Intrinsic value of Maxim Integrated Products - MXIM

Previous Close

$51.19

  Intrinsic Value

$10.35

stock screener

  Rating & Target

str. sell

-80%

Previous close

$51.19

 
Intrinsic value

$10.35

 
Up/down potential

-80%

 
Rating

str. sell

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

We calculate the intrinsic value of MXIM 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 2017), $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 14.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.60
  2.70
  2.93
  3.14
  3.32
  3.49
  3.64
  3.78
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
Revenue, $m
  2,296
  2,358
  2,427
  2,503
  2,586
  2,677
  2,774
  2,879
  2,991
  3,111
  3,239
  3,375
  3,519
  3,673
  3,835
  4,006
  4,188
  4,379
  4,581
  4,795
  5,019
  5,256
  5,506
  5,769
  6,045
  6,337
  6,643
  6,965
  7,304
  7,661
  8,035
Variable operating expenses, $m
 
  2,019
  2,077
  2,141
  2,210
  2,286
  2,367
  2,455
  2,549
  2,649
  2,756
  2,820
  2,941
  3,069
  3,204
  3,348
  3,499
  3,659
  3,828
  4,006
  4,194
  4,392
  4,601
  4,820
  5,052
  5,295
  5,551
  5,820
  6,103
  6,401
  6,714
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
  2,019
  2,077
  2,141
  2,210
  2,286
  2,367
  2,455
  2,549
  2,649
  2,756
  2,820
  2,941
  3,069
  3,204
  3,348
  3,499
  3,659
  3,828
  4,006
  4,194
  4,392
  4,601
  4,820
  5,052
  5,295
  5,551
  5,820
  6,103
  6,401
  6,714
Operating income, $m
  695
  339
  350
  362
  376
  391
  407
  424
  443
  462
  483
  555
  579
  604
  630
  659
  688
  720
  753
  788
  825
  864
  905
  948
  994
  1,042
  1,092
  1,145
  1,201
  1,259
  1,321
EBITDA, $m
  859
  490
  505
  520
  538
  556
  577
  599
  622
  647
  673
  702
  732
  763
  797
  833
  871
  910
  952
  997
  1,043
  1,093
  1,145
  1,199
  1,257
  1,317
  1,381
  1,448
  1,518
  1,593
  1,670
Interest expense (income), $m
  29
  52
  28
  30
  32
  34
  36
  39
  41
  44
  47
  50
  54
  57
  61
  65
  70
  74
  79
  84
  89
  95
  101
  107
  114
  121
  128
  136
  144
  152
  161
Earnings before tax, $m
  680
  286
  322
  332
  344
  357
  371
  385
  401
  418
  436
  504
  525
  546
  569
  593
  619
  646
  674
  704
  736
  769
  804
  841
  880
  921
  964
  1,009
  1,057
  1,107
  1,160
Tax expense, $m
  108
  77
  87
  90
  93
  96
  100
  104
  108
  113
  118
  136
  142
  148
  154
  160
  167
  174
  182
  190
  199
  208
  217
  227
  238
  249
  260
  273
  285
  299
  313
Net income, $m
  572
  209
  235
  243
  251
  261
  271
  281
  293
  305
  318
  368
  383
  399
  415
  433
  452
  471
  492
  514
  537
  561
  587
  614
  642
  672
  704
  737
  772
  808
  847

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,745
  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
  4,570
  1,874
  1,929
  1,990
  2,056
  2,128
  2,205
  2,289
  2,378
  2,473
  2,575
  2,683
  2,798
  2,919
  3,048
  3,185
  3,329
  3,481
  3,642
  3,811
  3,990
  4,178
  4,377
  4,586
  4,806
  5,037
  5,281
  5,537
  5,806
  6,089
  6,387
Adjusted assets (=assets-cash), $m
  1,825
  1,874
  1,929
  1,990
  2,056
  2,128
  2,205
  2,289
  2,378
  2,473
  2,575
  2,683
  2,798
  2,919
  3,048
  3,185
  3,329
  3,481
  3,642
  3,811
  3,990
  4,178
  4,377
  4,586
  4,806
  5,037
  5,281
  5,537
  5,806
  6,089
  6,387
Revenue / Adjusted assets
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
Average production assets, $m
  769
  790
  813
  839
  866
  897
  929
  964
  1,002
  1,042
  1,085
  1,131
  1,179
  1,230
  1,285
  1,342
  1,403
  1,467
  1,535
  1,606
  1,681
  1,761
  1,844
  1,933
  2,025
  2,123
  2,225
  2,333
  2,447
  2,566
  2,692
Working capital, $m
  3,027
  290
  299
  308
  318
  329
  341
  354
  368
  383
  398
  415
  433
  452
  472
  493
  515
  539
  563
  590
  617
  647
  677
  710
  744
  779
  817
  857
  898
  942
  988
Total debt, $m
  1,488
  808
  857
  912
  971
  1,036
  1,106
  1,181
  1,261
  1,347
  1,438
  1,536
  1,639
  1,748
  1,864
  1,987
  2,117
  2,254
  2,399
  2,551
  2,712
  2,881
  3,060
  3,248
  3,446
  3,654
  3,873
  4,104
  4,347
  4,602
  4,870
Total liabilities, $m
  2,368
  1,687
  1,736
  1,791
  1,850
  1,915
  1,985
  2,060
  2,140
  2,226
  2,317
  2,415
  2,518
  2,627
  2,743
  2,866
  2,996
  3,133
  3,278
  3,430
  3,591
  3,760
  3,939
  4,127
  4,325
  4,533
  4,752
  4,983
  5,226
  5,481
  5,749
Total equity, $m
  2,203
  187
  193
  199
  206
  213
  221
  229
  238
  247
  257
  268
  280
  292
  305
  318
  333
  348
  364
  381
  399
  418
  438
  459
  481
  504
  528
  554
  581
  609
  639
Total liabilities and equity, $m
  4,571
  1,874
  1,929
  1,990
  2,056
  2,128
  2,206
  2,289
  2,378
  2,473
  2,574
  2,683
  2,798
  2,919
  3,048
  3,184
  3,329
  3,481
  3,642
  3,811
  3,990
  4,178
  4,377
  4,586
  4,806
  5,037
  5,280
  5,537
  5,807
  6,090
  6,388
Debt-to-equity ratio
  0.675
  4.310
  4.440
  4.580
  4.720
  4.870
  5.010
  5.160
  5.300
  5.450
  5.590
  5.720
  5.860
  5.990
  6.120
  6.240
  6.360
  6.470
  6.590
  6.690
  6.800
  6.900
  6.990
  7.080
  7.170
  7.250
  7.340
  7.410
  7.490
  7.560
  7.620
Adjusted equity ratio
  -0.297
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  572
  209
  235
  243
  251
  261
  271
  281
  293
  305
  318
  368
  383
  399
  415
  433
  452
  471
  492
  514
  537
  561
  587
  614
  642
  672
  704
  737
  772
  808
  847
Depreciation, amort., depletion, $m
  164
  152
  155
  158
  162
  166
  170
  174
  179
  184
  190
  147
  153
  160
  167
  174
  182
  191
  199
  209
  218
  229
  240
  251
  263
  276
  289
  303
  318
  333
  350
Funds from operations, $m
  751
  361
  389
  401
  413
  426
  440
  456
  472
  490
  508
  515
  536
  559
  582
  607
  634
  662
  691
  723
  756
  790
  827
  865
  905
  948
  993
  1,040
  1,089
  1,141
  1,196
Change in working capital, $m
  -23
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
Cash from operations, $m
  774
  353
  381
  391
  403
  415
  428
  443
  458
  475
  493
  498
  518
  540
  562
  586
  612
  638
  667
  696
  728
  761
  796
  833
  871
  912
  955
  1,000
  1,048
  1,098
  1,150
Maintenance CAPEX, $m
  0
  -100
  -103
  -106
  -109
  -113
  -116
  -121
  -125
  -130
  -135
  -141
  -147
  -153
  -160
  -167
  -174
  -182
  -191
  -199
  -209
  -218
  -229
  -240
  -251
  -263
  -276
  -289
  -303
  -318
  -333
New CAPEX, $m
  -51
  -21
  -23
  -26
  -28
  -30
  -33
  -35
  -38
  -40
  -43
  -46
  -48
  -51
  -54
  -57
  -61
  -64
  -68
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -119
  -126
Cash from investing activities, $m
  -325
  -121
  -126
  -132
  -137
  -143
  -149
  -156
  -163
  -170
  -178
  -187
  -195
  -204
  -214
  -224
  -235
  -246
  -259
  -270
  -284
  -297
  -313
  -328
  -344
  -361
  -379
  -397
  -417
  -437
  -459
Free cash flow, $m
  449
  232
  255
  260
  266
  272
  279
  287
  296
  305
  315
  312
  323
  335
  348
  362
  377
  392
  408
  426
  444
  463
  484
  505
  528
  552
  577
  603
  631
  660
  691
Issuance/(repayment) of debt, $m
  250
  -680
  49
  54
  60
  65
  70
  75
  80
  86
  91
  97
  103
  110
  116
  123
  130
  137
  145
  153
  161
  170
  179
  188
  198
  208
  219
  231
  242
  255
  268
Issuance/(repurchase) of shares, $m
  -180
  520
  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  
  67
  -160
  49
  54
  60
  65
  70
  75
  80
  86
  91
  97
  103
  110
  116
  123
  130
  137
  145
  153
  161
  170
  179
  188
  198
  208
  219
  231
  242
  255
  268
Total cash flow (excl. dividends), $m
  515
  73
  305
  315
  325
  337
  349
  362
  376
  390
  406
  409
  427
  445
  464
  485
  506
  529
  553
  578
  605
  633
  662
  693
  726
  760
  796
  834
  874
  915
  959
Retained Cash Flow (-), $m
  -95
  -729
  -5
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
Prev. year cash balance distribution, $m
 
  2,745
  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
 
  2,088
  299
  309
  319
  330
  341
  354
  367
  381
  396
  398
  415
  433
  451
  471
  492
  514
  537
  561
  587
  614
  642
  672
  704
  737
  772
  808
  847
  887
  930
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
 
  2,002
  274
  269
  262
  256
  248
  239
  229
  219
  208
  189
  177
  165
  152
  138
  125
  112
  99
  86
  75
  64
  53
  44
  36
  29
  23
  17
  13
  10
  7
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Maxim Integrated Products, Inc. is engaged in designing, developing, manufacturing and marketing a range of linear and mixed-signal integrated circuits, referred to as analog circuits. The Company also provides a range of high-frequency process technologies and capabilities for use in custom designs. The Company caters to automotive, communications and data center, computing, consumer and industrial markets. It offers a range of products, such as switching regulators, battery management, isolated power, charge pumps, linear regulators, light emitting diode (LED) drivers, motor driver integrated circuits (ICs), monitors and sequencers, transceivers, controllers and expanders, level translators, signal line protection ICs, broadband switches, powerline communications, real-time clocks, embedded security, microcontrollers, 1-Wire, iButton, data loggers, clock generation and distribution, memory products, optical, signal integrity, high-speed signaling, and display power and control.

FINANCIAL RATIOS  of  Maxim Integrated Products (MXIM)

Valuation Ratios
P/E Ratio 25.3
Price to Sales 6.3
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 18.7
Price to Free Cash Flow 20
Growth Rates
Sales Growth Rate 4.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -26.1%
Cap. Spend. - 3 Yr. Gr. Rate -17.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 67.5%
Total Debt to Equity 67.5%
Interest Coverage 24
Management Effectiveness
Return On Assets 13.5%
Ret/ On Assets - 3 Yr. Avg. 8.3%
Return On Total Capital 16.3%
Ret/ On T. Cap. - 3 Yr. Avg. 9.7%
Return On Equity 26.5%
Return On Equity - 3 Yr. Avg. 15.2%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 63%
Gross Margin - 3 Yr. Avg. 58.3%
EBITDA Margin 38%
EBITDA Margin - 3 Yr. Avg. 29.5%
Operating Margin 30.3%
Oper. Margin - 3 Yr. Avg. 18.3%
Pre-Tax Margin 29.6%
Pre-Tax Margin - 3 Yr. Avg. 17.8%
Net Profit Margin 24.9%
Net Profit Margin - 3 Yr. Avg. 14.7%
Effective Tax Rate 15.9%
Eff/ Tax Rate - 3 Yr. Avg. 17.5%
Payout Ratio 65.4%

MXIM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MXIM stock intrinsic value calculation we used $2296 million for the last fiscal year's total revenue generated by Maxim Integrated Products. The default revenue input number comes from 2017 income statement of Maxim Integrated Products. 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 MXIM stock valuation model: a) initial revenue growth rate of 2.7% 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 MXIM is calculated based on our internal credit rating of Maxim Integrated Products, 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 Maxim Integrated Products.
    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 MXIM stock the variable cost ratio is equal to 85.7%.

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 MXIM 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 Maxim Integrated Products.

Corporate tax rate of 27% is the nominal tax rate for Maxim Integrated Products. 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 MXIM 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 MXIM are equal to 33.5%.

Life of production assets of 7.7 years is the average useful life of capital assets used in Maxim Integrated Products 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 MXIM is equal to 12.3%. 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 - $2203 million for Maxim Integrated Products - 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 281.82 million for Maxim Integrated Products 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 Maxim Integrated Products at the current share price and the inputted number of shares is $14.4 billion.

RELATED COMPANIES Price Int.Val. Rating
TXN Texas Instrume 98.86 77.16  hold
ADI Analog Devices 85.18 770.14  str.buy
CRUS Cirrus Logic 49.79 225.02  str.buy
SLAB Silicon Labora 88.75 69.20  sell
NXPI NXP Semiconduc 116.06 81.92  sell
MSCC Microsemi 50.84 22.93  str.sell
SMTC Semtech 34.50 76.75  str.buy
ON ON Semiconduct 19.51 11.16  sell

COMPANY NEWS

▶ Marvell Hits Buy Point; Maxim, Texas Instruments Get Target Hikes   [Oct-23-17 04:17PM  Investor's Business Daily]
▶ Maxim Integrated Products Reaps Price-Target Hikes Post-Earnings   [Oct-20-17 04:51PM  Investor's Business Daily]
▶ Stock Indexes Rumble Higher; Chips, Banks Stir   [10:22AM  Investor's Business Daily]
▶ Maxim shares gain on earnings beat and strong outlook   [Oct-19-17 05:01PM  MarketWatch]
▶ Maxim Shares Rise Late On Earnings Beat, Bullish Guidance   [04:52PM  Investor's Business Daily]
▶ Maxim tops Street 1Q forecasts   [04:23PM  Associated Press]
▶ Maxim Integrated Will Get It Together   [04:14PM  Barrons.com]
▶ Dow Futures Strong On IBM Turnaround; S&P 500 Up Too   [12:08AM  Investor's Business Daily]
▶ Nvidia Stock Rated Buy On Data Center, AI, Self-Driving Car Markets   [Oct-13-17 12:02PM  Investor's Business Daily]
▶ 5 Companies That Benefit From Nintendo Switch Sales   [Oct-03-17 11:27AM  Motley Fool]
▶ Time To Get Selective In The Semiconductor Industry   [Sep-18-17 10:32AM  Barrons.com]
▶ What is Driving Texas Instrumentss Revenue in Fiscal 2017?   [Jul-31-17 03:36PM  Market Realist]
▶ Maxim beats 4Q profit forecasts   [Jul-20-17 09:54PM  Associated Press]
Financial statements of MXIM
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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