Intrinsic value of Sanmina - SANM

Previous Close

$35.20

  Intrinsic Value

$70.09

stock screener

  Rating & Target

str. buy

+99%

  Value-price divergence*

+50%

Previous close

$35.20

 
Intrinsic value

$70.09

 
Up/down potential

+99%

 
Rating

str. buy

 
Value-price divergence*

+50%

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

We calculate the intrinsic value of SANM 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 2.5

 

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, %
  1.66
  4.40
  4.46
  4.51
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
Revenue, $m
  6,481
  6,766
  7,068
  7,387
  7,724
  8,080
  8,455
  8,851
  9,268
  9,708
  10,170
  10,658
  11,170
  11,710
  12,278
  12,875
  13,503
  14,163
  14,857
  15,586
  16,353
  17,158
  18,005
  18,895
  19,829
  20,811
  21,843
  22,927
  24,065
  25,261
  26,517
Variable operating expenses, $m
 
  5,169
  5,400
  5,644
  5,901
  6,173
  6,460
  6,762
  7,081
  7,417
  7,770
  8,142
  8,534
  8,946
  9,380
  9,836
  10,316
  10,820
  11,350
  11,908
  12,494
  13,109
  13,756
  14,436
  15,150
  15,900
  16,688
  17,516
  18,386
  19,299
  20,259
Fixed operating expenses, $m
 
  1,370
  1,405
  1,440
  1,476
  1,513
  1,551
  1,589
  1,629
  1,670
  1,711
  1,754
  1,798
  1,843
  1,889
  1,936
  1,985
  2,034
  2,085
  2,137
  2,191
  2,246
  2,302
  2,359
  2,418
  2,479
  2,541
  2,604
  2,669
  2,736
  2,804
Total operating expenses, $m
  6,256
  6,539
  6,805
  7,084
  7,377
  7,686
  8,011
  8,351
  8,710
  9,087
  9,481
  9,896
  10,332
  10,789
  11,269
  11,772
  12,301
  12,854
  13,435
  14,045
  14,685
  15,355
  16,058
  16,795
  17,568
  18,379
  19,229
  20,120
  21,055
  22,035
  23,063
Operating income, $m
  225
  226
  263
  304
  347
  394
  445
  500
  558
  621
  689
  761
  838
  921
  1,008
  1,102
  1,202
  1,308
  1,421
  1,541
  1,668
  1,804
  1,947
  2,100
  2,261
  2,433
  2,614
  2,806
  3,010
  3,225
  3,453
EBITDA, $m
  337
  259
  297
  339
  384
  433
  485
  542
  603
  668
  738
  812
  892
  977
  1,067
  1,164
  1,267
  1,376
  1,492
  1,616
  1,747
  1,886
  2,034
  2,191
  2,357
  2,533
  2,719
  2,917
  3,126
  3,347
  3,581
Interest expense (income), $m
  21
  18
  22
  26
  30
  34
  39
  44
  49
  54
  60
  66
  72
  79
  86
  93
  101
  109
  117
  126
  136
  145
  156
  167
  178
  190
  203
  216
  230
  245
  260
Earnings before tax, $m
  205
  208
  241
  278
  317
  360
  406
  456
  509
  567
  629
  695
  766
  842
  923
  1,009
  1,101
  1,199
  1,304
  1,415
  1,533
  1,658
  1,792
  1,933
  2,083
  2,243
  2,411
  2,590
  2,780
  2,981
  3,193
Tax expense, $m
  17
  56
  65
  75
  86
  97
  110
  123
  138
  153
  170
  188
  207
  227
  249
  272
  297
  324
  352
  382
  414
  448
  484
  522
  562
  605
  651
  699
  751
  805
  862
Net income, $m
  188
  152
  176
  203
  231
  263
  296
  333
  372
  414
  459
  507
  559
  615
  674
  737
  804
  875
  952
  1,033
  1,119
  1,211
  1,308
  1,411
  1,521
  1,637
  1,760
  1,891
  2,029
  2,176
  2,331

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  398
  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
  3,625
  3,370
  3,520
  3,679
  3,847
  4,024
  4,211
  4,408
  4,616
  4,834
  5,065
  5,308
  5,563
  5,832
  6,114
  6,412
  6,724
  7,053
  7,399
  7,762
  8,144
  8,545
  8,967
  9,410
  9,875
  10,364
  10,878
  11,418
  11,985
  12,580
  13,206
Adjusted assets (=assets-cash), $m
  3,227
  3,370
  3,520
  3,679
  3,847
  4,024
  4,211
  4,408
  4,616
  4,834
  5,065
  5,308
  5,563
  5,832
  6,114
  6,412
  6,724
  7,053
  7,399
  7,762
  8,144
  8,545
  8,967
  9,410
  9,875
  10,364
  10,878
  11,418
  11,985
  12,580
  13,206
Revenue / Adjusted assets
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
  2.008
Average production assets, $m
  309
  325
  339
  355
  371
  388
  406
  425
  445
  466
  488
  512
  536
  562
  589
  618
  648
  680
  713
  748
  785
  824
  864
  907
  952
  999
  1,048
  1,100
  1,155
  1,213
  1,273
Working capital, $m
  975
  629
  657
  687
  718
  751
  786
  823
  862
  903
  946
  991
  1,039
  1,089
  1,142
  1,197
  1,256
  1,317
  1,382
  1,450
  1,521
  1,596
  1,674
  1,757
  1,844
  1,935
  2,031
  2,132
  2,238
  2,349
  2,466
Total debt, $m
  462
  523
  615
  713
  817
  926
  1,041
  1,162
  1,290
  1,425
  1,567
  1,716
  1,874
  2,039
  2,213
  2,397
  2,589
  2,792
  3,005
  3,228
  3,464
  3,711
  3,970
  4,243
  4,530
  4,831
  5,148
  5,480
  5,830
  6,196
  6,582
Total liabilities, $m
  2,015
  2,076
  2,168
  2,266
  2,370
  2,479
  2,594
  2,715
  2,843
  2,978
  3,120
  3,269
  3,427
  3,592
  3,766
  3,950
  4,142
  4,345
  4,558
  4,781
  5,017
  5,264
  5,523
  5,796
  6,083
  6,384
  6,701
  7,033
  7,383
  7,749
  8,135
Total equity, $m
  1,610
  1,294
  1,352
  1,413
  1,477
  1,545
  1,617
  1,693
  1,772
  1,856
  1,945
  2,038
  2,136
  2,239
  2,348
  2,462
  2,582
  2,708
  2,841
  2,981
  3,127
  3,281
  3,443
  3,613
  3,792
  3,980
  4,177
  4,384
  4,602
  4,831
  5,071
Total liabilities and equity, $m
  3,625
  3,370
  3,520
  3,679
  3,847
  4,024
  4,211
  4,408
  4,615
  4,834
  5,065
  5,307
  5,563
  5,831
  6,114
  6,412
  6,724
  7,053
  7,399
  7,762
  8,144
  8,545
  8,966
  9,409
  9,875
  10,364
  10,878
  11,417
  11,985
  12,580
  13,206
Debt-to-equity ratio
  0.287
  0.400
  0.460
  0.500
  0.550
  0.600
  0.640
  0.690
  0.730
  0.770
  0.810
  0.840
  0.880
  0.910
  0.940
  0.970
  1.000
  1.030
  1.060
  1.080
  1.110
  1.130
  1.150
  1.170
  1.190
  1.210
  1.230
  1.250
  1.270
  1.280
  1.300
Adjusted equity ratio
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  188
  152
  176
  203
  231
  263
  296
  333
  372
  414
  459
  507
  559
  615
  674
  737
  804
  875
  952
  1,033
  1,119
  1,211
  1,308
  1,411
  1,521
  1,637
  1,760
  1,891
  2,029
  2,176
  2,331
Depreciation, amort., depletion, $m
  112
  32
  34
  35
  37
  39
  41
  42
  44
  47
  49
  51
  54
  56
  59
  62
  65
  68
  71
  75
  78
  82
  86
  91
  95
  100
  105
  110
  116
  121
  127
Funds from operations, $m
  469
  184
  210
  238
  269
  301
  337
  375
  416
  461
  508
  559
  613
  671
  733
  798
  869
  943
  1,023
  1,108
  1,197
  1,293
  1,394
  1,502
  1,616
  1,737
  1,865
  2,001
  2,145
  2,297
  2,458
Change in working capital, $m
  79
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
  58
  61
  65
  68
  71
  75
  79
  83
  87
  91
  96
  101
  106
  111
  117
Cash from operations, $m
  390
  158
  182
  208
  237
  268
  302
  338
  378
  420
  465
  513
  565
  621
  680
  743
  810
  882
  958
  1,040
  1,126
  1,218
  1,316
  1,419
  1,529
  1,646
  1,769
  1,900
  2,039
  2,186
  2,342
Maintenance CAPEX, $m
  0
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -42
  -44
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -91
  -95
  -100
  -105
  -110
  -116
  -121
New CAPEX, $m
  -120
  -16
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -57
  -60
Cash from investing activities, $m
  -175
  -47
  -46
  -49
  -51
  -54
  -57
  -60
  -62
  -65
  -69
  -72
  -76
  -80
  -83
  -88
  -92
  -97
  -101
  -106
  -112
  -117
  -123
  -129
  -136
  -142
  -150
  -157
  -165
  -173
  -181
Free cash flow, $m
  215
  111
  135
  159
  186
  214
  245
  279
  315
  354
  396
  441
  489
  541
  596
  655
  718
  786
  857
  933
  1,015
  1,101
  1,193
  1,290
  1,393
  1,503
  1,620
  1,743
  1,874
  2,013
  2,160
Issuance/(repayment) of debt, $m
  -107
  89
  93
  98
  103
  109
  115
  121
  128
  135
  142
  149
  157
  166
  174
  183
  193
  203
  213
  224
  235
  247
  260
  273
  287
  301
  316
  332
  349
  367
  385
Issuance/(repurchase) of shares, $m
  -124
  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  
  -231
  89
  93
  98
  103
  109
  115
  121
  128
  135
  142
  149
  157
  166
  174
  183
  193
  203
  213
  224
  235
  247
  260
  273
  287
  301
  316
  332
  349
  367
  385
Total cash flow (excl. dividends), $m
  -14
  199
  228
  257
  289
  323
  360
  400
  443
  489
  538
  591
  647
  707
  770
  838
  911
  988
  1,070
  1,157
  1,250
  1,348
  1,452
  1,563
  1,680
  1,805
  1,936
  2,076
  2,223
  2,380
  2,545
Retained Cash Flow (-), $m
  -90
  -54
  -58
  -61
  -64
  -68
  -72
  -76
  -80
  -84
  -89
  -93
  -98
  -103
  -109
  -114
  -120
  -126
  -133
  -139
  -147
  -154
  -162
  -170
  -179
  -188
  -197
  -207
  -218
  -229
  -240
Prev. year cash balance distribution, $m
 
  370
  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
 
  516
  170
  196
  225
  255
  289
  325
  363
  405
  450
  497
  549
  603
  662
  724
  791
  862
  937
  1,018
  1,103
  1,194
  1,290
  1,393
  1,501
  1,617
  1,739
  1,869
  2,006
  2,151
  2,305
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
 
  494
  156
  171
  185
  198
  209
  219
  227
  233
  236
  236
  234
  229
  222
  213
  201
  188
  173
  157
  140
  123
  107
  91
  76
  63
  51
  40
  31
  23
  17
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

Sanmina Corporation provides integrated manufacturing solutions, components, products and repair, logistics, and after-market services worldwide. The company offers product design and engineering solutions comprising concept development, detailed design, prototyping, validation, preproduction, and manufacturing design release; manufacturing solutions of components, subassemblies, and complete systems; final system assembly and test services; direct order fulfillment and logistics services; after-market product service and support; and supply chain management services. It also provides interconnect systems, such as printed circuit board fabrication, backplane, and cable assemblies; and mechanical systems, including enclosures, precision machining, and plastic injection molding; non-volatile DIMMs, solid state drives, and DRAM solutions; defense and aerospace products; storage products; and optical and radio frequency modules. The company offers its services to original equipment manufacturers in the communications networks, computing and storage, multimedia, industrial and semiconductor capital equipment, defense and aerospace, medical, energy and clean technology, and automotive industries. The company was formerly known as Sanmina-SCI Corporation and changed its name to Sanmina Corporation in November 2012. Sanmina Corporation was founded in 1980 and is headquartered in San Jose, California.

FINANCIAL RATIOS  of  Sanmina (SANM)

Valuation Ratios
P/E Ratio 13.7
Price to Sales 0.4
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow 9.5
Growth Rates
Sales Growth Rate 1.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0.8%
Cap. Spend. - 3 Yr. Gr. Rate 9.6%
Financial Strength
Quick Ratio 14
Current Ratio 0
LT Debt to Equity 27%
Total Debt to Equity 28.7%
Interest Coverage 11
Management Effectiveness
Return On Assets 5.8%
Ret/ On Assets - 3 Yr. Avg. 8.5%
Return On Total Capital 9.1%
Ret/ On T. Cap. - 3 Yr. Avg. 13.4%
Return On Equity 12%
Return On Equity - 3 Yr. Avg. 18.7%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 7.9%
Gross Margin - 3 Yr. Avg. 7.8%
EBITDA Margin 5.2%
EBITDA Margin - 3 Yr. Avg. 4.9%
Operating Margin 3.5%
Oper. Margin - 3 Yr. Avg. 3.2%
Pre-Tax Margin 3.2%
Pre-Tax Margin - 3 Yr. Avg. 2.8%
Net Profit Margin 2.9%
Net Profit Margin - 3 Yr. Avg. 4%
Effective Tax Rate 8.3%
Eff/ Tax Rate - 3 Yr. Avg. -42.5%
Payout Ratio 0%

SANM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SANM stock intrinsic value calculation we used $6481 million for the last fiscal year's total revenue generated by Sanmina. The default revenue input number comes from 2016 income statement of Sanmina. 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 SANM stock valuation model: a) initial revenue growth rate of 4.4% 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 SANM is calculated based on our internal credit rating of Sanmina, 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 Sanmina.
    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 SANM stock the variable cost ratio is equal to 76.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1337 million in the base year in the intrinsic value calculation for SANM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.2% for Sanmina.

Corporate tax rate of 27% is the nominal tax rate for Sanmina. 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 SANM 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 SANM are equal to 4.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Sanmina 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 SANM is equal to 9.3%. 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 - $1610 million for Sanmina - 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 71.072 million for Sanmina 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 Sanmina at the current share price and the inputted number of shares is $2.5 billion.

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COMPANY NEWS

▶ ETFs with exposure to Sanmina Corp. : August 15, 2017   [Aug-15-17 05:03PM  Capital Cube]
▶ John Hussman Invests Heavily in Technology in 2nd Quarter   [Aug-02-17 06:51PM  GuruFocus.com]
▶ Why Sanmina Corp. Shares Fell Today   [Jul-25-17 12:14PM  Motley Fool]
▶ Sanmina posts 3Q profit   [Jul-24-17 09:30PM  Associated Press]
▶ ETFs with exposure to Sanmina Corp. : July 14, 2017   [Jul-14-17 04:43PM  Capital Cube]
▶ ETFs with exposure to Sanmina Corp. : June 15, 2017   [Jun-15-17 03:13PM  Capital Cube]
▶ 3 Top Printed Circuit Board Stocks to Buy in 2017   [May-17-17 07:33PM  Motley Fool]
▶ ETFs with exposure to Sanmina Corp. : May 15, 2017   [May-15-17 04:33PM  Capital Cube]
▶ T-Mobile, EA Get Price-Target Hikes; Amazon Downgraded   [Apr-25-17 04:04PM  Investor's Business Daily]
▶ Sanmina Rising: FYQ2 Rev Misses, Q3 Rev, EPS View Beats   [Apr-24-17 06:04PM  Barrons.com]
▶ Sanmina posts 2Q profit   [04:50PM  Associated Press]
▶ ETFs with exposure to Sanmina Corp. : April 5, 2017   [Apr-05-17 05:25PM  Capital Cube]
▶ After Hours buzz: AAPL, EA, AMD & more   [Jan-31-17 05:53PM  CNBC]
▶ Sanmina posts 1Q profit   [04:36PM  AP]
▶ Is Synaptics, Incorporated (SYNA) A Good Stock To Buy?   [Dec-13-16 10:15AM  at Insider Monkey]
▶ Do Hedge Funds Love Sanmina Corp (SANM)?   [Dec-02-16 02:18AM  at Insider Monkey]
Stock chart of SANM Financial statements of SANM
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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