Intrinsic value of GigaMedia - GIGM

Previous Close

$3.00

  Intrinsic Value

$1.42

stock screener

  Rating & Target

str. sell

-53%

Previous close

$3.00

 
Intrinsic value

$1.42

 
Up/down potential

-53%

 
Rating

str. sell

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

We calculate the intrinsic value of GIGM 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 0.0

 

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, %
  -10.00
  50.00
  45.50
  41.45
  37.81
  34.52
  31.57
  28.91
  26.52
  24.37
  22.43
  20.69
  19.12
  17.71
  16.44
  15.29
  14.27
  13.34
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
Revenue, $m
  9
  14
  20
  28
  38
  52
  68
  87
  111
  137
  168
  203
  242
  285
  332
  382
  437
  495
  557
  623
  692
  764
  840
  919
  1,002
  1,088
  1,177
  1,270
  1,367
  1,468
  1,572
Variable operating expenses, $m
 
  43
  63
  90
  123
  166
  218
  281
  356
  443
  542
  655
  780
  918
  1,069
  1,232
  1,408
  1,596
  1,795
  2,006
  2,228
  2,462
  2,706
  2,961
  3,227
  3,505
  3,793
  4,093
  4,405
  4,729
  5,065
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
  16
  43
  63
  90
  123
  166
  218
  281
  356
  443
  542
  655
  780
  918
  1,069
  1,232
  1,408
  1,596
  1,795
  2,006
  2,228
  2,462
  2,706
  2,961
  3,227
  3,505
  3,793
  4,093
  4,405
  4,729
  5,065
Operating income, $m
  -7
  -30
  -44
  -62
  -85
  -114
  -151
  -194
  -246
  -305
  -374
  -451
  -538
  -633
  -737
  -850
  -971
  -1,100
  -1,238
  -1,383
  -1,537
  -1,698
  -1,866
  -2,042
  -2,226
  -2,417
  -2,616
  -2,823
  -3,038
  -3,261
  -3,493
EBITDA, $m
  -7
  -30
  -44
  -62
  -85
  -114
  -150
  -194
  -245
  -305
  -373
  -450
  -536
  -631
  -735
  -848
  -968
  -1,098
  -1,235
  -1,380
  -1,533
  -1,693
  -1,861
  -2,037
  -2,220
  -2,411
  -2,609
  -2,816
  -3,030
  -3,253
  -3,484
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  2
  2
  3
  3
  4
  4
  5
  6
  7
  8
  8
  9
  10
  11
  13
  14
  15
  16
  18
  19
  20
Earnings before tax, $m
  -7
  -30
  -44
  -62
  -85
  -115
  -151
  -195
  -247
  -307
  -376
  -453
  -540
  -636
  -741
  -854
  -976
  -1,106
  -1,245
  -1,391
  -1,545
  -1,707
  -1,877
  -2,054
  -2,238
  -2,431
  -2,631
  -2,839
  -3,055
  -3,280
  -3,514
Tax expense, $m
  -1
  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
Net income, $m
  -6
  -30
  -44
  -62
  -85
  -115
  -151
  -195
  -247
  -307
  -376
  -453
  -540
  -636
  -741
  -854
  -976
  -1,106
  -1,245
  -1,391
  -1,545
  -1,707
  -1,877
  -2,054
  -2,238
  -2,431
  -2,631
  -2,839
  -3,055
  -3,280
  -3,514

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  66
  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
  70
  6
  9
  12
  17
  23
  30
  39
  49
  61
  75
  90
  108
  127
  147
  170
  194
  220
  248
  277
  307
  340
  373
  408
  445
  483
  523
  565
  608
  652
  699
Adjusted assets (=assets-cash), $m
  4
  6
  9
  12
  17
  23
  30
  39
  49
  61
  75
  90
  108
  127
  147
  170
  194
  220
  248
  277
  307
  340
  373
  408
  445
  483
  523
  565
  608
  652
  699
Revenue / Adjusted assets
  2.250
  2.333
  2.222
  2.333
  2.235
  2.261
  2.267
  2.231
  2.265
  2.246
  2.240
  2.256
  2.241
  2.244
  2.259
  2.247
  2.253
  2.250
  2.246
  2.249
  2.254
  2.247
  2.252
  2.252
  2.252
  2.253
  2.250
  2.248
  2.248
  2.252
  2.249
Average production assets, $m
  1
  1
  1
  2
  2
  3
  4
  5
  6
  8
  9
  11
  14
  16
  19
  21
  24
  28
  31
  35
  39
  43
  47
  51
  56
  61
  66
  71
  77
  82
  88
Working capital, $m
  60
  -6
  -9
  -12
  -17
  -23
  -30
  -39
  -49
  -61
  -75
  -90
  -107
  -126
  -147
  -170
  -194
  -220
  -247
  -276
  -307
  -339
  -373
  -408
  -445
  -483
  -523
  -564
  -607
  -652
  -698
Total debt, $m
  2
  -3
  0
  3
  7
  13
  19
  27
  36
  47
  59
  73
  89
  106
  125
  145
  167
  190
  215
  241
  269
  298
  328
  360
  393
  427
  463
  500
  539
  579
  621
Total liabilities, $m
  11
  5
  8
  11
  15
  21
  27
  35
  44
  55
  67
  81
  97
  114
  133
  153
  175
  198
  223
  249
  277
  306
  336
  368
  401
  435
  471
  508
  547
  587
  629
Total equity, $m
  60
  1
  1
  1
  2
  2
  3
  4
  5
  6
  7
  9
  11
  13
  15
  17
  19
  22
  25
  28
  31
  34
  37
  41
  45
  48
  52
  56
  61
  65
  70
Total liabilities and equity, $m
  71
  6
  9
  12
  17
  23
  30
  39
  49
  61
  74
  90
  108
  127
  148
  170
  194
  220
  248
  277
  308
  340
  373
  409
  446
  483
  523
  564
  608
  652
  699
Debt-to-equity ratio
  0.033
  -4.330
  -0.160
  2.520
  4.300
  5.510
  6.340
  6.940
  7.370
  7.690
  7.930
  8.110
  8.260
  8.370
  8.460
  8.530
  8.590
  8.640
  8.680
  8.710
  8.740
  8.760
  8.790
  8.800
  8.820
  8.830
  8.850
  8.860
  8.870
  8.880
  8.890
Adjusted equity ratio
  -1.000
  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
  -6
  -30
  -44
  -62
  -85
  -115
  -151
  -195
  -247
  -307
  -376
  -453
  -540
  -636
  -741
  -854
  -976
  -1,106
  -1,245
  -1,391
  -1,545
  -1,707
  -1,877
  -2,054
  -2,238
  -2,431
  -2,631
  -2,839
  -3,055
  -3,280
  -3,514
Depreciation, amort., depletion, $m
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  2
  2
  2
  2
  3
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
Funds from operations, $m
  -8
  -30
  -43
  -62
  -85
  -114
  -151
  -194
  -246
  -306
  -375
  -452
  -539
  -634
  -739
  -852
  -973
  -1,103
  -1,242
  -1,388
  -1,541
  -1,703
  -1,872
  -2,048
  -2,233
  -2,425
  -2,624
  -2,832
  -3,047
  -3,272
  -3,505
Change in working capital, $m
  -2
  -2
  -3
  -4
  -5
  -6
  -7
  -9
  -10
  -12
  -14
  -15
  -17
  -19
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
Cash from operations, $m
  -6
  -28
  -41
  -58
  -80
  -109
  -143
  -186
  -236
  -294
  -361
  -437
  -522
  -615
  -718
  -829
  -949
  -1,078
  -1,214
  -1,358
  -1,511
  -1,671
  -1,838
  -2,013
  -2,196
  -2,386
  -2,584
  -2,790
  -3,005
  -3,227
  -3,458
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
New CAPEX, $m
  -1
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
Cash from investing activities, $m
  3
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -3
  -3
  -3
  -3
  -3
  -5
  -5
  -5
  -5
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -11
  -11
  -12
  -12
  -14
  -14
Free cash flow, $m
  -3
  -28
  -41
  -59
  -81
  -110
  -145
  -187
  -237
  -296
  -364
  -440
  -525
  -619
  -722
  -834
  -954
  -1,083
  -1,220
  -1,365
  -1,518
  -1,679
  -1,847
  -2,022
  -2,206
  -2,397
  -2,596
  -2,802
  -3,017
  -3,240
  -3,472
Issuance/(repayment) of debt, $m
  -4
  -3
  2
  3
  4
  5
  7
  8
  9
  11
  12
  14
  16
  17
  19
  20
  22
  23
  25
  26
  28
  29
  30
  32
  33
  34
  36
  37
  39
  40
  42
Issuance/(repurchase) of shares, $m
  0
  35
  44
  62
  86
  115
  152
  196
  248
  308
  377
  455
  542
  638
  743
  856
  978
  1,109
  1,247
  1,394
  1,548
  1,710
  1,880
  2,057
  2,242
  2,434
  2,635
  2,843
  3,059
  3,284
  3,518
Cash from financing (excl. dividends), $m  
  -4
  32
  46
  65
  90
  120
  159
  204
  257
  319
  389
  469
  558
  655
  762
  876
  1,000
  1,132
  1,272
  1,420
  1,576
  1,739
  1,910
  2,089
  2,275
  2,468
  2,671
  2,880
  3,098
  3,324
  3,560
Total cash flow (excl. dividends), $m
  -6
  4
  5
  7
  9
  11
  14
  16
  19
  23
  26
  29
  33
  36
  39
  43
  46
  49
  52
  55
  58
  61
  64
  66
  69
  72
  75
  78
  81
  84
  88
Retained Cash Flow (-), $m
  6
  -35
  -44
  -62
  -86
  -115
  -152
  -196
  -248
  -308
  -377
  -455
  -542
  -638
  -743
  -856
  -978
  -1,109
  -1,247
  -1,394
  -1,548
  -1,710
  -1,880
  -2,057
  -2,242
  -2,434
  -2,635
  -2,843
  -3,059
  -3,284
  -3,518
Prev. year cash balance distribution, $m
 
  64
  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
 
  33
  -39
  -55
  -77
  -104
  -138
  -179
  -228
  -285
  -351
  -426
  -509
  -602
  -704
  -814
  -933
  -1,060
  -1,195
  -1,339
  -1,490
  -1,650
  -1,816
  -1,991
  -2,173
  -2,362
  -2,560
  -2,765
  -2,978
  -3,200
  -3,431
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
 
  32
  -35
  -48
  -63
  -81
  -100
  -121
  -143
  -164
  -184
  -202
  -217
  -229
  -236
  -239
  -237
  -231
  -220
  -206
  -189
  -171
  -151
  -130
  -111
  -92
  -75
  -59
  -46
  -35
  -26
Current shareholders' claim on cash, %
  100
  50.0
  0.5
  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
  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

GigaMedia Limited is a holding company with a portfolio of businesses providing online games and cloud computing services. The Company operates through two segments: Asian online game and service, and cloud service business. The Company has online game operations in Taiwan, Hong Kong and Macau and a cloud computing software and services business based in Taipei. In online games, the Company owns and operates FunTown, an online game portal in Taiwan and Hong Kong. In cloud computing, it owns and operates GigaCloud, a provider of cloud computing solutions and related services focused on the cloud services market for small and medium-sized enterprises (SMEs) in Taiwan. FunTown is focused on the mobile and browser-based casual games and social casino games markets in Asia. The Company's FunTown platform provides various online game services, which include Player Clubs, Tournaments, Avatars, Friends and Family Messenger, Social Networking, Customer Services and Other Platforms.

FINANCIAL RATIOS  of  GigaMedia (GIGM)

Valuation Ratios
P/E Ratio -5.5
Price to Sales 3.7
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow -5.5
Price to Free Cash Flow -4.7
Growth Rates
Sales Growth Rate -10%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 33
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 3.3%
Interest Coverage 0
Management Effectiveness
Return On Assets -7.9%
Ret/ On Assets - 3 Yr. Avg. -4.9%
Return On Total Capital -9%
Ret/ On T. Cap. - 3 Yr. Avg. -5.5%
Return On Equity -9.5%
Return On Equity - 3 Yr. Avg. -6.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 55.6%
Gross Margin - 3 Yr. Avg. 28.5%
EBITDA Margin -77.8%
EBITDA Margin - 3 Yr. Avg. -49.3%
Operating Margin -77.8%
Oper. Margin - 3 Yr. Avg. -142.6%
Pre-Tax Margin -77.8%
Pre-Tax Margin - 3 Yr. Avg. -52.6%
Net Profit Margin -66.7%
Net Profit Margin - 3 Yr. Avg. -45.6%
Effective Tax Rate 14.3%
Eff/ Tax Rate - 3 Yr. Avg. 15.9%
Payout Ratio 0%

GIGM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GIGM stock intrinsic value calculation we used $9 million for the last fiscal year's total revenue generated by GigaMedia. The default revenue input number comes from 2016 income statement of GigaMedia. 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 GIGM stock valuation model: a) initial revenue growth rate of 50% 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 GIGM is calculated based on our internal credit rating of GigaMedia, 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 GigaMedia.
    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 GIGM stock the variable cost ratio is equal to 322.2%.

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 GIGM 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 GigaMedia.

Corporate tax rate of 27% is the nominal tax rate for GigaMedia. 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 GIGM 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 GIGM are equal to 5.6%.

Life of production assets of 10 years is the average useful life of capital assets used in GigaMedia 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 GIGM is equal to -44.4%. 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 - $60 million for GigaMedia - 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 11.054 million for GigaMedia 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 GigaMedia at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ Purchase of GigaMedia Shares by CEO Cheng-Ming Huang   [Dec-08-17 08:00AM  PR Newswire]
▶ GigaMedia Announces Third-Quarter 2017 Financial Results   [Oct-31-17 08:16AM  PR Newswire]
▶ Purchase of GigaMedia Shares by CEO Cheng-Ming Huang   [Sep-20-17 07:20AM  PR Newswire]
▶ Purchase of GigaMedia Shares by CEO Cheng-Ming Huang   [Aug-23-17 07:27AM  PR Newswire]
▶ Notice of Change in Major Shareholder   [Aug-15-17 07:24AM  PR Newswire]
▶ Purchase of GigaMedia Shares by CEO Cheng-Ming Huang   [Aug-10-17 06:40AM  PR Newswire]
▶ Result of Annual General Meeting Held on 30 June 2017   [Jul-03-17 06:51AM  PR Newswire]
▶ GigaMedia Announces First-Quarter 2017 Financial Results   [May-08-17 07:54AM  PR Newswire]
▶ 8 Rising Stocks That Are Still Undervalued   [Feb-20-17 03:05PM  GuruFocus.com]
▶ Purchase of GigaMedia Shares by CEO Collin Hwang   [Dec-21-16 09:53PM  PR Newswire]
▶ GigaMedia Announces Third-Quarter 2016 Financial Results   [Nov-04-16 09:26AM  PR Newswire]
▶ GigaMedia Announces First-Quarter 2016 Financial Results   [May-06-16 07:16AM  PR Newswire]
▶ GIGAMEDIA LTD Financials   [01:04PM  EDGAR Online Financials]
▶ Purchase of GigaMedia Shares by CEO Collin Hwang   [Dec-28  10:19PM  PR Newswire]
▶ Purchase of GigaMedia shares by CEO Collin Hwang   [Nov-18  03:00PM  PR Newswire]
▶ Disposal of Investment   [Apr-17  09:23AM  PR Newswire]
▶ Disposal of Investment   [06:59AM  at noodls]
▶ GigaMedia Announces the Performance of the Games   [Feb-10  09:00AM  PR Newswire]
▶ GIGAMEDIA Receives Nasdaq Staff Deficiency Letter   [Jan-20  09:00AM  PR Newswire]
▶ Purchase of GigaMedia Shares by CEO Collin Hwang   [Nov-20  02:33AM  PR Newswire]
▶ Purchase of GigaMedia shares by CEO Collin Hwang   [Oct-29  04:35AM  at noodls]
▶ Alibaba Group IPO comes with unusual structure   [Sep-01  01:05PM  at USA TODAY]
▶ GigaMedia (GIGM) Q1 2014 Results - Earnings Call Transcript   [May-14  03:15AM  at Seeking Alpha]
▶ GigaMedia (GIGM) Surges on Heavy Volume   [02:34PM  at TheStreet]
▶ Insider Buying Is On The Rise In These 4 Rallying Stocks   [Mar-20  06:16PM  at TheStreet]
Financial statements of GIGM
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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