Intrinsic value of Silicon Motion Technology ADR - SIMO

Previous Close

$42.35

  Intrinsic Value

$79.30

stock screener

  Rating & Target

str. buy

+87%

  Value-price divergence*

+456%

Previous close

$42.35

 
Intrinsic value

$79.30

 
Up/down potential

+87%

 
Rating

str. buy

 
Value-price divergence*

+456%

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

We calculate the intrinsic value of SIMO 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 1.5

 

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, %
  54.02
  12.40
  11.66
  10.99
  10.39
  9.86
  9.37
  8.93
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
Revenue, $m
  556
  625
  698
  775
  855
  939
  1,027
  1,119
  1,215
  1,314
  1,417
  1,525
  1,637
  1,753
  1,873
  1,999
  2,129
  2,265
  2,406
  2,553
  2,706
  2,866
  3,032
  3,206
  3,387
  3,576
  3,774
  3,981
  4,197
  4,423
  4,660
Variable operating expenses, $m
 
  428
  478
  529
  584
  641
  700
  762
  826
  893
  963
  1,029
  1,104
  1,182
  1,264
  1,348
  1,436
  1,528
  1,623
  1,722
  1,825
  1,933
  2,045
  2,163
  2,285
  2,413
  2,546
  2,685
  2,831
  2,984
  3,143
Fixed operating expenses, $m
 
  39
  40
  41
  42
  43
  44
  45
  46
  47
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
  62
  64
  65
  67
  69
  70
  72
  74
  76
  78
  80
Total operating expenses, $m
  419
  467
  518
  570
  626
  684
  744
  807
  872
  940
  1,012
  1,079
  1,155
  1,234
  1,318
  1,403
  1,492
  1,586
  1,682
  1,783
  1,887
  1,997
  2,110
  2,230
  2,354
  2,483
  2,618
  2,759
  2,907
  3,062
  3,223
Operating income, $m
  137
  158
  180
  204
  229
  256
  283
  312
  342
  373
  406
  446
  481
  518
  556
  595
  636
  679
  724
  770
  818
  869
  921
  976
  1,033
  1,093
  1,156
  1,221
  1,290
  1,362
  1,437
EBITDA, $m
  148
  173
  197
  222
  249
  276
  305
  335
  366
  399
  433
  468
  505
  543
  583
  624
  667
  712
  758
  807
  857
  910
  965
  1,022
  1,082
  1,145
  1,210
  1,278
  1,350
  1,425
  1,503
Interest expense (income), $m
  0
  0
  1
  1
  2
  3
  3
  4
  5
  6
  7
  7
  8
  9
  10
  11
  13
  14
  15
  16
  17
  19
  20
  22
  23
  25
  26
  28
  30
  32
  34
Earnings before tax, $m
  139
  158
  180
  203
  227
  253
  280
  308
  337
  368
  399
  439
  473
  509
  545
  584
  624
  665
  709
  754
  801
  850
  901
  955
  1,010
  1,069
  1,130
  1,193
  1,260
  1,330
  1,403
Tax expense, $m
  28
  43
  49
  55
  61
  68
  76
  83
  91
  99
  108
  118
  128
  137
  147
  158
  168
  180
  191
  204
  216
  229
  243
  258
  273
  289
  305
  322
  340
  359
  379
Net income, $m
  111
  115
  131
  148
  166
  185
  204
  225
  246
  268
  291
  320
  345
  371
  398
  426
  455
  486
  517
  550
  585
  620
  658
  697
  738
  780
  825
  871
  920
  971
  1,024

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  278
  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
  606
  369
  412
  457
  504
  554
  606
  660
  717
  775
  836
  900
  966
  1,034
  1,105
  1,179
  1,256
  1,336
  1,419
  1,506
  1,596
  1,691
  1,789
  1,891
  1,998
  2,110
  2,227
  2,349
  2,476
  2,610
  2,749
Adjusted assets (=assets-cash), $m
  328
  369
  412
  457
  504
  554
  606
  660
  717
  775
  836
  900
  966
  1,034
  1,105
  1,179
  1,256
  1,336
  1,419
  1,506
  1,596
  1,691
  1,789
  1,891
  1,998
  2,110
  2,227
  2,349
  2,476
  2,610
  2,749
Revenue / Adjusted assets
  1.695
  1.694
  1.694
  1.696
  1.696
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.694
  1.695
  1.695
  1.695
  1.696
  1.695
  1.695
  1.696
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
Average production assets, $m
  90
  101
  113
  125
  139
  152
  166
  181
  197
  213
  230
  247
  265
  284
  303
  324
  345
  367
  390
  414
  438
  464
  491
  519
  549
  579
  611
  645
  680
  717
  755
Working capital, $m
  331
  87
  98
  108
  120
  132
  144
  157
  170
  184
  198
  213
  229
  245
  262
  280
  298
  317
  337
  357
  379
  401
  424
  449
  474
  501
  528
  557
  588
  619
  652
Total debt, $m
  25
  17
  35
  54
  74
  95
  117
  140
  164
  188
  214
  241
  268
  297
  327
  358
  391
  424
  460
  496
  534
  574
  615
  658
  703
  750
  799
  851
  904
  961
  1,019
Total liabilities, $m
  163
  155
  173
  192
  212
  233
  255
  278
  302
  326
  352
  379
  406
  435
  465
  496
  529
  562
  598
  634
  672
  712
  753
  796
  841
  888
  937
  989
  1,042
  1,099
  1,157
Total equity, $m
  443
  213
  238
  265
  292
  321
  351
  382
  415
  449
  484
  521
  559
  599
  640
  683
  727
  774
  822
  872
  924
  979
  1,036
  1,095
  1,157
  1,222
  1,289
  1,360
  1,434
  1,511
  1,592
Total liabilities and equity, $m
  606
  368
  411
  457
  504
  554
  606
  660
  717
  775
  836
  900
  965
  1,034
  1,105
  1,179
  1,256
  1,336
  1,420
  1,506
  1,596
  1,691
  1,789
  1,891
  1,998
  2,110
  2,226
  2,349
  2,476
  2,610
  2,749
Debt-to-equity ratio
  0.056
  0.080
  0.150
  0.210
  0.250
  0.300
  0.330
  0.370
  0.390
  0.420
  0.440
  0.460
  0.480
  0.500
  0.510
  0.520
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.590
  0.600
  0.610
  0.610
  0.620
  0.630
  0.630
  0.640
  0.640
Adjusted equity ratio
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  111
  115
  131
  148
  166
  185
  204
  225
  246
  268
  291
  320
  345
  371
  398
  426
  455
  486
  517
  550
  585
  620
  658
  697
  738
  780
  825
  871
  920
  971
  1,024
Depreciation, amort., depletion, $m
  11
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  22
  23
  25
  27
  29
  31
  32
  34
  37
  39
  41
  43
  46
  49
  51
  54
  57
  60
  63
  67
Funds from operations, $m
  115
  131
  148
  166
  185
  205
  226
  248
  270
  294
  319
  342
  369
  396
  425
  455
  486
  518
  552
  587
  623
  662
  701
  743
  786
  831
  879
  928
  980
  1,034
  1,091
Change in working capital, $m
  -11
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
  27
  28
  29
  30
  32
  33
Cash from operations, $m
  126
  121
  138
  155
  174
  193
  214
  235
  257
  280
  304
  327
  353
  380
  408
  437
  468
  499
  532
  566
  602
  639
  678
  718
  761
  805
  851
  899
  950
  1,003
  1,058
Maintenance CAPEX, $m
  0
  -8
  -9
  -10
  -11
  -12
  -13
  -15
  -16
  -17
  -19
  -20
  -22
  -23
  -25
  -27
  -29
  -31
  -32
  -34
  -37
  -39
  -41
  -43
  -46
  -49
  -51
  -54
  -57
  -60
  -63
New CAPEX, $m
  0
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -38
Cash from investing activities, $m
  -8
  -19
  -21
  -22
  -24
  -26
  -27
  -30
  -31
  -33
  -36
  -37
  -40
  -42
  -45
  -47
  -50
  -53
  -55
  -58
  -62
  -65
  -68
  -71
  -75
  -80
  -83
  -87
  -92
  -97
  -101
Free cash flow, $m
  118
  102
  117
  133
  150
  167
  186
  205
  226
  247
  269
  289
  313
  338
  363
  390
  418
  447
  477
  508
  541
  575
  610
  647
  685
  726
  768
  812
  858
  906
  956
Issuance/(repayment) of debt, $m
  25
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  25
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
Total cash flow (excl. dividends), $m
  142
  119
  135
  152
  170
  188
  208
  228
  249
  271
  294
  316
  341
  367
  393
  421
  450
  480
  512
  545
  579
  614
  651
  690
  730
  773
  817
  863
  911
  962
  1,015
Retained Cash Flow (-), $m
  -98
  -23
  -25
  -26
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -55
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -81
Prev. year cash balance distribution, $m
 
  253
  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
 
  349
  110
  126
  142
  160
  178
  197
  217
  237
  259
  279
  303
  327
  352
  378
  406
  434
  464
  494
  526
  560
  594
  631
  669
  708
  749
  792
  838
  885
  934
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
 
  334
  101
  110
  117
  124
  129
  133
  135
  136
  136
  133
  129
  124
  118
  111
  103
  94
  85
  76
  67
  58
  49
  41
  34
  28
  22
  17
  13
  10
  7
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

Silicon Motion Technology Corporation, a fabless semiconductor company, designs, develops, and markets semiconductor solutions for the mobile storage and mobile communications markets worldwide. It offers embedded storage and expandable storage products, including NAND flash controllers, such as embedded MultiMediaCard (eMMC), client solid-state drive (SSD), flash memory card, and Universal Serial Bus flash drive controllers. The company also provides specialty storage solutions, such as customized enterprise-grade Peripheral Component Interconnect Express (PCIe) SSDs; and industrial-grade and commercial-grade single-chip SSDs. In addition, it offers specialty radio frequency integrated circuits (RF ICs), such as mobile TV system-on-chips and handset RF ICs. The company’s products are used in smartphones, tablets, digital cameras, and desktop and notebook PCs, as well as in industrial, enterprise, commercial, and other applications. It offers its products under the SMI, Shannon Systems, Ferri SSD, Ferri-eMMC, and FCI brands. The company markets and sells its products through direct sales personnel and independent electronics distributors to original equipment manufacturers and module makers. Silicon Motion Technology Corporation was founded in 1995 and is headquartered in Zhubei City, Taiwan.

FINANCIAL RATIOS  of  Silicon Motion Technology ADR (SIMO)

Valuation Ratios
P/E Ratio 53.9
Price to Sales 10.8
Price to Book 13.5
Price to Tangible Book
Price to Cash Flow 47.5
Price to Free Cash Flow 47.5
Growth Rates
Sales Growth Rate 54%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio 11
Current Ratio 0.3
LT Debt to Equity 0%
Total Debt to Equity 5.6%
Interest Coverage 0
Management Effectiveness
Return On Assets 21.1%
Ret/ On Assets - 3 Yr. Avg. 16.2%
Return On Total Capital 27.3%
Ret/ On T. Cap. - 3 Yr. Avg. 20.4%
Return On Equity 28.2%
Return On Equity - 3 Yr. Avg. 20.7%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 49.5%
Gross Margin - 3 Yr. Avg. 50.9%
EBITDA Margin 27%
EBITDA Margin - 3 Yr. Avg. 25%
Operating Margin 24.6%
Oper. Margin - 3 Yr. Avg. 22%
Pre-Tax Margin 25%
Pre-Tax Margin - 3 Yr. Avg. 22.7%
Net Profit Margin 20%
Net Profit Margin - 3 Yr. Avg. 17.3%
Effective Tax Rate 20.1%
Eff/ Tax Rate - 3 Yr. Avg. 24%
Payout Ratio 20.7%

SIMO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SIMO stock intrinsic value calculation we used $556 million for the last fiscal year's total revenue generated by Silicon Motion Technology ADR. The default revenue input number comes from 2016 income statement of Silicon Motion Technology ADR. 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 SIMO stock valuation model: a) initial revenue growth rate of 12.4% 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 SIMO is calculated based on our internal credit rating of Silicon Motion Technology ADR, 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 Silicon Motion Technology ADR.
    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 SIMO stock the variable cost ratio is equal to 68.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $38 million in the base year in the intrinsic value calculation for SIMO 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 Silicon Motion Technology ADR.

Corporate tax rate of 27% is the nominal tax rate for Silicon Motion Technology ADR. 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 SIMO 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 SIMO are equal to 16.2%.

Life of production assets of 11.3 years is the average useful life of capital assets used in Silicon Motion Technology ADR 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 SIMO is equal to 14%. 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 - $443 million for Silicon Motion Technology ADR - 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 35.182 million for Silicon Motion Technology ADR 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 Silicon Motion Technology ADR at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ 1 Thing That's Hurting Silicon Motion Technology Stock   [Aug-11-17 08:45AM  Motley Fool]
▶ Silicon Motion misses Street 2Q forecasts   [Jul-31-17 11:14PM  Associated Press]
▶ Silicon Motion Confirms Quarterly Dividend   [Jul-28-17 08:00AM  GlobeNewswire]
▶ Story Stocks from Briefing.com   [Jul-07-17 01:19PM  Briefing.com]
▶ Build Your Investing Watch List With Stock Ratings, Buy Zones, Earnings   [May-31-17 07:57PM  Investor's Business Daily]
▶ Chip Stocks And Semiconductor Industry News   [01:07PM  Investor's Business Daily]
▶ As Nvidia Zooms Higher, This Chip Stock Tests New Buy Zone   [01:06PM  Investor's Business Daily]
▶ Which Stocks Are Showing Rising Relative Strength?   [May-23-17 11:15AM  Investor's Business Daily]
▶ Can This Chip Stock Join Nvidia, Maxlinear And Break Out?   [11:14AM  Investor's Business Daily]
▶ Qualcomm Gets More Price-Target Cuts; Silicon Motion, Ichor Hiked   [May-01-17 04:42PM  Investor's Business Daily]
▶ Silicon Motion tops Street 1Q forecasts   [Apr-28-17 05:01AM  Associated Press]
▶ Silicon Motion Confirms Quarterly Dividend   [Apr-24-17 08:00AM  GlobeNewswire]
▶ Silicon Motion Breaking Out of Multiple Basing Patterns   [Mar-23-17 06:59AM  TheStreet.com]
▶ Analog Devices Stock Gets Price-Target Hikes Ahead Of Deal Closing   [Mar-07-17 04:21PM  Investor's Business Daily]
▶ Silicon Motion's Pain Is Micron Technology's Gain   [Feb-01-17 01:40PM  Motley Fool]
▶ Silicon Motion Confirms Quarterly Dividend   [08:00AM  GlobeNewswire]
▶ Shannon Launches Worlds First 12.8TB PCIe SSD   [Dec-13-16 11:30PM  GlobeNewswire]
▶ Do Hedge Funds Love Innocoll Holdings PLC (INNL)?   [Dec-12-16 06:19PM  at Insider Monkey]
Stock chart of SIMO Financial statements of SIMO
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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