I have to do an accounting assignment. I have attached the instructions, the questions, and pdf's containing the information requested for the questions.

Company Estimates & Opinions Sanmina Corp 25-Nov-2015 NASDAQ/NM Symbol SANM In S&P SmallCap 600 S&P Opinions S&P STARS Ranking 3 Fair Value Ranking/Price Volatility AVERAGE Technical Evaluation BULLISH since 11/15 Insider Activity Earnings/Dividend Rank BRelative Strength Rank 69% S&P Estimates S&P EPS Estimate 2015 $2.34 S&P EPS Estimate 2016 $2.48 P/E on S&P Est. 2015 5.1 Wall Street Analysts' Earnings Consensus New Consensus Consensus Estimate Estimate Old High Low Buy/Holds Q1 0.58 0.58 0.60 0.56 2015 2016 6 0 2.35 2.35 Next EPS Report Date 2.48 2.09 Late January Hist. 5-yr Earnings Growth 24.37% 7 Wall Street Analysts' Opinions Buys Buy/Holds Holds Hold/Sells 2 1 2 2 1 Sells ACCT 212 INDIVIDUAL LEARNING PROJECT INSTRUCTIONS This project will allow you the opportunity to explore a company's annual report and become familiar with the items it contains. Choose a company from Standard & Poor's Net Advantage whose company's name begins with the same letter as your last name. Locate the most recent annual report, either from the Liberty University library's access to Standard & Poor's website, the EDGAR database (http://www.sec.gov/), or the company's website. Once located, open Individual Learning Project Questions document and add your answers underneath each question. Do not delete the questions. Questions 1-49 must be answered with Microsoft Word. Your answers for these do not need to be in complete sentences. Questions 50-52 must be answered in Microsoft Excel and your answers must include formulas. Questions 53-55 must be answered with complete sentences and justification within the Word document. Both documents (Word and Excel) must be uploaded into the Assignment link. To access the Liberty University Library online resources from off campus: From the Blackboard log-in page, right-hand side \"Quicklinks\" pull-down menu -choose \"Library.\" Click log-in button. Off-site access cannot be gained unless the user successfully completes the log-in. This must take you to the \"Library Research Portal\"; if not, click on \"Portal.\" Click on the \"databases\" tab. Click on the \"Databases by Letter,\" and select the letter \"S.\" Scroll down until you see \"Standard & Poor's NetAdvantage.\" Click on the link and then you may begin your search. This assignment is due by 11:59 p.m. (ET) on Monday of Module/Week 7. ACCT 212 INDIVIDUAL LEARNING PROJECT QUESTIONS Name_______________________________ General Information: 1. 2. 3. 4. 5. 6. 7. What is the name of your corporation? Sanmina Corp Where are the corporate headquarters? What is the corporation's fiscal year end? What are the primary products or services of the corporation? Graph the high and low price of the company's stock for each quarter of the last two years. What was the high and what was the low? Who is the company's transfer agent and where are they located? Who are your company's competitors? Market Information: 8. 9. 10. On which stock exchange is your corporation's stock traded? What is the current market price of their stock? What is the ticker symbol used to identify your corporation on the stock exchange? Internet Information: 11. 12. 13. 14. 15. What is the Internet address of your corporation? Be sure it appears as a hyperlink. Is the corporation's Annual Report online? Are its financial statements on-line? Is your company listed on Annualreports.com? How long is your company's 10-K report at the Securities and Exchange Commission website (Edgar Database)? Cash Flow and Retained Earnings: 16. 17. 18. 19. 20. 21. 22. 23. List the amount of cash flows from each of the 3 activities: Operating, Investing, and Financing for the 2 most recent years. What was the increase or decrease in cash for each of these years? Were there any Non-Cash Investing/Financing Transactions? Describe the type and amount. What is the dollar difference between accrual net income and Cash provided by Operations? What investing activity provided the largest inflow of cash in the current year? What investing activity used the largest amount of cash in the current year? What financing activity provided the largest inflow of cash in the current year? What financing activity used the largest amount of cash in the current year? Does the company have sufficient cash inflows from the appropriate category? Describe any problems the company many experience with cash flow from your analysis of the cash flow statement. Page 1 of 3 ACCT 212 24. 25. 26. 27. 28. 29. 30. Show the change in Retained Earnings for the 2 most recent years. What was net income for each year? How much was paid out in dividends each year? Were the dividends on common stock and/or preferred stock? What was the amount of each? Did Retained Earnings change for any reasons other than net income or dividends? Explain. What classes of stock does your company have? How many shares of each class of stock are authorized, how many are issued, and how many are outstanding? Does your company have any treasury stock? How many shares and what dollar amount? What is the par or stated value of each of your company's stocks? Footnote Disclosures: 31. 32. 33. 34. 35. 36. 37. 38. 39. How many footnote disclosures does your company have? How many significant accounting policies are listed under its Summary of Significant Accounting Policies? What does it include as Cash and Cash Equivalents? What method does it use to value Inventory? What method(s) does it use to depreciate its assets? Does it have any leased assets? If yes, describe them. What policies does it have in regard to Foreign Currency Translations? Describe any pending lawsuits in which it is involved. Provide its Earnings per Share for the 2 most recent years? Report of the Independent Auditor(s): 40. 41. 42. 43. 44. 45. 46. Who is/are your company's auditor(s)? Where are they located? Does the auditor(s) give a qualified opinion, an unqualified opinion, a disclaimer of opinion, or an adverse opinion? What does that opinion mean? Is it good? What is the auditor's responsibility in regard to the financial statements? What is management's responsibility in regard to the financial statements? What financial statements were included in the auditor's opinion? Did the auditor believe that the statements were presented fairly? Management's Report: 47. 48. 49. Who bears the responsibility for the integrity and the objectivity of the financial statements? What does management say they are doing to assure the public that the financial information is reliable? What is the responsibility of the Audit Committee of the Board of Directors? Page 2 of 3 ACCT 212 Analysis: (use Excel to complete this section) 50. 51. 52. Provide common-size analysis of your company's income statement and balance sheet for the 2 most recent years (must be done using Excel with formulas). Provide horizontal analysis of your company's income statement and balance sheet, showing the dollar amount and percent of change using the 2 most recent years (you must use an Excel spreadsheet with formulas). Perform ratio analysis on your company using the ratios listed in Exhibit 13.16 on page 529 of your text (these must be in an Excel spreadsheet, using formulas to calculate the ratios). You should present them in a similar format as the text: group by category, list name of ratio, formula in words, and the ratio calculation. Give a short explanation of your conclusions about your company after each category of ratios (i.e. How liquid is your company? How efficiently is it using its assets? etc.). Conclusions: 53. 54. 55. Are you optimistic or pessimistic regarding the future of your chosen corporation? Explain. Would you invest in the stock of the company? Explain. Would you invest in the bonds of the company? Explain. Page 3 of 3 Stock Report | November 21, 2015 | NNM Symbol: SANM | SANM is in the S&P SmallCap 600 Sanmina Corp 55555 S&P Capital IQ HOLD Recommendation S&P Capital IQ Equity Analyst K. Snyder Price 12-Mo. Target Price $23.19 (as of Nov 20, 2015 4:00 PM ET) $24.00 GICS Sector Information Technology Sub-Industry Electronic Manufacturing Services Report Currency USD Investment Style Small-Cap Blend Summary This company provides customized integrated manufacturing services to original equipment manufacturers in the electronics industry. Key Stock Statistics (Source S&P Capital IQ, Vickers, company reports) 52-Wk Range $25.64- 17.55 Trailing 12-Month EPS $4.41 Trailing 12-Month P/E 5.3 $10K Invested 5 Yrs Ago $20,949 S&P Oper. EPS 2016E S&P Oper. EPS 2017E P/E on S&P Oper. EPS 2016E Common Shares Outstg. (M) 2.34 2.48 9.9 80.5 Market Capitalization(B) Yield (%) Dividend Rate/Share Institutional Ownership (%) Price Performance Beta S&P 3-Yr. Proj. EPS CAGR(%) S&P Quality Ranking 2.21 NA B- Analyst's Risk Assessment 30-Week Mov. Avg. 10-Week Mov. Avg. 12-Mo. Target Price Relative Strength GAAP Earnings vs. Previous Year Up Down Volume No Change Above Avg. STARS Below Avg. 25 20 Share Price $1.866 Nil Nil 98 15 LOW MEDIUM HIGH Our risk assessment reflects the volatility of SANM's business model, our concerns about vulnerability to market share losses and the company's high debt level relative to its peer group. 10 Volume(Mil.) Revenue/Earnings Data Revenue (Million $) 1Q 2Q 2015 1,671 1,528 2014 1,448 1,477 2013 1,495 1,428 2012 1,502 1,463 2011 1,662 1,569 2010 1,478 1,527 20 6 4 2 0 13 5 3 4 3 1 3Q 1,539 1,605 1,489 1,549 1,674 1,625 4Q 1,637 1,686 1,505 1,579 1,697 1,688 Year 6,375 6,215 5,917 6,093 6,602 6,319 Earnings Per Share ($) 2015 0.26 0.17 2014 0.26 0.24 2013 0.01 0.25 2012 0.10 -0.02 2011 0.34 0.16 2010 0.74 0.12 0.29 0.24 0.22 0.11 0.11 0.26 3.78 1.52 0.44 1.96 0.22 0.38 4.41 2.27 0.93 2.16 0.83 1.48 D J FMAM J J A SOND J FMAM J J A SOND J FMAM J J A SOND J FMAM J J A SOND J FMAM J J A SOND J 2011 2012 2013 2014 2015 Past performance is not an indication of future performance and should not be relied upon as such. Analysis prepared by Equity Analyst K. Snyder on Nov 05, 2015 05:17 PM, when the stock traded at $24.48. Highlights We see revenue increasing 1.7% in FY 16 (Sep.) and 4.1% in FY 17, following 2.6% growth in FY 15. SANM reported Sep-Q EPS of $0.57 as sales dropped 3%, due to a larger-than-expected fall in the Communications segment. Demand in most end-markets remains stable, and we are encouraged by recent customer diversification. We look for particular strength from the Defense/Industrial/Medical space as well as from Computing & Storage end-markets. We see flat sales within Communications Networks by the end of 2015, but see growth potential over time. Product ramp-ups and expanding customer base will help revenue growth over the coming quarters. Gross margins will remain relatively stable in FY 16 and FY 17, compared to an 7.8% margin in FY 15. Higher volume and healthy product mix should support results. Increased efficiencies from plant consolidations and more stringent cost controls should help operating margins. We look for operating EPS of $2.34 in FY 16, increasing to $2.48 for FY 17 aided by share repurchases. Our estimates exclude restructuring-related and other various one-time and non-cash charges. Investment Rationale/Risk Our Hold recommendation is based on valuation, and fundamentals seeing modest improvement. SANM's visibility for many of its endmarkets is low, given that it operates near the bottom of the supply chain. SANM's relatively large exposure to the growing telecommunications segment is a long-term positive, but will continue to be a short-term headwind. Costcontainment efforts and a more favorable sales mix will likely aid operating margins in the coming quarters. Debt restructuring and improving cash flow should continue to strengthen SANM's balance sheet. Shares are fairly valued. Risks to our recommendation and target price include weaker end-market demand than we project, the potential loss of major customers and any complications with restructuring. The positions of chairman and CEO are held by the same individual, a corporate governance concern. Our 12-month target price of $24 is based on a P/E of 10.4X to our fiscal year 2016 EPS, a slight discount to peers, warranted given its below average revenue growth. Fiscal year ended Sep. 30. Next earnings report expected: Late January. EPS Estimates based on S&P Capital IQ Operating Earnings; historical GAAP earnings are as reported in Company reports. Dividend Data No cash dividends have been paid. Past performance is not an indication of future performance and should not be relied upon as such. Please read the Required Disclosures and Analyst Certification on the last page of this report. Redistribution or reproduction is prohibited without written permission. This document is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seek independent financial advice regarding the suitability and/or appropriateness of making an investment or implementing the investment strategies discussed in this document and should understand that statements regarding future prospects may not be realized. Investors should note that income from such investments, if any, may fluctuate and that the value of such investments may rise or fall. Accordingly, investors may receive back less than they originally invested. Investors should seek advice concerning any impact this investment may have on their personal tax position from their own tax advisor. Please note the publication date of this document. It may contain specific information that is no longer current and should not be used to make an investment decision. Unless otherwise indicated, there is no intention to update this document. Stock Report | November 21, 2015 | NNM Symbol: SANM Sanmina Corp Business Summary November 05, 2015 CORPORATE OVERVIEW. Sanmina Corp. (SANM), a provider of electronic manufacturing services (EMS), works with customers in a number of industries, including communications, enterprise computing and storage, multimedia, industrial and semiconductor capital equipment, defense and aerospace, medical, CleanTech and automotive. The company manages its operations as two businesses: Integrated Manufacturing Solutions and Components, Products and Services. Integrated Manufacturing Solutions consist of printed circuit board assembly and test, final system assembly and test, and direct-order-fulfillment. Components, products and services include interconnect systems (printed circuit board fabrication, backplane and cable assemblies) and mechanical systems (enclosures, precision machining and plastic injection molding). The company's products include memory and solid state drive (SSD) products from its Viking Technology division; defense and aerospace products from SCI Technology Inc. (SCI); and storage products from its Newisys division and optical and RF (radio frequency) modules. SANM's services include design, engineering, logistics, and repair services. Corporate Information Investor Contact P. Bombino (408-964-3610) Office 2700 North First Street, San Jose, CA 95134. Telephone 408-964-3500. Fax 408-964-3440. Email info@sanmina.com MARKET PROFILE. We believe the EMS industry remains well positioned to capture new business from original equipment manufacturers (OEMs). This is due to our view that the cost advantages associated with the outsourcing model are beginning to be understood by potential participants. We think the benefits of this strategy are ample, with companies being able to reduce costs and reallocate resources toward their core competencies (e.g., marketing and research and development). Website http://www.sanmina.com We see a number of key trends emerging in the EMS landscape. For instance, OEMs have begun to limit the number of EMS providers with which they conduct business. We think this move results from customers' desire to streamline their operations. While in the past they may have utilized five or six vendors, many now seek to limit that total to one or two. Chrmn & CEO J. Sola We believe this development bodes well for larger EMS companies such as SANM, as their broad range of service offerings and worldwide presence enable them to fulfill an entire slate of customer requests, in our opinion. However, SANM faces larger rivals that might benefit even more from this industry trend toward consolidation. Seasonality in the company's business has historically been driven by customer and product mix, particularly in the end markets which its customers serve, with the first half of its fiscal year generally having the lowest revenue levels. For SANM's integrated manufacturing solutions business, the company faces competition from other major global EMS companies such as Benchmark Electronics, Celestica, Flextronics International, Jabil Circuits, and Plexus. Customer concentration is high compared with many companies, but we view SANM's concentration as in line with EMS industry peers. In FY 14 (Sep.), no customer accounted for more than 10% of sales. The 10 largest customers accounted for over 50% of FY 14, FY 13, and FY 12 sales. Sales from international operations were 83% of the total in FY 14, higher than the 82% in FY 13 and FY 12, and significantly higher than the 69% posted back in FY 07, reflecting a strategy to move production to lower-cost locations in Asia, Latin America and Eastern Europe. Potential advantages from running global operations include close proximity to customers and suppliers, and tax incentives. FINANCIAL TRENDS. In FY 10, SANM regained GAAP basis profitability, following annual losses for eight consecutive fiscal years with a number of charges related to goodwill writedowns and other restructuring activities. Goodwill was written down to nil at the end of FY 08, and the company took an impairment charge of $478 million. A one-for-six reverse split of the common shares became effective August 14, 2009. We believe the company is making efforts to improve its gross margins and operating income, as well as its inventory turnover and free cash flow generation. Long-term debt was $387 million at the end of FY 14, which was down from $563 million as of the end of FY 13. We still view the level of debt as significant. Redistribution or reproduction is prohibited without written permission. Officers EVP & CFO R.K. Eulau SVP & Cntlr D.R. Anderson Board Members N. R. Bonke E. A. Delaney J. G. Licata, Jr. W. Shortridge J. M. Ward Domicile Delaware Founded 1989 Employees 0 Stockholders 1,098 M. J. Clarke J. P. Goldsberry M. M. Rosati J. Sola Stock Report | November 21, 2015 | NNM Symbol: SANM Sanmina Corp Quantitative Evaluations S&P Capital IQ Fair Value Rank NR Fair Value Calculation Expanded Ratio Analysis NA 1 3 4 5 HIGHEST Based on S&P Capital IQ's proprietary quantitative model, stocks are ranked from most overvalued (1) to most undervalued (5). Price/Sales Price/EBITDA Price/Pretax Income P/E Ratio Avg. Diluted Shares Outstg (M) 2014 0.33 6.60 12.62 10.35 86.7 2013 0.24 5.54 13.79 17.97 85.4 2012 0.15 3.43 18.51 5.13 83.5 2011 0.12 2.28 7.78 11.23 83.2 Figures based on calendar year-end price Investability Quotient Percentile 49 Key Growth Rates and Averages LOWEST = 1 HIGHEST = 100 SANM scored lower than 51% of all companies for which an S&P Capital IQ Report is available. Volatility Technical Evaluation 2 LOWEST LOW BULLISH AVERAGE UNFAVORABLE NEUTRAL 1 Year 3 Years 5 Years 9 Years 5.04 NM -2.08 26.27 1.83 NM -7.44 NM 3.17 21.76 16.86 2.49 34.16 15.12 2.09 45.65 15.06 NM 50.78 NM HIGH Since November, 2015, the technical indicators for SANM have been BULLISH. Insider Activity Past Growth Rate (%) Sales Net Income Ratio Analysis (Annual Avg.) Net Margin (%) % LT Debt to Capitalization Return on Equity (%) FAVORABLE For further clarification on the terms used in this report, please visit www.spcapitaliq.com/stockreportguide Company Financials Fiscal Year Ended Sep. 30 Per Share Data ($) Tangible Book Value Cash Flow Earnings S&P Capital IQ Core Earnings Dividends Payout Ratio Prices:High Prices:Low P/E Ratio:High P/E Ratio:Low 2015 NA NA NA NA NA NA NA NA NA NA 2014 15.18 3.40 2.27 2.27 Nil Nil 26.08 14.76 11 7 2013 12.97 2.05 0.93 0.75 Nil Nil 18.44 9.12 20 10 2012 11.45 3.35 2.16 2.17 Nil Nil 12.55 6.62 6 3 2011 9.41 2.09 0.83 0.81 NA Nil 17.32 6.01 21 7 2010 8.10 2.57 1.48 1.05 Nil Nil 20.30 8.92 14 6 2009 6.79 -0.56 -1.65 -1.65 Nil Nil 11.43 1.08 NM NM 2008 7.62 -4.68 -5.76 -2.22 Nil Nil 15.96 1.62 NM NM 2007 7.50 -11.58 -12.90 -4.92 Nil Nil 23.64 9.72 NM NM 2006 7.08 -0.07 -1.62 -1.68 Nil Nil 35.09 18.24 NM NM NA NA NA NA NA NA NA NA 6,215 309 97.7 30.8 162 NM 197 197 5,917 257 96.0 41.0 103 23.3% 79.4 64.0 6,093 269 99.5 71.7 49.9 NM 180 181 6,602 339 105 99.1 99.5 30.8% 68.9 67.6 6,319 300 89.6 108 139 12.1% 122 87.6 5,177 153 89.9 117 -113 NM -136 -136 7,202 280 96.8 127 -11.7 NM -37.4 -202 10,384 272 117 168 -1,121 NM -1,135 -434 10,955 346 139 122 -150 NM -144 -145 Balance Sheet & Other Financial Data (Million $) Cash NA Current Assets 2,398 Total Assets NA Current Liabilities NA Long Term Debt NA Common Equity NA Total Capital NA Capital Expenditures NA Cash Flow NA Current Ratio NA % Long Term Debt of Capitalization NA % Net Income of Revenue NA % Return on Assets NA % Return on Equity NA 470 2,451 3,313 1,534 387 1,247 1,777 69.5 295 1.6 21.8 3.2 6.3 16.9 403 2,205 2,996 1,207 563 1,092 1,676 76.0 175 1.8 33.6 1.3 2.6 7.7 410 2,326 3,168 1,220 860 964 1,824 78.6 280 1.9 47.2 3.0 5.5 20.8 640 2,629 3,354 1,266 1,182 771 1,953 108 173 2.1 60.5 1.0 2.1 9.6 593 2,590 3,302 1,251 1,241 662 1,902 81.4 212 2.1 65.2 1.9 3.8 20.3 899 2,476 3,124 1,196 1,262 543 1,981 65.9 -46.3 2.1 63.7 NM NM NM 870 2,796 3,991 1,222 1,482 1,170 2,185 121 -415 2.3 67.8 NM NM NM 947 3,415 4,670 1,797 1,588 1,173 2,769 88.4 -1,017 1.9 57.5 NM NM NM 492 3,491 5,862 1,974 1,507 2,271 3,778 139 -5.79 1.8 39.9 NM NM NM Income Statement Analysis (Million $) Revenue Operating Income Depreciation Interest Expense Pretax Income Effective Tax Rate Net Income S&P Capital IQ Core Earnings Data as originally reported in Company reports.; bef. results of disc opers/spec. items. Per share data adj. for stk. divs.; EPS diluted. E-Estimated. NA-Not Available. NM-Not Meaningful. NR-Not Ranked. UR-Under Review. Redistribution or reproduction is prohibited without written permission. Stock Report | November 21, 2015 | NNM Symbol: SANM Sanmina Corp Sub-Industry Outlook Industry Performance Our fundamental outlook for the electronic manufacturing services (EMS) sub-industry is neutral. EMS providers saw a strong rebound in sales in 2010, following a global economic downturn that hurt industry results in 2009. The following year saw further cyclical expansion, but at a more moderate pace, dampened by supply chain disruptions stemming from the earthquake in Japan, rising costs for materials and labor, and the Thailand flooding. Over the last several years, the segment experienced uneven years. Given the ongoing uncertainty in the global economy as well as difficulties in some major customers, we expect the uneven pace to continue through 2015. GICS Sector: Information Technology Sub-Industry: Electronic Manufacturing Services Year to date through August 7, the S&P EMS Index decreased 6.1%, while the S&P 1500 Index increased 1.0%. In 2014, the S&P EMS Index rose 7.4%, versus a 10.9% gain in the S&P 1500 Index. We think near-term performance will be dictated by a combination of mix and volumes, as moderate demand in the Americas and Europe likely combines with better growth in more competitive, lower-margin Asian markets. Based on S&P 1500 Indexes Five-Year market price performance through Nov 21, 2015 S&P 1500 Sector Sub-Industry 160% -Keith Snyder 110% % Change Sales growth in the industry can be volatile. We see execution as a key ingredient to success in this industry. We believe that firms with strong cost controls, global scale, and a diversified revenue base have the best prospects. The last big EMS merger was in 2007, when Flextronics International (FLEX 11, Hold) completed its acquisition of Solectron Corporation. We think EMS companies, rather than simply seeking larger scale, are looking to add capabilities, including vertical integration, to gain a larger proportion of the bill of material from their customers. 60% 10% -40% We believe EMS companies are diversifying their revenue bases in an attempt to reduce the volatility of their business models and enter higher-margin industries. Also, integration along the supply chain has led to vendors adding capabilities outside traditional electronic manufacturing in areas such as electro-mechanical assemblies, plastics and metals. Companies are also coping with wage-hike pressures in China, as workers are gaining bargaining leverage. -90% 2010 2011 2012 2013 2014 2015 NOTE: All Sector & Sub-Industry information is based on the Global Industry Classification Standard (GICS) Past performance is not an indication of future performance and should not be relied upon as such. Sub-Industry : Electronic Manufacturing Services Peer Group*: Circuit Boards/Microelectronics - Larger Sales Peer Group Sanmina Corp Benchmark Electronics Celestica Inc Flextronics Intl Jabil Circuit Plexus Corp Stock Symbol Stk.Mkt. Cap. (Mil. $) Recent Stock Price($) 52 Week High/Low($) Beta Yield (%) SANM 1,866 23.19 25.64/17.55 BHE CLS FLEX JBL PLXS 1,129 1,615 6,367 4,772 1,252 2.21 Nil 5 NA B- 49 3.2 21.8 21.03 11.39 11.24 25.21 37.22 25.92/19.32 13.49/10.44 12.86/9.55 25.22/16.89 46.44/32.23 1.31 1.47 1.46 1.69 2.04 Nil Nil Nil 1.3 Nil 14 37 12 17 14 NA NA 17.00 NA 54.50 BBNR B+ B 92 85 89 97 87 3.0 1.9 2.3 1.6 3.7 NA NA 45.5 33.6 24.8 P/E Ratio NA-Not Available NM-Not Meaningful NR-Not Rated. *For Peer Groups with more than 15 companies or stocks, selection of issues is based on market capitalization. Redistribution or reproduction is prohibited without written permission. Fair Value Calc.($) S&P Return on Quality IQ Revenue Ranking %ile (%) LTD to Cap (%) Stock Report | November 21, 2015 | NNM Symbol: SANM Sanmina Corp S&P Capital IQ Analyst Research Notes and other Company News November 5, 2015 11:22 am ET ... S&P CAPITAL IQ MAINTAINS HOLD OPINION ON SHARES OF SANMINA CORP (SANM 24.31***): We raise our 12-month target $1 to $24, 10.3X our FY 16 (Sep.) EPS estimate. This multiple is a slight discount to peers warranted given its below average revenue growth. We raise our FY 16 EPS estimate $0.03 to $2.34 and initiate our FY 17 estimate of $2.48. SANM reported Sep-Q operating EPS of $0.57 vs $0.61, $0.03 above the Capital IQ consensus. Sales fell 3% due to weakness in the Communications Networks segment. We expect a recovery in Communications Networks, small tuck-in acquisitions and an expansion of the partnership with Motorola to drive 1.7% sales growth in FY 16. /K. Snyder July 21, 2015 12:21 pm ET ... S&P CAPITAL IQ KEEPS HOLD OPINION ON SHARES OF SANMINA CORPORATION (SANM 21.05***): We raise our FY 15(Sep.) and FY 16 EPS estimates $0.03 and $0.10 to $2.18 and $2.31, respectively. We keep our 12-month target of $23 on an in-line with peers 10x our FY 16 EPS estimate. SANM reported Jun-Q operating EPS of $0.53 vs $0.53, $0.04 ahead of the Capital IQ consensus. Sales fell 4% year over year as strength in Industrial/Medical/Defense (+7.6%) was offset by continued weakness in Communications Networks (-14.8%). We believe management's expectation of positive sequential growth in Communications next Q is overly optimistic. We expect sales to fall 7.6% in Sep-Q. /K. Snyder April 21, 2015 11:56 am ET ... S&P CAPITAL IQ MAINTAINS HOLD OPINION ON SHARES OF SANMINA CORP. (SANM 19.8***): We cut our FY 15 (Sep.) and FY 16 EPS estimates $0.13 and $0.19 to $2.15 and $2.21. We cut our 12-month target price $2 to $23, 10.4X our FY 16 EPS estimate, a discount to peers. SANM's Mar-Q operating EPS of $0.50 vs $0.44 was below the Capital IQ consensus. Sales fell 8.6% driven by a 7% drop in Communications segment due to wireless customer inventory reductions. Gross margins fell 52 basis points to 7.7%. SANM issued Jun-Q guidance with sales of $1.5B to $1.55B and EPS of $0.48 to $0.52 citing continued weakness in Communications with growth in Industrial/Medical/Defense. /K. Snyder March 16, 2015 Sanmina Corp. appointed Eugene A. Delaney as director at its 2015 annual meeting of stockholders. January 27, 2015 07:26 am ET ... S&P CAPITAL IQ MAINTAINS HOLD RECOMMENDATION ON SHARES OF SANMINA CORP. (SANM 23.36***): We keep our FY 15 (Sep.) operating EPS estimate at $2.28 and FY 16's at $2.40. We maintain our 12-month target price at $25, on P/E near peers. SANM posts Dec-Q operating EPS of $0.61 vs. $0.41, beating our $0.57 estimate. Sales fell 0.9% from Sep-Q, near expectations, on lower communications networks as well as embedded computing & storage revenues. Margins were stable. We remain optimistic about demand in areas like automotive and industrials, but are wary about communications exposure near term. We are encouraged by customer diversification and recent debt retirement efforts. /A. Zino-CFA October 28, 2014 10:43 am ET ... S&P CAPITAL IQ MAINTAINS HOLD RECOMMENDATION ON SHARES OF SANMINA CORP. (SANM 22.89***): We raise our FY 15 (Sep.) operating EPS estimate to $2.28 from $2.17 and initiate FY 16 at $2.40. We maintain our 12-month target price at $25, on P/E near peers. SANM posts Sep-Q operating EPS of $0.61 vs. $0.46, beating our $0.54 estimate. Sales rose 5% from Jun-Q, better than expected, on growth in areas like computing & storage, industrial, and communications networks. Margins were stable. We think demand in most end-markets remains stable and are encouraged by recent customer diversification. We positively view debt retirement efforts to improve SANM's capital structure. /A. Zino-CFA July 22, 2014 08:46 am ET ... S&P CAPITAL IQ MAINTAINS HOLD RECOMMENDATION ON SHARES OF SANMINA CORP. (SANM 22.35***): We raise our FY 14 (Sep.) operating EPS estimate to $1.91 from $1.69 and FY 15 to $2.17 from $1.80. We increase our 12-month target price by $4 to $25, reflecting a P/E of 11.7X our FY 15 estimate, near peers. SANM posts Jun-Q operating EPS of $0.53 vs. $0.40, beating Redistribution or reproduction is prohibited without written permission. our $0.43 estimate. Sales rose 8.7% from mar-Q, driven by rising medical, defense and industrial growth. Margins widened, above our view, on higher volume and favorable mix. We see growth across most of SANM's segments, aided higher end-demand as well as from new program ramps and an expanding customer base. /A. Zino-CFA Stock Report | November 21, 2015 | NNM Symbol: SANM Sanmina Corp Analysts' Recommendations Monthly Average Trend Wall Street Consensus Opinion Buy Buy/Hold Hold Weak Hold B BH H WH Sell S No Opinion HOLD SANM Trend Companies Offering Coverage Wall Street Average B Argus Research Company Citigroup Inc Craig-Hallum Capital Group LLC Goldman Sachs Longbow Research LLC Morningstar Inc. Needham & Company RBC Capital Markets BH H WH S Number of Analysts Following Stock 12 8 4 Stock Price ($) 30 25 20 15 D J F M A M J J A S O N D J F M A M 2014 J J A S O N 2015 Of the total 8 companies following SANM, 8 analysts currently publish recommendations. No. of Recommendations 2 1 2 2 1 0 8 Buy Buy/Hold Hold Weak Hold Sell No Opinion Total % of Total 1 Mo. Prior 3 Mos. Prior 25 12 25 25 12 0 100 2 1 2 2 1 0 8 2 1 4 1 0 0 8 Wall Street Consensus Estimates Estimates 2015 Wall Street Consensus vs. Performance 2016 2017 2015 Actual $4.41 6 4 2 0 J A S O N D J F M A 2014 Fiscal Years 2017 2016 2017 vs. 2016 Q1'17 Q1'16 Q1'17 vs. Q1'16 M J J A S O N 2015 Avg Est. 2.49 2.35 6% High Est. 2.82 2.48 14% Low Est. 1.96 2.09 -6% # of Est. 6 7 -14% Est. P/E 9.3 9.9 -6% 0.64 0.58 10% 0.65 0.60 8% 0.63 0.56 12% 3 6 -50% 36.2 40.0 -9% A company's earnings outlook plays a major part in any investment decision. S&P Capital IQ organizes the earnings estimates of over 2,300 Wall Street analysts, and provides their consensus of earnings over the next two years, as well as how those earnings estimates have changed over time. Note that the information provided in relation to consensus estimates is not intended to predict actual results and should not be taken as a reliable indicator of future performance. Redistribution or reproduction is prohibited without written permission. For fiscal year 2016, analysts estimate that SANM will earn US$ 2.35. For fiscal year 2017, analysts estimate that SANM's earnings per share will grow by 6% to US$ 2.49. Stock Report | November 21, 2015 | NNM Symbol: SANM Sanmina Corp Glossary S&P Capital IQ STARS Since January 1, 1987, S&P Capital IQ Equity Research has ranked a universe of U.S. common stocks, ADRs (American Depositary Receipts), and ADSs (American Depositary Shares) based on a given equity's potential for future performance. Similarly, S&P Capital IQ Equity Research has ranked Asian and European equities since June 30, 2002. Under proprietary STARS (STock Appreciation Ranking System), S&P Capital IQ equity analysts rank equities according to their individual forecast of an equity's future total return potential versus the expected total return of a relevant benchmark (e.g., a regional index (S&P Asia 50 Index, S&P Europe 350 Index or S&P 500 Index)), based on a 12-month time horizon. STARS was designed to meet the needs of investors looking to put their investment decisions in perspective. Data used to assist in determining the STARS ranking may be the result of the analyst's own models as well as internal proprietary models resulting from dynamic data inputs. S&P Capital IQ Quality Ranking (also known as S&P Capital IQ Earnings & Dividend Rankings) - Growth and stability of earnings and dividends are deemed key elements in establishing S&P Capital IQ's earnings and dividend rankings for common stocks, which are designed to capsulize the nature of this record in a single symbol. 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EBIT - Earnings Before Interest and Taxes EBITDA - Earnings Before Interest, Taxes, Depreciation and Amortization EPS - Earnings Per Share EV - Enterprise Value FCF - Free Cash Flow FFO - Funds From Operations FY - Fiscal Year P/E - Price/Earnings P/NAV - Price to Net Asset Value PEG Ratio - P/E-to-Growth Ratio PV - Present Value R&D - Research & Development ROCE - Return on Capital Employed ROE - Return on Equity ROI - Return on Investment ROIC - Return on Invested Capital ROA - Return on Assets SG&A - Selling, General & Administrative Expenses SOTP - Sum-of-The-Parts WACC - Weighted Average Cost of Capital Dividends on American Depository Receipts (ADRs) and American Depository Shares (ADSs) are net of taxes (paid in the country of origin). S&P Capital IQ Qualitative Risk Assessment Reflects an S&P Capital IQ equity analyst's view of a given company's operational risk, or the risk of a firm's ability to continue as an ongoing concern. 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STARS Ranking system and definition: 55555 5-STARS (Strong Buy): Total return is expected to outperform the total return of a relevant benchmark, by a wide margin over the coming 12 months, with shares rising in price on an absolute basis. 55555 4-STARS (Buy): Total return is expected to outperform the total return of a relevant benchmark over the coming 12 months, with shares rising in price on an absolute basis. 55555 3-STARS (Hold): Total return is expected to closely approximate the total return of a relevant benchmark over the coming 12 months, with shares generally rising in price on an absolute basis. 55555 2-STARS (Sell): Total return is expected to underperform the total return of a relevant benchmark over the coming 12 months, and the share price not anticipated to show a gain. 555551-STAR (Strong Sell): Total return is expected to underperform the total return of a relevant benchmark by a wide margin over the coming 12 months, with shares falling in price on an absolute basis. 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