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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.
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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%.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
A data-driven H1 raises expectations
05 Dec 16
The first reporting period under the new D4t4 Solutions brand saw the group (previously IS Solutions) deliver good growth, leaving it well on track to meet PBT forecasts in FY 2017, and we now increase FY 2018 forecasts. The business continues to flourish from its focus on data management and analytics, enabling its international blue-chip client base to gather and gain advantage from the mass of customer data available, utilising the leading-edge Celebrus solution. Industry analysts predict 12% CAGR for the BI & Analytics market through to 2020, and D4t4 is riding this wave of demand.
09 Dec 16
Ideagen* (IDEA): Acquisition of IPI Solutions (CORP) | Lombard Risk Management* (LRM): Atos deal improves routes to German market (CORP) | Photo-Me* (PHTM): Upgrade to FY forecasts (CORP) In other news… Frontier Developments* (FDEV): ED coming to Xbox and Planet Coaster update (CORP) | LiDCO* (LID): Analyst interview (CORP) | Rude Health: Analyst interview
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
N+1 Singer - Morning Song 05-12-2016
05 Dec 16
RTHM is acquiring a profitable Canadian listed mobile specialist for equivalent of US$42.5m consideration in shares (88.235m). This helps adds to two growth vectors RTHM is targeting; (i) adds unique exclusive audience (10m unique) and (ii) Exclusive demand Yahoo and Facebook. The business has 15 premium and owned and operated apps which provide users with rewards for activity. The business is expected to deliver c$9m of EBITDA in FY18 including $2m of cost synergies. This equates to just 4.7x EV/EBITDA. This marks what we see the first step in RTHM activity to scale the business and deliver on margin potential (see our initiation notes). Our initial estimates for EPS revisions are very significant - for FY18 are 2.3 cents (currently 0.6) and for FY19 4.3 (currently 2.5). There is a call at 830 for investors and we will revise post this.
A Good Deal of Potential
07 Dec 16
The Millstream acquisition should generate substantial shareholder value in our view. It boosts adjusted EBIT by c.50% for just a £15.5m price tag, and the complementary customer set and product base create excellent cross selling opportunities. We raise our FY17 adjusted EPS estimate to 7.6p and introduce a FY18 estimate of 9.6p. PROACTIS is building its reputation for intelligent M&A and shrewd organic delivery; we expect to see further delivery on both fronts.