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Qualcomm : The Seattle Times Jon Talton column

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02/15/2018 | 01:51am CET

Feb. 14--I read with interest the story about fear and loathing in San Diego over the potential loss of Qualcomm to a merger.

When I was a young business journalist there in the 1980s, San Diego was a sleepy place -- despite having a metro population of about 1.9 million. San Diego was great weather, the Navy, tourism and a bunch of tiny firms in office "parks," presided over by the maternalistic (publisher Helen Copley) Copley Press.

The tuna fleet and canaries had decamped north to L.A. Convair, the giant military aircraft maker, was fading. San Diego was very expensive -- always had been. They paid you in "sunshine dollars" -- which, unfortunately, the grocery store and landlord didn't accept.

One is tempted to say Qualcomm changed almost everything.

Founded in 1985 but getting big in the '90s, Qualcomm established itself as a leading innovator in telecom equipment and chips, especially for smartphones. In a city with no other Fortune 500 company besides the power company, it produced a huge footprint.

Not only that, but Qualcomm and co-founder Irwin Jacobs have been model civic stewards, as the article makes clear: "People here are so accustomed to everything that comes with being Qualcomm's home that they're having a hard time imagining the city without that distinction. But suddenly that's the prospect they are confronting" with the potential acquisition by Broadcom.

If San Diego loses Qualcomm, the hole will be more than economic. But the city already punches below its weight. The Milken Institute's Best-Performing Cities Index ranks it No. 51 (Seattle is No. 17). The Navy is still there (I wonder if the nukes are still in the bunkers on the Point Loma Peninsula?); the weather not yet totally knocked sideways by climate change; the local newspapers long since downsized, consolidated and sold to outsiders. It's still lovely and pricey.

The place won't blow away (or get affordable). It's still a big biotech contender thanks to UCSD Connect, among the top organizations in commercializing university research, and the Scripps Research Institute. San Diego began reclaiming its downtown in the 1980s, and led by Republican Mayor Pete Wilson (less successful as governor) embarked on a light-rail system that's now 54 miles long. A robust commuter and intercity rail system is also in place.

Although both San Diego and Seattle hosted world expositions, Seattle has always been more on the make. As a result, the metropolitan area enjoys a much more diverse economy, many large corporate headquarters, major ports, strong startup culture and being home to two of the five Big Tech outfits. We lost Boeing's headquarters but kept it anchoring a massive aerospace cluster. The Puget Sound region also has multiple naval installations, too.

Are we comparing apples to Abrams main battle tanks? Not in a key lesson: Always run scared. Never be one merger away from losing your corporate crown.


Today's Econ Haiku:

Doing the halfpipe

What Trump's people are smoking

At the OMB



(c)2018 The Seattle Times

Visit The Seattle Times at www.seattletimes.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Sales 2018 22 221 M
EBIT 2018 5 599 M
Net income 2018 -3 326 M
Finance 2018 12 264 M
Yield 2018 3,71%
P/E ratio 2018 -
P/E ratio 2019 21,04
EV / Sales 2018 3,67x
EV / Sales 2019 3,52x
Capitalization 93 855 M
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Average target price 70,9 $
Spread / Average Target 12%
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