Skyworks Solutions Inc Valuation – March 2019 #SWKS

Company Profile (excerpt from Reuters): Skyworks Solutions Inc., incorporated on June 10, 2002, designs, develops, manufactures and markets semiconductor products, including intellectual property. The Company’s analog semiconductors connect people, places, and things, spanning various unimagined applications within the automotive, broadband, cellular infrastructure, connected home, industrial, medical, military, smartphone, tablet and wearable markets. The Company’s geographical segments include the United States, Other Americas, China, Taiwan, South Korea, Other Asia-Pacific, Europe, Middle East and Africa. The Company operates throughout the world with engineering, manufacturing, sales and service facilities throughout Asia, Europe and North America. The Company is engaged with key original equipment manufacturers (OEM), smartphone providers and baseband reference design partners. The Company’s plants are located in Mexico, Singapore, the United States, Japan, and Rest of world. The Company offers its technology from the smartphones to the factory floor to hospitals and medical providers to the automated home, connected car, and wearables. Skyworks is enabling opportunities with solutions supporting a set of wireless protocols, including cellular long-term evolution (LTE), wireless fidelity (Wi-Fi), Bluetooth, Zigbee and emerging fifth generation (5G) standards.

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of SWKS – March 2019

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $14,356,881,784 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 6.18 Pass
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 460.20% Pass
6. Moderate PEmg Ratio PEmg < 20 15.02 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 3.63 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 6.18 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.00 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

 

Stage 2: Determination of Intrinsic Value

EPSmg $5.49
MG Growth Estimate 15.00%
MG Value $211.44
Opinion Undervalued
MG Grade B-
MG Value based on 3% Growth $79.63
MG Value based on 0% Growth $46.68
Market Implied Growth Rate 3.26%
Current Price $82.48
% of Intrinsic Value 39.01%

Skyworks Solutions Inc is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the poor dividend history, and the high PB ratio. The Enterprising Investor has no initial concerns. As a result, all Enterprising Investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $2.51 in 2015 to an estimated $5.49 for 2019. This level of demonstrated earnings growth outpaces the market’s implied estimate of 3.26% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value above the price.

At the time of valuation, further research into Skyworks Solutions Inc revealed the company was trading above its Graham Number of $57.35. The company pays a dividend of $1.34 per share, for a yield of 1.6% Its PEmg (price over earnings per share – ModernGraham) was 15.02, which was below the industry average of 35.5, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $8.49.

Skyworks Solutions Inc performs fairly well in the ModernGraham grading system, scoring a B-.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) $8.49
Graham Number $57.35
PEmg 15.02
Current Ratio 6.18
PB Ratio 3.63
Current Dividend $1.34
Dividend Yield 1.62%
Number of Consecutive Years of Dividend Growth 5

 

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2018
Total Current Assets $2,208,500,000
Total Current Liabilities $357,300,000
Long-Term Debt $0
Total Assets $4,738,900,000
Intangible Assets $1,319,900,000
Total Liabilities $700,600,000
Shares Outstanding (Diluted Average) 177,700,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $6.33
Sep2018 $5.01
Sep2017 $5.41
Sep2016 $5.18
Sep2015 $4.10
Sep2014 $2.38
Sep2013 $1.45
Sep2012 $1.05
Sep2011 $1.19
Sep2010 $0.75
Sep2009 $0.56
Sep2008 $0.68
Sep2007 $0.36
Sep2006 -$0.55
Sep2005 $0.16
Sep2004 $0.15
Sep2003 -$3.24
Mar2002 -$0.42
Mar2001 $0.75
Mar2000 $0.21
Mar1999 $0.27

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $5.49
Sep2018 $4.85
Sep2017 $4.42
Sep2016 $3.56
Sep2015 $2.51
Sep2014 $1.60
Sep2013 $1.14
Sep2012 $0.94
Sep2011 $0.82
Sep2010 $0.55
Sep2009 $0.38
Sep2008 $0.24
Sep2007 -$0.19
Sep2006 -$0.57
Sep2005 -$0.56
Sep2004 -$0.78
Sep2003 -$1.00

Recommended Reading:

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Skyworks Solutions Inc Valuation – June 2018 $SWKS
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Skyworks Solutions Inc Valuation – August 2016 $SWKS
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Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Stanley Black & Decker Inc Valuation – March 2019 #SWK

Company Profile (excerpt from Reuters): Stanley Black & Decker, Inc., incorporated on June 4, 1901, is a global provider of hand tools, power tools and related accessories, mechanical access solutions, such as automatic doors and commercial locking systems, electronic security and monitoring systems, healthcare solutions, engineered fastening systems and products and services for various industrial applications. The Company’s segments include Tools & Storage, Security and Industrial. Its Tools & Storage segment consists of the power tools and hand tools, accessories and storage (HTAS) businesses. Its Security segment consists of the convergent security solutions (CSS) and mechanical access solutions (MAS) businesses. Its Industrial segment consists of the engineered fastening and infrastructure businesses. It offers brands, such as Newell Tools and Craftsman, Irwin, Lenox and Craftsman.

Downloadable PDF version of this valuation:

ModernGraham Valuation of SWK – March 2019

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $20,328,758,300 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.14 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 92.73% Pass
6. Moderate PEmg Ratio PEmg < 20 19.98 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.57 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 1.14 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 6.73 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

 

Stage 2: Determination of Intrinsic Value

EPSmg $6.72
MG Growth Estimate 6.05%
MG Value $138.47
Opinion Fairly Valued
MG Grade C
MG Value based on 3% Growth $97.45
MG Value based on 0% Growth $57.13
Market Implied Growth Rate 5.74%
Current Price $134.27
% of Intrinsic Value 96.97%

Stanley Black & Decker, Inc. does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, high PB ratio. The Enterprising Investor has concerns regarding the level of debt relative to the current assets. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Fairly Valued after growing its EPSmg (normalized earnings) from $4.79 in 2015 to an estimated $6.72 for 2019. This level of demonstrated earnings growth supports the market’s implied estimate of 5.74% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value within a margin of safety relative to the price.

At the time of valuation, further research into Stanley Black & Decker, Inc. revealed the company was trading above its Graham Number of $93.99. The company pays a dividend of $2.58 per share, for a yield of 1.9% Its PEmg (price over earnings per share – ModernGraham) was 19.98, which was below the industry average of 26.53, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-46.69.

Stanley Black & Decker, Inc. receives an average overall rating in the ModernGraham grading system, scoring a C.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$46.69
Graham Number $93.99
PEmg 19.98
Current Ratio 1.14
PB Ratio 2.57
Current Dividend $2.58
Dividend Yield 1.92%
Number of Consecutive Years of Dividend Growth 20

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2018
Total Current Assets $4,569,400,000
Total Current Liabilities $4,001,600,000
Long-Term Debt $3,819,800,000
Total Assets $19,408,000,000
Intangible Assets $12,441,200,000
Total Liabilities $11,568,100,000
Shares Outstanding (Diluted Average) 149,897,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $8.37
Dec2018 $3.99
Dec2017 $8.05
Dec2016 $6.53
Dec2015 $5.79
Dec2014 $4.76
Dec2013 $3.09
Dec2012 $5.30
Dec2011 $3.97
Dec2010 $1.32
Dec2009 $2.79
Dec2008 $3.84
Dec2007 $4.00
Dec2006 $3.46
Dec2005 $3.16
Dec2004 $4.36
Dec2003 $1.27
Dec2002 $2.10
Dec2001 $1.81
Dec2000 $2.22
Dec1999 $1.67

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $6.72
Dec2018 $5.87
Dec2017 $6.42
Dec2016 $5.44
Dec2015 $4.79
Dec2014 $4.09
Dec2013 $3.60
Dec2012 $3.72
Dec2011 $3.01
Dec2010 $2.72
Dec2009 $3.43
Dec2008 $3.75
Dec2007 $3.55
Dec2006 $3.18
Dec2005 $2.87
Dec2004 $2.60
Dec2003 $1.75

Recommended Reading:

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Best Dividend Paying Stocks for Dividend Growth Investors – February 2019
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Best Dividend Paying Stocks for Dividend Growth Investors – June 2018
Stanley Black & Decker Inc Valuation – June 2018 $SWK
Best Dividend Paying Stocks for Dividend Growth Investors – August 2017

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Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Skyworks Solutions Inc Valuation – June 2018 $SWKS

Company Profile (excerpt from Reuters): Skyworks Solutions Inc., incorporated on June 10, 2002, designs, develops, manufactures and markets semiconductor products, including intellectual property. The Company’s analog semiconductors connect people, places, and things, spanning various unimagined applications within the automotive, broadband, cellular infrastructure, connected home, industrial, medical, military, smartphone, tablet and wearable markets. The Company’s geographical segments include the United States, Other Americas, China, Taiwan, South Korea, Other Asia-Pacific, Europe, Middle East and Africa. The Company operates throughout the world with engineering, manufacturing, sales and service facilities throughout Asia, Europe and North America. The Company is engaged with key original equipment manufacturers (OEM), smartphone providers and baseband reference design partners. The Company’s plants are located in Mexico, Singapore, the United States, Japan, and Rest of world. The Company offers its technology from the smartphones to the factory floor to hospitals and medical providers to the automated home, connected car, and wearables. Skyworks is enabling opportunities with solutions supporting a set of wireless protocols, including cellular long-term evolution (LTE), wireless fidelity (Wi-Fi), Bluetooth, Zigbee and emerging fifth generation (5G) standards.

SWKS Chart

SWKS data by YCharts

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of SWKS – June 2018

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $17,674,833,995 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 8.83 Pass
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 603.20% Pass
6. Moderate PEmg Ratio PEmg < 20 17.66 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 4.41 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 8.83 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.00 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

 

Stage 2: Determination of Intrinsic Value

EPSmg $5.51
MG Growth Estimate 15.00%
MG Value $212.29
Opinion Undervalued
MG Grade B-
MG Value based on 3% Growth $79.95
MG Value based on 0% Growth $46.87
Market Implied Growth Rate 4.58%
Current Price $97.38
% of Intrinsic Value 45.87%

Skyworks Solutions Inc is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the poor dividend history, and the high PB ratio. The Enterprising Investor has no initial concerns. As a result, all Enterprising Investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $1.6 in 2014 to an estimated $5.51 for 2018. This level of demonstrated earnings growth outpaces the market’s implied estimate of 4.58% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value above the price.

At the time of valuation, further research into Skyworks Solutions Inc revealed the company was trading above its Graham Number of $59.1. The company pays a dividend of $1.16 per share, for a yield of 1.2% Its PEmg (price over earnings per share – ModernGraham) was 17.66, which was below the industry average of 55.37, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $11.59.

Skyworks Solutions Inc performs fairly well in the ModernGraham grading system, scoring a B-.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) $11.59
Graham Number $59.10
PEmg 17.66
Current Ratio 8.83
PB Ratio 4.41
Current Dividend $1.16
Dividend Yield 1.19%
Number of Consecutive Years of Dividend Growth 4

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 3/1/2018
Total Current Assets $2,810,900,000
Total Current Liabilities $318,500,000
Long-Term Debt $0
Total Assets $4,745,100,000
Intangible Assets $945,700,000
Total Liabilities $674,900,000
Shares Outstanding (Diluted Average) 184,300,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $6.99
Sep2017 $5.41
Sep2016 $5.18
Sep2015 $4.10
Sep2014 $2.38
Sep2013 $1.45
Sep2012 $1.05
Sep2011 $1.19
Sep2010 $0.75
Sep2009 $0.56
Sep2008 $0.68
Sep2007 $0.36
Sep2006 -$0.55
Sep2005 $0.16
Sep2004 $0.15
Sep2003 -$3.24
Mar2002 -$0.42
Mar2001 $0.75
Mar2000 $0.42
Mar1999 $0.54
Mar1998 $0.33

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $5.51
Sep2017 $4.42
Sep2016 $3.56
Sep2015 $2.51
Sep2014 $1.60
Sep2013 $1.14
Sep2012 $0.94
Sep2011 $0.82
Sep2010 $0.55
Sep2009 $0.38
Sep2008 $0.24
Sep2007 -$0.19
Sep2006 -$0.57
Sep2005 -$0.56
Sep2004 -$0.77
Sep2003 -$0.95
Mar2002 $0.24

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Other ModernGraham posts about the company

Skyworks Solutions Inc Valuation – April 2017 $SWKS
21 Best Undervalued Stocks of the Week – 8/27/16
Skyworks Solutions Inc Valuation – August 2016 $SWKS
Skyworks Solutions Inc Stock Valuation – February 2016 $SWKS
10 Best Stocks For Value Investors This Week – 10/31/15

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Micron Technology Inc Valuation – May 2018 $MU
Amphenol Corp Valuation – May 2018 $APH
Xilinx Inc Valuation – May 2018 $XLNX
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Texas Instruments Inc Valuation – May 2018 $TXN

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Stanley Black & Decker Inc Valuation – June 2018 $SWK

Company Profile (excerpt from Reuters): Stanley Black & Decker, Inc., incorporated on June 4, 1901, is a global provider of hand tools, power tools and related accessories, mechanical access solutions, such as automatic doors and commercial locking systems, electronic security and monitoring systems, healthcare solutions, engineered fastening systems and products and services for various industrial applications. The Company’s segments include Tools & Storage, Security and Industrial. Its Tools & Storage segment consists of the power tools and hand tools, accessories and storage (HTAS) businesses. Its Security segment consists of the convergent security solutions (CSS) and mechanical access solutions (MAS) businesses. Its Industrial segment consists of the engineered fastening and infrastructure businesses. It offers brands, such as Newell Tools and Craftsman, Irwin, Lenox and Craftsman.

SWK Chart

SWK data by YCharts

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of SWK – June 2018

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $20,831,808,690 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.06 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 183.42% Pass
6. Moderate PEmg Ratio PEmg < 20 18.45 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.46 Pass
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 1.06 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 10.56 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

 

Stage 2: Determination of Intrinsic Value

EPSmg $7.32
MG Growth Estimate 11.85%
MG Value $235.72
Opinion Undervalued
MG Grade A-
MG Value based on 3% Growth $106.12
MG Value based on 0% Growth $62.21
Market Implied Growth Rate 4.97%
Current Price $135.00
% of Intrinsic Value 57.27%

Stanley Black & Decker, Inc. qualifies for both the Defensive Investor and the Enterprising Investor. The Defensive Investor is only initially concerned with the low current ratio. The Enterprising Investor has concerns regarding the level of debt relative to the current assets. As a result, all value investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $4.09 in 2014 to an estimated $7.32 for 2018. This level of demonstrated earnings growth outpaces the market’s implied estimate of 4.97% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value above the price.

At the time of valuation, further research into Stanley Black & Decker, Inc. revealed the company was trading above its Graham Number of $95.94. The company pays a dividend of $2.42 per share, for a yield of 1.8% Its PEmg (price over earnings per share – ModernGraham) was 18.45, which was below the industry average of 28.31, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-40.05.

Stanley Black & Decker, Inc. fares extremely well in the ModernGraham grading system, scoring an A-.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$40.05
Graham Number $95.94
PEmg 18.45
Current Ratio 1.06
PB Ratio 2.46
Current Dividend $2.42
Dividend Yield 1.79%
Number of Consecutive Years of Dividend Growth 20

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 3/1/2018
Total Current Assets $5,077,900,000
Total Current Liabilities $4,810,200,000
Long-Term Debt $2,827,600,000
Total Assets $19,683,200,000
Intangible Assets $12,325,100,000
Total Liabilities $11,241,400,000
Shares Outstanding (Diluted Average) 153,905,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $8.35
Dec2017 $8.04
Dec2016 $6.51
Dec2015 $5.79
Dec2014 $4.76
Dec2013 $3.09
Dec2012 $5.30
Dec2011 $3.97
Dec2010 $1.32
Dec2009 $2.79
Dec2008 $3.84
Dec2007 $4.00
Dec2006 $3.46
Dec2005 $3.16
Dec2004 $4.36
Dec2003 $1.27
Dec2002 $2.10
Dec2001 $1.81
Dec2000 $2.22
Dec1999 $1.67
Dec1998 $1.53

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $7.32
Dec2017 $6.41
Dec2016 $5.43
Dec2015 $4.79
Dec2014 $4.09
Dec2013 $3.60
Dec2012 $3.72
Dec2011 $3.01
Dec2010 $2.72
Dec2009 $3.43
Dec2008 $3.75
Dec2007 $3.55
Dec2006 $3.18
Dec2005 $2.87
Dec2004 $2.60
Dec2003 $1.75
Dec2002 $1.95

Recommended Reading:

Other ModernGraham posts about the company

Best Dividend Paying Stocks for Dividend Growth Investors – August 2017
Stanley Black & Decker Inc Valuation – April 2017 $SWK
Stanley Black & Decker Inc Valuation – January 2016 Update $SWK
26 Companies in the Spotlight This Week – 12/13/14
Stanley Black & Decker Inc. Annual Valuation – 2014 $SWK

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Arconic Inc Valuation – April 2018 $ARNC
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Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Skyworks Solutions Inc Valuation – April 2017 $SWKS

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – March 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Skyworks Solutions Inc (SWKS) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Skyworks Solutions Inc. designs, develops, manufactures and markets semiconductor products, including intellectual property. The Company’s analog semiconductors are connecting people, places, and things, spanning a number of new and unimagined applications within the automotive, broadband, cellular infrastructure, connected home, industrial, medical, military, smartphone, tablet and wearable markets. Its geographical segments include the United States, Other Americas, China, Taiwan, South Korea, Other Asia-Pacific, Europe, Middle East and Africa. It operates throughout the world with engineering, manufacturing, sales and service facilities throughout Asia, Europe and North America. It is engaged with key original equipment manufacturers (OEM), smartphone providers and baseband reference design partners. Its product portfolio consists of various solutions, including amplifiers, attenuators, detectors, diodes, filters, front-end modules, hybrid, mixers, switches, and modulators.

SWKS Chart

SWKS data by YCharts

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ModernGraham Valuation of SWKS – April 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $17,758,044,000 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 7.25 Pass
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 670.85% Pass
6. Moderate PEmg Ratio PEmg < 20 21.05 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 4.99 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 7.25 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.00 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg $4.64
MG Growth Estimate 15.00%
MG Value $178.46
Opinion Undervalued
MG Grade B-
MG Value based on 3% Growth $67.21
MG Value based on 0% Growth $39.40
Market Implied Growth Rate 6.28%
Current Price $97.59
% of Intrinsic Value 54.68%

Skyworks Solutions Inc is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the poor dividend history, and the high PEmg and PB ratios. The Enterprising Investor has no initial concerns. As a result, all Enterprising Investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $1.14 in 2013 to an estimated $4.64 for 2017. This level of demonstrated earnings growth outpaces the market’s implied estimate of 6.28% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value above the price.

At the time of valuation, further research into Skyworks Solutions Inc revealed the company was trading above its Graham Number of $51.83. The company pays a dividend of $1.08 per share, for a yield of 1.1% Its PEmg (price over earnings per share – ModernGraham) was 21.05, which was below the industry average of 41.95, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $9.57.

Skyworks Solutions Inc performs fairly well in the ModernGraham grading system, scoring a B-.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) $9.57
Graham Number $51.83
PEmg 21.05
Current Ratio 7.25
PB Ratio 4.99
Current Dividend $1.08
Dividend Yield 1.11%
Number of Consecutive Years of Dividend Growth 4

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Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2016
Total Current Assets $2,198,500,000
Total Current Liabilities $303,400,000
Long-Term Debt $0
Total Assets $4,065,700,000
Intangible Assets $955,300,000
Total Liabilities $405,400,000
Shares Outstanding (Diluted Average) 187,300,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $6.06
Sep2016 $5.18
Sep2015 $4.10
Sep2014 $2.38
Sep2013 $1.45
Sep2012 $1.05
Sep2011 $1.19
Sep2010 $0.75
Sep2009 $0.56
Sep2008 $0.68
Sep2007 $0.36
Sep2006 -$0.55
Sep2005 $0.16
Sep2004 $0.15
Sep2003 -$3.24
Mar2002 -$0.42
Mar2001 $0.75
Mar2000 $0.42
Mar1999 $0.54
Mar1998 $0.33
Mar1997 -$0.53

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $4.64
Sep2016 $3.56
Sep2015 $2.51
Sep2014 $1.60
Sep2013 $1.14
Sep2012 $0.94
Sep2011 $0.82
Sep2010 $0.55
Sep2009 $0.38
Sep2008 $0.24
Sep2007 -$0.19
Sep2006 -$0.57
Sep2005 -$0.56
Sep2004 -$0.77
Sep2003 -$0.95
Mar2002 $0.24
Mar2001 $0.48

Recommended Reading:

Other ModernGraham posts about the company

Skyworks Solutions Inc Stock Valuation – February 2016 $SWKS
10 Best Stocks For Value Investors This Week – 10/31/15
Skyworks Solutions Inc. Valuation – October 2015 Update $SWKS
The Best Stocks of the IT Hardware Industry – September 2015
The 16 Best Stocks For Value Investors This Week – 8/1/15

Other ModernGraham posts about related companies

Cypress Semiconductor Corp Valuation – Initial Coverage $CY
Littelfuse Inc Valuation – Initial Coverage $LFUS
CTS Corporation Valuation – Initial Coverage $CTS
IT Hardware Industry Review – March 2017
Garmin Ltd Valuation – March 2017 $GRMN
Hewlett Packard Enterprise Co Valuation – Initial Valuation $HPE
Fortive Corp Valuation – Initial Coverage $FTV
Analog Devices Inc Valuation – February 2017 $ADI
Micron Technology Inc Valuation – February 2017 $MU
Amphenol Corp Valuation – February 2017 $APH

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Stanley Black & Decker Inc Valuation – April 2017 $SWK

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – March 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Stanley Black & Decker Inc (SWK) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Stanley Black & Decker, Inc. is a global provider of hand tools, power tools and related accessories, mechanical access solutions, such as automatic doors and commercial locking systems, electronic security and monitoring systems, healthcare solutions, engineered fastening systems, and products and services for various industrial applications. The Company’s segments include Tools & Storage, Security and Industrial. Its Tools & Storage segment consists of the Power Tools and Hand Tools, Accessories and Storage businesses. Its Security segment consists of the Convergent Security Solutions and Mechanical Access Solutions businesses. Its Industrial segment consists of the Engineered Fastening and Infrastructure businesses. It offers brands, such as SIDCHROME, AeroScout, DEWALT, Newell Tools and Craftsman, Irwin, Lenox, Craftsman, BLACK+DECKER, SONITROL, Warren, GRIPCO, Porter-Cable, BOSTITCH and WanderGuard.

SWK Chart

SWK data by YCharts

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ModernGraham Valuation of SWK – April 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $20,249,136,453 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.71 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 143.40% Pass
6. Moderate PEmg Ratio PEmg < 20 21.83 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 3.09 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 1.71 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 1.93 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg $6.08
MG Growth Estimate 10.36%
MG Value $177.76
Opinion Undervalued
MG Grade B+
MG Value based on 3% Growth $88.23
MG Value based on 0% Growth $51.72
Market Implied Growth Rate 6.66%
Current Price $132.81
% of Intrinsic Value 74.71%

Stanley Black & Decker, Inc. is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, high PEmg and PB ratios. The Enterprising Investor is only concerned with the level of debt relative to the net current assets. As a result, all Enterprising Investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $3.6 in 2013 to an estimated $6.08 for 2017. This level of demonstrated earnings growth outpaces the market’s implied estimate of 6.66% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value above the price.

At the time of valuation, further research into Stanley Black & Decker, Inc. revealed the company was trading above its Graham Number of $81. The company pays a dividend of $2.26 per share, for a yield of 1.7% Its PEmg (price over earnings per share – ModernGraham) was 21.83, which was below the industry average of 24.17, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-30.22.

Stanley Black & Decker, Inc. performs fairly well in the ModernGraham grading system, scoring a B+.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$30.22
Graham Number $81.00
PEmg 21.83
Current Ratio 1.71
PB Ratio 3.09
Current Dividend $2.26
Dividend Yield 1.70%
Number of Consecutive Years of Dividend Growth 20

[/not-level-free]

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2016
Total Current Assets $4,788,500,000
Total Current Liabilities $2,807,500,000
Long-Term Debt $3,815,300,000
Total Assets $15,634,900,000
Intangible Assets $9,629,200,000
Total Liabilities $9,267,900,000
Shares Outstanding (Diluted Average) 148,207,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $7.05
Dec2016 $6.51
Dec2015 $5.79
Dec2014 $4.76
Dec2013 $3.09
Dec2012 $5.30
Dec2011 $3.97
Dec2010 $1.32
Dec2009 $2.79
Dec2008 $3.84
Dec2007 $4.00
Dec2006 $3.46
Dec2005 $3.16
Dec2004 $4.36
Dec2003 $1.27
Dec2002 $2.10
Dec2001 $1.81
Dec2000 $2.22
Dec1999 $1.67
Dec1998 $1.53
Dec1997 -$0.47

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $6.08
Dec2016 $5.43
Dec2015 $4.79
Dec2014 $4.09
Dec2013 $3.60
Dec2012 $3.72
Dec2011 $3.01
Dec2010 $2.72
Dec2009 $3.43
Dec2008 $3.75
Dec2007 $3.55
Dec2006 $3.18
Dec2005 $2.87
Dec2004 $2.60
Dec2003 $1.75
Dec2002 $1.95
Dec2001 $1.70

Recommended Reading:

Other ModernGraham posts about the company

Stanley Black & Decker Inc Valuation – January 2016 Update $SWK
26 Companies in the Spotlight This Week – 12/13/14
Stanley Black & Decker Inc. Annual Valuation – 2014 $SWK

Other ModernGraham posts about related companies

Lindsay Corp Valuation – Initial Coverage $LNN
Lennox International Inc Valuation – Initial Coverage $LII
Standex Int’l Corp Valuation – Initial Coverage $SXI
Pentair PLC Valuation – March 2017 $PNR
Lincoln Electric Holdings Inc Valuation – Initial Coverage $LECO
Lydall Inc Valuation – Initial Coverage $LDL
Regal Beloit Corp Valuation – February 2017 $RBC
Snap-on Inc Valuation – February 2017 $SNA
Kennametal Inc Valuation – Initial Coverage $KMT
SPX Corporation Valuation – Initial Coverage $SPXC

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Skyworks Solutions Inc Valuation – August 2016 $SWKS

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – August 2016.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Skyworks Solutions Inc (SWKS) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Skyworks Solutions Inc. is engaged in the production of analog semiconductors. The Company supports automotive, broadband, wireless infrastructure, energy management, Global Positioning System (GPS), industrial, medical, military, wireless networking, smartphone and tablet applications. The Company’s portfolio includes amplifiers, attenuators, circulators, demodulators, detectors, diodes, directional couplers, front-end modules, hybrids, infrastructure radio frequency (RF) subsystems, isolators, lighting and display solutions, mixers, modulators, optocouplers, optoisolators, phase shifters, phase locked loops (PLLs), synthesizers, voltage controlled oscillator power dividers (VCOs), power dividers/combiners, power management devices, receivers, switches, and technical ceramics. The Company’s products include Front-end Modules and Amplifiers, Wireless Infrastructure, Power Management, Precision Analog Components, WiFi Connectivity, and Smart Energy.

SWKS Chart

SWKS data by YCharts

[level-free]
To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Recent valuations of the components of the Dow Jones Industrial Average are available for free members, including this one of Microsoft Corporation.  In addition, here is a post detailing what can be found within each individual company’s valuation.

[/level-free]
[not-level-free]

Downloadable PDF version of this valuation:

ModernGraham Valuation of SWKS – August 2016

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $13,892,452,532 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 5.99 Pass
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 634.38% Pass
6. Moderate PEmg Ratio PEmg < 20 20.78 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 4.07 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 5.99 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.00 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

SWKS value chart August 2016

EPSmg $3.59
MG Growth Estimate 15.00%
MG Value $138.19
Opinion Undervalued
MG Grade B-
MG Value based on 3% Growth $52.05
MG Value based on 0% Growth $30.51
Market Implied Growth Rate 6.14%
Current Price $74.59
% of Intrinsic Value 53.98%

Skyworks Solutions Inc is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the poor dividend history, and the high PEmg and PB ratios. The Enterprising Investor has no initial concerns. As a result, all Enterprising Investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $0.94 in 2012 to an estimated $3.59 for 2016. This level of demonstrated earnings growth outpaces the market’s implied estimate of 6.14% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value above the price.

At the time of valuation, further research into Skyworks Solutions Inc revealed the company was trading above its Graham Number of $47.14. The company pays a dividend of $1.04 per share, for a yield of 1.4% Its PEmg (price over earnings per share – ModernGraham) was 20.78, which was below the industry average of 22.64, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $8.54.

Skyworks Solutions Inc performs fairly well in the ModernGraham grading system, scoring a B-.

Stage 3: Information for Further Research

SWKS charts August 2016

Net Current Asset Value (NCAV) $8.54
Graham Number $47.14
PEmg 20.78
Current Ratio 5.99
PB Ratio 4.07
Current Dividend $1.04
Dividend Yield 1.39%
Number of Consecutive Years of Dividend Growth 3

[/not-level-free]

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 6/1/2016
Total Current Assets $2,078,100,000
Total Current Liabilities $347,000,000
Long-Term Debt $0
Total Assets $3,955,700,000
Intangible Assets $934,000,000
Total Liabilities $441,400,000
Shares Outstanding (Diluted Average) 191,700,000

Earnings Per Share History

Next Fiscal Year Estimate $5.27
Sep2015 $4.10
Sep2014 $2.38
Sep2013 $1.45
Sep2012 $1.05
Sep2011 $1.19
Sep2010 $0.75
Sep2009 $0.56
Sep2008 $0.68
Sep2007 $0.36
Sep2006 -$0.55
Sep2005 $0.16
Sep2004 $0.15
Sep2003 -$3.24
Mar2002 -$0.42
Mar2001 $0.75
Mar2000 $0.42
Mar1999 $0.54
Mar1998 $0.33
Mar1997 -$0.53
Mar1996 $0.15

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $3.59
Sep2015 $2.51
Sep2014 $1.60
Sep2013 $1.14
Sep2012 $0.94
Sep2011 $0.82
Sep2010 $0.55
Sep2009 $0.38
Sep2008 $0.24
Sep2007 -$0.19
Sep2006 -$0.57
Sep2005 -$0.56
Sep2004 -$0.77
Sep2003 -$0.95
Mar2002 $0.24
Mar2001 $0.48
Mar2000 $0.29

Recommended Reading:

Other ModernGraham posts about the company

Skyworks Solutions Inc Stock Valuation – February 2016 $SWKS
10 Best Stocks For Value Investors This Week – 10/31/15
Skyworks Solutions Inc. Valuation – October 2015 Update $SWKS
10 Best Stocks For Value Investors This Week – 10/31/15
The Best Stocks of the IT Hardware Industry – September 2015

Other ModernGraham posts about related companies

Garmin Limited Valuation – August 2016 $GRMN
Analog Devices Inc Valuation – August 2016 $ADI
Amphenol Corporation Valuation – August 2016 $APH
Agilent Technologies Inc Valuation – August 2016 $A
Texas Instruments Inc Valuation – August 2016 $TXN
Xilinx Inc Valuation – August 2016 $XLNX
Western Digital Corporation Valuation – August 2016 $WDC
Apple Inc Valuation – August 2016 $AAPL
Ametek Inc Valuation – August 2016 $AME
MTS Systems Corp Valuation – July 2016 $MTSC

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Skyworks Solutions Inc Stock Valuation – February 2016 $SWKS

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Companies Benjamin Graham Would Invest In Today – February 2016.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Skyworks Solutions Inc (SWKS) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Skyworks Solutions Inc. is engaged in the production of analog semiconductors. The Company supports automotive, broadband, wireless infrastructure, energy management, Global Positioning System (GPS), industrial, medical, military, wireless networking, smartphone and tablet applications. The Company’s portfolio includes amplifiers, attenuators, circulators, demodulators, detectors, diodes, directional couplers, front-end modules, hybrids, infrastructure radio frequency (RF) subsystems, isolators, lighting and display solutions, mixers, modulators, optocouplers, optoisolators, phase shifters, phase locked loops (PLLs), synthesizers, voltage controlled oscillator power dividers (VCOs), power dividers/combiners, power management devices, receivers, switches, and technical ceramics. The Company’s products include Front-end Modules and Amplifiers, Wireless Infrastructure, Power Management, Precision Analog Components, WiFi Connectivity, and Smart Energy.

[level-free]

To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Here is a free sample valuation pdf, and here is a post detailing what can be found within each individual company’s valuation.

[/level-free]
[not-level-free]

Downloadable PDF version of this valuation:

ModernGraham Valuation of SWKS

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $13,018,496,562 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 5.75 Pass
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 655.63% Pass
6. Moderate PEmg Ratio PEmg < 20 17.21 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 3.56 Fail
Score
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 5.75 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.00 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

SWKS value chart February 2016

EPSmg $3.70
MG Growth Estimate 15.00%
MG Value $142.55
Opinion Undervalued
MG Grade B-
MG Value based on 3% Growth $53.69
MG Value based on 0% Growth $31.47
Market Implied Growth Rate 4.35%
Current Price $63.71
% of Intrinsic Value 44.69%

Skyworks Solutions Inc is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the poor dividend history, and the high PB ratio. The Enterprising Investor has no initial concerns. As a result, all Enterprising Investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $0.94 in 2012 to an estimated $3.7 for 2016. This level of demonstrated earnings growth outpaces the market’s implied estimate of 4.35% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value above the price. Skyworks Solutions Inc performs fairly well in the ModernGraham grading system, scoring a B-.

Stage 3: Information for Further Research

SWKS charts February 2016

Net Current Asset Value (NCAV) $8.56
Graham Number $47.96
PEmg 17.21
Current Ratio 5.75
PB Ratio 3.56
Dividend Yield 1.22%
Number of Consecutive Years of Dividend Growth 3

[/not-level-free]

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information Dec2015
Total Current Assets $2,114,700,000
Total Current Liabilities $367,900,000
Long-Term Debt $0
Total Assets $3,930,500,000
Intangible Assets $893,300,000
Total Liabilities $447,900,000
Shares Outstanding (Diluted Average) 194,700,000

Earnings Per Share History

Next Fiscal Year Estimate $5.61
Sep2015 $4.10
Sep2014 $2.38
Sep2013 $1.45
Sep2012 $1.05
Sep2011 $1.19
Sep2010 $0.75
Sep2009 $0.56
Sep2008 $0.68
Sep2007 $0.36
Sep2006 -$0.55
Sep2005 $0.16
Sep2004 $0.15
Sep2003 -$3.24
Mar2002 -$0.42
Mar2001 $0.75
Mar2000 $0.42
Mar1999 $0.54
Mar1998 $0.33
Mar1997 -$0.53
Mar1996 $0.15

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $3.70
Sep2015 $2.51
Sep2014 $1.60
Sep2013 $1.14
Sep2012 $0.94
Sep2011 $0.82
Sep2010 $0.55
Sep2009 $0.38
Sep2008 $0.24
Sep2007 -$0.19
Sep2006 -$0.57
Sep2005 -$0.56
Sep2004 -$0.77
Sep2003 -$0.95
Mar2002 $0.24
Mar2001 $0.48
Mar2000 $0.29

Recommended Reading:

Other ModernGraham posts about the company

10 Best Stocks For Value Investors This Week – 10/31/15
The Best Stocks of the IT Hardware Industry – September 2015
The 16 Best Stocks For Value Investors This Week – 8/1/15
Skyworks Solutions Inc. Analysis – Initial Coverage $SWKS

Other ModernGraham posts about related companies

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Linear Technology Corp Valuation – January 2016 Update $LLTC

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Stanley Black & Decker Inc Valuation – January 2016 Update $SWK

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Most Undervalued Companies for the Defensive Investor - November 2015.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Stanley Black & Decker Inc (SWK) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Stanley Black & Decker, Inc. is a global provider of power and hand tools, products and services. The Company provides products and services for various industrial applications, mechanical access solutions (automatic doors and commercial locking systems), and electronic security and monitoring systems. The Company’s operating segments include: Construction & Do-It-Yourself (CDIY), Industrial and Security. The CDIY segment consists of the Professional Power Tool Business; the Consumer Products Group, which includes outdoor products; the Hand Tools & Storage business, and the Fastening & Accessories business. The Industrial segment consists of the Industrial and Automotive Repair (IAR), Engineered Fastening and Infrastructure Businesses. The Security segment consists of the Convergent Security Solutions (CSS) and Mechanical Access Solutions (MAS) businesses.

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[not-level-free]

Downloadable PDF version of this valuation:

ModernGraham Valuation of SWK – January 2016

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $14,369,780,186 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.25 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 20.62% Fail
6. Moderate PEmg Ratio PEmg < 20 19.19 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.46 Pass
Score
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 1.25 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 4.52 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

SWK value Chart January 2016

EPSmg $4.79
MG Growth Estimate 8.83%
MG Value $125.20
Opinion Undervalued
MG Value based on 3% Growth $69.39
MG Value based on 0% Growth $40.68
Market Implied Growth Rate 5.34%
Current Price $91.82
% of Intrinsic Value 73.34%

Stanley Black & Decker Inc does not qualify for either the Enterprising Investor or the more conservative Defensive Investor.  The Defensive Investor is concerned with the low current ratio and the insufficient earnings growth over the last ten years.  The Enterprising Investor is concerned by the level of debt relative to the current assets.  As a result, all value investors following the ModernGraham approach based on Benjamin Graham’s methods should explore other opportunities at this time or proceed with a cautious speculative attitude.

As for a valuation, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $3.01 in 2011 to an estimated $4.79 for 2015.  This level of demonstrated earnings growth outpaces the market’s implied estimate of 5.34% annual earnings growth over the next 7-10 years.  As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value above the price.

The next part of the analysis is up to individual investors, and requires discussion of the company’s prospects.  What do you think?  What value would you put on Stanley Black & Decker Inc (SWK)?  Where do you see the company going in the future?  Is there a company you like better?  Leave a comment on our Facebook page or mention @ModernGraham on Twitter to discuss.

Stage 3: Information for Further Research

SWK Charts January 2016

Net Current Asset Value (NCAV) -$39.52
Graham Number $68.32
PEmg 19.19
Current Ratio 1.25
PB Ratio 2.46
Dividend Yield 2.30%
Number of Consecutive Years of Dividend Growth 20

 

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Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information Sep2015
Total Current Assets $4,273,300,000
Total Current Liabilities $3,422,300,000
Long-Term Debt $3,847,300,000
Total Assets $15,870,900,000
Intangible Assets $9,739,600,000
Total Liabilities $10,231,900,000
Shares Outstanding (Diluted Average) 150,781,000

Earnings Per Share History

Next Fiscal Year Estimate $5.78
Dec2014 $4.76
Dec2013 $3.09
Dec2012 $5.30
Dec2011 $3.97
Dec2010 $1.32
Dec2009 $2.79
Dec2008 $3.84
Dec2007 $4.00
Dec2006 $3.46
Dec2005 $3.16
Dec2004 $4.36
Dec2003 $1.27
Dec2002 $2.10
Dec2001 $1.81
Dec2000 $2.22
Dec1999 $1.67
Dec1998 $1.53
Dec1997 -$0.47
Dec1996 $1.09

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $4.79
Dec2014 $4.09
Dec2013 $3.60
Dec2012 $3.72
Dec2011 $3.01
Dec2010 $2.72
Dec2009 $3.43
Dec2008 $3.75
Dec2007 $3.55
Dec2006 $3.18
Dec2005 $2.87
Dec2004 $2.60
Dec2003 $1.75
Dec2002 $1.95
Dec2001 $1.70
Dec2000 $1.50
Dec1999 $1.02

Recommended Reading:

Other ModernGraham posts about the company

26 Companies in the Spotlight This Week – 12/13/14

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Pentair PLC Valuation – November 2015 Update $PNR

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Skyworks Solutions Inc. Valuation – October 2015 Update $SWKS

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Most Undervalued Companies for the Defensive Investor – October 2015.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Skyworks Solutions Inc. (SWKS) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Skyworks Solutions, Inc. (Skyworks) is engaged in the production of analog semiconductors. The Company supports automotive, broadband, cellular infrastructure, energy management, Global Positioning System (GPS), industrial, medical, military, wireless networking, smartphone and tablet applications. The Company’s portfolio consists of amplifiers, attenuators, battery chargers, circulators, DC/DC (direct current/direct current) converters, demodulators, detectors, diodes, directional couplers, front-end modules, hybrids, infrastructure radio frequency subsystems, isolators, LED (light emitting diodes) drivers, mixers, modulators, optocouplers, optoisolators, phase shifters, PLLs (Phase Locked Loops)/synthesizers/VCOs (voltage controlled oscillator, power dividers/combiners, power management devices, receivers, switches, technical ceramics and voltage regulators.

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To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Here is a free sample valuation pdf, and here is a post detailing what can be found within each individual company’s valuation.

[/level-free]
[level-mg-stocks-screens-subscriber]

Downloadable PDF version of this valuation:

ModernGraham Valuation of SWKS – October 2015

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $15,642,468,748 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 5.70 Pass
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 1585.71% Pass
6. Moderate PEmg Ratio PEmg < 20 29.57 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 4.98 Fail
Score
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 5.70 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.00 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

SWKS value Chart October 2015

EPSmg $2.62
MG Growth Estimate 15.00%
MG Value $100.90
Opinion Fairly Valued
MG Value based on 3% Growth $38.00
MG Value based on 0% Growth $22.28
Market Implied Growth Rate 10.53%
Current Price $77.49
% of Intrinsic Value 76.80%

Skyworks Solutions Inc. qualifies for the Enterprising Investor but not the more conservative Defensive Investor.  The Defensive Investor is concerned with the short dividend record, the insufficient earnings stability over the last ten years and the high PEmg and PB ratios.  The Enterprising Investor has no initial concerns.  As a result, all Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company.

As for a valuation, the company appears to be fairly valued after growing its EPSmg (normalized earnings) from $0.82 in 2011 to an estimated $2.62 for 2015.  This level of demonstrated earnings growth supports the market’s implied estimate of 10.53% annual earnings growth over the next 7-10 years.  As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value within a margin of safety relative to the price.

The next part of the analysis is up to individual investors, and requires discussion of the company’s prospects.  What do you think?  What value would you put on Skyworks Solutions Inc. (SWKS)?  Where do you see the company going in the future?  Is there a company you like better?  Leave a comment on our Facebook page or mention @ModernGraham on Twitter to discuss.

Stage 3: Information for Further Research

SWKS Charts October 2015

Net Current Asset Value (NCAV) $6.87
Graham Number $39.83
PEmg 29.57
Current Ratio 5.70
PB Ratio 4.98
Dividend Yield 0.65%
Number of Consecutive Years of Dividend Growth 2

 

[/level-mg-stocks-screens-subscriber]

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Total Current Assets $1,818,100,000
Total Current Liabilities $319,000,000
Long-Term Debt $0
Total Assets $3,518,300,000
Intangible Assets $908,000,000
Total Liabilities $476,300,000
Shares Outstanding (Diluted Average) 195,400,000

Earnings Per Share History

Next Fiscal Year Estimate $4.43
Sep14 $2.38
Sep13 $1.45
Sep12 $1.05
Sep11 $1.19
Sep10 $0.75
Sep09 $0.56
Sep08 $0.68
Sep07 $0.36
Sep06 -$0.55
Sep05 $0.16
Sep04 $0.15
Sep03 -$3.24
Mar02 -$0.42
Mar01 $0.75
Mar00 $0.42
Mar99 $0.54
Mar98 $0.33
Mar97 -$0.53
Mar96 $0.15
Mar95 $0.00

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $2.62
Sep14 $1.60
Sep13 $1.14
Sep12 $0.94
Sep11 $0.82
Sep10 $0.55
Sep09 $0.38
Sep08 $0.24
Sep07 -$0.19
Sep06 -$0.57
Sep05 -$0.56
Sep04 -$0.77
Sep03 -$0.95
Mar02 $0.24
Mar01 $0.48
Mar00 $0.29
Mar99 $0.18

Recommended Reading:

Other ModernGraham posts about the company

The Best Stocks of the IT Hardware Industry – September 2015
The 16 Best Stocks For Value Investors This Week – 8/1/15
Skyworks Solutions Inc. Analysis – Initial Coverage $SWKS

Other ModernGraham posts about related companies

Agilent Technologies Inc. Valuation – October 2015 Update $A
Western Digital Corporation Valuation – October 2015 Update $WDC
MTS Systems Corporation Valuation – October 2015 Update $MTSC
Linear Technology Corp Valuation – October 2015 Update $LLTC
Altera Corporation Analysis – October 2015 Update $ALTR
Lam Research Corporation Analysis – October 2015 Update $LRCX
Amphenol Corporation Analysis – October 2015 Update $APH
NetApp Inc. Analysis – September 2015 Update $NTAP
EMC Corporation Analysis – September 2015 Update $EMC
Analog Devices Inc. Analysis – September 2015 Update $ADI

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

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