Intrinsic value of Semtech - SMTC

Previous Close

$40.50

  Intrinsic Value

$76.75

stock screener

  Rating & Target

str. buy

+90%

Previous close

$40.50

 
Intrinsic value

$76.75

 
Up/down potential

+90%

 
Rating

str. buy

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 2.7

 

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
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.35
  7.12
  6.91
  6.72
  6.54
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
Revenue, $m
  544
  612
  684
  760
  839
  922
  1,009
  1,100
  1,195
  1,293
  1,395
  1,501
  1,612
  1,726
  1,846
  1,970
  2,099
  2,233
  2,372
  2,517
  2,669
  2,827
  2,991
  3,163
  3,342
  3,529
  3,725
  3,929
  4,142
  4,366
  4,599
Variable operating expenses, $m
 
  111
  120
  130
  140
  150
  162
  173
  185
  198
  211
  191
  205
  220
  235
  251
  267
  284
  302
  321
  340
  360
  381
  403
  426
  449
  474
  500
  527
  556
  586
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
  497
  516
  536
  556
  577
  599
  621
  644
  669
  694
  686
  712
  740
  768
  797
  827
  858
  890
  924
  958
  993
  1,030
  1,068
  1,108
  1,148
  1,190
  1,234
  1,280
  1,327
  1,377
Operating income, $m
  84
  115
  168
  224
  283
  345
  411
  479
  550
  624
  702
  815
  899
  987
  1,078
  1,173
  1,272
  1,375
  1,482
  1,594
  1,711
  1,833
  1,961
  2,095
  2,235
  2,381
  2,534
  2,694
  2,862
  3,038
  3,223
EBITDA, $m
  131
  166
  222
  280
  342
  406
  474
  545
  619
  697
  777
  861
  948
  1,039
  1,134
  1,233
  1,335
  1,442
  1,554
  1,671
  1,792
  1,919
  2,052
  2,191
  2,336
  2,488
  2,647
  2,813
  2,988
  3,171
  3,363
Interest expense (income), $m
  6
  8
  10
  11
  13
  15
  18
  20
  22
  24
  27
  29
  32
  35
  38
  41
  44
  47
  51
  54
  58
  62
  66
  70
  74
  79
  83
  88
  94
  99
  105
Earnings before tax, $m
  73
  107
  158
  212
  270
  330
  393
  459
  528
  600
  675
  786
  867
  952
  1,040
  1,132
  1,228
  1,327
  1,431
  1,540
  1,653
  1,772
  1,896
  2,025
  2,160
  2,302
  2,450
  2,606
  2,769
  2,939
  3,118
Tax expense, $m
  18
  29
  43
  57
  73
  89
  106
  124
  143
  162
  182
  212
  234
  257
  281
  306
  331
  358
  386
  416
  446
  478
  512
  547
  583
  622
  662
  704
  748
  794
  842
Net income, $m
  55
  78
  115
  155
  197
  241
  287
  335
  386
  438
  493
  574
  633
  695
  759
  826
  896
  969
  1,045
  1,124
  1,207
  1,293
  1,384
  1,478
  1,577
  1,680
  1,789
  1,902
  2,021
  2,146
  2,276

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
  804
  899
  998
  1,103
  1,212
  1,326
  1,446
  1,570
  1,699
  1,833
  1,973
  2,118
  2,269
  2,425
  2,588
  2,758
  2,934
  3,117
  3,308
  3,507
  3,714
  3,931
  4,156
  4,392
  4,637
  4,894
  5,163
  5,443
  5,737
  6,044
Adjusted assets (=assets-cash), $m
  715
  804
  899
  998
  1,103
  1,212
  1,326
  1,446
  1,570
  1,699
  1,833
  1,973
  2,118
  2,269
  2,425
  2,588
  2,758
  2,934
  3,117
  3,308
  3,507
  3,714
  3,931
  4,156
  4,392
  4,637
  4,894
  5,163
  5,443
  5,737
  6,044
Revenue / Adjusted assets
  0.761
  0.761
  0.761
  0.762
  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
  0.761
  0.761
  0.761
  0.761
  0.761
Average production assets, $m
  180
  203
  226
  251
  278
  305
  334
  364
  395
  428
  462
  497
  533
  571
  611
  652
  695
  739
  785
  833
  883
  936
  990
  1,047
  1,106
  1,168
  1,233
  1,300
  1,371
  1,445
  1,522
Working capital, $m
  315
  36
  40
  45
  50
  54
  60
  65
  70
  76
  82
  89
  95
  102
  109
  116
  124
  132
  140
  149
  157
  167
  176
  187
  197
  208
  220
  232
  244
  258
  271
Total debt, $m
  241
  276
  328
  383
  440
  501
  564
  629
  697
  768
  842
  919
  999
  1,082
  1,168
  1,258
  1,351
  1,448
  1,548
  1,653
  1,763
  1,877
  1,996
  2,120
  2,249
  2,385
  2,526
  2,673
  2,828
  2,989
  3,158
Total liabilities, $m
  406
  442
  494
  549
  606
  667
  730
  795
  863
  934
  1,008
  1,085
  1,165
  1,248
  1,334
  1,424
  1,517
  1,614
  1,714
  1,819
  1,929
  2,043
  2,162
  2,286
  2,415
  2,551
  2,692
  2,839
  2,994
  3,155
  3,324
Total equity, $m
  605
  362
  404
  449
  496
  545
  597
  651
  706
  765
  825
  888
  953
  1,021
  1,091
  1,165
  1,241
  1,320
  1,403
  1,489
  1,578
  1,671
  1,769
  1,870
  1,976
  2,087
  2,202
  2,323
  2,449
  2,582
  2,720
Total liabilities and equity, $m
  1,011
  804
  898
  998
  1,102
  1,212
  1,327
  1,446
  1,569
  1,699
  1,833
  1,973
  2,118
  2,269
  2,425
  2,589
  2,758
  2,934
  3,117
  3,308
  3,507
  3,714
  3,931
  4,156
  4,391
  4,638
  4,894
  5,162
  5,443
  5,737
  6,044
Debt-to-equity ratio
  0.398
  0.760
  0.810
  0.850
  0.890
  0.920
  0.940
  0.970
  0.990
  1.010
  1.020
  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
  1.150
  1.150
  1.150
  1.160
  1.160
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
  78
  115
  155
  197
  241
  287
  335
  386
  438
  493
  574
  633
  695
  759
  826
  896
  969
  1,045
  1,124
  1,207
  1,293
  1,384
  1,478
  1,577
  1,680
  1,789
  1,902
  2,021
  2,146
  2,276
Depreciation, amort., depletion, $m
  47
  52
  54
  56
  58
  61
  64
  66
  69
  72
  75
  46
  49
  52
  56
  60
  64
  68
  72
  76
  81
  86
  91
  96
  101
  107
  113
  119
  126
  133
  140
Funds from operations, $m
  126
  129
  169
  211
  255
  302
  351
  402
  455
  510
  568
  619
  682
  747
  815
  886
  960
  1,037
  1,117
  1,201
  1,288
  1,379
  1,475
  1,574
  1,679
  1,788
  1,902
  2,022
  2,147
  2,278
  2,416
Change in working capital, $m
  8
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
Cash from operations, $m
  118
  125
  165
  207
  251
  297
  346
  396
  449
  504
  562
  613
  676
  741
  808
  879
  952
  1,029
  1,109
  1,192
  1,279
  1,370
  1,465
  1,564
  1,668
  1,777
  1,890
  2,009
  2,134
  2,265
  2,402
Maintenance CAPEX, $m
  0
  -17
  -19
  -21
  -23
  -25
  -28
  -31
  -33
  -36
  -39
  -42
  -46
  -49
  -52
  -56
  -60
  -64
  -68
  -72
  -76
  -81
  -86
  -91
  -96
  -101
  -107
  -113
  -119
  -126
  -133
New CAPEX, $m
  -33
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -77
Cash from investing activities, $m
  -14
  -40
  -43
  -46
  -49
  -53
  -57
  -61
  -64
  -69
  -73
  -77
  -83
  -87
  -91
  -97
  -103
  -108
  -114
  -120
  -126
  -133
  -140
  -148
  -155
  -163
  -172
  -181
  -190
  -200
  -210
Free cash flow, $m
  104
  86
  123
  161
  201
  244
  289
  336
  385
  436
  489
  536
  593
  654
  716
  782
  850
  921
  995
  1,072
  1,153
  1,237
  1,325
  1,416
  1,513
  1,613
  1,718
  1,829
  1,944
  2,065
  2,192
Issuance/(repayment) of debt, $m
  -15
  49
  52
  55
  57
  60
  63
  66
  68
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
  105
  109
  114
  119
  124
  129
  135
  141
  148
  154
  161
  169
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
  49
  52
  55
  57
  60
  63
  66
  68
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
  105
  109
  114
  119
  124
  129
  135
  141
  148
  154
  161
  169
Total cash flow (excl. dividends), $m
  85
  136
  174
  216
  259
  304
  352
  401
  453
  507
  563
  612
  673
  737
  803
  871
  943
  1,018
  1,096
  1,177
  1,262
  1,351
  1,443
  1,541
  1,642
  1,748
  1,860
  1,976
  2,099
  2,227
  2,361
Retained Cash Flow (-), $m
  -77
  -40
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -73
  -76
  -79
  -83
  -86
  -90
  -93
  -97
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -138
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
 
  379
  132
  171
  212
  255
  300
  347
  397
  449
  502
  550
  608
  669
  732
  798
  867
  938
  1,013
  1,091
  1,172
  1,257
  1,346
  1,439
  1,536
  1,638
  1,744
  1,856
  1,972
  2,095
  2,223
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
 
  363
  121
  149
  174
  198
  218
  235
  248
  258
  263
  261
  259
  254
  246
  234
  220
  204
  187
  168
  149
  130
  112
  94
  78
  64
  51
  40
  31
  23
  17
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 48.4
Price to Sales 4.9
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 22.6
Price to Free Cash Flow 31.3
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 12.5% 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 66.232 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 $2.7 billion.

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COMPANY NEWS

▶ Analyst: Semtech Has Nearly 30% Upside   [Nov-20-17 04:51PM  Benzinga]
▶ Semtech Clears Key Benchmark, Hitting 80-Plus RS Rating   [Nov-07-17 03:00AM  Investor's Business Daily]
▶ Stocks To Watch: Semtech Sees Relative Strength Rating Jump To 83   [Oct-30-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Semtech Corp. : October 27, 2017   [Oct-27-17 11:15AM  Capital Cube]
▶ Semtech Sponsors LoRa Alliance 9th All Members Meeting   [Oct-05-17 08:00AM  GlobeNewswire]
▶ Semtech Hits 80-Plus Relative Strength Rating Benchmark   [03:00AM  Investor's Business Daily]
▶ 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]
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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