Qualcomm Inc.

Analyst Listing

The following analysts provide coverage for the subject firm as of May 2016:

Broker Analyst Analyst Email
RBC Capital Markets Amit Daryanani amit.daryanani@rbccm.com
William Blair Anil Doradla adoradla@williamblair.com
Evercore ISI C.J. Muse cj.muse@evercoreisi.com
Atlantic Equities James Cordwell j.cordwell@atlantic-equities.com
Stifel Nicolaus Kevin E Cassidy kcassidy@stifel.com
Credit Suisse Kulbinder Garcha kulbinder.garcha@credit-suisse.com
Pacific Crest Securities-KBCM Michael McConnell mmcconnell@pacific-crest.com
Brean Capital, LLC Mike Burton mburton@breancapital.com
Oppenheimer Rick Schafer rick.schafer@opco.com
Nomura Research Romit Shah romit.shah@nomura.com
Bernstein Research Stacy A Rasgon stacy.rasgon@bernstein.com
Topeka Capital Markets Suji De Silva sd@topekacapitalmarkets.com
Canaccord Genuity T. Michael Walkley mwalkley@canaccordgenuity.com
Raymond James Tavis C. McCourt tavis.mccourt@raymondjames.com
Northland Securities Thomas Sepenzis tsepenzis@northlandcapitalmarkets.com
BMO Capital Markets Tim Long tim.long@bmo.com
Cowen & Company Timothy Arcuri timothy.arcuri@cowen.com
Mizuho Securities USA Vijay Rakesh vijay.rakesh@us.mizuho-sc.com
Daiwa Securities Co. Ltd. Yoko Yamada yoko.yamada@us.daiwacm.com

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Primary Input Data

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Derived Input Data

Derived Input

Label

2015 Value

2016
Value

Equational Form
Net Operating Profit Less Adjusted Taxes NOPLAT  4,828 4,564 NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF 5,012 5,500 FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS 372 22 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC 43,726 44,372 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC 11.04% 10.28% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv 2,898 2,039 NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR  60.03% 44.68% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital
 WACCMarket 3.77% 6.33% WACC\,=\,\frac { E }{ V } { R }_{ E }\,+\,\frac { P }{ V } { R }_{ P }\,+\,\frac { D }{ V } { R }_{ D }\left( 1- Avg\,\, Tax\,\,Rate\,\,on\,\,Pre-Tax\,\,Income \right)
 WACCBook  9.60%  9.34%
Enterprise value
 EVMarket 67,365 98,092 EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 EVBook   73,215  97,822
Long-Run Growth
 g = IR x ROIC
   6.63%  4.60% Long-run growth rates of the income variable are used in the Continuing Value portion of the valuation models.
g = % \Delta GDP   2.50%   2.50%
Margin from Operations M  31.00%  29.53% M\,\,=\,\,\frac{EBIT}{SALES}
Depreciation/Amortization Rate D  14.05%  16.56% D\,\,=\,\,\frac{D+A}{EBITDA}

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Valuation Multiple Outcomes

The outcomes presented in this study are the result of original input data, derived data, and synthesized inputs.

Equational Form

Observed Value

Single-stage

multiple g solution

Two-stage valuation

model g solution
12/31/2015 12/31/2016 12/31/2015 12/31/2016 12/31/2015 12/31/2016

EV/SALES 

\frac {EV}{Sales} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(M)

 2.81  4.13  -9.68%  3.06%  -18.11%  3.69%

EV/EBITDA

\frac {EV}{EBITDA} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(1\,-\,D)

 7.80 11.66 -9.68% 3.06% -18.11% 3.69%

EV/NOPLAT

\frac {EV}{NOPLAT} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}

 13.95 21.49 -9.68% 3.06% -18.11% 3.69%

EV/FCFOPS

\frac {EV}{FCF_{OPS}} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)

 13.44 17.83 -9.68% 3.06% -18.11% 3.69%

EV/EBIT

\frac {EV}{EBIT} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)

 9.07 13.97 -9.68% 3.06% -18.11% 3.69%

EV/IC

\frac {EV}{IC} \,= \,\frac{ROIC\,  -\,  g}{WACC\,-\,g}

 1.54 2.21 -9.68% 3.06% -18.11% 3.69%

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