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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting
QCOM 161.39-1.9%Jan 15 3:59 PM EST
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To: David E. Taylor who wrote (79280)7/28/2008 10:21:15 AM
From: Jim Mullens  Read Replies (1) of 197227
 
David, re NOK Settlement / QTL tax rate, and

“ I think Slacker's 38% tax rate for royalty payments is more appropriate than the 19% I originally used, and that boosts the upfront payment I estimated to the $2 to $3.5 billion range.”

Credit Suisse just came out with their post NOK settlement report. Very impressive analysis IMO, after partial read / first glance. They raised their guidance from $60 (issued last week) to $70, suggesting the Q’s new guidance / assumptions are conservative. CS “thinks” Q’s FY ’09 EPS impact from NOK is closer to $0.35 than $0.24.

Reflecting Slacker’s keen observation, CS is using a 35% tax rate for the QTL impact / 2% NOK royalty rate.

With a 19% composite tax, The QCT tax rate must be quite low with QTL at 35%.
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