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MarketScreener Homepage  >  Equities  >  Nasdaq  >  NXP Semiconductors NV    NXPI   NL0009538784

NXP SEMICONDUCTORS NV (NXPI)
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NXP shares drop after executives outline post-Qualcomm path

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09/12/2018 | 12:48am CEST
A man works on a tent for NXP Semiconductors in preparation for the 2015 International Consumer Electronics Show (CES) at Las Vegas Convention Center in Las Vegas

(Reuters) - Shares of Dutch chipmaker NXP Semiconductors fell 4.4 percent on Tuesday after executives outlined their strategy after the collapse this year of a proposed merger with Qualcomm Inc but said they did not expect to raise gross margins to the level of rivals like Intel Corp.

Chief Executive Rick Clemmer and other executives said NXP wants to retain its leading position in supplying automotive chips and grow sales by 5 percent to 7 percent a year between now and the end of 2021, which the company said is about 50 percent more than the estimated growth rate of the chip industry.

NXP also aims to boost its gross margins from the current level of about 53 percent to 55 percent by the end of 2019 and to as much as 57 percent by the end of 2021, while possibly selling off low-growth or low-margin businesses, the executives said at an investor and analyst day held in New York on Tuesday.

Those measures, along with a new 25-cent quarterly dividend and a $5 billion share repurchase program, are NXP's first major signals about its plans since its proposed $44 billion merger with Qualcomm ended in July. Qualcomm, unable to secure approval from Chinese regulators amid trade tensions between the United States and China, dropped its bid for NXP.

During the nearly two years the deal was pending, NXP did not hold quarterly conference calls with analysts and investors.

Tore Svanberg, a managing director with Stifel equity research, said it would take a long time for the company to regain momentum lost during the merger. "We also do not believe a bigger buyback and the initiation of a dividend payment is enough to restore investor confidence," Svanberg said.

Analysts have pressed the company on whether it can raise gross margins above 60 percent, like Texas Instruments Inc or Intel. But Clemmer told Reuters in a telephone interview that those margins are not necessary to meet NXP's growth and cash return goals.

Clemmer said NXP's growth opportunities in cars are immediate and tangible - such as for radar systems that help cars stay in their lane and are fast becoming standard - compared with the fully autonomous vehicles that rivals like Nvidia Corp are pursing.

"The car companies are now beginning to work with semiconductors companies (like NXP) directly. We see a lot more work with the car companies," he said.

NXP's shares closed down 4.4 percent at $89.57 on Nasdaq.

(Reporting by Stephen Nellis in San Francisco and Sonam Rai and Akanksha Rana in Bengaluru; Editing by Dan Grebler and Lisa Shumaker)

Stocks mentioned in the article
ChangeLast1st jan.
INTEL CORPORATION -2.13% 45.91 Delayed Quote.1.08%
NVIDIA CORPORATION 1.02% 268.41 Delayed Quote.38.71%
NXP SEMICONDUCTORS NV -5.03% 86.51 Delayed Quote.-26.12%
QUALCOMM -1.14% 72.74 Delayed Quote.15.12%
TEXAS INSTRUMENTS -2.05% 107.55 Delayed Quote.2.98%
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Financials ($)
Sales 2018 9 425 M
EBIT 2018 2 657 M
Net income 2018 371 M
Debt 2018 2 935 M
Yield 2018 0,06%
P/E ratio 2018 48,29
P/E ratio 2019 30,60
EV / Sales 2018 3,49x
EV / Sales 2019 3,44x
Capitalization 29 933 M
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 109 $
Spread / Average Target 26%
EPS Revisions
Managers
NameTitle
Richard Lynn Clemmer Chief Executive Officer & Executive Director
Kurt Sievers President
Peter Leahy Bonfield Chairman
David W. Reed Executive Vice President-Technology & Operations
Peter Kelly CFO, Principal Accounting Officer & Executive VP
Sector and Competitors
1st jan.Capitalization (M$)
NXP SEMICONDUCTORS NV-26.12%29 933
TAIWAN SEMICONDUCTOR MFG. CO. LTD.--.--%220 973
INTEL CORPORATION1.08%216 302
NVIDIA CORPORATION38.71%161 546
TEXAS INSTRUMENTS2.98%106 747
BROADCOM INC-3.60%103 134