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1、U.S. Semiconductor IndustrySebastian Budijanto Siantoro Chandra Emily Chiang Ambrosio LinaIndustry 20 years with Intel James C. Morgan, Chairman of the Board of DirectorJoined 1976 Nancy Handel, CFO Debt Rebound (New Orders increase to $2.46B, Net Sales increase to $2.24B) Industry expectation P/E R
2、atio Return vs Industry Acquisition 2004 Final ReportIntel Corporation (INTC)BackgroundnIncorporated in California in 1968 (rise of the computer age) nWorlds largest semiconductor chip- maker nCurrently, most of their products are sold or licensed worldwide. nTwo lines of business: Chip (IC) Manufac
3、turing, and Communications and Computing.Business ProfilenProvide key components for networking and communications infrastructure technology. Communication Components n Design and provide products with faster processor performance and improved capabilities. Microprocessor nMission: Become the preemi
4、nent building block supplier to the Internet economyMajor ProductsnMicroprocessors, chipsets, boards, flash memory, application processors used in handheld devices, cellular baseband chipsets. nNetworking and communications products, optical components and network processing components, embedded con
5、trol chipsMajor CustomersnComputer system, cellular, telecommunications and network communication equipment manufacturers (OEMs) nPC and network communication product users (retail, reseller, OEMs) nOther manufacturersGeographic Revenue (millions)Q3 2004Q2 2004Q3 2003 Americas $1,799$1,956 $2,168 (2
6、1%)(24%)(28%) Asia-Pacific$4,014$3,661$3,266 (48%)(45%)(42%) Europe$1,886$1,665$1,683 (22%)(21%)(21) Japan$772$767$716 (9%)(10%)(9%)Product Revenue (millions)Q3 2004Q2 2004Q3 2003 Microprocessor $5,928$5,751$5,719 Chipset, Motherboard and other$1,210$1,023$1,140 Flash $ 638$ 587$ 389Operating Segmen
7、t (millions)YTD 2004YTD 2003 Architecture Business Revenue$20,937$18,481 Income$ 8,586$ 6,633 Communications Group Revenue$ 3,663$ 2,893 Income$ (596)$ (681) Other Revenue$ 11$ 26 Income$ (760)$ (981)Market AnalysisnWi-fi phenomenon Intels PRO/Wireless 2915ABG adapter. Supports three WiFi standards:
8、 802.11a, b, and g (these are the standards for the average home user) nRising handheld industry increasing demands on handheld digital device (cell phones, PDAs) capabilities with more powerful processorsManagementn Andrew Grove-Chairman nFounder n Craig Barret-CEO nCame in 1974. Voted into BOD in
9、1992. n Paul Otellini-President nCame in 1974, became president in 2002. n Andy Bryant-CFO nJoined Intel in 1981. Became CFO in 1994. n Sean Maloney-(ITC) Gen Mgr nJoined Intel since 1982. Became head of ITC in 2001.Price History (1 year)Last price as of Nov. 7,2004: $23.360Intel vs. Industry Return
10、sINTC:US S5SECO:IND Revenue vs Income chartCash Flow Statement HighlightsFundamentalsnOutstanding Shares: 6,323.00 Million nEarnings Growth Rate (quarterly): 29.3% nMarket Cap: $ 147,705.3 Million nROE:15.389 nTrailing P/E: 20.437 nLast Dividend Reported: 0.04 cash nDividend Yield: .685 nYear estima
11、ted EPS: $ 1.11Financial Model: FCFF= CF(operations)-Exp(C)+ Interest *(1-tax rate) 2003: $ 8,004.54 (in millions) or $ 1.21 /share 2002: $ 4,569.84 (in millions) or $.69 /share 2001: $ 1,712.42 (in millions) or $.25 /shareRecommendationP/Etrailing * FCFF = 20.43 * $1.21 = $ 24.72 Therefore. Since l
12、ast price is $ 23.36,BUY!The Fisher Approach Company has had a stable operating structure (ratio of revenue-income stayed consistent) All the head managers and officers have been with the company for at least 22 years. Majority of revenue come from Asia-Pacific Region which has steadily increased.*Prospects look promising. Assuming no unforeseen circumstances, buy and hold for the long run.
