02-20-2017: Lam Research Corporation (LRCX): Out In Front of the Wafers

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Recommendation

Lam Research Corporation

Lam Research Corporation (LRCX) makes equipment for fabricating semiconductor wafers used in things like memories, LED's, transistors, mobile phones, computing devices. It also makes the wafers themselves. It is focused on the "etch market" for making wafers. It was founded in the 1980's by David Lam, a Chinese immigrant, who set up facilities in Silicon Valley and immediately attained a wide degree of success for innovative products. These products are sold throughout Asia and the Americas. The company quickly grew to now having 7,000 employees. It recently sought to acquire one of its competitors in a relatively narrow competitive atmosphere, KLA-Tencor, which explains why this company's name is identified in some of the Lam Research bond offerings. But in 2016 it backed away after believing the Justice Dept. might oppose the merger on anti-trust grounds. Projected earnings are very much higher for this company, where the p/e ratio on the stock has still not yet caught up, despite a very large stock share price gain recently. Credit Suisse gives a "blue sky" review suggesting enormous earnings gains further possibilities.

This is one of the strongest stocks fundamentally and every other way in the hard-to-find bargains atmosphere of a runaway bull stock market. We would classify it as a "buy and hold" stock. Researchers and analysts alike are generally ver favorable to the stock. Institutions are net sellers, perhaps due to the recent runnup, where profit-taking might have seemed advisable.

Executives are way over-compensated in our opinion, indicating possible poor corporate governance. But the stock does pay a little over a half-a-percent dividend.



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Zenith Index

Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

Lam Research Corporation (LRCX)                           Exchange: Nasdaq
4650 Cushing Parkway
Fremont, CA 94538                Sector: Technology
United States                    Industry:Semiconductor Equipment & Materials

Lam Research Corporation designs, manufactures, markets, refurbishes,
and services semiconductor processing systems used in the fabrication of
integrated circuits. It provides thin film deposition products,
including SABRE electrochemical deposition products for copper damascene
manufacturing; ALTUS systems to deposit conformal atomic layer films for
tungsten metallization applications; VECTOR plasma-enhanced chemical
vapor deposition (CVD) and atomic layer deposition systems to deposit
oxides, nitrides, carbides, multiple patterning films, anti-reflective
layers, multi-layer stack films, and diffusion barriers; SPEED
high-density plasma CVD products for applications in shallow trench
isolation, pre-metal dielectrics, inter-layer dielectrics, inter-metal
dielectrics, and passivation layers; and SOLA ultraviolet thermal
processing products for the treatment of back-end-of-line low-k
dielectric films and front-end-of-line silicon nitride strained films.
The company also offers plasma etch products, such as Kiyo products that
provide solutions for conductor etch applications; Flex products, which
offer technologies and application-focused capabilities for dielectric
etch applications; and Syndion products that provide solutions to
address various through-silicon via etch applications. In addition, it
provides single-wafer clean products, including EOS, Da Vinci, DV-Prime,
and SP series products for wet etch and clean applications in
wafer-level packaging, including silicon substrate thinning, wafer
stress relief, underbump metallization etch, and photoresist removal;
and Coronus plasma-based bevel clean products to enhance die yield by
removing particles, residues, and unwanted films from the wafer-Ęs edge,
as well as legacy products. The company offers its products in the
United States, Europe, Taiwan, Korea, Japan, China, and Southeast Asia.
Lam Research Corporation was founded in 1980 and is headquartered in
Fremont, California.

Last Trade: 114.57                           52-Week Range: 119.14 -  68.19
Employees: 7,500                             Avg.Volume:   1,925,817 Shares

Corporate Governance:
Pillar scores are Audit: 2; Board: 4; Shareholder Rights: 4; Compensation: 2.
         (A lower number means less governance risk.)

EPS:  5.04    Dividend Amount: $ 1.80          Yield:  1.57%
             Ex-Dividend Date: Dec 12, 2016    Payout Ratio:  24.28

Key Statistics:

    Trailing P/E:  22.81              Forward P/E (est.):  13.22
                                           Target Price: 131.89

Qrtly Stock Price Growth (yoy):  64.21%               Beta:   1.59
Qrtly S&P Index   Growth (yoy):  32.00%        Short Ratio:   5.93%
    Qrtly Revenue Growth (yoy):  22.39%         Shares Out:  162840000
   Qrtly Earnings Growth (yoy):   0.00%

          Book Value:  38.25                    Debt/Equity:  42.90%
    Price/Book Value:   3.00        Operating Profit Margin:  20.71%
         Price/Sales:   2.93                  Profit Margin:  15.67%
         Market Cap:  18,710,000,000       Return on Equity:  16.72%
    Enterprise Value:  15,620,000,000      Return on Assets:   7.76%

    Operating Cash Flow:  1,480,000,000
         Free Cash Flow:  1,030,000,000


Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             06/26/2016  06/28/2015   6/29/2014

  Total Revenue                              5,885,893   5,259,312   4,607,309
  Cost of Revenue                            3,266,971   2,974,976   2,599,828
  Gross Profit                               2,618,922   2,284,336   2,007,481

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative            630,954     591,611     613,341
  Non-Recurring Expenses                             0      79,444      79,444
  Other Operating Expenses                           0           0           0
  Total Operating Expenses                           0           0           0

Operating Income or Loss                     1,074,256     788,039     677,669

Income from Continuing Operations:
  Total Other Income/Expenses Net             -114,139     -47,189      45,694
  Earnings Before Interest & Taxes             960,117     740,850     723,363
  Interest Expense                                   0           0           0
  Income Before Taxes                          960,117     740,850     723,363
  Income Tax Expense                            46,068      85,273      91,074
  Minority Interest                                  0           0           0

Net Income from Continuing Op.s                914,049     655,577     632,289

Non-recurring Events:
  Discontinued Operations                            0           0           0
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                   914,049     655,577     632,289
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares              914,049     655,577     632,289



Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         06/26/2016    06/28/2015     6/29/2014

  Net Income                               914,049       655,577       632,289

Operating Activities:
  Depreciation                             361,550       315,470       327,736
  Adjustments to Net Income                126,907       235,313        52,356
  Changes in Accounts Recv'bls            -169,034      -294,155      -201,549
  Changes in Liabilities                   229,840       133,256       108,198
  Changes in Investories                   -66,371      -207,462      -190,058
  Changes in other Oper'g Acts             -46,664       -52,496       -11,923

Total Cash Flow f Operations             1,350,277       785,503       717,049

Investing Activities:
  Capital Exenditures                     -175,330      -198,265      -145,503
  Investments                              798,828      -952,240      -283,966
  Other Cash Flows fr Investing            -31,015        44,409       164,255

Total Cash Flows from Investing            592,483    -1,106,096      -265,214

Financing Activities:
  Dividends Paid                          -190,402      -116,059      -116,059
  Sale of Purchase of Stock                -98,992      -506,917      -167,142
  Net Borrowings                         1,886,647       990,710        -1,658
  Other Cash Flows fr Financing               -488          -660       164,255

Total Cash Flows from Financing          1,595,745       378,472      -162,735

  Effect of Exchange Rate Chg                 -722        -9,017         1,104

Change in Cash & Cash Equiv.             3,537,783        48,862       290,204



Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          06/26/2016    06/28/2015     6/29/2014
Current Assets:
  Cash & Cash Equivalents                 5,039,322     1,501,539     1,452,677
  Short Term Investments                  1,788,612     2,574,947     1,612,967
  Net Receivables                         1,262,145     1,093,582       800,616
  Inventory                                 971,911       943,346       740,503
  Other Current Assets                      152,921       157,435       176,899
  Total Current Assets                   12,792,135     3,695,902     3,170,695

  Long-Term Investments                           0             0             0
  Property, Plant & Equipt                  639,608       621,418       543,496
  Goodwill                                1,386,276     1,387,509     1,466,225
  Intangible Assets                         564,921       728,140       894,078
  Accumulated Amortization                        0             0             0
  Other Assets                              465,812       356,732       305,845
  Deferred LT Asset Charges                       0             0             0

Total Assets                             12,271,528     9,364,648     7,993,306

Current Liabilities:
  Accounts Payable                        1,121,109       949,641       827,811
  Current Portion LT Debt                   949,494     1,359,650       518,267
  Other Current Liabilities                 349,199       322,070       235,923
  Total Current Liabilities               2,419,802     2,631,361      1,582,001

  Long Term Debt                          1,121,109       949,641       827,811
  Other Liabilities                         949,494     1,359,650       518,267
  Deferred LT Liab. Charges                 349,199       322,070       235,923
  Minority Interest                               0             0             0
  Negative Goodwill                               0             0             0

Total Liabilities                         6,169,459     4,019,696     2,780,222

Stockholder Equity:
  Misc. Options, Warrants                   207,552       241,808       183,349
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                                  160           159           162
  Retained Earnings                       4,820,109     4,096,855     3,575,737
  Treasury Stock                         -4,429,317    -4,302,847    -3,757,076
  Capital Surplus                         5,572,898     5,366,773     5,239,567
  Other Stockhohlder Equity                 -69,333       -57,796       -28,655
  Total Stockholder Equity                5,894,517     5,103,144     5,029,735

Net Tangible Assets                       3,943,320     2,987,495     2,669,432


Lam Research Corporation (LRCX)             [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            1.2275          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  0.0000          Forward P/E Ratio < 28?    2.1180
Price/Sales Ratio < 2.3?   0.7850          Inventory/Sales < 5%?      0.3028
Sales < $1 Billion?        0.1699          Operating Margin < 7.5%?   0.3621

Balance Sheet Tests:
Debt/Equity < 0.40?        0.9324          Long-Term Debt Service:    1.8034
LTD Being Reduced?        -3.0000          Short-Term Debt Service:   3.0000
Current Ratio > 2?         2.6432          Working Capital >= 1.5?    0.2875
Leverage Ratio < 20%?      0.7561          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    1.5404
Share Equity Increase:     2.1697          Market Cap.< 1.5 Billion?  0.0802
                                           Intangibles < 3% Assets?   0.1887
Income Tests:
Profit Margin < 7.5%?      2.0893          EPS Annual Growth > 10%?   0.0717
Dividend Yield > 2.0%?     1.2739          EPS 3-yr Growth > 15?      0.1038
Enterprise Value/Revenue   3.0000          EPS Growth Consistent?     2.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      0.5749
EPS Qrtly Growth > 10%?    0.0000          Gross Pft/Cur. LTD > 1?    2.7582
                                           Borrowing Int. Rate < 6%?  3.0000
Stock Performance Tests:
Volatility > 25%?          1.7106          % Held by Insiders < 5%?   3.0000
Beta > 1.25?               1.2720          % Held by Institut. < 50?  0.4916
50 Da MA > 200 Da MA?      0.3024          % Held by Institut. > 30?  3.0000
52-Wk Change vs. S&P 500:  2.8678          Short Ratio > 5?           1.1860
Price/Book Value < 3?      1.0016          Short % of Float > 20?     0.3655
Return on Assets > 17%?    0.4565          Average Volume > 100,000?  3.0000

Cash Flow Tests:
Oper. C.F. > Lever'd C.F:  1.4369          Positive Free Cash Flow?   3.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  2.6477
                                           Cash Flow / Assets > 10%?  2.8835

LRCX   Lam Research Corporation            Overall Zenith Index:      1.4666


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Financial Statements

LAM RESEARCH CORP  (LRCX)                   INCOME STATEMENT

Fiscal year ends in June.                            2012-06         2013-06         2014-06         2015-06         2016-06             TTM           

Revenue                                        2,665,191,936   3,598,916,096   4,607,308,800   5,259,312,128   5,885,893,120   6,375,033,856
Cost of revenue                                1,581,122,944   2,195,856,896   2,599,827,968   2,974,976,000   3,266,970,880   3,541,990,912
Gross profit                                   1,084,068,992   1,403,058,944   2,007,480,960   2,284,336,128   2,618,921,984   2,833,042,944


Operating expenses
Research and development                         444,559,008     683,688,000     716,470,976     825,241,984     913,712,000     940,793,024
Sales, General and administrative                400,052,000     599,486,976     613,340,992     591,611,008     630,953,984     636,481,024
Restructuring, merger and acquisition              1,725,000       1,813,000               0               0               0               0
Other operating expenses                                   0               0               0      79,444,000               0               0
Total operating expenses                         846,336,000   1,284,988,032   1,329,811,968   1,496,296,960   1,544,665,984   1,577,273,984

Operating income                                 237,732,992     118,071,000     677,668,992     788,038,976   1,074,256,000   1,255,768,960
Interest Expense                                  38,962,000      60,408,000      61,692,000      73,682,000     134,772,992     139,604,992
Other income (expense)                             5,647,000       8,995,000     107,386,000      26,493,000      20,634,000       4,345,000
Income before taxes                              204,418,000      66,658,000     723,363,008     740,849,984     960,116,992   1,120,509,056
Provision for income taxes                        35,695,000     -47,221,000      91,074,000      85,273,000      46,068,000     121,493,000
Net income from continuing operations            168,723,008     113,879,000     632,289,024     655,577,024     914,049,024     999,016,000
Net income                                       168,723,008     113,879,000     632,289,024     655,577,024     914,049,024     999,016,000
Net income available to common shareholders      168,723,008     113,879,000     632,289,024     655,577,024     914,049,024     999,016,000

Earnings per share
Basic                                                   1.36            0.67            3.84            4.11            5.75            6.21 
Diluted                                                 1.35            0.66            3.62            3.70            5.22            5.56 

Weighted average shares outstanding
Basic                                            124,176,000     168,932,000     164,740,992     159,628,992     158,919,008     160,541,504
Diluted                                          125,233,000     173,430,000     174,503,008     177,067,008     175,159,008     178,895,008

____________________________________________________________________________________________________________________________________________


LAM RESEARCH CORP  (LRCX)                   BALANCE SHEET

Fiscal year ends in June.                            2012-06         2013-06         2014-06         2015-06         2016-06             

Assets

Current assets

Cash

Short-term investments                         1,297,931,008   1,334,744,960   1,612,967,040   2,574,947,072   1,788,611,968
Total cash                                     2,862,682,880   2,497,218,048   3,065,644,032   4,076,485,888   6,827,934,208

Receivables                                      765,817,984     602,624,000     800,616,000   1,093,581,952   1,262,145,024
Inventories                                      632,852,992     559,316,992     740,502,976     943,345,984     971,910,976
Deferred income taxes                             47,782,000      27,674,000               0               0               0
Prepaid expenses                                 105,973,000     106,996,000     176,899,008     157,435,008     152,920,992
Total current assets                           4,415,109,120   3,793,829,120   4,783,662,080   6,270,849,024   9,214,911,488

Non-current assets

Property, plant and equipment
Gross property, plant and equipment              944,518,976   1,053,011,968   1,096,795,008   1,250,961,024   1,361,325,952
Accumulated Depreciation                        -359,923,008    -449,102,016    -553,299,008    -629,542,976    -721,718,016
Net property, plant and equipment                584,595,968     603,910,016     543,496,000     621,417,984     639,608,000

Equity and other investments                     166,335,008     166,536,000               0     170,968,992               0
Goodwill                                       1,446,302,976   1,452,195,968   1,466,225,024   1,387,508,992   1,386,275,968
Intangible assets                              1,240,427,008   1,074,344,960     894,078,016     728,140,032     564,921,024
Other long-term assets                           151,882,000     159,499,008     305,844,992     185,763,008     465,812,000
Total non-current assets                       3,589,542,912   3,456,485,888   3,209,644,032   3,093,798,912   3,056,616,960

Total assets                                   8,004,652,032   7,250,314,752   7,993,306,112   9,364,647,936  12,271,527,936 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Capital leases                                   511,139,008     514,655,008     518,267,008   1,359,650,048     949,494,016
Accounts payable                                 258,778,000     200,254,000     223,515,008     300,203,008     348,199,008
Taxes payable                                     24,745,000      39,420,000      93,934,000      39,275,000      86,723,000
Accrued liabilities                              338,152,992     425,108,000     481,121,984     314,516,000     638,134,976
Deferred revenues                                164,832,992     225,038,000     235,923,008     322,070,016     349,199,008
Other current liabilities                        129,280,000               0      29,240,000     295,647,008      48,052,000
Total current liabilities                      1,426,928,000   1,404,475,008   1,582,001,024   2,631,361,024   2,419,802,112

Non-current liabilities
Other long-term liabilities                    1,445,943,040   1,356,967,936   1,381,570,048   1,630,142,976   3,957,209,088
Total non-current liabilities                  1,445,943,040   1,356,967,936   1,381,570,048   1,630,142,976   3,957,209,088

Total liabilities                              2,872,870,912   2,761,443,072   2,963,570,944   4,261,504,000   6,377,011,200 

Stockholders' equity

Common stock                                         187,000         163,000         162,000         159,000         160,000
Additional paid-in capital                     4,943,539,200   5,084,544,000   5,239,566,848   5,366,773,248   5,572,897,792
Retained earnings                              2,858,809,088   2,972,687,872   3,575,737,088   4,096,855,040   4,820,108,800
Treasury stock                                -2,636,935,936  -3,539,830,016  -3,757,075,968  -4,302,846,976  -4,429,317,120
Accumulated other comprehensive income           -33,818,000     -28,693,000     -28,655,000     -57,796,000     -69,333,000
Total stockholders' equity                     5,131,781,120   4,488,871,936   5,029,734,912   5,103,143,936   5,894,517,248
Total liabilities and stockholders' equity     8,004,652,032   7,250,314,752   7,993,306,112   9,364,647,936  12,271,527,936

____________________________________________________________________________________________________________________________________________


LAM RESEARCH CORP  (LRCX)                   Statement of CASH FLOW

Fiscal year ends in June. USD.                       2012-06         2013-06         2014-06         2015-06         2016-06             TTM           

Cash Flows From Operating Activities
Net income                                                 0     113,879,000     632,289,024     655,577,024     914,049,024     999,016,000
Depreciation & amortization                      100,825,000     304,116,000     292,254,016     277,920,000     291,028,000     300,267,008
Amortization of debt discount/premium and is      27,028,000      31,558,000      33,063,000      37,550,000      70,522,000      50,074,000
Investment/asset impairment charges                1,724,000       3,711,000      11,632,000      89,265,000               0               0
Deferred income taxes                             42,446,000     -70,155,000       7,537,000       5,551,000     -49,003,000      -9,368,000
Stock based compensation                          81,559,000      99,330,000     103,700,000     135,354,000     142,348,000     144,854,000
Accounts receivable                               66,064,000     162,634,000    -201,548,992    -294,155,008    -169,034,000               0
Inventory                                         73,987,000      76,351,000    -190,058,000    -207,462,000     -66,371,000               0
Prepaid expenses                                  43,171,000       2,880,000      -9,504,000     -52,496,000     -46,664,000               0
Accounts payable                                  12,145,000     -58,081,000      18,704,000      76,617,000      41,645,000               0
Accrued liabilities                             -119,975,000     -43,752,000      78,608,000     -29,507,000     161,066,000               0
Other working capital                             -9,236,000      60,205,000      10,886,000      86,146,000      27,129,000     -65,625,000
Other non-cash items                             179,290,000      37,257,000     -70,513,000       5,143,000      33,562,000      64,839,000
Net cash provided by operating activities        499,028,000     719,932,992     717,049,024     785,502,976   1,350,276,992   1,484,056,960

Cash Flows From Investing Activities
Investments in property, plant, and equipmen    -107,272,000    -160,795,008    -145,503,008    -198,264,992    -175,330,000    -176,224,992
Acquisitions, net                                418,680,992      -9,916,000     -30,227,000      40,075,000               0               0
Purchases of investments                        -894,169,024  -1,097,955,968  -1,312,243,968  -3,089,307,904    -874,998,016  -2,437,616,128
Sales/Maturities of investments                  841,440,000   1,039,550,976   1,028,278,016   2,137,068,032   1,673,826,048   1,666,267,008
Other investing activities                        11,046,000      -9,521,000     194,482,000       4,334,000     -31,015,000     -45,646,000
Net cash used for investing activities           269,726,016    -238,636,992    -265,214,000  -1,106,096,000     592,483,008    -993,219,968

Cash Flows From Financing Activities
Debt repayment                                    -5,265,000      -2,234,000      -1,658,000      -1,515,000    -451,496,992  -2,039,667,968
Common stock issued                               27,301,000      70,644,000      77,717,000      66,323,000      59,397,000      62,502,000
Common stock repurchased                        -772,662,976    -955,660,992    -244,859,008    -573,240,000    -158,388,992    -116,728,000
Excess tax benefit from stock based compe          1,176,000         -56,000          92,000          82,000      -1,020,000               0
Dividend paid                                              0               0               0    -116,059,000    -190,402,000    -191,296,000
Other financing activities                        56,704,000        -483,000       5,973,000   1,002,881,024   2,337,656,064   2,331,151,104
Net cash provided by (used for) financing       -692,747,008    -887,790,016    -162,735,008     378,472,000   1,595,745,024      45,961,000

Effect of exchange rate changes                   -3,387,000       4,215,000       1,104,000      -9,017,000        -722,000        -711,000
Net change in cash                                72,620,000    -402,279,008     290,204,000      48,862,000   3,537,783,040     536,087,008
Cash at beginning of period                    1,492,131,968   1,564,752,000   1,162,472,960   1,452,676,992   1,501,538,944   1,967,873,024
Cash at end of period                          1,564,752,000   1,162,472,960   1,452,676,992   1,501,538,944   5,039,322,112   2,503,960,064

Free Cash Flow
Operating cash flow                              499,028,000     719,932,992     717,049,024     785,502,976   1,350,276,992   1,484,056,960
Capital expenditure                             -107,272,000    -160,795,008    -145,503,008    -198,264,992    -175,330,000    -176,224,992
Free cash flow                                   391,756,000     559,137,984     571,545,984     587,238,016   1,174,946,944   1,307,832,064
____________________________________________________________________________________________________________________________________________



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Average to Current P/E Ratios
              (LRCX)     Lam Research Corp.

                               2012    2013    2014    2015    2016

          Annual Earnings:     1.35    0.66    3.62    3.70    5.22
Average Price During Year:    37.72   46.13   63.73   76.36   85.36

                P/E Ratio:    27.94   69.89   17.61   20.64   16.35

 Average 5-Year P/E Ratio  =  30.49
             Current Price =  114.9

Previous 5 Quarter Earnings:   1.28    0.82    1.46    1.47    1.81

           Current Annualized (Last Four Quarters) Earnings =  4.74
                                                           ________
                                 Average PE / Current PE =     1.26
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Financial Ratios

. . . . . . . . . . . . 1 = Highest , 10 = Lowest



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Market Grader

900
901 902 903 904 905 906 907 908 909 910



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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Book Value

Book Value:

Book Value



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Projected Earnings

Earnings Estimates
Earnings Estimates



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Research Reports

Click Here for Research Reports



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Analysts' Opinions

Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 2
Analysts' Opinion 3
Analysts' Opinion 4
Analysts' Opinion 5
Analysts' Opinion 6
Analysts' Opinion 7
Analysts' Opinion 8



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Insider Activity

Insiders Chart Insider Trades
Insider Trades
Executive Compensation Executive Compensation



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Institutional Activity

Institutional Orders to Buy or Sell:

institutions 1
Ownership:

institutions 2


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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment



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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Moving Average Chart



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Right Time Study



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for LAM RESEARCH CORP.:
Symbol? LRCX
Total Months Available:  38
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
  84.31   67.73    102.44   79.15    119.14   93.69

RANGE   = 119.14  TO   67.73            Close = 114.57
CHANNEL =  93.69  TO   84.31           Degree =   2
Volatility =   8.19%                    Index =   1
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

6 out of 8 favorable, (positive opinion.)

Val Idea


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Stock Consultant

Stock Consultant Stock Consultant



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Point & Figure Chart

P & F Chart


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Wall Street Analyzer




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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

2 out of 3 of the ultimate systems favor an upmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News + 1
Comparison + 1
Industry + 1
Bond Issue + 1
Zenith Index + 1
Non-GAAP vs. GAAP Earnings - 1
Cash Flow + 1
Average to Current P/E + 1
Ratios + 1
Market Grader - 1
Intrinsic Value DCF - 1
Book Value - 1
Projected Earnings + 1
Research Reports + 1
Analysts + 1
Executive Perquisites - 1
Insider Activity - 1
Institutional Activity - 1
Management Reporting + 1
Short Interest + 1
Sentiment + 1
Standard & Poor's + 1
Moving Average - 1
Right Time Study - 1
MACD Histogram Divergence - 1
Val Idea + 1
Stock Consultant + 1
Point & Figure + 1
Wall Street Analyzer + 1
Marketspace Chart + 1
Time Series Chart - 1
Neural Network + 1
Stock Options + 1
Ultimate Trading Systems + 1
Total + 12
Place 260 shares of Lam Research Corporation (LRCX) on the Active List.