Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on NXP SEMICONDUCTORS NV. We currently have 6 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
NXP SEMICONDUCTORS NV
NXP SEMICONDUCTORS NV
Positive momentum in Automotive, positive impact of the synergies on margins
28 Jul 16
NXP reported Q2 revenues of $2,365m, corresponding to a sequential increase of 6.6% but to a 7.7% yoy decrease. In HPMS ($1,911m, up 5.4% sequentially, down 8% yoy), most of the segments were negative yoy by a double-digit in comparable figures, with the exception of Automotive, $805m, up 5.3% yoy. Standard Products have also witnessed a dip ($303m, +10.6% sequentially, -6.5% yoy). The non-GAAP gross margin reached 50% (46.5% for the GAAP gross margin due to €32m of restructuring charges), a 130bp increase yoy, while the non-GAAP operating profit came in at $606m, representing a 25.6% margin, a decrease of 220bp versus the previous year; the GAAP operating result was negative by $26m, due to $514m of PPA effects. The non-GAAP net income came in at $486m, for a GAAP net result of -$13m. The mid-point of the Q3 guidance points at revenues of $2.47bn, corresponding to a 4.2% sequential increase but to a 3.3% yoy decrease. The non-GAAP operating margin is expected to be around 27.5%, but c. $400m of PPA is expected, as well as c. $120m of other adjustments.
Strong perspectives as the merger is being processed
02 May 16
NXP reported Q1 results, and provided a detailed breakdown of historical revenues taking into consideration Freescale’s revenues, as well as the divestments made to obtain the regulatory approvals for the merger. The Q1 revenues came in at $2,224m, corresponding to an adjusted lfl sequential increase of 2.3% but to a yoy decrease of 10.7%. The situation was mixed in HPMS, with Automotive displaying some positive momentum (+8.8% sequentially, +1.3% yoy), as well as Secure Interface & Infrastructure in some way (+12.8% sequentially, but -25% yoy). On the other hand, Secure Identification Solutions (-5.8% sequentially, -4.5% yoy) and Secure Connected Devices (-9.1% sequentially, -10.3% yoy) were both down. The non-GAAP gross margin reached 50% (26.8% for the GAAP gross margin due to €496m of PPA effects), a 130bp increase yoy, while the non-GAAP operating profit came in at $519m, representing a 23.3% margin, a decrease of 450bp versus the previous year; the GAAP operating result was a negative $471m, due to PPA effects of $861m. The non-GAAP net income came in at $412m, for a GAAP net loss of $387m. The guidance provided for Q1 16 shows a sequential increase of 5% plus or minus 2%, for a non-GAAP gross margin of 50% and an operating margin of 25.3%. The company also hosted its Analysts Day on Thursday, 28 April, during which it announced it would implement a dividend by 2018, without indicating the amount. The expected top-line growth rate for the 2016-19 timeframe is 5-7%, with non-GAAP EBIT margins of 30-33% leading to an EBITDA objective of about $4bn.
Work in progress
04 Feb 16
NXP reported Q4 results, consolidating Freescale for the first time, which contributed to the quarter over approximately one month. Revenues reached $1,606m, corresponding to a sequential increase of 5.5%. In HPMS, most of the segments were clearly positive thanks to the extra revenues from the acquisition, with the exception of Secure Identification Solutions, which did not benefit from the consolidation and is down 16.4% sequentially (+0.9% yoy). Standard Products have also witnessed a dip (-16.6% sequentially, -18.1% yoy). The non-GAAP gross margin reached 50.2% (38.5% for the GAAP gross margin due to €167m of PPA effects), a 360bp increase yoy, while the non-GAAP operating profit came in at $433m, representing a 27% margin, an increase of 170bp versus the previous year; the GAAP operating result reached $1,013m, thanks to the recognition of $1,257m from the sale of the RF Power business. The non-GAAP net income came in at $341m, for a GAAP net result of $962m. The guidance provided for Q1 16 shows a sharp sequential increase due to the full consolidation of Freescale, with product revenues expected to grow by 38% at the mid-point of the guidance, for a non-GAAP operating margin of 23%.
Brutal cut in the guidance to prevent massive inventory build up
29 Oct 15
NXP reported Q3 revenues of $1,522m, corresponding to a sequential increase of 1.1% but almost flat yoy (+0.5%). In HPMS, most of the segments were clearly positive both sequentially and yoy, with the exception of Automotive, up 6.9% yoy but slightly down sequentially (-0.6%), but these good performances have been offset by a sharp fall in Secure Interfaces and Power, down 10.9% sequentially and 9.4% yoy. The non-GAAP gross margin reached 49.1% (48.6% for the GAAP gross margin), a 120bp increase yoy, while the non-GAAP operating profit came in at $449m, representing a 29.5% margin, an increase of 380bp versus the previous year. The non-GAAP net income came in at $381m, for a GAAP net result of $361m. The guidance provided for the next quarter shows a sharp sequential decline, with revenues expected to fall sequentially by the upper-teens range.
Roaring margins in light of an excellent quarter
31 Jul 15
NXP reported Q2 revenues of $1,506m, corresponding to a 2.7% sequential increase and 11.6% yoy. The biggest contributor was Automotive with $310m (+2.6% sequentially, +7.6% yoy), and the strongest growth yoy was reached by Secure Connected Devices ($276m, +39.4%), while Secure Identification Solutions witnessed the strongest sequential growth ($257m, +15.8%). Standard Products were relatively flat sequentially and yoy (-0.3% and +1.9%). The non-GAAP gross margin reached 48.7% (48.1% for the GAAP gross margin), flat yoy, while the non-GAAP operating profit came in at $418m, representing a 27.8% margin, an increase of 300bp versus the previous year. The non-GAAP net income came in at $351m, for a GAAP net result of $300m. The guidance communicated for the next quarter expects revenues between $1,492m and $1,542m, corresponding to a sequential increase of 3% at the midpoint, while non-GAAP gross and operating margin should respectively come in at 48.8% and 28%.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
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 - Small-cap quantitative research - Momentum screen refresh + 10 focus stocks
12 Jan 17
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).
33% upgrade to January 2017 PBT
09 Jan 17
Redstone has released a trading update stating it ‘expects to report EBITDA at the upper end of market expectations’. This implies EBITDA of £1.8m which is above our current estimate of £1.5m. Accordingly, we are upgrading our PBT forecast for the year ending January 2017 by 33% to £1.2m from £0.9m. We reiterate our buy recommendation with a 2.2p price target implying 69% upside.
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.