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If you are looking for a more accurate method than market capitalization to determine a company's value, examining the Enterprise Value might be a great start.

For this article, we wanted to find technology companies that looked undervalued when we compared levered Free Cash Flow to market cap value.

To create this list we started with the 200 largest companies by market cap. We then collected data on enterprise value and levered free cash flow, and ultimately identified the top 15 most undervalued tech stocks by the LFCF/EV ratio.

List sorted by LFCF/EV ratio.

1. Tele Norte Leste Participacoes S.A. (NYSE:TNE): Telecom Services Industry. Enterprise value at $16.13B, vs. TTM levered free cash flow at $3.86B (i.e. LFCF/EV ratio at 23.93%).

2. Nokia Corporation (NYSE:NOK): Communication Equipment Industry. Enterprise value at $22.10B, vs. TTM levered free cash flow at $4.71B (i.e. LFCF/EV ratio at 21.31%).

3. Telecomunicacoes de Sao Paulo S.A. (NYSE:TSP): Wireless Communications Industry. Enterprise value at $13.74B, vs. TTM levered free cash flow at $2.57B (i.e. LFCF/EV ratio at 18.7%).

4. Vivo Participacoes S.A. (NYSE:VIV): Wireless Communications Industry. Enterprise value at $17.63B, vs. TTM levered free cash flow at $3.19B (i.e. LFCF/EV ratio at 18.09%).

5. Activision Blizzard, Inc. (NASDAQ:ATVI): Multimedia & Graphics Software Industry. Enterprise value at $9.83B, vs. TTM levered free cash flow at $1.47B (i.e. LFCF/EV ratio at 14.95%).

6. Computer Sciences Corporation (NYSE:CSC): Information Technology Services Industry. Enterprise value at $8.09B, vs. TTM levered free cash flow at $1.05B (i.e. LFCF/EV ratio at 12.98%).

7. Teradyne Inc. (NYSE:TER): Semiconductor Equipment & Materials Industry. Enterprise value at $2.21B, vs. TTM levered free cash flow at $283.35M (i.e. LFCF/EV ratio at 12.82%).

8. TIM Participacoes S.A. (NYSE:TSU): Wireless Communications Industry. Enterprise value at $12.93B, vs. TTM levered free cash flow at $1.60B (i.e. LFCF/EV ratio at 12.37%).

9. Agilent Technologies Inc. (NYSE:A): Scientific & Technical Instruments Industry. Enterprise value at $17.17B, vs. TTM levered free cash flow at $1.96B (i.e. LFCF/EV ratio at 11.42%).

10. China Mobile Limited (NYSE:CHL): Wireless Communications Industry. Enterprise value at $139.82B, vs. TTM levered free cash flow at $15.80B (i.e. LFCF/EV ratio at 11.3%).

11. Telecom Argentina S A (NYSE:TEO): Diversified Communication Services Industry. Enterprise value at $4.47B, vs. TTM levered free cash flow at $470.72M (i.e. LFCF/EV ratio at 10.53%).

12. Telefonos de Mexico, S.A.B. de C.V. (NYSE:TMX): Long Distance Carriers Industry. Enterprise value at $22.52B, vs. TTM levered free cash flow at $2.27B (i.e. LFCF/EV ratio at 10.08%).

13. ASML Holding NV (NASDAQ:ASML): Semiconductor Equipment & Materials Industry. Enterprise value at $14.76B, vs. TTM levered free cash flow at $1.42B (i.e. LFCF/EV ratio at 9.62%).

14. NTT DOCOMO, Inc. (NYSE:DCM): Wireless Communications Industry. Enterprise value at $68.89B, vs. TTM levered free cash flow at $6.63B (i.e. LFCF/EV ratio at 9.62%).

15. Marvell Technology Group Ltd. (NASDAQ:MRVL): Semiconductor Circuits Industry. Enterprise value at $6.28B, vs. TTM levered free cash flow at $600.99M (i.e. LFCF/EV ratio at 9.57%).

*Relevant data sourced from Yahoo Finance.

Source: Top 15 Most Undervalued Tech Stocks by Levered Free Cash vs. Enterprise Value