Intrinsic value of Rambus - RMBS

Previous Close

$14.75

  Intrinsic Value

$20.28

stock screener

  Rating & Target

buy

+37%

Previous close

$14.75

 
Intrinsic value

$20.28

 
Up/down potential

+37%

 
Rating

buy

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

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 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 1.6

 

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, %
  13.85
  23.40
  21.56
  19.90
  18.41
  17.07
  15.87
  14.78
  13.80
  12.92
  12.13
  11.42
  10.77
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
Revenue, $m
  337
  416
  506
  606
  718
  840
  974
  1,117
  1,272
  1,436
  1,610
  1,794
  1,987
  2,190
  2,402
  2,623
  2,854
  3,094
  3,343
  3,603
  3,872
  4,153
  4,444
  4,746
  5,061
  5,389
  5,729
  6,084
  6,453
  6,838
  7,239
Variable operating expenses, $m
 
  311
  374
  444
  522
  608
  701
  802
  910
  1,025
  1,146
  1,254
  1,389
  1,531
  1,679
  1,834
  1,995
  2,163
  2,337
  2,519
  2,707
  2,903
  3,107
  3,319
  3,539
  3,767
  4,006
  4,254
  4,512
  4,781
  5,061
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
  303
  311
  374
  444
  522
  608
  701
  802
  910
  1,025
  1,146
  1,254
  1,389
  1,531
  1,679
  1,834
  1,995
  2,163
  2,337
  2,519
  2,707
  2,903
  3,107
  3,319
  3,539
  3,767
  4,006
  4,254
  4,512
  4,781
  5,061
Operating income, $m
  34
  105
  132
  162
  195
  232
  272
  316
  362
  411
  464
  540
  598
  659
  723
  789
  858
  931
  1,006
  1,084
  1,165
  1,249
  1,337
  1,428
  1,523
  1,621
  1,723
  1,830
  1,941
  2,057
  2,178
EBITDA, $m
  84
  152
  185
  222
  263
  308
  356
  409
  465
  526
  589
  657
  727
  802
  879
  960
  1,044
  1,132
  1,224
  1,319
  1,417
  1,520
  1,626
  1,737
  1,852
  1,972
  2,097
  2,227
  2,362
  2,503
  2,649
Interest expense (income), $m
  2
  6
  8
  10
  12
  15
  18
  21
  24
  28
  32
  36
  41
  45
  50
  55
  60
  66
  72
  78
  84
  90
  97
  104
  111
  119
  127
  135
  143
  152
  161
Earnings before tax, $m
  23
  99
  124
  152
  183
  217
  255
  295
  338
  383
  432
  503
  557
  614
  672
  734
  798
  865
  934
  1,006
  1,081
  1,159
  1,240
  1,324
  1,411
  1,502
  1,597
  1,695
  1,798
  1,905
  2,016
Tax expense, $m
  16
  27
  33
  41
  49
  59
  69
  80
  91
  104
  117
  136
  150
  166
  182
  198
  215
  233
  252
  272
  292
  313
  335
  357
  381
  406
  431
  458
  485
  514
  544
Net income, $m
  7
  72
  90
  111
  134
  159
  186
  215
  246
  280
  315
  368
  407
  448
  491
  536
  583
  631
  682
  734
  789
  846
  905
  966
  1,030
  1,097
  1,166
  1,238
  1,312
  1,391
  1,472

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  172
  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
  784
  755
  917
  1,100
  1,303
  1,525
  1,767
  2,028
  2,308
  2,606
  2,922
  3,256
  3,607
  3,974
  4,359
  4,760
  5,179
  5,614
  6,067
  6,538
  7,028
  7,536
  8,065
  8,614
  9,185
  9,779
  10,398
  11,041
  11,711
  12,410
  13,138
Adjusted assets (=assets-cash), $m
  612
  755
  917
  1,100
  1,303
  1,525
  1,767
  2,028
  2,308
  2,606
  2,922
  3,256
  3,607
  3,974
  4,359
  4,760
  5,179
  5,614
  6,067
  6,538
  7,028
  7,536
  8,065
  8,614
  9,185
  9,779
  10,398
  11,041
  11,711
  12,410
  13,138
Revenue / Adjusted assets
  0.551
  0.551
  0.552
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
Average production assets, $m
  128
  157
  191
  229
  271
  318
  368
  422
  481
  543
  609
  678
  751
  828
  908
  991
  1,079
  1,169
  1,264
  1,362
  1,464
  1,570
  1,680
  1,794
  1,913
  2,037
  2,166
  2,300
  2,439
  2,585
  2,736
Working capital, $m
  166
  -7
  -9
  -11
  -13
  -15
  -18
  -20
  -23
  -26
  -29
  -32
  -36
  -39
  -43
  -47
  -51
  -56
  -60
  -65
  -70
  -75
  -80
  -85
  -91
  -97
  -103
  -110
  -116
  -123
  -130
Total debt, $m
  164
  218
  279
  348
  424
  508
  599
  698
  803
  916
  1,035
  1,160
  1,293
  1,431
  1,576
  1,728
  1,885
  2,050
  2,220
  2,398
  2,582
  2,774
  2,973
  3,181
  3,396
  3,620
  3,853
  4,096
  4,348
  4,611
  4,886
Total liabilities, $m
  231
  285
  346
  415
  491
  575
  666
  765
  870
  983
  1,102
  1,227
  1,360
  1,498
  1,643
  1,795
  1,952
  2,117
  2,287
  2,465
  2,649
  2,841
  3,040
  3,248
  3,463
  3,687
  3,920
  4,163
  4,415
  4,678
  4,953
Total equity, $m
  553
  470
  572
  685
  812
  950
  1,101
  1,263
  1,438
  1,624
  1,821
  2,028
  2,247
  2,476
  2,716
  2,966
  3,226
  3,498
  3,780
  4,073
  4,378
  4,695
  5,024
  5,367
  5,723
  6,093
  6,478
  6,879
  7,296
  7,731
  8,185
Total liabilities and equity, $m
  784
  755
  918
  1,100
  1,303
  1,525
  1,767
  2,028
  2,308
  2,607
  2,923
  3,255
  3,607
  3,974
  4,359
  4,761
  5,178
  5,615
  6,067
  6,538
  7,027
  7,536
  8,064
  8,615
  9,186
  9,780
  10,398
  11,042
  11,711
  12,409
  13,138
Debt-to-equity ratio
  0.297
  0.460
  0.490
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.560
  0.570
  0.570
  0.580
  0.580
  0.580
  0.580
  0.580
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.600
  0.600
  0.600
  0.600
Adjusted equity ratio
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623
  0.623

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  7
  72
  90
  111
  134
  159
  186
  215
  246
  280
  315
  368
  407
  448
  491
  536
  583
  631
  682
  734
  789
  846
  905
  966
  1,030
  1,097
  1,166
  1,238
  1,312
  1,391
  1,472
Depreciation, amort., depletion, $m
  50
  48
  53
  60
  67
  75
  84
  93
  103
  114
  125
  117
  130
  143
  157
  171
  186
  202
  218
  235
  252
  271
  290
  309
  330
  351
  373
  396
  421
  446
  472
Funds from operations, $m
  99
  120
  144
  171
  201
  234
  270
  308
  350
  394
  441
  484
  536
  591
  647
  707
  768
  833
  900
  969
  1,041
  1,117
  1,195
  1,276
  1,360
  1,448
  1,539
  1,634
  1,733
  1,836
  1,944
Change in working capital, $m
  6
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
Cash from operations, $m
  93
  121
  146
  173
  203
  236
  272
  311
  353
  397
  444
  488
  540
  594
  651
  711
  773
  837
  904
  974
  1,046
  1,122
  1,200
  1,281
  1,366
  1,454
  1,545
  1,640
  1,740
  1,843
  1,951
Maintenance CAPEX, $m
  0
  -22
  -27
  -33
  -40
  -47
  -55
  -63
  -73
  -83
  -94
  -105
  -117
  -130
  -143
  -157
  -171
  -186
  -202
  -218
  -235
  -252
  -271
  -290
  -309
  -330
  -351
  -373
  -396
  -421
  -446
New CAPEX, $m
  -9
  -30
  -34
  -38
  -42
  -46
  -50
  -54
  -58
  -62
  -66
  -69
  -73
  -77
  -80
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -134
  -140
  -145
  -152
Cash from investing activities, $m
  -105
  -52
  -61
  -71
  -82
  -93
  -105
  -117
  -131
  -145
  -160
  -174
  -190
  -207
  -223
  -241
  -258
  -277
  -296
  -316
  -337
  -358
  -381
  -404
  -428
  -454
  -480
  -507
  -536
  -566
  -598
Free cash flow, $m
  -12
  70
  85
  102
  121
  143
  167
  193
  222
  252
  284
  313
  350
  388
  428
  471
  515
  560
  608
  658
  710
  763
  819
  877
  937
  1,000
  1,065
  1,133
  1,204
  1,277
  1,354
Issuance/(repayment) of debt, $m
  -1
  54
  61
  69
  76
  84
  91
  98
  106
  112
  119
  126
  132
  139
  145
  151
  158
  164
  171
  178
  185
  192
  199
  207
  215
  224
  233
  243
  253
  263
  274
Issuance/(repurchase) of shares, $m
  15
  17
  11
  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
Cash from financing (excl. dividends), $m  
  6
  71
  72
  72
  76
  84
  91
  98
  106
  112
  119
  126
  132
  139
  145
  151
  158
  164
  171
  178
  185
  192
  199
  207
  215
  224
  233
  243
  253
  263
  274
Total cash flow (excl. dividends), $m
  -8
  140
  157
  173
  198
  227
  258
  292
  327
  364
  404
  439
  482
  527
  573
  622
  672
  725
  779
  835
  894
  955
  1,018
  1,084
  1,153
  1,224
  1,298
  1,376
  1,456
  1,540
  1,628
Retained Cash Flow (-), $m
  -26
  -89
  -101
  -114
  -126
  -139
  -151
  -163
  -174
  -186
  -197
  -208
  -219
  -229
  -240
  -250
  -261
  -271
  -282
  -293
  -305
  -317
  -329
  -342
  -356
  -370
  -385
  -401
  -418
  -435
  -454
Prev. year cash balance distribution, $m
 
  172
  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
 
  223
  55
  60
  72
  88
  108
  129
  153
  179
  207
  231
  263
  298
  334
  372
  412
  453
  497
  542
  589
  638
  689
  742
  797
  854
  913
  975
  1,039
  1,105
  1,175
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
 
  214
  51
  52
  59
  69
  78
  87
  95
  103
  108
  110
  112
  113
  112
  109
  105
  99
  91
  83
  75
  66
  57
  49
  41
  33
  27
  21
  16
  12
  9
Current shareholders' claim on cash, %
  100
  98.5
  97.7
  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 234
Price to Sales 4.9
Price to Book 3
Price to Tangible Book
Price to Cash Flow 17.6
Price to Free Cash Flow 19.5
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 $337 million for the last fiscal year's total revenue generated by Rambus. The default revenue input number comes from 2016 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 23.4% 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 76%.

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 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 3.5% 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 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 RMBS are equal to 37.8%.

Life of production assets of 5.8 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 -1.8%. 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 - $553 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 109.489 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 $1.6 billion.

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COMPANY NEWS

▶ Rambus Teams with eftpos for Android Pay in Australia   [Nov-13-17 06:00PM  Business Wire]
▶ Rambus shares wobble after hours following earnings beat   [Oct-23-17 04:39PM  MarketWatch]
▶ Rambus beats Street 3Q forecasts   [04:15PM  Associated Press]
▶ Rambus, eftpos Team Up in Australia to Support Apple Pay   [Oct-17-17 07:42PM  Business Wire]
▶ Rambus to Announce Third Quarter 2017 Results   [Oct-09-17 04:06PM  Business Wire]
▶ Rambus to Host Financial Analyst Day   [Sep-07-17 04:05PM  Business Wire]
▶ Rambus to Present at Two Investor Conferences in September   [Aug-23-17 04:05PM  Business Wire]
▶ ETFs with exposure to Rambus, Inc. : August 15, 2017   [Aug-15-17 04:58PM  Capital Cube]
▶ Rambus beats Street 2Q forecasts   [Jul-24-17 09:30PM  Associated Press]
▶ Rambus Rising on Q2 Beat, Higher Q3 View   [05:27PM  Barrons.com]
▶ Rambus to Announce Second Quarter 2017 Results   [Jul-11-17 04:05PM  Business Wire]
▶ Rambus Appoints Emiko Higashi to Its Board of Directors   [Jun-05-17 04:30PM  Business Wire]
▶ Rambus to Present at Two Investor Conferences in June   [Jun-01-17 04:05PM  Business Wire]
▶ Rambus and Cybertrust Partner to Secure Connected Devices   [May-18-17 04:30PM  Business Wire]
▶ Rambus Joins Microsemis SoC Partner Program   [May-10-17 04:30PM  Business Wire]
▶ Rambus Introduces Off-the-Shelf LED Light Guides   [May-03-17 04:30PM  Business Wire]
▶ Rambus to Present at Two Investor Conferences in May   [May-02-17 04:05PM  Business Wire]
▶ Rambus Initiates Accelerated Share Repurchase Program   [May-01-17 07:20PM  Business Wire]
▶ Rambus tops Street 1Q forecasts   [Apr-24-17 04:22PM  Associated Press]
▶ McNamee Says Law May Favor Qualcomm in Apple Dispute   [Apr-11-17 05:56PM  Bloomberg Video]
▶ ETFs with exposure to Rambus, Inc. : April 5, 2017   [Apr-05-17 05:23PM  Capital Cube]
▶ Rambus to Announce First Quarter 2017 Results   [Apr-04-17 04:05PM  Business Wire]
Financial statements of RMBS
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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