Intrinsic value of Seagate Technology - STX

Previous Close

$34.26

  Intrinsic Value

$11.15

stock screener

  Rating & Target

str. sell

-67%

  Value-price divergence*

-55%

Previous close

$34.26

 
Intrinsic value

$11.15

 
Up/down potential

-67%

 
Rating

str. sell

 
Value-price divergence*

-55%

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

We calculate the intrinsic value of STX 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 10.1

 

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, %
  -3.49
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  10,771
  10,986
  11,239
  11,528
  11,852
  12,212
  12,606
  13,035
  13,500
  14,000
  14,538
  15,113
  15,726
  16,379
  17,073
  17,810
  18,590
  19,416
  20,290
  21,213
  22,188
  23,216
  24,301
  25,444
  26,649
  27,917
  29,253
  30,659
  32,138
  33,695
  35,332
Variable operating expenses, $m
 
  10,544
  10,784
  11,058
  11,366
  11,707
  12,080
  12,488
  12,928
  13,403
  13,913
  14,334
  14,916
  15,536
  16,194
  16,892
  17,633
  18,416
  19,245
  20,121
  21,045
  22,021
  23,049
  24,134
  25,276
  26,480
  27,747
  29,080
  30,483
  31,960
  33,513
Fixed operating expenses, $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
Total operating expenses, $m
  9,717
  10,544
  10,784
  11,058
  11,366
  11,707
  12,080
  12,488
  12,928
  13,403
  13,913
  14,334
  14,916
  15,536
  16,194
  16,892
  17,633
  18,416
  19,245
  20,121
  21,045
  22,021
  23,049
  24,134
  25,276
  26,480
  27,747
  29,080
  30,483
  31,960
  33,513
Operating income, $m
  1,054
  442
  455
  470
  487
  505
  525
  547
  571
  597
  625
  778
  810
  843
  879
  917
  957
  1,000
  1,045
  1,092
  1,143
  1,195
  1,251
  1,310
  1,372
  1,438
  1,506
  1,579
  1,655
  1,735
  1,819
EBITDA, $m
  1,803
  1,051
  1,076
  1,103
  1,134
  1,169
  1,206
  1,247
  1,292
  1,340
  1,391
  1,446
  1,505
  1,567
  1,634
  1,704
  1,779
  1,858
  1,942
  2,030
  2,123
  2,222
  2,325
  2,435
  2,550
  2,672
  2,799
  2,934
  3,075
  3,224
  3,381
Interest expense (income), $m
  172
  191
  125
  131
  137
  144
  151
  160
  169
  179
  190
  201
  213
  226
  240
  255
  271
  288
  305
  324
  344
  364
  386
  410
  434
  460
  487
  515
  545
  577
  610
Earnings before tax, $m
  815
  251
  330
  339
  350
  361
  374
  388
  402
  418
  435
  577
  597
  617
  639
  662
  686
  712
  740
  768
  799
  831
  865
  901
  938
  978
  1,020
  1,063
  1,110
  1,158
  1,209
Tax expense, $m
  43
  68
  89
  92
  94
  98
  101
  105
  109
  113
  118
  156
  161
  167
  172
  179
  185
  192
  200
  207
  216
  224
  234
  243
  253
  264
  275
  287
  300
  313
  326
Net income, $m
  772
  183
  241
  248
  255
  264
  273
  283
  294
  305
  318
  421
  435
  450
  466
  483
  501
  520
  540
  561
  583
  607
  631
  657
  685
  714
  744
  776
  810
  845
  883

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,539
  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
  9,268
  6,862
  7,020
  7,200
  7,403
  7,627
  7,874
  8,142
  8,432
  8,745
  9,080
  9,439
  9,823
  10,230
  10,664
  11,124
  11,612
  12,128
  12,673
  13,250
  13,859
  14,501
  15,178
  15,893
  16,645
  17,437
  18,272
  19,150
  20,074
  21,046
  22,069
Adjusted assets (=assets-cash), $m
  6,729
  6,862
  7,020
  7,200
  7,403
  7,627
  7,874
  8,142
  8,432
  8,745
  9,080
  9,439
  9,823
  10,230
  10,664
  11,124
  11,612
  12,128
  12,673
  13,250
  13,859
  14,501
  15,178
  15,893
  16,645
  17,437
  18,272
  19,150
  20,074
  21,046
  22,069
Revenue / Adjusted assets
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
Average production assets, $m
  2,382
  2,428
  2,484
  2,548
  2,619
  2,699
  2,786
  2,881
  2,983
  3,094
  3,213
  3,340
  3,475
  3,620
  3,773
  3,936
  4,108
  4,291
  4,484
  4,688
  4,903
  5,131
  5,370
  5,623
  5,889
  6,170
  6,465
  6,776
  7,103
  7,447
  7,808
Working capital, $m
  2,415
  -132
  -135
  -138
  -142
  -147
  -151
  -156
  -162
  -168
  -174
  -181
  -189
  -197
  -205
  -214
  -223
  -233
  -243
  -255
  -266
  -279
  -292
  -305
  -320
  -335
  -351
  -368
  -386
  -404
  -424
Total debt, $m
  5,021
  3,293
  3,435
  3,597
  3,780
  3,982
  4,203
  4,445
  4,706
  4,987
  5,289
  5,613
  5,957
  6,324
  6,715
  7,129
  7,567
  8,032
  8,523
  9,042
  9,590
  10,168
  10,778
  11,420
  12,097
  12,811
  13,561
  14,352
  15,184
  16,058
  16,979
Total liabilities, $m
  7,904
  6,176
  6,318
  6,480
  6,663
  6,865
  7,086
  7,328
  7,589
  7,870
  8,172
  8,496
  8,840
  9,207
  9,598
  10,012
  10,450
  10,915
  11,406
  11,925
  12,473
  13,051
  13,661
  14,303
  14,980
  15,694
  16,444
  17,235
  18,067
  18,941
  19,862
Total equity, $m
  1,364
  686
  702
  720
  740
  763
  787
  814
  843
  874
  908
  944
  982
  1,023
  1,066
  1,112
  1,161
  1,213
  1,267
  1,325
  1,386
  1,450
  1,518
  1,589
  1,664
  1,744
  1,827
  1,915
  2,007
  2,105
  2,207
Total liabilities and equity, $m
  9,268
  6,862
  7,020
  7,200
  7,403
  7,628
  7,873
  8,142
  8,432
  8,744
  9,080
  9,440
  9,822
  10,230
  10,664
  11,124
  11,611
  12,128
  12,673
  13,250
  13,859
  14,501
  15,179
  15,892
  16,644
  17,438
  18,271
  19,150
  20,074
  21,046
  22,069
Debt-to-equity ratio
  3.681
  4.800
  4.890
  5.000
  5.110
  5.220
  5.340
  5.460
  5.580
  5.700
  5.830
  5.950
  6.060
  6.180
  6.300
  6.410
  6.520
  6.620
  6.730
  6.820
  6.920
  7.010
  7.100
  7.190
  7.270
  7.350
  7.420
  7.490
  7.560
  7.630
  7.690
Adjusted equity ratio
  -0.175
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  772
  183
  241
  248
  255
  264
  273
  283
  294
  305
  318
  421
  435
  450
  466
  483
  501
  520
  540
  561
  583
  607
  631
  657
  685
  714
  744
  776
  810
  845
  883
Depreciation, amort., depletion, $m
  749
  609
  621
  633
  648
  664
  681
  700
  720
  743
  766
  668
  695
  724
  755
  787
  822
  858
  897
  938
  981
  1,026
  1,074
  1,125
  1,178
  1,234
  1,293
  1,355
  1,421
  1,489
  1,562
Funds from operations, $m
  2,102
  793
  861
  881
  903
  927
  954
  983
  1,014
  1,048
  1,084
  1,089
  1,131
  1,174
  1,221
  1,270
  1,323
  1,378
  1,437
  1,499
  1,564
  1,633
  1,706
  1,782
  1,863
  1,948
  2,037
  2,131
  2,230
  2,335
  2,444
Change in working capital, $m
  186
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
Cash from operations, $m
  1,916
  795
  864
  884
  907
  932
  959
  988
  1,020
  1,054
  1,091
  1,096
  1,138
  1,182
  1,229
  1,279
  1,332
  1,388
  1,447
  1,510
  1,576
  1,645
  1,719
  1,796
  1,877
  1,963
  2,053
  2,148
  2,248
  2,353
  2,464
Maintenance CAPEX, $m
  0
  -476
  -486
  -497
  -510
  -524
  -540
  -557
  -576
  -597
  -619
  -643
  -668
  -695
  -724
  -755
  -787
  -822
  -858
  -897
  -938
  -981
  -1,026
  -1,074
  -1,125
  -1,178
  -1,234
  -1,293
  -1,355
  -1,421
  -1,489
New CAPEX, $m
  -434
  -46
  -56
  -64
  -72
  -79
  -87
  -95
  -103
  -111
  -119
  -127
  -136
  -144
  -153
  -163
  -172
  -183
  -193
  -204
  -215
  -227
  -240
  -253
  -266
  -280
  -295
  -311
  -327
  -344
  -362
Cash from investing activities, $m
  -459
  -522
  -542
  -561
  -582
  -603
  -627
  -652
  -679
  -708
  -738
  -770
  -804
  -839
  -877
  -918
  -959
  -1,005
  -1,051
  -1,101
  -1,153
  -1,208
  -1,266
  -1,327
  -1,391
  -1,458
  -1,529
  -1,604
  -1,682
  -1,765
  -1,851
Free cash flow, $m
  1,457
  273
  323
  324
  326
  328
  332
  336
  341
  347
  353
  327
  334
  343
  352
  362
  372
  384
  396
  409
  423
  437
  453
  469
  486
  505
  524
  545
  566
  589
  613
Issuance/(repayment) of debt, $m
  916
  -1,728
  142
  162
  182
  202
  222
  241
  261
  281
  302
  323
  345
  367
  390
  414
  439
  464
  491
  519
  548
  578
  610
  643
  677
  713
  751
  790
  832
  875
  920
Issuance/(repurchase) of shares, $m
  -374
  1,678
  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  
  515
  -50
  142
  162
  182
  202
  222
  241
  261
  281
  302
  323
  345
  367
  390
  414
  439
  464
  491
  519
  548
  578
  610
  643
  677
  713
  751
  790
  832
  875
  920
Total cash flow (excl. dividends), $m
  1,972
  223
  465
  486
  508
  530
  553
  577
  602
  628
  655
  650
  679
  710
  742
  776
  811
  848
  887
  928
  971
  1,015
  1,062
  1,112
  1,164
  1,218
  1,275
  1,335
  1,398
  1,464
  1,533
Retained Cash Flow (-), $m
  229
  -1,861
  -16
  -18
  -20
  -22
  -25
  -27
  -29
  -31
  -34
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -88
  -92
  -97
  -102
Prev. year cash balance distribution, $m
 
  2,539
  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
 
  901
  449
  468
  488
  508
  529
  551
  573
  597
  621
  614
  641
  669
  699
  730
  762
  797
  832
  870
  910
  951
  995
  1,040
  1,088
  1,139
  1,192
  1,247
  1,305
  1,367
  1,431
Discount rate, %
 
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
 
  862
  410
  405
  398
  389
  378
  365
  351
  334
  316
  282
  263
  244
  223
  203
  182
  162
  142
  123
  106
  89
  74
  61
  49
  38
  30
  23
  17
  12
  9
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Seagate Technology public limited company is a provider of electronic data storage technology and solutions. The Company's principal products are hard disk drives (HDDs). In addition to HDDs, it produces a range of electronic data storage products, including solid state hybrid drives, solid state drives, peripheral component interconnect express (PCIe) cards and serial advanced technology architecture (SATA) controllers. Its storage technology portfolio also includes storage subsystems and high performance computing solutions. Its products are designed for applications in enterprise servers and storage systems, client compute applications and client non-compute applications. It designs, fabricates and assembles various components found in its disk drives, including read/write heads and recording media. Its design and manufacturing operations are based on technology platforms that are used to produce various disk drive products that serve multiple data storage applications and markets.

FINANCIAL RATIOS  of  Seagate Technology (STX)

Valuation Ratios
P/E Ratio 12.9
Price to Sales 0.9
Price to Book 7.3
Price to Tangible Book
Price to Cash Flow 5.2
Price to Free Cash Flow 6.7
Growth Rates
Sales Growth Rate -3.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -26.1%
Cap. Spend. - 3 Yr. Gr. Rate -4.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 368.1%
Total Debt to Equity 368.1%
Interest Coverage 6
Management Effectiveness
Return On Assets 10.7%
Ret/ On Assets - 3 Yr. Avg. 11.8%
Return On Total Capital 12.8%
Ret/ On T. Cap. - 3 Yr. Avg. 13.9%
Return On Equity 52.2%
Return On Equity - 3 Yr. Avg. 40.8%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 29.5%
Gross Margin - 3 Yr. Avg. 26.9%
EBITDA Margin 16.1%
EBITDA Margin - 3 Yr. Avg. 16.6%
Operating Margin 9.8%
Oper. Margin - 3 Yr. Avg. 9.6%
Pre-Tax Margin 7.6%
Pre-Tax Margin - 3 Yr. Avg. 8.1%
Net Profit Margin 7.2%
Net Profit Margin - 3 Yr. Avg. 7.4%
Effective Tax Rate 5.3%
Eff/ Tax Rate - 3 Yr. Avg. 8.8%
Payout Ratio 72.7%

STX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the STX stock intrinsic value calculation we used $10771 million for the last fiscal year's total revenue generated by Seagate Technology. The default revenue input number comes from 2017 income statement of Seagate Technology. 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 STX stock valuation model: a) initial revenue growth rate of 2% 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 4.5%, whose default value for STX is calculated based on our internal credit rating of Seagate Technology, 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 Seagate Technology.
    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 STX stock the variable cost ratio is equal to 96%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for STX 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 3.8% for Seagate Technology.

Corporate tax rate of 27% is the nominal tax rate for Seagate Technology. 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 STX 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 STX are equal to 22.1%.

Life of production assets of 4.8 years is the average useful life of capital assets used in Seagate Technology 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 STX is equal to -1.2%. 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 - $1364 million for Seagate Technology - 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 294.08 million for Seagate Technology 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 Seagate Technology at the current share price and the inputted number of shares is $10.1 billion.

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COMPANY NEWS

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▶ Seagate Downgraded On Concerns Of Drive Weakness, Price Wars   [Sep-11-17 04:17PM  Investor's Business Daily]
▶ Can Seagate Sustain Its Dividend Yield?   [12:32PM  Market Realist]
▶ Seagate Technology Rose after ValueActs Disclosure   [Sep-06-17 09:07AM  Market Realist]
▶ Where Does Seagate Stand in the Global HDD Market?   [Aug-31-17 07:37AM  Market Realist]
▶ How Seagate Has Increased Shareholder Value   [09:08AM  Market Realist]
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▶ Are Seagates Dividends Safe?   [Aug-24-17 03:06PM  Market Realist]
▶ Why Seagate Never Made It   [01:18PM  Market Realist]
▶ [$$] Seagate May Not Have the Upside ValueAct Sees   [Aug-14-17 01:05PM  Barrons.com]
▶ ValueAct Ups Stake In Seagate Technology   [Aug-11-17 12:15PM  Barrons.com]
▶ Micron Technology, Inc. (MU) Stock Is Still a Buy!   [Aug-02-17 10:05AM  InvestorPlace]
▶ Why Seagate Shares Fell in July   [Aug-01-17 03:10PM  Market Realist]
▶ Why Seagate May Be Shunned for Much Longer   [Jul-29-17 09:20AM  24/7 Wall St.]
▶ Western Digital Earnings Beat, Revenue Is A Match   [Jul-27-17 05:24PM  Investor's Business Daily]
▶ [$$] Seagate Hit By Torrent of Bad News   [07:11AM  Barrons.com]
▶ Seagate misses Street 4Q forecasts   [Jul-25-17 11:54PM  Associated Press]
▶ Seagate CEO steps down amid dismal earnings, job cuts   [10:23PM  American City Business Journals]
Financial statements of STX
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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