Qualcomm mei 2015 Update
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Qualcomm mei 2015 One of the world's largest semiconductor producer and the largest provider of wireless chipset and software technology,
Chipset is een in de computerbranche vaak gebruikte term om de geïntegreerde schakelingen aan te duiden die in samenwerking met de processor worden gebruikt op een bepaald moederbord. Semiconductoren of halfgeleiders
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Qualcomm mei 2015 Evolutie koers €/$
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. April 2014: aankoop Qualcom à 80,49 $ koers mei 2015 68,37 $ verlies incl div - 15 % met verrekening dollarstijging + 5 % a + 4,7 %
Qualcomm mei 2015
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Second Quarter Results (GAAP)*
. Q2 Fiscal 15
Q2 Fiscal 14
Year-Over-Year
Q1 Fiscal15
Revenues
$6,9B
$6.4B
+8%
$7.1B (3%)
Op inc
$1.3B
$2.0B
(33%)
$2.1B (35%)
Net income
$1.1B
$2.0B
(46%)
$2.0B (47%)
Diluted earnings per share $0.63
$1.14
(45%)
$1.17 (46%)
Qualcomm mei 2015
Galerijke Turnhout
Second Quarter 2015 Results (GAAP)* The following should be considered in regards to the year-over-year comparisons: The second quarter of fiscal 2015 GAAP results included a $ 975 million charge, or .$0.58 per share, related to the resolution reached with the China National Development and Reform Commission (NDRC) regarding its investigation of us under China’s Anti-Monopoly Law. Operating cash flow also was impacted by the prepayment of $950 million to secure long-term capacity commitments at a supplier of our integrated circuit products.
Qualcomm mei 2015 Threats Klantenverlies (o.a Samsung) Qualcomm facing penalty from South Korean antitrust regulator ivm licensing: hiervan komt 30 % inkomsten en de hoogste winstMarges Jana (grootste aandeelhouder) eist restructurering -meer kostenbesparingen ( wordt gerealiseerd) -opslpitsing (chipproducent en licensingbeheer -meer cash naar aandeelhouders
Opportunities increased use of 3G and 4G devices
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Qualcomm mei 2015
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How the market evaluates Qualcomm: -Market evaluation : $ 115 -P/E 15 (based on fiscal year 2014) -But: At the end of the most recent quarter, Qualcomm had $29.6 billion in cash and investments, -$1.1 billion in debt, -net cash position of $28.5 billion, -So : adjusted P/E ratio falls to just 11.3. =
Qualcomm mei 2015 Weekgrafiek jaar
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Qualcomm mei 2015 Daggrafiek 1 jaar
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Qualcomm dag 1 jaar supertrend
Financiëel gezond bedrijf
Qualcomm zit in overgangsjaar Voorstel: Winst nemen Opvolgen en wanneer de “patentstormen zijn gaan liggen : eventueel terug instappen
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Qualcomm mei 2015 Conclusie en voorstel Financiëel gezond bedrijf
Qualcomm zit in overgangsjaar Voorstel: Winst nemen Opvolgen en wanneer de “patentstormen zijn gaan liggen : eventueel terug instappen
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Einde
Qualcomm Basisgegevens (fiscal year 2015 – (ends sept 28/2015) Marktcap
112,53 BN
Enterprise value
97,14 BN
. Price/book
2,95
Price/ Earnings
16,34
ROA
10,46 %
ROE
18,81%
Beta
0,89
Bron : yahoo intraday May 05/2015
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Qualcomm maart 2014 /6 jaars evolutie (estimated) 2011
2012
2013
2014
2015
2016
Revenue . Ebitda
14 957 19 121 24 866 26 788 29 220 32 049 7 145
9979
6749
9816
11 174
Ebit
6 084
7 100
8 657
9 069
10 616 11 334
Net income
4 260
6 109
6 853
6 790
7 825
9 293
EPS
2,52
3,51
3,91
4,54
5,13
5,47
Dividend
0,81
0,93
1,20
1,42
1,55
1,76
Bron:zone bourse (estimated aangepast 2/4/2014)
11 796
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Qualcomm maart 2014 Co strategy
Expanding in growth in the use of wireless devices worldwide .
strong global growth of smartphones Chipset leadership position Competitive strengths in 3G/4G technologies and products Stock repurchases plan Commercial deployment of CDMA, OFDMA Enforcement and protection of our intellectual property rights
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Qualcomm maart 2014 Concurrenten
Nokia
Market Cap
P/E
28.59 BN
N/A
Motorola solutions 16.95 BN
.
16,44
Cisco systems
112,40 BN
14,35
Ericsons
41.04 BN
22,94
Intel
125.145,40 BN
13,00
Nvidia
10,23 BN
23,8
Texas instruments
Qualcom inc
51.004,11
128,71 BN
Market share industry : 35 %
23,4
19,48
Qualcom maart 2014
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Analistenvisie A market leader with steady sales growth that illustrates appreciable business expansion. Increasing demand for LTE technology and 64-bit chipsets to further boost Qualcomm's revenues. Qualcomm hiked its dividend by 20% and increased stock buyback by $5 billion. Shorting Qualcomm Seems Like a Bad Idea Qualcomm Benefits From China Mobile's likely Shift To Five-Mode Handsets
Galerijke Qualcomm maart 2014 Turnhout Fundamenteel positief: Estimation of sales 2014
$26.0B - $27.5B
Geen schulden .
Continuing rerpurchase program: $4 billion stock repurchases in 2014
stockholders
On August 21, 2013, we entered into a definitive agreement under which we agreed to sell the North and Latin American operations of our Omnitracs division for $ M 800 (nog niet meegerekend in fiscal outlook 2014) Expected continued strong growth of 3G and 3G/4G multimode devices around the world, particularly in China groei First quarter profit topped analyst estimates The bulk of the profit comes from licensing technology= stabiele inkomsten
Negatief/ risks Float:
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Qualcomm maart 2014
79 % aandelen in handen van “institutions”
Grote Competitie in een snel evoluerende technologische markt Saturatie in 3G/4G chipsetsvoor high-end mobile market in de volgende jaren .(maar smartphone technology staat nog maar in het begin van zijn technologische ntwikkeling)
Anti-monopoly “klacht” in China mbt Interdigital en Qualcom ( afspraken en te hoge patent royalties) – China ontwikkelt in versneld tempo eigen semi-conductor faciliteiten Switch to five-mode-only by China Mobile (jun 2014 carry higher royalties than three-mode handsets
Long term : smart phones & tablets saturatie : 2015
five-mode handsets
Qualcom maart 2014 The future
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Development & delivering chipsets for:: . In-Car Entertainment (ICE) Development of vehicular networks (platform opens up a whole new industry for communication over mobile networks
Snapdragon 602A processor will provide automakers with options to improve audio, video infotainment and communication (Ferrari, Mercedes-Benz and Volvo cars, with 13 other manufacturers)
Intel also active in developing chipsets – (BMW – Toyota –Jaguar key clients)
Qualcom maart 2014 Conclusie Fundamenteel: -Marktleider op vlak van semiconductor 2/3 . chipsets / 1/3 royalties &licensing -Geen schulden -Beta 0,89 -Pay-out 33 % -12 jaar op rij dividenduitkering ondanks hoge pay-out ratio -Hoge cash positie return to stockholders
-Technisch: -Ononderbroken 200 d gemiddelde -LT weerstand op 89 $ (zie pro realtime grafiek) -Steeds hogere toppen
-Kopen aan dagkoers
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Qualcom maart 2014 Grafiek -Strategie:
. Opvolgen concurrenten (Intel) Verkopen indien K/W > 25 -Koersdoel aan (huidige - ttm) K/W 20, : 2014 : 102, /2015 : 113 -Koersdoel aan (estimated) K/W 15 : 2014 : 76 ,/2015: 85
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Qualcom maart 2014 Grafiek
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Qualcomm mei 2015
Galerijke Turnhout
Return of Capital to Stockholders During the second quarter of fiscal 2015, we returned $2.6 billion to stockholders, including $1.9 billion through repurchases of 27.8 million shares of common stock and $689 million, or $0.42 per share, of cash dividends paid. On March 9, 2015, we announced a new $15 billion stock repurchase program, including our intention to repurchase $10 billion of common stock within 12 months, in addition to our current commitment to return a minimum of 75% of free cash flow to stockholders through stock repurchases and dividends. Since March 29, 2015, we repurchased and retired 5.1 million shares of common stock for $345 million. On April 8, 2015, we announced a cash dividend of $0.48 per share payable on June 24, 2015 to stockholders of record as of the close of business on June 3, 2015, which represents a 14 percent increase over our prior quarterly dividend.
