Synaptics Incorporated - SYNA

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SYNA Key Statistics | Synaptics Incorporated Stock - Yahoo! Finance

Synaptics Reports Fourth Quarter and Fiscal 2012 Results
-- Fiscal 2012 gross margin percentage increased 550 basis points
-- 1.0 million shares of common stock repurchased in the June quarter
-- Recent acquisitions strengthen product portfolio and expand opportunities for growth

SANTA CLARA, Calif., Aug. 2, 2012 /PRNewswire/ -- Synaptics (SYNA), a leading developer of human interface solutions for mobile computing, communications, and entertainment devices, today reported financial results for its fourth quarter and year ended June 30, 2012.

The Company also announced in separate press releases today that it has acquired Pacinian Corporation and the Video Display Operation of Integrated Device Technology and is also ushering in a new era of human interaction solutions for mobile computing devices with its revolutionary ForcePad™, ThinTouch™ Technology, and expanded ClearPad™ capabilities.

Net revenue for fiscal 2012 was $548.2 million compared with $598.5 million for fiscal 2011. Net income for fiscal 2012 was $54.1 million, or $1.57 per diluted share, compared with $63.8 million, or $1.80 per diluted share, for fiscal 2011.

Non-GAAP net income for fiscal 2012 was $78.6 million, or $2.28 per diluted share, compared with non-GAAP net income and diluted earnings per share for fiscal 2011 of $88.9 million and $2.51, respectively. (See attached table for a reconciliation of GAAP to non-GAAP results.)

Net revenue for the fourth quarter of fiscal 2012 was $137.6 million compared with $143.4 million for the comparable quarter last year. Net income for the fourth quarter of fiscal 2012 was $12.3 million, or $0.36 per diluted share, compared with net income of $13.9 million, or $0.40 per diluted share, for the comparable quarter last year.

Non-GAAP net income for the fourth quarter of fiscal 2012 was $18.6 million, or $0.54 per diluted share, compared with non-GAAP net income of $19.8 million, or $0.57 per diluted share, for the fourth quarter of fiscal 2011. (See attached table for a reconciliation of GAAP to non-GAAP results.)

"We are pleased with our fiscal 2012 performance, particularly against a backdrop of challenging market conditions," stated Rick Bergman, President and CEO. "During the year, we strengthened our leadership position in our key markets, broadened and enhanced our solutions portfolio and our ability to scale to meet the opportunities in front of us, and continued to lay the foundation for long-term growth, as evidenced by today's product and acquisition announcements."

Fourth Quarter 2012 Business Metrics

Revenue mix from PC and non-PC applications was approximately 56% and 44%, respectively.
PC revenue totaled $77.1 million, a decrease of 1% year-over-year.
Non-PC revenue totaled $60.5 million, a decrease of 8% year-over-year, primarily reflecting mobile phone touchscreen applications. Mobile unit volume continued to grow substantially with revenue impacted by the product mix transition from modules to lower priced, higher gross margin chip and tail touchscreen solutions.
Non-GAAP gross margin was 46.2%, an increase of 380 basis points year-over-year.
Non-GAAP operating margin was 17.3%, up 20 basis points year-over-year.
Cash at June 30, 2012 totaled $305.0 million. Cash flow from operations for the fourth quarter of fiscal 2012 was $21.7 million, and the Company used $28.2 million to repurchase one million shares of common stock. Cash flow from operations for the fiscal year was $101.4 million, and $61.7 million was used to repurchase 2.4 million shares of common stock.

Kathy Bayless, CFO, added, " Considering our backlog of approximately $50.0 million, customer forecasts, and the resulting expected product mix, we anticipate revenue to be in the range of $120.0 million to $128.0 million for the September quarter. We expect PC revenue to be down on a sequential basis, reflecting a soft PC environment and the timing difference between our sell-in and OEM sell-through, as well as lower revenue from mobile applications due to the soft global market."

Mr. Bergman added, "Looking ahead, we believe we are making the right investments at the right time and are very well positioned as the world's leading human interface company based on our unparalleled touch capabilities and advanced technology roadmap. Despite the near-term macroeconomic and product-transition based headwinds in our markets, we expect to return to modest annual revenue growth in fiscal 2013 and look forward to another year of progress and innovation."

Synaptics Reports Fourth Quarter and Fiscal 2012 Results - Yahoo! Finance

SYNA Insider Trading - Synaptics Inc. - Form 4 SEC Filings
 

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S Y N A
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Il presente post non ha valore per l'operatività stretta (frames brevi: settimanale o meno); al più, ha utilità di tipo strutturale, al fine di meglio comprendere l'evoluzione prezzi della company.
I hope at least minimally useful. In case of interest (€uribor free, but spread for ever) ►►►►►►►.


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SANTA CLARA, Calif., Oct. 25, 2012 /PRNewswire/ -- Synaptics (SYNA), a leading developer of human interface solutions, today reported financial results for its first quarter ended September 30, 2012.

Net revenue for the first quarter of fiscal 2013 was $127.0 million compared with $133.4 million for the comparable quarter last year. Net income for the first quarter of fiscal 2013 was $6.1 million, or $0.18 per diluted share, compared with net income of $13.0 million, or $0.39 per diluted share, for the comparable quarter last year.

Non-GAAP net income for the first quarter of fiscal 2013 was $12.7 million, or $0.37 per diluted share, compared with non-GAAP net income of $19.1 million, or $0.57 per diluted share, for the first quarter of fiscal 2012. (See attached table for a reconciliation of GAAP to non-GAAP results.)

"First quarter revenue was at the high end of our guidance range, reflecting better than anticipated revenue from mobile phone touchscreen applications, partially offset by lower than expected PC revenue," stated Rick Bergman, President and CEO. "The first half of fiscal 2013 is unfolding largely as anticipated, and we are encouraged by our strong design pipeline based on our broad portfolio of solutions and continued track record of execution. We are investing in the right areas and continue to position the company for long-term growth."

First Quarter 2013 Business Metrics

Revenue mix from mobile and PC products was approximately 51% and 49%, respectively.
Revenue from mobile products totaled $64.6 million and was roughly flat year-over-year. Mobile products revenue includes touchscreen and video display products.
Revenue from PC products totaled $62.4 million, a decrease of 9% year-over-year.
Gross margin was 47.7%, an increase of 180 basis points year-over-year.
Net income reflects additional operating expenses associated with the company's recent acquisitions, as previously indicated.
Cash at September 30, 2012 increased $7.9 million from the immediately preceding quarter to $312.9 million. Cash flow from operations for the first quarter of fiscal 2013 was $29.6 million. The company used $11.9 million for the purchase of its new headquarters and $5.0 million for the purchase of the video display operation of IDT, as previously announced.

Kathy Bayless, CFO, added, "Considering our backlog of approximately $74.0 million, customer forecasts, and the resulting expected product mix, we anticipate revenue to be in the range of $134.0 million to $142.0 million for the December quarter, an increase of 6% to 12% from the immediately preceding quarter. We expect both PC and mobile products revenue to be up sequentially based on strength from new product ramps as well as seasonal trends."

Synaptics Reports First Quarter Fiscal 2013 Results - Yahoo! Finance
 
SANTA CLARA, Calif., Jan. 24, 2013 /PRNewswire/ -- Synaptics (SYNA), a leading developer of human interface solutions, today reported financial results for its second quarter ended December 31, 2012.

Net revenue for the second quarter of fiscal 2013 was $143.0 million compared with $145.5 million for the comparable quarter last year. Net income for the second quarter of fiscal 2013 was $11.1 million, or $0.33 per diluted share, compared with net income of $17.4 million, or $0.51 per diluted share, for the comparable quarter last year.

Non-GAAP net income for the second quarter of fiscal 2013 was $17.7 million, or $0.53 per diluted share, compared with non-GAAP net income of $23.0 million, or $0.68 per diluted share, for the second quarter of fiscal 2012. (See attached table for a reconciliation of GAAP to non-GAAP results.)

"Second quarter revenue exceeded the high end of our guidance range, reflecting better than anticipated revenue from mobile phone touchscreen applications, partially offset by lower than expected PC revenue," stated Rick Bergman, President and CEO. "Based on our strong product line-up, Synaptics is executing very well across our key markets, and we believe our ongoing technology roadmap positions us for continued success across future product generations. We look forward to a return to year-over-year revenue growth in the third fiscal quarter."

Second Quarter 2013 Business Metrics

Revenue mix from mobile and PC products was approximately 57% and 43%, respectively.
Revenue from mobile products totaled $81.6 million and was up 4% year-over-year. Mobile products revenue includes all touchscreen and video display products.
Revenue from PC products totaled $61.4 million, a decrease of 8% year-over-year.
Gross margin was 48.3%, an increase of 110 basis points year-over-year.
Net income reflects additional operating expenses associated with the company's recent acquisitions, as previously indicated.
Cash at December 31, 2012 was $292.5 million. Cash flow from operations for the second quarter of fiscal 2013 was $15.3 million. The company used $28.7 million to repurchase 1,155,299 shares of common stock and $5.0 million for a ThinTouch™ initial earn-out payment.

Kathy Bayless, CFO, added, "Considering our backlog of approximately $79.0 million, customer forecasts, and the resulting expected product mix, we anticipate revenue to be in the range of $140.0 million to $148.0 million for the March quarter, an increase of 6% to 12% on a year-over-year basis. We expect revenue from mobile products to be the primary growth driver."

Synaptics Reports Second Quarter Fiscal 2013 Results - Yahoo! Finance
 
SAN JOSE, Calif., Jan. 23, 2014 /PRNewswire/ -- Synaptics Inc. (SYNA), a leading developer of human interface solutions, today reported financial results for its second quarter ended December 31, 2013.

Net revenue for the second quarter of fiscal 2014 was $205.8 million, an increase of 44% compared with $143.0 million for the comparable quarter last year. Net income for the second quarter of fiscal 2014 was $17.3 million, compared with net income of $11.1 million for the comparable quarter last year. Diluted earnings per share for the second quarter of fiscal 2014 was $0.48, an increase of 45% compared with $0.33 for the comparable quarter last year.

Non-GAAP net income for the second quarter of fiscal 2014 was $31.1 million, compared with non-GAAP net income of $17.7 million for the comparable quarter last year. Diluted earnings per share for the second quarter of fiscal 2014 was $0.86, an increase of 62% compared with $0.53 for the second quarter of fiscal 2013. (See attached table for a reconciliation of GAAP to non-GAAP financial measures.)

"Excluding the impact of the acquisition of Validity, which closed in early November, our financial performance for the December quarter was above the mid-point of our guidance as we experienced strong year-over-year revenue growth in touchscreen and touchpad products," stated Rick Bergman, President and CEO. "As we enter the second half of fiscal 2014, we expect to benefit from continued strong organic growth, further augmented by growing contributions from our acquisitions and new product innovations. In addition, we are very excited with the progress of our new Fingerprint ID business and expect the acquisition to be accretive by the end of the fiscal year, earlier than previously anticipated."

Second Quarter 2014 Business Metrics

Revenue mix from mobile and PC products was approximately 65% and 35%, respectively. Fingerprint ID products have been classified according to type of device.
Revenue from mobile products of $133.6 million was up 64% year-over-year. Mobile products revenue includes all touchscreen, video display, and applicable fingerprint ID products.
Revenue from PC products totaled $72.2 million, an increase of 17% year-over-year.
GAAP earnings per share reflects the impact of additional operating expenses, including acquisition related costs and shares issued in connection with the company's recent acquisition of Validity Sensors, Inc., which closed on November 7, 2013.
Cash at December 31, 2013 was $369.4 million. In the first half of fiscal 2014, cash flow from operations was $85.8 million, and the company used $70.3 million to repurchase of approximately 1.7 million shares of common stock.

Kathy Bayless, CFO, added, "Considering our backlog, customer forecasts, and the resulting expected product mix, we anticipate revenue to be in the range of $180 million to $200 million for the March quarter. The March quarter outlook reflects seasonality, with incremental revenue from our new Fingerprint ID products."

Synaptics Reports Second Quarter Fiscal 2014 Results - Yahoo Finance
 

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(Reuters) - Touchscreen chip maker Synaptics Inc's third-quarter revenue rose 25 percent due to a surge in sales to mobile phone makers.

Synaptics reported a net loss of $40.1 million, or $1.12 per share for the quarter ended March 31, compared with a net income of $36.4 million, or $1.07 per share, a year earlier.

Excluding items, the company earned 63 cents per share.

Revenue climbed to $204.3 million from $163.3 million.

Mobile products sales rose 44 percent to $150.7 million at the company, which counts Samsung Electronics Co Ltd among its top customers.
 
Fondamentali molto buoni, azienda non cara per niente e numeri costantemente in crescita. Titolo fortemente shortato e volatile.
C'è qualcuno cosi gentile da fare un'analisi della situazione tecnica del titolo x valutare eventuali punti d'ingresso?
 
Fondamentali molto buoni, azienda non cara per niente e numeri costantemente in crescita. Titolo fortemente shortato e volatile.
C'è qualcuno cosi gentile da fare un'analisi della situazione tecnica del titolo x valutare eventuali punti d'ingresso?

bisogna essere molto prudenti conosco bene questo titolo il doji monthly detta i tempi, sopra hai le medie di Sal
 

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Grazie satrimot.
Te lo hai in portafoglio?

Un saluto

non sono dentro in quanto ho scritto di essere molto prudenti, questo è ciò che vedo ma certamente sono qui per confrontarmi e non per condizionare,
posso sbagliare :yes: quello è il montly e questa che posto è la proiezione, al mercato la risposta :rolleyes:
 

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Un saluto

Synaptics Accelerates Mobile Display Leadership with Acquisition of Renesas SP Drivers

Acquisition Unites Industry Leaders to Further Synaptics’ Market Position as a Leading Human Interface Solution Provider

SAN JOSE, Calif. – June 10, 2014 Synaptics Inc. (NASDAQ: SYNA), a leading developer of human interface solutions, today announced that it has signed a definitive agreement to acquire all of the outstanding equity of Renesas SP Drivers, Inc., the industry leader in small and medium-sized display driver ICs (DDICs) for smartphones and tablets. With the acquisition, Synaptics expects to increase its addressable market opportunity by 1.5X and to accelerate its product roadmap for touch-and-display driver integration (TDDI). The combination enables platform-level solutions for select segments of the mobile market, while also extending its leadership position in Touch and DDIC product families.

The addition of Renesas SP Drivers positions Synaptics at the forefront of a tremendous growth opportunity with a complete portfolio of products to address a full spectrum of display market needs. The acquisition underscores Synaptics’ commitment to developing high-performance and cost effective solutions for its customers, backed by the unparalleled technical leadership, real-time local support, and systems level engineering expertise that its valued customers need.

“The acquisition of Renesas SP Drivers unites complementary and best-in-class technologies and brings on board a very experienced, highly skilled engineering team, strengthening Synaptics’ position as the number one touchscreen controller supplier to the mobile display market, with unmatched platform level technologies,” said Rick Bergman, President and CEO, Synaptics. “Upon closing the acquisition, we will have the scale to accelerate our technology roadmap and expand our broad portfolio of human interface product families including display integration solutions.”

“We are very excited about joining Synaptics. The combination of Synaptics and Renesas SP Drivers forms an even stronger market leader with a highly complementary combination of products and technologies,” said Ikuo Kudo, President and CEO, Renesas SP Drivers. “The well-matched technologies and enhanced scale will drive further innovations in mobile display."

Synaptics will pay, at closing, a purchase price of approximately JPY48.5B ($475 million) for 100% of Renesas SP Drivers, based on JPY52.5B ($515 million) enterprise value. The purchase price is based on cash and other adjustments and is subject to customary adjustments for net working capital, net debt, and third party expenses. The US dollar consideration is based on a yen conversion rate of 102.

For the year ended March 2014, Renesas SP Drivers’ revenue and cash flow were approximately $650 million and $100 million, respectively. The combined business of Synaptics and Renesas SP Drivers is expected to create significant revenue and investment scale to drive future growth and operating leverage. The acquisition will be immediately accretive to Synaptics’ non-GAAP EPS, excluding transaction related expenses. The acquisition is expected to close in the fourth calendar quarter of 2014, subject to customary closing conditions and regulatory reviews, as necessary. Synaptics intends to fund the transaction with cash and committed debt financing of $300 million. Additional details can be found in Synaptics’ Current Report on Form 8-K, filed today.

Press Release 06/10/2014 ? Synaptics


Synaptics Raises Fiscal Fourth Quarter Revenue Outlook

San Jose, CA – June 10, 2014 – Synaptics (NASDAQ: SYNA), a leading developer of human interface solutions, today updated its revenue outlook for the fourth quarter ending June 30, 2014. The Company also issued a separate press release today announcing that it has signed a definitive agreement to acquire all of the outstanding equity of Renesas SP Drivers, Inc., the industry leader in small and medium-size display driver ICs (DDICs) for smartphones and tablets.

For the fourth quarter of fiscal 2014, Synaptics expects to report record revenue in the range of $300.0 million to $310.0 million, up from its previous guidance of $275.0 million to $295.0 million and representing an increase of 30% to 35% over the prior year period. Further, revenue for fiscal 2014 is expected to be $933.0 million to $943.0 million, an increase of 41% to 42% compared to the prior year. The improved revenue guidance is driven by better than expected performance for both mobile and PC products.

Additional information for the fourth quarter will be available when Synaptics reports its quarterly results on July 31, 2014. The Company will issue a press release announcing the details of its fourth quarter conference call closer to the date.

Press Release 06/10/2014 B ? Synaptics
 
Niente male!! :clap::clap:
Il titolo nel after hours guadagna circa il 18%, a 78,30 :D.
 
Synaptics acquisisce Renesas, produttore di chip per il display di iPhone, per 475 mi

Gli analisti suggeriscono la possibilità che Synaptics possa integrare la sua tecnologia touchscreen con i chip creati da Ranesas per ridurre i costi di produzione e offrire una soluzione all-in-one. Una soluzione di questo tipo potrebbe rappresentare un’ottima notizia per Apple, che avrebbe comunque intenzione di affidarsi a Renesas in seguito all’acquisizione. Nonostante la compagnia californiana avrebbe potuto semplicemente acquisire Ranesas, Synaptics potrebbe ora nuovamente contare sugli affari di Apple.
 
Altri dettagli da considerare:
- è stato precisato che i ricavi per il prossimo trimestre saranno maggiori del previsto (a prescindere da renesas), senza contare l'apporto dell'acquisizione che avrà effetti immediati in bilancio
-la renesas è stata pagata meno di 1x i ricavi e 5x cash flow. La società vale 600 mln di ricavi e 100 mln di cash flow.
-Il mercato con l'acquisizione è molto piu vasto
- Il target price già prima era per piu di un analista intorno ai 100$. Ora non so...
Credo che sia una bomba pronta ad esplodere :censored:
 
ho sbagliato e non sarà certo l'ultima :D ma ciò che vedevo era motivato ed in buona fede la forza sta nel correggere i propri errori in tempo reale ha quasi raddopiato il range :rolleyes:
 

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81,60 :rolleyes: fatto 82,75

Synaptics Reports Results for Fourth Quarter and Fiscal 2014

-- Record fiscal 2014 revenue of $948 million up 43%

-- Record June quarter revenue of $315 million up 37% year-over-year and 54% sequentially

-- Record fourth quarter and fiscal 2014 non-GAAP EPS of $1.46 and $4.25, respectively

-- Increases stock repurchase authorization to $200 million

PR Newswire Synaptics Inc.

July 31, 2014 4:15 PM
SAN JOSE, Calif., July 31, 2014 /PRNewswire/ -- Synaptics (SYNA), a leading developer of human interface solutions, today reported financial results for its fourth quarter and year ended June 30, 2014.

"Synaptics posted a stellar fourth quarter and a phenomenal fiscal year. We greatly outpaced our growth objectives by extending our leadership in touch and generating significant contributions from our fingerprint ID business," stated Rick Bergman, President and CEO. "We are clearly executing on our key growth levers with the adoption of our fingerprint authentication platform, expanding penetration within large touchscreens, growing traction for our display integrated solutions and continued expansion in China. Our acquisition of Renesas SP Drivers is progressing as anticipated, and we are excited to broaden our expertise in mobile display, which we believe will enhance our ability to continue to deliver and sustain strong, profitable growth."

Net revenue for fiscal 2014 reached a record $947.5 million, an increase of 43% over fiscal 2013. Net income for fiscal 2014 was $46.7 million, or $1.26 per diluted share, and includes an expense for change to contingent consideration liability of $69.9 million primarily related to the acquisition of the company's fingerprint ID business, which is performing significantly above expectations.

Non-GAAP net income for fiscal 2014 increased 48% from the prior year to a record $157.6 million, or $4.25 per diluted share. (See attached table for a reconciliation of GAAP to non-GAAP results.)

Net revenue for the fourth quarter of fiscal 2014 grew 37% over the comparable quarter last year to a record $314.9 million. Net income for the fourth quarter of fiscal 2014 was $34.5 million, or $0.89 per diluted share, and includes an expense for change to contingent consideration liability of $13.1 million.

Non-GAAP net income for the fourth quarter of fiscal 2014 grew 16% over the prior year period to a record $56.8 million, or $1.46 per diluted share. (See attached table for a reconciliation of GAAP to non-GAAP financial measures.)

Fourth Quarter 2014 Business Metrics

Revenue mix from mobile and PC products was approximately 77% and 23%, respectively. Fingerprint ID products have been classified according to type of device.
Revenue from mobile products of $242.9 million was up 40% year-over-year. Mobile products revenue includes all touchscreen, video display, and applicable fingerprint ID products.
Revenue from PC products totaled $72.0 million, an increase of 26% year-over-year, and includes applicable fingerprint ID products.
Cash at June 30, 2014 was $447.2 million.
Kathy Bayless, CFO, added, "Our outperformance in the June quarter reflected a steep initial ramp of new designs. Considering our backlog of $132 million entering the typically back-end loaded September quarter, customer forecasts and product sell-in and sell-through timing patterns, and the resulting expected product mix, we anticipate a record September quarter with revenue in the range of $275 to $295 million, an increase of 24% to 33% over the prior year period. We expect the revenue mix from mobile and PC to be similar to the preceding quarter."

Mr. Bergman added, "As we look ahead to fiscal 2015, we see signs of stability in the PC market, coupled with strong but moderating growth rates for smartphones. With continued strength in our core focus areas and fingerprint ID solutions now successfully incorporated into our platform, we feel confident that we can achieve another year of very strong annual revenue growth in the mid-20% range, excluding revenue from our impending acquisition of Renesas SP Drivers."

During fiscal 2014, Synaptics repurchased approximately 5% of its outstanding shares, similar to levels repurchased during each of the past several years. The company also announced that in July, its board of directors increased and extended the authorization for stock repurchases by $110 million, for a total current authorization of $200 million available through July 2016.

http://finance.yahoo.com/news/synaptics-reports-results-fourth-quarter-201500404.html
 

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Da un recente articolo di seeking alpha

Synaptics: Buy For Short-Term And Long-Term Gains

Summary
• Touch screen controller, display driver ICs, and fingerprint sensor industry is set to grow in coming years.
• Synaptics will grow alongside the industry, thanks to its leadership in touch IC and couple of decent acquisitions.
• Recent sell-off is a great opportunity to capitalize on valuation of Synaptics that is set to grow amid industry growth and Renesas SP consolidation.
• There is a high short interest in Synaptics destined to result in a short squeeze, and it will result in short-term gains for Synaptics' investors.
Synaptics Inc. (NASDAQ: SYNA) is a technology company that is exposed to the growth of touch screen controller ICs, display driver ICs, and fingerprint sensors. The company is set to capitalize on this growth amid leading market position, good acquisitions, and constant innovation. Recent design-loss fears sent the stock price in a downward direction. Moreover, short interest is spiking up as short sellers are hoping for Apple Inc. (NASDAQ:AAPL) to select a supplier other than Renesas, or they may be speculating on recent selling by insiders. Whatever the reason, a short squeeze is in the making as the stock already closed above $80 on Friday. Synaptics may reward its investor with a 10%-15% gain in a very short term, whereas it has the potential to post gain of around 30% in next two years or so.

Synaptics Inc. is a technology company that is primarily involved in the provision of touch interface solutions for portable devices including smartphones, tablets, and laptops/ultra-books. The company's products include capacitive touch ICs for smartphones and tablets, and touch-pads and related products for portable PCs. Back in 2013, the company bought its way into fingerprint ID sensors through acquisition of Validity Inc., and it also acquired display driver IC player, Renesas SP drivers, recently. So, basically, the company has a complete portfolio of touch screen products ranging from touch screen ICs, display driver ICs to fingerprint sensors. Synaptics generated 64% of its revenue from mobile segment and 36% of its revenue from personal computing segment during the fiscal year-ended 2013. Revenue base of the company is shifting towards mobile for quite some time now, and it is evident from fourth-quarter 2014 result of Synaptics as the company generated 77% and 23% of revenue from mobile and personal computing respectively. Synaptics was founded in 1986, and is headquartered in San Jose, California.
Stock performance
The stock has shown an impressive performance in year-to-date. Valuation is up 61% in current year. Synaptics touched $92 at the start of July 2014, but is down 12% since then. Unconfirmed report regarding Samsung note4 design-loss to STMicroelectronics (NYSE: STM) resulted in this valuation drop. However, if the report is correct, drop in valuation is not justified (details later) because it will not hurt revenue as much as incorporated in recent valuation drop. This development presents investors with an opportunity to invest in a stock that is mispriced by the market amid single design loss report.
There are numerous indicators that point towards healthy growth prospects of business and stock of Synaptics. Detailed analysis follows:
Industry prospects
There should be no need to re-iterate or re-emphasize the growth of smartphones and tablets; they are set to grow. Although developed markets are approaching maturity, there is still a lot of room for growth in emerging markets. Anyhow, speaking specifically about Synaptics business; touch screen controller market is expected to grow at CAGR of 21% in the next five years, according to IHS. 96% of the touch screens are expected to use capacitive technology by 2016. The capacitive touch screen IC market is expected to reach $2.8 billion by 2017.

Synaptics Inc. is a technology company that is primarily involved in the provision of touch interface solutions for portable devices including smartphones, tablets, and laptops/ultra-books. The company's products include capacitive touch ICs for smartphones and tablets, and touch-pads and related products for portable PCs. Back in 2013, the company bought its way into fingerprint ID sensors through acquisition of Validity Inc., and it also acquired display driver IC player, Renesas SP drivers, recently. So, basically, the company has a complete portfolio of touch screen products ranging from touch screen ICs, display driver ICs to fingerprint sensors. Synaptics generated 64% of its revenue from mobile segment and 36% of its revenue from personal computing segment during the fiscal year-ended 2013. Revenue base of the company is shifting towards mobile for quite some time now, and it is evident from fourth-quarter 2014 result of Synaptics as the company generated 77% and 23% of revenue from mobile and personal computing respectively. Synaptics was founded in 1986, and is headquartered in San Jose, California.
Stock performance
The stock has shown an impressive performance in year-to-date. Valuation is up 61% in current year. Synaptics touched $92 at the start of July 2014, but is down 12% since then. Unconfirmed report regarding Samsung note4 design-loss to STMicroelectronics (NYSE: STM) resulted in this valuation drop. However, if the report is correct, drop in valuation is not justified (details later) because it will not hurt revenue as much as incorporated in recent valuation drop. This development presents investors with an opportunity to invest in a stock that is mispriced by the market amid single design loss report.
There are numerous indicators that point towards healthy growth prospects of business and stock of Synaptics. Detailed analysis follows:
Industry prospects
There should be no need to re-iterate or re-emphasize the growth of smartphones and tablets; they are set to grow. Although developed markets are approaching maturity, there is still a lot of room for growth in emerging markets. Anyhow, speaking specifically about Synaptics business; touch screen controller market is expected to grow at CAGR of 21% in the next five years, according to IHS. 96% of the touch screens are expected to use capacitive technology by 2016. The capacitive touch screen IC market is expected to reach $2.8 billion by 2017.

The fingerprint sensor market is about to take-off; thanks to iPhone 5S, and Samsung S5 that followed suit. 525 million smartphones are expected to ship with fingerprint sensor in 2017 as compared to 45.7 million shipped in 2013. Another report mentions that fingerprint sensor market will jump to $14.35 billion by 2020; a CAGR of 16.8%. It can easily be inferred from these projections that fingerprint sensor industry is set to grow. A different approach to analyze growth of fingerprint sensors is to go down the history road. Apple was the reason behind massive adoption of capacitive touch screens, Apple ignited growth of tablets. What was common in those instances? Imitators followed Apple's innovation, which resulted in massive adoption of technologies underlying Apple's products. Same is the case here. Apple initiated fingerprint sensor idea, Samsung followed; this is enough reason to support the growth thesis of fingerprint sensors.
As far as display driver IC growth is concerned, it is also imminent. For starters, every touch screen device needs display driver controller. More importantly, 4K display and QHD displays (think LG G3) are gaining serious traction. As more display ICs will be needed for a richer and high density display, demand of display driver ICs will rise going forward.
Looking at personal computer market, the signs of stabilization can be seen. Intel's recent results serve as evidence. Improving PC condition will drive the growth of PC touch-pad and PC fingerprint sensors. In my view, Fingerprint sensors will see significant growth in the PC segment. All in all, the industry in which Synaptics operates is showing no signs of weakness. PC industry was slowing for past several years, but that is also stabilizing now. Overall the industry has several positives, but why Synaptics? Let's find out.
Synaptics growth thesis
Synaptics is well-positioned to capitalize on the growth prospects of this industry because of company's differentiated offerings, intelligent acquisitions and the fact it is a supplier to leading original device manufacturers.
Touch screen controller ICs: Synaptics holds 45% of market share in touch controller ICs. Samsung contributed towards 14% of Synaptics revenue in 2013. Most of flagship phones including HTC M8, Samsung S5, and LG G3 feature Synaptics controllers. These figures indicate that Synaptics products are differentiated from competition. Moreover, the company counts Huawei and Lenovo as its customers. Synaptics touch controller is featured in Huawei's flagship Ascend P7. The point is, Synaptics will grow in emerging markets because of these customers and design wins. Most of smartphone growth is expected to come from emerging markets. All the above mentioned facts paint a very pretty picture for Synaptics touch screen controller IC business going forward.
Fingerprint sensors: Synaptics acquired Validity Inc, a fingerprint sensor solution company. As a result, Samsung S5 features Synaptics fingerprint sensor. Others will follow. Apple built its finger print sensor in-house. With no other significant player in the market, Synaptics is unchallenged in this space. Validity is working to eliminate the need for dedicated hard button. It is working to place the sensor right under the screen. A successful implementation of this development will further strengthen fingerprint sensor offerings of Synaptics.
Display driver ICs and integration: Synaptics recently acquired Renesas SP; lone supplier of display driver ICs to Apple. The company effectively bought its way into Apple. However, there are some other important benefits that will arise as a result of this deal.
Synaptics will enjoy integration and synergy benefits. Integration of touch and display driver IC will result in manufacturing cost savings, and space saving in manufacturing a device.

Source: Synaptics white paper
According to TrendForce,
"Integration of touch and display drivers will result in easier manufacturability and overall cost reductions, attracting mid- and small-sized panel module suppliers to the market, and thus making such products more cost-effective".
So basically, improved technology, and cost savings will make Synaptics products even more attractive for OEMs and ODMs. Moreover, the addressable market of Synaptics has increased by almost 1.5X, thanks to acquisition of Renesas SP. There are other synergies, including OPEX savings, that can arise because of this acquisition.
(click to enlarge)
Source: Synaptics presentation
To review, the company is leading in touch screen controller market, it is innovating in fingerprint ID marker, and on top of that integration of touch and display drive ICs, or TDDI, will make Synaptics products more attractive going forward.
Technical
Forward P/E of 14.68 is very cheap for a company that has a growth potential of mid 20's. The PEG ratio of the company sits at around 0.80, affirming that PE is cheap for given level of growth. PEG of 1 would be more appropriate as it would bring PE in-line with the growth prospects of the company. This derives a PE multiplier of around 20 i.e. more suited for valuation purposes, which of course will result in higher valuation.
Short interest in Synaptics is very high. There could be number of reasons behind it including:
1. Shorts are hoping Apple will not reselect Renesas as its supplier.
2. The aftershocks of rumored note 4 design loss to STMicroelectronics.
3. Insiders selling recently.
I don't think that shorts are convinced that Synaptics can't grow, because there is no way to make long-term bear case for Synaptics in current scenario. So, for such a high short percentage, it has to be one of the reasons mentioned above. Now, there is a prevailing possibility of short squeeze in next few weeks or so. Why? One, Apple tried to acquire Renesas, they consider Renesas SP products deem suitable for their purposes. So, switching supplier is off the table. Two, a rumored design loss doesn't justify shorting a stock. Moreover, Cowen notes that Synaptics has seen net gains at Samsung via its inclusion for other sensors and in other devices. So, STMicroelectronics design-win, if so, is not material enough to justify a 10%-12% drop in the stock price. Recent insider selling is the only relatively strong reason to short Synaptics. However, insiders can sell for many reasons. It is highly risky to short a stock without supporting reasons. In my view, this is a making of a short squeeze that will drive Synaptics up and beyond $90 in a week.
The company increased stock repurchase authorization to $200 million. Small caps are not commonly known for stock repurchases. This alone is an indication of management's confidence in the future prospects of the company. And why would a company authorize buybacks if stock is overvalued?
Valuation
Assumptions
1. 20% growth in the next five years and 2% in perpetuity. It is assumed that cash flows will grow in line with the growth of revenue.
2. CAPEX is projected on the basis of historic CAPEX growth
3. Standard CAPM assumption.
4. NASDAQ composite reflects the market return, which can be used in CAPM for calculation purposes.
Cash flow based valuation reveals that Synaptics has a 20% growth potential as far as stock appreciation is concerned. By PE metric, using a 20x multiplier (to reflect the growth prospects of Synaptics) derives a price target of around $110. It should be noted that this price target is calculated using earnings of Synaptics on $1.32 billion of analysts' revenue estimates of 2016. However, according to Synaptics revenue will increase to $1.6 billion in 2015 due to Renesas SP results. So, price target of $110 should serve as a base case for PE based valuation for the next two years or so.
Thesis risks
1. Some reports mention that STMicroelectronics won Samsung note4 touch screen controller. This can result in a $44 million decline in revenue, or $0.30 decline in non GAAP EPS, according to Feltl and Company analyst Jeffrey Schreiner. Adjusting for this decline will derive a price target of $91.4 by 2015.
2. Taiwan and Chinese players are also entering the industry. The technology gap still exists, which reduces this threat for Synaptics. Furthermore, acquisition of Renesas and related integration and cost benefits will offset competitor pressure. Hence, there is not a very high downside risk for Synaptics. In fact, Synaptics offers asymmetric risk/reward to the investor in current scenario.
Bottom line
Touch screen controller, fingerprint sensor and display driver IC industry is in a growth mode. Synaptics will grow accordingly thanks to intelligent acquisitions, integration benefits and leading position of the company in touch screen controller market. As far as investment is concerned, an opportunity exists as market has mispriced Synaptics amid design loss fears. Investor perception will change going forward as Synaptics consolidates results of Renesas SP. Moreover, the growth of business will be reflected in future earnings releases resulting in upward stock movement. From a very short-term perspective, a short squeeze can send the stock price upwards in low $90's. There is almost zero downside in the long run. The stock can be volatile in short-term; but in a time frame of 2-3 years, Synaptics will grow 20% to 30% by conservative estimates.
 
agg :rolleyes:
 

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NEW YORK (TheStreet) -- Shares of Synaptics (SYNA - Get Report) were gaining 10.6% to $75.58 Friday after the laptop touchpad maker beat analysts' estimates for earnings and revenue in the fiscal second quarter and guided above estimates for the fiscal third quarter.

Synaptics reported earnings of $1.46 a share for the fiscal second quarter, above analysts' estimates of $1.22 a share. The company reported earnings of $463.71 million for the quarter, a 125.4% increase from the year-ago quarter, compared to analysts' estimates of $449.41 million.

The company said it expects revenue of $450 million to $470 million for the fiscal third quarter, above analysts' estimates of $423.8 million.

Synaptics (SYNA) Stock Is Up Today After Earnings Report - TheStreet
 

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