Intrinsic value of Semiconductor Manufacturing Internationa - SMI

Previous Close

$5.50

  Intrinsic Value

$3.28

stock screener

  Rating & Target

sell

-40%

  Value-price divergence*

-37%

Previous close

$5.50

 
Intrinsic value

$3.28

 
Up/down potential

-40%

 
Rating

sell

 
Value-price divergence*

-37%

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

We calculate the intrinsic value of SMI 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 5.1

 

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, %
  30.32
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.64
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
Revenue, $m
  2,914
  3,170
  3,437
  3,715
  4,004
  4,304
  4,615
  4,939
  5,276
  5,626
  5,990
  6,369
  6,764
  7,175
  7,603
  8,049
  8,514
  9,000
  9,507
  10,037
  10,590
  11,168
  11,773
  12,406
  13,068
  13,761
  14,487
  15,246
  16,042
  16,876
  17,750
Variable operating expenses, $m
 
  2,622
  2,843
  3,072
  3,311
  3,559
  3,817
  4,085
  4,363
  4,653
  4,954
  5,267
  5,594
  5,933
  6,287
  6,656
  7,041
  7,443
  7,862
  8,300
  8,758
  9,236
  9,736
  10,260
  10,807
  11,380
  11,980
  12,609
  13,267
  13,957
  14,680
Fixed operating expenses, $m
 
  172
  177
  181
  185
  190
  195
  200
  205
  210
  215
  220
  226
  232
  237
  243
  249
  256
  262
  269
  275
  282
  289
  296
  304
  311
  319
  327
  335
  344
  352
Total operating expenses, $m
  2,575
  2,794
  3,020
  3,253
  3,496
  3,749
  4,012
  4,285
  4,568
  4,863
  5,169
  5,487
  5,820
  6,165
  6,524
  6,899
  7,290
  7,699
  8,124
  8,569
  9,033
  9,518
  10,025
  10,556
  11,111
  11,691
  12,299
  12,936
  13,602
  14,301
  15,032
Operating income, $m
  339
  376
  418
  462
  507
  554
  604
  655
  708
  764
  821
  881
  944
  1,010
  1,078
  1,149
  1,224
  1,301
  1,383
  1,468
  1,557
  1,650
  1,748
  1,850
  1,957
  2,069
  2,187
  2,310
  2,440
  2,576
  2,718
EBITDA, $m
  1,069
  1,170
  1,279
  1,392
  1,509
  1,632
  1,759
  1,891
  2,029
  2,172
  2,321
  2,476
  2,637
  2,805
  2,981
  3,164
  3,355
  3,554
  3,762
  3,980
  4,207
  4,445
  4,694
  4,955
  5,228
  5,513
  5,813
  6,126
  6,455
  6,800
  7,161
Interest expense (income), $m
  28
  84
  101
  118
  135
  153
  172
  192
  213
  234
  256
  279
  303
  328
  354
  381
  410
  439
  470
  502
  535
  570
  607
  645
  685
  727
  771
  817
  865
  916
  968
Earnings before tax, $m
  310
  292
  317
  344
  372
  401
  431
  463
  495
  530
  565
  602
  641
  681
  724
  768
  814
  862
  913
  966
  1,021
  1,080
  1,141
  1,204
  1,272
  1,342
  1,416
  1,493
  1,575
  1,660
  1,750
Tax expense, $m
  -6
  79
  86
  93
  100
  108
  116
  125
  134
  143
  153
  163
  173
  184
  195
  207
  220
  233
  246
  261
  276
  291
  308
  325
  343
  362
  382
  403
  425
  448
  473
Net income, $m
  377
  213
  232
  251
  272
  293
  315
  338
  362
  387
  413
  440
  468
  497
  528
  561
  594
  630
  666
  705
  746
  788
  833
  879
  928
  980
  1,034
  1,090
  1,150
  1,212
  1,278

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,158
  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
  10,115
  8,662
  9,392
  10,150
  10,939
  11,759
  12,611
  13,496
  14,416
  15,372
  16,367
  17,403
  18,480
  19,603
  20,772
  21,991
  23,263
  24,590
  25,975
  27,422
  28,934
  30,514
  32,167
  33,896
  35,705
  37,598
  39,581
  41,657
  43,832
  46,110
  48,499
Adjusted assets (=assets-cash), $m
  7,957
  8,662
  9,392
  10,150
  10,939
  11,759
  12,611
  13,496
  14,416
  15,372
  16,367
  17,403
  18,480
  19,603
  20,772
  21,991
  23,263
  24,590
  25,975
  27,422
  28,934
  30,514
  32,167
  33,896
  35,705
  37,598
  39,581
  41,657
  43,832
  46,110
  48,499
Revenue / Adjusted assets
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
Average production assets, $m
  5,032
  5,475
  5,936
  6,416
  6,914
  7,433
  7,971
  8,530
  9,112
  9,717
  10,346
  11,000
  11,681
  12,391
  13,130
  13,900
  14,704
  15,543
  16,418
  17,333
  18,289
  19,288
  20,332
  21,425
  22,568
  23,765
  25,018
  26,331
  27,705
  29,146
  30,655
Working capital, $m
  1,703
  260
  282
  305
  328
  353
  378
  405
  433
  461
  491
  522
  555
  588
  623
  660
  698
  738
  780
  823
  868
  916
  965
  1,017
  1,072
  1,128
  1,188
  1,250
  1,315
  1,384
  1,456
Total debt, $m
  3,106
  2,876
  3,359
  3,862
  4,384
  4,926
  5,490
  6,076
  6,685
  7,319
  7,977
  8,663
  9,376
  10,119
  10,893
  11,700
  12,542
  13,421
  14,338
  15,295
  16,296
  17,343
  18,437
  19,581
  20,778
  22,032
  23,344
  24,719
  26,159
  27,667
  29,248
Total liabilities, $m
  5,965
  5,734
  6,217
  6,720
  7,242
  7,784
  8,348
  8,934
  9,543
  10,177
  10,835
  11,521
  12,234
  12,977
  13,751
  14,558
  15,400
  16,279
  17,196
  18,153
  19,154
  20,201
  21,295
  22,439
  23,636
  24,890
  26,202
  27,577
  29,017
  30,525
  32,106
Total equity, $m
  4,151
  2,928
  3,174
  3,431
  3,697
  3,974
  4,262
  4,562
  4,873
  5,196
  5,532
  5,882
  6,246
  6,626
  7,021
  7,433
  7,863
  8,311
  8,780
  9,269
  9,780
  10,314
  10,872
  11,457
  12,068
  12,708
  13,378
  14,080
  14,815
  15,585
  16,393
Total liabilities and equity, $m
  10,116
  8,662
  9,391
  10,151
  10,939
  11,758
  12,610
  13,496
  14,416
  15,373
  16,367
  17,403
  18,480
  19,603
  20,772
  21,991
  23,263
  24,590
  25,976
  27,422
  28,934
  30,515
  32,167
  33,896
  35,704
  37,598
  39,580
  41,657
  43,832
  46,110
  48,499
Debt-to-equity ratio
  0.748
  0.980
  1.060
  1.130
  1.190
  1.240
  1.290
  1.330
  1.370
  1.410
  1.440
  1.470
  1.500
  1.530
  1.550
  1.570
  1.600
  1.610
  1.630
  1.650
  1.670
  1.680
  1.700
  1.710
  1.720
  1.730
  1.740
  1.760
  1.770
  1.780
  1.780
Adjusted equity ratio
  0.311
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  377
  213
  232
  251
  272
  293
  315
  338
  362
  387
  413
  440
  468
  497
  528
  561
  594
  630
  666
  705
  746
  788
  833
  879
  928
  980
  1,034
  1,090
  1,150
  1,212
  1,278
Depreciation, amort., depletion, $m
  730
  794
  860
  930
  1,002
  1,077
  1,155
  1,236
  1,321
  1,408
  1,499
  1,594
  1,693
  1,796
  1,903
  2,015
  2,131
  2,253
  2,379
  2,512
  2,651
  2,795
  2,947
  3,105
  3,271
  3,444
  3,626
  3,816
  4,015
  4,224
  4,443
Funds from operations, $m
  890
  1,007
  1,092
  1,181
  1,274
  1,370
  1,470
  1,574
  1,682
  1,795
  1,912
  2,034
  2,161
  2,293
  2,431
  2,575
  2,725
  2,882
  3,046
  3,217
  3,396
  3,583
  3,779
  3,984
  4,199
  4,424
  4,659
  4,906
  5,165
  5,436
  5,720
Change in working capital, $m
  -87
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  37
  38
  40
  42
  43
  45
  47
  50
  52
  54
  57
  59
  62
  65
  68
  72
Cash from operations, $m
  977
  986
  1,070
  1,158
  1,250
  1,345
  1,444
  1,547
  1,655
  1,766
  1,882
  2,003
  2,129
  2,260
  2,396
  2,538
  2,687
  2,842
  3,004
  3,174
  3,351
  3,536
  3,730
  3,932
  4,145
  4,367
  4,600
  4,844
  5,100
  5,368
  5,649
Maintenance CAPEX, $m
  0
  -729
  -794
  -860
  -930
  -1,002
  -1,077
  -1,155
  -1,236
  -1,321
  -1,408
  -1,499
  -1,594
  -1,693
  -1,796
  -1,903
  -2,015
  -2,131
  -2,253
  -2,379
  -2,512
  -2,651
  -2,795
  -2,947
  -3,105
  -3,271
  -3,444
  -3,626
  -3,816
  -4,015
  -4,224
New CAPEX, $m
  -2,843
  -443
  -461
  -480
  -499
  -518
  -538
  -560
  -582
  -605
  -629
  -654
  -681
  -709
  -739
  -771
  -804
  -839
  -876
  -915
  -956
  -999
  -1,045
  -1,093
  -1,143
  -1,197
  -1,253
  -1,312
  -1,375
  -1,440
  -1,509
Cash from investing activities, $m
  -2,443
  -1,172
  -1,255
  -1,340
  -1,429
  -1,520
  -1,615
  -1,715
  -1,818
  -1,926
  -2,037
  -2,153
  -2,275
  -2,402
  -2,535
  -2,674
  -2,819
  -2,970
  -3,129
  -3,294
  -3,468
  -3,650
  -3,840
  -4,040
  -4,248
  -4,468
  -4,697
  -4,938
  -5,191
  -5,455
  -5,733
Free cash flow, $m
  -1,466
  -187
  -184
  -182
  -178
  -175
  -171
  -167
  -163
  -159
  -155
  -151
  -147
  -143
  -139
  -135
  -131
  -127
  -124
  -120
  -117
  -113
  -110
  -107
  -104
  -101
  -97
  -94
  -91
  -88
  -85
Issuance/(repayment) of debt, $m
  1,766
  464
  483
  502
  522
  543
  564
  586
  609
  633
  659
  685
  713
  743
  774
  807
  842
  878
  917
  958
  1,001
  1,046
  1,094
  1,144
  1,198
  1,253
  1,312
  1,374
  1,440
  1,509
  1,581
Issuance/(repurchase) of shares, $m
  18
  28
  15
  5
  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  
  2,615
  492
  498
  507
  522
  543
  564
  586
  609
  633
  659
  685
  713
  743
  774
  807
  842
  878
  917
  958
  1,001
  1,046
  1,094
  1,144
  1,198
  1,253
  1,312
  1,374
  1,440
  1,509
  1,581
Total cash flow (excl. dividends), $m
  1,121
  305
  313
  326
  344
  368
  393
  419
  446
  474
  504
  534
  567
  600
  635
  672
  711
  751
  793
  838
  884
  933
  984
  1,037
  1,094
  1,153
  1,215
  1,280
  1,349
  1,421
  1,496
Retained Cash Flow (-), $m
  -421
  -241
  -247
  -256
  -267
  -277
  -288
  -299
  -311
  -323
  -336
  -350
  -364
  -379
  -395
  -412
  -430
  -449
  -468
  -489
  -511
  -534
  -559
  -584
  -611
  -640
  -670
  -702
  -735
  -770
  -807
Prev. year cash balance distribution, $m
 
  1,464
  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
 
  1,528
  67
  69
  77
  91
  105
  120
  135
  151
  167
  184
  202
  221
  240
  260
  281
  302
  325
  348
  373
  399
  425
  453
  482
  513
  545
  578
  613
  650
  689
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
 
  1,465
  61
  60
  64
  70
  76
  81
  84
  87
  88
  88
  86
  84
  81
  76
  71
  66
  60
  54
  47
  41
  35
  30
  25
  20
  16
  12
  9
  7
  5
Current shareholders' claim on cash, %
  100
  99.2
  98.8
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6

Semiconductor Manufacturing International Corporation is an investment holding company principally engaged in the computer-aided design, manufacture, packaging and trading of integrated circuits (IC), as well as the provision of other semiconductor services. The Company is also involved in the design and manufacture of semiconductor masks. The Company’s main products are various types of wafers. The Company distributes its products in domestic market and to overseas markets, such as the Europe and the United States.

FINANCIAL RATIOS  of  Semiconductor Manufacturing Internationa (SMI)

Valuation Ratios
P/E Ratio 62
Price to Sales 8
Price to Book 5.6
Price to Tangible Book
Price to Cash Flow 23.9
Price to Free Cash Flow -12.5
Growth Rates
Sales Growth Rate 30.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 124%
Cap. Spend. - 3 Yr. Gr. Rate 29.8%
Financial Strength
Quick Ratio 3
Current Ratio 0.2
LT Debt to Equity 58.1%
Total Debt to Equity 74.8%
Interest Coverage 12
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 6.1%
Ret/ On T. Cap. - 3 Yr. Avg. 5.1%
Return On Equity 9.6%
Return On Equity - 3 Yr. Avg. 7.6%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 29.2%
Gross Margin - 3 Yr. Avg. 28.1%
EBITDA Margin 36.7%
EBITDA Margin - 3 Yr. Avg. 35.8%
Operating Margin 11.6%
Oper. Margin - 3 Yr. Avg. 9.4%
Pre-Tax Margin 10.6%
Pre-Tax Margin - 3 Yr. Avg. 9.3%
Net Profit Margin 12.9%
Net Profit Margin - 3 Yr. Avg. 10.7%
Effective Tax Rate -1.9%
Eff/ Tax Rate - 3 Yr. Avg. 3.6%
Payout Ratio 0%

SMI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SMI stock intrinsic value calculation we used $2914 million for the last fiscal year's total revenue generated by Semiconductor Manufacturing Internationa. The default revenue input number comes from 2016 income statement of Semiconductor Manufacturing Internationa. 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 SMI stock valuation model: a) initial revenue growth rate of 8.8% 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 SMI is calculated based on our internal credit rating of Semiconductor Manufacturing Internationa, 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 Semiconductor Manufacturing Internationa.
    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 SMI stock the variable cost ratio is equal to 82.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $168 million in the base year in the intrinsic value calculation for SMI 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 Semiconductor Manufacturing Internationa.

Corporate tax rate of 27% is the nominal tax rate for Semiconductor Manufacturing Internationa. 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 SMI 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 SMI are equal to 172.7%.

Life of production assets of 6.9 years is the average useful life of capital assets used in Semiconductor Manufacturing Internationa 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 SMI is equal to 8.2%. 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 - $4151 million for Semiconductor Manufacturing Internationa - 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 923.913 million for Semiconductor Manufacturing Internationa 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 Semiconductor Manufacturing Internationa at the current share price and the inputted number of shares is $5.1 billion.

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COMPANY NEWS

▶ SMIC's Canary Chip Warning   [Aug-09-17 01:01AM  Bloomberg]
▶ SMIC posts 2Q profit   [Aug-08-17 05:26PM  Associated Press]
▶ SMIC Reports 2017 Second Quarter Results   [07:35AM  PR Newswire]
▶ SMIC Reports 2017 Second Quarter Results   [07:29AM  PR Newswire]
▶ SMIC posts 1Q profit   [May-10-17 10:44AM  Associated Press]
▶ SMIC Reports 2017 First Quarter Results   [06:51AM  PR Newswire]
▶ SMIC Reports 2017 First Quarter Results   [06:34AM  PR Newswire]
▶ SMIC 2016 Annual Results Announcement   [Mar-27-17 08:18AM  PR Newswire]
▶ SMIC 2016 Annual Results Announcement   [08:09AM  PR Newswire]
▶ SMIC Signs License Agreement For Invensas DBI® Technology   [Mar-14-17 04:05PM  Business Wire]
▶ SMIC posts 4Q profit   [10:21AM  Associated Press]
▶ SMIC Reports 2016 Fourth Quarter Results   [06:53AM  PR Newswire]
▶ SMIC Reports 2016 Fourth Quarter Results   [05:30AM  PR Newswire]
▶ SMIC Reaffirms Fourth Quarter 2016 Guidance   [Jan-19-17 05:22AM  PR Newswire]
▶ SMIC Announces Reverse Stock Split   [Dec-08-16 07:11PM  PR Newswire]
▶ SMIC posts 3Q profit   [Nov-07-16 07:28AM  AP]
▶ SMIC Reports 2016 Third Quarter Results   [07:10AM  PR Newswire]
▶ Foundry SMIC Soars After Raising Growth Outlook   [Aug-10-16 09:56PM  at Barrons.com]
▶ SMIC posts 2Q profit   [09:50AM  AP]
▶ SMIC Reports 2016 Second Quarter Results   [09:03AM  PR Newswire]
Financial statements of SMI
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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