Intrinsic value of Rambus - RMBS

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$11.62

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of RMBS 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 1.3

 

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, %
  13.85
  27.30
  25.07
  23.06
  21.26
  19.63
  18.17
  16.85
  15.67
  14.60
  13.64
  12.78
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
Revenue, $m
  337
  429
  537
  660
  801
  958
  1,132
  1,323
  1,530
  1,753
  1,992
  2,247
  2,516
  2,801
  3,099
  3,412
  3,740
  4,081
  4,437
  4,808
  5,193
  5,593
  6,009
  6,442
  6,891
  7,358
  7,844
  8,349
  8,875
  9,422
  9,992
Variable operating expenses, $m
 
  320
  396
  482
  580
  690
  812
  945
  1,090
  1,246
  1,413
  1,571
  1,759
  1,958
  2,167
  2,386
  2,615
  2,854
  3,102
  3,361
  3,631
  3,911
  4,201
  4,504
  4,818
  5,145
  5,484
  5,837
  6,205
  6,588
  6,986
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
  303
  320
  396
  482
  580
  690
  812
  945
  1,090
  1,246
  1,413
  1,571
  1,759
  1,958
  2,167
  2,386
  2,615
  2,854
  3,102
  3,361
  3,631
  3,911
  4,201
  4,504
  4,818
  5,145
  5,484
  5,837
  6,205
  6,588
  6,986
Operating income, $m
  34
  109
  141
  178
  220
  268
  320
  377
  440
  507
  579
  676
  757
  843
  932
  1,027
  1,125
  1,228
  1,335
  1,446
  1,562
  1,683
  1,808
  1,938
  2,073
  2,214
  2,360
  2,512
  2,670
  2,834
  3,006
EBITDA, $m
  84
  157
  196
  242
  293
  351
  414
  484
  560
  642
  729
  822
  921
  1,025
  1,134
  1,249
  1,369
  1,494
  1,624
  1,760
  1,901
  2,047
  2,199
  2,358
  2,522
  2,693
  2,871
  3,056
  3,248
  3,449
  3,657
Interest expense (income), $m
  2
  6
  8
  11
  13
  17
  21
  25
  29
  34
  40
  45
  51
  58
  65
  72
  79
  87
  95
  104
  113
  122
  132
  142
  152
  163
  174
  185
  198
  210
  223
Earnings before tax, $m
  23
  103
  133
  168
  207
  251
  299
  353
  410
  473
  539
  631
  706
  785
  868
  955
  1,046
  1,141
  1,239
  1,342
  1,449
  1,561
  1,676
  1,796
  1,921
  2,051
  2,186
  2,326
  2,472
  2,624
  2,783
Tax expense, $m
  16
  28
  36
  45
  56
  68
  81
  95
  111
  128
  146
  170
  190
  212
  234
  258
  282
  308
  335
  362
  391
  421
  453
  485
  519
  554
  590
  628
  668
  709
  751
Net income, $m
  7
  75
  97
  122
  151
  183
  219
  257
  300
  345
  394
  460
  515
  573
  633
  697
  763
  833
  905
  980
  1,058
  1,139
  1,224
  1,311
  1,402
  1,497
  1,596
  1,698
  1,805
  1,916
  2,031

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  172
  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
  784
  779
  974
  1,198
  1,453
  1,738
  2,054
  2,400
  2,776
  3,182
  3,616
  4,078
  4,567
  5,083
  5,625
  6,193
  6,787
  7,407
  8,053
  8,725
  9,424
  10,151
  10,906
  11,691
  12,507
  13,354
  14,236
  15,153
  16,107
  17,100
  18,135
Adjusted assets (=assets-cash), $m
  612
  779
  974
  1,198
  1,453
  1,738
  2,054
  2,400
  2,776
  3,182
  3,616
  4,078
  4,567
  5,083
  5,625
  6,193
  6,787
  7,407
  8,053
  8,725
  9,424
  10,151
  10,906
  11,691
  12,507
  13,354
  14,236
  15,153
  16,107
  17,100
  18,135
Revenue / Adjusted assets
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
Average production assets, $m
  128
  162
  203
  250
  303
  362
  428
  500
  578
  663
  753
  849
  951
  1,059
  1,172
  1,290
  1,414
  1,543
  1,677
  1,817
  1,963
  2,114
  2,272
  2,435
  2,605
  2,781
  2,965
  3,156
  3,355
  3,562
  3,777
Working capital, $m
  166
  -8
  -10
  -12
  -14
  -17
  -20
  -24
  -28
  -32
  -36
  -40
  -45
  -50
  -56
  -61
  -67
  -73
  -80
  -87
  -93
  -101
  -108
  -116
  -124
  -132
  -141
  -150
  -160
  -170
  -180
Total debt, $m
  164
  227
  300
  385
  481
  588
  707
  838
  980
  1,132
  1,296
  1,470
  1,655
  1,849
  2,054
  2,268
  2,492
  2,725
  2,969
  3,222
  3,486
  3,760
  4,045
  4,340
  4,648
  4,968
  5,300
  5,646
  6,005
  6,380
  6,770
Total liabilities, $m
  231
  294
  367
  452
  548
  655
  774
  905
  1,047
  1,199
  1,363
  1,537
  1,722
  1,916
  2,121
  2,335
  2,559
  2,792
  3,036
  3,289
  3,553
  3,827
  4,112
  4,407
  4,715
  5,035
  5,367
  5,713
  6,072
  6,447
  6,837
Total equity, $m
  553
  485
  607
  747
  905
  1,083
  1,280
  1,495
  1,730
  1,982
  2,253
  2,540
  2,845
  3,167
  3,504
  3,858
  4,228
  4,615
  5,017
  5,436
  5,871
  6,324
  6,795
  7,283
  7,792
  8,320
  8,869
  9,440
  10,035
  10,653
  11,298
Total liabilities and equity, $m
  784
  779
  974
  1,199
  1,453
  1,738
  2,054
  2,400
  2,777
  3,181
  3,616
  4,077
  4,567
  5,083
  5,625
  6,193
  6,787
  7,407
  8,053
  8,725
  9,424
  10,151
  10,907
  11,690
  12,507
  13,355
  14,236
  15,153
  16,107
  17,100
  18,135
Debt-to-equity ratio
  0.297
  0.470
  0.490
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.570
  0.580
  0.580
  0.580
  0.580
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
Adjusted equity ratio
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  7
  75
  97
  122
  151
  183
  219
  257
  300
  345
  394
  460
  515
  573
  633
  697
  763
  833
  905
  980
  1,058
  1,139
  1,224
  1,311
  1,402
  1,497
  1,596
  1,698
  1,805
  1,916
  2,031
Depreciation, amort., depletion, $m
  50
  48
  55
  64
  73
  83
  94
  107
  120
  135
  150
  146
  164
  183
  202
  222
  244
  266
  289
  313
  338
  365
  392
  420
  449
  480
  511
  544
  578
  614
  651
Funds from operations, $m
  99
  124
  153
  186
  224
  266
  313
  364
  420
  480
  544
  607
  679
  755
  835
  919
  1,007
  1,099
  1,194
  1,293
  1,396
  1,504
  1,615
  1,731
  1,852
  1,977
  2,107
  2,242
  2,383
  2,530
  2,683
Change in working capital, $m
  6
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
Cash from operations, $m
  93
  189
  154
  188
  226
  269
  316
  368
  424
  484
  548
  611
  684
  760
  841
  925
  1,013
  1,105
  1,200
  1,300
  1,403
  1,511
  1,623
  1,739
  1,860
  1,985
  2,116
  2,251
  2,393
  2,540
  2,693
Maintenance CAPEX, $m
  0
  -22
  -28
  -35
  -43
  -52
  -62
  -74
  -86
  -100
  -114
  -130
  -146
  -164
  -183
  -202
  -222
  -244
  -266
  -289
  -313
  -338
  -365
  -392
  -420
  -449
  -480
  -511
  -544
  -578
  -614
New CAPEX, $m
  -9
  -35
  -41
  -47
  -53
  -59
  -66
  -72
  -78
  -84
  -90
  -96
  -102
  -107
  -113
  -118
  -124
  -129
  -135
  -140
  -146
  -151
  -157
  -163
  -170
  -177
  -184
  -191
  -199
  -207
  -215
Cash from investing activities, $m
  -105
  -57
  -69
  -82
  -96
  -111
  -128
  -146
  -164
  -184
  -204
  -226
  -248
  -271
  -296
  -320
  -346
  -373
  -401
  -429
  -459
  -489
  -522
  -555
  -590
  -626
  -664
  -702
  -743
  -785
  -829
Free cash flow, $m
  -12
  132
  86
  106
  130
  157
  188
  222
  259
  300
  344
  385
  436
  489
  545
  605
  667
  732
  800
  871
  944
  1,021
  1,101
  1,184
  1,270
  1,359
  1,452
  1,549
  1,650
  1,754
  1,863
Issuance/(repayment) of debt, $m
  -1
  63
  74
  85
  96
  108
  119
  130
  142
  153
  164
  174
  184
  195
  204
  214
  224
  234
  243
  253
  264
  274
  285
  296
  307
  320
  332
  346
  360
  374
  390
Issuance/(repurchase) of shares, $m
  15
  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  
  6
  63
  74
  85
  96
  108
  119
  130
  142
  153
  164
  174
  184
  195
  204
  214
  224
  234
  243
  253
  264
  274
  285
  296
  307
  320
  332
  346
  360
  374
  390
Total cash flow (excl. dividends), $m
  -8
  195
  159
  191
  226
  265
  307
  352
  401
  452
  507
  559
  620
  683
  750
  819
  891
  966
  1,043
  1,124
  1,208
  1,295
  1,386
  1,480
  1,577
  1,679
  1,785
  1,895
  2,009
  2,129
  2,253
Retained Cash Flow (-), $m
  -26
  -104
  -122
  -140
  -159
  -178
  -197
  -216
  -234
  -253
  -270
  -288
  -305
  -321
  -338
  -354
  -370
  -386
  -402
  -419
  -436
  -453
  -471
  -489
  -508
  -528
  -549
  -571
  -594
  -619
  -645
Prev. year cash balance distribution, $m
 
  172
  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
 
  262
  38
  51
  67
  87
  110
  137
  166
  200
  237
  272
  315
  362
  412
  465
  521
  579
  641
  705
  772
  842
  915
  991
  1,069
  1,151
  1,236
  1,324
  1,415
  1,510
  1,609
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
 
  252
  35
  45
  56
  67
  80
  92
  104
  115
  124
  129
  135
  138
  138
  136
  132
  126
  118
  109
  98
  87
  76
  65
  54
  45
  36
  28
  22
  16
  12
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

Rambus Inc. manufactures and sells semiconductor products in South Korea and internationally. The company focuses on the design, development, and manufacturing through partnerships and licensing of technology and solutions related to memory and interfaces; and design, development, deployment, and licensing of technologies for chip, system and in-field application security, anti-counterfeiting, smart ticketing, and mobile payments. It also focuses on the design, development, and licensing of technologies for advanced LED-based lighting solutions; and research and development in the area of emerging technologies, as well as providing various services, including know-how and technology transfer, product design and development, system integration, and other services. The company’s products are integrated into a range of devices and systems, powering, and securing diverse applications, including big data, Internet of things, mobile, consumer, and media platforms. Rambus Inc. was founded in 1990 and is headquartered in Sunnyvale, California.

FINANCIAL RATIOS  of  Rambus (RMBS)

Valuation Ratios
P/E Ratio 184.3
Price to Sales 3.8
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 13.9
Price to Free Cash Flow 15.4
Growth Rates
Sales Growth Rate 13.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate -2.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 29.7%
Total Debt to Equity 29.7%
Interest Coverage 13
Management Effectiveness
Return On Assets 1%
Ret/ On Assets - 3 Yr. Avg. 13%
Return On Total Capital 1%
Ret/ On T. Cap. - 3 Yr. Avg. 13.2%
Return On Equity 1.3%
Return On Equity - 3 Yr. Avg. 18.1%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 80.1%
Gross Margin - 3 Yr. Avg. 83.6%
EBITDA Margin 22.3%
EBITDA Margin - 3 Yr. Avg. 29.5%
Operating Margin 10.1%
Oper. Margin - 3 Yr. Avg. 19.9%
Pre-Tax Margin 6.8%
Pre-Tax Margin - 3 Yr. Avg. 14.6%
Net Profit Margin 2.1%
Net Profit Margin - 3 Yr. Avg. 27.4%
Effective Tax Rate 69.6%
Eff/ Tax Rate - 3 Yr. Avg. -44.7%
Payout Ratio 0%

RMBS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RMBS stock intrinsic value calculation we used $337 million for the last fiscal year's total revenue generated by Rambus. The default revenue input number comes from 2016 income statement of Rambus. 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 RMBS stock valuation model: a) initial revenue growth rate of 27.3% 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 RMBS is calculated based on our internal credit rating of Rambus, 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 Rambus.
    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 RMBS stock the variable cost ratio is equal to 76%.

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 RMBS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Rambus.

Corporate tax rate of 27% is the nominal tax rate for Rambus. 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 RMBS 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 RMBS are equal to 37.8%.

Life of production assets of 5.8 years is the average useful life of capital assets used in Rambus 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 RMBS is equal to -1.8%. 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 - $553 million for Rambus - 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 109.653 million for Rambus 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 Rambus at the current share price and the inputted number of shares is $1.3 billion.


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COMPANY NEWS

▶ Rambus Appoints Emiko Higashi to Its Board of Directors   [Jun-05-17 04:30PM  Business Wire]
▶ Rambus to Present at Two Investor Conferences in June   [Jun-01-17 04:05PM  Business Wire]
▶ Rambus and Cybertrust Partner to Secure Connected Devices   [May-18-17 04:30PM  Business Wire]
▶ Rambus Joins Microsemis SoC Partner Program   [May-10-17 04:30PM  Business Wire]
▶ Rambus Introduces Off-the-Shelf LED Light Guides   [May-03-17 04:30PM  Business Wire]
▶ Rambus to Present at Two Investor Conferences in May   [May-02-17 04:05PM  Business Wire]
▶ Rambus Initiates Accelerated Share Repurchase Program   [May-01-17 07:20PM  Business Wire]
▶ Rambus tops Street 1Q forecasts   [Apr-24-17 04:22PM  Associated Press]
▶ McNamee Says Law May Favor Qualcomm in Apple Dispute   [Apr-11-17 05:56PM  Bloomberg Video]
▶ ETFs with exposure to Rambus, Inc. : April 5, 2017   [Apr-05-17 05:23PM  Capital Cube]
▶ Rambus to Announce First Quarter 2017 Results   [Apr-04-17 04:05PM  Business Wire]
▶ Rambus Appoints Two New Fellows   [Mar-14-17 04:30PM  Business Wire]
▶ Analog Devices Stock Gets Price-Target Hikes Ahead Of Deal Closing   [Mar-07-17 04:21PM  Investor's Business Daily]
▶ Rambus Signs License Agreement with Western Digital   [Mar-06-17 04:30PM  Business Wire]
▶ Rambus to Present at Two Investor Conferences in March   [Feb-23-17 08:18PM  Business Wire]
▶ Rambus reports 4Q loss   [04:22PM  AP]
▶ SPT First to Pilot Rambus Ecebs HCE Ticketing   [Jan-25-17 04:00AM  Business Wire]
▶ Rambus to Announce Fourth Quarter 2016 Results   [Jan-16-17 05:30PM  Business Wire]
▶ Rambus to Present at 19th Annual Needham Growth Conference   [Jan-04-17 05:00PM  Business Wire]
▶ Rambus Renews License Agreement With Thales   [Dec-13-16 04:30PM  Business Wire]
▶ Hedge Funds Are Hyped About Rambus Inc. (RMBS)   [Dec-05-16 03:36PM  at Insider Monkey]
▶ Rambus to Present at Two Investor Conferences in November   [Nov-01-16 04:05PM  Business Wire]
Stock chart of RMBS Financial statements of RMBS Annual reports of RMBS
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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