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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  Samsung Electronics Co., Ltd.    A005930   KR7005930003

SAMSUNG ELECTRONICS CO., LTD.

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Nvidia vows to invest in Britain as part of Arm deal

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09/14/2020 | 10:53am EDT

The head of Nvidia Corp vowed to invest in Britain with more jobs and R&D as part of its $40 billion purchase of chip designer Arm that has sparked concerns about Arm's independence and future in the country.

Nvidia, the biggest U.S. chip company by market capitalisation, has agreed to buy Arm from Japan's SoftBank, prompting the office of British Prime Minister Boris Johnson to say it would scrutinise the deal and act if necessary.

Arm is the most important technology company in Britain, and one of a handful of European tech groups that operate on a global scale. Its energy-efficient designs dominate the smartphone sector, with its licensees including Apple shipping 180 billion chips to date.

It was sold in 2016 to Japan's SoftBank after the conglomerate pledged to retain Arm's headquarters in Cambridge, England, and increase jobs - a commitment that Nvidia CEO Jensen Huang reiterated on Monday.

"We want to grow Arm and make it become even greater," Huang told analysts on a call, adding Arm would hire more engineers, spend more on research, and run a new artificial intelligence research centre in Cambridge.

"The UK government will realise that we are making a very significant investment in the UK," added Huang. He stopped short, however, of making formal job guarantees and said talks with the UK government had yet to begin in earnest.

A spokesman for Johnson said ministers had spoken to the relevant companies and were looking at what the deal meant for Arm's Cambridge base.

U.S. SELLOUT?

The deal, announced overnight, drew criticism from Hermann Hauser, a co-founder of Arm who told Reuters in an interview that it would spell disaster for Cambridge, the UK and Europe.

"It's the last European technology company with global relevance and it's being sold to the Americans," he said.

The deal would, he fears, risk jeopardising Arm's position as the "Switzerland of the semiconductor industry" where it allows hundreds of companies such as Apple, Samsung and Qualcomm to develop their own chips using its architecture.

If the company's British character and open business model could not be protected, it would be better for Johnson to back a flotation on the London Stock Exchange, Hauser said.

COMMITMENTS

Industry and potential anti-trust concerns over the deal relate to the fact that Nvidia competes with hundreds of Arm's customers, whereas tech investor SoftBank does not.

Nvidia's Huang said he would retain Arm's neutral licensing model and expand it by licensing out Nvidia intellectual property for the first time.

The head of Arm, Simon Segar, said a purchase by an American company would not affect which countries it sold to.

Johnson's government, set to embark on a new industrial strategy as Britain leaves the European Union at the end of this year, could investigate the deal on national security grounds, and request certain undertakings in order for it to pass.

Neil Campling, head of TMT research at Mirabaud, said it was unlikely that Britain would block it.

"I expect Nvidia to give commitments to maintain the intellectual property investment and leadership," said Campling, adding Nvidia would play up its heft as the world's most valuable semiconductor company to reassure the UK government.

By Kate Holton and Douglas Busvine


Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -0.99% 115.7292 Delayed Quote.59.20%
LONDON STOCK EXCHANGE PLC -0.56% 8516 Delayed Quote.10.50%
NVIDIA CORPORATION -1.16% 534.6399 Delayed Quote.129.92%
QUALCOMM INCORPORATED -0.24% 128.227 Delayed Quote.45.42%
SAMSUNG ELECTRONICS CO., LTD. -1.31% 60100 End-of-day quote.7.71%
SOFTBANK GROUP CORP. -0.01% 7088 End-of-day quote.49.03%
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Financials
Sales 2020 237 295 B 209 B 209 B
Net income 2020 26 920 B 23,7 B 23,7 B
Net cash 2020 99 623 B 87,8 B 87,8 B
P/E ratio 2020 14,6x
Yield 2020 2,38%
Capitalization 402 808 B 356 B 355 B
EV / Sales 2020 1 697x
EV / Sales 2021 1 523x
Nbr of Employees -
Free-Float 82,9%
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Number of Analysts 40
Average target price 75 725,00 KRW
Last Close Price 60 100,00 KRW
Spread / Highest target 44,8%
Spread / Average Target 26,0%
Spread / Lowest Target -0,17%
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Managers
NameTitle
Hyun-Suk Kim Co-President, Co-CEO & Director
Dongjin Koh Co-President, Co-CEO & Director
Kinam Kim President, Co-CEO & Director
Tae Moon Roh Co-President & Head-Research & Development
Jae-Wan Park Chairman
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