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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting
QCOM 152.72-0.2%Jan 28 3:59 PM EST
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To: Art Bechhoefer who wrote (43956)1/4/2005 10:51:59 AM
From: Jim Mullens  Read Replies (1) of 197418
 
Art, Re: S&P QCOM EPS and Target estimates, and your comment - “the Business Week article probably doesn't factor in the effect of a change in accounting for options, required by FASB beginning the second half of this year”

S&P QCOM target calc >>>>>>>>>>>>

Applying a p-e multiple of 35.3 to our fiscal year 2006 (ending September) EPS estimate of $1.50, a premium to peers that we think is warranted by above-average growth potential, we arrive at our 12-month target price of $53. <<<<<<<<<<<<

Standard & Poor’s QCOM $53 target considers “estimated stock option expense and other adjustments”.

S&P estimates-
...........................................FY2004..........FY2005...........FY2006....Target
...GAAP..(w/o QSI)..............$1.09..............$1.20...............$1.50........$53
...Core..(w/o stk Options)............................$1.05...............$1.35

They base their $53 target on a $ 1.50 FY06 GAAP EPS and a 35.3 PE multiple while recognizing that their $1.35 FY06 “Core” EPS removes $0.15 for “estimated stock option expense and other adjustments".

BTW, you nailed the 2004 ye QCOM share price @ $42.50 ($85 before the 2 for 1) if I recall correctly.

What’s your “guess” for 2005 ye?
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