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

Return to top of page


Primary Input Data

Return to top of page


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}

Return to top of page


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%

Return to top of page