Intrinsic value of Fabrinet - FN

Previous Close

$29.76

  Intrinsic Value

$6.78

stock screener

  Rating & Target

str. sell

-77%

Previous close

$29.76

 
Intrinsic value

$6.78

 
Up/down potential

-77%

 
Rating

str. sell

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

We calculate the intrinsic value of FN 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 1.1

 

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, %
  45.34
  45.30
  41.27
  37.64
  34.38
  31.44
  28.80
  26.42
  24.28
  22.35
  20.61
  19.05
  17.65
  16.38
  15.24
  14.22
  13.30
  12.47
  11.72
  11.05
  10.44
  9.90
  9.41
  8.97
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
Revenue, $m
  1,420
  2,063
  2,915
  4,012
  5,391
  7,086
  9,127
  11,538
  14,339
  17,543
  21,159
  25,191
  29,636
  34,491
  39,749
  45,401
  51,438
  57,851
  64,632
  71,773
  79,268
  87,116
  95,313
  103,861
  112,764
  122,027
  131,659
  141,670
  152,073
  162,884
  174,120
Variable operating expenses, $m
 
  1,900
  2,684
  3,694
  4,964
  6,525
  8,404
  10,624
  13,202
  16,153
  19,482
  23,194
  27,286
  31,756
  36,597
  41,801
  47,360
  53,264
  59,507
  66,082
  72,984
  80,209
  87,756
  95,627
  103,824
  112,352
  121,221
  130,438
  140,017
  149,970
  160,316
Fixed operating expenses, $m
 
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
  9
  9
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
Total operating expenses, $m
  1,315
  1,907
  2,691
  3,702
  4,972
  6,533
  8,412
  10,632
  13,211
  16,162
  19,491
  23,203
  27,295
  31,766
  36,607
  41,811
  47,370
  53,275
  59,518
  66,093
  72,995
  80,221
  87,768
  95,639
  103,837
  112,365
  121,234
  130,452
  140,031
  149,984
  160,331
Operating income, $m
  106
  156
  223
  310
  419
  553
  715
  906
  1,128
  1,382
  1,668
  1,988
  2,340
  2,725
  3,141
  3,589
  4,068
  4,576
  5,113
  5,679
  6,273
  6,895
  7,545
  8,222
  8,927
  9,662
  10,425
  11,218
  12,043
  12,899
  13,790
EBITDA, $m
  130
  191
  272
  378
  510
  672
  868
  1,099
  1,368
  1,675
  2,022
  2,409
  2,835
  3,301
  3,805
  4,348
  4,927
  5,542
  6,193
  6,878
  7,597
  8,350
  9,137
  9,957
  10,811
  11,700
  12,624
  13,585
  14,583
  15,621
  16,699
Interest expense (income), $m
  2
  1
  6
  12
  20
  30
  43
  58
  76
  97
  121
  148
  178
  211
  247
  286
  328
  373
  421
  472
  525
  581
  639
  700
  764
  830
  899
  971
  1,046
  1,123
  1,204
Earnings before tax, $m
  104
  155
  218
  298
  399
  523
  672
  848
  1,052
  1,285
  1,547
  1,840
  2,162
  2,514
  2,894
  3,303
  3,739
  4,202
  4,692
  5,207
  5,748
  6,314
  6,905
  7,522
  8,163
  8,831
  9,525
  10,247
  10,997
  11,776
  12,586
Tax expense, $m
  7
  42
  59
  81
  108
  141
  181
  229
  284
  347
  418
  497
  584
  679
  781
  892
  1,010
  1,135
  1,267
  1,406
  1,552
  1,705
  1,864
  2,031
  2,204
  2,384
  2,572
  2,767
  2,969
  3,180
  3,398
Net income, $m
  97
  113
  159
  218
  291
  382
  491
  619
  768
  938
  1,130
  1,343
  1,578
  1,835
  2,113
  2,411
  2,730
  3,068
  3,425
  3,801
  4,196
  4,609
  5,041
  5,491
  5,959
  6,447
  6,954
  7,480
  8,028
  8,597
  9,188

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  285
  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
  1,033
  1,087
  1,536
  2,114
  2,840
  3,734
  4,809
  6,079
  7,555
  9,243
  11,148
  13,272
  15,614
  18,172
  20,942
  23,920
  27,101
  30,480
  34,052
  37,815
  41,764
  45,899
  50,218
  54,721
  59,412
  64,292
  69,367
  74,642
  80,123
  85,819
  91,739
Adjusted assets (=assets-cash), $m
  748
  1,087
  1,536
  2,114
  2,840
  3,734
  4,809
  6,079
  7,555
  9,243
  11,148
  13,272
  15,614
  18,172
  20,942
  23,920
  27,101
  30,480
  34,052
  37,815
  41,764
  45,899
  50,218
  54,721
  59,412
  64,292
  69,367
  74,642
  80,123
  85,819
  91,739
Revenue / Adjusted assets
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
  1.898
Average production assets, $m
  202
  293
  414
  570
  766
  1,006
  1,296
  1,638
  2,036
  2,491
  3,005
  3,577
  4,208
  4,898
  5,644
  6,447
  7,304
  8,215
  9,178
  10,192
  11,256
  12,370
  13,534
  14,748
  16,012
  17,328
  18,696
  20,117
  21,594
  23,130
  24,725
Working capital, $m
  488
  365
  516
  710
  954
  1,254
  1,615
  2,042
  2,538
  3,105
  3,745
  4,459
  5,246
  6,105
  7,036
  8,036
  9,104
  10,240
  11,440
  12,704
  14,031
  15,419
  16,870
  18,383
  19,959
  21,599
  23,304
  25,076
  26,917
  28,831
  30,819
Total debt, $m
  72
  160
  341
  575
  869
  1,229
  1,664
  2,177
  2,773
  3,455
  4,225
  5,083
  6,029
  7,063
  8,182
  9,385
  10,670
  12,035
  13,478
  14,998
  16,594
  18,264
  20,009
  21,828
  23,723
  25,695
  27,745
  29,876
  32,091
  34,392
  36,783
Total liabilities, $m
  352
  439
  620
  854
  1,148
  1,508
  1,943
  2,456
  3,052
  3,734
  4,504
  5,362
  6,308
  7,342
  8,461
  9,664
  10,949
  12,314
  13,757
  15,277
  16,873
  18,543
  20,288
  22,107
  24,002
  25,974
  28,024
  30,155
  32,370
  34,671
  37,062
Total equity, $m
  682
  648
  915
  1,260
  1,693
  2,225
  2,866
  3,623
  4,503
  5,509
  6,644
  7,910
  9,306
  10,831
  12,482
  14,256
  16,152
  18,166
  20,295
  22,538
  24,891
  27,356
  29,930
  32,614
  35,410
  38,318
  41,343
  44,486
  47,753
  51,148
  54,676
Total liabilities and equity, $m
  1,034
  1,087
  1,535
  2,114
  2,841
  3,733
  4,809
  6,079
  7,555
  9,243
  11,148
  13,272
  15,614
  18,173
  20,943
  23,920
  27,101
  30,480
  34,052
  37,815
  41,764
  45,899
  50,218
  54,721
  59,412
  64,292
  69,367
  74,641
  80,123
  85,819
  91,738
Debt-to-equity ratio
  0.106
  0.250
  0.370
  0.460
  0.510
  0.550
  0.580
  0.600
  0.620
  0.630
  0.640
  0.640
  0.650
  0.650
  0.660
  0.660
  0.660
  0.660
  0.660
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
Adjusted equity ratio
  0.578
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  97
  113
  159
  218
  291
  382
  491
  619
  768
  938
  1,130
  1,343
  1,578
  1,835
  2,113
  2,411
  2,730
  3,068
  3,425
  3,801
  4,196
  4,609
  5,041
  5,491
  5,959
  6,447
  6,954
  7,480
  8,028
  8,597
  9,188
Depreciation, amort., depletion, $m
  24
  35
  49
  67
  90
  119
  153
  193
  240
  293
  354
  421
  495
  576
  664
  758
  859
  966
  1,080
  1,199
  1,324
  1,455
  1,592
  1,735
  1,884
  2,039
  2,199
  2,367
  2,541
  2,721
  2,909
Funds from operations, $m
  -12
  148
  208
  285
  382
  501
  643
  812
  1,008
  1,231
  1,483
  1,764
  2,074
  2,411
  2,777
  3,170
  3,589
  4,034
  4,505
  5,000
  5,520
  6,065
  6,633
  7,226
  7,843
  8,485
  9,153
  9,847
  10,568
  11,318
  12,097
Change in working capital, $m
  -83
  114
  151
  194
  244
  300
  361
  427
  496
  567
  640
  714
  787
  859
  931
  1,000
  1,069
  1,135
  1,200
  1,264
  1,327
  1,389
  1,451
  1,513
  1,576
  1,640
  1,705
  1,772
  1,841
  1,914
  1,989
Cash from operations, $m
  71
  34
  57
  91
  138
  201
  282
  385
  512
  664
  843
  1,051
  1,287
  1,552
  1,846
  2,169
  2,520
  2,899
  3,305
  3,736
  4,194
  4,676
  5,182
  5,713
  6,267
  6,846
  7,448
  8,075
  8,727
  9,404
  10,108
Maintenance CAPEX, $m
  0
  -24
  -34
  -49
  -67
  -90
  -118
  -152
  -193
  -240
  -293
  -353
  -421
  -495
  -576
  -664
  -758
  -859
  -966
  -1,080
  -1,199
  -1,324
  -1,455
  -1,592
  -1,735
  -1,884
  -2,039
  -2,199
  -2,367
  -2,541
  -2,721
New CAPEX, $m
  -70
  -91
  -121
  -156
  -196
  -241
  -290
  -342
  -398
  -455
  -514
  -572
  -631
  -689
  -747
  -803
  -857
  -911
  -963
  -1,014
  -1,064
  -1,114
  -1,164
  -1,214
  -1,264
  -1,315
  -1,368
  -1,422
  -1,477
  -1,535
  -1,596
Cash from investing activities, $m
  -91
  -115
  -155
  -205
  -263
  -331
  -408
  -494
  -591
  -695
  -807
  -925
  -1,052
  -1,184
  -1,323
  -1,467
  -1,615
  -1,770
  -1,929
  -2,094
  -2,263
  -2,438
  -2,619
  -2,806
  -2,999
  -3,199
  -3,407
  -3,621
  -3,844
  -4,076
  -4,317
Free cash flow, $m
  -20
  -81
  -98
  -114
  -125
  -130
  -126
  -110
  -79
  -30
  37
  125
  235
  367
  523
  703
  905
  1,129
  1,375
  1,643
  1,930
  2,237
  2,563
  2,907
  3,268
  3,647
  4,042
  4,454
  4,883
  5,329
  5,791
Issuance/(repayment) of debt, $m
  9
  137
  181
  234
  294
  361
  434
  513
  596
  682
  770
  858
  946
  1,033
  1,119
  1,203
  1,285
  1,365
  1,443
  1,520
  1,596
  1,670
  1,745
  1,820
  1,895
  1,972
  2,050
  2,131
  2,214
  2,301
  2,392
Issuance/(repurchase) of shares, $m
  6
  89
  108
  127
  142
  150
  150
  138
  112
  68
  6
  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  
  13
  226
  289
  361
  436
  511
  584
  651
  708
  750
  776
  858
  946
  1,033
  1,119
  1,203
  1,285
  1,365
  1,443
  1,520
  1,596
  1,670
  1,745
  1,820
  1,895
  1,972
  2,050
  2,131
  2,214
  2,301
  2,392
Total cash flow (excl. dividends), $m
  -6
  145
  192
  247
  310
  381
  459
  542
  629
  720
  813
  983
  1,181
  1,401
  1,643
  1,906
  2,190
  2,494
  2,819
  3,163
  3,526
  3,907
  4,308
  4,726
  5,163
  5,618
  6,092
  6,585
  7,097
  7,630
  8,183
Retained Cash Flow (-), $m
  -128
  -202
  -267
  -345
  -433
  -532
  -641
  -757
  -880
  -1,006
  -1,136
  -1,266
  -1,396
  -1,525
  -1,651
  -1,775
  -1,896
  -2,014
  -2,129
  -2,242
  -2,354
  -2,464
  -2,574
  -2,684
  -2,796
  -2,909
  -3,025
  -3,144
  -3,267
  -3,395
  -3,528
Prev. year cash balance distribution, $m
 
  236
  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
 
  179
  -76
  -98
  -123
  -151
  -182
  -215
  -250
  -286
  -323
  -283
  -215
  -124
  -8
  131
  294
  480
  689
  920
  1,172
  1,443
  1,734
  2,042
  2,367
  2,710
  3,068
  3,441
  3,830
  4,235
  4,655
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
 
  172
  -69
  -85
  -101
  -117
  -132
  -145
  -156
  -164
  -169
  -134
  -92
  -47
  -3
  38
  75
  105
  127
  142
  149
  149
  144
  134
  121
  105
  89
  74
  59
  46
  35
Current shareholders' claim on cash, %
  100
  89.1
  80.8
  74.5
  69.7
  66.1
  63.5
  61.7
  60.5
  60.0
  59.9
  59.9
  59.9
  59.9
  59.9
  59.9
  59.9
  59.9
  59.9
  59.9
  59.9
  59.9
  59.9
  59.9
  59.9
  59.9
  59.9
  59.9
  59.9
  59.9
  59.9

Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of products, such as optical communication components, modules and sub-systems, industrial lasers, medical devices and sensors. The Company offers a range of optical and electro-mechanical capabilities across the manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and test. The Company's customer base includes companies in industries that require precision manufacturing capabilities, such as optical communications, industrial lasers, automotive, medical and sensors. Its customers in these industries support end-markets, including automotive, biotechnology, communications, materials processing, medical devices, metrology and semiconductor processing.

FINANCIAL RATIOS  of  Fabrinet (FN)

Valuation Ratios
P/E Ratio 11.5
Price to Sales 0.8
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 15.7
Price to Free Cash Flow 1111.2
Growth Rates
Sales Growth Rate 45.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 70.7%
Cap. Spend. - 3 Yr. Gr. Rate 44.8%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 3.4%
Total Debt to Equity 10.6%
Interest Coverage 53
Management Effectiveness
Return On Assets 10.5%
Ret/ On Assets - 3 Yr. Avg. 8.7%
Return On Total Capital 14.2%
Ret/ On T. Cap. - 3 Yr. Avg. 11.4%
Return On Equity 15.7%
Return On Equity - 3 Yr. Avg. 12.5%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 12%
Gross Margin - 3 Yr. Avg. 11.9%
EBITDA Margin 9.2%
EBITDA Margin - 3 Yr. Avg. 8.7%
Operating Margin 7.4%
Oper. Margin - 3 Yr. Avg. 6.9%
Pre-Tax Margin 7.3%
Pre-Tax Margin - 3 Yr. Avg. 6.8%
Net Profit Margin 6.8%
Net Profit Margin - 3 Yr. Avg. 6.3%
Effective Tax Rate 6.7%
Eff/ Tax Rate - 3 Yr. Avg. 8%
Payout Ratio 0%

FN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FN stock intrinsic value calculation we used $1420 million for the last fiscal year's total revenue generated by Fabrinet. The default revenue input number comes from 2017 income statement of Fabrinet. 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 FN stock valuation model: a) initial revenue growth rate of 45.3% 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 FN is calculated based on our internal credit rating of Fabrinet, 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 Fabrinet.
    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 FN stock the variable cost ratio is equal to 92.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $7 million in the base year in the intrinsic value calculation for FN 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 Fabrinet.

Corporate tax rate of 27% is the nominal tax rate for Fabrinet. 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 FN 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 FN are equal to 14.2%.

Life of production assets of 8.5 years is the average useful life of capital assets used in Fabrinet 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 FN is equal to 17.7%. 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 - $682 million for Fabrinet - 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 37.381 million for Fabrinet 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 Fabrinet at the current share price and the inputted number of shares is $1.1 billion.

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▶ Fabrinet Names Seamus Grady Chief Executive Officer   [Sep-25-17 04:15PM  Business Wire]
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Financial statements of FN
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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