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(MRVL)
Company Overview
Marvell Technology Group Ltd. designs, develops, and markets analog, mixed-signal,
digital signal processing, and embedded and standalone ARM-based microprocessor
integrated circuits. It offers mobile and wireless products comprising communications
and applications processors; thin modems; Wi-Fi and other communication protocols,
including Bluetooth, NFC, and/or FM; and mobile computing products. The company
also provides a range of integrated data storage products, including hard disk drive,
solid-state drive, and hybrid hard disk drive controllers, as well as storage-system
products. In addition, it offers networking products comprising cloud infrastructure
products for home, private, and public cloud networks; and service provider
infrastructure technologies used in the deployment of residential fiber access
infrastructure and mobile Internet infrastructure, as well as products used in the
transition to Internet protocol radio access networks. Further, the company provides
printer-specific standard SoC products, as well as custom printer ASICs; and powerline
products for home networking and advanced metering infrastructure, DSP Switcher and
Strong Moat
Good Financials
$
$
$
$
$
$
$
13.04
3.35
10.37
12.70
13.94
14.56
15.55
Key Statistics
Mkt Cap ($M)
52 Wk High
52 Wk Low
% off 52Wk Low
$35.00
-100.0%
-25.6%
$30.00
-2.6%
6.5%
$25.00
10.5%
$20.00
16.2%
$15.00
$10.00
Company Stats
$
$
$
6,548.43
13.51
6.98
86.8%
Cash Flows
Owner Earnings FCF
5 yr FCF Growth
10 yr FCF Growth
34.9%
18.3%
Shares Outstanding
Shares Float
Insider Ownership
Insider Transactions
Institutional Ownership
Float Short
502.2
374.1
9.50%
-3.1%
68.4%
1.5%
Short Ratio
Piotroski (TTM)
Altman (MRQ)
0.9
7
6.1
Beneish (TTM)
-2.8
Effectiveness
Margins & Profitability
CROIC
Avg
FCF/S
Avg
ROA
Avg
ROE
Avg
17.6%
17.6%
6.8%
Gross
Gross Margin
Operating
Operating Margin
Net Profit
Net Margin
52.9%
8.0%
8.5%
8.0%
8.9
5.4
43.5
$40.00
Margin of Safety
Under Valued
Well Managed
Valuation
Current Price
NCAV
Total Net Reprod. Cost
Earnings Power Value (EPV)
Discounted Cash Flow (DCF)
Katsenelson Absolute PE
Ben Graham Formula
Current Ratio(MRQ)
Quick Ratio(MRQ)
LTD/Eq(MRQ)
Tot D/Eq(MRQ)
4.0
3.6
0.0
0.0
$5.00
$0.00
Aug-02
Aug-04
Aug-06
Stock Price
Aug-08
Aug-10
Intrinsic Value
Fundamental Ratios
Aug-12
Buy Price
2012
2013
TTM
P/E
P/E (cash adjusted)
EV/EBITDA
15.80
12.14
10.07
17.19
10.93
7.65
27.13
20.00
12.54
8.31
2.86
1.94
3.42
10.94
10.81
12.3%
9.73
1.66
1.18
2.23
8.97
15.29
6.8%
12.65
2.12
1.51
2.95
11.92
17.16
6.1%
ROA
ROIC
CROIC
Current Ratio
Total Debt/Equity Ratio
Inventory Turnover
10.7%
20.5%
30.6%
5.22
0.00
4.89
5.8%
10.6%
12.6%
4.25
0.00
4.94
5.2%
8.9%
13.8%
4.00
0.00
5.40
Revenue
Gross Profit
Margin %
R&D
Margin %
Operating Income
Margin %
Net Income
Margin %
Earnings Per Share
Basic
Diluted
$
$
$
$
$
$
$
2009
2,951
1,524
51.65%
930
31.52%
175
5.93%
147
4.99%
0.24
0.23
$
$
$
$
$
$
$
2010
2,808
1,581
56.30%
828
29.50%
334
11.90%
353
12.59%
0.57
0.54
$
$
$
$
$
$
$
2011
3,612
2,139
59.21%
898
24.85%
901
24.95%
904
25.03%
1.39
1.34
$
$
$
$
$
$
$
2012
3,393
1,927
56.80%
1,014
29.88%
604
17.81%
615
18.13%
1.01
0.99
$
$
$
$
$
$
$
2013
3,169
1,675
52.87%
1,057
33.37%
295
9.30%
307
9.68%
0.55
0.54
$
$
$
$
$
$
$
TTM/Latest
3,107
1,644
52.92%
1,081
34.78%
244
7.84%
265
8.54%
0.49
0.48
630.33
653.47
676.88
623.27
563.12
505.39
$
0.00%
681 $
$
0.00%
812 $
$
0.00%
1,194 $
$
0.00%
771 $
0.18 $
1.87%
729 $
0.26
1.96%
614
$
$
$
$
391
4,414
175
3,829
342
5,171
186
4,418
358
6,338
176
5,522
384
5,768
164
5,014
387
5,262
169
4,485
385
5,121
156
4,352
(Dollars in Millions)
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Enter Ticker
Refresh
Color Coding
8/16/2013
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
TTM
125.88
69.99
62.15
-862.15
-55.30
34.42
32.63
14.37
15.80
17.19
27.13
117.39
65.33
59.37
-812.84
-49.79
28.12
27.55
11.13
12.14
10.93
20.00
EV/EBITDA
30.50
31.83
38.30
38.57
37.21
9.68
17.95
9.37
10.07
7.65
12.54
63.05
33.45
42.32
28.51
31.86
11.44
19.71
9.22
8.31
9.73
12.65
P/S
6.99
8.10
12.33
4.66
2.19
1.72
4.11
3.60
2.86
1.66
2.12
P/BV
2.61
3.97
6.76
3.23
1.85
1.32
2.61
2.35
1.94
1.18
1.51
P/Tang BV
9.95
10.58
14.97
15.59
6.43
3.28
5.15
3.83
3.42
2.23
2.95
P/CF
22.36
26.58
33.27
-12.88
13.12
8.74
15.87
10.33
10.94
8.97
11.92
P/OwnerEarnings
67.22
35.73
44.21
28.97
33.08
13.59
23.35
11.91
10.81
15.29
17.16
ROE
2.1%
5.7%
10.9%
-0.4%
-3.4%
3.8%
8.0%
16.4%
12.3%
6.8%
6.1%
ROA
1.9%
5.1%
9.4%
-0.3%
-2.5%
3.3%
6.8%
14.3%
10.7%
5.8%
5.2%
ROIC
2.2%
7.2%
14.1%
-3.5%
-3.1%
4.9%
12.3%
32.3%
20.5%
10.6%
8.9%
CROIC
4.6%
14.5%
20.6%
11.2%
5.7%
12.1%
17.6%
39.4%
30.6%
12.6%
13.8%
18.0%
23.0%
25.4%
25.1%
30.7%
34.5%
30.6%
33.7%
33.4%
31.8%
32.1%
Book to Market
38.2%
25.2%
14.8%
30.9%
53.9%
75.6%
38.3%
42.5%
51.6%
85.1%
66.0%
Quick Ratio
2.94
4.14
3.87
1.55
1.86
3.05
3.93
5.41
4.62
3.84
3.56
Current Ratio
3.44
4.74
4.51
1.90
2.58
3.81
4.35
5.79
5.22
4.25
4.00
0.00
0.01
0.01
0.13
0.12
0.03
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.12
0.11
0.03
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Solvency
Efficiency Ratios
Asset Turnover
0.34
0.44
0.48
0.49
0.64
0.67
0.54
0.57
0.59
0.60
0.61
Cash % of Revenue
27.4%
13.6%
20.9%
25.4%
21.3%
31.4%
39.4%
51.1%
23.1%
23.7%
19.1%
Receivables % of Revenue
16.7%
16.4%
14.7%
14.7%
11.8%
7.5%
12.7%
12.7%
12.0%
10.4%
11.9%
9.9%
8.9%
7.4%
13.0%
12.1%
9.0%
11.1%
7.2%
7.7%
8.5%
8.7%
26.1%
21.5%
18.6%
29.4%
34.2%
31.5%
29.5%
24.9%
29.9%
33.4%
34.8%
60.8
59.9
53.6
53.6
43.2
27.5
46.4
46.4
43.8
38.0
43.5
87.7
80.9
99.3
82.1
102.2
79.5
71.8
60.8
88.2
61.2
67.5
115.7
81.4
92.4
81.3
56.3
35.6
82.5
82.3
75.9
70.0
76.7
32.7
59.4
60.5
54.4
89.1
71.4
35.7
25.0
56.1
29.2
34.3
Receivables Turnover
6.01
7.26
7.49
7.80
8.63
10.46
9.70
8.85
7.83
8.59
8.87
Inventory Turnover
4.16
5.27
4.56
4.80
4.49
3.91
4.44
6.05
4.89
4.94
5.40
87.65
69.23
79.96
76.10
81.26
93.40
82.13
60.33
74.65
73.87
67.54
73.7%
62.5%
3.7%
18.0%
12.7%
7.5%
4.1%
2.3%
2.8%
2.0%
1.9%
Inventory % of Revenue
11.2%
10.5%
12.7%
11.1%
14.5%
10.5%
8.6%
6.8%
10.4%
7.9%
8.7%
0.0%
0.0%
0.0%
12.3%
11.7%
4.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.6%
0.7%
0.7%
0.5%
0.1%
0.1%
0.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
95.8%
99.4%
98.6%
0.0%
0.0%
0.0%
0.0%
0.0%
100.0%
100.0%
100.0%
4.2%
0.6%
1.4%
100.0%
100.0%
0.0%
0.0%
0.0%
0.4%
0.5%
0.5%
9.1%
8.6%
2.8%
0.0%
0.0%
0.0%
0.0%
0.0%
7.8%
8.1%
5.7%
6.1%
14.5%
22.7%
16.5%
23.6%
25.6%
37.5%
27.9%
SG&A % of Revenue
R&D % of Revenue
Liquidity Ratios
Quality Scores
Piostroski F Score
6.00
7.00
7.00
4.00
5.00
8.00
7.00
8.00
6.00
6.00
7.00
14.31
21.12
27.60
5.31
3.95
6.15
10.34
11.33
9.52
5.73
6.14
25.07
37.39
49.00
8.96
6.57
10.69
18.82
21.22
17.84
10.93
12.35
-2.65
-2.82
-2.48
-2.87
-3.29
-2.56
-2.87
-2.88
-2.96
-2.80
-2.23
-2.44
-3.05
-2.66
-3.23
-2.42
-2.45
-2.63
-3.03
-2.69
Refresh
CLEAR
http://tinyurl.com/7ucpoe2
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
TTM/MRQ
1.1%
17.0%
12.4%
9.6%
14.6%
11.7%
8.4%
12.3%
6.8%
4.3%
3.8%
-3.4%
-2.3%
-5.2%
-15.1%
-10.6%
9.1%
9.0%
5.5%
10.3%
6.9%
3.8%
14.0%
11.0%
7.5%
-12.5%
-15.1%
-11.4%
0.7%
-11.1%
-8.1%
Earnings
Stock Price
$
$
0.08
10.4
$
$
0.24
16.6
$
$
0.52
32.6
$
$
Total Assets
Cash & Equivalent
Total Liabilities
Short Term Debt
Long Term Debt
Net Operating Assets (NOA)
$
$
$
$
$
$
2,435.5
224.4
244.6
10.7
1,977.2
$
$
$
$
$
$
2,789.0
166.5
291.5
13.2
2,344.2
$
$
$
$
$
$
3,513.3
348.4
467.2
16.6
2,714.2
$
$
$
$
$
$
Net Income
CFO
CFI
$
$
$
45.5 $
149.8 $
(130.7) $
141.7 $
221.5 $
(348.1) $
$
$
367.0
268.3
331.4 $
402.3 $
(367.5) $
$
$
370.1
296.6
(0.02) $
17.8 $
4,527.7
568.0
1,300.5
17.4
394.8
3,071.3
$
$
$
$
$
$
(12.1) $
337.3 $
(544.7) $
$
$
357.1
195.3
$
$
(0.19) $
10.7 $
4,550.6
615.6
1,139.1
2.5
390.8
3,189.1
$
$
$
$
$
$
0.23
8.0
$
$
0.54
17.7
$
$
1.34
19.2
$
$
0.99
15.6
$
$
0.54
9.4
$
$
0.48
13.0
4,414.2
927.4
585.1
1.8
123.4
3,026.8
$
$
$
$
$
$
5,170.9
1,105.4
753.0
1.9
3,314.5
$
$
$
$
$
$
6,338.2
1,847.1
816.3
0.5
3,675.3
$
$
$
$
$
$
5,767.6
784.9
753.6
4,229.1
$
$
$
$
$
$
5,261.8
752.0
777.2
3,732.6
$
$
$
$
$
$
5,121.2
594.4
768.7
3,758.0
615.1 $
771.2 $
(590.1) $
306.6
729.0
178.8
$
$
$
265.3
614.2
68.1
(114.4) $
177.4 $
(185.1) $
147.2 $
680.7 $
(64.7) $
117.8 $
(106.6) $
(162.3) $
(468.7) $
353.5 $
811.5 $
(744.0) $
287.7
286.0
$
$
904.1 $
1,193.5 $
(529.3) $
360.8
239.9
$
$
553.8
433.9
$
$
(496.5) $
(601.3) $
25.4
(417.0)
Piotroski Score
A discrete score between 0-9 which reflects nine criteria used to determine the strength of a firm's financial position. The Piotroski score is used to determine the best value stocks, nine being the best.
The score was named after Chicago Accounting Professor, Joseph Piotroski who devised the scale according to specific criteria found in the financial statements. For every criteria (below) that is met
the company is given one point, if it is not met, then no points are awarded. The points are then added up to determine the best value stocks.
Profitability
* Positive return on assets in the current year (1 point)
* Positive operating cash flow in the current year (1 point)
* Higher return on assets (ROA) in the current period compared to the ROA in the previous year (1 point)
* Cash flow from operations are greater than ROA (1 point)
Leverage, Liquidity and Source of Funds
* Lower ratio of long term debt to in the current period compared value in the previous year (1 point)
* Higher current ratio this year compared to the previous year (1 point)
* No new shares were issued in the last year (1 point)
Operating Efficiency
* A higher gross margin compared to the previous year (1 point)
* A higher asset turnover ratio compared to the previous year (1 point)
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
TTM
Piotroski F Scores
1
1
1
1
1
1
0
0
0
1
1
1
1
1
1
0
0
1
1
1
1
1
1
0
0
1
1
0
1
0
1
0
0
1
0
1
0
1
0
1
1
1
0
0
1
1
1
1
1
1
1
0
1
1
1
1
1
1
1
1
0
1
0
1
1
1
1
1
1
0
1
1
1
1
0
1
1
0
1
0
1
1
1
0
1
1
0
1
0
1
1
1
0
1
1
0
1
1
1
Altman Z Score
The Z-score formula may be used to predict the probability that a firm will go into bankruptcy within two years.
Z-scores are used to predict corporate defaults and an easy-to-calculate control measure for the financial distress status of companies in academic studies. The Z-score uses multiple corporate income
and balance sheet values to measure the financial health of a company.
The main problem with the Altman Z formula is that the formula is not suited for many industries. Industries that operate with high leverage, such as radio and utilities will show a higher risk of
bankruptcy.
Also, industries with negative working capital, such as many retail and restaurant companies will also exhibit the same high level of bankruptcy.
(Wikipedia http://en.wikipedia.org/wiki/Z-Score_Financial_Analysis_Tool)
Annual
Working Capital
Total Assets
Total Liabilities
Retained Earnings
EBITDA
Market Value of Equity
Net Sales
$
$
$
$
$
$
$
2004
449.4
2,435.5
244.6
(674.8)
63.4
5,728.7
819.8
$
$
$
$
$
$
$
2005
803.0
2,789.0
291.5
(533.1)
169.5
9,915.2
1,224.6
14.31
25.07
21.12
37.39
0.38
0.29
0.06
6.78
0.60
0.36
0.30
0.01
8.52
0.14
$
$
$
$
$
$
$
2006
1,167.1
3,513.3
467.2
(201.8)
379.1
20,593.5
1,670.3
27.60
49.00
$
$
$
$
$
$
$
2007
636.8
4,527.7
1,300.5
(576.5)
24.8
10,427.6
2,237.6
$
$
$
$
$
$
$
5.31
8.96
2008
920.5
4,550.6
1,139.1
(691.0)
(67.7)
6,328.1
2,894.7
$
$
$
$
$
$
$
3.95
6.57
MRQ
2009
1,150.7
4,414.2
585.1
(543.7)
188.8
5,067.8
2,950.6
$
$
$
$
$
$
$
6.15
10.69
2010
1,898.9
5,170.9
753.0
(190.3)
344.8
11,533.8
2,807.7
10.34
18.82
$
$
$
$
$
$
$
2011
3,072.0
6,338.2
816.3
713.9
910.6
12,989.3
3,611.9
11.33
21.22
$
$
$
$
$
$
$
2012
2,489.4
5,767.6
753.6
1,329.0
619.1
9,716.7
3,393.0
$
$
$
$
$
$
$
9.52
17.84
Altman Z Score
X1
X2
X3
X4
X5
2013
1,977.5
5,261.8
777.2
1,536.8
310.2
5,270.8
3,168.6
5.73
10.93
$
$
$
$
$
$
$
Q1
1,839.8
5,121.2
768.7
1,559.7
46.0
6,548.4
734.4
6.14
12.35
Annual
MRQ
Annual
MRQ
5.73
6.14
10.93
12.35
When Z is 1.1 to 2.6, the company is probably safe from bankruptcy, but this is in the grey area and caution should be taken.
When Z is below 1.1, the company is highly likely to be bankrupt. If a company is generating lower than 1.8, serious studies must be performed to ensure the company can survive.
2005
2006
2007
2008
2009
2010
2011
2012
2013
TTM
M Score - 8 Variable
-2.65
-2.23
-2.82
-2.44
-2.48
-3.05
-2.87
-2.66
-3.29
-3.23
-2.56
-2.42
-2.87
-2.45
-2.88
-2.63
-2.96
-3.03
-2.80
-2.69
DSRI
GMI
AQI
SGI
DEPI
SGAI
TATA
LVGI
0.99
1.02
0.85
1.49
1.01
0.90
-0.03
1.02
0.89
0.98
0.86
1.36
1.20
0.84
-0.02
1.23
1.00
1.05
1.21
1.34
1.23
1.74
-0.08
2.58
0.81
1.05
0.96
1.29
0.77
0.93
-0.06
0.88
0.64
0.93
0.97
1.02
0.95
0.75
-0.12
0.56
1.69
0.92
0.82
0.95
1.07
1.23
-0.09
0.91
1.00
0.95
0.78
1.29
1.16
0.65
-0.05
0.92
0.94
1.04
1.12
0.94
1.23
1.06
-0.03
1.01
0.87
1.07
1.09
0.93
0.98
1.11
-0.08
1.13
1.14
1.00
1.02
0.98
0.99
1.02
-0.07
1.04
M Score - 5 Variable
MRQ Edit
Refresh
2004
2005
$54.6
$175.8
% Change 222.1%
Owner Earnings
2006
$302.8
72.3%
2007
$148.6
-50.9%
2008
$40.7
-72.6%
2009
$602.2
1379.2%
2010
$756.1
25.5%
2011
$1,080.2
42.9%
2012
$668.6
-38.1%
2013
$625.8
-6.4%
TTM
$506.0
-19.1%
Owner Earnings
2004
2005
$85.2
$277.5
% Change 225.6%
2006
$465.8
67.9%
2007
$359.9
-22.7%
2008
$191.3
-46.9%
2009
$373.0
95.0%
2010
$494.0
32.4%
2011
$1,091.1
120.8%
2012
$898.5
-17.6%
2013
$344.7
-61.6%
TTM
$384.0
11.4%
2006
27.9%
23.1%
2007
16.1%
-42.3%
2008
6.6%
-58.9%
2009
12.6%
91.3%
2010
17.6%
39.2%
2011
30.2%
71.7%
2012
26.5%
-12.3%
2013
10.9%
-58.9%
TTM
12.4%
13.6%
2005
3.1%
-4.2%
2006
20.6%
42.2%
2007
11.2%
-45.8%
2008
5.7%
-48.7%
2009
12.1%
111.4%
2010
17.6%
45.2%
2011
39.4%
124.1%
2012
30.6%
-22.3%
2013
12.6%
-58.9%
TTM
13.8%
9.8%
2005
52.5%
-1.7%
2006
2.6%
-16.9%
2007
2.6%
-0.7%
2008
2.7%
3.7%
2009
10.3%
284.4%
2010
5.6%
-46.1%
2011
10.7%
91.6%
2012
9.9%
-7.0%
2013
13.1%
31.7%
TTM
8.0%
-39.0%
2005
7.0
16.7%
2006
53.5%
1.9%
2007
50.8%
-5.0%
2008
48.3%
-5.1%
2009
51.6%
7.0%
2010
56.3%
9.0%
2011
59.2%
5.2%
2012
56.8%
-4.1%
2013
52.9%
-6.9%
TTM
52.9%
0.1%
2006
7.0
0.0%
2007
4.0
-42.9%
2008
5.0
25.0%
2009
8.0
60.0%
2010
7.0
-12.5%
2011
8.0
14.3%
2012
6.0
-25.0%
2013
6.0
0.0%
TTM
7.0
16.7%
2005
11.7%
4.5%
2012
$898.5
-17.6%
2013
$344.7
-61.6%
TTM
$384.0
11.4%
2006
$0.52
121.6%
2007
-$0.02
-103.9%
2008
-$0.19
-839.4%
2009
$0.23
220.5%
2010
$0.54
131.5%
2011
$1.34
147.0%
2012
$0.99
-26.1%
2013
$0.54
-44.8%
TTM
$0.48
-11.7%
2005
56.4
-46.3%
2006
68.0
20.6%
2007
70.2
3.2%
2008
155.4
121.5%
2009
8.4
-94.6%
2010
15.3
81.3%
2011
12.0
-21.2%
2012
14.5
20.9%
2013
8.4
-42.0%
TTM
13.0
54.6%
2005
1.8%
86.1%
2006
1.5%
-17.1%
2007
1.4%
-3.1%
2008
0.6%
-54.8%
2009
11.9%
1747.0%
2010
6.6%
-44.8%
2011
8.3%
26.9%
2012
6.9%
-17.3%
2013
11.9%
72.6%
TTM
7.7%
-35.3%
2004
2005
$0.08
$0.24
% Change 187.8%
2004
105.0
% Change
2004
1.0%
% Change
2004
10.6%
% Change
2005
17.6%
66.1%
2006
26.5%
51.1%
2007
2.3%
-91.3%
2008
-5.1%
-320.1%
2009
12.2%
341.7%
2010
15.4%
25.6%
2011
26.5%
72.5%
2012
21.5%
-18.8%
2013
13.1%
-39.1%
TTM
11.7%
-10.5%
2004
2005
5.6%
11.6%
% Change 108.4%
2006
19.8%
71.5%
2007
-0.5%
-102.7%
2008
-4.0%
-631.3%
2009
5.0%
226.2%
2010
12.6%
152.3%
2011
25.0%
98.8%
2012
18.1%
-27.6%
2013
9.7%
-46.6%
TTM
8.5%
-11.8%
2006
-2.4
-9.4%
2007
-3.1
-25.3%
2008
-2.7
12.8%
2004
14.3
% Change
2005
21.1
47.6%
2006
27.6
30.6%
2007
5.3
-80.7%
2008
3.9
-25.7%
2009
6.1
55.6%
2010
10.3
68.3%
2011
11.3
9.6%
2012
9.5
-16.0%
2013
5.7
-39.9%
TTM
6.1
7.3%
2005
16.4%
-41.7%
2006
12.6%
-23.4%
2007
243.4%
1833.0%
2008
-5.7%
-102.3%
2009
13.8%
341.8%
2010
-3.0%
-121.8%
2011
0.7%
123.1%
2012
0.6%
-7.9%
2013
1.2%
81.3%
TTM
-1.5%
-232.1%
2007
87.3%
-96.9%
2008
48.6%
-44.3%
2009
298.0%
512.6%
2010
2011
2012
2013
TTM
######## ########
8445.4% 738.4% #VALUE! #VALUE! #VALUE!
2008
49.0%
-46.3%
2009
302.3%
517.6%
Tax Rate
2009
-3.2
-21.4%
2010
-2.4
25.0%
2011
-2.4
-1.0%
2012
-2.6
-7.5%
2013
-3.0
-15.0%
TTM
-2.7
11.1%
Debt to Equity
2004
11.2%
% Change
2011
$1,091.1
120.8%
2004
2005
-2.2
% Change #DIV/0!
2010
$494.0
32.4%
Piotroski F score
2004
6.0
% Change
2009
$373.0
95.0%
Gross Margin
2004
53.4%
% Change
2008
$191.3
-46.9%
FCF Yield
2004
3.3%
% Change
2007
$359.9
-22.7%
Price / FCF
2004
2005
4.6%
14.5%
% Change 217.3%
2006
$465.8
67.9%
Diluted EPS
FCF / Sales
2004
2005
10.4%
22.7%
% Change 118.0%
2004
2005
$85.2
$277.5
% Change 225.6%
2004
28.2%
% Change
2006
15.3%
31.4%
2007
40.3%
162.7%
2008
33.4%
-17.1%
2009
15.3%
-54.2%
2010
17.0%
11.5%
2011
14.8%
-13.3%
2012
15.0%
1.7%
2013
17.3%
15.3%
TTM
17.7%
1.9%
2004
2005
2006
793.0% 2101.4% 2812.5%
% Change 165.0%
33.8%
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
TTM
793.0% 2101.4% 2812.5% 2067.5% 7766.5% ######## ######## ########
% Change 165.0%
33.8%
-26.5%
275.6%
168.8%
22.0%
738.4% #VALUE! #VALUE! #VALUE!
2004
2005
2006
2007
91.2%
% Change #VALUE! #VALUE! #VALUE!
2010
2011
2012
2013
TTM
Update
CLEAR
MRVL
LSI
2 Company
3 Sector
Industry
4
5 Country
68 Earnings Date
65
6
66
67
60
61
55
56
57
58
Price
Market Cap
Change
Volume
Change from Open
Gap
50-Day High
50-Day Low
52-Week High
52-Week Low
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
INTC
STM
QCOM
BRCM
TXN
NVDA
SPRD
Marvell
LSI
Intel
QUALCOMM
Broadcom
Texas
NVIDIA
Spreadtrum
Technology
Technology
Technology
Technology
Technology
Technology
Technology
Technology
Technology
Semiconductor Semiconductor Semiconductor - Semiconductor - Semiconductor - Communication
Semiconductor - Semiconductor Integrated
Integrated
Semiconductor
Specialized
Broad Line
Broad Line
Equipment
Broad Line
Specialized
Circuits
Circuits
- Broad Line
Bermuda
USA
USA
Switzerland
USA
USA
USA
USA
China
22-Aug-2013
24-Jul-2013
17-Jul-2013
24-Jan-2011
24-Jul-2013
23-Jul-2013
22-Jul-2013
8-Aug-2013
6-Aug-2013
$13.04
$6,548.43
-1.06%
4,426,900
-0.23%
-0.83%
-3.48%
23.36%
-3.48%
88.94%
$7.50
$4,112.12
-2.47%
4,375,700
-1.06%
-1.43%
-5.06%
10.62%
-7.41%
25.21%
$22.03
$109,665.34
-2.39%
40,440,200
-1.12%
-1.28%
-13.38%
-1.26%
-14.36%
18.04%
$8.43
$7,494.27
-1.52%
798,900
0.48%
-1.99%
-15.16%
1.08%
-15.16%
65.11%
$66.95
$115,622.64
-0.01%
11,462,800
0.90%
-0.91%
-0.74%
13.44%
-1.36%
18.41%
$26.04
$15,051.12
-1.88%
9,513,300
-0.46%
-1.43%
-26.96%
12.00%
-31.00%
12.00%
$38.65
$42,630.95
-1.33%
8,551,200
-0.05%
-1.28%
-3.35%
14.14%
-3.35%
47.64%
$15.13
$8,856.27
0.67%
18,090,400
1.75%
-1.06%
-2.26%
15.41%
-2.26%
38.12%
$29.83
$489.72
-0.10%
640,900
0.03%
-0.13%
-1.23%
60.11%
-1.23%
108.65%
P/E
Forward P/E
PEG
P/S
P/B
P/Cash
P/Free Cash Flow
Dividend Yield
Payout Ratio
26.61
13.98
2.66
2.11
1.50
3.78
21.12
1.84%
36.00%
39.47
10.52
3.22
1.73
3.61
6.11
16.40
1.60%
0.00%
11.91
11.14
1.08
2.10
2.04
6.32
23.58
4.09%
35.50%
0.00
12.77
0.00
0.89
1.32
4.23
0.00
4.74%
0.00%
17.81
13.59
1.07
4.97
3.08
10.09
24.52
2.09%
28.50%
37.20
9.19
2.66
1.81
1.91
6.07
10.25
1.69%
56.80%
21.47
17.33
2.39
3.47
3.85
13.14
22.12
2.90%
47.80%
16.81
18.27
1.40
2.09
2.12
3.02
0.00
1.98%
24.70%
7.46
10.24
0.33
0.57
1.07
2.43
11.77
1.27%
68.20%
min
min
min
min
min
min
min
max
min
EPS (ttm)
EPS growth this year
EPS growth next year
EPS growth past 5 years
EPS growth next 5 years
Sales growth past 5 years
EPS growth quarter over quarter
Sales growth quarter over quarter
$0.49
-45.50%
10.94%
37.10%
10.00%
1.80%
-31.30%
-7.80%
$0.19
126.70%
10.03%
15.80%
12.25%
5.80%
-60.00%
-10.60%
$1.85
-10.90%
5.50%
12.50%
11.00%
6.80%
-27.80%
-5.10%
($1.38)
-281.90%
700.00%
-19.80%
5.00%
-3.20%
-112.50%
-4.80%
$3.76
13.30%
8.84%
9.40%
16.67%
16.60%
30.40%
35.00%
$0.70
-24.20%
3.39%
27.60%
14.00%
16.20%
-253.60%
6.00%
$1.80
-19.70%
15.25%
-3.80%
9.00%
-1.50%
52.60%
-8.60%
$0.90
-4.30%
13.27%
-7.20%
12.00%
0.90%
-15.80%
-6.40%
$4.00
-27.80%
15.73%
28.50%
22.78%
37.90%
370.70%
60.50%
max
max
max
max
max
max
max
5.00%
5.80%
6.50%
4.60%
9.10%
13.70%
11.60%
18.50%
16.70%
-12.20%
-20.10%
-28.30%
14.50%
18.40%
12.90%
3.70%
5.30%
7.80%
10.20%
18.30%
10.80%
9.20%
12.00%
11.30%
13.50%
25.70%
19.40%
max
max
max
4.00
3.60
0.00
0.00
2.60
2.20
0.00
0.00
2.60
2.20
0.24
0.25
2.10
1.50
0.11
0.17
3.20
2.80
0.00
0.00
2.40
2.00
0.18
0.21
2.90
2.30
0.38
0.47
4.20
3.80
0.00
0.00
1.60
1.00
0.11
0.31
max
max
min
min
39 Gross Margin
40 Operating Margin
41 Profit Margin
52.90%
8.00%
8.50%
50.40%
6.60%
4.40%
59.00%
23.40%
18.10%
32.80%
-5.50%
-14.70%
61.80%
30.60%
28.50%
50.50%
11.80%
5.00%
49.80%
19.50%
16.50%
53.90%
15.00%
13.10%
37.40%
12.80%
12.00%
max
max
max
24
25
26
27
28
29
30
31
Shares Outstanding
Shares Float
Insider Ownership
Insider Transactions
Institutional Ownership
Institutional Transactions
Float Short
Short Ratio
502.18
374.09
9.50%
-3.14%
68.40%
2.99%
1.54%
0.9
548.28
544.72
0.30%
40.84%
79.40%
2.33%
1.92%
2.1
4,978.00
4,978.89
0.10%
11.74%
62.60%
0.83%
4.88%
6.0
889.00
657.35
0.00%
0.00%
2.90%
-0.64%
0.27%
1.4
1,727.00
1,680.90
1.25%
-0.59%
81.10%
1.04%
1.04%
1.3
578.00
527.39
0.80%
34.46%
84.80%
0.35%
2.57%
1.3
1,103.00
1,100.31
0.40%
-1.14%
86.80%
0.12%
2.10%
3.0
585.35
549.98
0.20%
54.71%
78.60%
0.67%
6.96%
4.3
16.42
47.93
41.56%
0.00%
88.50%
0.00%
2.54%
0.7
42
43
44
45
46
46
48
49
50
51
52
53
54
59
62
63
64
Performance (Week)
Performance (Month)
Performance (Quarter)
Performance (Half Year)
Performance (Year)
Performance (Year)
Beta
Average True Range
Volatility (Week)
Volatility (Month)
20-Day Simple Moving Average
50-Day Simple Moving Average
200-Day Simple Moving Average
Relative Strength Index (14)
Analyst Recom
Average Volume
Relative Volume
1.72%
8.58%
16.01%
38.43%
11.36%
11.36%
1.21
0.31
2.62%
2.36%
3.88%
9.57%
30.29%
61.61
2.80
6,194.82
0.71
-2.22%
-1.45%
5.34%
2.88%
-3.10%
-3.10%
1.66
0.17
2.03%
2.23%
-2.59%
0.87%
6.81%
43.92
2.30
5,092.59
0.85
-1.87%
-7.90%
-7.09%
5.76%
-14.08%
-14.08%
1.01
0.36
1.46%
1.36%
-3.34%
-6.32%
1.17%
28.59
2.70
40,597.22
0.99
-2.88%
-13.80%
-7.36%
0.12%
51.08%
51.08%
1.74
0.18
1.41%
1.59%
-4.00%
-7.53%
6.02%
36.61
2.00
1,233.80
0.64
0.90%
6.86%
2.56%
3.11%
9.68%
9.68%
1.05
1.05
1.08%
1.56%
3.62%
6.80%
5.61%
64.82
2.00
13,648.51
0.83
-0.99%
-22.50%
-28.58%
-24.43%
-24.91%
-24.91%
1.08
0.91
4.22%
2.72%
-7.60%
-17.80%
-21.56%
24.62
2.30
10,128.75
0.95
-2.52%
2.71%
6.36%
16.10%
34.62%
34.62%
1.08
0.57
1.34%
1.35%
-0.92%
4.62%
14.42%
50.43
2.80
7,710.13
1.10
2.93%
3.56%
3.91%
20.17%
3.99%
3.99%
1.38
0.39
4.97%
2.70%
4.57%
5.17%
15.71%
65.58
2.70
8,889.39
2.07
-0.13%
0.71%
54.64%
89.88%
70.85%
70.85%
1.17
0.29
0.54%
0.62%
0.04%
12.20%
46.42%
71.79
2.90
1,638.79
0.39
32 Return on Assets
33 Return on Equity
34 Return on Investment
35
36
37
38
Current Ratio
Quick Ratio
LT Debt/Equity
Total Debt/Equity
max
max
max
min
Shares Out.
M.O.S
502.18
Enter Ticker
Fiscal Year
Cash Flow Data
Refresh
CLEAR
Trend
2004
Discount %
8.0%
9.0%
Terminal %
Select FCF
2%
Owner Earnings
50%
8/16/2013
Growth
Current Price
$13.04
Fair Value
2005
Buy Under
Actual M.O.S
52 Wk High
52 Wk Low
$6.97
6%
$13.51
$6.98
2007
2008
2009
2010
13.94
2006
2011
2012
$149.8
($95.2)
$256.3
$85.2
YOY% Change
$221.5
($45.8)
$373.0
$277.5
225.6%
$402.3
($99.5)
$618.9
$465.8
67.9%
$337.3
($188.7)
($809.6)
$359.9
-22.7%
$177.4
($136.6)
$482.2
$191.3
-46.9%
$680.7
($78.4)
$579.9
$373.0
95.0%
$811.5
($55.4)
$726.7
$494.0
32.4%
$1,193.5
($113.3)
$1,258.0
$1,091.1
120.8%
$771.2
($102.6)
$888.2
$898.5
-17.6%
53.4%
7.0%
5.6%
52.5%
13.4%
11.6%
53.5%
21.8%
19.8%
50.8%
3.5%
-0.5%
48.3%
-3.4%
-4.0%
51.6%
5.9%
5.0%
56.3%
11.9%
12.6%
59.2%
25.0%
25.0%
$0.08
28.2%
$0.24
16.4%
$0.52
12.6%
-$0.02
243.4%
-$0.19
-5.7%
$0.23
13.8%
$0.54
-3.0%
4.6%
10.4%
4.2
1.9%
2.1%
14.5%
22.7%
5.3
5.1%
5.7%
20.6%
27.9%
4.6
9.4%
10.9%
11.2%
16.1%
4.8
-0.3%
-0.4%
5.7%
6.6%
4.5
-2.5%
-3.4%
12.1%
12.6%
3.9
3.3%
3.8%
11.2%
0.0%
7.9
7.9
11.7%
0.0%
21.0
21.0
15.3%
0.0%
28.1
28.1
40.3%
10.9%
0.9
20.7
0.9
33.4%
10.3%
0.5
77.7
0.5
2009-2013
5.5%
-2.0%
17.6%
17.6%
6.8%
8.0%
56.3%
11.9%
12.6%
1.8%
23.6%
1.7%
2008-2011
21.9%
78.7%
14.9%
15.1%
5.1%
5.9%
54.0%
8.9%
8.8%
7.7%
0.0%
88.8%
2009-2012
11.2%
34.1%
24.1%
22.0%
8.7%
10.1%
56.5%
14.9%
15.4%
4.8%
61.7%
4.3%
2010-2013
1.2%
-11.3%
24.1%
22.0%
8.7%
10.1%
56.5%
14.9%
15.4%
4.1%
0.2%
-3.5%
2005-2012
26.6%
18.3%
16.0%
20.1%
6.0%
6.8%
53.0%
12.7%
12.1%
15.7%
22.6%
19.5%
2006-2013
5.9%
-4.2%
15.1%
16.8%
6.3%
7.4%
53.2%
10.6%
11.1%
9.6%
0.5%
8.9%
2004-2009
43.8%
34.3%
11.6%
14.4%
2.6%
3.0%
52.1%
6.4%
5.3%
29.2%
23.2%
35.4%
2005-2010
35.2%
12.2%
13.3%
16.8%
4.2%
4.8%
52.1%
8.9%
8.3%
18.1%
18.0%
29.7%
2013
$729.0
($103.2)
$587.4
TTM
-61.6%
$614.2
($108.2)
$553.0
$384.0
11.4%
56.8%
17.8%
18.1%
52.9%
9.3%
9.7%
52.9%
7.8%
8.5%
$1.34
0.7%
$0.99
0.6%
$0.54
1.2%
$0.48
-1.5%
17.6%
17.6%
4.4
6.8%
8.0%
39.4%
30.2%
6.1
14.3%
16.4%
30.6%
26.5%
4.9
10.7%
12.3%
12.6%
10.9%
4.9
5.8%
6.8%
13.8%
12.4%
5.4
5.2%
6.1%
15.3%
3.1%
3.0
208.7
3.0
17.0%
0.0%
254.7
254.7
14.8%
0.0%
2135.1
2135.1
15.0%
0.0%
17.3%
0.0%
17.7%
0.0%
2008-2010
19.3%
60.7%
12.1%
12.6%
3.3%
3.8%
51.6%
5.9%
5.0%
-1.5%
0.0%
113.9%
2009-2011
23.4%
71.0%
17.6%
17.6%
6.8%
8.0%
56.3%
11.9%
12.6%
10.6%
139.1%
32.4%
2010-2012
7.2%
34.9%
30.6%
26.5%
10.7%
12.3%
56.8%
17.8%
18.1%
9.9%
35.1%
-2.5%
2011-2013
-9.8%
-43.8%
30.6%
26.5%
10.7%
12.3%
56.8%
17.8%
18.1%
-6.3%
-36.2%
-21.8%
Median
11.2%
34.9%
17.6%
17.6%
6.8%
8.0%
56.3%
11.9%
12.6%
4.1%
0.2%
4.3%
2006-2011
13.0%
18.6%
14.9%
16.8%
5.1%
5.9%
52.6%
8.9%
8.8%
16.7%
20.5%
24.3%
2007-2012
13.0%
20.1%
14.9%
16.8%
5.1%
5.9%
54.0%
8.9%
8.8%
8.7%
0.0%
18.0%
2008-2013
8.1%
12.5%
15.1%
15.1%
6.3%
7.4%
54.6%
10.6%
11.1%
1.8%
0.0%
32.7%
2004-2013
25.3%
16.8%
17.6%
16.8%
5.5%
6.3%
53.1%
10.6%
10.6%
16.2%
23.4%
19.2%
Median
25.3%
18.3%
14.9%
16.8%
5.1%
5.9%
53.0%
9.4%
8.8%
16.2%
20.5%
24.3%
$344.7
Margins
Gross Margin
Operating Margin
Net Margin
Debt Related
Debt to Equity
Capitalization Ratio
FCF to Total Debt
FCF to Short Term Debt
FCF to Long Term Debt
2008-2012
13.1%
47.2%
17.6%
17.6%
6.8%
8.0%
56.3%
11.9%
12.6%
4.1%
0.0%
44.4%
2004-2011
37.7%
43.9%
13.3%
16.8%
4.2%
4.8%
52.9%
9.4%
8.6%
23.6%
48.9%
34.5%
$372.23
2024
706.08
2015
2016
$402.01
2025
720.20
Calculation
Total Cash
$
MAX(0,Current Liabilities-Current Assets)
$
Excess Cash
$
Adding some Intangibles
$
Interest Bearing Debt
Present Value
$
Shares Outstanding
Per Share Value
$
Desired Margin of Safety
Purchase Price
$
Current Price
$
Margin of Safety
$434.17
2026
734.61
$465.43
2027
749.30
2018
2019
$498.95
2028
764.28
2020
$534.87
2029
779.57
2021
$573.38
2030
795.16
2022
$610.54
2031
811.06
2023
$650.11
2032
827.29
$692.24
2033
843.83
Discount Rates
4% $
6% $
Growth Rates
0%
10%
10%
8%
$
10% $
12% $
7%
13.13 $
14.44 $
8%
12.35 $
13.53 $
15.93
17.64
19.57
14.87
16.40
18.14
$
$
$
$
$
$
9%
11.66
12.73
$
$
10%
11.05 $
12.02 $
11%
10.51
11.39
13.94
$
$
$
13.11
14.35
15.76
12.38
13.50
14.78
15.31
16.88
$
$
$
Growth Rates
Variable Fields
Intangibles% add to DCF
Decay Rate (Yr4E-Yr7E)
Extra Decay (Yr8E-Yr10E)
2017
7%
0.7%
8%
-5.6%
9%
-11.8%
10%
-18.0%
11%
-24.1%
6%
9.7%
3.6%
-2.5%
-8.5%
-14.5%
8%
18.2%
26.1%
33.4%
12.3%
20.5%
28.1%
6.4%
0.5%
9.2%
17.3%
-5.3%
3.4%
11.8%
10%
12%
14.8%
22.7%
Shares Out.
M.O.S
Growth
Projection
EPS
Corp Bond
502.18
66%
10.3%
Analyst
Estimate
$0.84
4.10
Current Price
Intrinsic $
Buy Under
$13.04
$15.55
$5.29
8/16/2013
Refresh
Enter Ticker
CLEAR
16%
$13.51
$6.98
5 Yr EPS Growth
2008-2012
0.0%
2009-2013
23.6%
2008-2011
0.0%
2009-2012
61.7%
2010-2013
0.2%
2008-2010
0.0%
2009-2011
139.1%
2010-2012 2011-2013
35.1%
-36.2%
10 Yr EPS Growth
2004-2011
48.9%
2005-2012
22.6%
2006-2013
0.5%
2004-2009
23.2%
2005-2010
18.0%
2006-2011
20.5%
2007-2012
0.0%
2008-2013
0.0%
2004
0.08
2014E
Forecast Method
$
0.95
Linear Regression Method $
0.69
Analyst Estimate
$
0.84
Diltued EPS
2005
0.24
2015E
$
1.04
$
0.77
$
0.93
$
2006
$
0.52
$
$
10%
10%
2008
(0.19) $
2009
0.23
$0.08
2004
$0.24
$0.23
2005
2006 $(0.02)
2007 2008 2009
$(0.19)
2010
0.54
$0.99
2011
1.34
$0.84 $0.93
$0.54
$0.54
$0.52
0.84
10.25%
4.10
15.55
66%
5.29
$13.04
16%
2010
2011
2012
2013
2014
2015
EPS
Growth
2007
(0.02) $
$1.34
8.2%
9.2%
10.3%
11.3%
13.5%
$
$
$
0.67
10.96
11.70
$
$
$
0.76
12.33
13.17
0.84
$
$
13.70
14.63
$
$
$
12.44
13.18
14.81
$
$
$
14.00
14.83
16.66
$
$
15.55
16.48
18.51
$
$
$
0.92
15.07
16.09
$
$
$
1.01
16.45
17.55
$
$
$
17.11
18.12
20.36
$
$
$
18.66
19.77
22.21
Median
0.2%
Median
20.5%
2012
0.99
2013
0.54
TTM
0.48
Current EPS
Exp Growth
Marvell Technology Group Ltd.
25%
(MRVL)
8/16/2013
Enter Ticker
Dividend Yield
Business
Safety
Financial
Safety
Earnings
Safety
1.84%
Average
Excellent
Below Average
10 of 20 pts
20 of 20 pts
9 of 20 pts
Expected PE
Refresh
Katsenelson Absolute PE
$14.56
30.30
26.61
25%
10%
2009
3.85%
2010
8.00%
0
6.84%
1
17.60%
1
4.05%
1
2011
16.37%
1
14.26%
1
39.42%
1
2.26%
1
2012
12.27%
0
10.66%
0
30.65%
1
2.82%
1
2013
6.84%
0
5.83%
0
12.60%
0
2.00%
1
TTM
6.09%
0
5.18%
0
13.83%
1
1.89%
1
12.12%
7.48%
12 pts out of 20
2009
3.81
0.03
0.00
298.00%
2011
5.79
1
0.00
1
0.00
1
213513.31%
1
20 pts out of 20
2009
51.65%
4.99%
$0.23
$680.69
2010
56.30%
1
12.59%
1
$0.54
1
$811.51
1
9 pts out of 20
Adjusted Base PE
Business Risk
Premium/Discount Factor:
Financial Risk
Premium/Discount Factor:
Earnings Predictability
Premium/Discount Factor:
Adjusted Fair Value PE
25.00%
1.84%
2012
5.22
1
0.00
1
0.00
1
2013
4.25
1
0.00
1
0.00
1
TTM
4.00
1
0.00
1
0.00
1
2012
56.80%
0
18.13%
0
$0.99
0
$771.25
0
2013
52.87%
0
9.68%
0
$0.54
0
$729.04
0
TTM
52.92%
1
8.54%
0
$0.48
0
$614.22
0
M.O.S
$13.04
3.34%
10
CLEAR
26.61
1.50
=
28.11
x
Average
[1 + (1 - 1)]
1.00
x
Excellent [1 + (1 - 0.9)]
0.90
x
Below Average [1 + (1 - 1.02)]
1.02
=
25%
30.30
P/E
7.00
7.65
8.30
8.95
9.60
10.25
10.90
11.55
12.20
12.85
13.50
14.15
14.80
15.45
16.10
16.75
17.40
17.90
18.40
18.90
19.40
19.90
21%
20.40
20.90
21.40
21.90
22%
23%
24%
25%
0.65
0.50
Dividend Yield
0.0%
0.1%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
10.0%
AVERAGE
8.9%
1
7.7%
2
21.0%
4
3.4%
5
STDEV
4.6%
12
0.0%
4.0%
11.4%
2.1%
AVERAGE STDEV
4.57
0.77
5
0.01
0.01
5
0.00
0.00
5
79759.0% #######
5
20
0.0%
AVERAGE
55.0%
3
13.2%
2
0.69
2
$800.04
2
STDEV
2.9%
0.0%
7.3%
0.40
204.76
502.18
Shares Out.
Main. Capex
Normalized Income
502.18
$78.99
$500.00
8/16/2013
Discount Rate
R&D Years
SG&A %
9%
25%
$500.00
Enter Ticker
Refresh
CLEAR
Current Price
EPV
EPV MOS
NCAV
52 Wk High
52 Wk Low
$13.04
$12.70
$10.37
0.0%
$3.35
$13.51
$6.98
Shares Outstanding
Balance Sheet Assets
Adjusted Assets
Total Liabilities
Total Equity
Average SGA %
502.2
5,121.2
5,121.2
768.7
4,352.4
8.7%
$
$
$
$
Marketing/Brand Value
275.5
R&D Value
Cash Needed for Business
Interest Bearing Debt
Non Interest Bearing Debt
Excess Cash
$
$
$
$
$
2,191.5
31.1
709.5
1,669.3
Adjustments:
Assets
4,352.44
1,684.19
7,588.25
6,819.52
5,209.52
$
$
$
$
$
Marketable Securities
Accounts Receivable
Other Receivable
Net Receivables
$
$
$
$
$12
$8
$6
$4
$2
$0
1,701.6
502.18
Book Value
EPV
$
$
EPV
8,420.2
6,014.4
Per Share
$
16.77
$
11.98
+ Cash - Debt
$
10,121.8
$
7,716.0
9%
11%
13%
$
$
$
$
Per Share
20.16
15.37
4,677.9
9.32
3,827.4
3,238.5
$
$
7.62
6.45
$
$
6,379.5
12.70
5,529.0
4,940.1
$
$
11.01
9.84
Q1
$14
Calculation: EPV
8.67
3.35
15.11
13.58
10.37
$
$
$
$
$
9.0%
500.0
79.0
31.1
1,732.6
$10
Cash - Debt
Shares
Total
Per Share
$ 2,237.55 $
4.46
$
$
$
$
$
384.0
842.2
836.8
802.5
642.8
Data: EPV
Cost of Capital
Normalized Adjusted Income
Average Maintenance Capex
Interest Bearing Debt
1% of sales
Cash & Equiv
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
1,138.2
370.4
370.4
Multiplier
Reproduction
Asset Value
$
594.4
$
$
$
$
1,138.2
370.4
370.4
179.9
90.7
270.7
70.9
8.4
2,452.9
2,032.5
82.4
2,114.9
384.6
168.7
5,121.2
$
$
$
$
$
$
$
$
$
$
$
270.7
70.9
8.4
2,452.9
2,032.5
82.4
2,114.9
384.6
168.7
5,121.2
Adjustments:
Liabilities & Equity
Accounts Payable
Accrued Expenses
Accrued Liabilities
Notes Payable/Short Term Debt
Current Port. of LT Debt/Capital
Leases
Other Current Liabilities
Total Current Liabilities
Long-Term Debt
Capital Lease Obligations
Deferred Income Taxes
Total Other Liabilities
Total Liabilities
Common Stock Equity
Retained Earnings
Total Capitalization
Total Equity
Total Liabilities & Equity
Book Value
$
307.4
$
$
246.4
$
$
$
$
$
$
$
$
$
$
$
$
$
$
553.8
155.6
768.7
4,352.4
1,559.7
4,352.4
4,352.4
5,121.2
Fixed BV
Multiplier
Reproduction
Liability Value
$
307.4
$
$
246.4
$
$
$
553.8
$
$
$
$
155.6
768.7
$
$
$
4,352.4
1,559.7
4,352.4
$
$
4,352.4
5,121.2
Current Price
NNWC
NNWC %
NCAV
NCAV %
$13.04
$2.74
0.0%
$3.35
0.0%
BV
CLEAR
BV
Multiplier
100%
Refresh
$
$
$
$
$
$
$
$
$
$
$
$
$
$
594.42
1,138.22
370.35
370.35
179.91
90.75
270.65
2,452.91
5,121.17
768.73
502.18
75%
$
277.76
$
$
$
$
135.33
2,452.91
5,121.17
768.73
502.18
Total ($m)
2,452.91 $
$
4,352.44 $
1,377.01 $
Per Share
4.88
13.04
8.67
2.74
0%
3.35
0%
50%
$
6.415B
$
$
$
1,684.19
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