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Research Tree provides access to ongoing research coverage, media content and regulatory news on ARM HOLDINGS PLC. We currently have 9 research reports from 3 professional analysts.
|05Sep16 15:29||RNS||Form 8.3 - ARM Holding Plc|
|05Sep16 15:20||RNS||Form 8.3 - ARM Holdings Plc|
|05Sep16 14:29||RNS||Appointment of directors to ARM Holdings plc|
|05Sep16 12:10||RNS||Form 8.3 - ARM Holdings Plc|
|05Sep16 12:00||RNS||Form 8.5 (EPT/RI)|
|05Sep16 11:57||RNS||Form 8.5 (EPT/RI)|
|05Sep16 11:54||RNS||Form 8.5 (EPT/NON-RI)|
Frequency of research reports
Research reports on
ARM HOLDINGS PLC
ARM HOLDINGS PLC
28 Jul 16
"The FOMC delivered much as expected. Rates were left on hold but, by stating that 'Near-term risks to the economic outlook risks have diminished', the door has been left open for its first rate hike since December 2015 with the hot money remaining on +25bp in September and another +25bp before the year end. Lacking new excitement, London equities are expected to open marginally down, with the FTSE-100 seen down between 5 and 10 points in early trade. US markets closed in a similar mood, with the Dow and S&P 500 left virtually unchanged, leaving only the technology-heavy NASDAQ celebrating better than expected results from Apple following the previous close. Sentiment in Asia continued to yo-yo on the longawaited Japanese stimulus package, forcing the Nikkei to give back half of yesterday's gains, while the Shanghai Composite remained nervous amid threats of new regulation on wealth management products, leaving only the commoditydominated ASX enjoying a small positive by the close. Amongst UK corporates, investors are now able to put a figure on the cost to BHP Billiton (BLT.L) shareholders over the Samarco Dam disaster, with the company indicating a US$1.1bn to US$1.3bn provision, while in yesterday's statement GSK's (GSK.L) Board suggested the post-Brexit fall in Sterling presents a mix of new challenges to the Group. This morning, UK markets anticipate release of the Nationwide House Price Index along with a heavy clutch of results including, Anglo American (AAL.L), AstraZeneca (AZN.L), BAE (BA..L), Centrica (CNA.L), Diageo (DGE.L), Rolls Royce (RR..L), Royal Dutch Shell (RDSA.L) and Weir Group (WEIR.L)." - Barry Gibb, Research Analyst
19 Jul 16
"With few significant new stories emerging overnight, equities in London will probably give back some of the M&A inspired gains recorded yesterday following Softbank's generous cash offer for UK technology stock, ARM Holdings. With crude oil prices seemingly stuck around their two-month low on continuing concerns of a glut in the face of much predicted slowing economic activity, the FTSE-100 is seen opening around 23 points lower this morning. US equity markets all gained modestly once again, leaving the Dow Jones with another record closing on Monday led mainly by financials, while the tech-heavy NASDAQ put in the best gains of the session. Asia closed mixed, with the Nikkei chalking up its sixth consecutive gain on Tuesday as it resumed trading after Friday's public holiday amid continuing anticipation its government's pending provision of new economic stimulation, although heavily indebted Softbank was sharply sold off on concerns that it may be overpaying for its proposed acquisition. Elsewhere, Chinese and Korean stocks weakened while Australia's commodity heavy market remained quiet with light trading. Today in London, politicians and lawmakers will continue heated discussions regarding the UK's proposed renewal of its Trident nuclear programme, while the Financial Stability Oversight Council will again discuss the effects of future actions to effect Brexit. Data watchers should anticipate UK Inflation and producer price data, along with release of the national House Price Index. No major corporates are due to release results this morning, although a trading update is expected from Royal Mail." - Barry Gibb, Research Analyst
ARM acquired by Softbank, putting the IoT back under the spotlight
18 Jul 16
ARM is about to be acquired by the Japanese conglomerate Softbank for £24.3bn in cash, corresponding to £17 per share, or a 43% premium. It must be approved by at least 75% of the shareholders, and according to the official announcement is not subject to any anti-trust or regulatory conditions before closing. The closing of the deal is expected by no later than 17 November 2016.
19 May 16
London equities are set for a relatively sharp decline on this morning's opening, with the FTSE-100 seen down as much as 1%, or around 60 points, during first trades. Driving this are the concerns expressed by the Federal Open Market Committee yesterday afternoon, which left investors with a sharp warning that an interest-rate increase is still a possible outcome from June's policy meeting should the domestic economy sustain its recent improvement. Fed Policy makers also raised additional concerns about the scope of their macroprudential tools required to sustain financial stability across the broader US economy. Japan and China made modest gains overnight, while most other Asian markets recorded small losses as investors similarly reflected on the cautions contained in the Fed minutes. Today, investors should expect UK retail sales data and the release of ECB policy meeting minutes, followed by US leading indicators, weekly jobless claims and a speech by Fed's Dudley this afternoon. Results are expected from 3i, Booker, Britvic, Investec, National Grid, Royal Mail andThomas Cook.
Royalties above expectations, as well as opex
20 Apr 16
ARM reported Q1 revenues of $398m, a 2.4% sequential decrease but an increase of 14.3% yoy. In sterling, revenues reached £276.4m, corresponding respectively to a sequential increase of 2.7% and 25.4% yoy. Licensing revenues have increased by 11.3% yoy to $148.3m, for a 6.4% sequential decrease, while royalty revenues were flat sequentially and increased by 16.8% yoy to $215.7m. Thirty-nine licences have been signed during the quarter, of which four were v8. The gross margin reached 96.5%, a slight increase (+20bp) on the previous quarter. The normalised operating margin came in at 48.6%, a 190bp sequential decrease caused once again by a substantial jump in operating expenses (£132.9m vs. £123.9m), while the IFRS operating margin reached 39.7%, down 130bp sequentially and 490bp yoy. This led to a normalised profit before tax of £137.5m (£112m in IFRS). Due to the current slowdown in the smartphone market, the company expects the full-year 2016 dollar top-line to grow by c. 7.5%.
N+1 Singer - IQE - Upgrade cycle set to continue
24 Mar 17
IQE’s FY’16 results showed good growth in all key segments and came in c.4% ahead of our recently upgraded forecasts. We have upgraded our forecasts today by 5% and 3% in FY’17 and FY’18 respectively, but expect the upgrade cycle to continue. The increase in capex in FY’16 looks to us a strong indication of future volume increases, and we see scope for significant upgrades through the course of our forecast horizon. We highlight three opportunities in this note, each of which could materially move the needle in its own right. IQE is one of our key picks for 2017 and has performed strongly YTD (+48%), but we believe there is more to go for. We increase our target price to 76p and retain our Buy recommendation.
Photonics the star of the show
21 Mar 17
IQE’s diversification strategy delivered a 17% jump in adjusted profit before tax during FY16. Strong growth in photonics revenues was a key element of this improvement. This was boosted by a return to growth, albeit modest, in the wireless sector and weak sterling. We revise our FY17 estimates upwards to reflect the progress made on customer qualifications for photonics applications, and we introduce FY18 estimates.
Stronger and stronger
23 Mar 17
Sopheon has reported strong prelims in line with the January trading update which had demonstrated that revenue delivery had been achieved on cost underspend, leading to EBITDA (+7% vs FY16E) and adjusted PBT (+22%) outperformance. Strong licence sales, high levels of recurring revenue retention (94% by value), and ever upgrading product portfolio in terms of functionality delivered revenue strength. Gartner recognition illustrates the transition from a product which needed to be described then sold, to a solution set sought by customers to deal with the increasingly acknowledged enterprise problem of efficient product lifecycle management. Sopheon is well positioned for future growth, and board confidence for future growth leads to planned increase in investment, yet still delivering $5.6m ($5.3m pre FX) EBITDA. Having smashed through our FY16 forecasts and target price, we restore FY17 forecasts and lift the 12-month target from 360p to 620p.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
Foundations for growth
21 Mar 17
accesso have released strong FY2016 Results which are marginally ahead of our expectations, this also follows the recent trading update at which it upgraded profitability figures. This is an impressive performance considering that 2016 has been a year of investment, not to mention the challenging trading conditions experienced in key summer months. This places accesso well for continued expansion in a significant and expanding global market.
N+1 Singer - IQE - FY’16 results prompt further upgrades
21 Mar 17
IQE’s FY’16 results are c.4% ahead of our expectations, which were upgraded in December. Group revenue grew 16% to £132.7m (N+1Se: 130.8m), with adj. PBT rising 17% to £20.6m (N+1Se: £20.4m) and adj. EPS up 15% to 3.0p (N+1Se: 2.9p). The key Wireless and Photonics markets grew strongly (up 15% and 43% respectively), while licence income outperformed expectations at £6.7m (N+1Se: £5.0m). We expect the positive momentum to continue, prompting c.5-10% EPS upgrades, although we see scope for more material upgrades over the course of our forecast horizon. IQE is one of our key picks for the year. The shares have risen 45% YTD but with today’s results triggering upgrades and further positive newsflow expected, we believe there is more to go for. Buy.