Intrinsic value of Microsemi - MSCC

Previous Close

$51.84

  Intrinsic Value

$23.24

stock screener

  Rating & Target

str. sell

-55%

  Value-price divergence*

-90%

Previous close

$51.84

 
Intrinsic value

$23.24

 
Up/down potential

-55%

 
Rating

str. sell

 
Value-price divergence*

-90%

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

We calculate the intrinsic value of MSCC 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 5.9

 

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, %
  32.83
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
Revenue, $m
  1,655
  1,759
  1,868
  1,981
  2,099
  2,222
  2,350
  2,483
  2,623
  2,769
  2,921
  3,080
  3,247
  3,421
  3,604
  3,795
  3,995
  4,204
  4,423
  4,653
  4,894
  5,146
  5,411
  5,688
  5,979
  6,284
  6,605
  6,940
  7,293
  7,662
  8,050
Variable operating expenses, $m
 
  1,571
  1,653
  1,738
  1,827
  1,919
  2,015
  2,116
  2,221
  2,331
  2,445
  2,317
  2,442
  2,574
  2,711
  2,854
  3,005
  3,162
  3,327
  3,500
  3,681
  3,871
  4,070
  4,279
  4,498
  4,727
  4,968
  5,221
  5,486
  5,764
  6,055
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
  1,601
  1,571
  1,653
  1,738
  1,827
  1,919
  2,015
  2,116
  2,221
  2,331
  2,445
  2,317
  2,442
  2,574
  2,711
  2,854
  3,005
  3,162
  3,327
  3,500
  3,681
  3,871
  4,070
  4,279
  4,498
  4,727
  4,968
  5,221
  5,486
  5,764
  6,055
Operating income, $m
  54
  188
  215
  243
  272
  303
  334
  367
  402
  438
  476
  763
  805
  848
  893
  940
  990
  1,042
  1,096
  1,153
  1,213
  1,275
  1,341
  1,409
  1,482
  1,557
  1,637
  1,720
  1,807
  1,899
  1,995
EBITDA, $m
  261
  504
  535
  567
  601
  636
  673
  711
  751
  793
  837
  882
  930
  980
  1,032
  1,087
  1,144
  1,204
  1,267
  1,332
  1,401
  1,474
  1,550
  1,629
  1,712
  1,800
  1,891
  1,988
  2,088
  2,194
  2,305
Interest expense (income), $m
  89
  120
  129
  139
  149
  160
  171
  182
  194
  207
  220
  233
  248
  263
  278
  295
  312
  330
  349
  368
  389
  411
  433
  457
  482
  508
  536
  564
  594
  626
  659
Earnings before tax, $m
  -25
  68
  86
  104
  123
  143
  164
  185
  208
  231
  256
  530
  557
  585
  615
  645
  678
  712
  747
  785
  824
  865
  907
  952
  1,000
  1,049
  1,101
  1,155
  1,213
  1,273
  1,335
Tax expense, $m
  8
  18
  23
  28
  33
  39
  44
  50
  56
  62
  69
  143
  150
  158
  166
  174
  183
  192
  202
  212
  222
  233
  245
  257
  270
  283
  297
  312
  327
  344
  361
Net income, $m
  -33
  50
  63
  76
  90
  104
  119
  135
  152
  169
  187
  387
  406
  427
  449
  471
  495
  520
  546
  573
  601
  631
  662
  695
  730
  766
  804
  843
  885
  929
  975

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  190
  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
  4,423
  4,499
  4,777
  5,066
  5,367
  5,682
  6,009
  6,351
  6,708
  7,081
  7,471
  7,878
  8,305
  8,750
  9,217
  9,705
  10,216
  10,752
  11,312
  11,900
  12,516
  13,162
  13,838
  14,548
  15,292
  16,073
  16,891
  17,750
  18,651
  19,596
  20,588
Adjusted assets (=assets-cash), $m
  4,233
  4,499
  4,777
  5,066
  5,367
  5,682
  6,009
  6,351
  6,708
  7,081
  7,471
  7,878
  8,305
  8,750
  9,217
  9,705
  10,216
  10,752
  11,312
  11,900
  12,516
  13,162
  13,838
  14,548
  15,292
  16,073
  16,891
  17,750
  18,651
  19,596
  20,588
Revenue / Adjusted assets
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
Average production assets, $m
  811
  862
  915
  971
  1,028
  1,089
  1,151
  1,217
  1,285
  1,357
  1,431
  1,509
  1,591
  1,676
  1,766
  1,859
  1,957
  2,060
  2,167
  2,280
  2,398
  2,522
  2,651
  2,787
  2,930
  3,079
  3,236
  3,401
  3,573
  3,754
  3,944
Working capital, $m
  415
  283
  301
  319
  338
  358
  378
  400
  422
  446
  470
  496
  523
  551
  580
  611
  643
  677
  712
  749
  788
  829
  871
  916
  963
  1,012
  1,063
  1,117
  1,174
  1,234
  1,296
Total debt, $m
  2,179
  2,306
  2,480
  2,661
  2,850
  3,047
  3,253
  3,467
  3,691
  3,925
  4,169
  4,425
  4,692
  4,971
  5,264
  5,570
  5,891
  6,226
  6,578
  6,946
  7,333
  7,737
  8,162
  8,607
  9,073
  9,563
  10,076
  10,614
  11,179
  11,772
  12,394
Total liabilities, $m
  2,694
  2,821
  2,995
  3,176
  3,365
  3,562
  3,768
  3,982
  4,206
  4,440
  4,684
  4,940
  5,207
  5,486
  5,779
  6,085
  6,406
  6,741
  7,093
  7,461
  7,848
  8,252
  8,677
  9,122
  9,588
  10,078
  10,591
  11,129
  11,694
  12,287
  12,909
Total equity, $m
  1,729
  1,678
  1,782
  1,890
  2,002
  2,119
  2,241
  2,369
  2,502
  2,641
  2,787
  2,939
  3,098
  3,264
  3,438
  3,620
  3,811
  4,010
  4,220
  4,439
  4,668
  4,909
  5,162
  5,426
  5,704
  5,995
  6,300
  6,621
  6,957
  7,309
  7,679
Total liabilities and equity, $m
  4,423
  4,499
  4,777
  5,066
  5,367
  5,681
  6,009
  6,351
  6,708
  7,081
  7,471
  7,879
  8,305
  8,750
  9,217
  9,705
  10,217
  10,751
  11,313
  11,900
  12,516
  13,161
  13,839
  14,548
  15,292
  16,073
  16,891
  17,750
  18,651
  19,596
  20,588
Debt-to-equity ratio
  1.260
  1.370
  1.390
  1.410
  1.420
  1.440
  1.450
  1.460
  1.480
  1.490
  1.500
  1.510
  1.510
  1.520
  1.530
  1.540
  1.550
  1.550
  1.560
  1.560
  1.570
  1.580
  1.580
  1.590
  1.590
  1.600
  1.600
  1.600
  1.610
  1.610
  1.610
Adjusted equity ratio
  0.364
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -33
  50
  63
  76
  90
  104
  119
  135
  152
  169
  187
  387
  406
  427
  449
  471
  495
  520
  546
  573
  601
  631
  662
  695
  730
  766
  804
  843
  885
  929
  975
Depreciation, amort., depletion, $m
  207
  316
  320
  324
  329
  334
  339
  344
  349
  355
  361
  119
  125
  132
  139
  146
  154
  162
  171
  180
  189
  199
  209
  219
  231
  242
  255
  268
  281
  296
  311
Funds from operations, $m
  361
  366
  383
  400
  419
  438
  458
  479
  501
  524
  548
  506
  532
  559
  588
  618
  649
  682
  716
  752
  790
  830
  871
  915
  960
  1,008
  1,059
  1,111
  1,167
  1,225
  1,285
Change in working capital, $m
  86
  17
  17
  18
  19
  20
  21
  22
  22
  23
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  52
  54
  57
  60
  62
Cash from operations, $m
  275
  349
  365
  382
  400
  418
  437
  457
  478
  500
  523
  480
  505
  531
  558
  587
  617
  648
  681
  715
  751
  789
  829
  870
  914
  959
  1,007
  1,057
  1,110
  1,165
  1,223
Maintenance CAPEX, $m
  0
  -64
  -68
  -72
  -76
  -81
  -86
  -91
  -96
  -101
  -107
  -113
  -119
  -125
  -132
  -139
  -146
  -154
  -162
  -171
  -180
  -189
  -199
  -209
  -219
  -231
  -242
  -255
  -268
  -281
  -296
New CAPEX, $m
  -49
  -52
  -53
  -55
  -58
  -60
  -63
  -66
  -68
  -71
  -75
  -78
  -82
  -85
  -89
  -94
  -98
  -103
  -107
  -113
  -118
  -124
  -130
  -136
  -143
  -150
  -157
  -165
  -173
  -181
  -190
Cash from investing activities, $m
  -1,414
  -116
  -121
  -127
  -134
  -141
  -149
  -157
  -164
  -172
  -182
  -191
  -201
  -210
  -221
  -233
  -244
  -257
  -269
  -284
  -298
  -313
  -329
  -345
  -362
  -381
  -399
  -420
  -441
  -462
  -486
Free cash flow, $m
  -1,139
  233
  244
  255
  266
  277
  289
  301
  314
  328
  342
  289
  304
  320
  337
  354
  372
  391
  411
  432
  454
  477
  500
  525
  552
  579
  608
  638
  669
  703
  737
Issuance/(repayment) of debt, $m
  1,164
  168
  174
  181
  189
  197
  205
  214
  224
  234
  244
  255
  267
  279
  292
  306
  321
  336
  352
  368
  386
  405
  424
  445
  467
  489
  513
  538
  565
  593
  622
Issuance/(repurchase) of shares, $m
  5
  48
  41
  32
  23
  13
  3
  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  
  1,073
  216
  215
  213
  212
  210
  208
  214
  224
  234
  244
  255
  267
  279
  292
  306
  321
  336
  352
  368
  386
  405
  424
  445
  467
  489
  513
  538
  565
  593
  622
Total cash flow (excl. dividends), $m
  -67
  450
  459
  468
  477
  487
  497
  516
  538
  561
  586
  545
  572
  600
  629
  660
  693
  727
  763
  801
  840
  881
  925
  970
  1,018
  1,068
  1,121
  1,176
  1,234
  1,295
  1,359
Retained Cash Flow (-), $m
  -522
  -98
  -104
  -108
  -112
  -117
  -122
  -128
  -133
  -139
  -145
  -152
  -159
  -166
  -174
  -182
  -191
  -200
  -209
  -219
  -230
  -241
  -252
  -265
  -278
  -291
  -305
  -320
  -336
  -353
  -370
Prev. year cash balance distribution, $m
 
  149
  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
 
  501
  355
  360
  365
  370
  375
  388
  405
  422
  441
  393
  413
  434
  455
  478
  502
  527
  554
  581
  610
  641
  672
  706
  741
  777
  816
  856
  898
  943
  989
Discount rate, %
 
  9.00
  9.45
  9.92
  10.42
  10.94
  11.49
  12.06
  12.66
  13.30
  13.96
  14.66
  15.39
  16.16
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.74
  23.88
  25.07
  26.33
  27.64
  29.03
  30.48
  32.00
  33.60
  35.28
  37.05
PV of cash for distribution, $m
 
  459
  297
  271
  245
  220
  195
  175
  156
  137
  119
  87
  74
  62
  51
  41
  32
  25
  19
  14
  10
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.1
  98.4
  97.9
  97.6
  97.4
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3

Microsemi Corporation is a designer, manufacturer and marketer of analog and mixed-signal semiconductor solutions differentiated by power, security, reliability and performance. The Company offers a portfolio of semiconductor and system solutions for aerospace and defense, communications, data center and industrial markets. Its products include high-performance and radiation-hardened analog mixed-signal integrated circuits (ICs), field programmable gate arrays (FPGAs), system on chip solutions (SoCs) and application-specific integrated circuits (ASICs) and power management products. The Company's marketed products include Switchtec PFX PCIe switch, Flashtec NVM Express (NVMe)2032 and NVMe2016 controllers, Flashtec NVM Express (NVMe)2108 eight channel and NVMe2104 four channel controllers, PDS-EM-8100 PoE 2.5 gigabits per second (Gbps) Multiplexer, Chip Scale Atomic Clock (CSAC) components and miTimePLL.

FINANCIAL RATIOS  of  Microsemi (MSCC)

Valuation Ratios
P/E Ratio -178.5
Price to Sales 3.6
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 21.4
Price to Free Cash Flow 26.1
Growth Rates
Sales Growth Rate 32.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.4%
Cap. Spend. - 3 Yr. Gr. Rate 5.8%
Financial Strength
Quick Ratio 5
Current Ratio 0.3
LT Debt to Equity 123.7%
Total Debt to Equity 126%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 3.3%
Return On Total Capital -1.1%
Ret/ On T. Cap. - 3 Yr. Avg. 1.5%
Return On Equity -2.2%
Return On Equity - 3 Yr. Avg. 2.4%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 56.6%
Gross Margin - 3 Yr. Avg. 55.1%
EBITDA Margin 16.4%
EBITDA Margin - 3 Yr. Avg. 17.6%
Operating Margin 3.3%
Oper. Margin - 3 Yr. Avg. 6%
Pre-Tax Margin -1.5%
Pre-Tax Margin - 3 Yr. Avg. 2.8%
Net Profit Margin -2%
Net Profit Margin - 3 Yr. Avg. 2.3%
Effective Tax Rate -32%
Eff/ Tax Rate - 3 Yr. Avg. -5.2%
Payout Ratio 0%

MSCC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MSCC stock intrinsic value calculation we used $1655 million for the last fiscal year's total revenue generated by Microsemi. The default revenue input number comes from 2016 income statement of Microsemi. 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 MSCC stock valuation model: a) initial revenue growth rate of 6.3% 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 9%, whose default value for MSCC is calculated based on our internal credit rating of Microsemi, 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 Microsemi.
    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 MSCC stock the variable cost ratio is equal to 90.2%.

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 MSCC 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 5.6% for Microsemi.

Corporate tax rate of 27% is the nominal tax rate for Microsemi. 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 MSCC 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 MSCC are equal to 49%.

Life of production assets of 12.7 years is the average useful life of capital assets used in Microsemi 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 MSCC is equal to 16.1%. 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 - $1729 million for Microsemi - 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 114.127 million for Microsemi 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 Microsemi at the current share price and the inputted number of shares is $5.9 billion.

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COMPANY NEWS

▶ Intel and Qualcomm Could Rise 20%: Technical Analysis   [Oct-16-17 06:00AM  Investopedia]
▶ Are semiconductors the next M&A target?   [Aug-15-17 01:19PM  CNBC Videos]
▶ ETFs with exposure to Microsemi Corp. : August 14, 2017   [Aug-14-17 04:55PM  Capital Cube]
▶ Cypress Semiconductor, Intel, Microsemi Touted Post-Earnings   [Jul-28-17 04:26PM  Investor's Business Daily]
▶ Microsemi meets 3Q profit forecasts   [Jul-27-17 11:56PM  Associated Press]
▶ Chip Giant Intel Beats Second-Quarter Sales, Earnings Targets   [06:44PM  Investor's Business Daily]
▶ ETFs with exposure to Microsemi Corp. : July 24, 2017   [Jul-24-17 05:25PM  Capital Cube]
▶ 5 Things You Didn't Know About Skyworks Solutions, Inc.   [Jul-18-17 07:03AM  Motley Fool]
▶ ETFs with exposure to Microsemi Corp. : July 14, 2017   [Jul-14-17 03:42PM  Capital Cube]
▶ Microsemi Picks Up on Sales Outlook, M&A Possibilities   [Jul-06-17 04:49PM  TheStreet.com]
▶ Benzinga's Option Alert Recap From July 5   [Jul-05-17 04:07PM  Benzinga]
▶ Chip Stocks To Watch And Semiconductor Industry News   [Jun-16-17 02:42PM  Investor's Business Daily]
▶ ETFs with exposure to Microsemi Corp. : June 15, 2017   [Jun-15-17 02:37PM  Capital Cube]
▶ Nvidia To See Lift From Nintendo Switch Sales, Gets Price-Target Hike   [Jun-14-17 04:25PM  Investor's Business Daily]
▶ Microsemi Announces Early Results of Tender Offer   [May-25-17 07:00AM  PR Newswire]
▶ ETFs with exposure to Microsemi Corp. : May 18, 2017   [May-18-17 01:53PM  Capital Cube]
▶ Rambus Joins Microsemis SoC Partner Program   [May-10-17 04:30PM  Business Wire]
▶ ETFs with exposure to Microsemi Corp. : May 3, 2017   [May-03-17 04:07PM  Capital Cube]
▶ Intel Tumbles On Just-Shy Sales, But These 3 Chip Plays Beat   [Apr-27-17 06:55PM  Investor's Business Daily]
▶ Microsemi meets 2Q profit forecasts   [04:40PM  Associated Press]
Financial statements of MSCC
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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