Intrinsic value of ON Semiconductor - ON

Previous Close

$17.35

  Intrinsic Value

$27.02

stock screener

  Rating & Target

str. buy

+56%

Previous close

$17.35

 
Intrinsic value

$27.02

 
Up/down potential

+56%

 
Rating

str. buy

We calculate the intrinsic value of ON 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 0001), $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 7.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.64
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
Revenue, $m
  6,031
  6,539
  7,067
  7,616
  8,187
  8,780
  9,396
  10,037
  10,703
  11,395
  12,116
  12,866
  13,648
  14,462
  15,311
  16,196
  17,120
  18,084
  19,092
  20,144
  21,245
  22,395
  23,599
  24,858
  26,176
  27,557
  29,002
  30,516
  32,103
  33,765
Variable operating expenses, $m
  4,377
  4,732
  5,102
  5,487
  5,886
  6,301
  6,733
  7,181
  7,648
  8,133
  8,483
  9,008
  9,555
  10,125
  10,719
  11,339
  11,986
  12,661
  13,367
  14,104
  14,874
  15,679
  16,522
  17,404
  18,327
  19,293
  20,305
  21,365
  22,476
  23,640
Fixed operating expenses, $m
  863
  882
  901
  921
  941
  962
  983
  1,004
  1,027
  1,049
  1,072
  1,096
  1,120
  1,145
  1,170
  1,196
  1,222
  1,249
  1,276
  1,304
  1,333
  1,362
  1,392
  1,423
  1,454
  1,486
  1,519
  1,552
  1,586
  1,621
Total operating expenses, $m
  5,240
  5,614
  6,003
  6,408
  6,827
  7,263
  7,716
  8,185
  8,675
  9,182
  9,555
  10,104
  10,675
  11,270
  11,889
  12,535
  13,208
  13,910
  14,643
  15,408
  16,207
  17,041
  17,914
  18,827
  19,781
  20,779
  21,824
  22,917
  24,062
  25,261
Operating income, $m
  791
  925
  1,064
  1,209
  1,359
  1,517
  1,680
  1,851
  2,028
  2,213
  2,561
  2,762
  2,973
  3,192
  3,422
  3,661
  3,912
  4,174
  4,449
  4,737
  5,038
  5,354
  5,684
  6,032
  6,396
  6,777
  7,178
  7,599
  8,040
  8,504
EBITDA, $m
  1,358
  1,526
  1,701
  1,883
  2,073
  2,270
  2,476
  2,690
  2,913
  3,146
  3,388
  3,641
  3,904
  4,179
  4,466
  4,767
  5,080
  5,409
  5,752
  6,111
  6,488
  6,882
  7,295
  7,728
  8,182
  8,658
  9,158
  9,682
  10,231
  10,809
Interest expense (income), $m
  107
  159
  181
  202
  225
  249
  273
  299
  326
  353
  382
  412
  443
  475
  509
  544
  580
  618
  658
  700
  743
  788
  836
  885
  937
  991
  1,048
  1,108
  1,170
  1,235
  1,303
Earnings before tax, $m
  632
  744
  861
  983
  1,111
  1,243
  1,381
  1,525
  1,675
  1,832
  2,149
  2,320
  2,498
  2,684
  2,878
  3,081
  3,294
  3,516
  3,749
  3,994
  4,249
  4,518
  4,799
  5,094
  5,404
  5,729
  6,071
  6,429
  6,806
  7,201
Tax expense, $m
  171
  201
  233
  266
  300
  336
  373
  412
  452
  495
  580
  626
  674
  725
  777
  832
  889
  949
  1,012
  1,078
  1,147
  1,220
  1,296
  1,375
  1,459
  1,547
  1,639
  1,736
  1,837
  1,944
Net income, $m
  461
  543
  629
  718
  811
  908
  1,008
  1,113
  1,223
  1,337
  1,569
  1,693
  1,823
  1,959
  2,101
  2,249
  2,404
  2,567
  2,737
  2,915
  3,102
  3,298
  3,503
  3,719
  3,945
  4,182
  4,432
  4,693
  4,968
  5,257

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
  7,832
  8,492
  9,178
  9,891
  10,632
  11,402
  12,203
  13,035
  13,899
  14,799
  15,735
  16,709
  17,724
  18,782
  19,884
  21,034
  22,234
  23,486
  24,794
  26,161
  27,590
  29,085
  30,648
  32,283
  33,995
  35,788
  37,665
  39,632
  41,692
  43,851
Adjusted assets (=assets-cash), $m
  7,832
  8,492
  9,178
  9,891
  10,632
  11,402
  12,203
  13,035
  13,899
  14,799
  15,735
  16,709
  17,724
  18,782
  19,884
  21,034
  22,234
  23,486
  24,794
  26,161
  27,590
  29,085
  30,648
  32,283
  33,995
  35,788
  37,665
  39,632
  41,692
  43,851
Revenue / Adjusted assets
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
Average production assets, $m
  3,293
  3,570
  3,859
  4,158
  4,470
  4,794
  5,130
  5,480
  5,844
  6,222
  6,615
  7,025
  7,452
  7,896
  8,360
  8,843
  9,347
  9,874
  10,424
  10,999
  11,600
  12,228
  12,885
  13,573
  14,292
  15,046
  15,835
  16,662
  17,528
  18,436
Working capital, $m
  899
  974
  1,053
  1,135
  1,220
  1,308
  1,400
  1,495
  1,595
  1,698
  1,805
  1,917
  2,034
  2,155
  2,281
  2,413
  2,551
  2,695
  2,845
  3,002
  3,165
  3,337
  3,516
  3,704
  3,900
  4,106
  4,321
  4,547
  4,783
  5,031
Total debt, $m
  3,345
  3,749
  4,171
  4,609
  5,064
  5,536
  6,028
  6,539
  7,070
  7,622
  8,197
  8,795
  9,418
  10,067
  10,744
  11,450
  12,187
  12,956
  13,759
  14,599
  15,476
  16,393
  17,353
  18,357
  19,409
  20,509
  21,662
  22,869
  24,134
  25,460
Total liabilities, $m
  4,809
  5,214
  5,635
  6,073
  6,528
  7,001
  7,492
  8,003
  8,534
  9,087
  9,661
  10,260
  10,883
  11,532
  12,209
  12,915
  13,651
  14,421
  15,224
  16,063
  16,941
  17,858
  18,818
  19,822
  20,873
  21,974
  23,126
  24,334
  25,599
  26,925
Total equity, $m
  3,023
  3,278
  3,543
  3,818
  4,104
  4,401
  4,710
  5,031
  5,365
  5,712
  6,074
  6,450
  6,842
  7,250
  7,675
  8,119
  8,582
  9,066
  9,571
  10,098
  10,650
  11,227
  11,830
  12,461
  13,122
  13,814
  14,539
  15,298
  16,093
  16,927
Total liabilities and equity, $m
  7,832
  8,492
  9,178
  9,891
  10,632
  11,402
  12,202
  13,034
  13,899
  14,799
  15,735
  16,710
  17,725
  18,782
  19,884
  21,034
  22,233
  23,487
  24,795
  26,161
  27,591
  29,085
  30,648
  32,283
  33,995
  35,788
  37,665
  39,632
  41,692
  43,852
Debt-to-equity ratio
  1.110
  1.140
  1.180
  1.210
  1.230
  1.260
  1.280
  1.300
  1.320
  1.330
  1.350
  1.360
  1.380
  1.390
  1.400
  1.410
  1.420
  1.430
  1.440
  1.450
  1.450
  1.460
  1.470
  1.470
  1.480
  1.480
  1.490
  1.490
  1.500
  1.500
Adjusted equity ratio
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  461
  543
  629
  718
  811
  908
  1,008
  1,113
  1,223
  1,337
  1,569
  1,693
  1,823
  1,959
  2,101
  2,249
  2,404
  2,567
  2,737
  2,915
  3,102
  3,298
  3,503
  3,719
  3,945
  4,182
  4,432
  4,693
  4,968
  5,257
Depreciation, amort., depletion, $m
  566
  601
  637
  674
  713
  754
  796
  840
  885
  932
  827
  878
  931
  987
  1,045
  1,105
  1,168
  1,234
  1,303
  1,375
  1,450
  1,528
  1,611
  1,697
  1,787
  1,881
  1,979
  2,083
  2,191
  2,304
Funds from operations, $m
  1,028
  1,144
  1,266
  1,392
  1,524
  1,661
  1,804
  1,953
  2,108
  2,269
  2,396
  2,572
  2,755
  2,946
  3,146
  3,355
  3,573
  3,801
  4,040
  4,290
  4,552
  4,826
  5,114
  5,416
  5,732
  6,063
  6,411
  6,776
  7,159
  7,561
Change in working capital, $m
  73
  76
  79
  82
  85
  88
  92
  95
  99
  103
  107
  112
  116
  121
  126
  132
  138
  144
  150
  157
  164
  171
  179
  188
  196
  206
  215
  226
  236
  248
Cash from operations, $m
  955
  1,068
  1,187
  1,310
  1,439
  1,573
  1,712
  1,857
  2,009
  2,166
  2,289
  2,460
  2,638
  2,825
  3,019
  3,223
  3,435
  3,657
  3,890
  4,133
  4,388
  4,655
  4,935
  5,228
  5,535
  5,858
  6,196
  6,550
  6,923
  7,313
Maintenance CAPEX, $m
  -378
  -412
  -446
  -482
  -520
  -559
  -599
  -641
  -685
  -730
  -778
  -827
  -878
  -931
  -987
  -1,045
  -1,105
  -1,168
  -1,234
  -1,303
  -1,375
  -1,450
  -1,528
  -1,611
  -1,697
  -1,787
  -1,881
  -1,979
  -2,083
  -2,191
New CAPEX, $m
  -266
  -277
  -288
  -300
  -312
  -324
  -336
  -350
  -364
  -378
  -394
  -410
  -427
  -445
  -463
  -483
  -504
  -527
  -550
  -575
  -601
  -628
  -657
  -688
  -720
  -754
  -789
  -827
  -866
  -908
Cash from investing activities, $m
  -644
  -689
  -734
  -782
  -832
  -883
  -935
  -991
  -1,049
  -1,108
  -1,172
  -1,237
  -1,305
  -1,376
  -1,450
  -1,528
  -1,609
  -1,695
  -1,784
  -1,878
  -1,976
  -2,078
  -2,185
  -2,299
  -2,417
  -2,541
  -2,670
  -2,806
  -2,949
  -3,099
Free cash flow, $m
  311
  379
  452
  528
  608
  690
  777
  866
  960
  1,058
  1,117
  1,223
  1,334
  1,449
  1,569
  1,694
  1,825
  1,962
  2,106
  2,256
  2,413
  2,577
  2,749
  2,930
  3,119
  3,317
  3,526
  3,744
  3,974
  4,215
Issuance/(repayment) of debt, $m
  393
  405
  421
  438
  455
  473
  491
  511
  531
  552
  575
  598
  623
  649
  677
  706
  737
  769
  803
  839
  877
  917
  960
  1,004
  1,051
  1,101
  1,153
  1,207
  1,265
  1,326
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  393
  405
  421
  438
  455
  473
  491
  511
  531
  552
  575
  598
  623
  649
  677
  706
  737
  769
  803
  839
  877
  917
  960
  1,004
  1,051
  1,101
  1,153
  1,207
  1,265
  1,326
Total cash flow (excl. dividends), $m
  703
  784
  873
  966
  1,063
  1,163
  1,268
  1,377
  1,491
  1,610
  1,692
  1,822
  1,957
  2,098
  2,246
  2,400
  2,562
  2,731
  2,909
  3,095
  3,290
  3,494
  3,709
  3,934
  4,170
  4,418
  4,678
  4,952
  5,239
  5,540
Retained Cash Flow (-), $m
  -244
  -255
  -265
  -275
  -286
  -297
  -309
  -321
  -334
  -347
  -361
  -376
  -392
  -408
  -426
  -444
  -463
  -483
  -505
  -528
  -552
  -577
  -603
  -631
  -661
  -692
  -725
  -759
  -795
  -833
Prev. year cash balance distribution, $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 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
  459
  530
  609
  691
  777
  866
  959
  1,056
  1,157
  1,263
  1,331
  1,445
  1,565
  1,690
  1,820
  1,956
  2,099
  2,248
  2,404
  2,567
  2,738
  2,918
  3,105
  3,303
  3,509
  3,726
  3,954
  4,193
  4,443
  4,707
Discount rate, %
  4.60
  4.83
  5.07
  5.33
  5.59
  5.87
  6.16
  6.47
  6.80
  7.14
  7.49
  7.87
  8.26
  8.67
  9.11
  9.56
  10.04
  10.54
  11.07
  11.62
  12.21
  12.82
  13.46
  14.13
  14.84
  15.58
  16.36
  17.17
  18.03
  18.93
PV of cash for distribution, $m
  439
  482
  525
  561
  592
  615
  631
  639
  640
  634
  601
  582
  558
  527
  492
  454
  413
  370
  327
  285
  244
  206
  170
  138
  110
  86
  66
  50
  36
  26
Current shareholders' claim on cash, %
  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
  100.0

ON Semiconductor Corporation offers a portfolio of sensors, power management, connectivity, custom and system on chip (SoC), analog, logic, timing, and discrete devices. The Company's segments include Power Solutions Group, Analog Solutions Group and Image Sensor Group. The Power Solutions Group offers a range of discrete, module and integrated semiconductor products. The Analog Solutions Group designs and develops analog, mixed-signal and logic application specific integrated circuits (ASICs) and application specific standard products (ASSPs), and power solutions. The Image Sensor Group designs and develops complementary metal oxide semiconductor (CMOS) and charge-coupled device (CCD) image sensors, as well as proximity sensors, image signal processors, and actuator drivers for autofocus and image stabilization for various end users in the automotive, industrial, consumer, wireless, medical, and aerospace/defense markets.

FINANCIAL RATIOS  of  ON Semiconductor (ON)

Valuation Ratios
P/E Ratio 39.9
Price to Sales 1.9
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 12.5
Price to Free Cash Flow 19.6
Growth Rates
Sales Growth Rate 11.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -22.1%
Cap. Spend. - 3 Yr. Gr. Rate 6.4%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 165.3%
Total Debt to Equity 195.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 4.3%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity 10.5%
Return On Equity - 3 Yr. Avg. 11.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 33.2%
Gross Margin - 3 Yr. Avg. 33.9%
EBITDA Margin 16.7%
EBITDA Margin - 3 Yr. Avg. 16.5%
Operating Margin 8.2%
Oper. Margin - 3 Yr. Avg. 7.6%
Pre-Tax Margin 4.6%
Pre-Tax Margin - 3 Yr. Avg. 5.7%
Net Profit Margin 4.7%
Net Profit Margin - 3 Yr. Avg. 5.5%
Effective Tax Rate -2.2%
Eff/ Tax Rate - 3 Yr. Avg. 0.9%
Payout Ratio 0%

ON stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ON stock intrinsic value calculation we used $5543.1 million for the last fiscal year's total revenue generated by ON Semiconductor. The default revenue input number comes from 0001 income statement of ON 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 ON stock valuation model: a) initial revenue growth rate of 8.8% 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 4.6%, whose default value for ON is calculated based on our internal credit rating of ON 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 ON 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 ON stock the variable cost ratio is equal to 72.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $844 million in the base year in the intrinsic value calculation for ON 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 ON Semiconductor.

Corporate tax rate of 27% is the nominal tax rate for ON 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 ON 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 ON are equal to 54.6%.

Life of production assets of 8 years is the average useful life of capital assets used in ON 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 ON is equal to 14.9%. 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 - $2778.8 million for ON 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 427.563 million for ON 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 ON Semiconductor at the current share price and the inputted number of shares is $7.4 billion.

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COMPANY NEWS

▶ ON Semiconductor Deals a Major Defeat to Industry Bears   [Nov-03-18 10:04AM  Motley Fool]
▶ ON Semiconductor Beats Views, Tower Semiconductor Misses   [11:39AM  Investor's Business Daily]
▶ ON Semiconductor Corp.: 3Q Earnings Snapshot   [05:09AM  Associated Press]
▶ ON Semiconductor Reports Third Quarter 2018 Results   [Oct-28-18 03:00PM  Business Wire]
▶ Chip Stocks Could Be Facing Their Worst Climate in Years   [Oct-16-18 11:24AM  Barrons.com]
▶ Chip Stocks Face Tougher Quarter and Year: Stanley   [Oct-04-18 03:01PM  Investopedia]
▶ Christine Yan Joins the ON Semiconductor Board of Directors   [Oct-01-18 04:45PM  Business Wire]
▶ 3 "Internet of Things" Stocks to Buy Right Now   [Sep-19-18 04:35PM  Zacks]
▶ Chipmakers Lead S&P 500 Rally: 5 Stocks to Buy   [Sep-17-18 08:37AM  Zacks]
▶ 8 Semiconductor Stocks Powering Down   [Sep-11-18 03:42PM  InvestorPlace]
▶ Top Ranked Growth Stocks to Buy for August 27th   [Aug-27-18 09:40AM  Zacks]
▶ 4 Low Price-to-Cash Flow Stocks to Refine Your Portfolio   [Aug-22-18 11:33AM  InvestorPlace]
▶ New CEO at Santa Clara accelerator tells how it helps launch semiconductor startups   [Aug-13-18 02:04PM  American City Business Journals]
▶ Buy These 6 Low Price-to-Book Stocks for Handsome Returns   [Aug-08-18 11:30AM  InvestorPlace]
▶ ON Semiconductor Shrugs Off China Worries in Q2 2018   [Jul-31-18 09:10PM  Motley Fool]
▶ ON Semiconductor reports earnings, revenue boost in second quarter   [Jul-30-18 03:02PM  American City Business Journals]
▶ 5 Incredible Top-Ranked Tech Stocks on Sale   [12:50PM  InvestorPlace]
▶ ON Semiconductor Fails To Impress With Slight Beat-And-Raise   [10:17AM  Investor's Business Daily]

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