Analyse aandeel Qualcomm - Aanbevolen Aandeel

Qualcomm krijgt licentie-inkomsten van vrijwel alle verkochte mobiele telefoons voor het 3G- en 4G-netwerk, omdat het patenten voor vrijwel alle belangrijke onderdelen voor deze netwerken bezit. (rapport Engelstalig)

Brian Colello, CPA 06 november, 2014 | 10:26
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Qualcomm is the innovator of CDMA network technology, the backbone of all 3G networks, and we view its CDMA intellectual property portfolio as the source of its wide economic moat. Essentially, phones are unable to connect to 3G networks without paying a royalty (about 3%-5% of the price of the handset) to the company. As more 3G-capable smartphones hit the market and carriers expand their 3G networks, we think Qualcomm is poised for strong licensing revenue growth over the next few years. Qualcomm doesn't have the same dominant IP portfolio in 4G technologies like LTE, but it has generated enough essential patents to enable it to strike new deals with many large handset makers. More important, for at least the next decade, the overwhelming majority of 4G handsets will probably be backward-compatible with 3G technologies, enabling Qualcomm to collect higher 3G royalty rates.

We view Qualcomm's chip segment as less moaty, but still a strong business. We anticipate solid revenue growth as the smartphone market expands, allowing Qualcomm to sell more advanced processors and additional chip content into these high-end devices. Qualcomm is present in most high-end smartphones today, securing the sole baseband chip supplier position in Apple's iPhones and iPads, while selling integrated Snapdragon processors into Samsung's 4G-capable Galaxy phones, other high-end Android models, and all Windows Phones. We model relatively stable market share from Qualcomm's chip business. Intel looms as a major threat in processors, and we see some risk that Samsung vertically integrates even further, leaving fewer opportunities for Qualcomm and others to sell mobile processors to the handset titan. However, we also think Qualcomm's strong relationships with handset vendors, experience in 4G LTE baseband chips (where the firm has a two-year time-to-market lead) and ability to integrate both the application processor and baseband functions into a single Snapdragon chip should help the firm fend off a host of competitors in the years ahead. We think the threats of Intel and Samsung pose greater risk to lesser players in the mobile space.

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Naam effectPrijsChange (%)Morningstar Rating
Qualcomm Inc130,20 USD1,20Rating

Over de auteur

Brian Colello, CPA  Brian Colello, CPA is a senior stock analyst with Morningstar.

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