Financials Qualcomm, Inc.

Equities

QCOM

US7475251036

Semiconductors

Market Closed - Nasdaq Other stock markets 04:00:02 2024-05-31 pm EDT			5-day change	1st Jan Change
204.1 ^USD	-0.33%		-2.96%	+41.14%

May. 31	BofA Securities Raises Price Target on Qualcomm to $245 From $180, Sees New Growth Opportunities, Maintains Buy Rating	MT
May. 31	BofA Securities Raises Price Target on Qualcomm to $245 From $180, Maintains Buy Rating	MT

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	91,454	126,580	151,017	136,096	120,171	227,809	-	-
Enterprise Value (EV) ¹	95,127	131,092	154,348	145,196	124,245	228,265	222,625	216,973
P/E ratio	21 x	24.8 x	17 x	10.7 x	16.8 x	24.3 x	21.8 x	19.6 x
Yield	3.3%	2.26%	1.99%	2.36%	2.88%	1.61%	1.7%	1.84%
Capitalization / Revenue	4.71 x	5.85 x	4.51 x	3.08 x	3.35 x	5.94 x	5.39 x	5.08 x
EV / Revenue	4.9 x	6.05 x	4.61 x	3.29 x	3.47 x	5.95 x	5.26 x	4.84 x
EV / EBITDA	15.6 x	17.9 x	11.6 x	7.71 x	9.36 x	15.7 x	13.9 x	13.2 x
EV / FCF	14.9 x	29.7 x	17.8 x	21.2 x	12.6 x	21.1 x	17.7 x	16.1 x
FCF Yield	6.73%	3.36%	5.6%	4.71%	7.93%	4.73%	5.66%	6.23%
Price to Book	17.5 x	20.9 x	15.1 x	7.54 x	5.56 x	8.7 x	7.43 x	6.38 x
Nbr of stocks (in thousands)	1,215,658	1,128,266	1,128,000	1,123,000	1,116,000	1,116,000	-	-
Reference price ²	75.23	112.2	133.9	121.2	107.7	204.0	204.0	204.0
Announcement Date	11/6/19	11/4/20	11/3/21	11/2/22	11/1/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	19,398	21,654	33,467	44,169	35,832	38,355	42,302	44,817
EBITDA ¹	6,101	7,325	13,354	18,829	13,269	14,568	16,021	16,489
EBIT ¹	4,700	5,932	11,772	17,067	11,460	13,007	14,718	15,710
Operating Margin	24.23%	27.39%	35.17%	38.64%	31.98%	33.91%	34.79%	35.05%
Earnings before Tax (EBT) ¹	7,481	5,719	10,274	14,998	7,443	10,258	11,960	13,551
Net income ¹	4,386	5,198	9,043	12,936	7,232	9,400	10,457	11,458
Net margin	22.61%	24%	27.02%	29.29%	20.18%	24.51%	24.72%	25.57%
EPS ²	3.590	4.520	7.870	11.37	6.420	8.386	9.379	10.41
Free Cash Flow ¹	6,399	4,407	8,648	6,834	9,849	10,796	12,591	13,511
FCF margin	32.99%	20.35%	25.84%	15.47%	27.49%	28.15%	29.77%	30.15%
FCF Conversion (EBITDA)	104.88%	60.16%	64.76%	36.3%	74.23%	74.1%	78.59%	81.94%
FCF Conversion (Net income)	145.9%	84.78%	95.63%	52.83%	136.19%	114.85%	120.41%	117.92%
Dividend per Share ²	2.480	2.540	2.660	2.860	3.100	3.284	3.465	3.760
Announcement Date	11/6/19	11/4/20	11/3/21	11/2/22	11/1/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	10,697	11,158	10,928	11,387	9,456	9,268	8,442	8,665	9,922	9,386	9,203	9,802	10,828	10,352	10,202
EBITDA ¹	4,838	4,802	4,443	4,746	3,675	3,464	3,000	3,131	4,057	3,587	3,335	3,743	4,259	3,957	3,742
EBIT ¹	4,432	4,374	4,005	4,256	3,277	2,994	2,521	2,669	3,620	3,176	2,954	3,256	3,855	3,557	3,427
Operating Margin	41.43%	39.2%	36.65%	37.38%	34.66%	32.3%	29.86%	30.8%	36.48%	33.84%	32.1%	33.22%	35.6%	34.36%	33.6%
Earnings before Tax (EBT) ¹	3,865	3,423	4,239	3,470	2,371	1,895	1,757	1,420	2,962	2,498	2,404	2,752	3,325	3,321	3,062
Net income ¹	3,399	2,934	3,730	2,873	2,235	1,704	1,803	1,489	2,767	2,326	2,052	2,332	2,826	2,673	2,573
Net margin	31.78%	26.3%	34.13%	25.23%	23.64%	18.39%	21.36%	17.18%	27.89%	24.78%	22.3%	23.79%	26.1%	25.83%	25.22%
EPS ²	2.980	2.570	3.290	2.540	1.980	1.520	1.600	1.320	2.460	2.060	1.794	2.035	2.472	2.326	2.226
Dividend per Share ²	0.6800	0.6800	0.7500	0.7500	0.7500	0.7500	0.8000	0.8000	0.8000	0.8000	0.8471	0.8471	0.8471	0.8471	0.8767
Announcement Date	2/2/22	4/27/22	7/27/22	11/2/22	2/2/23	5/3/23	8/2/23	11/1/23	1/31/24	5/1/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,673	4,512	3,331	9,100	4,074	456	-	-
Net Cash position ¹	-	-	-	-	-	-	5,184	10,836
Leverage (Debt/EBITDA)	0.602 x	0.616 x	0.2494 x	0.4833 x	0.307 x	0.0313 x	-	-
Free Cash Flow ¹	6,399	4,407	8,648	6,834	9,849	10,796	12,591	13,511
ROE (net income / shareholders' equity)	153%	94.6%	113%	92.5%	34.2%	43.1%	42.4%	38.1%
ROA (Net income/ Total Assets)	13.4%	14.1%	23.5%	28.7%	14.5%	21.9%	22.2%	22.7%
Assets ¹	32,837	36,994	38,417	45,127	50,027	42,878	47,142	50,484
Book Value Per Share ²	4.290	5.370	8.840	16.10	19.40	23.40	27.50	32.00
Cash Flow per Share ²	5.970	5.060	9.170	8.000	10.00	11.70	12.20	13.20
Capex ¹	887	1,407	1,888	2,262	1,450	1,165	1,433	1,362
Capex / Sales	4.57%	6.5%	5.64%	5.12%	4.05%	3.04%	3.39%	3.04%
Announcement Date	11/6/19	11/4/20	11/3/21	11/2/22	11/1/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Qualcomm, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

204 USD

Average target price

193.8 USD

Spread / Average Target

-5.00%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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