and how much did you discount due to the fact that basically all of the revenues are derived from Apple ?
CRUS is probably one of the stocks with the worst risk-reward ratio in the market these days. They only win if they continue to boost Apple sales (which they won't as first quarter 2013 already shows) at a huge rate. But that's not enough - they will have to drive back up sinking margins pretty soon - which they won't either as management admitted on the last call.
But the worst thing is they don't have their fate in their own hands as they are a complete hostage to Apple and will have to accept whatever Apple dictates.
I really don't know who wants to own a stock with characteristics like these.