Intrinsic value of Rambus - RMBS

Previous Close

$11.67

  Intrinsic Value

$20.11

stock screener

  Rating & Target

str. buy

+72%

Previous close

$11.67

 
Intrinsic value

$20.11

 
Up/down potential

+72%

 
Rating

str. buy

We calculate the intrinsic value of RMBS 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 1.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  16.80
  15.62
  14.56
  13.60
  12.74
  11.97
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
Revenue, $m
  459
  531
  608
  691
  779
  872
  970
  1,073
  1,182
  1,295
  1,413
  1,536
  1,664
  1,797
  1,935
  2,079
  2,228
  2,383
  2,545
  2,713
  2,887
  3,069
  3,258
  3,455
  3,660
  3,874
  4,097
  4,330
  4,574
  4,828
Variable operating expenses, $m
  230
  261
  294
  330
  368
  409
  452
  496
  543
  593
  614
  667
  723
  781
  841
  903
  968
  1,035
  1,106
  1,178
  1,254
  1,333
  1,415
  1,501
  1,590
  1,683
  1,780
  1,881
  1,987
  2,097
Fixed operating expenses, $m
  144
  147
  151
  154
  157
  161
  164
  168
  172
  175
  179
  183
  187
  191
  195
  200
  204
  209
  213
  218
  223
  228
  233
  238
  243
  248
  254
  259
  265
  271
Total operating expenses, $m
  374
  408
  445
  484
  525
  570
  616
  664
  715
  768
  793
  850
  910
  972
  1,036
  1,103
  1,172
  1,244
  1,319
  1,396
  1,477
  1,561
  1,648
  1,739
  1,833
  1,931
  2,034
  2,140
  2,252
  2,368
Operating income, $m
  85
  123
  163
  207
  253
  302
  354
  409
  467
  527
  620
  685
  754
  825
  899
  976
  1,056
  1,139
  1,226
  1,316
  1,410
  1,508
  1,610
  1,716
  1,827
  1,943
  2,064
  2,190
  2,322
  2,460
EBITDA, $m
  159
  204
  251
  303
  358
  416
  477
  542
  610
  681
  755
  832
  913
  997
  1,084
  1,175
  1,269
  1,367
  1,469
  1,576
  1,686
  1,802
  1,922
  2,047
  2,177
  2,313
  2,455
  2,604
  2,759
  2,921
Interest expense (income), $m
  2
  11
  14
  17
  20
  23
  27
  31
  35
  39
  43
  48
  53
  58
  63
  68
  74
  80
  86
  92
  98
  105
  112
  120
  127
  135
  144
  152
  161
  171
  181
Earnings before tax, $m
  74
  109
  146
  187
  230
  275
  324
  374
  428
  484
  572
  633
  696
  762
  831
  902
  976
  1,054
  1,134
  1,218
  1,305
  1,396
  1,490
  1,589
  1,692
  1,799
  1,911
  2,029
  2,151
  2,279
Tax expense, $m
  20
  29
  39
  50
  62
  74
  87
  101
  115
  131
  154
  171
  188
  206
  224
  244
  264
  285
  306
  329
  352
  377
  402
  429
  457
  486
  516
  548
  581
  615
Net income, $m
  54
  79
  107
  136
  168
  201
  236
  273
  312
  353
  418
  462
  508
  556
  606
  659
  713
  769
  828
  889
  953
  1,019
  1,088
  1,160
  1,235
  1,313
  1,395
  1,481
  1,570
  1,664

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
  811
  938
  1,074
  1,220
  1,376
  1,540
  1,714
  1,896
  2,088
  2,287
  2,496
  2,713
  2,939
  3,174
  3,419
  3,673
  3,937
  4,211
  4,496
  4,793
  5,101
  5,422
  5,756
  6,104
  6,467
  6,845
  7,239
  7,651
  8,081
  8,530
Adjusted assets (=assets-cash), $m
  811
  938
  1,074
  1,220
  1,376
  1,540
  1,714
  1,896
  2,088
  2,287
  2,496
  2,713
  2,939
  3,174
  3,419
  3,673
  3,937
  4,211
  4,496
  4,793
  5,101
  5,422
  5,756
  6,104
  6,467
  6,845
  7,239
  7,651
  8,081
  8,530
Revenue / Adjusted assets
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
Average production assets, $m
  439
  507
  581
  660
  744
  834
  927
  1,026
  1,130
  1,238
  1,351
  1,468
  1,590
  1,718
  1,850
  1,987
  2,130
  2,279
  2,433
  2,593
  2,760
  2,934
  3,115
  3,303
  3,499
  3,704
  3,917
  4,140
  4,372
  4,615
Working capital, $m
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -23
  -25
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -48
  -50
  -53
Total debt, $m
  214
  257
  305
  356
  409
  467
  527
  590
  657
  726
  798
  874
  952
  1,034
  1,118
  1,207
  1,298
  1,393
  1,492
  1,595
  1,702
  1,814
  1,929
  2,050
  2,176
  2,307
  2,444
  2,587
  2,736
  2,892
Total liabilities, $m
  281
  325
  373
  423
  477
  535
  595
  658
  724
  794
  866
  941
  1,020
  1,102
  1,186
  1,274
  1,366
  1,461
  1,560
  1,663
  1,770
  1,881
  1,997
  2,118
  2,244
  2,375
  2,512
  2,655
  2,804
  2,960
Total equity, $m
  530
  612
  701
  797
  898
  1,006
  1,119
  1,238
  1,363
  1,494
  1,630
  1,772
  1,919
  2,073
  2,232
  2,398
  2,571
  2,750
  2,936
  3,130
  3,331
  3,541
  3,759
  3,986
  4,223
  4,470
  4,727
  4,996
  5,277
  5,570
Total liabilities and equity, $m
  811
  937
  1,074
  1,220
  1,375
  1,541
  1,714
  1,896
  2,087
  2,288
  2,496
  2,713
  2,939
  3,175
  3,418
  3,672
  3,937
  4,211
  4,496
  4,793
  5,101
  5,422
  5,756
  6,104
  6,467
  6,845
  7,239
  7,651
  8,081
  8,530
Debt-to-equity ratio
  0.400
  0.420
  0.430
  0.450
  0.460
  0.460
  0.470
  0.480
  0.480
  0.490
  0.490
  0.490
  0.500
  0.500
  0.500
  0.500
  0.500
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
Adjusted equity ratio
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  54
  79
  107
  136
  168
  201
  236
  273
  312
  353
  418
  462
  508
  556
  606
  659
  713
  769
  828
  889
  953
  1,019
  1,088
  1,160
  1,235
  1,313
  1,395
  1,481
  1,570
  1,664
Depreciation, amort., depletion, $m
  74
  81
  88
  96
  105
  113
  123
  133
  143
  154
  135
  147
  159
  172
  185
  199
  213
  228
  243
  259
  276
  293
  311
  330
  350
  370
  392
  414
  437
  462
Funds from operations, $m
  128
  160
  195
  232
  272
  314
  359
  406
  455
  507
  553
  609
  667
  728
  791
  857
  926
  997
  1,071
  1,148
  1,229
  1,312
  1,399
  1,490
  1,585
  1,684
  1,787
  1,895
  2,008
  2,125
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
Cash from operations, $m
  129
  161
  196
  233
  273
  315
  360
  407
  457
  508
  554
  610
  669
  730
  793
  859
  928
  999
  1,073
  1,150
  1,231
  1,314
  1,402
  1,492
  1,587
  1,686
  1,790
  1,897
  2,010
  2,128
Maintenance CAPEX, $m
  -38
  -44
  -51
  -58
  -66
  -74
  -83
  -93
  -103
  -113
  -124
  -135
  -147
  -159
  -172
  -185
  -199
  -213
  -228
  -243
  -259
  -276
  -293
  -311
  -330
  -350
  -370
  -392
  -414
  -437
New CAPEX, $m
  -63
  -69
  -74
  -79
  -84
  -89
  -94
  -99
  -103
  -108
  -113
  -118
  -122
  -127
  -132
  -137
  -143
  -148
  -154
  -160
  -167
  -174
  -181
  -188
  -196
  -205
  -213
  -223
  -233
  -243
Cash from investing activities, $m
  -101
  -113
  -125
  -137
  -150
  -163
  -177
  -192
  -206
  -221
  -237
  -253
  -269
  -286
  -304
  -322
  -342
  -361
  -382
  -403
  -426
  -450
  -474
  -499
  -526
  -555
  -583
  -615
  -647
  -680
Free cash flow, $m
  28
  49
  71
  96
  123
  152
  183
  216
  250
  287
  317
  358
  400
  443
  489
  537
  586
  637
  691
  747
  804
  865
  927
  993
  1,061
  1,132
  1,206
  1,283
  1,364
  1,448
Issuance/(repayment) of debt, $m
  41
  44
  47
  51
  54
  57
  60
  63
  66
  69
  72
  75
  78
  82
  85
  88
  92
  95
  99
  103
  107
  111
  116
  121
  126
  131
  137
  143
  149
  156
Issuance/(repurchase) of shares, $m
  22
  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
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  63
  47
  47
  51
  54
  57
  60
  63
  66
  69
  72
  75
  78
  82
  85
  88
  92
  95
  99
  103
  107
  111
  116
  121
  126
  131
  137
  143
  149
  156
Total cash flow (excl. dividends), $m
  91
  96
  119
  147
  177
  209
  243
  279
  317
  356
  390
  433
  478
  525
  574
  625
  678
  733
  790
  849
  911
  976
  1,043
  1,113
  1,187
  1,263
  1,343
  1,426
  1,513
  1,604
Retained Cash Flow (-), $m
  -76
  -83
  -89
  -95
  -102
  -108
  -113
  -119
  -125
  -130
  -136
  -142
  -148
  -154
  -160
  -166
  -172
  -179
  -186
  -194
  -201
  -210
  -218
  -227
  -237
  -247
  -258
  -269
  -281
  -293
Prev. year cash balance distribution, $m
  118
  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
  28
  32
  37
  43
  48
  55
  61
  68
  75
  83
  91
  99
  107
  116
  126
  135
  146
  156
  167
  178
  190
  202
  215
  228
  242
  256
  271
  287
  303
  320
Cash available for distribution, $m
  133
  13
  29
  51
  75
  102
  130
  160
  192
  226
  254
  291
  330
  371
  414
  459
  505
  553
  604
  656
  710
  766
  825
  886
  950
  1,016
  1,085
  1,157
  1,232
  1,311
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
  127
  12
  26
  42
  58
  74
  88
  100
  110
  118
  120
  124
  126
  125
  122
  117
  110
  102
  93
  83
  73
  64
  54
  45
  37
  30
  23
  18
  13
  10
Current shareholders' claim on cash, %
  97.9
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6

Rambus Inc. (Rambus) produces hardware and software technologies. The Company's segments include Memory and Interface Division (MID), which focuses the design, development, manufacturing through partnerships and licensing of technology and solutions that is related to memory and interfaces; Rambus Security Division (RSD), which focuses on the design, development and licensing of technologies for chip and system security, anti-counterfeiting, smart ticketing and mobile payments; Emerging Solutions Division (ESD), which encompasses its long-term research and development efforts in the area of emerging technologies, and Rambus Lighting Division (RLD), which focuses on the design, development and licensing of technologies for lighting. The Company collaborates with application-specific integrated circuit (ASIC) and System-on-Chip (SoC) designers, foundries, Internet protocol (IP) developers, processor companies, electronic design automation (EDA) companies and validation laboratories.

FINANCIAL RATIOS  of  Rambus (RMBS)

Valuation Ratios
P/E Ratio 185.1
Price to Sales 3.8
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 13.9
Price to Free Cash Flow 15.4
Growth Rates
Sales Growth Rate 13.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate -2.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 29.7%
Total Debt to Equity 29.7%
Interest Coverage 13
Management Effectiveness
Return On Assets 1%
Ret/ On Assets - 3 Yr. Avg. 13%
Return On Total Capital 1%
Ret/ On T. Cap. - 3 Yr. Avg. 13.2%
Return On Equity 1.3%
Return On Equity - 3 Yr. Avg. 18.1%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 80.1%
Gross Margin - 3 Yr. Avg. 83.6%
EBITDA Margin 22.3%
EBITDA Margin - 3 Yr. Avg. 29.5%
Operating Margin 10.1%
Oper. Margin - 3 Yr. Avg. 19.9%
Pre-Tax Margin 6.8%
Pre-Tax Margin - 3 Yr. Avg. 14.6%
Net Profit Margin 2.1%
Net Profit Margin - 3 Yr. Avg. 27.4%
Effective Tax Rate 69.6%
Eff/ Tax Rate - 3 Yr. Avg. -44.7%
Payout Ratio 0%

RMBS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RMBS stock intrinsic value calculation we used $393 million for the last fiscal year's total revenue generated by Rambus. The default revenue input number comes from 2017 income statement of Rambus. 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 RMBS stock valuation model: a) initial revenue growth rate of 16.8% 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 4.3%, whose default value for RMBS is calculated based on our internal credit rating of Rambus, 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 Rambus.
    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 RMBS stock the variable cost ratio is equal to 51.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $141 million in the base year in the intrinsic value calculation for RMBS 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 6.6% for Rambus.

Corporate tax rate of 27% is the nominal tax rate for Rambus. 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 RMBS stock is equal to 7%.

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 RMBS are equal to 95.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Rambus 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 RMBS is equal to -1.1%. 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 - $572 million for Rambus - 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 110 million for Rambus 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 Rambus at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ Rambus Sees Hammer Chart Pattern: Time to Buy?   [Aug-20-18 06:44AM  Zacks]
▶ Rambus earnings approach sows confusion   [Aug-02-18 04:06PM  MarketWatch]
▶ Rambus (RMBS) Beats Q2 Earnings Estimates   [Jul-30-18 06:45PM  Zacks]
▶ Rambus: 2Q Earnings Snapshot   [05:42PM  Associated Press]
▶ Coles Selects Rambus to Revolutionise Retail in Australia   [Jul-24-18 06:00PM  Business Wire]
▶ Rambus Sees Hammer Chart Pattern: Time to Buy?   [Jul-06-18 06:53AM  Zacks]
▶ Media Alert: Rambus to Announce Second Quarter 2018 Results   [Jul-02-18 09:00AM  Business Wire]
▶ [$$] Rambus Fires CEO Ron Black   [Jun-28-18 09:07PM  The Wall Street Journal]
▶ Rambus Renews License With IBM   [Jun-27-18 09:00AM  Business Wire]
▶ Rambus: 1Q Earnings Snapshot   [May-07-18 07:51PM  Associated Press]
▶ Media Alert: Rambus to Announce First Quarter 2018 Results   [Apr-23-18 04:05PM  Business Wire]
▶ Rambus Initiates Accelerated Share Repurchase Program   [Mar-06-18 09:00AM  Business Wire]
▶ Rambus, Inc. Books a Ton of Accounting Changes   [Jan-30-18 06:21PM  Motley Fool]
▶ Rambus reports 4Q loss   [Jan-29-18 04:49PM  Associated Press]
▶ Rambus tumbles on weak Q1 guidance   [04:38PM  CNBC Videos]
▶ A Preview Of Rambus' Q4 Earnings   [12:22PM  Benzinga]
▶ Rambus and Marvell Sign Patent License Agreement   [Jan-25-18 09:00AM  Business Wire]
▶ ETFs with exposure to Rambus, Inc. : December 27, 2017   [Dec-27-17 11:44AM  Capital Cube]
▶ Rambus Renews Patent License Agreement with Panasonic   [Dec-20-17 08:00PM  Business Wire]
▶ Rambus Teams with eftpos for Android Pay in Australia   [Nov-13-17 06:00PM  Business Wire]
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