Intrinsic value of Inphi - IPHI

Previous Close

$37.50

  Intrinsic Value

$275.07

stock screener

  Rating & Target

str. buy

+634%

  Value-price divergence*

+50%

Previous close

$37.50

 
Intrinsic value

$275.07

 
Up/down potential

+634%

 
Rating

str. buy

 
Value-price divergence*

+50%

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

We calculate the intrinsic value of IPHI 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 1.6

 

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, %
  37.82
  37.70
  34.43
  31.49
  28.84
  26.45
  24.31
  22.38
  20.64
  19.08
  17.67
  16.40
  15.26
  14.24
  13.31
  12.48
  11.73
  11.06
  10.45
  9.91
  9.42
  8.98
  8.58
  8.22
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
Revenue, $m
  266
  366
  492
  647
  834
  1,055
  1,311
  1,605
  1,936
  2,305
  2,712
  3,157
  3,639
  4,157
  4,711
  5,299
  5,920
  6,575
  7,262
  7,982
  8,733
  9,517
  10,334
  11,183
  12,066
  12,985
  13,939
  14,930
  15,960
  17,032
  18,145
Variable operating expenses, $m
 
  192
  254
  331
  423
  532
  659
  804
  968
  1,150
  1,352
  1,561
  1,800
  2,056
  2,330
  2,620
  2,928
  3,251
  3,591
  3,947
  4,319
  4,707
  5,110
  5,530
  5,967
  6,421
  6,893
  7,383
  7,893
  8,423
  8,973
Fixed operating expenses, $m
 
  104
  106
  109
  111
  114
  117
  120
  123
  126
  129
  133
  136
  139
  143
  146
  150
  154
  158
  161
  166
  170
  174
  178
  183
  187
  192
  197
  202
  207
  212
Total operating expenses, $m
  241
  296
  360
  440
  534
  646
  776
  924
  1,091
  1,276
  1,481
  1,694
  1,936
  2,195
  2,473
  2,766
  3,078
  3,405
  3,749
  4,108
  4,485
  4,877
  5,284
  5,708
  6,150
  6,608
  7,085
  7,580
  8,095
  8,630
  9,185
Operating income, $m
  25
  71
  132
  208
  300
  408
  535
  681
  845
  1,029
  1,231
  1,463
  1,704
  1,962
  2,238
  2,532
  2,843
  3,170
  3,513
  3,873
  4,249
  4,641
  5,050
  5,475
  5,917
  6,376
  6,854
  7,350
  7,866
  8,402
  8,960
EBITDA, $m
  56
  116
  189
  280
  389
  518
  669
  842
  1,038
  1,257
  1,498
  1,761
  2,047
  2,354
  2,683
  3,032
  3,401
  3,790
  4,199
  4,626
  5,073
  5,539
  6,025
  6,530
  7,055
  7,601
  8,169
  8,759
  9,372
  10,009
  10,672
Interest expense (income), $m
  3
  14
  21
  30
  40
  53
  69
  86
  107
  130
  155
  184
  214
  248
  284
  322
  363
  406
  452
  499
  549
  601
  656
  712
  771
  833
  896
  962
  1,031
  1,103
  1,177
Earnings before tax, $m
  11
  57
  111
  178
  259
  355
  467
  594
  738
  899
  1,076
  1,280
  1,489
  1,714
  1,955
  2,210
  2,480
  2,764
  3,062
  3,374
  3,700
  4,040
  4,394
  4,762
  5,145
  5,544
  5,957
  6,388
  6,835
  7,300
  7,783
Tax expense, $m
  -16
  15
  30
  48
  70
  96
  126
  160
  199
  243
  290
  346
  402
  463
  528
  597
  669
  746
  827
  911
  999
  1,091
  1,186
  1,286
  1,389
  1,497
  1,609
  1,725
  1,845
  1,971
  2,101
Net income, $m
  99
  42
  81
  130
  189
  259
  341
  434
  539
  656
  785
  934
  1,087
  1,251
  1,427
  1,613
  1,810
  2,017
  2,235
  2,463
  2,701
  2,949
  3,208
  3,476
  3,756
  4,047
  4,349
  4,663
  4,989
  5,329
  5,682

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  394
  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
  991
  821
  1,104
  1,452
  1,870
  2,365
  2,940
  3,598
  4,340
  5,168
  6,082
  7,079
  8,160
  9,321
  10,562
  11,880
  13,274
  14,742
  16,283
  17,896
  19,582
  21,339
  23,170
  25,074
  27,055
  29,113
  31,252
  33,475
  35,786
  38,187
  40,685
Adjusted assets (=assets-cash), $m
  597
  821
  1,104
  1,452
  1,870
  2,365
  2,940
  3,598
  4,340
  5,168
  6,082
  7,079
  8,160
  9,321
  10,562
  11,880
  13,274
  14,742
  16,283
  17,896
  19,582
  21,339
  23,170
  25,074
  27,055
  29,113
  31,252
  33,475
  35,786
  38,187
  40,685
Revenue / Adjusted assets
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
Average production assets, $m
  236
  325
  437
  574
  740
  936
  1,163
  1,423
  1,717
  2,045
  2,406
  2,801
  3,228
  3,687
  4,178
  4,700
  5,251
  5,832
  6,442
  7,080
  7,747
  8,442
  9,166
  9,920
  10,703
  11,517
  12,364
  13,243
  14,157
  15,107
  16,095
Working capital, $m
  434
  55
  74
  97
  125
  158
  197
  241
  290
  346
  407
  474
  546
  624
  707
  795
  888
  986
  1,089
  1,197
  1,310
  1,428
  1,550
  1,677
  1,810
  1,948
  2,091
  2,240
  2,394
  2,555
  2,722
Total debt, $m
  398
  596
  846
  1,153
  1,523
  1,961
  2,469
  3,051
  3,707
  4,439
  5,246
  6,128
  7,083
  8,110
  9,207
  10,372
  11,604
  12,902
  14,264
  15,690
  17,180
  18,734
  20,352
  22,036
  23,787
  25,606
  27,497
  29,462
  31,505
  33,628
  35,835
Total liabilities, $m
  528
  726
  976
  1,283
  1,653
  2,091
  2,599
  3,181
  3,837
  4,569
  5,376
  6,258
  7,213
  8,240
  9,337
  10,502
  11,734
  13,032
  14,394
  15,820
  17,310
  18,864
  20,482
  22,166
  23,917
  25,736
  27,627
  29,592
  31,635
  33,758
  35,965
Total equity, $m
  463
  95
  128
  168
  217
  274
  341
  417
  503
  600
  705
  821
  947
  1,081
  1,225
  1,378
  1,540
  1,710
  1,889
  2,076
  2,271
  2,475
  2,688
  2,909
  3,138
  3,377
  3,625
  3,883
  4,151
  4,430
  4,719
Total liabilities and equity, $m
  991
  821
  1,104
  1,451
  1,870
  2,365
  2,940
  3,598
  4,340
  5,169
  6,081
  7,079
  8,160
  9,321
  10,562
  11,880
  13,274
  14,742
  16,283
  17,896
  19,581
  21,339
  23,170
  25,075
  27,055
  29,113
  31,252
  33,475
  35,786
  38,188
  40,684
Debt-to-equity ratio
  0.860
  6.260
  6.610
  6.850
  7.020
  7.150
  7.240
  7.310
  7.360
  7.400
  7.440
  7.460
  7.480
  7.500
  7.510
  7.530
  7.540
  7.540
  7.550
  7.560
  7.560
  7.570
  7.570
  7.580
  7.580
  7.580
  7.580
  7.590
  7.590
  7.590
  7.590
Adjusted equity ratio
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  99
  42
  81
  130
  189
  259
  341
  434
  539
  656
  785
  934
  1,087
  1,251
  1,427
  1,613
  1,810
  2,017
  2,235
  2,463
  2,701
  2,949
  3,208
  3,476
  3,756
  4,047
  4,349
  4,663
  4,989
  5,329
  5,682
Depreciation, amort., depletion, $m
  31
  45
  57
  72
  89
  110
  134
  162
  193
  228
  266
  298
  343
  392
  445
  500
  559
  620
  685
  753
  824
  898
  975
  1,055
  1,139
  1,225
  1,315
  1,409
  1,506
  1,607
  1,712
Funds from operations, $m
  44
  87
  138
  202
  278
  369
  475
  596
  732
  884
  1,052
  1,232
  1,431
  1,644
  1,871
  2,113
  2,369
  2,638
  2,920
  3,216
  3,525
  3,847
  4,183
  4,532
  4,895
  5,272
  5,664
  6,072
  6,495
  6,936
  7,394
Change in working capital, $m
  -19
  15
  19
  23
  28
  33
  38
  44
  50
  55
  61
  67
  72
  78
  83
  88
  93
  98
  103
  108
  113
  118
  122
  127
  132
  138
  143
  149
  155
  161
  167
Cash from operations, $m
  63
  72
  119
  179
  250
  336
  436
  552
  682
  829
  991
  1,165
  1,358
  1,566
  1,788
  2,025
  2,275
  2,540
  2,817
  3,108
  3,412
  3,730
  4,060
  4,404
  4,762
  5,134
  5,521
  5,923
  6,341
  6,775
  7,227
Maintenance CAPEX, $m
  0
  -25
  -35
  -46
  -61
  -79
  -100
  -124
  -151
  -183
  -218
  -256
  -298
  -343
  -392
  -445
  -500
  -559
  -620
  -685
  -753
  -824
  -898
  -975
  -1,055
  -1,139
  -1,225
  -1,315
  -1,409
  -1,506
  -1,607
New CAPEX, $m
  -22
  -89
  -112
  -138
  -166
  -196
  -227
  -260
  -294
  -328
  -361
  -395
  -427
  -460
  -491
  -521
  -551
  -581
  -610
  -638
  -667
  -695
  -724
  -753
  -783
  -814
  -846
  -879
  -914
  -950
  -988
Cash from investing activities, $m
  -448
  -114
  -147
  -184
  -227
  -275
  -327
  -384
  -445
  -511
  -579
  -651
  -725
  -803
  -883
  -966
  -1,051
  -1,140
  -1,230
  -1,323
  -1,420
  -1,519
  -1,622
  -1,728
  -1,838
  -1,953
  -2,071
  -2,194
  -2,323
  -2,456
  -2,595
Free cash flow, $m
  -385
  -42
  -27
  -5
  24
  62
  109
  168
  237
  319
  412
  515
  633
  763
  905
  1,059
  1,224
  1,400
  1,587
  1,785
  1,992
  2,210
  2,438
  2,676
  2,924
  3,181
  3,450
  3,728
  4,018
  4,319
  4,632
Issuance/(repayment) of debt, $m
  -1
  198
  250
  307
  370
  437
  508
  582
  656
  732
  807
  882
  955
  1,027
  1,097
  1,165
  1,232
  1,298
  1,362
  1,426
  1,490
  1,554
  1,618
  1,684
  1,751
  1,820
  1,891
  1,965
  2,042
  2,123
  2,208
Issuance/(repurchase) of shares, $m
  6
  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  
  247
  198
  250
  307
  370
  437
  508
  582
  656
  732
  807
  882
  955
  1,027
  1,097
  1,165
  1,232
  1,298
  1,362
  1,426
  1,490
  1,554
  1,618
  1,684
  1,751
  1,820
  1,891
  1,965
  2,042
  2,123
  2,208
Total cash flow (excl. dividends), $m
  -138
  156
  223
  302
  394
  499
  618
  749
  894
  1,050
  1,219
  1,397
  1,588
  1,790
  2,002
  2,224
  2,456
  2,698
  2,950
  3,211
  3,482
  3,764
  4,056
  4,359
  4,674
  5,001
  5,341
  5,693
  6,060
  6,442
  6,840
Retained Cash Flow (-), $m
  -172
  -26
  -33
  -40
  -49
  -57
  -67
  -76
  -86
  -96
  -106
  -116
  -125
  -135
  -144
  -153
  -162
  -170
  -179
  -187
  -196
  -204
  -212
  -221
  -230
  -239
  -248
  -258
  -268
  -279
  -290
Prev. year cash balance distribution, $m
 
  394
  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
 
  523
  190
  262
  345
  442
  551
  673
  808
  954
  1,113
  1,281
  1,463
  1,655
  1,858
  2,071
  2,295
  2,528
  2,771
  3,024
  3,287
  3,560
  3,844
  4,138
  4,444
  4,762
  5,092
  5,436
  5,792
  6,164
  6,550
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
 
  502
  174
  228
  284
  342
  400
  455
  505
  548
  584
  608
  624
  629
  624
  608
  583
  550
  510
  466
  418
  368
  319
  271
  226
  185
  149
  117
  90
  67
  49
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

Inphi Corporation is a provider of analog and mixed signal semiconductor solutions for the communications and datacenter markets. The Company's solutions provide an interface between analog signals and digital information in systems, such as telecommunications transport systems, enterprise networking equipment and datacenters. It is engaged in the design, development and sale of analog connectivity components that operate to maintain, amplify and manage signal integrity at high speeds in a range of applications. Its semiconductor solutions are designed to address bandwidth bottlenecks in networks and enable the rollout of communications and datacenter infrastructures. The Company provides 25 gigabit (G) to 600G high-speed analog semiconductor solutions for the communications market. As of December 31, 2016, the Company's product portfolio included products that had commercially shipped, products for which the Company had shipped engineering samples and products under development.

FINANCIAL RATIOS  of  Inphi (IPHI)

Valuation Ratios
P/E Ratio 15.6
Price to Sales 5.8
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 24.6
Price to Free Cash Flow 37.8
Growth Rates
Sales Growth Rate 37.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 29.4%
Cap. Spend. - 3 Yr. Gr. Rate 5.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 86%
Total Debt to Equity 86%
Interest Coverage 5
Management Effectiveness
Return On Assets 14.2%
Ret/ On Assets - 3 Yr. Avg. 0.2%
Return On Total Capital 15%
Ret/ On T. Cap. - 3 Yr. Avg. -0.2%
Return On Equity 26.3%
Return On Equity - 3 Yr. Avg. 3.1%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 68%
Gross Margin - 3 Yr. Avg. 61.5%
EBITDA Margin 16.9%
EBITDA Margin - 3 Yr. Avg. 1.3%
Operating Margin 9.4%
Oper. Margin - 3 Yr. Avg. -10.9%
Pre-Tax Margin 4.1%
Pre-Tax Margin - 3 Yr. Avg. -12.5%
Net Profit Margin 37.2%
Net Profit Margin - 3 Yr. Avg. 2%
Effective Tax Rate -145.5%
Eff/ Tax Rate - 3 Yr. Avg. -70.4%
Payout Ratio 0%

IPHI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IPHI stock intrinsic value calculation we used $266 million for the last fiscal year's total revenue generated by Inphi. The default revenue input number comes from 2016 income statement of Inphi. 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 IPHI stock valuation model: a) initial revenue growth rate of 37.7% 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 IPHI is calculated based on our internal credit rating of Inphi, 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 Inphi.
    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 IPHI stock the variable cost ratio is equal to 53.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $101 million in the base year in the intrinsic value calculation for IPHI 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 Inphi.

Corporate tax rate of 27% is the nominal tax rate for Inphi. 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 IPHI 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 IPHI are equal to 88.7%.

Life of production assets of 9.4 years is the average useful life of capital assets used in Inphi 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 IPHI is equal to 15%. 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 - $463 million for Inphi - 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 42.127 million for Inphi 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 Inphi at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ What Factors Could Drive Inphis Earnings in the Long Run?   [Oct-11-17 01:36PM  Market Realist]
▶ ETFs with exposure to Inphi Corp. : October 4, 2017   [Oct-04-17 10:48AM  Capital Cube]
▶ ETFs with exposure to Inphi Corp. : September 6, 2017   [Sep-05-17 09:05PM  Capital Cube]
▶ Stay Positive On Semiconductors   [09:17AM  Barrons.com]
▶ Stocks Off To A Weak Start; FibroGen, Inphi, Twilio Soar   [Aug-08-17 09:36AM  Investor's Business Daily]
▶ Inphi reports 2Q loss   [Aug-07-17 11:33PM  Associated Press]
▶ ETFs with exposure to Inphi Corp. : August 4, 2017   [Aug-04-17 07:41PM  Capital Cube]
▶ ETFs with exposure to Inphi Corp. : July 24, 2017   [Jul-24-17 04:44PM  Capital Cube]
▶ Inphi Corp. Value Analysis (NYSE:IPHI) : July 14, 2017   [Jul-14-17 06:05PM  Capital Cube]
▶ ETFs with exposure to Inphi Corp. : July 12, 2017   [Jul-12-17 02:42PM  Capital Cube]
▶ ETFs with exposure to Inphi Corp. : June 30, 2017   [Jun-30-17 03:05PM  Capital Cube]
▶ ETFs with exposure to Inphi Corp. : June 19, 2017   [Jun-19-17 03:34PM  Capital Cube]
▶ ETFs with exposure to Inphi Corp. : June 8, 2017   [Jun-08-17 01:41PM  Capital Cube]
▶ ETFs with exposure to Inphi Corp. : May 29, 2017   [May-29-17 12:48PM  Capital Cube]
▶ Chip Stocks And Semiconductor Industry News   [May-18-17 04:32PM  Investor's Business Daily]
▶ Who Needs China? Fiber Optic Stocks Rally Off Lows On Amazon, Verizon Hopes   [May-03-17 04:36PM  Investor's Business Daily]
▶ Why Inphi Corp. Stock Plummeted Today   [12:30PM  Motley Fool]
▶ Story Stocks from Briefing.com   [12:09PM  Briefing.com]
▶ Inphi reports 1Q loss   [May-02-17 06:45PM  Associated Press]
▶ Is This Fiber-Optics IPO Eyeing A New Base And Breakout?   [May-01-17 12:05PM  Investor's Business Daily]
▶ Inphi Corp. Value Analysis (NYSE:IPHI) : April 27, 2017   [Apr-27-17 04:56PM  Capital Cube]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [Apr-21-17 11:38AM  Investor's Business Daily]
▶ Inphi Joins Rank Of Stocks With 95-Plus Composite Rating   [11:29AM  Investor's Business Daily]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [Apr-20-17 09:39AM  Investor's Business Daily]
▶ Ciena Merchant Chip Strategy Targets Acacia, Inphi And China   [Mar-21-17 04:11PM  Investor's Business Daily]
▶ This Tech Company Is Now Rated Among The Top 3% Of All Stocks   [10:47AM  Investor's Business Daily]
▶ Inphi beats Street 4Q forecasts   [Feb-07-17 07:49PM  AP]
▶ Inphi Rising on Q4 Beat, Higher Q1 View   [05:20PM  at Barrons.com]
Financial statements of IPHI
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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