Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on DIALOG SEMICONDUCTOR PLC. We currently have 9 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
DIALOG SEMICONDUCTOR PLC
DIALOG SEMICONDUCTOR PLC
Slightly disappointing guidance, 2017's potential likely to be unveiled in next quarter
03 Nov 16
Dialog reported its Q3 results, with sales coming in at $345.8m, corresponding to a growth of 40.7% sequentially and 4.7% yoy. The main contributor was, as usual, the Mobile Systems business line ($269.9m, +52% sequentially, +1.2% yoy), while Power Conversion accelerated to 54.4% yoy growth ($33.4m) and Connectivity pursued its recovery by showing growth again ($33.4, +17.6% sequentially, +7.7% yoy). The gross margin reached 46%, down 30bp yoy. Operating profit reached $61.4m, corresponding to a 9.3% operating margin. Net income came in at $46.3m. The company upgraded its guidance: Q4 revenues are expected to reach $345-375m, resulting in FY revenues of $1,193m at the midpoint of the guidance and to a 12% decrease yoy (compared to -15% in the previously communicated guidance). The underlying gross margin is expected to be a continuity of the one delivered during the year.
Downgraded guidance corresponding to inventory management, 2017 not likely at risk
28 Jul 16
Dialog reported its Q2 results, with sales coming in at $26m, corresponding to a sequential increase of 1.5% but to a 22.1% decrease yoy. The main contributor was, as usual, the Mobile Systems business line ($178m, -5.4% sequentially, -31.4% yoy), while Power Conversion accelerated to 46% yoy growth ($29m). Connectivity somewhat recovered from Q1 and displayed a slight decrease yoy ($28m, -2.1%). The gross margin reached 46.3%, down 20bp yoy. Operating profit reached $23m, corresponding to a 9.3% operating margin. Net income came in at $16.8m. Due to the continuing soft market conditions, the company downgraded again its guidance for the FY, and is now expecting revenues to decrease by c. 15%, although it will try to preserve profitability through rigorous cost control. The Q3 16 revenues are expected to be around $290-320m, with a gross margin in line with H1 16.
Guidance slashed for 2016, recovery not expected before 2017
04 May 16
Dialog reported its Q1 results, with sales coming in at $242m, corresponding to a decrease of 39.2% sequentially and 22.2% yoy. The main contributor was as usual the Mobile Systems business line ($188m, -43.7% sequentially, -26.4% yoy), while Connectivity witnessed a stop and displayed a 31.3% sequential increase and 23.7% yoy at €21m. The gross margin reached 44.5%, down 150bp yoy. Operating profit reached $151m, thanks to the €137m termination fee related to the failed Atmel merger. Without it, the operating margin would have fallen to 7.2%. Due to the soft market conditions, the company slashed its guidance for the FY, and is now expecting revenues to decrease by a high single-digit, while it will try to preserve profitability through rigorous cost control. A share buy-back programme of €37.5-50m was also announced, with an assumed share price of €30, which would lead to the acquisition of up to 1.66m shares.
Weak Q1 guidance, but growth confirmed for 2016
08 Mar 16
Dialog reported its Q4 and FY15 results. Concerning Q4, sales were down 8.5% yoy at $398m, mostly due to the drop in sales in Mobile Systems (-11.6% yoy, $334m). However, Power Conversion accelerated to +20.5%, but remained marginal in terms of volumes ($24m). The gross margin came in at 45.7% (down 60bp yoy), while the EBIT margin decreased to 20.4% vs. 24.2% in Q4 14. For the FY, revenues reached $1,355m, corresponding to a 17.2% increase compared to 2014, with 82.3% of revenues coming from the Mobile Systems division ($1,115m), which displayed an 18.2% growth. Connectivity was up 27.2% at $117m. The gross margin came in at 46.1% vs. 44.6% in 2014, and the EBIT margin gained 310bp at 19.2% vs. 16.1% in the previous year. For the next quarter, the company is expecting a traditional seasonal decrease in revenues, to the $230-245m range, which would correspond to a decrease yoy of between 26% and 21%. The gross margin is expected to be marginally lower compared to Q4, while it should reach a similar level in the full year 2016 compared to 2015. As usual, revenue growth should occur during H2. A new CFO has also been named to replace Jean-Michel Richard, who had announced months ago his retirement; the new CFO will be Wissam Jabre, who previously worked as Vice-President of Finance at AMD.
Dialog/Atmel: Act two. Before another twist?
14 Dec 15
Atmel, which is supposed to merge with Dialog at the beginning of 2016, announced on 11 December 2015 that it had received an unsolicited bid offer at $9 per share, vs. the cash and share proposal from Dialog ($4.65 in cash and 0.112 of a Dialog American depository receipt for each share of the stock) which offered around $8.6 at the 11 December 2015 closing price. As a result of the new bid, Atmel’s directors will engage in buyout talks with the potential acquirer, currently unknown, as this proposal has been considered to have resulted in a "Company Superior Proposal" as defined in the Dialog merger agreement. Atmel’s board said it was advising against the unsolicited new offer and there was no assurance the bid would result in a deal. The directors continue to recommend shareholders to back the merger with Dialog, which remains in effect.
Additional information after the final release and Apple's results
28 Oct 15
Dialog published its final Q3 15 release, after the accidental publication on 26 October. The additional figures provided are mainly about segmental profitability. With no surprises, Mobile systems displayed the best performance, reaching 29.7%, a 400bp increase yoy and 60bp sequentially, while Power conversion is still negative at -25.6%, a 100bp increase yoy but a 60bp decrease sequentially. Management also had a conference call.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
Panmure Morning Note 18-01-2017
18 Jan 17
Blancco technology, a leading provider of data erasure solutions and mobile device diagnostics, has announced that its underlying profits are ahead of expectations. Organic sales growth remains strong, the group continues to win larger ticket orders and the mobile diagnostics is performing ahead of plan. Consequently, we are raising our FY17 PBT forecast from £8.0m to £8.3m.
N+1 Singer - NCC Group - Interims confirm underlying business sound
19 Jan 17
NCC’s interim results were largely flagged in the detailed trading update released in December. Group revenue increased 35% to £125.8 (organic growth +18%) and adj. EBITDA grew 15% to £21.3m. The group’s issues relating to contract losses/deferrals in the period were previously announced and are already included in our forecasts. The group has maintained its interim dividend at 1.5p, which we believe is an indication of the strong underlying business. Separately, NCC has announced that Paul Mitchell intends to step down as chairman in May ’17. We continue to believe that NCC remains a highly attractive asset in an area seeing strong structural growth and see the current share price weakness as an opportunity. We retain our Buy recommendation and 233p target price.
N+1 Singer - dotDigital Group - Trading update
17 Jan 17
dotDigital issued a trading update for the six months ended 31 December 2016, indicating revenue growth up 17% y-o-y to £15.0m with EBITDA in line with market expectations and on track for the full year. Cash has grown to £18.9m. Revenue was slightly light of expectations owing to a slower start in the US but Q2 already showed improvement with a strong pipeline building. Our EBITDA and EPS forecasts are unchanged but revenues trimmed by 4% for both years. There is much activity in broadening avenues of growth in terms of new connectors, partnerships and geographical footprint and we remain positive of its prospects. Interim results will be released on Feb 21.
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.