Intrinsic value of Rambus - RMBS

Previous Close

$12.84

  Intrinsic Value

$27.64

stock screener

  Rating & Target

str. buy

+115%

  Value-price divergence*

+232%

Previous close

$12.84

 
Intrinsic value

$27.64

 
Up/down potential

+115%

 
Rating

str. buy

 
Value-price divergence*

+232%

*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 1.4

 

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
  32.90
  30.11
  27.60
  25.34
  23.31
  21.47
  19.83
  18.34
  17.01
  15.81
  14.73
  13.76
  12.88
  12.09
  11.38
  10.74
  10.17
  9.65
  9.19
  8.77
  8.39
  8.05
  7.75
  7.47
  7.23
  7.00
  6.80
  6.62
  6.46
  6.31
Revenue, $m
  337
  448
  583
  744
  932
  1,149
  1,396
  1,673
  1,980
  2,316
  2,682
  3,078
  3,501
  3,952
  4,430
  4,934
  5,464
  6,020
  6,601
  7,207
  7,839
  8,497
  9,181
  9,893
  10,632
  11,400
  12,198
  13,028
  13,891
  14,788
  15,722
Variable operating expenses, $m
 
  334
  428
  540
  672
  824
  996
  1,190
  1,405
  1,640
  1,896
  2,152
  2,448
  2,763
  3,097
  3,450
  3,820
  4,209
  4,615
  5,039
  5,481
  5,941
  6,419
  6,917
  7,433
  7,971
  8,529
  9,109
  9,712
  10,340
  10,992
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
  334
  428
  540
  672
  824
  996
  1,190
  1,405
  1,640
  1,896
  2,152
  2,448
  2,763
  3,097
  3,450
  3,820
  4,209
  4,615
  5,039
  5,481
  5,941
  6,419
  6,917
  7,433
  7,971
  8,529
  9,109
  9,712
  10,340
  10,992
Operating income, $m
  34
  114
  155
  203
  260
  325
  399
  483
  575
  676
  786
  926
  1,053
  1,189
  1,333
  1,484
  1,644
  1,811
  1,986
  2,168
  2,358
  2,556
  2,762
  2,976
  3,198
  3,429
  3,670
  3,919
  4,179
  4,449
  4,730
EBITDA, $m
  84
  152
  197
  252
  316
  389
  473
  566
  670
  784
  908
  1,042
  1,186
  1,338
  1,500
  1,671
  1,850
  2,038
  2,235
  2,441
  2,655
  2,877
  3,109
  3,350
  3,600
  3,860
  4,131
  4,412
  4,704
  5,008
  5,324
Interest expense (income), $m
  2
  6
  8
  12
  15
  20
  25
  31
  38
  45
  53
  62
  71
  81
  92
  104
  116
  129
  142
  156
  170
  185
  201
  218
  235
  252
  271
  290
  310
  330
  352
Earnings before tax, $m
  23
  108
  146
  192
  244
  305
  374
  452
  537
  631
  733
  864
  982
  1,107
  1,240
  1,381
  1,528
  1,682
  1,844
  2,012
  2,188
  2,371
  2,561
  2,758
  2,964
  3,177
  3,399
  3,629
  3,869
  4,118
  4,378
Tax expense, $m
  16
  29
  40
  52
  66
  82
  101
  122
  145
  170
  198
  233
  265
  299
  335
  373
  413
  454
  498
  543
  591
  640
  691
  745
  800
  858
  918
  980
  1,045
  1,112
  1,182
Net income, $m
  7
  79
  107
  140
  178
  223
  273
  330
  392
  461
  535
  631
  717
  808
  905
  1,008
  1,115
  1,228
  1,346
  1,469
  1,597
  1,731
  1,869
  2,014
  2,164
  2,319
  2,481
  2,650
  2,824
  3,006
  3,196

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
  813
  1,058
  1,349
  1,691
  2,086
  2,533
  3,036
  3,593
  4,204
  4,868
  5,585
  6,354
  7,172
  8,039
  8,954
  9,916
  10,925
  11,979
  13,080
  14,227
  15,421
  16,663
  17,954
  19,295
  20,690
  22,139
  23,645
  25,210
  26,839
  28,534
Adjusted assets (=assets-cash), $m
  612
  813
  1,058
  1,349
  1,691
  2,086
  2,533
  3,036
  3,593
  4,204
  4,868
  5,585
  6,354
  7,172
  8,039
  8,954
  9,916
  10,925
  11,979
  13,080
  14,227
  15,421
  16,663
  17,954
  19,295
  20,690
  22,139
  23,645
  25,210
  26,839
  28,534
Revenue / Adjusted assets
  0.551
  0.551
  0.551
  0.552
  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
  169
  220
  281
  352
  434
  528
  632
  748
  876
  1,014
  1,163
  1,323
  1,494
  1,674
  1,865
  2,065
  2,275
  2,495
  2,724
  2,963
  3,212
  3,471
  3,739
  4,019
  4,309
  4,611
  4,925
  5,251
  5,590
  5,943
Working capital, $m
  166
  -8
  -10
  -13
  -17
  -21
  -25
  -30
  -36
  -42
  -48
  -55
  -63
  -71
  -80
  -89
  -98
  -108
  -119
  -130
  -141
  -153
  -165
  -178
  -191
  -205
  -220
  -235
  -250
  -266
  -283
Total debt, $m
  164
  239
  332
  442
  571
  719
  888
  1,077
  1,287
  1,518
  1,768
  2,039
  2,328
  2,637
  2,964
  3,309
  3,671
  4,052
  4,449
  4,864
  5,297
  5,747
  6,215
  6,702
  7,207
  7,733
  8,279
  8,847
  9,437
  10,051
  10,690
Total liabilities, $m
  231
  306
  399
  509
  638
  786
  955
  1,144
  1,354
  1,585
  1,835
  2,106
  2,395
  2,704
  3,031
  3,376
  3,738
  4,119
  4,516
  4,931
  5,364
  5,814
  6,282
  6,769
  7,274
  7,800
  8,346
  8,914
  9,504
  10,118
  10,757
Total equity, $m
  553
  506
  659
  841
  1,054
  1,299
  1,578
  1,891
  2,238
  2,619
  3,033
  3,480
  3,958
  4,468
  5,008
  5,579
  6,178
  6,806
  7,463
  8,149
  8,863
  9,607
  10,381
  11,185
  12,021
  12,890
  13,792
  14,731
  15,706
  16,721
  17,776
Total liabilities and equity, $m
  784
  812
  1,058
  1,350
  1,692
  2,085
  2,533
  3,035
  3,592
  4,204
  4,868
  5,586
  6,353
  7,172
  8,039
  8,955
  9,916
  10,925
  11,979
  13,080
  14,227
  15,421
  16,663
  17,954
  19,295
  20,690
  22,138
  23,645
  25,210
  26,839
  28,533
Debt-to-equity ratio
  0.297
  0.470
  0.500
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.580
  0.580
  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
  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
  79
  107
  140
  178
  223
  273
  330
  392
  461
  535
  631
  717
  808
  905
  1,008
  1,115
  1,228
  1,346
  1,469
  1,597
  1,731
  1,869
  2,014
  2,164
  2,319
  2,481
  2,650
  2,824
  3,006
  3,196
Depreciation, amort., depletion, $m
  50
  37
  43
  49
  56
  64
  73
  84
  95
  108
  122
  116
  132
  149
  167
  186
  207
  228
  250
  272
  296
  321
  347
  374
  402
  431
  461
  492
  525
  559
  594
Funds from operations, $m
  99
  117
  149
  188
  234
  287
  346
  413
  488
  569
  657
  747
  849
  958
  1,073
  1,194
  1,322
  1,456
  1,596
  1,741
  1,894
  2,052
  2,216
  2,388
  2,565
  2,750
  2,942
  3,142
  3,350
  3,565
  3,790
Change in working capital, $m
  6
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
Cash from operations, $m
  93
  119
  152
  191
  238
  291
  351
  418
  493
  575
  664
  754
  857
  966
  1,081
  1,203
  1,331
  1,466
  1,606
  1,752
  1,905
  2,064
  2,229
  2,400
  2,579
  2,764
  2,957
  3,157
  3,365
  3,582
  3,807
Maintenance CAPEX, $m
  0
  -13
  -17
  -22
  -28
  -35
  -43
  -53
  -63
  -75
  -88
  -101
  -116
  -132
  -149
  -167
  -186
  -207
  -228
  -250
  -272
  -296
  -321
  -347
  -374
  -402
  -431
  -461
  -492
  -525
  -559
New CAPEX, $m
  -9
  -42
  -51
  -61
  -71
  -82
  -93
  -105
  -116
  -127
  -138
  -149
  -160
  -170
  -181
  -191
  -200
  -210
  -220
  -229
  -239
  -249
  -259
  -269
  -279
  -290
  -302
  -314
  -326
  -339
  -353
Cash from investing activities, $m
  -105
  -55
  -68
  -83
  -99
  -117
  -136
  -158
  -179
  -202
  -226
  -250
  -276
  -302
  -330
  -358
  -386
  -417
  -448
  -479
  -511
  -545
  -580
  -616
  -653
  -692
  -733
  -775
  -818
  -864
  -912
Free cash flow, $m
  -12
  64
  84
  109
  138
  173
  214
  261
  314
  373
  438
  503
  580
  663
  751
  845
  945
  1,049
  1,159
  1,274
  1,394
  1,519
  1,649
  1,784
  1,925
  2,072
  2,224
  2,382
  2,547
  2,717
  2,895
Issuance/(repayment) of debt, $m
  -1
  75
  92
  110
  129
  149
  169
  189
  210
  230
  251
  270
  290
  309
  327
  345
  363
  380
  398
  415
  432
  450
  468
  487
  506
  526
  546
  568
  590
  614
  639
Issuance/(repurchase) of shares, $m
  15
  46
  46
  42
  35
  23
  6
  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
  121
  138
  152
  164
  172
  175
  189
  210
  230
  251
  270
  290
  309
  327
  345
  363
  380
  398
  415
  432
  450
  468
  487
  506
  526
  546
  568
  590
  614
  639
Total cash flow (excl. dividends), $m
  -8
  186
  222
  261
  302
  345
  389
  450
  524
  603
  688
  774
  870
  972
  1,078
  1,190
  1,307
  1,429
  1,556
  1,689
  1,826
  1,969
  2,117
  2,271
  2,431
  2,597
  2,770
  2,950
  3,137
  3,331
  3,534
Retained Cash Flow (-), $m
  -26
  -125
  -152
  -182
  -213
  -246
  -279
  -313
  -347
  -381
  -414
  -447
  -479
  -510
  -540
  -570
  -599
  -628
  -657
  -686
  -715
  -744
  -774
  -804
  -836
  -869
  -903
  -938
  -976
  -1,015
  -1,056
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
 
  232
  69
  79
  89
  99
  110
  137
  177
  222
  274
  327
  391
  462
  538
  620
  708
  801
  899
  1,003
  1,111
  1,225
  1,343
  1,467
  1,595
  1,729
  1,868
  2,012
  2,161
  2,317
  2,478
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
 
  223
  63
  69
  73
  77
  80
  93
  111
  128
  144
  155
  167
  176
  181
  182
  180
  174
  166
  154
  141
  127
  111
  96
  81
  67
  54
  43
  33
  25
  19
Current shareholders' claim on cash, %
  100
  95.5
  92.2
  89.9
  88.5
  87.8
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6
  87.6

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 203.7
Price to Sales 4.2
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 15.3
Price to Free Cash Flow 17
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 32.9% 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 10 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 $1.4 billion.

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COMPANY NEWS

▶ ETFs with exposure to Rambus, Inc. : August 15, 2017   [Aug-15-17 04:58PM  Capital Cube]
▶ Rambus beats Street 2Q forecasts   [Jul-24-17 09:30PM  Associated Press]
▶ Rambus Rising on Q2 Beat, Higher Q3 View   [05:27PM  Barrons.com]
▶ Rambus to Announce Second Quarter 2017 Results   [Jul-11-17 04:05PM  Business Wire]
▶ 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]
Stock chart of RMBS Financial statements 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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