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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: golfinvestor who wrote (85160)	10/30/2000 3:36:58 PM
From: JohnG	Respond to of 152472

Cabi main page fron RB JohnG By: rambuswin $$$ Reply To: None Monday, 30 Oct 2000 at 11:27 AM EST Post # of 69353 Here is the main page of Marc Cabi’s QCOM report today. I just emailed him that he is totally biased, that he only mentioned what he thought bad things in this first page. QCOM sold quite a few businesses and that’s why total revenues were smaller, and Globalstar, Cabi mentioned was a quite small portion of Q business. Cabi is at marc.cabi@csfb.com ! <<)))) (original in PDF) Qualcomm HOLD $74.88 LARGE CAP Quarterly Preview - Where’s the Growth? QCOM Marc A. Cabi 1 415 836 7701 marc.cabi@csfb.com Tim Long 1 415 836 8626 tim.long@csfb.com Randy Abrams 1 415 836 6336 randy.abrams@csfb.com ??Qualcomm reports earnings after the market close on Thursday, Nov. 2 and will hold its conference call at 5:30 PM EDT. The dial-in is 888-849-9216, code 16506488 and replay is 800-633-8284, code 16506488. ??We believe Qualcomm can meet our heavily reduced estimates for $650.8M in revenue (-9.1% YoY growth) and our estimate/consensus EPS of $0.24. ??The company’s chipset and licensing will be limited by the sharp Korean slowdown, where deactivations exceeded new subscribers each month from May through August. Across the major CDMA carriers, we estimate net subscriber adds were 800K versus 2.5M in the previous quarter. ??In the Wireless Systems segment (OmniTracs and Globalstar), we are also forecasting an 18.8% YoY revenue decline due to a continued falloff in Globalstar shipments. We also believe the company has some risk exposure for its $105M accounts receivable and $509M financing commitments. ??We look for the company to continue to focus investors on the thesis that it stands to benefit from the long-term adoption of W-CDMA and CDMA-2000 and to talk up the expected deployments in China. We hold a cautious view given reported license concessions granted in China and the inclination for carriers to prefer W-CDMA, where we believe Qualcomm holds a less favorable position. ??We maintain our estimates of $1.04 for 2000 and $1.20 for 2001 ahead of the results, but see potential for downward revisions after the quarter, particularly given the likelihood for lower licensing accruals. We maintain our HOLD rating. Price Target Mkt. Value 52-Week 10/27/00 1 (12 Months) Dividend Yield (Millions) Price Range 74.88 None None $60,315.8 $33.94- 200 Annual Prev. Abs. Rel. EV/ EBITDA/ EPS EPS P/E P/E EBITDA Share 9/01E 1.20 62.4X 9/00E 1.04 72.0 9/99A 0.78 96.0 December March June September FY End 2000E $0.27A $0.26A $0.27A $0.24 September 1999E 1998A ROIC (3/00) NA Total Debt (6/00) $0M Book Value/Share (6/00) $7.17 WACC (3/00) NA Debt/Total Capital (6/00) 0.00% Common Shares (Mil) 805.5 EP Trend 2 NA Est. 5-Yr EPS Growth 30% Est. 5-Yr. Div. Growth NA 1 On 10/27/00 DJIA closed at 10,590.62 and S&P 500 at 1379.58 2 Economic profit trend. Qualcomm, the innovator of CDMA, licenses its patented technology to major wireless handset and infrastructure manufacturers. In addition, the company designs and develops CDMA chipsets, email software and 2-way mobile satellite systems and