Earnings: Semiconductor Message Board

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Technology Stocks : Earnings: Semiconductor

INTC 41.34

-0.4%

Oct 29 3:59 PM EDT

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To: 2MAR$ who wrote (257)	5/30/2004 10:32:13 AM
From: 2MAR$	of 266

Story Stocks 21-May-04 15:54 ET (21-May-04) Marvell Technology: 43.16 +3.33: Marvell Technology posted Q1 results after the close Thursday. The fabless provider of analog, mixed-signal and digital signal processing semiconductors for the broadband communications and storage markets printed pro-forma EPS of $0.34 on revenue of $269.577MM (+60.2% Y/Y) vs. Reuters Research consensus at $0.32 on revenue of $267.58MM. GAAP EPS was $0.10. The company experienced growth across a number of our products despite normal seasonality in some end markets. The company had four 10% customers: Intel, Samsung, Toshiba and Western Digital. Gross margin declined 219 bps Y/Y to 52.6%. Operating margin increased 389 bps Y/Y to 19.6%. Management is encouraged by ordering patterns. Guided for Q2 revenue of $297MM (+76.5% Y/Y). Consensus EPS is at $0.33 on $281.60MM. Gross margin is expected to be down 25 bps Q/Q due to product mix. F05 revenue is projected to be $1.200-1.225B (+34.6-49.4% Y/Y). Consensus EPS is at $1.39 on $1.166B. Gross margin is forecast to be 52%, +/- 50 bps. Pro-forma operating expense is expected to be 31-33% of sales. The following table shows price multiples and Y/Y growth rates for MRVL compared against industry comps within the semiconductor group. Company P/SG *P/OPG P/S Y/Y Revenue Growth TTM 2004E 2005E TTM 2004E 2005E Marvel Tech (MRVL) 2.7 52.3 6.3 5.7 4.5 3.7 42.2 21.1 Agere Systems (AGR) 1.4 (65.5) 1.9 1.9 1.6 3.7% 9.4% 14.7% Analog Devices (ADI) 3.7 20.7 7.6 6.4 5.3 26.3% 36.8% 21.4% Atheros (ATHR) 1.5 19.5 n/a 2.9 2.2 n/a 32.4% Broadcom (BRCM) 2.7 (15.9) 6.5 4.7 4.0 58.4% 59.3% 17.2% Conexant (CNXT) 1.0 (11.2) 2.4 1.5 1.2 34.1% 92.7% 20.9% Intel (INTC) 3.0 13.6 5.6 5.2 4.7 17.8% 13.8% 11.1% International Rectifier (IRF) 1.6 20.9 2.6 2.4 2.0 18.3% 21.4% 20.8% Intersil (ISIL) 2.6 32.5 4.8 4.7 4.0 18.4% (2.0%) 16.6% Linear Tech (LLTC) 7.1 15.6 15.8 15.1 11.1 26.4 27.2% 36.3% Maxim Integrated Circuits (MXIM) 6.0 17.5 11.6 10.6 7.8 15.4% 24.8% 35.3% National Semiconductor (NSM) 2.4 28.4 4.0 3.7 3.0 10.2% 17.5% 22.0% PLX Tech (PLXT) 3.9 (175.7) 8.1 6.6 5.3 24.1% 33.2% 23.8% STMicroelectronics (STM) 1.5 56.6 2.5 2.1 1.8 16.2% 23.9% 13.6% Texas Instruments (TXN) 2.5 26.2

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