Intrinsic value of MACOM Technology Solutions Holdings - MTSI

Previous Close

$32.87

  Intrinsic Value

$26.00

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  Rating & Target

sell

-21%

Previous close

$32.87

 
Intrinsic value

$26.00

 
Up/down potential

-21%

 
Rating

sell

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

We calculate the intrinsic value of MTSI 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 2.1

 

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, %
  29.22
  29.20
  26.78
  24.60
  22.64
  20.88
  19.29
  17.86
  16.57
  15.42
  14.38
  13.44
  12.59
  11.83
  11.15
  10.54
  9.98
  9.48
  9.04
  8.63
  8.27
  7.94
  7.65
  7.38
  7.14
  6.93
  6.74
  6.56
  6.41
  6.27
  6.14
Revenue, $m
  544
  703
  891
  1,110
  1,362
  1,646
  1,963
  2,314
  2,698
  3,114
  3,561
  4,040
  4,549
  5,087
  5,654
  6,250
  6,874
  7,526
  8,206
  8,914
  9,651
  10,418
  11,214
  12,042
  12,903
  13,797
  14,727
  15,693
  16,699
  17,745
  18,835
Variable operating expenses, $m
 
  682
  862
  1,071
  1,311
  1,582
  1,885
  2,220
  2,585
  2,982
  3,409
  3,854
  4,339
  4,853
  5,394
  5,962
  6,557
  7,179
  7,828
  8,504
  9,207
  9,938
  10,698
  11,488
  12,309
  13,162
  14,048
  14,970
  15,930
  16,928
  17,967
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
  531
  682
  862
  1,071
  1,311
  1,582
  1,885
  2,220
  2,585
  2,982
  3,409
  3,854
  4,339
  4,853
  5,394
  5,962
  6,557
  7,179
  7,828
  8,504
  9,207
  9,938
  10,698
  11,488
  12,309
  13,162
  14,048
  14,970
  15,930
  16,928
  17,967
Operating income, $m
  13
  20
  29
  39
  51
  64
  78
  95
  112
  131
  152
  186
  210
  234
  260
  288
  317
  347
  378
  411
  445
  480
  517
  555
  594
  635
  678
  723
  769
  817
  868
EBITDA, $m
  84
  103
  130
  162
  199
  241
  287
  338
  394
  455
  521
  591
  665
  744
  827
  914
  1,005
  1,100
  1,200
  1,303
  1,411
  1,523
  1,640
  1,761
  1,887
  2,017
  2,153
  2,295
  2,442
  2,595
  2,754
Interest expense (income), $m
  16
  20
  28
  36
  46
  58
  71
  86
  102
  120
  139
  160
  182
  205
  230
  256
  284
  313
  343
  374
  407
  441
  477
  514
  552
  592
  633
  676
  721
  767
  816
Earnings before tax, $m
  -22
  0
  2
  3
  4
  6
  7
  9
  10
  12
  13
  26
  28
  29
  30
  31
  33
  34
  35
  36
  37
  39
  40
  41
  42
  44
  45
  47
  48
  50
  52
Tax expense, $m
  -18
  0
  0
  1
  1
  2
  2
  2
  3
  3
  4
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
Net income, $m
  1
  0
  1
  2
  3
  4
  5
  6
  7
  8
  10
  19
  20
  21
  22
  23
  24
  25
  26
  26
  27
  28
  29
  30
  31
  32
  33
  34
  35
  37
  38

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  357
  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
  1,189
  1,075
  1,362
  1,698
  2,082
  2,517
  3,002
  3,538
  4,125
  4,761
  5,445
  6,177
  6,955
  7,778
  8,646
  9,556
  10,510
  11,507
  12,547
  13,630
  14,757
  15,929
  17,148
  18,414
  19,729
  21,096
  22,518
  23,996
  25,533
  27,133
  28,799
Adjusted assets (=assets-cash), $m
  832
  1,075
  1,362
  1,698
  2,082
  2,517
  3,002
  3,538
  4,125
  4,761
  5,445
  6,177
  6,955
  7,778
  8,646
  9,556
  10,510
  11,507
  12,547
  13,630
  14,757
  15,929
  17,148
  18,414
  19,729
  21,096
  22,518
  23,996
  25,533
  27,133
  28,799
Revenue / Adjusted assets
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
Average production assets, $m
  344
  443
  562
  701
  859
  1,039
  1,239
  1,460
  1,702
  1,965
  2,247
  2,549
  2,870
  3,210
  3,568
  3,944
  4,337
  4,749
  5,178
  5,625
  6,090
  6,574
  7,076
  7,599
  8,142
  8,706
  9,293
  9,902
  10,537
  11,197
  11,885
Working capital, $m
  521
  221
  280
  349
  428
  517
  617
  727
  847
  978
  1,118
  1,269
  1,428
  1,597
  1,775
  1,962
  2,158
  2,363
  2,577
  2,799
  3,030
  3,271
  3,521
  3,781
  4,052
  4,332
  4,624
  4,928
  5,243
  5,572
  5,914
Total debt, $m
  584
  787
  1,035
  1,325
  1,657
  2,032
  2,452
  2,915
  3,422
  3,971
  4,563
  5,195
  5,867
  6,578
  7,328
  8,115
  8,939
  9,800
  10,699
  11,634
  12,608
  13,621
  14,673
  15,767
  16,904
  18,085
  19,313
  20,590
  21,919
  23,301
  24,741
Total liabilities, $m
  726
  929
  1,177
  1,467
  1,799
  2,174
  2,594
  3,057
  3,564
  4,113
  4,705
  5,337
  6,009
  6,720
  7,470
  8,257
  9,081
  9,942
  10,841
  11,776
  12,750
  13,763
  14,815
  15,909
  17,046
  18,227
  19,455
  20,732
  22,061
  23,443
  24,883
Total equity, $m
  463
  146
  185
  231
  283
  342
  408
  481
  561
  647
  741
  840
  946
  1,058
  1,176
  1,300
  1,429
  1,565
  1,706
  1,854
  2,007
  2,166
  2,332
  2,504
  2,683
  2,869
  3,062
  3,263
  3,473
  3,690
  3,917
Total liabilities and equity, $m
  1,189
  1,075
  1,362
  1,698
  2,082
  2,516
  3,002
  3,538
  4,125
  4,760
  5,446
  6,177
  6,955
  7,778
  8,646
  9,557
  10,510
  11,507
  12,547
  13,630
  14,757
  15,929
  17,147
  18,413
  19,729
  21,096
  22,517
  23,995
  25,534
  27,133
  28,800
Debt-to-equity ratio
  1.261
  5.380
  5.590
  5.740
  5.850
  5.940
  6.010
  6.060
  6.100
  6.130
  6.160
  6.180
  6.200
  6.220
  6.230
  6.240
  6.250
  6.260
  6.270
  6.280
  6.280
  6.290
  6.290
  6.300
  6.300
  6.300
  6.310
  6.310
  6.310
  6.310
  6.320
Adjusted equity ratio
  0.127
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1
  0
  1
  2
  3
  4
  5
  6
  7
  8
  10
  19
  20
  21
  22
  23
  24
  25
  26
  26
  27
  28
  29
  30
  31
  32
  33
  34
  35
  37
  38
Depreciation, amort., depletion, $m
  71
  82
  101
  123
  148
  177
  209
  244
  282
  324
  369
  405
  456
  509
  566
  626
  688
  754
  822
  893
  967
  1,043
  1,123
  1,206
  1,292
  1,382
  1,475
  1,572
  1,673
  1,777
  1,886
Funds from operations, $m
  38
  83
  102
  125
  152
  181
  214
  250
  290
  332
  378
  424
  476
  531
  588
  649
  712
  778
  847
  919
  994
  1,072
  1,152
  1,236
  1,323
  1,414
  1,508
  1,606
  1,708
  1,814
  1,924
Change in working capital, $m
  -41
  50
  59
  69
  79
  89
  100
  110
  120
  131
  141
  150
  160
  169
  178
  187
  196
  205
  214
  222
  231
  241
  250
  260
  270
  281
  292
  304
  316
  329
  342
Cash from operations, $m
  79
  33
  43
  56
  73
  92
  114
  140
  169
  202
  238
  274
  316
  362
  410
  462
  516
  574
  634
  697
  762
  831
  902
  976
  1,053
  1,133
  1,216
  1,303
  1,392
  1,485
  1,582
Maintenance CAPEX, $m
  0
  -55
  -70
  -89
  -111
  -136
  -165
  -197
  -232
  -270
  -312
  -357
  -405
  -456
  -509
  -566
  -626
  -688
  -754
  -822
  -893
  -967
  -1,043
  -1,123
  -1,206
  -1,292
  -1,382
  -1,475
  -1,572
  -1,673
  -1,777
New CAPEX, $m
  -32
  -100
  -119
  -138
  -159
  -179
  -200
  -221
  -242
  -262
  -282
  -302
  -321
  -340
  -358
  -376
  -394
  -411
  -429
  -447
  -465
  -484
  -503
  -522
  -543
  -564
  -587
  -610
  -634
  -660
  -687
Cash from investing activities, $m
  -95
  -155
  -189
  -227
  -270
  -315
  -365
  -418
  -474
  -532
  -594
  -659
  -726
  -796
  -867
  -942
  -1,020
  -1,099
  -1,183
  -1,269
  -1,358
  -1,451
  -1,546
  -1,645
  -1,749
  -1,856
  -1,969
  -2,085
  -2,206
  -2,333
  -2,464
Free cash flow, $m
  -16
  -122
  -146
  -171
  -197
  -224
  -251
  -278
  -305
  -331
  -357
  -385
  -410
  -434
  -457
  -480
  -503
  -526
  -549
  -572
  -596
  -619
  -644
  -670
  -696
  -723
  -752
  -782
  -814
  -847
  -883
Issuance/(repayment) of debt, $m
  234
  210
  249
  290
  332
  376
  419
  463
  507
  549
  591
  632
  672
  711
  749
  787
  824
  861
  898
  936
  974
  1,013
  1,053
  1,094
  1,137
  1,181
  1,228
  1,277
  1,328
  1,382
  1,439
Issuance/(repurchase) of shares, $m
  -5
  33
  38
  43
  49
  55
  61
  67
  72
  78
  84
  80
  86
  91
  96
  101
  106
  111
  116
  121
  126
  131
  137
  142
  148
  154
  160
  167
  174
  181
  189
Cash from financing (excl. dividends), $m  
  227
  243
  287
  333
  381
  431
  480
  530
  579
  627
  675
  712
  758
  802
  845
  888
  930
  972
  1,014
  1,057
  1,100
  1,144
  1,190
  1,236
  1,285
  1,335
  1,388
  1,444
  1,502
  1,563
  1,628
Total cash flow (excl. dividends), $m
  211
  121
  141
  162
  184
  207
  229
  252
  274
  297
  318
  327
  348
  368
  388
  408
  427
  446
  465
  485
  504
  524
  545
  567
  589
  612
  636
  661
  688
  716
  745
Retained Cash Flow (-), $m
  -38
  -33
  -39
  -46
  -52
  -59
  -66
  -73
  -80
  -86
  -93
  -100
  -106
  -112
  -118
  -124
  -130
  -136
  -141
  -147
  -153
  -159
  -166
  -172
  -179
  -186
  -193
  -201
  -209
  -218
  -227
Prev. year cash balance distribution, $m
 
  350
  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
 
  438
  102
  116
  132
  147
  163
  179
  195
  210
  225
  228
  242
  256
  270
  284
  297
  310
  324
  337
  351
  365
  379
  394
  410
  426
  443
  460
  479
  498
  519
Discount rate, %
 
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
 
  419
  93
  101
  108
  113
  117
  119
  119
  118
  115
  105
  100
  93
  86
  79
  71
  63
  55
  48
  41
  34
  28
  23
  18
  14
  11
  8
  6
  4
  3
Current shareholders' claim on cash, %
  100
  94.0
  88.9
  84.6
  80.8
  77.5
  74.6
  72.0
  69.7
  67.7
  65.8
  64.3
  62.9
  61.6
  60.4
  59.3
  58.2
  57.3
  56.4
  55.5
  54.7
  53.9
  53.2
  52.5
  51.8
  51.2
  50.5
  49.9
  49.4
  48.8
  48.3

MACOM Technology Solutions Holdings, Inc. is a provider of high-performance analog semiconductor solutions that enable Internet applications, the cloud-connected applications economy, and the networked battlefield across the radio frequency (RF), microwave, millimeterwave and photonic spectrum. It has multiple design centers, silicon, gallium arsenide and indium phosphide fabrication, manufacturing, assembly and test, and operational facilities throughout North America, Europe, Asia and Australia. It also offers foundry services. It offered a portfolio of over 4,500 standard and custom devices, which include integrated circuits, multi-chip modules, power pallets and transistors, diodes, amplifiers, switches and switch limiters, passive and active components and complete subsystems, across more than 40 product lines serving three primary markets, as of September 30, 2016. The Company's products are RF Power Products, Optoelectronics and Photonic Solutions, among others.

FINANCIAL RATIOS  of  MACOM Technology Solutions Holdings (MTSI)

Valuation Ratios
P/E Ratio 1764.8
Price to Sales 3.2
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 22.3
Price to Free Cash Flow 37.5
Growth Rates
Sales Growth Rate 29.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -23.8%
Cap. Spend. - 3 Yr. Gr. Rate 19.7%
Financial Strength
Quick Ratio 51
Current Ratio 0
LT Debt to Equity 124.6%
Total Debt to Equity 126.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.4%
Ret/ On Assets - 3 Yr. Avg. 1.8%
Return On Total Capital 0.1%
Ret/ On T. Cap. - 3 Yr. Avg. 1.3%
Return On Equity 0.2%
Return On Equity - 3 Yr. Avg. 3%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 51.8%
Gross Margin - 3 Yr. Avg. 47.4%
EBITDA Margin 11.9%
EBITDA Margin - 3 Yr. Avg. 10.3%
Operating Margin 2.4%
Oper. Margin - 3 Yr. Avg. -1.2%
Pre-Tax Margin -4%
Pre-Tax Margin - 3 Yr. Avg. -6.6%
Net Profit Margin 0.2%
Net Profit Margin - 3 Yr. Avg. 2.5%
Effective Tax Rate 81.8%
Eff/ Tax Rate - 3 Yr. Avg. 60.3%
Payout Ratio 0%

MTSI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MTSI stock intrinsic value calculation we used $544 million for the last fiscal year's total revenue generated by MACOM Technology Solutions Holdings. The default revenue input number comes from 2016 income statement of MACOM Technology Solutions Holdings. 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 MTSI stock valuation model: a) initial revenue growth rate of 29.2% 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 4.5%, whose default value for MTSI is calculated based on our internal credit rating of MACOM Technology Solutions Holdings, 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 MACOM Technology Solutions Holdings.
    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 MTSI stock the variable cost ratio is equal to 97.6%.

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 MTSI 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 MACOM Technology Solutions Holdings.

Corporate tax rate of 27% is the nominal tax rate for MACOM Technology Solutions Holdings. 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 MTSI 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 MTSI are equal to 63.1%.

Life of production assets of 6.3 years is the average useful life of capital assets used in MACOM Technology Solutions Holdings 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 MTSI is equal to 31.4%. 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 - $463 million for MACOM Technology Solutions Holdings - 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 64.297 million for MACOM Technology Solutions Holdings 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 MACOM Technology Solutions Holdings at the current share price and the inputted number of shares is $2.1 billion.

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COMPANY NEWS

▶ MACOM to Participate at Upcoming Financial Conferences   [Nov-29-17 08:00AM  Business Wire]
▶ M/A-Com reports 4Q loss   [Nov-16-17 05:14AM  Associated Press]
▶ Chip Stocks To Watch And Semiconductor Industry News   [Aug-29-17 10:06AM  Investor's Business Daily]
▶ MACOM to Participate at Upcoming Financial Conferences   [Aug-15-17 08:00AM  Business Wire]
▶ 6 Small Cap Stocks to Beat This Aging Bull Market   [Aug-09-17 06:00AM  Investopedia]
▶ 3 Reasons Why Nvidia Isn't Priced For Perfection   [Aug-07-17 01:00PM  Barrons.com]
▶ Here's Why Optical Stocks Are Selling Off Today   [12:33PM  Investor's Business Daily]
▶ M/A-Com reports 3Q loss   [Aug-01-17 11:00PM  Associated Press]
▶ Macom Technology's China Outlook Crash Dents Opticals   [07:44PM  Investor's Business Daily]
▶ Macom Sees Gold In Mining The Silver Linings Of Data Clouds   [Jul-28-17 03:55PM  Investor's Business Daily]
▶ Stocks Up Nicely; McDonald's May Have New Trend To Tap   [Jul-07-17 12:11PM  Investor's Business Daily]
▶ As Nvidia, Broadcom Stumble, Can This Chip Stock Build A New Base?   [Jun-29-17 04:12PM  Investor's Business Daily]
▶ Chipmakers Micron, Macom Surge On Price-Target Hikes   [Jun-26-17 04:04PM  Investor's Business Daily]
▶ Chips, cars & retail in the blitz   [02:01PM  CNBC Videos]
▶ Small Caps Lead, But This Dow Industrials Leader Pops 1.5% Higher   [Jun-23-17 12:15PM  Investor's Business Daily]
▶ MACOM to Participate at Upcoming Financial Conferences   [May-24-17 08:00AM  Business Wire]
▶ Nvidia Stock Up On Price-Target Hike; Macom Rated A Buy   [May-18-17 05:08PM  Investor's Business Daily]
▶ MACOM to Webcast Cloud Data Center Forum on May 16   [May-15-17 09:00AM  Business Wire]
▶ MACOM to Participate at Upcoming Financial Conferences   [May-09-17 08:00AM  Business Wire]
▶ M/A-Com reports 2Q loss   [Apr-25-17 04:52PM  Associated Press]
▶ Dow Up Big, Hasbro Triggers Buy; Will Rite-Aid Fall Back Below $3?   [Apr-24-17 03:40PM  Investor's Business Daily]
▶ Indexes Up Slightly; 2 Trump-Trade Names Set Up Bullishly   [Apr-07-17 03:02PM  Investor's Business Daily]
Financial statements of MTSI
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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