Freescale Semiconductor Ltd

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  • uploads///Cisco IOE
    Tech & Comm Services

    Why is “Internet of Everything” a future growth driver for Cisco?

    Cisco CEO John Chambers believes the Internet of Everything (IoE) might be a $19 trillion opportunity. Cities globally have the potential to claim $1.9 trillion in value from IoE over the next decade, Cisco’s study stated.

    By Samantha Nielson
  • uploads///GAS SO downside
    Miscellaneous

    What’s the Downside if the AGL Resources Deal Breaks?

    AGL Resources (GAS) could sue Southern Company and demand specific performance. In other words, GAS could have a judge force SO to do the deal.

    By Brent Nyitray, CFA, MBA
  • uploads///FSL NXP Auto sector
    Miscellaneous

    Freescale–NXP merger: The material adverse change clause, part 1

    Pretty much anything that has a material adverse effect on the company will be considered a material adverse change, but there are exceptions to that rule.

    By Brent Nyitray, CFA, MBA
  • uploads///gks mrvl
    Earnings Report

    Why Did Marvell Technology’s Revenue Fall Again?

    Marvell Technology (MRVL) has a market cap of $4.58 billion. Its YTD performance is decreasing due to its revenue falling 15% and 1.78% in 1Q16 and 2Q16.

    By Gabriel Kane
  • uploads///SNDK WDC global leader
    Miscellaneous

    Can the Western Digital-SanDisk Merger Get Antitrust Approval?

    While the Western Digital-SanDisk merger brings together the third and eighth players, respectively, in storage (which usually isn’t problematic from an antitrust standpoint), regulators can get very granular when they define submarkets.

    By Brent Nyitray, CFA, MBA
  • uploads///KLAC LRCX comps
    Miscellaneous

    Could the Lam Research-KLA-Tencor Merger Get Competitive?

    In the Lam Research-KLA-Tencor merger, Lam Research is paying about 3.9x trailing-12-month revenues and 14.8x trailing-12-month EBITDA.

    By Brent Nyitray, CFA, MBA
  • uploads///FSL NXP HPMS Market
    Miscellaneous

    Freescale–NXP merger: The material adverse change clause, part 2

    The material adverse change clause describes the way that NXP Semiconductors (NXPI) can back out of the Freescale–NXP merger.

    By Brent Nyitray, CFA, MBA
  • uploads///consolidation
    Miscellaneous

    Micron Boosts the Consolidation Wave in the Semiconductor Space

    The SMAC revolution, combined with IoT and the growing popularity of connected devices, has contributed to consolidation in the semiconductor space.

    By Anne Shields
  • uploads///SNDK WDC comps
    Miscellaneous

    Could the SanDisk-Western Digital Merger Get Competitive?

    In the SanDisk-Western Digital merger, Western Digital is paying about 2.6x trailing-12-month revenues and 10.6x trailing-12-month EBITDA.

    By Brent Nyitray, CFA, MBA
  • uploads///Screenshot
    Company & Industry Overviews

    Consolidation in Semiconductor Industry Could Gain Momentum

    The current wave of consolidation makes potential targets out of chip companies that serve the industrial, automotive, mobile, and storage spaces.

    By Puja Tayal
  • uploads///FSL NXP MCU
    Miscellaneous

    Freescale–NXP merger: The material adverse change clause, part 3

    A war between China and Taiwan is not a material adverse change. An earthquake that takes out a Freescale manufacturing facility is.

    By Brent Nyitray, CFA, MBA
  • uploads///FSL NXPI Spread Analysis
    Miscellaneous

    The Freescale–NXP merger: A large deal in the semiconductor space

    The key to the Freescale–NXP merger is the timing. The companies are guiding to a 2H15 close, likely in the fourth quarter.

    By Brent Nyitray, CFA, MBA
  • uploads///GAS SO comps
    Miscellaneous

    AGL Resources: Could Southern Co Be Stopped by a Bidding War?

    There have been several precedents similar to the AGL Resources deal. In this transaction, Southern Company is paying about 2.7x trailing 12-month revenues and 10x trailing 12-month EBITDA.

    By Brent Nyitray, CFA, MBA
  • uploads///FSL NXPI Value Proposition
    Miscellaneous

    The Freescale–NXP merger regulatory path to approval

    The companies expect to have a second antitrust-related request, and there is always the risk of an in-depth regulatory review by the European Union.

    By Brent Nyitray, CFA, MBA
  • uploads///FSL NXPI FSL basics
    Miscellaneous

    The Freescale–NXP Merger: Freescale at a glance

    The Freescale–NXP merger is driven by complementary offerings. Freescale is active in the auto, consumer, networking, and industrial markets.

    By Brent Nyitray, CFA, MBA
  • uploads///KLAC LRCX complementary presence
    Miscellaneous

    Regulatory Path for the Lam Research-KLA-Tencor Merger

    In the press release announcing the Lam Research-KLA-Tencor merger, the companies mention they will serve approximately 42% of the wafer fabrication equipment market immediately upon closing.

    By Brent Nyitray, CFA, MBA
  • uploads///FSL NXPI comps
    Miscellaneous

    Why is the Freescale–NXP merger premium so low?

    The companies were asked about the takeover premium and the background to the transaction on the conference call, but they refused to comment.

    By Brent Nyitray, CFA, MBA
  • uploads///FSL NXP Overview
    Miscellaneous

    Freescale–NXP merger: Salient points of the deal

    Basics of the transaction The Freescale–NXP merger transaction is a cash and stock transaction, which means Freescale shareholders will participate in the upside by holding stock in the merged entity. The equity value of the transaction is roughly $11.8 billion and includes about $4.9 billion in net debt. Terms of the transaction Freescale Semiconductor (FSL) shareholders […]

    By Brent Nyitray, CFA, MBA
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    Miscellaneous

    Broadcom Rose on June 27 after Analyst Rating Upgrade

    The US-based (SPY) Broadcom (AVGO) has a market cap of $57.2 billion. It rose by 4.3% to close at $149.77 per share on June 28, 2016.

    By Adam Rogers
  • uploads///Does Weaker Dollar Supporting Natural Gas Rally
    Macroeconomic Analysis

    Natural Gas Recovery: Will the Dollar Index Play a Crucial Role?

    Natural gas should be negatively correlated with the US Dollar Index. A stronger dollar implies more expensive natural gas for consumers in other currencies.

    By Rabindra Samanta
  • uploads///Series  A
    Miscellaneous

    What Makes Renesas a Potential Acquisition Target?

    While Renesas has set aside $2.4 billion for acquisitions and is willing to borrow, Innovation Network is looking to sell its 69.2% stake in the company.

    By Puja Tayal
  • uploads///Series  A
    Miscellaneous

    NXP-Freescale Merger Threatens Infineon and Renesas

    Renesas and Infineon, which currently hold the top ranks in the automotive semiconductor space, will lose market share to the NXP-Freescale merged company.

    By Puja Tayal
  • uploads///Series  A
    Miscellaneous

    Why Is Infineon Interested in Investing in Renesas?

    German chipmaker Infineon Technologies is showing interest in Japanese automotive semiconductor company Renesas Electronics.

    By Puja Tayal
  • uploads///Fidelity Blue Chip Growth Fund
    Macroeconomic Analysis

    How Energy and Materials Foiled the Fidelity Blue Chip Growth Fund’s Returns

    The Fidelity Blue Chip Growth Fund rose by 7.0% in October 2015 over the previous month. Information technology was the biggest positive contributor.

    By David Ashworth
  • uploads///SNDK WDC highlights
    Miscellaneous

    Will Arbitrageurs Set up the SanDisk-Western Digital Merger?

    If you set up the spread with the SanDisk-Western Digital merger assuming you are getting $85.10 plus 0.0176 shares of WDC, you are expecting a $9 spread.

    By Brent Nyitray, CFA, MBA
  • uploads///Series  A
    Earnings Report

    Qorvo’s Shares Soared 23% after Its Fiscal 2Q16 Earnings Release

    In fiscal 2Q16, Qorvo’s (QRVO) revenue almost doubled year-over-year to $708 million, beating the consensus estimate of $700 million.

    By Puja Tayal
  • uploads///KLAC LRCX complementary presence
    Miscellaneous

    Parsing the KLA-Tencor–Lam Research Merger MAE Clause, Part 1

    The KLA-Tencor–Lam Research merger includes a disproportionate effect clause, which means the carve-outs may, in fact, be a MAE if they disproportionately affect KLA-Tencor.

    By Brent Nyitray, CFA, MBA
  • uploads///deadbbdaedbcafaad
    Earnings Report

    Evaluating NXP Semiconductors’ Share Plunge Post-3Q15 Earnings Release

    NXP Semiconductors, which supplies chips to Apple, reported its 3Q15 earnings on October 29. The company’s YoY revenues were flat at $1.52 billion.

    By Puja Tayal
  • uploads///SNDK WDC SNDK basics
    Miscellaneous

    The SanDisk–Western Digital Merger: Basics of SanDisk

    Diversifying revenue streams and achieving scale is a big driver of the SanDisk–Western Digital merger. They offers similar products, and the combination will help them negotiate better with customers.

    By Brent Nyitray, CFA, MBA
  • uploads///SNDK WDC strategic rationale
    Miscellaneous

    Rationale for the SanDisk-Western Digital Merger

    With the SanDisk-Western Digital merger, the companies expect to generate annual run-rate synergies of $500 million per year within 18 months of closing.

    By Brent Nyitray, CFA, MBA
  • uploads///Series  A
    Earnings Report

    Freescale’s Fiscal 3Q15 EPS Beat Analysts’ Estimates

    On a YoY (year-over-year) basis, Freescale’s fiscal 3Q15 revenue fell 7.7% to $1.12 billion. It failed to meet analysts’ estimates of $1.15 billion.

    By Puja Tayal
  • uploads///KLAC LRCX LRCX basics
    Miscellaneous

    The KLA-Tencor–Lam Research Merger: Basics of Lam Research

    Both KLA-Tencor and Lam Research serve Samsung and Taiwan Semiconductor. Improving service to big customers is a major driver for the KLA-Tencor–Lam Research merger.

    By Brent Nyitray, CFA, MBA
  • uploads///KLAC LRCX KLAC basics
    Miscellaneous

    The KLA-Tencor–Lam Research Merger: Basics of KLA-Tencor

    KLAC’s products are complementary with Lam Research’s (LRCX) products and are the driver for the KLA-Tencor–Lam Research merger.

    By Brent Nyitray, CFA, MBA
  • uploads///SNDK WDC transaction details
    Miscellaneous

    Basics of the SanDisk-Western Digital Merger

    The equity value of the SanDisk-Western Digital merger is about $19 billion using the five-day volume-weighted average price of Western Digital before the deal was announced.

    By Brent Nyitray, CFA, MBA
  • uploads///KLAC LRCX enhanced profile
    Miscellaneous

    Is the KLA-Tencor–Lam Research Merger a Setup at These Levels?

    In the KLA-Tencor–Lam Research merger, Lam Research (LRCX) doesn’t have to agree to any divestitures or behavioral restrictions that materially affect the deal, but it does have a $290 million reverse termination fee.

    By Brent Nyitray, CFA, MBA
  • uploads///KLAC LRCX winning combination
    Miscellaneous

    Rationale for the KLA-Tencor–Lam Research Merger

    The KLA-Tencor–Lam Research merger is expected to lead to $250 million in annualized cost synergies within the first 18–24 months after closing.

    By Brent Nyitray, CFA, MBA
  • uploads///KLAC LRCX terms
    Miscellaneous

    Basics of the KLA-Tencor–Lam Research Merger

    The equity value of the KLA-Tencor–Lam Research merger is about $10.6 billion using the closing price of Lam Research on October 20, the day before the deal was announced.

    By Brent Nyitray, CFA, MBA
  • uploads///KLAC LRCX spread
    Miscellaneous

    The Lam Research-KLA-Tencor Merger—Semiconductor Consolidation

    On Wednesday, October 21, Lam Research announced its merger with KLA-Tencor in yet another big deal in the semiconductor space.

    By Brent Nyitray, CFA, MBA
  • uploads///EMC DELL agility
    Miscellaneous

    Basics of the EMC-Dell Merger

    Dell is buying EMC (EMC) for a combination of cash and stock. The total transaction value of the EMC-Dell merger is close to $67 billion if you include cash and assumed debt. Shareholders will receive $24.05 in cash and 0.111 shares of newly-issued VMWare (VMW) tracking stock.

    By Brent Nyitray, CFA, MBA
  • uploads///EMC DELL Spread
    Miscellaneous

    Dell Is Buying EMC in a Blockbuster Tech Deal

    After being pushed by major shareholder Elliott Management to either spin off its holding of VMware (VMW) or sell itself, EMC delivered and negotiated a sale to Dell, which went private in 2013.

    By Brent Nyitray, CFA, MBA
  • uploads///gks mrvl
    Earnings Report

    How Did Marvell Technology Compare to Its Peers?

    Marvell Technology was outperformed by its peers based on the gross profit margin and PBV ratio. ETFs outperformed it based on the price movement and PBV ratio.

    By Gabriel Kane
  • uploads///GAS SO quick facts
    Miscellaneous

    Parsing the AGL-Southern Material Adverse Effect Clause: Part 3

    The MAE clause lays out the conditions under which Southern Company (SO) can back out of its deal with AGL Resources (AGL). For example, an unusually warm winter or cool summer that depresses demand is not an MAE.

    By Brent Nyitray, CFA, MBA
  • uploads///GAS SO SO basics
    Miscellaneous

    The Southern Company, an Electric Utility Holding Company

    The Southern Company (SO) is a utility holding company that holds all the outstanding stock of Alabama Power, Georgia Power, Gulf Power, Mississippi Power, and Southern Power Company.

    By Brent Nyitray, CFA, MBA
  • uploads///Screenshot
    Company & Industry Overviews

    Where Intel Fits in the New Semiconductor Value Chain

    Huge investment is required at every stage of semiconductor development to make smaller-sized chips in a cost-effective manner without compromising on functionality.

    By Puja Tayal
  • uploads///GAS SO summary
    Miscellaneous

    Is the AGL Resources Deal with Southern Company Worth Your Time?

    With the merger between AGL Resources (GAS) and Southern Company (SO), you’re getting about an 8.8% annualized yield. That’s probably a reflection of the turmoil in the equity markets.

    By Brent Nyitray, CFA, MBA
  • uploads///GAS SO transaction overview
    Miscellaneous

    AGL Resources Purchase: Conditions Southern Company Must Meet

    If a bidder happens to come in and top the Southern Company bid, AGL Resources will owe Southern Company a breakup fee of $201 million.

    By Brent Nyitray, CFA, MBA
  • uploads///GAS SO GAS basics
    Miscellaneous

    AGL Resources: Natural Gas Is Its Core Business

    AGL Resources (GAS) is an energy company that’s primarily involved in the distribution of natural gas. It launched two joint ventures last fall.

    By Brent Nyitray, CFA, MBA
  • uploads///GAS SO geograpy
    Miscellaneous

    Why Southern Company Is Buying AGL Resources

    By purchasing AGL Resources (GAS), Southern will get access to some important pipelines, especially some that come from the Marcellus Shale region.

    By Brent Nyitray, CFA, MBA
  • uploads///GAS SO spread
    Miscellaneous

    Southern Company Buys AGL Resources—Secures Gas Infrastructure

    Southern is buying AGL Resources for $66 in cash per share. This is a 38% premium to AGL’s closing price on Friday, August 21.

    By Brent Nyitray, CFA, MBA
  • uploads///PCP BRK PCP basics
    Miscellaneous

    Precision Castparts 101: An Overview for Merger Arbitrage

    Precision Castparts manufactures complex products for aerospace and power applications that supplies General Electric, United Technologies, and Rolls Royce.

    By Brent Nyitray, CFA, MBA
  • uploads///Fundamental Key Ratios
    Earnings Report

    Key Ratios: Comparing Skyworks with Its Close Competitors

    The current ratio measures whether the firm is in a position to pay their obligation or not. The higher the ratio, the better. Skyworks has the highest ratio of 5.70.

    By Parker Thomas
  • uploads///PCP BRK win
    Miscellaneous

    Will Antitrust Be an Issue in the Precision Castparts Transaction?

    In the merger of Berkshire Hathaway and Precision Castparts, both companies will have to file under the Hart–Scott–Rodino Antitrust Improvements Act.

    By Brent Nyitray, CFA, MBA
  • uploads///RYL SPF RYL basics
    Miscellaneous

    California Homebuilder Ryland: The Basics

    Ryland targets the entry-level, move-up, and second move-up buyer. Its prices range from $160,000 to more than $650,000, with 2014’s selling prices averaging $330,000.

    By Brent Nyitray, CFA, MBA
  • uploads///BRCM_AVGO headlines
    Miscellaneous

    Be Ready for a Rough Ride If You Set Up the Broadcom-Avago Merger

    In the Broadcom-Avago merger, you’re getting about an 8.9% annualized yield. That’s probably a reasonable return in a low interest–rate environment and given the risks of the transaction.

    By Brent Nyitray, CFA, MBA
  • uploads///ALTR_INTC ALTR basics
    Miscellaneous

    Altera Corporation: The Basics of a Complex Semiconductor Company

    Altera (ALTR) designs and sells programmable logic devices, power system-on-chip devices, intellectual property cores, and proprietary development software.

    By Brent Nyitray, CFA, MBA
  • uploads///Semiconductor market shares
    Macroeconomic Analysis

    Intel Leads Semiconductor Industry with 15% Market Share

    Despite semiconductor companies combining to become bigger, Intel continues to lead this market with a 15.4% share in the worldwide semiconductor market in 2014.

    By Puneet Sikka
  • uploads///Broadcom stock price movement
    Miscellaneous

    Avago Announces Acquisition of Broadcom Today, a $37-Billion Deal

    In a May 28 press release, Avago Technologies said it will acquire Broadcom for $37 billion. Avago will gain a broad portfolio of chips that Broadcom develops.

    By Puneet Sikka
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