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Politics : Formerly About Applied Materials
AMAT 223.95+1.7%Nov 21 9:30 AM EST
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To: Cary Salsberg who wrote (63858)5/17/2002 1:41:39 AM
From: Jacob Snyder  Read Replies (2) of 70976
 
OT ARMHY:

Have you looked at this one?

From S&P, ML research:
ARM licenses semiconductor design intellectual property
(IP) to the semiconductor industry. This license income
accounts for 57% of revenues today. Licenses cost $5m,
and upgrades $2.5m. Additional “derivative” products can
be licensed and are now also a material proportion of
license revenues. When licensees start shipping chips, ARM earns a 1-5%
royalty. Royalty revenue currently accounts for 17% of
revenues and we expect this to rise gently over the next
few years.
Development systems (a surprisingly high 14% of
revenues) are purchased by OEMs, the customers of
ARMs licensees. The high level of sales here is a
promising lead indicator of future ARM growth.
Consultancy, maintenance, and training make up the
remainder of revenue. In our view, ARM has become an industry standard microprocessor core, and this standard status (with a huge portfolio of software, design tools, test tools, and engineering know-how) has made it the processor core of choice in almost all applications.
The company has made a name for itself in the wireless
market where the ARM core is in 85-90% of all handsets
shipped today (for instance Texas Instruments’ DSP chip,
which is in 60% of handsets, contains an ARM core).

PE 42 = 10/($0.24 EPS in 2003)
gross margins very stable 88-90%
EPS: (in US$/ADR):
.03 1998
.08 1999
.13 2000
.14 2001
.19 2002 est
.24 2003 est

chart: bigcharts.marketwatch.com

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