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Texas Instruments Incorporated : Lost strenghts

05/09/2012 | 11:27am
Opinion : Bearish under 30.2 USD
Target price : 27.8 USD
Stop loss: 31.4 USD
NASDAQ
Semiconductors
The manufacturer of semiconductors, Texas Instruments, saw its quarterly net profit fall by 60% to $265 million compared to the prior year. Revenues represent $3.12 billion, down 8%.

A $3.24 billion, order book was reduced by 9% in annual comparison. If the recovery of the group's activity is progressive, the share is always penalized on the stock exchange. According to analysts polled by Thomson Reuters, earnings per share are regularly revised downward.
Besides, the company is trading at very high level as shown by the “enterprise value/revenue” ratio estimated at 2.56x and the PER is 20.3x for 2012.

Graphically, since the test of the USD 34 resistance, the stock is crumbling. The 20-days moving average is a significant barrier and the fall seems to accelerate as shown by the recent bearish gap.

In this case, investors could take a sell position at the current price to target the USD 27.8 support. A stop-loss will be fixed at USD 31.4.
Texas Instruments Incorporated : Texas Instruments Incorporated : Lost strenghts
Alexandre Nutte
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Financial Ratios

Size 2013e 2014e
Capitalization 40 784 M$ -
Company Value 42 323 M$ 41 828 M$
Valuation 2013e 2014e
PER (Price / EPS) 21,5x 17,5x
Capitalization / Revenue 3,34x 3,17x
EV / Revenue 3,46x 3,25x
EV / EBITDA 11,6x 10,00x
Yield (DPS / Price) 2,86% 3,12%
Profitability 2013e 2014e
Operating Margin (EBIT / Sales) 20,6% 24,3%
operating laverage (Delta EBIT / Delta Sales) -1,30x 4,50x
Net Margin (Net Profit / Revenue) 15,7% 18,0%
ROA (Net Profit / Asset) 10,7% 13,6%
ROE (Net Profit / Equities) 17,8% 21,4%
Rate of Dividend 61,3% 54,6%
Balance Sheet Analysis 2013e 2014e
CAPEX / Sales   3,81% 4,37%
Cash Flow / Sales (Taux d'autofinancement) 26,1% 28,6%
Capital Intensity (Assets / Sales) 1,46x 1,33x
Financial Leverage (Net Debt / EBITDA) 0,42x 0,25x
Income Statement Evolution
Texas Instruments Incorpor : Income Statement Evolution
More Financials
EPS Revisions
Texas Instruments Incorpor : EPS Revisions
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