Intrinsic value of Lattice Semiconductor - LSCC

Previous Close

$5.79

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$5.79

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

We calculate the intrinsic value of LSCC 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 0.7

 

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, %
  5.17
  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
  427
  436
  446
  457
  470
  484
  500
  517
  535
  555
  576
  599
  623
  649
  677
  706
  737
  770
  804
  841
  880
  920
  963
  1,009
  1,056
  1,107
  1,160
  1,215
  1,274
  1,336
  1,401
Variable operating expenses, $m
 
  550
  562
  576
  592
  609
  628
  648
  670
  694
  720
  720
  749
  780
  813
  848
  886
  925
  967
  1,011
  1,057
  1,106
  1,158
  1,212
  1,270
  1,330
  1,394
  1,461
  1,531
  1,605
  1,683
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
  454
  550
  562
  576
  592
  609
  628
  648
  670
  694
  720
  720
  749
  780
  813
  848
  886
  925
  967
  1,011
  1,057
  1,106
  1,158
  1,212
  1,270
  1,330
  1,394
  1,461
  1,531
  1,605
  1,683
Operating income, $m
  -27
  -115
  -117
  -119
  -122
  -125
  -128
  -131
  -135
  -139
  -143
  -121
  -126
  -131
  -137
  -142
  -149
  -155
  -162
  -170
  -177
  -186
  -194
  -204
  -213
  -223
  -234
  -245
  -257
  -270
  -283
EBITDA, $m
  35
  -62
  -63
  -65
  -66
  -68
  -71
  -73
  -76
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -104
  -109
  -114
  -119
  -124
  -130
  -136
  -142
  -149
  -156
  -164
  -172
  -180
  -189
  -198
Interest expense (income), $m
  18
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  65
  68
Earnings before tax, $m
  -43
  -131
  -133
  -136
  -139
  -143
  -147
  -151
  -156
  -161
  -167
  -145
  -152
  -158
  -165
  -173
  -181
  -189
  -198
  -207
  -217
  -228
  -239
  -250
  -263
  -275
  -289
  -303
  -318
  -334
  -351
Tax expense, $m
  10
  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
  -54
  -131
  -133
  -136
  -139
  -143
  -147
  -151
  -156
  -161
  -167
  -145
  -152
  -158
  -165
  -173
  -181
  -189
  -198
  -207
  -217
  -228
  -239
  -250
  -263
  -275
  -289
  -303
  -318
  -334
  -351

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  117
  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
  767
  663
  678
  696
  715
  737
  761
  787
  815
  845
  877
  912
  949
  988
  1,030
  1,075
  1,122
  1,172
  1,224
  1,280
  1,339
  1,401
  1,466
  1,535
  1,608
  1,685
  1,765
  1,850
  1,939
  2,033
  2,132
Adjusted assets (=assets-cash), $m
  650
  663
  678
  696
  715
  737
  761
  787
  815
  845
  877
  912
  949
  988
  1,030
  1,075
  1,122
  1,172
  1,224
  1,280
  1,339
  1,401
  1,466
  1,535
  1,608
  1,685
  1,765
  1,850
  1,939
  2,033
  2,132
Revenue / Adjusted assets
  0.657
  0.658
  0.658
  0.657
  0.657
  0.657
  0.657
  0.657
  0.656
  0.657
  0.657
  0.657
  0.656
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
Average production assets, $m
  192
  195
  200
  205
  210
  217
  224
  232
  240
  249
  258
  268
  279
  291
  303
  316
  330
  345
  360
  377
  394
  412
  432
  452
  473
  496
  520
  545
  571
  598
  628
Working capital, $m
  157
  75
  77
  79
  81
  84
  86
  89
  93
  96
  100
  104
  108
  112
  117
  122
  127
  133
  139
  145
  152
  159
  167
  175
  183
  191
  201
  210
  220
  231
  242
Total debt, $m
  335
  310
  321
  333
  347
  363
  380
  398
  418
  439
  463
  487
  514
  542
  571
  603
  637
  672
  710
  749
  791
  835
  882
  931
  983
  1,037
  1,095
  1,155
  1,219
  1,286
  1,356
Total liabilities, $m
  496
  472
  483
  495
  509
  525
  542
  560
  580
  601
  625
  649
  676
  704
  733
  765
  799
  834
  872
  911
  953
  997
  1,044
  1,093
  1,145
  1,199
  1,257
  1,317
  1,381
  1,448
  1,518
Total equity, $m
  270
  191
  195
  200
  206
  212
  219
  227
  235
  243
  253
  263
  273
  285
  297
  309
  323
  337
  353
  369
  386
  403
  422
  442
  463
  485
  508
  533
  558
  586
  614
Total liabilities and equity, $m
  766
  663
  678
  695
  715
  737
  761
  787
  815
  844
  878
  912
  949
  989
  1,030
  1,074
  1,122
  1,171
  1,225
  1,280
  1,339
  1,400
  1,466
  1,535
  1,608
  1,684
  1,765
  1,850
  1,939
  2,034
  2,132
Debt-to-equity ratio
  1.241
  1.620
  1.640
  1.660
  1.690
  1.710
  1.730
  1.760
  1.780
  1.810
  1.830
  1.860
  1.880
  1.900
  1.930
  1.950
  1.970
  1.990
  2.010
  2.030
  2.050
  2.070
  2.090
  2.110
  2.120
  2.140
  2.150
  2.170
  2.180
  2.200
  2.210
Adjusted equity ratio
  0.235
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -54
  -131
  -133
  -136
  -139
  -143
  -147
  -151
  -156
  -161
  -167
  -145
  -152
  -158
  -165
  -173
  -181
  -189
  -198
  -207
  -217
  -228
  -239
  -250
  -263
  -275
  -289
  -303
  -318
  -334
  -351
Depreciation, amort., depletion, $m
  62
  53
  54
  55
  55
  56
  57
  58
  59
  61
  62
  36
  38
  39
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  74
  77
  81
  85
Funds from operations, $m
  51
  -77
  -79
  -82
  -84
  -87
  -90
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -130
  -136
  -142
  -149
  -156
  -164
  -172
  -180
  -189
  -199
  -208
  -219
  -230
  -241
  -253
  -266
Change in working capital, $m
  9
  1
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
Cash from operations, $m
  42
  -79
  -81
  -84
  -86
  -89
  -93
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -129
  -135
  -141
  -148
  -155
  -163
  -171
  -179
  -188
  -197
  -207
  -217
  -228
  -239
  -251
  -264
  -277
Maintenance CAPEX, $m
  0
  -26
  -26
  -27
  -28
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
New CAPEX, $m
  -17
  -4
  -4
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
Cash from investing activities, $m
  -17
  -30
  -30
  -32
  -34
  -34
  -36
  -38
  -39
  -41
  -44
  -45
  -47
  -50
  -51
  -54
  -57
  -60
  -63
  -65
  -68
  -71
  -75
  -78
  -82
  -87
  -91
  -95
  -100
  -105
  -110
Free cash flow, $m
  25
  -108
  -112
  -116
  -120
  -124
  -129
  -134
  -139
  -145
  -152
  -158
  -165
  -173
  -181
  -189
  -198
  -207
  -217
  -228
  -239
  -250
  -263
  -276
  -289
  -304
  -319
  -334
  -351
  -369
  -387
Issuance/(repayment) of debt, $m
  -5
  9
  11
  12
  14
  15
  17
  18
  20
  22
  23
  25
  26
  28
  30
  32
  34
  35
  38
  40
  42
  44
  47
  49
  52
  55
  57
  60
  64
  67
  70
Issuance/(repurchase) of shares, $m
  8
  135
  138
  141
  145
  149
  154
  159
  164
  170
  176
  155
  162
  170
  177
  186
  194
  203
  213
  223
  234
  246
  258
  270
  283
  297
  312
  328
  344
  361
  379
Cash from financing (excl. dividends), $m  
  -1
  144
  149
  153
  159
  164
  171
  177
  184
  192
  199
  180
  188
  198
  207
  218
  228
  238
  251
  263
  276
  290
  305
  319
  335
  352
  369
  388
  408
  428
  449
Total cash flow (excl. dividends), $m
  22
  35
  37
  38
  39
  41
  42
  43
  45
  46
  47
  22
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  44
  46
  48
  51
  54
  56
  59
  62
Retained Cash Flow (-), $m
  36
  -135
  -138
  -141
  -145
  -149
  -154
  -159
  -164
  -170
  -176
  -155
  -162
  -170
  -177
  -186
  -194
  -203
  -213
  -223
  -234
  -246
  -258
  -270
  -283
  -297
  -312
  -328
  -344
  -361
  -379
Prev. year cash balance distribution, $m
 
  83
  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
 
  -16
  -101
  -103
  -106
  -109
  -112
  -115
  -119
  -124
  -128
  -133
  -139
  -145
  -151
  -157
  -164
  -172
  -180
  -188
  -197
  -206
  -216
  -227
  -238
  -249
  -261
  -274
  -288
  -302
  -317
Discount rate, %
 
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
 
  -15
  -87
  -82
  -76
  -71
  -66
  -60
  -55
  -49
  -44
  -39
  -34
  -29
  -25
  -21
  -17
  -14
  -11
  -9
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  78.5
  61.7
  48.4
  38.0
  29.8
  23.4
  18.3
  14.4
  11.3
  8.8
  7.2
  5.8
  4.7
  3.8
  3.1
  2.5
  2.0
  1.6
  1.3
  1.1
  0.8
  0.7
  0.5
  0.4
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1

Lattice Semiconductor Corporation is a United States-based company, which develops semiconductor technologies that it monetizes through products, solutions and licenses. The Company operates through two segments: the core Lattice (Core) business, which includes intellectual property (IP) and semiconductor devices, and Qterics, a discrete software-as-a-service business unit in the Lattice legal entity structure. The Company is a provider of customizable smart connectivity solutions based on its low power field programmable gate array (FPGA), video application specific standard product (ASSP), 60 gigahertz millimeter wave, and IP products to the consumer, communications, industrial, computing and automotive markets across the world. Its products include iCE40 Ultra/UltraLite, iCE40 LP/HX/LM, MachXO3, MachXO2, MachXO, HDMI Transmitters, HDMI Receivers, USB Type-C Port Controllers, Port Processors, Analog to HDMI/MHL Converters, MHL Transmitters, UltraGig 6400 and 802.11ad Chipsets.

FINANCIAL RATIOS  of  Lattice Semiconductor (LSCC)

Valuation Ratios
P/E Ratio -13
Price to Sales 1.6
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 16.8
Price to Free Cash Flow 28.2
Growth Rates
Sales Growth Rate 5.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5.6%
Cap. Spend. - 3 Yr. Gr. Rate 5.5%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 111.5%
Total Debt to Equity 124.1%
Interest Coverage -1
Management Effectiveness
Return On Assets -4.1%
Ret/ On Assets - 3 Yr. Avg. -5.4%
Return On Total Capital -8.6%
Ret/ On T. Cap. - 3 Yr. Avg. -8.7%
Return On Equity -18.8%
Return On Equity - 3 Yr. Avg. -16.5%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 57.6%
Gross Margin - 3 Yr. Avg. 56.1%
EBITDA Margin 8.7%
EBITDA Margin - 3 Yr. Avg. 4.4%
Operating Margin -6.3%
Oper. Margin - 3 Yr. Avg. -7.2%
Pre-Tax Margin -10.1%
Pre-Tax Margin - 3 Yr. Avg. -9.8%
Net Profit Margin -12.6%
Net Profit Margin - 3 Yr. Avg. -12.8%
Effective Tax Rate -23.3%
Eff/ Tax Rate - 3 Yr. Avg. -21.1%
Payout Ratio 0%

LSCC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LSCC stock intrinsic value calculation we used $427 million for the last fiscal year's total revenue generated by Lattice Semiconductor. The default revenue input number comes from 2016 income statement of Lattice Semiconductor. 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 LSCC 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 7.3%, whose default value for LSCC is calculated based on our internal credit rating of Lattice Semiconductor, 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 Lattice Semiconductor.
    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 LSCC stock the variable cost ratio is equal to 126.5%.

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 LSCC 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 5.3% for Lattice Semiconductor.

Corporate tax rate of 27% is the nominal tax rate for Lattice Semiconductor. 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 LSCC 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 LSCC are equal to 44.8%.

Life of production assets of 7.4 years is the average useful life of capital assets used in Lattice Semiconductor 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 LSCC is equal to 17.3%. 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 - $270 million for Lattice Semiconductor - 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 122.972 million for Lattice Semiconductor 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 Lattice Semiconductor at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ Susquehanna: Semiconductors showing signs of slowing   [Sep-21-17 01:16PM  CNBC Videos]
▶ [$$] The Lattice Warning to China   [Sep-15-17 11:41PM  The Wall Street Journal]
▶ Company News For Sep 15, 2017   [10:15AM  Zacks]
▶ Yahoo Finance Live: Midday Movers - Sep 15th, 2017   [09:40AM  Yahoo Finance Video]
▶ Are China deals in danger?   [01:07PM  CNBC Videos]
▶ Trump blocks Lattice Semiconductor deal   [11:34AM  CNBC Videos]
▶ Trump stops China-backed fund from buying Lattice   [10:52AM  Yahoo Finance Video]
▶ Lattice Semiconductor disappointed deal died, but says future 'remains bright'   [Sep-13-17 09:00PM  American City Business Journals]
▶ [$$] Lattice Semiconductor: criss-cross off   [07:56PM  Financial Times]
▶ Trump blocks Lattice Semiconductor acquisition   [05:56PM  American City Business Journals]
▶ Tenet Healthcare Reportedly Mulls Sale; Lattice Deal Blocked   [05:45PM  Investor's Business Daily]
▶ Trump Blocks Lattice Semiconductor Deal   [04:52PM  TheStreet.com]
▶ Trump blocks China-backed bid for Lattice   [04:10PM  CNBC Videos]
▶ Trump Considers National Security Impact of Lattice Sale   [Sep-06-17 03:55PM  Bloomberg Video]
▶ [$$] Backers of Blocked Chip Deal Make Appeal Directly to Trump   [Sep-01-17 08:23PM  The Wall Street Journal]
▶ Trump urged to block Lattice acquisition   [02:30PM  American City Business Journals]
▶ Lattice Chips Could Have Military Applications   [Aug-30-17 11:04PM  Bloomberg Video]
▶ Lattice reports 2Q loss   [Aug-08-17 10:21PM  Associated Press]
▶ Lattice Semiconductor sells India business, cuts 30   [Jul-31-17 04:34PM  American City Business Journals]
▶ [$$] Buyout Firm Blames China-Bashing for Stalled Semiconductor Deal   [Jul-29-17 12:07AM  The Wall Street Journal]
▶ China Is Missing Out on the Chips Rush   [Jun-26-17 04:00PM  Bloomberg]
▶ This $1.3 Billion Deal Is Chump Change   [Jun-13-17 01:02AM  Bloomberg]
▶ Lattice re-files once again with the feds for deal approval   [Jun-12-17 02:40PM  American City Business Journals]
Financial statements of LSCC
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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