Intrinsic value of Marvell Technology Group - MRVL

Previous Close

$20.27

  Intrinsic Value

$5.10

stock screener

  Rating & Target

str. sell

-75%

Previous close

$20.27

 
Intrinsic value

$5.10

 
Up/down potential

-75%

 
Rating

str. sell

We calculate the intrinsic value of MRVL 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 2018), $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 10.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2048

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
Revenue, $m
  2,522
  2,642
  2,767
  2,899
  3,039
  3,185
  3,339
  3,502
  3,672
  3,852
  4,040
  4,238
  4,447
  4,666
  4,896
  5,137
  5,391
  5,658
  5,939
  6,233
  6,543
  6,868
  7,209
  7,567
  7,944
  8,340
  8,755
  9,191
  9,649
  10,130
Variable operating expenses, $m
  2,369
  2,472
  2,580
  2,694
  2,813
  2,940
  3,072
  3,212
  3,358
  3,513
  3,476
  3,646
  3,825
  4,014
  4,212
  4,420
  4,638
  4,868
  5,109
  5,362
  5,628
  5,908
  6,202
  6,510
  6,834
  7,174
  7,532
  7,907
  8,301
  8,715
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
  2,369
  2,472
  2,580
  2,694
  2,813
  2,940
  3,072
  3,212
  3,358
  3,513
  3,476
  3,646
  3,825
  4,014
  4,212
  4,420
  4,638
  4,868
  5,109
  5,362
  5,628
  5,908
  6,202
  6,510
  6,834
  7,174
  7,532
  7,907
  8,301
  8,715
Operating income, $m
  153
  170
  187
  206
  225
  246
  267
  290
  314
  339
  565
  592
  621
  652
  684
  718
  753
  791
  830
  871
  914
  960
  1,007
  1,057
  1,110
  1,165
  1,223
  1,284
  1,348
  1,416
EBITDA, $m
  585
  612
  642
  672
  704
  738
  774
  812
  851
  893
  937
  983
  1,031
  1,082
  1,135
  1,191
  1,250
  1,312
  1,377
  1,445
  1,517
  1,592
  1,671
  1,754
  1,842
  1,933
  2,030
  2,131
  2,237
  2,349
Interest expense (income), $m
  0
  0
  1
  3
  4
  6
  8
  10
  12
  14
  16
  18
  21
  23
  26
  28
  31
  34
  38
  41
  45
  48
  52
  56
  61
  65
  70
  75
  80
  86
  92
Earnings before tax, $m
  153
  168
  185
  201
  219
  238
  258
  278
  300
  323
  546
  572
  598
  626
  656
  686
  719
  753
  789
  826
  866
  907
  951
  997
  1,045
  1,095
  1,148
  1,204
  1,262
  1,324
Tax expense, $m
  41
  45
  50
  54
  59
  64
  70
  75
  81
  87
  148
  154
  162
  169
  177
  185
  194
  203
  213
  223
  234
  245
  257
  269
  282
  296
  310
  325
  341
  357
Net income, $m
  112
  123
  135
  147
  160
  174
  188
  203
  219
  236
  399
  417
  437
  457
  479
  501
  525
  550
  576
  603
  632
  662
  694
  728
  763
  800
  838
  879
  922
  966

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  3,441
  3,604
  3,775
  3,956
  4,146
  4,346
  4,556
  4,777
  5,010
  5,255
  5,512
  5,782
  6,066
  6,365
  6,679
  7,009
  7,355
  7,719
  8,102
  8,504
  8,926
  9,369
  9,835
  10,324
  10,838
  11,377
  11,944
  12,539
  13,164
  13,820
Adjusted assets (=assets-cash), $m
  3,441
  3,604
  3,775
  3,956
  4,146
  4,346
  4,556
  4,777
  5,010
  5,255
  5,512
  5,782
  6,066
  6,365
  6,679
  7,009
  7,355
  7,719
  8,102
  8,504
  8,926
  9,369
  9,835
  10,324
  10,838
  11,377
  11,944
  12,539
  13,164
  13,820
Revenue / Adjusted assets
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
Average production assets, $m
  2,323
  2,433
  2,549
  2,670
  2,799
  2,934
  3,076
  3,225
  3,382
  3,547
  3,721
  3,904
  4,095
  4,297
  4,509
  4,732
  4,966
  5,211
  5,470
  5,741
  6,026
  6,325
  6,639
  6,970
  7,316
  7,681
  8,063
  8,465
  8,887
  9,330
Working capital, $m
  25
  26
  28
  29
  30
  32
  33
  35
  37
  39
  40
  42
  44
  47
  49
  51
  54
  57
  59
  62
  65
  69
  72
  76
  79
  83
  88
  92
  96
  101
Total debt, $m
  25
  53
  82
  113
  146
  180
  216
  254
  294
  336
  381
  427
  476
  528
  581
  638
  698
  760
  826
  895
  968
  1,044
  1,124
  1,208
  1,297
  1,390
  1,487
  1,589
  1,697
  1,810
Total liabilities, $m
  592
  620
  649
  680
  713
  747
  784
  822
  862
  904
  948
  995
  1,043
  1,095
  1,149
  1,206
  1,265
  1,328
  1,394
  1,463
  1,535
  1,611
  1,692
  1,776
  1,864
  1,957
  2,054
  2,157
  2,264
  2,377
Total equity, $m
  2,849
  2,984
  3,126
  3,275
  3,433
  3,598
  3,772
  3,956
  4,148
  4,351
  4,564
  4,788
  5,023
  5,270
  5,530
  5,803
  6,090
  6,392
  6,708
  7,041
  7,391
  7,758
  8,143
  8,548
  8,974
  9,420
  9,890
  10,382
  10,900
  11,443
Total liabilities and equity, $m
  3,441
  3,604
  3,775
  3,955
  4,146
  4,345
  4,556
  4,778
  5,010
  5,255
  5,512
  5,783
  6,066
  6,365
  6,679
  7,009
  7,355
  7,720
  8,102
  8,504
  8,926
  9,369
  9,835
  10,324
  10,838
  11,377
  11,944
  12,539
  13,164
  13,820
Debt-to-equity ratio
  0.010
  0.020
  0.030
  0.030
  0.040
  0.050
  0.060
  0.060
  0.070
  0.080
  0.080
  0.090
  0.090
  0.100
  0.110
  0.110
  0.110
  0.120
  0.120
  0.130
  0.130
  0.130
  0.140
  0.140
  0.140
  0.150
  0.150
  0.150
  0.160
  0.160
Adjusted equity ratio
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  112
  123
  135
  147
  160
  174
  188
  203
  219
  236
  399
  417
  437
  457
  479
  501
  525
  550
  576
  603
  632
  662
  694
  728
  763
  800
  838
  879
  922
  966
Depreciation, amort., depletion, $m
  432
  443
  454
  466
  479
  493
  507
  522
  538
  554
  372
  390
  410
  430
  451
  473
  497
  521
  547
  574
  603
  633
  664
  697
  732
  768
  806
  847
  889
  933
Funds from operations, $m
  543
  566
  589
  613
  639
  666
  695
  725
  757
  790
  771
  808
  846
  887
  929
  974
  1,021
  1,071
  1,123
  1,177
  1,235
  1,295
  1,358
  1,425
  1,494
  1,568
  1,645
  1,725
  1,810
  1,899
Change in working capital, $m
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
Cash from operations, $m
  542
  564
  588
  612
  638
  665
  693
  723
  755
  788
  769
  806
  844
  885
  927
  972
  1,019
  1,068
  1,120
  1,174
  1,232
  1,292
  1,355
  1,421
  1,491
  1,564
  1,640
  1,721
  1,806
  1,895
Maintenance CAPEX, $m
  -222
  -232
  -243
  -255
  -267
  -280
  -293
  -308
  -323
  -338
  -355
  -372
  -390
  -410
  -430
  -451
  -473
  -497
  -521
  -547
  -574
  -603
  -633
  -664
  -697
  -732
  -768
  -806
  -847
  -889
New CAPEX, $m
  -105
  -110
  -116
  -122
  -128
  -135
  -142
  -149
  -157
  -165
  -174
  -183
  -192
  -202
  -212
  -223
  -234
  -246
  -258
  -271
  -285
  -299
  -314
  -330
  -347
  -364
  -383
  -402
  -422
  -443
Cash from investing activities, $m
  -327
  -342
  -359
  -377
  -395
  -415
  -435
  -457
  -480
  -503
  -529
  -555
  -582
  -612
  -642
  -674
  -707
  -743
  -779
  -818
  -859
  -902
  -947
  -994
  -1,044
  -1,096
  -1,151
  -1,208
  -1,269
  -1,332
Free cash flow, $m
  215
  222
  229
  235
  242
  250
  258
  266
  275
  285
  241
  251
  262
  273
  286
  298
  312
  326
  341
  356
  373
  390
  408
  427
  447
  468
  490
  513
  537
  563
Issuance/(repayment) of debt, $m
  25
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
  47
  49
  51
  54
  57
  60
  63
  66
  69
  73
  76
  80
  84
  88
  93
  97
  102
  107
  113
Issuance/(repurchase) of shares, $m
  16
  12
  7
  2
  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  
  41
  40
  36
  33
  33
  34
  36
  38
  40
  42
  44
  47
  49
  51
  54
  57
  60
  63
  66
  69
  73
  76
  80
  84
  88
  93
  97
  102
  107
  113
Total cash flow (excl. dividends), $m
  257
  262
  265
  269
  275
  284
  294
  304
  315
  327
  285
  298
  311
  325
  340
  355
  371
  388
  406
  425
  445
  466
  488
  511
  535
  561
  587
  615
  645
  676
Retained Cash Flow (-), $m
  -128
  -135
  -142
  -149
  -157
  -166
  -174
  -183
  -193
  -203
  -213
  -224
  -235
  -247
  -260
  -273
  -287
  -301
  -317
  -333
  -349
  -367
  -386
  -405
  -425
  -447
  -469
  -493
  -517
  -543
Prev. year cash balance distribution, $m
  1,420
  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
  87
  91
  95
  100
  104
  109
  115
  120
  126
  132
  139
  145
  153
  160
  168
  176
  185
  194
  204
  214
  224
  236
  247
  260
  272
  286
  300
  315
  331
  347
Cash available for distribution, $m
  1,548
  127
  123
  119
  118
  119
  120
  121
  123
  124
  72
  74
  76
  78
  80
  82
  84
  87
  90
  93
  96
  99
  102
  106
  110
  114
  118
  123
  127
  132
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
  1,484
  116
  107
  98
  91
  86
  81
  76
  70
  65
  34
  31
  29
  26
  23
  21
  18
  16
  14
  12
  10
  8
  7
  5
  4
  3
  3
  2
  1
  1
Current shareholders' claim on cash, %
  99.8
  99.6
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5

Marvell Technology Group Ltd. is a semiconductor provider of application-specific standard products. The Company is engaged in the design, development and sale of integrated circuits. The Company develops System-on-a-Chip (SoC) devices. It also develops integrated hardware platforms along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution. Its product portfolio includes devices for storage, networking and connectivity. In storage, it is engaged in data storage controller solutions spanning consumer, mobile, desktop and enterprise markets. Its storage solutions enable customers to engineer products for hard disk drives and solid state drives. Its networking products address end markets in cloud, enterprise, small and medium business and service provider networks. The Company's connectivity products address end markets in consumer, enterprise, desktop, service provider networks and automotive.

FINANCIAL RATIOS  of  Marvell Technology Group (MRVL)

Valuation Ratios
P/E Ratio 488.5
Price to Sales 4.4
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow -28.7
Price to Free Cash Flow -24.8
Growth Rates
Sales Growth Rate -12.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.8%
Cap. Spend. - 3 Yr. Gr. Rate -8.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.4%
Ret/ On Assets - 3 Yr. Avg. -2.1%
Return On Total Capital 0.5%
Ret/ On T. Cap. - 3 Yr. Avg. -2.7%
Return On Equity 0.5%
Return On Equity - 3 Yr. Avg. -2.7%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 55.6%
Gross Margin - 3 Yr. Avg. 50.7%
EBITDA Margin 10.2%
EBITDA Margin - 3 Yr. Avg. 0.8%
Operating Margin 4.3%
Oper. Margin - 3 Yr. Avg. -4.1%
Pre-Tax Margin 5%
Pre-Tax Margin - 3 Yr. Avg. -3.5%
Net Profit Margin 0.9%
Net Profit Margin - 3 Yr. Avg. -5.9%
Effective Tax Rate 62.4%
Eff/ Tax Rate - 3 Yr. Avg. 20%
Payout Ratio 581%

MRVL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MRVL stock intrinsic value calculation we used $2409 million for the last fiscal year's total revenue generated by Marvell Technology Group. The default revenue input number comes from 2018 income statement of Marvell Technology Group. 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 MRVL stock valuation model: a) initial revenue growth rate of 4.7% 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 MRVL is calculated based on our internal credit rating of Marvell Technology Group, 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 Marvell Technology Group.
    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 MRVL stock the variable cost ratio is equal to 94.3%.

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 MRVL 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 5.4% for Marvell Technology Group.

Corporate tax rate of 27% is the nominal tax rate for Marvell Technology Group. 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 MRVL stock is equal to 3.6%.

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 MRVL are equal to 92.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Marvell Technology Group 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 MRVL is equal to 1%. 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 - $4141 million for Marvell Technology Group - 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 498 million for Marvell Technology Group 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 Marvell Technology Group at the current share price and the inputted number of shares is $10.1 billion.

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COMPANY NEWS

▶ Exclusive: Marvell cuts jobs following Cavium acquisition   [Aug-03-18 09:04AM  American City Business Journals]
▶ 10 Stocks to Play a Trillion-Dollar IOT Space   [Jul-24-18 02:41PM  InvestorPlace]
▶ 3 "Internet of Things" Stocks to Buy Right Now   [Jul-18-18 11:00AM  Zacks]
▶ 3 Reasons to Buy Marvell Technology Stock   [Jul-17-18 07:14PM  Motley Fool]
▶ Marvell Technology Completes Acquisition of Cavium   [Jul-06-18 09:07AM  PR Newswire]
▶ Marvell Merger News Bears Fruit for Options Players   [Jun-29-18 02:09PM  TheStreet.com]
▶ Why Shares of Cavium Inc. Popped Today   [04:13PM  Motley Fool]
▶ Marvell Technology Edges Views, Offers Mixed Guidance   [04:46PM  Investor's Business Daily]
▶ Marvell: Fiscal 1Q Earnings Snapshot   [04:21PM  Associated Press]
▶ Marvell bulls cash in their chips   [01:04PM  CNBC Videos]
▶ Stock Market Rises, As Fed Calms Inflation Worries; This Sector Heats Up   [May-14-18 12:14PM  Investor's Business Daily]
▶ How MKM's Jim Strugger Is Playing Marvell Technology   [Apr-23-18 03:50PM  Bloomberg Video]
▶ "Fast Money" final trades: YNDX, SNAP and more   [Apr-11-18 05:59PM  CNBC Videos]
▶ Why Marvell Technology Could Be a Good Stock Pick   [Apr-03-18 09:00PM  Motley Fool]
▶ Starry To Challenge Verizon, Comcast, AT&T In Fixed Wireless   [10:00AM  Investor's Business Daily]
▶ Apple Supplier, Lam Research Lead 5 Chip Stocks In Buy Zones   [Mar-12-18 04:11PM  Investor's Business Daily]
▶ Marvell Technology Edges Fourth-Quarter Sales, Earnings Views   [04:46PM  Investor's Business Daily]
▶ Marvell tops Street 4Q forecasts   [04:32PM  Associated Press]
▶ Marvell Is Going to Be Revitalized by Cavium, Says Argus   [Mar-07-18 03:22PM  Barrons.com]
▶ What to Expect From Marvell Technologys Q4 Earnings   [Mar-06-18 11:01PM  Motley Fool]
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