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in fact, the only home appliance manufacturing industry weak case. Many household electrical appliance enterprises,moncler outlet milano, especially air-conditioning companies have been reported at the end of the year there are layoffs get plan. In 2012 time CCTV tender advertisement, ever in the bidding of CCTV industry subdivision of top three home appliance industry this year dropped to fifth,mulberry bayswater, Gree and Haier advertising declined,hollister, and even have more than one brand to give up this year's bidding.
analysis for
fact,ugg gloves, the dilemma has emerged in the early years. At the end of this year 7, beautiful began to adjust the operation ideas,moncler shop online, including slow growth speed and reduce cost,hollister official website, or even stop the multiple projects.
analysts believe,Sweat Abercrombie, beauty of the layoffs storm,giubbotti moncler donna, with the company about the crazy expansion. The last super 100000000000 yuan performance stimulating,moncler homme, large-scale expansion or. However, this year with a variety of promoting air conditioning consumption policy exit, the real estate market is regulated by the blow, the overall economic downturn, the industry is bleak.
National Center of information resources development department assistant director Cai Ying said,hollister outlet store, in October this year, the domestic refrigerator sales fell 9.64% over the same period last year decreased by 8.17%, washing machine, air conditioner down 12.11%. Cai Ying analysis,doudoune moncler, the cost of upgrading,Abercrombie et Fitch, the market downturn, excess capacity, is the three largest pressures facing the white household electrical appliance industry.
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Shanghai City, jointly with the Municipal Commission of Commerce, the district actively implement measures, efforts to defuse the cabbage and other vegetables and seasonal varieties structural slow-moving problem. |
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said,moncler Italia, development efforts continue to increase the supply of mineral resources exploration, improve the abilities, but the bulk mineral products of domestic supply is still difficult to meet the rapid growth of consumer demand,black nike air max, external dependence degree is high, the existence of hidden resources security, improve resource security capacity of the task is arduous.
said, in 2011 China's total output of major mineral products to maintain growth,hogan interactive donna, supply capacity has improved, but the commodity supply and demand gap is still large. In 2011,scarpe hogan prezzi, the national foreign trade import and export volume totaled US $957100000000, a year-on-year growth of 34.3%. Among them, imports grew 34.5%; exports grew 33.9%. Coal, iron ore, bauxite, manganese, chromium, nickel, iron ore imports over the year in different growth. Especially after the coal,magasin Hollister france, net imports in 2009, imports in 2011 amounted to 222280000 tons,hollister pas cher, up 20.3% over the previous year. Among them, the degree of dependence on foreign oil dependence on foreign iron ore 56.7%,mens nike air max, 56.4%.
bulletin points out,moncler homme, 2011, geological prospecting work into the national strategy, investment continued to increase exploration of Geology and mineral resources,scarpe hogan online, the total investment of 109230000000 yuan, a year-on-year growth of 6.7%; among them, oil and gas mineral investment growth 6.9%, 6.4% growth in investment in non oil and gas mineral. Most of proved reserves of the main minerals to maintain growth. Among them,nike air max 87, the verified reserves of a general increase in energy resources, especially coal seam gas, the remaining recoverable reserves growth 72%; iron, aluminium,air max light, lead and nickel minerals identified resources reserves increase over 10%. Copper,nike air max womens, gold, silver and other minerals to find out resource reserves also increased to different extent.
xinhuanet.com Beijing 10 May report (reporter Wang Libin) 10 released the "2011 Chinese land resources bulletin" shows, at present our country commodity dependence degree is high. Among them, oil, iron ore external dependence has reached more than 56%.
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Shanghai City, jointly with the Municipal Commission of Commerce, the district actively implement measures, efforts to defuse the cabbage and other vegetables and seasonal varieties structural slow-moving problem. |
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Wysłany: 09 Temat postu: A Chipmaker Support Company with Strong Fundamenta |
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A Chipmaker Support Company with Strong Fundamentals
Don't Miss:Spurs Nation32nd annual Tejano ConjuntoPub Crawl: Little Red BarnmySpy: Twisted Taco Truck ThrowdownElection resultsComics GamesOpinion HomeColumnistsCommentaryEditorialsLetters to the EditorAutomotiveEagle FordColumnistsNational/InternationalReal EstateSalary WizardPress releasesTop Work PlacesSponsored ContentRecent StoriesRestaurant SearchRestaurant News and ReviewsRecipesCadence Design Systems provides electronic design automation (EDA), software solutions, hardware and silicon intellectual property. Additionally, the company offers engineering and education services. Its products are used in the development of complex integrated circuits and electronic systems. The stock has a market cap of nearly 4 billion dollars and is up around 12% in the last year. With a beta of 1.38, it isn't too volatile. Cadence recently announced the acquisition of Tensilica, a leading dataplane processing IP provider, for some $380 million. However, investors weren't too pleased with the hefty premium paid for the acquisition, sending shares down 5%.
After some pretty big earnings in 2006 and 2007, the company was hit by the financial crisis, reporting a loss in both 2008 and 2009., Since then the company has been working hard on turning around operations and is once again growing earnings, although annual EPS hasn't yet reached the precrisis levels. Still,[url=http://www.xantrex.cc]Louis Vuitton[/url], the company is on the right track. Quarterly earnings reports have beaten analyst expectations every single quarter since Q1 2009, with 2010 EPS of $0.20 almost quadrupling to $0.77 in 2012. Analysts expect earnings of $0.89 per share in fiscal 2013.
In the latest report, Q4 2012, the company delivered fairly strong fullyear results. Revenue for the year was up 15% to $1.326 billion, and the operating margin increased by 5% to 23%. Management warned of soft conditions in the global semiconductor market, but maintained that the company benefited from customers' continuing investment in new designs and the increasing complexity of these designs. Looking ahead to Q1 2013, the company is expecting revenues in the range of 342352 million dollars, and nonGAAP EPS of $0.19$0.20.
Let's take a look at some peer earnings. Synopsis, which competes in the EDA division, has been growing earnings impressively over the last few years, although they missed estimates by two cents in Q2 2012. On the other hand, they beat by over 20% for Q1 2013. The expected growth rate isn't too hot, though, at 5.5%, and as I will discuss in the next paragraph, the stock is a little pricey. Another competitor, Mentor Graphics, has seen earnings recover to precrisis levels in 2012, and is growing fast. The company has a strong history of beating expectations and is looking at a 35 year expected growth rate of over 20%, higher than Cadence's 16.3%.
At the moment, Cadence is trading at a discount to the sector and its major competitors. Its TTM P/E 8.87x is significantly lower than Mentor's 14.9x and Synopsys' 27.65x, as well as the industry average of 15.46x. The company's PEG ratio is only 0.91, but the price to sales is about double the industry average at 2.99. The TTM return on equity is excellent at 66.34% and the TTM operating margin of 15.3% is on par with the industry. The company has a fairly healthy balance sheet with a total debt to equity ratio under 50, and around $827 million in cash on the books.
In summary, Cadence Design Systems looks pretty solid from a fundamental perspective. Earnings, after dipping badly during the crisis, are recovering, and the company is aggressively increasing revenue. Despite a troubling outlook for the semiconductor industry, the company's support services are still seeing strong demand. Furthermore, the stock is valued at a discount to its peers and the industry, and has enough cash on the books to fund further acquisitions should they prove necessary. |
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