NVIDIA (NVDA:NAS) and Canadian Pacific Railway (CP:TSE) Downgraded

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Downgraded Stocks on NYSE, NASDAQ, AMEX, TSE, and TSX

Today we are looking at companies whose share price has been downgraded by at least one analyst in the last few days.

Why Do Companies Get Downgraded?

Companies can get downgraded for a number of reasons but primarily due to reduced future earnings potential due to loss of contracts, faultering product lines, increasing costs relative to revenue or financial risk.

In the list below you can see the number of analysts we have in the StockCalc database along with the number of buy-hold-sell on the company.

Today’s Data on NYSE, NASDAQ, AMEX, TSE, and TSX

Below we have today’s data for companies listed on all of the New York Stock Exchange, NASDAQ Stock Exchange, American Stock Exchange, Toronto Stock Exchange, and TSX Venture Exchange.

New York Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
PM Philip Morris International Inc 3 1 1 0 1 0 3.8333 4.0000 Outperform
CP Canadian Pacific Railway Ltd 11 7 1 0 0 0 4.5263 4.6316 Buy
HPE Hewlett Packard Enterprise Co 2 0 3 0 1 0 3.3333 3.6667 Hold
Toronto Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
CP Canadian Pacific Railway Ltd 11 7 1 0 0 0 4.5263 4.6316 Buy
GWO Great-West Lifeco Inc 1 0 8 0 0 0 3.2222 3.2500 Hold
PWF Power Financial Corp 1 1 3 0 0 0 3.6000 3.7500 Outperform
POW Power Corporation of Canada 1 1 3 0 0 0 3.6000 3.7500 Outperform
EMP.A Empire Co Ltd 3 1 4 0 0 0 3.8750 4.0000 Outperform
FCR First Capital Realty Inc 1 2 0 0 0 0 4.3333 4.5000 Outperform
AP.UN Allied Properties Real Estate Investment Trust 4 4 2 0 0 0 4.2000 4.2222 Outperform
KMP.UN Killam Apartment Real Estate Investment Trust 5 3 3 0 0 0 4.1818 4.2000 Outperform
SCL Shawcor Ltd 4 2 1 0 0 0 4.4286 4.5000 Outperform
DEE Delphi Energy Corp 1 3 5 0 0 0 3.5556 3.6000 Outperform
NASDAQ
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
NVDA NVIDIA Corp 7 0 1 1 0 0 4.4444 4.5000 Outperform
MELI MercadoLibre Inc 1 0 0 1 0 0 3.5000 4.3333 Hold
CCOI Cogent Communications Holdings Inc 1 0 2 0 0 0 3.6667 4.0000 Outperform
EPAY Bottomline Technologies Inc 1 0 2 0 0 0 3.6667 3.7500 Outperform

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

NVDA:NAS NVIDIA

http://www.nvidia.com
NVIDIA has 13277 employees and is headquartered in United States.
NVIDIA Corp is a developer of graphics processing unit. It caters to areas like gaming, professional visualization, datacenter and automobiles.

CP:TSE Canadian Pacific Railway

http://www.cpr.ca
Canadian Pacific Railway has 12770 employees and is headquartered in Canada.
Canadian Pacific Railway Ltd is engaged in rail transportation. It provides freight transportation services, logistics solutions, and supply chain expertise in Canada and the United States.

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The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. You should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment decision.

Taiwan Semiconductor (TSM:NYS) and Philip Morris Intl (PM:NYS) Downgraded

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Downgraded Stocks on NYSE, NASDAQ, AMEX, TSE, and TSX

Today we are looking at companies whose share price has been downgraded by at least one analyst in the last few days.

Why Do Companies Get Downgraded?

Companies can get downgraded for a number of reasons but primarily due to reduced future earnings potential due to loss of contracts, faultering product lines, increasing costs relative to revenue or financial risk.

In the list below you can see the number of analysts we have in the StockCalc database along with the number of buy-hold-sell on the company.

Today’s Data on NYSE, NASDAQ, AMEX, TSE, and TSX

Below we have today’s data for companies listed on all of the New York Stock Exchange, NASDAQ Stock Exchange, American Stock Exchange, Toronto Stock Exchange, and TSX Venture Exchange.

New York Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
TSM Taiwan Semiconductor Manufacturing Co Ltd 1 0 2 0 0 0 3.6667 4.0000 Outperform
PM Philip Morris International Inc 3 0 2 0 1 0 3.6667 3.8571 Outperform
DHR Danaher Corp 3 0 1 1 0 0 4.0000 4.1667 Outperform
OXY Occidental Petroleum Corp 3 0 2 1 0 0 3.8333 4.0000 Outperform
GD General Dynamics Corp 1 1 4 0 0 0 3.5000 3.8333 Hold
CCI Crown Castle International Corp 2 0 1 1 0 0 3.7500 4.0000 Outperform
GOLD Barrick Gold Corp 3 0 15 0 0 0 3.3333 3.4444 Hold
ANET Arista Networks Inc 6 0 3 0 0 0 4.3333 4.4286 Outperform
BLL Ball Corp 2 0 1 1 0 0 3.7500 4.2500 Outperform
VMC Vulcan Materials Co 4 0 2 0 0 0 4.3333 4.5000 Outperform
CTL CenturyLink Inc 2 1 1 0 0 0 4.2500 4.7500 Outperform
HCP HCP Inc 2 0 1 1 0 0 3.7500 4.0000 Outperform
SNAP Snap Inc 1 1 8 0 1 0 3.0909 3.2727 Hold
SJM JM Smucker Co 0 0 2 0 2 0 2.0000 2.2500 Underperform
TRU TransUnion 1 0 2 0 0 0 3.6667 4.0000 Outperform
FRT Federal Realty Investment Trust 1 0 2 0 0 0 3.6667 4.0000 Outperform
IRM Iron Mountain Inc 0 0 1 0 1 0 2.0000 2.5000 Underperform
ADS Alliance Data Systems Corp 3 1 3 0 1 0 3.6250 3.7778 Outperform
CC The Chemours Co 2 0 2 0 0 0 4.0000 4.3333 Outperform
SON Sonoco Products Co 1 0 3 0 1 0 3.0000 3.2000 Hold
CHH Choice Hotels International Inc 1 0 3 0 0 0 3.5000 3.7500 Hold
B Barnes Group Inc 1 0 2 0 0 0 3.6667 4.3333 Outperform
QTWO Q2 Holdings Inc 1 1 1 0 1 0 3.2500 3.7500 Hold
PGTI PGT Innovations Inc 0 0 1 0 0 0 3.0000 4.0000 Hold
LPI Laredo Petroleum Inc 0 0 2 0 1 0 2.3333 3.0000 Underperform
Toronto Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
CP Canadian Pacific Railway Ltd 12 6 0 0 0 0 4.6667 4.6842 Buy
ABX Barrick Gold Corp 3 0 15 0 0 0 3.3333 3.4444 Hold
CTC.A Canadian Tire Corp Ltd 3 3 3 0 0 0 4.0000 4.2222 Outperform
CTC Canadian Tire Corp Ltd 3 3 3 0 0 0 4.0000 4.2222 Outperform
KEY Keyera Corp 6 6 3 0 0 0 4.2000 4.2667 Outperform
K Kinross Gold Corp 5 2 7 0 2 0 3.5000 3.5625 Hold
KMP.UN Killam Apartment Real Estate Investment Trust 3 3 3 0 0 0 4.0000 4.1667 Outperform
CHE.UN Chemtrade Logistics Income Fund 2 2 5 0 0 0 3.6667 4.0000 Outperform
NGD New Gold Inc 0 0 9 0 4 0 2.3846 2.5385 Underperform
BPF.UN Boston Pizza Royalties Income Fund 0 1 1 0 0 0 3.5000 4.0000 Hold
CWX CanWel Building Materials Group Ltd 1 4 3 0 0 0 3.7500 4.0000 Outperform
TSX Venture Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
DUG Distinct Infrastructure Group Inc 0 0 0 0 2 0 1.0000 1.6667 Sell
American Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
NGD New Gold Inc 0 0 9 0 4 0 2.3846 2.5385 Underperform
NASDAQ
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
NVDA NVIDIA Corp 8 0 1 1 0 0 4.5000 4.6000 Outperform
GLPI Gaming and Leisure Properties Inc 3 0 1 0 0 0 4.5000 5.0000 Outperform
LECO Lincoln Electric Holdings Inc 3 0 4 0 0 0 3.8571 4.0000 Outperform
PPC Pilgrims Pride Corp 0 1 0 0 0 0 4.0000 5.0000 Outperform
LOGM LogMeIn Inc 0 0 2 0 0 0 3.0000 4.0000 Hold
CVBF CVB Financial Corp 0 0 2 0 0 0 3.0000 4.0000 Hold
ALTR Altair Engineering Inc 0 0 2 0 0 0 3.0000 3.6667 Hold

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

TSM:NYS Taiwan Semiconductor

http://www.tsmc.com
Taiwan Semiconductor has 48602 employees and is headquartered in Taiwan, Province of China.
Taiwan Semiconductor Manufacturing Co Ltd engages in the manufacturing, selling, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices. In addition, it also manufactures masks.

PM:NYS Philip Morris Intl

http://www.pmi.com
Philip Morris Intl has 77400 employees and is headquartered in United States.
Philip Morris International Inc is a holding company. It manufactures and sells cigarettes and other tobacco products in markets outside the United States of America.

Free Valuation

Run a valuation on any of the companies listed above at www.stockcalc.com/valureport.aspx or subscribe at our Stockcalc Facebook Page to receive this list each day Stockcalc Reports.

The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. You should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment decision.

Advanced Micro Devices (AMD:NAS) Fundamental Valuation Report

Fundamental Valuation Report

Advanced Micro Devices(AMD:NAS)

Technology:Semiconductors

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$22.96 (USD) 11/02/2019

Weighted Valuation
$24.30 (USD)

Overall Rating
Undervalued by 5.8%

Valuation Models Analyst Consensus: $25.36 (USD)
(in order of importance) Adjusted Book Value: $24.58 (USD)
Multiples: $20.57 (USD)
Valuation Methods This company is:
Cash Flow: Overvalued on a Cash Flow Valuation
Comparable Company: Overvalued on a Comparable Valuation
Asset: Undervalued on an Asset Valuation

Company Overview (AMD:NAS USD)

Price 22.96
Range 22.66 – 23.28
52 week 9.53 – 32.72
Open 23.05
Vol / Avg. 59.99M/100.24M
Mkt cap 23.08B
P/E 71.75
Div/yield 0.00/0.00
EPS 0.32
Shares 1.01B
Beta 3.40

Company Description

Advanced Micro Devices designs and produces microprocessors and low-power processor solutions for the computer and consumer electronics industries. The majority of the firm’s sales are in the computer market via CPUs and GPUs. AMD acquired graphics processor and chipset maker ATI in 2006 in an effort to improve its positioning in the PC food chain. In 2009, the firm spun out its manufacturing operations to form a foundry joint venture, GlobalFoundries.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for AMD:NAS

Using a discounted cash flow model we generated an intrinsic value of $4.62 (USD) for AMD:NAS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

AMD:NAS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $4.62 1% 5% 1% 5%
WACC (or Ke) 18.56 $5.10 $4.21
Terminal Growth Rate 3.00 $4.29 $5.00
Tax Rate 0.03 $5.03 $4.23
Cash Flow 1,545,309,000 $4.22 $5.03
Capital Expenditures -107,200,000 $4.60 $4.65
Long Term Debt 1,632,000,000 $4.71 $4.54

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $7.25 (USD) for AMD:NAS. We also generated a valuation of $23.53 (USD) using other metrics and comparables.
The comparable companies were Analog Devices (ADI:NAS), Integrated Device Tech (IDTI:NAS), Microchip Technology (MCHP:NAS), Maxim Integrated Products (MXIM:NAS) and NVIDIA (NVDA:NAS).

Company AMD:NAS End Date Value
Earnings/Share $0.32 (USD)
Book Value/Share $1.26 (USD)
Sales/Share $6.09 (USD)
Cash Flow/Share $0.32 (USD)
EBITDA/Share $0.58 (USD)
Price Based on Comps Adjustment Factor (%)
$14.47 (USD) -57.2
$9.18 (USD) 0.0
$35.55 (USD) -73.8
$4.93 (USD) 0.0
$15.57 (USD) -62.2
AMD:NAS Ratios Used Average Values ADI:NAS IDTI:NAS MCHP:NAS MXIM:NAS NVDA:NAS
76.28 PE Ratio 412.87 0.00 60.31 1148.14 30.15 0.00
19.38 PB Ratio 7.29 0.00 9.73 3.68 8.45 0.00
4.01 PS Ratio 5.84 0.00 7.07 4.38 6.08 0.00
75.50 PCF Ratio 18.87 0.00 24.04 13.43 19.15 0.00
54.60 EV to EBITDA 26.69 0.00 46.17 20.79 13.10 0.00

Multiples

Using a multiples approach we generated a valuation of  $20.57 (USD) for AMD:NAS

Company AMD:NAS End Date Value
Earnings/Share $0.32 (USD)
Book Value/Share $1.26 (USD)
Sales/Share $6.09 (USD)
Cash Flow/Share $0.32 (USD)
EBITDA/Share $0.58 (USD)
Price Based on Comps Adjustment Factor
$20.65 (USD) 0
$25.82 (USD) 0
$11.31 (USD) 0
$27.61 (USD) 0
$17.49 (USD) 0
Ratios Ratio Average
PE Ratio 64.52
PB Ratio 20.49
PS Ratio 1.86
PCF Ratio 85.41
EV to EBITDA 29.96

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  AMD:NAS for the last 9 years was  19.51

We ran the Adjusted Book Value for  AMD:NAS and generated a book value of  $1.26 (USD)
By multiplying these we get an adjusted valuation of  $24.58 (USD)

Analyst Data

In the Stockcalc database there are 7 analysts that provide a valuation for AMD:NAS. The 7 analysts have a concensus valuation for AMD:NAS for 2019 of $25.36 (USD).

AMD:NAS Advanced Micro Devices

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
4 5 1 3.6000 Outperform 2019-2-8

Current Price: 22.96 USD

Analyst Consensus
USD Millions 2019 2020 2021
Mean EPS 0.63 0.90 1.05
# EPS Analysts 9 9 2
Mean Revenue 6,776.80 8,027.40 9,527.80
# Revenue Analysts 7 7 2
Mean Target Price 25.36
Mean Cash Flow 0.95 1.07 1.44
Mean EBITDA 858.20 1,054.80 1,500.30
Mean Net Income 668.50 1,016.90 1,310.00
Mean Debt Outstanding -832.80 -1,956.60 -3,544.30
Mean Tax Rate 8.43 9.50 10.20
Mean Growth Rate 16.97
Mean Capital Expenditure 183.20 202.40 143.00

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
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Illumina (ILMN:NAS) and Equinix (EQIX:NAS) Are Undervalued

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Undervalued Stocks on NASDAQ

Today we are looking at companies that are considered undervalued based on the Analyst data in the StockCalc database.

In the table below we can see the close price and target price for these companies along with the number of analysts covering the stock. We also have included the fiscal year for the target price as sometimes these analyst targets are not for the current or even the next fiscal year.

There can be a number of reasons why a company would be on this list. What is particularly interesting are companies with a large analyst following that make this list. We need to dig deeper into these companies to understand why the difference in price versus target.

Today’s Data on NASDAQ

Today’s data is for companies listed on the NASDAQ.

Symbol Name Target Year Close Price Target Price Mean Currency Target Price # of Estimates
AMZN Amazon.com Inc 2019 1658.810000 2133.6360 USD 11
GOOG Alphabet Inc 2019 1145.990000 1360.0000 USD 10
GOOGL Alphabet Inc 2019 1151.870000 1360.0000 USD 10
NVDA NVIDIA Corp 2020 149.950000 206.2500 USD 8
BKNG Booking Holdings Inc 2019 1902.260000 2195.0000 USD 5
ISRG Intuitive Surgical Inc 2019 522.890000 591.0000 USD 5
ILMN Illumina Inc 2019 281.870000 350.0000 USD 4
EQIX Equinix Inc 2019 395.790000 480.6667 USD 3
SIVB SVB Financial Group 2019 235.830000 298.3333 USD 3
SRPT Sarepta Therapeutics Inc 2019 141.710000 200.8000 USD 5
TLRY Tilray Inc 2019 83.270000 200.0000 USD 1
SAGE Sage Therapeutics Inc 2019 147.290000 213.3333 USD 3
RGLD Royal Gold Inc 2019 87.910000 135.7982 CAD 2
LOPE Grand Canyon Education Inc 2019 93.010000 150.0000 USD 1
STMP Stamps.com Inc 2019 190.100000 260.0000 USD 1
COHR Coherent Inc 2019 124.790000 189.5000 USD 2
GBT Global Blood Therapeutics Inc 2019 48.870000 109.3333 USD 3
LGND Ligand Pharmaceuticals Inc 2019 116.930000 238.0000 USD 2
STRA Strategic Education Inc 2019 114.500000 165.0000 USD 2
WTW Weight Watchers International Inc 2019 31.680000 90.0000 USD 3
ANAB AnaptysBio Inc 2019 67.930000 123.2500 USD 4
MDGL Madrigal Pharmaceuticals Inc 2019 114.270000 301.6667 USD 3
GTHX G1 Therapeutics Inc 2019 20.290000 75.0000 USD 1
ALBO Albireo Pharma Inc 2019 26.500000 86.0000 USD 1
CATB Catabasis Pharmaceuticals Inc 2019 6.050000 77.0000 USD 1

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

ILMN:NAS Illumina

http://www.illumina.com
Illumina has 6200 employees and is headquartered in United States.
Illumina Inc engages in life science tools and machines for analyzing genetic material. The company primarily engages in microarray and genome sequencing machines and disposables. It also provides sequencing services through its products.

EQIX:NAS Equinix

http://www.equinix.com
Equinix has 7273 employees and is headquartered in United States.
Equinix Inc is a network-neutral provider of retail data center, co-location, and interconnection services. Its client base includes network services firms, cloud and IT service providers, financial service firms, digital, and media content providers.

Free Valuation

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The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. You should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment decision.

Cisco Systems (CSCO:NAS) and PepsiCo (PEP:NAS) Downgraded

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I have used the analysis tools on the website stockcalc.com to generate some of the content of this blog post. These tools and reports are available for free at www.stockcalc.com/toppicks.aspx.

Downgraded Stocks on NYSE, NASDAQ, AMEX, TSE, and TSX

Today we are looking at companies whose share price has been downgraded by at least one analyst in the last few days.

Why Do Companies Get Downgraded?

Companies can get downgraded for a number of reasons but primarily due to reduced future earnings potential due to loss of contracts, faultering product lines, increasing costs relative to revenue or financial risk.

In the list below you can see the number of analysts we have in the StockCalc database along with the number of buy-hold-sell on the company.

Today’s Data on NYSE, NASDAQ, AMEX, TSE, and TSX

Below we have today’s data for companies listed on all of the New York Stock Exchange, NASDAQ Stock Exchange, American Stock Exchange, Toronto Stock Exchange, and TSX Venture Exchange.

New York Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
GD General Dynamics Corp 2 1 3 0 0 0 3.8333 4.1667 Outperform
AGN Allergan PLC 3 0 4 0 0 0 3.8571 4.1429 Outperform
PSX Phillips 66 1 1 2 0 0 0 3.7500 4.0000 Outperform
BAX Baxter International Inc 3 0 1 1 0 0 4.0000 4.2000 Outperform
RCL Royal Caribbean Cruises Ltd 4 0 1 0 0 0 4.6000 4.8000 Buy
BF.B Brown-Forman Corp 1 0 3 1 1 0 2.8333 3.1429 Hold
BF.A Brown-Forman Corp 1 0 3 1 1 0 2.8333 3.1429 Hold
APTV Aptiv PLC 2 0 1 1 0 0 3.7500 4.0000 Outperform
MOS The Mosaic Co 3 0 1 0 1 0 3.8000 4.0000 Outperform
DGX Quest Diagnostics Inc 2 1 3 0 0 0 3.8333 4.1667 Outperform
KSS Kohl’s Corp 0 0 5 1 0 0 2.8333 3.1429 Hold
CF CF Industries Holdings Inc 1 0 4 0 0 0 3.4000 3.6667 Hold
AVY Avery Dennison Corp 2 0 1 1 0 0 3.7500 4.0000 Outperform
PNR Pentair PLC 1 0 4 0 0 0 3.4000 3.6667 Hold
CIEN Ciena Corp 1 0 2 0 0 0 3.6667 4.0000 Outperform
FLS Flowserve Corp 1 0 5 0 0 0 3.3333 3.5714 Hold
AYI Acuity Brands Inc 1 0 2 0 1 0 3.0000 3.4000 Hold
ITT ITT Inc 3 0 0 0 1 0 4.0000 4.2000 Outperform
DK Delek US Holdings Inc 1 0 1 0 0 0 4.0000 4.3333 Outperform
DLPH Delphi Technologies PLC 2 0 2 0 0 0 4.0000 4.2000 Outperform
AYR Aircastle Ltd 0 0 4 0 0 0 3.0000 3.4000 Hold
VLRS Controladora Vuela Compania de Aviacion SAB de CV 0 0 1 0 0 0 3.0000 4.0000 Hold
IPI Intrepid Potash Inc 0 0 0 0 1 0 1.0000 2.0000 Sell
ELF e.l.f. Beauty Inc 0 0 2 0 0 0 3.0000 3.6667 Hold
NPTN NeoPhotonics Corp 1 0 1 0 0 0 4.0000 4.3333 Outperform
Toronto Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
NTR Nutrien Ltd 7 5 1 0 0 0 4.4615 4.5000 Outperform
GIB.A CGI Inc 5 4 3 1 0 0 4.0000 4.0769 Outperform
CVE Cenovus Energy Inc 5 5 7 0 0 0 3.8824 4.0000 Outperform
AC Air Canada 6 4 1 0 0 0 4.4545 4.5000 Outperform
CRT.UN CT Real Estate Investment Trust 2 1 3 0 0 0 3.8333 4.0000 Outperform
AAV Advantage Oil & Gas Ltd 3 5 4 0 0 0 3.9167 4.0833 Outperform
TSX Venture Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
KHRN Khiron Life Sciences Corp 0 1 0 0 0 0 4.0000 5.0000 Outperform
American Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
LNG Cheniere Energy Inc 3 1 0 0 0 0 4.7500 4.8000 Buy
NASDAQ
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
CSCO Cisco Systems Inc 6 0 2 0 0 0 4.5000 4.5556 Outperform
PEP PepsiCo Inc 2 0 4 0 0 0 3.6667 4.0000 Outperform
AVGO Broadcom Inc 9 1 1 0 0 0 4.7273 4.7500 Buy
PYPL PayPal Holdings Inc 7 0 3 1 0 0 4.1818 4.2727 Outperform
NVDA NVIDIA Corp 9 0 1 0 0 0 4.8000 4.8182 Buy
ROST Ross Stores Inc 2 0 5 0 0 0 3.5714 3.7500 Outperform
MNST Monster Beverage Corp 3 0 1 0 1 0 3.8000 4.0000 Outperform
AMD Advanced Micro Devices Inc 4 0 5 0 1 0 3.6000 3.7273 Outperform
LULU Lululemon Athletica Inc 5 0 2 0 1 0 4.0000 4.1111 Outperform
SPLK Splunk Inc 7 1 2 0 0 0 4.5000 4.5455 Outperform
ULTA Ulta Beauty Inc 4 0 1 0 0 0 4.6000 4.6667 Buy
AAL American Airlines Group Inc 2 0 2 0 0 0 4.0000 4.2000 Outperform
KLAC KLA-Tencor Corp 3 1 1 0 0 0 4.4000 4.5000 Outperform
HOLX Hologic Inc 1 0 5 0 0 0 3.3333 3.5000 Hold
FFIV F5 Networks Inc 1 0 3 1 1 0 2.8333 3.1429 Hold
CGNX Cognex Corp 1 0 3 0 0 0 3.5000 3.8000 Hold
COLM Columbia Sportswear Co 2 0 1 0 0 0 4.3333 4.5000 Outperform
FSLR First Solar Inc 3 1 2 0 0 0 4.1667 4.2857 Outperform
VC Visteon Corp 1 0 2 0 0 0 3.6667 4.0000 Outperform
ACIA Acacia Communications Inc 2 0 1 0 0 0 4.3333 4.5000 Outperform
SPWR SunPower Corp 1 0 2 0 0 0 3.6667 4.0000 Outperform
AAOI Applied Optoelectronics Inc 1 0 0 0 1 0 3.0000 3.6667 Hold
ASYS Amtech Systems Inc 0 0 2 0 0 0 3.0000 3.6667 Hold

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

CSCO:NAS Cisco Systems

http://www.cisco.com
Cisco Systems has 74200 employees and is headquartered in United States.
Cisco Systems Inc is a supplier of data networking equipment and software. Its products include routers, switches, access equipment, and security and network management software which allow data communication among dispersed computer networks.

PEP:NAS PepsiCo

http://www.pepsico.com
PepsiCo has 263000 employees and is headquartered in United States.
PepsiCo Inc is a food, snack and beverage company. It manufactures, markets, distributes and sells convenient and enjoyable beverages, foods and snacks, serving customers and consumers in more than 200 countries and territories.

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The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. You should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment decision.

NVIDIA (NVDA:NAS) and Applied Materials (AMAT:NAS) Upgraded

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Upgraded Stocks on NYSE, NASDAQ, AMEX, TSE, and TSX

Today we are looking at companies whose share price has been upgraded by at least one analyst in the last few days.

Why Do Companies Get Upgraded?

Companies can get upgraded for a number of reasons, but primarily due to improved future earnings potential due to new contracts, new products, cost savings or restructuring.

In the list below you can see the number of analysts we have in the StockCalc database along with the number of buy-hold-sell on the company.

Today’s Data on NYSE, NASDAQ, AMEX, TSE, and TSX

Below we have today’s data for companies listed on all of the New York Stock Exchange, NASDAQ Stock Exchange, American Stock Exchange, Toronto Stock Exchange, and TSX Venture Exchange.

New York Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
AGR Avangrid Inc 0 1 0 0 0 0 4.0000 3.0000 Outperform
RMD ResMed Inc 1 0 2 0 1 0 3.0000 2.7500 Hold
LYV Live Nation Entertainment Inc 1 0 1 0 0 0 4.0000 3.0000 Outperform
AEG Aegon NV 1 1 3 0 1 0 3.1667 3.0000 Hold
TRGP Targa Resources Corp 4 1 0 0 0 0 4.8000 4.4000 Buy
BB BlackBerry Ltd 2 2 6 0 0 0 3.6000 3.5455 Outperform
IAG Iamgold Corp 6 5 4 0 0 0 4.1333 4.0000 Outperform
IRT Independence Realty Trust Inc 1 0 1 0 0 0 4.0000 3.6667 Outperform
CIO City Office REIT Inc 4 0 0 0 0 0 5.0000 4.6000 Buy
Toronto Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
BB BlackBerry Ltd 2 2 6 0 0 0 3.6000 3.5455 Outperform
IMG Iamgold Corp 6 5 4 0 0 0 4.1333 4.0000 Outperform
NASDAQ
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
NVDA NVIDIA Corp 10 0 1 0 0 0 4.8182 4.6364 Buy
AMAT Applied Materials Inc 4 1 2 0 0 0 4.2857 4.1250 Outperform
ZLAB Zai Lab Ltd 1 0 0 0 0 0 5.0000 0.0000 Buy
LBAI Lakeland Bancorp Inc 1 0 1 0 0 0 4.0000 3.0000 Outperform
VCEL Vericel Corp 1 0 0 0 0 0 5.0000 3.0000 Buy
CFMS Conformis Inc 2 0 0 0 0 0 5.0000 4.0000 Buy

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

NVDA:NAS NVIDIA

http://www.nvidia.com
NVIDIA has 11528 employees and is headquartered in United States.
NVIDIA Corp is a developer of graphics processing unit. It caters to areas like gaming, professional visualization, datacenter and automobiles.

AMAT:NAS Applied Materials

http://www.appliedmaterials.com
Applied Materials has 21000 employees and is headquartered in United States.
Applied Materials Inc is a supplier of semiconductor manufacturing equipment. It provides manufacturing equipment, services and software to the semiconductor, flat panel display, solar photovoltaic and related industries.

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The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. You should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment decision.

Alphabet (GOOG:NAS) and Netflix (NFLX:NAS) Are Undervalued

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Undervalued Stocks on NASDAQ

Today we are looking at companies that are considered undervalued based on the Analyst data in the StockCalc database.

In the table below we can see the close price and target price for these companies along with the number of analysts covering the stock. We also have included the fiscal year for the target price as sometimes these analyst targets are not for the current or even the next fiscal year.

There can be a number of reasons why a company would be on this list. What is particularly interesting are companies with a large analyst following that make this list. We need to dig deeper into these companies to understand why the difference in price versus target.

Today’s Data on NASDAQ

Today’s data is for companies listed on the NASDAQ.

Symbol Name Target Year Close Price Target Price Mean Currency Target Price # of Estimates
AMZN Amazon.com Inc 2019 1632.170000 2178.6360 USD 11
GOOG Alphabet Inc 2019 1070.520000 1361.0000 USD 10
GOOGL Alphabet Inc 2019 1078.630000 1361.0000 USD 10
NFLX Netflix Inc 2019 325.160000 396.1000 USD 10
NVDA NVIDIA Corp 2020 148.770000 247.2222 USD 9
BKNG Booking Holdings Inc 2019 1708.980000 2213.0000 USD 5
CHTR Charter Communications Inc 2019 284.970000 357.8000 USD 5
ILMN Illumina Inc 2019 303.620000 365.0000 USD 3
EQIX Equinix Inc 2019 371.010000 480.6667 USD 3
LRCX Lam Research Corp 2019 139.890000 212.1667 USD 6
ALGN Align Technology Inc 2019 216.160000 282.0000 USD 3
MELI MercadoLibre Inc 2019 330.860000 398.5000 USD 2
SIVB SVB Financial Group 2019 225.740000 308.3333 USD 3
ULTI The Ultimate Software Group Inc 2019 265.050000 326.6667 USD 3
SRPT Sarepta Therapeutics Inc 2019 120.280000 200.8000 USD 5
TLRY Tilray Inc 2019 72.800000 200.0000 USD 1
SAGE Sage Therapeutics Inc 2019 137.290000 213.3333 USD 3
STMP Stamps.com Inc 2019 175.790000 260.0000 USD 1
COHR Coherent Inc 2019 113.240000 214.5000 USD 2
GBT Global Blood Therapeutics Inc 2019 47.820000 109.3333 USD 3
LGND Ligand Pharmaceuticals Inc 2019 112.910000 238.0000 USD 2
WTW Weight Watchers International Inc 2019 32.330000 99.3333 USD 3
MDGL Madrigal Pharmaceuticals Inc 2019 113.720000 301.6667 USD 3
ALBO Albireo Pharma Inc 2019 24.040000 86.0000 USD 1
CATB Catabasis Pharmaceuticals Inc 2019 6.250000 77.0000 USD 1

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

GOOG:NAS Alphabet

https://www.abc.xyz
Alphabet has 94372 employees and is headquartered in United States.
Alphabet Inc is a provider of internet content products and portals. Its suite of brands includes Search, Android, YouTube, Apps, Maps & Ads.

NFLX:NAS Netflix

http://www.netflix.com
Netflix has 5500 employees and is headquartered in United States.
Netflix Inc provides multimedia content through the internet. It provides a subscription based platform for television shows, movies and original series.

Free Valuation

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The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. You should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment decision.

NVIDIA (NVDA:NAS) and Charter Communications (CHTR:NAS) Are Undervalued

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I have used the analysis tools on the website stockcalc.com to generate some of the content of this blog post. These tools and reports are available for free at www.stockcalc.com/TopPicks.aspx.

Undervalued Stocks on NASDAQ

Today we are looking at companies that are considered undervalued based on the Analyst data in the StockCalc database.

In the table below we can see the close price and target price for these companies along with the number of analysts covering the stock. We also have included the fiscal year for the target price as sometimes these analyst targets are not for the current or even the next fiscal year.

There can be a number of reasons why a company would be on this list. What is particularly interesting are companies with a large analyst following that make this list. We need to dig deeper into these companies to understand why the difference in price versus target.

Today’s Data on NASDAQ

Today’s data is for companies listed on the NASDAQ.

Symbol Name Target Year Close Price Target Price Mean Currency Target Price # of Estimates
AMZN Amazon.com Inc 2019 1674.560000 2178.6360 USD 11
GOOG Alphabet Inc 2019 1077.150000 1361.0000 USD 10
GOOGL Alphabet Inc 2019 1086.510000 1361.0000 USD 10
NVDA NVIDIA Corp 2020 149.870000 247.2222 USD 9
BKNG Booking Holdings Inc 2019 1698.310000 2213.0000 USD 5
CHTR Charter Communications Inc 2019 294.000000 357.8000 USD 5
ISRG Intuitive Surgical Inc 2019 515.460000 581.6667 USD 6
ILMN Illumina Inc 2019 305.480000 365.0000 USD 3
EQIX Equinix Inc 2019 382.980000 480.6667 USD 3
LRCX Lam Research Corp 2019 140.000000 212.1667 USD 6
ALGN Align Technology Inc 2019 195.050000 308.0000 USD 2
SIVB SVB Financial Group 2019 218.710000 308.3333 USD 3
ULTI The Ultimate Software Group Inc 2019 262.180000 326.6667 USD 3
TLRY Tilray Inc 2019 82.880000 200.0000 USD 1
SRPT Sarepta Therapeutics Inc 2019 118.730000 203.0000 USD 5
IPGP IPG Photonics Corp 2019 125.900000 185.4000 USD 5
SAGE Sage Therapeutics Inc 2019 131.940000 215.0000 USD 3
STMP Stamps.com Inc 2019 172.510000 260.0000 USD 1
COHR Coherent Inc 2019 114.480000 214.5000 USD 2
GBT Global Blood Therapeutics Inc 2019 46.760000 109.3333 USD 3
LGND Ligand Pharmaceuticals Inc 2019 131.770000 238.0000 USD 2
WTW Weight Watchers International Inc 2019 33.260000 99.3333 USD 3
MDGL Madrigal Pharmaceuticals Inc 2019 115.050000 301.6667 USD 3
ALBO Albireo Pharma Inc 2019 24.190000 86.0000 USD 1
CATB Catabasis Pharmaceuticals Inc 2019 5.500000 77.0000 USD 1

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

NVDA:NAS NVIDIA

http://www.nvidia.com
NVIDIA has 11528 employees and is headquartered in United States.
NVIDIA Corp is a developer of graphics processing unit. It caters to areas like gaming, professional visualization, datacenter and automobiles.

CHTR:NAS Charter Communications

http://www.charter.com
Charter Communications has 94800 employees and is headquartered in United States.
Charter Communications Inc is a providers of cable services in the United States. The company offers entertainment, information and communications solutions to residential and commercial customers.

Free Valuation

Run a valuation on any of the companies listed above at www.stockcalc.com/valureport.aspx or subscribe at our Stockcalc Facebook Page to receive this list each day Stockcalc Reports.

The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. You should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment decision.

Xilinx (XLNX:NAS) Fundamental Valuation Report

Fundamental Valuation Report

Xilinx(XLNX:NAS)

Technology:Semiconductors

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$91.21 (USD) 15/01/2019

Weighted Valuation
$93.48 (USD)

Overall Rating
Fairly valued to slightly Undervalued by 2.5%

Valuation Models Analyst Consensus: $95.00 (USD)
(in order of importance) Comparables: $91.21 (USD)
Valuation Methods This company is:
Cash Flow: Overvalued on a Cash Flow Valuation
Comparable Company: Fairly valued on a Comparable Valuation
Asset: Overvalued on an Asset Valuation

Company Overview (XLNX:NAS USD)

Price 91.21
Range 90.86 – 92.51
52 week 62.82 – 94.63
Open 91.18
Vol / Avg. 1.96M/2.68M
Mkt cap 23.08B
P/E 36.32
Div/yield 1.40/0.02
EPS 1.99
Shares 253.04M
Beta 0.90

Company Description

Founded in 1984, Xilinx is the top designer of programmable logic devices by market share. Its chips are critical in the performance of various devices in the communications, data processing, industrial, consumer, and automotive markets. Xilinx designs and sells chips, but it outsources manufacturing to third-party chip foundries such as United Microelectronics.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for XLNX:NAS

Using a discounted cash flow model we generated an intrinsic value of $56.93 (USD) for XLNX:NAS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

XLNX:NAS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $56.93 1% 5% 1% 5%
WACC (or Ke) 7.37 $73.01 $46.24
Terminal Growth Rate 2.40 $47.24 $71.51
Tax Rate 0.32 $61.27 $52.60
Cash Flow 1,210,060,800 $53.92 $59.95
Capital Expenditures -36,107,800 $56.84 $57.02
Long Term Debt 1,586,106,000 $57.25 $56.62

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $91.21 (USD) for XLNX:NAS. We also generated a valuation of $83.22 (USD) using other metrics and comparables.
The comparable companies were Analog Devices (ADI:NAS), Maxim Integrated Products (MXIM:NAS), NVIDIA (NVDA:NAS), Qualcomm (QCOM:NAS) and Skyworks Solutions (SWKS:NAS).

Company XLNX:NAS End Date Value
Earnings/Share $2.32 (USD)
Book Value/Share $9.66 (USD)
Sales/Share $10.76 (USD)
Cash Flow/Share $3.60 (USD)
EBITDA/Share $3.51 (USD)
Price Based on Comps Adjustment Factor (%)
$47.03 (USD) -54.6
$185.69 (USD) 40.4
$52.62 (USD) 44.7
$52.39 (USD) -5.6
$51.88 (USD) -6.7
XLNX:NAS Ratios Used Average Values ADI:NAS MXIM:NAS NVDA:NAS QCOM:NAS SWKS:NAS
36.71 PE Ratio 20.27 21.62 28.25 17.85 0.00 13.38
8.82 PB Ratio 19.22 2.89 7.37 8.59 74.34 2.90
7.92 PS Ratio 4.89 5.19 5.69 6.74 3.66 3.17
23.67 PCF Ratio 16.43 13.18 17.94 19.91 21.38 9.74
19.97 EV to EBITDA 14.79 13.86 12.29 15.33 25.78 6.71

Multiples

Using a multiples approach we generated a valuation of  $59.56 (USD) for XLNX:NAS

Company XLNX:NAS End Date Value
Earnings/Share $2.32 (USD)
Book Value/Share $9.66 (USD)
Sales/Share $10.76 (USD)
Cash Flow/Share $3.60 (USD)
EBITDA/Share $3.51 (USD)
Price Based on Comps Adjustment Factor
$58.43 (USD) 0
$52.17 (USD) 0
$68.89 (USD) 0
$64.87 (USD) 0
$53.45 (USD) 0
Ratios Ratio Average
PE Ratio 25.18
PB Ratio 5.40
PS Ratio 6.40
PCF Ratio 18.03
EV to EBITDA 15.24

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  XLNX:NAS for the last 10 years was  5.24

We ran the Adjusted Book Value for  XLNX:NAS and generated a book value of  $9.65 (USD)
By multiplying these we get an adjusted valuation of  $50.60 (USD)

Analyst Data

In the Stockcalc database there are 3 analysts that provide a valuation for XLNX:NAS. The 3 analysts have a concensus valuation for XLNX:NAS for 2020 of $95.00 (USD).

XLNX:NAS Xilinx

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
3 1 0 4.0000 Outperform 2019-1-14

Current Price: 91.21 USD

Analyst Consensus
USD Millions 2019 2020 2021
Mean EPS 3.27 3.66 4.12
# EPS Analysts 5 5 2
Mean Revenue 2,979.30 3,236.60 3,568.60
# Revenue Analysts 4 4 2
Mean Target Price 95.00
Mean Cash Flow 3.77 4.31
Mean EBITDA 977.90 1,059.70 1,181.70
Mean Net Income 833.00 923.70 700.60
Mean Debt Outstanding 908.90 240.30
Mean Tax Rate 10.50 11.50 11.50
Mean Growth Rate 15.85
Mean Capital Expenditure 64.70 67.50

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.


Broadcom (AVGO:NAS) Fundamental Valuation Report

Fundamental Valuation Report

Broadcom(AVGO:NAS)

Technology:Semiconductors

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$254.28 (USD) 31/12/2018

Weighted Valuation
$301.67 (USD)

Overall Rating
Undervalued by 18.6%

Valuation Models Analyst Consensus: $301.67 (USD)
(in order of importance)
Valuation Methods This company is:
Cash Flow: Undervalued on a Cash Flow Valuation
Comparable Company: Undervalued on a Comparable Valuation
Asset: Undervalued on an Asset Valuation

Company Overview (AVGO:NAS USD)

Price 254.28
Range 250.95 – 258.50
52 week 202.46 – 272.27
Open 257.83
Vol / Avg. 2.66M/5.24M
Mkt cap 103.56B
P/E 9.23
Div/yield 7.00/0.03
EPS 28.44
Shares 407.27M
Beta 1.01

Company Description

Broadcom Inc operates in the semiconductor industry. The company designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. It develops semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor. The group’s product offering include Amplifiers, Demo boards, Diodes, Fbar devices, Transistor, Optical sensors and software development kits among others.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for AVGO:NAS

Using a discounted cash flow model we generated an intrinsic value of $2,792.37 (USD) for AVGO:NAS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

AVGO:NAS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $2,792.37 1% 5% 1% 5%
WACC (or Ke) 8.58 $3,440.83 $2,341.53
Terminal Growth Rate 3.00 $2,383.94 $3,379.20
Tax Rate -1.78 $2,843.62 $2,741.11
Cash Flow 27,172,764,301 $2,648.50 $2,936.24
Capital Expenditures -526,800,000 $2,790.33 $2,794.40
Long Term Debt 13,715,000,000 $2,794.05 $2,790.68

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $410.80 (USD) for AVGO:NAS. We also generated a valuation of $206.22 (USD) using other metrics and comparables.
The comparable companies were Analog Devices (ADI:NAS), Intel (INTC:NAS), NVIDIA (NVDA:NAS), Qualcomm (QCOM:NAS) and Texas Instruments (TXN:NAS).

Company AVGO:NAS End Date Value
Earnings/Share $28.44 (USD)
Book Value/Share $65.45 (USD)
Sales/Share $48.37 (USD)
Cash Flow/Share $20.60 (USD)
EBITDA/Share $21.47 (USD)
Price Based on Comps Adjustment Factor (%)
$528.11 (USD) -20.5
$378.22 (USD) 68.1
$239.66 (USD) 34.8
$270.44 (USD) 10.4
$316.05 (USD) 20.5
AVGO:NAS Ratios Used Average Values ADI:NAS INTC:NAS NVDA:NAS QCOM:NAS TXN:NAS
8.93 PE Ratio 18.57 21.62 14.57 17.85 0.00 20.24
3.88 PB Ratio 19.49 2.89 3.00 8.59 74.34 8.63
5.26 PS Ratio 4.95 5.19 3.22 6.74 3.66 5.97
12.34 PCF Ratio 15.10 13.18 7.48 19.91 21.38 13.54
12.62 EV to EBITDA 14.72 13.86 6.96 15.33 25.78 11.67

Multiples

Using a multiples approach we generated a valuation of  $527.48 (USD) for AVGO:NAS

Company AVGO:NAS End Date Value
Earnings/Share $28.44 (USD)
Book Value/Share $65.45 (USD)
Sales/Share $48.37 (USD)
Cash Flow/Share $20.60 (USD)
EBITDA/Share $21.47 (USD)
Price Based on Comps Adjustment Factor
$1,154.95 (USD) 0
$362.98 (USD) 0
$286.55 (USD) 0
$402.55 (USD) 0
$430.35 (USD) 0
Ratios Ratio Average
PE Ratio 40.61
PB Ratio 5.55
PS Ratio 5.92
PCF Ratio 19.54
EV to EBITDA 20.04

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  AVGO:NAS for the last 9 years was  5.30

We ran the Adjusted Book Value for  AVGO:NAS and generated a book value of  $65.34 (USD)
By multiplying these we get an adjusted valuation of  $346.17 (USD)

Analyst Data

In the Stockcalc database there are 9 analysts that provide a valuation for AVGO:NAS. The 9 analysts have a concensus valuation for AVGO:NAS for 2019 of $301.67 (USD).

AVGO:NAS Broadcom

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
10 2 0 4.6154 Buy 2018-12-31

Current Price: 254.28 USD

Analyst Consensus
USD Millions 2019 2020 2021
Mean EPS 24.02 26.56 30.54
# EPS Analysts 10 8 1
Mean Revenue 24,492.30 26,099.70 108,576.80
# Revenue Analysts 7 6 2
Mean Target Price 301.67
Mean Cash Flow 27.35 28.37 40.65
Mean EBITDA 11,217.30 12,047.90 13,454.50
Mean Net Income 10,381.70 11,571.30 13,628.80
Mean Debt Outstanding 24,745.70 19,368.40
Mean Tax Rate 11.00 11.00
Mean Growth Rate 14.11
Mean Capital Expenditure 649.20 588.00 566.10

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.