶ Qorvo Clears Technical Benchmark, Hitting 80-Plus RS Rating   [03:00AM  Investor's Business Daily]
▶ Will the Internet of Things Be Qorvos Saving Grace?   [Sep-25-17 06:09PM  Motley Fool]
▶ Qorvo Shows Improved Relative Strength; Still Shy Of Benchmark   [03:00AM  Investor's Business Daily]
▶ 3 events that caused sectorwide domino effects   [Sep-20-17 07:06PM  CNBC Videos]
▶ Stocks Flashing Renewed Technical Strength: Qorvo   [03:00AM  Investor's Business Daily]
▶ Qorvo to begin 'targeted workforce reduction,' impacting Triad operations   [Sep-18-17 02:45PM  American City Business Journals]
▶ Futures Up; These 3 Apple iPhone Chip Stocks Are Near Buys   [06:58AM  Investor's Business Daily]
▶ Qorvo Hits 80-Plus Relative Strength Rating Benchmark   [03:00AM  Investor's Business Daily]
▶ Still Not Impressed With Qorvo   [Sep-14-17 03:30PM  TheStreet.com]
▶ ETFs with exposure to Qorvo, Inc. : September 6, 2017   [Sep-05-17 09:52PM  Capital Cube]
▶ Broadcom One of the Best iPhone 8 Bets, Says KeyBanc   [Aug-21-17 09:47AM  Barrons.com]
▶ Are Qorvo's Growth Days Over?   [Aug-16-17 02:22PM  Motley Fool]
▶ Don't Buy Qorvo Here   [Aug-03-17 12:28PM  TheStreet.com]
▶ Qorvo reports 1Q loss   [Aug-02-17 11:09PM  Associated Press]
Financial statements 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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