Intrinsic value of Sanmina - SANM

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$36.80

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$36.80

 
Intrinsic value

$43.00

 
Up/down potential

+17%

 
Rating

hold

 
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*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 2.7

 

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
  2.00
  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
  6,481
  6,611
  6,763
  6,936
  7,132
  7,348
  7,585
  7,843
  8,123
  8,424
  8,748
  9,093
  9,462
  9,855
  10,273
  10,716
  11,186
  11,683
  12,209
  12,764
  13,351
  13,969
  14,622
  15,310
  16,035
  16,798
  17,602
  18,448
  19,338
  20,274
  21,259
Variable operating expenses, $m
 
  5,051
  5,167
  5,299
  5,449
  5,614
  5,795
  5,992
  6,206
  6,436
  6,683
  6,947
  7,229
  7,530
  7,849
  8,187
  8,546
  8,926
  9,327
  9,752
  10,200
  10,673
  11,171
  11,697
  12,250
  12,834
  13,448
  14,094
  14,774
  15,490
  16,242
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
  6,421
  6,572
  6,739
  6,925
  7,127
  7,346
  7,581
  7,835
  8,106
  8,394
  8,701
  9,027
  9,373
  9,738
  10,123
  10,531
  10,960
  11,412
  11,889
  12,391
  12,919
  13,473
  14,056
  14,668
  15,313
  15,989
  16,698
  17,443
  18,226
  19,046
Operating income, $m
  225
  190
  191
  197
  207
  221
  240
  262
  288
  318
  353
  392
  435
  483
  535
  593
  655
  723
  796
  875
  960
  1,051
  1,149
  1,254
  1,366
  1,486
  1,613
  1,749
  1,894
  2,049
  2,213
EBITDA, $m
  337
  253
  256
  264
  276
  292
  312
  337
  366
  399
  437
  479
  526
  577
  634
  696
  762
  835
  913
  997
  1,088
  1,185
  1,289
  1,401
  1,520
  1,647
  1,782
  1,927
  2,080
  2,243
  2,417
Interest expense (income), $m
  21
  18
  20
  22
  24
  27
  29
  33
  36
  39
  43
  47
  52
  57
  62
  67
  73
  79
  85
  92
  99
  107
  115
  123
  132
  141
  151
  162
  172
  184
  196
Earnings before tax, $m
  205
  171
  171
  175
  183
  195
  210
  229
  252
  279
  310
  344
  383
  426
  474
  526
  582
  644
  711
  783
  861
  944
  1,034
  1,131
  1,234
  1,344
  1,462
  1,588
  1,722
  1,865
  2,017
Tax expense, $m
  17
  46
  46
  47
  49
  53
  57
  62
  68
  75
  84
  93
  103
  115
  128
  142
  157
  174
  192
  211
  232
  255
  279
  305
  333
  363
  395
  429
  465
  503
  545
Net income, $m
  188
  125
  125
  128
  134
  142
  153
  167
  184
  204
  226
  251
  280
  311
  346
  384
  425
  470
  519
  571
  628
  689
  755
  825
  901
  981
  1,067
  1,159
  1,257
  1,361
  1,472

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
  3,292
  3,368
  3,454
  3,552
  3,659
  3,777
  3,906
  4,045
  4,195
  4,356
  4,529
  4,712
  4,908
  5,116
  5,337
  5,571
  5,818
  6,080
  6,357
  6,649
  6,957
  7,282
  7,624
  7,985
  8,366
  8,766
  9,187
  9,630
  10,097
  10,587
Adjusted assets (=assets-cash), $m
  3,227
  3,292
  3,368
  3,454
  3,552
  3,659
  3,777
  3,906
  4,045
  4,195
  4,356
  4,529
  4,712
  4,908
  5,116
  5,337
  5,571
  5,818
  6,080
  6,357
  6,649
  6,957
  7,282
  7,624
  7,985
  8,366
  8,766
  9,187
  9,630
  10,097
  10,587
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
  317
  325
  333
  342
  353
  364
  376
  390
  404
  420
  436
  454
  473
  493
  514
  537
  561
  586
  613
  641
  671
  702
  735
  770
  806
  845
  885
  928
  973
  1,020
Working capital, $m
  975
  615
  629
  645
  663
  683
  705
  729
  755
  783
  814
  846
  880
  917
  955
  997
  1,040
  1,087
  1,135
  1,187
  1,242
  1,299
  1,360
  1,424
  1,491
  1,562
  1,637
  1,716
  1,798
  1,886
  1,977
Total debt, $m
  462
  475
  522
  575
  635
  701
  774
  853
  939
  1,031
  1,131
  1,237
  1,350
  1,470
  1,598
  1,734
  1,878
  2,031
  2,192
  2,363
  2,543
  2,732
  2,933
  3,144
  3,366
  3,600
  3,847
  4,106
  4,379
  4,667
  4,969
Total liabilities, $m
  2,015
  2,028
  2,075
  2,128
  2,188
  2,254
  2,327
  2,406
  2,492
  2,584
  2,684
  2,790
  2,903
  3,023
  3,151
  3,287
  3,431
  3,584
  3,745
  3,916
  4,096
  4,285
  4,486
  4,697
  4,919
  5,153
  5,400
  5,659
  5,932
  6,220
  6,522
Total equity, $m
  1,610
  1,264
  1,293
  1,326
  1,364
  1,405
  1,451
  1,500
  1,553
  1,611
  1,673
  1,739
  1,810
  1,885
  1,965
  2,049
  2,139
  2,234
  2,335
  2,441
  2,553
  2,671
  2,796
  2,928
  3,066
  3,212
  3,366
  3,528
  3,698
  3,877
  4,066
Total liabilities and equity, $m
  3,625
  3,292
  3,368
  3,454
  3,552
  3,659
  3,778
  3,906
  4,045
  4,195
  4,357
  4,529
  4,713
  4,908
  5,116
  5,336
  5,570
  5,818
  6,080
  6,357
  6,649
  6,956
  7,282
  7,625
  7,985
  8,365
  8,766
  9,187
  9,630
  10,097
  10,588
Debt-to-equity ratio
  0.287
  0.380
  0.400
  0.430
  0.470
  0.500
  0.530
  0.570
  0.600
  0.640
  0.680
  0.710
  0.750
  0.780
  0.810
  0.850
  0.880
  0.910
  0.940
  0.970
  1.000
  1.020
  1.050
  1.070
  1.100
  1.120
  1.140
  1.160
  1.180
  1.200
  1.220
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
  125
  125
  128
  134
  142
  153
  167
  184
  204
  226
  251
  280
  311
  346
  384
  425
  470
  519
  571
  628
  689
  755
  825
  901
  981
  1,067
  1,159
  1,257
  1,361
  1,472
Depreciation, amort., depletion, $m
  112
  63
  65
  67
  68
  71
  73
  75
  78
  81
  84
  87
  91
  95
  99
  103
  107
  112
  117
  123
  128
  134
  140
  147
  154
  161
  169
  177
  186
  195
  204
Funds from operations, $m
  469
  189
  190
  195
  202
  213
  226
  243
  262
  285
  310
  339
  370
  406
  444
  486
  532
  582
  636
  694
  756
  823
  895
  972
  1,055
  1,143
  1,236
  1,336
  1,443
  1,556
  1,676
Change in working capital, $m
  79
  12
  14
  16
  18
  20
  22
  24
  26
  28
  30
  32
  34
  37
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  67
  71
  75
  79
  83
  87
  92
Cash from operations, $m
  390
  485
  176
  178
  184
  193
  204
  219
  236
  256
  280
  306
  336
  369
  405
  445
  489
  536
  587
  642
  702
  766
  835
  908
  987
  1,072
  1,162
  1,258
  1,360
  1,469
  1,585
Maintenance CAPEX, $m
  0
  -62
  -63
  -65
  -67
  -68
  -71
  -73
  -75
  -78
  -81
  -84
  -87
  -91
  -95
  -99
  -103
  -107
  -112
  -117
  -123
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -186
  -195
New CAPEX, $m
  -120
  -9
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
Cash from investing activities, $m
  -175
  -71
  -70
  -73
  -76
  -78
  -82
  -85
  -88
  -92
  -97
  -101
  -105
  -110
  -115
  -120
  -126
  -131
  -137
  -144
  -151
  -158
  -165
  -173
  -182
  -191
  -200
  -210
  -220
  -231
  -242
Free cash flow, $m
  215
  415
  105
  105
  108
  114
  122
  133
  147
  164
  184
  206
  231
  259
  291
  325
  363
  405
  450
  498
  551
  608
  669
  735
  805
  881
  962
  1,048
  1,140
  1,238
  1,343
Issuance/(repayment) of debt, $m
  -107
  41
  47
  53
  60
  66
  73
  79
  86
  92
  99
  106
  113
  121
  128
  136
  144
  152
  161
  170
  180
  190
  200
  211
  222
  234
  247
  260
  273
  287
  302
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
  41
  47
  53
  60
  66
  73
  79
  86
  92
  99
  106
  113
  121
  128
  136
  144
  152
  161
  170
  180
  190
  200
  211
  222
  234
  247
  260
  273
  287
  302
Total cash flow (excl. dividends), $m
  -14
  456
  152
  158
  168
  180
  195
  213
  233
  256
  283
  312
  344
  380
  419
  461
  507
  557
  611
  669
  731
  798
  869
  946
  1,028
  1,115
  1,208
  1,308
  1,413
  1,526
  1,645
Retained Cash Flow (-), $m
  -90
  -24
  -29
  -33
  -37
  -41
  -45
  -49
  -53
  -58
  -62
  -66
  -71
  -75
  -80
  -85
  -90
  -95
  -101
  -106
  -112
  -118
  -125
  -132
  -139
  -146
  -154
  -162
  -170
  -179
  -188
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
 
  801
  123
  125
  131
  139
  150
  163
  180
  199
  221
  246
  274
  305
  339
  377
  418
  462
  510
  563
  619
  680
  745
  814
  889
  969
  1,055
  1,146
  1,243
  1,346
  1,457
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
 
  768
  112
  109
  108
  108
  109
  110
  112
  114
  116
  117
  117
  116
  114
  111
  106
  101
  94
  87
  79
  70
  62
  53
  45
  38
  31
  25
  19
  15
  11
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 14.3
Price to Sales 0.4
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 6.9
Price to Free Cash Flow 10
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% 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 74.384 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 $2.7 billion.


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COMPANY NEWS

▶ 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]
▶ Sanmina shares rise as board approves stock buyback   [Sep-12-16 05:09PM  at MarketWatch]
▶ Why Sanmina Corp. Stock Plunged Today   [Jul-26-16 04:25PM  at Motley Fool]
▶ After-hours buzz: TXN, GILD, LVS & more   [Jul-25-16 06:13PM  at CNBC]
▶ Sanmina posts 3Q profit   [04:45PM  AP]
Stock chart of SANM Financial statements of SANM Annual reports 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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