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A Valuation of Linear Technology Corporation’s Share Price
Member rating: No Rating | Words: 1423 | Submitted: Mon Dec 03 2007
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A Valuation of Linear Technology Corporation's Share Price Summary: Linear Technology Corporation (LTC) designs, manufactures and markets a broad line of analog integrated circuits. The last trade price of LTC's stock was $30.14 (November 27, 2007). The analysis herein projects a $42.28 intrinsic value for LTC's stock by the end of Fiscal Year (FY) 2008 (Exhibit 1). The market's low valuation of LTC's share price, combined with favorable macro economic trends provides an excellent investment opportunity. Thesis: LTC reported FY 2008 first-quarter EPS of $0.40, which was up 9% year-over-year and $0.02 above the market expectation. Revenue of $281.5 million increased 5% sequentially but decreased 4% year-over-year. I estimate LTC's revenue and EPS for FY 2008 will reach $1.24 billion and $1.82 respectively, i.e. revenue will grow 14.6% and EPS will grow 31.1%, sequentially (Exhibits 2 through 5). The global semiconductors market grew by 8.8% in 2006 and is expected to grow...
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