Intrinsic value of Silicon Motion Technology ADR - SIMO

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$50.06

  Intrinsic Value

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  Value-price divergence*

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*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 1.8

 

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
  46.90
  42.71
  38.94
  35.55
  32.49
  29.74
  27.27
  25.04
  23.04
  21.23
  19.61
  18.15
  16.83
  15.65
  14.59
  13.63
  12.76
  11.99
  11.29
  10.66
  10.09
  9.58
  9.13
  8.71
  8.34
  8.01
  7.71
  7.44
  7.19
  6.97
Revenue, $m
  556
  817
  1,166
  1,619
  2,195
  2,908
  3,773
  4,802
  6,005
  7,388
  8,957
  10,713
  12,657
  14,788
  17,102
  19,597
  22,267
  25,109
  28,120
  31,294
  34,630
  38,125
  41,780
  45,593
  49,565
  53,700
  58,000
  62,471
  67,116
  71,944
  76,961
Variable operating expenses, $m
 
  561
  801
  1,113
  1,508
  1,998
  2,592
  3,299
  4,125
  5,076
  6,153
  7,360
  8,696
  10,159
  11,749
  13,463
  15,298
  17,250
  19,318
  21,499
  23,791
  26,192
  28,703
  31,322
  34,051
  36,892
  39,846
  42,917
  46,109
  49,425
  52,872
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
  600
  841
  1,154
  1,550
  2,041
  2,636
  3,344
  4,171
  5,123
  6,202
  7,410
  8,747
  10,211
  11,803
  13,518
  15,354
  17,308
  19,377
  21,560
  23,853
  26,256
  28,768
  31,389
  34,120
  36,962
  39,918
  42,991
  46,185
  49,503
  52,952
Operating income, $m
  137
  217
  325
  466
  645
  867
  1,137
  1,458
  1,833
  2,265
  2,755
  3,303
  3,911
  4,576
  5,299
  6,079
  6,913
  7,801
  8,742
  9,734
  10,777
  11,869
  13,012
  14,203
  15,445
  16,738
  18,082
  19,479
  20,932
  22,441
  24,009
EBITDA, $m
  148
  231
  346
  495
  684
  919
  1,205
  1,544
  1,941
  2,397
  2,915
  3,495
  4,137
  4,841
  5,606
  6,430
  7,312
  8,251
  9,246
  10,295
  11,397
  12,553
  13,760
  15,020
  16,333
  17,700
  19,121
  20,599
  22,134
  23,730
  25,388
Interest expense (income), $m
  0
  0
  2
  5
  9
  14
  20
  28
  37
  47
  59
  73
  88
  105
  124
  144
  166
  189
  213
  240
  267
  296
  327
  358
  392
  426
  462
  499
  538
  579
  621
Earnings before tax, $m
  139
  217
  323
  461
  636
  853
  1,117
  1,430
  1,796
  2,218
  2,695
  3,230
  3,822
  4,471
  5,176
  5,935
  6,748
  7,613
  8,529
  9,495
  10,510
  11,573
  12,685
  13,845
  15,054
  16,312
  17,620
  18,980
  20,393
  21,862
  23,388
Tax expense, $m
  28
  59
  87
  124
  172
  230
  301
  386
  485
  599
  728
  872
  1,032
  1,207
  1,397
  1,602
  1,822
  2,055
  2,303
  2,564
  2,838
  3,125
  3,425
  3,738
  4,064
  4,404
  4,757
  5,125
  5,506
  5,903
  6,315
Net income, $m
  111
  158
  236
  336
  464
  623
  815
  1,044
  1,311
  1,619
  1,968
  2,358
  2,790
  3,264
  3,778
  4,332
  4,926
  5,557
  6,226
  6,931
  7,672
  8,448
  9,260
  10,107
  10,989
  11,908
  12,863
  13,855
  14,887
  15,959
  17,074

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
  482
  688
  955
  1,295
  1,716
  2,226
  2,833
  3,543
  4,359
  5,284
  6,320
  7,467
  8,724
  10,090
  11,562
  13,137
  14,814
  16,590
  18,463
  20,431
  22,493
  24,649
  26,898
  29,242
  31,682
  34,219
  36,856
  39,597
  42,445
  45,405
Adjusted assets (=assets-cash), $m
  328
  482
  688
  955
  1,295
  1,716
  2,226
  2,833
  3,543
  4,359
  5,284
  6,320
  7,467
  8,724
  10,090
  11,562
  13,137
  14,814
  16,590
  18,463
  20,431
  22,493
  24,649
  26,898
  29,242
  31,682
  34,219
  36,856
  39,597
  42,445
  45,405
Revenue / Adjusted assets
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  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
  148
  211
  293
  397
  526
  683
  869
  1,087
  1,337
  1,621
  1,939
  2,291
  2,677
  3,096
  3,547
  4,030
  4,545
  5,090
  5,664
  6,268
  6,901
  7,562
  8,252
  8,971
  9,720
  10,498
  11,307
  12,148
  13,022
  13,930
Working capital, $m
  331
  114
  163
  227
  307
  407
  528
  672
  841
  1,034
  1,254
  1,500
  1,772
  2,070
  2,394
  2,744
  3,117
  3,515
  3,937
  4,381
  4,848
  5,338
  5,849
  6,383
  6,939
  7,518
  8,120
  8,746
  9,396
  10,072
  10,775
Total debt, $m
  25
  65
  152
  264
  407
  584
  799
  1,055
  1,353
  1,697
  2,087
  2,523
  3,006
  3,535
  4,110
  4,729
  5,393
  6,099
  6,846
  7,635
  8,463
  9,332
  10,239
  11,186
  12,173
  13,200
  14,268
  15,378
  16,532
  17,731
  18,977
Total liabilities, $m
  163
  203
  290
  402
  545
  722
  937
  1,193
  1,491
  1,835
  2,225
  2,661
  3,144
  3,673
  4,248
  4,867
  5,531
  6,237
  6,984
  7,773
  8,601
  9,470
  10,377
  11,324
  12,311
  13,338
  14,406
  15,516
  16,670
  17,869
  19,115
Total equity, $m
  443
  279
  398
  553
  750
  993
  1,289
  1,640
  2,051
  2,524
  3,060
  3,659
  4,324
  5,051
  5,842
  6,694
  7,606
  8,577
  9,605
  10,690
  11,829
  13,023
  14,272
  15,574
  16,931
  18,344
  19,813
  21,340
  22,926
  24,576
  26,289
Total liabilities and equity, $m
  606
  482
  688
  955
  1,295
  1,715
  2,226
  2,833
  3,542
  4,359
  5,285
  6,320
  7,468
  8,724
  10,090
  11,561
  13,137
  14,814
  16,589
  18,463
  20,430
  22,493
  24,649
  26,898
  29,242
  31,682
  34,219
  36,856
  39,596
  42,445
  45,404
Debt-to-equity ratio
  0.056
  0.230
  0.380
  0.480
  0.540
  0.590
  0.620
  0.640
  0.660
  0.670
  0.680
  0.690
  0.700
  0.700
  0.700
  0.710
  0.710
  0.710
  0.710
  0.710
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
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
  158
  236
  336
  464
  623
  815
  1,044
  1,311
  1,619
  1,968
  2,358
  2,790
  3,264
  3,778
  4,332
  4,926
  5,557
  6,226
  6,931
  7,672
  8,448
  9,260
  10,107
  10,989
  11,908
  12,863
  13,855
  14,887
  15,959
  17,074
Depreciation, amort., depletion, $m
  11
  15
  21
  29
  39
  52
  68
  86
  108
  132
  161
  192
  227
  265
  306
  351
  399
  450
  504
  561
  621
  683
  749
  817
  888
  962
  1,039
  1,120
  1,203
  1,289
  1,379
Funds from operations, $m
  115
  173
  256
  365
  504
  675
  883
  1,130
  1,419
  1,751
  2,128
  2,550
  3,017
  3,529
  4,085
  4,684
  5,325
  6,007
  6,730
  7,492
  8,293
  9,132
  10,009
  10,924
  11,877
  12,870
  13,902
  14,975
  16,090
  17,249
  18,453
Change in working capital, $m
  -11
  37
  49
  64
  81
  100
  121
  144
  168
  194
  220
  246
  272
  298
  324
  349
  374
  398
  421
  444
  467
  489
  512
  534
  556
  579
  602
  626
  650
  676
  702
Cash from operations, $m
  126
  110
  208
  302
  423
  575
  762
  986
  1,251
  1,558
  1,909
  2,304
  2,745
  3,231
  3,761
  4,334
  4,951
  5,609
  6,308
  7,047
  7,826
  8,642
  9,497
  10,390
  11,321
  12,291
  13,300
  14,349
  15,439
  16,573
  17,750
Maintenance CAPEX, $m
  0
  -10
  -15
  -21
  -29
  -39
  -52
  -68
  -86
  -108
  -132
  -161
  -192
  -227
  -265
  -306
  -351
  -399
  -450
  -504
  -561
  -621
  -683
  -749
  -817
  -888
  -962
  -1,039
  -1,120
  -1,203
  -1,289
New CAPEX, $m
  0
  -47
  -63
  -82
  -104
  -129
  -157
  -186
  -218
  -250
  -284
  -318
  -352
  -386
  -419
  -451
  -483
  -514
  -545
  -575
  -604
  -633
  -661
  -690
  -719
  -748
  -778
  -809
  -841
  -874
  -908
Cash from investing activities, $m
  -8
  -57
  -78
  -103
  -133
  -168
  -209
  -254
  -304
  -358
  -416
  -479
  -544
  -613
  -684
  -757
  -834
  -913
  -995
  -1,079
  -1,165
  -1,254
  -1,344
  -1,439
  -1,536
  -1,636
  -1,740
  -1,848
  -1,961
  -2,077
  -2,197
Free cash flow, $m
  118
  53
  130
  199
  290
  407
  553
  732
  947
  1,200
  1,492
  1,826
  2,201
  2,618
  3,077
  3,576
  4,116
  4,696
  5,314
  5,969
  6,661
  7,389
  8,153
  8,951
  9,785
  10,654
  11,559
  12,501
  13,479
  14,496
  15,553
Issuance/(repayment) of debt, $m
  25
  65
  87
  113
  143
  177
  215
  256
  299
  344
  390
  436
  483
  529
  575
  620
  663
  706
  748
  788
  829
  868
  908
  947
  987
  1,027
  1,068
  1,110
  1,154
  1,199
  1,246
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
  65
  87
  113
  143
  177
  215
  256
  299
  344
  390
  436
  483
  529
  575
  620
  663
  706
  748
  788
  829
  868
  908
  947
  987
  1,027
  1,068
  1,110
  1,154
  1,199
  1,246
Total cash flow (excl. dividends), $m
  142
  117
  216
  311
  433
  584
  768
  988
  1,245
  1,543
  1,882
  2,262
  2,684
  3,147
  3,652
  4,196
  4,780
  5,402
  6,061
  6,757
  7,490
  8,257
  9,060
  9,898
  10,772
  11,681
  12,627
  13,611
  14,633
  15,695
  16,799
Retained Cash Flow (-), $m
  -98
  -89
  -119
  -155
  -197
  -244
  -295
  -351
  -411
  -473
  -536
  -600
  -664
  -728
  -791
  -852
  -912
  -971
  -1,028
  -1,084
  -1,140
  -1,194
  -1,248
  -1,302
  -1,357
  -1,412
  -1,469
  -1,527
  -1,587
  -1,649
  -1,714
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
 
  281
  97
  156
  236
  340
  472
  636
  835
  1,071
  1,346
  1,662
  2,020
  2,419
  2,861
  3,344
  3,868
  4,431
  5,033
  5,673
  6,350
  7,063
  7,812
  8,596
  9,415
  10,269
  11,158
  12,084
  13,046
  14,046
  15,085
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
 
  270
  89
  136
  194
  264
  343
  430
  522
  615
  706
  789
  862
  920
  960
  982
  983
  964
  927
  873
  807
  731
  648
  563
  480
  399
  326
  259
  202
  153
  114
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 63.7
Price to Sales 12.7
Price to Book 16
Price to Tangible Book
Price to Cash Flow 56.1
Price to Free Cash Flow 56.1
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 46.9% 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 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 18.1%.

Life of production assets of 10.1 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 $1.8 billion.


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Stock chart of SIMO Financial statements of SIMO Annual reports 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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