Intrinsic value of Semtech - SMTC

Previous Close

$35.40

  Intrinsic Value

$68.43

stock screener

  Rating & Target

str. buy

+93%

  Value-price divergence*

+79%

Previous close

$35.40

 
Intrinsic value

$68.43

 
Up/down potential

+93%

 
Rating

str. buy

 
Value-price divergence*

+79%

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

We calculate the intrinsic value of SMTC 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 2017), $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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.02
  11.00
  10.40
  9.86
  9.37
  8.94
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
Revenue, $m
  544
  604
  667
  732
  801
  873
  947
  1,025
  1,105
  1,189
  1,276
  1,367
  1,461
  1,559
  1,660
  1,766
  1,876
  1,991
  2,110
  2,235
  2,365
  2,500
  2,642
  2,789
  2,944
  3,105
  3,274
  3,450
  3,635
  3,828
  4,030
Variable operating expenses, $m
 
  110
  118
  126
  135
  144
  154
  163
  174
  184
  196
  174
  186
  198
  211
  225
  239
  254
  269
  285
  301
  318
  336
  355
  375
  395
  417
  439
  463
  487
  513
Fixed operating expenses, $m
 
  386
  396
  406
  416
  427
  437
  448
  459
  471
  483
  495
  507
  520
  533
  546
  560
  574
  588
  603
  618
  633
  649
  665
  682
  699
  716
  734
  753
  771
  791
Total operating expenses, $m
  460
  496
  514
  532
  551
  571
  591
  611
  633
  655
  679
  669
  693
  718
  744
  771
  799
  828
  857
  888
  919
  951
  985
  1,020
  1,057
  1,094
  1,133
  1,173
  1,216
  1,258
  1,304
Operating income, $m
  84
  108
  153
  200
  250
  302
  356
  413
  472
  534
  598
  698
  768
  840
  916
  995
  1,078
  1,164
  1,254
  1,348
  1,446
  1,549
  1,656
  1,769
  1,887
  2,011
  2,140
  2,276
  2,419
  2,569
  2,726
EBITDA, $m
  131
  159
  206
  255
  307
  361
  418
  477
  539
  603
  670
  740
  812
  888
  967
  1,049
  1,135
  1,224
  1,318
  1,416
  1,518
  1,625
  1,737
  1,854
  1,976
  2,105
  2,240
  2,381
  2,529
  2,685
  2,848
Interest expense (income), $m
  6
  8
  9
  11
  13
  14
  16
  18
  20
  22
  24
  26
  29
  31
  34
  36
  39
  42
  45
  48
  51
  54
  57
  61
  65
  69
  73
  77
  81
  86
  91
Earnings before tax, $m
  73
  100
  143
  189
  237
  287
  340
  395
  452
  512
  574
  672
  739
  809
  883
  959
  1,039
  1,122
  1,209
  1,300
  1,395
  1,495
  1,599
  1,708
  1,822
  1,942
  2,068
  2,199
  2,338
  2,483
  2,635
Tax expense, $m
  18
  27
  39
  51
  64
  78
  92
  107
  122
  138
  155
  181
  200
  219
  238
  259
  280
  303
  326
  351
  377
  404
  432
  461
  492
  524
  558
  594
  631
  670
  711
Net income, $m
  55
  73
  105
  138
  173
  210
  248
  288
  330
  374
  419
  490
  540
  591
  644
  700
  758
  819
  883
  949
  1,019
  1,091
  1,167
  1,247
  1,330
  1,418
  1,509
  1,606
  1,706
  1,812
  1,924

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  297
  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
  1,012
  793
  876
  962
  1,053
  1,147
  1,245
  1,347
  1,453
  1,563
  1,677
  1,796
  1,920
  2,048
  2,182
  2,321
  2,466
  2,616
  2,773
  2,937
  3,108
  3,286
  3,471
  3,666
  3,868
  4,080
  4,302
  4,534
  4,776
  5,030
  5,296
Adjusted assets (=assets-cash), $m
  715
  793
  876
  962
  1,053
  1,147
  1,245
  1,347
  1,453
  1,563
  1,677
  1,796
  1,920
  2,048
  2,182
  2,321
  2,466
  2,616
  2,773
  2,937
  3,108
  3,286
  3,471
  3,666
  3,868
  4,080
  4,302
  4,534
  4,776
  5,030
  5,296
Revenue / Adjusted assets
  0.761
  0.762
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.760
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
Average production assets, $m
  180
  200
  221
  242
  265
  289
  314
  339
  366
  394
  422
  452
  484
  516
  550
  585
  621
  659
  699
  740
  783
  828
  874
  923
  974
  1,028
  1,084
  1,142
  1,203
  1,267
  1,334
Working capital, $m
  315
  36
  39
  43
  47
  51
  56
  60
  65
  70
  75
  81
  86
  92
  98
  104
  111
  117
  125
  132
  140
  148
  156
  165
  174
  183
  193
  204
  214
  226
  238
Total debt, $m
  241
  270
  316
  363
  413
  465
  519
  575
  633
  693
  756
  822
  890
  960
  1,034
  1,110
  1,190
  1,273
  1,359
  1,449
  1,543
  1,641
  1,743
  1,850
  1,962
  2,078
  2,200
  2,327
  2,461
  2,600
  2,747
Total liabilities, $m
  406
  436
  482
  529
  579
  631
  685
  741
  799
  859
  922
  988
  1,056
  1,126
  1,200
  1,276
  1,356
  1,439
  1,525
  1,615
  1,709
  1,807
  1,909
  2,016
  2,128
  2,244
  2,366
  2,493
  2,627
  2,766
  2,913
Total equity, $m
  605
  357
  394
  433
  474
  516
  560
  606
  654
  703
  755
  808
  864
  922
  982
  1,044
  1,110
  1,177
  1,248
  1,322
  1,398
  1,479
  1,562
  1,649
  1,741
  1,836
  1,936
  2,040
  2,149
  2,263
  2,383
Total liabilities and equity, $m
  1,011
  793
  876
  962
  1,053
  1,147
  1,245
  1,347
  1,453
  1,562
  1,677
  1,796
  1,920
  2,048
  2,182
  2,320
  2,466
  2,616
  2,773
  2,937
  3,107
  3,286
  3,471
  3,665
  3,869
  4,080
  4,302
  4,533
  4,776
  5,029
  5,296
Debt-to-equity ratio
  0.398
  0.760
  0.800
  0.840
  0.870
  0.900
  0.930
  0.950
  0.970
  0.990
  1.000
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
  1.090
  1.100
  1.100
  1.110
  1.120
  1.120
  1.130
  1.130
  1.140
  1.140
  1.140
  1.150
  1.150
Adjusted equity ratio
  0.431
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  55
  73
  105
  138
  173
  210
  248
  288
  330
  374
  419
  490
  540
  591
  644
  700
  758
  819
  883
  949
  1,019
  1,091
  1,167
  1,247
  1,330
  1,418
  1,509
  1,606
  1,706
  1,812
  1,924
Depreciation, amort., depletion, $m
  47
  51
  53
  55
  57
  59
  62
  64
  67
  69
  72
  42
  44
  47
  50
  54
  57
  60
  64
  68
  72
  76
  80
  85
  89
  94
  99
  105
  110
  116
  122
Funds from operations, $m
  126
  124
  158
  193
  230
  269
  310
  352
  397
  443
  491
  532
  584
  638
  695
  754
  815
  880
  947
  1,017
  1,090
  1,167
  1,247
  1,332
  1,420
  1,512
  1,609
  1,710
  1,817
  1,929
  2,046
Change in working capital, $m
  8
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
Cash from operations, $m
  118
  120
  154
  189
  226
  265
  306
  348
  392
  438
  486
  526
  578
  632
  689
  748
  809
  873
  940
  1,010
  1,083
  1,159
  1,239
  1,323
  1,411
  1,502
  1,599
  1,700
  1,806
  1,917
  2,034
Maintenance CAPEX, $m
  0
  -17
  -18
  -20
  -22
  -24
  -26
  -29
  -31
  -34
  -36
  -39
  -42
  -44
  -47
  -50
  -54
  -57
  -60
  -64
  -68
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -105
  -110
  -116
New CAPEX, $m
  -33
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
Cash from investing activities, $m
  -14
  -37
  -39
  -42
  -45
  -48
  -51
  -55
  -58
  -62
  -65
  -69
  -73
  -76
  -81
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -129
  -136
  -142
  -150
  -157
  -166
  -174
  -183
Free cash flow, $m
  104
  84
  115
  147
  181
  217
  254
  293
  334
  376
  421
  458
  506
  556
  608
  662
  719
  778
  840
  904
  972
  1,042
  1,116
  1,194
  1,275
  1,360
  1,449
  1,542
  1,640
  1,743
  1,851
Issuance/(repayment) of debt, $m
  -15
  43
  45
  48
  50
  52
  54
  56
  58
  61
  63
  65
  68
  71
  74
  76
  80
  83
  86
  90
  94
  98
  102
  107
  112
  117
  122
  127
  133
  140
  146
Issuance/(repurchase) of shares, $m
  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
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -19
  43
  45
  48
  50
  52
  54
  56
  58
  61
  63
  65
  68
  71
  74
  76
  80
  83
  86
  90
  94
  98
  102
  107
  112
  117
  122
  127
  133
  140
  146
Total cash flow (excl. dividends), $m
  85
  128
  160
  195
  231
  269
  308
  349
  392
  437
  484
  523
  574
  626
  681
  739
  798
  861
  926
  994
  1,066
  1,140
  1,219
  1,300
  1,386
  1,476
  1,571
  1,670
  1,773
  1,882
  1,997
Retained Cash Flow (-), $m
  -77
  -35
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -100
  -104
  -109
  -114
  -120
Prev. year cash balance distribution, $m
 
  283
  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
 
  375
  123
  156
  190
  227
  264
  304
  345
  387
  432
  470
  518
  568
  621
  676
  733
  793
  855
  921
  989
  1,060
  1,135
  1,213
  1,295
  1,381
  1,471
  1,565
  1,664
  1,768
  1,877
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
 
  360
  113
  136
  157
  176
  192
  205
  215
  223
  227
  223
  221
  216
  209
  198
  186
  173
  158
  142
  126
  110
  94
  80
  66
  54
  43
  34
  26
  19
  14
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

Semtech Corporation is a supplier of analog and mixed-signal semiconductor products. The Company designs, develops and markets a range of products for commercial applications, which are sold into the enterprise computing, communications, consumer and industrial end-markets. Its product lines include Signal Integrity, Protection, Wireless and Sensing, and Power and High-Reliability. Applications for the industrial market include video broadcast studio equipment, automated meter reading, wireless charging, military and aerospace, medical, security systems, automotive, Internet of Things, industrial and home automation, and video security and surveillance. Enterprise computing end-markets include desktops, notebooks, servers, graphic boards, printers, datacenter related equipment and passive optical networks. Communications end-market applications include wireless base stations, carrier networks, switches and routers, cable modems, signal conditioners and wireless local area network.

FINANCIAL RATIOS  of  Semtech (SMTC)

Valuation Ratios
P/E Ratio 42.3
Price to Sales 4.3
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 19.7
Price to Free Cash Flow 27.4
Growth Rates
Sales Growth Rate 11%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 153.8%
Cap. Spend. - 3 Yr. Gr. Rate -4.2%
Financial Strength
Quick Ratio 21
Current Ratio 0.1
LT Debt to Equity 37.5%
Total Debt to Equity 39.8%
Interest Coverage 13
Management Effectiveness
Return On Assets 6.2%
Ret/ On Assets - 3 Yr. Avg. 3.8%
Return On Total Capital 6.7%
Ret/ On T. Cap. - 3 Yr. Avg. 3.9%
Return On Equity 9.7%
Return On Equity - 3 Yr. Avg. 5.7%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 59.7%
Gross Margin - 3 Yr. Avg. 59.7%
EBITDA Margin 23.2%
EBITDA Margin - 3 Yr. Avg. 19.4%
Operating Margin 15.4%
Oper. Margin - 3 Yr. Avg. 9.7%
Pre-Tax Margin 13.4%
Pre-Tax Margin - 3 Yr. Avg. 8%
Net Profit Margin 10.1%
Net Profit Margin - 3 Yr. Avg. 5.9%
Effective Tax Rate 24.7%
Eff/ Tax Rate - 3 Yr. Avg. 29%
Payout Ratio 0%

SMTC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SMTC stock intrinsic value calculation we used $544 million for the last fiscal year's total revenue generated by Semtech. The default revenue input number comes from 2017 income statement of Semtech. 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 SMTC stock valuation model: a) initial revenue growth rate of 11% 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 SMTC is calculated based on our internal credit rating of Semtech, 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 Semtech.
    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 SMTC stock the variable cost ratio is equal to 18.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $377 million in the base year in the intrinsic value calculation for SMTC 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 Semtech.

Corporate tax rate of 27% is the nominal tax rate for Semtech. 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 SMTC 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 SMTC are equal to 33.1%.

Life of production assets of 10.9 years is the average useful life of capital assets used in Semtech 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 SMTC is equal to 5.9%. 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 - $605 million for Semtech - 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 64.619 million for Semtech 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 Semtech at the current share price and the inputted number of shares is $2.3 billion.

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COMPANY NEWS

▶ IBD Rating Upgrades: Semtech Flashes Improved Price Strength   [03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Semtech Corp. : September 6, 2017   [Sep-05-17 10:02PM  Capital Cube]
▶ Semtech tops 2Q profit forecasts   [Aug-31-17 08:04PM  Associated Press]
▶ Semtech Falls On Weak Sales Guidance For October Quarter   [Aug-30-17 05:43PM  Investor's Business Daily]
▶ After-Hours Earnings: Workday, Box, C-Trip, Semtech   [10:46AM  Investor's Business Daily]
▶ Five 90+ Stocks Report Earnings Today: Investing Action Plan   [12:42AM  Investor's Business Daily]
▶ Analog Devices, Semtech Earnings On Tap: What To Expect   [Aug-29-17 04:16PM  Investor's Business Daily]
▶ Rapid7 pays $50M for Cambridge startup led by Threat Stack co-founder   [10:55AM  American City Business Journals]
▶ 3 Chip Stocks Are Plays On iPhone 8-Led Wireless Charging Shift   [Jun-15-17 04:32PM  Investor's Business Daily]
▶ ETFs with exposure to Semtech Corp. : June 6, 2017   [Jun-06-17 11:48AM  Capital Cube]
▶ Chip Stocks To Watch And Semiconductor Industry News   [Jun-02-17 04:12PM  Investor's Business Daily]
▶ Why Express, Gogo, and Semtech Slumped Today   [Jun-01-17 04:54PM  Motley Fool]
▶ These 4 Chip Stocks Earned Price-Target Hikes   [04:30PM  Investor's Business Daily]
▶ 3 Chips For Rips, Not Dips   [May-31-17 05:07PM  Zacks]
▶ Semtech tops 1Q profit forecasts   [04:46PM  Associated Press]
▶ Broadcom Leads Top-Rated Companies Reporting: Investing Action Plan   [May-26-17 04:16PM  Investor's Business Daily]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [May-12-17 12:02PM  Investor's Business Daily]
▶ Chip Stock With Five Quarters Of Rising Growth Tests Buy Zone   [11:30AM  Investor's Business Daily]
▶ Semtech to Discuss the Growth of LoRaWAN at IoT Summit 2017   [May-11-17 08:00AM  GlobeNewswire]
▶ Semtech Corp. Value Analysis (NASDAQ:SMTC) : May 5, 2017   [May-05-17 05:18PM  Capital Cube]
▶ myDevices Releases iOS App For LoRa®   [07:58AM  Business Wire]
Financial statements of SMTC
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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