Intrinsic value of Seagate Technology - STX

Previous Close

$32.48

  Intrinsic Value

$17.44

stock screener

  Rating & Target

sell

-46%

  Value-price divergence*

-157%

Previous close

$32.48

 
Intrinsic value

$17.44

 
Up/down potential

-46%

 
Rating

sell

 
Value-price divergence*

-157%

*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 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 9.7

 

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, %
  -18.77
  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
  11,160
  11,383
  11,645
  11,944
  12,280
  12,653
  13,061
  13,506
  13,987
  14,506
  15,063
  15,658
  16,294
  16,971
  17,690
  18,453
  19,261
  20,117
  21,023
  21,979
  22,989
  24,055
  25,178
  26,363
  27,611
  28,925
  30,309
  31,766
  33,299
  34,912
  36,608
Variable operating expenses, $m
 
  4,266
  4,362
  4,470
  4,593
  4,728
  4,877
  5,039
  5,214
  5,403
  5,605
  5,698
  5,930
  6,176
  6,438
  6,715
  7,010
  7,321
  7,650
  7,999
  8,366
  8,754
  9,163
  9,594
  10,048
  10,526
  11,030
  11,560
  12,118
  12,705
  13,322
Fixed operating expenses, $m
 
  6,865
  7,037
  7,213
  7,393
  7,578
  7,768
  7,962
  8,161
  8,365
  8,574
  8,788
  9,008
  9,233
  9,464
  9,701
  9,943
  10,192
  10,447
  10,708
  10,975
  11,250
  11,531
  11,819
  12,115
  12,418
  12,728
  13,046
  13,373
  13,707
  14,050
Total operating expenses, $m
  10,715
  11,131
  11,399
  11,683
  11,986
  12,306
  12,645
  13,001
  13,375
  13,768
  14,179
  14,486
  14,938
  15,409
  15,902
  16,416
  16,953
  17,513
  18,097
  18,707
  19,341
  20,004
  20,694
  21,413
  22,163
  22,944
  23,758
  24,606
  25,491
  26,412
  27,372
Operating income, $m
  445
  252
  246
  261
  294
  346
  417
  505
  613
  739
  884
  1,172
  1,356
  1,561
  1,788
  2,037
  2,309
  2,605
  2,926
  3,273
  3,647
  4,051
  4,484
  4,950
  5,448
  5,981
  6,551
  7,160
  7,808
  8,500
  9,236
EBITDA, $m
  1,260
  643
  644
  665
  707
  767
  847
  946
  1,065
  1,203
  1,361
  1,540
  1,739
  1,960
  2,204
  2,470
  2,761
  3,077
  3,420
  3,789
  4,188
  4,616
  5,076
  5,569
  6,097
  6,661
  7,263
  7,906
  8,591
  9,320
  10,097
Interest expense (income), $m
  200
  200
  207
  215
  223
  233
  244
  256
  269
  283
  298
  314
  331
  350
  369
  390
  412
  436
  461
  487
  515
  544
  575
  608
  642
  679
  717
  757
  799
  844
  891
Earnings before tax, $m
  274
  51
  39
  46
  71
  113
  173
  250
  344
  456
  586
  858
  1,025
  1,212
  1,419
  1,647
  1,896
  2,169
  2,465
  2,786
  3,133
  3,507
  3,909
  4,342
  4,806
  5,303
  5,834
  6,403
  7,009
  7,656
  8,345
Tax expense, $m
  26
  14
  11
  13
  19
  31
  47
  67
  93
  123
  158
  232
  277
  327
  383
  445
  512
  586
  665
  752
  846
  947
  1,056
  1,172
  1,298
  1,432
  1,575
  1,729
  1,892
  2,067
  2,253
Net income, $m
  248
  37
  29
  34
  52
  83
  126
  182
  251
  333
  428
  626
  748
  885
  1,036
  1,202
  1,384
  1,583
  1,799
  2,034
  2,287
  2,560
  2,854
  3,170
  3,508
  3,871
  4,259
  4,674
  5,117
  5,589
  6,092

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,131
  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
  8,213
  7,797
  7,976
  8,181
  8,411
  8,666
  8,946
  9,251
  9,580
  9,936
  10,317
  10,725
  11,160
  11,624
  12,116
  12,639
  13,193
  13,779
  14,399
  15,054
  15,746
  16,476
  17,245
  18,057
  18,912
  19,812
  20,760
  21,758
  22,808
  23,912
  25,074
Adjusted assets (=assets-cash), $m
  7,082
  7,797
  7,976
  8,181
  8,411
  8,666
  8,946
  9,251
  9,580
  9,936
  10,317
  10,725
  11,160
  11,624
  12,116
  12,639
  13,193
  13,779
  14,399
  15,054
  15,746
  16,476
  17,245
  18,057
  18,912
  19,812
  20,760
  21,758
  22,808
  23,912
  25,074
Revenue / Adjusted assets
  1.576
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
Average production assets, $m
  2,628
  2,675
  2,737
  2,807
  2,886
  2,973
  3,069
  3,174
  3,287
  3,409
  3,540
  3,680
  3,829
  3,988
  4,157
  4,336
  4,526
  4,728
  4,940
  5,165
  5,402
  5,653
  5,917
  6,195
  6,489
  6,797
  7,123
  7,465
  7,825
  8,204
  8,603
Working capital, $m
  1,284
  159
  163
  167
  172
  177
  183
  189
  196
  203
  211
  219
  228
  238
  248
  258
  270
  282
  294
  308
  322
  337
  352
  369
  387
  405
  424
  445
  466
  489
  513
Total debt, $m
  4,091
  4,223
  4,378
  4,556
  4,755
  4,976
  5,218
  5,482
  5,768
  6,075
  6,406
  6,759
  7,136
  7,537
  7,964
  8,416
  8,896
  9,404
  9,941
  10,508
  11,107
  11,739
  12,406
  13,108
  13,848
  14,628
  15,449
  16,313
  17,222
  18,179
  19,185
Total liabilities, $m
  6,620
  6,752
  6,907
  7,085
  7,284
  7,505
  7,747
  8,011
  8,297
  8,604
  8,935
  9,288
  9,665
  10,066
  10,493
  10,945
  11,425
  11,933
  12,470
  13,037
  13,636
  14,268
  14,935
  15,637
  16,377
  17,157
  17,978
  18,842
  19,751
  20,708
  21,714
Total equity, $m
  1,593
  1,045
  1,069
  1,096
  1,127
  1,161
  1,199
  1,240
  1,284
  1,331
  1,382
  1,437
  1,495
  1,558
  1,624
  1,694
  1,768
  1,846
  1,929
  2,017
  2,110
  2,208
  2,311
  2,420
  2,534
  2,655
  2,782
  2,916
  3,056
  3,204
  3,360
Total liabilities and equity, $m
  8,213
  7,797
  7,976
  8,181
  8,411
  8,666
  8,946
  9,251
  9,581
  9,935
  10,317
  10,725
  11,160
  11,624
  12,117
  12,639
  13,193
  13,779
  14,399
  15,054
  15,746
  16,476
  17,246
  18,057
  18,911
  19,812
  20,760
  21,758
  22,807
  23,912
  25,074
Debt-to-equity ratio
  2.568
  4.040
  4.100
  4.160
  4.220
  4.280
  4.350
  4.420
  4.490
  4.560
  4.630
  4.700
  4.770
  4.840
  4.910
  4.970
  5.030
  5.090
  5.150
  5.210
  5.260
  5.320
  5.370
  5.420
  5.460
  5.510
  5.550
  5.600
  5.640
  5.670
  5.710
Adjusted equity ratio
  0.065
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  248
  37
  29
  34
  52
  83
  126
  182
  251
  333
  428
  626
  748
  885
  1,036
  1,202
  1,384
  1,583
  1,799
  2,034
  2,287
  2,560
  2,854
  3,170
  3,508
  3,871
  4,259
  4,674
  5,117
  5,589
  6,092
Depreciation, amort., depletion, $m
  815
  391
  397
  404
  412
  421
  431
  441
  452
  465
  478
  368
  383
  399
  416
  434
  453
  473
  494
  517
  540
  565
  592
  620
  649
  680
  712
  747
  783
  820
  860
Funds from operations, $m
  2,144
  428
  426
  438
  464
  504
  557
  623
  704
  797
  905
  994
  1,131
  1,283
  1,451
  1,636
  1,837
  2,056
  2,293
  2,550
  2,827
  3,125
  3,445
  3,789
  4,157
  4,551
  4,971
  5,420
  5,899
  6,409
  6,952
Change in working capital, $m
  464
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  23
  24
Cash from operations, $m
  1,680
  425
  423
  434
  459
  498
  551
  617
  697
  790
  898
  986
  1,122
  1,274
  1,441
  1,625
  1,826
  2,044
  2,281
  2,537
  2,813
  3,110
  3,430
  3,772
  4,140
  4,532
  4,952
  5,400
  5,878
  6,387
  6,929
Maintenance CAPEX, $m
  0
  -263
  -268
  -274
  -281
  -289
  -297
  -307
  -317
  -329
  -341
  -354
  -368
  -383
  -399
  -416
  -434
  -453
  -473
  -494
  -517
  -540
  -565
  -592
  -620
  -649
  -680
  -712
  -747
  -783
  -820
New CAPEX, $m
  -587
  -47
  -62
  -70
  -79
  -87
  -96
  -105
  -113
  -122
  -131
  -140
  -149
  -159
  -169
  -179
  -190
  -201
  -213
  -225
  -237
  -250
  -264
  -278
  -293
  -309
  -325
  -342
  -360
  -379
  -399
Cash from investing activities, $m
  -1,211
  -310
  -330
  -344
  -360
  -376
  -393
  -412
  -430
  -451
  -472
  -494
  -517
  -542
  -568
  -595
  -624
  -654
  -686
  -719
  -754
  -790
  -829
  -870
  -913
  -958
  -1,005
  -1,054
  -1,107
  -1,162
  -1,219
Free cash flow, $m
  469
  116
  93
  90
  100
  122
  158
  206
  266
  340
  426
  492
  605
  732
  873
  1,030
  1,202
  1,390
  1,595
  1,818
  2,059
  2,320
  2,600
  2,902
  3,227
  3,575
  3,947
  4,345
  4,771
  5,225
  5,710
Issuance/(repayment) of debt, $m
  -22
  132
  155
  178
  199
  221
  242
  264
  286
  308
  330
  353
  377
  401
  427
  453
  480
  508
  537
  567
  599
  632
  667
  703
  740
  780
  821
  864
  909
  957
  1,006
Issuance/(repurchase) of shares, $m
  -1,011
  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  
  -1,093
  132
  155
  178
  199
  221
  242
  264
  286
  308
  330
  353
  377
  401
  427
  453
  480
  508
  537
  567
  599
  632
  667
  703
  740
  780
  821
  864
  909
  957
  1,006
Total cash flow (excl. dividends), $m
  -627
  248
  249
  268
  299
  343
  400
  470
  552
  647
  756
  845
  982
  1,133
  1,300
  1,483
  1,682
  1,898
  2,132
  2,385
  2,658
  2,952
  3,267
  3,605
  3,967
  4,354
  4,768
  5,209
  5,680
  6,182
  6,716
Retained Cash Flow (-), $m
  1,425
  -22
  -24
  -27
  -31
  -34
  -37
  -41
  -44
  -48
  -51
  -55
  -58
  -62
  -66
  -70
  -74
  -79
  -83
  -88
  -93
  -98
  -103
  -109
  -115
  -121
  -127
  -134
  -141
  -148
  -156
Prev. year cash balance distribution, $m
 
  570
  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
 
  796
  225
  240
  268
  309
  363
  429
  508
  600
  705
  791
  924
  1,071
  1,234
  1,413
  1,607
  1,819
  2,049
  2,297
  2,565
  2,854
  3,164
  3,496
  3,852
  4,234
  4,641
  5,076
  5,540
  6,034
  6,560
Discount rate, %
 
  6.60
  6.93
  7.28
  7.64
  8.02
  8.42
  8.84
  9.29
  9.75
  10.24
  10.75
  11.29
  11.85
  12.45
  13.07
  13.72
  14.41
  15.13
  15.88
  16.68
  17.51
  18.39
  19.31
  20.27
  21.29
  22.35
  23.47
  24.64
  25.87
  27.17
PV of cash for distribution, $m
 
  746
  197
  194
  200
  210
  223
  237
  249
  260
  266
  257
  256
  250
  239
  224
  205
  185
  162
  140
  117
  96
  77
  60
  46
  34
  24
  17
  12
  8
  5
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

Seagate Technology public limited company designs, produces, and distributes electronic data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company offers hard drives, solid state hybrid drives, solid state drives, PCIe cards, and serial advanced technology architecture controllers for mission critical and nearline applications in enterprise servers and storage systems; client compute applications, including desktop and mobile computing; client non-compute applications, such as digital video recorders, personal data backup and portable external storage systems, and digital media and surveillance systems. It also provides storage subsystems and high performance computing solutions; and ships external backup storage solutions under the Backup Plus and Expansion product lines, as well as under the Maxtor and LaCie brand names. The company sells its products primarily to original equipment manufacturers, distributors, and retailers. Seagate Technology public limited company was founded in 1979 and is headquartered in Dublin, Ireland.

FINANCIAL RATIOS  of  Seagate Technology (STX)

Valuation Ratios
P/E Ratio 39.1
Price to Sales 0.9
Price to Book 6.1
Price to Tangible Book
Price to Cash Flow 5.8
Price to Free Cash Flow 8.9
Growth Rates
Sales Growth Rate -18.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.4%
Cap. Spend. - 3 Yr. Gr. Rate -5.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 256.8%
Total Debt to Equity 256.8%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.8%
Ret/ On Assets - 3 Yr. Avg. 27.4%
Return On Total Capital 3.9%
Ret/ On T. Cap. - 3 Yr. Avg. 34.2%
Return On Equity 10.8%
Return On Equity - 3 Yr. Avg. 72%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 23.4%
Gross Margin - 3 Yr. Avg. 26.4%
EBITDA Margin 11.6%
EBITDA Margin - 3 Yr. Avg. 17.6%
Operating Margin 4%
Oper. Margin - 3 Yr. Avg. 10.6%
Pre-Tax Margin 2.5%
Pre-Tax Margin - 3 Yr. Avg. 9.4%
Net Profit Margin 2.2%
Net Profit Margin - 3 Yr. Avg. 8.8%
Effective Tax Rate 9.5%
Eff/ Tax Rate - 3 Yr. Avg. 6.7%
Payout Ratio 293.1%

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 $11160 million for the last fiscal year's total revenue generated by Seagate Technology. The default revenue input number comes from 2016 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 6.6%, 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 37.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $6698 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 4.9% 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 23.5%.

Life of production assets of 10 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 1.4%. 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 - $1593 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 298.302 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 $9.7 billion.

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COMPANY NEWS

▶ [$$] Seagate May Not Have the Upside ValueAct Sees   [Aug-14-17 01:05PM  Barrons.com]
▶ ValueAct Ups Stake In Seagate Technology   [Aug-11-17 12:15PM  Barrons.com]
▶ Micron Technology, Inc. (MU) Stock Is Still a Buy!   [Aug-02-17 10:05AM  InvestorPlace]
▶ Why Seagate Shares Fell in July   [Aug-01-17 03:10PM  Market Realist]
▶ Why Seagate May Be Shunned for Much Longer   [Jul-29-17 09:20AM  24/7 Wall St.]
▶ Western Digital Earnings Beat, Revenue Is A Match   [Jul-27-17 05:24PM  Investor's Business Daily]
▶ [$$] 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]
▶ Seagate Technology Shares Tumble On Earnings Shortfall   [04:30PM  Investor's Business Daily]
▶ Story Stocks from Briefing.com   [11:44AM  Briefing.com]
▶ [$$] Seagate Shares Slide After Earnings Miss   [10:56AM  The Wall Street Journal]
▶ Dow Climbs As These Blue Chips Beat; Alphabet Drags On Nasdaq   [09:43AM  Investor's Business Daily]
▶ Seagate Appoints Ravi Naik as Chief Information Officer   [Jul-18-17 08:01AM  Business Wire]
▶ What Seagate Analysts Expect for Fiscal 4Q17   [Jul-14-17 02:05PM  Market Realist]
▶ Netflix Price Target Hiked; Snap 'Compelling'; AT&T, Seagate Downgraded   [Jul-13-17 04:22PM  Investor's Business Daily]
▶ A Look at Nokias Valuation   [10:37AM  Market Realist]
▶ These 3 Tech Dividend Stocks Are Ridiculously Cheap   [Jul-12-17 08:48PM  Motley Fool]
▶ Benzinga's Option Alert Recap From July 11   [Jul-11-17 04:20PM  Benzinga]
▶ A Technical Analysis of Apple   [09:05AM  Market Realist]
▶ Dividend Growth of Seagate Technology and Garmin   [Jul-07-17 01:36PM  Market Realist]
▶ IBMs Dividend Growth Curve   [11:49AM  Market Realist]
▶ Where Seagate Is Trading Compared to Analyst Estimates   [Jul-03-17 09:08AM  Market Realist]
▶ How Much Will Data Evolution Benefit Seagate?   [Jun-30-17 10:39AM  Market Realist]
▶ How Seagate Views Fiscal 4Q17   [09:09AM  Market Realist]
▶ Will Seagates HDD Shipments Continue to Rise in 2017?   [Jun-29-17 06:47PM  Market Realist]
▶ [$$] HGGC Backs Provider of Data-Visualization Software   [Jun-28-17 12:33PM  The Wall Street Journal]
▶ Stock Futures: EU Hits Google; 2 Opticals Near Buys   [07:14AM  Investor's Business Daily]
▶ After-hours buzz: ORCL, SCS, & more   [Jun-26-17 05:28PM  CNBC]
▶ 5 High-Yield Dividend Stocks to Avoid   [Jun-23-17 12:42PM  GuruFocus.com]
Stock chart of STX 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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