Intrinsic value of Sanmina - SANM

Previous Close

$30.55

  Intrinsic Value

$44.04

stock screener

  Rating & Target

buy

+44%

Previous close

$30.55

 
Intrinsic value

$44.04

 
Up/down potential

+44%

 
Rating

buy

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 2.3

 

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, %
  1.66
  2.50
  2.75
  2.97
  3.18
  3.36
  3.52
  3.67
  3.80
  3.92
  4.03
  4.13
  4.22
  4.29
  4.36
  4.43
  4.49
  4.54
  4.58
  4.62
  4.66
  4.70
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
Revenue, $m
  6,481
  6,643
  6,826
  7,029
  7,252
  7,496
  7,760
  8,045
  8,351
  8,679
  9,028
  9,401
  9,797
  10,218
  10,664
  11,136
  11,636
  12,164
  12,721
  13,309
  13,930
  14,584
  15,273
  16,000
  16,764
  17,569
  18,416
  19,307
  20,244
  21,230
  22,266
Variable operating expenses, $m
 
  5,075
  5,215
  5,370
  5,541
  5,727
  5,929
  6,146
  6,380
  6,630
  6,898
  7,182
  7,485
  7,807
  8,147
  8,508
  8,890
  9,293
  9,719
  10,168
  10,643
  11,142
  11,669
  12,224
  12,808
  13,423
  14,070
  14,750
  15,466
  16,220
  17,011
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
  6,445
  6,620
  6,810
  7,017
  7,240
  7,480
  7,735
  8,009
  8,300
  8,609
  8,936
  9,283
  9,650
  10,036
  10,444
  10,875
  11,327
  11,804
  12,305
  12,834
  13,388
  13,971
  14,583
  15,226
  15,902
  16,611
  17,354
  18,135
  18,956
  19,815
Operating income, $m
  225
  197
  206
  219
  236
  256
  281
  309
  342
  378
  419
  464
  514
  568
  628
  692
  761
  836
  917
  1,004
  1,097
  1,196
  1,303
  1,417
  1,538
  1,668
  1,805
  1,952
  2,108
  2,274
  2,450
EBITDA, $m
  337
  261
  272
  286
  305
  328
  355
  387
  422
  462
  506
  555
  608
  666
  730
  799
  873
  953
  1,039
  1,131
  1,230
  1,336
  1,449
  1,570
  1,699
  1,836
  1,982
  2,138
  2,303
  2,478
  2,664
Interest expense (income), $m
  21
  18
  20
  23
  25
  28
  31
  35
  38
  42
  47
  51
  56
  61
  66
  72
  78
  85
  91
  99
  106
  114
  123
  132
  141
  151
  161
  172
  184
  196
  208
Earnings before tax, $m
  205
  179
  186
  196
  210
  228
  249
  275
  303
  336
  373
  413
  458
  507
  561
  620
  683
  752
  825
  905
  990
  1,082
  1,180
  1,285
  1,397
  1,517
  1,644
  1,780
  1,925
  2,079
  2,242
Tax expense, $m
  17
  48
  50
  53
  57
  62
  67
  74
  82
  91
  101
  112
  124
  137
  152
  167
  184
  203
  223
  244
  267
  292
  319
  347
  377
  410
  444
  481
  520
  561
  605
Net income, $m
  188
  131
  136
  143
  154
  167
  182
  200
  221
  245
  272
  302
  334
  370
  410
  452
  499
  549
  603
  661
  723
  790
  861
  938
  1,020
  1,107
  1,200
  1,300
  1,405
  1,517
  1,637

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
  3,308
  3,399
  3,500
  3,612
  3,733
  3,864
  4,006
  4,159
  4,322
  4,496
  4,682
  4,879
  5,089
  5,311
  5,546
  5,795
  6,058
  6,335
  6,628
  6,937
  7,263
  7,606
  7,968
  8,349
  8,749
  9,171
  9,615
  10,082
  10,573
  11,089
Adjusted assets (=assets-cash), $m
  3,227
  3,308
  3,399
  3,500
  3,612
  3,733
  3,864
  4,006
  4,159
  4,322
  4,496
  4,682
  4,879
  5,089
  5,311
  5,546
  5,795
  6,058
  6,335
  6,628
  6,937
  7,263
  7,606
  7,968
  8,349
  8,749
  9,171
  9,615
  10,082
  10,573
  11,089
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
  319
  328
  337
  348
  360
  372
  386
  401
  417
  433
  451
  470
  490
  512
  535
  559
  584
  611
  639
  669
  700
  733
  768
  805
  843
  884
  927
  972
  1,019
  1,069
Working capital, $m
  975
  618
  635
  654
  674
  697
  722
  748
  777
  807
  840
  874
  911
  950
  992
  1,036
  1,082
  1,131
  1,183
  1,238
  1,295
  1,356
  1,420
  1,488
  1,559
  1,634
  1,713
  1,796
  1,883
  1,974
  2,071
Total debt, $m
  462
  485
  541
  603
  672
  746
  828
  915
  1,009
  1,109
  1,217
  1,331
  1,453
  1,582
  1,718
  1,863
  2,017
  2,178
  2,349
  2,530
  2,720
  2,921
  3,132
  3,355
  3,590
  3,837
  4,096
  4,370
  4,657
  4,960
  5,278
Total liabilities, $m
  2,015
  2,038
  2,094
  2,156
  2,225
  2,299
  2,381
  2,468
  2,562
  2,662
  2,770
  2,884
  3,006
  3,135
  3,271
  3,416
  3,570
  3,731
  3,902
  4,083
  4,273
  4,474
  4,685
  4,908
  5,143
  5,390
  5,649
  5,923
  6,210
  6,513
  6,831
Total equity, $m
  1,610
  1,270
  1,305
  1,344
  1,387
  1,433
  1,484
  1,538
  1,597
  1,660
  1,727
  1,798
  1,874
  1,954
  2,039
  2,130
  2,225
  2,326
  2,433
  2,545
  2,664
  2,789
  2,921
  3,060
  3,206
  3,360
  3,522
  3,692
  3,871
  4,060
  4,258
Total liabilities and equity, $m
  3,625
  3,308
  3,399
  3,500
  3,612
  3,732
  3,865
  4,006
  4,159
  4,322
  4,497
  4,682
  4,880
  5,089
  5,310
  5,546
  5,795
  6,057
  6,335
  6,628
  6,937
  7,263
  7,606
  7,968
  8,349
  8,750
  9,171
  9,615
  10,081
  10,573
  11,089
Debt-to-equity ratio
  0.287
  0.380
  0.410
  0.450
  0.480
  0.520
  0.560
  0.590
  0.630
  0.670
  0.700
  0.740
  0.780
  0.810
  0.840
  0.870
  0.910
  0.940
  0.970
  0.990
  1.020
  1.050
  1.070
  1.100
  1.120
  1.140
  1.160
  1.180
  1.200
  1.220
  1.240
Adjusted equity ratio
  0.376
  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
  131
  136
  143
  154
  167
  182
  200
  221
  245
  272
  302
  334
  370
  410
  452
  499
  549
  603
  661
  723
  790
  861
  938
  1,020
  1,107
  1,200
  1,300
  1,405
  1,517
  1,637
Depreciation, amort., depletion, $m
  112
  64
  66
  67
  70
  72
  74
  77
  80
  83
  87
  90
  94
  98
  102
  107
  112
  117
  122
  128
  134
  140
  147
  154
  161
  169
  177
  185
  194
  204
  214
Funds from operations, $m
  469
  195
  201
  211
  223
  238
  257
  278
  302
  329
  359
  392
  429
  468
  512
  559
  610
  665
  725
  788
  857
  930
  1,008
  1,092
  1,181
  1,276
  1,377
  1,485
  1,599
  1,721
  1,850
Change in working capital, $m
  79
  15
  17
  19
  21
  23
  25
  26
  28
  30
  33
  35
  37
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  92
  96
Cash from operations, $m
  390
  179
  184
  192
  202
  216
  232
  251
  273
  298
  326
  357
  392
  429
  471
  515
  564
  616
  673
  734
  799
  869
  944
  1,024
  1,110
  1,201
  1,298
  1,402
  1,512
  1,629
  1,754
Maintenance CAPEX, $m
  0
  -62
  -64
  -66
  -67
  -70
  -72
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -122
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -185
  -194
  -204
New CAPEX, $m
  -120
  -10
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
Cash from investing activities, $m
  -175
  -72
  -73
  -76
  -78
  -82
  -85
  -88
  -92
  -96
  -100
  -105
  -109
  -114
  -119
  -125
  -131
  -137
  -144
  -150
  -158
  -165
  -173
  -182
  -191
  -200
  -210
  -220
  -230
  -241
  -254
Free cash flow, $m
  215
  107
  112
  117
  124
  134
  147
  163
  181
  202
  226
  253
  282
  315
  351
  390
  433
  479
  529
  583
  641
  704
  771
  843
  919
  1,001
  1,089
  1,182
  1,282
  1,388
  1,501
Issuance/(repayment) of debt, $m
  -107
  51
  56
  62
  69
  75
  81
  87
  94
  101
  107
  114
  122
  129
  137
  145
  153
  162
  171
  180
  190
  201
  211
  223
  235
  247
  260
  273
  288
  302
  318
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
  51
  56
  62
  69
  75
  81
  87
  94
  101
  107
  114
  122
  129
  137
  145
  153
  162
  171
  180
  190
  201
  211
  223
  235
  247
  260
  273
  288
  302
  318
Total cash flow (excl. dividends), $m
  -14
  158
  168
  179
  193
  209
  228
  250
  275
  303
  333
  367
  404
  444
  488
  535
  586
  641
  700
  764
  832
  905
  982
  1,065
  1,154
  1,248
  1,349
  1,456
  1,569
  1,690
  1,818
Retained Cash Flow (-), $m
  -90
  -30
  -35
  -39
  -43
  -47
  -51
  -54
  -59
  -63
  -67
  -71
  -76
  -80
  -85
  -90
  -96
  -101
  -107
  -113
  -119
  -125
  -132
  -139
  -146
  -154
  -162
  -170
  -179
  -189
  -198
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
 
  498
  133
  140
  150
  163
  178
  196
  217
  240
  266
  296
  328
  364
  403
  445
  491
  540
  594
  651
  713
  779
  851
  927
  1,008
  1,094
  1,187
  1,285
  1,390
  1,502
  1,620
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
 
  477
  122
  122
  124
  126
  129
  132
  135
  138
  140
  140
  140
  138
  135
  131
  125
  118
  109
  100
  91
  81
  71
  61
  51
  43
  35
  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

Sanmina Corporation is a provider of integrated manufacturing solutions, components, products and repair, logistics and after-market services. The Company provides its offerings primarily to original equipment manufacturers (OEMs) in various industries, including communications networks, storage, industrial, defense and aerospace, medical and energy. The Company operates through two businesses: Integrated Manufacturing Solutions (IMS) and Components, Products and Services (CPS). IMS consists of printed circuit board assembly and test, final system assembly and test, and direct-order-fulfillment. Its Components include interconnect systems and mechanical systems. Its Products include memory, radio frequency (RF), optical and microelectronics solutions, defense and aerospace products, storage solutions and cloud-based manufacturing execution software. Its Services include design, engineering, logistics and repair services.

FINANCIAL RATIOS  of  Sanmina (SANM)

Valuation Ratios
P/E Ratio 11.9
Price to Sales 0.3
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 5.7
Price to Free Cash Flow 8.3
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 2.5% 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 2.8 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 75.325 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 $2.3 billion.

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COMPANY NEWS

▶ ETFs with exposure to Sanmina Corp. : December 11, 2017   [Dec-11-17 02:08PM  Capital Cube]
▶ ETFs with exposure to Sanmina Corp. : November 29, 2017   [Nov-29-17 12:16PM  Capital Cube]
▶ ETFs with exposure to Sanmina Corp. : November 16, 2017   [Nov-16-17 12:00PM  Capital Cube]
▶ New Strong Sell Stocks for November 7th   [Nov-07-17 08:38AM  Zacks]
▶ Sanmina shares fall on earnings miss, outlook   [Oct-30-17 06:17PM  MarketWatch]
▶ Sanmina posts 4Q profit   [05:37PM  Associated Press]
▶ Sanmina Earns IBD Rating Upgrade   [Oct-26-17 03:00AM  Investor's Business Daily]
▶ Sanmina Announces $200 Million Stock Repurchase Program   [Sep-18-17 05:10PM  PR Newswire]
▶ 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]
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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