Intrinsic value of Amkor Technology - AMKR

Previous Close

$10.81

  Intrinsic Value

$18.86

stock screener

  Rating & Target

str. buy

+74%

  Value-price divergence*

-88%

Previous close

$10.81

 
Intrinsic value

$18.86

 
Up/down potential

+74%

 
Rating

str. buy

 
Value-price divergence*

-88%

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

We calculate the intrinsic value of AMKR 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 2.5

 

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, %
  34.97
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
Revenue, $m
  3,894
  4,202
  4,521
  4,854
  5,199
  5,558
  5,931
  6,319
  6,722
  7,142
  7,580
  8,035
  8,510
  9,006
  9,522
  10,062
  10,625
  11,213
  11,828
  12,471
  13,143
  13,847
  14,583
  15,354
  16,161
  17,006
  17,892
  18,820
  19,793
  20,813
  21,882
Variable operating expenses, $m
 
  3,567
  3,838
  4,120
  4,413
  4,718
  5,034
  5,363
  5,706
  6,062
  6,433
  6,817
  7,220
  7,640
  8,079
  8,536
  9,014
  9,513
  10,035
  10,580
  11,150
  11,747
  12,372
  13,026
  13,711
  14,428
  15,179
  15,967
  16,792
  17,657
  18,564
Fixed operating expenses, $m
 
  308
  315
  323
  331
  339
  348
  357
  366
  375
  384
  394
  403
  414
  424
  434
  445
  456
  468
  480
  492
  504
  516
  529
  543
  556
  570
  584
  599
  614
  629
Total operating expenses, $m
  3,600
  3,875
  4,153
  4,443
  4,744
  5,057
  5,382
  5,720
  6,072
  6,437
  6,817
  7,211
  7,623
  8,054
  8,503
  8,970
  9,459
  9,969
  10,503
  11,060
  11,642
  12,251
  12,888
  13,555
  14,254
  14,984
  15,749
  16,551
  17,391
  18,271
  19,193
Operating income, $m
  294
  327
  368
  410
  455
  501
  549
  599
  651
  706
  763
  825
  887
  952
  1,020
  1,091
  1,166
  1,244
  1,325
  1,411
  1,501
  1,596
  1,695
  1,798
  1,908
  2,022
  2,143
  2,269
  2,402
  2,542
  2,688
EBITDA, $m
  849
  884
  967
  1,054
  1,143
  1,237
  1,334
  1,436
  1,541
  1,651
  1,766
  1,885
  2,010
  2,141
  2,277
  2,419
  2,568
  2,724
  2,887
  3,057
  3,236
  3,423
  3,619
  3,825
  4,041
  4,267
  4,504
  4,753
  5,015
  5,289
  5,577
Interest expense (income), $m
  87
  82
  94
  107
  120
  133
  147
  162
  177
  193
  209
  227
  244
  263
  282
  303
  324
  346
  369
  393
  418
  444
  472
  501
  531
  563
  596
  630
  667
  705
  745
Earnings before tax, $m
  215
  245
  274
  304
  335
  368
  402
  437
  474
  513
  553
  598
  642
  689
  737
  788
  842
  898
  957
  1,018
  1,083
  1,151
  1,223
  1,298
  1,377
  1,460
  1,547
  1,639
  1,735
  1,837
  1,944
Tax expense, $m
  48
  66
  74
  82
  90
  99
  108
  118
  128
  138
  149
  161
  173
  186
  199
  213
  227
  242
  258
  275
  292
  311
  330
  350
  372
  394
  418
  442
  469
  496
  525
Net income, $m
  164
  179
  200
  222
  244
  268
  293
  319
  346
  374
  404
  437
  469
  503
  538
  576
  615
  655
  698
  743
  791
  840
  893
  947
  1,005
  1,066
  1,129
  1,196
  1,267
  1,341
  1,419

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  550
  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
  4,092
  3,823
  4,114
  4,416
  4,731
  5,057
  5,397
  5,750
  6,117
  6,499
  6,897
  7,312
  7,744
  8,194
  8,664
  9,155
  9,668
  10,203
  10,762
  11,347
  11,959
  12,599
  13,269
  13,971
  14,705
  15,474
  16,280
  17,125
  18,010
  18,938
  19,910
Adjusted assets (=assets-cash), $m
  3,542
  3,823
  4,114
  4,416
  4,731
  5,057
  5,397
  5,750
  6,117
  6,499
  6,897
  7,312
  7,744
  8,194
  8,664
  9,155
  9,668
  10,203
  10,762
  11,347
  11,959
  12,599
  13,269
  13,971
  14,705
  15,474
  16,280
  17,125
  18,010
  18,938
  19,910
Revenue / Adjusted assets
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
Average production assets, $m
  2,572
  2,773
  2,984
  3,203
  3,431
  3,668
  3,914
  4,170
  4,437
  4,714
  5,003
  5,303
  5,617
  5,944
  6,285
  6,641
  7,012
  7,401
  7,806
  8,231
  8,674
  9,139
  9,625
  10,133
  10,666
  11,224
  11,809
  12,421
  13,063
  13,736
  14,442
Working capital, $m
  404
  -122
  -131
  -141
  -151
  -161
  -172
  -183
  -195
  -207
  -220
  -233
  -247
  -261
  -276
  -292
  -308
  -325
  -343
  -362
  -381
  -402
  -423
  -445
  -469
  -493
  -519
  -546
  -574
  -604
  -635
Total debt, $m
  1,475
  1,653
  1,873
  2,101
  2,339
  2,585
  2,841
  3,108
  3,385
  3,674
  3,974
  4,287
  4,614
  4,954
  5,309
  5,679
  6,066
  6,470
  6,893
  7,334
  7,796
  8,279
  8,785
  9,315
  9,869
  10,450
  11,059
  11,696
  12,364
  13,065
  13,799
Total liabilities, $m
  2,709
  2,886
  3,106
  3,334
  3,572
  3,818
  4,074
  4,341
  4,618
  4,907
  5,207
  5,520
  5,847
  6,187
  6,542
  6,912
  7,299
  7,703
  8,126
  8,567
  9,029
  9,512
  10,018
  10,548
  11,102
  11,683
  12,292
  12,929
  13,597
  14,298
  15,032
Total equity, $m
  1,384
  937
  1,008
  1,082
  1,159
  1,239
  1,322
  1,409
  1,499
  1,592
  1,690
  1,791
  1,897
  2,008
  2,123
  2,243
  2,369
  2,500
  2,637
  2,780
  2,930
  3,087
  3,251
  3,423
  3,603
  3,791
  3,989
  4,196
  4,412
  4,640
  4,878
Total liabilities and equity, $m
  4,093
  3,823
  4,114
  4,416
  4,731
  5,057
  5,396
  5,750
  6,117
  6,499
  6,897
  7,311
  7,744
  8,195
  8,665
  9,155
  9,668
  10,203
  10,763
  11,347
  11,959
  12,599
  13,269
  13,971
  14,705
  15,474
  16,281
  17,125
  18,009
  18,938
  19,910
Debt-to-equity ratio
  1.066
  1.770
  1.860
  1.940
  2.020
  2.090
  2.150
  2.210
  2.260
  2.310
  2.350
  2.390
  2.430
  2.470
  2.500
  2.530
  2.560
  2.590
  2.610
  2.640
  2.660
  2.680
  2.700
  2.720
  2.740
  2.760
  2.770
  2.790
  2.800
  2.820
  2.830
Adjusted equity ratio
  0.235
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  164
  179
  200
  222
  244
  268
  293
  319
  346
  374
  404
  437
  469
  503
  538
  576
  615
  655
  698
  743
  791
  840
  893
  947
  1,005
  1,066
  1,129
  1,196
  1,267
  1,341
  1,419
Depreciation, amort., depletion, $m
  555
  557
  599
  643
  689
  736
  785
  836
  890
  945
  1,003
  1,061
  1,123
  1,189
  1,257
  1,328
  1,402
  1,480
  1,561
  1,646
  1,735
  1,828
  1,925
  2,027
  2,133
  2,245
  2,362
  2,484
  2,613
  2,747
  2,888
Funds from operations, $m
  742
  736
  799
  865
  933
  1,004
  1,078
  1,156
  1,236
  1,320
  1,407
  1,497
  1,592
  1,692
  1,795
  1,904
  2,017
  2,136
  2,260
  2,389
  2,526
  2,668
  2,817
  2,974
  3,138
  3,310
  3,491
  3,681
  3,879
  4,088
  4,307
Change in working capital, $m
  13
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
Cash from operations, $m
  729
  745
  808
  874
  943
  1,015
  1,089
  1,167
  1,248
  1,332
  1,420
  1,511
  1,606
  1,706
  1,810
  1,919
  2,033
  2,153
  2,277
  2,408
  2,545
  2,688
  2,839
  2,996
  3,162
  3,335
  3,517
  3,707
  3,908
  4,118
  4,338
Maintenance CAPEX, $m
  0
  -514
  -555
  -597
  -641
  -686
  -734
  -783
  -834
  -887
  -943
  -1,001
  -1,061
  -1,123
  -1,189
  -1,257
  -1,328
  -1,402
  -1,480
  -1,561
  -1,646
  -1,735
  -1,828
  -1,925
  -2,027
  -2,133
  -2,245
  -2,362
  -2,484
  -2,613
  -2,747
New CAPEX, $m
  -650
  -202
  -211
  -219
  -228
  -237
  -246
  -256
  -266
  -277
  -289
  -301
  -313
  -327
  -341
  -356
  -372
  -388
  -406
  -424
  -444
  -464
  -486
  -509
  -533
  -558
  -585
  -613
  -642
  -673
  -706
Cash from investing activities, $m
  -589
  -716
  -766
  -816
  -869
  -923
  -980
  -1,039
  -1,100
  -1,164
  -1,232
  -1,302
  -1,374
  -1,450
  -1,530
  -1,613
  -1,700
  -1,790
  -1,886
  -1,985
  -2,090
  -2,199
  -2,314
  -2,434
  -2,560
  -2,691
  -2,830
  -2,975
  -3,126
  -3,286
  -3,453
Free cash flow, $m
  140
  29
  43
  58
  75
  92
  109
  128
  147
  167
  188
  209
  232
  256
  281
  306
  334
  362
  391
  423
  455
  489
  525
  563
  602
  644
  687
  733
  781
  832
  885
Issuance/(repayment) of debt, $m
  -119
  213
  220
  228
  237
  247
  256
  267
  277
  289
  300
  313
  326
  340
  355
  370
  387
  404
  422
  442
  462
  483
  506
  530
  555
  581
  608
  638
  668
  701
  734
Issuance/(repurchase) of shares, $m
  8
  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  
  -112
  213
  220
  228
  237
  247
  256
  267
  277
  289
  300
  313
  326
  340
  355
  370
  387
  404
  422
  442
  462
  483
  506
  530
  555
  581
  608
  638
  668
  701
  734
Total cash flow (excl. dividends), $m
  28
  242
  262
  287
  312
  338
  366
  394
  424
  456
  489
  522
  558
  596
  635
  677
  720
  766
  814
  864
  917
  973
  1,031
  1,092
  1,157
  1,225
  1,296
  1,371
  1,450
  1,533
  1,620
Retained Cash Flow (-), $m
  -184
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -94
  -98
  -102
  -106
  -110
  -115
  -120
  -126
  -131
  -137
  -143
  -150
  -157
  -164
  -172
  -180
  -188
  -197
  -207
  -217
  -227
  -238
Prev. year cash balance distribution, $m
 
  515
  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
 
  690
  191
  212
  235
  258
  282
  308
  334
  362
  391
  421
  452
  486
  520
  557
  595
  635
  677
  721
  767
  816
  867
  920
  977
  1,036
  1,098
  1,164
  1,233
  1,305
  1,381
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
 
  661
  175
  185
  193
  200
  205
  208
  209
  208
  205
  200
  193
  185
  175
  163
  151
  138
  125
  111
  97
  84
  72
  60
  50
  40
  32
  25
  19
  14
  10
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

Amkor Technology, Inc. is a provider of outsourced semiconductor packaging and test services. The Company's packaging and test services are designed to meet application and chip specific requirements, including the type of interconnect technology; size, thickness and electrical, and mechanical and thermal performance. It provides packaging and test services, including semiconductor wafer bump, wafer probe, wafer backgrind, package design, packaging, system-level, and final test and drop shipment services. The Company provides its services to integrated device manufacturers (IDMs), fabless semiconductor companies and contract foundries. IDMs design, manufacture, package and test semiconductors in their own facilities. The Company offers a range of advanced and mainstream packaging and test services. The Company's mainstream packages include leadframe packages, substrate-based wirebond packages and micro-electro-mechanical systems packages.

FINANCIAL RATIOS  of  Amkor Technology (AMKR)

Valuation Ratios
P/E Ratio 15.7
Price to Sales 0.7
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 3.5
Price to Free Cash Flow 32.7
Growth Rates
Sales Growth Rate 35%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20.8%
Cap. Spend. - 3 Yr. Gr. Rate 2.8%
Financial Strength
Quick Ratio 16
Current Ratio 0
LT Debt to Equity 104%
Total Debt to Equity 106.6%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.7%
Ret/ On Assets - 3 Yr. Avg. 4.8%
Return On Total Capital 5.8%
Ret/ On T. Cap. - 3 Yr. Avg. 4.2%
Return On Equity 12.7%
Return On Equity - 3 Yr. Avg. 9.9%
Asset Turnover 1
Profitability Ratios
Gross Margin 17.8%
Gross Margin - 3 Yr. Avg. 17.4%
EBITDA Margin 22%
EBITDA Margin - 3 Yr. Avg. 22.4%
Operating Margin 7.6%
Oper. Margin - 3 Yr. Avg. 6.6%
Pre-Tax Margin 5.5%
Pre-Tax Margin - 3 Yr. Avg. 4.1%
Net Profit Margin 4.2%
Net Profit Margin - 3 Yr. Avg. 3.4%
Effective Tax Rate 22.3%
Eff/ Tax Rate - 3 Yr. Avg. 29.5%
Payout Ratio 0%

AMKR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AMKR stock intrinsic value calculation we used $3894 million for the last fiscal year's total revenue generated by Amkor Technology. The default revenue input number comes from 2016 income statement of Amkor 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 AMKR stock valuation model: a) initial revenue growth rate of 7.9% 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 AMKR is calculated based on our internal credit rating of Amkor 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 Amkor 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 AMKR stock the variable cost ratio is equal to 84.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $300 million in the base year in the intrinsic value calculation for AMKR 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 5.7% for Amkor Technology.

Corporate tax rate of 27% is the nominal tax rate for Amkor 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 AMKR 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 AMKR are equal to 66%.

Life of production assets of 4.7 years is the average useful life of capital assets used in Amkor 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 AMKR is equal to -2.9%. 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 - $1384 million for Amkor 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 234.192 million for Amkor 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 Amkor Technology at the current share price and the inputted number of shares is $2.5 billion.

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COMPANY NEWS

▶ Amkor Technology to Present at Upcoming Conferences   [Aug-31-17 07:40PM  Business Wire]
▶ An Easy-To-Use Cheat Sheet For Apple Suppliers   [Aug-10-17 08:42AM  Benzinga]
▶ Why Amkor Technology Stock Fell on Tuesday   [Aug-01-17 05:51PM  Motley Fool]
▶ Amkor Technology posts 2Q profit   [Jul-31-17 09:21PM  Associated Press]
▶ Amkor Technology to Present at Upcoming Conferences   [Jun-01-17 06:45PM  Business Wire]
▶ Amkor Technology Completes Acquisition of NANIUM   [May-22-17 04:10PM  Business Wire]
▶ Amkor Technology reports 1Q loss   [Apr-27-17 05:36PM  Associated Press]
▶ Post Earnings Coverage as Amkor Revenue Soared 52%   [Feb-21-17 08:15AM  Accesswire]
▶ Amkor Technology posts 4Q profit   [Feb-13-17 05:56PM  Associated Press]
▶ NANIUM   [12:03PM  Business Wire]
▶ NANIUM   [11:56AM  Business Wire]
▶ Amkor buying Portuguese semiconductor packaging solutions company   [Feb-02-17 01:25PM  at bizjournals.com]
▶ Amkor Technology to Acquire NANIUM   [09:00AM  Business Wire]
▶ 3 of the Best Tech Stocks You've Never Heard Of   [Jan-04-17 08:40AM  at Kiplinger]
Financial statements of AMKR
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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