IDTI - an IC Play on Growth Markets Message Board

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Technology Stocks : IDTI - an IC Play on Growth Markets

IDTI 48.99

0.0%

Mar 29 5:00 PM EST

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To: Rob S. who wrote (4196)	10/15/1997 12:48:00 PM
From: Xianming Liu	of 11555

Here is a report of Lehman on IDTI yesterday morning (before IDTI's earning was released. Headline: Integrated Dev. Tech: EPS Due Today at 4:30PM; Expect $0.01 Author: M. A. Gumport, CFA 1(212)526-5368/T. Berg -5276 Company: IDTI Industry: SEMICO Ticker : IDTI Rank(Prev): 1-Buy Rank(Curr): 1-Buy Price : $13 7/16 52wk Range: $15 1/2 -7 5/8 Price Target: $ 15 Today's Date : 10/14/97 @3:15 PM Fiscal Year : MAR ------------------------------------------------------------------------------ EPS 1997 1998 1999 2000 QTR. Actual Prev. Curr. Prev. Curr. Prev. Curr. 1st: 0.11A 0.02A 0.02A 0.13E 0.12E 0.28E 0.25E 2nd: -0.13A@ 0.04E 0.01E 0.17E 0.14E 0.31E 0.30E 3rd: -0.55A@ 0.07E 0.04E 0.20E 0.17E 0.31E 0.30E 4th: 0.03A@ 0.12E 0.08E 0.25E 0.22E 0.35E 0.35E ------------------------------------------------------------------------------ Year:$ -0.54A@ $ 0.25E $ 0.15E $ 0.75E $ 0.65E $ 1.25E $ 1.20E Street Est.: $ 0.45E $ 0.19E $ 1.10E $ 0.80E $ - - $ - - @-Includes: FY2Q97 $-0.08 inventory write down, FY3Q97 $-0.48 restructuring, FY4Q97 $+0.01 nonrecurring. ------------------------------------------------------------------------------ Revenue (1997) : $537.2 Mil. Proj. 5yr EPS Grth : 6.0 % Return On Equity : -5.9 % Dividend Yield : 0.0% Shares Outstanding* : 89.5 Mil. Book/Price to Book: $8.06; 1.67x Mkt Capitalization : 1202.7 Mil. P/E FY98; FY99 : 89.6x;20.7x Net Cash per Share* : $2.22 Convertible : Yes Disclosure(s) : G,C, A Includes convertible as equity ------------------------------------------------------------------------------ * EXPECT EPS OF $0.01 TONIGHT. ***************************************************************************** EPS DUE TONIGHT; MODEL UPDATED. We expect Sept. FY2Q97 EPS at little better than breakeven. We now project FY98 at $0.15 (old: $0.25), FY99 at $0.65 (old: $0.75) and FY00 at $1.20 (old: $1.25). Despite likely lackluster results, we believe IDTI is doing an outstanding job of repositioning itself towards higher margin products. Its X86 processor moves into volume March FY3Q98. Its new FPGA replacement strategy (likely to get lots of focus in upcoming months) has just been announced. It will soon announce a major graphics accelerator effort. Its RISC processor is in WebTV, which will see some XMAS lift. We believe IDTI's results during the next 2 years will show very substantial growth. While our immediate commitment is limited, we believe the stock will advance sharply during the next year once new product move into volume. We believe our $15 1 year target is now too conservative as new products come into better focus and will reassess it after today's EPS release. -------------------------CONT'D NEXT PAGE----------------------------- IDTI (CONT'D) P.2 -------9/30/96--- --------9/30/97------------------ IDTI FY2Q98 ----------------- -LB EST Actual------------ Vs. -$Mil.- -Ratio-- -$Mil.-- -$Mil.-- -Ratio--- Est. Sales (ratio: % ch.) $ 120.5 ( 32.5)% $ 149.0 $ ---.- --.- % $ --.-SRAM $ 33.7 ( 62.9) $ --.- $ --.- ( -.-)% Specialty Memory $ 45.8 11.5 $ --.- $ --.- --.- % Logic $ 26.5 ( 7.2) $ --.- $ ---- --.- % RISC $ 14.5 ( 19.0) $ --.- $ --.- --.- % DRAM $ --.- --.- $ --.- $ --.- --.- % CGS (ratio: % of sales)-1 $( 46.1) ( 38.3)% $( 64.5) $(---.-) ( --.-)% R&D (ratio: % of sales) $( 37.8) ( 31.3)% $( 29.5) $( --.-) ( --.-)% SG&A (ratio: % of sales) $( 18.3) ( 15.2)% $( 23.0) $( --.-) ( --.-)% EBITD (ratio: margin) $ 18.4 15.3 % $ 32.0 $ --.- --.- % $ --.-Dep. (ratio: % of sales) $( 26.2) ( 21.7)% $( 29.5) $( --.-) ( -.-)% Int. (ratio: % of sales) $ 2.1 1.7 % $( 1.7) $ -.- -.- % Nonrec. (r:% of sales)-1 $( 10.0) ( 8.3)% $ 0.0 $ --.- --.- % Pretax Inc.(ratio: margin)$( 15.8) ( 13.1)% $ 0.8 $ --.- --.- % Tax (ratio: tax rate) $ 5.4 ( 34.5)% $( 0.2) $( -.-) (--.-)% Net Inc. (ratio: margin) $( 10.3) ( 8.6)% $ 0.6 $ --.- --.- % EPS (ratio: % ch.)-Primary$( 0.13) NM $ 0.01 $ -.-- (--.-)% EPS (r: % ch.)-With Extra.$( 0.13) NM $ 0.01 $ -.-- (--.-)% Shares (ratio: %ch.)-Primary 77.9 ( 5.6)% 83.5 --.- -.- % NOTES: 1) FY2Q97 inventory write-down ($-0.08 EPS) reallocated from COGS. BUSINESS DESCRIPTION: Leading fast SRAM, specialty memory, and high speed logic chip supplier with a position in RISC microcontroller/ microprocessors. Increasingly targeting communications markets (50% of sales). ------------------------------------------------------------------------------ Disclosure Legend: A-Lehman Brothers Inc. managed or co-managed within the past three years a public offering of securities for this company. B-An employee of Lehman Brothers Inc. is a director of this company. C-Lehman Brothers Inc. makes a market in the securities of this company. G-The Lehman Brothers analyst who covers this company also has position in its securities.

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